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ĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞďǇŶŽƚŝĨǇŝŶŐĞŵƉůŽǇĞĞƐƚŚĂƚƵŶůĂǁĨƵůŵĂŶƵĨĂĐƚƵƌĞ͕ĚŝƐƚƌŝďƵƚŝŽŶ͕ ĚŝƐƉĞŶƐĂƚŝŽŶ͕ƉŽƐƐĞƐƐŝŽŶŽƌƵƐĞŽĨĂĐŽŶƚƌŽůůĞĚƐƵďƐƚĂŶĐĞŝƐƉƌŽŚŝďŝƚĞĚŝŶƚŚĞ'ƌĂŶƚĞĞ͛Ɛ ǁŽƌŬƉůĂĐĞĂŶĚƐƉĞĐŝĨǇŝŶŐĂĐƚŝŽŶƐƚŚĂƚǁŝůůďĞƚĂŬĞŶĂŐĂŝŶƐƚĞŵƉůŽǇĞĞƐĨŽƌǀŝŽůĂƚŝŽŶŽĨƐƵĐŚ ƉƌŽŚŝďŝƚŝŽŶ͘dŚĞ'ƌĂŶƚĞĞŵĂǇĂůƐŽĞƐƚĂďůŝƐŚĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞĂǁĂƌĞŶĞƐƐƉƌŽŐƌĂŵƚŽŝŶĨŽƌŵ ĞŵƉůŽǇĞĞƐĂďŽƵƚƚŚĞĚĂŶŐĞƌŽĨĚƌƵŐĂďƵƐĞ͕ƚŚĞĂǀĂŝůĂďŝůŝƚǇŽĨĚƌƵŐĐŽƵŶƐĞůŝŶŐĂŶĚƉĞŶĂůŝƚŝĞƐĨŽƌ ǀŝŽůĂƚŝŽŶƐŽĨƚŚĞĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞƉŽůŝĐǇ͘ ϵ͘/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ͘ &ŽƌƚŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞ ĂŶŝŶĚĞƉĞŶĚĞŶƚĐŽŶƚƌĂĐƚŽƌĂŶĚŶŽƚĂŶĞŵƉůŽǇĞĞŽĨƚŚĞŝƚǇ͘ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨƚŚĞ 'ƌĂŶƚĞĞ͕ŽƚŚĞƌƚŚĂŶŝƚǇŵƉůŽǇĞĞƐ͕ǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐ ƌĞƋƵŝƌĞĚďǇƚŚĞ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨƚŚĞŝƚǇ͘ ŶǇĂŶĚĂůůĐůĂŝŵƐďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨƚŚĞ 'ƌĂŶƚĞĞ͕ŝƚƐĞŵƉůŽǇĞĞƐŽƌŽƚŚĞƌƉĞƌƐŽŶƐƐŚĂůůďĞƚŚĞŽďůŝŐĂƚŝŽŶŽĨƚŚĞ'ƌĂŶƚĞĞ͘dŚĞ'ƌĂŶƚĞĞ ƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶƐĞŶƚĞƌĞĚŝŶƚŽƉƵƌƐƵĂŶƚƚŽĂŶĚŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘tŝƚŚŚŽůĚŝŶŐĂŶĚƉĂǇŵĞŶƚŽĨĨĞĚĞƌĂůĂŶĚƐƚĂƚĞŝŶĐŽŵĞƚĂǆĞƐ ĂŶĚ&/͕ĂŶĚŝƚƐĞŵƉůŽǇĞĞƐƐŚĂůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞ'ƌĂŶƚĞĞ͘dŚĞ'ƌĂŶƚĞĞƐŚĂůůƉĂǇŽŶ ďĞŚĂůĨŽĨĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞƵŶĞŵƉůŽǇŵĞŶƚĐŽŵƉĞŶƐĂƚŝŽŶĨƵŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁ͘ ϭϬ͘EŽƵƐŝŶĞƐƐ^ƵďƐŝĚǇ͘ dŚĞƉĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚƚŚĞĨƵŶĚƐĚŝƐďƵƌƐĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĂƌĞŶŽƚĂ ďƵƐŝŶĞƐƐƐƵďƐŝĚǇĂƐĚĞĨŝŶĞĚŝŶDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕^ĞĐƚŝŽŶƐϭϭϲ:͘ϵϵϯƚŽϭϭϲ:͘ϵϵϱ͕ĂƐĂŵĞŶĚĞĚ ;ƚŚĞ͞ƵƐŝŶĞƐƐ^ƵďƐŝĚǇĐƚ͟Ϳ͕ďĞĐĂƵƐĞƚŚĞƉƵƌƉŽƐĞŝƐĨŽƌŚŽƵƐŝŶŐĂƐƐŝƐƚĂŶĐĞ͘ ϭϭ͘/ŶƐƵƌĂŶĐĞ͘ /ĨĂƉƉůŝĐĂďůĞƚŽƚŚĞ'ƌĂŶƚĞĞ͛ƐĐƚŝǀŝƚǇ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůů͗;ĂͿŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶĂůů ƌĞƋƵŝƌĞĚŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐŚĞƌĞŝŶ͕ĂŶĚƐŚĂůůĞŶƐƵƌĞƚŚĂƚĂůůŽĨŝƚƐĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ ŝĨĂŶǇ͕ŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƌĞƋƵŝƌĞĚŚĞƌĞŝŶ͖;ďͿĞŶƐƵƌĞĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ ƚŚĂƚ'ƌĂŶƚĞĞĂŶĚŝƚƐĐŽŶƚƌĂĐƚŽƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶŚĞƌĞŝŶ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽ͕ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞ͕ĂƌĞƉƌŝŵĂƌǇĂŶĚŶŽŶͲĐŽŶƚƌŝďƵƚŽƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŽƌŽƚŚĞƌ ŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͖;ĐͿĞŶƐƵƌĞĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƌĞƋƵŝƌĞĚŚĞƌĞŝŶŶĂŵĞƚŚĞŝƚǇ ŽĨZŽĐŚĞƐƚĞƌĂƐĂŶĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞĚ͕ŝŶĐůƵĚŝŶŐĂŶǇŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐŚĞůĚďǇŝƚƐĐŽŶƚƌĂĐƚŽƌƐĂŶĚ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͗ĂŶĚ;ĚͿƌĞƋƵŝƌĞƚŚĂƚŝƚƐĐŽŶƚƌĂĐƚŽƌƐĞŶƐƵƌĞĂŶĚǀĞƌŝĨǇƚŚĂƚƚŚĞŝƌƐƵďĐŽŶƚƌĂĐƚŽƌƐ ĂůƐŽŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶ;ĂͿƚŚƌŽƵŐŚ;ĐͿ͘ Ϯ 'ƌĂŶƚĞĞƐŚĂůůĨŝůĞǁŝƚŚƚŚĞŝƚǇůĞƌŬĐĞƌƚŝĨŝĐĂƚĞ;ƐͿŽĨŝŶƐƵƌĂŶĐĞĨŽƌ'ƌĂŶƚĞĞ͛ƐĐƚŝǀŝƚǇŝƐƐƵĞĚĂŶĚ ĚĂƚĞĚŶŽŵŽƌĞƚŚĂŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐƉƌŝŽƌƚŽƚŚĞĚĂƚĞŽĨƚŚĞĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ 'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞƚŽƚŚĞŝƚǇĂůůĐĞƌƚŝĨŝĐĂƚĞƐŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚŚĞƌĞŝŶƉƌŝŽƌƚŽƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ŶŶƵĂůůǇƚŚĞƌĞĂĨƚĞƌĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐ ŐƌĞĞŵĞŶƚ͕'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞƚŚĞŝƚǇůĞƌŬǁŝƚŚƵƉĚĂƚĞĚĐĞƌƚŝĨŝĐĂƚĞ;ƐͿŽĨŝŶƐƵƌĂŶĐĞƐŚŽǁŝŶŐ ƚŚĂƚ'ƌĂŶƚĞĞĐŽŶƚŝŶƵĞƐƚŽŵĂŝŶƚĂŝŶƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘/ŶƚŚĞĐĂƐĞŽĨ ŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕'ƌĂŶƚĞĞŽƌŝƚƐĐŽŶƚƌĂĐƚŽƌƐŚĂůůŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶĐĞƌƚŝĨŝĐĂƚĞƐŽĨŝŶƐƵƌĂŶĐĞ ƌĞƋƵŝƌĞĚŚĞƌĞŝŶƉƌŝŽƌƚŽƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚ ƐŚĂůůŵĂŬĞƐƵĐŚĐĞƌƚŝĨŝĐĂƚĞƐĂǀĂŝůĂďůĞƚŽƚŚĞŝƚǇƵƉŽŶƌĞƋƵĞƐƚ͘ ZĞƋƵŝƌĞĚŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨŽƌǁŚŝĐŚĐĞƌƚŝĨŝĐĂƚĞƐŽĨŝŶƐƵƌĂŶĐĞŵƵƐƚďĞƉƌŽǀŝĚĞĚƚŽƚŚĞŝƚǇ͗ Ă͘ 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ƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕'ƌĂŶƚĞĞ͕ŝƚƐĐŽŶƚƌĂĐƚŽƌ͕ĂŶĚŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐŚĂůůƉƌŽǀŝĚĞŶĞǁ ϯ ĐĞƌƚŝĨŝĐĂƚĞ;ƐͿŽĨŝŶƐƵƌĂŶĐĞŶŽůĞƐƐƚŚĂŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐƉƌŝŽƌƚŽƚŚĞĞǆƉŝƌĂƚŝŽŶĚĂƚĞŝŶĚŝĐĂƚĞĚŽŶ ƚŚĞŽƌŝŐŝŶĂůĐĞƌƚŝĨŝĐĂƚĞ;ƐͿ͘ ϭϮ͘/ŶĚĞŵŶŝƚǇ͘ 'ƌĂŶƚĞĞƐŚĂůůƐĂǀĞĂŶĚƉƌŽƚĞĐƚ͕ŚŽůĚŚĂƌŵůĞƐƐ͕ŝŶĚĞŵŶŝĨǇĂŶĚĚĞĨĞŶĚŝƚǇ͕ŝƚƐ ĐŽŵŵŝƐƐŝŽŶĞƌƐ͕ŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐ͕ĞŵƉůŽǇĞĞƐĂŶĚǀŽůƵŶƚĞĞƌǁŽƌŬĞƌƐĂŐĂŝŶƐƚĂŶǇĂŶĚĂůůůŝĂďŝůŝƚǇ͕ ĐĂƵƐĞƐŽĨĂĐƚŝŽŶ͕ĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐĂŶĚĐŽƐƚƐĂŶĚĞǆƉĞŶƐĞƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ ĂƚƚŽƌŶĞǇ͛ƐĨĞĞƐ͕ŝŶǀĞƐƚŝŐĂƚŝŽŶĐŽƐƚƐĂŶĚůŝƚŝŐĂƚŝŽŶĐŽƐƚƐ͕ĂƌŝƐŝŶŐĨƌŽŵŽƌƌĞƐƵůƚŝŶŐĚŝƌĞĐƚůǇŽƌ ŝŶĚŝƌĞĐƚůǇĨƌŽŵĂŶǇĂĐƚƐĂŶĚŽŵŝƐƐŝŽŶƐĂŶĚͬŽƌƉƌŽĨĞƐƐŝŽŶĂůĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽĨ'ƌĂŶƚĞĞŽƌ 'ƌĂŶƚĞĞ͛ƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ĂŶĚĂĨĨŝůŝĂƚĞƐŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐ ŐƌĞĞŵĞŶƚ͘'ƌĂŶƚĞĞǁŝůůĂƉƉĞĂƌĂŶĚĚĞĨĞŶĚĂŐĂŝŶƐƚĂůůůĂǁƐƵŝƚƐĂŐĂŝŶƐƚƚŚĞŝƚǇĂƌŝƐŝŶŐĨƌŽŵŽƌ ƌĞƐƵůƚŝŶŐĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĨƌŽŵĂŶǇĂĐƚƐĂŶĚŽŵŝƐƐŝŽŶƐĂŶĚͬŽƌƉƌŽĨĞƐƐŝŽŶĂůĞƌƌŽƌƐĂŶĚ ŽŵŝƐƐŝŽŶƐŽĨ'ƌĂŶƚĞĞ͕Žƌ'ƌĂŶƚĞĞ͛ƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚĂĨĨŝ ůŝĂƚĞƐŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘'ƌĂŶƚĞĞ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐ^ĞĐƚŝŽŶƐŚĂůůŶŽƚĂƉƉůǇƚŽĂŶǇ ůŝĂďŝůŝƚǇ͕ĐĂƵƐĞƐŽĨĂĐƚŝŽŶ͕ĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐĂŶĚĐŽƐƚƐĂŶĚĞǆƉĞŶƐĞƐƚŽƚŚĞĞǆƚĞŶƚĐĂƵƐĞĚ ďǇ͕ĂƌŝƐŝŶŐŽƵƚŽĨŽƌƌĞƐƵůƚŝŶŐĨƌŽŵ;ĂͿƚŚĞŝƚǇ͛ƐďƌĞĂĐŚŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͖Žƌ;ďͿƚŚĞŶĞŐůŝŐĞŶƚ͕ ŐƌŽƐƐůǇŶĞŐůŝŐĞŶƚ͕ŝŶƚĞŶƚŝŽŶĂůŽƌĐƌŝŵŝŶĂůĂĐƚŽƌŽŵŝƐƐŝŽŶŽĨƚŚĞŝƚǇŽƌƚŚĞŝƚǇ͛ƐŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐ͕ ĞŵƉůŽǇĞĞƐŽƌŽƚŚĞƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘ ϭϯ͘EŽŶĐŽŵƉůŝĂŶĐĞ͕dĞƌŵŝŶĂƚŝŽŶ͕ĂŶĚZĞǀĞƌƐŝŽŶŽĨƐƐĞƚƐ͘ dŚŝƐŐƌĞĞŵĞŶƚŵĂǇďĞƚĞƌŵŝŶĂƚĞĚďǇ ƚŚĞŝƚǇĨŽƌŶŽŶĐŽŵƉůŝĂŶĐĞ͕ƵƉŽŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ'ƌĂŶƚĞĞ͕ƉƌŽǀŝĚĞĚƚŚĂƚ 'ƌĂŶƚĞĞƐŚĂůůŚĂǀĞƐƵĐŚƚŚŝƌƚǇ;ϯϬͿĚĂǇƉĞƌŝŽĚƚŽĐƵƌĞĂŶǇŶŽŶĐŽŵƉůŝĂŶĐĞ͘/ŶƚŚĞĐĂƐĞŽĨ ŶŽŶĐŽŵƉůŝĂŶĐĞ͕ƚŚĞŝƚǇƐŚĂůůƚĂŬĞƐƵĐŚĂĐƚŝŽŶĂƐŵĂǇďĞĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌĞǀĞŶƚĂĐŽŶƚŝŶƵĂŶĐĞ ŽĨƚŚĞĚĞĨŝĐŝĞŶĐǇ͕ŵŝƚŝŐĂƚĞĂŶǇĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽƌĐŽŶƐĞƋƵĞŶĐĞƐ͕ĂŶĚƉƌĞǀĞŶƚĂƌĞĐƵƌƌĞŶĐĞ͕ ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƌĞƋƵŝƌŝŶŐƌĞƉĂǇŵĞŶƚŽĨĨƵŶĚƐƉĂŝĚĨŽƌŶŽŶĐŽŵƉůŝĂŶĐĞĂĐƚŝǀŝƚŝĞƐ͕ ƌĞƚƵƌŶŽĨƵŶƵƐĞĚĨƵŶĚƐ͕ĂŶĚƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĨƵŶĚŝŶŐ͘dŚĞŝƚǇŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐŐƌĞĞŵĞŶƚ ĂŶĚƌĞĚƵĐĞƚŚĞĨƵŶĚƐŝĨŝƚĚĞƚĞƌŵŝŶĞƐƚŚĂƚƚŚĞƐƚĂƌƚĂŶĚĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĂĐƚŝǀŝƚǇŝƐŶŽƚǁŝƚŚŝŶĂ 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ŽƚŚĞƌĐĂƵƐĞďĞǇŽŶĚƚŚĞĐŽŶƚƌŽůŽĨƐƵĐŚƉĂƌƚǇ͘ ϭϴ͘tĂŝǀĞƌ͘ /ĨƚŚĞŝƚǇĨĂŝůƐƚŽĞŶĨŽƌĐĞĂŶǇƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚƚŚĂƚĨĂŝůƵƌĞĚŽĞƐŶŽƚǁĂŝǀĞ ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨŝƚƐƌŝŐŚƚƚŽĞŶĨŽƌĐĞŝƚ͘ /Et/dE^^d,ZK& ͕ƚŚĞƉĂƌƚŝĞƐŚĂǀĞĐĂƵƐĞĚƚŚŝƐŐƌĞĞŵĞŶƚƚŽďĞĞǆĞĐƵƚĞĚƚŚĞĚĂǇĂŶĚǇĞĂƌ ĨŝƌƐƚĂďŽǀĞǁƌŝƚƚĞŶ͘ /dzK&ZK,^dZ&/Z^d,KD^WZKWZd/^ ďǇ͗ďǇ͗ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ /ƚƐDĂǇŽƌ:ĞŶŶŝĨĞƌtŽŽĚĨŽƌĚ dŝƚůĞ͗/ƚƐWƌĞƐŝĚĞŶƚ ƚƚĞƐƚ͗ďǇ͗ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ŝƚǇůĞƌŬ dŝƚůĞ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ϱ dd,DEd /dzK&ZK,^dZ͕D/EE^Kd ZK,^dZZ&KhEd/KE,Kh^/E'&hE &KZ&/Z^d,KD^WZKWZd/^ ^ddDEdK&tKZ<ͬ^KWK&^Zs/^ ͘'ĞŶĞƌĂůĚŵŝŶŝƐƚƌĂƚŝŽŶ ϭ͘WƌŽũĞĐƚdŝƚůĞ͗&ŝƌƐƚ,ŽŵĞƐWƌŽƉĞƌƚŝĞƐŽŶƚƌŝďƵƚŝŽŶ Ϯ͘ŶƚŝƚǇƌĞƐƉŽŶƐŝďůĞĨŽƌĐĂƌƌǇŝŶŐŽƵƚƚŚŝƐƉƌŽũĞĐƚ͗ ^ƚĂĨĨEĂŵĞ͗:ĞŶŶŝĨĞƌtŽŽĚĨŽƌĚ KƌŐĂŶŝǌĂƚŝŽŶ͗&ŝƌƐƚ,ŽŵĞƐWƌŽƉĞƌƚŝĞƐ ĚĚƌĞƐƐ͗ϭϮůƚŽŶ,ŝůůƐƌEt͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ dĞůĞƉŚŽŶĞEƵŵďĞƌ͗ϱϬϳͲϮϴϮͲϬϮϬϯ ͘'ĞŶĞƌĂůĐƚŝǀŝƚǇĞƐĐƌŝƉƚŝŽŶ͗ ^ƵƉƉŽƌƚĂĨĨŽƌĚĂďůĞŚŽŵĞŽǁŶĞƌƐŚŝƉŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƚŚĞĐƌĞĂƚŝŽŶĂŶĚĂĐƋƵŝƐŝƚŝŽŶŽĨŶĞǁĨŽƌͲƐĂůĞ 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ĚŝƐƉĞŶƐĂƚŝŽŶ͕ƉŽƐƐĞƐƐŝŽŶŽƌƵƐĞŽĨĂĐŽŶƚƌŽůůĞĚƐƵďƐƚĂŶĐĞŝƐƉƌŽŚŝďŝƚĞĚŝŶƚŚĞ'ƌĂŶƚĞĞ͛Ɛ ǁŽƌŬƉůĂĐĞĂŶĚƐƉĞĐŝĨǇŝŶŐĂĐƚŝŽŶƐƚŚĂƚǁŝůůďĞƚĂŬĞŶĂŐĂŝŶƐƚĞŵƉůŽǇĞĞƐĨŽƌǀŝŽůĂƚŝŽŶŽĨƐƵĐŚ ƉƌŽŚŝďŝƚŝŽŶ͘dŚĞ'ƌĂŶƚĞĞŵĂǇĂůƐŽĞƐƚĂďůŝƐŚĂĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞĂǁĂƌĞŶĞƐƐƉƌŽŐƌĂŵƚŽŝŶĨŽƌŵ ĞŵƉůŽǇĞĞƐĂďŽƵƚƚŚĞĚĂŶŐĞƌŽĨĚƌƵŐĂďƵƐĞ͕ƚŚĞĂǀĂŝůĂďŝůŝƚǇŽĨĚƌƵŐĐŽƵŶƐĞůŝŶŐĂŶĚƉĞŶĂůŝƚŝĞƐĨŽƌ ǀŝŽůĂƚŝŽŶƐŽĨƚŚĞĚƌƵŐͲĨƌĞĞǁŽƌŬƉůĂĐĞƉŽůŝĐǇ͘ ϵ͘/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ͘ &ŽƌƚŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞ ĂŶŝŶĚĞƉĞŶĚĞŶƚĐŽŶƚƌĂĐƚŽƌĂŶĚŶŽƚĂŶĞŵƉůŽǇĞĞŽĨƚŚĞŝƚǇ͘ŶǇĂŶĚĂůůĞŵƉůŽǇĞĞƐŽĨƚŚĞ 'ƌĂŶƚĞĞ͕ŽƚŚĞƌƚŚĂŶŝƚǇŵƉůŽǇĞĞƐ͕ǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬŽƌƐĞƌǀŝĐĞƐ ƌĞƋƵŝƌĞĚďǇƚŚĞ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽǇĞĞƐŽĨƚŚĞŝƚǇ͘ ŶǇĂŶĚĂůůĐůĂŝŵƐďǇĂŶǇƚŚŝƌĚƉĂƌƚǇĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶǇĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨƚŚĞ 'ƌĂŶƚĞĞ͕ŝƚƐĞŵƉůŽǇĞĞƐŽƌŽƚŚĞƌƉĞƌƐŽŶƐƐŚĂůůďĞƚŚĞŽďůŝŐĂƚŝŽŶŽĨƚŚĞ'ƌĂŶƚĞĞ͘dŚĞ'ƌĂŶƚĞĞ ƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶƐĞŶƚĞƌĞĚŝŶƚŽƉƵƌƐƵĂŶƚƚŽĂŶĚŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘tŝƚŚŚŽůĚŝŶŐĂŶĚƉĂǇŵĞŶƚŽĨĨĞĚĞƌĂůĂŶĚƐƚĂƚĞŝŶĐŽŵĞƚĂǆĞƐ ĂŶĚ&/͕ĂŶĚŝƚƐĞŵƉůŽǇĞĞƐƐŚĂůůďĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞ'ƌĂŶƚĞĞ͘dŚĞ'ƌĂŶƚĞĞƐŚĂůůƉĂǇŽŶ ďĞŚĂůĨŽĨĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞƵŶĞŵƉůŽǇŵĞŶƚĐŽŵƉĞŶƐĂƚŝŽŶĨƵŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁ͘ ϭϬ͘EŽƵƐŝŶĞƐƐ^ƵďƐŝĚǇ͘ dŚĞƉĂƌƚŝĞƐĂŐƌĞĞƚŚĂƚƚŚĞĨƵŶĚƐĚŝƐďƵƌƐĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĂƌĞŶŽƚĂ ďƵƐŝŶĞƐƐƐƵďƐŝĚǇĂƐĚĞĨŝŶĞĚŝŶDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕^ĞĐƚŝŽŶƐϭϭϲ:͘ϵϵϯƚŽϭϭϲ:͘ϵϵϱ͕ĂƐĂŵĞŶĚĞĚ ;ƚŚĞ͞ƵƐŝŶĞƐƐ^ƵďƐŝĚǇĐƚ͟Ϳ͕ďĞĐĂƵƐĞƚŚĞƉƵƌƉŽƐĞŝƐĨŽƌŚŽƵƐŝŶŐĂƐƐŝƐƚĂŶĐĞ͘ ϭϭ͘/ŶƐƵƌĂŶĐĞ͘ /ĨĂƉƉůŝĐĂďůĞƚŽƚŚĞ'ƌĂŶƚĞĞ͛ƐĐƚŝǀŝƚǇ͕ƚŚĞ'ƌĂŶƚĞĞƐŚĂůů͗;ĂͿŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶĂůů ƌĞƋƵŝƌĞĚŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐŚĞƌĞŝŶ͕ĂŶĚƐŚĂůůĞŶƐƵƌĞƚŚĂƚĂůůŽĨŝƚƐĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ ŝĨĂŶǇ͕ŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƌĞƋƵŝƌĞĚŚĞƌĞŝŶ͖;ďͿĞŶƐƵƌĞĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ ƚŚĂƚ'ƌĂŶƚĞĞĂŶĚŝƚƐĐŽŶƚƌĂĐƚŽƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶŚĞƌĞŝŶ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽ͕ůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞ͕ĂƌĞƉƌŝŵĂƌǇĂŶĚŶŽŶͲĐŽŶƚƌŝďƵƚŽƌǇƚŽĂŶǇůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŽƌŽƚŚĞƌ ŝŶƐƵƌĂŶĐĞŵĂŝŶƚĂŝŶĞĚďǇƚŚĞŝƚǇ͖;ĐͿĞŶƐƵƌĞĂůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƌĞƋƵŝƌĞĚŚĞƌĞŝŶŶĂŵĞƚŚĞŝƚǇ ŽĨZŽĐŚĞƐƚĞƌĂƐĂŶĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞĚ͕ŝŶĐůƵĚŝŶŐĂŶǇŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐŚĞůĚďǇŝƚƐĐŽŶƚƌĂĐƚŽƌƐĂŶĚ ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͖ĂŶĚ;ĚͿƌĞƋƵŝƌĞƚŚĂƚŝƚƐĐŽŶƚƌĂĐƚŽƌƐĞŶƐƵƌĞĂŶĚǀĞƌŝĨǇƚŚĂƚƚŚĞŝƌƐƵďĐŽŶƚƌĂĐƚŽƌƐ ĂůƐŽŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶ;ĂͿƚŚƌŽƵŐŚ;ĐͿ͘ 'ƌĂŶƚĞĞƐŚĂůůĨŝůĞǁŝƚŚƚŚĞŝƚǇůĞƌŬĐĞƌƚŝĨŝĐĂƚĞ;ƐͿŽĨŝŶƐƵƌĂŶĐĞĨŽƌ'ƌĂŶƚĞĞ͛ƐĐƚŝǀŝƚǇŝƐƐƵĞĚĂŶĚ ĚĂƚĞĚŶŽŵŽƌĞƚŚĂŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐƉƌŝŽƌƚŽƚŚĞĚĂƚĞŽĨƚŚĞĞǆĞĐƵƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ 'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞƚŽƚŚĞŝƚǇĂůůĐĞƌƚŝĨŝĐĂƚĞƐŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚŚĞƌĞŝŶƉƌŝŽƌƚŽƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ŶŶƵĂůůǇƚŚĞƌĞĂĨƚĞƌĚƵƌŝŶŐƚŚĞƚĞƌŵŽĨƚŚŝƐ ŐƌĞĞŵĞŶƚ͕'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞƚŚĞŝƚǇůĞƌŬǁŝƚŚƵƉĚĂƚĞĚĐĞƌƚŝĨŝĐĂƚĞ;ƐͿŽĨŝŶƐƵƌĂŶĐĞƐŚŽǁŝŶŐ ƚŚĂƚ'ƌĂŶƚĞĞĐŽŶƚŝŶƵĞƐƚŽŵĂŝŶƚĂŝŶƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘/ŶƚŚĞĐĂƐĞŽĨ ŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕'ƌĂŶƚĞĞŽƌŝƚƐĐŽŶƚƌĂĐƚŽƌƐŚĂůůŽďƚĂŝŶĂŶĚŵĂŝŶƚĂŝŶĐĞƌƚŝĨŝĐĂƚĞƐŽĨŝŶƐƵƌĂŶĐĞ ƌĞƋƵŝƌĞĚŚĞƌĞŝŶƉƌŝŽƌƚŽƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶǇǁŽƌŬƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚ ƐŚĂůůŵĂŬĞƐƵĐŚĐĞƌƚŝĨŝĐĂƚĞƐĂǀĂŝůĂďůĞƚŽƚŚĞŝƚǇƵƉŽŶƌĞƋƵĞƐƚ͘ ZĞƋƵŝƌĞĚŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨŽƌǁŚŝĐŚĐĞƌƚŝĨŝĐĂƚĞƐŽĨŝŶƐƵƌĂŶĐĞŵƵƐƚďĞƉƌŽǀŝĚĞĚƚŽƚŚĞŝƚǇ͗ Ă͘'ĞŶĞƌĂů>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͘'ƌĂŶƚĞĞ͕ĂƚŝƚƐŽǁŶĞǆƉĞŶƐĞ͕ƐŚĂůůƉƌŽĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶĨŽƌĂ [[403,1427,417,1484][12][,I,][Arial]] ĚƵƌĂƚŝŽŶŶŽƚůĞƐƐƚŚĂŶƚŚĞƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ĐŽŵŵĞƌĐŝĂůŐĞŶĞƌĂůůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŝŶ ƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚŽĨΨϮ͕ϬϬϬ͕ϬϬϬƉĞƌŽĐĐƵƌƌĞŶĐĞͬΨϰ͕ϬϬϬ͕ϬϬϬϬĂŶŶƵĂůĂŐŐƌĞŐĂƚĞŶĂŵŝŶŐ ƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĂƐĂŶĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞĚ͘dŚĞƉŽůŝĐǇƐŚĂůůĐŽǀĞƌůŝĂďŝůŝƚǇĂƌŝƐŝŶŐĨƌŽŵ ƉƌĞŵŝƐĞƐ͕ŽƉĞƌĂƚŝŽŶƐ͕ƉƌŽĚƵĐƚƐͲĐŽŵƉůĞƚĞĚŽƉĞƌĂƚŝŽŶƐ͕ƉĞƌƐŽŶĂůŝŶũƵƌǇ͕ĂĚǀĞƌƚŝƐŝŶŐŝŶũƵƌǇ͕ĂŶĚ ĐŽŶƚƌĂĐƚƵĂůůǇĂƐƐƵŵĞĚůŝĂďŝůŝƚǇ͘ 'ƌĂŶƚĞĞ͛ƐĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞǁŽƌŬƵƐŝŶŐ ŐƌĂŶƚĨƵŶĚƐƉƌŽǀŝĚĞĚďǇƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ĂƚƚŚĞŝƌŽǁŶĞǆƉĞŶƐĞ͕ƐŚĂůůŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌĂŐĞŽĨƚŚĞƐĂŵĞƚǇƉĞĂŶĚƐĐŽƉĞĂƐƌĞƋƵŝƌĞĚŽĨƚŚĞ'ƌĂŶƚĞĞ͖ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚƚŚĞ ůŝŵŝƚƐŽĨůŝĂďŝůŝƚǇĨŽƌĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐƉĞƌĨŽƌŵŝŶŐǁŽƌŬǁŝƚŚĂƚŽƚĂůĐŽŶƚƌĂĐƚ ǀĂůƵĞŽĨůĞƐƐƚŚĂŶΨϱϬ͕ϬϬϬ͕ƐŚĂůůďĞƌĞĚƵĐĞĚƚŽΨϭ͕ϬϬϬ͕ϬϬϬƉĞƌŽĐĐƵƌƌĞŶĐĞͬΨϮ͕ϬϬϬ͕ϬϬϬĂŶŶƵĂů ĂŐŐƌĞŐĂƚĞ͘ ď͘ƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞ͘'ƌĂŶƚĞĞ͕ŝƚƐĐŽŶƚƌĂĐƚŽƌƐ͕ĂŶĚŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐƐŚĂůůŽďƚĂŝŶ [[403,2272,417,2329][12][,I,][Arial]] ĂŶĚŵĂŝŶƚĂŝŶĂƵƚŽŵŽďŝůĞůŝĂďŝůŝƚǇŝŶƐƵƌĂŶĐĞŽŶŝƚƐǀĞŚŝĐůĞƐĂŶĚĂůůǀĞŚŝĐůĞƐƵƐĞĚŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚǁŝƚŚďŽĚŝůǇŝŶũƵƌǇůŝŵŝƚƐĂŶĚƉƌŽƉĞƌƚǇĚĂŵĂŐĞůŝŵŝƚƐŽĨĂƚ ůĞĂƐƚΨϭ͕ϬϬϬ͕ϬϬϬƉĞƌŽĐĐƵƌƌĞŶĐĞ͕ǁŝƚŚĂĐŽŵďŝŶĞĚƐŝŶŐůĞůŝŵŝƚĨŽƌďŽĚŝůǇŝŶũƵƌǇĂŶĚƉƌŽƉĞƌƚǇ ĚĂŵĂŐĞ͘/ĨƚŚĞ'ƌĂŶƚĞĞŽƌŝƚƐĐŽŶƚƌĂĐƚŽƌƐƵďĐŽŶƚƌĂĐƚƐƚŚĞǁŽƌŬ͕ŽƌĂŶǇƉŽƌƚŝŽŶƚŚĞƌĞŽĨ͕ 'ƌĂŶƚĞĞƐŚĂůůƌĞƋƵŝƌĞƚŚĂƚƐĂŝĚƐƵďĐŽŶƚƌĂĐƚŽƌƐŵĂŝŶƚĂŝŶĂƵƚŽŵŽďŝůĞŝŶƐƵƌĂŶĐĞĂƐƌĞƋƵŝƌĞĚŝŶ ƚŚŝƐƐĞĐƚŝŽŶ͕ĂŶĚƚŚĂƚĐĞƌƚŝĨŝĐĂƚĞƐǀĞƌŝĨǇŝŶŐƐĂŝĚŝŶƐƵƌĂŶĐĞĂƌĞĨŝůĞĚǁŝƚŚƚŚĞŝƚǇůĞƌŬ͘ Đ͘tŽƌŬĞƌ Ɛ͛ŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ͘'ƌĂŶƚĞĞ͕ŝƚƐĐŽŶƚƌĂĐƚŽƌƐ͕ĂŶĚŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐǁŚŽĂƌĞ [[398,2758,412,2815][12][,I,][Arial]] ƌĞƋƵŝƌĞĚƚŽĐĂƌƌǇǁŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞƐŚĂůůĂůƐŽĨŝůĞǁŝƚŚƚŚĞŝƚǇůĞƌŬĂ ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞŝŶĚŝĐĂƚŝŶŐŝŶƐƵƌĂŶĐĞŝƐŝŶĞĨĨĞĐƚĨŽƌǁŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶ͘/ĨƚŚĞ 'ƌĂŶƚĞĞŽƌĐŽŶƚƌĂĐƚŽƌƐƵďĐŽŶƚƌĂĐƚƐƚŚĞǁŽƌŬ͕ŽƌĂŶǇƉŽƌƚŝŽŶƚŚĞƌĞŽĨ͕'ƌĂŶƚĞĞƐŚĂůůƌĞƋƵŝƌĞ ƚŚĂƚƐĂŝĚƐƵďĐŽŶƚƌĂĐƚŽƌƐŵĂŝŶƚĂŝŶĂƵƚŽŵŽďŝůĞŝŶƐƵƌĂŶĐĞĂƐƌĞƋƵŝƌĞĚŝŶƚŚŝƐƐĞĐƚŝŽŶ͕ĂŶĚƚŚĂƚ ĐĞƌƚŝĨŝĐĂƚĞƐǀĞƌŝĨǇŝŶŐƐĂŝĚŝŶƐƵƌĂŶĐĞĂƌĞĨŝůĞĚǁŝƚŚƚŚĞŝƚǇůĞƌŬ͘ Ě͘/ĨĂŶǇĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚŚĞƌĞŝŶŝŶĚŝĐĂƚĞƐƚŚĞƉŽůŝĐǇǁŝůůĞǆƉŝƌĞƉƌŝŽƌƚŽƚŚĞ [[403,341,417,398][12][,I,][Arial]] ƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕'ƌĂŶƚĞĞ͕ŝƚƐĐŽŶƚƌĂĐƚŽƌ͕ĂŶĚŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐŚĂůůƉƌŽǀŝĚĞ ŶĞǁĐĞƌƚŝĨŝĐĂƚĞ;ƐͿŽĨŝŶƐƵƌĂŶĐĞŶŽůĞƐƐƚŚĂŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐƉƌŝŽƌƚŽƚŚĞĞǆƉŝƌĂƚŝŽŶĚĂƚĞ ŝŶĚŝĐĂƚĞĚŽŶƚŚĞŽƌŝŐŝŶĂůĐĞƌƚŝĨŝĐĂƚĞ;ƐͿ͘ dŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŵĂǇďĞŵĞƚƚŚƌŽƵŐŚĂŶǇĐŽŵďŝŶĂƚŝŽŶŽĨƉƌŝŵĂƌǇĂŶĚ Ğ͘ [[398,649,411,702][11][,I,][Arial]] ƵŵďƌĞůůĂͬĞǆĐĞƐƐŝŶƐƵƌĂŶĐĞ͘ŶǇƵŵďƌĞůůĂŽƌĞǆĐĞƐƐƉŽůŝĐǇŵƵƐƚŶĂŵĞƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ ĂƐĂŶĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞĚ͘ ϭϮ͘/ŶĚĞŵŶŝƚǇ͘ 'ƌĂŶƚĞĞƐŚĂůůƐĂǀĞĂŶĚƉƌŽƚĞĐƚ͕ŚŽůĚŚĂƌŵůĞƐƐ͕ŝŶĚĞŵŶŝĨǇĂŶĚĚĞĨĞŶĚŝƚǇ͕ŝƚƐ ĐŽŵŵŝƐƐŝŽŶĞƌƐ͕ŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐ͕ĞŵƉůŽǇĞĞƐĂŶĚǀŽůƵŶƚĞĞƌǁŽƌŬĞƌƐĂŐĂŝŶƐƚĂŶǇĂŶĚĂůůůŝĂďŝůŝƚǇ͕ ĐĂƵƐĞƐŽĨĂĐƚŝŽŶ͕ĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐĂŶĚĐŽƐƚƐĂŶĚĞǆƉĞŶƐĞƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ ĂƚƚŽƌŶĞǇ͛ƐĨĞĞƐ͕ŝŶǀĞƐƚŝŐĂƚŝŽŶĐŽƐƚƐĂŶĚůŝƚŝŐĂƚŝŽŶĐŽƐƚƐ͕ĂƌŝƐŝŶŐĨƌŽŵŽƌĂůůĞŐĞĚůǇĂƌŝƐŝŶŐĨƌŽŵŽƌ ƌĞƐƵůƚŝŶŐĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĨƌŽŵĂŶǇĂĐƚƐĂŶĚŽŵŝƐƐŝŽŶƐĂŶĚͬŽƌƉƌŽĨĞƐƐŝŽŶĂůĞƌƌŽƌƐĂŶĚ ŽŵŝƐƐŝŽŶƐŽĨ'ƌĂŶƚĞĞŽƌ'ƌĂŶƚĞĞ͛ƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐ͕ƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ĂŶĚĂĨĨŝůŝĂƚĞƐŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘'ƌĂŶƚĞĞǁŝůůĂƉƉĞĂƌĂŶĚĚĞĨĞŶĚĂŐĂŝŶƐƚĂůůůĂǁƐƵŝƚƐĂŐĂŝŶƐƚƚŚĞ ŝƚǇĂƌŝƐŝŶŐĨƌŽŵŽƌĂůůĞŐĞĚůǇĂƌŝƐŝŶŐĨƌŽŵŽƌƌĞƐƵůƚŝŶŐĚŝƌĞĐƚůǇŽƌŝŶĚŝƌĞĐƚůǇĨƌŽŵĂŶǇĂĐƚƐĂŶĚ ŽŵŝƐƐŝŽŶƐĂŶĚͬŽƌƉƌŽĨĞƐƐŝŽŶĂůĞƌƌŽƌƐĂŶĚŽŵŝƐƐŝŽŶƐŽĨ'ƌĂŶƚĞĞ͕Žƌ'ƌĂŶƚĞĞ͛ƐŽĨĨŝĐĞƌƐ͕ĞŵƉůŽǇĞĞƐ͕ ƐƵďĐŽŶƚƌĂĐƚŽƌƐĂŶĚĂĨĨŝůŝĂƚĞƐŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘'ƌĂŶƚĞĞ͛ƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌ ƚŚŝƐƐĞĐƚŝŽŶƐŚĂůůŶŽƚĂƉƉůǇƚŽĂŶǇůŝĂďŝůŝƚǇ͕ĐĂƵƐĞƐŽĨĂĐƚŝŽŶ͕ĐůĂŝŵƐ͕ůŽƐƐĞƐ͕ĚĂŵĂŐĞƐĂŶĚĐŽƐƚƐĂŶĚ ĞǆƉĞŶƐĞƐĐĂƵƐĞĚďǇƚŚĞŶĞŐůŝŐĞŶƚ͕ŐƌŽƐƐůǇŶĞŐůŝŐĞŶƚ͕ŝŶƚĞŶƚŝŽŶĂůŽƌĐƌŝŵŝŶĂůĂĐƚŽƌŽŵŝƐƐŝŽŶŽĨƚŚĞ ŝƚǇŽƌƚŚĞŝƚǇ͛ƐŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐ͕ĞŵƉůŽǇĞĞƐŽƌŽƚŚĞƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͘ ϭϯ͘EŽŶĐŽŵƉůŝĂŶĐĞ͕dĞƌŵŝŶĂƚŝŽŶ͕ĂŶĚZĞǀĞƌƐŝŽŶŽĨƐƐĞƚƐ͘ dŚŝƐĂůůŽĐĂƚŝŽŶŵĂǇďĞƚĞƌŵŝŶĂƚĞĚďǇƚŚĞ ŝƚǇĨŽƌŶŽŶĐŽŵƉůŝĂŶĐĞ͕ƵƉŽŶƚŚŝƌƚǇ;ϯϬͿĚĂǇƐǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞ'ƌĂŶƚĞĞ͕ƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞ 'ƌĂŶƚĞĞƐŚĂůůŚĂǀĞƐƵĐŚƚŚŝƌƚǇ;ϯϬͿĚĂǇƉĞƌŝŽĚƚŽĐƵƌĞĂŶǇŶŽŶĐŽŵƉůŝĂŶĐĞ͘/ŶƚŚĞĐĂƐĞŽĨ ŶŽŶĐŽŵƉůŝĂŶĐĞ͕ƚŚĞŝƚǇƐŚĂůůƚĂŬĞƐƵĐŚĂĐƚŝŽŶĂƐŵĂǇďĞĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌĞǀĞŶƚĂĐŽŶƚŝŶƵĂŶĐĞ ŽĨƚŚĞĚĞĨŝĐŝĞŶĐǇ͕ŵŝƚŝŐĂƚĞĂŶǇĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽƌĐŽŶƐĞƋƵĞŶĐĞƐ͕ĂŶĚƉƌĞǀĞŶƚĂƌĞĐƵƌƌĞŶĐĞ͕ ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƐƵƐƉĞŶĚŝŶŐĚŝƐďƵƌƐĞŵĞŶƚŽĨĨƵŶĚƐ͕ƌĞƋƵŝƌŝŶŐƌĞƉĂǇŵĞŶƚŽĨĨƵŶĚƐ ƉĂŝĚĨŽƌŶŽŶĐŽŵƉůŝĂŶĐĞĂĐƚŝǀŝƚŝĞƐ͕ĂŶĚƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĨƵŶĚŝŶŐ͘dŚĞŝƚǇŵĂǇƚĞƌŵŝŶĂƚĞƚŚŝƐ ŐƌĞĞŵĞŶƚĂŶĚƌĞĚƵĐĞƚŚĞĨƵŶĚƐŝĨŝƚĚĞƚĞƌŵŝŶĞƐƚŚĂƚƚŚĞƐƚĂƌƚĂŶĚĐŽŵƉůĞƚŝŽŶŽĨƚŚĞĂĐƚŝǀŝƚǇŝƐ ŶŽƚǁŝƚŚŝŶĂƌĞĂƐŽŶĂďůĞƚŝŵĞĨƌĂŵĞ͕ǁŚŝĐŚǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƚŚĞŝƚǇŝŶĐŽŽƉĞƌĂƚŝŽŶǁŝƚŚƚŚĞ 'ƌĂŶƚĞĞ͘/ŶƚŚĞĞǀĞŶƚŽĨƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶ͕'ƌĂŶƚĞĞƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽƉĂǇŵĞŶƚ͕ĚĞƚĞƌŵŝŶĞĚŽŶ ĂƉƌŽͲƌĂƚĞĚďĂƐŝƐ͕ĨŽƌǁŽƌŬŽƌƐĞƌǀŝĐĞƐƐĂƚŝƐĨĂĐƚŽƌŝůǇƉĞƌĨŽƌŵĞĚĂŶĚƌĞĂƐŽŶĂďůĞĐŽƐƚƐĂŶĚĂĐƚƵĂů ĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚƚŚƌŽƵŐŚƚŚĞĚĂƚĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͘ ϭϰ͘ƐƐŝŐŶŵĞŶƚ͘ EĞŝƚŚĞƌƉĂƌƚǇƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůĂƐƐŝŐŶĂŶǇƌŝŐŚƚŽƌŽďůŝŐĂƚŝŽŶŚĞƌĞƵŶĚĞƌŝŶ ǁŚŽůĞŽƌƉĂƌƚ͕ǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞŽƚŚĞƌƉĂƌƚǇŚĞƌĞƚŽ͘EŽĂƐƐŝŐŶŵĞŶƚŽƌ ƚƌĂŶƐĨĞƌŽĨĂŶǇŝŶƚĞƌĞƐƚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĚĞĞŵĞĚƚŽƌĞůĞĂƐĞƚŚĞĂƐƐŝŐŶŽƌĨƌŽŵĂŶǇ ůŝĂďŝůŝƚǇŽƌŽďůŝŐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽƌĐĂƵƐĞĂŶǇƐƵĐŚůŝĂďŝůŝƚǇŽƌŽďůŝŐĂƚŝŽŶƚŽďĞƌĞĚƵĐĞĚ ƚŽĂƐĞĐŽŶĚĂƌǇůŝĂďŝůŝƚǇŽƌŽďůŝŐĂƚŝŽŶ͘dŚĞƐĞĐŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚĂƌĞďŝŶĚŝŶŐŽŶ ƚŚĞƐƵĐĐĞƐƐŽƌƐĂŶĚĂƐƐŝŐŶƐŽĨƚŚĞƉĂƌƚŝĞƐŚĞƌĞƚŽ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐĂŶǇƚŚŝŶŐŝŶƚŚŝƐƐĞĐƚŝŽŶƚŽƚŚĞ 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ƚŚĞĐŝƚǇůŝŵŝƚƐ͘dŚĞǁĂƚĞƌƐƵƉƉůǇĐŽŶƐŝƐƚƐŽĨϯϭĚĞĞƉĂƋƵŝĨĞƌǁĞůůƐůŽĐĂƚĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞĐŝƚǇ͘dŚĞ tĂƚĞƌhƚŝůŝƚǇŚĂƐŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐŽĨĂƉƉƌŽǆŝŵĂƚĞůǇΨϭϱ͕ϯϳϱ͕ϬϬϬĂŶŶƵĂůůǇ͘ dĂďůĞϭ͘Ϯ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ ZWhŝǀŝƐŝŽŶƐ ŝǀŝƐŝŽŶƐ ƵƐƚŽŵĞƌZĞůĂƚŝŽŶƐWŽǁĞƌZĞƐŽƵƌĐĞƐ WŽǁĞƌĞůŝǀĞƌǇtĂƚĞƌ ŽƌƉŽƌĂƚĞ^ĞƌǀŝĐĞƐ/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐǇ dĂďůĞϭ͘ϯ ĂĐŬŐƌŽƵŶĚ^ƵŵŵĂƌǇ ĂĐŬŐƌŽƵŶĚ^ƵŵŵĂƌǇʹʹͳȀʹͳ ̈́ʹͲͲǤ͹Ȁ̈́ͳͷǤͶ dŽƚĂůĞŵƉůŽǇĞĞĐŽƵŶƚ;WĞƌŵĂŶĞŶƚͬ^ĞĂƐŽŶĂůͿ KƉĞƌĂƚŝŶŐƵĚŐĞƚ;ůĞĐƚƌŝĐͬtĂƚĞƌͿ tͲϮƐ/ƐƐƵĞĚሺͳʹȀ͵ͳሻ &ŝƐĐĂůzĞĂƌ;ZWhͿ ϭ͘ϯWƌŽũĞĐƚĂĐŬŐƌŽƵŶĚ ZWhŚĂƐďĞĞŶƵƚŝůŝǌŝŶŐ^WƐŝŶĐĞϭϵϵϵ͘dŚĞĚĞƉĂƌƚŵĞŶƚĂůƐƚƌƵĐƚƵƌĞĐŽŶƐŝƐƚƐŽĨƚǁŽĐŽŵƉĂŶŝĞƐ;ůĞĐƚƌŝĐ ĂŶĚtĂƚĞƌͿ͕ĂŶĚĂƉƉƌŽǆŝŵĂƚĞůǇϳϱĐŽƐƚĐĞŶƚĞƌƐĂŶĚϭϱƉƌŽĨŝƚĐĞŶƚĞƌƐƚŚƌŽƵŐŚŽƵƚϲĚŝǀŝƐŝŽŶƐ͘ZWhǁŝůů ƵƚŝůŝǌĞƚŚŝƐƉƌŽũĞĐƚƚŽŝŵƉůĞŵĞŶƚŝŵƉƌŽǀĞĚďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐ͕ŝŵƉƌŽǀĞƵƐĞƌĞǆƉĞƌŝĞŶĐĞ͕ĂŶĚŝŵƉůĞŵĞŶƚ ĂŵŽƌĞŵŽĚĞƌŶZWƐŽůƵƚŝŽŶ͘dŚĞ'ŽǀĞƌŶŵĞŶƚ&ŝŶĂŶĐĞKĨĨŝĐĞƌƐƐƐŽĐŝĂƚŝŽŶ;'&KͿǁĂƐƐĞůĞĐƚĞĚďǇZWh ƚŽŚĞůƉƚŚĞŽƌŐĂŶŝǌĂƚŝŽŶĚĞĨŝŶĞƚŚĞƐĐŽƉĞĨŽƌĂƌĞƉůĂĐĞŵĞŶƚƐŽůƵƚŝŽŶĂŶĚƚŽĨĂĐŝůŝƚĂƚĞƚŚĞƐĞůĞĐƚŝŽŶ ƉƌŽĐĞƐƐ͘ 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ZWhƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞũĞĐƚĂŶǇŽƌĂůůƉƌŽƉŽƐĂůƐĂŶĚƚŽǁĂŝǀĞƚĞĐŚŶŝĐĂůŝƚŝĞƐĂŶĚŝŶĨŽƌŵĂůŝƚŝĞƐǁŚĞŶ ƐƵĐŚǁĂŝǀĞƌŝƐĚĞƚĞƌŵŝŶĞĚďǇZWhƚŽďĞŝŶƚŚĞŽƌŐĂŶŝǌĂƚŝŽŶ͛ƐďĞƐƚŝŶƚĞƌĞƐƚ͘ ϭ͘ϲ͘ϰDŽĚŝĨŝĐĂƚŝŽŶ ZWhŵĂǇŵŽĚŝĨǇƚŚŝƐZ&WďǇŝƐƐƵĂŶĐĞŽĨŽŶĞŽƌŵŽƌĞǁƌŝƚƚĞŶĂĚĚĞŶĚĂ͘ ϭ͘ϲ͘ϱĚĚŝƚŝŽŶĂů/ŶĨŽƌŵĂƚŝŽŶĂŶĚ^ĐŽƉĞ ZWhƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŵĞĞƚǁŝƚŚƐĞůĞĐƚƉƌŽƉŽƐĞƌƐĂƚĂŶǇƚŝŵĞƚŽŐĂƚŚĞƌĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ZWhƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞŵŽǀĞŽƌĂĚĚĨƵŶĐƚŝŽŶĂůŝƚǇ;ŝ͘Ğ͕͘ŵŽĚƵůĞƐ͕ĐŽŵƉŽŶĞŶƚƐ͕Žƌ ƐĞƌǀŝĐĞƐͿƵŶƚŝůƚŚĞĨŝŶĂůĐŽŶƚƌĂĐƚŝƐƐŝŐŶĞĚ͘ ϭ͘ϲ͘ϲŽŵŵŝƚƚĂů dŚŝƐZ&WĚŽĞƐŶŽƚĐŽŵŵŝƚZWhƚŽĂǁĂƌĚĂĐŽŶƚƌĂĐƚ͘ ϭ͘ϲ͘ϳWƌŽƉĞƌƚǇ ůůƉƌŽƉŽƐĂůƐƐƵďŵŝƚƚĞĚŝŶƌĞƐƉŽŶƐĞƚŽƚŚŝƐZ&WďĞĐŽŵĞƚŚĞƉƌŽƉĞƌƚǇŽĨƚŚĞhƚŝůŝƚǇĂŶĚƉƵďůŝĐƌĞĐŽƌĚƐ͕ ĂŶĚĂƐƐƵĐŚ͕ŵĂǇďĞƐƵďũĞĐƚƚŽƉƵďůŝĐƌĞǀŝĞǁ͘WƌŽƉŽƐĞƌƐĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞƌĞůĞĂƐĞŽĨƉƌŽƉƌŝĞƚĂƌǇŽƌ ĐŽŶĨŝĚĞŶƚŝĂůŝŶĨŽƌŵĂƚŝŽŶĂƌĞĞŶĐŽƵƌĂŐĞĚŶŽƚƚŽƐƵďŵŝƚƚŚĂƚŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞƉƌŽƉŽƐĂů͘ ϭ͘ϲ͘ϴǆƉĞŶƐĞƐ ZWhƐŚĂůůŶŽƚďĞůŝĂďůĞĨŽƌĂŶǇƉƌĞͲĐŽŶƚƌĂĐƚƵĂůĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚďǇƉƌŽƐƉĞĐƚŝǀĞWƌŽƉŽƐĞƌƐ͕ŝŶĐůƵĚŝŶŐ ďƵƚŶŽƚůŝŵŝƚĞĚƚŽĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽƌƐƵďŵŝƐƐŝŽŶŽĨƉƌŽƉŽƐĂůƐ͘ZWhƐŚĂůůďĞŚĞůĚ ŚĂƌŵůĞƐƐĂŶĚĨƌĞĞĨƌŽŵĂŶǇĂŶĚĂůůůŝĂďŝůŝƚǇ͕ĐůĂŝŵƐ͕ŽƌĞǆƉĞŶƐĞƐǁŚĂƚƐŽĞǀĞƌŝŶĐƵƌƌĞĚďǇ͕ŽƌŽŶďĞŚĂůĨŽĨ͕ ĂŶǇƉĞƌƐŽŶŽƌŽƌŐĂŶŝǌĂƚŝŽŶƌĞƐƉŽŶĚŝŶŐƚŽƚŚŝƐZ&W͘ ϭ͘ϳŽŵŵƵŶŝĐĂƚŝŽŶZĞŐĂƌĚŝŶŐƚŚĞZ&W ůůĐŽŵŵƵŶŝĐĂƚŝŽŶĨƌŽŵƉƌŽƐƉĞĐƚŝǀĞƉƌŽƉŽƐĞƌƐƌĞŐĂƌĚŝŶŐƚŚŝƐZ&WŵƵƐƚďĞŝŶǁƌŝƚŝŶŐďǇĞŵĂŝůƚŽƚŚĞ ^ĞĐƚŝŽŶϭ͘ϴ ĂĚĚƌĞƐƐůŝƐƚĞĚŝŶ/ŶƋƵŝƌŝĞƐĂŶĚZĞƋƵĞƐƚƐĨŽƌůĂƌŝĨŝĐĂƚŝŽŶ͘ŽŵŵƵŶŝĐĂƚŝŽŶďǇƚĞůĞƉŚŽŶĞŽƌŝŶ ƉĞƌƐŽŶǁŝůůŶŽƚďĞĂĐĐĞƉƚĞĚ͘ ƚƚĞŵƉƚƐďǇŽƌŽŶďĞŚĂůĨŽĨĂƉƌŽƐƉĞĐƚŝǀĞŽƌĞǆŝƐƚŝŶŐWƌŽƉŽƐĞƌƚŽĐŽŶƚĂĐƚŽƌƚŽŝŶĨůƵĞŶĐĞĂŶǇŵĞŵďĞƌŽĨ ƚŚĞǀĂůƵĂƚŝŽŶdĞĂŵ͕ĂŶǇŵĞŵďĞƌŽĨZWhŽĂƌĚ͕ŽƌĂŶǇĞŵƉůŽǇĞĞŽĨZWhƌĞŐĂƌĚŝŶŐƚŚĞĂĐĐĞƉƚĂŶĐĞŽĨĂ ƉƌŽƉŽƐĂůŵĂǇůĞĂĚƚŽĞůŝŵŝŶĂƚŝŽŶŽĨƚŚĂƚWƌŽƉŽƐĞƌĨƌŽŵĨƵƌƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ ϭ͘ϴ/ŶƋƵŝƌŝĞƐĂŶĚZĞƋƵĞƐƚƐĨŽƌůĂƌŝĨŝĐĂƚŝŽŶ ϭ͘ϴ͘ϭŽŶƚĂĐƚ dŽŵĂŝŶƚĂŝŶĨĂŝƌŶĞƐƐŝŶƚŚĞƉƌŽĐĞƐƐ͕ŝŶƋƵŝƌŝĞƐĐŽŶĐĞƌŶŝŶŐƚŚŝƐƉƌŽĐƵƌĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƋƵĞƐƚŝŽŶƐƌĞůĂƚĞĚ ƚŽƚĞĐŚŶŝĐĂůŝƐƐƵĞƐĂƌĞƚŽďĞĚŝƌĞĐƚĞĚƚŚƌŽƵŐŚĞŵĂŝůƚŽƚŚĞĨŽůůŽǁŝŶŐĐŽŶƚĂĐƚ͗ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ ŽŶƚĂĐƚ͗ Ăƌů,ƵŶƚĞƌ dŝƚůĞ͗ ZWWƌŽũĞĐƚDĂŶĂŐĞƌ ŵĂŝů͗ ,ƵŶƚĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ YƵĞƐƚŝŽŶƐŽǀĞƌƚŚĞƉŚŽŶĞǁŝůůŶŽƚďĞĂĐĐĞƉƚĞĚ͘ ϭ͘ϴ͘ϮůĂƌŝĨŝĐĂƚŝŽŶƐ ůůƋƵĞƐƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐƚŚĞZ&WŵƵƐƚƌĞĨĞƌĞŶĐĞƚŚĞZ&WƐĞĐƚŝŽŶŚĞĂĚŝŶŐ͘YƵĞƐƚŝŽŶƐǁŝůůďĞĂŶƐǁĞƌĞĚ ĂŶĚƉŽƐƚĞĚƚŽƚŚĞďŝĚƉŽƌƚĂůŝŶƚŚĞĨŽƌŵŽĨĂĚĚĞŶĚĂƚŽƚŚĞZ&W͘ ϭ͘ϴ͘ϯ/ŶƋƵŝƌŝĞƐ /ŶƋƵŝƌŝĞƐŽƌƌĞƋƵĞƐƚƐĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶƐƵďŵŝƚƚĞĚƉƌŝŽƌƚŽƚŚĞƉƌĞͲƉƌŽƉŽƐĂůĐŽŶĨĞƌĞŶĐĞǁŝůůďĞĂĚĚƌĞƐƐĞĚ ĂƚƚŚĞƉƌĞͲƉƌŽƉŽƐĂůǀĞŶĚŽƌĐŽŶĨĞƌĞŶĐĞ͘ĚĚŝƚŝŽŶĂůŝŶƋƵŝƌŝĞƐŽƌƌĞƋƵĞƐƚƐĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶǁŝůůďĞĂĐĐĞƉƚĞĚ ^ĞĐƚŝŽŶϭ͘ϭϬ ƵŶƚŝůƚŚĞĚĞĂĚůŝŶĞĞƐƚĂďůŝƐŚĞĚŝŶͲWƌŽĐƵƌĞŵĞŶƚ^ĐŚĞĚƵůĞ͘ 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 tĞĚŶĞƐĚĂǇ͕&ĞďƌƵĂƌǇϱ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ Z&WZĞůĞĂƐĞĚ tĞĚŶĞƐĚĂǇ͕&ĞďƌƵĂƌǇϭϵ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ EŽŶͲŵĂŶĚĂƚŽƌǇWƌĞͲƉƌŽƉŽƐĂůŽŶĨĞƌĞŶĐĞĂůů DŽŶĚĂǇ͕DĂƌĐŚϯ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ ĞĂĚůŝŶĞƚŽĐĐĞƉƚYƵĞƐƚŝŽŶƐŽŶƚŚĞZ&W dŚƵƌƐĚĂǇ͕DĂƌĐŚϲ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ ŶƐǁĞƌƐƚŽ^ƵďŵŝƚƚĞĚYƵĞƐƚŝŽŶƐWƌŽǀŝĚĞĚ tĞĚŶĞƐĚĂǇ͕DĂƌĐŚϭϮ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ WƌŽƉŽƐĂůƐƵĞ tĞĞŬŽĨƉƌŝůϳ͕ϮϬϮϱ ůĞǀĂƚĞĨŽƌĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŶƚĞƌǀŝĞǁƐ tĞĞŬŽĨƉƌŝůϭϰ͕ϮϬϮϱ &ŽƵƌͲĂǇKŶͲ^ŝƚĞ^ŽĨƚǁĂƌĞĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŶƚĞƌǀŝĞǁƐ tĞĞŬŽĨƉƌŝůϮϭ͕ϮϬϮϱ tĞĞŬŽĨƉƌŝůϮϴ͕ϮϬϮϱ tĞĞŬŽĨDĂǇϱ͕ϮϬϮϱ ůĞǀĂƚĞƚǁŽWƌŽƉŽƐĞƌƐƚŽŝƐĐŽǀĞƌǇ tĞĞŬŽĨDĂǇϭϵ͕ϮϬϮϱ ,ŽůĚŝƐĐŽǀĞƌǇ^ĞƐƐŝŽŶƐ;,ĂůĨͲĂǇ͕WƌĞͲEĞŐŽƚŝĂƚŝŽŶ DĞĞƚŝŶŐƐͿ :ƵŶĞͬ:ƵůǇϮϬϮϱ ŽŵƉůĞƚĞŽŶƚƌĂĐƚEĞŐŽƚŝĂƚŝŽŶƐĂŶĚ^ƚĂƚĞŵĞŶƚŽĨtŽƌŬ ;^KtͿ ƵŐƵƐƚϮϬϮϲ /ŵƉůĞŵĞŶƚĂƚŝŽŶĞŐŝŶƐ ^ĞĐƚŝŽŶϮ͗WƌŽũĞĐƚ^ĐŽƉĞ Ϯ͘ϭWƌŽũĞĐƚ^ĐŽƉĞKǀĞƌǀŝĞǁ dŚĞŽǀĞƌĂůůƉƌŽũĞĐƚƐĐŽƉĞĨŽƌƚŚĞƉƌŽũĞĐƚŝƐĚĞĨŝŶĞĚŝŶ^ĞĐƚŝŽŶƐϮ͘ϭƚŚƌŽƵŐŚϮ͘ϯďĞůŽǁ͘dŚĞƐĐŽƉĞŝŶĐůƵĚĞƐ ƐŽĨƚǁĂƌĞ͕ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚŽƚŚĞƌŽŶŐŽŝŶŐƐĞƌǀŝĐĞƐ͘ Ϯ͘ϮWƌŽũĞĐƚ'ŽĂůƐ ZWhŚĂƐƵƐĞĚĂĐŽŵďŝŶĂƚŝŽŶŽĨĨƵŶĐƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚǁƌŝƚƚĞŶďƵƐŝŶĞƐƐƉƌŽĐĞƐƐͲůĞǀĞůŐŽĂůƐƚŽ ĚĞƐĐƌŝďĞƚŚĞŽƵƚĐŽŵĞƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘ KǀĞƌĂůů'ŽĂůƐ͗ ZWhŚĂƐŵĂĚĞƚŚĞƐƚƌĂƚĞŐŝĐĚĞĐŝƐŝŽŶƚŽŵŽĚĞƌŶŝǌĞŝƚƐƐŽĨƚǁĂƌĞƐǇƐƚĞŵƐ͘ZWhŝƐŝŶƚĞƌĞƐƚĞĚŝŶŝŶƐƚĂůůŝŶŐĂ ůŽǁŵĂŝŶƚĞŶĂŶĐĞĂƉƉůŝĐĂƚŝŽŶ͕ŵĞĂŶŝŶŐĂŚŽƐƚĞĚĂƉƉůŝĐĂƚŝŽŶŽƌĐůŽƵĚĂƉƉůŝĐĂƚŝŽŶďǇEŽǀĞŵďĞƌϮϬϮϳ ĚĞƉĞŶĚŝŶŐŽŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶƐĐŚĞĚƵůĞ͘dŚĞĂƉƉůŝĐĂƚŝŽŶƐŚŽƵůĚďĞĞĂƐŝůǇĂĐĐĞƐƐŝďůĞďǇĞŵƉůŽǇĞĞƐ ĂŶĚƌĞůĂƚŝǀĞůǇĞĂƐǇƚŽƵƐĞƐŽƚŚĂƚZWhĚŽĞƐŶŽƚŚĂǀĞƚŽŝŶǀĞƐƚĂƐƵďƐƚĂŶƚŝĂůĂŵŽƵŶƚŽĨƚŝŵĞĂŶĚĞĨĨŽƌƚŽŶ ƚƌĂŝŶŝŶŐ͘&ŝŶĂůůǇ͕ƵƐĞƌƐĂƌĞƐĞĞŬŝŶŐĂŶĂƉƉůŝĐĂƚŝŽŶǁŚĞƌĞƚŚĞǇĐĂŶŐĞŶĞƌĂƚĞƌĞƉŽƌƚƐǁŝƚŚŽƵƚƐŝŐŶŝĨŝĐĂŶƚ ĂƐƐŝƐƚĂŶĐĞĨƌŽŵƚĞĐŚŶŽůŽŐǇƌĞƐŽƵƌĐĞƐ͘ dŚĞŚŝŐŚͲůĞǀĞůŐŽĂůƐĨŽƌƚŚŝƐƉƌŽũĞĐƚŝŶĐůƵĚĞ͗ x ZĞĚƵĐŝŶŐƚŚĞƌŝƐŬďǇŵŽǀŝŶŐĂǁĂǇĨƌŽŵůĞŐĂĐǇ;ŽƵƚĚĂƚĞĚƐǇƐƚĞŵƐͿ x ZĞĚƵĐŝŶŐƚŚĞŶƵŵďĞƌŽĨƵŶĐŽŶŶĞĐƚĞĚƐǇƐƚĞŵƐƚŚƌŽƵŐŚŽƵƚZWh Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ xĞǀĞůŽƉĂŶĚͬŽƌŝŵƉƌŽǀĞŝŶƚĞŐƌĂƚŝŽŶǁŝƚŚƐƉĞĐŝĂůŝǌĞĚƐŽĨƚǁĂƌĞ xŽŶƐŽůŝĚĂƚŝŶŐƌĞĚƵŶĚĂŶƚƐǇƐƚĞŵƐ x/ŵƉƌŽǀŝŶŐƐǇƐƚĞŵŶĂǀŝŐĂƚŝŽŶ x ZĞĚƵĐŝŶŐŵĂŶƵĂůƉƌŽĐĞƐƐĞƐĂŶĚĚĂƚĂĞŶƚƌǇ x^ƚĂŶĚĂƌĚŝǌŝŶŐĂŶĚŝŵƉƌŽǀŝŶŐďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐďĂƐĞĚŽŶďĞƐƚƉƌĂĐƚŝĐĞ x ZĞĚƵĐŝŶŐŝŶƐƚĂŶĐĞƐŽĨĚƵƉůŝĐĂƚĞĚĂƚĂ;ŽŶĞƐŽƵƌĐĞŽĨƚƌƵƚŚͿ x/ŵƉƌŽǀŝŶŐƌĞƉŽƌƚŝŶŐ;ĚĂƚĂĂŶĂůǇƚŝĐƐͿ x/ŵƉƌŽǀĞƋƵĞƌǇͬƐĞĂƌĐŚĐĂƉĂďŝůŝƚŝĞƐ x/ŵƉƌŽǀŝŶŐƐƚƌĞĂŵůŝŶĞĚƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞƐƐ x>ĞǀĞƌĂŐŝŶŐĂƐŚĂƌĞĚͬŵƵůƚŝͲĂŐĞŶĐǇƐŽůƵƚŝŽŶ x>ĞǀĞƌĂŐŝŶŐĂĐůŽƵĚͲďĂƐĞĚƐŽĨƚǁĂƌĞ Ϯ͘ϯWƌŽũĞĐƚdŝŵĞůŝŶĞ ZWhĞǆƉĞĐƚƐƚŽƐƚĂƌƚƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶďǇƵŐƵƐƚϮϬϮϲǁŝƚŚƚŚĞŐŽĂůŽĨŐŽŝŶŐͲůŝǀĞďǇEŽǀĞŵďĞƌϮϬϮϳ͘ ZWhŝƐƉƌĞƉĂƌĞĚƚŽŚĂǀĞĐŽŶƐƵůƚĂŶƚ͛ƐĐŽŵƉůĞƚĞǁŽƌŬƌĞŵŽƚĞůǇŝĨŶĞĐĞƐƐĂƌǇ͕ŚŽǁĞǀĞƌŝŶͲƉĞƌƐŽŶ͕ŽŶͲƐŝƚĞ ƐƵƉƉŽƌƚŝƐƉƌĞĨĞƌƌĞĚ͘ƐƐƵŵŝŶŐĂŶƵŐƵƐƚϮϬϮϲƐƚĂƌƚ͕WƌŽƉŽƐĞƌƐƐŚŽƵůĚĐŽŵŵƵŶŝĐĂƚĞĂƌĞĂůŝƐƚŝĐƚŝŵĞůŝŶĞ ƚŽƐƵĐĐĞƐƐĨƵůůǇŝŵƉůĞŵĞŶƚƚŚĞƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶ͘ Ϯ͘ϰ/ŵƉůĞŵĞŶƚĂƚŝŽŶƉƉƌŽĂĐŚ ZWhƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚĞĂĐŚWƌŽƉŽƐĞƌŵĂǇƚĂŬĞĂĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ƚŽ ďĞƚƚĞƌĐŽŵƉĂƌĞĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚĞƐĂŶĚƚŽĞŶƐƵƌĞƚŚĂƚĞƐƐĞŶƚŝĂůĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂƌĞƉƌŽƉŽƐĞĚ͕ZWhƌĞƋƵŝƌĞƐƚŚĂƚĂůůWƌŽƉŽƐĞƌƐƵƐĞƚŚĞĚĞĨŝŶŝƚŝŽŶƐďĞůŽǁǁŚĞŶĚĞƐĐƌŝďŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͘ Ϯ͘ϰ͘ϭWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ WƌŽƉŽƐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌŽǀŝĚŝŶŐŽǀĞƌĂůůĐŽŽƌĚŝŶĂƚŝŽŶĂŶĚŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚŝŶĐůƵĚŝŶŐ ŐŽǀĞƌŶĂŶĐĞƐƵƉƉŽƌƚ͕ƐĐŚĞĚƵůĞŵĂŶĂŐĞŵĞŶƚ͕ƌŝƐŬŵŝƚŝŐĂƚŝŽŶ͕ƉƌŽũĞĐƚĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ĐŽŶƚƌĂĐƚ ŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚƋƵĂůŝƚǇĂƐƐƵƌĂŶĐĞ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ x WƌŽũĞĐƚWůĂŶ x^ƚĂƚƵƐZĞƉŽƌƚƐ Ϯ͘ϰ͘Ϯ<ŶŽǁůĞĚŐĞdƌĂŶƐĨĞƌ WƌŽƉŽƐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚZWh͛ƐĐŽƌĞƉƌŽũĞĐƚƚĞĂŵŚĂƐƐƵĨĨŝĐŝĞŶƚŬŶŽǁůĞĚŐĞĂŶĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƐŽĨƚǁĂƌĞƚŽƉƌŽƉĞƌůǇƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉƌŽũĞĐƚĂŶĚƐƵďƐĞƋƵĞŶƚƐǇƐƚĞŵĂŶĚ ďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĚĞƐŝŐŶĚŝƐĐƵƐƐŝŽŶƐ͘dŚĞŬŶŽǁůĞĚŐĞƚƌĂŶƐĨĞƌƐƚĂŐĞǁŝůůŝŶĐůƵĚĞĂůůĐŽƌĞƚĞĂŵƚƌĂŝŶŝŶŐ͘ ^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻ 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Ϯ͘ϰ͘ϱŽŶǀĞƌƐŝŽŶ WƌŽƉŽƐĞƌǁŝůůďĞĞǆƉĞĐƚĞĚƚŽĚĞǀĞůŽƉĂĚĂƚĂĐŽŶǀĞƌƐŝŽŶƐƚƌĂƚĞŐǇĨŽƌƚŚĞƉƌŽũĞĐƚĂŶĚŝŵƉůĞŵĞŶƚƚŚĞ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘ZWhƐƚĂĨĨǁŝůůǁŽƌŬǁŝƚŚƚŚĞWƌŽƉŽƐĞƌdĞĂŵƚŽĞǆƚƌĂĐƚĚĂƚĂĨƌŽŵůĞŐĂĐǇĂƉƉůŝĐĂƚŝŽŶƐ ;^WͿĂŶĚƚŽŵĂƉƚŚĞĚĂƚĂŝŶƚŽƚŚĞWƌŽƉŽƐĞƌ͛ƐƚŽŽůƐ͘dŚĞWƌŽƉŽƐĞƌ͕ŝŶƚƵƌŶ͕ǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌ ůŽĂĚŝŶŐƚŚĞĐŽŶǀĞƌƚĞĚĚĂƚĂĂŶĚĐŽŶĨŝƌŵŝŶŐƚŚĞƐƵĐĐĞƐƐĨƵůůŽĂĚŽĨƚŚĞĚĂƚĂ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐ ĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻŽŶǀĞƌƐŝŽŶWůĂŶ ͻŽŶǀĞƌƚĞĚĂƚĂĐĐĞƉƚĂŶĐĞ Ϯ͘ϰ͘ϲdĞƐƚŝŶŐ dŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽĐĞƐƐ͕ZWhĞǆƉĞĐƚƐƚŽĞŶŐĂŐĞŝŶĞǆĞĐƵƚŝŽŶŽĨĂĨŽƌŵĂůƚĞƐƚƉůĂŶ͘dŚĞƚĞƐƚƉůĂŶǁŝůůďĞ ĚĞǀĞůŽƉĞĚĚƵƌŝŶŐƚŚĞƉƌŽũĞĐƚĂŶĚŝŶĐůƵĚĞƚĞƐƚŝŶŐĂƉƉƌŽĂĐŚ͕ƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚĞƐƚŝŶŐ͕ĂŶĚ ĐůĞĂƌĚĞĂĚůŝŶĞƐĂŶĚĞǆƉĞĐƚĂƚŝŽŶƐĂƌŽƵŶĚƚĞƐƚŝŶŐĞĨĨŽƌƚ͘ZWhĞǆƉĞĐƚƐƚŽĞŶŐĂŐĞŝŶĚĞƚĂŝůĞĚĐŽŶĨĞƌĞŶĐĞ ƌŽŽŵƉŝůŽƚƚĞƐƚŝŶŐ͕ƵŶŝƚƚĞƐƚŝŶŐ͕ƌĞŐƌĞƐƐŝŽŶƚĞƐƚŝŶŐ͕ŝŶƚĞŐƌĂƚŝŽŶƚĞƐƚŝŶŐ͕ƉĂƌĂůůĞůƚĞƐƚŝŶŐ͕ĂŶĚƵƐĞƌ ĂĐĐĞƉƚĂŶĐĞƚĞƐƚŝŶŐ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻ dĞƐƚŝŶŐWůĂŶ ͻ dĞƐƚ^ĐƌŝƉƚƐ ͻ dĞƐƚŝŶŐĐĐĞƉƚĂŶĐĞ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ 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Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ ^ĞĐƚŝŽŶϯ͗ĞƚĂŝůĞĚ^ƵďŵŝƚƚĂůZĞƋƵŝƌĞŵĞŶƚƐ WƌŽƉŽƐĂůƐƐŚŽƵůĚďĞƉƌĞƉĂƌĞĚĂƐƐŝŵƉůǇĂƐƉŽƐƐŝďůĞĂŶĚƉƌŽǀŝĚĞĂƐƚƌĂŝŐŚƚĨŽƌǁĂƌĚ͕ĐŽŶĐŝƐĞĚĞƐĐƌŝƉƚŝŽŶŽĨ ƚŚĞƉƌŽƉŽƐĞĚƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐƚŽƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞZ&W͘ƚƚĞŶƚŝŽŶƐŚŽƵůĚďĞŐŝǀĞŶƚŽ ĂĐĐƵƌĂĐǇ͕ĐŽŵƉůĞƚĞŶĞƐƐ͕ƌĞůĞǀĂŶĐĞ͕ĂŶĚĐůĂƌŝƚǇŽĨĐŽŶƚĞŶƚ͘WƌŽƉŽƐĂůƐŵƵƐƚĂĚĚƌĞƐƐƚŚĞĨŽůůŽǁŝŶŐ ƋƵĞƐƚŝŽŶƐĂŶĚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶƐ͘ ϯ͘ϭWƌŽƉŽƐĂů^ĞĐƚŝŽŶϭ͘Ϭ͸/ŶƚƌŽĚƵĐƚŝŽŶ dŚĞŝŶƚƌŽĚƵĐƚŽƌǇŵĂƚĞƌŝĂůƐŚŽƵůĚŝŶĐůƵĚĞĂƚŝƚůĞƉĂŐĞǁŝƚŚƚŚĞZ&WŶĂŵĞ͕ŶĂŵĞŽĨƚŚĞƉƌŽƉŽƐĞƌ͕ĂĚĚƌĞƐƐ͕ ĐŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶ͕ƚŚĞĚĂƚĞ͕ĂůĞƚƚĞƌŽĨƚƌĂŶƐŵŝƚƚĂů͕ĂŶĚĂƚĂďůĞŽĨĐŽŶƚĞŶƚƐ͘dŚĞĞǆĞĐƵƚŝǀĞƐƵŵŵĂƌǇ ƐŚŽƵůĚďĞůŝŵŝƚĞĚƚŽĂďƌŝĞĨŶĂƌƌĂƚŝǀĞƐƵŵŵĂƌŝǌŝŶŐƚŚĞƉƌŽƉŽƐĂů͘ ϭͿŽŵƉůĞƚĞƚƚĂĐŚŵĞŶƚϭ͸^ŝŐŶĂƚƵƌĞWĂŐĞ ϮͿŽŵƉůĞƚĞƚƚĂĐŚŵĞŶƚϮ͸WƌŽƉŽƐĞƌ^ƚĂƚĞŵĞŶƚ ϯ͘ϮWƌŽƉŽƐĂů^ĞĐƚŝŽŶϮ͘Ϭ͸WƌŽƉŽƐĞƌdĞĂŵ dŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĂůƐŚŽƵůĚŝĚĞŶƚŝĨǇĂůůĨŝƌŵƐŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽƉŽƐĂůĂŶĚĂŶǇŶĞĐĞƐƐĂƌǇƚŚŝƌĚͲ ƉĂƌƚǇƉƌŽĚƵĐƚƐŽƌĨŝƌŵƐƌĞƋƵŝƌĞĚŽƌƌĞĐŽŵŵĞŶĚĞĚ͘ ϭͿ/ĚĞŶƚŝĨǇƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƚĞĂŵŝŶĐůƵĚŝŶŐƚŚĞĨŝƌŵƐƌĞƐƉŽŶƐŝďůĞĨŽƌŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ĂŶĚ ĂŶǇŬĞǇĐŽŶƐƵůƚŝŶŐƚĞĂŵŵĞŵďĞƌƐƚŚĂƚǁŝůůďĞƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐƚŽZWh͘ ,ŽǁŵĂŶǇƐƚĂĨĨǁŝůůƚŚĞWƌŽƉŽƐĞƌŚĂǀĞĂƐƐŝŐŶĞĚƚŽƚŚĞƉƌŽũĞĐƚ͍ R tŚĂƚŝƐƚŚĞĂƉƉƌŽǆŝŵĂƚĞĚĞĚŝĐĂƚŝŽŶƚŽƚŚĞƉƌŽũĞĐƚŽĨĞĂĐŚƌĞƐŽƵƌĐĞĂŶĚĂƉƉƌŽǆŝŵĂƚĞ R ƚŝŵĞǁŽƌŬǁŝůůďĞĐŽŵƉůĞƚĞĚŽŶͲƐŝƚĞǀƐ͘ŽĨĨͲƐŝƚĞ͍ tŚĂƚĂƌĞƚŚĞŵĂũŽƌƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌĞĂĐŚƌĞƐŽƵƌĐĞ͍ R ƚƚĂĐŚŵĞŶƚϯ ϮͿŽŵƉůĞƚĞ͸WƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐĂĐŬŐƌŽƵŶĚĨŽƌĞĂĐŚĨŝƌŵŝŶǀŽůǀĞĚǁŝƚŚƚŚĞ ƉƌŽũĞĐƚ͘ ƚƚĂĐŚŵĞŶƚϰ ϯͿŽŵƉůĞƚĞ͸ZĞĨĞƌĞŶĐĞ&ŽƌŵĨŽƌĞĂĐŚĨŝƌŵŝŶǀŽůǀĞĚŝŶƚŚĞƉƌŽũĞĐƚ͘ ƚƚĂĐŚŵĞŶƚϴ ϰͿŽŵƉůĞƚĞ͸^ƚĂĨĨŝŶŐ^ŚĞĞƚ ϯ͘Ϯ͘ϭWƌŽƉŽƐĂů^ĞĐƚŝŽŶϯ͘Ϭ͸&ƵŶĐƚŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ dŚŝƐƐĞĐƚŝŽŶĚĞƐĐƌŝďĞƐƚŚĞƐŽĨƚǁĂƌĞĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶƐĐŽƉĞŽĨƚŚĞŽǀĞƌĂůůƉƌŽũĞĐƚĂŶĚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĞĂĐŚĨƵŶĐƚŝŽŶĂůĂƌĞĂ͘ZĞƐƉŽŶƐĞƐƚŽƚŚĞĨƵŶĐƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐƐŚŽƵůĚďĞĐŽŵƉůĞƚĞĚ /ĨĂ ƐƵĐŚƚŚĂƚƚŚĞǇŝĚĞŶƚŝĨǇƚŚĞĐĂƉĂďŝůŝƚŝĞƐŽĨƚŚĞƐŽĨƚǁĂƌĞĂŶĚƚŚĞƐĐŽƉĞŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ WƌŽƉŽƐĞƌŝƐƌĞƐƉŽŶĚŝŶŐƚŽďŽƚŚZ&WƐ;ZWhĂŶĚƚŚĞŝƚǇͿ͕ďŽƚŚĨƵŶĐƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐĂƚƚĂĐŚŵĞŶƚƐ ƐŚŽƵůĚďĞĐŽŵƉůĞƚĞĚŝŶĨƵůů͘ZĞĨĞƌĞŶĐĞƐƚŽĨƵŶĐƚŝŽŶĂůƌ ĞƋƵŝƌĞŵĞŶƚƌĞƐƉŽŶƐĞƐŝŶƚŚĞŝƚǇ͛ƐZ&W͕ŽƌǀŝĐĞ ǀĞƌƐĂ͕ǁŝůůďĞƐĐŽƌĞĚĂƐǌĞƌŽ͘ 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 ƚƚĂĐŚŵĞŶƚϳ ϭͿŽŵƉůĞƚĞ͸&ƵŶĐƚŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ &ĂŝůƵƌĞƚŽƉƌŽǀŝĚĞƐŽŵĞƌĞƋƵŝƌĞŵĞŶƚƐŽƌĞǆĐůƵĚŝŶŐƐŽŵĞƌĞƋƵŝƌĞŵĞŶƚƐĨƌŽŵƐĐŽƉĞǁŝůů R ŶŽƚĞůŝŵŝŶĂƚĞƚŚĞƉƌŽƉŽƐĞƌĨƌŽŵĐŽŶƚĞŶƚŝŽŶ͘ZWhǁŝůůĞǀĂůƵĂƚĞƚŚĞƉƌŽƉŽƐĂůĂƐĂǁŚŽůĞ͕ ŝŶĐůƵĚŝŶŐƉƌŝĐĞĂŶĚǀĂůƵĞĐŽŵƉĂƌŝƐŽŶƐǁŚĞŶĞǀĂůƵĂƚŝŶŐƉƌŽƉŽƐĂůƐ͘ dŚĞƌĞƋƵŝƌĞŵĞŶƚƐƌĞƐƉŽŶƐĞƐƐƵďŵŝƚƚĞĚǁŝůůďĞĐŽŵĞƉĂƌƚŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͘WƌŽƉŽƐĞƌƐ R ĂƌĞĞǆƉĞĐƚĞĚƚŽǁĂƌƌĂŶƚƚŚĞĚĞůŝǀĞƌǇ͕ĐŽŶĨŝŐƵƌĂƚŝŽŶ͕ĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĂůůƉŽƐŝƚŝǀĞ ƌĞƐƉŽŶƐĞƐ;ĞǀĞƌǇƌĞƐƉŽŶƐĞĞǆĐĞƉ ƚ͞E͟Ϳ͘ &ŽƌƌĞƋƵŝƌĞŵĞŶƚƌĞƐƉŽŶƐĞƐŽƚŚĞƌƚŚĂŶ͞E͟ƉƌŽƉŽƐĞƌƐŵƵƐƚŝŶĚŝĐĂƚĞƚŚĞŵŽĚƵůĞŽƌ R ƉƌŽĚƵĐƚƚŚĂƚŝƐŶĞĞĚĞĚƚŽŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚ͘ &ŽƌƌĞƋƵŝƌĞŵĞŶƚƌĞƐƉŽŶƐĞƐŽƚŚĞƌƚŚĂŶ͞E͟ƉƌŽƉŽƐĞƌƐŵƵƐƚŝŶĚŝĐĂƚĞƚŚĞƉŚĂƐĞŽĨƚŚĞ R ƉƌŽũĞĐƚƚŚĂƚƚŚĞĨƵŶĐƚŝŽŶĂůŝƚǇǁŝůůďĞŝŵƉůĞŵĞŶƚĞĚ͘ ůůƌĞƐƉŽŶƐĞƐǁŚŝĐŚĂƌĞŵĂƌŬĞĚz͕ŽƌzͲEǁŝůůďĞĐŽŶƐŝĚĞƌĞĚƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚĞ R ƐĐŽƉĞ͕ĂŶĚƚŚĞĐŽƐƚƉƌŽƉŽƐĂůĂŶĚĂůůŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƐƵďŵŝƚƚĞĚŝŶƚŚŝƐƉƌŽƉŽƐĂůƐŚŽƵůĚ ƌĞĨůĞĐƚƚŚŝƐ͘ &ŽƌĨƵŶĐƚŝŽŶĂůŝƚǇƚŚĂƚŝƐŶŽƚĐƵƌƌĞŶƚůǇĂǀĂŝůĂďůĞĂŶĚŶŽƚĂǀĂŝůĂďůĞĨŽƌǀŝĞǁŝŶŐĂƚĂĚĞŵŽ͕ R ďƵƚƚŚĂƚǁŝůůďĞŝŶƐĐŽƉĞĨŽƌƚŚĞƉƌŽũĞĐƚĞŝƚŚĞƌĂƐŐĞŶĞƌĂůůǇĂǀĂŝůĂďůĞĨĞĂƚƵƌĞƐŝŶĂĨƵƚƵƌĞ ƌĞůĞĂƐĞŽƌĂƐĂĐƵƐƚŽŵŝǌĂƚŝŽŶ͕ŵŽĚŝĨŝĐĂƚŝŽŶ͕ŽƌĞŶŚĂŶĐĞŵĞŶƚƐƉĞĐŝĨŝĐĨŽƌƚŚŝƐƉƌŽũĞĐƚ͕ WƌŽƉŽƐĞƌƐƐŚŽƵůĚŝŶĚŝĐĂƚĞĂƌĞƐƉŽŶƐĞĐŽĚĞŽĨzͲEĂŶĚƉƌŽǀŝĚĞŵŽƌĞĚĞƚĂŝůŝŶƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞĐŽůƵŵŶ͘ ϯ͘Ϯ͘ϮWƌŽƉŽƐĂů^ĞĐƚŝŽŶϰ͘Ϭ͸dĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚ dŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĂůƐŚŽƵůĚŝĚĞŶƚŝĨǇĂŶǇƚĞĐŚŶŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌŽƉĞƌĂƚŝŶŐƚŚĞƐǇƐƚĞŵ͗ ƚƚĂĐŚŵĞŶƚϱ ϭͿŽŵƉůĞƚĞʹdĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚĨŽƌƚŚĞƉƌŝŵĂƌǇƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶ͘ ƚƚĂĐŚŵĞŶƚϱ ϮͿŽŵƉůĞƚĞʹdĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚĨŽƌĂŶǇĂĚĚŝƚŝŽŶĂůƚŚŝƌĚͲƉĂƌƚǇƉƌŽƉŽƐĞĚ ƉƌŽĚƵĐƚƐ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ ϯ͘Ϯ͘ϯWƌŽƉŽƐĂů^ĞĐƚŝŽŶϱ͘Ϭ͸/ŵƉůĞŵĞŶƚĂƚŝŽŶƉƉƌŽĂĐŚ dŚŝƐƐĞĐƚŝŽŶƐŚŽƵůĚĚĞƐĐƌŝďĞƚŚĞƉƌŽƉŽƐĞĚŝŵƉůĞŵĞŶƚĂƚŝŽŶƉůĂŶ͘WƌŽƉŽƐĞƌƐƐŚŽƵůĚƌĞĨĞƌĞŶĐĞ^ĞĐƚŝŽŶϮʹ WƌŽũĞĐƚ^ĐŽƉĞĨŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƉƌŽũĞĐƚƐĐŽƉĞ͕ŐŽĂůƐ͕ĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶĞĨĨŽƌƚ͘ ϭͿWůĞĂƐĞƉƌŽǀŝĚĞĂĚĞƐĐƌŝƉƚŝŽŶŽĨǇŽƵƌŵĞƚŚŽĚŽůŽŐǇĨŽƌƚŚŝƐƉƌŽũĞĐƚ͕ĐŽŶƐŝĚĞƌŝŶŐƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ƚŚĞƐĐŽƉĞ͕ĂŶĚƚŚĞĚĞƐŝƌĞĚŐŽĂůƚŽŝŵƉƌŽǀĞďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐ͘ ƚƚĂĐŚŵĞŶƚϲ ϮͿŽŵƉůĞƚĞͲWƌŽũĞĐƚǆƉĞĐƚĂƚŝŽŶƐ ƚƚĂĐŚŵĞŶƚϵ ϯͿŽŵƉůĞƚĞͲ/ŶƚĞƌĨĂĐĞ>ŝƐƚ dŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶŝƐŝŶƚĞŶĚĞĚƚŽĂĚĚƌĞƐƐĐƵƌƌĞŶƚĂƉƉůŝĐĂƚŝŽŶƐĂŶĚdŚŝƌĚͲWĂƌƚǇ^ǇƐƚĞŵƐ;dW^ͿƚŚĂƚ ĂƌĞƵƐĞĚďǇZWhĨŽƌŵĂũŽƌďƵƐŝŶĞƐƐĨƵŶĐƚŝŽŶƐ͘/ŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞŝƌƌĞƉůĂĐĞŵĞŶƚŽƌŝŶƚĞƌĨĂĐĞŝƐ ƚƚĂĐŚŵĞŶƚϵƚƚĂĐŚŵĞŶƚϵ ƉƌŽǀŝĚĞĚŝŶĚĞƚĂŝů͕ŝŶͲ/ŶƚĞƌĨĂĐĞƐ͘ůůƐǇƐƚĞŵƐůŝƐƚĞĚŝŶĂƌĞĂƐƐƵŵĞĚƚŽďĞŝŶ ƐĐŽƉĞĨŽƌƌĞƉůĂĐĞŵĞŶƚŽƌŝŶƚĞƌĨĂĐĞƚŽƚŚĞŶĞǁZWƐǇƐƚĞŵ͘ZWhŝŶƚĞŶĚƐƚŽĚŝƐĐƵƐƐƚŚĞĨƵƚƵƌĞƵƐĞŽĨ ƚŚĞƐĞĂƉƉůŝĐĂƚŝŽŶƐ͕ŽƌƚŚĞŝƌƌĞƉůĂĐĞŵĞŶƚ͕ĚƵƌŝŶŐƐŽĨƚǁĂƌĞĚĞŵŽŶƐƚƌĂƚŝŽŶƐĂŶĚĐŽŶƚƌĂĐƚŶĞŐŽƚŝĂƚŝŽŶƐ͘ ƚƚĂĐŚŵĞŶƚϵ ,ŽǁĞǀĞƌ͕WƌŽƉŽƐĞƌƐƐŚŽƵůĚĐŽŵƉůĞƚĞƚŽƚŚĞďĞƐƚŽĨƚŚĞŝƌĂďŝůŝƚǇďĂƐĞĚƵƉŽŶƚŚĞ 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 ƚƚĂĐŚŵĞŶƚϭϬ ϰͿŽŵƉůĞƚĞʹŽŶǀĞƌƐŝŽŶƐ ƚƚĂĐŚŵĞŶƚϭϬ WƌŽƉŽƐĞƌƐŵƵƐƚƉƌŽǀŝĚĞƌĞƐƉŽŶƐĞƐƚŽƚŚĞĐŽŶǀĞƌƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐʹŽŶǀĞƌƐŝŽŶƐ͘/Ĩ ĂĚĚŝƚŝŽŶĂůŝƚĞŵƐƚŽďĞĐŽŶǀĞƌƚĞĚĂƌĞƉƌŽƉŽƐĞĚ͕ƉůĞĂƐĞĂĚĚƚŚĞŵƚŽƚŚĞƐƉƌĞĂĚƐŚĞĞƚ͘dŚĞĨŽůůŽǁŝŶŐ ĂŶƐǁĞƌŬĞǇƐŚĂůůďĞƵƐĞĚǁŚĞŶƌĞƐƉŽŶĚŝŶŐƚŽƚŚĞĐŽŶǀĞƌƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͘ /ƚĞŵZĞƐƉŽŶƐĞZĞƐƉŽŶƐĞĞƐĐƌŝƉƚŝŽŶ ŐƌĞĞ zͬEZĞƐƉŽŶĚĞŶƚƐŵƵƐƚŝĚĞŶƚŝĨǇǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞŝƌĨŝƌŵ ĂŐƌĞĞƐƚŚĂƚƚŚĞĚĂƚĂŶĞĞĚƐƚŽďĞĐŽŶǀĞƌƚĞĚ͘ /ŶĐůƵĚĞĚŝŶWƌŝĐĞ zͬE/ĨǇŽƵƌĨŝƌŵĂŐƌĞĞƐƚŚĂƚƚŚĞĚĂƚĂŶĞĞĚƐƚŽďĞĐŽŶǀĞƌƚĞĚ͕ ƉůĞĂƐĞŝŶĚŝĐĂƚĞǁŝƚŚĂzĞƐŽƌEŽǁŚĞƚŚĞƌŽƌŶŽƚǇŽƵƌ ĨŝƌŵΖƐǁŽƌŬĞĨĨŽƌƚĨŽƌĐŽŶǀĞƌƚŝŶŐƚŚĞĚĂƚĂŝƐŝŶĐůƵĚĞĚŝŶƚŚĞ ƉƌŝĐŝŶŐƐĐŚĞĚƵůĞ͘ ƐƚŝŵĂƚĞĚŽŶƐƵůƚŝŶŐ EƵŵďĞƌŽĨ/ŶĐůƵĚĞƚŚĞŶƵŵďĞƌŽĨĞƐƚŝŵĂƚĞĚĐŽŶƐƵůƚŝŶŐǁŽƌŬŚŽƵƌƐ ,ŽƵƌƐ ,ŽƵƌƐŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĐŽŶǀĞƌƐŝŽŶ͘ ŽŵŵĞŶƚƐ dĞǆƚ/ŶĐůƵĚĞĂŶǇĐŽŵŵĞŶƚƐŽƌĂƐƐƵŵƉƚŝŽŶƐƌĞůĞǀĂŶƚƚŽƚŚĞ ĂŶƐǁĞƌƐĂďŽǀĞ͘ ϯ͘Ϯ͘ϰWƌŽƉŽƐĂů^ĞĐƚŝŽŶϲ͘ϬͶWƌŝĐĞ&ŽƌŵĂƚ ƚƚĂĐŚŵĞŶƚϭϭ WƌŽƉŽƐĞƌƐƐŚŽƵůĚƐƵďŵŝƚƉƌŝĐĞƉƌŽƉŽƐĂůƐƵƐŝŶŐƚŚĞĨŽƌŵĂƚƉƌŽǀŝĚĞĚŝŶ͸ŽƐƚ͘ ƚƚĂĐŚŵĞŶƚϭϭ ϭͿŽŵƉůĞƚĞĂŶĚƐƵďŵŝƚ͸ŽƐƚ ůůƉƌŝĐŝŶŐŵƵƐƚďĞƐƵďŵŝƚƚĞĚĂƐĨŝǆĞĚďǇŵŝůĞƐƚŽŶĞ͘ŽƐƚƐůŝƐƚĞĚĂƐ͞ƚŽ ͲďĞͲ ĚĞƚĞƌŵŝŶĞĚ͟ R Žƌ͞ĞƐƚŝŵĂƚĞĚ͟ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚ͘ /ĚĞŶƚŝĨǇŵĂũŽƌŵŝůĞƐƚŽŶĞƐĂƐƉĂƌƚŽĨƚŚĞƉƌŽũĞĐƚ͘/ƚŝƐƌĞƋƵŝƌĞĚƚŚĂƚĐŽƐƚƐǁŝůůďĞŝŶǀŽŝĐĞĚ R ƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨŵĂũŽƌŵŝůĞƐƚŽŶĞƐ͘WůĞĂƐĞƉƌŽǀŝĚĞĂƐĐŚĞĚƵůĞŽĨĂůůƉĂǇŵĞŶƚƐ ŶĞĐĞƐƐĂƌǇƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽƉŽƐĞĚƐĐŽƉĞ͘ ůůƐĞƌǀŝĐĞĐŽƐƚƐŵƵƐƚďĞƉƌŽǀŝĚĞĚŽŶĂƚĂƐŬŽƌĐŽŵƉůĞƚŝŽŶďĂƐŝƐǁŝƚŚĐŽƐƚƐĂƐƐŝŐŶĞĚƚŽ R ĞĂĐŚŵŝůĞƐƚŽŶĞ͕ĚĞůŝǀĞƌĂďůĞŽƌƚĂƐŬ͘WƌŽƉŽƐĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽĨŝůůŝŶĚĞůŝǀĞƌĂďůĞƐĂŶĚ ƚĂƐŬƐƵŶĚĞƌƚŚĞƉƌŽǀŝĚĞĚŚĞĂĚĞƌƐ͘ĚĚŝƚŝŽŶĂůĚĞƚĂŝůŵĂǇďĞƉƌŽǀŝĚĞĚƚŽĨƵƌƚŚĞƌĞǆƉůĂŝŶ ĚĞůŝǀĞƌĂďůĞŽƌƚĂƐŬĐŽƐƚƐ͘ WƌŽƉŽƐĞƌƐƐŚŽƵůĚŝŶĐůƵĚĞĂůůƐŽĨƚǁĂƌĞŵŽĚƵůĞƐĂŶĚƐƚĂƚĞĂŶǇůŝŵŝƚĂƚŝŽŶƐŽŶŵŽĚƵůĞƵƐĞ͘ R /ĨŶŽůŝŵŝƚĂƚŝŽŶƐĂƌĞůŝƐƚĞĚ͕ZWhǁŝůůĐŽŶƐŝĚĞƌƚŚĂƚƉƌŝĐŝŶŐŝƐďĂƐĞĚŽŶĨƵůůĞŶƚĞƌƉƌŝƐĞͲǁŝĚĞ ĂĐĐĞƐƐĨŽƌĂůůZWhĞŵƉůŽǇĞĞƐ͘ WƌŽƉŽƐĞƌƐŵƵƐƚƐƵďŵŝƚŝŵƉůĞŵĞŶƚĂƚŝŽŶĐŽƐƚƐĂƐĨƵůůǇůŽĂĚĞĚƌĂƚĞƐƚŚĂƚŝŶĐůƵĚĞĂůů R ŶĞĐĞƐƐĂƌǇƚƌĂǀĞůŽƌŽƚŚĞƌĞǆƉĞŶƐĞƐ͘ǇƐƵďŵŝƚƚŝŶŐĂƉƌŽƉŽƐĂů͕ĂůůƉƌŽƉŽƐĞƌƐĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚĂůůƉƌŝĐŝŶŐ;ŝŶĐůƵĚŝŶŐƚƌĂǀĞůͿŵƵƐƚďĞĂĨŝǆĞĚĨĞĞŽƌŝŶĐůƵĚĞĚŝŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŵŝůĞƐƚŽŶĞƐ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐ ϯ͘Ϯ͘ϰWƌŽƉŽƐĂů^ĞĐƚŝŽŶϳ͘Ϭ͸/ŵƉůĞŵĞŶƚĂƚŝŽŶdĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ dŚŝƐƐĞĐƚŝŽŶĂƐŬƐWƌŽƉŽƐĞƌƐƚŽĂĐĐĞƉƚŬĞǇƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘ ƚƚĂĐŚŵĞŶƚϲ ϭͿŽŵƉůĞƚĞʹWƌŽũĞĐƚǆƉĞĐƚĂƚŝŽŶƐ ϮͿWƌŽƉŽƐĞƌƐŵĂǇƚĂŬĞĞǆĐĞƉƚŝŽŶƚŽĐĞƌƚĂŝŶƌĞƋƵŝƌĞŵĞŶƚƐŝŶƚŚŝƐZ&W͘ůůĞǆĐĞƉƚŝŽŶƐƐŚĂůůďĞ ĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐƐĞĐƚŝŽŶ͕ǁŝƚŚĂǁƌŝƚƚĞŶĞǆƉůĂŶĂƚŝŽŶŽĨƚŚĞĞǆĐĞƉƚŝŽŶĂŶĚĂŶ ĂůƚĞƌŶĂƚĞƉƌŽƉŽƐĂů;ŝĨĂƉƉůŝĐĂďůĞͿ͘ZWh͕ĂƚŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ŵĂǇƌĞũĞĐƚĂŶǇĞǆĐĞƉƚŝŽŶƐŽƌ ƐƉĞĐŝĨŝĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĂů͘ ^ĞĐƚŝŽŶϰͲǀĂůƵĂƚŝŽŶWƌŽĐĞƐƐ ZWhǁŝůůƌĞǀŝĞǁĂůůƉƌŽƉŽƐĂůƐƌĞĐĞŝǀĞĚĂƐƉĂƌƚŽĨĂĚŽĐƵŵĞŶƚĞĚĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐ͘&ŽƌĞĂĐŚĚĞĐŝƐŝŽŶ ƉŽŝŶƚŝŶƚŚĞƉƌŽĐĞƐƐ͕ZWhǁŝůůĞǀĂůƵĂƚĞƉƌŽƉŽƐĂůƐĂĐĐŽƌĚŝŶŐƚŽƐƉĞĐŝĨŝĐĐƌŝƚĞƌŝĂĂŶĚǁŝůůƚŚĞŶĞůĞǀĂƚĞĂ ĐĞƌƚĂŝŶŶƵŵďĞƌŽĨƉƌŽƉŽƐĂůƐƚŽĐŽŵƉĞƚĞŝŶƚŚĞŶĞǆƚƉŚĂƐĞŽĨƚŚĞƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞƐƐ͘WƌŽƉŽƐĂůƐŶŽƚ ƉƌĞǀŝŽƵƐůǇĞůĞǀĂƚĞĚŵĂǇďĞĞůĞǀĂƚĞĚůĂƚĞƌŝĨƚŚĞƉƌĞǀŝŽƵƐůǇĞůĞǀĂƚĞĚƉƌŽƉŽƐĂůƐůĞĂĚƚŽĂŶƵŶƐƵĐĐĞƐƐĨƵů ŽƵƚĐŽŵĞ͘ ϰ͘ϭǀĂůƵĂƚŝŽŶƌŝƚĞƌŝĂ dŚĞĐƌŝƚĞƌŝĂƚŚĂƚǁŝůůďĞƵƐĞĚƚŽĞǀĂůƵĂƚĞƉƌŽƉŽƐĂůƐŵĂǇŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽƚŚĞĨŽůůŽǁŝŶŐ͗ ͻ KǀĞƌĂůůhŶĚĞƌƐƚĂŶĚŝŶŐŽĨZWhŶĞĞĚƐ ͻ/ŵƉůĞŵĞŶƚĂƚŝŽŶDĞƚŚŽĚŽůŽŐǇͬƉƉƌŽĂĐŚ ͻ^ŽĨƚǁĂƌĞĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŵƉůĞŵĞŶƚĂƚŝŽŶ/ŶƚĞƌǀŝĞǁƐ ͻŽƐƚ ͻ&ƵŶĐƚŝŽŶĂůŝƚǇ ͻ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶZĞĨĞƌĞŶĐĞƐ ͻŽŵƉůŝĂŶĐĞǁŝƚŚŽŶƚƌĂĐƚdĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ ͻ^ĞĐƵƌŝƚǇĂŶĚƌĞĚƵŶĚĂŶĐǇ ͻ sĞŶĚŽƌ^ĞĐƵƌŝƚǇƐƐĞƐƐŵĞŶƚ ZWhƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĚĞƚĞƌŵŝŶĞƚŚĞƐƵŝƚĂďŝůŝƚǇŽĨƉƌŽƉŽƐĂůƐŽŶƚŚĞďĂƐŝƐŽĨĂŶǇŽƌĂůůŽĨƚŚĞƐĞĐƌŝƚĞƌŝĂ ŽƌŽƚŚĞƌĐƌŝƚĞƌŝĂŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞůŝƐƚĂďŽǀĞ͘ 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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 ^ĞĐƚŝŽŶϭ͘ϴ ĂĚĚƌĞƐƐůŝƐƚĞĚŝŶ/ŶƋƵŝƌŝĞƐĂŶĚZĞƋƵĞƐƚƐĨŽƌůĂƌŝĨŝĐĂƚŝŽŶ͘ŽŵŵƵŶŝĐĂƚŝŽŶďǇƚĞůĞƉŚŽŶĞŽƌŝŶ ƉĞƌƐŽŶǁŝůůŶŽƚďĞĂĐĐĞƉƚĞĚ͘ ƚƚĞŵƉƚƐďǇŽƌŽŶďĞŚĂůĨŽĨĂƉƌŽƐƉĞĐƚŝǀĞŽƌĞǆŝƐƚŝŶŐWƌŽƉŽƐĞƌƚŽĐŽŶƚĂĐƚŽƌƚŽŝŶĨůƵĞŶĐĞĂŶǇŵĞŵďĞƌŽĨ ƚŚĞǀĂůƵĂƚŝŽŶdĞĂŵ͕ĂŶǇŵĞŵďĞƌŽĨƚŚĞŝƚǇŽƵŶĐŝůŽƌĂŶǇĞŵƉůŽǇĞĞŽĨƚŚĞŝƚǇƌĞŐĂƌĚŝŶŐƚŚĞ ĂĐĐĞƉƚĂŶĐĞŽĨĂƉƌŽƉŽƐĂůŵĂǇůĞĂĚƚŽĞůŝŵŝŶĂƚŝŽŶŽĨƚŚĂƚWƌŽƉŽƐĞƌĨƌŽŵĨƵƌƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͘ ϭ͘ϴ/ŶƋƵŝƌŝĞƐĂŶĚZĞƋƵĞƐƚƐĨŽƌůĂƌŝĨŝĐĂƚŝŽŶ ϭ͘ϴ͘ϭŽŶƚĂĐƚ dŽŵĂŝŶƚĂŝŶĨĂŝƌŶĞƐƐŝŶƚŚĞƉƌŽĐĞƐƐ͕ŝŶƋƵŝƌŝĞƐĐŽŶĐĞƌŶŝŶŐƚŚŝƐƉƌŽĐƵƌĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƋƵĞƐƚŝŽŶƐƌĞůĂƚĞĚ ƚŽƚĞĐŚŶŝĐĂůŝƐƐƵĞƐĂƌĞƚŽďĞĚŝƌĞĐƚĞĚƚŚƌŽƵŐŚĞŵĂŝůƚŽƚŚĞĨŽůůŽǁŝŶŐĐŽŶƚĂĐƚ͗ ŽŶƚĂĐƚ͗ Ăƌů,ƵŶƚĞƌ dŝƚůĞ͗ ZWWƌŽũĞĐƚDĂŶĂŐĞƌ ŵĂŝů͗ ,ƵŶƚĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ YƵĞƐƚŝŽŶƐŽǀĞƌƚŚĞƉŚŽŶĞǁŝůůŶŽƚďĞĂĐĐĞƉƚĞĚ͘ ϭ͘ϴ͘ϮůĂƌŝĨŝĐĂƚŝŽŶƐ ůůƋƵĞƐƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐƚŚĞZ&WŵƵƐƚƌĞĨĞƌĞŶĐĞƚŚĞZ&WƐĞĐƚŝŽŶŚĞĂĚŝŶŐ͘YƵĞƐƚŝŽŶƐǁŝůůďĞĂŶƐǁĞƌĞĚ ĂŶĚƉŽƐƚĞĚƚŽƚŚĞďŝĚƉŽƌƚĂůŝŶƚŚĞĨŽƌŵŽĨĂĚĚĞŶĚĂƚŽƚŚĞZ&W͘ ϭ͘ϴ͘ϯ/ŶƋƵŝƌŝĞƐ /ŶƋƵŝƌŝĞƐŽƌƌĞƋƵĞƐƚƐĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶƐƵďŵŝƚƚĞĚƉƌŝŽƌƚŽƚŚĞƉƌĞͲƉƌŽƉŽƐĂůĐŽŶĨĞƌĞŶĐĞǁŝůůďĞĂĚĚƌĞƐƐĞĚ ĂƚƚŚĞƉƌĞͲƉƌŽƉŽƐĂůǀĞŶĚŽƌĐŽŶĨĞƌĞŶĐĞ͘ĚĚŝƚŝŽŶĂůŝŶƋƵŝƌŝĞƐŽƌƌĞƋƵĞƐƚƐĨŽƌĐůĂƌŝĨŝĐĂƚŝŽŶǁŝůůďĞĂĐĐĞƉƚĞĚ ^ĞĐƚŝŽŶϭ͘ϭϬ ƵŶƚŝůƚŚĞĚĞĂĚůŝŶĞĞƐƚĂďůŝƐŚĞĚŝŶͲWƌŽĐƵƌĞŵĞŶƚ^ĐŚĞĚƵůĞ͘ 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 tĞĚŶĞƐĚĂǇ͕&ĞďƌƵĂƌǇϱ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ Z&WZĞůĞĂƐĞĚ tĞĚŶĞƐĚĂǇ͕&ĞďƌƵĂƌǇϭϵ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ EŽŶͲŵĂŶĚĂƚŽƌǇWƌĞͲƉƌŽƉŽƐĂůŽŶĨĞƌĞŶĐĞĂůů DŽŶĚĂǇ͕DĂƌĐŚϯ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ ĞĂĚůŝŶĞƚŽĐĐĞƉƚYƵĞƐƚŝŽŶƐŽŶƚŚĞZ&W dŚƵƌƐĚĂǇ͕DĂƌĐŚϲ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ ŶƐǁĞƌƐƚŽ^ƵďŵŝƚƚĞĚYƵĞƐƚŝŽŶƐWƌŽǀŝĚĞĚ tĞĚŶĞƐĚĂǇ͕DĂƌĐŚϭϮ͕ϮϬϮϱ͕ϭ͗ϬϬWD;dͿ WƌŽƉŽƐĂůƐƵĞ tĞĞŬŽĨƉƌŝůϳ͕ϮϬϮϱ ůĞǀĂƚĞĨŽƌĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŶƚĞƌǀŝĞǁƐ tĞĞŬŽĨƉƌŝůϭϰ͕ϮϬϮϱ &ŽƵƌͲĂǇKŶͲ^ŝƚĞ^ŽĨƚǁĂƌĞ tĞĞŬŽĨƉƌŝůϮϭ͕ϮϬϮϱ ĞŵŽŶƐƚƌĂƚŝŽŶƐͬ/ŶƚĞƌǀŝĞǁƐ tĞĞŬŽĨƉƌŝůϮϴ͕ϮϬϮϱ tĞĞŬŽĨDĂǇϱ͕ϮϬϮϱ ůĞǀĂƚĞƚǁŽWƌŽƉŽƐĞƌƐƚŽŝƐĐŽǀĞƌǇ tĞĞŬŽĨDĂǇϭϵ͕ϮϬϮϱ ,ŽůĚŝƐĐŽǀĞƌǇ^ĞƐƐŝŽŶƐ;,ĂůĨͲĂǇ͕WƌĞͲEĞŐŽƚŝĂƚŝŽŶ DĞĞƚŝŶŐƐͿ :ƵŶĞͬ:ƵůǇϮϬϮϱ ŽŵƉůĞƚĞŽŶƚƌĂĐƚEĞŐŽƚŝĂƚŝŽŶƐĂŶĚ^ƚĂƚĞŵĞŶƚŽĨ tŽƌŬ;^KtͿ ƵŐƵƐƚϮϬϮϱ /ŵƉůĞŵĞŶƚĂƚŝŽŶĞŐŝŶƐ 