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Zd/>ϮͶKtEZ͛^s/^KZEE'/EZ͖KtEZ͛^WZK:ddD Ϯ͘ϬϭdŚĞKǁŶĞƌŚĂƐƌĞƚĂŝŶĞĚƌŽǁŶĂŶĚĂůĚǁĞůů͕/ŶĐ͘;KǁŶĞƌ͛ƐĚǀŝƐŽƌŽƌKͿƚŽĂĐƚĂƐKǁŶĞƌ͛Ɛ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ĂƐƐƵŵĞĂůůĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨĂĚǀŝƐŽƌƚŽKǁŶĞƌĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽŶƚƌĂĐƚĂĚŵŝŶŝƐƚƌĂƚŽƌŽŶďĞŚĂůĨŽĨKǁŶĞƌ͕ĂŶĚŚĂǀĞƚŚĞƌŝŐŚƚƐĂŶĚĂƵƚŚŽƌŝƚǇĂƐƐŝŐŶĞĚƚŽKǁŶĞƌ͛Ɛ ĚǀŝƐŽƌŝŶƚŚĞŽŶƚƌĂĐƚ͘ Ϯ͘ϬϮdŚĞKǁŶĞƌŚĂƐƌĞƚĂŝŶĞĚƌŽǁŶĂŶĚĂůĚǁĞůů͕/ŶĐ͘;ŶŐŝŶĞĞƌͿƚŽĚĞƐŝŐŶƚŚĞWƌŽũĞĐƚ͕ƚŽĂƐƐƵŵĞĂůů ĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨŶŐŝŶĞĞƌĚƵƌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚ͕ĂŶĚƚŽŚĂǀĞƚŚĞ ƌŝŐŚƚƐĂŶĚĂƵƚŚŽƌŝƚǇĂƐƐŝŐŶĞĚƚŽŶŐŝŶĞĞƌŝŶƚŚĞDZŽŶƚƌĂĐƚ͘ Zd/>ϯͶDZ^Zs/^ ϯ͘Ϭϭ^ĐŽƉĞŽĨDZ^ĞƌǀŝĐĞƐ ͘DZǁŝůůƉĞƌĨŽƌŵƚŚĞDZ^ĞƌǀŝĐĞƐƐĞƚĨŽƌƚŚŝŶǆŚŝďŝƚ͕^ĐŽƉĞŽĨDZ^ĞƌǀŝĐĞƐ͕ĂƐ ĂƵƚŚŽƌŝǌĞĚ͕ĂŶĚŽƚŚĞƌƐƉĞĐŝĨŝĞĚDZ^ĞƌǀŝĐĞƐĂƐĞǆƉƌĞƐƐůǇƐĞƚĨŽƌƚŚŝŶĂŽŶƚƌĂĐƚ ŵĞŶĚŵĞŶƚ͘^ĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚďǇDZƚŽŵĞĞƚŝƚƐŐĞŶĞƌĂůĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŵĂŶĂŐĞŵĞŶƚ ŽďůŝŐĂƚŝŽŶƐĂƌĞŶŽƚDZ^ĞƌǀŝĐĞƐ͕ĂŶĚĂƌĞŶŽƚĐŽŵƉĞŶƐĂƚĞĚĂƐDZ^ĞƌǀŝĐĞƐ͕ƵŶůĞƐƐ ĞǆƉƌĞƐƐůǇĚĞƐŝŐŶĂƚĞĚĂƐƐƵĐŚ͘ ͘DZ^ĞƌǀŝĐĞƐĂƌĞĐĂƚĞŐŽƌŝǌĞĚŝŶǆŚŝďŝƚĂƐĂƐŝĐWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐ͖ĚĚŝƚŝŽŶĂů WƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐ͘ ͘/ŶǆŚŝďŝƚĂŶĚŝŶƐĐŽƉĞŽĨDZ^ĞƌǀŝĐĞƐƉƌŽǀŝƐŝŽŶƐŝŶŽŶƚƌĂĐƚŵĞŶĚŵĞŶƚƐ͕ŝŵƉĞƌĂƚŝǀĞ ƐĞŶƚĞŶĐĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƐĞƌǀŝĐĞƐĂƌĞĚŝƌĞĐƚŝǀĞƐƚŽDZ͕ƵŶůĞƐƐ ĞǆƉƌĞƐƐůǇŝŶĚŝĐĂƚĞĚŽƚŚĞƌǁŝƐĞ͘ ϯ͘ϬϮĂƐŝĐ^ĞƌǀŝĐĞƐ͕ĚĚŝƚŝŽŶĂů^ĞƌǀŝĐĞƐ͕ĂŶĚ^ƉĞĐŝĂů^ĞƌǀŝĐĞƐ ͘ĂƐŝĐ^ĞƌǀŝĐĞƐĂƌĞDZ^ĞƌǀŝĐĞƐ;ĐĂƚĞŐŽƌŝǌĞĚĂƐWƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽƌWƌŽĐƵƌĞŵĞŶƚͿƚŚĂƚĂƌĞ ŝĚĞŶƚŝĨŝĞĚĂƐĂƐŝĐ^ĞƌǀŝĐĞƐŝŶǆŚŝďŝƚ͘ ͘/ŶĂĚĚŝƚŝŽŶƚŽĂƐŝĐ^ĞƌǀŝĐĞƐ͕DZƐŚĂůůƉƌŽǀŝĚĞƐƉĞĐŝĨŝĐĚĚŝƚŝŽŶĂůWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐ ǁŝƚŚŝŶƚŚĞƐĐŽƉĞƐĞƚĨŽƌƚŚŝŶǆŚŝďŝƚ͕ŝĨKǁŶĞƌĂƵƚŚŽƌŝǌĞƐDZƚŽĚŽƐŽ͘KǁŶĞƌŽƌKǁŶĞƌ͛Ɛ ĚǀŝƐŽƌǁŝůůĂƵƚŚŽƌŝǌĞƚŚĞƐƉĞĐŝĨŝĞĚĚĚŝƚŝŽŶĂů^ĞƌǀŝĐĞƐŝŶĂŽŶƚƌĂĐƚŵĞŶĚŵĞŶƚ͘dŚĞ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭŽĨϮϬ ŽŶƚƌĂĐƚŵĞŶĚŵĞŶƚǁŝůůĚĞƐĐƌŝďĞƚŚĞƚĂƐŬƐƚŽďĞƉĞƌĨŽƌŵĞĚ͕ƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶƚŽďĞƉĂŝĚ͕ ƚŚĞƚŝŵĞĨŽƌƉĞƌĨŽƌŵĂŶĐĞ͕ƚŚĞĚĞůŝǀĞƌĂďůĞƐƚŽďĞƉƌŽǀŝĚĞĚ͕ĂŶĚŽƚŚĞƌĂƉƉůŝĐĂďůĞƚĞƌŵƐ͕ŝĨĂŶǇ͘ /ĨĂƐƉĞĐŝĨŝĐĚĚŝƚŝŽŶĂů^ĞƌǀŝĐĞŚĂƐďĞĞŶƉƌŝĐĞĚĚƵƌŝŶŐƚŚĞDZƐĞůĞĐƚŝŽŶƉƌŽĐĞƐƐ͕ƐƵĐŚƉƌŝĐĞ ǁŝůůďĞďŝŶĚŝŶŐŽŶDZĂŶĚKǁŶĞƌƵŶůĞƐƐŵŽĚŝĨŝĞĚďǇŵƵƚƵĂůĂŐƌĞĞŵĞŶƚ͘ ͘/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƐĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚĂƐĂƐŝĐ^ĞƌǀŝĐĞƐĂŶĚĚĚŝƚŝŽŶĂů^ĞƌǀŝĐĞƐ͕ĂĨƚĞƌƚŚĞ ĨĨĞĐƚŝǀĞĂƚĞŽĨƚŚĞŽŶƚƌĂĐƚƚŚĞKǁŶĞƌĂŶĚDZŵĂǇŝĚĞŶƚŝĨǇWƌŽũĞĐƚͲƌĞůĂƚĞĚƐĞƌǀŝĐĞƐ ƚŚĂƚǁĞƌĞŶŽƚĐŽŶƚĞŵƉůĂƚĞĚĂƚƚŚĞƚŝŵĞƚŚĞŐƌĞĞŵĞŶƚǁĂƐĞǆĞĐƵƚĞĚ͕ĂƌĞŶĞĐĞƐƐĂƌǇƚŽƚŚĞ WƌŽũĞĐƚ͕ĂŶĚƐŚŽƵůĚďĞĂĚĚĞĚƚŽƚŚĞƐĐŽƉĞŽĨDZ^ĞƌǀŝĐĞƐ͘/ĨKǁŶĞƌĂŶĚDZŵƵƚƵĂůůǇ ĂŐƌĞĞ͕ĂŽŶƚƌĂĐƚŵĞŶĚŵĞŶƚǁŝůůďĞŝƐƐƵĞĚƚŚĂƚƐƉĞĐŝĨŝĞƐƚŚĞƐĐŽƉĞŽĨƐƵĐŚ^ƉĞĐŝĂů^ĞƌǀŝĐĞƐ͕ ƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶƚŽďĞƉĂŝĚ͕ƚŚĞƚŝŵĞĨŽƌƉĞƌĨŽƌŵĂŶĐĞ͕ƚŚĞĚĞůŝǀĞƌĂďůĞƐƚŽďĞƉƌŽǀŝĚĞĚ͕ĂŶĚ ŽƚŚĞƌĂƉƉůŝĐĂďůĞƚĞƌŵƐ͘ŶǇĂŵŽƵŶƚŝŶĐůƵĚĞĚŝŶƚŚĞŐƌĞĞŵĞŶƚĨŽƌ^ƉĞĐŝĂů^ĞƌǀŝĐĞƐǁŝůůƐĞƌǀĞ ĂƐƚŚĞKǁŶĞƌ͛ƐĐŽŶƚŝŶŐĞŶĐǇĨŽƌ^ƉĞĐŝĂů^ĞƌǀŝĐĞƐ͕ŝĨĂƵƚŚŽƌŝǌĞĚďǇƚŚĞKǁŶĞƌ͘ ϯ͘ϬϯƵƚŚŽƌŝǌĂƚŝŽŶƚŽWƌŽǀŝĚĞDZ^ĞƌǀŝĐĞƐ ͘DZŝƐĂƵƚŚŽƌŝǌĞĚďǇƚŚĞĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚƚŽďĞŐŝŶƉƌŽǀŝĚŝŶŐĂƐŝĐ WƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐƐĞƚĨŽƌƚŚŝŶƌƚŝĐůĞϭŝŶǆŚŝďŝƚ͕^ĐŽƉĞŽĨDZ^ĞƌǀŝĐĞƐ͕ĂƐŽĨƚŚĞ ĨĨĞĐƚŝǀĞĂƚĞŽĨƚŚĞŽŶƚƌĂĐƚ͘ ͘DZƐŚĂůůƉƌŽǀŝĚĞĂƐŝĐWƌŽĐƵƌĞŵĞŶƚ^ĞƌǀŝĐĞƐƐĞƚĨŽƌƚŚŝŶƌƚŝĐůĞϯŝŶǆŚŝďŝƚ͕^ĐŽƉĞŽĨ DZ^ĞƌǀŝĐĞƐ͕ƵƉŽŶƌĞĐĞŝƉƚŽĨŶŽƚŝĐĞƚŽĐŽŵŵĞŶĐĞƐƵĐŚƐĞƌǀŝĐĞƐĨƌŽŵKǁŶĞƌŽƌƚŚĞ KǁŶĞƌ͛ƐĚǀŝƐŽƌ͕ŽƌŝŶĂŽŶƚƌĂĐƚŵĞŶĚŵĞŶƚĞƐƚĂďůŝƐŚŝŶŐƚŚĞƐĐŽƉĞĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌ WƌŽĐƵƌĞŵĞŶƚ^ĞƌǀŝĐĞƐ͘ ͘ůůŽƚŚĞƌDZ^ĞƌǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐĚĚŝƚŝŽŶĂůWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐ͕ĚĚŝƚŝŽŶĂů WƌŽĐƵƌĞŵĞŶƚ^ĞƌǀŝĐĞƐ͕ĂŶĚ^ƉĞĐŝĂů^ĞƌǀŝĐĞƐ͕ŝĨĂŶǇ͕ŵƵƐƚďĞĂƵƚŚŽƌŝǌĞĚďǇKǁŶĞƌŽƌKǁŶĞƌ͛Ɛ ĚǀŝƐŽƌ͘ ϯ͘ϬϰŽŵƉĞŶƐĂƚŝŽŶĨŽƌĂƐŝĐDZ^ĞƌǀŝĐĞƐ ͘EŽƚƵƐĞĚ ͘ĂƐŝĐWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐͶKǁŶĞƌǁŝůůĐŽŵƉĞŶƐĂƚĞDZĨŽƌĂƐŝĐWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ ^ĞƌǀŝĐĞƐ͕ƉƌŽǀŝĚĞĚƉĞƌƌƚŝĐůĞϭ͕ǆŚŝďŝƚͶ^ĐŽƉĞŽĨtŽƌŬĨŽƌDZ^ĞƌǀŝĐĞƐ͕ĨŽƌĞĂĐŚŚŽƵƌ ĞĂƌŶĞĚĂƚƚŚĞŝůůŝŶŐZĂƚĞƐƐŚŽǁŶŝŶǆŚŝďŝƚ͕ŽŵƉĞŶƐĂƚŝŽŶĨŽƌDZ^ĞƌǀŝĐĞƐ͘^ƵĐŚ ĐŽŵƉĞŶƐĂƚŝŽŶŝƐƐƵďũĞĐƚƚŽƚŚĞŶŽƚͲƚŽͲĞǆĐĞĞĚůŝŵŝƚƐŚŽǁŶĨŽƌWƌŝĐĞĨŽƌDZĂƐŝĐ WƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐŝŶdĂďůĞϭ͘ ͘EŽƚƵƐĞĚ ͘EŽƚƵƐĞĚ ͘EŽƚƵƐĞĚ ϯ͘ϬϱŽŵƉĞŶƐĂƚŝŽŶĨŽƌĚĚŝƚŝŽŶĂůDZ^ĞƌǀŝĐĞƐ ͘&ŽƌĚĚŝƚŝŽŶĂůWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐĂŶĚĚĚŝƚŝŽŶĂůWƌŽĐƵƌĞŵĞŶƚ^ĞƌǀŝĐĞƐ͕KǁŶĞƌǁŝůů ĐŽŵƉĞŶƐĂƚĞDZĨŽƌĞĂĐŚŚŽƵƌĞĂƌŶĞĚĂƚƚŚĞŝůůŝŶŐZĂƚĞƐƐŚŽǁŶŝŶǆŚŝďŝƚ͕ ŽŵƉĞŶƐĂƚŝŽŶĨŽƌDZ^ĞƌǀŝĐĞƐ͘ ϯ͘ϬϲŽŵƉĞŶƐĂƚŝŽŶĨŽƌ^ƉĞĐŝĂů^ĞƌǀŝĐĞƐ ͘KǁŶĞƌǁŝůůĐŽŵƉĞŶƐĂƚĞDZĨŽƌ^ƉĞĐŝĂů^ĞƌǀŝĐĞƐƉƵƌƐƵĂŶƚƚŽƚŚĞƐƉĞĐŝĨŝĐĐŽŵƉĞŶƐĂƚŝŽŶ ƚĞƌŵƐŝŶƚŚĞŽŶƚƌĂĐƚŵĞŶĚŵĞŶƚĞƐƚĂďůŝƐŚŝŶŐĂŶĚĂƵƚŚŽƌŝǌŝŶŐƐƵĐŚ^ƉĞĐŝĂů^ĞƌǀŝĐĞƐ͘ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϮŽĨϮϬ ϯ͘ϬϳWĂǇŵĞŶƚĨŽƌDZ^ĞƌǀŝĐĞƐ ͘WƌĞƉĂƌĂƚŝŽŶĂŶĚ^ƵďŵŝƚƚĂůŽĨ/ŶǀŽŝĐĞƐ ϭ͘DZǁŝůůƉƌĞƉĂƌĞĂŶĚƐƵďŵŝƚŝŶǀŽŝĐĞƐĨŽƌDZ^ĞƌǀŝĐĞƐƚŽKǁŶĞƌ͛ƐĚǀŝƐŽƌŽŶĂ ŵŽŶƚŚůǇďĂƐŝƐŝŶĂĨŽƌŵĂƚĂĐĐĞƉƚĂďůĞƚŽKǁŶĞƌ͛ƐĚǀŝƐŽƌ͘ Ϯ͘DZŵĂǇŶŽƚƐƵďŵŝƚŝŶǀŽŝĐĞƐĂŶĚŝƐŶŽƚĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌĚĚŝƚŝŽŶĂů ^ĞƌǀŝĐĞƐŽƌ^ƉĞĐŝĂů^ĞƌǀŝĐĞƐƵŶůĞƐƐKǁŶĞƌŚĂƐĂƵƚŚŽƌŝǌĞĚƐƵĐŚƐĞƌǀŝĐĞƐƚŚƌŽƵŐŚ ĞǆĞĐƵƚŝŽŶŽĨĂŽŶƚƌĂĐƚŵĞŶĚŵĞŶƚ͘ ϯ͘DZǁŝůůƉƌŽǀŝĚĞĚŽĐƵŵĞŶƚĂƚŝŽŶĂĐĐĞƉƚĂďůĞƚŽƚŚĞKǁŶĞƌƚŽĂůůŽǁKǁŶĞƌƚŽǀĞƌŝĨǇ DZ͛ƐĐŚĂƌŐĞƐŝŶĐůƵĚĞĚŝŶŝŶǀŽŝĐĞƐ͘ ͘WĂǇŵĞŶƚƐ Ă͘EŽƚƵƐĞĚ Ϯ͘WĂǇŵĞŶƚĨŽƌDZ^ĞƌǀŝĐĞƐĐŽŵƉĞŶƐĂƚĞĚƵƐŝŶŐ,ŽƵƌůǇŝůůŝŶŐZĂƚĞďĂƐŝƐ͗ Ă͘KǁŶĞƌƐŚĂůůƉĂǇDZĂŶĂŵŽƵŶƚĞƋƵĂůƚŽƚŚĞĐƵŵƵůĂƚŝǀĞŚŽƵƌƐĐŚĂƌŐĞĚƚŽƚŚĞ WƌŽũĞĐƚďǇDZ͛ƐƉĞƌƐŽŶŶĞůƚŝŵĞƐ,ŽƵƌůǇŝůůŝŶŐZĂƚĞƐĨŽƌĞĂĐŚĂƉƉůŝĐĂďůĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ͘ ď͘,ŽƵƌůǇŝůůŝŶŐZĂƚĞƐŝŶĐůƵĚĞĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐͶƐĂůĂƌŝĞƐĂŶĚǁĂŐĞƐƉĂŝĚƚŽ ƉĞƌƐŽŶŶĞůŝŶĞĂĐŚďŝůůŝŶŐĐůĂƐƐŝĨŝĐĂƚŝŽŶ͖ƚŚĞĐŽƐƚŽĨĐƵƐƚŽŵĂƌǇĂŶĚƐƚĂƚƵƚŽƌǇ ďĞŶĞĨŝƚƐ͖ŐĞŶĞƌĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞŽǀĞƌŚĞĂĚ͖ŶŽŶͲƉƌŽũĞĐƚŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͖ĂŶĚ ŽƉĞƌĂƚŝŶŐŵĂƌŐŝŶŽƌƉƌŽĨŝƚ͘ Đ͘,ŽƵƌůǇŝůůŝŶŐZĂƚĞƐĂƌĞƚŽŝŶĐůƵĚĞĂůůĞǆƉĞŶƐĞƐƌĞůĂƚĞĚƚŽƉƌŽǀŝĚŝŶŐDZ^ĞƌǀŝĐĞƐ ŝŶĐůƵĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐ͗ ϭͿdƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚƐƵďƐŝƐƚĞŶĐĞ͖ ϮͿdĞĐŚŶŽůŽŐǇĐŚĂƌŐĞƐĂŶĚĚĂƚĂĐŚĂƌŐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƵƐĞŽĨĐŽŵƉƵƚĞƌƐ ĂŶĚƚĂďůĞƚƐ͖ ϯͿWƌŝŶƚŝŶŐĂŶĚƌĞƉƌŽĚƵĐƚŝŽŶŽĨĚŽĐƵŵĞŶƚƐ͖ ϰͿ,ĞĂůƚŚĂŶĚƐĂĨĞƚǇƌĞůĂƚĞĚĞƋƵŝƉŵĞŶƚĂŶĚƚƌĂŝŶŝŶŐ͖ĂŶĚ ϱͿ^ƉĞĐŝĂůĞƋƵŝƉŵĞŶƚƵƐĞĚĨŽƌDZ^ĞƌǀŝĐĞƐ͘ ϯ͘dŚĞĂŵŽƵŶƚƐƉĂŝĚƚŽDZƵŶĚĞƌƚŚŝƐƌƚŝĐůĞĂƌĞĚĞĞŵĞĚƚŽŝŶĐůƵĚĞĨƵůůĐŽŵƉĞŶƐĂƚŝŽŶ ĨŽƌDZ͛ƐŽǀĞƌŚĞĂĚĂŶĚƉƌŽĨŝƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚůĂďŽƌĂŶĚĞǆƉĞŶƐĞƐ͘ ͘dŝŵĞŽĨWĂǇŵĞŶƚ ϭ͘KǁŶĞƌǁŝůůŵĂŬĞƉĂǇŵĞŶƚƐĨŽƌDZ^ĞƌǀŝĐĞƐǁŝƚŚŝŶ΀ϯϬ΁ĚĂǇƐĂĨƚĞƌƌĞĐĞŝǀŝŶŐĂŶ ĂƉƉƌŽǀĞĚŝŶǀŽŝĐĞĨƌŽŵƚŚĞKǁŶĞƌ͛ƐĚǀŝƐŽƌ͘ Ϯ͘/ĨKǁŶĞƌĨĂŝůƐƚŽŵĂŬĞĂŶǇƉĂǇŵĞŶƚĚƵĞDZĨŽƌDZ^ĞƌǀŝĐĞƐǁŝƚŚŝŶϯϬĚĂǇƐĂĨƚĞƌ ƌĞĐĞŝƉƚŽĨDZ͛ƐŝŶǀŽŝĐĞ͕ƚŚĞŶ͗ 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ϵ͘dĂǆĞƐ͕ŽƚŚĞƌƚŚĂŶƚŚŽƐĞƐƉĞĐŝĨŝĐĂůůǇĚĞƐŝŐŶĂƚĞĚƚŽďĞĐŽǀĞƌĞĚŝŶĂtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͖ ϭϬ͘ŽŶƚƌĂĐƚĂĚŵŝŶŝƐƚƌĂƚŝŽŶĐŽƐƚƐ͕ŝŶĐůƵĚŝŶŐĐŽƐƚƐĨŽƌ͗ Ă͘DĞĞƚŝŶŐƐ͕ƌĞƉŽƌƚŝŶŐ͕ŶŽƚŝĨŝĐĂƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌĐŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚĐŽŽƌĚŝŶĂƚŝŽŶ͕ ď͘ŽĐƵŵĞŶƚŵĂŶĂŐĞŵĞŶƚ͕ Đ͘^ƵďŵŝƚƚĂůƐ͕ƌĞĐŽƌĚĚĂƚĂ͕ĂŶĚŽƚŚĞƌĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ Ě͘ƌĞĂƚŝŶŐĂŶĚŵĂŝŶƚĂŝŶŝŶŐWƌŽũĞĐƚƐĐŚĞĚƵůĞƐƉĞƌƌƚŝĐůĞϰŽĨƚŚĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ Ğ͘ŚĂŶŐĞƐƚŽƚŚĞDZŽŶƚƌĂĐƚƉĞƌƌƚŝĐůĞϭϭŽĨƚŚĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ Ĩ͘ƉƉůŝĐĂƚŝŽŶƐĨŽƌWĂǇŵĞŶƚƉĞƌƌƚŝĐůĞϭϱŽĨƚŚĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ Ő͘DĂŝŶƚĞŶĂŶĐĞŽĨZĞĐŽƌĚŽĐƵŵĞŶƚƐ͕ĂŶĚ Ś͘KƚŚĞƌĐŽŶƚƌĂĐƚĂĚŵŝŶŝƐƚƌĂƚŝŽŶĐŽƐƚƐŝŶĐůƵĚĞĚŝŶƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͖ ϭϭ͘WĞƌĨŽƌŵĂŶĐĞ͕ƉĂǇŵĞŶƚ͕ĂŶĚǁĂƌƌĂŶƚǇďŽŶĚƐ͕ŝĨĂŶǇ͕ƉƌŽǀŝĚĞĚƚŽĐŽǀĞƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨƚŚĞĞŶƚŝƌĞWƌŽũĞĐƚ͖ ϭϮ͘'ĞŶĞƌĂůŝŶƐƵƌĂŶĐĞĐŽƐƚƐ͕ĞǆĐůƵĚŝŶŐƵŝůĚĞƌ͛ƐZŝƐŬŽƌŽƚŚĞƌĐŽǀĞƌĂŐĞƚŚĂƚĂƉƉůŝĞƐ ƐƉĞĐŝĨŝĐĂůůǇƚŽtŽƌŬĂŶĚƐƉĞĐŝĨŝĐĂůůǇĚĞƐŝŐŶĂƚĞĚƚŽďĞĐŽǀĞƌĞĚŝŶĂtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͕ ĂŶĚtŽƌŬĞƌ͛ƐŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞǁŚŝĐŚŝƐƚŽďĞŝŶĐůƵĚĞĚŝŶƉĂǇƌŽůůĐŽƐƚƉĞƌ WĂƌĂŐƌĂƉŚϲ͘ϬϮ͘͘ϭ͖ ϭϯ͘ŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚDZƚĞŵƉŽƌĂƌǇĨĂĐŝůŝƚŝĞƐĂŶĚƚĞŵƉŽƌĂƌǇŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƚƚŚĞ ^ŝƚĞ͖ 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ƚŚĂƚƚŚĞ^ƵďĐŽŶƚƌĂĐƚŽƌŝƐƚŽďĞƉĂŝĚŽŶƚŚĞďĂƐŝƐŽĨŽƐƚŽĨƚŚĞtŽƌŬƉůƵƐĂĨĞĞ͕ƚŚĞ ^ƵďĐŽŶƚƌĂĐƚŽƌ͛ƐŽƐƚŽĨƚŚĞtŽƌŬĂŶĚĨĞĞǁŝůůďĞĚĞƚĞƌŵŝŶĞĚŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂƐDZ͛Ɛ ŽƐƚŽĨƚŚĞtŽƌŬĂŶĚĨĞĞĂƐƉƌŽǀŝĚĞĚŝŶƚŚŝƐƌƚŝĐůĞϲ͘ ͘ŽŶƐƚƌƵĐƚŝŽŶƋƵŝƉŵĞŶƚŽƐƚͶŽƐƚŽĨƉƌŽǀŝĚŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶĞƋƵŝƉŵĞŶƚĂŶĚŵĂĐŚŝŶĞƌǇƚŽ ĐŽŶƐƚƌƵĐƚƚŚĞtŽƌŬĚĞƐĐƌŝďĞĚŝŶƚŚĞtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͘ ϭ͘/ŶĐůƵĚĞĂůůƚŚĞĐŽƐƚƐĨŽƌƚƌĂŶƐƉŽƌƚŝŶŐ͕ůŽĂĚŝŶŐ͕ƵŶůŽĂĚŝŶŐ͕ĂƐƐĞŵďůǇ͕ĚŝƐŵĂŶƚůŝŶŐ͕ĂŶĚ ƌĞŵŽǀĂůŽĨƚŚĞĞƋƵŝƉŵĞŶƚĂŶĚŵĂĐŚŝŶĞƌǇǁŝƚŚŽŶƐƵŵĂďůĞƋƵŝƉŵĞŶƚĂŶĚDĂƚĞƌŝĂů ŽƐƚƉĞƌWĂƌĂŐƌĂƉŚϲ͘ϬϮ͘͘ Ϯ͘ŽŶƐƚƌƵĐƚŝŽŶĞƋƵŝƉŵĞŶƚĂŶĚŵĂĐŚŝŶĞƌǇĐŽƐƚǁŝůůďĞďŝůůĞĚĂƚƌĂƚĞƐĂƉƉƌŽǀĞĚďǇƚŚĞ KǁŶĞƌ͛ƐĚǀŝƐŽƌĂƐƉĂƌƚŽĨĞĂĐŚtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͘ Ă͘ůůŽƉĞƌĂƚŝŶŐĐŽƐƚƐǁŝůůŝŶĐůƵĚĞĐŽƐƚƐĨŽƌĨƵĞů͕ŵĂŝŶƚĞŶĂŶĐĞ͕ƉĂƌƚƐ͕ĂŶĚĂƐƐŽĐŝĂƚĞĚ ůĂďŽƌ͘ŝůůŝŶŐƌĂƚĞƐĨŽƌĞƋƵŝƉŵĞŶƚĨƵĞůŝŶŐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĚŽŶŽƚŝŶĐůƵĚĞƉĂǇƌŽůů ĐŽƐƚƐĨŽƌĞƋƵŝƉŵĞŶƚŽƉĞƌĂƚŽƌƐ͕ǁŚŝĐŚǁŝůůďĞŝŶĐůƵĚĞĚŝŶWĂǇƌŽůůĐŽƐƚƉĞƌ WĂƌĂŐƌĂƉŚϲ͘ϬϮ͘͘ ď͘ŽƐƚƐĨŽƌĞƋƵŝƉŵĞŶƚĂŶĚŵĂĐŚŝŶĞƌǇŽǁŶĞĚďǇDZŽƌĂ^ƵďĐŽŶƚƌĂĐƚŽƌĐĂŶŶŽƚ ĞǆĐĞĞĚƚŚĞƌĂƚĞƐƐŚŽǁŶĨŽƌĞƋƵŝƉŵĞŶƚŝŶƚŚĞƋƵŝƉŵĞŶƚtĂƚĐŚŽƐƚZĞĐŽǀĞƌǇ ZĞŶƚĂůZĂƚĞůƵĞŽŽŬ͕;ŚƚƚƉƐ͗ͬͬĞƋƵŝƉŵĞŶƚǁĂƚĐŚ͘ĐŽŵͬďůƵĞͲďŽŽŬͲĐŽƐƚͲƌĞĐŽǀĞƌǇͿ ŶŚŽƵƌůǇƌĂƚĞǁŝůůďĞĐŽŵƉƵƚĞĚďǇĚŝǀŝĚŝŶŐƚŚĞŵŽŶƚŚůǇƌĂƚĞƐďǇϭϳϲ͘dŚĞƐĞƌĂƚĞƐ ǁŝůůŝŶĐůƵĚĞĂůůŽƉĞƌĂƚŝŶŐĐŽƐƚƐƉĞƌWĂƌĂŐƌĂƉŚϲ͘ϬϮ͘͘Ϯ͘Ă͘ Đ͘WĂǇŵĞŶƚĨŽƌƌĞŶƚĞĚĞƋƵŝƉŵĞŶƚǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌĞŶƚĂůĂŐƌĞĞŵĞŶƚƐĂƐƚŽ ƉƌŝĐĞ͕ŝŶĐůƵĚŝŶŐĂŶǇƐƵƌĐŚĂƌŐĞŽƌƐƉĞĐŝĂůƌĂƚĞƐĂƉƉůŝĐĂďůĞƚŽŽǀĞƌƚŝŵĞƵƐĞŽĨƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶĞƋƵŝƉŵĞŶƚŽƌŵĂĐŚŝŶĞƌǇ͕ĂŶĚĂůůƐƵĐŚĐŽƐƚƐǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞƚĞƌŵƐŽĨƐĂŝĚƌĞŶƚĂůĂŐƌĞĞŵĞŶƚƐ͘dŚĞƌĞŶƚĂůŽĨĂŶǇƐƵĐŚĞƋƵŝƉŵĞŶƚ͕ŵĂĐŚŝŶĞƌǇ͕ ŽƌƉĂƌƚƐŵƵƐƚĐĞĂƐĞǁŚĞŶƚŚĞƵƐĞƚŚĞƌĞŽĨŝƐŶŽůŽŶŐĞƌŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞtŽƌŬ͘ Ě͘EŽŵĂƌŬƵƉŝƐĂůůŽǁĞĚŽŶĞƋƵŝƉŵĞŶƚƌĞŶƚĞĚŽƌůĞĂƐĞĚĨƌŽŵĂŶǇĐŽŵƉĂŶǇŽǁŶĞĚŝŶ ƚŽƚĂůŽƌŝŶƉĂƌƚďǇDZŽƌĂ^ƵďĐŽŶƚƌĂĐƚŽƌ͕ŽƌŝƐŽǁŶĞĚďǇƚŚĞƐĂŵĞŚŽůĚŝŶŐ ĐŽŵƉĂŶǇŽƌĂĐŽŵƉĂŶǇǁŝƚŚĂĐůŽƐĞůĞŐĂůĂĨĨŝůŝĂƚŝŽŶƚŽDZŽƌ^ƵďĐŽŶƚƌĂĐƚŽƌ͕ ƐŝŶĐĞŵĂƌŬƵƉƐĂƌĞŝŶĐůƵĚĞĚŝŶƌĞŶƚĂůŽƌůĞĂƐĞƌĂƚĞƐ͘ Ğ͘ƋƵŝƉŵĞŶƚƵƐĞĚĨŽƌƐŝƚĞŵĂŝŶƚĞŶĂŶĐĞŝƐƚŽďĞŝŶĐůƵĚĞĚŝŶŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉŽƌƚ ŽƐƚƐ͘ƋƵŝƉŵĞŶƚƵƐĞĚĨŽƌŵƵůƚŝƉůĞtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶƐŵƵƐƚďĞďŝůůĞĚŽŶƚŚĞďĂƐŝƐ ŽĨƚŝŵĞǁŽƌŬĞĚŽŶĞĂĐŚtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͘ ϯ͘tŝƚŚƌĞƐƉĞĐƚƚŽtŽƌŬƚŚĂƚŝƐƚŚĞƌĞƐƵůƚŽĨĂŚĂŶŐĞKƌĚĞƌ͕ŚĂŶŐĞWƌŽƉŽƐĂů͕ůĂŝŵ͕ƐĞƚͲ ŽĨĨ͕ŽƌŽƚŚĞƌĂĚũƵƐƚŵĞŶƚŝŶ'ƵĂƌĂŶƚĞĞĚDĂǆŝŵƵŵWƌŝĐĞ;ĐŚĂŶŐĞĚtŽƌŬͿ͕ŝŶĐůƵĚĞĚĐŽƐƚƐ ǁŝůůďĞďĂƐĞĚŽŶƚŚĞƚŝŵĞƚŚĞĞƋƵŝƉŵĞŶƚŽƌŵĂĐŚŝŶĞƌǇŝƐŝŶƵƐĞŽŶƚŚĞĐŚĂŶŐĞĚtŽƌŬ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϴŽĨϮϬ ĂŶĚƚŚĞĐŽƐƚƐŽĨƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ůŽĂĚŝŶŐ͕ƵŶůŽĂĚŝŶŐ͕ĂƐƐĞŵďůǇ͕ĚŝƐŵĂŶƚůŝŶŐ͕ĂŶĚ ƌĞŵŽǀĂůǁŚĞŶĚŝƌĞĐƚůǇĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĐŚĂŶŐĞĚtŽƌŬ͘dŚĞĐŽƐƚŽĨĂŶǇƐƵĐŚ ĞƋƵŝƉŵĞŶƚŽƌŵĂĐŚŝŶĞƌǇ͕ŽƌƉĂƌƚƐƚŚĞƌĞŽĨ͕ŵƵƐƚĐĞĂƐĞƚŽĂĐĐƌƵĞǁŚĞŶƚŚĞƵƐĞƚŚĞƌĞŽĨ ŝƐŶŽůŽŶŐĞƌŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞĐŚĂŶŐĞĚtŽƌŬ͘ &͘^ƵƉƉůĞŵĞŶƚĂůŽƐƚƐǁŚŝĐŚĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘dŚĞƉƌŽƉŽƌƚŝŽŶŽĨŶĞĐĞƐƐĂƌǇƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͕ƚƌĂǀĞů͕ĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŽĨ DZ͛ƐĞŵƉůŽǇĞĞƐŝŶĐƵƌƌĞĚŝŶƚŚĞĚŝƐĐŚĂƌŐĞŽĨĚƵƚŝĞƐĐŽŶŶĞĐƚĞĚǁŝƚŚƚŚĞtŽƌŬ ƵƚŚŽƌŝǌĂƚŝŽŶ͘ Ϯ͘ŽƐƚƐŽĨƐƉĞĐŝĂůĐŽŶƐƵůƚĂŶƚƐŝŶĐůƵĚŝŶŐĞŶŐŝŶĞĞƌƐ͕ĂƌĐŚŝƚĞĐƚƐ͕ƚĞƐƚŝŶŐůĂďŽƌĂƚŽƌŝĞƐ͕ĂŶĚ ƐƵƌǀĞǇŽƌƐ͕ĞŵƉůŽǇĞĚŽƌƌĞƚĂŝŶĞĚĨŽƌƐĞƌǀŝĐĞƐƐƉĞĐŝĨŝĐĂůůǇƌĞůĂƚĞĚƚŽƚŚĞtŽƌŬ ƵƚŚŽƌŝǌĂƚŝŽŶĂŶĚĞǆƉƌĞƐƐůǇĞǆĐůƵĚŝŶŐĐŽƐƚƐŝŶĐƵƌƌĞĚďǇĐŽŶƐƵůƚĂŶƚƐƉĞƌĨŽƌŵŝŶŐDZ ^ĞƌǀŝĐĞƐ͘ ϯ͘^ĂůĞƐ͕ĐŽŶƐƵŵĞƌ͕ƵƐĞ͕ĂŶĚŽƚŚĞƌƐŝŵŝůĂƌƚĂǆĞƐƌĞůĂƚĞĚƚŽƚŚĞtŽƌŬ͕ĂŶĚĨŽƌǁŚŝĐŚDZ ŝƐůŝĂďůĞ͕ĂƐŝŵƉŽƐĞĚďǇ>ĂǁƐĂŶĚZĞŐƵůĂƚŝŽŶƐ͘ ϰ͘ĞƉŽƐŝƚƐůŽƐƚĨŽƌĐĂƵƐĞƐŽƚŚĞƌƚŚĂŶƚŚĞŶĞŐůŝŐĞŶĐĞŽĨDZ͕ĂŶǇ^ƵďĐŽŶƚƌĂĐƚŽƌ͕Žƌ ĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚďǇĂŶǇŽĨƚŚĞŵŽƌĨŽƌǁŚŽƐĞĂĐƚƐĂŶǇŽĨƚŚĞŵ ŵĂǇďĞůŝĂďůĞ͘ ϱ͘ZŽǇĂůƚǇƉĂǇŵĞŶƚƐĂŶĚĨĞĞƐĨŽƌƉĞƌŵŝƚƐ͕ƉĂƚĞŶƚƐ͕ĂŶĚůŝĐĞŶƐĞƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽĂtŽƌŬ ƵƚŚŽƌŝǌĂƚŝŽŶ͘ ϲ͘dŚĞĐŽƐƚŽĨƉƌĞŵŝƵŵƐĨŽƌƉĞƌĨŽƌŵĂŶĐĞ͕ƉĂǇŵĞŶƚ͕ĂŶĚǁĂƌƌĂŶƚǇďŽŶĚƐŽďƚĂŝŶĞĚďǇ DZĂƐĂƌĞƋƵŝƌĞŵĞŶƚŽĨĂtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞďŽŶĚƐƉƵƌĐŚĂƐĞĚ ĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĂƐĂǁŚŽůĞǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉŽƌƚŽƐƚƐƉĞƌ WĂƌĂŐƌĂƉŚϱ͘Ϭϭ͘͘ϭϭ͘&ŝŶĂůĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƐƵĐŚƉƌĞŵŝƵŵĐŽƐƚƐǁŝůůďĞďĂƐĞĚŽŶ ƌĞĐŽŶĐŝůĞĚĐŽƐƚƐĂƚƚŚĞĐŽŶĐůƵƐŝŽŶŽĨƚŚĞtŽƌŬ͘ ϳ͘ŽƐƚĨŽƌĂŶǇ^ƵďĐŽŶƚƌĂĐƚŽƌďŽŶĚƐŽƌĚĞĨĂƵůƚŝŶƐƵƌĂŶĐĞƚŚĂƚŵƵƐƚďĞƌĞƋƵŝƌĞĚƚŽƉƌŽƚĞĐƚ KǁŶĞƌ͛ƐĂŶĚDZ͛ƐŝŶƚĞƌĞƐƚƐŝŶƚŚĞĞǀĞŶƚŽĨĂ^ƵďĐŽŶƚƌĂĐƚŽƌĚĞĨĂƵůƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ĂtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͘ ϴ͘dŚĞĐŽƐƚŽĨƉƌĞŵŝƵŵƐĨŽƌƵŝůĚĞƌ͛ƐZŝƐŬŝŶƐƵƌĂŶĐĞĂŶĚŽƚŚĞƌtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶʹ ƐƉĞĐŝĨŝĐŝŶƐƵƌĂŶĐĞƚŚĂƚDZŝƐƌĞƋƵŝƌĞĚďǇƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐƚŽƉƵƌĐŚĂƐĞĂŶĚ ŵĂŝŶƚĂŝŶ͕ďƵƚŶŽƚŝŶĐůƵĚŝŶŐĐŽƐƚƐŽĨĐŽŵŵĞƌĐŝĂůŐĞŶĞƌĂůůŝĂďŝůŝƚǇ͕ĂƵƚŽŵŽďŝůĞůŝĂďŝůŝƚǇ͕ ĂŶĚĐŽŶƚƌĂĐƚŽƌ͛ƐƉŽůůƵƚŝŽŶůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞǁŚŝĐŚĂƌĞĐŽǀĞƌĞĚĂƐŽŶƐƚƌƵĐƚŝŽŶ ^ƵƉƉŽƌƚŽƐƚƐƉĞƌƌƚŝĐůĞϱ͘dŚĞĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌǁŽƌŬĞƌ͛ƐĐŽŵƉĞŶƐĂƚŝŽŶŝƐŝŶĐůƵĚĞĚ ĂƐƉĂƌƚŽĨƉĂǇƌŽůůĐŽƐƚƐƉĞƌWĂƌĂŐƌĂƉŚϲ͘Ϭϭ͘͘ϭ͘&ŝŶĂůĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƐƵĐŚƉƌĞŵŝƵŵ ĐŽƐƚƐǁŝůůďĞďĂƐĞĚŽŶƌĞĐŽŶĐŝůĞĚĐŽƐƚƐĂƚƚŚĞĐŽŶĐůƵƐŝŽŶŽĨƚŚĞtŽƌŬ͘ ϲ͘Ϭϯ^ƉĞĐŝĨŝĐǆĐůƵƐŝŽŶƐĨƌŽŵŽƐƚŽĨƚŚĞtŽƌŬ ͘dŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐĂƌĞŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞŽƐƚŽĨƚŚĞtŽƌŬ͘dŚŝƐĞǆƉƌĞƐƐŝƚĞŵŝǌĂƚŝŽŶĚŽĞƐ ŶŽƚĐŽŶĨĞƌŽƐƚŽĨƚŚĞtŽƌŬŽƌĐŽŵƉĞŶƐĂďůĞƐƚĂƚƵƐƚŽŽƚŚĞƌǁŝƐĞŝŶĞůŝŐŝďůĞŝƚĞŵƐŶŽƚůŝƐƚĞĚ ŚĞƌĞ͘ŽƐƚĨŽƌĂŶǇŝƚĞŵƐŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞŽƐƚŽĨƚŚĞtŽƌŬĂƌĞƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚĞDZ &ĞĞƵŶůĞƐƐƐƉĞĐŝĨŝĐĂůůǇŝƚĞŵŝǌĞĚĂƚŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉŽƌƚŽƐƚƐĚĞƐĐƌŝďĞĚŝŶƌƚŝĐůĞϱ͘ ϭ͘WĂǇƌŽůůĐŽƐƚƐĂŶĚŽƚŚĞƌĐŽŵƉĞŶƐĂƚŝŽŶŽĨDZ͛ƐŽĨĨŝĐĞƌƐ͕ĞǆĞĐƵƚŝǀĞƐ͕ƉƌŝŶĐŝƉĂůƐ͕ ŐĞŶĞƌĂůŵĂŶĂŐĞƌƐ͕ƉƌŽũĞĐƚŵĂŶĂŐĞƌƐ͕ƐƵƉĞƌŝŶƚĞŶĚĞŶƚƐ͕ƐĂĨĞƚǇŵĂŶĂŐĞƌƐ͕ƐĂĨĞƚǇ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĞŶŐŝŶĞĞƌƐ͕ĂƌĐŚŝƚĞĐƚƐ͕ĞƐƚŝŵĂƚŽƌƐ͕ĂƚƚŽƌŶĞǇƐ͕ĂƵĚŝƚŽƌƐ͕ĂĐĐŽƵŶƚĂŶƚƐ͕ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϵŽĨϮϬ ƉƵƌĐŚĂƐŝŶŐĂŶĚĐŽŶƚƌĂĐƚŝŶŐĂŐĞŶƚƐ͕ĞǆƉĞĚŝƚĞƌƐ͕ƚŝŵĞŬĞĞƉĞƌƐ͕ĐůĞƌŬƐ͕ĂŶĚŽƚŚĞƌ ƉĞƌƐŽŶŶĞůĞŵƉůŽǇĞĚďǇDZ͕ǁŚĞƚŚĞƌĂƚƚŚĞ^ŝƚĞŽƌŝŶDZ͛ƐƉƌŝŶĐŝƉĂůŽƌďƌĂŶĐŚ ŽĨĨŝĐĞĨŽƌŐĞŶĞƌĂůĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚĞtŽƌŬ͘dŚĞƉĂǇƌŽůůĐŽƐƚƐĂŶĚŽƚŚĞƌ ĐŽŵƉĞŶƐĂƚŝŽŶĞǆĐůƵĚĞĚŚĞƌĞĂƌĞƚŽďĞĐŽŶƐŝĚĞƌĞĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞĐŽƐƚƐĐŽǀĞƌĞĚďǇ ŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉŽƌƚŽƐƚŽƌƚŚĞDZ&ĞĞ͘ Ϯ͘ǆƉĞŶƐĞƐŽĨDZ͛ƐƉƌŝŶĐŝƉĂůĂŶĚďƌĂŶĐŚŽĨĨŝĐĞƐ͘ ϯ͘ŶǇƉĂƌƚŽĨDZ͛ƐĐĂƉŝƚĂůĞǆƉĞŶƐĞƐ͕ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚŽŶDZ͛ƐĐĂƉŝƚĂůĞŵƉůŽǇĞĚ ĨŽƌƚŚĞtŽƌŬĂŶĚĐŚĂƌŐĞƐĂŐĂŝŶƐƚDZĨŽƌĚĞůŝŶƋƵĞŶƚƉĂǇŵĞŶƚƐ͘ ϰ͘ŽƐƚƐĚƵĞƚŽƚŚĞŶĞŐůŝŐĞŶĐĞŽĨDZ͕ĂŶǇ^ƵďĐŽŶƚƌĂĐƚŽƌ͕ŽƌĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌ ŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚďǇĂŶǇŽĨƚŚĞŵŽƌĨŽƌǁŚŽƐĞĂĐƚƐĂŶǇŽĨƚŚĞŵŵĂǇďĞůŝĂďůĞ͘ ϱ͘ŽƐƚĨŽƌƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨĚĞĨĞĐƚŝǀĞtŽƌŬ͕ĚŝƐƉŽƐĂůŽĨŵĂƚĞƌŝĂůƐŽƌĞƋƵŝƉŵĞŶƚǁƌŽŶŐůǇ ƐƵƉƉůŝĞĚ͕ĂŶĚŵĂŬŝŶŐŐŽŽĚĂŶǇĚĂŵĂŐĞƚŽƉƌŽƉĞƌƚǇŶŽƚƉĂŝĚĨƌŽŵDZ͛ƐŽŶƚŝŶŐĞŶĐǇ ƉĞƌƌƚŝĐůĞϴ͘ ϲ͘ǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚŝŶƉƌĞƉĂƌŝŶŐĂŶĚĂĚǀĂŶĐŝŶŐůĂŝŵƐ͘ ϳ͘KƚŚĞƌŽǀĞƌŚĞĂĚŽƌŐĞŶĞƌĂůĞǆƉĞŶƐĞĐŽƐƚƐŽĨĂŶǇŬŝŶĚĂŶĚƚŚĞĐŽƐƚƐŽĨĂŶǇŝƚĞŵŶŽƚ ƐƉĞĐŝĨŝĐĂůůǇĂŶĚĞǆƉƌĞƐƐůǇŝŶĐůƵĚĞĚŝŶWĂƌĂŐƌĂƉŚϲ͘Ϭϯ͘ ϴ͘ŽƐƚƐƌĞĐŽǀĞƌĞĚŽƌƌĞŝŵďƵƌƐĞĚƵŶĚĞƌŽƚŚĞƌŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉŽƌƚŽƐƚŽƌŽƐƚŽĨƚŚĞ tŽƌŬƉƌŽǀŝƐŝŽŶƐ͘ ϲ͘ϬϰŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞŽƐƚŽĨƚŚĞtŽƌŬ ͘ŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞŽƐƚŽĨƚŚĞtŽƌŬŝƐďĂƐĞĚŽŶƚŚĞĂŵŽƵŶƚĞĂƌŶĞĚĨŽƌtŽƌŬĐŽŵƉůĞƚĞĚ ĨŽƌĞĂĐŚtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͘ Zd/>ϳͶKE^dZhd/KEDE'ZdZ/^<& ϳ͘ϬϭdŚĞDZ&ĞĞǁŝůůďĞĚĞƚĞƌŵŝŶĞĚĂƐĨŽůůŽǁƐ͗ ͘dŚĞDZ&ĞĞŝƐĂƐƉĞĐŝĨŝĞĚƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞŽƐƚŽĨƚŚĞtŽƌŬĂƐƐŚŽǁŶŝŶǆŚŝďŝƚĂŶĚ ƐƵƉƉŽƌƚĐŽƐƚƐ͘ ͘EŽƚƵƐĞĚ ͘EŽƚƵƐĞĚ Zd/>ϴͶDZKEd/E'Ez>>KtE ϴ͘ϬϭDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞ ͘dŚĞDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞĨƵŶĚƐ͕ƐŚŽǁŶŝŶǆŚŝďŝƚͶƐƚŝŵĂƚĞĚ'ƵĂƌĂŶƚĞĞĚ DĂǆŝŵƵŵWƌŝĐĞ͕ĂƌĞĨŽƌƚŚĞĞǆĐůƵƐŝǀĞƵƐĞŽĨDZǁŚŝůĞĞǆĞĐƵƚŝŶŐƚŚĞtŽƌŬ͕ƚŽƌĞŝŵďƵƌƐĞ DZĨŽƌĐŽƐƚƐĚƵĞƚŽƵŶĨŽƌĞƐĞĞŶĐĂƵƐĞƐ͕ƵŶŝŶƚĞŶƚŝŽŶĂůĞƌƌŽƌƐ͕ŽƌĞǀĞŶƚƐǁŚŝĐŚĐĂŶŶŽƚ ƐƉĞĐŝĨŝĐĂůůǇďĞĂŶƚŝĐŝƉĂƚĞĚĂƚƚŚĞƚŝŵĞtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶƐĂƌĞŝƐƐƵĞĚ͘ ͘dŚĞDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞĨƵŶĚƐŵĂǇďĞƵƐĞĚďǇDZĨŽƌĐŽƐƚƐƐƵƐƚĂŝŶĞĚďǇĞŝƚŚĞƌ DZŝƚƐĞůĨŽƌĂ^ƵďĐŽŶƚƌĂĐƚŽƌ͕ĂƚDZ͛ƐĚŝƐĐƌĞƚŝŽŶ͘dŚĞDZĐŽŶƚŝŶŐĞŶĐǇĨƵŶĚƐŵĂǇŶŽƚ ďĞƵƐĞĚĨŽƌĐŽƐƚƐǁŚŝĐŚĂƌĞƌĞŝŵďƵƌƐĂďůĞŽƌƌĞĐŽǀĞƌĂďůĞƵŶĚĞƌŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ ŽŶƚƌĂĐƚ͘ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϬŽĨϮϬ ͘tŝƚŚŽƵƚĞǆĐůƵĚŝŶŐŽƚŚĞƌƉŽƐƐŝďůĞƵƐĞƐŽĨƚŚĞDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞ͕ƚŚĞĨŽůůŽǁŝŶŐ ƵƐĞƐĂƌĞĞǆƉƌĞƐƐůǇĂĐŬŶŽǁůĞĚŐĞĚĂƐĞůŝŐŝďůĞƵƐĞƐŽĨƚŚĞDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞĨƵŶĚƐ͗ ϭ͘>ŽƐƐĞƐĂŶĚĚĂŵĂŐĞƐ͕ĂŶĚƌĞůĂƚĞĚĞǆƉĞŶƐĞƐ͕ĐĂƵƐĞĚďǇĚĂŵĂŐĞƚŽƚŚĞtŽƌŬ͕ŶŽƚ ĐŽŵƉĞŶƐĂƚĞĚďǇŝŶƐƵƌĂŶĐĞŽƌŽƚŚĞƌǁŝƐĞ͕ƐƵƐƚĂŝŶĞĚďǇDZŽƌĂ^ƵďĐŽŶƚƌĂĐƚŽƌŝŶ ĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞtŽƌŬ͖ Ϯ͘ŽƌƌĞĐƚŝǀĞǁŽƌŬ͕ƌĞŐĂƌĚůĞƐƐŽĨĨĂƵůƚŝĨŶŽŶͲĐŽŶĨŽƌŵĂŶĐĞŝƐƵŶŝŶƚĞŶĚĞĚ͖ ϯ͘^ƵďĐŽŶƚƌĂĐƚŽƌĚĞĨĂƵůƚƐ͖ ϰ͘KǀĞƌƌƵŶƐŝŶŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉŽƌƚŽƐƚƐ͖ ϱ͘ƵŝůĚĞƌ͛ƐZŝƐŬĚĞĚƵĐƚŝďůĞƐ͖ ϲ͘sĞƌŝĨŝĞĚĞǆĐƵƐĂďůĞĞƌƌŽƌƐŝŶĞƐƚŝŵĂƚĞƐ͖Žƌ ϳ͘EŽŶͲĐŽŵƉĞŶƐĂďůĞŽǀĞƌƚŝŵĞĂŶĚŽƚŚĞƌĂĐĐĞůĞƌĂƚŝŽŶĐŽƐƚƐ͘ ͘DZƐŚĂůůƌĞƉůĞŶŝƐŚƚŚĞDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞďǇƌĞƐƚŽƌŝŶŐŵŽŶĞǇǁŝƚŚĚƌĂǁŶǁŝƚŚ ŵŽŶĞǇƌĞĐŽǀĞƌĞĚ;ϭͿĨƌŽŵďŽŶĚƐĂŶĚŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƉĂǇŵĞŶƚƐĨŽƌƐƵĐŚĞǆƉĞŶĚŝƚƵƌĞƐ͕ ĂŶĚ;ϮͿĨƌŽŵĚĞĨĂƵůƚŝŶŐ^ƵďĐŽŶƚƌĂĐƚŽƌƐŽƌ^ƵƉƉůŝĞƌƐ͘ ͘dŚĞDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞǁŝůůŶŽƚďĞƵƐĞĚƚŽĨƵŶĚKǁŶĞƌͲĚŝƌĞĐƚĞĚĐŚĂŶŐĞƐŝŶƚŚĞ tŽƌŬ͘^ƵĐŚĐŚĂŶŐĞƐǁŝůůďĞĂĚŵŝŶŝƐƚĞƌĞĚƚŚƌŽƵŐŚƚŚĞĐŽŶƚƌĂĐƚƵĂůƉƌŽĐĞĚƵƌĞƐĞƐƚĂďůŝƐŚĞĚĨŽƌ ĐŚĂŶŐĞƐŝŶƚŚĞƐĐŽƉĞŽĨƚŚĞtŽƌŬ͕ŝŶĐůƵĚŝŶŐĞǆƉĞŶĚŝƚƵƌĞƐĨƌŽŵƚŚĞKǁŶĞƌ͛ƐŽŶƚŝŶŐĞŶĐǇ ůůŽǁĂŶĐĞ͕ŝĨĂŶǇ͕tŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶƐĂƐŵŽĚŝĨŝĞĚďǇŚĂŶŐĞKƌĚĞƌ͕ĂŶĚŽŶƚƌĂĐƚ ŵĞŶĚŵĞŶƚƐŽƌŽƚŚĞƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŚĂƚŝŵƉĂĐƚƚŚĞ'ƵĂƌĂŶƚĞĞĚDĂǆŝŵƵŵWƌŝĐĞ͘ &͘dŚĞDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞǁŝůůŶŽƚďĞƵƐĞĚƚŽƌĞĐŽǀĞƌƚŚĞĐŽƐƚŽĨŝƚĞŵƐƚŚĂƚĂƌĞ ĐŽŵƉĞŶƐĂďůĞĂƐĂŽƐƚŽĨƚŚĞtŽƌŬ͘ '͘dŚĞĚĞƐŝŐŶĂƚĞĚDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞ͕ĂƐĚƵůǇƌĞƉůĞŶŝƐŚĞĚ͕ŝƐƚŚĞŵĂǆŝŵƵŵĂŵŽƵŶƚ ĂǀĂŝůĂďůĞƚŽDZƚŽƌĞĐŽǀĞƌĞůŝŐŝďůĞĐŽƐƚƐƵŶĚĞƌƚŚŝƐƌƚŝĐůĞ͖KǁŶĞƌǁŝůůŶŽƚŝŶĐƌĞĂƐĞƚŚĞ DZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞŽƌŽƚŚĞƌǁŝƐĞƌĞŝŵďƵƌƐĞDZĨŽƌĞůŝŐŝďůĞĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶ ĞǆĐĞƐƐŽĨƚŚĞDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞ͘ ,͘DZǁŝůůƐƵďŵŝƚĂƉƉůŝĐĂƚŝŽŶƐĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚĨƌŽŵƚŚĞDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞƚŽ KǁŶĞƌ͛ƐĚǀŝƐŽƌ͕ŝŶĂĨŽƌŵĂƚĂĐĐĞƉƚĂďůĞƚŽKǁŶĞƌ͛ƐĚǀŝƐŽƌ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂƉƉƌŽƉƌŝĂƚĞ ĚŽĐƵŵĞŶƚĂƚŝŽŶ͘WĂǇŵĞŶƚƐĨƌŽŵƚŚĞDZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞǁŝůůďĞƌĞĐŽƌĚĞĚŝŶƚŚĞ ƉƉůŝĐĂƚŝŽŶĨŽƌWĂǇŵĞŶƚ͘ Zd/>ϵͶtKZ<hd,KZ/d/KE^ ϵ͘Ϭϭ'ĞŶĞƌĂůWƌŽǀŝƐŝŽŶƐZĞŐĂƌĚŝŶŐtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶƐ ͘tŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶƐǁŝůůďĞďĂƐĞĚŽŶtŽƌŬWĂĐŬĂŐĞƐƉƌĞƉĂƌĞĚďǇKǁŶĞƌ͛ƐĚǀŝƐŽƌĂŶĚ ŶŐŝŶĞĞƌĚĞƐĐƌŝďŝŶŐĞƋƵŝƉŵĞŶƚĂŶĚŵĂƚĞƌŝĂůƐƚŽďĞƉƵƌĐŚĂƐĞĚĨŽƌŝŶƐƚĂůůĂƚŝŽŶŽƌtŽƌŬƚŽďĞ ƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͘ ͘ůůtŽƌŬƚŽďĞƉƌŽǀŝĚĞĚďǇDZŵƵƐƚďĞĂƵƚŚŽƌŝǌĞĚďǇƚŚĞŝƐƐƵĂŶĐĞŽĨĂtŽƌŬ ƵƚŚŽƌŝǌĂƚŝŽŶƐƉĞĐŝĨǇŝŶŐŽƌƌĞĨĞƌĞŶĐŝŶŐƚŚĞƐĐŽƉĞŽĨtŽƌŬƚŽďĞĐŽŶĚƵĐƚĞĚ͘ ͘KǁŶĞƌ͛ƐĚǀŝƐŽƌǁŝůůŝƐƐƵĞĞĂĐŚtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶƵƐŝŶŐƚŚĞtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶĨŽƌŵ ƉƌŽǀŝĚĞĚďǇƚŚĞKǁŶĞƌ͛ƐĚǀŝƐŽƌ͘ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϭŽĨϮϬ ͘dŚĞtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶǁŝůůŝŶĚŝĐĂƚĞƚŚĞĐŽŵƉĞŶƐĂƚŝŽŶƚŽǁŚŝĐŚDZŝƐĞŶƚŝƚůĞĚĨŽƌ ƉƌŽǀŝĚŝŶŐƚŚĞĂƵƚŚŽƌŝǌĞĚtŽƌŬ͘ ͘DZŝƐŶŽƚĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƉƌŽǀŝĚŝŶŐtŽƌŬƚŚĂƚKǁŶĞƌ͛ƐĚǀŝƐŽƌŚĂƐŶŽƚ ĂƵƚŚŽƌŝǌĞĚ͘ ϵ͘ϬϮ&ŝƌƐƚtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ ͘dŚĞĨŝƌƐƚtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͕ĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚŽĨĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁŝůůŝŶĐůƵĚĞ͕ ŝŶĂĚĚŝƚŝŽŶƚŽĂƵƚŚŽƌŝǌĂƚŝŽŶĨŽƌĂƐƉĞĐŝĨŝĐtŽƌŬWĂĐŬĂŐĞ͕ŽƌŵƵůƚŝƉůĞƐƉĞĐŝĨŝĐtŽƌŬWĂĐŬĂŐĞƐ͕ ƚŚĞĂƵƚŚŽƌŝǌĂƚŝŽŶŽĨĞǆƉĞŶĚŝƚƵƌĞƐďǇDZĨŽƌŽŶƚƌĂĐƚͲƐƉĞĐŝĨŝĐ;ϭͿƉĞƌĨŽƌŵĂŶĐĞĂŶĚ ƉĂǇŵĞŶƚďŽŶĚƉƌĞŵŝƵŵƐ;ϮͿƵŝůĚĞƌ͛ƐZŝƐŬƉƌĞŵŝƵŵƐ͕ŝĨDZŝƐƌĞƋƵŝƌĞĚƚŽƉƵƌĐŚĂƐĞĂŶĚ ŵĂŝŶƚĂŝŶƵŝůĚĞƌ͛ƐZŝƐŬŝŶƐƵƌĂŶĐĞ͕ĂŶĚ;ϯͿƉƌĞŵŝƵŵƐĨŽƌŽƚŚĞƌƐƉĞĐŝĨŝĐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ ƌĞƋƵŝƌĞĚďǇƚŚĞŽŶƚƌĂĐƚ͘ Zd/>ϭϬͶWZKhZDEdK&^hKEdZdKZ^͖DZ^>&ͲWZ&KZDEK&hd,KZ/ tKZ< ϭϬ͘ϬϭWĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƵƚŚŽƌŝǌĞĚtŽƌŬ ͘DZǁŝůůƐŽůŝĐŝƚĂŶĚƌĞĐĞŝǀĞĐŽŵƉĞƚŝƚŝǀĞďŝĚƐŽŶƚŚĞtŽƌŬŝŶĐůƵĚĞĚŝŶĞĂĐŚtŽƌŬ ƵƚŚŽƌŝǌĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƚŚĞƉƵƌĐŚĂƐĞŽĨŵĂƚĞƌŝĂůƐĂŶĚĞƋƵŝƉŵĞŶƚ͘DZǁŝůůƉƌĞƉĂƌĞďŝĚ ƉĂĐŬĂŐĞƐƐƵƉƉŽƌƚŝŶŐƚŚĞtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶĂŶĚŵĂŬĞŽƉƉŽƌƚƵŶŝƚŝĞƐĂǀĂŝůĂďůĞƚŽ ^ƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚ^ƵƉƉůŝĞƌƐŝŶĂǁĂǇƚŚĂƚǁŝůůŝŶĐƌĞĂƐĞĐŽŵƉĞƚŝƚŝŽŶĂŶĚĂůůŽǁďŝĚƐďǇƚƌĂĚĞ ĐŽŶƚƌĂĐƚŽƌƐŽƌƐƉĞĐŝĂůƚǇĞŶƚŝƚŝĞƐ͘DZŵĂǇƉƌĞƉĂƌĞďŝĚƉĂĐŬĂŐĞƐĨŽƌtŽƌŬƚŚĞDZŵĂǇ ǁŝƐŚƚŽƐĞůĨͲƉĞƌĨŽƌŵ͕ƐŽůŽŶŐĂƐĚŽŝŶŐƐŽǁŝůůŶŽƚůŝŵŝƚďŝĚĚŝŶŐďǇĐŽŵƉĞƚŝŶŐďŝĚĚĞƌƐ ;ƉƌŽƐƉĞĐƚŝǀĞƐƵďĐŽŶƚƌĂĐƚŽƌƐͿ͘ ͘DZŵĂǇďŝĚŽŶtŽƌŬWĂĐŬĂŐĞƐ͕ŽƌƉŽƌƚŝŽŶƐƚŚĞƌĞŽĨ͕ŝĨĨƵůůǇƋƵĂůŝĨŝĞĚƚŽƐĞůĨͲƉĞƌĨŽƌŵƚŚĞ ƐƵďũĞĐƚtŽƌŬ͘ ͘DZŵƵƐƚƐƵďŵŝƚŝƚƐďŝĚƐŝŶĂĚǀĂŶĐĞŽĨƌĞĐĞŝǀŝŶŐŽƚŚĞƌďŝĚƐ͕ĂŶĚŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌƚŚĂƚ ŽƚŚĞƌďŝĚƐĂƌĞƚŽďĞƐƵďŵŝƚƚĞĚ͘ŝĚƐĂƌĞƚŽďĞŽƉĞŶĞĚŝŶƚŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞKǁŶĞƌ͛ƐĚǀŝƐŽƌ͘ ͘DZǁŝůůĂǁĂƌĚƚŚĞƐƵďĐŽŶƚƌĂĐƚĨŽƌƚŚĞtŽƌŬƵŶĚĞƌƚŚĞtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶƚŽƚŚĞ ƌĞƐƉŽŶƐŝďůĞďŝĚĚĞƌƐƵďŵŝƚƚŝŶŐƚŚĞůŽǁĞƐƚƌĞƐƉŽŶƐŝǀĞďŝĚĨŽƌƚŚĂƚƉŽƌƚŝŽŶŽĨƚŚĞtŽƌŬĨŽƌ ǁŚŝĐŚďŝĚƐĂƌĞƌĞĐĞŝǀĞĚ͘DZŵĂǇƐĞůĨͲƉĞƌĨŽƌŵtŽƌŬǁŚĞŶDZŝƐƚŚĞůŽǁďŝĚĚĞƌ͘ Zd/>ϭϭͶ'hZEdDy/DhDWZ/ ϭϭ͘Ϭϭ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƌƚŝĐůĞϰ͕DZŐƵĂƌĂŶƚĞĞƐƚŚĂƚƚŚĞŵĂǆŝŵƵŵĂŵŽƵŶƚƉĂǇĂďůĞďǇ KǁŶĞƌ;'ƵĂƌĂŶƚĞĞĚDĂǆŝŵƵŵWƌŝĐĞ͕Žƌ'DWͿĨŽƌƚŚĞƐƵŵŽĨƚŚĞĂŵŽƵŶƚƐĨŽƌWĂƌĂŐƌĂƉŚƐϭϭ͘Ϭϭ͘ ƚŚƌŽƵŐŚƚŚĂƚĨŽůůŽǁǁŝůůďĞƚŚĞďŝŶĚŝŶŐ'DWĞƐƚĂďůŝƐŚĞĚďǇƚŚĞƉƌŽĐĞƐƐƐƚĂƚĞĚŝŶ WĂƌĂŐƌĂƉŚƐϭϭ͘ϬϮĂŶĚϭϭ͘Ϭϯ͘ ͘ŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉŽƌƚŽƐƚŵŽƵŶƚ;ƌƚŝĐůĞϱͿ͖ ͘ŽƐƚŽĨƚŚĞtŽƌŬ;ƌƚŝĐůĞϲͿ͖ ͘DZ&ĞĞ;ƌƚŝĐůĞϳͿ͖ĂŶĚ ͘DZ͛ƐŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞŵŽƵŶƚ;ƌƚŝĐůĞϴͿ͘ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϮŽĨϮϬ ϭϭ͘ϬϮdŚĞƐƚŝŵĂƚĞĚ'DWŝŶĚŝĐĂƚĞĚŝŶǆŚŝďŝƚͶƐƚŝŵĂƚĞĚ'ƵĂƌĂŶƚĞĞĚDĂǆŝŵƵŵWƌŝĐĞŝƐĂƉƌĞůŝŵŝŶĂƌǇ ĨŝŐƵƌĞĂƐŽĨƚŚĞĨĨĞĐƚŝǀĞĂƚĞŽĨƚŚĞŽŶƚƌĂĐƚ͘dŚĞ'DWǁŝůůďĞƌĞǀŝƐĞĚĂƐƚŚĞĚĞƐŝŐŶŝƐĐŽŶƚŝŶƵĞĚ ĂŶĚĐŽŵƉůĞƚĞĚ͘ ϭϭ͘ϬϯďŝŶĚŝŶŐ'DWǁŝůůďĞĞƐƚĂďůŝƐŚĞĚĂƚĂŶǇƚŝŵĞĂŐƌĞĞĂďůĞƚŽKǁŶĞƌĂŶĚDZ͕ďƵƚŶŽƚůĂƚĞƌƚŚĂŶ ƚŚĞĨŽůůŽǁŝŶŐ͗ ͘/ĨƚŚĞtŽƌŬŝƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌtŽƌŬWĂĐŬĂŐĞƐƌĞůĞĂƐĞĚĂŶĚĂƵƚŚŽƌŝǌĞĚĐŽŶĐƵƌƌĞŶƚůǇĨŽƌƚŚĞ ĐŽŵƉůĞƚĞWƌŽũĞĐƚ͕ƚŚĞŶƚŚĞďŝŶĚŝŶŐ'DWǁŝůůďĞĞƐƚĂďůŝƐŚĞĚŽŶƚŚĞďĂƐŝƐŽĨŽŶƚƌĂĐƚ ŽĐƵŵĞŶƚƐƚŚĂƚĂƌĞϭϬϬйĐŽŵƉůĞƚĞ͘ ͘/ĨƚŚĞtŽƌŬǁŝůůďĞĂƵƚŚŽƌŝǌĞĚŽǀĞƌƚŝŵĞ͕ĂƐƚŚĞĚĞƐŝŐŶĨŽƌŝŶĚŝǀŝĚƵĂůtŽƌŬWĂĐŬĂŐĞƐŝƐ ĐŽŵƉůĞƚĞĚ͕ŝŶĂƐĞƌŝĞƐŽĨŝŶĐƌĞŵĞŶƚĂůtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶƐ;ĨĂƐƚƚƌĂĐŬŝŶŐŽƌƐŝŵŝůĂƌ ĚĞƐŝŐŶͬĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽĐĞƐƐͿƚŚĞŶƚŚĞďŝŶĚŝŶŐ'DWǁŝůůďĞĚĞǀĞůŽƉĞĚŝŶĂƐĞƌŝĞƐŽĨ ŝŶĐƌĞŵĞŶƚĂůĐŚĂŶŐĞƐĂƐƚŚĞĚĞƐŝŐŶĨŽƌĞĂĐŚtŽƌŬWĂĐŬĂŐĞƌĞĂĐŚĞƐϭϬϬйĐŽŵƉůĞƚŝŽŶ͕ ĐƵůŵŝŶĂƚŝŶŐ͕ǁŚĞŶĂůůtŽƌŬWĂĐŬĂŐĞƐŚĂǀĞďĞĞŶĂƵƚŚŽƌŝǌĞĚ͕ŝŶĂďŝŶĚŝŶŐ'DWĨŽƌƚŚĞ ŽŶƚƌĂĐƚ͘ ϭϭ͘ϬϰKǁŶĞƌ͛ƐŽŶƐƚƌƵĐƚŝŽŶƵĚŐĞƚ ͘KǁŶĞƌ͛ƐĚǀŝƐŽƌǁŝůůĞƐƚĂďůŝƐŚĂŶƵƉĚĂƚĞĚKǁŶĞƌ͛ƐŽŶƐƚƌƵĐƚŝŽŶƵĚŐĞƚ;ƵĚŐĞƚͿďĂƐĞĚŽŶ ƚŚĞDZ͛ƐƉƌŽĐƵƌĞŵĞŶƚƐƚƌĂƚĞŐǇǁŚŝĐŚŝĚĞŶƚŝĨŝĞƐtŽƌŬWĂĐŬĂŐĞƐƵƐĞĚƚŽĐŽŶƐƚƌƵĐƚƚŚĞ tŽƌŬ͘KǁŶĞƌ͛ƐĚǀŝƐŽƌ͕ǁŽƌŬŝŶŐǁŝƚŚDZ͕ǁŝůůƵƉĚĂƚĞƚŚŝƐƵĚŐĞƚǁŝƚŚĂĐƚƵĂůĂŵŽƵŶƚƐĨŽƌ ĞĂĐŚůŝŶĞŝƚĞŵĂƐtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶĂŵŽƵŶƚƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞƵƉĚĂƚĞĚƵĚŐĞƚĂƌĞ ĚĞƚĞƌŵŝŶĞĚ͘ ͘KǁŶĞƌ͛ƐĚǀŝƐŽƌǁŝůůƌĞǀŝƐĞƚŚĞƵĚŐĞƚƚŽŝŶĐŽƌƉŽƌĂƚĞŚĂŶŐĞKƌĚĞƌƐŽƌĂƵƚŚŽƌŝǌĞĚĂůůŽĐĂƚŝŽŶ ŽĨĐŽŶƚŝŶŐĞŶĐǇĨƵŶĚƐǁŚŝĐŚĐŚĂŶŐĞƚŚĞĨƵŶĚƐĂǀĂŝůĂďůĞĨŽƌƵĚŐĞƚůŝŶĞŝƚĞŵƐ͘tŚĞŶĂŵŽƵŶƚƐ ĨŽƌĂůůtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶƐŚĂǀĞďĞĞŶĚĞƚĞƌŵŝŶĞĚĂŶĚƚŚĞďŝŶĚŝŶŐ'DWŝƐĞƐƚĂďůŝƐŚĞĚĨŽƌ ƚŚĞŽŶƚƌĂĐƚ͕ƚŚĞƵĚŐĞƚŵƵƐƚĐŽƌƌĞůĂƚĞƚŽ'DWůŝŶĞŝƚĞŵƐ͕ĂŶĚƚŚĞƵĚŐĞƚŵƵƐƚĞƋƵĂůƚŚĞ 'DW͘ ͘DZǁŝůůŝĚĞŶƚŝĨǇǀĂƌŝĂŶĐĞƐďĞƚǁĞĞŶƚŚĞďƵĚŐĞƚĞĚĂŵŽƵŶƚĂŶĚĂĐƚƵĂůĂŵŽƵŶƚƐĂƐtŽƌŬ ƵƚŚŽƌŝǌĂƚŝŽŶĂŵŽƵŶƚƐĂƌĞĚĞƚĞƌŵŝŶĞĚ͘ ϭ͘WŽƐŝƚŝǀĞǀĂƌŝĂŶĐĞƐĂƌĞĐƌĞĂƚĞĚǁŚĞŶĂĐƚƵĂůĐŽƐƚĨŽƌĂtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶŝƐůĞƐƐƚŚĂŶ ƚŚĞďƵĚŐĞƚĞĚĂŵŽƵŶƚ͘WŽƐŝƚŝǀĞǀĂƌŝĂŶĐĞƐŝĚĞŶƚŝĨǇƵŶƵƐĞĚĨƵŶĚƐƚŚĂƚĐĂŶďĞƵƐĞĚƚŽ ŽĨĨƐĞƚŶĞŐĂƚŝǀĞǀĂƌŝĂŶĐĞƐ͘ Ϯ͘EĞŐĂƚŝǀĞǀĂƌŝĂŶĐĞƐĂƌĞĐƌĞĂƚĞĚǁŚĞŶĂĐƚƵĂůĐŽƐƚĨŽƌĂtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶŝƐŵŽƌĞƚŚĂŶ ƚŚĞďƵĚŐĞƚĞĚĂŵŽƵŶƚ͘EĞŐĂƚŝǀĞǀĂƌŝĂŶĐĞƐŝĚĞŶƚŝĨǇǁŚĞƌĞĂĚĚŝƚŝŽŶĂůĨƵŶĚƐĂƌĞŶĞĞĚĞĚ͘ hŶƵƐĞĚĨƵŶĚƐĨƌŽŵƉŽƐŝƚŝǀĞǀĂƌŝĂŶĐĞƐĐĂŶďĞƵƐĞĚƚŽŽĨĨƐĞƚƚŚĞƐĞŶĞŐĂƚŝǀĞǀĂƌŝĂŶĐĞƐ͘ ϯ͘EĞƚǀĂƌŝĂŶĐĞƐĨŽƌƚŚĞŽŶƚƌĂĐƚĂƌĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĐƵƌƌĞŶƚƐƚĂƚƵƐŽĨƚŚĞKǁŶĞƌ͛Ɛ ŽŶƐƚƌƵĐƚŝŽŶƵĚŐĞƚ͘ Ă͘ŶĞƚƉŽƐŝƚŝǀĞǀĂƌŝĂŶĐĞĨŽƌƚŚĞŽŶƚƌĂĐƚƌĞƉƌĞƐĞŶƚƐĂƐĂǀŝŶŐƐƚŽƚŚĞKǁŶĞƌ͘ĨŝŶĂů ŽŶƚƌĂĐƚŵĞŶĚŵĞŶƚǁŝůůďĞŝƐƐƵĞĚĂƚƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚ;&ŝŶĂů WĂǇŵĞŶƚͿƚŽĂĚũƵƐƚƚŚĞ'DWƚŽƚŚĞĂĐƚƵĂůĂŵŽƵŶƚŽĨŽŶƚƌĂĐƚĐŽƐƚƐ͘ ď͘ŶĞƚŶĞŐĂƚŝǀĞǀĂƌŝĂŶĐĞĨŽƌƚŚĞŽŶƚƌĂĐƚƌĞƉƌĞƐĞŶƚƐƚŚĞĂŵŽƵŶƚĨŽƌǁŚŝĐŚƚŚĞ DZŝƐĂƚƌŝƐŬ͕ĂŶĚŶŽĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͕ĞǆĐĞƉƚƚŚƌŽƵŐŚĐŽŶƚŝŶŐĞŶĐǇǁŝůů ďĞŵĂĚĞƚŽƚŚĞDZ͘ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϯŽĨϮϬ ϭϭ͘ϬϱKƉƚŝŽŶƐĨŽƌŽƐƚƐǆĐĞĞĚŝŶŐƚŚĞKǁŶĞƌ͛ƐƵĚŐĞƚ ͘dŚĞ'ƵĂƌĂŶƚĞĞĚDĂǆŝŵƵŵWƌŝĐĞƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞƚĂďƵůĂƚŝŽŶŽĨĐŽƐƚĨŽƌƐĞůĨͲƉĞƌĨŽƌŵĞĚ DZtŽƌŬ͕ďŝĚƐĨŽƌtŽƌŬďǇ^ƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚ^ƵƉƉůŝĞƌƐ͕ŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉŽƌƚŽƐƚƐ͕ DZŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞƐĂŶĚDZ&ĞĞĐĂŶŶŽƚĞǆĐĞĞĚƚŚĞKǁŶĞƌ͛ƐŽŶƐƚƌƵĐƚŝŽŶ ƵĚŐĞƚ͘dŚĞKǁŶĞƌŵĂǇĞǆĞƌĐŝƐĞĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐŽƉƚŝŽŶƐĂƚƚŚĞƐŽůĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞ KǁŶĞƌŝĨƚŚĞƉƌŽƉŽƐĞĚ'ƵĂƌĂŶƚĞĞĚDĂǆŝŵƵŵWƌŝĐĞĞǆĐĞĞĚƐƚŚĞKǁŶĞƌ͛ƐŽŶƐƚƌƵĐƚŝŽŶ ƵĚŐĞƚ͗ ϭ͘ƉƉƌŽǀĞĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞKǁŶĞƌ͛ƐŽŶƐƚƌƵĐƚŝŽŶƵĚŐĞƚŝŶǁƌŝƚŝŶŐ͘ Ϯ͘ƵƚŚŽƌŝǌĞƌĞďŝĚĚŝŶŐŽƌƌĞŶĞŐŽƚŝĂƚŝŽŶĨŽƌƐŽŵĞŽƌĂůůƉĂƌƚƐŽĨƚŚĞWƌŽũĞĐƚǁŝƚŚŝŶĂ ƌĞĂƐŽŶĂďůĞƚŝŵĞǁŝƚŚŽƵƚĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞ'ƵĂƌĂŶƚĞĞĚDĂǆŝŵƵŵWƌŝĐĞ͘ ϯ͘ŽŽƉĞƌĂƚĞŝŶƚŚĞƌĞǀŝƐŝŽŶŽĨƚŚĞƐĐŽƉĞŽĨƚŚĞWƌŽũĞĐƚƚŽƌĞĚƵĐĞƚŚĞĂĐƚƵĂůĐŽƐƚŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶƚŽƚŚĞKǁŶĞƌ͛ƐŽŶƐƚƌƵĐƚŝŽŶƵĚŐĞƚ͘ ϰ͘ďĂŶĚŽŶƚŚĞWƌŽũĞĐƚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ĂŶĚƚĞƌŵŝŶĂƚĞƚŚŝƐŽŶƚƌĂĐƚŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚĂƉƉůŝĐĂďůĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌĐŽŶǀĞŶŝĞŶĐĞƉƌŽǀŝƐŝŽŶƐ͘ ͘/ĨKǁŶĞƌƐĞůĞĐƚƐƚŚĞŽƉƚŝŽŶĚĞƐĐƌŝďĞĚŝŶWĂƌĂŐƌĂƉŚϲ͘Ϭϱ͘͘Ϯ͕KǁŶĞƌĂŶĚDZƐŚĂůůƉƌŽĐĞĞĚ ǁŝƚŚƌĞďŝĚĚŝŶŐŽƌƌĞŶĞŐŽƚŝĂƚŝŽŶŽĨƐŽŵĞŽƌĂůůƉĂƌƚƐŽĨƚŚĞWƌŽũĞĐƚ͘dŚĞKWdǁŝůůǁŽƌŬǁŝƚŚ DZƚŽĚĞƚĞƌŵŝŶĞŝĨƌĞďŝĚĚŝŶŐŽƌƌĞƐƚƌƵĐƚƵƌŝŶŐtŽƌŬWĂĐŬĂŐĞƐŝƐůŝŬĞůǇƚŽůĞĂĚƚŽůŽǁĞƌďŝĚ ƉƌŝĐĞƐ͖ŝĨƐŽĚĞƚĞƌŵŝŶĞĚ͕DZǁŝůůƌĞďŝĚƐĞůĞĐƚĞĚŽƌŝŐŝŶĂůtŽƌŬWĂĐŬĂŐĞƐŽƌƌĞƐƚƌƵĐƚƵƌĞĚ tŽƌŬWĂĐŬĂŐĞƐŝĚĞŶƚŝĨŝĞĚĂƐŚĂǀŝŶŐƚŚĞƉŽƚĞŶƚŝĂůƚŽƌĞĚƵĐĞƚŚĞŽǀĞƌĂůůĐŽƐƚŽĨĐŽŶƐƚƌƵĐƚŝŽŶ 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͘KǁŶĞƌ͛ƐŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞŝƐƵƐĞĚĂƚƚŚĞƐŽůĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞKǁŶĞƌƚŽĐŽǀĞƌ ƵŶĨŽƌĞƐĞĞŶĐŽƐƚƐ͕KǁŶĞƌͲĚŝƌĞĐƚĞĚĐŚĂŶŐĞƐŝŶƚŚĞƐĐŽƉĞŽĨƚŚĞtŽƌŬ͕ŽƌĂŶǇŽƚŚĞƌ ƵŶĂŶƚŝĐŝƉĂƚĞĚĐŚĂŶŐĞŝŶƚŚĞŽŶƚƌĂĐƚWƌŝĐĞ͘dŚĞƐĞĨƵŶĚƐĐĂŶŽŶůǇďĞĂĐĐĞƐƐĞĚďǇƚŚĞDZ ǁŚĞŶĂŶĚƚŽƚŚĞƐƉĞĐŝĨŝĐĞǆƚĞŶƚĂƵƚŚŽƌŝǌĞĚďǇƚŚĞKǁŶĞƌ͘ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϰŽĨϮϬ ͘dŚĞKǁŶĞƌ͛ƐŽŶƚŝŶŐĞŶĐǇůůŽǁĂŶĐĞŝƐƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚĞŽŶƚƌĂĐƚŵŽƵŶƚĂǁĂƌĚĞĚďƵƚ ŝƐŶŽƚƉĂƌƚŽĨƚŚĞDZ͛Ɛ'DW͘ Zd/>ϭϯͶWzDEdWZKhZ^ ϭϯ͘Ϭϭ^ƵďŵŝƚƚĂůĂŶĚWƌŽĐĞƐƐŝŶŐŽĨWĂǇŵĞŶƚƐ ͘ŝůůŝŶŐĂŶĚƉĂǇŵĞŶƚĨŽƌDZ^ĞƌǀŝĐĞƐĂƌĞĂĚĚƌĞƐƐĞĚŝŶƌƚŝĐůĞϯ͘dŚĞƉƌŽǀŝƐŝŽŶƐŝŶƚŚŝƐ ƌƚŝĐůĞϭϯƉĞƌƚĂŝŶƚŽďŝůůŝŶŐĂŶĚƉĂǇŵĞŶƚĨŽƌƚŚĞtŽƌŬ͘ ͘DZƐŚĂůůƐƵďŵŝƚƉƉůŝĐĂƚŝŽŶƐĨŽƌWĂǇŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌƚŝĐůĞϭϱŽĨƚŚĞ'ĞŶĞƌĂů ŽŶĚŝƚŝŽŶƐ͘ƉƉůŝĐĂƚŝŽŶƐĨŽƌWĂǇŵĞŶƚǁŝůůŝŶĚŝĐĂƚĞƚŚĞĂŵŽƵŶƚŽĨƚŚĞDZ&ĞĞƚŚĞŶƉĂǇĂďůĞ͘ ƉƉůŝĐĂƚŝŽŶƐĨŽƌWĂǇŵĞŶƚǁŝůůďĞƉƌŽĐĞƐƐĞĚďǇKǁŶĞƌ͛ƐĚǀŝƐŽƌĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞ'ĞŶĞƌĂů ŽŶĚŝƚŝŽŶƐ͘ 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ƉƵƌƐƵĂŶƚƚŽWĂƌĂŐƌĂƉŚϭϱ͘Ϭϭ͘ŽĨƚŚĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ĂŶĚůĞƐƐKǁŶĞƌ͛ƐĚǀŝƐŽƌ͛Ɛ ĞƐƚŝŵĂƚĞŽĨƚŚĞǀĂůƵĞŽĨtŽƌŬƚŽďĞĐŽŵƉůĞƚĞĚŽƌĐŽƌƌĞĐƚĞĚĂƐƐŚŽǁŶŽŶƚŚĞƉƵŶĐŚůŝƐƚ ŽĨŝƚĞŵƐƚŽďĞĐŽŵƉůĞƚĞĚŽƌĐŽƌƌĞĐƚĞĚƉƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚ͘ ϭϯ͘Ϭϯ&ŝŶĂůWĂǇŵĞŶƚ ͘hƉŽŶĨŝŶĂůĐŽŵƉůĞƚŝŽŶĂŶĚĂĐĐĞƉƚĂŶĐĞŽĨƚŚĞtŽƌŬ͕KǁŶĞƌƐŚĂůůƉĂǇƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞ ŽŶƚƌĂĐƚWƌŝĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌƚŝĐůĞϭϱŽĨƚŚĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ϭϯ͘ϬϰŽŶƐĞŶƚŽĨ^ƵƌĞƚǇ ͘KǁŶĞƌǁŝůůŶŽƚŵĂŬĞĨŝŶĂůƉĂǇŵĞŶƚŽƌƌĞƚƵƌŶŽƌƌĞůĞĂƐĞƌĞƚĂŝŶĂŐĞĂƚ^ƵďƐƚĂŶƚŝĂůŽŵƉůĞƚŝŽŶ ŽƌĂŶǇŽƚŚĞƌƚŝŵĞ͕ƵŶůĞƐƐDZƐƵďŵŝƚƐǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞƐƵƌĞƚǇƚŽƐƵĐŚƉĂǇŵĞŶƚ͕ ƌĞƚƵƌŶ͕ŽƌƌĞůĞĂƐĞ͘ ͘EŽƚƵƐĞĚ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϱŽĨϮϬ Zd/>ϭϰͶKhDEdd/KEEh/d ϭϰ͘ϬϭŽĐƵŵĞŶƚĂƚŝŽŶ ͘tŚĞŶĞǀĞƌƚŚĞŽƐƚŽĨƚŚĞtŽƌŬĨŽƌĂŶǇƉƵƌƉŽƐĞŝƐƚŽďĞĚĞƚĞƌŵŝŶĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐ ŽŶƚƌĂĐƚ͕DZĂŶĚƉĞƌƚŝŶĞŶƚ^ƵďĐŽŶƚƌĂĐƚŽƌƐǁŝůůĞƐƚĂďůŝƐŚĂŶĚŵĂŝŶƚĂŝŶƌĞĐŽƌĚƐŽĨƚŚĞĐŽƐƚƐ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůǇĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌĂĐƚŝĐĞƐ͘ 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ĂĚũƵƐƚĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͕ĨŽƌĐŽŵƉůĞƚŝŽŶĂŶĚƌĞĂĚŝŶĞƐƐĨŽƌĨŝŶĂůƉĂǇŵĞŶƚ͕ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϲŽĨϮϬ DZƐŚĂůůƉĂǇKǁŶĞƌΨdĨŽƌĞĂĐŚĚĂǇƚŚĂƚĞǆƉŝƌĞƐĂĨƚĞƌƐƵĐŚƚŝŵĞƵŶƚŝůƚŚĞtŽƌŬ ŝƐĐŽŵƉůĞƚĞĚĂŶĚƌĞĂĚǇĨŽƌĨŝŶĂůƉĂǇŵĞŶƚ͘ ϯ͘DŝůĞƐƚŽŶĞϭ͘DZƐŚĂůůƉĂǇKǁŶĞƌƚŚĞĂŵŽƵŶƚƐƉĞĐŝĨŝĞĚŝŶWĂƌĂŐƌĂƉŚϭϱ͘ϬϱĨŽƌĞĂĐŚ ĚĂǇƚŚĂƚĞǆƉŝƌĞƐĂĨƚĞƌƚŚĞƚŝŵĞ͕ĂƐĚƵůǇĂĚũƵƐƚĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͕ƐƉĞĐŝĨŝĞĚĨŽƌ ĂĐŚŝĞǀĞŵĞŶƚŽĨDŝůĞƐƚŽŶĞϭ͕ƵŶƚŝůƚŚĂƚDŝůĞƐƚŽŶĞŝƐĂĐŚŝĞǀĞĚ͘ ϰ͘/ĨKǁŶĞƌƌĞĐŽǀĞƌƐůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐĨŽƌĂĚĞůĂǇŝŶĐŽŵƉůĞƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌĂ ƐƉĞĐŝĨŝĞĚDŝůĞƐƚŽŶĞďǇDZ͕ƚŚĞŶƐƵĐŚůŝƋƵŝĚĂƚĞĚĚĂŵĂŐĞƐĂƌĞKǁŶĞƌ͛ƐƐŽůĞĂŶĚ ĞǆĐůƵƐŝǀĞƌĞŵĞĚǇĨŽƌƐƵĐŚĚĞůĂǇ͕ĂŶĚKǁŶĞƌŝƐƉƌĞĐůƵĚĞĚĨƌŽŵƌĞĐŽǀĞƌŝŶŐĂŶǇŽƚŚĞƌ ĚĂŵĂŐĞƐ͕ǁŚĞƚŚĞƌĂĐƚƵĂů͕ĚŝƌĞĐƚ͕ĞǆĐĞƐƐ͕ŽƌĐŽŶƐĞƋƵĞŶƚŝĂů͕ĨŽƌƐƵĐŚĚĞůĂǇ͕ĞǆĐĞƉƚĨŽƌ ƐƉĞĐŝĂůĚĂŵĂŐĞƐ͕ŝĨĂŶǇ͕ƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϱ͘ϬϰEŽƚƵƐĞĚ ϭϱ͘ϬϱDŝůĞƐƚŽŶĞƐĂŶĚƐƐŽĐŝĂƚĞĚĂŵĂŐĞƐ ͘tŽƌŬƌĞƋƵŝƌĞĚƚŽďĞĐŽŵƉůĞƚĞƚŽŵĞĞƚƚŚĞĨŽůůŽǁŝŶŐDŝůĞƐƚŽŶĞ;ƐͿǁŝůůďĞŝŶĐůƵĚĞĚŝŶĂ ƐĞƉĂƌĂƚĞtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶ͘ ͘DŝůĞƐƚŽŶĞϭʹd ϭ͘dŚŝƐDŝůĞƐƚŽŶĞŵƵƐƚďĞƐƵďƐƚĂŶƚŝĂůůǇĐŽŵƉůĞƚĞĚŽŶŽƌďĞĨŽƌĞd͘ Ϯ͘dŚĞDŝůĞƐƚŽŶĞǁŝůůďĞĐŽŶƐŝĚĞƌĞĚƐƵďƐƚĂŶƚŝĂůůǇĐŽŵƉůĞƚĞǁŚĞŶƚŚĞĨŽůůŽǁŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐŚĂǀĞďĞĞŶŵĞƚ͗ Ă͘d ϯ͘DZƐŚĂůůƉĂǇKǁŶĞƌΨdĨŽƌĞĂĐŚĚĂǇƚŚĂƚĞǆƉŝƌĞƐĂĨƚĞƌƚŚĞƚŝŵĞ͕ĂƐĚƵůǇĂĚũƵƐƚĞĚ ƉƵƌƐƵĂŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͕ƐƉĞĐŝĨŝĞĚĂďŽǀĞĨŽƌ^ƵďƐƚĂŶƚŝĂůŽŵƉůĞƚŝŽŶŽĨƚŚŝƐtŽƌŬ ƵƚŚŽƌŝǌĂƚŝŽŶ͕ƵŶƚŝůƚŚĞtŽƌŬŝƐƐƵďƐƚĂŶƚŝĂůůǇĐŽŵƉůĞƚĞ͘ ͘EŽƚƵƐĞĚ͘ Zd/>ϭϲͶKEdZdKhDEd^ ϭϲ͘ϬϭŽŶƚĞŶƚƐ ͘dŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐĐŽŶƐŝƐƚŽĨĂůůŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘dŚŝƐŐƌĞĞŵĞŶƚ͘ Ϯ͘'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ϯ͘^ƵƉƉůĞŵĞŶƚĂƌǇŽŶĚŝƚŝŽŶƐ͘ ϰ͘sŽůƵŵĞϭWƌŽũĞĐƚDĂŶƵĂů ϱ͘sŽůƵŵĞϮƌĂǁŝŶŐƐ ϲ͘sŽůƵŵĞϯĚĚŝƚŝŽŶĂů/ŶĨŽƌŵĂƚŝŽŶ ϳ͘ǆŚŝďŝƚƐƚŽƚŚŝƐŐƌĞĞŵĞŶƚ;ĞŶƵŵĞƌĂƚĞĚĂƐĨŽůůŽǁƐͿ͗ Ă͘ǆŚŝďŝƚ͕^ĐŽƉĞŽĨDZ͛Ɛ^ĞƌǀŝĐĞƐ͖ ď͘ǆŚŝďŝƚ͕ĂƐŝƐŽĨŽŵƉĞŶƐĂƚŝŽŶ͖ĂŶĚ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϳŽĨϮϬ ϴ͘dŚĞĨŽůůŽǁŝŶŐǁŚŝĐŚŵĂǇďĞĚĞůŝǀĞƌĞĚŽƌŝƐƐƵĞĚŽŶŽƌĂĨƚĞƌƚŚĞĨĨĞĐƚŝǀĞĂƚĞŽĨƚŚĞ ŽŶƚƌĂĐƚĂŶĚĂƌĞŶŽƚĂƚƚĂĐŚĞĚŚĞƌĞƚŽ͗ Ă͘ŽŶƚƌĂĐƚŵĞŶĚŵĞŶƚƐ͖ ď͘ǆĞĐƵƚĞĚtŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĂŶǇĞǆŚŝďŝƚƐŝĚĞŶƚŝĨŝĞĚĂƐƌĂǁŝŶŐƐ͕ ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ŽƌŽƚŚĞƌŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͖ Đ͘tŽƌŬƵƚŚŽƌŝǌĂƚŝŽŶDŽĚŝĨŝĐĂƚŝŽŶƐ͖ ϭͿtŽƌŬŚĂŶŐĞŝƌĞĐƚŝǀĞƐ͖ ϮͿŚĂŶŐĞKƌĚĞƌƐ͖ĂŶĚ ϯͿ&ŝĞůĚKƌĚĞƌƐ͘ Ě͘WĞƌĨŽƌŵĂŶĐĞĂŶĚWĂǇŵĞŶƚŽŶĚƐ͖ĂŶĚ Ğ͘tĂƌƌĂŶƚǇŽŶĚƐ͕ŝĨĂŶǇ͘ ͘dŚĞƌĞĂƌĞŶŽŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐŽƚŚĞƌƚŚĂŶƚŚŽƐĞůŝƐƚĞĚĂďŽǀĞŝŶƚŚŝƐƌƚŝĐůĞϭϲ͘ ͘dŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐŵĂǇŽŶůǇďĞĂŵĞŶĚĞĚ͕ŵŽĚŝĨŝĞĚ͕ŽƌƐƵƉƉůĞŵĞŶƚĞĚĂƐƉƌŽǀŝĚĞĚŝŶ ƚŚĞŽŶƚƌĂĐƚ͘ Zd/>ϭϳͶZWZ^Edd/KE^͕Zd/&/d/KE^͕E^d/Wh>d/KE^ ϭϳ͘ϬϭDZ͛ƐZĞƉƌĞƐĞŶƚĂƚŝŽŶƐ ͘dŽŝŶĚƵĐĞKǁŶĞƌƚŽĞŶƚĞƌŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚ͕DZŵĂŬĞƐƚŚĞĨŽůůŽǁŝŶŐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͗ ϭ͘DZŚĂƐĞǆĂŵŝŶĞĚĂŶĚĐĂƌĞĨƵůůǇƐƚƵĚŝĞĚƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐ ĚĚĞŶĚĂ͘ Ϯ͘DZŚĂƐǀŝƐŝƚĞĚƚŚĞ^ŝƚĞ͕ĐŽŶĚƵĐƚĞĚĂƚŚŽƌŽƵŐŚǀŝƐƵĂůĞǆĂŵŝŶĂƚŝŽŶŽĨƚŚĞ^ŝƚĞĂŶĚ ĂĚũĂĐĞŶƚĂƌĞĂƐ͕ĂŶĚďĞĐŽŵĞĨĂŵŝůŝĂƌǁŝƚŚƚŚĞŐĞŶĞƌĂů͕ůŽĐĂů͕ĂŶĚ^ŝƚĞĐŽŶĚŝƚŝŽŶƐƚŚĂƚ ŵĂǇĂĨĨĞĐƚĐŽƐƚ͕ƉƌŽŐƌĞƐƐ͕ĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞtŽƌŬ͘ ϯ͘DZŝƐĨĂŵŝůŝĂƌǁŝƚŚĂůů>ĂǁƐĂŶĚZĞŐƵůĂƚŝŽŶƐƚŚĂƚŵĂǇĂĨĨĞĐƚĐŽƐƚ͕ƉƌŽŐƌĞƐƐ͕ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞtŽƌŬ͘ ϰ͘DZŚĂƐĐĂƌĞĨƵůůǇƐƚƵĚŝĞĚƚŚĞƌĞƉŽƌƚƐ͕ŝĨĂŶǇ͕ŽĨĞǆƉůŽƌĂƚŝŽŶƐĂŶĚƚĞƐƚƐŽĨƐƵďƐƵƌĨĂĐĞ ĐŽŶĚŝƚŝŽŶƐĂƚŽƌĂĚũĂĐĞŶƚƚŽƚŚĞ^ŝƚĞĂŶĚƚŚĞĚƌĂǁŝŶŐƐ͕ŝĨĂŶǇ͕ŽĨƉŚǇƐŝĐĂůĐŽŶĚŝƚŝŽŶƐ ƌĞůĂƚŝŶŐƚŽĞǆŝƐƚŝŶŐƐƵƌĨĂĐĞŽƌƐƵďƐƵƌĨĂĐĞƐƚƌƵĐƚƵƌĞƐĂƚƚŚĞ^ŝƚĞƚŚĂƚŚĂǀĞďĞĞŶ ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƵƉƉůĞŵĞŶƚĂƌǇŽŶĚŝƚŝŽŶƐ͕ǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞdĞĐŚŶŝĐĂůĂƚĂŝŶƐƵĐŚ ƌĞƉŽƌƚƐĂŶĚĚƌĂǁŝŶŐƐ͘ ϱ͘DZŚĂƐĐĂƌĞĨƵůůǇƐƚƵĚŝĞĚƚŚĞƌĞƉŽƌƚƐĂŶĚĚƌĂǁŝŶŐƐ͕ŝĨĂŶǇ͕ƌĞůĂƚŝŶŐƚŽ,ĂǌĂƌĚŽƵƐ ŶǀŝƌŽŶŵĞŶƚĂůŽŶĚŝƚŝŽŶƐ͕ŝĨĂŶǇ͕ĂƚŽƌĂĚũĂĐĞŶƚƚŽƚŚĞ^ŝƚĞƚŚĂƚŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚ ŝŶƚŚĞ^ƵƉƉůĞŵĞŶƚĂƌǇŽŶĚŝƚŝŽŶƐ͕ǁŝƚŚƌĞƐƉĞĐƚƚŽdĞĐŚŶŝĐĂůĂƚĂŝŶƐƵĐŚƌĞƉŽƌƚƐĂŶĚ ĚƌĂǁŝŶŐƐ͘ ϲ͘DZŚĂƐĐŽŶƐŝĚĞƌĞĚƚŚĞŝŶĨŽƌŵĂƚŝŽŶŬŶŽǁŶƚŽDZŝƚƐĞůĨ͖ŝŶĨŽƌŵĂƚŝŽŶĐŽŵŵŽŶůǇ ŬŶŽǁŶƚŽĐŽŶƚƌĂĐƚŽƌƐĚŽŝŶŐďƵƐŝŶĞƐƐŝŶƚŚĞůŽĐĂůŝƚǇŽĨƚŚĞ^ŝƚĞ͖ŝŶĨŽƌŵĂƚŝŽŶĂŶĚ ŽďƐĞƌǀĂƚŝŽŶƐŽďƚĂŝŶĞĚĨƌŽŵǀŝƐŝƚƐƚŽƚŚĞ^ŝƚĞ͖ƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͖ǁŝƚŚƌĞƐƉĞĐƚƚŽ ƚŚĞĞĨĨĞĐƚŽĨƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶ͕ŽďƐĞƌǀĂƚŝŽŶƐ͕ŽŶ;ĂͿƚŚĞĐŽƐƚ͕ƉƌŽŐƌĞƐƐ͕ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞtŽƌŬ͖;ďͿƚŚĞŵĞĂŶƐ͕ŵĞƚŚŽĚƐ͕ƚĞĐŚŶŝƋƵĞƐ͕ƐĞƋƵĞŶĐĞƐ͕ĂŶĚ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϴŽĨϮϬ ƉƌŽĐĞĚƵƌĞƐŽĨĐŽŶƐƚƌƵĐƚŝŽŶƚŽďĞĞŵƉůŽǇĞĚďǇDZ͖ĂŶĚ;ĐͿDZ͛ƐƐĂĨĞƚǇ ƉƌĞĐĂƵƚŝŽŶƐĂŶĚƉƌŽŐƌĂŵƐ͘ ϳ͘ĂƐĞĚŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐƌĞĨĞƌƌĞĚƚŽŝŶƚŚĞƉƌĞĐĞĚŝŶŐƉĂƌĂŐƌĂƉŚ͕ DZĂŐƌĞĞƐƚŚĂƚŶŽĨƵƌƚŚĞƌĞǆĂŵŝŶĂƚŝŽŶƐ͕ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ͕ĞǆƉůŽƌĂƚŝŽŶƐ͕ƚĞƐƚƐ͕ƐƚƵĚŝĞƐ͕ ŽƌĚĂƚĂĂƌĞŶĞĐĞƐƐĂƌǇĨŽƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞtŽƌŬĂƚƚŚĞ'ƵĂƌĂŶƚĞĞĚDĂǆŝŵƵŵ WƌŝĐĞ͕ǁŝƚŚŝŶƚŚĞŽŶƚƌĂĐƚdŝŵĞƐ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƚŚĞƌƚĞƌŵƐĂŶĚ ĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞŽŶƚƌĂĐƚ͘ ϴ͘DZŝƐĂǁĂƌĞŽĨƚŚĞŐĞŶĞƌĂůŶĂƚƵƌĞŽĨǁŽƌŬƚŽďĞƉĞƌĨŽƌŵĞĚďǇKǁŶĞƌĂŶĚŽƚŚĞƌƐĂƚ ƚŚĞ^ŝƚĞƚŚĂƚƌĞůĂƚĞƐƚŽƚŚĞtŽƌŬĂƐŝŶĚŝĐĂƚĞĚŝŶƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͘ ϵ͘DZŚĂƐŐŝǀĞŶKǁŶĞƌ͛ƐĚǀŝƐŽƌǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĂůůĐŽŶĨůŝĐƚƐ͕ĞƌƌŽƌƐ͕ĂŵďŝŐƵŝƚŝĞƐ͕Žƌ ĚŝƐĐƌĞƉĂŶĐŝĞƐƚŚĂƚDZŚĂƐĚŝƐĐŽǀĞƌĞĚŝŶƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͕ĂŶĚŽĨ ĚŝƐĐƌĞƉĂŶĐŝĞƐďĞƚǁĞĞŶ^ŝƚĞĐŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͕ĂŶĚƚŚĞǁƌŝƚƚĞŶ ƌĞƐŽůƵƚŝŽŶƚŚĞƌĞŽĨďǇKǁŶĞƌ͛ƐĚǀŝƐŽƌŝƐĂĐĐĞƉƚĂďůĞƚŽDZ͘ ϭϬ͘dŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐĂƌĞŐĞŶĞƌĂůůǇƐƵĨĨŝĐŝĞŶƚƚŽŝŶĚŝĐĂƚĞĂŶĚĐŽŶǀĞǇƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨĂůůƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐĨŽƌƉĞƌĨŽƌŵĂŶĐĞĂŶĚĨƵƌŶŝƐŚŝŶŐŽĨƚŚĞtŽƌŬ͘ ϭϭ͘DZ͛ƐĞŶƚƌǇŝŶƚŽƚŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐĂŶŝŶĐŽŶƚƌŽǀĞƌƚŝďůĞƌĞƉƌĞƐĞŶƚĂƚŝŽŶďǇ DZƚŚĂƚǁŝƚŚŽƵƚĞǆĐĞƉƚŝŽŶĂůůƉƌŝĐĞƐŝŶƚŚĞŐƌĞĞŵĞŶƚĂƌĞƉƌĞŵŝƐĞĚƵƉŽŶ ƉĞƌĨŽƌŵŝŶŐĂŶĚĨƵƌŶŝƐŚŝŶŐƚŚĞtŽƌŬƌĞƋƵŝƌĞĚďǇƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͘ ϭϳ͘ϬϮDZ͛ƐĞƌƚŝĨŝĐĂƚŝŽŶƐ ͘DZĐĞƌƚŝĨŝĞƐƚŚĂƚŝƚŚĂƐŶŽƚĞŶŐĂŐĞĚŝŶĐŽƌƌƵƉƚ͕ĨƌĂƵĚƵůĞŶƚ͕ĐŽůůƵƐŝǀĞ͕ŽƌĐŽĞƌĐŝǀĞƉƌĂĐƚŝĐĞƐ ŝŶĐŽŵƉĞƚŝŶŐĨŽƌŽƌŝŶĞǆĞĐƵƚŝŶŐƚŚĞŽŶƚƌĂĐƚ͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐWĂƌĂŐƌĂƉŚϭϳ͘ϬϮ͗ ϭ͘͞ĐŽƌƌƵƉƚƉƌĂĐƚŝĐĞ͟ŵĞĂŶƐƚŚĞŽĨĨĞƌŝŶŐ͕ŐŝǀŝŶŐ͕ƌĞĐĞŝǀŝŶŐ͕ŽƌƐŽůŝĐŝƚŝŶŐŽĨĂŶǇƚŚŝŶŐŽĨ ǀĂůƵĞůŝŬĞůǇƚŽŝŶĨůƵĞŶĐĞƚŚĞĂĐƚŝŽŶŽĨĂƉƵďůŝĐŽĨĨŝĐŝĂůŝŶƚŚĞƉƌŽƉŽƐĂůƉƌŽĐĞƐƐŽƌŝŶƚŚĞ ŽŶƚƌĂĐƚĞǆĞĐƵƚŝŽŶ͖ Ϯ͘͞ĨƌĂƵĚƵůĞŶƚƉƌĂĐƚŝĐĞ͟ŵĞĂŶƐĂŶŝŶƚĞŶƚŝŽŶĂůŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨĨĂĐƚƐŵĂĚĞ;ĂͿƚŽ ŝŶĨůƵĞŶĐĞƚŚĞWƌŽƉŽƐĂůƉƌŽĐĞƐƐŽƌƚŚĞĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚƚŽƚŚĞĚĞƚƌŝŵĞŶƚŽĨ KǁŶĞƌ͕;ďͿƚŽĞƐƚĂďůŝƐŚƉƌŽƉŽƐĂůŽŶƚƌĂĐƚƉƌŝĐĞƐĂƚĂƌƚŝĨŝĐŝĂůŶŽŶͲĐŽŵƉĞƚŝƚŝǀĞůĞǀĞůƐ͕Žƌ ;ĐͿƚŽĚĞƉƌŝǀĞKǁŶĞƌŽĨƚŚĞďĞŶĞĨŝƚƐŽĨĨƌĞĞĂŶĚŽƉĞŶĐŽŵƉĞƚŝƚŝŽŶ͖ ϯ͘͞ĐŽůůƵƐŝǀĞƉƌĂĐƚŝĐĞ͟ŵĞĂŶƐĂƐĐŚĞŵĞŽƌĂƌƌĂŶŐĞŵĞŶƚďĞƚǁĞĞŶƚǁŽŽƌŵŽƌĞWƌŽƉŽƐĞƌƐ͕ ǁŝƚŚŽƌǁŝƚŚŽƵƚƚŚĞŬŶŽǁůĞĚŐĞŽĨKǁŶĞƌ͕ĂƉƵƌƉŽƐĞŽĨǁŚŝĐŚŝƐƚŽĞƐƚĂďůŝƐŚƉƌŽƉŽƐĂů ƉƌŝĐĞƐĂƚĂƌƚŝĨŝĐŝĂů͕ŶŽŶͲĐŽŵƉĞƚŝƚŝǀĞůĞǀĞůƐ͖ĂŶĚ ϰ͘͞ĐŽĞƌĐŝǀĞƉƌĂĐƚŝĐĞ͟ŵĞĂŶƐŚĂƌŵŝŶŐŽƌƚŚƌĞĂƚĞŶŝŶŐƚŽŚĂƌŵ͕ĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇ͕ ƉĞƌƐŽŶƐŽƌƚŚĞŝƌƉƌŽƉĞƌƚǇƚŽŝŶĨůƵĞŶĐĞƚŚĞŝƌƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞƉƌŽƉŽƐĂůƉƌŽĐĞƐƐŽƌ ĂĨĨĞĐƚƚŚĞĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚ͘ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϵŽĨϮϬ /Et/dE^^t,ZK&͕KǁŶĞƌĂŶĚDZŚĂǀĞƐŝŐŶĞĚƚŚŝƐŐƌĞĞŵĞŶƚ͘ dŚŝƐŐƌĞĞŵĞŶƚǁŝůůďĞĞĨĨĞĐƚŝǀĞŽŶ΀ŝŶĚŝĐĂƚĞĚĂƚĞŽŶǁŚŝĐŚŽŶƚƌĂĐƚďĞĐŽŵĞƐĞĨĨĞĐƚŝǀĞ΁͕ǁŚŝĐŚŝƐƚŚĞ ĨĨĞĐƚŝǀĞĂƚĞŽĨƚŚĞŽŶƚƌĂĐƚ͘ KǁŶĞƌ͗DZ͗ [[459,659,1058,705][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚŶĂŵĞŽĨŽƌŐĂŶŝǌĂƚŝŽŶͿ [[1480,659,2079,705][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚŶĂŵĞŽĨŽƌŐĂŶŝǌĂƚŝŽŶͿ Ǉ͗Ǉ͗ [[672,779,1016,825][9][,I,][Calibri]];ŝŶĚŝǀŝĚƵĂů͛ƐƐŝŐŶĂƚƵƌĞͿ [[1707,779,2051,825][9][,I,][Calibri]];ŝŶĚŝǀŝĚƵĂů͛ƐƐŝŐŶĂƚƵƌĞͿ ĂƚĞ͗ĂƚĞ͗ [[746,898,944,944][9][,I,][Calibri]];ĚĂƚĞƐŝŐŶĞĚͿ [[1781,898,1979,944][9][,I,][Calibri]];ĚĂƚĞƐŝŐŶĞĚͿ EĂŵĞ͗EĂŵĞ͗ [[712,1017,978,1063][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚͿ [[1746,1017,2012,1063][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚͿ dŝƚůĞ͗dŝƚůĞ͗ [[712,1137,978,1183][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚͿ [[1746,1137,2012,1183][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚͿ [[1336,1180,1376,1226][9][,I,][Calibri]];/Ĩ [[1377,1180,1615,1226][9][B,I,][Calibri]]΀dǇƉĞŽĨŶƚŝƚǇ΁ [[1622,1180,2164,1226][9][,I,][Calibri]]ŝƐĂĐŽƌƉŽƌĂƚŝŽŶ͕ĂƉĂƌƚŶĞƌƐŚŝƉ͕ŽƌĂ [[1332,1225,2103,1271][9][,I,][Calibri]]ũŽŝŶƚǀĞŶƚƵƌĞ͕ĂƚƚĂĐŚĞǀŝĚĞŶĐĞŽĨĂƵƚŚŽƌŝƚǇƚŽƐŝŐŶ͘Ϳ ƚƚĞƐƚ͗ƚƚĞƐƚ͗ [[672,1346,1016,1392][9][,I,][Calibri]];ŝŶĚŝǀŝĚƵĂů͛ƐƐŝŐŶĂƚƵƌĞͿ [[1707,1346,2051,1392][9][,I,][Calibri]];ŝŶĚŝǀŝĚƵĂů͛ƐƐŝŐŶĂƚƵƌĞͿ dŝƚůĞ͗dŝƚůĞ͗ [[712,1465,978,1511][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚͿ [[1746,1465,2012,1511][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚͿ ĚĚƌĞƐƐĨŽƌŐŝǀŝŶŐŶŽƚŝĐĞƐ͗ĚĚƌĞƐƐĨŽƌŐŝǀŝŶŐŶŽƚŝĐĞƐ͗ ĞƐŝŐŶĂƚĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞ͗ĞƐŝŐŶĂƚĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞ͗ EĂŵĞ͗EĂŵĞ͗ [[712,1928,978,1974][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚͿ [[1746,1928,2012,1974][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚͿ dŝƚůĞ͗dŝƚůĞ͗ [[712,2047,978,2093][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚͿ [[1746,2047,2012,2093][9][,I,][Calibri]];ƚǇƉĞĚŽƌƉƌŝŶƚĞĚͿ ĚĚƌĞƐƐ͗ĚĚƌĞƐƐ͗ WŚŽŶĞ͗WŚŽŶĞ͗ ŵĂŝů͗ŵĂŝů͗ [[329,2525,1154,2571][9][,I,][Calibri]];ƚƚĂĐŚĞǀŝĚĞŶĐĞŽĨĂƵƚŚŽƌŝƚǇƚŽƐŝŐŶĂŶĚƌĞƐŽůƵƚŝŽŶŽƌ [[329,2570,1031,2616][9][,I,][Calibri]]ŽƚŚĞƌĚŽĐƵŵĞŶƚƐĂƵƚŚŽƌŝǌŝŶŐĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐ >ŝĐĞŶƐĞEŽ͗͘ [[328,2616,518,2662][9][,I,][Calibri]]ŐƌĞĞŵĞŶƚ͘Ϳ [[1794,2647,2074,2693][9][,I,][Calibri]];ǁŚĞƌĞĂƉƉůŝĐĂďůĞͿ ^ƚĂƚĞ͗ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϮϬŽĨϮϬ y,//dʹ^KWK&DZ^Zs/^ Zd/>ϭͶ^/WZKE^dZhd/KE^Zs/^ ϭ͘ϬϭWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ ͘WĂƌƚŝĐŝƉĂƚĞŝŶWƌŽũĞĐƚDĞĞƚŝŶŐƐ ϭ͘WĂƌƚŝĐŝƉĂƚĞŝŶWƌŽũĞĐƚŬŝĐŬͲŽĨĨŵĞĞƚŝŶŐ͘ĞƉƌĞƉĂƌĞĚƚŽĚŝƐĐƵƐƐDZ͛ƐƚĞĂŵĂŶĚ ŽƌŐĂŶŝǌĂƚŝŽŶƐƐƚƌƵĐƚƵƌĞ͕ĂƐƐŝŐŶŵĞŶƚƐĨŽƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂŶĚdĞĂŵƐDZ͛ƐƉůĂŶĨŽƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐ͘ Ϯ͘WĂƌƚŝĐŝƉĂƚĞŝŶƉĞƌŝŽĚŝĐŵĞĞƚŝŶŐƐǁŝƚŚKǁŶĞƌ͕KǁŶĞƌ͛ƐĚǀŝƐŽƌ͕ĂŶĚŶŐŝŶĞĞƌ ;ĐŽůůĞĐƚŝǀĞůǇ͕KǁŶĞƌ͛ƐWƌŽũĞĐƚdĞĂŵŽƌKWdͿƚŽƌĞǀŝĞǁƉƌŽŐƌĞƐƐ͕ĐŽŽƌĚŝŶĂƚĞĞĨĨŽƌƚƐ͕ĂŶĚ ĚŝƐĐƵƐƐƉůĂŶŶĞĚĂĐƚŝǀŝƚŝĞƐĨŽƌƚŚĞŶĞǆƚƉĞƌŝŽĚ͘/ƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞƐĞƉƌŽŐƌĞƐƐ ŵĞĞƚŝŶŐƐǁŝůůŽĐĐƵƌǁĞĞŬůǇ͘ ͘WƌŽǀŝĚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨŐƌĞĞŵĞŶƚĨŽƌDZWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐ ƉƉůŝĐĂƚŝŽŶƐĨŽƌWĂǇŵĞŶƚ͕ƉƌŽŐƌĞƐƐƌĞƉŽƌƚŝŶŐ͕ŵĂŶĂŐĞŵĞŶƚŽĨDZƐƚĂĨĨ͕ƐĐŚĞĚƵůĞĨŽƌ ƐĞƌǀŝĐĞƐ͕ĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘ ϭ͘ϬϮZĞǀŝĞǁŽĨWƌĞůŝŵŝŶĂƌǇĞƐŝŐŶZĞƉŽƌƚ ͘ƐĂƉƌŝŽƌŝƚǇĨŝƌƐƚƚĂƐŬ͕ƌĞǀŝĞǁŶŐŝŶĞĞƌ͛ƐWƌĞůŝŵŝŶĂƌǇĞƐŝŐŶZĞƉŽƌƚĂƐƐŽŽŶĂƐŝƚŝƐĂǀĂŝůĂďůĞ͘ ϭ͘WƌŽǀŝĚĞŝŶƉƵƚĂŶĚĂĚǀŝĐĞ͕ĂĐĐŽƌĚŝŶŐƚŽƚŚĞŐĞŶĞƌĂůƌĞƋƵŝƌĞŵĞŶƚƐŽĨǆŚŝďŝƚ WĂƌĂŐƌĂƉŚϭ͘Ϭϯ͘ďĞůŽǁ͕ƌĞŐĂƌĚŝŶŐƚŚĞWƌĞůŝŵŝŶĂƌǇĞƐŝŐŶZĞƉŽƌƚ͛ƐĐŽŶƚĞŶƚ ĐŽŶĐĞƌŶŝŶŐĐŽŽƌĚŝŶĂƚŝŽŶŽĨƵƚŝůŝƚŝĞƐǁŽƌŬ;ďŽƚŚĂďŽǀĞͲŐƌŽƵŶĚƵƚŝůŝƚŝĞƐĂŶĚ hŶĚĞƌŐƌŽƵŶĚ&ĂĐŝůŝƚŝĞƐͿ͕hŶĚĞƌŐƌŽƵŶĚ&ĂĐŝůŝƚŝĞƐWƌŽĐĞĚƵƌĞ͕ĂŶĚŵŝƚŝŐĂƚŝŽŶŽĨƵƚŝůŝƚŝĞƐ ĐŽŶĨůŝĐƚƐ͕ĨŽƌŶŐŝŶĞĞƌ͛ƐƵƐĞŝŶƚŚĞ&ŝŶĂůĞƐŝŐŶWŚĂƐĞŽĨŶŐŝŶĞĞƌ͛ƐƐĞƌǀŝĐĞƐ͘ Ϯ͘ZĞĐŽŵŵĞŶĚƐƚƌĂƚĞŐŝĞƐĨŽƌƚŚĞĚŝǀŝƐŝŽŶŽĨƚŚĞtŽƌŬƵŶĚĞƌĚĞƐŝŐŶŝŶƚŽtŽƌŬWĂĐŬĂŐĞƐ͕ ĂŶĚĨŽƌƉŚĂƐĞĚĚĞƐŝŐŶĂŶĚĂƵƚŚŽƌŝǌĂƚŝŽŶŽĨĐŽŶƐƚƌƵĐƚŝŽŶŽĨƐƵĐŚtŽƌŬWĂĐŬĂŐĞƐ;ĨĂƐƚ ƚƌĂĐŬŝŶŐͿ͘tŽƌŬĐŽůůĂďŽƌĂƚŝǀĞůǇǁŝƚŚƚŚĞKWdƚŽĨŝŶĂůŝǌĞƚŚĞŶƵŵďĞƌŽĨtŽƌŬWĂĐŬĂŐĞƐ ĂŶĚƚŚĞŝƌĂƉƉƌŽǆŝŵĂƚĞƐĐŽƉĞ͕ĂŶĚƚŚĞƐĐŚĞĚƵůĞĨŽƌƉƌĞƉĂƌĂƚŝŽŶ͕ĂƵƚŚŽƌŝǌĂƚŝŽŶ͕ĂŶĚ ĐŽŵƉůĞƚŝŽŶŽĨƐƵĐŚtŽƌŬWĂĐŬĂŐĞƐ͘ ϭ͘ϬϯĞƐŝŐŶͲZĞůĂƚĞĚWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐ ͘ƚƚĞŶĚƉĞƌŝŽĚŝĐĚĞƐŝŐŶŵĞĞƚŝŶŐƐƚŽƉƌŽǀŝĚĞĐŽŶƐƵůƚĂƚŝŽŶŽŶĂƐƉĞĐƚƐŽĨƚŚĞĚĞƐŝŐŶƚŚĂƚǁŝůů ŝŵƉĂĐƚƚŚĞďƵĚŐĞƚ͕ƐĐŚĞĚƵůĞ͕ĂŶĚƋƵĂůŝƚǇŽĨƚŚĞĐŽŵƉůĞƚĞĚtŽƌŬ͘ ͘ĚǀŝƐĞ͕ĂƐƐŝƐƚ͕ĂŶĚƉƌŽǀŝĚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽŶĂůůĂƐƉĞĐƚƐŽĨƚŚĞƉůĂŶŶŝŶŐĂŶĚĚĞƐŝŐŶŽĨƚŚĞ tŽƌŬ͘ŽŶƐƵůƚǁŝƚŚƚŚĞKWdƌĞŐĂƌĚŝŶŐ^ŝƚĞƵƐĞĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐ͕ĂŶĚƚŚĞƐĞůĞĐƚŝŽŶŽĨ ŵĂƚĞƌŝĂůƐ͕ďƵŝůĚŝŶŐƐǇƐƚĞŵƐ͕ĂŶĚĞƋƵŝƉŵĞŶƚ͘ ͘WƌŽǀŝĚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͗ŽŶĐŽŶƐƚƌƵĐƚŝŽŶĨĞĂƐŝďŝůŝƚǇ͖ƌĞŐĂƌĚŝŶŐĂĐƚŝŽŶƐĚĞƐŝŐŶĞĚƚŽ ŵŝŶŝŵŝǌĞĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽĨůĂďŽƌŽƌŵĂƚĞƌŝĂůƐŚŽƌƚĂŐĞƐ͖ŽŶƚŝŵĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌ ƉƌŽĐƵƌĞŵĞŶƚ͕ŝŶƐƚĂůůĂƚŝŽŶ͕ĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶĐŽŵƉůĞƚŝŽŶ͖ĂŶĚŽŶĨĂĐƚŽƌƐƌĞůĂƚĞĚƚŽ ĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚŝŶĐůƵĚŝŶŐĞƐƚŝŵĂƚĞƐŽĨĂůƚĞƌŶĂƚŝǀĞĚĞƐŝŐŶƐŽƌŵĂƚĞƌŝĂůƐ͕ƉƌĞůŝŵŝŶĂƌǇ ďƵĚŐĞƚƐ͕ĂŶĚƉŽƐƐŝďůĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƐĂǀŝŶŐƐ͘ ͘ZĞǀŝĞǁŝŶͲƉƌŽŐƌĞƐƐĚĞƐŝŐŶĚŽĐƵŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐƚŚĞĚŽĐƵŵĞŶƚƐǀĂƌŝŽƵƐůǇĚĞƐĐƌŝďĞĚĂƐ ƉƌĞůŝŵŝŶĂƌǇĚĞƐŝŐŶĚŽĐƵŵĞŶƚƐ͕ƉƌĞůŝŵŝŶĂƌǇĚĞƐŝŐŶƌĞƉŽƌƚ͕ĚĞƐŝŐŶĚĞǀĞůŽƉŵĞŶƚĚŽĐƵŵĞŶƚƐ͕ ǆŚŝďŝƚͶ^ĐŽƉĞŽĨDZ^ĞƌǀŝĐĞƐ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭŽĨϭϮ ĂŶĚƚŚĞŝŶƚĞƌŝŵĨŝŶĂůĚƌĂĨƚƐŽĨƚŚĞƌĂǁŝŶŐƐĂŶĚ^ƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ĂŶĚƉƌŽǀŝĚĞŝŶƉƵƚĂŶĚĂĚǀŝĐĞ ŽŶĐŽŶƐƚƌƵĐƚĂďŝůŝƚǇ͕ŵĂƚĞƌŝĂůƐĂŶĚĞƋƵŝƉŵĞŶƚƐĞůĞĐƚŝŽŶƐ͕ĂŶĚĂǀĂŝůĂďŝůŝƚǇ͘WƌŽǀŝĚĞƚŝŵĞůǇ ƐƵŐŐĞƐƚŝŽŶƐĨŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽŝŵƉƌŽǀĞ͗ ϭ͘ďŝůŝƚǇƚŽďŝĚƚŚĞtŽƌŬ͗ Ă͘/ĚĞŶƚŝĨǇtŽƌŬĞůĞŵĞŶƚƐƚŚĂƚŵĂǇďĞĚŝĨĨŝĐƵůƚƚŽƉƌŝĐĞĂƐƉƌĞƐĞŶƚĞĚŝŶƚŚĞĚĞƐŝŐŶ ĚŽĐƵŵĞŶƚƐ͘WƌŽǀŝĚĞƐƵŐŐĞƐƚŝŽŶƐƚŽƌĞĚƵĐĞƌŝƐŬĂŶĚƚŽŽďƚĂŝŶďĞƚƚĞƌƉƌŝĐŝŶŐĨƌŽŵ ^ƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚ^ƵƉƉůŝĞƌƐ͘ ď͘WƌŽǀŝĚĞƐƵŐŐĞƐƚŝŽŶƐŽŶtŽƌŬWĂĐŬĂŐĞƐƚŽŝŵƉƌŽǀĞďŝĚĚĂďŝůŝƚǇ͕ŚŽǁĞǀĞƌ͕ŶŐŝŶĞĞƌ ǁŝůůŶŽƚƐƵďĚŝǀŝĚĞǁŽƌŬŝŶƚŽtŽƌŬWĂĐŬĂŐĞƐĨŽƌƐƉĞĐŝĨŝĐƚƌĂĚĞƐ͘ 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ƋƵĂůŝƚǇĐŽŶƚƌŽůĞĨĨŽƌƚ͘WƌŽǀŝĚĞƚŚĞƐĞƌǀŝĐĞƐŽĨĂĚĞĚŝĐĂƚĞĚƋƵĂůŝƚǇĐŽŶƚƌŽůŵĂŶĂŐĞƌ ƵŶůĞƐƐKǁŶĞƌ͛ƐĚǀŝƐŽƌĚĞƚĞƌŵŝŶĞƐƚŚĂƚƋƵĂůŝƚǇĐŽŶƚƌŽůŵĂŶĂŐĞƌŵĂǇĐŽŵďŝŶĞƋƵĂůŝƚǇ ĐŽŶƚƌŽůĚƵƚŝĞƐǁŝƚŚŽƚŚĞƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͘/ĨƋƵĂůŝƚǇĐŽŶƚƌŽůŵĂŶĂŐĞƌŝƐƚŽƐĞƌǀĞŝŶŽƚŚĞƌ ĐĂƉĂĐŝƚŝĞƐ͕ŝĚĞŶƚŝĨǇƚŚŽƐĞŽƚŚĞƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂŶĚƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨƚŝŵĞƐƉĞŶƚŝŶ ĞĂĐŚƌŽůĞ͘ĞƐĐƌŝďĞƚŚĞƋƵĂůŝĨŝĐĂƚŝŽŶƐŽĨƚŚĞƋƵĂůŝƚǇĐŽŶƚƌŽůŵĂŶĂŐĞƌ;ŝŶƌĞƐƵŵĞĨŽƌŵĂƚͿ ƚŽĚĞŵŽŶƐƚƌĂƚĞĞǆƉĞƌŝĞŶĐĞǁŝƚŚƋƵĂůŝƚǇŵĂŶĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽŶ ƐƵĐĐĞƐƐĨƵůƉƌŽũĞĐƚƐ͘ Ϯ͘WƌŽǀŝĚĞƚŚĞŶĂŵĞĂŶĚƋƵĂůŝĨŝĐĂƚŝŽŶƐ͕ŝŶƌĞƐƵŵĞĨŽƌŵĂƚ͕ŽĨŽƚŚĞƌƉĞƌƐŽŶƐĂƐƐŝŐŶĞĚĂ ƋƵĂůŝƚǇĐŽŶƚƌŽůĨƵŶĐƚŝŽŶ͘ĞĨŝŶĞƚŚĞƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂŶĚĂƵƚŚŽƌŝƚŝĞƐĨŽƌĞĂĐŚ ƉĞƌƐŽŶĂŶĚƚŚĞƚǇƉĞƐŽĨtŽƌŬŽƌƉŽƌƚŝŽŶƐŽĨƚŚĞǁŽƌŬĨŽƌǁŚŝĐŚĞĂĐŚƉĞƌƐŽŶŝƐ ƌĞƐƉŽŶƐŝďůĞ͘ ϯ͘ĞƐĐƌŝďĞDZ͛ƐĂƉƉƌŽĂĐŚƚŽŵĂŶĂŐŝŶŐƋƵĂůŝƚǇĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘ĞƐĐƌŝďĞŚŽǁ DZǁŝůůŝŶƚĞŐƌĂƚĞƋƵĂůŝƚǇĐŽŶƚƌŽůƉƌŽĐĞĚƵƌĞƐŝŶƚŽƚŚĞĞǆĞĐƵƚŝŽŶŽĨƚŚĞtŽƌŬ͕ƉƌŽǀŝĚĞ ƚĞƐƚŝŶŐĂŶĚŝŶƐƉĞĐƚŝŽŶƌĞƋƵŝƌĞĚƚŽĐŽŶƚƌŽůƚŚĞƋƵĂůŝƚǇŽĨƚŚĞtŽƌŬŝŶƉƌŽŐƌĞƐƐĂŶĚ ǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĐĐĞƉƚĂŶĐĞƚĞƐƚŝŶŐĂƐƌĞƋƵŝƌĞĚďǇƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐĂŶĚYW͘ ϰ͘/ŶĐůƵĚĞĂƚĞƐƚŝŶŐƉůĂŶǁŝƚŚĚĞƚĂŝůƐŽĨƚĞƐƚƐƚŽďĞƉƌŽǀŝĚĞĚ͘ĞƐŝŐŶĂƚĞƚŚĞŽƌŐĂŶŝǌĂƚŝŽŶ ;KǁŶĞƌ͕KǁŶĞƌ͛ƐĚǀŝƐŽƌ͕DZ͕ŽƌdĞƐƚŝŶŐŐĞŶĐǇͿƌĞƐƉŽŶƐŝďůĞĨŽƌĞĂĐŚƚǇƉĞŽĨ ƚĞƐƚŝŶŐ͘ŽŽƌĚŝŶĂƚĞYWdĞƐƚŝŶŐWůĂŶǁŝƚŚƚĞƐƚŝŶŐƚŽďĞƉƌŽǀŝĚĞĚďǇƚŚĞKǁŶĞƌ͘ ϱ͘ĞƐĐƌŝďĞDZĂƉƉƌŽĂĐŚĨŽƌŵĂŶĂŐŝŶŐĚĞĨĞĐƚŝǀĞtŽƌŬ͕ŝŶĐůƵĚŝŶŐŶŽƚŝĨŝĐĂƚŝŽŶĂŶĚ ĚŽĐƵŵĞŶƚĂƚŝŽŶƉƌŽĐĞĚƵƌĞƐ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶ ƉůĂŶƐĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶƚŚĂƚƌĞĐŽƌĚĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶŚĂƐďĞĞŶƐƵĐĐĞƐƐĨƵůŝŶ ƉƌŽĚƵĐŝŶŐtŽƌŬƚŚĂƚĐŽŵƉůŝĞƐǁŝƚŚƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͘ ǆŚŝďŝƚͶ^ĐŽƉĞŽĨDZ^ĞƌǀŝĐĞƐ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϱŽĨϭϮ ϲ͘ĞƐĐƌŝďĞƚŚĞĂƉƉƌŽĂĐŚĨŽƌƐĐŚĞĚƵůŝŶŐ͕ƌĞǀŝĞǁŝŶŐ͕ĐĞƌƚŝĨǇŝŶŐ͕ĂŶĚŵĂŶĂŐŝŶŐ ĚŽĐƵŵĞŶƚĂƚŝŽŶƉƌŽǀŝĚĞĚďǇ^ƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚ^ƵƉƉůŝĞƌƐ͘/ŶĐůƵĚĞƚŚĞĂƉƉƌŽĂĐŚĨŽƌ ŵĂŶĂŐŝŶŐƚŚĞƋƵĂůŝƚǇŽĨƐƵďŵŝƚƚĂůƐ͕ĚŽĐƵŵĞŶƚĂƚŝŽŶƉƌŽĐĞĚƵƌĞƐ͕ĂŶĚƉƌŽĐĞƐƐĨŽƌ ƚƌĂĐŬŝŶŐĂŶĚŬĞĞƉŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶƵƉƚŽĚĂƚĞ͘ ϭ͘ϬϵZŝƐŬDĂŶĂŐĞŵĞŶƚ 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ǁŽƌŬ͕ŽƌŵĂŬĞŽƚŚĞƌƐĂĨĞƚǇͲƌĞůĂƚĞĚĚĞĐŝƐŝŽŶƐ͖ ϯ͘ZŽůĞŽĨƐĂĨĞƚǇƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ƐĞĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕WĂƌĂŐƌĂƉŚϳ͘ϭϲͿ͖ ϰ͘WƌŽǀŝĚĞĚĞƐĐƌŝƉƚŝŽŶƐŽĨƋƵĂůŝĨŝĐĂƚŝŽŶƐĂŶĚĐĞƌƚŝĨŝĐĂƚŝŽŶƐƌĞůĂƚĞĚƚŽƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ ƐĂĨĞƚǇƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͖ ϱ͘KďũĞĐƚŝǀĞƐŽĨƚŚĞ,ĞĂůƚŚĂŶĚ^ĂĨĞƚǇWůĂŶ͖ ϲ͘ĚŵŝŶŝƐƚƌĂƚŝŽŶĂŶĚĞŶĨŽƌĐĞŵĞŶƚŽĨƚŚĞ,ĞĂůƚŚĂŶĚ^ĂĨĞƚǇWůĂŶ͖ ϳ͘ƉƉůŝĐĂďŝůŝƚǇŽĨƚŚĞ,ĞĂůƚŚĂŶĚ^ĂĨĞƚǇWůĂŶƚŽǀĂƌŝŽƵƐƉĞƌƐŽŶŶĞůĐĂƚĞŐŽƌŝĞƐ͕ŝŶĐůƵĚŝŶŐ ƚŚĞǁŽƌŬĨŽƌĐĞ͕ǀŝƐŝƚŽƌƐ͕ĂŶĚŵĞŵďĞƌƐŽĨƚŚĞKWd͖ ϴ͘>ŝƐƚŽĨĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞ^ŝƚĞƚŚĂƚŵĂǇƉŽƐĞĂŚĂǌĂƌĚƚŽĂŶǇŽŶĞ͕ŚĂǌĂƌĚƚǇƉĞƐ͕ĂŶĚƚŚŽƐĞ ƉŽƚĞŶƚŝĂůůǇĞǆƉŽƐĞĚ͖ ϵ͘WƌŽĐĞĚƵƌĞƐĨŽƌĨŝƌƐƚĂŝĚĂŶĚŵĞĚŝĐĂůĂƚƚĞŶƚŝŽŶ͖ ϭϬ͘ŵĞƌŐĞŶĐǇŶŽƚŝĨŝĐĂƚŝŽŶƐƉƌŽĐĞĚƵƌĞƐďĂƐĞĚŽŶŚĂǌĂƌĚƚǇƉĞǁŚŝĐŚƐƉĞĐŝĨǇƚŚĞĞŶƚŝƚǇƚŽ ďĞŶŽƚŝĨŝĞĚĨŽƌĞĂĐŚƐŝƚƵĂƚŝŽŶ͖ ϭϭ͘^ŝƚĞĂĐĐĞƐƐĐŽŶƚƌŽůƌĞƋƵŝƌĞŵĞŶƚƐƚŽƉƌŽŚŝďŝƚƵŶĂƵƚŚŽƌŝǌĞĚƉĞƌƐŽŶƐĨƌŽŵĞŶƚĞƌŝŶŐƚŚĞ ^ŝƚĞ͖ ϭϮ͘KƌŝĞŶƚĂƚŝŽŶĂŶĚƚƌĂŝŶŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌǁŽƌŬĞƌƐ͕ǀŝƐŝƚŽƌƐ͕ĂŶĚŵĞŵďĞƌƐŽĨƚŚĞKWd͖ ǆŚŝďŝƚͶ^ĐŽƉĞŽĨDZ^ĞƌǀŝĐĞƐ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ 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͘WƌŽǀŝĚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨŐƌĞĞŵĞŶƚĨŽƌDZWƌŽĐƵƌĞŵĞŶƚ^ĞƌǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐƉƉůŝĐĂƚŝŽŶƐ ĨŽƌWĂǇŵĞŶƚ͕ƉƌŽŐƌĞƐƐƌĞƉŽƌƚŝŶŐ͕ŵĂŶĂŐĞŵĞŶƚŽĨDZƐƚĂĨĨ͕ƐĐŚĞĚƵůĞĨŽƌƐĞƌǀŝĐĞƐ͕ĂŶĚ ĚĞůŝǀĞƌĂďůĞƐ͘ ϯ͘ϬϮƐƐĞŵďůŝŶŐtŽƌŬWĂĐŬĂŐĞƐ ͘ƐƐĞŵďůĞĂƉƉƌŽƉƌŝĂƚĞďŝĚĚŽĐƵŵĞŶƚƐĨŽƌĚŝƐƚƌŝďƵƚŝŽŶƚŽƉƌŽƐƉĞĐƚŝǀĞďŝĚĚĞƌƐĨŽƌtŽƌŬ WĂĐŬĂŐĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽĐƵƌĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐĚĞĨŝŶĞĚŝŶƚŚĞŽŶƐƚƌƵĐƚŝŽŶ DĂŶĂŐĞŵĞŶƚWůĂŶĂŶĚWƌŽĐƵƌĞŵĞŶƚ^ƚƌĂƚĞŐǇWůĂŶ;ƐĞĞĂƐŝĐWƌĞĐŽŶƐƚƌƵĐƚŝŽŶ^ĞƌǀŝĐĞƐͿ͘ ϯ͘ϬϯĚǀĞƌƚŝƐĞĨŽƌŝĚƐ ͘WƵďůŝĐůǇĂĚǀĞƌƚŝƐĞĞĂĐŚtŽƌŬWĂĐŬĂŐĞ͕ƐŽůŝĐŝƚŝŶŐďŝĚƐĨƌŽŵ^ƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚ^ƵƉƉůŝĞƌƐĨŽƌ ĞĂĐŚtŽƌŬWĂĐŬĂŐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞƉƌŽǀŝƐŝŽŶƐŽĨ>ĂǁƐĂŶĚZĞŐƵůĂƚŝŽŶƐ͘ dŚŝƐŝŶĐůƵĚĞƐĂŵŝŶŝŵƵŵŽĨƚŚƌĞĞ;ϯͿĐŽŵƉĞƚŝƚŝǀĞďŝĚĚĞƌƐĨŽƌĞĂĐŚtŽƌŬWĂĐŬĂŐĞ͘ ǆŚŝďŝƚͶ^ĐŽƉĞŽĨDZ^ĞƌǀŝĐĞƐ :ΠDŽĚŝĨŝĞĚDZͲϱϮϱ͕ŐƌĞĞŵĞŶƚďĞƚǁĞĞŶKǁŶĞƌĂŶĚŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞƌĂƚZŝƐŬ͘ ŽƉǇƌŝŐŚƚϮϬϮϯEĂƚŝŽŶĂů^ŽĐŝĞƚǇŽĨWƌŽĨĞƐƐŝŽŶĂůŶŐŝŶĞĞƌƐ͕ŵĞƌŝĐĂŶŽƵŶĐŝůŽĨŶŐŝŶĞĞƌŝŶŐŽŵƉĂŶŝĞƐ͕ Ξ ĂŶĚŵĞƌŝĐĂŶ^ŽĐŝĞƚǇŽĨŝǀŝůŶŐŝŶĞĞƌƐ͘ůůƌŝŐŚƚƐƌĞƐĞƌǀĞĚ͘ WĂŐĞϭϬŽĨϭϮ ͘DĂŝŶƚĂŝŶĂůŝƐƚŽĨĂůůĞŶƚŝƚŝĞƐƚŚĂƚŚĂǀĞƌĞƋƵĞƐƚĞĚďŝĚĚŽĐƵŵĞŶƚƐĨŽƌĞĂĐŚtŽƌŬWĂĐŬĂŐĞ ;ƉůĂŶŚŽůĚĞƌƐͿƵŶƚŝůďŝĚƐĂƌĞƌĞĐĞŝǀĞĚ͘WƌŽǀŝĚĞƵƉĚĂƚĞƐŽĨƚŚĞƉůĂŶŚŽůĚĞƌƐĂƐƌĞƋƵŝƌĞĚďǇƚŚĞ KǁŶĞƌ͛ƐĚǀŝƐŽƌ͘ ͘ŶĐŽƵƌĂŐĞŵƵůƚŝƉůĞ^ƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚ^ƵƉƉůŝĞƌƐƚŽƐƵďŵŝƚďŝĚƐŽŶƚŚĞtŽƌŬWĂĐŬĂŐĞƐŽĂ ŵŝŶŝŵƵŵŽĨƚŚƌĞĞďŝĚƐĂƌĞƌĞĐĞŝǀĞĚĨŽƌĞĂĐŚtŽƌŬWĂĐŬĂŐĞ͘ ϯ͘ϬϰWƌĞͲŝĚŽŶĨĞƌĞŶĐĞƐ ͘ŽŶĚƵĐƚĂƉƌĞͲďŝĚĐŽŶĨĞƌĞŶĐĞǁŝƚŚƉƌŽƐƉĞĐƚŝǀĞ^ƵďĐŽŶƚƌĂĐƚŽƌĂŶĚ^ƵƉƉůŝĞƌƐƚŽĨĂŵŝůŝĂƌŝǌĞ ƚŚĞŵǁŝƚŚ͗ ϭ͘ŝĚŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌtŽƌŬWĂĐŬĂŐĞƐ͖ Ϯ͘^ƉĞĐŝĂůƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͖ ϯ͘WƌĞǀĂŝůŝŶŐǁĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͖ ϰ͘ƋƵĂůĞŵƉůŽǇŵĞŶƚŽƉƉŽƌƚƵŶŝƚǇƌĞƋƵŝƌĞŵĞŶƚƐ͖ĂŶĚ ϱ͘ŝǀĞƌƐĞƵƐŝŶĞƐƐŶƚĞƌƉƌŝƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ŝĨĂŶǇ͘ ͘KďƚĂŝŶƌĞƐƉŽŶƐĞƐĨƌŽŵƚŚĞKǁŶĞƌ͛ƐĚǀŝƐŽƌ͕ŝŶĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚŚĞŶŐŝŶĞĞƌ͕ƚŽĂůů ƋƵĞƐƚŝŽŶƐĂƚƉƌĞͲďŝĚĐŽŶĨĞƌĞŶĐĞƐƌĞƋƵŝƌŝŶŐĂŵŽĚŝĨŝĐĂƚŝŽŶƚŽƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ͘ WƌĞƉĂƌĞĂƌĞĐŽƌĚŽĨƚŚĞĚŝƐĐƵƐƐŝŽŶƐĂƚƚŚĞƉƌĞͲďŝĚĐŽŶĨĞƌĞŶĐĞƚŽĂƐƐŝƐƚƚŚĞKǁŶĞƌ͛ƐĚǀŝƐŽƌ ĂŶĚŶŐŝŶĞĞƌŝŶƉƌĞƉĂƌŝŶŐĚĚĞŶĚĂĂƐĂƉƉƌŽƉƌŝĂƚĞ͘ZĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚŽŶĚĚĞŶĚĂ ƉƌĞƉĂƌĞĚďǇƚŚĞKǁŶĞƌ͛ƐĚǀŝƐŽƌŝŶĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚŚĞŶŐŝŶĞĞƌƚŽŝŶĐŽƌƉŽƌĂƚĞƌĞƐƉŽŶƐĞƐ ƚŽƋƵĞƐƚŝŽŶƐƌĂŝƐĞĚĚƵƌŝŶŐŽƌĂƐĂƌĞƐƵůƚŽĨƚŚĞƉƌĞͲďŝĚĐŽŶĨĞƌĞŶĐĞ͘ ϯ͘ϬϱĚĚĞŶĚĂ 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^ĂŶŝƚĂƌǇ^ĞǁĞƌWŝƉĞ ϭϮΗŐŐƌĞŐĂƚĞĂƐĞ ŝƚƵŵŝŶŽƵƐWĂǀŝŶŐ ŽŶĐƌĞƚĞ^ŝĚĞǁĂůŬ ^ĂŶŝƚĂƌǇ^ƚƌƵĐƚƵƌĞ ZW^ƚŽƌŵ^ĞǁĞƌ tĂƚĞƌŵĂŝŶsĂůǀĞ ƵƌďĂŶĚ'ƵƚƚĞƌ ^ƚŽƌŵ^ƚƌƵĐƚƵƌĞ WŽŶĚ'ƌĂĚŝŶŐ Ws^ƵďĚƌĂŝŶ tĂƚĞƌŵĂŝŶ ,ǇĚƌĂŶƚ 'ƌĂĚŝŶŐ dĞƐƚŝŶŐ dŽƚĂů ͐͑͏ "´ ͓͓͔͐ ͑͏͐͏͐͏ ͔͔͔͒͒ bĺŽôıæôŘ ͑͏͔͑ ièťĺæôŘ ôŕťôıæôŘ ŪČŪŜť ͑͏͓͑ VŪīƅ VŪĲô aÍƅώ ŕŘĖī ĖîôſÍīħ ÍŽĖĲČ ÍĲĖťÍŘƅ@ŘÍîĖĲČŪŘæώÍĲîώ@ŪťťôŘôŜťĖĲČ (ŘĺŜĖĺĲώĺĲťŘĺī ťĺŘıώôſôŘ ®ÍťôŘıÍĖĲ ôŜťĺŘÍťĖĺĲ ' EZ>KE/d/KE^ dZDK&KEdZd͕K>/'d/KE^ $57,&/( dŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĞĨĨĞĐƚŝǀĞƵƉŽŶƚŚĞůĂƚĞƌŽĨƚŚĞĚĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵƉŽŶĞǆĞĐƵƚŝŽŶĂŶĚĂƉƉƌŽǀĂůďǇ $ ďŽƚŚƉĂƌƚŝĞƐ͘dŚŝƐŽŶƚƌĂĐƚǁŝůůƌĞŵĂŝŶŝŶĞĨĨĞĐƚƵŶƚŝůƚŚĞǆƉŝƌĂƚŝŽŶĂƚĞƐĞƚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌƵŶƚŝůĂůů ŽďůŝŐĂƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĨƵůĨŝůůĞĚ͘ &ŽƌĚĞůĂǇƐĞŶĐŽƵŶƚĞƌĞĚƚŚĂƚĂƌĞďĞǇŽŶĚE'/EZ͛ƐĐŽŶƚƌŽů͕ĂŶĚƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚĨƌŽŵE'/EZ͕ƚŚĞ/dzΖƐ % ƵƚŚŽƌŝǌĞĚŐĞŶƚŵĂǇĞǆƚĞŶĚƚŚĞtŽƌŬŽŵƉůĞƚŝŽŶĂƚĞĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞůĞŶŐƚŚ ŽĨƐƵĐŚƚŝŵĞĞǆƚĞŶƐŝŽŶǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͘ /ƚǁŝůůďĞE'/EZ͛ƐƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽƌĞĂƐŽŶĂďůǇŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŝĨE'/EZŚĂƐƌĞĂƐŽŶƚŽ & ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌǇƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌǇƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝǌĞƐƚŚĂƚE'/EZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚǇͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ ϯ͘tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ϰ͘ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ϱ͘ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ ϲ͘WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ ƌĞĂƐŽŶĂďůǇďĞƌĞƋƵŝƌĞĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƐĂŝĚƐĞƌǀŝĐĞƐ͘ /ĨŝŶƚŚŝƐŽŶƚƌĂĐƚƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞĨŽƌƌĞŶĚĞƌŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐĞƚĨŽƌƚŚŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐďǇǁŚŝĐŚƐĞƌǀŝĐĞƐĂƌĞƚŽďĞ & ĐŽŵƉůĞƚĞĚĂƌĞƉƌŽǀŝĚĞĚ͕ĂŶĚŝĨƐƵĐŚƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌĚĂƚĞƐĂƌĞĐŚĂŶŐĞĚƚŚƌŽƵŐŚŶŽĨĂƵůƚŽĨE'/EZ͕ƚŚĞƌĂƚĞƐĂŶĚ ĂŵŽƵŶƚƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽǀŝĚĞĚĨŽƌŚĞƌĞŝŶƐŚĂůůďĞƐƵďũĞĐƚƚŽĞƋƵŝƚĂďůĞĂĚũƵƐƚŵĞŶƚ͘/Ĩ/dzŚĂƐƌĞƋƵĞƐƚĞĚĐŚĂŶŐĞƐŝŶ ƚŚĞƐĐŽƉĞ͕ĞǆƚĞŶƚ͕ŽƌĐŚĂƌĂĐƚĞƌŽĨƚŚĞWƌŽũĞĐƚ͖ƚŚĞƚŝŵĞŽĨƉĞƌĨŽƌŵĂŶĐĞŽĨE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůůďĞĂĚũƵƐƚĞĚĞƋƵŝƚĂďůǇ͘ EĞŝƚŚĞƌƉĂƌƚǇǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞůĂǇŽƌĨĂŝůƵƌĞƚŽƉĞƌĨŽƌŵǁŚĞŶƐƵĐŚĚĞůĂǇŽƌĨĂŝůƵƌĞŝƐĚƵĞƚŽĂŶǇŽĨƚŚĞ ' ĨŽůůŽǁŝŶŐ͕ƵŶůĞƐƐƚŚĞĂĐƚŽƌŽĐĐƵƌƌĞŶĐĞĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůǇĨŽƌĞƐĞĞŶĂŶĚƌĞĂƐŽŶĂďůĞĂĐƚŝŽŶĐŽƵůĚŚĂǀĞďĞĞŶ 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ďĞůŝĞǀĞƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚďĞĐŽŵƉůĞƚĞĚĂƐƐĐŚĞĚƵůĞĚ͘/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĚũƵƐƚƚŚĞ ƐĐŚĞĚƵůĞĂŶĚĨŝŶĂůĐŽƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐƵĐŚĚĞůĂǇƐ͕ĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͘ ŶŐŝŶĞĞƌƐŚĂůůĨƵƌŶŝƐŚĂůůŵĂƚĞƌŝĂůƐ͕ĂůůŶĞĐĞƐƐĂƌǇƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ĂŶĚƉĞƌĨŽƌŵĂůůǁŽƌŬĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌǇƚŽ ' ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝǌĞƐƚŚĂƚE'/EZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚǇͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ ϯ͘tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ϰ͘ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ϱ͘ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ ϲ͘WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ 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ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ & 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