hardware de computadores - UAB
Transcrição
hardware de computadores - UAB
!"#$!$%$&'()*)+,-'#%-.+!&./+,"*)"#) %"!0)+#!*,*)',1)+$,'*&'1+,#!5%+#&'*)'$)5"&-&/!,')2'#!#$)2,#'A,+,'!"$)+")$ 2:>8BC>8>D'8'*C7;EF<C8 23*%-&'4 ?,+*@,+)'*)'5&2A%$,*&+)# 56789'5:7;8'28<=8>: !"#"$%&'"()*+ ,*-.+/0( $#(,$,",-!/&)&'*.!(".0'$-01'*#)&#(&!0!2*34"(!4&.-,*( "#$%&'($)*)&!*+&',*!)-!+'*($. 2"'(-!)&!,&2#-.-1$*!&3!($(,&3*(!4*'*!$#,&'#&, 356789676:!7!)9;<=>?97 !"#$%&'()%*+&*+"#!,-.%)* ŝůŵĂZŽƵƐƐĞī !"#$%&#'(#)&*)"#!+,-%.*)/#&#"*(%0*)&1),"*$%- %6+$3.9"%298"*(&#($# &#!*"0*/#(02+&#+#&3)*452+*+&%$0<()%* -=>B)1C74>)92>32@2B)">^2>37 .8#/#)&1)&#!*"(*9#'(1)&#)#&:.*;<1)*)&%$(J'.%* /%(%$01"%2+&*+#&3)*452 /2345467)856656 &54>2@)I3>@@)-5F2365 .11"&#'*&1")&*):'%0#"$%&*&#)*,#"(*)&1),"*$%-)K):*,`%/$:- 9%'%$("1)&1)#$(*&1)&*)#&:.*;<1 DĂƌůĂƌŝƐƟŶĂĚĂ^ŝůǀĂ^ŽƉĞŹĂ -=>?).@A=6>7).7BC5) .11"&#'*&1"*)*&L:'(*)&*):'%0#"$%&*&#)*,#"(*)&1),"*$%-)K):*,`%/$:- $#."#(D"%1)&#)#&:.*;<1)$:!#"%1")E)$#$: .>4535)1=3>a=2)67)'5BF>N24C7 #@>2?23)9732>35)!5FG2F7 .11"&#'*&1"*)&*)#$.1-*)(b.'%.*)*,#"(*)&1),"*$%-)K)#E(#.`%/$:- $#."#(D"%1)&*)#&:.*;<1)!"1/%$$%1'*-)#)(#.'1-HI%.* ">F5367)-2N7B)$5>4? >ƵşƐ&ĞƌŶĂŶĚŽDĂƐƐŽŶĞƩŽ .11"&#'*&1")*&L:'(1)&*)#$.1-*)(b.'%.*)*,#"(*)&1),"*$%-)K)#E(#.`%/$:- L73M2)*@N2>65)I=>N53O2B %6+$3.9"%298"*(&#($# 3(%=#"$%&*&#+*-#"0*+&2+-"*$%. %($0%0302+6#&#"*.+&#+#&3)*4527+)%'()%*+#+ 0#)(2.28%*+$3.9"%298"*(&#($#+:%6$3.; &54>2@)I3>@@)-5F2365 *4CQ4>7).53@7B),53=N),376 DĂƌůĂƌŝƐƟŶĂĚĂ^ŝůǀĂ^ŽƉĞŹĂ &54>2@)#BRS3>C7)$54C7)I53F>5 95=37)85@@5@)67B)*4_7B $#."#(D"%1)&*)#&:.*;<1)*)&%$(J'.%*)K)$##& !"#$%&#'(#)&*).11"&#'*;<1)&#)*!#"/#%;1*9#'(1)&#)!#$$1*-)&#) 'P0#-)$:!#"%1")E).*!#$) "#%(1" !"HE"#%(1")&#)*&9%'%$("*;<1)#)&#)!-*'#L*9#'(1 :ĂŶĞƚĞKƩĞ !"HE"#%(1"*)&#)&#$#'01-0%9#'(1)%'$(%(:.%1'*- 162@>)T54FG2C !"HE"#%(1")&#)#'$%'1 -UF>7)*@N2>65)82FVCG2=23 .11"&#'*&1")&*):'%0#"$%&*&#)*,#"(*)&1),"*$%-)K):*,`%/$:- .11"&#'*&1"*)*&L:'(*)&*):'%0#"$%&*&#)*,#"(*)&1),"*$%-)K):*,`)%/$:- I#$(1")&#)!"1&:;<1)&#)9*(#"%*-)&%&D(%.1 )3"$2+&#+0#)(2.28%*+#/+$%$0#/*$+!*"*+%(0#"(#0+ />?@AB?@?C+@+&BDEFGHB@ &54>2@)I3>@@)-5F2365 .11"&#'*&1")&1).:"$1)$:!#"%1")&#)(#.'1-1I%*)#9)$%$(#9*$)!*"*)%'(#"'#()K) ($%*& !"HE"#%(1")&#)!#$W:%$*X)%'10*;<1)#)!H$EI"*&:*;<1 ĞĂƚƌŝnj,ĞůĞŶĂĂŶŽƩĂEƵŶĞƐ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ŝƐŝĂŶĞŽƌƌġĂ'ŽŵĞƐ^ŝůǀĞŝƌĂ !"#$%&'()'("*+,-"()"()"#,!.( '/01123456(7589(:52;80 '/<30(40('/=0<42($011=05 ŶĚƌĞƐƐĂ^ŝůǀĂEĂƐŝůŽƐŬŝ ĞŶŝƐĞĂƌŶŽƩnj<ŶĂďĂĐŬ >0/<?0(&6==0/ @0/032(!8<=25A01(40(>25<2 @0/032(&645<;801(461(#23B61 /ŐŽƌĚĂ^ŝůǀĂŵĂƌĂů C8D21(*82501=2(C6?01 C8<12(E03401(E2DF246 E25D6(C8D21(461('3G61 DŽƌŐĂŶĂǀŝůĂĚŽƐ^ĂŶƚŽƐ $2H1(C6?01(I25J612 $2/<B2(E01K8<B2(I25J612 "*+,-"()"()"#,!. ĂƟƷĐŝĂ<ůƵŐ^ĐŚŶĞŝĚĞƌ !"#$%&'()"(-&%)+LM%()"(NO)"% 'ůĂĚŝŵŝƌWŝŶƚŽĚĂ^ŝůǀĂ -&%)+$%&()"(P+),%("(NO)"% :ĞĨĞƌƐŽŶĚĞKůŝǀĞŝƌĂKůŝǀĞŝƌĂ '+Q,C,'&()"("),LM%()"(NO)"%("(-&%!&'E')%&("E(>C'#@ R6A6("/<S905(&<J0<56(#DF283 !"#$%&()%('EI,".$"(N,&$+'C()"('-&".),T'!"E 'ŝŽǀĂŶŝWŽƌƚĞůŝŶŚĂDĂŝĂ !"#$%&()"(E'.+$".LM%("(#,#$"E'()'(,.>%&E'LM% 'D2823(E0510J85;05(-<D23U6 '3405163(:0<;0()<21 ƌƵŶĂ'ŽŶĕĂůǀĞƐZŝďĞŝƌŽ 725/6(72=23<(#DF30<405 )<0;6(I25D0//61(&6DF2 "V52<3((I0DW05(I25B9 >523D<30(.081DF523W !2J5<0/()825B0 E2B081(C650392B6(I52;2 .0<=25(E03401(C<=2 WĂƵůĂƌƵnj'ƵƫĞƌ WŝƚĞƌKůŝǀĞŝƌĂsĞƌŐĂƌĂ N<3HD<81(E2D<0/ "*+,-"()"(-&%!&'E'LM%(-'&'(:"I * Sistema Universidade Aberta do Brasil - UAB | IF Sul-rio-grandense GUIA D IDÁTICO GD Hardware de computadores | Guia Didático APRESENTAÇÃO Prezado(a) aluno(a), Nesta disciplina serão trabalhados, com adequado aprofundamento, todos os principais conteúdos que envol-‐ ǀĞŵŚĂƌĚǁĂƌĞĚĞĐŽŵƉƵƚĂĚŽƌĞƐ͘ĞƐƚĂĨŽƌŵĂĞƐƉĞƌŽƋƵĞǀŽĐġ͕ĂŽĮŶĂůĚŽŶŽƐƐŽĞƐƚƵĚŽ͕ƚĞŶŚĂĂĚƋƵŝƌŝĚŽƵŵ considerável conhecimento. ŵďŽƌĂ͕ƚĞŶƚĂŶĚŽĐŽŶĚƵnjŝƌŽĐŽŶƚĞƷĚŽĚĞŵĂŶĞŝƌĂŽďũĞƟǀĂ͕ƐĞŵŝŶǀĂĚŝƌĂĄƌĞĂĚĂĞůĞƚƌƀŶŝĐĂ͕ĠĚĞǀŝƚĂůŝŵƉŽƌ-‐ ƚąŶĐŝĂƋƵĞǀŽĐġďƵƐƋƵĞŵĂŝƐĐŽŶŚĞĐŝŵĞŶƚŽƐŶĂďŝďůŝŽŐƌĂĮĂŝŶĚŝĐĂĚĂĞŶĂ/ŶƚĞƌŶĞƚ͕ƉŽŝƐĠƐĂďŝĚŽƋƵĞĞƐƐĞĐĂŵƉŽ ĚĂŝŶĨŽƌŵĄƟĐĂ͕ƉŽƌŵĂŝƐƋƵĞƋƵĞŝƌĂŵŽƐ͕ŶĆŽŝŶĚŝĐĂĂƉŽƐƐŝďŝůŝĚĂĚĞĚĞƵŵĞƐƚƵĚŽĚĞƚŽĚŽƐŽƐĂƐƉĞĐƚŽƐĂďƌĂŶ-‐ ŐĞŶƚĞƐ͕ƐĞũĂƉĞůĂƋƵĂŶƟĚĂĚĞ͕ƐĞũĂƉĞůĂƌĄƉŝĚĂŵƵĚĂŶĕĂĚĂƐƚĞĐŶŽůŽŐŝĂƐ͘ ĮŶĂůŝĚĂĚĞĚŽŶŽƐƐŽĞƐƚƵĚŽĠĚĞĐŽůŽĐĄͲůŽŶŽĞƉŝĐĞŶƚƌŽĚĞƐƐĂĄƌĞĂ͕ƉĂƌĂƋƵĞǀŽĐġƉŽƐƐĂĐŽŵŽƵƚƌŽƐĂƉƌŽĨƵŶ-‐ ĚĂŵĞŶƚŽƐ͕ƉƌĞƐƚĂƌŵĂŶƵƚĞŶĕĆŽĞŵƐŝƐƚĞŵĂƐĚĞĐŽŵƉƵƚĂĚŽƌĞĂĚƋƵŝƌŝƌŽĞŵďĂƐĂŵĞŶƚŽƉĂƌĂĐŽŵƉƌĞĞŶĚĞƌ͕ŶĂ ƵŶŝĚĂĚĞĚĞ^ŝƐƚĞŵĂƐKƉĞƌĂĐŝŽŶĂŝƐ͕ĂƉĞƌĨĞŝƚĂƌĞůĂĕĆŽĞŶƚƌĞ^ŽŌǁĂƌĞ e ,ĂƌĚǁĂƌĞ. ƐƉĞƌŽƋƵĞƉŽƐƐĂŵŽƐ͕ŶŽƐĞŶĐŽŶƚƌŽƐƉƌĞƐĞŶĐŝĂŝƐ͕ĐŽŶƟŶƵĂƌŽŶŽƐƐŽĞƐƚƵĚŽŶĂƉƌĄƟĐĂĞĚĞƐĞŶǀŽůǀĞƌ͕ĂŝŶĚĂŵĂŝƐ͕ a teoria. Objetivo Geral: ĞƐĞŶǀŽůǀĞƌŶŽĞĚƵĐĂŶĚŽŽƐĐŽŶŚĞĐŝŵĞŶƚŽƐĞĂƐŚĂďŝůŝĚĂĚĞƐŶĞĐĞƐƐĄƌŝĂƐƉĂƌĂĂŵŽŶƚĂŐĞŵĞŵĂŶƵƚĞŶĕĆŽĚĞ computadores, observando cuidados fundamentais com os equipamentos e desenvolvendo um projeto focado ŶŽƐƉƌŝŶĐŝƉĂŝƐĂƐƉĞĐƚŽƐƌĞůĂĐŝŽŶĂĚŽƐăƐƉƌĄƟĐĂƐƌĞĂůŝnjĂĚĂƐ͘ 2EMHWLYRV(VSHFtÀFRV ͻ ͻ ͻ ͻ ͻ ͻ Conhecer os principais módulos de um computador; Compreender como os principais módulos de um computador interagem; ƉƌĞŶĚĞƌĂƌĞĂůŝnjĂƌŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐĞŵĚŝĨĞƌĞŶƚĞƐďĂƐĞƐĚĞĐŝŵĂŝƐ͖ ŽŶŚĞĐĞƌŽƐƉƌŝŶĐŝƉĂŝƐƉĞƌŝĨĠƌŝĐŽƐĚĞƵŵĐŽŵƉƵƚĂĚŽƌ͖ /ĚĞŶƟĮĐĂƌŽƐƉƌŝŶĐŝƉĂŝƐƐŝƐƚĞŵĂƐĚĞďĂƌƌĂŵĞŶƚŽƐ͖ ŽŶŚĞĐĞƌŽƐƉƌŝŶĐŝƉĂŝƐĚŝƐƉŽƐŝƟǀŽƐĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞŵĂƐƐĂ͕ŝĚĞŶƟĮĐĂŶĚŽƐƵĂƐŝŶƚĞƌĨĂĐĞƐĞƐƵĂĞƐƚƌƵƚƵƌĂİƐŝĐĂĞ lógica; ͻ /ĚĞŶƟĮĐĂƌŽƐƉƌŝŶĐŝƉĂŝƐƟƉŽƐĚĞŵĞŵſƌŝĂƐŵŽŶŽůşƟĐĂƐ͖ ͻ DŽŶƚĂƌĞĐŽŶĮŐƵƌĂƌĐŽŵƉƵƚĂĚŽƌĞƐƉĞƐƐŽĂŝƐ͘ Metodologia A disciplina de Hardware será trabalhada tendo por principal fonte o material disponibilizado no ambiente e, principalmente, com itens de pesquisa que serão oportunamente solicitados. Assim, o aluno terá a oportunidade ĚĞĞdžƉĂŶĚŝƌƐĞƵƐĐŽŶŚĞĐŝŵĞŶƚŽƐĞĚŝǀŝĚŝͲůŽƐĐŽŵŽƐƐĞƵƐĐŽůĞŐĂƐ͕ĂƚƌĂǀĠƐĚĂĚŝƐƉŽŶŝďŝůŝnjĂĕĆŽĚĞƐƚĞŵĂƚĞƌŝĂů͘Ɛ ŝŶƚĞƌĂĕƁĞƐƐĞƌĆŽƌĞĂůŝnjĂĚĂƐĂƚƌĂǀĠƐĚĞĨſƌƵŶƐĚĞĚŝƐĐƵƐƐĆŽ͕ƚƌĂďĂůŚŽƐĞŶǀŝĂĚŽƐƉŽƌĞͲŵĂŝůĞĞdžĞƌĐşĐŝŽƐ͘ 4 Sistema Universidade Aberta do Brasil - UAB | IF Sul-rio-grandense Hardware de computadores | Guia Didático Avaliação ^ĞƌĆŽƉƌŽƉŽƐƚŽƐĞdžĞƌĐşĐŝŽƐĚĞĐĂƌĄƚĞƌĨŽƌŵĂƟǀŽĞĂǀĂůŝĂƟǀŽ͕ƋƵĞƐĞƌǀŝƌĆŽƉĂƌĂƉŽƐƐŝďŝůŝƚĂƌĂŽĂůƵŶŽŽĂĐŽŵƉĂ-‐ nhamento de seu processo de aprendizagem. dŽĚĂƐĂƐĂƟǀŝĚĂĚĞƐƉƌŽƉŽƐƚĂƐ͕ĐŽŶƐƟƚƵŝƌͲƐĞͲĆŽĞŵƉƌŽĐĞƐƐŽƐƉĂƌĂĂǀĂůŝĂĕĆŽĚĂĂƉƌĞŶĚŝnjĂŐĞŵ͕ƉƌŽƉŽƌĐŝŽŶĂŶĚŽ ĂŽƉƌŽĨĞƐƐŽƌĂŽƉŽƌƚƵŶŝĚĂĚĞĚĞĂƉƌŽdžŝŵĂƌŽŵŽǀŝŵĞŶƚŽĚĞĞǀŽůƵĕĆŽĚŽĂůƵŶŽ͕ŶŽƋƵĞƚĂŶŐĞĂĐŽŶƐƚƌƵĕĆŽĚŽƐ conhecimentos referentes à unidade curricular. Nos dois encontros presenciais, serão desenvolvidos outros aspectos referentes à unidade curricular, bem como, ĂƉůŝĐĂĚĂĂĂǀĂůŝĂĕĆŽƉƌĞƐĞŶĐŝĂů͘ Programação Primeira semana EĂƉƌŝŵĞŝƌĂƐĞŵĂŶĂ͕ƐĞƌĆŽĚĞƐĞŶǀŽůǀŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐĂƟǀŝĚĂĚĞƐ͗ 1. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗ŝŶĄƌŝŽ 2. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗,ĞdžĂĚĞĐŝŵĂů 3. ƟǀŝĚĂĚĞ͗YƵĞƐƟŽŶĄƌŝŽĚĞŵƷůƟƉůĂĞƐĐŽůŚĂ 4. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ 5. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗KƌŐĂŶŝnjĂĕĆŽĄƐŝĐĂĚĞƵŵ^ŝƐƚĞŵĂĚĞŽŵƉƵƚĂĚŽƌ 6. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗ůĞŵĞŶƚŽƐĄƐŝĐŽƐĚĞƵŵDŝĐƌŽĐŽŵƉƵƚĂĚŽƌ 7. ƟǀŝĚĂĚĞ͗YƵĞƐƟŽŶĄƌŝŽĚĞŵƷůƟƉůĂĞƐĐŽůŚĂ 8. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ 9. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗DŽƵƐĞ 10. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗DŽŶŝƚŽƌĚĞsşĚĞŽ 11. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ 12. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗DŽŶŽůşƟĐĂƐ 13. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗ǀŽůƵĕĆŽĚĂƐZD 14. ƟǀŝĚĂĚĞ͗YƵĞƐƟŽŶĄƌŝŽĚĞŵƷůƟƉůĂĞƐĐŽůŚĂ 15. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ Segunda semana EĂƐĞŐƵŶĚĂƐĞŵĂŶĂ͕ƐĞƌĆŽĚĞƐĞŶǀŽůǀŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐĂƟǀŝĚĂĚĞƐ͗ 16. ϭǐ tĞďĐŽŶĨĞƌġŶĐŝĂ͗ ƉƌĞƐĞŶƚĂĕĆŽ WƌŽĨĞƐƐŽƌ &ŽƌŵĂĚŽƌ͕ ŝŶƚƌŽĚƵĕĆŽ ĂŽ ĐŽŶƚĞƷĚŽ͕ ĞƐĐůĂƌĞĐŝŵĞŶƚŽ ĚĞ ĚƷǀŝĚĂƐ ŐĞƌĂŝƐ Ğ ƐŽďƌĞŽĐŽŶƚĞƷĚŽĞĞůĂďŽƌĂĕĆŽ͕ƌĞƐŽůƵĕĆŽĚĞĞdžĞƌĐşĐŝŽƐ͕ĚĞĮŶŝĕĆŽĚŽƐŐƌƵƉŽƐ͕ĚĞĮŶŝĕƁĞƐĚŽƐƚĞŵĂƐ͕ƌĞŐƌĂƐĚĞĂǀĂůŝĂĕĆŽ͕ ĨŽƌŵĂƐĚĞĂƉƌĞƐĞŶƚĂĕĆŽĞĞŶƚƌĞŐĂĚŽƐƚƌĂďĂůŚŽƐ͘ 17. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗/ŶƚƌŽĚƵĕĆŽ 18. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗/^ 19. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗W/ 20. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗'W 21. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗W/džƉƌĞƐƐ 22. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗h^ 23. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗&ŝƌĞtŝƌĞ 24. ƟǀŝĚĂĚĞ͗YƵĞƐƟŽŶĄƌŝŽĚĞŵƷůƟƉůĂĞƐĐŽůŚĂ 25. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ 5 Sistema Universidade Aberta do Brasil - UAB | IF Sul-rio-grandense Hardware de computadores | Guia Didático Terceira semana EĂƚĞƌĐĞŝƌĂƐĞŵĂŶĂ͕ƐĞƌĆŽĚĞƐĞŶǀŽůǀŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐĂƟǀŝĚĂĚĞƐ͗ 26. Ϯǐ tĞďĐŽŶĨĞƌġŶĐŝĂ͗ ƵůĂƐ ƐŽďƌĞ ŽƐ ĐŽŶƚĞƷĚŽƐ ƉƌĞǀŝƐƚŽƐ͕ ƌĞƐŽůƵĕĆŽ ĚĞ ĞdžĞƌĐşĐŝŽƐ͕ ĞdžĞĐƵĕĆŽ ĚĞ ĂƟǀŝĚĂĚĞƐ ƉƌŽƉŽƐƚĂƐ͕ esclarecimento de dúvidas. 27. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗/ŶƚƌŽĚƵĕĆŽ 28. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗ŽŶƐƟƚƵŝĕĆŽ 29. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗/ŶƚĞƌĨĂĐĞƐ 30. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ Quarta semana EĂƋƵĂƌƚĂƐĞŵĂŶĂ͕ƐĞƌĆŽĚĞƐĞŶǀŽůǀŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐĂƟǀŝĚĂĚĞƐ͗ 31. ϭǑŶĐŽŶƚƌŽƉƌĞƐĞŶĐŝĂů͗ƉƌĞƐĞŶƚĂĕĆŽĚŽƐƚƌĂďĂůŚŽƐĞĞƐĐůĂƌĞĐŝŵĞŶƚŽĚĞĚƷǀŝĚĂƐ͘ 32. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗&ŽŶƚĞƐĚĞĞŶĞƌŐŝĂ 33. ƟǀŝĚĂĚĞ͗YƵĞƐƟŽŶĄƌŝŽĚĞŵƷůƟƉůĂĞƐĐŽůŚĂ 34. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ 35. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗WůĂĐĂͲŵĆĞ 36. &ſƌƵŵĚĞƋƵĞƐƚƁĞƐƉƌŽƉŽƐƚĂƐ 37. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗/ŶƚƌŽĚƵĕĆŽ 38. >ĞŝƚƵƌĂĞĞƐƚƵĚŽ͗^ŝŶĂŝƐ Quinta semana EĂƋƵŝŶƚĂƐĞŵĂŶĂ͕ƐĞƌĆŽĚĞƐĞŶǀŽůǀŝĚĂƐĂƐƐĞŐƵŝŶƚĞƐĂƟǀŝĚĂĚĞƐ͗ 39. ϮǑŶĐŽŶƚƌŽƉƌĞƐĞŶĐŝĂů͗ƵůĂƐŽďƌĞŽƐĐŽŶƚĞƷĚŽƐƉƌĞǀŝƐƚŽƐŶĂĚŝƐĐŝƉůŝŶĂ͘ Referências dKZZ^͕'ĂďƌŝĞů͘Hardware Curso Completo.Ě͘džĐĞůŽŽŬƐ͕ϰǐĞĚŝĕĆŽ͕ϮϬϬϭ͘ dKZZ^͕'ĂďƌŝĞů͘Montagem de Micros – Série básico e rápido͘Ě͘džĐĞůŽŽŬƐ͕ϰǐĞĚŝĕĆŽ͕ϮϬϬϮ͘ s^KE>K^͕>ĂĠƌĐŝŽ͘ŽŵŽŵŽŶƚĂƌ͕ĐŽŶĮŐƵƌĂƌĞĞdžƉĂŶĚŝƌƐĞƵW͘Ě͘DĂŬƌŽŶŽŽŬƐ͕ϳǐĞĚŝĕĆŽ͕ϮϬϬϭ͘ s^KE>K^͕>ĂĠƌĐŝŽ͘DĂŶƵĂůĚĞdžƉĂŶƐĆŽĚĞWƐ͘Ě͘DĂŬƌŽŶŽŽŬƐ͕ϮǐĞĚŝĕĆŽ͕ϮϬϬϯ͘ /ŶƚĞů͗фǁǁǁ͘ŝŶƚĞů͘ĐŽŵх ĚǀĂŶĐĞDŝĐƌŽŝǀŝĐĞƐ͕D͗фŚƩƉ͗ͬͬǁǁǁ͘ĂŵĚ͘ĐŽŵͬďƌͲƉƚͬх ůƵďĞĚŽ,ĂƌĚǁĂƌĞ͗фŚƩƉ͗ͬͬǁǁǁ͘ĐůƵďĞĚŽŚĂƌĚǁĂƌĞ͘ĐŽŵ͘ďƌх /ŶĨŽtĞƐƚĞƌ͗фŚƩƉ͗ͬͬǁǁǁ͘ŝŶĨŽǁĞƐƚĞƌ͘ĐŽŵͬŚĂƌĚǁĂƌĞ͘ƉŚƉх ,ĂƌĚǁĂƌĞĞŶƚƌĂů͗фŚƩƉ͗ͬͬǁǁǁ͘ŚĂƌĚǁĂƌĞĐĞŶƚƌĂů͘ĐŽŵͬŚĂƌĚǁĂƌĞĐĞŶƚƌĂůͬх tŝŬŝƉĠĚŝĂ͗фŚƩƉ͗ͬͬƉƚ͘ǁŝŬŝƉĞĚŝĂ͘ŽƌŐͬх ƐƵƐ͗фŚƩƉ͗ͬͬǁǁǁ͘ĂƐƵƐ͘ĐŽŵͬх &ŽdžĐŽŶŶ͗фŚƩƉ͗ͬͬǁǁǁ͘ĨŽdžĐŽŶŶĐŚĂŶŶĞů͘ĐŽŵͬх 'ŝŐĂďLJƚĞ͗фŚƩƉ͗ͬͬĚĞ͘ŐŝŐĂͲďLJƚĞ͘ĐŽŵͬх 6 !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% "+#&$&, $ !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 )G!7G5H8!6)5)324856) I5)J/)34!K58! !"#$%&'(%)*%+,-'(%). ĞƐƚĂƵŶŝĚĂĚĞĠĐŽŵƉŽƐƚĂƉŽƌĚƵĂƐĂƉƌĞƐĞŶƚĂĕƁĞƐĚĞƐůŝĚĞƐ͕ƌĞĨĞƌĞŶƚĞƐĂ͞^ŝƐƚĞŵĂƐ,ĞdžĂĚĞĐŝŵĂŝƐ͟Ğ͞^ŝƐƚĞŵĂƐ ŝŶĄƌŝŽƐ͕͟ƌĞƐƉĞĐƟǀĂŵĞŶƚĞ͘ďĂŝdžŽĞƐƚĆŽŽƐůŝŶŬƐƉĂƌĂĂĐĞƐƐŽĚĂƐĂƉƌĞƐĞŶƚĂĕƁĞƐ͘ŽĂůĞŝƚƵƌĂ͊ фŚƩƉ͗ͬͬƚƐŝĂĚ͘ĐĞĨĞƚƌƐ͘ƚĐŚĞ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬŚĐŽͺƵĂͬƐŝƐƚĞŵĂͺďŝŶĂƌŝŽ͘ƉĚĨх фŚƩƉ͗ͬͬƚƐŝĂĚ͘ĐĞĨĞƚƌƐ͘ƚĐŚĞ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬŚĐŽͺƵĂͬƐŝƐƚĞŵĂͺŚĞdžĂĚĞĐŝŵĂů͘ƉĚĨх "%&'&0,0$ WĂƌĂĞdžĞƌĐŝƚĂƌƐĞƵƐĐŽŶŚĞĐŝŵĞŶƚŽƐ͕ƌĞĂůŝnjĞŽƐĞdžĞƌĐşĐŝŽƐĚĞ^ŝƐƚĞŵĂƐEƵŵĠƌŝĐŽƐ͕ĚŝƐƉŽŶşǀĞŝƐŶŽůŝŶŬ͗ фŚƩƉ͗ͬͬƚƐŝĂĚ͘ŝĨƐƵů͘ĞĚƵ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬĞdžĞƌĐŝĐŝŽƐͬĂƚǀϭͺƵĂͺƐŝƐŶƵŵĞƌŽƐͬϬϭ͘ƉĚĨх ! !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% "+#&$&, !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 - )!4*27HO29:!)PQ6HG2)I5)J/ )6H685/2)I5)G!/3J82I!4 H?%+(0@;<( dŽĚŽŽĐŽŵƉƵƚĂĚŽƌĠĨŽƌŵĂĚŽƉŽƌĐŝŶĐŽĞůĞŵĞŶƚŽƐĞƐƐĞŶĐŝĂŝƐŽƵƵŶŝĚĂĚĞƐ͗ĂƵŶŝĚĂĚĞĂƌŝƚŵĠƟĐĂͲůſŐŝĐĂ;h>ͬ h>Ϳ͕ĂƵŶŝĚĂĚĞĚĞŵĞŵſƌŝĂ͕ĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ͕ĂƵŶŝĚĂĚĞĚĞĞŶƚƌĂĚĂĞĂƵŶŝĚĂĚĞĚĞƐĂşĚĂ͘ŝŶƚĞƌĐŽŶĞdžĆŽ ĞŶƚƌĞƚĂŝƐƵŶŝĚĂĚĞƐĞƐƚĄŵŽƐƚƌĂĚĂŶĂĮŐƵƌĂϭ͘ƐƐĞƚĂƐŶŽĚŝĂŐƌĂŵĂŝŶĚŝĐĂŵĂĚŝƌĞĕĆŽĚŽŇƵdžŽĚĞĚĂĚŽƐ͕ŝŶƐƚƌƵ= ĕƁĞƐĞƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞ͘ KďƐĞƌǀĞŵŽƐƋƵĞĂƐůŝŶŚĂƐŐƌŽƐƐĂƐŝŶĚŝĐĂŵŽƚƌĄĨĞŐŽĚĞĚĂĚŽƐĞŝŶƐƚƌƵĕƁĞƐ͕ŝŶĨŽƌŵĂĕĆŽƋƵĞĞŵŐĞƌĂůŶĞĐĞƐƐŝ= ƚĂŵĚĞƵŵŶƷŵĞƌŽŐƌĂŶĚĞĚĞůŝŶŚĂƐƉĂƌĂƐĞƌĞŵƚƌĂŶƐŵŝƟĚĂƐ͘:ĄĂƐůŝŶŚĂƐƚƌĂĐĞũĂĚĂƐƌĞƉƌĞƐĞŶƚĂŵŽƐƐŝŶĂŝƐĚĞ 3'-1"'+#.*-'"8%+8#-1#*#8*-;8#"'*"#&,$2&'.*&#*8%-#2"%*9,#*05'*-#3#00>"2%0*4',3%0*+2-7%0*4%"%*"#4"#0#-1>=+'0? ŶƵŵĞƌĂĕĆŽĚĂƐƐĞƚĂƐŶŽƐĂũƵĚĂƌĄĂĨĂĐŝůŝƚĂƌĂƌĞĨĞƌġŶĐŝĂŶĂĚĞƐĐƌŝĕĆŽƋƵĞƐĞŐƵĞ͘ !"#$%&'()*'+',%#&-".&/01'234"5&'67'$8'5189$:&61% J?&0,0$)2+&%=D%&A,LMN1&A, ĂƉĂƌƚĞĚŽĐŽŵƉƵƚĂĚŽƌŽŶĚĞƐĆŽƌĞĂůŝnjĂĚĂƐĂƐŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐĞůſŐŝĐĂƐĐŽŵŽƐĚĂĚŽƐ͘KƟƉŽĚĞŽƉĞ= ƌĂĕĆŽĂƐĞƌƌĞĂůŝnjĂĚĂŶƵŵƉĂƌƟĐƵůĂƌŝŶƐƚĂŶƚĞĚĞƚĞŵƉŽĠĚĞƚĞƌŵŝŶĂĚŽƉŽƌƐŝŶĂŝƐǀŝŶĚŽƐĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ ;ƐĞƚĂϭͿ͘KƐĚĂĚŽƐĂƐĞƌĞŵŽƉĞƌĂĚŽƐƉĞůĂƵŶŝĚĂĚĞĂƌŝƚŵĠƟĐĂͲůſŐŝĐĂƉŽĚĞƌĆŽǀŝƌŶĆŽƐſĚĂŵĞŵſƌŝĂ;ƐĞƚĂϮͿĐŽŵŽ ĚĂƵŶŝĚĂĚĞĚĞĞŶƚƌĂĚĂ;ƐĞƚĂϯͿ͘KƐƌĞƐƵůƚĂĚŽƐĚĂƐŽƉĞƌĂĕƁĞƐĞĨĞƚƵĂĚĂƐŶĂƵŶŝĚĂĚĞĂƌŝƚŵĠƟĐĂͲůſŐŝĐĂƉŽĚĞŵƐĞƌ ƚƌĂŶƐĨĞƌŝĚŽƐƉĂƌĂĂŵĞŵſƌŝĂ;ƐĞƚĂϰͿŽƵƉĂƌĂĂƵŶŝĚĂĚĞĚĞƐĂşĚĂ;ƐĞƚĂϱͿ͘ ^ĆŽĞdžĞŵƉůŽƐĚĞŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐ͗ĂĚŝĕĆŽ;Ϳ͕ƐƵďƚƌĂĕĆŽ;^hͿ͕ŵƵůƟƉůŝĐĂĕĆŽ;Dh>Ϳ͕ĚŝǀŝƐĆŽ;/sͿ͘ ^ĆŽĞdžĞŵƉůŽƐĚĞŽƉĞƌĂĕƁĞƐůſŐŝĐĂƐ͗Ğ;EͿ͕ŽƵ;KZͿ͕ŶĞŐĂĕĆŽ;EKdͿ͕ŽƵĞdžĐůƵƐŝǀŽ;yKZͿ͘ ! !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 J?&0,0$)0$)/$=N+&, ŵĞŵſƌŝĂĂƌŵĂnjĞŶĂŐƌƵƉŽƐĚĞĚşŐŝƚŽƐďŝŶĄƌŝŽƐ;ƉĂůĂǀƌĂƐͿƋƵĞƉŽĚĞŵƌĞƉƌĞƐĞŶƚĂƌŝŶƐƚƌƵĕƁĞƐĂƐĞƌĞŵĞdžĞĐƵ= ƚĂĚĂƐƉĞůŽƉƌŽĐĞƐƐĂĚŽƌŽƵĚĂĚŽƐƉĂƌĂƐĞƌĞŵŽƉĞƌĂĚŽƐƉĞůĂƐŝŶƐƚƌƵĕƁĞƐĚƵƌĂŶƚĞĂĞdžĞĐƵĕĆŽĚĞƵŵƉƌŽŐƌĂŵĂ͘ ůĂƚĂŵďĠŵƐĞƌǀĞĐŽŵŽůŽĐĂůĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽƉĂƌĂƌĞƐƵůƚĂĚŽƐŝŶƚĞƌŵĞĚŝĄƌŝŽƐŽƵĮŶĂŝƐŽďƟĚŽƐƉĞůĂƐŽƉĞ= ƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐĞĨĞƚƵĂĚĂƐƉĞůĂƵŶŝĚĂĚĞĂƌŝƚŵĠƟĐĂͲůſŐŝĐĂ;ƐĞƚĂϰͿ͘ŵĞŵſƌŝĂĠƵŵĂƵŶŝĚĂĚĞƋƵĞĞdžĞĐƵƚĂ ƐŽŵĞŶƚĞĚƵĂƐŽƉĞƌĂĕƁĞƐ͗ůĞŝƚƵƌĂĞĞƐĐƌŝƚĂ͘KĨƵŶĐŝŽŶĂŵĞŶƚŽĚĂŵĞŵſƌŝĂƚĂŵďĠŵĠĐŽŶƚƌŽůĂĚŽƉĞůĂƵŶŝĚĂĚĞĚĞ ĐŽŶƚƌŽůĞ͕ĂƋƵĂůŝŶĚŝĐĂ͕ĂƚƌĂǀĠƐĚĞƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞ;ƐĞƚĂϲͿ͕ƋƵĂůĚĂƐĚƵĂƐŽƉĞƌĂĕƁĞƐĂŵĞŵſƌŝĂĚĞǀĞƌĞĂůŝnjĂƌ ŶĂƋƵĞůĞŝŶƐƚĂŶƚĞ͘hŵĚĞƚĞƌŵŝŶĂĚŽĞŶĚĞƌĞĕŽƉŽĚĞƐĞƌĂĐĞƐƐĂĚŽƉĞůĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ͕ƋƵĞŐĞƌĂŽĞŶĚĞƌĞĕŽ ĚĞƐĞũĂĚŽĞŽĞŶƚƌĞŐĂăŵĞŵſƌŝĂ;ƐĞƚĂϳͿ͘ƐŝŶĨŽƌŵĂĕƁĞƐƉŽĚĞŵƐĞƌĞƐĐƌŝƚĂƐŶĂŵĞŵſƌŝĂǀŝŶĚĂƐĚĂh>ŽƵĚĂ ƵŶŝĚĂĚĞĚĞĞŶƚƌĂĚĂ;ƐĞƚĂϴͿ͕ŵĂŝƐƵŵĂǀĞnjƐŽďŽĐŽŵĂŶĚŽĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ͘ƐŝŶĨŽƌŵĂĕƁĞƐƉŽĚĞŵƐĞƌ ůŝĚĂƐĚĂŵĞŵſƌŝĂƉĂƌĂĂh>;ƐĞƚĂϮͿŽƵĚŝƌĞƚĂŵĞŶƚĞƉĂƌĂĂƵŶŝĚĂĚĞĚĞƐĂşĚĂ;ƐĞƚĂϵͿ͘ J?&0,0$)0$)5?%+,0, ƵŶŝĚĂĚĞĚĞĞŶƚƌĂĚĂĠĐŽŶƐƟƚƵşĚĂƉŽƌƟƉŽƐĚĞĚŝƐƉŽƐŝƟǀŽƐƋƵĞŽďƚġŵŝŶĨŽƌŵĂĕƁĞƐĞdžƚĞƌŶĂƐĂŽĐŽŵƉƵƚĂĚŽƌ #*%0*3'+'3%*-%*,-2&%&#*&#*8#8B"2%*(0#1%*Z)*',*-%*KJE*(0#1%*M)?*E*,-2&%&#*&#*3'-1"'+#*#"82-%*'-&#*%*2-:'"= ŵĂĕĆŽĚĞĞŶƚƌĂĚĂĚĞǀĞƐĞƌĐŽůŽĐĂĚĂ;ƐĞƚĂϭϬͿ͘ƵŶŝĚĂĚĞĚĞĞŶƚƌĂĚĂĠƵƐĂĚĂŶŽĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞŝŶƐƚƌƵĕƁĞƐ ĞĚĂĚŽƐŶĂŵĞŵſƌŝĂƉĂƌĂƋƵĞŽƉƌŽŐƌĂŵĂĐŽŶƐƟƚƵşĚŽƉŽƌĞƐƐĂƐŝŶƐƚƌƵĕƁĞƐĞĚĂĚŽƐƉŽƐƐĂƐĞƌĞdžĞĐƵƚĂĚŽ͘ƐƐĂ ƵŶŝĚĂĚĞƚĂŵďĠŵĠƵƐĂĚĂƉĂƌĂĞŶƚƌĂƌĐŽŵĚĂĚŽƐŶĂh>͕ĂƉĂƌƟƌĚĞƵŵĚŝƐƉŽƐŝƟǀŽĞdžƚĞƌŶŽ͕ĚƵƌĂŶƚĞĂĞdžĞĐƵĕĆŽ ĚĞƵŵƉƌŽŐƌĂŵĂ͘ůŐƵŶƐĚŽƐĚŝƐƉŽƐŝƟǀŽƐĚĞĞŶƚƌĂĚĂŵĂŝƐĐŽŵƵŶƐƐĆŽ͗ƚĞĐůĂĚŽƐ͕ĚŝƐĐŽƐŵĂŐŶĠƟĐŽƐ͕ĮƚĂƐĞĐŽŶ= <#"0'"#0*%-%+BD23'=&2D21%20*(EPA[0)? J?&0,0$)0$)6,R0, ƵŶŝĚĂĚĞĚĞƐĂşĚĂĠĨŽƌŵĂĚĂƉŽƌƚŽĚŽƐŽƐƟƉŽƐĚĞĚŝƐƉŽƐŝƟǀŽƐƵƐĂĚŽƐƉĂƌĂƚƌĂŶƐĨĞƌŝƌŝŶĨŽƌŵĂĕƁĞƐĚŽĐŽŵƉƵ= ƚĂĚŽƌƉĂƌĂŽ͞ŵƵŶĚŽĞdžƚĞƌŝŽƌ͘͟KƐĚŝƐƉŽƐŝƟǀŽƐĚĞƐĂşĚĂƚĂŵďĠŵƐĆŽĚŝƌŝŐŝĚŽƐƉĞůĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ;ƐĞƚĂ ϭϮͿ͕ƉŽĚĞŶĚŽƌĞĐĞďĞƌĚĂĚŽƐĚĂh>;ƐĞƚĂϱͿŽƵĚĂŵĞŵſƌŝĂ;ƐĞƚĂϵͿ͕ĐŽůŽĐĂŶĚŽͲŽƐŶŽĨŽƌŵĂƚŽĂƉƌŽƉƌŝĂĚŽƉĂƌĂ ŽĐŽŶƐƵŵŽĞdžƚĞƌŶŽĂŽĐŽŵƉƵƚĂĚŽƌ͘džĞŵƉůŽƐĚĞĚŝƐƉŽƐŝƟǀŽƐĚĞƐĂşĚĂƐĆŽ͗ĚŝƐƉůĂLJƐ͕ŝŵƉƌĞƐƐŽƌĂƐ͕ĚŝƐĐŽƐŵĂŐŶĠ= ƟĐŽƐ͕ĮƚĂƐŵĂŐŶĠƟĐĂƐ͕ŵŽŶŝƚŽƌĞƐĚĞǀşĚĞŽĞĐŽŶǀĞƌƐŽƌĞƐĚŝŐŝƚĂůͲĂŶĂůſŐŝĐŽƐ;DzƐͿ͘ T-9,%-1'*#X#3,1%*,8*4"'D"%8%.*'*3'84,1%&'"*1#8*-#3#002&%&#*&#*%4"#0#-1%"*"#0,+1%&'0*',*02-%20*&#*3'-1"'+#* ƉĂƌĂŽ͞ŵƵŶĚŽĞdžƚĞƌŝŽƌ͘͟WŽƌĞdžĞŵƉůŽ͕ƵŵƐŝƐƚĞŵĂƉŽĚĞƚĞƌƵŵĂŝŵƉƌĞƐƐŽƌĂĚĞůŝŶŚĂƐĐŽŵŽĚŝƐƉŽƐŝƟǀŽĚĞƐĂş= ĚĂ͘EĞƐƐĞĐĂƐŽ͕ŽĐŽŵƉƵƚĂĚŽƌĞŶǀŝĂƐŝŶĂŝƐƉĂƌĂƋƵĞŽƐƌĞƐƵůƚĂĚŽƐƐĞũĂŵŝŵƉƌĞƐƐŽƐĞŵĨŽƌŵƵůĄƌŝŽĐŽŶơŶƵŽ͘hŵ 4#9,#-'*3'84,1%&'"*4'&#*2-:'"8%"*0#,0*"#0,+1%&'0*,0%-&'*,8*4%2-#+*+,82-'0'*',*,8*ĚŝƐƉůĂLJ*&#*JTP[0*(J2D71* ŵŝƫŶŐŝŽĚĞͿ͘ H?%$+E,A$ KĂƐƉĞĐƚŽŵĂŝƐŝŵƉŽƌƚĂŶƚĞĚĂƐƵŶŝĚĂĚĞƐĚĞEdZĞ^1ĚŝnjƌĞƐƉĞŝƚŽĂŽŝŶƚĞƌĨĂĐĞĂŵĞŶƚŽ͕ƋƵĞƉŽĚĞƐĞƌ ĚĞĮŶŝĚŽ ĐŽŵŽ Ž ĂƚŽ ĚĞ ĐŽŵďŝŶĂƌ ĚŝƐƉŽƐŝƟǀŽƐ ŵƵŝƚŽ ĚŝĨĞƌĞŶƚĞƐ͕ ƉĂƌĂ ƋƵĞ ĞůĞƐ ƉŽƐƐĂŵ ĨƵŶĐŝŽŶĂƌ ĚĞ ŵĂŶĞŝƌĂ ĐŽŵƉĂơǀĞůĞĐŽŽƌĚĞŶĂĚĂ͘WŽĚĞŵŽƐƚĂŵďĠŵĚĞĮŶŝƌŽŝŶƚĞƌĨĂĐĞĂŵĞŶƚŽĚĞŵĂŶĞŝƌĂŵĂŝƐĞƐƉĞĐşĮĐĂ͕ĐŽŵŽƐĞŶĚŽ ĂƐŝŶĐƌŽŶŝnjĂĕĆŽĚĂƚƌĂŶƐŵŝƐƐĆŽĚĂŝŶĨŽƌŵĂĕĆŽĚŝŐŝƚĂůĞŶƚƌĞŽĐŽŵƉƵƚĂĚŽƌĞŽƐĚŝƐƉŽƐŝƟǀŽƐĞdžƚĞƌŶŽƐĚĞĞŶƚƌĂĚĂ ĞƐĂşĚĂ͘ DƵŝƚŽƐĚŝƐƉŽƐŝƟǀŽƐĚĂĞŶƚƌĂĚĂͬƐĂşĚĂŶĆŽƐĆŽĚŝƌĞƚĂŵĞŶƚĞĐŽŵƉĂơǀĞŝƐĐŽŵŽĐŽŵƉƵƚĂĚŽƌƉŽƌĚŝĨĞƌĞŶĕĂƐĚĞ ǀĞůŽĐŝĚĂĚĞ ĚĞ ŽƉĞƌĂĕĆŽ͕ ĨŽƌŵĂƚŽ ĚŽƐ ĚĂĚŽƐ ;ŚĞdžĂ͕ ^//͕ ďŝŶĄƌŝŽͿ͕ ŵŽĚŽƐ ĚĞ ƚƌĂŶƐŵŝƐƐĆŽ ;ƐĞƌŝĂů͕ ƉĂƌĂůĞůŽͿ Ğ ŶşǀĞŝƐĚŽƐƐŝŶĂŝƐůſŐŝĐŽƐ͘dĂŝƐĚŝƐƉŽƐŝƟǀŽƐƉƌĞĐŝƐĂŵĚĞĐŝƌĐƵŝƚŽƐĞƐƉĞĐŝĂŝƐĚĞŝŶƚĞƌĨĂĐĞƋƵĞƉĞƌŵŝƚĂŵƋƵĞĞůĞƐƐĞ 3'8,-29,#8*3'8*%0*',1"%0*,-2&%�*&'*3'84,1%&'"*%'*9,%+*#+%0*<5'*0#*+2D%"? hŵďŽŵĞdžĞŵƉůŽƐŽďƌĞŝŶƚĞƌĨĂĐĞĂŵĞŶƚŽĠŽĐĂƐŽĚŽƚĞƌŵŝŶĂůĚĞǀşĚĞŽ͕ƋƵĞƉŽĚĞŽƉĞƌĂƌĐŽŵŽĚŝƐƉŽƐŝƟǀŽĚĞ ! !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ĞŶƚƌĂĚĂĞĚĞƐĂşĚĂ͘ƐƚĞƚĞƌŵŝŶĂůƚƌĂŶƐŵŝƚĞĞƌĞĐĞďĞĚĂĚŽƐƐĞƌŝĂůŵĞŶƚĞ͕Ƶŵďŝƚ*&#*3%&%*<#$.*#-9,%-1'*%*8%2'"2%* ĚŽƐĐŽŵƉƵƚĂĚŽƌĞƐŵĂŶŝƉƵůĂĚĂĚŽƐĞŵƉĂƌĂůĞůŽ͘ƐƐŝŵ͕ŽƚĞƌŵŝŶĂůĚĞǀşĚĞŽƉƌĞĐŝƐĂĚĞƵŵĐŝƌĐƵŝƚŽĚĞŝŶƚĞƌĨĂĐĞ ƋƵĞĨĂĕĂĂƐŵŽĚŝĮĐĂĕƁĞƐŶĞĐĞƐƐĄƌŝĂƐĚŽƐĚĂĚŽƐƚƌĂŶƐŵŝƟĚŽƐͬƌĞĐĞďŝĚŽƐ͕ĚĞŵĂŶĞŝƌĂĂƉĞƌŵŝƟƌƋƵĞĂĐŽŵƵŶŝĐĂ= ĕĆŽƚĞƌŵŝŶĂůͲĐŽŵƉƵƚĂĚŽƌĞĐŽŵƉƵƚĂĚŽƌͲƚĞƌŵŝŶĂůƐĞũĂĨĞŝƚĂƐĞŵƉƌŽďůĞŵĂƐ͘ J?&0,0$)0$)G(?%+(-$ ĨƵŶĕĆŽĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ͕ĐŽŵŽŽŶŽŵĞŝŶĚŝĐĂ͕ĐŽŶƚƌŽůĂ;ĚŝƌŝŐĞͿĂŽƉĞƌĂĕĆŽĚĞƚŽĚĂƐĂƐĚĞŵĂŝƐƵŶŝĚĂĚĞƐ ĐŽŵƉŽŶĞŶƚĞƐĚŽĐŽŵƉƵƚĂĚŽƌ͕ĨŽƌŶĞĐĞŶĚŽͲůŚĞƐƐŝŶĂŝƐĚĞƚĞŵƉŽƌŝnjĂĕĆŽĞĚĞĐŽŶƚƌŽůĞ͘sŝƐƚĂƉŽƌŽƵƚƌŽąŶŐƵůŽ͕Ă ĨƵŶĕĆŽĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞĂƐƐĞŵĞůŚĂͲƐĞăĚĞƵŵŵĂĞƐƚƌŽ͕ƋƵĞƚĞŵĂƌĞƐƉŽŶƐĂďŝůŝĚĂĚĞĚĞŵĂŶƚĞƌƚŽĚŽƐ ŽƐŵĞŵďƌŽƐĚĞƵŵĂŽƌƋƵĞƐƚƌĂĞŵƉĞƌĨĞŝƚŽƐŝŶĐƌŽŶŝƐŵŽ͘ƐƐĂƵŶŝĚĂĚĞĐŽŶƚĠŵĐŝƌĐƵŝƚŽƐůſŐŝĐŽƐĐŽŵďŝŶĂĐŝŽŶĂŝƐ ĞƐĞƋƺĞŶĐŝĂŝƐ͕ƌĞƐƉŽŶƐĄǀĞŝƐƉĞůĂŐĞƌĂĕĆŽĚŽƐƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞŶĞĐĞƐƐĄƌŝŽƐăĞdžĞĐƵĕĆŽĚĂƐŝŶƐƚƌƵĕƁĞƐĚĞƵŵ 4"'D"%8%? ƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞďƵƐĐĂƵŵĂŝŶƐƚƌƵĕĆŽĚĂŵĞŵſƌŝĂ͕ĞŶǀŝĂŶĚŽƐĞƵĞŶĚĞƌĞĕŽ;ƐĞƚĂϳͿĞƵŵĐŽŵĂŶĚŽĚĞůĞŝ= ƚƵƌĂ;ƐĞƚĂϲͿăƵŶŝĚĂĚĞĚĞŵĞŵſƌŝĂ͘ŝŶƐƚƌƵĕĆŽĂƌŵĂnjĞŶĂĚĂŶŽĞŶĚĞƌĞĕŽĞŶǀŝĂĚŽĠĚĞƉŽŝƐƚƌĂŶƐĨĞƌŝĚĂƉĂƌĂĂ ƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞ;ƐĞƚĂϭϭͿ͘ƐƐĂŝŶƐƚƌƵĕĆŽ͕ƋƵĞĞƐƚĄĐŽĚŝĮĐĂĚĂĞŵďŝŶĄƌŝŽ͕ĠĞŶƚĆŽĚĞĐŽĚŝĮĐĂĚĂƉĞůŽƐĐŝƌĐƵŝ= ƚŽƐĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞƉĂƌĂĚĞƚĞƌŵŝŶĂƌƋƵĂůĂŝŶƐƚƌƵĕĆŽ͘>ŽŐŽĂƉſƐ͕ĞƐƐĂŵĞƐŵĂƵŶŝĚĂĚĞƵƐĂĂŝŶĨŽƌŵĂĕĆŽ ĐŽŶƟĚĂŶĂŝŶƐƚƌƵĕĆŽƉĂƌĂŐĞƌĂƌŽƐƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞŶĞĐĞƐƐĄƌŝŽƐăĞdžĞĐƵĕĆŽĚĂŝŶƐƚƌƵĕĆŽĞŵƋƵĞƐƚĆŽ͘ 3+(A$>>,0(+)SJ?&0,0$)G$?%+,-)0$)3+(A$>>,=$?%(T EĂĮŐƵƌĂϭ͕Ăh>ĞĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞƐĆŽŵŽƐƚƌĂĚĂƐĐŽŵŽƉĂƌƚĞƐĚĞƵŵĂƷŶŝĐĂƵŶŝĚĂĚĞ͗ƉƌŽĐĞƐƐĂĚŽƌ͘ ĚŝƐƟŶĕĆŽĠĨĞŝƚĂĐŽŵĂĮŶĂůŝĚĂĚĞĚĞƐĞƉĂƌĂƌĂƉĂƌƚĞ͞ŝŶƚĞůŝŐĞŶƚĞ͞ĚŽĐŽŵƉƵƚĂĚŽƌĚĂƐĚĞŵĂŝƐ͘/ƌĞŵŽƐƵƐĂƌƚĂů ĚĞŶŽŵŝŶĂĕĆŽ ĚŝǀĞƌƐĂƐ ǀĞnjĞƐ Ğŵ ŶŽƐƐŽ ĞƐƚƵĚŽ ĚŽƐ ŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌĞƐ͕ ƉŽŝƐ ĐŽŵŽ ǀĞƌĞŵŽƐ ŵĂŝƐ ƚĂƌĚĞ͕ ŶŽƐ ŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌĞƐ͕ĂƵŶŝĚĂĚĞĐĞŶƚƌĂůĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽĠŝŵƉůĞŵĞŶƚĂĚĂĞŵƵŵƷŶŝĐŽĐŚŝƉs>^/͕ĚĞŶŽŵŝŶĂĚŽ ./01231204556721? 5-$=$?%(>)PU>&A(>)0$)@=)/&A+(A(=V@%,0(+ ŵƵŝƚŽŝŵƉŽƌƚĂŶƚĞĞŶƚĞŶĚĞƌĂĚŝĨĞƌĞŶĕĂĞŶƚƌĞƵŵŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ;ђWͿĞƵŵŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌ;ђͿ͘hŵŵŝ= ĐƌŽĐŽŵƉƵƚĂĚŽƌĠĐŽŶƐƟƚƵşĚŽĚĞĚŝǀĞƌƐŽƐĞůĞŵĞŶƚŽƐ͕ŽŵĂŝƐŝŵƉŽƌƚĂŶƚĞĚŽƐƋƵĂŝƐĠŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ͘KђWĠ ,8*ĐŚŝƉs>^/;sĞƌLJ>ĂƌŐĞ^ĐĂůĞ/ŶƚĞŐĂƟŽŶͿ͕ƋƵĞĐŽŶƚĠŵƚŽĚŽƐŽƐĐŝƌĐƵŝƚŽƐĚĂƐƵŶŝĚĂĚĞƐĚĞĐŽŶƚƌŽůĞĞĂƌŝƚŵĠƟĐŽ= ͲůſŐŝĐĂʹĞŵŽƵƚƌĂƐƉĂůĂǀƌĂƐ͕ŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌĠĂƉƌſƉƌŝĂƵŶŝĚĂĚĞĐĞŶƚƌĂůĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽ͘ĮŐƵƌĂϮŵŽƐ= 1"%*'0*#+#8#-1'0*6>023'0*&#*,8*823"'3'84,1%&'"? EĂƵŶŝĚĂĚĞĚĞŵĞŵſƌŝĂ͕ĂƉĂƌĞĐĞŵƚĂŶƚŽĂƐZDDzƐƋƵĂŶƚŽĂƐZKDDzƐ͘ƐĞĕĆŽĚĂƐZDDzƐĠĐŽŶƐƟƚƵşĚĂƉŽƌƵŵ ŽƵŵĂŝƐĐŚŝƉƐs>^/͕ĐŽŵďŝŶĂĚŽƐĚĞŵĂŶĞŝƌĂĂĨŽƌŶĞĐĞƌĂĐĂƉĂĐŝĚĂĚĞĚĞŵĞŵſƌŝĂƉƌŽũĞƚĂĚĂƉĂƌĂŽƐŝƐƚĞŵĂ͘sĂůĞ ŽďƐĞƌǀĂƌƋƵĞ͕ĂƐZDDzƐƐĆŽŶĞĐĞƐƐĄƌŝĂƐ͕ƉŽŝƐĂƐŝŶĨŽƌŵĂĕƁĞƐĂƌŵĂnjĞŶĂĚĂƐŶĞƐƐĂƐĞĕĆŽĚĞŵĞŵſƌŝĂƐĞƌĆŽĂůƚĞ= ƌĂĚĂƐǀĄƌŝĂƐǀĞnjĞƐŶŽĚĞĐŽƌƌĞƌĚĂŽƉĞƌĂĕĆŽĚŽƐŝƐƚĞŵĂ͘ƐZDDzƐƚĂŵďĠŵƐĆŽƵƐĂĚĂƐƉĂƌĂŽƐĂƌŵĂnjĞŶĂŵĞŶƚŽƐ ŝŶƚĞƌŵĞĚŝĄƌŝŽƐĞĮŶĂŝƐĚŽƐƌĞƐƵůƚĂĚŽƐĚĂƐŽƉĞƌĂĕƁĞƐƌĞĂůŝnjĂĚĂƐƉĞůĂh>ŶŽĚĞĐŽƌƌĞƌĚĂĞdžĞĐƵĕĆŽĚŽƉƌŽŐƌĂŵĂ͘ ƐĞĕĆŽĚĂƐZKDDzƐĠĐŽŶƐƟƚƵşĚĂƉŽƌƵŵŽƵŵĂŝƐĐŚŝƉƐs>^/ƉĂƌĂŽĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞŝŶĨŽƌŵĂĕƁĞƐƋƵĞŶĆŽ ƉŽĚĞŵƐĞƌĂůƚĞƌĂĚĂƐŶŽĚĞĐŽƌƌĞƌĚŽƉƌŽĐĞƐƐĂŵĞŶƚŽ͘WŽƌĞdžĞŵƉůŽ͕ůĄĚĞǀĞŵĞƐƚĂƌŝŶĨŽƌŵĂĕƁĞƐƋƵĞĨĂƌĆŽĐŽŵ ƋƵĞŽђŵŽŶŝƚŽƌĞĐŽŶƟŶƵĂŵĞŶƚĞŽƚĞĐůĂĚŽĚŽƐŝƐƚĞŵĂ͕ŽƵƉŽĚĞĞƐƚĂƌĂƌŵĂnjĞŶĂĚĂĂƚĂďĞůĂĚĞĐſĚŝŐŽƐ^// ;ŵĞƌŝĐĂŶ^ƚĂŶĚĂƌĚŽĚĞ/ŶƚĞƌŶĂƟŽŶĂů/ŶƚĞƌĐŚĂŶŐĞͿ͕ŶĞĐĞƐƐĄƌŝŽƐăƚƌĂŶƐĨĞƌġŶĐŝĂĚĞŝŶĨŽƌŵĂĕƁĞƐƉĂƌĂƚĞƌŵŝŶĂŝƐ ĚĞǀşĚĞŽŽƵŝŵƉƌĞƐƐŽƌĂƐ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'();'+'<=787-:14'234"514'67'$8'>? ƐƐĞĕƁĞƐĚĞĞŶƚƌĂĚĂĞƐĂşĚĂĐŽŶƚĠŵŽƐĐŝƌĐƵŝƚŽƐĚĞŝŶƚĞƌĨĂĐĞŶĞĐĞƐƐĄƌŝŽƐăŐĂƌĂŶƟĂĚĂĐŽŵƵŶŝĐĂĕĆŽĞŶƚƌĞŽƐ ĚŝƐƉŽƐŝƟǀŽƐĚĞEdZĞ^1ĞĂƐĚĞŵĂŝƐƵŶŝĚĂĚĞƐĚŽĐŽŵƉƵƚĂĚŽƌ͘ŵĂůŐƵŶƐĐĂƐŽƐ͕ƚĂŝƐĐŝƌĐƵŝƚŽƐƐĆŽĐŚŝƉƐ* 4"'&,$2&'0*4#+'*4"B4"2'*:%6"23%-1#*&'*823"'4"'3#00%&'"*4%"%*0#"<2"#8*&#*2-1#":%3#*#-1"#*'*823"'4"'3#00%&'"*#* ƵŵĂŐƌĂŶĚĞǀĂƌŝĞĚĂĚĞĚĞŽƵƚƌŽƐĚŝƐƉŽƐŝƟǀŽƐ͘ŵŽƵƚƌŽƐĐĂƐŽƐ͕ŽƐĐŝƌĐƵŝƚŽƐĚĞŝŶƚĞƌĨĂĐĞƉŽĚĞŵƐĞƌƚĆŽƐŝŵƉůĞƐ 9,%-1'*,8*"#D201"%&'"? "%$?;<( KDŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌĠŽĐŽƌĂĕĆŽĚŽŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌ͕ƐĞŶĚŽƌĞƐƉŽŶƐĄǀĞůƉĞůĂƌĞĂůŝnjĂĕĆŽĚĞƵŵ ƐĞŵͲŶƷŵĞƌŽĚĞĨƵŶĕƁĞƐ͕ĚĞŶƚƌĞĂƐƋƵĂŝƐĚĞƐƚĂĐĂŵͲƐĞ͗ ͻ ͻ ͻ ͻ ͻ ͻ &ŽƌŶĞĐŝŵĞŶƚŽĚĞƐŝŶĂŝƐĚĞƚĞŵƉŽƌŝnjĂĕĆŽĞĐŽŶƚƌŽůĞĂƚŽĚŽƐŽƐĞůĞŵĞŶƚŽƐĐŽŵƉŽŶĞŶƚĞƐĚŽŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌ͖ ƵƐĐĂĚĞŝŶƐƚƌƵĕƁĞƐĞĚĂĚŽƐŶĂŵĞŵſƌŝĂ͖ dƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐĚĞͬƉĂƌĂŵĞŵſƌŝĂĞĚŝƐƉŽƐŝƟǀŽƐĚĞEdZͬ^1͖ ĞĐŽĚŝĮĐĂĕĆŽĚĞŝŶƐƚƌƵĕƁĞƐ͖ ZĞĂůŝnjĂĕĆŽĚĞŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐĞůſŐŝĐĂƐŶĞĐĞƐƐĄƌŝĂƐăĞdžĞĐƵĕĆŽĚĞŝŶƐƚƌƵĕƁĞƐ͖ ZĞƐƉŽƐƚĂĂŽƐƐŝŶĂŝƐŐĞƌĂĚŽƐƉĞůŽƐĚŝƐƉŽƐŝƟǀŽƐĚĞEdZͬ^1͕ĐŽŵŽZ^dĞ/EdZZhWd͘ KђWĐŽŶƚĠŵƚŽĚŽƐŽƐĐŝƌĐƵŝƚŽƐůſŐŝĐŽƐŶĞĐĞƐƐĄƌŝŽƐăƌĞĂůŝnjĂĕĆŽĚĞƐƚĂƐĨƵŶĕƁĞƐ͘dĂůůſŐŝĐĂŶĆŽĞƐƚĄĚŝƐƉŽŶşǀĞů ĞdžƚĞƌŶĂŵĞŶƚĞ͕ƉŽƌĞƐƚĂƌĞŶĐĞƌƌĂĚĂĞŵƵŵĐŚŝƉ͘ƉĞƐĂƌĚŝƐƐŽ͕ƉŽĚĞŵŽƐĐŽŶƚƌŽůĂƌŽƋƵĞŽĐŽƌƌĞĚĞŶƚƌŽĚŽђW ĂƚƌĂǀĠƐĚŽƐƉƌŽŐƌĂŵĂƐĐŽůŽĐĂĚŽƐŶĂŵĞŵſƌŝĂƉĂƌĂƋƵĞŽђWŽƐĞdžĞĐƵƚĞ͘EĞƐƐĞƐĞŶƟĚŽ͕ŽђWĠďĂƐƚĂŶƚĞǀĞƌƐĄƟů ʹƋƵĂŶĚŽƋƵĞƌĞŵŽƐŵƵĚĂƌƐƵĂĨŽƌŵĂŽƉĞƌĂĕĆŽ͕ƚƌŽĐĂŵŽƐƐŝŵƉůĞƐŵĞŶƚĞŽƐƉƌŽŐƌĂŵĂƐĂƌŵĂnjĞŶĂĚŽƐĞŵƐƵĂƐ ŵĞŵſƌŝĂƐZD;ƐŽŌǁĂƌĞͿĞZKD;ĮƌŵǁĂƌĞͿĂŽŝŶǀĠƐĚĞĂůƚĞƌĂƌƐĞƵƐĐŝƌĐƵŝƚŽƐĞůĞƚƌƀŶŝĐŽƐ;ŚĂƌĚǁĂƌĞ)? ůſŐŝĐĂŝŶƚĞƌŶĂĚŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌĠĞdžƚƌĞŵĂŵĞŶƚĞĐŽŵƉůĞdžĂ͕ĞƐƚĂŶĚŽĚŝƐƚƌŝďƵşĚĂƉŽƌƚƌġƐƵŶŝĚĂĚĞƐďĄƐŝĐĂƐ͗ ĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞĞƚĞŵƉŽƌŝnjĂĕĆŽ͕ĂƵŶŝĚĂĚĞĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽŝŶƚĞƌŶŽĞĂh>;ĮŐƵƌĂ͘ϯͿ͘ !! !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'()@'+'A-"6&674'B$-5"1-&"4'67'$8'5C"9'>D sĂůĞŽďƐĞƌǀĂƌƋƵĞ͕ĂůĠŵĚĂƐĨƵŶĕƁĞƐĞƐƉĞĐşĮĐĂƐĚĞĐĂĚĂƵŵĂĚĞƐƚĂƐƵŶŝĚĂĚĞƐ͕ĂŝŶƚĞƌĂĕĆŽĞŶƚƌĞĞůĂƐĠƵŵƉŽŶƚŽ 8,21'*284'"1%-1#*-'*#01,&'*&'*823"'4"'3#00%&'"? ĨƵŶĕĆŽƉƌŝŵŽƌĚŝĂůĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞĞƚĞŵƉŽƌŝnjĂĕĆŽĠďƵƐĐĂƌĂƐŝŶƐƚƌƵĕƁĞƐŶĂŵĞŵſƌŝĂĞĐŽĚŝĮĐĂƌ;ŝŶƚĞƌ= ƉƌĞƚĂƌͿƐĞƵƐĐſĚŝŐŽƐĚĞŽƉĞƌĂĕĆŽ͕ŐĞƌĂŶĚŽŽƐƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞĞƚĞŵƉŽƌŝnjĂĕĆŽŶĞĐĞƐƐĄƌŝŽƐƉĂƌĂƋƵĞĂƐĚĞŵĂŝƐ ƵŶŝĚĂĚĞƐĚŽђWƉŽƐƐĂŵ͕ĞĨĞƟǀĂŵĞŶƚĞĞdžĞĐƵƚĂƌƚĂŝƐŝŶƐƚƌƵĕƁĞƐ͘ƐƐĂƵŶŝĚĂĚĞƚĂŵďĠŵŐĞƌĂƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞĞ ƚĞŵƉŽƌŝnjĂĕĆŽƉĂƌĂŽƐĚŝƐƉŽƐŝƟǀŽƐĞdžƚĞƌŶŽƐĂŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ͗ŵĞŵſƌŝĂƐĚŽƟƉŽZDͬZKDĞĚŝƐƉŽƐŝƟǀŽƐĚĞ EdZͬ^1͘ ƵŶŝĚĂĚĞĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽŝŶƚĞƌŶŽĐŽŶƚĠŵĚŝǀĞƌƐŽƐƌĞŐŝƐƚƌĂĚŽƌĞƐƵƟůŝnjĂĚŽƐĚƵƌĂŶƚĞĂĞdžĞĐƵĕĆŽĚĞƵŵĂŝŶƐ= ƚƌƵĕĆŽƉĞůŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ͘KŵĂŝƐŝŵƉŽƌƚĂŶƚĞĠŽĐŽŶƚĂĚŽƌĚĞƉƌŽŐƌĂŵĂͲW;WƌŽŐƌĂŵŽƵŶƚĞƌ).*"#04'-0><#+* ƉĞůŽĂƌŵĂnjĞŶĂŵĞŶƚŽĚŽĞŶĚĞƌĞĕŽĚĂƉƌſdžŝŵĂŝŶƐƚƌƵĕĆŽĂƐĞƌĞdžĞĐƵƚĂĚĂƉĞůŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ͘ůĠŵĚŽW ĞdžŝƐƚĞŵĚŝǀĞƌƐŽƐŽƵƚƌŽƐƌĞŐŝƐƚƌĂĚŽƌĞƐƋƵĞƌĞĂůŝnjĂŵǀĄƌŝĂƐĨƵŶĕƁĞƐ͗ĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞĐſĚŝŐŽĚĞŽƉĞƌĂĕĆŽĚĞ ŝŶƐƚƌƵĕƁĞƐƋƵĞĞƐƟǀĞƌĞŵƐĞŶĚŽĚĞĐŽĚŝĮĐĂĚĂƐ͕ĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞĚĂĚŽƐƋƵĞĞƐƚĆŽƐĞŶĚŽŽƉĞƌĂĚŽƐƉĞůĂh>͕ ĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞĞŶĚĞƌĞĕŽƐĞĚĂĚŽƐĂƐĞƌĞŵďƵƐĐĂĚŽƐŶĂŵĞŵſƌŝĂ͕ĞŵƵŝƚŽƐŽƵƚƌŽƐƌĞŐŝƐƚƌĂĚŽƌĞƐĚĞƉƌŽƉſ= ƐŝƚŽŐĞƌĂů͕ĐƵũĂƵƟůŝnjĂĕĆŽĠĐŽŶƚƌŽůĂĚĂƉĞůĂƐŝŶƐƚƌƵĕƁĞƐĚŽƉƌŽŐƌĂŵĂĞŵĞdžĞĐƵĕĆŽ͘ KƐƌĞŐŝƐƚƌĂĚŽƌĞƐĚĂƵŶŝĚĂĚĞĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽƐĆŽĚŝǀŝĚŝĚŽƐĞŵƌĞŐŝƐƚƌĂĚŽƌĞƐĚĞƉƌŽƉſƐŝƚŽŐĞƌĂů͕ĐƵũŽƵƐŽĠĚĞ= ĮŶŝĚŽƉĞůĂƐŝŶƐƚƌƵĕƁĞƐĞŵĞdžĞĐƵĕĆŽ͕ĞƌĞŐŝƐƚƌĂĚŽƌĞƐĚĞƉƌŽƉſƐŝƚŽĞƐƉĞĐşĮĐŽƐ͕ĚĞƵƐŽĞdžĐůƵƐŝǀŽĚŽƉƌŽĐĞƐƐĂĚŽƌ͕ ŶŽƉƌŽĐĞƐƐŽĚĞĞdžĞĐƵĕĆŽĚĂƐŝŶƐƚƌƵĕƁĞƐĚĞƵŵƉƌŽŐƌĂŵĂ͘ůĠŵĚŽW͕ĞdžŝƐƚĞŵĚŝǀĞƌƐŽƐŽƵƚƌŽƐƌĞŐŝƐƚƌĂĚŽƌĞƐĚĞ ƉƌŽƉſƐŝƚŽĞƐƉĞĐşĮĐŽ͕ĐŽŵŽƌĞŐŝƐƚƌĂĚŽƌĚĞŝŶƐƚƌƵĕƁĞƐͲ/Z;/ŶƐƚƌƵĐƟŽŶZĞŐŝƐƚĞƌ).*9,#*%"8%$#-%*'*3B&2D'*&%*'4#= ƌĂĕĆŽĚĂŝŶƐƚƌƵĕĆŽƋƵĞĞƐƚĄƐĞŶĚŽĞdžĞĐƵƚĂĚĂ͕ŽƌĞŐŝƐƚƌĂĚŽƌĚĞĞŶĚĞƌĞĕŽĚĞŵĞŵſƌŝĂͲDZ;DĞŵŽƌLJĚĚƌĞƐƐ ZĞŐŝƐƚĞƌͿ͕ƋƵĞĂƌŵĂnjĞŶĂŽĞŶĚĞƌĞĕŽĚĂŝŶĨŽƌŵĂĕĆŽĂƐĞƌůŝĚĂŽƵĞƐĐƌŝƚĂŶĂŵĞŵſƌŝĂ͕ĞŽƌĞŐŝƐƚƌĂĚŽƌĚĞĚĂĚŽƐĚĞ ŵĞŵſƌŝĂͲDZ;DĞŵŽƌLJƵīĞƌZĞŐŝƐƚĞƌͿ͕ƋƵĞĂƌŵĂnjĞŶĂĂŝŶĨŽƌŵĂĕĆŽĂƐĞƌůŝĚĂŽƵĞƐĐƌŝƚĂŶĂŵĞŵſƌŝĂ͘ h>ƌĞĂůŝnjĂƵŵĂŐĂŵĂǀĂƌŝĂĚĂĚĞŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐͲůſŐŝĐĂƐƐŽďƌĞĚĂĚŽƐ͘dĂŝƐŽƉĞƌĂĕƁĞƐƐĞŵƉƌĞŝŶĐůƵĞŵĂ ĂĚŝĕĆŽ͕ƐƵďƚƌĂĕĆŽ͕ĂƐŽƉĞƌĂĕƁĞƐůſŐŝĐĂƐĐŽŵŽŽE͕KZ͕yͲKZ͕ŽƉĞƌĂĕƁĞƐĚĞĚĞƐůŽĐĂŵĞŶƚŽ͕ĂůĠŵĚĞŽƉĞƌĂĕƁĞƐ ĚĞŝŶĐƌĞŵĞŶƚŽĞĚĞĐƌĞŵĞŶƚŽ͘KƐŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌĞƐŵĂŝƐĂǀĂŶĕĂĚŽƐƚġŵƵŵĂh>ƋƵĞƉŽĚĞĨĂnjĞƌŵƵůƟƉůŝĐĂ= ĕĆŽĞĚŝǀŝƐĆŽ͘ƵƌĂŶƚĞĂŽƉĞƌĂĕĆŽĚŽŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌ͕ĂƐŽƉĞƌĂĕƁĞƐĞdžĞĐƵƚĂĚĂƐƉĞůĂh>ĞƐƚĆŽƐŽďĐŽŶƚƌŽůĞ ĚĂƵŶŝĚĂĚĞĚĞĐŽŶƚƌŽůĞĞƚĞŵƉŽƌŝnjĂĕĆŽ͕ĂƋƵĂůŶĂƚƵƌĂůŵĞŶƚĞĨĂnjŽƋƵĞŵĂŶĚĂŽĐſĚŝŐŽĚĞŽƉĞƌĂĕĆŽĚĂŝŶƐƚƌƵĕĆŽ 9,#*:'2*+2&%*&%*8#8B"2%*4%"%*0#"*#X#3,1%&%? EĂĮŐƵƌĂ͘ϰ͕ĚĞŵŽŶƐƚƌĂͲƐĞĂƐĞƋƺġŶĐŝĂĚĂĞdžĞĐƵĕĆŽĚĞƵŵĂŝŶƐƚƌƵĕĆŽĚĞƵŵƉƌŽŐƌĂŵĂ͕ŽƋƵĂůĐŽŶƐŝƐƚĞ͕ĞŵƵŵ ĐŽŶũƵŶƚŽĚĞŝŶƐƚƌƵĕƁĞƐĂƌŵĂnjĞŶĂĚĂƐŶĂŵĞŵſƌŝĂ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'()E'+'?"5=1'67'F-4:%$/01 WhĞdžĞĐƵƚĂŽƚƌĂďĂůŚŽĞŵƵŵĂƐĞƋƺġŶĐŝĂĚĞŶŽŵŝŶĂĚĂƉŽƌ/>K/E^dZhKƋƵĞĠƐƵďĚŝǀŝĚŝĚŽĞŵ/>K h^/>KyhKĂƚĠŽĮŶĂůĚŽ/>K/E^dZhK͘ ŵŐĞƌĂů͕ĂƐŝŶƐƚƌƵĕƁĞƐƐĞĞŶĐĂŝdžĂŵŶĂƐƐĞŐƵŝŶƚĞƐĐĂƚĞŐŽƌŝĂƐ͗ ͻ )8"%9%:,:*;<=dƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐĞŶƚƌĞWhͬŵĞŵſƌŝĂŽƵǀŝĐĞͲǀĞƌƐĂ͘ ͻ )8"%9%#>*=%dƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐƉĂƌĂĚĞŶƚƌŽŽƵĨŽƌĂĚŽƐŝƐƚĞŵĂǀŝĂŵſĚƵůŽƐĚĞ/ͬK;ŝŶƚĞƌĨĂĐĞƐͿ͘ ͻ 8;*),??$:,+(*%&,%&$&*?͗džĞĐƵĕĆŽĚĞŽƉĞƌĂĕƁĞƐĂƌŝƚŵĠƟĐĂƐŽƵůſŐŝĐĂƐĐŽŵŽƐĚĂĚŽƐ͘ #,&",)=,&> фŚƩƉ͗ͬͬĞŶ͘ǁŝŬŝƉĞĚŝĂ͘ŽƌŐͬǁŝŬŝͬDĂŝŶͺWĂŐĞх фŚƩƉ͗ͬͬǁŚĂƟƐ͘ƚĞĐŚƚĂƌŐĞƚ͘ĐŽŵͬх фŚƩƉ͗ͬͬǁǁǁ͘ĐůƵďĞĚŽŚĂƌĚǁĂƌĞ͘ĐŽŵ͘ďƌͬх фŚƩƉ͗ͬͬǁǁǁ͘ŚĂƌĚǁĂƌĞĐĞŶƚƌĂů͘ĐŽŵͬŚĂƌĚǁĂƌĞĐĞŶƚƌĂůͬх !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% "+#&$&, ) !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 )354HWX4HG!6 ĂƌŽĂůƵŶŽ͕ŽŵĂƚĞƌŝĂůƌĞĨĞƌĞŶƚĞĂŽƉĞƌŝĨĠƌŝĐŽĚŽƟƉŽŵŽƵƐĞĞƐƚĄĚŝƐƉŽŶşǀĞůŶŽůŝŶŬĂďĂŝdžŽ͗ фŚƩƉ͗ͬͬƚƐŝĂĚ͘ĐĞĨĞƚƌƐ͘ƚĐŚĞ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬŚĐŽͺƵĚͬŵŽƵƐĞ͘ƉĚĨх H?%+(0@;<( KŵŽŶŝƚŽƌĚĞǀşĚĞŽŽƵƐŝŵƉůĞƐŵĞŶƚĞŵŽŶŝƚŽƌĠŽĞƋƵŝƉĂŵĞŶƚŽƉƌŝŶĐŝƉĂůĐƵũĂĨƵŶĕĆŽĠƉĞƌŵŝƟƌĂŝŶƚĞƌĨĂĐĞǀŝƐƵĂů #-1"#*'*3'84,1%&'"*#*'*,0,>"2'? ƐƐĂŝŶƚĞƌĂĕĆŽƉĞƌŵŝƚĞƋƵĞǀŝƐƵĂůŝnjĞŵŽƐĚĂĚŽƐĚĞĞŶƚƌĂĚĂĞĚĂĚŽƐŽƌŝƵŶĚŽƐĚĞƵŵƉƌŽĐĞƐƐĂŵĞŶƚŽŝŶƚĞƌŶŽ͕ďĞŵ ĐŽŵŽƋƵĞƉŽƐƐĂŵŽƐǀŝƐƵĂůŝnjĂƌĮŐƵƌĂƐ͕ƚĞdžƚŽƐ͕ĐŽŵĂŶĚŽƐ͕ĨŽƚŽƐ͕ĮůŵĞƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͘ ^ĞƌŝĂĚŝİĐŝůŝŵĂŐŝŶĂƌƵŵĐŽŵƉƵƚĂĚŽƌƐĞŵƵŵŵŽŶŝƚŽƌĚĞǀşĚĞŽ͘ WĂƌĂƋƵĞŵƉĂƐƐĂǀĄƌŝĂƐŚŽƌĂƐŶĂĨƌĞŶƚĞĚĞƵŵŵŽŶŝƚŽƌ͕ĂůĠŵĚĂĐŽŶƐƟƚƵŝĕĆŽĚŽƐƟƉŽƐŵĂŝƐĐŽŵƵŶƐ;ZdĞ>Ϳ͕ %*9,%+2&%&#*4%00%*%*0#"*,8*%04#31'*:,-&%8#-1%+*#8*-'00%*%->+20#*&%9,2*#8*&2%-1#? /(?&%(+)G48)S8@"()0$)4,&(>)G,%N0&A(>T KŵŽŶŝƚŽƌ͕ĞŵŐĞƌĂů͕ƚĞŵƐƵĂƐƚĞůĂƐĚĞŝŵĂŐĞŵĐŽŶƐƚƌƵşĚĂƐ͕ĂƉĂƌƟƌĚĞƵŵdƵďŽĚĞZĂŝŽƐĂƚſĚŝĐŽƐ͕ĐŽŶĨŽƌŵĞ ĮŐƵƌĂϭ͘ŝŵĂŐĞŵƐĞĨŽƌŵĂĞŵƵŵĂƚĞůĂĐŽŶƐƟƚƵşĚĂƉŽƌƵŵĂƉĞůşĐƵůĂĚĞĨſƐĨŽƌŽĞ͕ƵŵĂǀĞnjƋƵĞƵŵĚĞƐĞƵƐ ƉŽŶƚŽƐĚĞŝŵĂŐĞŵĠĂƟŶŐŝĚŽƉŽƌƵŵ4@AB12C*(D#"%&'*4#+'*06CDE2%74%/.6F4.Ϳ͕ĞůĞĞŵŝƚĞůƵnjͲĞŝƐƐŽĠŽƋƵĞŽ ŽůŚŽŚƵŵĂŶŽĐĂƉƚĂ͘ĮŐƵƌĂ͘ϭŵŽƐƚƌĂĐŽŵŽĠĨŽƌŵĂĚŽŽĨĞŝdžĞĚĞĞůĠƚƌŽŶƐĞĐŽŵŽĞůĞĠĚŝƌĞĐŝŽŶĂĚŽƉĂƌĂƋƵĞ ƉŽƐƐĂŝŶĐŝĚŝƌŶŽůŽĐĂůĐĞƌƚŽŶĂƚĞůĂ͕ƐĞŶĚŽƌĞƐƉŽŶƐĄǀĞůƉŽƌĞƐƐĂƚĂƌĞĨĂ͕ĂƐƉůĂĐĂƐĚĞĚĞŇĞdžĆŽŚŽƌŝnjŽŶƚĂŝƐ͕ĂƐƋƵĂŝƐ ĨĂnjĞŵĐŽŵƋƵĞŽĨĞŝdžĞƐĞĚĞƐůŽƋƵĞǀĞƌƟĐĂůŵĞŶƚĞĞĂƐƉůĂĐĂƐǀĞƌƟĐĂŝƐƋƵĞ͕ĂŽĐŽŶƚƌĄƌŝŽ͕ĨĂnjĞŵĐŽŵƋƵĞŚĂũĂŽ ĐŽŶƚƌŽůĞŶŽƐĞŶƟĚŽŚŽƌŝnjŽŶƚĂů͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'?)*G'H1-":1%'?IJ ĂĚĂƉŽŶƚŽĚĂŝŵĂŐĞŵƉƌĞĐŝƐĂƐĞƌ͞ŝŵƉƌĞƐƐŽ͟ŶĂƚĞůĂ͘/ƐƐŽĠĐŽŶƐĞŐƵŝĚŽďŽŵďĂƌĚĞĂŶĚŽŝŶĚŝǀŝĚƵĂůŵĞŶƚĞƚŽĚŽƐ ŽƐƉŽŶƚŽƐĚĂƚĞůĂ͕ƵŵĚĞĐĂĚĂǀĞnj͕ƉŽŶƚŽƉŽƌƉŽŶƚŽ͕ůŝŶŚĂƉŽƌůŝŶŚĂ͕ĚŽŝŶşĐŝŽĂŽĮŵĚĂƚĞůĂ͕ĞŶƚĆŽĚĞǀŽůƚĂĂŽ ŝŶşĐŝŽĞĂƐƐŝŵƐƵĐĞƐƐŝǀĂŵĞŶƚĞ͕ŝŶŝŶƚĞƌƌƵƉƚĂŵĞŶƚĞ͕ƐĞŵƉĂƌĂƌ͘ ^ĆŽĚŽŝƐƉƌŽĐĞƐƐŽƐĐŽŽƌĚĞŶĂĚŽƐĚĞǀĂƌƌĞĚƵƌĂĚĂƚĞůĂ͕ĐŽŶĨŽƌŵĞ&ŝŐƵƌĂ͘Ϯ͘ !"#$%&'?);G'K&%%76$%&'6&':7=& ůƵnj ĞŵŝƟĚĂ ƉĞůŽ ƉŽŶƚŽ ĚĞ ĨſƐĨŽƌŽ ͞ďŽŵďĂƌĚĞĂĚŽ͟ ƚĞŵ 341.6CGC0/6 ;ĚƵƌĂĕĆŽͿ ĐƵƌƚĂ Ğ ůŽŐŽ ĞƐŵĂĞĐĞ Ğ ƐĞ ĂƉĂŐĂ͘ƐƐŝŵ͕ĞƐƐĞƉƌŽĐĞƐƐŽĚĞ͞ďŽŵďĂƌĚĞŝŽ͟ƉƌĞĐŝƐĂƐĞƌƌĞƉĞƟĚŽƉĞƌŝŽĚŝĐĂŵĞŶƚĞĂĮŵĚĞŵĂŶƚĞƌĂŝŵĂŐĞŵ ǀŝƐşǀĞů͕ŵĞƐŵŽƋƵĞĂŝŵĂŐĞŵŶĆŽŵƵĚĞ;EŽƚĂ͗ŽŵĞƐŵŽƉƌŽĐĞƐƐŽƚĂŵďĠŵĂĐŽŶƚĞĐĞĐŽŵĂƚĞůĞǀŝƐĆŽ͊Ϳ͘WŽƌƚĂŶ= ƚŽ͕ŽĐŽŵƉƵƚĂĚŽƌ;ŽƉƌŽĐĞƐƐĂĚŽƌͿƉƌĞĐŝƐĂĮĐĂƌĐŽŶƐƚĂŶƚĞŵĞŶƚĞƌĞͲĞŶǀŝĂŶĚŽĂŵĞƐŵĂŝŵĂŐĞŵ;ŽƵĂƐŝŵĂŐĞŶƐ ŵŽĚŝĮĐĂĚĂƐͿƉĂƌĂĂ/CB41H604ƋƵĞ͕ƉŽƌƐƵĂǀĞnj͕͞ƌĞĨƌĞƐĐĂ͟ĂƚĞůĂ͘ KƐŵŽŶŝƚŽƌĞƐĞƌĂŵŝŶŝĐŝĂůŵĞŶƚĞƵƟůŝnjĂĚŽƐƉĂƌĂĞdžŝďŝƌĂƉĞŶĂƐĐĂƌĂĐƚĞƌĞƐ;ŵŽĚŽĐĂƌĂĐƚĞƌĞͿĞŵƵŵĂƷŶŝĐĂĐŽƌ (D#"%+8#-1#*,8*:B0:'"'*<#"&#.*%+D,8%0*<#$#0*6"%-3'*',*%2-&%*+%"%-@%)?*P#00%*:'"8%.*'*9,#*1"%:#D%<%*-%*2-1#":%3#* ĞŶƚƌĞĐŽŵƉƵƚĂĚŽƌĞŵŽŶŝƚŽƌĞƌĂŵĂƉĞŶĂƐĐſĚŝŐŽƐĞŵďŝƚƐ;ŐĞƌĂůŵĞŶƚĞ^//ͿƋƵĞƌĞƉƌĞƐĞŶƚĂǀĂŵŽƐĐĂƌĂĐƚĞƌĞƐ ƋƵĞƐĞƌŝĂŵĞdžŝďŝĚŽƐ͘EĂŝŶƚĞƌĨĂĐĞ͕ĞƐƐĞƐĐſĚŝŐŽƐĚŝŐŝƚĂŝƐĞƌĂŵĚĞĐŽĚŝĮĐĂĚŽƐĞƚƌĂŶƐĨŽƌŵĂĚŽƐĞŵƐŝŶĂŝƐĂŶĂůſŐŝ= !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ĐŽƐ;ƐŝŶĂŝƐĚĞǀşĚĞŽͿ͘ŽŶĨŽƌŵĞ&ŝŐƵƌĂ͘ϯ͘ !"#$%&'?)@G'L"-&"4'67'MN671 WŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĐŽŵŽĂĚǀĞŶƚŽĚĞƐŝƐƚĞŵĂƐŐƌĄĮĐŽƐ;ŝŶŝĐŝĂůŵĞŶƚĞĞŵĂƉůŝĐĂĕƁĞƐĞƐƉĞĐŝĂůŝnjĂĚĂƐ͕ĞŵŐĞƌĂůůŝŐĂĚĂƐ H*#-D#-7%"2%.*1%+*3'8'*AEP*=*ŽŵƉƵƚĞƌŝĚĞĚĞƐŝŐŶͿ͕ĨŽƌĂŵĚĞƐĞŶǀŽůǀŝĚŽƐŵŽŶŝƚŽƌĞƐŐƌĄĮĐŽƐĞŵĐŽƌĞƐ͘EĞƐƐĞƐ ŵŽŶŝƚŽƌĞƐ͕ĂŝŵĂŐĞŵƉĂƐƐŽƵĂƐĞƌĐŽŶƐƟƚƵşĚĂ͕ŶĆŽŵĂŝƐƉŽƌƵŵĐĂƌĂĐƚĞƌĚĞƵŵĂƐſĐŽƌ͕ŽƋƵĂůƉŽĚŝĂƐĞƌƚƌĂƚĂĚŽ ĐŽŵŽƵŵĐſĚŝŐŽ͕ŵĂƐƉŽƌƉŽŶƚŽƐŝŶĚŝǀŝĚƵĂůŵĞŶƚĞŐĞƌĂĚŽƐŶĂƚĞůĂĞƋƵĞ͕ĂŐƌƵƉĂĚŽƐ͕ĨŽƌŵĂǀĂŵŽƐŐƌĄĮĐŽƐĞͬŽƵ ŽƐĐĂƌĂĐƚĞƌĞƐ͘ŽŶĨŽƌŵĞ&ŝŐƵƌĂƐ͘ϰ͕͘ϱĞ͘ϲ͘ !"#$%&'?)E A%&%*,8*�#0*4'-1'0*(37%8%&'0*ƉŝdžĞůƐͲƉŝĐƚƵƌĞĞůĞŵĞŶƚƐ)*4%00',*%*1#"*&2<#"0'0*%1"26,1'0.*#-1"#*#+#0*%*3'"?* ĂĚĂĐŽƌĞdžŝďŝĚĂƉƌĞĐŝƐĂƐĞƌŝĚĞŶƟĮĐĂĚĂƉŽƌƵŵĐſĚŝŐŽ͘^ĞƟǀĞƌŵŽƐϭϲсϮϰĐŽƌĞƐ͕ƐĞƌĆŽŶĞĐĞƐƐĄƌŝŽƐϭϲĐſĚŝŐŽƐ Ğ͕ƉŽƌƚĂŶƚŽ͕ϰďŝƚƐƉĂƌĂŝĚĞŶƟĮĐĄͲůĂƐŝŶĚŝǀŝĚƵĂůŵĞŶƚĞ͘^ĞŶĚŽϮϱϲсϮϴĐŽƌĞƐ͕ƐĞƌĆŽ͕ƉŽƌƚĂŶƚŽ͕ϴďŝƚƐĞĂƐƐŝŵƉŽƌ ĚŝĂŶƚĞ͕ĂƚĠĂĐŚĂŵĂĚĂƚƌƵĞĐŽůŽƌĐŽŵϲϰŵŝůŚƁĞƐсϮϯϮĐŽƌĞƐĞdžŝŐŝŶĚŽϯϮďŝƚƐ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'?)O EĂ&ŝŐƵƌĂ͘ϱ͕ĐĂĚĂůĞƚƌĂĐŽƌƌĞƐƉŽŶĚĞƌĞƐƉĞĐƟǀĂŵĞŶƚĞĂ͗ʹĂƚŽĚŽ͖ʹZĞǀĞƐƟŵĞŶƚŽĐŽŶĚƵƟǀŽ͖ʹŶŽĚŽ͖ ʹdĞůĂƌĞǀĞƐƟĚĂĚĞĨſƐĨŽƌŽ͖ʹ&ĞŝdžĞĚĞĞůĠƚƌŽŶƐ͖&ʹDĄƐĐĂƌĂĚĞƐŽŵďƌĂ͘ !"#$%&'?)P dĂŵďĠŵĞŵƚĞƌŵŽƐĚĞƌĞƐŽůƵĕĆŽ;ŶƷŵĞƌŽĚĞƉŽŶƚŽƐĚĞŝŵĂŐĞŵƉŽƌƚĞůĂͿ͕ĂƐĞdžŝŐġŶĐŝĂƐĐƌĞƐĐĞƌĂŵŵƵŝƚŽ͘YƵĂŶ= 1'*8%20*ƉŝdžĞůƐŵĂŝŽƌƌĞƐŽůƵĕĆŽ͕ŵĂƐƚĂŵďĠŵŵĂŝŽƌŶƷŵĞƌŽĚĞďŝƚƐĂƐĞƌĞŵƚƌĂŶƐŵŝƟĚŽƐĞŵĐĂĚĂƚĞůĂ͘ƋƵĂŶ= ƟĚĂĚĞĚĞŝŶĨŽƌŵĂĕĆŽƋƵĞƉĂƐƐŽƵĂƚƌĂĨĞŐĂƌĞŶƚƌĞĐŽŵƉƵƚĂĚŽƌĞŵŽŶŝƚŽƌĂƵŵĞŶƚŽƵĚĞĨŽƌŵĂĞdžƚƌĂŽƌĚŝŶĄƌŝĂ͕ ĞdžŝŐŝŶĚŽŶŽǀĂƐƐŽůƵĕƁĞƐĚĞƉƌŽũĞƚŽƉĂƌĂĞǀŝƚĂƌƋƵĞĂĞdžŝďŝĕĆŽĚĞŝŶĨŽƌŵĂĕƁĞƐŶĂƚĞůĂƐĞƚƌĂŶƐĨŽƌŵĂƐƐĞĞŵƵŵ ͞ŐĂƌŐĂůŽ͟;ďŽƩůĞŶĞĐŬͿƉĂƌĂŽĚĞƐĞŵƉĞŶŚŽĚŽƐŝƐƚĞŵĂ͘ƐŽůƵĕĆŽƉĂƌĂĞƐƐĞƉƌŽďůĞŵĂǀĞŝŽĐŽŵŽĚĞƐĞŶǀŽůǀŝŵĞŶ= 1'* &#* 2-1#":%3#0* 8%20* #+%6'"%&%0.* 4'00262+21%-&'* 8%2'"* ƚŚƌŽƵŐŚƉƵƚ͕ ďĞŵ ĐŽŵŽ ƉĞůĂ ƵƟůŝnjĂĕĆŽ ĚĞ ǀĞƌĚĂĚĞŝƌŽƐ% 3120455672145%74%/.6F4.;ŝŶƚĞƌĨĂĐĞƐĚŽƚĂĚĂƐĚĞƉƌŽĐĞƐƐĂĚŽƌĞƐĞƐƉĞĐŝĂůŝnjĂĚŽƐƉĂƌĂƉƌŽĐĞƐƐĂŵĞŶƚŽŐƌĄĮĐŽĞ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ĚĞŵĞŵſƌŝĂůŽĐĂůͿ͘ĞƐƐĂĨŽƌŵĂ͕ŽĐŽŵƉƵƚĂĚŽƌƉĂƐƐŽƵĂƚƌĂŶƐŵŝƟƌƉƌŝŵŝƟǀĂƐŐƌĄĮĐĂƐ;ŝŶĨŽƌŵĂĕƁĞƐĐŽĚŝĮĐĂĚĂƐ ƋƵĞĞƌĂŵƚƌĂŶƐĨŽƌŵĂĚĂƐĞŵŐƌĄĮĐŽĂƉĞŶĂƐŶŽƉƌŽĐĞƐƐĂĚŽƌŐƌĄĮĐŽĚĂŝŶƚĞƌĨĂĐĞͿ͘KƉƌŽĐĞƐƐŽĚĞƌĞĨƌĞƐŚƚĂŵďĠŵ ƉĂƐƐŽƵĂƐĞƌĂƚƌŝďƵŝĕĆŽƐŽŵĞŶƚĞĚŽƉƌŽĐĞƐƐĂĚŽƌĚĞǀşĚĞŽ͕ŶĆŽŚĂǀĞŶĚŽŶĞĐĞƐƐŝĚĂĚĞĚŽƉƌŽĐĞƐƐĂĚŽƌƉƌŝŶĐŝƉĂů ;ŽƉƌŽĐĞƐƐĂĚŽƌĚŽĐŽŵƉƵƚĂĚŽƌͿƌĞĞŶǀŝĂƌƵŵĂŝŵĂŐĞŵƋƵĞŶĆŽƐŽĨƌĞƐƐĞĂůƚĞƌĂĕƁĞƐ͘DĂŝƐĂŝŶĚĂ͗ŽƉƌŽĐĞƐƐŽĚĞ ĞŶǀŝŽĚĂƐŵŽĚŝĮĐĂĕƁĞƐĚĞƵŵĂŝŵĂŐĞŵƉĂƐƐŽƵĂƐĞƌĨĞŝƚŽƉŽƌĚŝĨĞƌĞŶĕĂ͕ŝƐƚŽĠ͕ŽƉƌŽĐĞƐƐĂĚŽƌƉƌŝŶĐŝƉĂůƚƌĂŶƐŵŝƚĞ %4#-%0*'*9,#*.I72IĞŽƉƌŽĐĞƐƐĂĚŽƌĚĞǀşĚĞŽƐĞĞŶĐĂƌƌĞŐĂĚĞĂůƚĞƌĂƌĂŝŵĂŐĞŵĚĞĂĐŽƌĚŽ͘ /(?&%(+)G48)L)3+&?A&V,&>)A,+,A%$+R>%&A,> W+$YZF?A&,)[(+&\(?%,KĐĂŶŚĆŽƉŽƐƐƵŝϯĨĞŝdžĞƐĚĞĐŽƌĞƐƋƵĞƚƌĂďĂůŚĂŵĞŵĐŽŶũƵŶƚŽĞĂŽŵĞƐŵŽƚĞŵƉŽ͕ĂƐĂďĞƌ͗ƵŵĨĞŝdžĞǀĞƌĚĞ͕Ƶŵ ĨĞŝdžĞǀĞƌŵĞůŚŽĞƵŵĨĞŝdžĞĂnjƵů͕ƐĞŶĚŽƋƵĞĂĐŽŵďŝŶĂĕĆŽĚĞƐƐĂƐĐŽƌĞƐŐĞƌĂŵĂƐŽƵƚƌĂƐ͘ŝŶƚĞŶƐŝĚĂĚĞĚĞƐƐĞĐĂ= ŶŚĆŽĠŵĞĚŝĚĂĞŵD,nj͘'ĞƌĂůŵĞŶƚĞ͕ŽƐŵŽŶŝƚŽƌĞƐƉŽƐƐƵĞŵĞƐƐĂŝŶƚĞŶƐŝĚĂĚĞ;ƚĂŵďĠŵĐŽŶŚĞĐŝĚĂƉŽƌůĂƌŐƵƌĂ &#*6%-&%.*6%-&%*4%00%-1#*',*ĚŽƚƌĂƚĞͿĞŶƚƌĞϭϬϬD,njĞϮϬϬD,nj͘KĐĂŶŚĆŽƉĞƌĐŽƌƌĞĂƚĞůĂĚŽŵŽŶŝƚŽƌĐŽŵ ĞƐƐĞƐƚƌġƐĨĞŝdžĞƐĞƌĞĂůŝnjĂŽƉƌŽĐĞƐƐŽĐŽŶƐƚĂŶƚĞŵĞŶƚĞ͕ĚĂƐĞŐƵŝŶƚĞĨŽƌŵĂ͗ŽĐĂŶŚĆŽƉĞƌĐŽƌƌĞĂƚĞůĂĞŵĨŽƌŵĂĚĞ ůŝŶŚĂƐ;ĚĂşŽŶŽŵĞĚĞŚŽƌŝnjŽŶƚĂůͿ͕ĐŽŵĞĕĂŶĚŽĚĞĐŝŵĂƉĂƌĂďĂŝdžŽĞĚĂĞƐƋƵĞƌĚĂƉĂƌĂĚŝƌĞŝƚĂ͘YƵĂŶĚŽƵŵĂůŝŶŚĂ ĠƚĞƌŵŝŶĂĚĂ͕ŽĐĂŶŚĆŽƉĂƌƚĞƉĂƌĂĂŽƵƚƌĂ͘YƵĂŶĚŽƚŽĚĂƐĂƐůŝŶŚĂƐƟǀĞƌĞŵƐŝĚŽƉĞƌĐŽƌƌŝĚĂƐ͕ĞůĞǀŽůƚĂƉĂƌĂŽŝŶşĐŝŽ #*"#4#1#*'*4"'3#00'?*\*3+%"'*9,#*<'3]*-5'*4#"3#6#*9,#*'*8'-21'"*:%$*200'.*4'20*#00#*4"'3#00'*'3'""#*&#*8%-#2"%* #X1"#8%8#-1#*">42&%? A7%8%8'0*&#*:"#9^]-32%*7'"2$'-1%+*'*-;8#"'*&#*+2-7%0*9,#*'*3%-75'*&'*8'-21'"*3'-0#D,#*4#"3'""#"*4'"*0#= ŐƵŶĚŽ͘ƐƐŝŵ͕ƐĞƵŵŵŽŶŝƚŽƌĐŽŶƐĞŐƵĞǀĂƌƌĞƌϯϱŵŝůůŝŶŚĂƐ͕ĚŝnjĞŵŽƐƋƵĞƐƵĂĨƌĞƋƺġŶĐŝĂŚŽƌŝnjŽŶƚĂůĠĚĞϯϱŬ,nj͘ W+$YZF?A&,)'$+%&A,sŽĐġƉŽĚĞƚĞƌŝŵĂŐŝŶĂĚŽƋƵĞƐĞĞdžŝƐƚĞƵŵĂĨƌĞƋƺġŶĐŝĂŚŽƌŝnjŽŶƚĂů͕ĞdžŝƐƚĞƵŵĂǀĞƌƟĐĂů͕͘ĚĞĨĂƚŽ͕ĞdžŝƐƚĞ͘ƐƐĂ :"#9^]-32%*3'-0201#*-'*1#84'*#8*9,#*'*3%-75'*+#<%*4%"%*2"*&'*3%-1'*0,4#"2'"*#09,#"&'*4%"%*'*3%-1'*2-:#"2'"*&2= ƌĞŝƚŽĚĂƚĞůĂ͘ƐƐŝŵ͕ƐĞĂĨƌĞƋƺġŶĐŝĂŚŽƌŝnjŽŶƚĂůŝŶĚŝĐĂĂƋƵĂŶƟĚĂĚĞĚĞǀĞnjĞƐƋƵĞŽĐĂŶŚĆŽĐŽŶƐĞŐƵĞǀĂƌƌĞƌůŝŶŚĂƐ ƉŽƌƐĞŐƵŶĚŽ͕ĂĨƌĞƋƺġŶĐŝĂǀĞƌƟĐĂůŝŶĚŝĐĂĂƋƵĂŶƟĚĂĚĞĚĞǀĞnjĞƐƋƵĞĂƚĞůĂƚŽĚĂĠƉĞƌĐŽƌƌŝĚĂƉĞůŽĐĂŶŚĆŽƉŽƌ ƐĞŐƵŶĚŽ͘^ĞĨŽƌƉĞƌĐŽƌƌŝĚĂ͕ƉŽƌĞdžĞŵƉůŽ͕ϱϲǀĞnjĞƐƉŽƌƐĞŐƵŶĚŽ͕ĚŝnjĞŵŽƐƋƵĞĂĨƌĞƋƺġŶĐŝĂǀĞƌƟĐĂůĚŽŵŽŶŝƚŽƌĠ &#*OV*F$? 4$>(-@;<()0(>)=(?&%(+$> sŽĐġũĄƐĂďĞƋƵĞĂŝŵĂŐĞŵĚŽŵŽŶŝƚŽƌĠĨŽƌŵĂĚĂƉĞůĂǀĂƌƌĞĚƵƌĂĚŽĐĂŶŚĆŽƐŽďƌĞĂƐůŝŶŚĂƐĐŽŵƉŽŶƚŽƐ;ĐŚĂŵĂ= &'0*&#*ƉŝdžĞůƐͿĚŽŵŽŶŝƚŽƌ͘YƵĂŶƚĂƐůŝŶŚĂƐŽŵŽŶŝƚŽƌƚĞŵ͍Ğŵ͕ƉĂƌĂƐĂďĞƌŝƐƐŽ͕ǀŽĐġƉŽĚĞĐŽŶƐƵůƚĂƌƐĞƵĐŽŵ= ƉƵƚĂĚŽƌƉĂƌĂĐŽŶŚĞĐĞƌĂƌĞƐŽůƵĕĆŽ͘ĂƐŽĂƌĞƐŽůƵĕĆŽƐĞũĂĚĞ͕ƉŽƌĞdžĞŵƉůŽ͕ϴϬϬdžϲϬϬ͕ƐŝŐŶŝĮĐĂƋƵĞĂƚĞůĂƉŽƐƐƵŝ ϴϬϬůŝŶŚĂƐŶĂǀĞƌƟĐĂůĞϲϬϬůŝŶŚĂƐŶĂŚŽƌŝnjŽŶƚĂů͘ĐŽŵŽƐĞĨŽƐƐĞƵŵĂŵĂƚƌŝnj͘WĂƌĂĞdžĞŵƉůŝĮĐĂƌ͕ŝŵĂŐŝŶĞƋƵĞĐĂĚĂ ƉŽŶƚŽĠƵŵĂĐĠůƵůĂĚŽdžĐĞů͕ůŽĐĂůŝnjĂĚĂƉŽƌƐƵĂůŝŶŚĂĞĐŽůƵŶĂ͘ƚƵĂůŵĞŶƚĞ͕ĂƐƌĞƐŽůƵĕƁĞƐŵĂŝƐĞŶĐŽŶƚƌĂĚĂƐƐĆŽ͗ ϲϰϬdžϰϴϬ͕ϴϬϬdžϲϬϬ͕ϭϬϮϰdžϳϲϴĞϭϮϴϬdžϭϬϮϰ͘ĐůĂƌŽƋƵĞĞdžŝƐƚĞŵŽƵƚƌĂƐƌĞƐŽůƵĕƁĞƐ͘ůĂƐƐĆŽĂƉůŝĐĂĚĂƐĐŽŶĨŽƌŵĞ ĂŶĞĐĞƐƐŝĚĂĚĞ͘WŽƌĞdžĞŵƉůŽ͕ƵŵũŽŐŽƉŽĚĞƌĞƋƵĞƌĞƌƵŵĂƌĞƐŽůƵĕĆŽŵĞŶŽƌĐŽŵŽϯϮϬdžϮϬϬ͘YƵĂŶƚŽŵĂŝŽƌĨŽƌĂ ƌĞƐŽůƵĕĆŽ͕ŵĂŝŽƌƐĞƌĄŽĞƐƉĂĕŽǀŝƐşǀĞůŶĂƚĞůĂ͕ƉŽŝƐŽƚĂŵĂŶŚŽĚŽƐƉŽŶƚŽƐĚŝŵŝŶƵŝ͘ 8,=,?[()0(>)=(?&%(+$> džŝƐƚĞŵŵŽŶŝƚŽƌĞƐĚĞǀĄƌŝŽƐƚĂŵĂŶŚŽƐ͕ƐĞŶĚŽŽƐŵĂŝƐĐŽŵƵŶƐŽƐĚĞϭϰ͕͛ϭϱ͕͛ϭϳ͛Ğϭϵ͛;ůġͲƐĞŽƐşŵďŽůŽ͚ĐŽŵŽ ƉŽůĞŐĂĚĂƐͿ͘ƐƐĂŵĞĚŝĚĂĞŵƉŽůĞŐĂĚĂƐŝŶĚŝĐĂŽƚĂŵĂŶŚŽĚĂƚĞůĂŶĂĚŝĂŐŽŶĂů͕ĐŽŵŽŵŽƐƚƌĂĂ&ŝŐƵƌĂ͘ϳ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'?)QG'H76"6&'6&':7=&'-&'6"-&= sĂůĞĐŝƚĂƌƋƵĞĂĐĂƌĐĂĕĂĚŽŵŽŶŝƚŽƌĞŶĐŽďƌĞĂďŽƌĚĂĚĂƚĞůĂ͕ƉŽƌŝƐƐŽ͕ĞŵƵŵŵŽŶŝƚŽƌĚĞϭϱ͕͛ƉŽƌĞdžĞŵƉůŽ͕ĂĄƌĞĂ ǀŝƐşǀĞůĠĚĞŐĞƌĂůŵĞŶƚĞϭϰ͛͘ /'0*8'-21'"#0*8%20*0284+#0.*7>*,8%*3,"<%1,"%*-%*1#+%?*TX201#8.*-'*#-1%-1'.*1#+%0*4+%-%0.*9,#*4'00,#8*,8%*<2= ƐƵĂůŝnjĂĕĆŽŵĂŝƐĐŽŶĨŽƌƚĄǀĞůĂŽƐŽůŚŽƐŚƵŵĂŶŽƐ͘ƐƐĞƐŵŽŶŝƚŽƌĞƐ;ƚĂŵďĠŵĐŽŶŚĞĐŝĚŽƐĐŽŵŽƚĞůĂͲƉůĂŶĂͿĐŽŶƚĂŵ ĐŽŵƵŵƉƌŽĐĞƐƐŽĚĞĨĂďƌŝĐĂĕĆŽĚŝĨĞƌĞŶƚĞĞŵĂŝƐĐĂƌŽ͕ƚŽĚĂǀŝĂĂƉŽƉƵůĂƌŝnjĂĕĆŽĚĞƐƐĞƟƉŽĨĞnjĐŽŵƋƵĞƐĞƵƉƌĞĕŽ ĮĐĂƐƐĞƋƵĂƐĞƋƵĞĞƋƵŝǀĂůĞŶƚĞĂŽƐŵŽŶŝƚŽƌĞƐĐŽŶǀĞŶĐŝŽŶĂŝƐ͘ !"#$%&#'( R*&2B%8/B0DĠŽƚĞƌŵŽƵƟůŝnjĂĚŽƉĂƌĂƌĞĨĞƌĞŶĐŝĂƌŽƐƉŽŶƚŽƐŶŽŵŽŶŝƚŽƌ͘>ĞŵďƌĂŶĚŽ͕ŽĐĂŶŚĆŽƚƌĂďĂůŚĂĐŽŵϯĨĞŝ= džĞƐĚĞĐŽƌĞƐ͘EĂƚĞůĂ͕ĂĐĂŵĂĚĂĚĞĨſƐĨŽƌŽŐĞƌĂĂĐŽƌĐŽƌƌĞƐƉŽŶĚĞŶƚĞĂŽĨĞŝdžĞĂƚƌĂǀĠƐĚĂŝŶƚĞŶƐŝĚĂĚĞĚĂĐŽƌƌĞŶƚĞ ĞůĠƚƌŝĐĂ͘ĂĚĂƉŽŶƚŽĚĂƚĞůĂĐŽŶƐĞŐƵĞƌĞƉƌĞƐĞŶƚĂƌƐŽŵĞŶƚĞƵŵĂĐŽƌĂĐĂĚĂŝŶƐƚĂŶƚĞ͘ĂĚĂĐŽŶũƵŶƚŽĚĞϯƉŽŶƚŽƐ͕ ƐĞŶĚŽƵŵǀĞƌŵĞůŚŽ͕ƵŵǀĞƌĚĞĞƵŵĂnjƵů͕ĠĚĞŶŽŵŝŶĂĚŽB1J674͘ŽƚWŝƚĐŚĠ͕ďĂƐŝĐĂŵĞŶƚĞ͕ĂĚŝƐƚąŶĐŝĂĞŶƚƌĞĚŽŝƐ ƉŽŶƚŽƐĚĂŵĞƐŵĂĐŽƌ͘YƵĂŶƚŽŵĞŶŽƌĞƐƐĂĚŝƐƚąŶĐŝĂŵĞůŚŽƌĂŝŵĂŐĞŵ͘sĞũĂĂ&ŝŐƵƌĂ͘ϴĞĂƚĂďĞůĂĂďĂŝdžŽ͘ !"#$%&'?)R'+'D1-:14'61'81-":1% !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 &2B%8/0D ?LO*88 ?LV*88 ?L_*88 ?LZ*88 ?MI*88 ?OI*88 I*88 CK.412%6312LM CK.412%6312LM 3/L4@5>0.N 3/L4@5>0.N ϭ͕ϲϬϬ ϭϬ͕ϬϬϬ I.NNN ϵ͕ϬϮϱ ϭ͕ϯϲϵ Z.OOV I.LLO _.VOV ϭ͕ϬϮϰ ϲ͕ϰϬϬ MVI L.LOV ϭϬϬ VLO J&27=&'?*'G'?189&%&/01'7-:%7'1':&8&-C1'61'S1:'D"5C:'7'&'3%7&'67'&2%&-#T-5"& ],?%,1$?>^0$>',?%,1$?>)0()=(?&%(+)G48 O6CB6F4C5= ͻ ͻ ͻ ͻ ^ƵĂůŽŶŐĂǀŝĚĂƷƟů͖ ĂŝdžŽĐƵƐƚŽĚĞĨĂďƌŝĐĂĕĆŽ͖ `"%-&#*6%-&%*&2-a823%*&#*3'"#0*#*3'-1"%01#0C 'ƌĂŶĚĞǀĞƌƐĂƟůŝĚĂĚĞ;ƵŵĂǀĞnjƋƵĞƉŽĚĞĨƵŶĐŝŽŶĂƌĞŵĚŝǀĞƌƐĂƐƌĞƐŽůƵĕƁĞƐ͕ƐĞŵƋƵĞŽĐŽƌƌĂŵŐƌĂŶĚĞƐĚŝƐƚŽƌĕƁĞƐŶĂ 28%D#8)? ƐŵĂŝŽƌĞƐĚĞƐǀĂŶƚĂŐĞŶƐĚŽŵŽŶŝƚŽƌZd͗ ͻ ͻ ͻ ͻ ^ƵĂƐĚŝŵĞŶƐƁĞƐ;ƵŵŵŽŶŝƚŽƌZdĚĞϮϬƉŽůĞŐĂĚĂƐƉŽĚĞƚĞƌĂƚĠϱϬĐŵĚĞƉƌŽĨƵŶĚŝĚĂĚĞĞƉĞƐĂƌŵĂŝƐĚĞϮϬŬŐͿ͖ R*3'-0,8'*#+#<%&'*&#*#-#"D2%C ^ĞƵĞĨĞŝƚŽĚĞĐŝŶƟůĂĕĆŽ;ŇŝĐŬĞƌ)C ƉŽƐƐŝďŝůŝĚĂĚĞĚĞĞŵŝƟƌƌĂĚŝĂĕĆŽƋƵĞĞƐƚĄĨŽƌĂĚŽĞƐƉĞĐƚƌŽůƵŵŝŶŽƐŽ;ƌĂŝŽƐͲdžͿ͕ĚĂŶŽƐĂăƐĂƷĚĞŶŽĐĂƐŽĚĞůŽŶŐŽƐ ƉĞƌşŽĚŽƐĚĞĞdžƉŽƐŝĕĆŽ͘ƐƐĞƷůƟŵŽƉƌŽďůĞŵĂĠŵĂŝƐĨƌĞƋƺĞŶƚĞŵĞŶƚĞĐŽŶƐƚĂƚĂĚŽĞŵŵŽŶŝƚŽƌĞƐĞƚĞůĞǀŝƐŽƌĞƐĂŶƟŐŽƐ ĞĚĞƐƌĞŐƵůĂĚŽƐ͕ũĄƋƵĞ͕ĂƚƵĂůŵĞŶƚĞ͕ĂĐŽŵƉŽƐŝĕĆŽĚŽǀŝĚƌŽƋƵĞƌĞǀĞƐƚĞĂƚĞůĂĚŽƐŵŽŶŝƚŽƌĞƐĚĞƚĠŵĂĞŵŝƐƐĆŽĚĞƐƐĂƐ ƌĂĚŝĂĕƁĞƐ͘ /(?&%(+)MGI)S!&)*+,-)0$)G+&>%,-)MRY@&0(T YƵĂƐĞ ƋƵĞ ŝŶĚŝƐƉĞŶƐĄǀĞů ĂƚƵĂůŵĞŶƚĞ͕ Ž ŵŽŶŝƚŽƌ ĚĞ > ŝŵƉƌŝŵĞ ͞ůŽŐŽ ĚĞ ĐĂƌĂ͟ ƐƵĂ ƉƌŝŶĐŝƉĂů ĐĂƌĂĐƚĞƌşƐƟĐĂ͕ ŵĞƐŵŽƐĞŵůŝŐĂƌŽĞƋƵŝƉĂŵĞŶƚŽ͕ĂĚŝǀŝŶŚĞŵ͘͘͘ƐƚĞƟƉŽĚĞŵŽŶŝƚŽƌŽĐƵƉĂŵƵŝƚŽŵĞŶŽƐĞƐƉĂĕŽŶĂŶŽƐƐĂŵĞƐĂ͊ ^ſ ƉĂƌĂ ĐŽŵĞĕĂƌ͘ >ĞǀĞ͕ ĞĐŽŶƀŵŝĐŽ Ğ ĚĞ ſƟŵĂ ƋƵĂůŝĚĂĚĞ ƚĞŵͲƐĞ ŽƵƚƌĂ ǀĂŶƚĂŐĞŵ͕ Ž ƐĞƵ ƉƌĞĕŽ ĞƐƚĄ ĐĂŝŶĚŽ Ğ ƚŽƌŶĂŶĚŽͲƐĞĨĂĐŝůŵĞŶƚĞĞŶĐŽŶƚƌĂĚŽĞŵŶŽƐƐĂƐĐĂƐĂƐ͕ĐŽŵĠƌĐŝŽĞŝŶĚƷƐƚƌŝĂ͘ KƐŵŽŶŝƚŽƌĞƐ>ĞƋƵŝƉĂŵĐąŵĞƌĂƐĨŽƚŽŐƌĄĮĐĂƐ͕ĐŽŶƐŽůĞĚĞǀŝĚĞŽŐĂŵĞ.*ŶŽƚĞŬDzƐ.*8>9,2-%0*&%0*8%20*<%"2%= ĚĂƐŶŽƐĞƚŽƌƉƌŽĚƵƟǀŽŝŶĚƵƐƚƌŝĂů͕ƚĞůĞĨŽŶĞƐĐĞůƵůĂƌĞƐ͕ĞŶƚƌĞŽƵƚƌŽƐ͘sŝĚĞ&ŝŐƵƌĂ͘ϵ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'?)U'+'F=$4:%&/01'67'$8'81-":1%'V?S W@?A&(?,=$?%()0()MGI KƐŵŽŶŝƚŽƌĞƐĚŽƟƉŽ>ŶĆŽƉŽƐƐƵĞŵƵŵƚƵďŽĚĞƌĂŝŽƐĐĂƚſĚŝĐŽƐ;ZdͿ͕ŵĂƐƐŝŵƚĞĐŶŽůŽŐŝĂ>ŽƵƵŵĂĨŽŶƚĞ ĚĞůƵnjŇƵŽƌĞƐĐĞŶƚĞĚĞŶŽŵŝŶĂĚĂďĂĐŬůŝŐŚƚ? ĞƵŵĂĨŽƌŵĂŐĞƌĂů͕ĞƐƐĂƚĞĐŶŽůŽŐŝĂďĂƐĞŝĂͲƐĞĞŵƉƌŽĚƵnjŝƌŝŵĂŐĞŶƐƐŽďƌĞƵŵĂƐƵƉĞƌİĐŝĞƉůĂŶĂĐŽŵƉŽƐƚĂƉŽƌ ĐƌŝƐƚĂůůşƋƵŝĚŽĞĮůƚƌŽƐĐŽůŽƌŝĚŽƐ͘ƵĂƐƐƵƉĞƌİĐŝĞƐĐŽŵĮůƚƌŽƐƉŽůĂƌŝnjĂĚŽƐ͕ƋƵĞƉŽĚĞŵƐĞƌĞŶĐĂƌĂĚŽƐĐŽŵŽƵŵ ĐŽŶũƵŶƚŽĚĞĮŽƐŵƵŝƚŽĮŶŽƐƉĂƌĂůĞůŽƐ͕ĐŽŶƚƌŽůĂŵŽƐƌĂŝŽƐĚĞůƵnjƋƵĞƉĂƐƐĂŵĂƚƌĂǀĠƐĚĂƐŵŽůĠĐƵůĂƐĚĞĐƌŝƐƚĂů ůşƋƵŝĚŽ͘ƐůŝŶŚĂƐĚĞƵŵĚŽƐĮůƚƌŽƐƐĆŽĚŝƐƉŽƐƚĂƐƉĞƌƉĞŶĚŝĐƵůĂƌŵĞŶƚĞăƐůŝŶŚĂƐĚŽŽƵƚƌŽĮůƚƌŽ͕ĞĂƐŵŽůĠĐƵůĂƐ ĞŶƚƌĞĂƐĚƵĂƐƐƵƉĞƌİĐŝĞƐƐĆŽĨŽƌĕĂĚĂƐĂƵŵĞƐƚĂĚŽƚŽƌĐŝĚŽ͕ĚŝƌĞĐŝŽŶĂŶĚŽŽƐƌĂŝŽƐĚĞůƵnjĚĂŵĞƐŵĂĨŽƌŵĂ͘ ƐƐŝŵ͕ƋƵĂŶĚŽŶĆŽŚĄŶĞŶŚƵŵĐĂŵƉŽĞůĠƚƌŝĐŽĂƉůŝĐĂĚŽăƐŵŽůĠĐƵůĂƐ͕ĂĚŝƌĞĕĆŽĚŽƌĂŝŽĚĞůƵnjĂůƚĞƌĂͲƐĞăŵĞĚŝĚĂ ƋƵĞƉĂƐƐĂƉĞůŽĐƌŝƐƚĂůĂƚĠĞŶĐŽŶƚƌĂƌĂƐĞŐƵŶĚĂƐƵƉĞƌİĐŝĞ͕ĐƵũĂĚŝƌĞĕĆŽĚĂƐƌĂŶŚƵƌĂƐĐŽŝŶĐŝĚŝƌĄĐŽŵĂĚŽƌĂŝŽĚĞ +,$? ^ĞƵŵĐĂŵƉŽĨŽƌĂƉůŝĐĂĚŽĂŽĐƌŝƐƚĂů͕ĂƐŵŽůĠĐƵůĂƐĚŝƐƉƁĞŵͲƐĞǀĞƌƟĐĂůŵĞŶƚĞ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞŽƐƌĂŝŽƐĚĞůƵnj ƉĞƌĐŽƌƌĂŵŽŝŶƚĞƌǀĂůŽƐĞŵĂůƚĞƌĂƌĂƐƵĂĚŝƌĞĕĆŽ͕ĂƚĠĞŶĐŽŶƚƌĂƌĞŵĂƐĞŐƵŶĚĂƐƵƉĞƌİĐŝĞ͕ĂƋƵĂůďůŽƋƵĞĂƌĄŽƐ "%2'0? WŽĚĞŵŽƐƌĞĨĞƌŝƌ͕ĚĞƵŵŵŽĚŽƐŝŵƉůŝĮĐĂĚŽ͕ƋƵĞĂĂƵƐġŶĐŝĂĚĞƵŵĐĂŵƉŽĂƉůŝĐĂĚŽĠƐŝŶƀŶŝŵŽĚĞƉĂƐƐĂŐĞŵĚĞ +,$?*!'"*0,%*<#$.*9,%-&'*%4+23%8'0*,8%*1#-05'*%*+,$*0#">*6+'9,#%&%? hŵĂĨŽŶƚĞĚĞůƵnjŇƵŽƌĞƐĐĞŶƚĞ͕ŝĚĞŶƟĮĐĂĚĂŐĞƌĂůŵĞŶƚĞƉĞůŽƚĞƌŵŽďĂĐŬůŝŐŚƚ͕ĠƌĞƐƉŽŶƐĄǀĞůƉĞůĂĞŵŝƐƐĆŽĚŽƐ ƌĂŝŽƐƋƵĞƐĆŽĂůŝŶŚĂĚŽƐƉĞůŽƐĮůƚƌŽƐƉŽůĂƌŝnjĂĚŽƐ͘ůƵnjĚŝƌĞĐŝŽŶĂĚĂƉĂƐƐĂ͕ĞŶƚĆŽ͕ƉĞůĂĐĂŵĂĚĂ͕ĐŽŶƚĞŶĚŽŵŝůŚĂ= ƌĞƐĚĞďŽůŚĂƐĚĞĐƌŝƐƚĂůůşƋƵŝĚŽĂƌƌĂŶũĂĚĂƐĞŵƉĞƋƵĞŶĂƐĐĠůƵůĂƐƋƵĞ͕ƉŽƌƐƵĂǀĞnj͕ĞƐƚĆŽĚŝƐƉŽƐƚĂƐĞŵůŝŶŚĂƐŶĂ ƚĞůĂ͘hŵĂŽƵŵĂŝƐĐĠůƵůĂƐĨŽƌŵĂŵƵŵƉŝdžĞůŶŽŵŽŶŝƚŽƌ͘sŝĚĞ&ŝŐƵƌĂ͘ϭϬ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'?)*W'+'?&8&6&4'61'V?S ĞƐƚĂĨŽƌŵĂ͕ĂůƵnjĚŽĚŝƐƉŽƐŝƟǀŽƉŽĚĞƐĞƌŽƌŝƵŶĚĂĚĞůąŵƉĂĚĂƐĞƐƉĞĐŝĂŝƐ;ŐĞƌĂůŵĞŶƚĞŇƵŽƌĞƐĐĞŶƚĞƐͿŽƵĞŶƚĆŽĚĞ ůĞĚƐ͘ǀĄůŝĚŽĨƌŝƐĂƌƋƵĞ͕ŶŽĐĂƐŽĚĞĚŝƐƉŽƐŝƟǀŽƐ>ĐŽŵůąŵƉĂĚĂƐ͕ĞƐƐĂƐƚġŵĚƵƌĂďŝůŝĚĂĚĞĮŶŝƚĂ͘EŽŵĞƌĐĂĚŽ͕Ġ ƉŽƐƐşǀĞůĞŶĐŽŶƚƌĂƌŵŽŶŝƚŽƌĞƐ>ĐƵũĂƐůąŵƉĂĚĂƐĚƵƌĂŵϮϬŵŝůŚŽƌĂƐ͕ϯϬŵŝůĞĂƚĠϱϬŵŝůŚŽƌĂƐ͘ /(?&%(+)MGI)L)3+&?A&V,&>)A,+,A%$+R>%&A,> 8$=V()0$)+$>V(>%, KƚĞŵƉŽĚĞƌĞƐƉŽƐƚĂĠƵŵĂĐĂƌĂĐƚĞƌşƐƟĐĂƋƵĞŝŶƚĞƌĞƐƐĂĞŵŵƵŝƚŽĂƋƵĞŵĚĞƐĞũĂƵƟůŝnjĂƌŽŵŽŶŝƚŽƌ>ƉĂƌĂ ƌŽĚĂƌũŽŐŽƐŽƵĂƐƐŝƐƟƌĂǀşĚĞŽƐ͘/ƐƐŽƉŽƌƋƵĞƐĆŽĂƉůŝĐĂĕƁĞƐƋƵĞĞdžŝŐĞŵŵƵĚĂŶĕĂƌĄƉŝĚĂĚŽĐŽŶƚĞƷĚŽǀŝƐƵĂů͘^ĞŽ ŵŽŶŝƚŽƌŶĆŽĨŽƌĐĂƉĂnjĚĞĂĐŽŵƉĂŶŚĂƌĞƐƐĂƐŵƵĚĂŶĕĂƐ͕ĂƚƌĂƐĂƌĄĂĂůƚĞƌĂĕĆŽĚĞĞƐƚĂĚŽĚĞƐĞƵƐƉŝdžĞůƐ͕ĐĂƵƐĂŶĚŽ ĞĨĞŝƚŽƐŝŶĚĞƐĞũĂĚŽƐ͕ĐŽŵŽ͞ŽďũĞƚŽƐĨĂŶƚĂƐŵĂƐ͟ŶĂŝŵĂŐĞŵŽƵƐŽŵďƌĂĞŵŵŽǀŝŵĞŶƚŽƐ͘ YƵĂŶƚŽŵĞŶŽƌŽƚĞŵƉŽĚĞƌĞƐƉŽƐƚĂ͕ŵĞůŚŽƌĂĂƚƵĂůŝnjĂĕĆŽĚĂŝŵĂŐĞŵ͘ƉŽƐƐşǀĞůĞŶĐŽŶƚƌĂƌŵŽŶŝƚŽƌĞƐƋƵĞŽĨĞƌĞ= ĐĞŵƚĞŵƉŽĚĞƌĞƐƉŽƐƚĂĚĞϲŵƐ;ŵŝůŝƐƐĞŐƵŶĚŽƐͿŽƵϴŵƐ͘WĂƌĂƵŵƌĞƐƵůƚĂĚŽƐĂƟƐĨĂƚſƌŝŽ͕ĠƌĞĐŽŵĞŶĚĄǀĞůŽƵƐŽ &#*8'-21'"#0*3'8*1%X%*2-:#"2'"*%*IO*80? G(?%+,>%$)$)"+&-[( KĐŽŶƚƌĂƐƚĞĠŽƵƚƌĂĐĂƌĂĐƚĞƌşƐƟĐĂŝŵƉŽƌƚĂŶƚĞŶĂĞƐĐŽůŚĂĚĞŵŽŶŝƚŽƌĞƐ>͘dƌĂƚĂͲƐĞĚĞƵŵĂŵĞĚŝĕĆŽĚĂĚŝĨĞƌĞŶ= ĕĂĚĞůƵŵŝŶŽƐŝĚĂĚĞĞŶƚƌĞŽďƌĂŶĐŽŵĂŝƐĨŽƌƚĞĞŽƉƌĞƚŽŵĂŝƐĞƐĐƵƌŽ͘YƵĂŶƚŽŵĂŝŽƌĨŽƌĞƐƐĞǀĂůŽƌ͕ŵĂŝƐĮĞůƐĞƌĄ ĂĞdžŝďŝĕĆŽĚĂƐĐŽƌĞƐĚĂŝŵĂŐĞŵ͘/ƐƐŽĂĐŽŶƚĞĐĞƉŽƌƋƵĞĞƐƐĂƚĂdžĂ͕ƋƵĂŶĚŽĞŵŶƷŵĞƌŽŵĂŝŽƌ͕ŝŶĚŝĐĂƋƵĞĂƚĞůĂĠ ĐĂƉĂnjĚĞƌĞƉƌĞƐĞŶƚĂƌŵĂŝƐĚŝĨĞƌĞŶĕĂƐĞŶƚƌĞĐŽƌĞƐ͘WĂƌĂŽŵşŶŝŵŽĚĞĮĚĞůŝĚĂĚĞ͕ĠƌĞĐŽŵĞŶĚĄǀĞůŽƵƐŽĚĞŵŽŶŝ= ƚŽƌĞƐĐŽŵĐŽŶƚƌĂƐƚĞĚĞƉĞůŽŵĞŶŽƐϰϱϬ͗ϭ͘ ŵƌĞůĂĕĆŽĂŽďƌŝůŚŽ͕ŽŝĚĞĂůĠŽƵƐŽĚĞŵŽŶŝƚŽƌĞƐƋƵĞƚĞŶŚĂŵĂƚĂdžĂĞŵ͕ƉĞůŽŵĞŶŽƐ͕ϮϱϬĐĚͬŵϸ;ĐĂŶĚĞůĂƉŽƌ 8#1"'*9,%&"%&')? !! !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ],?%,1$?>^0$>',?%,1$?>)0()=(?&%(+)MGI O6CB6F4C5= ͻ ͻ ͻ ͻ R*6%2X'*3'-0,8'*&#*#-#"D2%C ƐĚŝŵĞŶƐƁĞƐƌĞĚƵnjŝĚĂƐ͖ ŶĆŽͲĞŵŝƐƐĆŽĚĞƌĂĚŝĂĕƁĞƐŶŽĐŝǀĂƐ͖ ĐĂƉĂĐŝĚĂĚĞĚĞĨŽƌŵĂƌƵŵĂŝŵĂŐĞŵƉƌĂƟĐĂŵĞŶƚĞƉĞƌĨĞŝƚĂ͕ĞƐƚĄǀĞů͕ƐĞŵĐŝŶƟůĂĕĆŽ͕ƋƵĞĐĂŶƐĂŵĞŶŽƐĂǀŝƐĆŽͲĚĞƐĚĞ ƋƵĞĞƐƚĞũĂŽƉĞƌĂŶĚŽŶĂƌĞƐŽůƵĕĆŽŶĂƟǀĂ͖Ğ ͻ R*:%1'*&#*9,#*'*4"#1'*.9,#*#+#*3"2%.*#821#*,8*4',3'*&#*+,$.*'*9,#*3'-:#"#*H*28%D#8*,8*%04#31'*%32-$#-1%&'*',*%$,+%= ĚŽ͕ŵĂŝƐĂŐƌĂĚĄǀĞůĂŽƐŽůŚŽƐĞŵƚĞƌŵŽƐĞƐƚĠƟĐŽƐĞƚĂŵďĠŵĚĞďƌŝůŚŽ͘ ƐŵĂŝŽƌĞƐĚĞƐǀĂŶƚĂŐĞŶƐ͗ ͻ KŵĂŝŽƌĐƵƐƚŽĚĞĨĂďƌŝĐĂĕĆŽ;ŽƋƵĞ͕ƉŽƌĠŵ͕ƚĞŶĚĞƌĄĂŝŵƉĂĐƚĂƌĐĂĚĂǀĞnjŵĞŶŽƐŶŽĐƵƐƚŽĮŶĂůĚŽƉƌŽĚƵƚŽ͕ăŵĞĚŝĚĂ #8*9,#*'*8#08'*0#*:'"*4'4,+%"2$%-&')C ͻ KĨĂƚŽĚĞƋƵĞ͕ĂŽƚƌĂďĂůŚĂƌĞŵƵŵĂƌĞƐŽůƵĕĆŽĚŝĨĞƌĞŶƚĞĚĂƋƵĞůĂƉĂƌĂĂƋƵĂůĨŽŝƉƌŽũĞƚĂĚŽ͕ŽŵŽŶŝƚŽƌ>ƵƟůŝnjĂǀĄƌŝŽƐ ĂƌƟİĐŝŽƐĚĞĐŽŵƉŽƐŝĕĆŽĚĞŝŵĂŐĞŵƋƵĞĂĐĂďĂŵĚĞŐƌĂĚĂŶĚŽĂƋƵĂůŝĚĂĚĞĮŶĂů͖ ͻ hŵĨĂƚŽŶĆŽͲĚŝǀƵůŐĂĚŽƉĞůŽƐĨĂďƌŝĐĂŶƚĞƐ͗ƐĞŽĐƌŝƐƚĂůůŝƋƵŝĚŽĚĂƚĞůĂĚŽŵŽŶŝƚŽƌĨŽƌĚĂŶŝĮĐĂĚŽĞĮĐĂƌĞdžƉŽƐƚŽĂŽĂƌ͕ ƉŽĚĞĞŵŝƟƌĂůŐƵŶƐĐŽŵƉŽƐƚŽƐ "%&'&0,0$ ĂͿപWĞƐƋƵŝƐĞĂĐĞƌĐĂŝŐŝƚĂůsŝƐƵĂů/ŶƚĞƌĨĂĐĞ;s/Ϳ͕ƉŽƐƚĂŶĚŽƐƵĂƌĞƐƉŽƐƚĂ͘ ďͿപŶĂůŝƐĞŽƐĚŽŝƐĚŽĐƵŵĞŶƚŽƐƋƵĞŝŶĚŝĐĂŵĂƐĐĂƌĂĐƚĞƌşƐƟĐĂƐĚĞŵŽŶŝƚŽƌĞƐ>͘KƉƌŝŵĞŝƌŽ>'>ϭϳϱϯdͲ&ĞŽ 0#D,-&'*ERA*_ILQ? ͻ YƵĂůǀŽĐġĐŽŵƉƌĂƌŝĂ͍ ͻ :ƵƐƟĮƋƵĞŵƵŝƚŽďĞŵĂƐƵĂƌĞƐƉŽƐƚĂ͕ƉŽŝƐƋƵĂůƋƵĞƌĞƐĐŽůŚĂƐĞƌĄĂĐĞŝƚĂ͕ĚĞƐĚĞƋƵĞďĞŵĨƵŶĚĂŵĞŶƚĂĚĂ͘sŽĐġ ƉŽĚĞƌĄƉĞƐƋƵŝƐĂƌŽƵƚƌĂƐĐĂƌĂĐƚĞƌşƐƟĐĂƐĚĞƐƐĞƐŵŽŶŝƚŽƌĞƐƐĞĚĞƐĞũĂƌ͘ ĐͿപWƌŽĐƵƌĞƐĂďĞƌŵĂŝƐƐŽďƌĞŽƵƚƌŽƐƟƉŽƐĚĞŵŽŶŝƚŽƌĞƐĚĞǀşĚĞŽ͕ƚĂŝƐĐŽŵŽƉůĂƐŵĂ͕K>ŽƵŽƵƚƌĂƚĞĐŶŽůŽŐŝĂƋƵĞ ŶĆŽĨŽŝĚĞƐĐƌŝƚĂŶĞƐƐĞĐŽŶƚĞƷĚŽ͕ƉŽƐƚĂŶĚŽƐƵĂƐĐŽŶƐŝĚĞƌĂĕƁĞƐ͘ ͻ ŝƐƉŽŶŝďŝůŝnjĞŽŵĂƚĞƌŝĂůĞŶĐŽŶƚƌĂĚŽ͕ďĞŵĐŽŵŽ͕^h^KE>h^O^ĞŶǀŝĂŶĚŽƵŵĂƌƋƵŝǀŽĂƚƌĂǀĠƐĚĞƐƚĂĨĞƌƌĂ= 8#-1%? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% "+#&$&, !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 & )/5/_4H26 H?%+(0@;<( ƐŵĞŵſƌŝĂƐƐĆŽĂƐƌĞƐƉŽŶƐĄǀĞŝƐƉĞůŽĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞĚĂĚŽƐĞŝŶƐƚƌƵĕƁĞƐĞŵĨŽƌŵĂĚĞƐŝŶĂŝƐĚŝŐŝƚĂŝƐĞŵ ĐŽŵƉƵƚĂĚŽƌĞƐ͘WĂƌĂƋƵĞŽƉƌŽĐĞƐƐĂĚŽƌƉŽƐƐĂĞdžĞĐƵƚĂƌƐƵĂƐƚĂƌĞĨĂƐ͕ĞůĞďƵƐĐĂŶĂŵĞŵſƌŝĂƚŽĚĂƐĂƐŝŶĨŽƌŵĂĕƁĞƐ -#3#00>"2%0*%'*4"'3#00%8#-1'? K8*ĐŚŝƉĚĞŵĞŵſƌŝĂĠƵŵĞdžĠƌĐŝƚŽĚĞĐůŽŶĞƐ͕ĨŽƌŵĂĚŽƉŽƌƵŵďƌƵƚĂůŶƷŵĞƌŽĚĞĐĠůƵůĂƐŝĚġŶƟĐĂƐ͕ŽƌŐĂŶŝnjĂĚĂƐ ŶĂĨŽƌŵĂĚĞůŝŶŚĂƐĞĐŽůƵŶĂƐ͕ĚĞĨŽƌŵĂƐŝŵŝůĂƌĂƵŵĂƉůĂŶŝůŚĂĞůĞƚƌƀŶŝĐĂ͘ R*ĐŚŝƉĚĞŵĞŵſƌŝĂĞŵƐŝƐĞƌǀĞĂƉĞŶĂƐƉĂƌĂĂƌŵĂnjĞŶĂƌĚĂĚŽƐ͕ŶĆŽƌĞĂůŝnjĂŶĚŽŶĞŶŚƵŵƟƉŽĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽ͘ WŽƌŝƐƐŽ͕ĠƵƟůŝnjĂĚŽƵŵĐŽŵƉŽŶĞŶƚĞĂĚŝĐŝŽŶĂů͕ŽĐŽŶƚƌŽůĂĚŽƌĚĞŵĞŵſƌŝĂ͕ƋƵĞƉŽĚĞƐĞƌŝŶĐůƵşĚŽƚĂŶƚŽŶŽĐŚŝƉƐĞƚ &%*4+%3%*85#.*9,%-1'*&#-1"'*&'*4"B4"2'*4"'3#00%&'".*3'8'*-'*3%0'*&'*E17+'-*VN? WĂƌĂ ĂĐĞƐƐĂƌ Ƶŵ ĚĞƚĞƌŵŝŶĂĚŽ ĞŶĚĞƌĞĕŽ ĚĞ ŵĞŵſƌŝĂ͕ Ž ĐŽŶƚƌŽůĂĚŽƌ ƉƌŝŵĞŝƌŽ ŐĞƌĂ Ž ǀĂůŽƌ Z^ ;ZŽǁ ĚĚƌĞƐƐ ^ƚƌŽďĞͿ͕ŽƵŽŶƷŵĞƌŽĚĂůŝŶŚĂĚĂƋƵĂůŽĞŶĚĞƌĞĕŽĨĂnjƉĂƌƚĞ͕ŐĞƌĂŶĚŽĞŵƐĞŐƵŝĚĂŽǀĂůŽƌ^;ŽůƵŵŶĚĚƌĞƐƐ ^ƚƌŽďĞ).*9,#*3'""#04'-&#*H*3'+,-%? YƵĂŶĚŽŽZ^ĠĞŶǀŝĂĚŽ͕ƚŽĚĂĂůŝŶŚĂĠĂƟǀĂĚĂƐŝŵƵůƚĂŶĞĂŵĞŶƚĞ͖ĚĞƉŽŝƐĚĞƵŵƉĞƋƵĞŶŽƚĞŵƉŽĚĞĞƐƉĞƌĂŽ^ ĠĞŶǀŝĂĚŽ͕ĨĞĐŚĂŶĚŽŽĐŝƌĐƵŝƚŽĞĨĂnjĞŶĚŽĐŽŵƋƵĞŽƐĚĂĚŽƐĚŽĞŶĚĞƌĞĕŽƐĞůĞĐŝŽŶĂĚŽƐĞũĂŵůŝĚŽƐŽƵŐƌĂǀĂĚŽƐ͗ !"#$%&'S)*'+'H&9&'67'H78X%"& EĆŽĞdžŝƐƚĞƵŵĐĂŵŝŶŚŽĚĞǀŽůƚĂ͕ůŝŐĂŶĚŽĐĂĚĂĞŶĚĞƌĞĕŽĂŽĐŽŶƚƌŽůĂĚŽƌĚĞŵĞŵſƌŝĂ͘ŽŝŶǀĠƐĚŝƐƐŽ͕ĠƵƐĂĚŽƵŵ ďĂƌƌĂŵĞŶƚŽĐŽŵƵŵ͕ĐŽŵƉĂƌƟůŚĂĚŽƉŽƌƚŽĚŽƐŽƐĞŶĚĞƌĞĕŽƐĚŽŵſĚƵůŽ͘KĐŽŶƚƌŽůĂĚŽƌĚĞŵĞŵſƌŝĂƐĂďĞƋƵĞ ŽƐĚĂĚŽƐƋƵĞĞƐƚĄƌĞĐĞďĞŶĚŽƐĆŽŽƐĂƌŵĂnjĞŶĂĚŽƐŶŽĞŶĚĞƌĞĕŽy͕ƉŽŝƐĞůĞ͞ůĞŵďƌĂ͟ƋƵĞĂĐĂďŽƵĚĞĂĐĞƐƐĄͲůŽ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ŶƟŐĂŵĞŶƚĞ;ŶĂĠƉŽĐĂĚŽƐŵſĚƵůŽƐĚĞϯϬǀŝĂƐͿ͕ĐĂĚĂĐŚŝƉ*&#*8#8B"2%*0#*3'84'"1%<%*#X%1%8#-1#*%*:'"8%.* +#-&'*,8*621*&#*3%&%*<#$?*E4#0%"*&200'.*'*4"'3#00%&'"*+2%*ML*ďŝƚƐ*&#*&%&'0*%*3%&%*323+'.*&#*:'"8%*9,#*#"%8*,0%&'0* N*4#-1#0.*3'8*Z*ĐŚŝƉƐ*3%&%*,8? ŽƉŽŶƚŽĚĞǀŝƐƚĂĚŽƉƌŽĐĞƐƐĂĚŽƌ͕ŶĆŽĞdžŝƐƟĂĚŝǀŝƐĆŽ͕ŽƐĐŚŝƉƐ*#"%8*%3#00%&'0*3'8'*0#*:'00#8*,8*0B?*R*4"'3#0= ƐĂĚŽƌŶĆŽǀŝĂϯϮĞŶĚĞƌĞĕŽƐƐĞƉĂƌĂĚŽƐ͕ĞŵϯϮĐŚŝƉƐĚŝĨĞƌĞŶƚĞƐ͕ŵĂƐ͕Ɛŝŵ͕ƵŵƷŶŝĐŽĞŶĚĞƌĞĕŽ͕ĐŽŶƚĞŶĚŽϯϮďŝƚƐ? EŽƐŵſĚƵůŽƐ/DDĂƚƵĂŝƐ͕ƐĆŽŐĞƌĂůŵĞŶƚĞƵƐĂĚŽƐϴĐŚŝƉƐ*&#*Z*ďŝƚƐ*3%&%*,8.*:'"8%-&'*'0*VN*ďŝƚƐ*:'"-#32&'0* %'*4"'3#00%&'"?*TX201#8*%2-&%.*8B&,+'0*3'8*IV*ĐŚŝƉƐ*&#*N*ďŝƚƐ*3%&%.*',*%2-&%.*8B&,+'0*3'8*N*ĐŚŝƉƐ*&#*IV*ďŝƚƐ* (3'8,-0*#8*ŶŽƚĞŬƐͿ͘ŽƉŽŶƚŽĚĞǀŝƐƚĂĚŽƉƌŽĐĞƐƐĂĚŽƌ͕ŶĆŽĨĂnjĚŝĨĞƌĞŶĕĂ͕ĚĞƐĚĞƋƵĞ͕ƐŽŵĂĚŽƐŽƐĐŚŝƉƐ*1'= 1%+2$#8*VN*ďŝƚƐ? /ŵĂŐŝŶĞƋƵĞŽĐŽŶƚƌŽůĂĚŽƌĚĞŵĞŵſƌŝĂĞŶǀŝĂƐĞƋƺġŶĐŝĂƐĐŽŵϰ͕ϴŽƵϭϲƉĂƌĞƐĚĞĞŶĚĞƌĞĕŽƐZ^Ğ^ĞƌĞĐĞďĞ &#*<'+1%*'*8#08'*-;8#"'*&#*4%3'1#0*&#*VN*6210?*T8*3%0'0*'-&#*'*4"'3#00%&'"*4"#320%*&#*%4#-%0*%+D,-0*4',3'0* ďLJƚĞƐ͕ĐŽŶƚĞŶĚŽƵŵĂŝŶƐƚƌƵĕĆŽŽƵďůŽĐŽĚĞĚĂĚŽƐ͕ĞůĞƉƌĞĐŝƐĂůĞƌƚŽĚŽŽďůŽĐŽĚĞϲϰďŝƚƐ*%&@%3#-1#.*8#08'*9,#* 0#@%*4%"%*%"1%"*'0*%20? /%0*4+%3%0*ĚƵĂůͲĐŚĂŶŶĞů͕ĐŽŶƟŶƵĂŵŽƐƚĞŶĚŽĂĐĞƐƐŽƐĚĞϲϰďŝƚƐ͕ĂƷŶŝĐĂĚŝĨĞƌĞŶĕĂĠƋƵĞĂŐŽƌĂĂƉůĂĐĂŵĆĞĠĐĂ= ƉĂnjĚĞĂĐĞƐƐĂƌĚŽŝƐĞŶĚĞƌĞĕŽƐĚŝĨĞƌĞŶƚĞƐ;ĐĂĚĂƵŵĞŵƵŵƉĞŶƚĞĚĞŵĞŵſƌŝĂͿĂĐĂĚĂĐŝĐůŽĚĞĐůŽĐŬ͕ĂŽŝŶǀĠƐĚĞ ĂƉĞŶĂƐƵŵ͘/ƐƐŽƉĞƌŵŝƚĞƚƌĂŶƐĨĞƌŝƌŽĚŽďƌŽĚĞĚĂĚŽƐƉŽƌĐŝĐůŽ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞŽƉƌŽĐĞƐƐĂĚŽƌŶĞĐĞƐƐŝƚĞĞƐƉĞƌĂƌ ŵĞŶŽƐƚĞŵƉŽĂŽƚƌĂŶƐĨĞƌŝƌŐƌĂŶĚĞƐƋƵĂŶƟĚĂĚĞƐĚĞĚĂĚŽƐ͘ EĂǀĞƌĚĂĚĞ͕ŶŽƐWƐĂƚƵĂŝƐ͕ƉƌĂƟĐĂŵĞŶƚĞƋƵĂůƋƵĞƌĚŝƐƉŽƐŝƟǀŽƉŽĚĞĂĐĞƐƐĂƌĂŵĞŵſƌŝĂĚŝƌĞƚĂŵĞŶƚĞ͕ĂƚƌĂǀĠƐĚŽƐ 3%-%20*&#*PUE*(ŝƌĞĐƚDĞŵŽƌLJĐĐĞƐƐͿĚŝƐƉŽŶşǀĞŝƐĂƚƌĂǀĠƐĚŽďĂƌƌĂŵĞŶƚŽW/͕'W͕W/džƉƌĞƐƐĞĂƚĠŵĞƐŵŽĂ ƉĂƌƟƌĚĂƐƉŽƌƚĂƐ^d͕/Ğh^͘EĂƚƵƌĂůŵĞŶƚĞ͕ƚŽĚŽƐŽƐĂĐĞƐƐŽƐƐĆŽĐŽŽƌĚĞŶĂĚŽƐƉĞůŽƉƌŽĐĞƐƐĂĚŽƌ͕ŵĂƐĐŽŵŽ ĂŵĞŵſƌŝĂĠƵŵĂƐſ͕ƚĞŵŽƐƐŝƚƵĂĕƁĞƐĞŵƋƵĞŽƉƌŽĐĞƐƐĂĚŽƌƉƌĞĐŝƐĂĞƐƉĞƌĂƌƉĂƌĂĂĐĞƐƐĂƌăŵĞŵſƌŝĂ͕ƋƵĞĞƐƚĄ ƐĞŶĚŽĂĐĞƐƐĂĚĂƉŽƌŽƵƚƌŽĚŝƐƉŽƐŝƟǀŽ͘ džŝƐƚĞŵĂůŐƵŵĂƐĨŽƌŵĂƐĚĞŵĞůŚŽƌĂƌŽĚĞƐĞŵƉĞŶŚŽĚĂŵĞŵſƌŝĂZD͗ I?* E,8#-1%"*'*-;8#"'*&#*ďŝƚƐ*+2&'0*4'"*323+'.*1'"-%-&'*'*6%""%8#-1'*8%20*+%"D'*3'8'*'*%,8#-1'*&#*ML*4%"%*VN*ďŝƚƐ.* ŝŶƚƌŽĚƵnjŝĚĂƉĞůŽWĞŶƟƵŵϭ͕ƋƵĞĐŽŶƟŶƵĂĂƚĠŽƐĚŝĂƐĚĞŚŽũĞ͘KƉƌŽďůĞŵĂĞŵƵƐĂƌƵŵďĂƌƌĂŵĞŶƚŽŵĂŝƐůĂƌŐŽĠƋƵĞŽ 8%2'"*-;8#"'*&#*1"2+7%0*-#3#00>"2%0.*1%-1'*-%*4+%3%*85#.*9,%-1'*-'0*4"B4"2'0*4#-1#0*&#*8#8B"2%.*%,8#-1%8*'*3,01'* ĚĞƉƌŽĚƵĕĆŽ͘ L?* E3#00%"*&'20*',*8%20*8B&,+'0*&#*8#8B"2%*028,+1%-#%8#-1#.*3'8'*-%0*4+%3%0*ĚƵĂůͲĐŚĂŶŶĞů͘KƉƌŽďůĞŵĂĠƋƵĞŶĞƐƚĞ ĐĂƐŽƉƌĞĐŝƐĂŵŽƐĚĞĚŽŝƐƉĞŶƚĞƐ͕ĂůĠŵĚĞĐŝƌĐƵŝƚŽƐĞƚƌŝůŚĂƐĂĚŝĐŝŽŶĂŝƐŶĂƉůĂĐĂŵĆĞ͘ M?* ƌŝĂƌƉĞŶƚĞƐĚĞŵĞŵſƌŝĂŵĂŝƐƌĄƉŝĚŽƐ͕ĐŽŵŽŶĂƐŵĞŵſƌŝĂƐZĞZϮ͘ƋƵĞƐƚĆŽĚĂǀĞůŽĐŝĚĂĚĞƉŽĚĞƐĞƌĚŝǀŝĚŝĚĂĞŵ ĚŽŝƐƋƵĞƐŝƚŽƐĐŽŵƉůĞŵĞŶƚĂƌĞƐ͗ŽŶƷŵĞƌŽĚĞĐŝĐůŽƐƉŽƌƐĞŐƵŶĚŽĞĂůĂƚġŶĐŝĂ͕ƋƵĞĠŽƚĞŵƉŽƋƵĞĂƉƌŝŵĞŝƌĂŽƉĞƌĂĕĆŽ ŶƵŵĂƐĠƌŝĞĚĞŽƉĞƌĂĕƁĞƐĚĞůĞŝƚƵƌĂŽƵĞƐĐƌŝƚĂĚĞŵŽƌĂƉĂƌĂƐĞƌĐŽŶĐůƵşĚĂ͘KƚĞŵƉŽĚĞůĂƚġŶĐŝĂƉŽĚĞƌŝĂƐĞƌĐŽŵƉĂƌĂĚŽ %'*1#84'*&#*%3#00'*&#*,8*FP? ĂƋƵŝƋƵĞĞŶƚƌĂŵĂƐĚŝĨĞƌĞŶƚĞƐƚĞĐŶŽůŽŐŝĂƐĚĞŵĞŵſƌŝĂƐƋƵĞĨŽƌĂŵŝŶƚƌŽĚƵnjŝĚĂƐĂŽůŽŶŐŽĚĂƐƷůƟŵĂƐĚĠĐĂĚĂƐ͕ ĐŽŵĞĕĂŶĚŽƉĞůĂƐŵĞŵſƌŝĂƐƌĞŐƵůĂƌĞƐ͕ƵƐĂĚĂƐŶŽƐydƐĞϮϴϲ͕ƋƵĞĞǀŽůƵşƌĂŵƉĂƌĂĂƐŵĞŵſƌŝĂƐ&WD;&ĂƐƚWĂŐĞ DŽĚĞͿ͕ƵƐĂĚĂƐĞŵWƐϯϴϲĞϰϴϲ͕ĞŵƐĞŐƵŝĚĂƉĂƌĂĂƐŵĞŵſƌŝĂƐK;džƚĞŶĚĞĚĂƚĂKƵƚͿ͕ƵƐĂĚĂƐŶŽƐƷůƟŵŽƐ ŵŝĐƌŽƐϰϴϲĞŶŽWĞŶƟƵŵ͘ƐƐĂƐƚƌġƐƉƌŝŵĞŝƌĂƐƚĞĐŶŽůŽŐŝĂƐĨŽƌĂŵƐƵďƐƟƚƵşĚĂƐƉĞůĂƐŵĞŵſƌŝĂƐ^ZD͕ƐĞŐƵŝĚĂƐ ƉĞůĂƐŵĞŵſƌŝĂƐZĞZϮƵƐĂĚĂƐĂƚƵĂůŵĞŶƚĞ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 /$=N+&,)4!/ G(?A$&%( ZKDĠĂƐŝŐůĂƉĂƌĂZĞĂĚKŶůLJDĞŵŽƌLJ;ŵĞŵſƌŝĂƐŽŵĞŶƚĞĚĞůĞŝƚƵƌĂͿ͘WĞůŽŶŽŵĞ͕ũĄĠƉŽƐƐşǀĞůƉĞƌĐĞďĞƌƋƵĞ ĞƐƐĞƟƉŽĚĞŵĞŵſƌŝĂƐſƉĞƌŵŝƚĞůĞŝƚƵƌĂ͕ŽƵƐĞũĂ͕ƐƵĂƐŝŶĨŽƌŵĂĕƁĞƐƐĆŽŐƌĂǀĂĚĂƐƉĞůŽĨĂďƌŝĐĂŶƚĞƵŵĂƷŶŝĐĂǀĞnj #.*%4B0*200'.*-5'*4'*0#"*%+1#"%&%0*',*%4%D%&%0.*0'8#-1#*%3#00%&%0?*T8*',1"%0*4%+%<"%0.*05'*8#8B"2%0*3,@'* ĐŽŶƚĞƷĚŽĠŐƌĂǀĂĚŽƉĞƌŵĂŶĞŶƚĞŵĞŶƚĞ͘ džŝƐƚĞŵƚƌġƐƟƉŽƐďĄƐŝĐŽƐĚĞŵĞŵſƌŝĂZKD͗WZKD͕WZKDĞZKD 8;*:%P812F16..6Q@4%;467%*C@R%:4.21RS ŵĞŵſƌŝĂƐŽŵĞŶƚĞĚĞůĞŝƚƵƌĂƉƌŽŐĂŵĄǀĞůĠƵŵĚŽƐƉƌŝŵĞŝƌŽƐƟƉŽƐĚĞŵĞŵſƌŝĂZKD͘WZKDƚĞŵƐƵĂŐƌĂǀĂ= ĕĆŽĨĞŝƚĂƉŽƌĂƉĂƌĞůŚŽƐĞƐƉĞĐŝĂŝƐƋƵĞƚƌĂďĂůŚĂŵĂƚƌĂǀĠƐĚĞƵŵĂƌĞĂĕĆŽİƐŝĐĂĐŽŵĞůĞŵĞŶƚŽƐĞůĠƚƌŝĐŽƐ͘KƐĚĂĚŽƐ ŐƌĂǀĂĚŽƐŶĂŵĞŵſƌŝĂWZKDŶĆŽƉŽĚĞŵƐĞƌĂƉĂŐĂĚŽƐŽƵĂůƚĞƌĂĚŽƐ͘ ,8;*:%P,@40B1/06@@R%812F16..6Q@4%;467%*C@R%:4.21RS ŵĞŵſƌŝĂƐŽŵĞŶƚĞĚĞůĞŝƚƵƌĂĞůĞƚƌŝĐĂŵĞŶƚĞƉƌŽŐĂŵĄǀĞůĠƵŵƟƉŽĚĞŵĞŵſƌŝĂZKD͕ŐĞƌĂůŵĞŶƚĞƵƟůŝnjĂĚĂƉĂƌĂ ĂƌŵĂnjĞŶĂƌĂ/K^;ĂƐŝĐ/ŶƉƵƚKƵƚƉƵƚ^LJƐƚĞŵͿĚŽĐŽŵƉƵƚĂĚŽƌ͘ƚĞĐŶŽůŽŐŝĂWZKDƉĞƌŵŝƚĞĂƌĞŐƌĂǀĂĕĆŽĚĞƐĞƵ ĐŽŶƚĞƷĚŽĂƚƌĂǀĠƐĚĞĞƋƵŝƉĂŵĞŶƚŽƐĞƐƉĞĐŝĂŝƐ;ĞŶĐŽŶƚƌĂĚŽƐĞŵĞƐƚĂďĞůĞĐŝŵĞŶƚŽƐĚĞĂƐƐŝƐƚġŶĐŝĂƚĠĐŶŝĐĂͿ͘ ,$;*:%P,@40B1/06@@R%$@B416Q@4%;467%*C@R%:4.21RS ƐŵĞŵſƌŝĂƐƐŽŵĞŶƚĞĚĞůĞŝƚƵƌĂĞůĞƚƌŝĐĂŵĞŶƚĞĂůƚĞƌĄǀĞŝƐƐĆŽƐŝŵŝůĂƌĞƐăWZKD͘^ĞƵĐŽŶƚĞƷĚŽƉŽĚĞƐĞƌĂƉĂ= ŐĂĚŽ ĂƉůŝĐĂŶĚŽͲƐĞ Ƶŵ ŶşǀĞů ĚĞ ƚĞŶƐĆŽ ĞƐƉĞĐşĮĐŽ ĂŽƐ ƉŝŶŽƐ ĚĞ ƉƌŽŐƌĂŵĂĕĆŽ ;ĞůĞĐƚƌŝĐĂůůLJ ĂůƚĞƌĂďůĞ Ͳ ĂůƚĞƌĂĕĆŽ ĞůĠƚƌŝĐĂͿ͘ sĂůĞĨƌŝƐĂƌ͕ĞdžŝƐƚĞŵŽƵƚƌŽƐĚŝƐƉŽƐŝƟǀŽƐƋƵĞĂƌŵĂnjĞŶĂŵŝŶĨŽƌŵĂĕƁĞƐƋƵĞŶĆŽƉŽĚĞŵƐĞƌĂůƚĞƌĂĚĂƐ͘KͲZKD͕ 4'"*#X#84+'? /$=N+&,)42/ G(?A$&%( ZDĠĂƐŝŐůĂƉĂƌĂZĂŶĚŽŵĐĐĞƐƐDĞŵŽƌLJ;ŵĞŵſƌŝĂĚĞĂĐĞƐƐŽĂůĞĂƚſƌŝŽͿ͘ƐƚĞƟƉŽĚĞŵĞŵſƌŝĂƉĞƌŵŝƚĞƚĂŶƚŽ ĂůĞŝƚƵƌĂĐŽŵŽĂŐƌĂǀĂĕĆŽĞƌĞŐƌĂǀĂĕĆŽĚĞĚĂĚŽƐ͘EŽĞŶƚĂŶƚŽ͕ĂƐƐŝŵƋƵĞĞůĂƐĚĞŝdžĂŵĚĞƐĞƌĂůŝŵĞŶƚĂĚĂƐĞůĞƚƌŝ= ĐĂŵĞŶƚĞ͕ŽƵƐĞũĂ͕ƋƵĂŶĚŽŽƵƐƵĄƌŝŽĚĞƐůŝŐĂŽĐŽŵƉƵƚĂĚŽƌ͕ĂŵĞŵſƌŝĂZDƉĞƌĚĞƚŽĚŽƐŽƐƐĞƵƐĚĂĚŽƐ͘džŝƐƚĞŵ ĚŽŝƐƟƉŽƐĚĞŵĞŵſƌŝĂZD͗ĞƐƚĄƟĐĂƐĞĚŝŶąŵŝĐĂƐ͘ &;$:%P&RC6./0%;6C72.%$00455%:4.21RS ƐŵĞŵſƌŝĂƐĚĞĂĐĞƐƐŽĂůĞĂƚſƌŝŽĚŽƟƉŽĚŝŶąŵŝĐŽŐĞƌĂůŵĞŶƚĞƐĆŽĂƌŵĂnjĞŶĂĚĂƐĞŵĐĄƉƐƵůĂƐDK^;ŽŵƉůĞͲ ŵĞŶƚĂƌLJDĞƚĂůKdžŝĚĞ^ĞŵŝĐŽŶĚƵĐƚŽƌͿ͘DĞŵſƌŝĂƐĚĞƐƐĞƟƉŽ͕ƉŽƐƐƵĞŵĐĂƉĂĐŝĚĂĚĞĂůƚĂ͕ŝƐƚŽĠ͕ƉŽĚĞŵĐŽŵƉŽƌƚĂƌ ŐƌĂŶĚĞƐƋƵĂŶƟĚĂĚĞƐĚĞĚĂĚŽƐ͘EŽĞŶƚĂŶƚŽ͕ŽĂĐĞƐƐŽĂĞƐƐĂƐŝŶĨŽƌŵĂĕƁĞƐĐŽƐƚƵŵĂƐĞƌŵĂŝƐůĞŶƚŽƋƵĞŽĂĐĞƐƐŽ ĂŵĞŵſƌŝĂƐĞƐƚĄƟĐĂƐ͘ƐŵĞŵſƌŝĂƐĚŽƟƉŽZDĐŽƐƚƵŵĂŵƚĞƌƉƌĞĕŽƐďĞŵŵĞŶŽƌĞƐƋƵĞĂƐŵĞŵſƌŝĂƐĚŽƟƉŽ ĞƐƚĄƟĐŽ͘/ƐƐŽŽĐŽƌƌĞ͕ƉŽƌƋƵĞƐƵĂĞƐƚƌƵƚƵƌĂĕĆŽĠŵĞŶŽƐĐŽŵƉůĞdžĂ͕ŽƵƐĞũĂ͕ƵƟůŝnjĂƵŵĂƚĞĐŶŽůŽŐŝĂŵĂŝƐƐŝŵƉůĞƐ͕ ƉŽƌĠŵǀŝĄǀĞů͘ ^ZD;^ƚĂƟĐZĂŶĚŽŵĐĐĞƐƐDĞŵŽƌLJͿ ƐŵĞŵſƌŝĂƐĚĞĂĐĞƐƐŽĂůĞĂƚſƌŝŽĚŽƟƉŽĞƐƚĄƟĐŽƐĆŽŵƵŝƚŽŵĂŝƐƌĄƉŝĚĂƐƋƵĞĂƐŵĞŵſƌŝĂƐZD͕ƉŽƌĠŵĂƌŵĂ= !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 njĞŶĂŵŵĞŶŽƐĚĂĚŽƐĞŵĐŽŵƉĂƌĂƟǀŽĐŽŵŽĐƵƐƚŽƉŽƌD͘ƐŵĞŵſƌŝĂƐ^ZDĐŽƐƚƵŵĂŵƐĞƌƵƐĂĚĂƐĞŵĐŚŝƉƐ* &#*ĐĂĐŚĞ? 8$A?(-(1&,)0,>)=$=N+&,> G(?A$&%( ĞŵĂŶĞŝƌĂŵĂŝƐƚĠĐŶŝĐĂƉŽĚĞŵŽƐĂĮƌŵĂƌƋƵĞĞŵƋƵĂůƋƵĞƌĐŽŵƉƵƚĂĚŽƌĠƐĞŵƉƌĞŶĞĐĞƐƐĄƌŝŽƵŵůŽĐĂůĚĞĂƌ= ŵĂnjĞŶĂŵĞŶƚŽĚĞŝŶƐƚƌƵĕƁĞƐĞĚĂĚŽƐƋƵĞĨĂnjĞŵƉĂƌƚĞĚĞƵŵƉƌŽŐƌĂŵĂƋƵĞƐĞŵƉƌĞ͞ĂůŝŵĞŶƚĂƌĄ͟ŽƉƌŽĐĞƐƐĂĚŽƌ ŶŽĞdžĞĐƵƚĂƌĚĂƐŝŶƐƚƌƵĕƁĞƐ͘ ƐƚƌƵƚƵƌĂůŵĞŶƚĞĨĂůĂŶĚŽ͕ĂĐŽŵƉůĞdžŝĚĂĚĞĚĞƵŵƉƌŽĐĞƐƐĂĚŽƌĠŝŶĮŶŝƚĂŵĞŶƚĞŵĂŝŽƌĚŽƋƵĞĚĞƵŵĂŵĞŵſƌŝĂ͘ hŵƉĞŶƚĞĚĞŵĞŵſƌŝĂŶĂĚĂŵĂŝƐĠĚŽƋƵĞƵŵĂƌĞƉĞƟĕĆŽĚĞĐŽŵƉŽŶĞŶƚĞƐĞůĞƚƌƀŶŝĐŽƐ;ĐĂƉĂĐŝƚŽƌĞƚƌĂŶƐŝƐƚŽƌͿ ƋƵĞƌĞƚĠŵƵŵďŝƚ*4'"*<#$? &ĂůĂƌĞŵŽƐƐŽŵĞŶƚĞĚĞĚŽŝƐƟƉŽƐĚĞŵĞŵſƌŝĂƐ͗^ZĞZ͕ƌĞƐƉĞĐƟǀĂŵĞŶƚĞƐLJŶĐŚƌŽŶŽƵƐLJŶĂŵŝĐZD#*ŽƵͲ ďůĞĂƚĂZĂƚĞ^ZD͘ &&;%P;+)9.&';"/"'<"/&%S ŵĞŵſƌŝĂĚŽƟƉŽZ͕ĂƟŶŐĞƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐĚĞĚƵĂƐǀĞnjĞƐŽĐŝĐůŽĚĞĐůŽĐŬ.*4'&#-&'*37#D%"*%* Ϯ͕ϰ'ƉŽƌƐĞŐƵŶĚŽŶĂƚƌĂŶƐŵŝƐƐĆŽĚĞĚĂĚŽƐ͘ǀĞůŽĐŝĚĂĚĞƉĂĚƌĆŽĚŽďĂƌƌĂŵĞŶƚŽZĠĚĞϮϬϬD,nj͕ŵĂƐ͕ƉŽƌ ƐĞƚƌĂƚĂƌĚĞƵŵĂƚĞĐŶŽůŽŐŝĂƌĞĐĞŶƚĞ͕ŶĆŽĮƋƵĞƐƵƌƉƌĞƐŽƐĞĞƐƐĞƐǀĂůŽƌĞƐĞƐƟǀĞƌĞŵďĞŵŵĂŝƐĂůƚŽƐŶŽŵŽŵĞŶƚŽ #8*9,#*<'3]*+#"*#00#*8%1#"2%+? ŵĞŵſƌŝĂ Z Ġ Ă ƚĞĐŶŽůŽŐŝĂ ƋƵĞ ƐƵďƐƟƚƵŝƵ ĂƐ ƚƌĂĚŝĐŝŽŶĂŝƐ ŵĞŵſƌŝĂƐ /DD ĚĞ ϭϲϴ ƉŝŶŽƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ ŶŽƐĐŽŵƉƵƚĂĚŽƌĞƐƉĞƐƐŽĂŝƐ͘dƌĂƚĂͲƐĞĚĞƵŵƟƉŽĚĞŵĞŵſƌŝĂďĂƐĞĂĚŽŶĂĚŝĨƵŶĚŝĚĂ ƚĞĐŶŽůŽŐŝĂ^ZD͘^ƵĂƐ ĞƐƉĞĐŝĮĐĂĕƁĞƐĨŽƌĂŵĚĞĮŶŝĚĂƐƉĞůĂ:͕ĞŶƟĚĂĚĞĨŽƌŵĂĚĂƉŽƌĞŵƉƌĞƐĂƐĚŽƌĂŵŽĚĞƐĞŵŝͲĐŽŶĚƵƚŽƌĞƐƉĂƌĂĂ ĨŽƌŵƵůĂĕĆŽĚĞƉĂĚƌƁĞƐŶĞƐƐĞƐĞŐŵĞŶƚŽ͘ KĐŽŶƚĞƷĚŽĂƐĞŐƵŝƌŵŽƐƚƌĂƌĄĂƐƉƌŝŶĐŝƉĂŝƐĐĂƌĂĐƚĞƌşƐƟĐĂƐĚĂŵĞŵſƌŝĂZĞŽƉŽƌƋƵġĚĞƐƵĂƉŽƉƵůĂƌŝĚĂĚĞ͘ )2.2%5I1F/I%6%.4.T1/6%&&;U EĂĠƉŽĐĂĞŵƋƵĞŽWĞŶƟƵŵ///͕ĚĂ/ŶƚĞů͕ĞƌĂŽƉƌŽĐĞƐƐĂĚŽƌŵĂŝƐƵƐĂĚŽ͕ĂǀĞůŽĐŝĚĂĚĞƉĂĚƌĆŽĚŽ&^;&ƌŽŶƚ^ŝĚĞ ƵƐ)*=*<#+'32&%&#*#X1#"-%*&'*4"'3#000%&'"*=*',*0#@%.*%*<#+'32&%&#*-%*9,%+*'*4"'3#00%&'"*0#*3'8,-23%*3'8*%* ŵĞŵſƌŝĂĞĐŽŵĐŽŵƉŽŶĞŶƚĞƐĚĂƉůĂĐĂͲŵĆĞ͕ĞƌĂĚĞϭϯϯD,nj͕ĞƋƵŝǀĂůĞŶƚĞĂϭ͘ϬϲϰDƉŽƌƐĞŐƵŶĚŽ͘EŽĞŶƚĂŶƚŽ͕ 0%6#=0#*9,#*-'*D#"%+.*'*ĐŚŝƉƐĞƚͲĐŽŶũƵŶƚŽĚĞĐŝƌĐƵŝƚŽƐŝŶƚĞŐƌĂĚŽƐͲĚĂƉůĂĐĂͲŵĆĞŶĆŽƵƐĂĂĨƌĞƋƺġŶĐŝĂĚĞ&^ ƉĂƌĂ ƐĞ ĐŽŵƵŶŝĐĂƌ ĐŽŵ Ă ŵĞŵſƌŝĂ͕ ŵĂƐ Ɛŝŵ͕ Ă ǀĞůŽĐŝĚĂĚĞ ĚĂ ƉƌſƉƌŝĂ ŵĞŵſƌŝĂ͘ EĞƐƐĂ ĠƉŽĐĂ͕ Ž ƉĂĚƌĆŽ ƉĂƌĂ ǀĞůŽĐŝĚĂĚĞĚĂƐŵĞŵſƌŝĂƐƚĂŵďĠŵĞƌĂĚĞϭϯϯD,nj;ĂƐĐŽŶŚĞĐŝĚĂƐŵĞŵſƌŝĂƐ^ZDWϭϯϯͿ͕ƋƵĞƚĂŵďĠŵĨŽƌ= ŶĞĐŝĂŵƵŵĂƚĂdžĂĚĞǀĞůŽĐŝĚĂĚĞĚĞϭ͘ϬϲϰDƉŽƌƐĞŐƵŶĚŽ͘ŽŵŝƐƐŽ͕ĠƉŽƐƐşǀĞůŶŽƚĂƌƋƵĞŚĂǀŝĂƵŵĞƋƵŝůşďƌŝŽŶĂ ǀĞůŽĐŝĚĂĚĞĚĞĐŽŵƵŶŝĐĂĕĆŽĞŶƚƌĞŽƐĐŽŵƉŽŶĞŶƚĞƐĚŽĐŽŵƉƵƚĂĚŽƌ͘ Žŵ Ž ůĂŶĕĂŵĞŶƚŽ ĚĂ ůŝŶŚĂ WĞŶƟƵŵ ϰ͕ ĚĂ /ŶƚĞů Ğ ƵƌŽŶͬƚŚůŽŶ ĚĂ D͕ ĞƐƐĞ ͞ĞƋƵŝůşďƌŝŽ͟ ĚĞŝdžŽƵ ĚĞ ĞdžŝƐƟƌ͕ ƉŽŝƐŽ&^ĚŽƐƉƌŽĐĞƐƐĂĚŽƌĞƐƉĂƐƐŽƵĂƚĞƌŵĂŝƐǀĞůŽĐŝĚĂĚĞĞŶƋƵĂŶƚŽƋƵĞĂƐŵĞŵſƌŝĂƐĐŽŶƟŶƵĂǀĂŵŶŽƉĂĚƌĆŽ Wϭϯϯ͕ŵĂŶƚĞŶĚŽĂǀĞůŽĐŝĚĂĚĞĞŵϭϯϯD,nj͘/ƐƐŽƐŝŐŶŝĮĐĂƋƵĞŽĐŽŵƉƵƚĂĚŽƌŶĆŽĐŽŶƐĞŐƵŝĂĂƉƌŽǀĞŝƚĂƌƚŽĚŽƐ ŽƐƌĞĐƵƌƐŽƐĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽ͘WĂƌĂƵƐƵĄƌŝŽƐĚŽWĞŶƟƵŵϰ͕ŚĂǀŝĂƵŵĂĂůƚĞƌŶĂƟǀĂ͗ƵƟůŝnjĂƌĂƐŵĞŵſƌŝĂƐĚŽƟƉŽ ZĂŵďƵƐ;ŽƵZZDͿ͘ƐƐĞƟƉŽĞƌĂŵĂŝƐƌĄƉŝĚŽƋƵĞĂƐWϭϯϯ͕ŵĂƐĐŽŵĂůŐƵŵĂƐĚĞƐǀĂŶƚĂŐĞŶƐ͗ƐſĨƵŶĐŝŽŶĂǀĂ ĐŽŵƉƌŽĐĞƐƐĂĚŽƌĞƐĚĂ/ŶƚĞů͕ƟŶŚĂƉƌĞĕŽŵƵŝƚŽĞůĞǀĂĚŽĞĂƐƉůĂĐĂƐͲŵĆĞƋƵĞƐƵƉŽƌƚĂǀĂŵĂƐŵĞŵſƌŝĂƐZĂŵďƵƐ ƚĂŵďĠŵĞƌĂŵŵƵŝƚŽĐĂƌĂƐ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 EĞƐƐĞŵĞƐŵŽƉĞƌşŽĚŽ͕ĂƐŵĞŵſƌŝĂƐZũĄŚĂǀŝĂŵƐŝĚŽůĂŶĕĂĚĂƐ͕ƉŽƌĠŵĂ/ŶƚĞůƚĞŶƚĂǀĂƉŽƉƵůĂƌŝnjĂƌĂƐŵĞŵſ= ƌŝĂƐZĂŵďƵƐ͕ŝŐŶŽƌĂŶĚŽĂĞdžŝƐƚġŶĐŝĂĚŽƉĂĚƌĆŽZ͘D;ĚǀĂŶĐĞĚDŝĐƌŽĞǀŝĐĞƐͿ͕ƋƵĞĂƚĠĞŶƚĆŽƟŶŚĂƋƵĞ ƐĞĐŽŶƚĞŶƚĂƌĐŽŵŽƐůŝŵŝƚĞƐĚĂŵĞŵſƌŝĂ/DD^ZDĚĞϭϲϴƉŝŶŽƐ͕ƉƌĞĐŝƐĂǀĂĚĞƵŵĂĂůƚĞƌŶĂƟǀĂĞĮĐŝĞŶƚĞĚĞ 8#8B"2%*9,#*4,�#*1"%6%+7%"*2-1#D"%+8#-1#*3'8*0#,0*4"'3#00%&'"#0?*E*3'84%-72%*%3%6',*%4'01%-&'*-%0* ŵĞŵſƌŝĂƐZ͕ĐƵũŽƵƐŽĨŽŝĐŽŶƐŝĚĞƌĂĚŽĞdžƚƌĞŵĂŵĞŶƚĞǀŝĄǀĞů͘ KƐŝŵƉůĞƐůĂŶĕĂŵĞŶƚŽĚĂƐŵĞŵſƌŝĂƐZŶĆŽĨŽŝƵŵĂƐŽůƵĕĆŽŝŵĞĚŝĂƚĂƉĂƌĂŽƐƉƌŽďůĞŵĂƐĚĞǀĞůŽĐŝĚĂĚĞĚĂƐ ŵĞŵſƌŝĂƐĞĚŽ&^͘^ŽŵĞŶƚĞĐŽŵŽůĂŶĕĂŵĞŶƚŽĚĂƐŵĞŵſƌŝĂƐƵĂůZ;ZϮͿĠƋƵĞĂƐŽůƵĕĆŽƐĞƚŽƌŶŽƵĐŽŵ= ƉƌŽǀĂĚĂŵĞŶƚĞĞĮĐĂnj͘ )2.2%HIC0/2C6%65%.4.T1/65%&&;U ƐŵĞŵſƌŝĂƐZĨƵŶĐŝŽŶĂŵĚĞŵĂŶĞŝƌĂƉĂƌĞĐŝĚĂăƐŵĞŵſƌŝĂƐ/DD^ZD͘^ĞƵƐƉĞŶƚĞƐ;ŽƵŵſĚƵůŽƐͿƉŽƐ= ƐƵĞŵ ϭϴϰ ƚĞƌŵŝŶĂŝƐ͕ ĞŶƋƵĂŶƚŽ ƋƵĞ Ž ƉĂĚƌĆŽ ĂŶƚĞƌŝŽƌ ƉŽƐƐƵŝ ϭϲϴ ƉŝŶŽƐ͘ &ŝƐŝĐĂŵĞŶƚĞ͕ ŚĄ ĂƉĞŶĂƐ ƵŵĂ ĚŝǀŝƐĆŽ ŶŽĞŶĐĂŝdžĞĚŽƉĞŶƚĞ;&ŝŐƵƌĂϮͿ͕ĞŶƋƵĂŶƚŽƋƵĞŶĂŵĞŵſƌŝĂ/DDŚĄĚƵĂƐĚŝǀŝƐƁĞƐ͘hŵĚĞƚĂůŚĞŝŶƚĞƌĞƐƐĂŶƚĞĠ ƋƵĞĂǀŽůƚĂŐĞŵĚĂƐZĠϮ͘ϱs͕ĐŽŶƚƌĂϯ͘ϯsĚĂƐ/DD^ZD͘/ƐƐŽĚŝŵŝŶƵŝŽĐŽŶƐƵŵŽĚĞĞŶĞƌŐŝĂĞĂŵĞŶŝnjĂ ĐŽŶƐŝĚĞƌĂǀĞůŵĞŶƚĞŽƐƉƌŽďůĞŵĂƐƌĞůĂĐŝŽŶĂĚŽƐăƚĞŵƉĞƌĂƚƵƌĂ͘WĂƌĂƵŵWŶŽƌŵĂů͕ŝƐƐŽƉŽĚĞĂƚĠŶĆŽĨĂnjĞƌŵƵŝƚĂ ĚŝĨĞƌĞŶĕĂ͕ĐŽŶƚƵĚŽĨĂnjĞŵƵŵŶŽƚĞŬ͘ůĠŵĚŝƐƐŽ͕ĂƌĞĚƵĕĆŽĚĂǀŽůƚĂŐĞŵĚĞŝdžĂĂŵĞŵſƌŝĂŵĂŝƐƉƌŽƉşĐŝĂĂŽƐ ŽǀĞƌĐůŽĐŬƐ*(%,8#-1'*&%*:"#9^]-32%*-'82-%+*&'*4"'3#00%&'")? !"#$%&'S);'G'HX6$=1'67'878X%"&'SSI KŐƌĂŶĚĞĚŝĨĞƌĞŶĐŝĂůĚĂƐŵĞŵſƌŝĂƐZĞƐƚĄŶŽĨĂƚŽĚĞůĂƐƉŽĚĞƌĞŵƌĞĂůŝnjĂƌŽĚŽďƌŽĚĞŽƉĞƌĂĕƁĞƐƉŽƌĐŝĐůŽĚĞ ĐůŽĐŬ;ĞŵƉŽƵĐĂƐƉĂůĂǀƌĂƐ͕ĂǀĞůŽĐŝĚĂĚĞŶĂƋƵĂůŽƉƌŽĐĞƐƐĂĚŽƌƐŽůŝĐŝƚĂŽƉĞƌĂĕƁĞƐ͖ƵŵĂŵĞŵſƌŝĂZĚĞϮϲϲ D,njƚƌĂďĂůŚĂ͕ŶĂǀĞƌĚĂĚĞ͕ĐŽŵϭϯϯD,nj͖ĐŽŵŽĞůĂƌĞĂůŝnjĂĚƵĂƐŽƉĞƌĂĕƁĞƐƉŽƌǀĞnj͕ĠĐŽŵŽƐĞƚƌĂďĂůŚĂƐƐĞĂϮϲϲ UF$*.*'*&'6"')? ƐŵĞŵſƌŝĂƐZƐĆŽŵƵŝƚŽƉĂƌĞĐŝĚĂƐĐŽŵĂƐŵĞŵſƌŝĂƐ/DDĚĞϭϲϴƉŝŶŽƐ͘sĞũĂŽƉŽƌƋƵġ͗ŽƐƉĞŶƚĞƐĚĞŵĞ= ŵſƌŝĂƐ/DDĞZĨĂnjĞŵƵƐŽĚĂƚĞĐŶŽůŽŐŝĂ^ZD͘ŵďŽƐŽƐƟƉŽƐƐĆŽĚŝǀŝĚŝĚŽƐůŽŐŝĐĂŵĞŶƚĞĞŵďĂŶĐŽƐ͕ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ŽŶĚĞĐĂĚĂƵŵĐŽŶƚĠŵƵŵĂĚĞƚĞƌŵŝŶĂĚĂƋƵĂŶƟĚĂĚĞĚĞĞŶĚĞƌĞĕŽƐĚĞŵĞŵſƌŝĂĚŝƐƉŽŶşǀĞŝƐ͘ĂĚĂďĂŶĐŽ͕ƉŽƌ ƐƵĂǀĞnj͕ƐĞĚŝǀŝĚĞĞŵĐŽŵďŝŶĂĕƁĞƐĚĞůŝŶŚĂƐĞĐŽůƵŶĂƐ͘ĐĞƐƐĂŶĚŽƵŵĂůŝŶŚĂĞƵŵĂĐŽůƵŶĂĚĞƵŵďĂŶĐŽĠƋƵĞ ƐĞĂĐĞƐƐĂƵŵĞŶĚĞƌĞĕŽĚĞŵĞŵſƌŝĂ͘ĞŶƚƌŽĚĞĐĂĚĂďĂŶĐŽ͕ƐŽŵĞŶƚĞƵŵůŝŶŚĂƉŽĚĞƐĞƌƵƐĂĚĂƉŽƌǀĞnj͕ƚŽĚĂǀŝĂ ĠƉŽƐƐşǀĞůƋƵĞŚĂũĂŵĂŝƐĚĞƵŵĂĐĞƐƐŽƐŝŵƵůƚąŶĞŽ͕ĚĞƐĚĞƋƵĞƐĞũĂĂĞŶĚĞƌĞĕŽƐĚŝĨĞƌĞŶƚĞƐ͘ŝƐƐŽƋƵĞĂŵĞŵſƌŝĂ ZĨĂnj͗ďĂƐŝĐĂŵĞŶƚĞĂĐĞƐƐĂĚƵĂƐůŝŶŚĂƐ͕ĞŵǀĞnjĚĞƵŵĂ͕ŶĆŽƐĞŶĚŽƉƌĞĐŝƐŽŵƵĚĂƌĂĞƐƚƌƵƚƵƌĂĚĂŵĞŵſƌŝĂ͘ W%01%* :%$#"* %+D,-0* %@,01#0* #8* 32"3,21'0.* 3"2%-&'* 37240#10* 3'8* 3'-1"'+%&'"#0* &#* 8#8B"2%* 9,#* 3'-02D%8* :%$#"* ĂĐĞƐƐŽƐĚĞƐƐĞƟƉŽ͘ hŵĨĂƚŽŝŵƉŽƌƚĂŶƚĞĂĐŝƚĂƌ͕ĐĂƌĂĐƚĞƌşƐƟĐŽĚĂƉƌſƉƌŝĂŵĞŵſƌŝĂ͕ĠĂŝŵƉŽƐƐŝďŝůŝĚĂĚĞĚĞĂĐĞƐƐĂƌŵĂŝƐĚĞϮĞŶĚĞ= ƌĞĕŽƐĚĞŵĞŵſƌŝĂƐŝŵƵůƚĂŶĞĂŵĞŶƚĞ͘/ƐƐŽŐĞƌĂƌşĂĐƵƐƚŽƐďĞŵŵĂŝŽƌĞƐ͘ůĠŵĚŝƐƐŽ͕ƋƵĂŶƚŽŵĂŝŽƌĂƋƵĂŶƟĚĂĚĞ ĚĞĚĂĚŽƐƚƌĂŶƐĨĞƌŝĚŽƐ͕ŵĂŝŽƌŽŶşǀĞůĚĞƌƵşĚŽĞůĞƚƌŽŵĂŐŶĠƟĐŽ;ŽƋƵĞƉŽĚĞƌĞƉƌĞƐĞŶƚĂƌƉĞƌĚĂĞŶĞĐĞƐƐŝĚĂĚĞĚĞ "#1"%-082005'*&#*&%&'0)? ůŐŽŝŵƉŽƌƚĂŶƚĞĚĞĨƌŝƐĂƌĠƋƵĞĂŶŽŵĞŶĐůĂƚƵƌĂĚĂƐŵĞŵſƌŝĂƐ/DDĨĂĐŝůŝƚĂǀĂŵĂŝŶĚŝĐĂĕĆŽĚĂǀĞůŽĐŝĚĂĚĞĚĞ ƐĞƵĨƵŶĐŝŽŶĂŵĞŶƚŽ͕ĂŽĐŽŶƚƌĄƌŝŽĚĂŶŽŵĞŶĐůĂƚƵƌĂĚĂƐŵĞŵſƌŝĂƐZĞŵƋƵĞŝƐƐŽŶĆŽŽĐŽƌƌĞ͘ džĞŵƉůŽ͗ŶƵŵĂŵĞŵſƌŝĂ^ZDWͲϭϯϯ͕ŽŶƷŵĞƌŽ͞ϭϯϯ͟ƐŝŐŶŝĮĐĂƋƵĞĂŵĞŵſƌŝĂƚƌĂďĂůŚĂĂϭϯϯD,nj͘YƵĂŶĚŽ ǀŽĐġĞŶĐŽŶƚƌĂƵŵĂŵĞŵſƌŝĂZWͲϭϲϬϬŶĆŽƐŝŐŶŝĮĐĂƋƵĞĞůĂƚƌĂďĂůŚĂĂϭϲϬϬD,nj͘ƐƐĞǀĂůŽƌŝŶĚŝĐĂĂƚĂdžĂĚĞ ƚƌĂŶƐĨĞƌġŶĐŝĂĚĞDƉŽƌƐĞŐƵŶĚŽ͘ƚĂďĞůĂ͘ϭŵŽƐƚƌĂŵĂŝƐĚĞƚĂůŚĞƐƐŽďƌĞŝƐƐŽ͗ :4.T1/6 O4@20/7674 ^ZDWͲϭϬϬ ϴϬϬDͬƐ ^ZDWͲϭϯϯ ϭ͘ϬϲϰDͬƐ ZͲϮϬϬŽƵWͲϭϲϬϬ ϭ͘ϲϬϬDͬƐ ZͲϮϲϲŽƵWͲϮϭϬϬ Ϯ͘ϭϬϬDͬƐ ZͲϯϯϯŽƵWͲϮϳϬϬ Ϯ͘ϳϬϬDͬƐ ZZͲϰϬϬŽƵWͲϯϮϬϬ ϯ͘ϮϬϬDͬƐ ƵĂůZͲϮϮϲ ϰ͘ϮϬϬDͬƐ P,%+*&&"*=*MMM ϱ͘ϰϬϬDͬƐ ƵĂůZͲϰϬϬ ϲ͘ϰϬϬDͬƐ J&27=&'S*'G'J&Y&'67':%&-4B7%T-5"&'91%':"91'67'878X%"& /$=(+&,)II4`)(@)I@,-)II4 ƐŵĞŵſƌŝĂƐĚŽƟƉŽƵĂůZĨƵŶĐŝŽŶĂŵďĂƐĞĂĚĂƐŶĂƐĞŐƵŝŶƚĞŝĚĠŝĂ͗ĞŵǀĞnjĚĞƵƟůŝnjĂƌƵŵĂƷŶŝĐĂĐŽŶƚƌŽůĂĚŽƌĂ 4%"%*%3#00%"*1'&'0*'0*0+'10*&#*8#8B"2%*&%*4+%3%=85#.*4'"*9,#*-5'*,0%"*&,%0*3'-1"'+%&'"%0*%'*8#08'*1#84'Y* ƐƐĂĠĂƉƌŝŶĐŝƉĂůĚŝĨĞƌĞŶĕĂĚŽĞƐƋƵĞŵĂƵĂůZ͘ƐŵĞŵſƌŝĂƐĂƚƵĂŝƐƐĞŐƵĞŵŽƉĂĚƌĆŽĚĞϲϰďŝƚƐ*#*05'*%+'= 3%&%0*#8*6%-3'0?*K0%-&'*&,%0*3'-1"'+%&'"%0*028,+1%-#%8#-1#.*'*%3#00'*4%00%*%*0#"*&#*ILZ*ďŝƚƐ?*!%"%*,0%"*'* ƌĞĐƵƌƐŽƵĂůZ͕ĠƌĞĐŽŵĞŶĚĄǀĞůƵƐĂƌĚŽŝƐƉĞŶƚĞƐĚĞŵĞŵſƌŝĂŝĚġŶƟĐŽƐŶŽĐŽŵƉƵƚĂĚŽƌ͕ĞŵďŽƌĂŶĂĚĂŝŵƉĞĕĂ ŽƵƐŽĚĞƵŵĂƋƵĂŶƟĚĂĚĞĚŝĨĞƌĞŶƚĞ͘ďŽŵƋƵĞĞƐƐĂŝŐƵĂůĚĂĚĞŽĐŽƌƌĂ͕ŝŶĐůƵƐŝǀĞ͕ĐŽŵĂŵĂƌĐĂ͕ƉĂƌĂĞǀŝƚĂƌŝŶƐƚĂ= 62+2&%�? WĂƌĂĞŶƚĞŶĚĞƌŵĞůŚŽƌ͕ŝŵĂŐŝŶĞƋƵĞǀŽĐġƵƐĞĚŽŝƐƉĞŶƚĞƐĚĞϮϱϲDĚĞŵĞŵſƌŝĂZDZͲϯϯϯĞŵƐĞƵĐŽŵƉƵ= 1%&'"?*R*3'84,1%&'"*1"%6%+7%">*3'8*'0*&'20*4#-1#0*3'8'*0#-&'*,8*;-23'*3'-@,-1'*&#*OIL*UW*3'8*6%""%8#-1'* &#*VN*ďŝƚƐ;ŽƵƐĞũĂ͕Ϯ͘ϳϬϬDƉŽƌƐĞŐƵŶĚŽͿ͘ƐƐĂĐŽŶĮŐƵƌĂĕĆŽĨƵŶĐŝŽŶĂŶĚŽŶŽĞƐƋƵĞŵĂƵĂůZĨĂƌĄĐŽŵƋƵĞ '*6%""%8#-1'*4%00#*%*0#"*&#*ILZ*ďŝƚƐ͕ĂƵŵĞŶƚĂŶĚŽĂǀĞůŽĐŝĚĂĚĞƉĂƌĂϱ͘ϰϬϬDƉŽƌƐĞŐƵŶĚŽ͘ WĂƌĂƚƌĂďĂůŚĂƌĐŽŵƵĂůZŶĆŽďĂƐƚĂĐŽůŽĐĂƌĚŽŝƐƉĞŶƚĞƐĚĞŵĞŵſƌŝĂŝĚġŶƟĐŽƐŶŽĐŽŵƉƵƚĂĚŽƌ͘ŶĞĐĞƐƐĄƌŝŽ ƋƵĞƐƵĂƉůĂĐĂͲŵĆĞƚĞŶŚĂĞƐƐĞƌĞĐƵƌƐŽ͘ůĠŵĚŝƐƐŽ͕ŽĞƐƋƵĞŵĂƵĂůZƐſƐĞƚŽƌŶĂ͕ƌĞĂůŵĞŶƚĞĞĮĐŝĞŶƚĞƐĞƵƟ= ůŝnjĂĚŽĐŽŵƉƌŽĐĞƐƐĂĚŽƌĞƐ/ŶƚĞůWĞŶƟƵŵϰ͕DƚŚůŽŶyWŽƵƐƵƉĞƌŝŽƌĞƐ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 DĞƐŵŽƋƵĞĂƉůĂĐĂͲŵĆĞĚĞƐĞƵĐŽŵƉƵƚĂĚŽƌƐƵƉŽƌƚĞĞƐƐĞƌĞĐƵƌƐŽ͕ƵŵĂĚŝĐĂŝŶƚĞƌĞƐƐĂŶƚĞĠĐŽŵƉƌĂƌƵŵŬŝƚ*4%"%* ƵĂůZ͘ƐƐĞƉĂĐŽƚĞĐŽŶƚĠŵƉĞŶƚĞƐĚĞŵĞŵſƌŝĂZƉƌſƉƌŝŽƐƉĂƌĂĨƵŶĐŝŽŶĂƌĐŽŵŽƵĂů͘^ĞǀŽĐġĐŽŵƉƌĂƌ ŵſĚƵůŽƐĚĞŵĞŵſƌŝĂZŝŐƵĂŝƐ͕ŵĂƐƋƵĞǀĞŶŚĂŵƐĞƉĂƌĂĚŽƐ͕ŽĨƵŶĐŝŽŶĂŵĞŶƚŽƉŽĚĞƐĞƌŶŽƌŵĂů͕ŵĂƐĂƐĐŚĂŶ= ĐĞƐĚĞŝŶƐƚĂďŝůŝĚĂĚĞĂƵŵĞŶƚĂŵ͘/ƐƐŽŽĐŽƌƌĞƉƌŝŶĐŝƉĂůŵĞŶƚĞĐŽŵŽƉĂĚƌĆŽZͲϰϬϬ͘ĐůĂƌŽƋƵĞŽƐŬŝƚƐ*05'*8%20* 3%"'0.*4"2-324%+8#-1#*-'*W"%02+? WĂƌĂƋƵĞŚĂũĂƵŵĂĐŽŵƉƌĞĞŶƐĆŽŵĞůŚŽƌƐŽďƌĞŽƐĂƐƉĞĐƚŽƐŵĞĐąŶŝĐŽƐ;ĚŝŵĞŶƐƁĞƐİƐŝĐĂƐͿĞŶƚƌĞŽƐĚŽŝƐĨŽƌŵĂƚŽƐ ĂƚƵĂŝƐĚĞŵĞŵſƌŝĂZDƋƵĞĞƋƵŝƉĂŵŽƐŵŝĐƌŽƐŶŽƉĂĚƌĆŽĂƚƵĂů͕ǀĞũĂĂĮŐƵƌĂ͘ϯ͘ !"#$%&'S)@'G'?189&%&/Z74'875[-"5&4'7-:%7'14'8X6$=14'67'878X%"&4 .+,)()42/ U#8B"2%*&ůĂƐŚĠƵŵĂŵĞŵſƌŝĂĚĞĐŽŵƉƵƚĂĚŽƌĚŽƟƉŽWZKDƋƵĞƉĞƌŵŝƚĞƋƵĞŵƷůƟƉůŽƐĞŶĚĞƌĞĕŽƐƐĞũĂŵ ĂƉĂŐĂĚŽƐŽƵĞƐĐƌŝƚŽƐŶƵŵĂƐſŽƉĞƌĂĕĆŽ͘ŵƚĞƌŵŽƐůĞŝŐŽƐ͕ƚƌĂƚĂͲƐĞĚĞƵŵĐŚŝƉƌĞͲĞƐĐƌĞǀşǀĞůƋƵĞ͕ĂŽĐŽŶƚƌĄƌŝŽ ĚĞƵŵĂZD͕ƉƌĞƐĞƌǀĂŽƐĞƵĐŽŶƚĞƷĚŽƐĞŵĂŶĞĐĞƐƐŝĚĂĚĞĚĞĨŽŶƚĞĚĞĂůŝŵĞŶƚĂĕĆŽ͘ƐƚĂŵĞŵſƌŝĂĠĐŽŵƵŵĞŶƚĞ ƵƐĂĚĂĞŵĐĂƌƚƁĞƐĚĞŵĞŵſƌŝĂĚƌŝǀĞƐŇĂƐŚ(WĞŶƌŝǀĞƐ)*#*2!'&*? hŵĨĂƚŽŝŵƉŽƌƚĂŶƚĞĂƐĞƌĐŝƚĂĚŽĠƋƵĞ͕ĂƚƵĂůŵĞŶƚĞ͕ƵƐĂͲƐĞƵŵƟƉŽĚŝĨĞƌĞŶƚĞĚĞŵĞŵſƌŝĂZKD͘dƌĂƚĂͲƐĞĚĂ&ůĂƐŚ ZKD͕ƵŵƟƉŽĚĞĐŚŝƉĚĞŵĞŵſƌŝĂƉĂƌĂ/K^ĚĞĐŽŵƉƵƚĂĚŽƌƋƵĞƉĞƌŵŝƚĞƋƵĞĞƐƚĂƐĞũĂĂƚƵĂůŝnjĂĚĂĂƚƌĂǀĠƐĚĞ ƐŽŌǁĂƌĞƐĂƉƌŽƉƌŝĂĚŽƐ͘ƐƐĂĂƚƵĂůŝnjĂĕĆŽƉŽĚĞƐĞƌĨĞŝƚĂƉŽƌĚŝƐƋƵĞƚĞŽƵ͕ĂƚĠŵĞƐŵŽƉĞůŽƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂů͘ b,&'*#-&#*&'0*"#3,"0'0*9,#*'*:%6"23%-1#*&%*4+%3%=85#*#8*9,#015'*&204'-262+2$%? &ůĂƐŚZD͕ƚĂŵďĠŵĐŽŵĞĕĂĂƐĞƌĐŚĂŵĂĚĂĚĞĚŝƐĐŽƐſůŝĚŽ͕ƉĞůŽŐƌĂŶĚĞĨƵƚƵƌŽƋƵĞƚĞŵ͕ũĄƋƵĞĂůĠŵĚĞƐĞƌ ŵƵŝƚŽŵĂŝƐƌĞƐŝƐƚĞŶƚĞƋƵĞŽƐĚŝƐĐŽƐƌşŐŝĚŽƐĂƚƵĂŝƐ͕ĂƉƌĞƐĞŶƚĂŵĞŶŽƌĐŽŶƐƵŵŽ͕ŵĂŝŽƌĞƐƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂ͕ ůĂƚġŶĐŝĂƐĞƉĞƐŽŵƵŝƚŽŵĂŝƐďĂŝdžŽƐ͘ŚĞŐĂĂƵƟůŝnjĂƌĂƉĞŶĂƐϱйĚŽƐƌĞĐƵƌƐŽƐŶŽƌŵĂůŵĞŶƚĞĞŵƉƌĞŐĂĚŽƐŶĂĂůŝ= ŵĞŶƚĂĕĆŽĚĞĚŝƐĐŽƐƌşŐŝĚŽƐ͘:ĄĠƵƟůŝnjĂĚŽĞŵŶŽƚĞŬƐ͕ĞƐĞƌĄĞdžƉĂŶĚŝĚĂƉĂƌĂĂǀĞƌƐĆŽĚĞƐŬƚŽƉŶŽƐƉƌſdžŝŵŽƐ O*%-'0? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 $,+,0,)("+&1,%N+&, ĂͿപKƚĞŵĂĠ͗WĞƐƋƵŝƐĞƐŽďƌĞŽƐĂƐƉĞĐƚŽƐƋƵĞĞŶǀŽůǀĞŵĞƌƌŽƐůſŐŝĐŽƐĞŵŵĞŵſƌŝĂƐƌĞƐƉŽŶĚĞŶĚŽĂƉĞƌŐƵŶƚŽ͗ ͻ KƋƵĞĠ͍ ͻ hƐĞĂďŝďůŝŽŐƌĂĮĂĚŝƐƉŽŶŝďŝůŝnjĂĚĂĞĞŵƐŝƚĞƐƌĞůĂĐŝŽŶĂĚŽƐ͘ 5'(-@;<()0,)42/ H?%+(0@;<( ŵĞŵſƌŝĂƚĞŵƵŵƉĂƉĞůĞdžƚƌĞŵĂŵĞŶƚĞŝŵƉŽƌƚĂŶƚĞŶĂĞǀŽůƵĕĆŽĚŽƐĐŽŵƉƵƚĂĚŽƌĞƐ͕ƵŵĂǀĞnjƋƵĞĠƌĞƐƉŽŶƐĄǀĞů ƉŽƌ͞ĐŽŶǀĞƌƐĂƌ͟ĚŝƌĞƚĂŵĞŶƚĞĐŽŵĂWhĞƋƵĂŶƚŽŵĂŝƐĞƐƉĂĕŽĂZDƉŽƐƐƵŝƌ͕ŵĂŝƐƌŽƟŶĂƐƉŽĚĞŵƐĞƌĂƌŵĂnjĞ= -%&%0*4%"%*%,8#-1%"*%*<#+'32&%&#*3'8*9,#*'0*4"'D"%8%0*05'*3%""#D%&'0? ĞǀŽůƵĕĆŽĚĂZDĞƐƚĄůŝŐĂĚĂĚŝƌĞƚĂŵĞŶƚĞăWhĞĂŵďŽƐƐĞŐƵĞŵŽŵĞƐŵŽĐĂŵŝŶŚŽ͕ƉŽŝƐƵŵĚĞƉĞŶĚĞĚŽ ŽƵƚƌŽƉĂƌĂ͞ƐŽďƌĞǀŝǀĞƌ͘͟KƉƌŝŵĞŝƌŽĐŚŝƉĚĞŵĞŵſƌŝĂƚĞǀĞŝŶşĐŝŽĞŵŵĞĂĚŽƐĚĞϭϵϳϬĐŽŵŽŶŽŵĞ/W;ƵĂů/ŶͲ ͲůŝŶĞWĂĐŬĂŐĞͿ͘ŽŶĮƌĂĂĞǀŽůƵĕĆŽĚĂZDĐŽŶĨŽƌŵĞĂƐĞƋƺġŶĐŝĂĚŽŵĞŶƵ? IH3)S!/,+$0123&14$%,'5,64T &ĂďƌŝĐĂĚŽĞŵϭϵϳϬƉĂƌĂƐĞƌƵƐĂĚŽĚŝƌĞƚĂŵĞŶƚĞŶĂƉůĂĐĂͲŵĆĞĐŽŵŽĐŝƌĐƵŝƚŽŝŶƚĞŐƌĂĚŽ͘ƌĂĚŝƐƉŽŶşǀĞůƉĂƌĂŽƐ ĨĂŵŽƐŽƐƉƌŽĐĞƐƐĂĚŽƌĞƐϴϬϴϬ͘^ƵĂĐĂƉĂĐŝĚĂĚĞĐŚĞŐĂǀĂĞŵƚŽƌŶŽĚŽƐ<Ğ͕ƉĂƌĂŽďƚĞƌŵĂŝƐĞƐƉĂĕŽĚĞĂƌŵĂnjĞŶĂ= ŵĞŶƚŽ͕ĞƌĂŵƵƐĂĚĂƐƉůĂĐĂƐĐŽŵϯϯϬĐŚŝƉƐ*4%"%*3'-0#D,2"*%4#-%0*N*UW? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'S)E'G'?C"9'9&6%01'SFD 6H33)S7&16+4$012+&14$%&1$%,'5,64T A'-0201#*&#*4#9,#-'0*ĐŚŝƉƐ*9,#*05'*284+#8#-1%&'0*#8*4#9,#-%0*4+%3%0*3'8*42-'0*9,#*05'*3'-#31%&'0*H*4+%3%= ͲŵĆĞ͘ƌĂƵƐĂĚŽŶŽƐĐŽŵƉƵƚĂĚŽƌĞƐďĂƐĞĂĚŽƐŶŽƐŝƐƚĞŵĂϴϬϮϴϲĞƉŽƐƐƵşĂϯϬƉŝŶŽƐĚĞĐŽŶĞdžĆŽ͘ !"#$%&'S)O'G'HX6$=1'9&6%01'LFDD 6H//)S7&16+4$012+&14$849":-$8";/+4T ^ƵƌŐŝƵĐŽŵŽƐƵďƐƟƚƵƚŽĚŽ^/WW͘ĞǀŝĚŽăĨŽƌŵĂĨĄĐŝůĚĞĐŽŶĞdžĆŽĐŽŵĂƉůĂĐĂͲŵĆĞ͘WŽƐƐƵşĂĚŽŝƐŵŽĚĞůŽƐ͗ĐŽŵϯϬ ƉŝŶŽƐĞŽƵƚƌŽĐŽŵϳϮƉŝŶŽƐ͘^ƵĂĐĂƉĂĐŝĚĂĚĞĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽǀĂƌŝĂǀĂĞŶƚƌĞϮϱϲ<ĞϭD͘ŵϭϵϵϳ͕ĂǀĞƌƐĆŽ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ĚĞϳϮƉŝŶŽƐƐƵďƐƟƚƵŝƵĚĞĮŶŝƟǀĂŵĞŶƚĞĂĚĞϯϬƉŝŶŽƐ͘ !"#$%&'S)P'G'HX6$=1'LFHH IH//)S!/,+$012+&14$849":-$8";/+4T ĚŝĨĞƌĞŶĕĂĚŽ^/DDĞĚŽ/DDĠĂĨŽƌŵĂĐŽŵŽŽƐĚĂĚŽƐƐĆŽƚƌĂŶƐĨĞƌŝĚŽƐ͘ŶƋƵĂŶƚŽŽ^/DDƵƟůŝnjĂϯϮďŝƚƐĚĞ ĚĂĚŽƐ͕Ž/DDĐĂƌƌĞŐĂϲϰďŝƚƐ͕ŽĚŽďƌŽĚĞŝŶĨŽƌŵĂĕĆŽ͘KŵŽĚĞůŽ/DDĞƐƚĄƉƌĞƐĞŶƚĞŶĂƐŵĞŵſƌŝĂƐĂƚƵĂŝƐZ͘ KƉƌŝŵĞŝƌŽŵŽĚĞůŽďĂƐĞĂĚŽŶĞƐƐĂĞƐƚƌƵƚƵƌĂĨŽŝĂ^ZDĞƉŽƐƐƵŝĂϭϲϴƉŝŶŽƐ͘ !! !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'S)Q'G'HX6$=1'SFHH 4,="@>)(@)4I42/)S<,9=/)$!-1,9&'$<>8$849":-T ĞƐĞŶǀŽůǀŝĚĂƉĞůĂ/ŶƚĞůƉĂƌĂƐĞƌƵƐĂĚĂŝŶŝĐŝĂůŵĞŶƚĞĐŽŵƐĞƵƐƉƌŽĐĞƐƐĂĚŽƌĞƐ͘ƉƌŝŵĞŝƌĂƉůĂĐĂͲŵĆĞĂƚĞƌƐƵƉŽƌƚĞ ƉĂƌĂĂƚĞĐŶŽůŽŐŝĂĨŽŝĞŵϭϵϵϵƉĂƌĂŽŵŽĚĞůŽWϴϬϬZZDĐŽŵǀĞůŽĐŝĚĂĚĞĚĞϴϬϬD,nj͘ƉĞƐĂƌĚĞƐĞƌƵŵĂ #X3#+#-1#*8#8B"2%.*3'8'*'0*:%6"23%-1#0*4"#320%<%8*4%D%"*ƌŽLJĂůƟĞƐ.*%3%6',*%'0*4',3'0*4#"&#-&'*8#"3%&'? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'S)R'G'HX6$=1'ISI\H II4)6I42/)S!"/=+42!,#,2<,#4$7-1'(:"1"/)$!-1,9&'$<,9;"9$>''4))$842 9":-T WĂƌĂƐƵďƐƟƚƵŝƌĂZĂŵďƵƐĞĂĐĂďĂƌĐŽŵĂĐŽďƌĂŶĕĂĚĞƌŽLJĂůƟĞƐĚĂ/ŶƚĞů͕ĚĞƐĞŶǀŽůǀĞĚŽƌĞƐĚĞƉůĂĐĂƐͲŵĆĞĐŽŵĞ= ĕĂƌĂŵĂĞdžŝŐŝƌŽƵƐŽĚĂZ͘ƐƐŝŵ͕ŽƉƌĞĕŽƉĂƌĂŽĐŽŶƐƵŵŝĚŽƌĮŶĂůƐĞƌŝĂďĞŵŵĞŶŽƌĞŵĐŽŵƉĂƌĂĕĆŽĂŽƵƐŽĚĂ ZĂŵďƵƐ͘ƉƌŝŵĞŝƌĂǀĞƌƐĆŽZƉŽƐƐƵşĂϭϴϰƉŝŶŽƐĞǀĞůŽĐŝĚĂĚĞŝŶŝĐŝĂůĚĞϮϬϬDŚnj͘ !"#$%&'S)U'G'HX6$=1'SSI II4)`)6I42/ ^ĞŐƵŶĚĂǀĞƌƐĆŽĚĂZ͘ĚŝĨĞƌĞŶĕĂĞŶƚƌĞĞůĂƐĞƐƚĂŶĂǀĞůŽĐŝĚĂĚĞ͕ƋƵĞ͕ŶŽĐĂƐŽĚĂZϮ͕ĐĂĚĂĐŚŝƉ*1#8*'*&'6"'* ĚĞǀĞůŽĐŝĚĂĚĞĚĂZ͘^ĞƵƵƐŽĞƐƚĄĐŽŵĞĕĂŶĚŽĂĞŵƉůĂĐĂƌĞĠĞŶĐŽŶƚƌĂĚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞŶŽƐŶŽǀŽƐƉƌŽĐĞƐƐĂ= !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ĚŽƌĞƐ/ŶƚĞůĞD͘EǀŝĚŝĂĨŽŝĂƉƌŝŵĞŝƌĂĞŵƉƌĞƐĂĚĞƉůĂĐĂƐĚĞǀşĚĞŽĂƵƟůŝnjĂƌĂZϮĞŵƐƵĂĨĂďƌŝĐĂĕĆŽ͘ !"#$%&'S)*W'G'HX6$=1'SSI'; II4a)6I42/ ƐƐĂŵĞŵſƌŝĂĂŝŶĚĂŶĆŽĞƐƚĄĞŵƉƌŽĚƵĕĆŽĐŽŵĞƌĐŝĂů͕ĞƐƵĂĨĂďƌŝĐĂĕĆŽĠĨĞŝƚĂĂƉĞŶĂƐĞŵĨŽƌŵĂĚĞƚĞƐƚĞ͘Zϯ ƚĞŵĂŝŶƚĞŶĕĆŽĚĞƌĞĚƵnjŝƌŽĐŽŶƐƵŵŽĞůĠƚƌŝĐŽĞŵĂƚĠϰϬйĞŵƌĞůĂĕĆŽăZϮ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'S)**'G'HX6$=1'SSI'@ "%&'&0,0$ ƵƌĂŶƚĞŽƵĂƉſƐŽĐŚĂƚ͞>ĂŶĕĂŵĞŶƚŽĚĞYƵĞƐƚƁĞƐKďũĞƟǀĂƐ͟ĞŶǀŝĞĂƐƵĂWĞƐƋƵŝƐĂƐŽďƌĞDĞŵſƌŝĂĂƚƌĂǀĠƐĚĞƐƚĂ :#""%8#-1%? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% "+#&$&, , !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 )P2442/578!6 H?%+(0@;<( W%""%8#-1'0*05'.*6%023%8#-1#.*,8*3'-@,-1'*&#*02-%20*&2D21%20*3'8*'0*9,%20*'*4"'3#00%&'"*3'8,-23%=0#*3'8*'* 0#,*#X1#"2'".*',*0#@%.*3'8*%*8#8B"2%.*ĐŚŝƉƐĚĂƉůĂĐĂͲŵĆĞ͕ƉĞƌŝĨĠƌŝĐŽƐ͕ĞƚĐ͘ EĞƐƚĂƵŶŝĚĂĚĞ͕ǀĂŵŽƐĐŽŶŚĞĐĞƌŽďĂƌƌĂŵĞŶƚŽ/^ƋƵĞ͕ĂƉĞƐĂƌĚĞŶĆŽƐĞƌŵĂŝƐƵƟůŝnjĂĚŽĐŽŵĨƌĞƋƺġŶĐŝĂ͕ĞƐƚĞǀĞ ƉƌĞƐĞŶƚĞŶĂŵĂŝŽƌƉĂƌƚĞĚŽƐĐŽŵƉƵƚĂĚŽƌĞƐ͖ŽďĂƌƌĂŵĞŶƚŽW/ĞŽ'W͕ƋƵĞĠƵƐĂĚŽĞdžĐůƵƐŝǀĂŵĞŶƚĞƉĂƌĂǀşĚĞŽ͘ WĂƌĂƋƵĞŽƐƉĞƌŝĨĠƌŝĐŽƐ;ƉůĂĐĂƐĞŵŐĞƌĂůͿƉŽƐƐĂŵƵƐĂƌƚĂŝƐďĂƌƌĂŵĞŶƚŽƐ͕ĠŶĞĐĞƐƐĄƌŝŽƋƵĞĐĂĚĂƉůĂĐĂ;ĚĞǀşĚĞŽ͕ &#*0'8.*ŵŽĚĞŵ͕ĞƚĐͿƐĞũĂĐŽŵƉĂơǀĞůĐŽŵƵŵĚĞƚĞƌŵŝŶĂĚŽƟƉŽĚĞďĂƌƌĂŵĞŶƚŽ͘^ĞŶĚŽĂƐƐŝŵ͕ƉĂƌĂƋƵĞŚĂũĂŽ ƐĞƵƵƐŽ͕ĠŶĞĐĞƐƐĄƌŝŽĞŶĐĂŝdžĂƌĂƉůĂĐĂĞŵƵŵĐŽŶĞĐƚŽƌƉƌĞƐĞŶƚĞŶĂƉůĂĐĂͲŵĆĞ͕ĐŽŶŚĞĐŝĚŽƉŽƌƐůŽƚ? ZĞƐƐĂůƚĂͲƐĞƋƵĞĐĂĚĂďĂƌƌĂŵĞŶƚŽƉŽƐƐƵŝƵŵĂĨŽƌŵĂĚĞƐůŽƚ*&2:#"#-1#?*/%*0#9,]-32%.*%4"#0#-1%"=0#=>*'*%+7%= 8#-1'*&#*1%20*:'"8%0*&#*ƐůŽƚƐ? P,++,=$?%()H62 KďĂƌƌĂŵĞŶƚŽ/^;/ŶĚƵƐƚƌLJ^ƚĂŶĚĂƌĚƌĐŚŝƚĞĐƚƵƌĞͿĠĨŽƌŵĂƚŽƉŽƌƐůŽƚƐ*9,#*1"%6%+7%8*3'8*Z*#*IV*ďŝƚƐ*4'"*<#$?* ůĠŵĚŝƐƐŽ͕ĞŵƉůĂĐĂƐͲŵĆĞĂŶƟŐĂƐ͕ŽďĂƌƌĂŵĞŶƚŽ/^ĞƌĂƵƐĂĚŽŝŶƚĞƌŶĂŵĞŶƚĞƉĂƌĂĂĐŽŵƵŶŝĐĂĕĆŽĞŶƚƌĞŽƉƌŽ= 3#00%&'"*#*%+D,-0*ĐŚŝƉƐ*4"#0#-1#0*-%*4+%3%=85#? K/^ƐƵƌŐŝƵŶŽĐŽŵƉƵƚĂĚŽƌ/DW͕ŶĂǀĞƌƐĆŽĚĞϴďŝƚƐĞ͕ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ĐŚĞŐŽƵĂŽ/DWd͕ƉĂƐƐĂŶĚŽĂƵƐĂƌ IV*ďŝƚƐĚĞĚĂĚŽƐƉŽƌǀĞnj;ƉƌŽǀĂŶĚŽƋƵĞƐĞƚƌĂƚĂĚĞƵŵďĂƌƌĂŵĞŶƚŽĂŶƟŐŽͿ͘ŽŵŽĞƐƐĞĐŽŵƉƵƚĂĚŽƌƚƌĂďĂůŚĂǀĂ ĂƵŵĂǀĞůŽĐŝĚĂĚĞĚĞϴD,nj;ƉƌŽĐĞƐƐĂĚŽƌϮϴϲͿ͕Ž/^ŚĞƌĚŽƵĞƐƐĂƐĐĂƌĂĐƚĞƌşƐƟĐĂƐ͕ŽƵƐĞũĂ͕ƉĂƐƐŽƵĂƚƌĂďĂůŚĂƌ ŶĞƐƚĂŵĞƐŵĂǀĞůŽĐŝĚĂĚĞ͘EŽďĂƌƌĂŵĞŶƚŽ/^͕ŽƐƉƌŽĐĞƐƐŽƐĚĞĞƐĐƌŝƚĂͬůĞŝƚƵƌĂƌĞƋƵĞƌŝĂŵƉĞůŽŵĞŶŽƐϮƉĞƌşŽĚŽƐ &#*ĐůŽĐŬ͕ŽƋƵĞƉŽƐƐŝďŝůŝƚĂƌĞĂůŝnjĂƌŶŽŵĄdžŝŵŽϰŵŝůŚƁĞƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂƐĚĞĚĂĚŽƐƉŽƌƐĞŐƵŶĚŽ͘ŵŽƵƚƌĂƐƉĂ= +%<"%0.*3%&%*1"%-0:#"]-32%*#01%<%*+2821%&%*%*IV*ďŝƚƐ͕ŽƋƵĞƉĞƌŵŝƟĂƵŵĂƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞ͕ŶŽŵĄdžŝŵŽ͕ϴ UW*4'"*0#D,-&'? hŵĨĂƚŽŝŶƚĞƌĞƐƐĂŶƚĞĠƋƵĞ͕ŶŽĂƵŐĞĚŽƉƌŽĐĞƐƐĂĚŽƌϮϴϲ͕ŵƵŝƚĂƐƉůĂĐĂƐͲŵĆĞƉŽƐƐƵşĂŵƵŵĂĐĞƌƚĂƋƵĂŶƟĚĂĚĞĚĞ ƐůŽƚƐ/^ĚĞϭϲďŝƚƐĞĂƉĞŶĂƐĂůŐƵŶƐƐůŽƚƐ/^ĚĞϴďŝƚƐ͘^ĞŶĚŽĂƐƐŝŵ͕ƉůĂĐĂƐĐŽŵŽĂƐĚĞƐŽŵĞǀşĚĞŽ͕ƉŽƌĞdžĞŵƉůŽ͕ ƋƵĞƵƐĂǀĂŵƐůŽƚƐ/^ĚĞϭϲďŝƚƐ.*&#<2%8*0#"*3'-#31%&%0*#8*ƐůŽƚƐĚĞƐƐĞƟƉŽ͘EŽĞŶƚĂŶƚŽ͕ƉůĂĐĂƐĚĞϴďŝƚƐ*4'&2%8* 0#"*3'-#31%&%0*1%-1'*#8*0+'10*&#*Z*ďŝƚƐ.*3'8'*#8*ƐůŽƚƐ*&#*IV*ďŝƚƐ?*A'8'*3'-0#9^]-32%.*'*,0'*&#*ƐůŽƚƐ*&#*Z*ďŝƚƐ* ĮŶĚŽƵͲƐĞ͕ũĄƋƵĞŶĆŽĨĂnjŝĂŵĂŝƐƐĞŶƟĚŽĨĂďƌŝĐĄͲůŽƐ͘ !"#$%&'<)*'G'!"#$'FL\ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 P,++,=$?%()3GH ƌŝĂĚŽƉĞůĂ/ŶƚĞůŶĂĠƉŽĐĂĚŽĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽƉƌŽĐĞƐƐĂĚŽƌWĞŶƟƵŵ͕ŽďĂƌƌĂŵĞŶƚŽW/;WĞƌŝƉŚĞƌĂůŽŵƉŽͲ ŶĞŶƚ/ŶƚĞƌĐŽŶŶĞĐƚͿĠƵƟůŝnjĂĚŽĂƚĠŚŽũĞ͘KŵŽƟǀŽĚĞƚĂŶƚŽƐƵĐĞƐƐŽƐĞĚĞǀĞăĐĂƉĂĐŝĚĂĚĞĚŽďĂƌƌĂŵĞŶƚŽĚĞƚƌĂ= 6%+7%"*%*ML*',*VN*ďŝƚƐ͕ŽƋƵĞŽĨĞƌĞĐŝĂĂůƚĂƐƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐ͘^ſƉĂƌĂĚĂƌƵŵĂŶŽĕĆŽ͕ƵŵƐůŽƚW/ &#*ML*ďŝƚƐƉŽĚĞƚƌĂŶƐĨĞƌŝƌĂƚĠϭϯϮDƉŽƌƐĞŐƵŶĚŽ͘KW/ƚĂŵďĠŵĨŽŝĐŽŶƐŝĚĞƌĂĚŽ͞ƌĞǀŽůƵĐŝŽŶĄƌŝŽ͟ƉŽƌƐƵƉŽƌƚĂƌ͕ ĂƚĠĞŶƚĆŽ͕ŽƉŽĚĞƌŽƐŽƌĞĐƵƌƐŽWůƵŐĂŶĚWůĂLJ;WŶWͿ͕ƋƵĞƉĞƌŵŝƟĂƋƵĞĂƉůĂĐĂŝŶƐƚĂůĂĚĂĞŵƵŵƐůŽƚW/ĨŽƐƐĞĂƵƚŽ= ŵĂƟĐĂŵĞŶƚĞƌĞĐŽŶŚĞĐŝĚĂƉĞůŽĐŽŵƉƵƚĂĚŽƌ͘,ŽũĞĞŵĚŝĂ͕ŽƐƐůŽƚƐW/ƐƐĆŽƵƐĂĚŽƐƉŽƌǀĄƌŝŽƐƟƉŽƐĚĞƉĞƌŝĨĠƌŝĐŽƐ͕ ĐŽŵŽƉůĂĐĂƐĚĞǀşĚĞŽ͕ĚĞƐŽŵ͕ĚĞƌĞĚĞ͕ŵŽĚĞŵ͕ĂĚĂƉƚĂĚŽƌĞƐh^͕ĞŶƚƌĞŽƵƚƌŽƐ͘ ǀĞƌƐĆŽĚĞϲϰďŝƚƐĚŽW/͕ĐƵũŽƐůŽƚ*#"%*,8*4',3'*8%2'"*9,#*'0*ƐůŽƚƐ*&#*ML*ďŝƚƐ.*-,-3%*37#D',*%*0#"*4'4,+%"?* ^ĆŽƌĂƌĂƐĂƐƉůĂĐĂƐͲŵĆĞƋƵĞƵƐĂŵĞƐƐĞƟƉŽďĂƌƌĂŵĞŶƚŽ͘/ƐƐŽƉŽƌƋƵĞŽƐƐůŽƚƐ*&#*ML*ďŝƚƐ͕ĂůĠŵĚĞŵĂŝƐďĂƌĂƚŽƐ͕ ƚġŵƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂƐƵĮĐŝĞŶƚĞƐƉĂƌĂĂŵĂŝŽƌŝĂĚĂƐĂƉůŝĐĂĕƁĞƐ͘dĞŽƌŝĐĂŵĞŶƚĞ͕ĂǀĞůŽĐŝĚĂĚĞĚŽďĂƌƌĂŵĞŶƚŽ W/ĞƋƵŝǀĂůĞăŵĞƚĂĚĞĚŽǀĂůŽƌĚŽĐůŽĐŬĞdžƚĞƌŶŽĚŽƉƌŽĐĞƐƐĂĚŽƌ͘EŽĞŶƚĂŶƚŽ͕ƐĂďĞͲƐĞƋƵĞĞƐƐĞǀĂůŽƌƚĂŵďĠŵĠ ƐƵũĞŝƚŽăƐĞƐƉĞĐŝĮĐĂĕƁĞƐĚŽĐŚŝƉƐĞƚ*&%0*4+%3%0=85#? !"#$%&'<);'G'!"#$'D?F P,++,=$?%()2*3 sŝƐĂŶĚŽŽďƚĞƌƵŵĂŵĂŝŽƌƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĞŶƚƌĞĂƉůĂĐĂͲŵĆĞĞĂƐƉůĂĐĂƐĚĞǀşĚĞŽ;ƉƌŝŶĐŝƉĂůŵĞŶƚĞƉĂƌĂƵŵĂ ŵĞůŚŽƌƉĞƌĨŽƌŵĂŶĐĞŶĂƐĂƉůŝĐĂĕƁĞƐϯͿ͕Ă/ŶƚĞůĚĞƐĞŶǀŽůǀĞƵƵŵďĂƌƌĂŵĞŶƚŽĞƐƉĞĐŝĂůŵĞŶƚĞƉĂƌĂĂĐŽŵƵŶŝĐĂĕĆŽ ĐŽŵŽǀşĚĞŽ͗ŽďĂƌƌĂŵĞŶƚŽ'W;ĐĐĞůĞƌĂƚĞĚ'ƌĂƉŚŝĐƐWŽƌƚ)? !"#$%&'<)@'G'L=1:'\]D KƵƐŽĚĞƐƐĞďĂƌƌĂŵĞŶƚŽŝŶŝĐŝŽƵͲƐĞĂƚƌĂǀĠƐĚĞƉůĂĐĂƐͲŵĆĞƋƵĞƵƐĂǀĂŵŽĐŚŝƉƐĞƚŝϰϰϬ>y͕ĚĂ/ŶƚĞů͕ũĄƋƵĞĞƐƐĞ 37240#1*:'2*'*4"28#2"'*%*1#"*0,4'"1#*%'*E`!? ƉƌŝŶĐŝƉĂůǀĂŶƚĂŐĞŵĚŽďĂƌƌĂŵĞŶƚŽ'WĠŽƵƐŽĚĞƵŵĂŵĂŝŽƌƋƵĂŶƟĚĂĚĞĚĞŵĞŵſƌŝĂƉĂƌĂĂƌŵĂnjĞŶĂŵĞŶƚŽ ĚĞƚĞdžƚƵƌĂƐƉĂƌĂŽďũĞƚŽƐƚƌŝĚŝŵĞŶƐŝŽŶĂŝƐ͕ĂůĠŵĚĂĂůƚĂǀĞůŽĐŝĚĂĚĞŶŽĂĐĞƐƐŽĂĞƐƐĂƐƚĞdžƚƵƌĂƐƉĂƌĂĂƉůŝĐĂĕĆŽŶĂ 1#+%? KƉƌŝŵĞŝƌŽ'W;ϭdžͿƚƌĂďĂůŚĂǀĂĂϭϯϯD,nj͕ŽƋƵĞƉƌŽƉŽƌĐŝŽŶĂǀĂƵŵĂǀĞůŽĐŝĚĂĚĞϰǀĞnjĞƐŵĂŝŽƌƋƵĞŽW/͘ůĠŵ &200'.*0,%*1%X%*&#*1"%-0:#"]-32%*37#D%<%*%*LVV*UW*4'"*0#D,-&'*9,%-&'*'4#"%-&'*-'*#09,#8%*&#*<#+'32&%&#* džϭ͕ĞĂϱϯϮDƋƵĂŶĚŽŶŽĞƐƋƵĞŵĂĚĞǀĞůŽĐŝĚĂĚĞϮdž;ŚŽũĞ͕ĠƉŽƐƐşǀĞůĞŶĐŽŶƚƌĂƌ'WƐĐŽŵǀĞůŽĐŝĚĂĚĞƐĚĞϰdžĞ ϴdžͿ͘'ĞƌĂůŵĞŶƚĞ͕ƐſƐĞĞŶĐŽŶƚƌĂƵŵƷŶŝĐŽƐůŽƚŶĂƐƉůĂĐĂƐͲŵĆĞ͕ǀŝƐƚŽƋƵĞŽ'WƐŽŵĞŶƚĞĠƵƟůŝnjĂĚŽĞŵƉůĂĐĂƐ ĚĞǀşĚĞŽ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'<)E'G'?189&%&/01'7-:%7'9=&5&4'D?F'7'\]D 8$A?(-(1&,)3GH)5CV+$>> )H?%+(0@;<( KĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚĞĐŽŵƉƵƚĂĚŽƌĞƐĐĂĚĂǀĞnjŵĂŝƐƌĄƉŝĚŽƐĞĞĮĐŝĞŶƚĞƐĠƌĞĂůŝĚĂĚĞŚĄŵƵŝƚŽƚĞŵƉŽ͘EŽƋƵĞƐĞ "#:#"#*%'0*!A0*(WĞƌƐŽŶĂůŽŵƉƵƚĞƌͿ͕ƵŵĚŽƐƉƌŝŶĐŝƉĂŝƐŝŶĐĞŶƟǀĂĚŽƌĞƐĚĂďƵƐĐĂƉĞůĂŝŶŽǀĂĕĆŽƐĆŽĂƐĂƉůŝĐĂĕƁĞƐ ŵƵůƟŵşĚŝĂ;ũŽŐŽƐ͕ǀşĚĞŽĞŵďŽĂĚĞĮŶŝĕĆŽ͕ĞƚĐͿ͘ĂĚĂǀĞnjŵĂŝƐƚĂŝƐĂƉůŝĐĂĕƁĞƐĚĞƉĞŶĚĞŵĚĞŚĂƌĚǁĂƌĞ*8%20*4'= ĚĞƌŽƐŽ͘hŵĚŽƐĨƌƵƚŽƐĚĞƐƐĂĞǀŽůƵĕĆŽĠŽďĂƌƌĂŵĞŶƚŽW/džƉƌĞƐƐ͕ŽƐƵďƐƟƚƵƚŽĚŽďĂƌƌĂŵĞŶƚŽW/;WĞƌŝƉŚĞƌĂů ŽŵƉŽŶĞŶƚ/ŶƚĞƌĐŽŶŶĞĐƚ)*#*&'*6%""%8#-1'*E`!*(ĐĐĞůĞƌĂƚĞĚ'ƌĂƉŚŝĐƐWŽƌƚ)?*T01#*#01,&'*8'01"%*%0*4"2-324%20* ĐĂƌĂĐƚĞƌşƐƟĐĂƐĞĂůŐƵŶƐĚĞƚĂůŚĞƐƚĠĐŶŝĐŽƐ͘ P,++,=$?%()3GH)5CV+$>> KƉĂĚƌĆŽW/ƐƵƌŐŝƵŶŽŝŶşĐŝŽĚĂĚĠĐĂĚĂĚĞϭϵϵϬĞƉŽƌŵĂŝƐĚĞϭϬĂŶŽƐĨŽŝŽďĂƌƌĂŵĞŶƚŽŵĂŝƐƵƟůŝnjĂĚŽƉĂƌĂĂĐŽ= ŶĞdžĆŽĚĞĚŝƐƉŽƐŝƟǀŽƐĂŽĐŽŵƉƵƚĂĚŽƌ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞƉůĂĐĂƐĚĞǀşĚĞŽ͕ƉůĂĐĂƐĚĞƐŽŵ͕ƉůĂĐĂƐĚĞƌĞĚĞĞŵŽĚĞŵƐ͘ KďĂƌƌĂŵĞŶƚŽW/ƚƌĂďĂůŚĂĐŽŵϯϮďŝƚƐ*4'"*<#$*(8%0*7>*%+D,-0*ƐůŽƚƐW/ƋƵĞĨƵŶĐŝŽŶĂŵĂϲϰďŝƚƐ).*'*9,#*4#"821#* ĂƟŶŐŝƌĂǀĞůŽĐŝĚĂĚĞĚĞϭϯϮDƉƐ͘ ŽŵŽĂƐĂƉůŝĐĂĕƁĞƐĞŵϯĞdžŝŐŝĂŵƚĂdžĂƐŵĂŝŽƌĞƐ͕ŽďĂƌƌĂŵĞŶƚŽ'WĨŽŝŝŶƐĞƌŝĚŽŶŽŵĞƌĐĂĚŽ͕ŽĨĞƌĞĐĞŶĚŽƚĂdžĂƐ ƋƵĞǀĆŽĚĞϮϲϲDƉƐ;ŶŽƉĂĚƌĆŽ'WϭdžͿĂϮϭϮϴDƉƐ;ŶŽƉĂĚƌĆŽ'WϴdžͿ͘WƌĂƟĐĂŵĞŶƚĞƚŽĚĂƐĂƐƉůĂĐĂƐͲŵĆĞ 3'8*0,4'"1#*%*E`!*0B*4'00,#8*,8*ƐůŽƚĚĞƐƐĞƟƉŽ͕ũĄƋƵĞĠƵƐĂĚŽĞdžĐůƵƐŝǀĂŵĞŶƚĞƉŽƌƉůĂĐĂƐĚĞǀşĚĞŽ͘ KƉƌŽďůĞŵĂĠƋƵĞ͕ŵĞƐŵŽŽĨĞƌĞĐĞŶĚŽǀĞůŽĐŝĚĂĚĞƐĂĐŝŵĂĚĞϮ'ƉƐ͕ŽƐůŽƚ'WϴdžŶĆŽƐƵƉŽƌƚĂƌĄĂƉůŝĐĂĕƁĞƐƋƵĞ ĞƐƚĆŽƉĂƌĂƐƵƌŐŝƌĞƋƵĞƉƌĞĐŝƐĂŵĚĞƚĂdžĂƐĂŝŶĚĂŵĂŝŽƌĞƐ͘ůĠŵĚŝƐƐŽ͕ƚĂŝƐĂƉůŝĐĂĕƁĞƐƉŽĚĞƌĆŽƚĞƌŽƵƚƌŽƐƌĞƋƵŝƐŝ= ƚŽƐƋƵĞŽ'WŶĆŽŽĨĞƌĞĐĞ͘ŝŶĚĂ͕ĠŶĞĐĞƐƐĄƌŝŽĐŽŶƐŝĚĞƌĂƌƋƵĞ͕ĂƉĞƐĂƌĚŽ'WƚĞƌǀĂŶƚĂŐĞŶƐďĂƐƚĂŶƚĞƌĂnjŽĄǀĞŝƐ͕ ƐĞƵƵƐŽĠĚĞƐƟŶĂĚŽĂƉĞŶĂƐăƐĂƉůŝĐĂĕƁĞƐĚĞǀşĚĞŽ͘ĐŽŶƚĞĐĞƋƵĞƐŽŵĞƌĞĚĞ͕ƉŽƌĞdžĞŵƉůŽ͕ƚĂŵďĠŵĞǀŽůƵĞŵ͘ EĂďƵƐĐĂĚĞƵŵĂƐŽůƵĕĆŽƉĂƌĂĞƐƐĞƐƉƌŽďůĞŵĂƐ͕ĂŝŶĚƷƐƚƌŝĂĚĞƚĞĐŶŽůŽŐŝĂƚƌĂďĂůŚŽƵ;ĞƚƌĂďĂůŚĂͿŶŽďĂƌƌĂŵĞŶƚŽ W/džƉƌĞƐƐ͕ĐƵũŽŶŽŵĞŝŶŝĐŝĂůĞƌĂϯ'/K͘dƌĂƚĂͲƐĞĚĞƵŵƉĂĚƌĆŽƋƵĞƉƌŽƉŽƌĐŝŽŶĂĂůƚĂƐƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞ ĚĂĚŽƐĞŶƚƌĞŽĐŽŵƉƵƚĂĚŽƌĞŵƐŝĞƵŵĚŝƐƉŽƐŝƟǀŽ͕ƉŽƌĞdžĞŵƉůŽ͕ĞŶƚƌĞĂƉůĂĐĂͲŵĆĞĞƵŵĂƉůĂĐĂĚĞǀşĚĞŽϯ͘ ƚĞĐŶŽůŽŐŝĂ W/ džƉƌĞƐƐ ĐŽŶƚĂ ĐŽŵ Ƶŵ ƌĞĐƵƌƐŽ ƋƵĞ ƉĞƌŵŝƚĞ Ž ƵƐŽ ĚĞ ƵŵĂ ŽƵ ŵĂŝƐ ĐŽŶĞdžƁĞƐ ƐĞƌŝĂŝƐ͕ ŝƐƚŽ Ġ͕ ͞ĐĂŵŝŶŚŽƐ͟;ƚĂŵďĠŵĐŚĂŵĂĚŽƐĚĞůĂŶĞƐͿƉĂƌĂƚƌĂŶƐĨĞƌġŶĐŝĂĚĞĚĂĚŽƐ͘^ĞƵŵĚĞƚĞƌŵŝŶĂĚŽĚŝƐƉŽƐŝƟǀŽ͕ƵƐĂƵŵ ĐĂŵŝŶŚŽ͕ĞŶƚĆŽĚŝnjͲƐĞƋƵĞĞůĞƵƟůŝnjĂŽďĂƌƌĂŵĞŶƚŽW/džƉƌĞƐƐϭdž͖ƐĞƵƟůŝnjĂϰĐŽŶĞdžƁĞƐ͕ƐƵĂĚĞŶŽŵŝŶĂĕĆŽĠW/ džƉƌĞƐƐ*NX*#*%0028*4'"*&2%-1#?*A%&%*+%-#*4'&#*0#"*62&2"#32'-%+.*',*0#@%.*"#3#6#*#*#-<2%*&%&'0? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ĂĚĂĐŽŶĞdžĆŽƵƐĂĚĂŶŽW/džƉƌĞƐƐ*1"%6%+7%*3'8*Z*ďŝƚƐƉŽƌǀĞnj͕ƐĞŶĚŽϰĞŵĐĂĚĂĚŝƌĞĕĆŽ͘ĨƌĞƋƺġŶĐŝĂƵƐĂĚĂ ĠĚĞϮ͕ϱ',nj͕ŵĂƐĞƐƐĞǀĂůŽƌƉŽĚĞǀĂƌŝĂƌ͘ƐƐŝŵƐĞŶĚŽ͕ŽW/džƉƌĞƐƐϭdžĐŽŶƐĞŐƵĞƚƌĂďĂůŚĂƌĐŽŵƚĂdžĂƐĚĞϮϱϬ DƉƐ͕ƵŵǀĂůŽƌďĞŵŵĂŝŽƌƋƵĞŽƐϭϯϮDĚŽƉĂĚƌĆŽW/͘ ƚƵĂůŵĞŶƚĞ͕ŽƉĂĚƌĆŽW/džƉƌĞƐƐƚƌĂďĂůŚĂĐŽŵĂƚĠϭϲdž͕ŽĞƋƵŝǀĂůĞŶƚĞĂϰϬϬϬDƉƐ͘ĞƌƚĂŵĞŶƚĞ͕ĐŽŵŽƉĂƐƐĂƌ ĚŽƚĞŵƉŽ͕ĞƐƐĞůŝŵŝƚĞĂƵŵĞŶƚĂƌĄ͘ƚĂďĞůĂĂďĂŝdžŽŵŽƐƚƌĂŽƐǀĂůŽƌĞƐĚĂƐƚĂdžĂƐĚŽW/džƉƌĞƐƐĐŽŵƉĂƌĂĚĂƐăƐ ƚĂdžĂƐĚŽƉĂĚƌĆŽ'W͗ 'Wϭdž͗ϮϲϲDďƉƐ 'Wϰdž͗ϭϬϲϰDďƉƐ 'Wϴdž͗ϮϭϮϴDďƉƐ = W/džƉƌĞƐƐϭdž͗ϮϱϬDƉƐ W/džƉƌĞƐƐϮdž͗ϱϬϬDƉƐ W/džƉƌĞƐƐϴdž͗ϮϬϬϬDƉƐ W/džƉƌĞƐƐϭϲdž͗ϰϬϬϬDƉƐ J&27=&'<*G'?189&%&/01'7-:%7'&4':&Y&4'\]D'7'D?F'<Y9%744 ŝŵƉŽƌƚĂŶƚĞĨƌŝƐĂƌƋƵĞŽƉĂĚƌĆŽϭdžĠƉŽƵĐŽƵƟůŝnjĂĚŽĞ͕ĚĞǀŝĚŽĂŝƐƐŽ͕ŚĄĞŵƉƌĞƐĂƐƋƵĞĐŚĂŵĂŵŽW/džƉƌĞƐƐ* ϮdžĚĞW/džƉƌĞƐƐϭdž͘ƐƐŝŵƐĞŶĚŽ͕ŽƉĂĚƌĆŽW/džƉƌĞƐƐϭdžƉŽĚĞƌĞƉƌĞƐĞŶƚĂƌƚĂŵďĠŵƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞ ĚĂĚŽƐĚĞϱϬϬDƉƐ͘ G(=()>@+1&@)()3GH)5CV+$>> /ŶƚĞůĠƵŵĂĚĂƐŐƌĂŶĚĞƐƉƌĞĐƵƌƐŽƌĂƐĚĞŝŶŽǀĂĕƁĞƐƚĞĐŶŽůſŐŝĐĂƐ͘EŽŝŶşĐŝŽĚĞϮϬϬϭ͕ĞŵƵŵĞǀĞŶƚŽƉƌſƉƌŝŽ͕Ă ĞŵƉƌĞƐĂŵŽƐƚƌŽƵĂŶĞĐĞƐƐŝĚĂĚĞĚĞĐƌŝĂĕĆŽĚĞƵŵĂƚĞĐŶŽůŽŐŝĂĐĂƉĂnjĚĞƐƵďƐƟƚƵŝƌŽƉĂĚƌĆŽW/͗ƚƌĂƚĂǀĂͲƐĞĚŽ ϯ'/K;dŚŝƌĚ'ĞŶĞƌĂƟŽŶ/ͬKͲϯǐŐĞƌĂĕĆŽĚĞŶƚƌĂĚĂĞ^ĂşĚĂͿ͘ŵĂŐŽƐƚŽĚĞƐƐĞŵĞƐŵŽĂŶŽ͕ƵŵŐƌƵƉŽĚĞĞŵƉƌĞ= ƐĂƐĐŚĂŵĂĚŽĚĞW/Ͳ^/';ĐŽŵƉŽƐƚŽƉŽƌĐŽŵƉĂŶŚŝĂƐĐŽŵŽ/D͕DĞDŝĐƌŽƐŽŌͿĂƉƌŽǀŽƵĂƐƉƌŝŵĞŝƌĂƐĞƐƉĞĐŝ= ĮĐĂĕƁĞƐĚŽϯ'/K͘ ŶƚƌĞŽƐƋƵĞƐŝƚŽƐůĞǀĂŶƚĂĚŽƐŶĞƐƐĂƐĞƐƉĞĐŝĮĐĂĕƁĞƐ͕ĞƐƚĆŽ͕ĞŶƚƌĞŽƵƚƌŽƐ͕ŽƐƋƵĞƐĞƐĞŐƵĞŵ͗ ͻ ƐƵƉŽƌƚĞĂŽďĂƌƌĂŵĞŶƚŽW/͖ ͻ 4'00262+2&%&#*&#*,0'*&#*8%20*&#*,8%*+%-#C ͻ ƐƵƉŽƌƚĞĂŽƵƚƌŽƐƟƉŽƐĚĞĐŽŶĞdžĆŽĚĞƉůĂƚĂĨŽƌŵĂƐ͖ ͻ ŵĞůŚŽƌŐĞƌĞŶĐŝĂŵĞŶƚŽĚĞĞŶĞƌŐŝĂ͕ŵĞůŚŽƌƉƌŽƚĞĕĆŽĐŽŶƚƌĂĞƌƌŽƐ͘ ŵĂďƌŝůĚĞϮϬϬϮ͕ŽW/Ͳ^/'ĂƉƌŽǀŽƵƵŵĐŽŶũƵŶƚŽĚĞĞƐƉĞĐŝĮĐĂĕƁĞƐŵĂŝƐĐŽŵƉůĞƚĂƐ͘&ŽŝŶĞƐƐĂĠƉŽĐĂƋƵĞĂƚĞĐ= ŶŽůŽŐŝĂϯ'/KŵƵĚŽƵƐĞƵŶŽŵĞƉĂƌĂW/džƉƌĞƐƐ͘ŵũƵůŚŽĚĞϮϬϬϮ͕ŽŐƌƵƉŽĚĞĞŵƉƌĞƐĂƐĂƉƌŽǀŽƵĂƐĞƐƉĞĐŝĮĐĂ= ĕƁĞƐĮŶĂŝƐĚŽƉĂĚƌĆŽĞĞŶƚĆŽƐƵƌŐŝƵŽĮĐŝĂůŵĞŶƚĞŶŽŵĞƌĐĂĚŽŽW/džƉƌĞƐƐϭ͘Ϭ͘ ŵŶŽǀĞŵďƌŽĚĞϮϬϬϯ͕ŽƐƉƌŝŵĞŝƌŽƐĚŝƐƉŽƐŝƟǀŽƐĐŽŵĂƚĞĐŶŽůŽŐŝĂW/džƉƌĞƐƐ*4%00%"%8*%*0#"*�#-<'+<2&'0*#.* ĞŵϮϬϬϰ͕ƚĂŝƐƉƌŽĚƵƚŽƐĐŽŵĞĕĂƌĂŵĂĐŚĞŐĂƌĂŽŵĞƌĐĂĚŽ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌĨŽƌĕĂĚĂƐĞŵƉƌĞƐĂƐƋƵĞƚƌĂďĂůŚĂŵ 3'8*ĐŚŝƉƐŐƌĄĮĐŽƐ͘ 2>V$A%(>)0$),+Y@&%$%@+, ĂƌƋƵŝƚĞƚƵƌĂĞƐƐĞŶĐŝĂůĚŽƉĂĚƌĆŽW/džƉƌĞƐƐĠĚŝǀŝĚŝĚĂĞŵϰĐĂŵĂĚĂƐ͗ ͻ )6.676%-=>*45".;İƐŝĐĂͿͲĂĐĂŵĂĚĂİƐŝĐĂĠŽďĂƌƌĂŵĞŶƚŽĚĞĐŽŶĞdžĆŽĐŽŶŚĞĐŝĚŽĐŽŵŽůĂŶĞ?*T+%*4'00,2*L*4%"#0*&#* ƐŝŶĂŝƐ;ĞƐƉĞĐŝĮĐĂĚŽƐĂƚƌĂǀĠƐĚĞŶşǀĞŝƐĚĞƚĞŶƐĆŽĚŝĨĞƌĞŶƚĞƐͿ͕ƐĞŶĚŽƵŵƵƟůŝnjĂĚŽƉĂƌĂƚƌĂŶƐŵŝƐƐĆŽĚĞĚĂĚŽƐĞŽƵƚƌŽ͕ŶĂ ƌĞĐĞƉĕĆŽ͘ ͻ )6.676%$"/"'.42?%P@/F6VE2S%ͲĞƐƐĂĐĂŵĂĚĂĠƌĞƐƉŽŶƐĄǀĞůƉŽƌŐĂƌĂŶƟƌŽĞŶǀŝŽĞŽƌĞĐĞďŝŵĞŶƚŽĐŽƌƌĞƚŽĚŽƐĚĂĚŽƐ͘WĂƌĂ ŝƐƐŽ͕ƐĆŽƵƐĂĚŽƐ͕ĞƐƐĞŶĐŝĂůŵĞŶƚĞ͕ƉƌŽƚŽĐŽůŽƐĚĞĚĞƚĞĐĕĆŽĚĞĞƌƌŽƐ͘hŵƉŽŶƚŽŝŶƚĞƌĞƐƐĂŶƚĞĠƋƵĞĞƐƐĂĐĂŵĂĚĂƚƌĂďĂůŚĂ ĐŽŵƵŵĂƚĠĐŶŝĐĂĐŽŶŚĞĐŝĚĂĐŽŵŽ&ůŽǁŽŶƚƌŽůWƌŽƚŽĐŽů͕ƋƵĞĨĂnjĐŽŵƋƵĞŽƐƉĂĐŽƚĞƐĚĞĚĂĚŽƐƐĞũĂŵƚƌĂŶƐŵŝƟĚŽƐ ĂƉĞŶĂƐƐĞŚŽƵǀĞƌĞƐƉĂĕŽĚŝƐƉŽŶşǀĞůŶŽďƵīĞƌ;ƉĞƋƵĞŶŽĞƐƉĂĕŽĚĞŵĞŵſƌŝĂŶŽĚŝƐƉŽƐŝƟǀŽͿĚŽƌĞĐĞƉƚŽƌ͘ƐƐŝŵ͕ĞǀŝƚĂ= =0#*'*"##-<2'*&#*&%&'0? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ͻ ĂŵĂĚĂƐŽŌǁĂƌĞͲĞƐƐĂĐĂŵĂĚĂĠƌĞƐƉŽŶƐĄǀĞůƉĞůĂĐŽŵƵŶŝĐĂĕĆŽĐŽŵŽƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂů͘ƉŽƌĞůĂ͕ƉŽƌĞdžĞŵƉůŽ͕ ƋƵĞŽƐŝƐƚĞŵĂƐĂďĞŽŶĚĞŚĄƵŵĚŝƐƉŽƐŝƟǀŽƵƟůŝnjĂŶĚŽŽW/džƉƌĞƐƐ͘ ͻ ĂŵĂĚĂƚƌĂŶƐĂĐƟŽŶ;ƚƌĂŶƐĂĕĆŽͿͲ*%*3%8%&%*ƚƌĂŶƐĂĐƟŽŶĠƌĞƐƉŽŶƐĄǀĞů͕ďĂƐŝĐĂŵĞŶƚĞ͕ƉĞůŽƚƌĂƚĂŵĞŶƚŽĚĞƐŽůŝĐŝƚĂĕƁĞƐ ĞŶƚƌĞĂƐĐĂŵĂĚĂƐĚĞƐŽŌǁĂƌĞĞĚĞůŝŐĂĕĆŽ͘WĂƌĂůŝĚĂƌĐŽŵŝƐƐŽ͕ŽƐƉĂĐŽƚĞƐĚĞĚĂĚŽƐƉŽĚĞŵƌĞĐĞďĞƌĂƚƌŝďƵƚŽƐͲĐŽŵŽŽ ĚĞƉƌŝŽƌŝĚĂĚĞͲƋƵĞĚĞĮŶĞŵĂŽƟŵŝnjĂĕĆŽĚĂƚƌĂŶƐŵŝƐƐĆŽ͘ \*284'"1%-1#*:"20%"*9,#*3%&%*3%8%&%*4'&#*0#"*1"%6%+7%&%*&#*8%-#2"%*2-&2<2&,%+.*',*0#@%.*0#8*2-1#":#"2"*-%*',1"%?* ůĠŵĚŝƐƐŽ͕ŚĄƵŵƌĞĐƵƌƐŽŶŽW/džƉƌĞƐƐĐŚĂŵĂĚŽsŝƌƚƵĂůŚĂŶŶĞůƐ;ĐĂŶĂŝƐǀŝƌƚƵĂŝƐͿ͕ƋƵĞƉĞƌŵŝƚĞĂƚĠϴĚŝĨĞ= ƌĞŶƚĞƐĐĂŶĂŝƐĚĞĐŽŵƵŶŝĐĂĕĆŽĞŵƵŵĂƷŶŝĐĂĐŽŶĞdžĆŽ͘ƚƌĂǀĠƐĚĞĂƚƌŝďƵƚŽƐĞƐƉĞĐŝĂŝƐ͕ŽďĂƌƌĂŵĞŶƚŽĐŽŶƐĞŐƵĞ ĚĞƚĞƌŵŝŶĂƌ ƋƵĂŝƐ ŽƐ ƉĂĐŽƚĞƐ ƉƌŝŽƌŝƚĄƌŝŽƐ ŶĂ ƚƌĂŶƐŵŝƐƐĆŽ͘ ƐƐŝŵ͕ ĂƉůŝĐĂĕƁĞƐ Ğŵ ƚĞŵƉŽ ƌĞĂů͕ ƉŽƌ ĞdžĞŵƉůŽ͕ ƐĆŽ 4',3'*',*-%&%*4"#@,&23%&%0? G(?$A%(+$>)0()3GH)5CV+$>> KĐŽŶĞĐƚŽƌĚŽďĂƌƌĂŵĞŶƚŽW/džƉƌĞƐƐĞŵƉůĂĐĂƐͲŵĆĞƉŽĚĞǀĂƌŝĂƌĐŽŶĨŽƌŵĞĂǀĞůŽĐŝĚĂĚĞƵƐĂĚĂ͕ĐŽŵŽŵŽƐƚƌĂ ĂĮŐƵƌĂĂďĂŝdžŽ͗ !"#$%&'<)O'G'K&%"&/01'6&'M7=15"6&67'51-B1%87'6"B7%7-:74'51-75:1%74'^%7:"%&6&'61'4":7'___)95"4"#)518` ĮŐƵƌĂĂƐĞŐƵŝƌŵŽƐƚƌĂƵŵĂƉůĂĐĂĚĞǀşĚĞŽϯĚĂƐƵƐƋƵĞƵƐĂŽďĂƌƌĂŵĞŶƚŽW/džƉƌĞƐƐϭϲdž͗ <)P'G'D=&5&'67'MN671'@S'6&'\4$4a'8167=1'<Y:%787'\bRWWbJ'D<c;SdJK !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 :ĄĂĮŐƵƌĂƐĞŐƵŝŶƚĞŵŽƐƚƌĂƵŵĂƉůĂĐĂͲŵĆĞĚĂƐƵƐĐŽŵƐƵƉŽƌƚĞĂĚŝĨĞƌĞŶƚĞƐƐůŽƚƐW/džƉƌĞƐƐ͗ !"#$%&'<)Q'G'D=&5&G807'6&'\4$4'518'4$91%:7'&'6"B7%7-:74'4=1:4'D?F'<Y9%744 W&?,-&\,?0( ƚĞĐŶŽůŽŐŝĂW/džƉƌĞƐƐƐĞŵŽƐƚƌĂŵƵŝƚŽƉƌŽŵŝƐƐŽƌĂĞĐĞƌƚĂŵĞŶƚĞƐĞƌĄƵŵƉĂĚƌĆŽĞŵƉŽƵĐŽƚĞŵƉŽ͘ŽƐĂƐ= ƐƵŶƚŽƐũĄƚƌĂƚĂĚŽƐ͕ĞƐƐĞĠƵŵĚŽƐƋƵĞŵĂŝƐŝŵƉƌĞƐƐŝŽŶĂŵ͘/ƐƐŽƉŽƌƋƵĞŽW/džƉƌĞƐƐƉŽĚĞƐĞƌŇĞdžşǀĞůĂŽƉŽŶƚŽ ĚĞĂƵŵĞŶƚĂƌĂŝŶĚĂŵĂŝƐǀĞůŽĐŝĚĂĚĞŽƵĂŽƉŽŶƚŽĚĞĐƌŝĂƌŶŽǀŽƐƟƉŽƐĚĞĐŽŶĞdžĆŽ͘ŽŵŽĂƵŵĞŶƚŽŶĂǀĞůŽĐŝĚĂĚĞ &'0*ĐŚŝƉƐĚĞŵĞŵſƌŝĂĞĐŽŵĂĞůĞǀĂĕĆŽĚĂĐĂƉĂĐŝĚĂĚĞĚĞƉƌŽĐĞƐƐĂŵĞŶƚŽ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞĐŽŵŽƐƵƌŐŝŵĞŶƚŽĚĞ 4"'3#00%&'"#0*&#*VN*ďŝƚƐ.*8>9,2-%0*3%&%*<#$*8%20*4'&#"'0%0*#015'*4'"*<2"?*\*#04#"%"*#*%4"'<#21%"? #,&",)=,&> 3DUDVDEHUPDLVGHWDOKHVGDWHFQRORJLD3&,([SUHVVYLVLWHRVLWHR¿FLDOHPфǁǁǁ͘ƉĐŝƐŝŐ͘ĐŽŵх͘ J6P)L)J?&'$+>,-)6$+&,-)P@> ^ĞǀŽĐġĐŽŵƉƌŽƵƵŵĐŽŵƉƵƚĂĚŽƌŶŽǀŽƌĞĐĞŶƚĞŵĞŶƚĞ͕ĠďĞŵƉƌŽǀĄǀĞůƋƵĞĞůĞƚĞŶŚĂĚŽŝƐƉĞƋƵĞŶŽƐĐŽŶĞĐƚŽƌĞƐ ƌĞƚĂŶŐƵůĂƌĞƐŶŽƉĂŝŶĞůƚƌĂƐĞŝƌŽ͕ĐŽŶĨŽƌŵĞĮŐƵƌĂϭ͘ƐƐĞƐƐĆŽŽƐĞŶĐĂŝdžĞƐƉĂƌĂĚŝƐƉŽƐŝƟǀŽƐh^;hŶŝǀĞƌƐĂů^ĞƌŝĂů ƵƐͿ͕ƵŵƌĞǀŽůƵĐŝŽŶĄƌŝŽƉĂĚƌĆŽĚĞĐŽŶĞdžĆŽĚĞƉĞƌŝĨĠƌŝĐŽƐƋƵĞĂŵĂŝŽƌŝĂĚŽƐƵƐƵĄƌŝŽƐĂŝŶĚĂĚĞƐĐŽŶŚĞĐĞ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ' !"#$%&'<)R'+'<-5&"Y74'AL( /ĚĞĂůŝnjĂĚŽĞŵϭϵϵϱ͕ƉŽƌƵŵŐƌƵƉŽĚĞĞŵƉƌĞƐĂƐĚĞƚĞĐŶŽůŽŐŝĂ͕ŽƉĂĚƌĆŽh^ƉĞƌŵŝƚĞƋƵĞƐĞũĂŵĐŽŶĞĐƚĂĚŽƐĂƚĠ IL_*#9,24%8#-1'0*#8*3%&%*823"'*3'8*<#+'32&%�*&#*1"%-082005'*&#*I.O*U640*',*IL*U640?*b,&'*200'*0#8*%* ŶĞĐĞƐƐŝĚĂĚĞĚĞĚĞƐůŝŐĂƌŽĐŽŵƉƵƚĂĚŽƌƉĂƌĂĨĂnjĞƌĂƐůŝŐĂĕƁĞƐĞĐŽŵŽƌĞĐŽŶŚĞĐŝŵĞŶƚŽĂƵƚŽŵĄƟĐŽĚŽƐĂƉĂƌĞůŚŽƐ ĂĚŝĐŝŽŶĂĚŽƐ͘ŽWůƵŐĂŶĚWůĂLJĞŵƐƵĂŵĞůŚŽƌĨŽƌŵĂ͘ ŝĮĐŝůŵĞŶƚĞĂůŐƵĠŵƉƌĞĐŝƐĂƌĄůŝŐĂƌƚĂŶƚŽƐĚŝƐƉŽƐŝƟǀŽƐĞŵƵŵƷŶŝĐŽĐŽŵƉƵƚĂĚŽƌ͕ŵĂƐũĄĞƐƚĄƉƌŽǀĂĚŽƋƵĞŝƐƐŽ ƐĞƌŝĂƉŽƐƐşǀĞů͘ƵƌĂŶƚĞĂŽŵĚĞdžĚĞ>ĂƐsĞŐĂƐ͕Žh^/ŵƉůĞŵĞŶƚĞƌƐ&ſƌƵŵ;ǁǁǁ͘ƵƐď͘ŽƌŐͿ͕ƌĞƐƉŽŶƐĄǀĞůƉĞůĂ ŝŵƉůĞŵĞŶƚĂĕĆŽĚŽƉĂĚƌĆŽ͕ĐŽŶĞĐƚŽƵŶĂĚĂŵĞŶŽƐƋƵĞϭϭϭƉĞƌŝĨĠƌŝĐŽƐ͘ ^ĞŐƵŶĚŽ^ƚĞǀĞtŚĂůůĞLJ͕ƉƌĞƐŝĚĞŶƚĞĚŽh^/ŵƉůĞŵĞŶƚĞƌƐ&ŽƌƵŵĞŐĞƌĞŶƚĞĚĞ/ŶŝĐŝĂƟǀĂƐĚĞŽŶĞĐƟǀŝĚĂĚĞĚĂ /ŶƚĞů͕ĂĚĞŵŽŶƐƚƌĂĕĆŽĨŽŝƵŵŵĂƌĐŽƉĂƌĂĂŝŶĚƷƐƚƌŝĂĚĞ/ŶĨŽƌŵĄƟĐĂ͘͞ŵƋƵĂƚƌŽĂŶŽƐ͕Žh^ƉĂƐƐŽƵĚĞƵŵĂŝĚĠŝĂ ĂƵŵĂƚĞĐŶŽůŽŐŝĂĚĞŵĂƐƐĂƋƵĞĨĂĐŝůŝƚĂŽƵƐŽĚŽƐĐŽŵƉƵƚĂĚŽƌĞƐ͘͟ ƉƌŽƉŽƐƚĂĚŽŶŽǀŽƉĂĚƌĆŽĠƐƵďƐƟƚƵŝƌĂŝŶĮŶŝĚĂĚĞĚĞĐŽŶĞĐƚŽƌĞƐĚŝĨĞƌĞŶƚĞƐ͕ĞŵƉƌĞŐĂĚŽƐŶŽƐĐŽŵƉƵƚĂĚŽƌĞƐ ĂƚƵĂŝƐ͘hŵĂƌĄƉŝĚĂŽůŚĂĚĂĞŵƵŵŵŝĐƌŽơƉŝĐŽƌĞǀĞůĂŶĆŽŵĞŶŽƐƋƵĞĐŝŶĐŽĞŶĐĂŝdžĞƐĚŝĨĞƌĞŶƚĞƐ͕ĞŶƚƌĞƉŽƌƚĂƐ ƐĞƌŝĂŝƐ͕ƉĂƌĂůĞůĂƐ͕ůŝŐĂĕƁĞƐƉĂƌĂƚĞĐůĂĚŽ͕ŵŽƵƐĞ.*ũŽLJƐƟĐŬ*#*',1"'0*%3#00B"2'0?*T8*4',3'*1#84'.*'*KQW*4'&#">* ƐƵďƐƟƚƵŝƌƚŽĚŽƐĞůĞƐ͘ !)Y@$)D)?$A$>>U+&(b ĞŵŽĚŽŐĞƌĂů͕ƚŽĚĂƐĂƐƉůĂĐĂƐͲŵĆĞƉĂĚƌĆŽdyƚġŵĐŽŶĞĐƚŽƌĞƐh^͘ƐƐŝŵ͕ƐĞŽƐĞƵŵŝĐƌŽĠƵŵWĞŶƟƵŵ//͕Ž ƋƵĞƐŝŐŶŝĮĐĂƋƵĞĂƉůĂĐĂĠdy͕ĞůĞĚĞǀĞƚĞƌǀŝŶĚŽĐŽŵh^͘KƐĞŶĐĂŝdžĞƐŶŽƌŵĂůŵĞŶƚĞĮĐĂŵƉƌſdžŝŵŽƐĂŽƐĐŽ= -#31'"#0*&'*1#3+%&'*#*&'*8',0#? E*8%2'"2%*&'0*ŶŽƚĞŬƐ;ĐŽŵƉƵƚĂĚŽƌĞƐƉŽƌƚĄƚĞŝƐͿĨĂďƌŝĐĂĚŽƐũĄƐĆŽĐŽŵƉĂơǀĞŝƐĐŽŵŽŶŽǀŽƉĂĚƌĆŽͲďĂƐƚĂ ƉƌŽĐƵƌĂƌŶĂƐůĂƚĞƌĂŝƐŽƵŶĂƉĂƌƚĞĚĞƚƌĄƐĚŽŵŝĐƌŽ͕ŽƐşŵďŽůŽh^͕ƋƵĞůĞŵďƌĂƵŵƉůĂŶƟŶŚĂĐŽŵƵŵĐşƌĐƵůŽ͕Ƶŵ ƚƌŝąŶŐƵůŽĞƵŵƋƵĂĚƌĂĚŽŶĂƉŽŶƚĂĚŽƐ͞ŐĂůŚŽƐ͘͟ !! !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ŵĂŵďŽƐŽƐĐĂƐŽƐ͕ĠŶĞĐĞƐƐĄƌŝŽǀĞƌŝĮĐĂƌƐĞŽƐĞƵƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂůƌĞĐŽŶŚĞĐĞŽƐĚŝƐƉŽƐŝƟǀŽƐh^͘KtŝŶĚŽ= ǁƐϵϴũĄƐƵƉŽƌƚĂŽh^ĚĞƐĚĞŽƐĞƵůĂŶĕĂŵĞŶƚŽ͕ƐĞŵĂŶĞĐĞƐƐŝĚĂĚĞĚĞŐƌĂŶĚĞƐĐŽŶĮŐƵƌĂĕƁĞƐ͘ W,\$?0()()/*6:,;4 DĞƐŵŽƋƵĞŽƐĞƵŵŝĐƌŽŶĆŽƚĞŶŚĂŽƐƚĂŝƐĐŽŶĞĐƚŽƌĞƐ͕ĠƉŽƐƐşǀĞůƟƌĂƌƉƌŽǀĞŝƚŽĚĂƚĞĐŶŽůŽŐŝĂĂƚƌĂǀĠƐĚĂŝŶƐƚĂůĂ= ĕĆŽĚĞƵŵĂƉůĂĐĂĐŽŶƚƌŽůĂĚŽƌĂĞƐƉĞĐşĮĐĂƉĂƌĂh^;ǀĞũĂŶĂĮŐƵƌĂ͘ϵͿ͘ƐƐĂƐƉůĂĐĂƐƐĆŽĞŶĐŽŶƚƌĂĚĂƐŶĂƐůŽũĂƐ ďƌĂƐŝůĞŝƌĂƐ͕ĞƚĂŵďĠŵƉŽĚĞŵƐĞƌĂĚƋƵŝƌŝĚĂƐƉĞůĂ/ŶƚĞƌŶĞƚĞŵƐŝƚĞƐĚĞĐŽŵĞƌĐŝĂůŝnjĂĕĆŽĚĞŚĂƌĚǁĂƌĞ?*K8%*4+%3%* ƉĂĚƌĆŽW/ĐŽŵĚŽŝƐĐŽŶĞĐƚŽƌĞƐh^ĠĨĂĐŝůŵĞŶƚĞĞŶĐŽŶƚƌĂĚĂĞĨƵŶĐŝŽŶĂĂƚĠĞŵŵŝĐƌŽƐƋƵĞũĄƚĞŶŚĂŵŽh^͕ ĐŽŵŽĨŽƌŵĂĚĞƉĞƌŵŝƟƌĂĐŽŶĞdžĆŽĚĞŵĂŝƐĚŽŝƐĚŝƐƉŽƐŝƟǀŽƐƐĞŵĂƵƟůŝnjĂĕĆŽĚĞƵŵŚƵď͘^ƵĂŝŶƐƚĂůĂĕĆŽĠďĞŵ 0284+#0.*6%01%-&'*%6"2"*'*3'84,1%&'"*#*#-3%2X>=+%*#8*,8*&'0*ƐůŽƚƐ*%4"'4"2%&'0? !"#$%&'<)U'+'D=&5&'51-:%1=&61%&'AL('9&6%01'D?F E1,%+8#-1#*'0*ŶŽƚĞŬƐƐĆŽĞƋƵŝƉĂĚŽƐĐŽŵƉŽƌƚĂƐh^ŽƋƵĞŶĆŽƚƌĂnjŵĂŝŽƌĞƐƉƌĞŽĐƵƉĂĕƁĞƐ͕ĞƐŝŵŵƵŝƚĂƐ :%32+2&%�? 3$+&ED+&A(>)$)?/=) KƉĂĚƌĆŽh^ƉŽĚĞƐĞƌƵƟůŝnjĂĚŽŶĂŵĂŝŽƌƉĂƌƚĞĚŽƐĂĐĞƐƐſƌŝŽƐĚĞǀĞůŽĐŝĚĂĚĞďĂŝdžĂŽƵŵĠĚŝĂ͘ĞƐĚĞŽƚĞĐůĂĚŽĞ '*ŵŽƵƐĞ͕ƋƵĞŶŽŝDĂĐũĄƐĆŽh^͕ĂƚĠŵŽŶŝƚŽƌĞƐ͕ƐĐĂŶŶĞƌƐ.*284"#00'"%0.*#*ĚƌŝǀĞƐ*4'"1>1#20.*9,%0#*1'&'0*'0*4#"2= ĨĠƌŝĐŽƐũĄƚġŵǀĞƌƐƁĞƐĐŽŵƉĂơǀĞŝƐĐŽŵŽƐŶŽǀŽƐĐŽŶĞĐƚŽƌĞƐ͘ŵĂŝŽƌŝĂĚĞůĞƐƐſĨƵŶĐŝŽŶĂĞŵŵŝĐƌŽƐĞƋƵŝƉĂĚŽƐ ĐŽŵĐŽŶĞĐƚŽƌĞƐh^ͲŶĆŽĂĚŝĂŶƚĂĐŽŵƉƌĂƌƵŵĂĐĞƐƐſƌŝŽ͕ƐĞŽƐĞƵĐŽŵƉƵƚĂĚŽƌĂŝŶĚĂŶĆŽĞƐƟǀĞƌƉƌĞƉĂƌĂĚŽ 4%"%*#+#? ŵĂůŐƵŶƐĐĂƐŽƐ͕ĐŽŵŽŽĚĂŝŵƉƌĞƐƐŽƌĂ>ĂƐĞƌŽůŽƌŝĚĂWŚĂƐĞƌϲϭϭϬEyĞƌŽdž͕ĠƉŽƐƐşǀĞůƵƐĂƌŽĐŽŶĞĐƚŽƌh^ŽƵŽ ƉĂƌĂůĞůŽ͕ĚĞĂĐŽƌĚŽĐŽŵĂĐĂƉĂĐŝĚĂĚĞĚŽƐĞƵŵŝĐƌŽ͘:ĄŶŽ'ĂŵĞƉĂĚ&ƵƐŝŽŶŝŐŝƚĂů͕ĚĂdŚƌƵƐƚDĂƐƚĞƌ͕ƵŵƐŝŵƉůĞƐ %&%41%&'"*4#"821#*9,#*'*%4%"#+7'*0#@%*+2D%&'*1%-1'*-'*#-3%2X#*&#*ũŽLJƐƟĐŬƐ*1"%&232'-%20*(ŐĂŵĞƉŽƌƚ)*9,%-1'*-'0* ĐŽŶĞĐƚŽƌĞƐh^͘ŵŽƵƚƌĂƐƉĂůĂǀƌĂƐ͕ĠĐŽŵƵŵĞŵĂůŐƵŶƐĞƋƵŝƉĂŵĞŶƚŽƐƉŽƐƐƵŝƌŵĂŝƐĚĞƵŵƟƉŽĚĞĐŽŶĞdžĆŽ͕ ďĂƐƚĂŽůŚĂƌƉĂƌĂĂƉĂƌƚĞƚƌĂƐĞŝƌĂĚĞƐƵĂƚĞůĞǀŝƐĆŽŽƵĚĞƵŵŵŽĚĞƌŶŽƉƌŽũĞƚŽƌŵƵůƟŵşĚŝĂ͕ŽƵĐŽŵŽĞŵŶŽƐƐŽ ĐĂƐŽ͕ŽďƐĞƌǀĂƌŵĂŝƐĂƚĞŶƚĂŵĞŶƚĞŽƐĞƋƵŝƉĂŵĞŶƚŽƐĚĞŝŶĨŽƌŵĄƟĐĂĞůĞƌŽƐĞƵŵĂŶƵĂůĂŶƚĞƐĚĞĂĚƋƵŝƌŝͲůŽ͘ ^ĞŽƐĐŽŵƉƵƚĂĚŽƌĞƐĐŽƐƚƵŵĂŵƚƌĂnjĞƌĚŽŝƐĐŽŶĞĐƚŽƌĞƐh^͕ĐŽŵŽĠƉŽƐƐşǀĞůĨĂnjĞƌĂƚĠϭϮϳĐŽŶĞdžƁĞƐƐŝŵƵůƚą= -#%0Y*\*0284+#0.*8%0*4%"%*200'*<'3]*1#">*&#*,0%"*,8*,Ƶď͕ĐŽŶĨŽƌŵĞĮŐƵƌĂϯ͕ƋƵĞƉĞƌŵŝƚĞĂĐŽŶĞdžĆŽĚĞǀĄƌŝŽƐ ĚŝƐƉŽƐŝƟǀŽƐĞŵƵŵĂƷŶŝĐĂĞŶƚƌĂĚĂĚŽŵŝĐƌŽ͕ĂůĠŵĚĞĞƐƚĞŶĚĞƌŽĐŽŵƉƌŝŵĞŶƚŽĚŽĐĂďŽ͕ŶŽƌŵĂůŵĞŶƚĞůŝŵŝƚĂĚŽ %*32-3'*8#1"'0? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'<)*W'+'d$2'AL( TX201#8*ŚƵďƐ*3'8*<>"2%0*3%4%32&%�.*8%0*'0*8%20*3'8,-0*05'*'0*&#*9,%1"'*#*0#1#*3'-#31'"#0?*,@45%025BI.6.% ƐĞƌůŝŐĂĚŽƐŶĂƚŽŵĂĚĂ͕ƉĂƌĂƋƵĞƉŽƐƐĂŵĨŽƌŶĞĐĞƌĂĞŶĞƌŐŝĂĞůĠƚƌŝĐĂŶĞĐĞƐƐĄƌŝĂƉĂƌĂŽĨƵŶĐŝŽŶĂŵĞŶƚŽĚĞĂĐĞƐͲ ƐſƌŝŽƐĚĞďĂŝdžŽĐŽŶƐƵŵŽ͕ũĄƋƵĞŝƐŽůĂĚŽŽĐŽŵƉƵƚĂĚŽƌŶĆŽƐĞƌŝĂĐĂƉĂnjĚĞĂůŝŵĞŶƚĂƌƚĂŶƚŽƐĂƉĂƌĞůŚŽƐ͘ ůŐƵŶƐĚŝƐƉŽƐŝƟǀŽƐŵĂŝŽƌĞƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞŽƐŵŽŶŝƚŽƌĞƐ͕ƚġŵ,ƵďƐĞŵďƵƟĚŽƐƋƵĞƉĞƌŵŝƚĞŵĂůŝŐĂĕĆŽĚĞŽƵ= 1"'0*%4%"#+7'0*&2"#1%8#-1#?*R*1#3+%&'*&'*2U%3.*4'"*#X#84+'.*1#8*&'20*3'-#31'"#0*KQW.*,8*&#+#0*,0%&'*4%"%* 3'-#31%"*'*ŵŽƵƐĞ͘ƐƐŝŵ͕ǀŽĐġƉŽĚĞŝŶƚĞƌůŝŐĂƌƵŵƉĞƌŝĨĠƌŝĐŽĐŽŵŽƵƚƌŽ͕ƐĞŵƉƌĞĐŝƐĂƌĚĞƚĂŶƚŽƐĮŽƐ͘ 5>%+@%@+,)5-D%+&A, KhŶŝǀĞƌƐĂů^ĞƌŝĂůƵƐ;h^ͿĠƵŵĂŶŽǀĂĮůŽƐŽĮĂĚĞďĂƌƌĂŵĞŶƚŽƐĞƌŝĂůƉĂƌĂŽŇƵdžŽĚĞĚĂĚŽƐĞŶƚƌĞƵŵĐŽŵƉƵ= ƚĂĚŽƌĞĚŝƐƉŽƐŝƟǀŽƐƉĞƌŝĨĠƌŝĐŽƐ͘Kh^ĨŽŝƉƌŽũĞƚĂĚŽƉĂƌĂƉƌĞĞŶĐŚĞƌĐĞƌƚĂƐůĂĐƵŶĂƐĚĞŝdžĂĚĂƐ͕ĂƚĠĞŶƚĆŽ͕ƉĞůŽƐ ŽƵƚƌŽƐďĂƌƌĂŵĞŶƚŽƐƐĞƌŝĂŝƐ͘ůĞŽĨĞƌĞĐĞ͗ ͻ DĞůŚŽƌŝŶƚĞŐƌĂĕĆŽĞŶƚƌĞĂĐŽŵƉƵƚĂĕĆŽĞŽƐƐŝƐƚĞŵĂƐĚĞĐŽŵƵŶŝĐĂĕƁĞƐ͕ĨŽĐĂůŝnjĂŶĚŽͲƐĞŶĂd/;ŽŵƉƵƚĞƌdĞůĞƉŚŽŶLJ /ŶƚĞŐƌĂƟŽŶͿ͖ ͻ DĂŝŽƌĐŽŵŽĚŝĚĂĚĞƉĂƌĂŽƵƐƵĄƌŝŽ͕ƋƵĞŶĆŽŶĞĐĞƐƐŝƚĂĚĞĐŽŶĮŐƵƌĂƌŽĚŝƐƉŽƐŝƟǀŽ͕ƉŽŝƐŽƉƌſƉƌŝŽƐŝƐƚĞŵĂƐĞĞŶĐĂƌƌĞŐĂ ĚĞƐƚĂƚĂƌĞĨĂ͖Žh^ŝŶĐŽƌƉŽƌĂĂĮůŽƐŽĮĂƉůƵŐͲĂŶĚͲƉůĂLJ͖ ͻ džƉĂŶƐĆŽŶŽŶƷŵĞƌŽĚĞƉŽƌƚĂƐ͖ĞůĞƉŽĚĞĞŶĚĞƌĞĕĂƌĂƚĠϭϮϳĚŝƐƉŽƐŝƟǀŽƐ͘ K ƐŝƐƚĞŵĂ h^ Ġ ĐŽŵƉŽƐƚŽ ƉĞůŽ ŽŶƚƌŽůĂĚŽƌ ,ŽƐƚ h^͕ ƉŽƌ ĚŝƐƉŽƐŝƟǀŽƐ h^ Ğ ƉŽƌ ŝŶƚĞƌĐŽŶĞdžƁĞƐ͘ &ŝŐƵƌĂ ϰ 8'01"%*%*1'4'+'D2%*&#*,8*0201#8%*KQW?*R*ŚŽƐƚĠƌĞƐƉŽŶƐĄǀĞůƉŽƌ͗ĚĞƚĞĐƚĂƌĂŝŶƐĞƌĕĆŽĞĂƌĞŵŽĕĆŽĚĞƵŵĚŝƐƉŽ= ƐŝƟǀŽ͕ƉŽƌŐĞƌĞŶĐŝĂƌŽŇƵdžŽĚĞĚĂĚŽƐĞĚĞĐŽŶƚƌŽůĞ͕ŵŽŶŝƚŽƌĂŶĚŽŽĞƐƚĂĚŽĚĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐ͕ĞƉŽƌĐŽŶƚƌŽůĂƌĂ ŝŶƚĞƌĨĂĐĞĞůĠƚƌŝĐĂĞŶƚƌĞĞůĞĞŽƐĚŝƐƉŽƐŝƟǀŽƐ͘ !"#$%&'<)**e'J191=1#"&'67'$8'4"4:78&'AL( * !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 hŵĚŝƐƉŽƐŝƟǀŽh^ƉŽĚĞƐĞƌĚĞĚŽŝƐƟƉŽƐ͗ĨƵŶĕĆŽŽƵŚƵď͘ĨƵŶĕĆŽĠĐĂƉĂnjĚĞƚƌĂŶƐŵŝƟƌŽƵƌĞĐĞďĞƌĚĂĚŽƐŽƵ ŝŶĨŽƌŵĂĕƁĞƐĚĞĐŽŶƚƌŽůĞƉĞůŽďĂƌƌĂŵĞŶƚŽ͘ůĂƐĞƌǀĞƉĂƌĂĂƵŵĞŶƚĂƌĂĐĂƉĂĐŝĚĂĚĞĚŽƐŝƐƚĞŵĂ͘ džĞŵƉůŽƐĚĞĨƵŶĕƁĞƐ͗ŵŽƵƐĞ͕ƚĞĐůĂĚŽ͕ŝŵƉƌĞƐƐŽƌĂĞĂĚĂƉƚĂĚŽƌƚĞůĞĨƀŶŝĐŽĐŽŵŽƵŵ/^E͘ ĂĚĂĨƵŶĕĆŽĐŽŶƚĠŵŝŶĨŽƌŵĂĕƁĞƐĚĞƐĐƌĞǀĞŶĚŽƐƵĂƐĐĂƉĂĐŝĚĂĚĞƐĞŽƐƌĞĐƵƌƐŽƐĚŽƐƋƵĂŝƐŶĞĐĞƐƐŝƚĂ͘ R*ŚƵďĠŽĞůĞŵĞŶƚŽĐŚĂǀĞŶĂƚŽƉŽůŽŐŝĂh^͕ƉŽŝƐĠĞůĞƋƵĞƉĞƌŵŝƚĞĂĞdžƉĂŶƐĆŽĚŽŶƷŵĞƌŽĚĞĐŽŶĞdžƁĞƐĚŽƐŝƐ= 1#8%?