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 x ZĞĚƵĐŝŶŐƚŚĞƌŝƐŬďǇŵŽǀŝŶŐĂǁĂǇĨƌŽŵůĞŐĂĐǇ;ŽƵƚĚĂƚĞĚƐǇƐƚĞŵƐͿ x ZĞĚƵĐŝŶŐƚŚĞŶƵŵďĞƌŽĨƵŶĐŽŶŶĞĐƚĞĚƐǇƐƚĞŵƐƚŚƌŽƵŐŚŽƵƚƚŚĞŝƚǇ xĞǀĞůŽƉĂŶĚͬŽƌŝŵƉƌŽǀĞŝŶƚĞŐƌĂƚŝŽŶǁŝƚŚƐƉĞĐŝĂůŝǌĞĚƐŽĨƚǁĂƌĞ xŽŶƐŽůŝĚĂƚŝŶŐƌĞĚƵŶĚĂŶƚƐǇƐƚĞŵƐ x/ŵƉƌŽǀŝŶŐƐǇƐƚĞŵŶĂǀŝŐĂƚŝŽŶ x ZĞĚƵĐŝŶŐŵĂŶƵĂůƉƌŽĐĞƐƐĞƐĂŶĚĚĂƚĂĞŶƚƌǇ x^ƚĂŶĚĂƌĚŝǌŝŶŐĂŶĚŝŵƉƌŽǀŝŶŐďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐďĂƐĞĚŽŶďĞƐƚƉƌĂĐƚŝĐĞ x ZĞĚƵĐŝŶŐŝŶƐƚĂŶĐĞƐŽĨĚƵƉůŝĐĂƚĞĚĂƚĂ;ŽŶĞƐŽƵƌĐĞŽĨƚƌƵƚŚͿ x/ŵƉƌŽǀŝŶŐƌĞƉŽƌƚŝŶŐ x/ŵƉƌŽǀĞƋƵĞƌǇͬƐĞĂƌĐŚĐĂƉĂďŝůŝƚŝĞƐ x/ŵƉƌŽǀŝŶŐƐƚƌĞĂŵůŝŶĞĚƉƌŽĐƵƌĞŵĞŶƚƉƌŽĐĞƐƐ x>ĞǀĞƌĂŐŝŶŐĂƐŚĂƌĞĚͬŵƵůƚŝͲĂŐĞŶĐǇƐŽůƵƚŝŽŶ x>ĞǀĞƌĂŐŝŶŐĂĐůŽƵĚͲďĂƐĞĚƐŽĨƚǁĂƌĞ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE Ϯ͘ϯWƌŽũĞĐƚdŝŵĞůŝŶĞ dŚĞŝƚǇĞǆƉĞĐƚƐƚŽƐƚĂƌƚƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶƵŐƵƐƚϮϬϮϱǁŝƚŚƚŚĞŐŽĂůŽĨŐŽŝŶŐͲůŝǀĞďǇƚŚĞĞŶĚŽĨϮϬϮϲ͘ dŚĞŝƚǇŝƐƉƌĞƉĂƌĞĚƚŽŚĂǀĞĐŽŶƐƵůƚĂŶƚ͛ƐĐŽŵƉůĞƚĞǁŽƌŬƌĞŵŽƚĞůǇŝĨŶĞĐĞƐƐĂƌǇ͕ŚŽǁĞǀĞƌŝŶͲƉĞƌƐŽŶ͕ŽŶͲ ƐŝƚĞƐƵƉƉŽƌƚŝƐƉƌĞĨĞƌƌĞĚ͘ƐƐƵŵŝŶŐĂŶƵŐƵƐƚϮϬϮϱƐƚĂƌƚ͕WƌŽƉŽƐĞƌƐƐŚŽƵůĚĐŽŵŵƵŶŝĐĂƚĞĂƌĞĂůŝƐƚŝĐ ƚŝŵĞůŝŶĞƚŽƐƵĐĐĞƐƐĨƵůůǇŝŵƉůĞŵĞŶƚƚŚĞƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶ͘ Ϯ͘ϰ/ŵƉůĞŵĞŶƚĂƚŝŽŶƉƉƌŽĂĐŚ dŚĞŝƚǇƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚĞĂĐŚWƌŽƉŽƐĞƌŵĂǇƚĂŬĞĂĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ƚŽ ďĞƚƚĞƌĐŽŵƉĂƌĞĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚĞƐĂŶĚƚŽĞŶƐƵƌĞƚŚĂƚĞƐƐĞŶƚŝĂůĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ĂƌĞƉƌŽƉŽƐĞĚ͕ƚŚĞŝƚǇƌĞƋƵŝƌĞƐƚŚĂƚĂůůWƌŽƉŽƐĞƌƐƵƐĞƚŚĞĚĞĨŝŶŝƚŝŽŶƐďĞůŽǁǁŚĞŶĚĞƐĐƌŝďŝŶŐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͘ Ϯ͘ϰ͘ϭWƌŽũĞĐƚDĂŶĂŐĞŵĞŶƚ WƌŽƉŽƐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌŽǀŝĚŝŶŐŽǀĞƌĂůůĐŽŽƌĚŝŶĂƚŝŽŶĂŶĚŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚŝŶĐůƵĚŝŶŐ ŐŽǀĞƌŶĂŶĐĞƐƵƉƉŽƌƚ͕ƐĐŚĞĚƵůĞŵĂŶĂŐĞŵĞŶƚ͕ƌŝƐŬŵŝƚŝŐĂƚŝŽŶ͕ƉƌŽũĞĐƚĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ĐŽŶƚƌĂĐƚ ŵĂŶĂŐĞŵĞŶƚ͕ĂŶĚƋƵĂůŝƚǇĂƐƐƵƌĂŶĐĞ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ x WƌŽũĞĐƚWůĂŶ x^ƚĂƚƵƐZĞƉŽƌƚƐ Ϯ͘ϰ͘Ϯ<ŶŽǁůĞĚŐĞdƌĂŶƐĨĞƌ WƌŽƉŽƐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶƐƵƌŝŶŐƚŚĂƚƚŚĞŝƚǇ͛ƐĐŽƌĞƉƌŽũĞĐƚƚĞĂŵŚĂƐƐƵĨĨŝĐŝĞŶƚŬŶŽǁůĞĚŐĞĂŶĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƐŽĨƚǁĂƌĞƚŽƉƌŽƉĞƌůǇƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉƌŽũĞĐƚĂŶĚƐƵďƐĞƋƵĞŶƚƐǇƐƚĞŵĂŶĚ ďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĚĞƐŝŐŶĚŝƐĐƵƐƐŝŽŶƐ͘<ŶŽǁůĞĚŐĞƚƌĂŶƐĨĞƌƐƚĂŐĞǁŝůůŝŶĐůƵĚĞĂůůĐŽƌĞƚĞĂŵƚƌĂŝŶŝŶŐ͘ ^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻ WƌŽũĞĐƚdĞĂŵdƌĂŝŶŝŶŐWůĂŶ ͻŶĚͲhƐĞƌdƌĂŝŶŝŶŐDĂƚĞƌŝĂůƐ Ϯ͘ϰ͘ϯ^ǇƐƚĞŵĞƐŝŐŶ WƌŽƉŽƐĞƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĨĂĐŝůŝƚĂƚŝŶŐƉƌŽĐĞƐƐƚŽĚĞĨŝŶĞŚŽǁƚŚĞƐǇƐƚĞŵǁŝůůďĞƵƐĞĚƚŽŵĞĞƚƚŚĞ ŝƚǇ͛ƐƉƌŽĐĞƐƐƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉƌŽũĞĐƚŐŽĂůƐ͘ƐƉĂƌƚŽĨƚŚĞĚĞƐŝŐŶ͕ƚŚĞŝƚǇĞǆƉĞĐƚƐƚŽĞŶŐĂŐĞŝŶ ĚŝƐĐƵƐƐŝŽŶƐĂƌŽƵŶĚŚŽǁƚŽƵƐĞƚŚĞƐǇƐƚĞŵŵŽƐƚĞĨĨĞĐƚŝǀĞůǇ͕ǁŚĂƚĐŚĂŶŐĞƐŝŶďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĂƌĞ ƌĞƋƵŝƌĞĚĂŶĚƚŽĚŽĐƵŵĞŶƚĐŽŶĨŝŐƵƌĂƚŝŽŶƐ͕ŝŶƚĞƌĨĂĐĞƐ͕ƌĞƉŽƌƚƐ͕ǁŽƌŬĨůŽǁƐ͕ĂŶĚƐĞĐƵƌŝƚǇƌŽůĞƐ͘^ƉĞĐŝĨŝĐ ĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻ ZĞƋƵŝƌĞŵĞŶƚƐdƌĂĐĞĂďŝůŝƚǇŽĐƵŵĞŶƚ 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 ͻ dĞƐƚŝŶŐWůĂŶ ͻ dĞƐƚ^ĐƌŝƉƚƐ ͻ dĞƐƚŝŶŐĐĐĞƉƚĂŶĐĞ Ϯ͘ϰ͘ϳ'Ž>ŝǀĞĂŶĚ^ƵƉƉŽƌƚ ƚƚŝŵĞĨŽƌŐŽͲůŝǀĞ͕ƚŚĞŝƚǇĞǆƉĞĐƚƐƚŚĂƚƚŚĞWƌŽƉŽƐĞƌǁŝůůĂƐƐŝƐƚǁŝƚŚĞŶĚͲƵƐĞƌƚƌĂŝŶŝŶŐ͕ǁŽƌŬƚŽƉƌĞƉĂƌĞ ĂĐƵƚŽǀĞƌƉůĂŶ͕ĂŶĚĂƐƐŝƐƚǁŝƚŚƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽƚŚĞŶĞǁƐŽĨƚǁĂƌĞ͘/ŶĐůƵĚĞĚǁŝƚŚŐŽͲůŝǀĞĐŽƵůĚĂůƐŽďĞ ĂƐƐŝƐƚĂŶĐĞĨŽƌĂĨƚĞƌŐŽͲůŝǀĞǁŝƚŚŵĂŶĂŐĞŵĞŶƚŽĨŚĞůƉͲĚĞƐŬƚǇƉĞĨƵŶĐƚŝŽŶƐ͘^ƉĞĐŝĨŝĐĚĞůŝǀĞƌĂďůĞƐĞǆƉĞĐƚĞĚ ĚƵƌŝŶŐƚŚŝƐƐƚĂŐĞŝŶĐůƵĚĞ͗ ͻƵƚŽǀĞƌWůĂŶ ͻ&ŝŶĂůĐĐĞƉƚĂŶĐĞŽĐƵŵĞŶƚĂƚŝŽŶ Ϯ͘ϱ/ŶƚĞƌĨĂĐĞƐ ƚƚĂĐŚŵĞŶƚϵ /ŶƚĞƌĨĂĐĞƌĞƋƵŝƌĞŵĞŶƚƐŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚĂƐʹ/ŶƚĞƌĨĂĐĞ>ŝƐƚ͘WƌŽƉŽƐĞƌƐƐŚŽƵůĚƌĞƐƉŽŶĚ ƚŽĞĂĐŚŝŶƚĞƌĨĂĐĞƌĞƋƵŝƌĞŵĞŶƚƚŽŝĚĞŶƚŝĨǇƚŚĞƉƌŽƉŽƐĞĚƐĐŽƉĞ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE Ϯ͘ϲŽŶǀĞƌƐŝŽŶƐ ƚƚĂĐŚŵĞŶƚϭϬ ŽŶǀĞƌƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚĂƐʹŽŶǀĞƌƐŝŽŶZĞƋƵŝƌĞŵĞŶƚƐ͘WƌŽƉŽƐĞƌƐ 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 &ŝŶĂŶĐĞWƌŽũĞĐƚdĞĂŵϭ;&dͿ ,Z>ĞĂĚ͘ϱ;&dͿ WĂǇƌŽůů>ĞĂĚ͘ϱ;&dͿ ,ZͬWĂǇƌŽůůdĞĂŵϭ;&dͿ tŽƌŬKƌĚĞƌͬ/ŶǀĞŶƚŽƌǇ>ĞĂĚ͘ϱ;&dͿ ƵĚŐĞƚ>ĞĂĚϭ;&dͿ dĞĐŚŶŝĐĂůϮ;&dͿ Ϯ͘ϵ^ƚĂƚĞŵĞŶƚŽĨtŽƌŬ dŚĞŝƚǇǁŝůůƌĞƋƵŝƌĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂĚĞƚĂŝůĞĚƐƚĂƚĞŵĞŶƚŽĨǁŽƌŬ͕ŝŶĐůƵĚŝŶŐĂŚŝŐŚͲůĞǀĞůƉƌŽũĞĐƚ ƉůĂŶ͕ƉƌŝŽƌƚŽĐŽŶƚƌĂĐƚƐŝŐŶŝŶŐ͘dŚĞƐƚĂƚĞŵĞŶƚŽĨǁŽƌŬǁŝůůŝŶĐůƵĚĞĂŶĚĚĞƐĐƌŝďĞĂƚůĞĂƐƚƚŚĞĨŽůůŽǁŝŶŐĂŶĚ ŵĂǇŝŶĐůƵĚĞĂĚĚŝƚŝŽŶĂůŝƚĞŵƐƚŚĞŝƚǇĚĞĞŵƐŶĞĐĞƐƐĂƌǇ͗ ͻ WƌŽũĞĐƚ^ĐŽƉĞ ͻ WƌŽũĞĐƚDŝůĞƐƚŽŶĞƐ ͻ WƌŽũĞĐƚĞůŝǀĞƌĂďůĞƐ ͻ,ŝŐŚ>ĞǀĞůWƌŽũĞĐƚ^ĐŚĞĚƵůĞ;>ŝƐƚŝŶŐŽĨWŚĂƐĞƐĂŶĚ'Ž>ŝǀĞĂƚĞƐͿ ͻ WƌŽũĞĐƚZĞƐŽƵƌĐĞƐ ͻ WƌŽũĞĐƚZŽůĞƐĂŶĚZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ͻ YƵĂůŝƚǇƐƐƵƌĂŶĐĞĂŶĚdĞƐƚŝŶŐWƌŽĐĞĚƵƌĞƐ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ͻ WƌŽũĞĐƚŚĂŶŐĞŽŶƚƌŽůWƌŽĐĞĚƵƌĞƐ ͻ^ĞƌǀŝĐĞ>ĞǀĞůŐƌĞĞŵĞŶƚ Ϯ͘ϴEƵŵďĞƌŽĨhƐĞƌƐďǇĞƉĂƌƚŵĞŶƚƐ /ƚŝƐĚŝĨĨŝĐƵůƚĨŽƌƚŚĞŝƚǇƚŽĞŶǀŝƐŝŽŶĞǆĂĐƚůǇǁŚŽǁŝůůƵƐĞƚŚĞƐǇƐƚĞŵĂƐŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƐǇƐƚĞŵǁŝůů ƌĞƐƵůƚŝŶĂŵĂũŽƌĐŚĂŶŐĞŝŶƚŚĞǁĂǇƚŚĂƚƚŚĞŝƚǇĚŽĞƐďƵƐŝŶĞƐƐ͘dŚĞĨŽůůŽǁŝŶŐƵƐĞƌĐŽƵŶƚƐĂƌĞĞǆƉĞĐƚĞĚ ĨŽƌĞŵƉůŽǇĞĞƐĂŶĚƉƌŝŵĂƌǇƐǇƐƚĞŵƵƐĞƌƐǁŝƚŚŝŶĞĂĐŚŝƚǇĞƉĂƌƚŵĞŶƚ͘ dĂďůĞϮ͘Ϯ ƐƚŝŵĂƚĞĚhƐĞƌƐďǇĞƉĂƌƚŵĞŶƚƐ ƐƚŝŵĂƚĞĚEƵŵďĞƌŽĨƐƚŝŵĂƚĞĚEƵŵďĞƌŽĨ dǇƉĞŽĨhƐĞƌ hƐĞƌƐWŽǁĞƌhƐĞƌƐ ϲϬϭϬ &ŝŶĂŶĐŝĂůƐ ϲϬϱ ,ZͬWĂǇƌŽůů ϲϬϱ ƵĚŐĞƚŝŶŐ ϲϬ ϱ WƵƌĐŚĂƐŝŶŐ ϱϱ dĞĐŚŶŝĐĂůͬĚŵŝŶŝƐƚƌĂƚŝǀĞhƐĞƌƐ ϭ͕ϯϬϬϱ ^^hƐĞƌƐ EŽƚĞ͗ŵƉůŽǇĞĞƐĂƌĞĐŽƵŶƚĞĚŝŶŵƵůƚŝƉůĞĐŽůƵŵŶƐ͘ WƌŽƉŽƐĞƌƐƐŚŽƵůĚƉůĂŶƚŽƉƌŽǀŝĚĞƐƵĨĨŝĐŝĞŶƚƐǇƐƚĞŵĂĐĐĞƐƐĨŽƌƚŚĞŝƚǇƚŽĨƵůůǇŝŵƉůĞŵĞŶƚƚŚĞŝƌĚĞƐŝƌĞĚ ďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐ͘WƌŽƉŽƐĂůƐƐŚŽƵůĚŝŶĐůƵĚĞƐĞƌǀŝĐĞƐƚŽĐŽŵƉůĞƚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚĂŶǇĂƉƉƌŽƉƌŝĂƚĞ ƚƌĂŝŶŝŶŐƐĞƌǀŝĐĞƐƚŽƉƌĞƉĂƌĞĂůůŝƚǇƐƚĂĨĨĨŽƌƵƐŝŶŐƚŚĞƐǇƐƚĞŵ͘ ^ĞĐƚŝŽŶϯ͗ĞƚĂŝůĞĚ^ƵďŵŝƚƚĂůZĞƋƵŝƌĞŵĞŶƚƐ WƌŽƉŽƐĂůƐƐŚŽƵůĚďĞƉƌĞƉĂƌĞĚĂƐƐŝŵƉůǇĂƐƉŽƐƐŝďůĞĂŶĚƉƌŽǀŝĚĞĂƐƚƌĂŝŐŚƚĨŽƌǁĂƌĚ͕ĐŽŶĐŝƐĞĚĞƐĐƌŝƉƚŝŽŶŽĨ ƚŚĞƉƌŽƉŽƐĞĚƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐƚŽƐĂƚŝƐĨǇƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞZ&W͘ƚƚĞŶƚŝŽŶƐŚŽƵůĚďĞŐŝǀĞŶƚŽ ĂĐĐƵƌĂĐǇ͕ĐŽŵƉůĞƚĞŶĞƐƐ͕ƌĞůĞǀĂŶĐĞ͕ĂŶĚĐůĂƌŝƚǇŽĨĐŽŶƚĞŶƚ͘WƌŽƉŽƐĂůƐŵƵƐƚĂĚĚƌĞƐƐƚŚĞĨŽůůŽǁŝŶŐ ƋƵĞƐƚŝŽŶƐĂŶĚĐŽŶƚĂŝŶƚŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶƐ͘ ϯ͘ϭWƌŽƉŽƐĂů^ĞĐƚŝŽŶϭ͘Ϭ͸/ŶƚƌŽĚƵĐƚŝŽŶ dŚĞŝŶƚƌŽĚƵĐƚŽƌǇŵĂƚĞƌŝĂůƐŚŽƵůĚŝŶĐůƵĚĞĂƚŝƚůĞƉĂŐĞǁŝƚŚƚŚĞZ&WŶĂŵĞ͕ŶĂŵĞŽĨƚŚĞƉƌŽƉŽƐĞƌ͕ĂĚĚƌĞƐƐ͕ ĐŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶ͕ƚŚĞĚĂƚĞ͕ĂůĞƚƚĞƌŽĨƚƌĂŶƐŵŝƚƚĂů͕ĂŶĚĂƚĂďůĞŽĨĐŽŶƚĞŶƚƐ͘dŚĞĞǆĞĐƵƚŝǀĞƐƵŵŵĂƌǇ ƐŚŽƵůĚďĞůŝŵŝƚĞĚƚŽĂďƌŝĞĨŶĂƌƌĂƚŝǀĞƐƵŵŵĂƌŝǌŝŶŐƚŚĞƉƌŽƉŽƐĂů͘ ϭͿŽŵƉůĞƚĞƚƚĂĐŚŵĞŶƚϭ͸^ŝŐŶĂƚƵƌĞWĂŐĞ ϮͿŽŵƉůĞƚĞƚƚĂĐŚŵĞŶƚϮ͸WƌŽƉŽƐĞƌ^ƚĂƚĞŵĞŶƚ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ϯ͘ϮWƌŽƉŽƐĂů^ĞĐƚŝŽŶϮ͘Ϭ͸WƌŽƉŽƐĞƌdĞĂŵ dŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĂůƐŚŽƵůĚŝĚĞŶƚŝĨǇĂůůĨŝƌŵƐŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽƉŽƐĂůĂŶĚĂŶǇŶĞĐĞƐƐĂƌǇƚŚŝƌĚͲ ƉĂƌƚǇƉƌŽĚƵĐƚƐŽƌĨŝƌŵƐƌĞƋƵŝƌĞĚŽƌƌĞĐŽŵŵĞŶĚĞĚĨŽƌƚŚĞŝƚǇ͘ ϭͿ/ĚĞŶƚŝĨǇƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƚĞĂŵŝŶĐůƵĚŝŶŐƚŚĞĨŝƌŵƐƌĞƐƉŽŶƐŝďůĞĨŽƌŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ĂŶĚ ĂŶǇŬĞǇĐŽŶƐƵůƚŝŶŐƚĞĂŵŵĞŵďĞƌƐƚŚĂƚǁŝůůďĞƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐƚŽƚŚĞŝƚǇ͘ ,ŽǁŵĂŶǇƐƚĂĨĨǁŝůůƚŚĞWƌŽƉŽƐĞƌŚĂǀĞĂƐƐŝŐŶĞĚƚŽƚŚĞƉƌŽũĞĐƚ͍ R tŚĂƚŝƐƚŚĞĂƉƉƌŽǆŝŵĂƚĞĚĞĚŝĐĂƚŝŽŶƚŽƚŚĞƉƌŽũĞĐƚŽĨĞĂĐŚƌĞƐŽƵƌĐĞĂŶĚĂƉƉƌŽǆŝŵĂƚĞ R ƚŝŵĞǁŽƌŬǁŝůůďĞĐŽŵƉůĞƚĞĚŽŶͲƐŝƚĞǀƐ͘ŽĨĨͲƐŝƚĞ͍ tŚĂƚĂƌĞƚŚĞŵĂũŽƌƌŽůĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌĞĂĐŚƌĞƐŽƵƌĐĞ͍ R ƚƚĂĐŚŵĞŶƚϯ ϮͿŽŵƉůĞƚĞ͸WƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐĂĐŬŐƌŽƵŶĚĨŽƌĞĂĐŚĨŝƌŵŝŶǀŽůǀĞĚǁŝƚŚƚŚĞ ƉƌŽũĞĐƚ͘ ƚƚĂĐŚŵĞŶƚϰ ϯͿŽŵƉůĞƚĞ͸ZĞĨĞƌĞŶĐĞ&ŽƌŵĨŽƌĞĂĐŚĨŝƌŵŝŶǀŽůǀĞ ĚŝŶƚŚĞƉƌŽũĞĐƚ͘ ƚƚĂĐŚŵĞŶƚϴ ϰͿŽŵƉůĞƚĞ͸^ƚĂĨĨŝŶŐ^ŚĞĞƚ ϯ͘Ϯ͘ϭWƌŽƉŽƐĂů^ĞĐƚŝŽŶϯ͘Ϭ͸&ƵŶĐƚŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐ dŚŝƐƐĞĐƚŝŽŶĚĞƐĐƌŝďĞƐƚŚĞƐŽĨƚǁĂƌĞĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶƐĐŽƉĞŽĨƚŚĞŽǀĞƌĂůůƉƌŽũĞĐƚĂŶĚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĞĂĐŚĨƵŶĐƚŝŽŶĂůĂƌĞĂ͘ZĞƐƉŽŶƐĞƐƚŽƚŚĞĨƵŶĐƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐƐŚŽƵůĚďĞĐŽŵƉůĞƚĞ ƐƵĐŚƚŚĂƚƚŚĞǇŝĚĞŶƚŝĨǇƚŚĞĐĂƉĂďŝůŝƚŝĞƐŽĨƚŚĞƐŽĨƚǁĂƌĞĂŶĚƚŚĞƐĐŽƉĞŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ǀĂŝůĂďůĞ&ƵŶĐƚŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐZĞƐƉŽŶƐĞƐ͗ ƚƚĂĐŚŵĞŶƚϳ&ƵŶĐƚŝŽŶĂůZĞƋƵŝƌĞŵĞŶƚƐZĞƐƉŽŶƐĞƐ ŽůƵŵŶ͗ǀĂŝůĂďůĞZĞƐƉŽŶƐĞƐ 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Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE &ŽƌƌĞƋƵŝƌĞŵĞŶƚƌĞƐƉŽŶƐĞƐŽƚŚĞƌƚŚĂŶ͞E͟ƉƌŽƉŽƐĞƌƐŵƵƐƚŝŶĚŝĐĂƚĞƚŚĞƉŚĂƐĞŽĨƚŚĞ R ƉƌŽũĞĐƚƚŚĂƚƚŚĞĨƵŶĐƚŝŽŶĂůŝƚǇǁŝůůďĞŝŵƉůĞŵĞŶƚĞĚ͘ ůůƌĞƐƉŽŶƐĞƐǁŚŝĐŚĂƌĞŵĂƌŬĞĚz͕ŽƌzͲEǁŝůůďĞĐŽŶƐŝĚĞƌĞĚƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚĞ R ƐĐŽƉĞ͕ĂŶĚƚŚĞĐŽƐƚƉƌŽƉŽƐĂůĂŶĚĂůůŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƐƵďŵŝƚƚĞĚŝŶƚŚŝƐƉƌŽƉŽƐĂůƐŚŽƵůĚ ƌĞĨůĞĐƚƚŚŝƐ͘ &ŽƌĨƵŶĐƚŝŽŶĂůŝƚǇƚŚĂƚŝƐŶŽƚĐƵƌƌĞŶƚůǇĂǀĂŝůĂďůĞĂŶĚŶŽƚĂǀĂŝůĂďůĞĨŽƌǀŝĞǁŝŶŐĂƚĂĚĞŵŽ͕ R ďƵƚƚŚĂƚǁŝůůďĞŝŶƐĐŽƉĞĨŽƌƚŚĞƉƌŽũĞĐƚĞŝƚŚĞƌĂƐŐĞŶĞƌĂůůǇĂǀĂŝůĂďůĞĨĞĂƚƵƌĞƐŝŶĂĨƵƚƵƌĞ ƌĞůĞĂƐĞŽƌĂƐĂĐƵƐƚŽŵŝǌĂƚŝŽŶ͕ŵŽĚŝĨŝĐĂƚŝŽŶ͕ŽƌĞŶŚĂŶĐĞŵĞŶƚƐƉĞĐŝĨŝĐĨŽƌƚŚŝƐƉƌŽũĞĐƚ͕ WƌŽƉŽƐĞƌƐƐŚŽƵůĚŝŶĚŝĐĂƚĞĂƌĞƐƉŽŶƐĞĐŽĚĞŽĨzͲEĂŶĚƉƌŽǀŝĚĞŵŽƌĞĚĞƚĂŝůŝŶƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞĐŽůƵŵŶ͘ ϯ͘Ϯ͘ϮWƌŽƉŽƐĂů^ĞĐƚŝŽŶϰ͘Ϭ͸dĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚ dŚŝƐƐĞĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĂůƐŚŽƵůĚŝĚĞŶƚŝĨǇĂŶǇƚĞĐŚŶŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌŽƉĞƌĂƚŝŶŐƚŚĞƐǇƐƚĞŵ͗ ƚƚĂĐŚŵĞŶƚϱ ϭͿŽŵƉůĞƚĞʹdĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚĨŽƌƚŚĞƉƌŝŵĂƌǇƉƌŽƉŽƐĞĚƐŽůƵƚŝŽŶ͘ ƚƚĂĐŚŵĞŶƚϱ ϮͿŽŵƉůĞƚĞʹdĞĐŚŶŽůŽŐǇĞƉůŽǇŵĞŶƚĨŽƌĂŶǇĂĚĚŝƚŝŽŶĂůƚŚŝƌĚͲƉĂƌƚǇƉƌŽƉŽƐĞĚ ƉƌŽĚƵĐƚƐ͘ ϯ͘Ϯ͘ϯWƌŽƉŽƐĂů^ĞĐƚŝŽŶϱ͘Ϭ͸/ŵƉůĞŵĞŶƚĂƚŝŽŶƉƉƌŽĂĐŚ dŚŝƐƐĞĐƚŝŽŶƐŚŽƵůĚĚĞƐĐƌŝďĞƚŚĞƉƌŽƉŽƐĞĚŝŵƉůĞŵĞŶƚĂƚŝŽŶƉůĂŶ͘WƌŽƉŽƐĞƌƐƐŚŽƵůĚƌĞĨĞƌĞŶĐĞ^ĞĐƚŝŽŶ ϮʹWƌŽũĞĐƚ^ĐŽƉĞĨŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƉƌŽũĞĐƚƐĐŽƉĞ͕ŐŽĂůƐ͕ĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶĞĨĨŽƌƚ͘ ϭͿWůĞĂƐĞƉƌŽǀŝĚĞĂĚĞƐĐƌŝƉƚŝŽŶŽĨǇŽƵƌŵĞƚŚŽĚŽůŽŐǇĨŽƌƚŚŝƐƉƌŽũĞĐƚ͕ĐŽŶƐŝĚĞƌŝŶŐƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ƚŚĞƐĐŽƉĞ͕ĂŶĚƚŚĞĚĞƐŝƌĞĚŐŽĂůƚŽŝŵƉƌŽǀĞďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐ͘ ƚƚĂĐŚŵĞŶƚϲ ϮͿŽŵƉůĞƚĞͲWƌŽũĞĐƚǆƉĞĐƚĂƚŝŽŶƐ ƚƚĂĐŚŵĞŶƚϵ ϯͿŽŵƉůĞƚĞͲ/ŶƚĞƌĨĂĐĞ>ŝƐƚ dŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶŝƐŝŶƚĞŶĚĞĚƚŽĂĚĚƌĞƐƐĐƵƌƌĞŶƚĂƉƉůŝĐĂƚŝŽŶƐĂŶĚdŚŝƌĚͲWĂƌƚǇ ^ǇƐƚĞŵƐ;dW^ͿƚŚĂƚĂƌĞƵƐĞĚďǇƚŚĞŝƚǇĨŽƌŵĂũŽƌďƵƐŝŶĞƐƐĨƵŶĐƚŝŽŶƐ͘/ŶĨŽƌŵĂƚŝŽŶĂďŽƵƚ ƚƚĂĐŚŵĞŶƚϵ ƚŚĞŝƌƌĞƉůĂĐĞŵĞŶƚŽƌŝŶƚĞƌĨĂĐĞŝƐƉƌŽǀŝĚĞĚŝŶĚĞƚĂŝůŝŶͲ/ŶƚĞƌĨĂĐĞ>ŝƐƚ͘ůů ƚƚĂĐŚŵĞŶƚϵ ƐǇƐƚĞŵƐůŝƐƚĞĚŝŶĂƌĞĂƐƐƵŵĞĚƚŽďĞŝŶƐĐŽƉĞĨŽƌƌĞƉůĂĐĞŵĞŶƚŽƌŝŶƚĞƌĨĂĐĞƚŽ ƚŚĞŶĞǁZWƐǇƐƚĞŵ͘dŚĞŝƚǇŝŶƚĞŶĚƐƚŽĚŝƐĐƵƐƐƚŚĞĨƵƚƵƌĞƵƐĞŽĨƚŚĞƐĞĂƉƉůŝĐĂƚŝŽŶƐ͕Žƌ ƚŚĞŝƌƌĞƉůĂĐĞŵĞŶƚ͕ĚƵƌŝŶŐƐŽĨƚǁĂƌĞĚĞŵŽŶƐƚƌĂƚŝŽŶƐĂŶĚĐŽŶƚƌĂĐƚŶĞŐŽƚŝĂƚŝŽŶƐ͘,ŽǁĞǀĞƌ͕ ƚƚĂĐŚŵĞŶƚϵ WƌŽƉŽƐĞƌƐƐŚŽƵůĚĐŽŵƉůĞƚĞƚŽƚŚĞďĞƐƚŽĨƚŚĞŝƌĂďŝůŝƚǇďĂƐĞĚƵƉŽŶƚŚĞ 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 ƚƚĂĐŚŵĞŶƚϭϬ ϰͿŽŵƉůĞƚĞʹŽŶǀĞƌƐŝŽŶƐ ƚƚĂĐŚŵĞŶƚϭϬ WƌŽƉŽƐĞƌƐŵƵƐƚƉƌŽǀŝĚĞƌĞƐƉŽŶƐĞƐƚŽƚŚĞĐŽŶǀĞƌƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐʹ ŽŶǀĞƌƐŝŽŶƐ͘/ĨĂĚĚŝƚŝŽŶĂůŝƚĞŵƐƚŽďĞĐŽŶǀĞƌƚĞĚĂƌĞƉƌŽƉŽƐĞĚ͕ƉůĞĂƐĞĂĚĚƚŚĞŵƚŽƚŚĞ ƐƉƌĞĂĚƐŚĞĞƚ͘dŚĞĨŽůůŽǁŝŶŐĂŶƐǁĞƌŬĞǇƐŚĂůůďĞƵƐĞĚǁŚĞŶƌĞƐƉŽŶĚŝŶŐƚŽƚŚĞĐŽŶǀĞƌƐŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ /ƚĞŵZĞƐƉŽŶƐĞZĞƐƉŽŶƐĞĞƐĐƌŝƉƚŝŽŶ ŐƌĞĞ zͬEZĞƐƉŽŶĚĞŶƚƐƐŚŽƵůĚŝĚĞŶƚŝĨǇǁŚĞƚŚĞƌŽƌŶŽƚǇŽƵƌĨŝƌŵ ĂŐƌĞĞƐƚŚĂƚƚŚŝƐŝƚĞŵŶĞĞĚƐƚŽďĞĐŽŶǀĞƌƚĞĚ͘ /ŶĐůƵĚĞĚŝŶWƌŝĐĞ zͬE/ĨǇŽƵƌĨŝƌŵĂŐƌĞĞƐƚŚĂƚƚŚŝƐŝƚĞŵŶĞĞĚƐƚŽďĞĐŽŶǀĞƌƚĞĚ͕ ŝŶĚŝĐĂƚĞǁŝƚŚĂzĞƐŽƌEŽǁŚĞƚŚĞƌŽƌŶŽƚǇŽƵƌĨŝƌŵΖƐǁŽƌŬ ĞĨĨŽƌƚƚŽĐŽŵƉůĞƚĞƚŚĞĐŽŶǀĞƌƐŝŽŶŝƐŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŝĐŝŶŐ ƐĐŚĞĚƵůĞ͘ ƐƚŝŵĂƚĞĚŽŶƐƵůƚŝŶŐ EƵŵďĞƌŽĨ/ŶĐůƵĚĞƚŚĞŶƵŵďĞƌŽĨĞƐƚŝŵĂƚĞĚĐŽŶƐƵůƚŝŶŐǁŽƌŬŚŽƵƌƐ ,ŽƵƌƐ ,ŽƵƌƐŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞĐŽŶǀĞƌƐŝŽŶ͘ ŽŵŵĞŶƚƐ dĞǆƚ/ŶĐůƵĚĞĂŶǇĐŽŵŵĞŶƚƐŽƌĂƐƐƵŵƉƚŝŽŶƐƌĞůĞǀĂŶƚƚŽƚŚĞ ĂŶƐǁĞƌƐĂďŽǀĞ͘ Z&WĨŽƌŶƚĞƌƉƌŝƐĞZĞƐŽƵƌĐĞWůĂŶŶŝŶŐ;ZWͿ^ŽĨƚǁĂƌĞĂŶĚ/ŵƉůĞŵĞŶƚĂƚŝŽŶ^ĞƌǀŝĐĞƐ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE ϯ͘Ϯ͘ϰWƌŽƉŽƐĂů^ĞĐƚŝŽŶϲ͘ϬͶWƌŝĐĞ&ŽƌŵĂƚ ƚƚĂĐŚŵĞŶƚϭϭ WƌŽƉŽƐĞƌƐƐŚŽƵůĚƐƵďŵŝƚƉƌŝĐĞƉƌŽƉŽƐĂůƐƵƐŝŶŐƚŚĞĨŽƌŵĂƚƉƌŽǀŝĚĞĚŝŶ͸ŽƐƚ͘ ƚƚĂĐŚŵĞŶƚϭϭ ϭͿŽŵƉůĞƚĞĂŶĚƐƵďŵŝƚ͸ŽƐƚ ůůƉƌŝĐŝŶŐŵƵƐƚďĞƐƵďŵŝƚƚĞĚĂƐĨŝǆĞĚďǇŵŝůĞƐƚŽŶĞ͘ŽƐƚƐůŝƐƚĞĚĂƐ͞ƚŽ ͲďĞͲ ĚĞƚĞƌŵŝŶĞĚ͟ R Žƌ͞ĞƐƚŝŵĂƚĞĚ͟ǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚ͘ /ĚĞŶƚŝĨǇŵĂũŽƌŵŝůĞƐƚŽŶĞƐĂƐƉĂƌƚŽĨƚŚĞƉƌŽũĞĐƚ͘/ƚŝƐƌĞƋƵŝƌĞĚƚŚĂƚĐŽƐƚƐǁŝůůďĞŝŶǀŽŝĐĞĚ R ƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨŵĂũŽƌŵŝůĞƐƚŽŶĞƐ͘WůĞĂƐĞƉƌŽǀŝĚĞĂƐĐŚĞĚƵůĞŽĨĂůůƉĂǇŵĞŶƚƐ ŶĞĐĞƐƐĂƌǇƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽƉŽƐĞĚƐĐŽƉĞ͘ ůůƐĞƌǀŝĐĞĐŽƐƚƐŵƵƐƚďĞƉƌŽǀŝĚĞĚŽŶĂƚĂƐŬŽƌĐŽŵƉůĞƚŝŽŶďĂƐŝƐǁŝƚŚĐŽƐƚƐĂƐƐŝŐŶĞĚƚŽ R ĞĂĐŚŵŝůĞƐƚŽŶĞ͕ĚĞůŝǀĞƌĂďůĞŽƌƚĂƐŬ͘WƌŽƉŽƐĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽĨŝůůŝŶĚĞůŝǀĞƌĂďůĞƐĂŶĚ ƚĂƐŬƐƵŶĚĞƌƚŚĞƉƌŽǀŝĚĞĚŚĞĂĚĞƌƐ͘ĚĚŝƚŝŽŶĂůĚĞƚĂŝůŵĂǇďĞƉƌŽǀŝĚĞĚƚŽĨƵƌƚŚĞƌĞǆƉůĂŝŶ ĚĞůŝǀĞƌĂďůĞŽƌƚĂƐŬĐŽƐƚƐ͘ WƌŽƉŽƐĞƌƐƐŚŽƵůĚŝŶĐůƵĚĞĂůůƐŽĨƚǁĂƌĞŵŽĚƵůĞƐĂŶĚƐƚĂƚĞĂŶǇůŝŵŝƚĂƚŝŽŶƐŽŶŵŽĚƵůĞƵƐĞ͘ R /ĨŶŽůŝŵŝƚĂƚŝŽŶƐĂƌĞůŝƐƚĞĚ͕ƚŚĞŝƚǇǁŝůůĐŽŶƐŝĚĞƌƚŚĂƚƉƌŝĐŝŶŐŝƐďĂƐĞĚŽŶĨƵůůĞŶƚĞƌƉƌŝƐĞ ǁŝĚĞĂĐĐĞƐƐĨŽƌƚŚĞŝƚǇ͘ WƌŽƉŽƐĞƌƐŵƵƐƚƐƵďŵŝƚŝŵƉůĞŵĞŶƚĂƚŝŽŶĐŽƐƚƐĂƐĨƵůůǇůŽĂĚĞĚƌĂƚĞƐƚŚĂƚŝŶĐůƵĚĞĂůů R ŶĞĐĞƐƐĂƌǇƚƌĂǀĞůŽƌŽƚŚĞƌĞǆƉĞŶƐĞƐ͘ǇƐƵďŵŝƚƚŝŶŐĂƉƌŽƉŽƐĂů͕ĂůůƉƌŽƉŽƐĞƌƐĂĐŬŶŽǁůĞĚŐĞ ƚŚĂƚĂůůƉƌŝĐŝŶŐ;ŝŶĐůƵĚŝŶŐƚƌĂǀĞůͿŵƵƐƚďĞĂĨŝǆĞĚĨĞĞŽƌŝŶĐůƵĚĞĚŝŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŵŝůĞƐƚŽŶĞƐ͘ ϯ͘Ϯ͘ϰWƌŽƉŽƐĂů^ĞĐƚŝŽŶϳ͘Ϭ͸/ŵƉůĞŵĞŶƚĂƚŝŽŶdĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ dŚŝƐƐĞĐƚŝŽŶĂƐŬƐWƌŽƉŽƐĞƌƐƚŽĂĐĐĞƉƚŬĞǇƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘ ƚƚĂĐŚŵĞŶƚϲ ϭͿŽŵƉůĞƚĞʹWƌŽũĞĐƚǆƉĞĐƚĂƚŝŽŶƐ ϮͿWƌŽƉŽƐĞƌƐŵĂǇƚĂŬĞĞǆĐĞƉƚŝŽŶƚŽĐĞƌƚĂŝŶƌĞƋƵŝƌĞŵĞŶƚƐŝŶƚŚŝƐZ&W͘ůůĞǆĐĞƉƚŝŽŶƐƐŚĂůůďĞ ĐůĞĂƌůǇŝĚĞŶƚŝĨŝĞĚŝŶƚŚŝƐƐĞĐƚŝŽŶ͕ǁŝƚŚĂǁƌŝƚƚĞŶĞǆƉůĂŶĂƚŝŽŶŽĨƚŚĞĞǆĐĞƉƚŝŽŶĂŶĚĂŶ ĂůƚĞƌŶĂƚĞƉƌŽƉŽƐĂů;ŝĨĂƉƉůŝĐĂďůĞͿ͘dŚĞŝƚǇ͕ĂƚŝƚƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ŵĂǇƌĞũĞĐƚĂŶǇĞǆĐĞƉƚŝŽŶƐ ŽƌƐƉĞĐŝĨŝĐĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĂů͘ ^ĞĐƚŝŽŶϰͲǀĂůƵĂƚŝŽŶWƌŽĐĞƐƐ dŚĞŝƚǇǁŝůůƌĞǀŝĞǁĂůůƉƌŽƉŽƐĂůƐƌĞĐĞŝǀĞĚĂƐƉĂƌƚŽĨĂĚŽĐƵŵĞŶƚĞĚĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐ͘&ŽƌĞĂĐŚĚĞĐŝƐŝŽŶ ƉŽŝŶƚŝŶƚŚĞƉƌŽĐĞƐƐ͕ƚŚĞŝƚǇǁŝůůĞǀĂůƵĂƚĞƉƌŽƉŽƐĂůƐĂĐĐŽƌĚŝŶŐƚŽƐƉĞĐŝĨŝĐĐƌŝƚĞƌŝĂĂŶĚǁŝůůƚŚĞŶĞůĞǀĂƚĞĂ 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