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Ūæîϟϙ͗ϟϙЊŪæīĖèϙ@ŘĺŪĲîŜЋϙıôÍĲŜϙÍīīϙŘôÍīϙŕŘĺŕôŘťƅϙĺſĲôîϙæƅϙĺŘϙîôîĖèÍťôîϙťĺϙťēôϙĖťƅϠϙ ĺťēôŘϙťēÍĲϙŕŪæīĖèϙſÍƅŜϠϙſĖťēϙŘôŜŕôèťϙťĺϙſēĖèēϙĖťƅϙēĺīîŜϙťēôϙīôČÍīϙŘĖČēťϙĺŘϙťĖťīôϙťĺϙČŘÍĲťϙĺŘϙ ſĖťēēĺīîϙôÍŜôıôĲťϠϙīôÍŜôēĺīîϙĺŘϙĺèèŪŕÍĲèƅϙŘĖČēťŜϙĺŘϙŜôŘŽĖťŪîôŜϙťĺϙĺıŕÍĲƅϟϙ Ūæîϟϙ͘ϟϙЊŪæīĖèϙĖČēťŜϱĺċϱ®ÍƅЋϙıôÍĲŜϠϙŜťŘôôťŜϠϙÍŽôĲŪôŜϠϙÍīīôƅŜϠϙŕÍŘħſÍƅŜϠϙÍĲîϙ ĺťēôŘϙŕŪæīĖèϙŘĖČēťŜϱĺċϱſÍƅϙſĖťēĖĲϙťēôϙĖťƅϟϙ ͑͘ϟ͑͏ϙϱϙēôϙ>ŘÍĲèēĖŜôϙ ͑͘ϟ͑͐ϟϙ>ŘÍĲèēĖŜôϟϙŪæîĖŽĖŜĖĺĲϙ͐ϟϙĖťƅϙēôŘôæƅϙČŘÍĲťŜϙÍĲîϙèĺĲŽôƅŜϙťĺϙĺıŕÍĲƅϙťēôϙ ċĺīīĺſĖĲČϙĲĺĲϱôƄèīŪŜĖŽôϙŘĖČēťŜϙÍĲîϙŕŘĖŽĖīôČôŜϙſĖťēĖĲϙťēôϙĖťƅϙÍŜϙĖťŜϙæĺŪĲîÍŘĖôŜϙŕŘôŜôĲťīƅϙ ôƄĖŜťϙÍĲîϙÍŜϙťēôƅϙıÍƅϙæôϙôƄťôĲîôîϙĖĲϙťēôϙċŪťŪŘôϡϙ ϟēôϙŘĖČēťϙÍĲîϙŕŘĖŽĖīôČôϙťĺϙĺŕôŘÍťôϠϙèĺĲŜťŘŪèťϙÍĲîϙıÍĖĲťÍĖĲϙÍϙŕŪæīĖèϙČÍŜϙŪťĖīĖťƅϢϙ ŜϙŕŪæīĖèϙŘĖČēťŜϱĺċϱſÍƅŜϙĺċϙĖťƅϙċĺŘϙťēôϙŕŪŘŕĺŜôϙ ĺċϙôĲīÍŘČĖĲČϠϙôƄťôĲîĖĲČϠϙĺŕôŘÍťĖĲČϠϙŘôŕÍĖŘĖĲČϙÍĲîϙıÍĖĲťÍĖĲĖĲČϠϙĖĲϠϙĺŽôŘϠϙŪĲîôŘϙÍĲîϙ ϙ@ϙ>bFI(ϙϙ ϙ ÍèŘĺŜŜϙťēôϙŜÍıôϠϙÍīīϙČÍŜϙŕĖŕôŜϠϙıÍĖĲŜϠϙÍĲîϙÍŕŕŪŘťôĲÍĲèôŜϙſēĖèēϙÍŘôϙĲôèôŜŜÍŘƅϙĺŘϙ èŪŜťĺıÍŘƅϙĖĲϙÍèèĺŘîÍĲèôϙſĖťēϙŜĺŪĲîϙŪťĖīĖťƅϙŕŘÍèťĖèôŜϙċĺŘϙťēôϙŕŪŘŕĺŜôϙĺċϙťēôϙ ťŘÍĲŜıĖŜŜĖĺĲϙĺċϙČÍŜϠϙĺŘϙťēôϙîĖŜťŘĖæŪťĖĺĲϙĺċϙČÍŜϠϙċĺŘϙŕŪæīĖèϙÍĲîϙŕŘĖŽÍťôϙŪŜôϠϙĖŜϙČŘÍĲťôîϙ ŕŘĺŽĖîôîϙťēÍťϙŪťĖīĖťĖôŜϙƱŘŜťϙıÍħôϙŪŜôϙĺċϙôƄĖŜťĖĲČϙŪťĖīĖťƅϙôÍŜôıôĲťŜϠϙſēôŘôϙŜŪèēϙ ôÍŜôıôĲťŜϙÍŘôϙÍŽÍĖīÍæīôϠϙæôċĺŘôϙĺèèŪŕƅĖĲČϙÍĲîϙŪťĖīĖƏĖĲČϙťēôϙĖťƅДŜϙŕŪæīĖèϙŘĖČēťŜϙĺċϙ ſÍƅŜϢϙÍĲîϙϙ ϟēôϙŘĖČēťϙťĺϙĺèèŪŕƅϙÍĲîϙŪťĖīĖƏôϙťēôϙŕŪæīĖèϙČŘĺŪĲîŜϙĺċϙĖťƅϙċĺŘϙťēôϙŕŪŘŕĺŜôϙĺċϙ ôĲīÍŘČĖĲČϠϙôƄťôĲîĖĲČϠϙĺŕôŘÍťĖĲČϠϙŘôŕÍĖŘĖĲČϙÍĲîϙıÍĖĲťÍĖĲĖĲČϠϙĖĲϠϙĺŽôŘϠϙŪĲîôŘϙÍĲîϙ ÍèŘĺŜŜϙťēôϙŜÍıôϠϙÍīīϙČÍŜϙŕĖŕôŜϠϙıÍĖĲŜϠϙÍĲîϙÍŕŕŪŘťôĲÍĲèôŜϙſēĖèēϙÍŘôϙĲôèôŜŜÍŘƅϙĺŘϙ èŪŜťĺıÍŘƅϙĖĲϙÍèèĺŘîÍĲèôϙſĖťēϙŜĺŪĲîϙŪťĖīĖťƅϙŕŘÍèťĖèôŜϙċĺŘϙťēôϙŕŪŘŕĺŜôϙĺċϙťēôϙ ťŘÍĲŜıĖŜŜĖĺĲϙĺċϙČÍŜϠϙĺŘϙťēôϙîĖŜťŘĖæŪťĖĺĲϙĺċϙČÍŜϠϙċĺŘϙŕŪæīĖèϙÍĲîϙŕŘĖŽÍťôϙŪŜôϟϙēôϙŘĖČēťϙťĺϙ ĺèèŪŕƅϙÍĲîϙŪťĖīĖƏôϙŕŪæīĖèϙČŘĺŪĲîŜϙĖŜϙŜŪæĤôèťϙťĺϙťēôϙĖťƅЍŜϙÍŕŕŘĺŽÍīϙĺċϙÍϙŘôŽĺèÍæīôϙ ŕôŘıĖťϠϙſēĖèēϙſĖīīϙèĺĲťÍĖĲϙèĺĲîĖťĖĺĲŜϙĖĲèīŪîĖĲČϙťēôϙĺıŕÍĲƅЍŜϙŘôŜŕĺĲŜĖæĖīĖťƅϙċĺŘϙ ŕÍƅıôĲťϙĺċϙŘôıĺŽÍīϙĺŘϙŘôīĺèÍťĖĺĲϙèĺŜťŜϙĖĲϙÍϙèĖŘèŪıŜťÍĲèôϙſēôŘôϙÍϙŕŪæīĖèϙŕŘĺĤôèťϙĖŜϙ ŕŘĺŕĺŜôîϙċĺŘϙťēôϙŕŪæīĖèϙČŘĺŪĲîŜϟϙ Ūæîϟϙ͑ϟϙēôϙċŘÍĲèēĖŜôϙČŘÍĲťôîϙĖĲϙŜŪæîĖŽĖŜĖĺĲϙ͐ϙĖŜϙŜŪæĤôèťϙťĺϙϼϽϙťēĖŜϙèēÍŕťôŘϢϙϼĖĲťôĲťϙĲĺťϙťĺϙŘôĲôſϙÍťϙīôÍŜťϙĲĖĲôťƅϙϼ͘͏ϽϙîÍƅŜϙ ŕŘĖĺŘϙťĺϙťēôϙôƄŕĖŘÍťĖĺĲϙĺċϙťēôϙťēôĲϱèŪŘŘôĲťϙťôŘıϟϙϙťϙÍĲƅϙťĖıôϙîŪŘĖĲČϙÍϙŘôĲôſÍīϙŕôŘĖĺîϠϙôĖťēôŘϙ ŕÍŘťƅϙıÍƅϙŕŘĺŕĺŜôϙıĺîĖƱèÍťĖĺĲŜϙťĺϙťēôϙ>ŘÍĲèēĖŜôϙťôŘıŜϟϙϙIċϙťēôϙŕÍŘťĖôŜϙċÍĖīϙťĺϙŘôÍèēϙÍĲϙ ÍČŘôôıôĲťϙĺĲϙťēôϙŘôŽĖŜôîϙťôŘıŜϠϙťēôϙ>ŘÍĲèēĖŜôϙŜēÍīīϙèĺĲťĖĲŪôϙŪĲîôŘϙôƄĖŜťĖĲČϙťôŘıŜϙŪĲťĖīϙ ťôŘıĖĲÍťôîϙĖĲϙÍèèĺŘîÍĲèôϙſĖťēϙťēĖŜϙĺŘîĖĲÍĲèôϟϙ ͑͘ϟ͒͏ϙϱϙ(ƄťôĲŜĖĺĲϙĺċϙôŘŽĖèôϙ ͑͘ϟϙ͒͐ϟϙ(ƄťôĲŜĖĺĲϙĺċϙôŘŽĖèôϟϙŕĺĲϙŘôèôĖŕťϙÍĲîϙÍèèôŕťÍĲèôϙĺċϙÍϙŽÍīĖîϙÍŕŕīĖèÍťĖĺĲϙ ċĺŘϙŜôŘŽĖèôϠϙĺıŕÍĲƅϙŜēÍīīϠϙŜŪæĤôèťϙťĺϙĖťŜϙŘôÍŜĺĲÍæīôϙôèĺĲĺıĖèϙċôÍŜĖæĖīĖťƅϙèŘĖťôŘĖÍϠϙŕŘĺŽĖîôϙ ŜŪèēϙŘôÍŜĺĲÍæīôϙôƄťôĲŜĖĺĲŜϙĺċϙĖťŜϙıÍĖĲŜϙÍĲîϙŕĖŕôŜϙċŘĺıϙťĖıôϙťĺϙťĖıôϙÍŜϙÍŘôϙŘôŗŪĖŘôîϙťĺϙ ŜôŘŽôϙĖťƅϙÍĲîϙèŪŜťĺıôŘŜϙſĖťēĖĲϙťēôϙèŪŘŘôĲťϙÍĲîϙċŪťŪŘôϙīĖıĖťŜϙĺċϙťēôϙĖťƅϟϙIċϙŜŪèēϙôƄťôĲŜĖĺĲŜϙ ÍŘôϙČĺŽôŘĲôîϙæƅϙÍĲƅϙĺıŕÍĲƅϙťÍŘĖƯϙĺĲϙƱīôϙſĖťēϙťēôϙaϠϙĺıŕÍĲƅϙŜēÍīīϙŕŘĺŽĖîôϙĖťƅϙſĖťēϙ ϙ@ϙ>bFI(ϙϙ ϙ ÍϙèĺŕƅϙĺċϙťēôϙťÍŘĖƯϙÍĲîϙĲĺťĖèôϙĺċϙÍĲƅϙĺıŕÍĲƅϙŕŘĺŕĺŜÍīϙťĺϙèēÍĲČôϙÍĲƅϙťÍŘĖƯϙŕŘĺŽĖŜĖĺĲϙ ŘôīÍťôîϙťĺϙťēôϙôƄťôĲŜĖĺĲŜϟϙĺıŕÍĲƅϙŜēÍīīϙÍŕŕīƅϙÍĲƅϙťÍŘĖƯϙĖĲϙÍϙŘôÍŜĺĲÍæīôϙÍĲîϙīĖæôŘÍīϙċÍŜēĖĺĲϙ ŜĺϙÍŜϙťĺϙŕŘĺıĺťôϙÍĲîϙıÍƄĖıĖƏôϙèĺııôŘèôϙÍĲîϙîôŽôīĺŕıôĲťϙſĖťēĖĲϙťēôϙĖťƅϙÍĲîϙťĺϙťēôϙċŪīīϙ ôƄťôĲťϙŕôŘıĖťťôîϙæƅϙīÍſϟϙIĲϙťēôϙôŽôĲťϙĺıŕÍĲƅϙŕŘĺŕĺŜôŜϙÍĲƅϙèēÍŘČôϙċĺŘϙŜŪèēϙôƄťôĲŜĖĺĲŜϙ ϼŜĺıôťĖıôŜϙŘôċôŘŘôîϙťĺϙÍŜϙÍĖîŜϙťĺϙèĺĲŜťŘŪèťĖĺĲϽϙĺŘϙĖĲϙťēôϙôŽôĲťϙĺıŕÍĲƅϙŕŘĺŕĺŜôŜϙťĺϙŘôċŪŜôϙ ťĺϙŕŘĺŽĖîôϙŜŪèēϙôƄťôĲŜĖĺĲϠϙĺıŕÍĲƅϙıŪŜťϙČĖŽôϙĲĺťĖèôϙĺċϙŜŪèēϙÍèťĖĺĲϙťĺϙťēôϙĖťƅϟϙ ͑͘ϟ͓͏ϙϱϙĺĲŜťŘŪèťĖĺĲϙôŜťŘĖèťĖĺĲŜϙ ͑͘ϟ͓͐ϟϙĺĲŜťŘŪèťĖĺĲϙôŜťŘĖèťĖĺĲϟϙŪæîĖŽĖŜĖĺĲϙ͐ϟϙ®ēôĲôŽôŘϙťēôϙĺıŕÍĲƅϙîôŜĖŘôŜϙťĺϙ ĺŕôĲϙĺŘϙîĖŜťŪŘæϙÍĲƅϙŕŪæīĖèϙŘĖČēťϱĺċϱſÍƅϙĺŘϙŕŪæīĖèϙČŘĺŪĲîϙċĺŘϙťēôϙŕŪŘŕĺŜôϙĺċϙıÍĖĲťôĲÍĲèôϠϙ ŘôŕÍĖŘϙĺŘϙīÍƅĖĲČϙĺċϙČÍŜϙıÍĖĲŜϙĺŘϙŕĖŕôŜϠϙĖťϙıŪŜťϙČĖŽôϙťēôϙĖťƅϙŘôÍŜĺĲÍæīôϙÍîŽÍĲèôϙĲĺťĖèôϠϙæŪťϙ ĲĺťϙīôŜŜϙťēÍĲϙťſĺϙæŪŜĖĲôŜŜϙîÍƅŜϠϙæƅϙƱīĖĲČϙÍϙſŘĖťťôĲϙĲĺťĖèôϙſĖťēϙťēôϙŪæīĖèϙ®ĺŘħŜϙ"ĖŘôèťĺŘϟϙIĲϙ ÍĲƅϙèÍŜôϠϙĺıŕÍĲƅϙèÍĲĲĺťϙèĺııôĲèôϙŜŪèēϙſĺŘħϙæôċĺŘôϙĺæťÍĖĲĖĲČϙċŘĺıϙťēôϙĖťƅϙÍĲϙ ÍŕŕŘĺŕŘĖÍťôϙŕôŘıĖťϙĺŘϙĺťēôŘϙſŘĖťťôĲϙèĺĲŜôĲťϟϙ"ŪŘĖĲČϙťēôϙŕŘĺČŘôŜŜϙĺċϙťēôϙſĺŘħϠϙťēôϙĺıŕÍĲƅϙ èÍĲĲĺťϙôĲîÍĲČôŘϙĺŘϙŪĲĲôèôŜŜÍŘĖīƅϙĺæŜťŘŪèťϙťēôϙŕÍŜŜÍČôϙĺċϙťŘÍƯĖèϙĺŘϙťēôϙĲĺŘıÍīϙÍĲîϙ èŪŜťĺıÍŘƅϙŪŜôϙĺċϙťēôϙŕŪæīĖèϙŘĖČēťϱĺċϱſÍƅϙĺŘϙŕŪæīĖèϙČŘĺŪĲîϟϙ Ūæîϟϙ͑ϟϙĺıŕÍĲƅϙĲôôîϙĲĺťϙĺæťÍĖĲϙÍĲƅϙŘôŗŪĖŘôîϙŕôŘıĖťϙĺŘϙĺťēôŘϙſŘĖťťôĲϙèĺĲŜôĲťϙĖĲϙ ĺŘîôŘϙťĺϙŕôŘċĺŘıϙϼϽϙŘĺŪťĖĲôϙıÍĖĲťôĲÍĲèôϙĺŘϙŘôŕÍĖŘŜϙſēôŘôϙôƄèÍŽÍťĖĺĲϙĖŜϙĲĺťϙŘôŗŪĖŘôîϢϙĺŘϙϼϙôƄèÍŽÍťĖĺĲŜϙſôŘôϙıÍîôϟϙFĺſôŽôŘϠϙ ťēôϙĺıŕÍĲƅϙèÍĲĲĺťϙĖĲťôŘċôŘôϙſĖťēϙÍĲƅϙĖıŕŘĺŽôıôĲťŜϙæôĖĲČϙıÍîôϙæƅϙťēôϙĖťƅϙſĖťēĺŪťϙťēôϙ ĖťƅЍŜϙèĺĲŜôĲťϟϙēôϙĖťƅϙŜēÍīīϙĲĺťϙĖıŕĺŜôϙŕôŘıĖťϙŘôŗŪĖŘôıôĲťŜϙŪŕĺĲϙťēôϙĺıŕÍĲƅϙťēÍťϙĖŜϙ îĖƯôŘôĲťϙċŘĺıϙťēôϙŘôŗŪĖŘôıôĲťŜϙĖıŕĺŜôîϙĺĲϙĺťēôŘϙŕŘĖŽÍťôϙŜıÍīīϙîĖÍıôťôŘϙŪťĖīĖťƅϙŕŘĺŽĖîôŘŜϙ ċĺŘϙŜĖıĖīÍŘϙŘôŜťĺŘÍťĖĺĲϙſĺŘħϟϙ Ūæîϟϙ͓ϟϙIċϙĺıŕÍĲƅϙċÍĖīŜϙťĺϙŕŘĺıŕťīƅϙŘôŜťĺŘôϙťēôϙîĖŜťŪŘæôîϙŕŪæīĖèϙŘĖČēťϱĺċϱſÍƅϙĺŘϙ ŕŪæīĖèϙČŘĺŪĲîϙſĖťēĖĲϙ͒͏ϙîÍƅŜϙĺċϙĲĺťĖèôϙæƅϙťēôϙĖťƅϠϙĖťƅϙıÍƅϙîĺϙŜĺϙÍťϙťēôϙĺıŕÍĲƅЍŜϙ ôƄŕôĲŜôϟϙŕĺĲϙĖťƅДŜϙîôıÍĲîϠϙĺıŕÍĲƅϙıŪŜťϙŕÍƅϙťĺϙťēôϙĖťƅϙĖťЍŜϙŘôÍŜĺĲÍæīôϙèĺŜťϙĺċϙŘôŕÍĖŘϙ ťĺČôťēôŘϙſĖťēϙĖťŜϙÍîıĖĲĖŜťŘÍťĖŽôϙôƄŕôĲŜôϙÍĲîϙĺŽôŘēôÍîϙÍŜŜĺèĖÍťôîϙſĖťēϙťēôϙŘôŕÍĖŘϟϙ Ūæîϟϙ͔ϟϙ"ŪŘĖĲČϙťēôϙŕŘĺČŘôŜŜϙĺċϙĖťŜϙſĺŘħϠϙĺıŕÍĲƅϙıŪŜťϙħôôŕϙťēôϙŕŪæīĖèϙŘĖČēťϱĺċϱſÍƅϙ ĺŘϙŕŪæīĖèϙČŘĺŪĲîϙČŪÍŘîôîϙĖĲϙĺŘîôŘϙťĺϙŕŘôŽôĲťϙÍèèĖîôĲťŜϙťĺϙŕôŘŜĺĲŜϙĺŘϙŕŘĺŕôŘťƅϟϙ ϙ@ϙ>bFI(ϙϙ ϙ ͑͘ϟ͓͑ϟϙŕĺĲϙťēôϙĖťƅЍŜϙŘôŗŪôŜťϙÍĲîϙſĖťēĖĲϙÍϙŘôÍŜĺĲÍæīôϙťĖıôϠϙĺıŕÍĲƅϙıŪŜťϙ ŕŘĺŽĖîôϙƱôīîϙīĺèÍťĖĺĲŜϙċĺŘϙÍīīϙĖťŜϙŪĲîôŘČŘĺŪĲîϙċÍèĖīĖťĖôŜϟϙēôϙŕôŘĖĺîϙĺċϙťĖıôϙſĖīīϙæôϙ èĺĲŜĖîôŘôîϙŘôÍŜĺĲÍæīôϙĖċϙĖťϙèĺıŕÍŘôŜϙċÍŽĺŘÍæīƅϙſĖťēϙťēôϙÍŽôŘÍČôϙťĖıôϙŘôŗŪĖŘôîϙæƅϙťēôϙĖťƅϙ ťĺϙīĺèÍťôϙıŪĲĖèĖŕÍīϙŪĲîôŘČŘĺŪĲîϙċÍèĖīĖťĖôŜϙċĺŘϙťēôϙĺıŕÍĲƅϟϙ ͑͘ϟ͓͓ϟϙĺĲŜťŘŪèťĖĺĲϙŘôīÍťôîϙĖŜŜŪôŜϙ ŕôŘťÍĖĲĖĲČϙťĺϙťēôϙŘôīĺèÍťĖĺĲϙĺċϙċÍèĖīĖťĖôŜϙĖĲϙċŪŘťēôŘÍĲèôϙĺċϙťēôϙČĺÍīϙĺċϙıĖĲĖıĖƏĖĲČϙ ĖťƅϙŕŘĺĤôèťϙèĺĲŜťŘŪèťĖĺĲϙîôīÍƅŜϟϙ Ūæîϟϙ͒ϟϙIċϙťēôϙĖťƅϙŘôŗŪôŜťŜϙťēôϙĺıŕÍĲƅϙťĺϙŘôīĺèÍťôϙĖťŜϙċÍèĖīĖťĖôŜϙĺŘϙôŗŪĖŕıôĲťϙ ŕŘĖıÍŘĖīƅϙċĺŘϙÍϙĲĺĲϱŕŪæīĖèϙŕŪŘŕĺŜôϙĺŘϙċĺŘϙťēôϙŕŘĖıÍŘƅϙæôĲôƱťϙĺċϙÍϙèĺııôŘèĖÍīϙĺŘϙŕŘĖŽÍťôϙ ŕŘĺĤôèťϙÍĲîϙŜŪèēϙŘôıĺŽÍīϙĖŜϙĲôèôŜŜÍŘƅϙťĺϙŕŘôŽôĲťϙĖĲťôŘċôŘôĲèôϙŘÍťēôŘϙťēÍĲϙıôŘôīƅϙċĺŘϙťēôϙ èĺĲŽôĲĖôĲèôϙĺċϙťēôϙĖťƅϙĺŘϙĺťēôŘϙŘĖČēťϱĺċϱſÍƅϙŪŜôŘϠϙťēôϙĺıŕÍĲƅϙŜēÍīīϙŘôèôĖŽôϙŕÍƅıôĲťϙ ϙ@ϙ>bFI(ϙϙ ϙ ċŘĺıϙťēôϙèĺııôŘèĖÍīϙĺŘϙŕŘĖŽÍťôϙîôŽôīĺŕôŘϙĺŘϙĺťēôŘϙĲĺĲϱŕŪæīĖèϙôĲťĖťƅϙċĺŘϙťēôϙèĺŜťϙĺċϙŜŪèēϙ ŘôīĺèÍťĖĺĲϙÍŜϙÍϙŕŘôèĺĲîĖťĖĺĲϙťĺϙŘôīĺèÍťĖĲČϙĖťŜϙċÍèĖīĖťĖôŜϙĺŘϙôŗŪĖŕıôĲťϟϙ Ūæîϟϙ͓ϟϙĖťƅϙŜēÍīīϙèĺĲŜĖîôŘϙŘôÍŜĺĲÍæīôϙÍīťôŘĲÍťĖŽôŜϙĖĲϙîôŜĖČĲĖĲČϙĖťŜϙŕŪæīĖèϙſĺŘħŜϙ ŕŘĺĤôèťŜϙŜĺϙÍŜϙĲĺťϙťĺϙÍŘæĖťŘÍŘĖīƅϙèÍŪŜôϙťēôϙĺıŕÍĲƅϙŪĲŘôÍŜĺĲÍæīôϙÍîîĖťĖĺĲÍīϙôƄŕôĲŜôϙĖĲϙ ôƄôŘèĖŜĖĲČϙĖťŜϙÍŪťēĺŘĖťƅϙŪĲîôŘϙťēĖŜϙôèťĖĺĲϟϙ Ūæîϟϙ͔ϟϙēĖŜϙôèťĖĺĲϙîĺôŜϙĲĺťϙèĺıŕôīϙÍϙſÍĖŽôŘϙæƅϙťēôϙĺıŕÍĲƅϠϙĲĺŘϙèĺĲŜťĖťŪťôϙÍϙ ťÍħĖĲČϙæƅϙťēôϙĖťƅϠϙĺċϙÍĲƅϙſŘĖťťôĲϙČŘÍĲťϙĺċϙôÍŜôıôĲťϙťĺϙĺıŕÍĲƅϙĺŘϙÍĲƅϙŕŘôŜèŘĖŕťĖŽôϙŘĖČēťŜϙ ťēôϙĺıŕÍĲƅϙēÍŜϙÍèŗŪĖŘôîϙæƅϙſÍƅϙĺċϙÍîŽôŘŜôϙŕĺŜŜôŜŜĖĺĲϙĖĲîôŕôĲîôĲťϙĺċϙÍĲîϙſĖťēĺŪťϙ ŘôīĖÍĲèôϙæƅϙťēôϙĺıŕÍĲƅϙĺĲϙťēĖŜϙ>ŘÍĲèēĖŜôϙĺŘϙÍĲƅϙŕŘĖĺŘϙċŘÍĲèēĖŜôϙÍîĺŕťôîϙæƅϙĖťƅϟϙ ͑͘ϟ͔͑ϟϙĲƅϙŘôīĺèÍťĖĺĲϠϙŘôıĺŽÍīϙĺŘϙŘôÍŘŘÍĲČôıôĲťϙĺċϙÍĲƅϙĺıŕÍĲƅϙċÍèĖīĖťĖôŜϙıÍîôϙ ĲôèôŜŜÍŘƅϙæôèÍŪŜôϙĺċϙťēôϙôƄťôĲŜĖĺĲϙĖĲťĺϙĺŘϙťēŘĺŪČēϙĖťƅϙĺċϙÍϙaĲ"iϙċôîôŘÍīīƅϙÍĖîôîϙŜťÍťôϙ ťŘŪĲħϙēĖČēſÍƅϙŕŘĺĤôèťϙŜēÍīīϙæôϙČĺŽôŘĲôîϙæƅϙťēôϙŕŘĺŽĖŜĖĺĲŜϙĺċϙaĖĲĲôŜĺťÍϙťÍťŪťôŜϙôèťĖĺĲϙ ͕͐͐ϟ͓͕ϟϙ ͑͘ϟ͔͒ϟϙIċϙÍϙŕŪæīĖèϙŘĖČēťϱĺċϱſÍƅϙĖŜϙŽÍèÍťôîϠϙĖıŕŘĺŽôîϙĺŘϙŘôÍīĖČĲôîϙæôèÍŪŜôϙĺċϙÍϙ ŘôĲôſÍīϙĺŘϙŘôîôŽôīĺŕıôĲťϙŕīÍĲϙſēĖèēϙĖŜϙƱĲÍĲèĖÍīīƅϙŜŪæŜĖîĖƏôîϙĖĲϙſēĺīôϙĺŘϙĖĲϙŕÍŘťϙæƅϙťēôϙ >ôîôŘÍīϙČĺŽôŘĲıôĲťϠϙťēôϙŘôÍŜĺĲÍæīôϙĲĺĲæôťťôŘıôĲťϙèĺŜťŜϙĺċϙĺıŕÍĲƅДŜϙŘôīĺèÍťĖĺĲϙĺŘϙ ŘôıĺŽÍīϙĺċϙĖťŜϙċÍèĖīĖťĖôŜϙŜēÍīīϙĲĺťϙæôϙťēôϙĺæīĖČÍťĖĺĲϙĺċϙĺıŕÍĲƅϙĖċϙŜŪèēϙèĺŜťŜϙŪĲîôŘϙťēôĲϙ ŕŘôŽÍĖīĖĲČϙīÍſϙÍŘôϙťēôϙĺæīĖČÍťĖĺĲϙĺċϙťēôϙ>ôîôŘÍīϙČĺŽôŘĲıôĲťϙĺŘϙÍĲƅϙÍČôĲèƅϙťēôŘôĺċϟϙ ͑͘ϟ͔͓ϟϙēĖŜϙēÍŕťôŘϙîĺôŜϙĲĺťϙŘôīĖôŽôϙÍĲƅϙťēĖŘîϙŕÍŘťƅϙċŘĺıϙīĖÍæĖīĖťƅϙÍŘĖŜĖĲČϙĺŪťϙĺċϙťēôĖŘϙ ċÍĖīŪŘôϙťĺϙôƄôŘèĖŜôϙŘôÍŜĺĲÍæīôϙèÍŘôϙťĺϙÍŽĺĖîϙĖĲĤŪŘĖĲČϙĺıŕÍĲƅДŜϙċÍèĖīĖťĖôŜϙſēĖīôϙŕôŘċĺŘıĖĲČϙ ÍĲƅϙſĺŘħϙèĺĲĲôèťôîϙſĖťēϙČŘÍîĖĲČϙĺŘϙèēÍĲČĖĲČϙĺċϙÍĲƅϙŕŪæīĖèϙſÍƅϙĺŘϙſĖťēϙÍĲƅϙèĺĲŜťŘŪèťĖĺĲϙĺĲϙ ĺŘϙÍîĤÍèôĲťϙťĺϙÍĲƅϙŕŪæīĖèϙſÍƅϟϙFĺſôŽôŘϠϙťēĖŜϙŜôèťĖĺĲϙîĺôŜϙĲĺťϙīĖıĖťϙťēôϙĖťƅЍŜϙŘĖČēťϙťĺϙ ĖĲîôıĲĖƱèÍťĖĺĲϙŪĲîôŘϙôèťĖĺĲϙ͑͘ϟ͕͐ϟϙ ŘťĖèīôϙ͑͘ϟ͕͏ϙϱϙIĲîôıĲĖƱèÍťĖĺĲϙÍĲîϙIĲŜŪŘÍĲèôϙ ͑͘ϟ͕͐ϟϙŪæîĖŽĖŜĖĺĲϙ͐ϟϙĺıŕÍĲƅϙıŪŜťϙĖĲîôıĲĖċƅϙÍĲîϙēĺīîϙťēôϙĖťƅϙēÍŘıīôŜŜϙċŘĺıϙ ÍĲƅϙÍĲîϙÍīīϙèīÍĖıŜϠϙĖĲèīŪîĖĲČϙŘôÍŜĺĲÍæīôϙÍťťĺŘĲôƅŜЍϙċôôŜϠϙÍŘĖŜĖĲČϙĺŪťϙĺċϙťēôϙĺıŕÍĲƅЍŜϙ ĲôČīĖČôĲèôϠϙſŘĺĲČċŪīϙÍèťŜϙĺŘϙĺıĖŜŜĖĺĲŜϙĖĲϙèĺĲĲôèťĖĺĲϙſĖťēϙťēôϙĺıŕÍĲƅЍŜϙĺŕôŘÍťĖĺĲϙŪĲîôŘϙ ťēĖŜϙ>ŘÍĲèēĖŜôϟϙēôϙťôŘıϙЊĺıŕÍĲƅЋϙĖĲèīŪîôŜϙťēôϙĺıŕÍĲƅϠϙĖťŜϙÍČôĲťŜϠϙŜôŘŽÍĲťŜϠϙ ĖĲîôŕôĲîôĲťϙèĺĲťŘÍèťĺŘŜϙĺŘϙôıŕīĺƅôôŜϟϙ®ēôĲϙÍϙèīÍĖıϙĖŜϙıÍîôϙÍČÍĖĲŜťϙťēôϙĖťƅϠϙťēôϙĖťƅϙ ŜēÍīīϙŕŘĺıŕťīƅϙĲĺťĖċƅϙťēôϙĺıŕÍĲƅϙĺċϙŜŪèēϙŜŪĖťϙŜĺϙÍŜϙťĺϙČĖŽôϙťēôϙĺıŕÍĲƅϙŜŪƯĖèĖôĲťϙťĖıôϙťĺϙ ÍŕŕôÍŘϙĺĲϙæôēÍīċϙĺċϙÍĲîϙîôċôĲîϙťēôϙĖťƅϟϙ Ūæîϟϙ͑ϟϙIċϙĺıŕÍĲƅϙôīôèťŜϙťĺϙîôċôĲîϙĖťƅϠϙĖťϙſĖīīϙťēôŘôÍċťôŘϙēÍŽôϙèĺıŕīôťôϙèĺĲťŘĺīϙĺċϙ ŜŪèēϙīĖťĖČÍťĖĺĲϟϙFĺſôŽôŘϠϙťēôϙĺıŕÍĲƅϙıÍƅϙĲĺťϙŜôťťīôϙŜŪèēϙīĖťĖČÍťĖĺĲϙſĖťēĺŪťϙťēôϙĖťƅЍŜϙ èĺĲŜôĲťϠϙſēĖèēϙſĖīīϙĲĺťϙæôϙŪĲŘôÍŜĺĲÍæīƅϙſĖťēēôīîϟϙ ϙ@ϙ>bFI(ϙϙ ϙ Ūæîϟϙ͒ϟϙĺıŕÍĲƅДŜϙĺæīĖČÍťĖĺĲϙťĺϙĖĲîôıĲĖċƅϙťēôϙĖťƅϙŜēÍīīϙĲĺťϙôƄťôĲîϙťĺϙÍĲƅϙĖĲĤŪŘƅϙťĺϙ ŕôŘŜĺĲŜϙĺŘϙŕŘĺŕôŘťƅϙèÍŪŜôîϙæƅϙťēôϙĖťƅЍŜϙĲôČīĖČôĲèôϠϙſŘĺĲČċŪīϙÍèťŜϙĺŘϙĺıĖŜŜĖĺĲŜϟϙ Ūæîϟϙ͓ϟϙēĖŜϙŜôèťĖĺĲϙĖŜϙĲĺťϠϙÍŜϙťĺϙťēĖŘîϙŕÍŘťĖôŜϠϙÍϙſÍĖŽôŘϙĺċϙÍĲƅϙîôċôĲŜôϙĺŘϙĖııŪĲĖťƅϙ ĺťēôŘſĖŜôϙÍŽÍĖīÍæīôϙťĺϙĖťƅϟϙĺıŕÍĲƅϠϙĖĲϙîôċôĲîĖĲČϙÍĲƅϙÍèťĖĺĲϙĺĲϙæôēÍīċϙĺċϙĖťƅϠϙĖŜϙôĲťĖťīôîϙ ťĺϙÍŜŜôŘťϙĖĲϙÍĲƅϙÍèťĖĺĲϙôŽôŘƅϙîôċôĲŜôϙĺŘϙĖııŪĲĖťƅϙťēÍťϙĖťƅϙèĺŪīîϙÍŜŜôŘťϙĖĲϙĖťŜϙĺſĲϙæôēÍīċϟϙ Ūæîϟϙ͔ϟϙĺıŕÍĲƅДŜϙĖĲîôıĲĖƱèÍťĖĺĲϙĺæīĖČÍťĖĺĲŜϙŜēÍīīϙŜŪŘŽĖŽôϙťēôϙôƄŕĖŘÍťĖĺĲϠϙ ÍıôĲîıôĲťϙĺŘϙťôŘıĖĲÍťĖĺĲϙĺċϙťēĖŜϙ>ŘÍĲèēĖŜôϟϙ ͑͘ϟ͕͑ϟϙŕĺĲϙŘôŗŪôŜťϠϙĺıŕÍĲƅϙıŪŜťϙċŪŘĲĖŜēϙĖťƅϙſĖťēϙÍϙŜŪııÍŘƅϙĺċϙĖĲŜŪŘÍĲèôϙ èĺŽôŘÍČôϙîôŜĖČĲôîϙťĺϙċŪīƱīīϙťēôϙĺıŕÍĲƅЍŜϙĖĲîôıĲĖƱèÍťĖĺĲϙÍĲîϙēĺīîϙēÍŘıīôŜŜϙĺæīĖČÍťĖĺĲŜϙ ŕŘĺŽĖîôîϙĖĲϙôèťĖĺĲϙ͑͘ϟ͕͐ϟϙ ͑͘ϟ͕͒ϟϙŪæîĖŽĖŜĖĺĲϙ͐ϟϙIĲϙĺŕôŘÍťĖĲČϙÍϙŕŪæīĖèϙČÍŜϙŪťĖīĖťƅϠϙťēôϙĺıŕÍĲƅϙŜēÍīīϙĺæŜôŘŽôϙ ÍīīϙċôîôŘÍīϠϙŜťÍťôϙÍĲîϙīĺèÍīϙīÍſŜϠϙŘŪīôŜϠϙŘôČŪīÍťĖĺĲŜϙÍĲîϙĺŘîôŘŜϙſĖťēϙŘôŜŕôèťϙťĺϙťēôϙîĖŜèēÍŘČôϠϙ ČôĲôŘÍťĖĺĲϠϙŘôıĺŽÍīϠϙťŘÍĲŜŕĺŘťÍťĖĺĲϠϙŜťĺŘÍČôϙÍĲîϙēÍĲîīĖĲČϙĺċϙÍīīϙıÍťôŘĖÍīŜϠϙŜŪæŜťÍĲèôŜϙÍĲîϙ ſÍŜťôŜϙîôôıôîϙťĺƄĖèϙĺŘϙēÍƏÍŘîĺŪŜϙťĺϙēôÍīťēϠϙĲÍťŪŘÍīϙŘôŜĺŪŘèôŜϙĺŘϙťēôϙôĲŽĖŘĺĲıôĲťϙ ŕŪŘŜŪÍĲťϙťēôŘôťĺϙϼГFÍƏÍŘîĺŪŜϙŪæŜťÍĲèôŜГϽϟϙ Ūæîϟϙ͑ϟϙĺıŕÍĲƅϙŜēÍīīϙŘôıĺŽôϙĺŘϙŘôıôîĖÍťôϙÍĲƅϙFÍƏÍŘîĺŪŜϙŪæŜťÍĲèôŜϙϼϽϙ īĺèÍťôîϙĺĲϠϙĖĲϙĺŘϙŜŪŘŘĺŪĲîĖĲČϙĖťŜϙČÍŜϙîĖŜťŘĖæŪťĖĺĲϙċÍèĖīĖťĖôŜϢϙĺŘϙϼϠϙŘôČŪīÍťĖĺĲϙĺŘϙīÍſċŪīϙĺŘîôŘϙ ČĺŽôŘĲĖĲČϙFÍƏÍŘîĺŪŜϙŪæŜťÍĲèôŜϟϙ ͑͘ϟ͖͏ϙϱϙ«ÍèÍťĖĺĲϙĺċϙŪæīĖèϙ®ÍƅŜϙ ͑͘ϟ͖͐ϟϙēôϙĖťƅϙŜēÍīīϙČĖŽôϙťēôϙĺıŕÍĲƅϙÍťϙīôÍŜťϙťſĺϙſôôħŜϙŕŘĖĺŘϙſŘĖťťôĲϙĲĺťĖèôϙĺċϙÍϙ ŕŘĺŕĺŜôîϙŽÍèÍťĖĺĲϙĺċϙÍϙŕŪæīĖèϙŘĖČēťϱĺċϱſÍƅϟϙ(ƄèôŕťϙſēôŘôϙĺŘîôŘôîϙŕŪŘŜŪÍĲťϙťĺϙôèťĖĺĲϙ ͑͘ϟ͔͐ϠϙťēôϙŽÍèÍťĖĺĲϙĺċϙÍĲƅϙŕŪæīĖèϙŘĖČēťϱĺċϱſÍƅϠϙÍċťôŘϙťēôϙĖĲŜťÍīīÍťĖĺĲϙĺċϙČÍŜϙċÍèĖīĖťĖôŜϠϙŜēÍīīϙ ĲĺťϙĺŕôŘÍťôϙťĺϙîôŕŘĖŽôϙĺıŕÍĲƅϙĺċϙĖťŜϙŘĖČēťŜϙťĺϙĺŕôŘÍťôϙÍĲîϙıÍĖĲťÍĖĲϙŜŪèēϙČÍŜϙċÍèĖīĖťĖôŜϠϙ ŪĲťĖīϙťēôϙŘôÍŜĺĲÍæīôϙèĺŜťϙĺċϙŘôīĺèÍťĖĲČϙťēôϙŜÍıôϙÍĲîϙťēôϙīĺŜŜϙÍĲîϙôƄŕôĲŜôϙŘôŜŪīťĖĲČϙċŘĺıϙ ŜŪèēϙŘôīĺèÍťĖĺĲϙÍŘôϙƱŘŜťϙŕÍĖîϙťĺϙĺıŕÍĲƅϟϙIĲϙĲĺϙèÍŜôϠϙēĺſôŽôŘϠϙŜēÍīīϙĖťƅϙæôϙīĖÍæīôϙťĺϙťēôϙ ϙ@ϙ>bFI(ϙϙ ϙ ĺıŕÍĲƅϙċĺŘϙċÍĖīŪŘôϙťĺϙŜŕôèĖƱèÍīīƅϙŕŘôŜôŘŽôϙÍϙŘĖČēťϱĺċϱſÍƅϠϙĖĲϙťēôϙôƄôŘèĖŜôϙĺċϙĖťŜϙÍŪťēĺŘĖťƅϙ ŪĲîôŘϙaĖĲĲôŜĺťÍϙťÍťŪťôŜϠϙôèťĖĺĲϙ͕͐͏ϟ͑͘ϟϙ ͑͘ϟ͗͏ϙϱϙôŕĺŘťŜϙÍĲîϟϙôèĺŘîŜϙ ͑͘ϟ͗͐ϟϙŕĺĲϙŕŘĖĺŘϙſŘĖťťôĲϙŘôŗŪôŜťϙĺċϙťēôϙĖťƅϠϙťēôϙĺıŕÍĲƅϙŜēÍīīϙƱīôϙÍĲĲŪÍīīƅϙſĖťēϙ ťēôϙĖťƅϙîıĖĲĖŜťŘÍťĺŘϙťēôϙĺıŕÍĲƅЍŜϙèôŘťĖƱôîϙÍĲĲŪÍīϙƱĲÍĲèĖÍīϙŜťÍťôıôĲťϙŜēĺſĖĲČϙťēôϙ ĺıŕÍĲƅЍŜϙèÍŕĖťÍīĖƏÍťĖĺĲϠϙĖťŜϙŕŘĺƱťϙÍĲîϙīĺŜŜϙŜťÍťôıôĲťŜϙċĺŘϙťēôϙŕŘĖĺŘϙèÍīôĲîÍŘϙƅôÍŘϙÍĲîϙĖťŜϙ æÍīÍĲèôϙŜēôôťϟϙ ͑͘ϟ͘͏ϙϱϙÍťôŜϙÍĲîϙôŘŽĖèôϙ ͑͘ϟ͐͘ϟϙēôϙaϙŘôČŪīÍťôŜϙťēôϙĺıŕÍĲƅЍŜϙŕŘĺŽĖŜĖĺĲϙĺċϙČÍŜϙŜôŘŽĖèôϙÍĲîϙĖťŜϙŘÍťôŜϙ èēÍŘČôîϙċĺŘϙČÍŜϙŜôŘŽĖèôϙŕŪŘŜŪÍĲťϙťĺϙaĖĲĲôŜĺťÍϙťÍťŪťôŜϠϙēÍŕťôŘϙ͕͑͐ŜϟϙĺıŕÍĲƅϙŘôŜôŘŽôŜϙťēôϙŘĖČēťϙťĺϙèēÍīīôĲČôϙŜŪèēϙĖĲťôŘŽôĲťĖĺĲϙĺŘϙŕôťĖťĖĺĲϟϙ ͑͘ϟ͐͏͏ϙϱϙ>ŘÍĲèēĖŜôϙ>ôôϙ ͑͘ϟ͐͏͐ϟϙŪæîĖŽĖŜĖĺĲϙ͐ϟϙēôϙīÍſŜϙĺċϙťēôϙťÍťôϙĺċϙaĖĲĲôŜĺťÍϙÍŪťēĺŘĖƏôϙÍϙŕÍƅıôĲťϙĺċϙ èĺıŕôĲŜÍťĖĺĲϙťĺϙÍϙèĖťƅϙæƅϙťēôϙŕŘĺŽĖîôŘϙĺċϙĲÍťŪŘÍīϙČÍŜϙŜôŘŽĖèôŜϙĖĲϙťēôϙċĺŘıϙĺċϙťēôϙĖıŕĺŜĖťĖĺĲϙ ĺċϙÍϙèĖťƅϙċŘÍĲèēĖŜôϙċôôϙťĺϙŘÍĖŜôϙŘôŽôĲŪôϙĺŘϙťĺϙîôċŘÍƅϙèĺŜťŜϙÍèèŘŪĖĲČϙÍŜϙÍϙŘôŜŪīťϙĺċϙŜŪèēϙ ĺŕôŘÍťĖĺĲŜϠϙĺŘϙæĺťēϟϙēĖŜϙŕÍƅıôĲťϙĖŜϙèĺııĺĲīƅϙŘôċôŘŘôîϙťĺϙÍŜϙÍϙċŘÍĲèēĖŜôϙċôôϟϙ Ūæîϟϙ͑ϟϙϙċŘÍĲèēĖŜôϙċôôϙĖŜϙĲĺťϙæôĖĲČϙĖıŕĺŜôîϙÍťϙťēĖŜϙťĖıôϙÍŜϙŕÍŘťϙĺċϙťēôϙÍîĺŕťĖĺĲϙĺċϙ ťēĖŜϙĺŘîĖĲÍĲèôϟϙēôϙĺŪĲèĖīϠϙÍťϙĖťŜϙîĖŜèŘôťĖĺĲϠϙıÍƅϙÍťϙÍĲƅϙťĖıôϙîŪŘĖĲČϙťēôϙťôŘıϙĺċϙťēĖŜϙ ϙ@ϙ>bFI(ϙϙ ϙ ĺŘîĖĲÍĲèôϙĖıŕĺŜôϙæƅϙŘôŜĺīŪťĖĺĲϠϙÍċťôŘϙēĺīîĖĲČϙÍϙŕŪæīĖèϙēôÍŘĖĲČϠϙÍϙċŘÍĲèēĖŜôϙċôôϟϙϙēôϙ ċŘÍĲèēĖŜôϙċôôϙıÍƅϙæôϙôƄŕŘôŜŜôîϙϼĖϽϙÍŜϙÍϙŕôŘèôĲťÍČôϙĺċϙťēôϙ@ŘĺŜŜϙôŽôĲŪôϙŘôèôĖŽôîϙæƅϙťēôϙ ĺıŕÍĲƅϙċĺŘϙĖťŜϙĺŕôŘÍťĖĺĲŜϙſĖťēĖĲϙťēôϙĖťƅϠϙÍĲîϯĺŘϙϼĖĖϽϙÍŜϙÍϙŽĺīŪıôťŘĖèϙŕŘĖèôϙæƅϙťēôŘıϠϙÍĲîϯĺŘϙ ϼĖĖĖϽϙÍϙƲÍťϙċôôϠϙÍĲîϯĺŘϙϼĖŽϽϙĖĲϙŜŪèēϙĺťēôŘϙıÍĲĲôŘϙĺŘϙċÍŜēĖĺĲϙťēÍťϙĖŜϙıŪťŪÍīīƅϙÍèèôŕťÍæīôϙťĺϙæĺťēϙ ťēôϙĖťƅϙÍĲîϙĺıŕÍĲƅϙÍĲîϙŜēÍīīϙæôϙÍŕŕīĖôîϙĖĲϙÍϙıÍĲĲôŘϙťēÍťϙîĺôŜϙĲĺťϙŕīÍèôϙťēôϙĺıŕÍĲƅϙ ÍťϙÍĲϙôèĺĲĺıĖèϙîĖŜÍîŽÍĲťÍČôϙſĖťēϙÍĲĺťēôŘϙŕŪæīĖèϙŪťĖīĖťƅϙÍŜϙîôƱĲôîϙĖĲϙaĖĲĲôŜĺťÍϙťÍťŪťôŜϠϙ ēÍŕťôŘϙ͕͑͐ŘèĖŜôϙĖťŜϙ ôƯĺŘťŜϙťĺϙŜŪŜťÍĖĲϙŜÍĖîϙċôôϙÍĲîϙŕÍƅıôĲťŜϙÍĲîϙťēôϙťĖıôϙÍĲîϙıÍĲĲôŘϙĺċϙĖťŜϙèĺīīôèťĖĺĲϟϙIċϙÍťϙÍĲƅϙ ťĖıôϙťēôϙaϠϙĺŘϙĺťēôŘϙÍŪťēĺŘĖťƅϙēÍŽĖĲČϙŕŘĺŕôŘϙĤŪŘĖŜîĖèťĖĺĲϠϙŕŘĺēĖæĖťŜϙŜŪèēϙŘôèĺŽôŘƅϠϙťēôĲϙ ťēôϙĺıŕÍĲƅϙſĖīīϙĲĺϙīĺĲČôŘϙæôϙĺæīĖČÍťôîϙťĺϙèĺīīôèťϙÍĲîϙŕÍƅϙťēôϙċŘÍĲèēĖŜôϙċôôϟϙēôϙĺıŕÍĲƅϙ ÍČŘôôŜϙťĺϙıÍħôϙĖťŜϙŘôèĺŘîŜϙŘôīÍťôîϙťĺϙťēôϙèÍīèŪīÍťĖĺĲϙÍĲîϙŕÍƅıôĲťϙĺċϙťēôϙċŘÍĲèēĖŜôϙċôôϙ ÍŽÍĖīÍæīôϙċĺŘϙĖĲŜŕôèťĖĺĲϙæƅϙťēôϙĖťƅϙÍťϙŘôÍŜĺĲÍæīôϙťĖıôŜϟϙ ͑͘ϟ͐͏͔ϟϙIċϙċĺŘϙÍĲƅϙŘôÍŜĺĲϙťēôϙÍıĺŪĲťϙĺŘϙŘÍťôϙĺċϙťēôϙċŘÍĲèēĖŜôϙċôôϙĖŜϙîôťôŘıĖĲôîϙťĺϙæôϙ ĖĲϙôƄèôŜŜϙĺċϙťēôϙÍıĺŪĲťϙĺŘϙŘÍťôϙÍīīĺſôîϙæƅϙīÍſϠϙťēôĲϙťēôϙÍıĺŪĲťϙĺŘϙŘÍťôϙŜēÍīīϙÍŪťĺıÍťĖèÍīīƅϠϙ ÍĲîϙſĖťēĺŪťϙċŪŘťēôŘϙÍèťĖĺĲϙæƅϙĖťƅϙĺŘϙĺıŕÍĲƅϠϙæôϙŘôîŪèôîϙťĺϙťēôϙıÍƄĖıŪıϙÍıĺŪĲťϙĺŘϙŘÍťôϙ ŕôŘıĖťťôîϙæƅϙīÍſϟϙ ϙ@ϙ>bFI(ϙϙ ϙ ͑͘ϟ͐͏͕ϟϙťϙťēĖŜϙťĖıôϠϙťēôϙĺıŕÍĲƅϙĖŜϙŜŪæĤôèťϙťĺϙÍīīϙÍŕŕīĖèÍæīôϙŕôŘıĖťϙĺŘϙīĖèôĲŜĖĲČϙ ċôôŜϟϙťϙŜŪèēϙťĖıôϙťēÍťϙÍϙċŘÍĲèēĖŜôϙċôôϙıÍƅϙæôϙĖıŕĺŜôîϙæƅϙťēôϙĺŪĲèĖīϠϙťēôϙċŘÍĲèēĖŜôϙċôôϙ ſĖīīϙæôϙĖĲϙīĖôŪϙĺċϙÍĲƅϙĺťēôŘϙŕôŘıĖťϙĺŘϙīĖèôĲŜĖĲČϙċôôϠϙèēÍŘČôϙĺŘϙèĺŜťϙĖıŕĺŜôîϙĺĲϙťēôϙĺıŕÍĲƅϙ ċĺŘϙŕŘĺŽĖîĖĲČϙČÍŜϙŜôŘŽĖèôϙĺŘϙŕôŘċĺŘıĖĲČϙſĺŘħϙĲôèôŜŜÍŘƅϙťĺϙŕŘĺŽĖîôϙČÍŜϙŜôŘŽĖèôϟϙēôϙĖťƅϙ èÍĲĲĺťϙèēÍŘČôϙťēôϙĺıŕÍĲƅϙÍĲƅϙŘĖČēťϱĺċϱſÍƅϙċôôϙĖıŕĺŜôîϙæƅϙÍϙŘĖČēťϱĺċϱſÍƅϙĺŘîĖĲÍĲèôϙ îŪŘĖĲČϙťēĖŜϙċŘÍĲèēĖŜôϙťôŘıϟϙ ͑͘ϟ͐͐͏ϙϱϙŪèèôŜŜĺŘŜϙÍĲîϙŜŜĖČĲŜϙ ͑͘ϟ͐͐͐ϟϙĺıŕÍĲƅϙŘôŜôŘŽôŜϙťēôϙŘĖČēťϙťĺϙťŘÍĲŜċôŘϙĺŘϙÍŜŜĖČĲϙÍĲƅϙĖĲťôŘôŜťϙĖĲϙťēĖŜϙċŘÍĲèēĖŜôϠϙĖĲϙ ÍèèĺŘîÍĲèôϙſĖťēϙťēôϙŘŪīôŜϙÍĲîϙŘôČŪīÍťĖĺĲŜϙĺċϙťēôϙaϟϙīīϙŘĖČēťŜϠϙŕŘĖŽĖīôČôŜϙÍĲîϙÍŪťēĺŘĖťƅϙ ēôŘôæƅϙČŘÍĲťôîϙťĺϙĺıŕÍĲƅϙŜēÍīīϙĖĲŪŘôϙťĺϙťēôϙæôĲôƱťϙĺċϙĖťŜϙŜŪèèôŜŜĺŘŜϙÍĲîϙÍŜŜĖČĲŜϠϙŜŪæĤôèťϙ ťĺϙÍīīϙťēôϙťôŘıŜϠϙŕŘĺŽĖŜĖĺĲŜϙÍĲîϙèĺĲîĖťĖĺĲŜϙēôŘôĖĲϙèĺĲťÍĖĲôîϠϙÍĲîϙÍīīϙĺæīĖČÍťĖĺĲŜϙēôŘôæƅϙ ĖıŕĺŜôîϙŪŕĺĲϙĺıŕÍĲƅϙŜēÍīīϙæôϙæĖĲîĖĲČϙŪŕĺĲϙĖťŜϙŜŪèèôŜŜĺŘŜϙÍĲîϙÍŜŜĖČĲŜϟϙ ͑͘ϟ͐͑͏ϙϱϙĺĲƱîôĲťĖÍīϙIĲċĺŘıÍťĖĺĲϙ ϙ͑͘ϟ͐͑͐ϙēôϙaĖĲĲôŜĺťÍϙ@ĺŽôŘĲıôĲťϙ"ÍťÍϙŘÍèťĖèôŜϙèťϙϼťēôϙèťϽϙŜôťϙċĺŘťēϙĖĲϙ aĖĲĲôŜĺťÍϙťÍťŪťôŜϙ͐͒ϟ͏͐ϙôťϟŜôŗϟϠϙŘôŗŪĖŘôŜϙťēÍťϙťēôϙĖťƅϙŕŘĺŽĖîôϙŕŪæīĖèϙÍèèôŜŜϙťĺϙŕŪæīĖèϙ îÍťÍϙÍŜϙîôƱĲôîϙæƅϙťēôϙèťϟϙēôϙĺıŕÍĲƅϙŪĲîôŘŜťÍĲîŜϙťēÍťϙŕŪæīĖèϙîÍťÍϙıÍƅϙĖĲèīŪîôϙ ĖĲċĺŘıÍťĖĺĲϙŘôīÍťĖĲČϙťĺϙťēôϙĺıŕÍĲƅϙÍĲîϙĖťŜϙĺŕôŘÍťĖĺĲŜϙťēÍťϙťēôϙĺıŕÍĲƅϙſĺŪīîϙĺťēôŘſĖŜôϙ ŕŘôċôŘϙťĺϙħôôŕϙèĺĲƱîôĲťĖÍīϟϙ ͑͘ϟ͐͑͑ϟϙēôϙĖťƅϙſĖīīϙŕŘĺŽĖîôϙŕŪæīĖèϙÍèèôŜŜϙťĺϙŕŪæīĖèϙîÍťÍϙŘôīÍťĖĲČϙťĺϙťēôϙĺıŕÍĲƅϙ ĺŘϙĖťŜϙĺŕôŘÍťĖĺĲŜϙĖĲϙèĺıŕīĖÍĲèôϙſĖťēϙÍĲîϙÍŜϙŕŘĺŽĖîôîϙæƅϙťēôϙèťϠϙŘôČŪīÍťĺŘƅϙÍČôĲèƅϙŘŪīôϙĺŘϙ ĺťēôŘϙīÍſϟϙ ͑͘ϟ͐͑͒ϟϙťϙťēôϙťĖıôϙťēÍťϙĖťϙŕŘĺŽĖîôŜϙÍĲƅϙîÍťÍϙťĺϙťēôϙĖťƅϠϙťēôϙĺıŕÍĲƅϙſĖīīϙ ŜŕôèĖƱèÍīīƅϙĖîôĲťĖċƅϙîÍťÍϙťēÍťϙĖťϙèīÍĖıŜϙťĺϙæôϙŕŘĖŽÍťôϠϙŕŘĺťôèťôîϠϙĲĺĲϱŕŪæīĖèϠϙĺŘϙèĺĲƱîôĲťĖÍīϠϙ ĺŘϙťēÍťϙĖŜϙĺťēôŘſĖŜôϙŕŘôèīŪîôîϙċŘĺıϙŕŪæīĖèϙîĖŜèīĺŜŪŘôϙæƅϙťēôϙèťϠϙŘôČŪīÍťĺŘƅϙÍČôĲèƅϙŘŪīôϠϙĺŘϙ ĺťēôŘϙīÍſϟϙťϙŜŪèēϙťĖıôϠϙťēôϙĺıŕÍĲƅϙſĖīīϙÍīŜĺϙĖîôĲťĖċƅϙťēôϙŕŘĺŽĖŜĖĺĲŜϙĺċϙťēôϙèťϠϙŘôČŪīÍťĺŘƅϙ ÍČôĲèƅϙŘŪīôϙĺŘϙĺťēôŘϙīÍſϙťēÍťϙŕŘôèīŪîôϙŕŪæīĖèϙîĖŜèīĺŜŪŘôϙĺċϙŜŪèēϙîÍťÍϟϙ ͑͘ϟ͓͐͑ϟϙŜϙŕŘĺŽĖîôîϙæƅϙaĖĲĲôŜĺťÍϙťÍťŪťôŜϠϙôèťĖĺĲϙ͐͒ϟ͏͖͑ϠϙťēôϙĺıŕÍĲƅϙıÍƅϙ ŘôŗŪôŜťϙÍĲϙÍîŽĖŜĺŘƅϙĺŕĖĲĖĺĲϙċŘĺıϙťēôϙĺııĖŜŜĖĺĲôŘϙĺċϙťēôϙaĖĲĲôŜĺťÍϙ"ôŕÍŘťıôĲťϙĺċϙ îıĖĲĖŜťŘÍťĖĺĲϙŘôČÍŘîĖĲČϙťēôϙèīÍŜŜĖƱèÍťĖĺĲϙĺċϙ@ĺŽôŘĲıôĲťϙ"ÍťÍϙŘôīÍťĖĲČϙťĺϙťēôϙĺıŕÍĲƅϟϙ ēôϙĖťƅϙſĖīīϙÍæĖîôϙæƅϙŜŪèēϙÍĲϙÍîŽĖŜĺŘƅϙĺŕĖĲĖĺĲϙĺċϙťēôϙĺııĖŜŜĖĺĲôŘϠϙôƄèôŕťϙÍŜϙĺťēôŘſĖŜôϙ ŘôŗŪĖŘôîϙĺŘϙŕŘĺŽĖîôîϙæƅϙīÍſϠϙŘôČŪīÍťĺŘƅϙÍČôĲèƅϙŘŪīôϠϙĺŘϙèĺŪŘťϙîôèĖŜĖĺĲϙĺŘϙĺťēôŘϙÍîŽĖŜĺŘƅϙ ĺŕĖĲĖĺĲϙĺċϙťēôϙĺııĖŜŜĖĺĲôŘϟϙ ͑͘ϟ͐͒͏ϙϱϙ(ƯôèťĖŽôϙ"ÍťôϙÍĲîϙèèôŕťÍĲèôϙ ͑͘ϟ͐͒͐ϟϙēôϙ>ŘÍĲèēĖŜôϙŜēÍīīϙæôϙôƯôèťĖŽôϙÍŜϙĺċϙŕŘĖīϙ͐Ϡϙ͑͏͔͐ЀîÍťôϙÍŕŕŘĺŽôîЁϟϙ ϙ@ϙ>bFI(ϙϙ ϙ ͑͘ϟ͓͐͏ϙϳϙ"ĖŜèīĺŜŪŘôϙ ͑͘ϟ͓͐͐ϟϙŕĺĲϙťēôϙĖťƅЍŜϙſŘĖťťôĲϙŘôŗŪôŜťϠϙĺıŕÍĲƅϙŜēÍīīϙƱīôϙÍϙŘôŕĺŘťϙſĖťēϙťēôϙĖťƅϙĖċϙ ĺıŕÍĲƅϙıÍħôŜϙèĺĲťŘĖæŪťĖĺĲŜϙĺŘϙôƄŕôĲîĖťŪŘôŜϠϙĺťēôŘϙťēÍĲϙŪŜŪÍīϙèĖŽĖèϠϙèēÍŘĖťÍæīôϙ èĺĲťŘĖæŪťĖĺĲϠϙÍĲîϙĲĺŘıÍīϙÍŪťēĺŘĖƏôîϙæŪŜĖĲôŜŜϙôƄŕôĲŜôŜϙĖĲϙÍĲϙÍČČŘôČÍťôϙÍıĺŪĲťϙĖĲϙôƄèôŜŜϙ ĺċϙщ͐͏Ϡ͏͏͏ϙĖĲϙÍĲƅϙèÍīôĲîÍŘϙƅôÍŘϙÍŜϙċĺŘϙťēôϙŕŪŘŕĺŜôϙĺċϙîĖŘôèťīƅϙĖĲƲŪôĲèĖĲČϙÍĲƅϙŘôŜĖîôĲťϙĺŘϙ ôīôèťôîϙĺŘϙÍŕŕĺĖĲťôîϙĺƯĖèĖÍīϙĺċϙťēôϙèĖťƅϙſĖťēϙŘôŜŕôèťϙťĺϙťēôϙ>ŘÍĲèēĖŜôϙĺŘϙťēôϙŜŪæĤôèťϙıÍťťôŘϙ ťēôŘôĺċϟϙFĺſôŽôŘϠϙťēôϙĺıŕÍĲƅϙŜēÍīīϙĲĺťϙæôϙŘôŗŪĖŘôîϙťĺϙîĖŜèīĺŜôϙèĺĲťŘĖæŪťĖĺĲŜϙĺŘϙ ôƄŕôĲîĖťŪŘôŜϙŘôīÍťôîϙťĺϙÍèťŪÍīϙĺŘϙÍĲťĖèĖŕÍťôîϙÍèťĖĺĲϙĺċϙťēôϙĖťƅϠϙĖťŜϙŘôŜĖîôĲťŜϠϙôīôèťôîϙĺŘϙ ÍŕŕĺĖĲťôîϙĺƯĖèĖÍīŜϠϙĺŘϙÍĲƅϙĺťēôŘϙŕÍŘťƅϙŕŘĺıĺťĖĲČϠϙôĲèĺŪŘÍČĖĲČϠϙĺŘϙÍîŽÍĲèĖĲČϙıŪĲĖèĖŕÍīϙ ťÍħôĺŽôŘϙ ЂĖϥôϥϟ èĺĲîôıĲÍťĖĺĲϽϙĺċϙĺıŕÍĲƅЍŜϙŕŘĺŕôŘťƅϙīĺèÍťôîϙĖĲϙÍĲîϙÍŘĺŪĲîϙťēôϙĖťƅϟϙēôϙ ĖťƅϙıÍƅϙĲĺťϙīĖıĖťϙĺŘϙŘôŜťŘĖèťϙĺıŕÍĲƅЍŜϙèĺĲťŘĖæŪťĖĺĲŜϙĺŘϙôƄŕôĲîĖťŪŘôŜϙĖĲϙÍĲƅϙıÍĲĲôŘϙĲĺťϙ ŕôŘıĖťťôîϙæƅϙŜťÍťôϙĺŘϙċôîôŘÍīϙīÍſϟϙ ͑͘ϟ͔͐͏ϙϳϙ"ôċÍŪīťŜϙ ϙ͑͘ϟ͔͐͐ϟϙIċϙĺıŕÍĲƅϙŜēÍīīϙæôϙĖĲϙîôċÍŪīťϙĖĲϙťēôϙŕôŘċĺŘıÍĲèôϙĺċϙÍĲƅϙĺċϙťēôϙıÍťôŘĖÍīϙ ťôŘıŜϙÍĲîϙèĺĲîĖťĖĺĲŜϙĺċϙťēĖŜϙiŘîĖĲÍĲèôϠϙÍĲîϙŜēÍīīϙèĺĲťĖĲŪôϙĖĲϙîôċÍŪīťϙċĺŘϙıĺŘôϙťēÍĲϙ͒͏ϙîÍƅŜϙ ϼĺŘϙċÍĖīŜϙťĺϙĖĲĖťĖÍťôϙťēôϙèŪŘôϙĺċϙťēôϙîôċÍŪīťϙſĖťēĖĲϙŜÍĖîϙŕôŘĖĺîϙÍĲîϙîĖīĖČôĲťīƅϙŕŪŘŜŪôϙŜÍĖîϙèŪŘôϠϙ ĖċϙťēôϙèŪŘôϙĺċϙťēôϙîôċÍŪīťϙèÍĲĲĺťϙŘôÍŜĺĲÍæīƅϙæôϙÍèèĺıŕīĖŜēôîϙſĖťēĖĲϙŜÍĖîϙ͒͏ϙîÍƅŜϙÍċťôŘϙ ŘôèôĖŽĖĲČϙĲĺťĖèôϙċŘĺıϙťēôϙĖťƅϙĺċϙŜŪèēϙîôċÍŪīťϽϠϙťēôϙĖťƅϙıÍƅϠϙċĺīīĺſĖĲČϙÍϙŕŪæīĖèϙēôÍŘĖĲČϙ ťēôŘôĺĲϠϙôīôèťϙťĺϙôĖťēôŘϙèŪŘôϙŜŪèēϙîôċÍŪīťϙÍĲîϙèēÍŘČôϙĺıŕÍĲƅϙċĺŘϙťēôϙèĺŜťŜϙťēôŘôĺċϠϙĺŘϙ ŜôôħϙôŗŪĖťÍæīôϙŘôīĖôċϙċĺŘϙťēôϙôĲċĺŘèôıôĲťϙĺċϙťēĖŜϙiŘîĖĲÍĲèôϟϙēôϙĲĺťĖèôϙĺċϙîôċÍŪīťϙıŪŜťϙæôϙĖĲϙ ſŘĖťĖĲČϙıŪŜťϙŜŕôèĖċƅϙťēôϙŕŘĺŽĖŜĖĺĲŜϙĺċϙťēĖŜϙiŘîĖĲÍĲèôϙÍĲîϙťēôϙŕôŘċĺŘıÍĲèôϙĺċϙſēĖèēϙĖťϙĖŜϙ èīÍĖıôîϙťēÍťϙĺıŕÍĲƅϙĖŜϙĖĲϙîôċÍŪīťϙÍĲîϙťēôϙîÍťôϙĺċϙťēôϙŕŪæīĖèϙēôÍŘĖĲČϙŘôŗŪĖŘôîϙťĺϙæôϙēôīîϟϙ ēôϙŕŪæīĖèϙēôÍŘĖĲČϙıŪŜťϙĲĺťϙīôŜŜϙťēÍĲϙ͒͏ϙîÍƅŜϙĲĺŘϙıĺŘôϙťēÍĲϙ͕͏ϙîÍƅŜϙċŘĺıϙťēôϙîÍťôϙĺċϙŜŪèēϙ ĲĺťĖèôϟϙŪèēϙĲĺťĖèôϙŜēÍīīϙæôϙŜôŘŽôîϙĖĲϙťēôϙıÍĲĲôŘϙŕŘĺŽĖîôîϙæƅϙťēôϙīÍſŜϙĺċϙaĖĲĲôŜĺťÍϙċĺŘϙťēôϙ ŜôŘŽĖèôϙĺċϙĺŘĖČĖĲÍīϙĲĺťĖèôŜϙĖĲϙèĖŽĖīϙÍèťĖĺĲŜϟϙĺıŕÍĲƅϙÍťϙŜŪèēϙēôÍŘĖĲČϙŜēÍīīϙæôϙÍƯĺŘîôîϙÍĲϙ ĺŕŕĺŘťŪĲĖťƅϙťĺϙŕŘôŜôĲťϙſēÍťôŽôŘϙĖĲċĺŘıÍťĖĺĲϙĖťϙîôôıŜϙÍŕŕŘĺŕŘĖÍťôϟϙbĺťēĖĲČϙēôŘôĖĲϙŜēÍīīϙĖĲϙ ÍĲƅϙſÍƅϙæôϙèĺĲŜťŘŪôîϠϙťĺϙŕŘôŽôĲťϙÍϙŘôŽĖôſϙĺċϙŜŪèēϙĖťƅϙÍèťĖĺĲϙæƅϙťēôϙÍŕŕŘĺŕŘĖÍťôϙaĖĲĲôŜĺťÍϙ ĺŪŘťϙÍĲîϯĺŘϙŘôČŪīÍťĺŘƅϙÍČôĲèƅϠϙĲĺŘϙīĖıĖťϙťēôϙŘĖČēťϙĺċϙĖťƅϙťĺϙôĲċĺŘèôϙťēĖŜϙiŘîĖĲÍĲèôϙæƅϙŜŪèēϙ ôŗŪĖťÍæīôϙĺŘϙīôČÍīϙŘôıôîĖôŜϙÍŜϙıÍƅϙæôϙŕŘĺŽĖîôîϙæƅϙīÍſϟϙIĲϙťēôϙôŽôĲťϙĺċϙŘôŕôÍťôîϙĺŘϙ ŕŘĺťŘÍèťôîϙŽĖĺīÍťĖĺĲŜϙĺċϙťēĖŜϙiŘîĖĲÍĲèôϙĖĲŽĺīŽĖĲČϙŕÍƅıôĲťŜϙîŪôϙťĺϙĖťƅϠϙĖťƅϙıÍƅϙŘôŗŪĖŘôϙ ĺıŕÍĲƅϙťĺϙƱīôϙÍϙæĺĲîϙĺŘϙīôťťôŘϙĺċϙèŘôîĖťϙſĖťēϙťēôϙĖťƅϙîıĖĲĖŜťŘÍťĺŘϠϙÍČÍĖĲŜťϙſēĖèēϙĖťƅϙ ıÍƅϙîŘÍſϙťĺϙÍŜŜŪŘôϙŕŘĺıŕťϙŕÍƅıôĲťϙĺċϙÍıĺŪĲťŜϙîŪôϙæƅϙĺıŕÍĲƅϙťĺϙĖťƅϙŪĲîôŘϙťēĖŜϙ iŘîĖĲÍĲèôϟϙ ͑͘ϟ͕͐͏ϙϱϙ>ĺŘèôϙaÍĤôŪŘôϙ ϙ@ϙ>bFI(ϙϙ ϙ ϙ͑͘ϟ͕͐͐ϟϙIťϙŜēÍīīϙĲĺťϙæôϙÍϙæŘôÍèēϙĺŘϙîôċÍŪīťϙŪĲîôŘϙťēĖŜϙċŘÍĲèēĖŜôϙĖċϙôĖťēôŘϙŕÍŘťƅϙċÍĖīŜϙťĺϙ ŕôŘċĺŘıϙĖťŜϙĺæīĖČÍťĖĺĲŜϙēôŘôŪĲîôŘϙîŪôϙťĺϙ>ĺŘèôϙaÍĤôŪŘôϟϙ>ĺŘèôϙaÍĤôŪŘôϙŜēÍīīϙĖĲèīŪîôϠϙæŪťϙ ĲĺťϙæôϙīĖıĖťôîϙťĺϠϙťēôϙċĺīīĺſĖĲČϡϙϽϙŕēƅŜĖèÍīϙôŽôĲťŜϙŜŪèēϙÍŜϙÍèťŜϙĺċϙ@ĺîϠϙīÍĲîŜīĖîôŜϠϙ īĖČēťĲĖĲČϠϙôÍŘťēŗŪÍħôŜϠϙƱŘôŜϠϙċŘôôƏĖĲČϠϙŜťĺŘıŜϠϙƲĺĺîŜϠϙſÍŜēĺŪťŜϠϙôƄŕīĺŜĖĺĲŜϠϙæŘôÍħÍČôϙĺŘϙ ÍèèĖîôĲťϙĺŘϙĲôèôŜŜĖťƅϙĺċϙŘôŕÍĖŘŜϙťĺϙıÍèēĖĲôŘƅϠϙôŗŪĖŕıôĲťϙĺŘϙîĖŜťŘĖæŪťĖĺĲϙĺŘϙťŘÍĲŜıĖŜŜĖĺĲϙ īĖĲôŜϢϙiŘîĖĲÍĲèôϟϙ ͑͘ϟ͐͗͏ϱϙaĖŜèôīīÍĲôĺŪŜϙŘĺŽĖŜĖĺĲŜϙ ϙ͑͘ϟ͐͗͐ϟϙIċϙÍĲƅϙèīÍŪŜôϠϙŜôĲťôĲèôϙĺŘϙŜôèťĖĺĲϙĺċϙťēĖŜϙiŘîĖĲÍĲèôϙĖŜϙîôôıôîϙĖĲŽÍīĖîϠϙťēôϙ ŘôıÍĖĲĖĲČϙŕŘĺŽĖŜĖĺĲŜϙŜēÍīīϙŘôıÍĖĲϙĖĲϙôƯôèťϟϙ ͑͘ϟ͐͗͑ϟϙĲƅϙſÍĖŽôŘϙĺċϙÍĲƅϙĺæīĖČÍťĖĺĲϙĺŘϙîôċÍŪīťϙŪĲîôŘϙťēĖŜϙiŘîĖĲÍĲèôϙŜēÍīīϙĲĺťϙæôϙ èĺĲŜťŘŪôîϙÍŜϙÍϙſÍĖŽôŘϙĺċϙÍĲƅϙċŪťŪŘôϙîôċÍŪīťŜϠϙſēôťēôŘϙĺċϙīĖħôϙĺŘϙîĖƯôŘôĲťϙèēÍŘÍèťôŘϟϙ ͑͘ϟ͐͗͒ϟϙīīϙĺŘîĖĲÍĲèôŜϙĺŘϙċŘÍĲèēĖŜôŜϙĺŘϙŕÍŘťŜϙĺċϙĺŘîĖĲÍĲèôŜϙĺŘϙċŘÍĲèēĖŜôŜϙĖĲϙèĺĲƲĖèťϙ ēôŘôſĖťēϙÍŘôϙēôŘôæƅϙŘôŕôÍīôîϟϙ ͑͘ϟ͓͐͗ϟϙēôϙĖťƅϙÍĲîϙĺıŕÍĲƅϙÍČŘôôϙťēÍťϙťēĖŜϙ>ŘÍĲèēĖŜôϙıÍƅϙæôϙŜŪæĤôèťϙťĺϙ ŘôĲôČĺťĖÍťĖĺĲϙŪĲîôŘϙťēôϙċĺīīĺſĖĲČϙèĖŘèŪıŜťÍĲèôŜϡϙ ͐ϟŕĺĲϙıŪťŪÍīϙÍČŘôôıôĲťϙĺċϙæĺťēϙŕÍŘťĖôŜϟϙ ϙ@ϙ>bFI(ϙϙ ϙ ͑ϟŕĺĲϙťēôϙôĲÍèťıôĲťϙĺċϙÍĲƅϙŜťÍťôϙĺŘϙċôîôŘÍīϙīÍſϠϙŘôČŪīÍťĖĺĲϠϙĺŘϙĺŘîôŘϙıÍťôŘĖÍīīƅϙ 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hƚŝůŝƚǇ^ĞƌǀŝĐĞƐϭϬϰϮ͘ϱϮϬ͘ϬΨϯ͕ϮϬϬ͘ϬϬ WƌŽƉĞƌƚǇŽƌŶĞƌsĞƌŝĨŝĐĂƚŝŽŶϭϭϭ͘Ϭϴ͘ϬΨϭ͕ϮϴϬ͘ϬϬ dĞƐƚŝŶŐKǀĞƌƐŝŐŚƚΎϭϭϭ͘Ϭϴ͘ϬΨϭ͕ϮϴϬ͘ϬϬ ŶŐŝŶĞĞƌΖƐKǀĞƌƐŝŐŚƚĂŶĚŽĐƵŵĞŶƚĂƚŝŽŶϭ͘Ϭϴ͘ϬΨϭ͕ϮϴϬ͘ϬϬ &ŝŶĂůdĞƐƚŝŶŐZĞƉŽƌƚŝŶŐĂŶĚŽĐƵŵĞŶƚĂƚŝŽŶϭ͘Ϭϴ͘ϬΨϭ͕ϮϴϬ͘ϬϬ DĂƚĞƌŝĂůƐdĞƐƚŝŶŐͲŚŽƐĞŶsĂůůĞǇdĞƐƚŝŶŐΨϱ͕ϴϮϰ͘ϬϬ dŽƚĂůϮϮϭϳϴΨϯϰ͕ϯϳϱ ' 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 ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( $ 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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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 ƚĂŬĞŶƚŽƉƌĞǀĞŶƚƚŚĞĚĞůĂǇŽƌĨĂŝůƵƌĞ͗ĨŝƌĞ͕ĨůŽŽĚ͕ĞƉŝĚĞŵŝĐ͕ƐƚƌŝŬĞƐ͕ǁĂƌƐ͕ĂĐƚƐŽĨ'ŽĚ͕ƵŶƵƐƵĂůůǇƐĞǀĞƌĞǁĞĂƚŚĞƌ͕ŽƌĚĞůĂǇƐ ŽƌĚĞĨĂƵůƚƐĐĂƵƐĞĚďǇƉƵďůŝĐĐĂƌƌŝĞƌƐ͕ƉƌŽǀŝĚĞĚƚŚĞĚĞĨĂƵůƚŝŶŐƉĂƌƚǇŐŝǀĞƐǁƌŝƚƚĞŶŶŽƚŝĐĞĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƚŚĞƌ ƉĂƌƚǇŽĨŝƚƐŝŶĂďŝůŝƚǇƚŽƉĞƌĨŽƌŵ͘ &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚŝƐŽŶƚƌĂĐƚƚŚĞƚĞƌŵ͞ĚĂǇ͟ŵĞĂŶƐĂĐĂůĞŶĚĂƌĚĂǇŽĨϮϰŚŽƵƌƐ͘ ( Ed/dZh^d $57,&/( $ ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ 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