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January 21, 2026 Agenda Packet
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͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ ϙ /E DE/&/d/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ ϙ /Es Ed/KE^EtKZ<WZKhd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ ϙ D/^ >>E Kh^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ ϙ ƉƉƌŽǀĂůĂŶĚƵƚŚŽƌŝnjĂƚŝŽŶŽĨƚŚŝƐ^Kt͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ [[305,1868,317,1915][10][B,I,][Arial]] [[305,1915,317,1962][10][B,I,][Arial]] [[995,1963,1558,2015][11][B,I,][Arial]]7HUPVRIWKH(QJDJHPHQW [[1555,1963,1568,2015][11][B,I,][Arial]] UN ³62:´ HQWHUHGLQWRE\DQGEHWZH [[305,2122,702,2169][10][,I,][Arial]]7KLV6WDWHPHQWRI:R [[1392,2122,1449,2169][10][,I,][Arial]]HQ [[1450,2122,2126,2169][10][,I,][Arial]]&LW\RI5RFKHVWHU5RFKHVWHU3XEOLF 8WLOLWLHV ³7KH&LW\538´ [[781,2170,793,2217][10][,I,][Arial]] [[793,2170,1482,2217][10][,I,][Arial]]ZLWKRIILFHVDWBBBBBBBBBBBBBBBBBB [[1483,2170,1555,2217][10][,I,][Arial]]DQG [[1552,2170,1564,2217][10][,I,][Arial]] [[1563,2170,1954,2217][10][,I,][Arial]]&OHDUYLHZ&RQVXOWLQJ [[1953,2170,1965,2217][10][,I,][Arial]] [[1965,2170,2188,2217][10][,I,][Arial]]D/RXLVLDQD [[305,2217,788,2264][10][,I,][Arial]]/LPLWHG/LDELOLW\&RPSDQ\ [[788,2217,1273,2264][10][,I,][Arial]] GED/DNXQD&RQVXOWLQJ [[1275,2217,1287,2264][10][,I,][Arial]] [[1287,2217,1768,2264][10][,I,][Arial]]ZLWKRIILFHVDW6HQD' [[1768,2217,2152,2264][10][,I,][Arial]]U0HWDLULH/RXLVLDQD ³6833/,(5´ DVRI ³(IIHFWLYH'DWH´ [[305,2265,421,2312][10][,I,][Arial]]2567,1785,2614][10][,I,][Arial]] [[1785,2567,1799,2614][10][,I,][Arial]] [[1799,2567,1890,2614][10][,I,][Arial]] [[1892,2567,1904,2614][10][,I,][Arial]] ± [[327,2617,567,2664][10][,I,][Arial]]0DULW3HSSHU [[564,2617,576,2664][10][,I,][Arial]] [[980,2617,1136,2664][10][,I,][Arial]]'LUHFWRU [[1159,2617,1171,2664][10][,I,][Arial]] [[1171,2617,1313,2664 ][10][,I,][Arial]]&RQVXOW [[1312,2617,1537,2664][10][,I,][Arial]]LQJ6HUYLFHV [[1538,2617,1550,2664][10][,I,][Arial]] [[1634,2617,1704,2664][10][,I,][Arial]] [[1702,2617,1716,2664][10][,I,][Arial ]] [[1716,2617,1786,2664][10][,I,][Arial]] [[1785,2617,1799,2664][10][,I,][Arial]] [[1799,2617,1892,2664][10][,I,][Arial]] [[1892,2617,1904,2664][10][,I,][Arial]] [[327,2667,339,2714][10][,I,][Arial]] [[980,2667,992,2714][10][,I,][Arial]] [[1634,2667,1646,2714][10][,I,][Arial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³´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rial]]'HVFULEHFRQVWUDLQWVRIVFKHGXOHUHVRXUFHVDQGGHSHQGHQFLHVRQRWKHUSURGXFWVDQGRUJDQL]DWLRQV &RQVWUDLQWV &RQVWUDLQW'HVFULSWLRQ&RPPHQWVRU3ODQ,PSDFW 7KH&LW\538LVUHVSRQVLEOHWRPDQDJHDQ\DQG7KH&LW\5383URMHFW/HDGVKDOOFRQVWDQWO\PRQLWRU DOO6XSSOLHUUHVRXUFHVDVVLJQHGWRWKHPZRUNORDGDQGDVVLJQZRUNWRWKH5HVRXUFHDV [[1065,724,1077,771][10][,I,][Arial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rial]] [[305,1312,319,1369][12][,I,][Arial]] [[305,1369,319,1426][12][,I,][Arial]] 'HSHQGHQFLHV 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ŐƵŝĚŝŶŐƚŚĞůŽŶŐͲƚĞƌŵƐƵƐƚĂŝŶŵĞŶƚŽĨZŽĐŚĞƐƚĞƌĂƐĂŐůŽďĂůůLJƌĞĐŽŐŶŝnjĞĚĐĞŶƚĞƌĨŽƌŚĞĂůƚŚĐĂƌĞ͕ ŝŶŶŽǀĂƚŝŽŶ͕ĂŶĚĞĐŽŶŽŵŝĐŐƌŽǁƚŚ͘ DĞǀĞůŽƉŵĞŶƚWůĂŶŝƐƚƌŝĐƚƐ dŚĞDƉůĂŶŝƐƐƚƌƵĐƚƵƌĞĚĂƌŽƵŶĚƐŝdžŬĞLJƐƵďͲĚŝƐƚƌŝĐƚƐŝŶĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͕ĞĂĐŚǁŝƚŚĂĚŝƐƚŝŶĐƚ ĨŽĐƵƐ͗ ŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ ŝƐƚŚĞŝŶŶŽǀĂƚŝŽŶŚƵďŽĨƚŚĞD͕ĚĞƐŝŐŶĞĚƚŽĨŽƐƚĞƌďŝŽƚĞĐŚ͕ŵĞĚŝĐĂů x ƌĞƐĞĂƌĐŚ͕ĂŶĚĐƵƚƚŝŶŐͲĞĚŐĞƚĞĐŚŶŽůŽŐLJĂĚǀĂŶĐĞŵĞŶƚƐ͘ ,ĞĂƌƚŽĨƚŚĞŝƚLJ ƌĞǀŝƚĂůŝnjĞƐƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͕ĐƌĞĂƚŝŶŐĂƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJĞŶǀŝƌŽŶŵĞŶƚ x ǁŝƚŚƌĞƚĂŝů͕ĚŝŶŝŶŐ͕ĂŶĚŚŽƐƉŝƚĂůŝƚLJƚŽĞŶŚĂŶĐĞƚŚĞǀŝƐŝƚŽƌĞdžƉĞƌŝĞŶĐĞ͘ ŽǁŶƚŽǁŶtĂƚĞƌĨƌŽŶƚ ŝƐĂŵŝdžĞĚͲƵƐĞĚŝƐƚƌŝĐƚŝŶƚĞŐƌĂƚŝŶŐŚŽƵƐŝŶŐ͕ƌĞĐƌĞĂƚŝŽŶ͕ĂŶĚƉƵďůŝĐƐƉĂĐĞƐ͕ x ƉƌŽŵŽƚŝŶŐĂǀŝďƌĂŶƚĂŶĚůŝǀĂďůĞĐŽŵŵƵŶŝƚLJĂŶĐŚŽƌĞĚďLJƐĞǀĞƌĂůĐŝǀŝĐŝŶƐƚŝƚƵƚŝŽŶƐ͘ ĞŶƚƌĂů^ƚĂƚŝŽŶ ŝƐĞŶǀŝƐŝŽŶĞĚĂƐĂŬĞLJŐĂƚĞǁĂLJŝŶƚŽƚŚĞĚŽǁŶƚŽǁŶĐŽƌĞ͕ǁŝƚŚŵĂũŽƌǀĞŚŝĐůĞĂŶĚ x ƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƉŽŝŶƚƐĂŶĚĂŐƌŽǁŝŶŐŶƵŵďĞƌŽĨƚƌĂŶƐŝƚͲŽƌŝĞŶƚĞĚĚĞǀĞůŽƉŵĞŶƚƐ͘͘ ^ĂŝŶƚDĂƌLJƐWůĂĐĞ ƐĞƌǀĞƐĂƐƚŚĞŚŽƐƉŝƚĂůŝƚLJĂŶĚƉĂƚŝĞŶƚƐĞƌǀŝĐĞƐĚŝƐƚƌŝĐƚ͕ĂĐĐŽŵŵŽĚĂƚŝŶŐůŽĚŐŝŶŐ͕ x ŵĞĚŝĐĂůƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐ͕ĂŶĚĂŵĞŶŝƚŝĞƐĨŽƌDĂLJŽůŝŶŝĐƉĂƚŝĞŶƚƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐ͘ hDZΘZĞĐƌĞĂƚŝŽŶŝƐƚƌŝĐƚ ĞdžƉĂŶĚƐƚŚĞhŶŝǀĞƌƐŝƚLJŽĨDŝŶŶĞƐŽƚĂZŽĐŚĞƐƚĞƌĂŶĚŝŶƚĞŐƌĂƚĞƐ x ǁĞůůŶĞƐƐͲĨŽĐƵƐĞĚƐƉĂĐĞƐ͕ƐƵƉƉŽƌƚŝŶŐŚŝŐŚĞƌĞĚƵĐĂƚŝŽŶĂŶĚĨŽƐƚĞƌŝŶŐĐŽŵŵƵŶŝƚLJǁĞůůͲďĞŝŶŐ͘ DĞǀĞůŽƉŵĞŶƚWůĂŶhƐĞƌ džƉĞƌŝĞŶĐĞƐ dŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶŝƐƐƚƌƵĐƚƵƌĞĚĂƌŽƵŶĚĨŝǀĞĐŽƌĞƵƐĞƌĞdžƉĞƌŝĞŶĐĞƐ͕ĞŶƐƵƌŝŶŐƚŚĂƚZŽĐŚĞƐƚĞƌ͛Ɛ ƚƌĂŶƐĨŽƌŵĂƚŝŽŶŵĞĞƚƐƚŚĞŶĞĞĚƐŽĨĂůůǁŚŽůŝǀĞ͕ǁŽƌŬ͕ĂŶĚǀŝƐŝƚƚŚĞĐŝƚLJ͗ WĂƚŝĞŶƚƐ͗ ŶƐƵƌŝŶŐǁŽƌůĚͲĐůĂƐƐŚĞĂůƚŚĐĂƌĞĂĐĐĞƐƐŝďŝůŝƚLJ͕ĐŽŵĨŽƌƚ͕ĂŶĚĐŽŶǀĞŶŝĞŶĐĞĨŽƌƚŚŽƐĞ x ƌĞĐĞŝǀŝŶŐƚƌĞĂƚŵĞŶƚ͘ ŽŵƉĂŶŝŽŶƐ͗ ŶŚĂŶĐŝŶŐƚŚĞĞdžƉĞƌŝĞŶĐĞŽĨĨĂŵŝůLJŵĞŵďĞƌƐĂŶĚĐĂƌĞŐŝǀĞƌƐƚŚƌŽƵŐŚĐŽŵĨŽƌƚĂďůĞ x ĂĐĐŽŵŵŽĚĂƚŝŽŶƐ͕ĂŵĞŶŝƚŝĞƐ͕ĂŶĚƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐ͘ sŝƐŝƚŽƌƐ͗ ůĞǀĂƚŝŶŐƚŚĞŚŽƐƉŝƚĂůŝƚLJ͕ƚŽƵƌŝƐŵ͕ĂŶĚĞŶƚĞƌƚĂŝŶŵĞŶƚĞdžƉĞƌŝĞŶĐĞƚŽĂƚƚƌĂĐƚƉĞŽƉůĞĨƌŽŵ x ĂƌŽƵŶĚƚŚĞǁŽƌůĚ͘ ŵƉůŽLJĞĞƐ͗ ƌĞĂƚŝŶŐĂĚLJŶĂŵŝĐĂŶĚƐƵƉƉŽƌƚŝǀĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚƚŚĂƚĨŽƐƚĞƌƐũŽďƐĂƚŝƐĨĂĐƚŝŽŶ͕ x ĚŝǀĞƌƐĞĞŵƉůŽLJŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚƉƌŽĨĞƐƐŝŽŶĂůŐƌŽǁƚŚ͘ ZĞƐŝĚĞŶƚƐ͗ ĞǀĞůŽƉŝŶŐĂĐŽŵŵƵŶŝƚLJǁŝƚŚŚŝŐŚͲƋƵĂůŝƚLJŚŽƵƐŝŶŐ͕ƌĞĐƌĞĂƚŝŽŶ͕ĂŶĚƵƌďĂŶĂŵĞŶŝƚŝĞƐ͘ x LJƉƌŝŽƌŝƚŝnjŝŶŐƚŚĞƐĞĨŝǀĞƵƐĞƌĞdžƉĞƌŝĞŶĐĞƐ͕ƚŚĞDŝŶŝƚŝĂƚŝǀĞĞŶƐƵƌĞƐƚŚĂƚƚŚĞĐŝƚLJΖƐƚƌĂŶƐĨŽƌŵĂƚŝŽŶ 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ŝŶƚŚĞĚŝƐƚƌŝĐƚǁĂƐůĂƌŐĞůLJƐƚĂŐŶĂŶƚƉƌŝŽƌƚŽƚŚĞDŝŶŝƚŝĂƚŝǀĞ͘dŚĞƌĞĐĞŶƚŐĂŝŶƐƐƵŐŐĞƐƚƚŚĂƚDͲ ͳ ǣ ǡ Ǥ ƌĞůĂƚĞĚŝŶǀĞƐƚŵĞŶƚƐĂŶĚƉůĂŶŶŝŶŐŚĂǀĞƐƵƉƉŽƌƚĞĚďƌŽĂĚĞƌĞŵƉůŽLJŵĞŶƚŐƌŽǁƚŚ͕ĞdžƚĞŶĚŝŶŐďĞLJŽŶĚ ŚĞĂůƚŚĐĂƌĞĂŶĚĐŽŶƚƌŝďƵƚŝŶŐƚŽŽǀĞƌĂůůĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĚŝƐƚƌŝĐƚ͘ ͵Ǥ͵ǣ Ǧ ǡʹͲͲ͵ʹͲʹʹ ϴ͕ϱϬϬ ϮϬϮϮ ŵƉůŽLJŵĞŶƚ͗ ϴ͕ϬϬϬϴ͕ϬϬϬ ϳ͕ϱϬϬ ϳ͕ϬϬϬ ϲ͕ϱϬϬ ϮϬϭϱ ŵƉůŽLJŵĞŶƚ͗ ϮϬϬϯ ŵƉůŽLJŵĞŶƚ͗ ϲ͕ϱϬϮ ϲ͕ϳϲϬ ϲ͕ϬϬϬ ϱ͕ϱϬϬ ϱ͕ϬϬϬ ϮϬϬϯϮϬϬϰϮϬϬϱϮϬϬϲϮϬϬϳϮϬϬϴϮϬϬϵϮϬϭϬϮϬϭϭϮϬϭϮϮϬϭϯϮϬϭϰϮϬϭϱϮϬϭϲϮϬϭϳϮϬϭϴϮϬϭϵϮϬϮϬϮϬϮϭϮϬϮϮ ǯ ^ŽƵƌĐĞ͗h͘^͘ĞŶƐƵƐKŶdŚĞDĂƉ;ϮϬϮϱͿ D͛Ɛ ŵƉůŽLJŵĞŶƚ'ƌŽǁƚŚŝŶZĞůĂƚŝŽŶƚŽƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŶĚZŽĐŚĞƐƚĞƌD^ KǀĞƌƚŚĞƉĂƐƚƚǁĞŶƚLJLJĞĂƌƐ͕ĞŵƉůŽLJŵĞŶƚŝŶƚŚĞDŝƐƚƌŝĐƚŚĂƐƐŚŽǁŶŝŵƉƌĞƐƐŝǀĞŐƌŽǁƚŚ͕ǁŝƚŚƚŚĞ ŵĂũŽƌŝƚLJŽĨƚŚŝƐŐƌŽǁƚŚŽĐĐƵƌƌŝŶŐĂĨƚĞƌϮϬϭϱ͘DƵĐŚŽĨƚŚŝƐŝŶĐƌĞĂƐĞǁĂƐĚƌŝǀĞŶďLJĞdžƉĂŶƐŝŽŶǁŝƚŚŝŶƚŚĞ ,ĞĂůƚŚĂƌĞĂŶĚ^ŽĐŝĂůƐƐŝƐƚĂŶĐĞƐĞĐƚŽƌ͕ƌĞĨůĞĐƚŝŶŐƚŚĞĐŽŶƚŝŶƵĞĚƉƌŽŵŝŶĞŶĐĞŽĨDĂLJŽůŝŶŝĐĂƐĂ ĐĞŶƚƌĂůĞĐŽŶŽŵŝĐĚƌŝǀĞƌ͘dŚĞDĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ͛ƐŐƌŽǁƚŚŽĨϳϲƉĞƌĐĞŶƚŶŽƚĂďůLJŽƵƚƉĂĐĞĚƚŚĂƚŽĨ ŝƚƐƐƵƌƌŽƵŶĚŝŶŐĂƌĞĂƐ͘tŚŝůĞƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌƐĂǁĂϯϵƉĞƌĐĞŶƚŐƌŽǁƚŚƌĂƚĞŽǀĞƌƚŚĞƐĂŵĞƉĞƌŝŽĚ͕ 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ǁŝƚŚŝŶƚŚĞDĚĞǀĞůŽƉŵĞŶƚĚŝƐƚƌŝĐƚ;ĂŶĚ͕ĨŽƌDĂLJŽůŝŶŝĐ͕ĞůƐĞǁŚĞƌĞŝŶƚŚĞŝƚLJͿƚŽĐĞƌƚŝĨLJƉƌŝǀĂƚĞ ŝŶǀĞƐƚŵĞŶƚƐ͘DĂLJŽůŝŶŝĐĚŝƌĞĐƚůLJƌĞƉŽƌƚƐŝƚƐĂŶŶƵĂůĞdžƉĞŶĚŝƚƵƌĞƐŽŶDͲƌĞůĂƚĞĚƉƌŽũĞĐƚƐ͕ƉƌŽǀŝĚŝŶŐ ƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶƚŽǀĞƌŝĨLJƚŚŽƐĞŝŶǀĞƐƚŵĞŶƚƐ͕ǁŚŝůĞŶŽŶͲDĂLJŽůŝŶŝĐŝŶǀĞƐƚŵĞŶƚƐĂƌĞ ŝĚĞŶƚŝĨŝĞĚƚŚƌŽƵŐŚĐŝƚLJƌĞĐŽƌĚƐ͕ŝŶĐůƵĚŝŶŐďƵŝůĚŝŶŐƉĞƌŵŝƚƐ͕ĐĞƌƚŝĨŝĐĂƚĞƐŽĨŽĐĐƵƉĂŶĐLJ͕ĂŶĚŽƚŚĞƌƌĞůĞǀĂŶƚ ĚŽĐƵŵĞŶƚĂƚŝŽŶ͘LJƉƌŝůϭĞĂĐŚLJĞĂƌ͕ƚŚĞƐĞƌĞƉŽƌƚƐĂƌĞƐƵďŵŝƚƚĞĚƚŽƚŚĞDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨ ŵƉůŽLJŵĞŶƚĂŶĚ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ; Ϳ͕ǁŚŝĐŚƌĞǀŝĞǁƐƚŚĞƐƵďŵŝƐƐŝŽŶƐƚŽĐĞƌƚŝĨLJƚŚĞƌĞƉŽƌƚĞĚ ĞdžƉĞŶĚŝƚƵƌĞƐ͘ ƵŝůĚŝŶŐƉĞƌŵŝƚƐƉůĂLJĂĐƌŝƚŝĐĂůƌŽůĞŝŶƚŚŝƐƉƌŽĐĞƐƐ͕ƐĞƌǀŝŶŐĂƐĂŬĞLJƚŽŽůĨŽƌƚƌĂĐŬŝŶŐĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚLJ ďLJƉƌŽǀŝĚŝŶŐĚĞƚĂŝůĞĚŝŶĨŽƌŵĂƚŝŽŶŽŶƉƌŽũĞĐƚƐĐŽƉĞ͕ǀĂůƵĂƚŝŽŶ͕ĂŶĚĐŽŵƉůĞƚŝŽŶƐƚĂƚƵƐ͘dŚŝƐĞŶƐƵƌĞƐƚŚĂƚ ƌĞƉŽƌƚĞĚŝŶǀĞƐƚŵĞŶƚƐĂůŝŐŶǁŝƚŚĂĐƚƵĂůDͲĞůŝŐŝďůĞĐŽŶƐƚƌƵĐƚŝŽŶǁŽƌŬ͘&ŝŐƵƌĞϰ͘ϮďĞůŽǁŝůůƵƐƚƌĂƚĞƐ ĐƵŵƵůĂƚŝǀĞDƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚĨƌŽŵϮϬϭϯƚŽϮϬϮϰ͕ĚŝƐƚŝŶŐƵŝƐŚŝŶŐďĞƚǁĞĞŶŝŶǀĞƐƚŵĞŶƚƐƌĞƉŽƌƚĞĚ KǀĞƌƚĞŶLJĞĂƌƐ͕ƚŽƚĂůƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚŚĂƐ ďLJDĂLJŽůŝŶŝĐĂŶĚŶŽŶͲDĂLJŽƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚƐ͘ ƌĞĂĐŚĞĚΨϭ͘ϳϵϯďŝůůŝŽŶ͘ ʹͷ ǣ ǡ Ǥ ͶǤʹǣ ΨϮ͕ϬϬϬ dĞŶͲzĞĂƌ DŝůůŝŽŶƐ ƵŵƵůĂƚŝǀĞ͗ Ψϭ͕ϴϬϬ Ψϭ͕ϳϵϯD Ψϭ͕ϲϬϬ Ψϭ͕ϰϬϬ &ŝǀĞͲzĞĂƌ Ψϭ͕ϮϬϬ ƵŵƵůĂƚŝǀĞ͗ ΨϵϲϯD Ψϭ͕ϬϬϬ ΨϴϬϬ ΨϲϬϬ ΨϰϬϬ ΨϮϲ Ψϵ Ψϭϯ ΨϮϬϬ Ψϭϯϵ ΨϭϮϲ ΨϲϬ Ψϭϳϯ Ψϭϭϭ Ψϭϳϲ ΨϭϬϳ Ψϴϲ Ψϭϯϰ ΨϭϯϲΨϭϯϯ Ψϴϲ Ψϴϰ ΨϰϱΨϰϱ ΨϬ ΨϯϵΨϯϴ ΨϮϬ Ψϳ ΨϬΨϬ ϮϬϭϯϮϬϭϰϮϬϭϱϮϬϭϲϮϬϭϳϮϬϭϴϮϬϭϵϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯϮϬϮϰ dŽƚĂůEŽŶͲDĂLJŽdŽƚĂůZĞƉŽƌƚĞĚďLJDĂLJŽƵŵƵůĂƚŝǀĞWƌŝǀĂƚĞ/ŶǀĞƐƚŵĞŶƚ ^ŽƵƌĐĞ͗D ;ϮϬϮϱͿ ^ƚƌĂƚĞŐŝĐŝŶǀĞƐƚŵĞŶƚƐŝŶŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚƌĞŶŽǀĂƚŝŽŶƉƌŽũĞĐƚƐ Ͷ ĨƵŶĚĞĚďLJĂĐŽŵďŝŶĂƚŝŽŶŽĨDĂLJŽ ůŝŶŝĐ͕ŽƚŚĞƌƉƌŝǀĂƚĞĞŶƚŝƚŝĞƐ͕ĂŶĚDƐŽƵƌĐĞƐ Ͷ ĚƌŝǀĞƐƵďƐƚĂŶƚŝĂůĞĐŽŶŽŵŝĐŝŵƉĂĐƚ͘KǀĞƌƚŚĞƉĂƐƚ ĚĞĐĂĚĞ͕ĐƵŵƵůĂƚŝǀĞƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚŚĂƐƌĞĂĐŚĞĚŶĞĂƌůLJΨϭ͘ϴďŝůůŝŽŶ͕ĨƵŶĚŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ ŚĞĂůƚŚĐĂƌĞĨĂĐŝůŝƚŝĞƐ͕ĐŽŵŵĞƌĐŝĂůƉƌŽƉĞƌƚŝĞƐ͕ƌĞƐŝĚĞŶƚŝĂůƐƉĂĐĞƐ͕ĂŶĚŵŝdžĞĚͲƵƐĞƉƌŽũĞĐƚƐƚŚĂƚƐƵƉƉŽƌƚ ZŽĐŚĞƐƚĞƌ͛ƐŐƌŽǁŝŶŐĞĐŽŶŽŵLJ͘ dŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŶŽƚŽŶůLJĞŶŚĂŶĐĞƚŚĞƉŚLJƐŝĐĂůůĂŶĚƐĐĂƉĞŽĨƚŚĞĐŝƚLJďƵƚĂůƐŽĐƌĞĂƚĞƐŝŐŶŝĨŝĐĂŶƚ ĞŵƉůŽLJŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐĚƵƌŝŶŐƚŚĞŝƌƉƌŽĚƵĐƚŝŽŶ͘ŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐŐĞŶĞƌĂƚĞũŽďƐĂĐƌŽƐƐŵƵůƚŝƉůĞ ƐĞĐƚŽƌƐ͕ĨƌŽŵƐŬŝůůĞĚƚƌĂĚĞƐĂŶĚĞŶŐŝŶĞĞƌŝŶŐƚŽƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐ͕ǁŚŝůĞĂůƐŽƐƚŝŵƵůĂƚŝŶŐĚĞŵĂŶĚĨŽƌ ŵĂƚĞƌŝĂůƐ͕ĞƋƵŝƉŵĞŶƚ͕ĂŶĚƐƵďĐŽŶƚƌĂĐƚĞĚƐĞƌǀŝĐĞƐ͘dŚĞǁĂŐĞƐĞĂƌŶĞĚďLJǁŽƌŬĞƌƐŽŶƚŚĞƐĞƉƌŽũĞĐƚƐĂƌĞ ƌĞŝŶǀĞƐƚĞĚŝŶƚŽƚŚĞůŽĐĂůĞĐŽŶŽŵLJƚŚƌŽƵŐŚĐŽŶƐƵŵĞƌƐƉĞŶĚŝŶŐ͕ĨƵƌƚŚĞƌĂŵƉůŝĨLJŝŶŐƚŚĞĞĐŽŶŽŵŝĐŝŵƉĂĐƚ͘ dŚĞĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŶĞĂƌůLJΨϭ͘ϴďŝůůŝŽŶŝŶĐůƵĚĞƐϵϬƉĞƌĐĞŶƚ;Ψϭ͘ϲďŝůůŝŽŶͿŝŶŚĂƌĚ ĐŽƐƚƐĂŶĚƚĞŶƉĞƌĐĞŶƚŝŶƐŽĨƚĐŽƐƚƐ͘dŚĞƐĞƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚƐŐĞŶĞƌĂƚĞƐŝŐŶŝĨŝĐĂŶƚĚŝƌĞĐƚĂŶĚƐƉŝůůŽǀĞƌ ŝŵƉĂĐƚƐĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŝŶĚƵƐƚƌLJĂŶĚŵŽƌĞďƌŽĂĚůLJƚŚĞůŽĐĂů͕ƌĞŐŝŽŶĂů͕ĂŶĚƐƚĂƚĞĞĐŽŶŽŵLJ͘ dŚĞƐĞĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐĂƌĞĞƐƚŝŵĂƚĞĚƚŽŚĂǀĞŐĞŶĞƌĂƚĞĚĂƚŽƚĂůĞĐŽŶŽŵŝĐŝŵƉĂĐƚŽĨΨϮ͘ϯďŝůůŝŽŶŽǀĞƌ ƚŚĞƉĂƐƚĚĞĐĂĚĞŽƌĂŶĂǀĞƌĂŐĞŽĨΨϮϯϰ͘ϵŵŝůůŝŽŶŝŶĞĐŽŶŽŵŝĐŝŵƉĂĐƚĞĂĐŚLJĞĂƌ͘ŶŶƵĂůƉƌŝǀĂƚĞĐĂƉŝƚĂů ŝŶǀĞƐƚŵĞŶƚƐƐƵƉƉŽƌƚϭ͕ϯϳϬĚŝƌĞĐƚ͕ŝŶĚŝƌĞĐƚ͕ĂŶĚŝŶĚƵĐĞĚũŽďƐĂŶŶƵĂůůLJ;&d ϰͿ͕ŽŶĂǀĞƌĂŐĞ͕ǁŝƚŚΨϴϮ͘Ϭ ŵŝůůŝŽŶŝŶĂǀĞƌĂŐĞĂŶŶƵĂůĞŵƉůŽLJĞĞĐŽŵƉĞŶƐĂƚŝŽŶǁŝƚŚŝŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘ /DW>EŐĞŶĞƌĂƚĞƐũŽďĞƐƚŝŵĂƚĞƐďĂƐĞĚŽŶƚŚĞƚĞƌŵ͞ũŽď Ͳ LJĞĂƌƐ͕͟ŽƌŚŽǁŵĂŶLJũŽďƐǁŝůůďĞƐƵƉƉŽƌƚĞĚĞĂĐŚLJĞĂƌ͘&ŽƌŝŶƐƚĂŶĐĞ͕ŝĨĂĐŽŶƐƚƌƵĐƚŝŽŶ ϰ ƉƌŽũĞĐƚƚĂŬĞƐƚǁŽLJĞĂƌƐ͕ĂŶĚ/DW>EĞƐƚŝŵĂƚĞƐƚŚĞƌĞĂƌĞϭϬϬĞŵƉůŽLJĞĞƐ͕ŽƌŵŽƌĞĐŽƌƌĞĐƚůLJ͞ũŽď Ͳ LJĞĂƌƐ͟ƐƵƉƉŽƌƚĞĚ͕ŽǀĞƌƚǁŽLJĞĂƌƐ͕ƚŚĂƚ ƌĞƉƌĞƐĞŶƚƐϱϬĂŶŶƵĂůũŽďƐ͘ ʹ ǣ ǡ Ǥ tŝƚŚŝŶKůŵƐƚĞĚŽƵŶƚLJ͕ƚŚĞƐĞƉƌŽũĞĐƚƐŐĞŶĞƌĂƚĞΨϮ͘ϰďŝůůŝŽŶŝŶƚŽƚĂůŽƵƚƉƵƚĂŶĚĂŶĂǀĞƌĂŐĞŽĨΨϮϯϵ͘Ϭ ŵŝůůŝŽŶŝŶĂŶŶƵĂůĞĐŽŶŽŵŝĐŽƵƚƉƵƚ͘dŚĞƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚƐƐƵƉƉŽƌƚϭ͕ϯϴϬĂǀĞƌĂŐĞ&d ũŽďƐĂŶŶƵĂůůLJ ǁŝƚŚΨϴϮ͘ϴŵŝůůŝŽŶŝŶĂǀĞƌĂŐĞĂŶŶƵĂůĞŵƉůŽLJĞĞĐŽŵƉĞŶƐĂƚŝŽŶ͘ ^ƚĂƚĞǁŝĚĞ͕ƚŚĞƐĞƉƌŽũĞĐƚƐŐĞŶĞƌĂƚĞΨϮ͘ϵďŝůůŝŽŶŝŶƚŽƚĂůŽƵƚƉƵƚĂŶĚĂŶĂǀĞƌĂŐĞŽĨΨϮϴϵ͘ϵŵŝůůŝŽŶŝŶĂŶŶƵĂů ĞĐŽŶŽŵŝĐŽƵƚƉƵƚ͕ƐƵƉƉŽƌƚŝŶŐϭ͕ϱϵϬĂǀĞƌĂŐĞ&d ũŽďƐĂŶŶƵĂůůLJǁŝƚŚΨϵϴ͘ϭŵŝůůŝŽŶŝŶĂǀĞƌĂŐĞĂŶŶƵĂů ĞŵƉůŽLJĞĞĐŽŵƉĞŶƐĂƚŝŽŶ;ƐĞĞ&ŝŐƵƌĞϰ͘ϯͿ͘ ͶǤ͵ǣ ʹͲͳͷʹͲʹͶ ͷ /ŵƉĂĐƚdLJƉĞŝƚLJŽĨKůŵƐƚĞĚDŝŶŶĞƐŽƚĂ ZŽĐŚĞƐƚĞƌŽƵŶƚLJ ŝƌĞĐƚKƵƚƉƵƚ;ΨDͿΨϭϳϵ͘ϯΨϭϳϵ͘ϯΨϭϳϵ͘ϯ /ŶĚŝƌĞĐƚΘ/ŶĚƵĐĞĚKƵƚƉƵƚ;ΨDͿΨϱϱ͘ϲΨϱϵ͘ϳ ΨϭϭϬ͘ϲ dŽƚĂů/ŵƉĂĐƚ;ΨDͿΨϮϯϰ͘ϵΨϮϯϵ͘ϬΨϮϴϵ͘ϵ ŵƉůŽLJŵĞŶƚ^ƵƉƉŽƌƚĞĚ;&d Ϳϭ͕ϯϳϬϭ͕ϯϴϬϭ͕ϱϵϬ ŵƉůŽLJĞĞŽŵƉĞŶƐĂƚŝŽŶ;ΨDͿΨϴϮ͘ϬΨϴϮ͘ϴΨϵϴ͘ϭ ^ŽƵƌĐĞ͗/DW>E;ϮϬϮϯͿ͕ ^/;ϮϬϮϱͿ dŚĞǀĂůƵĞƐĐŽǀĞƌĂĐŽŶƐƚƌƵĐƚŝŽŶƉĞƌŝŽĚŽĨƚĞŶLJĞĂƌƐ͘ ϱ ʹ ǣ ǡ Ǥ 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dŚĞƐƵƐƚĂŝŶĞĚŝŶǀĞƐƚŵĞŶƚĂŶĚĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚLJǁŝƚŚŝŶƚŚĞDĚŝƐƚƌŝĐƚŚĂƐĐŽŶƚƌŝďƵƚĞĚƚŽŶŽƚĂďůĞ ŐƌŽǁƚŚŝŶĐŽŶƐƚƌƵĐƚŝŽŶĞŵƉůŽLJŵĞŶƚĂŶĚǁĂŐĞƐĂƚďŽƚŚƚŚĞĐŝƚLJĂŶĚĐŽƵŶƚLJůĞǀĞůƐ͘ĞƚǁĞĞŶϮϬϭϱĂŶĚ ϮϬϮϰ͕ƚŚĞŶƵŵďĞƌŽĨŝŶĚŝǀŝĚƵĂůƐĞŵƉůŽLJĞĚŝŶĐŽŶƐƚƌƵĐƚŝŽŶͲƌĞůĂƚĞĚŽĐĐƵƉĂƚŝŽŶƐŝŶĐƌĞĂƐĞĚďLJϮϵ͘Ϭ ƉĞƌĐĞŶƚŝŶZŽĐŚĞƐƚĞƌ;ĨƌŽŵϯ͕ϬϬϬƚŽϯ͕ϵϬϬͿĂŶĚĂƉƉƌŽdžŝŵĂƚĞůLJϮϱ͘ϴƉĞƌĐĞŶƚŝŶKůŵƐƚĞĚŽƵŶƚLJ;ĨƌŽŵ ϯ͕ϲϬϬƚŽϰ͕ϱϬϬͿ͘dŚŝƐŐƌŽǁƚŚƌĞĨůĞĐƚƐƚŚĞĐŽŶƚŝŶƵĞĚĚĞŵĂŶĚĨŽƌƐŬŝůůĞĚůĂďŽƌĚƌŝǀĞŶďLJŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚƌĞŶŽǀĂƚŝŽŶƉƌŽũĞĐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞDŝŶŝƚŝĂƚŝǀĞ͘ KǀĞƌƚŚĞƐĂŵĞƉĞƌŝŽĚ͕ĐŽŶƐƚƌƵĐƚŝŽŶǁĂŐĞƐŚĂǀĞĂůƐŽƐĞĞŶƐŝŐŶŝĨŝĐĂŶƚŐƌŽǁƚŚŝŶƌĞĂůƚĞƌŵƐ;ĂĚũƵƐƚĞĚƚŽ ϮϬϮϱĚŽůůĂƌƐͿ͘/ŶZŽĐŚĞƐƚĞƌ͕ƚŚĞĂǀĞƌĂŐĞĂŶŶƵĂůǁĂŐĞĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶǁŽƌŬĞƌƐŝŶĐƌĞĂƐĞĚďLJϭϮ͘ϯ ƉĞƌĐĞŶƚ͕ĨƌŽŵΨϲϮ͕ϵϬϬƚŽΨϳϬ͕ϲϬϬ͘^ŝŵŝůĂƌůLJ͕ŝŶKůŵƐƚĞĚŽƵŶƚLJ͕ĐŽŶƐƚƌƵĐƚŝŽŶǁĂŐĞƐƌŽƐĞďLJϭϮ͘ϭ ƉĞƌĐĞŶƚ͕ĨƌŽŵΨϲϮ͕ϳϬϬƚŽΨϳϬ͕ϯϬϬ͘dŚĞƐĞŝŶĐƌĞĂƐĞƐƵŶĚĞƌƐĐŽƌĞƚŚĞƐƚƌĞŶŐƚŚŽĨƚŚĞůŽĐĂůůĂďŽƌŵĂƌŬĞƚ ĂŶĚƚŚĞƉŽƐŝƚŝǀĞĞĐŽŶŽŵŝĐŝŵƉĂĐƚƐŐĞŶĞƌĂƚĞĚďLJƐƵƐƚĂŝŶĞĚŝŶǀĞƐƚŵĞŶƚŝŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ͘ ʹͻ ǣ ǡ Ǥ ͶǤǣŶƉƌŽũĞĐƚƐĂŶĚϰƉĞƌĐĞŶƚŝŶŚĞĂǀLJ ĐŝǀŝůĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐ͘ 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;/WKͿǁŽŵĞŶŝŶĐŽŶƐƚƌƵĐƚŝŽŶ͘ϳ/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌƐĞĐƵƌĞĚΨϳϱϬ͕ϬϬϬŝŶĨĞĚĞƌĂůĨƵŶĚŝŶŐ ƚŽƐƵƉƉŽƌƚƚŚĞ ƋƵŝƚLJŝŶƚŚĞƵŝůƚ ŶǀŝƌŽŶŵĞŶƚŝŶŝƚŝĂƚŝǀĞ͕ǁŝƚŚtŽƌŬĨŽƌĐĞĞǀĞůŽƉŵĞŶƚ/ŶĐ͘;t/ͿƐĞƌǀŝŶŐ ĂƐƚŚĞůĞĂĚƉƌŽŐƌĂŵŵŝŶŐƉĂƌƚŶĞƌ͘ϴ dŚĞƐĞĞĨĨŽƌƚƐ͕ĐŽƵƉůĞĚǁŝƚŚƐƵƐƚĂŝŶĞĚŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞDĚŝƐƚƌŝĐƚ͕ŚĂǀĞĐŽŶƚƌŝďƵƚĞĚƚŽŵĞĂƐƵƌĂďůĞ ƉƌŽŐƌĞƐƐŝŶŝŶĐƌĞĂƐŝŶŐƚŚĞƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨǁŽŵĞŶĂŶĚŵŝŶŽƌŝƚŝĞƐŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞĐƚŽƌ͘/ŶϮϬϭϱ͕ ĂƉƉƌŽdžŝŵĂƚĞůLJϯ͕ϲϬϬŝŶĚŝǀŝĚƵĂůƐǁĞƌĞĞŵƉůŽLJĞĚŝŶĐŽŶƐƚƌƵĐƚŝŽŶͲƌĞůĂƚĞĚŽĐĐƵƉĂƚŝŽŶƐŝŶKůŵƐƚĞĚŽƵŶƚLJ͕ ǁŝƚŚǁŽŵĞŶĐŽŵƉƌŝƐŝŶŐϵ͘ϴƉĞƌĐĞŶƚ;ϯϱϰŝŶĚŝǀŝĚƵĂůƐͿĂŶĚŵŝŶŽƌŝƚŝĞƐƌĞƉƌĞƐĞŶƚŝŶŐϮ͘ϲƉĞƌĐĞŶƚ;ϵϯ ŝŶĚŝǀŝĚƵĂůƐͿŽĨƚŚĞǁŽƌŬĨŽƌĐĞ͘LJϮϬϮϰ͕ƚŚĞƚŽƚĂůĐŽŶƐƚƌƵĐƚŝŽŶǁŽƌŬĨŽƌĐĞŚĂĚĞdžƉĂŶĚĞĚƚŽĂƉƉƌŽdžŝŵĂƚĞůLJ ϰ͕ϱϬϬŝŶĚŝǀŝĚƵĂůƐ͕ǁŝƚŚƚŚĞŶƵŵďĞƌŽĨǁŽŵĞŶŝŶĐƌĞĂƐŝŶŐƚŽϱϱϰ;ϭϮ͘ϯƉĞƌĐĞŶƚŽĨƚŚĞǁŽƌŬĨŽƌĐĞͿĂŶĚ ŵŝŶŽƌŝƚŝĞƐƌŝƐŝŶŐƚŽϮϬϵ;ϰ͘ϳƉĞƌĐĞŶƚͿ͕ƌĞĨůĞĐƚŝŶŐĂϱϲƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞŶƵŵďĞƌŽĨǁŽŵĞŶĂŶĚĂ ϭϮϰ͘ϳƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞŶƵŵďĞƌŽĨŵŝŶŽƌŝƚŝĞƐĞŵƉůŽLJĞĚŝŶĐŽŶƐƚƌƵĐƚŝŽŶŝŶKůŵƐƚĞĚŽƵŶƚLJŽǀĞƌ ƚŚĞƉĂƐƚĚĞĐĂĚĞ͘ ͶǤǣŝŶŝƚŝĂƚŝǀĞƐƵƉƉŽƌƚƐďƌŽĂĚͲďĂƐĞĚũŽďŐƌŽǁƚŚ͘ 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ŝŶǀĞƐƚŵĞŶƚ͕ĂŶĚĨƵƌƚŚĞƌƉŽƐŝƚŝŽŶZŽĐŚĞƐƚĞƌƚŚĞĐŽŵŵƵŶŝƚLJĂƐĂŚƵďĨŽƌŵĞĚŝĐĂůĂŶĚƚĞĐŚŶŽůŽŐŝĐĂů ĂĚǀĂŶĐĞŵĞŶƚƐ͘dŚĞƐĞĞůĞŵĞŶƚƐ Ͷ ĐĂƉŝƚĂů͕ĞŶƚƌĞƉƌĞŶĞƵƌŝĂůĂďŝůŝƚLJ͕ůĂďŽƌ͕ĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ Ͷ ǁŽƌŬ ƚŽŐĞƚŚĞƌƚŽĐƌĞĂƚĞĂŶĞŶǀŝƌŽŶŵĞŶƚǁŚĞƌĞŝŶŶŽǀĂƚŝŽŶƚŚƌŝǀĞƐ͘ ZĞƐĞĂƌĐŚ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ƉĂƌƚŝĐƵůĂƌůLJŝŶůŝĨĞƐĐŝĞŶĐĞƐ͕ŝƐĂŬĞLJĚƌŝǀĞƌŽĨŝŶŶŽǀĂƚŝŽŶ͕ĂŶĚ ƐƚƌĂƚĞŐŝĐŝŶǀĞƐƚŵĞŶƚƐŚĂǀĞƐƵƉƉŽƌƚĞĚŝƚƐŐƌŽǁƚŚ͘dŚĞϮϬϭϱDƉůĂŶƐĞƚĂŐŽĂů ŽĨϭ͕ϬϮϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨďŝŽƚĞĐŚƐƉĂĐĞ͕ǁŝƚŚϳϴϱ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚĚĞůŝǀĞƌĞĚ ƚŽĚĂƚĞ͕ƉƌŽǀŝĚŝŶŐĂƐƚƌŽŶŐĨŽƵŶĚĂƚŝŽŶĨŽƌƐƚĂƌƚƵƉƐĂŶĚďƵƐŝŶĞƐƐĞƐƚŽĞdžƉĂŶĚ͘ tŝƚŚƚŚŝƐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƉůĂĐĞ͕ZŽĐŚĞƐƚĞƌŝƐƉŽƐŝƚŝŽŶĞĚĨŽƌĐŽŶƚŝŶƵĞĚŐƌŽǁƚŚ ϳϴϱŬͬϭ͘ϬϮD ŝŶďŝŽƚĞĐŚŶŽůŽŐLJ͕ŚĞĂůƚŚĐĂƌĞ͕ĂŶĚŵĞĚŝĐĂůƚĞĐŚŶŽůŽŐLJ͘/ƚƐĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨ ϳϳй ƉŚLJƐŝĐŝĂŶƐ͕ƐĐŝĞŶƚŝƐƚƐ͕ĂŶĚƌĞƐĞĂƌĐŚĞƌƐǁŝůůĚƌŝǀĞĨƵƚƵƌĞĐŽůůĂďŽƌĂƚŝŽŶ͕ĂƚƚƌĂĐƚŝŶŐ ĐŽŵƉĂŶŝĞƐĨŽĐƵƐĞĚŽŶĚĞǀĞůŽƉŝŶŐŶĞdžƚͲŐĞŶĞƌĂƚŝŽŶƚƌĞĂƚŵĞŶƚƐ͕ĚĞǀŝĐĞƐ͕ĂŶĚ ƚŚĞƌĂƉŝĞƐ͘ƚƚŚĞƐĂŵĞƚŝŵĞ͕ƚŚĞĐŝƚLJ͛ƐĞdžƉĂŶĚŝŶŐƚĂůĞŶƚƉŽŽůĞŶƐƵƌĞƐ ďƵƐŝŶĞƐƐĞƐĂŶĚƌĞƐĞĂƌĐŚŝŶƐƚŝƚƵƚŝŽŶƐŚĂǀĞĂĐĐĞƐƐƚŽƚŚĞƐŬŝůůĞĚƉƌŽĨĞƐƐŝŽŶĂůƐ ŶĞĞĚĞĚƚŽƐƵƐƚĂŝŶŝŶŶŽǀĂƚŝŽŶĂŶĚŵĞĞƚŝŶĚƵƐƚƌLJĚĞŵĂŶĚ͘ 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ĐŽůůĂďŽƌĂƚŝǀĞĂƌĞĂƐ͘^ƚƌĂƚĞŐŝĐĂůůLJůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞ ŝƐĐŽǀĞƌLJ^ƋƵĂƌĞĚŝƐƚƌŝĐƚ͕ƚŚĞ<ĞůůĞŶƵŝůĚŝŶŐ ĐŽŶŶĞĐƚƐƐĞĂŵůĞƐƐůLJƚŽŽƚŚĞƌDĂLJŽůŝŶŝĐĨĂĐŝůŝƚŝĞƐ͕ ĨŽƐƚĞƌŝŶŐĐŽůůĂďŽƌĂƚŝŽŶ͘ ͵ ǣ ǡ Ǥ ŝƐĐŽǀĞƌLJtĂůŬ ŽŵƉůĞŵĞŶƚŝŶŐƚŚĞƐĞƌĞƐĞĂƌĐŚĚĞǀĞůŽƉŵĞŶƚƐŝƐŝƐĐŽǀĞƌLJtĂůŬ͕ĂĨŽƵƌͲďůŽĐŬůŝŶĞĂƌƉĂƌŬǁĂLJ ĂůŽŶŐϮŶĚǀĞŶƵĞ^t͘dŚŝƐƉƵďůŝĐƌĞĂůŵŝŶǀĞƐƚŵĞŶƚďLJDĞŶŚĂŶĐĞƐĐŽŶŶĞĐƚŝǀŝƚLJďĞƚǁĞĞŶ ŬĞLJĂƌĞĂƐƐƵĐŚĂƐƚŚĞ,ĞĂƌƚŽĨƚŚĞŝƚLJ͕DĂLJŽůŝŶŝĐ͕ĂŶĚ^ŽůĚŝĞƌƐDĞŵŽƌŝĂů&ŝĞůĚ͘ĞƐŝŐŶĞĚƚŽ ƉƌŝŽƌŝƚŝnjĞƉĞĚĞƐƚƌŝĂŶĞdžƉĞƌŝĞŶĐĞƐǁŚŝůĞĂĐĐŽŵŵŽĚĂƚŝŶŐǀĞŚŝĐƵůĂƌĂĐĐĞƐƐ͕ŝƐĐŽǀĞƌLJtĂůŬ ƐĞƌǀĞƐĂƐĂĨůĞdžŝďůĞƐƉĂĐĞĨŽƌĐŝǀŝĐĞǀĞŶƚƐĂŶĚĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͕ĞŵďŽĚLJŝŶŐZŽĐŚĞƐƚĞƌΖƐ ĐŽŵŵŝƚŵĞŶƚƚŽŚĞĂůƚŚ͕ǁĞůůŶĞƐƐ͕ĂŶĚŝŶŶŽǀĂƚŝŽŶ͘ ŝƐĐŽǀĞƌLJtĂůŬǁĂƐĚĞƐŝŐŶĞĚĂƐĂŶŝŶĐůƵƐŝǀĞ͕ĂĐĐĞƐƐŝďůĞƉƵďůŝĐƐƉĂĐĞƚŚĂƚďĂůĂŶĐĞƐŐƌĞĞŶ ĂƌĞĂƐĨŽƌƌĞĐƌĞĂƚŝŽŶǁŝƚŚĨůĞdžŝďůĞĂĐĐĞƐƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐ͕ďŝĐLJĐůĞƐ͕ǀĞŚŝĐůĞƐ͕ĂŶĚĐŝǀŝĐĞǀĞŶƚƐ Ͷ ŝŶĐůƵĚŝŶŐĨŽŽĚƚƌƵĐŬƐ͘/ƚƐĂĚĂƉƚĂďůĞĚĞƐŝŐŶĨŽƐƚĞƌƐƐŽĐŝĂůŝŶƚĞƌĂĐƚŝŽŶ͕ƐƵƉƉŽƌƚƐĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚĞŶŚĂŶĐĞƐĐŽŵŵƵŶŝƚLJĞŶŐĂŐĞŵĞŶƚ͘ dŚĞƉƌŽũĞĐƚƚĞĂŵĐŽůůĂďŽƌĂƚĞĚǁŝƚŚůŽĐĂů͞ĐŽͲĚĞƐŝŐŶĞƌƐ͟ƌĞƉƌĞƐĞŶƚŝŶŐĚŝǀĞƌƐĞĐŽŵŵƵŶŝƚŝĞƐƚŽ 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dŚŝƐŐƌŽǁƚŚŝƐƌĞĨůĞĐƚĞĚŝŶƚŚĞE/,ĨƵŶĚŝŶŐƌĞĐĞŝǀĞĚŝŶZŽĐŚĞƐƚĞƌŽǀĞƌƚŚĞůĂƐƚĚĞĐĂĚĞ͘ƐĐĂŶďĞƐĞĞŶŝŶ &ŝŐƵƌĞϯ͘ϭϬ͕DĂLJŽůŝŶŝĐƌĞĐĞŝǀĞƐƌŽƵŐŚůLJϵϳƚŽϵϵƉĞƌĐĞŶƚŽĨƚŚĞƚŽƚĂůE/,ĨĞĚĞƌĂůĨƵŶĚŝŶŐǁŝƚŚŝŶƚŚĞ ĐŝƚLJ͘tŚŝůĞƚŚŝƐĨƵŶĚŝŶŐŚĂƐŝŶĐƌĞĂƐĞĚϰϴƉĞƌĐĞŶƚĨƌŽŵϮϬϭϯ;ΨϭϵϮŵŝůůŝŽŶͿƚŽϮϬϮϰ;ΨϮϴϱŵŝůůŝŽŶͿ͕ŶŽŶͲ DĂLJŽE/,ŐƌĂŶƚƐŝŶĐƌĞĂƐĞĚĨƌŽŵũƵƐƚΨϭϴ͕ϬϬϬŝŶϮϬϭϯƚŽΨϲ͘ϯŵŝůůŝŽŶŝŶϮϬϮϰ͕ĚŝƐƚƌŝďƵƚĞĚĂĐƌŽƐƐŵƵůƚŝƉůĞ ůŽĐĂůĐŽŵƉĂŶŝĞƐ;ƐĞĞ&ŝŐƵƌĞϯ͘ϭϬͿ͘ ͵ͺ ǣ ǡ Ǥ ͶǤͻǣ ǡʹͲͳ͵ǦʹͲʹͶ щ͒͏͏ щ͔͑͗ϟ͏ щ͖͑͘ϟ͏ щ͖͔͑ϟ͑ aĖīīĖĺIJŜ щ͔͖͑ϟ͏ щ͔͑͒ϟ͓ щ͓͑͑ϟ͔ щ͓͑͏ϟ͏ щ͔͑͏ щ͖͑͑ϟ͕ щ͑͑͏ϟ͘ щ͑͏͗ϟ͏щ͑͏͖ϟ͘ щ͐͑͘ϟ͒ щ͑͏͏ щ͔͐͏ щ͐͏͏ щ͔͏ щ͏ ͑͏͐͒͑͏͓͐͑͏͔͐͑͏͕͐͑͏͖͐͑͏͐͗͑͏͐͑͘͏͑͏͑͏͑͐͑͏͑͑͑͏͑͒͑͏͓͑ DĂLJŽEŽŶͲDĂLJŽ ͶǤͳͲǣǦ ǡʹͲͳ͵ǦʹͲʹͶ ^ŽƵƌĐĞ͗E/,ZĞƉŽƌƚĞƌ;ϮϬϮϱͿ Ψϳ͕ϬϬϬ Ψϲ͕ϯϰϴ͘ϳ dŚŽƵƐĂŶĚƐ Ψϲ͕ϬϬϬ Ψϱ͕ϬϬϬ Ψϰ͕ϬϬϬ Ψϯ͕ϬϬϬ ΨϮ͕ϬϬϬ Ψϭ͕ϬϬϬ Ψϭϴ͘Ϭ ΨϬ ϮϬϭϯϮϬϭϰϮϬϭϱϮϬϭϲϮϬϭϳϮϬϭϴϮϬϭϵϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯϮϬϮϰ ^ŽƵƌĐĞ͗E/,ZĞƉŽƌƚĞƌ;ϮϬϮϱͿ ͵ͻ ǣ ǡ Ǥ ŶƚƌĞƉƌĞŶĞƵƌƐŚŝƉ dŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĚĞĚŝĐĂƚĞĚƌĞƐĞĂƌĐŚƐƉĂĐĞŝŶKŶĞĂŶĚdǁŽŝƐĐŽǀĞƌLJ^ƋƵĂƌĞŚĂƐďĞĞŶĞƐƐĞŶƚŝĂůŝŶ ĞŶƐƵƌŝŶŐƚŚĂƚĐŽŵƉĂŶŝĞƐĂƌĞĂƚƚƌĂĐƚĞĚƚŽŽƌƌĞŵĂŝŶŝŶZŽĐŚĞƐƚĞƌƌĂƚŚĞƌƚŚĂŶƐĞĞŬŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶ 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ƚŚƌŽƵŐŚĚŝƌĞĐƚĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚDĂLJŽůŝŶŝĐ͘dŚŝƐƉĂƌƚŶĞƌƐŚŝƉ͕ĨŽƌŵĂůŝnjĞĚŝŶϮϬϭϵ͕ĨŽĐƵƐĞƐƉƌŝŵĂƌŝůLJŽŶ ĂĚǀĂŶĐŝŶŐŵĞĚŝĐĂůŝŵĂŐŝŶŐƚĞĐŚŶŽůŽŐLJƚŽŝŵƉƌŽǀĞďŽƚŚĞĨĨĞĐƚŝǀĞŶĞƐƐĂŶĚƉĂƚŝĞŶƚĞdžƉĞƌŝĞŶĐĞǁŽƌůĚǁŝĚĞ͘ WŚŝůŝƉƐΖůŽĐĂƚŝŽŶŝŶZŽĐŚĞƐƚĞƌƐĞƌǀĞƐĂƐĂĐƌŝƚŝĐĂůƌĞƐĞĂƌĐŚŚƵďǁŚĞƌĞƚŚĞŝƌƚĞĐŚŶŽůŽŐŝĐĂůĐĂƉĂďŝůŝƚŝĞƐŝŶ ŵĞĚŝĐĂůĚĞǀŝĐĞƐĂŶĚŚĞĂůƚŚĐĂƌĞ/dƐLJƐƚĞŵƐŝŶƚĞŐƌĂƚĞǁŝƚŚDĂLJŽůŝŶŝĐΖƐĐůŝŶŝĐĂůĞdžƉĞƌƚŝƐĞ͘ dĞŶĂŶƚƐĂƚKŶĞĂŶĚdǁŽŝƐĐŽǀĞƌLJ^ƋƵĂƌĞƉƌĂŝƐĞƚŚĞĨĂĐŝůŝƚŝĞƐĨŽƌƚŚĞŝƌƐƚƌĂƚĞŐŝĐůŽĐĂƚŝŽŶ͕ŝŶŶŽǀĂƚŝǀĞ ĚĞƐŝŐŶ͕ĂŶĚĐŽůůĂďŽƌĂƚŝǀĞĂƚŵŽƐƉŚĞƌĞ͘dŚĞƉƌŽdžŝŵŝƚLJƚŽDĂLJŽůŝŶŝĐǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐĂĚŝƐƚŝŶĐƚŝĚĞŶƚŝƚLJ ŝƐŚŝŐŚůŝŐŚƚĞĚĂƐƉĂƌƚŝĐƵůĂƌůLJǀĂůƵĂďůĞ͕ĐƌĞĂƚŝŶŐǁŚĂƚŽŶĞƚĞŶĂŶƚĚĞƐĐƌŝďĞĚĂƐΗ ĂŵŽƌĞŶĞƵƚƌĂůƐƉĂĐĞĨŽƌ ƚŚŝƌĚƉĂƌƚLJĐŽŵƉĂŶŝĞƐĂŶĚDĂLJŽƚŽĐŽůůĂďŽƌĂƚĞ͘ΗKĐĐƵƉĂŶƚƐĂƉƉƌĞĐŝĂƚĞƚŚĞǀĞƌƐĂƚŝůĞƌĞƐĞĂƌĐŚƐƉĂĐĞƐ ƚŚĂƚŽĨĨĞƌĨůĞdžŝďŝůŝƚLJĨŽƌĚŝĨĨĞƌĞŶƚĐŽůůĂďŽƌĂƚŝŽŶŶĞĞĚƐ͕ĂůŽŶŐǁŝƚŚĂŵĞŶŝƚŝĞƐŝŶĐůƵĚŝŶŐĐŽŶĨĞƌĞŶĐĞƌŽŽŵƐ͕ ƋƵŝĞƚnjŽŶĞƐ͕ƚŚĞĐŽĨĨĞĞƐŚŽƉ͕ĂŶĚŽƵƚĚŽŽƌƐŝƚƚŝŶŐĂƌĞĂƐ͘dŚĞŵĂŶĂŐĞŵĞŶƚĂŶĚƐƵƉƉŽƌƚƐƚĂĨĨƌĞĐĞŝǀĞŚŝŐŚ ŵĂƌŬƐĨŽƌƌĞƐƉŽŶƐŝǀĞŶĞƐƐĂŶĚĂƚƚĞŶƚŝǀĞŶĞƐƐƚŽƚĞŶĂŶƚŶĞĞĚƐ͕ǁŝƚŚƐĞǀĞƌĂůƌĞƐƉŽŶĚĞŶƚƐŵĞŶƚŝŽŶŝŶŐƚŚĞ ƌĞŐƵůĂƌƚĞŶĂŶƚĞǀĞŶƚƐƚŚĂƚĨŽƐƚĞƌĐŽŵŵƵŶŝƚLJǁŝƚŚŝŶƚŚĞďƵŝůĚŝŶŐƐ͘ ͶͲ ǣ ǡ Ǥ /Ŷ&ŽƵŶĚĞĚŝŶϮϬϭϳƚŚƌŽƵŐŚƚŚĞDĂLJŽůŝŶŝĐ &ŽƵŶĚĞĚŝŶϮϬϮϮƚŚƌŽƵŐŚĂĐŽůůĂďŽƌĂƚŝŽŶďĞƚǁĞĞŶ ŵƉůŽLJĞĞ ŶƚƌĞƉƌĞŶĞƵƌŝĂůWƌŽŐƌĂŵ͕Z/KEŝƐ ĐůŝƉƐĞsĞŶƚƵƌĞƐĂŶĚDĂLJŽůŝŶŝĐ͕EƵĐůĞƵƐ ĚĞǀĞůŽƉŝŶŐƌĞŐĞŶĞƌĂƚŝǀĞƚŚĞƌĂƉŝĞƐƵƐŝŶŐŝƚƐ ZĂĚŝŽWŚĂƌŵĂŝƐǁŽƌŬŝŶŐƚŽĂĚĚƌĞƐƐƚŚĞƐŚŽƌƚĂŐĞŽĨ ƉƌŽƉƌŝĞƚĂƌLJWƵƌŝĨŝĞĚ džŽƐŽŵĞWƌŽĚƵĐƚ;W WͿ͘ ƌĂĚŝŽƉŚĂƌŵĂĐĞƵƚŝĐĂůƐ͕ĂĐƌŝƚŝĐĂůƚŽŽůŝŶĐĂŶĐĞƌ ĞǀĞůŽƉĞĚĨƌŽŵƌĞƐĞĂƌĐŚĂƚƚŚĞDĂLJŽůŝŶŝĐsĂŶ ƚƌĞĂƚŵĞŶƚ͘dŚĞĐŽŵƉĂŶLJƐĞůĞĐƚĞĚdǁŽŝƐĐŽǀĞƌLJ ůĞǀĞĂƌĚŝĂĐZĞŐĞŶĞƌĂƚŝǀĞDĞĚŝĐŝŶĞWƌŽŐƌĂŵ͕W W ^ƋƵĂƌĞĂƐƚŚĞƐŝƚĞĨŽƌŝƚƐϲ͕ϱϬϬͲƐƋƵĂƌĞͲĨŽŽƚůĂďĂŶĚ ŝƐĂƐŚĞůĨͲƐƚĂďůĞĞdžŽƐŽŵĞƚŚĞƌĂƉLJĚĞƐŝŐŶĞĚƚŽ ŵĂŶƵĨĂĐƚƵƌŝŶŐƐƉĂĐĞ͕ǁŝƚŚĂŶĂĚĚŝƚŝŽŶĂůϯ͕ϱϬϬ ŚĂƌŶĞƐƐƚŚĞďŽĚLJ͛ƐŶĂƚƵƌĂůƌĞŐĞŶĞƌĂƚŝǀĞĐĂƉĂďŝůŝƚŝĞƐ͘ ƐƋƵĂƌĞĨĞĞƚŽĨŽĨĨŝĐĞƐƉĂĐĞ͘dŚŝƐĨĂĐŝůŝƚLJŝƐĞdžƉĞĐƚĞĚ ƚŽĞŵƉůŽLJƵƉƚŽϮϴŝŶĚŝǀŝĚƵĂůƐǁŝƚŚŝŶƚǁŽLJĞĂƌƐ͘ Z/KE͛ƐůŽĐĂƚŝŽŶŝŶŝƐĐŽǀĞƌLJ^ƋƵĂƌĞĞŶĂďůĞƐŽŶŐŽŝŶŐ ĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚDĂLJŽůŝŶŝĐƌĞƐĞĂƌĐŚĞƌƐ͕ĂĐƌŝƚŝĐĂů EƵĐůĞƵƐZĂĚŝŽWŚĂƌŵĂ͛ƐĚĞĐŝƐŝŽŶƚŽůŽĐĂƚĞŝŶdǁŽ ĨĂĐƚŽƌŝŶĂĚǀĂŶĐŝŶŐŝƚƐƚŚĞƌĂƉŝĞƐ͘/ŶϮϬϮϯ͕Z/KE͕ ŝƐĐŽǀĞƌLJ^ƋƵĂƌĞǁĂƐĚƌŝǀĞŶŝŶƉĂƌƚďLJƚŚĞďƵŝůĚŝŶŐ͛Ɛ DĂLJŽůŝŶŝĐ͕ĂŶĚƚŚĞh͘^͘ƌŵLJDĞĚŝĐĂůZĞƐĞĂƌĐŚ ƉƌŽdžŝŵŝƚLJƚŽDĂLJŽůŝŶŝĐ͛ƐŽŶĐŽůŽŐLJĂŶĚƌĂĚŝŽůŽŐLJ /ŶƐƚŝƚƵƚĞĨŽƌŚĞŵŝĐĂůĞĨĞŶƐĞƌĞĐĞŝǀĞĚĂΨϮ͘ϰ ĞdžƉĞƌƚƐ͘dŚŝƐĐůŽƐĞƉŚLJƐŝĐĂůĐŽŶŶĞĐƚŝŽŶĂůůŽǁƐ ŵŝůůŝŽŶĞƉĂƌƚŵĞŶƚŽĨĞĨĞŶƐĞŐƌĂŶƚƚŽĚĞǀĞůŽƉ ƌĞƐĞĂƌĐŚĞƌƐ͕ĐůŝŶŝĐŝĂŶƐ͕ĂŶĚŝŶŶŽǀĂƚŽƌƐƚŽĐŽůůĂďŽƌĂƚĞ W WĂƐĂƚƌĞĂƚŵĞŶƚĨŽƌŚƌŽŶŝĐKďƐƚƌƵĐƚŝǀĞ ŝŶƌĞĂůƚŝŵĞ͕ĞŶŚĂŶĐŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚ WƵůŵŽŶĂƌLJŝƐĞĂƐĞ;KWͿ͘WƌŽdžŝŵŝƚLJƚŽDĂLJŽ ĚŝƐƚƌŝďƵƚŝŽŶŽĨƌĂĚŝŽƉŚĂƌŵĂĐĞƵƚŝĐĂůƐ͘LJǁŽƌŬŝŶŐ ůŝŶŝĐ͛ƐĞdžƉĞƌƚƐŝŶƉƵůŵŽŶĂƌLJŵĞĚŝĐŝŶĞĂůůŽǁƐZ/KE ĂůŽŶŐƐŝĚĞDĂLJŽůŝŶŝĐƐƉĞĐŝĂůŝƐƚƐ͕EƵĐůĞƵƐ ƚŽĐůŽƐĞůLJĂůŝŐŶŝƚƐƌĞƐĞĂƌĐŚǁŝƚŚĞŵĞƌŐŝŶŐĐůŝŶŝĐĂů ZĂĚŝŽWŚĂƌŵĂĐĂŶĞĨĨŝĐŝĞŶƚůLJƚƌĂŶƐůĂƚĞƌĞƐĞĂƌĐŚŝŶƚŽ ŶĞĞĚƐ͘/ŶĂĚĚŝƚŝŽŶƚŽƉƵůŵŽŶĂƌLJƚŚĞƌĂƉĞƵƚŝĐƐ͕Z/KE ĐůŝŶŝĐĂůĂƉƉůŝĐĂƚŝŽŶƐ͕ĞŶƐƵƌŝŶŐĨĂƐƚĞƌĂĐĐĞƐƐƚŽĐĂŶĐĞƌ ŝƐĐŽŶĚƵĐƚŝŶŐĐůŝŶŝĐĂůƚƌŝĂůƐƚŽĂƐƐĞƐƐƚŚĞĞĨĨŝĐĂĐLJŽĨ ƚŚĞƌĂƉŝĞƐ͘ W WŝŶƚƌĞĂƚŝŶŐŝĂďĞƚŝĐ&ŽŽƚhůĐĞƌƐ;&hƐͿ͘ůŽƐĞ ĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚDĂLJŽůŝŶŝĐŚĂƐƉƌŽǀŝĚĞĚZ/KE ǁŝƚŚƚŚĞƌĞƐŽƵƌĐĞƐĂŶĚĞdžƉĞƌƚŝƐĞŶĞĐĞƐƐĂƌLJƚŽ ĞdžƉůŽƌĞĂƌĂŶŐĞŽĨƉŽƚĞŶƚŝĂůĂƉƉůŝĐĂƚŝŽŶƐ͕ƌĞŝŶĨŽƌĐŝŶŐ 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>ƵƚŚĞƌŽůůĞŐĞͲZŽĐŚĞƐƚĞƌ^ĞŵĞƐƚĞƌ /Ŷ&ĞďƌƵĂƌLJϮϬϮϬ͕>ƵƚŚĞƌŽůůĞŐĞĂŶŶŽƵŶĐĞĚƚŚĞůĂƵŶĐŚŽĨƚŚĞZŽĐŚĞƐƚĞƌ ^ĞŵĞƐƚĞƌ͕ĂƉƌŽŐƌĂŵĚĞƐŝŐŶĞĚƚŽƉƌŽǀŝĚĞƐƚƵĚĞŶƚƐǁŝƚŚŝŵŵĞƌƐŝǀĞ͕ĐĂƌĞĞƌͲ ĐĞŶƚĞƌĞĚůĞĂƌŶŝŶŐĞdžƉĞƌŝĞŶĐĞƐŝŶZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͘dŚŝƐŝŶŝƚŝĂƚŝǀĞĂůůŽǁƐ ƐƚƵĚĞŶƚƐĨƌŽŵĂůůŵĂũŽƌƐƚŽĞŶŐĂŐĞŝŶŝŶƚĞƌŶƐŚŝƉƐĂŶĚĂĐƚŝǀĞůĞĂƌŶŝŶŐ ŽƉƉŽƌƚƵŶŝƚŝĞƐǁŝƚŚŽƌŐĂŶŝnjĂƚŝŽŶƐƐƵĐŚĂƐƚŚĞD ͕ƚŚĞ'ŝĨƚŽĨ>ŝĨĞ dƌĂŶƐƉůĂŶƚ,ŽƵƐĞ͕ƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕ĂŶĚǀĂƌŝŽƵƐĚĞƉĂƌƚŵĞŶƚƐǁŝƚŚŝŶDĂLJŽůŝŶŝĐ͕ŝŶĐůƵĚŝŶŐ ďŝŽŵĞĚŝĐĂůƌĞƐĞĂƌĐŚ͕ŝŶĨŽƌŵĂƚŝĐƐ͕ĨŝŶĂŶĐĞ͕ĂŶĚŝŶĨŽƌŵĂƚŝŽŶƚĞĐŚŶŽůŽŐLJ͘ϵdŚŝƐƉƌŽŐƌĂŵďƵŝůĚƐƵƉŽŶ >ƵƚŚĞƌŽůůĞŐĞΖƐůŽŶŐƐƚĂŶĚŝŶŐƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚZŽĐŚĞƐƚĞƌ͕ǁŚĞƌĞ͕ĨŽƌŶĞĂƌůLJϰϬLJĞĂƌƐ͕ŶƵƌƐŝŶŐŵĂũŽƌƐ ŚĂǀĞŐĂŝŶĞĚĐůŝŶŝĐĂůĞdžƉĞƌŝĞŶĐĞĂƚƚŚĞDĂLJŽDĞĚŝĐĂůĞŶƚĞƌĂŶĚŝƚƐĂĨĨŝůŝĂƚĞĚŚŽƐƉŝƚĂůƐ͘ tŝŶŽŶĂ^ƚĂƚĞhŶŝǀĞƌƐŝƚLJ /ŶϮϬϭϳ͕tŝŶŽŶĂ^ƚĂƚĞhŶŝǀĞƌƐŝƚLJ;t^hͿĨŝƌƐƚůĞĂƐĞĚƐƉĂĐĞŝŶƚŚĞDĚŝƐƚƌŝĐƚƚŽďƌŝŶŐŝƚƐĂĐĂĚĞŵŝĐƐ ĐůŽƐĞƌƚŽZŽĐŚĞƐƚĞƌ͛ƐĚŽǁŶƚŽǁŶ͘ƵŝůĚŝŶŐŽŶƚŚĂƚĨŽƵŶĚĂƚŝŽŶ͕ƚŚĞƵŶŝǀĞƌƐŝƚLJĞdžƉĂŶĚĞĚŝƚƐĨŽŽƚƉƌŝŶƚŝŶ ϮϬϮϬ͕ƌĞůŽĐĂƚŝŶŐŝƚƐ'ƌĂĚƵĂƚĞEƵƌƐŝŶŐĨĂĐƵůƚLJƚŽĂĚĚŝƚŝŽŶĂůƐƉĂĐĞŽŶƚŚĞƐĞĐŽŶĚĨůŽŽƌŽĨƚŚĞt^hͲ ZŽĐŚĞƐƚĞƌŽŶƌŽĂĚǁĂLJĐĂŵƉƵƐ͘dŚŝƐĞdžƉĂŶƐŝŽŶĐŽͲůŽĐĂƚĞĚŶƵƌƐŝŶŐǁŝƚŚƚŚĞ'ƌĂĚƵĂƚĞ^ŽĐŝĂůtŽƌŬ ƉƌŽŐƌĂŵ͕ĨŽƐƚĞƌŝŶŐŝŶƚĞƌĚŝƐĐŝƉůŝŶĂƌLJĐŽůůĂďŽƌĂƚŝŽŶĂŶĚĚĞĞƉĞƌĐŽŶŶĞĐƚŝŽŶƐǁŝƚŚůŽĐĂůƉĂƌƚŶĞƌƐ͘ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ůƵƚŚĞƌ͘ĞĚƵͬŶĞǁƐͬůƵƚŚĞƌͲĐŽůůĞŐĞͲĂŶŶŽƵŶĐĞƐͲƐŝŐŶŝĨŝĐĂŶƚͲĂĐĂĚĞŵŝĐͲĐĞŶƚĞƌͲĞdžƉĂŶƐŝŽŶͲŝŶͲƌŽĐŚĞƐƚĞƌͲŵŝŶŶĞƐŽƚĂ ϵ Ͷ͵ ǣ ǡ Ǥ ZĞĨůĞĐƚŝŶŐŽŶƚŚŝƐĞdžƉĂŶƐŝŽŶ͕:ĞĂŶŝŶĞ'ĂŶŐĞŶĞƐƐ͕ƐƐŽĐŝĂƚĞsŝĐĞWƌĞƐŝĚĞŶƚŽĨĐĂĚĞŵŝĐĨĨĂŝƌƐĂƚƚŚĞ ƚŝŵĞ͕ŶŽƚĞĚƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨďĞŝŶŐĞŵďĞĚĚĞĚŝŶƚŚĞĚŽǁŶƚŽǁŶ͗ ͞tŝŶŽŶĂ^ƚĂƚĞŝƐŶŽǁĂƉĂƌƚŽĨĚŽǁŶƚŽǁŶ͕͟ƐŚĞƐĂŝĚ͘͞KƵƌ'ƌĂĚƵĂƚĞEƵƌƐŝŶŐĨĂĐƵůƚLJŝƐĞdžĐŝƚĞĚƚŽďĞ ŝŵŵĞƌƐĞĚŝŶƚŚĞĚŽǁŶƚŽǁŶĐŽŵŵƵŶŝƚLJ͕ǁŚŝĐŚĂůůŽǁƐƚŚĞŵĐůŽƐĞƌĐŽŶƚĂĐƚĂŶĚĚĞĞƉĞƌĐŽůůĂďŽƌĂƚŝŽŶǁŝƚŚ ŽƵƌĐŽŵŵƵŶŝƚLJƉĂƌƚŶĞƌƐ͘͟ϭϬ dŚŝƐĐŽŶƚŝŶƵĞĚŝŶǀĞƐƚŵĞŶƚŝŶĚŽǁŶƚŽǁŶƐƉĂĐĞĂůŝŐŶƐǁŝƚŚt^h͛ƐŵŝƐƐŝŽŶƚŽĚĞůŝǀĞƌĞĚƵĐĂƚŝŽŶƚŚĂƚ ƌĞƐƉŽŶĚƐĚŝƌĞĐƚůLJƚŽƚŚĞǁŽƌŬĨŽƌĐĞŶĞĞĚƐŽĨƚŚĞZŽĐŚĞƐƚĞƌƌĞŐŝŽŶ͘>ŽŽŬŝŶŐĨŽƌǁĂƌĚ͕t^hŝƐĐŽůůĂďŽƌĂƚŝŶŐ ǁŝƚŚƚŚĞ'ƌĞĂƚĞƌZŽĐŚĞƐƚĞƌƐƐŽĐŝĂƚŝŽŶŽĨhŶŝǀĞƌƐŝƚŝĞƐĂŶĚŽůůĞŐĞƐƚŽĞdžƉůŽƌĞƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂ ĐŽŵŵƵŶŝƚLJƐŝŵƵůĂƚŝŽŶƐƉĂĐĞ͕ĂŝŵĞĚĂƚĞdžƉĂŶĚŝŶŐĂĐĂĚĞŵŝĐĂŶĚƌĞƐĞĂƌĐŚŽƉƉŽƌƚƵŶŝƚŝĞƐĂĐƌŽƐƐ ŝŶƐƚŝƚƵƚŝŽŶƐ͘dŚŝƐƉůĂŶŶŝŶŐĞĨĨŽƌƚƌĞĨůĞĐƚƐƚŚĞƵ ŶŝǀĞƌƐŝƚLJ͛ƐůŽŶŐ ͲƚĞƌŵĐŽŵŵŝƚŵĞŶƚƚŽŐƌŽǁŝŶŐǁŝƚŚƚŚĞĐŝƚLJ ĂŶĚĐŽŶƚƌŝďƵƚŝŶŐƚŽŝƚƐĞǀŽůǀŝŶŐŝŶŶŽǀĂƚŝŽŶĂŶĚĞĚƵĐĂƚŝŽŶĂůĞĐŽƐLJƐƚĞŵ͘ hŶŝǀĞƌƐŝƚLJŽĨDŝŶŶĞƐŽƚĂʹZŽĐŚĞƐƚĞƌ dŚĞhŶŝǀĞƌƐŝƚLJŽĨDŝŶŶĞƐŽƚĂZŽĐŚĞƐƚĞƌ;hDZͿǁĂƐĨŽƌŵĂůůLJĞƐƚĂďůŝƐŚĞĚďLJƚŚĞƐƚĂƚĞůĞŐŝƐůĂƚƵƌĞŝŶ ĞĐĞŵďĞƌϮϬϬϲĂŶĚǁĞůĐŽŵĞĚŝƚƐĨŝƌƐƚĐůĂƐƐŽĨϱϳƐƚƵĚĞŶƚƐŝŶϮϬϬϵ͕ůĂƵŶĐŚŝŶŐŝƚƐĂĐŚĞůŽƌŽĨ^ĐŝĞŶĐĞŝŶ ,ĞĂůƚŚ^ĐŝĞŶĐĞƐƉƌŽŐƌĂŵ͘tŝƚŚĂŵŝƐƐŝŽŶĨŽĐƵƐĞĚŽŶƉƌĞƉĂƌŝŶŐƐƚƵĚĞŶƚƐĨŽƌĐĂƌĞĞƌƐŝŶŚĞĂůƚŚĐĂƌĞ͕hDZ ŚĂƐƐƚĞĂĚŝůLJŐƌŽǁŶ͕ĐĞůĞďƌĂƚŝŶŐŝƚƐĨŝƌƐƚŐƌĂĚƵĂƚŝŶŐĐůĂƐƐŽĨϰϵƐƚƵĚĞŶƚƐŝŶϮϬϭϯĂŶĚĞdžƉĂŶĚŝŶŐƚŽĂ ŐƌĂĚƵĂƚŝŶŐĐůĂƐƐŽĨϭϱϵƐƚƵĚĞŶƚƐŝŶϮϬϮϯ͘ /ŶϮϬϬϵ͕hDZĂƚƚƌĂĐƚĞĚƐƚƵĚĞŶƚƐĨƌŽŵƐŝdžƌĞŐŝŽŶĂůƐƚĂƚĞƐ͗DŝŶŶĞƐŽƚĂ͕EŽƌƚŚĂŬŽƚĂ͕^ŽƵƚŚĂŬŽƚĂ͕/ŽǁĂ͕ tŝƐĐŽŶƐŝŶ͕ĂŶĚDŝĐŚŝŐĂŶ͘^ŝŶĐĞƚŚĞŶ͕hDZ͛ƐƌĞĂĐŚŚĂƐĞdžƉĂŶĚĞĚĂŶĚƚŚĞhŶŝǀĞƌƐŝƚLJŚĂƐǁĞůĐŽŵĞĚ ĨƌĞƐŚŵĞŶĨƌŽŵϮϲƐƚĂƚĞƐĂƌŽƵŶĚƚŚĞŶĂƚŝŽŶ͘ ͶǤͳͳǣ ǡʹͲͲͻʹͲʹͳ ^ŽƵƌĐĞ͗>ŝŐŚƚĐĂƐƚ;ϮϬϮϱͿ ŚƚƚƉƐ͗ͬͬĚŵĐ͘ŵŶͬǁŝŶŽŶĂͲƐƚĂƚĞͲƵŶŝǀĞƌƐŝƚLJͲĞdžƉĂŶĚƐͲƉƌĞƐĞŶĐĞͲŝŶͲĚŽǁŶƚŽǁŶͲƌŽĐŚĞƐƚĞƌͲĨŝǀĞͲƋƵĞƐƚŝŽŶƐͲǁŝƚŚͲũĞĂŶŝŶĞͲŐĂŶŐĞŶĞƐƐͲĂƐƐŽĐŝĂƚĞͲǀŝĐĞͲ ϭϬ ƉƌĞƐŝĚĞŶƚͲĨŽƌͲĂĐĂĚĞŵŝĐͲĂĨĨĂŝƌƐͬ ͶͶ ǣ ǡ Ǥ dŽĚĂLJ͕hDZŚĂƐƌŽƵŐŚůLJϲϬϬƵŶĚĞƌŐƌĂĚƵĂƚĞƐƚƵĚĞŶƚƐ͘/ŶƌĞƐƉŽŶƐĞƚŽŝŶĐƌĞĂƐŝŶŐĞŶƌŽůůŵĞŶƚĂŶĚƚŚĞ ŶĞĞĚĨŽƌĂĚĚŝƚŝŽŶĂůƐƚƵĚĞŶƚŚŽƵƐŝŶŐ͕ƚŚĞ hŶŝǀĞƌƐŝƚLJŽĨDŝŶŶĞƐŽƚĂZŽĐŚĞƐƚĞƌ;hDZͿ ƉĂƌƚŶĞƌĞĚǁŝƚŚdŝƚĂŶĞǀĞůŽƉŵĞŶƚƚŽĐŽŶǀĞƌƚ ƚŚĞŽƵďůĞdƌĞĞďLJ,ŝůƚŽŶ,ŽƚĞůŝŶƚŽĂƐƚƵĚĞŶƚ ƌĞƐŝĚĞŶĐĞĨĂĐŝůŝƚLJ͘dŚŝƐĂĚĂƉƚŝǀĞƌĞƵƐĞƉƌŽũĞĐƚ ƚƌĂŶƐĨŽƌŵĞĚƚŚĞĞdžŝƐƚŝŶŐŚŽƚĞůŝŶƚŽƚŚĞ^ƚƵĚĞŶƚ >ŝĨĞĞŶƚĞƌ͕ƉƌŽǀŝĚŝŶŐŚŽƵƐŝŶŐĨŽƌŽǀĞƌϯϮϱ ƐƚƵĚĞŶƚƐ͕ĂůŽŶŐǁŝƚŚĂŵĞŶŝƚŝĞƐƐƵĐŚĂƐĚŝŶŝŶŐ ƐĞƌǀŝĐĞƐ͕ƌĞĐƌĞĂƚŝŽŶĂůƐƉĂĐĞƐ͕ĂŶĚƐƚƵĚLJĂƌĞĂƐ͘ϭϭ dŚĞƌĞŶŽǀĂƚŝŽŶƉƌĞƐĞƌǀĞĚŬĞLJĂƌĐŚŝƚĞĐƚƵƌĂů ĞůĞŵĞŶƚƐŽĨƚŚĞŽƌŝŐŝŶĂůƐƚƌƵĐƚƵƌĞǁŚŝůĞ ƌĞƉƵƌƉŽƐŝŶŐŝŶƚĞƌŝŽƌƐƚŽƐƵŝƚƐƚƵĚĞŶƚŶĞĞĚƐ͕ ĞdžĞŵƉůŝĨLJŝŶŐĂƐƵƐƚĂŝŶĂďůĞĂƉƉƌŽĂĐŚƚŽĐĂŵƉƵƐ ϭϯϰ͕ϳϬϬƐƋĨƚ ĞdžƉĂŶƐŝŽŶ͘ dŚĞĂĚĚŝƚŝŽŶŽĨƚŚĞ^ƚƵĚĞŶƚ>ŝĨĞĞŶƚĞƌƌĞĨůĞĐƚƐ hDZΖƐĐŽŵŵŝƚŵĞŶƚƚŽĞŶŚĂŶĐŝŶŐƚŚĞƐƚƵĚĞŶƚĞdžƉĞƌŝĞŶĐĞďLJƉƌŽǀŝĚŝŶŐƐƵƉƉŽƌƚŝǀĞĐĂŵƉƵƐĂŵĞŶŝƚŝĞƐ͘ tŚŝůĞĨĂĐƚŽƌƐůŝŬĞĂĐĂĚĞŵŝĐƉƌŽŐƌĂŵŵŝŶŐ͕ƐƚƵĚĞŶƚƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐ͕ĂŶĚĐĂƌĞĞƌƉƌĞƉĂƌĂƚŝŽŶƉůĂLJĂ ƉƌŝŵĂƌLJƌŽůĞŝŶƐƚƵĚĞŶƚƐƵĐĐĞƐƐ͕ŝŵƉƌŽǀĞĚŚŽƵƐŝŶŐĐĂŶĂůƐŽĐŽŶƚƌŝďƵƚĞƚŽĂƐĞŶƐĞŽĨĐŽŵŵƵŶŝƚLJĂŶĚ ǁĞůůͲďĞŝŶŐ͕ŚĞůƉŝŶŐƐƚƵĚĞŶƚƐƐƚĂLJŽŶƚƌĂĐŬƚŽŐƌĂĚƵĂƚŝŽŶ͘ hDZ͛ƐĂĨĨŽƌĚĂďůĞĂŶŶƵĂůĐŽƐƚŽĨΨϭϱ͕ϭϵϯŵĂŬĞƐŝƚĂŵŽƌĞĂĐĐĞƐƐŝďůĞŽƉƚŝŽŶĐŽŵƉĂƌĞĚƚŽƚŚĞϰ ͲLJĞĂƌ ƐĐŚŽŽůŵŝĚƉŽŝŶƚŽĨΨϭϵ͕ϱϭϵ͕ŽĨĨĞƌŝŶŐƐƚƵĚĞŶƚƐĂŚŝŐŚͲƋƵĂůŝƚLJĞĚƵĐĂƚŝŽŶĂƚĂůŽǁĞƌĨŝŶĂŶĐŝĂůďƵƌĚĞŶ͘dŚŝƐ ĂĨĨŽƌĚĂďŝůŝƚLJ͕ĐŽŵďŝŶĞĚǁŝƚŚhDZ͛ƐƚĂƌŐĞƚĞĚĨŽĐƵƐŽŶŚ ĞĂůƚŚĐĂƌĞĂŶĚĐĂƌĞĞƌƌĞĂĚŝŶĞƐƐ͕ĐŽŶƚƌŝďƵƚĞƐƚŽ ƐƚƌŽŶŐƉŽƐƚͲŐƌĂĚƵĂƚŝŽŶŽƵƚĐŽŵĞƐ͘hDZŐƌĂĚƵĂƚĞƐƌĞƉŽƌƚĂŵĞĚŝĂŶƐĂůĂƌLJŽĨΨϲϵ͕ϬϮϬ͕ǁŚŝĐŚŝƐ ƐŝŐŶŝĨŝĐĂŶƚůLJŚŝŐŚĞƌƚŚĂŶƚŚĞϰͲLJĞĂƌƐĐŚŽŽůŵŝĚƉŽŝŶƚŽĨΨϱϯ͕ϳϰϳ͘ ͶǤͳʹǣǤ Ǧ hDZŶŶƵĂů DŝĚƉŽŝŶƚ ŽƐƚ͗ŽƐƚ͗ DŝĚͲƉŽŝŶƚ Ψϭϱ͕ϭϵϯΨϭϵ͕ϱϭϵ ĂƌŶŝŶŐƐ͗ hDZ Ψϱϯ͕ϳϰϳ 'ƌĂĚƵĂƚĞ ĂƌŶŝŶŐƐ͗ Ψϲϵ͕ϬϮϬ ΨϬΨϱ͕ϬϬϬΨϭϬ͕ϬϬϬΨϭϱ͕ϬϬϬΨϮϬ͕ϬϬϬΨϮϱ͕ϬϬϬ ΨϬΨϮϬ͕ϬϬϬΨϰϬ͕ϬϬϬΨϲϬ͕ϬϬϬΨϴϬ͕ϬϬϬΨϭϬϬ͕ϬϬϬ ^ŽƵƌĐĞ͗/W ^;ϮϬϮϱͿ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŵĞĚĐŝƚLJďĞĂƚ͘ĐŽŵͬŶĞǁƐͲďůŽŐͬϮϬϮϮͬƵŵƌͲĞLJĞƐͲĚŽƵďůĞƚƌĞĞͲĨŽƌͲƐƚƵĚĞŶƚͲŚŽƵƐŝŶŐηŐƐĐ͘ƚĂďсϬ ϭϭ Ͷͷ ǣ ǡ Ǥ ͶǤͳͳǣȋʹͲʹʹǦʹ͵Ȍ dŚĞƐĞĨĂĐƚŽƌƐŵĂLJĂůƐŽĐŽŶƚƌŝďƵƚĞƚŽhDZ͛ƐŐƌŽǁŝŶŐ ĞŶƌŽůůŵĞŶƚ͕ĂƐŵŽƌĞƐƚƵĚĞŶƚƐƌĞĐŽŐŶŝnjĞƚŚĞǀĂůƵĞŽĨĂĐŽƐƚͲ ĞĨĨĞĐƚŝǀĞĞĚƵĐĂƚŝŽŶƚŚĂƚůĞĂĚƐƚŽĐŽŵƉĞƚŝƚŝǀĞĞĂƌŶŝŶŐƐ͘ tŚŝƚĞϱϰй ĚĚŝƚŝŽŶĂůůLJ͕hDZ͛ƐĚŝǀĞƌƐĞƐƚƵĚĞŶƚďŽĚLJƌĞĨůĞĐƚƐŝƚƐ ůĂĐŬŽƌĨƌŝĐĂŶŵĞƌŝĐĂŶϭϲй 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ZĞƐŝĚĞŶƚƐŝŶƚŚĞƐĞĂƌĞĂƐƚLJƉŝĐĂůůLJƐƉĞŶĚďĞƚǁĞĞŶϮϭƚŽϮϱƉĞƌĐĞŶƚŽĨƚŚĞŝƌŝŶĐŽŵĞŽŶŚŽƵƐŝŶŐ͕ ĂƚĂĨŽƌZŽĐŚĞƐƚĞƌŝƚLJ͗ŚƚƚƉƐ͗ͬͬůŝǀĂďŝůŝƚLJŝŶĚĞdž͘ĂĂƌƉ͘ŽƌŐͬƐĞĂƌĐŚͬZŽĐŚĞƐƚĞƌ͕йϮϬKůŵƐƚĞĚйϮϬŽƵŶƚLJ͕йϮϬDŝŶŶĞƐŽƚĂ͕йϮϬhŶŝƚĞĚйϮϬ^ƚĂƚĞƐ ϭϯ ͷͲ ǣ ǡ Ǥ ĐŽŵƉĂƌĞĚƚŽƚŚĞĂǀĞƌĂŐĞǁĂŐĞŝŶƚŚĞZŽĐŚĞƐƚĞƌD^ŽĨΨϳϮ͕ϱϰϬĂƐŽĨYϰϮϬϮϰ͘dŚŝƐƌĞĨůĞĐƚƐůŽĐĂůŝnjĞĚ ĚŝĨĨĞƌĞŶĐĞƐŝŶĂĨĨŽƌĚĂďŝůŝƚLJƚŚĂƚŵĂLJďĞŝŶĨůƵĞŶĐĞĚďLJŚŽƵƐŝŶŐĂǀĂŝůĂďŝůŝƚLJ͕ĐŽƐƚŽĨůŝǀŝŶŐ͕ĂŶĚŝŶĐŽŵĞ͘ ͶǤͳͺǣ KĨĨŝĐĞ/ŶǀĞƐƚŵĞŶƚ dŚĞDƉůĂŶŝŶŝƚŝĂůůLJƐĞƚĂŐŽĂůƚŽĂĚĚϯϭϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨŶĞƚŶĞǁŽĨĨŝĐĞƐƉĂĐĞǁŝƚŚŝŶƚŚĞĚŝƐƚƌŝĐƚďLJ ϮϬϯϱ͘,ŽǁĞǀĞƌ͕ƚŚŝƐŐŽĂůǁĂƐĞƐƚĂďůŝƐŚĞĚďĞĨŽƌĞƚŚĞKs/ͲϭϵƉĂŶĚĞŵŝĐ͕ǁŚŝĐŚĨƵŶĚĂŵĞŶƚĂůůLJƐŚŝĨƚĞĚ ŽĨĨŝĐĞƐƉĂĐĞƵƚŝůŝnjĂƚŝŽŶĂĐƌŽƐƐƚŚĞĐŽƵŶƚƌLJ͕ǁŝƚŚŽĨĨŝĐĞǀĂĐĂŶĐLJƌĂƚĞƐĐůŝŵďŝŶŐƵƉƚŽϮϬƉĞƌĐĞŶƚŝŶŵĂũŽƌ ŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂƐ͘&ĂĐƚŽƌƐƐƵĐŚĂƐƌĞĐŽƌĚͲŚŝŐŚǀĂĐĂŶĐLJƌĂƚĞƐĚƌŝǀĞŶďLJƚŚĞŝŶĐƌĞĂƐŝŶŐƉƌĞǀĂůĞŶĐĞŽĨ ƌĞŵŽƚĞǁŽƌŬ͕ƉŽƉƵůĂƚŝŽŶŵŝŐƌĂƚŝŽŶ͕ĂŶĚĂŐƌŽǁŝŶŐƚƌĞŶĚŽĨŽĨĨŝĐĞͲƚŽͲƌĞƐŝĚĞŶƚŝĂůĐŽŶǀĞƌƐŝŽŶƐŚĂǀĞ ƐŝŐŶŝĨŝĐĂŶƚůLJƌĞƐŚĂƉĞĚƚŚĞĚĞŵĂŶĚĨŽƌƚƌĂĚŝƚŝŽŶĂůŽĨĨŝĐĞƐƉĂĐĞ͘ĚĚŝƚŝŽŶĂůůLJ͕ĐŚĂŶŐŝŶŐǁŽƌŬĨŽƌĐĞ ƉƌĞĨĞƌĞŶĐĞƐĨŽƌŚLJďƌŝĚŽƌĨƵůůLJƌĞŵŽƚĞƐĐŚĞĚƵůĞƐ͕ĂůŽŶŐƐŝĚĞƚŚĞĚĞƐŝƌĞĨŽƌŵŽƌĞĨůĞdžŝďůĞ͕ĐŽůůĂďŽƌĂƚŝǀĞ ƐƉĂĐĞƐ͕ŚĂǀĞůĞĚĐŽŵƉĂŶŝĞƐƚŽƌĞĐŽŶƐŝĚĞƌƚŚĞŝƌŽĨĨŝĐĞĨŽŽƚƉƌŝŶƚ͘/ŶŵĂŶLJ ĐĂƐĞƐ͕ďƵƐŝŶĞƐƐĞƐĂƌĞŽƉƚŝŶŐƚŽĚŽǁŶƐŝnjĞ͕ƌĞĐŽŶĨŝŐƵƌĞĞdžŝƐƚŝŶŐƐƉĂĐĞƐ͕Žƌ KĨĨŝĐĞ ƉƵƌƐƵĞĂĚĂƉƚŝǀĞƌĞƵƐĞƉƌŽũĞĐƚƐƌĂƚŚĞƌƚŚĂŶŝŶǀĞƐƚŝŶŶĞǁŽĨĨŝĐĞ ĐŽŶƐƚƌƵĐƚŝŽŶ͘ tŚŝůĞƚŚĞDĚŝƐƚƌŝĐƚĚŝĚƐĞĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚƌĞĞƐŝŐŶŝĨŝĐĂŶƚŽĨĨŝĐĞ ďƵŝůĚŝŶŐƐŽǀĞƌƚŚĞƉĂƐƚĚĞĐĂĚĞͶŝƐĐŽǀĞƌLJKŶĞ͕ŝƐĐŽǀĞƌLJdǁŽ͕ĂŶĚƚŚĞ ϭϴϱŬͬϯϭϬŬ <ĞůůĞŶƵŝůĚŝŶŐͶƚŚĞƐĞƉƌŽũĞĐƚƐŚĂǀĞĚĞĚŝĐĂƚĞĚƌĞƐĞĂƌĐŚƐƉĂĐĞĂŶĚŚĂǀĞ ϲϬй ďĞĞŶƌĞǀŝĞǁĞĚĂďŽǀĞŝŶƚŚĞƌĞƐĞĂƌĐŚƐĞĐƚŝŽŶ͘dŚĞƌĞŚĂƐďĞĞŶƐŝŐŶŝĨŝĐĂŶƚ ŽĨĨŝĐĞƐƉĂĐĞƌĞŶŽǀĂƚŝŽŶŽǀĞƌƚŚĞƉĂƐƚƚĞŶLJĞĂƌƐ͘ƉƉƌŽdžŝŵĂƚĞůLJϭϴϱ͕ϬϬϬ ƐƋƵĂƌĞĨĞĞƚŽĨŽĨĨŝĐĞƐƉĂĐĞŚĂƐƵŶĚĞƌŐŽŶĞƌĞŶŽǀĂƚŝŽŶƐŝŶĐĞƚŚĞƉůĂŶ͛Ɛ ŝŶĐĞƉƚŝŽŶ͕ƌĞƉƌĞƐĞŶƚŝŶŐƌŽƵŐŚůLJϲϬƉĞƌĐĞŶƚŽĨƚŚĞŽƌŝŐŝŶĂůŐŽĂů͘ 'ŝǀĞŶƚŚŝƐĐŽŶƚĞdžƚ͕ƚŚĞD͛ƐƐƵĐĐĞƐƐŝŶĨĂĐŝůŝƚĂƚŝŶŐƌĞŶŽǀĂƚĞĚŽĨĨŝĐĞƐƉĂĐĞ ƐŚŽƵůĚďĞĂĐŬŶŽǁůĞĚŐĞĚĂƐĂƉƌĂĐƚŝĐĂůĂŶĚĞĨĨĞĐƚŝǀĞƌĞƐƉŽŶƐĞƚŽƚŚĞ ĐŚĂůůĞŶŐĞƐĨĂĐŝŶŐƚŚĞŽĨĨŝĐĞƐĞĐƚŽƌ͘DŽǀŝŶŐĨŽƌǁĂƌĚ͕ĞŵƉŚĂƐŝnjŝŶŐƚŚĞ ĂĚĂƉƚŝǀĞƌĞƵƐĞĂŶĚŵŽĚĞƌŶŝnjĂƚŝŽŶŽĨŽĨĨŝĐĞďƵŝůĚŝŶŐƐǁŝůůůŝŬĞůLJƌĞŵĂŝŶĂŶ ĞƐƐĞŶƚŝĂůĐŽŵƉŽŶĞŶƚŽĨƚŚĞĚŝƐƚƌŝĐƚ͛ƐĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚƐƚƌĂƚĞŐLJ͘ /ŶϮϬϭϱ͕ƚŚĞDĚŝƐƚƌŝĐƚŚĂĚĂƌĞůĂƚŝǀĞůLJůŽǁŽĨĨŝĐĞƐƉĂĐĞĂǀĂŝůĂďŝůŝƚLJƌĂƚĞ ŽĨϭ͘ϮƉĞƌĐĞŶƚ͘KǀĞƌƚŚĞŶĞdžƚƐĞǀĞƌĂůLJĞĂƌƐ͕ĂǀĂŝůĂďŝůŝƚLJĐŽŶƚŝŶƵĞĚƚŽ ŝŶĐƌĞĂƐĞ͕ƉĞĂŬŝŶŐĂƚĂƌŽƵŶĚϳ͘ϭƉĞƌĐĞŶƚŝŶϮϬϮϱ͘tŚŝůĞƚŚŝƐŝŶĐƌĞĂƐĞ ŝŶĚŝĐĂƚĞƐĂƐŽĨƚĞŶŝŶŐŝŶƚŚĞŵĂƌŬĞƚ͕ŝƚƌĞŵĂŝŶƐǁĞůůďĞůŽǁƚŚĞĂǀĂŝůĂďŝůŝƚLJ ƌĂƚĞƐƐĞĞŶŝŶDŝŶŶĞĂƉŽůŝƐ͘ /ŶĐŽŶƚƌĂƐƚ͕DŝŶŶĞĂƉŽůŝƐďĞŐĂŶǁŝƚŚĂƐŝŐŶŝĨŝĐĂŶƚůLJŚŝŐŚĞƌŽĨĨŝĐĞ ĂǀĂŝůĂďŝůŝƚLJƌĂƚĞŽĨϭϭ͘ϰƉĞƌĐĞŶƚŝŶϮϬϭϱ͘dŚĞĐŝƚLJΖƐƌĂƚĞĐŽŶƚŝŶƵĞĚƚŽƌŝƐĞ͕ ƌĞĂĐŚŝŶŐϭϰ͘ϮƉĞƌĐĞŶƚďLJϮϬϮϱ͘dŚŝƐƚƌĂũĞĐƚŽƌLJĂůŝŐŶƐǁŝƚŚŶĂƚŝŽŶĂůƚƌĞŶĚƐ ŽĨƌŝƐŝŶŐǀĂĐĂŶĐLJƌĂƚĞƐĚƵĞƚŽƚŚĞƐŚŝĨƚƚŽǁĂƌĚƌĞŵŽƚĞǁŽƌŬĂŶĚŚLJďƌŝĚǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚƐ͕ůĞĂĚŝŶŐƚŽ ĞdžĐĞƐƐŽĨĨŝĐĞƐƉĂĐĞŝŶŵĂŶLJƵƌďĂŶĐĞŶƚĞƌƐ͘tŚŝůĞDŝŶŶĞĂƉŽůŝƐ͛ƐĐƵƌƌĞŶƚŽĨĨŝĐĞĂǀĂŝůĂďŝůŝƚLJƌĞŵĂŝŶƐďĞůŽǁ ƚŚĞŶĂƚŝŽŶĂůĂǀĞƌĂŐĞŽĨϭϲ͘ϭƉĞƌĐĞŶƚ͕ŝƚƐƚŝůůƌĞĨůĞĐƚƐƚŚĞďƌŽĂĚĞƌĐŚĂůůĞŶŐĞƐĨĂĐŝŶŐĐŽŵŵĞƌĐŝĂůƌĞĂůĞƐƚĂƚĞ ŵĂƌŬĞƚƐ͘ĚĚŝƚŝŽŶĂůůLJ͕ĂƐĐŽŵƉĂŶŝĞƐƌĞĂƐƐĞƐƐƚŚĞŝƌůŽŶŐͲƚĞƌŵŽĨĨŝĐĞƐƉĂĐĞŶĞĞĚƐ͕ĐŝƚŝĞƐŵĂLJĨĂĐĞ ĐŽŶƚŝŶƵĞĚƉƌĞƐƐƵƌĞƚŽƌĞƉƵƌƉŽƐĞŽƌĚŽǁŶƐŝnjĞĐŽŵŵĞƌĐŝĂůƐƉĂĐĞƚŽĂĚĂƉƚƚŽĞǀŽůǀŝŶŐǁŽƌŬƉůĂĐĞ ĚĞŵĂŶĚƐ͘ ͷʹ ǣ ǡ Ǥ ͶǤͳͻǣ ǡʹͲͳͷǦʹͲʹͷǡ ϭϲй ϭϰ͘Ϯй ϭϰй ϭϭ͘ϰй ϭϮй ϭϬй ϳ͘ϭй ϴй ϲй ϰй ϭ͘Ϯй Ϯй Ϭй ϮϬϭϱϮϬϭϲϮϬϭϳϮϬϭϴϮϬϭϵϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯϮϬϮϰϮϬϮϱ DDŝŶŶĞĂƉŽůŝƐ ^ŽƵƌĐĞ͗Ž^ƚĂƌ;ϮϬϮϱͿ ͶǤʹͲǣ ǡʹͲͳͷǦʹͲʹͷǡǤǤ DŝŶŶĞĂƉŽůŝƐ͕DE ϭϰ͘ϭй h͘^͘KĨĨŝĐĞDĂƌŬĞƚ WŚŝůĂĚĞůƉŚŝĂ͕W ĞƚƌŽŝƚ͕D/ EĞǁzŽƌŬ͕Ez EĂƚŝŽŶĂů/ŶĚĞdž ϭϲ͘ϭй ^ĞĂƚƚůĞ͕t WŚŽĞŶŝdž͕ ƚůĂŶƚĂ͕' ŽƐƚŽŶ͕D >ŽƐŶŐĞůĞƐ͕ ĂůůĂƐͲ&ŽƌƚtŽƌƚŚ͕dy ŚŝĐĂŐŽ͕/> tĂƐŚŝŶŐƚŽŶ͕ ,ŽƵƐƚŽŶ͕dy ĞŶǀĞƌ͕K ^ĂŶ&ƌĂŶĐŝƐĐŽ͕ ϬйϱйϭϬйϭϱйϮϬйϮϱйϯϬй ^ŽƵƌĐĞ͗Ž^ƚĂƌ;ϮϬϮϱͿ tŚŝůĞƚŚĞDŽĨĨŝĐĞŵĂƌŬĞƚŝƐĚŽŝŶŐǁĞůůŝŶƚĞƌŵƐŽĨǀĂĐĂŶĐŝĞƐĐŽŵƉĂƌĞĚƚŽƚŚĞŶĂƚŝŽŶĂůŝŶĚĞdž͕ŝƚ ĞdžŚŝďŝƚƐŚŝŐŚĂƐŬŝŶŐƌĞŶƚĂůƌĂƚĞƐĚƌŝǀĞŶďLJĚĞŵĂŶĚĨŽƌŵĞĚŝĐĂůƐƉĂĐĞ͘,ŝƐƚŽƌŝĐĂůůLJ͕ƚŚĞDΖƐŽĨĨŝĐĞƌĞŶƚƐ ͷ͵ ǣ ǡ Ǥ ŚĂǀĞďĞĞŶŚŝŐŚĞƌƚŚĂŶŽƚŚĞƌŵĂƌŬĞƚƐŝŶDŝŶŶĞƐŽƚĂ͘tŚŝůĞĚŽǁŶƚŽǁŶDŝŶŶĞĂƉŽůŝƐƌĞŶƚƐĂƌĞĐůŽƐĞƌƚŽ ĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͕ĚŽǁŶƚŽǁŶ^ƚ͘WĂƵůƌĞŵĂŝŶƐƚŚĞŵŽƐƚĂĨĨŽƌĚĂďůĞ͕ǁŝƚŚĂƐŬŝŶŐƌĞŶƚƐŶĞĂƌůLJϯϬ ƉĞƌĐĞŶƚůŽǁĞƌƚŚĂŶDĚŝƐƚƌŝĐƚŽĨĨŝĐĞƐƉĂĐĞ͘ dŚĞŚŝŐŚƌĞŶƚƐŝŶƚŚĞDĚŝƐƚƌŝĐƚĂƌĞƉƌŝŵĂƌŝůLJĚƵĞƚŽƚŚĞŵĂƌŬĞƚΖƐŽƌŝĞŶƚĂƚŝŽŶƚŽǁĂƌĚƐŵĞĚŝĐĂůƐƉĂĐĞ͕ ǁŚŝĐŚĐĂŶƐƵƉƉŽƌƚƐƵĐŚƌĂƚĞƐ͘,ŽǁĞǀĞƌ͕ĂƐDĂŝŵƐƚŽĚŝǀĞƌƐŝĨLJŝƚƐŽĨĨŝĐĞĚĞŵĂŶĚǁŝƚŚŽƚŚĞƌƚLJƉĞƐŽĨ ĐŽŵƉůĞŵĞŶƚĂƌLJƚĞŶĂŶƚƐ͕ƚŚĞƐĞŚŝŐŚƌĞŶƚƐŵĂLJƉŽƐĞĂĐŚĂůůĞŶŐĞ͕ƉĂƌƚŝĐƵůĂƌůLJŝŶĂƚƚƌĂĐƚŝŶŐƐƚĂƌƚͲƵƉƐĂŶĚ ƐŵĂůůďƵƐŝŶĞƐƐĞƐ͘ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞŚŝŐŚŵĂƌŬĞƚĂƐŬŝŶŐƌĞŶƚƐĂƌĞŝŶĨůƵĞŶĐĞĚďLJƚŚĞĞůĞǀĂƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚĨŝŶĂŶĐŝŶŐĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚďƵŝůĚŝŶŐƚŚĞƐĞŽĨĨŝĐĞƐ͘ ͶǤʹͳǣ ǡʹͲͳͷǦʹͲʹͷǡ ǡǤǡ Ψϯϱ͘Ϭ ΨϯϬ͘ϰ ΨϯϬ͘Ϭ ΨϮϱ͘Ϭ ΨϮϵ͘ϰ ΨϮϱ͘Ϭ ΨϮϬ͘Ϭ ΨϮϮ͘ϱ ΨϮϮ͘ϱ Ψϭϴ͘ϭ Ψϭϱ͘Ϭ ΨϭϬ͘Ϭ Ψϱ͘Ϭ ΨϬ͘Ϭ ϮϬϭϱϮϬϭϲϮϬϭϳϮϬϭϴϮϬϭϵϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯϮϬϮϰϮϬϮϱ zd DŽǁŶƚŽǁŶ^ƚWĂƵůŽǁŶƚŽǁŶDŝŶŶĞĂƉŽůŝƐ ^ŽƵƌĐĞ͗Ž^ƚĂƌ;ϮϬϮϱͿ dŚĞYƵĂůŝƚLJŽĨ>ŝĨĞŝŶƚŚĞDŝƐƚƌŝĐƚ͗ŚĂŶŐĞƐKǀĞƌdŝŵĞ dŚĞĞdžƉĂŶƐŝŽŶŽĨŵƵůƚŝͲĨĂŵŝůLJ͕ŵŝdžĞĚͲƵƐĞƌĞƐŝĚĞŶƚŝĂůŽĨĨĞƌŝŶŐƐǁŝƚŚŝŶƚŚĞDĚŝƐƚƌŝĐƚŚĂƐƐŝŐŶŝĨŝĐĂŶƚůLJ ĐŽŶƚƌŝďƵƚĞĚƚŽŝƚƐƋƵĂůŝƚLJͲŽĨͲůŝĨĞŽĨĨĞƌŝŶŐƐ͕ǁŚĞƌĞƌĞƐŝĚĞŶƚƐĐĂŶĐŽŶǀĞŶŝĞŶƚůLJĂĐĐĞƐƐǁŽƌŬ͕ĞƐƐĞŶƚŝĂů ƐĞƌǀŝĐĞƐ͕ĂŶĚĂŵĞŶŝƚŝĞƐǁŝƚŚŝŶĂƐŚŽƌƚĚŝƐƚĂŶĐĞ͘LJŝŶĐƌĞĂƐŝŶŐƚŚĞŶƵŵďĞƌŽĨŚŽƵƐŝŶŐƵŶŝƚƐ͕ŝŶĐůƵĚŝŶŐ ŵƵůƚŝͲĨĂŵŝůLJƌĞƐŝĚĞŶĐĞƐĂŶĚƐƚƵĚĞŶƚŚŽƵƐŝŶŐ͕ƚŚĞĚŝƐƚƌŝĐƚŚĂƐŵĂĚĞŝƚĞĂƐŝĞƌĨŽƌƉĞŽƉůĞƚŽůŝǀĞĐůŽƐĞƌƚŽ ƚŚĞŝƌǁŽƌŬƉůĂĐĞƐ͕ĞŶŚĂŶĐŝŶŐǁŽƌŬͲůŝĨĞďĂůĂŶĐĞ͘ dŚŝƐĐůŽƐĞƌŝŶƚĞŐƌĂƚŝŽŶŽĨŚŽƵƐŝŶŐĂŶĚŽĨĨŝĐĞƐƉĂĐĞĂůƐŽĨŽƐƚĞƌƐĂǀŝďƌĂŶƚƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚ͕ǁŚĞƌĞ ƉĞŽƉůĞĂƌĞŵŽƌĞůŝŬĞůLJƚŽĞŶŐĂŐĞǁŝƚŚƚŚĞĐŽŵŵƵŶŝƚLJƚŚƌŽƵŐŚŶĞĂƌďLJĚŝŶŝŶŐ͕ĞŶƚĞƌƚĂŝŶŵĞŶƚ͕ĂŶĚ ĐƵůƚƵƌĂůĂĐƚŝǀŝƚŝĞƐ͘ƐŵŽƌĞƉƌŽĨĞƐƐŝŽŶĂůƐĂŶĚƌĞƐŝĚĞŶƚƐĐŚŽŽƐĞƚŽůŝǀĞĂŶĚǁŽƌŬǁŝƚŚŝŶƚŚĞDĚŝƐƚƌŝĐƚ͕ ƚŚĞĚĞŵĂŶĚĨŽƌĂĚĚŝƚŝŽŶĂůƌĞƚĂŝůĂŶĚƌĞƐƚĂƵƌĂŶƚŽĨĨĞƌŝŶŐƐŐƌŽǁƐ͕ĐŽŶƚƌŝďƵƚŝŶŐƚŽƚŚĞŽǀĞƌĂůůǀŝƚĂůŝƚLJŽĨƚŚĞ ĚŝƐƚƌŝĐƚ;ƌĞƚĂŝůĂŶĚƌĞƐƚĂƵƌĂŶƚŽĨĨĞƌŝŶŐƐǁŝůůďĞƌĞǀŝĞǁĞĚŝŶƚŚĞŶĞdžƚƐĞĐƚŝŽŶͿ͘ ͷͶ ǣ ǡ Ǥ KŶĞŝŶĚŝĐĂƚŽƌŽĨƚŚĞDĚŝƐƚƌŝĐƚ͛ƐŐƌŽǁŝŶŐĂƉƉĞĂůŝƐƚŚĞƐŚŝĨƚŝŶĐŽŵŵƵƚŝŶŐƉĂƚƚĞƌŶƐŽǀĞƌƚŝŵĞ͕ ƉĂƌƚŝĐƵůĂƌůLJĂŵŽŶŐŝŶĚŝǀŝĚƵĂůƐǁŚŽďŽƚŚůŝǀĞĂŶĚǁŽƌŬǁŝƚŚŝŶŝƚƐďŽƵŶĚĂƌŝĞƐ͘/ŶϮϬϭϱ͕ϯϲ͕ϰϭϯƉĞŽƉůĞ ĐŽŵŵƵƚĞĚŝŶƚŽƚŚĞDĚŝƐƚƌŝĐƚĨŽƌǁŽƌŬ͕ϲϮϵĐŽŵŵƵƚĞĚŽƵƚ͕ĂŶĚŽŶůLJϰϱϵďŽƚŚůŝǀĞĚĂŶĚǁŽƌŬĞĚ ǁŝƚŚŝŶƚŚĞĂƌĞĂ͘LJϮϬϮϮ͕ƚŚĞŶƵŵďĞƌŽĨŝŶďŽƵŶĚĐŽŵŵƵƚĞƌƐƌŽƐĞƐŝŐŶŝĨŝĐĂŶƚůLJƚŽϱϯ͕ϱϮϴ͕ǁŚŝůĞ ŽƵƚďŽƵŶĚĐŽŵŵƵƚŝŶŐƌĞŵĂŝŶĞĚƐƚĞĂĚLJĂƚĂƌŽƵŶĚϲϬϬ͘EŽƚĂďůLJ͕ƚŚĞŶƵŵďĞƌŽĨƉĞŽƉůĞůŝǀŝŶŐĂŶĚǁŽƌŬŝŶŐ ŝŶƚŚĞDŝŶĐƌĞĂƐĞĚďLJŽǀĞƌϴϬƉĞƌĐĞŶƚƚŽϴϯϴ͘ ůƚŚŽƵŐŚƚŚŝƐŐƌŽƵƉƐƚŝůůƌĞƉƌĞƐĞŶƚƐĂƐŵĂůů Ͷ ĂŶĚƉƌŽƉŽƌƚŝŽŶĂůůLJĚĞĐůŝŶŝŶŐ Ͷ ƐŚĂƌĞŽĨƚŚĞƚŽƚĂůǁŽƌŬĨŽƌĐĞ͕ ƚŚĞŐƌŽǁƚŚƌĞĨůĞĐƚƐĂĚƵĂůƚƌĞŶĚ͗ĂŵŽƌĞƌŽďƵƐƚŝŶĨůƵdžŽĨǁŽƌŬĞƌƐĂŶĚĂƌŝƐŝŶŐŶƵŵďĞƌŽĨŝŶĚŝǀŝĚƵĂůƐ 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&ŽƌƚƌĂǀĞůĞƌƐƐĞĞŬŝŶŐƋƵĂůŝƚLJĂĐĐŽŵŵŽĚĂƚŝŽŶĂƚĂŵŽƌĞŵŽĚĞƌĂƚĞƉƌŝĐĞƉŽŝŶƚ͕dŽǁŶĞWůĂĐĞ x ^ƵŝƚĞƐďLJDĂƌƌŝŽƚƚ͕ŽŶĞŽĨƚŚƌĞĞŚŽƚĞůƐƚŚĂƚŽƉĞŶĞĚŝŶϮϬϮϭ͕ŽĨĨĞƌƐϭϭϬƵƉƉĞƌŵŝĚƐĐĂůĞƵŶŝƚƐŝŶ ^ĂŝŶƚDĂƌLJƐWůĂĐĞ͘ĞƐŝŐŶĞĚĨŽƌĞdžƚĞŶĚĞĚƐƚĂLJƐ͕ŝƚĐĂƚĞƌƐƚŽǀĂůƵĞͲĐŽŶƐĐŝŽƵƐǀŝƐŝƚŽƌƐǁŝƚŚ ĐŽŵĨŽƌƚĂďůĞ͕ŵŽĚĞƌŶĂŵĞŶŝƚŝĞƐ͘ dŚĞƐĞƌĞĐĞŶƚĂĚĚŝƚŝŽŶƐƌĞĨůĞĐƚĂďƌŽĂĚĞƌƚƌĞŶĚŽĨŐƌŽǁƚŚǁŝƚŚŝŶƚŚĞDĚŝƐƚƌŝĐƚ͛ƐŚŽƐƉŝƚĂůŝƚLJƐĞĐƚŽƌ͕ ďŽƚŚŝŶƐĐĂůĞĂŶĚĚŝǀĞƌƐŝƚLJŽĨŽĨĨĞƌŝŶŐƐ͘dŚĞĐŚĂƌƚďĞůŽǁŝůůƵƐƚƌĂƚĞƐƚŚĞŝŶĐƌĞĂƐĞŝŶŚŽƚĞůŬĞLJƐ;ƌŽŽŵƐͿŝŶ ZŽĐŚĞƐƚĞƌ͛ƐDĚŝƐƚƌŝĐƚĨƌŽŵϮϬϬϭƚŽϮϬϮϱ͕ŚŝŐŚůŝŐŚƚŝŶŐƚŚĞŝŵƉĂĐƚŽĨĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚLJŽǀĞƌƚŝŵĞ͘ ƐŽĨϮϬϮϱ͕ƚŚĞĚŝƐƚƌŝĐƚŝƐƉƌŽũĞĐƚĞĚƚŽŽĨĨĞƌϯ͕ϰϵϰŚŽƚĞůŬĞLJƐ͕ƌĞĨůĞĐƚŝŶŐĂƐƵďƐƚĂŶƚŝĂůŝŶĐƌĞĂƐĞĨƌŽŵϮ͕ϰϰϵ ŬĞLJƐŝŶϮϬϮϬĂŶĚϯ͕ϬϲϵŬĞLJƐŝŶϮϬϭϱ͘ dŽĐŽŶƚĞdžƚƵĂůŝnjĞƚŚŝƐŐƌŽǁƚŚ͕ƚŚĞĂůƚĞƌŶĂƚŝǀĞďĂƐĞůŝŶĞ Ͷ ŵĂƌŬĞĚďLJƚŚĞĚĂƐŚĞĚůŝŶĞ Ͷ ƐŚŽǁƐǁŚĂƚƚŚĞ ĚŝƐƚƌŝĐƚ͛ƐŚŽƚĞůŝŶǀĞŶƚŽƌLJŵŝŐŚƚŚĂǀĞůŽŽŬĞĚůŝŬĞŚĂĚŶŽŶĞǁŚŽƚĞůĚĞǀĞůŽƉŵĞŶƚŽĐĐƵƌƌĞĚ͘hŶĚĞƌƚŚŝƐ ƐĐĞŶĂƌŝŽ͕ƚŚĞŶƵŵďĞƌŽĨŬĞLJƐǁŽƵůĚŚĂǀĞĚĞĐůŝŶĞĚƚŽĂƉƉƌŽdžŝŵĂƚĞůLJϮ͕ϲϭϱďLJϮϬϮϱ͕ƵŶĚĞƌƐĐŽƌŝŶŐƚŚĞ ŝŵƉŽƌƚĂŶĐĞŽĨďŽƚŚŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚƚŚĞƉƌĞƐĞƌǀĂƚŝŽŶŽĨĞdžŝƐƚŝŶŐƉƌŽƉĞƌƚŝĞƐŝŶƐƵƐƚĂŝŶŝŶŐƚŚĞ ŚŽƐƉŝƚĂůŝƚLJƐĞĐƚŽƌ͘ ͳ ǣ ǡ Ǥ ͶǤʹͻǣ ǡʹͲͳͷǦʹͲʹͶ ϮϬϮϱ͗ ϯ͕ϴϬϬ ϯ͕ϰϵϰ<ĞLJƐ ϯ͕ϲϬϬ ϯ͕ϰϬϬ ϮϬϭϱ͗ ϯ͕Ϭϲϵ<ĞLJƐ ϯ͕ϮϬϬ ϮϬϬϬ͗ Ϯ͕ϰϰϵ<ĞLJƐ ϯ͕ϬϬϬ Ϯ͕ϴϬϬ Ϯ͕ϲϬϬ ůƚĞƌŶĂƚŝǀĞĂƐĞůŝŶĞ͗ Ϯ͕ϰϬϬ Ϯ͕ϲϭϱ Ϯ͕ϮϬϬ Ϯ͕ϬϬϬ :ĂŶϮϬϬϰ:ĂŶϮϬϬϲ:ĂŶϮϬϬϳ:ĂŶϮϬϬϴ:ĂŶϮϬϬϵ:ĂŶϮϬϭϬ:ĂŶϮϬϭϰ:ĂŶϮϬϭϲ:ĂŶϮϬϭϳ:ĂŶϮϬϭϴ:ĂŶϮϬϭϵ:ĂŶϮϬϮϬ:ĂŶϮϬϮϰ :ĂŶϮϬϬϭ:ĂŶϮϬϬϮ:ĂŶϮϬϬϯ:ĂŶϮϬϬϱ:ĂŶϮϬϭϭ:ĂŶϮϬϭϮ:ĂŶϮϬϭϯ:ĂŶϮϬϭϱ:ĂŶϮϬϮϭ:ĂŶϮϬϮϮ:ĂŶϮϬϮϯ:ĂŶϮϬϮϱ ^ŽƵƌĐĞ͗Ž^ƚĂƌ;ϮϬϮϱͿ dŚĞĐŽŶƚŝŶƵĞĚĚĞǀĞůŽƉŵĞŶƚŽĨŚŽƚĞůƌŽŽŵŝŶǀĞŶƚŽƌLJŚĂƐĞŶĂďůĞĚƚŚĞŚŽƐƉŝƚĂůŝƚLJƐĞĐƚŽƌƚŽŵĞĞƚŐƌŽǁŝŶŐ ǀŝƐŝƚŽƌĚĞŵĂŶĚŽǀĞƌƚŚĞƉĂƐƚƚĞŶLJĞĂƌƐ͘ ǀĞŶǁŝƚŚĂϭϰƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶƚŚĞƐƵƉƉůLJŽĨŚŽƚĞůƌŽŽŵƐ͕ ŽĐĐƵƉĂŶĐLJƌĂƚĞƐŚĂǀĞƌŝƐĞŶĐŽŶƐŝƐƚĞŶƚůLJŽǀĞƌĞĂĐŚŽĨƚŚĞƉĂƐƚĨŝǀĞLJĞĂƌƐ͕ĂƉƉƌŽĂĐŚŝŶŐƚŚĞƉƌĞͲƉĂŶĚĞŵŝĐ ĂǀĞƌĂŐĞŽĨϲϱƉĞƌĐĞŶƚ͘ ͶǤ͵Ͳǣ ǡʹͲͳͷǦʹͲʹͶ ϴϬй ϲϴй ϲϲй ϲϲй ϲϰй ϲϰй ϱϵй ϱϳй ϲϬй ϱϯй ϰϱй ϰϬй ϯϴй ϮϬй Ϭй ϮϬϭϱϮϬϭϲϮϬϭϳϮϬϭϴϮϬϭϵϮϬϮϬϮϬϮϭϮϬϮϮϮϬϮϯϮϬϮϰ ^ŽƵƌĐĞ͗Ž^ƚĂƌ;ϮϬϮϱͿ ʹ ǣ ǡ Ǥ ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞDĚŝƐƚƌŝĐƚ͛ƐŵĂƌŬĞƚƌĞǀĞŶƵĞƉĞƌĂǀĂŝůĂďůĞŚŽƚĞůƌŽŽŵ;ZĞǀWZͿ͕ĂŬĞLJŵĞĂƐƵƌĞŵĞŶƚ 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ĞǀĞƌLJŽŶĞǁŚŽƐƉĞŶĚƐƚŝŵĞŝŶZŽĐŚĞƐƚĞƌ Ͷ ǁŚĞƚŚĞƌĂƐĂƉĂƚŝĞŶƚ͕ĞŵƉůŽLJĞĞ͕ ZĞƚĂŝů ǀŝƐŝƚŽƌ͕ŽƌƌĞƐŝĚĞŶƚ͘dŽƐƵƉƉŽƌƚƚŚŝƐŐŽĂů͕ƚŚĞϮϬϭϱDƉůĂŶůĂŝĚŽƵƚĂŶ ĂŵďŝƚŝŽƵƐƐƚƌĂƚĞŐLJƚŽĞdžƉĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƌĞƚĂŝů͕ĚŝŶŝŶŐ͕ĞŶƚĞƌƚĂŝŶŵĞŶƚ͕ ĂƌƚƐ͕ĂŶĚĐƵůƚƵƌĂůŽĨĨĞƌŝŶŐƐǁŝƚŚŝŶƚŚĞĚŝƐƚƌŝĐƚ͘ ^ŝŶĐĞϮϬϭϱ͕ƚŚĞDĚŝƐƚƌŝĐƚŚĂƐĞdžƉĞƌŝĞŶĐĞĚƐŝŐŶŝĨŝĐĂŶƚŐƌŽǁƚŚŝŶŝƚƐƌĞƚĂŝů ϭϮϲŬͬϯϮϬŬ ƐĞĐƚŽƌ͕ĂĚĚŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϭϮϲ͕ϯϬϬƐƋƵĂƌĞĨĞĞƚŽĨŶĞǁƌĞƚĂŝůƐƉĂĐĞŽǀĞƌƚŚĞ ƉĂƐƚĚĞĐĂĚĞ͘dŚŝƐƌĞƉƌĞƐĞŶƚƐŶĞĂƌůLJϰϬƉĞƌĐĞŶƚŽĨƚŚĞD͛ƐƚĂƌŐĞƚŽĨϯϮϬ͕ϬϬϬ ϯϵй ĂĚĚŝƚŝŽŶĂůƐƋƵĂƌĞĨĞĞƚŽĨƌĞƚĂŝůŝŶƚŚĞĚŽǁŶƚŽǁŶĂƌĞĂ͘ dŚŝƐƉƌŽŐƌĞƐƐŚĂƐƚĂŬĞŶƉůĂĐĞĂŵŝĚĂƚƌŝĐŬŝĞƌĂŶĚŵŽƌĞƵŶƉƌĞĚŝĐƚĂďůĞƌĞƚĂŝů ĞŶǀŝƌŽŶŵĞŶƚƚŚĂŶǁŚĞŶƚŚĞƉůĂŶǁĂƐĂĚŽƉƚĞĚŝŶϮϬϭϱ͘ĐƌŽƐƐƚŚĞĐŽƵŶƚƌLJ͕ ŵĂŶLJĐŽŵŵƵŶŝƚŝĞƐŚĂǀĞĞdžƉĞƌŝĞŶĐĞĚĂĚĞĐůŝŶĞŝŶƚƌĂĚŝƚŝŽŶĂůďƌŝĐŬͲĂŶĚͲŵŽƌƚĂƌ ƌĞƚĂŝůĚƵĞƚŽƐŚŝĨƚŝŶŐĐŽŶƐƵŵĞƌŚĂďŝƚƐ͕ƚŚĞƌŝƐĞŽĨĞͲĐŽŵŵĞƌĐĞ͕ĂŶĚƚŚĞůŽŶŐͲ ƚĞƌŵĞĨĨĞĐƚƐŽĨƚŚĞKs/ͲϭϵƉĂŶĚĞŵŝĐ͘,ŽǁĞǀĞƌ͕ƌĞƚĂŝůĂĐƚŝǀŝƚLJŝƐĐƵƌƌĞŶƚůLJ ƌĞďŽƵŶĚŝŶŐŝŶŵĂŶLJƉůĂĐĞƐĂƐƚŚĞƐĞƚƌĞŶĚƐŚĂǀĞƉƌŽŵƉƚĞĚŵĂŶLJƌĞƚĂŝůĞƌƐƚŽ ƌĞƚŚŝŶŬƚŚĞŝƌĂƉƉƌŽĂĐŚ͕ƉůĂĐŝŶŐŐƌĞĂƚĞƌĞŵƉŚĂƐŝƐŽŶĐƌĞĂƚŝŶŐƵŶŝƋƵĞ͕ 