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March 7, 2022 Agenda Packet
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/ŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͗WůĂŶŶŝŶŐĂŶĚĐŽŽƌĚŝŶĂƚŝŶŐƵƉƚŽƚŚƌĞĞŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐͬŽƉĞŶ ŚŽƵƐĞ͖ƉƌĞƉĂƌŝŶŐŵĂƚĞƌŝĂůƐĂŶĚŵĂŬŝŶŐƉƌĞƐĞŶƚĂƚŝŽŶƐ͖ĂŶĚƉƌĞƉĂƌŝŶŐƐƵŵŵĂƌLJŽĨĐŽŵŵĞŶƚƐĂŶĚ ĐŽŶĐĞƌŶƐ͘ĚĚŝƚŝŽŶĂůůLJ͕ĐŽŽƌĚŝŶĂƚŝŶŐĚĞƐŝŐŶŽĨƉƌŽũĞĐƚǁŝƚŚƉƵďůŝĐƵƚŝůŝƚŝĞƐ͕ĂƌƌĂŶŐŝŶŐŵĞĞƚŝŶŐƐǁŝƚŚƵƚŝůŝƚLJ ĐŽŵƉĂŶŝĞƐƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞƉƌŽũĞĐƚĐĂŶďĞĐŽŶƐƚƌƵĐƚĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞƐĐŚĞĚƵůĞ͕ĂŶĚĐŽŽƌĚŝŶĂƚŝŶŐ ǁŝƚŚĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ƌĞŐŝŽŶĂů͕ĂŶĚůŽĐĂůĂŐĞŶĐŝĞƐĂƐŶĞĞĚĞĚƚŽŵŽǀĞƚŚĞƉƌŽũĞĐƚĨŽƌǁĂƌĚĂŶĚƉƌĞƉĂƌŝŶŐ ĂŶLJƉĞƌŵŝƚƐƌĞƋƵŝƌĞĚďLJƚŚĞƐĞĂŐĞŶĐŝĞƐĨŽƌƉƌŽũĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶ͘ dĂƐŬϯ͗'ĞŽƚĞĐŚŶŝĐĂů^ƚƵĚŝĞƐĂŶĚ ŶǀŝƌŽŶŵĞŶƚĂů^ŝƚĞƐƐĞƐƐŵĞŶƚƐ /ŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͗ ŽŵƉůĞƚŝŶŐĂWŚĂƐĞ/ ŶǀŝƌŽŶŵĞŶƚĂů^ŝƚĞƐƐĞƐƐŵĞŶƚ; ^Ϳ ŽŶĚƵĐƚŝŶŐĨŝĞůĚƌĞĐŽŶŶĂŝƐƐĂŶĐĞĂŶĚƐŽŝůďŽƌŝŶŐƐĂƐŶĞĞĚĞĚĨŽƌƚŚĞĚĞƐŝŐŶŽĨƚŚĞƉƌŽũĞĐƚ ŝŶĐůƵĚŝŶŐƚŚĞƌŽĂĚǁĂLJĂŶĚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƚŝĞƐ͘ WƌĞƉĂƌŝŶŐĂƐŽŝůƐƌĞƉŽƌƚŝŶĐůƵĚŝŶŐ͗ ůƚĞƌŶĂƚŝǀĞƐĨŽƌĐŽŶĐƌĞƚĞĂŶĚďŝƚƵŵŝŶŽƵƐƉĂǀĞŵĞŶƚ͘ ^ƵŝƚĂďŝůŝƚLJĨŽƌƐƚŽƌŵǁĂƚĞƌŝŶĨŝůƚƌĂƚŝŽŶƉƌĂĐƚŝĐĞƐ͕Ğ͘Ő͘ŝŶĨŝůƚƌĂƚŝŽŶƌĂƚĞƐ͕ĚĞƉƚŚƚŽ ŐƌŽƵŶĚǁĂƚĞƌ͕ĞƚĐ͘ ŽŵƉůĞƚŝŶŐĂWŚĂƐĞ// ^ŝĨƌĞĐŽŵŵĞŶĚĞĚŝŶƚŚĞWŚĂƐĞ/ ^͘/ĨƉŽƐƐŝďůĞ͕ĨŝĞůĚĂĐƚŝǀŝƚŝĞƐ ƌĞůĂƚĞĚƚŽƚŚĞWŚĂƐĞ// ^ƐŚŽƵůĚďĞĐŽŶĐƵƌƌĞŶƚǁŝƚŚƐŽŝůďŽƌŝŶŐƐĨŽƌƚŚĞ'ĞŽƚĞĐŚŶŝĐĂů ǀĂůƵĂƚŝŽŶ͘ dĂƐŬϰ͗^ƵƌǀĞLJƐĂŶĚDĂƉƉŝŶŐ 3DFNHW3J )E /ŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͗WĞƌĨŽƌŵŝŶŐĨŝĞůĚƐƵƌǀĞLJƐĂƐƌĞƋƵŝƌĞĚĨŽƌƉƌĞůŝŵŝŶĂƌLJĂŶĚĨŝŶĂůĚĞƐŝŐŶ͖ĂŶĚ ĐƌĞĂƚŝŶŐƚŽƉŽŐƌĂƉŚŝĐďĂƐĞŵĂƉĨŝůĞƐĂŶĚŝŐŝƚĂůdĞƌƌĂŝŶDŽĚĞů;dDͿĂƐŶĞĞĚĞĚƵƚŝůŝnjŝŶŐĨŝĞůĚƐƵƌǀĞLJ ĚĂƚĂ͘ dĂƐŬϱ͗dƌĂĨĨŝĐŶĂůLJƐŝƐĂŶĚĞƐŝŐŶ /ŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͗WĞƌĨŽƌŵŝŶŐĨŝĞůĚƚƌĂĨĨŝĐĐŽƵŶƚƐĂƐŶĞĐĞƐƐĂƌLJ͖ĂŶĂůLJnjŝŶŐĞdžŝƐƚŝŶŐĂŶĚĨƵƚƵƌĞ LJĞĂƌŽƉĞƌĂƚŝŽŶƐƵƐŝŶŐĂƉƉƌŽƉƌŝĂƚĞŵŽĚĞůŝŶŐƐŽĨƚǁĂƌĞ͖ƉƌĞƉĂƌŝŶŐƚĞĐŚŶŝĐĂůŵĞŵŽƌĂŶĚƵŵĂŶĚdƌĂĨĨŝĐ /ŶƚĞƌƐĞĐƚŝŽŶŽŶƚƌŽů ǀĂůƵĂƚŝŽŶƌĞƉŽƌƚƐĨŽƌŝƚLJĂŶĚ^ƚĂƚĞŝĚƌĞǀŝĞǁ͖ĂŶĚƉƌĞƉĂƌŝŶŐŝŶƚĞƌƐĞĐƚŝŽŶĐŽŶƚƌŽů ƉůĂŶƐ͘ dĂƐŬϲ͗WƌĞůŝŵŝŶĂƌLJ^ƚƌĞĞƚĂŶĚhƚŝůŝƚLJĞƐŝŐŶ /ŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͗ WƌĞƉĂƌŝŶŐĐŽŶĐĞƉƚůĂLJŽƵƚƐŽĨƚŚĞƐƚƌĞĞƚĂůƚĞƌŶĂƚŝǀĞƐĨŽƌƵƐĞĂƚƉƵďůŝĐŵĞĞƚŝŶŐƐ͖ƉƌĞƉĂƌŝŶŐƵƉƚŽ ƚŚƌĞĞ;ϯͿĂůƚĞƌŶĂƚŝǀĞůĂLJŽƵƚƐĨŽƌƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚƐ͖ WƌĞƉĂƌŝŶŐŚLJĚƌĂƵůŝĐĚĞƐŝŐŶŵĞŵŽƌĂŶĚƵŵŝŶĐůƵĚŝŶŐĂƐƵŵŵĂƌLJŽĨƚŚĞƌĞƐƵůƚƐ͕ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ ĨŽƌƉƌŽƉŽƐĞĚŝŵƉƌŽǀĞŵĞŶƚƐ͕ƚƌƵŶŬƐƚŽƌŵƐĞǁĞƌƉŝƉĞƐŝnjĞƐĂŶĚĂůŝŐŶŵĞŶƚƐ͕ƐƚŽƌŵǁĂƚĞƌ ŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƚLJůŽĐĂƚŝŽŶƐ͕ĞƚĐ͘ĂŶĚƐƵďŵŝƚƚŽDŶKd^ƚĂƚĞŝĚĨŽƌĂƉƉƌŽǀĂů͘dŚĞƐƚŽƌŵ ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵĚĞƐŝŐŶƐŚĂůůďĞĨƵƌƚŚĞƌĚŽĐƵŵĞŶƚĞĚŝŶĂƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ ƉůĂŶĨŽƌƚŚĞƉƌŽũĞĐƚƚŚĂƚŝŶĐůƵĚĞƐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ĂůůĚĞƐŝŐŶĂƐƐƵŵƉƚŝŽŶƐ͕ĚƌĂŝŶĂŐĞĂƌĞĂŵĂƉƐ͕ ǁĂƚĞƌƋƵĂůŝƚLJƚƌĞĂƚŵĞŶƚĂƌĞĂŵĂƉƐ͕ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞƌƵůĞƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƐƚĂŶĚĂƌĚƐ͕ ĞƚĐ͘ dĂƐŬϳ͗ ŶǀŝƌŽŶŵĞŶƚĂůŽĐƵŵĞŶƚĂƚŝŽŶĂŶĚWĞƌŵŝƚƐ /ŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͗WƌĞƉĂƌŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂůĚŽĐƵŵĞŶƚĂƚŝŽŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚ&ĞĚĞƌĂůŝĚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ĐŽŶƚĂĐƚǀĂƌŝŽƵƐƌĞƋƵŝƐŝƚĞĂŐĞŶĐŝĞƐ͕ĂŶĚŽďƚĂŝŶĞŶǀŝƌŽŶŵĞŶƚĂůĚŽĐƵŵĞŶƚĂƚŝŽŶƌĞǀŝĞǁĂŶĚ ĂƉƉƌŽǀĂůĨƌŽŵDŶKdͬ&,t͖ƉƌĞƉĂƌĞƉĞƌŵŝƚĂƉƉůŝĐĂƚŝŽŶƐ͕ĂƐƐŝƐƚǁŝƚŚĂůůƐƵďŵŝƚƚĂůƐĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶ ŶĞĐĞƐƐĂƌLJƚŽƐĞĐƵƌĞƉĞƌŵŝƚƐŶĞĞĚĞĚĨŽƌƚŚĞƉƌŽũĞĐƚ;ůůƉĞƌŵŝƚƚŝŶŐĨĞĞƐǁŝůůďĞƐƵƉƉůŝĞĚďLJƚŚĞŝƚLJŽĨ ZŽĐŚĞƐƚĞƌͿ͖ĚĞůŝŶĞĂƚĞǁĞƚůĂŶĚƐ͕ƉƌĞƉĂƌĞ͕ĂŶĚƐƵďŵŝƚƌĞƉŽƌƚƐĂƐƌĞƋƵŝƌĞĚƚŽƐƵƉƉŽƌƚƉĞƌŵŝƚĂƉƉůŝĐĂƚŝŽŶƐ͘ dĂƐŬϴ͗&ŝŶĂůĞƐŝŐŶ͕ŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚWƌĞƉĂƌĂƚŝŽŶĂŶĚŝĚĚŝŶŐ /ŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͗WƌĞƉĂƌŝŶŐĨŝŶĂůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐŝŶƚŚĞĨŽƌŵĂƚĂŶĚŽƌĚĞƌƵƐĞĚďLJƚŚĞŝƚLJ ŽĨZŽĐŚĞƐƚĞƌŵĞĞƚŝŶŐDŶKd&ĞĚĞƌĂůĂŶĚ^ƚĂƚĞŝĚƌĞƋƵŝƌĞŵĞŶƚƐ͘ĞƚĞƌŵŝŶĞĐŽŶƚƌĂĐƚƉĂLJŝƚĞŵƐĂŶĚ ĐŽŵƉƵƚĞĂŶĚĐŚĞĐŬĐŽŶƚƌĂĐƚƋƵĂŶƚŝƚŝĞƐ͘^ĞƉĂƌĂƚĞŽƵƚĂůůƋƵĂŶƚŝƚŝĞƐĨŽƌĐŽƐƚƐƉůŝƚƐĂŶĚĐŽƐƚƉĂƌƚŝĐŝƉĂƚŝŽŶ ĂƐŶĞĞĚĞĚŝŶĐůƵĚŝŶŐ&ĞĚĞƌĂůĂŶĚ^ƚĂƚĞŝĚƌĞƋƵŝƌĞŵĞŶƚƐ͘WƌĞƉĂƌĞĞŶŐŝŶĞĞƌ͛ƐĞƐƚŝŵĂƚĞŽĨĨŝŶĂů ĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐ͘WƌĞƉĂƌĞĐŽŵƉůĞƚĞƉƌŽũĞĐƚƐƉĞĐŝĨŝĐĂƚŝŽŶƐͬƉƌŽƉŽƐĂůƉĂĐŬĂŐĞ;ƚŚĞƉĂĐŬĂŐĞƐŚĂůůŝŶĐůƵĚĞ ĂůůŵĂƚĞƌŝĂůƐƚŚĂƚƚŚĞŝƚLJǁŝůůŶĞĞĚĨŽƌďŝĚĚŝŶŐƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞƉĂĐŬĂŐĞƐŚŽƵůĚďĞƐƵďŵŝƚƚĞĚďŽƚŚŝŶ ĂDŝĐƌŽƐŽĨƚtŽƌĚĨŝůĞĂŶĚĂW&ĨŝůĞͿ͘^ƵďŵŝƚϳϬй͕ϵϱй͕ĂŶĚĨŝŶĂůƉůĂŶƐĨŽƌƌĞǀŝĞǁĂŶĚŵĂŬĞŶĞĐĞƐƐĂƌLJ ƌĞǀŝƐŝŽŶƐ͘ŽŽƌĚŝŶĂƚĞĨŝŶĂůƉůĂŶƌĞǀŝĞǁďLJ&ĞĚĞƌĂůĂŶĚ^ƚĂƚĞŝĚĂŶĚŽƚŚĞƌĂŐĞŶĐŝĞƐĂŶĚŽďƚĂŝŶ ĂƉƉƌŽǀĂůƐ͘WƌŽǀŝĚĞƉƌŽũĞĐƚďĂƐĞĨŝůĞƐƚŽŝƚLJĚŝŐŝƚĂůůLJŝŶƵƚŽ͕ŝǀŝůϯĨŽƌŵĂƚ͘WƌŽǀŝĚĞƐƵƉƉŽƌƚƚŽƚŚĞ 3DFNHW3J )E ŝƚLJŽĨZŽĐŚĞƐƚĞƌĚƵƌŝŶŐƚŚĞďŝĚĚŝŶŐƉŚĂƐĞ͕ĂŶƐǁĞƌŝŶŐƋƵĞƐƚŝŽŶƐ͕ďŝĚĂŶĂůLJƐŝƐ͕ĂŶĚĂǁĂƌĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘/ŶĐůƵĚĞƐĂƚƚĞŶĚĂŶĐĞĂƚƚŚĞďŝĚŽƉĞŶŝŶŐĂŶĚƚŚĞƉƌĞͲĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶĨĞƌĞŶĐĞ͘ dĂƐŬϵ͗ ĂƐĞŵĞŶƚͬZŝŐŚƚͲŽĨͲǁĂLJ^ĞƌǀŝĐĞƐ /ŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͗WƌĞƉĂƌŝŶŐĂŶĚƉƌŽǀŝĚŝŶŐƐƵƌǀĞLJͬƉƌŽƉĞƌƚLJŝŶĨŽƌŵĂƚŝŽŶĨŽƌĂĐƋƵŝƐŝƚŝŽŶĂŶĚ ĂŶŶĞdžĂƚŝŽŶŝŶƚŽƚŚĞĐŝƚLJ͕ĐŽŶƐƚƌƵĐƚŝŽŶĞĂƐĞŵĞŶƚƐĂŶĚƌŝŐŚƚͲŽĨͲǁĂLJ͕ĂŶĚƐĞĐƵƌŝŶŐĂŶLJƚĞŵƉŽƌĂƌLJ ĞĂƐĞŵĞŶƚƐŽƌƉĞƌŵĂŶĞŶƚƌŝŐŚƚͲŽĨͲǁĂLJŶĞĞĚĞĚĨŽƌƚŚĞWƌŽũĞĐƚ͘dŚĞĐŽŶƐƵůƚĂŶƚǁŝůůŶĞĞĚƚŽƉƌŽǀŝĚĞ ƐƵƌǀĞLJĂŶĚƉƌŽƉĞƌƚLJĚĞƐĐƌŝƉƚŝŽŶŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞĞĂƐĞŵĞŶƚĂŶĚƌŝŐŚƚͲŽĨͲǁĂLJŶĞĞĚƐƚŽƚŚĞŝƚLJ͕ĂƐ ƌĞƋƵŝƌĞĚ͘ 3DFNHW3J )E ' E Z>KE/d/KE^ d ZDK&KEdZd $57,&/( $ dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ŽƌƵƉŽŶĞdžĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďLJƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ/dzŽĨĨŝĐŝĂůƐ͕ƉƵƌƐƵĂŶƚƚŽŝƚLJŽĨZŽĐŚĞƐƚĞƌ,ŽŵĞZƵůĞŚĂƌƚĞƌ͕ĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞ E'/E ZŽĨĨŝĐŝĂůƐ͕ ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐůĂƚĞƌ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞ džƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ ŽƌƵŶƚŝůĂůůŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚĞǀĞƌĞǀĞŶƚŽĐĐƵƌƐĨŝƌƐƚ͘ % &ŽƌĚĞůĂLJƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞLJŽŶĚ E'/E Z͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵ E'/E Z͕ƚŚĞ/dzΖƐ ƵƚŚŽƌŝnjĞĚŐĞŶƚŵĂLJĞdžƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞ͕ĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞůĞŶŐƚŚŽĨƐƵĐŚƚŝŵĞĞdžƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ/dz͛ƐŐĞŶƚ͘ & /ƚǁŝůůďĞ E'/E Z͛ƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƌĞĂƐŽŶĂďůLJŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨ E'/E ZŚĂƐƌĞĂƐŽŶƚŽ ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂLJƐ͕ŝŶǁƌŝƚŝŶŐ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ 'Ks ZE/E'>t͕:hZ/^/d/KE͕Es Eh $57,&/( $ dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚĞƌƉƌĞƚĞĚƉƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ>Ăǁ͘ŶLJĐŝƚĂƚŝŽŶƚŽĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŝŶĐŽƌƉŽƌĂƚĞƐƚŚĞ ůĂŶŐƵĂŐĞŽĨƚŚĂƚůĂǁŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĂƐŝĨĨƵůůLJƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŽƌďƌĞĂĐŚ͕ǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚLJ͕ DŝŶŶĞƐŽƚĂ͘ d ZD^K&' E Z>KE/d/KE^ $57,&/( $ ŶLJĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞLJĂƌĞƐƉĞĐŝĨŝĐĂůůLJĂŶĚĚĞůŝďĞƌĂƚĞůLJ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚ͕ŝŶǁƌŝƚŝŶŐ͕ďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ % dŽƚŚĞĞdžƚĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶLJŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ d ZD^K&WzD Ed $57,&/( $ ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůLJ ƐƵƉƉůŝĞĚďLJ E'/E ZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďLJ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͕Zd/> ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂLJŵĞŶƚ͘͟ % /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶLJƚŝŵĞƚŚĂƚ E'/E ZǁŝůůĞdžĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŶŽƚŝĨLJ/dz͛ƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘ E'/E ZŵĂLJŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůLJĞdžĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚďĞLJŽŶĚƚŚĂƚ͕ǁŚŝĐŚŝƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJ/dz͕ŵĂLJďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌLJĂŶĚ E'/E ZŵĂLJŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ ƚŚĞĞdžƚƌĂǁŽƌŬ͘ & /Ĩ E'/E ZĐůĂŝŵƐĂŶLJŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚƚŚĂƚĐĂƵƐĞĞdžƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶLJĞdžƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐϮϬĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶŽƌŽďƐĞƌǀĂŶĐĞ ŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďLJƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ŶLJĐůĂŝŵŵĂĚĞ ĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂLJďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶLJǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶĂŵĞŶĚŵĞŶƚƚŽ ƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůLJĂƉƉƌŽǀĞĚĂŶĚĞdžĞĐƵƚĞĚďLJƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/E ZΖƐŽǁŶƌŝƐŬ͘ ' ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐĂĐƚƵĂůůLJĂŶĚŶĞĐĞƐƐĂƌŝůLJŝŶĐƵƌƌĞĚďLJ E'/E ZĂƐĂƌĞƐƵůƚŽĨ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞdžĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/E ZǁŝůůďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞdžƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͘ *& 3DFNHW3J )E WZK hZ &KZWzD Ed $57,&/( $ WĂLJŵĞŶƚƐǁŝůůďĞŵĂĚĞďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐ͕ƉƌŽƉĞƌůLJ ƉƌĞƉĂƌĞĚ͕ĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐĐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨLJ E'/E ZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂLJƐ ŽĨ E'/E