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January 19, 2022 Agenda Packet
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ƚŽϭϯĨĞĞƚďĞůŽǁŐƌŽƵŶĚƐƵƌĨĂĐĞŝŶŵŽƐƚĂƌĞĂƐ͕ĂŶĚƵƉƚŽϭϵĨĞĞƚďĞůŽǁŐƌŽƵŶĚƐƵƌĨĂĐĞŝŶŝƐŽůĂƚĞĚĂƌĞĂƐ͘ dŚĞDWŝƐƐƵĞĚĂ>ŝŵŝƚĞĚEŽ&ƵƌƚŚĞƌĐƚŝŽŶĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌ^ŽŝůŽŶEŽǀĞŵďĞƌϭϳ͕ϮϬϬϴ͘ ĐͲƌĞŵϰͲϬϯͼϵͬϮϴͬϮϬϮŽĐdLJƉĞ͗ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ 3DFNHW3J )D ǀĂƉŽƌďĂƌƌŝĞƌĂŶĚƉĂƐƐŝǀĞƐƵďͲƐůĂďǀĞŶƚŝŶŐƐLJƐƚĞŵǁĞƌĞŝŶƐƚĂůůĞĚďĞŶĞĂƚŚƚŚĞŶĞǁ WƌŽƉĞƌƚLJďƵŝůĚŝŶŐ͘^ŽŝůŝŵƉĂĐƚƐƌĞŵĂŝŶĂƚƚŚĞďĞĚƌŽĐŬƐƵƌĨĂĐĞ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϭϵĨĞĞƚďĞůŽǁŐƌŽƵŶĚ ƐƵƌĨĂĐĞ͘ŶŽƚŚĞƌW ƐLJƐƚĞŵǁĂƐŝŶƐƚĂůůĞĚŝŶϮϬϬϴĂŶĚŽƉĞƌĂƚĞĚĨƌŽŵ:ƵŶĞϮϬϬϵƵŶƚŝů^ĞƉƚĞŵďĞƌϮϬϭϲ͘ dŚĞƉĂƐƐŝǀĞƐƵďͲƐůĂďǀĞŶƚŝŶŐƐLJƐƚĞŵǁĂƐĐŽŶǀĞƌƚĞĚƚŽĂŶĂĐƚŝǀĞǀĂƉŽƌŵŝƚŝŐĂƚŝŽŶƐLJƐƚĞŵ ;ΗsD^ΗͿŝŶ^ĞƉƚĞŵďĞƌϮϬϭϱ͘WŽƐƚŝŶƐƚĂůůĂƚŝŽŶǀĞƌŝĨŝĐĂƚŝŽŶĂŶĚĐŽŶĨŝƌŵĂƚŝŽŶƐĂŵƉůŝŶŐƐŚŽǁƚŚĂƚƚŚĞsD^ ŝƐŽƉĞƌĂƚŝŶŐĞĨĨĞĐƚŝǀůĞLJ͘ĞƚĂŝůƐƌĞŐĂƌĚŝŶŐƚŚĞŝŶǀĞƐƚŝŐĂƚŝŽŶĂŶĚƌĞƐƉŽŶƐĞĂĐƚŝŽŶƐĐĂŶďĞĨŽƵŶĚŝŶƚŚĞ sWϭϮϱϲϮ DW͛ƐĨŝůĞĨŽƌƚŚĞ&ŽƌŵĞƌƌLJůĞĂŶĞƌƐͲZŽĐŚĞƐƚĞƌηϯƐŝƚĞ͕DWWƌĞĨĞƌƌĞĚ/͘ ͘&ĂĐƚƐĐŽŶƐƚŝƚƵƚĞĂĨĨŝĚĂǀŝƚƵŶĚĞƌDŝŶŶ͘^ƚĂƚ͘Αϭϭϱ͘ϭϲ͕ƐƵďĚ͘Ϯ dŚĞĨĂĐƚƐƐƚĂƚĞĚŝŶWĂƌĂŐƌĂƉŚϱ͘͘ĂƌĞƐƚĂƚĞĚƵŶĚĞƌŽĂƚŚďLJƚŚĞƉĞƌƐŽŶƐŝŐŶŝŶŐ ƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚŽŶďĞŚĂůĨŽĨƚŚĞ'ƌĂŶƚŽƌ͕ĂŶĚĂƌĞŝŶƚĞŶĚĞĚƚŽƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚŽĨĂŶ 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ĚĞĞĚ͕ďŽƚŚƚŚĞĐŽŶƚƌĂĐƚĨŽƌĚĞĞĚǀĞŶĚŽƌĂŶĚǀĞŶĚĞĞĂƌĞĐŽůůĞĐƚŝǀĞůLJĐŽŶƐŝĚĞƌĞĚƚŚĞKǁŶĞƌ͘ ͘͞WŽůŝƚŝĐĂů^ƵďĚŝǀŝƐŝŽŶ͟ŵĞĂŶƐƚŚĞĐŽƵŶƚLJ͕ĂŶĚƚŚĞƐƚĂƚƵƚŽƌLJŽƌŚŽŵĞƌƵůĞĐŚĂƌƚĞƌ ĐŝƚLJŽƌƚŽǁŶƐŚŝƉ͕ŝŶǁŚŝĐŚƚŚĞWƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚ͘ ͘͞WƌŽƉĞƌƚLJ͟ŵĞĂŶƐƚŚĞƌĞĂůƉƌŽƉĞƌƚLJĚĞƐĐƌŝďĞĚŝŶWĂƌĂŐƌĂƉŚϭŽĨƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͘ ϳ͘ĐƚŝǀŝƚLJĂŶĚƵƐĞůŝŵŝƚĂƚŝŽŶƐ͘ dŚĞĨŽůůŽǁŝŶŐĐƚŝǀŝƚLJĂŶĚhƐĞ>ŝŵŝƚĂƚŝŽŶƐƐŚĂůůĂƉƉůLJƚŽƚŚĞWƌŽƉĞƌƚLJ͗ ͘hƐĞůŝŵŝƚĂƚŝŽŶƐ͘ dŚĞƌĞĂƌĞŶŽƵƐĞůŝŵŝƚĂƚŝŽŶƐŽŶƚŚĞWƌŽƉĞƌƚLJ͘ ĐͲƌĞŵϰͲϬϯͼϵͬϮϴͬϮϬϯŽĐdLJƉĞ͗ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ 3DFNHW3J )D ͘ĐƚŝǀŝƚLJůŝŵŝƚĂƚŝŽŶƐ͘ dŚĞĨŽůůŽǁŝŶŐĂĐƚŝǀŝƚŝĞƐĂƌĞƉƌŽŚŝďŝƚĞĚŽŶƚŚĞWƌŽƉĞƌƚLJĞdžĐĞƉƚĂƐƉƌŽǀŝĚĞĚŝŶ WĂƌĂŐƌĂƉŚϴ͗ dŚĞƌĞƐŚĂůůďĞŶŽĚŝƐƚƵƌďĂŶĐĞŽƌĂůƚĞƌĂƚŝŽŶŽĨƐŽŝůƐďĞůŽǁĂĚĞƉƚŚŽĨϭϯĨĞĞƚ ďĞůŽǁŐƌĂĚĞŽŶƚŚĞWƌŽƉĞƌƚLJŽĨĂŶLJŶĂƚƵƌĞǁŚĂƚƐŽĞǀĞƌ͕ƐƉĞĐŝĨŝĐĂůůLJŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ ŐƌĂĚŝŶŐ͕ĞdžĐĂǀĂƚŝŽŶ͕ďŽƌŝŶŐ͕ĚƌŝůůŝŶŐŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͘ džĐĞƉƚĂƐƌĞƋƵŝƌĞĚĂƐƉĂƌƚŽĨĂŶDWͲĂƉƉƌŽǀĞĚĞŶǀŝƌŽŶŵĞŶƚĂůƌĞƐƉŽŶƐĞ ƉƌŽũĞĐƚ͕ƚŚĞƌĞƐŚĂůůďĞŶŽĞdžƚƌĂĐƚŝŽŶŽĨŐƌŽƵŶĚǁĂƚĞƌĨƌŽŵďĞŶĞĂƚŚƚŚĞWƌŽƉĞƌƚLJĨŽƌĂŶLJƉƵƌƉŽƐĞĂŶĚŶŽ ŝŶƐƚĂůůĂƚŝŽŶŽĨĂŶLJǁĞůůƐ͕ďŽƌŝŶŐƐ͕ƚƌĞŶĐŚĞƐŽƌĚƌĂŝŶƐǁŚŝĐŚĐŽƵůĚďĞƵƐĞĚƚŽĞdžƚƌĂĐƚƐƵĐŚŐƌŽƵŶĚǁĂƚĞƌ͘ dŚĞƌĞƐŚĂůůďĞŶŽĚŝƐƚƵƌďĂŶĐĞ͕ƌĞŵŽǀĂů͕ŽƌŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƚŚĞŽƉĞƌĂƚŝŽŶŽĨ džŚŝďŝƚϯ ĂŶLJĐŽŵƉŽŶĞŶƚŽĨƚŚĞsD^ǁŝƚŚŝŶƚŚĞWƌŽƉĞƌƚLJďƵŝůĚŝŶŐ͕ĂƐƐŚŽǁŶŝŶ͘ dŚĞƌĞƐŚĂůůďĞŶŽĚŝƐƚƵƌďĂŶĐĞ͕ƌĞŵŽǀĂůŽƌŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƚŚĞŽƉĞƌĂƚŝŽŶŽĨ ĂŶLJŽĨƚŚĞƌĞƐƉŽŶƐĞĂĐƚŝŽŶĞƋƵŝƉŵĞŶƚ͕ŵŽŶŝƚŽƌŝŶŐǁĞůůƐ͕ŝŶƐƚĂůůĂƚŝŽŶƐŽƌƐƚƌƵĐƚƵƌĞƐůŽĐĂƚĞĚŽŶŽƌ džŚŝďŝƚϰ ďĞŶĞĂƚŚƚŚĞWƌŽƉĞƌƚLJ͕ĂƐƐŚŽǁŶŝŶ͘ ͘ĨĨŝƌŵĂƚŝǀĞŽďůŝŐĂƚŝŽŶƐŽĨKǁŶĞƌ͘ dŚĞĐƚŝǀŝƚLJĂŶĚhƐĞ>ŝŵŝƚĂƚŝŽŶƐŝŵƉŽƐĞĚƵŶĚĞƌƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ ŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐĂĨĨŝƌŵĂƚŝǀĞĐŽǀĞŶĂŶƚƐĂŶĚŽďůŝŐĂƚŝŽŶƐ͗ KǁŶĞƌƐŚĂůůŵĂŝŶƚĂŝŶƚŚĞŝŶƚĞŐƌŝƚLJŽĨƉĂǀĞŵĞŶƚƐĂŶĚďƵŝůĚŝŶŐĨůŽŽƌƐŽŶƚŚĞ WƌŽƉĞƌƚLJƚŽƉƌĞǀĞŶƚŝŶĨŝůƚƌĂƚŝŽŶŽĨƉƌĞĐŝƉŝƚĂƚŝŽŶĂŶĚͬŽƌƉƌĞǀĞŶƚƚŚĞŝŶĨŝůƚƌĂƚŝŽŶŽĨƐƵďͲƐůĂďƐŽŝůǀĂƉŽƌƐ ŝŶƚŽƚŚĞďĂƐĞŵĞŶƚŽĨƚŚĞWƌŽƉĞƌƚLJďƵŝůĚŝŶŐ͘ KǁŶĞƌƐŚĂůůŽƉĞƌĂƚĞ͕ŵŽŶŝƚŽƌ͕ĂŶĚŵĂŝŶƚĂŝŶƚŚĞsD^ŝŶƚŚĞWƌŽƉĞƌƚLJďƵŝůĚŝŶŐ͕ŝŶ džŚŝďŝƚϱ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞsD^KƉĞƌĂƚŝŽŶ͕DĂŝŶƚĞŶĂŶĐĞ͕ĂŶĚDŽŶŝƚŽƌŝŶŐ;͞KDD͟ͿWůĂŶƐĞƚĨŽƌƚŚŝŶ͘ KǁŶĞƌƐŚĂůůŶŽƚĚŝƐƚƵƌďƚŚĞŵŽŶŝƚŽƌŝŶŐǁĞůůƐĂƚƚŚĞWƌŽƉĞƌƚLJ͕ĂƐƐŚŽǁŶŝŶ džŚŝďŝƚϱ ͘ ϴ͘WƌŝŽƌDWĂƉƉƌŽǀĂůƌĞƋƵŝƌĞĚĨŽƌĂĐƚŝǀŝƚŝĞƐůŝŵŝƚĞĚƵŶĚĞƌ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͘ ͘ƉƉƌŽǀĂůƉƌŽĐĞĚƵƌĞ͘ ŶLJĂĐƚŝǀŝƚLJƐƵďũĞĐƚƚŽůŝŵŝƚĂƚŝŽŶƵŶĚĞƌWĂƌĂŐƌĂƉŚϳ͘͘ƐŚĂůůŶŽƚŽĐĐƵƌǁŝƚŚŽƵƚ ƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĂƉƉƌŽǀĂůŽĨƚŚĞŽŵŵŝƐƐŝŽŶĞƌ͘dŚĞŽŵŵŝƐƐŝŽŶĞƌ͛ƐĂƉƉƌŽǀĂůŵĂLJŝŶĐůƵĚĞĐŽŶĚŝƚŝŽŶƐ ǁŚŝĐŚƚŚĞŽŵŵŝƐƐŝŽŶĞƌĚĞĞŵƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJƚŽƉƌŽƚĞĐƚƉƵďůŝĐŚĞĂůƚŚŽƌǁĞůĨĂƌĞŽƌƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƐƵďŵŝƐƐŝŽŶƚŽĂŶĚĂƉƉƌŽǀĂůŽĨĂĐŽŶƚŝŶŐĞŶĐLJƉůĂŶĨŽƌƚŚĞĂĐƚŝǀŝƚLJ͘tŝƚŚŝŶϲϬĚĂLJƐ ĂĨƚĞƌƌĞĐĞŝƉƚŽĨĂǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨŽƌĂƉƉƌŽǀĂůƚŽĞŶŐĂŐĞŝŶĂŶLJĂĐƚŝǀŝƚŝĞƐƐƵďũĞĐƚƚŽĂůŝŵŝƚĂƚŝŽŶƵŶĚĞƌ WĂƌĂŐƌĂƉŚϳ͕͘͘ƚŚĞDWƐŚĂůůƌĞƐƉŽŶĚ͕ŝŶǁƌŝƚŝŶŐ͕ďLJĂƉƉƌŽǀŝŶŐƐƵĐŚƌĞƋƵĞƐƚ͕ĚŝƐĂƉƉƌŽǀŝŶŐƐƵĐŚ ƌĞƋƵĞƐƚ͕ŽƌƌĞƋƵŝƌŝŶŐƚŚĂƚĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶďĞƉƌŽǀŝĚĞĚ͘ůĂĐŬŽĨƌĞƐƉŽŶƐĞĨƌŽŵƚŚĞŽŵŵŝƐƐŝŽŶĞƌ ƐŚĂůůŶŽƚĐŽŶƐƚŝƚƵƚĞĂƉƉƌŽǀĂůďLJĚĞĨĂƵůƚŽƌĂƵƚŚŽƌŝnjĂƚŝŽŶƚŽƉƌŽĐĞĞĚǁŝƚŚƚŚĞƉƌŽƉŽƐĞĚĂĐƚŝǀŝƚLJ͘ ͘ ŵĞƌŐĞŶĐLJƉƌŽĐĞĚƵƌĞƐ͘ ĐͲƌĞŵϰͲϬϯͼϵͬϮϴͬϮϬϰŽĐdLJƉĞ͗ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ 3DFNHW3J )D KǁŶĞƌƐŚĂůůĨŽůůŽǁƚŚĞƉƌŽĐĞĚƵƌĞƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐWĂƌĂŐƌĂƉŚϴ͘͘ǁŚĞŶĂŶ 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ĂƉƉƌŽƉƌŝĂƚĞƚLJƉĞƐŽĨƉƌŽƚĞĐƚŝǀĞĐůŽƚŚŝŶŐĨŽƌǁŽƌŬĞƌƐĐŽŶĚƵĐƚŝŶŐƚŚĞĞdžĐĂǀĂƚŝŽŶ͕ĂŶĚĞƐƚĂďůŝƐŚ ƉƌŽĐĞĚƵƌĞƐĨŽƌŵŝŶŝŵŝnjŝŶŐƚŚĞĚŝƐƉĞƌƐĂůŽĨĐŽŶƚĂŵŝŶĂƚĞĚĚƵƐƚͿ͖ĂŶĚ ŝǀ͘ƐƐƵƌĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĂƉůĂŶƚŽƌĞƐƚŽƌĞƚŚĞ WƌŽƉĞƌƚLJƚŽĂůĞǀĞůƚŚĂƚƉƌŽƚĞĐƚƐƉƵďůŝĐŚĞĂůƚŚĂŶĚǁĞůĨĂƌĞĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘dŚĞƉůĂŶŵƵƐƚďĞ ƐƵďŵŝƚƚĞĚƚŽĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞDWƉƌŝŽƌƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƉůĂŶ͕ĂŶĚĂĨŽůůŽǁͲƵƉƌĞƉŽƌƚ ŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞDWĂĨƚĞƌŝŵƉůĞŵĞŶƚĂƚŝŽŶƐŽƚŚĂƚƚŚĞDWĐĂŶĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌ ƉƌŽƚĞĐƚŝŽŶŽĨƚŚĞƉƵďůŝĐŚĞĂůƚŚĂŶĚǁĞůĨĂƌĞĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚŚĂƐďĞĞŶƌĞƐƚŽƌĞĚ͘ ϵ͘ ĂƐĞŵĞŶƚ͖ƌŝŐŚƚŽĨĂĐĐĞƐƐƚŽƚŚĞWƌŽƉĞƌƚLJ͘ KǁŶĞƌŐƌĂŶƚƐƚŽƚŚĞDW͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕ĂŶĚKůŵƐƚĞĚŽƵŶƚLJĂŶĞĂƐĞŵĞŶƚƚŽ ĞŶƚĞƌƚŚĞWƌŽƉĞƌƚLJĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ƚŽŝŶƐƉĞĐƚƚŚĞWƌŽƉĞƌƚLJĂŶĚƚŽĞǀĂůƵĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ ĐƚŝǀŝƚLJĂŶĚhƐĞ>ŝŵŝƚĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶWĂƌĂŐƌĂƉŚϳ͘/ŶĂĚĚŝƚŝŽŶ͕ĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĞǀĂůƵĂƚŝŶŐ ĐŽŵƉůŝĂŶĐĞ͕KǁŶĞƌŐƌĂŶƚƐƚŽƚŚĞDWƚŚĞƌŝŐŚƚƚŽƚĂŬĞƐĂŵƉůĞƐŽĨĞŶǀŝƌŽŶŵĞŶƚĂůŵĞĚŝĂƐƵĐŚĂƐƐŽŝů͕ ŐƌŽƵŶĚǁĂƚĞƌ͕ƐƵƌĨĂĐĞǁĂƚĞƌ͕ƐŽŝůǀĂƉŽƌ͕ĂŶĚĂŝƌ͕ĂŶĚƚŽŝŶƐƚĂůů͕ŵĂŝŶƚĂŝŶĂŶĚĐůŽƐĞďŽƌŝŶŐƐ͕ƉƌŽďĞƐ͕ǁĞůůƐ ŽƌŽƚŚĞƌƐƚƌƵĐƚƵƌĞƐŶĞĐĞƐƐĂƌLJƚŽĐĂƌƌLJŽƵƚƚŚĞƐĂŵƉůŝŶŐ͘ KǁŶĞƌĨƵƌƚŚĞƌŐƌĂŶƚƐƚŽƚŚĞDWĂŶĞĂƐĞŵĞŶƚƚŽĞŶƚĞƌƚŚĞWƌŽƉĞƌƚLJƚŽŽƉĞƌĂƚĞ͕ ŵĂŝŶƚĂŝŶĂŶĚŵŽŶŝƚŽƌƌĞƐƉŽŶƐĞĂĐƚŝŽŶƐŽŶƚŚĞWƌŽƉĞƌƚLJĐŽŶŶĞĐƚĞĚƚŽƚŚĞDWͲĂƉƉƌŽǀĞĚƌĞƐƉŽŶƐĞ ĂĐƚŝŽŶƉƌŽũĞĐƚ͕ƚŽƚĂŬĞĨƵƌƚŚĞƌƌĞƐƉŽŶƐĞĂĐƚŝŽŶƐĚĞĞŵĞĚƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJďLJƚŚĞDWƚŽ ƉƌŽƚĞĐƚƉƵďůŝĐŚĞĂůƚŚĂŶĚǁĞůĨĂƌĞĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚĨƌŽŵƚŚĞ/ĚĞŶƚŝĨŝĞĚZĞůĞĂƐĞŽĨŚĂnjĂƌĚŽƵƐ ƐƵďƐƚĂŶĐĞƐ͕ƉŽůůƵƚĂŶƚƐŽƌĐŽŶƚĂŵŝŶĂŶƚƐ͕ĂŶĚƚŽĚŝƐŵĂŶƚůĞĂŶĚĐůŽƐĞƐƵĐŚƌĞƐƉŽŶƐĞĂĐƚŝŽŶƐŝŶĐůƵĚŝŶŐ ĐůŽƐƵƌĞŽĨŵŽŶŝƚŽƌŝŶŐǁĞůůƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ƚĂƚĞůĂǁĂŶĚƌƵůĞƐ͘ DW͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕ĂŶĚKůŵƐƚĞĚŽƵŶƚLJ͕ĂŶĚƚŚĞŝƌĞŵƉůŽLJĞĞƐ͕ĂŐĞŶƚƐ͕ ĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŵĂLJĞdžĞƌĐŝƐĞƚŚĞƌŝŐŚƚƐŐƌĂŶƚĞĚƵŶĚĞƌƚŚŝƐWĂƌĂŐƌĂƉŚϵĂƚƌĞĂƐŽŶĂďůĞ ƚŝŵĞƐĂŶĚǁŝƚŚƌĞĂƐŽŶĂďůĞŶŽƚŝĐĞƚŽƚŚĞƚŚĞŶͲĐƵƌƌĞŶƚŽǁŶĞƌ͕ĐŽŶĚŝƚŝŽŶĞĚŽŶůLJƵƉŽŶƐŚŽǁŝŶŐ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽƌĐƌĞĚĞŶƚŝĂůƐďLJƚŚĞƉĞƌƐŽŶƐƐĞĞŬŝŶŐƚŽĞdžĞƌĐŝƐĞƚŚŽƐĞƌŝŐŚƚƐ͘ ϭϬ͘ƵƌĂƚŝŽŶ͖ĂŵĞŶĚŵĞŶƚŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͘ ͘ƵƌĂƚŝŽŶŽĨ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͘ ĐͲƌĞŵϰͲϬϯͼϵͬϮϴͬϮϬϱŽĐdLJƉĞ͗ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ 3DFNHW3J )D dŚŝƐĞŶǀŝƌŽŶŵĞŶƚĂůĐŽǀĞŶĂŶƚŝƐƉĞƌƉĞƚƵĂůĂƐƉƌŽǀŝĚĞĚŝŶDŝŶŶ͘^ƚĂƚ͘Αϭϭϰ ͘ϰϬ;ĂͿ͘ ͘ŵĞŶĚŵĞŶƚŽƌƚĞƌŵŝŶĂƚŝŽŶďLJĐŽŶƐĞŶƚ͘ ŝ͘dŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚŵĂLJďĞĂŵĞŶĚĞĚŽƌƚĞƌŵŝŶĂƚĞĚŝŶǁƌŝƚŝŶŐ ďLJƚŚĞKǁŶĞƌĂŶĚƚŚĞDW͘ŶĂŵĞŶĚŵĞŶƚŝƐďŝŶĚŝŶŐŽŶƚŚĞKǁŶĞƌďƵƚĚŽĞƐŶŽƚĂĨĨĞĐƚĂŶLJŽƚŚĞƌ ŝŶƚĞƌĞƐƚŝŶƚŚĞƌĞĂůWƌŽƉĞƌƚLJƵŶůĞƐƐƚŚĞĐƵƌƌĞŶƚŽǁŶĞƌŽĨƚŚĂƚŝŶƚĞƌĞƐƚŚĂƐĐŽŶƐĞŶƚĞĚƚŽƚŚĞĂŵĞŶĚŵĞŶƚ ŽƌĂŐƌĞĞĚƚŽǁĂŝǀĞŝƚƐƌŝŐŚƚƚŽĐŽŶƐĞŶƚ͘ ŝŝ͘dŚĞ'ƌĂŶƚŽƌŽĨƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚĂŐƌĞĞƐƚŚĂƚ͕ƵƉŽŶ ĐŽŶǀĞLJŝŶŐĨĞĞƚŝƚůĞƚŽƚŚĞWƌŽƉĞƌƚLJƚŽĂŶLJŽƚŚĞƌƉĞƌƐŽŶ͕ƚŚĞ'ƌĂŶƚŽƌǁĂŝǀĞƐƚŚĞƌŝŐŚƚƚŽĐŽŶƐĞŶƚƚŽ ĂŵĞŶĚŵĞŶƚŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͘ ͘dĞƌŵŝŶĂƚŝŽŶ͕ƌĞĚƵĐƚŝŽŶŽĨďƵƌĚĞŶ͕ŽƌŵŽĚŝĨŝĐĂƚŝŽŶďLJDW͘ dŚĞDWŵĂLJƚĞƌŵŝŶĂƚĞ͕ƌĞĚƵĐĞƚŚĞďƵƌĚĞŶŽĨ͕ŽƌŵŽĚŝĨLJƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂů ŽǀĞŶĂŶƚĂƐƉƌŽǀŝĚĞĚŝŶDŝŶŶ͘^ƚĂƚ͘Αϭϭϰ ͘ϰϬ͘ ϭϭ͘ŝƐĐůŽƐƵƌĞŝŶWƌŽƉĞƌƚLJĐŽŶǀĞLJĂŶĐĞŝŶƐƚƌƵŵĞŶƚƐ͘ EŽƚŝĐĞŽĨƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͕ĂŶĚƚŚĞĐƚŝǀŝƚLJĂŶĚhƐĞ>ŝŵŝƚĂƚŝŽŶƐĂŶĚ ĨĨŝƌŵĂƚŝǀĞKďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶWĂƌĂŐƌĂƉŚϳĂŶĚŽŵƉůŝĂŶĐĞZĞƉŽƌƚŝŶŐZĞƋƵŝƌĞŵĞŶƚƐƐĞƚĨŽƌƚŚŝŶ WĂƌĂŐƌĂƉŚƐϴ͕ϭϴĂŶĚϭϵŽĨƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͕ƐŚĂůůďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶĨƵůůŽƌďLJƌĞĨĞƌĞŶĐĞ ŝŶƚŽĂůůŝŶƐƚƌƵŵĞŶƚƐĐŽŶǀĞLJŝŶŐĂŶŝŶƚĞƌĞƐƚŝŶĂŶĚͬŽƌĂƌŝŐŚƚƚŽƵƐĞƚŚĞWƌŽƉĞƌƚLJ;Ğ͘Ő͕͘ĞĂƐĞŵĞŶƚƐ͕ ŵŽƌƚŐĂŐĞƐ͕ůĞĂƐĞƐͿ͘dŚĞŶŽƚŝĐĞƐŚĂůůďĞƐƵďƐƚĂŶƚŝĂůůLJŝŶƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵ͗ d, /Ed Z ^dKEs z , Z z/^^h: ddKE Es/ZKED Ed>Ks EEd hE ZD/EE͘^dd͘,͘ϭϭϰ ͕d ͺͺͺͺͺͺͺͺͺ͕Z KZ /Ed, K&&//> WZKW ZdzZ KZ^K&K>D^d KhEdz͕D/EE ^Kd^KhD EdEK͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺ͘d, Es/ZKED Ed>Ks EEd/E>h ^d, &K>>Kt/E' d/s/dzEh^ >/D/dd/KE^E&&/ZDd/s K>/'d/KE^͗ dŚĞƌĞĂƌĞŶŽƵƐĞůŝŵŝƚĂƚŝŽŶƐŽŶƚŚĞWƌŽƉĞƌƚLJ͘ dŚĞƌĞƐŚĂůůďĞŶŽĚŝƐƚƵƌďĂŶĐĞŽƌĂůƚĞƌĂƚŝŽŶŽĨƐŽŝůƐďĞůŽǁĂĚĞƉƚŚŽĨϭϯĨĞĞƚďĞůŽǁŐƌĂĚĞ ŽŶƚŚĞWƌŽƉĞƌƚLJŽĨĂŶLJŶĂƚƵƌĞǁŚĂƚƐŽĞǀĞƌ͕ƐƉĞĐŝĨŝĐĂůůLJŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ŐƌĂĚŝŶŐ͕ĞdžĐĂǀĂƚŝŽŶ͕ ďŽƌŝŶŐ͕ĚƌŝůůŝŶŐŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͘ džĐĞƉƚĂƐƌĞƋƵŝƌĞĚĂƐƉĂƌƚŽĨĂŶDWͲĂƉƉƌŽǀĞĚĞŶǀŝƌŽŶŵĞŶƚĂůƌĞƐƉŽŶƐĞƉƌŽũĞĐƚ͕ƚŚĞƌĞ ƐŚĂůůďĞŶŽĞdžƚƌĂĐƚŝŽŶŽĨŐƌŽƵŶĚǁĂƚĞƌĨƌŽŵďĞŶĞĂƚŚƚŚĞWƌŽƉĞƌƚLJĨŽƌĂŶLJƉƵƌƉŽƐĞĂŶĚŶŽŝŶƐƚĂůůĂƚŝŽŶŽĨ ĂŶLJǁĞůůƐ͕ďŽƌŝŶŐƐ͕ƚƌĞŶĐŚĞƐŽƌĚƌĂŝŶƐǁŚŝĐŚĐŽƵůĚďĞƵƐĞĚƚŽĞdžƚƌĂĐƚƐƵĐŚŐƌŽƵŶĚǁĂƚĞƌ͘ dŚĞƌĞƐŚĂůůďĞŶŽĚŝƐƚƵƌďĂŶĐĞ͕ƌĞŵŽǀĂů͕ŽƌŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƚŚĞŽƉĞƌĂƚŝŽŶŽĨĂŶLJ ϯ ĐŽŵƉŽŶĞŶƚŽĨƚŚĞsD^ǁŝƚŚŝŶƚŚĞWƌŽƉĞƌƚLJďƵŝůĚŝŶŐ͕ĂƐƐŚŽǁŶŝŶ džŚŝďŝƚ͘ dŚĞƌĞƐŚĂůůďĞŶŽĚŝƐƚƵƌďĂŶĐĞ͕ƌĞŵŽǀĂůŽƌŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƚŚĞŽƉĞƌĂƚŝŽŶŽĨĂŶLJŽĨƚŚĞ ƌĞƐƉŽŶƐĞĂĐƚŝŽŶĞƋƵŝƉŵĞŶƚ͕ŵŽŶŝƚŽƌŝŶŐǁĞůůƐ͕ŝŶƐƚĂůůĂƚŝŽŶƐŽƌƐƚƌƵĐƚƵƌĞƐůŽĐĂƚĞĚŽŶŽƌďĞŶĞĂƚŚƚŚĞ ϰ WƌŽƉĞƌƚLJ͕ĂƐƐŚŽǁŶŝŶ džŚŝďŝƚ͘ ĐͲƌĞŵϰͲϬϯͼϵͬϮϴͬϮϬϲŽĐdLJƉĞ͗ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ 3DFNHW3J )D KǁŶĞƌƐŚĂůůŵĂŝŶƚĂŝŶƚŚĞŝŶƚĞŐƌŝƚLJŽĨƉĂǀĞŵĞŶƚƐĂŶĚďƵŝůĚŝŶŐĨůŽŽƌƐŽŶƚŚĞWƌŽƉĞƌƚLJƚŽ ƉƌĞǀĞŶƚŝŶĨŝůƚƌĂƚŝŽŶŽĨƉƌĞĐŝƉŝƚĂƚŝŽŶĂŶĚͬŽƌƉƌĞǀĞŶƚƚŚĞŝŶĨŝůƚƌĂƚŝŽŶŽĨƐƵďͲƐůĂďƐŽŝůǀĂƉŽƌƐŝŶƚŽƚŚĞ ďĂƐĞŵĞŶƚŽĨƚŚĞWƌŽƉĞƌƚLJďƵŝůĚŝŶŐ͘ KǁŶĞƌƐŚĂůůŽƉĞƌĂƚĞ͕ŵŽŶŝƚŽƌ͕ĂŶĚŵĂŝŶƚĂŝŶƚŚĞsD^ŝŶƚŚĞWƌŽƉĞƌƚLJďƵŝůĚŝŶŐ͕ŝŶ ϱ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞsD^KDDWůĂŶƐĞƚĨŽƌƚŚŝŶ džŚŝďŝƚ͘ ϱ KǁŶĞƌƐŚĂůůŶŽƚĚŝƐƚƵƌďƚŚĞŵŽŶŝƚŽƌŝŶŐǁĞůůƐĂƚƚŚĞWƌŽƉĞƌƚLJ͕ĂƐƐŚŽǁŶŝŶ džŚŝďŝƚ͘ ϭϮ͘ZĞĐŽƌĚŝŶŐĂŶĚŶŽƚŝĐĞŽĨ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͕ĂŵĞŶĚŵĞŶƚƐĂŶĚƚĞƌŵŝŶĂƚŝŽŶ͘ ͘dŚĞŽƌŝŐŝŶĂů ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͘ tŝƚŚŝŶϯϬĚĂLJƐĂĨƚĞƌƚŚĞDWĞdžĞĐƵƚĞƐĂŶĚĚĞůŝǀĞƌƐƚŽ'ƌĂŶƚŽƌƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͕ƚŚĞ'ƌĂŶƚŽƌƐŚĂůůƌĞĐŽƌĚƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚŝŶƚŚĞŽĨĨŝĐĞŽĨƚŚĞ ŽƵŶƚLJZĞĐŽƌĚĞƌŽƌZĞŐŝƐƚƌĂƌŽĨdŝƚůĞƐŽĨKůŵƐƚĞĚŽƵŶƚLJ͘ ͘dĞƌŵŝŶĂƚŝŽŶ͕ĂŵĞŶĚŵĞŶƚŽƌŵŽĚŝĨŝĐĂƚŝŽŶ͘ tŝƚŚŝŶϯϬĚĂLJƐĂĨƚĞƌDWĞdžĞĐƵƚĞƐĂŶĚĚĞůŝǀĞƌƐƚŽKǁŶĞƌĂŶLJƚĞƌŵŝŶĂƚŝŽŶ͕ ĂŵĞŶĚŵĞŶƚŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͕ƚŚĞKǁŶĞƌƐŚĂůůƌĞĐŽƌĚƚŚĞĂŵĞŶĚŵĞŶƚ͕ ŵŽĚŝĨŝĐĂƚŝŽŶ͕ŽƌŶŽƚŝĐĞŽĨƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚŝŶƚŚĞŽĨĨŝĐĞŽĨƚŚĞŽƵŶƚLJ ZĞĐŽƌĚĞƌŽƌZĞŐŝƐƚƌĂƌŽĨdŝƚůĞƐŽĨKůŵƐƚĞĚŽƵŶƚLJ͘ ͘WƌŽǀŝĚŝŶŐŶŽƚŝĐĞŽĨĐŽǀĞŶĂŶƚ͕ƚĞƌŵŝŶĂƚŝŽŶ͕ĂŵĞŶĚŵĞŶƚŽƌŵŽĚŝĨŝĐĂƚŝŽŶ͘ tŝƚŚŝŶϯϬĚĂLJƐĂĨƚĞƌƌĞĐŽƌĚŝŶŐƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͕ƚŚĞ'ƌĂŶƚŽƌƐŚĂůů ƚƌĂŶƐŵŝƚĂĐŽƉLJŽĨƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚŝŶƌĞĐŽƌĚĞĚĨŽƌŵƚŽ͗ ŝ͘ĞĂĐŚƉĞƌƐŽŶƚŚĂƚƐŝŐŶĞĚƚŚĞĐŽǀĞŶĂŶƚŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌŽƌĂƐƐŝŐŶ͖ ŝŝ͘ĞĂĐŚƉĞƌƐŽŶŚŽůĚŝŶŐĂƌĞĐŽƌĚĞĚŝŶƚĞƌĞƐƚŝŶƚŚĞWƌŽƉĞƌƚLJ͖ ŝŝŝ͘ĞĂĐŚƉĞƌƐŽŶŝŶƉŽƐƐĞƐƐŝŽŶŽĨƚŚĞWƌŽƉĞƌƚLJ͖ ŝǀ͘ƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůŽĨĨŝĐĞƌŽĨĞĂĐŚƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶŝŶǁŚŝĐŚƚŚĞ WƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚ͖ĂŶĚ ǀ͘ĂŶLJŽƚŚĞƌƉĞƌƐŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůĂŐĞŶĐLJƌĞƋƵŝƌĞƐ͘ tŝƚŚŝŶϯϬĚĂLJƐĂĨƚĞƌƌĞĐŽƌĚŝŶŐĂƚĞƌŵŝŶĂƚŝŽŶ͕ĂŵĞŶĚŵĞŶƚ͕ŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨ ƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͕ƚŚĞKǁŶĞƌƐŚĂůůƚƌĂŶƐŵŝƚĂĐŽƉLJŽĨƚŚĞĚŽĐƵŵĞŶƚŝŶƌĞĐŽƌĚĞĚĨŽƌŵƚŽƚŚĞ ƉĞƌƐŽŶƐůŝƐƚĞĚŝŶŝƚĞŵƐŝƚŽǀĂďŽǀĞ͘ ϭϯ͘EŽƚŝĐĞƐƚŽ'ƌĂŶƚŽƌĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůĂŐĞŶĐLJ͘ ͘DĂŶŶĞƌŽĨŐŝǀŝŶŐŶŽƚŝĐĞ͘ ŶLJŶŽƚŝĐĞƌĞƋƵŝƌĞĚŽƌƉĞƌŵŝƚƚĞĚƚŽďĞŐŝǀĞŶƵŶĚĞƌƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂů ŽǀĞŶĂŶƚŝƐŐŝǀĞŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚŝĨŝƚŝƐƉůĂĐĞĚŝŶhŶŝƚĞĚ^ƚĂƚĞƐĨŝƌƐƚ ĐͲƌĞŵϰͲϬϯͼϵͬϮϴͬϮϬϳŽĐdLJƉĞ͗ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ 3DFNHW3J )D ĐůĂƐƐŵĂŝůƉŽƐƚĂŐĞƉƌĞƉĂŝĚ͖ŽƌĚĞƉŽƐŝƚĞĚĐŽƐƚƉĂŝĚĨŽƌĚĞůŝǀĞƌLJďLJĂŶĂƚŝŽŶĂůůLJƌĞĐŽŐŶŝnjĞĚŽǀĞƌŶŝŐŚƚ ĚĞůŝǀĞƌLJƐĞƌǀŝĐĞ͖ŽƌƚƌĂŶƐŵŝƚƚĞĚďLJĞůĞĐƚƌŽŶŝĐŵĂŝůƚŽŝŶƐƚĐŽŶƚƌŽůƐ͘ƉĐĂΛƐƚĂƚĞ͘ŵŶ͘ƵƐ͘ ͘EŽƚŝĐĞƐƚŽƚŚĞ'ƌĂŶƚŽƌ͘ EŽƚŝĐĞƐƚŽƚŚĞ'ƌĂŶƚŽƌƐŚĂůůďĞĚŝƌĞĐƚĞĚƚŽ͗ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ ƚƚŶ͗^ĐŽƚZĂŵƐĞLJ ϮϬϭ&ŽƵƌƚŚ^ƚ^ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰ WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϬϮϲ ŵĂŝů͗ƐƌĂŵƐĞLJΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ͘EŽƚŝĐĞƐƚŽDW͘ ůůŶŽƚŝĐĞƐ͕ŝŶĐůƵĚŝŶŐƌĞƉŽƌƚƐŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐ͕ƌĞƋƵŝƌĞĚƚŽďĞƐƵďŵŝƚƚĞĚƚŽ ŵĂŝůƐƵďŵŝƚƚĂůŝƐƉƌĞĨĞƌƌĞĚ ƚŚĞDWƐŚĂůůƌĞĨĞƌĞŶĐĞƚŚĞDWWƌĞĨĞƌƌĞĚ/͘͘ DŝŶŶĞƐŽƚĂWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐLJ ZĞŵĞĚŝĂƚŝŽŶŝǀŝƐŝŽŶʹ/ŶƐƚŝƚƵƚŝŽŶĂůŽŶƚƌŽůƐŽŽƌĚŝŶĂƚŽƌ DWWƌĞĨĞƌƌĞĚ/͗sWϭϮϱϲϮ ϱϮϬ>ĂĨĂLJĞƚƚĞZŽĂĚEŽƌƚŚ ^ƚ͘WĂƵů͕DEϱϱϭϱϱ ŵĂŝů͗ŝŶƐƚĐŽŶƚƌŽůƐ͘ƉĐĂΛƐƚĂƚĞ͘ŵŶ͘ƵƐ ϭϰ͘ ŶĨŽƌĐĞŵĞŶƚĂŶĚĐŽŵƉůŝĂŶĐĞ͘ 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&ĂŝůƵƌĞŽƌĚĞůĂLJŝŶƚŚĞĞŶĨŽƌĐĞŵĞŶƚŽĨƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚƐŚĂůůŶŽƚďĞ ĐŽŶƐŝĚĞƌĞĚĂǁĂŝǀĞƌŽĨƚŚĞƌŝŐŚƚƚŽĞŶĨŽƌĐĞ͕ŶŽƌƐŚĂůůŝƚďĂƌĂŶLJƐƵďƐĞƋƵĞŶƚĂĐƚŝŽŶƚŽĞŶĨŽƌĐĞ͕ƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚ͘ ͘&ŽƌŵĞƌKǁŶĞƌƐĂŶĚŝŶƚĞƌĞƐƚŚŽůĚĞƌƐƐƵďũĞĐƚƚŽĞŶĨŽƌĐĞŵĞŶƚ͘ ^ƵďũĞĐƚƚŽĂŶLJĂƉƉůŝĐĂďůĞƐƚĂƚƵƚĞŽĨůŝŵŝƚĂƚŝŽŶƐ͕ĂŶKǁŶĞƌŽƌŽƚŚĞƌƉĞƌƐŽŶ ŚŽůĚŝŶŐĂŶLJƌŝŐŚƚ͕ƚŝƚůĞŽƌŝŶƚĞƌĞƐƚŝŶŽƌƚŽƚŚĞWƌŽƉĞƌƚLJ͕ƚŚĂƚǀŝŽůĂƚĞƐƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚĚƵƌŝŶŐ ƚŚĞƚŝŵĞǁŚĞŶƚŚĞKǁŶĞƌŽƌŽƚŚĞƌƉĞƌƐŽŶŝƐďŽƵŶĚďLJƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚƌĞŵĂŝŶƐƐƵďũĞĐƚƚŽ ĞŶĨŽƌĐĞŵĞŶƚǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĂƚǀŝŽůĂƚŝŽŶƌĞŐĂƌĚůĞƐƐŽĨǁŚĞƚŚĞƌƚŚĞKǁŶĞƌŽƌŽƚŚĞƌƉĞƌƐŽŶŚĂƐ ƐƵďƐĞƋƵĞŶƚůLJĐŽŶǀĞLJĞĚƚŚĞĨĞĞƚŝƚůĞ͕ŽƌŽƚŚĞƌƌŝŐŚƚ͕ƚŝƚůĞŽƌŝŶƚĞƌĞƐƚ͕ƚŽĂŶŽƚŚĞƌƉĞƌƐŽŶ͘ ͘KƚŚĞƌĂƵƚŚŽƌŝƚŝĞƐŽĨDWŶŽƚĂĨĨĞĐƚĞĚ͘ EŽƚŚŝŶŐŝŶƚŚŝƐ ŶǀŝƌŽŶŵĞŶƚĂůŽǀĞŶĂŶƚĂĨĨĞĐƚƐDW͛ƐĂƵƚŚŽƌŝƚLJƚŽƚĂŬĞŽƌ ƌĞƋƵŝƌĞƉĞƌĨŽƌŵĂŶĐĞŽĨƌĞƐƉŽŶƐĞĂĐƚŝŽŶƐƚŽĂĚĚƌĞƐƐƌĞůĞĂƐĞƐŽƌƚŚƌĞĂƚĞŶĞĚƌĞůĞĂƐĞƐŽĨŚĂnjĂƌĚŽƵƐ ƐƵďƐƚĂŶĐĞƐŽƌƉŽůůƵƚĂŶƚƐŽƌĐŽŶƚĂŵŝŶĂŶƚƐĂƚŽƌĨƌŽŵƚŚĞWƌŽƉĞƌƚLJ͕ŽƌƚŽĞŶĨŽƌĐĞĂĐŽŶƐĞŶƚŽƌĚĞƌ͕ ĐŽŶƐĞŶƚĚĞĐƌĞĞŽƌŽƚŚĞƌƐĞƚƚůĞŵĞŶƚĂŐƌĞĞŵĞŶƚĞŶƚĞƌĞĚŝŶƚŽďLJDW͕ŽƌƚŽƌĞƐĐŝŶĚŽƌŵŽĚŝĨLJĂůŝĂďŝůŝƚLJ 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ƚƌĂŶƐĨĞƌĨŽƌƚŚǁŝƚŚƚŽƚŚĞŝƚLJĂůůĨƵŶĚƐƉƌĞǀŝŽƵƐůLJƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞŝƚLJƵŶĚĞƌƚŚĞŐƌĞĞŵĞŶƚŽƌ ŚĂĚĂƚƚŚĞƚŝŵĞŽĨƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞŐƌĞĞŵĞŶƚĂŶĚĂŶLJĂĐĐŽƵŶƚƐĂŶĚƌĞĐĞŝǀĂďůĞĂƚƚƌŝďƵƚĂďůĞƚŽ ƵƐĞŽĨĨƵŶĚƐƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞŝƚLJƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϴ͘WƌŽǀŝƐŝŽŶƐĨŽƌŽŶƚƌĂĐƚƐĂŶĚ^ƵďĐŽŶƚƌĂĐƚƐ͘ dŚĞ'ƌĂŶƚĞĞƐŚĂůůŝŶĐůƵĚĞŝŶĂŶLJĐŽŶƚƌĂĐƚŽƌ ƐƵďĐŽŶƚƌĂĐƚ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐƚŽĚĞĨŝŶĞĂƐŽƵŶĚĂŶĚĐŽŵƉůĞƚĞĂŐƌĞĞŵĞŶƚ͕ƐƵĐŚ 3DFNHW3J )D ƉƌŽǀŝƐŝŽŶƐĂƐƚŽĂƐƐƵƌĞĐŽŶƚƌĂĐƚŽƌĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞƐƚĂƚĞĂŶĚ ĨĞĚĞƌĂůůĂǁƐ͕ĂŶĚƚŽƉƌŽǀŝĚĞƚŽ'ƌĂŶƚĞĞĂůůĚĂƚĂĂŶĚƌĞĐŽƌĚƐŶĞĐĞƐƐĂƌLJƚŽƉĞƌŵŝƚ'ƌĂŶƚĞĞƚŽ ŵĂŝŶƚĂŝŶĐŽŵƉůĞƚĞĂŶĚŶĞĐĞƐƐĂƌLJƌĞĐŽƌĚƐĨŽƌƉƵƌƉŽƐĞŽĨŵĂŶĂŐŝŶŐƚŚĞĂĐƚŝǀŝƚLJĂŶĚƌĞƉŽƌƚŝŶŐƚŽ ƚŚĞŝƚLJ͘ ϵ͘EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘ 'ƌĂŶƚĞĞĂŐƌĞĞƐĂƐĨŽůůŽǁƐ͗EŽWĞƌƐŽŶƐŚĂůůďĞŝůůĞŐĂůůLJĞdžĐůƵĚĞĚĨƌŽŵ ĞŵƉůŽLJŵĞŶƚƌŝŐŚƚƐŝŶ͕ďĞĚĞŶŝĞĚƚŚĞďĞŶĞĨŝƚƐŽĨ͕ŽƌďĞŽƚŚĞƌǁŝƐĞƐƵďũĞĐƚƚŽĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶƚŚĞ Z ^ĐƚĂĐƚŝǀŝƚLJƚŚĂƚŝƐƚŚĞƐƵďũĞĐƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐƌĞĞĚ͕ĐŽůŽƌ͕ƐĞdž͕ ŵĂƌŝƚĂůƐƚĂƚƵƐ͕ƐĞdžƵĂůƉƌĞĨĞƌĞŶĐĞ͕ƉƵďůŝĐĂƐƐŝƐƚĂŶĐĞƐƚĂƚƵƐ͕ĂŐĞ͕ĚŝƐĂďŝůŝƚLJŽƌŶĂƚŝŽŶĂůŽƌŝŐŝŶ͘ ϭϬ͘ƌƵŐͲĨƌĞĞtŽƌŬƉůĂĐĞͬƌƵŐͲ&ƌĞĞtŽƌŬƉůĂĐĞǁĂƌĞŶĞƐƐWƌŽŐƌĂŵ͘ dŚĞ'ƌĂŶƚĞĞĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞ ĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞďLJŶŽƚŝĨLJŝŶŐĞŵƉůŽLJĞĞƐƚŚĂƚƵŶůĂǁĨƵůŵĂŶƵĨĂĐƚƵƌĞ͕ĚŝƐƚƌŝďƵƚŝŽŶ͕ ĚŝƐƉĞŶƐĂƚŝŽŶ͕ƉŽƐƐĞƐƐŝŽŶŽƌƵƐĞŽĨĂĐŽŶƚƌŽůůĞĚƐƵďƐƚĂŶĐĞŝƐƉƌŽŚŝďŝƚĞĚŝŶƚŚĞ'ƌĂŶƚĞĞ͛Ɛ ǁŽƌŬƉůĂĐĞĂŶĚƐƉĞĐŝĨLJŝŶŐĂĐƚŝŽŶƐƚŚĂƚǁŝůůďĞƚĂŬĞŶĂŐĂŝŶƐƚĞŵƉůŽLJĞĞƐĨŽƌǀŝŽůĂƚŝŽŶŽĨƐƵĐŚ ƉƌŽŚŝďŝƚŝŽŶ͘dŚĞ'ƌĂŶƚĞĞŵĂLJĂůƐŽĞƐƚĂďůŝƐŚĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞĂǁĂƌĞŶĞƐƐƉƌŽŐƌĂŵƚŽŝŶĨŽƌŵ ĞŵƉůŽLJĞĞƐĂďŽƵƚƚŚĞĚĂŶŐĞƌŽĨĚƌƵŐĂďƵƐĞ͕ƚŚĞĂǀĂŝůĂďŝůŝƚLJŽĨĚƌƵŐĐŽƵŶƐĞůŝŶŐĂŶĚƉĞŶĂůŝƚŝĞƐĨŽƌ ǀŝŽůĂƚŝŽŶƐŽĨƚŚĞĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞƉŽůŝĐLJ͘ /ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ͘ &ŽƌƚŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůůďĞ ĚĞĞŵĞĚƚŽďĞĂŶŝŶĚĞƉĞŶĚĞŶƚĐŽŶƚƌĂĐƚŽƌĂŶĚŶŽƚĂŶĞŵƉůŽLJĞĞŽĨƚŚĞŝƚLJ͘ŶLJĂŶĚĂůů ĞŵƉůŽLJĞĞƐŽĨƚŚĞ'ƌĂŶƚĞĞ͕ŽƚŚĞƌƚŚĂŶŝƚLJ ŵƉůŽLJĞĞƐ͕ǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶLJ ǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJƚŚĞ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚ ĞŵƉůŽLJĞĞƐŽĨƚŚĞŝƚLJ͘ŶLJĂŶĚĂůůĐůĂŝŵƐďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌ ŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨƚŚĞ'ƌĂŶƚĞĞ͕ŝƚƐĞŵƉůŽLJĞĞƐŽƌŽƚŚĞƌƉĞƌƐŽŶƐƐŚĂůůďĞƚŚĞŽďůŝŐĂƚŝŽŶŽĨƚŚĞ 'ƌĂŶƚĞĞ͘dŚĞ'ƌĂŶƚĞĞƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶƐĞŶƚĞƌĞĚŝŶƚŽƉƵƌƐƵĂŶƚ ƚŽĂŶĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘tŝƚŚŚŽůĚŝŶŐĂŶĚƉĂLJŵĞŶƚŽĨĨĞĚĞƌĂůĂŶĚƐƚĂƚĞ ŝŶĐŽŵĞƚĂdžĞƐĂŶĚ&/͕ĂŶĚŝƚƐĞŵƉůŽLJĞĞƐƐŚĂůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞ'ƌĂŶƚĞĞ͘dŚĞ'ƌĂŶƚĞĞ ƐŚĂůůƉĂLJŽŶďĞŚĂůĨŽĨĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞƵŶĞŵƉůŽLJŵĞŶƚĐŽŵƉĞŶƐĂƚŝŽŶĨƵŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞůĂǁ͘ ϭϮ͘/ŶƐƵƌĂŶĐĞ͘ /ĨĂƉƉůŝĐĂďůĞƚŽƚŚĞ'ƌĂŶƚĞĞ͛ƐĐƚŝǀŝƚLJ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůů͗ƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐ ŐƌĞĞŵĞŶƚ͕ƐŚĂůůƚĂŬĞŽƵƚ͕ƉĂLJĨŽƌ͕ĂŶĚŵĂŝŶƚĂŝŶƐƵĐŚĐŽŵƉƌĞŚĞŶƐŝǀĞŐĞŶĞƌĂůůŝĂďŝůŝƚLJĂŶĚŽƚŚĞƌ ŝŶƐƵƌĂŶĐĞĂƐǁŝůůƉƌŽǀŝĚĞƉƌŽƚĞĐƚŝŽŶĨƌŽŵ͗ Ă͘ ůĂŝŵƐƵŶĚĞƌǁŽƌŬĞƌ͛ƐĐŽŵƉĞŶƐĂƚŝŽŶ͕ĚŝƐĂďŝůŝ ƚLJďĞŶĞĨŝƚƐ͕ŽƌŽƚŚĞƌƐŝŵŝůĂƌĞŵƉůŽLJĞĞďĞŶĞĨŝƚ ĂĐƚƐƌĞůĂƚŝŶŐƚŽ'ƌĂŶƚĞĞĞŵƉůŽLJĞĞƐŽŶůLJ͖ ď͘ ůĂŝŵƐĨŽƌĚĂŵĂŐĞƐďĞĐĂƵƐĞŽĨďŽĚŝůLJŝŶũƵƌLJ͕ƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ŽƌĚĞĂƚŚŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛Ɛ ĞŵƉůŽLJĞĞƐ͖ Đ͘ ůĂŝŵƐĨŽƌĚĂŵĂŐĞƐďĞĐĂƵƐĞŽĨďŽĚŝůLJŝŶũƵƌLJ͕ƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ŽƌĚĞĂƚŚŽĨĂŶLJƉĞƌƐŽŶ ŽƚŚĞƌƚŚĂŶ'ƌĂŶƚĞĞ͛ƐĞŵƉůŽLJĞĞƐ͖ Ě͘ ůĂŝŵƐĨŽƌĚĂŵĂŐĞƐďĞĐĂƵƐĞŽĨŝŶũƵƌLJŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨƚĂŶŐŝďůĞƉƌŽƉĞƌƚLJ͕ŝŶĐůƵĚŝŶŐƚŚĞůŽƐƐŽĨ ƵƐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨŽƌĞ͖ĂŶĚ Ğ͘ ůĂŝŵƐĨŽƌĚĂŵĂŐĞƐďĞĐĂƵƐĞŽĨďŽĚŝůLJŝŶũƵƌLJŽƌĚĞĂƚŚŽĨĂŶLJƉĞƌƐŽŶŽƌƉƌŽƉĞƌƚLJĚĂŵĂŐĞ ĂƌŝƐŝŶŐŽƵƚŽĨƚŚĞŽǁŶĞƌƐŚŝƉ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ŽƌƵƐĞŽĨĂŶLJĞƋƵŝƉŵĞŶƚŽƌŵŽƚŽƌǀĞŚŝĐůĞ͘ ϭϯ͘/ŶĚĞŵŶŝƚLJ͘ 'ƌĂŶƚĞĞƐŚĂůůƐĂǀĞĂŶĚƉƌŽƚĞĐƚ͕ŚŽůĚŚĂƌŵůĞƐƐ͕ŝŶĚĞŵŶŝĨLJĂŶĚĚĞĨĞŶĚŝƚLJ͕ŝƚƐ ĐŽŵŵŝƐƐŝŽŶĞƌƐ͕ŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐ͕ĞŵƉůŽLJĞĞƐĂŶĚǀŽůƵŶƚĞĞƌǁŽƌŬĞƌƐĂŐĂŝŶƐƚĂŶLJĂŶĚĂůůůŝĂďŝůŝƚLJ͕ 3DFNHW3J )D ĐĂƵƐĞƐŽĨĂĐƚŝŽŶ͕ĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐĂŶĚĐŽƐƚƐĂŶĚĞdžƉĞŶƐĞƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ ĂƚƚŽƌŶĞLJ͛ƐĨĞĞƐ͕ŝŶǀĞƐƚŝŐĂƚŝŽŶĐŽƐƚƐĂŶĚůŝƚŝŐĂƚŝŽŶĐŽƐƚƐ͕ĂƌŝƐŝŶŐĨƌŽŵŽƌĂůůĞŐĞĚůLJĂƌŝƐŝŶŐĨƌŽŵŽƌ ƌĞƐƵůƚŝŶŐĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĨƌŽŵĂŶLJĂĐƚƐĂŶĚŽŵŝƐƐŝŽŶƐĂŶĚͬŽƌƉƌŽĨĞƐƐŝŽŶĂůĞƌƌŽƌƐĂŶĚ ŽŵŝƐƐŝŽŶƐŽĨ'ƌĂŶƚĞĞŽƌ'ƌĂŶƚĞĞ͛ƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽLJĞĞƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ĂŶĚĂĨĨŝůŝĂƚĞƐŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘'ƌĂŶƚĞĞǁŝůůĂƉƉĞĂƌĂŶĚĚĞĨĞŶĚĂŐĂŝŶƐƚĂůůůĂǁƐƵŝƚƐĂŐĂŝŶƐƚƚŚĞ ŝƚLJĂƌŝƐŝŶŐĨƌŽŵŽƌĂůůĞŐĞĚůLJĂƌŝƐŝŶŐĨƌŽŵŽƌƌĞƐƵůƚŝŶŐĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĨƌŽŵĂŶLJĂĐƚƐĂŶĚ ŽŵŝƐƐŝŽŶƐĂŶĚͬŽƌƉƌŽĨĞƐƐŝŽŶĂůĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽĨ'ƌĂŶƚĞĞ͕Žƌ'ƌĂŶƚĞĞ͛ƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽLJĞĞƐ͕ ƐƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚĂĨĨŝůŝĂƚĞƐŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ 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ƌĞĚƵĐĞĚƚŽĂƐĞĐŽŶĚĂƌLJůŝĂďŝůŝƚLJŽƌŽďůŝŐĂƚŝŽŶ͘dŚĞƐĞĐŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚĂƌĞ ďŝŶĚŝŶŐŽŶƚŚĞƐƵĐĐĞƐƐŽƌƐĂŶĚĂƐƐŝŐŶƐŽĨƚŚĞƉĂƌƚŝĞƐŚĞƌĞƚŽ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐĂŶLJƚŚŝŶŐŝŶƚŚĞ ^ĞĐƚŝŽŶƚŽƚŚĞĐŽŶƚƌĂƌLJ͕'ƌĂŶƚĞĞŵĂLJĞŵƉůŽLJĂŶLJŽŶĞŽƌŵŽƌĞƐƵďͲĐŽŶƚƌĂĐƚŽƌƐ͕ǀĞŶĚŽƌƐ͕ĂŐĞŶƚƐ͕ ŽƌƐƵƉƉůŝĞƌƐŝƚĐŚŽŽƐĞƐƚŽĐĂƌƌLJŽƵƚƚŚĞĂĐƚŝǀŝƚŝĞƐ͘ ϭϳ͘ŵĞŶĚŵĞŶƚ͕DŽĚŝĨŝĐĂƚŝŽŶ͕ŽƌtĂŝǀĞƌ͘ EŽĂŵĞŶĚŵĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌǁĂŝǀĞƌŽĨĂŶLJĐŽŶĚŝƚŝŽŶ͕ ƉƌŽǀŝƐŝŽŶŽƌƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞǀĂůŝĚŽƌŽĨĂŶLJĞĨĨĞĐƚ͕ƵŶůĞƐƐŵĂĚĞŝŶǁƌŝƚŝŶŐ͕ƐŝŐŶĞĚ ďLJƚŚĞŝƚLJĂŶĚ'ƌĂŶƚĞĞ͕ŽƌĚƵůLJĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐͿŽĨƚŚĞŝƚLJĂŶĚ'ƌĂŶƚĞĞĂŶĚ ƐƉĞĐŝĨLJŝŶŐǁŝƚŚƉĂƌƚŝĐƵůĂƌŝƚLJƚŚĞŶĂƚƵƌĞĂŶĚĞdžƚĞŶƚŽĨƐƵĐŚĂŵĞŶĚŵĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌǁĂŝǀĞƌ͘ ŶLJǁĂŝǀĞƌďLJƚŚĞŝƚLJŽƌ'ƌĂŶƚĞĞŽĨĂŶLJĚĞĨĂƵůƚƐŚĂůůŶŽƚĂĨĨĞĐƚŽƌŝŵƉĂŝƌĂŶLJƌŝŐŚƚĂƌŝƐŝŶŐĨƌŽŵ ĂŶLJƐƵďƐĞƋƵĞŶƚĚĞĨĂƵůƚ͘EŽƚŚŝŶŐŚĞƌĞŝŶƐŚĂůůůŝŵŝƚƚŚĞƌĞŵĞĚŝĞƐŽƌƌŝŐŚƚƐŽĨƚŚĞŝƚLJŽƌ'ƌĂŶƚĞĞ ŚĞƌĞƚŽƵŶĚĞƌĂŶĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϴ͘^ĞǀĞƌĂďůĞWƌŽǀŝƐŝŽŶƐ͘ ĂĐŚƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽďĞƐĞǀĞƌĂďůĞ͘/ĨĂŶLJ ƉƌŽǀŝƐŝŽŶŚĞƌĞŽĨŝƐŝůůĞŐĂůŽƌŝŶǀĂůŝĚĨŽƌĂŶLJƌĞĂƐŽŶǁŚĂƚƐŽĞǀĞƌ͕ƐƵĐŚŝůůĞŐĂůŝƚLJŽƌŝŶǀĂůŝĚŝƚLJƐŚĂůů ŶŽƚĂĨĨĞĐƚƚŚĞǀĂůŝĚŝƚLJŽĨƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϵ͘&ŽƌĐĞDĂũĞƵƌĞ ͘EŽƉĂƌƚLJƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĚĞůĂLJƐŽƌĨĂŝůƵƌĞƐƚŽ ƉĞƌĨŽƌŵĂŶLJŽďůŝŐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĚƵĞƚŽĂĐƚƐŽĨ'ŽĚ͕ƐƚƌŝŬĞƐŽƌŽƚŚĞƌĚŝƐƚƵƌďĂŶĐĞƐ͕ ŝŶĐůƵĚŝŶŐǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕ǁĂƌ͕ŝŶƐƵƌƌĞĐƚŝŽŶ͕ĞŵďĂƌŐŽƐ͕ŐŽǀĞƌŶŵĞŶƚĂůƌĞƐƚƌŝĐƚŝŽŶƐ͕ĂĐƚƐŽĨ ŐŽǀĞƌŶŵĞŶƚƐŽƌŐŽǀĞƌŶŵĞŶƚĂůĂƵƚŚŽƌŝƚŝĞƐ͕ĂŶĚŽƚŚĞƌĐĂƵƐĞďĞLJŽŶĚƚŚĞĐŽŶƚƌŽůŽĨƐƵĐŚƉĂƌƚLJ͘ ϮϬ͘tĂŝǀĞƌ͘ /ĨƚŚĞŝƚLJĨĂŝůƐƚŽĞŶĨŽƌĐĞĂŶLJƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚƚŚĂƚĨĂŝůƵƌĞĚŽĞƐŶŽƚǁĂŝǀĞ ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨŝƚƐƌŝŐŚƚƚŽĞŶĨŽƌĐĞŝƚ͘ 3DFNHW3J )D /Et/dE ^^d, Z K& ͕ƚŚĞƉĂƌƚŝĞƐŚĂǀĞĐĂƵƐĞĚƚŚŝƐŐƌĞĞŵĞŶƚƚŽďĞĞdžĞĐƵƚĞĚƚŚĞĚĂLJĂŶĚLJĞĂƌ ĨŝƌƐƚĂďŽǀĞǁƌŝƚƚĞŶ͘ /dzK&ZK, ^d Z ďLJ͗ďLJ͗ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐDĂLJŽƌ dŝƚůĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƚƚĞƐƚ͗ďLJ͗ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŝƚLJůĞƌŬ dŝƚůĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dd,D Ed /dzK&ZK, ^d Z͕D/EE ^Kd /dz&ƵŶĚŝŶŐ ^dd D EdK&tKZ<ͬ^KW K&^ Zs/ ^ ͘'ĞŶĞƌĂůĚŵŝŶŝƐƚƌĂƚŝŽŶ ϭ͘WƌŽũĞĐƚdŝƚůĞ͗ŽǁŶƚŽǁŶĐƚŝǀĂƚŝŽŶ Ϯ͘ ŶƚŝƚLJƌĞƐƉŽŶƐŝďůĞĨŽƌĐĂƌƌLJŝŶŐŽƵƚƚŚŝƐƉƌŽũĞĐƚ͗ ^ƚĂĨĨEĂŵĞ͗,ŽůůLJDĂƐĞŬ KƌŐĂŶŝnjĂƚŝŽŶ͗Z ĚĚƌĞƐƐ͗ dĞůĞƉŚŽŶĞEƵŵďĞƌ͗ ͘'ĞŶĞƌĂůĐƚŝǀŝƚLJĞƐĐƌŝƉƚŝŽŶ͗ 3DFNHW3J )D ^ĞĞƚƚĂĐŚŵĞŶƚƐ &ƵŶĚŝŶŐͬƉĂLJŵĞŶƚŽĨƚŚĞƉƌŽŐƌĂŵŝƐďĂƐĞĚŽŶĞƐƚŝŵĂƚĞǁŽƌŬƉƌŽǀŝĚĞĚ͘ WĂLJŵĞŶƚƚŽZǁŝůůďĞƌĞŝŵďƵƌƐĞĚƵƉŽŶƌĞƋƵĞƐƚĂŶĚƐƵďŵŝƚƚĂůŽĨƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ ͘ĐƚŝǀŝƚŝĞƐƚŽďĞƵŶĚĞƌƚĂŬĞŶͬĐŽŵƉůĞƚŝŽŶƐĐŚĞĚƵůĞ͗ ;ĞƐƉĞĐŝĨŝĐͿ WĞƌƐŽŶŶƚŝĐŝƉĂƚĞĚ ĐƚŝǀŝƚLJZĞƐƉŽŶƐŝďůĞŽŵƉůĞƚŝŽŶ ^ĞĞƚƚĂĐŚŵĞŶƚƐ 3DFNHW3J ĂƌƚŝƐƚĚĞƐŝŐŶĞĚƐŝŐŶĂŐĞ ƐƚŝŵĂƚĞĚƚŽƚĂů ƐĞĞĚƐ ůĂďŽƌ Ěŝƌƚ Ψϱ͕ϱϬϬ͘ϬϬ ΨϲϬϬ͘ϬϬΨϮϬϬ͘ϬϬΨϭ͕ϰϬϬ͘ϬϬΨϮ͕ϱϬϬ͘ϬϬ ϭϬƚĂďůĞƐĂŶĚϮϬĐŚĂŝƌƐ ƐƚŝŵĂƚĞĚƚŽƚĂů ϮŐĂƐĨŝƌĞƉŝƚƐ ϮƵŵďƌĞůůĂƐ ƌƚŝŶƐƚĂůů ƐŝŐŶĂŐĞ ΨϭϬ͕ϬϬϬ͘ϬϬ ΨϮϱϬ͘ϬϬΨϯ͕ϭϱϬ͘ϬϬΨϭ͕ϮϬϬ͘ϬϬΨϲϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬ ŽƵůĚĚŽƐƵŵŵĞƌͬǁŝŶƚĞƌ ;ŽƚŚĞƌĨƵŶĚŝŶŐƉĂƌƚŶĞƌƐ DŝĚDĂLJͲDŝĚͲƵŐƵƐƚ :ƵŶĞͲƵŐƵƐƚ ϱͬϭϲͲϵͬϯϬ ƉƌŝůͲ^ĞƉƚ ^ĞƉƚͲKĐƚ ůŝŬĞůLJͿ DĂLJ ZĞďƌĂŶĚŝŶŐ͕ďƌŽĐŚƵƌĞƐ͕ϯͲϰĂƌƚŝƐƚƚŽƵƌƐ ĐŽŵŵŝƚƚĞĞ͕ĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚĐŝƚLJ ϮƐŚŽǁƐͬǁĞĞŬĨŽƌϭϮǁĞĞŬƐ;ϮϰƐŚŽǁƐ 5'$SD\IRUFRVWRIXSWRGRRUVLQ ŽƵƚƌĞĂĐŚ͕ĐŽŽƌĚŝŶĂƚŝŽŶďĞƚǁĞĞŶĐŝƚLJ ƉŽŽĐŚĞƐΘƉĂůŽŵĂƐ͕ĐŽĨĨĞĞǀĞŶĚŽƌ͕ ƚǁŝĐĞͬǁĞĞŬͿнDĂƌŬĞƚŝŶŐĐŽůůĂƚĞƌĂů DOOH\ GRRULQFOXGHVWR WĞƌŵŝƚƚŝŶŐĂƐƐŝƐƚĂŶĐĞ͕ĐŽŵŵƵŶŝƚLJ ƌĞƉůĂĐĞϭϬƚĂďůĞƐϮϬĐŚĂŝƌƐ͕ĂĚĚϰ ĞŶƚƌĂůWĂƌŬ;ŝŶƚĞƌŶƚŽƐƚĂĨĨƚĞŶƚ &ĂĐŝůŝƚĂƚŝŽŶ͕ƚƌĂĐŬŝŶŐ͕ƌĞǀŝĞǁďLJ WĞĂĐĞWůĂnjĂͲƚǁŽŚŽƵƌĐůĂƐƐĞƐ͕ ƐĞĂƚŝŶŐ͕ĂŶĚĂƌƚŝŶƐƚĂůůĂƚŝŽŶ ƚǁŝĐĞͬǁĞĞŬ;ΨϭϬϬͬĐůĂƐƐͿ ĨŽƌĚŝƐƚƌŝďƵƚŝŽŶŽĨĨƵŶĚƐ ƚŽƚĂůͿ:ƵŶĞͲĂƵŐƵƐƚ ƵŵďƌĞůůĂƐ ĂŶĚZ EŽƚĞƐ DUWLVW Ψϲ͕ϱϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬΨϰ͕ϱϬϬ͘ϬϬΨϭϬ͕ϬϬϬ͘ϬϬΨϭϬ͕ϬϬϬ͘ϬϬΨϭ͕ϱϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬΨϱϬ͕ϬϬϬ͘ϬϬΨϱϬ͕ϬϬϬ͘ϬϬ ƐƚŝŵĂƚĞĚŵŽƵŶƚ ΨϱϬ͕ϬϬϬ͘ϬϬ WĞĂĐĞWůĂnjĂͬƉƵďůŝĐƐƉĂĐĞĐŽŽƌĚŝŶĂƚŽƌ ĞƐƚŝŵĂƚĞĚƚŽƚĂů ĂƌƚŝƐƚƐŝŐŶĂŐĞ ƐĞĞĚƐ ůĂďŽƌ Ěŝƌƚ Ψϭ͕ϱϬϬ͘ϬϬΨϮ͕ϱϬϬ͘ϬϬ Ψϰ͕ϴϬϬ͘ϬϬ ΨϲϬϬ͘ϬϬΨϮϬϬ͘ϬϬ ŵĂŝŶƚĞŶĂŶĐĞͬƌĞƉů ƵƉĚĂƚĞĚƐŝŐŶĂŐĞ ĞƐƚŝĂŵƚĞĚƚŽƚĂů ĂĐĞŵĞŶƚ;ŝĨ ŶĞĞĚĞĚͿ Ψϭ͕ϳϱϬ͘ϬϬ ΨϮ͕ϬϬϬ͘ϬϬ ΨϮϱϬ͘ϬϬ ŽƵůĚĚŽƐƵŵŵĞƌͬǁŝŶƚĞƌ ;ŽƚŚĞƌĨƵŶĚŝŶŐƉĂƌƚŶĞƌƐ DŝĚDĂLJͲDŝĚͲƵŐƵƐƚ :ƵŶĞͲƵŐƵƐƚ DĂƌĐŚͲƉƌŝů ƉƌŝůͲ^ĞƉƚϱͬϭϲͲϵͬϯϬ ^ĞƉƚͲKĐƚ͘ ůŝŬĞůLJͿ DĂLJ ũƵůLJ ƉŽŽĐŚĞƐΘƉĂůŽŵĂƐ͕ĐŽĨĨĞĞǀĞŶĚŽƌ͕ ĐŽŵŵŝƚƚĞĞ͕ĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚ 5'$SD\IRUFRVWRIXSWRGRRUV WĞƌŵŝƚƚŝŶŐĂƐƐŝƐƚĂŶĐĞ͕ĐŽŵŵƵŶŝƚLJ ƐĞĂƚŝŶŐ͕ĂŶĚĂƌƚŝŶƐƚĂůůĂƚŝŽŶ;ŽŶĐĞ ǀĂĐĂŶƚůŽƚ͕ďƌĂŶĚŝŶŐ͕ĂĚĚƐŝŐŶĂŐĞƚǁŝĐĞͬǁĞĞŬ;ΨϭϬϬͬĐůĂƐƐͿƵƉƚŽϰϬ LQDOOH\ GRRULQFOXGHVŽƌĚĞƌŵŽƌĞďƌŽĐŚƵƌĞƐ͕;ϯͲϰĂƌƚŝƐƚ ŽƵƚƌĞĂĐŚ͕ĐŽŽƌĚŝŶĂƚŝŽŶďĞƚǁĞĞŶ &ůŽǁĞƌďŽŵďZŽƐŝĞďĞůůŽƌŽƚŚĞƌ ĞŶƚƌĂůWĂƌŬ;ŝŶƚĞƌŶƚŽƐƚĂĨĨƚĞŶƚ ϯdžͬǁĞĞŬͿнDĂƌŬĞƚŝŶŐĐŽůůĂƚĞƌĂů ZŝǀĞƌĨƌŽŶƚŽƌŽƚŚĞƌƉƵďůŝĐƐƉĂĐĞ ϮƐŚŽǁƐͬǁĞĞŬĨŽƌϭϮǁĞĞŬƐ;Ϯϰ &ĂĐŝůŝƚĂƚŝŽŶ͕ƚƌĂĐŬŝŶŐ͕ƌĞǀŝĞǁďLJ WĞĂĐĞWůĂnjĂͲƚǁŽŚŽƵƌĐůĂƐƐĞƐ͕ ŵĂŝŶƚĞŶĂŶĐĞͬƌĞƉůĂĐĞŵĞŶƚƐ;ŝĨ ĐŝƚLJĨŽƌĚŝƐƚƌŝďƵƚŝŽŶŽĨĨƵŶĚƐ ƐŚŽǁƐƚŽƚĂůͿ:ƵŶĞͲĂƵŐƵƐƚ ĐŝƚLJĂŶĚZ ƉĞƌŵŽŶƚŚͿ ;ϭϮǁĞĞŬƐͿ ŶĞĞĚĞĚͿ WRDUWLVW ĐůĂƐƐĞƐ EŽƚĞƐ ƚŽƵƌƐͿ Ψϰ͕ϴϬϬ͘ϬϬΨϲ͕ϱϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬΨϮ͕ϬϬϬ͘ϬϬΨϮ͕ϬϬϬ͘ϬϬΨϭϬ͕ϬϬϬ͘ϬϬΨϭϭ͕ϳϬϬ͘ϬϬΨϭ͕ϬϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬΨϱϬ͕ϬϬϬ͘ϬϬΨϱϬ͕ϬϬϬ͘ϬϬ ƐƚŝŵĂƚĞĚŵŽƵŶƚ ΨϱϬ͕ϬϬϬ͘ϬϬ ŽǁŶƚŽǁŶŵƵƌĂů;ĐŽŵŵƵŶŝƚLJĐƌĞĂƚĞĚͿ sĂĐĂŶƚůŽƚďĞĂƵƚŝĨŝĐĂƚŝŽŶ;ƐĞĞĚĞƚĂŝůͿ EĞŽŶ'ƌĞĞŶΖƐƌƚĂƌƚWĂƌƚŶĞƌƐŚŝƉ tĂƚĞƌĨƌŽŶƚĂĐƚŝǀĂƚŝŽŶ;ƐĞĞĚĞƚĂŝůͿ WŝŶŐWŽŶŐdĂďůĞΘ'ĂŵĞĐĂƌƚ WĞĂĐĞWůĂnjĂ/ŵƉƌŽǀĞŵĞŶƚƐ )F u-Ѵu-m| uo]u-l u;v;m|;70|_; !o1_;v|;u om|omѴѴb-m1;Ő! ő -m7b|o=!o1_;v|;u šƑƏƑƑ!o1_;v|;u om|omѴѴb-m1;ĺѴѴub]_|vu;v;u;7 !o1_;v|;u om|omѴѴb-m1;Ő! ő 3DFNHW3J )F u-Ѵu-m| uo]u-l &r|oŪƔƏķƏƏƏbv--bѴ-0Ѵ;-mm-ѴѴŐromb|om1bѴ-rruo-Ѵő=ou|_;u-Ѵu-m| uo]u-lĺ vbm;vv-m7ruor;u|om;uvl--rrѴ|o|_;ruo]u-lom1;r;uruor;u|ķ;;u|o;-uvĺ x $_;! bvu;vromvb0Ѵ;=ou|u-1hbm]|_;|o|-Ѵ-lom|o0Ѵb]-|;7-1uovv|_;ruo]u-lr;u;-uķmo||o x ;1;;7ŪƔƏķƏƏƏr;u;-u-1uovv-ѴѴ-rrѴb1-m|vĺ $_;! bvu;vromvb0Ѵ;=ou7o1l;m|-|bomo==bm-Ѵ]u-m|-lom|-rruo;7ķo0|-bmbm]u;1;br|v-m7ruoo= x o=r-l;m|ķ-m7v0lb||bm]|_;r-l;m|u;t;v||o|_;b|o=!o1_;v|;uĺ ! ouhvb|_ruor;u|ņ0vbm;vvom;u|ov;|7;-7Ѵbm;7-|;v=ouruof;1|-m7r-l;m|Ĺ x uof;1|v|-u|7-|;Őb|_bmƐѶƏ7-vo=-rruo-Ѵő-m71olrѴ;|bom7-|;ĺ R ѴѴu;1;br|vv0lb||;707-|;Őb|_bmѵƏ7-vo=ruof;1|1olrѴ;|bom7-|;őĺ R -l;m|b|_bmƒƏ7-vo=u;1;br|v0lbvvbomŐmor-u|b-Ѵr-l;m|vőĺ R $_;1b|bvu;vromvb0Ѵ;=our-l;m||o|_;ruor;u|ou0vbm;vvom;uŐ-rrѴb1-m|őĺ x $_;b|om1bѴbѴѴm;;7|o-rruo;|_;07];|;-1_;-uĺ x o-rrѴb1-|bomvbѴѴ0;-11;r|;7=ouu;|uo-1|b;ruof;1|vĺ x =bm|;u;v|;7ķrѴ;-v;1om|-1|Ĺ -uѴb1 Ѵuo bu;1|ouo=r;u-|bomv !o1_;v|;u om|omѴѴb-m1; hl1;ѴuoŠu7om|om-ѴѴb-m1;ĺ1ol ƔƏƕŊƑƐѵŊƖѶѶƒ u-Ѵu-m| uo]u-lb7;Ѵbm;v 3DFNHW3J )F urov; $_;b|o=!o1_;v|;u-m7|_;! u;1o]mb;|_;blrou|-m1;o=-_b]_Ŋt-Ѵb|r;7;v|ub-m;r;ub;m1;-m7 1Ѵ|u-Ѵbm=u-v|u1|u;|o|_;1om|bm;7v11;vvo=7om|om!o1_;v|;uĺ$_;lu-Ѵu-m| uo]u-lbvbm|;m7;7 |o_;Ѵr;m1ou-];1oѴѴ-0ou-|bom-m71u;-|bb|0;|;;m0vbm;vv-m7-u|bv|v-m7;m_-m1;|_;b|-Ѵb|o= 7om|omĺ$_;ruo]u-lbvo==;u;7-v-mbm1;m|b;|o7om|om0vbm;vv-m7ruor;u|om;uvĺ Ѵb]b0bѴb| mruor;u|ou0vbm;vvom;u_ov;ruor;u|Ѵb;vb|_bm|_;7om|om!o1_;v|;u"r;1b-Ѵ";ub1;v bv|ub1| Ő"" őbv;Ѵb]b0Ѵ;=ouruo]u-l=m7bm]ĺ &v;o==m7v -Ѵb=bm]lu-Ѵvl-0;ruo71;7vbm]-u-m];o=l-|;ub-Ѵv0|lv|0;Ѵ-u];u|_-m|o=;;|bmѴ;m]|_-m7ou b7|_-m7rѴ-1;7bm-r0Ѵb1Ѵb;-0Ѵ;Ѵo1-|bomĺ$_;=m7vl-0;v;7|or-=our|oƔƏѷo=|_;1ov|v -vvo1b-|;7b|_u;m7;ubm]vķ-u|bv|=;;vķbmv|-ѴѴ-|bom;tbrl;m|-m7l-|;ub-Ѵvo=1u;-|bm]-lu-Ѵĺu-m|=m7vbѴѴ 0;ruob7;7-v-u;bl0uv;l;m||o|_;0vbm;vvouruor;u|om;uĺ $_;=m7vbѴѴmo|0;--bѴ-0Ѵ;|oruof;1|vv;;hbm]-vvbv|-m1;=ou-lu-Ѵ|o-7;u|bv;|_;bu0vbm;vvomѴķou=ou lu-Ѵv|_-|-u;o0bovѴ1oll;u1b-Ѵbmm-|u;ĺ$_;! -m7b|v"r-1;-m7 Ѵ-1;ollb||;;bѴѴo;uv;; u;b;o=-rrѴb1-|bomv-m77;|;ulbm;0-v;7om;v|-0Ѵbv_;7u;b;1ub|;ub-ķ_b1_ruof;1|v-u;|_;0;v|v;o= ]u-m|=m7vĺ u-m|lom| uor;u|-m70vbm;vvom;uvl--rrѴ=ou]u-m|-vvbv|-m1;o=r|oƔƏѷo=|_;1ov|o=blruo;l;m|vķmo||o ;1;;7ŪƔķƏƏƏĺu-m|=m7vbѴѴ0;l-7;--bѴ-0Ѵ;om-=buv|1ol;=buv|v;u;0-vbvĺ u-Ѵbv|v |bvu;tbu;7|_-|-ѴѴ-rrѴb1-m|vouhb|_-m;r;ub;m1;7lu-Ѵbv|Őv;;Ѵbv|o=Ѵo1-Ѵ-u|bv|vőĺ&v;o=bmm;vo|-Ŋ 0-v;7lu-Ѵbv|vbvv|uom]Ѵ;m1ou-];7ķ0|mo|u;tbu;7ĺѴѴ-rrѴb1-|bomvlv|bm1Ѵ7;Ĺ-ruo=;vvbom-Ѵu;m7;ubm] o=|_;ruorov;7lu-Ѵķm-l;o=|_;ruorov;7lu-Ѵķ-v|-|;l;m|o=rurov;-0o||_;ruorov;7lu-Ѵķ ruorov;7l-|;ub-Ѵvņl;7blķo;ub;o=|_;lu-ѴĽvbmv|-ѴѴ-|bomķ-m7-0bo]u-r_7;v1ub0bm]ru;bovlu-Ѵ 1ollbvvbomv=uol|_;-u|bv|ĺ "|;rvbm|_;ruo1;vvĹ Ɛĺ$_;ruor;u|ou0vbm;vvom;ubѴѴl;;|bm=oul-ѴѴb|_|_;! |o7bv1vvruof;1|;Ѵb]b0bѴb|ķ ]b7;Ѵbm;vķ-m7-rruorub-|;7o1l;m|-|bomĺ Ƒĺ$_;! 7;|;ulbm;vb=ruof;1|l;;|v;Ѵb]b0bѴb|-m7=m7bm]u;tbu;l;m|v-m7ķb=voķ=-1bѴb|-|;v|_;u;b; -m7-rruo-Ѵruo1;vvĺ ƒĺ$_;ruor;u|ou0vbm;vvom;uru;r-u;v-m-rrѴb1-|bomķbm1Ѵ7bm]lu-Ѵ1om1;r|-m7vr;1b=b1-|bomvķ-| -m-rruorub-|;Ѵ;;Ѵo=7;|-bѴķ-m7v0lb|v|o! ĺ=|_;-rrѴb1-m|bvmo||_;om;uo=|_;ruor;u| _;u;|_;blruo;l;m|vbѴѴ0;l-7;ķ|_;lv|o0|-bm-Ѵ;||;uo=-rruo-Ѵ=uol|_;ruor;u|om;u -|_oubbm]|_;blruo;l;m|vĺ Ɠĺ&romu;b;-m7u;1oll;m7-|bom0|_;! Ľv"r-1;-m7 Ѵ-1;ollb||;;ķ|_;-rrѴb1-m|-m7! bѴѴ =bm-Ѵb;]u-m|m;]o|b-|bomvĺ=]u-m|=m7v-u;--u7;7ķ-Ѵ;||;ubѴѴ0;bvv;70|_;! |o|_; -rrѴb1-m|ĺ Ɣĺ=|_;-rrѴb1-m|bvom|_;"r-1;-m7 Ѵ-1;ollb||;;ķ|_;-rrѴb1-m|lv|u;1v;|_;lv;Ѵ;v=uolo|bm]ĺ ѵĺ$_;0vbm;vvouruor;u|om;ubѴѴ|_;mouhb|_|_;lu-Ѵbv||ol-h;|_;-rruo;7lu-Ѵbv 1olrѴ;|;ķ-m7r--ѴѴbmob1;vu;Ѵ-|;7|o|_;blruo;l;m|ĺb;m-b;uv-u;|o0;ruob7;7|o|_;! ĺ 3DFNHW3J )F ƕĺ$_;-rrѴb1-m||_;mv0lb|v-u;t;v|=ouu;bl0uv;l;m||o! ķruob7bm]7o1l;m|-|bom|_-||_; lu-Ѵ-v1olrѴ;|;7bm-11ou7-m1;b|_|_;-rruo;7rѴ-mv-m7vr;1b=b1-|bomvķ-m7ruob7;vu;1;br|v =ou-ѴѴouh1olrѴ;|;7ĺ Ѷĺ! v0lb|v=m7bm]u;t;v|-m77o1l;m|-|bom|o|_;b|ĺ Ɩĺ$_;b|bvv;v1_;1h|o|_;-rrѴb1-m|ĺ =- uof;1|bvo|rruo;7 =|_;"r-1;-m7 Ѵ-1;ollb||;;=;;Ѵv|_-|-ruof;1|7o;vmo|l;;||_;;v|-0Ѵbv_;71ub|;ub-|ou;1;b; x =m7bm]ķ|_;-rrѴb1-m|oѴ70;ruob7;77;|-bѴ;7=;;70-1hu;]-u7bm]|_;7;1bvbomĺ ;mb;7-rrѴb1-m|vl-1_oov;|ol-h;v]];v|;7-7fv|l;m|v|o|_;bu-rrѴb1-|bom-m7u;v0lb||o|_; x ! =ouu;Ŋu;b;0|_;"r-1;-m7 Ѵ-1;ollb||;;ĺ Ѵ;-v;mo|;Ĺ -rrѴb1-|bom|o|_;u-Ѵu-m| uo]u-l7o;vmo|]-u-m|;;-rruo-Ѵo==m7bm]ĺ x "r;1b-Ѵ";ub1; bv|ub1| 3DFNHW3J )F ! u-Ѵu-m|rrѴb1-|bom Ɛĺ-l;o=-rrѴb1-m|ŐvőĹōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōō Ƒĺ-bѴbm]-77u;vvo=-rrѴb1-m|Ĺōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōō ƒĺ$;Ѵ;r_om;ml0;uŐvőĹōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōō Ɠĺ uorov;70vbm;vv-77u;vvĹōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōķ!o1_;v|;uķōōōōōōōōōōōōōō Ɣĺ o;v|_;-rrѴb1-m|om|_;0bѴ7bm]ĵ+;vo ܆܆ Ő=|_;-mv;u|ot;v|bomŲƔbvľoĿķrѴ;-v;-||-1_-Ѵ;||;u=uol|_;0bѴ7bm]om;u;b7;m1bm]-1ollb|l;m||o|_;-rrѴb1-m|ĺő ѵĺ v|bl-|;7|o|-Ѵruof;1|1ov|ĹŪōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōō ƕĺ$o|-Ѵrub-|;=m7bm]ruob7;7ĹŪōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōō Ѷĺ$o|-Ѵ=bm-m1b-Ѵ-vvbv|-m1;u;t;v|;7ĹŪōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōō Ɩĺ uorov;7ruof;1|v|-u|7-|;Ĺōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōō ƐƏĺ uorov;7ruof;1|1olrѴ;|bom7-|;Ĺōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōō ƐƐĺ_;1hѴbv|o=u;tbu;7-||-1_l;m|v=oulu-Ѵ]u-m|-rrѴb1-|bomv0lbvvbomĹ տ olrѴ;|;7! lu-Ѵ]u-m|-rrѴb1-|bomb|_|_;=oѴѴobm]bm1Ѵ7;7Ĺ ruo=;vvbom-Ѵu;m7;ubm]o=|_;ruorov;7lu-Ѵ -l;o=|_;ruorov;7lu-Ѵ v|-|;l;m|o=rurov;-0o||_;ruorov;7lu-Ѵ uorov;7l-|;ub-Ѵvņl;7bl ;ub;o=|_;lu-ѴĽvbmv|-ѴѴ-|bom 0bo]u-r_o=|_;-u|bv|7;v1ub0bm]ru;bovlu-Ѵ1ollbvvbomv1olrѴ;|;70|_;-u|bv|ĺ տ orb;vo=-ѴѴ;v|bl-|;v=ouv;ub1;v=uol;r;ub;m1;7lu-Ѵbv|r;u=oulbm]ouhĺ տ 0ub;=m-uu-|b;7;v1ubr|bomo=|_;lu-Ѵb|_|_;m-l;o=|_;-u|ĺ տ ;||;uo=-rruo-Ѵ-|_oubbm]Ѵ;-v;_oѴ7blruo;l;m|=uol|_;ruor;u|om;uķ b=|_;ruor;u|bvmo|om;70|_;-rrѴb1-m|Őb=-rrѴb1-0Ѵ;őĺ $_;&m7;uvb]m;7rrѴb1-m|==bulvĹ Ɛĺ$_;bm=oul-|bombm|_bv-rrѴb1-|bombv|u;-m7-11u-|;ĺ Ƒĺ$_;-rrѴb1-m|_-vu;-7-m7m7;uv|-m7v|_;ruo]u-l]b7;Ѵbm;v-m71om7b|bomv_b1_-u;bm1ourou-|;7 _;u;0u;=;u;m1;ĺ ƒĺ$_;! "r-1;-m7 Ѵ-1;ollb||;;u;v;u;v|_;ub]_|ķbmb|vvoѴ;7bv1u;|bomķ|ou;f;1||_bv-rrѴb1-|bomĺ -|;Ĺōōōōōōōōōōōōōōōōōō "b]m-|u;o=rrѴb1-m|ŐvőĹ ōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōōō $- Ųo=0vbm;vvĹōōōōōōōōōōōōōōōōōōōōōōōōōō )_;m1olrѴ;|;7v0lb||oĹ -uѴb1 Ѵuoķ bu;1|ouo=r;u-|bomv hl1;ѴuoŠu7om|om-ѴѴb-m1;ĺ1ol !o1_;v|;u om|omѴѴb-m1; ƒƐƐ"o|_uo-7-;ķ"b|;Ƒ !o1_;v|;uķƔƔƖƏƓ 3DFNHW3J ĂƌƚŝƐƚĚĞƐŝŐŶĞĚƐŝŐŶĂŐĞ ƐƚŝŵĂƚĞĚƚŽƚĂů ƐĞĞĚƐ ůĂďŽƌ Ěŝƌƚ Ψϱ͕ϱϬϬ͘ϬϬ ΨϲϬϬ͘ϬϬΨϮϬϬ͘ϬϬΨϭ͕ϰϬϬ͘ϬϬΨϮ͕ϱϬϬ͘ϬϬ ϭϬƚĂďůĞƐĂŶĚϮϬĐŚĂŝƌƐ ƐƚŝŵĂƚĞĚƚŽƚĂů ϮŐĂƐĨŝƌĞƉŝƚƐ ϮƵŵďƌĞůůĂƐ ƌƚŝŶƐƚĂůů ƐŝŐŶĂŐĞ ΨϭϬ͕ϬϬϬ͘ϬϬ ΨϮϱϬ͘ϬϬΨϯ͕ϭϱϬ͘ϬϬΨϭ͕ϮϬϬ͘ϬϬΨϲϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬ ŽƵůĚĚŽƐƵŵŵĞƌͬǁŝŶƚĞƌ ;ŽƚŚĞƌĨƵŶĚŝŶŐƉĂƌƚŶĞƌƐ DŝĚDĂLJͲDŝĚͲƵŐƵƐƚ :ƵŶĞͲƵŐƵƐƚ ϱͬϭϲͲϵͬϯϬ ƉƌŝůͲ^ĞƉƚ ^ĞƉƚͲKĐƚ ůŝŬĞůLJͿ DĂLJ ZĞďƌĂŶĚŝŶŐ͕ďƌŽĐŚƵƌĞƐ͕ϯͲϰĂƌƚŝƐƚƚŽƵƌƐ ĐŽŵŵŝƚƚĞĞ͕ĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚĐŝƚLJ ϮƐŚŽǁƐͬǁĞĞŬĨŽƌϭϮǁĞĞŬƐ;ϮϰƐŚŽǁƐ 5'$SD\IRUFRVWRIXSWRGRRUVLQ ŽƵƚƌĞĂĐŚ͕ĐŽŽƌĚŝŶĂƚŝŽŶďĞƚǁĞĞŶĐŝƚLJ ƉŽŽĐŚĞƐΘƉĂůŽŵĂƐ͕ĐŽĨĨĞĞǀĞŶĚŽƌ͕ ƚǁŝĐĞͬǁĞĞŬͿнDĂƌŬĞƚŝŶŐĐŽůůĂƚĞƌĂů DOOH\ GRRULQFOXGHVWR WĞƌŵŝƚƚŝŶŐĂƐƐŝƐƚĂŶĐĞ͕ĐŽŵŵƵŶŝƚLJ ƌĞƉůĂĐĞϭϬƚĂďůĞƐϮϬĐŚĂŝƌƐ͕ĂĚĚϰ ĞŶƚƌĂůWĂƌŬ;ŝŶƚĞƌŶƚŽƐƚĂĨĨƚĞŶƚ &ĂĐŝůŝƚĂƚŝŽŶ͕ƚƌĂĐŬŝŶŐ͕ƌĞǀŝĞǁďLJ WĞĂĐĞWůĂnjĂͲƚǁŽŚŽƵƌĐůĂƐƐĞƐ͕ ƐĞĂƚŝŶŐ͕ĂŶĚĂƌƚŝŶƐƚĂůůĂƚŝŽŶ ƚǁŝĐĞͬǁĞĞŬ;ΨϭϬϬͬĐůĂƐƐͿ ĨŽƌĚŝƐƚƌŝďƵƚŝŽŶŽĨĨƵŶĚƐ ƚŽƚĂůͿ:ƵŶĞͲĂƵŐƵƐƚ ƵŵďƌĞůůĂƐ ĂŶĚZ EŽƚĞƐ DUWLVW Ψϲ͕ϱϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬΨϰ͕ϱϬϬ͘ϬϬΨϭϬ͕ϬϬϬ͘ϬϬΨϭϬ͕ϬϬϬ͘ϬϬΨϭ͕ϱϬϬ͘ϬϬΨϰ͕ϬϬϬ͘ϬϬΨϱϬ͕ϬϬϬ͘ϬϬΨϱϬ͕ϬϬϬ͘ϬϬ ƐƚŝŵĂƚĞĚŵŽƵŶƚ ΨϱϬ͕ϬϬϬ͘ϬϬ WĞĂĐĞWůĂnjĂͬƉƵďůŝĐƐƉĂĐĞĐŽŽƌĚŝŶĂƚŽƌ ĞƐƚŝŵĂƚĞĚƚŽƚĂů ĂƌƚŝƐƚƐŝŐŶĂŐĞ ƐĞĞĚƐ ůĂďŽƌ Ěŝƌƚ Ψϭ͕ϱϬϬ͘ϬϬΨϮ͕ϱϬϬ͘ϬϬ Ψϰ͕ϴϬϬ͘ϬϬ ΨϲϬϬ͘ϬϬΨϮϬϬ͘ϬϬ ŵĂŝŶƚĞŶĂŶĐĞͬƌĞƉů ƵƉĚĂƚĞĚƐŝŐŶĂŐĞ ĞƐƚŝĂŵƚĞĚƚŽƚĂů ĂĐĞŵĞŶƚ;ŝĨ ŶĞĞĚĞĚͿ Ψϭ͕ϳϱϬ͘ϬϬ ΨϮ͕ϬϬϬ͘ϬϬ ΨϮϱϬ͘ϬϬ ŽƵůĚĚŽƐƵŵŵĞƌͬǁŝŶƚĞƌ ;ŽƚŚĞƌĨƵŶĚŝŶŐƉĂƌƚŶĞƌƐ DŝĚDĂLJͲDŝĚͲƵŐƵƐƚ :ƵŶĞͲƵŐƵƐƚ DĂƌĐŚͲƉƌŝů ƉƌŝůͲ^ĞƉƚϱͬϭϲͲϵͬϯϬ ^ĞƉƚͲKĐƚ͘ ůŝŬĞůLJͿ DĂLJ ũƵůLJ ƉŽŽĐŚĞƐΘƉĂůŽŵĂƐ͕ĐŽĨĨĞĞǀĞŶĚŽƌ͕ ĐŽŵŵŝƚƚĞĞ͕ĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚ 5'$SD\IRUFRVWRIXSWRGRRUV WĞƌŵŝƚƚŝŶŐĂƐƐŝƐƚĂŶĐĞ͕ĐŽŵŵƵŶŝƚLJ ƐĞĂƚŝŶŐ͕ĂŶĚĂƌƚŝŶƐƚĂůůĂƚŝŽŶ;ŽŶĐĞ ǀĂĐĂŶƚůŽƚ͕ďƌĂŶĚŝŶŐ͕ĂĚĚƐŝŐŶĂŐĞƚǁŝĐĞͬǁĞĞŬ;ΨϭϬϬͬĐůĂƐƐͿƵƉƚŽϰϬ LQDOOH\ 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ŽĨƐƵĐŚƚŝŵĞĞdžƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͘ /ƚǁŝůůďĞ E'/E Z͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƌĞĂƐŽŶĂďůLJŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨ E'/E ZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂLJƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌLJƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌLJƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚLJĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝnjĞƐƚŚĂƚ E'/E ZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚLJͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝnjŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶLJ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚ E'/E ZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'Ks ZE/E'>t͕:hZ/^/d/KE͕Es Eh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚLJĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůLJ͘ d ZD^K&' E Z>KE/d/KE^ $57,&/( ŶLJĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞLJĂƌĞƐƉĞĐŝĨŝĐĂůůLJĂŶĚĚĞůŝďĞƌĂƚĞůLJ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶLJŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ d ZD^K&WzD Ed $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJƐƵƉƉůŝĞĚďLJ $ E'/E ZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/> ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚ E'/E ZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘ E'/E ZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dzŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚ E'/E ZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞdžƚƌĂ ǁŽƌŬ͘ /Ĩ E'/E ZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ 3DFNHW3J )F ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/E ZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJ E'/E ZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŵĂLJďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZK hZ &KZWzD Ed $57,&/( WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJ E'/E ZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJ E'/E ZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨLJƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚ E'/E ZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞ E'/E Z͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ ϱ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉLJŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞLJĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚLJƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůLJ͘ /Ĩ E'/E ZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ E'/E ZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚ E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJ E'/E ZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/E ZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzD Ed $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ ŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚLJŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞdžĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞ E'/E Z ƐŚĂůůĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐ͘ 3DFNHW3J )F E'/E ZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐ E'/E ZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞ E'/E Z͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞ E'/E ZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZŝƐŶŽƚĂƵƚŚŽƌŝnjĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚLJŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚLJ͕ŝŶǁƌŝƚŝŶŐ͕ďLJKǁŶĞƌ͘ ( E'/E ZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůLJǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚLJ ŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'ED Ed $57,&/(ĞĚŝŶƚŚŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉLJŽĨĂŶLJĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚĂĨƚĞƌĞdžĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ D ED Ed^͕,E' KZ Z^͕D Z' Z͕KhEd ZWZd^͕Et/s Z $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůLJĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞdžĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶLJǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďLJ E'/E ZĨŽƌĞdžƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďLJĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞdžĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘ E'/E ZŵƵƐƚŶŽƚŝĨLJ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨ E'/E ZǁŝůůďĞĚĞůĂLJĞĚŝŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨ E'/E Z͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ E'/E ZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ 3DFNHW3J )F KDW>/E t/d,>/ E^ ^͕W ZD/d^͕EKd, ZZ 'h>d/KE^ $57,&/( E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/ ^E/Ed >> dh>WZKW Zdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶLJƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďLJ E'/E ZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞdžĐůƵƐŝǀĞ ƉƌŽƉĞƌƚLJŽĨ/dz͘ E'/E ZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚLJƐŚĂůůŐƌĂŶƚƚŚĞ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ E'/E ZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶLJǁĂLJĨƌŽŵĂŶLJƌĞƵƐĞŽĨ ƚŚĞ E'/E Z͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďLJ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůLJƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďLJ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂLJŵĞŶƚďLJ/dzƚŽ E'/E ZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞ E'/E ZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůLJďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽ E'/E ZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚLJŽĨ E'/E Z͘ E'/E ZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚLJŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉLJƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞ E'/E ZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞdžƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďLJ E'/E ZĐŽŶƚĂŝŶ E'/E ZĂƚĂ͕ E'/E ZŚĞƌĞďLJŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞdžĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽLJĂůƚLJͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚ E'/E ZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚ E'/E ZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďLJ/dzŽŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶLJŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZĂŶĚĂŶLJƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/E ZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďLJ E'/E ZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚLJƚŽ E'/E Z͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂLJĞdžŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞ E'/E Z͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚ E'/E ZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲ E'/E ZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨLJŝŶŐWĂƌƚLJ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞdžƚĞŶƚƉƌŽǀŝĚĞĚďLJůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚLJƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďLJĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚLJ͟Ϳ͕ĨƌŽŵ ĂŶLJůŝĂďŝůŝƚLJ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨ E'/E ZĂŶĚ/dzĂŶĚĂŶLJŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞLJŵĂLJďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŵĂLJŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďLJ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĞ E'/E ZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚLJ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞdžƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďLJƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨ E'/E ZĂŶĚ/dz͕ƚŚĞLJƐŚĂůůďĞďŽƌŶĞďLJĞĂĐŚƉĂƌƚLJŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ 3DFNHW3J )F tKZ< Z^ΖKDW E^d/KE $57,&/( ŶLJĂŶĚĂůůĞŵƉůŽLJĞĞƐŽĨ E'/E Z͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶLJǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨ/dz͘ŶLJĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂLJĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂŶLJƚŚŝƌĚƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/E ZΖƐĞŵƉůŽLJĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶLJŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂLJ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂLJĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚ E'/E Z͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďLJĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚLJƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝnjĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞdžĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďLJŝƚLJ͘ ĂĐŚƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂLJŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/E ZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘ E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌLJ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďLJ E'/E ZĂŶĚŝƚƐĞŵƉůŽLJĞĞƐ͘ Ϯ͘dŚĞ E'/E ZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/E ZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗ ϯ͘ E'/E ZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůů E'/E Z ĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕ E'/E ZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞ E'/E Z͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ ϰ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/E ZŽƌďLJĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ ϱ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ 3DFNHW3J )F ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJ E'/E ZŽƌďLJƐƵďĐŽŶƐƵůƚĂŶƚŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐ E'/E ZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽ E'/E ZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/E ZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶLJŚĂǀŝŶŐĂŶΗD ^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨ E'/E ZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚ E'/E Z͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďLJƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂLJďĞƌĞƋƵĞƐƚĞĚ͘ >/s Z> ^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘ E'/E ZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨ E'/E Z͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďLJ E'/E ZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚLJƚŚĂƚƚŚĞLJĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůLJĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂLJ 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Ed/dZh^d $57,&/(ƌĞĐƚŝŽŶƐ $ ƌĞƐƵůƚŝŶŐĨƌŽŵ E'/E ZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďLJ/dzǁŝůůŶŽƚƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶLJĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďLJ E'/E ZŝŶĂŶLJƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂLJ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZǁŝůůďĞƉƌŽŵƉƚůLJŶŽƚŝĨŝĞĚďLJ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞ E'/E ZŝƐĂǁĂƌĞŽĨĂŶLJŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶLJƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂLJƌĞƋƵŝƌĞĂŶLJĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕ E'/E ZŵƵƐƚƉƌŽŵƉƚůLJƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂLJĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/E ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶLJ & 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ĂŶĚƉƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞ^ĞĐƚŝŽŶϰϳϭ͘ϱϵ͕ƚŚĞŝƚLJĂŶĚŽƵŶƚLJŵĂLJďLJ ĂŐƌĞĞŵĞŶƚũŽŝŶƚůLJŝŵƉůĞŵĞŶƚĂŶĚŵĂŝŶƚĂŝŶƐƵĐŚĂƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚ͘ ϭ͘dŚŝƐĂŐƌĞĞŵĞŶƚƐŚĂůůďĞŝŶĞĨĨĞĐƚĨƌŽŵ:ĂŶƵĂƌLJϭ͕ϮϬϮϮƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭ͕ϮϬϮϮ͘dŚŝƐ ĂŐƌĞĞŵĞŶƚŵĂLJďĞƚĞƌŵŝŶĂƚĞĚďLJŵƵƚƵĂůĂŐƌĞĞŵĞŶƚŽĨďŽƚŚƉĂƌƚŝĞƐ͘ Ϯ͘dŚĞƉĂƌŬŝŶŐĂƌĞĂƐĂƌĞĐƵƌƌĞŶƚůLJŝŶƚŚĞĐŽŶĨŝŐƵƌĂƚŝŽŶĂŶĚĚĞƐŝŐŶĂƚŝŽŶŝĚĞŶƚŝĨŝĞĚŝŶ džŚŝďŝƚĂŶĚ ƐŚĂůůďĞŵĂŝŶƚĂŝŶĞĚŝŶƚŚĂƚĐŽŶĨŝŐƵƌĂƚŝŽŶƵŶƚŝůĂůƚĞƌĂƚŝŽŶŝƐĂŐƌĞĞĚƚŽďLJďŽƚŚƉĂƌƚŝĞƐ͘dŚĞƐĞ ĐŽŶĨŝŐƵƌĂƚŝŽŶƐƉƌŽǀŝĚĞĂĐĐĞƐƐŽĨĨϰ ƚŚ^ƚƌĞĞƚ^ ͕Ϯ ŶĚǀĞŶƵĞ^ ĂŶĚϯ ƌĚǀĞŶƵĞ^ ͘ ϯ͘ůůƉĂƌŬŝŶŐƐƉĂĐĞƐŝŶƚŚĞƉĂƌŬŝŶŐůŽƚƐƐŚĂůůďĞĚĞƐŝŐŶĂƚĞĚĨŽƌĂƵƚŚŽƌŝnjĞĚǀĞŚŝĐůĞƐ͕ƉƵďůŝĐŵĞƚĞƌĞĚ͕ ƉƌĞƐĐƌŝƉƚŝŽŶĚƌƵŐĚƌŽƉŽĨĨŽƌŚĂŶĚŝĐĂƉƉĞĚƉĂƌŬŝŶŐƐƉĂĐĞƐĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŝƚLJΘŽƵŶƚLJ͘ dŚĞƐƉĂĐĞĚĞƐŝŐŶĂƚŝŽŶ͕ƌĂƚĞĂŶĚƚŝŵĞĚƵƌĂƚŝŽŶŵĂLJďĞĂĚũƵƐƚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞďLJƚŚĞ ĂŐƌĞĞŵĞŶƚŽĨƚŚĞƉĂƌƚŝĞƐ͘ ϰ͘dŚĞŝƚLJƐŚĂůůƉƌŽǀŝĚĞ͕ŝŶƐƚĂůů͕ŵĂŝŶƚĂŝŶ͕ƌĞƉĂŝƌ͕ĂŶĚƌĞƉůĂĐĞƚŚĞƉĂƌŬŝŶŐĨĞĞĐŽůůĞĐƚŝŽŶĞƋƵŝƉŵĞŶƚ ƚŚĂƚŵĂLJĞŝƚŚĞƌďĞŵĞƚĞƌƐŽƌĂƐŝŶŐůĞƉĂLJďLJƐƉĂĐĞĚĞǀŝĐĞŝŶƚŚĞŵĂŝŶƉĂƌŬŝŶŐůŽƚĂƚƚŚĞ 'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌĂŶĚƚŚĞŵĂŝŶƉĂƌŬŝŶŐůŽƚĂƚƚŚĞŶŶĞdž͘ŝƚLJƐŚĂůůĂůƐŽƉƌŽǀŝĚĞƉĂƌŬŝŶŐ ĞŶĨŽƌĐĞŵĞŶƚĂŶĚƐŚĂůůĐŽůůĞĐƚĂůůƉĂƌŬŝŶŐĨĞĞƐĚĞƉŽƐŝƚĞĚŝŶƚŚĞŵĞƚĞƌƐ͕ƉĂLJďŽdžĞƐŽƌƐŝŶŐůĞƉĂLJďLJ ƐƉĂĐĞĚĞǀŝĐĞƐŝŶƚŚĞƐĞƐĂŵĞůŽƚƐĂŶĚƚŚĞŝǀŝĐĞŶƚĞƌ^ŽƵƚŚůŽƚ͘ ϱ͘dŚĞŽƵŶƚLJƐŚĂůůƉƌŽǀŝĚĞƉĂƌŬŝŶŐƉĞƌŵŝƚŵĂŶĂŐĞŵĞŶƚĂŶĚĞŶĨŽƌĐĞŵĞŶƚŝŶƚŚĞZŝǀĞƌƐŝĚĞůŽƚĂƚƚŚĞ 'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ͘ ϲ͘dŚĞŝƚLJĂŶĚŽƵŶƚLJƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŝƐƐƵŝŶŐƉĂƌŬŝŶŐƚĂŐƐƚŽƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞĞŵƉůŽLJĞĞƐ ǁŚŽĚƵĞƚŽĚŝƐĂďŝůŝƚLJŵĂLJďĞĂůůŽǁĞĚƚŽƉĂƌŬŝŶƚŚĞůŽƚ;ƐͿĂƚĚĞƐŝŐŶĂƚĞĚƐƉĂĐĞƐ͘ ϳ͘ZĞǀĞŶƵĞƐƚŽďĞĐŽŶƐŝĚĞƌĞĚƵŶĚĞƌƚŚŝƐĂŐƌĞĞŵĞŶƚƐŚĂůůŝŶĐůƵĚĞŵĞƚĞƌƌĞǀĞŶƵĞŝŶĐůƵĚŝŶŐ WĂƌŬDŽďŝůĞƌĞǀĞŶƵĞĂŶĚƐƉĞĐŝĂůĞǀĞŶƚƌĞǀĞŶƵĞĨƌŽŵƵƐĞŽĨƚŚĞůŽƚ;ƐͿĂŶĚƉĂƌŬŝŶŐĨŝŶĞƐĨŽƌƚŝĐŬĞƚƐ ŝƐƐƵĞĚĨŽƌƉĂƌŬŝŶŐǀŝŽůĂƚŝŽŶƐŝŶƚŚĞůŽƚĂŶĚƐƵďƐĞƋƵĞŶƚǁĂƌƌĂŶƚƐ͕ĞdžĐůƵĚŝŶŐƚŚĞZŝǀĞƌƐŝĚĞƉĂƌŬŝŶŐ ůŽƚĂƚƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌĂŶĚƚŚĞŝǀŝĐĞŶƚĞƌ^ŽƵƚŚůŽƚ͘ 3DFNHW3J )D ϴ͘dŚĞŝƚLJƐŚĂůůƌĞƚĂŝŶϱϰйŽĨŶĞƚƌĞǀĞŶƵĞƐĂŶĚŽƵŶƚLJƐŚĂůůďĞƉĂŝĚϰϲйŽĨŶĞƚƌĞǀĞŶƵĞƐŽŶ ĂŶĂŶŶƵĂůďĂƐŝƐŝŶƚŚĞŵĂŝŶƉĂƌŬŝŶŐůŽƚĂƚƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ͘dŚŝƐĐĂůĐƵůĂƚŝŽŶŝƐďĂƐĞĚ ŽŶƚŚĞĐƵƌƌĞŶƚĐŽƵŶƚŽĨϭϭϳŵĞƚĞƌĞĚƐƉĂĐĞƐŽĨǁŚŝĐŚϲϯ;ϱϰйͿĂƌĞůŽĐĂƚĞĚŽŶŝƚLJƉƌŽƉĞƌƚLJ ĂŶĚϱϰ;ϰϲйͿĂƌĞůŽĐĂƚĞĚŽŶŽƵŶƚLJƉƌŽƉĞƌƚLJ͘ ϵ͘EĞƚƌĞǀĞŶƵĞƐĨƌŽŵƚŚĞŵĂŝŶƉĂƌŬŝŶŐůŽƚĂƚƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌƐŚĂůůďĞĐĂůĐƵůĂƚĞĚďĂƐĞĚŽŶƚŚĞ ƚŽƚĂůƌĞǀĞŶƵĞŵŝŶƵƐƚŚĞĨŽůůŽǁŝŶŐŝƚLJƉƌŽǀŝĚĞĚĞdžƉĞŶƐĞƐ͘ WĂƌŬŝŶŐŵĞƚĞƌŽƉĞƌĂƚŝŽŶƐŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƐĂůĂƌŝĞƐͬďĞŶĞĨŝƚƐ͕ĂĚǀĞƌƚŝƐŝŶŐ͕ D ŝŶƐƵƌĂŶĐĞ͕ƐƵƉƉůŝĞƐĂŶĚƉĂƌƚƐ͕ƌĞƉĂŝƌ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ĂŶĚĞŶĨŽƌĐĞŵĞŶƚ ĞƉƌĞĐŝĂƚŝŽŶŽĨŵĞƚĞƌĐŽůůĞĐƚŝŽŶĞƋƵŝƉŵĞŶƚĂŶĚĨŝdžƚƵƌĞƐ E KƉĞƌĂƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞŵĂŝŶůŽƚĂƚƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌŝŶĐůƵĚŝŶŐƐǁĞĞƉŝŶŐ͕ F ƉĂŝŶƚŝŶŐ͕ƐĞĂůŝŶŐ͕ĐƌĂĐŬĨŝůůŝŶŐĂŶĚƌĞƐƵƌĨĂĐŝŶŐ ^ŶŽǁƌĞŵŽǀĂůŽĨƚŚĞŵĂŝŶůŽƚĂƚƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ G džƉĞŶƐĞĨŽƌŝƚĞŵƐĂ͘ĂŶĚď͘ůŝƐƚĞĚĂďŽǀĞĨŽƌƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌůŽƚƐŚĂůůďĞĐĂůĐƵůĂƚĞĚďĂƐĞĚ ŽŶƚŚĞƚŽƚĂůŝƚLJĞdžƉĞŶƐĞŽĨƚŚĞƐĞĂĐƚŝǀŝƚŝĞƐĚŝǀŝĚĞĚďLJƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨŵĞƚĞƌĞĚƐƉĂĐĞƐ ;ĞƋƵĂůŝŶŐĂŶĂǀĞƌĂŐĞĐŽƐƚƉĞƌŵĞƚĞƌͿƚŝŵĞƐƚŚĞŶƵŵďĞƌŽĨŵĞƚĞƌĞĚƐƉĂĐĞƐŝŶƚŚĞ'ŽǀĞƌŶŵĞŶƚ ĞŶƚĞƌůŽƚ͘ ϭϬ͘dŚĞŝƚLJƐŚĂůůƌĞƚĂŝŶϳϬйŽĨƚŚĞŶĞƚƌĞǀĞŶƵĞƐĐŽůůĞĐƚĞĚĨƌŽŵƚŚĞƉĂƌŬŝŶŐĨĞĞĐŽůůĞĐƚŝŽŶĚĞǀŝĐĞƐŝŶ ƚŚĞŵĂŝŶƉĂƌŬŝŶŐůŽƚĂƚƚŚĞŶŶĞdž͘dŚĞƌĞŵĂŝŶŝŶŐϯϬйƐŚĂůůďĞƉĂŝĚŽǀĞƌƚŽƚŚĞŽƵŶƚLJŽŶĂŶ ĂŶŶƵĂůďĂƐŝƐ͘ ϭϭ͘EĞƚƌĞǀĞŶƵĞƐĨƌŽŵƚŚĞŵĂŝŶƉĂƌŬŝŶŐůŽƚĂƚƚŚĞŶŶĞdžƐŚĂůůďĞĐĂůĐƵůĂƚĞĚďĂƐĞĚŽŶƚŚĞƚŽƚĂůƌĞǀĞŶƵĞ ŵŝŶƵƐƚŚĞĨŽůůŽǁŝŶŐĞdžƉĞŶƐĞƐ͘ WĂƌŬŝŶŐŵĞƚĞƌŽƉĞƌĂƚŝŽŶƐŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƐĂůĂƌŝĞƐͬďĞŶĞĨŝƚƐ͕ĂĚǀĞƌƚŝƐŝŶŐ͕ D ŝŶƐƵƌĂŶĐĞ͕ƐƵƉƉůŝĞƐĂŶĚƉĂƌƚƐ͕ƌĞƉĂŝƌ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ĂŶĚĞŶĨŽƌĐĞŵĞŶƚ ĞƉƌĞĐŝĂƚŝŽŶŽĨŵĞƚĞƌĐŽůůĞĐƚŝŽŶĞƋƵŝƉŵĞŶƚĂŶĚĨŝdžƚƵƌĞƐ E KƉĞƌĂƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞůŽƚŝŶĐůƵĚŝŶŐƐǁĞĞƉŝŶŐ͕ƉĂŝŶƚŝŶŐ͕ƐĞĂůŝŶŐ͕ĐƌĂĐŬĨŝůůŝŶŐĂŶĚ F ƌĞƐƵƌĨĂĐŝŶŐ ^ŶŽǁƌĞŵŽǀĂů G ^ŽŵĞŽĨƚŚĞĞdžƉĞŶƐĞƐŝŶƚŚĞŵĂŝŶƉĂƌŬŝŶŐůŽƚĂƚƚŚĞŶŶĞdžĂƌĞƉƌŽǀŝĚĞĚďLJƚŚĞŽƵŶƚLJ͕ƐŽĂŶĂŶŶƵĂů ƌĞƉŽƌƚǁŝůůďĞƉƌŽǀŝĚĞĚƚŽƚŚĞŝƚLJŽĨƚŚŽƐĞĞdžƉĞŶƐĞƐďLJ:ĂŶƵĂƌLJϯϭŽĨƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌƚŽŚĞůƉ ĐĂůĐƵůĂƚĞƚŚĞŶĞƚƌĞǀĞŶƵĞƐ͘ŶLJŽƉĞƌĂƚŝŶŐĚĞĨŝĐŝƚǁŝůůďĞƐŚĂƌĞĚďLJƚŚĞŝƚLJĂŶĚŽƵŶƚLJƵƐŝŶŐƚŚĞƐĂŵĞ ƉĞƌĐĞŶƚĂŐĞĂƐƚŚĞƌĞǀĞŶƵĞƐ͘ ϭϮ͘dŚĞƌĞƐŚĂůůďĞŶŽĞdžĐŚĂŶŐĞŽĨƌĞǀĞŶƵĞŽƌĞdžƉĞŶƐĞƐĨŽƌƚŚĞZŝǀĞƌƐŝĚĞůŽƚ͘dŚĞŽƵŶƚLJĂŐƌĞĞƐƚŽĐŽǀĞƌ ĂůůĞdžƉĞŶƐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞůŽƚĂŶĚƉƌŽǀŝĚĞϳƐƉĂĐĞƐĨŽƌZWƵƐĞŽŶůLJĂƚŶŽĐŽƐƚ͘dŚĞZWƐƚĂůůƐ ƐŚĂůůďĞŝŶƐŝĚĞƚŚĞƐĞĐƵƌĞĂƌĞĂŽĨƚŚĞůŽƚĂŶĚǁŝůůďĞŝĚĞŶƚŝĨŝĞĚďLJƐŝŐŶĂŐĞƉƌŽǀŝĚĞĚĂŶĚŝŶƐƚĂůůĞĚďLJƚŚĞ 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ĞůĞǀĂƚĞƐƚŚĞƉĞĚĞƐƚƌŝĂŶĞdžƉĞƌŝĞŶĐĞ͕ǁŚŝůĞƐŝŵƵůƚĂŶĞŽƵƐůLJĞŶƐƵƌŝŶŐƚŚĞƐĂĨĞƚLJŽĨĚƌŝǀĞƌƐ͘ ͘ϭϭƌĞĂƚĞ^ƵƐƚĂŝŶĂďůĞŽŵŵƵŶŝƚLJ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ dŚĞƐĐƵůƉƚƵƌĂůǁĂƚĞƌĨĞĂƚƵƌĞůŽĐĂƚĞĚŝŶƚŚĞƉƵďůŝĐƐĞĂƚŝŶŐĂƌĞĂŝƐĂĨƵŶĐƚŝŽŶĂůƉŝĞĐĞ͕ǁŚŝĐŚǁŝůůĐŽůůĞĐƚ ĂŶĚƚƌĞĂƚƌƵŶŽĨĨĂďŽǀĞĂŶĚďĞLJŽŶĚǁŚĂƚŝƐƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJŽĚĞ͘ ͘ϬϭĞƐŝŐŶ^ƚƌĞĞƚƐĨŽƌWĞĚĞƐƚƌŝĂŶƐ dŚĞĂĚĚŝƚŝŽŶĂůZKtĂƌĞĂŚĂƐĞŶĂďůĞĚƚŚĞĚĞǀĞůŽƉĞƌƐƚŽƉƌŽǀŝĚĞĂƉƵďůŝĐƐĞĂƚŝŶŐĂƌĞĂ͕ĂŶĚĨƵŶĐƚŝŽŶĂů ƉƵďůŝĐĂƌƚĨĞĂƚƵƌĞƚŚĂƚǁŝůůĚƌĂǁŝŶƚĞƌĞƐƚ͕ĂŶĚďĞĂƵƚŝĨLJƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶ͘ ͘ϬϭĞƐŝŐŶ^ƚƌĞĞƚƐĨŽƌDĂƐƐdƌĂŶƐŝƚ Ϯ^ƚƌĞĞƚŝƐĂŬĞLJƐĞŐŵĞŶƚŽĨƚŚĞWƌŝŵĂƌLJdƌĂŶƐŝƚEĞƚǁŽƌŬ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝƐǁŝƚŚŝŶϯϬϬĨĞĞƚŽĨƚǁŽ ŶĚ ŵĂũŽƌƚƌĂŶƐŝƚƐƚŽƉƐ͕ĂŶĚĂĐƌŽƐƐƚŚĞƐƚƌĞĞƚĨƌŽŵĂĨƵƚƵƌĞŝƚLJ>ŽŽƉƐƚĂƚŝŽŶ͘dŚĞƉƵďůŝĐƐĞĂƚŝŶŐĂƌĞĂǁŝůůďĞ ĂǀĂŝůĂďůĞƚŽƚŚŽƐĞǁĂŝƚŝŶŐĨŽƌŽŶĞŽĨƚŚĞŵĂŶLJƉƵďůŝĐƚƌĂŶƐŝƚŽƉƚŝŽŶƐ͘ ͘ϬϰĞƐŝŐŶ^ĂĨĞĂŶĚ ĨĨŝĐŝĞŶƚZŽĂĚǁĂLJƐ 3DFNHW3J *D dŚĞƌĞĂůŝŐŶŵĞŶƚŽĨƚŚĞďLJƉĂƐƐůĂŶĞŝŶĐƌĞĂƐĞƐƉĞĚĞƐƚƌŝĂŶĂŶĚďŝĐLJĐůŝƐƚƐĂĨĞƚLJďLJŝŵƉƌŽǀĞĚŵŽƚŽƌŝƐƚ ǀŝƐŝďŝůŝƚLJ͘ ͘ϬϭĞƐŝŐŶƵŝůĚŝŶŐƐƚŽ ƐƚĂďůŝƐŚĂ^ĞŶƐĞŽĨhƌďĂŶ ŶĐůŽƐƵƌĞ dŚĞĂĚĚŝƚŝŽŶĂůƐƉĂĐĞĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨϮŵĚ^ƚ^tĂŶĚϲǀĞĂůůŽǁƐĨŽƌƚŚĞĐƌĞĂƚŝŽŶŽĨƉƵďůŝĐ ƚŚ ƉĞĚĞƐƚƌŝĂŶƐĐĂůĞĂƌĐŚŝƚĞĐƚƵƌĞ͕ƐƵĐŚĂƐƐĞĂƚŝŶŐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ĂŶĚĂĨƵŶĐƚŝŽŶĂůĂƌƚƉŝĞĐĞ͕ĂůůǁŚŝĐŚĞŶŚĂŶĐĞ ƚŚĞƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚĂŶĚŝŵƉƌŽǀĞƚŚĞƉĞĚĞƐƚƌŝĂŶĞdžƉĞƌŝĞŶĐĞ͘ ͘ϬϯŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ /ŶĂĚĚŝƚŝŽŶĂůƚŽƚŚĞĨƵŶĐƚŝŽŶĂůƐĐƵůƉƚƵƌĞǁŚŝĐŚĐĂƉƚƵƌĞƐĂŶĚƚƌĞĂƚƐƌƵŶͲŽĨĨ͕ĂĚĚŝƚŝŽŶĂůůĂŶĚƐĐĂƉŝŶŐĂŶĚ ƉĞĚĞƐƚƌŝĂŶĨƵƌŶŝƚƵƌĞŚĂǀĞďĞĞŶŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞƵƉĚĂƚĞĚĚĞƐŝŐŶ͘ ͘ϬϳƌĞĂƚĞ^ƉĂĐĞƐĨŽƌŽůůĂďŽƌĂƚŝŽŶ dŚĞĂĚĚŝƚŝŽŶĂůƐĞĂƚŝŶŐŝŶƚŚĞZKtŝƐĂǀĂŝůĞĚĨŽƌƉƵďůŝĐƵƐĞ͘dŚĞƐĐƵůƉƚƵƌĂůƌĂŝŶŐĂƌĚĞŶƉƌŽǀŝĚĞƐĂŶĚ ĂĐƚŝǀĞĂŶĚĞŶƚŝĐŝŶŐĂƌƚĨĞĂƚƵƌĞ͕ǁŚŝĐŚǁŝůůŐĞŶĞƌĂƚĞƉĞĚĞƐƚƌŝĂŶŝŶƚĞƌĞƐƚ͕ǁŚŝůĞƐĞƌǀŝŶŐĂŶĂĐƚŝǀĞƉƵƌƉŽƐĞ ďLJƚƌĞĂƚŝŶŐƌƵŶͲŽĨĨĨƌŽŵƚŚĞƉƵďůŝĐZKt͘ ͘ϬϴDĞĞƚ^ƵƐƚĂŝŶĂďůĞĂŶĚ,ĞĂůƚŚLJƵŝůĚŝŶŐĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ dŚĞƌĂŝŶŐĂƌĚĞŶ͕ǁŚŝĐŚĂůƐŽĂĐƚƐĂƐĂŶĂĞƐƚŚĞƚŝĐĂƌƚƉŝĞĐĞ͕ǁŝůůĐĂƉƚƵƌĞĂŶĚƚƌĞĂƚƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĨƌŽŵ ƚŚĞƉƵďůŝĐZKtĂďŽǀĞĂŶĚďĞLJŽŶĚǁŚĂƚŝƐƌĞƋƵŝƌĞĚďLJŝƚLJŽĚĞ͘ ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚĞƉĂƌƚŵĞŶƚZĞĐŽŵŵĞŶĚĂƚŝŽŶ ĐŽŵƉůĞƚĞƐƵŵŵĂƌLJŽĨŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ͛ƐĨŝŶĚŝŶŐƐĨŽƌƚŚĞ&ŝŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĐĂŶďĞ ĨŽƵŶĚŝŶƚŚĞ^ƚĂĨĨZĞƉŽƌƚ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐĂƉƉƌŽǀĂůŽĨƚŚĞ/ŶĐĞŶƚŝǀĞ 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ĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͘dŚĞƐĞŐƵŝĚĞůŝŶĞƐƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĨŽƌƉƌŽũĞĐƚƐƐĞĞŬŝŶŐ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚ ĂƉƉƌŽǀĂůďLJŝƚLJŽƵŶĐŝů͘ůůŐƵŝĚĞůŝŶĞƐǁŚŝĐŚĂƌĞĂƉƉůŝĐĂďůĞƚŽƚŚĞƉƌŽũĞĐƚƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚŝŶŝƚƐĚĞƐŝŐŶ͘ ͘ϬϮ ŶŚĂŶĐĞŽŶŶĞĐƚŝŽŶƚŽEĂƚƵƌĞĂŶĚEĂƚƵƌĂů^LJƐƚĞŵƐ dŚĞDŐŽĂůƐƐƵŐŐĞƐƚƉŚLJƐŝĐĂůĂŶĚǀŝƐƵĂůĐŽŶŶĞĐƚŝŽŶƐƚŽZŽĐ ŚĞƐƚĞƌ͛ƐŶĂƚƵƌĂůůĂŶĚƐĐĂƉĞĂŶĚĞŶĐŽƵƌĂŐĞ ǁĂůŬŝŶŐ͘dŚĞƉƌŽƉŽƐĞĚƉůĂŶŝƐůŽĐĂƚĞĚĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨϲƚŚǀĞŶƵĞĂŶĚϮŶĚ^ƚƌĞĞƚ^t͕ǁŚĞƌĞƚŚĞ ƐLJƐƚĞŵŽĨƉĞĚĞƐƚƌŝĂŶĂŶĚďŝŬĞǁĂLJƐĂƌĞŚŝŐŚůŝŐŚƚĞĚďLJƚŚĞĂĚĚŝƚŝŽŶŽĨƉĞĚĞƐƚƌŝĂŶĂŶĚďŝŬĞĨĂĐŝůŝƚŝĞƐƚŚĂƚ ƉƌŽǀŝĚĞĚŝƌĞĐƚĐŽŶŶĞĐƚŝŽŶƐƚŽƚŚĞŝƚLJ>ŽŽƉĂŶĚƉƌŝŵĂƌLJƚƌĂŶƐŝƚŶĞƚǁŽƌŬƐ͘dŚĞƉƌŽƉŽƐĞĚƉůĂŶƐƵƉƉŽƌƚƐ ^ƚŝůůĂƉƉůŝĞƐ͘ ƚŚĞƐĞƐLJƐƚĞŵƐƚŽĞŶĐŽƵƌĂŐĞǁĂůŬŝŶŐĂŶĚĞŶŚĂŶĐĞƚŚĞƉƵďůŝĐƌĞĂůŵ͘ ͘Ϭϰ^ƚƌĞŶŐƚŚĞŶ'ĂƚĞǁĂLJƐ dŚĞƐŝƚĞŝƐůŽĐĂƚĞĚĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨƚǁŽŵĂũŽƌƐƚƌĞĞƚƐĂŶĚĐŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚĂŐĂƚĞǁĂLJůŽĐĂƚŝŽŶ͘ /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƐƚƌĂƚĞŐŝĞƐŽƵƚůŝŶĞĚďLJƚŚĞϮŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶĂŶĚƚŚĞD'ƵŝĚĞůŝŶĞƐĨŽƌ ǁŝĚĞŶĞĚƐŝĚĞǁĂůŬƐǁŝƚŚƉĞĚĞƐƚƌŝĂŶͲŽƌŝĞŶƚĞĚƐƉĂĐĞƐǁŝƚŚĂŵĞŶŝƚŝĞƐǁŝůůŚĞůƉƚŽĞŶŚĂŶĐĞƚŚŝƐůŽĐĂƚŝŽŶĂƐĂ ŐĂƚĞǁĂLJďĞƚǁĞĞŶDŝƐƚƌŝĐƚƐ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞĨŝŶĂůƉůĂŶƐƐŚŽǁĂŶϴͲ ĨŽŽƚƐŝĚĞǁĂůŬǁŝƚŚĚĞĐŽƌĂƚŝǀĞƉĂǀŝŶŐƚŚĂƚĞdžƚĞŶĚƐĨƌŽŵƚŚĞďĂĐŬŽĨƚŚĞĐƵƌďƚŽƚŚĞĨĂĕĂĚĞŽĨƚŚĞƐƚƌƵĐƚƵƌĞ͕ ŽŶďŽƚŚƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐ͕ǁŝƚŚĚĞƐŝŐŶĂƚĞĚƉůĂŶƚŝŶŐĂƌĞĂƐ͘ 3DFNHW3J *E ŶϴͲĨŽŽƚƐŝĚĞǁĂůŬǁĂƐĂĚĚĞĚĂůŽŶŐϲǀĞŶƵĞ^tĂŶĚĂϭϬͲĨŽŽƚƐŝĚĞǁĂůŬ ƚŚ ǁĂƐĂĚĚĞĚĂůŽŶŐϮ^ƚƌĞĞƚ^t͘ĞĐŽƌĂƚŝǀĞƉĂǀĞŵĞŶƚŝƐĂůƐŽŝŶĐŽƌƉŽƌĂƚĞĚ ŶĚ ƉĂƌĂůůĞůƚŽϮ^ƚƌĞĞƚĂŶĚϲǀĞŶƵĞ^tƚŽĚƌĂǁƚŚĞĞLJĞƚŽƚŚĞďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞƐĂŶĚĂĐĐĞŶƚƵĂƚĞƚŚĞ ŶĚƚŚ ĐŽƌŶĞƌ͘ĚĚŝƚŝŽŶĂůĚĞƐŝŐŶĞůĞŵĞŶƚƐƚŽĐƌĞĂƚĞĂŶĚĞŶŚĂŶĐĞƚŚĞ͞ŐĂƚĞǁĂLJ͟ĞdžƉĞƌŝĞŶĐĞŝŶĐůƵĚĞ͗ 'ƌĞĂƚůLJĞdžƉĂŶĚŝŶŐƚŚĞĐŽŶŶĞĐƚŝǀŝƚLJĂƚƚŚĞĨŝƌƐƚͲĨůŽŽƌĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨϮĂŶĚ ŶĚ ϲďLJ͗ ƚŚ ZĞůŽĐĂƚŝŶŐƚŚĞŵĂŝŶůŽďďLJůŽƵŶŐĞƐƉĂĐĞƚŽƚŚŝƐůŽĐĂƚŝŽŶĂŶĚĂĚĚĞĚĞdžƚĞŶƐŝǀĞŐůĂnjŝŶŐ R ƚŚĂƚǁƌĂƉƐƚŚĞĐŽƌŶĞƌƚŽƉƌŽǀŝĚĞĂŵŽƌĞĂĐƚŝǀĞƵƐĞĂƚƚŚŝƐŵĂƌƋƵĞĞůŽĐĂƚŝŽŶ͘ ĚĚŝŶŐůŝǀĞůLJŝŶƚĞƌŝŽƌĚĞƐŝŐŶĞůĞŵĞŶƚƐĂĚĚŵŽƌĞĐŚĂƌĂĐƚĞƌ͕ĐŽůŽƌ͕ĂŶĚŝŶƚĞƌĞƐƚĂƚƚŚŝƐ R ĐŽƌŶĞƌ͘WƌŽǀŝĚŝŶŐĨŽƌŐƌĞĂƚĞƌǀŝƐƵĂůŝŶƚĞƌĞƐƚĂŶĚǀŝƐŝďůĞĂĐƚŝǀŝƚLJĂůŽŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶ ĂŶĚǀĞŚŝĐƵůĂƌƚƌĂĨĨŝĐĐŽƌƌŝĚŽƌ͘ WƵƚƚŝŶŐŵŽƌĞΗĞLJĞƐŽŶΗƚŚĞƉƵďůŝĐĐŽƌƌŝĚŽƌĨŽƌĂŶĂĚĚĞĚƐĞŶƐĞŽĨƐĂĨĞƚLJĂŶĚĂĐƚŝǀŝƚLJ͘ R ĚĚŝŶŐĂůĂƌŐĞƐƚŽƌĞĨƌŽŶƚĨĞĞůĂƚƚŚĞĐŽƌŶĞƌƐŽĨƚĞŶƐƚŚĞĐŽƌŶĞƌĂůůŽǁŝŶŐďĞƚƚĞƌǀŝƐŝďŝůŝƚLJ͘ R ĞƐŝŐŶŝŶŐƚĞƌƌĂĐĞůŝŬĞƐƚĞƉƐĂƚƚŚĞĐŽƌŶĞƌƚŚĂƚŐƌĂĚƵĂůůLJƐƚĞƉĚŽǁŶƚŽĐƌĞĂƚĞĂƐƚƌŽŶŐ R ĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞƉƵďůŝĐĐŽƌŶĞƌĂŶĚƚŚĞďƵŝůĚŝŶŐĞĚŐĞǁŚŝĐŚĂůůŽǁƐƐĞĂƚŝŶŐ͕Ăƌƚ͕ ĂŶĚƉůĂŶƚŝŶŐƐƚŽŽĐĐƵƌĂƚƚŚŝƐŚŝŐŚůLJǀŝƐŝďůĞĐŽƌŶĞƌ͕ĐƌĞĂƚŝŶŐĂƐŽĐŝĂďůĞƐƉĂĐĞĂƚƚŚŝƐ ͞ŐĂƚĞǁĂLJ͟ŝŶƚĞƌƐĞĐƚŝŽŶ͘ ͘ϬϭĞƐŝŐŶ^ƚƌĞĞƚƐĨŽƌWĞĚĞƐƚƌŝĂŶƐ dŚĞDŐŽĂůŝƐƚŽĞƐƚĂďůŝƐŚĂǁĂůŬĂďůĞ͕ƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJĞŶǀŝƌŽŶŵĞŶƚƚŽĐƌĞĂƚĞĂŚĞĂůƚŚLJĐŝƚLJ͕ ƐƵƐƚĂŝŶĂďůĞĂŶĚĂǀŝďƌĂŶƚƉƵďůŝĐƌĞĂůŵ͘dŚŝƐŐƵŝĚĞůŝŶĞŝŶĐůƵĚĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƐŝĚĞǁĂůŬǁŝĚƚŚƐ͕ ƐƚƌĞĞƚĨƵƌŶŝƚƵƌĞ͕ƐŝĚĞǁĂůŬŵĂƚĞƌŝĂůƐ͕ĞƚĐ͘dŚĞĐƵƌƌĞŶƚƉƌŽƉŽƐĂůĚŽĞƐŶŽƚŝĚĞŶƚŝĨLJĂŶLJƉĞĚĞƐƚƌŝĂŶĂŵĞŶŝƚŝĞƐ ĂůŽŶŐĞŝƚŚĞƌƐƚƌĞĞƚĨƌŽŶƚĂŐĞ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƐƵŐŐĞƐƚƐƚŚĂƚƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚĨĂĐŝůŝƚŝĞƐƐƵĐŚĂƐ ďĞŶĐŚĞƐĂŶĚĚĞĐŽƌĂƚŝǀĞƉĂǀĞŵĞŶƚďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĨŝŶĂůĚĞƐŝŐŶ͘ĚĚŝƚŝŽŶĂůůLJ͕ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐϭϬͲĨŽŽƚƐŝĚĞǁĂůŬƐŽŶϮ ŶĚ^ƚƌĞĞƚ͕ĂŶĚϴͲĨŽŽƚƐŝĚĞǁĂůŬƐŽŶϲ ƚŚǀĞƚŽƐŚŽǁ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͕ĂŶĚƚŚĞ^ĞĐŽŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ͘ /ŶĂĚĚŝƚŝŽŶƚŽƚŚĞϴͲĨŽŽƚĂŶĚϭϬͲĨŽŽƚƐŝĚĞǁĂůŬƐĂŶĚĚĞĐŽƌĂƚŝǀĞƉĂǀĞŵĞŶƚŵĞŶƚŝŽŶĞĚƉƌĞǀŝŽƵƐůLJ͕ŽƚŚĞƌ ĚĞƐŝŐŶĞůĞŵĞŶƚƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐŝŶĐůƵĚĞ͗ ŶŚĂŶĐŝŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ x ĚĚŝŶŐƚŚĞ>ͲƐŚĂƉĞĚĐĂŶŽƉLJĞůĞŵĞŶƚƚŽĐƌĞĂƚĞĂƐĞŶƐĞŽĨƐƉĂĐĞĂŶĚĞŶƚƌLJĂƚƚŚĞ R ƐŝĚĞǁĂůŬ͘dŚŝƐĂůƐŽďƌŝŶŐƐĚŽǁŶƚŚĞƐĐĂůĞŽĨƚŚĞĞŶƚƌLJƚŽĂƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJůĞǀĞů͘ /ŶĐƌĞĂƐŝŶŐŐůĂnjŝŶŐ͕ůŝŐŚƚŝŶŐ͕ĂŶĚĂĚĚŝŶŐǁĂƌŵǁŽŽĚŵĂƚĞƌŝĂůƐƚŽĞŶŚĂŶĐĞƚŚĞĂƉƉĞĂůŽĨ R ƚŚĞƐƉĂĐĞĂŶĚŝŶĐƌĞĂƐĞƚŚĞǀŝƐƵĂůŝŶƚĞƌĞƐƚŽĨƚŚĞĨĂĕĂĚĞ͘ DŽǀŝŶŐƚŚĞƉƌŝŵĂƌLJĞŶƚƌĂŶĐĞŽŶϲƚŚǀĞĐůŽƐĞƌƚŽƚŚĞĐŽƌŶĞƌǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐĂĐĐĞƐƐŝďůĞ x ĂĐĐĞƐƐĨƌŽŵƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬͬƐƚƌĞĞƚ͘ EĞǁĐĂŶŽƉLJĚĞƐŝŐŶĞůĞŵĞŶƚďĞƚƚĞƌĐŽŽƌĚŝŶĂƚĞƐǁŝƚŚƚŚĞŽǀĞƌĂůůĚĞƐŝŐŶ͘,ŝŐŚŐůŽƐƐ R ŵĂƚĞƌŝĂůǁŝůůďĞĂŶĂƚƚƌĂĐƚŝǀĞĂĐĐĞŶƚĞůĞŵĞŶƚƚŚĂƚĚƌĂǁƐĂƚƚĞŶƚŝŽŶƚŽƚŚĞďƵŝůĚŝŶŐ ĞŶƚƌĂŶĐĞ͘ ĚĚŝŶŐΗƉŽĐŬĞƚƉĂƌŬΗͬďĞŶĐŚƐĞĂƚŝŶŐĂƌĞĂďĞƚǁĞĞŶƚŚĞĞdžŝƐƚŝŶŐĂŶĚŶĞǁďƵŝůĚŝŶŐĂƚƚŚĞ x ĨŽƌŵĞƌĂůůĞLJĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ͘ R WƌŽǀŝĚŝŶŐĂĚĚŝƚŝŽŶĂůƉĞĚĞƐƚƌŝĂŶƐĐĂůĞĚĞƐŝŐŶĞůĞŵĞŶƚƐ;ƉůĂŶƚŝŶŐƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ĂŶĚ 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ǀĞŶƵĞ^tďLJƵƐŝŶŐƚŚĞĞdžŝƐƚŝŶŐĂůůĞLJĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞƐƚƌĞĞƚŶĞƚǁŽƌŬŽŶƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞƐŝƚĞ͘dŚĞ ^ƚŝůůĂƉƉůŝĞƐ͘ ƉƌĞůŝŵŝŶĂƌLJƉůĂŶƉƌŽƉŽƐĞƐƚŚĞǀĂĐĂƚŝŽŶŽĨĂŶĂůůĞLJŽŶƚŚĞŶŽƌƚŚǁĞƐƚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ tĞŝŶƚĞŶĚƚŽĂƉƉůLJĨŽƌĂŶůůĞLJsĂĐĂƚŝŽŶǁŝƚŚƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌĂ&ŝŶĂůWůĂƚ͘ ͘ϬϭĞƐŝŐŶƵŝůĚŝŶŐƐƚŽ ƐƚĂďůŝƐŚ^ĞŶƐĞŽĨhƌďĂŶ ŶĐůŽƐƵƌĞ dŚĞDŐƵŝĚĞůŝŶĞƐƐƵƉƉŽƌƚĐƌĞĂƚŝŶŐƉƵďůŝĐƐƉĂĐĞƐƚŚĂƚĂƚƚƌĂĐƚƉĞŽƉůĞĂŶĚĐƌĞĂƚĞĂŶŝĚĞŶƚŝƚLJĨŽƌƚŚĞ ĚŝƐƚƌŝĐƚ͘dŚĞŝŶƚĞŶƚŽĨƚŚŝƐƐĞĐƚŝŽŶŝƐƚŽĂůůŽǁĨŽƌƚŚĞƉůĂĐĞŵĞŶƚŽĨďƵŝůĚŝŶŐĨĂĕĂĚĞƐĐůŽƐĞƚŽƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐ ǁŚŝůĞƉƌŽŵŽƚŝŶŐďƵŝůĚŝŶŐƐƚĞƉͲďĂĐŬƐŝŶƵƉƉĞƌĨůŽŽƌƐƚŽĂůůŽǁƌĞĚƵĐĞďůŽĐŬĂŐĞŽĨŶĂƚƵƌĂůůŝŐŚƚƚŽƚŚĞƐƚƌĞĞƚ ĂŶĚƐŝĚĞǁĂůŬƐ͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚǁŝůůŝŶĐƌĞĂƐĞƚŚĞƐĞŶƐĞŽĨƵƌďĂŶĞŶĐůŽƐƵƌĞƚŚƌŽƵŐŚƐŚŽƌƚ ďƵŝůĚŝŶŐƐĞƚďĂĐŬƐŽŶĂůůƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐ͘dŚĞƉůĂŶƐĚŽŶŽƚŝŶĚŝĐĂƚĞĂŶLJƉƵďůŝĐĂŵĞŶŝƚŝĞƐƐƵĐŚĂƐƐĞĂƚŝŶŐ ŽƉƚŝŽŶƐ͕ďŝŬĞƌĂĐŬƐĂŶĚĚĞƐŝŐŶĂƚĞĚƉĞĚĞƐƚƌŝĂŶŐĂƚŚĞƌŝŶŐĂƌĞĂƐĂůŽŶŐĞŝƚŚĞƌƐƚƌĞĞƚĨƌŽŶƚĂŐĞ͘ŽŵŵƵŶŝƚLJ /ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƉƵďůŝĐ ĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐŝŶĐŽƌƉŽƌĂƚŝŶŐƉƵďůŝĐĂŵĞŶŝƚŝĞƐŝŶƚŽƚŚĞĨŝŶĂůĚĞƐŝŐŶ͘ ƉŽĐŬĞƚƉĂƌŬŝŶƚŚĞŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ͕ƚŚĞƚĞƌƌĂĐĞůŝŬĞƐƚĞƉƐĨŽƌƐĞĂƚŝŶŐ͕ƉƵďůŝĐĂƌƚĂŶĚ ƉůĂŶƚŝŶŐƐĂƚĂŚŝŐŚůLJƐŽ ĐŝĂďůĞĂŶĚǀŝƐŝďůĞƐƉĂĐĞƉƌĞǀŝŽƵƐůLJŵĞŶƚŝŽŶĞĚĂƚƚŚĞ͞ŐĂƚĞǁĂLJ͟ĐŽƌŶĞƌ͕ƚŚĞƌĞĂƌĞ ǁĂůŬͲƵƉďĂůĐŽŶŝĞƐĂƚĨŝƌƐƚĨůŽŽƌĂƉĂƌƚŵĞŶƚƵŶŝƚƐǁŝƚŚĚŝƌĞĐƚĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞĂƉĂƌƚŵĞŶƚƐĂŶĚƚŚĞ ƐƚƌĞĞƚƐĐĂƉĞ͘dŽĞŶŚĂŶĐĞƚŚĞƐĞŶƐĞŽĨƵƌďĂŶĞŶĐůŽƐƵƌĞ͕ƚŚĞƌĞĂƌĞĚĞĐŽƌĂƚŝǀĞƐĐƌĞĞŶŝŶŐĂŶĚƉůĂŶƚŝŶŐ ĞůĞŵĞŶƚƐĂƚĞĂĐŚďĂůĐŽŶLJĂůŽŶŐƚŚĞƐŝĚĞǁĂůŬĂĚũĂĐĞŶƚƚŽƚŚĞďƵŝůĚŝŶŐ͘ ͘ϬϯŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ dŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐƌĞĐŽŵŵĞŶĚƚŚĞƉůĂĐĞŵĞŶƚŽĨĂĐƚŝǀĞƵƐĞƐ͕ďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞƐĂƚƌĞŐƵůĂƌ ŝŶƚĞƌǀĂůƐĂŶĚǁŝŶĚŽǁƐĂůůŽǁŝŶŐǀŝĞǁƐŝŶƚŽƚŚĞďƵŝůĚŝŶŐĂůŽŶŐƚŚĞŐƌŽƵŶĚůĞǀĞů͘dŚĞĞĂƐƚĞƌŶƐƚƌĞĞƚĨƌŽŶƚĂŐĞ ĨĞĂƚƵƌĞƐĂƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞ͕ĂǀĂƵůƚĞĚĐĂŶŽƉLJ͕ƉůĂŶƚĞƌƐĂŶĚƐŚƌƵďďĞƌLJƉůĂŶƚŝŶŐƐ͘ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞďĞĞŶŚĂŶĐĞĚǁŝƚŚĚĞĐŽƌĂƚŝǀĞƉĂǀŝŶŐĂŶĚ 3DFNHW3J *E ĂĚĚŝƚŝŽŶĂůƉůĂŶƚĞƌƐŽƌƉůĂŶƚŝŶŐƐ͘dŚĞD'ƵŝĚĞůŝŶĞƐƌĞĐŽŵŵĞŶĚƚŚĂƚǁŚĞŶ ĂĚĞǀĞůŽƉŵĞŶƚŝƐƐŝƚƵĂƚĞĚŽŶĂĐŽƌŶĞƌ͕ƚŚĞĞŶƚƌĂŶĐĞƐŚŽƵůĚďĞůŽĐĂƚĞĚŽŶƚŚĞ ĐŽƌŶĞƌǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚŝƐƐĂŵĞƐĞĐƚŝŽŶƌĞĐŽŵŵĞŶĚƐƚŚĂƚƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐŽŶƚŚĞ ŐƌŽƵŶĚĨůŽŽƌďĞƉƌŽǀŝĚĞĚĂŶŝŶĚŝǀŝĚƵĂůĞŶƚƌĂŶĐĞ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞƐĞ ĐŚĂŶŐĞƐďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĨŝŶĂůĚĞƐŝŐŶŽĨƚŚĞďƵŝůĚŝŶŐ͕ƚŽĨƵƌƚŚĞƌĂĐƚŝǀĂƚĞƚŚĞϮŶĚ^ƚƌĞĞƚĨƌŽŶƚĂŐĞ͘ ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚĂWƵďůŝĐƌƚĨĞĂƚƵƌĞďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĨŝŶĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐ͘ ŐĂŝŶ͕ƚŚĞĚĞƐŝŐŶĞůĞŵĞŶƚƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐƚŚĂƚĞŶŚĂŶĐĞƚŚĞǀŝďƌĂŶĐLJŽĨƚŚĞƐƚƌĞĞƚƐĐĂƉĞŝŶĐůƵĚĞ͗ ŶŚĂŶĐŝŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ x RĚĚŝŶŐƚŚĞ>ͲƐŚĂƉĞĚĐĂŶŽƉLJĞůĞŵĞŶƚƚŽĐƌĞĂƚĞĂƐĞŶƐĞŽĨƐƉĂĐĞĂŶĚĞŶƚƌLJĂƚƚŚĞ ƐŝĚĞǁĂůŬ͘dŚŝƐĂůƐŽďƌŝŶŐƐĚŽǁŶƚŚĞƐĐĂůĞŽĨƚŚĞĞŶƚƌLJƚŽĂƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJůĞǀĞů͘ R/ŶĐƌĞĂƐŝŶŐŐůĂnjŝŶŐ͕ůŝŐŚƚŝŶŐ͕ĂŶĚĂĚĚŝŶŐǁĂƌŵǁŽŽĚŵĂƚĞƌŝĂůƐƚŽĞŶŚĂŶĐĞƚŚĞĂƉƉĞĂůŽĨ ƚŚĞƐƉĂĐĞĂŶĚŝŶĐƌĞĂƐĞƚŚĞǀŝƐƵĂůŝŶƚĞƌĞƐƚŽĨƚŚĞĨĂĕĂĚĞ͘ DŽǀŝŶŐƚŚĞƉƌŝŵĂƌLJĞŶƚƌĂŶĐĞŽŶϲƚŚǀĞĐůŽƐĞƌƚŽƚŚĞĐŽƌŶĞƌǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐĂĐĐĞƐƐŝďůĞ x ĂĐĐĞƐƐĨƌŽŵƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬͬƐƚƌĞĞƚ͘ R EĞǁĐĂŶŽƉLJĚĞƐŝŐŶĞůĞŵĞŶƚďĞƚƚĞƌĐŽŽƌĚŝŶĂƚĞƐǁŝƚŚƚŚĞŽǀĞƌĂůůĚĞƐŝŐŶ͘,ŝŐŚŐůŽƐƐ ŵĂƚĞƌŝĂůǁŝůůďĞĂŶĂƚƚƌĂĐƚŝǀĞĂĐĐĞŶƚĞůĞŵĞŶƚƚŚĂƚĚƌĂǁƐĂƚƚĞŶƚŝŽŶƚŽƚŚĞďƵŝůĚŝŶŐ ĞŶƚƌĂŶĐĞ͘ ĚĚŝŶŐΗƉŽĐŬĞƚƉĂƌŬΗͬďĞŶĐŚƐĞĂƚŝŶŐĂƌĞĂďĞƚǁĞĞŶƚŚĞĞdžŝƐƚŝŶŐĂŶĚŶĞǁďƵŝůĚŝŶŐĂƚƚŚĞ x ĨŽƌŵĞƌĂůůĞLJĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ͘ WƌŽǀŝĚŝŶŐĂĚĚŝƚŝŽŶĂůƉĞĚĞƐƚƌŝĂŶƐĐĂůĞĚĞƐŝŐŶĞůĞŵĞŶƚƐ;ƉůĂŶƚŝŶŐƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ĂŶĚ R ƐĞĂƚŝŶŐͿĐƌĞĂƚĞƐĂŶŝŶǀŝƚŝŶŐŽƉĞŶƐƉĂĐĞĂůŽŶŐƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬ͘ /ŶĂĚĚŝƚŝŽŶ͕ǁĞĂƌĞŐƌĞĂƚůLJĞdžƉĂŶĚŝŶŐƚŚĞĐŽŶŶĞĐƚŝǀŝƚLJĂƚƚŚĞĨŝƌƐƚͲĨůŽŽƌĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐĂƚƚŚĞ ŝŶƚĞƌƐĞĐƚŝŽŶŽĨϮĂŶĚϲďLJ͗ ŶĚƚŚ ZĞůŽĐĂƚŝŶŐƚŚĞŵĂŝŶůŽďďLJůŽƵŶŐĞƐƉĂĐĞƚŽƚŚŝƐůŽĐĂƚŝŽŶĂŶĚĂĚĚĞĚĞdžƚĞŶƐŝǀĞŐůĂnjŝŶŐ R ƚŚĂƚǁƌĂƉƐƚŚĞĐŽƌŶĞƌƚŽƉƌŽǀŝĚĞĂŵŽƌĞĂĐƚŝǀĞƵƐĞĂƚƚŚŝƐŵĂƌƋƵĞĞůŽĐĂƚŝŽŶ͘ ĚĚŝŶŐůŝǀĞůLJŝŶƚĞƌŝŽƌĚĞƐŝŐŶĞůĞŵĞŶƚƐĂĚĚŵŽƌĞĐŚĂƌĂĐƚĞƌ͕ĐŽůŽƌ͕ĂŶĚŝŶƚĞƌĞƐƚĂƚƚŚŝƐ R ĐŽƌŶĞƌ͘WƌŽǀŝĚŝŶŐĨŽƌŐƌĞĂƚĞƌǀŝƐƵĂůŝŶƚĞƌĞƐƚĂŶĚǀŝƐŝďůĞĂĐƚŝǀŝƚLJĂůŽŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶ ĂŶĚǀĞŚŝĐƵůĂƌƚƌĂĨĨŝĐĐŽƌƌŝĚŽƌ͘ WƵƚƚŝŶŐŵŽƌĞΗĞLJĞƐŽŶΗƚŚĞƉƵďůŝĐĐŽƌƌŝĚŽƌĨŽƌĂŶĂĚĚĞĚƐĞŶƐĞŽĨƐĂĨĞƚLJĂŶĚĂĐƚŝǀŝƚLJ͘ R ĚĚŝŶŐĂůĂƌŐĞƐƚŽƌĞĨƌŽŶƚĨĞĞůĂƚƚŚĞĐŽƌŶĞƌƐŽĨƚĞŶƐƚŚĞĐŽƌŶĞƌĂůůŽǁŝŶŐďĞƚƚĞƌǀŝƐŝďŝůŝƚLJ͘ R ĞƐŝŐŶŝŶŐƚĞƌƌĂĐĞůŝŬĞƐƚĞƉƐĂƚƚŚĞĐŽƌŶĞƌƚŚĂƚŐƌĂĚƵĂůůLJƐƚĞƉĚŽǁŶƚŽĐƌĞĂƚĞĂƐƚƌŽŶŐ R ĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞƉƵďůŝĐĐŽƌŶĞƌĂŶĚƚŚĞďƵŝůĚŝŶŐĞĚŐĞǁŚŝĐŚĂůůŽǁƐƐĞĂƚŝŶŐ͕Ăƌƚ͕ ĂŶĚƉůĂŶƚŝŶŐƐƚŽŽĐĐƵƌĂƚƚŚŝƐŚŝŐŚůLJǀŝƐŝďůĞĐŽƌŶĞƌ͕ĐƌĞĂƚŝŶŐĂƐŽĐŝĂďůĞƐƉĂĐĞĂƚƚŚŝƐ ͞ŐĂƚĞǁĂLJ͟ŝŶƚĞƌƐĞĐƚŝŽŶ͘ /ŶĐƌĞĂƐŝŶŐƚŚĞƐŝnjĞĂŶĚĂŵŽƵŶƚŽĨŐůĂnjŝŶŐĂƚƚŚĞĨŝƌƐƚĨůŽŽƌĂůŽŶŐďŽƚŚϮ^ƚƌĞĞƚĂŶĚϲ ŶĚƚŚ R ǀĞŶƵĞ^tĞŶŚĂŶĐĞƐƚŚĞǀŝƐƵĂůĂƉƉĞĂůĂŶĚƐĞŶƐĞŽĨĂĐƚŝǀŝƚLJĂůŽŶŐƚŚĞƉƵďůŝĐǁĂLJ͘ ͘ϬϱĞƐŝŐŶĨŽƌŽŚĞƌĞŶĐLJ dŚĞDŐŽĂůŝƐƚŚĂƚƚŚĞďƵŝůĚŝŶŐŝƐĚĞƐŝŐŶĞĚǁŝƚŚĂĐŽŚĞƌĞŶƚĚĞƐŝŐŶƚŽĐŽŶƚƌŝďƵƚĞƚŽĂǀŝďƌĂŶƚƉƵďůŝĐ ƌĞĂůŵǁŝƚŚĂǁĂůŬĂďůĞ͕ƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJĞŶǀŝƌŽŶŵĞŶƚ͘dŚŝƐŐƵŝĚĞůŝŶĞŝŶĐůƵĚĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌ ĚĞƐŝŐŶĚĞƚĂŝůƐůŝŬĞƐŝŐŶĂŐĞ͕ĂǁŶŝŶŐƐ͕ůŝŐŚƚŝŶŐ͕ĂŶĚƚŚĞƐĐƌĞĞŶŝŶŐŽĨƵƚŝůŝƚLJ͕ƚƌĂƐŚ͕ĂŶĚŽƚŚĞƌĞƋƵŝƉŵĞŶƚ͘ dŚĞƚƌĂƐŚͬƌĞĐLJĐůŝŶŐĂƌĞĂŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚ͕ŶĞĂƌƚŚĞŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ͘ dŚĞĂƌĞĂŝƐĐŽŵƉůĞƚĞůLJƐĐƌĞĞŶĞĚĨƌŽŵƉƵďůŝĐǀŝĞǁ͕ǁŝƚŚŝŶƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞĂƌĞĂ͘dŚĞƉůĂŶƐĚŽŶŽƚ 3DFNHW3J *E ŝŶĚŝĐĂƚĞƚŚĞůŽĐĂƚŝŽŶŽĨŽƚŚĞƌƵƚŝůŝƚŝĞƐƐƵĐŚĂƐŐĂƐŵĞƚĞƌƐŽƌĂŶĂƌĞĂĨŽƌ ĚĞůŝǀĞƌŝĞƐ͘ĚĚŝƚŝŽŶĂůĚĞƚĂŝůĨŽƌƚŚĞůŽĐĂƚŝŽŶƐĂŶĚƐĐƌĞĞŶŝŶŐŽĨƚƌĂƐŚĐŽůůĞĐƚŝŽŶ͕ ĚĞůŝǀĞƌŝĞƐ͕ƵƚŝůŝƚŝĞƐĂŶĚŵĞĐŚĂŶŝĐĂůĞƋƵŝƉŵĞŶƚǁŝůůďĞŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶ͘ dƌĂƐŚĐŽůůĞĐƚŝŽŶĂŶĚĚĞůŝǀĞƌŝĞƐǁŝůůďĞƚŚƌŽƵŐŚƚŚĞŐĂƌĂŐĞĞŶƚƌLJŽŶƚŚĞǁĞƐƚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘hƚŝůŝƚŝĞƐ ǁŝůůďĞƐƚƵďďĞĚŝŶƚŽƚŚĞďƵŝůĚŝŶŐŝŶƚŚĞĂƌĞĂƐůĂďĞůĞĚĂƐ͞DĞĐŚ͘͟ĂŶĚ͞ ůĞĐ͘͟ŽŶƚŚĞŽŶĐĞƉƚĞƐŝŐŶ WůĂŶƐ͘ ͘ϬϲĞƐŝŐŶĨŽƌ&ůĞdžŝďŝůŝƚLJĂŶĚĚĂƉƚĂďŝůŝƚLJĨŽƌ&ƵƚƵƌĞhƐĞ dŚĞD'ŽĂůůŽŽŬƐĨŽƌĚĞƐŝŐŶƐƚŚĂƚĂƌĞĂĚĂƉƚĂďůĞĂŶĚĨůĞdžŝďůĞǁŚŝĐŚƐƵƉƉŽƌƚĂƚŚƌŝǀŝŶŐĞĐŽŶŽŵLJ͘dŚŝƐ ŐƵŝĚĞůŝŶĞĐŽŶƚĂŝŶƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨůŽŽƌŚĞŝŐŚƚƐĂŶĚƐƚƌƵĐƚƵƌĂůƐƉĂĐŝŶŐƚŽŵĂŬĞĂďƵŝůĚŝŶŐĂĚĂƉƚĂďůĞ ĨŽƌĨƵƚƵƌĞƵƐĞƐ͘dŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐŚĂƐĂĨŝƌƐƚͲĨůŽŽƌŚĞŝŐŚƚŽĨϭϱĨĞĞƚ͘dŚĞƐĞĐŽŶĚĨůŽŽƌŽĨƚŚĞďƵŝůĚŝŶŐ ^ƚŝůůĂƉƉůŝĞƐ͘ ŝƐƉƌŽƉŽƐĞĚƚŽďĞϭϮĨĞĞƚ͕ĂŶĚĨůŽŽƌƐϯͲϳϭϭĨĞĞƚ͘ ͘ϬϳƌĞĂƚĞ^ƉĂĐĞƐĨŽƌŽůůĂďŽƌĂƚŝŽŶ dŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĞŵƉŚĂƐŝnjĞƚŚĞŶĞĞĚĨŽƌĐŽůůĂďŽƌĂƚŝǀĞƐƉĂĐĞƐƚŚĂƚĂƌĞĂŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞ ƉƵďůŝĐƌĞĂůŵ͘dŚĞĚĞǀĞůŽƉŵĞŶƚĚĞƐŝŐŶŝŶĐůƵĚĞƐŝŶĚŽŽƌƐƉĂĐĞƐƚŚĂƚĂůůŽǁĨŽƌƐĞĂƚŝŶŐ͕ĂƐǁĞůůĂƐĂƉŽŽůĚĞĐŬ ĂƌĞĂǁŝƚŚĐŽŵŵƵŶĂůƐĞĂƚŝŶŐĂǀĂŝůĂďůĞƚŽƌĞƐŝĚĞŶƚƐ͘dŚĞĞdžƚĞƌŝŽƌŽĨƚŚĞďƵŝůĚŝŶŐĚŽĞƐŶŽƚŝŶĚŝĐĂƚĞĂŶLJ ƉĞĚĞƐƚƌŝĂŶƐĞĂƚŝŶŐŽƌŝŶƚĞƌĂĐƚŝŽŶƐƉĂĐĞƐĂůŽŶŐƚŚĞƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ WĞĚĞƐƚƌŝĂŶƐĞĂƚŝŶŐǁĂƐ ƌĞĐŽŵŵĞŶĚƐƚŚĂƚƉĞĚĞƐƚƌŝĂŶƐĞĂƚŝŶŐďĞƉůĂĐĞĚŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ ĂĚĚĞĚƚŽĂŶĞǁ͞ƉŽĐŬĞƚƉĂƌŬ͟ŝŶƚŚĞŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌĂƐǁĞůůĂƐƚĞ ƌƌĂĐĞͲ ůŝŬĞƐƚĞƉƐĂƚƚŚĞ͞ŐĂƚĞǁĂLJ͟ ĐŽƌŶĞƌŝŶƚŚĞŶŽƌƚŚĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ͘ ͘ϬϴDĞĞƚ^ƵƐƚĂŝŶĂďůĞĂŶĚ,ĞĂůƚŚLJƵŝůĚŝŶŐĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ DĞĞƚŝŶŐƐƵƐƚĂŝŶĂďůĞĂŶĚŚĞĂůƚŚLJĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐŝŶĂůůƐƚƌƵĐƚƵƌĞƐĂĚĚƌĞƐƐĞƐƚŚĞŐŽĂůŽĨĐƌĞĂƚŝŶŐĂ ƐƵƐƚĂŝŶĂďůĞ͕ĂŶĚŚĞĂůƚŚLJĐŝƚLJ͘^ƚƌƵĐƚƵƌĞƐƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚƚŽŵŝŶŝŵŝnjĞĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͕ĂŶĚ ƉƌŽĚƵĐĞĂŚĞĂůƚŚLJĞŶǀŝƌŽŶŵĞŶƚĨŽƌŽĐĐƵƉĂŶƚƐ͘dŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂŶƐĚŽŶŽƚŝŶĚŝĐĂƚĞŚŽǁƚŚĞƐƚƌƵĐƚƵƌĞ ǁŝůůŵĞĞƚƚŚĞƐĞĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞĨŝŶĂůƉůĂŶƐĚĞƚĂŝůŚŽǁ ƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŝŶĐŽƌƉŽƌĂƚĞƚŚĞƐĞƐƵƐƚĂŝŶĂďŝůŝƚLJƐƚĂŶĚĂƌĚƐ͘ ^ƵƐƚĂŝŶĂďůĞĞƐŝŐŶ ůĞŵĞŶƚƐŝŶĐůƵĚĞ͗ ŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJĂďŽǀĞĐŽĚĞƌĞƋƵŝƌĞŵĞŶƚƐ;ůĂƐƚďƵŝůĚŝŶŐǁĂƐϭϬйĂďŽǀĞĐŽĚĞͿ͖ǁĞǁŽƌŬǁŝƚŚ x ƚŚĞŵĞĐŚĂŶŝĐĂůĞŶŐŝŶĞĞƌĂŶĚƚŚĞďƵŝůĚŝŶŐĞŶǀĞůŽƉĞĚĞƐŝŐŶƚŽĂĐŚŝĞǀĞƚŚŝƐ͘ KǀĞƌƐŝnjĞĚ͕ĞĨĨŝĐŝĞŶƚǁŝŶĚŽǁƐĂŶĚƉĂƚŝŽĚŽŽƌƐĂůůŽǁĨŽƌŐƌĞĂƚĞƌĚĂLJůŝŐŚƚŝŶŐĂŶĚƚŚƵƐƌĞĚƵĐĞĚ x ƵƐĂŐĞŽĨĂƌƚŝĨŝĐŝĂůůŝŐŚƚŝŶŐ͘ > >ŝŐŚƚŝŶŐ͘ x ĞĚŝĐĂƚĞĚƌĞĐLJĐůŝŶŐƚƌĂƐŚĐŚƵƚĞĐŽůůĞĐƚŝŽŶĂƚĞĂĐŚĨůŽŽƌ͖ƐĞƉĂƌĂƚĞĨƌŽŵƚƌĂƐŚ͘ x >ĂƌŐĞ͕ƐĞĐƵƌĞďŝŬĞƐƚŽƌĂŐĞƌŽŽŵǁŝƚŚĂďŝŬĞƌĞƉĂŝƌƐƚĂƚŝŽŶĂŶĚĂŝƌƉƵŵƉƚŽĞŶĐŽƵƌĂŐĞĐLJĐůŝŶŐ x ŝŶƐƚĞĂĚŽĨĐĂƌƐ͘ĚĚŝƚŝŽŶĂůďŝŬĞƌĂĐŬƐĨŽƌǀŝƐŝƚŽƌƐ͘ ĞĚŝĐĂƚĞĚƉĂƌŬŝŶŐƐƚĂůůƐĨŽƌĞůĞĐƚƌŝĐǀĞŚŝĐůĞĐŚĂƌŐŝŶŐ͘ x tŚŝƚĞƌŽŽĨŝŶŐĨŽƌƌĞĚƵĐĞĚŚĞĂƚŐĂŝŶĚƵƌŝŶŐƉĞĂŬĐŽŽůŝŶŐƚŝŵĞƐŝŶƚŚĞƐƵŵŵĞƌ͘ x ĨĨŝĐŝĞŶƚĂƉƉůŝĂŶĐĞƐĂŶĚůŽǁĨůŽǁƉůƵŵďŝŶŐĨŝdžƚƵƌĞƐ͘ x >ŽǁsKƉĂŝŶƚƐ͘ x ͘ϭϭĞƐŝŐŶWĂƌŬŝŶŐ^ƚƌƵĐƚƵƌĞƐƚŽ ŶŚĂŶĐĞWĞĚĞƐƚƌŝĂŶZĞĂůŵ dŚĞDŐŽĂůŝƐƚŽĚĞƐŝŐŶƉĂƌŬŝŶŐƐƚƌƵĐƚƵƌĞƐƚŽŵŝŶŝŵŝnjĞŝŵƉĂĐƚƐƚŽƉĞĚĞƐƚƌŝĂŶĞŶǀŝƌŽŶŵĞŶƚ͘WĂƌŬŝŶŐ ĂƌĞĂƐĂƌĞĚĞƐŝŐŶĞĚǁŝƚŚŝŶƚŚĞĨŽŽƚƉƌŝŶƚŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĞŝƚŚĞƌďĞůŽǁŐƌĂĚĞŽƌƐĐƌĞĞŶĞĚďLJ ^ƚŝůů ƚŚĞďƵŝůĚŝŶŐ͘dŚŝƐƉĂƌŬŝŶŐƉůĂĐĞŵĞŶƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞŶƚŽĨƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͘ ĂƉƉůŝĞƐ͘ 3DFNHW3J *E ϮŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ dŚĞϮŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶŝŶĐůƵĚĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĚĞǀĞůŽƉŵĞŶƚŽŶ ƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚƐŝĚĞƐŽĨϮŶĚ^ƚƌĞĞƚ^t͘dŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚŝŶƚŚĞ ĂƐƚŝƐƚƌŝĐƚ͕ĂƐŝĚĞŶƚŝĨŝĞĚďLJ ƚŚĞϮŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ͘ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵƚŚŝƐƉůĂŶƌĞůĂƚĞĚƚŽƚŚĞĐƵƌƌĞŶƚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞ ƚŚĞĨŽůůŽǁŝŶŐ͗ ŽŶĐĞŶƚƌĂƚĞĚĞŶƐŝƚLJĂŶĚŝŶƚĞŶƐŝƚLJĂůŽŶŐϮŶĚ^ƚƌĞĞƚ^t͘ x ŶĐŽƵƌĂŐĞƉĂƌŬŝŶŐƐƚƌƵĐƚƵƌĞƐƚŽďĞŽŶƚŚĞŝŶƚĞƌŝŽƌŽĨƚŚĞďůŽĐŬĂŶĚǀŝƐƵĂůůLJŝŶƚĞŐƌĂƚĞĚǁŝƚŚƚŚĞ x ĂƌĐŚŝƚĞĐƚƵƌĞ͘ /ŶĐŽƌƉŽƌĂƚĞƐƚƌĞĞƚƐĐĂƉĞĞůĞŵĞŶƚƐƐƵĐŚĂƐŵŽƌĞƐƚƌĞĞƚƚƌĞĞƐ͕ƉůĂŶƚĞƌƐ͕ŵŽŶƵŵĞŶƚƐ͕ƉƵďůŝĐĂƌƚ͕ x ŬŝŽƐŬƐĂŶĚďĞŶĐŚĞƐƚŽĐƌĞĂƚĞĂŵŽƌĞŝŶǀŝƚŝŶŐĂŶĚĐŽŵĨŽƌƚĂďůĞƐŝĚĞǁĂůŬĞŶǀŝƌŽŶŵĞŶƚĂŶĚƉƌŽŵŽƚĞ ŵŽƌĞƐŝĚĞǁĂůŬĂĐƚŝǀŝƚLJ͘ WƌŽǀŝĚĞǁŝĚĞƌƐŝĚĞǁĂůŬƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐƚŚƌŽƵŐŚŽƵƚƚŚĞĐŽƌƌŝĚŽƌ͘ x ŶĐŽƵƌĂŐĞĐĞŶƚƌĂůŝnjĞĚďŝĐLJĐůĞƉĂƌŬŝŶŐ;ƐƵĐŚĂƐŽŶͲƐƚƌĞĞƚďŝĐLJĐůĞĐŽƌƌĂůƐͿĂƚĐŽŶǀĞŶŝĞŶƚůŽĐĂƚŝŽŶƐ x ĨŽƌďŝĐLJĐůŝƐƚƐƚŽƉĂƌŬƚŚĞŝƌďŝŬĞƐĂŶĚǁĂůŬƚŽƉůĂĐĞƐĂůŽŶŐ^ĞĐŽŶĚ^ƚƌĞĞƚ͘ dŚĞϮŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶŐĞŶĞƌĂůůLJƌĞĐŽŵŵĞŶĚƐƚŚĞƉůĂĐĞŵĞŶƚŽĨƚŚĞŵŽƐƚŝŶƚĞŶƐĞƌĞƐŝĚĞŶƚŝĂůĂŶĚ ĐŽŵŵĞƌĐŝĂůĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐƚŚĞϮŶĚ^ƚƌĞĞƚ^tĐŽƌƌŝĚŽƌ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚ ƚŚĞĂƉƉůŝĐĂŶƚƉƌŽǀŝĚĞĂϭϬͲĨŽŽƚƐŝĚĞǁĂůŬŽŶƚŚĞŶŽƌƚŚĨƌŽŶƚĂŐĞ͕ĂŶĚĂŶϴͲĨŽŽƚƐŝĚĞǁĂůŬŽŶƚŚĞĞĂƐƚ 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ƐŝŐŶĂŐĞĂƚŶĞǁďƵŝůĚŝŶŐĂĐƌŽƐƐƚŚĞƐƚƌĞĞƚ͘dŚŝƐďƌŝŶŐƐƚŚĞƐŝŐŶŝŶƚŽĐŽŶƚĞdžƚǁŝƚŚĂĚũĂĐĞŶƚ ďƵŝůĚŝŶŐƐĂůŽŶŐƚŚĞϮŶĚƐƚƌĞĞƚĐŽƌƌŝĚŽƌ͘ dŚĞƉƌŽƉŽƐĞĚĚĞŶƐŝƚLJ Ĩ͘ZĞǀŝƐĞƚŚĞĚĞŶƐŝƚLJƚŽĂĐĐƵƌĂƚĞůLJƌĞĨůĞĐƚƚŚĞĚĞŶƐŝƚLJŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ ŝƐϭϯϭƵŶŝƚƐŽŶϬ͘ϱϲĂĐƌĞƐǁŚŝĐŚƚƌĂŶƐůĂƚĞƐƚŽƚŚĞĞƋƵŝǀĂůĞŶƚŽĨϮϯϰƵŶŝƚƐƉĞƌĂĐƌĞ͘ dŚĞŽǀĞƌĂůůŚĞŝŐŚƚŽĨƚŚĞďƵŝůĚŝŶŐ Ő͘/ŶĚŝĐĂƚĞĞŶƚŝƌĞŚĞŝŐŚƚŽĨďƵŝůĚŝŶŐ͕ŝŶĐůƵĚŝŶŐƌŽŽĨƉƌŽũĞĐƚŝŽŶ͘ ĨƌŽŵƚŚĞŶĂƚƵƌĂůŐƌĂĚĞŝŶƚŚĞ͞ŐĂƚĞǁĂLJ͟ĐŽƌŶĞƌƚŽƚŚĞŚŝŐŚĞƐƚƉŽŝŶƚŽĨƚŚĞƉĂƌĂƉĞƚŝƐϵϰ͛ϲ͘͟ dŚĞŝŶĚŽŽƌďŝŬĞ Ś͘/ŶĚŝĐĂƚĞƚŚĞŶƵŵďĞƌŽĨďŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐůŽĐĂƚĞĚŝŶƚŚĞďŝŬĞƐƚŽƌĂŐĞĂƌĞĂ͘ ĂƌĞĂŚĂƐĞŶŽƵŐŚďŝŬĞƉĂƌŬŝŶŐĨŽƌϴϯďŝĐLJĐůĞƐ͘dŚĞĞdžƚĞƌŝŽƌďŝŬĞƌĂĐŬƐŚĂǀĞĂŶĂĚĚŝƚŝŽŶĂůϴďŝŬĞ ƌĂĐŬƐĨŽƌĂƚŽƚĂůŽĨϵϭďŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐ͘ dŚĞŝŶŐƌĞƐƐĂŶĚĞŐƌĞƐƐĨŽƌƌĞĨƵƐĞ ŝ͘/ŶĚŝĐĂƚĞƚŚĞĂƌĞĂĚĞƐŝŐŶĂƚĞĚĨŽƌƌĞĨƵƐĞƉŝĐŬͲƵƉ͕ĂŶĚĚĞůŝǀĞƌŝĞƐ͘ ƉŝĐŬͲƵƉĂŶĚĚĞůŝǀĞƌŝĞƐǁŝůůďĞĂůŽŶŐƚŚĞǁĞƐƚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐĂƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞĞƐŝŐŶ ^ƵŵŵĂƌLJĂŶĚǁŝƚŚŝŶƚŚĞďƵŝůĚŝŶŐ͘ ũ͘ĚĚŝƚŝŽŶĂůďŽƵůĞǀĂƌĚƚƌĞĞƐƐŚĂůůďĞƐŚŽǁŶŽŶϲƚŚǀĞŶƵĞ͕ƐŽƵƚŚŽĨƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞ͘ hƉĚĂƚĞĚŽŶƚŚĞ>ĂŶĚƐĐĂƉĞWůĂŶ͘ tĞǁŝůůĐŽŶƚŝŶƵĞƚŽ Ŭ͘dŚĞůŽĐĂƚŝŽŶŽĨĂĨŝƌĞŚLJĚƌĂŶƚ͕ƚŽƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨƚŚĞ&ŝƌĞĞƉĂƌƚŵĞŶƚ͘ ǁŽƌŬǁŝƚŚƚŚĞ&ŝƌĞĞƉĂƌƚŵĞŶƚĨŽƌƚŚĞŝĚĞĂůĨŝƌĞŚLJĚƌĂŶƚůŽĐĂƚŝŽŶ͘ Ϯ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞĨŽůůŽǁŝŶŐĨĞĂƚƵƌĞƐďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĨŝŶĂů ĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐ͕ƚŽďĞƚƚĞƌĂůŝŐŶƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝƚŚƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͕ĂŶĚƚŚĞ^ĞĐŽŶĚ ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ͘ Ă͘ŵŝŶŝŵƵŵŽĨϱϬйŽĨƚŚĞĨŝƌƐƚĨůŽŽƌŽŶďŽƚŚƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐƐŚĂůůďĞĂƌƚŝĐƵůĂƚĞĚǁŝƚŚǁŝŶĚŽǁƐ͕ dŚĞĨŝƌƐƚͲĨůŽŽƌůŝŶĞĂƌŐůĂnjŝŶŐŝƐϲϯй;ϴϳ͛Ͳ ϵͬ͟ϭϯϵ͛Ͳ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͘ ϵ͟Ϳ͘ 3DFNHW3J *E ď͘ŶĞŶŚĂŶĐĞĚƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞŽŶϮŶĚ^ƚƌĞĞƚƚŚĂƚŝŶĐŽƌƉŽƌĂƚĞƐD ĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂŶĚƚŚĞϮŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ͘ dŚĞĚĞƐŝŐŶĞůĞŵĞŶƚƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐƚŚĂƚĞŶŚĂŶĐĞƚŚĞǀŝďƌĂŶĐLJŽĨƚŚĞƐƚƌĞĞƚƐĐĂƉĞŝŶĐůƵĚĞ͗ ŶŚĂŶĐŝŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ x RĚĚŝŶŐƚŚĞ>ͲƐŚĂƉĞĚĐĂŶŽƉLJĞůĞŵĞŶƚƚŽĐƌĞĂƚĞĂƐĞŶƐĞŽĨƐƉĂĐĞĂŶĚĞŶƚƌLJĂƚƚŚĞ ƐŝĚĞǁĂůŬ͘dŚŝƐĂůƐŽďƌŝŶŐƐĚŽǁŶƚŚĞƐĐĂůĞŽĨƚŚĞĞŶƚƌLJƚŽĂƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJůĞǀĞů͘ R/ŶĐƌĞĂƐŝŶŐŐůĂnjŝŶŐ͕ůŝŐŚƚŝŶŐ͕ĂŶĚĂĚĚŝŶŐǁĂƌŵǁŽŽĚŵĂƚĞƌŝĂůƐƚŽĞŶŚĂŶĐĞƚŚĞĂƉƉĞĂůŽĨ ƚŚĞƐƉĂĐĞĂŶĚŝŶĐƌĞĂƐĞƚŚĞǀŝƐƵĂůŝŶƚĞƌĞƐƚŽĨƚŚĞĨĂĕĂĚĞ͘ DŽǀŝŶŐƚŚĞƉƌŝŵĂƌLJĞŶƚƌĂŶĐĞŽŶϲƚŚǀĞĐůŽƐĞƌƚŽƚŚĞĐŽƌŶĞƌǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐĂĐĐĞƐƐŝďůĞ x ĂĐĐĞƐƐĨƌŽŵƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬͬƐƚƌĞĞƚ͘ R EĞǁĐĂŶŽƉLJĚĞƐŝŐŶĞůĞŵĞŶƚďĞƚƚĞƌĐŽŽƌĚŝŶĂƚĞƐǁŝƚŚƚŚĞŽǀĞƌĂůůĚĞƐŝŐŶ͘,ŝŐŚŐůŽƐƐ ŵĂƚĞƌŝĂůǁŝůůďĞĂŶĂƚƚƌĂĐƚŝǀĞĂĐĐĞŶƚĞůĞŵĞŶƚƚŚĂƚĚƌĂǁƐĂƚƚĞŶƚŝŽŶƚŽƚŚĞďƵŝůĚŝŶŐ ĞŶƚƌĂŶĐĞ͘ ĚĚŝŶŐΗƉŽĐŬĞƚƉĂƌŬΗͬďĞŶĐŚƐĞĂƚŝŶŐĂƌĞĂďĞƚǁĞĞŶƚŚĞĞdžŝƐƚŝŶŐĂŶĚŶĞǁďƵŝůĚŝŶŐĂƚƚŚĞ x ĨŽƌŵĞƌĂůůĞLJĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ͘ WƌŽǀŝĚŝŶŐĂĚĚŝƚŝŽŶĂůƉĞĚĞƐƚƌŝĂŶƐĐĂůĞĚĞƐŝŐŶĞůĞŵĞŶƚƐ;ƉůĂŶƚŝŶŐƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ĂŶĚ R ƐĞĂƚŝŶŐͿĐƌĞĂƚĞƐĂŶŝŶǀŝƚŝŶŐŽƉĞŶƐƉĂĐĞĂůŽŶŐƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬ͘ /ŶĂĚĚŝƚŝŽŶ͕ǁĞĂƌĞŐƌĞĂƚůLJĞdžƉĂŶĚŝŶŐƚŚĞĐŽŶŶĞĐƚŝǀŝƚLJĂƚƚŚĞĨŝƌƐƚͲĨůŽŽƌĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐĂƚƚŚĞ ŝŶƚĞƌƐĞĐƚŝŽŶŽĨϮĂŶĚϲďLJ͗ ŶĚƚŚ ZĞůŽĐĂƚŝŶŐƚŚĞŵĂŝŶůŽďďLJůŽƵŶŐĞƐƉĂĐĞƚŽƚŚŝƐůŽĐĂƚŝŽŶĂŶĚĂĚĚĞĚĞdžƚĞŶƐŝǀĞŐůĂnjŝŶŐ R ƚŚĂƚǁƌĂƉƐƚŚĞĐŽƌŶĞƌƚŽƉƌŽǀŝĚĞĂŵŽƌĞĂĐƚŝǀĞƵƐĞĂƚƚŚŝƐŵĂƌƋƵĞĞůŽĐĂƚŝŽŶ͘ ĚĚŝŶŐůŝǀĞůLJŝŶƚĞƌŝŽƌĚĞƐŝŐŶĞůĞŵĞŶƚƐĂĚĚŵŽƌĞĐŚĂƌĂĐƚĞƌ͕ĐŽůŽƌ͕ĂŶĚŝŶƚĞƌĞƐƚĂƚƚŚŝƐ R ĐŽƌŶĞƌ͘WƌŽǀŝĚŝŶŐĨŽƌŐƌĞĂƚĞƌǀŝƐƵĂůŝŶƚĞƌĞƐƚĂŶĚǀŝƐŝďůĞĂĐƚŝǀŝƚLJĂůŽŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶ ĂŶĚǀĞŚŝĐƵůĂƌƚƌĂĨĨŝĐĐŽƌƌŝĚŽƌ͘ WƵƚƚŝŶŐŵŽƌĞΗĞLJĞƐŽŶΗƚŚĞƉƵďůŝĐĐŽƌƌŝĚŽƌĨŽƌĂŶĂĚĚĞĚƐĞŶƐĞŽĨƐĂĨĞƚLJĂŶĚĂĐƚŝǀŝƚLJ͘ R ĚĚŝŶŐĂůĂƌŐĞƐƚŽƌĞĨƌŽŶƚĨĞĞůĂƚƚŚĞĐŽƌŶĞƌƐŽĨƚĞŶƐƚŚĞĐŽƌŶĞƌĂůůŽǁŝŶŐďĞƚƚĞƌǀŝƐŝďŝůŝƚLJ͘ R ĞƐŝŐŶŝŶŐƚĞƌƌĂĐĞůŝŬĞƐƚĞƉƐĂƚƚŚĞĐŽƌŶĞƌƚŚĂƚŐƌĂĚƵĂůůLJƐƚĞƉĚŽǁŶƚŽĐƌĞĂƚĞĂƐƚƌŽŶŐ R ĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞƉƵďůŝĐĐŽƌŶĞƌĂŶĚƚŚĞďƵŝůĚŝŶŐĞĚŐĞǁŚŝĐŚĂůůŽǁƐƐĞĂƚŝŶŐ͕Ăƌƚ͕ ĂŶĚƉůĂŶƚŝŶŐƐƚŽŽĐĐƵƌĂƚƚŚŝƐŚŝŐŚůLJǀŝƐŝďůĞĐŽƌŶĞƌ͕ĐƌĞĂƚŝŶŐĂƐŽĐŝĂďůĞƐƉĂĐĞĂƚƚŚŝƐ ͞ŐĂƚĞǁĂLJ͟ŝŶƚĞƌƐĞĐƚŝŽŶ͘ /ŶĐƌĞĂƐŝŶŐƚŚĞƐŝnjĞĂŶĚĂŵŽƵŶƚŽĨŐůĂnjŝŶŐĂƚƚŚĞĨŝƌƐƚĨůŽŽƌĂůŽŶŐďŽƚŚϮ^ƚƌĞĞƚĂŶĚϲ ŶĚƚŚ R ǀĞŶƵĞ^tĞŶŚĂŶĐĞƐƚŚĞǀŝƐƵĂůĂƉƉĞĂůĂŶĚƐĞŶƐĞŽĨĂĐƚŝǀŝƚLJĂůŽŶŐƚŚĞƉƵďůŝĐǁĂLJ͘ WƵďůŝĐƌƚǁĂƐ Đ͘WƵďůŝĐƌƚĨĞĂƚƵƌĞƐŚĂůůďĞŝŶĐůƵĚĞĚŝŶƚŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐ͘ ŝŶĐŽƌƉŽƌĂƚĞĚĂƚƚŚĞ͞ŐĂƚĞǁĂLJ͟ĐŽƌŶĞƌǁŝƚŚƚŚĞƚĞƌƌĂĐĞůŝŬĞƐƚĞƉƐĂƐŵĞŶƚŝŽŶĞĚĂďŽǀĞ͘ Ě͘dŚĞĂĚĚŝƚŝŽŶŽĨƉĞĚĞƐƚƌŝĂŶĨŽĐĂůƉŽŝŶƚƐĂŶĚƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚĚĞƐŝŐŶŝŶŽŶďŽƚŚƐƚƌĞĞƚ dŚĞĂĚĚĞĚƉĞĚĞƐƚƌŝĂŶĨŽĐĂůƉŽŝŶƚƐ͕ĂƐƉƌĞǀŝŽƵƐůLJŵĞŶƚŝŽŶĞĚ͕ŝŶĐůƵĚĞĂƉŽĐŬĞƚƉĂƌŬ͕ ĨƌŽŶƚĂŐĞƐ͘ ďĞŶĐŚƐĞĂƚŝŶŐ͕ƉůĂŶƚŝŶŐƐ͕ĂŶĚůĂŶĚƐĐĂƉŝŶŐ͘/ŶĂĚĚŝƚŝŽŶ͕ĚĞĐŽƌĂƚŝǀĞƉĂǀĞŵĞŶƚǁĂƐĂĚĚĞĚ͘ Ğ͘ĞĐŽƌĂƚŝǀĞƉĂǀĞŵĞŶƚŽŶďŽƚŚƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐƚŚĂƚƐĂƚŝƐĨLJƚŚĞDŐƵŝĚĞůŝŶĞƐĂŶĚƚŚĞϮŶĚ ĞĐŽƌĂƚŝǀĞƉĂǀĞŵĞŶƚŝƐĂůƐŽŝŶĐŽƌƉŽƌĂƚĞĚƉĂƌĂůůĞůƚŽϮ^ƚƌĞĞƚĂŶĚϲ ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ͘ ŶĚƚŚ ǀĞŶƵĞ^tƚŽĚƌĂǁƚŚĞĞLJĞƚŽƚŚĞďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞƐĂŶĚĂĐĐĞŶƚƵĂƚĞƚŚĞĐŽƌŶĞƌ͘ ŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐĂƌĞƐŚŽǁŶĂŶĚŶŽƚĞĚŽŶƚŚĞ Ĩ͘WƵďůŝĐďŝŬĞƌĂĐŬƐŽŶďŽƚŚƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐ͘ ŽŶĐĞƉƚĞƐŝŐŶWůĂŶƐŝŶĚŝĐĂƚŝŶŐĂŶĞdžƚĞƌŝŽƌƐƉĂĐĞĨŽƌϴďŝŬĞƐŽŶϲƚŚǀĞŶƵĞĂŶĚϴϯďŝŬĞƐŝŶƐŝĚĞ ƚŚĞďƵŝůĚŝŶŐŽŶƚŚĞĨŝƌƐƚĨůŽŽƌ͕ĨŽƌĂƚŽƚĂůŽĨϵϭďŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐ͘dŚƌŽƵŐŚĚŝƐĐƵƐƐŝŽŶǁŝƚŚ 3DFNHW3J *E ŝƚLJ^ƚĂĨĨ͕ďŝŬĞƌĂĐŬƐŽŶϮ^ƚƌĞĞƚĐƌĞĂƚĞĚƉĞĚĞƐƚƌŝĂŶĂŶĚǀĞŚŝĐƵůĂƌ ŶĚ ƐĂĨĞƚLJĐŽŶĨůŝĐƚƐĂŶĚƚŽŽŬƵƉƐƉĂĐĞĨŽƌŽƚŚĞƌĂŵĞŶŝƚŝĞƐůŝŬĞƉůĂŶƚĞƌƐ͕ Ăƌƚ͕ĂŶĚůĂŶĚƐĐĂƉŝŶŐ͘ Ő͘dŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐƐŚĂůůĚĞŵŽŶƐƚƌĂƚĞŚŽǁƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚLJŐŽĂůƐŽĨƚŚĞDĞƐŝŐŶ ^ƵƐƚĂŝŶĂďůĞĞƐŝŐŶ ůĞŵĞŶƚƐŝŶĐůƵĚĞ͗ 'ƵŝĚĞůŝŶĞƐĂƌĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ ŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJĂďŽǀĞĐŽĚĞƌĞƋƵŝƌĞŵĞŶƚƐ;ůĂƐƚďƵŝůĚŝŶŐǁĂƐϭϬйĂďŽǀĞĐŽĚĞͿ͖ǁĞǁŽƌŬǁŝƚŚ x ƚŚĞŵĞĐŚĂŶŝĐĂůĞŶŐŝŶĞĞƌĂŶĚƚŚĞďƵŝůĚŝŶŐĞŶǀĞůŽƉĞĚĞƐŝŐŶƚŽĂĐŚŝĞǀĞƚŚŝƐ͘ KǀĞƌƐŝnjĞĚ͕ĞĨĨŝĐŝĞŶƚǁŝŶĚŽǁƐĂŶĚƉĂƚŝŽĚŽŽƌƐĂůůŽǁĨŽƌŐƌĞĂƚĞƌĚĂLJůŝŐŚƚŝŶŐĂŶĚƚŚƵƐƌĞĚƵĐĞĚ x ƵƐĂŐĞŽĨĂƌƚŝĨŝĐŝĂůůŝŐŚƚŝŶŐ͘ > >ŝŐŚƚŝŶŐ͘ x ĞĚŝĐĂƚĞĚƌĞĐLJĐůŝŶŐƚƌĂƐŚĐŚƵƚĞĐŽůůĞĐƚŝŽŶĂƚĞĂĐŚĨůŽŽƌ͖ƐĞƉĂƌĂƚĞĨƌŽŵƚƌĂƐŚ͘ x >ĂƌŐĞ͕ƐĞĐƵƌĞďŝŬĞƐƚŽƌĂŐĞƌŽŽŵǁŝƚŚĂďŝŬĞƌĞƉĂŝƌƐƚĂƚŝŽŶĂŶĚĂŝƌƉƵŵƉƚŽĞŶĐŽƵƌĂŐĞĐLJĐůŝŶŐ x ŝŶƐƚĞĂĚŽĨĐĂƌƐ͘ĚĚŝƚŝŽŶĂůďŝŬĞƌĂĐŬƐĨŽƌǀŝƐŝƚŽƌƐ͘ ĞĚŝĐĂƚĞĚƉĂƌŬŝŶŐƐƚĂůůƐĨŽƌĞůĞĐƚƌŝĐǀĞŚŝĐůĞĐŚĂƌŐŝŶŐ͘ x tŚŝƚĞƌŽŽĨŝŶŐĨŽƌƌĞĚƵĐĞĚŚĞĂƚŐĂŝŶĚƵƌŝŶŐƉĞĂŬĐŽŽůŝŶŐƚŝŵĞƐŝŶƚŚĞƐƵŵŵĞƌ͘ x ĨĨŝĐŝĞŶƚĂƉƉůŝĂŶĐĞƐĂŶĚůŽǁĨůŽǁƉůƵŵďŝŶŐĨŝdžƚƵƌĞƐ͘ x >ŽǁsKƉĂŝŶƚƐ͘ x ϯ͘ƉŚŽƚŽŵĞƚƌŝĐƉůĂŶƐŚŽǁŝŶŐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞZůŝŐŚƚŝŶŐƐƚĂŶĚĂƌĚƐŚĂůůďĞƉƌŽǀŝĚĞĚǁŝƚŚƚŚĞ ƉŚŽƚŽŵĞƚƌŝĐůŝŐŚƚŝŶŐƉůĂŶŝƐĂƚƚĂĐŚĞĚ ƐƵďŵŝƚƚĂůŽĨƚŚĞ&ŝŶĂů/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶ͘ ƐŚŽǁŝŶŐĂƌĞƐŝĚĞŶƚŝĂůƐƚLJůĞĨĂĕĂĚĞ͕ƉĞŶĚĂŶƚĂŶĚǁĂůůŵŽƵŶƚůŝŐŚƚŝŶŐƐLJƐƚĞŵǁŝƚŚƚŽƚĂůĐƵƚŽĨĨĂŶĚ ƐŚŝĞůĚŝŶŐƉƌĞǀĞŶƚŝŶŐĂŶLJůƵŵĞŶƐĂƚƚŚĞƉƌŽƉĞƌƚLJůŝŶĞ͘ ϰ͘dŚĞ&ŝŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂƉƉůŝĐĂƚŝŽŶƐŚĂůůŝŶĐůƵĚĞĂŶĂƌƌĂƚŝǀĞƐŚŽǁŝŶŐŚŽǁĨŝŶĚŝŶŐƐĂƌĞŵĞƚ͕ ŝŶĐůƵĚŝŶŐŚŽǁƚŚĞƉůĂŶŵĞĞƚƐƚŚĞŐŽĂůƐŽĨƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĂŶĚƚŚĞϮŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ͘ ^ĞĞĂƚƚĂĐŚĞĚ͘ WůĞĂƐĞƌĞĨĞƌƚŽ 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ĚĞǀĞůŽƉŵĞŶƚƉůĂŶƌĞůĂƚŝǀĞƚŽ,ĞŝŐŚƚ/ŵƉĂĐƚ͕^ĞƚďĂĐŬƐ͕ĂŶĚ/ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͘ ŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƌŝŶĐŝƉůĞƐŽĨƚŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂŶŽƌŝŐŝŶĂůůLJƐƵďŵŝƚƚĞĚĂŶĚŝƐĞŶŚĂŶĐĞǁŝƚŚĂ ŐƌĞĂƚĞƌƉĞĚĞƐƚƌŝĂŶĞdžƉĞƌŝĞŶĐĞĂŶĚŶŽĂĐƚŝǀĂƚĞĚĐŽƌŶĞƌĂŶĚ͞ŐĂƚĞǁĂLJ͘͟ /͘/ŶƚĞƌŶĂůŝƌĐƵůĂƚŝŽŶƌĞĂƐ͗WůĂŶƐĨŽƌŽĨĨͲƐƚƌĞĞƚƉĂƌŬŝŶŐĂŶĚůŽĂĚŝŶŐĂƌĞĂƐĂŶĚĐŝƌĐƵůĂƚŝŽŶĂŝƐůĞƐƚŽƐĞƌǀĞ KĨĨͲƐƚƌĞĞƚƉĂƌŬŝŶŐ͕ůŽĂĚŝŶŐĂƌĞĂƐ͕ĂŶĚ ƚŚĞƐĞĂƌĞĂƐŵĞĞƚŽƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶƚĞƌŵƐŽĨĚĞƐŝŐŶ͘ ĐŝƌĐƵůĂƚŝŽŶĂŝƐůĞƐĂƌĞǁŝƚŚŝŶŚĞďƵŝůĚŝŶŐĂŶĚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŽƌĚŝŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚD WKƌĞŐƵůĂƚŝŽŶƐ͘ :͘KƌĚŝŶĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͗dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ ƵŶĚĞƌůLJŝŶŐnjŽŶŝŶŐĚŝƐƚƌŝĐƚĨŽƌƐŝŵŝůĂƌƵƐĞƐƌĞŐĂƌĚŝŶŐƐŝŐŶĂŐĞĂŶĚŽƚŚĞƌĂƉƉĞĂƌĂŶĐĞĐŽŶƚƌŽůƐ͕ĂŶĚǁŝƚŚ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶƐŝƐƚĞŶƚ ŐĞŶĞƌĂůƐƚĂŶĚĂƌĚƐƐƵĐŚĂƐƚƌĂĨĨŝĐǀŝƐŝďŝůŝƚLJĂŶĚĞŵĞƌŐĞŶĐLJĂĐĐĞƐƐ͘ ǁŝƚŚƚŚĞŝŶƚĞŶƚŽĨƚŚĞ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌŽĐĞƐƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ>ĂŶĚ ĞǀĞůŽƉŵĞŶƚDĂŶƵĂůĂŶĚƚŚĞŐĞŶĞƌĂůƐƚĂŶĚĂƌĚƐĂƐŝƐƌĞůĂƚĞĚƚŽƐŝŐŶĂŐĞ͕ƚƌĂĨĨŝĐǀŝƐŝďŝůŝƚLJ͕ĂŶĚĞŵĞƌŐĞŶĐLJ ĂĐĐĞƐƐ͘ <͘EŽŶͲsĞŚŝĐƵůĂƌĂŶĚůƚĞƌŶĂƚĞdƌĂǀĞůDŽĚĞƐ͗dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐŽƌƉŽƌĂƚĞƐƉĞĚĞƐƚƌŝĂŶ ŽƌŝĞŶƚĞĚͲƐƉĂĐĞ͕ƉƌŽǀŝĚĞƐĚŝƌĞĐƚĂŶĚĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞ;ƐͿĨƌŽŵƉƵďůŝĐ ƚƌĂŝůƐ͕ƉƵďůŝĐƐŝĚĞǁĂůŬƐ͕ĂŶĚŽŶŽƌŽĨĨͲƐŝƚĞƉĂƌŬŝŶŐĂƌĞĂƐ͕ŝŶĐŽƌƉŽƌĂƚĞƐĂƉƉƌŽƉƌŝĂƚĞĚƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚLJ ĨĞĂƚƵƌĞƐ͕ƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚƉĂƚƌŽŶƐ͕Žƌ͕ŝĨĂƉƉƌŽƉƌŝĂƚĞ͕ĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚ ǀĞŚŝĐůĞƐ͕ĂŶĚƉƌŽǀŝĚĞƐĂĚĞƋƵĂƚĞďŝĐLJĐůĞĂĐĐĞƐƐ͘ŽŶƐŝĚĞƌĂƚŝŽŶƐŚĂůůĂůƐŽďĞŐŝǀĞŶ͕ƚŽƉƌŽǀŝĚŝŶŐĚĞƐŝŐŶĂƚĞĚ ŵŽƚŽƌŝnjĞĚƐĐŽŽƚĞƌƉĂƌŬŝŶŐŝĨĂƉƉƌŽƉƌŝĂƚĞƚŽƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ;ƚŚĞƵƐĞ͕ůŽĐĂƚŝŽŶ͕ƚLJƉĞŽĨ /ŶĂĚĚŝƚŝŽŶƚŽƚŚĞϴͲĨŽŽƚĂŶĚϭϬͲĨŽŽƚƐŝĚĞǁĂůŬƐĂŶĚĚĞĐŽƌĂƚŝǀĞƉĂǀĞŵĞŶƚŵĞŶƚŝŽŶĞĚ ŝŶĚŝǀŝĚƵĂůƐƐĞƌǀĞĚͿ͘ ƉƌĞǀŝŽƵƐůLJ͕ŽƚŚĞƌĚĞƐŝŐŶĞůĞŵĞŶƚƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐŝŶĐůƵĚĞ͗ ŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐĂƌĞƐŚŽǁŶĂŶĚŶŽƚĞĚŽŶƚŚĞŽŶĐĞƉƚĞƐŝŐŶWůĂŶƐŝŶĚŝĐĂƚŝŶŐĂŶ x ĞdžƚĞƌŝŽƌƐƉĂĐĞĨŽƌϴďŝŬĞƐŽŶϲƚŚǀĞŶƵĞĂŶĚϴϯďŝŬĞƐŝŶƐŝĚĞƚŚĞďƵŝůĚŝŶŐŽŶƚŚĞĨŝƌƐƚĨůŽŽƌ͕ĨŽƌ ĂƚŽƚĂůŽĨϵϭďŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞƐ͘ >͘&ŽƌƉƌŽƉĞƌƚŝĞƐůŽĐĂƚĞĚŝŶĂĐŽƌƌŝĚŽƌŽƌƉůĂŶŶŝŶŐĂƌĞĂĨŽƌǁŚŝĐŚĂĚĞƚĂŝůĞĚDĂƐƚĞƌWůĂŶŚĂƐďĞĞŶĂĚŽƉƚĞĚ ďLJƚŚĞŽƵŶĐŝůĂƐĂŶĞůĞŵĞŶƚŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ;ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚĞ^ĞĐŽŶĚ^ƚƌĞĞƚ ŽƌƌŝĚŽƌWůĂŶͿ͕ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŵĂƚƚĞƌƐĚĞƚĂŝůĞĚŝŶƚŚĞƉůĂŶ͕ƐƵĐŚĂƐƚŚĞ ĚĞƐŝŐŶĨƌĂŵĞǁŽƌŬ͕ůĂŶĚƵƐĞƉĂƚƚĞƌŶ͕ĐŝƌĐƵůĂƚŝŽŶƉĂƚƚĞƌŶ͕ƐƚƌĞĞƚƐĐĂƉĞŝŵƉƌŽǀĞŵĞŶƚƐ͕ĂŶĚŽƚŚĞƌƉůĂŶ ĞůĞŵĞŶƚƐ͘ dŚĞĚĞƐŝŐŶĞůĞŵĞŶƚƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƚŚĂƚĞŶŚĂŶĐĞĐŽƌƌŝĚŽƌĂŶĚƉůĂŶŶŝŶŐĂƌĞĂƐĨŽƌDĂƐƚĞƌWůĂŶƐ ĂŶĚWŽůŝĐŝĞƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂŝŶĐůƵĚĞ͗ 3DFNHW3J *E ŶŚĂŶĐŝŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ x ĚĚŝŶŐƚŚĞ>ͲƐŚĂƉĞĚĐĂŶŽƉLJĞůĞŵĞŶƚƚŽĐƌĞĂƚĞĂƐĞŶƐĞŽĨ R ƐƉĂĐĞĂŶĚĞŶƚƌLJĂƚƚŚĞƐŝĚĞǁĂůŬ͘dŚŝƐĂůƐŽďƌŝŶŐƐĚŽǁŶƚŚĞƐĐĂůĞŽĨƚŚĞĞŶƚƌLJƚŽĂ ƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJůĞǀĞů͘ R/ŶĐƌĞĂƐŝŶŐŐůĂnjŝŶŐ͕ůŝŐŚƚŝŶŐ͕ĂŶĚĂĚĚŝŶŐǁĂƌŵǁŽŽĚŵĂƚĞƌŝĂůƐƚŽĞŶŚĂŶĐĞƚŚĞĂƉƉĞĂůŽĨ ƚŚĞƐƉĂĐĞĂŶĚŝŶĐƌĞĂƐĞƚŚĞǀŝƐƵĂůŝŶƚĞƌĞƐƚŽĨƚŚĞĨĂĕĂĚĞ͘ DŽǀŝŶŐƚŚĞƉƌŝŵĂƌLJĞŶƚƌĂŶĐĞŽŶϲƚŚǀĞĐůŽƐĞƌƚŽƚŚĞĐŽƌŶĞƌǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐĂĐĐĞƐƐŝďůĞ x ĂĐĐĞƐƐĨƌŽŵƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬͬƐƚƌĞĞƚ͘ R EĞǁĐĂŶŽƉLJĚĞƐŝŐŶĞůĞŵĞŶƚďĞƚƚĞƌĐŽŽƌĚŝŶĂƚĞƐǁŝƚŚƚŚĞŽǀĞƌĂůůĚĞƐŝŐŶ͘,ŝŐŚŐůŽƐƐ ŵĂƚĞƌŝĂůǁŝůůďĞĂŶĂƚƚƌĂĐƚŝǀĞĂĐĐĞŶƚĞůĞŵĞŶƚƚŚĂƚĚƌĂǁƐĂƚƚĞŶƚŝŽŶƚŽƚŚĞďƵŝůĚŝŶŐ ĞŶƚƌĂŶĐĞ͘ ĚĚŝŶŐΗƉŽĐŬĞƚƉĂƌŬΗͬďĞŶĐŚƐĞĂƚŝŶŐĂƌĞĂďĞƚǁĞĞŶƚŚĞĞdžŝƐƚŝŶŐĂŶĚŶĞǁďƵŝůĚŝŶŐĂƚƚŚĞ x ĨŽƌŵĞƌĂůůĞLJĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ͘ R WƌŽǀŝĚŝŶŐĂĚĚŝƚŝŽŶĂůƉĞĚĞƐƚƌŝĂŶƐĐĂůĞĚĞƐŝŐŶĞůĞŵĞŶƚƐ;ƉůĂŶƚŝŶŐƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ĂŶĚ ƐĞĂƚŝŶŐͿĐƌĞĂƚĞƐĂŶŝŶǀŝƚŝŶŐŽƉĞŶƐƉĂĐĞĂůŽŶŐƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬ͘ /ŶĂĚĚŝƚŝŽŶ͕ǁĞĂƌĞŐƌĞĂƚůLJĞdžƉĂŶĚŝŶŐƚŚĞĐŽŶŶĞĐƚŝǀŝƚLJĂƚƚŚĞĨŝƌƐƚͲĨůŽŽƌĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐĂƚƚŚĞ ŝŶƚĞƌƐĞĐƚŝŽŶŽĨϮĂŶĚϲďLJ͗ ŶĚƚŚ ZĞůŽĐĂƚŝŶŐƚŚĞŵĂŝŶůŽďďLJůŽƵŶŐĞƐƉĂĐĞƚŽƚŚŝƐůŽĐĂƚŝŽŶĂŶĚĂĚĚĞĚĞdžƚĞŶƐŝǀĞŐůĂnjŝŶŐ R ƚŚĂƚǁƌĂƉƐƚŚĞĐŽƌŶĞƌƚŽƉƌŽǀŝĚĞĂŵŽƌĞĂĐƚŝǀĞƵƐĞĂƚƚŚŝƐŵĂƌƋƵĞĞůŽĐĂƚŝŽŶ͘ ĚĚŝŶŐůŝǀĞůLJŝŶƚĞƌŝŽƌĚĞƐŝŐŶĞůĞŵĞŶƚƐĂĚĚŵŽƌĞĐŚĂƌĂĐƚĞƌ͕ĐŽůŽƌ͕ĂŶĚŝŶƚĞƌĞƐƚĂƚƚŚŝƐ R ĐŽƌŶĞƌ͘WƌŽǀŝĚŝŶŐĨŽƌŐƌĞĂƚĞƌǀŝƐƵĂůŝŶƚĞƌĞƐƚĂŶĚǀŝƐŝďůĞĂĐƚŝǀŝƚLJĂůŽŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶ ĂŶĚǀĞŚŝĐƵůĂƌƚƌĂĨĨŝĐĐŽƌƌŝĚŽƌ͘ WƵƚƚŝŶŐŵŽƌĞΗĞLJĞƐŽŶΗƚŚĞƉƵďůŝĐĐŽƌƌŝĚŽƌĨŽƌĂŶĂĚĚĞĚƐĞŶƐĞŽĨƐĂĨĞƚLJĂŶĚĂĐƚŝǀŝƚLJ͘ R ĚĚŝŶŐĂůĂƌŐĞƐƚŽƌĞĨƌŽŶƚĨĞĞůĂƚƚŚĞĐŽƌŶĞƌƐŽĨƚĞŶƐƚŚĞĐŽƌŶĞƌĂůůŽǁŝŶŐďĞƚƚĞƌǀŝƐŝďŝůŝƚLJ͘ R ĞƐŝŐŶŝŶŐƚĞƌƌĂĐĞůŝŬĞƐƚĞƉƐĂƚƚŚĞĐŽƌŶĞƌƚŚĂƚŐƌĂĚƵĂůůLJƐƚĞƉĚŽǁŶƚŽĐƌĞĂƚĞĂƐƚƌŽŶŐ R 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ZĞůŽĐĂƚŝŶŐƚŚĞŵĂŝŶůŽďďLJůŽƵŶŐĞƐƉĂĐĞƚŽƚŚŝƐůŽĐĂƚŝŽŶĂŶĚĂĚĚĞĚĞdžƚĞŶƐŝǀĞŐůĂnjŝŶŐ R ƚŚĂƚǁƌĂƉƐƚŚĞĐŽƌŶĞƌƚŽƉƌŽǀŝĚĞĂŵŽƌĞĂĐƚŝǀĞƵƐĞĂƚƚŚŝƐŵĂƌƋƵĞĞůŽĐĂƚŝŽŶ͘ ĚĚŝŶŐůŝǀĞůLJŝŶƚĞƌŝŽƌĚĞƐŝŐŶĞůĞŵĞŶƚƐĂĚĚŵŽƌĞĐŚĂƌĂĐƚĞƌ͕ĐŽůŽƌ͕ĂŶĚŝŶƚĞƌĞƐƚĂƚƚŚŝƐ R ĐŽƌŶĞƌ͘WƌŽǀŝĚŝŶŐĨŽƌŐƌĞĂƚĞƌǀŝƐƵĂůŝŶƚĞƌĞƐƚĂŶĚǀŝƐŝďůĞĂĐƚŝǀŝƚLJĂůŽŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶ ĂŶĚǀĞŚŝĐƵůĂƌƚƌĂĨĨŝĐĐŽƌƌŝĚŽƌ͘ WƵƚƚŝŶŐŵŽƌĞΗĞLJĞƐŽŶΗƚŚĞƉƵďůŝĐĐŽƌƌŝĚŽƌĨŽƌĂŶĂĚĚĞĚƐĞŶƐĞŽĨƐĂĨĞƚLJĂŶĚĂĐƚŝǀŝƚLJ͘ R ĚĚŝŶŐĂůĂƌŐĞƐƚŽƌĞĨƌŽŶƚĨĞĞůĂƚƚŚĞĐŽƌŶĞƌƐŽĨƚĞŶƐƚŚĞĐŽƌŶĞƌĂůůŽǁŝŶŐďĞƚƚĞƌǀŝƐŝďŝůŝƚLJ͘ R ĞƐŝŐŶŝŶŐƚĞƌƌĂĐĞůŝŬĞƐƚĞƉƐĂƚƚŚĞĐŽƌŶĞƌƚŚĂƚŐƌĂĚƵĂůůLJƐƚĞƉĚŽǁŶƚŽĐƌĞĂƚĞĂƐƚƌŽŶŐ R ĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞƉƵďůŝĐĐŽƌŶĞƌĂŶĚƚŚĞďƵŝůĚŝŶŐĞĚŐĞǁŚŝĐŚĂůůŽǁƐƐĞĂƚŝŶŐ͕Ăƌƚ͕ ĂŶĚƉůĂŶƚŝŶŐƐƚŽŽĐĐƵƌĂƚƚŚŝƐŚŝŐŚůLJǀŝƐŝďůĞĐŽƌŶĞƌ͕ĐƌĞĂƚŝŶŐĂƐŽĐŝĂďůĞƐƉĂĐĞĂƚƚŚŝƐ ͞ŐĂƚĞǁĂLJ͟ŝŶƚĞƌƐĞĐƚŝŽŶ͘ ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞďLJƉĂƐƐůĂŶĞĨƌŽŵϮ^ƚƌĞĞƚ^tƚŽϲǀĞŶƵĞ^tŚĂƐďĞĞŶƌĞĂůŝŐŶĞĚ͘dŚŝƐƌĞĂůŝŐŶŵĞŶƚ ŶĚƚŚ ŚĂƐĐƌĞĂƚĞĚĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽĂĐƚŝǀĂƚĞƚŚĞĐŽƌŶĞƌŝŶĂǁĂLJƚŚĂƚƉƌŽǀŝĚĞƐďĞŶĞĨŝƚƐƚŽŶŽƚŽŶůLJƚŚĞƉƌŽũĞĐƚ͕ ďƵƚĂůƐŽƚŚĞŝƚLJĂŶĚƉĞĚĞƐƚƌŝĂŶƐ͘dŚŝƐŚĂƐďĞĞŶĂĐĐŽŵƉůŝƐŚĞĚďLJ͗ ƌĞĂƚŝŶŐĂŶŽƉĞŶĂƌĞĂŝŶƚŚĞZKtĨŽƌĂƌĂŝŶŐĂƌĚĞŶ͘dŚŝƐŐĂƌĚĞŶǁŝůůĐŽůůĞĐƚĂŶĚƚƌĞĂƚ R ƌƵŶŽĨĨĨƌŽŵƚŚĞƉƵďůŝĐZKtĂŶĚƐŽŵĞƌƵŶŽĨĨĨƌŽŵƚŚĞƐŝƚĞ͘dŚĞŐĂƌĚĞŶǁŝůůŚĂǀĞĨŽƵƌ ĐŚĂŵďĞƌƐƚŚĂƚǁŝůůĨŝůůĂŶĚĐĂƐĐĂĚĞĨƌŽŵŽŶĞĐŚĂŵďĞƌƚŽƚŚĞŶĞdžƚ͘ dŚĞŐĂƌĚĞŶŝƐƉůĂŶŶĞĚƚŽŝŶĐŽƌƉŽƌĂƚĞƚŚĞƉƌĞǀŝŽƵƐůLJƉůĂŶŶĞĚƐĐƵůƉƚƵƌĞ͘dŚŝƐƐĐƵůƉƚƵƌĞ R ǁŝůůďĞĂĐŚĂŶŶĞůŝnjĞĚĞůĞŵĞŶƚƚŚĂƚǁŝůůĂĐƚŝǀĂƚĞĚƵƌŝŶŐƌĂŝŶĨĂůůĞǀĞŶƚƐĂŶĚĐƌĞĂƚĞĂ ǁĂƚĞƌĨĂůůĨĞĂƚƵƌĞ͘dŚŝƐƐĐƵůƉƚƵƌĞŝƐŝŶƚĞŶĚĞĚƚŽĞŶŐĂŐĞƚŚĞƉƵďůŝĐďLJĐƌĞĂƚŝŶŐŵŽǀĞŵĞŶƚ ĂŶĚŝŶƚĞƌĞƐƚǁŝƚŚŝŶƚŚĞŐĂƌĚĞŶ͘ ͘ϬϭĞƐŝŐŶ^ƚƌĞĞƚƐĨŽƌWĞĚĞƐƚƌŝĂŶƐ dŚĞDŐŽĂůŝƐƚŽĞƐƚĂďůŝƐŚĂǁĂůŬĂďůĞ͕ƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJĞŶǀŝƌŽŶŵĞŶƚƚŽĐƌĞĂƚĞĂŚĞĂůƚŚLJĐŝƚLJ͕ ƐƵƐƚĂŝŶĂďůĞĂŶĚĂǀŝďƌĂŶƚƉƵďůŝĐƌĞĂůŵ͘dŚŝƐŐƵŝĚĞůŝŶĞŝŶĐůƵĚĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƐŝĚĞǁĂůŬǁŝĚƚŚƐ͕ ƐƚƌĞĞƚĨƵƌŶŝƚƵƌĞ͕ƐŝĚĞǁĂůŬŵĂƚĞƌŝĂůƐ͕ĞƚĐ͘dŚĞĐƵƌƌĞŶƚƉƌŽƉŽƐĂůĚŽĞƐŶŽƚŝĚĞŶƚŝĨLJĂŶLJƉĞĚĞƐƚƌŝĂŶĂŵĞŶŝƚŝĞƐ ĂůŽŶŐĞŝƚŚĞƌƐƚƌĞĞƚĨƌŽŶƚĂŐĞ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƐƵŐŐĞƐƚƐƚŚĂƚƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚĨĂĐŝůŝƚŝĞƐƐƵĐŚĂƐ ďĞŶĐŚĞƐĂŶĚĚĞĐŽƌĂƚŝǀĞƉĂǀĞŵĞŶƚďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĨŝŶĂůĚĞƐŝŐŶ͘ĚĚŝƚŝŽŶĂůůLJ͕ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐϭϬͲĨŽŽƚƐŝĚĞǁĂůŬƐŽŶϮ ŶĚ^ƚƌĞĞƚ͕ĂŶĚϴͲĨŽŽƚƐŝĚĞǁĂůŬƐŽŶϲ ƚŚǀĞƚŽƐŚŽǁ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͕ĂŶĚƚŚĞ^ĞĐŽŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ͘ 3DFNHW3J *I /ŶĂĚĚŝƚŝŽŶƚŽƚŚĞϴͲĨŽŽƚĂŶĚϭϬͲĨŽŽƚƐŝĚĞǁĂůŬƐĂŶĚĚĞĐŽƌĂƚŝǀĞƉĂǀĞŵĞŶƚŵĞŶƚŝŽŶĞĚƉƌĞǀŝŽƵƐůLJ͕ŽƚŚĞƌ ĚĞƐŝŐŶĞůĞŵĞŶƚƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐŝŶĐůƵĚĞ͗ ŶŚĂŶĐŝŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ x ĚĚŝŶŐƚŚĞ>ͲƐŚĂƉĞĚĐĂŶŽƉLJĞůĞŵĞŶƚƚŽĐƌĞĂƚĞĂƐĞŶƐĞŽĨƐƉĂĐĞĂŶĚĞŶƚƌLJĂƚƚŚĞ R ƐŝĚĞǁĂůŬ͘dŚŝƐĂůƐŽďƌŝŶŐƐĚŽǁŶƚŚĞƐĐĂůĞŽĨƚŚĞĞŶƚƌLJƚŽĂƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJůĞǀĞů͘ /ŶĐƌĞĂƐŝŶŐŐůĂnjŝŶŐ͕ůŝŐŚƚŝŶŐ͕ĂŶĚĂĚĚŝŶŐǁĂƌŵǁŽŽĚŵĂƚĞƌŝĂůƐƚŽĞŶŚĂŶĐĞƚŚĞĂƉƉĞĂůŽĨ R ƚŚĞƐƉĂĐĞĂŶĚŝŶĐƌĞĂƐĞƚŚĞǀŝƐƵĂůŝŶƚĞƌĞƐƚŽĨƚŚĞĨĂĕĂĚĞ͘ DŽǀŝŶŐƚŚĞƉƌŝŵĂƌLJĞŶƚƌĂŶĐĞŽŶϲƚŚǀĞĐůŽƐĞƌƚŽƚŚĞĐŽƌŶĞƌǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐĂĐĐĞƐƐŝďůĞ x ĂĐĐĞƐƐĨƌŽŵƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬͬƐƚƌĞĞƚ͘ EĞǁĐĂŶŽƉLJĚĞƐŝŐŶĞůĞŵĞŶƚďĞƚƚĞƌĐŽŽƌĚŝŶĂƚĞƐǁŝƚŚƚŚĞŽǀĞƌĂůůĚĞƐŝŐŶ͘,ŝŐŚŐůŽƐƐ R ŵĂƚĞƌŝĂůǁŝůůďĞĂŶĂƚƚƌĂĐƚŝǀĞĂĐĐĞŶƚĞůĞŵĞŶƚƚŚĂƚĚƌĂǁƐĂƚƚĞŶƚŝŽŶƚŽƚŚĞďƵŝůĚŝŶŐ ĞŶƚƌĂŶĐĞ͘ ĚĚŝŶŐΗƉŽĐŬĞƚƉĂƌŬΗͬďĞŶĐŚƐĞĂƚŝŶŐĂƌĞĂďĞƚǁĞĞŶƚŚĞĞdžŝƐƚŝŶŐĂŶĚŶĞǁďƵŝůĚŝŶŐĂƚƚŚĞ x ĨŽƌŵĞƌĂůůĞLJĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ͘ R WƌŽǀŝĚŝŶŐĂĚĚŝƚŝŽŶĂůƉĞĚĞƐƚƌŝĂŶƐĐĂůĞĚĞƐŝŐŶĞůĞŵĞŶƚƐ;ƉůĂŶƚŝŶŐƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ĂŶĚ 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ĐŝƚLJ͘dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌWϮ^ŽŵƉƌĞŚĞŶƐŝǀĞƉůĂŶŝĚĞŶƚŝĨŝĞƐϮŶĚ^ƚƌĞĞƚ^tĂƐĂŬĞLJƐĞŐŵĞŶƚŽĨƚŚĞ WƌŝŵĂƌLJdƌĂŶƐŝƚEĞƚǁŽƌŬ;WdEͿǁŚŝĐŚǁŝůůƐƵƉƉŽƌƚƵƐZĂƉŝĚdƌĂŶƐŝƚ;ZdͿĐŽŶŶĞĐƚŝŽŶƐǁŝƚŚŝŶƚŚĞŝƚLJ͘dŚĞ ĐƵƌƌĞŶƚƉůĂŶƐŝŶĚŝĐĂƚĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞŝƚLJ>ŽŽƉĂůŽŶŐϮŶĚ^ƚƌĞĞƚ^t͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝƐůŽĐĂƚĞĚ ǁŝƚŚŝŶϯϬϬĨĞĞƚŽĨƚǁŽŵĂũŽƌƚƌĂŶƐŝƚƐƚŽƉƐ͘dŚĞƉƌŽƉŽƐĞĚƉůĂŶŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞƚƌĂŶƐŝƚƐLJƐƚĞŵƐŝŶƚŽŝƚƐ ĚĞƐŝŐŶďLJƉƌŽǀŝĚŝŶŐƉĞĚĞƐƚƌŝĂŶƐĂŶĚďŝĐLJĐůŝƐƚŵŽĚĞƐƚŽŵŽǀĞǁŝƚŚŝŶĂŶĚƚŚƌŽƵŐŚƚŚĞƐŝƚĞ͘ dŚĞƌĞĂůŝŐŶŵĞŶƚŽĨƚŚĞƐůŝƉůĂŶĞ;ďLJƉĂƐƐůĂŶĞͿĨƌŽŵϮ^ƚƌĞĞƚ^tƚŽϲǀĞŶƵĞ^tŝŶĐƌĞĂƐĞƐƉĞĚĞƐƚƌŝĂŶ ŶĚƚŚ ĂŶĚďŝĐLJĐůŝƐƚƐĂĨĞƚLJďLJŝŶĐƌĞĂƐŝŶŐŵŽƚŽƌŝƐƚǀŝƐŝďŝůŝƚLJƚŚƌŽƵŐŚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶ͘dŚĞƉůĂŶƐŚŽǁƐƚŚĞƐůŝƉ ůĂŶĞŝŶƚĞƌƐĞĐƚƐǁŝƚŚϲǀĞŶƵĞ^tĂƚĂϵϬͲĚĞŐƌĞĞĂŶŐůĞ͕ƌĂƚŚĞƌƚŚĂŶƚŚĞĞdžŝƐƚŝŶŐƐŬĞǁĞĚĂŶŐůĞ͘ ƚŚ ͘ϬϰĞƐŝŐŶ^ĂĨĞ ĨĨŝĐŝĞŶƚZŽĂĚǁĂLJƐ dŚĞDŐŽĂůƉƌŽƉŽƐĞƐƚŽƉƌŽǀŝĚĞĞĨĨŝĐŝĞŶƚĂŶĚƐĂĨĞƌŽĂĚǁĂLJƐƚŚĂƚĂĐĐŽŵŵŽĚĂƚĞƉĞĚĞƐƚƌŝĂŶƐ͕ďŝĐLJĐůĞƐ ĂŶĚŵĂƐƐƚƌĂŶƐŝƚƐLJƐƚĞŵƚŽĐƌĞĂƚĞĂƚŚƌŝǀŝŶŐĞĐŽŶŽŵLJ͕ŚĞĂůƚŚLJĐŝƚLJ͕ƐƵƐƚĂŝŶĂďůĞĐŝƚLJĂŶĚĂǀŝďƌĂŶƚƉƵďůŝĐ ƌĞĂůŵ͘dŚĞƉƌŽƉŽƐĞĚƉůĂŶƵƐĞƐĂůůĞLJĂĐĐĞƐƐĨŽƌƚŚĞǀĞŚŝĐƵůĂƌĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞƌŽĂĚǁĂLJƐƐLJƐƚĞŵĂŶĚ ƐƵƉƉŽƌƚƐĚƌŽƉŽĨĨĂŶĚƉŝĐŬƵƉŽĨƵƐĞƌƐŽĨƚŚĞĨĂĐŝůŝƚLJĨƌŽŵĂĚĞƐŝŐŶĂƚĞĚƉĞĚĞƐƚƌŝĂŶĚƌŽƉͲŽĨĨĂƌĞĂ͘dŚĞ ĚĞƐŝŐŶŽĨƚŚĞƉƌŽũĞĐƚĚŽĞƐŶŽƚĐƌĞĂƚĞŶĞǁǀĞŚŝĐƵůĂƌŽƌƉĞĚĞƐƚƌŝĂŶĐŽŶĨůŝĐƚƐŽŶϮŶĚ^ƚƌĞĞƚ^tĂŶĚϲƚŚ 3DFNHW3J *I ǀĞŶƵĞ^tďLJƵƐŝŶŐƚŚĞĞdžŝƐƚŝŶŐĂůůĞLJĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞƐƚƌĞĞƚŶĞƚǁŽƌŬŽŶƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞƐŝƚĞ͘dŚĞ ƉƌĞůŝŵŝŶĂƌLJƉůĂŶƉƌŽƉŽƐĞƐƚŚĞǀĂĐĂƚŝŽŶŽĨĂŶĂůůĞLJŽŶƚŚĞŶŽƌƚŚǁĞƐƚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ ŶůůĞLJsĂĐĂƚŝŽŶĂƉƉůŝĐĂƚŝŽŶĂŶĚ&ŝŶĂůWůĂƚĂƉƉůŝĐĂƚŝŽŶĂƌĞŝŶƉƌŽĐĞƐƐĂŶĚǁŝůůďĞƐƵďŵŝƚƚĞĚ ĐŽŶĐƵƌƌĞŶƚůLJŝŶĞĂƌůLJϮϬϮϮ͘ ůƐŽ͕ƚŚŝƐƉůĂŶƌĞĚƵĐĞƐƚŚĞŶƵŵďĞƌŽĨĚƌŝǀĞǁĂLJƐŽŶƚŽƚŚĞƉƵďůŝĐZKtĂŶĚŶŽǁĚŝƌĞĐƚƐĂůůŵŽƚŽƌŝnjĞĚ ƚƌĂĨĨŝĐƚŽƚŚĞĞdžŝƐƚŝŶŐĂůůĞLJŽŶϲǀĞŶƵĞ^t͘ ƚŚ ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞƌĞĂůŝŐŶŵĞŶƚŽĨƚŚĞƐůŝƉůĂŶĞĨƌŽŵϮ^ƚƌĞĞƚ^tƚŽϲǀĞŶƵĞ^tŝŶĐƌĞĂƐĞƐƉĞĚĞƐƚƌŝĂŶ ŶĚƚŚ ĂŶĚďŝĐLJĐůŝƐƚƐĂĨĞƚLJďLJŝŶĐƌĞĂƐŝŶŐŵŽƚŽƌŝƐƚǀŝƐŝďŝůŝƚLJƚŚƌŽƵŐŚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶ͘dŚĞƉůĂŶƐŚŽǁƐƚŚĞƐůŝƉ ůĂŶĞŝŶƚĞƌƐĞĐƚƐǁŝƚŚϲǀĞŶƵĞ^tĂƚĂϵϬͲĚĞŐƌĞĞĂŶŐůĞ͕ƌĂƚŚĞƌƚŚĂŶƚŚĞĞdžŝƐƚŝŶŐƐŬĞǁĞĚĂŶŐůĞ͘ ƚŚ ͘ϬϭĞƐŝŐŶƵŝůĚŝŶŐƐƚŽ ƐƚĂďůŝƐŚ^ĞŶƐĞŽĨhƌďĂŶ ŶĐůŽƐƵƌĞ dŚĞDŐƵŝĚĞůŝŶĞƐƐƵƉƉŽƌƚĐƌĞĂƚŝŶŐƉƵďůŝĐƐƉĂĐĞƐƚŚĂƚĂƚƚƌĂĐƚƉĞŽƉůĞĂŶĚĐƌĞĂƚĞĂŶŝĚĞŶƚŝƚLJĨŽƌƚŚĞ ĚŝƐƚƌŝĐƚ͘dŚĞŝŶƚĞŶƚŽĨƚŚŝƐƐĞĐƚŝŽŶŝƐƚŽĂůůŽǁĨŽƌƚŚĞƉůĂĐĞŵĞŶƚŽĨďƵŝůĚŝŶŐĨĂĕĂĚĞƐĐůŽƐĞƚŽƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐ ǁŚŝůĞƉƌŽŵŽƚŝŶŐďƵŝůĚŝŶŐƐƚĞƉͲďĂĐŬƐŝŶƵƉƉĞƌĨůŽŽƌƐƚŽĂůůŽǁƌĞĚƵĐĞďůŽĐŬĂŐĞŽĨŶĂƚƵƌĂůůŝŐŚƚƚŽƚŚĞƐƚƌĞĞƚ ĂŶĚƐŝĚĞǁĂůŬƐ͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚǁŝůůŝŶĐƌĞĂƐĞƚŚĞƐĞŶƐĞŽĨƵƌďĂŶĞŶĐůŽƐƵƌĞƚŚƌŽƵŐŚƐŚŽƌƚ ďƵŝůĚŝŶŐƐĞƚďĂĐŬƐŽŶĂůůƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐ͘dŚĞƉůĂŶƐĚŽŶŽƚŝŶĚŝĐĂƚĞĂŶLJƉƵďůŝĐĂŵĞŶŝƚŝĞƐƐƵĐŚĂƐƐĞĂƚŝŶŐ ŽƉƚŝŽŶƐ͕ďŝŬĞƌĂĐŬƐĂŶĚĚĞƐŝŐŶĂƚĞĚƉĞĚĞƐƚƌŝĂŶŐĂƚŚĞƌŝŶŐĂƌĞĂƐĂůŽŶŐĞŝƚŚĞƌƐƚƌĞĞƚĨƌŽŶƚĂŐĞ͘ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐŝŶĐŽƌƉŽƌĂƚŝŶŐƉƵďůŝĐĂŵĞŶŝƚŝĞƐŝŶƚŽƚŚĞĨŝŶĂůĚĞƐŝŐŶ͘ /ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƉƵďůŝĐƉŽĐŬĞƚƉĂƌŬŝŶƚŚĞŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ͕ƚŚĞƚĞƌƌĂĐĞůŝŬĞƐƚĞƉƐĨŽƌ ƐĞĂƚŝŶŐ͕ƉƵďůŝĐĂƌƚĂŶĚƉůĂŶƚŝŶŐƐĂƚĂŚŝŐŚůLJƐŽĐŝĂďůĞĂŶĚǀŝƐŝďůĞƐƉĂĐĞƉƌĞǀŝŽƵƐůLJŵĞŶƚŝŽŶĞĚĂƚƚŚĞ ͞ŐĂƚĞǁĂLJ͟ĐŽƌŶĞƌ͕ƚŚĞƌĞĂƌĞǁĂůŬ ͲƵƉďĂůĐŽŶŝĞƐĂƚĨŝƌƐƚĨůŽŽƌĂƉĂƌƚŵĞŶƚƵŶŝƚƐǁŝƚŚĚŝƌĞĐƚĐŽŶŶĞĐƚŝŽŶƚŽ ƚŚĞĂƉĂƌƚŵĞŶƚƐĂŶĚƚŚĞƐƚƌĞĞƚƐĐĂƉĞ͘dŽĞŶŚĂŶĐĞƚŚĞƐĞŶƐĞŽĨƵƌďĂŶĞŶĐůŽƐƵƌĞ͕ƚŚĞƌĞĂƌĞĚĞĐŽƌĂƚŝǀĞ ƐĐƌĞĞŶŝŶŐĂŶĚƉůĂŶƚŝŶŐĞůĞŵĞŶƚƐĂƚĞĂĐŚďĂůĐŽŶLJĂůŽŶŐƚŚĞƐŝĚĞǁĂůŬĂĚũĂĐĞŶƚƚŽƚŚĞďƵŝůĚŝŶŐ͘ dŚĞŶĞǁůLJŝŶĐŽƌƉŽƌĂƚĞĚƌĂŝŶŐĂƌĚĞŶƉƌŽǀŝĚĞƐĂƉƵďůŝĐĂŵĞŶŝƚLJďLJƚƌĞĂƚŝŶŐƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĨƌŽŵϲ ƚŚ ǀĞŶƵĞEt͘dŚŝƐƌƵŶŽĨĨǁŽƵůĚŽƚŚĞƌǁŝƐĞĞŶƚĞƌƚŚĞƐƚŽƌŵƐĞǁĞƌƚŽďĞĚŝƐĐŚĂƌŐĞĚƚŽƚŚĞƵŵďƌŽZŝǀĞƌ ǁŝƚŚŽƵƚĨŝƌƐƚŵĞĞƚŝŶŐǁĂƚĞƌƋƵĂůŝƚLJĂŶĚƌĂƚĞĐŽŶƚƌŽůƐƚĂŶĚĂƌĚƐ͘tŚŝůĞƚŚŝƐďĂƐŝŶŝƐŶŽƚůĂƌŐĞĞŶŽƵŐŚƚŽ ƚƌĞĂƚĂůůƚŚĞƌƵŶŽĨĨĨƌŽŵƚŚĞZKt͕ŝƚĚŽĞƐƉƌŽǀŝĚĞĨŝůƚƌĂƚŝŽŶĂŶĚƌĂƚĞĐŽŶƚƌŽůďĞŶĞĨŝƚƐĨŽƌƚŚĞĐĂƉƚƵƌĞĚ ƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĚŝƌĞĐƚĞĚƚŚƌŽƵŐŚƚŚĞŐĂƌĚĞŶ͘ ͘ϬϯŽŶƚƌŝďƵƚĞƚŽĂsŝďƌĂŶƚ^ƚƌĞĞƚƐĐĂƉĞ dŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐƌĞĐŽŵŵĞŶĚƚŚĞƉůĂĐĞŵĞŶƚŽĨĂĐƚŝǀĞƵƐĞƐ͕ďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞƐĂƚƌĞŐƵůĂƌ ŝŶƚĞƌǀĂůƐĂŶĚǁŝŶĚŽǁƐĂůůŽǁŝŶŐǀŝĞǁƐŝŶƚŽƚŚĞďƵŝůĚŝŶŐĂůŽŶŐƚŚĞŐƌŽƵŶĚůĞǀĞů͘dŚĞĞĂƐƚĞƌŶƐƚƌĞĞƚĨƌŽŶƚĂŐĞ ĨĞĂƚƵƌĞƐĂƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞ͕ĂǀĂƵůƚĞĚĐĂŶŽƉLJ͕ƉůĂŶƚĞƌƐĂŶĚƐŚƌƵďďĞƌLJƉůĂŶƚŝŶŐƐ͘ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞďĞĞŶŚĂŶĐĞĚǁŝƚŚĚĞĐŽƌĂƚŝǀĞƉĂǀŝŶŐĂŶĚ ĂĚĚŝƚŝŽŶĂůƉůĂŶƚĞƌƐŽƌƉůĂŶƚŝŶŐƐ͘dŚĞD'ƵŝĚĞůŝŶĞƐƌĞĐŽŵŵĞŶĚƚŚĂƚǁŚĞŶĂĚĞǀĞůŽƉŵĞŶƚŝƐƐŝƚƵĂƚĞĚŽŶ ĂĐŽƌŶĞƌ͕ƚŚĞĞŶƚƌĂŶĐĞƐŚŽƵůĚďĞůŽĐĂƚĞĚŽŶƚŚĞĐŽƌŶĞƌǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚŝƐƐĂŵĞƐĞĐƚŝŽŶ ƌĞĐŽŵŵĞŶĚƐƚŚĂƚƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐŽŶƚŚĞŐƌŽƵŶĚĨůŽŽƌďĞƉƌŽǀŝĚĞĚĂŶŝŶĚŝǀŝĚƵĂůĞŶƚƌĂŶĐĞ͘ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞƐĞĐŚĂŶŐĞƐďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĨŝŶĂůĚĞƐŝŐŶŽĨƚŚĞďƵŝůĚŝŶŐ͕ƚŽ ĨƵƌƚŚĞƌĂĐƚŝǀĂƚĞƚŚĞϮŶĚ^ƚƌĞĞƚĨƌŽŶƚĂŐĞ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚĂWƵďůŝĐƌƚĨĞĂƚƵƌĞ ďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶƐ͘ dŚĞĚĞƐŝŐŶĞůĞŵĞŶƚƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐƚŚĂƚĞŶŚĂŶĐĞƚŚĞǀŝďƌĂŶĐLJŽĨƚŚĞƐƚƌĞĞƚƐĐĂƉĞŝŶĐůƵĚĞ͗ ŶŚĂŶĐŝŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞŽŶϮŶĚƐƚƌĞĞƚ x ĚĚŝŶŐƚŚĞ>ͲƐŚĂƉĞĚĐĂŶŽƉLJĞůĞŵĞŶƚƚŽĐƌĞĂƚĞĂƐĞŶƐĞŽĨƐƉĂĐĞĂŶĚĞŶƚƌLJĂƚƚŚĞ R ƐŝĚĞǁĂůŬ͘dŚŝƐĂůƐŽďƌŝŶŐƐĚŽǁŶƚŚĞƐĐĂůĞŽĨƚŚĞĞŶƚƌLJƚŽĂƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJůĞǀĞů͘ /ŶĐƌĞĂƐŝŶŐŐůĂnjŝŶŐ͕ůŝŐŚƚŝŶŐ͕ĂŶĚĂĚĚŝŶŐǁĂƌŵǁŽŽĚŵĂƚĞƌŝĂůƐƚŽĞŶŚĂŶĐĞƚŚĞĂƉƉĞĂůŽĨ R ƚŚĞƐƉĂĐĞĂŶĚŝŶĐƌĞĂƐĞƚŚĞǀŝƐƵĂůŝŶƚĞƌĞƐƚŽĨƚŚĞĨĂĕĂĚĞ͘ 3DFNHW3J *I DŽǀŝŶŐƚŚĞƉƌŝŵĂƌLJĞŶƚƌĂŶĐĞŽŶϲƚŚǀĞĐůŽƐĞƌƚŽƚŚĞĐŽƌŶĞƌǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐĂĐĐĞƐƐŝďůĞ x ĂĐĐĞƐƐĨƌŽŵƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬͬƐƚƌĞĞƚ͘ EĞǁĐĂŶŽƉLJĚĞƐŝŐŶĞůĞŵĞŶƚďĞƚƚĞƌĐŽŽƌĚŝŶĂƚĞƐǁŝƚŚƚŚĞŽǀĞƌĂůůĚĞƐŝŐŶ͘,ŝŐŚŐůŽƐƐ R ŵĂƚĞƌŝĂůǁŝůůďĞĂŶĂƚƚƌĂĐƚŝǀĞĂĐĐĞŶƚĞůĞŵĞŶƚƚŚĂƚĚƌĂǁƐĂƚƚĞŶƚŝŽŶƚŽƚŚĞďƵŝůĚŝŶŐ ĞŶƚƌĂŶĐĞ͘ ĚĚŝŶŐĂΗƉŽĐŬĞƚƉĂƌŬΗͬďĞŶĐŚƐĞĂƚŝŶŐĂƌĞĂĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨϮ^ƚƌĞĞƚĂŶĚϲǀĞŶƵĞ^t͗ ŶĚƚŚ x R WƌŽǀŝĚŝŶŐĂĚĚŝƚŝŽŶĂůƉĞĚĞƐƚƌŝĂŶƐĐĂůĞĚĞƐŝŐŶĞůĞŵĞŶƚƐ;ƉůĂŶƚŝŶŐƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ĂŶĚ ƐĞĂƚŝŶŐͿĐƌĞĂƚĞƐĂŶŝŶǀŝƚŝŶŐŽƉĞŶƐƉĂĐĞĂůŽŶŐƚŚĞƉƵďůŝĐƐŝĚĞǁĂůŬ͘ /ŶƚĞŐƌĂƚŝŶŐƚŚĞƌĂŝŶŐĂƌĚĞŶĂŶĚƐĐƵůƉƚƵƌĞŝŶƚŽƚŚĞƉŽĐŬĞƚƉĂƌŬŝŶǀŝƚĞƐƉĞĚĞƐƚƌŝĂŶƐƚŽ R ĞŶũŽLJĂŶĚĞŶŐĂŐĞǁŝƚŚƚŚĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞ͘dŚĞƉƵďůŝĐĂƌƚĨĞĂƚƵƌĞŝƐ ĂĐƚŝǀĞůLJŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞŐĂƌĚĞŶ͘ dŚĞůĂŶĚƐĐĂƉŝŶŐĂŶĚƉůĂŶƚƐĞůĞĐƚŝŽŶďůĞŶĚƐǁŝƚŚƚŚĂƚŽĨƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌ͕ŐŝǀŝŶŐ R ŶĚ ƉĞĚĞƐƚƌŝĂŶƐĂƐĞŶƐĞŽĨĐŽŶŶĞĐƚŝǀŝƚLJǁŝƚŚƚŚĞďƵŝůĚŝŶŐĂŶĚƐƚƌĞĞƚƐĐĂƉĞ͘ /ŶĂĚĚŝƚŝŽŶ͕ǁĞĂƌĞŐƌĞĂƚůLJĞdžƉĂŶĚŝŶŐƚŚĞĐŽŶŶĞĐƚŝǀŝƚLJĂƚƚŚĞĨŝƌƐƚͲĨůŽŽƌĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐĂƚƚŚĞ ŝŶƚĞƌƐĞĐƚŝŽŶŽĨϮĂŶĚϲďLJ͗ ŶĚƚŚ ZĞůŽĐĂƚŝŶŐƚŚĞŵĂŝŶůŽďďLJůŽƵŶŐĞƐƉĂĐĞƚŽƚŚŝƐůŽĐĂƚŝŽŶĂŶĚĂĚĚĞĚĞdžƚĞŶƐŝǀĞŐůĂnjŝŶŐ R ƚŚĂƚǁƌĂƉƐƚŚĞĐŽƌŶĞƌƚŽƉƌŽǀŝĚĞĂŵŽƌĞĂĐƚŝǀĞƵƐĞĂƚƚŚŝƐŵĂƌƋƵĞĞůŽĐĂƚŝŽŶ͘ ĚĚŝŶŐůŝǀĞůLJŝŶƚĞƌŝŽƌĚĞƐŝŐŶĞůĞŵĞŶƚƐĂĚĚŵŽƌĞĐŚĂƌĂĐƚĞƌ͕ĐŽůŽƌ͕ĂŶĚŝŶƚĞƌĞƐƚĂƚƚŚŝƐ R ĐŽƌŶĞƌ͘WƌŽǀŝĚŝŶŐĨŽƌŐƌĞĂƚĞƌǀŝƐƵĂůŝŶƚĞƌĞƐƚĂŶĚǀŝƐŝďůĞĂĐƚŝǀŝƚLJĂůŽŶŐƚŚĞƉĞĚĞƐƚƌŝĂŶ ĂŶĚǀĞŚŝĐƵůĂƌƚƌĂĨĨŝĐĐŽƌƌŝĚŽƌ͘ WƵƚƚŝŶŐŵŽƌĞΗĞLJĞƐŽŶΗƚŚĞƉƵďůŝĐĐŽƌƌŝĚŽƌĨŽƌĂŶĂĚĚĞĚƐĞŶƐĞŽĨƐĂĨĞƚLJĂŶĚĂĐƚŝǀŝƚLJ͘ R ĚĚŝŶŐĂůĂƌŐĞƐƚŽƌĞĨƌŽŶƚĨĞĞůĂƚƚŚĞĐŽƌŶĞƌƐŽĨƚĞŶƐƚŚĞĐŽƌŶĞƌĂůůŽǁŝŶŐďĞƚƚĞƌǀŝƐŝďŝůŝƚLJ͘ R ĞƐŝŐŶŝŶŐƚĞƌƌĂĐĞůŝŬĞƐƚĞƉƐĂƚƚŚĞĐŽƌŶĞƌƚŚĂƚŐƌĂĚƵĂůůLJƐƚĞƉĚŽǁŶƚŽĐƌĞĂƚĞĂƐƚƌŽŶŐ R ĐŽŶŶĞĐƚŝŽŶďĞƚǁĞĞŶƚŚĞƉƵďůŝĐĐŽƌŶĞƌĂŶĚƚŚĞďƵŝůĚŝŶŐĞĚŐĞǁŚŝĐŚĂůůŽǁƐƐĞĂƚŝŶŐ͕Ăƌƚ͕ ĂŶĚƉůĂŶƚŝŶŐƐƚŽŽĐĐƵƌĂƚƚŚŝƐŚŝŐŚůLJǀŝƐŝďůĞĐŽƌŶĞƌ͕ĐƌĞĂƚŝŶŐĂƐŽĐŝĂďůĞƐƉĂĐĞĂƚƚŚŝƐ ͞ŐĂƚĞǁĂLJ͟ŝŶƚĞƌƐĞĐƚŝŽŶ͘ /ŶĐƌĞĂƐŝŶŐƚŚĞƐŝnjĞĂŶĚĂŵŽƵŶƚŽĨŐůĂnjŝŶŐĂƚƚŚĞĨŝƌƐƚĨůŽŽƌĂůŽŶŐďŽƚŚϮ^ƚƌĞĞƚĂŶĚϲ ŶĚƚŚ R ǀĞŶƵĞ^tĞŶŚĂŶĐĞƐƚŚĞǀŝƐƵĂůĂƉƉĞĂůĂŶĚƐĞŶƐĞŽĨĂĐƚŝǀŝƚLJĂůŽŶŐƚŚĞƉƵďůŝĐǁĂLJ͘ ͘ϬϱĞƐŝŐŶĨŽƌŽŚĞƌĞŶĐLJ dŚĞDŐŽĂůŝƐƚŚĂƚƚŚĞďƵŝůĚŝŶŐŝƐĚĞƐŝŐŶĞĚǁŝƚŚĂĐŽŚĞƌĞŶƚĚĞƐŝŐŶƚŽĐŽŶƚƌŝďƵƚĞƚŽĂǀŝďƌĂŶƚƉƵďůŝĐ ƌĞĂůŵǁŝƚŚĂǁĂůŬĂďůĞ͕ƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJĞŶǀŝƌŽŶŵĞŶƚ͘dŚŝƐŐƵŝĚĞůŝŶĞŝŶĐůƵĚĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌ ĚĞƐŝŐŶĚĞƚĂŝůƐůŝŬĞƐŝŐŶĂŐĞ͕ĂǁŶŝŶŐƐ͕ůŝŐŚƚŝŶŐ͕ĂŶĚƚŚĞƐĐƌĞĞŶŝŶŐŽĨƵƚŝůŝƚLJ͕ƚƌĂƐŚ͕ĂŶĚŽƚŚĞƌĞƋƵŝƉŵĞŶƚ͘ dŚĞƚƌĂƐŚͬƌĞĐLJĐůŝŶŐĂƌĞĂŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞďƵŝůĚŝŶŐĨŽŽƚƉƌŝŶƚ͕ŶĞĂƌƚŚĞŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ͘ dŚĞĂƌĞĂŝƐĐŽŵƉůĞƚĞůLJƐĐƌĞĞŶĞĚĨƌŽŵƉƵďůŝĐǀŝĞǁ͕ǁŝƚŚŝŶƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞĂƌĞĂ͘dŚĞƉůĂŶƐĚŽŶŽƚ ŝŶĚŝĐĂƚĞƚŚĞůŽĐĂƚŝŽŶŽĨŽƚŚĞƌƵƚŝůŝƚŝĞƐƐƵĐŚĂƐŐĂƐŵĞƚĞƌƐŽƌĂŶĂƌĞĂĨŽƌĚĞůŝǀĞƌŝĞƐ͘ĚĚŝƚŝŽŶĂůĚĞƚĂŝůĨŽƌƚŚĞ ůŽĐĂƚŝŽŶƐĂŶĚƐĐƌĞĞŶŝŶŐŽĨƚƌĂƐŚĐŽůůĞĐƚŝŽŶ͕ĚĞůŝǀĞƌŝĞƐ͕ƵƚŝůŝƚŝĞƐĂŶĚŵĞĐŚĂŶŝĐĂůĞƋƵŝƉŵĞŶƚǁŝůůďĞ ŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶ͘ dƌĂƐŚĐŽůůĞĐƚŝŽŶĂŶĚĚĞůŝǀĞƌŝĞƐǁŝůůďĞƚŚƌŽƵŐŚƚŚĞŐĂƌĂŐĞĞŶƚƌLJŽŶƚŚĞǁĞƐƚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ 'ĂƐĂŶĚĞůĞĐƚƌŝĐŵĞƚĞƌƐĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽďĞůŽĐĂƚĞĚŽŶƚŚĞƐŽƵƚŚĨĂĕĂĚĞ͕ĂĚũĂĐĞŶƚƚŽƚŚĞŵĞĐŚĂŶŝĐĂů ƌŽŽŵ͕ĂƐƐŚŽǁŶŽŶƚŚĞŐĂƌĂŐĞĨůŽŽƌƉůĂŶ͘ĚĚŝƚŝŽŶĂůŵĞĐŚĂŶŝĐĂůĞƋƵŝƉŵĞŶƚŝƐƉůĂŶŶĞĚƚŽďĞůŽĐĂƚĞĚŽŶ 3DFNHW3J *I ƚŚĞƌŽŽĨŽĨƚŚĞďƵŝůĚŝŶŐ͘dŚĞƚƌĂŶƐĨŽƌŵĞƌǁŝůůďĞŶĞĂƌƚŚĞ^tĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚŝƐƐŚŽǁŶŽŶƚŚĞ ĂƌĐŚŝƚĞĐƚƵƌĂůƐŝƚĞƉůĂŶ͘ ͘ϬϲĞƐŝŐŶĨŽƌ&ůĞdžŝďŝůŝƚLJĂŶĚĚĂƉƚĂďŝůŝƚLJĨŽƌ&ƵƚƵƌĞhƐĞ dŚĞD'ŽĂůůŽŽŬƐĨŽƌĚĞƐŝŐŶƐƚŚĂƚĂƌĞĂĚĂƉƚĂďůĞĂŶĚĨůĞdžŝďůĞǁŚŝĐŚƐƵƉƉŽƌƚĂƚŚƌŝǀŝŶŐĞĐŽŶŽŵLJ͘dŚŝƐ ŐƵŝĚĞůŝŶĞĐŽŶƚĂŝŶƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨůŽŽƌŚĞŝŐŚƚƐĂŶĚƐƚƌƵĐƚƵƌĂůƐƉĂĐŝŶŐƚŽŵĂŬĞĂďƵŝůĚŝŶŐĂĚĂƉƚĂďůĞ ĨŽƌĨƵƚƵƌĞƵƐĞƐ͘dŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐŚĂƐĂĨŝƌƐƚͲĨůŽŽƌŚĞŝŐŚƚŽĨϭϱĨĞĞƚ͘dŚĞƐĞĐŽŶĚĨůŽŽƌŽĨƚŚĞďƵŝůĚŝŶŐ ŝƐƉƌŽƉŽƐĞĚƚŽďĞϭϮĨĞĞƚ͕ĂŶĚĨůŽŽƌƐϯͲϳϭϭĨĞĞƚ͘ ^ƚŝůůĂƉƉůŝĞƐ͘ ͘ϬϳƌĞĂƚĞ^ƉĂĐĞƐĨŽƌŽůůĂďŽƌĂƚŝŽŶ dŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐĞŵƉŚĂƐŝnjĞƚŚĞŶĞĞĚĨŽƌĐŽůůĂďŽƌĂƚŝǀĞƐƉĂĐĞƐƚŚĂƚĂƌĞĂŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞ ƉƵďůŝĐƌĞĂůŵ͘dŚĞĚĞǀĞůŽƉŵĞŶƚĚĞƐŝŐŶŝŶĐůƵĚĞƐŝŶĚŽŽƌƐƉĂĐĞƐƚŚĂƚĂůůŽǁĨŽƌƐĞĂƚŝŶŐ͕ĂƐǁĞůůĂƐĂƉŽŽůĚĞĐŬ ĂƌĞĂǁŝƚŚĐŽŵŵƵŶĂůƐĞĂƚŝŶŐĂǀĂŝůĂďůĞƚŽƌĞƐŝĚĞŶƚƐ͘dŚĞĞdžƚĞƌŝŽƌŽĨƚŚĞďƵŝůĚŝŶŐĚŽĞƐŶŽƚŝŶĚŝĐĂƚĞĂŶLJ ƉĞĚĞƐƚƌŝĂŶƐĞĂƚŝŶŐŽƌŝŶƚĞƌĂĐƚŝŽŶƐƉĂĐĞƐĂůŽŶŐƚŚĞƐƚƌĞĞƚĨƌŽŶƚĂŐĞƐ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ ƌĞĐŽŵŵĞŶĚƐƚŚĂƚƉĞĚĞƐƚƌŝĂŶƐĞĂƚŝŶŐďĞƉůĂĐĞĚŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͘ WĞĚĞƐƚƌŝĂŶƐĞĂƚŝ ŶŐǁĂƐĂĚĚĞĚƚŽĂŶĞǁ͞ƉŽĐŬĞƚƉĂƌŬ͟ŝŶƚŚĞŶŽƌƚŚ ĞĂƐƚĐŽƌŶĞƌĂƐǁĞůůĂƐƚĞƌƌĂĐĞͲůŝŬĞ ƐƚĞƉƐĂƚƚŚĞ͞ŐĂƚĞǁĂLJ͟ĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞƌĂŝŶŐĂƌĚĞŶǁŝůůŚĂǀĞĂĐŽŶĐƌĞƚĞǀĞƌƚŝĐĂů ĐƵƌďĂƌŽƵŶĚƚŚĞƉĞƌŝŵĞƚĞƌƚŚĂƚĐŽƵůĚďĞĐŽŶƐŝĚĞƌĞĚĨŽƌĂĚĚŝƚŝŽŶĂůƉĞĚĞƐƚƌŝĂŶƐĞĂƚŝŶŐ͘ ͘ϬϴDĞĞƚ^ƵƐƚĂŝŶĂďůĞĂŶĚ,ĞĂůƚŚLJƵŝůĚŝŶŐĞƐŝŐŶ^ƚĂŶĚĂƌĚƐ DĞĞƚŝŶŐƐƵƐƚĂŝŶĂďůĞĂŶĚŚĞĂůƚŚLJĚĞƐŝŐŶƐƚĂŶĚĂƌĚƐŝŶĂůůƐƚƌƵĐƚƵƌĞƐĂĚĚƌĞƐƐĞƐƚŚĞŐŽĂůŽĨĐƌĞĂƚŝŶŐĂ ƐƵƐƚĂŝŶĂďůĞ͕ĂŶĚŚĞĂůƚŚLJĐŝƚLJ͘^ƚƌƵĐƚƵƌĞƐƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚƚŽŵŝŶŝŵŝnjĞĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͕ĂŶĚ ƉƌŽĚƵĐĞĂŚĞĂůƚŚLJĞŶǀŝƌŽŶŵĞŶƚĨŽƌŽĐĐƵƉĂŶƚƐ͘dŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂŶƐĚŽŶŽƚŝŶĚŝĐĂƚĞŚŽǁƚŚĞƐƚƌƵĐƚƵƌĞ ǁŝůůŵĞĞƚƚŚĞƐĞĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐ͘ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚƚŚĞĨŝŶĂůƉůĂŶƐĚĞƚĂŝůŚŽǁ ƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŝŶĐŽƌƉŽƌĂƚĞƚŚĞƐĞƐƵƐƚĂŝŶĂďŝůŝƚLJƐƚĂŶĚĂƌĚƐ͘ ^ƵƐƚĂŝŶĂďůĞĞƐŝŐŶ ůĞŵĞŶƚƐŝŶĐůƵĚĞ͗ ŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJĂďŽǀĞĐŽĚĞƌĞƋƵŝƌĞŵĞŶƚƐ;ůĂƐƚďƵŝůĚŝŶŐǁĂƐϭϬйĂďŽǀĞĐŽĚĞͿ͖ǁĞǁŽƌŬǁŝƚŚ x ƚŚĞŵĞĐŚĂŶŝĐĂůĞŶŐŝŶĞĞƌĂŶĚƚŚĞďƵŝůĚŝŶŐĞŶǀĞůŽƉĞĚĞƐŝŐŶƚŽĂĐŚŝĞǀĞƚŚŝƐ͘ KǀĞƌƐŝnjĞĚ͕ĞĨĨŝĐŝĞŶƚǁŝŶĚŽǁƐĂŶĚƉĂƚŝŽĚŽŽƌƐĂůůŽǁĨŽƌŐƌĞĂƚĞƌĚĂLJůŝŐŚƚŝŶŐĂŶĚƚŚƵƐƌĞĚƵĐĞĚ x ƵƐĂŐĞŽĨĂƌƚŝĨŝĐŝĂůůŝŐŚƚŝŶŐ͘ > >ŝŐŚƚŝŶŐ͘ x ĞĚŝĐĂƚĞĚƌĞĐLJĐůŝŶŐƚƌĂƐŚĐŚƵƚĞĐŽůůĞĐƚŝŽŶĂƚĞĂĐŚĨůŽŽƌ͖ƐĞƉĂƌĂƚĞĨƌŽŵƚƌĂƐŚ͘ x >ĂƌŐĞ͕ƐĞĐƵƌĞďŝŬĞƐƚŽƌĂŐĞƌŽŽŵǁŝƚŚĂďŝŬĞƌĞƉĂŝƌƐƚĂƚŝŽŶĂŶĚĂŝƌƉƵŵƉƚŽĞŶĐŽƵƌĂŐĞĐLJĐůŝŶŐ x ŝŶƐƚĞĂĚŽĨĐĂƌƐ͘ĚĚŝƚŝŽŶĂůďŝŬĞƌĂĐŬƐĨŽƌǀŝƐŝƚŽƌƐ͘ ĞĚŝĐĂƚĞĚƉĂƌŬŝŶŐƐƚĂůůƐĨŽƌĞůĞĐƚƌŝĐǀĞŚŝĐůĞĐŚĂƌŐŝŶŐ͘ x tŚŝƚĞƌŽŽĨŝŶŐĨŽƌƌĞĚƵĐĞĚŚĞĂƚŐĂŝŶĚƵƌŝŶŐƉĞĂŬĐŽŽůŝŶŐƚŝŵĞƐŝŶƚŚĞƐƵŵŵĞƌ͘ x ĨĨŝĐŝĞŶƚĂƉƉůŝĂŶĐĞƐĂŶĚůŽǁĨůŽǁƉůƵŵďŝŶŐĨŝdžƚƵƌĞƐ͘ x >ŽǁsKƉĂŝŶƚƐ͘ x ZĂŝŶŐĂƌĚĞŶƚŽƚƌĞĂƚĂŶĚŵĂŶĂŐĞƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĨƌŽŵƚŚĞϲǀĞŶƵĞ^tZKtĂŶĚĂ ƚŚ x ƉŽƌƚŝŽŶŽĨƚŚĞƐŝƚĞƌƵŶŽĨĨ͘ ͘ϭϭĞƐŝŐŶWĂƌŬŝŶŐ^ƚƌƵĐƚƵƌĞƐƚŽ ŶŚĂŶĐĞWĞĚĞƐƚƌŝĂŶZĞĂůŵ dŚĞDŐŽĂůŝƐƚŽĚĞƐŝŐŶƉĂƌŬŝŶŐƐƚƌƵĐƚƵƌĞƐƚŽŵŝŶŝŵŝnjĞŝŵƉĂĐƚƐƚŽƉĞĚĞƐƚƌŝĂŶĞŶǀŝƌŽŶŵĞŶƚ͘WĂƌŬŝŶŐ ĂƌĞĂƐĂƌĞĚĞƐŝŐŶĞĚǁŝƚŚŝŶƚŚĞĨŽŽƚƉƌŝŶƚŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĞŝƚŚĞƌďĞůŽǁŐƌĂĚĞŽƌƐĐƌĞĞŶĞĚďLJ ƚŚĞďƵŝůĚŝŶŐ͘dŚŝƐƉĂƌŬŝŶŐƉůĂĐĞŵĞŶƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞŶƚŽĨƚŚĞDĞƐŝŐŶ'ƵŝĚĞůŝŶĞƐ͘ 3DFNHW3J *I ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞĞdžŝƐƚŝŶŐƐƵƌĨĂĐĞƉĂƌŬŝŶŐůŽƚĂŶĚĂĐĐĞƐƐĚƌŝǀĞǁĂLJĂƌĞƚŽďĞĞůŝŵŝŶĂƚĞĚĂƐƉĂƌƚŽĨƚŚŝƐ ƉƌŽũĞĐƚ͕ĚĞĐƌĞĂƐŝŶŐƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚƉŽŝŶƚƐĂŶĚŝŶĐƌĞĂƐŝŶŐƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚLJĂůŽŶŐϲǀĞŶƵĞ^t͘ ƚŚ ϮŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ dŚĞϮŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶŝŶĐůƵĚĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĚĞǀĞůŽƉŵĞŶƚŽŶƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚƐŝĚĞƐŽĨ ϮŶĚ^ƚƌĞĞƚ^t͘dŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚŝŶƚŚĞ ĂƐƚŝƐƚƌŝĐƚ͕ĂƐŝĚĞŶƚŝĨŝĞĚďLJƚŚĞϮŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌWůĂŶ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨƌŽŵƚŚŝƐƉůĂŶƌĞůĂƚĞĚƚŽƚŚĞĐƵƌƌĞŶƚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗ ŽŶĐĞŶƚƌĂƚĞĚĞŶƐŝƚLJĂŶĚŝŶƚĞŶƐŝƚLJĂůŽŶŐϮŶĚ^ƚƌĞĞƚ^t͘ x 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