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/ĨŵƵůƚŝƉůĞĨŝƌŵƐƉĂƌƚŶĞƌƚŽƐƵďŵŝƚĂũŽŝŶƚƉƌŽƉŽƐĂů͕ƚŚĞƉƌŽƉŽƐĂůŵƵƐƚŝĚĞŶƚŝĨǇŽŶĞĨŝƌŵĂƐƚŚĞƉƌŝŵĂƌǇ ĐŽŶƚĂĐƚ͘dŚŝƐƉƌŝŵĂƌǇĐŽŶƚĂĐƚǁŝůůďĞƚŚĞƉƌŝŵĂƌǇƉŽŝŶƚŽĨĐŽŶƚĂĐƚƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞƐƐ ĂŶĚǁŝůůďĞŚĞůĚƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŽǀĞƌĂůůŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĂůůƉĂƌƚŶĞƌƐŝŶĐůƵĚĞĚŝŶƚŚĞũŽŝŶƚƉƌŽƉŽƐĂů͘ ϭ͘ϱ͘ϯWƌŝĐŝŶŐ WƌŝĐŝŶŐŵƵƐƚďĞƐƵďŵŝƚƚĞĚŽŶĂĨŝǆĞĚĨĞĞďĂƐŝƐƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƉƌĞͲŝĚĞŶƚŝĨŝĞĚ͞ŵŝůĞƐƚŽŶĞƐ͘͟&Žƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶƐĞƌǀŝĐĞƐƵŶĚĞƌĂŵŝůĞƐƚŽŶĞĂƌƌĂŶŐĞŵĞŶƚ͕ƚŚĞǀĞŶĚŽƌƐŚĂůůŝŶǀŽŝĐĞƚŚĞŝƚǇǁŚĞŶƚŚĞŝƚǇ ŚĂƐĂĐĐĞƉƚĞĚƚŚĞ^ĞƌǀŝĐĞƐŝŶĐůƵĚĞĚĂƐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĞĂĐŚŵŝůĞƐƚŽŶĞ͘dŚĞƐĐŽƉĞŽĨƚŚĞƉƌŽũĞĐƚ͕ ŝŶĐůƵĚŝŶŐƚŚĞŵŝůĞƐƚŽŶĞƐ͕ǁŝůůďĞĚĞĨŝŶĞĚďǇƚŚĞƐƚĂƚĞŵĞŶƚŽĨǁŽƌŬƚŚĂƚĚĞƐĐƌŝďĞƐďŽƚŚĨƵŶĐƚŝŽŶĂů ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞƐŽĨƚǁĂƌĞĂŶĚďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞǆƉĞĐƚĂƚŝŽŶƐ͘ ϭ͘ϱ͘ϰWƌŽƉŽƐĂůsĂůŝĚŝƚǇ ůůƉƌŽƉŽƐĂůƐĂŶĚĂŶǇƐƵďƐĞƋƵĞŶƚĐůĂƌŝĨŝĐĂƚŝŽŶŽƌƌĞƐƉŽŶƐĞƚŽƚŚĞŝƚǇ͛ƐƋƵĞƐƚŝŽŶƐƐŚĂůůďĞǀĂůŝĚĨŽƌĂ ŵŝŶŝŵƵŵŽĨϭϴϬĚĂǇƐ͘ ϭ͘ϲŝƚǇZŝŐŚƚƐZĞƐĞƌǀĞĚ ϭ͘ϲ͘ϭZĞƐĞƌǀĂƚŝŽŶŽĨZŝŐŚƚƐ dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƐĞůĞĐƚƚŚĞƉƌŽƉŽƐĂů;ƐͿǁŚŝĐŚŝŶŝƚƐƐŽůĞũƵĚŐŵĞŶƚďĞƐƚŵĞĞƚƐƚŚĞŶĞĞĚƐŽĨ ƚŚĞŽƌŐĂŶŝǌĂƚŝŽŶ͘dŚĞŝƚǇŚĂƐĞƐƚĂďůŝƐŚĞĚĂŶǀĂůƵĂƚŝŽŶdĞĂŵĨŽƌƚŚŝƐƐĞůĞĐƚŝŽŶƉƌŽĐĞƐƐ͘dŚĞǀĂůƵĂƚŝŽŶ dĞĂŵǁŝůůƐĞůĞĐƚƚŚĞďĞƐƚƐŽůƵƚŝŽŶĨŽƌƚŚĞďĞƐƚǀĂůƵĞ͖ŵĞĂŶŝŶŐ͕ƚŚĞůŽǁĞƐƚƉƌŽƉŽƐĞĚĐŽƐƚǁŝůůŶŽƚďĞƚŚĞ ƐŽůĞĐƌŝƚĞƌŝŽŶĨŽƌƌĞĐŽŵŵĞŶĚŝŶŐƚŚĞĐŽŶƚƌĂĐƚĂǁĂƌĚ͘ ϭ͘ϲ͘ϮDƵůƚŝƉůĞŽŶƚƌĂĐƚƐ dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĂǁĂƌĚŵƵůƚŝƉůĞĐŽŶƚƌĂĐƚƐĨƌŽŵƚŚŝƐZ&W͘ ϭ͘ϲ͘ϯZŝŐŚƚŽĨZĞũĞĐƚŝŽŶ dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞũĞĐƚĂŶǇŽƌĂůůƉƌŽƉŽƐĂůƐĂŶĚƚŽǁĂŝǀĞƚĞĐŚŶŝĐĂůŝƚŝĞƐĂŶĚŝŶĨŽƌŵĂůŝƚŝĞƐ ǁŚĞŶƐƵĐŚǁĂŝǀĞƌŝƐĚĞƚĞƌŵŝŶĞĚďǇƚŚĞŝƚǇƚŽďĞŝŶƚŚĞŽƌŐĂŶŝǌĂƚŝŽŶ͛ƐďĞƐƚŝŶƚĞƌĞƐƚ͘ ϭ͘ϲ͘ϰDŽĚŝĨŝĐĂƚŝŽŶ dŚĞŝƚǇŵĂǇŵŽĚŝĨǇƚŚŝƐZ&WďǇŝƐƐƵĂŶĐĞŽĨŽŶĞŽƌŵŽƌĞǁƌŝƚƚĞŶĂĚĚĞŶĚĂ͘ ϭ͘ϲ͘ϱĚĚŝƚŝŽŶĂů/ŶĨŽƌŵĂƚŝŽŶĂŶĚ^ĐŽƉĞ dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŵĞĞƚǁŝƚŚƐĞůĞĐƚƉƌŽƉŽƐĞƌƐĂƚĂŶǇƚŝŵĞƚŽŐĂƚŚĞƌĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞŵŽǀĞŽƌĂĚĚĨƵŶĐƚŝŽŶĂůŝƚǇ;ŝ͘Ğ͕͘ŵŽĚƵůĞƐ͕ĐŽŵƉŽŶĞŶƚƐ͕Žƌ ƐĞƌǀŝĐĞƐͿƵŶƚŝůƚŚĞĨŝŶĂůĐŽŶƚƌĂĐƚŝƐƐŝŐŶĞĚ͘ ϭ͘ϲ͘ϲŽŵŵŝƚƚĂů dŚŝƐZ&WĚŽĞƐŶŽƚĐŽŵŵŝƚƚŚĞŝƚǇƚŽĂǁĂƌĚĂĐŽŶƚƌĂĐƚ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ϭ͘ϲ͘ϳWƌŽƉĞƌƚǇ ůůƉƌŽƉŽƐĂůƐƐƵďŵŝƚƚĞĚŝŶƌĞƐƉŽŶƐĞƚŽƚŚŝƐZ&WďĞĐŽŵĞƚŚĞƉƌŽƉĞƌƚǇŽĨƚŚĞŝƚǇĂŶĚƉƵďůŝĐƌĞĐŽƌĚƐ͕ĂŶĚ ĂƐƐƵĐŚ͕ŵĂǇďĞƐƵďũĞĐƚƚŽƉƵďůŝĐƌĞǀŝĞǁ͘WƌŽƉŽƐĞƌƐĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞƌĞůĞĂƐĞŽĨƉƌŽƉƌŝĞƚĂƌǇŽƌ ĐŽŶĨŝĚĞŶƚŝĂůŝŶĨŽƌŵĂƚŝŽŶĂƌĞĞŶĐŽƵƌĂŐĞĚŶŽƚƚŽƐƵďŵŝƚƚŚĂƚŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞƉƌŽƉŽƐĂů͘ ϭ͘ϲ͘ϴǆƉĞŶƐĞƐ dŚĞŝƚǇƐŚĂůůŶŽƚďĞůŝĂďůĞĨŽƌĂŶǇƉƌĞͲĐŽŶƚƌĂĐƚƵĂůĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚďǇƉƌŽƐƉĞĐƚŝǀĞWƌŽƉŽƐĞƌƐ͕ ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽƌƐƵďŵŝƐƐŝŽŶŽĨƉƌŽƉŽƐĂůƐ͘dŚĞŝƚǇƐŚĂůů ďĞŚĞůĚŚĂƌŵůĞƐƐĂŶĚĨƌĞĞĨƌŽŵĂŶǇĂŶĚĂůůůŝĂďŝůŝƚǇ͕ĐůĂŝŵƐ͕ŽƌĞǆƉĞŶƐĞƐǁŚĂƚƐŽĞǀĞƌŝŶĐƵƌƌĞĚďǇ͕ŽƌŽŶ ďĞŚĂůĨŽĨ͕ĂŶǇƉĞƌƐŽŶŽƌŽƌŐĂŶŝǌĂƚŝŽŶƌĞƐƉŽŶĚŝŶŐƚŽƚŚŝƐZ&W͘ ϭ͘ϳŽŵŵƵŶŝĐĂƚŝŽŶZĞŐĂƌĚŝŶŐƚŚĞZ&W ůůĐŽŵŵƵŶŝĐĂƚŝŽŶĨƌŽŵƉƌŽƐƉĞĐƚŝǀĞƉƌŽƉŽƐĞƌƐƌĞŐĂƌĚŝŶŐƚŚŝƐZ&WŵƵƐƚďĞŝŶǁƌŝƚŝŶŐďǇĞŵĂŝůƚŽƚŚĞ ĂĚĚƌĞƐƐůŝƐƚĞĚŝŶ/ŶƋƵŝƌŝĞƐĂŶĚZĞƋƵĞƐƚƐĨŽƌůĂƌŝĨŝĐĂƚŝŽŶ͘ŽŵŵƵŶŝĐĂƚŝŽŶďǇƚĞůĞƉŚŽŶĞŽƌŝŶ ^ĞĐƚŝŽŶϭ͘ϴ ƉĞƌƐŽŶǁŝůůŶŽƚďĞĂĐĐĞƉƚĞĚ͘ ƚƚĞŵƉƚƐďǇŽƌŽŶďĞŚĂůĨŽĨĂƉƌŽƐƉĞĐƚŝǀĞŽƌĞǆŝƐƚŝŶŐWƌŽƉŽƐĞƌƚŽĐŽŶƚĂĐƚŽƌƚŽŝŶĨůƵĞŶĐĞĂŶǇŵĞŵďĞƌŽĨ ƚŚĞǀĂůƵĂƚŝŽŶdĞĂŵ͕ĂŶǇŵĞŵďĞƌŽĨƚŚĞŝƚǇŽƵŶĐŝůŽƌĂŶǇĞŵƉůŽǇĞĞŽĨƚŚĞŝƚǇƌĞŐĂƌĚŝŶŐƚŚĞ ĂĐĐĞƉƚĂŶĐĞŽĨĂƉƌŽƉŽƐĂůŵĂǇůĞĂĚƚŽĞůŝŵŝŶĂƚŝŽŶŽĨƚŚĂƚWƌŽƉŽƐĞƌĨƌŽŵĨƵƌƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ ϭ͘ϴ/ŶƋƵŝƌŝĞƐĂŶĚZĞƋƵĞƐƚƐĨŽƌůĂƌŝĨŝĐĂƚŝŽŶ ϭ͘ϴ͘ϭŽŶƚĂĐƚ dŽŵĂŝŶƚĂŝŶĨĂŝƌŶĞƐƐŝŶƚŚĞƉƌŽĐĞƐƐ͕ŝŶƋƵŝƌŝĞƐĐŽŶĐĞƌŶŝŶŐƚŚŝƐƉƌŽĐƵƌĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƋƵĞƐƚŝŽŶƐƌĞůĂƚĞĚ ƚŽƚĞĐŚŶŝĐĂůŝƐƐƵĞƐĂƌĞƚŽďĞĚŝƌĞĐƚĞĚƚŚƌŽƵŐŚĞŵĂŝůƚŽƚŚĞĨŽůůŽǁŝŶŐĐŽŶƚĂĐƚ͗ Ăƌů,ƵŶƚĞƌ ŽŶƚĂĐƚ͗ ZWWƌŽũĞĐƚDĂŶĂŐĞƌ dŝƚůĞ͗ ,ƵŶƚĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ŵĂŝů͗ YƵĞƐƚŝŽŶƐŽǀĞƌƚŚĞƉŚŽŶĞǁŝůůŶŽƚďĞĂĐĐĞƉƚĞĚ͘ ϭ͘ϴ͘ϮůĂƌŝĨŝĐĂƚŝŽŶƐ ůůƋƵĞƐƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐƚŚĞZ&WŵƵƐƚƌĞĨĞƌĞŶĐĞƚŚĞZ&WƐĞĐƚŝŽŶŚĞĂĚŝŶŐ͘YƵĞƐƚŝŽŶƐǁŝůůďĞĂŶƐǁĞƌĞĚ ĂŶĚƉŽƐƚĞĚƚŽƚŚĞďŝĚƉŽƌƚĂůŝŶƚŚĞĨŽƌŵŽĨĂĚĚĞŶĚĂƚŽƚŚĞZ&W͘ ϭ͘ϴ͘ϯ/ŶƋƵŝƌŝĞƐ /ŶƋƵŝƌŝĞƐŽƌƌĞƋƵĞƐƚƐĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶƐƵďŵŝƚƚĞĚƉƌŝŽƌƚŽƚŚĞƉƌĞͲƉƌŽƉŽƐĂůĐŽŶĨĞƌĞŶĐĞǁŝůůďĞĂĚĚƌĞƐƐĞĚ ĂƚƚŚĞƉƌĞͲƉƌŽƉŽƐĂůǀĞŶĚŽƌĐŽŶĨĞƌĞŶĐĞ͘ĚĚŝƚŝŽŶĂůŝŶƋƵŝƌŝĞƐŽƌƌĞƋƵĞƐƚƐĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶǁŝůůďĞĂĐĐĞƉƚĞĚ ƵŶƚŝůƚŚĞĚĞĂĚůŝŶĞĞƐƚĂďůŝƐŚĞĚŝŶͲWƌŽĐƵƌĞŵĞŶƚ^ĐŚĞĚƵůĞ͘ ^ĞĐƚŝŽŶϭ͘ϭϬ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ϭ͘ϴ͘ϰŚĂŶŐĞƐƚŽWƌŽƉŽƐĂůƐ WƌŽƉŽƐĂůƐŵĂǇďĞĐŚĂŶŐĞĚŽƌǁŝƚŚĚƌĂǁŶƉƌŝŽƌƚŽƚŚĞĚĞĂĚůŝŶĞĨŽƌƉƌŽƉŽƐĂůƐ͘ůůƐƵĐŚĐŚĂŶŐĞƐĂŶĚ ǁŝƚŚĚƌĂǁĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚŝŶǁƌŝƚŝŶŐĂŶĚƌĞĐĞŝǀĞĚďǇƚŚĞŝƚǇƉƌŝŽƌƚŽƚŚĞĚĞĂĚůŝŶĞĨŽƌƉƌŽƉŽƐĂůƐ͘ ĨƚĞƌƚŚĞĚĞĂĚůŝŶĞĨŽƌƉƌŽƉŽƐĂůƐ͕ŶŽĐŚĂŶŐĞŝŶƉƌŝĐĞƐŽƌŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐƉƌĞũƵĚŝĐŝĂůƚŽƚŚĞŝŶƚĞƌĞƐƚŽĨƚŚĞ ŝƚǇŽƌĨĂŝƌĐŽŵƉĞƚŝƚŝŽŶƐŚĂůůďĞƉĞƌŵŝƚƚĞĚ͘ ϭ͘ϵWƌĞͲWƌŽƉŽƐĂůŽŶĨĞƌĞŶĐĞ ƉƌĞͲƉƌŽƉŽƐĂůǀĞŶĚŽƌĐŽŶĨĞƌĞŶĐĞǁŝůůďĞŚĞůĚǀŝĂƉŚŽŶĞŽŶƚŚĞĚĂƚĞĂŶĚƚŝŵĞĞƐƚĂďůŝƐŚĞĚŝŶ^ĞĐƚŝŽŶ ϭ͘ϭϭͲWƌŽĐƵƌĞŵĞŶƚ^ĐŚĞĚƵůĞ͘ƚƚĞŶĚĂŶĐĞĂƚƚŚĞƉƌĞͲƉƌŽƉŽƐĂůĐŽŶĨĞƌĞŶĐĞŝƐŶŽŶͲŵĂŶĚĂƚŽƌǇ͘ŶƐǁĞƌƐƚŽ ƋƵĞƐƚŝŽŶƐƐƵďŵŝƚƚĞĚƉƌŝŽƌƚŽƚŚĞĐŽŶĨĞƌĞŶĐĞĂŶĚĂŶƐǁĞƌƐƚŽĂůůƋƵĞƐƚŝŽŶƐĂƐŬĞĚĂƚƚŚĞƉƌĞͲƉƌŽƉŽƐĂů ŵĞĞƚŝŶŐǁŝůůďĞŽĨĨŝĐŝĂůůǇĂŶƐǁĞƌĞĚďǇĂĚĚĞŶĚƵŵĂĨƚĞƌƚŚĞŵĞĞƚŝŶŐ͘ ϭ͘ϭϬWƌŽĐƵƌĞŵĞŶƚ^ĐŚĞĚƵůĞ dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĐŚĂŶŐĞƚŚĞƉƌŽĐƵƌĞŵĞŶƚƐĐŚĞĚƵůĞ͘/ĨĐŚĂŶŐĞƐĂƌĞŵĂĚĞ͕ƉƌŽƉŽƐĞƌƐǁŝůůďĞ ŶŽƚŝĨŝĞĚďǇƚŚĞŝƚǇŝŶƚŚĞĨŽƌŵŽĨĂŶĂĚĚĞŶĚƵŵƚŽƚŚŝƐZ&W͘ dŚĞĞǆƉĞĐƚĞĚƉƌŽĐƵƌĞŵĞŶƚƐĐŚĞĚƵůĞŝƐůŝƐƚĞĚďĞůŽǁ͗ dĂďůĞϭ͘ϱ WƌŽĐƵƌĞŵĞŶƚ^ĐŚĞĚƵůĞ ĂƚĞĂŶĚdŝŵĞĞƐĐƌŝƉƚŝŽŶ Z&WZĞůĞĂƐĞĚ tĞĚŶĞƐĚĂǇ͕&ĞďƌƵĂƌǇϱ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ EŽŶͲŵĂŶĚĂƚŽƌǇWƌĞͲƉƌŽƉŽƐĂůŽŶĨĞƌĞŶĐĞĂůů tĞĚŶĞƐĚĂǇ͕&ĞďƌƵĂƌǇϭϵ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ ĞĂĚůŝŶĞƚŽĐĐĞƉƚYƵĞƐƚŝŽŶƐŽŶƚŚĞZ&W DŽŶĚĂǇ͕DĂƌĐŚϯ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ ŶƐǁĞƌƐƚŽ^ƵďŵŝƚƚĞĚYƵĞƐƚŝŽŶƐWƌŽǀŝĚĞĚ dŚƵƌƐĚĂǇ͕DĂƌĐŚϲ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ WƌŽƉŽƐĂůƐƵĞ tĞĚŶĞƐĚĂǇ͕DĂƌĐŚϭϮ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ ůĞǀĂƚĞĨŽƌĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŶƚĞƌǀŝĞǁƐ tĞĞŬŽĨƉƌŝůϳ͕ϮϬϮϱ &ŽƵƌͲĂǇKŶͲ^ŝƚĞ^ŽĨƚǁĂƌĞ tĞĞŬŽĨƉƌŝůϭϰ͕ϮϬϮϱ ĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŶƚĞƌǀŝĞǁƐ tĞĞŬŽĨƉƌŝůϮϭ͕ϮϬϮϱ tĞĞŬŽĨƉƌŝůϮϴ͕ϮϬϮϱ ůĞǀĂƚĞƚǁŽWƌŽƉŽƐĞƌƐƚŽŝƐĐŽǀĞƌǇ tĞĞŬŽĨDĂǇϱ͕ϮϬϮϱ ,ŽůĚŝƐĐŽǀĞƌǇ^ĞƐƐŝŽŶƐ;,ĂůĨͲĂǇ͕WƌĞͲEĞŐŽƚŝĂƚŝŽŶ tĞĞŬŽĨDĂǇϭϵ͕ϮϬϮϱ DĞĞƚŝŶŐƐͿ ŽŵƉůĞƚĞŽŶƚƌĂĐƚEĞŐŽƚŝĂƚŝŽŶƐĂŶĚ^ƚĂƚĞŵĞŶƚŽĨ :ƵŶĞͬ:ƵůǇϮϬϮϱ tŽƌŬ;^KtͿ /ŵƉůĞŵĞŶƚĂƚŝŽŶĞŐŝŶƐ ƵŐƵƐƚϮϬϮϱ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ^ĞĐƚŝŽŶϮ͗WƌŽũĞĐƚ^ĐŽƉĞ Ϯ͘ϭWƌŽũĞĐƚ^ĐŽƉĞKǀĞƌǀŝĞǁ dŚĞŽǀĞƌĂůůƉƌŽũĞĐƚƐĐŽƉĞĨŽƌƚŚĞƉƌŽũĞĐƚŝƐĚĞĨŝŶĞĚŝŶ^ĞĐƚŝŽŶƐϮ͘ϭƚŚƌŽƵŐŚϮ͘ϯďĞůŽǁ͘dŚĞƐĐŽƉĞŝŶĐůƵĚĞƐ ƐŽĨƚǁĂƌĞ͕ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚŽƚŚĞƌŽŶŐŽŝŶŐƐĞƌǀŝĐĞƐ͘ Ϯ͘ϮWƌŽũĞĐƚ'ŽĂůƐ dŚĞŝƚǇŚĂƐƵƐĞĚĂĐŽŵďŝŶĂƚŝŽŶŽĨĨƵŶĐƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚǁƌŝƚƚĞŶďƵƐŝŶĞƐƐƉƌŽĐĞƐƐͲůĞǀĞůŐŽĂůƐƚŽ ĚĞƐĐƌŝďĞƚŚĞŽƵƚĐŽŵĞƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘ KǀĞƌĂůů'ŽĂůƐ͗ dŚĞŝƚǇŚĂƐŵĂĚĞƚŚĞƐƚƌĂƚĞŐŝĐĚĞĐŝƐŝŽŶƚŽŵŽĚĞƌŶŝǌĞŝƚƐƐŽĨƚǁĂƌĞƐǇƐƚĞŵƐ͘dŚĞŝƚǇŝƐŝŶƚĞƌĞƐƚĞĚŝŶ ŝŶƐƚĂůůŝŶŐĂůŽǁŵĂŝŶƚĞŶĂŶĐĞĂƉƉůŝĐĂƚŝŽŶ͕ŵĞĂŶŝŶŐĂŚŽƐƚĞĚĂƉƉůŝĐĂƚŝŽŶŽƌĐůŽƵĚĂƉƉůŝĐĂƚŝŽŶďǇƚŚĞĞŶĚ ŽĨϮϬϮϲĚĞƉĞŶĚŝŶŐŽŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶƐĐŚĞĚƵůĞ͘dŚĞĂƉƉůŝĐĂƚŝŽŶƐŚŽƵůĚďĞĞĂƐŝůǇĂĐĐĞƐƐŝďůĞďǇ ĞŵƉůŽǇĞĞƐĂŶĚƌĞůĂƚŝǀĞůǇĞĂƐǇƚŽƵƐĞƐŽƚŚĂƚƚŚĞŝƚǇĚŽĞƐŶŽƚŚĂǀĞƚŽŝŶǀĞƐƚĂƐƵďƐƚĂŶƚŝĂůĂŵŽƵŶƚŽĨ ƚŝŵĞĂŶĚĞĨĨŽƌƚŽŶƚƌĂŝŶŝŶŐ͘&ŝŶĂůůǇ͕ƵƐĞƌƐĂƌĞƐĞĞŬŝŶŐĂŶĂƉƉůŝĐĂƚŝŽŶǁŚĞƌĞďƵƐŝŶĞƐƐƵƐĞƌƐĐĂŶŐĞŶĞƌĂƚĞ ƌĞƉŽƌƚƐǁŝƚŚŽƵƚƐŝŐŶŝĨŝĐĂŶƚĂƐƐŝƐƚĂŶĐĞĨƌŽŵƚĞĐŚŶŽůŽŐǇƌĞƐŽƵƌĐĞƐ͘ dŚĞŚŝŐŚͲůĞǀĞůŐŽĂůƐĨŽƌƚŚŝƐƉƌŽũĞĐƚŝŶĐůƵĚĞ͗ ZĞĚƵĐŝŶŐƚŚĞƌŝƐŬďǇŵŽǀŝŶŐĂǁĂǇĨƌŽŵůĞŐĂĐǇ;ŽƵƚĚĂƚĞĚƐǇƐƚĞŵƐͿ x ZĞĚƵĐŝŶŐƚŚĞŶƵŵďĞƌŽĨƵŶĐŽŶŶĞĐƚĞĚƐǇƐƚĞŵƐƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚǇ x ĞǀĞůŽƉĂŶĚͬŽƌŝŵƉƌŽǀĞŝŶƚĞŐƌĂƚŝŽŶǁŝƚŚƐƉĞĐŝĂůŝǌĞĚƐŽĨƚǁĂƌĞ x ŽŶƐŽůŝĚĂƚŝŶŐƌĞĚƵŶĚĂŶƚƐǇƐƚĞŵƐ x /ŵƉƌŽǀŝŶŐƐǇƐƚĞŵŶĂǀŝŐĂƚŝŽŶ x ZĞĚƵĐŝŶŐŵĂŶƵĂůƉƌŽĐĞƐƐĞƐĂŶĚĚĂƚĂĞŶƚƌǇ x ^ƚĂŶĚĂƌĚŝǌŝŶŐĂŶĚŝŵƉƌŽǀŝŶŐďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐďĂƐĞĚŽŶďĞƐƚƉƌĂĐƚŝĐĞ x ZĞĚƵĐŝŶŐŝŶƐƚĂŶĐĞƐŽĨĚƵƉůŝĐĂƚĞĚĂƚĂ;ŽŶĞƐŽƵƌĐĞŽĨƚƌƵƚŚͿ x /ŵƉƌŽǀŝŶŐƌĞƉŽƌƚŝŶŐ x /ŵƉƌŽǀĞƋƵĞƌǇͬƐĞĂƌĐŚĐĂƉĂďŝůŝƚŝĞƐ x /ŵƉƌŽǀŝŶŐƐƚƌĞĂŵůŝŶĞĚƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞƐƐ x >ĞǀĞƌĂŐŝŶŐĂƐŚĂƌĞĚͬŵƵůƚŝͲĂŐĞŶĐǇƐŽůƵƚŝŽŶ x >ĞǀĞƌĂŐŝŶŐĂĐůŽƵĚͲďĂƐĞĚƐŽĨƚǁĂƌĞ x Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE Ϯ͘ϯWƌŽũĞĐƚdŝŵĞůŝŶĞ dŚĞŝƚǇĞǆƉĞĐƚƐƚŽƐƚĂƌƚƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶƵŐƵƐƚϮϬϮϱǁŝƚŚƚŚĞŐŽĂůŽĨŐŽŝŶŐͲůŝǀĞďǇƚŚĞĞŶĚŽĨϮϬϮϲ͘ dŚĞŝƚǇŝƐƉƌĞƉĂƌĞĚƚŽŚĂǀĞĐŽŶƐƵůƚĂŶƚ͛ƐĐŽŵƉůĞƚĞǁŽƌŬƌĞŵŽƚĞůǇŝĨŶĞĐĞƐƐĂƌǇ͕ŚŽǁĞǀĞƌŝŶͲƉĞƌƐŽŶ͕ŽŶͲ ƐŝƚĞƐƵƉƉŽƌƚŝƐƉƌĞĨĞƌƌĞĚ͘ƐƐƵŵŝŶŐĂŶƵŐƵƐƚϮϬϮϱƐƚĂƌƚ͕WƌŽƉŽƐĞƌƐƐŚŽƵůĚĐŽŵŵƵŶŝĐĂƚĞĂƌĞĂůŝƐƚŝĐ ƚŝŵĞůŝŶĞƚŽƐƵĐĐĞƐƐĨƵůůǇŝŵƉůĞŵĞŶƚƚŚĞƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶ͘ Ϯ͘ϰ/ŵƉůĞŵĞŶƚĂƚŝŽŶƉƉƌŽĂĐŚ dŚĞŝƚǇƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚĞĂĐŚWƌŽƉŽƐĞƌŵĂǇƚĂŬĞĂĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ƚŽ ďĞƚƚĞƌĐŽŵƉĂƌĞĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚĞƐĂŶĚƚŽĞŶƐƵƌĞƚŚĂƚĞƐƐĞŶƚŝĂůĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂƌĞƉƌŽƉŽƐĞĚ͕ƚŚĞŝƚǇƌĞƋƵŝƌĞƐƚŚĂƚĂůůWƌŽƉŽƐĞƌƐƵƐĞƚŚĞĚĞĨŝŶŝƚŝŽŶƐďĞůŽǁǁŚĞŶĚĞƐĐƌŝďŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͘ Ϯ͘ϰ͘ϭWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ WƌŽƉŽƐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌŽǀŝĚŝŶŐŽǀĞƌĂůůĐŽŽƌĚŝŶĂƚŝŽŶĂŶĚŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚŝŶĐůƵĚŝŶŐ ŐŽǀĞƌŶĂŶĐĞƐƵƉƉŽƌƚ͕ƐĐŚĞĚƵůĞŵĂŶĂŐĞŵĞŶƚ͕ƌŝƐŬŵŝƚŝŐĂƚŝŽŶ͕ƉƌŽũĞĐƚĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ĐŽŶƚƌĂĐƚ ŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚƋƵĂůŝƚǇĂƐƐƵƌĂŶĐĞ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ WƌŽũĞĐƚWůĂŶ x ^ƚĂƚƵƐZĞƉŽƌƚƐ x Ϯ͘ϰ͘Ϯ<ŶŽǁůĞĚŐĞdƌĂŶƐĨĞƌ WƌŽƉŽƐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚƚŚĞŝƚǇ͛ƐĐŽƌĞƉƌŽũĞĐƚƚĞĂŵŚĂƐƐƵĨĨŝĐŝĞŶƚŬŶŽǁůĞĚŐĞĂŶĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƐŽĨƚǁĂƌĞƚŽƉƌŽƉĞƌůǇƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉƌŽũĞĐƚĂŶĚƐƵďƐĞƋƵĞŶƚƐǇƐƚĞŵĂŶĚ ďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĚĞƐŝŐŶĚŝƐĐƵƐƐŝŽŶƐ͘<ŶŽǁůĞĚŐĞƚƌĂŶƐĨĞƌƐƚĂŐĞǁŝůůŝŶĐůƵĚĞĂůůĐŽƌĞƚĞĂŵƚƌĂŝŶŝŶŐ͘ ^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻWƌŽũĞĐƚdĞĂŵdƌĂŝŶŝŶŐWůĂŶ ͻŶĚͲhƐĞƌdƌĂŝŶŝŶŐDĂƚĞƌŝĂůƐ Ϯ͘ϰ͘ϯ^ǇƐƚĞŵĞƐŝŐŶ WƌŽƉŽƐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĨĂĐŝůŝƚĂƚŝŶŐƉƌŽĐĞƐƐƚŽĚĞĨŝŶĞŚŽǁƚŚĞƐǇƐƚĞŵǁŝůůďĞƵƐĞĚƚŽŵĞĞƚƚŚĞ ŝƚǇ͛ƐƉƌŽĐĞƐƐƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉƌŽũĞĐƚŐŽĂůƐ͘ƐƉĂƌƚŽĨƚŚĞĚĞƐŝŐŶ͕ƚŚĞŝƚǇĞǆƉĞĐƚƐƚŽĞŶŐĂŐĞŝŶ ĚŝƐĐƵƐƐŝŽŶƐĂƌŽƵŶĚŚŽǁƚŽƵƐĞƚŚĞƐǇƐƚĞŵŵŽƐƚĞĨĨĞĐƚŝǀĞůǇ͕ǁŚĂƚĐŚĂŶŐĞƐŝŶďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĂƌĞ ƌĞƋƵŝƌĞĚĂŶĚƚŽĚŽĐƵŵĞŶƚĐŽŶĨŝŐƵƌĂƚŝŽŶƐ͕ŝŶƚĞƌĨĂĐĞƐ͕ƌĞƉŽƌƚƐ͕ǁŽƌŬĨůŽǁƐ͕ĂŶĚƐĞĐƵƌŝƚǇƌŽůĞƐ͘^ƉĞĐŝĨŝĐ ĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻZĞƋƵŝƌĞŵĞŶƚƐdƌĂĐĞĂďŝůŝƚǇŽĐƵŵĞŶƚ Ϯ͘ϰ͘ϰƵŝůĚ ĨƚĞƌĐŽŵƉůĞƚŝŶŐĚĞƐŝŐŶĂŶĚĂĨƚĞƌƚŚĞŝƚǇŚĂƐŵĂĚĞĚĞĐŝƐŝŽŶƐŽŶďŽƚŚďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĂŶĚƐǇƐƚĞŵ ĐŽŶĨŝŐƵƌĂƚŝŽŶƐ͕ƚŚĞŝƚǇĞǆƉĞĐƚƐƚŚĂƚƚŚĞWƌŽƉŽƐĞƌĂŶĚƚŚĞŝƚǇƐƚĂĨĨǁŝůůǁŽƌŬĐŽůůĂďŽƌĂƚŝǀĞůǇŽŶďƵŝůĚŝŶŐ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ƚŚĞƐǇƐƚĞŵ͘ůůĂĐƚŝǀŝƚŝĞƐƌĞůĂƚĞĚƚŽƐǇƐƚĞŵĐŽŶĨŝŐƵƌĂƚŝŽŶ͕ŝŶƚĞƌĨĂĐĞĚĞǀĞůŽƉŵĞŶƚ͕ƌĞƉŽƌƚĐƌĞĂƚŝŽŶ͕Žƌ ŽƚŚĞƌďƵŝůĚƚĂƐŬƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚŝŶƚŚŝƐƐƚĂŐĞ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞ ŝŶĐůƵĚĞ͗ ͻƐͲďƵŝůƚŽĐƵŵĞŶƚĂƚŝŽŶ Ϯ͘ϰ͘ϱŽŶǀĞƌƐŝŽŶ WƌŽƉŽƐĞƌǁŝůůďĞĞǆƉĞĐƚĞĚƚŽĚĞǀĞůŽƉĂĚĂƚĂĐŽŶǀĞƌƐŝŽŶƐƚƌĂƚĞŐǇĨŽƌƚŚĞƉƌŽũĞĐƚĂŶĚŝŵƉůĞŵĞŶƚƚŚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘ŝƚǇƐƚĂĨĨǁŝůůǁŽƌŬǁŝƚŚƚŚĞWƌŽƉŽƐĞƌdĞĂŵƚŽĞǆƚƌĂĐƚĚĂƚĂĨƌŽŵůĞŐĂĐǇĂƉƉůŝĐĂƚŝŽŶƐ ĂŶĚƚŽŵĂƉƚŚĞĚĂƚĂŝŶƚŽƚŚĞWƌŽƉŽƐĞƌƚŽŽůƐ͘dŚĞWƌŽƉŽƐĞƌ͕ŝŶƚƵƌŶ͕ǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌůŽĂĚŝŶŐƚŚĞ ĐŽŶǀĞƌƚĞĚĚĂƚĂĂŶĚĐŽŶĨŝƌŵŝŶŐƚŚĞƐƵĐĐĞƐƐĨƵůůŽĂĚŽĨƚŚĞĚĂƚĂ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐ ƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻŽŶǀĞƌƐŝŽŶWůĂŶ ͻŽŶǀĞƌƚĞĚĂƚĂĐĐĞƉƚĂŶĐĞ Ϯ͘ϰ͘ϲdĞƐƚŝŶŐ dŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽĐĞƐƐ͕ƚŚĞŝƚǇĞǆƉĞĐƚƐƚŽĞŶŐĂŐĞŝŶĞǆĞĐƵƚŝŽŶŽĨĂĨŽƌŵĂůƚĞƐƚƉůĂŶ͘dŚĞƚĞƐƚƉůĂŶǁŝůů ďĞĚĞǀĞůŽƉĞĚĚƵƌŝŶŐƚŚĞƉƌŽũĞĐƚĂŶĚŝŶĐůƵĚĞƚĞƐƚŝŶŐĂƉƉƌŽĂĐŚ͕ƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚĞƐƚŝŶŐ͕ĂŶĚ ĐůĞĂƌĚĞĂĚůŝŶĞƐĂŶĚĞǆƉĞĐƚĂƚŝŽŶƐĂƌŽƵŶĚƚĞƐƚŝŶŐĞĨĨŽƌƚ͘dŚĞŝƚǇĞǆƉĞĐƚƐƚŽĞŶŐĂŐĞŝŶĚĞƚĂŝůĞĚ ĐŽŶĨĞƌĞŶĐĞƌŽŽŵƉŝůŽƚƚĞƐƚŝŶŐ͕ƵŶŝƚƚĞƐƚŝŶŐ͕ƌĞŐƌĞƐƐŝŽŶƚĞƐƚŝŶŐ͕ŝŶƚĞŐƌĂƚŝŽŶƚĞƐƚŝŶŐ͕ƉĂƌĂůůĞůƚĞƐƚŝŶŐ͕ĂŶĚ ƵƐĞƌĂĐĐĞƉƚĂŶĐĞƚĞƐƚŝŶŐ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻdĞƐƚŝŶŐWůĂŶ ͻdĞƐƚ^ĐƌŝƉƚƐ ͻdĞƐƚŝŶŐĐĐĞƉƚĂŶĐĞ Ϯ͘ϰ͘ϳ'Ž>ŝǀĞĂŶĚ^ƵƉƉŽƌƚ ƚƚŝŵĞĨŽƌŐŽͲůŝǀĞ͕ƚŚĞŝƚǇĞǆƉĞĐƚƐƚŚĂƚƚŚĞWƌŽƉŽƐĞƌǁŝůůĂƐƐŝƐƚǁŝƚŚĞŶĚͲƵƐĞƌƚƌĂŝŶŝŶŐ͕ǁŽƌŬƚŽƉƌĞƉĂƌĞ ĂĐƵƚŽǀĞƌƉůĂŶ͕ĂŶĚĂƐƐŝƐƚǁŝƚŚƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽƚŚĞŶĞǁƐŽĨƚǁĂƌĞ͘/ŶĐůƵĚĞĚǁŝƚŚŐŽͲůŝǀĞĐŽƵůĚĂůƐŽďĞ ĂƐƐŝƐƚĂŶĐĞĨŽƌĂĨƚĞƌŐŽͲůŝǀĞǁŝƚŚŵĂŶĂŐĞŵĞŶƚŽĨŚĞůƉͲĚĞƐŬƚǇƉĞĨƵŶĐƚŝŽŶƐ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚ ĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻƵƚŽǀĞƌWůĂŶ ͻ&ŝŶĂůĐĐĞƉƚĂŶĐĞŽĐƵŵĞŶƚĂƚŝŽŶ Ϯ͘ϱ/ŶƚĞƌĨĂĐĞƐ /ŶƚĞƌĨĂĐĞƌĞƋƵŝƌĞŵĞŶƚƐŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚĂƐʹ/ŶƚĞƌĨĂĐĞ>ŝƐƚ͘WƌŽƉŽƐĞƌƐƐŚŽƵůĚƌĞƐƉŽŶĚ ƚƚĂĐŚŵĞŶƚϵ ƚŽĞĂĐŚŝŶƚĞƌĨĂĐĞƌĞƋƵŝƌĞŵĞŶƚƚŽŝĚĞŶƚŝĨǇƚŚĞƉƌŽƉŽƐĞĚƐĐŽƉĞ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE Ϯ͘ϲŽŶǀĞƌƐŝŽŶƐ ŽŶǀĞƌƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚĂƐʹŽŶǀĞƌƐŝŽŶZĞƋƵŝƌĞŵĞŶƚƐ͘WƌŽƉŽƐĞƌƐ ƚƚĂĐŚŵĞŶƚϭϬ ƐŚŽƵůĚƌĞƐƉŽŶĚƚŽĞĂĐŚĐŽŶǀĞƌƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƚŽŝĚĞŶƚŝĨǇƚŚĞƉƌŽƉŽƐĞĚƐĐŽƉĞ͘ Ϯ͘ϳWƌŽũĞĐƚ^ƚĂĨĨŝŶŐ dŚĞŝƚǇǁŝůůŵĂŬĞĞǀĞƌǇĞĨĨŽƌƚƚŽƐƚĂĨĨƚŚĞƉƌŽũĞĐƚĂƉƉƌŽƉƌŝĂƚĞůǇĂŶĚƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚƐƚĂĨĨŝŶŐĂƉƌŽũĞĐƚ ŝƐŝŵƉŽƌƚĂŶƚƚŽŝƚƐƐƵĐĐĞƐƐ͘dŚĞŝƚǇŚĂƐƐƚĂĨĨĞĚƚŚĞƉƌŽũĞĐƚǁŝƚŚƐŵĂůůƚĞĂŵƐŽĨŽŶĞƚŽĞŝŐŚƚŝŶĚŝǀŝĚƵĂůƐ ƚŚĂƚƌĞƉƌĞƐĞŶƚŬĞǇƐƚĂŬĞŚŽůĚĞƌŐƌŽƵƉƐĨŽƌĞĂĐŚĨƵŶĐƚŝŽŶĂůĂƌĞĂ͘dŚĞƐĞƉƌŽĐĞƐƐŝŵƉƌŽǀĞŵĞŶƚƚĞĂŵƐŚĂǀĞ ďĞĞŶǁŽƌŬŝŶŐƚŽĞƐƚĂďůŝƐŚƉƌŽũĞĐƚŐŽĂůƐ͕ĚŝƐĐƵƐƐŝŵƉƌŽǀĞŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ĂŶĚƉƌĞƉĂƌĞƚŚĞŝƚǇĨŽƌ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘/ƚŝƐĞǆƉĞĐƚĞĚƚŚĂƚĂůůǁŝůůďĞŝŶǀŽůǀĞĚĂƐƚŚĞ͞ĐŽƌĞ͟ƚĞĂŵŵŽǀŝŶŐĨŽƌǁĂƌĚǁŝƚŚƚŚĞ ƉƌŽũĞĐƚ͘ĂĐŚĐŽƌĞƚĞĂŵǁŝůůŚĂǀĞĂůĞĂĚŝŶĚŝǀŝĚƵĂůŝĚĞŶƚŝĨŝĞĚ͕ďƵƚĂůůĂƌĞĞǆƉĞĐƚĞĚƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞ ƉƌŽũĞĐƚ͘dŚĞŝƚǇŚĂƐŝĚĞŶƚŝĨŝĞĚƚŚĞĨŽůůŽǁŝŶŐƚĞĂŵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͗ dĂďůĞϮ͘ϭ ŝƚǇWƌŽũĞĐƚ^ƚĂĨĨ ŝƚǇ^ƚĂĨĨWĂƌƚŝĐŝƉĂƚŝŽŶ ƐƐƵŵĞĚZŽůĞDĂǆŝŵƵŵWĂƌƚŝĐŝƉĂƚŝŽŶ;&dͿ WƌŽũĞĐƚDĂŶĂŐĞƌϭ;&dͿ &ŝŶĂŶĐĞ>ĞĂĚ͘ϱ;&dͿ WƌŽĐƵƌĞŵĞŶƚ>ĞĂĚ͘ϱ;&dͿ 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ƐƚŝŵĂƚĞĚhƐĞƌƐďǇĞƉĂƌƚŵĞŶƚƐ ƐƚŝŵĂƚĞĚEƵŵďĞƌŽĨƐƚŝŵĂƚĞĚEƵŵďĞƌŽĨ dǇƉĞŽĨhƐĞƌ hƐĞƌƐWŽǁĞƌhƐĞƌƐ ϲϬϭϬ &ŝŶĂŶĐŝĂůƐ ϲϬϱ ,ZͬWĂǇƌŽůů ϲϬ ϱ ƵĚŐĞƚŝŶŐ ϲϬ ϱ WƵƌĐŚĂƐŝŶŐ ϱϱ dĞĐŚŶŝĐĂůͬĚŵŝŶŝƐƚƌĂƚŝǀĞhƐĞƌƐ ϭ͕ϯϬϬϱ ^^hƐĞƌƐ EŽƚĞ͗ŵƉůŽǇĞĞƐĂƌĞĐŽƵŶƚĞĚŝŶŵƵůƚŝƉůĞĐŽůƵŵŶƐ͘ WƌŽƉŽƐĞƌƐƐŚŽƵůĚƉůĂŶƚŽƉƌŽǀŝĚĞƐƵĨĨŝĐŝĞŶƚƐǇƐƚĞŵĂĐĐĞƐƐĨŽƌƚŚĞŝƚǇƚŽĨƵůůǇŝŵƉůĞŵĞŶƚƚŚĞŝƌĚĞƐŝƌĞĚ ďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐ͘WƌŽƉŽƐĂůƐƐŚŽƵůĚŝŶĐůƵĚĞƐĞƌǀŝĐĞƐƚŽĐŽŵƉůĞƚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚĂŶǇĂƉƉƌŽƉƌŝĂƚĞ ƚƌĂŝŶŝŶŐƐĞƌǀŝĐĞƐƚŽƉƌĞƉĂƌĞĂůůŝƚǇƐƚĂĨĨĨŽƌƵƐŝŶŐƚŚĞƐǇƐƚĞŵ͘ ^ĞĐƚŝŽŶϯ͗ĞƚĂŝůĞĚ^ƵďŵŝƚƚĂůZĞƋƵŝƌĞŵĞŶƚƐ WƌŽƉŽƐĂůƐƐŚŽƵůĚďĞƉƌĞƉĂƌĞĚĂƐƐŝŵƉůǇĂƐƉŽƐƐŝďůĞĂŶĚƉƌŽǀŝĚĞĂƐƚƌĂŝŐŚƚĨŽƌǁĂƌĚ͕ĐŽŶĐŝƐĞĚĞƐĐƌŝƉƚŝŽŶŽĨ ƚŚĞƉƌŽƉŽƐĞĚƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐƚŽƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞZ&W͘ƚƚĞŶƚŝŽŶƐŚŽƵůĚďĞŐŝǀĞŶƚŽ ĂĐĐƵƌĂĐǇ͕ĐŽŵƉůĞƚĞŶĞƐƐ͕ƌĞůĞǀĂŶĐĞ͕ĂŶĚĐůĂƌŝƚǇŽĨĐŽŶƚĞŶƚ͘WƌŽƉŽƐĂůƐŵƵƐƚĂĚĚƌĞƐƐƚŚĞĨŽůůŽǁŝŶŐ ƋƵĞƐƚŝŽŶƐĂŶĚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶƐ͘ ϯ͘ϭWƌŽƉŽƐĂů^ĞĐ͍ŽŶϭ͘Ϭ͸/ŶƚƌŽĚƵĐ͍ŽŶ dŚĞŝŶƚƌŽĚƵĐƚŽƌǇŵĂƚĞƌŝĂůƐŚŽƵůĚŝŶĐůƵĚĞĂƚŝƚůĞƉĂŐĞǁŝƚŚƚŚĞZ&WŶĂŵĞ͕ŶĂŵĞŽĨƚŚĞƉƌŽƉŽƐĞƌ͕ĂĚĚƌĞƐƐ͕ ĐŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶ͕ƚŚĞĚĂƚĞ͕ĂůĞƚƚĞƌŽĨƚƌĂŶƐŵŝƚƚĂů͕ĂŶĚĂƚĂďůĞŽĨĐŽŶƚĞŶƚƐ͘dŚĞĞǆĞĐƵƚŝǀĞƐƵŵŵĂƌǇ ƐŚŽƵůĚďĞůŝŵŝƚĞĚƚŽĂďƌŝĞĨŶĂƌƌĂƚŝǀĞƐƵŵŵĂƌŝǌŝŶŐƚŚĞƉƌŽƉŽƐĂů͘ ϭͿŽŵƉůĞƚĞƚƚĂĐŚŵĞŶƚϭ͸^ŝŐŶĂƚƵƌĞWĂŐĞ ϮͿŽŵƉůĞƚĞƚƚĂĐŚŵĞŶƚϮ͸WƌŽƉŽƐĞƌ^ƚĂƚĞŵĞŶƚ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ϯ͘ϮWƌŽƉŽƐĂů^ĞĐ͍ŽŶϮ͘Ϭ͸WƌŽƉŽƐĞƌdĞĂŵ dŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĂůƐŚŽƵůĚŝĚĞŶƚŝĨǇĂůůĨŝƌŵƐŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽƉŽƐĂůĂŶĚĂŶǇŶĞĐĞƐƐĂƌǇƚŚŝƌĚͲ ƉĂƌƚǇƉƌŽĚƵĐƚƐŽƌĨŝƌŵƐƌĞƋƵŝƌĞĚŽƌƌĞĐŽŵŵĞŶĚĞĚĨŽƌƚŚĞŝƚǇ͘ ϭͿ/ĚĞŶƚŝĨǇƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƚĞĂŵŝŶĐůƵĚŝŶŐƚŚĞĨŝƌŵƐƌĞƐƉŽŶƐŝďůĞĨŽƌŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ĂŶĚ ĂŶǇŬĞǇĐŽŶƐƵůƚŝŶŐƚĞĂŵŵĞŵďĞƌƐƚŚĂƚǁŝůůďĞƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐƚŽƚŚĞŝƚǇ͘ ,ŽǁŵĂŶǇƐƚĂĨĨǁŝůůƚŚĞWƌŽƉŽƐĞƌŚĂǀĞĂƐƐŝŐŶĞĚƚŽƚŚĞƉƌŽũĞĐƚ͍ R tŚĂƚŝƐƚŚĞĂƉƉƌŽǆŝŵĂƚĞĚĞĚŝĐĂƚŝŽŶƚŽƚŚĞƉƌŽũĞĐƚŽĨĞĂĐŚƌĞƐŽƵƌĐĞĂŶĚĂƉƉƌŽǆŝŵĂƚĞ R ƚŝŵĞǁŽƌŬǁŝůůďĞĐŽŵƉůĞƚĞĚŽŶͲƐŝƚĞǀƐ͘ŽĨĨͲƐŝƚĞ͍ tŚĂƚĂƌĞƚŚĞŵĂũŽƌƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌĞĂĐŚƌĞƐŽƵƌĐĞ͍ R ϮͿŽŵƉůĞƚĞ͸WƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐĂĐŬŐƌŽƵŶĚĨŽƌĞĂĐŚĮ ƌŵŝŶǀŽůǀĞĚǁŝƚŚƚŚĞ ƚƚĂĐŚŵĞŶƚϯ ƉƌŽũĞĐƚ͘ ϯͿŽŵƉůĞƚĞ͸ZĞĨĞƌĞŶĐĞ&ŽƌŵĨŽƌĞĂĐŚĮ ƌŵŝŶǀŽůǀĞĚŝŶƚŚĞƉƌŽũĞĐƚ͘ ƚƚĂĐŚŵĞŶƚϰ ϰͿŽŵƉůĞƚĞ͸^ƚĂ ĸ ŶŐ^ŚĞĞƚ ƚƚĂĐŚŵĞŶƚϴ ϯ͘Ϯ͘ϭWƌŽƉŽƐĂů^ĞĐ͍ŽŶϯ͘Ϭ͸&ƵŶĐ͍ŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ dŚŝƐƐĞĐƚŝŽŶĚĞƐĐƌŝďĞƐƚŚĞƐŽĨƚǁĂƌĞĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶƐĐŽƉĞŽĨƚŚĞŽǀĞƌĂůůƉƌŽũĞĐƚĂŶĚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĞĂĐŚĨƵŶĐƚŝŽŶĂůĂƌĞĂ͘ZĞƐƉŽŶƐĞƐƚŽƚŚĞĨƵŶĐƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐƐŚŽƵůĚďĞĐŽŵƉůĞƚĞ ƐƵĐŚƚŚĂƚƚŚĞǇŝĚĞŶƚŝĨǇƚŚĞĐĂƉĂďŝůŝƚŝĞƐŽĨƚŚĞƐŽĨƚǁĂƌĞĂŶĚƚŚĞƐĐŽƉĞŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ǀĂŝůĂďůĞ&ƵŶĐƚŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐZĞƐƉŽŶƐĞƐ͗ ƚƚĂĐŚŵĞŶƚϳ&ƵŶĐƚŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐZĞƐƉŽŶƐĞƐ ŽůƵŵŶ͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ zZĞƋƵŝƌĞŵĞŶƚDĞƚĂŶĚWƌŽƉŽƐĞĚ;^ƚĂŶĚĂƌĚĨĞĂƚƵƌĞƐŝŶƚŚĞŐĞŶĞƌĂůůǇĂǀĂŝůĂďůĞƉƌŽĚƵĐƚͿ zͲZĞƋƵŝƌĞŵĞŶƚDĞƚĂŶĚWƌŽƉŽƐĞĚ;&ĞĂƚƵƌĞƐƚŚĂƚĂƌĞŶŽƚŽĨĨĞƌĞĚĂƐĂŐĞŶĞƌĂůůǇĂǀĂŝůĂďůĞƉƌŽĚƵĐƚ EŽƌƌĞƋƵŝƌĞĐƵƐƚŽŵĚĞǀĞůŽƉŵĞŶƚͿ EZĞƋƵŝƌĞŵĞŶƚEŽƚDĞƚǁŝƚŚWƌŽƉŽƐĂů /EĞĞĚDŽƌĞ/ŶĨŽƌŵĂƚŝŽŶͬŝƐĐƵƐƐŝŽŶ ŽůƵŵŶ&͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ ^ZĞƋƵŝƌĞŵĞŶƚĂŶĚ&ĞĂƚƵƌĞ^ƵƉƉŽƌƚĞĚďǇ^ŽĨƚǁĂƌĞĞǀĞůŽƉĞƌ dW^ZĞƋƵŝƌĞŵĞŶƚĂŶĚ&ĞĂƚƵƌĞ^ƵƉƉŽƌƚĞĚďǇdŚŝƌĚWĂƌƚǇ E^ZĞƋƵŝƌĞŵĞŶƚĂŶĚ&ĞĂƚƵƌĞEŽƚ^ƵƉƉŽƌƚĞĚ ϭͿŽŵƉůĞƚĞ͸&ƵŶĐ͍ŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ ƚƚĂĐŚŵĞŶƚϳ &ĂŝůƵƌĞƚŽƉƌŽǀŝĚĞƐŽŵĞƌĞƋƵŝƌĞŵĞŶƚƐŽƌĞǆĐůƵĚŝŶŐƐŽŵĞƌĞƋƵŝƌĞŵĞŶƚƐĨƌŽŵƐĐŽƉĞǁŝůů R ŶŽƚĞůŝŵŝŶĂƚĞƚŚĞƉƌŽƉŽƐĞƌĨƌŽŵĐŽŶƚĞŶƚŝŽŶ͘dŚĞŝƚǇǁŝůůĞǀĂůƵĂƚĞƚŚĞƉƌŽƉŽƐĂůĂƐĂ ǁŚŽůĞ͕ŝŶĐůƵĚŝŶŐƉƌŝĐĞĂŶĚǀĂůƵĞĐŽŵƉĂƌŝƐŽŶƐǁŚĞŶĞǀĂůƵĂƚŝŶŐƉƌŽƉŽƐĂůƐ͘ dŚĞƌĞƋƵŝƌĞŵĞŶƚƐƌĞƐƉŽŶƐĞƐƐƵďŵŝƚƚĞĚǁŝůůďĞĐŽŵĞƉĂƌƚŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͘WƌŽƉŽƐĞƌƐ R ĂƌĞĞǆƉĞĐƚĞĚƚŽǁĂƌƌĂŶƚƚŚĞĚĞůŝǀĞƌǇ͕ĐŽŶĨŝŐƵƌĂƚŝŽŶ͕ĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĂůůƉŽƐŝƚŝǀĞ ƌĞƐƉŽŶƐĞƐ;ĞǀĞƌǇƌĞƐƉŽŶƐĞĞǆĐĞƉƚ͞E͟Ϳ͘ &ŽƌƌĞƋƵŝƌĞŵĞŶƚƌĞƐƉŽŶƐĞƐŽƚŚĞƌƚŚĂŶ͞E͟ƉƌŽƉŽƐĞƌƐŵƵƐƚŝŶĚŝĐĂƚĞƚŚĞŵŽĚƵůĞŽƌ R ƉƌŽĚƵĐƚƚŚĂƚŝƐŶĞĞĚĞĚƚŽŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE &ŽƌƌĞƋƵŝƌĞŵĞŶƚƌĞƐƉŽŶƐĞƐŽƚŚĞƌƚŚĂŶ͞E͟ƉƌŽƉŽƐĞƌƐŵƵƐƚŝŶĚŝĐĂƚĞƚŚĞƉŚĂƐĞŽĨƚŚĞ R ƉƌŽũĞĐƚƚŚĂƚƚŚĞĨƵŶĐƚŝŽŶĂůŝƚǇǁŝůůďĞŝŵƉůĞŵĞŶƚĞĚ͘ ůůƌĞƐƉŽŶƐĞƐǁŚŝĐŚĂƌĞŵĂƌŬĞĚz͕ŽƌzͲEǁŝůůďĞĐŽŶƐŝĚĞƌĞĚƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚĞ R ƐĐŽƉĞ͕ĂŶĚƚŚĞĐŽƐƚƉƌŽƉŽƐĂůĂŶĚĂůůŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƐƵďŵŝƚƚĞĚŝŶƚŚŝƐƉƌŽƉŽƐĂůƐŚŽƵůĚ ƌĞĨůĞĐƚƚŚŝƐ͘ &ŽƌĨƵŶĐƚŝŽŶĂůŝƚǇƚŚĂƚŝƐŶŽƚĐƵƌƌĞŶƚůǇĂǀĂŝůĂďůĞĂŶĚŶŽƚĂǀĂŝůĂďůĞĨŽƌǀŝĞǁŝŶŐĂƚĂĚĞŵŽ͕ R ďƵƚƚŚĂƚǁŝůůďĞŝŶƐĐŽƉĞĨŽƌƚŚĞƉƌŽũĞĐƚĞŝƚŚĞƌĂƐŐĞŶĞƌĂůůǇĂǀĂŝůĂďůĞĨĞĂƚƵƌĞƐŝŶĂĨƵƚƵƌĞ ƌĞůĞĂƐĞŽƌĂƐĂĐƵƐƚŽŵŝǌĂƚŝŽŶ͕ŵŽĚŝĨŝĐĂƚŝŽŶ͕ŽƌĞŶŚĂŶĐĞŵĞŶƚƐƉĞĐŝĨŝĐĨŽƌƚŚŝƐƉƌŽũĞĐƚ͕ WƌŽƉŽƐĞƌƐƐŚŽƵůĚŝŶĚŝĐĂƚĞĂƌĞƐƉŽŶƐĞĐŽĚĞŽĨzͲEĂŶĚƉƌŽǀŝĚĞŵŽƌĞĚĞƚĂŝůŝŶƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞĐŽůƵŵŶ͘ ϯ͘Ϯ͘ϮWƌŽƉŽƐĂů^ĞĐ͍ŽŶϰ͘Ϭ͸dĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚ dŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĂůƐŚŽƵůĚŝĚĞŶƚŝĨǇĂŶǇƚĞĐŚŶŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌŽƉĞƌĂƚŝŶŐƚŚĞƐǇƐƚĞŵ͗ ϭͿŽŵƉůĞƚĞʹdĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚĨŽƌƚŚĞƉƌŝŵĂƌǇƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶ͘ ƚƚĂĐŚŵĞŶƚϱ ϮͿŽŵƉůĞƚĞʹdĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚĨŽƌĂŶǇĂĚĚŝƚŝŽŶĂůƚŚŝƌĚͲƉĂƌƚǇƉƌŽƉŽƐĞĚ ƚƚĂĐŚŵĞŶƚϱ ƉƌŽĚƵĐƚƐ͘ ϯ͘Ϯ͘ϯWƌŽƉŽƐĂů^ĞĐ͍ŽŶϱ͘Ϭ͸/ŵƉůĞŵĞŶƚĂ͍ŽŶƉƉƌŽĂĐŚ dŚŝƐƐĞĐƚŝŽŶƐŚŽƵůĚĚĞƐĐƌŝďĞƚŚĞƉƌŽƉŽƐĞĚŝŵƉůĞŵĞŶƚĂƚŝŽŶƉůĂŶ͘WƌŽƉŽƐĞƌƐƐŚŽƵůĚƌĞĨĞƌĞŶĐĞ^ĞĐƚŝŽŶ ϮʹWƌŽũĞĐƚ^ĐŽƉĞĨŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƉƌŽũĞĐƚƐĐŽƉĞ͕ŐŽĂůƐ͕ĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶĞĨĨŽƌƚ͘ ϭͿWůĞĂƐĞƉƌŽǀŝĚĞĂĚĞƐĐƌŝƉƚŝŽŶŽĨǇŽƵƌŵĞƚŚŽĚŽůŽŐǇĨŽƌƚŚŝƐƉƌŽũĞĐƚ͕ĐŽŶƐŝĚĞƌŝŶŐƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ƚŚĞƐĐŽƉĞ͕ĂŶĚƚŚĞĚĞƐŝƌĞĚŐŽĂůƚŽŝŵƉƌŽǀĞďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐ͘ ϮͿŽŵƉůĞƚĞͲWƌŽũĞĐƚǆƉĞĐƚĂƚŝŽŶƐ ƚƚĂĐŚŵĞŶƚϲ ϯͿŽŵƉůĞƚĞͲ/ŶƚĞƌĨĂĐĞ>ŝƐƚ ƚƚĂĐŚŵĞŶƚϵ dŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶŝƐŝŶƚĞŶĚĞĚƚŽĂĚĚƌĞƐƐĐƵƌƌĞŶƚĂƉƉůŝĐĂƚŝŽŶƐĂŶĚdŚŝƌĚͲWĂƌƚǇ ^ǇƐƚĞŵƐ;dW^ͿƚŚĂƚĂƌĞƵƐĞĚďǇƚŚĞŝƚǇĨŽƌŵĂũŽƌďƵƐŝŶĞƐƐĨƵŶĐƚŝŽŶƐ͘/ŶĨŽƌŵĂƚŝŽŶĂďŽƵƚ ƚŚĞŝƌƌĞƉůĂĐĞŵĞŶƚŽƌŝŶƚĞƌĨĂĐĞŝƐƉƌŽǀŝĚĞĚŝŶĚĞƚĂŝůŝŶͲ/ŶƚĞƌĨĂĐĞ>ŝƐƚ͘ůů ƚƚĂĐŚŵĞŶƚϵ ƐǇƐƚĞŵƐůŝƐƚĞĚŝŶĂƌĞĂƐƐƵŵĞĚƚŽďĞŝŶƐĐŽƉĞĨŽƌƌĞƉůĂĐĞŵĞŶƚŽƌŝŶƚĞƌĨĂĐĞƚŽ ƚƚĂĐŚŵĞŶƚϵ ƚŚĞŶĞǁZWƐǇƐƚĞŵ͘dŚĞŝƚǇŝŶƚĞŶĚƐƚŽĚŝƐĐƵƐƐƚŚĞĨƵƚƵƌĞƵƐĞŽĨƚŚĞƐĞĂƉƉůŝĐĂƚŝŽŶƐ͕Žƌ ƚŚĞŝƌƌĞƉůĂĐĞŵĞŶƚ͕ĚƵƌŝŶŐƐŽĨƚǁĂƌĞĚĞŵŽŶƐƚƌĂƚŝŽŶƐĂŶĚĐŽŶƚƌĂĐƚŶĞŐŽƚŝĂƚŝŽŶƐ͘,ŽǁĞǀĞƌ͕ WƌŽƉŽƐĞƌƐƐŚŽƵůĚĐŽŵƉůĞƚĞƚŽƚŚĞďĞƐƚŽĨƚŚĞŝƌĂďŝůŝƚǇďĂƐĞĚƵƉŽŶƚŚĞ ƚƚĂĐŚŵĞŶƚϵ ŝŶƐƚƌƵĐƚŝŽŶƐƉƌŽǀŝĚĞĚĂŶĚƐƵďŵŝƚŝƚǁŝƚŚŽƚŚĞƌƚŚĞĂƚƚĂĐŚŵĞŶƚƐĂƐƉĂƌƚŽĨƚŚĞZ&WƌĞƐƉŽŶƐĞ͘ /ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐĂǀĂŝůĂďůĞƌĞƐƉŽŶƐĞƐŚĂƐďĞĞŶƉƌŽǀŝĚĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͘WůĞĂƐĞ ƌĞĂĚĐĂƌĞĨƵůůǇĂŶĚƌĞƐƉŽŶĚƚŚŽƵŐŚƚĨƵůůǇĂƐŝŶƚĞƌĨĂĐĞƐƚŽƚŚĞŝƚǇ͛ƐĞǆŝƐƚŝŶŐƐǇƐƚĞŵƐĂŶĚͬŽƌ ƚŚĞŝƌƌĞƉůĂĐĞŵĞŶƚŝƐĐƌŝƚŝĐĂůƚŽƉƌŽũĞĐƚƐƵĐĐĞƐƐ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ƚƚĂĐŚŵĞŶƚϵ;/ŶƚĞƌĨĂĐĞ>ŝƐƚͿ ŽůƵŵŶ͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ ZĞƉůĂĐĞǁͬZW^ǇƐƚĞŵŝƐƌĞƉůĂĐĞĚǁŝƚŚĨƵŶĐƚŝŽŶĂůŝƚǇŶĂƚŝǀĞƚŽƚŚĞŶĞǁƚŚĞZW ZĞƉůĂĐĞǁͬEĞǁ^ǇƐƚĞŵŝƐƌĞƉůĂĐĞĚǁŝƚŚĂŶĞǁdŚŝƌĚWĂƌƚǇ^ǇƐƚĞŵ;dW^ͿƚŚĂƚŚĂƐďĞĞŶƉƌŽƉŽƐĞĚ dW^ĂƐƉĂƌƚŽĨƚŚĞŶĞǁƐŽůƵƚŝŽŶ <ĞĞƉ<ĞĞƉƚŚĞĐƵƌƌĞŶƚƐǇƐƚĞŵĂŶĚďƵŝůĚĂƉĞƌŵĂŶĞŶƚŝŶƚĞƌĨĂĐĞĂƐƉĂƌƚŽĨƚŚĞƉƌŽũĞĐƚ ŽůƵŵŶ&͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ /ŶďŽƵŶĚKŶůǇĂƚĂǁŝůůďĞƉƵůůĞĚĨƌŽŵƚŚĞdW^ŝŶƚŽƚŚĞZW^ǇƐƚĞŵ KƵƚďŽƵŶĚKŶůǇĂƚĂǁŝůůďĞƉƵƐŚĞĚĨƌŽŵƚŚĞZW^ǇƐƚĞŵŝŶƚŽƚŚĞdW^ ĂƚĂǁŝůůďĞƉƵƐŚĞĚĨƌŽŵƚŚĞZW^ǇƐƚĞŵŝŶƚŽƚŚĞdW^ĂŶĚƉƵůůĞĚĨƌŽŵƚŚĞdW^ ŝͲŝƌĞĐƚŝŽŶĂů ŝŶƚŽƚŚĞZW^ǇƐƚĞŵ ŽůƵŵŶ'͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ /ŶƚĞƌĨĂĐĞǁŝůůďĞŶĞĞĚĞĚĨŽƌůŝŵŝƚĞĚĂŵŽƵŶƚŽĨƚŝŵĞĚƵƌŝŶŐƚŚĞƉƌŽũĞĐƚďĞǁŝůůŶŽƚ dĞŵƉŽƌĂƌǇ ďĞŶĞĐĞƐƐĂƌǇĂĨƚĞƌƚŚĞƉƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ WĞƌŵĂŶĞŶƚ/ŶƚĞƌĨĂĐĞǁŝůůďĞŶĞĞĚĞĚĨŽƌƚŚĞůŝĨĞͲƚŝŵĞŽĨƚŚĞZW^ǇƐƚĞŵ ŽůƵŵŶ,͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ ZĞĂůͲdŝŵĞĂƚĂŝƐƚƌĂŶƐĨĞƌƌĞĚ͕ĂƚĂŵŝŶŝŵƵŵ͕ĞǀĞƌǇϭϱŵŝŶƐ͘ ,ŽƵƌůǇĂƚĂŝƐƚƌĂŶƐĨĞƌƌĞĚ͕ĂƚĂŵŝŶŝŵƵŵ͕ĞǀĞƌǇϲϬŵŝŶƐ͘ ĂŝůǇĂƚĂŝƐƚƌĂŶƐĨĞƌƌĞĚ͕ĂƚĂŵŝŶŝŵƵŵ͕ĞǀĞƌǇϮϰŚŽƵƌƐ tĞĞŬůǇĂƚĂŝƐƚƌĂŶƐĨĞƌƌĞĚ͕ĂƚĂŵŝŶŝŵƵŵ͕ĞǀĞƌǇϳĚĂǇƐ DŽŶƚŚůǇĂƚĂŝƐƚƌĂŶƐĨĞƌƌĞĚ͕ĂƚĂŵŝŶŝŵƵŵ͕ĞǀĞƌǇϯϬͬϯϭĚĂǇƐ ϰͿŽŵƉůĞƚĞʹŽŶǀĞƌƐŝŽŶƐ ƚƚĂĐŚŵĞŶƚϭϬ WƌŽƉŽƐĞƌƐŵƵƐƚƉƌŽǀŝĚĞƌĞƐƉŽŶƐĞƐƚŽƚŚĞĐŽŶǀĞƌƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐʹ ƚƚĂĐŚŵĞŶƚϭϬ ŽŶǀĞƌƐŝŽŶƐ͘/ĨĂĚĚŝƚŝŽŶĂůŝƚĞŵƐƚŽďĞĐŽŶǀĞƌƚĞĚĂƌĞƉƌŽƉŽƐĞĚ͕ƉůĞĂƐĞĂĚĚƚŚĞŵƚŽƚŚĞ ƐƉƌĞĂĚƐŚĞĞƚ͘dŚĞĨŽůůŽǁŝŶŐĂŶƐǁĞƌŬĞǇƐŚĂůůďĞƵƐĞĚǁŚĞŶƌĞƐƉŽŶĚŝŶŐƚŽƚŚĞĐŽŶǀĞƌƐŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ /ƚĞŵZĞƐƉŽŶƐĞZĞƐƉŽŶƐĞĞƐĐƌŝƉƚŝŽŶ zͬEZĞƐƉŽŶĚĞŶƚƐƐŚŽƵůĚŝĚĞŶƚŝĨǇǁŚĞƚŚĞƌŽƌŶŽƚǇŽƵƌĨŝƌŵ ŐƌĞĞ ĂŐƌĞĞƐƚŚĂƚƚŚŝƐŝƚĞŵŶĞĞĚƐƚŽďĞĐŽŶǀĞƌƚĞĚ͘ zͬE/ĨǇŽƵƌĨŝƌŵĂŐƌĞĞƐƚŚĂƚƚŚŝƐŝƚĞŵŶĞĞĚƐƚŽďĞĐŽŶǀĞƌƚĞĚ͕ /ŶĐůƵĚĞĚŝŶWƌŝĐĞ ŝŶĚŝĐĂƚĞǁŝƚŚĂzĞƐŽƌEŽǁŚĞƚŚĞƌŽƌŶŽƚǇŽƵƌĨŝƌŵΖƐǁŽƌŬ ĞĨĨŽƌƚƚŽĐŽŵƉůĞƚĞƚŚĞĐŽŶǀĞƌƐŝŽŶŝƐŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŝĐŝŶŐ ƐĐŚĞĚƵůĞ͘ EƵŵďĞƌŽĨ/ŶĐůƵĚĞƚŚĞŶƵŵďĞƌŽĨĞƐƚŝŵĂƚĞĚĐŽŶƐƵůƚŝŶŐǁŽƌŬŚŽƵƌƐ ƐƚŝŵĂƚĞĚŽŶƐƵůƚŝŶŐ ,ŽƵƌƐŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĐŽŶǀĞƌƐŝŽŶ͘ ,ŽƵƌƐ dĞǆƚ/ŶĐůƵĚĞĂŶǇĐŽŵŵĞŶƚƐŽƌĂƐƐƵŵƉƚŝŽŶƐƌĞůĞǀĂŶƚƚŽƚŚĞ ŽŵŵĞŶƚƐ ĂŶƐǁĞƌƐĂďŽǀĞ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ϯ͘Ϯ͘ϰWƌŽƉŽƐĂů^ĞĐƚŝŽŶϲ͘ϬͶWƌŝĐĞ&ŽƌŵĂƚ WƌŽƉŽƐĞƌƐƐŚŽƵůĚƐƵďŵŝƚƉƌŝĐĞƉƌŽƉŽƐĂůƐƵƐŝŶŐƚŚĞĨŽƌŵĂƚƉƌŽǀŝĚĞĚŝŶ͸ŽƐƚ͘ ƚƚĂĐŚŵĞŶƚϭϭ ϭͿŽŵƉůĞƚĞĂŶĚƐƵďŵŝƚ͸ŽƐƚ ƚƚĂĐŚŵĞŶƚϭϭ ůůƉƌŝĐŝŶŐŵƵƐƚďĞƐƵďŵŝƚƚĞĚĂƐĨŝǆĞĚďǇŵŝůĞƐƚŽŶĞ͘ŽƐƚƐůŝƐƚĞĚĂƐ͞ƚŽͲďĞͲĚĞƚĞƌŵŝŶĞĚ͟ R Žƌ͞ĞƐƚŝŵĂƚĞĚ͟ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚ͘ /ĚĞŶƚŝĨǇŵĂũŽƌŵŝůĞƐƚŽŶĞƐĂƐƉĂƌƚŽĨƚŚĞƉƌŽũĞĐƚ͘/ƚŝƐƌĞƋƵŝƌĞĚƚŚĂƚĐŽƐƚƐǁŝůůďĞŝŶǀŽŝĐĞĚ R ƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨŵĂũŽƌŵŝůĞƐƚŽŶĞƐ͘WůĞĂƐĞƉƌŽǀŝĚĞĂƐĐŚĞĚƵůĞŽĨĂůůƉĂǇŵĞŶƚƐ ŶĞĐĞƐƐĂƌǇƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽƉŽƐĞĚƐĐŽƉĞ͘ ůůƐĞƌǀŝĐĞĐŽƐƚƐŵƵƐƚďĞƉƌŽǀŝĚĞĚŽŶĂƚĂƐŬŽƌĐŽŵƉůĞƚŝŽŶďĂƐŝƐǁŝƚŚĐŽƐƚƐĂƐƐŝŐŶĞĚƚŽ R ĞĂĐŚŵŝůĞƐƚŽŶĞ͕ĚĞůŝǀĞƌĂďůĞŽƌƚĂƐŬ͘WƌŽƉŽƐĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽĨŝůůŝŶĚĞůŝǀĞƌĂďůĞƐĂŶĚ ƚĂƐŬƐƵŶĚĞƌƚŚĞƉƌŽǀŝĚĞĚŚĞĂĚĞƌƐ͘ĚĚŝƚŝŽŶĂůĚĞƚĂŝůŵĂǇďĞƉƌŽǀŝĚĞĚƚŽĨƵƌƚŚĞƌĞǆƉůĂŝŶ ĚĞůŝǀĞƌĂďůĞŽƌƚĂƐŬĐŽƐƚƐ͘ WƌŽƉŽƐĞƌƐƐŚŽƵůĚŝŶĐůƵĚĞĂůůƐŽĨƚǁĂƌĞŵŽĚƵůĞƐĂŶĚƐƚĂƚĞĂŶǇůŝŵŝƚĂƚŝŽŶƐŽŶŵŽĚƵůĞƵƐĞ͘ R /ĨŶŽůŝŵŝƚĂƚŝŽŶƐĂƌĞůŝƐƚĞĚ͕ƚŚĞŝƚǇǁŝůůĐŽŶƐŝĚĞƌƚŚĂƚƉƌŝĐŝŶŐŝƐďĂƐĞĚŽŶĨƵůůĞŶƚĞƌƉƌŝƐĞ ǁŝĚĞĂĐĐĞƐƐĨŽƌƚŚĞŝƚǇ͘ WƌŽƉŽƐĞƌƐŵƵƐƚƐƵďŵŝƚŝŵƉůĞŵĞŶƚĂƚŝŽŶĐŽƐƚƐĂƐĨƵůůǇůŽĂĚĞĚƌĂƚĞƐƚŚĂƚŝŶĐůƵĚĞĂůů R ŶĞĐĞƐƐĂƌǇƚƌĂǀĞůŽƌŽƚŚĞƌĞǆƉĞŶƐĞƐ͘ǇƐƵďŵŝƚƚŝŶŐĂƉƌŽƉŽƐĂů͕ĂůůƉƌŽƉŽƐĞƌƐĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚĂůůƉƌŝĐŝŶŐ;ŝŶĐůƵĚŝŶŐƚƌĂǀĞůͿŵƵƐƚďĞĂĨŝǆĞĚĨĞĞŽƌŝŶĐůƵĚĞĚŝŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŵŝůĞƐƚŽŶĞƐ͘ ϯ͘Ϯ͘ϰWƌŽƉŽƐĂů^ĞĐƚŝŽŶϳ͘Ϭ͸/ŵƉůĞŵĞŶƚĂ͍ŽŶdĞƌŵƐĂŶĚŽŶĚŝ͍ŽŶƐ dŚŝƐƐĞĐƚŝŽŶĂƐŬƐWƌŽƉŽƐĞƌƐƚŽĂĐĐĞƉƚŬĞǇƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘ ϭͿŽŵƉůĞƚĞʹWƌŽũĞĐƚǆƉĞĐƚĂƚŝŽŶƐ ƚƚĂĐŚŵĞŶƚϲ ϮͿWƌŽƉŽƐĞƌƐŵĂǇƚĂŬĞĞǆĐĞƉƚŝŽŶƚŽĐĞƌƚĂŝŶƌĞƋƵŝƌĞŵĞŶƚƐŝŶƚŚŝƐZ&W͘ůůĞǆĐĞƉƚŝŽŶƐƐŚĂůůďĞ ĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐƐĞĐƚŝŽŶ͕ǁŝƚŚĂǁƌŝƚƚĞŶĞǆƉůĂŶĂƚŝŽŶŽĨƚŚĞĞǆĐĞƉƚŝŽŶĂŶĚĂŶ ĂůƚĞƌŶĂƚĞƉƌŽƉŽƐĂů;ŝĨĂƉƉůŝĐĂďůĞͿ͘dŚĞŝƚǇ͕ĂƚŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ŵĂǇƌĞũĞĐƚĂŶǇĞǆĐĞƉƚŝŽŶƐ ŽƌƐƉĞĐŝĨŝĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĂů͘ ^ĞĐƚŝŽŶϰͲǀĂůƵĂƚŝŽŶWƌŽĐĞƐƐ dŚĞŝƚǇǁŝůůƌĞǀŝĞǁĂůůƉƌŽƉŽƐĂůƐƌĞĐĞŝǀĞĚĂƐƉĂƌƚŽĨĂĚŽĐƵŵĞŶƚĞĚĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐ͘&ŽƌĞĂĐŚĚĞĐŝƐŝŽŶ ƉŽŝŶƚŝŶƚŚĞƉƌŽĐĞƐƐ͕ƚŚĞŝƚǇǁŝůůĞǀĂůƵĂƚĞƉƌŽƉŽƐĂůƐĂĐĐŽƌĚŝŶŐƚŽƐƉĞĐŝĨŝĐĐƌŝƚĞƌŝĂĂŶĚǁŝůůƚŚĞŶĞůĞǀĂƚĞĂ ĐĞƌƚĂŝŶŶƵŵďĞƌŽĨƉƌŽƉŽƐĂůƐƚŽĐŽŵƉĞƚĞŝŶƚŚĞŶĞǆƚƉŚĂƐĞŽĨƚŚĞƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞƐƐ͘WƌŽƉŽƐĂůƐŶŽƚ ƉƌĞǀŝŽƵƐůǇĞůĞǀĂƚĞĚŵĂǇďĞĞůĞǀĂƚĞĚůĂƚĞƌŝĨƚŚĞƉƌĞǀŝŽƵƐůǇĞůĞǀĂƚĞĚƉƌŽƉŽƐĂůƐůĞĂĚƚŽĂŶƵŶƐƵĐĐĞƐƐĨƵů ŽƵƚĐŽŵĞ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ϰ͘ϭǀĂůƵĂƚŝŽŶƌŝƚĞƌŝĂ dŚĞĐƌŝƚĞƌŝĂƚŚĂƚǁŝůůďĞƵƐĞĚƚŽĞǀĂůƵĂƚĞƉƌŽƉŽƐĂůƐŵĂǇŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐ͗ ͻKǀĞƌĂůůhŶĚĞƌƐƚĂŶĚŝŶŐŽĨŝƚǇŶĞĞĚƐ ͻ/ŵƉůĞŵĞŶƚĂƚŝŽŶDĞƚŚŽĚŽůŽŐǇͬƉƉƌŽĂĐŚ ͻ^ŽĨƚǁĂƌĞĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŵƉůĞŵĞŶƚĂƚŝŽŶ/ŶƚĞƌǀŝĞǁƐ ͻŽƐƚ ͻ&ƵŶĐƚŝŽŶĂůŝƚǇ ͻ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶZĞĨĞƌĞŶĐĞƐ ͻŽŵƉůŝĂŶĐĞǁŝƚŚŽŶƚƌĂĐƚdĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ ͻ^ĞĐƵƌŝƚǇĂŶĚZĞĚƵŶĚĂŶĐǇ ͻsĞŶĚŽƌ^ĞĐƵƌŝƚǇƐƐĞƐƐŵĞŶƚ dŚĞŝƚǇƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĚĞƚĞƌŵŝŶĞƚŚĞƐƵŝƚĂďŝůŝƚǇŽĨƉƌŽƉŽƐĂůƐŽŶƚŚĞďĂƐŝƐŽĨĂŶǇŽƌĂůůŽĨƚŚĞƐĞ ĐƌŝƚĞƌŝĂŽƌŽƚŚĞƌĐƌŝƚĞƌŝĂŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞĂďŽǀĞůŝƐƚ͘ ϰ͘ϮǀĂůƵĂƚŝŽŶWƌŽĐĞƐƐ dŚĞŝƚǇǁŝůůĨŽůůŽǁƚŚĞĞǀĂůƵĂƚŝŽŶƐƚĞƉƐƐƵŵŵĂƌŝǌĞĚďĞůŽǁ͗ ϭͿWƌŽƉŽƐĂůƐƵďŵŝƚƚĂůƐƐŚĂůůďĞƌĞĐĞŝǀĞĚĂŶĚƉƵďůŝĐůǇŽƉĞŶĞĚ͘KŶůǇƚŚĞ WƌŽƉŽƐĂůKƉĞŶŝŶŐ͗ ŶĂŵĞƐŽĨZĞƐƉŽŶĚĞŶƚƐǁŝůůďĞƌĞĂĚĂƚƚŚŝƐƚŝŵĞ͘ ϮͿƉƌĞůŝŵŝŶĂƌǇĞǀĂůƵĂƚŝŽŶďǇƚŚĞŝƚǇƐŚĂůůĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌĞĂĐŚƌĞĐĞŝǀĞĚ ŽŵƉůŝĂŶĐĞ͗ ƉƌŽƉŽƐĂůŝƐĐŽŵƉůĞƚĞĂŶĚĐŽŵƉůŝĂŶƚǁŝƚŚĂůůŝŶƐƚƌƵĐƚŝŽŶƐĂŶĚͬŽƌƐƵďŵŝƚƚĂůƌĞƋƵŝƌĞŵĞŶƚƐŝŶ ƚŚĞZ&W͘ŶǇƉƌŽƉŽƐĂůƐƚŚĂƚĂƌĞŝŶĐŽŵƉůĞƚĞŽƌƚŚĂƚĚŽŶŽƚĐŽŵƉůǇǁŝƚŚƚŚĞŝŶƐƚƌƵĐƚŝŽŶƐ ĂŶĚͬŽƌƐƵďŵŝƚƚĂůƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŵĂǇďĞƌĞũĞĐƚĞĚĂŶĚĞǆĐůƵĚĞĚĨƌŽŵĨƵƌƚŚĞƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͘sĞŶĚŽƌƉƌŽƉŽƐĂůƐ͕ǁŚŝĐŚĂƌĞĐŽŵƉůŝĂŶƚ͕ĂƌĞĂĚǀĂŶĐĞĚƚŽƚŚĞǁƌŝƚƚĞŶ ĞǀĂůƵĂƚŝŽŶƐƚĂŐĞ͘ ϯͿdŚĞŝƚǇǁŝůůĞǀĂůƵĂƚĞǁƌŝƚƚĞŶƉƌŽƉŽƐĂůƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞĐƌŝƚĞƌŝĂ tƌŝƚƚĞŶǀĂůƵĂƚŝŽŶ͗ ŽƵƚůŝŶĞĚĂďŽǀĞ͘dŚĞŚŝŐŚĞƐƚƌĂŶŬĞĚƉƌŽƉŽƐĂůƐǁŝůůĂĚǀĂŶĐĞƚŽƚŚĞ^ŽĨƚǁĂƌĞĞŵŽŶƐƚƌĂƚŝŽŶƐ͘ 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ƐƵĐŚǁĂŝǀĞƌŝƐĚĞƚĞƌŵŝŶĞĚďǇZWhƚŽďĞŝŶƚŚĞŽƌŐĂŶŝǌĂƚŝŽŶ͛ƐďĞƐƚŝŶƚĞƌĞƐƚ͘ ϭ͘ϲ͘ϰDŽĚŝĨŝĐĂƚŝŽŶ ZWhŵĂǇŵŽĚŝĨǇƚŚŝƐZ&WďǇŝƐƐƵĂŶĐĞŽĨŽŶĞŽƌŵŽƌĞǁƌŝƚƚĞŶĂĚĚĞŶĚĂ͘ ϭ͘ϲ͘ϱĚĚŝƚŝŽŶĂů/ŶĨŽƌŵĂƚŝŽŶĂŶĚ^ĐŽƉĞ ZWhƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŵĞĞƚǁŝƚŚƐĞůĞĐƚƉƌŽƉŽƐĞƌƐĂƚĂŶǇƚŝŵĞƚŽŐĂƚŚĞƌĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ZWhƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞŵŽǀĞŽƌĂĚĚĨƵŶĐƚŝŽŶĂůŝƚǇ;ŝ͘Ğ͕͘ŵŽĚƵůĞƐ͕ĐŽŵƉŽŶĞŶƚƐ͕Žƌ ƐĞƌǀŝĐĞƐͿƵŶƚŝůƚŚĞĨŝŶĂůĐŽŶƚƌĂĐƚŝƐƐŝŐŶĞĚ͘ ϭ͘ϲ͘ϲŽŵŵŝƚƚĂů dŚŝƐZ&WĚŽĞƐŶŽƚĐŽŵŵŝƚZWhƚŽĂǁĂƌĚĂĐŽŶƚƌĂĐƚ͘ ϭ͘ϲ͘ϳWƌŽƉĞƌƚǇ ůůƉƌŽƉŽƐĂůƐƐƵďŵŝƚƚĞĚŝŶƌĞƐƉŽŶƐĞƚŽƚŚŝƐZ&WďĞĐŽŵĞƚŚĞƉƌŽƉĞƌƚǇŽĨƚŚĞhƚŝůŝƚǇĂŶĚƉƵďůŝĐƌĞĐŽƌĚƐ͕ ĂŶĚĂƐƐƵĐŚ͕ŵĂǇďĞƐƵďũĞĐƚƚŽƉƵďůŝĐƌĞǀŝĞǁ͘WƌŽƉŽƐĞƌƐĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞƌĞůĞĂƐĞŽĨƉƌŽƉƌŝĞƚĂƌǇŽƌ ĐŽŶĨŝĚĞŶƚŝĂůŝŶĨŽƌŵĂƚŝŽŶĂƌĞĞŶĐŽƵƌĂŐĞĚŶŽƚƚŽƐƵďŵŝƚƚŚĂƚŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞƉƌŽƉŽƐĂů͘ ϭ͘ϲ͘ϴǆƉĞŶƐĞƐ ZWhƐŚĂůůŶŽƚďĞůŝĂďůĞĨŽƌĂŶǇƉƌĞͲĐŽŶƚƌĂĐƚƵĂůĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚďǇƉƌŽƐƉĞĐƚŝǀĞWƌŽƉŽƐĞƌƐ͕ŝŶĐůƵĚŝŶŐ ďƵƚŶŽƚůŝŵŝƚĞĚƚŽĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽƌƐƵďŵŝƐƐŝŽŶŽĨƉƌŽƉŽƐĂůƐ͘ZWhƐŚĂůůďĞŚĞůĚ ŚĂƌŵůĞƐƐĂŶĚĨƌĞĞĨƌŽŵĂŶǇĂŶĚĂůůůŝĂďŝůŝƚǇ͕ĐůĂŝŵƐ͕ŽƌĞǆƉĞŶƐĞƐǁŚĂƚƐŽĞǀĞƌŝŶĐƵƌƌĞĚďǇ͕ŽƌŽŶďĞŚĂůĨŽĨ͕ 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ůůƋƵĞƐƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐƚŚĞZ&WŵƵƐƚƌĞĨĞƌĞŶĐĞƚŚĞZ&WƐĞĐƚŝŽŶŚĞĂĚŝŶŐ͘YƵĞƐƚŝŽŶƐǁŝůůďĞĂŶƐǁĞƌĞĚ ĂŶĚƉŽƐƚĞĚƚŽƚŚĞďŝĚƉŽƌƚĂůŝŶƚŚĞĨŽƌŵŽĨĂĚĚĞŶĚĂƚŽƚŚĞZ&W͘ ϭ͘ϴ͘ϯ/ŶƋƵŝƌŝĞƐ /ŶƋƵŝƌŝĞƐŽƌƌĞƋƵĞƐƚƐĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶƐƵďŵŝƚƚĞĚƉƌŝŽƌƚŽƚŚĞƉƌĞͲƉƌŽƉŽƐĂůĐŽŶĨĞƌĞŶĐĞǁŝůůďĞĂĚĚƌĞƐƐĞĚ ĂƚƚŚĞƉƌĞͲƉƌŽƉŽƐĂůǀĞŶĚŽƌĐŽŶĨĞƌĞŶĐĞ͘ĚĚŝƚŝŽŶĂůŝŶƋƵŝƌŝĞƐŽƌƌĞƋƵĞƐƚƐĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶǁŝůůďĞĂĐĐĞƉƚĞĚ ƵŶƚŝůƚŚĞĚĞĂĚůŝŶĞĞƐƚĂďůŝƐŚĞĚŝŶͲWƌŽĐƵƌĞŵĞŶƚ^ĐŚĞĚƵůĞ͘ ^ĞĐƚŝŽŶϭ͘ϭϬ ϭ͘ϴ͘ϰŚĂŶŐĞƐƚŽWƌŽƉŽƐĂůƐ WƌŽƉŽƐĂůƐŵĂǇďĞĐŚĂŶŐĞĚŽƌǁŝƚŚĚƌĂǁŶƉƌŝŽƌƚŽƚŚĞĚĞĂĚůŝŶĞĨŽƌƉƌŽƉŽƐĂůƐ͘ůůƐƵĐŚĐŚĂŶŐĞƐĂŶĚ ǁŝƚŚĚƌĂǁĂůƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚŝŶǁƌŝƚŝŶŐĂŶĚƌĞĐĞŝǀĞĚďǇZWhƉƌŝŽƌƚŽƚŚĞĚĞĂĚůŝŶĞĨŽƌƉƌŽƉŽƐĂůƐ͘ĨƚĞƌ ƚŚĞĚĞĂĚůŝŶĞĨŽƌƉƌŽƉŽƐĂůƐ͕ŶŽĐŚĂŶŐĞŝŶƉƌŝĐĞƐŽƌŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐƉƌĞũƵĚŝĐŝĂůƚŽƚŚĞŝŶƚĞƌĞƐƚŽĨZWhŽƌ ĨĂŝƌĐŽŵƉĞƚŝƚŝŽŶƐŚĂůůďĞƉĞƌŵŝƚƚĞĚ͘ ϭ͘ϵWƌĞͲWƌŽƉŽƐĂůŽŶĨĞƌĞŶĐĞ ƉƌĞͲƉƌŽƉŽƐĂůǀĞŶĚŽƌĐŽŶĨĞƌĞŶĐĞǁŝůůďĞŚĞůĚƌĞŵŽƚĞůǇŽŶƚŚĞĚĂƚĞĂŶĚƚŝŵĞĞƐƚĂďůŝƐŚĞĚŝŶ^ĞĐƚŝŽŶ ϭ͘ϭϭͲWƌŽĐƵƌĞŵĞŶƚ^ĐŚĞĚƵůĞ͘ƚƚĞŶĚĂŶĐĞĂƚƚŚĞƉƌĞͲƉƌŽƉŽƐĂůĐŽŶĨĞƌĞŶĐĞŝƐŶŽŶͲŵĂŶĚĂƚŽƌǇ͘ŶƐǁĞƌƐƚŽ ƋƵĞƐƚŝŽŶƐƐƵďŵŝƚƚĞĚƉƌŝŽƌƚŽƚŚĞĐŽŶĨĞƌĞŶĐĞĂŶĚĂŶƐǁĞƌƐƚŽĂůůƋƵĞƐƚŝŽŶƐĂƐŬĞĚĂƚƚŚĞƉƌĞͲƉƌŽƉŽƐĂů ŵĞĞƚŝŶŐǁŝůůďĞŽĨĨŝĐŝĂůůǇĂŶƐǁĞƌĞĚďǇĂĚĚĞŶĚƵŵĂĨƚĞƌƚŚĞŵĞĞƚŝŶŐ͘ ϭ͘ϭϬWƌŽĐƵƌĞŵĞŶƚ^ĐŚĞĚƵůĞ ZWhƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĐŚĂŶŐĞƚŚĞƉƌŽĐƵƌĞŵĞŶƚƐĐŚĞĚƵůĞ͘/ĨĐŚĂŶŐĞƐĂƌĞŵĂĚĞ͕ƉƌŽƉŽƐĞƌƐǁŝůůďĞ ŶŽƚŝĨŝĞĚďǇZWhŝŶƚŚĞĨŽƌŵŽĨĂŶĂĚĚĞŶĚƵŵƚŽƚŚŝƐZ&W͘ dŚĞĞǆƉĞĐƚĞĚƉƌŽĐƵƌĞŵĞŶƚƐĐŚĞĚƵůĞŝƐůŝƐƚĞĚďĞůŽǁ͗ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ dĂďůĞϭ͘ϱ WƌŽĐƵƌĞŵĞŶƚ^ĐŚĞĚƵůĞ ĂƚĞĂŶĚdŝŵĞĞƐĐƌŝƉƚŝŽŶ Z&WZĞůĞĂƐĞĚ tĞĚŶĞƐĚĂǇ͕&ĞďƌƵĂƌǇϱ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ EŽŶͲŵĂŶĚĂƚŽƌǇWƌĞͲƉƌŽƉŽƐĂůŽŶĨĞƌĞŶĐĞĂůů tĞĚŶĞƐĚĂǇ͕&ĞďƌƵĂƌǇϭϵ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ ĞĂĚůŝŶĞƚŽĐĐĞƉƚYƵĞƐƚŝŽŶƐŽŶƚŚĞZ&W DŽŶĚĂǇ͕DĂƌĐŚϯ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ ŶƐǁĞƌƐƚŽ^ƵďŵŝƚƚĞĚYƵĞƐƚŝŽŶƐWƌŽǀŝĚĞĚ dŚƵƌƐĚĂǇ͕DĂƌĐŚϲ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ WƌŽƉŽƐĂůƐƵĞ tĞĚŶĞƐĚĂǇ͕DĂƌĐŚϭϮ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ ůĞǀĂƚĞĨŽƌĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŶƚĞƌǀŝĞǁƐ tĞĞŬŽĨƉƌŝůϳ͕ϮϬϮϱ &ŽƵƌͲĂǇKŶͲ^ŝƚĞ^ŽĨƚǁĂƌĞĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŶƚĞƌǀŝĞǁƐ tĞĞŬŽĨƉƌŝůϭϰ͕ϮϬϮϱ tĞĞŬŽĨƉƌŝůϮϭ͕ϮϬϮϱ tĞĞŬŽĨƉƌŝůϮϴ͕ϮϬϮϱ ůĞǀĂƚĞƚǁŽWƌŽƉŽƐĞƌƐƚŽŝƐĐŽǀĞƌǇ tĞĞŬŽĨDĂǇϱ͕ϮϬϮϱ ,ŽůĚŝƐĐŽǀĞƌǇ^ĞƐƐŝŽŶƐ;,ĂůĨͲĂǇ͕WƌĞͲEĞŐŽƚŝĂƚŝŽŶ tĞĞŬŽĨDĂǇϭϵ͕ϮϬϮϱ DĞĞƚŝŶŐƐͿ ŽŵƉůĞƚĞŽŶƚƌĂĐƚEĞŐŽƚŝĂƚŝŽŶƐĂŶĚ^ƚĂƚĞŵĞŶƚŽĨtŽƌŬ :ƵŶĞͬ:ƵůǇϮϬϮϱ ;^KtͿ /ŵƉůĞŵĞŶƚĂƚŝŽŶĞŐŝŶƐ ƵŐƵƐƚϮϬϮϲ ^ĞĐƚŝŽŶϮ͗WƌŽũĞĐƚ^ĐŽƉĞ Ϯ͘ϭWƌŽũĞĐƚ^ĐŽƉĞKǀĞƌǀŝĞǁ dŚĞŽǀĞƌĂůůƉƌŽũĞĐƚƐĐŽƉĞĨŽƌƚŚĞƉƌŽũĞĐƚŝƐĚĞĨŝŶĞĚŝŶ^ĞĐƚŝŽŶƐϮ͘ϭƚŚƌŽƵŐŚϮ͘ϯďĞůŽǁ͘dŚĞƐĐŽƉĞŝŶĐůƵĚĞƐ ƐŽĨƚǁĂƌĞ͕ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚŽƚŚĞƌŽŶŐŽŝŶŐƐĞƌǀŝĐĞƐ͘ Ϯ͘ϮWƌŽũĞĐƚ'ŽĂůƐ ZWhŚĂƐƵƐĞĚĂĐŽŵďŝŶĂƚŝŽŶŽĨĨƵŶĐƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚǁƌŝƚƚĞŶďƵƐŝŶĞƐƐƉƌŽĐĞƐƐͲůĞǀĞůŐŽĂůƐƚŽ ĚĞƐĐƌŝďĞƚŚĞŽƵƚĐŽŵĞƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘ KǀĞƌĂůů'ŽĂůƐ͗ ZWhŚĂƐŵĂĚĞƚŚĞƐƚƌĂƚĞŐŝĐĚĞĐŝƐŝŽŶƚŽŵŽĚĞƌŶŝǌĞŝƚƐƐŽĨƚǁĂƌĞƐǇƐƚĞŵƐ͘ZWhŝƐŝŶƚĞƌĞƐƚĞĚŝŶŝŶƐƚĂůůŝŶŐĂ ůŽǁŵĂŝŶƚĞŶĂŶĐĞĂƉƉůŝĐĂƚŝŽŶ͕ŵĞĂŶŝŶŐĂŚŽƐƚĞĚĂƉƉůŝĐĂƚŝŽŶŽƌĐůŽƵĚĂƉƉůŝĐĂƚŝŽŶďǇEŽǀĞŵďĞƌϮϬϮϳ ĚĞƉĞŶĚŝŶŐŽŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶƐĐŚĞĚƵůĞ͘dŚĞĂƉƉůŝĐĂƚŝŽŶƐŚŽƵůĚďĞĞĂƐŝůǇĂĐĐĞƐƐŝďůĞďǇĞŵƉůŽǇĞĞƐ ĂŶĚƌĞůĂƚŝǀĞůǇĞĂƐǇƚŽƵƐĞƐŽƚŚĂƚZWhĚŽĞƐŶŽƚŚĂǀĞƚŽŝŶǀĞƐƚĂƐƵďƐƚĂŶƚŝĂůĂŵŽƵŶƚŽĨƚŝŵĞĂŶĚĞĨĨŽƌƚŽŶ ƚƌĂŝŶŝŶŐ͘&ŝŶĂůůǇ͕ƵƐĞƌƐĂƌĞƐĞĞŬŝŶŐĂŶĂƉƉůŝĐĂƚŝŽŶǁŚĞƌĞƚŚĞǇĐĂŶŐĞŶĞƌĂƚĞƌĞƉŽƌƚƐǁŝƚŚŽƵƚƐŝŐŶŝĨŝĐĂŶƚ ĂƐƐŝƐƚĂŶĐĞĨƌŽŵƚĞĐŚŶŽůŽŐǇƌĞƐŽƵƌĐĞƐ͘ dŚĞŚŝŐŚͲůĞǀĞůŐŽĂůƐĨŽƌƚŚŝƐƉƌŽũĞĐƚŝŶĐůƵĚĞ͗ ZĞĚƵĐŝŶŐƚŚĞƌŝƐŬďǇŵŽǀŝŶŐĂǁĂǇĨƌŽŵůĞŐĂĐǇ;ŽƵƚĚĂƚĞĚƐǇƐƚĞŵƐͿ x ZĞĚƵĐŝŶŐƚŚĞŶƵŵďĞƌŽĨƵŶĐŽŶŶĞĐƚĞĚƐǇƐƚĞŵƐƚŚƌŽƵŐŚŽƵƚZWh x Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ ĞǀĞůŽƉĂŶĚͬŽƌŝŵƉƌŽǀĞŝŶƚĞŐƌĂƚŝŽŶǁŝƚŚƐƉĞĐŝĂůŝǌĞĚƐŽĨƚǁĂƌĞ x ŽŶƐŽůŝĚĂƚŝŶŐƌĞĚƵŶĚĂŶƚƐǇƐƚĞŵƐ x /ŵƉƌŽǀŝŶŐƐǇƐƚĞŵŶĂǀŝŐĂƚŝŽŶ x ZĞĚƵĐŝŶŐŵĂŶƵĂůƉƌŽĐĞƐƐĞƐĂŶĚĚĂƚĂĞŶƚƌǇ x ^ƚĂŶĚĂƌĚŝǌŝŶŐĂŶĚŝŵƉƌŽǀŝŶŐďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐďĂƐĞĚŽŶďĞƐƚƉƌĂĐƚŝĐĞ x ZĞĚƵĐŝŶŐŝŶƐƚĂŶĐĞƐŽĨĚƵƉůŝĐĂƚĞĚĂƚĂ;ŽŶĞƐŽƵƌĐĞŽĨƚƌƵƚŚͿ x /ŵƉƌŽǀŝŶŐƌĞƉŽƌƚŝŶŐ;ĚĂƚĂĂŶĂůǇƚŝĐƐͿ x /ŵƉƌŽǀĞƋƵĞƌǇͬƐĞĂƌĐŚĐĂƉĂďŝůŝƚŝĞƐ x /ŵƉƌŽǀŝŶŐƐƚƌĞĂŵůŝŶĞĚƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞƐƐ x >ĞǀĞƌĂŐŝŶŐĂƐŚĂƌĞĚͬŵƵůƚŝͲĂŐĞŶĐǇƐŽůƵƚŝŽŶ x >ĞǀĞƌĂŐŝŶŐĂĐůŽƵĚͲďĂƐĞĚƐŽĨƚǁĂƌĞ x Ϯ͘ϯWƌŽũĞĐƚdŝŵĞůŝŶĞ ZWhĞǆƉĞĐƚƐƚŽƐƚĂƌƚƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶďǇƵŐƵƐƚϮϬϮϲǁŝƚŚƚŚĞŐŽĂůŽĨŐŽŝŶŐͲůŝǀĞďǇEŽǀĞŵďĞƌϮϬϮϳ͘ ZWhŝƐƉƌĞƉĂƌĞĚƚŽŚĂǀĞĐŽŶƐƵůƚĂŶƚ͛ƐĐŽŵƉůĞƚĞǁŽƌŬƌĞŵŽƚĞůǇŝĨŶĞĐĞƐƐĂƌǇ͕ŚŽǁĞǀĞƌŝŶͲƉĞƌƐŽŶ͕ŽŶͲƐŝƚĞ ƐƵƉƉŽƌƚŝƐƉƌĞĨĞƌƌĞĚ͘ƐƐƵŵŝŶŐĂŶƵŐƵƐƚϮϬϮϲƐƚĂƌƚ͕WƌŽƉŽƐĞƌƐƐŚŽƵůĚĐŽŵŵƵŶŝĐĂƚĞĂƌĞĂůŝƐƚŝĐƚŝŵĞůŝŶĞ ƚŽƐƵĐĐĞƐƐĨƵůůǇŝŵƉůĞŵĞŶƚƚŚĞƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶ͘ Ϯ͘ϰ/ŵƉůĞŵĞŶƚĂƚŝŽŶƉƉƌŽĂĐŚ ZWhƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚĞĂĐŚWƌŽƉŽƐĞƌŵĂǇƚĂŬĞĂĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ƚŽ ďĞƚƚĞƌĐŽŵƉĂƌĞĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚĞƐĂŶĚƚŽĞŶƐƵƌĞƚŚĂƚĞƐƐĞŶƚŝĂůĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂƌĞƉƌŽƉŽƐĞĚ͕ZWhƌĞƋƵŝƌĞƐƚŚĂƚĂůůWƌŽƉŽƐĞƌƐƵƐĞƚŚĞĚĞĨŝŶŝƚŝŽŶƐďĞůŽǁǁŚĞŶĚĞƐĐƌŝďŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͘ Ϯ͘ϰ͘ϭWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ WƌŽƉŽƐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌŽǀŝĚŝŶŐŽǀĞƌĂůůĐŽŽƌĚŝŶĂƚŝŽŶĂŶĚŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚŝŶĐůƵĚŝŶŐ ŐŽǀĞƌŶĂŶĐĞƐƵƉƉŽƌƚ͕ƐĐŚĞĚƵůĞŵĂŶĂŐĞŵĞŶƚ͕ƌŝƐŬŵŝƚŝŐĂƚŝŽŶ͕ƉƌŽũĞĐƚĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ĐŽŶƚƌĂĐƚ ŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚƋƵĂůŝƚǇĂƐƐƵƌĂŶĐĞ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ WƌŽũĞĐƚWůĂŶ x ^ƚĂƚƵƐZĞƉŽƌƚƐ x Ϯ͘ϰ͘Ϯ<ŶŽǁůĞĚŐĞdƌĂŶƐĨĞƌ WƌŽƉŽƐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚZWh͛ƐĐŽƌĞƉƌŽũĞĐƚƚĞĂŵŚĂƐƐƵĨĨŝĐŝĞŶƚŬŶŽǁůĞĚŐĞĂŶĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƐŽĨƚǁĂƌĞƚŽƉƌŽƉĞƌůǇƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉƌŽũĞĐƚĂŶĚƐƵďƐĞƋƵĞŶƚƐǇƐƚĞŵĂŶĚ ďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĚĞƐŝŐŶĚŝƐĐƵƐƐŝŽŶƐ͘dŚĞŬŶŽǁůĞĚŐĞƚƌĂŶƐĨĞƌƐƚĂŐĞǁŝůůŝŶĐůƵĚĞĂůůĐŽƌĞƚĞĂŵƚƌĂŝŶŝŶŐ͘ ^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻWƌŽũĞĐƚdĞĂŵdƌĂŝŶŝŶŐWůĂŶ ͻŶĚͲhƐĞƌdƌĂŝŶŝŶŐDĂƚĞƌŝĂůƐ 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WƌŽƉŽƐĞƌǁŝůůďĞĞǆƉĞĐƚĞĚƚŽĚĞǀĞůŽƉĂĚĂƚĂĐŽŶǀĞƌƐŝŽŶƐƚƌĂƚĞŐǇĨŽƌƚŚĞƉƌŽũĞĐƚĂŶĚŝŵƉůĞŵĞŶƚƚŚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘ZWhƐƚĂĨĨǁŝůůǁŽƌŬǁŝƚŚƚŚĞWƌŽƉŽƐĞƌdĞĂŵƚŽĞǆƚƌĂĐƚĚĂƚĂĨƌŽŵůĞŐĂĐǇĂƉƉůŝĐĂƚŝŽŶƐ ;^WͿĂŶĚƚŽŵĂƉƚŚĞĚĂƚĂŝŶƚŽƚŚĞWƌŽƉŽƐĞƌ͛ƐƚŽŽůƐ͘dŚĞWƌŽƉŽƐĞƌ͕ŝŶƚƵƌŶ͕ǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌ ůŽĂĚŝŶŐƚŚĞĐŽŶǀĞƌƚĞĚĚĂƚĂĂŶĚĐŽŶĨŝƌŵŝŶŐƚŚĞƐƵĐĐĞƐƐĨƵůůŽĂĚŽĨƚŚĞĚĂƚĂ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐ ĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻŽŶǀĞƌƐŝŽŶWůĂŶ ͻŽŶǀĞƌƚĞĚĂƚĂĐĐĞƉƚĂŶĐĞ Ϯ͘ϰ͘ϲdĞƐƚŝŶŐ dŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽĐĞƐƐ͕ZWhĞǆƉĞĐƚƐƚŽĞŶŐĂŐĞŝŶĞǆĞĐƵƚŝŽŶŽĨĂĨŽƌŵĂůƚĞƐƚƉůĂŶ͘dŚĞƚĞƐƚƉůĂŶǁŝůůďĞ ĚĞǀĞůŽƉĞĚĚƵƌŝŶŐƚŚĞƉƌŽũĞĐƚĂŶĚŝŶĐůƵĚĞƚĞƐƚŝŶŐĂƉƉƌŽĂĐŚ͕ƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚĞƐƚŝŶŐ͕ĂŶĚ ĐůĞĂƌĚĞĂĚůŝŶĞƐĂŶĚĞǆƉĞĐƚĂƚŝŽŶƐĂƌŽƵŶĚƚĞƐƚŝŶŐĞĨĨŽƌƚ͘ZWhĞǆƉĞĐƚƐƚŽĞŶŐĂŐĞŝŶĚĞƚĂŝůĞĚĐŽŶĨĞƌĞŶĐĞ ƌŽŽŵƉŝůŽƚƚĞƐƚŝŶŐ͕ƵŶŝƚƚĞƐƚŝŶŐ͕ƌĞŐƌĞƐƐŝŽŶƚĞƐƚŝŶŐ͕ŝŶƚĞŐƌĂƚŝŽŶƚĞƐƚŝŶŐ͕ƉĂƌĂůůĞůƚĞƐƚŝŶŐ͕ĂŶĚƵƐĞƌ ĂĐĐĞƉƚĂŶĐĞƚĞƐƚŝŶŐ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻdĞƐƚŝŶŐWůĂŶ ͻdĞƐƚ^ĐƌŝƉƚƐ ͻdĞƐƚŝŶŐĐĐĞƉƚĂŶĐĞ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ 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ͻ,ŝŐŚ>ĞǀĞůWƌŽũĞĐƚ^ĐŚĞĚƵůĞ;>ŝƐƚŝŶŐŽĨWŚĂƐĞƐĂŶĚ'Ž>ŝǀĞĂƚĞƐͿ ͻWƌŽũĞĐƚZĞƐŽƵƌĐĞƐ ͻWƌŽũĞĐƚZŽůĞƐĂŶĚZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ͻYƵĂůŝƚǇƐƐƵƌĂŶĐĞĂŶĚdĞƐƚŝŶŐWƌŽĐĞĚƵƌĞƐ ͻWƌŽũĞĐƚŚĂŶŐĞŽŶƚƌŽůWƌŽĐĞĚƵƌĞƐ ͻ^ĞƌǀŝĐĞ>ĞǀĞůŐƌĞĞŵĞŶƚƐ Ϯ͘ϴEƵŵďĞƌŽĨhƐĞƌƐďǇĞƉĂƌƚŵĞŶƚƐ /ƚŝƐĚŝĨĨŝĐƵůƚĨŽƌZWhƚŽĞŶǀŝƐŝŽŶĞǆĂĐƚůǇǁŚŽǁŝůůƵƐĞƚŚĞƐǇƐƚĞŵĂƐŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƐǇƐƚĞŵǁŝůů ƌĞƐƵůƚŝŶĂŵĂũŽƌĐŚĂŶŐĞŝŶƚŚĞǁĂǇƚŚĂƚZWhĚŽĞƐďƵƐŝŶĞƐƐ͘dŚĞĨŽůůŽǁŝŶŐƵƐĞƌĐŽƵŶƚƐĂƌĞĞǆƉĞĐƚĞĚĨŽƌ ĞŵƉůŽǇĞĞƐĂŶĚƉƌŝŵĂƌǇƐǇƐƚĞŵƵƐĞƌƐǁŝƚŚŝŶĞĂĐŚŽĨZWh͛ƐŝǀŝƐŝŽŶƐ͘ dĂďůĞϮ͘Ϯ ƐƚŝŵĂƚĞĚhƐĞƌƐďǇĞƉĂƌƚŵĞŶƚƐ ƐƚŝŵĂƚĞĚEƵŵďĞƌŽĨƐƚŝŵĂƚĞĚEƵŵďĞƌŽĨ dǇƉĞŽĨhƐĞƌ hƐĞƌƐWŽǁĞƌhƐĞƌƐ ϱϳϭϬ &ŝŶĂŶĐŝĂůƐ ϭϲϬϭϴ tŽƌŬKƌĚĞƌDĂŶĂŐĞŵĞŶƚ ϰϯ ϲ ƵĚŐĞƚŝŶŐ ϲϮ ϱ WƵƌĐŚĂƐŝŶŐͬ/ŶǀĞŶƚŽƌǇDŐŵƚ ϱϭ ϱ WƌŽũĞĐƚĂŶĚ'ƌĂŶƚDĂŶĂŐĞŵĞŶƚ ϭϱϲ dĞĐŚŶŝĐĂůͬĚŵŝŶŝƐƚƌĂƚŝǀĞhƐĞƌƐ Ϯϰϱϯ ^^hƐĞƌƐ EŽƚĞ͗ŵƉůŽǇĞĞƐĂƌĞĐŽƵŶƚĞĚŝŶŵƵůƚŝƉůĞĐŽůƵŵŶƐ͘ WƌŽƉŽƐĞƌƐƐŚŽƵůĚƉůĂŶƚŽƉƌŽǀŝĚĞƐƵĨĨŝĐŝĞŶƚƐǇƐƚĞŵĂĐĐĞƐƐĨŽƌZWhƚŽĨƵůůǇŝŵƉůĞŵĞŶƚƚŚĞŝƌĚĞƐŝƌĞĚ ďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐ͘WƌŽƉŽƐĂůƐƐŚŽƵůĚŝŶĐůƵĚĞƐĞƌǀŝĐĞƐƚŽĐŽŵƉůĞƚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚĂŶǇĂƉƉƌŽƉƌŝĂƚĞ ƚƌĂŝŶŝŶŐƐĞƌǀŝĐĞƐƚŽƉƌĞƉĂƌĞĂůůZWhƐƚĂĨĨĨŽƌƵƐŝŶŐƚŚĞƐǇƐƚĞŵ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ ^ĞĐƚŝŽŶϯ͗ĞƚĂŝůĞĚ^ƵďŵŝƚƚĂůZĞƋƵŝƌĞŵĞŶƚƐ WƌŽƉŽƐĂůƐƐŚŽƵůĚďĞƉƌĞƉĂƌĞĚĂƐƐŝŵƉůǇĂƐƉŽƐƐŝďůĞĂŶĚƉƌŽǀŝĚĞĂƐƚƌĂŝŐŚƚĨŽƌǁĂƌĚ͕ĐŽŶĐŝƐĞĚĞƐĐƌŝƉƚŝŽŶŽĨ ƚŚĞƉƌŽƉŽƐĞĚƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐƚŽƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞZ&W͘ƚƚĞŶƚŝŽŶƐŚŽƵůĚďĞŐŝǀĞŶƚŽ ĂĐĐƵƌĂĐǇ͕ĐŽŵƉůĞƚĞŶĞƐƐ͕ƌĞůĞǀĂŶĐĞ͕ĂŶĚĐůĂƌŝƚǇŽĨĐŽŶƚĞŶƚ͘WƌŽƉŽƐĂůƐŵƵƐƚĂĚĚƌĞƐƐƚŚĞĨŽůůŽǁŝŶŐ ƋƵĞƐƚŝŽŶƐĂŶĚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶƐ͘ ϯ͘ϭWƌŽƉŽƐĂů^ĞĐ͍ŽŶϭ͘Ϭ͸/ŶƚƌŽĚƵĐ͍ŽŶ dŚĞŝŶƚƌŽĚƵĐƚŽƌǇŵĂƚĞƌŝĂůƐŚŽƵůĚŝŶĐůƵĚĞĂƚŝƚůĞƉĂŐĞǁŝƚŚƚŚĞZ&WŶĂŵĞ͕ŶĂŵĞŽĨƚŚĞƉƌŽƉŽƐĞƌ͕ĂĚĚƌĞƐƐ͕ ĐŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶ͕ƚŚĞĚĂƚĞ͕ĂůĞƚƚĞƌŽĨƚƌĂŶƐŵŝƚƚĂů͕ĂŶĚĂƚĂďůĞŽĨĐŽŶƚĞŶƚƐ͘dŚĞĞǆĞĐƵƚŝǀĞƐƵŵŵĂƌǇ ƐŚŽƵůĚďĞůŝŵŝƚĞĚƚŽĂďƌŝĞĨŶĂƌƌĂƚŝǀĞƐƵŵŵĂƌŝǌŝŶŐƚŚĞƉƌŽƉŽƐĂů͘ ϭͿŽŵƉůĞƚĞƚƚĂĐŚŵĞŶƚϭ͸^ŝŐŶĂƚƵƌĞWĂŐĞ ϮͿŽŵƉůĞƚĞƚƚĂĐŚŵĞŶƚϮ͸WƌŽƉŽƐĞƌ^ƚĂƚĞŵĞŶƚ ϯ͘ϮWƌŽƉŽƐĂů^ĞĐ͍ŽŶϮ͘Ϭ͸WƌŽƉŽƐĞƌdĞĂŵ dŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĂůƐŚŽƵůĚŝĚĞŶƚŝĨǇĂůůĨŝƌŵƐŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽƉŽƐĂůĂŶĚĂŶǇŶĞĐĞƐƐĂƌǇƚŚŝƌĚͲ ƉĂƌƚǇƉƌŽĚƵĐƚƐŽƌĨŝƌŵƐƌĞƋƵŝƌĞĚŽƌƌĞĐŽŵŵĞŶĚĞĚ͘ ϭͿ/ĚĞŶƚŝĨǇƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƚĞĂŵŝŶĐůƵĚŝŶŐƚŚĞĨŝƌŵƐƌĞƐƉŽŶƐŝďůĞĨŽƌŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ĂŶĚ ĂŶǇŬĞǇĐŽŶƐƵůƚŝŶŐƚĞĂŵŵĞŵďĞƌƐƚŚĂƚǁŝůůďĞƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐƚŽZWh͘ ,ŽǁŵĂŶǇƐƚĂĨĨǁŝůůƚŚĞWƌŽƉŽƐĞƌŚĂǀĞĂƐƐŝŐŶĞĚƚŽƚŚĞƉƌŽũĞĐƚ͍ R tŚĂƚŝƐƚŚĞĂƉƉƌŽǆŝŵĂƚĞĚĞĚŝĐĂƚŝŽŶƚŽƚŚĞƉƌŽũĞĐƚŽĨĞĂĐŚƌĞƐŽƵƌĐĞĂŶĚĂƉƉƌŽǆŝŵĂƚĞ R ƚŝŵĞǁŽƌŬǁŝůůďĞĐŽŵƉůĞƚĞĚŽŶͲƐŝƚĞǀƐ͘ŽĨĨͲƐŝƚĞ͍ tŚĂƚĂƌĞƚŚĞŵĂũŽƌƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌĞĂĐŚƌĞƐŽƵƌĐĞ͍ R ϮͿŽŵƉůĞƚĞ͸WƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐĂĐŬŐƌŽƵŶĚĨŽƌĞĂĐŚĮ ƌŵŝŶǀŽůǀĞĚǁŝƚŚƚŚĞ ƚƚĂĐŚŵĞŶƚϯ ƉƌŽũĞĐƚ͘ ϯͿŽŵƉůĞƚĞ͸ZĞĨĞƌĞŶĐĞ&ŽƌŵĨŽƌĞĂĐŚĮ ƌŵŝŶǀŽůǀĞĚŝŶƚŚĞƉƌŽũĞĐƚ͘ ƚƚĂĐŚŵĞŶƚϰ ϰͿŽŵƉůĞƚĞ͸^ƚĂ ĸ ŶŐ^ŚĞĞƚ ƚƚĂĐŚŵĞŶƚϴ ϯ͘Ϯ͘ϭWƌŽƉŽƐĂů^ĞĐ͍ŽŶϯ͘Ϭ͸&ƵŶĐ͍ŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ dŚŝƐƐĞĐƚŝŽŶĚĞƐĐƌŝďĞƐƚŚĞƐŽĨƚǁĂƌĞĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶƐĐŽƉĞŽĨƚŚĞŽǀĞƌĂůůƉƌŽũĞĐƚĂŶĚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĞĂĐŚĨƵŶĐƚŝŽŶĂůĂƌĞĂ͘ZĞƐƉŽŶƐĞƐƚŽƚŚĞĨƵŶĐƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐƐŚŽƵůĚďĞĐŽŵƉůĞƚĞĚ ƐƵĐŚƚŚĂƚƚŚĞǇŝĚĞŶƚŝĨǇƚŚĞĐĂƉĂďŝůŝƚŝĞƐŽĨƚŚĞƐŽĨƚǁĂƌĞĂŶĚƚŚĞƐĐŽƉĞŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ [[2029,2562,2061,2618][11][B,I,][Calibri]]/Ĩ [[2066,2562,2100,2618][11][B,I,][Calibri]]Ă [[305,2622,513,2678][11][B,I,][Calibri]]WƌŽƉŽƐĞƌŝƐ [[524,2622,982,2678][11][B,I,][Calibri]]ƌĞƐƉŽŶĚŝŶŐƚŽďŽƚŚZ&WƐ [[993,2622,1340,2678][11][B,I,][Calibri]];ZWhĂŶĚƚŚĞŝƚǇͿ [[1336,2622,1384,2678][ 11][B,I,][Calibri]]͕ď [[1386,2622,1461,2678][11][B,I,][Calibri]]ŽƚŚ [[1456,2622,1479,2678][11][B,I,][Calibri]]Ĩ [[1474,2622,1661,2678][11][B,I,][Calibri]]ƵŶĐƚŝŽŶĂů [[1662,2622,1680,2678][11][B,I,] [Calibri]]ƌ [[1678,2622,2176,2678][11][B,I,][Calibri]]ĞƋƵŝƌĞŵĞŶƚƐĂƚƚĂĐŚŵĞŶƚƐ [[305,2682,1115,2738][11][B,I,][Calibri]]ƐŚŽƵůĚďĞĐŽŵƉůĞƚĞĚŝŶĨƵůů͘ZĞĨĞƌĞŶĐĞƐƚŽ [[1110,2682,1133,2738][11][B,I,][Calibri]]Ĩ [[1128,2682,1315,2738][11][B,I,][Calibri]]ƵŶĐƚŝŽŶĂů [[1316,2682,1334,2738][11][B,I,][Calibri]]ƌ [[1332,2682,2134,2738][11][B,I,][Calibri]]ĞƋƵŝƌĞŵĞŶƚƌĞƐƉŽŶƐĞƐŝŶƚŚĞŝƚǇ͛ƐZ&W͕Žƌ [[2133,2682,2207,2738][11][B,I,][Calibri]]ǀŝĐĞ [[305,2742,383,2798][11][B,I,][Calibri]]ǀĞƌƐ [[382,2742,406,2798][11][B,I,][Calibri]]Ă [[404,2742,843,2798][11][B,I,][Calibri]]͕ǁŝůůďĞƐĐŽƌĞĚĂƐǌĞƌŽ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ ǀĂŝůĂďůĞ&ƵŶĐƚŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐZĞƐƉŽŶƐĞƐ͗ ƚƚĂĐŚŵĞŶƚϳ&ƵŶĐƚŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐZĞƐƉŽŶƐĞƐ ŽůƵŵŶ͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ zZĞƋƵŝƌĞŵĞŶƚDĞƚĂŶĚWƌŽƉŽƐĞĚ;^ƚĂŶĚĂƌĚĨĞĂƚƵƌĞƐŝŶƚŚĞŐĞŶĞƌĂůůǇĂǀĂŝůĂďůĞƉƌŽĚƵĐƚͿ ZĞƋƵŝƌĞŵĞŶƚDĞƚĂŶĚWƌŽƉŽƐĞĚ;&ĞĂƚƵƌĞƐƚŚĂƚĂƌĞŶŽƚŽĨĨĞƌĞĚĂƐĂŐĞŶĞƌĂůůǇĂǀĂŝůĂďůĞ zͲEƉƌŽĚƵĐƚŽƌƌĞƋƵŝƌĞĐƵƐƚŽŵĚĞǀĞůŽƉŵĞŶƚͿ EZĞƋƵŝƌĞŵĞŶƚEŽƚDĞƚǁŝƚŚWƌŽƉŽƐĂů /EĞĞĚDŽƌĞ/ŶĨŽƌŵĂƚŝŽŶͬŝƐĐƵƐƐŝŽŶ ŽůƵŵŶ&͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ ^ZĞƋƵŝƌĞŵĞŶƚĂŶĚ&ĞĂƚƵƌĞ^ƵƉƉŽƌƚĞĚďǇ^ŽĨƚǁĂƌĞĞǀĞůŽƉĞƌ dW^ZĞƋƵŝƌĞŵĞŶƚĂŶĚ&ĞĂƚƵƌĞ^ƵƉƉŽƌƚĞĚďǇdŚŝƌĚWĂƌƚǇ E^ZĞƋƵŝƌĞŵĞŶƚĂŶĚ&ĞĂƚƵƌĞEŽƚ^ƵƉƉŽƌƚĞĚ ϭͿŽŵƉůĞƚĞ͸&ƵŶĐ͍ŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ ƚƚĂĐŚŵĞŶƚϳ &ĂŝůƵƌĞƚŽƉƌŽǀŝĚĞƐŽŵĞƌĞƋƵŝƌĞŵĞŶƚƐŽƌĞǆĐůƵĚŝŶŐƐŽŵĞƌĞƋƵŝƌĞŵĞŶƚƐĨƌŽŵƐĐŽƉĞǁŝůů R ŶŽƚĞůŝŵŝŶĂƚĞƚŚĞƉƌŽƉŽƐĞƌĨƌŽŵĐŽŶƚĞŶƚŝŽŶ͘ZWhǁŝůůĞǀĂůƵĂƚĞƚŚĞƉƌŽƉŽƐĂůĂƐĂǁŚŽůĞ͕ ŝŶĐůƵĚŝŶŐƉƌŝĐĞĂŶĚǀĂůƵĞĐŽŵƉĂƌŝƐŽŶƐǁŚĞŶĞǀĂůƵĂƚŝŶŐƉƌŽƉŽƐĂůƐ͘ dŚĞƌĞƋƵŝƌĞŵĞŶƚƐƌĞƐƉŽŶƐĞƐƐƵďŵŝƚƚĞĚǁŝůůďĞĐŽŵĞƉĂƌƚŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͘WƌŽƉŽƐĞƌƐ R ĂƌĞĞǆƉĞĐƚĞĚƚŽǁĂƌƌĂŶƚƚŚĞĚĞůŝǀĞƌǇ͕ĐŽŶĨŝŐƵƌĂƚŝŽŶ͕ĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĂůůƉŽƐŝƚŝǀĞ ƌĞƐƉŽŶƐĞƐ;ĞǀĞƌǇƌĞƐƉŽŶƐĞĞǆĐĞƉƚ͞E͟Ϳ͘ &ŽƌƌĞƋƵŝƌĞŵĞŶƚƌĞƐƉŽŶƐĞƐŽƚŚĞƌƚŚĂŶ͞E͟ƉƌŽƉŽƐĞƌƐŵƵƐƚŝŶĚŝĐĂƚĞƚŚĞŵŽĚƵůĞŽƌ R ƉƌŽĚƵĐƚƚŚĂƚŝƐŶĞĞĚĞĚƚŽŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚ͘ &ŽƌƌĞƋƵŝƌĞŵĞŶƚƌĞƐƉŽŶƐĞƐŽƚŚĞƌƚŚĂŶ͞E͟ƉƌŽƉŽƐĞƌƐŵƵƐƚŝŶĚŝĐĂƚĞƚŚĞƉŚĂƐĞŽĨƚŚĞ R ƉƌŽũĞĐƚƚŚĂƚƚŚĞĨƵŶĐƚŝŽŶĂůŝƚǇǁŝůůďĞŝŵƉůĞŵĞŶƚĞĚ͘ ůůƌĞƐƉŽŶƐĞƐǁŚŝĐŚĂƌĞŵĂƌŬĞĚz͕ŽƌzͲEǁŝůůďĞĐŽŶƐŝĚĞƌĞĚƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚĞ R ƐĐŽƉĞ͕ĂŶĚƚŚĞĐŽƐƚƉƌŽƉŽƐĂůĂŶĚĂůůŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƐƵďŵŝƚƚĞĚŝŶƚŚŝƐƉƌŽƉŽƐĂůƐŚŽƵůĚ ƌĞĨůĞĐƚƚŚŝƐ͘ &ŽƌĨƵŶĐƚŝŽŶĂůŝƚǇƚŚĂƚŝƐŶŽƚĐƵƌƌĞŶƚůǇĂǀĂŝůĂďůĞĂŶĚŶŽƚĂǀĂŝůĂďůĞĨŽƌǀŝĞǁŝŶŐĂƚĂĚĞŵŽ͕ R ďƵƚƚŚĂƚǁŝůůďĞŝŶƐĐŽƉĞĨŽƌƚŚĞƉƌŽũĞĐƚĞŝƚŚĞƌĂƐŐĞŶĞƌĂůůǇĂǀĂŝůĂďůĞĨĞĂƚƵƌĞƐŝŶĂĨƵƚƵƌĞ ƌĞůĞĂƐĞŽƌĂƐĂĐƵƐƚŽŵŝǌĂƚŝŽŶ͕ŵŽĚŝĨŝĐĂƚŝŽŶ͕ŽƌĞŶŚĂŶĐĞŵĞŶƚƐƉĞĐŝĨŝĐĨŽƌƚŚŝƐƉƌŽũĞĐƚ͕ WƌŽƉŽƐĞƌƐƐŚŽƵůĚŝŶĚŝĐĂƚĞĂƌĞƐƉŽŶƐĞĐŽĚĞŽĨzͲEĂŶĚƉƌŽǀŝĚĞŵŽƌĞĚĞƚĂŝůŝŶƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞĐŽůƵŵŶ͘ ϯ͘Ϯ͘ϮWƌŽƉŽƐĂů^ĞĐ͍ŽŶϰ͘Ϭ͸dĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚ dŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĂůƐŚŽƵůĚŝĚĞŶƚŝĨǇĂŶǇƚĞĐŚŶŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌŽƉĞƌĂƚŝŶŐƚŚĞƐǇƐƚĞŵ͗ ϭͿŽŵƉůĞƚĞʹdĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚĨŽƌƚŚĞƉƌŝŵĂƌǇƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶ͘ ƚƚĂĐŚŵĞŶƚϱ ϮͿŽŵƉůĞƚĞʹdĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚĨŽƌĂŶǇĂĚĚŝƚŝŽŶĂůƚŚŝƌĚͲƉĂƌƚǇƉƌŽƉŽƐĞĚ ƚƚĂĐŚŵĞŶƚϱ ƉƌŽĚƵĐƚƐ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ ϯ͘Ϯ͘ϯWƌŽƉŽƐĂů^ĞĐ͍ŽŶϱ͘Ϭ͸/ŵƉůĞŵĞŶƚĂ͍ŽŶƉƉƌŽĂĐŚ dŚŝƐƐĞĐƚŝŽŶƐŚŽƵůĚĚĞƐĐƌŝďĞƚŚĞƉƌŽƉŽƐĞĚŝŵƉůĞŵĞŶƚĂƚŝŽŶƉůĂŶ͘WƌŽƉŽƐĞƌƐƐŚŽƵůĚƌĞĨĞƌĞŶĐĞ^ĞĐƚŝŽŶϮʹ WƌŽũĞĐƚ^ĐŽƉĞĨŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƉƌŽũĞĐƚƐĐŽƉĞ͕ŐŽĂůƐ͕ĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶĞĨĨŽƌƚ͘ ϭͿWůĞĂƐĞƉƌŽǀŝĚĞĂĚĞƐĐƌŝƉƚŝŽŶŽĨǇŽƵƌŵĞƚŚŽĚŽůŽŐǇĨŽƌƚŚŝƐƉƌŽũĞĐƚ͕ĐŽŶƐŝĚĞƌŝŶŐƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ƚŚĞƐĐŽƉĞ͕ĂŶĚƚŚĞĚĞƐŝƌĞĚŐŽĂůƚŽŝŵƉƌŽǀĞďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐ͘ ϮͿŽŵƉůĞƚĞͲWƌŽũĞĐƚǆƉĞĐƚĂƚŝŽŶƐ ƚƚĂĐŚŵĞŶƚϲ ϯͿŽŵƉůĞƚĞͲ/ŶƚĞƌĨĂĐĞ>ŝƐƚ ƚƚĂĐŚŵĞŶƚϵ dŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶŝƐŝŶƚĞŶĚĞĚƚŽĂĚĚƌĞƐƐĐƵƌƌĞŶƚĂƉƉůŝĐĂƚŝŽŶƐĂŶĚdŚŝƌĚͲWĂƌƚǇ^ǇƐƚĞŵƐ;dW^ͿƚŚĂƚ ĂƌĞƵƐĞĚďǇZWhĨŽƌŵĂũŽƌďƵƐŝŶĞƐƐĨƵŶĐƚŝŽŶƐ͘/ŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞŝƌƌĞƉůĂĐĞŵĞŶƚŽƌŝŶƚĞƌĨĂĐĞŝƐ ƉƌŽǀŝĚĞĚŝŶĚĞƚĂŝů͕ŝŶͲ/ŶƚĞƌĨĂĐĞƐ͘ůůƐǇƐƚĞŵƐůŝƐƚĞĚŝŶĂƌĞĂƐƐƵŵĞĚƚŽďĞŝŶ ƚƚĂĐŚŵĞŶƚϵƚƚĂĐŚŵĞŶƚϵ ƐĐŽƉĞĨŽƌƌĞƉůĂĐĞŵĞŶƚŽƌŝŶƚĞƌĨĂĐĞƚŽƚŚĞŶĞǁZWƐǇƐƚĞŵ͘ZWhŝŶƚĞŶĚƐƚŽĚŝƐĐƵƐƐƚŚĞĨƵƚƵƌĞƵƐĞŽĨ ƚŚĞƐĞĂƉƉůŝĐĂƚŝŽŶƐ͕ŽƌƚŚĞŝƌƌĞƉůĂĐĞŵĞŶƚ͕ĚƵƌŝŶŐƐŽĨƚǁĂƌĞĚĞŵŽŶƐƚƌĂƚŝŽŶƐĂŶĚĐŽŶƚƌĂĐƚŶĞŐŽƚŝĂƚŝŽŶƐ͘ ,ŽǁĞǀĞƌ͕WƌŽƉŽƐĞƌƐƐŚŽƵůĚĐŽŵƉůĞƚĞƚŽƚŚĞďĞƐƚŽĨƚŚĞŝƌĂďŝůŝƚǇďĂƐĞĚƵƉŽŶƚŚĞ ƚƚĂĐŚŵĞŶƚϵ ŝŶƐƚƌƵĐƚŝŽŶƐƉƌŽǀŝĚĞĚĂŶĚƐƵďŵŝƚŝƚǁŝƚŚŽƚŚĞƌĂƚƚĂĐŚŵĞŶƚƐĂƐƉĂƌƚŽĨƚŚĞZ&WƌĞƐƉŽŶƐĞ͘ /ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐĂǀĂŝůĂďůĞƌĞƐƉŽŶƐĞƐŚĂƐďĞĞŶƉƌŽǀŝĚĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͘WůĞĂƐĞƌĞĂĚĐĂƌĞĨƵůůǇ ĂŶĚƌĞƐƉŽŶĚƚŚŽƵŐŚƚĨƵůůǇĂƐŝŶƚĞƌĨĂĐĞƐƚŽZWh͛ƐĞǆŝƐƚŝŶŐƐǇƐƚĞŵƐĂŶĚͬŽƌƚŚĞŝƌƌĞƉůĂĐĞŵĞŶƚŝƐĐƌŝƚŝĐĂůƚŽ ƉƌŽũĞĐƚƐƵĐĐĞƐƐ͘ ƚƚĂĐŚŵĞŶƚϵ;/ŶƚĞƌĨĂĐĞƐͿ ŽůƵŵŶ͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ ZĞƉůĂĐĞǁͬZW^ǇƐƚĞŵŝƐƌĞƉůĂĐĞĚǁŝƚŚĨƵŶĐƚŝŽŶĂůŝƚǇŶĂƚŝǀĞƚŽƚŚĞŶĞǁƚŚĞZW ZĞƉůĂĐĞǁͬEĞǁ^ǇƐƚĞŵŝƐƌĞƉůĂĐĞĚǁŝƚŚĂŶĞǁdŚŝƌĚWĂƌƚǇ^ǇƐƚĞŵ;dW^ͿƚŚĂƚŚĂƐďĞĞŶƉƌŽƉŽƐĞĚ dW^ĂƐƉĂƌƚŽĨƚŚĞŶĞǁƐŽůƵƚŝŽŶ <ĞĞƉ<ĞĞƉƚŚĞĐƵƌƌĞŶƚƐǇƐƚĞŵĂŶĚďƵŝůĚĂƉĞƌŵĂŶĞŶƚŝŶƚĞƌĨĂĐĞĂƐƉĂƌƚŽĨƚŚĞƉƌŽũĞĐƚ ŽůƵŵŶ&͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ /ŶďŽƵŶĚKŶůǇĂƚĂǁŝůůďĞƉƵůůĞĚĨƌŽŵƚŚĞdW^ŝŶƚŽƚŚĞZW^ǇƐƚĞŵ KƵƚďŽƵŶĚKŶůǇĂƚĂǁŝůůďĞƉƵƐŚĞĚĨƌŽŵƚŚĞZW^ǇƐƚĞŵŝŶƚŽƚŚĞdW^ ĂƚĂǁŝůůďĞƉƵƐŚĞĚĨƌŽŵƚŚĞZW^ǇƐƚĞŵŝŶƚŽƚŚĞdW^ĂŶĚƉƵůůĞĚĨƌŽŵƚŚĞdW^ ŝͲŝƌĞĐƚŝŽŶĂů ŝŶƚŽƚŚĞZW^ǇƐƚĞŵ ŽůƵŵŶ'͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ /ŶƚĞƌĨĂĐĞǁŝůůďĞŶĞĞĚĞĚĨŽƌůŝŵŝƚĞĚĂŵŽƵŶƚŽĨƚŝŵĞĚƵƌŝŶŐƚŚĞƉƌŽũĞĐƚďĞǁŝůůŶŽƚ dĞŵƉŽƌĂƌǇ ďĞŶĞĐĞƐƐĂƌǇĂĨƚĞƌƚŚĞƉƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ WĞƌŵĂŶĞŶƚ/ŶƚĞƌĨĂĐĞǁŝůůďĞŶĞĞĚĞĚĨŽƌƚŚĞĨƵůůƵƐĞĨƵůůŝĨĞŽĨƚŚĞZW^ǇƐƚĞŵ ŽůƵŵŶ,͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ ZĞĂůͲdŝŵĞĂƚĂŝƐƚƌĂŶƐĨĞƌƌĞĚ͕ĂƚĂŵŝŶŝŵƵŵ͕ĞǀĞƌǇϭϱŵŝŶƐ͘ ,ŽƵƌůǇĂƚĂŝƐƚƌĂŶƐĨĞƌƌĞĚ͕ĂƚĂŵŝŶŝŵƵŵ͕ĞǀĞƌǇϲϬŵŝŶƐ͘ ĂŝůǇĂƚĂŝƐƚƌĂŶƐĨĞƌƌĞĚ͕ĂƚĂŵŝŶŝŵƵŵ͕ĞǀĞƌǇϮϰŚŽƵƌƐ tĞĞŬůǇĂƚĂŝƐƚƌĂŶƐĨĞƌƌĞĚ͕ĂƚĂŵŝŶŝŵƵŵ͕ĞǀĞƌǇϳĚĂǇƐ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ DŽŶƚŚůǇĂƚĂŝƐƚƌĂŶƐĨĞƌƌĞĚ͕ĂƚĂŵŝŶŝŵƵŵ͕ĞǀĞƌǇϯϬͬϯϭĚĂǇƐ ϰͿŽŵƉůĞƚĞʹŽŶǀĞƌƐŝŽŶƐ ƚƚĂĐŚŵĞŶƚϭϬ WƌŽƉŽƐĞƌƐŵƵƐƚƉƌŽǀŝĚĞƌĞƐƉŽŶƐĞƐƚŽƚŚĞĐŽŶǀĞƌƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐʹŽŶǀĞƌƐŝŽŶƐ͘/Ĩ ƚƚĂĐŚŵĞŶƚϭϬ ĂĚĚŝƚŝŽŶĂůŝƚĞŵƐƚŽďĞĐŽŶǀĞƌƚĞĚĂƌĞƉƌŽƉŽƐĞĚ͕ƉůĞĂƐĞĂĚĚƚŚĞŵƚŽƚŚĞƐƉƌĞĂĚƐŚĞĞƚ͘dŚĞĨŽůůŽǁŝŶŐ ĂŶƐǁĞƌŬĞǇƐŚĂůůďĞƵƐĞĚǁŚĞŶƌĞƐƉŽŶĚŝŶŐƚŽƚŚĞĐŽŶǀĞƌƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͘ /ƚĞŵZĞƐƉŽŶƐĞZĞƐƉŽŶƐĞĞƐĐƌŝƉƚŝŽŶ zͬEZĞƐƉŽŶĚĞŶƚƐŵƵƐƚŝĚĞŶƚŝĨǇǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞŝƌĨŝƌŵ ŐƌĞĞ ĂŐƌĞĞƐƚŚĂƚƚŚĞĚĂƚĂŶĞĞĚƐƚŽďĞĐŽŶǀĞƌƚĞĚ͘ zͬE/ĨǇŽƵƌĨŝƌŵĂŐƌĞĞƐƚŚĂƚƚŚĞĚĂƚĂŶĞĞĚƐƚŽďĞĐŽŶǀĞƌƚĞĚ͕ /ŶĐůƵĚĞĚŝŶWƌŝĐĞ ƉůĞĂƐĞŝŶĚŝĐĂƚĞǁŝƚŚĂzĞƐŽƌEŽǁŚĞƚŚĞƌŽƌŶŽƚǇŽƵƌ ĨŝƌŵΖƐǁŽƌŬĞĨĨŽƌƚĨŽƌĐŽŶǀĞƌƚŝŶŐƚŚĞĚĂƚĂŝƐŝŶĐůƵĚĞĚŝŶƚŚĞ ƉƌŝĐŝŶŐƐĐŚĞĚƵůĞ͘ EƵŵďĞƌŽĨ/ŶĐůƵĚĞƚŚĞŶƵŵďĞƌŽĨĞƐƚŝŵĂƚĞĚĐŽŶƐƵůƚŝŶŐǁŽƌŬŚŽƵƌƐ ƐƚŝŵĂƚĞĚŽŶƐƵůƚŝŶŐ ,ŽƵƌƐŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĐŽŶǀĞƌƐŝŽŶ͘ ,ŽƵƌƐ dĞǆƚ/ŶĐůƵĚĞĂŶǇĐŽŵŵĞŶƚƐŽƌĂƐƐƵŵƉƚŝŽŶƐƌĞůĞǀĂŶƚƚŽƚŚĞ ŽŵŵĞŶƚƐ ĂŶƐǁĞƌƐĂďŽǀĞ͘ ϯ͘Ϯ͘ϰWƌŽƉŽƐĂů^ĞĐƚŝŽŶϲ͘ϬͶWƌŝĐĞ&ŽƌŵĂƚ WƌŽƉŽƐĞƌƐƐŚŽƵůĚƐƵďŵŝƚƉƌŝĐĞƉƌŽƉŽƐĂůƐƵƐŝŶŐƚŚĞĨŽƌŵĂƚƉƌŽǀŝĚĞĚŝŶ͸ŽƐƚ͘ ƚƚĂĐŚŵĞŶƚϭϭ ϭͿŽŵƉůĞƚĞĂŶĚƐƵďŵŝƚ͸ŽƐƚ ƚƚĂĐŚŵĞŶƚϭϭ ůůƉƌŝĐŝŶŐŵƵƐƚďĞƐƵďŵŝƚƚĞĚĂƐĨŝǆĞĚďǇŵŝůĞƐƚŽŶĞ͘ŽƐƚƐůŝƐƚĞĚĂƐ͞ƚŽͲďĞͲĚĞƚĞƌŵŝŶĞĚ͟ R Žƌ͞ĞƐƚŝŵĂƚĞĚ͟ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚ͘ /ĚĞŶƚŝĨǇŵĂũŽƌŵŝůĞƐƚŽŶĞƐĂƐƉĂƌƚŽĨƚŚĞƉƌŽũĞĐƚ͘/ƚŝƐƌĞƋƵŝƌĞĚƚŚĂƚĐŽƐƚƐǁŝůůďĞŝŶǀŽŝĐĞĚ R ƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨŵĂũŽƌŵŝůĞƐƚŽŶĞƐ͘WůĞĂƐĞƉƌŽǀŝĚĞĂƐĐŚĞĚƵůĞŽĨĂůůƉĂǇŵĞŶƚƐ ŶĞĐĞƐƐĂƌǇƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽƉŽƐĞĚƐĐŽƉĞ͘ ůůƐĞƌǀŝĐĞĐŽƐƚƐŵƵƐƚďĞƉƌŽǀŝĚĞĚŽŶĂƚĂƐŬŽƌĐŽŵƉůĞƚŝŽŶďĂƐŝƐǁŝƚŚĐŽƐƚƐĂƐƐŝŐŶĞĚƚŽ R ĞĂĐŚŵŝůĞƐƚŽŶĞ͕ĚĞůŝǀĞƌĂďůĞŽƌƚĂƐŬ͘WƌŽƉŽƐĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽĨŝůůŝŶĚĞůŝǀĞƌĂďůĞƐĂŶĚ ƚĂƐŬƐƵŶĚĞƌƚŚĞƉƌŽǀŝĚĞĚŚĞĂĚĞƌƐ͘ĚĚŝƚŝŽŶĂůĚĞƚĂŝůŵĂǇďĞƉƌŽǀŝĚĞĚƚŽĨƵƌƚŚĞƌĞǆƉůĂŝŶ ĚĞůŝǀĞƌĂďůĞŽƌƚĂƐŬĐŽƐƚƐ͘ WƌŽƉŽƐĞƌƐƐŚŽƵůĚŝŶĐůƵĚĞĂůůƐŽĨƚǁĂƌĞŵŽĚƵůĞƐĂŶĚƐƚĂƚĞĂŶǇůŝŵŝƚĂƚŝŽŶƐŽŶŵŽĚƵůĞƵƐĞ͘ R 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ƉŽŝŶƚŝŶƚŚĞƉƌŽĐĞƐƐ͕ZWhǁŝůůĞǀĂůƵĂƚĞƉƌŽƉŽƐĂůƐĂĐĐŽƌĚŝŶŐƚŽƐƉĞĐŝĨŝĐĐƌŝƚĞƌŝĂĂŶĚǁŝůůƚŚĞŶĞůĞǀĂƚĞĂ ĐĞƌƚĂŝŶŶƵŵďĞƌŽĨƉƌŽƉŽƐĂůƐƚŽĐŽŵƉĞƚĞŝŶƚŚĞŶĞǆƚƉŚĂƐĞŽĨƚŚĞƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞƐƐ͘WƌŽƉŽƐĂůƐŶŽƚ ƉƌĞǀŝŽƵƐůǇĞůĞǀĂƚĞĚŵĂǇďĞĞůĞǀĂƚĞĚůĂƚĞƌŝĨƚŚĞƉƌĞǀŝŽƵƐůǇĞůĞǀĂƚĞĚƉƌŽƉŽƐĂůƐůĞĂĚƚŽĂŶƵŶƐƵĐĐĞƐƐĨƵů ŽƵƚĐŽŵĞ͘ ϰ͘ϭǀĂůƵĂƚŝŽŶƌŝƚĞƌŝĂ dŚĞĐƌŝƚĞƌŝĂƚŚĂƚǁŝůůďĞƵƐĞĚƚŽĞǀĂůƵĂƚĞƉƌŽƉŽƐĂůƐŵĂǇŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐ͗ ͻKǀĞƌĂůůhŶĚĞƌƐƚĂŶĚŝŶŐŽĨZWhŶĞĞĚƐ ͻ/ŵƉůĞŵĞŶƚĂƚŝŽŶDĞƚŚŽĚŽůŽŐǇͬƉƉƌŽĂĐŚ ͻ^ŽĨƚǁĂƌĞĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŵƉůĞŵĞŶƚĂƚŝŽŶ/ŶƚĞƌǀŝĞǁƐ ͻŽƐƚ ͻ&ƵŶĐƚŝŽŶĂůŝƚǇ ͻ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶZĞĨĞƌĞŶĐĞƐ ͻŽŵƉůŝĂŶĐĞǁŝƚŚŽŶƚƌĂĐƚdĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ ͻ^ĞĐƵƌŝƚǇĂŶĚƌĞĚƵŶĚĂŶĐǇ ͻsĞŶĚŽƌ^ĞĐƵƌŝƚǇƐƐĞƐƐŵĞŶƚ ZWhƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĚĞƚĞƌŵŝŶĞƚŚĞƐƵŝƚĂďŝůŝƚǇŽĨƉƌŽƉŽƐĂůƐŽŶƚŚĞďĂƐŝƐŽĨĂŶǇŽƌĂůůŽĨƚŚĞƐĞĐƌŝƚĞƌŝĂ ŽƌŽƚŚĞƌĐƌŝƚĞƌŝĂŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞůŝƐƚĂďŽǀĞ͘ ϰ͘ϮǀĂůƵĂƚŝŽŶWƌŽĐĞƐƐ ZWhǁŝůůĨŽůůŽǁƚŚĞĞǀĂůƵĂƚŝŽŶƐƚĞƉƐƐƵŵŵĂƌŝǌĞĚďĞůŽǁ͗ ϭͿWƌŽƉŽƐĂůƐƵďŵŝƚƚĂůƐƐŚĂůůďĞƌĞĐĞŝǀĞĚĂŶĚƉƵďůŝĐůǇƉŽƐƚĞĚ͘KŶůǇƚŚĞ WƌŽƉŽƐĂůKƉĞŶŝŶŐ͗ ŶĂŵĞƐŽĨZĞƐƉŽŶĚĞŶƚƐǁŝůůďĞƵƉůŽĂĚĞĚĂƚƚŚŝƐƚŝŵĞ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ ϮͿƉƌĞůŝŵŝŶĂƌǇĞǀĂůƵĂƚŝŽŶďǇZWhƐŚĂůůĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌĞĂĐŚƌĞĐĞŝǀĞĚ ŽŵƉůŝĂŶĐĞ͗ ƉƌŽƉŽƐĂůŝƐĐŽŵƉůĞƚĞĂŶĚĐŽŵƉůŝĂŶƚǁŝƚŚĂůůŝŶƐƚƌƵĐƚŝŽŶƐĂŶĚͬŽƌƐƵďŵŝƚƚĂůƌĞƋƵŝƌĞŵĞŶƚƐŝŶ ƚŚĞZ&W͘ŶǇƉƌŽƉŽƐĂůƐƚŚĂƚĂƌĞŝŶĐŽŵƉůĞƚĞŽƌƚŚĂƚĚŽŶŽƚĐŽŵƉůǇǁŝƚŚƚŚĞŝŶƐƚƌƵĐƚŝŽŶƐ ĂŶĚͬŽƌƐƵďŵŝƚƚĂůƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŵĂǇďĞƌĞũĞĐƚĞĚĂŶĚĞǆĐůƵĚĞĚĨƌŽŵĨƵƌƚŚĞƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͘sĞŶĚŽƌƉƌŽƉŽƐĂůƐ͕ǁŚŝĐŚĂƌĞĐŽŵƉůŝĂŶƚ͕ĂƌĞĂĚǀĂŶĐĞĚƚŽƚŚĞǁƌŝƚƚĞŶ ĞǀĂůƵĂƚŝŽŶƐƚĂŐĞ͘ ϯͿZWhǁŝůůĞǀĂůƵĂƚĞǁƌŝƚƚĞŶƉƌŽƉŽƐĂůƐĂĐĐŽƌĚŝŶŐƚŽƚŚĞĐƌŝƚĞƌŝĂŽƵƚůŝŶĞĚ tƌŝƚƚĞŶǀĂůƵĂƚŝŽŶ͗ ĂďŽǀĞ͘dŚĞŚŝŐŚĞƐƚƌĂŶŬĞĚƉƌŽƉŽƐĂůƐǁŝůůĂĚǀĂŶĐĞƚŽƚŚĞ^ŽĨƚǁĂƌĞĞŵŽŶƐƚƌĂƚŝŽŶƐ͘ ϰͿsĞŶĚŽƌƐƚŚĂƚĂƌĞĂĚǀĂŶĐĞĚƚŽƚŚŝƐƐƚĂŐĞǁŝůůďĞƌĞƋƵŝƌĞĚƚŽ ^ŽĨƚǁĂƌĞĞŵŽŶƐƚƌĂƚŝŽŶƐ͗ ĐŽŵƉůĞƚĞƐŽĨƚǁĂƌĞĚĞŵŽŶƐƚƌĂƚŝŽŶƐĂŶĚŝŶƚĞƌǀŝĞǁƐǁŝƚŚZWhǀĂůƵĂƚŽƌƐ͘dŚĞƐŽĨƚǁĂƌĞ ĚĞŵŽŶƐƚƌĂƚŝŽŶƐǁŝůůďĞĞǀĂůƵĂƚĞĚďǇZWh͘KŶůǇƉƌŽĚƵĐƚƐƚŚĂƚŚĂǀĞďĞĞŶƉƌŽƉŽƐĞĚŵĂǇďĞ ĚĞŵŽŶƐƚƌĂƚĞĚ͘WƌŽƉŽƐĞƌƐŵĂǇďĞĂƐŬĞĚƚŽƉƌŽǀŝĚĞĐůĂƌŝĨŝĐĂƚŝŽŶŽŶŐŝǀĞŶŝƚĞŵƐĂĨƚĞƌƚŚĞ ĚĞŵŽŶƐƚƌĂƚŝŽŶƐĂƌĞĐŽŵƉůĞƚĞ͘ 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ȷȉɍȯƤƲȷؙ٪ǛǾƤǳɍƫǛǾǍ٪ɅǕƲ٪ƇǼȉɍǾɅ٪ ȬƇǛƫ٪ɍǾƫƲȯ٪٪tǛǾǾƲȷȉɅƇ٪¯ɅƇɅɍɅƲȷ٪ ¯ƲƤɅǛȉǾ٪ׇׂׂؘؙׅׄ٪ƇǾƫ٪ȯƲȮɍǛȯƲƫ٪ ǳȉƤƇǳ٪ƤȉǾɅȯǛƣɍɅǛȉǾȷ٪ȉǌ٪ȬȯȉǬƲƤɅȷ ƤȉǼȬǳƲɅƲƫ٪ǛǾ٪ɅǕƲ٪ȬȯƲɥǛȉɍȷ٪Ʌɦȉ٪ ɬƲƇȯȷ٪ƣɬ٪ɅǕƲ٪%tؙ٪ɅǕƲ٪ǛɅɬؙ٪٪ ȉɍǾɅɬؙ٪ƇǾƫ٪tƇɬȉ٪ǳǛǾǛƤؘ -ȷɅǛǼƇɅƲƫ٪ƤȉȷɅȷ٪ƇǾƫ٪ ˚ǾƇǾƤǛǾǍ٪ȷȉɍȯƤƲȷ٪ǌȉȯ٪ ȬȯȉǬƲƤɅȷ٪Ʌȉ٪ƣƲ٪ȷɅƇȯɅƲƫ٪ǛǾ٪ ɅǕƲ٪ǾƲɫɅ٪Ʌɦȉ٪ɬƲƇȯȷ٪ƣɬ٪ɅǕƲ٪ %tؙ٪ɅǕƲ٪ǛɅɬؙ٪ȉɍǾɅɬؙ٪ ƇǾƫ٪tƇɬȉ٪ǳǛǾǛƤؘ %ƲƣɅ٪ȷƲȯɥǛƤƲ٪ȷƤǕƲƫɍǳƲȷ٪ǌȉȯ٪Ƈǳǳ٪ ȉɍɅȷɅƇǾƫǛǾǍ٪ȉƣǳǛǍƇɅǛȉǾȷ٪ȉǌ٪ɅǕƲ٪ ǛɅɬ٪ǌȉȯ٪ƫƲƣɅ٪ǛȷȷɍƲƫ٪ǌȉȯ٪ȬȯȉǬƲƤɅȷ٪ ǛƫƲǾɅǛ˚Ʋƫ٪ǛǾ٪ɅǕƲ٪ȬǳƇǾؘ ½ǕƲ٪%ƲɥƲǳȉȬǼƲǾɅ٪ ¤ǳƇǾ٪ƇǾƫ٪ƇǾɬ٪ ȬȯȉȬȉȷƲƫ٪٪ ƤǕƇǾǍƲȷ٪Ʌȉ٪ɅǕƲ٪ %ƲɥƲǳȉȬǼƲǾɅ٪ ¤ǳƇǾؘ٪ ׀־ֿ׃׀־ֿׄ׀־׀־׀־׀־׀־׀׃ FU§¯½٪ UvU½Uj ¯-v%FU§¯½¯-v% t-v%t-v½ %¤½Uv t-v%t-v½FUÜ-٪ã-§٪FUÜ-٪ã-§٪ Ä¤%½-Ä¤%½- tȉƫǛ˚ƤƇɅǛȉǾ٪tȉƫǛ˚ƤƇɅǛȉǾ٪ ȬȯǛǳ٪׀ׁؙ٪׀־ֿ׃ؘ٪ ½ǕƲ٪ɍȬƫƇɅƲ٪ƤƇǾ٪ƣƲ٪ǌȉɍǾƫ٪ƇɅ٪ §ƲȬȉȯɅ٪ƲɫȬƲƤɅƲƫ٪ ǼƇƫƲ٪Ʌȉ٪ɅǕƲ٪ǼƇƫƲ٪Ʌȉ٪ɅǕƲ٪ %ƲɥƲǳȉȬǼƲǾɅ٪ ǕɅɅȬȷؚإإƫǼƤؘǼǾإǛǾɥƲȷع Ʌȉ٪ƣƲ٪ȬȯƲȷƲǾɅƲƫ٪ %t٪%t٪ ¤ǳƇǾ٪ƇƫȉȬɅƲƫؘ ɅȉȯȷعƇǾƫعƫƲɥƲǳȉȬƲȯȷإ ǌȉȯ٪ƇȬȬȯȉɥƇǳ٪ƣɬ٪ %ƲɥƲǳȉȬǼƲǾɅ٪%ƲɥƲǳȉȬǼƲǾɅ٪ ɬƲƇȯعƲǾƫ٪׀־׀׃ؘ %ǛȷɅȯǛƤɅؘ%ǛȷɅȯǛƤɅؘ %ƲɥƲǳȉȬǼƲǾɅ٪¤ǳƇǾ ؘ٪ ٪٪٪٪ǾƲ٪ȉǌ٪ɅǕƲ٪ȬȯǛǼƇȯɬ٪ǍȉƇǳȷ٪ȉǌ٪ɅǕƲ٪ƤɅ٪ɦƇȷ٪ɅǕƲ٪ƇƫȉȬɅǛȉǾ٪ȉǌ٪Ƈ٪٪%ƲɥƲǳȉȬǼƲǾɅ٪ ¤ǳƇǾؘ٪UǾ٪¯ƲȬɅƲǼƣƲȯ٪׀־ֿׁؙ٪ɅǕƲ٪%t٪ƲȷɅƇƣǳǛȷǕƲƫ٪ȷȬƲƤǛ˚Ƥ٪ǍȉƇǳȷ٪ƇǾƫ٪ȉƣǬƲƤɅǛɥƲȷ٪ ǌȉȯ٪ɅǕƲ٪٪%ƲɥƲǳȉȬǼƲǾɅ٪¤ǳƇǾؚ٪Ʌȉ٪ƤȯƲƇɅƲ٪Ƈ٪ƤȉǼȬȯƲǕƲǾȷǛɥƲ٪ȷɅȯƇɅƲǍǛƤ٪ȬǳƇǾؙ٪ƇǾƫ٪ ȉɥƲȯ٪ɅǕƲ٪ǳǛǌƲ٪ȉǌ٪ɅǕƲ٪ȬȯȉǬƲƤɅؙ٪Ʌȉ٪ȷɅǛǼɍǳƇɅƲ٪ȉɥƲȯ٪ٳ׃٪ƣǛǳǳǛȉǾ٪ǛǾ٪ȬȯǛɥƇɅƲ٪ǛǾɥƲȷɅǼƲǾɅ٪ ɅǕƇɅ٪ɦǛǳǳ٪ƣƲ٪ȷɍȬȬȉȯɅƲƫ٪ƣɬ٪ٳ׃׆׃٪ǼǛǳǳǛȉǾ٪ǛǾ٪ȬɍƣǳǛƤ٪ǌɍǾƫȷؙ٪ƤȯƲƇɅƲ٪ׁ׃ؙ־־־عׂ׃ؙ־־־٪ ǾƲɦ٪Ǭȉƣȷؙ٪ǍƲǾƲȯƇɅƲ٪ٳؘׅ׃٪ƣǛǳǳǛȉǾ٪Ʌȉ٪ٳ׆ؘ׃٪ƣǛǳǳǛȉǾ٪ǛǾ٪ǾƲɅ٪ǾƲɦ٪ɅƇɫ٪ȯƲɥƲǾɍƲؙ٪ƇǾƫ٪ ƇƤǕǛƲɥƲ٪ɅǕƲ٪ǕǛǍǕƲȷɅ٪ȮɍƇǳǛɅɬ٪ȬƇɅǛƲǾɅؙ٪ɥǛȷǛɅȉȯؙ٪ƇǾƫ٪ȯƲȷǛƫƲǾɅ٪ƲɫȬƲȯǛƲǾƤƲؘ٪ ٪٪٪٪٪ ٪٪٪٪½ǕƲ٪%ƲɥƲǳȉȬǼƲǾɅ٪¤ǳƇǾ٪Ǜȷ٪ɅǕƲ٪ȷɅȯƇɅƲǍǛƤ٪ǌȯƇǼƲɦȉȯǯ٪ǌȉȯ٪ɅǕƲ٪%t٪ǛǾǛɅǛƇɅǛɥƲؙ٪ ƲȷɅƇƣǳǛȷǕǛǾǍ٪Ƈ٪ƤȉǼȬȯƲǕƲǾȷǛɥƲ٪ƣɍȷǛǾƲȷȷ٪ƇǾƫ٪ƲƤȉǾȉǼǛƤ٪ƫƲɥƲǳȉȬǼƲǾɅ٪ ȷɅȯƇɅƲǍɬؘ٪UɅ٪ǛǾƤǳɍƫƲȷ٪ǳƇǾƫ٪ɍȷƲؙ٪ɅȯƇǾȷȬȉȯɅƇɅǛȉǾ٪ƇǾƫ٪ǛǾǌȯƇȷɅȯɍƤɅɍȯƲ٪ȬǳƇǾǾǛǾǍؙ٪ ǼƇȯǯƲɅ٪ȯƲȷƲƇȯƤǕؙ٪ǌɍǾƫǛǾǍ٪ȬȯǛȉȯǛɅǛƲȷؙ٪ƣɍȷǛǾƲȷȷ٪ƇǾƫ٪ƲƤȉǾȉǼǛƤ٪ƫƲɥƲǳȉȬǼƲǾɅؙ٪ ƇǾƫ٪ǼƇȯǯƲɅ٪ȷɅȯƇɅƲǍǛƲȷؘ٪ÄȬȉǾ٪ǼƇǯǛǾǍ٪ɅǕƲ٪˚ǾƫǛǾǍȷ٪ȷƲɅ٪ǌȉȯɅǕ٪ǛǾ٪ɅǕƲ٪ƤɅؙ٪ ǛǾƤǳɍƫǛǾǍ٪˚ǾƫǛǾǍ٪ɅǕƇɅ٪ɅǕƲ٪ǛɅɬ٪ǕƇƫ٪ƇȬȬȯȉɥƲƫ٪ɅǕƲ٪%ƲɥƲǳȉȬǼƲǾɅ٪¤ǳƇǾؙ٪ɅǕƲ٪ %t٪ƇƫȉȬɅƲƫ٪ɅǕƲ٪%ƲɥƲǳȉȬǼƲǾɅ٪¤ǳƇǾ٪ȉǾ٪ȬȯǛǳ٫׀ׁؙ٪׀־ֿ׃ؘ٪½ǕƲ٪ƤɅ٪ȯƲȮɍǛȯƲȷ٪ ɅǕƇɅ٪ɅǕƲ٪%ƲɥƲǳȉȬǼƲǾɅ٪¤ǳƇǾ٪ƣƲ٪ɍȬƫƇɅƲƫ٪ǾȉɅ٪ǳƲȷȷ٪ɅǕƇǾ٪ƲɥƲȯɬ٪˚ɥƲ٪ɬƲƇȯȷؘ٪½ǕƲ٪ FǛɥƲعãƲƇȯ٪ÄȬƫƇɅƲ٪ɦƇȷ٪ƇȬȬȯȉɥƲƫ٪ƣɬ٪ɅǕƲ٪ǛɅɬ٪ƇǾƫ٪ƣɬ٪ɅǕƲ٪%t٪ǛǾ٪׀־׀־ؘ٪٪ ½ǕƲ٪ǾƲɫɅ٪FǛɥƲعãƲƇȯ٪ÄȬƫƇɅƲ٪Ʌȉ٪ɅǕƲ٪½ɦƲǾɅɬعãƲƇȯ٪%t٪%ƲɥƲǳȉȬǼƲǾɅ٪¤ǳƇǾ٪Ǜȷ٪ ɍǾƫƲȯɦƇɬ٪ƇǾƫ٪ȷƤǕƲƫɍǳƲƫ٪ǌȉȯ٪ƇȬȬȯȉɥƇǳ٪ƣɬ٪ɅǕƲ٪ ƲǾƫ٪ȉǌ٪׀־׀׃ؘ٪ ־ׁ ¤ȯǛɥƇɅƲ٪UǾɥƲȷɅǼƲǾɅ٪jƲƇƫȷ٪¤ɍƣǳǛƤ٪UǾɥƲȷɅǼƲǾɅؘ٪ ٪٪٪٪٪½ǕƲ٪ƤɅ٪ȯƲȮɍǛȯƲȷ٪ɅǕƇɅ٪ȬȯǛɥƇɅƲ٪ǛǾɥƲȷɅǼƲǾɅ٪ǳƲƇƫ٪ɅǕƲ٪ ɦƇɬ٪ǌȉȯ٪ɅǕǛȷ٪ȬȯǛɥƇɅƲعȬɍƣǳǛƤ٪ǼȉƫƲǳ٪ȉǌ٪ȬƇȯɅǾƲȯȷǕǛȬؘ٪½ǕƲ٪ ȯƲȮɍǛȯƲƫ٪ȬȯǛɥƇɅƲ٪ǛǾɥƲȷɅǼƲǾɅ٪ȉǌ٪ٳ׀־־ؙ־־־ؙ־־־٪ƣƲǌȉȯƲ٪ ȷɅƇɅƲ٪ǌɍǾƫǛǾǍ٪ɦȉɍǳƫ٪ƣƲǍǛǾ٪ɍǾƫƲȯ٪ɅǕƲ٪ƤɅ٪ɦƇȷ٪ǼƲɅ٪ǛǾ٪ ׀־ֿؘׅ٪½ǕƲ٪ǍȯƇȬǕ٪ƣƲǳȉɦ٪ƫƲȬǛƤɅȷ٪ɅǕƲ٪ƤɍǼɍǳƇɅǛɥƲ٪ȬȯǛɥƇɅƲ٪ ǛǾɥƲȷɅǼƲǾɅؙ٪ǛǾ٪ǼǛǳǳǛȉǾȷ٪ȉǌ٪ƫȉǳǳƇȯȷؙ٪ȷǛǾƤƲ٪׀־ֿׁؘ ֿؙׄ־־ ֿׂؙ־־ ֿؙ׀־־ ֿؙ־־־ ׆־־ ׄ־־ ׂ־־ ׀־־ ־ ׀־ֿׁ׀־ֿׂ׀־ֿ׃׀־ֿׄ׀־ֿׅ׀־ֿ׆׀־ׇֿ׀־׀־׀־׀ֿ׀־׀׀׀־׀ׁ ÄtÄj½UÜ-٪UvÜ-¯½t-v½٪Uv٪tUjjUv¯ ־ׂ ¤ȯȉǍȯƲȷȷ٪ȉǌ٪ȬȯȉǬƲƤɅȷ ĜĜƗƹĥşƊŉǎƗǎŕİĜǎЀĀƳǙĖżşĜ şƊňƹĀǄǎƹǙĜǎǙƹİƳƹƗŲİĜǎƇǙǄǎĖİĀƳƳƹƗǫİĥĖǵ ǛƫƲǾɅǛ˚Ʋƫ٪ǛǾ٪ɅǕƲ٪ ǎŕİ) ĖİňƗƹİşǎşǄƳƹƗƳƗǄİĥǎƗǎŕİ şǎǵЅ %ƲɥƲǳȉȬǼƲǾɅ٪¤ǳƇǾؘ Èŕİ) ƇǙǄǎƹİǫşİǮǎŕİƳƹƗŲİĜǎƳƹƗƳƗǄĀż ňƗƹĜƗƊǄşǄǎİƊĜǵǮşǎŕǎŕİ)İǫİżƗƳƇİƊǎżĀƊЅ ½şƊĜİǎŕİĀĥƗƳǎşƗƊƗňǎŕİ)İǫİżƗƳƇİƊǎ żĀƊƗƊƳƹşżХϫϬЀϫϩϪϮЀĀƊǙƇĖİƹƗňƳƹƗŲİĜǎǄ ŕĀǫİĖİİƊĀƳƳƹƗǫİĥĖǵǎŕİ) ĀƊĥǎŕİ şǎǵЅƇĀƳƗňǎŕİ) )İǫİżƗƳƇİƊǎ )şǄǎƹşĜǎĀƊĥŷİǵƳƹƗŲİĜǎǄşǄşƊĜżǙĥİĥĀǄ 4ǴŕşĖşǎЅǄǙƇƇĀƹǵƗňƇĀŲƗƹĀƳƳƹƗǫİĥ ƳƹƗŲİĜǎǄşƊǎŕİ) )İǫİżƗƳƇİƊǎ)şǄǎƹşĜǎ şǄĀǎǎĀĜŕİĥĀǄ4ǴŕşĖşǎ %U¯Ü-§ã٪Ýjg٪ ٪٪٪٪٪%ǛȷƤȉɥƲȯɬ٪ÝƇǳǯ٪Ǜȷ٪Ƈ٪ǌȉɍȯعƣǳȉƤǯ٪ǳǛǾƲƇȯ٪ȬƇȯǯɦƇɬ٪ƇǳȉǾǍ٪׀Ǿƫ٪ɥƲǾɍƲ٪¯Ýؘ٪UɅ٪ƤȉǾǾƲƤɅȷ٪ ǾǾƲǾƣƲȯǍ٪¤ǳƇɶƇ٪Ʌȉ٪¯ȉǳƫǛƲȯȷ٪FǛƲǳƫ٪tƲǼȉȯǛƇǳ٪¤Ƈȯǯ٪ƇǾƫ٪ǌɍǾƤɅǛȉǾȷ٪Ƈȷ٪ƇǾ٪ƲɫɅƲǾȷǛȉǾ٪ȉǌ٪ɅǕƲ٪ OƲƇȯɅ٪ȉǌ٪ɅǕƲ٪ǛɅɬ٪ȬɍƣǳǛƤ٪ȯƲƇǳǼ٪ȬȯȉǬƲƤɅؘ٪%ǛȷƤȉɥƲȯɬ٪ÝƇǳǯ٪Ǜȷ٪ƫƲȷǛǍǾƲƫ٪Ʌȉ٪ǌƲƲǳ٪ǳǛǯƲ٪Ƈ٪ȬƇȯǯ٪ƇǾƫ٪Ʌȉ٪ ȬȯȉǼȉɅƲ٪ǕƲƇǳɅǕؙ٪ɦƲǳǳǾƲȷȷؙ٪ƇǾƫ٪ǛǾǾȉɥƇɅǛȉǾ٪ƣɬ٪ƤȯƲƇɅǛǾǍ٪Ƈ٪ǕǛǍǕ٪ƇǼƲǾǛɅɬ٪ȬƲƫƲȷɅȯǛƇǾ٪ ƲɫȬƲȯǛƲǾƤƲ٪ɦǕǛǳƲ٪Ƈǳȷȉ٪ǼƇǛǾɅƇǛǾǛǾǍ٪˛ƲɫǛƣǛǳǛɅɬ٪ǌȉȯ٪ƣǛǯƲ٪ƇǾƫ٪ɥƲǕǛƤɍǳƇȯ٪ƇƤƤƲȷȷ٪Ƈȷ٪ɦƲǳǳ٪Ƈȷ٪ƤǛɥǛƤ٪ ƲɥƲǾɅȷ٪ƇǾƫ٪ǌɍɅɍȯƲ٪ƫƲɥƲǳȉȬǼƲǾɅؘ٪UɅ٪Ƈǳȷȉ٪ȷƲȯɥƲȷ٪Ƈȷ٪Ƈ٪ƤƇɅƇǳɬȷɅ٪ǌȉȯ٪ǌɍɅɍȯƲ٪ȬȯǛɥƇɅƲ٪ƫƲɥƲǳȉȬǼƲǾɅ٪ ǛǾ٪%ǛȷƤȉɥƲȯɬ٪¯ȮɍƇȯƲؘ٪ȉǾȷɅȯɍƤɅǛȉǾ٪ɦƇȷ٪ȷɍƣȷɅƇǾɅǛƇǳǳɬ٪ƤȉǼȬǳƲɅƲƫ٪ǛǾ٪׀־׀ׂ٪ƇǾƫؙ٪ǛǾ٪ƇƫƫǛɅǛȉǾ٪Ʌȉ٪ ȷǛǍǾǛ˚ƤƇǾɅ٪ɍȬǍȯƇƫƲȷ٪ƇǾƫ٪ɍȬȷǛɶǛǾǍ٪ȉǌ٪ƣƲǳȉɦعǍȯƇƫƲ٪ȷƲɦƲȯ٪ƇǾƫ٪ȷɅȯƲƲɅ٪ǛǾǌȯƇȷɅȯɍƤɅɍȯƲ٪ɅǕƇɅ٪ƤƇǾ٪ ƇƤƤȉǼǼȉƫƇɅƲ٪ǌɍɅɍȯƲ٪ƫƲɥƲǳȉȬǼƲǾɅؙ٪ǛǾƤǳɍƫƲȷ٪Ƈ٪ȬƲƫƲȷɅȯǛƇǾ٪ȯƇǼȬؙ٪ȬƲƫƲȷɅȯǛƇǾ٪ǳǛǍǕɅǛǾǍ٪ƇȯɅؙ٪ ƇǾƫ٪Ƈ٪ȷǾȉɦ٪ǼƲǳɅ٪ȷɬȷɅƲǼؘ ־ׄ §UÜ-§F§v½٪§-UtGUv-% ٪٪٪٪٪̣ȉǳǳȉɦǛǾǍ٪Ƈ٪ǛɅɬعǛǾǛɅǛƇɅƲƫ٪ȷǼƇǳǳ٪ƇȯƲƇ٪ȬǳƇǾ٪ȷɅɍƫɬ٪ǌȉȯ٪Ƈ٪ȬȉȯɅǛȉǾ٪ȉǌ٪ɅǕƲ٪ׄ־ڋ٪ƇƤȯƲ٪ƇȯƲƇ٪ ǳȉƤƇɅƲƫ٪ȷȉɍɅǕƲƇȷɅ٪ȉǌ٪ɅǕƲ٪ƫȉɦǾɅȉɦǾ٪ƤȉȯƲ٪ȉǾ٪ɅǕƲ٪íɍǼƣȯȉ٪§ǛɥƲȯؙ٪ɅǕƲ٪ǛɅɬ٪ƤȉǾɅǛǾɍƲȷ٪ Ʌȉ٪ǳƲƇƫ٪ƫƲɥƲǳȉȬǼƲǾɅ٪ȉǌ٪ɅǕǛȷ٪نǌȯȉǾɅ٪ƫȉȉȯه٪Ʌȉ٪ɅǕƲ٪ȯǛɥƲȯ٪Ʌȉ٪Ƈ٪ǍƇɅƲɦƇɬ٪ǛǾɅȉ٪ƫȉɦǾɅȉɦǾؘ٪ UǾ٪eɍǳɬ٪ȉǌ٪׀־׀׀ؙ٪ɅǕƲ٪ǛɅɬ٪ƇƫȉȬɅƲƫ٪Ƈ٪ȬȯƲǌƲȯȯƲƫ٪ȬǳƇǾ٪Ʌȉ٪ǍɍǛƫƲ٪ɅǕƲ٪ɅȯƇǾȷǌȉȯǼƇɅǛȉǾ٪ȉǌ٪ ɅǕƲ٪ȯƲƫƲɥƲǳȉȬǼƲǾɅ٪ƇȯƲƇ٪Ʌȉ٪Ƈ٪ǌɍɅɍȯƲ٪ǼǛɫƲƫعɍȷƲ٪ǾƲǛǍǕƣȉȯǕȉȉƫؘ٪UǾ٪ɍǍɍȷɅ٪ȉǌ٪׀־׀׀ؙ٪ ɅǕƲ٪ǛɅɬ٪ɦƇȷ٪ƇɦƇȯƫƲƫ٪Ƈ٪ǌƲƫƲȯƇǳ٪§U¯-٪ǍȯƇǾɅ٪ǛǾ٪ɅǕƲ٪ƇǼȉɍǾɅ٪ȉǌ٪ٳׇׇֿؘ٪ǼǛǳǳǛȉǾ٪ǌȉȯ٪ɅǕƲ٪ ¯ǛɫɅǕ٪¯ɅȯƲƲɅ٪ȯǛƫǍƲ٪ƤȯȉȷȷǛǾǍ٪ɅǕƲ٪íɍǼƣȯȉ٪§ǛɥƲȯؘ٪UǾ٪׀־׀ׂؙ٪%t٪ɦȉȯǯƲƫ٪ǛǾ٪ ƤȉǳǳƇƣȉȯƇɅǛȉǾ٪ɦǛɅǕ٪ǛɅɬ٪ȷɅƇǌǌ٪Ʌȉ٪ȷƲǳƲƤɅ٪ɅǕƲ٪ƤȉǾȷɍǳɅƇǾɅ٪ɅƲƇǼ٪ƇǾƫ٪ɦǛǳǳ٪ƤȉǾɅǛǾɍƲ٪Ʌȉ٪ ȬƇȯɅǛƤǛȬƇɅƲ٪ǛǾ٪ɅǕƲ٪ȬǳƇǾǾǛǾǍ٪ƇǾƫ٪ƫƲɥƲǳȉȬǼƲǾɅ٪ȬȯȉƤƲȷȷؙ٪ǌȉƤɍȷǛǾǍ٪ȉǾ٪ɅǕƲ٪ȬɍƣǳǛƤ٪ 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ǛƫƲǾɅǛ˚Ʋƫ٪ǛǾ٪ɅǕƲ٪U¤٪ƇȯƲ٪ƤƇɅƲǍȉȯǛɶƲƫ٪Ƈȷ٪ǌȉǳǳȉɦȷؚ٪¤ɍƣǳǛƤ٪§ƲƇǳǼؙ٪tȉƣǛǳǛɅɬؙ٪¯ɅȯƇɅƲǍǛƤ٪ §ƲƫƲɥƲǳȉȬǼƲǾɅؙ٪ƇǾƫ٪¯ɅȯƲƲɅȷ٪ƇǾƫ٪¯ƲɦƲȯȷؘ ¯½§½-GU¯½§--½¯٪v% ¤ÄjU٪§-jttUjU½ã§-%-Ü-j¤t-v½¯-Ý-§¯ ǕƇɅƲƇɍ٪½ǕƲƇɅȯƲ٪jUvg٪ɍȷ٪§ƇȬǛƫ٪½ȯƇǾȷǛɅؙ٪ȉǾɅǛǾɍƲƫ٪ǌɍǾƫǛǾǍ٪ȉǌ٪ ¯ǛɫɅǕ٪¯ɅȯƲƲɅ٪ȉȯȯǛƫȉȯؚ UǼȬȯȉɥƲǼƲǾɅȷ٪ƇǾƫ٪ǛǾƤǳɍƫǛǾǍ٪¯ƲƤȉǾƫ٪Ƈ٪نȷɅȯƇɅƲǍǛƤ٪ ¯ǛɫɅǕ٪¯ɅȯƲƲɅ٪ȯǛƫǍƲؙ٪ ȷȷƲɅȷ٪¤ȯƲȷƲȯɥƇɅǛȉǾ¯ɅȯƲƲɅ٪§ƲƤȉǾȷɅȯɍƤɅǛȉǾ٪ȯƲƫƲɥƲǳȉȬǼƲǾɅ٪ǌɍǾƫه٪ ¯ǛɫɅǕ٪¯ɅȯƲƲɅ٪¯-ؙ٪ ƇǾƫ٪¯ɅȯƲƲɅȷƤƇȬƲȷɍȬȬȉȯɅǛǾǍ٪ɅǕƲ٪ ÝƇɅƲȯǌȯȉǾɅ٪ %t٪ƇǾƫ٪ǛɅɬ٪ǛǾ٪ǛɅȷ٪ ȉǾǾƲƤɅǛɥǛɅɬ UǾɅƲȯǛǼ٪ÝƇɬ˚ǾƫǛǾǍ OƲƇȯɅ٪ȉǌ٪ɅǕƲ٪ǛɅɬ ȯƲȷȬȉǾȷƲ٪Ʌȉ٪%t٪ ǳǛǍǾǛǾǍ٪ ǌɍǾƫǛǾǍ٪ƇȬȬǳǛƤƇɅǛȉǾȷؘ ǛǾǌȯƇȷɅȯɍƤɅɍȯƲؚ٪ȉǳƫؘ٪ FȉȯɦƇȯƫؘ٪ÄǾƣȉɍǾƫؘ٪ǛǾ٪ §ȉƤǕƲȷɅƲȯ ǳǛǍǾǛǾǍ٪ ǛǾǌȯƇȷɅȯɍƤɅɍȯƲؚ ÝƲȷɅ٪½ȯƇǾȷǛɅ٪ÜǛǳǳƇǍƲ ٪٪٪٪٪%t٪ǌɍǾƫǛǾǍ٪ȯƲǼƇǛǾȷ٪ƇɥƇǛǳƇƣǳƲ٪Ʌȉ٪ƇƫɥƇǾƤƲ٪ȬȯƲɥǛȉɍȷǳɬ٪ƇȬȬȯȉɥƲƫ٪ȬȯȉǬƲƤɅȷؙ٪ǛǾƤǳɍƫǛǾǍ٪ ȷɅȯƇɅƲǍǛƤ٪ƫƲɥƲǳȉȬǼƲǾɅؙ٪ȯǛɥƲȯǌȯȉǾɅ٪ȬȯƲعƫƲɥƲǳȉȬǼƲǾɅؙ٪¯Ʌؘ٪tƇȯɬȷ٪¤ǳƇƤƲ٪ȷɍƣعƫǛȷɅȯǛƤɅ٪ȬɍƣǳǛƤ٪ ȯƲƇǳǼؙ٪Ƈ٪ɅǕƲȯǼƇǳ٪ƲǾƲȯǍɬ٪ǾƲɅɦȉȯǯؙ٪ǼɍǳɅǛعǼȉƫƇǳ٪ȷɅȯƲƲɅȷؙ٪ƇǾƫ٪ǛǼȬǳƲǼƲǾɅƇɅǛȉǾ٪ȉǌ٪ §ȉƤǕƲȷɅƲȯىȷ٪%ȉɦǾɅȉɦǾ٪½Ƈȷǯ٪FȉȯƤƲ٪ȯƲƤȉǼǼƲǾƫƇɅǛȉǾȷؘ ֿ׀ ׀ׂ ٪٪٪٪٪½ǕƲ٪%t٪U¤٪ȯƲ˛ƲƤɅȷ٪ȉǾǳɬ٪Ƈ٪ȬȉȯɅǛȉǾ٪ȉǌ٪ɅǕƲ٪ǾɍǼƣƲȯ٪ƇǾƫ٪ɅɬȬƲ٪ȉǌ٪ȬɍƣǳǛƤ٪ƇǾƫ٪ ȬȯǛɥƇɅƲ٪ƫƲɥƲǳȉȬǼƲǾɅ٪ȬȯȉǬƲƤɅȷ٪ǛǾ٪ɅǕƲ٪%t٪ƫǛȷɅȯǛƤɅؘ٪-Ƈȯǳɬ٪ȷɅȯƇɅƲǍǛƤ٪%t٪ ǛǾɥƲȷɅǼƲǾɅȷ٪ǛǾ٪ȬɍƣǳǛƤ٪ǛǾǌȯƇȷɅȯɍƤɅɍȯƲ٪ƇǾƫ٪ƤȉǼǼƲȯƤǛƇǳ٪ƇǾƫ٪ȯƲȷǛƫƲǾɅǛƇǳ٪ȬȯȉǬƲƤɅȷ٪ ȷɍƤƤƲȷȷǌɍǳǳɬ٪ƲȷɅƇƣǳǛȷǕƲƫ٪§ȉƤǕƲȷɅƲȯ٪Ƈȷ٪Ƈ٪ƫƲȷɅǛǾƇɅǛȉǾ٪ǌȉȯ٪ǛǾɥƲȷɅǼƲǾɅ٪ƇǾƫ٪ ƫƲɥƲǳȉȬǼƲǾɅؘ٪ƫƫǛɅǛȉǾƇǳǳɬؙ٪%t٪ȬȯȉǬƲƤɅȷ٪ƤȉǾɅǛǾɍƲ٪Ʌȉ٪ƣƲǾƲ˚Ʌ٪ǌȯȉǼ٪ƤȉǼǼɍǾǛɅɬ٪ ƤȉعƫƲȷǛǍǾؙ٪Ƈ٪ȬȯȉƤƲȷȷ٪ɅǕƇɅ٪ȯƲƤȯɍǛɅȷ٪ɅǕȉȷƲ٪ǼȉȷɅ٪ǛǼȬƇƤɅƲƫ٪ƣɬ٪Ƈ٪ȬȯȉǬƲƤɅ٪Ʌȉ٪ƇȷȷǛȷɅ٪ǛǾ٪ ƇƫɥȉƤƇɅǛǾǍ٪ǌȉȯ٪ɍǾƫƲȯȯƲȬȯƲȷƲǾɅƲƫ٪ƤȉǼǼɍǾǛɅǛƲȷ٪ƇǾƫ٪ȬƲȯȷȬƲƤɅǛɥƲȷؘ٪ɅǕƲȯ٪ȬȯȉǬƲƤɅȷؙ٪ ɦǕǛƤǕ٪ƇȯƲ٪Ǿȉɦ٪ȬȯȉƤƲƲƫǛǾǍ٪ɦǛɅǕȉɍɅ٪ɅǕƲ٪ǾƲƲƫ٪ǌȉȯ٪ȬɍƣǳǛƤ٪%t٪ȷɍȬȬȉȯɅؙ٪ǛǾƤǳɍƫƲ٪ ɦȉȯǯǌȉȯƤƲ٪ƇǾƫ٪ǼƇȯǯƲɅعȯƇɅƲ٪ǕȉɍȷǛǾǍؙ٪ɦȉȯǳƫعƤǳƇȷȷ٪ǼƲƫǛƤƇǳ٪ƤƇȯƲ٪ƇǾƫ٪ȯƲȷƲƇȯƤǕ٪ ǌƇƤǛǳǛɅǛƲȷؙ٪ȯƲɅƇǛǳ٪ƇǾƫ٪ƫǛǾǛǾǍ٪ȷȬƇƤƲȷؙ٪ȷǼƇǳǳ٪ƣɍȷǛǾƲȷȷ٪ǛǼȬȯȉɥƲǼƲǾɅȷؙ٪ƇǾƫ٪ǼȉȯƲؘ ٪٪٪٪٪UǾ٪ƇƫƫǛɅǛȉǾ٪Ʌȉ٪ɅǕƲȷƲ٪ɅȯƇǾȷǌȉȯǼƇɅǛɥƲ٪ƤƇȬǛɅƇǳ٪ǛǾɥƲȷɅǼƲǾɅȷؙ٪ɅǕƲ٪ǛɅɬ٪ƇǾƫ٪ɅǕƲ٪-%٪ ǕƇɥƲ٪ȷɍƤƤƲȷȷǌɍǳǳɬ٪ȷƲƤɍȯƲƫ٪ƲƤȉǾȉǼǛƤ٪ȯƲɥǛɅƇǳǛɶƇɅǛȉǾؙ٪ȷɍȷɅƇǛǾƇƣǛǳǛɅɬؙ٪ɦȉȯǯǌȉȯƤƲؙ٪ƇǾƫ٪ ƲȮɍǛɅƇƣǳƲ٪ƤȉǼǼɍǾǛɅɬعƣɍǛǳƫǛǾǍ٪ǍȯƇǾɅȷؙ٪ǛǾƤǳɍƫǛǾǍ٪ɅǕȯȉɍǍǕ٪%--%ىȷ٪tƇǛǾ٪¯ɅȯƲƲɅ٪ -ƤȉǾȉǼǛƤ٪§ƲɥǛɅƇǳǛɶƇɅǛȉǾ٪¤ȯȉǍȯƇǼؙ٪ǳȉȉǼƣƲȯǍ٪¤ǕǛǳƇǾɅǕȯȉȬǛƲȷ٪GǳȉƣƇǳ٪tƇɬȉȯȷ٪ ǕƇǳǳƲǾǍƲؙ٪ƇǾƫ٪ɅǕƲ٪tƤgǾǛǍǕɅ٪FȉɍǾƫƇɅǛȉǾؘ٪½ǕƲȷƲ٪ǍȯƇǾɅ٪ƇɦƇȯƫȷؙ٪ȷƲƤɍȯƲƫ٪ƣɬ٪ɅǕƲ٪ %tىȷ٪ȬƇȯɅǾƲȯȷؙ٪ȷɍȬȬȉȯɅ٪ƇǾƫ٪ƇɍǍǼƲǾɅ٪ɅǕƲ٪ƇƫɥƇǾƤƲǼƲǾɅ٪ȉǌ٪%t٪ȬȯǛȉȯǛɅǛƲȷؘ ֿׁ ƤɅɍƇǳ٪ȉȷɅ٪ƇǾƫ٪ FǛǾƇǾƤǛǾǍ٪ ¯ȉɍȯƤƲȷؘ ٪٪٪٪٪ƤɅɍƇǳ٪ƤȉȷɅȷ٪ƇǾƫ٪˚ǾƇǾƤǛǾǍ٪ȷȉɍȯƤƲȷؙ٪ǛǾƤǳɍƫǛǾǍ٪ɅǕƲ٪ƇǼȉɍǾɅ٪ȬƇǛƫ٪ɍǾƫƲȯ٪ tǛǾǾƲȷȉɅƇ٪¯ɅƇɅɍɅƲȷؙ٪¯ƲƤɅǛȉǾ٪ׇׂׂؘؙׅׄ٪ƇǾƫ٪ȯƲȮɍǛȯƲƫ٪ǳȉƤƇǳ٪ƤȉǾɅȯǛƣɍɅǛȉǾȷ٪ȉǌ٪ ȬȯȉǬƲƤɅȷ٪ƤȉǼȬǳƲɅƲƫ٪ǛǾ٪ɅǕƲ٪ȬȯƲɥǛȉɍȷ٪Ʌɦȉ٪ɬƲƇȯȷ٪ƣɬ٪ɅǕƲ٪%tؙ٪ǛɅɬؙ٪ǳǼȷɅƲƫ٪ ȉɍǾɅɬؙ٪ƇǾƫ٪tƇɬȉ٪ǳǛǾǛƤؘ٪ ٪٪٪٪٪½ǕƲ٪ƤɅ٪ȯƲȮɍǛȯƲȷ٪ɅǕƇɅ٪ƇǾ٪ƇǾǾɍƇǳ٪ƤƲȯɅǛ˚ƤƇɅǛȉǾ٪ȉǌ٪ȬȯǛɥƇɅƲ٪ǛǾɥƲȷɅǼƲǾɅ٪ƣɬ٪tƇɬȉ٪ ǳǛǾǛƤ٪ƇǾƫ٪ȉɅǕƲȯ٪ȬȯǛɥƇɅƲ٪ǛǾɥƲȷɅȉȯȷ٪ƣƲ٪ǼƇƫƲ٪Ʌȉ٪%--%٪ƣɬ٪ȬȯǛǳ٫ֿ٪ȉǌ٪ƲƇƤǕ٪ɬƲƇȯؙ٪ƇǾƫ٪ %--%٪ǼɍȷɅ٪ƤƲȯɅǛǌɬ٪ɅǕƇɅ٪ٳ׀־־ؙ־־־ؙ־־־٪ȉǌ٪ȬȯǛɥƇɅƲ٪ǛǾɥƲȷɅǼƲǾɅ٪ǕƇȷ٪ƣƲƲǾ٪ǼƇƫƲ٪ƣƲǌȉȯƲ٪ ƇǾɬ٪ȷɅƇɅƲ٪ǌɍǾƫǛǾǍ٪ǼƇɬ٪ƣƲ٪ȬƇǛƫؘ٪½ǕǛȷ٪ɅǕȯƲȷǕȉǳƫ٪ɦƇȷ٪ǼƲɅ٪ƇǾƫ٪ƲɫƤƲƲƫƲƫ٪ǛǾ٪׀־ֿؘׅ٪½ǕƲ٪ ƤɍǼɍǳƇɅǛɥƲ٪ɅȉɅƇǳ٪ƇǼȉɍǾɅ٪ȉǌ٪ƤƲȯɅǛ˚Ʋƫ٪tƇɬȉ٪ǳǛǾǛƤ٪ƇǾƫ٪ȉɅǕƲȯ٪ȬȯǛɥƇɅƲ٪ǛǾɥƲȷɅǼƲǾɅȷ٪Ʌȉ٪ ƫƇɅƲ٪Ǜȷ٪ٳֿؙׄ־ׁؙׅׄ׆ׁؙ׀׃ؘ ֿׂ ٪٪٪٪٪UǾ٪ƤȉǼȬǳǛƇǾƤƲ٪ɦǛɅǕ٪tǛǾǾƲȷȉɅƇ٪¯ɅƇɅɍɅƲȷ٪¯ƲƤɅǛȉǾ٪ׇׂׂؘؙׅׄ٪ɅǕƲ٪ƇǾǾɍƇǳ٪ƤƲȯɅǛ˚ƤƇɅǛȉǾ ȉǌ٪tƇɬȉ٪ǳǛǾǛƤ٪ƇǾƫ٪ȉɅǕƲȯ٪ȬȯǛɥƇɅƲ٪ǛǾɥƲȷɅǼƲǾɅ٪ɅǕƇɅ٪ɦƇȷ٪ȷɍƣǼǛɅɅƲƫ٪Ʌȉ٪%--%٪ȉǾ tƇȯƤǕ٪׀ؙׅ٪׀־׀ׂ٪Ǜȷ٪ƇɅɅƇƤǕƲƫ٪Ƈȷ٪-ɫǕǛƣǛɅ٪ؘ٪ǳȷȉؙ٪ƇɅɅƇƤǕƲƫ٪Ƈȷ٪-ɫǕǛƣǛɅ٪%ؙ٪Ǜȷ٪ɅǕƲ٪ƇǾǾɍƇǳ٪ ƤƲȯɅǛ˚ƤƇɅǛȉǾ٪ȉǌ٪ǛɅɬ٪ƲɫȬƲǾƫǛɅɍȯƲȷؙ٪ɦǕǛƤǕ٪ɦƇȷ٪ȷɍƣǼǛɅɅƲƫ٪Ʌȉ٪%--%٪ȉǾ٪tƇȯƤǕ٪׀ؙׄ٪ ׀־׀ׂؘ٪%--%٪ƤȉǾƫɍƤɅƲƫ٪ǛɅȷ٪ȉɦǾ٪ƇɍƫǛɅ٪ȬȯȉƤƲȷȷ٪ȉǌ٪ɅǕƲ٪ƤƲȯɅǛ˚Ʋƫ٪ƲɫȬƲǾƫǛɅɍȯƲȷ ƇǾƫ٪ɅǕƲǾ٪ƇȬȬȯȉɥƲƫ٪ɅǕƲ٪ƲɫȬƲǾƫǛɅɍȯƲȷؘ٪½ǕƲ٪%--%٪ƤƲȯɅǛ˚ƤƇɅǛȉǾȷؙ٪ƫƇɅƲƫ٪eɍǾƲ٪׀׆ؙ ׀־׀ׂؙ٪ƇȯƲ٪ƇɅɅƇƤǕƲƫ٪Ƈȷ٪-ɫǕǛƣǛɅ٪-ؘ٪UǾ٪ƇƫƫǛɅǛȉǾؙ٪ɦƲ٪ȉǌǌƲȯ٪ɅǕƲ٪ǌȉǳǳȉɦǛǾǍ٪ǛǾǌȉȯǼƇɅǛȉǾؚ ЪϬϱЀϭϱϯЀϬϰϲЪϫϫЀϮϩϩЀϩϩϩ ٪٪٪٪٪½ǕƲ٪׀־׀׃٪ƤȉǼƣǛǾƲƫ٪ȉȬƲȯƇɅǛǾǍ٪ƇǾƫ٪٪٪٪٪٪٪½ǕȯȉɍǍǕ٪%ƲƤƲǼƣƲȯ٪ֿׁؙ٪׀־׀ׂؙ٪ ƤƇȬǛɅƇǳ٪ǛǼȬȯȉɥƲǼƲǾɅȷ٪ƣɍƫǍƲɅ٪ǌȉȯ٪ɅǕƲ٪ǳǼȷɅƲƫ٪ȉɍǾɅɬ٪ǕƇȷ٪ƤȉǾɅȯǛƣɍɅƲƫ٪ %t٪ɅȉɅƇǳȷ٪ٳׁ׆ׂؙ׆ׇׁؘؙׅׄ٪ǌ٪ɅǕǛȷ٪ٳ׀׀ؙ׃־־ؙ־־־ؘ ƇǼȉɍǾɅ٪ٳׂؙׅׄ׃ؙׄׄ־٪ɦǛǳǳ٪ƣƲ٪ȬȯȉɥǛƫƲƫ٪ ƣɬ٪ɅǕƲ٪ȉɍǾɅɬ٪ǌȯȉǼ٪ǛɅȷ٪־ؘ׀׃ڤ٪ ȷƇǳƲȷ٪ɅƇɫؘ٪½ǕƲ٪ȯƲǼƇǛǾǛǾǍ٪ƇǼȉɍǾɅ٪Ǜȷ٪Ʌȉ٪ ЪϰϫЀϬϫϰЀϲϬϬ ƣƲ٪ȬȯȉɥǛƫƲƫ٪ƣɬ٪ɅǕƲ٪ǛɅɬ٪ȉǌ٪§ȉƤǕƲȷɅƲȯ٪ ٪٪٪٪٪٪ƤɅɍƇǳ٪ƤȉȷɅȷ٪ȬƇǛƫ٪ƣɬ٪ɅǕƲ٪ǛɅɬ٪ǌȯȉǼ٪ ǌȯȉǼ٪Ƈ٪ɥƇȯǛƲɅɬ٪ȉǌ٪ǛɅɬ٪ǌɍǾƫǛǾǍ٪ ƤȉǼǼƲǾƤƲǼƲǾɅ٪ɅǕȯȉɍǍǕ٪%ƲƤƲǼƣƲȯ٪ ȷȉɍȯƤƲȷؙ٪ǛǾƤǳɍƫǛǾǍ٪ǛɅȷ٪־ؘ׀׃ڤ٪%t٪ ֿׁؙ٪׀־׀ׂ٪ǕƇɥƲ٪ɅȉɅƇǳƲƫ٪ٳׅ׀ׁؙ׀ׇׁׁؙؙׅ٪ ȷƇǳƲȷ٪ɅƇɫؘ٪UǾ٪ƇƫƫǛɅǛȉǾؙ٪tƇɬȉ٪ǳǛǾǛƤ٪ǕƇȷ٪ ƣƇȷƲƫ٪ȉǾ٪ɬƲƇȯعƲǾƫ٪ɍǾƇɍƫǛɅƲƫ٪ƤȉȷɅȷؘ٪ ȬǳƲƫǍƲƫ٪˚ǾƇǾƤǛƇǳ٪ƇǾƫ٪ǛǾعǯǛǾƫ٪ ½ǕƲ٪ǌɍǾƫǛǾǍ٪ȷȉɍȯƤƲ٪ɦƇȷ٪ǛǾǛɅǛƇǳǳɬ٪ǛɅɬ٪ ǌɍǾƫǛǾǍ٪Ʌȉ٪ɅǕƲ٪-%٪ǛǾ٪ɅǕƲ٪ƇǼȉɍǾɅ٪ ǛǾɅƲȯǾƇǳ٪ƣȉȯȯȉɦǛǾǍؙ٪ɦǕǛƤǕ٪Ǜȷ٪ƣƲǛǾǍ٪ ȉǌ٪ٳֿؙ׃׃׃ׂؙ־־ؘ ȯƲȬƇǛƫؙ٪ƇǳȉǾǍ٪ɦǛɅǕ٪ɅǕƲ٪ƤȉȷɅȷ٪ǌȉȯ٪ǾƲɦ٪ ȬȯȉǬƲƤɅȷ٪ƇǾƫ٪ǛǾǛɅǛƇɅǛɥƲȷؙ٪ƣɬ٪ɅǕƲ٪ǛɅɬىȷ٪ ־ؘ׀׃ڤ٪%t٪ȷƇǳƲȷ٪ɅƇɫؘ٪½ǕƲ٪ǛɅɬ٪ǕƇȷ٪ ЪϪϰϫЀϮϲϪЀϪϱϲ Ƈǳȷȉ٪ǛȷȷɍƲƫ٪ƤƇȬǛɅƇǳ٪ƫƲƣɅ٪ǌȉȯ٪Ƈ٪ȬƇȯǯǛǾǍ٪ ٪٪٪٪٪٪٪٪½ǕȯȉɍǍǕ٪%ƲƤƲǼƣƲȯ٪ֿׁؙ٪׀־׀ׂؙ٪ ȯƇǼȬ٪ǛǾ٪ɅǕƲ٪ƫǛȷɅȯǛƤɅؘ٪eɍȷɅ٪Ƈȷ٪ɅǕƲ٪tƇɬȉ٪ GƲǾƲȯƇǳ٪¯ɅƇɅƲ٪UǾǌȯƇȷɅȯɍƤɅɍȯƲ٪Ǜƫ٪ǛǾ٪ ǳǛǾǛƤ٪ǛǾɥƲȷɅǼƲǾɅȷ٪ƇǾƫ٪ȉɅǕƲȯ٪ȬȯǛɥƇɅƲ٪ ɅǕƲ٪ƇǼȉɍǾɅ٪ȉǌ٪ٳֿ׃ؙׅ׃ׇֿֿؙ׆ׇ٪ǕƇȷ٪ƣƲƲǾ٪ ǛǾɥƲȷɅǼƲǾɅȷ٪ǕƇɥƲ٪ɍǾƫƲȯȷƤȉȯƲƫ٪ɅǕƲ ȯƲƤƲǛɥƲƫؘ٪¯ɅƇɅƲ٪½ȯƇǾȷǛɅ٪Ǜƫ٪ǛǾ٪ɅǕƲ٪ ƤȉǼǼǛɅǼƲǾɅ٪Ʌȉ٪%tؙ٪ȷȉ٪Ʌȉȉ٪ǕƇɥƲ٪ ƇǼȉɍǾɅ٪ȉǌ٪ٳֿ׃ؙ־־־ؙ־־־٪ǕƇȷ٪ƣƲƲǾ٪ ɅǕƲ٪ǛɅɬ٪ƤȉǾɅȯǛƣɍɅǛȉǾȷؘ ȯƲƤƲǛɥƲƫ٪ɅǕȯȉɍǍǕ٪%ƲƤƲǼƣƲȯ٪ֿׁؙ٪׀־׀ׂؘ ֿ׃ -ȷɅǛǼƇɅƲƫ٪ȉȷɅȷ٪ ƇǾƫ٪FǛǾƇǾƤǛǾǍ٪ ¯ȉɍȯƤƲȷ٪ǌȉȯ٪ ¤ȯȉǬƲƤɅȷ٪Ʌȉ٪ƣƲ٪ ȷɅƇȯɅƲƫ٪ǛǾ٪ɅǕƲ٪ ǾƲɫɅ٪Ʌɦȉ٪ɬƲƇȯȷ٪ ƣɬ٪ɅǕƲ٪%tؙ٪ ǛɅɬؙ٪ȉɍǾɅɬؙ٪ ƇǾƫ٪tƇɬȉ٪ǳǛǾǛƤؘ Èŕİ)İǫİżƗƳƇİƊǎżĀƊǄİǎǄňƗƹǎŕĀňƹĀƇİǮƗƹŷĀƊĥİǴĀƇƳżİǄ ƗňƳƹƗŲİĜǎǄǎŕĀǎƇĀǵĖİĜƗƊǄşĥİƹİĥňƗƹňǙƊĥşƊŉşƊǎŕİƊİǴǎ ǄİǫİƹĀżǵİĀƹǄЅ4ĀĜŕƳƹƗŲİĜǎǮşżżĖİĀƳƳƹƗǫİĥƗƊĀƊşƊĥşǫşĥǙĀż ĖĀǄşǄЅ½İİĀżǄƗǎŕİƹİƳƗƹǎƹİǄƳƗƊǄİǎƗǄǎĀǎǙǎƗƹǵİżİƇİƊǎǄОϫП ĀƊĥОϬПЅ ֿׄ j%ؘ٪F§Ý§%ؘ٪ÄvÄv%ؘ٪Uv٪§O-¯½-§ §ƲǾƫƲȯǛǾǍ٪ȉǌ٪ȬǳƇǾǾƲƫ٪ǾƲɦ٪tƇɬȉ٪ǳǛǾǛƤ٪ǌƇƤǛǳǛɅǛƲȷ٪ǛǾ٪ƫȉɦǾɅȉɦǾ٪§ȉƤǕƲȷɅƲȯ OǛǍǕǳǛǍǕɅȷ٪ȉǌ٪ɅǕƲ٪ȬȯȉǬƲƤɅؚ ׀ׂؘ٪ǼǛǳǳǛȉǾ٪ȷȮɍƇȯƲ٪ǌƲƲɅ٪ȉǌ٪ǾƲɦ٪ȷȬƇƤƲ ٳ׃٪ƣǛǳǳǛȉǾ٪ǛǾɥƲȷɅǼƲǾɅ ¤ȯȉǬƲƤɅ٪ƤȉǼȬǳƲɅƲ٪ƣɬ٪׀־ׁ־ FǛȯȷɅ٪ƣɍǛǳƫǛǾǍȷ٪ȉȬƲǾ٪ǛǾ٪׀־׀ׇ ٳ׃־־٪ǼǛǳǳǛȉǾ٪ǛǾ٪ȷɍȷɅƇǛǾǛǾǍ٪ȬȯȉǬƲƤɅȷ ȉǼȬƇȯƇɅǛɥƲ٪UǾɥƲȷɅǼƲǾɅȷ٪ɦǛɅǕǛǾ٪tǛǾǾƲȷȉɅƇ ٳׄ־־tٳׂׄׄtٳֿ٪ٳ׀ؘׄ٪ٳ׀ؘׅ٪ٳׁؘ׀٪ٳ׃٪ §ȉƤǕƲȷɅƲȯ¯Ʌؘ٪ȯȉǛɫÄ¯٪ƇǾǯ׀־׀ׂ٪¯ɅƇɅƲ¯Ý٪jǛǍǕɅt¯¤٪tƇɬȉ٪ǳǛǾǛƤ ׀־׀ׁȯǛƫǍƲ¯ɅƇƫǛɍǼȉǌ٪tv§ƇǛǳǛȯȬȉȯɅj%ؘ ¤ƲȯǼǛɅȉǾƫǛǾǍ-ɫȬƇǾȷǛȉǾ F§Ý§%ؘ ÜƇǳɍƇɅǛȉǾǛǳǳ ÄvÄv%ؘ ¤§¤¯-%٪׀־׀׃ %t٪FÄv%UvG ¤ÄjU٪§-jt ٪%t٪¯Ä§- %-¯§U¤½Uv ǕƇɅƲƇɍ٪½ǕƲƇɅȯƲؚ ٳֿ־־ؙ־־־ %t٪G¯U ȷȷƲɅ٪¤ȯƲȷƲȯɥƇɅǛȉǾ UǾɅƲȯǛǼ٪ÝƇɬ˚ǾƫǛǾǍ ٳֿ־־ؙ־־־ %t٪G¯U ¯ɍƣɅȉɅƇǳ٪ٳ׀־־ؙ־־־ tUjU½ã %-¯§U¤½Uv %t٪Äv½ã٪½§v¯U½٪U%ٳׇׂׂؙ׆ؙ׀ׇ׀ §ƇȬǛƫ٪½ȯƇǾȷǛɅؙ٪ǛǾƤǳɍƫǛǾǍ٪¯ƲƤȉǾƫ ¯ɅȯƲƲɅ٪§ƲƤȉǾȷɅȯɍƤɅǛȉǾ٪ƇǾƫ ٳׂؙׅ׀׀ׁׂؙׅ 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ƤȉǼȬǳƲɅƲƫ٪ǛǾ٪׀־׀׀ؘ ȬȯȉɥǛƫƲƫ٪ƇȬȬȯȉɫǛǼƇɅƲǳɬ٪ ֿֿֿ٪ƤȉǾȷɅȯɍƤɅǛȉǾ٪Ǭȉƣȷ٪ƇǾƫ٪ ׀׆٪ǾƲɦ٪ȬƲȯǼƇǾƲǾɅ٪Ǭȉƣȷؘ٪ ȬƲǾǛǾǍ٪ȉǌ٪ɅǕƲ٪ǾƲɦ٪ ǕȉɅƲǳ٪ƇǾƫ٪ȯƲȷɅƇɍȯƇǾɅ٪ ȉƤƤɍȯȯƲƫ٪ǛǾ٪׀־׀־ؘ ׀ׂ -âOUU½ ½O-٪-§gtv٪ §ãg٪vOUj½v٪tã٪ ٪٪٪٪٪½ǕƲ٪ƲȯǯǼƇǾ٪ §%Ýã٪٪٪٪٪½ǕƲ٪OǛǳɅȉǾ٪§ȉƤǕƲȷɅƲȯ٪ ȬƇȯɅǼƲǾɅȷ٪حǌȉȯǼƲȯǳɬ٪ ٪tƇɬȉ٪ǳǛǾǛƤ٪ȯƲƇ٪ ǯǾȉɦǾ٪Ƈȷ٪ɅǕƲ٪نǳƇɅɍȷ٪ ٪٪٪٪٪½ǕƲ٪ȯɬǯ٪ȉǾ٪حǌȉȯǼƲȯǳɬ٪ǯǾȉɦǾ٪Ƈȷ٪ɅǕƲ٪ ¤ȯȉǬƲƤɅهخ٪Ǜȷ٪ǳȉƤƇɅƲƫ٪ ȯȉƇƫɦƇɬ٪Ǜȷ٪ǳȉƤƇɅƲƫ٪ƇɅ٪نȯȉƇƫɦƇɬ٪ƇɅ٪ƲǾɅƲȯه ȉǾ٪׀Ǿƫ٪¯ɅȯƲƲɅ٪¯Ý٪ǛǾ٪ɅǕƲ٪ ׂ־ֿ٪ȯȉƇƫɦƇɬ٪ɥƲ٪vؘ٪UɅ٪ȬȯȉǬƲƤɅخ٪Ǜȷ٪ǳȉƤƇɅƲƫ٪ǛǾ٪ɅǕƲ٪ ن¯ƇǛǾɅ٪tƇȯɬȷه٪ȷɍƣƫǛȷɅȯǛƤɅ٪ Ǜȷ٪Ƈ٪ǼǛɫƲƫعɍȷƲؙ٪ن%ȉɦǾɅȉɦǾ٪ÝƇɅƲȯǌȯȉǾɅه٪ Ƈȷ٪ƫƲȷƤȯǛƣƲƫ٪ǛǾ٪ɅǕƲ٪ ǼǛɫƲƫعǛǾƤȉǼƲ٪ȷɍƣƫǛȷɅȯǛƤɅ٪Ƈȷ٪ƫƲȷƤȯǛƣƲƫ٪ %ƲɥƲǳȉȬǼƲǾɅ٪¤ǳƇǾؘ٪ ƇȬƇȯɅǼƲǾɅ٪ƣɍǛǳƫǛǾǍ٪ǛǾ٪ɅǕƲ٪%ƲɥƲǳȉȬǼƲǾɅ٪ ȬȬȯȉɥƲƫ٪ǛǾ٪׀־ֿؙׄ٪ɅǕǛȷ٪ ƤȉǾȷǛȷɅǛǾǍ٪ȉǌ٪ֿ׆־٪¤ǳƇǾؘ٪ȬȬȯȉɥƲƫ٪ǛǾ٪׀־ֿ׃ؙ٪ ǼǛɫƲƫع٪ɍȷƲ٪ȬȯȉǬƲƤɅ٪ ɦȉȯǯǌȉȯƤƲ٪ǕȉɍȷǛǾǍ٪ɅǕǛȷ٪ֿׁؙׅ־־־٪ȷȮɍƇȯƲ٪ǌȉȉɅ٪ ǛǾɥȉǳɥƲƫ٪ɅǕƲ٪ ƇȬƇȯɅǼƲǾɅȷؙ٪ȬȯȉɥǛƫǛǾǍ٪ǼǛɫƲƫعɍȷƲ٪ȬȯȉǬƲƤɅ ƤȉǾȷɅȯɍƤɅǛȉǾ٪ȉǌ٪ƇǾ٪ ȯƲǾɅ٪ƇɅ٪ɥƇȯɬǛǾǍ٪ǳƲɥƲǳȷؘ٪ǛǾƤǳɍƫƲȷ٪Ƈ٪׀ׂׄعȯȉȉǼ٪ ƇȬȬȯȉɫǛǼƇɅƲǳɬ ȉǾȷɅȯɍƤɅǛȉǾ٪ɦƇȷ٪ǕȉɅƲǳؙ٪ȯƲȷɅƇɍȯƇǾɅȷؙ٪ȯƲɅƇǛǳ٪ ׁ׃־ؙ־־־٪ȷȮɍƇȯƲ٪ǌȉȉɅؙ٪ ƤȉǼȬǳƲɅƲƫ٪ǛǾ٪׀־׀ׁؘȷȬƇƤƲؙ٪Ƈ٪ȷǯɬɦƇɬ٪ ɅǕǛȯɅƲƲǾعǳƲɥƲǳ٪ ƤȉǾǾƲƤɅǛȉǾؙ٪ƇǾƫ٪Ƈ٪ ƤȉǼǼƲȯƤǛƇǳ٪ƇǾƫ٪ ˚ɥƲعǳƲɥƲǳ٪ȬɍƣǳǛƤ٪ȬƇȯǯǛǾǍ٪ ȯƲȷǛƫƲǾɅǛƇǳ٪ƤȉǼȬǳƲɫؘ٪UɅ٪ ȯƇǼȬ٪ɦǛɅǕ٪׃ׂ־٪ȬɍƣǳǛƤ٪ ǛǾƤǳɍƫƲȷ٪ׁ׃־ ȷȬƇƤƲȷ٪ƇǾƫ٪ׇ־٪ȬȯǛɥƇɅƲ٪ ǼƇȯǯƲɅعȯƇɅƲ٪ȯƲǾɅƇǳ٪ɍǾǛɅȷؙ٪ ȷȬƇƤƲȷؘ٪½ǕƲ٪ȯƲȷɅƇɍȯƇǾɅȷ٪ ƤȯƲƇɅƲƫ٪ƇǾ٪ƲȷɅǛǼƇɅƲƫ٪ ƇǾƫ٪ǕȉɅƲǳ٪ȉȬƲǾƲƫ٪ ׀ׁ׃٪ƤȉǾȷɅȯɍƤɅǛȉǾ٪Ǭȉƣȷ٪ ǛǾ٪׀־ׇֿؘ ƇǾƫ٪ƲǛǍǕɅ٪ȬƲȯǼƇǾƲǾɅ Ǭȉƣȷؙ٪ƇǾƫ٪ǍƲǾƲȯƇɅƲƫ٪Ƈ٪ ɅȉɅƇǳ٪ȉǌ٪ٳֿֿ׃٪ǼǛǳǳǛȉǾ٪ǛǾ٪ ȬȯǛɥƇɅƲ٪ǛǾɥƲȷɅǼƲǾɅؘ٪½ǕƲ٪ ƲȯǯǼƇǾ٪ɦƇȷ٪ ƤȉǼȬǳƲɅƲƫ٪ǛǾ٪׀־׀־ؘ ׀׃ ׀ׄ v-٪%U¯Ü-§ã Ý-jj¯٪F§G ½O-٪tÜ-v ¯¦Ä§- §-vÜ½Uv٪ v٪§%Ýã ǾƲ٪%ǛȷƤȉɥƲȯɬ٪¯ȮɍƇȯƲ٪ ٪٪٪٪٪ ٪ حǌȉȯǼƲȯǳɬ٪ǯǾȉɦǾ٪Ƈȷ٪ ½ǕǛȷ٪ȬȯȉǬƲƤɅ٪Ǜȷ٪Ƈ٪ ٪٪٪٪٪½ǕƲ٪tƇɥƲǾ٪ȉǾ٪ %ǛȷƤȉɥƲȯɬ٪¯ȮɍƇȯƲ٪¤ǕƇȷƲ٪ ȯƲǾȉɥƇɅǛȉǾ٪ȉǌ٪Ƈ٪ׇ׀ؙ־־־ ȯȉƇƫɦƇɬ٪حǌȉȯǼƲȯǳɬ٪ ǾƲخ٪Ǜȷ٪ȉǾ٪FǛȯȷɅ٪ɥƲǾɍƲ٪ ȷȮɍƇȯƲ٪ǌȉȉɅ٪ƲɫǛȷɅǛǾǍ٪ ǯǾȉɦǾ٪Ƈȷ٪ÄȯƣƇǾ٪ȉǾ٪ ¯Ý٪ǛǾ٪ɅǕƲ٪ن%ǛȷƤȉɥƲȯɬ٪ ƣɍǛǳƫǛǾǍؙ٪ǳȉƤƇɅƲƫ٪ǛǾ٪ɅǕƲ٪ FǛȯȷɅخ٪Ǜȷ٪ǳȉƤƇɅƲƫ٪ȷȉɍɅǕ٪ȉǌ٪ ¯ȮɍƇȯƲه٪ȷɍƣƫǛȷɅȯǛƤɅ٪Ƈȷ٪ نOƲƇȯɅ٪ȉǌ٪ɅǕƲ٪ǛɅɬه٪ ׂɅǕ٪¯ɅȯƲƲɅ٪¯Ý٪ƣƲɅɦƲƲǾ٪ ƫƲȷƤȯǛƣƲƫ٪ǛǾ٪ɅǕƲ٪ ȷɍƣƫǛȷɅȯǛƤɅ٪Ƈȷ٪ƫƲȷƤȯǛƣƲƫ٪ ֿ٪ȷɅ٪ɥƲǾɍƲ٪¯Ý٪ƇǾƫ٪ %ƲɥƲǳȉȬǼƲǾɅ٪¤ǳƇǾؘ٪ ǛǾ ȯȉƇƫɦƇɬ٪ɥƲǾɍƲ٪ƇǾƫ٪ ȬȬȯȉɥƲƫ٪ǛǾ٪׀־ֿؙׅ٪ɅǕǛȷ٪ 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Ϯ͘ϭ͘ŽŶƚƌĂĐƚǁĂƌĚ͘ dŚĞ^ƚĂƚĞǁŝůůĂĚǀĞƌƚŝƐĞĨŽƌďŝĚƐĂŶĚĂǁĂƌĚĂĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶƚƌĂĐƚƚŽƚŚĞůŽǁĞƐƚ ƌĞƐƉŽŶƐŝďůĞďŝĚĚĞƌĂĐĐŽƌĚŝŶŐƚŽƚŚĞWƌŽũĞĐƚWůĂŶƐ͘ Ϯ͘Ϯ͘ŝƌĞĐƚŝŽŶ͕^ƵƉĞƌǀŝƐŝŽŶ͕ĂŶĚ/ŶƐƉĞĐƚŝŽŶŽĨŽŶƐƚƌƵĐƚŝŽŶ ͘^ƵƉĞƌǀŝƐŝŽŶĂŶĚ/ŶƐƉĞĐƚŝŽŶďǇƚŚĞ^ƚĂƚĞ͘ dŚĞ^ƚĂƚĞǁŝůůĚŝƌĞĐƚĂŶĚƐƵƉĞƌǀŝƐĞĂůůĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐ ƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶƚƌĂĐƚĂŶĚƉĞƌĨŽƌŵĂůůĐŽŶƐƚƌƵĐƚŝŽŶĞŶŐŝŶĞĞƌŝŶŐĂŶĚŝŶƐƉĞĐƚŝŽŶ ĨƵŶĐƚŝŽŶƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚĐŽŶƐƚƌƵĐƚŝŽŶ͘ůůĐŽŶƚƌĂĐƚĐŽŶƐƚƌƵĐƚŝŽŶǁŝůůďĞƉĞƌĨŽƌŵĞĚ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞWƌŽũĞĐƚWůĂŶƐ͘ ͘/ŶƐƉĞĐƚŝŽŶďǇƚŚĞŝƚǇ͘ dŚĞŝƚǇƉĂƌƚŝĐŝƉĂƚŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĐŽǀĞƌĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůďĞŽƉĞŶ ƚŽŝŶƐƉĞĐƚŝŽŶďǇƚŚĞŝƚǇ͘/ĨƚŚĞŝƚǇďĞůŝĞǀĞƐƚŚĞŝƚǇƉĂƌƚŝĐŝƉĂƚŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĐŽǀĞƌĞĚƵŶĚĞƌƚŚŝƐ ŐƌĞĞŵĞŶƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŽƌƚŚĂƚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŝƐĚĞĨĞĐƚŝǀĞ͕ƚŚĞŝƚǇǁŝůůŝŶĨŽƌŵ ƚŚĞ^ƚĂƚĞŝƐƚƌŝĐƚŶŐŝŶĞĞƌΖƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞŝŶǁƌŝƚŝŶŐŽĨƚŚŽƐĞĚĞĨĞĐƚƐ͘ŶǇ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŵĂĚĞďǇƚŚĞŝƚǇĂƌĞŶŽƚďŝŶĚŝŶŐŽŶƚŚĞ^ƚĂƚĞ͘dŚĞ^ƚĂƚĞǁŝůůŚĂǀĞƚŚĞĞǆĐůƵƐŝǀĞƌŝŐŚƚ ƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞ^ƚĂƚĞΖƐĐŽŶƚƌĂĐƚŽƌŚĂƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƉĞƌĨŽƌŵĞĚƚŚĞŝƚǇƉĂƌƚŝĐŝƉĂƚŝŽŶ ĐŽŶƐƚƌƵĐƚŝŽŶĐŽǀĞƌĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ Ϯ͘ϯ͘WůĂŶŚĂŶŐĞƐ͕ĚĚŝƚŝŽŶĂůŽŶƐƚƌƵĐƚŝŽŶ͕ƚĐ͘ ͘ dŚĞ^ƚĂƚĞǁŝůůŵĂŬĞĐŚĂŶŐĞƐŝŶƚŚĞWƌŽũĞĐƚWůĂŶƐĂŶĚĐŽŶƚƌĂĐƚĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁŚŝĐŚŵĂǇŝŶĐůƵĚĞƚŚĞŝƚǇ ƉĂƌƚŝĐŝƉĂƚŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĐŽǀĞƌĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚǁŝůůĞŶƚĞƌŝŶƚŽĂŶǇŶĞĐĞƐƐĂƌǇĂĚĚĞŶĚĂ ĂŶĚĐŚĂŶŐĞŽƌĚĞƌƐǁŝƚŚƚŚĞ^ƚĂƚĞΖƐĐŽŶƚƌĂĐƚŽƌƚŚĂƚĂƌĞŶĞĐĞƐƐĂƌǇƚŽĐĂƵƐĞƚŚĞĐŽŶƚƌĂĐƚĐŽŶƐƚƌƵĐƚŝŽŶƚŽ ďĞƉĞƌĨŽƌŵĞĚĂŶĚĐŽŵƉůĞƚĞĚŝŶĂƐĂƚŝƐĨĂĐƚŽƌǇŵĂŶŶĞƌ͘dŚĞ^ƚĂƚĞŝƐƚƌŝĐƚŶŐŝŶĞĞƌΖƐĂƵƚŚŽƌŝǌĞĚ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞǁŝůůŝŶĨŽƌŵƚŚĞĂƉƉƌŽƉƌŝĂƚĞŝƚǇŽĨĨŝĐŝĂůŽĨĂŶǇƉƌŽƉŽƐĞĚĂĚĚĞŶĚĂĂŶĚĐŚĂŶŐĞŽƌĚĞƌƐƚŽ ƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶƚƌĂĐƚƚŚĂƚǁŝůůĂĨĨĞĐƚƚŚĞŝƚǇƉĂƌƚŝĐŝƉĂƚŝŽŶĐŽŶƐƚƌƵĐƚŝŽŶĐŽǀĞƌĞĚƵŶĚĞƌƚŚŝƐ ŐƌĞĞŵĞŶƚ͘ ͘ dŚĞŝƚǇŵĂǇƌĞƋƵĞƐƚĂĚĚŝƚŝŽŶĂůǁŽƌŬŽƌĐŚĂŶŐĞƐƚŽƚŚĞǁŽƌŬŝŶƚŚĞƉůĂŶƐĂƐƉĂƌƚŽĨƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽŶƚƌĂĐƚ͘^ƵĐŚƌĞƋƵĞƐƚǁŝůůďĞŵĂĚĞďǇĂŶĞǆĐŚĂŶŐĞŽĨůĞƚƚĞƌ;ƐͿǁŝƚŚƚŚĞ^ƚĂƚĞ͘/ĨƚŚĞ^ƚĂƚĞĚĞƚĞƌŵŝŶĞƐ ƚŚĂƚƚŚĞƌĞƋƵĞƐƚĞĚĂĚĚŝƚŝŽŶĂůǁŽƌŬŽƌƉůĂŶĐŚĂŶŐĞƐĂƌĞŶĞĐĞƐƐĂƌǇŽƌĚĞƐŝƌĂďůĞĂŶĚĐĂŶďĞ ĂĐĐŽŵŵŽĚĂƚĞĚǁŝƚŚŽƵƚƵŶĚƵĞĚŝƐƌƵƉƚŝŽŶƚŽƚŚĞƉƌŽũĞĐƚ͕ƚŚĞ^ƚĂƚĞǁŝůůĐĂƵƐĞƚŚĞĂĚĚŝƚŝŽŶĂůǁŽƌŬŽƌ ƉůĂŶĐŚĂŶŐĞƐƚŽďĞŵĂĚĞ͘ Ϯ͘ϰ͘^ĂƚŝƐĨĂĐƚŽƌǇŽŵƉůĞƚŝŽŶŽĨŽŶƚƌĂĐƚ͘ 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dŚĞŝƚǇǁŝůůĨƵƌŶŝƐŚƚŚĞĐŽŶƚƌĂĐƚŽƌǁŝƚŚŶĞǁƵŶŝƚƐĂŶĚͬŽƌƉĂƌƚƐĨŽƌƚŚŽƐĞŝŶƉůĂĐĞŝƚǇͲŽǁŶĞĚĨĂĐŝůŝƚŝĞƐ ǁŚĞŶƌĞƉůĂĐĞŵĞŶƚƐĂƌĞƌĞƋƵŝƌĞĚĂŶĚŶŽƚĐŽǀĞƌĞĚďǇĂĐŽŶƚƌĂĐƚƉĂǇŝƚĞŵ͕ǁŝƚŚŽƵƚĐŽƐƚŽƌĞǆƉĞŶƐĞƚŽƚŚĞ ^ƚĂƚĞŽƌƚŚĞĐŽŶƚƌĂĐƚŽƌ͕ĞǆĐĞƉƚĨŽƌƌĞƉůĂĐĞŵĞŶƚŽĨƵŶŝƚƐĂŶĚͬŽƌƉĂƌƚƐďƌŽŬĞŶŽƌĚĂŵĂŐĞĚďǇƚŚĞ ĐŽŶƚƌĂĐƚŽƌ͘ ϯ͘DĂŝŶƚĞŶĂŶĐĞďǇƚŚĞŝƚǇ hƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ͕ƚŚĞŝƚǇǁŝůůƉƌŽǀŝĚĞƚŚĞĨŽůůŽǁŝŶŐǁŝƚŚŽƵƚĐŽƐƚŽƌĞǆƉĞŶƐĞƚŽƚŚĞ^ƚĂƚĞ͗ ϯ͘ϭ͘DƵŶŝĐŝƉĂůhƚŝůŝƚŝĞƐ͘ DĂŝŶƚĞŶĂŶĐĞŽĨĂŶǇŵƵŶŝĐŝƉĂůͲŽǁŶĞĚƵƚŝůŝƚŝĞƐĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁŝƚŚŽƵƚĐŽƐƚŽƌĞǆƉĞŶƐĞƚŽ ƚŚĞ^ƚĂƚĞ͘ ϯ͘Ϯ͘^ŝĚĞǁĂůŬƐ͘ DĂŝŶƚĞŶĂŶĐĞŽĨĂŶǇƐŝĚĞǁĂůŬĐŽŶƐƚƌƵĐƚŝŽŶ͕ŝŶĐůƵĚŝŶŐƐƚĂŵƉĞĚĂŶĚĐŽůŽƌĞĚĐŽŶĐƌĞƚĞƐŝĚĞǁĂůŬ;ŝĨ ĂŶǇͿĂŶĚƉĞĚĞƐƚƌŝĂŶƌĂŵƉƐ͘DĂŝŶƚĞŶĂŶĐĞŝŶĐůƵĚĞƐ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͕ƐŶŽǁ͕ŝĐĞ͕ĂŶĚĚĞďƌŝƐƌĞŵŽǀĂů͕ ƉĂƚĐŚŝŶŐ͕ĐƌĂĐŬƌĞƉĂŝƌ͕ƉĂŶĞůƌĞƉůĂĐĞŵĞŶƚ͕ĐƌŽƐƐƐƚƌĞĞƚƉĞĚĞƐƚƌŝĂŶĐƌŽƐƐǁĂůŬŵĂƌŬŝŶŐƐ͕ǀĞŐĞƚĂƚŝŽŶĐŽŶƚƌŽů ŽĨďŽƵůĞǀĂƌĚƐ;ŝĨĂŶǇͿĂŶĚĂŶǇŽƚŚĞƌŵĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐŶĞĐĞƐƐĂƌǇƚŽƉĞƌƉĞƚƵĂƚĞƚŚĞƐŝĚĞǁĂůŬƐŝŶĂ ƐĂĨĞ͕ƵƐĞĂďůĞ͕ĂŶĚĂĞƐƚŚĞƚŝĐĂůůǇĂĐĐĞƉƚĂďůĞĐŽŶĚŝƚŝŽŶ͘ ϯ͘ϯ͘>ĂŶĚƐĐĂƉŝŶŐ/ƌƌŝŐĂƚŝŽŶ^ǇƐƚĞŵ ͘KǁŶĞƌƐŚŝƉĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞůĂŶĚƐĐĂƉŝŶŐŝƌƌŝŐĂƚŝŽŶƐǇƐƚĞŵŝŶƚŚĞ 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