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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 & 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ĚĞƚĞƌŵŝŶĞŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇĚĞƐŝŐŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĨŽƌƚŚĞWƌŽũĞĐƚ͘ /dzƌĞĐŽŐŶŝǌĞƐƚŚĂƚE'/EZƉƌŽǀŝĚĞĚƐĞƌǀŝĐĞƐƚŽƚŚĞKǁŶĞƌƵŶĚĞƌĂŝƚǇͲKǁŶĞƌĐŽŶƚƌĂĐƚĂƵƚŚŽƌŝǌŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ ( ŽĨƚŚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĨŽƌǁŚŝĐŚĐŽŶƐƚƌƵĐƚŝŽŶŝŶƐƉĞĐƚŝŽŶĂŶĚŽďƐĞƌǀĂƚŝŽŶƐĞƌǀŝĐĞƐĂƌĞďĞŝŶŐƌĞƋƵĞƐƚĞĚ͘/dzǁĂŝǀĞƐĂŶǇ ĂŶĚĂůůĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚƌŝŐŚƚƐĂŐĂŝŶƐƚE'/EZƌĞůĂƚŝǀĞƚŽƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͘ 'KsZE/E'>t͕:hZ/^/d/KE͕EsEh $57,&/( dŚŝƐŽŶƚƌĂĐƚƐŚĂůůďĞŐŽǀĞƌŶĞĚďǇĂŶĚĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͘sĞŶƵĞĨŽƌĂůůůĞŐĂů $ ƉƌŽĐĞĞĚŝŶŐƐĂƌŝƐŝŶŐŽƵƚŽĨƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞŝŶƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶ KůŵƐƚĞĚŽƵŶƚǇĂŶĚDŝŶŶĞƐŽƚĂƌĞƐƉĞĐƚŝǀĞůǇ͘ dZD^K&'EZ>KE/d/KE^ $57,&/( ŶǇĂŶĚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨŽƌĐĞƵŶůĞƐƐƚŚĞǇĂƌĞƐƉĞĐŝĨŝĐĂůůǇĂŶĚĚĞůŝďĞƌĂƚĞůǇ $ ĐĂŶĐĞůĞĚŽƌŵŽĚŝĨŝĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŽƚŚĞĞǆƚĞŶƚŽĨĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞƐĞ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͕ƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ % ǁŝůůĐŽŶƚƌŽů͘DŝŶŶĞƐŽƚĂ>ĂǁƐƵƉĞƌƐĞĚĞƐĂŶǇŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽƌ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͘ dZD^K&WzDEd $57,&/( ^ƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĂďůĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƐƵƉƉůŝĞĚďǇ $ E'/EZƉƵƌƐƵĂŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞƉĂŝĚďǇ/dz͘ŽŵƉĞŶƐĂƚŝŽŶǁŝůůďĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ Zd/>ϯ͕͞ŽŶƐŝĚĞƌĂƚŝŽŶŽĨWĂǇŵĞŶƚ͘͟ /ĨŝƚĂƉƉĞĂƌƐĂƚĂŶǇƚŝŵĞƚŚĂƚE'/EZǁŝůůĞǆĐĞĞĚƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚƐƚĂƚĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ % ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŶŽƚŝĨǇ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶǁƌŝƚŝŶŐŝŶĂƚŝŵĞůǇŵĂŶŶĞƌ͘E'/EZŵĂǇŶŽƚďĞ ĐŽŵƉĞŶƐĂƚĞĚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶĞǆĐĞƐƐŽĨƚŚĞdŽƚĂůŽŶƚƌĂĐƚŵŽƵŶƚǁŝƚŚŽƵƚĂǁƌŝƚƚĞŶ͕ĂŶĚĨƵůůǇĞǆĞĐƵƚĞĚ͕ ĂŵĞŶĚŵĞŶƚƚŽƚŚĞŽŶƚƌĂĐƚ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚďĞǇŽŶĚƚŚĂƚŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚǁŝƚŚŽƵƚĂƉƌŝŽƌǁƌŝƚƚĞŶ ĂŵĞŶĚŵĞŶƚƐŝŐŶĞĚďǇ/dzŵĂǇďĞĚĞĞŵĞĚǀŽůƵŶƚĂƌǇĂŶĚE'/EZŵĂǇŶŽƚďĞĞŶƚŝƚůĞĚƚŽĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƚŚĞĞǆƚƌĂ ǁŽƌŬ͘ /ĨE'/EZĐůĂŝŵƐĂŶǇŝŶƐƚƌƵĐƚŝŽŶƐ͕ůĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐ͕ŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĞǆŝƐƚƚŚĂƚƌĞƋƵŝƌĞĞǆƚƌĂĐŽƐƚƵŶĚĞƌƚŚŝƐ & ŽŶƚƌĂĐƚ͕E'/EZŵƵƐƚŵĂŬĞĐůĂŝŵĨŽƌĂŶǇĞǆƚƌĂĐŽƐƚŝŶĐƵƌƌĞĚŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϮϬĂůĞŶĚĂƌĚĂǇƐĂĨƚĞƌƐƵĐŚŝŶƐƚƌƵĐƚŝŽŶ ŽƌŽďƐĞƌǀĂŶĐĞŽĨĐŽŶĚŝƚŝŽŶƐ͘>ĂƚĞŶƚĐŽŶĚŝƚŝŽŶƐĂƌĞĐŽŶĚŝƚŝŽŶƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚďǇƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇĐůĂŝŵŵĂĚĞĂĨƚĞƌƚŚŝƐƚŝŵĞŵĂǇďĞƌĞĨƵƐĞĚĂŶĚŶŽĐůĂŝŵǁŝůůďĞǀĂůŝĚƵŶůĞƐƐƐŽŵĂĚĞ͘ŶǇǁŽƌŬƉĞƌĨŽƌŵĞĚƵŶĚĞƌĂŶ ĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐŶŽƚďĞĞŶƉƌŽƉĞƌůǇĂƉƉƌŽǀĞĚĂŶĚĞǆĞĐƵƚĞĚďǇƚŚĞƉĂƌƚŝĞƐǁŝůůďĞƉĞƌĨŽƌŵĞĚĂƚ E'/EZΖƐŽǁŶƌŝƐŬ͘ ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐĂĐƚƵĂůůǇĂŶĚŶĞĐĞƐƐĂƌŝůǇŝŶĐƵƌƌĞĚďǇE'/EZĂƐĂƌĞƐƵůƚŽĨ ' ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚŶŽƚĞǆĐĞĞĚƚŚĞĂŵŽƵŶƚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘E'/EZŵĂǇďĞ ƌĞŝŵďƵƌƐĞĚĨŽƌƚƌĂǀĞůĂŶĚƐƵďƐŝƐƚĞŶĐĞĞǆƉĞŶƐĞƐŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂŶĚŝŶŶŽŐƌĞĂƚĞƌĂŵŽƵŶƚƚŚĂŶƉƌŽǀŝĚĞĚŝŶƚŚĞ ĐƵƌƌĞŶƚΗDŶͬKddƌĂǀĞůZĞŐƵůĂƚŝŽŶƐΗ͕ĂŶĚŝĚĞŶƚŝĨŝĞĚŝŶ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͕ƌƚŝĐůĞϯ͘ WZKhZ&KZWzDEd $57,&/( WĂǇŵĞŶƚƐǁŝůůďĞŵĂĚĞďǇ/dzǁŝƚŚŝŶϯϬĚĂǇƐŽĨE'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŝŶǀŽŝĐĞƐĂŶĚƉƌŽŐƌĞƐƐ $ ƌĞƉŽƌƚƐĨŽƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘/dzƐŚĂůůŶŽƚŝĨǇE'/EZŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶϯϬĚĂǇƐŽĨ E'/EZ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶŽĨŝŶǀŽŝĐĞƐŝĨƚŚĞǇďĞůŝĞǀĞƚŚĞƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐǁĞƌĞŶŽƚƉƌŽƉĞƌůǇƉƌĞƉĂƌĞĚŽƌƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞ ŶŽƚƉƌŽƉĞƌůǇƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽŶƚƌĂĐƚ͘ /ŶǀŽŝĐĞƐĨŽƌƉĂǇŵĞŶƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚďǇE'/EZŵŽŶƚŚůǇƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŝŶƚŚĞĨŽƌŵƉƌĞƐĐƌŝďĞĚďǇ % /dz͘/ŶǀŽŝĐĞƐƐŚŽƵůĚŝĚĞŶƚŝĨǇƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞĐŽƐƚĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚĂŶĚĚĞůŝǀĞƌĞĚĨŽƌƚŚĞďŝůůŝŶŐƉĞƌŝŽĚĂŶĚ ŵƵƐƚƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐůŝƐƚĞĚďĞůŽǁ͗ ϭ͘ĂĐŚŝŶǀŽŝĐĞŵƵƐƚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͗/dzĐŽŶƚƌĂĐƚŝŶǀŽŝĐĞŶƵŵďĞƌ;ƐĞƋƵĞŶƚŝĂůůǇŶƵŵďĞƌĞĚͿ͕ďŝůůŝŶŐ ĂĚĚƌĞƐƐŝĨĚŝĨĨĞƌĞŶƚĨƌŽŵďƵƐŝŶĞƐƐĂĚĚƌĞƐƐ͕ĂŶĚE'/EZΖƐŽƌŝŐŝŶĂůƐŝŐŶĂƚƵƌĞĂƚƚĞƐƚŝŶŐƚŚĂƚƚŚĞŝŶǀŽŝĐĞĚƐĞƌǀŝĐĞƐĂŶĚ ĐŽƐƚƐĂƌĞŶĞǁĂŶĚƚŚĂƚŶŽƉƌĞǀŝŽƵƐĐŚĂƌŐĞĨŽƌƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐŚĂƐďĞĞŶŝŶĐůƵĚĞĚŝŶĂŶǇƉƌŝŽƌŝŶǀŽŝĐĞ͘ Ϯ͘dŚĞŽƌŝŐŝŶĂůŽĨĞĂĐŚŝŶǀŽŝĐĞĂŶĚƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚƉĂǇŵĞŶƚ͘ ϯ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ĂŶĚĚĞĨŝŶĞĚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ ŽŶƚƌĂĐƚ͕ŵƵƐƚďĞŝƚĞŵŝǌĞĚĂŶĚƐƵƉƉŽƌƚĞĚǁŝƚŚŝŶǀŽŝĐĞƐŽƌďŝůůŝŶŐĚŽĐƵŵĞŶƚƐƚŽƐŚŽǁƚŚĂƚƐƵĐŚĐŽƐƚƐĂƌĞƉƌŽƉĞƌůǇ ĂůůŽĐĂďůĞƚŽƚŚĞǁŽƌŬ͘ŝƌĞĐƚŶŽŶͲƐĂůĂƌǇĐŽƐƚƐĂƌĞĂŶǇĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚƚŚĞƐĂůĂƌŝĞĚĐŽƐƚƐĚŝƌĞĐƚůǇƌĞůĂƚĞĚƚŽƚŚĞǁŽƌŬ ŽĨƚŚĞE'/EZ͘^ƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶŵƵƐƚďĞƉƌŽǀŝĚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚĐŽƌƌĞƐƉŽŶĚƐƚŽĞĂĐŚĚŝƌĞĐƚĐŽƐƚ͘ ϰ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞ͕ƵƉŽŶƌĞƋƵĞƐƚŽĨƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͗ ŝƌĞĐƚƐĂůĂƌǇĐŽƐƚƐŽĨĞŵƉůŽǇĞĞƐΖƚŝŵĞĚŝƌĞĐƚůǇĐŚĂƌŐĞĂďůĞĨŽƌƚŚĞƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ D dŚŝƐŵƵƐƚŝŶĐůƵĚĞĂƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶŝĚĞŶƚŝĨǇŝŶŐƚŚĞŶĂŵĞŽĨƚŚĞĞŵƉůŽǇĞĞ͕ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͕ĂĐƚƵĂůƌĂƚĞŽĨƉĂǇ͕ ŚŽƵƌƐǁŽƌŬĞĚ͕ĂŶĚƚŽƚĂůƉĂǇŵĞŶƚĨŽƌĞĂĐŚŝŶǀŽŝĐĞƉĞƌŝŽĚ͖ĂŶĚ ^ŝŐŶĞĚƚŝŵĞƐŚĞĞƚƐŽƌƉĂǇƌŽůůĐŽƐƚďƌĞĂŬĚŽǁŶĨŽƌĞĂĐŚĞŵƉůŽǇĞĞůŝƐƚŝŶŐĚĂƚĞƐĂŶĚŚŽƵƌƐǁŽƌŬĞĚ͘ŽŵƉƵƚĞƌ E ŐĞŶĞƌĂƚĞĚƉƌŝŶƚŽƵƚƐŽĨůĂďŽƌĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚŵƵƐƚĐŽŶƚĂŝŶƚŚĞƉƌŽũĞĐƚŶƵŵďĞƌ͕ĞĂĐŚĞŵƉůŽǇĞĞΖƐŶĂŵĞ͕ŚŽƵƌůǇ ƌĂƚĞ͕ƌĞŐƵůĂƌĂŶĚŽǀĞƌƚŝŵĞŚŽƵƌƐ͕ĂŶĚƚŚĞĚŽůůĂƌĂŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞƉƌŽũĞĐƚĨŽƌĞĂĐŚƉĂǇƉĞƌŝŽĚ͘ ϱ͘E'/EZŵƵƐƚƉƌŽǀŝĚĞĂĐŽƉǇŽĨƚŚĞŝŶǀŽŝĐĞƚŚĞǇĨŽƌǁĂƌĚĞĚƚŽƚŚĞĐŝƚǇƚŽƚŚĞĚĞǀĞůŽƉĞƌĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐ͘ dŚŝƐĚŽĐƵŵĞŶƚƐŚŽƵůĚďĞĐůĞĂƌĞĚƐƚĂƚĞĚƚŚĂƚŝƚ͛ƐĨŽƌŝŶĨŽƌŵĂƚŝŽŶĂůƉƵƌƉŽƐĞƐŽŶůǇ͘ /ĨE'/EZŝƐĂƵƚŚŽƌŝǌĞĚďǇ/dzƚŽƵƐĞŽƌƵƐĞƐĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚƐ͕E'/EZŵƵƐƚŝŶĐůƵĚĞĂůůƚŚĞĂďŽǀĞƐƵƉƉŽƌƚŝŶŐ & ĚŽĐƵŵĞŶƚĂƚŝŽŶŝŶĂŶǇƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŽŶƚƌĂĐƚ͕ĂŶĚE'/EZŵƵƐƚĐŽŵƉůǇǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶϭϲ͘ϭϮϰϱ͕ ƌĞƋƵŝƌŝŶŐƚŝŵĞůǇƉĂǇŵĞŶƚďǇE'/EZŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͛Ɛ͕ƉĞŶĂůƚŝĞƐĨŽƌůĂƚĞƉĂǇŵĞŶƚƐ͕ĂŶĚĚĞĨŝŶŝŶŐĐŽƐƚƐƚŚĞƐƵď ĐŽŶƐƵůƚĂŶƚŵƵƐƚďĞĂǁĂƌĚĞĚŝĨƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƉƌĞǀĂŝůƐŝŶĂůĂǁƐƵŝƚ͘ E'/EZŵƵƐƚƌĞƋƵŝƌĞƐƵďĐŽŶƐƵůƚĂŶƚ͛ƐŝŶǀŽŝĐĞƐƚŽĨŽůůŽǁƚŚĞƐĂŵĞĨŽƌŵĂŶĚĐŽŶƚĂŝŶƚŚĞƐĂŵĞŝŶĨŽƌŵĂƚŝŽŶĂƐƐĞƚ ' ĨŽƌƚŚĂďŽǀĞ͘ KE/d/KE^K&WzDEd $57,&/( &ŽƌĂůůƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞŶŐŝŶĞĞƌƐŚĂůůŵĂŝŶƚĂŝŶŝƚƐĞƚŚŝĐĂůĂŶĚ $ ůĞŐĂůĚƵƚǇŽĨĂƉƌŽĨĞƐƐŝŽŶĂůƚŽĞǆĞƌĐŝƐĞƚŚĞůĞǀĞůŽĨĐĂƌĞ͕ĚŝůŝŐĞŶĐĞ͕ĂŶĚƐŬŝůůƉƌĞƐĐƌŝďĞĚŝŶƚŚĞĐŽĚĞŽĨƉƌĂĐƚŝĐĞŽĨŚŝƐŽƌŚĞƌ ƉƌŽĨĞƐƐŝŽŶ͕ŽƌĂƐŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞƐĂŵĞĚŝƐĐŝƉůŝŶĞǁŽƵůĚŝŶƚŚĞƐĂŵĞŽƌƐŝŵŝůĂƌĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞE'/EZ ƐŚĂůůĐŽŵƉůǇǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗ ϭ͘ůůĐƵƌƌĞŶƚĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĂŶĚůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐ͘ Ϯ͘ůůĐƵƌƌĞŶƚƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͕ƉŽůŝĐŝĞƐ͕ĂŶĚƉƌĂĐƚŝĐĞƐƌĞƋƵŝƌĞĚďǇĂƉƉůŝĐĂďůĞůĂǁƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐ͘ E'/EZǁŝůůŶŽƚƌĞĐĞŝǀĞƉĂǇŵĞŶƚĨŽƌǁŽƌŬƉĞƌĨŽƌŵĞĚŝŶǀŝŽůĂƚŝŽŶŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ŽƌůŽĐĂůůĂǁƐ͕ŽƌĚŝŶĂŶĐĞƐ͕ƌƵůĞƐ͕Žƌ % ƌĞŐƵůĂƚŝŽŶƐ͘ ůůĚĞůŝǀĞƌĂďůĞƐĐŽǀĞƌĞĚďǇƉƌŽŐƌĞƐƐƉĂǇŵĞŶƚƐŵĂĚĞďǇ/dzǁŝůůďĞĐŽŵĞƚŚĞƐŽůĞƉƌŽƉĞƌƚǇŽĨ/dz͘dŚŝƐƉƌŽǀŝƐŝŽŶŵƵƐƚ & ŶŽƚďĞĐŽŶƐƚƌƵĞĚĂƐƌĞůŝĞǀŝŶŐE'/EZĨƌŽŵƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐƵƉŽŶǁŚŝĐŚƉĂǇŵĞŶƚƐŚĂǀĞ ďĞĞŶŵĂĚĞŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨĂŶǇĚĂŵĂŐĞĚǁŽƌŬŽƌĂƐǁĂŝǀŝŶŐƚŚĞƌŝŐŚƚŽĨ/dzƚŽƌĞƋƵŝƌĞƚŚĞĨƵůĨŝůůŵĞŶƚŽĨĂůůŽĨƚŚĞ ƚĞƌŵƐŽĨƚŚŝƐŽŶƚƌĂĐƚ͘/ĨƚŚĞ/dzƵƐĞƐƚŚĞE'/EZ͛ƐĚĞůŝǀĞƌĂďůĞƐŝŶĂŵĂŶŶĞƌďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐĐŽŶƚƌĂĐƚ͕ŝƚ ƐŚĂůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚŝƐƌĞƵƐĞ͘dŚĞ/dzŐƌĂŶƚƐE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞ ĞǆƚĞŶƚŽĨƚŚĞ/dz͛ƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞE'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘ EŽƚŚŝŶŐŝŶƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĐŽŶƐƚƌƵĞĚŝŶĂŶǇǁĂǇƚŽƌĞůŝĞǀĞE'/EZĨƌŽŵŝƚƐŽďůŝŐĂƚŝŽŶƚŽĐŽŵƉůĞƚĞƚŚĞƐĞƌǀŝĐĞƐ ' ĂŶĚͬŽƌĚĞůŝǀĞƌĂďůĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĨŽƌĂƐƵŵŶŽƚƚŽĞǆĐĞĞĚƚŚĂƚŝƐƐĞƚĨŽƌƚŚŝŶƚŚĞ^ƉĞĐŝĂůŽŶĚŝƚŝŽŶƐ͘ E'/EZŝƐŶŽƚĂƵƚŚŽƌŝǌĞĚƚŽĚŝƌĞĐƚƚŚĞǁŽƌŬŽĨŽŶƚƌĂĐƚŽƌ͕ƵŶůĞƐƐŝƚǇŝƐŐŝǀĞŶƐƵĐŚĂƵƚŚŽƌŝƚǇ͕ŝŶǁƌŝƚŝŶŐ͕ďǇKǁŶĞƌ͘ ( E'/EZĐŽŵŵƵŶŝĐĂƚŝŽŶƐŚĂůůďĞĚŝƌĞĐƚůǇǁŝƚŚKǁŶĞƌ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞ;ŽŶƐƚƌƵĐƚŝŽŶĨŽƌĞŵĞŶŽƌƐƵƉĞƌŝŶƚĞŶĚĞŶƚŽƌ ŽƚŚĞƌŵĞŵďĞƌŝĚĞŶƚŝĨŝĞĚĂƐWƌŽũĞĐƚDĂŶĂŐĞƌͿ͕ĂŶĚƚŽŝƚǇŶŐŝŶĞĞƌŽƌŚŝƐĚĞƐŝŐŶĞĞ͘ ^^/'EDEd $57,&/(ŝƐ ŽŶƚƌĂĐƚ͘ ĐŽƉǇŽĨĂŶǇĂŶĚĂůůƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚƐŵƵƐƚďĞƐĞŶƚƚŽƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚŐĞŶƚĂĨƚĞƌĞǆĞĐƵƚŝŽŶŽĨƚŚĞƐƵď % ĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚĂŶĚƉƌŝŽƌƚŽǁŽƌŬƐƚĂƌƚŝŶŐƵŶĚĞƌƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚĐŽŶƚƌĂĐƚ͘ DEDEd^͕,E'KZZ^͕DZ'Z͕KhEdZWZd^͕Et/sZ $57,&/( ŵĞŶĚŵĞŶƚƐƚŽƚŚŝƐŽŶƚƌĂĐƚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚŽŶůǇĨŽƌƵŶĨŽƌĞƐĞĞŶǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞĞǆĐůƵĚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨ $ tŽƌŬ͕ĞŶƚŝƚůĞĚ͞ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͕͟ĂŶĚƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚĞƐƐĞŶƚŝĂůƚŽƚŚĞǁŽƌŬ͘ŶǇǁƌŝƚƚĞŶĐůĂŝŵŵĂĚĞďǇ E'/EZĨŽƌĞǆƚƌĂǁŽƌŬŽƌĐŽƐƚƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďǇƚŚĞ/dzΖƐƵƚŚŽƌŝǌĞĚŐĞŶƚŵƵƐƚďĞ ĞǀŝĚĞŶĐĞĚďǇĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚŝƐŽŶƚƌĂĐƚ͘ŵĞŶĚŵĞŶƚƐŵƵƐƚďĞŝŶǁƌŝƚŝŶŐĂŶĚĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚďǇƚŚĞƐĂŵĞ ƉĂƌƚŝĞƐĂŶĚŽĨĨŝĐŝĂůƐǁŚŽĞǆĞĐƵƚĞĚĂŶĚĂƉƉƌŽǀĞĚƚŚĞŽƌŝŐŝŶĂůŽŶƚƌĂĐƚ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌƐŝŶŽĨĨŝĐĞ͘E'/EZŵƵƐƚŶŽƚŝĨǇ /dz͛ƐWƌŽũĞĐƚDĂŶĂŐĞƌŝŶǁƌŝƚŝŶŐŝĨE'/EZǁŝůůďĞĚĞůĂǇĞĚŝŶĂŶǇǁĂǇĨƌŽŵĐŽŵƉůĞƚŝŶŐƚŚĞƉƌŽũĞĐƚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞǁŽƌŬƚŽďĞĚŽŶĞŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĐŚĂŶŐĞĚĂƚƚŚĞƌĞƋƵĞƐƚŽĨ/dz͕ǁŝƚŚƚŚĞŵƵƚƵĂůĐŽŶĐƵƌƌĞŶĐĞ % ŽĨE'/EZ͘ŶǇĐŚĂŶŐĞǁŝůůďĞĐůĞĂƌůǇĂŶĚĨƵůůǇĚĞĨŝŶĞĚŝŶǁƌŝƚŝŶŐ͕ĂŶĚĂƉƉƌŽǀĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘ŚĂŶŐĞŽƌĚĞƌƐŵƵƐƚ ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďĂƐŝĐƉƵƌƉŽƐĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚǁŝƚŚŝŶƚŚĞŐĞŶĞƌĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ƉĞĐŝĂů ŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚĐŽŶƐƚŝƚƵƚĞƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘EŽǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌĐŚĂŶŐĞŽĨƚĞƌŵƐ & ŽĨƚŚŝƐŽŶƚƌĂĐƚƐŚĂůůďŝŶĚĞŝƚŚĞƌƉĂƌƚǇƵŶůĞƐƐŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďǇďŽƚŚƉĂƌƚŝĞƐ͘^ƵĐŚǁĂŝǀĞƌ͕ĐŽŶƐĞŶƚ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌ ĐŚĂŶŐĞ͕ŝĨŵĂĚĞ͕ƐŚĂůůďĞĞĨĨĞĐƚŝǀĞŽŶůǇŝŶƚŚĞƐƉĞĐŝĨŝĐŝŶƐƚĂŶĐĞĂŶĚĨŽƌƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞŐŝǀĞŶ͘dŚĞƌĞĂƌĞŶŽ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ĂŐƌĞĞŵĞŶƚƐŽƌƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚƐƉĞĐŝĨŝĞĚŚĞƌĞŝŶƌĞŐĂƌĚŝŶŐƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͕ ďǇƚŚĞƐŝŐŶĂƚƵƌĞďĞůŽǁŽĨŝƚƐĂƵƚŚŽƌŝǌĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ŚĞƌĞďǇĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞE'/EZŚĂƐƌĞĂĚƚŚŝƐŽŶƚƌĂĐƚ͕ ƵŶĚĞƌƐƚĂŶĚƐŝƚĂŶĚĂŐƌĞĞƐƚŽďĞďŽƵŶĚďǇŝƚƐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘ dŚŝƐŽŶƚƌĂĐƚŵĂǇďĞĞǆĞĐƵƚĞĚŝŶŽŶĞŽƌŵŽƌĞĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞĂŶŽƌŝŐŝŶĂů͕ďƵƚĂůůŽĨ ' ǁŚŝĐŚƚŽŐĞƚŚĞƌƐŚĂůůĐŽŶƐƚŝƚƵƚĞƚŚĞƐĂŵĞŽŶƚƌĂĐƚ͘ KDW>/Et/d,>/E^^͕WZD/d^͕EKd,ZZ'h>d/KE^ $57,&/( E'/EZƐŚĂůůƉƌŽĐƵƌĞĂůůůŝĐĞŶƐĞƐ͕ĐĞƌƚŝĨŝĐĂƚŝŽŶƐ͕ĞĚƵĐĂƚŝŽŶ͕ƉĞƌŵŝƚƐ͕ŽƌŽƚŚĞƌƌŝŐŚƚƐŶĞĐĞƐƐĂƌǇƚŽĨƵůĨŝůůŝƚƐŽďůŝŐĂƚŝŽŶƐ $ ƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁƐ͘ dWZd/^E/Ed>>dh>WZKWZdz $57,&/( dŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϭϯ͕ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ŐĂƚŚĞƌĞĚ͕ $ ŐĞŶĞƌĂƚĞĚ͕ŽƌĂĐƋƵŝƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐŽŶƚƌĂĐƚ͘ ŶǇƌĞƉŽƌƚƐ͕ƐƚƵĚŝĞƐ͕ƉŚŽƚŽŐƌĂƉŚƐ͕ŶĞŐĂƚŝǀĞƐ͕ŽƌŽƚŚĞƌĚŽĐƵŵĞŶƚƐĐƌĞĂƚĞĚĂŶĚƉĂŝĚĨŽƌďǇE'/EZŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ % ŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂƌĞŝŶƐƚƌƵŵĞŶƚƐŽĨƐĞƌǀŝĐĞŝŶƌĞƐƉĞĐƚƚŽE'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĂƌĞƚŚĞĞǆĐůƵƐŝǀĞ ƉƌŽƉĞƌƚǇŽĨ/dz͘E'/EZŵƵƐƚƌĞŵŝƚĂůůƐƵĐŚŵĂƚĞƌŝĂůƐƚŽ/dzƵƉŽŶĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘dŚĞ /dzǁŝůůŝŶĚĞŵŶŝĨǇE'/EZĨŽƌĐůĂŝŵƐƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇƌĞƵƐĞŽĨƐƵĐŚŵĂƚĞƌŝĂůƐďĞǇŽŶĚƚŚĞƐĐŽƉĞŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ dŚĞŝƚǇƐŚĂůůŐƌĂŶƚƚŚĞE'/EZĂŶŽŶͲĞǆĐůƵƐŝǀĞůŝĐĞŶƐĞ͕ƚŽƚŚĞĞǆƚĞŶƚŽĨƚŚĞ/dzΖƐƌŝŐŚƚƐŝŶƐƵĐŚĚĂƚĂ͕ƚŽƵƐĞƚŚĞ E'/EZĂƚĂĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͘E'/EZǁĂŝǀĞƐĂůůĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ/dzƌĞƐƵůƚŝŶŐŝŶĂŶǇǁĂǇĨƌŽŵĂŶǇƌĞƵƐĞŽĨ ƚŚĞE'/EZ͘ hŶůĞƐƐŽƚŚĞƌǁŝƐĞĚŝƌĞĐƚĞĚďǇ/dz͕ƚŚĞŽƌŝŐŝŶĂůƐŽĨƌĞƉŽƌƚƐ͕ƚĞƐƚƐ͕ĚƌĂǁŝŶŐƐĂŶĚƉůĂŶƐ͖ĂŶĚůĞŐŝďůǇƌĞƉƌŽĚƵĐŝďůĞĐŽƉŝĞƐŽĨ & ǁŽƌŬƐŚĞĞƚƐ͕ĨŝĞůĚŶŽƚĞƐ͕ĐŽŵƉƵƚĂƚŝŽŶƐ͕ƉŚŽƚŽƐ͕ƚĞƐƚƌĞƐƵůƚƐ͕ĂŶĚŽƚŚĞƌƉƌŽũĞĐƚĚĂƚĂŵƵƐƚďĞƌĞůŝŶƋƵŝƐŚĞĚƚŽ/dz͗ ϭ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĐŽŵƉůĞƚŝŽŶŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ Ϯ͘hƉŽŶǁƌŝƚƚĞŶŶŽƚŝĨŝĐĂƚŝŽŶďǇ/dz͘ ϯ͘WƌŝŽƌƚŽĨŝŶĂůƉĂǇŵĞŶƚďǇ/dzƚŽE'/EZĨŽƌƚŚŝƐŽŶƚƌĂĐƚ͘ ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞĂďŽǀĞƉĂƌĂŐƌĂƉŚƐ͕ǁŽƌŬƉĂƉĞƌƐ͕ƉƌŽƉƌŝĞƚĂƌǇŝŶĨŽƌŵĂƚŝŽŶ͕ƉƌŽĐĞƐƐĞƐ͕ŵĞƚŚŽĚŽůŽŐŝĞƐ͕ŬŶŽǁͲŚŽǁĂŶĚ ƐŽĨƚǁĂƌĞ;͞E'/EZĂƚĂ͟ͿƉƌĞǀŝŽƵƐůǇďĞůŽŶŐŝŶŐŽƌůŝĐĞŶƐĞĚƚŽE'/EZĂŶĚƵƐĞĚƚŽƉĞƌĨŽƌŵE'/EZ͛ƐƐĞƌǀŝĐĞƐƐŚĂůů ƌĞŵĂŝŶƚŚĞƉƌŽƉĞƌƚǇŽĨE'/EZ͘E'/EZƐŚĂůůƌĞƚĂŝŶĂŶŽǁŶĞƌƐŚŝƉĂŶĚƉƌŽƉĞƌƚǇŝŶƚĞƌĞƐƚƚŚĞƌĞŝŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽƉǇƌŝŐŚƚ ĂŶĚƚŚĞƌŝŐŚƚŽĨƌĞƵƐĞĂƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞE'/EZͿ͕ǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞWƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚ͘dŽƚŚĞĞǆƚĞŶƚƚŚĞƐĞƌǀŝĐĞƐ ƉĞƌĨŽƌŵĞĚďǇE'/EZĐŽŶƚĂŝŶE'/EZĂƚĂ͕E'/EZŚĞƌĞďǇŐƌĂŶƚƐƚŽ/dzĂŶŽŶͲĞǆĐůƵƐŝǀĞ͕ŶŽŶͲĂƐƐŝŐŶĂďůĞ͕ƌŽǇĂůƚǇͲ ĨƌĞĞ͕ŝƌƌĞǀŽĐĂďůĞůŝĐĞŶƐĞƚŽƵƐĞƐƵĐŚE'/EZĂƚĂĨŽƌƚŚĞƉƵƌƉŽƐĞƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗ ƐƵĐŚE'/EZĂƚĂĂƌĞŶŽƚŝŶƚĞŶĚĞĚŽƌƌĞƉƌĞƐĞŶƚĞĚƚŽďĞƐƵŝƚĂďůĞĨŽƌƵƐĞŽƌƌĞƵƐĞďǇ/dzŽŶĞǆƚĞŶƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚŽƌ ŽŶĂŶǇŽƚŚĞƌƉƌŽũĞĐƚǁŝƚŚŽƵƚǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZĂŶĚĂŶǇƐƵĐŚƌĞƵƐĞŽƌŵŽĚŝĨŝĐĂƚŝŽŶŽĨƚŚĞ E'/EZĂƚĂǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶǀĞƌŝĨŝĐĂƚŝŽŶŽƌĂĚĂƉƚĂƚŝŽŶďǇE'/EZƐŚĂůůďĞĚŽŶĞĂƚ/dz͛ƐƐŽůĞƌŝƐŬĂŶĚǁŝƚŚŽƵƚ ůŝĂďŝůŝƚǇƚŽE'/EZ͘ >//>/dz $57,&/( 'ĞŶĞƌĂůͲ,ĂǀŝŶŐĐŽŶƐŝĚĞƌĞĚƚŚĞƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŵĂǇĞǆŝƐƚĚƵƌŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ^ĞƌǀŝĐĞƐ͕ƚŚĞďĞŶĞĨŝƚƐ $ ŽĨƚŚĞƉƌŽũĞĐƚ͕ĂŶĚƚŚĞE'/EZ͛ƐĨĞĞĨŽƌƚŚĞ^ĞƌǀŝĐĞƐ͕ĂŶĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽŵŝƐĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ /dzĂŶĚE'/EZĂŐƌĞĞƚŽĂůůŽĐĂƚĞĂŶĚůŝŵŝƚƐƵĐŚůŝĂďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚŝƐƌƚŝĐůĞ͘ /ŶĚĞŵŶŝĨŝĐĂƚŝŽŶͲE'/EZĂŶĚ/dz;ƚŚĞ͞/ŶĚĞŵŶŝĨǇŝŶŐWĂƌƚǇ͟ͿƐŚĂůůďĞůŝĂďůĞĨŽƌŝƚƐŽǁŶŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐĂŶĚ % ŽŵŝƐƐŝŽŶƐƚŽƚŚĞĞǆƚĞŶƚƉƌŽǀŝĚĞĚďǇůĂǁĂŶĚƐƵďũĞĐƚƚŽƚŚĞ/dz͛ƐĐĂƉŽŶŵƵŶŝĐŝƉĂůƚŽƌƚůŝĂďŝůŝƚǇƵŶĚĞƌDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ ^ĞĐƚŝŽŶϰϲϲ͘Ϭϰ͕ĂŶĚŚĞƌĞďǇĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨǇ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŽƚŚĞƌ;͞ƚŚĞ/ŶĚĞŵŶŝĨŝĞĚWĂƌƚǇ͟Ϳ͕ĨƌŽŵ ĂŶǇůŝĂďŝůŝƚǇ͕ĚĂŵĂŐĞƐ͕ĂŶĚĐŽƐƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶĞŐůŝŐĞŶƚĂĐƚƐŽĨE'/EZĂŶĚ/dzĂŶĚĂŶǇŽŶĞĨŽƌǁŚŽƐĞŶĞŐůŝŐĞŶƚ ĂĐƚƐƚŚĞǇŵĂǇďĞůŝĂďůĞĨŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚŝĐŚƚŚĞ/ŶĚĞŵŶŝĨŝĞĚ WĂƌƚǇ͕ŝƚƐŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐŵĂǇŚĞƌĞĂĨƚĞƌƐƵƐƚĂŝŶ͕ŝŶĐƵƌŽƌďĞƌĞƋƵŝƌĞĚƚŽƉĂǇƚŽƚŚĞĨƵůůĞĨĨĞĐƚƉƌŽǀŝĚĞĚďǇ DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϯϳ͕ƚŽƚŚĞĞǆƚĞŶƚƚŚĞE'/EZĂŶĚ/dzĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚůŝĂďŝůŝƚǇ͕ĐŽƐƚƐ͕ĚĂŵĂŐĞƐ͕ ŝŶĐůƵĚŝŶŐƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞǇƐ͛ĨĞĞƐ͘/ŶƚŚĞĞǀĞŶƚĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐ͕ŽƌĞǆƉĞŶƐĞƐĂƌĞĐĂƵƐĞĚďǇƚŚĞũŽŝŶƚŽƌ ĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨE'/EZĂŶĚ/dz͕ƚŚĞǇƐŚĂůůďĞďŽƌŶĞďǇĞĂĐŚƉĂƌƚǇŝŶƉƌŽƉŽƌƚŝŽŶƚŽŝƚƐŽǁŶŶĞŐůŝŐĞŶĐĞ͘ ^ƵƌǀŝǀĂůͲhƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐĞƌǀŝĐĞƐ͕ŽďůŝŐĂƚŝŽŶƐ͕ĂŶĚĚƵƚŝĞƐƉƌŽǀŝĚĞĚĨŽƌŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ŽƌŝĨƚŚŝƐŽŶƚƌĂĐƚŝƐ & ƚĞƌŵŝŶĂƚĞĚĨŽƌĂŶǇƌĞĂƐŽŶ͕ƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐƌƚŝĐůĞƐŚĂůůƐƵƌǀŝǀĞ͘ tKZ<Z^ΖKDWE^d/KE $57,&/( ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨE'/EZ͕ŝŶĐůƵĚŝŶŐŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ $ ĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚďǇE'/EZƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͕ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨ/dz͘ŶǇĂŶĚĂůů ĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞtŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶĐƚŽĨDŝŶŶĞƐŽƚĂŽŶďĞŚĂůĨŽĨƐĂŝĚĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶƐ ǁŚŝůĞƐŽĞŶŐĂŐĞĚ͕ĂŶĚĂŶǇĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨ E'/EZΖƐĞŵƉůŽǇĞĞƐ͕ŽƌŽƚŚĞƌƉĞƌƐŽŶǁŚŝůĞƐŽĞŶŐĂŐĞĚŽŶĂŶǇŽĨƚŚĞǁŽƌŬŽƌƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕ǁŝůůŝŶŶŽǁĂǇ ďĞƚŚĞŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨ/dz͘WƵƌƐƵĂŶƚƚŽDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϳϲ͘ϭϴϮ͕ĂĐĐĞƉƚĂďůĞĞǀŝĚĞŶĐĞŽĨĐŽŵƉůŝĂŶĐĞ ǁŝƚŚtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞƉƌĞƐĞŶƚĞĚƚŽ/dzďĞĨŽƌĞ/dzŵĂǇĞŶƚĞƌŝŶƚŽĂ ĐŽŶƚƌĂĐƚǁŝƚŚE'/EZ͘ KE^ $57,&/( dŚŝƐƌƚŝĐůĞŝƐŚĞƌĞďǇĚĞůĞƚĞĚ͘ /E^hZE $57,&/( ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞĨŽƌĞĂĐŚƚǇƉĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŵƵƐƚďĞĨŝůĞĚǁŝƚŚƚŚĞ/dz͛ƐƵƚŚŽƌŝǌĞĚ $ ŐĞŶƚƉƌŝŽƌƚŽĞǆĞĐƵƚŝŽŶŽĨƚŚĞŽŶƚƌĂĐƚďǇŝƚǇ͘ĂĐŚƉŽůŝĐǇŵƵƐƚĐŽŶƚĂŝŶĂƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚƚŚĞŝŶƐƵƌĞƌƉƌŽǀŝĚĞƚŚĞ /dzĂϯϬͲĚĂǇŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘ E'/EZŵƵƐƚŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌǇĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗ % ϭ͘E'/EZƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞŽŶƚƌĂĐƚ͕ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂƐŝƐƌĞĂƐŽŶĂďůĞĂŶĚŶĞĐĞƐƐĂƌǇ ĨŽƌƉĞƌĨŽƌŵĞĚƐĞƌǀŝĐĞƐďǇE'/EZĂŶĚŝƚƐĞŵƉůŽǇĞĞƐ͘ Ϯ͘dŚĞE'/EZƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐƐĞƉĂƌĂƚĞĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĞŶĚŽƌƐĞŵĞŶƚƐĨŽƌĞĂĐŚƐƵďĐŽŶƐƵůƚĂŶƚ͘ E'/EZƐŚĂůůĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůŽĨŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĂŶĚůŝŵŝƚƐĨƌŽŵŝƚƐƐƵďĐŽŶƐƵůƚĂŶƚƐ͘ ϯ͘tŽƌŬĞƌƐΖŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͗E'/EZǁŝůůƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůE'/EZ ĞŵƉůŽǇĞĞƐĂŶĚ͕ŝŶĐĂƐĞĂŶǇǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕E'/EZǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƐƵůƚĂŶƚƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌǇƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/dzŽĨDŝŶŶĞƐŽƚĂ͕ĂŶĚŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ ͕ŵƉůŽǇĞƌ͛Ɛ>ŝĂďŝůŝƚǇ͕ĂƚůŝŵŝƚƐŶŽƚůĞƐƐƚŚĂŶΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĚŝƐĞĂƐĞƉĞƌĞŵƉůŽǇĞĞ͖ΨϱϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇ ŝŶũƵƌǇďǇĚŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ͖ĂŶĚΨϭϬϬ͕ϬϬϬ͘ϬϬďŽĚŝůǇŝŶũƵƌǇďǇĂĐĐŝĚĞŶƚ͘ǀŝĚĞŶĐĞŽĨƐƵďĐŽŶƐƵůƚĂŶƚ͚ƐŝŶƐƵƌĂŶĐĞƐŚĂůů ďĞĨŝůĞĚǁŝƚŚƚŚĞE'/EZ͘ ϰ͘ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ͗E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌ ďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐďĞďǇ E'/EZŽƌďǇĂƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘E'/EZ͛Ɛ ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞƐŚĂůůďĞƉƌŝŵĂƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶ ƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞ D Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ E /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ ŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ D WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚǇ E ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚǇ F EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ G ϱ͘ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ͗E'/EZǁŝůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐE'/EZĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐ ĨŽƌďŽĚŝůǇŝŶũƵƌǇ͕ŝŶĐůƵĚŝŶŐƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌ ƉƌŽƉĞƌƚǇĚĂŵĂŐĞŝŶĐůƵĚŝŶŐůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂǇĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚǁŚĞƚŚĞƌƐƵĐŚŽƉĞƌĂƚŝŽŶƐ ǁĞƌĞďǇE'/EZŽƌďǇƐƵďĐŽŶƐƵůƚĂŶƚŽƌďǇĂŶǇŽŶĞĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĞŵƉůŽǇĞĚƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚ͘hŶůĞƐƐ ŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕ƚŚĞE'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞůŝŵŝƚĨŽƌŽĚŝůǇ/ŶũƵƌǇĂŶĚWƌŽƉĞƌƚǇĂŵĂŐĞ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚ EĂŵĞ/dzĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ ϲ͘WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͗ hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚǁŝƚŚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZŝŶƐƵƌĂŶĐĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐǁŝůůďĞĂƐĨŽůůŽǁƐ͗ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲƉĞƌĐůĂŝŵ Ψϭ͕ϬϬϬ͕ϬϬϬ͘ϬϬͲĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ dŚŝƐƉŽůŝĐǇǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐE'/EZǁŝůůďĞĐŽŵĞůĞŐĂůůǇŽďůŝŐĂƚĞĚƚŽƉĂǇƌĞƐƵůƚŝŶŐĨƌŽŵĂŶǇ ĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽE'/EZΖƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐ ŽŶƚƌĂĐƚ͘ E'/EZŵƵƐƚ͗ & ϭ͘/ŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚǇƉŽůŝĐǇůŝŵŝƚƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨWƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ ĂďŽǀĞ͖ĂŶĚ Ϯ͘KďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵĂŶŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇŚĂǀŝŶŐĂŶΗD^dΗƌĂƚŝŶŐŽĨͲs///ŽƌďĞƚƚĞƌ͘ /dzƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůǇƌĞƐĐŝŶĚƚŚŝƐŽŶƚƌĂĐƚŝĨE'/EZŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞ ' ƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶǇůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚE'/EZ͘hƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚďǇƚŚĞ/dzΖƐ ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵĂǇďĞƌĞƋƵĞƐƚĞĚ͘ >/sZ>^dEZ^ $57,&/( /dzǁŝůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚǇƚŽĚŝƐĂƉƉƌŽǀĞŽƌƌĞũĞĐƚƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƚŚĂƚĂƌĞĚĞĨĞĐƚŝǀĞ͘E'/EZǁŝůůďĞ $ ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĂĐĐƵƌĂĐǇŽĨŝƚƐǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŶĚŵƵƐƚŵĂŬĞƚŝŵĞůǇƌĞǀŝƐŝŽŶƐŽƌĐŽƌƌĞĐƚŝŽŶƐǁŝƚŚŽƵƚ ĐŽŵƉĞŶƐĂƚŝŽŶƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽŶƚŚĞƉĂƌƚŽĨE'/EZ͘dŚĞƐĞƌǀŝĐĞƐŽƌĚĞůŝǀĞƌĂďůĞƐƉƌŽǀŝĚĞĚƚŽ/dz ďǇE'/EZŵƵƐƚďĞŽĨƐƵĐŚƋƵĂůŝƚǇƚŚĂƚƚŚĞǇĂƌĞƐƵŝƚĂďůĞĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ E'/EZ͛ƐƐĞƌǀŝĐĞƐĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽŝŶĂŶƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŽƌĚĞƌůǇĂŶĚ % ĐŽŶƚŝŶƵŽƵƐƉƌŽŐƌĞƐƐŽĨƚŚĞWƌŽũĞĐƚƚŚŽƵŐŚĐŽŵƉůĞƚŝŽŶ͘hŶůĞƐƐƐƉĞĐŝĨŝĐƉĞƌŝŽĚƐŽĨƚŝŵĞŽƌƐƉĞĐŝĨŝĐĚĂƚĞƐĨŽƌƉƌŽǀŝĚŝŶŐ ƐĞƌǀŝĐĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚ͕E'/EZ͛ƐŽďůŝŐĂƚŝŽŶƚŽƌĞŶĚĞƌƐĞƌǀŝĐĞƐŚĞƌĞƵŶĚĞƌǁŝůůďĞĨŽƌĂƉĞƌŝŽĚǁŚŝĐŚŵĂǇ 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ƌĞƐƵůƚŝŶŐĨƌŽŵE'/EZΖƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶ͘ĐĐĞƉƚĂŶĐĞŽĨƚŚĞǁŽƌŬ ďǇ/dzǁŝůůŶŽƚƌĞůŝĞǀĞE'/EZŽĨƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌƐƵďƐĞƋƵĞŶƚĐŽƌƌĞĐƚŝŽŶŽĨĂŶǇĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽƌĨŽƌ ĐůĂƌŝĨŝĐĂƚŝŽŶŽĨĂŶǇĂŵďŝŐƵŝƚŝĞƐ͘ /ĨŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂƌĞŵĂĚĞďǇE'/EZŝŶĂŶǇƉŚĂƐĞŽĨƚŚĞǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨǁŚŝĐŚŵĂǇ % ƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZǁŝůůďĞƉƌŽŵƉƚůǇŶŽƚŝĨŝĞĚďǇ/dzĂŶĚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƐƵĐŚ ĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘/ĨƚŚĞE'/EZŝƐĂǁĂƌĞŽĨĂŶǇŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐŵĂĚĞŝŶĂŶǇƉŚĂƐĞ ŽĨŝƚƐǁŽƌŬ͕ƚŚĞĐŽƌƌĞĐƚŝŽŶƐŽĨǁŚŝĐŚŵĂǇƌĞƋƵŝƌĞĂŶǇĂĚĚŝƚŝŽŶĂůĨŝĞůĚŽƌŽĨĨŝĐĞǁŽƌŬ͕E'/EZŵƵƐƚƉƌŽŵƉƚůǇƉĞƌĨŽƌŵ ƐƵĐŚĂĚĚŝƚŝŽŶĂůǁŽƌŬĂƐŵĂǇďĞŶĞĐĞƐƐĂƌǇƚŽĐŽƌƌĞĐƚƚŚĞƐĞŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐǁŝƚŚŽƵƚƵŶĚƵĞĚĞůĂǇĂŶĚ ǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĐŽƐƚƚŽ/dz͘ E'/EZǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶǇĚĂŵĂŐĞƐŝŶĐƵƌƌĞĚĂƐĂƌĞƐƵůƚŽĨŝƚƐŶĞŐůŝŐĞŶƚĂĐƚƐ͕ĞƌƌŽƌƐ͕ŽƌŽŵŝƐƐŝŽŶƐĂŶĚĨŽƌĂŶǇ & 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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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ŝŶĐŽƌƉŽƌĂƚĞĚŚĞƌĞŝŶďǇƌĞĨĞƌĞŶĐĞ͘ ϯ͘Ϯ͘DŶKdǁŝůůŵĂŬĞƚŚĞŶĞĐĞƐƐĂƌǇƌĞƋƵĞƐƚƐƚŽƚŚĞ&,tĨŽƌĂƵƚŚŽƌŝǌĂƚŝŽŶƚŽƵƐĞĨĞĚĞƌĂůĨƵŶĚƐĨŽƌƚŚĞWƌŽũĞĐƚ͕ ĂŶĚĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚŽĨĞůŝŐŝďůĞĐŽƐƚƐƉƵƌƐƵĂŶƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϯ͘ϯ͘DŶKdǁŝůůƌĞƋƵĞƐƚƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚƚŽĨĞĚĞƌĂůĨƵŶĚŝŶŐŽĨĞůŝŐŝďůĞĐŽƐƚƐ͕ǁŚĞŶĨƵŶĚŝŶŐĂŶĚ ŽďůŝŐĂƚŝŽŶĂƵƚŚŽƌŝƚǇĂƌĞĂǀĂŝůĂďůĞ͘ ϯ͘ϰ͘ƚƐƵĐŚƚŝŵĞƚŚĂƚƚŚĞƉƌŽũĞĐƚŝƐĐŽŶǀĞƌƚĞĚƚŽĨĞĚĞƌĂůĨƵŶĚŝŶŐĂŶĚƐƵĐŚĨƵŶĚŝŶŐŝƐƌĞĐĞŝǀĞĚďǇDŶKd͕ DŶKdǁŝůůƌĞŝŵďƵƌƐĞƚŽƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚƚŚĞĨĞĚĞƌĂůĂŝĚƐŚĂƌĞŽĨƚŚĞĨĞĚĞƌĂůůǇĞůŝŐŝďůĞĐŽƐƚƐ͕ ƉƌĞǀŝŽƵƐůǇƉƌŽǀŝĚĞĚďǇƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͘ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ^ƚĂƚĞŝĚĨƵŶĚƐƵƐĞĚŝŶ ůŝĞƵŽĨĨĞĚĞƌĂůĨƵŶĚƐ͕ǁŝůůďĞĚĞƉŽƐŝƚĞĚŝŶƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͚Ɛ^ƚĂƚĞŝĚĐĐŽƵŶƚ͘ZĞŝŵďƵƌƐĞŵĞŶƚĨŽƌ ŽƚŚĞƌ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚĨƵŶĚƐƵƐĞĚŝŶůŝĞƵŽĨĨĞĚĞƌĂůĨƵŶĚƐǁŝůůďĞĨŽƌǁĂƌĚĞĚƚŽƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͘ ϰ͘dŝŵĞ ϰ͘ϭ͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŵƵƐƚĐŽŵƉůǇǁŝƚŚĂůůƚŝŵĞƌĞƋƵŝƌĞŵĞŶƚƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘/ŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŝŵĞŝƐŽĨƚŚĞĞƐƐĞŶĐĞ ϰ͘Ϯ͘dŚĞƉĞƌŝŽĚŽĨƉĞƌĨŽƌŵĂŶĐĞŝƐĚĞĨŝŶĞĚĂƐďĞŐŝŶŶŝŶŐŽŶƚŚĞĚĂƚĞŽĨĨĞĚĞƌĂůĂƵƚŚŽƌŝǌĂƚŝŽŶĂŶĚĞŶĚŝŶŐŽŶƚŚĞ ĚĂƚĞĚĞĨŝŶĞĚŝŶƚŚĞĨĞĚĞƌĂůĨŝŶĂŶĐŝĂůƐǇƐƚĞŵŽƌĨĞĚĞƌĂůĂŐƌĞĞŵĞŶƚ;͞ĞŶĚĚĂƚĞ͟Ϳ͘EŽǁŽƌŬĐŽŵƉůĞƚĞĚĂĨƚĞƌ ƚŚĞĞŶĚĚĂƚĞǁŝůůďĞĞůŝŐŝďůĞĨŽƌĨĞĚĞƌĂůĨƵŶĚŝŶŐ͘>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŵƵƐƚƐƵďŵŝƚĂůůĐŽŶƚƌĂĐƚĐůŽƐĞŽƵƚ ƉĂƉĞƌǁŽƌŬƚŽDŶKdĂƚůĞĂƐƚƚǁĞŶƚǇͲĨŽƵƌŵŽŶƚŚƐƉƌŝŽƌƚŽƚŚĞĞŶĚĚĂƚĞ͘ ϱ͘WĂǇŵĞŶƚ ϱ͘ϭ͘/ƚŝƐĞƐƚŝŵĂƚĞĚƚŚĂƚƚŚĞƚŽƚĂůĐŽƐƚŽĨƚŚĞWƌŽũĞĐƚŝƐΨϴϬϬ͕ϬϬϬ͘dŚĞƌĞŵĂŝŶŝŶŐƐŚĂƌĞǁŝůůďĞƉĂŝĚďǇƚŚĞ>ŽĐĂů 'ŽǀĞƌŶŵĞŶƚ͘ϴϬйŽĨƚŚĞĞůŝŐŝďůĞĐŽƐƚƐǁŝůůďĞĞůŝŐŝďůĞĨŽƌdĨƵŶĚƐŝŶĨĞĚĞƌĂůĨŝƐĐĂůǇĞĂƌƐϮϬϮϱĂŶĚ ϮϬϮϲ͘dŚĞƐĞĂŵŽƵŶƚƐĂƌĞΨϲϭϯ͕ϯϵϳĂŶĚΨϭϲ͕ϮϬϵ͕ƌĞƐƉĞĐƚŝǀĞůǇ͘ ϱ͘Ϯ͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚǁŝůůƉĂǇĂŶǇƉĂƌƚŽĨƚŚĞĐŽƐƚŽƌĞǆƉĞŶƐĞŽĨƚŚĞǁŽƌŬƚŚĂƚƚŚĞ&,tĚŽĞƐŶŽƚƉĂǇ͘ ϱ͘ϯ͘ZĞƋƵĞƐƚĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚŽĨƚŚĞĨĞĚĞƌĂůĂŝĚƐŚĂƌĞŽĨƚŚĞĨĞĚĞƌĂůůǇĞůŝŐŝďůĞĐŽƐƚƐĐĂŶďĞŵĂĚĞĂŶǇƚŝŵĞ ĂĨƚĞƌƚŚĞǁŽƌŬŝƐĐŽŵƉůĞƚĞĚ͕ŚŽǁĞǀĞƌƉĂǇŵĞŶƚŵĂǇŶŽƚďĞŵĂĚĞƵŶƚŝůĂĨƚĞƌKĐƚŽďĞƌϭ͕ϮϬϮϰĨŽƌĨĞĚĞƌĂů ĨŝƐĐĂůǇĞĂƌϮϬϮϱ͕ĂŶĚKĐƚŽďĞƌϭ͕ϮϬϮϱĨŽƌĨĞĚĞƌĂůĨŝƐĐĂůǇĞĂƌϮϬϮϲ͘/ƚĐŽƵůĚďĞĞĂƌůŝĞƌŝĨĨƵŶĚŝŶŐĂŶĚ ŽďůŝŐĂƚŝŽŶĂƵƚŚŽƌŝƚǇĂƌĞĂǀĂŝůĂďůĞ;ƐƵďũĞĐƚƚŽƚŚĞƌĞĂdƌĂŶƐƉŽƌƚĂƚŝŽŶWĂƌƚŶĞƌƐŚŝƉ;dWͿƉŽůŝĐǇͿ͘ ϱ͘ϰ͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚǁŝůůŵĂŬĞƌĞƋƵĞƐƚƐĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉĂǇŵĞŶƚƉƌŽǀŝƐŝŽŶƐŝŶ DŶKdŽŶƚƌĂĐƚEƵŵďĞƌĚĐƉ;ϭϬϱϮϬϵϰͿ͕ǁŚŝĐŚŝƐŝŶĐŽƌƉŽƌĂƚĞĚďǇƌĞĨĞƌĞŶĐĞ͕ĂŶĚǁŝůůĐŽŵƉůǇǁŝƚŚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨϮ&ZWĂƌƚϮϬϬ͘ ϲ͘ƵƚŚŽƌŝǌĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞƐ ϲ͘ϭ͘DŶKdΖƐƵƚŚŽƌŝǌĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞŝƐ͗ EĂŵĞ͗ŶŐĞůĂDƵƌƉŚǇ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌ͘ Ϯ DŶKdŽŶƚƌĂĐƚEŽ͘ϭϬϱϵϲϮϭ dŝƚůĞ͗^ƚĂƚĞŝĚ͕&ĞĚĞƌĂůWůĂŶƐŶŐŝŶĞĞƌ WŚŽŶĞ͗ϲϭϮͲϮϳϭͲϲϮϭϬ ŵĂŝů͗ĂŶŐĞůĂ͘ŵƵƌƉŚǇΛƐƚĂƚĞ͘ŵŶ͘ƵƐ DŶKd͛ƐƵƚŚŽƌŝǌĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞŚĂƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇƚŽŵŽŶŝƚŽƌ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞĂŶĚ ƚŚĞĂƵƚŚŽƌŝƚǇƚŽĂĐĐĞƉƚƚŚĞƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘/ĨƚŚĞƐĞƌǀŝĐĞƐĂƌĞƐĂƚŝƐĨĂĐƚŽƌǇ͕DŶKdΖƐ ƵƚŚŽƌŝǌĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞǁŝůůĐĞƌƚŝĨǇĂĐĐĞƉƚĂŶĐĞŽŶĞĂĐŚŝŶǀŽŝĐĞƐƵďŵŝƚƚĞĚĨŽƌƉĂǇŵĞŶƚ͘ ϲ͘Ϯ͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐƵƚŚŽƌŝǌĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞŝƐ͗ EĂŵĞ͗Dƌ͘ŝůůŽŶŽŵďƌŽǀƐŬŝ͕ŽƌƚŚĞŝƌƐƵĐĐĞƐƐŽƌ͘ dŝƚůĞ͗ŝƚǇŽĨZŽĐŚĞƐƚĞƌŶŐŝŶĞĞƌ WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϰϮϭ ŵĂŝů͗ĚĚŽŵďƌŽǀƐŬŝΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ĨƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐƵƚŚŽƌŝǌĞĚZĞƉƌĞƐĞŶƚĂƚŝǀĞĐŚĂŶŐĞƐĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞ>ŽĐĂů 'ŽǀĞƌŶŵĞŶƚǁŝůůŝŵŵĞĚŝĂƚĞůǇŶŽƚŝĨǇDŶKd͘ ϳ͘ƐƐŝŐŶŵĞŶƚŵĞŶĚŵĞŶƚƐ͕tĂŝǀĞƌ͕ĂŶĚŐƌĞĞŵĞŶƚŽŵƉůĞƚĞ 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ƚŝŵĞƚŽƐĂƚŝƐĨǇĂůůƐƚĂƚĞĂŶĚƉƌŽŐƌĂŵƌĞƚĞŶƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͕ǁŚŝĐŚĞǀĞƌŝƐůĂƚĞƌ͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚǁŝůů ƚĂŬĞƚŝŵĞůǇĂŶĚĂƉƉƌŽƉƌŝĂƚĞĂĐƚŝŽŶŽŶĂůůĚĞĨŝĐŝĞŶĐŝĞƐŝĚĞŶƚŝĨŝĞĚďǇĂŶĂƵĚŝƚ͘ ϵ͘Ϯ͘ůůƌĞƋƵĞƐƚƐĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚĂƌĞƐƵďũĞĐƚƚŽĂƵĚŝƚ͕ĂƚDŶKd͛ƐĚŝƐĐƌĞƚŝŽŶ͘dŚĞĐŽƐƚƉƌŝŶĐŝƉůĞƐŽƵƚůŝŶĞĚŝŶϮ &ZϮϬϬ͘ϰϬϬͲ͘ϰϳϲǁŝůůďĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌĐŽƐƚƐĂƌĞĞůŝŐŝďůĞĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚƵŶĚĞƌƚŚŝƐ ŐƌĞĞŵĞŶƚ͘ ϵ͘ϯ͘/Ĩ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚĞǆƉĞŶĚƐΨϳϱϬ͕ϬϬϬŽƌŵŽƌĞŝŶ&ĞĚĞƌĂů&ƵŶĚƐĚƵƌŝŶŐƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐĨŝƐĐĂůǇĞĂƌ͕ ƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŵƵƐƚŚĂǀĞĂƐŝŶŐůĞĂƵĚŝƚŽƌƉƌŽŐƌĂŵƐƉĞĐŝĨŝĐĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚϮ &ZWĂƌƚϮϬϬ͘ ϭϬ͘'ŽǀĞƌŶŵĞŶƚĂƚĂWƌĂĐƚŝĐĞƐ͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚĂŶĚDŶKdŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞDŝŶŶĞƐŽƚĂ'ŽǀĞƌŶŵĞŶƚ ĂƚĂWƌĂĐƚŝĐĞƐĐƚ͕DŝŶŶ͘^ƚĂƚ͘Ś͘ϭϯ͕ĂƐŝƚĂƉƉůŝĞƐƚŽĂůůĚĂƚĂƉƌŽǀŝĚĞĚďǇDŶKdƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚĂƐŝƚ ĂƉƉůŝĞƐƚŽĂůůĚĂƚĂĐƌĞĂƚĞĚ͕ĐŽůůĞĐƚĞĚ͕ƌĞĐĞŝǀĞĚ͕ƐƚŽƌĞĚ͕ƵƐĞĚ͕ŵĂŝŶƚĂŝŶĞĚ͕ŽƌĚŝƐƐĞŵŝŶĂƚĞĚďǇƚŚĞ>ŽĐĂů 'ŽǀĞƌŶŵĞŶƚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞĐŝǀŝůƌĞŵĞĚŝĞƐŽĨDŝŶŶ͘^ƚĂƚ͘Αϭϯ͘ϬϴĂƉƉůǇƚŽƚŚĞƌĞůĞĂƐĞŽĨƚŚĞĚĂƚĂ ƌĞĨĞƌƌĞĚƚŽŝŶƚŚŝƐĐůĂƵƐĞďǇĞŝƚŚĞƌƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŽƌDŶKd͘ ϭϭ͘tŽƌŬĞƌƐŽŵƉĞŶƐĂƚŝŽŶ͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚĐĞƌƚŝĨŝĞƐƚŚĂƚŝƚŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚDŝŶŶ͘^ƚĂƚ͘Αϭϳϲ͘ϭϴϭ͕^ƵďĚ͘ Ϯ͕ƉĞƌƚĂŝŶŝŶŐƚŽǁŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞ͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐĞŵƉůŽǇĞĞƐĂŶĚĂŐĞŶƚƐǁŝůů ŶŽƚďĞĐŽŶƐŝĚĞƌĞĚDŶKdĞŵƉůŽǇĞĞƐ͘ŶǇĐůĂŝŵƐƚŚĂƚŵĂǇĂƌŝƐĞƵŶĚĞƌƚŚĞDŝŶŶĞƐŽƚĂtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶ ĐƚŽŶďĞŚĂůĨŽĨƚŚĞƐĞĞŵƉůŽǇĞĞƐĂŶĚĂŶǇĐůĂŝŵƐŵĂĚĞďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶ ŽŶƚŚĞƉĂƌƚŽĨƚŚĞƐĞĞŵƉůŽǇĞĞƐĂƌĞŝŶŶŽǁĂǇDŶKd͛ƐŽďůŝŐĂƚŝŽŶŽƌƌĞƐƉŽŶƐŝďŝůŝƚǇ͘ ϭϮ͘'ŽǀĞƌŶŝŶŐ>Ăǁ͕:ƵƌŝƐĚŝĐƚŝŽŶ͕ĂŶĚsĞŶƵĞ͘DŝŶŶĞƐŽƚĂůĂǁ͕ǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽŝƚƐĐŚŽŝĐĞͲŽĨͲůĂǁƉƌŽǀŝƐŝŽŶƐ͕ŐŽǀĞƌŶƐ ƚŚŝƐŐƌĞĞŵĞŶƚ͘sĞŶƵĞĨŽƌĂůůůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐŽƵƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽƌŝƚƐďƌĞĂĐŚ͕ŵƵƐƚďĞŝŶƚŚĞĂƉƉƌŽƉƌŝĂƚĞ ƐƚĂƚĞŽƌĨĞĚĞƌĂůĐŽƵƌƚǁŝƚŚĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶŝŶZĂŵƐĞǇŽƵŶƚǇ͕DŝŶŶĞƐŽƚĂ͘ ϭϯ͘dĞƌŵŝŶĂƚŝŽŶ͖^ƵƐƉĞŶƐŝŽŶ ϭϯ͘ϭ͘dĞƌŵŝŶĂƚŝŽŶďǇDŶKdŽƌŽŵŵŝƐƐŝŽŶĞƌŽĨĚŵŝŶŝƐƚƌĂƚŝŽŶ͘DŶKdŽƌŽŵŵŝƐƐŝŽŶĞƌŽĨĚŵŝŶŝƐƚƌĂƚŝŽŶ ŵĂǇƵŶŝůĂƚĞƌĂůůǇƚĞƌŵŝŶĂƚĞƚŚŝƐŐƌĞĞŵĞŶƚǁŝƚŚŽƌǁŝƚŚŽƵƚĐĂƵƐĞ͕ƵƉŽŶϯϬĚĂǇƐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ>ŽĐĂů 'ŽǀĞƌŶŵĞŶƚ͘hƉŽŶƚĞƌŵŝŶĂƚŝŽŶ͕ƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶĂƉƌŽ ƌĂƚĂďĂƐŝƐ͕ĨŽƌƐĞƌǀŝĐĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƉĞƌĨŽƌŵĞĚ͘ ϭϯ͘Ϯ͘dĞƌŵŝŶĂƚŝŽŶĨŽƌĂƵƐĞ͘DŶKdŵĂǇŝŵŵĞĚŝĂƚĞůǇƚĞƌŵŝŶĂƚĞƚŚŝƐŐƌĞĞŵĞŶƚŝĨDŶKdĨŝŶĚƐƚŚĂƚƚŚĞƌĞŚĂƐ ďĞĞŶĂĨĂŝůƵƌĞƚŽĐŽŵƉůǇǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĂƚƌĞĂƐŽŶĂďůĞƉƌŽŐƌĞƐƐŚĂƐŶŽƚďĞĞŶ ŵĂĚĞ͕ƚŚĂƚĨƌĂƵĚƵůĞŶƚŽƌǁĂƐƚĞĨƵůĂĐƚŝǀŝƚǇŚĂƐŽĐĐƵƌƌĞĚ͕ƚŚĂƚƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŚĂƐďĞĞŶĐŽŶǀŝĐƚĞĚŽĨĂ ĐƌŝŵŝŶĂůŽĨĨĞŶƐĞƌĞůĂƚŝŶŐƚŽĂƐƚĂƚĞĂŐƌĞĞŵĞŶƚ͕ŽƌƚŚĂƚƚŚĞƉƵƌƉŽƐĞƐĨŽƌǁŚŝĐŚƚŚĞĨƵŶĚƐǁĞƌĞŐƌĂŶƚĞĚŚĂǀĞ ŶŽƚďĞĞŶŽƌǁŝůůŶŽƚďĞĨƵůĨŝůůĞĚ͘DŶKdŵĂǇƚĂŬĞĂĐƚŝŽŶƚŽƉƌŽƚĞĐƚƚŚĞŝŶƚĞƌĞƐƚƐŽĨDŶKdŽĨDŝŶŶĞƐŽƚĂ͕ ϰ DŶKdŽŶƚƌĂĐƚEŽ͘ϭϬϱϵϲϮϭ ŝŶĐůƵĚŝŶŐƚŚĞƌĞĨƵƐĂůƚŽĚŝƐďƵƌƐĞĂĚĚŝƚŝŽŶĂůĨƵŶĚƐĂŶĚƌĞƋƵŝƌŝŶŐƚŚĞƌĞƚƵƌŶŽĨĂůůŽƌƉĂƌƚŽĨƚŚĞĨƵŶĚƐĂůƌĞĂĚǇ ĚŝƐďƵƌƐĞĚ͘ ϭϯ͘ϯ͘dĞƌŵŝŶĂƚŝŽŶĨŽƌ/ŶƐƵĨĨŝĐŝĞŶƚ&ƵŶĚŝŶŐ͘DŶKdŵĂǇŝŵŵĞĚŝĂƚĞůǇƚĞƌŵŝŶĂƚĞƚŚŝƐŐƌĞĞŵĞŶƚŝĨ͗ ϭϯ͘ϯ͘ϭ͘&ƵŶĚŝŶŐŝƐŶŽƚŽďƚĂŝŶĞĚĨƌŽŵƚŚĞDŝŶŶĞƐŽƚĂ>ĞŐŝƐůĂƚƵƌĞ͖Žƌ ϭϯ͘ϯ͘Ϯ͘&ƵŶĚŝŶŐĐĂŶŶŽƚďĞĐŽŶƚŝŶƵĞĚĂƚĂůĞǀĞůƐƵĨĨŝĐŝĞŶƚƚŽĂůůŽǁĨŽƌƚŚĞƉĂǇŵĞŶƚŽĨƚŚĞƐĞƌǀŝĐĞƐĐŽǀĞƌĞĚ ŚĞƌĞ͘dĞƌŵŝŶĂƚŝŽŶŵƵƐƚďĞďǇǁƌŝƚƚĞŶŽƌĨĂǆŶŽƚŝĐĞƚŽƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͘DŶKdŝƐŶŽƚ ŽďůŝŐĂƚĞĚƚŽƉĂǇĨŽƌĂŶǇƐĞƌǀŝĐĞƐƚŚĂƚĂƌĞƉƌŽǀŝĚĞĚĂĨƚĞƌŶŽƚŝĐĞĂŶĚĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕ƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚǁŝůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶĂƉƌŽƌĂƚĂďĂƐŝƐ͕ĨŽƌ ƐĞƌǀŝĐĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƉĞƌĨŽƌŵĞĚƚŽƚŚĞĞǆƚĞŶƚƚŚĂƚĨƵŶĚƐĂƌĞĂǀĂŝůĂďůĞ͘DŶKdǁŝůůŶŽƚďĞĂƐƐĞƐƐĞĚ ĂŶǇƉĞŶĂůƚǇŝĨƚŚĞŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďĞĐĂƵƐĞŽĨƚŚĞĚĞĐŝƐŝŽŶŽĨƚŚĞDŝŶŶĞƐŽƚĂ>ĞŐŝƐůĂƚƵƌĞ͕Žƌ ŽƚŚĞƌĨƵŶĚŝŶŐƐŽƵƌĐĞ͕ŶŽƚƚŽĂƉƉƌŽƉƌŝĂƚĞĨƵŶĚƐ͘DŶKdǁŝůůƉƌŽǀŝĚĞƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŶŽƚŝĐĞŽĨ ƚŚĞůĂĐŬŽĨĨƵŶĚŝŶŐǁŝƚŚŝŶĂƌĞĂƐŽŶĂďůĞƚŝŵĞŽĨDŶKd͛ƐƌĞĐĞŝǀŝŶŐƚŚĂƚŶŽƚŝĐĞ͘ ϭϯ͘ϰ͘^ƵƐƉĞŶƐŝŽŶ͘DŶKdŵĂǇŝŵŵĞĚŝĂƚĞůǇƐƵƐƉĞŶĚƚŚŝƐŐƌĞĞŵĞŶƚŝŶƚŚĞĞǀĞŶƚŽĨĂƚŽƚĂůŽƌƉĂƌƚŝĂůŐŽǀĞƌŶŵĞŶƚ ƐŚƵƚĚŽǁŶĚƵĞƚŽƚŚĞĨĂŝůƵƌĞƚŽŚĂǀĞĂŶĂƉƉƌŽǀĞĚďƵĚŐĞƚďǇƚŚĞůĞŐĂůĚĞĂĚůŝŶĞ͘tŽƌŬƉĞƌĨŽƌŵĞĚďǇƚŚĞ >ŽĐĂů'ŽǀĞƌŶŵĞŶƚĚƵƌŝŶŐĂƉĞƌŝŽĚŽĨƐƵƐƉĞŶƐŝŽŶǁŝůůďĞĚĞĞŵĞĚƵŶĂƵƚŚŽƌŝǌĞĚĂŶĚƵŶĚĞƌƚĂŬĞŶĂƚƌŝƐŬŽĨ ŶŽŶͲƉĂǇŵĞŶƚ͘ ϭϰ͘ĂƚĂŝƐĐůŽƐƵƌĞ͘hŶĚĞƌDŝŶŶ͘^ƚĂƚ͘ΑϮϳϬ͘ϲϱ͕^ƵďĚ͘ϯ͕ĂŶĚŽƚŚĞƌĂƉƉůŝĐĂďůĞůĂǁ͕ƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚĐŽŶƐĞŶƚƐ ƚŽĚŝƐĐůŽƐƵƌĞŽĨŝƚƐƐŽĐŝĂůƐĞĐƵƌŝƚǇŶƵŵďĞƌ͕ĨĞĚĞƌĂůĞŵƉůŽǇĞƌƚĂǆŝĚĞŶƚŝĨŝĐĂƚŝŽŶŶƵŵďĞƌ͕ĂŶĚͬŽƌDŝŶŶĞƐŽƚĂƚĂǆ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶŶƵŵďĞƌ͕ĂůƌĞĂĚǇƉƌŽǀŝĚĞĚƚŽDŶKd͕ƚŽĨĞĚĞƌĂůĂŶĚƐƚĂƚĞƚĂǆĂŐĞŶĐŝĞƐĂŶĚƐƚĂƚĞƉĞƌƐŽŶŶĞůŝŶǀŽůǀĞĚ 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ŝƐĐƌŝŵŝŶĂƚŝŽŶƐƐƵƌĂŶĐĞƐĐŽŶƚĂŝŶĞĚŝŶKdKƌĚĞƌEŽ͘ϭϬϱϬ͘Ϯ͕ĂŶĚŝŶƉĂƌƚŝĐƵůĂƌƉƉĞŶĚŝĐĞƐĂŶĚ͕ǁŚŝĐŚ ĐĂŶďĞĨŽƵŶĚĂƚ͗ŚƚƚƉƐ͗ͬͬĞĚŽĐƐͲ ƉƵďůŝĐ͘ĚŽƚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĞĚŽĐƐͺƉƵďůŝĐͬDZĞƐƵůƚ^ĞƚͬĚŽǁŶůŽĂĚ͍ĚŽĐ/ĚсϭϭϭϰϵϬϯϱ͘/ĨĨĞĚĞƌĂůĨƵŶĚƐĂƌĞ ŝŶĐůƵĚĞĚŝŶĂŶǇĐŽŶƚƌĂĐƚ͕ƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚǁŝůůĞŶƐƵƌĞƚŚĞĂƉƉĞŶĚŝĐĞƐĂŶĚƐŽůŝĐŝƚĂƚŝŽŶůĂŶŐƵĂŐĞǁŝƚŚŝŶ ƚŚĞĂƐƐƵƌĂŶĐĞƐĂƌĞŝŶƐĞƌƚĞĚŝŶƚŽĐŽŶƚƌĂĐƚƐĂƐƌĞƋƵŝƌĞĚ͘^ƚĂƚĞŵĂǇĐŽŶĚƵĐƚĂƌĞǀŝĞǁŽĨƚŚĞ>ŽĐĂů 'ŽǀĞƌŶŵĞŶƚ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐƉƌŽǀŝƐŝŽŶ͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŵƵƐƚĐŽŽƉĞƌĂƚĞǁŝƚŚ^ƚĂƚĞƚŚƌŽƵŐŚŽƵƚ ƚŚĞƌĞǀŝĞǁƉƌŽĐĞƐƐďǇƐƵƉƉůǇŝŶŐĂůůƌĞƋƵĞƐƚĞĚŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚŽĐƵŵĞŶƚĂƚŝŽŶƚŽ^ƚĂƚĞ͕ŵĂŬŝŶŐ>ŽĐĂů 'ŽǀĞƌŶŵĞŶƚƐƚĂĨĨĂŶĚŽĨĨŝĐŝĂůƐĂǀĂŝůĂďůĞĨŽƌŵĞĞƚŝŶŐƐĂƐƌĞƋƵĞƐƚĞĚ͕ĂŶĚĐŽƌƌĞĐƚŝŶŐĂŶǇĂƌĞĂƐŽĨŶŽŶͲ ĐŽŵƉůŝĂŶĐĞĂƐĚĞƚĞƌŵŝŶĞĚďǇ^ƚĂƚĞ͘ ϭϳ͘ϰ͘ƵǇŵĞƌŝĐĂ͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŵƵƐƚĐŽŵƉůǇǁŝƚŚƚŚĞƵǇŵĞƌŝĐĂĚŽŵĞƐƚŝĐƉƌĞĨĞƌĞŶĐĞƐĐŽŶƚĂŝŶĞĚŝŶ ƚŚĞƵŝůĚŵĞƌŝĐĂ͕ƵǇŵĞƌŝĐĂĐƚ;^ĞĐƚŝŽŶƐϳϬϵϬϭͲϱϮŽĨƚŚĞ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ/ŶǀĞƐƚŵĞŶƚĂŶĚ:ŽďƐĐƚ͕WƵďůŝĐ >ĂǁϭϭϳͲϱϴͿĂŶĚĂƐŝŵƉůĞŵĞŶƚĞĚďǇh^KdŽƉĞƌĂƚŝŶŐĂŐĞŶĐŝĞƐ͘ ϭϳ͘ϱ͘&ĞĚĞƌĂů&ƵŶĚŝŶŐĐĐŽƵŶƚĂďŝůŝƚǇĂŶĚdƌĂŶƐƉĂƌĞŶĐǇĐƚ;&&dͿ͘ ϭϳ͘ϱ͘ϭ͘dŚŝƐŐƌĞĞŵĞŶƚƌĞƋƵŝƌĞƐƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚƚŽƉƌŽǀŝĚĞƐƵƉƉůŝĞƐĂŶĚͬŽƌƐĞƌǀŝĐĞƐƚŚĂƚĂƌĞĨƵŶĚĞĚ ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚďǇĨĞĚĞƌĂůĨƵŶĚƐƚŚĂƚĂƌĞƐƵďũĞĐƚƚŽ&&d͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚŝƐƌĞƐƉŽŶƐŝďůĞ ĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚĂůůĂƉƉůŝĐĂďůĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƚŚŽƐĞƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ŽĨ &&dĂƌĞŵĞƚĂŶĚƚŚĂƚƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚƉƌŽǀŝĚĞƐŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞDŶKdĂƐƌĞƋƵŝƌĞĚ͘ Ă͘ZĞƉŽƌƚŝŶŐŽĨdŽƚĂůŽŵƉĞŶƐĂƚŝŽŶŽĨƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐǆĞĐƵƚŝǀĞƐ͘ ď͘dŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚƐŚĂůůƌĞƉŽƌƚƚŚĞŶĂŵĞƐĂŶĚƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶŽĨĞĂĐŚŽĨŝƚƐĨŝǀĞŵŽƐƚ ŚŝŐŚůǇĐŽŵƉĞŶƐĂƚĞĚĞǆĞĐƵƚŝǀĞƐĨŽƌƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐƉƌĞĐĞĚŝŶŐĐŽŵƉůĞƚĞĚĨŝƐĐĂůǇĞĂƌ͕ŝĨ ŝŶƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐƉƌĞĐĞĚŝŶŐĨŝƐĐĂůǇĞĂƌŝƚƌĞĐĞŝǀĞĚ͗ ŝ͘ϴϬƉĞƌĐĞŶƚŽƌŵŽƌĞŽĨƚŚĞ>ŽĐĂů'ŽǀĞƌŶŵĞŶƚ͛ƐĂŶŶƵĂůŐƌŽƐƐƌĞǀĞŶƵĞƐĨƌŽŵ&ĞĚĞƌĂů ƉƌŽĐƵƌĞŵĞŶƚĐŽŶƚƌĂĐƚƐĂŶĚ&ĞĚĞƌĂůĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞƐƵďũĞĐƚƚŽƚŚĞdƌĂŶƐƉĂƌĞŶĐǇĐƚ͕ ĂƐĚĞĨŝŶĞĚĂƚϮ&ZϭϳϬ͘ϯϮϬ;ĂŶĚƐƵďĂǁĂƌĚƐͿ͖ĂŶĚ ŝŝ͘ΨϮϱ͕ϬϬϬ͕ϬϬϬŽƌŵŽƌĞŝŶĂŶŶƵĂůŐƌŽƐƐƌĞǀĞŶƵĞƐĨƌŽŵ&ĞĚĞƌĂůƉƌŽĐƵƌĞŵĞŶƚĐŽŶƚƌĂĐƚƐ;ĂŶĚ ƐƵďĐŽŶƚƌĂĐƚƐͿ͕ĂŶĚ&ĞĚĞƌĂůĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞƐƵďũĞĐƚƚŽƚŚĞdƌĂŶƐƉĂƌĞŶĐǇĐƚ;ĂŶĚ ƐƵďĂǁĂƌĚƐͿ͖ĂŶĚ 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ďĞĂĐĐĞƉƚĞĚƌĞŐĂƌĚŝŶŐƚŚĞŐĞŶĐǇ^ĂĨĞƚǇWůĂŶĂŶĚŐŝǀĞŶƚǁŽǁĞĞŬƐƚŽƌĞǀŝĞǁƚŚĞĚŽĐƵŵĞŶƚĂŶĚ ƉƌŽǀŝĚĞĐŽŵŵĞŶƚƐ͘ _3DJH ϯ͘^ĂĨĞƚǇWĞƌĨŽƌŵĂŶĐĞdĂƌŐĞƚƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐdƌĂŶƐŝƚ ^ĂĨĞƚǇWĞƌĨŽƌŵĂŶĐĞ dĂƌŐĞƚƐ dŚĞďĞůŽǁƚĂƌŐĞƚƐĞƚƚŝŶŐŝƐďĂƐĞĚŽŶƚŚĞƌĞǀŝĞǁĂŶĚĂǀĞƌĂŐĞŽĨƚŚĞƉƌĞǀŝŽƵƐϯǇĞĂƌƐ͕ϮϬϮϰ͕ ϮϬϮϯ͕ϮϬϮϮ͕ǁŝƚŚĂŶĂĚũƵƐƚŵĞŶƚŽĨĂĚĞĐƌĞĂƐĞŝŶϭĨŽƌĞĂĐŚŵŽĚĞĨŽƌďŽƚŚŝŶũƵƌŝĞƐĂŶĚ ƐĂĨĞƚǇĞǀĞŶƚƐ͘dŚĞĂĚũƵƐƚŵĞŶƚƚŽƚŚĞƚĂƌŐĞƚƐƐƵƉƉŽƌƚƐZWd͛ƐƐĂĨĞƚǇƉŚŝůŽƐŽƉŚǇĨŽƌ ĐŽŶƚŝŶƵŽƵƐŝŵƉƌŽǀĞŵĞŶƚ͘ ^ĂĨĞƚǇ &ĂƚĂůŝƚŝĞƐ/ŶũƵƌŝĞƐ^ǇƐƚĞŵ ǀĞŶƚƐ;ƉĞƌ DŽĚĞŽĨ;ƉĞƌϭϬϬ;ƉĞƌϭϬϬ^ĂĨĞƚǇZĞůŝĂďŝůŝƚǇ ϭϬϬ dƌĂŶƐŝƚƚŚŽƵƐĂŶĚƚŚŽƵƐĂŶĚǀĞŶƚƐ;sZDͬ &ĂƚĂůŝƚŝĞƐ/ŶũƵƌŝĞƐ ƚŚŽƵƐĂŶĚ ^ĞƌǀŝĐĞsZDͿsZDͿ;ƚŽƚĂůͿĨĂŝůƵƌĞƐͿ ;ƚŽƚĂůͿ;ƚŽƚĂůͿ sZDͿ &ŝǆĞĚ ϬϬϭϬ͘ϬϲϲϭϱϬ͘ϯϯϳϭϯϳ͕ϵϴϴ ZŽƵƚĞƵƐ ͬ ϬϬϬϬ͘ϬϬϬϭϬ͘ϯϳϱϴϳ͕ϱϳϯ WĂƌĂƚƌĂŶƐŝƚ ƐƐĂƵůƚŽŶĂƚƌĂŶƐŝƚǁŽƌŬĞƌͬĚƌŝǀĞƌ ǌĞƌŽƚŽůĞƌĂŶĐĞ ZWdŚĂƐĨŽƌĂŶǇĂƐƐĂƵůƚƐŽŶƚƌĂŶƐŝƚǁŽƌŬĞƌƐͬĚƌŝǀĞƌƐ͘KŶϭϮͬϭͬϮϬϮϰZWdĐŽŶĚƵĐƚĞĚ ĂƐĂĨĞƚǇƌŝƐŬĂƐƐĞƐƐŵĞŶƚŝŶǁŚŝĐŚƚŚĞƐĂĨĞƚǇƌŝƐŬƌĂƚŝŶŐĨŽƌƚŚŝƐĐĂƚĞŐŽƌǇǁĂƐŐƌĞĞŶ͕ůŽǁƌŝƐŬŽĨ ŽĐĐƵƌƌŝŶŐ͕ĂŶĚůŽǁƐĞǀĞƌŝƚǇŽĨĐŽŶƐĞƋƵĞŶĐĞ͘^ĞǀĞƌĂůŵŝƚŝŐĂƚŝŶŐŵĞĂƐƵƌĞƐĂƌĞĂůƌĞĂĚǇŝŶƉůĂĐĞ͕ ;ƉƌŽƚĞĐƚŝǀĞďĂƌƌŝĞƌƐ͕ǀŝĚĞŽ;ĐĂŵĞƌĂΘƐŽƵŶĚͿ͕ƚǁŽͲǁĂǇƌĂĚŝŽĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ĂŐĞŶĐǇǁŽƌŬƐǁŝƚŚ ůŽĐĂůƉŽůŝĐĞ͕ŵŽŶƚŚůǇƐĂĨĞƚǇŵĞĞƚŝŶŐƐĂŶĚĚĞĨƵƐŝŶŐĐŽŶĨůŝĐƚƚƌĂŝŶŝŶŐͬƚĞĐŚŶŝƋƵĞƐͿ͘ /ĨĂǁŽƌŬĞƌͬĚƌŝǀĞƌĞǆƉĞƌŝĞŶĐĞĂŶĂƐƐĂƵůƚ͕ĂŶĞĂƌŵŝƐƐ͕ŽƌƵŶƐĂĨĞĂĐƚͬĐŽŶĚŝƚŝŽŶ͕ƚŚĞǇĂƌĞƚŽŝŵŵĞĚŝĂƚĞůǇ ƌĞƉŽƌƚƚŚĞŝŶĐŝĚĞŶƚƚŽŵĂŶĂŐĞŵĞŶƚĂŶĚĨŝůůŽƵƚĂŶŝŶĐŝĚĞŶƚƌĞƉŽƌƚ͘DĂŶĂŐĞŵĞŶƚǁŝůůƚĂŬĞĂƉƉƌŽƉƌŝĂƚĞ ĂĐƚŝŽŶƌĞŐĂƌĚŝŶŐ͗ĂŶŝŶǀĞƐƚŝŐĂƚŝŽŶ͕ƚŚĞĞŵƉůŽǇĞĞ͛ƐǁĞůůďĞŝŶŐĂŶĚƚŚĞĂƐƐĂŝůĂŶƚĂƐĂƉƉůŝĐĂďůĞ͘dŚĞƌĞ ŝƐĂŶŽƉĞŶͲĚŽŽƌƉŽůŝĐǇ͕ĂŶĚĞŵƉůŽǇĞĞƐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽƐƉĞĂŬƵƉƌĞŐĂƌĚŝŶŐĂŶǇĞǀĞŶƚ͕ĞŵƉůŽǇĞĞƐ ǁŝůůĨĂĐĞŶŽŶĞŐĂƚŝǀĞĂĐƚŝŽŶĨŽƌǀŽŝĐŝŶŐĂŶǇĐŽŶĐĞƌŶ͘ ZWddƌĂŶƐŝƚtŽƌŬĞƌƐƐĂƵůƚǀĞŶƚZĂƚĞƉĞƌϭϬϬ͕ϬϬϬsZD;ǀĞŚŝĐůĞƌĞǀĞŶƵĞŵŝůĞƐͿ ϮϬϮϰϮϬϮϯ &ŝǆĞĚƵƐZŽƵƚĞϬϬ͘Ϭϲϲϳ ͬWĂƌĂƚƌĂŶƐŝƚϬϬ _3DJH ^ĂĨĞƚǇWĞƌĨŽƌŵĂŶĐĞdĂƌŐĞƚŽŽƌĚŝŶĂƚŝŽŶ ZWd͛ƐŝƌĞĐƚŽƌƐŚĂƌĞƐZWd͛ƐƐĂĨĞƚǇƉĞƌĨŽƌŵĂŶĐĞƚĂƌŐĞƚƐǁŝƚŚƚŚĞZŽĐŚĞƐƚĞƌKůŵƐƚĞĚŽƵŶĐŝůŽĨ 'ŽǀĞƌŶŵĞŶƚƐ;ZKK'ͿĞĂĐŚǇĞĂƌĂĨƚĞƌŝƚƐĨŽƌŵĂůĂĚŽƉƚŝŽŶďǇƚŚĞZŽĐŚĞƐƚĞƌŝƚǇŽƵŶĐŝů͘ZWd͛Ɛ ĐĐŽƵŶƚĂďůĞǆĞĐƵƚŝǀĞĂůƐŽƉƌŽǀŝĚĞƐĂĐŽƉǇŽĨŽƵƌĨŽƌŵĂůůǇĂĚŽƉƚĞĚ^ĂĨĞƚǇWůĂŶƚŽDŝŶŶĞƐŽƚĂ͕ ĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ;DEKdͿ͘ZWdƉĞƌƐŽŶŶĞůĂƌĞĂǀĂŝůĂďůĞƚŽĐŽŽƌĚŝŶĂƚĞǁŝƚŚDEKd ĂŶĚƚŚĞZKK'ŝŶƚŚĞƐĞůĞĐƚŝŽŶŽĨDEKdĂŶĚZKK'ƐĂĨĞƚǇƉĞƌĨŽƌŵĂŶĐĞƚĂƌŐĞƚƐƵƉŽŶƌĞƋƵĞƐƚ͘ ^ƚĂƚĞŶƚŝƚǇEĂŵĞĂƚĞdĂƌŐĞƚƐdƌĂŶƐŵŝƚƚĞĚ dĂƌŐĞƚdƌĂŶƐŵŝƚƚĞĚƚŽ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ ƚŚĞ^ƚĂƚĞ dƌĂŶƐƉŽƌƚĂƚŝŽŶ DĞƚƌŽƉŽůŝƚĂŶ dĂƌŐĞƚƐdƌĂŶƐŵŝƚƚĞĚ ĂƚĞdĂƌŐĞƚƐdƌĂŶƐŵŝƚƚĞĚ WůĂŶŶŝŶŐ ƚŽƚŚĞDĞƚƌŽƉŽůŝƚĂŶ KƌŐĂŶŝǌĂƚŝŽŶEĂŵĞ WůĂŶŶŝŶŐKƌŐĂŶŝǌĂƚŝŽŶ ZŽĐŚĞƐƚĞƌKůŵƐƚĞĂĚŽƵŶĐŝůŽĨ 'ŽǀĞƌŶŵĞŶƚƐ _3DJH ϰ͘^ĂĨĞƚǇDĂŶĂŐĞŵĞŶƚWŽůŝĐǇ ^ĂĨĞƚǇDĂŶĂŐĞŵĞŶƚWŽůŝĐǇ^ƚĂƚĞŵĞŶƚ ^ĂĨĞƚǇŝƐƚŚĞŚŝŐŚĞƐƚƉƌŝŽƌŝƚǇƚŽZWd͘tĞďĞůŝĞǀĞƚŚĂƚǁŽƌŬŝŶŐƐĂĨĞůǇƉƌŽŵŽƚĞƐƋƵĂůŝƚǇ͕ƉƌŽĚƵĐƚŝǀŝƚǇ͕ ĂŶĚƉƌŽĨŝƚĂďŝůŝƚǇ͘WƌĞǀĞŶƚŝŽŶŽĨĐŽůůŝƐŝŽŶƐĂŶĚƉĞƌƐŽŶĂůŝŶũƵƌŝĞƐŝƐŽĨĐƌŝƚŝĐĂůŝŵƉŽƌƚĂŶĐĞƚŽĞǀĞƌǇŽŶĞ͘ tĞĂƌĞĐŽŵŵŝƚƚĞĚƚŽƉƌŽǀŝĚŝŶŐĂƐĂĨĞǁŽƌŬƉůĂĐĞ͕ƉƌŽƉĞƌƚƌĂŝŶŝŶŐ͕ƉƌŽƚĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚ͕ĂŶĚĂǁŽƌŬ ĞŶǀŝƌŽŶŵĞŶƚĐŽŶĚƵĐŝǀĞƚŽƐĂĨĞƉƌĂĐƚŝĐĞƐĂŶĚƉŽůŝĐŝĞƐ͘ ůůĞŵƉůŽǇĞĞƐĂƌĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƚŚĞŝƌĚƵƚŝĞƐƐĂĨĞůǇĂŶĚǁŝƚŚĐŽŶĐĞƌŶĨŽƌƚŚĞƐĂĨĞƚǇŽĨŽƵƌ ZWdĂŶĚdƌĂŶƐĚĞǀǁŝůůŶŽƚƉĞƌĨŽƌŵĂŶǇƐĞƌǀŝĐĞ͕ŶŽƌ ƉĂƐƐĞŶŐĞƌƐ͕ŽƚŚĞƌĞŵƉůŽǇĞĞƐĂŶĚƚŚĞƉƵďůŝĐ͘ ƚƌĂŶƐƉŽƌƚŽƌƵƐĞĂƉƌŽĚƵĐƚ͕ƵŶůĞƐƐŝƚĐĂŶďĞĚŽŶĞƐĂĨĞůǇ͘ ZWdĐŽŶƚƌĂĐƚƐǁŝƚŚdƌĂŶƐĚĞǀƚŽŽƉĞƌĂƚĞƚŚĞƐĞƌǀŝĐĞĂŶĚŵĂŝŶƚĂŝŶǀĞŚŝĐůĞƐ͘dŚĞǀĂƐƚŵĂũŽƌŝƚǇŽĨZWd͛Ɛ ǁŽƌŬĨŽƌĐĞĂƌĞĞŵƉůŽǇĞĞƐŽĨdƌĂŶƐĚĞǀĂŶĚƚŚĞƌĞĨŽƌĞƌĞĐĞŝǀĞƚƌĂŝŶŝŶŐ͕ŐƵŝĚĂŶĐĞĂŶĚĚŝƐĐŝƉůŝŶĞĨƌŽŵ dƌĂŶƐĚĞǀ͘ƐƐƵĐŚdƌĂŶƐĚĞǀ͛ƐƐĂĨĞƚǇůŝƚĞƌĂƚƵƌĞŵĂǇďĞƌĞĨĞƌĞŶĐĞĚǁŚĞŶĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂĐůĞĂƌ ŵĞƐƐĂŐĞ͘dƌĂŶƐĚĞǀŚĂƐƐƵďŵŝƚƚĞĚĂƐĞƉĂƌĂƚĞŐĞŶĐǇ^ĂĨĞƚǇWůĂŶ͘ ΎdƌĂŶƐĚĞǀĞŵƉůŽǇƐĂĐŽŵƉĂŶǇͲǁŝĚĞƐĂĨĞƚǇĐŽŶĐĞƉƚ͕ŶĞǁŚŝƌĞŽƌŝĞŶƚĂƚŝŽŶĂŶĚŵŽŶƚŚůǇƐĂĨĞƚǇ ŵĞĞƚŝŶŐƐĂƌĞŬĞǇƚŽƵĐŚƉŽŝŶƚƐĨŽƌƌĞŝŶĨŽƌĐŝŶŐƚŚĞƐĞĐŽŶĐĞƉƚƐ͘dŚĞŵĂŝŶƉƵƌƉŽƐĞŽĨƚŚĞƐĂĨĞƚǇ ĐŽŶĐĞƉƚƐŝƐƚŽƌĞĚƵĐĞĐŽůůŝƐŝŽŶƐĂŶĚŝŶũƵƌŝĞƐďǇŝŶĐƌĞĂƐŝŶŐĐŽŵŵƵŶŝĐĂƚŝŽŶďĞƚǁĞĞŶĞŵƉůŽǇĞĞƐĂŶĚ ŵĂŶĂŐĞƌƐĂďŽƵƚƐĂĨĞƚǇƌĞůĂƚĞĚŝƐƐƵĞƐ͘ƐƉĂƌƚŽĨƚŚŝƐƉƌŽĐĞƐƐ͕ĞŵƉůŽǇĞĞƐŽĨĂůůůĞǀĞůƐĂƌĞĞŶĐŽƵƌĂŐĞĚ ƚŽŝŶŝƚŝĂƚĞƌĞƉŽƌƚƐŽĨĂŶǇŶĞĂƌŵŝƐƐ͕ƌŽƵƚĞĂŶĚƐĞĐƵƌŝƚǇŚĂǌĂƌĚƐ͕ŽƌĂŶǇƵŶƐĂĨĞĐŽŶĚŝƚŝŽŶ͘tŚĞŶĂ ƌĞƉŽƌƚĂďŽƵƚƐĂĨĞƚǇŽƌƐĞĐƵƌŝƚǇĐŽŶĐĞƌŶŝƐĨŝůĞĚ͕ŝƚŝƐŝŶǀĞƐƚŝŐĂƚĞĚ͕ǁŚŝĐŚŝŶĐůƵĚĞƐĨŽůůŽǁͲƵƉǁŝƚŚƚŚĞ ƌĞƉŽƌƚŝŶŐĞŵƉůŽǇĞĞƌĞŐĂƌĚŝŶŐƚŚĞƌĞƐŽůƵƚŝŽŶŽĨƚŚĞƌĞƉŽƌƚ͘ ZWdĂŶĚͬŽƌdƌĂŶƐĚĞǀǁŝůůŶŽƚƌĞƚĂůŝĂƚĞĂŐĂŝŶƐƚŶŽƌŝŵƉŽƐĞĂŶǇŽƚŚĞƌĨŽƌŵŽĨƌĞƚƌŝďƵƚŝŽŶŽŶĂŶǇ ĞŵƉůŽǇĞĞďĞĐĂƵƐĞŽĨŚŝƐŽƌŚĞƌŐŽŽĚĨĂŝƚŚƌĞƉŽƌƚŝŶŐŽĨĂƐĂĨĞƚǇŝƐƐƵĞͬĐŽŶĐĞƌŶ͕ĂŶŽƚŚĞƌƉĞƌƐŽŶ͛Ɛ ƐƵƐƉĞĐƚĞĚǀŝŽůĂƚŝŽŶŽĨ&ŝƌƐƚdƌĂŶƐŝƚƉŽůŝĐŝĞƐŽƌŐƵŝĚĞůŝŶĞƐ͕ŽƌĂŶǇĂůůĞŐĞĚǀŝŽůĂƚŝŽŶƐŽĨĨĞĚĞƌĂů͕ƐƚĂƚĞŽƌ ůŽĐĂůůĂǁƐ͘ dŚĞƉƌŝŶĐŝƉůĞƐƉƌŽǀŝĚĞƚŚĞďĂƐŝĐƚƌƵƚŚƐĂŶĚĨƵŶĚĂŵĞŶƚĂůƐĂďŽƵƚǁŽƌŬŝŶŐƐĂĨĞůǇŝŶŽƵƌǁŽƌŬƉůĂĐĞ ĂŶĚŽŶŽƵƌǀĞŚŝĐůĞƐ͘ůůdƌĂŶƐĚĞǀĞŵƉůŽǇĞĞƐĂƌĞĞǆƉĞĐƚĞĚƚŽĂĚŽƉƚƚŚĞƐĞƉƌŝŶĐŝƉůĞƐĂŶĚƉƵƚƚŚĞŵ ŝŶƚŽƉƌĂĐƚŝĐĞ͘dŽŐĞƚŚĞƌĂƐĂĨĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚŝƐĐƌĞĂƚĞĚ͕ĨƌĞĞĨƌŽŵŝŶũƵƌǇƚŽĞĂĐŚŽƚŚĞƌĂŶĚŽƵƌ ƉĂƐƐĞŶŐĞƌƐ͘ /ĨĂŶĞŵƉůŽǇĞĞĨĞĞůƐƚŚĞǇĐĂŶŶŽƚƉĞƌĨŽƌŵĂƚĂƐŬƐĂĨĞůǇ͕ƚŚĞǇĚŽŶ͛ƚƉĞƌĨŽƌŵƚŚĞƚĂƐŬ͘ dŚĞĞŵƉůŽǇĞĞ ŚĂƐďĞĞŶƚƌĂŝŶĞĚĂŶĚĞŶĐŽƵƌĂŐĞĚƚŽƐƚŽƉǁŽƌŬĂŶĚŝŵŵĞĚŝĂƚĞůǇĂĚǀŝƐĞŵĂŶĂŐĞŵĞŶƚŽĨŝƐƐƵĞƐ ƉƌĞǀĞŶƚŝŶŐƚŚĞŵĨƌŽŵǁŽƌŬŝŶŐƐĂĨĞůǇĂŶĚǁŚĂƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽƉĞƌĨŽƌŵƚŚĞƚĂƐŬƐĂĨĞůǇ͘ dŚĞƐĂĨĞƚǇĐŽŶĐĞƉƚŝŶĐůƵĚĞƐ͗ WƌĞǀĞŶƚŝŶũƵƌǇƚŽŵǇƐĞůĨĂŶĚŽƚŚĞƌƐ͘ x RĞĂǁĂƌĞŽĨĂŶǇŚĂǌĂƌĚŽƵƐĐŽŶĚŝƚŝŽŶŽƌƉƌĂĐƚŝĐĞƚŚĂƚŵĂǇĐĂƵƐĞŝŶũƵƌǇƚŽƉĞŽƉůĞ͕ ĚĂŵĂŐĞƚŽƉƌŽƉĞƌƚǇ͕ŽƌƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ R hƐĞƚŚĞŵƉůŽǇĞĞ,ĂŶĚďŽŽŬƚŽƌĞĐŽƌĚĂŶĚƌĞƉŽƌƚ͘ WĞƌĨŽƌŵĂůůŶĞĐĞƐƐĂƌǇƐĂĨĞƚǇĐŚĞĐŬƐĂŶĚƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞǁŽƌŬĂƌĞĂĂŶĚũŽďƚŽ x ďĞƉĞƌĨŽƌŵĞĚďĞĨŽƌĞĂŶǇǁŽƌŬďĞŐŝŶƐ͘ ďĞĨŽƌĞ R^ƉĞĂŬƚŽŵĂŶĂŐĞŵĞŶƚǁŽƌŬŝƐƐƚĂƌƚĞĚŝĨƵŶƐƵƌĞŽĨƚŚĞƌĞƋƵŝƌĞĚƐĂĨĞƚǇ ĂŶĚƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐ͘ &ŽůůŽǁĂůůƐĂĨĞƚǇƉƌŽĐĞĚƵƌĞƐ͕ƐŝŐŶƐĂŶĚŝŶƐƚƌƵĐƚŝŽŶƐ͘ x R/ĨƚŚĞƐĞĂƌĞŶŽƚƵŶĚĞƌƐƚŽŽĚ͕ƐƉĞĂŬǁŝƚŚŵĂŶĂŐĞŵĞŶƚďĞĨŽƌĞǁŽƌŬďĞŐŝŶƐ͘ ůǁĂǇƐŬĞĞƉǁŽƌŬĂƌĞĂĐůĞĂŶĂŶĚƚŝĚǇ͘ x R hŶƚŝĚǇĂƌĞĂƐĐŽƵůĚĐĂƵƐĞŝŶũƵƌǇƚŽĞŵƉůŽǇĞĞƐŽƌƚŚĞŝƌĐŽůůĞĂŐƵĞƐĂŶĚǁĂƐƚĞ ƚŝŵĞĂŶĚĞŶĞƌŐǇ͘ tĞĂƌƉƌŽƚĞĐƚŝǀĞĐůŽƚŚŝŶŐĂŶĚĞƋƵŝƉŵĞŶƚ;WWͿĂƐƌĞƋƵŝƌĞĚ͘ x R<ĞĞƉWWŝŶŐŽŽĚǁŽƌŬŝŶŐŽƌĚĞƌ͕ǁĞĂƌŝƚĐŽƌƌĞĐƚůǇĂŶĚĂƐŬĨŽƌĂƌĞƉůĂĐĞŵĞŶƚŝĨŝƚ ďĞĐŽŵĞƐĚĂŵĂŐĞĚŽƌƵŶĨŝƚĨŽƌƵƐĞ͘ hƐĞŽŶůǇƚŚĞĐŽƌƌĞĐƚƚŽŽůƐĂŶĚĞƋƵŝƉŵĞŶƚĂƵƚŚŽƌŝǌĞĚĂŶĚƚƌĂŝŶĞĚƚŽƵƐĞĨŽƌƚŚĞũŽď͘ x RŚĞĐŬƚŚĂƚƚŚĞǇĂƌĞŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶďĞĨŽƌĞƵƐŝŶŐƚŚĞŵĂŶĚƵƐĞƚŚĞŵƐĂĨĞůǇ͘ KŶůǇĂĚũƵƐƚĂŶĚƌĞƉĂŝƌĂŶǇƉŝĞĐĞŽĨǁŽƌŬĞƋƵŝƉŵĞŶƚƚƌĂŝŶĞĚŽŶĂŶĚĂƵƚŚŽƌŝǌĞĚƚŽĚŽƐŽ͘ x R EĞǀĞƌŵŽĚŝĨǇĂŶǇĞƋƵŝƉŵĞŶƚƚŚĂƚĐŚĂŶŐĞƐƚŚĞĚĞƐŝŐŶĞĚƵƐĞŽĨƚŚĞĞƋƵŝƉŵĞŶƚ ŽƌĂůƚĞƌƐĂƐĂĨĞƚǇĨĞĂƚƵƌĞ͘ ƐƐĞƐƐĂŶǇůŽĂĚĂŶĚĐĂƉĂďŝůŝƚǇƚŽŵŽǀĞŝƚďĞĨŽƌĞůŝĨƚŝŶŐ͘ x R'ĞƚŚĞůƉǁŝƚŚĂŶǇŚĞĂǀǇŽƌĂǁŬǁĂƌĚŝƚĞŵƐĂŶĚĨŽůůŽǁƚŚĞĐŽƌƌĞĐƚůŝĨƚŝŶŐƚĞĐŚŶŝƋƵĞƐ͘ ZĞƉŽƌƚĂůůŝŶũƵƌŝĞƐ͕ŝŶĐŝĚĞŶƚƐĂŶĚŶĞĂƌŵŝƐƐĞƐƚŽŵĂŶĂŐĞŵĞŶƚ͘ x R^ĞĞŬŚĞůƉŝŵŵĞĚŝĂƚĞůǇĂŶĚĨŝƌƐƚĂŝĚ;ŝĨŶĞĐĞƐƐĂƌǇͿ͘ 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ĚŝƌĞĐƚƌĞƉŽƌƚ͘ ŶƐƵƌĞƐƚŚĂƚZWdΖƐ^D^ŝƐĞĨĨĞĐƚŝǀĞůǇŝŵƉůĞŵĞŶƚĞĚ͘ ŶƐƵƌĞĂĐƚŝŽŶŝƐƚĂŬĞŶƚŽĂĚĚƌĞƐƐƐƵďƐƚĂŶĚĂƌĚƉĞƌĨŽƌŵĂŶĐĞŝŶ ZWd͛Ɛ^D^͘ ƐƐƵŵĞƐƵůƚŝŵĂƚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌĐĂƌƌǇŝŶŐŽƵƚZWdΖƐ^WĂŶĚ ^D^͘ DĂŝŶƚĂŝŶƐƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌĐĂƌƌǇŝŶŐŽƵƚƚŚĞĂŐĞŶĐǇΖƐ dƌĂŶƐŝƚƐƐĞƚDĂŶĂŐĞŵĞŶƚWůĂŶ͘ dŝĨĨĂŶǇŶĚĞƌƐŽŶʹ>ŽĐĂƚŝŽŶ^ĂĨĞƚǇDĂŶĂŐĞƌ;dƌĂŶƐĚĞǀͿ dŚĞĐĐŽƵŶƚĂďůĞǆĞĐƵƚŝǀĞĚĞƐŝŐŶĂƚĞƐdƌĂŶƐĚĞǀ͛Ɛ^ĂĨĞƚǇDĂŶĂŐĞƌĂƐ ZWd͛Ɛ^ĂĨĞƚǇKĨĨŝĐĞƌ͘dŚĞ^ĂĨĞƚǇKĨĨŝĐĞƌŚĂƐƚŚĞĨŽůůŽǁŝŶŐĂƵƚŚŽƌŝƚŝĞƐ͕ ĂĐĐŽƵŶƚĂďŝůŝƚŝĞƐ͕ĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚŚŝƐƉůĂŶ͗ ŶƐƵƌĞĂŶĚŽǀĞƌƐĞĞĚĂǇͲƚŽͲĚĂǇŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚ ŽƉĞƌĂƚŝŽŶŽĨZWdΖƐ^D^͘ DĂŶĂŐĞƐZWd͛Ɛ^ZW͘ ŚĂŝƌƐƚŚĞ^ĂĨĞƚǇŽŵŵŝƚƚĞĞĂŶĚĐŽŽƌĚŝŶĂƚĞƐƚŚĞĂĐƚŝǀŝƚŝĞƐŽĨ ƚŚĞĐŽŵŵŝƚƚĞĞ͖ƐƚĂďůŝƐŚĞƐĂŶĚŵĂŝŶƚĂŝŶƐZWd͛Ɛ^ĂĨĞƚǇZŝƐŬ ^ĂĨĞƚǇDĂŶĂŐĞƌ;ŽŶƚƌĂĐƚŽƌͿ ZĞŐŝƐƚĞƌĂŶĚ^ĂĨĞƚǇǀĞŶƚ>ŽŐƚŽŵŽŶŝƚŽƌĂŶĚĂŶĂůǇǌĞƚƌĞŶĚƐŝŶ ŚĂǌĂƌĚƐ͕ŽĐĐƵƌƌĞŶĐĞƐ͕ŝŶĐŝĚĞŶƚƐ͕ĂŶĚĂĐĐŝĚĞŶƚƐ͖ĂŶĚŵĂŝŶƚĂŝŶƐĂŶĚ ĚŝƐƚƌŝďƵƚĞƐŵŝŶƵƚĞƐŽĨĐŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐƐ͘ ĚǀŝƐĞƐƚŚĞĐĐŽƵŶƚĂďůĞǆĞĐƵƚŝǀĞŽŶ^D^ƉƌŽŐƌĞƐƐĂŶĚƐƚĂƚƵƐ͘ /ĚĞŶƚŝĨŝĞƐƐƵďƐƚĂŶĚĂƌĚƉĞƌĨŽƌŵĂŶĐĞŝŶZWdΖƐ^D^ĂŶĚĚĞǀĞůŽƉƐ ĂĐƚŝŽŶƉůĂŶƐĨŽƌĂƉƉƌŽǀĂůďǇƚŚĞĐĐŽƵŶƚĂďůĞǆĞĐƵƚŝǀĞ͘ ŶƐƵƌĞƐZWdƉŽůŝĐŝĞƐĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚZWd͛ƐƐĂĨĞƚǇŽďũĞĐƚŝǀĞƐ͘ WƌŽǀŝĚĞƐ^ĂĨĞƚǇZŝƐŬDĂŶĂŐĞŵĞŶƚ;^ZDͿĞǆƉĞƌƚŝƐĞĂŶĚ ƐƵƉƉŽƌƚĨŽƌŽƚŚĞƌZWdƉĞƌƐŽŶŶĞůǁŚŽĐŽŶĚƵĐƚĂŶĚŽǀĞƌƐĞĞ ^ĂĨĞƚǇƐƐƵƌĂŶĐĞĂĐƚŝǀŝƚŝĞƐ͘dƌĂŶƐĚĞǀZĞƐŝĚĞŶƚDĂŶĂŐĞŵĞŶƚ dĞĂŵĂůƐŽŚĂǀĞĂƵƚŚŽƌŝƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌĚĂǇͲƚŽͲĚĂǇ ^D^ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚ ŽƉĞƌĂƚŝŽŶŽĨZWd͛Ɛ^D^ƵŶĚĞƌƚŚŝƐƉůĂŶ͘ _3DJH ŝƚǇŽĨZŽĐŚĞƐƚĞƌ^ƚĂĨĨ ŝƌĞĐƚŽƌŽĨdƌĂŶƐŝƚĂŶĚWĂƌŬŝŶŐ x ĂƚĂĂŶĚKƵƚĐŽŵĞƐ^ƉĞĐŝĂůŝƐƚ͗ZĞƉŽƌƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ x dƌĂŶ ƐŝƚĚŵŝŶŝƐƚƌĂƚŝǀĞDĂŶĂŐĞƌ͗ĞǀĞůŽƉƐZWd͛Ɛ^WĂŶĚ x ^D^ƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͘ WƵďůŝĐdƌĂŶƐŝƚDĂŶĂŐĞƌͲ^ĂĨĞƚǇ x dƌĂŶƐĚĞǀ͛ƐZĞƐŝĚĞŶƚDĂŶĂŐĞŵĞŶƚdĞĂŵ͗ ŽŵƉƌŝƐĞƐŽĨƚŚĞ >ŽĐĂƚŝŽŶ͗'ĞŶĞƌĂůDĂŶĂŐĞƌ͕KƉĞƌĂƚŝŽŶƐDĂŶĂŐĞƌ͕^ĂĨĞƚǇDĂŶĂŐĞƌ͕ <ĞǇ^ƚĂĨĨĂŶĚĐƚŝǀŝƚŝĞƐ ĂŶĚDĂŝŶƚĞŶĂŶĐĞDĂŶĂŐĞƌƚŽŚĞůƉĂĚĚƌĞƐƐƌĞŽĐĐƵƌƌŝŶŐƐĂĨĞƚǇĂŶĚ ŽƉĞƌĂƚŝŽŶƐŝƐƐƵĞƐĂŶĚĞǀĞŶƚƐ͘ ^ĞŶŝŽƌ^ƚĂĨĨDĞĞƚŝŶŐ͗ dŚĞƌĞĂƌĞďŝͲǁĞĞŬůǇŵĞĞƚŝŶŐƐǁŝƚŚƚŚĞ dƌĂŶƐŝƚZĞƐŝĚĞŶƚDĂŶĂŐĞŵĞŶƚdĞĂŵĂŶĚŝƚǇŽĨZŽĐŚĞƐƚĞƌdƌĂŶƐŝƚ ƐƚĂĨĨŝŶǁŚŝĐŚŶƵŵĞƌŽƵƐƚŽƉŝĐƐĂƌĞĂĚĚƌĞƐƐĞĚ͕ĨƌŽŵƌŽƵƚĞ ƐĐŚĞĚƵůĞƉůĂŶŶŝŶŐƚŽĞƋƵŝƉŵĞŶƚŽƌĚĞƌƐ͘dŚĞƐĞŵĞĞƚŝŶŐƐĂůƐŽ ĨƵŶĐƚŝŽŶĂƐĂƐĂĨĞƚǇĐŚĞĐŬͲŝŶǁŚĞŶĂŶǇƐĂĨĞƚǇŚĂǌĂƌĚƐĂƌĞƌĞƉŽƌƚĞĚ ƚŚĂƚŶĞĞĚƚŽďĞũŽŝŶƚůǇĞǀĂůƵĂƚĞĚ͘ ŵƉůŽǇĞĞ^ĂĨĞƚǇZĞƉŽƌƚŝŶŐWƌŽŐƌĂŵʹ WƌŽĐĞƐƐĂŶĚƉƌŽƚĞĐƚŝŽŶƐĨŽƌĞŵƉůŽǇĞĞƐƚŽƌĞƉŽƌƚƐĂĨĞƚǇĐŽŶĚŝƚŝŽŶƐ͕ĂŶĚĞŵƉůŽǇĞĞďĞŚĂǀŝŽƌƐƚŚĂƚŵĂǇ ƌĞƐƵůƚŝŶĚŝƐĐŝƉůŝŶĂƌǇĂĐƚŝŽŶ;ĂŶĚƚŚĞƌĞĨŽƌĞ͕ĂƌĞĞǆĐůƵĚĞĚĨƌŽŵƚŚĞƉƌŽƚĞĐƚŝŽŶͿ͘ ZWdŝƐĐŽŵŵŝƚƚĞĚƚŽĐŽŶĚƵĐƚŝŶŐďƵƐŝŶĞƐƐǁŝƚŚŚŽŶĞƐƚǇĂŶĚŝŶƚĞŐƌŝƚǇ͘ŵƉůŽǇĞĞƐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽ ƐƉĞĂŬƵƉĂŶĚƌĂŝƐĞƋƵĞƐƚŝŽŶƐĂŶĚĐŽŶĐĞƌŶƐƉƌŽŵƉƚůǇĂďŽƵƚĂŶǇƐŝƚƵĂƚŝŽŶƚŚĂƚŵĂǇǀŝŽůĂƚĞŽƵƌƐĂĨĞƚǇ ƉƌŽƚŽĐŽůƐ͕ƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͕ƚŚĞůĂǁƐ͕ƌƵůĞƐ͕ĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚŐŽǀĞƌŶŽƵƌďƵƐŝŶĞƐƐ ŽƉĞƌĂƚŝŽŶƐ͘ ŵƉůŽǇĞĞƐĂƌĞĞǆƉĞĐƚĞĚƚŽƚĞůůŽƚŚĞƌƐǁŚĞŶǁŝƚŶĞƐƐŝŶŐƵŶƐĂĨĞǁŽƌŬƉƌĂĐƚŝĐĞƐŽƌĐŽŶĚŝƚŝŽŶƐ͘ tŚĞŶĞŵƉůŽǇĞĞƐĂƌĞŶŽƚĐŽŵĨŽƌƚĂďůĞĚŝƐĐƵƐƐŝŶŐƚŚĞƐĞƵŶƐĂĨĞĐŽŶĚŝƚŝŽŶƐǁŝƚŚĨĞůůŽǁ ĞŵƉůŽǇĞĞƐ͕ƚŚĞǇĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽĚŝƐĐƵƐƐƚŚĞƐŝƚƵĂƚŝŽŶǁŝƚŚŵĂŶĂŐĞŵĞŶƚŽƌƌĞƉŽƌƚŝƚŝŶ ǁƌŝƚŝŶŐ͘ ,ŽǁĞǀĞƌ͕ǁŚĞƌĞƚŚĞŵĂƚƚĞƌŝƐŵŽƌĞƐĞƌŝŽƵƐ͕ŽƌƚŚĞĞŵƉůŽǇĞĞĨĞĞůƐƚŚĂƚŵĂŶĂŐĞŵĞŶƚŚĂƐŶŽƚ ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĐĞƌŶ͕ŽƌƚŚĞǇĂƌĞŶŽƚĐŽŵĨŽƌƚĂďůĞƌĞƉŽƌƚŝŶŐƚŽƚŚĞŝƌŝŵŵĞĚŝĂƚĞŵĂŶĂŐĞƌ͕ƚŚĞǇĐĂŶ ƌĞƉŽƌƚŝƚƚŽƚŚĞŶĞǆƚůĞǀĞůŵĂŶĂŐĞƌ͕ŽƌƚŚĞƌĞŐŝŽŶĂůƐĂĨĞƚǇŵĂŶĂŐĞƌŽƌƚŚĞŚƵŵĂŶƌĞƐŽƵƌĐĞƐŵĂŶĂŐĞƌ͘ ZĞƚĂůŝĂƚŝŽŶĂŐĂŝŶƐƚĂŶǇŽŶĞǁŚŽ͕ŝŶŐŽŽĚĨĂŝƚŚ͕ƌĞƉŽƌƚƐŽďƐĞƌǀĂƚŝŽŶƐŽĨƵŶƐĂĨĞŽƌŝůůĞŐĂůĂĐƚŝǀŝƚŝĞƐ͖Žƌ ǁŚŽĐŽŽƉĞƌĂƚĞƐŝŶĂŶǇŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨƐƵĐŚƌĞƉŽƌƚ͕ŝƐƐƚƌŝĐƚůǇƉƌŽŚŝďŝƚĞĚĂŶĚŝƐŶŽƚƚŽůĞƌĂƚĞĚ͕ ƌĞŐĂƌĚůĞƐƐŽĨƚŚĞŽƵƚĐŽŵĞŽĨƚŚĞĐŽŵƉůĂŝŶƚ͘ /ŶŽƚŚĞƌǁŽƌĚƐ͕ĞŵƉůŽǇĞĞƐĂƌĞƉƌŽƚĞĐƚĞĚĨŽƌƐƉĞĂŬŝŶŐƵƉŝŶŐŽŽĚĨĂŝƚŚƵŶĚĞƌƚŚŝƐWŽůŝĐǇ͘ŶǇ ŵĂŶĂŐĞƌ͕ŽƌĐŽͲǁŽƌŬĞƌǁŚŽƌĞƚĂůŝĂƚĞƐĂŐĂŝŶƐƚĂĐŽŵƉůĂŝŶŝŶŐĞŵƉůŽǇĞĞŽƌĂŶǇŽŶĞŝŶǀŽůǀĞĚŝŶĂŶ ŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨĂĐŽŵƉůĂŝŶƚŝƐƐƵďũĞĐƚƚŽĚŝƐĐŝƉůŝŶĞĂŶĚͬŽƌƚĞƌŵŝŶĂƚŝŽŶ͘ DĂŶĂŐĞƌƐĂƌĞĐŚĂƌŐĞĚǁŝƚŚĂƐƐƵƌŝŶŐƚŚĂƚƚŚĞǇĂŶĚƚŚĞŝƌƐƚĂĨĨĐŽŵƉůǇǁŝƚŚƚŚĞǁŚŝƐƚůĞďůŽǁĞƌ ƉƌŽƚĞĐƚŝŽŶƐĂŶĚƚŚĂƚŶŽƌĞƚĂůŝĂƚŝŽŶŽĐĐƵƌƐďĞĐĂƵƐĞŽĨĂƌĞƉŽƌƚĞĚƐĂĨĞƚǇƌĞůĂƚĞĚŝƐƐƵĞ͘ _3DJH ZĞƉŽƌƚŝŶŐKƉƚŝŽŶƐ ƚKZĂŶĚdƌĂŶƐĚĞǀƌĞƉŽƌƚŝŶŐƵŶƐĂĨĞƉƌĂĐƚŝĐĞƐ͕ƉŽůŝĐǇǀŝŽůĂƚŝŽŶƐ͕ǀŝŽůĂƚŝŽŶƐŽĨƚŚĞůĂǁ͕ĞƚĐ͘ŝƐ ĞŶĐŽƵƌĂŐĞĚ͕ĂŶĚŝŶŵĂŶǇŝŶƐƚĂŶĐĞƐƌĞƋƵŝƌĞĚ͕ŽĨĂůůĞŵƉůŽǇĞĞƐ͘dŚĞƉƌŝŵĂƌǇŐŽĂůŝƐƚŽďĞĂďůĞƚŽ ŝĚĞŶƚŝĨǇĂƌĞĂƐǁŚĞƌĞƌŝƐŬŽĨŝŶũƵƌǇƚŽƉĞƌƐŽŶŶĞůŽƌĐƵƐƚŽŵĞƌƐ͕ŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨƉƌŽƉĞƌƚǇŵĂǇĞǆŝƐƚ͖ ĂŶĚĚĞǀĞůŽƉŵĞĂƐƵƌĞƐƚŽŵŝƚŝŐĂƚĞƚŚŽƐĞƌŝƐŬƐ͘ hŶůĞƐƐƚŚĞĞŵƉůŽǇĞĞ͛ƐĂĐƚŝŽŶŽƌŝŶͲĂĐƚŝŽŶŝƐĞŐƌĞŐŝŽƵƐ͕ĚŝƐĐŝƉůŝŶĂƌǇĂĐƚŝŽŶŝƐŶŽƚǁĂƌƌĂŶƚĞĚ͘ ŵƉůŽǇĞĞƐƚŚĂƚĨĂŝůƚŽƌĞƉŽƌƚŵĂŶĚĂƚŽƌǇŝƚĞŵƐ͕ƐƵĐŚĂƐ͗ &ĂŝůƵƌĞƚŽƌĞƉŽƌƚĚĞĨĞĐƚŝǀĞĞƋƵŝƉŵĞŶƚ x &ĂŝůƵƌĞƚŽƌĞƉŽƌƚĂƐĂĨĞƚǇŚĂǌĂƌĚ x &ĂŝůƵƌĞƚŽƉƌŽĐƵƌĞŶĞĐĞƐƐĂƌǇŝŶĨŽƌŵĂƚŝŽŶĨŽƌĂŶĂĐĐŝĚĞŶƚƌĞƉŽƌƚŽƌ x ^ƵďŵŝƚƚŝŶŐĂŶŝŶĂĐĐƵƌĂƚĞŽƌŝŶĐŽŵƉůĞƚĞƌĞƉŽƌƚ x ƚŚĂƚĐŽƵůĚůĞĂĚƚŽƐĞƌŝŽƵƐŚĂƌŵ͕ĂƌĞƐƵďũĞĐƚĞĚƚŽƚŚĞĚŝƐĐŝƉůŝŶĂƌǇƉƌŽĐĞƐƐĚĞƐĐƌŝďĞĚůĂƚĞƌŝŶƚŚŝƐƐĞĐƚŝŽŶ͘ ƵƚǇƚŽZĞƉŽƌƚŽŶ>ĂǁŶĨŽƌĐĞŵĞŶƚĐƚŝŽŶƐ ŵƉůŽǇĞĞƐŽĨďŽƚŚKZĂŶĚdƌĂŶƐĚĞǀĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚĂŶǇĂƌƌĞƐƚƐ͕ŝŶĚŝĐƚŵĞŶƚƐŽƌĐŽŶǀŝĐƚŝŽŶƐ ƚŽƚŚĞŝƌŝŵŵĞĚŝĂƚĞŵĂŶĂŐĞƌŽƌ,ƵŵĂŶZĞƐŽƵƌĐĞƐŝŵŵĞĚŝĂƚĞůǇ͕ďƵƚŶŽůĂƚĞƌƚŚĂŶƉƌŝŽƌƚŽƚŚĞŶĞǆƚ ƐĐŚĞĚƵůĞĚǁŽƌŬƐŚŝĨƚ͕ƚŽƚŚĞĞǆƚĞŶƚƉĞƌŵŝƚƚĞĚďǇĂƉƉůŝĐĂďůĞůĂǁ͘/ĨƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐĂŶĚƚŚĞ ŽĨĨĞŶƐĞĐŚĂƌŐĞĚ͕ŝŶŽƵƌũƵĚŐŵĞŶƚ͕ƉƌĞƐĞŶƚĂƉŽƚĞŶƚŝĂůƌŝƐŬƚŽƚŚĞƐĂĨĞƚǇĂŶĚͬŽƌƐĞĐƵƌŝƚǇŽĨŽƵƌ ĐƵƐƚŽŵĞƌƐ͕ĞŵƉůŽǇĞĞƐ͕ƉƌĞŵŝƐĞƐĂŶĚͬŽƌƉƌŽƉĞƌƚǇ͕ƐƵĐŚĞǀĞŶƚƐŵĂǇƌĞƐƵůƚŝŶĚŝƐĐŝƉůŝŶĂƌǇŽƌŽƚŚĞƌ ĂƉƉƌŽƉƌŝĂƚĞĂĐƚŝŽŶƚŽƚŚĞĞǆƚĞŶƚƉĞƌŵŝƚƚĞĚďǇĂƉƉůŝĐĂďůĞůĂǁ͘ KƉĞƌĂƚŽƌƐĂŶĚƐĂĨĞƚǇƐĞŶƐŝƚŝǀĞĞŵƉůŽǇĞĞƐĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚĂůůƌŝǀŝŶŐhŶĚĞƌƚŚĞ/ŶĨůƵĞŶĐĞ;h/Ϳ ŽƌƌŝǀŝŶŐtŚŝůĞ/ŶƚŽǆŝĐĂƚĞĚ;t/ͿƌĞůĂƚĞĚĐŚĂƌŐĞƐ͕ǀĞŚŝĐƵůĂƌĐŽůůŝƐŝŽŶƐ͕ĂŶĚĂŶǇŵŽǀŝŶŐǀŝŽůĂƚŝŽŶ 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R&ĂŝůƵƌĞƚŽƉƌŽĐƵƌĞŶĞĐĞƐƐĂƌǇŝŶĨŽƌŵĂƚŝŽŶĨŽƌĂŶĂĐĐŝĚĞŶƚƌĞƉŽƌƚŽƌƐƵďŵŝƚƚŝŶŐĂŶŝŶĂĐĐƵƌĂƚĞ ŽƌŝŶĐŽŵƉůĞƚĞƌĞƉŽƌƚ R&ĂŝůƵƌĞƚŽƌĞƉŽƌƚůĂǁĞŶĨŽƌĐĞŵĞŶƚĂĐƚŝŽŶƐ WŽƐƚŝŶŐ͕ĐŝƌĐƵůĂƚŝŶŐŽƌĚŝƐƚƌŝďƵƚŝŶŐǁƌŝƚƚĞŶŽƌƉƌŝŶƚĞĚŵĂƚĞƌŝĂůĚƵƌŝŶŐǁŽƌŬŝŶŐƚŝŵĞƐĂŶĚŝŶǁŽƌŬŝŶŐĂƌĞĂƐ x &ĂŝůƵƌĞƚŽĂĚŚĞƌĞƚŽƚŚĞŽŵƉĂŶǇZĞǀĞƌƐĞWĂƌŬŝŶŐƉŽůŝĐǇĨŽƌŽŵƉĂŶǇǀĞŚŝĐůĞƐĂŶĚƉĞƌƐŽŶĂůǀĞŚŝĐůĞƐ x hƐĞŽĨĂŽŵƉĂŶǇͲŽǁŶĞĚƌĂĚŝŽŽƌĐĞůůƉŚŽŶĞĨŽƌŶŽŶͲŽŵƉĂŶǇďƵƐŝŶĞƐƐĚƵƌŝŶŐǁŽƌŬŝŶŐƚŝŵĞ x _3DJH &ĂŝůƵƌĞŽĨĂŶǇKƉĞƌĂƚŽƌƚŽŚĂǀĞŝŶŚŝƐŽƌŚĞƌƉŽƐƐĞƐƐŝŽŶĂǀĂůŝĚ͕ĂƉƉƌŽƉƌŝĂƚĞĚƌŝǀĞƌ͛ƐůŝĐĞŶƐĞǁŝƚŚ x ƌĞƋƵŝƌĞĚĞŶĚŽƌƐĞŵĞŶƚƐĂŶĚĂŵĞĚŝĐĂůĐĞƌƚŝĨŝĐĂƚĞǁŚŝůĞĚƌŝǀŝŶŐĂŽŵƉĂŶǇǀĞŚŝĐůĞ ůĂƐƐϰ/ŶĨƌĂĐƚŝŽŶƐ ǆĂŵƉůĞƐŽĨ͕ĐŽŶƐŝĚĞƌĞĚƚŽďĞůĞƐƐĞƌǀŝŽůĂƚŝŽŶƐŽĨƚŚĞ&ŝƌƐƚdƌĂŶƐŝƚƉĞƌĨŽƌŵĂŶĐĞĐŽĚĞƚŚĂƚŵĂǇ ƌĞƐƵůƚŝŶĚŝƐĐŝƉůŝŶĂƌǇĂĐƚŝŽŶĚĞƉĞŶĚŝŶŐŽŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐŽƌƌĞƉĞĂƚĞĚǀŝŽůĂƚŝŽŶƐ͕ŝŶĐůƵĚĞ͗ &ĂŝůƵƌĞƚŽĐŽŵƉůǇǁŝƚŚƚŚĞĚƌĞƐƐĐŽĚĞ͕ƵŶŝĨŽƌŵƉŽůŝĐǇ͕ĐůĞĂŶůŝŶĞƐƐ͕ƉĞƌƐŽŶĂůŚǇŐŝĞŶĞ͕ƉĞƌƐŽŶĂůŐƌŽŽŵŝŶŐ x ŚĂďŝƚƐ͕ŽƌŽƚŚĞƌƌĞƋƵŝƌĞŵĞŶƚƐĞƐƚĂďůŝƐŚĞĚďǇƚŚĞĐůŝĞŶƚŽƌŽŵƉĂŶǇ ZĞƉŽƌƚŝŶŐĨŽƌĚƵƚǇŝŶĂŶŝŵƉƌŽƉĞƌƵŶŝĨŽƌŵ͕ƉƌĞƐĞŶƚŝŶŐĂŶƵŶƚŝĚǇ͕ƵŶŬĞŵƉƚŽƌĚŝƌƚǇĂƉƉĞĂƌĂŶĐĞŽĨƉĞƌƐŽŶŽƌ x ƵŶŝĨŽƌŵ͕ŽƌŝŵƉƌŽƉĞƌůǇĚŝƐƉůĂǇŝŶŐƵŶŝĨŽƌŵĂƌƚŝĐůĞƐ͕ŽŵƉĂŶǇĞŵďůĞŵ͕ŽƌĂƵƚŚŽƌŝǌĞĚƉŝŶƐĂŶĚďĂĚŐĞƐ WĂƌŬŝŶŐĂƉĞƌƐŽŶĂůǀĞŚŝĐůĞŝŶĂƌĞƐƚƌŝĐƚĞĚĂƌĞĂĂƚĂŽŵƉĂŶǇůŽĐĂƚŝŽŶ x EĞŐůĞĐƚŽĨũŽďĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕ŽƌůĂĐŬŽĨĂƉƉůŝĐĂƚŝŽŶŽƌĞĨĨŽƌƚŽŶƚŚĞũŽď