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ĞŶŚĂŶĐŝŶŐƚŚĞǀŝďƌĂŶĐLJŽĨƚŚĞDĚŝƐƚƌŝĐƚ͘ŬĞLJĞdžĂŵƉůĞŝƐƚŚĞƌĞŶŽǀĂƚŝŽŶĂŶĚƌĞŽƉĞŶŝŶŐŽĨƚŚĞ ŚŝƐƚŽƌŝĐŚĂƚĞĂƵdŚĞĂƚƌĞ͕ůŽĐĂƚĞĚĂĚũĂĐĞŶƚƚŽWĞĂĐĞWůĂnjĂ͕ĂŵĂũŽƌƉƵďůŝĐƌĞĂůŵƉƌŽũĞĐƚ͘dŚĞƚŚĞĂƚĞƌ͛Ɛ ŽƉĞŶŝŶŐĂƐĂƉƵďůŝĐůLJͲŽǁŶĞĚǀĞŶƵĞǁĂƐƉƌŝŵĂƌŝůLJĨŝŶĂŶĐĞĚďLJƚŚĞDŝŶƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚƚŚĞŝƚLJŽĨ ZŽĐŚĞƐƚĞƌĂŶĚDĂLJŽůŝŶŝĐ͘ĐĐŽƌĚŝŶŐƚŽƚŚĞϮϬϮϰĂĐƚŝǀŝƚŝĞƐƌĞƉŽƌƚ͕ƚŚĞƚŚĞĂƚĞƌŚŽƐƚĞĚƉƌŽŐƌĂŵŵŝŶŐŽŶ ϮϰϮĚĂLJƐĂŶĚǁĞůĐŽŵĞĚϯϲ͕ϰϱϬǀŝƐŝƚŽƌƐ͕ϱϳƉĞƌĐĞŶƚŽĨǁŚŽŵĂƚƚĞŶĚĞĚĨƌĞĞƉƵďůŝĐĞǀĞŶƚƐ͘dŚĞƚŚĞĂƚĞƌ ƌĞŵĂŝŶƐŽƉĞŶĚĂŝůLJĨŽƌƉƵďůŝĐǀŝƐŝƚƐ͘ dŚĞƌĞǀŝƚĂůŝnjĂƚŝŽŶŽĨdŚĞŚĂƚĞĂƵdŚĞĂƚƌĞƌĞƉƌĞƐĞŶƚƐĂƐŝŐŶŝĨŝĐĂŶƚĂĐŚŝĞǀĞŵĞŶƚŝŶD͛ƐƐƚƌĂƚĞŐŝĐƉůĂŶ ƚŽůĞǀĞƌĂŐĞĂƌƚƐĂŶĚĐƵůƚƵƌĞĨŽƌĞŶŚĂŶĐŝŶŐƉůĂĐĞŵĂŬŝŶŐĂŶĚĐŽŵŵƵŶŝƚLJǁĞůůͲďĞŝŶŐ͘KƌŝŐŝŶĂůůLJĚĞƐŝŐŶĞĚ ŝŶϭϵϮϳĂŶĚŚŝƐƚŽƌŝĐĂůůLJǀĂůƵĞĚĂƐĂĐƵůƚƵƌĂůůĂŶĚŵĂƌŬ͕ƚŚĞǀĞŶƵĞŚĂƐďĞĞŶƌĞƉƵƌƉŽƐĞĚƚŽĨƵŶĐƚŝŽŶĂƐĂ ǀĞƌƐĂƚŝůĞƐƉĂĐĞĨŽƌƉĞƌĨŽƌŵĂŶĐĞƐĂŶĚĞǀĞŶƚƐ͘ ͻ ǣ ǡ Ǥ &ƵƌƚŚĞƌ͕ŝŶŝƚŝĂƚŝǀĞƐůŝŬĞ,ĞĂůŝŶŐƚŚƌŽƵŐŚƚŚĞƌƚƐŝŶƚĞŐƌĂƚĞĐƌĞĂƚŝǀĞĞdžƉƌĞƐƐŝŽŶŝŶƚŽŚĞĂůƚŚĐĂƌĞĂŶĚĐŝǀŝĐ ƐĞƚƚŝŶŐƐƚŚƌŽƵŐŚƉĞƌĨŽƌŵĂŶĐĞƐ͕ĐŽŵŵŝƐƐŝŽŶĞĚĂƌƚǁŽƌŬƐ͕ĂŶĚƌĞƐŝĚĞŶĐŝĞƐ͘dŚĞƉƌŽŐƌĂŵƐƵƉƉŽƌƚƐůŽĐĂů 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ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŵĞŶŝƚŝĞƐ͕ĂŶĚŽƉĞƌĂƚŝŽŶĂůĐĂƉĂĐŝƚLJŶĞĞĚĞĚƚŽƐƵƉƉŽƌƚƐƵƐƚĂŝŶĞĚŐƌŽǁƚŚ͘tŝƚŚƵƉƚŽ ΨϱϴϱŵŝůůŝŽŶŝŶƉƵďůŝĐŝŶǀĞƐƚŵĞŶƚĐŽŵŵŝƚƚĞĚŽǀĞƌƚŚĞϮϬͲLJĞĂƌƉůĂŶ͕ƚŚĞƐĞĨƵŶĚƐĂƌĞĚĞƉůŽLJĞĚ ƐƚƌĂƚĞŐŝĐĂůůLJƚŽŵĂdžŝŵŝnjĞůŽŶŐͲƚĞƌŵŝŵƉĂĐƚĂŶĚĂůŝŐŶǁŝƚŚƚŚĞďƌŽĂĚĞƌŐŽĂůƐŽĨƚŚĞŝŶŝƚŝĂƚŝǀĞ͘dŽĞŶƐƵƌĞĂ ďĂůĂŶĐĞĚĂŶĚĨŽƌǁĂƌĚͲůŽŽŬŝŶŐĂƉƉƌŽĂĐŚ͕DƉƵďůŝĐĨƵŶĚƐǁĞƌĞĂůůŽĐĂƚĞĚĂĐƌŽƐƐĨŝǀĞŝŶǀĞƐƚŵĞŶƚ ĐĂƚĞŐŽƌŝĞƐ͕ĞŶƐ ƵƌŝŶŐĂďĂůĂŶĐĞĚĂƉƉƌŽĂĐŚƚŽZŽĐŚĞƐƚĞƌ͛ƐĚĞǀĞůŽƉŵĞŶƚ͗ DŽďŝůŝƚLJ;Ϯϳ͘ϬйͿ ʹ ŶŚĂŶĐŝŶŐƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ŝŶĐůƵĚŝŶŐƉƵďůŝĐƚƌĂŶƐŝƚƐLJƐƚĞŵƐ͕ x ƉĞĚĞƐƚƌŝĂŶƉĂƚŚǁĂLJƐ͕ĂŶĚĐŽŶŶĞĐƚŝǀŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐƚŽƐƵƉƉŽƌƚƚŚĞĐŝƚLJ͛ƐůŽŶŐ ͲƚĞƌŵŐƌŽǁƚŚ͘ WƵďůŝĐZĞĂůŵ;Ϯϯ͘ϰйͿ ʹĞǀĞůŽƉŝŶŐĂŶĚƌĞǀŝƚĂůŝnjŝŶŐƉƵďůŝĐƐƉĂĐĞƐƐƵĐŚĂƐƉĂƌŬƐ͕ƉůĂnjĂƐ͕ĂŶĚ x ƐƚƌĞĞƚƐĐĂƉĞƐƚŽŝŵƉƌŽǀĞƚŚĞƋƵĂůŝƚLJŽĨůŝĨĞĨŽƌƌĞƐŝĚĞŶƚƐ͕ǀŝƐŝƚŽƌƐ͕ĂŶĚďƵƐŝŶĞƐƐĞƐ͘ ^ƚƌĂƚĞŐŝĐĞǀĞůŽƉŵĞŶƚ;ϭϵ͘ϴйͿ ʹ^ƚŝŵƵůĂƚŝŶŐĞĐŽŶŽŵŝĐŐƌŽǁƚŚďLJĨƵŶĚŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ x ĂƐƐŽĐŝĂůĞĚǁŝƚŚŵĞĚͲƚĞĐŚĂŶĚŽƚŚĞƌƉƌŝŽƌŝƚLJĚĞǀĞůŽƉŵĞŶƚƐƚŚĂƚĂůŝŐŶǁŝƚŚD͛ƐǀŝƐŝŽŶĂŶĚ ĂƚƚƌĂĐƚĨƵƌƚŚĞƌƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚ͘ ^ƚƌĞĞƚƐͬ^ĞǁĞƌƐ;ϭϳ͘ϴйͿ ʹĚĚƌĞƐƐŝŶŐĨŽƵŶĚĂƚŝŽŶĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞĞĚƐ͕ƐƵĐŚĂƐƌŽĂĚ x ĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚƐĞǁĞƌƐLJƐƚĞŵƵƉŐƌĂĚĞƐ͕ƚŽƐƵƉƉŽƌƚZŽĐŚĞƐƚĞƌ͛ƐĞdžƉĂŶĚŝŶŐƉŽƉƵůĂƚŝŽŶĂŶĚ ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚLJ͘ KƉĞƌĂƚŝŽŶƐ;ϭϮ͘ϭйͿ ʹŽǀĞƌŝŶŐĂĚŵŝŶŝƐƚƌĂƚŝǀĞĂŶĚŽƉĞƌĂƚŝŽŶĂůĐŽƐƚƐŶĞĐĞƐƐĂƌLJĨŽƌĞĨĨĞĐƚŝǀĞ x ŵĂŶĂŐĞŵĞŶƚĂŶĚĞdžĞĐƵƚŝŽŶŽĨƚŚĞDŝŶŝƚŝĂƚŝǀĞ͘ ͶǤ͵ͺǣ ǡʹͲͳͷǦʹͲʹͶ KůŵƐƚĞĚ ŽƵŶƚLJ ϰ͘ϴй ^ƚƌĂƚĞŐŝĐ DŽďŝůŝƚLJ ĞǀĞůŽƉŵĞŶƚ Ϯϳ͘Ϭй ϭϵ͘ϴй ŝƚLJŽĨ ZŽĐŚĞƐƚĞƌ '^/ ϯϲ͘ϵй ϰϴ͘ϭй WƵďůŝĐZĞĂůŵ Ϯϯ͘ϰй ^ƚƌĞĞƚƐͬ^ĞǁĞƌƐ ϭϳ͘ϴй ^d KƉĞƌĂƚŝŽŶƐ ϭϬ͘Ϯй ϭϮ͘ϭй ^ŽƵƌĐĞ͗D ;ϮϬϮϱͿ ͳ ǣ ǡ Ǥ D͛ƐƉƵďůŝĐŝŶǀĞƐƚŵĞŶƚƐƚƌĂƚĞŐLJĞŶƐƵƌĞƐƚŚĂƚZŽĐŚĞƐƚĞƌ͛ƐƚƌĂŶƐĨŽƌŵĂƚŝŽŶŝƐƐƵƉƉŽƌƚĞĚďLJƐƚƌŽŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚƵƌďĂŶĞŶŚĂŶĐĞŵĞŶƚƐ͘ƐƚŚĞŝŶŝƚŝĂƚŝǀĞŵŽǀĞƐŝŶƚŽƚŚĞ ƐĞĐŽŶĚŚĂůĨŽĨƚŚĞϮϬͲLJĞĂƌƉůĂŶ͕ĐŽŶƚŝŶƵĞĚƐƚƌĂƚĞŐŝĐŝŶǀĞƐƚŵĞŶƚǁŝůůďĞĐƌŝƚŝĐĂůƚŽŵĂŝŶƚĂŝŶŝŶŐŐƌŽǁƚŚ ŵŽŵĞŶƚƵŵĂŶĚĂĐŚŝĞǀŝŶŐƚŚĞΨϱďŝůůŝŽŶƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚŐŽĂů͘ dŚĞŶĞdžƚƐĞĐƚŝŽŶĚĞƚĂŝůƐƐŽŵĞŽĨƚŚĞƉƵďůŝĐŝŶǀĞƐƚŵĞŶƚƐƚŽĚĂƚĞĂƐǁĞůůĂƐƚŚĞŶŽŶͲDƉƵďůŝĐĨƵŶĚƐ ƚŚĂƚŚĂǀĞďĞĞŶůĞǀĞƌĂŐĞĚĨƌŽŵŽƚŚĞƌƐŽƵƌĐĞƐ͘ dŚĞD ƉůĂLJƐĂĐĞŶƚƌĂůƌŽůĞŝŶĐŽŽƌĚŝŶĂƚŝŶŐƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚƐ͕ĂĚŵŝŶŝƐƚĞƌŝŶŐĨƵŶĚƐ͕ ĂŶĚĞŶƐƵƌŝŶŐƉƌŽũĞĐƚƐĂůŝŐŶǁŝƚŚƚŚĞůŽŶŐͲƚĞƌŵǀŝƐŝŽŶŽĨƚŚĞDĞǀĞůŽƉŵĞŶƚWůĂŶ͘dŚĞĂŐĞŶĐLJŝƐ ƌĞƐƉŽŶƐŝďůĞĨŽƌĞŶŐĂŐŝŶŐǁŝƚŚƐƚĂŬĞŚŽůĚĞƌƐ͕ŽǀĞƌƐĞĞŝŶŐƉƌŽũĞĐƚĞdžĞĐƵƚŝŽŶ͕ĂŶĚƚƌĂĐŬŝŶŐƉƌŽŐƌĞƐƐƚŽǁĂƌĚ ŝŶǀĞƐƚŵĞŶƚŐŽĂůƐ͘dŚƌŽƵŐŚŝƚƐǁŽƌŬ͕ƚŚĞD ĞŶƐƵƌĞƐƚŚĂƚƉƵďůŝĐĨƵŶĚƐĂƉƉƌŽǀĞĚďLJƚŚĞD ďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐĂŶĚZŽĐŚĞƐƚĞƌŝƚLJŽƵŶĐŝůĂƌĞƐƚƌĂƚĞŐŝĐĂůůLJĂůůŽĐĂƚĞĚĂŶĚƚŚĂƚƚŚĞŝŶŝƚŝĂƚŝǀĞƌĞŵĂŝŶƐ ŽŶƚƌĂĐŬƚŽĨƵůĨŝůůŝƚƐŵŝƐƐŝŽŶ͘ ͶǤ͵ͻǣ D džƉĞŶĚŝƚƵƌĞ;ΨDͿEŽŶͲD&ƵŶĚƐdŽƚĂůWƵďůŝĐ ^ĞĐƵƌĞĚ;ΨDͿ/ŶǀĞƐƚŵĞŶƚ;ΨDͿ DŽďŝůŝƚLJΨϳϰ͘ϳΨϱϭ͘ϰ ΨϭϮϲ͘ϭ WƵďůŝĐZĞĂůŵΨϲϰ͘ϴΨϴ͘ϲ Ψϳϯ͘ϰ ^ƚƌĞĞƚƐͬ^ĞǁĞƌƐΨϰϵ͘ϮΨϰϴ͘ϵ Ψϵϴ͘ϭ ^ƚƌĂƚĞŐŝĐĞǀĞůŽƉŵĞŶƚΨϱϯ͘ϳΨϬ͘Ϭ Ψϱϯ͘ϳ KƉĞƌĂƚŝŽŶƐΨϯϰ͘ϳΨϬ͘ϭ Ψϯϰ͘ϴ dŽƚĂůWƵďůŝĐ/ŶǀĞƐƚŵĞŶƚΨϮϳϳ͘ϭΨϭϬϴ͘ϵ Ψϯϴϲ͘Ϭ ^ŽƵƌĐĞ͗ĞƐƚŝŶĂƚŝŽŶDĞĚŝĐĂůĞŶƚĞƌ ĐŽŶŽŵŝĐ/ŵƉĂĐƚŽĨDWƵďůŝĐ/ŶǀĞƐƚŵĞŶƚ dŚĞƚŽƚĂůƉƵďůŝĐŝŶǀĞƐƚŵĞŶƚŽĨΨϯϴϲ͘ϬŵŝůůŝŽŶĨƌŽŵϮϬϭϱƚŽϮϬϮϰ Ͷ ĐŽŵƉƌŝƐŝŶŐΨϮϳϳ͘ϭŵŝůůŝŽŶŝŶD ĨƵŶĚƐĂŶĚΨϭϬϴ͘ϵŵŝůůŝŽŶŝŶŶŽŶͲDƉƵďůŝĐĨƵŶĚƐ Ͷ ŚĂƐĂǀĞƌĂŐĞĚΨϯϴ͘ϲŵŝůůŝŽŶĂŶŶƵĂůůLJŝŶĐůƵĚŝŶŐϵϬ ƉĞƌĐĞŶƚ;Ψϯϱ͘ϭŵŝůůŝŽŶͿŝŶŚĂƌĚĐŽƐƚƐĂŶĚƚĞŶƉĞƌĐĞŶƚ;Ψϯ͘ϱŵŝůůŝŽŶͿŝŶƐŽĨƚĐŽƐƚƐ͘dŚĞƐĞĐĂƉŝƚĂů ŝŶǀĞƐƚŵĞŶƚƐŐĞŶĞƌĂƚĞƐŝŐŶŝĨŝĐĂŶƚĚŝƌĞĐƚ͕ĂŶĚƐƉŝůůŽǀĞƌŝŵƉĂĐƚƐĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŝŶĚƵƐƚƌLJĂŶĚ͕ŵŽƌĞ ďƌŽĂĚůLJ͕ƚŚĞůŽĐĂů͕ƌĞŐŝŽŶĂů͕ĂŶĚƐƚĂƚĞĞĐŽŶŽŵLJ͘ dŚĞƐĞƉƵďůŝĐŝŶǀĞƐƚŵĞŶƚƐĂƌĞĞƐƚŝŵĂƚĞĚƚŽŐĞŶĞƌĂƚĞĂƚŽƚĂůĞĐŽŶŽŵŝĐŝŵƉĂĐƚŽĨΨϰϯϮ͘ϵŵŝůůŝŽŶŽǀĞƌƚŚĞ ƉĂƐƚĚĞĐĂĚĞĂŶĚĂŶĂǀĞƌĂŐĞŽĨΨϰϯ͘ϯŵŝůůŝŽŶŝŶĞĐŽŶŽŵŝĐŝŵƉĂĐƚĞĂĐŚLJĞĂƌ͘ŶŶƵĂůƉƵďůŝĐĐĂƉŝƚĂů ŝŶǀĞƐƚŵĞŶƚƐƐƵƉƉŽƌƚϮϭϬĚŝƌĞĐƚ͕ŝŶĚŝƌĞĐƚ͕ĂŶĚŝŶĚƵĐĞĚũŽďƐĂŶŶƵĂůůLJ;&d ϭϴͿ͕ŽŶĂǀĞƌĂŐĞ͕ǁŝƚŚΨϭϰ͘Ϯ ŵŝůůŝŽŶŝŶĂǀĞƌĂŐĞĂŶŶƵĂůĞŵƉůŽLJĞĞĐŽŵƉĞŶƐĂƚŝŽŶǁŝƚŚŝŶƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘ /DW>EŐĞŶĞƌĂƚĞƐũŽďĞƐƚŝŵĂƚĞƐďĂƐĞĚŽŶƚŚĞƚĞƌŵ͞ũŽď Ͳ LJĞĂƌƐ͕͟ŽƌŚŽǁŵĂŶLJũŽďƐǁŝůůďĞƐƵƉƉŽƌƚĞĚĞĂĐŚLJĞĂƌ͘&ŽƌŝŶƐƚĂŶĐĞ͕ŝĨĂĐŽŶƐƚƌƵĐƚŝŽŶ ϭϴ ƉƌŽũĞĐƚƚĂŬĞƐƚǁŽLJĞĂƌƐ͕ĂŶĚ/DW>EĞƐƚŝŵĂƚĞƐƚŚĞƌĞĂƌĞϭϬϬĞŵƉůŽLJĞĞƐ͕ŽƌŵŽƌĞĐŽƌƌĞĐƚůLJ͞ũŽď Ͳ LJĞĂƌƐ͟ƐƵƉƉŽƌƚĞĚ͕ŽǀĞƌƚǁŽLJĞĂƌƐ͕ƚŚĂƚ ƌĞƉƌĞƐĞŶƚƐϱϬĂŶŶƵĂůũŽďƐ͘ ʹ ǣ ǡ Ǥ ^ƚĂƚĞǁŝĚĞ͕ƚŚĞƐĞƉƌŽũĞĐƚƐŐĞŶĞƌĂƚĞΨϱϱϯ͘ϲŵŝůůŝŽŶŝŶƚŽƚĂůŽƵƚƉƵƚĂŶĚĂŶĂǀĞƌĂŐĞŽĨΨϱϱ͘ϰŵŝůůŝŽŶŝŶ ĂŶŶƵĂůĞĐŽŶŽŵŝĐŽƵƚƉƵƚ͕ƐƵƉƉŽƌƚŝŶŐϮϱϬĂǀĞƌĂŐĞ&d ũŽďƐĂŶŶƵĂůůLJǁŝƚŚΨϭϳ͘ϰŵŝůůŝŽŶŝŶĂǀĞƌĂŐĞĂŶŶƵĂů ĞŵƉůŽLJĞĞĐŽŵƉĞŶƐĂƚŝŽŶ;ƐĞĞ&ŝŐƵƌĞϰ͘ϰϬͿ͘ &ŝŐƵƌĞϰ͘ϰϬ͗ŶŶƵĂůǀĞƌĂŐĞŽĨ ĐŽŶŽŵŝĐ/ŵƉĂĐƚƐĨƌŽŵdŽƚĂůWƵďůŝĐ/ŶǀĞƐƚŵĞŶƚƐĨƌŽŵϮϬϭϱƚŽϮϬϮϰ ϭϵ /ŵƉĂĐƚdLJƉĞŝƚLJŽĨZŽĐŚĞƐƚĞƌKůŵƐƚĞĚŽƵŶƚLJDŝŶŶĞƐŽƚĂ ,ĂƌĚŽƐƚƐ;ϵϬйͿΨϯϱ͘ϭΨϯϱ͘ϭΨϯϱ͘ϭ ^ŽĨƚŽƐƚƐ;ϭϬйͿΨϯ͘ϱΨϯ͘ϱΨϯ͘ϱ dŽƚĂů/ŶǀĞƐƚŵĞŶƚΨϯϴ͘ϲΨϯϴ͘ϲΨϯϴ͘ϲ >ĞƐƐ^ƚƌĂƚĞŐŝĐĞǀĞůŽƉŵĞŶƚ ϮϬ;Ψϱ͘ϰͿ;Ψϱ͘ϰͿ;Ψϱ͘ϰͿ ŝƌĞĐƚKƵƚƉƵƚ;ΨDͿΨϯϯ͘ϮΨϯϯ͘ϮΨϯϯ͘Ϯ /ŶĚŝƌĞĐƚΘ/ŶĚƵĐĞĚKƵƚƉƵƚ;ΨDͿΨϭϬ͘ϭΨϭϬ͘ϵΨϮϮ͘ϭ dŽƚĂů/ŵƉĂĐƚ;ΨDͿΨϰϯ͘ϯΨϰϰ͘ϮΨϱϱ͘ϰ ŵƉůŽLJŵĞŶƚ^ƵƉƉŽƌƚĞĚ;&d ͿϮϭϬϮϮϬϮϱϬ ŵƉůŽLJĞĞŽŵƉĞŶƐĂƚŝŽŶ;ΨDͿΨϭϰ͘ϮΨϭϰ͘ϰΨϭϳ͘ϰ ^ŽƵƌĐĞ͗/DW>E;ϮϬϮϯͿ͕ ^/;ϮϬϮϱͿ WƵďůŝĐZĞĂůŵ/ŶǀĞƐƚŵĞŶƚƐ WƵďůŝĐƌĞĂůŵŝŶǀĞƐƚŵĞŶƚƐĂƌĞĂĐŽƌŶĞƌƐƚŽŶĞŽĨƚŚĞ DƐƚƌĂƚĞŐLJƚŽĐƌĞĂƚĞĂǁĞůĐŽŵŝŶŐ͕ĂŶĚŚĞĂůƚŚͲ ĐĞŶƚĞƌĞĚƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚ͘LJĞŶŚĂŶĐŝŶŐƉĂƌŬƐ͕ ƉůĂnjĂƐ͕ƐƚƌĞĞƚƐĐĂƉĞƐ͕ĂŶĚŽƚŚĞƌƐŚĂƌĞĚƐƉĂĐĞƐ͕ƚŚĞƐĞ ĞĨĨŽƌƚƐĂŝŵƚŽŝŵƉƌŽǀĞƋƵĂůŝƚLJŽĨůŝĨĞĨŽƌZŽĐŚĞƐƚĞƌ͛Ɛ ƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐǁŚŝůĞƌĞŝŶĨŽƌĐŝŶŐƚŚĞĐŝƚLJΖƐ ŝĚĞŶƚŝƚLJĂƐĂƉůĂĐĞŽĨŚĞĂůŝŶŐ͕ŝŶŶŽǀĂƚŝŽŶ͕ĂŶĚ ĐŽŵŵƵŶŝƚLJ͘ ĐĐŽƵŶƚŝŶŐĨŽƌϮϭ͘ϳƉĞƌĐĞŶƚŽĨDƉƵďůŝĐ ŝŶǀĞƐƚŵĞŶƚƚŽĚĂƚĞ͕ƉƵďůŝĐƌĞĂůŵŝŵƉƌŽǀĞŵĞŶƚƐ ĞŶƐƵƌĞƚŚĂƚƚŚĞƉŚLJƐŝĐĂůƚƌĂŶƐĨŽƌŵĂƚŝŽŶŽĨZŽĐŚĞƐƚĞƌ ĞdžƚĞŶĚƐďĞLJŽŶĚŶĞǁďƵŝůĚŝŶŐƐƚŽŝŶĐůƵĚĞƚŚĞƐŽĐŝĂů͕ 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ŽŶŽǀĞƌĂůůƉĞƌĐĞƉƚŝŽŶƐŽĨƐĂĨĞƚLJ͕ƐƉĞĐŝĨŝĐƚLJƉĞƐŽĨĐƌŝŵĞ;ƐƵĐŚĂƐƉƌŽƉĞƌƚLJŽƌǀŝŽůĞŶƚĐƌŝŵĞͿ͕ĂŶĚƐĂĨĞƚLJŝŶ ƉĂƌƚŝĐƵůĂƌĂƌĞĂƐ͕ŝŶĐůƵĚŝŶŐĚŽǁŶƚŽǁŶĂŶĚĐŽŵŵĞƌĐŝĂůĐŽƌƌŝĚŽƌƐ͘ /ŶƚŚĞϮϬϮϰƐƵƌǀĞLJ͕ϴϲƉĞƌĐĞŶƚŽĨƌĞƐƉŽŶĚĞŶƚƐĐŝƚĞĚĨĞĞůŝŶŐƐŽĨƐĂĨĞƚLJĂƐƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚĨĂĐƚŽƌ ŝŶĨůƵĞŶĐŝŶŐůŝǀĂďŝůŝƚLJ͘^ƵƌǀĞLJĚĂƚĂƐƵŐŐĞƐƚƚŚĂƚƉĞƌĐĞƉƚŝŽŶƐŽĨƐĂĨĞƚLJĚŽǁŶƚŽǁŶ Ͷ ƵƐĞĚŚĞƌĞĂƐĂƉƌŽdžLJ ĨŽƌƚŚĞDŝƐƚƌŝĐƚ Ͷ ǁĞƌĞƐůŝŐŚƚůLJůŽǁĞƌƚŚĂŶŝŶƌĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚƐĂŶĚƐĂǁĂŵŝŶŽƌĚĞĐůŝŶĞ ĐŽŵƉĂƌĞĚƚŽϮϬϮϮƐƵƌǀĞLJƌĞƐƵůƚƐ͘,ŽǁĞǀĞƌ͕ƚŚĞƐĞĐŚĂŶŐĞƐĨĞůůǁŝƚŚŝŶƚŚĞƐƵƌǀĞLJ͛ƐŵĂƌŐŝŶŽĨĞƌƌŽƌĂŶĚ ǁĞƌĞďƌŽĂĚůLJĐŽŶƐŝƐƚĞŶƚǁŝƚŚŶĂƚŝŽŶĂůƉĂƚƚĞƌŶƐĨŽƌƐŝŵŝůĂƌƵƌďĂŶĂƌĞĂƐ͘ Ǥͷ ǣ Dzdz ǡʹͲʹʹƬʹͲʹͶ ϵϰй ϭϬϬй ϵϯй ϵϭй ϴϵй ϵϬй ϴϬй ϳϬй ϲϬй ϱϬй ϰϬй ϯϬй ϮϬй ϭϬй Ϭй ϮϬϮϮϮϬϮϰ ŽǁƚŽǁŶEĞŝŐŚďŽƌŚŽŽĚ ^ŽƵƌĐĞ͗EĂƚŝŽŶĂůŽŵŵƵŶŝƚLJ^ƵƌǀĞLJ;ϮϬϮϮ͕ϮϬϮϰͿ ƐƚŚĞDŝŶŝƚŝĂƚŝǀĞĐŽŶƚŝŶƵĞƐƚŽƐƚƌĞŶŐƚŚĞŶZŽĐŚĞƐƚĞƌ͛ƐƉŽƐŝƚŝŽŶĂƐĂĚĞƐƚŝŶĂƚŝŽŶĨŽƌƉĂƚŝĞŶƚƐ͕ ǁŽƌŬĞƌƐ͕ĂŶĚǀŝƐŝƚŽƌƐ͕ŝŶǀĞƐƚŵĞŶƚƐŝŶƉƵďůŝĐƌĞĂůŵŝŵƉƌŽǀĞŵĞŶƚƐ͕ĞŶŚĂŶĐĞĚƐƚƌĞĞƚůŝŐŚƚŝŶŐ͕ĞdžƉĂŶĚĞĚ ŵŽďŝůŝƚLJŽƉƚŝŽŶƐ͕ĂŶĚĐŽŵŵƵŶŝƚLJƉƌŽŐƌĂŵŵŝŶŐĐŽŶƚƌŝďƵƚĞƚŽƌĞŝŶĨŽƌĐŝŶŐƉĞƌĐĞƉƚŝŽŶƐŽĨƐĂĨĞƚLJĂŶĚ 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ďLJϮϬϮϰ͕ƚŚĂƚŶƵŵďĞƌƌĞŵĂŝŶƐƐŝŵŝůĂƌďƵƚǁŝƚŚĂŵƵĐŚŐƌĞĂƚĞƌǀŽůƵŵĞŽĨĐƵƐƚŽŵĞƌĨĞĞĚďĂĐŬ͗ŵŽƌĞƚŚĂŶ ϭϬ͕ϬϬϬĐƵŵƵůĂƚŝǀĞƌĞǀŝĞǁƐĂŶĚĂŶĂǀĞƌĂŐĞƌĂƚŝŶŐŽĨϰ͘ϳ͘Ϯϲ ǤǣǡǡǡʹͲͳʹǦʹͲʹͷ KƉĞŶdĂďůĞZĞƐƚĂƵƌĂŶƚƐZĂƚŝŶŐƐZĞǀŝĞǁƐ KĐƚŽďĞƌϮϬϭϮϮϰ͘ϯϭϰϰ ƉƌŝůϮϬϭϯϮϰ͘ϱϭϵϰ ƉƌŝůϮϬϭϰϯϰ͘ϯϭϴϰ DĂƌĐŚϮϬϭϱϮϰ͘ϱϭϱϱ &ĞďƌƵĂƌLJϮϬϭϲϳϰ͘ϰϮϵϬ :ƵŶĞϮϬϭϵϭϱϰ͘ϲϰ͕ϮϱϮ ƉƌŝůϮϬϮϱϭϱϰ͘ϳϭϬ͕Ϭϱϯ ^ŽƵƌĐĞ͗KƉĞŶdĂďůĞ;ϮϬϮϱͿ͕tĂLJďĂĐŬDĂĐŚŝŶĞ;ϮϬϮϱͿ͕ ^/;ϮϬϮϱͿ dŚŝƐŐƌŽǁƚŚƌĞĨůĞĐƚƐďƌŽĂĚĞƌŝŵƉƌŽǀĞŵĞŶƚƐŶŽƚũƵƐƚŝŶƚŚĞƋƵĂŶƚŝƚLJŽĨĚŝŶŝŶŐŽƉƚŝŽŶƐ͕ďƵƚĂůƐŽŝŶƚŚĞ ŽǀĞƌĂůůǀŝƐŝƚŽƌĂŶĚƌĞƐŝĚĞŶƚĞdžƉĞƌŝĞŶĐĞ ͶƐƵƉƉŽƌƚŝŶŐD͛ƐǀŝƐŝŽŶŽĨĐƌĞĂƚŝŶŐĂǀŝďƌĂŶƚ͕ǁĞůĐŽŵŝŶŐ͕ĂŶĚ ůŝǀĂďůĞĚŽǁŶƚŽǁŶ͘ WĂƚŝĞŶƚĂŶĚŽŵƉĂŶŝŽŶ džƉĞƌŝĞŶĐĞ͗ džƚĞŶĚŝŶŐĂƌĞĞLJŽŶĚůŝŶŝĐtĂůůƐ &ŽƌDĂLJŽůŝŶŝĐƉĂƚŝĞŶƚƐĂŶĚƚŚĞŝƌĐŽŵƉĂŶŝŽŶƐ͕ĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌŵƵƐƚĨĞĞůůŝŬĞĂŶĞdžƚĞŶƐŝŽŶŽĨƚŚĞ ĐĂƌĞĞŶǀŝƌŽŶŵĞŶƚ Ͷ ƐĂĨĞ͕ĞĂƐLJƚŽŶĂǀŝŐĂƚĞ͕ĂŶĚƐƵƉƉŽƌƚŝǀĞ͘dŚĞDŝŶŝƚŝĂƚŝǀĞƌĞĐŽŐŶŝnjĞĚĞĂƌůLJŽŶƚŚĂƚ ƚŚĞƉĂƚŝĞŶƚĞdžƉĞƌŝĞŶĐĞĞdžƚĞŶĚƐĨĂƌďĞLJŽŶĚĐůŝŶŝĐĂůĐĂƌĞ͕ŝŶĨůƵĞŶĐŝŶŐŶŽƚũƵƐƚƐĂƚŝƐĨĂĐƚŝŽŶďƵƚĂůƐŽŽǀĞƌĂůů ŽƵƚĐŽŵĞƐ͘/ŶǀĞƐƚŵĞŶƚƐĂĐƌŽƐƐƚŚĞDŝƐƚƌŝĐƚŚĂǀĞďĞĞŶĚĞƐŝŐŶĞĚƚŽĐƌĞĂƚĞĂŵŽƌĞǁĞůĐŽŵŝŶŐ͕ ĂĐĐĞƐƐŝďůĞ͕ĂŶĚǀŝďƌĂŶƚĞŶǀŝƌŽŶŵĞŶƚĨŽƌĂůůƵƐĞƌƐ͕ǁŝƚŚƉĂƌƚŝĐƵůĂƌĂƚƚĞŶƚŝŽŶƚŽƉĂƚŝĞŶƚƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐ͘ ĐĐĞƐƐŝďůĞWƵďůŝĐ^ƉĂĐĞƐ WƵďůŝĐƌĞĂůŵŝŶǀĞƐƚŵĞŶƚƐŚĂǀĞďĞĞŶĂĐŽƌŶĞƌƐƚŽŶĞŽĨƚŚĞDƐƚƌĂƚĞŐLJ͕ĂĐĐŽƵŶƚŝŶŐĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJ ϮϯƉĞƌĐĞŶƚŽĨĐĂƉŝƚĂůƐƉĞŶĚŝŶŐ͘dŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐƉƌŝŽƌŝƚŝnjĞƉĞĚĞƐƚƌŝĂŶĐŽŵĨŽƌƚ͕ĂĐĐĞƐƐŝďŝůŝƚLJ͕ĂŶĚƚŚĞ ĐƌĞĂƚŝŽŶŽĨŝŶĐůƵƐŝǀĞĞŶǀŝƌŽŶŵĞŶƚƐƚŚĂƚƉƌŽŵŽƚĞǁĞůůŶĞƐƐĂŶĚĐŽŵŵƵŶŝƚLJĐŽŶŶĞĐƚŝŽŶ͘<ĞLJĞdžĂŵƉůĞƐ ŝŶĐůƵĚĞ͗ /ƚŝƐŝŵƉŽƌƚĂŶƚƚŽŶŽƚĞƚŚĂƚƚŚĞƐĞΗƐŶĂƉƐŚŽƚƐΗƌĞĨůĞĐƚƚŚĞƌĞƐƚĂƵƌĂŶƚƐůŝƐƚĞĚĂƐĂǀĂŝůĂďůĞĨŽƌƌĞƐĞƌǀĂƚŝŽŶŽŶKƉĞŶdĂďůĞĂƚƚŚĞƚŝŵĞƚŚĞĂƌĐŚŝǀĞĚ Ϯϲ ǁĞďƐŝƚĞǁĂƐĐĂƉƚƵƌĞĚ͘dŚĞƌĞŵĂLJŚĂǀĞďĞĞŶĂĚĚŝƚŝŽŶĂůKƉĞŶdĂďůĞͲĂĨĨŝůŝĂƚĞĚƌĞƐƚĂƵƌĂŶƚƐŶŽƚĐĂƉƚƵƌĞĚŝŶƚŚĞƐĞƐŶĂƉƐŚŽƚƐŝĨƚŚĞLJĚŝĚŶŽƚŚĂǀĞĂŶ ĂĐƚŝǀĞƌĞƐĞƌǀĂƚŝŽŶĂǀĂŝůĂďŝůŝƚLJĂƚƚŚĂƚŵŽŵĞŶƚ͘ƐƐƵĐŚ͕ƚŚŝƐĂŶĂůLJƐŝƐƐŚŽƵůĚďĞǀŝĞǁĞĚĂƐĂŶŝůůƵƐƚƌĂƚŝǀĞĞdžĂŵƉůĞŽĨďƌŽĂĚĞƌƚƌĞŶĚƐƌĂƚŚĞƌƚŚĂŶĂ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶǀĞŶƚŽƌLJ ͺͺ ǣ ǡ Ǥ WĞĂĐĞWůĂnjĂZĞŶŽǀĂƚŝŽŶ;,ĞĂƌƚŽĨƚŚĞŝƚLJ^ƵďĚŝƐƚƌŝĐƚͿ͗ hƉŐƌĂĚĞĚƐĞĂƚŝŶŐĂƌĞĂƐ Ͷ ŝŶĐůƵĚŝŶŐŽƉƚŝŽŶƐƐƉĞĐŝĨŝĐĂůůLJ ĚĞƐŝŐŶĞĚĨŽƌŝŶĚŝǀŝĚƵĂůƐǁŝƚŚŵŽďŝůŝƚLJĐŚĂůůĞŶŐĞƐ Ͷ ĞdžƉĂŶĚĞĚŐƌĞĞŶƐƉĂĐĞƐ͕ƉĞĚĞƐƚƌŝĂŶͲĨƌŝĞŶĚůLJǁĂůŬǁĂLJƐ͕ ĂŶĚƐĞŶƐŽƌLJĞůĞŵĞŶƚƐƐƵĐŚĂƐŵŝƐƚŝŶŐũĞƚƐƉŽǁĞƌĞĚďLJ DĂLJŽůŝŶŝĐĚĂƚĂĐƌĞĂƚĞĂƐŽŽƚŚŝŶŐ͕ǁĞůĐŽŵŝŶŐ ĂƚŵŽƐƉŚĞƌĞĨŽƌƉĂƚŝĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐĂůŝŬĞ͘/ŶƚĞƌĂĐƚŝǀĞĂƌƚ ŝŶƐƚĂůůĂƚŝŽŶƐĂŶĚĨĂŵŝůLJͲĨƌŝĞŶĚůLJĂŵĞŶŝƚŝĞƐĨƵƌƚŚĞƌ ƉƌŽŵŽƚĞƌĞƐƚ͕ƌĞĨůĞĐƚŝŽŶ͕ĂŶĚĐŽŵŵƵŶŝƚLJĞŶŐĂŐĞŵĞŶƚ͕ ŚĞůƉŝŶŐƚŚĞWůĂnjĂƐĞƌǀĞĂƐĂĐĞŶƚƌĂůŚƵďŽĨĚŽǁŶƚŽǁŶĂĐƚŝǀŝƚLJ͘ ŝƐĐŽǀĞƌLJtĂůŬ;ŝƐĐŽǀĞƌLJ^ƋƵĂƌĞ^ƵďĚŝƐƚƌŝĐƚͿ͗ dŚŝƐůŝŶĞĂƌƉĂƌŬǁĂLJĐŽŶŶĞĐƚƐ^ŽůĚŝĞƌƐ&ŝĞůĚWĂƌŬƚŽ ĚŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌ͕ĨĞĂƚƵƌŝŶŐƐŚĂĚĞĚŐĂƚŚĞƌŝŶŐƐƉĂĐĞƐ͕ǁĂƚĞƌĨĞĂƚƵƌĞƐ͕ŝŶƚĞŐƌĂƚĞĚƉƵďůŝĐĂƌƚ͕ĂŶĚ ŝŵƉƌŽǀĞĚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐŝďŝůŝƚLJ͘ŝƐĐŽǀĞƌLJtĂůŬƉƌŽǀŝĚĞƐƉĂƚŝĞŶƚƐĂŶĚĐŽŵƉĂŶŝŽŶƐǁŝƚŚĂ ĐŽŵĨŽƌƚĂďůĞ͕ĂƚƚƌĂĐƚŝǀĞƐƉĂĐĞƚŽŵŽǀĞďĞƚǁĞĞŶĚĞƐƚŝŶĂƚŝŽŶƐǁŚŝůĞĂůƐŽƐƵƉƉŽƌƚŝŶŐĐĂƐƵĂůƌĞĐƌĞĂƚŝŽŶ͕ ƌĞůĂdžĂƚŝŽŶ͕ĂŶĚƐŽĐŝĂůŝŶƚĞƌĂĐƚŝŽŶ͘ Ǥǣ ǡ Ǥ ,ŽǁĞǀĞƌ͕ǁŚŝůĞƉƌŽdžŝŵŝƚLJĂŶĚǁĂůŬĂďŝůŝƚLJƐĐŽƌĞƐǁŝƚŚŝŶƚŚĞDŝƐƚƌŝĐƚĂƌĞŚŝŐŚ Ͷ ĞĂĐŚƐƵďĚŝƐƚƌŝĐƚŚĂƐĂ tĂůŬ^ĐŽƌĞŽǀĞƌϴϬ Ͷ ƚŚĞƉĞĚĞƐƚƌŝĂŶĞdžƉĞƌŝĞŶĐĞƌĞŵĂŝŶƐŵŝdžĞĚ͘tĂůŬĂďŝůŝƚLJŵĞƚƌŝĐƐƚLJƉŝĐĂůůLJƌĞĨůĞĐƚ ĂĐĐĞƐƐƚŽĚĞƐƚŝŶĂƚŝŽŶƐ͕ďƵƚĚŽŶŽƚĨƵůůLJĐĂƉƚƵƌĞƚŚĞƋƵĂůŝƚLJŽĨƚŚĞƉĞĚĞƐƚƌŝĂŶĞŶǀŝƌŽŶŵĞŶƚŝƚƐĞůĨ͘ ŶĂƐƐĞƐƐŵĞŶƚĐŽŶĚƵĐƚĞĚĂƐƉĂƌƚŽĨƚŚĞ'ĞŚů,ĞĂƌƚŽĨƚŚĞŝƚLJ,ĞĂůƚŚŚĞĐŬŽĨĨĞƌƐŝŵƉŽƌƚĂŶƚŝŶƐŝŐŚƚƐ ŝŶƚŽƐŝĚĞǁĂůŬĨƌŽŶƚĂŐĞƋƵĂůŝƚLJĂĐƌŽƐƐƚŚĞĚŝƐƚƌŝĐƚ͘hƐŝŶŐĂŐƌĂĚŝŶŐƐĐĂůĞĨƌŽŵ'ƌĂĚĞ;ŚŝŐŚůLJĂĐƚŝǀĞ͕ ŚƵŵĂŶͲƐĐĂůĞĚĨĂĕĂĚĞƐͿƚŽ'ƌĂĚĞ ;ďůĂŶŬǁĂůůƐ͕ƐƵƌĨĂĐĞƉĂƌŬŝŶŐͿ͕ŵƵĐŚŽĨƚŚĞĞdžŝƐƚŝŶŐĨƌŽŶƚĂŐĞŝŶƚŚĞ DŝƐƚƌŝĐƚǁĂƐƌĂƚĞĚŽƌ ͘dŚĞƐĞůŽǁĞƌƌĂƚŝŶŐƐĂƌĞůĂƌŐĞůLJĚƵĞƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶĂůŶĂƚƵƌĞŽĨDĂLJŽ ůŝŶŝĐďƵŝůĚŝŶŐƐĂŶĚƚŚĞŚŝƐƚŽƌŝĐĂůŽƌŝĞŶƚĂƚŝŽŶŽĨĨĂĐŝůŝƚŝĞƐĂǁĂLJĨƌŽŵƐƚƌĞĞƚͲůĞǀĞůĂĐƚŝǀŝƚLJ͘^ƚƌĞĞƚƐƐƵĐŚĂƐ ĞŶƚĞƌ^ƚƌĞĞƚĞdžĞŵƉůŝĨLJƚŚĞƐĞĐŚĂůůĞŶŐĞƐ͕ǁŚĞƌĞůŽŶŐĨƌŽŶƚĂŐĞƐǁŝƚŚŽƵƚĂĐƚŝǀĂƚŝŽŶĐĂŶĚĞƚƌĂĐƚĨƌŽŵƚŚĞ ƉĞĚĞƐƚƌŝĂŶĞdžƉĞƌŝĞŶĐĞ͘ Ǥͺǣ ^ŽƵƌĐĞ͗' ,>;ϮϬϮϯͿ ĚĚŝƚŝŽŶĂůůLJ͕ǁŚŝůĞŝŶǀĞƐƚŵĞŶƚƐŚĂǀĞƐŝŐŶŝĨŝĐĂŶƚůLJŝŵƉƌŽǀĞĚĐĞƌƚĂŝŶĂƌĞĂƐ͕ĂĐƚŝǀŝƚLJůĞǀĞůƐĂĐƌŽƐƐƚŚĞD ƐƵďĚŝƐƚƌŝĐƚƐǀĂƌLJ͘DĂŶLJŽĨƚŚĞƉƵďůŝĐƌĞĂůŵĂĐƚŝǀĂƚŝŽŶƐ Ͷ ƐƵĐŚĂƐƚŚĞƌƚtĂůŬ͕ǁŚŝĐŚĨĞĂƚƵƌĞƐϳϮƉŝĞĐĞƐ ŽĨƉƵďůŝĐĂƌƚ Ͷ ĂƌĞĐŽŶĐĞŶƚƌĂƚĞĚŝŶƚŚĞ,ĞĂƌƚŽĨƚŚĞŝƚLJĂŶĚZŝǀĞƌĨƌŽŶƚƐƵďĚŝƐƚƌŝĐƚƐ͘&ŽƌƉĂƚŝĞŶƚƐĂŶĚ 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ĐŽŶǀĞŶŝĞŶƚ͕ĂĐĐĞƐƐŝďůĞŽƉƚŝŽŶƐǁŝƚŚŽƵƚƚŚĞŶĞĞĚĨŽƌĞdžƚĞŶĚĞĚƚƌĂǀĞů͘ Ǥͻǣ ǣǤͷ ϲϬ ϰϴϰϴ ϱϬ ϰϬ ϮϳϮϳ ϯϬ ϮϬ ϭϰ ϭϯ ϵ ϭϬ Ϭ <ĂŚůĞƌ,ŽƚĞů,ŝůƚŽŶ,ŽƚĞů/ŶĚŝŐŽ,LJĂƚƚ,ŽƵƐĞdŽǁŶŚŽŵĞ,ŽŵĞǁŽŽĚ^ƚĂLJďƌŝĚŐĞ ^ƵŝƚĞƐ^ƵŝƚĞƐ^ƵŝƚĞƐ ^ŽƵƌĐĞ͗ƌĐ'/^;ϮϬϮϯͿ dŚĞĚŝƐƚƌŝĐƚ͛ƐŐƌŽǁŝŶŐĐĂůĞŶĚĂƌŽĨĐŽŵŵƵŶŝƚLJĞǀĞŶƚƐĨƵƌƚŚĞƌĞŶƌŝĐŚĞƐƚŚĞǀŝƐŝƚŽƌĞdžƉĞƌŝĞŶĐĞ͘ĐƚŝǀŝƚŝĞƐ ƐƵĐŚĂƐdŚƵƌƐĚĂLJƐŽǁŶƚŽǁŶ͕^ŽĐŝĂůͲ/ ͕WůĂLJŽŶƚŚĞWůĂnjĂ͕ĂŶĚƌĞŐƵůĂƌůŝǀĞŵƵƐŝĐƉĞƌĨŽƌŵĂŶĐĞƐŽĨĨĞƌ ŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĞŶŐĂŐĞǁŝƚŚůŽĐĂůĐƵůƚƵƌĞĂŶĚĞŶũŽ LJZŽĐŚĞƐƚĞƌ͛ƐĞǀŽůǀŝŶŐƉƵďůŝĐƐƉĂĐĞƐ͘ϮϳƐĐƵƌĂƚĞĚďLJ ŽƌŐĂŶŝnjĂƚŝŽŶƐůŝŬĞƚŚĞŽǁŶƚŽǁŶZŽĐŚĞƐƚĞƌůůŝĂŶĐĞ͕ƚŚĞƐĞĞǀĞŶƚƐŚĞůƉĐƌĞĂƚĞĂǀŝďƌĂŶƚĂŶĚǁĞůĐŽŵŝŶŐ ĚŽǁŶƚŽǁŶĞŶǀŝƌŽŶŵĞŶƚ͘ sŝƐŝƚŽƌ džƉĞƌŝĞŶĐĞ͗ƵůƚŝǀĂƚŝŶŐĂĞƐƚŝŶĂƚŝŽŶĞLJŽŶĚ,ĞĂůƚŚĐĂƌĞ /ŶĂĚĚŝƚŝŽŶƚŽĨŽĐƵƐŝŶŐŽŶƚŚĞƉĂƚŝĞŶƚ͕ĐŽŵƉĂŶŝŽŶ͕ƌĞƐŝĚĞŶƚ͕ĂŶĚĞŵƉůŽLJĞĞĞdžƉĞƌŝĞŶĐĞǁŝƚŚŝŶƚŚĞD ŝƐƚƌŝĐƚ͕ŝƚŝƐĂůƐŽŚĞůƉĨƵůƚŽĐŽŶƐŝĚĞƌďƌŽĂĚĞƌƉĞƌĐĞƉƚŝŽŶƐŽĨZŽĐŚĞƐƚĞƌĂƐĂĚĞƐƚŝŶĂƚŝŽŶ͘dŽĚŽƐŽ͕EŽŵĂĚ >ŝƐƚ͕ĂŶŽŶůŝŶĞƉůĂƚĨŽƌŵƚŚĂƚĂŐŐƌĞŐĂƚĞƐƵƐĞƌͲƐƵďŵŝƚƚĞĚƌĂƚŝŶŐƐŽŶĐŝƚŝĞƐĂƌŽƵŶĚƚŚĞǁŽƌůĚ͕ƉƌŽǀŝĚĞƐĂ 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džƉŝƌĞƐͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺDLJŽŵŵŝƐƐŝŽŶ džƉŝƌĞƐͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ;^/'EdhZ Ϳ EŽƚĂƌLJWƵďůŝĐ͕ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂEŽƚĂƌLJWƵďůŝĐ͕ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ ϭϮͬϮϮͬϮϬϮϱϭϬ͗ϭϰD ŵƵŶŝĐŝƉĂůĐŽƌƉŽƌĂƚŝŽŶ͕ŽŶďĞŚĂůĨŽĨƚŚĞĐŽƌƉŽƌĂƚŝŽŶ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ :ŽƐĞƉŚ͘,ĂĞĨŶĞƌ͕>ŝĐĞŶƐĞĚ>ĂŶĚ^ƵƌǀĞLJŽƌ <EKt>>zd, ^ WZ ^ Ed^͗,͗Ͱd^WZ,ͺWZͰϮϰyϭϯϲϰϵϵϬϬϬͰͰϯͰϭϯϲϰϵϵsͲW>d&Ϭϭ͘ĚǁŐ /E^dZhD EdK& /d/KE ^ĂŝĚƚƌĂĐƚĐŽŶƚĂŝŶƐϭϱϴ͘ϮϭĂĐƌĞƐ͘ ^hZs zKZΖ^ Zd/&/d DŝŶŶĞƐŽƚĂ>ŝĐĞŶƐĞEŽ͘ϰϯϵϬϵ ^ŝŐŶĞĚ͗ŝƚLJŽĨZŽĐŚĞƐƚĞƌ >^KdK' d, Zt/d,͗ ^dd K&D/EE ^Kd^dd K&D/EE ^Kd KhEdzK&K>D^d KhEdzK&K>D^d ŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘ <ŝŵEŽƌƚŽŶ͕DĂLJŽƌ dK' d, Zt/d,͗ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ^, dϮK&Ϯ^, d^ K>dKEΘD E<͕/E͘ ϰϬϬ &KhE^d/ZKEW ^ d/KEϮϱͲϭϬϲͲϭϲ KEd >^WZW/W ϭͬϰKZE Z ^> /E& d ϮϬϬ Z ^ϬϬΣϮϵΖϭϵΗ Ϯϲϯϲ͘ϯϭ d,/^W>dWZ WZ z Ϭ E KZE Z^ d/KEϮϱͲϭϬϲͲϭϲ&KhE^d/ZKEDKEhD Ed ϯͬϰΗ/ZKEW/W DKEhD Ed^ d ZtEz͗ DZ< z>/͘EK͘ϰϯϵϬϵ EϱϱΣϮϬΖϭϬΗt EϯϲΣϭϯΖϱϵΗ , Z/E' > ' E DKEhD Ed&KhE ,> E'd,ϯϰ͘ϲϲϯϯ͘Ϭϯ ϵϳ͘ϯϲΖϯϱ͘ϱϰΖϯϯ͘ϰϮΖϭϳ͘ϳϵΖ ϭϬϰ͘ϴϵΖ /^dE EϴϵΣϱϰΖϮϳΗ ϭϯϭϮ͘Ϭϲ ϭϯϭϬ͘ϮϬ hZs d> >/E d> ϴϯΣϯϱΖϮϱΗϳϮΣϭϲΖϰϴΗ EϭϯΣϯϮΖϮϳΗt ^ϴϰΣϮϯΖϭϯΗt^ϴϮΣϱϮΖϬϴΗt EϴϱΣϯϳΖϯϵΗ >d ^ϬΣϬϱΖϯϱΗt Z/E' &/ >KK<͗ 