*A%&%*ŚƵďĐŽŶǀĞƌƚĞƵŵƉŽŶƚŽĚĞĐŽŶĞdžĆŽĞŵŽƵƚƌŽƐŵƷůƟƉůŽƐƉŽŶƚŽƐ͘ĂƌƋƵŝƚĞƚƵƌĂh^ƉĞƌŵŝƚĞŽƵƐŽĚĞ ŵƷůƟƉůŽƐŚƵďƐ? Kh^ƉĞƌŵŝƚĞĚŽŝƐŵŽĚŽƐĚĞĐŽŵƵŶŝĐĂĕĆŽ͗ƵŵĚĞĂůƚĂǀĞůŽĐŝĚĂĚĞ͕ŽƉĞƌĂŶĚŽĂϭϮDďͬƐ͕ĞŽƵƚƌŽĚĞďĂŝdžĂǀĞůŽĐŝ= ĚĂĚĞ͕Ăϭ͕ϱDďͬƐ͘KŵŽĚŽĚĞďĂŝdžĂǀĞůŽĐŝĚĂĚĞǀŝƐĂĂĂƚĞŶĚĞƌĂƵŵƉĞƋƵĞŶŽŶƷŵĞƌŽĚĞĚŝƐƉŽƐŝƟǀŽƐĐŽŵůĂƌŐƵƌĂ &#*6%-&%*#01"#21%.*3'8'*ŵŽƵƐĞƐ͘ĂĚĂĨƵŶĕĆŽĠƌĞƐƉŽŶƐĄǀĞůƉŽƌŝŶĚŝĐĂƌĞŵƋƵĞŵŽĚŽŝƌĄŽƉĞƌĂƌ͘ 5>%+@%@+,)5-D%+&A,)0()J6P KďĂƌƌĂŵĞŶƚŽİƐŝĐŽĠĐŽŵƉŽƐƚŽĚĞƵŵĐĂďŽĐŽŵƋƵĂƚƌŽĮŽƐ͗sƵƐ͕н͕ͲĞ'E͘ KĮŽsƵƐĠŽŵĞŝŽĚĞĨŽƌŶĞĐŝŵĞŶƚŽĚĞĂůŝŵĞŶƚĂĕĆŽƉĂƌĂŽƐĚŝƐƉŽƐŝƟǀŽƐƋƵĞŶĞĐĞƐƐŝƚĂƌĞŵĚĞůĂ͘ŵƵŵƐŝƐƚĞ= 8%*KQW.*#X201#8*ŚƵďƐĞĨƵŶĕƁĞƐƋƵĞƉŽƐƐƵĞŵĂůŝŵĞŶƚĂĕĆŽƉƌſƉƌŝĂĞŚƵďƐĞĨƵŶĕƁĞƐƋƵĞƐĆŽĂůŝŵĞŶƚĂĚŽƐƉĞůŽ ďĂƌƌĂŵĞŶƚŽĂƚƌĂǀĠƐĚĞsƵƐ͘sƵƐĠŶŽŵŝŶĂůŵĞŶƚĞнϱs͘WĂƌĂĂƉůŝĐĂĕƁĞƐĚĞĂůƚĂǀĞůŽĐŝĚĂĚĞ͕ŽƐĮŽƐнĞͲƐĆŽ ĞŶƚƌĞůĂĕĂĚŽƐ͘KƐĚĂĚŽƐƐĆŽƚƌĂŶƐŵŝƟĚŽƐĂƚƌĂǀĠƐĚĞнĞͲƉŽƌŵĞŝŽĚĞĚŝĨĞƌĞŶĕĂƐĚĞƚĞŶƐĆŽĞŶƚƌĞĞůĞƐ͘Kh^ ƵƐĂƵŵĂĐŽĚŝĮĐĂĕĆŽEZ/͘ KƐĐĂďŽƐƐĆŽĐŽŶĞĐƚĂĚŽƐĂŽƐĚŝƐƉŽƐŝƟǀŽƐĐŽŶĨŽƌŵĞŝůƵƐƚƌĂĚŽŶĂ&ŝŐƵƌĂ͘ϭϮ͘ƉŽƐŝĕĆŽĚŽƐƌĞƐŝƚŽƌĞƐĚĞƉƵůůͲƵƉ* ŵƵĚĂĚĞƉĞŶĚĞŶĚŽĚĞƚƌĂƚĂƌͲƐĞĚĞĂůƚĂŽƵďĂŝdžĂǀĞůŽĐŝĚĂĚĞ͘YƵĂŶĚŽŶĆŽĞdžŝƐƚĞĨƵŶĕĆŽĐŽŶĞĐƚĂĚĂĂŽŚƵď.*'0* "#0201'"#0*&#*ƉƵůůͲĚŽǁŶĨĂnjĞŵĐŽŵƋƵĞĂŵďŽƐнĞͲĮƋƵĞŵĂďĂŝdžŽĚĞƵŵǀĂůŽƌĚĞƚĞŶƐĆŽĚĞůŝŵŝĂƌƉĂƌĂĂĚĞ= ƚĞĐĕĆŽĚĂƉƌĞƐĞŶĕĂĚŽĚŝƐƉŽƐŝƟǀŽ͘^ĞĞƐƐĂĐŽŶĚŝĕĆŽƉĞƌƐŝƐƟƌƉŽƌŵĂŝƐƋƵĞϮ͕ϱŵŝĐƌŽƐƐĞŐƵŶĚŽƐ͕ĠĐĂƌĂĐƚĞƌŝnjĂĚĂ ĂĚĞƐĐŽŶĞdžĆŽĚŽĚŝƐƉŽƐŝƟǀŽ͘ĐŽŶĞdžĆŽĚĞƵŵĚŝƐƉŽƐŝƟǀŽĠĐĂƌĂĐƚĞƌŝnjĂĚĂƉĞůĂƐŝƚƵĂĕĆŽŽƉŽƐƚĂ͕ŽƵƐĞũĂ͕ƋƵĂŶĚŽ ĂƉĞŶĂƐƵŵĂĚĂƐůŝŶŚĂƐĠůĞǀĂĚĂĂůĠŵĚĂƚĞŶƐĆŽĚĞůŝŵŝĂƌĞĞƐƚĂƐŝƚƵĂĕĆŽƉĞƌƐŝƐƚĞƉŽƌŵĂŝƐĚĞϮ͕ϱŵŝĐƌŽƐƐĞŐƵŶĚŽƐ !"#$%&'<)*;e'<4f$78&'!N4"51'67'?1-7Y01'61'(&%%&87-:1 3+(%(A(-()0$)P,++,=$?%( ƚƌĂŶƐŵŝƐƐĆŽĚĞĚĂĚŽƐǀŝĂh^ĠďĂƐĞĂĚĂŶŽĞŶǀŝŽĚĞƉĂĐŽƚĞƐ͘ƚƌĂŶƐŵŝƐƐĆŽĐŽŵĞĕĂƋƵĂŶĚŽŽŽŶƚƌŽůĂĚŽƌ F'01*#-<2%*,8*4%3'1#*(dŽŬĞŶWĂĐŬĞƚͿĚĞƐĐƌĞǀĞŶĚŽŽƟƉŽĞĂĚŝƌĞĕĆŽĚĂƚƌĂŶƐŵŝƐƐĆŽ͕ŽĞŶĚĞƌĞĕŽĚŽĚŝƐƉŽƐŝƟǀŽ KQW*#*'*"#:#"2&'*-;8#"'*&#*ĞŶĚƉŽŝŶƚ?*E*1"%-082005'*&#*&%&'0*4'&#*0#"*"#%+2$%&%*1%-1'*&'*,ŽƐƚƉĂƌĂŽĚŝƐƉŽƐŝƟǀŽ ƋƵĂŶƚŽĞŵƐĞŶƟĚŽŝŶǀĞƌƐŽ͘KĚŝƐƉŽƐŝƟǀŽh^ĚĞĐŽĚŝĮĐĂŽĐĂŵƉŽĚĞĞŶĚĞƌĞĕŽ͕ƌĞĐŽŶŚĞĐĞŶĚŽƋƵĞŽƉĂĐŽƚĞůŚĞ ĠƌĞĨĞƌĞŶƚĞ͘ƐĞŐƵŝƌ͕ĂĨŽŶƚĞĚĂƚƌĂŶƐŵŝƐƐĆŽĞŶǀŝĂƵŵƉĂĐŽƚĞĚĞĚĂĚŽƐ;ĂƚĂWĂĐŬĞƚ)*',*2-&23%*9,#*-5'*7>*&%&'0* !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ĂƚƌĂŶƐĨĞƌŝƌ͘KĚĞƐƟŶŽƌĞƐƉŽŶĚĞĐŽŵƵŵƉĂĐŽƚĞĚĞ,ĂŶĚƐŚĂŬĞ*(,ĂŶĚƐŚĂŬĞWĂĐŬĞƚ)*2-&23%-&'*0#*%*1"%-0:#"]-32%* '61#<#*0,3#00'? Kh^ƵƟůŝnjĂƚƌġƐƟƉŽƐĚĞƉĂĐŽƚĞƐ͗dŽŬĞŶ͕ĂƚĂĞ,ĂŶĚƐŚĂŬĞWĂĐŬĞƚƐ͕ŵŽƐƚƌĂĚŽƐŶĂƐĮŐƵƌĂƐ͘ϭϯ;ĂͿ͕;ďͿĞ;ĐͿ͕ ƌĞƐƉĞĐƟǀĂŵĞŶƚĞ͘ƐƐĞƐƉĂĐŽƚĞƐƉŽƐƐƵĞŵŽƐƐĞŐƵŝŶƚĞƐĐĂŵƉŽƐ͗ ? !"#$%&'<)*@e'^&`'J1g7-a'^2`'S&:&'7'^5`'d&-64C&g7'D&5g7:4 ͻ W/;WĂĐŬĞƚ/ĚĞŶƟĮĞƌͿ͗ĐŽŵƉŽƐƚŽĚĞŽŝƚŽďŝƚƐ͘KƐƋƵĂƚƌŽŵĂŝƐƐŝŐŶŝĮĐĂƟǀŽƐŝĚĞŶƟĮĐĂŵĞĚĞƐĐƌĞǀĞŵŽƉĂĐŽƚĞĞŽƐ "#01%-1#0*05'*ďŝƚƐĚĞǀĞƌŝĮĐĂĕĆŽƉĂƌĂƉƌĞǀĞŶĕĆŽĚĞĞƌƌŽƐ;ĐŚĞĐŬďŝƚƐ)?*T00#0*ĐŚĞĐŬďŝƚƐƐĆŽĐŽŶƐƟƚƵşĚŽƐƉĞůŽĐŽŵƉůĞ= 8#-1'*,8*&'0*9,%1"'0*ďŝƚƐŝĚĞŶƟĮĐĂĚŽƌĞƐ͖ ͻ $&&;%P$771455S=ĞŶĚĞƌĞĕŽĚŽĚŝƐƉŽƐŝƟǀŽh^ĞŶǀŽůǀŝĚŽ͘ŽŵƉŽƐƚŽĚĞϳďŝƚƐ͕ůŝŵŝƚĂŽŶƷŵĞƌŽĚĞĚŝƐƉŽƐŝƟǀŽƐĞŶĚĞƌĞ= ĕĄǀĞŝƐĞŵϭϮϳ͖ ͻ ,+&8%P,C732/CBS=%4'00,2*N*ďŝƚƐƋƵĞƌĞƉƌĞƐĞŶƚĂŵŽŶƷŵĞƌŽĚŽĞŶĚƉŽŝŶƚĞŶǀŽůǀŝĚŽ͘WĞƌŵŝƚĞŵĂŝŽƌŇĞdžŝďŝůŝĚĂĚĞŶŽ ĞŶĚĞƌĞĕĂŵĞŶƚŽĚĞĨƵŶĕƁĞƐƋƵĞŶĞĐĞƐƐŝƚĞŵĚĞŵĂŝƐĚĞƵŵƐƵďĐĂŶĂů͖ ͻ );)%P)R0@/0%;47IC76C0R%)D40W5S=*ďŝƚƐĚĞƐƟŶĂĚŽƐăĚĞƚĞĐĕĆŽĚĞĞƌƌŽƐŶĂƚƌĂŶƐŵŝƐƐĆŽ͖ ͻ &$($%=*ďŝƚƐ*&#*&%&'0? hŵdŽŬĞŶWĂĐŬĞƚƉŽĚĞŝĚĞŶƟĮĐĂƌĂƚƌĂŶƐŵŝƐƐĆŽĐŽŵŽƐĞŶĚŽĚĞƚƌĂŶƐĨĞƌġŶĐŝĂƉĂƌĂŽ,ŽƐƚ;/EͿ͕ĚĞƚƌĂŶƐĨĞƌġŶĐŝĂ ƉĂƌĂĂĨƵŶĕĆŽ;KhdͿ͕ĚĞŝŶşĐŝŽĚĞĨƌĂŵĞ;^K&ͿŽƵĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞŝŶĨŽƌŵĂĕƁĞƐĚĞĐŽŶƚƌŽůĞƉĂƌĂŽĞŶĚƉŽŝŶƚ* ;^dhWͿ͘KZĚĞƵŵdŽŬĞŶWĂĐŬĞƚƉŽƐƐƵŝϱďŝƚƐĞĂƚƵĂĂƉĞŶĂƐƐŽďƌĞŽƐĐĂŵƉŽƐZĞEW͕ƵŵĂǀĞnjƋƵĞ ŽW/ƉŽƐƐƵŝƐĞƵƉƌſƉƌŝŽƐŝƐƚĞŵĂĚĞƉƌĞǀĞŶĕĆŽĐŽŶƚƌĂĞƌƌŽƐ͘KƐĚĂĚŽƐƚƌĂŶƐŵŝƟĚŽƐǀŝĂĂƚĂWĂĐŬĞƚĚĞǀĞŵƚĞƌ ,8*-;8#"'*2-1#2"'*&#*ďLJƚĞƐ͘KZĚĞƵŵĂƚĂWĂĐŬĞƚƉŽƐƐƵŝϭϲďŝƚƐĞĂŐĞĂƉĞŶĂƐƐŽďƌĞŽĐĂŵƉŽd͘K,ĂŶ= ĚƐŚĂŬĞWĂĐŬĞƚĠĐŽŶƐƟƚƵşĚŽĂƉĞŶĂƐĚĞƵŵW/͘ƐƐĞƉĂĐŽƚĞƉŽĚĞƐŝŐŶŝĮĐĂƌƋƵĞŽƌĞĐĞƉƚŽƌƌĞĐĞďĞƵŽƐĚĂĚŽƐ ůŝǀƌĞƐĚĞĞƌƌŽƐ;<Ϳ͕ƋƵĞŽƌĞĐĞƉƚŽƌŶĆŽƉŽĚĞƌĞĐĞďĞƌŽƐĚĂĚŽƐ͕ƋƵĞŽƚƌĂŶƐŵŝƐƐŽƌŶĆŽƉŽĚĞƚƌĂŶƐŵŝƟƌ;E<Ϳ ',*9,#*'*#-&4'2-1*#01>*#8*4%"%&'*(QbEJJ)? Kh^ĂĐĞŝƚĂƋƵĂƚƌŽƟƉŽƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂƐĚŝĨĞƌĞŶƚĞƐ͗ŽŶƚƌŽů͕ƵůŬ͕/ŶƚĞƌƌƵƉƚĞ/ƐŽĐŚƌŽŶŽƵƐ͘ ƚƌĂŶƐĨĞƌġŶĐŝĂĚŽƟƉŽŽŶƚƌŽůƐĞƌǀĞƉĂƌĂĐŽŶĮŐƵƌĂƌŽƵƚƌĂŶƐŵŝƟƌƉĂƌąŵĞƚƌŽƐĚĞĐŽŶƚƌŽůĞĂƵŵĚŝƐƉŽƐŝƟǀŽ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 /ŶŝĐŝĂůŵĞŶƚĞ͕ĞŵŝĚůĞ͕ĞůĞƌĞĐĞďĞƵŵdŽŬĞŶĚĞ^dhWŽƌŝƵŶĚŽĚŽŽŶƚƌŽůĂĚŽƌ,ŽƐƚ͘ŵƐĞŐƵŝĚĂ͕Ž,ŽƐƚĞŶǀŝĂ ƵŵĂƚĂWĂĐŬĞƚƉĂƌĂŽĞŶĚƉŽŝŶƚĚĞĐŽŶƚƌŽůĞĚĂĨƵŶĕĆŽ͘ĨƵŶĕĆŽĞŶǀŝĂ͕ĞŶƚĆŽ͕ĂŽ,ŽƐƚƵŵ,ĂŶĚƐŚĂŬĞWĂĐŬĞƚĚĞ ƌĞĐŽŶŚĞĐŝŵĞŶƚŽ;<ͿĞĞŶƚƌĂĞŵŝĚůĞ͘ ƚƌĂŶƐĨĞƌġŶĐŝĂƵůŬĠƵƟůŝnjĂĚĂƉĂƌĂĂƚƌĂŶƐŵŝƐƐĆŽĚĞŐƌĂŶĚĞƋƵĂŶƟĚĂĚĞĚĞĚĂĚŽƐ͕ĐŽŵŽĞŵŝŵƉƌĞƐƐŽƌĂƐŽƵ ƐĐĂŶŶĞƌƐ͘ůĂŐĂƌĂŶƚĞƵŵĂƚƌĂŶƐŵŝƐƐĆŽůŝǀƌĞĚĞĞƌƌŽƐƉŽƌŵĞŝŽĚĂĚĞƚĞĐĕĆŽĚĞĞƌƌŽƐĞĚĞŶŽǀĂƐƌĞƚƌĂŶƐŵŝƐƐƁĞƐ͕ 0#*-#3#00>"2'?*A%0'*'*,ŽƐƚĚĞƐĞũĞƌĞĐĞďĞƌƵŵĂŐƌĂŶĚĞƋƵĂŶƟĚĂĚĞĚĞĚĂĚŽƐ͕ĞůĞĞŶǀŝĂƵŵdŽŬĞŶĚĞ/EĞĂĨƵŶĕĆŽ ĚĞǀŽůǀĞƵŵĂƚĂWĂĐŬĞƚ͘^ĞŚŽƵǀĞƌĂůŐƵŵƉƌŽďůĞŵĂ͕ĂĨƵŶĕĆŽĞŶǀŝĂƵŵ^d>>ŽƵE<ĞĞŶƚƌĂĞŵŝĚůĞ͘ŽĮŶĂů͕ Ž,ŽƐƚĚĞǀŽůǀĞƵŵ<͘^Ğ͕ĞŵǀĞnjĚĞƌĞĐĞďĞƌ͕Ž,ŽƐƚĚĞƐĞũĂƌĞŶǀŝĂƌĚĂĚŽƐ͕ĞůĞŵĂŶĚĂƵŵdŽŬĞŶĚĞKhdĞŵ ǀĞnjĚĞ/E͘ ƚƌĂŶƐŵŝƐƐĆŽĚŽƟƉŽ/ŶƚĞƌƌƵƉƚĠƌĞƋƵŝƐŝƚĂĚĂƉĞůŽ,ŽƐƚĞĐŽŶƐŝƐƚĞŶƵŵĂƚƌĂŶƐĨĞƌġŶĐŝĂĚĞƉĞƋƵĞŶĂƋƵĂŶƟĚĂĚĞ ĚĞĚĂĚŽƐ͘KƐĚĂĚŽƐƉŽĚĞŵƌĞƉƌĞƐĞŶƚĂƌĂŶŽƟĮĐĂĕĆŽĚĞĂůŐƵŵĞǀĞŶƚŽ͕ĐŽŵŽŽƐĚĞƵŵŵŽƵƐĞŽƵĐĂŶĞƚĂſƟĐĂ͘ ƚƌĂŶƐĨĞƌġŶĐŝĂƟƉŽ/ƐŽĐŚƌŽŶŽƵƐƉĞƌŵŝƚĞŽƚƌĄĨĞŐŽĚĞĚĂĚŽƐƋƵĞƐĆŽĐƌŝĂĚŽƐ͕ĞŶǀŝĂĚŽƐĞƌĞĐĞďŝĚŽƐĐŽŶƟŶƵĂ= ŵĞŶƚĞĞŵƚĞŵƉŽƌĞĂů͘EĞƐƐĂƐŝƚƵĂĕĆŽŶĆŽŚĄŚĂŶĚƐŚĂŬĞ͕ĚĞǀŝĚŽăƉƌſƉƌŝĂĐŽŶƟŶƵŝĚĂĚĞĐŽŵƋƵĞŽƐĚĂĚŽƐƐĆŽ ƚƌĂŶƐŵŝƟĚŽƐ͘ĂƐŽĐŽŶƚƌĄƌŝŽ͕ŚĂǀĞƌŝĂĂƚƌĂƐŽĞĂƚƌĂŶƐŵŝƐƐĆŽĞŵƚĞŵƉŽƌĞĂůƐĞƌŝĂĐŽŵƉƌŽŵĞƟĚĂ͘ dŽĚĂƐĂƐĞƐƉĞĐŝĮĐĂĕƁĞƐƚĠĐŶŝĐĂƐĚŽƉĂĚƌĆŽh^ĞƐƚĆŽƌŝŐŽƌŽƐĂŵĞŶƚĞĞƐƚĂďĞůĞĐŝĚĂƐŶĂhŶŝǀĞƌƐĂů^ĞƌŝĂůƵƐ^ƉĞ= ĐŝĮĐĂƟŽŶZĞǀŝƐŝŽŶϭ͘Ϭ͘ W&+$c&+$ K&ŝƌĞǁŝƌĞƐƵƌŐŝƵ͕Ğŵϭϵϵϱ;ƉŽƵĐŽĂŶƚĞƐĚŽh^Ϳ͕ĐŽŵŽƵŵĐŽŶĐŽƌƌĞŶƚĞĚŽďĂƌƌĂŵĞŶƚŽ^^/͘/ŶŝĐŝĂůŵĞŶƚĞĞůĞ ĨŽŝĚĞƐĞŶǀŽůǀŝĚŽƉĞůĂƉƉůĞĞĚĞƉŽŝƐƐƵďŵĞƟĚŽĂŽ/͕ƋƵĂŶĚŽƉĂƐƐŽƵĂƐĞĐŚĂŵĂƌ/ϭϯϵϰ͘ŵďŽƌĂƐĞũĂ ŵĂŝƐƉŽƉƵůĂƌŵĞŶƚĞƵƐĂĚŽ͕ŽŶŽŵĞ&ŝƌĞǁŝƌĞĠƵŵĂŵĂƌĐĂƌĞŐŝƐƚƌĂĚĂƉĞůĂƉƉůĞ͕ƉŽƌŝƐƐŽǀŽĐġŶĆŽǀĂŝĞŶĐŽŶƚƌĂƌ ƌĞĨĞƌġŶĐŝĂĂĞůĞĞŵŶĞŶŚƵŵĂĚŽĐƵŵĞŶƚĂĕĆŽŽƵƉƌŽĚƵƚŽƐĚĞŽƵƚƌŽƐĨĂďƌŝĐĂŶƚĞƐ͘KƵƚƌŽŶŽŵĞĐŽŵĞƌĐŝĂůƉĂƌĂŽ ƉĂĚƌĆŽĠŽ͞ŝ͘>ŝŶŬ͕͟ƵƐĂĚŽƉĞůĂ^ŽŶLJ͘ K&ŝƌĞǁŝƌĞĠƵŵďĂƌƌĂŵĞŶƚŽƐĞƌŝĂů͕ŵƵŝƚŽƐŝŵŝůĂƌĂŽh^ĞŵǀĄƌŝŽƐĂƐƉĞĐƚŽƐ͘ǀĞƌƐĆŽŝŶŝĐŝĂůĚŽ&ŝƌĞǁŝƌĞũĄŽƉĞ= ƌĂǀĂĂϰϬϬŵĞŐĂďŝƚƐ;ŽƵϱϬDͬƐͿ͕ĞŶƋƵĂŶƚŽŽh^ϭ͘ϭŽƉĞƌĂǀĂĂĂƉĞŶĂƐϭϮŵĞŐĂďŝƚƐ͘ƉĞƐĂƌĚŝƐƐŽ͕Žh^ƵƟůŝ= $%<%*1"%-08200'"#0*#*32"3,21'0*8%20*6%"%1'0*#*#"%*+2<"#*&#*4%D%8#-1'*&#*ƌŽLJĂůƟĞƐ.*'*9,#*%3%6',*:%$#-&'*3'8*9,#* ĞůĞƐĞƉŽƉƵůĂƌŝnjĂƐƐĞƌĂƉŝĚĂŵĞŶƚĞ͘EĂĠƉŽĐĂ͕ĂŝŶĚƷƐƚƌŝĂƉƌŽĐƵƌĂǀĂƵŵďĂƌƌĂŵĞŶƚŽĚĞďĂŝdžŽĐƵƐƚŽƉĂƌĂƐƵďƐƟƚƵŝƌ ĂƐƉŽƌƚĂƐƐĞƌŝĂŝƐĞƉĂƌĂůĞůĂƐĞ͕ĐŽŵŽĚĞƉƌĂdžĞ͕ĂĐĂďŽƵŐĂŶŚĂŶĚŽĂƐŽůƵĕĆŽŵĂŝƐďĂƌĂƚĂ͘ ƚƵĂůŵĞŶƚĞ͕Ž&ŝƌĞǁŝƌĞĞŶĨƌĞŶƚĂƚĂŵďĠŵĂĐŽŶĐŽƌƌġŶĐŝĂĚŽĞ^d͕ĂǀĞƌƐĆŽĞdžƚĞƌŶĂĚŽ^d͕ŽƋƵĂůƉĞƌŵŝƚĞĂ ĐŽŶĞdžĆŽĚĞ,ƐĞĚƌŝǀĞƐſƉƟĐŽƐĞdžƚĞƌŶŽƐ͕ŽƋƵĞŽĚĞŝdžĂĞŵƉŽƐŝĕĆŽƉŽƵĐŽĐŽŶĨŽƌƚĄǀĞů͘ ƐƐŝŵ ĐŽŵŽ Ž h^͕ Ž &ŝƌĞǁŝƌĞ Ġ Ƶŵ ďĂƌƌĂŵĞŶƚŽ ƉůƵŐͲĂŶĚͲƉůĂLJ Ğ ƐƵƉŽƌƚĂ Ă ĐŽŶĞdžĆŽ ĚĞ ǀĄƌŝŽƐ ƉĞƌŝĨĠƌŝĐŽƐ ŶĂ ŵĞƐŵĂƉŽƌƉŽƌƚĂ͕ƵƟůŝnjĂŶĚŽƵŵĂƚŽƉŽůŽŐŝĂĂĐşĐůŝĐĂ͕ŶŽƋƵĂůƵŵƉĞƌŝĨĠƌŝĐŽĠĚŝƌĞƚĂŵĞŶƚĞĐŽŶĞĐƚĂĚŽĂŽŽƵƚƌŽĞ 1'&'0*0#*#-X#"D%8*8,1,%8#-1#.*0#8*-#3#002&%&#*&#*,0'*&#*ŚƵďƐŽƵĐĞŶƚƌĂůŝnjĂĚŽƌĞƐ͘sŽĐġƉŽĚĞ͕ƉŽƌĞdžĞŵƉůŽ͕ ĐŽŶĞĐƚĂƌƵŵ,ĞdžƚĞƌŶŽ;ĐŽŵĚƵĂƐƉŽƌƚĂƐ&ŝƌĞǁŝƌĞͿĂŽWĞĐŽŶĞĐƚĂƌƵŵĂĮůŵĂĚŽƌĂĂŽ,ĞŽWĞŶdžĞƌŐĂƌŝĂ ĂŵďŽƐ͘sĞũĂƵŵĞdžĞŵƉůŽŶĂ&ŝŐƵƌĂ͘ϭϰ͗ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'<)*E'+'J191=1#"&'61'2&%%&87-:1'!"%7_"%7 KĐŽŶĞĐƚŽƌ&ŝƌĞǁŝƌĞƚƌĂĚŝĐŝŽŶĂůƵƟůŝnjĂϲƉŝŶŽƐ͕ƐĞŶĚŽƋƵĞϮƐĆŽƵƐĂĚŽƐƉĂƌĂĂůŝŵĞŶƚĂĕĆŽĞůĠƚƌŝĐĂ;ĐŽŵŽŶŽh^Ϳ͘ džŝƐƚĞƵŵĂǀĞƌƐĆŽŵŝŶŝĂƚƵƌŝnjĂĚĂ;ƐĞŵŽƐƉŝŶŽƐĚĞĂůŝŵĞŶƚĂĕĆŽͿĂƋƵĂůƉŽƐƐƵŝĂƉĞŶĂƐϰƉŝŶŽƐƐĞŶĚŽŵƵŝƚŽĐŽŵƵŵ ĞŵŶŽƚĞŬƐ͘hŵĂƉŽƌƚĂ&ŝƌĞǁŝƌĞĚĞϲƉŝŶŽƐĠĐĂƉĂnjĚĞĨŽƌŶĞĐĞƌĂƚĠϰϱǁĂƩƐĚĞĞŶĞƌŐŝĂ͕ƋƵĂƐĞϭϬǀĞnjĞƐŵĂŝƐ 9,#*-'*KQW? sĞũĂĂďĂŝdžŽĂůŐƵŵĂƐŝŵĂŐĞŶƐͲ&ŝŐƵƌĂƐ͘ϭϱĞ͘ϭϲͲĚĞĐŽŶĞĐƚŽƌĞƐ&ŝƌĞǁŝƌĞ͘ !"#$%&'<)*O'+'?1-75:1%74'!"%7_"%7'G'BT87&'^<`a'8&5C&61'^S` !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'<)*P'+'<-:%&6&'!"%7_"%7 /ŶŝĐŝĂůŵĞŶƚĞ͕ŽĐŽŶĐŽƌƌĞŶƚĞĚŽ&ŝƌĞǁŝƌĞŶĆŽĞƌĂŽh^͕ŵĂƐƐŝŵŽďĂƌƌĂŵĞŶƚŽ^^/͕ƋƵĞŶĂĠƉŽĐĂƚĂŵďĠŵĞƌĂ ,0%&'*4%"%*%*3'-#X5'*&#*ƐĐĂŶŶĞƌƐĞŽƵƚƌŽƐĚŝƐƉŽƐŝƟǀŽƐĞdžƚĞƌŶŽƐ͘ŵďŽƌĂĨŽƐƐĞƵŵƉŽƵĐŽŵĂŝƐůĞŶƚŽ;ĂƚĠϭϲϬ DͬƐŶŽ^^/͕ĐŽŶƚƌĂϱϬDͬƐŶŽ&ŝƌĞǁŝƌĞͿ͘K&ŝƌĞǁŝƌĞĞƌĂƵŵďĂƌƌĂŵĞŶƚŽŵĂŝƐƐŝŵƉůĞƐĞŵƵŝƚŽŵĂŝƐŇĞdžşǀĞů͕ ƉĞƌŵŝƟŶĚŽĂĐŽŶĞdžĆŽĚĞƚŽĚŽƟƉŽĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽ͕ŝŵƉƌĞƐƐŽƌĂƐ͕ƐĐĂŶŶĞƌƐ͕ĚŝƐƉŽƐŝƟǀŽƐĚĞĄƵĚŝŽĞǀşĚĞŽĞ ĂƚĠŵĞƐŵŽĂĐŽŵƵŶŝĐĂĕĆŽĚŝƌĞƚĂĞŶƚƌĞWƐ͕ĨƵŶĐŝŽŶĂŶĚŽĐŽŵŽƵŵĂŝŶƚĞƌĨĂĐĞĚĞƌĞĚĞ͘ ƉĞƐĂƌĚŝƐƐŽ͕ĐŽŵŽƐƵƌŐŝŵĞŶƚŽĚŽh^͕Ž&ŝƌĞǁŝƌĞĂĐĂďŽƵƌĞƐƚƌŝƚŽĂĂůŐƵŶƐŶŝĐŚŽƐ͘KƉƌŝŶĐŝƉĂůĚĞůĞƐĠĂƚƌĂŶƐ= ĨĞƌġŶĐŝĂĚĞǀşĚĞŽƐ͕ĂƉĂƌƟƌĚĞƵŵĂĮůŵĂĚŽƌĂĚŝŐŝƚĂů͘ĞƐĚĞŽĮŶĂůĚĂĚĠĐĂĚĂĚĞϭϵϵϬ͕ĂƐĐąŵĞƌĂƐŵŝŐƌĂƌĂŵ ĚĂƐĮƚĂƐĂŶĂůſŐŝĐĂƐƉĂƌĂŽƉĂĚƌĆŽs;ĚŝŐŝƚĂůǀşĚĞŽͿ͕ĞŵƋƵĞŽǀşĚĞŽĠŐƌĂǀĂĚŽĚŝƌĞƚĂŵĞŶƚĞĞŵĨŽƌŵĂƚŽĚŝŐŝƚĂů ;ŶƵŵĂĮƚĂŵŝŶŝͲs͕,ŽƵŵĞƐŵŽŵĞŵſƌŝĂŇĂƐŚ*3'8'*#8*%+D,-0*8'&#+'0*"#3#-1#0)*#*'20*1"%-0:#"2&'*4%"%* ŽŵŝĐƌŽĂƚƌĂǀĠƐĚĞƵŵĂƉŽƌƚĂ&ŝƌĞǁŝƌĞƉĂƌĂƋƵĞƐĞũĂĞĚŝƚĂĚŽĞĮŶĂůŝnjĂĚŽ͘ ŵďŽƌĂƐĞũĂƵŵŝƚĞŵĚĞƐĠƌŝĞŶŽƐDĂĐƐ;ĂƐƉƌŝŵĞŝƌĂƐǀĞƌƐƁĞƐĚŽŝWŽĚĞdžŝƐƟĂŵĂƉĞŶĂƐĞŵǀĞƌƐĆŽ&ŝƌĞǁŝƌĞͿ͕ƉŽƵ= 3'0*ĐŚŝƉƐĞƚƐ*4%"%*!A*4'00,#8*3'-1"'+%&'"#0*ĮƌĞǁŝƌĞ*2-1#D"%&'0.*:%$#-&'*3'8*9,#*'0*:%6"23%-1#0*&#*4+%3%0=85#* ƐĞũĂŵŽďƌŝŐĂĚŽƐĂƵƟůŝnjĂƌƵŵĐŽŶƚƌŽůĂĚŽƌĂǀƵůƐŽ͘ŶĐĂƌĞĐĞŶĚŽĂƉůĂĐĂ͕ĂƐƉŽƌƚĂƐĮƌĞǁŝƌĞ*05'*':#"#32&%0*%4#-%0* ŶŽƐŵŽĚĞůŽƐŵĂŝƐĐĂƌŽƐ͕ŽƵǀŽůƚĂĚŽƐƉĂƌĂŽŵĞƌĐĂĚŽŐƌĄĮĐŽ͘EĂƚƵƌĂůŵĞŶƚĞ͕ĞdžŝƐƚĞŵƚĂŵďĠŵĐŽŶƚƌŽůĂĚŽƌĂƐĮͲ ƌĞǁŝƌĞĞdžƚĞƌŶĂƐ͕ŶĂĨŽƌŵĂĚĞƉůĂĐĂƐW/ŽƵW/džƉƌĞƐƐ͕ŵĂƐĞůĂƐƚĂŵďĠŵƌĞƉƌĞƐĞŶƚĂŵƵŵĐƵƐƚŽĂĚŝĐŝŽŶĂů͘Žŵ ĂƉŽƉƵůĂƌŝnjĂĕĆŽĚĂƐĮůŵĂĚŽƌĂƐ͕ŽƐĨĂďƌŝĐĂŶƚĞƐƉĂƐƐĂƌĂŵĂŝŶĐůƵŝƌƚĂŵďĠŵƉŽƌƚĂƐh^͕ĞůŝŵŝŶĂŶĚŽŽƉƌŽďůĞŵĂ ĐŽŶĨŽƌŵĞ&ŝŐƵƌĂ͘ϭϳ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'<)*Q'+'<-:%&6&4'!"%7_"%7'7'AL( ƚƵĂůŵĞŶƚĞĞƐƚĂŵŽƐĂƐƐŝƐƟŶĚŽĂƵŵĂůĞŶƚĂŵŝŐƌĂĕĆŽƉĂƌĂŽ&ŝƌĞǁŝƌĞϴϬϬ;/ϭϯϵϰͿ͕ƵŵŶŽǀŽƉĂĚƌĆŽ͕ůĂŶĕĂ= ĚŽĞŵϮϬϬϯ͕ƋƵĞĚŽďƌĂĂƚĂdžĂĚĞƚƌĂŶƐŵŝƐƐĆŽ͕ĂƟŶŐŝŶĚŽϴϬϬŵĞŐĂďŝƚƐĞƵƟůŝnjĂƵŵŶŽǀŽĐŽŶĞĐƚŽƌ͕ĐŽŵϵƉŝŶŽƐ͘ ůĞĨŽŝĚĞƐĞŶǀŽůǀŝĚŽĚĞĨŽƌŵĂƋƵĞŽƐĐĂďŽƐĞƉĞƌŝĨĠƌŝĐŽƐĂŶƟŐŽƐĐŽŶƟŶƵĂŵƐĞŶĚŽŝŶƚĞŝƌĂŵĞŶƚĞĐŽŵƉĂơǀĞŝƐ ;ƵƐĂŶĚŽŽĐĂďŽĂƉƌŽƉƌŝĂĚŽ͕ĐŽŵƵŵĐŽŶĞĐƚŽƌĚĞϵƉŝŶŽƐĞŵƵŵĂƉŽŶƚĂĞƵŵĚĞϲŽƵϰƉŝŶŽƐŶĂŽƵƚƌĂͿ͕ĞŵďŽƌĂ ŶĆŽƐĞďĞŶĞĮĐŝĞŵĚŽĂƵŵĞŶƚŽŶĂǀĞůŽĐŝĚĂĚĞ͘ hŵĂŽďƐĞƌǀĂĕĆŽĠƋƵĞ͕ĚĞǀŝĚŽĂƵŵĂĐŽŵďŝŶĂĕĆŽĚĞŝŵƉůĞŵĞŶƚĂĕĆŽĚĞĚƌŝǀĞƌƐ͕ŽƐƵƉŽƌƚĞĂh^Ϯ͘ϬŶŽƐDĂĐƐ 'ϱ͕WŽǁĞƌŽŽŬĞŽƵƚƌŽƐĚĂƐĂĨƌĂďĂƐĞĂĚŽƐĞŵĐŚŝƉƐWŽǁĞƌWĠĚĞĮĐŝĞŶƚĞ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐ ĨĞŝƚĂƐ͕ĂƚƌĂǀĠƐĚĂƐƉŽƌƚĂƐh^Ϯ͘Ϭ͕ĂĐĂďĞŵƐĞŶĚŽŵĂŝƐůĞŶƚĂƐĚŽƋƵĞĂƚƌĂǀĠƐĚĂƐƉŽƌƚĂƐ&ŝƌĞǁŝƌĞϰϬϬ͘ĞƋƵĂů= ƋƵĞƌĨŽƌŵĂ͕ĂƉĞƐĂƌĚĂƉŽůġŵŝĐĂĞŵƚŽƌŶŽŶŽh^Ϯ͘Ϭdž&ŝƌĞǁŝƌĞϰϬϬ͕Ž&ŝƌĞǁŝƌĞϴϬϬĠŝŶĚŝƐĐƵƟǀĞůŵĞŶƚĞŵĂŝƐ ">42&'? sĞũĂĂďĂŝdžŽĂůŐƵŵĂƐŝůƵƐƚƌĂĕƁĞƐĂƵƚŽͲĞdžƉůŝĐĂƟǀĂƐ͘&ŝŐƵƌĂƐ͘ϭϴ͕͘ϭϵĞ͘ϮϬ͘ * !"#$%&'<)*R'G'?1-75:1%74'!"%7_"%7'''''''''''''''''''''''''''''''''!"#$%&'<)*U'G'd$2'!"%7_"%7 !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'<);W'+'\4975:14'67'51-4:":$"/01'7'875[-"514 $$>Y@&>, V7"&'14':X9"514'412%7'2&%%&87-:14a'6"491-NM7='-1'?1-:7h61'6&'S"45"9="-&) D%15$%7'78'4":74'67'B&2%"5&-:74'&4'9=&5&4G8074'41="5":&6&4'7'"-6"f$7'14':"914'67'878X%"&4'7'14'2&%%&87-:14' 4$91%:&614)'\9X4'%7491-6&'1'f$74:"1-3%"1'7'6"491-"2"=".7G1a'7-M"&-61'$8'&%f$"M1'&:%&Mi4'674:&'B7%%&87-:&) ͻ EQKQ* фŚƩƉ͗ͬͬďƌ͘ĂƐƵƐ͘ĐŽŵх ͻ ϴsͲsDhůƚƌĂ фŚƩƉ͗ͬͬƐƵƉƉŽƌƚ͘ĂƐƵƐ͘ĐŽŵͬĚŽǁŶůŽĂĚͬĚŽǁŶůŽĂĚ͘ĂƐƉdž͍^>ĂŶŐƵĂŐĞсƉƚͲďƌΘŵŽĚĞůсϴsͲsDйϮϬhůƚƌĂх ͻ DϮEͲWůƵƐ^>/sŝƐƚĂĚŝƟŽŶ фŚƩƉ͗ͬͬƐƵƉƉŽƌƚ͘ĂƐƵƐ͘ĐŽŵͬĚŽǁŶůŽĂĚͬĚŽǁŶůŽĂĚ͘ĂƐƉdž͍^>ĂŶŐƵĂŐĞсƉƚͲďƌΘŵŽĚĞůсDϮEͲWůƵƐйϮϬ^>/йϮϬsŝƐƚĂйϮϬ ĚŝƟŽŶх ͻ '/'zd фŚƩƉ͗ͬͬǁǁǁ͘ŐŝŐĂďLJƚĞ͘ĐŽŵ͘ƚǁͬх ͻ 'ͲsDϵϬϬD;ƌĞǀ͘Ϯ͘ϬͿͼ фŚƩƉ͗ͬͬǁǁǁ͘ŐŝŐĂďLJƚĞ͘ĐŽŵ͘ƚǁͬWƌŽĚƵĐƚƐͬDŽƚŚĞƌďŽĂƌĚͬWƌŽĚƵĐƚƐͺKǀĞƌǀŝĞǁ͘ĂƐƉdž͍WƌŽĚƵĐƚ/сϮϱϴϭх ͻ 'ͲsDϴϬϬWDͼ фŚƩƉ͗ͬͬǁǁǁ͘ŐŝŐĂďLJƚĞ͘ĐŽŵ͘ƚǁͬWƌŽĚƵĐƚƐͬDŽƚŚĞƌďŽĂƌĚͬWƌŽĚƵĐƚƐͺKǀĞƌǀŝĞǁ͘ĂƐƉdž͍WƌŽĚƵĐƚ/сϮϰϳϭх A:"=".7'-1'4":7'61'B&2%"5&-:7']F]\(jJ<'1'="-g?189&%"41-'LC77:'7'-1'4":7'61'B&2%"5&-:7'\LAL'1'="-g'?189&G %&/01'67'D%16$:14a'91"4'47%01'67'#%&-67'M&="&) ,'8&-$&='67'5&6&'9=&5&':&82i8'9167%3'47%'$:"=".&61'9&%&'12:7%'&4'"-B1%8&/Z74'41="5":&6&4) k$&=f$7%':7%81'41="5":&61'f$7'91%'M7-:$%&'-01':7-C&'4"61'&21%6&61a'67M7%3'47%'974f$"4&61) ,$:%14'"%&'('9167%01'47%'$:"=".&614'9&%&'12:7-/01'67'"-B1%8&/Z74) XI45BY45= I?* WƌŽĐƵƌĞƵŵĂƉůĂĐĂŶŽƐŝƚĞĚĞƐƚĞƐĨĂďƌŝĐĂŶƚĞƐƋƵĞŶĆŽƉŽƐƐƵĂǀşĚĞŽŝŶƚĞŐƌĂĚŽ;ǀşĚĞŽŽīďŽĂƌĚͿĞƋƵĞƉŽƐƐƵĂƐŽƋƵĞƚĞ 4%&"5'*__O? L?* KƋƵĞƐŝŐŶŝĮĐĂĂĐĂƌĂĐƚĞƌşƐƟĐĂ^>/ŶĂƉůĂĐĂͲŵĆĞDϮEͲWůƵƐ^>/sŝƐƚĂĚŝƟŽŶ͍ M?* YƵĂŝƐŽƐƟƉŽƐĚĞƉƌŽĐĞƐƐĂĚŽƌĞƐƐƵƉŽƌƚĂĚŽƐƉŽƌĐĂĚĂƉůĂĐĂͲŵĆĞ͍ N?* YƵĂůŽƟƉŽĚĞŵĞŵſƌŝĂƐƵƉŽƌƚĂĚĂƉŽƌĐĂĚĂƉůĂĐĂĞƋƵĂůĚĞƐƚĂƐƵƉŽƌƚĂĂƵƟůŝnjĂĕĆŽĚĞŵĞŵſƌŝĂƐZŽƵZϮ͍ O?* YƵĂůĂĐĂƉĂĐŝĚĂĚĞŵĄdžŝŵĂĚĞŵĞŵſƌŝĂƋƵĞĐĂĚĂƉůĂĐĂƐƵƉŽƌƚĂ͍ V?* KƋƵĞƐŝŐŶŝĮĐĂĂĐĂƌĂĐƚĞƌşƐƟĐĂ&^;&ƌŽŶƚ^ŝĚĞƵƐͿ͍ _?* ŽŵƉĂƌĞĞŶƚƌĞĂƐƉůĂĐĂƐĂƋƵĂŶƟĚĂĚĞĚĞƌĂŶŚƵƌĂƐ;ƐůŽƚƐͿŽƵĐŽŶĞĐƚŽƌĞƐW/ͲdžƉƌĞƐƐyϭ͕W/ͲdžƉƌĞƐƐyϭϲ͕W/͕/^͕h^͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% "+#&$&, Z !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 )IH6G!)4e*HI! H?%+(0@;<( EĞƐƚĂƉĂƌƚĞĚĂŵĂƚĠƌŝĂ͕ŝŶŝĐŝĂƌĞŵŽƐĐŽŵŽĞƐƚƵĚŽĚĞƵŵŝŵƉŽƌƚĂŶơƐƐŝŵŽĞůĞŵĞŶƚŽƋƵĞĐŽŶƐƟƚƵŝƵŵƐŝƐƚĞŵĂ ĐŽŵƉƵƚĂĐŝŽŶĂů͕ŽŝƐĐŽZşŐŝĚŽŽƵ,ĂƌĚŝƐŬ(FP)*8%20*3'8,8#-1#*3'-7#32&'? K,ĠƵŵĚŝƐƉŽƐŝƟǀŽƋƵĞĂůŝĂŵĞĐąŶŝĐĂĚĞƉƌĞĐŝƐĆŽ͕ĞůĞƚƌƀŶŝĐĂĞŵĂŐŶĞƟƐŵŽ͕ƋƵĞĨŽŝŝĚĞĂůŝnjĂĚŽƉĂƌĂĂƌŵĂnjĞ= ŶĂƌŐƌĂŶĚĞƋƵĂŶƟĚĂĚĞĚĞŝŶĨŽƌŵĂĕƁĞƐ͕ĐŽŵƉƌĞĞŶĚĞŶĚŽ͗ƉƌŽŐƌĂŵĂƐ͕ĂƌƋƵŝǀŽƐĚĞĚĂĚŽƐ;ƉĞƌŵĂŶĞŶƚĞŽƵƚĞŵ= ƉŽƌĄƌŝŽͿ͕ƐŝƐƚĞŵĂ;ƐͿŽƉĞƌĂĐŝŽŶĂů;ŝƐͿ͕ĚĂĚŽƐƵƟůŝnjĂĚŽƐĚƵƌĂŶƚĞŽƉƌŽĐĞƐƐĂŵĞŶƚŽĚŽƐƉƌŽŐƌĂŵĂƐŶĞůĞŝŶƐƚĂůĂĚŽƐ͘ ƉƌŝŶĐŝƉĂů ǀĂŶƚĂŐĞŵ͕ ƉŽƌ ƚĂŶƚŽ͕ Ġ ƋƵĞ ĂƐ ŝŶĨŽƌŵĂĕƁĞƐ ŶĞůĞ ĂƌŵĂnjĞŶĂĚĂƐ͕ ƐĆŽ ƚŽƚĂůŵĞŶƚĞ ŝŶĚĞƉĞŶĚĞŶƚĞƐ ĚĂ ƉƌĞƐĞŶĕĂŽƵŶĆŽĚĞĞŶĞƌŐŝĂĞůĠƚƌŝĐĂ͕ƉŽŝƐĞƐƚĂƐĞƐƚĆŽŐƌĂǀĂĚĂƐŵĂŐŶĞƟĐĂŵĞŶƚĞŶŽĚŝƐĐŽĐŽŵŽŵŝŶƷƐĐƵůŽƐŝŵĆƐ 9,#*%1"%#8*',*"#4#+#8? dƌĂďĂůŚĂŶĚŽĐŽŶũƵŶƚĂŵĞŶƚĞĐŽŵĂŵĞŵſƌŝĂZD͕Ž,ƚĞŵƉŽƌĨƵŶĕĆŽĂůŝŵĞŶƚĄͲůĂƋƵĂŶĚŽƐŽůŝĐŝƚĂĚŽ͕ƉŽŝƐĠ ŶĂZDƋƵĞ͕ĞĨĞƟǀĂŵĞŶƚĞŽƉƌŽĐĞƐƐĂĚŽƌ͞ďƵƐĐĂ͟ŝŶĨŽƌŵĂĕƁĞƐ;ŝŶƐƚƌƵĕƁĞƐŽƵĚĂĚŽƐͿƉĂƌĂĂĞdžĞĐƵĕĆŽĚŽƐƉƌŽ= ŐƌĂŵĂƐ͘ĂďĞƐĂůŝĞŶƚĂƌƋƵĞ͕ŶŽŵŽŵĞŶƚŽĞŵƋƵĞŚŽƵǀĞƌĂŝŶƚĞƌƌƵƉĕĆŽĚŽĨŽƌŶĞĐŝŵĞŶƚŽĚĞĞŶĞƌŐŝĂĞůĠƚƌŝĐĂ͕ŽƐ ĚĂĚŽƐĚĂZDƐĞƌĆŽƉĞƌĚŝĚŽƐ͕ĂŽĐŽŶƚƌĄƌŝŽĚŽ,͘ R+7%-&'*#8*:"#-1#*#*:%$#-&'*,8%*4"#<205'*6%0#%&'*-'*:"#9^#-1#8#-1#*+#2'*#8*"#<201%0*#*#8*ƐŝƚĞƐĐŽŶĮĄǀĞŝƐ͕ ǀĞũŽĂĐƵƌƚŽƉƌĂnjŽŽĮŵĚŽǀĞůŚŽĞďŽŵ,͘ŽŵĐĞƌƚĞnjĂ͕ǀŽĐġƉŽƐƐƵŝŽƵƐŝŵƉůĞƐŵĞŶƚĞĐŽŶŚĞĐĞĂƐĨĂŵŽƐĂƐWĞŶ ƌŝǀĞƐŽƵ&ůĂƐŚƌŝǀĞƐ͕ĐŽŵƵŶƐŶŽŶŽƐƐŽĚŝĂͲĂͲĚŝĂ͘EŽƚĞƚĂŵďĠŵƋƵĞŽĐƵƐƚŽĞŵĂĚƋƵŝƌŝͲůĂƐƚŽƌŶĂͲƐĞĐĂĚĂǀĞnj 8#-'"*%'*+'-D'*&'0*8#0#0?*\*200'*8#08'.*#8*6"#<#*'0*"'6,01'0*FPc0*&%"5'*+,D%"*H0*8#8B"2%0*&ůĂƐŚ͊^ŝŵƉůĞƐ͕ ƌĄƉŝĚĂƐ͕ĐŽŶĮĄǀĞŝƐ͕ŵĂƐĂŝŶĚĂĐĂƌĂƐƉĂƌĂĂƌŵĂnjĞŶĂƌϴϬ'ĚĞĚĂĚŽƐ͕ƚŽŵĂŶĚŽƉŽƌďĂƐĞŽƐĚŝƐĐŽƐƌşŐŝĚŽƐ͕ŵĂŝƐ 3'8,-0*#*8%20*6%"%1'0? !)