x /ŶĐŽŵƉĞƚĞŶĐĞŽƌĨĂŝůƵƌĞƚŽŵĞĞƚƌĞĂƐŽŶĂďůĞƐƚĂŶĚĂƌĚƐŽĨĞĨĨŝĐŝĞŶĐǇŽƌĞĨĨĞĐƚŝǀĞŶĞƐƐ x &ĂŝůƵƌĞƚŽƉƌŽǀŝĚĞ&ŝƌƐƚdƌĂŶƐŝƚǁŝƚŚĂĐƵƌƌĞŶƚĂĚĚƌĞƐƐŽƌƚĞůĞƉŚŽŶĞŶƵŵďĞƌ x &ĂŝůƵƌĞƚŽŝŶĨŽƌŵ&ŝƌƐƚdƌĂŶƐŝƚŽĨĐŚĂŶŐĞƐŝŶƐƚĂƚƵƐŽĨĚĞƉĞŶĚĞŶƚƐĨŽƌŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞ x >ŝƚƚĞƌŝŶŐƚŚĞĞŵƉůŽǇĞĞůŽƵŶŐĞĂƌĞĂ͕ƌĞƐƚƌŽŽŵƐ͕ŽƌĂŶǇŽƚŚĞƌĐŽŵƉĂŶǇƉƌŽƉĞƌƚǇ x &ĂŝůƵƌĞƚŽƌĞĂĚŶŽƚŝĐĞƐĂŶĚďƵůůĞƚŝŶƐĂŶĚŶŽƚŵĂŬŝŶŐĂŶĞĨĨŽƌƚƚŽƐƚĂǇŝŶĨŽƌŵĞĚ x ƉƉůǇŝŶŐŝƐĐŝƉůŝŶĂƌǇĐƚŝŽŶƐ ůƚŚŽƵŐŚĞŵƉůŽǇŵĞŶƚŵĂǇďĞƚĞƌŵŝŶĂƚĞĚĂƚͲǁŝůůďǇĞŝƚŚĞƌƚŚĞĞŵƉůŽǇĞĞŽƌ&ŝƌƐƚdƌĂŶƐŝƚĂƚĂŶǇƚŝŵĞŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞůĂǁ͕ǁŝƚŚŽƵƚĨŽůůŽǁŝŶŐĂŶǇĨŽƌŵĂůƐǇƐƚĞŵŽĨĚŝƐĐŝƉůŝŶĞŽƌǁĂƌŶŝŶŐ͕&ŝƌƐƚdƌĂŶƐŝƚ ŵĂǇĞǆĞƌĐŝƐĞĚŝƐĐƌĞƚŝŽŶƚŽƵƚŝůŝǌĞĨŽƌŵƐŽĨĚŝƐĐŝƉůŝŶĞƚŚĂƚĂƌĞůĞƐƐƐĞǀĞƌĞƚŚĂŶƚĞƌŵŝŶĂƚŝŽŶ͘ tŚĞŶĞǀĞƌĂŶĞŵƉůŽǇĞĞŝƐƐƵďũĞĐƚƚŽĚŝƐĐŝƉůŝŶĞ͕ƚŚĞĞŵƉůŽǇĞĞ͛ƐǁŽƌŬƌĞĐŽƌĚ͕ŝŶĐůƵĚŝŶŐǀŝŽůĂƚŝŽŶƐŽĐĐƵƌƌŝŶŐŝŶ 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ǇĂƌĚƐŽƌŽŶƌŽĂĚĐĂůůƐĐŽŵƉůĞƚĞĂƌŝƐŬĂƐƐĞƐƐŵĞŶƚƵƐŝŶŐ ƐƐĞƐƐŵĞŶƚ&Žƌŵ ƉƌŝŽƌƚŽƉĞƌĨŽƌŵŝŶŐĂŶǇǁŽƌŬŽŶĂǀĞŚŝĐůĞ͘ ^KWηϱϬϯʹsĞŚŝĐůĞDĂŝŶƚĞŶĂŶĐĞZŝƐŬƐƐĞƐƐŵĞŶƚ R dŚĞZŝƐŬƐƐĞƐƐŵĞŶƚƉƌŽĐĞƐƐ͕͕ƌĞƋƵŝƌĞƐ ĞŵƉůŽǇĞĞƐĂďŽƵƚƚŽƉĞƌĨŽƌŵĂŵĂŝŶƚĞŶĂŶĐĞƚĂƐŬƚŽĐŽŶĨŝƌŵƚŚĞǇƉŽƐƐĞƐƐƚŚĞƚƌĂŝŶŝŶŐ͕ƐŬŝůůƐ͕ ŬŶŽǁůĞĚŐĞ͕ĂďŝůŝƚŝĞƐ͕ƚŽŽůƐ͕ĂŶĚĞƋƵŝƉŵĞŶƚƚŽƐĂĨĞůǇƉĞƌĨŽƌŵƚŚĞƚĂƐŬĂƚŚĂŶĚ͘dŚĞĂƐƐĞƐƐŵĞŶƚ ŝŶĐůƵĚĞƐĚĞƚĞƌŵŝŶŝŶŐƚŚĞĨŽůůŽǁŝŶŐ͘ ƌĞzŽƵWƌŽƉĞƌůǇdƌĂŝŶĞĚƚŽWĞƌĨŽƌŵƚŚĞdĂƐŬ͍ /ĨdĂƐŬZĞƋƵŝƌĞƐ>ŝĨƚŝŶŐ͕ƌĞ>ŝĨƚƐ^ĞĐƵƌĞĚ͕ƌĞ:ĂĐŬ^ƚĂŶĚƐhƐĞĚŽƌƌĞĐƚůǇ͍ ƌĞzŽƵtĞĂƌŝŶŐƚŚĞƉƉƌŽƉƌŝĂƚĞWĞƌƐŽŶĂůWƌŽƚĞĐƚŝǀĞƋƵŝƉŵĞŶƚ;WWͿ͍ ,ĂǀĞzŽƵWĞƌĨŽƌŵĞĚƚŚĞWƌŽƉĞƌ>ŽĐŬͲKƵƚͬdĂŐͲKƵƚ;>KdKͿƉƌŽĐĞĚƵƌĞƐ͍ ƌĞzŽƵǁĂƌĞŽĨƚŚĞWŽƚĞŶƚŝĂůZŝƐŬƐŽĨWĞƌĨŽƌŵŝŶŐƚŚŝƐZĞƉĂŝƌ͍ R/ĨƚŚĞĂŶƐǁĞƌŝƐ͞EK͟ƚŽĂŶǇŽĨƚŚĞĂďŽǀĞĂƐƐĞƐƐŵĞŶƚƐƚŚĞƚĞĐŚŶŝĐŝĂŶŝƐƚŽŝŵŵĞĚŝĂƚĞůǇ ĐŽŶƚĂĐƚƚŚĞŝƌŵĂŶĂŐĞƌ͘ WƌĞͲ^ƵƌǀĞǇ:Žď,ĂǌĂƌĚŶĂůǇƐŝƐ x ^KWηϱϬϯďʹ R WƌŝŽƌƚŽďĞŐŝŶŶŝŶŐĂũŽďŚĂǌĂƌĚĂŶĂůǇƐŝƐ͕ĂƉƌĞͲƐƵƌǀĞǇŽĨƚŚĞǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶƐ͕ƵƐŝŶŐ WƌĞͲ^ƵƌǀĞǇ:Žď,ĂǌĂƌĚŶĂůǇƐŝƐ&Žƌŵ ͕ƵŶĚĞƌǁŚŝĐŚƚŚĞũŽďŝƐƉĞƌĨŽƌŵĞĚŝƐĐŽŶĚƵĐƚĞĚƚŽĞǀĂůƵĂƚĞ ƚŚĞŐĞŶĞƌĂůĐŽŶĚŝƚŝŽŶƐ͘ĨĞǁŽĨƚŚĞƉŽƚĞŶƚŝĂůŚĂǌĂƌĚƐďĞŝŶŐĐŽŶƐŝĚĞƌĞĚŝŶĐůƵĚĞ͗ ƌĞƚŚĞƌĞƚƌŝƉƉŝŶŐŚĂǌĂƌĚƐŝŶƚŚĞũŽďǀŝĐŝŶŝƚǇ͍ /ƐƚŚĞůŝŐŚƚŝŶŐĂĚĞƋƵĂƚĞĨŽƌǁŽƌŬĐŽŶĚŝƚŝŽŶƐ͍ ƌĞƚŚĞƌĞĞǆƉůŽƐŝǀĞŚĂǌĂƌĚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞũŽď͍ ƌĞƚŚĞƌĞĞůĞĐƚƌŝĐĂůŚĂǌĂƌĚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞũŽď͍ ƌĞƚŽŽůƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞũŽďŝŶŐŽŽĚĐŽŶĚŝƚŝŽŶ͍ /ƐƚŚĞŶŽŝƐĞůĞǀĞůĞǆĐĞƐƐŝǀĞ;ďĞůŽǁϴϱͲĚďĂͿ͍ &ĂĐŝůŝƚǇWĂƌŬŝŶŐZŝƐŬDĂŶĂŐĞŵĞŶƚƐƐĞƐƐŵĞŶƚ R/ŶĂĚĞƋƵĂƚĞƚƵƌŶŝŶŐĂƌĞĂƐ͕ďůŝŶĚĐŽƌŶĞƌƐ͕ƵŶĞǀĞŶǁĂůŬŝŶŐƐƵƌĨĂĐĞƐĐĂŶĂůůĐĂƵƐĞĐŽůůŝƐŝŽŶƐŽƌ ^KWηϱϬϭͲ&ĂĐŝůŝƚǇWĂƌŬŝŶŐZŝƐŬƐƐĞƐƐŵĞŶƚ ĞŵƉůŽǇĞĞŝŶũƵƌǇŝŶƉĂƌŬŝŶŐĂƌĞĂƐ͘ǁŝůůŚĞůƉŝĚĞŶƚŝĨǇ ĂŶĚƉƌĞǀĞŶƚƚŚĞƐĞƚǇƉĞƐŽĨĐŽůůŝƐŝŽŶƐĨŽƌďŽƚŚďƵƐĞƐĂŶĚƉĞƌƐŽŶĂůǀĞŚŝĐůĞƐ͘ R dŚĞ>ŽĐĂƚŝŽŶDĂŶĂŐĞƌŵƵƐƚĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ^KW͘ R dŚĞƌŝƐŬŽĨĞĂĐŚĨĂĐŝůŝƚǇŝƐĂƐƐĞƐƐĞĚĂƐĨŽůůŽǁƐ͗ ŶŶƵĂůůǇ hŶƐĐŚĞĚƵůĞĚʹtŚĞŶĞǀĞƌĂƐŝŐŶŝĨŝĐĂŶƚǀĞŚŝĐůĞĐŽůůŝƐŝŽŶŽƌĂƉĞĚĞƐƚƌŝĂŶƐƚƌŝŬĞŽĐĐƵƌƐŝŶƚŚĞ ďƵƐǇĂƌĚŽƌŽŶĐŽŵƉĂŶǇƉƌĞŵŝƐĞƐ ^ƚĂƌƚͲƵƉůŽĐĂƚŝŽŶƐʹĞĨŽƌĞŽƉĞƌĂƚŝŶŐŽƵƚŽĨƚŚĞŶĞǁůŽĐĂƚŝŽŶ͘ ^KWηϱϬϭĂʹ&ĂĐŝůŝƚǇWĂƌŬŝŶŐZŝƐŬƐƐĞƐƐŵĞŶƚ'ƵŝĚĞ ͕ĂŶĚ ^KWηϱϬϭďʹ&ĂĐŝůŝƚǇWĂƌŬŝŶŐZŝƐŬƐƐĞƐƐŵĞŶƚ&Žƌŵ ĂƌĞƚŽŽůƐƚŽŚĞůƉǁŝƚŚƚŚŝƐ ĂƐƐĞƐƐŵĞŶƚ͘ ĐĐŝĚĞŶƚͬ/ŶĐŝĚĞŶƚ,ĂǌĂƌĚ/ĚĞŶƚŝĨŝĐĂƚŝŽŶ WƌŽĐĞĚƵƌĞƐĞǆŝƐƚĂŶĚĂƌĞĨŽůůŽǁĞĚƌĞŐĂƌĚŝŶŐƌĞƐŽůƵƚŝŽŶŽĨĂĐĐŝĚĞŶƚƐĂŶĚŝŶĐŝĚĞŶƚƐĂŶĚĐĂƉƚƵƌŝŶŐĚĂƚĂ͘ůƚŚŽƵŐŚ ƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶŝƐƵƐĞĚƉƌŽĂĐƚŝǀĞůǇ͕&ŝƌƐƚdƌĂŶƐŝƚƚĂŬĞƐĂĚǀĂŶƚĂŐĞŽĨƚŚĞƐĞŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĚĞƚĞƌŵŝŶĞŝĨĂŶǇ ŚĂǌĂƌĚƐĞǆŝƐƚĞĚƚŚĂƚŵĂǇŚĂǀĞĐŽŶƚƌŝďƵƚĞĚƚŽƚŚĞĂĐĐŝĚĞŶƚŽƌŝŶĐŝĚĞŶƚĂŶĚĚĞǀĞůŽƉŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐƚŽƌĞĚƵĐĞ ƚŚĞƌŝƐŬŽĨĂƌĞĐƵƌƌĞŶĐĞ͘ dŚĞƌĞĂƌĞĨŝǀĞ;ϱͿŵĂŝŶĂƌĞĂƐƌĞǀŝĞǁĞĚŝŶƚŚŝƐ,ĂǌĂƌĚ/ĚĞŶƚŝĨŝĐĂƚŝŽŶƉƌŽĐĞƐƐ͗ ŶǀŝƌŽŶŵĞŶƚ D tĞĂƚŚĞƌ E ZŽĂĚ^ƵƌĨĂĐĞŽŶĚŝƚŝŽŶ Đ͘sŝƐŝďŝůŝƚǇ dƌĂŶƐŝƚ^ĞƌǀŝĐĞŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚŐĞŶĐǇWŽůŝĐŝĞƐ D /ŶĐĞŶƚŝǀĞƐĨŽƌ^ĂĨĞƌŝǀŝŶŐ E ƋƵŝƉŵĞŶƚDĂŝŶƚĞŶĂŶĐĞWŽůŝĐŝĞƐ F ^ƚŽƉ/ŶƚĞƌǀĂůƐ G ZŽƵƚĞĞƐŝŐŶ H ƌŝǀĞƌ^ĐŚĞĚƵůŝŶŐ I WĂƐƐĞŶŐĞƌĞŵĂŶĚ^ĐŚĞĚƵůĞƐ KƉĞƌĂƚŽƌ D ǆƉĞƌŝĞŶĐĞ E WŚǇƐŝĐĂůďŝůŝƚǇ F WĞƌƐŽŶĂůŝƚǇ G WƐǇĐŚŽůŽŐŝĐĂůŽŶĚŝƚŝŽŶ H WŚǇƐŝĐĂůŽŶĚŝƚŝŽŶ ZŽĂĚ>ĂǇŽƵƚ D tŝĚƚŚ E ^ƉĞĞĚ>ŝŵŝƚ F 'ĞŽŵĞƚƌŝĐĞƐŝŐŶ G dƌĂĨĨŝĐsŽůƵŵĞ H ĂƉĂĐŝƚǇ I WĂƌŬŝŶŐ J ĚũĂĐĞŶƚ>ĂŶĞhƐĞ K ^ƚƌĞĞƚ>ŝŐŚƚŝŶŐ L WĞĚĞƐƚƌŝĂŶsŽůƵŵĞ ,ĂǌĂƌĚ/ĚĞŶƚŝĨŝĐĂƚŝŽŶʹĐĐŝĚĞŶƚWƌĞǀĞŶƚŝŽŶͬZĞƐŽůƵƚŝŽŶ ϭƐƚ͗/ĚĞŶƚŝĨǇƚŚĞ,ĂǌĂƌĚ ϮŶĚ͗ZĞŵŽǀĞƚŚĞ,ĂǌĂƌĚ 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tŚĞƌĞŝƚŝƐŝŵƉŽƐƐŝďůĞƚŽƌĞĂƐŽŶĂďůǇĞůŝŵŝŶĂƚĞŽƌĂĚĞƋƵĂƚĞůǇĐŽŶƚƌŽůĂŚĂǌĂƌĚƚŚƌŽƵŐŚĚĞƐŝŐŶŽƌƚŚĞƵƐĞ ŽĨƐĂĨĞƚǇĂŶĚǁĂƌŶŝŶŐĚĞǀŝĐĞƐ͕ƉƌŽĐĞĚƵƌĞƐĂŶĚƚƌĂŝŶŝŶŐĂƌĞƵƐĞĚƚŽĐŽŶƚƌŽůƚŚĞŚĂǌĂƌĚ͘ WƌĞĐĂƵƚŝŽŶĂƌǇŶŽƚĂƚŝŽŶŝƐƐƚĂŶĚĂƌĚŝǌĞĚ͕ĂŶĚƐĂĨĞƚǇͲĐƌŝƚŝĐĂůŝƐƐƵĞƐƌĞƋƵŝƌĞƚƌĂŝŶŝŶŐĂŶĚĐĞƌƚŝĨŝĐĂƚŝŽŶŽĨ ƉĞƌƐŽŶŶĞů ĚĚŝƚŝŽŶĂůĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ƐƵĐŚĂƐĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶƉůĂŶƐ͕ĂƌĞĚĞǀĞůŽƉĞĚĨŽƌƚŚŽƐĞŚĂǌĂƌĚƐƌĞƋƵŝƌŝŶŐĐŽŵƉůĞǆĂŶĚ ŵƵůƚŝĨĂĐĞƚĞĚƌĞƐŽůƵƚŝŽŶƐ͘ _3DJH _3DJH ŽŵŵĞŶĚĂƚŝŽŶ͘ RƌĞƉŽƌƚŽĨĐŽŵŵĞŶĚĂďůĞƐĂĨĞƚǇĂĐƚŝŽŶƐͬĐŽŶĚƵĐƚƉĞƌĨŽƌŵĞĚďǇĂĐŽůůĞĂŐƵĞǁŝƚŚŝŶ ƚŚĞďƵƐŝŶĞƐƐ͘ ^ĂĨĞƚǇŝƐƐƵĞƐ͘ RƌĞƉŽƌƚŽŶĂŶǇƐĂĨĞƚǇŝƐƐƵĞƚŚĂƚŚĂƐĂƐƉĞĐŝĨŝĐĐĂƵƐĞʹŝ͘Ğ͘ŵĂŝŶƚĞŶĂŶĐĞ͕ ŚŽƵƐĞŬĞĞƉŝŶŐ͕ĞŶǀŝƌŽŶŵĞŶƚĂŶĚďĞŚĂǀŝŽƌĞƚĐ͘ ^ĂĨĞƚǇ>ĞĂĚĞƌƐŚŝƉĐƚŝǀŝƚŝĞƐ;Ğ͘Ő͘WĂƌƚŝĐŝƉĂƚĞŝŶƐĂĨĞƚǇŵĞĞƚŝŶŐƐ͕ƌŝƐŬĂƐƐĞƐƐŵĞŶƚ͕ƐĞĐƚŝŽŶ x ŽďƐĞƌǀĂƚŝŽŶͿ WĂƌƚŝĐŝƉĂƚŝŽŶŝŶĂ^ĂĨĞƚǇŵĞĞƚŝŶŐ͘ RĐƚŝǀĞůǇůĞĂĚŝŶŐŽƌƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞůŽĐĂƚŝŽŶŝŶͲƐĞƌǀŝĐĞƐĂĨĞƚǇ ŵĞĞƚŝŶŐ͘ /ŶƚĞƌƐĞĐƚŝŽŶŽďƐĞƌǀĂƚŝŽŶŽƌƌŝƐŬĂƐƐĞƐƐŵĞŶƚ͘ R ZŝƐŬĂƐƐĞƐƐŵĞŶƚŽƌĚƌŝǀĞƌŽďƐĞƌǀĂƚŝŽŶƐĐŽŶĚƵĐƚĞĚ ĂƚŶĞĂƌďǇŝŶƚĞƌƐĞĐƚŝŽŶƐ͕ĂŶĚĚĞůŝǀĞƌǇŽĨƉŽƐŝƚŝǀĞƌĞŝŶĨŽƌĐĞŵĞŶƚŽƌĐŽĂĐŚŝŶŐĂƐŝŶĚŝĐĂƚĞĚ͘ WůĂŶŶĞĚŐĞŶĞƌĂůŝŶƐƉĞĐƚŝŽŶƐ͘ 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ŝƐƉĂƚĐŚĞƌŽŶƵƚǇĐĐŝĚĞŶƚ/ŶǀĞƐƚŝŐĂƚŝŽŶZĞƐƉŽŶƐŝďŝůŝƚǇ x ^KWηϳϬϬ ĂůƐŽĚĞƐĐƌŝďĞƐƚŚĞKƉĞƌĂƚŽƌƐĂŶĚƚŚĞŝƐƉĂƚĐŚĞƌƐ͛ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƉƌŽƚĞĐƚŝŶŐƚŚĞĐƵƐƚŽŵĞƌƐĂŶĚ ŵĂŶĂŐŝŶŐƚŚĞƐĐĞŶĞ͘ ^KWηϳϬϮʹĐĐŝĚĞŶƚZĞǀŝĞǁŽŵŵŝƚƚĞĞ^KWηϴϬϯʹ^ĂĨĞƚǇ^ŽůƵƚŝŽŶƐdĞĂŵ dŚĞŐƌŽƵƉƐĚĞƐĐƌŝďĞĚŝŶ;ZͿ͕ĂŶĚ ;^^dͿ͕ƌĞǀŝĞǁƚŚĞĚĂƚĂĐŽůůĞĐƚĞĚƚŽĚĞƚĞƌŵŝŶĞŝĨƚŚĞĂĐĐŝĚĞŶƚͬŝŶĐŝĚĞŶƚǁĂƐƉƌĞǀĞŶƚĂďůĞŽƌŶŽŶͲƉƌĞǀĞŶƚĂďůĞ͕;ZͿ͖ ĂŶĚŝĚĞŶƚŝĨǇŵĞĂƐƵƌĞƐƚŽƌĞĚƵĐĞƚŚĞƌŝƐŬŽĨƚŚĞĂĐĐŝĚĞŶƚͬŝŶĐŝĚĞŶƚŽĐĐƵƌƌŝŶŐŝŶƚŚĞ ĨƵƚƵƌĞ;^^dͿ͘ ĞƐĐƌŝďĞĂĐƚŝǀŝƚŝĞƐƚŽŵŽŶŝƚŽƌŝŶĨŽƌŵĂƚŝŽŶƌĞƉŽƌƚĞĚƚŚƌŽƵŐŚŝŶƚĞƌŶĂůƐĂĨĞƚǇƌĞƉŽƌƚŝŶŐƉƌŽŐƌĂŵƐ͘ _3DJH ZŝƐŬͬ^ĂĨĞƚǇĂƚĂ&ůŽǁ tĞĞŬůǇĂƚĂZĞǀŝĞǁ /ŶĨŽƌŵĂƚŝŽŶdŚŝƌĚWĂƌƚǇ >ŽĐĂƚŝŽŶZŝƐŬĞƉƚ^ĂĨĞƚǇĞƉƚ>ŽĐĂƚŝŽŶ ŽůůĞĐƚĞĚĂƚĂ ĂŝůǇŽůůĞĐƚĞĚ /ŶĐŝĚĞŶƚZĞƉŽƌƚ/ŶĨŽƌŵĂƚŝŽŶtĞĞŬůǇZĞǀŝĞǁĚĂƚĂ KĐĐƵƌƐ͕ƌĞĐĞŝǀĞĚĨƌŽŵdŚŝƌĚƌĞƉŽƌƚƐĂƌĞǁŝƚŚ^ĞŶŝŽƌ ĐůĂŝŵĨƌŽŵWĂƌƚǇĂƚĂƌĞǀŝĞǁĞĚĂŶĚZĞŐŝŽŶ ƌĞƉŽƌƚ>ŽĐĂƚŝŽŶ͘ŽůůĞĐƚŽƌĚŝƐƚƌŝďƵƚĞĚĨŽƌ>ĞĂĚĞƌƐŚŝƉ ĐƌĞĂƚĞĚ͕ĐƌĞĂƚĞĚĂƐǁĞĞŬůǇĚƵƌŝŶŐǁĞĞŬůǇ ƚŚĞŶƐĞŶƚǁĞĞŬůǇŵĂŶĂŐĞŵĞŶƚƚĞůĞĐŽŶĨĞƌĞŶĐĞ͘ ƚŽdŚŝƌĚƌĞƉŽƌƚƚŚĞŶŽǀĞƌƐŝŐŚƚ WĂƌƚǇƐĞŶƚƚŽĐŽŶĨĞƌĞŶĐĞ ĂƚĂZĞŐŝŽŶĐĂůůƐ͘ ŽůůĞĐƚŽƌ^ĂĨĞƚǇ͘ ǀŝĂ ǁĞďƐŝƚĞ͕ ŽůůŝƐŝŽŶƐͬ ƉŚŽŶĞ͕ 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ĂŶǇĚĞƌĂŝůŵĞŶƚŽĨĂƌĂŝůƚƌĂŶƐŝƚǀĞŚŝĐůĞ͕ĂƚĂŶǇůŽĐĂƚŝŽŶ͕ĂƚĂŶǇƚŝŵĞ͕ǁŚĂƚĞǀĞƌƚŚĞĐĂƵƐĞ͘ ĐĐŽƵŶƚĂďůĞǆĞĐƵƚŝǀĞ ŵĞĂŶƐĂƐŝŶŐůĞ͕ŝĚĞŶƚŝĨŝĂďůĞƉĞƌƐŽŶǁŚŽŚĂƐƵůƚŝŵĂƚĞƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌĐĂƌƌǇŝŶŐŽƵƚƚŚĞ WƵďůŝĐdƌĂŶƐƉŽƌƚĂƚŝŽŶŐĞŶĐǇ^ĂĨĞƚǇWůĂŶŽĨĂƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŐĞŶĐǇ͖ƌĞƐƉŽŶƐŝďŝůŝƚǇĨŽƌĐĂƌƌǇŝŶŐŽƵƚƚŚĞ ĂŐĞŶĐǇΖƐdƌĂŶƐŝƚƐƐĞƚDĂŶĂŐĞŵĞŶƚWůĂŶ͖ĂŶĚĐŽŶƚƌŽůŽƌĚŝƌĞĐƚŝŽŶŽǀĞƌƚŚĞŚƵŵĂŶĂŶĚĐĂƉŝƚĂůƌĞƐŽƵƌĐĞƐ ŶĞĞĚĞĚƚŽĚĞǀĞůŽƉĂŶĚŵĂŝŶƚĂŝŶďŽƚŚƚŚĞĂŐĞŶĐǇΖƐWƵďůŝĐdƌĂŶƐƉŽƌƚĂƚŝŽŶŐĞŶĐǇ^ĂĨĞƚǇWůĂŶ͕ŝŶĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚϰϵh͘^͘͘ϱϯϮϵ;ĚͿ͕ĂŶĚƚŚĞĂŐĞŶĐǇΖƐdƌĂŶƐŝƚƐƐĞƚDĂŶĂŐĞŵĞŶƚWůĂŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚϰϵh͘^͘͘ϱϯϮϲ͘ ƋƵŝǀĂůĞŶƚƵƚŚŽƌŝƚǇ ŵĞĂŶƐĂŶĞŶƚŝƚǇƚŚĂƚĐĂƌƌŝĞƐŽƵƚĚƵƚŝĞƐƐŝŵŝůĂƌƚŽƚŚĂƚŽĨĂŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͕ĨŽƌĂ ƌĞĐŝƉŝĞŶƚŽƌƐƵďƌĞĐŝƉŝĞŶƚŽĨ&dĨƵŶĚƐƵŶĚĞƌϰϵh͘^͘͘ŚĂƉƚĞƌϱϯ͕ŝŶĐůƵĚŝŶŐƐƵĨĨŝĐŝĞŶƚĂƵƚŚŽƌŝƚǇƚŽƌĞǀŝĞǁĂŶĚ ĂƉƉƌŽǀĞĂƌĞĐŝƉŝĞŶƚŽƌƐƵďƌĞĐŝƉŝĞŶƚΖƐWƵďůŝĐdƌĂŶƐƉŽƌƚĂƚŝŽŶŐĞŶĐǇ^ĂĨĞƚǇWůĂŶ͘ ǀĞŶƚ ŵĞĂŶƐĂŶǇĐĐŝĚĞŶƚ͕/ŶĐŝĚĞŶƚ͕ŽƌKĐĐƵƌƌĞŶĐĞ͘,ĂǌĂƌĚŵĞĂŶƐĂŶǇƌĞĂůŽƌƉŽƚĞŶƚŝĂůĐŽŶĚŝƚŝŽŶƚŚĂƚĐĂŶ ĐĂƵƐĞŝŶũƵƌǇ͕ŝůůŶĞƐƐ͕ŽƌĚĞĂƚŚ͖ĚĂŵĂŐĞƚŽŽƌůŽƐƐŽĨƚŚĞĨĂĐŝůŝƚŝĞƐ͕ĞƋƵŝƉŵĞŶƚ͕ƌŽůůŝŶŐƐƚŽĐŬ͕ŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞŽĨĂ ƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐǇƐƚĞŵ͖ŽƌĚĂŵĂŐĞƚŽƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ /ŶĐŝĚĞŶƚ ŵĞĂŶƐĂŶĞǀĞŶƚƚŚĂƚŝŶǀŽůǀĞƐĂŶǇŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ƉĞƌƐŽŶĂůŝŶũƵƌǇƚŚĂƚŝƐŶŽƚĂƐĞƌŝŽƵƐŝŶũƵƌǇ͖ŽŶĞ ŽƌŵŽƌĞŝŶũƵƌŝĞƐƌĞƋƵŝƌŝŶŐŵĞĚŝĐĂůƚƌĂŶƐƉŽƌƚ͖ŽƌĚĂŵĂŐĞƚŽĨĂĐŝůŝƚŝĞƐ͕ĞƋƵŝƉŵĞŶƚ͕ƌŽůůŝŶŐƐƚŽĐŬ͕ŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƚŚĂƚĚŝƐƌƵƉƚƐƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨĂƚƌĂŶƐŝƚĂŐĞŶĐǇ͘ /ŶǀĞƐƚŝŐĂƚŝŽŶ ŵĞĂŶƐƚŚĞƉƌŽĐĞƐƐŽĨĚĞƚĞƌŵŝŶŝŶŐƚŚĞĐĂƵƐĂůĂŶĚĐŽŶƚƌŝďƵƚŝŶŐĨĂĐƚŽƌƐŽĨĂŶĂĐĐŝĚĞŶƚ͕ŝŶĐŝĚĞŶƚ͕Žƌ ŚĂǌĂƌĚ͕ĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƉƌĞǀĞŶƚŝŶŐƌĞĐƵƌƌĞŶĐĞĂŶĚŵŝƚŝŐĂƚŝŶŐƌŝƐŬ͘ EĂƚŝŽŶĂůWƵďůŝĐdƌĂŶƐƉŽƌƚĂƚŝŽŶ^ĂĨĞƚǇWůĂŶ ŵĞĂŶƐƚŚĞƉůĂŶƚŽŝŵƉƌŽǀĞƚŚĞƐĂĨĞƚǇŽĨĂůůƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ƐǇƐƚĞŵƐƚŚĂƚƌĞĐĞŝǀĞ&ĞĚĞƌĂůĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞƵŶĚĞƌϰϵh͘^͘͘ŚĂƉƚĞƌϱϯ͘ KĐĐƵƌƌĞŶĐĞ ŵĞĂŶƐĂŶǀĞŶƚǁŝƚŚŽƵƚĂŶǇƉĞƌƐŽŶĂůŝŶũƵƌǇŝŶǁŚŝĐŚĂŶǇĚĂŵĂŐĞƚŽĨĂĐŝůŝƚŝĞƐ͕ĞƋƵŝƉŵĞŶƚ͕ƌŽůůŝŶŐ ƐƚŽĐŬ͕ŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞĚŽĞƐŶŽƚĚŝƐƌƵƉƚƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨĂƚƌĂŶƐŝƚĂŐĞŶĐǇ͘ KƉĞƌĂƚŽƌ ŽĨĂƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶƐǇƐƚĞŵŵĞĂŶƐĂƉƌŽǀŝĚĞƌŽĨƉƵďůŝĐƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂƐĚĞĨŝŶĞĚƵŶĚĞƌϰϵ h͘^͘͘ϱϯϬϮ;ϭϰͿ͘ WĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞ ŵĞĂŶƐĂŶĞǆƉƌĞƐƐŝŽŶďĂƐĞĚŽŶĂƋƵĂŶƚŝĨŝĂďůĞŝŶĚŝĐĂƚŽƌŽĨƉĞƌĨŽƌŵĂŶĐĞŽƌĐŽŶĚŝƚŝŽŶ 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ĚĞƐĐƌŝďĞƚŚĞƐǇƐƚĞŵƵƐĞĚ͕ƚŚĞĚĞƐŝŐŶĨůŽǁ͕ĂŶĚƐƵŝƚĂďŝůŝƚǇŽĨƐŝƚĞĐŽŶĚŝƚŝŽŶƐĨŽƌƐƵĐŚ ĂƐǇƐƚĞŵ͘/ĨƐĞƉƚŝĐƐǇƐƚĞŵƐĂƌĞƉĂƌƚŽĨƚŚĞƉƌŽũĞĐƚ͕ĚĞƐĐƌŝďĞƚŚĞĂǀĂŝůĂďŝůŝƚǇŽĨ ƐĞƉƚĂŐĞĚŝƐƉŽƐĂůŽƉƚŝŽŶƐǁŝƚŚŝŶƚŚĞƌĞŐŝŽŶƚŽŚĂŶĚůĞƚŚĞŽŶŐŽŝŶŐĂŵŽƵŶƚƐ ŐĞŶĞƌĂƚĞĚĂƐĂƌĞƐƵůƚŽĨƚŚĞƉƌŽũĞĐƚ͘ŽŶƐŝĚĞƌƚŚĞĞĨĨĞĐƚƐŽĨĐƵƌƌĞŶƚDŝŶŶĞƐŽƚĂ ĐůŝŵĂƚĞƚƌĞŶĚƐĂŶĚĂŶƚŝĐŝƉĂƚĞĚĐŚĂŶŐĞƐŝŶƌĂŝŶĨĂůůĨƌĞƋƵĞŶĐǇ͕ŝŶƚĞŶƐŝƚǇĂŶĚĂŵŽƵŶƚ ǁŝƚŚƚŚŝƐĚŝƐĐƵƐƐŝŽŶ͘ ƵƌƌĞŶƚůǇƚŚĞƌĞŝƐŶŽƉůĂŶƚŽĚĞƐŝŐŶ͕ƉĞƌŵŝƚ͕ĂŶĚŝŶƐƚĂůůĂ^^d^ƐǇƐƚĞŵ͘WŽƌƚĂďůĞƚŽŝůĞƚƐ ŽƌǁĂƚĞƌƚŝŐŚƚŚŽůĚŝŶŐƚĂŶŬǁŝůůďĞƵƚŝůŝǌĞĚƚŽƐĞƌǀĞƚŚĞĞŵƉůŽǇĞĞƐ͘ ϭϯ ϯͿ/ĨƚŚĞǁĂƐƚĞǁĂƚĞƌĚŝƐĐŚĂƌŐĞŝƐƚŽƐƵƌĨĂĐĞǁĂƚĞƌ͕ŝĚĞŶƚŝĨǇƚŚĞǁĂƐƚĞǁĂƚĞƌƚƌĞĂƚŵĞŶƚ ŵĞƚŚŽĚƐĂŶĚŝĚĞŶƚŝĨǇĚŝƐĐŚĂƌŐĞƉŽŝŶƚƐĂŶĚƉƌŽƉŽƐĞĚĞĨĨůƵĞŶƚůŝŵŝƚĂƚŝŽŶƐƚŽŵŝƚŝŐĂƚĞ ŝŵƉĂĐƚƐ͘ŝƐĐƵƐƐĂŶǇĞĨĨĞĐƚƐƚŽƐƵƌĨĂĐĞŽƌŐƌŽƵŶĚǁĂƚĞƌĨƌŽŵǁĂƐƚĞǁĂƚĞƌĚŝƐĐŚĂƌŐĞƐ͕ ƚĂŬŝŶŐŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶŚŽǁĐƵƌƌĞŶƚDŝŶŶĞƐŽƚĂĐůŝŵĂƚĞƚƌĞŶĚƐĂŶĚĂŶƚŝĐŝƉĂƚĞĚ ĐůŝŵĂƚĞĐŚĂŶŐĞŝŶƚŚĞŐĞŶĞƌĂůůŽĐĂƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚŵĂǇŝŶĨůƵĞŶĐĞƚŚĞĞĨĨĞĐƚƐ͘ tĂƐƚĞǁĂƚĞƌǁŝůůŶŽƚďĞĚŝƐĐŚĂƌŐĞĚƚŽĂƐƵƌĨĂĐĞǁĂƚĞƌ͘dŚŝƐƉŽƌƚŝŽŶŝƐŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞ ƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͘ ŝŝ͘^ƚŽƌŵǁĂƚĞƌͲĞƐĐƌŝďĞĐŚĂŶŐĞƐŝŶƐƵƌĨĂĐĞŚǇĚƌŽůŽŐǇƌĞƐƵůƚŝŶŐĨƌŽŵĐŚĂŶŐĞŽĨůĂŶĚĐŽǀĞƌ͘ ĞƐĐƌŝďĞƚŚĞƌŽƵƚĞƐĂŶĚƌĞĐĞŝǀŝŶŐǁĂƚĞƌďŽĚŝĞƐĨŽƌƌƵŶŽĨĨĨƌŽŵƚŚĞƉƌŽũĞĐƚƐŝƚĞ;ŵĂũŽƌ ĚŽǁŶƐƚƌĞĂŵǁĂƚĞƌďŽĚŝĞƐĂƐǁĞůůĂƐƚŚĞŝŵŵĞĚŝĂƚĞƌĞĐĞŝǀŝŶŐǁĂƚĞƌƐͿ͘ŝƐĐƵƐƐ ĞŶǀŝƌŽŶŵĞŶƚĂůĞĨĨĞĐƚƐĨƌŽŵƐƚŽƌŵǁĂƚĞƌĚŝƐĐŚĂƌŐĞƐŽŶƌĞĐĞŝǀŝŶŐǁĂƚĞƌƐƉŽƐƚĐŽŶƐƚƌƵĐƚŝŽŶ ŝŶĐůƵĚŝŶŐŚŽǁƚŚĞƉƌŽũĞĐƚǁŝůůĂĨĨĞĐƚƌƵŶŽĨĨǀŽůƵŵĞ͕ĚŝƐĐŚĂƌŐĞƌĂƚĞĂŶĚĐŚĂŶŐĞŝŶƉŽůůƵƚĂŶƚƐ͘ ŽŶƐŝĚĞƌƚŚĞĞĨĨĞĐƚƐŽĨĐƵƌƌĞŶƚDŝŶŶĞƐŽƚĂĐůŝŵĂƚĞƚƌĞŶĚƐĂŶĚĂŶƚŝĐŝƉĂƚĞĚĐŚĂŶŐĞƐŝŶƌĂŝŶĨĂůů ĨƌĞƋƵĞŶĐǇ͕ŝŶƚĞŶƐŝƚǇĂŶĚĂŵŽƵŶƚǁŝƚŚƚŚŝƐĚŝƐĐƵƐƐŝŽŶ͘&ŽƌƉƌŽũĞĐƚƐƌĞƋƵŝƌŝŶŐEW^ͬ^^ ŽŶƐƚƌƵĐƚŝŽŶ^ƚŽƌŵǁĂƚĞƌƉĞƌŵŝƚĐŽǀĞƌĂŐĞ͕ƐƚĂƚĞƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨĂĐƌĞƐƚŚĂƚǁŝůůďĞ ĚŝƐƚƵƌďĞĚďǇƚŚĞƉƌŽũĞĐƚĂŶĚĚĞƐĐƌŝďĞƚŚĞƐƚŽƌŵǁĂƚĞƌƉŽůůƵƚŝŽŶƉƌĞǀĞŶƚŝŽŶƉůĂŶ;^tWWWͿ͕ ŝŶĐůƵĚŝŶŐƐƉĞĐŝĨŝĐďĞƐƚŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐƚŽĂĚĚƌĞƐƐƐŽŝůĞƌŽƐŝŽŶĂŶĚƐĞĚŝŵĞŶƚĂƚŝŽŶ ĚƵƌŝŶŐĂŶĚĂĨƚĞƌƉƌŽũĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶ͘ŝƐĐƵƐƐƉĞƌŵĂŶĞŶƚƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉůĂŶƐ͕ ŝŶĐůƵĚŝŶŐŵĞƚŚŽĚƐŽĨĂĐŚŝĞǀŝŶŐǀŽůƵŵĞƌĞĚƵĐƚŝŽŶƚŽƌĞƐƚŽƌĞŽƌŵĂŝŶƚĂŝŶƚŚĞŶĂƚƵƌĂů ŚǇĚƌŽůŽŐǇŽĨƚŚĞƐŝƚĞƵƐŝŶŐŐƌĞĞŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌĂĐƚŝĐĞƐŽƌŽƚŚĞƌƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ ƉƌĂĐƚŝĐĞƐ͘/ĚĞŶƚŝĨǇĂŶǇƌĞĐĞŝǀŝŶŐǁĂƚĞƌƐƚŚĂƚŚĂǀĞĐŽŶƐƚƌƵĐƚŝŽŶͲƌĞůĂƚĞĚǁĂƚĞƌŝŵƉĂŝƌŵĞŶƚƐŽƌ ĂƌĞĐůĂƐƐŝĨŝĞĚĂƐƐƉĞĐŝĂůĂƐĚĞĨŝŶĞĚŝŶƚŚĞŽŶƐƚƌƵĐƚŝŽŶ^ƚŽƌŵǁĂƚĞƌƉĞƌŵŝƚ͘ĞƐĐƌŝďĞ ĂĚĚŝƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƐƉĞĐŝĂůĂŶĚͬŽƌŝŵƉĂŝƌĞĚǁĂƚĞƌƐ͘ ƵƌƌĞŶƚůǇ͕ŵŽƐƚƐƚŽƌŵǁĂƚĞƌǁŝůůŝŶĨŝůƚƌĂƚĞƚŚĞŐƌŽƵŶĚƐƵƌĨĂĐĞŽŶŶŽƌŵĂůŶŽŶͲŚĞĂǀǇƌĂŝŶĨĂůůĞǀĞŶƚƐ͘KŶ ůĂƌŐĞƌƌĂŝŶĨĂůůĞǀĞŶƚƐƚŚĞƌĞǁŝůůďĞĐŽŶĐĞŶƚƌĂƚĞĚĨůŽǁƐĂŶĚĚŝƐĐŚĂƌŐĞƐƚŽƚŚĞĞĂƐƚĂŶĚŶŽƌƚŚǁĞƐƚĂƚƚŚĞ ůŽǁĞƌƉŽƌƚŝŽŶƐŽĨƚŚĞƉƌŽƉĞƌƚǇ͘ƵƌŝŶŐĂĐƚŝǀĞŵŝŶŝŶŐ͕ƐƚŽƌŵǁĂƚĞƌǁŝƚŚŝŶƚŚĞĂĐƚŝǀĞŵŝŶŝŶŐĂƌĞĂǁŽƵůĚďĞ ŚĂŶĚůĞĚŝŶƚĞƌŶĂůůǇĂŶĚǁŽƵůĚŶŽƚďĞĚŝƐĐŚĂƌŐĞĚŽĨĨͲƐŝƚĞ͘ƌĂŝŶĂŐĞǁŽƵůĚďĞĚŝƌĞĐƚĞĚƚŽůŽǁĂƌĞĂƐǁŝƚŚŝŶ ƚŚĞŵŝŶĞĨůŽŽƌǁŚĞƌĞŝƚǁŽƵůĚĐŽůůĞĐƚĂŶĚŝŶĨŝůƚƌĂƚĞƚŚƌŽƵŐŚƚŚĞŵŝŶĞĨůŽŽƌŽƌĞǀĂƉŽƌĂƚĞ͘ WŽƚĞŶƚŝĂůŝŵƉĂĐƚƐƚŽƚŚĞǁĂƚĞƌƋƵĂůŝƚǇŽĨƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĂƌĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚƚŚĞĨĂĐŝůŝƚǇ͛ƐEĂƚŝŽŶĂů WŽůůƵƚĂŶƚŝƐĐŚĂƌŐĞůŝŵŝŶĂƚŝŽŶ^ǇƐƚĞŵ;EW^Ϳͬ^ƚĂƚĞŝƐƉŽƐĂů^ǇƐƚĞŵ;^^ͿƉĞƌŵŝƚ͘dŚĞĨĂĐŝůŝƚǇǁŝůů ŚĂǀĞĐŽǀĞƌĂŐĞƵŶĚĞƌƚŚĞDE'ϰϵϬϬϬϬEŽŶŵĞƚĂůůŝĐDŝŶŝŶŐĂŶĚƐƐŽĐŝĂƚĞĚĐƚŝǀŝƚŝĞƐ'ĞŶĞƌĂůWĞƌŵŝƚ ;DE'ϰϵWĞƌŵŝƚͿ͕ǁŚŝĐŚŝƐĂĚŵŝŶŝƐƚĞƌĞĚďǇƚŚĞDWƵŶĚĞƌƚŚĞEW^ͬ^^ƉƌŽŐƌĂŵ͘ƐƌĞƋƵŝƌĞĚďǇƚŚĞ DE'ϰϵWĞƌŵŝƚ͕ƚŚĞĨĂĐŝůŝƚǇǁŝůůŝŵƉůĞŵĞŶƚĂ^ƚŽƌŵǁĂƚĞƌWŽůůƵƚŝŽŶWƌĞǀĞŶƚŝŽŶWůĂŶ;^tWWWͿ͘dŚĞ^tWWW ŽƵƚůŝŶĞƐƚŚĞĚĞƐŝŐŶĂŶĚŽƉĞƌĂƚŝŽŶŽĨƐƚŽƌŵǁĂƚĞƌďĞƐƚŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐ;DWƐͿŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚ ƚŚĞƉŚĂƐŝŶŐŽĨŵŝŶŝŶŐŽƉĞƌĂƚŝŽŶƐ͘WĞƌŝŵĞƚĞƌĐŽŶƚƌŽůƐǁŽƵůĚĐŽŶƐŝƐƚŽĨƐŝůƚĨĞŶĐĞ͕ĚŝǀĞƌƐŝŽŶƐǁĂůĞƐ͕ĂŶĚŽƌ ďĞƌŵƐƉůĂĐĞĚĂƌŽƵŶĚƚŚĞĚŽǁŶƐůŽƉĞĞĚŐĞŽĨĂŶǇĂƌĞĂƚŚĂƚŚĂƐƚŚĞƉŽƚĞŶƚŝĂůƚŽĚƌĂŝŶŽĨĨͲƐŝƚĞĚƵƌŝŶŐ ƐƚƌŝƉƉŝŶŐŽƉĞƌĂƚŝŽŶƐ͘WĞƌŝŵĞƚĞƌĐŽŶƚƌŽůƐǁŽƵůĚƌĞŵĂŝŶŝŶƉůĂĐĞƵŶƚŝůŵŝŶŝŶŐŚĂƐƌĞĚŝƌĞĐƚĞĚĚƌĂŝŶĂŐĞ ŝŶƚĞƌŶĂůůǇ͘ /ŶĨŝůƚƌĂƚŝŽŶĂƌĞĂƐĂŶĚƚĞŵƉŽƌĂƌǇƐĞĚŝŵĞŶƚĂƚŝŽŶďĂƐŝŶƐǁŽƵůĚďĞƵƐĞĚĂƐŶĞĞĚĞĚŽŶƚŚĞĨůŽŽƌŽĨƚŚĞŵŝŶĞ ƚŽŵĂŶĂŐĞƐƚŽƌŵǁĂƚĞƌŽŶƚŚĞŵŝŶĞĨůŽŽƌ͘dŚĞůŽĐĂƚŝŽŶƐŽĨƚŚĞƐĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĞĂƚƵƌĞƐŵŽǀĞ ĂƐŵŝŶŝŶŐƉƌŽŐƌĞƐƐĞƐƚŚƌŽƵŐŚƚŚĞWƌŽũĞĐƚ͘ƐƚĂďůŝƐŚŵĞŶƚŽĨǀĞŐĞƚĂƚŝŽŶƚŚƌŽƵŐŚƐĞĞĚŝŶŐĂŶĚŵƵůĐŚŝŶŐ ǁŽƵůĚďĞĐŽŶĚƵĐƚĞĚĂƐƐŽŽŶĂƐƌĞĐůĂŝŵĞĚĂƌĞĂƐŚĂǀĞďĞĞŶĨŝŶĂůŐƌĂĚĞĚ͘ ϭϰ ŝŝŝ͘tĂƚĞƌĂƉƉƌŽƉƌŝĂƚŝŽŶͲĞƐĐƌŝďĞŝĨƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŽĂƉƉƌŽƉƌŝĂƚĞƐƵƌĨĂĐĞŽƌ ŐƌŽƵŶĚǁĂƚĞƌ;ŝŶĐůƵĚŝŶŐĚĞǁĂƚĞƌŝŶŐͿ͘ĞƐĐƌŝďĞƚŚĞƐŽƵƌĐĞ͕ƋƵĂŶƚŝƚǇ͕ĚƵƌĂƚŝŽŶ͕ƵƐĞĂŶĚ ƉƵƌƉŽƐĞŽĨƚŚĞǁĂƚĞƌƵƐĞĂŶĚŝĨĂEZǁĂƚĞƌĂƉƉƌŽƉƌŝĂƚŝŽŶƉĞƌŵŝƚŝƐƌĞƋƵŝƌĞĚ͘ĞƐĐƌŝďĞĂŶǇ 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ͻWƌŝǀĂƚĞŚĂƵůƌŽĂĚƐ͗dŚĞƌŽĂĚƐǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚŽĨĐƌƵƐŚĞĚůŝŵĞƐƚŽŶĞĂŐŐƌĞŐĂƚĞĂŶĚƌĞĐǇĐůĞĚ ďŝƚƵŵŝŶŽƵƐ͘dŚĞĚƌŝǀŝŶŐƐƵƌĨĂĐĞǁŝůůďĞƚƌĞĂƚĞĚǁŝƚŚǁĂƚĞƌƚŽĐŽŶƚƌŽůĚƵƐƚ͘dŚĞƌĞŝƐŶŽŚĂƵůŝŶŐŽŶĐƌƵƐŚĞĚ ƌŽĐŬƉƵďůŝĐƌŽĂĚƐĂŶĚĚƵƐƚƐƵƉƉƌĞƐƐŝŽŶǁŝůůŶŽƚďĞƵƐĞĚŽŶƉĂǀĞĚƐƵƌĨĂĐĞƐ͘ĞƐƚDĂŶĂŐĞŵĞŶƚWƌĂĐƚŝĐĞƐ ŝŶĐůƵĚŝŶŐƚŚĞƵƐĞŽĨĐƌƵƐŚĞĚƌŽĐŬǀĞŚŝĐůĞƚƌĂĐŬŝŶŐƉĂĚƐĂŶĚƐƚƌĞĞƚƐǁĞĞƉŝŶŐ;ŝĨŶĞĐĞƐƐĂƌǇͿǁŝůůďĞ ŝŵƉůĞŵĞŶƚĞĚĂƚƚŚĞƋƵĂƌƌǇ͛ƐĂĐĐĞƐƐĂŶĚŽŶƉƵďůŝĐƌŽĂĚǁĂǇƐƚŽƉƌĞǀĞŶƚƐĞĚŝŵĞŶƚĨƌŽŵůĞĂǀŝŶŐƚŚĞƋƵĂƌƌǇ ƐŝƚĞ͘ DŝƐƚŝŶŐĐĂƵƐĞƐƚŚĞĚƵƐƚƉĂƌƚŝĐůĞƐƚŽƐĞƚƚůĞŽƵƚŽĨƚŚĞĂŝƌĂŶĚĞŝƚŚĞƌƌĞƚƵƌŶďĂĐŬŝŶƚŽƚŚĞŵĂƚĞƌŝĂůŽƌƐĞƚƚůĞ ƚŽƚŚĞŐƌŽƵŶĚ͘DŝƐƚŝŶŐĐĂŶĞĨĨĞĐƚŝǀĞůǇƐƵƉƉƌĞƐƐŽƌƌĞŵŽǀĞďƌĞĂƚŚĂďůĞĨƵŐŝƚŝǀĞĚƵƐƚƉĂƌƚŝĐůĞƐĨƌŽŵϬ͘ϭƚŽ ϭϬϬϬŵŝĐƌŽŶƐ͘dŚĞǀŽůƵŵĞƌĞƋƵŝƌĞĚǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇǁŝŶĚĂŶĚŚƵŵŝĚŝƚǇĐŽŶĚŝƚŝŽŶƐďƵƚŝƐ ĂŶƚŝĐŝƉĂƚĞĚƚŽďĞůĞƐƐƚŚĂŶϯŐĂůůŽŶƐƉĞƌŵŝŶƵƚĞ͕ǁŚĞŶƌĞƋƵŝƌĞĚ͘ WƌŽĨĞƐƐŝŽŶĂůĂŶĚůŝĐĞŶƐĞĚďůĂƐƚŝŶŐĐŽŶƚƌĂĐƚŽƌƐǁŝůůĨŽůůŽǁƐƚĂŶĚĂƌĚŽƉĞƌĂƚŝŶŐƉƌŽĐĞĚƵƌĞƐƚŽƌĞĚƵĐĞĚƵƐƚ ĐŽŶƚƌŽůƚŚĂƚŝŶĐůƵĚĞƐƌĞĚƵĐŝŶŐƚŚĞƐŝǌĞŽĨƚŚĞĐŚĂƌŐĞ͕ƚŝŵĞĂŶĚƐĞƋƵĞŶĐĞŽĨďůĂƐƚƐĂŶĚŵŽŶŝƚŽƌŝŶŐŽĨǁŝŶĚ ƐƉĞĞĚĂŶĚĚŝƌĞĐƚŝŽŶ͘ ϭϴ͘'ƌĞĞŶŚŽƵƐĞ'ĂƐ;','ͿŵŝƐƐŝŽŶƐͬĂƌďŽŶ&ŽŽƚƉƌŝŶƚ Ă͘','YƵĂŶƚŝĨŝĐĂƚŝŽŶ͗&ŽƌĂůůƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƐ͕ƉƌŽǀŝĚĞƋƵĂŶƚŝĨŝĐĂƚŝŽŶĂŶĚĚŝƐĐƵƐƐŝŽŶŽĨƉƌŽũĞĐƚ ','ĞŵŝƐƐŝŽŶƐ͘/ŶĐůƵĚĞĂĚĚŝƚŝŽŶĂůƌŽǁƐŝŶƚŚĞƚĂďůĞƐĂƐŶĞĐĞƐƐĂƌǇƚŽƉƌŽǀŝĚĞƉƌŽũĞĐƚͲƐƉĞĐŝĨŝĐ ĞŵŝƐƐŝŽŶƐŽƵƌĐĞƐ͘ĞƐĐƌŝďĞƚŚĞŵĞƚŚŽĚƐƵƐĞĚƚŽƋƵĂŶƚŝĨǇĞŵŝƐƐŝŽŶƐ͘/ĨĐĂůĐƵůĂƚŝŽŶŵĞƚŚŽĚƐĂƌĞ ŶŽƚƌĞĂĚŝůǇĂǀĂŝůĂďůĞƚŽƋƵĂŶƚŝĨǇ','ĞŵŝƐƐŝŽŶƐĨŽƌĂƐŽƵƌĐĞ͕ĚĞƐĐƌŝďĞƚŚĞƉƌŽĐĞƐƐƵƐĞĚƚŽĐŽŵĞ ƚŽƚŚĂƚĐŽŶĐůƵƐŝŽŶĂŶĚĂŶǇ','ĞŵŝƐƐŝŽŶƐŽƵƌĐĞƐŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞƚŽƚĂůĐĂůĐƵůĂƚŝŽŶ͘ ĐĐŽƌĚŝŶŐƚŽĂƌĞƉŽƌƚƉƌĞƉĂƌĞĚďǇƚŚĞEĂƚŝŽŶĂů^ƚŽŶĞ^ĂŶĚΘ'ƌĂǀĞůƐƐŽĐŝĂƚŝŽŶ͕ĂŐŐƌĞŐĂƚĞŵŝŶŝŶŐ ƚǇƉŝĐĂůůǇŚĂƐůŽǁ','ĞŵŝƐƐŝŽŶƐ͘dŚŝƐŝƐďĞĐĂƵƐĞĂŐŐƌĞŐĂƚĞŵĂƚĞƌŝĂůƐĂƌĞŶŽƚŚĞĂƚĞĚ͕ĂŶĚƚŚĞƚǇƉŝĐĂů ĐŽŶǀĞǇŽƌƐ͕ƐĐƌĞĞŶƐ͕ĂŶĚĐƌƵƐŚĞƌƐĚŽŶŽƚƵƐĞŚŝŐŚůĞǀĞůƐŽĨĞŶĞƌŐǇ͘hƐĞŽĨůŽĐĂůůǇŵŝŶĞĚĂŶĚƌĞĐǇĐůĞĚ ĂŐŐƌĞŐĂƚĞŵĂƚĞƌŝĂůƐŚĞůƉƐƌĞĚƵĐĞĚŝĞƐĞůĞŵŝƐƐŝŽŶƐĨƌŽŵƚƌƵĐŬŝŶŐ͘ tĞƵƚŝůŝǌĞĚƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŶǀŝƌŽŶŵĞŶƚĂůWƌŽƚĞĐƚŝŽŶŐĞŶĐǇ͛Ɛ;WͿ'ƌĞĞŶŚŽƵƐĞ'ĂƐƋƵŝǀĂůĞŶĐŝĞƐ ĂůĐƵůĂƚŽƌƚŽĐĂůĐƵůĂƚĞ','ĞŵŝƐƐŝŽŶƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘tĞĞƐƚŝŵĂƚĞĚϳϬ͕ϬϬϬŐĂůŽĨĚŝĞƐĞůĂŶŶƵĂůůǇĨŽƌ ŽƉĞƌĂƚŝŽŶƐĂŶĚŚĂƵůƚƌƵĐŬƐǁŚŝĐŚǁŽƵůĚďĞĂŶĂǀĞƌĂŐĞǇĞĂƌ͘hƐŝŶŐƚŚŝƐǀŽůƵŵĞĂŶĚƚŚĞĐĂůĐƵůĂƚŽƌ ĚĞƐĐƌŝďĞĚƚŚĞƉƌŽƉŽƐĞĚƋƵĂƌƌǇǁŽƵůĚďĞĞƐƚŝŵĂƚĞĚƚŽŐĞŶĞƌĂƚĞϳϭϯƚŽŶƐŽĨKϮĞĂŶŶƵĂůůǇ͘ ϮϬ KƉĞƌĂƚŝŽŶĂůŵŝƐƐŝŽŶƐ sŽůƵŵĞWƌŽũĞĐƚZĞůĂƚĞĚ DŽďŝůĞ&ƵĞů &ƵĞůhƐĞĚKϮĞŵŝƐƐŝŽŶƐĂůĐƵůĂƚŝŽŶDĞƚŚŽĚ ƋƵŝƉŵĞŶƚhŶŝƚƐ dǇƉĞŶŶƵĂůůǇ;ƚŽŶƐͬǇĞĂƌͿ KĨĨZŽĂĚ ŝĞƐĞů'Ăů͘ϳϬ͕ϬϬϬϳϭϯW','ĂůĐƵůĂƚŽƌ ƋƵŝƉŵĞŶƚ ď͘','ƐƐĞƐƐŵĞŶƚ ŝ͘ĞƐĐƌŝďĞĂŶǇŵŝƚŝŐĂƚŝŽŶĐŽŶƐŝĚĞƌĞĚƚŽƌĞĚƵĐĞƚŚĞƉƌŽũĞĐƚ͛Ɛ','ĞŵŝƐƐŝŽŶƐ͘ dŚĞƉƌŽĐĞƐƐŝŶŐŽĨ>ŝŵĞƐƚŽŶĞĂŐŐƌĞŐĂƚĞŝƚƐĞůĨŚĂƐŵŝŶŝŵĂů','ĞŵŝƐƐŝŽŶƐĂƐƐƚĂƚĞĚŝŶƚƚĂĐŚŵĞŶƚϱ͗dŚĞ ŐŐƌĞŐĂƚĞƐ/ŶĚƵƐƚƌǇ'ƌĞĞŶŚŽƵƐĞ'ĂƐĞƐ͘KůŵƐƚĞĚŐŐƌĞŐĂƚĞǁŝůůƉƌŽǀŝĚĞĐŽŶƚŝŶƵĞĚǀĞŚŝĐůĞĂŶĚ ĞƋƵŝƉŵĞŶƚŵĂŝŶƚĞŶĂŶĐĞǁŚŝĐŚǁŝůůĂŝĚŝŶƚŚĞŵŝƚŝŐĂƚŝŽŶŽĨƵŶŶĞĐĞƐƐĂƌǇ','ĞŵŝƐƐŝŽŶƐ͘ ŝŝ͘ĞƐĐƌŝďĞĂŶĚƋƵĂŶƚŝĨǇƌĞĚƵĐƚŝŽŶƐĨƌŽŵƐĞůĞĐƚĞĚŵŝƚŝŐĂƚŝŽŶ͕ŝĨƉƌŽƉŽƐĞĚƚŽƌĞĚƵĐĞƚŚĞ ƉƌŽũĞĐƚ͛Ɛ','ĞŵŝƐƐŝŽŶƐ͘ǆƉůĂŝŶǁŚǇƚŚĞƐĞůĞĐƚĞĚŵŝƚŝŐĂƚŝŽŶǁĂƐƉƌĞĨĞƌƌĞĚ͘ WƌŽǀŝĚŝŶŐĐŽŶƚŝŶƵĞĚǀĞŚŝĐůĞŵĂŝŶƚĞŶĂŶĐĞǁŝůůŵŝŶŝŵĂůůǇĂŝĚĂŶĚƵŶŵĞĂƐƵƌĂďůǇƌĞĚƵĐĞƚŚĞ ƉƌŽũĞĐƚ͛Ɛ','ĞŵŝƐƐŝŽŶƐ͘ ŝŝŝ͘YƵĂŶƚŝĨǇƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƐƉƌĞĚŝĐƚĞĚŶĞƚůŝĨĞƚŝŵĞ','ĞŵŝƐƐŝŽŶƐ;ƚŽƚĂůƚŽŶƐͬηŽĨǇĞĂƌƐͿ ĂŶĚŚŽǁƚŚŽƐĞƉƌĞĚŝĐƚĞĚĞŵŝƐƐŝŽŶƐŵĂǇĂĨĨĞĐƚĂĐŚŝĞǀĞŵĞŶƚŽĨƚŚĞDŝŶŶĞƐŽƚĂEĞǆƚ 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