4')+10#.521465#0&4'%4'#6+10%1/2.': Z/h^ Ϯϲ͘ϬϬϮϴ͘ϬϬ >/E η >ϭ>Ϯ>ϯ>ϰ>ϱ Ϯϰy͘ϭϯϲϰϵϵ͘ϬϬϬ > E'd, ϯϳ͘ϵϯϯϱ͘ϯϮ WZ >ϰ WZ >ϭ hZs η D E K>D^d KhEdz,/',tz ϭϮ :KEhD Z͗ Z/',dK&tzW>dEK͘Ϯϯϲ KhEdzZKϭϬϭ tϭͬϮͲE ϭͬϰ ^ KZE Z Ed ZK&^ d/KE ^ϴϵΣϱϬΖϱϴΗtϮϲϮϬ͘ϯϵ y Wd/KE ^ d/KEϮϱͲϭϬϲͲϭϲ EϬϬΣϯϰΖϬϴΗt z/Ed Z^ d/KE WZ >ϯ ^ϬϬΣϯϭΖϰϰΗ ϮϬϴϴ͘ϯϳ ^ϬϬΣϯϭΖϰϰΗ ϰϰϵ͘Ϯϵ ϵ͘ϮϬ Ž EϬϬΣϯϭΖϰϰΗt ϭϬϬ͘ϬϬ ^> ϭΗсϮϬΖ /E^ d ^d>/E tϭͬϮͲE ϭͬϰ ^ϴϵΣϱϬΖϱϴΗtϮϴ͘ϴϳ >сϯϬ͘ϮϰZсϮϬϭϬ͘ϬϬ Z/',dK&tzW>dEK͘Ϯϯϱ ^ϴϵΣϱϬΖϱϴΗtϳϭϮ͘ϯϭ ȴсϬΣϱϭΖϰϯΗ K>D^d KhEdz,/',tz KhEdzZKϭϬϭ WZ >Ϯ Ž EϴϵΣϱϬΖϱϴΗ ϵϳϳ͘Ϭϲ y Wd/KE WZ >ϭ ;Ϯ͕Ϯϯϴ͕ϱϲϵ^Ƌ&ƚͿ Khd>KdWZ >ϰ ϱϭ͘ϯϵZ ^ EϴϵΣϱϰΖϮϳΗ ϭϯϭϮ͘Ϭϲ Ž ϭϬϵϴ͘ϯϵ ^^ KEdZK> ϭϯϭϬ͘ϮϬ y Wd/KE D E K>D^d KhEdz,/',tz ,Zс^ϴϲΣϮϮΖϬϳΗt ;K͘ηͲϭϬϰϯϯϬϰͿ y/^d/E'ϲϲΖ'^ ȴсϬϲΣϱϳΖϰϮΗ >/E ^ D Ed Z/',dK&tzW>dEK͘Ϯϯϲ ,сϮϰϰ͘Ϭϳ ZсϮϬϭϬ͘ϬϬKhEdzZKϭϬϭ >сϮϰϰ͘ϮϮ Ž Ϯϰϵ ȴсϭϬΣϯϰΖϭϲΗ ZсϲϵϬ͘ϬϬ >сϭϮϳ͘ϯϭ K&&//>W>dKWz ȴсϭϬΣϰϴΖϱϳΗ EϬϯΣϬϳΖϮϭΗtϰϲϰ͘ϳϮ ZсϲϭϬ͘ϬϬ >сϭϭϱ͘ϭϱ ϯϮ͘Ϯϰ ϮϱϮ͘ϭϬ ϭϴϬ͘ϯϵ &KhE^d/ZKEW >сϴϮ͘ϮϮ ϴϬ ϮϭϬ͘Ϯϯϯϲ͘ϲϳ > с ϵϲ ϰ>ϭ ϱϯ͘ сZ ϵϱ ͘ϬϲϮϱϱ͘ϳϮ ϬϬ сȴ>ϱ ϰΣϲϲϴ͘Ϯϭ^ d/KEϮϱͲϭϬϲͲϭϲ ϮϬϬ͘ϭϵΗϬϯΖϬ ^ϬϬΣϭϰΖϰϭΗ >ϰ >Ϯ EϬϲΣϯϰΖϭϴΗtϮϱϱ͘ϳϮ KEd >^WZW/W ^ϭͬϰKZE Z ^ϭϬΣϰϴΖϱϳΗ Ϯ͘ϮϬZ ^ Khd>Kdϭ Ϯ ;ϵϱ͕ϳϱϬ^Ƌ&ƚͿ /E^ d EϬϬΣϬϯΖϱϭΗtϳϴϯ͘ϱϵ с> ϳϱ ͘ϰ ϱϮ Khd>Kd Z;ϮϮ͕ϳϰϰ^Ƌ&ƚͿ ϲс>ϯ ϬϮϬ ϬϬ͘ ϱсȴ ϱΖϳϮΣ Ηϲ EϬϬΣϭϰΖϰϭΗt Ϭ͘ϱϮZ ^ Ϯϯϴ͘ϯϬ ϱϰϱ͘Ϯϵ ϭ EϭϬΣϰϴΖϱϳΗt Ϭ Η EϵϬΣϬϬΖϬϬΗ ϮϭϬ͘ϮϯEϬϮΣϯϮΖϰϲΗt ϭϮϰ͘ϰϭ ͘ Ϯ Ϭ ϮϬϬ͘ϭϵ ϴ Ϯ ϲ Η EϬϬΣϬϬΖϬϬΗ ϵ ϬϮ ϲϬ͘ϬϬϴ Ϯϭϯ͘ϲϳϱŽ Ζ Ϭс ZсϲϯϬ͘ϬϬȴсϭϬΣϯϰΖϭϲΗϮ͘ϯ >сϭϭϲ͘Ϯϰ ϵ ϳ Ϯϯϴ͘ϯϬ͘ Ζ> ^ϳϮΣϮϮΖϮϯΗt ϭϯϰ͘ϰϱϭ ϲ ϳ͘ ϭ Ϯ ϰ ϭ Ϯ ϰ с Σ Σ ^ϬϬΣϯϰΖϬϴΗ Ϯϲϰϰ͘ϯϰ ȴсϭϬΣϰϴΖϱϳΗ ϱ >сϭϮϲ͘ϰϴZсϲϳϬ͘ϬϬϳс > Ϭ ϯZ Η Ϭ с ϰ ϯ ѐ ϰ ϭ Ϭ с Ζ Ϭ ϲϲ с ͘ ϴϭ ȴ ϳ ϰϱd,^dZ d^ , ͘Σ ϴ ϭ ϳ ϯϰ Ϯ Ϯс с Ϭ ^ϰϱΣϬϱΖϯϵΗt Z сѐ Ϯϭϳ͘ϱϴ >Ϭ t ͘ Ž Ϭ EϭͬϰKZE Z ^ d/KEϮϱͲϭϬϲͲϭϲ&KhE^d/ZKEDKEhD Ed Η ϭ EϰϱΣϬϱΖϯϵΗ ϱ Η Ϭ ϴ ϯ Ϯ Ϭ Ζ Ζ Ϯϭϳ͘ϱϴ с ϴ ϯ t Ϭ Z ϰ Σ WZ >ϭ ϵ Η Σ ϳ ϭ ϳϲ ϱ с Ϭ Ζ ȴ ϳ Ϭϳ ϲ Η ͘Ϭ ϵϵ͘ ^ Σ ϯ Ϭ ϳϭ Ϯ ϰΖϬ ϱϲ ϲ с Ž ͘ с ϰϬ Η ^Ϭ Z ϵ Σϭ с ϭϰ ϭ Ϭ Ϭ Ζ ϰϮ ϭϬϱϲ с с с ϲ͘ϰϭ >Z/',dK&tzW>dEK͘Ϯϯϱ ϱΖZ/E' Θhd/>/dz ^ D EdϯZ ͘ ͘ѐϴ Σ Ϯ ϭϰ K>D^d KhEdz,/',tz ϰϭ Ϯ ϰ ϳ͘ ϵ ϰ ϴ ϯKhEdzZKϭϬϭ сϯ Ϯ >K<KE с ϲ с Zс͘ ȴϲϭ > ;ϯ͕ϳϳϵ͕ϬϱϬ^Ƌ&ƚͿ> сϳ ,ϲ с ϴϲ͘ϳϲZ ^ EϴϵΣϰϱΖϭϵΗ ϭϯϭϰ͘ϴϰ > >Kdϭ Ž EϴϵΣϱϬΖϱϴΗ ϭϮϴϯ͘ϴϴ hd/>/dz ^ D Ed ϭϯϭϬ͘ϳϮ ϱΖZ/E' Θ ^ D Ed;&KZD ZKhEdzZKEK͘ϭϬϭͿYh/d ϭϯϭϰ͘ϴϰ WWZKy/Dd ϰϱd,^dZ d^ Z/',dK&tz ^ϰϮΣϬϬΖϮϬΗt Ž ϭϯϮ͘ϯϴ >/D K͘EK͘ͲϭϲϭϭϬϬϰͿ ^ϰϴΣϬϴΖϰϰΗtϱϰϲ͘ϳϭ ^ϴϵΣϱϬΖϱϴΗtϳϰϵ͘Ϯϯ EϴϵΣϱϬΖϱϴΗ ϳϰϵ͘ϳϲ с^ϰϴΣϮϴΖϰϵΗt,сϮϯ͘Ϯϲ >сϮϯ͘ϮϲZсϭϵϵϬ͘ϬϬ ȴсϬΣϰϬΖϭϭΗ с^ϱϭΣϯϰΖϬϬΗt WZ >ϭ Ž ;ϲϮϰ͕ϱϱϭ^Ƌ&ƚͿ >сϮϭϳ͘ϮϱZсϭϴϭϵ͘Ϯϵ Khd>Kd ϭϰ͘ϯϰZ ^ȴсϲΣϱϬΖϯϭΗ ,сϮϭϳ͘ϭϮ ,/',tz ^ D Ed Etϭͬϰ EKZd,>/E ;KηĂͲϭϱϳϵϭϯϮͿ ^^ Ž KEdZK> ϭͬϮͲ^tϭͬϰ t ^d>/E ϭͬϮͲEtϭͬϰ t ^d>/E ^ϴϵΣϱϳΖϭϬΗ ϮϲϮϭ͘ϰϰ Ž EϬϬΣϯϲΖϱϬΗtϵϮϮ͘ϱϱ EϬϬΣϯϲΖϱϮΗtϮϲϯϲ͘ϴϲ KZ,/ZK^ ^ϬϬΣϯϲΖϱϬΗ Ϯϲϯϵ͘ϴϯ ϰϬd,^dZ d^ ϰϱd,^dZ d^ EtKZE ZE ϭͬϰͲ^tϭͬϰ EϴϵΣϱϬΖϱϴΗ ϭϯϭϮ͘ϳϱ EϴϵΣϰϱΖϭϵΗ ϭϯϭϰ͘ϴϰ ϭϯϭϬ͘ϳϮ &KhEϭΗ^YhZ W/W t/d,W ϭϮͬϮϮͬϮϬϮϱϭϬ͗ϭϰD ^ d/KEϮϱͲϭϬϲͲϭϲ &KhEϭΗ^YhZ W/W ^tKZE Z ^ d/KEϮϱͲϭϬϲͲϭϲ EtKZE Z ,͗Ͱd^WZ,ͺWZͰϮϰyϭϯϲϰϵϵϬϬϬͰͰϯͰϭϯϲϰϵϵsͲW>d&Ϭϭ͘ĚǁŐ t/d,W ^ϬϬΣϯϵΖϯϯΗ Ϯϲϯϱ͘ϯϯ 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,ƚƚƉƐ͗ͬͬďŽůƚŽŶŵĞŶŬͲŵLJ͘ƐŚĂƌĞƉŽŝŶƚ͘ĐŽŵͬƉĞƌƐŽŶĂůͬũĂLJͺƉŽŵĞƌŽLJͺďŽůƚŽŶͲŵĞŶŬͺĐŽŵͬŽĐƵŵĞŶƚƐͬĞƐŬƚŽƉͬZŽĐŚĞƐƚĞƌ^ƉŽƌƚƐŽŵƉůĞdžWůĂŶŶŝŶŐͬŝƚLJ ŶƚŝƚůĞŵĞŶƚͬ^WWĂĐŬĞƚĞĐͲϮϬϮϱͬϬϯͺŽǀĞƌ >ĞƚƚĞƌͺ&ŝŶĂůWůĂƚͺZ^Z͘ĚŽĐdž EĂŵĞ͗&ŝŶĂůWůĂƚ^ƵďŵŝƚƚĂůʹZŽĐŚĞƐƚĞƌZ^Z ĂƚĞ͗ĞĐĞŵďĞƌϮϯ͕ϮϬϮϱ WĂŐĞ͗Ϯ 'ƌĂĚŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶƉůĂŶƐĂƌĞďĞŝŶŐƐƵďŵŝƚƚĞĚĐŽŶĐƵƌƌĞŶƚůLJǁŝƚŚƚŚŝƐƐƵďŵŝƚƚĂů͘ /ĨƚŚĞƌĞĂƌĞĂŶLJƋƵĞƐƚŝŽŶƐĚƵƌŝŶŐƚŚĞƌĞǀŝĞǁŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ͕ƉůĞĂƐĞĐŽŶƚĂĐƚŵĞĂƚϳϲϯͲϮϮϳͲϲϱϮϲŽƌ ũĂLJ͘ƉŽŵĞƌŽLJΛďŽůƚŽŶͲŵĞŶŬ͘ĐŽŵ͘ ^ŝŶĐĞƌĞůLJ͕ ŽůƚŽŶΘDĞŶŬ͕/ŶĐ͘ :ĂLJWŽŵĞƌŽLJ͕W> ĐĐ͗ĂĐŬtŽŽĚͲŝƚLJŽĨZŽĐŚĞƐƚĞƌ ^ĐŽƚZĂŵƐĞLJͲŝƚLJŽĨZŽĐŚĞƐƚĞƌ ĞŶŽůĚƚͲŝƚLJŽĨZŽĐŚĞƐƚĞƌ DŝŬĞEŝŐďƵƌͲŝƚLJŽĨZŽĐŚĞƐƚĞƌ sŽŶWĞƚĞƌƐĞŶͲd^WƌĐŚŝƚĞĐƚƐ ŽůĞ>ĂƌƐŽŶͲŽůƚŽŶͲDĞŶŬ͕/ŶĐ͘ ĞƌĞŬKůŝŶŐĞƌͲŽůƚŽŶͲDĞŶŬ͕/ŶĐ͘ ,ƚƚƉƐ͗ͬͬďŽůƚŽŶŵĞŶŬͲŵLJ͘ƐŚĂƌĞƉŽŝŶƚ͘ĐŽŵͬƉĞƌƐŽŶĂůͬũĂLJͺƉŽŵĞƌŽLJͺďŽůƚŽŶͲŵĞŶŬͺĐŽŵͬŽĐƵŵĞŶƚƐͬĞƐŬƚŽƉͬZŽĐŚĞƐƚĞƌ^ƉŽƌƚƐŽŵƉůĞdžWůĂŶŶŝŶŐͬŝƚLJ ŶƚŝƚůĞŵĞŶƚͬ^WWĂĐŬĞƚĞĐͲϮϬϮϱͬϬϯͺŽǀĞƌ >ĞƚƚĞƌͺ&ŝŶĂůWůĂƚͺZ^Z͘ĚŽĐdž D DKZEhD ĂƚĞ͗^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϮϱ dŽ͗ĞƐŵŽŶĚDĐ'ĞŽƵŐŚ͕ZŽĐŚĞƐƚĞƌŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚ &ƌŽŵ͗:ĂLJWŽŵĞƌŽLJ͕W> ^ƵďũĞĐƚ͗EĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ;E/DͿ ZĞŐŝŽŶĂů^ƉŽƌƚƐΘZĞĐƌĞĂƚŝŽŶŽŵƉůĞdž;Z^ZͿͲ^ŝƚĞĞǀĞůŽƉŵĞŶƚWůĂŶ ƚŚ ƐƵŵŵĂƌLJŽĨƚŚĞdƵĞƐĚĂLJ͕ƵŐƵƐƚϮϱEĞŝŐŚďŽƌŚŽŽĚ/ŶĨŽƌŵĂƚŝŽŶDĞĞƚŝŶŐ͕ǁŚŝĐŚǁĂƐŚĞůĚĂƚƚŚĞ>ĂYƵŝŶƚĂ/ŶŶ dƵĞƐĚĂLJĞǀĞŶŝŶŐ;ϲͲϳ͗ϯϬƉŵͿ͕ĨŽůůŽǁƐ͘/ƉƌĞƐĞŶƚĞĚƚŚĞWŽǁĞƌWŽŝŶƚǁŚŝĐŚǁĂƐƐŚĂƌĞĚǁŝƚŚƚŚĞŝƚLJƉƌŝŽƌƚŽƚŚĞE/D ;ĐŽƉLJĂƚƚĂĐŚĞĚͿ͘ ƉƉƌŽdžŝŵĂƚĞůLJϮϬƉĞŽƉůĞĂƚƚĞŶĚĞĚŝŶͲƉĞƌƐŽŶ͘dǁŽŽƌϯƉĞƌƐŽŶƐĂƚƚĞŶĚĞĚǀŝƌƚƵĂůůLJ;ĚƌŽƉƉŝŶŐŽŶͬŽĨĨͿǀŝĂƚŚĞdĞĂŵƐ DĞĞƚŝŶŐŽĨƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶ͘ ŝƐĐƵƐƐŝŽŶƐĂŶĚĐŽŵŵĞŶƚƐ͗ ͲĐĐĞƐƐ͗ YƵĞƐƟŽŶƐĂďŽƵƚĂĐĐĞƐƐĂůŽŶŐ^,ϰϳ͘EĞŝŐŚďŽƌƐĐŽŶĐĞƌŶĞĚĂďŽƵƚŚŝŐŚƐƉĞĞĚĂŶĚ R ƉĞƌĐĞŝǀĞĚĚĂŶŐĞƌŽƵƐƌŽĂĚǁĂLJĐŽŶĚŝƟŽŶƐ͘ ĐĐĞƐƐĂŶĚŝŶŐƌĞƐƐͬĞŐƌĞƐƐĂƚ^,ϰϳǁŝƚŚƚŚĞdƌĂĸĐ/ŵƉĂĐƚ^ƚƵĚLJĐƵƌƌĞŶƚůLJ ƵŶĚĞƌǁĂLJ͘ dƌĂĸĐĂĚĚĞĚƚŽϰϱƚŚ^ƚƌĞĞƚ͕ŝŶĐůƵĚŝŶŐďƵƐƚƌĂĸĐ͕ǁĂƐŶŽƚĞĚĂƐĂĐŽŶĐĞƌŶ͘ R ƋƵĞƐƟŽŶǁĂƐƌĂŝƐĞĚĂďŽƵƚǁŚLJĂĐĐĞƐƐĐĂŶŶŽƚďĞŽīϰϬƚŚ^ƚƌĞĞƚ͘ R dŽďĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞdƌĂĸĐ^ƚƵĚLJ͘ ŽŶƐƚƌƵĐƟŽŶͲƌĞůĂƚĞĚƚƌĂĸĐƌŽƵƟŶŐĂŶĚĂĐĐĞƐƐ͘ R ĞŝŶŐƌĞǀŝĞǁĞĚďLJ<ŶƵƚƐŽŶ͕ĐŽŶƐƚƌƵĐƟŽŶŵĂŶĂŐĞŵĞŶƚĐŽŵƉĂŶLJĨŽƌƚŚĞƉƌŽũĞĐƚ͘ Ͳ>ĂŶĚƐĐĂƉŝŶŐ͗ ŽŶĐĞƌŶƐĂďŽƵƚƚŚĞƌĞŵŽǀĂůŽĨďƵīĞƌƚƌĞĞƐǁĞƐƚŽĨƚŚĞŵƵůƟͲƉƵƌƉŽƐĞĮĞůĚƐǁĞƌĞ R ĚŝƐĐƵƐƐĞĚ͘dŚĞŶĞŝŐŚďŽƌƐǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞĞdžŝƐƟŶŐƚƌĞĞƐĂůŽŶŐƚŚĞǁĞƐƚZ^Z ƉƌŽƉĞƌƚLJůŝŶĞůĞŌĂƐŝŶƚĂĐƚĂƐƉŽƐƐŝďůĞ͘ ^ŽŵĞƚƌĞĞƐǁŝůůŶĞĞĚƚŽďĞƌĞŵŽǀĞĚĨŽƌƚƌĂŝů͕ĚƌŝǀĞĂŶĚƵƟůŝƚLJĐŽŶŶĞĐƟŽŶƐ͘ ƌĞƐŝĚĞŶƚĞĂƐƚŽĨƚŚĞƉƌŽƉĞƌƚLJŝŶƋƵŝƌĞĚĂďŽƵƚĚĞĮŶŝŶŐƚŚĞĞĚŐĞŽĨƚŚĞƉƌŽƉĞƌƚLJĞĂƐƚŽĨ R ƚŚĞƚƌĂŝů͘ DŝŬĞEŝŐďŝƌŶŽƚĞĚƚŚĂƚƚŚĞtŝůůŽǁƌĞĞŬdƌĂŝůƉƌŽũĞĐƚŝƐƐĞƉĂƌĂƚĞ͕ďƵƚƌĞůĂƚĞĚ͕ƚŽ ƚŚŝƐƉƌŽũĞĐƚĂŶĚǁŝůůůŽŽŬŝŶƚŽĂŶLJƌĞĐĞŶƚƐƵƌǀĞLJŽƌƐƚĂŬŝŶŐǁŽƌŬŽŶƚŚĞƉƌŽƉĞƌƚLJ ĞĚŐĞ;ƐͿ͘ ǣ̳ ̴̳ʹͶͳ͵ͶͻͻͲͲͲ̳ͷ̴̳ͷ̴̴̳̳ Ǧ̴ͺǦʹǦʹͷǤ E/DͲ^ŝƚĞĞǀĞůŽƉŵĞŶƚWůĂŶͲZ^Z ƵŐƵƐƚϮϱ͕ϮϬϮϱ Ͳ^ŽƵŶĚĂŶĚ>ŝŐŚƟŶŐ͗ ^ŽƵŶĚƐLJƐƚĞŵƐǁŝůůďĞƵƟůŝnjĞĚĂƚƚŚĞďĂůůĮĞůĚƐ͘^ŽƵŶĚǁŝůůďĞĂŝŵĞĚĂƚƚŚĞďĂůůĮĞůĚ R ƐƉĞĐƚĂƚŽƌƐ͕ŶŽƚƚŽǁĂƌĚƚŚĞĂĚũĂĐĞŶƚŚŽŵĞƐ͘ >ŝŐŚƟŶŐĐŽŶĐĞƌŶƐǁĞƌĞĚŝƐĐƵƐƐĞĚ͘ R ĞŶŽůĚƚŵĞŶƟŽŶĞĚƚŚĂƚŵŽƐƚŐĂŵĞƐĞŶĚĂƌŽƵŶĚϵŽƌϭϬWDǁŝƚŚƚŚĞůĂƚĞƐƚ ŐŽŝŶŐƚŽϭϭƉŵ͘ Ͳ^ŝƚĞhƐĂŐĞĂŶĚ^ĞĐƵƌŝƚLJ͗ ŶƟĐŝƉĂƚĞĚƵƐĞŽĨƚŚĞƐƉŽƌƚƐĐŽŵƉůĞdž͘ R dŚĞŵĂũŽƌŝƚLJŽĨƚŽƵƌŶĂŵĞŶƚƐǁŝůůďĞƐĐŚĞĚƵůĞĚĨŽƌǁĞĞŬĞŶĚƐ͕ĂůƚŚŽƵŐŚŶŽƚ ĞdžĐůƵƐŝǀĞůLJ͘ŽŵŵƵŶŝƚLJƵƐĞŵĂLJďĞƐƵƉƉŽƌƚĞĚŽŶǁĞĞŬĞŶĚƐĂŶĚǁŚĞŶƚŚĞ ĨĂĐŝůŝƚLJŝƐŶŽƚƉƌŽŐƌĂŵŵĞĚĨŽƌƚŽƵƌŶĂŵĞŶƚƐĂŶĚƌĞǀĞŶƵĞͲŐĞŶĞƌĂƟŶŐƵƐĞ͘ &ŝĞůĚƐǁŝůůďĞŐĂƚĞĚĂŶĚůŽĐŬĞĚ͘ ŶĞŝŐŚďŽƌƋƵĞƐƟŽŶĞĚŝĨƚŚĞĮĞůĚƐǁŽƵůĚŚĂǀĞŽƉĞŶƵƐĞƟŵĞ͘ R ĞŶŶŽƚĞĚƚŚĂƚƚŚŝƐǁŝůůďĞĐŽŶƐŝĚĞƌĞĚǁŝƚŚƚŚĞƉĂƌŬΖƐƉƌŽŐƌĂŵŵŝŶŐ͘dŚĞ ƌĞĐƚĂŶŐƵůĂƌŵƵůƟƉƵƌƉŽƐĞĮĞůĚƐŵĂLJďĞĂǀĂŝůĂďůĞƚŽƚŚĞƉƵďůŝĐǁŝƚŚĂƉŽƚĞŶƟĂů ĐŽƐƚƚŽƌĞŶƚĂƚΨϮϬͲϯϬƉĞƌŚŽƵƌƉĞƌĮĞůĚ͘ dŚĞĚŝƐƚĂŶĐĞĨƌŽŵƚŚĞǁĞƐƚƉƌŽƉĞƌƚLJůŝŶĞƚŽƚŚĞƐƉŽƌƚƐĮĞůĚƐǁĂƐĐůĂƌŝĮĞĚƚŽďĞƌŽƵŐŚůLJ R ϰϬϬĨĞĞƚ͘ ƵƌƌĞŶƚƐĞĐƵƌŝƚLJŽĨƚŚĞƐŝƚĞŝƐĂĐŽŶĐĞƌŶ͘ R ŽŶǀĞƌƐĂƟŽŶƐŚĂǀĞďĞĞŶŚĞůĚǁŝƚŚƚŚĞƉŽůŝĐĞ͘ Ͳ WƌŽũĞĐƚdŝŵĞůŝŶĞ͗ ŝĚĚŝŶŐŝƐĞdžƉĞĐƚĞĚƚŽƚĂŬĞƉůĂĐĞŝŶKĐƚŽďĞƌǁŝƚŚƐŽŵĞŝŶŝƟĂůǁŽƌŬĂŶĚƐĞƚͲƵƉŽĨƚŚĞƐŝƚĞ R ƚŚŝƐĨĂůů͘ŽŶƐƚƌƵĐƟŽŶŝƐƐĞƚƚŽƐƚĂƌƚŝŶ^ƉƌŝŶŐϮϬϮϲ͕ǁŝƚŚƚŚĞƐŝƚĞďĞŝŶŐŽƉĞƌĂƟŽŶĂůďLJ ^ƉƌŝŶŐϮϬϮϳ͘ Ͳ WůĂLJŐƌŽƵŶĚĂŶĚdƌĂŝůĐĐĞƐƐ͗ dŚĞƉůĂLJŐƌŽƵŶĚĂŶĚtŝůůŽǁƌĞĞŬdƌĂŝůǁŝůůďĞŽƉĞŶƚŽƚŚĞƉƵďůŝĐĂŶĚǁŝůůďĞ R ĂĐĐĞƐƐŝďůĞ͘ Ͳ hƟůŝƟĞƐ͗ ŽŶĐĞƌŶƐĨƌŽŵƚŚĞŶĞŝŐŚďŽƌƐƌĞŐĂƌĚŝŶŐůŽǁǁĂƚĞƌƉƌĞƐƐƵƌĞǁĂƐŶŽƚĞĚ͘ R :ĂLJŵĞŶƟŽŶĞĚƚŚĞƐŝƚĞŝƐďĞŝŶŐĚĞƐŝŐŶĞĚǁŝƚŚŝŶƉƵƚĂŶĚĂƉƉƌŽǀĂůĨƌŽŵZWh͘ Ͳ^ƉŽƌƚƐŽŵƉůĞdžZĞǀĞŶƵĞ͗ YƵĞƐƟŽŶƐŽŶĂŶƟĐŝƉĂƚĞĚƌĞǀĞŶƵĞ͘ R ^ƉŽƌƚƐĐĂĚĞŵLJ͕ƚŚĞŝƚLJ͛ƐĐŽŶƐƵůƚĂŶƚ͕ŚĂƐĚŽŶĞĨŽƌĞĐĂƐƚƐĨŽƌŚŽǁŵƵĐŚƌĞǀĞŶƵĞ ŵĂLJďĞŐĞŶĞƌĂƚĞĚĨƌŽŵƚŚĞĐŽŵƉůĞdž͘ĞŶĚŝĚŶŽƚŚĂǀĞĂĐĐĞƐƐƚŽƚŚŽƐĞŶƵŵďĞƌƐ͕ 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