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ŐŽĂůƐ͘ZWdƉůĂĐĞƐƉĂƌƚŝĐƵůĂƌŝŵƉŽƌƚĂŶĐĞŽŶƚŚĞƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚƐƚƌĂƚĞŐǇĨŽƌƚŚŝƐƉƌŽũĞĐƚ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŚĂƚƉƵďůŝĐ ĞŶŐĂŐĞŵĞŶƚĞĨĨŽƌƚƐŐŽĂďŽǀĞĂŶĚďĞǇŽŶĚƚǇƉŝĐĂůĞŶŐĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐƚŽƉƌŽǀŝĚĞƚŚĞĐŽŵŵƵŶŝƚǇǁŝƚŚĂŵĞĂŶŝŶŐĨƵů ĂďŝůŝƚǇƚŽƐŚĂƉĞƚŚĞdWĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉƌŽĐĞƐƐƚŽƚŚĞĞŶĚ͘WƵďůŝĐĞŶŐĂŐĞŵĞŶƚĞĨĨŽƌƚƐƐŚŽƵůĚĂůƐŽŵĂŬĞĂŶ ĞǆƚƌĂĞĨĨŽƌƚƚŽĞŶŐĂŐĞŚŝƐƚŽƌŝĐĂůůǇƵŶĚĞƌƐĞƌǀĞĚĂŶĚĞǆĐůƵĚĞĚĐŽŵŵƵŶŝƚŝĞƐŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƌĂĐŝĂůĂŶĚĞƚŚŶŝĐ ŵŝŶŽƌŝƚŝĞƐ͕ŝŵŵŝŐƌĂŶƚƐ͕ƉĞŽƉůĞǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ͕ĂŶĚƉĞŽƉůĞůŝŵŝƚĞĚŶŐůŝƐŚƉƌŽĨŝĐŝĞŶĐǇ͘ ůůƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐĂŶĚĂĐƚŝǀŝƚŝĞƐƐŚŽƵůĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶƉƵďůŝĐŚĞĂůƚŚĂŶĚƐĂĨĞƚǇŝŶůŝŐŚƚŽĨƌĞŐŝŽŶĂů Ks/ͲϭϵŶƵŵďĞƌƐĂŶĚŐƵŝĚĂŶĐĞĨƌŽŵƉƵďůŝĐŚĞĂůƚŚĂŐĞŶĐŝĞƐŝŶĐůƵĚŝŶŐKůŵƐƚĞĚWƵďůŝĐ,ĞĂůƚŚĂŶĚƚŚĞĞŶƚĞƌƐĨŽƌŝƐĞĂƐĞ ŽŶƚƌŽů;Ϳ͘ dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŶǀĞŶĞĂŶĚĨĂĐŝůŝƚĂƚĞĂĐŽŵŵƵŶŝƚǇĂĚǀŝƐŽƌǇͬĐŽͲĚĞƐŝŐŶƉĂŶĞůƚŚĂƚŝƐĞŶŐĂŐĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽũĞĐƚ͘ dŚĞƉĂŶĞůŵĂǇŵĞĞƚƵƉƚŽƚĞŶƚŝŵĞƐ͘dŚĞƉĂŶĞůƐŚĂůůďĞĐŽŵƉŽƐĞĚŽĨĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐƌĞƉƌĞƐĞŶƚŝŶŐĚŝǀĞƌƐĞ ďĂĐŬŐƌŽƵŶĚƐĂŶĚƉĞƌƐƉĞĐƚŝǀĞƐŝŶĂĚĚŝƚŝŽŶƚŽŵŽƌĞŽŶĞͲŽĨĨĞŶŐĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐ͘ WƵďůŝĐĞŶŐĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐƐŚŽƵůĚĂĐŚŝĞǀĞŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐŽƵƚĐŽŵĞƐϭͿƉƌŽǀŝĚĞZWdǁŝƚŚĂĐƚŝŽŶĂďůĞ ŝŶĨŽƌŵĂƚŝŽŶƚŽƵƐĞŝŶƐŚĂƉŝŶŐƚŚĞdW͕ϮͿŚĞůƉĚĞǀĞůŽƉĂǁĂƌĞŶĞƐƐ͕ƐƵƉƉŽƌƚĂŶĚͬŽƌĐŽŶƐĞŶƐƵƐĂƌŽƵŶĚƚŚĞdWŽƌŝƐƐƵĞƐŝƚ ŝƐƚƌǇŝŶŐƚŽĂĚĚƌĞƐƐ͕ϯͿƉƌŽǀŝĚĞŵĞĂŶŝŶŐĨƵůŽƉƉŽƌƚƵŶŝƚǇĨŽƌĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐƚŽŝŶĨůƵĞŶĐĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ƉůĂŶ͘dŚĞƐĞůĞĐƚĞĚĐŽŶƐƵůƚĂŶƚǁŝůůďĞĂƐŬĞĚƚŽĐƌĞĂƚĞĂĚĞƚĂŝůĞĚĐŽŵŵƵŶŝƚǇĞŶŐĂŐĞŵĞŶƚĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐƉůĂŶĂƚƚŚĞ ďĞŐŝŶŶŝŶŐŽĨƚŚĞƉƌŽũĞĐƚƚŚĂƚƚŚĞZWdƉƌŽũĞĐƚŵĂŶĂŐĞƌǁŝůůƌĞǀŝĞǁĂŶĚƉƌŽǀŝĚĞĨĞĞĚďĂĐŬͬĂƉƉƌŽǀĂůŽŶ͘dŽƚŚĞĞǆƚĞŶƚ ƉƌĂĐƚŝĐĂďůĞ͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐŚŽƵůĚůĞǀĞƌĂŐĞƉƌŝŽƌŝƚǇƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚĞĨĨŽƌƚƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶƌĞůĞǀĂŶƚƚŽƚŚĞdW͘ >/sZ>^͗ x ĞƚĂŝůĞĚƉƌŽũĞĐƚĐŽŵŵƵŶŝƚǇĞŶŐĂŐĞŵĞŶƚĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐƉůĂŶ x ŽŶǀĞŶĞĂĐŽŵŵƵŶŝƚǇĂĚǀŝƐŽƌǇͬĐŽͲĚĞƐŝŐŶƉĂŶĞůƚŽďĞĞŶŐĂŐĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽũĞĐƚ 3DFNHW3J )D x &ĂĐŝůŝƚĂƚĞƵƉƚŽϭϬĐŽŵŵƵŶŝƚǇĂĚǀŝƐŽƌǇͬĐŽͲĚĞƐŝŐŶƉĂŶĞůŵĞĞƚŝŶŐƐ x ĚĚŝƚŝŽŶĂůƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚĚĞůŝǀĞƌĂďůĞƐĂƌĞůŝƐƚĞĚǁŝƚŚƚŚĞŽƚŚĞƌƚĂƐŬƐŝŶƚŚŝƐƐĐŽƉĞŽĨǁŽƌŬƚŽǁŚŝĐŚƚŚĞǇ ƐƉĞĐŝĨŝĐĂůůǇĂƉƉůǇ͘ dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĚĞǀĞůŽƉƉƌŽĨŝůĞƐƚŚĂƚĚĞƐĐƌŝďĞϭͿƚŚĞĐƵƌƌĞŶƚƐƚĂƚĞŽĨZWd͛ƐŽƌŐĂŶŝǌĂƚŝŽŶĂŶĚƐĞƌǀŝĐĞƐ͕ϮͿĐŽŶƚĞǆƚƵĂů ŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚZŽĐŚĞƐƚĞƌƚŚĂƚŝƐƵƐĞĨƵůĨŽƌƚƌĂŶƐŝƚƉůĂŶŶŝŶŐ͕ϯͿĐƵƌƌĞŶƚƐǇƐƚĞŵƵƐĞƌƐ͕ĂŶĚϰͿĞǆŝƐƚŝŶŐƉůĂŶƐƌĞůĞǀĂŶƚƚŽ ƚƌĂŶƐŝƚŝŶZŽĐŚĞƐƚĞƌŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĞŝƚǇ͛ƐĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶ͕ZKK'͛ƐůŽŶŐͲƌĂŶŐĞƚƌĂŶƐƉŽƌƚĂƚŝŽŶƉůĂŶ ĂŶĚĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌƉůĂŶƐ͘dŚĞƉƌŽĨŝůĞƐŚĂůůŝŶĐůƵĚĞ͕ďƵƚŶŽƚďĞůŝŵŝƚĞĚƚŽ͕ĨŝǆĞĚͲƌŽƵƚĞƐĞƌǀŝĐĞƐ͕/W^ƉĂƌĂƚƌĂŶƐŝƚ ƐĞƌǀŝĐĞƐ͕ZWdƐƚĂĨĨŝŶŐĂŶĚŽƌŐĂŶŝǌĂƚŝŽŶ͕ĨĂĐŝůŝƚŝĞƐ͕ĂŶĚƐǇƐƚĞŵƌŝĚĞƌƐŚŝƉ͘dŚŝƐŝŶǀĞŶƚŽƌǇǁŝůůŝŶĐůƵĚĞĂĚĞƐĐƌŝƉƚŝŽŶĂŶĚ ĂŶĂůǇƐŝƐŽĨƚŚĞŽǀĞƌĂůůƐǇƐƚĞŵĂŶĚŽŶĂƉĞƌƌŽƵƚĞͬƐĞƌǀŝĐĞďĂƐŝƐƉƌŝŽƌƚŽKs/ͲϭϵĂŶĚĚƵƌŝŶŐƚŚĞƉĂŶĚĞŵŝĐ͘ dŚĞĐŽŶƐƵůƚĂŶƚǁŝůůĐŽŶĚƵĐƚĂƌŝĚĞƌƐƵƌǀĞǇŽĨĨŝǆĞĚͲƌŽƵƚĞƐǇƐƚĞŵƵƐĞƌƐĂŶĚƉĂƌĂƚƌĂŶƐŝƚƵƐĞƌƐƚŽƐƵƉƉŽƌƚĐŽŵƉůĞƚŝŽŶŽĨƚŚĞ ZŝĚĞƌƐŚŝƉWƌŽĨŝůĞĚĞůŝǀĞƌĂďůĞĂƐǁĞůůĂƐŐĂƚŚĞƌĨĞĞĚďĂĐŬƚŽƐƵƉƉŽƌƚĞǀĂůƵĂƚŝŽŶŽĨƐĞƌǀŝĐĞŝŶƐƵďƐĞƋƵĞŶƚƚĂƐŬƐ͘dŚĞ ĐŽŶƐƵůƚĂŶƚƐŚĂůůĂůƐŽĐŽŶĚƵĐƚƚĞƐƚƐƵĐŚĂƐŵĂŶƵĂůĐŽƵŶƚƐͬƌŝĚĞͲĐŚĞĐŬƐŽĨƌŝĚĞƌƐŚŝƉƚŽĐĞƌƚŝĨǇĚĂƚĂĐŽůůĞĐƚĞĚďǇZWd͛Ɛ ƵƚŽŵĂƚŝĐWĞƌƐŽŶŽƵŶƚĞƌƐŽŶŝƚƐĨŝǆĞĚͲƌŽƵƚĞĨůĞĞƚ͘ >/sZ>^͗ ŽŶƐƵůƚĂŶƚƐƐŚĂůůƉƌŽĚƵĐĞƚŚĞĨŽůůŽǁŝŶŐƌĞƉŽƌƚƐǁŚŝĐŚǁŝůůďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĨŝŶĂůƉůĂŶ x ZWdĐƵƌƌĞŶƚƐƚĂƚĞƉƌŽĨŝůĞĐŽǀĞƌŝŶŐ͗ KǀĞƌǀŝĞǁŽĨDĂŶĂŐĞŵĞŶƚ^ƚƌƵĐƚƵƌĞ R &ŝǆĞĚͲZŽƵƚĞ^ĞƌǀŝĐĞƐWƌŽĨŝůĞ R /W^WĂƌĂƚƌĂŶƐŝƚ^ĞƌǀŝĐĞƐWƌŽĨŝůĞ R &ĂĐŝůŝƚŝĞƐ R ƵƐƐƚŽƉƐΘƐŚĞůƚĞƌƐŝŶǀĞŶƚŽƌǇͬůĞǀĞůŽĨƐĞƌǀŝĐĞŝŵƉƌŽǀĞŵĞŶƚƉůĂŶ &ůĞĞƚ R &ĂƌĞ^ƚƌƵĐƚƵƌĞ R ZŝĚĞƌƐŚŝƉĂŶĚKƉĞƌĂƚŝŶŐĂƚĂ R &ŝŶĂŶĐŝĂůKǀĞƌǀŝĞǁ R ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚŽƚŚĞƌĂƌĞĂƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐĞƌǀŝĐĞƐĂŶĚƐŽĐŝĂůƐĞƌǀŝĐĞĂŐĞŶĐŝĞƐ R KǀĞƌǀŝĞǁŽĨĐƵƌƌĞŶƚŵĂƌŬĞƚŝŶŐĞĨĨŽƌƚƐ R x ZŝĚĞƌƐŚŝƉƉƌŽĨŝůĞĐŽǀĞƌŝŶŐ͗ KǀĞƌĂůůƌŝĚĞƌƐŚŝƉƐƚĂƚŝƐƚŝĐƐ R ŶŐĂŐĞŵĞŶƚƚĂƐŬ͗ZŝĚĞƌƐƵƌǀĞǇ R dĞƐƚŝŶŐΘĞƌƚŝĨŝĐĂƚŝŽŶŽĨWƐ R x ŽŵŵƵŶŝƚǇĐŽŶƚĞǆƚƌĞƉŽƌƚĐŽǀĞƌŝŶŐ͗ ĞŵŽŐƌĂƉŚŝĐĂŶĚ^ŽĐŝŽĞĐŽŶŽŵŝĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ R >ĂŶĚhƐĞŚĂƌĂĐƚĞƌŝƐƚŝĐƐ R dƌĂŶƐŝƚƐƵƉƉŽƌƚŝǀĞǌŽŶŝŶŐĂŶĚƉŽůŝĐŝĞƐ R ŵƉůŽǇŵĞŶƚ R DĂũŽƌƚƌŝƉŐĞŶĞƌĂƚŽƌƐ R ŽŵŵƵƚŝŶŐƉĂƚƚĞƌŶƐ R EŽŶͲǁŽƌŬƚƌŝƉƐ R dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĞŶŐĂŐĞǁŝƚŚŝƚǇƐƚĂĨĨ͕ĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐ͕ƌĞůĞǀĂŶƚƉĂƌƚŶĞƌĂŐĞŶĐŝĞƐĂŶĚŽƌŐĂŶŝǌĂƚŝŽŶƐƐƵĐŚĂƐZKK'͕ ƚŚĞŝƚŝǌĞŶƐĚǀŝƐŽƌǇŽŶdƌĂŶƐŝƚ͕ƚŚĞĐŽŵŵƵŶŝƚǇĂĚǀŝƐŽƌǇͬĐŽͲĚĞƐŝŐŶƉĂŶĞů͕ĂŶĚŽƚŚĞƌĐŽŵŵƵŶŝƚǇŝŶƉƵƚƚŽƌĞǀŝĞǁĂŶĚ ƌĞǀŝƐĞŵŝƐƐŝŽŶĂŶĚŐŽĂůƐĨƌŽŵƚŚĞϮϬϭϳdƌĂŶƐŝƚĞǀĞůŽƉŵĞŶƚWůĂŶ͘/ŶĂĚĚŝƚŝŽŶ͕ŽŶƐƵůƚĂŶƚǁŝůůƌĞǀŝĞǁƌĞůĞǀĂŶƚŝƚǇĂŶĚ ƌĞŐŝŽŶĂůƉůĂŶƐĂŶĚĨŽƵŶĚĂƚŝŽŶĂůĚŽĐƵŵĞŶƚƐƐƵĐŚĂƐƚŚĞŝƚǇ͛ƐĐŽƌĞǀĂůƵĞƐĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶĂŶĚZŽĐŚĞƐƚĞƌͲ KůŵƐƚĞĚŽƵŶĐŝůŽĨ'ŽǀĞƌŶŵĞŶƚ͛Ɛ>ŽŶŐͲZĂŶŐĞdƌĂŶƐƉŽƌƚĂƚŝŽŶWůĂŶĂŶĚƉƌŽǀŝĚĞŝŶĨŽƌŵĂƚŝŽŶƚŽƉƌŽũĞĐƚƐƚĂŬĞŚŽůĚĞƌƐƚŽ 3DFNHW3J )D ŝŶĨŽƌŵĚŝƐĐƵƐƐŝŽŶƐ͘ŽŶƐƵůƚĂŶƚŵĂǇŵĂŬĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽŶĐŚĂŶŐĞƐďĂƐĞĚŽŶƚŚŝƐƌĞǀŝĞǁ͘dŚĞƵƉĚĂƚĞĚdWŵŝƐƐŝŽŶ ĂŶĚŐŽĂůƐƐŚŽƵůĚƐƵƉƉŽƌƚŐŽĂůƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƐƚƌĂƚĞŐŝĞƐĨƌŽŵƚŚĞŝƚǇ͛ƐĐŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶŝŶĐůƵĚŝŶŐƚŚĞWƌŝŵĂƌǇdƌĂŶƐŝƚ EĞƚǁŽƌŬ;WdEͿƐƚƌĂƚĞŐǇ͘ ŶŐĂŐĞŵĞŶƚĞĨĨŽƌƚƐĨŽƌƚŚŝƐƚĂƐŬƐŚŽƵůĚŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂŽƵƚůŝŶĞĚŝŶdĂƐŬϯĂŶĚĂƚŵŝŶŝŵƵŵŝŶĐůƵĚĞĂƐƵƌǀĞǇŽĨ ĐŽŵŵƵŶŝƚǇƉĂƌƚŶĞƌƐ͕ŽŶĞŽŶŽŶĞŝŶƚĞƌǀŝĞǁƐǁŝƚŚŬĞǇƉĂƌƚŶĞƌƐĂŶĚĚĞĐŝƐŝŽŶŵĂŬĞƌƐĂŐƌĞĞĚƚŽďǇƚŚĞZWdƉƌŽũĞĐƚŵĂŶĂŐĞƌ͕ ĂŶĚĨĂĐŝůŝƚĂƚĞĚĚŝƐĐƵƐƐŝŽŶǁŝƚŚƚŚĞĐŽŵŵƵŶŝƚǇĂĚǀŝƐŽƌǇͬĐŽͲĚĞƐŝŐŶƉĂŶĞů͘ >/sZ>^͗ x hƉĚĂƚĞĚǀŝƐŝŽŶ͕ŵŝƐƐŝŽŶ͕ĂŶĚŐŽĂůƐ͕ƐƚƌĂƚĞŐŝĞƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐƌĞƉŽƌƚƚŽďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶŽǀĞƌĂůůdW x ŶŐĂŐĞŵĞŶƚƚĂƐŬ͗ŽŵŵƵŶŝƚǇƉĂƌƚŶĞƌƐƵƌǀĞǇ x ŶŐĂŐĞŵĞŶƚƚĂƐŬ͗ŽŵŵƵŶŝƚǇĚĞĐŝƐŝŽŶͲŵĂŬĞƌŝŶƚĞƌǀŝĞǁƐ x ŶŐĂŐĞŵĞŶƚƚĂƐŬ͗ŽͲĚĞƐŝŐŶƉĂŶĞůĨĞĞĚďĂĐŬƐĞƐƐŝŽŶ hƐŝŶŐŝŶĨŽƌŵĂƚŝŽŶŐĂƚŚĞƌĞĚŝŶƉƌĞǀŝŽƵƐƚĂƐŬƐ͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůǁŽƌŬǁŝƚŚZWdƐƚĂĨĨ͕ƚŚĞĐŽŵŵƵŶŝƚǇĐŽͲĚĞƐŝŐŶƉĂŶĞů͕ ĂŶĚƉƌŽũĞĐƚƉĂƌƚŶĞƌƐƚŽƌĞĐŽŵŵĞŶĚƵƉĚĂƚĞĚƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐĂŶĚƐĞƌǀŝĐĞŐƵŝĚĞůŝŶĞƐĂƐŶĞĐĞƐƐĂƌǇƚŽƐƵƉƉŽƌƚdW ŐŽĂůƐ͘dŚŝƐƚĂƐŬǁŝůůŝŶĐůƵĚĞĐŽŵƉĂƌŝƐŽŶŽĨZWdƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐĂŐĂŝŶƐƚƉĞĞƌƚƌĂŶƐŝƚĂŐĞŶĐŝĞƐ͘ ZWdŝƐĂůƐŽŝŶƚĞƌĞƐƚĞĚŝŶĂĚĚŝŶŐĂƐŵĂůůŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐƚŽƚŚŝƐƉŽƌƚŝŽŶŽĨƚŚĞdWƚŚĂƚĨŽĐƵƐŽŶ ϭͿƐĞƌǀŝĐĞĞƋƵŝƚǇ͕ĂŶĚ ϮͿŚŽǁǁĞůůƚŚĞƐǇƐƚĞŵŝƐƉƌŽǀŝĚŝŶŐŵŽďŝůŝƚǇĂŶĚĂĐĐĞƐƐƚŽŝŵƉŽƌƚĂŶƚĚĞƐƚŝŶĂƚŝŽŶƐƐƵĐŚĂƐĞŵƉůŽǇŵĞŶƚĂŶĚĐŽŵŵŽŶ ŽŶͲǁŽƌŬĚĞƐƚŝŶĂƚŝŽŶƐůŝŬĞŐƌŽĐĞƌǇƐƚŽƌĞƐ͘ >/sZ>^͗ x WĞĞƌĐŽŵƉĂƌŝƐŽŶŽĨƐĞƌǀŝĐĞŐƵŝĚĞůŝŶĞƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐ x ZĞĐŽŵŵĞŶĚĞĚƐĞƌǀŝĐĞŐƵŝĚĞůŝŶĞĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƵƉĚĂƚĞƐ hƐŝŶŐƵƉĚĂƚĞĚƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐ͕ƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐ͕ĂŶĚŝŶĨŽƌŵĂƚŝŽŶĚĞǀĞůŽƉĞĚĨƌŽŵdĂƐŬƐϮͲϲ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůů ĂŶĂůǇǌĞZWdƐǇƐƚĞŵƉĞƌĨŽƌŵĂŶĐĞŽĨĞǆŝƐƚŝŶŐƐĞƌǀŝĐĞĂŶĚƉƌĞͲKs/ƐĞƌǀŝĐĞ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞƵƐĞĚƚŽŝĚĞŶƚŝĨǇ ƉĞƌĨŽƌŵĂŶĐĞŝƐƐƵĞƐĂŶĚĞŶŐĂŐĞǁŝƚŚŝƚǇƐƚĂĨĨ͕ƉƌŽũĞĐƚƉĂƌƚŶĞƌƐ͕ĂŶĚĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐƚŽĚĞǀĞůŽƉƐƚƌĂƚĞŐŝĞƐĨŽƌ ĂĚĚƌĞƐƐŝŶŐŝƐƐƵĞƐ͘ŶĂůǇƐĞƐƐŚĂůůŝŶĐůƵĚĞƉĞĞƌĐŽŵƉĂƌŝƐŽŶƐĂŶĚĂŶĞǀĂůƵĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐƐĞƌǀŝĐĞĂŶĚƐĞƌǀŝĐĞũƵƐƚƉƌŝŽƌƚŽ ƚŚĞŽŶƐĞƚŽĨKs/Ͳϭϵ͘dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĞǀĂůƵĂƚĞĞĂĐŚƐĞƌǀŝĐĞƌŽƵƚĞŝŶĐůƵĚŝŶŐƉĂƐƐĞŶŐĞƌĐŽƵŶƚƐ͕ďŽĂƌĚŝŶŐĂŶĚ ĂůŝŐŚƚŝŶŐĐŽƵŶƚƐ͕ƚƌĂŶƐĨĞƌĐŽƵŶƚƐĂŶĚƚƌĂĐŬŝŶŐ͕ƌƵŶŶŝŶŐƚŝŵĞ͕ŚŽƵƌƐŽĨƐĞƌǀŝĐĞ;ƌĞǀĞŶƵĞŚŽƵƌƐͿ͕ĂŶĚŵŝůĞĂŐĞĂŶĚƐĐŚĞĚƵůĞ ĂĚŚĞƌĞŶĐĞ͘ƚĂƐǇƐƚĞŵůĞǀĞů͕ƚŚŝƐƚĂƐŬǁŝůůŝŶĐůƵĚĞĂŶŝŶǀĞŶƚŽƌǇŽĨƐĞƌǀŝĐĞŶĞĞĚƐŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ ƵŶͲƐĞƌǀĞĚͬƵŶĚĞƌƐĞƌǀĞĚĂƌĞĂƐĂŶĚƚŝŵĞƐĂŶĚĨĂĐƚŽƌƐƚŚĂƚĂƐƐŝƐƚŽƌŚŝŶĚĞƌĐŽŵƉůŝĂŶĐĞǁŝƚŚƌĞƋƵŝƌĞŵĞŶƚƐ͘ >/sZ>^͗ x WĞĞƌĐŽŵƉĂƌŝƐŽŶĂŶĂůǇƐŝƐ x ŶĂůǇƐŝƐŽĨƌŝĚĞƌƐƵƌǀĞǇĚĂƚĂĂŶĚĨĞĞĚďĂĐŬƌĞŐĂƌĚŝŶŐZWdĨŝǆĞĚƌŽƵƚĞĂŶĚƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞƐ x ǀĂůƵĂƚŝŽŶŽĨĨŝǆĞĚͲƌŽƵƚĞƐĞƌǀŝĐĞƉĞƌĨŽƌŵĂŶĐĞ x ǀĂůƵĂƚŝŽŶŽĨWĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞ hƐŝŶŐƉĞƌĨŽƌŵĂŶĐĞĚĂƚĂĂŶĚŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚĞĨĨŽƌƚƐĨƌŽŵdĂƐŬƐϮͲϲƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĞŶŐĂŐĞǁŝƚŚ ŝƚǇƐƚĂĨĨ͕ƉƌŽũĞĐƚƉĂƌƚŶĞƌƐ͕ĂŶĚĐŽŵŵƵŶŝƚǇŵĞŵďĞƌƐƚŽŝĚĞŶƚŝĨǇƉĞƌĨŽƌŵĂŶĐĞŝƐƐƵĞƐĂŶĚĚĞǀĞůŽƉƐƚƌĂƚĞŐŝĞƐĨŽƌĂĚĚƌĞƐƐŝŶŐ ƚŚŽƐĞŝƐƐƵĞƐĨŽƌϭͿĨŝǆĞĚͲƌŽƵƚĞƐĞƌǀŝĐĞĂŶĚϮͿƉĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞŽǀĞƌƚŚĞϱͲǇĞĂƌƉĞƌŝŽĚŽĨƚŚĞdWĂŶĚƚŚĞĨŽůůŽǁŝŶŐĨŝǀĞ ǇĞĂƌƐ͘dŚŝƐƉƌŽĐĞƐƐƐŚŽƵůĚŝŶĐůƵĚĞƌĞǀŝĞǁƚŚĞWdEĂƐĂƉŽƚĞŶƚŝĂůƐƚƌĂƚĞŐǇĨŽƌďŽƚŚƚŝŵĞƉĞƌŝŽĚƐ͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐ ƉƌŽũĞĐƚ͕ZWdŝƐĚĞĨŝŶŝŶŐĂƐƚƌĂƚĞŐǇĂƐĂŐĞŶĞƌĂůĂƉƉƌŽĂĐŚŽƌƉŽůŝĐǇĚĞƐŝŐŶĞĚƚŽĂĐŚŝĞǀĞĂŶŽǀĞƌĂƌĐŚŝŶŐŐŽĂů͘/ĚĞĂůůǇ͕ZWd ǁŽƵůĚůŝŬĞĨŽƌƐƚƌĂƚĞŐŝĞƐƚŽďĞĂĐĐĞƉƚĂďůĞƚŽĂůůƉĂƌƚŶĞƌƐ͕ŵĞĂŶŝŶŐƚŚĞǇĐĂŶůŝǀĞǁŝƚŚƚŚĞƐƚƌĂƚĞŐŝĞƐĂŶĚǁŝůůŶŽƚĂĐƚŝǀĞůǇ 3DFNHW3J )D ǁŽƌŬĂŐĂŝŶƐƚƚŚĞŵ͘dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůŝĚĞŶƚŝĨǇĂŶǇĚĞƉĞŶĚĞŶĐǇƌĞůĂƚŝŽŶƐŚŝƉƐďĞƚǁĞĞŶƐƚƌĂƚĞŐŝĞƐŝŶƚŚĞZĞĐŽŵŵĞŶĚĞĚ ^ƚƌĂƚĞŐŝĞƐƌĞƉŽƌƚƉƌŽĚƵĐĞĚĨŽƌƚŚŝƐƚĂƐŬ͘ >/sZ>^͗ x &ŝǆĞĚͲZŽƵƚĞƐǇƐƚĞŵƐƚƌĞŶŐƚŚƐ͕ŝƐƐƵĞƐ͕ΘŽƉƉŽƌƚƵŶŝƚŝĞƐƌĞƉŽƌƚ x WĂƌĂƚƌĂŶƐŝƚƐǇƐƚĞŵƐƚƌĞŶŐƚŚƐ͕ŝƐƐƵĞƐ͕ΘŽƉƉŽƌƚƵŶŝƚŝĞƐƌĞƉŽƌƚ x ZĞĐŽŵŵĞŶĚĞĚƐƚƌĂƚĞŐŝĞƐƌĞƉŽƌƚ dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĚĞǀĞůŽƉĂƚůĞĂƐƚƚǁŽƐĞƌǀŝĐĞƉůĂŶĂůƚĞƌŶĂƚŝǀĞƐĨŽƌŝŵƉƌŽǀŝŶŐĨŝǆĞĚͲƌŽƵƚĞƐĞƌǀŝĐĞŽǀĞƌƚŚĞĨŝǀĞͲǇĞĂƌdW ŶĚ ƉĞƌŝŽĚĨŽƌĞĂĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƐĐĞŶĂƌŝŽƐ͖ϭͿWƌŝŽƌƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞϮ^ƚZĂƉŝĚdƌĂŶƐŝƚWƌŽũĞĐƚ͕ϮͿĨƚĞƌ ŶĚ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨϮ^ƚZĂƉŝĚdƌĂŶƐŝƚWƌŽũĞĐƚ͘ĞǀĞůŽƉŵĞŶƚŽĨƐĞƌǀŝĐĞĂůƚĞƌŶĂƚŝǀĞƐƐŚŽƵůĚďĞŝŶĨŽƌŵĞĚďǇƌĞůĞǀĂŶƚŝƚǇ ƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƐƚƌĂƚĞŐŝĞƐŝŶĐůƵĚŝŶŐƚŚĞWƌŝŵĂƌǇdƌĂŶƐŝƚEĞƚǁŽƌŬ͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĂůƐŽƵƐĞƉƌĞǀŝŽƵƐůǇŐĂƚŚĞƌĞĚ ƉƵďůŝĐŝŶƉƵƚ͕ĐŽŵŵƵŶŝƚǇƉƌŽĨŝůĞĚĂƚĂ͕ĂŶĚƉĞƌĨŽƌŵĂŶĐĞĚĂƚĂƚŽǁŽƌŬǁŝƚŚZWdƐƚĂĨĨĂŶĚƉƌŽũĞĐƚƉĂƌƚŶĞƌƐŝŶĚĞǀĞůŽƉŝŶŐƚŚĞ ƐĐĞŶĂƌŝŽƐ͘ dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůĞƚĞĂĨŝǆĞĚͲƌŽƵƚĞƌŝĚĞƌƐŚŝƉĚĞŵĂŶĚĨŽƌĞĐĂƐƚƚŽƐƵƉƉŽƌƚĂŶĂůǇƐŝƐŽĨƚŚĞƐĞƐĐĞŶĂƌŝŽƐŝĚĞŶƚŝĨǇŝŶŐ ĂƌĞĂƐƌĞĂĚǇĨŽƌƚƌĂŶƐŝƚƐĞƌǀŝĐĞ͕ƚŚŽƐĞŶĞĞĚŝŶŐƐĞƌǀŝĐĞǁŝƚŚŝŶƚŚĞŶĞǆƚĨŝǀĞǇĞĂƌƐ͕ĂŶĚƚŚŽƐĞƚŚĂƚŵĂǇŶĞĞĚƐĞƌǀŝĐĞŝŶϲͲϭϬ ǇĞĂƌƐ͘/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƐĐĞŶĂƌŝŽƐĚĞǀĞůŽƉĞĚĨŽƌƚŚŝƐdW͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĂůƐŽĂŶĂůǇǌĞƚŚĞƉůĂŶŶĞĚƐĞƌǀŝĐĞĞǆƉĂŶƐŝŽŶ ĨƌŽŵƚŚĞϮϬϭϳdWĂƐĂƐĐĞŶĂƌŝŽ͘ŶŝŵƉŽƌƚĂŶƚĂƐƉĞĐƚŽĨƚŚŝƐƚĂƐŬǁŝůůďĞĂŶĂůǇǌŝŶŐŚŽǁďƵƐůĂǇŽǀĞƌůŽĐĂƚŝŽŶƐĨĂĐŝůŝƚŝĞƐǁŝůů ĂĨĨĞĐƚŽƉĞƌĂƚŝŽŶƐƐƵĐŚĂƐƚŚĞtĞƐƚdƌĂŶƐŝƚsŝůůĂŐĞŽŶƚŚĞϮ ŶĚ^ƚƌĞĞƚZdůŝŶĞ͘dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĂŶĂůǇǌĞƉĞƌĨŽƌŵĂŶĐĞŽĨ ƚŚĞĂůƚĞƌŶĂƚŝǀĞƐĐĞŶĂƌŝŽƐĂŶĚĚĞǀĞůŽƉĂƌĞƉŽƌƚĚĞƚĂŝůŝŶŐƐĐĞŶĂƌŝŽƉĞƌĨŽƌŵĂŶĐĞƚƌĂĚĞͲŽĨĨƐ͘ƐƉĂƌƚŽĨƚŚŝƐƚĂƐŬ͕ĐŽŶƐƵůƚĂŶƚƐ ƐŚĂůůǁŽƌŬǁŝƚŚZWdƐƚĂĨĨƚŽĚĞǀĞůŽƉĂŶĂĚĂƉƚŝǀĞŵĂŶĂŐĞŵĞŶƚƉůĂŶĨŽƌŵĂŶĂŐŝŶŐƚƌĂŶƐŝƚƐĞƌǀŝĐĞŝŶƌĞƐƉŽŶƐĞƚŽKs/Ͳϭϵ͘ ŽŶƐƵůƚĂŶƚƐƐŚĂůůƉƌĞƐĞŶƚƐĞƌǀŝĐĞĂůƚĞƌŶĂƚŝǀĞƐƚŽƉƌŽũĞĐƚƉĂƌƚŶĞƌƐĂŶĚƚŚĞĐŽŵŵƵŶŝƚǇĂĚǀŝƐŽƌǇͬĐŽͲĚĞƐŝŐŶƉĂŶĞů͘ ŽŶƐƵůƚĂŶƚƐƐŚĂůůĂůƐŽĐŽŶĚƵĐƚƵƉƚŽƚǁŽƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚĞǀĞŶƚƐĂƉƉƌŽƉƌŝĂƚĞƚŽKs/ĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞƚŝŵĞ;ŵĂǇďĞ ŽŶůŝŶĞŝĨŶĞĞĚĞĚͿƚŽŐĂƚŚĞƌĨĞĞĚďĂĐŬĨƌŽŵƚŚĞŐĞŶĞƌĂůĐŽŵŵƵŶŝƚǇ͘ >/sZ>^͗ x Ks/ͲϭϵƚƌĂŶƐŝƚƐĞƌǀŝĐĞĂĚĂƉƚŝǀĞŵĂŶĂŐĞŵĞŶƚƉůĂŶ x &ŝǆĞĚͲZŽƵƚĞƌŝĚĞƌƐŚŝƉĚĞŵĂŶĚĨŽƌĞĐĂƐƚ x hƉƚŽƚǁŽƐĞƌǀŝĐĞĂůƚĞƌŶĂƚŝǀĞƐĐĞŶĂƌŝŽƐĞĂĐŚĨŽƌ ŶĚ WƌĞͲϮ^ƚƌĞĞƚZd R ŶĚ ĨƚĞƌϮ^ƚƌĞĞƚZdŝƐŝŵƉůĞŵĞŶƚĞĚ R x ŶĂůǇƐŝƐŽĨƉĞƌĨŽƌŵĂŶĐĞƚƌĂĚĞͲŽĨĨƐŽĨĚĞǀĞůŽƉĞĚƐĞƌǀŝĐĞƐĐĞŶĂƌŝŽƐĂŶĚϮϬϭϳdWƐĞƌǀŝĐĞĞǆƉĂŶƐŝŽŶƉůĂŶ x ŶŐĂŐĞŵĞŶƚdĂƐŬ͗hƉƚŽƚǁŽƉƵďůŝĐĞŶŐĂŐĞŵĞŶƚĞǀĞŶƚƐƚŽŐĂƚŚĞƌĨĞĞĚďĂĐŬŽŶƐĞƌǀŝĐĞĂůƚĞƌŶĂƚŝǀĞƉůĂŶƐ x ƌĞĐŽŵŵĞŶĚĞĚĨŝǆĞĚͲƌŽƵƚĞƐĞƌǀŝĐĞƉůĂŶĨŽƌ ŶĚ WƌĞͲϮ^ƚƌĞĞƚZd R ŶĚ ĨƚĞƌϮ^ƚƌĞĞƚZdŝƐŝŵƉůĞŵĞŶƚĞĚ R hƐŝŶŐĚĂƚĂĂŶĚƉƵďůŝĐŝŶƉƵƚŐĂƚŚĞƌĞĚŝŶƉƌŝŽƌƚĂƐŬƐ͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůǁŽƌŬǁŝƚŚZWdƐƚĂĨĨĂŶĚƉƌŽũĞĐƚƉĂƌƚŶĞƌƐƚŽ ĚĞǀĞůŽƉĂƉůĂŶĨŽƌWĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞŽǀĞƌƚŚĞϱͲǇĞĂƌdWƉĞƌŝŽĚ͘dŚŝƐƉůĂŶƐŚŽƵůĚďĞƌĞƐƉŽŶƐŝǀĞƚŽƉƵďůŝĐŝŶƉƵƚƌĞĐĞŝǀĞĚ ŝŶƉƌŝŽƌƚĂƐŬƐ͘ŽŶƐƵůƚĂŶƚƐƐŚĂůůĐŽŶĚƵĐƚĂĚĚŝƚŝŽŶĂůĞŶŐĂŐĞŵĞŶƚǁŝƚŚƉĂƌĂƚƌĂŶƐŝƚƐǇƐƚĞŵƵƐĞƌƐĂŶĚƉĂƌƚŶĞƌĂŐĞŶĐŝĞƐŝĨ ŶĞĞĚĞĚ͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůĞƚĞĂƉĂƌĂƚƌĂŶƐŝƚƌŝĚĞƌƐŚŝƉĚĞŵĂŶĚĨŽƌĞĐĂƐƚƚŽƐƵƉƉŽƌƚĂŶĂůǇƐŝƐŽĨƚŚĞƐĞƐĐĞŶĂƌŝŽƐƚŚĂƚ ƉƌŽũĞĐƚƐĚĞŵĂŶĚĨŽƌϭͿƚŚĞŶĞǆƚĨŝǀĞǇĞĂƌƐĂŶĚϮͿƚŚĞŶĞǆƚϲͲϭϬǇĞĂƌƐ͘ZĞĐŽŵŵĞŶĚĞĚƐĞƌǀŝĐĞƉůĂŶƐƐŚĂůůŝŶĐůƵĚĞƌŝĚĞƌƐŚŝƉ ĨŽƌĞĐĂƐƚƐ͕ĐŽƐƚĞƐƚŝŵĂƚĞƐ͕ƐĞƌǀŝĐĞŚŽƵƌƐ͕ƚĂĐƚŝĐƐĨŽƌƉĞƌĨŽƌŵĂŶĐĞŝŵƉƌŽǀĞŵĞŶƚ͕ƐƚƌĂƚĞŐŝĞƐĨŽƌŝŵƉƌŽǀĞĚĐŽŵƉůŝĂŶĐĞǁŝƚŚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ĂŶĚĂŶǇƉŽůŝĐǇĐŚĂŶŐĞƐŶĞĐĞƐƐĂƌǇƚŽĞĨĨĞĐƚƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘ >/sZ>^͗ x WĂƌĂƚƌĂŶƐŝƚƌŝĚĞƌƐŚŝƉĚĞŵĂŶĚĨŽƌĞĐĂƐƚ x WĂƌĂƚƌĂŶƐŝƚƐĞƌǀŝĐĞƉůĂŶ 3DFNHW3J )D dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůĞƚĞĂdŝƚůĞs/ĂŶĂůǇƐŝƐŽĨƌĞĐŽŵŵĞŶĚĞĚƐĞƌǀŝĐĞƉůĂŶƐƚŽĞŶƐƵƌĞƚŚĞǇŵĞĞƚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ĨƚĞƌĐŽŵƉůĞƚŝŽŶĂŶĚƌĞǀŝĞǁďǇƚŚĞŝƚǇ͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĂƐƐŝƐƚŝƚǇƐƚĂĨĨǁŝƚŚƐƵďŵŝƐƐŝŽŶŽĨƚŚĞĂŶĂůǇƐŝƐ ƚŽĂƉƉƌŽƉƌŝĂƚĞĂŐĞŶĐŝĞƐ͘ >/sZ>^͗ x dŝƚůĞs/ŶĂůǇƐŝƐŽĨƌĞĐŽŵŵĞŶĚĞĚƐĞƌǀŝĐĞƉůĂŶƐ dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĚĞǀĞůŽƉϭͿĂϭϬͲǇĞĂƌĐĂƉŝƚĂůĂƐƐĞƚŵĂŶĂŐĞŵĞŶƚƉůĂŶƚŚĂƚŝŶĐůƵĚĞƐƐĐŚĞĚƵůĞƐĂŶĚĐŽƐƚĞƐƚŝŵĂƚĞƐĨŽƌ ŵĂŝŶƚĞŶĂŶĐĞ͕ƉƌĞƐĞƌǀĂƚŝŽŶĂŶĚƌĞƉůĂĐĞŵĞŶƚŽĨƐǇƐƚĞŵĂƐƐĞƚƐĂŶĚϮͿĂϭϬͲǇĞĂƌĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƉůĂŶƚŚĂƚŝŶĐůƵĚĞƐ ƐĐŚĞĚƵůĞƐĂŶĚĐŽƐƚĞƐƚŝŵĂƚĞƐĨŽƌĞǆƉĂŶƐŝŽŶŽĨĨĂĐŝůŝƚŝĞƐĂŶĚŝŶƚƌŽĚƵĐƚŝŽŶŽĨŶĞǁƚĞĐŚŶŽůŽŐŝĞƐ͘ŽƚŚƉůĂŶƐƐŚŽƵůĚŝĚĞŶƚŝĨǇ ĚĞƉĞŶĚĞŶĐǇƌĞůĂƚŝŽŶƐŚŝƉƐďĞƚǁĞĞŶƉƌŽũĞĐƚƐ͘ƚĂŵŝŶŝŵƵŵƚŚĞĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐƐŚĂůůďĞŝŶĐůƵĚĞĚ͗ x ƵƐĨůĞĞƚ &ůĞĞƚĞůĞĐƚƌŝĨŝĐĂƚŝŽŶ R sĞŚŝĐůĞƐŝǌĞ R x ƵƐƐƚŽƉƐΘƐŚĞůƚĞƌƐŝŶǀĞŶƚŽƌǇ ^ƚŽƉƐΘƐŚĞůƚĞƌƐůĞǀĞůŽĨƐĞƌǀŝĐĞŝŵƉƌŽǀĞŵĞŶƚƉůĂŶ R dƌĂŶƐŝƚĐĞŶƚĞƌƐĂŶĚďƵƐůĂǇŽǀĞƌĨĂĐŝůŝƚŝĞƐ R x 'ĂƌĂŐĞĂŶĚDĂŝŶƚĞŶĂŶĐĞ&ĂĐŝůŝƚŝĞƐ ^ŽůĂƌƉŽǁĞƌΘĞŶĞƌŐǇƐƚŽƌĂŐĞ R EĞǁŐĂƌĂŐĞĨĂĐŝůŝƚŝĞƐĂƐƉĂƌƚŽĨZdƉƌŽũĞĐƚ R x WĂƌŬĂŶĚZŝĚĞĨĂĐŝůŝƚŝĞƐ x /ŶƚĞůůŝŐĞŶƚƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐǇƐƚĞŵƐ /ŶĨŽƌŵĂƚŝŽŶͬŽŵŵƵŶŝĐĂƚŝŽŶƐ R dƌĂŶƐŝƚ^ŝŐŶĂůWƌŝŽƌŝƚǇ R ƵƚŽŵĂƚŝĐWĂƐƐĞŶŐĞƌŽƵŶƚĞƌƐ R ZĞĂůͲƚŝŵĞƐŝŐŶĂŐĞ R x &ĂƌĞĐŽůůĞĐƚŝŽŶ &ĂƌĞďŽǆƐǇƐƚĞŵ R DŽďŝůĞƚŝĐŬĞƚŝŶŐ R x ZĂƉŝĚdƌĂŶƐŝƚ>ŝŶĞ &ĂĐŝůŝƚŝĞƐ R &ĂƌĞĐŽůůĞĐƚŝŽŶΘǀĂůŝĚĂƚŝŽŶĞƋƵŝƉŵĞŶƚ R x EĞǁƚĞĐŚŶŽůŽŐŝĞƐ >/sZ>^͗ x ϭϬͲǇĞĂƌdƌĂŶƐŝƚƐƐĞƚDĂŶĂŐĞŵĞŶƚWůĂŶ x ϭϬͲǇĞĂƌĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚWůĂŶ dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĚĞǀĞůŽƉĂĨŝŶĂŶĐŝĂůƉůĂŶƚŚĂƚŝŶĐůƵĚĞƐƉƌŽũĞĐƚŝŽŶƐŽĨƚŚĞŽƉĞƌĂƚŝŶŐĐŽƐƚƐĂŶĚƌĞǀĞŶƵĞƐŽŶĂŶĂŶŶƵĂů ďĂƐŝƐĨŽƌĞĂĐŚƉƌŽƉŽƐĞĚƐĞƌǀŝĐĞĐŚĂŶŐĞĂŶĚĨŽƌƉƌŽƉŽƐĞĚĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞĨŝŶĂŶĐŝĂůƉůĂŶƐŚĂůůĂůƐŽŝĚĞŶƚŝĨǇĂŶĚ ƌĞĐŽŵŵĞŶĚĂŶĂŶŶƵĂůĨŝŶĂŶĐŝŶŐƉůĂŶĨŽƌŽƉĞƌĂƚŝŽŶƐĂŶĚĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƐďĂƐĞĚŽŶĐƵƌƌĞŶƚĂŶĚĞǆƉĞĐƚĞĚĨƵŶĚŝŶŐ ƐŽƵƌĐĞƐ͘ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůƌĞǀŝĞǁZWd͛ƐĐƵƌƌĞŶƚĨĂƌĞƐƚƌƵĐƚƵƌĞĂŶĚƌĞĐŽŵŵĞŶĚŽƉƚŝŽŶƐĨŽƌŝŵƉƌŽǀĞŵĞŶƚƐ͘ >/sZ>^͗ x &ŝŶĂŶĐŝĂůWůĂŶ x &ĂƌĞŶĂůǇƐŝƐ 3DFNHW3J )D dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůƌĞǀŝĞǁĂŶĚŵĂŬĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŶƵŵďĞƌĂŶĚƌŽůĞƐŽĨŝƚǇƐƚĂĨĨĂŶĚƚŚĞĐŽŶƚƌĂĐƚĞĚ ŶĚ ŽƉĞƌĂƚŽƌŝŶƚŚĞƉƌŽǀŝƐŝŽŶŽĨƐĞƌǀŝĐĞƐĨŽƌƚŚĞƉĞƌŝŽĚƉƌŝŽƌƚŽŝŵƉůĂŶƚĂƚŝŽŶŽĨƚŚĞϮ^ƚƌĞĞƚZdůŝŶĞĂŶĚĂĨƚĞƌ͘dŚŝƐƌĞǀŝĞǁ ƐŚŽƵůĚŝŶĐůƵĚĞǁŚŝĐŚƚĂƐŬƐĂƌĞďĞƚƚĞƌŚĂŶĚůĞĚďǇŝƚǇƐƚĂĨĨǀĞƌƐƵƐƚŚĞĐŽŶƚƌĂĐƚĞĚŽƉĞƌĂƚŽƌ͘dŚĞŽƌŐĂŶŝǌĂƚŝŽŶĂůĂŶĚƐƚĂĨĨŝŶŐ ƉůĂŶƐŚŽƵůĚĞǆĂŵŝŶĞƚŚĞĐƵƌƌĞŶƚŝƚǇƐƚĂĨĨ͕ĐŽŵƉĂƌĞŝƚƚŽŽƚŚĞƌŽƌŐĂŶŝǌĂƚŝŽŶƐŝŶƉĞĞƌͲůĞǀĞůƚƌĂŶƐŝƚƐǇƐƚĞŵƐ͕ŐĂƵŐĞƚŚĞŶĞĞĚ ƚŽĂĚĚƐƚĂĨĨŵĞŵďĞƌƐ͕ŚŽǁŵĂŶǇǁŽƵůĚďĞĂƉƉƌŽƉƌŝĂƚĞ͕ǁŚĂƚƚŚĞŝƌĂƌĞĂƐŽĨĞǆƉĞƌƚŝƐĞƐŚŽƵůĚďĞ͕ĂŶĚĂƚŝŵĞůŝŶĞĨŽƌ ŽƉƚŝŵĂůŝŶĐůƵƐŝŽŶŽĨŶĞǁƐƚĂĨĨŵĞŵďĞƌƐ͘dŚĞƉůĂŶƐƐŚĂůůŝŶĐůƵĚĞĂƉƌŽƉŽƐĞĚŽƌŐĂŶŝǌĂƚŝŽŶĂůĐŚĂƌƚ͘ >/sZ>^͗ x KƉĞƌĂƚŝŽŶƐ͕KƌŐĂŶŝǌĂƚŝŽŶ͕ĂŶĚƐƚĂĨĨŝŶŐƉůĂŶĨŽƌ͗ ŶĚ WƌĞͲϮ^ƚƌĞĞƚZdŝŵƉůĞŵĞŶƚĂƚŝŽŶ R ŶĚ ĨƚĞƌϮ^ƚƌĞĞƚZdŝŵƉůĞŵĞŶƚĂƚŝŽŶ R dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽůůĂďŽƌĂƚĞǁŝƚŚZWdƐƚĂĨĨƚŽĚĞǀĞůŽƉĂĨŝŶĂůƌĞƉŽƌƚƵƚŝůŝǌŝŶŐƌĞƉŽƌƚƐĂŶĚƉƌŽĚƵĐƚƐĨƌŽŵƉƌĞǀŝŽƵƐƚĂƐŬƐ ŝŶĐůƵĚŝŶŐĂŶĞǆĞĐƵƚŝǀĞƐƵŵŵĂƌǇ͘dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůĂůƐŽĚĞǀĞůŽƉĂǁĞďƐŝƚĞ͕ƐƚŽƌǇŵĂƉ͕ŽƌŽƚŚĞƌŽŶůŝŶĞĐŽŶƚĞŶƚƚŚĂƚ ĨƵŶĐƚŝŽŶƐĂƐĂǁĞďͲďĂƐĞĚ͕ŝŶƚĞƌĂĐƚŝǀĞĞǆĞĐƵƚŝǀĞƐƵŵŵĂƌǇ͘ZWdƐƚƌŽŶŐůǇƉƌĞĨĞƌƐĂĨŝŶĂůƌĞƉŽƌƚƚŚĂƚŝƐƌĞĂĚĞƌͲĨƌŝĞŶĚůǇ͕ ŵĞĂŶŝŶŐƚŚĞĚŽĐƵŵĞŶƚƵƐĞƐ͞ƉůĂŝŶůĂŶŐƵĂŐĞ͟ĂƐŵƵĐŚĂƐƉƌĂĐƚŝĐĂďůĞ͕ƉƌĞƐĞŶƚƐƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚŝŶĨŽƌŵĂƚŝŽŶƵƉĨƌŽŶƚŝŶ ƌĞƉŽƌƚĐŚĂƉƚĞƌƐͬƐĞĐƚŝŽŶƐŽƌǀŝƐƵĂůůǇĐĂůůĞĚŽƵƚƚŽĚƌĂǁƚŚĞƌĞĂĚĞƌƐĞǇĞ͕ƵƐĞƐĚĂƚĂŐƌĂƉŚŝĐƐƐƵĐŚĂƐŐƌĂƉŚƐŽƌŵĂƉƐƚŚĂƚĂƌĞ ƋƵŝĐŬůǇƵŶĚĞƌƐƚĂŶĚĂďůĞ͕ĂŶĚŝƐŐĞŶĞƌĂůůǇĐŽŶĐŝƐĞĂŶĚƚŽƚŚĞƉŽŝŶƚ͘dŚĞƌĞƉŽƌƚƐŚŽƵůĚĂůƐŽďĞƐĞĐƚŝŽŶϱϬϴĐŽŵƉůŝĂŶƚ͘ dŚĞĐŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞƚŚĞŝƚǇǁŝƚŚĂŶĞůĞĐƚƌŽŶŝĐĐŽƉǇŽĨƚŚĞƌĞƉŽƌƚŝŶ͘W&ĨŽƌŵĂƚĂŶĚĚŽďĞ/ŶĞƐŝŐŶŽƌŽƚŚĞƌ ĂŐƌĞĞĚͲƵƉŽŶĨŽƌŵĂƚĂŶĚƵƉƚŽϮϬƉƌŝŶƚĞĚĐŽƉŝĞƐĞĂĐŚŽĨƚŚĞĞǆĞĐƵƚŝǀĞƐƵŵŵĂƌǇĂŶĚĨŝŶĂůƉůĂŶ͘ĚĚŝƚŝŽŶĂůůǇ͕ƚŚĞ ĐŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞƚŚĞŝƚǇǁŝƚŚĞůĞĐƚƌŽŶŝĐĐŽƉŝĞƐŽĨĂůůŝŵĂŐĞƐ͕ŐƌĂƉŚƐ͕ĚĂƚĂŐƌĂƉŚŝĐƐ͕ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŵĂƉƐŽƌŽƚŚĞƌ ǀŝƐƵĂůĂŝĚƐĂŶĚƚŚĞƐƵƉƉŽƌƚŝŶŐĚĂƚĂƵƐĞĚƚŽĐƌĞĂƚĞƚŚĞŵŝŶĂĨŽƌŵĂƚĂŐƌĞĞĚƚŽďǇƚŚĞĐŽŶƐƵůƚĂŶƚĂŶĚŝƚǇƉƌŽũĞĐƚŵĂŶĂŐĞƌ͘ ^ƵĐŚŵĞĚŝĂ͕ǀŝƐƵĂůĂŝĚƐĂŶĚƉƌŝŶƚĞĚƌĞƉŽƌƚƐƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚƚŚĞƉƌŽƉĞƌƚǇŽĨƚŚĞŝƚǇĂŶĚŵĂǇďĞƵƐĞĚ͕ĐŽƉŝĞĚĂŶĚ ĚŝƐƚƌŝďƵƚĞĚĂƚƚŚĞŝƚǇ͛ƐĚŝƐĐƌĞƚŝŽŶ͘ >/sZ>^͗ x &ŝŶĂůdWƌĞƉŽƌƚĂŶĚĞǆĞĐƵƚŝǀĞƐƵŵŵĂƌǇ KŶĞĞůĞĐƚƌŽŶŝĐĐŽƉǇŝŶ͘W&ĨŽƌŵĂƚ R KŶĞĞůĞĐƚƌŽŶŝĐĐŽƉǇŝŶĚŽďĞ/ŶĞƐŝŐŶŽƌŽƚŚĞƌĂŐƌĞĞĚͲƵƉŽŶĨŽƌŵĂƚ R hƉƚŽϮϬƉƌŝŶƚĞĚĐŽƉŝĞƐ R x /ŶƚĞƌĂĐƚŝǀĞŽŶůŝŶĞĞǆĞĐƵƚŝǀĞƐƵŵŵĂƌǇǁĞďƐŝƚĞ͕ƐƚŽƌǇŵĂƉ͕ŽƌŽƚŚĞƌĂŐƌĞĞĚͲƵƉŽŶĨŽƌŵĂƚ x ůůŝŵĂŐĞƐ͕ŐƌĂƉŚƐ͕ĚĂƚĂŐƌĂƉŚŝĐƐ͕ƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŵĂƉƐĂŶĚŽƚŚĞƌǀŝƐƵĂůĂŝĚƐŝŶĂŶĂŐƌĞĞĚͲƵƉŽŶĨŽƌŵĂƚ ŽŵƉůĞƚŝŽŶĚĂƚĞƐĨŽƌƚŚĞZ&WŵŝůĞƐƚŽŶĞƐŝŶƚŚŝƐƐĞĐƚŝŽŶĂƌĞƚĞŶƚĂƚŝǀĞŽŶůǇĂŶĚĂƌĞƐƵďũĞĐƚƚŽŵŽĚŝĨŝĐĂƚŝŽŶďǇƚŚĞŝƚǇ͘ WZKWK^>d/s/dzd/D>/E ZĞƋƵĞƐƚĨŽƌWƌŽƉŽƐĂů/ƐƐƵĞĚDĂƌĐŚϭϲ͕ϮϬϮϭ ĞĂĚůŝŶĞĨŽƌŽŶůŝŶĞWƌĞͲWƌŽƉŽƐĂůDĞĞƚŝŶŐDĂƌĐŚϮϲ͕ϮϬϮϭ ĂƚƚĞŶĚĂŶĐĞƌĞƋƵĞƐƚ WƌĞͲWƌŽƉŽƐĂůDĞĞƚŝŶŐtĞĞŬŽĨDĂƌĐŚϮϵͲƉƌŝůϮ͕ϮϬϮϭ ĞĂĚůŝŶĞĨŽƌZ&WYƵĞƐƚŝŽŶƐƉƌŝůϭϮ͕ϮϬϮϭ ĚĚĞŶĚƵŵ/ƐƐƵĞĚ;/ĨƉƉůŝĐĂďůĞͿƉƌŝůϮϯ͕ϮϬϮϭ WZKWK^>^hDĂǇϯ͕ϮϬϮϭ /ŶƚĞƌǀŝĞǁƐ;ŝĨƌĞƋƵŝƌĞĚͿtĞĞŬŽĨDĂǇϭϬͲϭϰ͕ϮϬϮϭ ŽŶƚƌĂĐƚǁĂƌĚ:ƵŶĞϳ͕ϮϬϮϭ 3DFNHW3J )D ůůƋƵĞƐƚŝŽŶƐĂŶĚƌĞƋƵĞƐƚƐĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶŽĨƚŚŝƐZ&WŵƵƐƚďĞƐƵďŵŝƚƚĞĚŝŶǁƌŝƚŝŶŐŽƌĞŵĂŝůďǇϵ͗ϬϬĂ͘ŵ͕͘ƉƌŝůϭϮ͕ϮϬϮϭ͘ ^ƵĐŚĐŽƌƌĞƐƉŽŶĚĞŶĐĞƐŚĂůůŽŶůǇďĞŵĂĚĞƚŽƚŚĞZ&WĚŵŝŶŝƐƚƌĂƚŽƌ͗ ƌĂĚůĞǇŽďďŝƚƚ dƌĂŶƐŝƚKƉĞƌĂƚŝŽŶƐ^ƉĞĐŝĂůŝƐƚ ϰϯϬϬĂƐƚZŝǀĞƌZĚE ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϲ ŵĂŝů͗ďďŽďďŝƚƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ dŚĞŝƚǇǁŝůůƌĞƐƉŽŶĚƚŽĂůůǁƌŝƚƚĞŶƋƵĞƐƚŝŽŶƐǀŝĂƚŚĞǁĞďƐŝƚĞĂƚ͗ ŚƚƚƉ͗ͬͬǁǁǁ͘ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͬĚĞƉĂƌƚŵĞŶƚƐͬƉƵďůŝĐͲǁŽƌŬƐͬƌĨƉƐͲďŝĚͲƉƌŽũĞĐƚƐͬƌĞƋƵĞƐƚƐͲĨŽƌͲƉƌŽƉŽƐĂůƐ ůůWƌŽƉŽƐĞƌƐǁŝůůŚĂǀĞĂĐĐĞƐƐƚŽĂůůƋƵĞƐƚŝŽŶƐĂŶĚĂŶƐǁĞƌƐƐƵďŵŝƚƚĞĚŝŶǁƌŝƚŝŶŐǀŝĂƚŚĞĂďŽǀĞůŝƐƚĞĚǁĞďƐŝƚĞ͘dŚĞŝƚǇ ĂŶƚŝĐŝƉĂƚĞƐƚŚĂƚĂůůƌĞƐƉŽŶƐĞƐǁŝůůďĞĨƵƌŶŝƐŚĞĚďǇƉƌŝůϮϯ͕ϮϬϮϭ͘WƌŽƐƉĞĐƚŝǀĞƉƌŽƉŽƐĞƌƐǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĐŚĞĐŬŝŶŐ ƚŚĞǁĞďƉĂŐĞĨŽƌĂŶǇĂĚĚĞŶĚƵŵƐƚŽƚŚĞZ&WĂŶĚĂŶǇƋƵĞƐƚŝŽŶƐƚŚĂƚŚĂǀĞďĞĞŶĂŶƐǁĞƌĞĚ͘WůĞĂƐĞŶŽƚĞƚŚĂƚƋƵĞƐƚŝŽŶƐǁŝůů ďĞƉŽƐƚĞĚǀĞƌďĂƚŝŵĂƐƐƵďŵŝƚƚĞĚ͘^ŝŵŝůĂƌƋƵĞƐƚŝŽŶƐŵĂǇďĞĐŽŵďŝŶĞĚ͘ 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WƌŽƉŽƐĞƌƐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽƉƌŽƉŽƐĞĂĚĚŝƚŝŽŶĂůƚĂƐŬƐŽƌĂĐƚŝǀŝƚŝĞƐŽƌŵŽĚŝĨǇƚŚĞƚĂƐŬƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞZ&WŝĨǇŽƵ ďĞůŝĞǀĞƚŚĞĐŚĂŶŐĞƐǁŝůůƐƵďƐƚĂŶƚŝĂůůǇŝŵƉƌŽǀĞƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƉƌŽũĞĐƚ͘ ϵ͘ WƌŽƉŽƐĞƌƐŵƵƐƚƉƌĞƉĂƌĞĂƉƌŽũĞĐƚƐĐŚĞĚƵůĞͬƚŝŵĞůŝŶĞďĂƐĞĚŽŶƚŚĞǁĂƌĚĂƚĞĂŶĚŽƚŚĞƌŵĂũŽƌŵŝůĞƐƚŽŶĞƐŽƵƚůŝŶĞĚŝŶ ƚŚŝƐZ&WƚŚĂƚƐŚŽǁƐƚŚĞƐĞƋƵĞŶĐĞĂŶĚƚŝŵŝŶŐŽĨƚĂƐŬǁŽƌŬĂŶĚĐŽŵƉůĞƚŝŽŶ͘dŚŝƐǁŝůůĂůƐŽďĞƵƐĞĚĂƐĂƐĐŚĞĚƵůŝŶŐĂŶĚ ŵĂŶĂŐĞŵĞŶƚƚŽŽů͘dŚĞŝƚǇŵĂǇƌĞƋƵĞƐƚĂŵŽƌĞĚĞƚĂŝůĞĚƉƌŽũĞĐƚƐĐŚĞĚƵůĞĨƌŽŵƚŚĞƐƵĐĐĞƐƐĨƵůƉƌŽƉŽƐĞƌŝĨƚŚĞŽŶĞ ƐƵďŵŝƚƚĞĚŝŶƌĞƐƉŽŶƐĞƚŽƚŚŝƐZ&WŝƐŶŽƚĚĞƚĂŝůĞĚĞŶŽƵŐŚƚŽƐĞƌǀĞĂƐĂŵĂŶĂŐĞŵĞŶƚƚŽŽů͘ WƌŽƉŽƐĞƌƐŵƵƐƚĐŽŵƉůĞƚĞĂŶĚƐƵďŵŝƚĂůůƌĞƋƵŝƌĞĚĨŽƌŵƐ͕ĚŽĐƵŵĞŶƚƐ͕ĂŶĚĐĞƌƚŝĨŝĐĂƚŝŽŶƐƌĞƋƵŝƌĞĚƵŶĚĞƌĂŶǇƐĞĐƚŝŽŶŽĨ ƚŚŝƐZ&W͘dŚĞƐĞĨŽƌŵƐ͕ĚŽĐƵŵĞŶƚƐ͕ĂŶĚĐĞƌƚŝĨŝĐĂƚŝŽŶƐǁŝůůŶŽƚďĞĐŽƵŶƚĞĚĂŐĂŝŶƐƚĂŶǇƉĂŐĞůŝŵŝƚƐƐĞƚŝŶƚŚŝƐZ&W͘^ĞĞ ƉƉĞŶĚŝǆĨŽƌƌĞƋƵŝƌĞĚĨŽƌŵƐ͘ ŽĐƵŵĞŶƚdǁŽʹŽƐƚWƌŽƉŽƐĂů WƌŽƉŽƐĞƌƐŵƵƐƚƐƵďŵŝƚĂĐŽƐƚƉƌŽƉŽƐĂůĂƐĂƐĞƉĂƌĂƚĞĞůĞĐƚƌŽŶŝĐĨŝůĞǁŝƚŚƚŚĞŝƌƌĞƐƉŽŶƐĞƚŽƚŚŝƐZ&W͘dĞƌŵƐŽĨƚŚĞƉƌŽƉŽƐĂůƐ ĂƐƐƚĂƚĞĚŵƵƐƚďĞǀĂůŝĚĨŽƌƚŚĞůĞŶŐƚŚŽĨƚŚĞƉƌŽũĞĐƚ͘tŝƚŚŝŶƚŚĞĐŽƐƚƉƌŽƉŽƐĂů͕ŝŶĐůƵĚĞĂďƌĞĂŬĚŽǁŶŽĨůĂďŽƌ͕ŽǀĞƌŚĞĂĚ͕ ƉƌŽĨŝƚĂŶĚĞǆƉĞŶƐĞ͕ƐŚŽǁŝŶŐŚŽǁƚŚĞƌĂƚĞǁĂƐĚĞƌŝǀĞĚ͘ dŚĞĐŽƐƚƉƌŽƉŽƐĂůŵƵƐƚĐŽŶƚĂŝŶĂƚŵŝŶŝŵƵŵ͗ x ƚŽƚĂůƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĐŽƐƚ x ďƌĞĂŬŽƵƚŽĨƉƌŽũĞĐƚĐŽƐƚƐďǇƚĂƐŬĂƌĞĂ͕ƉƌŽƉŽƐĞƌƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƐƵďĐŽŶƚƌĂĐƚŽƌĐŽƐƚƐǁŝƚŚŝŶƚŚŝƐďƌĞĂŬŽƵƚ x ďƌĞĂŬŽƵƚŽĨŚŽƵƌƐƉĞƌƚĂƐŬďǇƉĞƌƐŽŶŶĞů x /ĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚďƌŝĞĨĞǆƉůĂŶĂƚŝŽŶŽĨĂŶǇĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚƚŽĚĞǀĞůŽƉƚŚĞĐŽƐƚƉƌŽƉŽƐĂů x /ĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚďƌŝĞĨĞǆƉůĂŶĂƚŝŽŶŽĨĂŶǇĐŽƐƚŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞƐŽƌƚĂƐŬƐ͘dŚŝƐƐŚŽƵůĚ ďĞŝŶĐůƵĚĞĚŝŶƚŚĞĐŽƐƚƉƌŽƉŽƐĂůďƵƚĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚĂƐĂĚĚŝƚŝŽŶĂůĐŽƐƚƐ͕ƐĞƉĂƌĂƚĞĚĨƌŽŵƚŚĞƌĞƋƵŝƌĞĚŝƚĞŵƐ͕ ĂŶĚŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞƚŽƚĂůƉƌŽũĞĐƚĐŽƐƚƐ͘ x ƐƵŵŵĂƌǇŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐĨĞĞƐƌĞĐĞŝǀĞĚĨŽƌƐŝŵŝůĂƌƉƌŽũĞĐƚƐĨŽƌƚŚĞůĂƐƚƚŚƌĞĞǇĞĂƌƐ͘ x ^ŝŐŶĂƚƵƌĞĨƌŽŵĂŶĂƵƚŚŽƌŝǌĞĚŵĞŵďĞƌŽĨƚŚĞĨŝƌŵ͘ WƌŽƉŽƐĞƌƐŵƵƐƚŶŽƚŝŶĐůƵĚĞĂŶǇĐŽƐƚŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚŝŶƚŚĞďŽĚǇŽĨƚŚĞƚĞĐŚŶŝĐĂůƉƌŽƉŽƐĂů͘ dŚĞŝƚǇĚŽĞƐŶŽƚŵĂŬĞƌĞŐƵůĂƌƉĂǇŵĞŶƚƐďĂƐĞĚƵƉŽŶƚŚĞƉĂƐƐĂŐĞŽĨƚŝŵĞ͖ŝƚǁŝůůŽŶůǇƉĂǇĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŽƌǁŽƌŬ ĚĞůŝǀĞƌĞĚĂĨƚĞƌŝƚŝƐĂĐĐŽŵƉůŝƐŚĞĚ͘dĞƌŵƐŽĨƚŚĞƉƌŽƉŽƐĂůĂƐƐƚĂƚĞĚŵƵƐƚďĞǀĂůŝĚĨŽƌƚŚĞůĞŶŐƚŚŽĨƚŚĞƉƌŽũĞĐƚ͘ WƌŽƉŽƐĂůƐƐŚŽƵůĚĂĚŚĞƌĞƚŽƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵĂƚƌĞƋƵŝƌĞŵĞŶƚƐ͗ x WƌŽƉŽƐĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚĂƐ͘W&ĚŽĐƵŵĞŶƚƐ͘ x dŚĞWƌŽƉŽƐĞƌ͛ƐƐƵďŵŝƚƚĂůŵƵƐƚĂĚŚĞƌĞƚŽƚŚĞƉĂŐĞůŝŵŝƚĂƚŝŽŶƐĂŶĚĨŽƌŵĂƚƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƚĂďůĞ ďĞůŽǁ͘/ĨĂĚŽĐƵŵĞŶƚĞǆĐĞĞĚƐƚŚĞƉĂŐĞůŝŵŝƚƐ͕ƚŚĞĞǆĐĞƐƐƉĂŐĞƐŵĂǇŶŽƚďĞƌĞǀŝĞǁĞĚƌĞŐĂƌĚůĞƐƐŽĨĐŽŶƚĞŶƚ͘ x ^ƵďŵŝƚƚŚĞƚĞĐŚŶŝĐĂůƉƌŽƉŽƐĂůĂŶĚĐŽƐƚƉƌŽƉŽƐĂůĂƐƐĞƉĂƌĂƚĞ͘W&ĚŽĐƵŵĞŶƚƐ͘dŚĞĚŽĐƵŵĞŶƚƐĐĂŶďĞƐƵďŵŝƚƚĞĚŝŶ ƚŚĞƐĂŵĞĞŵĂŝů͘ x &ŝůĞƐƐŚŽƵůĚďĞŶĂŵĞĚƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵĂƚ͗ dĞĐŚŶŝĐĂůƉƌŽƉŽƐĂůʹ͞;ŽŵƉĂŶǇEĂŵĞͿͺdWhƉĚĂƚĞͺdĞĐŚŶŝĐĂůWƌŽƉŽƐĂů͖͟ĞǆĂŵƉůĞ͗,ƐƐŽĐŝĂƚĞƐͺdW R hƉĚĂƚĞͺdĞĐŚŶŝĐĂůWƌŽƉŽƐĂů ŽƐƚƉƌŽƉŽƐĂůʹ͞;ŽŵƉĂŶǇEĂŵĞͿͺdWhƉĚĂƚĞͺŽƐƚWƌŽƉŽƐĂů͖͟ĞǆĂŵƉůĞ͗,ƐƐŽĐŝĂƚĞƐͺdW R hƉĚĂƚĞͺŽƐƚWƌŽƉŽƐĂů 3DFNHW3J )D x ^ƵďŵŝƚĂƐ͘W&ĚŽĐƵŵĞŶƚ x ŽŶŽƚĚŝƐĐƵƐƐĐŽƐƚŝŶƚĞĐŚŶŝĐĂů ƉƌŽƉŽƐĂů x ϴ͘ϱ͟ǆϭϭ͟ƉĂŐĞůĂǇŽƵƚ͕ŶŽƐŵĂůůĞƌ ƚŚĂŶ͘ϱ͟ŵĂƌŐŝŶƐ ϯϬƉĂŐĞƐ x ŶŽƐŵĂůůĞƌƚŚĂŶϭϭƉŽŝŶƚĨŽŶƚ x ŽǀĞƌƉĂŐĞ͕ĐŚĞĐŬůŝƐƚ͕ĐŽǀĞƌ ůĞƚƚĞƌ͕ƌĞƋƵŝƌĞĚĨŽƌŵƐ͕ĂŶĚǁƌŝƚŝŶŐ ĞǆĂŵƉůĞĂƚƚĂĐŚŵĞŶƚƐĚŽŶŽƚ ĐŽƵŶƚĂŐĂŝŶƐƚƉĂŐĞůŝŵŝƚ x ^ƵďŵŝƚŽƐƚWƌŽƉŽƐĂůŝŶƐĞƉĂƌĂƚĞ ĨŝůĞĨƌŽŵWƌŽƉŽƐĂů x ^ƵďŵŝƚĂƐ͘W&ĚŽĐƵŵĞŶƚ ϭϬƉĂŐĞƐ x DĂǇƵƐĞƵƉƚŽϭϭ͟ǆϭϳ͟ƉĂŐĞƐŝǌĞ͕ ŶŽƐŵĂůůĞƌƚŚĂŶ͘ϱ͟ŵĂƌŐŝŶƐ x ŶŽƐŵĂůůĞƌƚŚĂŶϭϭƉŽŝŶƚĨŽŶƚ WƌŽƉŽƐĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚŶŽůĂƚĞƌƚŚĂŶϭϮ͗ϬϬƉŵ;ŶŽŽŶͿĐĞŶƚƌĂůƚŝŵĞŽŶDĂǇϯ͕ϮϬϮϭ͘WƌŽƉŽƐĂůƐƌĞĐĞŝǀĞĚďĞĨŽƌĞŚĂŶĚ ǁŝůůŶŽƚďĞƌĞǀŝĞǁĞĚƵŶƚŝůĂĨƚĞƌƚŚĞĚĞĂĚůŝŶĞ͘WƌŽƉŽƐĂůƐƌĞĐĞŝǀĞĚĂĨƚĞƌƚŚĞƐƉĞĐŝĨŝĞĚƚŝŵĞĂŶĚĚĂƚĞǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚ͘ WƌŽƉŽƐĂůƐŵĂǇďĞǁŝƚŚĚƌĂǁŶŽƌŵŽĚŝĨŝĞĚƵƐŝŶŐƚŚĞƉƌŽĐĞĚƵƌĞĚĞƐĐƌŝďĞĚƵŶĚĞƌƚŚĞt/d,Zt>KZDK/&/d/KEK& WZKWK^>^ŚĞĂĚŝŶŐŝŶƚŚĞ'ĞŶĞƌĂůZĞƋƵŝƌĞŵĞŶƚƐƐĞĐƚŝŽŶ;ƉĂŐĞϭϵͿ͘ ůůƉƌŽƉŽƐĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚĞůĞĐƚƌŽŶŝĐĂůůǇ͕ǀŝĂĞŵĂŝů͕ƚŽƚŚĞĂƚƚĞŶƚŝŽŶŽĨ͗ ƌĂĚůĞǇŽďďŝƚƚ͕dƌĂŶƐŝƚKƉĞƌĂƚŝŽŶƐ^ƉĞĐŝĂůŝƐƚ ďďŽďďŝƚƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ WŚŽŶĞ͗ϱϬϳ͘ϯϮϴ͘Ϯϰϴϱ WƌŽƉŽƐĞƌƐƵŶĚĞƌƐƚĂŶĚƚŚĂƚĂŶǇĂŶĚĂůůƉĂƌƚƐŽĨƚŚĞƐƵďŵŝƚƚĞĚƉƌŽƉŽƐĂůŵĂǇďĞĐŽŵĞƉĂƌƚŽĨĂŶǇƐƵďƐĞƋƵĞŶƚĐŽŶƚƌĂĐƚ ďĞƚǁĞĞŶƚŚĞŝƚǇĂŶĚƚŚĞƐĞůĞĐƚĞĚƉƌŽƉŽƐĞƌ͘^ƵďŵŝƐƐŝŽŶŽĨƉƌŽƉŽƐĂůƐŚĂůůĐŽŶƐƚŝƚƵƚĞďŝŶĚŝŶŐ͕ŝƌƌĞǀŽĐĂďůĞŽĨĨĞƌĨŽƌĂƉĞƌŝŽĚ ŽĨϵϬĚĂǇƐĂĨƚĞƌƚŚĞĚĂƚĞƚŚĞƉƌŽƉŽƐĂůƐĂƌĞĚƵĞ͘ ŶǇĐŽƐƚƐŝŶĐƵƌƌĞĚďǇƉƌŽƉŽƐĞƌŝŶƌĞƐƉŽŶĚŝŶŐƚŽƚŚŝƐZ&WƐŚĂůůďĞƚŚĞƉƌŽƉŽƐĞƌΖƐƐŽůĞĞǆƉĞŶƐĞĂŶĚǁŝůůŶŽƚďĞƌĞŝŵďƵƌƐĞĚ ďǇƚŚĞŝƚǇ͘ WƌŽƉŽƐĂůƐƌĞĐĞŝǀĞĚďǇƚŚĞĚĞĂĚůŝŶĞǁŝůůďĞĞǀĂůƵĂƚĞĚďǇĂƉĂŶĞů͘ dŚĞĞǀĂůƵĂƚŝŽŶƉĂŶĞůǁŝůůƵƐĞĂϭϬϬͲƉŽŝŶƚƐĐĂůĞƚŽĐƌĞĂƚĞƚŚĞĨŝŶĂůĞǀĂůƵĂƚŝŽŶƌĞĐŽŵŵĞŶĚĂƚŝŽŶ͘dŚĞĨĂĐƚŽƌƐĂŶĚǁĞŝŐŚƚŝŶŐ ƚŚĂƚǁŝůůďĞƵƐĞĚĂƐƐĐŽƌŝŶŐĐƌŝƚĞƌŝĂĂƌĞůŝƐƚĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͘ 3DFNHW3J )D 'ĞŶĞƌĂůƋƵĂůŝƚǇŽĨƌĞƐƉŽŶƐĞΘƌĞƐƉŽŶƐŝǀĞŶĞƐƐƚŽƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐϭϬй dĞĐŚŶŝĐĂůĂƉƉƌŽĂĐŚϱϬй x WƌŽďůĞŵĂŶĂůǇƐŝƐŵĞƚŚŽĚƐ x WƵďůŝĐĞŶŐĂŐĞŵĞŶƚĂƉƉƌŽĂĐŚ x YƵĂŶƚŝƚǇĂŶĚƋƵĂůŝƚǇŽĨƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚ x YƵĂůŝƚǇĂŶĚĨĞĂƐŝďŝůŝƚǇŽĨǁŽƌŬƉůĂŶ KƌŐĂŶŝǌĂƚŝŽŶ͕ƉĞƌƐŽŶŶĞů͕ĂŶĚĞǆƉĞƌƚŝƐĞϯϬй x YƵĂůŝĨŝĐĂƚŝŽŶƐĂŶĚĞǆƉĞƌŝĞŶĐĞŽĨƉĞƌƐŽŶŶĞůĂƐƐŝŐŶĞĚƚŽƉƌŽũĞĐƚ x ǆƉĞƌŝĞŶĐĞŽĨĨŝƌŵ ŽƐƚϭϬй WƌŽƉŽƐĂůƐǁŝůůďĞĞǀĂůƵĂƚĞĚĂŶĚĂƐƵĐĐĞƐƐĨƵůƌĞƐƉŽŶĚĞƌǁŝůůďĞĐŚŽƐĞŶŽŶƚŚĞďĂƐŝƐŽĨƋƵĂůŝĨŝĐĂƚŝŽŶƐŽŶůǇ͘dŚĞƐƵĐĐĞƐƐĨƵů ƌĞƐƉŽŶĚĞƌǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚĂĚĞƚĂŝůĞĚƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐĂŶĚďƵĚŐĞƚƉƌŽŵƉƚůǇĂĨƚĞƌŶŽƚŝĨŝĐĂƚŝŽŶŽĨƐĞůĞĐƚŝŽŶ͘dŚĞ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌĂŶĚƚŚĞƐƵĐĐĞƐƐĨƵůƌĞƐƉŽŶĚĞƌǁŝůůƚŚĞŶŵĞĞƚƚŽŶĞŐŽƚŝĂƚĞƚŚĞĨŝŶĂůƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐ ĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶ͘/ĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂŶĚƚŚĞƐƵĐĐĞƐƐĨƵůƌĞƐƉŽŶĚĞƌĂƌĞƵŶĂďůĞƚŽĂŐƌĞĞƵƉŽŶĂƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐĂŶĚ 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ďŝĚͲƉƌŽũĞĐƚƐͬƌĞƋƵĞƐƚƐͲĨŽƌͲƉƌŽƉŽƐĂůƐǁŚĞƌĞĂŶǇĐŚĂŶŐĞƐƚŽƚŚŝƐZ&WǁŝůůďĞƉŽƐƚĞĚ͘ůůƉƌŽƉŽƐĂůƐŵƵƐƚŝŶĐůƵĚĞ ĂĐŬŶŽǁůĞĚŐĞŵĞŶƚŽĨĂĚĚĞŶĚƵŵƐĂƐƉƌŽǀŝĚĞĚŝŶƉƉĞŶĚŝǆ͘ KtEZ^,/WK&WZKWK^>^ ůůŵĂƚĞƌŝĂůƐƵďŵŝƚƚĞĚŝŶƌĞƐƉŽŶƐĞƚŽƚŚŝƐZ&WǁŝůůďĞĐŽŵĞƉƌŽƉĞƌƚǇŽĨƚŚĞŝƚǇĂŶĚǁŝůůďĞĐŽŵĞƉƵďůŝĐƌĞĐŽƌĚĂĨƚĞƌĂŶ ĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐŝƐĐŽŵƉůĞƚĞĚĂŶĚĂŶĂǁĂƌĚĚĞĐŝƐŝŽŶŵĂĚĞ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐΑϭϯ͘ϱϵϭ͘WƵƌƐƵĂŶƚ ƚŽƚŚĞ^ƚĂƚƵƚĞ͕ĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐŽĐĐƵƌƐǁŚĞŶƚŚĞŝƚǇŚĂƐĐŽŵƉůĞƚĞĚŶĞŐŽƚŝĂƚŝŶŐƚŚĞĐŽŶƚƌĂĐƚǁŝƚŚ ƚŚĞƐƵĐĐĞƐƐĨƵůƌĞƐƉŽŶĚĞƌ͘ /ĨƚŚĞWƌŽƉŽƐĞƌƐƵďŵŝƚƐŝŶĨŽƌŵĂƚŝŽŶŝŶƌĞƐƉŽŶƐĞƚŽƚŚŝƐZ&WƚŚĂƚŝƚďĞůŝĞǀĞƐƚŽďĞƚƌĂĚĞƐĞĐƌĞƚŵĂƚĞƌŝĂůƐ͕ĂƐĚĞĨŝŶĞĚďǇƚŚĞ DŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DE͘^ƚĂƚ͘ϭϯ͘ϯϳ͕ƚŚĞWƌŽƉŽƐĞƌŵƵƐƚ͗ x ůĞĂƌůǇŵĂƌŬĂůůƚƌĂĚĞƐĞĐƌĞƚŵĂƚĞƌŝĂůƐŝŶŝƚƐƌĞƐƉŽŶƐĞĂƚƚŚĞƚŝŵĞƚŚĞƌĞƐƉŽŶƐĞŝƐƐƵďŵŝƚƚĞĚ͘ 3DFNHW3J )D x /ŶĐůƵĚĞĂƐƚĂƚĞŵĞŶƚǁŝƚŚŝƚƐƌĞƐƉŽŶƐĞũƵƐƚŝĨǇŝŶŐƚŚĞƚƌĂĚĞƐĞĐƌĞƚĚĞƐŝŐŶĂƚŝŽŶĨŽƌĞĂĐŚŝƚĞŵ͘ x ĞĨĞŶĚĂŶǇĂĐƚŝŽŶƐĞĞŬŝŶŐƌĞůĞĂƐĞŽĨƚŚĞŵĂƚĞƌŝĂůƐŝƚďĞůŝĞǀĞƐƚŽďĞƚƌĂĚĞƐĞĐƌĞƚĂŶĚŝŶĚĞŵŶŝĨǇĂŶĚŚŽůĚŚĂƌŵůĞƐƐ 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Z/&/E' hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵĂŶƵŶƐƵĐĐĞƐƐĨƵůŽŶƚƌĂĐƚŽƌ͕ƚŚĞŝƚǇ͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŵĂǇĂƌƌĂŶŐĞĨŽƌĂĚĞďƌŝĞĨŝŶŐƐĞƐƐŝŽŶ͘ ĚĞďƌŝĞĨŝŶŐŝƐŶŽƚĂŶŽƉƉŽƌƚƵŶŝƚǇƚŽĐŚĂůůĞŶŐĞƚŚĞĚĞĐŝƐŝŽŶ͘ŶǇĐŚĂůůĞŶŐĞƚŽƚŚĞZ&WƉƌŽĐĞƐƐŽƌĂǁĂƌĚŵƵƐƚďĞĚŽŶĞŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽĐĞĚƵƌĞƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐZ&W͘ůůŽƚŚĞƌŵĞĂŶƐŽƌŵĞƚŚŽĚƐŽĨƉƌŽƚĞƐƚĂƌĞǁĂŝǀĞĚ͘KŶĐĞĚĞďƌŝĞĨŝŶŐ ĞŶĚƐ͕ƚŚĞZ&WƉƌŽĐĞƐƐŝƐĨŝŶŝƐŚĞĚĂŶĚƚŚĞZ&WǁŝůůŶŽƚďĞĚŝƐĐƵƐƐĞĚĨƵƌƚŚĞƌǁŝƚŚƚŚĞŽŶƚƌĂĐƚŽƌĂƚĂŶǇƚŝŵĞ͘ ^hKEdZd/E' hƚŝůŝǌŝŶŐĂƐƵďĐŽŶƚƌĂĐƚŽƌ͕ǁŚŽŵƵƐƚďĞĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚ͕ƚŽƌĞŵĞĚǇĚĞĨŝĐŝĞŶĐŝĞƐŝŶƚŚĞƉƌŝŵĞŽŶƚƌĂĐƚŽƌ͛ƐƉƌŽĚƵĐƚŽƌ ƐĞƌǀŝĐĞŝƐĂĐĐĞƉƚĂďůĞ͘dŚŝƐĂůƐŽŝŶĐůƵĚĞƐĂũŽŝŶƚƐƵďŵŝƐƐŝŽŶďǇƚǁŽŽŶƚƌĂĐƚŽƌƐŚĂǀŝŶŐŶŽĨŽƌŵĂůĐŽƌƉŽƌĂƚĞůŝŶŬƐ͘,ŽǁĞǀĞƌ͕ ŝŶƐƵĐŚĂĐĂƐĞ͕ŽŶĞŽĨƚŚĞƐĞŽŶƚƌĂĐƚŽƌƐŵƵƐƚďĞƉƌĞƉĂƌĞĚƚŽƚĂŬĞŽǀĞƌĂůůƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵĐĐĞƐƐĨƵůŝŶƚĞƌĐŽŶŶĞĐƚŝŽŶŽĨ ƚŚĞƚǁŽƉƌŽĚƵĐƚͬƐĞƌǀŝĐĞůŝŶĞƐĂŶĚƚŚŝƐƌĞƐƉŽŶƐŝďŝůŝƚǇŵƵƐƚďĞĚĞĨŝŶĞĚŝŶƚŚĞƉƌŽƉŽƐĂů͘^ƵďĐŽŶƚƌĂĐƚŝŶŐƚŽĂŶǇĐŽŶƐƵůƚŝŶŐ ĨŝƌŵŽƌŝŶĚŝǀŝĚƵĂůŝŶǀŽůǀĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚŝƐZ&WŝƐŶŽƚƉĞƌŵŝƚƚĞĚ͘ &/E/d/KEK&KEdZd dŚĞŝƚǇŵĂǇ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ŶŽƚŝĨǇĂŽŶƚƌĂĐƚŽƌŝŶǁƌŝƚŝŶŐƚŚĂƚŝƚƐƉƌŽƉŽƐĂůŚĂƐďĞĞŶĂĐĐĞƉƚĞĚĂŶĚƐƵĐŚĂĐĐĞƉƚĂŶĐĞƐŚĂůů͕Ăƚ ƚŚĞŝƚǇ͛ƐŽƉƚŝŽŶ͕ĐŽŶƐƚŝƚƵƚĞƚŚĞŵĂŬŝŶŐŽĨĂĨŽƌŵĂůĐŽŶƚƌĂĐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƐĞƚŽƵƚŝŶƚŚĞZ&W͘ůƚĞƌŶĂƚŝǀĞůǇ͕ƚŚĞ ƐƵďƐĞƋƵĞŶƚĨƵůůĞǆĞĐƵƚŝŽŶŽĨĂǁƌŝƚƚĞŶĐŽŶƚƌĂĐƚƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞŵĂŬŝŶŐŽĨĂĐŽŶƚƌĂĐƚĨŽƌƐĞƌǀŝĐĞƐ͕ĂŶĚŶŽŽŶƚƌĂĐƚŽƌ ƐŚĂůůĂĐƋƵŝƌĞĂŶǇůĞŐĂůŽƌĞƋƵŝƚĂďůĞƌŝŐŚƚƐŽƌƉƌŝǀŝůĞŐĞƐǁŚĂƚĞǀĞƌƌĞůĂƚŝǀĞƚŽƚŚĞƐĞƌǀŝĐĞƐƵŶƚŝůƚŚĞŝƚǇŚĂƐĚĞůŝǀĞƌĞĚĂĨƵůůǇ ĞǆĞĐƵƚĞĚǁƌŝƚƚĞŶĂŐƌĞĞŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚŽƌ͘ǁĂƌĚŽĨŽŶƚƌĂĐƚŽĐĐƵƌƐǁŚĞŶĂĨŽƌŵĂůĐŽŶƚƌĂĐƚŚĂƐďĞĞŶĨŝŶĂůŝǌĞĚ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶŽĨǁĂƌĚĚŽĞƐŶŽƚĐŽŶƐƚŝƚƵƚĞĂǁĂƌĚŽĨĐŽŶƚƌĂĐƚ͘/ĨĂŽŶƚƌĂĐƚŝƐĂǁĂƌĚĞĚ͕ŝƚƐŚĂůůďĞĂǁĂƌĚĞĚƚŽƚŚĞ ƌĞƐƉŽŶƐŝǀĞĂŶĚƌĞƐƉŽŶƐŝďůĞŽŶƚƌĂĐƚŽƌǁŚŽƐĞŽĨĨĞƌĐŽŶĨŽƌŵŝŶŐƚŽƚŚĞZ&WǁŝůůďĞŵŽƐƚĂĚǀĂŶƚĂŐĞŽƵƐƚŽƚŚĞŝƚǇ͕ŝŶƚŚĞ ŝƚǇ͛ƐũƵĚŐŵĞŶƚ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞǀĂůƵĂƚŝŽŶƌŝƚĞƌŝĂ͘ WW>^EZD/^ ŶǇĂĐƚƵĂůŽƌƉƌŽƐƉĞĐƚŝǀĞŽŶƚƌĂĐƚŽƌŽƌŝŶĚŝǀŝĚƵĂůǁŚŽŝƐĂŐŐƌŝĞǀĞĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞƐŽůŝĐŝƚĂƚŝŽŶŽƌĂǁĂƌĚŽĨĂ ĐŽŶƚƌĂĐƚƉƵƌƐƵĂŶƚƚŽƚŚŝƐZ&WŵĂǇƉƌŽƚĞƐƚŝŶƚŚĞŵĂŶŶĞƌƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶŝŶƚŚŝƐZ&W͘ůůŽƚŚĞƌŵĞĂŶƐŽƌŵĞƚŚŽĚƐŽĨ ƉƌŽƚĞƐƚĂƌĞǁĂŝǀĞĚĂŶĚŶŽŽƚŚĞƌƉƌŽƚĞƐƚƉƌŽĐĞĚƵƌĞƐĂƌĞĂǀĂŝůĂďůĞ͘ >KZ/^ZhWd/KE^ ŶǇĐŽŶƚƌĂĐƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐZ&WƉƌŽĐĞƐƐŝƐƐƵďũĞĐƚƚŽƚŚĞƌŝŐŚƚŽĨƚŚĞŝƚǇƚŽƉŽƐƚƉŽŶĞĂĐĐĞƉƚĂŶĐĞŽĨĚĞůŝǀĞƌǇĂŶĚ ƉĂǇŵĞŶƚďǇƚŚĞŝƚǇŝŶƚŚĞĞǀĞŶƚŽĨĂŶǇĨŽƌŵŽĨůĂďŽƌĚŝƐƌƵƉƚŝŽŶ͘ KEdZdD/E/^dZdKZ dŚĞŝƚǇ͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌ͕ĂŶĚƚŚĞŝƌĚĞƐŝŐŶĞĞ͕ƐŚĂůůŽǀĞƌƐĞĞƚŚĞĐŽŶƚƌĂĐƚĂǁĂƌĚĞĚƚŽƚŚĞƐƵĐĐĞƐƐĨƵůŽŶƚƌĂĐƚŽƌ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ƚŚĞƐƵĐĐĞƐƐĨƵůŽŶƚƌĂĐƚŽƌǁŝůůďĞĞǆƉĞĐƚĞĚƚŽŶĂŵĞĂĐŽƵŶƚĞƌƉĂƌƚƉƌŽũĞĐƚŵĂŶĂŐĞƌ͘dŚĞŽŶƚƌĂĐƚŽƌ͛ƐƉƌŽũĞĐƚ ŵĂŶĂŐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌŽǀŝĚŝŶŐƐĐŚĞĚƵůĞĚƐƚĂƚƵƐƌĞƉŽƌƚƐƚŽƚŚĞŝƚǇ͘ KDW>/Et/d,>t^ ŽŶƚƌĂĐƚŽƌƐŚĂůůŐŝǀĞĂůůŶŽƚŝĐĞƐĂŶĚŽďƚĂŝŶĂůůƚŚĞůŝĐĞŶƐĞƐĂŶĚƉĞƌŵŝƚƐƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƚŚĞǁŽƌŬ͘ŽŶƚƌĂĐƚŽƌƐŚĂůů ĐŽŵƉůǇǁŝƚŚĂůůƚŚĞůĂǁƐĂƉƉůŝĐĂďůĞƚŽƚŚĞǁŽƌŬĂŶĚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŶƚƌĂĐƚ͘ &KZ/'EEd/KE>^ ŵƉůŽǇĞƌƐĂƌĞƌĞƋƵŝƌĞĚďǇ&ĞĚĞƌĂůůĂǁƚŽǀĞƌŝĨǇƚŚĂƚĂůůĞŵƉůŽǇĞĞƐĂƌĞůĞŐĂůůǇĞŶƚŝƚůĞĚƚŽǁŽƌŬŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͘ 3DFNHW3J )D ĐĐŽƌĚŝŶŐůǇ͕ƚŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞƋƵĞƐƚůĞŐĂůůǇŵĂŶĚĂƚĞĚĞŵƉůŽǇĞƌŚĞůĚĚŽĐƵŵĞŶƚĂƚŝŽŶĂƚƚĞƐƚŝŶŐƚŽƚŚĞƐĂŵĞ ĨŽƌĞĂĐŚĐŽŶƐƵůƚĂŶƚĂƐƐŝŐŶĞĚǁŽƌŬƵŶĚĞƌĂŶǇĐŽŶƚƌĂĐƚĂǁĂƌĚĞĚĂƐĂƌĞƐƵůƚŽĨƚŚŝƐƐŽůŝĐŝƚĂƚŝŽŶ͘/ŶĂĐĐŽƌĚǁŝƚŚƐƵĐŚůĂǁƐ͕ƚŚĞ ŝƚǇĚŽĞƐŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚŝŶĚŝǀŝĚƵĂůƐŽŶƚŚĞďĂƐŝƐŽĨŶĂƚŝŽŶĂůŽƌŝŐŝŶŽƌĐŝƚŝǌĞŶƐŚŝƉ͘ 'KsZE/E'>t dŚŝƐZ&WĂŶĚĂŶǇĐŽŶƚƌĂĐƚĞŶƚĞƌĞĚŝŶƚŽďĞƚǁĞĞŶƚŚĞŽŶƚƌĂĐƚŽƌĂŶĚƚŚĞŝƚǇƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂĂŶĚƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ĂŶĚĂŶǇĚŝƐƉƵƚĞƐĨŽůůŽǁŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂ ƉƌŽƚĞƐƚĂƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶƐŚĂůůďĞǀĞŶƵĞĚŝŶĂĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘ hZZEzEdy^ WƌŝĐĞƐĂƌĞƚŽďĞŝŶh͘^͘ŽůůĂƌƐ͕ĚƵƚǇĂŶĚĚĞůŝǀĞƌǇ&KĚĞƐƚŝŶĂƚŝŽŶŝŶĐůƵĚĞĚ͘dŚĞŝƚǇŝƐĞǆĞŵƉƚĨƌŽŵƐŽŵĞƐĂůĞƐĂŶĚƵƐĞ ƚĂǆĞƐ͘ WzDEddZD^ dŚĞŝƚǇ͛ƐƐƚĂŶĚĂƌĚƉĂǇŵĞŶƚƚĞƌŵŝƐďĞƚǁĞĞŶϯϬĂŶĚϲϬĚĂǇƐƵƉŽŶƌĞĐĞŝƉƚŽĨŝŶǀŽŝĐĞĂĨƚĞƌƐĞƌǀŝĐĞƐĂƌĞƉĞƌĨŽƌŵĞĚŽƌ ŐŽŽĚƐĚĞůŝǀĞƌĞĚ͘ KEdZddZD dŚĞŽŶƚƌĂĐƚďĞƚǁĞĞŶƚŚĞŝƚǇĂŶĚƐƵĐĐĞƐƐĨƵůŽŶƚƌĂĐƚŽƌǁŝůůŚĂǀĞĂŶŝŶŝƚŝĂůƚĞƌŵŽĨϭϮŵŽŶƚŚƐ͘dŚĞŽŶƚƌĂĐƚ ǁŝůůŚĂǀĞĂŶĂŶƚŝĐŝƉĂƚĞĚƐƚĂƌƚĚĂƚĞŝŶ:ƵŶĞ͕ϮϬϮϭĂŶĚĂŶĞŶĚĚĂƚĞŝŶ:ƵůǇ͕ϮϬϮϮ͘ /ŶŽƌĚĞƌƚŽĂǀŽŝĚĂŶǇƵŶŶĞĐĞƐƐĂƌǇĚŝƐƌƵƉƚŝŽŶŽĨƐĞƌǀŝĐĞƐ͕ĂŶĚƚŽƐĞĐƵƌĞĂŶĚĐŽŶƐŝƐƚĞŶƚůǇŵĂŝŶƚĂŝŶƚŚĞ ďĞƐƚĂǀĂŝůĂďůĞƐĞƌǀŝĐĞƐĨŽƌƚŚĞƉƵďůŝĐ͕ƚŚĞŝƚǇŵĂǇ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ĞǆƚĞŶĚƚŚĞŽŶƚƌĂĐƚĨŽƌŽŶĞĂĚĚŝƚŝŽŶĂůƚĞƌŵŽĨϯŵŽŶƚŚƐ͕ ĨŽůůŽǁĞĚďǇƵƉƚŽŽŶĞĂĚĚŝƚŝŽŶĂůƚĞƌŵŽĨϯŵŽŶƚŚƐ͘/ŶƚŚĞĞǀĞŶƚƚŚĞŝƚǇ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ĞǆĞƌĐŝƐĞƐĂůůƉŽƐƐŝďůĞĞǆƚĞŶƐŝŽŶƐŽĨ ƚŚĞŽŶƚƌĂĐƚ͕ƚŚĞƚŽƚĂůƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚǁŽƵůĚďĞϭϴŵŽŶƚŚƐ͘ ƚůĞĂƐƚϲϬĚĂǇƐƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƚŚĞ/ŶŝƚŝĂůdĞƌŵŽƌĂŶǇǆƚĞŶĚĞĚdĞƌŵ͕ƚŚĞŝƚǇƐŚĂůů ŶŽƚŝĨǇƚŚĞŽŶƚƌĂĐƚŽƌŝŶǁƌŝƚŝŶŐǁŚĞƚŚĞƌŝƚŝŶƚĞŶĚƐƚŽĞǆĞƌĐŝƐĞĂƌĞŵĂŝŶŝŶŐŽƉƚŝŽŶ͘dŚĞƌŝŐŚƚƚŽĞǆƚĞŶĚƚŚĞŽŶƚƌĂĐƚŝƐĂ ƵŶŝůĂƚĞƌĂůƌŝŐŚƚŽĨƚŚĞŝƚǇƚŽŽďƚĂŝŶƚŚĞƐĞƌǀŝĐĞƐƐĞƚĨŽƌƚŚŝŶƚŚĞŽŶƚƌĂĐƚĨŽƌƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞǆƚĞŶĚĞĚdĞƌŵ;ƐͿ͘dŚĞ ŽŶƚƌĂĐƚŽƌĂĐŬŶŽǁůĞĚŐĞƐĂŶĚĂŐƌĞĞƐƚŚĂƚŝƚŝƐŽďůŝŐĂƚĞĚ͕ƵƉŽŶĞǆĞƌĐŝƐĞŽĨƚŚĞŽƉƚŝŽŶďǇƚŚĞŝƚǇ͕ƚŽƉƌŽǀŝĚĞƚŚĞƐĞƌǀŝĐĞƐ ĚĞƐĐƌŝďĞĚŝŶƚŚĞŽŶƚƌĂĐƚĨŽƌƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚĞǆƚĞŶĚĞĚdĞƌŵ;ƐͿ͘ KEdZdKZ^^hZE^ ŽŶƚƌĂĐƚŽƌǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐĐĂƌĞĨƵůůǇƌĞǀŝĞǁĞĚƚŚĞŶĞĞĚƐŽĨƚŚĞŝƚǇĂƐĚĞƐĐƌŝďĞĚŝŶƚŚĞZ&WĂŶĚŝƚƐĂƚƚĂĐŚŵĞŶƚƐĂŶĚ ŽƚŚĞƌǁŝƐĞĐŽŵŵƵŶŝĐĂƚĞĚŝŶǁƌŝƚŝŶŐďǇƚŚĞŝƚǇƚŽƚŚĞŽŶƚƌĂĐƚŽƌƚŚĂƚŝƚŚĂƐĨĂŵŝůŝĂƌŝǌĞĚŝƚƐĞůĨǁŝƚŚƚŚĞŝƚǇ͛Ɛ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚŝƚĐĂŶƉƌŽǀŝĚĞƐƵĐŚƐĞƌǀŝĐĞƐĂƐĚĞƐĐƌŝďĞĚŝŶƚŚĞZ&WĂŶĚĂƐƌĞƉƌĞƐĞŶƚĞĚŝŶŝƚƐWƌŽƉŽƐĂů͘ 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ĞǆĂĐƚĂŵŽƵŶƚĚƵĞƚŽƚŚĞŝƚǇĨŽƌĂůůƐƵĐŚŽǀĞƌƉĂǇŵĞŶƚ͘/ŵŵĞĚŝĂƚĞůǇ͕ŽƌĨŽƌŐŽŽĚĐĂƵƐĞƐĂƚŝƐĨĂĐƚŽƌǇƚŽƚŚĞŝƚǇ͕ŶŽůĂƚĞƌ ƚŚĂŶϯϬĚĂǇƐĂĨƚĞƌŶŽƚŝĨŝĐĂƚŝŽŶƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůƌĞĨƵŶĚƚŽƚŚĞŝƚǇƚŚĞĂŵŽƵŶƚĚƵĞĨŽƌƐƵĐŚŽǀĞƌƉĂǇŵĞŶƚ͘/ĨƚŚĞ ŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽƌĞĨƵŶĚĂŵŽƵŶƚƐĚƵĞƚŚĞŝƚǇƵŶĚĞƌƚŚŝƐŽƌĂŶǇŽƚŚĞƌŐƌĞĞŵĞŶƚ͕ƚŚĞŝƚǇŵĂǇ͕ĂƚŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ ǁŝƚŚŚŽůĚƉĂǇŵĞŶƚƐĚƵĞƚŚĞŽŶƚƌĂĐƚŽƌƵŶƚŝůƐƵĐŚƚŝŵĞƚŚĂƚƚŚĞŽŶƚƌĂĐƚŽƌŚĂƐŵĂĚĞĂůůƉĂǇŵĞŶƚƐĚƵĞƚŚĞŝƚǇƵŶĚĞƌƚŚŝƐ ŽƌĂŶǇŽƚŚĞƌŐƌĞĞŵĞŶƚŽƌĚĞĚƵĐƚĨƌŽŵƉĂǇŵĞŶƚƐĚƵĞƚŚĞŽŶƚƌĂĐƚŽƌĨŽƌĐŽŶƚƌĂĐƚƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂŶǇ ƌĞŶĞǁĂůƚŚĞƌĞŽĨ͕ĞŝƚŚĞƌŝŶŝŶƐƚĂůůŵĞŶƚƐŽƌŝŶŽŶĞůƵŵƉƐƵŵ͕ƚŚĞĂŵŽƵŶƚĚƵĞƚŚĞŝƚǇƵŶĚĞƌƚŚŝƐŽƌĂŶǇŽƚŚĞƌŐƌĞĞŵĞŶƚ͘ dŚĞŽŶƚƌĂĐƚŽƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐƐĞĐƚŝŽŶƐŚĂůůĐŽŶƚŝŶƵĞďĞǇŽŶĚĂŶĚƐŚĂůůƐƵƌǀŝǀĞƚŚĞĞǆƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨ ƚŚŝƐŐƌĞĞŵĞŶƚ͘ >/E^^ ŽŶƚƌĂĐƚŽƌƐŚĂůůŶŽƚďĞĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌĂŶǇƉŽƌƚŝŽŶŽƌƚŚĞƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚĚƵƌŝŶŐǁŚŝĐŚŝƚ ĨĂŝůƐƚŽŵĂŝŶƚĂŝŶĂŶǇƌĞƋƵŝƌĞĚĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ƌĞŐŝƐƚƌĂƚŝŽŶ͕ŽƌůŝĐĞŶƐĞĂŶĚŽŶƚƌĂĐƚŽƌƐŚĂůůƌĞŝŵďƵƌƐĞƚŚĞŝƚǇĨŽƌĂŶǇ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞĐĞŝǀĞĚĨŽƌƐƵĐŚƉŽƌƚŝŽŶŽĨƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͘ KhEd/E'WZKhZ^Eh/d^ ŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶĨƵůůĂŶĚĐŽŵƉůĞƚĞďŽŽŬƐĂŶĚƌĞĐŽƌĚƐŽĨĂĐĐŽƵŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚ ĂĐĐŽƵŶƚŝŶŐƉƌĂĐƚŝĐĞƐ͘^ƵĐŚďŽŽŬƐĂŶĚƌĞĐŽƌĚƐƐŚĂůůďĞƌĞƚĂŝŶĞĚĨŽƌĂƉĞƌŝŽĚŽĨƐĞǀĞŶǇĞĂƌƐĨƌŽŵƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽƌ ĞǆƉŝƌĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌůŽŶŐĞƌŝĨƌĞƋƵŝƌĞĚďǇůŽĐĂů͕ƐƚĂƚĞ͕ŽƌĨĞĚĞƌĂůůĂǁ͕ƌƵůĞŽƌƌĞŐƵůĂƚŝŽŶ͘ŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŚĂƚ ƚŚĞŝƚǇŽƌŝƚƐĚƵůǇĚĞƐŝŐŶĂƚĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŚĂůůŚĂǀĞŝŵŵĞĚŝĂƚĞĂĐĐĞƐƐƚŽĂŶĚƚŚĞƌŝŐŚƚƚŽĞǆĂŵŝŶĞ͕ĂƵĚŝƚ͕ĞǆĐĞƌƉƚ͕ ĐŽƉǇŽƌƚƌĂŶƐĐƌŝďĞƌĞĐŽƌĚƐŽĨĂŶǇƉĞƌƚŝŶĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐŽƌŽƚŚĞƌƌĞĐŽƌĚƐƌĞůĂƚŝŶŐƚŽĐŽŶƚƌĂĐƚƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚŝƐ ŐƌĞĞŵĞŶƚ͘ŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽĂůůĨŝƐĐĂůƌĞĐŽƌĚƐƌĞůĂƚĞĚƚŽƚŚĞƉƌŽǀŝƐŝŽŶŽĨƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚŝƐ ĂŐƌĞĞŵĞŶƚ͘ >/D^Eh/d^ WƌŝŽƌƚŽƚŚĞŵĂŬŝŶŐŽĨĂŶǇƉĂǇŵĞŶƚƐŚĞƌĞƵŶĚĞƌ͕ƚŚĞŝƚǇŵĂǇ͕ĂƚŝƚƐŽƉƚŝŽŶĂŶĚƵƉŽŶŶŽƚŝĐĞ͕ĂƵĚŝƚŽŶƚƌĂĐƚŽƌ͛ƐďŽŽŬƐĂŶĚ ƌĞĐŽƌĚƐĂƐĂƌĞƌĞĂƐŽŶĂďůǇƉĞƌƚŝŶĞŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚƚŽƐƵďƐƚĂŶƚŝĂƚĞƚŚĞďĂƐŝƐĨŽƌƉĂǇŵĞŶƚ͘dŚĞŝƚǇŵĂǇǁŝƚŚŚŽůĚ ƉĂǇŵĞŶƚĨŽƌĐĂƵƐĞĨŽƵŶĚŝŶƚŚĞĐŽƵƌƐĞŽĨƐƵĐŚĂƵĚŝƚŽƌďĞĐĂƵƐĞŽĨĨĂŝůƵƌĞŽĨƚŚĞŽŶƚƌĂĐƚŽƌƚŽĐŽŽƉĞƌĂƚĞǁŝƚŚƐƵĐŚĂƵĚŝƚ͘ dŚĞŝƚǇƐŚĂůů͕ŝŶĂĚĚŝƚŝŽŶ͕ŚĂǀĞƚŚĞƌŝŐŚƚƚŽĂƵĚŝƚƐƵĐŚďŽŽŬƐĂŶĚƌĞĐŽƌĚƐƐƵďƐĞƋƵĞŶƚƚŽƉĂǇŵĞŶƚ͕ĂŶĚŝŶƚŚĞĞǀĞŶƚĂŶ ĂƵĚŝƚƌĞĨůĞĐƚƐŽǀĞƌƉĂǇŵĞŶƚďǇƚŚĞŝƚǇŽƌƚŚĂƚĨƵŶĚƐǁĞƌĞŶŽƚĨƵůůǇĞǆƉĞŶĚĞĚŽƌƚŚĂƚĨƵŶĚƐǁĞƌĞŝŵƉƌŽƉĞƌůǇĞǆƉĞŶĚĞĚ͕ ŽŶƚƌĂĐƚŽƌƐŚĂůůƌĞŝŵďƵƌƐĞƚŽƚŚĞŝƚǇƚŚĞĐŽƐƚŽĨƐƵĐŚĂƵĚŝƚ͕ĂŶĚƚŚĞĂŵŽƵŶƚŽĨƐƵĐŚŽǀĞƌƉĂǇŵĞŶƚŽƌŝŵƉƌŽƉĞƌƉĂǇŵĞŶƚ͕ ĂƐƚŚĞĐĂƐĞŵĂǇďĞ͕ǁŝƚŚŝŶϯϬĚĂǇƐŽĨŶŽƚŝĐĞĨƌŽŵƚŚĞŝƚǇ͘/ŶĂĚĚŝƚŝŽŶƚŽĂŶǇŽƚŚĞƌƌĞŵĞĚŝĞƐŝƚŵĂǇŚĂǀĞ͕ƚŚĞŝƚǇƐŚĂůů ŚĂǀĞƚŚĞƌŝŐŚƚƚŽĚĞĚƵĐƚĨƌŽŵĨƵƚƵƌĞĐŽŶƚƌĂĐƚƉĂǇŵĞŶƚƐƵŶĚĞƌĂŶǇĐŽŶƚƌĂĐƚƐƚŚĞŝƚǇŵĂǇŚĂǀĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚŽƌĂŶǇ ĨƵŶĚƐƚŚĞŝƚǇŵĂǇĚĞƚĞƌŵŝŶĞĂƌĞŽǁĞĚƚŽƚŚĞŝƚǇƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ ZWKZd^ hƉŽŶƌĞƋƵĞƐƚ͕ŽŶƚƌĂĐƚŽƌƐŚĂůůƐƵďŵŝƚƚŽƚŚĞŝƚǇ͕ǁŝƚŚŝŶƚĞŶĚĂǇƐ͕ĂŶǇƐƚĂƚŝƐƚŝĐĂů͕ĨŝŶĂŶĐŝĂů͕ĂŶĚŽƚŚĞƌƌĞƉŽƌƚƐĂŶĚ ĚŽĐƵŵĞŶƚĂƚŝŽŶƚŚĂƚŵĂǇďĞƌĞƋƵŝƌĞĚƚŽďĞƐƵƉƉůŝĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘ 3DFNHW3J )D ^/ds/^/d^ dŚĞŝƚǇĂŶĚŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽǀŝƐŝƚ͕ĂƚĂŶǇƚŝŵĞ͕ĂŶǇƐŝƚĞǁŚĞƌĞƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐ ĚĞůŝǀĞƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚĐŽŶĚƵĐƚĂŶŝŶƐƉĞĐƚŝŽŶŽĨƚŚĞĨĂĐŝůŝƚŝĞƐĂŶĚƌĞĐŽƌĚƐ͕ŽďƐĞƌǀĞŝƚƐƉƌŽŐƌĂŵƐ͕ĨƵŶĐƚŝŽŶƐ͕ĂŶĚ ƐĞƌǀŝĐĞƐ͘^ƵĐŚǀŝƐŝƚƐŵĂǇďĞƵŶĂŶŶŽƵŶĐĞĚ͘ŽŶƚƌĂĐƚŽƌƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƌĞƐƉŽŶĚŝŶǁƌŝƚŝŶŐƚŽĂŶǇǁƌŝƚƚĞŶĂƵĚŝƚƌĞƉŽƌƚ ĂŶĚͬŽƌĞǀĂůƵĂƚŝŽŶŝƐƐƵĞĚďǇƚŚĞŝƚǇŽƌŽƚŚĞƌĞŶƚŝƚǇǁŝƚŚŝŶƚŝŵĞĨƌĂŵĞƐĂůůŽǁĞĚďǇƚŚĞĂƵĚŝƚŝŶŐĞŶƚŝƚǇ͘ŽŶƚƌĂĐƚŽƌǁŝůů ƐƵďŵŝƚƉůĂŶƐĨŽƌĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶĂƐƌĞƋƵĞƐƚĞĚ͘ EKE/^Z/D/Ed/KE͖Yh>DW>KzDEdKWWKZdhE/d/^ ŽŶƚƌĂĐƚŽƌĞǆƉƌĞƐƐůǇĂŐƌĞĞƐƚŚĂƚŶĞŝƚŚĞƌŝƚŶŽƌĂŶǇƉĞƌƐŽŶŽŶŝƚƐďĞŚĂůĨƐŚĂůů͕ŝŶĂŶǇŵĂŶŶĞƌ͕ĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚŽƌ ŝŶƚŝŵŝĚĂƚĞĂŶǇĞŵƉůŽǇĞĞŚŝƌĞĚĨŽƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨǁŽƌŬƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽŶĂĐĐŽƵŶƚŽĨƌĂĐĞ͕ĐƌĞĞĚ͕ĐŽůŽƌ͕ƐĞǆ͕ ĂŐĞ͕ƉŚǇƐŝĐĂůĚŝƐĂďŝůŝƚǇŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶ͘ WĞƌdŝƚůĞs//ŽĨƚŚĞŝǀŝůZŝŐŚƚƐĐƚ͕ĂƐĂŵĞŶĚĞĚ͕ϰϮh͘^͘͘ΑϮϬϬϬĞ͕ĂŶĚ&ĞĚĞƌĂůƚƌĂŶƐŝƚůĂǁƐĂƚϰϵh͘^͘͘ΑϱϯϯϮΗƋƵĂů