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ƵƌďΘ'ƵƚƚĞƌ ^ƚŽƌŵ^ĞǁĞƌ tĂƚĞƌŵĂŝŶ ŝƚƵŵŝŶŽƵƐ ^ƚƌĞĞƚWƌĞƉ ^ĞƌǀŝĐĞƐ 'ƌĂĚŝŶŐ )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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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 % 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ĂƉƉůŝĐĂƚŝŽŶƐĨŽƌǁŚŝĐŚ^ĂĂ^^ĞƌǀŝĐĞƐŝŶƚĞŐƌĂƚŝŽŶƐĂƌĞĂǀĂŝůĂďůĞͿŽƌƚŚĂƚĂƌĞƵƐĞĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞ^ĂĂ^^ĞƌǀŝĐĞƐ;Ğ͘Ő͕͘ ďƌŽĂĚďĂŶĚ͕DW>^͕ĂŶĚĞƋƵŝƉŵĞŶƚůĞĂƐŝŶŐƐĞƌǀŝĐĞƐͿ;͞WƌŽǀŝĚĞƌƐ͟ͿƐŚĂůůŝŶĞĂĐŚĐĂƐĞďĞŐŽǀĞƌŶĞĚďǇƵƐƚŽŵĞƌ͛ƐĂŐƌĞĞŵĞŶƚǁŝƚŚ ƚŚĞĂƉƉůŝĐĂďůĞWƌŽǀŝĚĞƌĂŶĚƐŚĂůůďĞŽƵƚƐŝĚĞƚŚĞƐĐŽƉĞŽĨƚŚĞŐƌĞĞŵĞŶƚ͘/ŶŶŽĞǀĞŶƚƐŚĂůůϴǆϴďĞůŝĂďůĞŽƌƌĞƐƉŽŶƐŝďůĞ;ĂͿƵŶĚĞƌ ĂŶǇƐƵĐŚĂŐƌĞĞŵĞŶƚŽƌĨŽƌĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽĨĂŶǇWƌŽǀŝĚĞƌŽƌĂŶǇŽƉĞƌĂƚŝŽŶŽĨŝƚƐŽĨĨĞƌŝŶŐ;Ğ͘Ő͕͘ĂŶǇĂĐĐĞƐƐŝŶŐ͕ŵŽĚŝĨŝĐĂƚŝŽŶ͕Žƌ ĚĞůĞƚŝŽŶŽĨĚĂƚĂͿ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞƚŚĞƌϴǆϴĞŶĚŽƌƐĞƐ͕ƌĞĨĞƌƐƵƐƚŽŵĞƌƚŽ͕ĂƉƉƌŽǀĞƐŽĨƵƐƚŽŵĞƌ͛ƐƵƐĞŽĨ͕ŽƌĂŐƌĞĞƐƚŽďŝůůĂŶĚͬŽƌ ĐŽůůĞĐƚďĞŚĂůĨŽĨƐƵĐŚWƌŽǀŝĚĞƌŽƌĚĞƐŝŐŶĂƚĞƐĂŶǇƐƵĐŚŽĨĨĞƌŝŶŐĂƐ͞ĐĞƌƚŝĨŝĞĚ͕͟͞ĂƉƉƌŽǀĞĚ͕͟͞ƌĞĐŽŵŵĞŶĚĞĚ͕͟ĞƚĐ͕͘;ďͿĨŽƌƐƵƉƉŽƌƚŝŶŐ ĂŶǇƐƵĐŚƚŚŝƌĚͲƉĂƌƚǇŽĨĨĞƌŝŶŐ͕Žƌ;ĐͿ;ĞǆĐĞƉƚĂƐĞǆƉƌĞƐƐůǇƐĞƚĨŽƌƚŚŝŶĂŶ^KtͿĨŽƌĞŶƐƵƌŝŶŐƚŚĞĐŽŶƚŝŶƵĞĚĂǀĂŝůĂďŝůŝƚǇŽƌŽƉĞƌĂƚŝŽŶ ŽĨĂŶǇƐƵĐŚŽĨĨĞƌŝŶŐŽƌĂŶǇ^ĂĂ^^ĞƌǀŝĐĞƐŝŶƚĞŐƌĂƚŝŽŶƐŽƌŽƚŚĞƌĨĞĂƚƵƌĞƐĚĞƐŝŐŶĞĚƚŽŝŶƚĞƌŽƉĞƌĂƚĞƚŚĞƌĞǁŝƚŚ͕ǁŚŝĐŚŝŶƚĞŐƌĂƚŝŽŶƐŽƌ ĨĞĂƚƵƌĞƐŵĂǇďĞĚŝƐĐŽŶƚŝŶƵĞĚĂƚĂŶǇƚŝŵĞ͘ Ϯ͘ϲ͘^ƵƐƉĞŶƐŝŽŶĂŶĚZĞƐƚƌŝĐƚŝŽŶ͘/ŶĂĚĚŝƚŝŽŶƚŽϴǆϴ͛ƐŽƚŚĞƌƌŝŐŚƚƐĂŶĚƌĞŵĞĚŝĞƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ͕ϴǆϴŵĂǇ;ĂͿƐƵƐƉĞŶĚ ƐŽŵĞŽƌĂůůŽĨƚŚĞKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐǁŚĞƌĞ;ŝͿϴǆϴƌĞĂƐŽŶĂďůǇĚĞƚĞƌŵŝŶĞƐƚŚĂƚƐƵĐŚƐƵƐƉĞŶƐŝŽŶŝƐŶĞĐĞƐƐĂƌǇƚŽĂǀŽŝĚĂĐƚƵĂůŽƌ ůŝŬĞůǇŚĂƌŵŽƌĚĂŵĂŐĞƐƚŽ͕ŽƌůŝĂďŝůŝƚǇĨŽƌ͕ĂŶǇƉĂƌƚǇ͕ƉƌŽǀŝĚĞĚƚŚĂƚϴǆϴƐŚĂůůƉƌŽŵƉƚůǇŶŽƚŝĨǇƵƐƚŽŵĞƌŽĨƐƵĐŚƐƵƐƉĞŶƐŝŽŶ;ŝŶ ĂĚǀĂŶĐĞ͕ŝĨƉƌĂĐƚŝĐĂďůĞͿĂŶĚƵƐƚŽŵĞƌƐŚĂůůŶŽƚďĞůŝĂďůĞĨŽƌĂŶǇĨĞĞƐĨŽƌƐƵĐŚKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐĨŽƌƚŚĞƉĞƌŝŽĚŽĨƐƵĐŚ ƐƵƐƉĞŶƐŝŽŶŝĨŶŽƚĚƵĞƚŽƵƐƚŽŵĞƌ͛ƐďƌĞĂĐŚŽĨƚŚĞŐƌĞĞŵĞŶƚŽƌ;ŝŝͿƵƐƚŽŵĞƌŚĂƐŵĂƚĞƌŝĂůůǇďƌĞĂĐŚĞĚƚŚĞŐƌĞĞŵĞŶƚĂŶĚ͕ŝĨƐƵĐŚ ďƌĞĂĐŚŝƐƌĞĂƐŽŶĂďůǇĐĂƉĂďůĞŽĨĐƵƌĞ͕ŚĂƐŶŽƚĐƵƌĞĚƐƵĐŚďƌĞĂĐŚǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨϴǆϴ͛ƐŶŽƚŝĨŝĐĂƚŝŽŶƚŽƵƐƚŽŵĞƌŽĨƐƵĐŚ ƐƵƐƉĞŶƐŝŽŶĂŶĚͬŽƌ;ďͿƉůĂĐĞƌĞĂƐŽŶĂďůĞůŝŵŝƚĂƚŝŽŶƐŽƌƌĞƐƚƌŝĐƚŝŽŶƐŽŶƚŚĞƵƐĞŽĨĂŶǇKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐƚŚĂƚĂƌĞďĞŝŶŐƵƐĞĚŝŶ ϯ 3DFNHW3J )D ǀŝŽůĂƚŝŽŶŽĨƚŚĞhƐĞWŽůŝĐǇ͘ǆĐĞƉƚĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞĨŽƌĞŐŽŝŶŐĐůĂƵƐĞ;ĂͿ͕ŶŽƐƵĐŚĂĐƚŝŽŶďǇϴǆϴƐŚĂůůƌĞůŝĞǀĞƵƐƚŽŵĞƌŽĨĂŶǇŽĨ ŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ͘ ϯ͘Yh/WDEd ϯ͘ϭ͘KƌĚĞƌŝŶŐƋƵŝƉŵĞŶƚ͘ƵƐƚŽŵĞƌŵĂǇŽƌĚĞƌĞƋƵŝƉŵĞŶƚ͕ŝŶĞĂĐŚĐĂƐĞďǇĞŶƚĞƌŝŶŐŝŶƚŽĂŶKƌĚĞƌ͘dŚĞƉƌŝĐŝŶŐĨŽƌKƌĚĞƌĞĚ ƋƵŝƉŵĞŶƚƐŚĂůůďĞĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞKƌĚĞƌƵŶĚĞƌǁŚŝĐŚŝƚǁĂƐŽƌĚĞƌĞĚ͘ƋƵŝƉŵĞŶƚͲƌĞůĂƚĞĚƉƌŝĐŝŶŐ͕ĚŝƐĐŽƵŶƚƐ͕ĂŶĚƉƌŽŵŽƚŝŽŶƐ ;Ğ͘Ő͕͘ĨƌĞĞƐŚŝƉƉŝŶŐͿƉƌŽǀŝĚĞĚŝŶĂŶKƌĚĞƌƐŚĂůůĂƉƉůǇƐŽůĞůǇƚŽƚŚĞƉĂƌƚŝĐƵůĂƌĞƋƵŝƉŵĞŶƚŽƌĚĞƌĞĚƵŶĚĞƌƚŚĂƚKƌĚĞƌ͕ĂŶĚϴǆϴŵĂŬĞƐ ŶŽĐŽŵŵŝƚŵĞŶƚĂŶĚƐŚĂůůŚĂǀĞŶŽŽďůŝŐĂƚŝŽŶǁŝƚŚƌĞƐƉĞĐƚƚŽĨƵƚƵƌĞƉƌŝĐŝŶŐĨŽƌŽƌĂǀĂŝůĂďŝůŝƚǇŽĨĞƋƵŝƉŵĞŶƚ͘ ϯ͘Ϯ͘ϴǆϴZĞƐƉŽŶƐŝďŝůŝƚŝĞƐtŝƚŚZĞƐƉĞĐƚƚŽƋƵŝƉŵĞŶƚ͘ϴǆϴƐŚĂůů͕ŝƚƐĞůĨŽƌƚŚƌŽƵŐŚŝƚƐĨĨŝůŝĂƚĞƐŽƌWĂƌƚŶĞƌƐ͕ƉƌŽǀŝĚĞƚŚĞ KƌĚĞƌĞĚƋƵŝƉŵĞŶƚƚŽƵƐƚŽŵĞƌĂŶĚƉĂƐƐƚŚƌŽƵŐŚƚŽƵƐƚŽŵĞƌĂƚǁĞůǀĞͲ;ϭϮͲͿŵŽŶƚŚǁĂƌƌĂŶƚǇ;ŽƌĂŶĞǆƚĞŶĚĞĚǁĂƌƌĂŶƚǇŝĨ ƉĞƌŵŝƚƚĞĚďǇƚŚĞŵĂŶƵĨĂĐƚƵƌĞƌͿƚŚĞƌĞĨŽƌ͘ƵƐƚŽŵĞƌŵĂǇƌĞƚƵƌŶĂŶǇĚĞĨĞĐƚŝǀĞKƌĚĞƌĞĚƋƵŝƉŵĞŶƚĐŽǀĞƌĞĚďǇǁĂƌƌĂŶƚǇďǇ ŽďƚĂŝŶŝŶŐĂƌĞƚƵƌŶĂƵƚŚŽƌŝǌĂƚŝŽŶŶƵŵďĞƌĨƌŽŵϴǆϴĂŶĚƚŚĞƌĞĂĨƚĞƌƌĞƚƵƌŶŝŶŐƚŚĞKƌĚĞƌĞĚƋƵŝƉŵĞŶƚŝŶŝƚƐŽƌŝŐŝŶĂůƉĂĐŬĂŐŝŶŐŽƌ ĞƋƵŝǀĂůĞŶƚƚŽƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚďǇϴǆϴ͕ŝŶǁŚŝĐŚĐĂƐĞϴǆϴƐŚĂůůƌĞƉůĂĐĞƚŚĞKƌĚĞƌĞĚƋƵŝƉŵĞŶƚĂƚŶŽĐŚĂƌŐĞĂŶĚƉĂǇƚŚĞ ƌĞĂƐŽŶĂďůĞĂƐƐŽĐŝĂƚĞĚƐŚŝƉƉŝŶŐĐŽƐƚƐ͘ ϯ͘ϯ͘ƵƐƚŽŵĞƌZĞƐƉŽŶƐŝďŝůŝƚŝĞƐtŝƚŚZĞƐƉĞĐƚƚŽƋƵŝƉŵĞŶƚ͘ƵƐƚŽŵĞƌƐŚĂůů͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϳ;WĂǇŵĞŶƚͿ͕ƉĂǇ ĨŽƌĂůůKƌĚĞƌĞĚƋƵŝƉŵĞŶƚĂƚƚŚĞƉƌŝĐŝŶŐƐĞƚĨŽƌƚŚŝŶƚŚĞĂƉƉůŝĐĂďůĞKƌĚĞƌĂŶĚĨŽƌĂůůƐŚŝƉƉŝŶŐĂŶĚƌĞůĂƚĞĚĐŚĂƌŐĞƐ͘ůůƐŚŝƉŵĞŶƚƐ ŽĨKƌĚĞƌĞĚƋƵŝƉŵĞŶƚƐŚĂůůďĞ&͘͘͘;ĨƌĞĞĐĂƌƌŝĞƌͿ͕ĂŶĚƚŝƚůĞĂŶĚƌŝƐŬŽĨůŽƐƐŽƌĚĂŵĂŐĞƐŚĂůůƉĂƐƐƚŽƵƐƚŽŵĞƌƵƉŽŶĚĞůŝǀĞƌǇƚŽƚŚĞ ĐĂƌƌŝĞƌ͘ƵƐƚŽŵĞƌƐŚĂůůďĞĚĞĞŵĞĚƚŚĞŝŵƉŽƌƚĞƌŽĨKƌĚĞƌĞĚƋƵŝƉŵĞŶƚĨŽƌĂůůƉƵƌƉŽƐĞƐ͘ƵƐƚŽŵĞƌƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂůů ůŽƐƚ͕ƐƚŽůĞŶ͕ŽƌďƌŽŬĞŶĞƋƵŝƉŵĞŶƚ;ĞǆĐĞƉƚƚŽƚŚĞĞǆƚĞŶƚĐŽǀĞƌĞĚďǇǁĂƌƌĂŶƚǇͿ͕ĂŶĚĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚĂŶǇĞǆƚĞƌŶĂůůǇͲĂĐƋƵŝƌĞĚ ĞƋƵŝƉŵĞŶƚƵƐĞĚǁŝƚŚKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐŝƐŝŶƌĞĂƐŽŶĂďůĞǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶĂŶĚĐŽŶĨŝŐƵƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚϴǆϴ͛ƐƚĞĐŚŶŝĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϯ͘ϰ͘ƋƵŝƉŵĞŶƚ&ŝŶĂŶĐŝŶŐWůĂŶƐ͘tŚĞƌĞƵƐƚŽŵĞƌŽƌĚĞƌƐKƌĚĞƌĞĚƋƵŝƉŵĞŶƚƉƵƌƐƵĂŶƚƚŽĂŶǆƚĞŶĚĞĚWĂǇŵĞŶƚWůĂŶŽƌ ƐŝŵŝůĂƌĨŝŶĂŶĐŝŶŐŽƉƚŝŽŶ;ĂŶ͞WW͟Ϳ͕ƵƐƚŽŵĞƌƐŚĂůůƉĂǇĨŽƌƐƵĐŚKƌĚĞƌĞĚƋƵŝƉŵĞŶƚĂĐĐŽƌĚŝŶŐƚŽƐƵĐŚWW͛ƐƐĐŚĞĚƵůĞĂŶĚĨŽƌƐƵĐŚ WW͛ƐĞŶƚŝƌĞƚĞƌŵ͕ǁŚŝĐŚƐŚĂůůďĞĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞĂƉƉůŝĐĂďůĞKƌĚĞƌ;ŽƌƚǁĞŶƚǇͲĨŽƵƌ;ϮϰͿŵŽŶƚŚƐŝĨŶŽƚƐĞƚĨŽƌƚŚƚŚĞƌĞŝŶͿ͘ ƵƐƚŽŵĞƌŵĂǇƚĞƌŵŝŶĂƚĞĂŶǇWWĨŽƌĐŽŶǀĞŶŝĞŶĐĞǁŝƚŚƚŚŝƌƚǇ;ϯϬͿĚĂǇƐ͛ĂĚǀĂŶĐĞŶŽƚŝĐĞƚŽϴǆϴ͘/ŶƚŚĞĞǀĞŶƚŽĨƚĞƌŵŝŶĂƚŝŽŶŽĨĂŶǇ WWĨŽƌĂŶǇƌĞĂƐŽŶ͕ĂůůƵŶƉĂŝĚĂŵŽƵŶƚƐŽǁĞĚƚŚĞƌĞƵŶĚĞƌƐŚĂůůďĞĐŽŵĞŝŵŵĞĚŝĂƚĞůǇĚƵĞĂŶĚƉĂǇĂďůĞ͘ ϰ͘WZK:d^Zs/^ ϴǆϴŵĂǇĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ŝŶĞĂĐŚĐĂƐĞŝŶŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ŽĨĨĞƌƚŽƉĞƌĨŽƌŵǁŽƌŬĨŽƌƵƐƚŽŵĞƌƌĞůĂƚĞĚƚŽƚŚĞĐŽŶĨŝŐƵƌĂƚŝŽŶŽƌ ĐƵƐƚŽŵŝǌĂƚŝŽŶŽĨKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐ͕ŶĞƚǁŽƌŬĂƐƐĞƐƐŵĞŶƚƐ͕ŐĞŶƚƚƌĂŝŶŝŶŐ͕ŽƌƐŝŵŝůĂƌǁŽƌŬŽƌƐĞƌǀŝĐĞƐ;͞WƌŽũĞĐƚ^ĞƌǀŝĐĞƐ͟Ϳ͘ ƵƐƚŽŵĞƌŵĂǇŽƌĚĞƌWƌŽũĞĐƚ^ĞƌǀŝĐĞƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ;͞KƌĚĞƌĞĚWƌŽũĞĐƚ^ĞƌǀŝĐĞƐ͟Ϳ͕ŝŶĞĂĐŚĐĂƐĞďǇĞŶƚĞƌŝŶŐŝŶƚŽĂŶKƌĚĞƌ ĂŶĚͬŽƌǁƌŝƚƚĞŶƐƚĂƚĞŵĞŶƚŽĨǁŽƌŬĨŽƌƚŚĞƐĂŵĞǁŝƚŚϴǆϴŽƌŝƚƐĨĨŝůŝĂƚĞ;ĂŶ͞^Kt͟Ϳ͘ϴǆϴƐŚĂůů͕ŝƚƐĞůĨŽƌƚŚƌŽƵŐŚŝƚƐĨĨŝůŝĂƚĞƐŽƌ WĂƌƚŶĞƌƐ͕ƉĞƌĨŽƌŵƚŚĞKƌĚĞƌĞĚWƌŽũĞĐƚ^ĞƌǀŝĐĞƐŝŶĂƉƌŽĨĞƐƐŝŽŶĂůĂŶĚǁŽƌŬŵĂŶůŝŬĞŵĂŶŶĞƌ͕ǁŝƚŚƌĞĂƐŽŶĂďůĞƐŬŝůůĂŶĚĐĂƌĞ͕ĂŶĚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚĞĂƉƉůŝĐĂďůĞ^KtĂŶĚͬŽƌKƌĚĞƌ;ǁŚŝĐŚƐŚĂůůƐĞƚĨŽƌƚŚƚŚĞŽƚŚĞƌƚĞƌŵƐĂŶĚƉƌŝĐŝŶŐƌĞůĂƚĞĚƚŽƚŚĞ KƌĚĞƌĞĚWƌŽũĞĐƚ^ĞƌǀŝĐĞƐŽƌĚĞƌĞĚƚŚĞƌĞƵŶĚĞƌͿ͕ƉƌŽǀŝĚĞĚƚŚĂƚƵƐƚŽŵĞƌ͛ƐƐŽůĞĂŶĚĞǆĐůƵƐŝǀĞƌĞŵĞĚŝĞƐĨŽƌϴǆϴ͛ƐďƌĞĂĐŚŽĨƚŚŝƐ ƐĞŶƚĞŶĐĞƐŚĂůůďĞĂƐƐĞƚĨŽƌƚŚŝŶƐƵĐŚ^KtĂŶĚͬŽƌKƌĚĞƌ͘ƵƐƚŽŵĞƌƐŚĂůůƉĂǇĂůůĨĞĞƐĂŶĚŽƚŚĞƌĂŵŽƵŶƚƐƐĞƚĨŽƌƚŚŝŶƚŚĞ ĂƉƉůŝĐĂďůĞKƌĚĞƌĂŶĚͬŽƌ^KtĨŽƌKƌĚĞƌĞĚWƌŽũĞĐƚ^ĞƌǀŝĐĞƐ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϳ;WĂǇŵĞŶƚͿĂŶĚĂŶǇŽƚŚĞƌƚĞƌŵƐƐĞƚĨŽƌƚŚ ŝŶƐƵĐŚ^Kt͘ ϱ͘ϴǆϴ&&/>/d^E^hKEdZd/E' ϴǆϴŵĂǇ͕ŝŶĞĂĐŚĐĂƐĞŝŶŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕;ĂͿĚĞƐŝŐŶĂƚĞĂŶϴǆϴĨĨŝůŝĂƚĞƚŽĞŶƚĞƌŝŶƚŽŽŶĞŽƌŵŽƌĞKƌĚĞƌƐŽƌ^KtƐǁŝƚŚ ƵƐƚŽŵĞƌ͕ŝŶǁŚŝĐŚĐĂƐĞ͕ǁŝƚŚƌĞƐƉĞĐƚƚŽƐƵĐŚKƌĚĞƌƐŽƌ^KtƐ;ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞĂŐƌĞĞĚŝŶǁƌŝƚŝŶŐďǇƚŚĞWĂƌƚŝĞƐͿ͕ƚŚĞ ŐƌĞĞŵĞŶƚ͛ƐƌĞĨĞƌĞŶĐĞƐƚŽ͞ϴǆϴ͟ƐŚĂůůŝŶĐůƵĚĞƐƵĐŚϴǆϴĨĨŝůŝĂƚĞ;ĂƐǁĞůůĂƐϴǆϴͿ;ƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞϴǆϴĨĨŝůŝĂƚĞƐŚĂůůďĞĚĞĞŵĞĚƚŽ ďĞƚŚĞƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƵŶĚĞƌƐƵĐŚKƌĚĞƌƐŽƌ^KtƐͿĂŶĚͬŽƌ;ďͿƐƵďĐŽŶƚƌĂĐƚĨŽƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨϴǆϴ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞ ŐƌĞĞŵĞŶƚ͕ƉƌŽǀŝĚĞĚƚŚĂƚϴǆϴƐŚĂůůƌĞŵĂŝŶƌĞƐƉŽŶƐŝďůĞĨŽƌƉĞƌĨŽƌŵĂŶĐĞŽĨƐƵĐŚŽďůŝŐĂƚŝŽŶƐĂŶĚĨŽƌƐƵĐŚƐƵďĐŽŶƚƌĂĐƚŽƌƐ͛ĂĐƚŝŽŶƐ ŽƌŽŵŝƐƐŝŽŶƐŝŶƉĞƌĨŽƌŵŝŶŐƐƵĐŚŽďůŝŐĂƚŝŽŶƐ͘ ϲ͘dy^ ƵƐƚŽŵĞƌƐŚĂůůďĞůŝĂďůĞĂŶĚƌĞƐƉŽŶƐŝďůĞĨŽƌ͕ĂŶĚƐŚĂůůƉĂǇŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϳ;WĂǇŵĞŶƚͿ͕ĂůůƚĂǆĞƐ͕ůĞǀŝĞƐ͕ŝŵƉŽƌƚƐ͕ ĞǆƉŽƌƚƐ͕ĐƵƐƚŽŵƐ͕ĚƵƚŝĞƐ͕ĐŚĂƌŐĞƐ͕ĨĞĞƐŽƌƐŝŵŝůĂƌŐŽǀĞƌŶŵĞŶƚĂůĂƐƐĞƐƐŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐǀĂůƵĞͲĂĚĚĞĚƚĂǆ͕ƐĂůĞƐ͕ƵƐĞ͕ǁŝƚŚŚŽůĚŝŶŐ͕ ƉƵďůŝĐƵƚŝůŝƚǇ͕ŽƌƵŶŝǀĞƌƐĂůƐĞƌǀŝĐĞƚĂǆĞƐŽƌĨĞĞƐ͕ĂŶĚĞŵĞƌŐĞŶĐǇƐĞƌǀŝĐĞƐƐƵƌĐŚĂƌŐĞƐ;ŝ͘Ğ͕͘ϵϭϭ͕ϵϭϭ͕ϵϵϵ͕ĞƚĐ͘ͿĂƐƐĞƐƐĞĚŽƌ ϰ 3DFNHW3J )D ĂƐƐĞƐƐĂďůĞďǇĂŶǇŐŽǀĞƌŶŵĞŶƚĂů͕ĨŝƐĐĂů͕ŽƌŽƚŚĞƌĂƵƚŚŽƌŝƚǇ͕ŽƌƌĞĐŽǀĞƌĂďůĞďǇϴǆϴ͕ŝŶƌĞƐƉĞĐƚŽĨKƌĚĞƌĞĚWƌŽĚƵĐƚƐ͕ŽƚŚĞƌƚŚĂŶ ƚŚŽƐĞĂƐƐĞƐƐĂďůĞĂŐĂŝŶƐƚϴǆϴďĂƐĞĚƐŽůĞůǇŽŶŝƚƐŝŶĐŽŵĞ;ĐŽůůĞĐƚŝǀĞůǇ͕͞dĂǆĞƐ͟Ϳ͘ŶǇdĂǆĞƐƐĞƚĨŽƌƚŚŝŶƚŚĞŐƌĞĞŵĞŶƚŽƌĂŶǇƋƵŽƚĞ ƐŚĂůůďĞƐŽůĞůǇŶŽŶͲďŝŶĚŝŶŐĞƐƚŝŵĂƚĞƐ͘/ŶŽƌĚĞƌƚŽĂƐƐĞƌƚĂŶĞǆĞŵƉƚŝŽŶĨƌŽŵĂŶǇdĂǆ͕ƵƐƚŽŵĞƌŵƵƐƚĚĞůŝǀĞƌƚŽϴǆϴĂǀĂůŝĚƚĂǆ ĞǆĞŵƉƚŝŽŶĐĞƌƚŝĨŝĐĂƚĞĂƵƚŚŽƌŝǌĞĚďǇƚŚĞĂƉƉƌŽƉƌŝĂƚĞƚĂǆŝŶŐĂƵƚŚŽƌŝƚǇ͕ŝŶǁŚŝĐŚĐĂƐĞƵƐƚŽŵĞƌƐŚĂůůƐƚŝůůďĞůŝĂďůĞĨŽƌĂŶǇdĂǆĞƐ ĂƐƐĞƐƐĞĚƉƌŝŽƌƚŽƐƵĐŚĚĞůŝǀĞƌǇ͘dŽƚŚĞĞǆƚĞŶƚƌĞƋƵŝƌĞĚďǇůĂǁ͕ƵƐƚŽŵĞƌŵĂǇĚĞĚƵĐƚĂŵŽƵŶƚƐĨƌŽŵŝƚƐƉĂǇŵĞŶƚŽĨŝůůĞĚ ŵŽƵŶƚƐĨŽƌŽƌŽŶĂĐĐŽƵŶƚŽĨĂŶǇdĂǆĂŶĚͬŽƌǁŝƚŚŚŽůĚŝŶŐŝŵƉŽƐĞĚďǇĂŶǇŐŽǀĞƌŶŵĞŶƚĂůŽƌĨŝƐĐĂůĂƵƚŚŽƌŝƚǇ͕ƉƌŽǀŝĚĞĚƚŚĂƚ ƵƐƚŽŵĞƌƐŚĂůů;ĂͿƉƌŽǀŝĚĞŶŽƚŝĐĞŽĨƐƵĐŚƌĞƋƵŝƌĞŵĞŶƚƚŽϴǆϴĂƚůĞĂƐƚƚŚŝƌƚǇ;ϯϬͿĚĂǇƐƉƌŝŽƌƚŽŵĂŬŝŶŐƚŚĞĚĞĚƵĐƚŝŽŶ͕;ďͿĨƵƌŶŝƐŚ ϴǆϴǁŝƚŚƌĞĐĞŝƉƚƐĞǀŝĚĞŶĐŝŶŐƌĞŵŝƚƚĂŶĐĞŽĨƚŚĞĚĞĚƵĐƚĞĚĂŵŽƵŶƚƐ͕ĂŶĚ;ĐͿƉĂǇƐƵĐŚĂĚĚŝƚŝŽŶĂůĂŵŽƵŶƚƐƚŽϴǆϴ͕ĂƐĂƉƉůŝĐĂďůĞ͕ĂƐ ĂƌĞŶĞĐĞƐƐĂƌǇƚŽĞŶƐƵƌĞƌĞĐĞŝƉƚďǇϴǆϴŽĨƚŚĞĨƵůůĂŵŽƵŶƚƚŚĂƚŝƚǁŽƵůĚŚĂǀĞƌĞĐĞŝǀĞĚďƵƚĨŽƌƚŚĞĚĞĚƵĐƚŝŽŶ͘ƵƐƚŽŵĞƌ ĂĐŬŶŽǁůĞĚŐĞƐĂŶĚĂŐƌĞĞƐƚŚĂƚϴǆϴŵĂǇŶŽƚĐŚĂƌŐĞǀĂůƵĞͲĂĚĚĞĚ͕ŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͕ŽƌƐŝŵŝůĂƌdĂǆĞƐŝŶĐĞƌƚĂŝŶũƵƌŝƐĚŝĐƚŝŽŶƐǁŚĞƌĞ ϴǆϴŝƐŶŽƚƌĞƋƵŝƌĞĚƚŽĐŽůůĞĐƚĂŶĚƌĞŵŝƚƐƵĐŚdĂǆĞƐ͘ƵƐƚŽŵĞƌƐŚĂůůĂĐĐŽƵŶƚĨŽƌĂŶĚƌĞŵŝƚĂŶǇƐƵĐŚdĂǆĞƐŽŶKƌĚĞƌĞĚWƌŽĚƵĐƚƐŝŶ ƐƵĐŚũƵƌŝƐĚŝĐƚŝŽŶƐ͘ ϳ͘WzDEd ϳ͘ϭ͘WĂǇŵĞŶƚŽĨŝůůĞĚŵŽƵŶƚƐ͘ǆĐĞƉƚĂƐĞǆƉƌĞƐƐůǇƉƌŽǀŝĚĞĚŝŶ^ĞĐƚŝŽŶϳ͘Ϯ;ŝƐƉƵƚĞĚŵŽƵŶƚƐͿ͕ĂůůĂŵŽƵŶƚƐďŝůůĞĚƚŽ ƵƐƚŽŵĞƌďǇŽƌŽŶďĞŚĂůĨŽĨϴǆϴŽƌŝƚƐĨĨŝůŝĂƚĞŝŶƌĞƐƉĞĐƚŽĨKƌĚĞƌĞĚWƌŽĚƵĐƚƐŽƌŽƚŚĞƌǁŝƐĞƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ;͞ŝůůĞĚ ŵŽƵŶƚƐ͟ͿƐŚĂůůďĞĚƵĞǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨŝŶǀŽŝĐĞĚĂƚĞ;EĞƚϯϬͿĂŶĚƐŚĂůůďĞƚŝŵĞůǇƉĂŝĚďǇƵƐƚŽŵĞƌďǇĐƌĞĚŝƚĐĂƌĚ͕ĐŚĞĐŬ͕ ,͕ŽƌǁŝƌĞƚƌĂŶƐĨĞƌĂŶĚǁŝƚŚŽƵƚĐŽƵŶƚĞƌͲĐůĂŝŵ͕ƐĞƚͲŽĨĨ͕ǁŝƚŚŚŽůĚŝŶŐ͕ŽƌĚĞĚƵĐƚŝŽŶŽĨĂŶǇƐŽƌƚ͘ tŝƚŚŽƵƚůŝŵŝƚŝŶŐϴǆϴ͛ƐŽƚŚĞƌ ƌŝŐŚƚƐŽƌƌĞŵĞĚŝĞƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ͕ŝŶƚŚĞĞǀĞŶƚƚŚĂƚĨĂĐƚƐĂƌŝƐĞƚŚĂƚ͕ŝŶϴǆϴ͛ƐƌĞĂƐŽŶĂďůĞĚŝƐĐƌĞƚŝŽŶ͕ƉƵƚƵƐƚŽŵĞƌ͛Ɛ ĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐŽƌƐŽůǀĞŶĐǇŝŶƚŽƋƵĞƐƚŝŽŶ͕ϴǆϴŵĂǇ͕ĂƚŝƚƐŽƉƚŝŽŶ͕;ĂͿƌĞƋƵŝƌĞƵƐƚŽŵĞƌƚŽƉŽƐƚĂĚĞƉŽƐŝƚŽƌďĂŶŬŐƵĂƌĂŶƚĞĞ ;ǁŚŝĐŚĚĞƉŽƐŝƚŽƌďĂŶŬŐƵĂƌĂŶƚĞĞƵƐƚŽŵĞƌƐŚĂůůƉƌŽŵƉƚůǇƉŽƐƚͿŝŶĂŶĂŵŽƵŶƚŶŽƚƚŽĞǆĐĞĞĚƚǁŽͲƚŝŵĞƐ;ϮyͿƚŚĞƐƵŵŽĨ ƵƐƚŽŵĞƌ͛ƐƚŚĞŶͲĐƵƌƌĞŶƚƌĞĐƵƌƌŝŶŐĐŚĂƌŐĞƐĨŽƌĂŵŽŶƚŚĂŶĚƚŚĞŽƚŚĞƌĐŚĂƌŐĞƐŝŶĐƵƌƌĞĚďǇƵƐƚŽŵĞƌŽǀĞƌƚŚĞĐŽƵƌƐĞŽĨĂ ŵŽŶƚŚ;ĂƐƌĞĂƐŽŶĂďůǇĞƐƚŝŵĂƚĞĚďǇϴǆϴͿĂŶĚͬŽƌ;ďͿƉůĂĐĞĂůŝŵŝƚŽŶƚŚĞĂŵŽƵŶƚŽĨĐŚĂƌŐĞƐƚŚĂƚƵƐƚŽŵĞƌŵĂǇŝŶĐƵƌďĞĨŽƌĞ ƉĂǇŝŶŐƚŚĞďĂůĂŶĐĞƚŚĞŶͲŽǁĞĚƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ͘&ŽƌƉƵƌƉŽƐĞƐŽĨƚŚĞŝŵŵĞĚŝĂƚĞůǇƉƌĞĐĞĚŝŶŐƐĞŶƚĞŶĐĞ͕ĂŶǇĨĂĐƚƐ ŝŶĚŝĐĂƚŝŶŐƚŚĂƚĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐŚĂǀĞŽĐĐƵƌƌĞĚŽƌĂƌĞůŝŬĞůǇƚŽŽĐĐƵƌƐŚĂůů͕ǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕ďĞĚĞĞŵĞĚƚŽƉƵƚ ƵƐƚŽŵĞƌ͛ƐĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐŝŶƚŽƋƵĞƐƚŝŽŶ͗;ĂͿĂ^ŽůǀĞŶĐǇǀĞŶƚǁŝƚŚƌĞƐƉĞĐƚƚŽƵƐƚŽŵĞƌŽƌĂŶǇƉĂƌĞŶƚŽƌŽƚŚĞƌĞŶƚŝƚǇ ƚŚĂƚĐŽŶƚƌŽůƐŝƚ͕ ;ďͿƵƐƚŽŵĞƌ͛ƐĨĂŝůƵƌĞƚŽƉĂƐƐϴǆϴ͛ƐŝŶŝƚŝĂůĐƌĞĚŝƚƌĞǀŝĞǁ͕Žƌ;ĐͿƵƐƚŽŵĞƌ͛ƐƐƵďƐƚĂŶƚŝĂůĚĞĨĂƵůƚŽŶ͕Žƌ ĚĞůŝŶƋƵĞŶĐǇǁŝƚŚƌĞƐƉĞĐƚƚŽ͕ĂŶǇŽĨŝƚƐĨŝŶĂŶĐŝĂůŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚŽƌƚŽĂŶǇƚŚŝƌĚƉĂƌƚǇ͘ĞůŝŶƋƵĞŶƚŝůůĞĚ ŵŽƵŶƚƐƐŚĂůů͕ďĞŐŝŶŶŝŶŐƵƉŽŶĚĞůŝŶƋƵĞŶĐǇ͕ĂĐĐƌƵĞŝŶƚĞƌĞƐƚĂƚƚŚĞƌĂƚĞŽĨƚŚĞůĞƐƐĞƌŽĨŽŶĞͲƉŽŝŶƚͲĨŝǀĞƉĞƌĐĞŶƚ;ϭ͘ϱйͿƉĞƌŵŽŶƚŚ ŽƌƚŚĞŵĂǆŝŵƵŵƌĂƚĞƉĞƌŵŝƚƚĞĚďǇĂƉƉůŝĐĂďůĞůĂǁ͘ǆĐĞƉƚĂƐĞǆƉƌĞƐƐůǇƉƌŽǀŝĚĞĚŽƚŚĞƌǁŝƐĞŝŶƚŚĞŐƌĞĞŵĞŶƚ͕ĂůůƉĂǇŵĞŶƚƐƚŽϴǆϴ ŽƌŝƚƐĨĨŝůŝĂƚĞƐŚĂůůďĞŶŽŶͲƌĞĨƵŶĚĂďůĞĂŶĚŶŽŶͲĐƌĞĚŝƚĂďůĞ͘ ϳ͘Ϯ͘ŝƐƉƵƚĞĚŵŽƵŶƚƐ͘/ĨƵƐƚŽŵĞƌďĞůŝĞǀĞƐŝŶŐŽŽĚĨĂŝƚŚƚŚĂƚĂŝůůĞĚŵŽƵŶƚǁĂƐŶŽƚĂĐƚƵĂůůǇŝŶĐƵƌƌĞĚƵŶĚĞƌƚŚĞ ŐƌĞĞŵĞŶƚ;ŝ͘Ğ͕͘ǁĂƐŽǀĞƌďŝůůĞĚͿ͕ƚŚĞŶƵƐƚŽŵĞƌŵĂǇĚŝƐƉƵƚĞƐƵĐŚŝůůĞĚŵŽƵŶƚďǇƉƌŽǀŝĚŝŶŐŶŽƚŝĐĞƚŽϴǆϴďǇĞŵĂŝůƚŽ ĐůĂŝŵƐΛϴǆϴ͘ĐŽŵ ǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨƚŚĞĚĂƚĞŽĨƚŚĞĨŝƌƐƚŝŶǀŽŝĐĞŝŶǁŚŝĐŚƚŚĞŝůůĞĚŵŽƵŶƚǁĂƐŝŶǀŽŝĐĞĚ͕ǁŚŝĐŚŶŽƚŝĐĞ ŵƵƐƚƐƉĞĐŝĨǇƚŚĞƉĂƌƚŝĐƵůĂƌŝůůĞĚŵŽƵŶƚ;ƐͿŝŶĚŝƐƉƵƚĞĂŶĚƚŚĞďĂƐŝƐŽĨƚŚĞĚŝƐƉƵƚĞŝŶƌĞĂƐŽŶĂďůĞĚĞƚĂŝů͘&ĂŝůƵƌĞƚŽƐŽĚŝƐƉƵƚĞĂ ŝůůĞĚŵŽƵŶƚǁŝƚŚŝŶƐƵĐŚƉĞƌŝŽĚƐŚĂůůĐŽŶƐƚŝƚƵƚĞĂĐŽŵƉůĞƚĞĂŶĚŝƌƌĞǀŽĐĂďůĞǁĂŝǀĞƌŽĨƵƐƚŽŵĞƌ͛ƐƌŝŐŚƚƚŽĚŝƐƉƵƚĞƐƵĐŚŝůůĞĚ ŵŽƵŶƚ͘/ĨƵƐƚŽŵĞƌĚŝƐƉƵƚĞƐƐƵĐŚŝůůĞĚŵŽƵŶƚŝŶŐŽŽĚĨĂŝƚŚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐ^ĞĐƚŝŽŶϳ͘Ϯ;ŝƐƉƵƚĞĚŵŽƵŶƚƐͿ͕ƚŚĞŶ ƵƐƚŽŵĞƌŵĂǇ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ĞŝƚŚĞƌ;ĂͿƉĂǇƐƵĐŚŝůůĞĚŵŽƵŶƚĞǆƉƌĞƐƐůǇƵŶĚĞƌƉƌŽƚĞƐƚŽƌ;ďͿǁŝƚŚŚŽůĚƉĂǇŵĞŶƚŽĨƐƵĐŚŝůůĞĚ 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dŚĞŐƌĞĞŵĞŶƚƐŚĂůůďĞĐŽŵĞĞĨĨĞĐƚŝǀĞŽŶƚŚĞ͞ĨĨĞĐƚŝǀĞĂƚĞ͟ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚĂŶĚĐŽŶƚŝŶƵĞŝŶĨƵůůĨŽƌĐĞĂŶĚ ĞĨĨĞĐƚƵŶƚŝůƚŚĞĞĂƌůŝĞƌŽĨ;ĂͿƚŚĞĚĂƚĞƚĞƌŵŝŶĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϭϮ͘ϭ;ǆĐůƵƐŝǀĞdĞƌŵŝŶĂƚŝŽŶZŝŐŚƚƐͿĂŶĚ;ďͿƚŚĞĚĂƚĞ ŽĨĞǆƉŝƌĂƚŝŽŶĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞŶĞǆƚƐĞŶƚĞŶĐĞ;ƚŚĞ͞ĨĨĞĐƚŝǀĞWĞƌŝŽĚ͟Ϳ͘ƚƚŚĞĞŶĚŽĨĞĂĐŚdĞƌŵ͕ƚŚĞŐƌĞĞŵĞŶƚ͕ŝĨŶŽƚĞĂƌůŝĞƌ ƚĞƌŵŝŶĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐĞdĞƌŵƐ͕ƐŚĂůů͗ ;ŝͿĞǆƉŝƌĞŝĨĞŝƚŚĞƌWĂƌƚǇŚĂƐĞůĞĐƚĞĚŶŽƚƚŽƌĞŶĞǁƚŚĞŐƌĞĞŵĞŶƚǀŝĂĞǆƉƌĞƐƐĞůĞĐƚŝŽŶŝŶƚŚĞ^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚŽƌĂŶKƌĚĞƌŽƌ ŶŽƚŝĐĞƚŽƚŚĞŽƚŚĞƌWĂƌƚǇĂƚůĞĂƐƚƚŚŝƌƚǇ;ϯϬͿĚĂǇƐƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƐƵĐŚdĞƌŵ͖ ;ŝŝͿĐŽŶƚŝŶƵĞŽŶĂŵŽŶƚŚͲƚŽͲŵŽŶƚŚďĂƐŝƐ;ŝ͘Ğ͕͘ĂƵƚŽŵĂƚŝĐĂůůǇƌĞŶĞǁĨŽƌƐƵĐĐĞƐƐŝǀĞŽŶĞͲ;ϭͲͿĐĂůĞŶĚĂƌŵŽŶƚŚƌĞŶĞǁĂůƚĞƌŵƐͿŝĨ ƵƐƚŽŵĞƌŚĂƐƐŽĞůĞĐƚĞĚǀŝĂĞǆƉƌĞƐƐĞůĞĐƚŝŽŶŝŶƚŚĞ^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚŽƌĂŶKƌĚĞƌŽƌŶŽƚŝĐĞƚŽϴǆϴĂƚůĞĂƐƚƚŚŝƌƚǇ;ϯϬͿĚĂǇƐ ƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƐƵĐŚdĞƌŵ͖Žƌ ;ŝŝŝͿĂƵƚŽŵĂƚŝĐĂůůǇƌĞŶĞǁĨŽƌĂƚǁĞůǀĞͲ;ϭϮͲͿŵŽŶƚŚƌĞŶĞǁĂůƚĞƌŵŝĨŶĞŝƚŚĞƌŽĨƚŚĞĨŽƌĞŐŽŝŶŐĂƉƉůŝĞƐ͘ ϭϮ͘dZD/Ed/KE ϭϮ͘ϭ͘ǆĐůƵƐŝǀĞdĞƌŵŝŶĂƚŝŽŶZŝŐŚƚƐ͘dŚĞŐƌĞĞŵĞŶƚŵĂǇďĞƚĞƌŵŝŶĂƚĞĚ͗ ;ĂͿďǇĞŝƚŚĞƌWĂƌƚǇǁŝƚŚƚŚŝƌƚǇ;ϯϬͿĚĂǇƐ͛ŶŽƚŝĐĞƚŽƚŚĞŽƚŚĞƌWĂƌƚǇŝŶƚŚĞĞǀĞŶƚŽĨƚŚĞŽƚŚĞƌWĂƌƚǇ͛ƐŵĂƚĞƌŝĂůďƌĞĂĐŚŽĨƚŚĞ ŐƌĞĞŵĞŶƚ;ǁŚŝĐŚƐŚĂůůŝŶĐůƵĚĞǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶĂŶǇƵƐƚŽŵĞƌƉĂǇŵĞŶƚĚĞůŝŶƋƵĞŶĐǇŽƌƵƐƚŽŵĞƌďƌĞĂĐŚŽĨƚŚĞhƐĞ WŽůŝĐǇͿĂŶĚ͕ŝĨƐƵĐŚďƌĞĂĐŚŝƐƌĞĂƐŽŶĂďůǇĐĂƉĂďůĞŽĨĐƵƌĞ͕ĨĂŝůƵƌĞƚŽĐƵƌĞƐƵĐŚďƌĞĂĐŚǁŝƚŚŝŶƐƵĐŚŶŽƚŝĐĞƉĞƌŝŽĚ͕ƉƌŽǀŝĚĞĚƚŚĂƚ ƐƵĐŚĐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐŚĂůůŶŽƚĂƉƉůǇǁŝƚŚƌĞƐƉĞĐƚƚŽĂƵƐƚŽŵĞƌƉĂǇŵĞŶƚĚĞůŝŶƋƵĞŶĐǇǁŚĞƌĞƚŚĞƌĞŚĂǀĞďĞĞŶƚǁŽŽƌŵŽƌĞ ƐƵĐŚĚĞůŝŶƋƵĞŶĐŝĞƐŝŶƚŚĞƉƌĞĐĞĚŝŶŐƚǁĞůǀĞ;ϭϮͿŵŽŶƚŚƐ͖ ;ďͿŝŵŵĞĚŝĂƚĞůǇďǇĞŝƚŚĞƌWĂƌƚǇƵƉŽŶŶŽƚŝĐĞƚŽƚŚĞŽƚŚĞƌWĂƌƚǇǁŚĞƌĞƚŚĞŽƚŚĞƌWĂƌƚǇĞǆƉĞƌŝĞŶĐĞƐĂ^ŽůǀĞŶĐǇǀĞŶƚ͖Žƌ ;ĐͿďǇϴǆϴǁŝƚŚƚŚŝƌƚǇ;ϯϬͿĚĂǇƐ͛ŶŽƚŝĐĞƚŽƵƐƚŽŵĞƌŝŶƚŚĞĞǀĞŶƚƚŚĂƚĂŶǇ^ĂĂ^^ĞƌǀŝĐĞƐďĞĐŽŵĞƐƵďũĞĐƚƚŽĂŶĂĐƚƵĂůŽƌ ƚŚƌĞĂƚĞŶĞĚůĂŝŵŽĨŝŶĨƌŝŶŐĞŵĞŶƚ;ĂŶ͞/ŶĨƌŝŶŐĞŵĞŶƚůĂŝŵ͟ͿĂŶĚĂǀŽŝĚĂŶĐĞŽĨƚŚĞĂůůĞŐĞĚŝŶĨƌŝŶŐĞŵĞŶƚǀŝĂƉƌŽĐƵƌĞŵĞŶƚŽĨĂ ůŝĐĞŶƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽƌƌĞƉůĂĐĞŵĞŶƚŽĨƚŚĞĂƉƉůŝĐĂďůĞ^ĂĂ^^ĞƌǀŝĐĞƐ;ĞŝƚŚĞƌŽƌďŽƚŚŽĨǁŚŝĐŚŵĂǇďĞĞǆĞƌĐŝƐĞĚďǇϴǆϴ͕Ăƚ ŝƚƐƐŽůĞŽƉƚŝŽŶĂŶĚĞǆƉĞŶƐĞ͕ŝŶƚŚĞĞǀĞŶƚŽĨĂŶǇ/ŶĨƌŝŶŐĞŵĞŶƚůĂŝŵͿŝƐŶŽƚĐŽŵŵĞƌĐŝĂůůǇĨĞĂƐŝďůĞ͘ d,WZd/^<EKt>'E'Zd,dd,/^^d/KEϭϮ;dZD/Ed/KEͿ^dd^d,WZd/^͛^K>Ey>h^/s Z/',d^dKdZD/Edd,'ZDEd͕Ed,'ZDEdDzEKdKd,Zt/^dZD/Edz/d,ZWZdz͘ ϲ 3DFNHW3J )D ϭϮ͘Ϯ͘ĨĨĞĐƚŽĨdĞƌŵŝŶĂƚŝŽŶ͘hƉŽŶĂŶǇƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞŐƌĞĞŵĞŶƚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƐƵďũĞĐƚƚŽĂŶǇĐŽŶƚŝŶƵŝŶŐƵƐƚŽŵĞƌ ĨŝŶĂŶĐŝĂůŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ͕ĂůůKƌĚĞƌƐ͕^KtƐ͕ĂŶĚWWƐƐŚĂůůŝŵŵĞĚŝĂƚĞůǇƚĞƌŵŝŶĂƚĞ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞ ŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďǇƵƐƚŽŵĞƌƵŶĚĞƌĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĐůĂƵƐĞ;ĂͿŽƌ;ďͿʹŽƌďǇϴǆϴƵŶĚĞƌĐůĂƵƐĞ;ĐͿʹŽĨ^ĞĐƚŝŽŶϭϮ͘ϭ ;ǆĐůƵƐŝǀĞdĞƌŵŝŶĂƚŝŽŶZŝŐŚƚƐͿ͕ƵƐƚŽŵĞƌƐŚĂůůďĞƌĞůŝĞǀĞĚŽĨŝƚƐ^ƵďƐĐƌŝƉƚŝŽŶŽŵŵŝƚŵĞŶƚĨŽƌĂŶǇƉŽƐƚͲƚĞƌŵŝŶĂƚŝŽŶƉĞƌŝŽĚ͕ĂŶĚ ϴǆϴƐŚĂůůƌĞĨƵŶĚĂŶǇĂŵŽƵŶƚƐƵŶͲƵƐĞĚĂŶĚƉƌĞͲƉĂŝĚĨŽƌKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐĨŽƌĂŶǇƐƵĐŚƉĞƌŝŽĚ͘&ŽƌĐůĂƌŝƚǇ͕;ĂͿŶŽŽƚŚĞƌ ƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞŐƌĞĞŵĞŶƚƐŚĂůůƌĞůŝĞǀĞƵƐƚŽŵĞƌŽĨƐƵĐŚĐŽŵŵŝƚŵĞŶƚ;ǁŚŝĐŚƐŚĂůůƐƵƌǀŝǀĞĂŶǇƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶͿŽƌĞŶƚŝƚůĞ ƵƐƚŽŵĞƌƚŽĂŶǇƌĞĨƵŶĚĂŶĚ;ďͿŝŶŶŽĞǀĞŶƚƐŚĂůůƚĞƌŵŝŶĂƚŝŽŶŽƌĞǆƉŝƌĂƚŝŽŶŽĨƚŚĞŐƌĞĞŵĞŶƚƌĞůŝĞǀĞƵƐƚŽŵĞƌŽĨŝƚƐŽďůŝŐĂƚŝŽŶƚŽ ƉĂǇĂŶǇĂŵŽƵŶƚŝŶĐƵƌƌĞĚƚŚĞƌĞƵŶĚĞƌƉƌŝŽƌƚŽƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶŽƌĞǆƉŝƌĂƚŝŽŶ͘ ϭϯ͘/EDE/&/d/KE ϴǆϴƐŚĂůů;ĂͿĚĞĨĞŶĚƵƐƚŽŵĞƌ͕ŝƚƐĨĨŝůŝĂƚĞƐ͕ĂŶĚƚŚĞŝƌƉĞƌƐŽŶŶĞů;ĐŽůůĞĐƚŝǀĞůǇ͕ƚŚĞ͞ƵƐƚŽŵĞƌWĂƌƚŝĞƐ͟ͿĨƌŽŵĂŶĚĂŐĂŝŶƐƚĂŶǇ /ŶĚĞŵŶŝĨŝĞĚ/WůĂŝŵƚŚƌĞĂƚĞŶĞĚŽƌďƌŽƵŐŚƚĂŐĂŝŶƐƚĂŶǇŽĨƚŚĞŵďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂŶĚ;ďͿŝŶĚĞŵŶŝĨǇĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞ ƵƐƚŽŵĞƌWĂƌƚŝĞƐĂŐĂŝŶƐƚĂŶǇĚĂŵĂŐĞƐ͕ĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͕ĚĞĨĞŶƐĞĐŽƐƚƐ͕ĂŶĚŽƚŚĞƌůŽƐƐĞƐ;ĐŽůůĞĐƚŝǀĞůǇ͕͞>ŽƐƐĞƐ͟ͿƉĂǇĂďůĞďǇƚŚĞŵ ƉƵƌƐƵĂŶƚƚŽƚŚĞĂĚũƵĚŝĐĂƚŝŽŶŽƌƐĞƚƚůĞŵĞŶƚŽĨĂŶǇ/ŶĚĞŵŶŝĨŝĞĚ/WůĂŝŵ͘ƵƐƚŽŵĞƌƐŚĂůů;ŝͿĚĞĨĞŶĚϴǆϴ͕ŝƚƐĨĨŝůŝĂƚĞƐ͕ĂŶĚƚŚĞŝƌ ƉĞƌƐŽŶŶĞů;ĐŽůůĞĐƚŝǀĞůǇ͕ƚŚĞ͞ϴǆϴWĂƌƚŝĞƐ͟ͿĨƌŽŵĂŶĚĂŐĂŝŶƐƚĂŶǇĂĐƚŝŽŶ͕ĐůĂŝŵ͕ĚĞŵĂŶĚ͕ƐƵŝƚ͕ŝŶǀĞƐƚŝŐĂƚŝŽŶ͕ŝŶƋƵŝƌǇ͕ŽƌƉƌŽĐĞĞĚŝŶŐ ;ĞĂĐŚĂ͞ůĂŝŵ͟ͿƚŚƌĞĂƚĞŶĞĚŽƌďƌŽƵŐŚƚĂŐĂŝŶƐƚĂŶǇŽĨƚŚĞŵďǇĂŶǇƚŚŝƌĚƉĂƌƚǇƚŚĂƚĂƌŝƐĞƐŽƵƚŽĨŽƌƌĞƐƵůƚƐĨƌŽŵƵƐƚŽŵĞƌ͛Ɛ ŽŶƚĞŶƚŽƌĂŶǇĂĐƚƵĂůŽƌĂůůĞŐĞĚďƌĞĂĐŚŽĨƚŚĞhƐĞWŽůŝĐǇďǇƵƐƚŽŵĞƌĂŶĚ;ŝŝͿŝŶĚĞŵŶŝĨǇĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞϴǆϴWĂƌƚŝĞƐĂŐĂŝŶƐƚ ĂŶǇ>ŽƐƐĞƐƉĂǇĂďůĞďǇĂŶǇŽĨƚŚĞŵƉƵƌƐƵĂŶƚƚŽƚŚĞĂĚũƵĚŝĐĂƚŝŽŶŽƌƐĞƚƚůĞŵĞŶƚŽĨĂŶǇƐƵĐŚůĂŝŵ͘ŶŝŶĚĞŵŶŝĨŝĞĚƉĂƌƚǇƐŚĂůů;ϭͿ ƉƌŽǀŝĚĞƚŚĞŝŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇƉƌŽŵƉƚŶŽƚŝĐĞƵƉŽŶďĞĐŽŵŝŶŐĂǁĂƌĞŽĨƐƵĐŚĂůĂŝŵ͕;ϮͿƉĞƌŵŝƚƚŚĞŝŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇƚŽŚĂǀĞ 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ǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶĂĐƚŽĨ'ŽĚ͖ĨŝƌĞ͕ĨůŽŽĚ͕ŚƵƌƌŝĐĂŶĞ͕ĞĂƌƚŚƋƵĂŬĞ͕ƚƐƵŶĂŵŝ͕ŽƌŽƚŚĞƌŶĂƚƵƌĂůĚŝƐĂƐƚĞƌ͖ƌŝŽƚ͖ǁĂƌ͖ƚĞƌƌŽƌŝƐŵ͖ ŐŽǀĞƌŶŵĞŶƚĂĐƚŝŽŶŽƌŝŶƚĞƌǀĞŶƚŝŽŶ͖ĞŵďĂƌŐŽ͖ƐƚƌŝŬĞ͖ĚĞƐƚƌƵĐƚŝŽŶŽĨĨĂĐŝůŝƚŝĞƐ͖ůĂƚĞŽƌĨĂŝůĞĚĚĞůŝǀĞƌǇďǇƐƵƉƉůŝĞƌƐ͖ƵŶĂǀĂŝůĂďŝůŝƚǇŽĨ ƉŽǁĞƌŽƌ/ŶƚĞƌŶĞƚƐĞƌǀŝĐĞƐ͖ŽƌŶĞƚǁŽƌŬŽƌĐĂƌƌŝĞƌŝƐƐƵĞƐ͕ƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞĨŽƌĞŐŽŝŶŐƐŚĂůůŶŽƚĂƉƉůǇƚŽĞŝƚŚĞƌWĂƌƚǇ͛ƐƉĂǇŵĞŶƚ ŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ͘ ϭϲ͘ϰ͘ŶƚŝƌĞŐƌĞĞŵĞŶƚ͖ŵĞŶĚŵĞŶƚ͘dŚĞĚŽĐƵŵĞŶƚƐĐŽŵƉƌŝƐŝŶŐƚŚĞŐƌĞĞŵĞŶƚĐŽŶƐƚŝƚƵƚĞƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶ ƚŚĞWĂƌƚŝĞƐŝŶƌĞƐƉĞĐƚŽĨƚŚĞKƌĚĞƌĞĚWƌŽĚƵĐƚƐĂŶĚĞǆƉƌĞƐƐůǇƐƵƉĞƌƐĞĚĞĂŶĚƌĞƉůĂĐĞĂŶǇƉƌŝŽƌŽƌĐŽŶƚĞŵƉŽƌĂŶĞŽƵƐĂŐƌĞĞŵĞŶƚƐ͕ ǁƌŝƚƚĞŶŽƌŽƌĂů͕ƌĞůĂƚŝŶŐƚŽƚŚĞƌĞƚŽ͘dŚĞŐƌĞĞŵĞŶƚŵĂǇŶŽƚďĞĂŵĞŶĚĞĚ͕ĞǆĐĞƉƚǀŝĂďŽƚŚWĂƌƚŝĞƐ͛ĞǆĞĐƵƚŝŽŶŽĨĂǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƚŚĞƌĞƚŽŽƌĂƐŽƚŚĞƌǁŝƐĞĞǆƉƌĞƐƐůǇƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞdĞƌŵƐŽƌƚŚĞ^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚ͘/ŶŶŽĞǀĞŶƚƐŚĂůůƚŚĞƚĞƌŵƐŽĨ ĂŶǇƉƵƌĐŚĂƐĞŽƌĚĞƌŽƌƐŝŵŝůĂƌĚŽĐƵŵĞŶƚĚĞůŝǀĞƌĞĚďǇŽƌŽŶďĞŚĂůĨŽĨƵƐƚŽŵĞƌŽƌŝƚƐĨĨŝůŝĂƚĞƚŽϴǆϴŽƌŝƚƐĨĨŝůŝĂƚĞŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚƚŚĞŐƌĞĞŵĞŶƚ;ƚŽǁŚŝĐŚϴǆϴŚĞƌĞďǇŽďũĞĐƚƐͿďĞĐŽŵĞƉĂƌƚŽĨ͕ĂƉƉůǇƚŽ͕ŽƌŵŽĚŝĨǇŽƌƐƵƉĞƌƐĞĚĞƚŚĞŐƌĞĞŵĞŶƚ͛ƐƚĞƌŵƐ͘ ϭϲ͘ϱ͘^ĞǀĞƌĂďŝůŝƚǇ͘/ĨĂŶǇƉƌŽǀŝƐŝŽŶŽĨƚŚĞŐƌĞĞŵĞŶƚŝƐĚĞĞŵĞĚŝůůĞŐĂů͕ŝŶǀĂůŝĚ͕ŽƌƵŶĞŶĨŽƌĐĞĂďůĞ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ƵŶĚĞƌ ĂƉƉůŝĐĂďůĞůĂǁ͕ƚŚĞŐƌĞĞŵĞŶƚƐŚĂůůďĞĚĞĞŵĞĚĂŵĞŶĚĞĚĂƐĂŶĚƚŽƚŚĞĞǆƚĞŶƚŶĞĐĞƐƐĂƌǇƚŽƌĞŶĚĞƌŝƚƐƚĞƌŵƐǀĂůŝĚ͕ĞŶĨŽƌĐĞĂďůĞ ƵŶĚĞƌĂƉƉůŝĐĂďůĞůĂǁ͕ĂŶĚ͕ƚŽƚŚĞŐƌĞĂƚĞƐƚĞǆƚĞŶƚƉŽƐƐŝďůĞ͕ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞWĂƌƚŝĞƐ͛ŽƌŝŐŝŶĂůŝŶƚĞŶƚ͘ ϭϲ͘ϲ͘tĂŝǀĞƌ͘ǆĐĞƉƚƚŽƚŚĞĞǆƚĞŶƚĞǆƉƌĞƐƐůǇŽƚŚĞƌǁŝƐĞƉƌŽǀŝĚĞĚŝŶƚŚĞŐƌĞĞŵĞŶƚ͕;ĂͿĞŝƚŚĞƌWĂƌƚǇ͛ƐĨĂŝůƵƌĞƚŽĞǆĞƌĐŝƐĞŽƌ ĞŶĨŽƌĐĞĂŶǇƌŝŐŚƚŽƌƌĞŵĞĚǇƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚĐŽŶƐƚŝƚƵƚĞĂǁĂŝǀĞƌŽĨƐƵĐŚƌŝŐŚƚŽƌƌĞŵĞĚǇĂŶĚ;ďͿŶŽǁĂŝǀĞƌŽĨĂŶǇ ƌŝŐŚƚŽƌƌĞŵĞĚǇƐŚĂůůďĞĞŶĨŽƌĐĞĂďůĞĂŐĂŝŶƐƚĂWĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚŽƚŚĞƌǁŝƐĞĐŽŶĨŽƌŵŝŶŐǁŝƚŚƚŚĞƐĞdĞƌŵƐ͘ ϴ 3DFNHW3J )D ϭϲ͘ϳ͘ƐƐŝŐŶŵĞŶƚ͖ŝŶĚŝŶŐĨĨĞĐƚ͘dŚĞŐƌĞĞŵĞŶƚƐŚĂůůďĞďŝŶĚŝŶŐƵƉŽŶƚŚĞWĂƌƚŝĞƐ͛ŚĞŝƌƐ͕ƐƵĐĐĞƐƐŽƌƐ͕ĂŶĚƉĞƌŵŝƚƚĞĚ ĂƐƐŝŐŶƐ͘EĞŝƚŚĞƌWĂƌƚǇƐŚĂůůĂƐƐŝŐŶƚŚĞŐƌĞĞŵĞŶƚŽƌĚĞůĞŐĂƚĞŝƚƐŽďůŝŐĂƚŝŽŶƐƚŚĞƌĞƵŶĚĞƌǁŝƚŚŽƵƚƚŚĞŽƚŚĞƌWĂƌƚǇΖƐƉƌŝŽƌ ǁƌŝƚƚĞŶĐŽŶƐĞŶƚ͕ĞǆĐĞƉƚƚŚĂƚŶŽƐƵĐŚĐŽŶƐĞŶƚƐŚĂůůďĞƌĞƋƵŝƌĞĚĨŽƌ;ĂͿĂWĂƌƚǇ͛ƐĂƐƐŝŐŶŵĞŶƚŽĨĂůůŽĨŝƚƐƌŝŐŚƚƐĂŶĚĚĞůĞŐĂƚŝŽŶ ŽĨĂůůŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐĂŶĚͬŽƌĚƵƚŝĞƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂďŽŶĂĨŝĚĞƐĂůĞŽĨƚŚĞĂƐƐŝŐŶŝŶŐWĂƌƚǇŽƌ ƐƵďƐƚĂŶƚŝĂůůǇĂůůŽĨŝƚƐĂƐƐĞƚƐƚŽĂƚŚŝƌĚƉĂƌƚǇ͕ƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞĂƐƐŝŐŶŝŶŐWĂƌƚǇŵƵƐƚƉƌŽǀŝĚĞƚŽƚŚĞŽƚŚĞƌWĂƌƚǇĂƚůĞĂƐƚƚĞŶ ;ϭϬͿĚĂǇƐ͛ƉƌŝŽƌŶŽƚŝĐĞŽĨƐƵĐŚĂŶĂƐƐŝŐŶŵĞŶƚĂŶĚƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶĐŽŶĐĞƌŶŝŶŐƚŚĞƉĂƌƚǇƚŽǁŚŝĐŚƚŚĞ ĨŽƌĞŐŽŝŶŐŝƐĂƐƐŝŐŶĞĚĂƐƚŚĞŽƚŚĞƌWĂƌƚǇŵĂǇƌĞĂƐŽŶĂďůǇƌĞƋƵĞƐƚŽƌ;ďͿϴǆϴƚŽĂƐƐŝŐŶŝƚƐƌŝŐŚƚƐĂŶĚͬŽƌĚĞůĞŐĂƚĞŝƚƐŽďůŝŐĂƚŝŽŶƐ ƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ͕ŝŶƉĂƌƚŽƌŝŶĨƵůů͕ƚŽŽŶĞŽƌŵŽƌĞŽĨŝƚƐĨĨŝůŝĂƚĞƐƵƉŽŶŶŽƚŝĐĞƚŽƵƐƚŽŵĞƌ͘ ϭϲ͘ϴ͘EŽdŚŝƌĚͲWĂƌƚǇĞŶĞĨŝĐŝĂƌŝĞƐ͘ǆĐĞƉƚĂƐĞǆƉƌĞƐƐůǇƐƚĂƚĞĚŝŶƚŚĞŐƌĞĞŵĞŶƚ͕ƚŚĞŐƌĞĞŵĞŶƚŝƐŝŶƚĞŶĚĞĚĨŽƌƚŚĞƐŽůĞ ďĞŶĞĨŝƚŽĨ͕ĂŶĚƐŚĂůůŽŶůǇďĞĞŶĨŽƌĐĞĂďůĞďǇ͕ĞĂĐŚWĂƌƚǇĂŶĚŝƚƐƉĞƌŵŝƚƚĞĚĂƐƐŝŐŶƐ͘tŝƚŚŽƵƚůŝŵŝƚŝŶŐƚŚĞĨŽƌĞŐŽŝŶŐ͕ϴǆϴƐŚĂůůŚĂǀĞ ŶŽŽďůŝŐĂƚŝŽŶŽƌůŝĂďŝůŝƚǇŚĞƌĞƵŶĚĞƌƚŽĂŶǇŐĞŶƚŽƌŽƚŚĞƌĞŶĚƵƐĞƌŽĨKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐ͘ ϭϲ͘ϵ͘ŽĐƵŵĞŶƚǆĞĐƵƚŝŽŶ͘hƐĞŽĨŽĐƵ^ŝŐŶ͕ŽƌĂŶǇŽƚŚĞƌǁŝĚĞůǇͲƵƐĞĚŵĞƚŚŽĚŽĨǀĞƌŝĨŝĂďůĞĞůĞĐƚƌŽŶŝĐƐŝŐŶĂƚƵƌĞĂŶĚ ĚĞůŝǀĞƌǇ͕ƐŚĂůůďĞĂǀĂůŝĚŵĞƚŚŽĚŽĨĞǆĞĐƵƚŝŽŶĂŶĚͬŽƌĚĞůŝǀĞƌǇŽĨĂůůĚŽĐƵŵĞŶƚƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ͘ ϭϲ͘ϭϬ͘/ŶƚĞƌƉƌĞƚĂƚŝŽŶ͘dŚĞŚĞĂĚŝŶŐƐŝŶƚŚĞĚŽĐƵŵĞŶƚƐĐŽŵƉƌŝƐŝŶŐƚŚĞŐƌĞĞŵĞŶƚĂƌĞƐŽůĞůǇĨŽƌƚŚĞĐŽŶǀĞŶŝĞŶĐĞŽĨ ƌĞĨĞƌĞŶĐĞĂŶĚƐŚĂůůŶŽƚďĞŐŝǀĞŶĂŶǇĞĨĨĞĐƚŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽƌŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨƚŚĞƌĞŽĨ͘ZĞĨĞƌĞŶĐĞƐŝŶƚŚĞŐƌĞĞŵĞŶƚƚŽĂ ǁĞďĂĚĚƌĞƐƐ;hZ>ͿƐŚĂůůďĞĚĞĞŵĞĚƚŽŝŶĐůƵĚĞ;ĂͿĂŶǇƐƵďƉĂŐĞƐƚŚĂƚĂƌĞĂĐĐĞƐƐŝďůĞƚŚƌŽƵŐŚŽŶĞŽƌĂƐĞƌŝĞƐŽĨĐůĞĂƌůǇͲůĂďĞůĞĚ ŚǇƉĞƌůŝŶŬƐĂŶĚ;ďͿƐƵĐŚƐƵĐĐĞƐƐŽƌƐŝƚĞƐĂƐŵĂǇďĞĚĞƐŝŐŶĂƚĞĚďǇƚŚĞŽǁŶĞƌŽƌĐŽŶƚƌŽůůĞƌŽĨƚŚĞǁĞďƐŝƚĞ͘ ϭϲ͘ϭϭ͘^ƵƌǀŝǀĂů͘^ĞĐƚŝŽŶƐϮ͘ϯ͘ϭ;ƵƐƚŽŵĞƌ^ƵďƐĐƌŝƉƚŝŽŶŽŵŵŝƚŵĞŶƚͿ͕ϭϯ;/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͿ͕ϭϰ;ǆĐůƵƐŝŽŶƐĂŶĚ>ŝŵŝƚĂƚŝŽŶƐŽĨ >ŝĂďŝůŝƚǇͿ͕ĂŶĚϭϱ;ŝƐƉƵƚĞZĞƐŽůƵƚŝŽŶͿƐŚĂůůƐƵƌǀŝǀĞƚĞƌŵŝŶĂƚŝŽŶŽƌĞǆƉŝƌĂƚŝŽŶŽĨƚŚĞŐƌĞĞŵĞŶƚ͕ĂƐƐŚĂůůĂŶǇŽƚŚĞƌƉƌŽǀŝƐŝŽŶƚŚĂƚ ďǇŝƚƐŶĂƚƵƌĞŝƐŝŶƚĞŶĚĞĚƚŽƐŽƐƵƌǀŝǀĞ͘ ϭϲ͘ϭϮ͘ĞĨŝŶŝƚŝŽŶƐ͘tŚĞŶƵƐĞĚŝŶƚŚĞƐĞdĞƌŵƐ͕ƚŚĞĨŽůůŽǁŝŶŐĐĂƉŝƚĂůŝǌĞĚƚĞƌŵƐƐŚĂůůŚĂǀĞƚŚĞĨŽůůŽǁŝŶŐŵĞĂŶŝŶŐƐ͗ ͞ĨĨŝůŝĂƚĞ͟ʹĂŶĞŶƚŝƚǇƚŚĂƚĚŝƌĞĐƚůǇͬŝŶĚŝƌĞĐƚůǇĐŽŶƚƌŽůƐŽƌŝƐĐŽŶƚƌŽůůĞĚďǇŽƌƵŶĚĞƌĐŽŵŵŽŶĐŽŶƚƌŽůǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞƉĞƌƐŽŶ͘ ͞ŐĞŶƚ͟ʹĂŶŝŶĚŝǀŝĚƵĂůĂƵƚŚŽƌŝǌĞĚƚŽƵƐĞ͕ĂĚŵŝŶŝƐƚĞƌ͕ŽƌƉĞƌĨŽƌŵĂĐƚŝŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐƚŚƌŽƵŐŚ ƵƐƚŽŵĞƌ͛ƐĂĐĐŽƵŶƚ;ĂƐĂŶĂŐĞŶƚ͕ĂĚŵŝŶŝƐƚƌĂƚŽƌ͕ŽƌŽƚŚĞƌǁŝƐĞͿ͕ĂƐŝĚĞŶƚŝĨŝĞĚƚŚƌŽƵŐŚĂƵŶŝƋƵĞůŽŐͲŝŶ͘ ͞ŐƌĞĞŵĞŶƚ͟ʹƚŚĞĂŐƌĞĞŵĞŶƚĞŶƚĞƌĞĚŝŶƚŽďĞƚǁĞĞŶƵƐƚŽŵĞƌĂŶĚϴǆϴŝŶƌĞƐƉĞĐƚŽĨƚŚĞKƌĚĞƌĞĚWƌŽĚƵĐƚƐ͕ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚ ůŝŵŝƚĂƚŝŽŶƚŚĞƐĞdĞƌŵƐ͕ƚŚĞ^ĞƌǀŝĐĞŐƌĞĞŵĞŶƚ͕ĂŶĚĂůůKƌĚĞƌƐ͕^KtƐ͕ĂŶĚŽƚŚĞƌĚŽĐƵŵĞŶƚƐĞŶƚĞƌĞĚŝŶƚŽďǇŽƌŽŶďĞŚĂůĨŽĨ ƵƐƚŽŵĞƌĂŶĚϴǆϴŽƌŝƚƐĨĨŝůŝĂƚĞǁŝƚŚƌĞƐƉĞĐƚƚŽƵƐƚŽŵĞƌ͛ƐĂĐƋƵŝƐŝƚŝŽŶĂŶĚͬŽƌƵƐĞŽĨƚŚĞKƌĚĞƌĞĚWƌŽĚƵĐƚƐ͘ ͞ŽǀĞƌĞĚůĂŝŵ͟ʹĂůĂŝŵƚŚĂƚŽŶĞWĂƌƚǇŝŶƚĞŶĚƐƚŽĂƐƐĞƌƚĂŐĂŝŶƐƚƚŚĞŽƚŚĞƌWĂƌƚǇ͕ŝƚƐĨĨŝůŝĂƚĞƐ͕ŽƌĂŶǇŽĨƚŚĞŝƌƉĞƌƐŽŶŶĞů͕ŽƚŚĞƌ ƚŚĂŶ;ĂͿůĂŝŵƐƐĞĞŬŝŶŐŝŶũƵŶĐƚŝǀĞƌĞůŝĞĨ͕;ďͿůĂŝŵƐŽĨϴǆϴŽƌŝƚƐĨĨŝůŝĂƚĞƌĞůĂƚŝŶŐƚŽŝůůĞĚŵŽƵŶƚƐŶŽƚĚŝƐƉƵƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ^ĞĐƚŝŽŶϳ͘Ϯ;ŝƐƉƵƚĞĚŵŽƵŶƚƐͿ͕ĂŶĚ;ĐͿůĂŝŵƐƚŚĂƚƚŚĞŽƚŚĞƌWĂƌƚǇŝƐĞǆƉƌĞƐƐůǇƌĞƋƵŝƌĞĚƚŽĚĞĨĞŶĚƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚ͘ ͞ŽĐƵŵĞŶƚĂƚŝŽŶ͟ʹƵƐĞƌŵĂŶƵĂůƐĂŶĚƚĞĐŚŶŝĐĂůĚŽĐƵŵĞŶƚĂƚŝŽŶƌĞůĂƚĞĚƚŽƚŚĞ^ĂĂ^^ĞƌǀŝĐĞƐƉŽƐƚĞĚƚŽǁǁǁ͘ϴǆϴ͘ĐŽŵŽƌŽƚŚĞƌǁŝƐĞ ŵĂĚĞĂǀĂŝůĂďůĞďǇϴǆϴƚŽŝƚƐĐƵƐƚŽŵĞƌƐĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ďƵƚĞǆĐůƵĚŝŶŐŵĂƌŬĞƚŝŶŐŽƌƉƌŽŵŽƚŝŽŶĂůŵĂƚĞƌŝĂůƐ͘ ͞/ŶĚĞŵŶŝĨŝĞĚ/WůĂŝŵ͟ʹĂůĂŝŵĂůůĞŐŝŶŐƚŚĂƚƚŚĞ^ĂĂ^^ĞƌǀŝĐĞƐ͕ĂƐƵƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŐƌĞĞŵĞŶƚĂŶĚƚŚĞ ŽĐƵŵĞŶƚĂƚŝŽŶ͕ŝŶĨƌŝŶŐĞĂŶǇƉĂƚĞŶƚ͕ƚƌĂĚĞŵĂƌŬ͕ŽƌĐŽƉǇƌŝŐŚƚĞŶĨŽƌĐĞĂďůĞƵŶĚĞƌƚŚĞůĂǁƐŽĨƚŚĞWƌŝŵĂƌǇDĂƌŬĞƚŽƌƚŚĞƵƌŽƉĞĂŶ ŽŵŵƵŶŝƚǇ͕ĞǆĐůƵĚŝŶŐĂŶǇůĂŝŵďĂƐĞĚƵƉŽŶ͗;ĂͿƚŚĞĐŽŵďŝŶĂƚŝŽŶ͕ŽƉĞƌĂƚŝŽŶ͕ŽƌƵƐĞŽĨ^ĂĂ^^ĞƌǀŝĐĞƐǁŝƚŚĂŶǇŶŽŶͲϴǆϴƉƌŽĚƵĐƚ͕ ĚĞǀŝĐĞ͕ƐĞƌǀŝĐĞ͕ŽƌƐŽĨƚǁĂƌĞ͖;ďͿƚŚĞĂůƚĞƌĂƚŝŽŶŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨ^ĂĂ^^ĞƌǀŝĐĞƐŽƚŚĞƌƚŚĂŶďǇϴǆϴŽƌŝƚƐĂƵƚŚŽƌŝǌĞĚƐƵďĐŽŶƚƌĂĐƚŽƌƐ͖ Žƌ;ĐͿϴǆϴ͛ƐŽƌŝƚƐWĂƌƚŶĞƌ͛ƐĂůƚĞƌĂƚŝŽŶŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨ^ĂĂ^^ĞƌǀŝĐĞƐĂƚƵƐƚŽŵĞƌ͛ƐƌĞƋƵĞƐƚ͘ ͞WĂƌƚǇ͟ʹĞĂĐŚŽĨϴǆϴĂŶĚƵƐƚŽŵĞƌ;ƚŽŐĞƚŚĞƌ͕ƚŚĞ͞WĂƌƚŝĞƐ͟Ϳ͘ ͞ZĞŐƵůĂƚŽƌǇ&ĞĞƐ͟ʹƌĞĐƵƌƌŝŶŐĨĞĞƐ;ǁŚŝĐŚĂƌĞŶŽƚ^ĞƌǀŝĐĞ&ĞĞƐ͕dĂǆĞƐ͕ŽƌŐŽǀĞƌŶŵĞŶƚͲŝŵƉŽƐĞĚĐŚĂƌŐĞƐͿ͕ŝŶĐůƵĚŝŶŐŵĞƌŐĞŶĐǇ ^ĞƌǀŝĐĞƐ&ĞĞƐ;Žƌϵϭϭ^ĞƌǀŝĐĞ&ĞĞŝŶƚŚĞh^ͿĂŶĚZĞŐƵůĂƚŽƌǇZĞĐŽǀĞƌǇ&ĞĞƐ;ŝŶƚŚĞh^Ϳ͕ĐŚĂƌŐĞĚďǇϴǆϴŽƌŝƚƐĨĨŝůŝĂƚĞĨŽƌĞĂĐŚ ŶƵŵďĞƌ;ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶƚŽůůĨƌĞĞĂŶĚǀŝƌƚƵĂůŶƵŵďĞƌƐͿĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚĞůĞƉŚŽŶǇKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐ͕ƚŽŽĨĨƐĞƚ ĐŽƐƚƐŝŶĐƵƌƌĞĚďǇϴǆϴĂŶĚŝƚƐĨĨŝůŝĂƚĞƐŝŶĐŽŵƉůǇŝŶŐǁŝƚŚŝŶƋƵŝƌŝĞƐĨƌŽŵ͕ĂŶĚŽďůŝŐĂƚŝŽŶƐŝŵƉŽƐĞĚŽŶƚŚĞŵďǇ͕ƌĞŐƵůĂƚŽƌǇďŽĚŝĞƐ ĂŶĚͬŽƌŐŽǀĞƌŶŵĞŶƚĂůĂŐĞŶĐŝĞƐ͘ 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ƵƐĞƐŽƌĨĞĂƚƵƌĞƐŽĨƚŚĞ^ĂĂ^^ĞƌǀŝĐĞƐ͕ƐƵĐŚĂƐĂƌŐĞͲDŽŶŝƚŽƌͲtŚŝƐƉĞƌĂŶĚYƵĂůŝƚǇDĂŶĂŐĞŵĞŶƚ;ǁŚŝĐŚĂůůŽǁƐĐĞƌƚĂŝŶŐĞŶƚƐ ƚŽŵŽŶŝƚŽƌŽƚŚĞƌŐĞŶƚƐ͛ĐŽŵƉƵƚĞƌĂĐƚŝǀŝƚŝĞƐͿ͘ ϴǆϴƐŚĂůůŚĂǀĞŶŽŽďůŝŐĂƚŝŽŶƚŽƉƌŽǀŝĚĞůĞŐĂůĂĚǀŝĐĞŽĨĂŶǇŬŝŶĚƚŽƚŚĞƵƐƚŽŵĞƌWĂƌƚŝĞƐ͕ĂŶĚƚŚĞƵƐƚŽŵĞƌWĂƌƚŝĞƐƐŚĂůůŶŽƚ ƚƌĞĂƚŽƌƌĞůǇŽŶĂŶǇƐƚĂƚĞŵĞŶƚƐ͕ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ŽƌŵĂƚĞƌŝĂůƐŽĨƚŚĞϴǆϴWĂƌƚŝĞƐĂƐƐƵĐŚ͘ /s͘hƐĞKƵƚƐŝĚĞŽĨWƌŝŵĂƌǇDĂƌŬĞƚ͘ĞĐĂƵƐĞƚŚĞ^ĂĂ^^ĞƌǀŝĐĞƐĂƌĞŶŽŵĂĚŝĐ͕ƚŚĞǇĂƌĞƉŽƚĞŶƚŝĂůůǇĂĐĐĞƐƐŝďůĞĨƌŽŵǀŝƌƚƵĂůůǇĂŶǇǁŚĞƌĞŝŶ ƚŚĞǁŽƌůĚ͕ŝŶĐůƵĚŝŶŐŽƵƚƐŝĚĞŽĨƚŚĞWƌŝŵĂƌǇDĂƌŬĞƚ͘tŚŝůĞƚŚĞdĞƌŵƐĚŽŶŽƚƉƌŽŚŝďŝƚƵƐƚŽŵĞƌhƐĞŽƵƚƐŝĚĞŽĨƚŚĞWƌŝŵĂƌǇDĂƌŬĞƚ͕ ϴǆϴŵĂŬĞƐŶŽƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ǁĂƌƌĂŶƚŝĞƐ͕ŽƌŐƵĂƌĂŶƚĞĞƐƌĞŐĂƌĚŝŶŐƚŚĞĐŽŵƉůŝĂŶĐĞŽĨƵƐƚŽŵĞƌhƐĞǁŝƚŚƉƌŽŚŝďŝƚŝŽŶƐŽƌ ƌĞƐƚƌŝĐƚŝŽŶƐŝŵƉŽƐĞĚďǇ>Ăǁ͕ĐĂƌƌŝĞƌƐ͕/^WƐ͕ĞƚĐ͘ŽƵƚƐŝĚĞŽĨƚŚĞWƌŝŵĂƌǇDĂƌŬĞƚ;͞&ŽƌĞŝŐŶZĞƋƵŝƌĞŵĞŶƚƐ͟Ϳ͕ĂŶĚƵƐƚŽŵĞƌƐŚĂůůďĞ ƐŽůĞůǇƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐĐŽŵƉůŝĂŶĐĞƚŚĞƌĞǁŝƚŚ͕ƌĞŐĂƌĚůĞƐƐŽĨĂŶǇĐŽŶƐĞŶƚďǇϴǆϴŽƌŝƚƐĨĨŝůŝĂƚĞƚŽƐƵĐŚƵƐƚŽŵĞƌhƐĞ͘ s͘WŽůŝĐǇZĞƋƵŝƌĞŵĞŶƚƐ͘ƵƐƚŽŵĞƌĂŐƌĞĞƐ͕ƌĞƉƌĞƐĞŶƚƐ͕ǁĂƌƌĂŶƚƐ͕ĂŶĚĐŽǀĞŶĂŶƚƐƚŚĞĨŽůůŽǁŝŶŐ͗ >ĞŐĂůĂŶĚKƚŚĞƌŽŵƉůŝĂŶĐĞʹůůƵƐƚŽŵĞƌhƐĞ͕ĂŶĚĂůůƵƐĞĂŶĚƚƌĂŶƐƉŽƌƚŽĨKƌĚĞƌĞĚƋƵŝƉŵĞŶƚďǇŽƌŽŶďĞŚĂůĨŽĨƵƐƚŽŵĞƌ ;ĂͿ ŽƌŝƚƐĨĨŝůŝĂƚĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞ^ĂĂ^^ĞƌǀŝĐĞƐ͕ƐŚĂůůĐŽŵƉůǇǁŝƚŚĂůůĂƉƉůŝĐĂďůĞZĞƋƵŝƌĞŵĞŶƚƐ͘ ŽŶƐĞŶƚƐ͕ƚĐ͘ʹƵƐƚŽŵĞƌŚĂƐŽďƚĂŝŶĞĚĂůůĐŽŶƐĞŶƚƐ͕ůŝĐĞŶƐĞƐ͕ƌŝŐŚƚƐ͕ĂƵƚŚŽƌŝǌĂƚŝŽŶƐ͕ĂŶĚͬŽƌƉĞƌŵŝƚƐĂŶĚŚĂƐƉƌŽǀŝĚĞĚĂůů ;ďͿ ĚŝƐĐůŽƐƵƌĞƐĂŶĚŶŽƚŝĐĞƐͬŶŽƚŝĨŝĐĂƚŝŽŶƐƌĞƋƵŝƌĞĚ;ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶƵŶĚĞƌDĂƌŬĞƚŝŶŐ͕ĂƚĂWƌŽƚĞĐƚŝŽŶ͕ŽƌDŽŶŝƚŽƌŝŶŐ >ĂǁƐͿĨŽƌŽƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƵƐƚŽŵĞƌhƐĞŽƌƌĞůĂƚĞĚƚŽZĞŐŝƐƚƌĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶŽƌĂŶǇƉĞƌƐŽŶĂůĚĂƚĂƚŚĞƌĞŝŶ͘ ŽͲEŽƚͲĂůů>ŝƐƚʹdŽƚŚĞĞǆƚĞŶƚƚŚĂƚƵƐƚŽŵĞƌhƐĞŵŝŐŚƚŝŶǀŽůǀĞƚĞůĞŵĂƌŬĞƚŝŶŐ͕ƐŽůŝĐŝƚĂƚŝŽŶ͕ŽƌƐƵďƐƚĂŶƚŝĂůŽƵƚďŽƵŶĚĂĐƚŝǀŝƚŝĞƐ͕ ;ĐͿ ƵƐƚŽŵĞƌƐŚĂůůŵĂŝŶƚĂŝŶĂŶĚĞŶĨŽƌĐĞĂŶĂĐĐƵƌĂƚĞ͕ĐŽŵƉƌĞŚĞŶƐŝǀĞ͕ĂŶĚƵƉͲƚŽͲĚĂƚĞŝŶƚĞƌŶĂů͞ĚŽŶŽƚĐĂůů͟ůŝƐƚƚŽƉƌĞǀĞŶƚ ĐŽŶƚĂĐƚŝŶŐƉĂƌƚŝĞƐƚŚĂƚĚŽŶŽƚǁŝƐŚƚŽƌĞĐĞŝǀĞĨƵƌƚŚĞƌĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͘ EŽZĞƐĂůĞʹKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐƐŚĂůůŶŽƚďĞƐŽůĚͬƌĞƐŽůĚ͕ůĞĂƐĞĚͬƐƵďůĞĂƐĞĚ͕ůŝĐĞŶƐĞĚͬƐƵďůŝĐĞŶƐĞĚ͕ŽƌŽƚŚĞƌǁŝƐĞŵĂĚĞ ;ĚͿ ĂǀĂŝůĂďůĞƚŽĂŶǇƚŚŝƌĚƉĂƌƚǇ;ŽƚŚĞƌƚŚĂŶĂŶĨĨŝůŝĂƚĞŽĨƵƐƚŽŵĞƌͿ͕ĂŶĚĂůůŽƌĚĞƌƐƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚĂŶĚĂůůƵƐƚŽŵĞƌhƐĞƐŚĂůů ďĞĨŽƌƵƐƚŽŵĞƌ͛ƐŽƌŝƚƐĨĨŝůŝĂƚĞ͛ƐŽǁŶŝŶƚĞƌŶĂůďƵƐŝŶĞƐƐƵƐĞ͘ ŽĐƵŵĞŶƚĂƚŝŽŶʹůůƵƐƚŽŵĞƌhƐĞƐŚĂůůďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞŽĐƵŵĞŶƚĂƚŝŽŶ͘ ;ĞͿ KƌĚĞƌŽĨƋƵŝƉŵĞŶƚʹƵƐƚŽŵĞƌƐŚĂůůŽƌĚĞƌKƌĚĞƌĞĚƋƵŝƉŵĞŶƚƐŽůĞůǇĨŽƌƵƐĞǁŝƚŚKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐ͘ ;ĨͿ EŽƌŝďĞƌǇʹEĞŝƚŚĞƌƚŚĞƵƐƚŽŵĞƌWĂƌƚŝĞƐŶŽƌĂŶǇŐĞŶƚŽƌŽƚŚĞƌƵƐĞƌŚĂƐƌĞĐĞŝǀĞĚŽƌďĞĞŶŽĨĨĞƌĞĚĂŶǇďƌŝďĞ͕ŬŝĐŬďĂĐŬ͕ŽƌŝůůĞŐĂů ;ŐͿ ŽƌŝŵƉƌŽƉĞƌƉĂǇŵĞŶƚ͕ŐŝĨƚ͕ŽƌƚŚŝŶŐŽĨǀĂůƵĞĨƌŽŵĂŶǇϴǆϴWĂƌƚǇŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞŐƌĞĞŵĞŶƚŽƌKƌĚĞƌĞĚWƌŽĚƵĐƚƐ͘ KƚŚĞƌWƌŽŚŝďŝƚĞĚhƐĞƐĂŶĚĐƚŝǀŝƚŝĞƐʹ/ŶŶŽĞǀĞŶƚƐŚĂůůƵƐƚŽŵĞƌhƐĞĐŽŶƐŝƐƚŽĨ͕ŝŶǀŽůǀĞ͕ƉƌŽŵŽƚĞ͕ŽƌĨĂĐŝůŝƚĂƚĞĂŶǇ͗ ;ŚͿ ;ŝͿĨƌĂƵĚƵůĞŶƚ͕ĐƌŝŵŝŶĂů͕ĚĞĨĂŵĂƚŽƌǇ͕ŚĂƌĂƐƐŝŶŐ͕ŚĂƌŵĨƵů͕ŵŝƐůĞĂĚŝŶŐ͕ƚŚƌĞĂƚĞŶŝŶŐ͕ƵŶůĂǁĨƵů͕ŽƌƚŽƌƚŝŽƵƐĐŽŶĚƵĐƚŽƌĂĐƚŝǀŝƚǇ͖ ϭϭ 3DFNHW3J )D ;ŝŝͿƚƌĂŶƐŵŝƐƐŝŽŶŽĨŵŝƐůĞĂĚŝŶŐŽƌŝŶĂĐĐƵƌĂƚĞĐĂůůĞƌ/ŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚƚŚĞŝŶƚĞŶƚƚŽĚĞĨƌĂƵĚ͕ĐĂƵƐĞŚĂƌŵ͕ŽƌǁƌŽŶŐĨƵůůǇ ŽďƚĂŝŶĂŶǇƚŚŝŶŐŽĨǀĂůƵĞ͖ ;ŝŝŝͿƚƌĂŶƐŵŝƐƐŝŽŶ͕ƐƚŽƌĂŐĞ͕ŽƌĚŝƐƚƌŝďƵƚŝŽŶŽĨĂŶǇǀŝƌƵƐ͕ƚŝŵĞďŽŵď͕dƌŽũĂŶŚŽƌƐĞ͕ǁŽƌŵ͕ŵĂůǁĂƌĞ͕ƐƉǇǁĂƌĞ͕ĂĚǁĂƌĞ͕ĐĂŶĐĞů ďŽƚ͕ŽƌƐŝŵŝůĂƌƉƌŽŐƌĂŵƐ͕ŽƌĨŝůĞƐ͕ĐŽĚĞ͕ŽƌŽƚŚĞƌŵĂƚĞƌŝĂůƐĐŽŶƚĂŝŶŝŶŐĂŶǇŽĨƚŚĞĨŽƌĞŐŽŝŶŐ͖ ;ŝǀͿďƌĞĂĐŚ͕ǀŝŽůĂƚŝŽŶ͕ŽƌŝŶĨƌŝŶŐĞŵĞŶƚŽĨĂŶǇŝŶƚĞůůĞĐƚƵĂůƉƌŽƉĞƌƚǇ͕ƉƌŝǀĂĐǇ͕ŽƌŽƚŚĞƌƌŝŐŚƚʹŽƌŵŝƐĂƉƉƌŽƉƌŝĂƚŝŽŶŽĨƚŚĞ ƉƌŽƉĞƌƚǇʹŽĨĂŶǇƉĂƌƚǇ͖ ;ǀͿĂĐĐĞƐƐŝŶŐŽƌƵƐĞŽĨ^ĂĂ^^ĞƌǀŝĐĞƐŝŶŽƌĨƌŽŵĂh^ͲĞŵďĂƌŐŽĞĚĐŽƵŶƚƌǇ͖Žƌ ;ǀŝͿĂŶǇĐŽŶĚƵĐƚŽƌĂĐƚŝǀŝƚǇƚŚĂƚŵŝŐŚƚĐĂƵƐĞϴǆϴŽƌĂŶǇŽĨŝƚƐĨĨŝůŝĂƚĞƐŽƌWĂƌƚŶĞƌƐƚŽǀŝŽůĂƚĞĂŶǇ>Ăǁ͘ ǆƉŽƌƚŽŶƚƌŽůʹƚŶŽƉŽŝŶƚĚƵƌŝŶŐƚŚĞĨĨĞĐƚŝǀĞWĞƌŝŽĚŽƌĂŶǇƐƵďƐĞƋƵĞŶƚƉĞƌŝŽĚĚƵƌŝŶŐǁŚŝĐŚƵƐƚŽŵĞƌ͕ŝƚƐĨĨŝůŝĂƚĞƐ͕ĂŶĚͬŽƌ ;ŝͿ ƚŚĞŐĞŶƚƐŽƌŽƚŚĞƌƵƐĞƌƐĐŽŶƚŝŶƵĞƚŽŚĂǀĞĂĐĐĞƐƐƚŽKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐ;ƚŚĞ͞ĐĐĞƐƐWĞƌŝŽĚ͟ͿǁŝůůĂŶǇŽĨƚŚĞĨŽƌĞŐŽŝŶŐ ƉĂƌƚŝĞƐďĞŶĂŵĞĚŽŶĂŶǇh^ŐŽǀĞƌŶŵĞŶƚĚĞŶŝĞĚͲƉĂƌƚǇůŝƐƚ͘ ZĞĂƐŽŶĂďůĞƵƐŝŶĞƐƐhƐĞʹKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐƐŚĂůůďĞƵƐĞĚƐŽůĞůǇĨŽƌƌĞĂƐŽŶĂďůĞďƵƐŝŶĞƐƐƵƐĞ͕ǁŚŝĐŚ͕ŝŶƚŚĞĐĂƐĞŽĨ ;ũͿ ͞ƵŶůŝŵŝƚĞĚ͕͟͞ĚŝƚŝŽŶƐ͕͟Žƌy^ĞƌŝĞƐƉůĂŶƐ͕ĨĞĂƚƵƌĞƐ͕ŽƌĨƵŶĐƚŝŽŶĂůŝƚŝĞƐ͕ƐŚĂůůďĞůŝŵŝƚĞĚƚŽƚŚƌĞĞƚŝŵĞƐ;ϯyͿƚŚĞĂǀĞƌĂŐĞŵŽŶƚŚůǇ ƵƐĂŐĞŽĨƚŚĞƐĂŵĞ^ĂĂ^^ĞƌǀŝĐĞƐďǇĂůůĐƵƐƚŽŵĞƌƐŽĨϴǆϴ͕/ŶĐ͘ ĐĐƵƌĂƚĞZĞŐŝƐƚƌĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶʹůůZĞŐŝƐƚƌĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶƐŚĂůůďĞĂĐĐƵƌĂƚĞ͕ĐƵƌƌĞŶƚ͕ĂŶĚĐŽŵƉůĞƚĞĂƚĂůůƚŝŵĞƐĚƵƌŝŶŐ ;ŬͿ ƚŚĞĐĐĞƐƐWĞƌŝŽĚ͘ƵƐƚŽŵĞƌƐŚĂůůƉƌŽŵƉƚůǇƵƉĚĂƚĞZĞŐŝƐƚƌĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶĂƐŶĞĞĚĞĚƚŽĞŶƐƵƌĞŝƚƐĂĐĐƵƌĂĐǇĂŶĚƐŚĂůů ƉƌŽŵƉƚůǇǀĞƌŝĨǇĂŶǇZĞŐŝƐƚƌĂƚŝŽŶ/ŶĨŽƌŵĂƚŝŽŶƵƉŽŶƌĞĂƐŽŶĂďůĞƌĞƋƵĞƐƚĨƌŽŵϴǆϴ͘ hƐĞtŝƚŚ^ƵƉƉŽƌƚĞĚĞǀŝĐĞƐʹůůƵƐƚŽŵĞƌhƐĞ;ŽƚŚĞƌƚŚĂŶǀŝĂĂŶϴǆϴĚĞƐŬƚŽƉŽƌŵŽďŝůĞĂƉƉůŝĐĂƚŝŽŶͿƐŚĂůůďĞǀŝĂĞƋƵŝƉŵĞŶƚ ;ůͿ ƚŚĞŶͲůŝƐƚĞĚĂƐƐƵƉƉŽƌƚĞĚďǇϴǆϴĂƚǁǁǁ͘ϴǆϴ͘ĐŽŵͬŽŵŵƵŶŝĐĂƚŝŽŶƐ^ŽůƵƚŝŽŶƐͬƋƵŝƉŵĞŶƚ;͞^ƵƉƉŽƌƚĞĚĞǀŝĐĞƐ͟ͿŽƌĂƉƉƌŽǀĞĚŝŶ ĂĚǀĂŶĐĞŝŶǁƌŝƚŝŶŐďǇϴǆϴĨŽƌƐƵĐŚƵƐƚŽŵĞƌhƐĞ͘ZĞŐĂƌĚůĞƐƐŽĨĂŶǇƐƵĐŚĂƉƉƌŽǀĂů͕ϴǆϴƐŚĂůůŚĂǀĞŶŽůŝĂďŝůŝƚǇĨŽƌŽƌŽďůŝŐĂƚŝŽŶ ƚŽƐƵƉƉŽƌƚƐƵĐŚƵƐƚŽŵĞƌhƐĞǁŝƚŚͬƚŚƌŽƵŐŚĂŶǇĞƋƵŝƉŵĞŶƚƚŚĂƚŝƐŶŽƚĂ^ƵƉƉŽƌƚĞĚĞǀŝĐĞ͘ ^ĞĐƵƌŝƚǇŽĨKƌĚĞƌĞĚWƌŽĚƵĐƚƐʹƵƐƚŽŵĞƌƐŚĂůů͕ĚƵƌŝŶŐƚŚĞĞŶƚŝƌĞĐĐĞƐƐWĞƌŝŽĚ͕;ŝͿŝŵƉůĞŵĞŶƚĂŶĚŵĂŝŶƚĂŝŶƌĞĂƐŽŶĂďůĞĂŶĚ ;ŵͿ ĂƉƉƌŽƉƌŝĂƚĞŵĞĂƐƵƌĞƐĂŶĚƐĂĨĞŐƵĂƌĚƐƚŽƉƌĞǀĞŶƚƵŶĂƵƚŚŽƌŝǌĞĚĂĐĐĞƐƐƚŽĂŶĚͬŽƌƵƐĞŽĨƚŚĞKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐĂŶĚͬŽƌƚŚĞ ƌĞůĂƚĞĚĂĐĐŽƵŶƚ;ƐͿ͖ĚĂƚĂƚƌĂŶƐŵŝƚƚĞĚ͕ƌĞĐĞŝǀĞĚ͕ŽƌƐƚŽƌĞĚƚŚĞƌĞŝŶŽƌƚŚĞƌĞƚŚƌŽƵŐŚ͖ĂŶĚĂŶǇĞƋƵŝƉŵĞŶƚƵƐĞĚƚŽĂĐĐĞƐƐĂŶǇŽĨ ƚŚĞĨŽƌĞŐŽŝŶŐĂŶĚ;ŝŝͿƉƌŽŵƉƚůǇƉƌŽǀŝĚĞŶŽƚŝĐĞƚŽϴǆϴŽĨĂŶǇƐƵĐŚƵŶĂƵƚŚŽƌŝǌĞĚĂĐĐĞƐƐŽƌƵƐĞŽƌŽƚŚĞƌďƌĞĂĐŚŽĨĂŶǇŽĨƚŚĞ ĨŽƌĞŐŽŝŶŐ;ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶĂŶǇůŽƐƐŽƌƚŚĞĨƚŽĨƐƵĐŚĞƋƵŝƉŵĞŶƚͿĂŶĚƉƌŽǀŝĚĞƐƵĐŚĐŽŽƉĞƌĂƚŝŽŶĂƐϴǆϴŵŝŐŚƚ ƌĞĂƐŽŶĂďůǇƌĞƋƵĞƐƚƚŽĂĚĚƌĞƐƐŽƌƉƌĞǀĞŶƚĂŶǇƐƵĐŚŝŶĐŝĚĞŶƚ͘tŝƚŚŽƵƚůŝŵŝƚŝŶŐƚŚĞĨŽƌĞŐŽŝŶŐ͕ƵƐƚŽŵĞƌƐŚĂůů;ϭͿŝŶƐƚƌƵĐƚ͕ƚƌĂŝŶ͕ ĂŶĚŽǀĞƌƐĞĞĂůůŐĞŶƚƐĂƐŶĞĐĞƐƐĂƌǇƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞǇ;ǇǇͿĐŚŽŽƐĞƌŽďƵƐƚƉĂƐƐǁŽƌĚĐŽŵďŝŶĂƚŝŽŶƐ͕ĐŚĂŶŐĞƚŚĞŝƌƉĂƐƐǁŽƌĚƐ ƌĞŐƵůĂƌůǇ͕ĂŶĚŶŽƚĚŝƐĐůŽƐĞƚŚĞŝƌƉĂƐƐǁŽƌĚƐĞǆĐĞƉƚƚŽĂƵƚŚŽƌŝǌĞĚϴǆϴƐƵƉƉŽƌƚĂŐĞŶƚƐĂŶĚ;ǌǌͿƉĞƌĨŽƌŵĂ͞ůŽŐŽĨĨͬ͟ĞǆŝƚĨƌŽŵƐƵĐŚ ĂĐĐŽƵŶƚƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƐĞƐƐŝŽŶŽĨĂĐĐĞƐƐƚŚĞƌĞƚŽĂŶĚ;ϮͿŶŽƚŵŽĚŝĨǇƚŚĞĂĨŽƌĞŵĞŶƚŝŽŶĞĚĞƋƵŝƉŵĞŶƚŝŶĂŶǇŵĂŶŶĞƌ ǁŝƚŚŽƵƚϴǆϴ͛ƐƉƌŝŽƌĞǆƉƌĞƐƐǁƌŝƚƚĞŶĐŽŶƐĞŶƚ͘ ^ĂĂ^^ĞƌǀŝĐĞƐhƉĚĂƚĞƐĂŶĚ^ĞĐƵƌŝƚǇʹdŚƌŽƵŐŚŽƵƚƚŚĞĐĐĞƐƐWĞƌŝŽĚ͕ƵƐƚŽŵĞƌ͕ŝƚƐĨĨŝůŝĂƚĞƐĂĐĐĞƐƐŝŶŐŽƌƵƐŝŶŐKƌĚĞƌĞĚ^ĂĂ^ ;ŶͿ ^ĞƌǀŝĐĞƐ͕ĂŶĚƚŚĞŐĞŶƚƐĂŶĚŽƚŚĞƌƵƐĞƌƐƐŚĂůů;ŝͿƉƌŽŵƉƚůǇŝŶƐƚĂůůĂůůƵƉŐƌĂĚĞƐ͕ďƵŐĨŝǆĞƐ͕ƉĂƚĐŚĞƐ͕ĂŶĚŽƚŚĞƌĐŽƌƌĞĐƚŝŽŶƐ ƌĞůĂƚŝŶŐƚŽƚŚĞ^ĂĂ^^ĞƌǀŝĐĞƐŵĂĚĞĂǀĂŝůĂďůĞďǇŽƌŽŶďĞŚĂůĨŽĨϴǆϴŽƌŝƚƐĨĨŝůŝĂƚĞƐŽƌWĂƌƚŶĞƌƐĂŶĚ;ŝŝͿŶŽƚƚĂŬĞĂŶǇĂĐƚŝŽŶŽƌ ŽŵŝƐƐŝŽŶƚŚĂƚŵŝŐŚƚƌĞĂƐŽŶĂďůǇďĞĞǆƉĞĐƚĞĚƚŽ;ͿĚŝƐƌƵƉƚŽƌĐŽŵƉƌŽŵŝƐĞƚŚĞŝŶƚĞŐƌŝƚǇŽƌƐĞĐƵƌŝƚǇŽĨĂŶǇƐĞƌǀŝĐĞƐ͕ƉůĂƚĨŽƌŵƐ͕ ŽƌŶĞƚǁŽƌŬƐŽĨϴǆϴŽƌŝƚƐĨĨŝůŝĂƚĞƐŽƌWĂƌƚŶĞƌƐ͕;ͿĐĂƵƐĞŵĂƚĞƌŝĂůĚĂŵĂŐĞƚŽϴǆϴ͕ŝƚƐĨĨŝůŝĂƚĞƐŽƌWĂƌƚŶĞƌƐ͕ŽƌĂŶǇĐƵƐƚŽŵĞƌŽĨ ϴǆϴ͕ŝƚƐĨĨŝůŝĂƚĞƐ͕ŽƌĂŶǇƚŚĞŝƌWĂƌƚŶĞƌƐ͕Žƌ;ͿĐŽŵƉƌŽŵŝƐĞƚŚĞƉƌŝǀĂĐǇŽĨĂŶǇƐƵĐŚĐƵƐƚŽŵĞƌ͘ ŵĞƌŐĞŶĐǇ^ĞƌǀŝĐĞƐĂŶĚ,ŝŐŚͲZŝƐŬƉƉůŝĐĂƚŝŽŶƐʹd,KZZ^ĂĂ^^Zs/^^,>>EKdʹEh^dKDZhEZ^dE^ ;ŽͿ d,dd,^ĂĂ^^Zs/^ZEKd/EdEdKʹh^&KZ͕EzWW>/d/KE;^h,^ZZz/E'E>ZD^/'E>Ϳ t,Z&/>hZ͕/EdZZhWd/KE͕KZD>&hEd/KEDzZ^KE>zEd//WddKZ^h>d/EK/>z/E:hZz͕>K^^K& >/&͕KZ^h^dEd/>D'dKWZKWZdz͘ƵƐƚŽŵĞƌƐŚĂůůŝŶĨŽƌŵŐĞŶƚƐĂŶĚŽƚŚĞƌƵƐĞƌƐĂŶĚŬĞĞƉƚŚĞŵĂƉƉƌŝƐĞĚŽĨĂŶǇ ůŝŵŝƚĂƚŝŽŶƐŽĨƚŚĞ^ĂĂ^^ĞƌǀŝĐĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽĐŽŶƚĂĐƚŝŶŐĞŵĞƌŐĞŶĐǇƐĞƌǀŝĐĞƐŽĨǁŚŝĐŚϴǆϴŽƌŝƚƐĨĨŝůŝĂƚĞƐŽƌWĂƌƚŶĞƌƐŶŽƚŝĨǇ ƵƐƚŽŵĞƌ͘ WƌŽŚŝďŝƚĞĚĐƚƐʹƵƌŝŶŐƚŚĞĐĐĞƐƐWĞƌŝŽĚ͕ŶĞŝƚŚĞƌƚŚĞƵƐƚŽŵĞƌWĂƌƚŝĞƐŶŽƌƚŚĞŐĞŶƚƐŽƌŽƚŚĞƌƵƐĞƌƐƐŚĂůů͗ ;ƉͿ ;ŝͿŝŶƐƉĞĐƚ͕ƉŽƐƐĞƐƐ͕ƵƐĞ͕ĐŽƉǇ͕ƌĞǀĞƌƐĞĞŶŐŝŶĞĞƌŽƌĂƚƚĞŵƉƚƚŽĚŝƐĐŽǀĞƌƚŚĞƐŽƵƌĐĞĐŽĚĞŽĨĂŶǇƉƌŽŐƌĂŵŽƌŽƚŚĞƌĐŽŵƉŽŶĞŶƚ ŽĨƚŚĞ^ĂĂ^^ĞƌǀŝĐĞƐŽƌϴǆϴWůĂƚĨŽƌŵŽƌĂŶǇƐŽƵƌĐĞĐŽĚĞƵƐĞĚƚŽĐƌĞĂƚĞĂŶǇƐƵĐŚƉƌŽŐƌĂŵŽƌŽƚŚĞƌĐŽŵƉŽŶĞŶƚ͕ĞǆĐĞƉƚĂƐ ĞǆƉƌĞƐƐůǇƉĞƌŵŝƚƚĞĚďǇĂƉƉůŝĐĂďůĞůĂǁ͕ŽƌĞǆƉůŽŝƚ^ĂĂ^^ĞƌǀŝĐĞƐ͛ƵŶĚŽĐƵŵĞŶƚĞĚĨĞĂƚƵƌĞƐ͖ ;ŝŝͿĂƚƚĞŵƉƚƚŽƐĐĂŶĨŽƌƉĞŶĞƚƌĂƚŝŽŶŽƌƚŚŝƌĚͲƉĂƌƚǇƐĞĐƵƌŝƚǇĂƐƐĞƐƐŵĞŶƚƉƵƌƉŽƐĞƐ͕ŚĂĐŬ͕ŽƌŐĂŝŶƵŶĂƵƚŚŽƌŝǌĞĚĂĐĐĞƐƐƚŽĂŶǇ ŶĞƚǁŽƌŬ͕ĞŶǀŝƌŽŶŵĞŶƚ͕ŽƌƐǇƐƚĞŵŽĨϴǆϴ͕ŝƚƐĨĨŝůŝĂƚĞƐŽƌWĂƌƚŶĞƌƐ͕ŽƌĂŶǇĐƵƐƚŽŵĞƌŽĨϴǆϴ͕ŝƚƐĨĨŝůŝĂƚĞƐ͕ŽƌƚŚĞŝƌWĂƌƚŶĞƌƐ͖ ϭϮ 3DFNHW3J )D ;ŝŝŝͿĂĐĐĞƐƐŽƌƵƐĞĂŶǇ^ĂĂ^^ĞƌǀŝĐĞƐŝŶŽƌĚĞƌƚŽďƵŝůĚĂĐŽŵƉĞƚŝƚŝǀĞƉƌŽĚƵĐƚŽƌĨŽƌƚŚĞƉƌŝŵĂƌǇƉƵƌƉŽƐĞŽĨŵŽŶŝƚŽƌŝŶŐŝƚƐ ĂǀĂŝůĂďŝůŝƚǇ͕ƉĞƌĨŽƌŵĂŶĐĞ͕ŽƌĨƵŶĐƚŝŽŶĂůŝƚǇ͕ŽƌĨŽƌďĞŶĐŚŵĂƌŬŝŶŐŽƌĐŽŵƉĞƚŝƚŝǀĞƉƵƌƉŽƐĞƐ͖Žƌ ;ŝǀͿƚƌƵŶŬŽƌĨŽƌǁĂƌĚĂŶǇĞǆƚĞŶƐŝŽŶƐŽƌŶƵŵďĞƌƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ^ĂĂ^^ĞƌǀŝĐĞƐƚŽĂƉƌŝǀĂƚĞďƌĂŶĐŚĞǆĐŚĂŶŐĞŽƌŬĞǇ ƐǇƐƚĞŵŽƌƚŽŽƚŚĞƌŶƵŵďĞƌƐƚŚĂƚĐĂŶƉƌŽĐĞƐƐŵƵůƚŝƉůĞĐĂůůƐƐŝŵƵůƚĂŶĞŽƵƐůǇ͘ KǀĞƌƐŝŐŚƚŽĨŐĞŶƚƐʹƵƐƚŽŵĞƌƐŚĂůů;ŝͿĞŶƐƵƌĞƚŚĂƚĞĂĐŚhĂĂ^KƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐĞǆƚĞŶƐŝŽŶ;ŽƚŚĞƌƚŚĂŶŽŶĨĞƌĞŶĐĞ ;ƋͿ ǆƚĞŶƐŝŽŶƐͿĂŶĚĞĂĐŚůŽŐͲŝŶĂƐƐŽĐŝĂƚĞĚƚŚĞƌĞǁŝƚŚŝƐĂĐĐĞƐƐĞĚĂŶĚƵƐĞĚƐŽůĞůǇďǇƚŚĞŐĞŶƚƚŚĞŶͲĂƐƐŝŐŶĞĚƚŽƐƵĐŚĞǆƚĞŶƐŝŽŶ͕;ŝŝͿ ŶŽƚĚĞƐŝŐŶĂƚĞĂƐĂŶŐĞŶƚĂŶǇŝŶĚŝǀŝĚƵĂůŽǀĞƌǁŚŽŵƵƐƚŽŵĞƌůĂĐŬƐƐƵĨĨŝĐŝĞŶƚĐŽŶƚƌŽů;ĐŽŶƚƌĂĐƚƵĂůŽƌŽƚŚĞƌǁŝƐĞͿƚŽĞŶƐƵƌĞ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐWŽůŝĐǇŽƌĂůůŽǁĂŶǇƐƵĐŚŝŶĚŝǀŝĚƵĂůƚŽĂĐĐĞƐƐŽƌƵƐĞKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐ͕ĂŶĚ;ŝŝŝͿĚƵƌŝŶŐƚŚĞĐĐĞƐƐ WĞƌŝŽĚ͕ŝŶƐƚƌƵĐƚ͕ŽǀĞƌƐĞĞ͕ĂŶĚƚƌĂŝŶƚŚĞŐĞŶƚƐ͕ŽƚŚĞƌƵƐĞƌƐ͕ĂŶĚŝƚƐǁŽƌŬĨŽƌĐĞĂŶĚWĂƌƚŶĞƌƐĂƐŶĞĐĞƐƐĂƌǇƚŽĞŶƐƵƌĞƵƐƚŽŵĞƌ͛Ɛ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐWŽůŝĐǇ͘ ϭϯ 3DFNHW3J )D ^// ,h> ^> Zs/s>'ZDEd ;hĂĂ^ͬĂĂ^Ϳ sĞƌƐŝŽŶ͗&ĞďƌƵĂƌǇϮϲ͕ϮϬϮϭ ^>Ͳϭ͘^Zs/s/>/>/dz ^>Ͳϭ͘ϭ͘^ĞƌǀŝĐĞǀĂŝůĂďŝůŝƚǇŽŵŵŝƚŵĞŶƚĂŶĚZĞŵĞĚŝĞƐ͘ϴǆϴĐŽŵŵŝƚƐƚŽĂĐŚŝĞǀŝŶŐŵŽŶƚŚůǇƵƉƚŝŵĞ;ĞǆĐůƵĚŝŶŐWůĂŶŶĞĚ ŽǁŶƚŝŵĞͿŽĨϵϵ͘ϵϵйĨŽƌϴǆϴy^ĞƌŝĞƐKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐ;ƚŚĞ͞KƌĚĞƌĞĚy^ĞƌŝĞƐ^ĞƌǀŝĐĞƐ͟Ϳ͘ƵƐƚŽŵĞƌƐŚĂůůŚĂǀĞƚŚĞ ĨŽůůŽǁŝŶŐƌĞŵĞĚŝĞƐĨŽƌϴǆϴ͛ƐĨĂŝůƵƌĞƚŽŵĞĞƚƐƵĐŚĐŽŵŵŝƚŵĞŶƚ͗ ;ĂͿ^ĞƌǀŝĐĞƌĞĚŝƚZĞŵĞĚǇʹ/ŶƚŚĞĞǀĞŶƚŽĨhŶƉůĂŶŶĞĚŽǁŶƚŝŵĞŝŶĞǆĐĞƐƐŽĨ͘ϬϭйŝŶĂĐĂůĞŶĚĂƌŵŽŶƚŚ;͞ǆĐĞƐƐhŶƉůĂŶŶĞĚ ŽǁŶƚŝŵĞ͟Ϳ͕ƵƐƚŽŵĞƌƐŚĂůůďĞĞůŝŐŝďůĞƚŽƌĞĐĞŝǀĞĂĐƌĞĚŝƚŝŶƚŚĞĂŵŽƵŶƚŽĨƚĞŶƉĞƌĐĞŶƚ;ϭϬйͿŽĨƚŚĞƚŽƚĂůĂŵŽƵŶƚŽĨ ^ĞƌǀŝĐĞ&ĞĞƐŝŶĐƵƌƌĞĚďǇƵƐƚŽŵĞƌĨŽƌƚŚĞKƌĚĞƌĞĚy^ĞƌŝĞƐ^ĞƌǀŝĐĞƐĨŽƌƐƵĐŚĐĂůĞŶĚĂƌŵŽŶƚŚ͕ƉƌŽǀŝĚĞĚƚŚĂƚƐƵĐŚ ƉĞƌĐĞŶƚĂŐĞƐŚĂůůŝŶĐƌĞĂƐĞƚŽƚŚŝƌƚǇƉĞƌĐĞŶƚ;ϯϬйͿŝŶƚŚĞĞǀĞŶƚƚŚĂƚƐƵĐŚǆĐĞƐƐDŽŶƚŚůǇhŶƉůĂŶŶĞĚŽǁŶƚŝŵĞĞǆĐĞĞĚƐ ϭ͘ϬйŝŶƐƵĐŚĐĂůĞŶĚĂƌŵŽŶƚŚ͘ ;ďͿdĞƌŵŝŶĂƚŝŽŶZĞŵĞĚǇʹ/ŶƚŚĞĞǀĞŶƚŽĨǆĐĞƐƐhŶƉůĂŶŶĞĚŽǁŶƚŝŵĞĨŽƌƚŚƌĞĞ;ϯͿŽƌŵŽƌĞĐĂůĞŶĚĂƌŵŽŶƚŚƐŝŶĂŶǇƉĞƌŝŽĚ ŽĨƐŝǆ;ϲͿŽƌĨĞǁĞƌĐŽŶƐĞĐƵƚŝǀĞĐĂůĞŶĚĂƌŵŽŶƚŚƐ͕ϴǆϴƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚƚŽŚĂǀĞŵĂƚĞƌŝĂůůǇďƌĞĂĐŚĞĚƚŚĞŐƌĞĞŵĞŶƚĨŽƌ ƉƵƌƉŽƐĞƐŽĨƵƐƚŽŵĞƌ͛ƐƌŝŐŚƚƚŚĞƌĞƵŶĚĞƌƚŽƚĞƌŵŝŶĂƚĞƐƵĐŚŐƌĞĞŵĞŶƚĨŽƌϴǆϴ͛ƐŵĂƚĞƌŝĂůďƌĞĂĐŚƚŚĞƌĞŽĨ͕ƉƌŽǀŝĚĞĚƚŚĂƚ ƐƵĐŚƵƐƚŽŵĞƌƚĞƌŵŝŶĂƚŝŽŶƌŝŐŚƚƐŚĂůů;ŝͿŶŽƚďĞƐƵďũĞĐƚƚŽĂŶǇϴǆϴƌŝŐŚƚƚŽĐƵƌĞƐƵĐŚďƌĞĂĐŚĂŶĚ;ŝŝͿĨŽƌĞǀĞƌĂŶĚ ŝƌƌĞǀŽĐĂďůǇůĂƉƐĞ͕ĞǆƉŝƌĞ͕ĂŶĚďĞǁĂŝǀĞĚŝĨŶŽƚĞǆĞƌĐŝƐĞĚďǇƵƐƚŽŵĞƌŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞƚĞƌŵƐŽĨƚŚĞ ŐƌĞĞŵĞŶƚǁŝƚŚŝŶĨŝǀĞ;ϱͿĚĂǇƐĨŽůůŽǁŝŶŐƚŚĞĞŶĚŽĨƚŚĞĐĂůĞŶĚĂƌŵŽŶƚŚĚƵƌŝŶŐǁŚŝĐŚƚĞƌŵŝŶĂƚŝŽŶƌŝŐŚƚĂƌŽƐĞ͘ /ŶĂĚĚŝƚŝŽŶ͕ŝŶƚŚĞĞǀĞŶƚŽĨǆĐĞƐƐhŶƉůĂŶŶĞĚŽǁŶƚŝŵĞĂŶĚƵƐƚŽŵĞƌ͛ƐŽƉĞŶŝŶŐŽĨĂƌĞůĂƚĞĚƚŝĐŬĞƚǁŝƚŚϴǆϴ^ƵƉƉŽƌƚ͕ϴǆϴƐŚĂůů͕ ƵƉŽŶƵƐƚŽŵĞƌ͛ƐƌĞƋƵĞƐƚ͕ƉƌŽǀŝĚĞƵƐƚŽŵĞƌǁŝƚŚĂŶĂůǇƚŝĐƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƐƵĐŚŝŶĐŝĚĞŶƚ͘ ^>Ͳϭ͘Ϯ͘^ĐŚĞĚƵůŝŶŐŽĨWůĂŶŶĞĚŽǁŶƚŝŵĞ͘ϴǆϴƐŚĂůů;ĂͿƵƐĞďĞƐƚĞĨĨŽƌƚƐƚŽƐĐŚĞĚƵůĞĂŶĚĐŽŶĚƵĐƚWůĂŶŶĞĚŽǁŶƚŝŵĞƐŽůĞůǇ ďĞƚǁĞĞŶƚŚĞŚŽƵƌƐŽĨϭϭ͗ϬϬWDĂŶĚϱ͗ϬϬDh^ͲĞŶƚƌĂůƚŝŵĞ͕;ďͿŶŽƚŝĨǇƵƐƚŽŵĞƌĂƚůĞĂƐƚƐĞǀĞŶƚǇͲƚǁŽ;ϳϮͿŚŽƵƌƐŝŶĂĚǀĂŶĐĞ ŽĨĂŶǇŝŶƐƚĂŶĐĞŽĨWůĂŶŶĞĚŽǁŶƚŝŵĞƚŚĂƚϴǆϴĂŶƚŝĐŝƉĂƚĞƐǁŝůůŶŽƚůĂƐƚůŽŶŐĞƌƚŚĂŶŽŶĞ;ϭͿŚŽƵƌ͕ĂŶĚ;ĐͿŶŽƚŝĨǇƵƐƚŽŵĞƌĂƚ ůĞĂƐƚĨŝǀĞ;ϱͿĚĂǇƐŝŶĂĚǀĂŶĐĞŽĨĂŶǇŝŶƐƚĂŶĐĞŽĨWůĂŶŶĞĚŽǁŶƚŝŵĞƚŚĂƚϴǆϴĂŶƚŝĐŝƉĂƚĞƐǁŝůůůĂƐƚůŽŶŐĞƌƚŚĂŶŽŶĞ;ϭͿŚŽƵƌ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ŝŶŶŽĞǀĞŶƚƐŚĂůůƚŚĞƚŽƚĂůĂŵŽƵŶƚŽĨWůĂŶŶĞĚŽǁŶƚŝŵĞŝŶĂŶǇĐĂůĞŶĚĂƌŵŽŶƚŚĞǆĐĞĞĚƚǁŽ;ϮͿŚŽƵƌƐ͘ ^>ͲϮ͘>>Yh>/dz ^ƵďũĞĐƚƚŽƵƐƚŽŵĞƌƐĂƚŝƐĨǇŝŶŐƚŚĞĨŽůůŽǁŝŶŐĐŽŶĚŝƚŝŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞŶĞƚǁŽƌŬ;ƐͿƚŚƌŽƵŐŚǁŚŝĐŚƚŚĞKƌĚĞƌĞĚy^ĞƌŝĞƐ ^ĞƌǀŝĐĞƐĂƌĞĂĐĐĞƐƐĞĚ͕KƌĚĞƌĞĚy^ĞƌŝĞƐ^ĞƌǀŝĐĞƐƐŚĂůůƉƌŽǀŝĚĞĂĐĂůůƋƵĂůŝƚǇŽĨĂƚůĞĂƐƚϯ͘ϱDK^ĞƋƵŝǀĂůĞŶƚƐĐŽƌĞĨŽƌĂƚůĞĂƐƚ ŶŝŶĞƚǇͲĞŝŐŚƚƉĞƌĐĞŶƚ;ϵϴйͿŽĨƚŚĞĐĂůůƐƚŚĞƌĞƚŚƌŽƵŐŚŝŶĂĐĂůĞŶĚĂƌŵŽŶƚŚ͗ ;ĂͿϴǆϴŚĂƐĐŽŶĚƵĐƚĞĚĂŶĞƚǁŽƌŬƌĞǀŝĞǁŽĨƚŚĞƵƐƚŽŵĞƌ͛Ɛ>EĂŶĚtEĂŶĚƵƐƚŽŵĞƌŚĂƐŝŵƉůĞŵĞŶƚĞĚĂůůŽĨϴǆϴ͛Ɛ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂƌŝƐŝŶŐƚŚĞƌĞĨƌŽŵ͖ ;ďͿƚŚĞtEŝŶĐůƵĚĞƐĞŝƚŚĞƌĂŶϴǆϴͲĂƉƉƌŽǀĞĚDW>^ĐŽŶŶĞĐƚŝŽŶĐŽŵďŝŶĞĚǁŝƚŚĂƐĞƉĂƌĂƚĞ/ĐŽŶŶĞĐƚŝŽŶĨƌŽŵƚǁŽ ŝŶĚĞƉĞŶĚĞŶƚǀĞŶĚŽƌƐŽƌƚǁŽ/ĐŽŶŶĞĐƚŝŽŶƐĨƌŽŵĚŝĨĨĞƌĞŶƚŝŶĚĞƉĞŶĚĞŶƚǀĞŶĚŽƌƐ͖ĂŶĚ ;ĐͿƵƉŽŶϴǆϴ͛ƐƌĞƋƵĞƐƚĨŽůůŽǁŝŶŐĂŶǇƐĞƌǀŝĐĞŝƐƐƵĞ͕ƵƐƚŽŵĞƌĨƵůůǇĐŽŽƉĞƌĂƚĞƐǁŝƚŚϴǆϴƚŽĚŝĂŐŶŽƐĞĂŶĚĂĚĚƌĞƐƐƐƵĐŚŝƐƐƵĞ͘ tŚĞƌĞƚŚĞĨŽƌĞŐŽŝŶŐĐŽŵŵŝƚŵĞŶƚŝƐŶŽƚŵĞƚĨŽƌƚŚƌĞĞ;ϯͿƐĞƉĂƌĂƚĞĐĂůĞŶĚĂƌŵŽŶƚŚƐǁŝƚŚŝŶĂŶǇƉĞƌŝŽĚŽĨƐŝǆ;ϲͿŽƌĨĞǁĞƌ ĐŽŶƐĞĐƵƚŝǀĞĐĂůĞŶĚĂƌŵŽŶƚŚƐ͕ϴǆϴǁŝůůďĞĐŽŶƐŝĚĞƌĞĚƚŽŚĂǀĞŵĂƚĞƌŝĂůůǇďƌĞĂĐŚĞĚƚŚĞŐƌĞĞŵĞŶƚĨŽƌƉƵƌƉŽƐĞƐŽĨƵƐƚŽŵĞƌ͛Ɛ ƌŝŐŚƚƚŚĞƌĞƵŶĚĞƌƚŽƚĞƌŵŝŶĂƚĞƐƵĐŚŐƌĞĞŵĞŶƚĨŽƌϴǆϴ͛ƐŵĂƚĞƌŝĂůďƌĞĂĐŚƚŚĞƌĞŽĨ͕ƉƌŽǀŝĚĞĚƚŚĂƚƐƵĐŚƵƐƚŽŵĞƌƚĞƌŵŝŶĂƚŝŽŶ ƌŝŐŚƚƐŚĂůů;ĂͿŶŽƚďĞƐƵďũĞĐƚƚŽĂŶǇϴǆϴƌŝŐŚƚƚŽĐƵƌĞƐƵĐŚďƌĞĂĐŚĂŶĚ;ďͿĨŽƌĞǀĞƌĂŶĚŝƌƌĞǀŽĐĂďůǇůĂƉƐĞ͕ĞǆƉŝƌĞ͕ĂŶĚďĞǁĂŝǀĞĚŝĨ ŶŽƚĞǆĞƌĐŝƐĞĚďǇƵƐƚŽŵĞƌŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞƚĞƌŵƐŽĨƚŚĞŐƌĞĞŵĞŶƚǁŝƚŚŝŶĨŝǀĞ;ϱͿĚĂǇƐĨŽůůŽǁŝŶŐƚŚĞĞŶĚŽĨ ƚŚĞĐĂůĞŶĚĂƌŵŽŶƚŚĚƵƌŝŶŐǁŚŝĐŚƵƐƚŽŵĞƌƚĞƌŵŝŶĂƚŝŽŶƌŝŐŚƚĂƌŽƐĞ͘ ^>Ͳϯ͘ZYh/ZDEd^ /ŶŽƌĚĞƌƚŽƌĞĐĞŝǀĞĂŶǇĐƌĞĚŝƚƚŚĂƚƵƐƚŽŵĞƌŝƐĞůŝŐŝďůĞƚŽƌĞĐĞŝǀĞƵŶĚĞƌƚŚŝƐ^ĞƌǀŝĐĞ>ĞǀĞůŐƌĞĞŵĞŶƚ;ƚŚŝƐ͞^>͟Ϳ͕ƵƐƚŽŵĞƌ ŵƵƐƚ;ĂͿŽƉĞŶĂƚŝĐŬĞƚǁŝƚŚϴǆϴ^ƵƉƉŽƌƚƌĞŐĂƌĚŝŶŐƚŚĞŝƐƐƵĞŐŝǀŝŶŐƌŝƐĞƚŽƐƵĐŚĐƌĞĚŝƚǁŝƚŚŝŶƚǁŽ;ϮͿďƵƐŝŶĞƐƐĚĂǇƐŽĨƚŚĞ ŽĐĐƵƌƌĞŶĐĞŽĨƐƵĐŚŝƐƐƵĞĂŶĚ;ďͿƌĞƋƵĞƐƚƐƵĐŚĐƌĞĚŝƚǀŝĂŶŽƚŝĐĞƚŽϴǆϴǁŝƚŚŝŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐŽĨƚŚĞĚĂƚĞƚŚĂƚƵƐƚŽŵĞƌĨŝƌƐƚ ďĞĐŽŵĞƐĞůŝŐŝďůĞƚŽƌĞĐĞŝǀĞƐƵĐŚĐƌĞĚŝƚ͘ƵƐƚŽŵĞƌ͛ƐĨĂŝůƵƌĞƚŽĚŽďŽƚŚŽĨƚŚĞĨŽƌĞŐŽŝŶŐǁŝƚŚŝŶƐƵĐŚƚŝŵĞĨƌĂŵĞƐƐŚĂůůƌĞƐƵůƚŝŶ ƚŚĞǁĂŝǀĞƌĂŶĚĨŽƌĨĞŝƚƵƌĞŽĨƚŚĞĐƌĞĚŝƚĂƚŝƐƐƵĞ͘ĂĐŚĐƌĞĚŝƚƚŽďĞƉƌŽǀŝĚĞĚƚŽƵƐƚŽŵĞƌƵŶĚĞƌƚŚŝƐ^>ƐŚĂůůďĞĂƉƉůŝĞĚƚŽ ϭϰ 3DFNHW3J )D ƵƐƚŽŵĞƌ͛ƐďŝůůĨŽƌƚŚĞŵŽŶƚŚĨŽůůŽǁŝŶŐƚŚĞĐĂůĞŶĚĂƌŵŽŶƚŚĚƵƌŝŶŐǁŚŝĐŚƵƐƚŽŵĞƌƌĞƋƵĞƐƚƐƐƵĐŚĐƌĞĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞŝŵŵĞĚŝĂƚĞůǇƉƌĞĐĞĚŝŶŐƐĞŶƚĞŶĐĞ͘ϴǆϴ͛ƐƌĞĐŽƌĚƐĂŶĚĚĂƚĂƐŚĂůůďĞƚŚĞďĂƐŝƐĨŽƌĂůůĐĂůĐƵůĂƚŝŽŶƐĂŶĚĚĞƚĞƌŵŝŶĂƚŝŽŶƐƵŶĚĞƌŽƌ ƌĞůĂƚŝŶŐƚŽƚŚŝƐ^>͘dŚŝƐ^>ƐĞƚƐĨŽƌƚŚƵƐƚŽŵĞƌ͛ƐƐŽůĞĂŶĚĞǆĐůƵƐŝǀĞƌĞŵĞĚŝĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶǇhŶƉůĂŶŶĞĚŽǁŶƚŝŵĞŽƌ ŽƵƚĂŐĞƐ͕ĚŽǁŶƚŝŵĞ͕ŝŶƚĞƌƌƵƉƚŝŽŶƐ͕ŽƌĐĂůůƋƵĂůŝƚǇŝƐƐƵĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞKƌĚĞƌĞĚ^ĂĂ^^ĞƌǀŝĐĞƐŽƌĂŶǇĨĂŝůƵƌĞďǇϴǆϴƚŽŵĞĞƚ ƚŚĞƐĞƌǀŝĐĞůĞǀĞůƐŽƌĐŽŵŵŝƚŵĞŶƚƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐ^>͘ ^>Ͳϰ͘&/E/d/KE^ ĂƉŝƚĂůŝǌĞĚƚĞƌŵƐƵƐĞĚĂŶĚŶŽƚĚĞĨŝŶĞĚŝŶƚŚŝƐ^>ƐŚĂůůŚĂǀĞƚŚĞŵĞĂŶŝŶŐƐĂƐƐŝŐŶĞĚƚŽƚŚĞŵŝŶƚŚĞŐƌĞĞŵĞŶƚƚŽǁŚŝĐŚƚŚŝƐ ^>ĂƉƉůŝĞƐ͘tŚĞŶƵƐĞĚŝŶƚŚŝƐ^>͕ƚŚĞĨŽůůŽǁŝŶŐĐĂƉŝƚĂůŝǌĞĚƚĞƌŵƐƐŚĂůůŚĂǀĞƚŚĞĨŽůůŽǁŝŶŐŵĞĂŶŝŶŐƐ͗ ͞WůĂŶŶĞĚŽǁŶƚŝŵĞ͟ŵĞĂŶƐĂŶǇƵŶĂǀĂŝůĂďŝůŝƚǇ͕ŝŶƚĞƌƌƵƉƚŝŽŶ͕ŝŶŽƉĞƌĂďŝůŝƚǇ͕ŽƌĚŽǁŶƚŝŵĞŽĨƚŚĞKƌĚĞƌĞĚy^ĞƌŝĞƐ^ĞƌǀŝĐĞƐ ƌĞƐƵůƚŝŶŐĨƌŽŵŽƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƐĐŚĞĚƵůĞĚŽƌƉůĂŶŶĞĚŵĂŝŶƚĞŶĂŶĐĞ͕ĐĂƌĞ͕ƵƉŐƌĂĚĞƐ͕ƉĂƚĐŚĞƐ͕ŽƌƐŝŵŝůĂƌǁŽƌŬƌĞůĂƚŝŶŐƚŽ 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RǆƚĞŶƐŝŽŶƐͬƉŚŽŶĞůĞǀĞů;ƚŚŝƐŽƉƚŝŽŶĐŽƵůĚƌĞƐƵůƚŝŶĚĞŐƌĂĚĞĚĐĂůůƋƵĂůŝƚǇĨŽƌŝŶďŽƵŶĚ ĐĂůůƐͿ ^ǇƐƚĞŵZĞĂĚŝŶĞƐƐ WĞƌĨŽƌŵƚĞĐŚŶŝĐĂůĂŶĚĨƵŶĐƚŝŽŶĂůǀĂůŝĚĂƚŝŽŶŽĨϴǆϴ^ŽůƵƚŝŽŶǁŝƚŚŐƵŝĚĂŶĐĞĨƌŽŵϴǆϴ͘ x ZĞŐƌĞƐƐŝŽŶĂŶĚĞŶĚͲƵƐĞƌƚĞƐƚŝŶŐƉůĂŶƐĂŶĚĞǆĞĐƵƚŝŽŶŽĨƚŚŽƐĞƉůĂŶƐ͘ x ŶĚhƐĞƌ ǀĂůƵĂƚĞĂŶĚƉƵƌĐŚĂƐĞĂƉƉƌŽƉƌŝĂƚĞŽƌĂŶǇĚĞƐŝƌĞĚŶĚhƐĞƌŽĨĨĞƌŝŶŐƐĨƌŽŵϴǆϴĐĂĚĞŵǇ͘ x ZĞĂĚŝŶĞƐƐ ŶƐƵƌĞƚŚĂƚŶĚhƐĞƌƐĂƌĞƌĞĂĚǇƚŽƵƐĞϴǆϴƐǇƐƚĞŵƉƌŝŽƌƚŽ'ŽͲ>ŝǀĞ͘ x ŶƐƵƌĞƚŚĂƚŶĚhƐĞƌƐ͛ƵƐĞĐĂƐĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŚĞϴǆϴ^ŽůƵƚŝŽŶ͘ x WŽƌƚŝŶŐͬEƵŵďĞƌ WƌŽǀŝĚĞůŝƐƚŽĨŶƵŵďĞƌƐƚŽďĞƉŽƌƚĞĚ;EdWƐͿ͘ x dƌĂŶƐĨĞƌ WƌŽǀŝĚĞƌĞƋƵŝƌĞĚŝŶĨŽƌŵĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƵƐƚŽŵĞƌ^ĞƌǀŝĐĞZĞĐŽƌĚƐ;^ZƐͿĂŶĚ>ĞƚƚĞƌƐŽĨ x ŐƌĞĞŵĞŶƚƐ;>KƐͿ͕ŽƉǇŽĨŝůů;KͿŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘ DĂŶĂŐĞ;ĞŶŐĂŐĞͬĚŝƐĞŶŐĂŐĞͿĐĂůůĨŽƌǁĂƌĚŝŶŐ;ŝĨĐĂůůĨŽƌǁĂƌĚŝŶŐŝƐƵƐĞĚǁŝƚŚŝŶƚŚĞƉŽƌƚƐƚƌĂƚĞŐǇͿ͘ x WĞƌĨŽƌŵƉŽƐƚƉŽƌƚƚĞƐƚŝŶŐƚŽǀĞƌŝĨǇƵƐƚŽŵĞƌŽǁŶĞĚŶƵŵďĞƌƐĂƌĞƌŝŶŐŝŶŐƚŚƌŽƵŐŚĂƐĞǆƉĞĐƚĞĚŽŶ x ƚŚĞϴǆϴƉůĂƚĨŽƌŵ ϲ͘ƵƐŝŶĞƐƐ,ŽƵƌƐ ƵƐŝŶĞƐƐ,ŽƵƌƐ͗^ĞƌǀŝĐĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚ͕ĂŶĚϴǆϴƉĞƌƐŽŶŶĞůƐŚĂůůďĞĂǀĂŝůĂďůĞƚŽďĞĐŽŶƚĂĐƚĞĚ͕ĨƌŽŵϴ͘ϬϬDƚŽϱ͘ϬϬWD ůŽĐĂůƚŝŵĞǌŽŶĞǁŚĞƌĞƚŚĞǁŽƌŬŝƐďĞŝŶŐƉĞƌĨŽƌŵĞĚ͕DŽŶĚĂǇƚŚƌŽƵŐŚ&ƌŝĚĂǇ͕ĞǆĐůƵĚŝŶŐĚĞƐŝŐŶĂƚĞĚŚŽůŝĚĂǇƐ͘dŝŵĞǁŽƌŬĞĚ ŽƵƚƐŝĚĞŽĨƚŚĞƐĞĚĞƐŝŐŶĂƚĞĚŚŽƵƌƐĂƚƵƐ ƚŽŵĞƌ͛ƐƌĞƋƵĞƐƚǁŝůůƌĞƐƵůƚŝŶĂĚĚŝƚŝŽŶĂůĨĞĞƐĂŶĚǁŝůůƌĞƋƵŝƌĞĂŚĂŶŐĞZĞƋƵĞƐƚ͘ ϳ͘ŚĂŶŐĞDĂŶĂŐĞŵĞŶƚ dŚĞĐŚĂŶŐĞŵĂŶĂŐĞŵĞŶƚƉƌŽĐĞƐƐ;͞ŚĂŶŐĞDĂŶĂŐĞŵĞŶƚWƌŽĐĞƐƐ͟ͿĚĞƐĐƌŝďĞĚďĞůŽǁƐŚĂůůŐŽǀĞƌŶĐŚĂŶŐĞƐƚŽƚŚĞƐĐŽƉĞŽĨ ^ĞƌǀŝĐĞƐĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐ^Kt͘ ϭ͘ĐŚĂŶŐĞƌĞƋƵĞƐƚŵĂǇďĞƐƵďŵŝƚƚĞĚǀŝĂWƌŽũĞĐƚŽůůĂďŽƌĂƚŝŽŶW ŽƌƚĂůĂŶĚͬŽƌĞŵĂŝů;͞ŚĂŶŐĞZĞƋƵĞƐƚ͟Ϳ͘ůůŚĂŶŐĞ ZĞƋƵĞƐƚƐ;͞Z͟ͿŵƵƐƚďĞĚŽĐƵŵĞŶƚĞĚŝŶǁƌŝƚŝŶŐĂŶĚŝŶĂŶǇĂƉƉůŝĐĂďůĞŵĞĞƚŝŶŐŵŝŶƵƚĞƐ͘ Ϯ͘ŚĂŶŐĞZĞƋƵĞƐƚŝƐĚŝƐĐƵƐƐĞĚĂƚƚŚĞĨŝƌƐƚŽƉƉŽƌƚƵŶŝƚǇ͕ƚǇƉŝĐĂůůǇĂƚƚŚĞŶĞǆƚǁĞĞŬůǇƉƌŽũĞĐƚŵĞĞƚŝŶŐ͕ƵŶůĞƐƐŝƚƌĞƋƵŝƌĞƐ ŵŽƌĞƉƌŽŵƉƚĂĐƚŝŽŶ͘dŚĞŐŽĂůŝƐƚŽĂƉƉƌŽǀĞͬĚŝƐĂƉƉƌŽǀĞŝƚĂƚƚŚĞƐĂŵĞŵĞĞƚŝŶŐŝĨĨĞĂƐŝďůĞ͘ ϯ͘ϴǆϴǁŝůůƌĞǀŝĞǁƵƐƚŽŵĞƌ͛ƐƐƵďŵŝƚƚĞĚŚĂŶŐĞZĞƋƵĞƐƚĂŶĚĞǀĂůƵĂƚĞŝƚƐŝŵƉĂĐ ƚƚŽƐĐŽƉĞ͕ĞĨĨŽƌƚ͕ĂŶĚƐĐŚĞĚƵůĞ͕ĂŶĚ ǁŝůůƉƌŽǀŝĚĞƵƐƚŽŵĞƌǁŝƚŚĂŚĂŶŐĞZĞƋƵĞƐƚĚŽĐƵŵĞŶƚƚŚĂƚĚĞƚĂŝůƐƚŚĞĐŚĂŶŐĞƐƚŽƐĐŽƉĞ͕ƐĐŚĞĚƵůĞĂŶĚďƵĚŐĞƚ ĨŽƌƵƐƚŽŵĞƌ͛ƐƌĞǀŝĞǁĂŶĚĞǆĞĐƵƚŝŽŶ 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