Z͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞLJďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐ ǁĞƌĞŶŽƚƉƌŽƉĞƌůLJƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚ͘ % /ŶǀŽŝĐĞƐĨŽƌƉĂLJŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďLJ E'/E ZŵŽŶƚŚůLJƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďLJ /dz͘ƐĂŵƉůĞŝŶǀŽŝĐĞĨŽƌŵĂƚŝƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘/ŶǀŽŝĐĞƐŵƵƐƚŝĚĞŶƚŝĨLJƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚŵƵƐƚƐĂƚŝƐĨLJƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ &ŽƌůƵŵƉƐƵŵĂŶĚŽƚŚĞƌĐŽŶƚƌĂĐƚƐ͗ ϭ͘ ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůLJŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚ E'/E ZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶLJƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂLJŵĞŶƚ͘ &ŽƌŽƚŚĞƌĐŽŶƚƌĂĐƚƐŽŶůLJ͗ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝnjĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůLJ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌLJĐŽƐƚƐĂƌĞĂŶLJĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞ E'/E Z͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘ E'/E ZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝnjĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ D ŝƌĞĐƚƐĂůĂƌLJĐŽƐƚƐŽĨĞŵƉůŽLJĞĞƐΖƚŝŵĞĚŝƌĞĐƚůLJĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨLJŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽLJĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂLJ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂLJŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ E ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂLJƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽLJĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽLJĞĞΖƐŶĂŵĞ͕ŚŽƵƌůLJ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂLJƉĞƌŝŽĚ͘ & /Ĩ E'/E ZŝƐĂƵƚŚŽƌŝnjĞĚďLJ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶLJƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ E'/E ZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶLJƐƵďĐŽŶƐƵůƚĂŶƚΖƐŽŶƚƌĂĐƚ͕ĂŶĚ E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůLJƉĂLJŵĞŶƚďLJ E'/E ZŽĨƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂLJŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞ ƐƵďĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ ' E'/E ZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƚƌĂĐƚŽƌƐΖŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzD Ed $57,&/( $ ůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĞƌĨŽƌŵĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚ ƚŚĂƚĚĞŐƌĞĞŽĨĐĂƌĞĂŶĚƐŬŝůůŽƌĚŝŶĂƌŝůLJĞdžĞƌĐŝƐĞĚďLJŵĞŵďĞƌƐŽĨƚŚĞƐĂŵĞƉƌŽĨĞƐƐŝŽŶĐƵƌƌĞŶƚůLJƉƌĂĐƚŝĐŝŶŐƵŶĚĞƌƐŝŵŝůĂƌ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ E'/E ZŵĂŬĞƐŶŽǁĂƌƌĂŶƚŝĞƐ͕ĞdžƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚ͕ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŽƌŽƚŚĞƌǁŝƐĞ͕ŝŶĐŽŶŶĞĐƚŝŽŶ ǁŝƚŚ E'/E Z͛ƐƐĞƌǀŝĐĞƐdŚĞ E'/E ZĞŶĚĞĂǀŽƌƐƚŽĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵ E'/E Z͛ƐƐĞƌǀŝĐĞƐ͘ % E'/E ZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂLJŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ ƌĞŐƵůĂƚŝŽŶƐ͘ & ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďLJƉƌŽŐƌĞƐƐƉĂLJŵĞŶƚƐŵĂĚĞďLJ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚLJŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐ E'/E ZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂLJŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶLJĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞ E'/E Z͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ *& 3DFNHW3J )E ƐŚĂůůŝŶĚĞŵŶŝĨLJ E'/E ZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐ E'/E ZĂŶŽŶͲĞdžĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞdžƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/E ZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ ' EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶLJǁĂLJƚŽƌĞůŝĞǀĞ E'/E ZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞdžĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ ^^/'ED Ed $57,&/(ĞĚŝŶĂŶLJǁĂLJĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ % dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ ŽĨ E'/E Z͘ŶLJĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůLJĂŶĚĨƵůůLJĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ŚĂŶŐĞƐŝŶƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚŽƌƚŚĞŽŶƚƌĂĐƚ džƉŝƌĂƚŝŽŶĂƚĞĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚŝŶĂĐŚĂŶŐĞŽƌĚĞƌ͘ & dŚŝƐĐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚLJƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůLJŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͕ ďLJƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ E'/E ZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďLJŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ ' dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĞdžĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞĐŽŶƚƌĂĐƚ͘ KDW>/E t/d,>/ E^ ^͕W ZD/d^͕EKd, ZZ 'h>d/KE^ $57,&/( $ E'/E ZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌLJƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/ ^E/Ed >> dh>WZKW Zdz $57,&/( $ E'/E ZŵƵƐƚĐŽŵƉůLJǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂ ƉƌŽǀŝĚĞĚďLJ/dzŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚĂŶĚĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ *& 3DFNHW3J )E % ŶLJƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďLJ E'/E ZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽ E'/E Z͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞdžĐůƵƐŝǀĞ ƉƌŽƉĞƌƚLJŽĨ/dz͘ E'/E ZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨLJ E'/E 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ŐĞŶƚǁŝƚŚŝŶϯϬĚĂLJƐŽĨĞdžĞĐƵƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂŶLJǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ ĂĐŚ ƉŽůŝĐLJŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ/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 ZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĚŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJ ŝŶũƵƌLJďLJĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůLJŝŶũƵƌLJďLJĂĐĐŝĚĞŶƚ͘ ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞ E'/E Z͘ ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ͗ ϰ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďLJ E'/E ZŽƌďLJĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ E'/E Z͛Ɛ ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌLJƚŽĂŶLJůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŝƚLJ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E Z͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ E ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ F ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞʹWƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ D WƌĞŵŝƐĞƐĂŶĚKƉĞƌĂƚŝŽŶƐŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ E WĞƌƐŽŶĂůĂŶĚĚǀĞƌƚŝƐŝŶŐ/ŶũƵƌLJ F WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ G ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ H EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ͗ ϱ͘ E'/E ZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐ E'/E ZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚLJĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďLJ E'/E ZŽƌďLJƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞ>ŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ *& 3DFNHW3J )E WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ͗ ϲ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ E'/E ZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬʹƉĞƌĐůĂŝŵŽƌĞǀĞŶƚ ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐ E'/E ZǁŝůůďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽ E'/E ZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ ϳ͘&ŽƌǁŽƌŬŽŶƌĂŝůƌŽĂĚƉƌŽƉĞƌƚLJ͕ E'/E ZŵƵƐƚŽďƚĂŝŶZĂŝůƌŽĂĚWƌŽƚĞĐƚŝǀĞ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ DŶͬKd^ƉĞĐŝĨŝĐĂƚŝŽŶϭϳϬϴ͘Ϯ;ϭϵϵϱ ĚŝƚŝŽŶͿŽƌĂŶLJƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚŝƐƐƉĞĐŝĨŝĐĂƚŝŽŶ͘ & 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 ƌĞĂƐŽŶĂďůLJďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ & /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďLJǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨ E'/E Z͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞdžƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨ E'/E Z͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůLJ͘ ' EĞŝƚŚĞƌƉĂƌƚLJǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂLJŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂLJŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶLJŽĨƚŚĞ ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůLJĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂLJŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůLJƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂLJƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďLJƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚLJŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚLJŽĨŝƚƐŝŶĂďŝůŝƚLJƚŽƉĞƌĨŽƌŵ͘ ( &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂLJ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂLJŽĨϮϰŚŽƵƌƐ͘ Ed/dZh^d $57,&/( )E K&&//>^EKddK E &/d $57,&/( $ tŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ/dz͕ E'/E ZŵƵƐƚŶŽƚĞŵƉůŽLJĂŶLJƉƌŽĨĞƐƐŝŽŶĂůŽƌƚĞĐŚŶŝĐĂůƉĞƌƐŽŶŶĞůǁŚŽĂƌĞŽƌ ŚĂǀĞďĞĞŶĂƚĂŶLJƚŝŵĞĚƵƌŝŶŐƚŚĞƚŝŵĞƉĞƌŝŽĚŽĨƚŚŝƐŽŶƚƌĂĐƚŝŶƚŚĞĞŵƉůŽLJŽĨ/dz͕ĞdžĐĞƉƚƌĞƚŝƌĞĚ/dzĞŵƉůŽLJĞĞƐ͕ ǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵ/dz͘ % E'/E ZǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐŶŽƚĞŵƉůŽLJĞĚŽƌƌĞƚĂŝŶĞĚĂŶLJĐŽŵƉĂŶLJŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽLJĞĞ ǁŽƌŬŝŶŐƐŽůĞůLJĨŽƌ E'/E Z͕ƚŽƐŽůŝĐŝƚŽƌƐĞĐƵƌĞƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚƚŚĂƚ E'/E ZŚĂƐŶŽƚƉĂŝĚŽƌĂŐƌĞĞĚƚŽƉĂLJĂŶLJ ĐŽŵƉĂŶLJŽƌƉĞƌƐŽŶ͕ŽƚŚĞƌƚŚĂŶĂďŽŶĂĨŝĚĞĞŵƉůŽLJĞĞǁŽƌŬŝŶŐĨŽƌ E'/E Z͕ĂŶLJĨĞĞ͕ĐŽŵŵŝƐƐŝŽŶƐ͕ƉĞƌĐĞŶƚĂŐĞ͕ ďƌŽŬĞƌĂŐĞĨĞĞ͕ŐŝĨƚƐ͕ŽƌĂŶLJŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĐŽŶƚŝŶŐĞŶƚƵƉŽŶŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĂǁĂƌĚŽĨŵĂŬŝŶŐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ E >>d/KE $57,&/( $ dŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐĂŶĐĞůĞĚďLJ/dzǁŝƚŚŝŶϯϬĚĂLJƐ͕ĂƚĂŶLJƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ E'/E Z͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚĐĂŶĐĞůůĂƚŝŽŶ E'/E ZǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂLJŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉĞƌĨŽƌŵĞĚŽƌĚĞůŝǀĞƌĞĚ͘ % /ŶƚŚĞĞǀĞŶƚ/dzĐĂŶŶŽƚŽƌĚŽĞƐŶŽƚŽďƚĂŝŶĨƵŶĚŝŶŐ͕ŽƌĨƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞ ƉƵƌĐŚĂƐŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͕ƚŚŝƐŽŶƚƌĂĐƚŵĂLJďĞĐĂŶĐĞůĞĚǁŝƚŚŝŶϯϬĚĂLJƐ͕Ăƚ/dzΖƐ ŽƉƚŝŽŶ͕ďLJǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶĚĞůŝǀĞƌĞĚŝŶƉĞƌƐŽŶ͕ďLJŵĂŝů͕ŽƌĨĂĐƐŝŵŝůĞƚŽ E'/E ZĂƚƚŚĞĂĚĚƌĞƐƐƐƉĞĐŝĨŝĞĚ ŝŶƚŚŝƐŽŶƚƌĂĐƚ͘/dzǁŝůůŶŽƚďĞŽďůŝŐĂƚĞĚƚŽƉĂLJĨŽƌĂŶLJƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďLJ E'/E ZĂĨƚĞƌƐƵĐŚ ŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ &,I&LW\IDLOVWRPDNHDQ\SD\PHQWGXHWR(1*,1((5IRUVHUYLFHVVDWLVIDFWRULO\SHUIRUPHGDQGH[SHQVHVZLWKLQWKLUW\GD\VDIWHUWKHGDWH RI(1*,1((5¶VLQYRLFH(1*,1((5PD\DIWHUJLYLQJVHYHQGD\VZULWWHQQRWLFHWR&,7<DQGZLWKRXWZDLYLQJDQ\FODLPRUULJKWDJDLQVW &,7<DQGZLWKRXWLQFXUULQJOLDELOLW\ZKDWVRHYHUWR&,7<VXVSHQGVHUYLFHVDQGZLWKKROGSURMHFWGHOLYHUDEOHVGXHXQGHUWKLV&RQWUDFWXQWLO (1*,1((5KDVEHHQSDLGLQIXOODOODPRXQWVGXHIRUVHUYLFHVH[SHQVHVDQGFKDUJHV ZZKZ^KZKD/^^/KE^ $57,&/( $ E'/E ZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐLJŽĨŝƚƐǁŽƌŬĂŶĚŵƵƐƚƉƌŽŵƉƚůLJŵĂŬĞŶĞĐĞƐƐĂƌLJƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐ ƌĞƐƵůƚŝŶŐĨƌŽŵ E'/E ZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďLJ/dzǁŝůůŶŽƚƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶLJĂŵďŝŐƵŝƚŝĞƐ͘ % ƚĂŶLJƚŝŵĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽƌĂŶLJƉŚĂƐĞŽĨǁŽƌŬƉĞƌĨŽƌŵĞĚďLJŽƚŚĞƌƐďĂƐĞĚŽŶĚĂƚĂƉƌŽǀŝĚĞĚďLJ E'/E Z͕ E'/E ZŵƵƐƚĐŽŶĨĞƌǁŝƚŚ/dzǁŚĞŶŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŶƚĞƌƉƌĞƚŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌĞĚĂŶĚͬŽƌƚŽ ĐŽƌƌĞĐƚĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞďLJ E'/E Z͘ E'/E ZŵƵƐƚƉƌĞƉĂƌĞĂŶLJĂŶĚĂůůƉůĂŶƐŽƌĚĂƚĂŶĞĞĚĞĚƚŽ ĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚĞĚĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǀĞŶƚŚŽƵŐŚĨŝŶĂůƉĂLJŵĞŶƚŵĂLJĂůƌĞĂĚLJŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚďLJ E'/E Z͘ E'/E ZŵƵƐƚŐŝǀĞŝŵŵĞĚŝĂƚĞĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŚĂŶŐĞƐƐŽƚŚĞƌĞǁŝůůďĞŵŝŶŝŵĂůĚĞůĂLJƚŽƚŚĞ ƉƌŽũĞĐƚ͘ & /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 ůŽƐƐŽƌĐŽƐƚƚŽƌĞƉĂŝƌŽƌƌĞŵĞĚLJ E'/E ZΖƐĞƌƌŽƌƐ͕ŽŵŝƐƐŝŽŶƐŽƌŶĞŐůŝŐĞŶƚĂĐƚƐ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬďLJ/dzǁŝůůŶŽƚ ƌĞůŝĞǀĞ E'/E ZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶLJƐƵĐŚŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐ͕ŽƌŽĨ ůŝĂďŝůŝƚLJĨŽƌůŽƐƐŽƌĚĂŵĂŐĞƌĞƐƵůƚŝŶŐƚŚĞƌĞĨƌŽŵ͘ ( E'/E ZŵƵƐƚƌĞƐƉŽŶĚƚŽ/dzΖƐŶŽƚŝĐĞŽĨĂŶLJĞƌƌŽƌƐĂŶĚͬŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŝŶƌĞĂƐŽŶĂďůĞƚŝŵĞĂŶĚŐŝǀĞŝŵŵĞĚŝĂƚĞ ĂƚƚĞŶƚŝŽŶƚŽƚŚĞƐĞĐŽƌƌĞĐƚŝŽŶƐƚŽŵŝŶŝŵŝnjĞĂŶLJĚĞůĂLJƐƚŽƚŚĞ E'/E Z͘ *& 3DFNHW3J )E /^Whd Z ^K>hd/KE $57,&/( $ DĞĚŝĂƚŝŽŶ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďũĞĐƚƚŽŶŽŶͲďŝŶĚŝŶŐŵĞĚŝĂƚŝŽŶĂƐ ĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞ ĐŽŶĚƵĐƚĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂŝǀŝůDĞĚŝĂƚŝŽŶĐƚ͕DŝŶŶ͘^ƚĂƚ͘ϱϳϮ͘ϯϭ͕ Ğƚ͕͘ƐĞƋ͘ŶLJĐůĂŝŵ͕ĐŽŶƚƌŽǀĞƌƐLJŽƌĚŝƐƉƵƚĞŶŽƚƌĞƐŽůǀĞĚďLJŵĞĚŝĂƚŝŽŶŵĂLJďĞƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐ ĨŝůĞĚďLJĞŝƚŚĞƌƉĂƌƚLJ͘dŚĞůĞŐĂůŽƌĞƋƵŝƚĂďůĞƉƌŽĐĞĞĚŝŶŐƐŵƵƐƚďĞǀĞŶƵĞĚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘dŚĞƉĂƌƚŝĞƐ ǁĂŝǀĞĂůůƌŝŐŚƚƐƚŽĂŶĚĐůĂŝŵƐĨŽƌŵŽŶĞƚĂƌLJĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶĐŽŵƉĞŶƐĂƚŽƌLJĚĂŵĂŐĞƐ͘ & Z>>h^ ^ $57,&/( /Ĩ&ĞĚĞƌĂů&ƵŶĚƐĂƌĞŝŶǀŽůǀĞĚǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůĐŽŶĚŝƚŝŽŶƐĂƉƉůLJ͗ $ ŽŵƉůŝĂŶĐĞǁŝƚŚZĞŐƵůĂƚŝŽŶƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŵƉůLJǁŝƚŚZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶ&ĞĚĞƌĂůůLJ ĂƐƐŝƐƚĞĚƉƌŽŐƌĂŵƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞Kd͕͟dŝƚůĞϰϵ͕ŽĚĞŽĨ&ĞĚĞƌĂů ZĞŐƵůĂƚŝŽŶƐ͕WĂƌƚϮ͕ĂƐƚŚĞLJŵĂLJďĞĂŵĞŶĚĞĚĨƌŽŵƚŝŵĞƚŽƚŝŵĞŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞ZĞŐƵůĂƚŝŽŶƐ͕͟ǁŚŝĐŚĂƌĞ ŚĞƌĞŝŶŝŶĐŽƌƉŽƌĂƚĞĚďLJƌĞĨĞƌĞŶĐĞĂŶĚŵĂĚĞƉĂƌƚŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͘ % EŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚ͕ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞǁŽƌŬƉĞƌĨŽƌŵĞĚďLJŝƚĚƵƌŝŶŐƚŚŝƐĐŽŶƚƌĂĐƚ͕ƐŚĂůůŶŽƚ ĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞdž͕ĚŝƐĂďŝůŝƚŝĞƐ͕ŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐŝŶƚŚĞƐĞůĞĐƚŝŽŶĂŶĚ ƌĞƚĞŶƚŝŽŶŽĨƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͘dŚĞ ƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůŶŽƚƉĂƌƚŝĐŝƉĂƚĞĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJŝŶƚŚĞĚŝƐĐƌŝŵŝŶĂƚŝŽŶƉƌŽŚŝďŝƚĞĚďLJ^ĞĐƚŝŽŶϮϭ͘ϱŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĞŵƉůŽLJŵĞŶƚƉƌĂĐƚŝĐĞƐǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚĐŽǀĞƌƐĂƉƌŽŐƌĂŵƐĞƚĨŽƌƚŚŝŶƉƉĞŶĚŝdžŽĨƚŚĞ ZĞŐƵůĂƚŝŽŶƐ͘ & ^ŽůŝĐŝƚĂƚŝŽŶƐĨŽƌ^ƵďĐŽŶƚƌĂĐƚƐ͕ŝŶĐůƵĚŝŶŐƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐĂŶĚĞƋƵŝƉŵĞŶƚ͘/ŶĂůůƐŽůŝĐŝƚĂƚŝŽŶƐĞŝƚŚĞƌďLJ ĐŽŵƉĞƚŝƚŝǀĞďŝĚĚŝŶŐŽƌŶĞŐŽƚŝĂƚŝŽŶŵĂĚĞďLJƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĨŽƌǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂƐƵďĐŽŶƚƌĂĐƚ͕ŝŶĐůƵĚŝŶŐ ƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌůĞĂƐĞƐŽĨĞƋƵŝƉŵĞŶƚ͕ĞĂĐŚƉŽƚĞŶƚŝĂůƐƵďĐŽŶƚƌĂĐƚŽƌŽƌƐƵƉƉůŝĞƌƐŚĂůůďĞŶŽƚŝĨŝĞĚďLJƚŚĞ E'/E ZŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚƚŚĞZĞŐƵůĂƚŝŽŶƐƌĞůĂƚŝǀĞƚŽŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶŽŶƚŚĞ ŐƌŽƵŶĚƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞdž͕ĚŝƐĂďŝůŝƚŝĞƐŽƌǀĞƚĞƌĂŶ͛ƐƐƚĂƚƵƐ͘ ' /ŶĨŽƌŵĂƚŝŽŶĂŶĚZĞƉŽƌƚƐ͘dŚĞƐƵďĐŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂůůŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚďLJƚŚĞZĞŐƵůĂƚŝŽŶƐŽƌ ĚŝƌĞĐƚŝǀĞƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŚĞƌĞƚŽĂŶĚƐŚĂůůƉĞƌŵŝƚĂĐĐĞƐƐƚŽŝƚƐŬƐ͕ƌĞĐŽƌĚƐ͕ĂĐĐŽƵŶƚƐ͕ŽƚŚĞƌƐŽƵƌĐĞƐŽĨŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚŝƚƐĨĂĐŝůŝƚŝĞƐĂƐŵĂLJďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ E'/E Z͕ƐƉŽŶƐŽƌ͕ŽƌƚŚĞ&ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ;&ͿƚŽďĞ ƉĞƌƚŝŶĞŶƚƚŽĂƐĐĞƌƚĂŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƐƵĐŚƌĞŐƵůĂƚŝŽŶƐ͕ŽƌĚĞƌƐ͕ĂŶĚŝŶƐƚƌƵĐƚŝŽŶƐ͘tŚĞƌĞĂŶLJŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵŝƌĞĚŽĨ 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