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ĂŶĚŵĂƚĞƌŝĂůƐƵďƐƚŝƚƵƚŝŽŶƌĞƋƵĞƐƚƐĨŽƌĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͘tĂůŬĞƌƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚ  ϭ tŽƌŬŝƚĞŵƚŽďĞĐŽŵƉůĞƚĞĚďLJ,'ĂƐĂƐƵďͲĐŽŶƐƵůƚĂŶƚƚŽtĂůŬĞƌŽŶƐƵůƚĂŶƚƐ͘ KE^h>dEd^ͮϮ  ^ĞĐŽŶĚ^ƚƌĞĞƚWĂƌŬŝŶŐ'ĂƌĂŐĞʹŝƚLJŽĨZŽĐŚĞƐƚĞƌ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ DĂƌĐŚϱ͕ϮϬϮϰ ŵĂƚĞƌŝĂůƚĞƐƚŝŶŐĂƐŶĞĞĚĞĚďLJĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽŐƌĞƐƐ͕ƐƵĐŚĂƐĐŽŶĐƌĞƚĞŵĂƚĞƌŝĂůƚĞƐƚŝŶŐ͕ǁŝůůďĞ ĐŽŶƚƌĂĐƚĞĚĚŝƌĞĐƚůLJƚŽĂƋƵĂůŝĨŝĞĚdĞƐƚŝŶŐŐĞŶĐLJǁŝƚŚŝŐŽƐ͘ ϳ͘WƌŽǀŝĚĞŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽĨƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĚŽĐƵŵĞŶƚƐƌĞƋƵĞƐƚĞĚďLJƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ĂŶĚŝƐƐƵĞĨŝĞůĚ  ŽƌĚĞƌƐ͕ĂŶĚͬŽƌĐŚĂŶŐĞŽƌĚĞƌƐ͕ĂƐŶĞĐĞƐƐĂƌLJ͘ ϴ͘ZĞǀŝĞǁĂŶĚƌĞĐŽŵŵĞŶĚĐŽŶƚƌĂĐƚŽƌ͛ƐƉĂLJƌĞƋƵĞƐƚƐ͘  ϵ͘&ŝĞůĚŶŐŝŶĞĞƌŝŶŐͬ^ŝƚĞsŝƐŝƚƐŵĂLJŝŶĐůƵĚĞ͗   Ă͘ƚƚĞŶĚĐŽŶƐƚƌƵĐƚŝŽŶŵĞĞƚŝŶŐƐƚŽƌĞǀŝĞǁǁŽƌŬŝƚĞŵƐ͕ǁŽƌŬĂƌĞĂƐ͕ƐĐŚĞĚƵůŝŶŐ͕ƋƵĂůŝƚLJƐƚĂŶĚĂƌĚƐ͕  ĐŽŶĐƌĞƚĞƚĞƐƚŝŶŐ͕ĂŶĚŽƚŚĞƌĐŽŶĐĞƌŶƐ͘tĞĞŬůLJĐŽŶƐƚƌƵĐƚŝŽŶŵĞĞƚŝŶŐƐƐŚĂůůďĞŚĞůĚĂƐƌĞƋƵŝƌĞĚďLJ ĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŵĂLJďĞƌĞĚƵĐĞĚŝŶĨƌĞƋƵĞŶĐLJĂƚKǁŶĞƌƐĞůĞĐƚŝŽŶ͘ ď͘KďƐĞƌǀĞĐŽŶƐƚƌƵĐƚŝŽŶ͗  ϭͿZĞǀŝĞǁǁŽƌŬĂƌĞĂƐŵĂƌŬĞĚďLJƚŚĞĐŽŶƚƌĂĐƚŽƌ͘  ϮͿŽŶĨŝƌŵƉƌĞƉĂƌĞĚƌĞƉĂŝƌĂƌĞĂƐĂŶĚƐƵƌĨĂĐĞƉƌĞƉĂƌĂƚŝŽŶǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚŽƌ͘  ϯͿdĞƐƚŝŶŐŐĞŶĐLJƚŽƉĞƌĨŽƌŵ^ƉĞĐŝĂů/ŶƐƉĞĐƚŝŽŶƐŽĨƐƚƌƵĐƚƵƌĂůƌĞŝŶĨŽƌĐŝŶŐĂŶĚĐŽŶĐƌĞƚĞŵĂƚĞƌŝĂů  ƚĞƐƚŝŶŐŽĨĐŽŶĐƌĞƚĞĂƐƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJ͘tĂůŬĞƌǁŝůůƌĞǀŝĞǁdĞƐƚŝŶŐŐĞŶĐLJƌĞƉŽƌƚƐĂƐ ƉƌŽǀŝĚĞĚ͘ ϰͿWƌŽǀŝĚĞĂĨŝĞůĚƌĞƉŽƌƚŽĨĞĂĐŚƐŝƚĞŽďƐĞƌǀĂƚŝŽŶ͘&ŝĞůĚƌĞƉŽƌƚǁŝůůŝŶĐůƵĚĞƌĞƉŽƌƚŝŶŐǁŽƌŬďĞŝŶŐ  ƉĞƌĨŽƌŵĞĚĂŶĚĂŶLJǁŽƌŬďĞůŝĞǀĞĚƚŽďĞƵŶƐĂƚŝƐĨĂĐƚŽƌLJ͕ĨĂƵůƚLJ͕ŽƌĚĞĨĞĐƚŝǀĞ͕ŽƌĚŽĞƐŶŽƚ ĐŽŶĨŽƌŵƚŽƚŚĞŽŶƐƚƌƵĐƚŝŽŶŽĐƵŵĞŶƚƐ͕ĂŶĚĂĚǀŝƐĞKǁŶĞƌŽĨǁŽƌŬƚŽďĞĐŽƌƌĞĐƚĞĚŽƌ ƌĞũĞĐƚĞĚ͘ Đ͘ZĞǀŝĞǁĐŽŶƚƌĂĐƚŽƌ͛ƐƉƵŶĐŚůŝƐƚ͖ƉƌĞƉĂƌĞĞŶŐŝŶĞĞƌ͛ƐƉƵŶĐŚůŝƐƚĂƚƐƵďƐƚĂŶƚŝĂůĐŽŵƉůĞƚŝŽŶĨŽƌ  ĐŽŶƚƌĂĐƚŽƌŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚĨŽůůŽǁƵƉƌĞǀŝĞǁŽĨƉƌŽũĞĐƚĐŽŵƉůĞƚŝŽŶ͘ >ŝŵŝƚĂƚŝŽŶƐ ƐƐƚĂƚĞĚŝŶƚŚĞĂďŽǀĞƐĐŽƉĞŽĨƐĞƌǀŝĐĞƐ͕ƚŚĞĂƐƐĞƐƐŵĞŶƚŝƐďĂƐĞĚŽŶǀŝƐƵĂůŽďƐĞƌǀĂƚŝŽŶƐĂŶĚůŝŵŝƚĞĚƚĞƐƚŝŶŐŽĨƚŚĞ ĞdžŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͘KƵƌŽďƐĞƌǀĂƚŝŽŶƐŵĂLJŶŽƚĚŝƐĐŽǀĞƌŽƌĚŝƐĐůŽƐĞůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐǁŝƚŚŽƵƚƉĞƌĨŽƌŵŝŶŐŵŽƌĞ ŝŶǀĂƐŝǀĞƚĞƐƚŝŶŐ͘DŽƌĞĚĞƚĂŝůĞĚĂŶĚŝŶǀĂƐŝǀĞƚĞƐƚŝŶŐĐĂŶďĞƉƌŽǀŝĚĞĚďLJtĂůŬĞƌĂƐĂŶĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞƵƉŽŶ ǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵůŝĞŶƚ͘ ŵĞƌŝĐĂŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐĐƚ ƌĞǀŝĞǁŽĨƚŚĞĨĂĐŝůŝƚLJĨŽƌƵŝůĚŝŶŐŽĚĞĐŽŵƉůŝĂŶĐĞĂŶĚĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŵĞƌŝĐĂŶƐǁŝƚŚŝƐĂďŝůŝƚŝĞƐĐƚ 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ƐĂŵĞŽƌƐŝŵŝůĂƌůŽĐĂůŝƚLJ͘tĂůŬĞƌŵĂŬĞƐŶŽǁĂƌƌĂŶƚLJ͕ĞdžƉƌĞƐƐŽƌŝŵƉůŝĞĚ͕ĂƐƚŽŝƚƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚŝƐ ĂŐƌĞĞŵĞŶƚ͘ ŶLJĞƐƚŝŵĂƚĞƐŽƌƉƌŽũĞĐƚŝŽŶƐƉƌŽǀŝĚĞĚďLJtĂůŬĞƌǁŝůůďĞƉƌĞŵŝƐĞĚŝŶƉĂƌƚƵƉŽŶĂƐƐƵŵƉƚŝŽŶƐƉƌŽǀŝĚĞĚďLJƚŚĞ ůŝĞŶƚ͘tĂůŬĞƌǁŝůůŶŽƚŝŶĚĞƉĞŶĚĞŶƚůLJŝŶǀĞƐƚŝŐĂƚĞƚŚĞĂĐĐƵƌĂĐLJŽĨƚŚĞĂƐƐƵŵƉƚŝŽŶƐ͘ĞĐĂƵƐĞŽĨƚŚĞŝŶŚĞƌĞŶƚ ƵŶĐĞƌƚĂŝŶƚLJĂŶĚƉƌŽďĂďůĞǀĂƌŝĂƚŝŽŶŽĨƚŚĞĂƐƐƵŵƉƚŝŽŶƐ͕ĂĐƚƵĂůƌĞƐƵůƚƐǁŝůůǀĂƌLJĨƌŽŵĞƐƚŝŵĂƚĞĚŽƌƉƌŽũĞĐƚĞĚƌĞƐƵůƚƐ KE^h>dEd^ͮϲ  ^ĞĐŽŶĚ^ƚƌĞĞƚWĂƌŬŝŶŐ'ĂƌĂŐĞʹŝƚLJŽĨZŽĐŚĞƐƚĞƌ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ DĂƌĐŚϱ͕ϮϬϮϰ ĂŶĚƐƵĐŚǀĂƌŝĂƚŝŽŶƐŵĂLJďĞŵĂƚĞƌŝĂů͘ƐƐƵĐŚ͕tĂůŬĞƌŵĂŬĞƐŶŽǁĂƌƌĂŶƚLJŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶ͕ĞdžƉƌĞƐƐŽƌŝŵƉůŝĞĚ͕ĂƐ ƚŽƚŚĞĂĐĐƵƌĂĐLJŽĨƚŚĞĞƐƚŝŵĂƚĞƐŽƌƉƌŽũĞĐƚŝŽŶƐ͘ >ŝŵŝƚĂƚŝŽŶŽĨ>ŝĂďŝůŝƚLJ dŽƚŚĞŵĂdžŝŵƵŵĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ƚŚĞůŝĞŶƚĂŐƌĞĞƐƚŽůŝŵŝƚtĂůŬĞƌ͛ƐůŝĂďŝůŝƚLJĨŽƌƚŚĞůŝĞŶƚ͛ƐĚĂŵĂŐĞƐƚŽ ƚŚĞƐƵŵŽĨΨϭϬ͕ϬϬϬŽƌtĂůŬĞƌ͛ƐĨĞĞ͕ǁŚŝĐŚĞǀĞƌŝƐŐƌĞĂƚĞƌ͘dŚŝƐůŝŵŝƚĂƚŝŽŶƐŚĂůůĂƉƉůLJƌĞŐĂƌĚůĞƐƐŽĨƚŚĞĐĂƵƐĞŽĨ ĂĐƚŝŽŶŽƌůĞŐĂůƚŚĞŽƌLJƉůĞĚŽƌĂƐƐĞƌƚĞĚ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶ tĂůŬĞƌĂŐƌĞĞƐ͕ƚŽƚŚĞĨƵůůĞƐƚĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ƚŽŝŶĚĞŵŶŝĨLJĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞůŝĞŶƚ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ ĚŝƌĞĐƚŽƌƐ͕ĂŶĚĞŵƉůŽLJĞĞƐ;ĐŽůůĞĐƚŝǀĞůLJ͕ůŝĞŶƚͿĂŐĂŝŶƐƚĂůůĚĂŵĂŐĞƐŽƌůŝĂďŝůŝƚŝĞƐ͕ƚŽƚŚĞĞdžƚĞŶƚĐĂƵƐĞĚďLJtĂůŬĞƌ͛Ɛ ŶĞŐůŝŐĞŶƚƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƚŚĂƚŽĨŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐŽƌĂŶLJŽŶĞĨŽƌ ǁŚŽŵtĂůŬĞƌŝƐůĞŐĂůůLJůŝĂďůĞ͘ dŚĞůŝĞŶƚĂŐƌĞĞƐ͕ƚŽƚŚĞĨƵůůĞƐƚĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ƚŽŝŶĚĞŵŶŝĨLJĂŶĚŚŽůĚŚĂƌŵůĞƐƐtĂůŬĞƌ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ ĚŝƌĞĐƚŽƌƐ͕ĞŵƉůŽLJĞĞƐ͕ĂŶĚƐƵďĐŽŶƐƵůƚĂŶƚƐ;ĐŽůůĞĐƚŝǀĞůLJtĂůŬĞƌͿĂŐĂŝŶƐƚĂůůĚĂŵĂŐĞƐŽƌůŝĂďŝůŝƚŝĞƐ͕ƚŽƚŚĞĞdžƚĞŶƚ ĐĂƵƐĞĚďLJƚŚĞůŝĞŶƚ͛ƐŶĞŐůŝŐĞŶ ƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞWƌŽũĞĐƚĂƐǁĞůůĂƐƚŚĞĂĐƚƐ͕ ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŽĨŝƚƐĐŽŶƚƌĂĐƚŽƌƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌĐŽŶƐƵůƚĂŶƚƐŽƌĂŶLJŽŶĞĨŽƌǁŚŽŵƚŚĞůŝĞŶƚŝƐůĞŐĂůůLJ ůŝĂďůĞ͘ EĞŝƚŚĞƌƚŚĞůŝĞŶƚŶŽƌtĂůŬĞƌƐŚĂůůďĞŽďůŝŐĂƚĞĚƚŽŝŶĚĞŵŶŝĨLJƚŚĞŽƚŚĞƌƉĂƌƚLJŝŶĂŶLJŵĂŶŶĞƌǁŚĂƚƐŽĞǀĞƌĨŽƌƚŚĞ ŽƚŚĞƌƉĂƌƚLJ͛ƐŽǁŶŶĞŐůŝŐĞŶĐĞŽƌĨŽƌƚŚĞŶĞŐůŝŐĞŶĐĞŽĨŽƚŚĞƌƐ͘ KǁŶĞƌƐŚŝƉŽĨŽĐƵŵĞŶƚƐ tĂůŬĞƌƐŚĂůůƌĞƚĂŝŶŽǁŶĞƌƐŚŝƉŽĨĂůůƌĞƉŽƌƚƐ͕ĚƌĂǁŝŶŐƐ͕ƉůĂŶƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ĞůĞĐƚƌŽŶŝĐĨŝůĞƐ͕ĨŝĞůĚĚĂƚĂ͕ŶŽƚĞƐ͕ ĐĂůĐƵůĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌĚŽĐƵŵĞŶƚƐĂŶĚŝŶƐƚƌƵŵĞŶƚƐƉƌĞƉĂƌĞĚďLJtĂůŬĞƌĂƐŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞ͘tĂůŬĞƌƐŚĂůů ƌĞƚĂŝŶĂůůĐŽŵŵŽŶůĂǁ͕ƐƚĂƚƵƚŽƌLJ͕ĂŶĚŽƚŚĞƌƌĞƐĞƌǀĞĚƌŝŐŚƚƐ͕ŝŶĐůƵĚŝŶŐ͕ǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕ĂůůĐŽƉLJƌŝŐŚƚƐƚŚĞƌĞƚŽ͘ ŶLJƵƐĞĨŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐŽƌĞdžƚĞŶƐŝŽŶƐŽĨƚŚŝƐǁŽƌŬ͕ĨŽƌŶĞǁƉƌŽũĞĐƚƐ͕ŽƌĨŽƌĐŽŵƉůĞƚŝŽŶŽĨƚŚŝƐƉƌŽũĞĐƚďLJŽƚŚĞƌƐ ǁŝƚŚŽƵƚtĂůŬĞƌ͛ƐǁƌŝƚƚĞŶĐŽŶƐĞŶƚǁŝůůďĞĂƚƚŚĞůŝĞŶƚ͛ƐƐŽůĞƌŝƐŬ͘ ŽŶƐĞƋƵĞŶƚŝĂůĂŵĂŐĞƐ dŚĞůŝĞŶƚĂŶĚtĂůŬĞƌǁĂŝǀĞĐŽŶƐĞƋƵĞŶƚŝĂůĚĂŵĂŐĞƐĨŽƌĐůĂŝŵƐ͕ĚŝƐƉƵƚĞƐ͕ŽƌŽƚŚĞƌŵĂƚƚĞƌƐŝŶƋƵĞƐƚŝŽŶ͕ĂƌŝƐŝŶŐŽƵƚ ŽĨŽƌƌĞůĂƚŝŶŐƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘ ŝƐƉƵƚĞZĞƐŽůƵƚŝŽŶ dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJƚŚĞůĂǁƐŽĨƚŚĞŽŵŵŽŶǁĞĂůƚŚ͕ŝƐƚƌŝĐƚ͕Žƌ^ƚĂƚĞŽĨƚŚĞŽĨĨŝĐĞƉĞƌĨŽƌŵŝŶŐ tĂůŬĞƌ͛ƐƐĞƌǀŝĐĞƐ͘/ŶĂĚĚŝƚŝŽŶƚŽ͕ĂŶĚĂƐĂĐŽŶĚŝƚŝŽŶƉƌĞĐĞĚĞŶƚƚŽůŝƚŝŐĂƚŝŽŶ͕ƚŚĞůŝĞŶƚĂŶĚtĂůŬĞƌƐŚĂůůĞŶĚĞĂǀŽƌ ƚŽƌĞƐŽůǀĞĐůĂŝŵƐ͕ĚŝƐƉƵƚĞƐ͕ĂŶĚŽƚŚĞƌŵĂƚƚĞƌƐŝŶƋƵĞƐƚŝŽŶďĞƚǁĞĞŶƚŚĞŵďLJŵĞĚŝĂƚŝŽŶ͕ǁŚŝĐŚ͕ƵŶůĞƐƐƚŚĞƉĂƌƚŝĞƐ ŵƵƚƵĂůůLJĂŐƌĞĞŽƚŚĞƌǁŝƐĞ͕ƐŚĂůůďĞĂĚŵŝŶŝƐƚĞƌĞĚďLJƚŚĞŵĞƌŝĐĂŶƌďŝƚƌĂƚŝŽŶƐƐŽĐŝĂƚŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŝƚƐ ŽŶƐƚƌƵĐƚŝŽŶ/ŶĚƵƐƚƌLJDĞĚŝĂƚŝŽŶWƌŽĐĞĚƵƌĞƐŝŶĞĨĨĞĐƚŽŶƚŚĞĚĂƚĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ƌĞƋƵĞƐƚĨŽƌŵĞĚŝĂƚŝŽŶƐŚĂůů ďĞŵĂĚĞŝŶǁƌŝƚŝŶŐ͕ĚĞůŝǀĞƌĞĚƚŽƚŚĞŽƚŚĞƌƉĂƌƚLJƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚĨŝůĞĚǁŝƚŚƚŚĞƉĞƌƐŽŶŽƌĞŶƚŝƚLJ ĂĚŵŝŶŝƐƚĞƌŝŶŐƚŚĞŵĞĚŝĂƚŝŽŶ͘ KE^h>dEd^ͮϳ  ^ĞĐŽŶĚ^ƚƌĞĞƚWĂƌŬŝŶŐ'ĂƌĂŐĞʹŝƚLJŽĨZŽĐŚĞƐƚĞƌ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ DĂƌĐŚϱ͕ϮϬϮϰ dŚĞƉĂƌƚŝĞƐƐŚĂůůƐŚĂƌĞƚŚĞŵĞĚŝĂƚŽƌ͛ƐĨĞĞĂŶĚĂŶLJĨŝůŝŶŐĨĞĞƐĞƋƵĂůůLJ͘dŚĞŵĞĚŝĂƚŝŽŶƐŚĂůůďĞŚĞůĚŝŶƚŚĞůŽĐĂůŝƚLJŽĨ ƚŚĞtĂůŬĞƌŽĨĨŝĐĞƉĞƌĨŽƌŵŝŶŐƐĞƌǀŝĐĞƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ EŽŶͲ^ŽůŝĐŝƚĂƚŝŽŶůĂƵƐĞ dŚĞůŝĞŶƚĂŐƌĞĞƐƚŚĂƚŝƚǁŝůůŶŽƚĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJƐŽůŝĐŝƚĨŽƌĞŵƉůŽLJŵĞŶƚĂŶLJtĂůŬĞƌĞŵƉůŽLJĞĞƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐŽŶďĞŚĂůĨŽĨůŝĞŶƚĨŽƌĂƉĞƌŝŽĚŽĨƚǁŽLJĞĂƌƐĂĨƚĞƌƚŚĞĚĂƚĞŽĨƚŚŝƐĂŐƌĞĞŵĞŶƚ͘ůŝĞŶƚĂŐƌĞĞƐƚŚĂƚĂďƌĞĂĐŚ ŽĨƚŚŝƐƉƌŽǀŝƐŝŽŶǁŽƵůĚŚĂǀĞŵĂƚĞƌŝĂůĂŶĚĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶtĂůŬĞƌ͛ƐďƵƐŝŶĞƐƐĂŶĚůŝĞŶƚƚŚĞƌĞĨŽƌĞĂŐƌĞĞƐƚŽ ƉĂLJtĂůŬĞƌĂŶĂŵŽƵŶƚĞƋƵĂůƚŽƚǁŽƚŝŵĞƐƚŚĞĂŶŶƵĂůƐĂůĂƌLJŽĨĂŶLJĞŵƉůŽLJĞĞŽĨtĂůŬĞƌǁŚŽĂĐĐĞƉƚƐĂƉŽƐŝƚŝŽŶ ǁŝƚŚůŝĞŶƚǁŝƚŚŝŶƐƵĐŚƚǁŽͲLJĞĂƌƉĞƌŝŽĚ͕ŝŶĂĚĚŝƚŝŽŶƚŽĂůůŽƚŚĞƌƌŝŐŚƚƐĂŶĚƌĞŵĞĚŝĞƐĂǀĂŝůĂďůĞƚŽtĂůŬĞƌ͘ WƌŽƉƌŝĞƚĂƌLJ/ŶĨŽƌŵĂƚŝŽŶ dŚĞŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐƉƌŽƉŽƐĂůŝƐĐŽŶĨŝĚĞŶƚŝĂů͕ƉƌŝǀŝůĞŐĞĚ͕ĂŶĚŽŶůLJĨŽƌƚŚĞůŝĞŶƚĂŶĚŵĂLJŶŽƚďĞ ƐŚĂƌĞĚ͕ƉƵďůŝƐŚĞĚ͕ŽƌƌĞĚŝƐƚƌŝďƵƚĞĚǁŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶƉĞƌŵŝƐƐŝŽŶĨƌŽŵtĂůŬĞƌŽŶƐƵůƚĂŶƚƐ͘     KE^h>dEd^ͮϴ  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ϯϴϬϭ͕ĞƚƐĞƋ͕͘ĂƉƉůLJƚŽƚŚŝƐĐĞƌƚŝĨŝĐĂƚŝŽŶĂŶĚĚŝƐĐůŽƐƵƌĞ͕ŝĨĂŶLJ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ^ŝŐŶĂƚƵƌĞŽĨŽŶƚƌĂĐƚŽƌΖƐƵƚŚŽƌŝnjĞĚKĨĨŝĐŝĂů 'RPLQLF$'L%ULWR3(5HJLRQDO0DQDJLQJ'LUHFWRU86$ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ EĂŵĞĂŶĚdŝƚůĞŽĨŽŶƚƌĂĐƚŽƌΖƐƵƚŚŽƌŝnjĞĚKĨĨŝĐŝĂů -DQXDU\     <EKt>'DEdK&d>KDDhE/d/KE^͗ ŽŶƚƌĂĐƚŽƌŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ:ŽŚŶ^͘DĐĂŝŶEĂƚŝŽŶĂůĞĨĞŶƐĞƵƚŚŽƌŝnjĂƚŝŽŶĐƚĨŽƌ&ŝƐĐĂůzĞĂƌϮϬϭϵ͕WƵď͘>͘ ϭϭϱϮϯϮ͕Αϴϴϵ;ƵŐ͘ϭϯ͕ϮϬϭϴͿ;ƚŚĞĐƚͿƉƌŽŚŝďŝƚƐƚŚĞŐĞŶĐLJĨƌŽŵƉƌŽĐƵƌŝŶŐĐĞƌƚĂŝŶ͞ĐŽǀĞƌĞĚƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĞƋƵŝƉŵĞŶƚŽƌƐĞƌǀŝĐĞƐ͕͟ĂƐĚĞĨŝŶĞĚŝŶƚŚĞĐƚ͕ŝŶĨĞĚĞƌĂůůLJĂƐƐŝƐƚĞĚƉƌŽĐƵƌĞŵĞŶƚƐĂŶĚƚŚĂƚƚŚĞŝŶƐƚĂŶƚƉƌŽĐƵƌĞŵĞŶƚŝƐĂ ĨĞĚĞƌĂůůLJĂƐƐŝƐƚĞĚƉƌŽĐƵƌĞŵĞŶƚƐƵďũĞĐƚƚŽƚŚĂƚƉƌŽŚŝďŝƚŝŽŶ͘ŽŶƚƌĂĐƚŽƌƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐƉĞƌĨŽƌŵĞĚĂ ĚƵĞĚŝůŝŐĞŶĐĞƌĞǀŝĞǁŽĨŝƚƐƐƵƉƉůLJĐŚĂŝŶĂŶĚƚŚĂƚŶŽƐƵĐŚ͞ĐŽǀĞƌĞĚƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƋƵŝƉŵĞŶƚŽƌƐĞƌǀŝĐĞƐ͟ƐŚĂůůďĞ ƉƌŽǀŝĚĞĚƚŽƚŚĞŐĞŶĐLJƚŚĂƚǁŽƵůĚĐĂƵƐĞƚŚĞŐĞŶĐLJƚŽďĞŝŶǀŝŽůĂƚŝŽŶŽĨƚŚĞƉƌŽŚŝďŝƚŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚĞĐƚ͘ +DWFK$VVRFLDWHV&RQVXOWDQWV,QF ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽŵƉĂŶLJEĂŵĞƵƚŚŽƌŝnjĞĚŽŵƉĂŶLJZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐŝŐŶĂƚƵƌĞͿ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ :HVW&DUVRQ6WUHHW6XLWH 'RPLQLF$'L%ULWR3(5HJLRQDO0DQDJLQJ'LUHFWRU86$ ĚĚƌĞƐƐƵƚŚŽƌŝnjĞĚŽŵƉĂŶLJZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƉƌŝŶƚĞĚͿ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ 3LWWVEXUJK3$-DQXDU\       ZĞƋƵĞƐƚĨŽƌDŽĚŝĮĐĂƟŽŶƐƚŽŽŶƚƌĂĐƚdĞƌŵƐ   tĞŚĂǀĞƌĞǀŝĞǁĞĚƚŚĞůĂŶŐƵĂŐĞĐŽŶƚĂŝŶĞĚŝŶƚŚĞZĞƋƵĞƐƚĨŽƌWƌŽƉŽƐĂůʹĞƌŽͲŵŝƐƐŝŽŶƵƐdƌĂŶƐŝƟŽŶWůĂŶ͘KƵƌ ƌĞǀŝĞǁŚĂƐŝĚĞŶƟĮĞĚĂƌĞĂƐǁŚĞƌĞǁĞǁŝƐŚƚŽƉƌŽƉŽƐĞ͕ĨŽƌZŽĐŚĞƐƚĞƌWƵďůŝĐdƌĂŶƐŝƚ͛Ɛ;ZWdͿĐŽŶƐŝĚĞƌĂƟŽŶ͕ĚĞǀŝĂƟŽŶƐ ĨƌŽŵƚŚĞůĂŶŐƵĂŐĞŽīĞƌĞĚ͘dŚĞĐŚĂŶŐĞƐǁĞƉƌŽƉŽƐĞĂƌĞůŝƐƚĞĚďĞůŽǁ͘/ŶĞĂĐŚŝŶƐƚĂŶĐĞ͕ǁĞŚĂǀĞƉƌŽǀŝĚĞĚ͕ĨŽƌƚŚĞ ƌĞĂĚĞƌ͛ƐĐŽŶǀĞŶŝĞŶĐĞ͗   ƚŚĞƐĞĐƚŝŽŶĂŶĚĞdžĂĐƚƉƌŽǀŝƐŝŽŶ͖   ƚŚĞĞdžĂĐƚůĂŶŐƵĂŐĞĐŚĂŶŐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶƚŚĞKĨĨĞƌŽƌŝƐƌĞƋƵĞƐƚŝŶŐ͖ĂŶĚ   ĂŶĞdžƉůĂŶĂƚŝŽŶŽĨǁŚLJƚŚĞĐŚĂŶŐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŝƐďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘ tĞďĞůŝĞǀĞƚŚĂƚZWd͛ƐƌĞǀŝĞǁŽĨƚŚĞƐĞƌĞƋƵĞƐƚƐǁŝůůĚĞŵŽŶƐƚƌĂƚĞƚŚĂƚƚŚĞĐŽŶĐĞƌŶƐǁĞŚĂǀĞƌĂŝƐĞĚĂƌĞƌĞĂƐŽŶĂďůĞ͕ ĂŶĚƚŚĞĐŚĂŶŐĞƐǁĞŚĂǀĞƉƌŽƉŽƐĞĚǁŝůůƌĞƐƵůƚŝŶĂŶĂŐƌĞĞŵĞŶƚƚŚĂƚŝƐĨĂŝƌĂŶĚĞƋƵŝƚĂďůĞƚŽďŽƚŚƉĂƌƟĞƐ͘/ĨƚŚĞƌĞĂƌĞ ĂŶLJƋƵĞƐƟŽŶƐŽƌĐŽŶĐĞƌŶƐƌĞŐĂƌĚŝŶŐĂŶLJŽĨƚŚĞƌĞƋƵĞƐƚƐ͕ǁĞǁŽƵůĚďĞƉůĞĂƐĞĚƚŽƉƌŽǀŝĚĞĂĚĚŝƟŽŶĂůƐƵƉƉŽƌƟŶŐ ŝŶĨŽƌŵĂƟŽŶĨŽƌZWd͛ƐĐŽŶƐŝĚĞƌĂƟŽŶ͘ WůĞĂƐĞĂĚĚƚŚĞĨŽůůŽǁŝŶŐƐĞĐƟŽŶƐ͗ ϭ͘/ŶƐƵƌĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͕WĂŐĞϭϵ͕ƐĞĐƚŝŽŶϰĐŽŶƚĂŝŶƐƚŚĞĨŽůůŽǁŝŶŐůĂŶŐƵĂŐĞ͗  ŶLJĚĞĚƵĐƚŝďůĞǁŝůůďĞƚŚĞƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞŽŶƚƌĂĐƚŽƌĂŶĚŵĂLJŶŽƚĞdžĐĞĞĚΨϱϬ͕ϬϬϬ ǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶĂƉƉƌŽǀĂůŽĨƚŚĞŝƚLJ͘/ĨƚŚĞŽŶƚƌĂĐƚŽƌĚĞƐŝƌĞƐĂƵƚŚŽƌŝƚLJĨƌŽŵƚŚĞŝƚLJƚŽŚĂǀĞ ĂĚĞĚƵĐƚŝďůĞŝŶĂŚŝŐŚĞƌĂŵŽƵŶƚ͕ƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůƐŽƌĞƋƵĞƐƚŝŶǁƌŝƚŝŶŐ͕ƐƉĞĐŝĨLJŝŶŐƚŚĞĂŵŽƵŶƚ ŽĨƚŚĞĚĞƐŝƌĞĚĚĞĚƵĐƚŝďůĞĂŶĚƉƌŽǀŝĚŝŶŐĨŝŶĂŶĐŝĂůĚŽĐƵŵĞŶƚĂƚŝŽŶďLJƐƵďŵŝƚƚŝŶŐƚŚĞŵŽƐƚĐƵƌƌĞŶƚ ĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐŽƚŚĂƚƚŚĞŝƚLJĐĂŶĂƐĐĞƌƚĂŝŶƚŚĞĂďŝůŝƚLJŽĨƚŚĞŽŶƚƌĂĐƚŽƌƚŽĐŽǀĞƌ ƚŚĞĚĞĚƵĐƚŝďůĞĨƌŽŵŝƚƐŽǁŶƌĞƐŽƵƌĐĞƐ͘  tĞƌĞƋƵĞƐƚƚŚĞĨŽůůŽǁŝŶŐĐŚĂŶŐĞ͗  ŶLJĚĞĚƵĐƚŝďůĞǁŝůůďĞƚŚĞƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞŽŶƚƌĂĐƚŽƌĂŶĚŵĂLJŶŽƚĞdžĐĞĞĚΨϱϬ͕ϬϬϬ ǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶĂƉƉƌŽǀĂůŽĨƚŚĞŝƚLJ͘/ĨƚŚĞŽŶƚƌĂĐƚŽƌĚĞƐŝƌĞƐĂƵƚŚŽƌŝƚLJĨƌŽŵƚŚĞŝƚLJƚŽŚĂǀĞ ĂĚĞĚƵĐƚŝďůĞŝŶĂŚŝŐŚĞƌĂŵŽƵŶƚ͕ƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůƐŽƌĞƋƵĞƐƚŝŶǁƌŝƚŝŶŐ͕ƐƉĞĐŝĨLJŝŶŐƚŚĞĂŵŽƵŶƚ ŽĨƚŚĞĚĞƐŝƌĞĚĚĞĚƵĐƚŝďůĞĂŶĚƉƌŽǀŝĚŝŶŐĨŝŶĂŶĐŝĂůĚŽĐƵŵĞŶƚĂƚŝŽŶďLJƐƵďŵŝƚƚŝŶŐƚŚĞŵŽƐƚĐƵƌƌĞŶƚ ĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐŽƚŚĂƚƚŚĞŝƚLJĐĂŶĂƐĐĞƌƚĂŝŶƚŚĞĂďŝůŝƚLJŽĨƚŚĞŽŶƚƌĂĐƚŽƌƚŽĐŽǀĞƌ ƚŚĞĚĞĚƵĐƚŝďůĞĨƌŽŵŝƚƐŽǁŶƌĞƐŽƵƌĐĞƐ͘  tĞƌĞƋƵĞƐƚƚŚŝƐĐŚĂŶŐĞďĞĐĂƵƐĞŽŶƚƌĂĐƚŽƌŚĂƐĂĐŽŶƚƌŽůůĞĚŵƵůƚŝŶĂƚŝŽŶĂůŝŶƐƵƌĂŶĐĞƉƌŽŐƌĂŵĂŶĚŝƐƐŽůĞůLJ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉĂLJŵĞŶƚŽĨĂŶLJĚĞĚƵĐƚŝďůĞƐŽƌƐĞůĨ Ͳ ŝŶƐƵƌĞĚƌĞƚĞŶƚŝŽŶƐ͘ŽŶƚƌĂĐƚŽƌǁŝůůŶŽƚĞǀŝĚĞŶĐĞƚŚĞ ƐƚĂƚĞĚĂŵŽƵŶƚŽŶƚŚĞĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞ͘  Ϯ͘/ŶƐƵƌĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͕WĂŐĞϮϬ͕ƐĞĐƚŝŽŶϱĐŽŶƚĂŝŶƐƚŚĞĨŽůůŽǁŝŶŐůĂŶŐƵĂŐĞ͗  ůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐŵƵƐƚďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶďLJƚŚĞŝƚLJ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵƵƐƚďĞ x ƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJ͛ƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚ͘ Ͳϭ   ZĞƋƵĞƐƚĨŽƌDŽĚŝĮĐĂƟŽŶƐƚŽŽŶƚƌĂĐƚdĞƌŵƐ  dŚĞŽŶƚƌĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚĂĞƌƚŝĨŝĐĂƚĞƐŽĨ/ŶƐƵƌĂŶĐĞĂĐĐĞƉƚĂďůĞƚŽƚŚĞŝƚLJĂƐĞǀŝĚĞŶĐĞ x ŽĨƚŚĞƌĞƋƵŝƌĞĚŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŵŽĚŝĨLJƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂƉĂƌƚŝĐƵůĂƌƉƌŽũĞĐƚ͘ x  tĞƌĞƋƵĞƐƚƚŚĞĨŽůůŽǁŝŶŐĐŚĂŶŐĞƐ͗  ůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐŵƵƐƚďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶďLJƚŚĞŝƚLJ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵƵƐƚďĞ x ƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJ͛ƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚ͘ dŚĞŽŶƚƌĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚĂĞƌƚŝĨŝĐĂƚĞƐŽĨ/ŶƐƵƌĂŶĐĞĂĐĐĞƉƚĂďůĞƚŽƚŚĞŝƚLJĂƐĞǀŝĚĞŶĐĞ x ŽĨƚŚĞƌĞƋƵŝƌĞĚŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŵŽĚŝĨLJƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂƉĂƌƚŝĐƵůĂƌƉƌŽũĞĐƚĂĨƚĞƌ x ŶĞŐŽƚŝĂƚŝŶŐŵŽĚŝĨŝĐĂƚŝŽŶƐǁŝƚŚŽŶƚƌĂĐƚŽƌ͘  tĞƌĞƋƵĞƐƚƚŚĞƐĞĐŚĂŶŐĞƐďĞĐĂƵƐĞŽŶƚƌĂĐƚŽƌǁŝůůŽŶůLJƉƌŽǀŝĚĞĐĞƌƟĮĐĂƚĞƐŽĨŝŶƐƵƌĂŶĐĞĂƐĞǀŝĚĞŶĐĞŽĨ ŝŶƐƵƌĂŶĐĞ͘ƐƐƚĂƚĞĚĂďŽǀĞ͕ŽŶƚƌĂĐƚŽƌŚĂƐĂĐŽŶƚƌŽůůĞĚŵƵůƟŶĂƟŽŶĂůĐŽƌƉŽƌĂƚĞƉŽůŝĐLJ͕ĂŶĚŽƵƌƉŽůŝĐLJ ĚŽĐƵŵĞŶƚƐĐŽŶƚĂŝŶƐƉƌŽƉƌŝĞƚĂƌLJĂŶĚĐŽŶĮĚĞŶƟĂůŝŶĨŽƌŵĂƟŽŶ͘ŽŶƚƌĂĐƚŽƌ͕ƚŚĞƌĞĨŽƌĞ͕ĚŽĞƐŶŽƚƐŚĂƌĞ ƉŽůŝĐLJĚŽĐƵŵĞŶƚƐ͘ŽŶƚƌĂĐƚŽƌŵƵƐƚŚĂǀĞĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽŶĞŐŽƟĂƚĞĐŚĂŶŐĞƐƚŽŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ ƚŽĞŶƐƵƌĞŽŶƚƌĂĐƚŽƌĐĂŶŵĞĞƚƚŚŽƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘  ϯ͘/ŶƐƵƌĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͕WĂŐĞϮϬ͕ƐĞĐƚŝŽŶϱĐŽŶƚĂŝŶƐƚŚĞĨŽůůŽǁŝŶŐůĂŶŐƵĂŐĞ͗  ZŝŐŚƚƚŽdĞƌŵŝŶĂƚĞ͗ dŚĞŝƚLJǁŝůůƌĞƐĞƌǀĞƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƚĞƌŵŝŶĂƚĞƚŚĞŽŶƚƌĂĐƚ/ĨƚŚĞƐƵĐĐĞƐƐĨƵůƌĞƐƉŽŶĚĞƌŝƐ ŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶĚůĞŐĂů ƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚƚŚĞƐƵĐĐĞƐƐĨƵůƌĞƐƉŽŶĚĞƌ͘ůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐŵƵƐƚďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶďLJ ƚŚĞŝƚLJĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚ͘  tĞƌĞƋƵĞƐƚƚŚĞĨŽůůŽǁŝŶŐĐŚĂŶŐĞ͗  dŚĞŝƚLJǁŝůůƌĞƐĞƌǀĞƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƚĞƌŵŝŶĂƚĞƚŚĞŽŶƚƌĂĐƚ/ĨƚŚĞƐƵĐĐĞƐƐĨƵůƌĞƐƉŽŶĚĞƌŝƐ ŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶĚůĞŐĂů ƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚƚŚĞƐƵĐĐĞƐƐĨƵůƌĞƐƉŽŶĚĞƌ͘ůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐŵƵƐƚďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶďLJ ƚŚĞŝƚLJĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚ͘  ƐƐƚĂƚĞĚĂďŽǀĞ͕ǁĞƌĞƋƵĞƐƚƚŚŝƐĐŚĂŶŐĞďĞĐĂƵƐĞŽŶƚƌĂĐƚŽƌŚĂƐĂĐŽŶƚƌŽůůĞĚŵƵůƚŝŶĂƚŝŽŶĂůĐŽƌƉŽƌĂƚĞ ƉŽůŝĐLJ͕ĂŶĚŽƵƌƉŽůŝĐLJĚŽĐƵŵĞŶƚƐĐŽŶƚĂŝŶƐƉƌŽƉƌŝĞƚĂƌLJĂŶĚĐŽŶĨŝĚĞŶƚŝĂůŝŶĨŽƌŵĂƚŝŽŶ͘ŽŶƚƌĂĐƚŽƌ͕ƚŚĞƌĞĨŽƌĞ͕ ĚŽĞƐŶŽƚƐŚĂƌĞƉŽůŝĐLJĚŽĐƵŵĞŶƚƐ͘  ϰ͘/ŶĚĞŵŶŝƚLJ͕WĂŐĞϭϵĐŽŶƚĂŝŶƐƚŚĞĨŽůůŽǁŝŶŐůĂŶŐƵĂŐĞ͗  ͲϮ   ZĞƋƵĞƐƚĨŽƌDŽĚŝĮĐĂƟŽŶƐƚŽŽŶƚƌĂĐƚdĞƌŵƐ  dŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůŝŶĚĞŵŶŝĨLJ͕ŚŽůĚŚĂƌŵůĞƐƐĂŶĚĚĞĨĞŶĚƚŚĞŝƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐĂŶĚ ĞŵƉůŽLJĞĞƐĨƌŽŵĂŶLJĂŶĚĂůůĐůĂŝŵƐ͕ĚĂŵĂŐĞƐŽƌůŝĂďŝůŝƚLJŽĨĂŶLJŬŝŶĚĂƌŝƐŝŶŐŽƵƚŽĨĂŶLJĂĐƚƐ͕ĞƌƌŽƌƐ ŽƌŽŵŝƐƐŝŽŶƐŽĨƚŚĞŽŶƚƌĂĐƚŽƌ͕ŝƚƐĂŐĞŶƚƐŽƌĞŵƉůŽLJĞĞƐ͕ŝŶĨƵƌŶŝƐŚŝŶŐƐĞƌǀŝĐĞƐŽƌƉĞƌĨŽƌŵŝŶŐǁŽƌŬ ƉƵƌƐƵĂŶƚƚŽƚŚŝƐĐŽŶƚƌĂĐƚŽƵƚƐŝĚĞŽĨƚŚŽƐĞĐůĂŝŵƐĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞŝƚLJ͛ƐŐĞŶĞƌĂůůŝĂďŝůŝƚLJ ŝŶƐƵƌĂŶĐĞ͘ EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞǀĂůƵĂƚŝŽŶƌŝƚĞƌŝĂŝŶƚŚŝƐZ&WĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞĨĂĐƚƚŚĂƚƚŚĞŝƚLJ ĚŽĞƐŶŽƚŚŝƌĞ͕ƚƌĂŝŶŽƌƐƵƉĞƌǀŝƐĞƚŚĞŽŶƚƌĂĐƚŽƌ͛ƐĞŵƉůŽLJĞĞƐƉĞƌĨŽƌŵŝŶŐƚŚĞƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJ ƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůďĞƐŽůĞůLJƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĂŶĚĂůůĂĐƚƐƉĞƌĨŽƌŵĞĚďLJŝƚƐ ĞŵƉůŽLJĞĞƐŝŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂƐƐƵĐŚĂŶĚǁŝƚŚŽƵƚƌĞŐĂƌĚĨŽƌƚŚĞĐŽǀĞƌĂŐĞ ƉƌŽǀŝĚĞĚďLJƚŚĞŝƚLJ͛ƐŐĞŶĞƌĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞ͕ĐŽŶƚƌĂĐƚŽƌƐŚĂůůŝŶĚĞŵŶŝĨLJ͕ŚŽůĚŚĂƌŵůĞƐƐĂŶĚ ĚĞĨĞŶĚƚŚĞŝƚLJ͛Ɛ͕ŝƚΖƐŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐĂŶĚĞŵƉůŽLJĞĞƐĨƌŽŵĂŶLJĂŶĚĂůůĐůĂŝŵƐ͕ĚĂŵĂŐĞƐŽƌůŝĂďŝůŝƚLJ ŽĨĂŶLJŬŝŶĚĂƌŝƐŝŶŐŽƵƚŽĨĂŶLJĂĐƚƐ͕ĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽĨƚŚĞŽŶƚƌĂĐƚŽƌŽƌŝƚƐĂŐĞŶƚƐŽƌĞŵƉůŽLJĞĞƐ ŝŶĨƵƌŶŝƐŚŝŶŐƐĞƌǀŝĐĞƐŽĨƉĞƌĨŽƌŵŝŶŐǁŽƌŬƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘  tĞƌĞƋƵĞƐƚƚŚĞĨŽůůŽǁŝŶŐĐŚĂŶŐĞƐ͗  dŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐĂŶĚĚĞĨĞŶĚƚŚĞŝƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐĂŶĚ ĞŵƉůŽLJĞĞƐĨƌŽŵĂŶLJĂŶĚĂůůĐůĂŝŵƐ͕ĚĂŵĂŐĞƐŽƌůŝĂďŝůŝƚLJŽĨĂŶLJŬŝŶĚĂƌŝƐŝŶŐŽƵƚŽĨĂŶLJĂĐƚƐ͕ĞƌƌŽƌƐ ŽƌŽŵŝƐƐŝŽŶƐŽĨƚŚĞŽŶƚƌĂĐƚŽƌ͕ŝƚƐĂŐĞŶƚƐŽƌĞŵƉůŽLJĞĞƐ͕ŝŶĨƵƌŶŝƐŚŝŶŐƐĞƌǀŝĐĞƐŽƌƉĞƌĨŽƌŵŝŶŐǁŽƌŬ ƉƵƌƐƵĂŶƚƚŽƚŚŝƐĐŽŶƚƌĂĐƚŽƵƚƐŝĚĞŽĨƚŚŽƐĞĐůĂŝŵƐĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞŝƚLJ͛ƐŐĞŶĞƌĂůůŝĂďŝůŝƚLJ ŝŶƐƵƌĂŶĐĞ͕ƚŽƚŚĞĞdžƚĞŶƚƐĂŝĚĚĂŵĂŐĞƐŽƌůŝĂďŝůŝƚLJĂƌĞĐĂƵƐĞĚƐŽůĞůLJďLJƚŚĞŽŶƚƌĂĐƚŽƌ͕ŝƚƐĂŐĞŶƚƐ ŽƌĞŵƉůŽLJĞĞƐ͕ĂŶĚĚĞƚĞƌŵŝŶĞĚďLJĂĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶ͘ EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞǀĂůƵĂƚŝŽŶƌŝƚĞƌŝĂŝŶƚŚŝƐZ&WĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞĨĂĐƚƚŚĂƚƚŚĞŝƚLJ ĚŽĞƐŶŽƚŚŝƌĞ͕ƚƌĂŝŶŽƌƐƵƉĞƌǀŝƐĞƚŚĞŽŶƚƌĂĐƚŽƌ͛ƐĞŵƉůŽLJĞĞƐƉĞƌĨŽƌŵŝŶŐƚŚĞƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďLJ ƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůďĞƐŽůĞůLJƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJĂŶĚĂůůĂĐƚƐƉĞƌĨŽƌŵĞĚďLJŝƚƐ ĞŵƉůŽLJĞĞƐŝŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚĂƐƐƵĐŚĂŶĚǁŝƚŚŽƵƚƌĞŐĂƌĚĨŽƌƚŚĞĐŽǀĞƌĂŐĞ ƉƌŽǀŝĚĞĚďLJƚŚĞŝƚLJ͛ƐŐĞŶĞƌĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞ͕ĐŽŶƚƌĂĐƚŽƌƐŚĂůůŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐ ĂŶĚĚĞĨĞŶĚƚŚĞŝƚLJ͛Ɛ͕ŝƚΖƐŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐĂŶĚĞŵƉůŽLJĞĞƐĨƌŽŵĂŶLJĂŶĚĂůůĐůĂŝŵƐ͕ĚĂŵĂŐĞƐŽƌ ůŝĂďŝůŝƚLJŽĨĂŶLJŬŝŶĚĂƌŝƐŝŶŐŽƵƚŽĨĂŶLJĂĐƚƐ͕ĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽĨƚŚĞŽŶƚƌĂĐƚŽƌŽƌŝƚƐĂŐĞŶƚƐŽƌ ĞŵƉůŽLJĞĞƐŝŶĨƵƌŶŝƐŚŝŶŐƐĞƌǀŝĐĞƐŽĨƉĞƌĨŽƌŵŝŶŐǁŽƌŬƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͕ƚŽƚŚĞĞdžƚĞŶƚƐĂŝĚ ĚĂŵĂŐĞƐŽƌůŝĂďŝůŝƚLJĂƌĞĐĂƵƐĞĚƐŽůĞůLJďLJƚŚĞŽŶƚƌĂĐƚŽƌ͕ŝƚƐĂŐĞŶƚƐŽƌĞŵƉůŽLJĞĞƐ͕ĂŶĚ ĚĞƚĞƌŵŝŶĞĚďLJĂĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶ͘  tĞƌĞƋƵĞƐƚƚŚĞƐĞĐŚĂŶŐĞƐďĞĐĂƵƐĞŽŶƚƌĂĐƚŽƌ͛ƐŝŶƐƵƌĂŶĐĞƌĞŝŵďƵƌƐĞƐĚĂŵĂŐĞƐďĂƐĞĚŽŶĂĨŝŶĂůũƵĚŝĐŝĂů ĨŝŶĚŝŶŐ͘dŚĞĞdžƉĞŶƐĞƐĂĐĐƌƵĞĚďLJƚĞŶĚĞƌŝŶŐĂĚĞĨĞŶƐĞǁŽƵůĚďĞŽƵƚ ͲŽĨͲ ƉŽĐŬĞƚĞdžƉĞŶƐĞƐĨŽƌKĨĨĞƌŽƌ͘ >ĂŶŐƵĂŐĞŝŶĚŝĐĂƚŝŶŐŽƚŚĞƌǁŝƐĞ͕ƐƵĐŚĂƐ͞ĐůĂŝŵƐ͟ŚĂƐƚŚĞƌĞĨŽƌĞďĞĞŶƐƚƌƵĐŬ͘/ŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞŝƐĂůƐŽ ůŝŵŝƚĞĚƚŽƚŚĞĐŽŶƚƌĂĐƚĞĚĞŶƚŝƚLJĂŶĚŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐ͗͞ŝƚƐĂŐĞŶƚƐ͟;ƚŚĞŝƚLJ͛ƐĂŐĞŶƚƐͿŝƐĂ ƉŽƚĞŶƚŝĂůůLJůĂƌŐĞƵŶŬŶŽǁŶŐƌŽƵƉŽĨƚŚŝƌĚƉĂƌƚŝĞƐƚŚĂƚĐŽƵůĚĐĂƵƐĞŝŶƐƵƌĂŶĐĞƉĂLJŵĞŶƚ ƐƚŽďĞĚĞŶŝĞĚŝĨƚŚĞ ĂŐĞŶĐLJƌĞůĂƚŝŽŶƐŚŝƉŝƐŝŵƉƌŽƉĞƌ͘>ĂƐƚ͕ĐŽǀĞƌĂŐĞŝƐůŝŵŝƚĞĚƚŽĂƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨĚĂŵĂŐĞƐĐĂƵƐĞĚďLJ ƚŚĞŽŶƚƌĂĐƚŽƌ͕ŝƚƐĂŐĞŶƚƐŽƌĞŵƉůŽLJĞĞƐ͕ƚŽĂŐĂŝŶ͕ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚƐŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘  Ͳϯ   ZĞƋƵĞƐƚĨŽƌDŽĚŝĮĐĂƟŽŶƐƚŽŽŶƚƌĂĐƚdĞƌŵƐ  ϱ͘ŝƚLJŽĨZŽĐŚĞƐƚĞƌʹ/ddĞƌŵƐŽĨ^ĞƌǀŝĐĞ͕^ĞĐƚŝŽŶϴ͘ϱĐŽŶƚĂŝŶƐƚŚĞĨŽůůŽǁŝŶŐůĂŶŐƵĂŐĞ͗  dŚĞWƌŽǀŝĚĞƌƐŚĂůůƉƌŽǀŝĚĞŝƚƐƐĞƌǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐƐƚŽƌĂŐĞ͕ƚŽƚŚĞŝƚLJĂŶĚŝƚƐĞŶĚƵƐĞƌƐƐŽůĞůLJĨƌŽŵ ĚĂƚĂĐĞŶƚĞƌƐŝŶƚŚĞh͘^͘dŚĞWƌŽǀŝĚĞƌƐŚĂůůŶŽƚĂůůŽǁŝƚƐƉĞƌƐŽŶŶĞůŽƌĐŽŶƚƌĂĐƚŽƌƐƚŽƐƚŽƌĞŝƚLJĚĂƚĂ ŽŶƉŽƌƚĂďůĞĚĞǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐƉĞƌƐŽŶĂůĐŽŵƉƵƚĞƌƐ͕ĞdžĐĞƉƚĨŽƌĚĞǀŝĐĞƐƚŚĂƚĂƌĞƵƐĞĚĂŶĚŬĞƉƚŽŶůLJ ĂƚŝƚƐh͘^͘ĚĂƚĂĐĞŶƚĞƌƐ͘  tĞƌĞƋƵĞƐƚƚŚĞĨŽůůŽǁŝŶŐĐŚĂŶŐĞƐ͗  dŚĞWƌŽǀŝĚĞƌƐŚĂůůƉƌŽǀŝĚĞŝƚƐƐĞƌǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐƐƚŽƌĂŐĞ͕ƚŽƚŚĞŝƚLJĂŶĚŝƚƐĞŶĚƵƐĞƌƐƐŽůĞůLJĨƌŽŵ ĚĂƚĂĐĞŶƚĞƌƐŝŶƚŚĞh͘^EŽƌƚŚŵĞƌŝĐĂ͘dŚĞWƌŽǀŝĚĞƌƐŚĂůůŶŽƚĂůůŽǁŝƚƐƉĞƌƐŽŶŶĞůŽƌĐŽŶƚƌĂĐƚŽƌƐƚŽ ƐƚŽƌĞŝƚLJĚĂƚĂŽŶƉŽƌƚĂďůĞĚĞǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐƉĞƌƐŽŶĂůĐŽŵƉƵƚĞƌƐ͕ĞdžĐĞƉƚĨŽƌĚĞǀŝĐĞƐƚŚĂƚĂƌĞƵƐĞĚ ĂŶĚŬĞƉƚŽŶůLJĂƚŝƚƐh͘^͘EŽƌƚŚŵĞƌŝĐĂŶĚĂƚĂĐĞŶƚĞƌƐ͘  tĞƌĞƋƵĞƐƚƚŚŝƐĐŚĂŶŐĞƚŽďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚŽƵƌĚĂƚĂƌĞƐŝĚĞŶĐLJƉŽůŝĐLJ͕ǁŚŝĐŚŝŶĐůƵĚĞƐĚĂƚĂĐĞŶƚĞƌƐŝŶďŽƚŚ ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚĂŶĂĚĂ͕ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͛ŶĞŝŐŚďŽƌĂŶĚĐůŽƐĞƐƚĂůůLJ͕ƉĂƌƚLJƚŽE&dĂŶĚh^D͘  ϲ͘tĞƌĞƋƵĞƐƚƚŚĞĂĚĚŝƚŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐĐůĂƵƐĞ͗  >ŝŵŝƚŽĨ>ŝĂďŝůŝƚLJ EŽƚǁŝƚŚƐƚĂŶĚŝŶŐĂŶLJŽƚŚĞƌƚĞƌŵŽĨƚŚŝƐŽŶƚƌĂĐƚ͕ŝŶŶŽĞǀĞŶƚǁŝůůĞŝƚŚĞƌƉĂƌƚLJďĞůŝĂďůĞƚŽƚŚĞ ŽƚŚĞƌ͕ǁŚĞƚŚĞƌŝŶĐŽŶƚƌĂĐƚ͕ƚŽƌƚŽƌŽƚŚĞƌǁŝƐĞĨŽƌĂŶLJƐƉĞĐŝĂů͕ŝŶĚŝƌĞĐƚ͕ŝŶĐŝĚĞŶƚĂůŽƌĐŽŶƐĞƋƵĞŶƚŝĂů ĚĂŵĂŐĞŽĨĂŶLJŬŝŶĚ͕ůŽƐƐŽĨƵƐĞ͕ĚĂƚĂ͕ƉƌŽĨŝƚ͕ŝŶĐŽŵĞ͕ďƵƐŝŶĞƐƐ͕ĂŶƚŝĐŝƉĂƚĞĚƐĂǀŝŶŐ͕ƌĞƉƵƚĂƚŝŽŶŽƌ ŵŽƌĞŐĞŶĞƌĂůůLJ͕ĂŶLJůŽƐƐĞƐŽĨĂŶĞĐŽŶŽŵŝĐŽƌĨŝŶĂŶĐŝĂůŶĂƚƵƌĞ͕ǁŚĞƚŚĞƌƚŚĞƐĞŵĂLJďĞĚĞĞŵĞĚĂƐ ĐŽŶƐĞƋƵĞŶƚŝĂůŽƌĂƌŝƐŝŶŐĚŝƌĞĐƚůLJĨƌŽŵƚŚĞŝŶĐŝĚĞŶƚŐŝǀŝŶŐƌŝƐĞƚŽƚŚĞŵ͘  dŚĞĂŐŐƌĞŐĂƚĞůŝĂďŝůŝƚLJŽĨŽŶƚƌĂĐƚŽƌĂƌŝƐŝŶŐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞŽŶƚƌĂĐƚŝƐůŝŵŝƚĞĚƚŽ;ϭͿƚŚĞ ĂŵŽƵŶƚŽĨƚŚĞƉƌŽĨĞƐƐŝŽŶĂůĨĞĞƐƉĂŝĚƚŽŽŶƚƌĂĐƚŽƌƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƵƉƚŽΨϭϬϬ͕ϬϬϬ͕ ƉůƵƐ;ϮͿϭϬйŽĨƐƵĐŚĨĞĞƐƉĂŝĚŝŶĞdžĐĞƐƐŽĨΨϭϬϬ͕ϬϬϬ͖ƉƌŽǀŝĚĞĚƚŚĂƚŝŶŶŽĞǀĞŶƚǁŝůůŽŶƚƌĂĐƚŽƌ͛Ɛ ĂŐŐƌĞŐĂƚĞůŝĂďŝůŝƚLJĞdžĐĞĞĚΨϭ͕ϬϬϬ͕ϬϬϬ͘  tĞƌĞƋƵĞƐƚƚŚĞƐĞĂĚĚŝƟŽŶƐďĞĐĂƵƐĞĂŵƵƚƵĂůǁĂŝǀĞƌŽĨĐŽŶƐĞƋƵĞŶƟĂůĚĂŵĂŐĞƐďĞƚǁĞĞŶƚŚĞƚǁŽƉĂƌƟĞƐ ƚŽƚŚŝƐŽŶƚƌĂĐƚŝƐďĞŶĞĮĐŝĂůĨŽƌďŽƚŚƉĂƌƟĞƐĂƐŝƚƌĞĚƵĐĞƐƚŚĞƉŽƚĞŶƟĂůůŝĂďŝůŝƚLJĨƌŽŵŝŶĮŶŝƚĞƚŽĂĐƚƵĂů ĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚ͖ĂŶĚƚŚĞůŝŵŝƚĂƟŽŶŽĨůŝĂďŝůŝƚLJŝƐƌĞĂƐŽŶĂďůĞŝŶƌĞůĂƟŽŶƚŽŽŶƚƌĂĐƚŽƌ͛ƐĨĞĞƐĂŶĚƚŚĞ ĚƵƌĂƟŽŶŽĨƚŚĞWƌŽũĞĐƚ͘    Ͳ ϰ      ZĞƋƵĞƐƚĨŽƌWƌŽƉŽƐĂů              ^>d/KEK&W>EE/E'^Zs/^&KZ  ĞƌŽʹŵŝƐƐŝŽŶƵƐdƌĂŶƐŝƚŝŽŶWůĂŶ   :EhZzϮϬϮϰ         WZKWK^>^hzϯ͗ϬϬWDEdZ>d/DKE:ĂŶƵĂƌLJϯϭ͕ϮϬϮϰ               Ύ͞YƵĂůŝĨŝĐĂƚŝŽŶ Ͳ ďĂƐĞĚƐĞůĞĐƚŝŽŶ͟ŵĞƚŚŽĚǁŝůůďĞƵƐĞĚƚŽƌĞǀŝĞǁƉƌŽƉŽƐĂůƐƐƵďŵŝƚƚĞĚŝŶƌĞƐƉŽŶƐĞƚŽƚŚŝƐZ&W͘ZĞƐƉŽŶƐĞƐƚŽ  ƚŚĞZ&WǁŝůůďĞƉƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶƵŶĚĞƌƚŚĞDŝŶŶĞƐŽƚĂĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵĞƐŚĂƉƚĞƌϭϯ͘ ϭ   dŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌƌĞƋƵŝƌĞƐĐŽŶƐƵůƚĂŶƚƐĞƌǀŝĐĞƐƚŽƉĞƌĨŽƌŵĂƉƌĞůŝŵŝŶĂƌLJĂƐƐĞƐƐŵĞŶƚŽĨnjĞƌŽĞŵŝƐƐŝŽŶďƵƐĚĞƉůŽLJŵĞŶƚ ŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨŽƵƌƐĞƌǀŝĐĞ͕ĨůĞĞƚ͕ĂŶĚĨĂĐŝůŝƚLJĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘dŚĞZŽĐŚĞƐƚĞƌWƵďůŝĐdƌĂŶƐŝƚ;ZWdͿĞƌŽ ŵŝƐƐŝŽŶƵƐdƌĂŶƐŝƚŝŽŶWůĂŶǁŝůůŝĚĞŶƚŝĨLJƐŚŽƌƚ;ϮϬϮϰͲϮϬϮϳͿ͕ŵĞĚŝƵŵ;ϮϬϮϴͲϮϬϯϮͿĂŶĚůŽŶŐ;ďĞLJŽŶĚϮϬϯϮͿƚĞƌŵ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ƌŝƐŬƐ͕ĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐƚŽƚƌĂŶƐŝƚŝŽŶŽƵƌďƵƐĨůĞĞƚƚŽnjĞƌŽĞŵŝƐƐŝŽŶƚĞĐŚŶŽůŽŐLJ͘ dŚĞĨŝƌƐƚƚĂƐŬŝŶĚĞǀĞůŽƉŝŶŐƚŚĞƚƌĂŶƐŝƚŝŽŶƉůĂŶŝƐƚŽĐŽŵƉůĞƚĞĂŶĂƐƐĞƐƐŵĞŶƚŽĨZWd͛ƐƐĞƌǀŝĐĞ͕ĨůĞĞƚ͕ĂŶĚĨĂĐŝůŝƚŝĞƐƚŽŝĚĞŶƚŝĨLJ ĐƌŝƚĞƌŝĂĂŶĚĂƐƚƌĂƚĞŐŝĐĨƌĂŵĞǁŽƌŬƚŽƚƌĂŶƐŝƚŝŽŶƚŽnjĞƌŽĞŵŝƐƐŝŽŶǀĞŚŝĐůĞƐ͘ƌŝƚĞƌŝĂƐŚŽƵůĚĐŽŶƐŝĚĞƌĨĂĐƚŽƌƐƐƵĐŚĂƐ 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ĐŽŵƉƌĞŚĞŶƐŝǀĞůŝƐƚŽĨĂŶĂůLJƐĞƐĂŶĚƉŚĂƐŝŶŐŽƉƚŝŽŶƐĨŽƌƚƌĂŶƐŝƚŝŽŶŝŶŐZWd͛ƐŽƉĞƌĂƚŝŽŶƐƚŽnjĞƌŽĞŵŝƐƐŝŽŶƐŝŶĚĞůŝďĞƌĂƚĞĂŶĚ ŵĞĂƐƵƌĞĚƐƚĞƉƐ͘dŚĞĂŶĂůLJƐĞƐĂŶĚƐƚƌĂƚĞŐŝĐŽƉƚŝŽŶƐƐŚĂůůĂůƐŽďĞƐƵĨĨŝĐŝĞŶƚůLJĚĞƚĂŝůĞĚĨŽƌZWdƚŽŵĂŬĞĂŶŝŶĨŽƌŵĞĚ ĚĞĐŝƐŝŽŶŽŶǁŚŝĐŚƉŚĂƐŝŶŐƐƚƌĂƚĞŐŝĞƐƚŽĂĚŽƉƚ͘&ŽůůŽǁŝŶŐĞǀĂůƵĂƚŝŽŶ͕ƚŚĞĚƌĂĨƚƌĞƐƵůƚƐǁŝůůďĞƐŚĂƌĞĚǁŝƚŚƐƚĂŬĞŚŽůĚĞƌƐĨŽƌ ƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚ͘ŶLJŶĞĞĚĞĚƌĞǀŝƐŝŽŶƐǁŝůůďĞŵĂĚĞ͕ĂŶĚĂƌĞĐŽŵŵĞŶĚĞĚƉƌŽŐƌĂŵŽĨƉƌŽũĞĐƚƐǁŝůůďĞĚĞǀĞůŽƉĞĚ͘ x &ĂĐŝůŝƚĂƚĞĂǁŽƌŬƐŚŽƉƚŽƌĞǀŝĞǁĂŶĚĨŝŶĂůŝnjĞƉƌŽƉŽƐĞĚĂƐƐĞƐƐŵĞŶƚĐƌŝƚĞƌŝĂĂŶĚĞǀĂůƵĂƚŝŽŶŵĞƚŚŽĚŽůŽŐŝĞƐ  x ŽŵƉŝůĞĚĂƚĂƌĞŐĂƌĚŝŶŐĞdžŝƐƚŝŶŐĂŶĚƉůĂŶŶĞĚ^ĐŚĞĚƵůŝŶŐĂŶĚKƉĞƌĂƚŝŶŐƐLJƐƚĞŵƐ͕ĂĐƚŝǀŝƚŝĞƐ͕ĂŶĚƉƌŽĐĞƐƐĞƐ͗  R ŽŵƉŝůĞĚĞƚĂŝůĞĚďƌĞĂŬĚŽǁŶŽĨĞdžŝƐƚŝŶŐƌŽƵƚĞƐ͕ƐĐŚĞĚƵůĞƐ͕ůŝŶĞůĞŶŐƚŚ͕ĂŶĚďůŽĐŬƐ  ϯ   R ƌĞĂŬĚŽǁŶƐŚŽƵůĚĐŽŶƐŝĚĞƌĐƵƌƌĞŶƚŽƉĞƌĂƚŝŽŶƐĂƐǁĞůůĂƐĨƵƚƵƌĞŝŶƚĞŐƌĂƚŝŽŶƐŽĨĚŝĨĨĞƌĞŶƚƚLJƉĞƐŽĨƐĞƌǀŝĐĞƐ  ;ƐƵĐŚĂƐŵŝĐƌŽƚƌĂŶƐŝƚͿ R ŽŽƌĚŝŶĂƚĞǁŝƚŚŝŶƚĞƌŶĂůĐŝƚLJĚĞƉĂƌƚŵĞŶƚƐŽŶƉůĂŶŶŝŶŐĂŶĚƐĐŚĞĚƵůŝŶŐŝŶŝƚŝĂƚŝǀĞƐŝŶƉƌŽŐƌĞƐƐ  R /ŶĐŽƌƉŽƌĂƚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƐƐƵĐŚĂƐ>ŝŶŬZdĂŶĚƚŚĞŶĞǁďƵƐŐĂƌĂŐĞ͘  x /ŶǀĞŶƚŽƌLJZWd͛Ɛ&ĂĐŝůŝƚŝĞƐΘŝŶĨƌĂƐƚƌƵĐƚƵƌĞ  R ŽŵƉŝůĞĚĂƚĂĂďŽƵƚZWd͛ƐĞdžŝƐƚŝŶŐĨůĞĞƚ͕ďƵƐƐƵƉƉŽƌƚĨĂĐŝůŝƚŝĞƐĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ  R ĞǀĞůŽƉůŝƐƚŽĨĂŶĚĞǀĂůƵĂƚĞŵĂũŽƌůĂLJŽǀĞƌĨĂĐŝůŝƚŝĞƐͬƚƌĂŶƐŝƚĐĞŶƚĞƌƐƐƵŝƚĂďůĞĨŽƌĞůĞĐƚƌŝĐďƵƐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘  R ĞǀĞůŽƉůŝƐƚŽĨĞdžŝƐƚŝŶŐĂĚũĂĐĞŶƚƉŽǁĞƌƵƚŝůŝƚLJƉƌŽǀŝƐŝŽŶƐĨŽƌĞĂĐŚZWdďƵƐŽƉĞƌĂƚŝŶŐĨĂĐŝůŝƚLJŝŶĐŽŽƌĚŝŶĂƚŝŽŶ  ǁŝƚŚZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ;ZWhͿ R /ĚĞŶƚŝĨLJůŽĐĂƚŝŽŶƐǁŚŝĐŚǁŽƵůĚƌĞƋƵŝƌĞZWhƚŽƉĞƌĨŽƌŵƵƉŐƌĂĚĞƐƚŽĂĚĚŐƌŝĚĐĂƉĂĐŝƚLJ  R ƐƚŝŵĂƚĞǁŚĂƚƉŽƌƚŝŽŶŽĨďƵƐƐƚŽƌĂŐĞĐĂƉĂĐŝƚLJŵĂLJďĞůŽƐƚĂƚĞĂĐŚĨĂĐŝůŝƚLJƚŽƉƌŽǀŝĚĞĂĚĞƋƵĂƚĞƐƉĂĐĞĨŽƌ  ĐŚĂƌŐŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ R YƵĂŶƚŝĨLJƚŚĞŝŶĐƌĞĂƐĞĚďƵƐƉĂƌŬŝŶŐƐƉĂĐĞƐŶĞĞĚĞĚƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĂĚĚŝƚŝŽŶĂůĞůĞĐƚƌŝĐďƵƐĞƐƌĞƋƵŝƌĞĚ  ƚŽĐŽǀĞƌƚŚĞƐĂŵĞǁŽƌŬĚƵĞƚŽƌĂŶŐĞůŝŵŝƚĂƚŝŽŶƐ͘;Kƌ͕ƋƵĂŶƚŝĨLJƚŚĞǁŽƌŬƵŶĂďůĞƚŽďĞĐŽǀĞƌĞĚďLJƌĂŶŐĞ ůŝŵŝƚĞĚĞůĞĐƚƌŝĐďƵƐĞƐǁŝƚŚŽƵƚĞdžƉĂŶĚŝŶŐƉĂƌŬŝŶŐƐƉĂĐĞ͘Ϳ R WƌŽǀŝĚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƌĞƚƌŽĨŝƚƚŝŶŐĞdžŝƐƚŝŶŐĨĂĐŝůŝƚŝĞƐĂŶĚͬŽƌĂĚĚŝŶŐŶĞǁĨĂĐŝůŝƚŝĞƐŝŶĐŽŽƌĚŝŶĂƚŝŽŶ  ǁŝƚŚƚŚĞ&ĂĐŝůŝƚŝĞƐĞƉĂƌƚŵĞŶƚ͘ x >ŝƐƚ͕ƌĂŶŬ͕ĂŶĚƉƌŝŽƌŝƚŝnjĞďƵƐŽƉĞƌĂƚŝŶŐĨĂĐŝůŝƚŝĞƐĂŶĚƐĞƌǀŝĐĞ;ĐŽŶƐŝĚĞƌŝŶŐƌŽƵƚĞĂŶĚďůŽĐŬͿŵŽƐƚƐƵŝƚĂďůĞĨŽƌƐŚŽƌƚ  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ŽŵƉůĞƚĞĂĨŝŶĂŶĐŝĂůĞǀĂůƵĂƚŝŽŶŽĨZWdĂŶĚĞƐƚŝŵĂƚĞĨŝŶĂŶĐŝĂůďĞŶĐŚŵĂƌŬƐƚŚĂƚǁŝůůŶĞĞĚƚŽďĞŵĞƚƚŽƚƌĂŶƐŝƚŝŽŶ  ŽƵƌĞŶƚŝƌĞĨůĞĞƚƚŽnjĞƌŽͲĞŵŝƐƐŝŽŶƐ͘WƌŽǀŝĚĞĞƐƚŝŵĂƚĞƐŽŶƚŝŵŝŶŐ͕ĂǀĂŝůĂďůĞƌĞƐŽƵƌĐĞƐ͕ĂŶĚŽƚŚĞƌďƵĚŐĞƚĂƌLJŝƚĞŵƐ͘ x KƵƚůŝŶĞůĞŐŝƐůĂƚŝǀĞĂŶĚƉŽůŝĐLJŝŵƉůŝĐĂƚŝŽŶƐŝŶĐůƵĚŝŶŐƌĞůĞǀĂŶƚĚĂƚĞƐĂŶĚĨƵƚƵƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐ͘   dĂƐŬϱ͗&ŝŶĂůZĞƉŽƌƚ &ŽůůŽǁŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂůůƚĂƐŬƐĂďŽǀĞ͕ĂůůƚĂƐŬĚĞůŝǀĞƌĂďůĞƐǁŝůůďĞĚŽĐƵŵĞŶƚĞĚŝŶĂĚƌĂĨƚĞƌŽŵŝƐƐŝŽŶƵƐ dƌĂŶƐŝƚŝŽŶWůĂŶ͘dŚŝƐƉůĂŶǁŝůůďĞƐŚĂƌĞĚǁŝƚŚƐƚĂŬĞŚŽůĚĞƌƐĨŽƌƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚƉƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚ ĂĚŽƉƚŝŽŶŽĨƚŚĞ&ŝŶĂůĞƌŽŵŝƐƐŝŽŶƵƐdƌĂŶƐŝƚŝŽŶWůĂŶ͘dŚĞƉůĂŶǁŝůůďĞĐŽŵƉƌĞŚĞŶƐŝǀĞƚŽŽƵƚůŝŶĞƐƉĞĐŝĨŝĐĂĐƚŝŽŶƐ ƌĞƋƵŝƌĞĚƚŽƚƌĂŶƐŝƚŝŽŶZWd͛ƐĨůĞĞƚƚŽnjĞƌŽĞŵŝƐƐŝŽŶďƵƐĞƐ͘ x /ŶĐŽƌƉŽƌĂƚĞĂůůŵĞŵŽƐĨƌŽŵƚĂƐŬƐϮͲϰŝŶƚŽĂĨŝŶĂůƌĞƉŽƌƚ͘  x ƌĂĨƚĂƉƌĞƐĞŶƚĂƚŝŽŶĨŽƌƉƌĞƐĞŶƚŝŶŐƚŚĞƉůĂŶƚŽŝŶƚĞƌŶĂůĂŶĚĞdžƚĞƌŶĂůƐƚĂŬĞŚŽůĚĞƌƐ͘  ϭ͘ƌĂĨƚDŝůĞƐƚŽŶĞΘ'ŽĂůƐDĞŵŽʹdǁŽDŽŶƚŚƐĨƌŽŵEdW  Ϯ͘ƌĂĨƚ/ŶĚƵƐƚƌLJĞƐƚWƌĂĐƚŝĐĞƐΘ>ĞƐƐŽŶƐ>ĞĂƌŶĞĚDĞŵŽʹdŚƌĞĞDŽŶƚŚƐĨƌŽŵEdW  ϯ͘ƌĂĨƚƐƐĞƐƐŵĞŶƚZĞƉŽƌƚʹ&ŽƵƌDŽŶƚŚƐĨƌŽŵEdW  ϰ͘&ŝŶĂůZĞƉŽƌƚʹ^ŝdžDŽŶƚŚƐĨƌŽŵEdW  ϰ   ZĞĨĞƌĞŶĐĞŽĐƵŵĞŶƚƐ 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ĂŶĚĂŶLJ^ƵďŽŶƚƌĂĐƚŽƌƐ͘WƌŽƉŽƐĞƌƐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽƐƉĞĂŬƚŽƚŚĞŝƌƚĞĂŵ͛ƐĂďŝůŝƚLJƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽũĞĐƚĂŶĚƐƚĂLJ ǁŝƚŚŝŶƚŚĞƐĐŚĞĚƵůĞĂŶĚďƵĚŐĞƚ͘WƌŽƉŽƐĞƌƐŵƵƐƚŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ͗ x ŶŽƌŐĂŶŝnjĂƚŝŽŶĂůĐŚĂƌƚŽĨƚŚĞƉƌŽƉŽƐĞĚƚĞĂŵ͕ƐŚŽǁŝŶŐƚŚĞŶĂŵĞƐĂŶĚƌŽůĞƐŽĨĂůůŬĞLJƉĞƌƐŽŶŶĞůĂŶĚƚŚĞ  ŽŶƚƌĂĐƚŽƌƚŚĞLJĂƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚ͘ x ůŝƐƚŽĨ>ĞĂĚŽŶƚƌĂĐƚŽƌΖƐƋƵĂůŝĨŝĞĚƉĞƌƐŽŶŶĞůƚŚĂƚǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĐŽŵƉůĞƚŝŶŐƚŚĞǁŽƌŬ͕ŝŶĐůƵĚŝŶŐĞĂĐŚ  ƉĞƌƐŽŶƐΖƚŝŵĞĐŽŵŵŝƚŵĞŶƚĨŽƌƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞŝƌƌŽůĞƐŝŶƚŚĞƉƌŽũĞĐƚ͘ x ďƌŝĞĨƌĞƐƵŵĞ;ƵƉƚŽŽŶĞƉĂŐĞŝŶůĞŶŐƚŚͿĨŽƌĞĂĐŚůĞĂĚƉƌŽĨĞƐƐŝŽŶĂůƉƌŽũĞĐƚƚĞĂŵŵĞŵďĞƌŚŝŐŚůŝŐŚƚŝŶŐƚŚĞŝƌ  ƚƌĂŝŶŝŶŐĂŶĚƌĞůĞǀĂŶƚƉƌŽũĞĐƚĞdžƉĞƌŝĞŶĐĞǁŝƚŚŝŶƚŚĞůĂƐƚĨŝǀĞLJĞĂƌƐ͘ ϲ   x ůůƉƌŽƉŽƐĞĚƐƵďͲĐŽŶƐƵůƚĂŶƚŽŶƚƌĂĐƚŽƌƐĂŶĚƌĞƐƉŽŶƐŝďůĞƐƚĂĨĨŵĞŵďĞƌƐ͘WƌŽǀŝĚĞĞdžĂŵƉůĞƐŽĨƐŝŵŝůĂƌƉƌŽũĞĐƚƐƚŚĂƚ  ƚŚĞ>ĞĂĚĂŶĚ^ƵďͲŽŶƚƌĂĐƚŽƌƐŚĂǀĞǁŽƌŬĞĚŽŶƚŽŐĞƚŚĞƌŝŶĐůƵĚŝŶŐƚŚĞƉƌŽũĞĐƚƐƚĂƌƚĂŶĚĞŶĚĚĂƚĞ͘ EŽĐŚĂŶŐĞƐŝŶŬĞLJͬůĞĂĚƉĞƌƐŽŶŶĞůĂƐƐŝŐŶĞĚƚŽƚŚĞƉƌŽũĞĐƚǁŝůůďĞƉĞƌŵŝƚƚĞĚǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶĂƉƉƌŽǀĂůŽĨƚŚĞŝƚLJ WƌŽũĞĐƚDĂŶĂŐĞƌ͘  dŚĞWƌŽƉŽƐĞƌǁŝůůĚĞƐĐƌŝďĞŝŶƚŚĞŝƌŽǁŶǁŽƌĚƐƚŚĞƉƌŽũĞĐƚŐŽĂůƐĂŶĚƚĂƐŬƐĂŶĚĚĞŵŽŶƐƚƌĂƚĞƚŚĞWƌŽƉŽƐĞƌΖƐǀŝĞǁŽĨƚŚĞ ŶĂƚƵƌĞŽĨƚŚĞƉƌŽũĞĐƚ͘dŚĞƉƌŽƉŽƐĞƌƐŚŽƵůĚƐƵŵŵĂƌŝnjĞŚŽǁƚŚĞLJǁŝůůĂĐŚŝĞǀĞĂŶĚďĂůĂŶĐĞƚŚĞƉƌŽũĞĐƚŐŽĂůƐ͘ ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞWƌŽƉŽƐĞƌŵƵƐƚĚĞƐĐƌŝďĞǁŚĂƚƚŚĞLJƐĞĞĂƐŵĂũŽƌƌŝƐŬƐƚŚĂƚŵĂLJŝŵƉĂĐƚƚŚĞƉƌŽũĞĐƚƚŝŵĞůŝŶĞĂŶĚ ďƵĚŐĞƚ͕ĂŶĚŚŽǁƚŚĞWƌŽƉŽƐĞƌŝƐŝĚĞĂůůLJĞƋƵŝƉƉĞĚƚŽŚĂŶĚůĞƚŚŝƐƌĞƐƉŽŶƐŝďŝůŝƚLJ͘  ZĞƐƉŽŶĚĞƌƐŵƵƐƚƉƌŽǀŝĚĞĂĚĞƚĂŝůĞĚǁŽƌŬƉůĂŶ͕ǁŚŝĐŚŵƵƐƚŝĚĞŶƚŝĨLJŚŽǁƚŚĞLJǁŝůůĂĐĐŽŵƉůŝƐŚƚŚĞŵĂũŽƌƚĂƐŬƐŽƵƚůŝŶĞĚ ŝŶƚŚĞ^ĐŽƉĞŽĨtŽƌŬƐĞĐƚŝŽŶŝŶƚŚŝƐZ&W͘ZĞƐƉŽŶĚĞƌƐŵƵƐƚďĞƐƵƌĞƚŽŶŽƚŽŶůLJĚĞƐĐƌŝďĞǁŚĂƚǁŝůůďĞĚŽŶĞďƵƚĞdžƉůĂŝŶ ŚŽǁĞĂĐŚƚĂƐŬǁŝůůďĞĂĐĐŽŵƉůŝƐŚĞĚ͘dŚĞƐĞƚĂƐŬƐǁŝůůďĞƵƐĞĚĂƐĂƐĐŚĞĚƵůŝŶŐĂŶĚŵĂŶĂŐĞŵĞŶƚƚŽŽů͕ĂƐǁĞůůĂƐƚŚĞ ďĂƐŝƐĨŽƌŝŶǀŽŝĐŝŶŐ͘dŚĞĚĞƚĂŝůĞĚǁŽƌŬƉůĂŶŵƵƐƚƉƌĞƐĞŶƚĂďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚƚĂƐŬŝŶĐůƵĚŝŶŐ͗ x ůŝƐƚŽĨĚĞůŝǀĞƌĂďůĞƐǁŝƚŚĚƵĞĚĂƚĞƐĂŶĚĂďƌŝĞĨĚĞƐĐƌŝƉƚŝŽŶĨŽƌĞĂĐŚ  x ůŝƐƚŽĨƉĞƌƐŽŶŶĞůǁŽƌŬŝŶŐŽŶƚŚĞƚĂƐŬĂŶĚƉƌŽũĞĐƚĞĚŚŽƵƌƐĂƐƐŝŐŶĞĚƚŽĞĂĐŚŝŶĚŝǀŝĚƵĂůƚŽĂĐŚŝĞǀĞƚŚĞƚĂƐŬ  x ĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞŝƚLJ͛ƐƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶĞĂĐŚƚĂƐŬ  WƌŽƉŽƐĞƌƐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽƉƌŽƉŽƐĞĂĚĚŝƚŝŽŶĂůƚĂƐŬƐŽƌĂĐƚŝǀŝƚŝĞƐŽƌŵŽĚŝĨLJƚŚĞƚĂƐŬƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞZ&WŝĨLJŽƵ ďĞůŝĞǀĞƚŚĞĐŚĂŶŐĞƐǁŝůůƐƵďƐƚĂŶƚŝĂůůLJŝŵƉƌŽǀĞƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƉƌŽũĞĐƚ͘ ϵ͘  WƌŽƉŽƐĞƌƐŵƵƐƚƉƌĞƉĂƌĞĂƉƌŽũĞĐƚƐĐŚĞĚƵůĞͬƚŝŵĞůŝŶĞďĂƐĞĚŽŶƚŚĞǁĂƌĚĂƚĞĂŶĚŽƚŚĞƌŵĂũŽƌŵŝůĞƐƚŽŶĞƐŽƵƚůŝŶĞĚŝŶ ƚŚŝƐZ&WƚŚĂƚƐŚŽǁƐƚŚĞƐĞƋƵĞŶĐĞĂŶĚƚŝŵŝŶŐŽĨƚĂƐŬǁŽƌŬĂŶĚĐŽŵƉůĞƚŝŽŶ͘dŚŝƐǁŝůůĂůƐŽďĞƵƐĞĚĂƐĂƐĐŚĞĚƵůŝŶŐĂŶĚ ŵĂŶĂŐĞŵĞŶƚƚŽŽů͘ &ŽƌŵƐ͕ĚŽĐƵŵĞŶƚƐ͕ĂŶĚĐĞƌƚŝĨŝĐĂƚŝŽŶƐ ϭϬ͘  WƌŽƉŽƐĞƌƐŵƵƐƚĐŽŵƉůĞƚĞĂŶĚƐƵďŵŝƚĂůůƌĞƋƵŝƌĞĚĨŽƌŵƐ͕ĚŽĐƵŵĞŶƚƐ͕ĂŶĚĐĞƌƚŝĨŝĐĂƚŝŽŶƐƌĞƋƵŝƌĞĚƵŶĚĞƌĂŶLJ ƐĞĐƚŝŽŶŽĨƚŚŝƐZ&W͘dŚĞƐĞĨŽƌŵƐ͕ĚŽĐƵŵĞŶƚƐ͕ĂŶĚĐĞƌƚŝĨŝĐĂƚŝŽŶƐǁŝůůŶŽƚďĞĐŽƵŶƚĞĚĂŐĂŝŶƐƚĂŶLJƉĂŐĞůŝŵŝƚƐƐĞƚŝŶ ƚŚŝƐZ&W͘ZĞƋƵŝƌĞĚĨŽƌŵƐĂƌĞŽƵƚůŝŶĞĚďĞůŽǁ͗ x ĞƌƚŝĨŝĐĂƚŝŽŶĂŶĚƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ  x ŝƐĐůŽƐƵƌĞŽĨĐŽŶƚƌĂĐƚŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJ  x >ŝƐƚŽĨĨŝƌƐƚͲƚŝĞƌƐƵďĐŽŶƚƌĂĐƚŽƌƐ  x ĞƌƚŝĨŝĐĂƚŝŽŶƌĞŐĂƌĚŝŶŐůŽďďLJŝŶŐ  x ĐŬŶŽǁůĞĚŐŵĞŶƚŽĨĂĚĚĞŶĚĂ  x ƉĂƌƚŝĐŝƉĂƚŝŽŶĂĨĨŝĚĂǀŝƚ  x ĐŬŶŽǁůĞĚŐĞŵĞŶƚŽĨdĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ  x ŝƚLJŽĨZŽĐŚĞƐƚĞƌ/dŽŶƚƌĂĐƚdĞƌŵƐ  ŽĐƵŵĞŶƚdǁŽʹŽƐƚWƌŽƉŽƐĂů WƌŽƉŽƐĞƌƐŵƵƐƚƐƵďŵŝƚĂĐŽƐƚƉƌŽƉŽƐĂůĂƐĂƐĞƉĂƌĂƚĞĞůĞĐƚƌŽŶŝĐĨŝůĞǁŝƚŚƚŚĞŝƌƌĞƐƉŽŶƐĞƚŽƚŚŝƐZ&W͘dĞƌŵƐŽĨƚŚĞƉƌŽƉŽƐĂůƐ ĂƐƐƚĂƚĞĚŵƵƐƚďĞǀĂůŝĚĨŽƌƚŚĞůĞŶŐƚŚŽĨƚŚĞƉƌŽũĞĐƚ͘tŝƚŚŝŶƚŚĞĐŽƐƚƉƌŽƉŽƐĂů͕ŝŶĐůƵĚĞĂďƌĞĂŬĚŽǁŶŽĨůĂďŽƌ͕ŽǀĞƌŚĞĂĚ͕ ƉƌŽĨŝƚĂŶĚĞdžƉĞŶƐĞ͕ƐŚŽǁŝŶŐŚŽǁƚŚĞƌĂƚĞǁĂƐĚĞƌŝǀĞĚ͘ dŚĞĐŽƐƚƉƌŽƉŽƐĂůŵƵƐƚĐŽŶƚĂŝŶĂƚŵŝŶŝŵƵŵ͗ x ƚŽƚĂůƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĐŽƐƚ  x ďƌĞĂŬŽƵƚŽĨƉƌŽũĞĐƚĐŽƐƚƐďLJƚĂƐŬĂƌĞĂ͕ƉƌŽƉŽƐĞƌƐƐŚŽƵůĚŝĚĞŶƚŝĨLJƐƵďĐŽŶƚƌĂĐƚŽƌĐŽƐƚƐǁŝƚŚŝŶƚŚŝƐďƌĞĂŬŽƵƚ  x ďƌĞĂŬŽƵƚŽĨŚŽƵƌƐƉĞƌƚĂƐŬďLJƉĞƌƐŽŶŶĞů  ϳ  x /ĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚďƌŝĞĨĞdžƉůĂŶĂƚŝŽŶŽĨĂŶLJĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚƚŽĚĞǀĞůŽƉƚŚĞĐŽƐƚƉƌŽƉŽƐĂů  x /ĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚďƌŝĞĨĞdžƉůĂŶĂƚŝŽŶŽĨĂŶLJĐŽƐƚŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞƐŽƌƚĂƐŬƐ͘dŚŝƐƐŚŽƵůĚ  ďĞŝŶĐůƵĚĞĚŝŶƚŚĞĐŽƐƚƉƌŽƉŽƐĂůďƵƚĐůĞĂƌůLJŝĚĞŶƚŝĨŝĞĚĂƐĂĚĚŝƚŝŽŶĂůĐŽƐƚƐ͕ƐĞƉĂƌĂƚĞĚĨƌŽŵƚŚĞƌĞƋƵŝƌĞĚŝƚĞŵƐ͕ ĂŶĚŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞƚŽƚĂůƉƌŽũĞĐƚĐŽƐƚƐ͘ x ƐƵŵŵĂƌLJŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐĨĞĞƐƌĞĐĞŝǀĞĚĨŽƌƐŝŵŝůĂƌƉƌŽũĞĐƚƐĨŽƌƚŚĞůĂƐƚƚŚƌĞĞLJĞĂƌƐ͘  x ^ŝŐŶĂƚƵƌĞĨƌŽŵĂŶĂƵƚŚŽƌŝnjĞĚŵĞŵďĞƌŽĨƚŚĞĨŝƌŵ͘  WƌŽƉŽƐĞƌƐŵƵƐƚŶŽƚŝŶĐůƵĚĞĂŶLJĐŽƐƚŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚŝŶƚŚĞďŽĚLJŽĨƚŚĞƚĞĐŚŶŝĐĂůƉƌŽƉŽƐĂů͘ dŚĞŝƚLJĚŽĞƐŶŽƚŵĂŬĞƌĞŐƵůĂƌƉĂLJŵĞŶƚƐďĂƐĞĚƵƉŽŶƚŚĞƉĂƐƐĂŐĞŽĨƚŝŵĞ͖ŝƚǁŝůůŽŶůLJƉĂLJĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŽƌǁŽƌŬ ĚĞůŝǀĞƌĞĚĂĨƚĞƌŝƚŝƐĂĐĐŽŵƉůŝƐŚĞĚ͘dĞƌŵƐŽĨƚŚĞƉƌŽƉŽƐĂůĂƐƐƚĂƚĞĚŵƵƐƚďĞǀĂůŝĚĨŽƌƚŚĞůĞŶŐƚŚŽĨƚŚĞƉƌŽũĞĐƚ͘ WƌŽƉŽƐĂůƐƐŚŽƵůĚĂĚŚĞƌĞƚŽƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵĂƚƌĞƋƵŝƌĞŵĞŶƚƐ͗ x WƌŽƉŽƐĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚĂƐ͘W&ĚŽĐƵŵĞŶƚƐ͘  x dŚĞWƌŽƉŽƐĞƌ͛ƐƐƵďŵŝƚƚĂůŵƵƐƚĂĚŚĞƌĞƚŽƚŚĞƉĂŐĞůŝŵŝƚĂƚŝŽŶƐĂŶĚĨŽƌŵĂƚƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƚĂďůĞ  ďĞůŽǁ͘/ĨĂĚŽĐƵŵĞŶƚĞdžĐĞĞĚƐƚŚĞƉĂŐĞůŝŵŝƚƐ͕ƚŚĞĞdžĐĞƐƐƉĂŐĞƐŵĂLJŶŽƚďĞƌĞǀŝĞǁĞĚƌĞŐĂƌĚůĞƐƐŽĨĐŽŶƚĞŶƚ͘ x ^ƵďŵŝƚƚŚĞƚĞĐŚŶŝĐĂůƉƌŽƉŽƐĂůĂŶĚĐŽƐƚƉƌŽƉŽƐĂůĂƐƐĞƉĂƌĂƚĞ͘W&Ɛ͘ŽĐƵŵĞŶƚƐŵĂLJďĞƐƵďŵŝƚƚĞĚŝŶƚŚĞƐĂŵĞĞŵĂŝů͘  x &ŝůĞƐƐŚŽƵůĚďĞŶĂŵĞĚƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐĨŽƌŵĂƚ͗  R dĞĐŚŶŝĐĂůƉƌŽƉŽƐĂůʹ͞;ŽŵƉĂŶLJEĂŵĞͿͺĞƌŽͲŵŝƐƐŝŽŶƵƐdƌĂŶƐŝƚŝŽŶWůĂŶdĞĐŚŶŝĐĂůWƌŽƉŽƐĂů͖͟ĞdžĂŵƉůĞ͗  ,ƐƐŽĐŝĂƚĞƐĞƌŽͲŵŝƐƐŝŽŶƵƐdƌĂŶƐŝƚŝŽŶWůĂŶdĞĐŚŶŝĐĂůWƌŽƉŽƐĂů R ŽƐƚƉƌŽƉŽƐĂůʹ͞;ŽŵƉĂŶLJEĂŵĞͿͺĞƌŽͲŵŝƐƐŝŽŶƵƐdƌĂŶƐŝƚŝŽŶWůĂŶŽƐƚWƌŽƉŽƐĂů͖͟ĞdžĂŵƉůĞ͗,  ƐƐŽĐŝĂƚĞƐĞƌŽͲŵŝƐƐŝŽŶƵƐdƌĂŶƐŝƚŝŽŶWůĂŶŽƐƚWƌŽƉŽƐĂů x ͘W&&ŽƌŵĂƚ  x ŽŶŽƚĚŝƐĐƵƐƐĐŽƐƚŝŶƚĞĐŚŶŝĐĂůƉƌŽƉŽƐĂů  x ϴ͘ϱ͟džϭϭ͟ƉĂŐĞůĂLJŽƵƚ͕ŶŽƐŵĂůůĞƌƚŚĂŶ͘ϱ͟ŵĂƌŐŝŶƐ͘WƌŽũĞĐƚ  ^ĐŚĞĚƵůĞŵĂLJƵƐĞϭϭ͟džϭϳ͘͟ ϭϬƉĂŐĞƐ x ŶŽƐŵĂůůĞƌƚŚĂŶϭϭƉŽŝŶƚĨŽŶƚ  x ŽǀĞƌƉĂŐĞ͕ĐŚĞĐŬůŝƐƚ͕ĐŽǀĞƌůĞƚƚĞƌ͕ƌĞƋƵŝƌĞĚĨŽƌŵƐ͕ĂŶĚ  ǁƌŝƚŝŶŐĞdžĂŵƉůĞĂƚƚĂĐŚŵĞŶƚƐĚŽŶŽƚĐŽƵŶƚĂŐĂŝŶƐƚƉĂŐĞůŝŵŝƚ x ^ƚĂĨĨƌĞƐƵŵĞƐĚŽŶŽƚĐŽƵŶƚƚŽǁĂƌĚƚĞĐŚŶŝĐĂůƉƌŽƉŽƐĂůƉĂŐĞ  ůŝŵŝƚ͘ x ͘W&&ŽƌŵĂƚ  x DĂLJƵƐĞƵƉƚŽϭϭ͟džϭϳ͟ƉĂŐĞƐŝnjĞ͕ŶŽƐŵĂůůĞƌƚŚĂŶ͘ϱ͟  ϱƉĂŐĞƐ ŵĂƌŐŝŶƐ x ŶŽƐŵĂůůĞƌƚŚĂŶϭϭƉŽŝŶƚĨŽŶƚ  WƌŽƉŽƐĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚŶŽůĂƚĞƌƚŚĂŶϯ͗ϬϬƉŵĐĞŶƚƌĂůƚŝŵĞŽŶ:ĂŶƵĂƌLJϯϭ͕ϮϬϮϰ͘WƌŽƉŽƐĂůƐƌĞĐĞŝǀĞĚďĞĨŽƌĞŚĂŶĚǁŝůů ŶŽƚďĞƌĞǀŝĞǁĞĚƵŶƚŝůĂĨƚĞƌƚŚĞĚĞĂĚůŝŶĞ͘WƌŽƉŽƐĂůƐƌĞĐĞŝǀĞĚĂĨƚĞƌƚŚĞƐƉĞĐŝĨŝĞĚƚŝŵĞĂŶĚĚĂƚĞǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚ͘ ǀŝĂĞŵĂŝůƚŽDŝĐŚĂĞůŽůůŝŶƐĂƚŵĐŽůůŝŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ůůƉƌŽƉŽƐĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚ ϴ   DŝĐŚĂĞůŽůůŝŶƐ͕dƌĂŶƐŝƚWƌŽũĞĐƚDĂŶĂŐĞƌ ŵĐŽůůŝŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ WŚŽŶĞ͗ϱϬϳ͘ϯϮϴ͘Ϯϰϴϱ WƌŽƉŽƐĞƌƐƵŶĚĞƌƐƚĂŶĚƚŚĂƚĂŶLJĂŶĚĂůůƉĂƌƚƐŽĨƚŚĞƐƵďŵŝƚƚĞĚƉƌŽƉŽƐĂůŵĂLJďĞĐŽŵĞƉĂƌƚŽĨĂŶLJƐƵďƐĞƋƵĞŶƚĐŽŶƚƌĂĐƚ ďĞƚǁĞĞŶƚŚĞŝƚLJĂŶĚƚŚĞƐĞůĞĐƚĞĚƉƌŽƉŽƐĞƌ͘^ƵďŵŝƐƐŝŽŶŽĨƉƌŽƉŽƐĂůƐŚĂůůĐŽŶƐƚŝƚƵƚĞďŝŶĚŝŶŐ͕ŝƌƌĞǀŽĐĂďůĞŽĨĨĞƌĨŽƌĂƉĞƌŝŽĚ ŽĨϵϬĚĂLJƐĂĨƚĞƌƚŚĞĚĂƚĞƚŚĞƉƌŽƉŽƐĂůƐĂƌĞĚƵĞ͘ 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ƌĞŶĞǁĂůƚŚĞƌĞŽĨ͕ĞŝƚŚĞƌŝŶŝŶƐƚĂůůŵĞŶƚƐŽƌŝŶŽŶĞůƵŵƉƐƵŵ͕ƚŚĞĂŵŽƵŶƚĚƵĞƚŚĞŝƚLJƵŶĚĞƌƚŚŝƐŽƌĂŶLJŽƚŚĞƌŐƌĞĞŵĞŶƚ͘ dŚĞŽŶƚƌĂĐƚŽƌ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐƐĞĐƚŝŽŶƐŚĂůůĐŽŶƚŝŶƵĞďĞLJŽŶĚĂŶĚƐ ŚĂůůƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨ ƚŚŝƐŐƌĞĞŵĞŶƚ͘ >/E^^ ŽŶƚƌĂĐƚŽƌƐŚĂůůŶŽƚďĞĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌĂŶLJƉŽƌƚŝŽŶŽƌƚŚĞƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚĚƵƌŝŶŐǁŚŝĐŚŝƚ ĨĂŝůƐƚŽŵĂŝŶƚĂŝŶĂŶLJƌĞƋƵŝƌĞĚĐĞƌƚŝĨŝĐĂƚŝŽŶ͕ƌĞŐŝƐƚƌĂƚŝŽŶ͕ŽƌůŝĐĞŶƐĞĂŶĚŽŶƚƌĂĐƚŽƌƐŚĂůůƌĞŝŵďƵƌƐĞƚŚĞŝƚLJĨŽƌĂŶLJ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞĐĞŝǀĞĚĨŽƌƐƵĐŚƉŽƌƚŝŽŶŽĨƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͘ KhEd/E'WZKhZ^Eh/d^ ŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶĨƵůůĂŶĚĐŽŵƉůĞƚĞŬƐĂŶĚƌĞĐŽƌĚƐŽĨĂĐĐŽƵŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ ĂĐĐŽƵŶƚŝŶŐƉƌĂĐƚŝĐĞƐ͘^ƵĐŚŬƐĂŶĚƌĞĐŽƌĚƐƐŚĂůůďĞƌĞƚĂŝŶĞĚĨŽƌĂƉĞƌŝŽĚŽĨƐĞǀĞŶLJĞĂƌƐĨƌŽŵƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽƌ ĞdžƉŝƌĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌůŽŶŐĞƌŝĨƌĞƋƵŝƌĞĚďLJůŽĐĂů͕ƐƚĂƚĞ͕ŽƌĨĞĚĞƌĂůůĂǁ͕ƌƵůĞŽƌƌĞŐƵůĂƚŝŽŶ͘ŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŚĂƚ ƚŚĞŝƚLJŽƌŝƚƐĚƵůLJĚĞƐŝŐŶĂƚĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŚĂůůŚĂǀĞŝŵŵĞĚŝĂƚĞĂĐĐĞƐƐƚŽĂŶĚƚŚĞƌŝŐŚƚƚŽĞdžĂŵŝŶĞ͕ĂƵĚŝƚ͕ĞdžĐĞƌƉƚ͕ 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ϯ͘ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ŽŶƚƌĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐŝƚĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌďŽĚŝůLJŝŶũƵƌLJĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐ ĨŽƌƉƌŽƉĞƌƚLJĚĂŵĂŐĞƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞŽǁŶĞƌƐŚŝƉ͕ŽƉĞƌĂƚŝŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞŽƌƵƐĞŽĨĂůůĂƵƚŽƐǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵ ŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚ͕ĂŶĚŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚƚŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽ ŵĂŝŶƚĂŝŶŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞ͘/ŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵ ůŝŵŝƚƐĂƌĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬʹƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞ>ŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJ ĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚƵƚŽŵŽďŝůĞƐ͘ ϰ͘WƌŽĨĞƐƐŝŽŶĂůͬdĞĐŚŶŝĐĂů;ƌƌŽƌƐĂŶĚKŵŝƐƐŝŽŶƐͿ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐƚŚĞĐŽŶƚƌĂĐƚŽƌŵĂLJďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵĂŶLJ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽŽŶƚƌĂĐƚŽƌ͛ƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞ ĐŽŶƚƌĂĐƚ͘ ŽŶƚƌĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚƚŽĐĂƌƌLJƚŚĞĨŽůůŽǁŝŶŐŵŝŶŝŵƵŵ ůŝŵŝƚƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬʹƉĞƌĐůĂŝŵŽƌĞǀĞŶƚ ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ ŶLJĚĞĚƵĐƚŝďůĞǁŝůůďĞƚŚĞƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞŽŶƚƌĂĐƚŽƌĂŶĚŵĂLJŶŽƚĞdžĐĞĞĚΨϱϬ͕ϬϬϬǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶĂƉƉƌŽǀĂů ŽĨƚŚĞŝƚLJ͘/ĨƚŚĞŽŶƚƌĂĐƚŽƌĚĞƐŝƌĞƐĂƵƚŚŽƌŝƚLJĨƌŽŵƚŚĞŝƚLJƚŽŚĂǀĞĂĚĞĚƵĐƚŝďůĞŝŶĂŚŝŐŚĞƌĂŵŽƵŶƚ͕ƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůů ƐŽƌĞƋƵĞƐƚŝŶǁƌŝƚŝŶŐ͕ƐƉĞĐŝĨLJŝŶŐƚŚĞĂŵŽƵŶƚŽĨƚŚĞĚĞƐŝƌĞĚĚĞĚƵĐƚŝďůĞĂŶĚƉƌŽǀŝĚŝŶŐĨŝŶĂŶĐŝĂůĚŽĐƵŵĞŶƚĂƚŝŽŶďLJ ƐƵďŵŝƚƚŝŶŐƚŚĞŵŽƐƚĐƵƌƌĞŶƚĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐŽƚŚĂƚƚŚĞŝƚLJĐĂŶĂƐĐĞƌƚĂŝŶƚŚĞĂďŝůŝƚLJŽĨƚŚĞŽŶƚƌĂĐƚŽƌƚŽ ĐŽǀĞƌƚŚĞĚĞĚƵĐƚŝďůĞĨƌŽŵŝƚƐŽǁŶƌĞƐŽƵƌĐĞƐ͘ dŚĞƌĞƚƌŽĂĐƚŝǀĞŽƌƉƌŝŽƌĂĐƚƐĚĂƚĞŽĨƐƵĐŚĐŽǀĞƌĂŐĞƐŚĂůůŶŽƚďĞĂĨƚĞƌƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚŽŶƚƌĂĐƚŽƌ ƐŚĂůůŵĂŝŶƚĂŝŶƐƵĐŚŝŶƐƵƌĂŶĐĞĨŽƌĂƉĞƌŝŽĚŽĨĂƚůĞĂƐƚƚŚƌĞĞ;ϯͿLJĞĂƌƐ͕ĨŽůůŽǁŝŶŐĐŽŵƉůĞƚŝŽŶŽĨƚŚĞǁŽƌŬ͘/ĨƐƵĐŚŝŶƐƵƌĂŶĐĞŝƐ ĚŝƐĐŽŶƚŝŶƵĞĚ͕ĞdžƚĞŶĚĞĚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĐŽǀĞƌĂŐĞŵƵƐƚďĞŽďƚĂŝŶĞĚďLJŽŶƚƌĂĐƚŽƌƚŽĨƵůĨŝůůƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚ͘ ϱ͘ĚĚŝƚŝŽŶĂů/ŶƐƵƌĂŶĐĞŽŶĚŝƚŝŽŶƐ x ŽŶƚƌĂĐƚŽƌ͛ƐƉŽůŝĐŝĞƐƐŚĂůůďĞƉƌŝŵĂƌLJŝŶƐƵƌĂŶĐĞƚŽĂŶLJŽƚŚĞƌǀĂůŝĚĂŶĚĐŽůůĞĐƚŝďůĞŝŶƐƵƌĂŶĐĞĂǀĂŝůĂďůĞƚŽƚŚĞŝƚLJ  ǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶLJĐůĂŝŵĂƌŝƐŝŶŐŽƵƚŽĨŽŶƚƌĂĐƚŽƌ͛ƐƉĞƌĨŽƌŵĂŶĐĞƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚ͘ x ŽŶƚƌĂĐƚŽƌ͛ƐƉŽůŝĐŝĞƐĂŶĚĞƌƚŝĨŝĐĂƚĞŽĨ/ŶƐƵƌĂŶĐĞƐŚĂůůĐŽŶƚĂŝŶĂƉƌŽǀŝƐŝŽŶƚŚĂƚĐŽǀĞƌĂŐĞĂĨĨŽƌĚĞĚƵŶĚĞƌƚŚĞ  ƉŽůŝĐŝĞƐƐŚĂůůŶŽƚďĞĐĂŶĐĞůůĞĚǁŝƚŚŽƵƚĂƚůĞĂƐƚƚŚŝƌƚLJ;ϯϬͿĚĂLJƐ͛ĂĚǀĂŶĐĞĚǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞŝƚLJ͕ŽƌƚĞŶ;ϭϬͿ ĚĂLJƐ͛ǁƌŝƚƚĞŶŶŽƚŝĐĞĨŽƌŶŽŶ ͲƉĂLJŵĞŶƚŽĨƉƌĞŵŝƵŵ͘ x ŽŶƚƌĂĐƚŽƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƉĂLJŵĞŶƚŽĨŽŶƚƌĂĐƚƌĞůĂƚĞĚŝŶƐƵƌĂŶĐĞƉƌĞŵŝƵŵƐĂŶĚĚĞĚƵĐƚŝďůĞƐ͘  x /ĨŽŶƚƌĂĐƚŽƌŝƐƐĞůĨͲŝŶƐƵƌĞĚ͕ĂĞƌƚŝĨŝĐĂƚĞŽĨ^ĞůĨͲ/ŶƐƵƌĂŶĐĞŵƵƐƚďĞĂƚƚĂĐŚĞĚ͘  x ŽŶƚƌĂĐƚŽƌ͛ƐƉŽůŝĐŝĞƐƐŚĂůůŝŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨ  ƚŚĞƉƌŽĨĞƐƐŝŽŶĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞ͘ x ŽŶƚƌĂĐƚŽƌƐŚĂůůŽďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶŝĞƐŚĂǀŝŶŐĂŶ͞D^d͟ƌĂƚŝŶŐŽĨͲ;ŵŝŶƵƐͿ͖  &ŝŶĂŶĐŝĂů^ŝnjĞĂƚĞŐŽƌLJ;&^Ϳs//ŽƌďĞƚƚĞƌ͕ĂŶĚĂƵƚŚŽƌŝnjĞĚƚŽĚŽďƵƐŝŶĞƐƐŝŶƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͖ĂŶĚ ϭϴ   x ŶhŵďƌĞůůĂŽƌdžĐĞƐƐ>ŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƉŽůŝĐLJŵĂLJďĞƵƐĞĚƚŽƐƵƉƉůĞŵĞŶƚƚŚĞŽŶƚƌĂĐƚŽƌ͛ƐƉŽůŝĐLJůŝŵŝƚƐŽŶĂ  ĨŽůůŽǁͲĨŽƌŵďĂƐŝƐƚŽƐĂƚŝƐĨLJƚŚĞĨƵůůƉŽůŝĐLJůŝŵŝƚƐƌĞƋƵŝƌĞĚďLJƚŚĞŽŶƚƌĂĐƚ͘ x dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƚĞƌŵŝŶĂƚĞƚŚĞĐŽŶƚƌĂĐƚŝĨƚŚĞŽŶƚƌĂĐƚŽƌŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ  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ŽďƚĂŝŶŝŶŐĂŶLJ&ĞĚĞƌĂůĐŽŶƚƌĂĐƚ͕ŐƌĂŶƚŽƌĂŶLJŽƚŚĞƌĂǁĂƌĚĐŽǀĞƌĞĚďLJϯϭh͘^͘͘ϭϯϱϮ͘ĂĐŚƚŝĞƌƐŚĂůůĂůƐŽĚŝƐĐůŽƐĞƚŚĞŶĂŵĞ ŽĨĂŶLJƌĞŐŝƐƚƌĂŶƚƵŶĚĞƌƚŚĞ>ŽďďLJŝŶŐŝƐĐůŽƐƵƌĞĐƚŽĨϭϵϵϱǁŚŽŚĂƐŵĂĚĞůŽďďLJŝŶŐĐŽŶƚĂĐƚƐŽŶŝƚƐďĞŚĂůĨǁŝƚŚŶŽŶͲ &ĞĚĞƌĂůĨƵŶĚƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĂƚ&ĞĚĞƌĂůĐŽŶƚƌĂĐƚ͕ŐƌĂŶƚŽƌĂǁĂƌĚĐŽǀĞƌĞĚďLJϯϭh͘^͘͘ϭϯϱϮ͘^ƵĐŚĚŝƐĐůŽƐƵƌĞƐĂƌĞ ĨŽƌǁĂƌĚĞĚĨƌŽŵƚŝĞƌƚŽƚŝĞƌƵƉƚŽƚŚĞƌĞĐŝƉŝĞŶƚ͘ >E/Z͗ ;ϭͿdŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĐŽŵƉůLJǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐ͕ŽƌĚĞƌƐŽƌƌĞŐƵůĂƚŝŽŶƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞůĞĂŶŝƌ Đƚ͕ĂƐĂŵĞŶĚĞĚ͕ϰϮh͘^͘͘ΑΑϳϰϬϭĞƚƐĞƋ͘dŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶƚŽƚŚĞWƵƌĐŚĂƐĞƌĂŶĚ ƵŶĚĞƌƐƚĂŶĚƐĂŶĚĂŐƌĞĞƐƚŚĂƚƚŚĞWƵƌĐŚĂƐĞƌǁŝůů͕ŝŶƚƵƌŶ͕ƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶĂƐƌĞƋƵŝƌĞĚƚŽĂƐƐƵƌĞŶŽƚŝĨŝĐĂƚŝŽŶƚŽ&dĂŶĚ ƚŚĞĂƉƉƌŽƉƌŝĂƚĞWZĞŐŝŽŶĂůKĨĨŝĐĞ͘ ;ϮͿdŚĞŽŶƚƌĂĐƚŽƌĂůƐŽĂŐƌĞĞƐƚŽŝŶĐůƵĚĞƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶĞĂĐŚƐƵďĐŽŶƚƌĂĐƚĞdžĐĞĞĚŝŶŐΨϭϬϬ͕ϬϬϬĨŝŶĂŶĐĞĚŝŶǁŚŽůĞ ŽƌŝŶƉĂƌƚǁŝƚŚ&ĞĚĞƌĂůĂƐƐŝƐƚĂŶĐĞƉƌŽǀŝĚĞĚďLJ&d͘ >EtdZ͗ ;ϭͿdŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĐŽŵƉůLJǁŝƚŚĂůůĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐ͕ŽƌĚĞƌƐŽƌƌĞŐƵůĂƚŝŽŶƐŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞ&ĞĚĞƌĂů tĂƚĞƌWŽůůƵƚŝŽŶŽŶƚƌŽůĐƚ͕ĂƐĂŵĞŶĚĞĚ͕ϯϯh͘^͘͘ϭϮϱϭĞƚƐĞƋ͘dŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶƚŽƚŚĞ WƵƌĐŚĂƐĞƌĂŶĚƵŶĚĞƌƐƚĂŶĚƐĂŶĚĂŐƌĞĞƐƚŚĂƚƚŚĞWƵƌĐŚĂƐĞƌǁŝůů͕ŝŶƚƵƌŶ͕ƌĞƉŽƌƚĞĂĐŚǀŝŽůĂƚŝŽŶĂƐƌĞƋƵŝƌĞĚƚŽĂƐƐƵƌĞ ŶŽƚŝĨŝĐĂƚŝŽŶƚŽ&dĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞWZĞŐŝŽŶĂůKĨĨŝĐĞ͘ ;ϮͿdŚĞŽŶƚƌĂĐƚŽƌĂůƐŽĂŐƌĞĞƐƚŽŝŶĐůƵĚĞƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶĞĂĐŚƐƵďĐŽŶƚƌĂĐƚĞdžĐĞĞĚŝŶŐΨϭϬϬ͕ϬϬϬĨŝŶĂŶĐĞĚŝŶǁŚŽůĞ ŽƌŝŶƉĂƌƚǁŝƚŚ&ĞĚĞƌĂůĂƐƐŝƐƚĂŶĐĞƉƌŽǀŝĚĞĚďLJ&d͘ EZ'zKE^Zsd/KE͗ dŚĞĐŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽĐŽŵƉůLJǁŝƚŚŵĂŶĚĂƚŽƌLJƐƚĂŶĚĂƌĚƐĂŶĚƉŽůŝĐŝĞƐƌĞůĂƚŝŶŐƚŽĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJǁŚŝĐŚĂƌĞĐŽŶƚĂŝŶĞĚ ŝŶƚŚĞƐƚĂƚĞĞŶĞƌŐLJĐŽŶƐĞƌǀĂƚŝŽŶƉůĂŶŝƐƐƵĞĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŶĞƌŐLJWŽůŝĐLJĂŶĚŽŶƐĞƌǀĂƚŝŽŶĐƚ͘  Ϯϱ      ZĞƋƵĞƐƚĨŽƌWƌŽƉŽƐĂů               ^>d/KEK&W>EE/E'^Zs/^&KZ  ĞƌŽʹŵŝƐƐŝŽŶƵƐdƌĂŶƐŝƚŝŽŶWůĂŶ   :EhZzϮϬϮϰ         WZKWK^>^hzϯ͗ϬϬWDEdZ>d/DKE:ĂŶƵĂƌLJϯϭ͕ϮϬϮϰ       Ϯϲ  ĞƌŽʹŵŝƐƐŝŽŶƵƐdƌĂŶƐŝƚŝŽŶWůĂŶWZKWK^>Z^WKE^,<>/^d͗ ŽŶƚƌĂĐƚŽƌƐŵƵƐƚĐŽŵƉůĞƚĞĂŶĚƐƵďŵŝƚƚŚŝƐĨŽƌŵŝŵŵĞĚŝĂƚĞůLJĨŽůůŽǁŝŶŐƚŚĞĐŽǀĞƌƉĂŐĞŽĨƚŚĞŝƌZ&WƌĞƐƉŽŶƐĞ͘ŽŶƚƌĂĐƚŽƌƐ ŵƵƐƚƌĞƐƉŽŶĚƚŽĂůůƋƵĞƐƚŝŽŶƐŝŶĞĂĐŚƉĂƌƚĂŶĚŝŶĐůƵĚĞĂůůZĞƋƵŝƌĞĚ&ŽƌŵƐĂŶĚƚƚĂĐŚŵĞŶƚƐ͘ ŚĞĐŬůŝƐƚĂŶĚƌĞƋƵŝƌĞĚĨŽƌŵƐďLJƉƌŽƉŽƐĂůĚŽĐƵŵĞŶƚ W&ĚŽĐƵŵĞŶƚϭʹdĞĐŚŶŝĐĂůWƌŽƉŽƐĂů ŽǀĞƌƉĂŐĞ  ŽǀĞƌůĞƚƚĞƌ  ŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶ  WƌŽƉŽƐĂůĞůĞŵĞŶƚƐ  R ŽŵƉĂŶLJďĂĐŬŐƌŽƵŶĚĂŶĚĞdžƉĞƌŝĞŶĐĞ  /ŶĐůƵĚĞƐƚĂƚĞŵĞŶƚŽĨƋƵĂůŝĨŝĐĂƚŝŽŶƐĂŶĚƌĞůĞǀĂŶƚĐŽŶƚƌĂĐƚŽƌĞdžƉĞƌŝĞŶĐĞĨŽƌŵƐ  ƒ R WƌŽũĞĐƚͲƐƉĞĐŝĨŝĐƋƵĂůŝĨŝĐĂƚŝŽŶƐ  R WƌŽũĞĐƚƐƚĂĨĨ  >ŝƐƚŽĨĨŝƌƐƚͲƚŝĞƌĐŽŶƚƌĂĐƚŽƌƐ  ƒ R WƌŽũĞĐƚĂƉƉƌŽĂĐŚ  R tŽƌŬWůĂŶĂŶĚƉƌŽũĞĐƚƐĐŚĞĚƵůĞ  ZĞƋƵŝƌĞĚ&ŽƌŵƐ  R ĞƌƚŝĨŝĐĂƚŝŽŶĂŶĚƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ  R ŝƐĐůŽƐƵƌĞŽĨĐŽŶƚƌĂĐƚŽƌƌĞƐƉŽŶƐŝďŝůŝƚLJ  R >ŝƐƚŽĨĨŝƌƐƚͲƚŝĞƌƐƵďĐŽŶƚƌĂĐƚŽƌƐ  R ĞƌƚŝĨŝĐĂƚŝŽŶƌĞŐĂƌĚŝŶŐůŽďďLJŝŶŐ  R ĐŬŶŽǁůĞĚŐŵĞŶƚŽĨĂĚĚĞŶĚĂ  R ƉĂƌƚŝĐŝƉĂƚŝŽŶĂĨĨŝĚĂǀŝƚ  R ĐŬŶŽǁůĞĚŐĞŵĞŶƚŽĨdĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ  R ŝƚLJŽĨZŽĐŚĞƐƚĞƌ/dŽŶƚƌĂĐƚdĞƌŵƐ  R   R ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͛ƐEŽŶ ͲŝƐĐůŽƐƵƌĞŐƌĞĞŵĞŶƚ  W&ĚŽĐƵŵĞŶƚϮʹŽƐƚƉƌŽƉŽƐĂů ŽƐƚWƌŽƉŽƐĂů  LJƐŝŐŶŝŶŐďĞůŽǁ͕ŽŶƚƌĂĐƚŽƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚϭͿƚŚĞLJŚĂǀĞĐĂƌĞĨƵůůLJĞdžĂŵŝŶĞĚƚŚĞĞŶƚŝƌĞZ&WĂŶĚƵŶĚĞƌƐƚĂŶĚƐĂůů ŝŶƐƚƌƵĐƚŝŽŶƐ͕ƌĞƋƵŝƌĞŵĞŶƚƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ƚĞƌŵƐ͕ĂŶĚĐŽŶĚŝƚŝŽŶƐ͖ϮͿĂůůŝŶĨŽƌŵĂƚŝŽŶƐƵďŵŝƚƚĞĚŝŶƚŚĞŝƌƌĞƐƉŽŶƐĞƚŽƚŚŝƐZ&W ŝƐĐƵƌƌĞŶƚ͕ĂĐĐƵƌĂƚĞĂŶĚĐŽŵƉůĞƚĞ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞŽŵƉĂŶLJEĂŵĞ  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƵƚŚŽƌŝnjĞĚŽŵƉĂŶLJZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƉƌŝŶƚĞĚͿƵƚŚŽƌŝnjĞĚŽŵƉĂŶLJZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐŝŐŶĂƚƵƌĞͿ  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŵĂŝůĚĚƌĞƐƐdĞůĞƉŚŽŶĞ  Ϯϳ  ^ddDEdK&Yh>/&/d/KE^EZ>sEdKEdZdKZyW/Z/E͗ &ŽƌĞĂĐŚĞŶƚŝƚLJƉƌŽǀŝĚĞĚĂƐĂƌĞĨĞƌĞŶĐĞ͕ƉƌŽǀŝĚĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶƌĞƋƵĞƐƚĞĚďĞůŽǁ͘ŽŶƚƌĂĐƚŽƌƐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽ ŚŝŐŚůŝŐŚƚƚŚĞŝƌƉĞƌĨŽƌŵĂŶĐĞĂŶĚĂƐƉĞĐƚƐŽĨƚŚĞƉƌŽũĞĐƚĐŽŵƉůĞƚĞĚĨŽƌƚŚĞŝƌƌĞĨĞƌĞŶĐĞƚŚĂƚĂƌĞƌĞůĞǀĂŶƚƚŽƚŚŝƐZ&W͛ƐƐĐŽƉĞ ŽĨǁŽƌŬ͘WůĞĂƐĞŬĞĞƉLJŽƵƌƌĞƐƉŽŶƐĞƐǁŝƚŚŝŶƚŚĞƉƌĞƐĐƌŝďĞĚǁŽƌĚĐŽƵŶƚ͘ZĞƐƉŽŶƐĞƐƐŚŽƌƚĞƌƚŚĂŶƚŚĞƉƌĞƐĐƌŝďĞĚǁŽƌĚ ĐŽƵŶƚǁŝůůŶŽƚŶĞŐĂƚŝǀĞůLJĂĨĨĞĐƚLJŽƵƌƉƌŽƉŽƐĂůĞǀĂůƵĂƚŝŽŶ͘ ƵƐƚŽŵĞƌͬZĞĨĞƌĞŶĐĞŽƌŐĂŶŝnjĂƚŝŽŶŽŶƚƌĂĐƚŶĂŵĞͬƚŝƚůĞ WƌŽũĞĐƚƐƚĂƌƚŵŽŶƚŚͬLJĞĂƌKƌŝŐŝŶĂůĐŽŶƚƌĂĐƚǀĂůƵĞ WƌŽũĞĐƚĐŽŵƉůĞƚŝŽŶŵŽŶƚŚͬLJĞĂƌƵƌƌĞŶƚŽƌĨŝŶĂůĐŽŶƚƌĂĐƚǀĂůƵĞ ;ƉƌŽǀŝĚĞĚĞƐĐƌŝƉƚŝŽŶŚĞƌĞͿ ;ƉƌŽǀŝĚĞĚŝƐĐƵƐƐŝŽŶŚĞƌĞͿ x ;ůŝƐƚƐƚĂĨĨŚĞƌĞͿ   ΎWůĞĂƐĞĐŽŶĨŝƌŵƚŚĂƚĐŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚŝƐĐƵƌƌĞŶƚƉƌŝŽƌƚŽƐƵďŵŝƐƐŝŽŶ WƌŽũĞĐƚŽƌWƌŽŐƌĂŵDĂŶĂŐĞƌŽŶƚƌĂĐƚŝŶŐŽĨĨŝĐĞƌ EĂŵĞKƌŝŐŝŶĂůĐŽŶƚƌĂĐƚǀĂůƵĞ ĚĚƌĞƐƐƵƌƌĞŶƚŽƌĨŝŶĂůĐŽŶƚƌĂĐƚǀĂůƵĞ WŚŽŶĞWŚŽŶĞ ŵĂŝůŵĂŝů  /ŚĞƌĞďLJĂƵƚŚŽƌŝnjĞƚŚĞŝƚLJƚŽĐŽŶƚĂĐƚƚŚĞƌĞĨĞƌĞŶĐĞƐůŝƐƚĞĚŽŶƚŚŝƐĨŽƌŵĂŶĚƚŚĞĐŽŵƉĂŶLJͬƌĞĨĞƌĞŶĐĞƐŽŝĚĞŶƚŝĨŝĞĚƚŽ ƌĞůĞĂƐĞĂŶLJƌĞƐƉŽŶƐŝǀĞŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞŝƚLJ͘  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƵƚŚŽƌŝnjĞĚ^ŝŐŶĂƚƵƌĞdŝƚůĞ  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ  Ϯϴ  Zd/&/d/KE^EZWZ^Edd/KE^͗ LJƐƵďŵŝƚƚŝŶŐƚŚŝƐZ&WƌĞƐƉŽŶƐĞ͕ƚŚĞƵŶĚĞƌƐŝŐŶĞĚŵĂŬĞƐƚŚĞĨŽůůŽǁŝŶŐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͗ ϭ͘/ĂŵĨĂŵŝůŝĂƌǁŝƚŚĂůůƌĞƋƵŝƌĞŵĞŶƚƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ĂŶĚŝŶƐƚƌƵĐƚŝŽŶƐŝŶƚŚĞZ&W͘ Ϯ͘/ĂŵĨĂŵŝůŝĂƌǁŝƚŚĂůůŵĂƚƚĞƌƐĂĨĨĞĐƚŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ŝŶĐůƵĚŝŶŐĂůůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ ĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚĂĨĨĞĐƚŽƌŵĂLJĂĨĨĞĐƚƚŚĞƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚ͕ƌĞůĂƚĞĚƉĞƌĨŽƌŵĂŶĐĞ͕ĂŶĚƚŚĞƉĞƌƐŽŶƐĞŵƉůŽLJĞĚ͘ ϯ͘/ĂŶĚƚŚĞĐŽŵƉĂŶLJ/ƌĞƉƌĞƐĞŶƚĂƌĞŝŶƚŚĞƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶďƵƐŝŶĞƐƐĂŶĚŚĂǀĞƚŚĞŬŶŽǁůĞĚŐĞ͕ĞdžƉĞƌŝĞŶĐĞ͕ĂŶĚƐŬŝůůƐ 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ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚĞZ&WĚŽĐƵŵĞŶƚƐ͘dŚŽƐĞĐŚĂŶŐĞƐ͕ĐŽƌƌĞĐƚŝŽŶƐ͕ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕Žƌ ƵƉĚĂƚĞƐƚŽŝŶĨŽƌŵĂƚŝŽŶǁŝůůďĞƉƌŽǀŝĚĞĚďLJĞŵĂŝůǁŚĞŶƚŚĞLJĂƌĞĂǀĂŝůĂďůĞƚŽĞĂĐŚŽŶƚƌĂĐƚŽƌǁŚŽĐŽŵƉůĞƚĞƐĂZĞĐĞŝƉƚ ŽŶĨŝƌŵĂƚŝŽŶĨŽƌƚŚŝƐZ&W͘/ĨĂŶLJŽĨƚŚŽƐĞĐŚĂŶŐĞƐ͕ĐŽƌƌĞĐƚŝŽŶƐ͕ĐůĂƌŝĨŝĐĂƚŝŽŶƐ͕ŽƌƵƉĚĂƚĞƐƚŽŝŶĨŽƌŵĂƚŝŽŶĂƌĞƚŽďĞ ĐŽŶƐŝĚĞƌĞĚĂŶĂĚĚĞŶĚƵŵƚŽĂŶĚďĞĐŽŵĞƉĂƌƚŽĨƚŚĞZ&WĚŽĐƵŵĞŶƚƐ͕ƚŚĞLJǁŝůůďĞůŝƐƚĞĚďLJƐƵďũĞĐƚ͕ƚŝŵĞ͕ĂŶĚĚĂƚĞŝŶĂ ĨŝŶĂůĞŵĂŝůĨƌŽŵƚŚĞŝƚLJƉƌŝŽƌƚŽƚŚĞƐƵďŵŝƐƐŝŽŶĚĞĂĚůŝŶĞĨŽƌƚŚĞZ&W͘ŽŶƚƌĂĐƚŽƌƐŵƵƐƚĂĐŬŶŽǁůĞĚŐĞƌĞĐĞŝƉƚŽĨĂŶLJĂŶĚ ĂůůƐƵĐŚĂĚĚĞŶĚĂ͕ĂŶĚŝŶĐůƵĚĞƐƵĐŚĂĐŬŶŽǁůĞĚŐŵĞŶƚǁŝƚŚƚŚĞZ&WƌĞƐƉŽŶƐĞ͘&ĂŝůƵƌĞƚŽĂĐŬŶŽǁůĞĚŐĞƌĞĐĞŝƉƚŽĨĂůůĂĚĚĞŶĚĂ ŵĂLJĐĂƵƐĞƚŚĞZ&WƌĞƐƉŽŶƐĞƚŽďĞĐŽŶƐŝĚĞƌĞĚŶŽŶƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞƐŽůŝĐŝƚĂƚŝŽŶ͘ dŚĞĨŽůůŽǁŝŶŐĂĐŬŶŽǁůĞĚŐĞŵĞŶƚƐŚĂůůďĞŝŶĐůƵĚĞĚǁŝƚŚƚŚĞŽŶƚƌĂĐƚŽƌ͛ƐZ&WƌĞƐƉŽŶƐĞ͗ dŚĞƵŶĚĞƌƐŝŐŶĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƌĞĐĞŝƉƚŽĨĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐĂĚĚĞŶĚĂƚŽƚŚĞZ&WĚŽĐƵŵĞŶƚƐ͗ ΀/ŶĐůƵĚĞƚŚĞƐƵďũĞĐƚ͕ƚŝŵĞ͕ĂŶĚĚĂƚĞŽĨĞĂĐŚĂĚĚĞŶĚĂĂƐŶŽƚĞĚŝŶĞŵĂŝůĨƌŽŵƚŚĞZ&WĚŵŝŶŝƐƚƌĂƚŽƌ͘΁ dŚĞƵŶĚĞƌƐŝŐŶĞĚĨƵƌƚŚĞƌŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞŽŶƚƌĂĐƚŽƌƵŶĚĞƌƐƚĂŶĚƐĂŶĚĂŐƌĞĞƐƚŚĂƚĞĂĐŚƐƵĐŚĂĚĚĞŶĚĂ ĂƌĞƉĂƌƚŽĨƚŚĞZ&WĚŽĐƵŵĞŶƚƐĂŶĚŚĂǀĞďĞĞŶĐŽŶƐŝĚĞƌĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞŽŶƚƌĂĐƚŽƌ͛ƐZ&WƌĞƐƉŽŶƐĞ͘  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƵƚŚŽƌŝnjĞĚ^ŝŐŶĂƚƵƌĞdŝƚůĞ  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ   ϯϯ   WZd//Wd/KE&&/s/d͗ dŚŝƐĂĨĨŝĚĂǀŝƚŵƵƐƚďĞŝŶĐůƵĚĞĚǁŝƚŚƚŚĞďŝĚ͘/ĨƚŚĞďŝĚĚĞƌĨĂŝůƐƚŽĂĐĐƵƌĂƚĞůLJĐŽŵƉůĞƚĞĂŶĚƐƵďŵŝƚƚŚŝƐĂĨĨŝĚĂǀŝƚĂƐƌĞƋƵŝƌĞĚ͕ ƚŚĞďŝĚƐŚĂůůďĞĚĞĞŵĞĚŶŽƚƌĞƐƉŽŶƐŝǀĞ͘ /ŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞďŝĚƐƵďŵŝƚƚĞĚ͕/ĂĨĨŝƌŵƚŚĞĨŽůůŽǁŝŶŐWĂƌƚŝĐŝƉĂƚŝŽŶ͗ ŚĞĐŬŽŶůLJŽŶĞ KƵƌŽŵƉĂŶLJŚĂƐŵĞƚƚŚĞŽǀĞƌĂůůĐĞƌƚŝĨŝĞĚŝƐĂĚǀĂŶƚĂŐĞĚƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞ;ͿƉĂƌƚŝĐŝƉĂƚŝŽŶŐŽĂůŽĨϳ͘Ϭй͘  KƵƌŽŵƉĂŶLJ͛ƐŐŽĂůĨŽƌƚŚŝƐĐŽŶƚƌĂĐƚŝƐ͗ͺͺͺͺͺй  /ĂŐƌĞĞƚŚĂƚƚŚĞĨŝƌŵƐůŝƐƚĞĚŝŶŽƵƌŽŵƉĂŶLJ͛ƐWĂƌƚŝĐŝƉĂƚŝŽŶ^ĐŚĞĚƵůĞ&Žƌŵ&ͲϭǁŝůůďĞƵƐĞĚƚŽĂĐĐŽŵƉůŝƐŚ ƚŚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŐŽĂůĨŽƌƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƚůĞĂƐƚƚŚĞĚŽůůĂƌĂŵŽƵŶƚƐƐĞƚĨŽƌƚŚƚŚĞƌĞŝŶ͘  dŚĞWĂƌƚŝĐŝƉĂƚŝŽŶ^ĐŚĞĚƵůĞ&Žƌŵ&ͲϭŵƵƐƚƐŚŽǁƚŚĞĨŽůůŽǁŝŶŐ͗ x EĂŵĞƐ͕ĂĚĚƌĞƐƐĞƐ͕ĂŶĚĐŽŶƚĂĐƚŶĂŵĞƐŽĨĂůůDEĐĞƌƚŝĨŝĞĚ͛ƐƚŚĂƚǁŝůůďĞƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚŝƐĐŽŶƚƌĂĐƚ͘  x ƐƉĞĐŝĨŝĐĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞǁŽƌŬĞĂĐŚǁŝůůƉĞƌĨŽƌŵ͘  x dŚĞĚŽůůĂƌĂŵŽƵŶƚŽĨƚŚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨĞĂĐŚĨŝƌŵƉĂƌƚŝĐŝƉĂƚŝŶŐ  /ŚĂǀĞĂƚƚĂĐŚĞĚǁƌŝƚƚĞŶĐŽŶĨŝƌŵĂƚŝŽŶĨƌŽŵĞĂĐŚŽĨƚŚĞ͛ƐůŝƐƚĞĚŽŶƚŚĞWĂƌƚŝĐŝƉĂƚŝŽŶ^ĐŚĞĚƵůĞ&Žƌŵ&Ͳϭ ŝŶĚŝĐĂƚŝŶŐƚŚĂƚƚŚĞLJĂƌĞƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞŽŶƚƌĂĐƚĂƐƉƌŽǀŝĚĞĚ͘ KZ /ĐŽŶĐůƵĚĞƚŚĂƚŵLJŽŵƉĂŶLJŝƐƵŶĂďůĞƚŽĂĐŚŝĞǀĞƚŚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŐŽĂůŽĨϳ͘Ϭй  KƵƌŽŵƉĂŶLJ͛ƐŐŽĂůĨŽƌƚŚŝƐĐŽŶƚƌĂĐƚŝƐͺͺͺͺͺͺй͘/ŚĞƌĞďLJƌĞƋƵĞƐƚĂǁĂŝǀĞƌŽĨƚŚĞŽǀĞƌĂůůŐŽĂů͘/ŚĂǀĞ ĂƚƚĂĐŚĞĚƚŚĞĞƌƚŝĨŝĐĂƚŝŽŶŽĨ'ŽŽĚ&ĂŝƚŚĨĨŽƌƚƐ&Žƌŵ&ͲϮĂƐĞǀŝĚĞŶĐĞŽĨŽƵƌŽŵƉĂŶLJ͛ƐŐŽŽĚĨĂŝƚŚĞĨĨŽƌƚƚŽ ĂƚƚĞŵƉƚƚŽĂĐŚŝĞǀĞƚŚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŐŽĂůŽĨϮ͘ϬйǁŚŝĐŚƐŚŽǁƐƚŚĞĨŽůůŽǁŝŶŐ͗ x ŽĐƵŵĞŶƚĂƚŝŽŶƐŚŽǁŝŶŐĞĨĨŽƌƚƐƵƐĞĚƚŽŝĚĞŶƚŝĨLJĂŶĚƐŽůŝĐŝƚŽĨƐ͕ŝŶĐůƵĚŝŶŐǁƌŝƚƚĞŶƐŽůŝĐŝƚĂƚŝŽŶƐ;ǁŝƚŚ  ďŝĚĚŝŶŐŝŶƐƚƌƵĐƚŝŽŶƐͿ x ^ĞůĞĐƚŝŶŐƉŽƌƚŝŽŶƐŽĨƚŚĞǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚďLJƐ  x WƌŽǀŝĚŝŶŐƐǁŝƚŚƉůĂŶŝŶĨŽƌŵĂƚŝŽŶĂŶĚƐƉĞĐŝĨŝĐĂƚŝŽŶŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ  x ŽĐƵŵĞŶƚŝŶŐĞǀŝĚĞŶĐĞŽĨŶĞŐŽƚŝĂƚŝŽŶƐ  /ŶƚŚĞƐŽůŝĐŝƚĂƚŝŽŶŽĨƐƵďĐŽŶƚƌĂĐƚƋƵŽƚĂƚŝŽŶƐŽƌŽĨĨĞƌƐ͕ĨŝƌŵƐǁĞƌĞƉƌŽǀŝĚĞĚŶŽƚůĞƐƐƚŚĂŶƚŚĞƐĂŵĞ ŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂŵŽƵŶƚŽĨƚŝŵĞƚŽƌĞƐƉŽŶĚĂƐǁĞƌĞŶŽŶͲĨŝƌŵƐ͘ /ĂĨĨŝƌŵƵŶĚĞƌƚŚĞƉĞŶĂůƚŝĞƐŽĨƉĞƌũƵƌLJƚŚĂƚƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚŝƐĂĨĨŝĚĂǀŝƚŝƐƚƌƵĞƚŽƚŚĞďĞƐƚŽĨŵLJŬŶŽǁůĞĚŐĞ͕ ŝŶĨŽƌŵĂƚŝŽŶ͕ĂŶĚďĞůŝĞĨ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽŵƉĂŶLJEĂŵĞƵƚŚŽƌŝnjĞĚŽŵƉĂŶLJZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐŝŐŶĂƚƵƌĞͿ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĚĚƌĞƐƐƵƚŚŽƌŝnjĞĚŽŵƉĂŶLJZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƉƌŝŶƚĞĚͿ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŝƚLJ͕^ƚĂƚĞ͕ĂŶĚŝƉŽĚĞĂƚĞ ϯϰ   &Žƌŵ&Ͳϭ͗WĂƌƚŝĐŝƉĂƚŝŽŶ^ĐŚĞĚƵůĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽŵƉĂŶLJĐŽŵƉůĞƚŝŶŐƚŚŝƐƐĐŚĞĚƵůĞĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ WƌŽũĞĐƚŶĂŵĞƉĂƌƚŝĐŝƉĂƚŝŽŶŐŽĂů;ƉĞƌĐĞŶƚͿ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŽƚĂůĐŽŵŵŝƚŵĞŶƚŝŶĚŽůůĂƌƐ;ΨͿ WůĞĂƐĞůŝƐƚĂůůƋƵŽƚĞƐŽĨƐƚŚĂƚǁŝůůďĞƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞƉƌŽũĞĐƚ͘/ŶĐůƵĚĞƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƐƵƉƉůŝĞƌƐ͕ƐƵďͲĐŽŶƐƵůƚĂŶƚƐ͕ ĂŶĚƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͘  /ĨLJŽƵŚĂǀĞĂŶLJƋƵĞƐƚŝŽŶƐ͕ƉůĞĂƐĞĐŽŶƚĂĐƚ͗ DŝĐŚĂĞůŽůůŝŶƐ dƌĂŶƐŝƚWƌŽũĞĐƚDĂŶĂŐĞƌ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ ZŽĐŚĞƐƚĞƌWƵďůŝĐdƌĂŶƐŝƚ ϰϯϬϬĂƐƚZŝǀĞƌZĚE ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϲ WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϰϴϱ &Ădž͗ϱϬϳͲϯϮϴͲϮϰϯϮ ŵĂŝů͗ŵĐŽůůŝŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ϯϱ   &Žƌŵ&ͲϮ͗ĞƌƚŝĨŝĐĂƚŝŽŶŽĨ'ŽŽĚ&ĂŝƚŚĨĨŽƌƚƐ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽŵƉĂŶLJĐŽŵƉůĞƚŝŶŐƚŚŝƐƐĐŚĞĚƵůĞĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ WƌŽũĞĐƚŶĂŵĞƉĂƌƚŝĐŝƉĂƚŝŽŶŐŽĂů;ƉĞƌĐĞŶƚͿ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ dŽƚĂůĐŽŵŵŝƚŵĞŶƚŝŶĚŽůůĂƌƐ;ΨͿ WůĞĂƐĞůŝƐƚLJŽƵƌĂƚƚĞŵƉƚƐƚŽƐŽůŝĐŝƚďŝĚƐĨƌŽŵƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ƐƵƉƉůŝĞƌƐ͕ĂŶĚƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͘ >ĞƚƚĞƌWŚŽŶĞ  /ĨLJŽƵŚĂǀĞĂŶLJƋƵĞƐƚŝŽŶƐ͕ƉůĞĂƐĞĐŽŶƚĂĐƚ͗ DŝĐŚĂĞůŽůůŝŶƐ dƌĂŶƐŝƚWƌŽũĞĐƚDĂŶĂŐĞƌ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ ZŽĐŚĞƐƚĞƌWƵďůŝĐdƌĂŶƐŝƚ ϰϯϬϬĂƐƚZŝǀĞƌZĚE ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϲ WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϰϴϱ &Ădž͗ϱϬϳͲϯϮϴͲϮϰϯϮ ŵĂŝů͗ŵĐŽůůŝŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ          ϯϲ   <EKt>'DEdK&d>KDDhE/d/KE^͗ ŽŶƚƌĂĐƚŽƌŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞ:ŽŚŶ^͘DĐĂŝŶEĂƚŝŽŶĂůĞĨĞŶƐĞƵƚŚŽƌŝnjĂƚŝŽŶĐƚĨŽƌ&ŝƐĐĂůzĞĂƌϮϬϭϵ͕WƵď͘>͘ ϭϭϱϮϯϮ͕Αϴϴϵ;ƵŐ͘ϭϯ͕ϮϬϭϴͿ;ƚŚĞĐƚͿƉƌŽŚŝďŝƚƐƚŚĞŐĞŶĐLJĨƌŽŵƉƌŽĐƵƌŝŶŐĐĞƌƚĂŝŶ͞ĐŽǀĞƌĞĚƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ĞƋƵŝƉŵĞŶƚŽƌƐĞƌǀŝĐĞƐ͕͟ĂƐĚĞĨŝŶĞĚŝŶƚŚĞĐƚ͕ŝŶĨĞĚĞƌĂůůLJĂƐƐŝƐƚĞĚƉƌŽĐƵƌĞŵĞŶƚƐĂŶĚƚŚĂƚƚŚĞŝŶƐƚĂŶƚƉƌŽĐƵƌĞŵĞŶƚŝƐĂ ĨĞĚĞƌĂůůLJĂƐƐŝƐƚĞĚƉƌŽĐƵƌĞŵĞŶƚƐƵďũĞĐƚƚŽƚŚĂƚƉƌŽŚŝďŝƚŝŽŶ͘ŽŶƚƌĂĐƚŽƌƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚŝƚŚĂƐƉĞƌĨŽƌŵĞĚĂ ĚƵĞĚŝůŝŐĞŶĐĞƌĞǀŝĞǁŽĨŝƚƐƐƵƉƉůLJĐŚĂŝŶĂŶĚƚŚĂƚŶŽƐƵĐŚ͞ĐŽǀĞƌĞĚƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƋƵŝƉŵĞŶƚŽƌƐĞƌǀŝĐĞƐ͟ƐŚĂůůďĞ ƉƌŽǀŝĚĞĚƚŽƚŚĞŐĞŶĐLJƚŚĂƚǁŽƵůĚĐĂƵƐĞƚŚĞŐĞŶĐLJƚŽďĞŝŶǀŝŽůĂƚŝŽŶŽĨƚŚĞƉƌŽŚŝďŝƚŝŽŶĐŽŶƚĂŝŶĞĚŝŶƚŚĞĐƚ͘   ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŽŵƉĂŶLJEĂŵĞƵƚŚŽƌŝnjĞĚŽŵƉĂŶLJZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐŝŐŶĂƚƵƌĞͿ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĚĚƌĞƐƐƵƚŚŽƌŝnjĞĚŽŵƉĂŶLJZĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƉƌŝŶƚĞĚͿ 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ƟŽŶŶŐŝŶĞĞƌƐ͕EĂ ƟŽŶĂůWĂƌŬŝŶŐƐƐŽĐŝĂ ƟŽŶ͕/ŶƚĞƌŶĂ ƟŽŶĂůWĂƌŬŝŶŐ/ŶƐ ƟƚƵƚĞ͕ hƌďĂŶ>ĂŶĚ/ŶƐ ƟƚƵƚĞ͕ĂŶĚ'ƌĞĞŶWĂƌŬŝŶŐŽƵŶĐŝů͘^ĞƌǀŝĐĞƐŽ īĞƌĞĚďLJ^DEŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗ ͻWĂƌŬŝŶŐ^ƚƵĚŝĞƐĂŶĚDĂƐƚĞƌWůĂŶƐ ͻWĂƌŬŝŶŐDĂŶĂŐĞŵĞŶƚΘKƉĞƌĂ ƟŽŶƐŽŶƐƵů ƟŶŐ ͻWĂƌŬŝŶŐWůĂŶŶŝŶŐͬ&ƵŶĐ ƟŽŶĂůĞƐŝŐŶ ͻ'ƌĞĞŶ'ĂƌĂŐĞĞƌ ƟĮĐĂ ƟŽŶ ͻƌĐŚŝƚĞĐƚƵƌĞ ͻ^ƚƌƵĐƚƵƌĂůΘZĞƐƚŽƌĂ ƟŽŶŶŐŝŶĞĞƌŝŶŐ DŝƐƐŝŽŶ^ƚĂƚĞŵĞŶƚ KƵƌĮƌŵŝƐƐĞƚƵƉƚŽĞŶĐŽƵƌĂŐĞƚŚĞĐƌĞĂ ƟǀĞƉƌŽĐĞƐƐ͕ƚŽƐŚĂƌĞŝĚĞĂƐĂŶĚƚĂůĞŶƚƐĂŵŽŶŐĂůůŽĨŽƵƌŽ ĸĐĞƐĂŶĚĚĞůŝǀĞƌĂŶ ĞdžĐĞƉ ƟŽŶĂůĞŶĚͲƉƌŽĚƵĐƚƚŽŽƵƌĐůŝĞŶƚƐ͘^DEĞŵďƌĂĐĞƐĚŝǀĞƌƐŝƚLJĂŶĚŝƐĐŽŵŵŝ ƩĞĚƚŽƉƌŽǀŝĚŝŶŐĞdžĐĞůůĞŶĐĞŝŶƚŚĞ ĚĞƐŝŐŶŽĨƉĂƌŬŝŶŐĨĂĐŝůŝ ƟĞƐ͕ƌĞŚĂďŝůŝƚĂ ƟŽŶƉƌŽŐƌĂŵƐĨŽƌĞdžŝƐ ƟŶŐƐƚƌƵĐƚƵƌĞƐ͕ĂŶĚŝŶŶŽǀĂ ƟǀĞƉĂƌŬŝŶŐƐƚƵĚŝĞƐĨŽƌĂůůŵĂƌŬĞƚ ƐĞĐƚŽƌƐ͘ /ŶƚĞƌŶĂůůLJ͕ǁĞƐƚƌŝǀĞƚŽĞŶƌŝĐŚƚŚĞůŝǀĞƐŽĨŽƵƌĞŵƉůŽLJĞĞƐĂŶĚĞŵďƌĂĐĞƉĞƌƐŽŶĂůǀĂůƵĞƐ͘tĞĐĂƌĞĂďŽƵƚƐĞƌǀŝŶŐŽƵƌĐůŝĞŶƚƐ ĂŶĚŝŵƉƌŽǀŝŶŐƚŚĞĐŽŵŵƵŶŝǀǀǀǀ ƟĞƐŝŶǁŚŝĐŚǁĞǁŽƌŬ͘KƵƌĞŶĚƵƌŝŶŐĐůŝĞŶƚƌĞůĂ ƟŽŶƐŚŝƉƐƌĞ ŇĞĐƚŽƵƌŽŶŐŽŝŶŐĐŽŵŵŝƚŵĞŶƚƚŽ ƚŚĞƉƌŝŶĐŝƉůĞƐŽĨĐŽůůĂďŽƌĂ ƟŽŶ͕ƉĂƌƚŶĞƌƐŚŝƉ͕ĂŶĚŚĂƌĚǁŽƌŬ͘ WĂƌŬŝŶŐƐƐŽĐŝĂƚĞƐ͕>>ƉƌŽǀŝĚĞƐĂĨƵůůƌĂŶŐĞŽĨƐƉĞĐŝĂůŝnjĞĚƉĂƌŬŝŶŐĐŽŶƐƵů ƟŶŐ 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ŽŶƚŚĞŝƌĐŽůůĞĐ ƟǀĞƐĞƚŽĨƐŬŝůůƐ͕ƚƌĂŝŶŝŶŐ͕ďĂĐŬŐƌŽƵŶĚĂŶĚƚŚĞŝƌƌĞůĞǀĂŶƚƉƌŽũĞĐƚĞdžƉĞƌŝĞŶĐĞ͘KƵƌŵƵů ƟͲĚŝƐĐŝƉůŝŶĂƌLJ ƉƌŽĨĞƐƐŝŽŶĂůƚĞĂŵĚĞůŝǀĞƌƐĞdžƚĞŶƐŝǀĞĂŶĚŝŶƚĞƌƌĞůĂƚĞĚƉĂƌŬŝŶŐƉůĂŶŶŝŶŐ͕ŽƉĞƌĂ ƟŽŶƐ͕ŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚĚĞƐŝŐŶ ĞdžƉĞƌŝĞŶĐĞƚŚĂƚĐĂŶĂĚĚƌĞƐƐĂǀĞƌLJǁŝĚĞƌĂŶŐĞŽĨƉĂƌŬŝŶŐŶĞĞĚƐ͘ 'Z'KZz^,hDd Dƌ͘^ŚƵŵĂƚĞŝƐĂ^ĞŶŝŽƌƐƐŽĐŝĂƚĞǁŝƚŚĨŽƌƚLJͲ ĮǀĞLJĞĂƌƐŽĨƉƌŽĨĞƐƐŝŽŶĂůƉĂƌŬŝŶŐĂĚŵŝŶŝƐƚƌĂ ƟŽŶ ĐŽŶƐƵůƚĂ ƟŽŶĞdžƉĞƌŝĞŶĐĞ͘,ĞǁŝůůƐĞƌǀĞĂƐƚŚĞWƌŽũĞĐƚDĂŶĂŐĞƌĂŶĚŽǀĞƌƐĞĞƚŚĞŝŵƉůĞŵĞŶƚĂ ƟŽŶ ŽĨƚŚĞĞŶ ƟƌĞ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐĨŽƌĞĂĐŚƉĂƌŬŝŶŐĨĂĐŝůŝƚLJ͘Dƌ͘^ŚƵŵĂƚĞŚĂƐƚŚĞĐĂƉĂďŝůŝƚLJƚŽ ŵĂŶĂŐĞĂŶĚŽǀĞƌƐĞĞŵƵů ƟƉůĞƉƌŽũĞĐƚƐ͘,ĞǁŝůůĞǀĂůƵĂƚĞƚŚĞĞdžŝƐ ƟŶŐĨĂĐŝůŝƚLJ͕ǁƌŝƚĞƚŚĞZ&WĨŽƌ ƚŚĞWZ^ƚĞĐŚŶŽůŽŐLJΘƋƵŝƉŵĞŶƚ͕ĞǀĂůƵĂƚĞƚŚĞWZ^ǀĞŶĚŽƌƐΘƉƌŽƉŽƐĂůƐ͕ĂŶĚĂƐƐŝƐƚŝŶ ƚŚĞŝŵƉůĞŵĞŶƚĂ ƟŽŶĂŶĚŝŶƐƚĂůůĂ ƟŽŶŽĨƚŚĞƚĞĐŚŶŽůŽŐLJ͘,ĞǁŝůůŵĂŶĂŐĞƌĞƐŽƵƌĐĞƐ͕ŬĞĞƉĐůŝĞŶƚ ƌĞƋƵŝƌĞŵĞŶƚƐŝŶĐŚĞĐŬ͕ĐŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞƚĞĂŵ͕ĂŶĚŵĂŬĞƐƵƌĞƚŚĂƚ^ƵďŵŝƐƐŝŽŶƐĂƌĞĚĞůŝǀĞƌĞĚ ŽŶƟŵĞ͘WĂƐƚWZ^ƉƌŽĐƵƌĞŵĞŶƚĂŶĚŝŶƐƚĂůůĂ ƟŽŶĐůŝĞŶƚƐŝŶĐůƵĚĞĚĞǀĞůŽƉĞƌƐ͕ĐŽŶĚŽŵŝŶŝƵŵ ĂƐƐŽĐŝĂ ƟŽŶƐ͕ƚŚĞWŝ ƩƐďƵƌŐŚWĂƌŬŝŶŐƵƚŚŽƌŝƚLJ͕ƚŚĞŝƚLJŽĨdŽƉĞŬĂ͕<^͕ƚŚĞŝƚLJŽĨ^ĐƌĂŶƚŽŶ͕W͕ ĂŶĚƚŚĞ'ƌĞĂƚĞƌŽůƵŵďƵƐŽŶǀĞŶ ƟŽŶĞŶƚĞƌ͘ 'Z>^>DE Dƌ͘^ĂůnjŵĂŶŝƐĂŶƐƐŽĐŝĂƚĞsŝĐĞWƌĞƐŝĚĞŶƚĨŽƌ^DE͘,ĞŚĂƐŽǀĞƌĨŽƌƚLJLJĞĂƌƐŽĨĞdžƉĞƌŝĞŶĐĞ ĐŽŶĚƵĐ ƟŶŐƉĂƌŬŝŶŐƐƚƵĚŝĞƐĨŽƌĐŝ ƟĞƐĂŶĚĐŽŵŵƵŶŝ ƟĞƐ͘,ĞǁŝůůƐĞƌǀĞĂƐƚŚĞWƌŝŶĐŝƉĂůͲŝŶͲŚĂƌŐĞ ĨŽƌƚŚĞƉƌŽũĞĐƚĂŶĚƐƵƉƉŽƌƚƚŚĞWƌŽũĞĐƚDĂŶĂŐĞƌ͘Dƌ͘^ĂůnjŵĂŶǁŝůůƉƌŽǀŝĚĞƐƵƉƉŽƌƚƚŽĞŶƐƵƌĞ ƚŚĞWZ^ƉůĂŶŝƐŽƉ ƟŵĂůůLJƐƵŝƚĞĚƚŽZWW͛ƐŐŽĂůƐĂŶĚŽďũĞĐ ƟǀĞƐ͘,ĞǁŝůůŽďƐĞƌǀĞŽǀĞƌƚŚĞ ƉƌŽũĞĐƚĨŽƌƋƵĂůŝƚLJĂƐƐƵƌĂŶĐĞͬĐŽŶƚƌŽů͘ tZZs>,K Dƌ͘ĞĂƌǀĂůŚŽŝƐƚŚĞĨŽƵŶĚĞƌŽĨWĂƌŬŝŶŐƐƐŽĐŝĂƚĞƐ͕ǁŝƚŚĨŽƌƚLJͲĨŽƵƌLJĞĂƌƐŽĨĞdžƉĞƌŝĞŶĐĞ ŝŶƚŚĞƉĂƌŬŝŶŐŝŶĚƵƐƚƌLJ͘,ĞǁŝůůƐĞƌǀĞĂƐƚŚĞƐƐŝƐƚĂŶƚWƌŽũĞĐƚDĂŶĂŐĞƌĂŶĚǁŽƌŬĐŽŶũƵŶĐ ƟǀĞůLJ ǁŝƚŚDƌ͘^ŚƵŵĂƚĞƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽũĞĐƚ͘Dƌ͘ĞĂƌǀĂůŚŽǁŝůůĂƐƐŝƐƚŝŶǁƌŝ ƟŶŐŚĞZ&WĨŽƌƚŚĞ WZ^ƚĞĐŚŶŽůŽŐLJΘƋƵŝƉŵĞŶƚ͕ĞǀĂůƵĂƚĞƚŚĞWZ^ǀĞŶĚŽƌƐΘƉƌŽƉŽƐĂůƐ͕ĂŶĚĂƐƐŝƐƚŝŶƚŚĞ ŝŵƉůĞŵĞŶƚĂ ƟŽŶĂŶĚŝŶƐƚĂůůĂ ƟŽŶŽĨƚŚĞƚĞĐŚŶŽůŽŐLJ͘ ,Z/^<KhZ/D Dƌ͘<ŽƵƌŝŵŝƐĂ^ĞŶŝŽƌƐƐŽĐŝĂƚĞĂƚ^DE͘,ĞŚĂƐƚǁĞŶƚLJͲĞŝŐŚƚLJĞĂƌƐŽĨĞdžƉĞƌŝĞŶĐĞŝŶ ŵĂŶĂŐŝŶŐƌĞƐƚŽƌĂ ƟŽŶƉƌŽũĞĐƚƐĂŶĚǁŝůůƉƌŽǀŝĚĞƐƵƉƉŽƌƚƚŽƚŚĞWƌŽũĞĐƚDĂŶĂŐĞƌ͘/ŶƌĞƐƉĞĐƚƚŽ ƚŚŝƐƉƌŽũĞĐƚ͕ŚĞǁŝůůĞǀĂůƵĂƚĞƚŚĞĞdžŝƐ ƟŶŐĨĂĐŝůŝƚLJ͕ƌĞǀŝĞǁƚĞĐŚŶŽůŽŐLJŽƉ ƟŽŶƐĂŶĚĂƐƐĞƐƐŵĞŶƚ͕ ĂƐƐŝƐƚŝŶƚŚĞŝŵƉůĞŵĞŶƚĂ ƟŽŶĂŶĚŝŶƐƚĂůůĂ ƟŽŶŽĨƚŚĞƚĞĐŚŶŽůŽŐLJ͘ ZWWŽĨŝƚLJŽĨZŽĐŚĞƐƚĞƌ dĂďϱͮdĞĐŚŶŝĐĂůdžƉĞƌ ƟƐĞΘdžƉĞƌŝĞŶĐĞ  WĂƌŬŝŶŐZĂŵƉƋƵŝƉŵĞŶƚΘdĞĐŚŶŽůŽŐLJWƌŽĐƵƌĞŵĞŶƚŽŶƐƵůƚĂŶƚ 'Z'KZz^,hDd Dƌ͘^ŚƵŵĂƚĞŚĂƐŽǀĞƌϰϬLJĞĂƌƐŽĨƉƌŽĨĞƐƐŝŽŶĂůĞdžƉĞƌŝĞŶĐĞĂƐĂƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƚŽƌŝŶ ƵƌďĂŶƉůĂŶŶŝŶŐ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚĞŶƚĞƌƉƌŝƐĞŵĂŶĂŐĞŵĞŶƚ͘ƵƌŝŶŐŚŝƐLJĞĂƌƐ ŝŶŵƵŶŝĐŝƉĂůŐŽǀĞƌŶŵĞŶƚ͕ŚĞǁĂƐŝŶǀŽůǀĞĚŝŶƚŚĞĚĞƐŝŐŶ͕ĮŶĂŶĐŝŶŐ͕ĂŶĚŝŵƉůĞŵĞŶƚĂ ƟŽŶ ƉůĂŶŶŝŶŐŽĨĂǀĂƌŝĞƚLJŽĨƉƵďůŝĐƐĞĐƚŽƌͲƐƵƉƉŽƌƚĞĚĐŽŵŵĞƌĐŝĂů͕ŝŶĚƵƐƚƌŝĂů͕ƌĞƐŝĚĞŶ ƟĂů͕ĂŶĚ ǁĂƚĞƌĨƌŽŶƚƉƌŽũĞĐƚƐ͘ Dƌ͘^ŚƵŵĂƚĞĂůƐŽƐĞƌǀĞĚĮǀĞLJĞĂƌƐĂƐWĂƌŬŝŶŐŽŵŵŝƐƐŝŽŶĞƌĨŽƌƚŚĞŝƚLJŽĨůĞǀĞůĂŶĚ͘ ƐƚŚĞĐŚŝĞĨŽƉĞƌĂ ƟŽŶƐĂĚŵŝŶŝƐƚƌĂƚŽƌĨŽƌƚŚĞŝƚLJ͛ƐƉĂƌŬŝŶŐĞŶƚĞƌƉƌŝƐĞ͕ǁŚŝĐŚĐŽŶƐŝƐƚĞĚ dŽƚĂůzĞĂƌƐŽĨdžƉĞƌŝĞŶĐĞ ŽĨĂůůƚŚĞŝƚLJ͛ƐŽŶͲĂŶĚŽ īͲƐƚƌĞĞƚƉĂƌŬŝŶŐĂƐƐĞƚƐĂŶĚŝƚƐŽŶͲƐƚƌĞĞƚƉĂƌŬŝŶŐĞŶĨŽƌĐĞŵĞŶƚ ϰϲ ƉƌŽŐƌĂŵ͘ zĞĂƌƐǁŝƚŚ^DE Ϯϴ ^ŝŶĐĞũŽŝŶŝŶŐ^DEƐƐŽĐŝĂƚĞƐŝŶϭϵϵϱŚĞŚĂƐĂƵƚŚŽƌĞĚĂďƌŽĂĚƌĂŶŐĞŽĨƉĂƌŬŝŶŐ ƐƚƵĚŝĞƐƚŚĂƚŚĂǀĞĂĚĚƌĞƐƐĞĚŵĂƐƚĞƌƉůĂŶŶŝŶŐ͕ƐƵƉƉůLJͬĚĞŵĂŶĚ͕ƐŝƚĞƐĞůĞĐ ƟŽŶ͕ĨĂĐŝůŝƚLJ ĚƵĐĂƚŝŽŶ ƐƚĂ 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Dƌ͘<ŽƵƌŝŵŝƐĂƉƌŽũĞĐƚŵĂŶĂŐĞƌǁŝƚŚ^DE͛ƐsĞƌƚŝĐĂůZĞƉĂŝƌĂŶĚZĞƐƚŽƌĂƚŝŽŶ dĞĂŵ͘/ŶƚŚĂƚĐĂƉĂĐŝƚLJ͕ŚĞŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌďƵŝůĚŝŶŐŽďƐĞƌǀĂƚŝŽŶ͕ƉƌĞƉĂƌĂƚŝŽŶŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶĚŽĐƵŵĞŶƚƐĂŶĚƐŝƚĞŽďƐĞƌǀĂƚŝŽŶ͘<ŽƵƌŝŵŚĂƐŚĂŶĚƐͲŽŶĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚďƵŝůĚŝŶŐĨĂĐĂĚĞƐĐŽŵƉŽƐĞĚŽĨďƌŝĐŬ͕ƐƚŽŶĞ͕ƚĞƌƌĂĐŽƚƚĂ/&^͕ĂŶĚĐŽŶĐƌĞƚĞ͘ ^ŽŵĞŽĨDƌ͘<ŽƵƌŝŵ͛ƐƉƌŽũĞĐƚƐŝŶĐůƵĚĞ͗ 'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ'ĂƌĂŐĞʹDŝŶŶĞĂƉŽůŝƐ͕DE dŽƚĂůzĞĂƌƐŽĨdžƉĞƌŝĞŶĐĞ DĂƌͲdĞŶWĂƌŬŝŶŐZĂŵƉʹDŝŶŶĞĂƉŽůŝƐ͕DE Ϯϴ ϲϬ͘>ĂŬĞ&ĂĐĂĚĞʹŚŝĐĂŐŽ͕/> zĞĂƌƐǁŝƚŚ^DE ϯϭϴ^͘&ĞĚĞƌĂů&ĂĕĂĚĞʹŚŝĐĂŐŽ͕/> ϮϮ ϰϬϭE͘tĞůůƐ&ĂĐĂĚĞʹŚŝĐĂŐŽ͕/> ϮϬ͘ZĂŶĚŽůƉŚ&ĂĐĂĚĞʹŚŝĐĂŐŽ͕/> ĚƵĐĂƚŝŽŶ ϯϰϬt͘^ƵƉĞƌŝŽƌŽŶĚŽŵŝŶŝƵŵʹŚŝĐĂŐŽ͕/>Ύ hŶŝǀĞƌƐŝƚLJŽĨ/ůůŝŶŽŝƐ͕ŚŝĐĂŐŽ ZŽŽƐĞǀĞůƚŽůůĞĐƚŝŽŶWůĂnjĂĂŶĚ&ĂĕĂĚĞʹŚŝĐĂŐŽ͕/> ĂĐŚĞůŽƌŽĨƌĐŚŝƚĞĐƚƵƌĞ ϭϵϵϰ ϳϱĂƐƚtĂĐŬĞƌʹŚŝĐĂŐŽ͕/> ϭϬϱt͘DĂĚŝƐŽŶʹŚŝĐĂŐŽ͕/> ĐƚŝǀĞZĞŐŝƐƚƌĂƚŝŽŶƐ ϭϴϱE͘tĂďĂƐŚʹŚŝĐĂŐŽ͕/> /ůůŝŶŽŝƐ ϮϬϭt͘DĂĚŝƐŽŶʹŚŝĐĂŐŽ͕/> Ϯϭϭ͘ŚŝĐĂŐŽǀĞ͘ʹŚŝĐĂŐŽ͕/> ĨĨŝůŝĂƚŝŽŶƐ ϮϮϮE͘>Ă^ĂůůĞʹŚŝĐĂŐŽ͕/> EZ;EĂƚŝŽŶĂůŽƵŶĐŝůŽĨ ϯϬϬ^͘ZŝǀĞƌƐŝĚĞWůĂnjĂʹŚŝĐĂŐŽ͕/> ƌĐŚŝƚĞĐƚƵƌĂůZĞŐŝƐƚƌĂƚŝŽŶ ŽĂƌĚƐͿ ĚĂŵƐtĂďĂƐŚ'ĂƌĂŐĞʹŚŝĐĂŐŽ͕/> ůŐŽŶƋƵŝŶƉĂƌƚŵĞŶƚƐʹŚŝĐĂŐŽ͕/> WƌŽũĞĐƚƐƐŝŐŶŵĞŶƚ ŚŝĐĂŐŽsŽĐĂƚŝŽŶĂů^ĐŚŽŽůʹŚŝĐĂŐŽ͕/> ƐƐŝƐƚĂŶƚWƌŽũĞĐƚDĂŶĂŐĞƌ ĂŶŝĞůĂƌƚĞƌĞĂƌĚůĞŵĞŶƚĂƌLJ^ĐŚŽŽůʹŚŝĐĂŐŽ͕/> &ŝƐŚĞƌƵŝůĚŝŶŐʹŚŝĐĂŐŽ͕/> ,ĞƌŵŝƚĂŐĞůƵďĂůĐŽŶŝĞƐʹŚŝĐĂŐŽ͕/> ,ŝƌĂŵĞůĚŝŶŐůĞŵĞŶƚĂƌLJ^ĐŚŽŽůʹŚŝĐĂŐŽ͕/> KŶĞEŽƌƚŚ^ƚĂƚĞ^ƚƌĞĞƚʹŚŝĐĂŐŽ͕/> ZŽƐĞŶǁĂůĚ^ĐŚŽŽůʹŚŝĐĂŐŽ͕/> ^ŽŶŐŚĂŝĐĂĚĞŵLJ;ĨŽƌŵĞƌůLJ^ĐĂŶůŽŶůĞŵĞŶƚĂƌLJ^ĐŚŽŽůͿʹŚŝĐĂŐŽ͕/> ϯϬϬWĂƌŬŽƵůĞǀĂƌĚʹ/ƚĂƐĐĂ͕/> KĂŬƌŽŽŬĞĞŶƚĞƌʹKĂŬƌŽŽŬ͕/> ƌŝnjŽŶĂĞŶƚĞƌ^ŚŽƉƉŝŶŐDĂůůʹWŚŽĞŶŝdž͕ <ŝĞŶĞƌĂƐƚ'ĂƌĂŐĞʹ^ƚ͘>ŽƵŝƐ͕DK <ŝĞŶĞƌtĞƐƚ'ĂƌĂŐĞʹ^ƚ͘>ŽƵŝƐ͕DK ,ĂůůĞƵŝůĚŝŶŐ'ĂƌĂŐĞʹůĞǀĞůĂŶĚ͕K, KŚŝŽ^ƚĂƚĞ&Ăŝƌ'ƌŽƵŶĚƐʹŽůƵŵďƵƐ͕K, ZWWŽĨŝƚLJŽĨZŽĐŚĞƐƚĞƌ dĂďϱͮdĞĐŚŶŝĐĂůdžƉĞƌƐĞΘdžƉĞƌŝĞŶĐĞ WĂƌŬŝŶŐZĂŵƉƋƵŝƉŵĞŶƚΘdĞĐŚŶŽůŽŐLJWƌŽĐƵƌĞŵĞŶƚŽŶƐƵůƚĂŶƚ  čĭʼnʼnYY';<YS  ZĞƋƵĞƐƚĨŽƌYƵŽƚĞƐĨŽƌWƵƌƉŽƐĞƐŽĨ͗WĂƌŬŝŶŐZĂŵƉƋƵŝƉŵĞŶƚĂŶĚdĞĐŚŶŽůŽŐLJWƌŽĐƵƌĞŵĞŶƚŽŶƐƵůƚĂŶƚ x dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƚĞƌŵŝŶĂƚĞƚŚĞĐŽŶƚƌĂĐƚŝĨƚŚĞŽŶƚƌĂĐƚŽƌŝƐŶŽƚŝŶ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐ ĂŐĂŝŶƐƚƚŚĞĐŽŶƚƌĂĐƚŽƌ͘ xůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐŵƵƐƚďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶďLJƚŚĞŝƚLJ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵƵƐƚďĞ ƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJ͛ƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚ͘ x dŚĞŽŶƚƌĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚĂĞƌƚŝĨŝĐĂƚĞƐŽĨ/ŶƐƵƌĂŶĐĞĂĐĐĞƉƚĂďůĞƚŽƚŚĞŝƚLJĂƐĞǀŝĚĞŶĐĞŽĨ ƚŚĞƌĞƋƵŝƌĞĚŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ x dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŵŽĚŝĨLJƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂƉĂƌƚŝĐƵůĂƌƉƌŽũĞĐƚ͘ ^ƚĂĨĨĂƉĂĐŝƚLJ WůĞĂƐĞƉƌŽǀŝĚĞƚŚĞŶĂŵĞƐŽĨƚŚĞĞŵƉůŽLJĞĞ;ƐͿLJŽƵŝŶƚĞŶĚƚŽĂƐƐŝŐŶƚŽĐŽŵƉůĞƚĞƚŚĞǀĂƌŝŽƵƐǁŽƌŬƚĂƐŬƐ͗ 'ƌĞŐŽƌLJ͘^ŚƵŵĂƚĞ WƌŽũĞĐƚDĂŶĂŐĞƌ;ŵĂŝŶƉŽŝŶƚŽĨĐŽŶƚĂĐƚͿ͗ ĚĞĂƌǀĂůŚŽ <ĞLJdĞĂŵDĞŵďĞƌϭ͗ ŚƌŝƐ<ŽƵƌŝŵ <ĞLJdĞĂŵDĞŵďĞƌƐϮ͗ WŽƚĞŶƚŝĂůŽŶĨůŝĐƚƐ WůĞĂƐĞƉƌŽǀŝĚĞĂƐƚĂƚĞŵĞŶƚƚŚĂƚŝĚĞŶƚŝĨŝĞƐĂŶLJƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚƐǁŝƚŚŽƚŚĞƌǁŽƌŬŽďůŝŐĂƚŝŽŶƐŽƌĐŽŶƚƌĂĐƚƐ͗ ^DEĚŽĞƐŶŽƚŚĂǀĞ͕ŶŽƌĚŽĞƐŝƚĂŶƚŝĐŝƉĂƚĞĂŶLJĨƵƚƵƌĞ͕ƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚƐĂƌŝƐŝŶŐĨƌŽŵŽƚŚĞƌǁŽƌŬŽďůŝŐĂƚŝŽŶƐ ŽƌĐŽŶƚƌĂĐƚƵĂůĐŽŵŵŝƚŵĞŶƚƐƚŚĂƚǁŽƵůĚŝŶƚĞƌĨĞƌĞǁŝƚŚŝƚƐƉĞƌĨŽƌŵĂŶĐĞĂŶĚĞdžƉĞĚŝĞŶƚĐŽŵƉůĞƚŝŽŶŽĨƚŚŝƐƉƌŽũĞĐƚ ĂƐŝŶƚĞŶĚĞĚďLJƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DE͘ ϳ   ŽĨ <ĞLJƐƚĂĨĨǁŚŽƉĂƌƚŝĐŝƉĂƚĞĚŝŶ ƚŚĞ 'ƌĞŐŽƌLJ͕^ŚƵŵĂƚĞ͕^DE^ĞŶŝŽƌ  ƐĐŽƉĞ ŽŶƚƌĂĐƚ ƉƌŽƉŽƐĞĚƚŽďĞŝŶǀŽůǀĞĚŝŶ 'ƌĞŐŽƌLJ^ŚƵŵĂƚĞ͕^DE^ĞŶŝŽƌ 'ƌĞŐŽƌLJ^ŚƵŵĂƚĞ͕^DE^ĞŶŝŽƌ ƚŚĞ ƉƌŽũĞĐƚƚŚĂƚĂƌĞĂůƐŽ ŽĨ  ĂƐƉĞĐƚƐ  ƚŽ  Z&Y͛Ɛ  ŝŶĨŽƌŵĂƚŝŽŶ  ƵƌƌĞŶƚͬ&ŝŶĂů  ƚŚŝƐ  ĂŶĚ ΨϰϮ͕ϱϬϬ Ψϯϵ͕ϵϬϬ Ψϰϱ͘ϬϬϬ ŽĨ  sĂůƵĞ  ƉĞƌĨŽƌŵĂŶĐĞ  ĚĞůŝǀĞƌLJ ƐƐŽĐŝĂƚĞ ƐƐŽĐŝĂƚĞ ƐƐŽĐŝĂƚĞ  ƌĞƐƉŽŶƐŝǀĞ  ǁŽƌŬ ƚŚŝƐ  sĂůƵĞ dŚĞŝƚLJŽĨdŽƉĞŬĂƌĞƚĂŝŶĞĚ^DEƚŽĚĞǀĞůŽƉĂWZ^ ŵĞŶƚƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌϳŐĂƌĂŐĞƐĂŶĚƚŽ ƉƌŽĐƵƌĞŵĞŶƚƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌϭϬŐĂƌĂŐĞƐ͕ĂĚŵŝŶ͘ƚŚĞ ƐĞůĞĐƚŝŽŶŽĨĂǀĞŶĚŽƌƐĂŶĚŽǀĞƌƐĞĞƚŚĞŝŶƐƚĂůůƉƌŽĐĞƐƐ͘ dŚĞWWƌĞƚĂŝŶĞĚ^DEƚŽĚĞǀĞůŽƉĂWZ^ƉůĂŶ͕  ĂĚĚŝƚŝŽŶĂůƐŚĞĞƚƐĂƐŶĞĐĞƐƐĂƌLJ͘  ŚŝŐŚůŝŐŚƚƚŚĞŝƌ ůŝŵŝƚ ĂŶĚƚŽĂĚŵŝŶ͘ƚŚĞƐĞůĞĐƚŝŽŶŽĨĂƉƌĞĨĞƌƌĞĚ ĂŶLJ  ŽŶƚƌĂĐƚ  ŐĂƌĂŐĞƐ ǁĂƐĚŝĨĨĞƌĞŶƚ  ĐŽŵƉůĞƚŝŽŶ dŚĞ'ƌĞƚĂŝŶĞĚ^DEƚŽĚĞǀĞůŽƉĂWZ^ ĐŽŵƉĂŶLJ͛ƐƉĞƌĨŽƌŵĂŶĐĞ͘/ĨƚŚĞĂĐƚƵĂů  ƌĞůĞĂƐĞ ǁŽƌĚ  :ĂŶƵĂƌLJϯ͕ϮϬϮϰ ĂĚŵŝŶ͘ƚŚĞƐĞůĞĐƚŝŽŶŽĨĂƉƌĞĨĞƌƌĞĚǀĞŶĚŽƌ͘ WƌŽǀŝĚĞĂďƌŝĞĨĚŝƐĐƵƐƐŝŽŶŽĨLJŽƵƌ ϰ ƉůĂŶĂŶĚƉƌŽĐƵƌĞŵĞŶƚƐƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌ  KƌŝŐŝŶĂů ΎϱϬϬ ΨϰϮ͕ϱϬϬ Ψϰϱ͕ϬϬϬ Ψϯϵ͕ϵϬϬ  ƚŽ  ƚŽ  ŝŶƚĞŶĚĞĚ  ŝĚĞŶƚŝĨŝĞĚ  ǁŚLJ  ĚĂƚĞ  ĂƌĞĞŶĐŽƵƌĂŐĞĚ  ĂƚĞ  ĞdžƉůĂŝŶ ϳϴϱͿϮϯϭͲϬϯϵϲ ;ϲϭϰͿϴϮϳͲϮϰϮϲ  ;ϰϭϮͿϱϲϬͲϮϱϮϯ ƉƌŽũĞĐƚĐŽŵƉůĞƚŝŽŶ  ŽƌŝŐŝŶĂů  ƐŽ ŶĂŶĚƉƌŽĐƵƌĞ WŚŽŶĞ  ĐŽŵƉĂŶLJͬƌĞĨĞƌĞŶĐĞ  ďƌŝĞĨůLJ ƉƌŽũĞĐƚĐŽŵƉůĞƚĞĚĨŽƌƚŚĞŝƌƌĞĨĞƌĞŶĐĞƚŚĂƚĂƌĞƌĞůĞǀĂŶƚƚŽƚŚŝƐZ&Y͛ƐƐĐŽƉĞŽĨǁŽƌŬ͘WůĞĂƐĞĂƚƚĂĐŚ ĂŶĚϭ>Žƚ ;  ƚŚĞ ǀĞŶĚŽƌ͘  ŽŶƚƌĂĐƚŽƌƐ ŽLJůĐĂŶϱϴΛŐŵĂŝů͘ĐŽŵ ĐŚŽůƚΛĚĞƐŵĂŶ͘ĐŽŵ ƐŬĞĞƚŽŶΛĐŽůƵŵďƵƐ  ĚĂƚĞ͕ ĨƌŽŵ ƉůĂ ĐŽŶǀĞŶƚŝŽŶƐ͘ĐŽŵ ĂůƉƌŽĐƵƌĞŵĞŶƚĂŶĚŝŶƐƚĂůůĨŽƌŽŶůLJϱŐĂƌĂŐĞƐ KŶͲWƌĞŵŝƐĞWZ^ƐLJƐƚĞŵƐŽůƵƚŝŽŶĐŽŵƉƌŝƐĞĚ ĐŽŵƉƌŝƐĞĚ sĂůŝĚĂƚŝŽŶ͕sĂůĞƚĂŶĚ,ŽƚĞůWŽƌƚĨŽůŝŽƐŽĨƚǁĂƌĞ WƌŽǀŝĚĞĚĐŽŶƐƵůƚŝŶŐƚŚƌŽƵŐŚƚŚĞ ϭϬ ͬϭ ŽĨ͗ϯŐĂƌĂŐĞƐĂŶĚϭ>Žƚ;ϯϬĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐ ;ϲϬĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐůĂŶĞƐͬϮϯWK& ^ƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌĂůůϭϬŐĂƌĂŐĞ͕ďƵƚ ͘ ͲƐĞĐŽŶĚŐƌŽƵƉŽĨŐĂƌĂŐĞƐƚŽďĞĚŽŝŶϮϬϮϰ͘  ƉƌŽĐƵƌĞŵĞŶƚĂŶĚĐŽŶƚƌĂĐƚĂǁĂƌĚƉƌŽĐĞƐƐ͘ ĐŽŵƉƌŝƐĞĚŽĨ͗ ϱĐŽŶƚƌŽůůĞĚĂĐĐĞƐƐůĂŶĞƐ ƐƵďĐŽŶƚƌĂĐƚŽƌ ƚŚĞƉƌŽũĞĐƚ͘WůĞĂƐĞŝŶĚŝĐĂƚĞŝĨ WƌŽǀŝĚĞĂďƌŝĞĨĚĞƐĐƌŝƉƚŝŽŶŽĨ   ŵĂŝů ϴ  ďĞůŽǁ͘ ƐƵďŵŝƐƐŝŽŶ ƐŽůƵƚŝŽŶ  ƚŚĞ  ĂŶĚ ŽůƵŵďƵƐ͕K,ϰϯϮϭϱ ƌĞƋƵĞƐƚĞĚ LJŽƵǁĞƌĞƚŚĞƉƌŝŵĞ ϮϯϮůǀĚŽĨƚŚĞůůŝĞƐ WŝƚƚƐďƵƌŐŚ͕WϭϱϮϮϮ  ůŽƵĚͲĂƐĞĚWZ^ƐŽůƵƚŝŽŶ WZ^ƐLJƐƚĞŵ ϰϬϬE͘,ŝŐŚ^ƚƌĞĞƚ dŽƉĞŬĂ͕<^ϲϲϲϬϯ  ĨŽƌŵ ůŝŵŝƚ ͬϵWK&^ƚĂƚŝŽŶƐͿ  Ă  ƚŽ Žƌ ĚĚƌĞƐƐ ^ĞŶŝŽƌƐƐŽĐŝĂƚĞ Ϯϭϱ^ϳƚŚ ƉƌŝŽƌ  Ϯ ǁŽƌĚ   ĐŽŶƚƌĂĐƚŽƌ ƚŚŝƐ ;   ϬŐĂƌĂŐĞƐ ƚŚĞŝŶĨŽƌŵĂƚŝŽŶ ĞdžƉĞƌŝĞŶĐĞ  ŝŶĨŽƌŵĂƚŝŽŶ  Ϳ KŶͲWƌĞŵŝƐĞ WK&^ƚĂƚŝŽŶ  ĐƵƌƌĞŶƚ  ŽŶ ^ƚĂƚŝŽŶƐͿ ΎϮϱϬ 'ĂƌĂŐĞƐ  ůŝƐƚĞĚ ůĂŶĞƐ ϭ ŝ  ŝŶŝƚ KĨĨŝĐĞƌŽĨ͗  DĂŶĂŐĞƌͬ  ŝƐ  dŝƚůĞ   ĐŽŶƚƌĂĐƚŽƌ DŽŶƚŚͬzĞĂƌƌĞĨĞƌĞŶĐĞƐ ƉƌŽǀŝĚĞĚ ŽŵƉůĞƚŝŽŶ  ĞĐĞŵďĞƌϮϬϭϴ ŽĨ ;ZĞƚŝƌĞĚͿ ŚƌŝƐƚŽƉŚĞƌ,Žůƚ ŽŶƚƌĂĐƚŝŶŐ  ƌĞůĞĂƐĞ /ŶƐƚĂůůĂƚŝŽŶ :ƵŶĞϮϬϭϲ  ƉƌŽǀŝĚĞ KŶͲ'ŽŝŶŐ ^ĐŽƚƚ<ĞĞƚŽŶ :ĂLJKLJůĞƌ WƌŽũĞĐƚ  ŝŶĨŽƌŵĂƚŝŽŶ  ƌĞůĞǀĂŶƚ ƚŚĞ  ĂŶĚ  ƌĞĨĞƌĞŶĐĞ͕  DŽŶƚŚͬzĞĂƌ  ĐŽŶƚĂĐƚ WƌŽĐƵƌĞŵĞŶƚ͕ŽŶƐƵůƚŝŶŐ WƌŽĐƵƌĞŵĞŶƚ͕ŽŶƐƵůƚŝŶŐ ƌĞĨĞƌĞŶĐĞƐ /ŶƐƚĂůůĂƚŝŽŶŽŶƐƵůƚŝŶŐ WZ^^ƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ WZ^^ƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ WZ^^ƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ EĂŵĞ:ƵŶĞϮϬϭϴ ϱ  :ƵůLJϮϬϮϮ ŝŶĨŽƌŵĂƚŝŽŶ  ŝŶĨŽƌŵĂƚŝŽŶ DĂLJϮϬϭ ĂŶĚ ^ƚĂƌƚ ĐŽŶƚĂĐƚ   ƚŽ Ă WƌŽĐƵƌĞŵĞŶƚ͕  ƋƵĂůŝĨŝĐĂƚŝŽŶƐ  ĂƐ  WƌŽũĞĐƚ  ŝƚLJ  ĐŽŶƚĂĐƚ  ĞŶƚŝƚLJƉƌŽǀŝĚĞĚ 'ƌĞŐŽƌLJ͘^ŚƵŵĂƚĞ  ƚŚĂƚ ƚŚĞ ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ͕WƌŽĐƵƌĞŵĞŶƚ  ^ŝŐŶĂƚƵƌĞ WZ^^ƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ WƌŽĐƵƌĞŵĞŶƚ͕/ŶƐƚĂůůĂƚŝŽŶ  ĐŽŶƚĂĐƚ  ƉƌŽũĞĐƚ ŝƚLJŽĨdŽƉĞŬĂ͕<^WZ^ WůĂŶŶŝŶŐ͕^ƉĞĐŝĨŝĐĂƚŝŽŶƐ͕WƌŽĐƵƌĞŵĞŶƚŽŶƐƵůƚŝŶŐ  ĂƵƚŚŽƌŝnjĞ  WZ^WůĂŶŶŝŶŐ͕ ĐŽŶĨŝƌŵ  ƚŽ  EĂŵĞ ĞŶƚĞƌ WŝƚƚƐďƵƌŐŚWĂƌŬŝŶŐ 'ƌĞĂƚĞƌŽůƵŵďƵƐ KƌŐĂŶŝnjĂƚŝŽŶ  ŝƚLJŽĨdŽƉĞŬĂ͕<^ ƵƚŚŽƌŝnjĂƚŝŽŶ ŽĨ ;WWͿ  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ĂƉƉůŝĐĂďůĞ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ŽŶĚŝƟŽŶĂůhƐĞWĞƌŵŝƚ͕ĂŶĚͬŽƌdƌĂĸĐ/ŵƉĂĐƚ ^ƚƵĚLJ͘ dŚĞůŽƚǁĂƐƉƌĞǀŝŽƵƐůLJƉůĂƩĞĚĂƐ>Žƚϯ͕ůŽĐŬϮϭ͕'ŽůĚĞŶ,ŝůůĚĚŝƟŽŶĂŶĚŝƐĂ ƌĞƐƵďĚŝǀŝƐŝŽŶŽĨƐĂŝĚůŽƚ͘dƌĂĸĐ/ŵƉĂĐƚ^ƚƵĚLJǁĂŝǀĞƌǁĂƐƌĞƋƵĞƐƚĞĚĂŶĚƐŝŐŶĞĚďLJƚŚĞ ĐŝƚLJĞŶŐŝŶĞĞƌ͘ Ě͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚƌĞƐƵůƚŝŶĂǀŝŽůĂƟŽŶŽĨĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŽƌ  ĐŝƚLJŽƌĐŽƵŶƚLJŽƌĚŝŶĂŶĐĞ͘ EŽƚŚŝŶŐŝŶƚŚŝƐůĂŶĚƐƵďĚŝǀŝƐŝŽŶƉƌŽƉŽƐĂůǀŝŽůĂƚĞƐĂŶLJĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĐŝƚLJ͕ŽƌĐŽƵŶƚLJ ůĂǁƐͬŽƌĚŝŶĂŶĐĞ͘ Ğ͘dŚĞƉƌŽƉŽƐĞĚǁĂƚĞƌƐLJƐƚĞŵĂŶĚƐĂŶŝƚĂƌLJƐĞǁĞƌƐLJƐƚĞŵĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞƚŚĞ  ŶŽƌŵĂůĮƌĞƉƌŽƚĞĐƟŽŶĚĞŵĂŶĚƐŽĨƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŽƉƌŽǀŝĚĞĨŽƌƚŚĞ ĞĸĐŝĞŶƚĂŶĚƟŵĞůLJĞdžƚĞŶƐŝŽŶƚŽƐĞƌǀĞƚŚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘ ƉƌĞĚĞƐŝŐŶŵĞĞƟŶŐǁĂƐĐŽŶĚƵĐƚĞĚǁŝƚŚZŽĐŚĞƐƚĞƌWƵďůŝĐǁŽƌŬƐƚŽƌĞǀŝĞǁƚŚĞƵƟůŝƚLJ ĚĞƐŝŐŶŽĨƚŚĞƉƌŽũĞĐƚ͘ŵĂƐƚĞƌƉůƵŵďĞƌŚĂƐƌĞǀŝĞǁĞĚƚŚĞǁĂƚĞƌĚŝƐƚƌŝďƵƟŽŶƐŝnjŝŶŐĨŽƌ  :HVW%URDGZD\6WH  ĂĚĞƋƵĂĐLJ͘dŚĞƌĞĂƌĞϮĮƌĞŚLJĚƌĂŶƚƐůŽĐĂƚĞĚĂƚĞĂĐŚƐŽƵƚŚĞƌŶƉƌŽƉĞƌƚLJĐŽƌŶĞƌĨŽƌĮƌĞ ƉƌŽƚĞĐƟŽŶ͘ Ĩ͘dŚĞƉůĂŶĨŽƌƐŽŝůĞƌŽƐŝŽŶĂŶĚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŵĞĞƚƐƚŚĞĂĚŽƉƚĞĚƐƚĂŶĚĂƌĚƐ  ŽĨƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚŽƉƚĞĚ^ƚŽƌŵǁĂƚĞƌ DĂŶĂŐĞŵĞŶƚWůĂŶŽƌĂĚŽƉƚĞĚĚƌĂŝŶĂŐĞŽƌƐƚŽƌŵǁĂƚĞƌƉŽůŝĐŝĞƐ͘ ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚŝƐŵĞƚďLJƵŶĚĞƌŐƌŽƵŶĚĚĞƚĞŶƟŽŶƚŽƌĞĚƵĐĞƚŚĞŽǀĞƌĂůůƌƵŶŽī ŽŶƚŚĞƉƌŽƉĞƌƚLJ͘WƌĞůŝŵŝŶĂƌLJƉůĂŶƐŚĂǀĞďĞĞŶƐƵďŵŝƩĞĚǁŝƚŚƚŚŝƐƉƌĞůŝŵŝŶĂƌLJƉůĂƚ ƐŚŽǁŝŶŐƚŚĂƚƚŚŝƐƉƌŽũĞĐƚǁŝůůĐŽŵƉůLJǁŝƚŚĂůůůŽĐĂůƐƚĂŶĚĂƌĚƐ͘ Ő͘dŚĞǀĞŚŝĐƵůĂƌ͕ƉĞĚĞƐƚƌŝĂŶ͕ƚƌĂŶƐŝƚ͕ĂŶĚŶŽŶͲŵŽƚŽƌŝnjĞĚƐLJƐƚĞŵŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ  ĂĚŽƉƚĞĚƚƌĂŶƐƉŽƌƚĂƟŽŶƉůĂŶƐĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƚƌĞĞƚůĂLJŽƵƚƐƚĂŶĚĂƌĚƐ ůŝƐƚĞĚŝŶ^ĞĐƟŽŶϲϬ͘ϰϬϬ͘ϬϰϬ^ƵďĚŝǀŝƐŝŽŶ>ĞǀĞůŽŶŶĞĐƟǀŝƚLJĂŶĚŝƌĐƵůĂƟŽŶĂŶĚ ĂƉƉůŝĐĂďůĞƚƌĂĸĐƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐ͘ dŽĚĂLJƚŚĞƌĞĂƌĞϮĂĐĐĞƐƐƉŽŝŶƚƐĨƌŽŵϮϬ^ƚ^tƚŽƚŚŝƐƉƌŽƉĞƌƚLJ͘dŚĞƉƌŽƉŽƐĞĚŚŽŵĞƐ ƚŚ ǁŝůůƐŚĂƌĞϭĐŽŵŵŽŶĂĐĐĞƐƐƚŽϮϬ^ƚ^tƚŚĂƚŵĞĞƚƐƉĂĐŝŶŐƐƚĂŶĚĂƌĚƐ͘ƉĞĚĞƐƚƌŝĂŶ ƚŚ ĨĂĐŝůŝƟĞƐĂŐƌĞĞŵĞŶƚǁŝůůďĞĐŽŵƉůĞƚĞĚĂƐƐŝŐŶŝŶŐĨƵƚƵƌĞƌĞƐƉŽŶƐŝďŝůŝƟĞƐǁŚĞŶϮϬ^ƚ^tŝƐ ƚŚ ƵƉŐƌĂĚĞĚĂŶĚƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƟĞƐĂƌĞĂĚĚĞĚ͘ Ś͘dŚĞƐŽŝůƐ͕ƚŽƉŽŐƌĂƉŚLJ͕ĂŶĚǁĂƚĞƌƚĂďůĞƐŚĂǀĞďĞĞŶĂĚĞƋƵĂƚĞůLJƐƚƵĚŝĞĚƚŽĞŶƐƵƌĞƚŚĂƚ  ĂůůůŽƚƐĂƌĞĚĞǀĞůŽƉĂďůĞĨŽƌƚŚĞŝƌĚĞƐŝŐŶĂƚĞĚƉƵƌƉŽƐĞƐ͘ ƵĞƚŽƚŚĞƚŽƉŽŐƌĂƉŚLJŽĨƚŚĞƐŝƚĞƚƵĐŬƵŶĚĞƌŚŽŵĞƐǁĞƌĞĐŚŽƐĞŶƚŽƌĞĚƵĐĞĚŐƌĂĚŝŶŐ 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>ŽŶŐͲZĂŶŐĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐWƌŽŐƌĂŵƐĂŶĚƚŚĞĞůĞŵĞŶƚƐůŝƐƚĞĚŝŶƚŚŽƐĞ ƉƌŽŐƌĂŵƐŝŶƚŚĞĚĞƐŝŐŶŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶ͘ dŚŝƐĚĞǀĞůŽƉŵĞŶƚĐĂŶďĞĐŽŶƐŝĚĞƌĞĚĂŶŝŶĮůůĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƵƟůŝnjĞƐĞdžŝƐƟŶŐŝŶƉůĂĐĞ ƐƚŽƌŵǁĂƚĞƌĂŶĚƐĂŶŝƚĂƌLJƐĞǁĞƌ͘&ƵƚƵƌĞƵƉŐƌĂĚĞƐƚŽϮϬ^ƚ^tǁĞƌĞƚĂŬĞŶŝŶƚŽ ƚŚ ĐŽŶƐŝĚĞƌĂƟŽŶƐŽƌŝŐŚƚͲŽĨͲǁĂLJǁŝůůďĞĚĞĚŝĐĂƚĞĚǁŝƚŚƚŚĞƉůĂƚĨŽƌĨƵƚƵƌĞƵƉŐƌĂĚĞƐ͘ ů͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚŚĂǀĞĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶƚŚĞƐĂĨĞƚLJŽƌǀŝĂďŝůŝƚLJŽĨ  ƉĞƌŵŝƩĞĚƵƐĞƐŽŶ͕ŽƌƚŚĞĞĸĐŝĞŶƚĐŽŶƟŶƵĞĚĚĞǀĞůŽƉŵĞŶƚŽĨ͕ĂĚũĂĐĞŶƚƉƌŽƉĞƌƟĞƐ͘ dŚĞƉƌŽƉŽƐĞĚůŽǁĚĞŶƐŝƚLJĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŵƉĂƟďůĞǁŝƚŚĂĚũĂĐĞŶƚƉƌŽƉĞƌƟĞƐƚŚĂƚĂƌĞ ĂůůůŽǁĚĞŶƐŝƚLJƌĞƐŝĚĞŶƟĂů͘dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŵĂŝŶƚĂŝŶƐƚŚĞĐŚĂƌĂĐƚĞƌŽĨƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚĂŶĚĚŽĞƐŶŽƚůŝŵŝƚĐŽŶƟŶƵĞĚĚĞǀĞůŽƉŵĞŶƚ͘ ŵ͘ZŝŐŚƚƐͲŽĨͲǁĂLJĂŶĚĞĂƐĞŵĞŶƚƐŽĨĂĚĞƋƵĂƚĞƐŝnjĞĂŶĚĚŝŵĞŶƐŝŽŶĂƌĞƉƌŽǀŝĚĞĚĨŽƌƚŚĞ  ƉƵƌƉŽƐĞŽĨĐŽŶƐƚƌƵĐƟŶŐƚŚĞƐƚƌĞĞƚ͕ƵƟůŝƚLJ͕ĂŶĚĚƌĂŝŶĂŐĞĨĂĐŝůŝƟĞƐŶĞĞĚĞĚƚŽƐĞƌǀĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ͘ ZŝŐŚƚͲŽĨͲǁĂLJĂĚũĂĐĞŶƚƚŽϮϬ^ƚ^tǁŝůůďĞĚĞĚŝĐĂƚĞĚǁŝƚŚƚŚĞƉůĂƚ͘hƟůŝƚLJĞĂƐĞŵĞŶƚƐǁŝůů ƚŚ ďĞĐƌĞĂƚĞĚŽĨĂƉƉƌŽƉƌŝĂƚĞƐŝnjĞĨŽƌƚŚĞƉƌŽƉŽƐĞĚƵƟůŝƟĞƐ͘ Ŷ͘dŚĞƉƌŽƉŽƐĞĚƉĂƌŬƐ͕ƚƌĂŝůƚŚŽƌŽƵŐŚĨĂƌĞƐ͕ĂŶĚŽƉĞŶƐƉĂĐĞĚĞĚŝĐĂƟŽŶƐĂƌĞĐŽŶƐŝƐƚĞŶƚ  ǁŝƚŚĂĚŽƉƚĞĚƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƌĞŐƵůĂƟŽŶƐ͘ džŝƐƟŶŐƉĂƌŬƐ͕ƚƌĂŝůƐ͕ĂŶĚŽƉĞŶƐƉĂĐĞŝŶƚŚĞĂƌĞĂĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ ĂŶĚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚŽƉƚĞĚƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƌĞŐƵůĂƟŽŶƐ͘ Ž͘/ĨůŽĐĂƚĞĚŝŶĂƌĞƐŝĚĞŶƟĂůnjŽŶŝŶŐĚŝƐƚƌŝĐƚ͕ƚŚĞƐƵďĚŝǀŝƐŝŽŶĂĚĚƌĞƐƐĞƐƚŚĞŶĞĞĚƚŽĂǀŽŝĚ  ƐƉŝůůŽǀĞƌƉĂƌŬŝŶŐĨƌŽŵƐƵďĚŝǀŝƐŝŽŶƌĞƐŝĚĞŶƚƐŝŶƚŽƐƵƌƌŽƵŶĚŝŶŐƌĞƐŝĚĞŶƟĂůĚŝƐƚƌŝĐƚƐ͘ ƌŝǀĞǁĂLJƐĂŶĚƚŚĞƉƌŽƉŽƐĞĚĂĐĐĞƐƐƌŽĂĚŵĂLJďĞƵƐĞĚĨŽƌƐƉŝůůŽǀĞƌƉĂƌŬŝŶŐ͘ϮϬ^ƚ^tŝƐ ƚŚ ŶŽƚƐƵŝƚĂďůĞĨŽƌƉĂƌŬŝŶŐŽŶƚŚĞƐŚŽƵůĚĞƌ͘ Ɖ͘&ŽƌĂŶLJůĂŶĚůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞ^ƉĞĐŝĂů&ůŽŽĚ,ĂnjĂƌĚƌĞĂŽĨƚŚĞ&WKʹ&ůŽŽĚƉůĂŝŶ  KǀĞƌůĂLJ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽĐĂƚĞĚŝŶƚŚĞ&/ZDWĂŶĞůŽŶĞyĂŶĚŝƐŶŽƚƐƵďũĞĐƚƚŽƚŚĞ &WK͘ ϭͿdŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶĂĚĞƋƵĂƚĞůLJŵŝƟŐĂƚĞƐƚŚĞƌŝƐŬƐŽĨŇŽŽĚŝŶŐ͕ŝŶĂĚĞƋƵĂƚĞ  ĚƌĂŝŶĂŐĞ͕ƐŽŝůĂŶĚƌŽĐŬĨŽƌŵĂƟŽŶƐǁŝƚŚƐĞǀĞƌĞůŝŵŝƚĂƟŽŶƐĨŽƌĚĞǀĞůŽƉŵĞŶƚ͕ ƐĞǀĞƌĞĞƌŽƐŝŽŶƉŽƚĞŶƟĂů͕ŽƌĂŶLJŽƚŚĞƌŇŽŽĚƉůĂŝŶƌĞůĂƚĞĚƌŝƐŬƐƚŽƚŚĞŚĞĂůƚŚ͕ ƐĂĨĞƚLJ͕ŽƌǁĞůĨĂƌĞŽĨƚŚĞĨƵƚƵƌĞƌĞƐŝĚĞŶƚƐŽĨƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŝŶĂ ŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŝƐŽƌĚŝŶĂŶĐĞ͖E  :HVW%URDGZD\6WH  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ŶĞŝŐŚďŽƌŚŽŽĚ͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶĐĂŶďĞĐůĂƐƐŝĨŝĞĚĂƐĂŶŝŶĨŝůůĚĞǀĞůŽƉŵĞŶƚĂŶĚ ĂƐƐŝƐƚƐŝŶĂĚĚƌĞƐƐŝŶŐƚŚĞĐŝƚLJ͛ƐĚĞŵĂŶĚŽĨĂĨĨŽƌĚĂďůĞƐŝŶŐůĞĨĂŵŝůLJŚŽŵĞƐ͘ ď͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƐƵďĚŝǀŝƐŝŽŶĐŽŶĨŽƌŵƐƚŽĂůůƐƚĂŶĚĂƌĚƐŝŶƚŚŝƐh͕ƵŶůĞƐƐĂDŝŶŽƌ  DŽĚŝĮĐĂƟŽŶ͕DĂũŽƌDŽĚŝĮĐĂƟŽŶ͕ŽƌsĂƌŝĂŶĐĞĨŽƌĂŶLJĚĞǀŝĂƟŽŶĨƌŽŵƚŚĞƐƚĂŶĚĂƌĚƐ ŝŶƚŚŝƐhŚĂƐďĞĞŶĂƉƉƌŽǀĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐh͘ dŚŝƐůĂŶĚƐƵďĚŝǀŝƐŝŽŶŝƐĐŽŶĐƵƌƌĞŶƚǁŝƚŚĂnjŽŶĞĐŚĂŶŐĞĂƉƉůŝĐĂƟŽŶĨƌŽŵZͲϭƚŽZͲϮ͘dŚĞ ƉƌŽƉŽƐĞĚϲůŽƚƐƵďĚŝǀŝƐŝŽŶŵĞĞƚƐĂůůƐƚĂŶĚĂƌĚƐŽĨƚŚĞZͲϮnjŽŶŝŶŐĚŝƐƚƌŝĐƚůŝƐƚĞĚŝŶƚŚĞh͘ Đ͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƐƵďĚŝǀŝƐŝŽŶƉĞƌŵŝƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂŶLJĂƉƉƌŽǀĞĚĂŶĚ  ĂƉƉůŝĐĂďůĞ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ͕ŽŶĚŝƟŽŶĂůhƐĞWĞƌŵŝƚ͕ĂŶĚͬŽƌdƌĂĸĐ/ŵƉĂĐƚ ^ƚƵĚLJ͘ dŚĞůŽƚǁĂƐƉƌĞǀŝŽƵƐůLJƉůĂƩĞĚĂƐ>Žƚϯ͕ůŽĐŬϮϭ͕'ŽůĚĞŶ,ŝůůĚĚŝƟŽŶĂŶĚŝƐĂ ƌĞƐƵďĚŝǀŝƐŝŽŶŽĨƐĂŝĚůŽƚ͘dƌĂĸĐ/ŵƉĂĐƚ^ƚƵĚLJǁĂŝǀĞƌǁĂƐƌĞƋƵĞƐƚĞĚĂŶĚƐŝŐŶĞĚďLJƚŚĞ ĐŝƚLJĞŶŐŝŶĞĞƌ͘ Ě͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚƌĞƐƵůƚŝŶĂǀŝŽůĂƟŽŶŽĨĨĞĚĞƌĂůŽƌƐƚĂƚĞůĂǁŽƌ  ĐŝƚLJŽƌĐŽƵŶƚLJŽƌĚŝŶĂŶĐĞ͘ EŽƚŚŝŶŐŝŶƚŚŝƐůĂŶĚƐƵďĚŝǀŝƐŝŽŶƉƌŽƉŽƐĂůǀŝŽůĂƚĞƐĂŶLJĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĐŝƚLJ͕ŽƌĐŽƵŶƚLJ ůĂǁƐͬŽƌĚŝŶĂŶĐĞ͘ Ğ͘dŚĞƉƌŽƉŽƐĞĚǁĂƚĞƌƐLJƐƚĞŵĂŶĚƐĂŶŝƚĂƌLJƐĞǁĞƌƐLJƐƚĞŵĂƌĞĂĚĞƋƵĂƚĞƚŽƐĞƌǀĞƚŚĞ  ŶŽƌŵĂůĮƌĞƉƌŽƚĞĐƟŽŶĚĞŵĂŶĚƐŽĨƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŽƉƌŽǀŝĚĞĨŽƌƚŚĞ ĞĸĐŝĞŶƚĂŶĚƟŵĞůLJĞdžƚĞŶƐŝŽŶƚŽƐĞƌǀĞƚŚĞĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘ ƉƌĞĚĞƐŝŐŶŵĞĞƟŶŐǁĂƐĐŽŶĚƵĐƚĞĚǁŝƚŚZŽĐŚĞƐƚĞƌWƵďůŝĐǁŽƌŬƐƚŽƌĞǀŝĞǁƚŚĞƵƟůŝƚLJ ĚĞƐŝŐŶŽĨƚŚĞƉƌŽũĞĐƚ͘ŵĂƐƚĞƌƉůƵŵďĞƌŚĂƐƌĞǀŝĞǁĞĚƚŚĞǁĂƚĞƌĚŝƐƚƌŝďƵƟŽŶƐŝnjŝŶŐĨŽƌ  :HVW%URDGZD\6WH  ĂĚĞƋƵĂĐLJ͘dŚĞƌĞĂƌĞϮĮƌĞŚLJĚƌĂŶƚƐůŽĐĂƚĞĚĂƚĞĂĐŚƐŽƵƚŚĞƌŶƉƌŽƉĞƌƚLJĐŽƌŶĞƌĨŽƌĮƌĞ ƉƌŽƚĞĐƟŽŶ͘ Ĩ͘dŚĞƉůĂŶĨŽƌƐŽŝůĞƌŽƐŝŽŶĂŶĚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŵĞĞƚƐƚŚĞĂĚŽƉƚĞĚƐƚĂŶĚĂƌĚƐ  ŽĨƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂĚŽƉƚĞĚ^ƚŽƌŵǁĂƚĞƌ DĂŶĂŐĞŵĞŶƚWůĂŶŽƌĂĚŽƉƚĞĚĚƌĂŝŶĂŐĞŽƌƐƚŽƌŵǁĂƚĞƌƉŽůŝĐŝĞƐ͘ ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚŝƐŵĞƚďLJƵŶĚĞƌŐƌŽƵŶĚĚĞƚĞŶƟŽŶƚŽƌĞĚƵĐĞƚŚĞŽǀĞƌĂůůƌƵŶŽī ŽŶƚŚĞƉƌŽƉĞƌƚLJ͘WƌĞůŝŵŝŶĂƌLJƉůĂŶƐŚĂǀĞďĞĞŶƐƵďŵŝƩĞĚǁŝƚŚƚŚŝƐƉƌĞůŝŵŝŶĂƌLJƉůĂƚ ƐŚŽǁŝŶŐƚŚĂƚƚŚŝƐƉƌŽũĞĐƚǁŝůůĐŽŵƉůLJǁŝƚŚĂůůůŽĐĂůƐƚĂŶĚĂƌĚƐ͘ Ő͘dŚĞǀĞŚŝĐƵůĂƌ͕ƉĞĚĞƐƚƌŝĂŶ͕ƚƌĂŶƐŝƚ͕ĂŶĚŶŽŶͲŵŽƚŽƌŝnjĞĚƐLJƐƚĞŵŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ  ĂĚŽƉƚĞĚƚƌĂŶƐƉŽƌƚĂƟŽŶƉůĂŶƐĂŶĚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƐƚƌĞĞƚůĂLJŽƵƚƐƚĂŶĚĂƌĚƐ ůŝƐƚĞĚŝŶ^ĞĐƟŽŶϲϬ͘ϰϬϬ͘ϬϰϬ^ƵďĚŝǀŝƐŝŽŶ>ĞǀĞůŽŶŶĞĐƟǀŝƚLJĂŶĚŝƌĐƵůĂƟŽŶĂŶĚ ĂƉƉůŝĐĂďůĞƚƌĂĸĐƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐ͘ dŽĚĂLJƚŚĞƌĞĂƌĞϮĂĐĐĞƐƐƉŽŝŶƚƐĨƌŽŵϮϬ^ƚ^tƚŽƚŚŝƐƉƌŽƉĞƌƚLJ͘dŚĞƉƌŽƉŽƐĞĚŚŽŵĞƐ ƚŚ ǁŝůůƐŚĂƌĞϭĐŽŵŵŽŶĂĐĐĞƐƐƚŽϮϬ^ƚ^tƚŚĂƚŵĞĞƚƐƉĂĐŝŶŐƐƚĂŶĚĂƌĚƐ͘ƉĞĚĞƐƚƌŝĂŶ ƚŚ ĨĂĐŝůŝƟĞƐĂŐƌĞĞŵĞŶƚǁŝůůďĞĐŽŵƉůĞƚĞĚĂƐƐŝŐŶŝŶŐĨƵƚƵƌĞƌĞƐƉŽŶƐŝďŝůŝƟĞƐǁŚĞŶϮϬ^ƚ^tŝƐ ƚŚ ƵƉŐƌĂĚĞĚĂŶĚƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƟĞƐĂƌĞĂĚĚĞĚ͘ Ś͘dŚĞƐŽŝůƐ͕ƚŽƉŽŐƌĂƉŚLJ͕ĂŶĚǁĂƚĞƌƚĂďůĞƐŚĂǀĞďĞĞŶĂĚĞƋƵĂƚĞůLJƐƚƵĚŝĞĚƚŽĞŶƐƵƌĞƚŚĂƚ  ĂůůůŽƚƐĂƌĞĚĞǀĞůŽƉĂďůĞĨŽƌƚŚĞŝƌĚĞƐŝŐŶĂƚĞĚƉƵƌƉŽƐĞƐ͘ ƵĞƚŽƚŚĞƚŽƉŽŐƌĂƉŚLJŽĨƚŚĞƐŝƚĞƚƵĐŬƵŶĚĞƌŚŽŵĞƐǁĞƌĞĐŚŽƐĞŶƚŽƌĞĚƵĐĞĚŐƌĂĚŝŶŐ ƌĞƋƵŝƌĞĚŽŶƐŝƚĞ͘WƌĞůŝŵŝŶĂƌLJƐŽŝůĂŶĂůLJƐŝƐǁĂƐĐŽŵƉůĞƚĞĚĂŶĚŝĚĞŶƟĮĞĚƐƵŝƚĂďůĞƐŽŝůƐĨŽƌ ŚŽŵĞĐŽŶƐƚƌƵĐƟŽŶ͘ ŝ͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚŚĂǀĞŽīͲƐŝƚĞŝŵƉĂĐƚƐŽŶƚŚĞƐƚƌĞĞƚ͕ĚƌĂŝŶĂŐĞ͕  ǁĂƚĞƌ͕ŽƌǁĂƐƚĞǁĂƚĞƌƐLJƐƚĞŵƐƚŚĂƚĞdžĐĞĞĚĂĚŽƉƚĞĚƐƚĂŶĚĂƌĚƐ͘ ƌĂŝŶĂŐĞƐǁĂůĞƐ͕ƵŶĚĞƌŐƌŽƵŶĚĚĞƚĞŶƟŽŶ͕ƐŚĂƌĞĚĂĐĐĞƐƐƚŽϮϬ^ƚ^tĂƌĞĂůůĚĞƐŝŐŶ ƚŚ ĐŽŶƐŝĚĞƌĂƟŽŶƐƚŽƌĞĚƵĐĞƉŽƚĞŶƟĂůŽīͲƐŝƚĞŝŵƉĂĐƚƐ͘dŚĞƌĞŝƐƐĂŶŝƚĂƌLJƐĞǁĞƌĐĂƉĂĐŝƚLJŝŶ ϮϬ^ƚ^tĂŶĚƚŚĞŝŶƐƚĂůůĂƟŽŶŽĨƐƚŽƌŵƐĞǁĞƌĂŝĚƐŝŶƌƵŶŽīĐŽŶƚƌŽů͘ϮϬ^ƚ^tŝƐĂ ƚŚƚŚ ĐŽůůĞĐƚŽƌƌŽĂĚƚŚĂƚĐĂŶŚĂŶĚůĞƚŚĞĂĚĚŝƟŽŶĂůƚƌĂĸĐƚŚŝƐƉƌŽũĞĐƚŐĞŶĞƌĂƚĞƐ͘ ũ͘dŚĞůŽƚĂŶĚďůŽĐŬůĂLJŽƵƚƉƌŽǀŝĚĞĨŽƌƐĂĨĞĂŶĚĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶ͕ŶŽŶͲŵŽƚŽƌŝnjĞĚ  ǀĞŚŝĐůĞ͕ƚƌĂŶƐŝƚ͕ǀĞŚŝĐƵůĂƌ͕ƐĞƌǀŝĐĞĂŶĚĞŵĞƌŐĞŶĐLJĂĐĐĞƐƐ͕ĞĸĐŝĞŶƚƵƟůŝƚLJƐĞƌǀŝĐĞ ĐŽŶŶĞĐƟŽŶƐ͕ĂŶĚĂĚĞƋƵĂƚĞďƵŝůĚĂďůĞĂƌĞĂŝŶĞĂĐŚůŽƚĨŽƌƉůĂŶŶĞĚƵƐĞƐ͘ ƵĞƚŽƚŚĞƚŽƉŽŐƌĂƉŚLJŽĨƚŚĞƐŝƚĞ͕ƚŚĞƉƌŽƉŽƐĞĚŚŽŵĞƐĂƌĞůŽĐĂƚĞĚŽŶƚŚĞƐŽƵƚŚĞƌŶ ƉŽƌƟŽŶŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ůůůŽƚƐĨƌŽŶƚϮϬ^ƚ^t͕ĂĐŽůůĞĐƚŽƌƌŽĂĚ͕ĂŶĚŵĞĞƚƚŚĞƌĞƋƵŝƌĞĚ ƚŚ ƐĞƚďĂĐŬƐƵƐŝŶŐƚŚĞƉƌŽƉŽƐĞĚƚƵĐŬƵŶĚĞƌŚŽŵĞ͘  :HVW%URDGZD\6WH  Ŭ͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŚĂƐƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚƚŚĞĐƵƌƌĞŶƚƐŝdžͲLJĞĂƌĂŶĚŽƚŚĞƌ  >ŽŶŐͲZĂŶŐĞĂƉŝƚĂů/ŵƉƌŽǀĞŵĞŶƚƐWƌŽŐƌĂŵƐĂŶĚƚŚĞĞůĞŵĞŶƚƐůŝƐƚĞĚŝŶƚŚŽƐĞ ƉƌŽŐƌĂŵƐŝŶƚŚĞĚĞƐŝŐŶŽĨƚŚĞƐƵďĚŝǀŝƐŝŽŶ͘ dŚŝƐĚĞǀĞůŽƉŵĞŶƚĐĂŶďĞĐŽŶƐŝĚĞƌĞĚĂŶŝŶĮůůĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƵƟůŝnjĞƐĞdžŝƐƟŶŐŝŶƉůĂĐĞ ƐƚŽƌŵǁĂƚĞƌĂŶĚƐĂŶŝƚĂƌLJƐĞǁĞƌ͘&ƵƚƵƌĞƵƉŐƌĂĚĞƐƚŽϮϬ^ƚ^tǁĞƌĞƚĂŬĞŶŝŶƚŽ ƚŚ ĐŽŶƐŝĚĞƌĂƟŽŶƐŽƌŝŐŚƚͲŽĨͲǁĂLJǁŝůůďĞĚĞĚŝĐĂƚĞĚǁŝƚŚƚŚĞƉůĂƚĨŽƌĨƵƚƵƌĞƵƉŐƌĂĚĞƐ͘ ů͘dŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶǁŝůůŶŽƚŚĂǀĞĂĚǀĞƌƐĞŝŵƉĂĐƚƐŽŶƚŚĞƐĂĨĞƚLJŽƌǀŝĂďŝůŝƚLJŽĨ  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ƌŝǀĞǁĂLJƐĂŶĚƚŚĞƉƌŽƉŽƐĞĚĂĐĐĞƐƐƌŽĂĚŵĂLJďĞƵƐĞĚĨŽƌƐƉŝůůŽǀĞƌƉĂƌŬŝŶŐ͘ϮϬ^ƚ^tŝƐ ƚŚ ŶŽƚƐƵŝƚĂďůĞĨŽƌƉĂƌŬŝŶŐŽŶƚŚĞƐŚŽƵůĚĞƌ͘ Ɖ͘&ŽƌĂŶLJůĂŶĚůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞ^ƉĞĐŝĂů&ůŽŽĚ,ĂnjĂƌĚƌĞĂŽĨƚŚĞ&WKʹ&ůŽŽĚƉůĂŝŶ  KǀĞƌůĂLJ͗ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐůŽĐĂƚĞĚŝŶƚŚĞ&/ZDWĂŶĞůŽŶĞyĂŶĚŝƐŶŽƚƐƵďũĞĐƚƚŽƚŚĞ &WK͘ ϭͿdŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶĂĚĞƋƵĂƚĞůLJŵŝƟŐĂƚĞƐƚŚĞƌŝƐŬƐŽĨŇŽŽĚŝŶŐ͕ŝŶĂĚĞƋƵĂƚĞ  ĚƌĂŝŶĂŐĞ͕ƐŽŝůĂŶĚƌŽĐŬĨŽƌŵĂƟŽŶƐǁŝƚŚƐĞǀĞƌĞůŝŵŝƚĂƟŽŶƐĨŽƌĚĞǀĞůŽƉŵĞŶƚ͕ ƐĞǀĞƌĞĞƌŽƐŝŽŶƉŽƚĞŶƟĂů͕ŽƌĂŶLJŽƚŚĞƌŇŽŽĚƉůĂŝŶƌĞůĂƚĞĚƌŝƐŬƐƚŽƚŚĞŚĞĂůƚŚ͕ ƐĂĨĞƚLJ͕ŽƌǁĞůĨĂƌĞŽĨƚŚĞĨƵƚƵƌĞƌĞƐŝĚĞŶƚƐŽĨƚŚĞƉƌŽƉŽƐĞĚƐƵďĚŝǀŝƐŝŽŶŝŶĂ ŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŝƐŽƌĚŝŶĂŶĐĞ͖E  :HVW%URDGZD\6WH  ϮͿĂĐŚůŽƚĐŽŶƚĂŝŶƐĂƉŽƚĞŶƟĂůďƵŝůĚŝŶŐƐŝƚĞůŽĐĂƚĞĚŽƵƚƐŝĚĞŽĨƚŚĞ&ůŽŽĚǁĂLJ  ŝƐƚƌŝĐƚĂƚŽƌĂďŽǀĞƚŚĞƌĞŐƵůĂƚŽƌLJŇŽŽĚƉƌŽƚĞĐƟŽŶĞůĞǀĂƟŽŶ͖E ϯͿĚĞƋƵĂƚĞĚƌĂŝŶĂŐĞŝƐƉƌŽǀŝĚĞĚƚŽƌĞĚƵĐĞĞdžƉŽƐƵƌĞŽĨŇŽŽĚŚĂnjĂƌĚ͖E  ϰͿ&ŽƌĂůůƐƵďĚŝǀŝƐŝŽŶƐĐŽŶƚĂŝŶŝŶŐůĂŶĚǁŝƚŚŝŶƚŚĞ&ůŽŽĚǁĂLJĂŶĚͬŽƌ&ůŽŽĚ&ƌŝŶŐĞ  ŝƐƚƌŝĐƚďŽƵŶĚĂƌŝĞƐ͕ƚŚĞƌĞŐƵůĂƚŽƌLJŇŽŽĚƉƌŽƚĞĐƟŽŶĞůĞǀĂƟŽŶĂŶĚƚŚĞƌĞƋƵŝƌĞĚ ĞůĞǀĂƟŽŶŽĨĂůůĂĐĐĞƐƐƌŽĂĚƐĂƌĞĐůĞĂƌůLJůĂďĞůĞĚŽŶĂůůƌĞƋƵŝƌĞĚƐƵďĚŝǀŝƐŝŽŶ 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