ŵƉůŽǇŵĞŶƚKƉƉŽƌƚƵŶŝƚǇΗ͕ĂŵĞŶĚKĐƚ͘ϭϵϲϳ͕ƉƌŽŚŝďŝƚƐĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶĞŵƉůŽǇŵĞŶƚŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ƌĞůŝŐŝŽŶ͕ ƐĞǆ͕ŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶ WĞƌdŝƚůĞs/ŽĨƚŚĞŝǀŝůZŝŐŚƚƐĐƚ͕ĂƐĂŵĞŶĚĞĚ͕ϰϮh͘^͘͘ΑϮϬϬϬĚ͕ƐĞĐƚŝŽŶϯϬϯŽĨƚŚĞŐĞŝƐĐƌŝŵŝŶĂƚŝŽŶĐƚŽĨϭϵϳϱ͕ĂƐ ĂŵĞŶĚĞĚ͕ϰϮh͘^͘͘ΑϲϭϬϮ͕ƐĞĐƚŝŽŶϮϬϮŽĨƚŚĞŵĞƌŝĐĂŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐĐƚŽĨϭϵϵϬ͕ϰϮh͘^͘͘ΑϭϮϭϯϮ͕ĂŶĚ&ĞĚĞƌĂů ƚƌĂŶƐŝƚůĂǁĂƚϰϵh͘^͘͘ΑϱϯϯϮΗŐĞŝƐĐƌŝŵŝŶĂƚŝŽŶĐƚΗƉƌŽŚŝďŝƚƐĚŝƐĐƌŝŵŝŶĂƚŝŽŶďǇƉĂƌƚŝĐŝƉĂŶƚƐŝŶĨĞĚĞƌĂůůǇĂƐƐŝƐƚĞĚ ƉƌŽŐƌĂŵƐĂŐĂŝŶƐƚŝŶĚŝǀŝĚƵĂůƐŽŶƚŚĞďĂƐŝƐŽĨĂŐĞ͘ WĞƌ^ĞĐƚŝŽŶϭϬϮŽĨƚŚĞŵĞƌŝĐĂŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐĐƚ͕ĂƐĂŵĞŶĚĞĚ͕ϰϮh͘^͘͘ΑϭϮϭϭϮΗŵĞƌŝĐĂŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐĐƚΗ ƉƌŽŚŝďŝƚƐĚŝƐĐƌŝŵŝŶĂƚŝŽŶĂŐĂŝŶƐƚƚŚĞƋƵĂůŝĨŝĞĚŝŶĚŝǀŝĚƵĂůƐǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐŝŶƉƌŽŐƌĂŵƐ͕ĂĐƚŝǀŝƚŝĞƐĂŶĚƐĞƌǀŝĐĞƐ͘ EKEͲK>>h^/KE ŽŶƚƌĂĐƚŽƌŚĞƌĞďǇǁĂƌƌĂŶƚƐĂŶĚƌĞƉƌĞƐĞŶƚƐƚŚĂƚƚŚŝƐŐƌĞĞŵĞŶƚŚĂƐŶŽƚďĞĞŶƐŽůŝĐŝƚĞĚ͕ƐĞĐƵƌĞĚ͕ŽƌƉƌĞƉĂƌĞĚĚŝƌĞĐƚůǇŽƌ ŝŶĚŝƌĞĐƚůǇ͕ŝŶĂŶǇŵĂŶŶĞƌĐŽŶƚƌĂƌǇƚŽƚŚĞůĂǁƐĂŶĚŽƌĚŝŶĂŶĐĞƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͕ ĂŶĚƚŚĞŝƚǇ͕ĂŶĚƚŚĂƚƐĂŝĚůĂǁƐĂŶĚŽƌĚŝŶĂŶĐĞƐŚĂǀĞŶŽƚďĞĞŶǀŝŽůĂƚĞĚĂŶĚƐŚĂůůŶŽƚďĞǀŝŽůĂƚĞĚĂƐƚŚĞǇƌĞůĂƚĞƚŽƚŚĞ ƉƌŽĐƵƌĞŵĞŶƚŽƌƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŐƌĞĞŵĞŶƚďǇĂŶǇĐŽŶĚƵĐƚ͕ŝŶĐůƵĚŝŶŐƚŚĞƉĂǇŝŶŐŽƌƚŚĞŐŝǀŝŶŐŽĨĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶ͕ ĐŽŵƉĞŶƐĂƚŝŽŶ͕ŐŝĨƚ͕ŐƌĂƚƵŝƚǇŽƌĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨĂŶǇŬŝŶĚ͕ĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇ͕ƚŽĂŶǇŝƚǇĞŵƉůŽǇĞĞ͕ŽĨĨŝĐĞƌ͕ŽƌŽĨĨŝĐŝĂů͘ KE&>/dK&/EdZ^d dŚĞĂǁĂƌĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝƐƐƵďũĞĐƚƚŽƉƌŽǀŝƐŝŽŶƐŽĨĂůůĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐĂŶĚŽƌĚŝŶĂŶĐĞƐ͘ůůƉƌŽƐƉĞĐƚŝǀĞ ĐŽŶƚƌĂĐƚŽƌƐŵƵƐƚĚŝƐĐůŽƐĞƚŚĞŶĂŵĞŽĨĂŶǇŝƚǇĞŵƉůŽǇĞĞŽƌŽĨĨŝĐŝĂůǁŚŽŚĂƐĂ&ŝŶĂŶĐŝĂů/ŶƚĞƌĞƐƚŝŶƐƵĐŚƉƌŽƐƉĞĐƚŝǀĞ ĐŽŶƚƌĂĐƚŽƌ͘ ŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŚĂƚŝƚŚĂƐŶŽŝŶƚĞƌĞƐƚĂŶĚƚŚĂƚŝƚǁŝůůŶŽƚĂĐƋƵŝƌĞĂŶǇŝŶƚĞƌĞƐƚ͕ĚŝƌĞĐƚŽƌŝŶĚŝƌĞĐƚ͕ƚŚĂƚǁŽƵůĚĐŽŶĨůŝĐƚŝŶ ĂŶǇŵĂŶŶĞƌŽƌĚĞŐƌĞĞǁŝƚŚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚƵƚŝĞƐĐŽŶƚĞŵƉůĂƚĞĚďǇƚŚŝƐZ&W͘ŽŶƚƌĂĐƚŽƌĨƵƌƚŚĞƌ ĂŐƌĞĞƐƚŚĂƚ͕ŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͕ŶŽƉĞƌƐŽŶŚĂǀŝŶŐĂŶǇƐƵĐŚŝŶƚĞƌĞƐƚƐŚĂůůďĞĞŵƉůŽǇĞĚďǇŝƚ͘ŽŶƚƌĂĐƚŽƌ ƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĂŶǇƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĨƵůůƚŝŵĞƐĂůĂƌŝĞĚ ĞŵƉůŽǇĞĞǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌƚŚĞƉƌŽǀŝĚĞƌ͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚŝƚŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂǇĂŶǇ ƉĞƌƐŽŶ;ŽƚŚĞƌƚŚĂŶƉĂǇŵĞŶƚƐŽĨĨŝǆĞĚƐĂůĂƌǇƚŽĂďŽŶĂĨŝĚĞĨƵůůƚŝŵĞƐĂůĂƌŝĞĚĞŵƉůŽǇĞĞǁŽƌŬŝŶŐƐŽůĞůǇĨŽƌƚŚĞŽŶƚƌĂĐƚŽƌͿ ĂŶǇĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶ͕ƉĞƌĐĞŶƚĂŐĞ͕ŐŝĨƚŽƌŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽƌŵĂŬŝŶŐŽĨ ƚŚŝƐŽŶƚƌĂĐƚ͘ dZD/Ed/KE dĞƌŵŝŶĂƚŝŽŶĨŽƌĂƵƐĞ͘/ŶƚŚĞĞǀĞŶƚƚŚĞŽŶƚƌĂĐƚŽƌĚĞĨĂƵůƚƐŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇŽĨƚŚĞĐŽǀĞŶĂŶƚƐĂŶĚĂŐƌĞĞŵĞŶƚƐ 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dĞƌŵŝŶĂƚŝŽŶǁŝƚŚŽƵƚĂƵƐĞƐŚĂůůĐŽŶƚŝŶƵĞƚŽƌƵŶǁŚŝůĞĂŶǇƉƌŽƉŽƐĞĚĐƵƌĞŝƐĐŽŶƐŝĚĞƌĞĚďǇƚŚĞŝƚǇ͘ ddKZEz^͛&^ /ŶƚŚĞĞǀĞŶƚŽĨůŝƚŝŐĂƚŝŽŶƚŽĞŶĨŽƌĐĞƚŚŝƐŽŶƚƌĂĐƚŽƌĂŶǇƚĞƌŵƐ͕ƉƌŽǀŝƐŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŽƚĞƌŵŝŶĂƚĞ ƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌƚŽĐŽůůĞĐƚĚĂŵĂŐĞƐĨŽƌĂĚĞĨĂƵůƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞƉƌĞǀĂŝůŝŶŐƉĂƌƚǇƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽĂůůĐŽƐƚƐĂŶĚ ĞǆƉĞŶƐĞƐ͕ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕ŝŶĐƵƌƌĞĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƐƵĐŚůŝƚŝŐĂƚŝŽŶ͘ WZKWK^>KEdEd^Zd/&/d/KE ǇƐƵďŵŝƚƚŝŶŐĂƉƌŽƉŽƐĂů͕ƌĞƐƉŽŶĚĞƌƐǁĂƌƌĂŶƚƚŚĂƚƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚŝƐƚƌƵĞ͕ĐŽƌƌĞĐƚĂŶĚƌĞůŝĂďůĞĨŽƌƉƵƌƉŽƐĞƐŽĨ ĞǀĂůƵĂƚŝŽŶĨŽƌƉŽƚĞŶƚŝĂůĐŽŶƚƌĂĐƚĂǁĂƌĚ͘dŚĞƐƵďŵŝƐƐŝŽŶŽĨŝŶĂĐĐƵƌĂƚĞŽƌŵŝƐůĞĂĚŝŶŐŝŶĨŽƌŵĂƚŝŽŶŵĂǇďĞŐƌŽƵŶĚƐĨŽƌ ĚŝƐƋƵĂůŝĨŝĐĂƚŝŽŶĨƌŽŵĐŽŶƚƌĂĐƚĂǁĂƌĚĂŶĚŵĂǇƐƵďũĞĐƚƚŚĞƌĞƐƉŽŶĚĞƌƚŽƐƵƐƉĞŶƐŝŽŶŽƌĚĞďĂƌŵĞŶƚƉƌŽĐĞĞĚŝŶŐƐ͕ĂƐǁĞůůĂƐ ŽƚŚĞƌƌĞŵĞĚŝĞƐĂǀĂŝůĂďůĞƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ďǇůĂǁ͘ KZ'E/d/KE>KE&>/d^K&/EdZ^d dŚĞƌĞƐƉŽŶĚĞƌǁĂƌƌĂŶƚƐƚŚĂƚ͕ƚŽƚŚĞďĞƐƚŽĨŝƚƐŬŶŽǁůĞĚŐĞĂŶĚďĞůŝĞĨ͕ĂŶĚĞǆĐĞƉƚĂƐŽƚŚĞƌǁŝƐĞĚŝƐĐůŽƐĞĚ͕ƚŚĞƌĞĂƌĞŶŽ ƌĞůĞǀĂŶƚĨĂĐƚƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ǁŚŝĐŚĐŽƵůĚŐŝǀĞƌŝƐĞƚŽŽƌŐĂŶŝǌĂƚŝŽŶĂůĐŽŶĨůŝĐƚƐŽĨŝŶƚĞƌĞƐƚ͘ŶŽƌŐĂŶŝǌĂƚŝŽŶĂůĐŽŶĨůŝĐƚŽĨ 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/ĨŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽƌĞŵĞĚǇƚŽŝƚǇŽĨZŽĐŚĞƐƚĞƌΖƐƐĂƚŝƐĨĂĐƚŝŽŶƚŚĞďƌĞĂĐŚŽƌĚĞĨĂƵůƚŽĨĂŶǇŽĨƚŚĞƚĞƌŵƐ͕ĐŽǀĞŶĂŶƚƐ͕Žƌ ĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŝŶƚĞŶ;ϭϬͿĚĂǇƐĂĨƚĞƌƌĞĐĞŝƉƚďǇŽŶƚƌĂĐƚŽƌŽĨǁƌŝƚƚĞŶŶŽƚŝĐĞĨƌŽŵŝƚǇŽĨZŽĐŚĞƐƚĞƌƐĞƚƚŝŶŐ ĨŽƌƚŚƚŚĞŶĂƚƵƌĞŽĨƐĂŝĚďƌĞĂĐŚŽƌĚĞĨĂƵůƚ͕ŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚĞŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂŶǇ ĨƵƌƚŚĞƌŽďůŝŐĂƚŝŽŶƚŽŽŶƚƌĂĐƚŽƌ͘ŶǇƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶĨŽƌĚĞĨĂƵůƚƐŚĂůůŶŽƚŝŶĂŶǇǁĂǇŽƉĞƌĂƚĞƚŽƉƌĞĐůƵĚĞŝƚǇŽĨ ZŽĐŚĞƐƚĞƌĨƌŽŵĂůƐŽƉƵƌƐƵŝŶŐĂůůĂǀĂŝůĂďůĞƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚŽŶƚƌĂĐƚŽƌĂŶĚŝƚƐƐƵƌĞƚŝĞƐĨŽƌƐĂŝĚďƌĞĂĐŚŽƌĚĞĨĂƵůƚ͘ /ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĞůĞĐƚƐƚŽǁĂŝǀĞŝƚƐƌĞŵĞĚŝĞƐĨŽƌĂŶǇďƌĞĂĐŚďǇŽŶƚƌĂĐƚŽƌŽĨĂŶǇĐŽǀĞŶĂŶƚ͕ƚĞƌŵŽƌ ĐŽŶĚŝƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͕ƐƵĐŚǁĂŝǀĞƌďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůŶŽƚůŝŵŝƚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͛ƐƌĞŵĞĚŝĞƐĨŽƌĂŶǇ ƐƵĐĐĞĞĚŝŶŐďƌĞĂĐŚŽĨƚŚĂƚŽƌŽĨĂŶǇŽƚŚĞƌƚĞƌŵ͕ĐŽǀĞŶĂŶƚ͕ŽƌĐŽŶĚŝƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ďǇǁƌŝƚƚĞŶŶŽƚŝĐĞ͕ŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ǁŚĞŶŝƚŝƐŝŶƚŚĞ'ŽǀĞƌŶŵĞŶƚΖƐ ŝŶƚĞƌĞƐƚ͘/ĨƚŚŝƐĐŽŶƚƌĂĐƚŝƐƚĞƌŵŝŶĂƚĞĚ͕ƚŚĞZĞĐŝƉŝĞŶƚƐŚĂůůďĞůŝĂďůĞŽŶůǇĨŽƌƉĂǇŵĞŶƚƵŶĚĞƌƚŚĞƉĂǇŵĞŶƚƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ ĐŽŶƚƌĂĐƚĨŽƌƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚďĞĨŽƌĞƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͘ /ĨƚŚĞŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽĚĞůŝǀĞƌƐƵƉƉůŝĞƐŽƌƚŽƉĞƌĨŽƌŵƚŚĞƐĞƌǀŝĐĞƐǁŝƚŚŝŶƚŚĞƚŝŵĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐĐŽŶƚƌĂĐƚŽƌĂŶǇ ĞǆƚĞŶƐŝŽŶŽƌŝĨƚŚĞŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽĐŽŵƉůǇǁŝƚŚĂŶǇŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŵĂǇ ƚĞƌŵŝŶĂƚĞƚŚŝƐĐŽŶƚƌĂĐƚĨŽƌĚĞĨĂƵůƚ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůƚĞƌŵŝŶĂƚĞďǇĚĞůŝǀĞƌŝŶŐƚŽƚŚĞŽŶƚƌĂĐƚŽƌĂEŽƚŝĐĞŽĨ dĞƌŵŝŶĂƚŝŽŶƐƉĞĐŝĨǇŝŶŐƚŚĞŶĂƚƵƌĞŽĨƚŚĞĚĞĨĂƵůƚ͘dŚĞŽŶƚƌĂĐƚŽƌǁŝůůŽŶůǇďĞƉĂŝĚƚŚĞĐŽŶƚƌĂĐƚƉƌŝĐĞĨŽƌƐƵƉƉůŝĞƐĚĞůŝǀĞƌĞĚ ĂŶĚĂĐĐĞƉƚĞĚ͕ŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŵĂŶŶĞƌŽƌƉĞƌĨŽƌŵĂŶĐĞƐĞƚĨŽƌƚŚŝŶƚŚŝƐĐŽŶƚƌĂĐƚ͘ 3DFNHW3J )D /Ĩ͕ĂĨƚĞƌƚĞƌŵŝŶĂƚŝŽŶĨŽƌĨĂŝůƵƌĞƚŽĨƵůĨŝůůĐŽŶƚƌĂĐƚŽďůŝŐĂƚŝŽŶƐ͕ŝƚŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞŽŶƚƌĂĐƚŽƌǁĂƐŶŽƚŝŶĚĞĨĂƵůƚ͕ƚŚĞ ƌŝŐŚƚƐĂŶĚŽďůŝŐĂƚŝŽŶƐŽĨƚŚĞƉĂƌƚŝĞƐƐŚĂůůďĞƚŚĞƐĂŵĞĂƐŝĨƚŚĞƚĞƌŵŝŶĂƚŝŽŶŚĂĚďĞĞŶŝƐƐƵĞĚĨŽƌƚŚĞĐŽŶǀĞŶŝĞŶĐĞŽĨƚŚĞ ZĞĐŝƉŝĞŶƚ͘ /ĨƚŚĞŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽƉŝĐŬƵƉƚŚĞĐŽŵŵŽĚŝƚŝĞƐŽƌƚŽƉĞƌĨŽƌŵƚŚĞƐĞƌǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐĚĞůŝǀĞƌǇƐĞƌǀŝĐĞƐ͕ǁŝƚŚŝŶƚŚĞƚŝŵĞ ƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐĐŽŶƚƌĂĐƚŽƌĂŶǇĞǆƚĞŶƐŝŽŶŽƌŝĨƚŚĞŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽĐŽŵƉůǇǁŝƚŚĂŶǇŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐĐŽŶƚƌĂĐƚĨŽƌĚĞĨĂƵůƚ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůƚĞƌŵŝŶĂƚĞďǇĚĞůŝǀĞƌŝŶŐƚŽƚŚĞ ŽŶƚƌĂĐƚŽƌĂEŽƚŝĐĞŽĨdĞƌŵŝŶĂƚŝŽŶƐƉĞĐŝĨǇŝŶŐƚŚĞŶĂƚƵƌĞŽĨĚĞĨĂƵůƚ͘dŚĞŽŶƚƌĂĐƚŽƌǁŝůůŽŶůǇďĞƉĂŝĚƚŚĞĐŽŶƚƌĂĐƚƉƌŝĐĞĨŽƌ ƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŵĂŶŶĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƐĞƚĨŽƌƚŚŝŶƚŚŝƐĐŽŶƚƌĂĐƚ͘ /ĨƚŚŝƐĐŽŶƚƌĂĐƚŝƐƚĞƌŵŝŶĂƚĞĚǁŚŝůĞƚŚĞŽŶƚƌĂĐƚŽƌŚĂƐƉŽƐƐĞƐƐŝŽŶŽĨZĞĐŝƉŝĞŶƚŐŽŽĚƐ͕ƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůů͕ƵƉŽŶĚŝƌĞĐƚŝŽŶ ŽĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ƉƌŽƚĞĐƚĂŶĚƉƌĞƐĞƌǀĞƚŚĞŐŽŽĚƐƵŶƚŝůƐƵƌƌĞŶĚĞƌĞĚƚŽƚŚĞZĞĐŝƉŝĞŶƚŽƌŝƚƐĂŐĞŶƚ͘dŚĞŽŶƚƌĂĐƚŽƌ ĂŶĚŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůĂŐƌĞĞŽŶƉĂǇŵĞŶƚĨŽƌƚŚĞƉƌĞƐĞƌǀĂƚŝŽŶĂŶĚƉƌŽƚĞĐƚŝŽŶŽĨŐŽŽĚƐ͘&ĂŝůƵƌĞƚŽĂŐƌĞĞŽŶĂŶĂŵŽƵŶƚ ǁŝůůďĞƌĞƐŽůǀĞĚƵŶĚĞƌƚŚĞŝƐƉƵƚĞĐůĂƵƐĞ͘ /Ĩ͕ĂĨƚĞƌƚĞƌŵŝŶĂƚŝŽŶĨŽƌĨĂŝůƵƌĞƚŽĨƵůĨŝůůĐŽŶƚƌĂĐƚŽďůŝŐĂƚŝŽŶƐ͕ŝƚŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞŽŶƚƌĂĐƚŽƌǁĂƐŶŽƚŝŶĚĞĨĂƵůƚ͕ƚŚĞ ƌŝŐŚƚƐĂŶĚŽďůŝŐĂƚŝŽŶƐŽĨƚŚĞƉĂƌƚŝĞƐƐŚĂůůďĞƚŚĞƐĂŵĞĂƐŝĨƚŚĞƚĞƌŵŝŶĂƚŝŽŶŚĂĚďĞĞŶŝƐƐƵĞĚĨŽƌƚŚĞĐŽŶǀĞŶŝĞŶĐĞŽĨƚŚĞ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͘ /ĨƚŚĞŽŶƚƌĂĐƚŽƌƌĞĨƵƐĞƐŽƌĨĂŝůƐƚŽƉƌŽƐĞĐƵƚĞƚŚĞǁŽƌŬŽƌĂŶǇƐĞƉĂƌĂďůĞƉĂƌƚ͕ǁŝƚŚƚŚĞĚŝůŝŐĞŶĐĞƚŚĂƚǁŝůůŝŶƐƵƌĞŝƚƐ ĐŽŵƉůĞƚŝŽŶǁŝƚŚŝŶƚŚĞƚŝŵĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐĐŽŶƚƌĂĐƚŽƌĂŶǇĞǆƚĞŶƐŝŽŶŽƌĨĂŝůƐƚŽĐŽŵƉůĞƚĞƚŚĞǁŽƌŬǁŝƚŚŝŶƚŚŝƐƚŝŵĞ͕ŽƌŝĨ ƚŚĞŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽĐŽŵƉůǇǁŝƚŚĂŶǇŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐĐŽŶƚƌĂĐƚ ĨŽƌĚĞĨĂƵůƚ͘dŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƐŚĂůůƚĞƌŵŝŶĂƚĞďǇĚĞůŝǀĞƌŝŶŐƚŽƚŚĞŽŶƚƌĂĐƚŽƌĂEŽƚŝĐĞŽĨdĞƌŵŝŶĂƚŝŽŶƐƉĞĐŝĨǇŝŶŐƚŚĞ ŶĂƚƵƌĞŽĨƚŚĞĚĞĨĂƵůƚ͘/ŶƚŚŝƐĞǀĞŶƚ͕ƚŚĞZĞĐŝƉŝĞŶƚŵĂǇƚĂŬĞŽǀĞƌƚŚĞǁŽƌŬĂŶĚĐŽŵƉĞƚĞŝƚďǇĐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ĂŶĚ ŵĂǇƚĂŬĞƉŽƐƐĞƐƐŝŽŶŽĨĂŶĚƵƐĞĂŶǇŵĂƚĞƌŝĂůƐ͕ĂƉƉůŝĂŶĐĞƐ͕ĂŶĚƉůĂŶƚŽŶƚŚĞǁŽƌŬƐŝƚĞŶĞĐĞƐƐĂƌǇĨŽƌĐŽŵƉůĞƚŝŶŐƚŚĞǁŽƌŬ͘ dŚĞŽŶƚƌĂĐƚŽƌĂŶĚŝƚƐƐƵƌĞƚŝĞƐƐŚĂůůďĞůŝĂďůĞĨŽƌĂŶǇĚĂŵĂŐĞƚŽƚŚĞZĞĐŝƉŝĞŶƚƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞŽŶƚƌĂĐƚŽƌΖƐƌĞĨƵƐĂůŽƌ ĨĂŝůƵƌĞƚŽĐŽŵƉůĞƚĞƚŚĞǁŽƌŬǁŝƚŚŝŶƐƉĞĐŝĨŝĞĚƚŝŵĞ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞŽŶƚƌĂĐƚŽƌΖƐƌŝŐŚƚƚŽƉƌŽĐĞĞĚǁŝƚŚƚŚĞǁŽƌŬŝƐ ƚĞƌŵŝŶĂƚĞĚ͘dŚŝƐůŝĂďŝůŝƚǇŝŶĐůƵĚĞƐĂŶǇŝŶĐƌĞĂƐĞĚĐŽƐƚƐŝŶĐƵƌƌĞĚďǇƚŚĞZĞĐŝƉŝĞŶƚŝŶĐŽŵƉůĞƚŝŶŐƚŚĞǁŽƌŬ͘ dŚĞŽŶƚƌĂĐƚŽƌΖƐƌŝŐŚƚƚŽƉƌŽĐĞĞĚƐŚĂůůŶŽƚďĞƚĞƌŵŝŶĂƚĞĚŶŽƌƚŚĞŽŶƚƌĂĐƚŽƌĐŚĂƌŐĞĚǁŝƚŚĚĂŵĂŐĞƐƵŶĚĞƌƚŚŝƐĐůĂƵƐĞŝĨ͗ ϭ͘dŚĞĚĞůĂǇŝŶĐŽŵƉůĞƚŝŶŐƚŚĞǁŽƌŬĂƌŝƐĞƐĨƌŽŵƵŶĨŽƌĞƐĞĞĂďůĞĐĂƵƐĞƐďĞǇŽŶĚƚŚĞĐŽŶƚƌŽůĂŶĚǁŝƚŚŽƵƚƚŚĞĨĂƵůƚŽƌ 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ŽŶƚƌĂĐƚŽƌĂEŽƚŝĐĞŽĨdĞƌŵŝŶĂƚŝŽŶƐƉĞĐŝĨǇŝŶŐƚŚĞŶĂƚƵƌĞ͕ĞǆƚĞŶƚ͕ĂŶĚĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞƚĞƌŵŝŶĂƚŝŽŶ͘hƉŽŶƌĞĐĞŝƉƚŽĨ ƚŚĞŶŽƚŝĐĞ͕ƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůů;ϭͿŝŵŵĞĚŝĂƚĞůǇĚŝƐĐŽŶƚŝŶƵĞĂůůƐĞƌǀŝĐĞƐĂĨĨĞĐƚĞĚ;ƵŶůĞƐƐƚŚĞŶŽƚŝĐĞĚŝƌĞĐƚƐŽƚŚĞƌǁŝƐĞͿ͕ĂŶĚ ;ϮͿĚĞůŝǀĞƌƚŽƚŚĞŽŶƚƌĂĐƚŝŶŐKĨĨŝĐĞƌĂůůĚĂƚĂ͕ĚƌĂǁŝŶŐƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ƌĞƉŽƌƚƐ͕ĞƐƚŝŵĂƚĞƐ͕ƐƵŵŵĂƌŝĞƐ͕ĂŶĚŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶĂŶĚŵĂƚĞƌŝĂůƐĂĐĐƵŵƵůĂƚĞĚŝŶƉĞƌĨŽƌŵŝŶŐƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŚĞƚŚĞƌĐŽŵƉůĞƚĞĚŽƌŝŶƉƌŽĐĞƐƐ͘ 3DFNHW3J )D /ĨƚŚĞƚĞƌŵŝŶĂƚŝŽŶŝƐĨŽƌƚŚĞĐŽŶǀĞŶŝĞŶĐĞŽĨƚŚĞZĞĐŝƉŝĞŶƚ͕ƚŚĞŽŶƚƌĂĐƚŝŶŐKĨĨŝĐĞƌƐŚĂůůŵĂŬĞĂŶĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚŝŶ ƚŚĞĐŽŶƚƌĂĐƚƉƌŝĐĞďƵƚƐŚĂůůĂůůŽǁŶŽĂŶƚŝĐŝƉĂƚĞĚƉƌŽĨŝƚŽŶƵŶƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐ͘ /ĨƚŚĞƚĞƌŵŝŶĂƚŝŽŶŝƐĨŽƌĨĂŝůƵƌĞŽĨƚŚĞŽŶƚƌĂĐƚŽƌƚŽĨƵůĨŝůůƚŚĞĐŽŶƚƌĂĐƚŽďůŝŐĂƚŝŽŶƐ͕ƚŚĞZĞĐŝƉŝĞŶƚŵĂǇĐŽŵƉůĞƚĞƚŚĞǁŽƌŬ ďǇĐŽŶƚĂĐƚŽƌŽƚŚĞƌǁŝƐĞĂŶĚƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůďĞůŝĂďůĞĨŽƌĂŶǇĂĚĚŝƚŝŽŶĂůĐŽƐƚŝŶĐƵƌƌĞĚďǇƚŚĞZĞĐŝƉŝĞŶƚ͘/Ĩ͕ĂĨƚĞƌ ƚĞƌŵŝŶĂƚŝŽŶĨŽƌĨĂŝůƵƌĞƚŽĨƵůĨŝůůĐŽŶƚƌĂĐƚŽďůŝŐĂƚŝŽŶƐ͕ŝƚŝƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞŽŶƚƌĂĐƚŽƌǁĂƐŶŽƚŝŶĚĞĨĂƵůƚ͕ƚŚĞƌŝŐŚƚƐĂŶĚ 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ď͘dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ŽƌƐĞǆŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐ ĐŽŶƚƌĂĐƚ͘dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůĐĂƌƌǇŽƵƚĂƉƉůŝĐĂďůĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨϰϵ&ZWĂƌƚϮϲŝŶƚŚĞĂǁĂƌĚĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚŝƐ KdͲĂƐƐŝƐƚĞĚĐŽŶƚƌĂĐƚ͘&ĂŝůƵƌĞďǇƚŚĞĐŽŶƚƌĂĐƚŽƌƚŽĐĂƌƌǇŽƵƚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐŝƐĂŵĂƚĞƌŝĂůďƌĞĂĐŚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ ǁŚŝĐŚŵĂǇƌĞƐƵůƚŝŶƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐĐŽŶƚƌĂĐƚŽƌƐƵĐŚŽƚŚĞƌƌĞŵĞĚǇĂƐƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĚĞĞŵƐĂƉƉƌŽƉƌŝĂƚĞ͘ ĂĐŚƐƵďĐŽŶƚƌĂĐƚƚŚĞĐŽŶƚƌĂĐƚŽƌƐŝŐŶƐǁŝƚŚĂƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚŝŶĐůƵĚĞƚŚĞĂƐƐƵƌĂŶĐĞŝŶƚŚŝƐƉĂƌĂŐƌĂƉŚ;ƐĞĞϰϵ&Z Ϯϲ͘ϭϯ;ďͿͿ͘ /ŶĐŽƌƉŽƌĂƚŝŽŶŽĨ&ddĞƌŵƐ dŚĞƉƌĞĐĞĚŝŶŐƉƌŽǀŝƐŝŽŶƐŝŶĐůƵĚĞ͕ŝŶƉĂƌƚ͕ĐĞƌƚĂŝŶ^ƚĂŶĚĂƌĚdĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐƌĞƋƵŝƌĞĚďǇKd͕ǁŚĞƚŚĞƌŽƌŶŽƚ ĞǆƉƌĞƐƐůǇƐĞƚĨŽƌƚŚŝŶƚŚĞƉƌĞĐĞĚŝŶŐĐŽŶƚƌĂĐƚƉƌŽǀŝƐŝŽŶƐ͘ůůĐŽŶƚƌĂĐƚƵĂůƉƌŽǀŝƐŝŽŶƐƌĞƋƵŝƌĞĚďǇKd͕ĂƐƐĞƚĨŽƌƚŚŝŶ&d ŝƌĐƵůĂƌϰϮϮϬ͘ϭ͕ĂƌĞŚĞƌĞďǇŝŶĐŽƌƉŽƌĂƚĞĚďǇƌĞĨĞƌĞŶĐĞ͘ŶǇƚŚŝŶŐƚŽƚŚĞĐŽŶƚƌĂƌǇŚĞƌĞŝŶŶŽƚǁŝƚŚƐƚĂŶĚŝŶŐ͕Ăůů&d ŵĂŶĚĂƚĞĚƚĞƌŵƐƐŚĂůůďĞĚĞĞŵĞĚƚŽĐŽŶƚƌŽůŝŶƚŚĞĞǀĞŶƚŽĨĂĐŽŶĨůŝĐƚǁŝƚŚŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘ 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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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