&?%$+&(+)0()dI ĐŽŶƐƟƚƵŝĕĆŽĚŽ,ƐĞƌĄĚĞƚĂůŚĂĚĂĨƵƚƵƌĂŵĞŶƚĞ͕ŵĂƐŶĞƐƚĞƉŽŶƚŽ͕ĚĂƌĞŝƵŵĂďƌĞǀĞŝŶƚƌŽĚƵĕĆŽƉĂƌĂƋƵĞŽƐ %20*21#-0*#*%00,-1'*4'00%8*0#"*8%20*6#8*#-1#-&2&'0? ĮŐƵƌĂϭŵŽƐƚƌĂŽŝŶƚĞƌŝŽƌĚĞƵŵĚŝƐĐŽƌşŐŝĚŽ͘KďǀŝĂŵĞŶƚĞ͕ŽĚŝƐĐŽĚĞƐƐĂĮŐƵƌĂũĄŶĆŽĨƵŶĐŝŽŶĂŵĂŝƐ͊EĆŽƉŽ= ĚĞŵŽƐĂďƌŝƌŽĚŝƐĐŽƌşŐŝĚŽƉĂƌĂǀĞƌŽƐĞƵŝŶƚĞƌŝŽƌ͘/ƐƚŽƐſƉŽĚĞƐĞƌĨĞŝƚŽĞŵůĂďŽƌĂƚſƌŝŽƐƋƵĞƉŽƐƐƵĞŵŽƐĞƋƵŝƉĂ= ŵĞŶƚŽƐŶĞĐĞƐƐĄƌŝŽƐăƉƌŽĚƵĕĆŽŽƵŵĂŶƵƚĞŶĕĆŽĚĞĚŝƐĐŽƐƌşŐŝĚŽƐ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'!)*'G'F-:7%"1%'67'$8'6"451'%N#"61 I&>A(> KĚŝƐĐŽĠŽŵĞŝŽŵĂŐŶĠƟĐŽŽŶĚĞƐĆŽŐƌĂǀĂĚŽƐŽƐĚĂĚŽƐ͘EŽƌŵĂůŵĞŶƚĞ͕ƐĆŽĨĞŝƚŽƐĚĞĂůƵŵşŶŝŽĐŽďĞƌƚŽƉŽƌƵŵ ŵĂƚĞƌŝĂůŵĂŐŶĠƟĐŽ͘ŵŐĞƌĂů͕ĚĞŶƚƌŽĚĞƵŵĚŝƐĐŽƌşŐŝĚŽĞŶĐŽŶƚƌĂŵŽƐǀĄƌŝŽƐĚŝƐĐŽƐŵĂŐŶĠƟĐŽƐ͘ůŐƵŶƐŵŽĚĞůŽƐ 4'00,#8*-'*0#,*2-1#"2'"*%4#-%0*,8*&203'.*8%0*4''0*#-3'-1"%"*%+D,-0*8'&#+'0*&#*%+1%*3%4%32&%&#*9,#*4'0= ƐƵĞŵĂƚĠϴĚŝƐĐŽƐĞŵƐĞƵŝŶƚĞƌŝŽƌ͘ P+,;( KďƌĂĕŽĠƵŵĚŝƐƉŽƐŝƟǀŽŵĞĐąŶŝĐŽƋƵĞƐĞƌǀĞƉĂƌĂŵŽǀŝŵĞŶƚĂƌĂƐĐĂďĞĕĂƐĚĞůĞŝƚƵƌĂĞŐƌĂǀĂĕĆŽĂŽůŽŶŐŽĚĂ ƐƵƉĞƌİĐŝĞ ĚŽ ĚŝƐĐŽ͘ WŽƐƐƵŝ ǀĄƌŝĂƐ ƌĂŵŝĮĐĂĕƁĞƐ ƉĂƌĂ ƋƵĞ ĐĂĚĂ ƵŵĂ ĚĂƐ ĐĂďĞĕĂƐ ƉŽƐƐĂ ƚĞƌ ĂĐĞƐƐŽ ă ƐƵƉĞƌİĐŝĞ ŵĂŐŶĠƟĐĂ͘ G,"$;,>) ĞŶƚƌŽĚĞƵŵĚŝƐĐŽƌşŐŝĚŽ͕ĞŶĐŽŶƚƌĂŵŽƐǀĄƌŝŽƐĚŝƐĐŽƐ͕ƐĞŶĚŽƋƵĞĐĂĚĂƵŵĚĞůĞƐƉŽƐƐƵŝĚƵĂƐĨĂĐĞƐ;ĐĂĚĂĨĂĐĞĠ ƵŵĂƐƵƉĞƌİĐŝĞŵĂŐŶĠƟĐĂͿ͘WĂƌĂĐĂĚĂĨĂĐĞ͕ĞdžŝƐƚĞƵŵĂĐĂďĞĕĂĐŽƌƌĞƐƉŽŶĚĞŶƚĞ͘hŵďƌĂĕŽŵĞĐąŶŝĐŽŵŽǀŝŵĞŶƚĂ ĂƐĐĂďĞĕĂƐƉĂƌĂƋƵĞĐĂĚĂƵŵĂĂĐĞƐƐĞƋƵĂůƋƵĞƌƉŽŶƚŽĚĂƐƵĂƐƵƉĞƌİĐŝĞŵĂŐŶĠƟĐĂ͘ 6@V$+ERA&$) ĂĚĂĨĂĐĞĚĞƵŵĚŝƐĐŽĠƵŵĂƐƵƉĞƌİĐŝĞŵĂŐŶĠƟĐĂ͕ƵƐĂĚĂƉĂƌĂŐƌĂǀĂĕĆŽĞůĞŝƚƵƌĂĚĞĚĂĚŽƐ͘ !! !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 )LJXUD)(VTXHPDVLPSOL¿FDGRGRVSUDWRVGHXPGLVFRUtJLGR 8+&-[,>f)6$%(+$>)$)G&-&?0+(> 8+&-[,> ĂĚĂƐƵƉĞƌİĐŝĞĠĚŝǀŝĚŝĚĂŵĂŐŶĞƟĐĂŵĞŶƚĞĞŵƚƌŝůŚĂƐĞƐĞƚŽƌĞƐ͘ƐƚƌŝůŚĂƐƐĆŽĐşƌĐƵůŽƐĐŽŶĐġŶƚƌŝĐŽƐ͕ŝŐƵĂůŵĞŶƚĞ ĞƐƉĂĕĂĚŽƐ͘ĐĂďĞĕĂĐŽƌƌĞƐƉŽŶĚĞŶƚĞĚĞǀĞĂŶƚĞƐƐĞƌƉŽƐŝĐŝŽŶĂĚĂƐŽďƌĞĂƚƌŝůŚĂĚĞƐĞũĂĚĂƉĂƌĂƋƵĞƐĞƵƐĚĂĚŽƐ ƉŽƐƐĂŵƐĞƌůŝĚŽƐŽƵŐƌĂǀĂĚŽƐ͘KƐĚŝƐĐŽƐƌşŐŝĚŽƐŵŽĚĞƌŶŽƐƉŽƐƐƵĞŵ͕ĞŵĐĂĚĂƐƵƉĞƌİĐŝĞ͕ŵŝůŚĂƌĞƐĚĞƚƌŝůŚĂƐ͕Ğŵ ŐĞƌĂůĞŶƚƌĞϭϬϬϬĞϱϬϬϬ͘ 6$%(+$> ƐƐŝŵĐŽŵŽĐĂĚĂĨĂĐĞĚĞƵŵĚŝƐĐŽĠŵĂŐŶĞƟĐĂŵĞŶƚĞĚŝǀŝĚŝĚĂĞŵƚƌŝůŚĂƐ͕ĐĂĚĂƚƌŝůŚĂĠŵĂŐŶĞƟĐĂŵĞŶƚĞĚŝǀŝĚŝĚĂ ĞŵƐĞƚŽƌĞƐ͘&ŝŐƵƌĂ&͘ϯŵŽƐƚƌĂĚĞĨŽƌŵĂƐŝŵƉůŝĮĐĂĚĂ͕ĂƐƵƉĞƌİĐŝĞĚĞƵŵĚŝƐĐŽĚŝǀŝĚŝĚĂĞŵƚƌŝůŚĂƐĞƐĞƚŽƌĞƐ͘ ƐƐĂƌĞƉƌĞƐĞŶƚĂĕĆŽĠƌĞĂůŵĞŶƚĞƐŝŵƉůŝĮĐĂĚĂ͕ũĄƋƵĞŽƐĚŝƐĐŽƐĂƚƵĂŝƐƉŽƐƐƵĞŵŵŝůŚĂƌĞƐĚĞƚƌŝůŚĂƐ͘KƐƉƌŝŵĞŝƌŽƐ ĚŝƐĐŽƐƌşŐŝĚŽƐĨĂďƌŝĐĂĚŽƐƉŽƐƐƵşĂŵϭϳƐĞƚŽƌĞƐĞŵĐĂĚĂƚƌŝůŚĂ͘ŝƐĐŽƐƌşŐŝĚŽƐŵŽĚĞƌŶŽƐƉŽƐƐƵĞŵĞŶƚƌĞϱϬĞϮϬϬ 0#1'"#0*4'"*1"2+7%? EŽƐĚŝƐĐŽƐĂŶƟŐŽƐ͕ĐĂĚĂƵŵĂĚĂƐƚƌŝůŚĂƐƉŽƐƐƵşĂŽŵĞƐŵŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐ͕ĐŽŵŽŵŽƐƚƌĂĂ&ŝŐƵƌĂ& ͘ϯ͘EŽƐĚŝƐĐŽƐŵŽĚĞƌŶŽƐ͕ŐƌĂĕĂƐăƉƌĞƐĞŶĕĂĚĞƵŵŵŝĐƌŽƉƌŽĐĞƐƐĂĚŽƌŝŶƚĞƌŶŽ͕ĠƉŽƐƐşǀĞůĚŝǀŝĚŝƌƵŵĚŝƐĐŽĞŵǀĄ= ƌŝĂƐnjŽŶĂƐ͕ĞŐƌĂǀĂƌŶĂƐnjŽŶĂƐŵĂŝƐĞdžƚĞƌŶĂƐƵŵŶƷŵĞƌŽŵĂŝŽƌĚĞƐĞƚŽƌĞƐ͘ƐƚĞŵĠƚŽĚŽ͕ĐŚĂŵĂĚŽZ;ŽŶĞŝƚ ZĞĐŽƌĚŝŶŐͿ͕ƉĞƌŵŝƚĞĂƉƌŽǀĞŝƚĂƌŵƵŝƚŽŵĞůŚŽƌĂƐƵƉĞƌİĐŝĞŵĂŐŶĠƟĐĂ͕ĐŚĞŐĂŶĚŽĂŐƌĂǀĂƌĂƚĠϱϬйŵĂŝƐĚĂĚŽƐƋƵĞ ƵƐĂŶĚŽŽŵĠƚŽĚŽƚƌĂĚŝĐŝŽŶĂů͕ŶŽƋƵĂůƚŽĚĂƐĂƐƚƌŝůŚĂƐƉŽƐƐƵşĂŵŽŵĞƐŵŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'!)@'G'J%"=C&4'7'L7:1%74 G&-&?0+(> ƐƚĞĠƵŵĐŽŶĐĞŝƚŽŵƵŝƚŽŝŵƉŽƌƚĂŶƚĞŶĂƚĞƌŵŝŶŽůŽŐŝĂĚĞĚŝƐĐŽƐƌşŐŝĚŽƐ͘hŵĐŝůŝŶĚƌŽĠƵŵŐƌƵƉŽĚĞƚƌŝůŚĂƐĚĞ ŵĞƐŵŽŶƷŵĞƌŽ͕ĞŵƐƵƉĞƌİĐŝĞƐĚŝĨĞƌĞŶƚĞƐ͘ŝŐĂŵŽƐƉŽƌĞdžĞŵƉůŽƋƵĞƵŵĚŝƐĐŽƚĞŶŚĂϰĐĂďĞĕĂƐ;ŶƵŵĞƌĂĚĂƐĚĞ ϬĂϯͿ͕ĞƋƵĞŽďƌĂĕŽĞƐƚĄƉŽƐŝĐŝŽŶĂŶĚŽĞƐƐĂƐĐĂďĞĕĂƐĚĞŵŽĚŽƋƵĞĐĂĚĂƵŵĂĞƐƚĞũĂƐŽďƌĞĂƚƌŝůŚĂϱϬĚĂƐƵĂƐƵ= ƉĞƌİĐŝĞ͘ŝnjĞŵŽƐĞŶƚĆŽƋƵĞĂƐĐĂďĞĕĂƐĞƐƚĆŽƉŽƐŝĐŝŽŶĂĚĂƐƐŽďƌĞŽĐŝůŝŶĚƌŽŶƷŵĞƌŽϱϬ͘džƉůŝĐĂŶĚŽĚĞƵŵĂĨŽƌŵĂ ĂŝŶĚĂŵĂŝƐƐŝŵƉůĞƐ͕ĐŽŶƐŝĚĞƌĞƋƵĞĐŚĂŵĂŵŽƐĂƚƌŝůŚĂyĚĂĐĂďĞĕĂzĚĞ͞dƌŝůŚĂyͬz͗͟ ?"="-6%1'W'l'J%"=C&'WcW'm'J%"=C&'Wc*'m'J%"=C&'Wc;'m'J%"=C&'Wc@'''' ?"="-6%1'*'l'J%"=C&'*cW'm'J%"=C&'*c*'m'J%"=C&'*c;'m'J%"=C&'*c@'''' ?"="-6%1';'l'J%"=C&';cW'm'J%"=C&';c*'m'J%"=C&';c;'m'J%"=C&';c@'))) KďǀŝĂŵĞŶƚĞĞƐƚĂŵŽƐƐƵƉŽŶĚŽƵŵĚŝƐĐŽƌşŐŝĚŽĐŽŵϰĐĂďĞĕĂƐ͘&ŝŐƵƌĂ&͘ϰŵŽƐƚƌĂ͕ĚĞĨŽƌŵĂƐŝŵƉůŝĮĐĂĚĂ͕ŽĐŽŶ= 3#21'*&#*32+2-&"'? !"#$%&'!)E'G'?1-57":1'67'?"="-6%1 *$(=$%+&,)-N1&A,)$)ER>&A, KƐĚŝƐĐŽƐƌşŐŝĚŽƐŵŽĚĞƌŶŽƐƚġŵƵŵĂŽƌŐĂŶŝnjĂĕĆŽďĂƐƚĂŶƚĞƉĂƌĞĐŝĚĂĐŽŵĂĚŽƐĚŝƐĐŽƐŵĂŝƐĂŶƟŐŽƐ͕ĐŽŵŵĞŶŽƌ ĐĂƉĂĐŝĚĂĚĞ͘sĞũĂdĂďĞůĂ&ϭ͗ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ŝƐĐŽƐŶƟŐŽƐ &/5025%:2741C25 A%4%32&%&# W%2X%* E+1% /;8#"'*&#*0#1'"#0 A'-01%-1#*#8*1'&%0*%0*1"2+7%0 sĂƌŝĄǀĞů͕ƐĞŶĚŽŵĂŝŽƌŶĂƐƚƌŝůŚĂƐĞdžƚĞƌŶĂƐ͘ /;8#"'*&#*1"2+7%0 A#-1#+7%0 U2+7%"#0 EƷŵĞƌŽĚĞĐĂďĞĕĂƐ !',3%0 !',3%0 b%8%-&'*&'*0#1'" ϱϭϮďLJƚĞƐ !',3%0 J&27=&'!*''G'?&%&5:7%N4:"5&4'67'6"4514'%N#"614'&-:"#14'7'8167%-14 KƐĚŝƐĐŽƐŵŽĚĞƌŶŽƐƚġŵĐĂƉĂĐŝĚĂĚĞďĞŵĞůĞǀĂĚĂ͘ŵϭϵϴϬĞƌĂŵĐŽŵƵŶƐŵŽĚĞůŽƐĚĞϱŽƵϭϬD͕ĞŵϭϵϵϬ ĞƌĂŵĐŽŵƵŶƐŵŽĚĞůŽƐĚĞϯϬĞϰϬD͕ĞĞŵϮϬϬϬ͕ŽƐŵŽĚĞůŽƐĚĞϭϬĂϮϬ'ĞƌĂŵŽƐŵĂŝƐĐŽŵƵŶƐ͘hŵĂŐƌĂŶĚĞ ĚŝĨĞƌĞŶĕĂĠŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐ͕ƋƵĞĞƌĂĐŽŶƐƚĂŶƚĞĞŵƚŽĚĂƐĂƐƚƌŝůŚĂƐĚŽƐŵŽĚĞůŽƐĂŶƟŐŽƐ;ĞŵŐĞƌĂůϭϳ͕ϮϱŽƵ ϯϰƐĞƚŽƌĞƐƉŽƌƚƌŝůŚĂͿ͕ĞŶƋƵĂŶƚŽŶŽƐĚŝƐĐŽƐŵŽĚĞƌŶŽƐŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐƉŽƌƚƌŝůŚĂĠďĞŵŵĂŝŽƌ͕ĐŚĞŐĂŶĚŽă ĐĂƐĂĚĂƐĐĞŶƚĞŶĂƐŶĂƐƚƌŝůŚĂƐŵĂŝƐĞdžƚĞƌŶĂƐ͘KŶƷŵĞƌŽĚĞƚƌŝůŚĂƐĞŵĐĂĚĂƐƵƉĞƌİĐŝĞ͕ƚĂŵďĠŵĠŵĂŝŽƌ͕ŐƌĂĕĂƐĂ ƚĠĐŶŝĐĂƐƋƵĞƉĞƌŵŝƟƌĂŵĂƵŵĞŶƚĂƌĂĚĞŶƐŝĚĂĚĞĚĞŐƌĂǀĂĕĆŽ͘ƵĂƐĐĂƌĂĐƚĞƌşƐƟĐĂƐ͕ĞŶƚƌĞƚĂŶƚŽƐĆŽĐŽŵƵŶƐŶŽƐ ĚŝƐĐŽƐĂŶƟŐŽƐĞŶŽƐŵŽĚĞƌŶŽƐ͗KŶƷŵĞƌŽĚĞƉƌĂƚŽƐƉĞƌŵĂŶĞĐĞƉĞƋƵĞŶŽ͕ĂƐƐŝŵĐŽŵŽŽŶƷŵĞƌŽĚĞĐĂďĞĕĂƐ͘ ŵĂŝŽƌŝĂĚŽƐĚŝƐĐŽƐƚġŵϮ͕ϰ͕ϲŽƵϴĐĂďĞĕĂƐ͘dĂŵďĠŵ͕ƉŽƌƵŵĂƋƵĞƐƚĆŽĚĞĐŽŵƉĂƟďŝůŝĚĂĚĞ͕ĐĂĚĂƐĞƚŽƌĚŽĚŝƐĐŽ 4#"8%-#3#*3'8*OIL*ďLJƚĞƐŶŽƐĚŝƐĐŽƐŵŽĚĞƌŶŽƐ͕ĂƐƐŝŵĐŽŵŽŽĐŽƌƌŝĂŶŽƐĚŝƐĐŽƐĂŶƟŐŽƐ͘ YƵĂŶĚŽŽ/K^ŽƵŽƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂůƉƌĞĐŝƐĂĂĐĞƐƐĂƌŽƐĚĂĚŽƐĚĞƵŵƐĞƚŽƌĚŽĚŝƐĐŽ͕ĞůĞŶĞĐĞƐƐŝƚĂŝŶĨŽƌŵĂƌ Ž ŶƷŵĞƌŽ ĚĂ ĐĂďĞĕĂ͕ Ž ŶƷŵĞƌŽ ĚŽ ĐŝůŝŶĚƌŽ Ğ Ž ŶƷŵĞƌŽ ĚŽ ƐĞƚŽƌ͘ ƐƐĞ ĞŶĚĞƌĞĕĂŵĞŶƚŽ ƐĞƌŝĂ͕ ĞdžƚƌĞŵĂŵĞŶƚĞ ĐŽŵƉůĞdžŽƐĞŽ/K^ĞŽƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂůƟǀĞƐƐĞŵƋƵĞůĞǀĂƌĞŵĐŽŶƚĂƋƵĞĐĂĚĂŐƌƵƉŽĚĞƚƌŝůŚĂƐƉŽƐƐƵŝƵŵ ŶƷŵĞƌŽĚŝĨĞƌĞŶƚĞĚĞƐĞƚŽƌĞƐ͘WĂƌĂƐŝŵƉůŝĮĐĂƌĂƐĐŽŝƐĂƐ͕ŽĚŝƐĐŽƌşŐŝĚŽĂĐĞŝƚĂƐĞƌĞŶĚĞƌĞĕĂĚŽĐŽŵŽƐĞƚŽĚĂƐĂƐ ƐƵĂƐƚƌŝůŚĂƐƟǀĞƐƐĞŵŽŵĞƐŵŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐ͘ŽƌĞĐĞďĞƌŽŶƷŵĞƌŽĚĂĐĂďĞĕĂ͕ĐŝůŝŶĚƌŽĞƐĞƚŽƌĂƐĞƌĂĐĞƐ= ƐĂĚŽ;ĞŶĚĞƌĞĕŽůſŐŝĐŽͿ͕ĨĂnjŽƐĐĄůĐƵůŽƐƋƵĞĐŽŶǀĞƌƚĞŵĞƐƐĞƐǀĂůŽƌĞƐƉĂƌĂŽŶƷŵĞƌŽǀĞƌĚĂĚĞŝƌŽĚŽƐĞƚŽƌŝŶƚĞƌŶŽ ;ĞŶĚĞƌĞĕŽİƐŝĐŽͿ͘ GU-A@-()0,)A,V,A&0,0$ YƵĂŶĚŽƉƌŽŐƌĂŵĂŵŽƐŶŽDK^^ĞƚƵƉŽŶƷŵĞƌŽĚĞĐĂďĞĕĂƐ͕ĐŝůŝŶĚƌŽƐĞƐĞƚŽƌĞƐĚĞƵŵĚŝƐĐŽƌşŐŝĚŽ͕ĞƐƐĞƐƉĂƌą= ŵĞƚƌŽƐƐĆŽĐŚĂŵĂĚŽƐĚĞ'KDdZ1>M'/ĚŽĚŝƐĐŽƌşŐŝĚŽ͕ĞŶĆŽĐŽƌƌĞƐƉŽŶĚĞŵĂŽƋƵĞ͕ƌĞĂůŵĞŶƚĞĞdžŝƐƚĞŶŽ ƐĞƵŝŶƚĞƌŝŽƌ͘ŝŐĂŵŽƐƋƵĞƵŵĐĞƌƚŽĚŝƐĐŽƌşŐŝĚŽƚĞŶŚĂŶŽDK^^ĞƚƵƉ͕ŽƐƐĞŐƵŝŶƚĞƐƉĂƌąŵĞƚƌŽƐ͗ ;*RW'5"="-6%14 ;OO'5&27/&4 P@'47:1%74 EŽƚĞƋƵĞĞƐƐĞĚŝƐĐŽŶĆŽƚĞŵƌĞĂůŵĞŶƚĞϮϱϱĐĂďĞĕĂƐ͘^ĞŝƐƐŽĨŽƐƐĞƌĞĂůŝĚĂĚĞ͕ŽĚŝƐĐŽƚĞƌŝĂŵĂŝƐĚĞϭŵĞƚƌŽĚĞ ĂůƚƵƌĂ͊ĂŵĞƐŵĂĨŽƌŵĂ͕ŽŶƷŵĞƌŽĚĞƐĞƚŽƌĞƐŶĆŽĠƚĆŽƉĞƋƵĞŶŽĐŽŵŽϲϯ͕ũĄƋƵĞŽƐĚŝƐĐŽƐŵŽĚĞƌŶŽƐƚġŵ ƚƌŝůŚĂƐĐŽŵŵƵŝƚŽŵĂŝƐƐĞƚŽƌĞƐ͘DĞƐŵŽƐĞŶĚŽƉĂƌąŵĞƚƌŽƐĮĐơĐŝŽƐ͕ŽĚŝƐĐŽƌşŐŝĚŽĂĐĞŝƚĂƐĞƌĞŶĚĞƌĞĕĂĚŽĂƚƌĂǀĠƐ ĚĞůĞƐ͕ĞĐŽŶǀĞƌƚĞŽĞŶĚĞƌĞĕŽůſŐŝĐŽĞdžƚĞƌŶŽƉĂƌĂŽĞŶĚĞƌĞĕŽİƐŝĐŽŝŶƚĞƌŶŽ͕ƌĞĂůŝnjĂŶĚŽŽƐĂĐĞƐƐŽƐ͘ĐĂƉĂĐŝĚĂĚĞ ĚĞƋƵĂůƋƵĞƌĚŝƐĐŽƌşŐŝĚŽĠŽďƟĚĂƉĞůĂĞdžƉƌĞƐƐĆŽ͗ ?"="-6%14'Y'5&27/&4'Y'47:1%74'Y'O*; KĚŝƐĐŽĚŽŶŽƐƐŽĞdžĞŵƉůŽƚĞƌŝĂ͗ ;*RW'Y';OO'Y'P@'Y'O*;'l'*Q)U@*)**W)EWW'2n:74a'1$'47o&a'f$&47'*R']() ŝŵƉŽƌƚĂŶƚĞĞŶƚĞŶĚĞƌĂŽƌŐĂŶŝnjĂĕĆŽŝŶƚĞƌŶĂĚŽƐĚŝƐĐŽƐƌşŐŝĚŽƐĂŶƟŐŽƐ͕ũĄƋƵĞŽƐŵŽĚĞƌŶŽƐƐĆŽĞŶĐĂƌĂĚŽƐ͕Ğdž= ƚĞƌŶĂŵĞŶƚĞĚĞƐƚĂŵĞƐŵĂĨŽƌŵĂ͕ĂƉĞŶĂƐĂƉƌĞƐĞŶƚĂŶĚŽƵŵŶƷŵĞƌŽĞůĞǀĂĚŽĚĞ͞ĐĂďĞĕĂƐůſŐŝĐĂƐ͘͟ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 8$=V()0$),A$>>( KƚĞŵƉŽĚĞĂĐĞƐƐŽĞƐƚĄƌĞůĂĐŝŽŶĂĚŽĐŽŵĂǀĞůŽĐŝĚĂĚĞĚĞŵŽǀŝŵĞŶƚĂĕĆŽĚŽďƌĂĕŽƋƵĞĐŽŶƚĠŵĂƐĐĂďĞĕĂƐĚĞ ůĞŝƚƵƌĂĞŐƌĂǀĂĕĆŽ͘WŽĚĞŵŽƐĞŶƚĞŶĚĞƌĨĂĐŝůŵĞŶƚĞƋƵĞƋƵĂŶƚŽŵĂŝƐǀĞůŽnjĨŽƌŽŵŽǀŝŵĞŶƚŽĚĞƐƚĞďƌĂĕŽ͕ŵĂŝƐƌĂ= 42&%8#-1#*'*&203'*4'&#">*%3#00%"*9,%+9,#"*&%&'*-#+#*%"8%$#-%&'? ŝŐĂŵŽƐƋƵĞ͕ĞŵƵŵĚĞƚĞƌŵŝŶĂĚŽŝŶƐƚĂŶƚĞ͕ŽďƌĂĕŽĞƐƚĞũĂƉŽƐŝĐŝŽŶĂĚŽƐŽďƌĞŽĐŝůŝŶĚƌŽŶƷŵĞƌŽϮϬϬ͕ĞŽĚŝƐĐŽ ƌĞĐĞďĂƵŵĐŽŵĂŶĚŽƉĂƌĂƋƵĞƐĞũĂĂĐĞƐƐĂĚŽŽĐŝůŝŶĚƌŽϮϭϬ͘ĞǀŝĚŽăƉƌŽdžŝŵŝĚĂĚĞ͕ŽŵŽǀŝŵĞŶƚŽƐĞƌĄƌĞůĂƟǀĂ= ŵĞŶƚĞƌĄƉŝĚŽ͘ŶƚƌĞƚĂŶƚŽ͕ĚŝŐĂŵŽƐƋƵĞƐĞũĂƌĞĐĞďŝĚŽƵŵĐŽŵĂŶĚŽƉĂƌĂĂĐĞƐƐĂƌŽĐŝůŝŶĚƌŽŶƷŵĞƌŽϴϬϬ͘ŽŵŽ ĞƐƐĞĐŝůŝŶĚƌŽĞƐƚĄŵĂŝƐůŽŶŐĞ͕ŽŵŽǀŝŵĞŶƚŽƌĞĂůŝnjĂĚŽƉĞůŽďƌĂĕŽƐĞƌĄŵĂŝƐĚĞŵŽƌĂĚŽ͘ ƚŽĚŽŝŶƐƚĂŶƚĞ͕ŽĚŝƐĐŽƉŽĚĞƌĞĐĞďĞƌĐŽŵĂŶĚŽƐƉĂƌĂŵŽǀĞƌƐĞƵďƌĂĕŽƉĂƌĂƋƵĂůƋƵĞƌĐŝůŝŶĚƌŽ͕ƌĞĂůŝnjĂŶĚŽůĞŝƚƵƌĂƐ ŽƵŐƌĂǀĂĕƁĞƐĚĞĚĂĚŽƐ͘KŵŽǀŝŵĞŶƚŽƉŽĚĞƐĞƌŵĂŝƐŽƵŵĞŶŽƐĚĞŵŽƌĂĚŽ͕ĚĞƉĞŶĚĞŶĚŽĚŽŶƷŵĞƌŽĚŽĐŝůŝŶĚƌŽ ĂƚƵĂůĞĚŽĐŝůŝŶĚƌŽƐŽůŝĐŝƚĂĚŽ͘ŽŶǀĞŶĐŝŽŶĂͲƐĞƚŽŵĂƌĐŽŵŽƉĂƌąŵĞƚƌŽĞƐƚĂơƐƟĐŽ͕ŽƚĞŵƉŽŶĞĐĞƐƐĄƌŝŽƉĂƌĂŵŽ= ǀĞƌŽďƌĂĕŽĚĞƐĚĞŽƉƌŝŵĞŝƌŽĐŝůŝŶĚƌŽĂƚĠŽƷůƟŵŽ͘ƐƚĞƚĞŵƉŽĠĐŚĂŵĂĚŽĚĞĨƵůůƐƚƌŽŬĞ?*A7%8%8'0*&#*bTU!R* D/K^^K͕ŽƵƐŝŵƉůĞƐŵĞŶƚĞdDWK^^K͕ƵŵǀĂůŽƌŝŐƵĂůăŵĞƚĂĚĞĚŽĨƵůůƐƚƌŽŬĞƋƵĞĠĂƉƌŽdžŝŵĂ= ĚĂŵĞŶƚĞŝŐƵĂůĂŽƚĞŵƉŽŶĞĐĞƐƐĄƌŝŽƉĂƌĂŵŽǀĞƌŽďƌĂĕŽĚĞƐĚĞŽƉƌŝŵĞŝƌŽĐŝůŝŶĚƌŽĂƚĠŽĐŝůŝŶĚƌŽĐĞŶƚƌĂů͘ ƚĞŵƉŽĚĞĂĐĞƐƐŽс;ĨƵůůƐƚƌŽŬĞͿͬϮ WƌĂƟĐĂŵĞŶƚĞ͕ƚŽĚŽƐŽƐĚŝƐĐŽƐƌşŐŝĚŽƐŵŽĚĞƌŶŽƐĂƉƌĞƐĞŶƚĂŵƚĞŵƉŽƐĚĞĂĐĞƐƐŽĞŶƚƌĞϴĞϭϱŵƐ͕ƐĞŶĚŽƋƵĞĂ ŵĂŝŽƌŝĂƐŝƚƵĂͲƐĞĞŶƚƌĞϴĞϭϮŵƐ͘ůŐƵŶƐĐĂŵƉĞƁĞƐĚĞǀĞůŽĐŝĚĂĚĞƐŝƚƵĂŵͲƐĞĂďĂŝdžŽĚĞϴŵƐ͕ĞŶƋƵĂŶƚŽĂůŐƵŶƐ ŵŽĚĞůŽƐŵĂŝƐĞĐŽŶƀŵŝĐŽƐ;ĞůĞŶƚŽƐͿƉŽƐƐƵĞŵƚĞŵƉŽƐĚĞĂĐĞƐƐŽƵŵƉŽƵĐŽŵĂŝŽƌĞƐ͕ĞŶƚƌĞϭϬĞϭϱŵƐ͘ YƵĂŶƚŽŵĞŶŽƌĨŽƌŽƚĞŵƉŽĚĞĂĐĞƐƐŽ͕ŵĞůŚŽƌƐĞƌĄŽĚĞƐĞŵƉĞŶŚŽĚŽĚŝƐĐŽ͘ŵƐŝƚƵĂĕƁĞƐŶĂƐƋƵĂŝƐƐĆŽĨĞŝƚŽƐ ƉŽƵĐŽƐĂĐĞƐƐŽƐƐĞƋƺĞŶĐŝĂŝƐĂĂƌƋƵŝǀŽƐŵƵŝƚŽŐƌĂŶĚĞƐ;ŽĐĂƐŽơƉŝĐŽĚĂƐĂƉůŝĐĂĕƁĞƐĚĞŵƵůƟŵşĚŝĂͿ͕ŽƚĞŵƉŽĚĞ ĂĐĞƐƐŽĠƵŵĨĂƚŽƌĚĞŝŵƉŽƌƚąŶĐŝĂƐĞĐƵŶĚĄƌŝĂ͘dĂŶƚŽĠĂƐƐŝŵƋƵĞŽƐĚƌŝǀĞƐĚĞͲZKDĂƉƌĞƐĞŶƚĂŵƚĞŵƉŽƐĚĞ ĂĐĞƐƐŽĞŵƚŽƌŶŽĚĞϭϬϬŵƐ͕ƐĞŵƉƌĞũƵĚŝĐĂƌŽƐĞƵĚĞƐĞŵƉĞŶŚŽ͘WŽƌŽƵƚƌŽůĂĚŽ͕ŶĂƐĂƉůŝĐĂĕƁĞƐĞŵƋƵĞƐĆŽĨĞŝƚŽƐ ĂĐĞƐƐŽƐĂƵŵĂŐƌĂŶĚĞƋƵĂŶƟĚĂĚĞĚĞĂƌƋƵŝǀŽƐĚĞƚĂŵĂŶŚŽƉĞƋƵĞŶŽ;ĐĂƐŽơƉŝĐŽĚŽĂŵďŝĞŶƚĞtŝŶĚŽǁƐͿ͕ŽƚĞŵ= ƉŽĚĞĂĐĞƐƐŽĠƵŵĨĂƚŽƌĚĞĐŝƐŝǀŽŶŽĚĞƐĞŵƉĞŶŚŽĚŽĚŝƐĐŽ͘ džŝƐƚĞƵŵŽƵƚƌŽƟƉŽĚĞdDWK^^KƋƵĞƚĂŵďĠŵƚĞŵŝŵƉŽƌƚąŶĐŝĂ͕ĂƉĞƐĂƌĚĞƐĞĐƵŶĚĄƌŝĂ͘dƌĂƚĂͲƐĞĚŽ ƚĞŵƉŽĚĞĂĐĞƐƐŽĞŶƚƌĞƚƌŝůŚĂƐƋƵĞŵĞĚĞŽƚĞŵƉŽŶĞĐĞƐƐĄƌŝŽƉĂƌĂŵŽǀĞƌŽďƌĂĕŽĚĞƵŵĂƚƌŝůŚĂ;ŽƵĐŝůŝŶĚƌŽͿ͕ĂƚĠ ĂƚƌŝůŚĂƐĞŐƵŝŶƚĞ͘ƐƐĞƉĂƌąŵĞƚƌŽĠŝŵƉŽƌƚĂŶƚĞƋƵĂŶĚŽĞƐƚĄƐĞŶĚŽƌĞĂůŝnjĂĚĂĂůĞŝƚƵƌĂŽƵŐƌĂǀĂĕĆŽĚĞĂƌƋƵŝǀŽƐ ůŽŶŐŽƐ͕ƋƵĞƉŽĚĞŵŽĐƵƉĂƌǀĄƌŝŽƐĐŝůŝŶĚƌŽƐĐŽŶƐĞĐƵƟǀŽƐ͘ ŵŐĞƌĂů͕ŽƚĞŵƉŽĚĞĂĐĞƐƐŽĞŶƚƌĞƚƌŝůŚĂƐǀĂƌŝĂĞŶƚƌĞϭͬϯĞϭͬϱĚŽƚĞŵƉŽŵĠĚŝŽĚĞĂĐĞƐƐŽ͘WŽĚĞŵŽƐĞŶƚĆŽĞŶ= ĐŽŶƚƌĂƌĚŝƐĐŽƐĐŽŵƚĞŵƉŽƐĚĞĂĐĞƐƐŽĞŶƚƌĞƚƌŝůŚĂƐǀĂƌŝĂŶĚŽĚĞƉŽƵĐŽŵĂŝƐĚĞϭŵƐ͕ĂƚĠǀĂůŽƌĞƐŵĂŝƐĞůĞǀĂĚŽƐ ĐŽŵŽϱŵƐ͘ƐƐĞƚĞŵƉŽĞdžĞƌĐĞƵŵĂŝŶŇƵġŶĐŝĂďĞŵƉĞƋƵĞŶĂƐŽďƌĞŽĚĞƐĞŵƉĞŶŚŽ͘ŽŶƐŝĚĞƌĞƉŽƌĞdžĞŵƉůŽ͕Ƶŵ ĚŝƐĐŽƋƵĞŐŝƌĂĂϱϰϬϬZWD͕ĐŽŵϰĐĂďĞĕĂƐ͕ĞƵŵƚĞŵƉŽĚĞĂĐĞƐƐŽĞŶƚƌĞƚƌŝůŚĂƐŝŐƵĂůĂϰŵƐ͘WĂƌĂůĞƌĂƐϰƚƌŝůŚĂƐ ƋƵĞĨŽƌŵĂŵƵŵĐŝůŝŶĚƌŽ͕ŽĚŝƐĐŽƉƌĞĐŝƐĂĚĞƐĐƌĞǀĞƌϰƌŽƚĂĕƁĞƐ͕ŽƋƵĞĐŽŶƐŽŵĞƵŵƚĞŵƉŽƚŽƚĂůĚĞϰϰŵƐ͘ĞƉŽŝƐ ĚŝƐƐŽ͕ĠƉƌĞĐŝƐŽŐĂƐƚĂƌŵĂŝƐϰŵƐƉĂƌĂŵŽǀĞƌŽďƌĂĕŽĂƚĠŽĐŝůŝŶĚƌŽƐĞŐƵŝŶƚĞƉĂƌĂĐŽŶƟŶƵĂƌĂĐĞƐƐĂŶĚŽŽĂƌƋƵŝǀŽ͘ WŽƌƚĂŶƚŽ͕ĞƐƚĂŵŽǀŝŵĞŶƚĂĕĆŽĂƵŵĞŶƚŽƵŽƚĞŵƉŽƚŽƚĂůƉĂƌĂůĞƌƵŵĐŝůŝŶĚƌŽŝŶƚĞŝƌŽ͕ĚĞϰϰŵƐƉĂƌĂϰϴŵƐ͖ƵŵĂ ĚŝĨĞƌĞŶĕĂŵƵŝƚŽƉĞƋƵĞŶĂ͘ % !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 I&>A(> !"#$%&'!)O'G'?1-4:":$"/01'61'6"451'%N#"61 ŽŶƐƚƌƵşĚŽƐĐŽŵƵŵĂĐĂŵĂĚĂŵĂŐŶĠƟĐĂƌĞǀĞƐƟĚĂĚĞƵŵĂĮŶĂĐĂŵĂĚĂƉƌŽƚĞƚŽƌĂĞƉĞƌĨĞŝƚĂŵĞŶƚĞƉůĂŶĂ͘WŽĚĞŵ ƐĞƌĂƚĠ;ϰͿƋƵĂƚƌŽĚŝƐĐŽƐŵŽŶƚĂĚŽƐƐŽďƌĞƵŵŵĞƐŵŽĞŝdžŽ͘ WĂƌĂƋƵĞŽ,ƉŽƐƐĂƉŽƐŝĐŝŽŶĂƌĂĐĂďĞĕĂĚĞůĞŝƚƵƌĂƐŽďƌĞĂĄƌĞĂĞdžĂƚĂƌĞĨĞƌĞŶƚĞăƚƌŝůŚĂƋƵĞǀĂŝƐĞƌůŝĚĂ͕ĞdžŝƐƚĞŵ ƐŝŶĂŝƐĚĞĐŽŶƚƌŽůĞŐƌĂǀĂĚŽƐŶĂƐƐƵƉĞƌİĐŝĞƐĚŽĚŝƐĐŽ͕ƋƵĞŽƌŝĞŶƚĂŵŽƉŽƐŝĐŝŽŶĂŵĞŶƚŽĚĂĐĂďĞĕĂĚĞůĞŝƚƵƌĂ͘ůĞƐ ƐĆŽƐŝŶĂŝƐŵĂŐŶĠƟĐŽƐĞƐƉĞĐŝĂŝƐ͕ŐƌĂǀĂĚŽƐĚƵƌĂŶƚĞĂĨĂďƌŝĐĂĕĆŽĚŽƐĚŝƐĐŽƐ;ĨŽƌŵĂƚĂĕĆŽİƐŝĐĂͿ͕ƋƵĞƐĆŽƉƌŽƚĞŐŝĚŽƐ ĂƚƌĂǀĠƐĚĞŝŶƐƚƌƵĕƁĞƐĚĞďůŽƋƵĞŝŽŝŶĐůƵşĚĂƐŶŽĮƌŵǁĂƌĞ;^ŽŌǁĂƌĞĞŵďƵƟĚŽͿĚŽ,ĐŽŶƚƌĂĂůƚĞƌĂĕĆŽƉŽƐƚĞƌŝŽƌ͘ ƐƐĞƐƐŝŶĂŝƐĞůŝŵŝŶĂŵŽƐƉƌŽďůĞŵĂƐĚĞĚĞƐĂůŝŶŚĂŵĞŶƚŽƋƵĞĞdžŝƐƟĂŵŶŽƐƉƌŝŵĞŝƌŽƐ,Ɛ͘ ŽůĞƌƵŵĂƌƋƵŝǀŽ͕ĂĐŽŶƚƌŽůĂĚŽƌĂƉŽƐŝĐŝŽŶĂĂĐĂďĞĕĂĚĞůĞŝƚƵƌĂƐŽďƌĞĂƚƌŝůŚĂŶĂƋƵĂůĞƐƚĄŽƉƌŝŵĞŝƌŽƐĞƚŽƌƌĞĨĞ= ƌĞŶƚĞĂĞůĞĞĞƐƉĞƌĂƋƵĞŽĚŝƐĐŽŐŝƌĞĂƚĠŽƐĞƚŽƌĐŽƌƌĞƚŽ͘ƐƐĞƚĞŵƉŽŝŶŝĐŝĂůĠŶĞĐĞƐƐĄƌŝŽƉĂƌĂĐŽŵĞĕĂƌĂůĞŝƚƵƌĂ ĐŚĂŵĂĚŽĚĞdDWK^^K͘KƚĞŵƉŽĚĞĂĐĞƐƐŽĚŽƐ,ƐĂƚƵĂŝƐĚĞϳ͘ϮϬϬZWDĠĞƐƟŵĂĚŽĞŵƚŽƌŶŽĚĞϭϮ ŵŝůĠƐŝŵŽƐĚĞƐĞŐƵŶĚŽ͕ƐĞŶĚŽƵŵĂĞƚĞƌŶŝĚĂĚĞĞŵƐĞƚƌĂƚĂŶĚŽĚĞƚĞŵƉŽĐŽŵƉƵƚĂĐŝŽŶĂů͘K,Ġ͕ƌĞůĂƟǀĂŵĞŶƚĞ ">42&'*%'*+#"*0#1'"#0*0#9^#-32%20.*8%0*%'*+#"*<>"2'0*4#9,#-'0*%"9,2<'0*#04%+7%&'0*4#+'*FP.*'*�#84#-7'*4'&#* 3%2"*%00,01%&'"%8#-1#?*\*4'"*200'*9,#*#X201#8*4"'D"%8%0*�:"%D8#-1%&'"#0.*9,#*4"'3,"%8*"#'"D%-2$%"*%*'"= ĚĞŵĚŽƐĂƌƋƵŝǀŽƐ͕ĚĞĨŽƌŵĂƋƵĞƐĞũĂŵŐƌĂǀĂĚŽƐĞŵƐĞƚŽƌĞƐĐŽŶơŶƵŽƐ͘ :ĂŵĂŝƐĂƉƌŽdžŝŵĞŽ,ĚĞĨŽŶƚĞƐŵĂŐŶĠƟĐĂƐŝŶƚĞŶƐĂƐ͊E*4"'X282&%&#*3'8*,8*285.*4'"*#X#84+'.*3'84"'8#1#= "2%*%*2-1#D"2&%&#*&'0*&%&'0*%"8%$#-%&'0? 5&C( &ĞŝƚŽ ĚĞ ĂůƵŵşŶŝŽ ĚĞǀĞŶĚŽ ƐĞƌƐſůŝĚŽ Ž ƐƵĮĐŝĞŶƚĞ ƉĂƌĂ ĞǀŝƚĂƌ ƋƵĂůƋƵĞƌ ǀŝďƌĂĕĆŽ ĚŽƐ ĚŝƐĐŽƐ͕ ŵĞƐŵŽ Ğŵ ĂůƚĂƐ ƌŽƚĂĕƁĞƐ͘ƐƐĞĠŵĂŝƐƵŵĐŽŵƉŽŶĞŶƚĞƋƵĞƉĂƐƐĂƉŽƌƵŵƉƌŽĐĞƐƐŽĚĞƉŽůŝŵĞŶƚŽ͕ũĄƋƵĞŽƐĚŝƐĐŽƐĚĞǀĞŵĮĐĂƌ ƉĞƌĨĞŝƚĂŵĞŶƚĞƉƌĞƐŽƐĞĂůŝŶŚĂĚŽƐ͘EŽĐĂƐŽĚĞ,͛ƐĐŽŵǀĄƌŝŽƐĚŝƐĐŽƐ͕ĞƐƐĞƐƐĆŽƐĞƉĂƌĂĚŽƐƵƐĂŶĚŽĞƐƉĂĕĂĚŽƌĞƐ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ĨĞŝƚŽƐĚĞůŝŐĂƐĚĞĂůƵŵşŶŝŽ͘ /(%(+)0$)+(%,;<( DĂŶƚĠŵƵŵĂƌŽƚĂĕĆŽĐŽŶƐƚĂŶƚĞ͕ƐĞŶĚŽƵŵĚŽƐŵĂŝŽƌĞƐƌĞƐƉŽŶƐĄǀĞŝƐƉĞůĂĚƵƌĂďŝůŝĚĂĚĞĞĚĞƐĞŵƉĞŶŚŽĚŽĚŝƐĐŽ ƌşŐŝĚŽ͕ƉŽŝƐƵŵĂŐƌĂŶĚĞƉĂƌƚĞĚĂƐĨĂůŚĂƐŐƌĂǀĞƐƉƌŽǀĠŵ͕ũƵƐƚĂŵĞŶƚĞĚŽŵŽƚŽƌ͘,ŽũĞ͕ƐĆŽĐŽŵƵŶƐŵŽƚŽƌĞƐĐŽŵ ƌŽƚĂĕĆŽĚĞϱ͘ϰϬϬ;ŶŽƚĞŬͿ͕ϳ͘ϮϬϬŽƵϭϬ͘ϬϬϬZWD͘ KƐĚŝƐĐŽƐĂƚƵĂŝƐƵƟůŝnjĂŵƵŵŵĞĐĂŶŝƐŵŽƐŽĮƐƟĐĂĚŽƉĂƌĂĞƐƐĂƚĂƌĞĨĂ͕ĐŽŵƉŽƐƚŽƉŽƌƵŵĚŝƐƉŽƐŝƟǀŽƋƵĞĂƚƵĂĂƚƌĂ= ǀĠƐĚĞĂƚƌĂĕĆŽĞƌĞƉƵůƐĆŽĞůĞƚƌŽŵĂŐŶĠƟĐĂͲƐŝƐƚĞŵĂĐŚĂŵĂĚŽĚĞǀŽŝĐĞĐŽŝů͘ĂƐŝĐĂŵĞŶƚĞ͕ƚĞŵŽƐƵŵĞůĞƚƌŽşŵĆ ŶĂďĂƐĞĚŽďƌĂĕŽŵſǀĞů͕ƋƵĞƉĞƌŵŝƚĞƋƵĞĂƉůĂĐĂĐŽŶƚƌŽůĂĚŽƌĂŽŵŽǀŝŵĞŶƚĞǀĂƌŝĂŶĚŽƌĂƉŝĚĂŵĞŶƚĞĂƉŽƚġŶĐŝĂ ĞĂƉŽůĂƌŝĚĂĚĞĚŽşŵĆ͘ƐƐĞƐŝƐƚĞŵĂĠŵƵŝƚŽŵĂŝƐƌĄƉŝĚŽ͕ƉƌĞĐŝƐŽĞĐŽŶĮĄǀĞůƋƵĞŽƐŵŽƚŽƌĞƐĚĞƉĂƐƐŽ͘WĂƌĂǀŽĐġ ƚĞƌƵŵĂŝĚĠŝĂ͕ŽƐ,ƐĚŽŝŶşĐŝŽĚĂĚĠĐĂĚĂĚĞϴϬ͕ĐŽŵŵŽƚŽƌĞƐĚĞƉĂƐƐŽ͕ƵƟůŝnjĂǀĂŵĂƉĞŶĂƐϯϬϬŽƵϰϬϬƚƌŝůŚĂƐ ƉŽƌƉŽůĞŐĂĚĂ͕ĞŶƋƵĂŶƚŽƵŵ^ĞĂŐĂƚĞ^dϯϳϱϬϲϰϬ^;ĚĞϳϱϬ'ͿĂƚƵĂůƵƟůŝnjĂŶĂĚĂŵĞŶŽƐĚŽƋƵĞϭϰϱ͘ϬϬϬƚƌŝůŚĂƐ 4'"*4'+#D%&%? !"#$%&'!)P'G'H1:1%'67'%1:&/01'67'$8'dS'&:$&= G,"$;,>)$)P+,;(> ĂďĞĕĂƐĚĞůĞŝƚƵƌĂĞůĞƚƌŽŵĂŐŶĠƟĐĂƐ;ŚĞĂĚƐͿĞďƌĂĕŽƐĚĞƐƵƐƚĞŶƚĂĕĆŽŵſǀĞů;ĂƌŵƐͿ͕ƌĞƐƉĞĐƟǀĂŵĞŶƚĞ͕ƉĞƌŵŝƟŶ= ĚŽĂĐĞƐƐŽĂƚŽĚŽŽĚŝƐĐŽ͘KŵĞĐĂŶŝƐŵŽƋƵĞŵŽǀŝŵĞŶƚĂŽďƌĂĕŽĚĞůĞŝƚƵƌĂĠĐŚĂŵĂĚŽĚĞĂƚƵĂĚŽƌ͘ƐƐĞĐŽŶũƵŶƚŽ͕ ŵĞƐŵŽĮĐĂŶĚŽŵƵŝƚŽƉĞƌƚŽĚĂƐƵƉĞƌİĐŝĞĚŽĚŝƐĐŽ͕ŶĆŽŽƚŽĐĂ͕ƉŽŝƐĨŽƌŵĂͲƐĞƵŵĐŽůĐŚĆŽĚĞĂƌƋƵĞŽƐĂĨĂƐƚĂ͘ ^ĂůŝĞŶƚĂŵŽƐƋƵĞŽƐ,͛ƐŶĆŽƐĆŽ͞ĐŽŶƐƚƌƵşĚŽƐĂǀĄĐƵŽ͕͟ƉŽŝƐĚĞŽƵƚƌĂĨŽƌŵĂŶĆŽƚĞƌşĂŵŽƐƚĂůĞĨĞŝƚŽ͘ ƐĐĂďĞĕĂƐĮĐĂŵ͞ĞƐƚĂĐŝŽŶĂĚĂƐ͟ĞŵƵŵĂƉŽƐŝĕĆŽĚĞŶŽŵŝŶĂĚĂĚĞůĂŶĚŝŶŐnjŽŶĞ;njŽŶĂĚĞƉƌŽƚĞĕĆŽͿƋƵĂŶĚŽŽ, ŶĆŽĞƐƚĂĞĨĞƚƵĂŶĚŽůĞŝƚƵƌĂƐŽƵĚĞƐůŝŐĂĚŽĞƐſƐĂĞŵĚĞƐƚĂƉŽƐŝĕĆŽŶŽŵŽŵĞŶƚŽĞŵƋƵĞŽĚŝƐĐŽŐŝƌĂŶĂǀĞůŽĐŝĚĂ= ĚĞŶŽŵŝŶĂů͕ŐƌĂĕĂƐĂƵŵĂƚĞĐŶŽůŽŐŝĂĐŚĂŵĂĚĂĚĞĂƵƚŽƉĂƌŬŝŶŐ*(%,1'*#01%32'-%8#-1')? ũƵƐƚĂŵĞŶƚĞƉŽƌŝƐƐŽƋƵĞ͕ăƐǀĞnjĞƐĂŽƐŽĨƌĞƌƵŵƉŝĐŽĚĞƚĞŶƐĆŽ͕ŽƵŽŵŝĐƌŽƐĞƌĚĞƐůŝŐĂĚŽ͕ĞŶƋƵĂŶƚŽŽ,Ġ ĂĐĞƐƐĂĚŽ͕ĂĐĂďĂŵƐƵƌŐŝŶĚŽƐĞƚŽƌĞƐĚĞĨĞŝƚƵŽƐŽƐ͘ŽƐĞƌĐŽƌƚĂĚĂĂĞŶĞƌŐŝĂ͕ŽƐĚŝƐĐŽƐƉĂƌĂŵĚĞŐŝƌĂƌĞĠĚĞƐĨĞŝƚŽ ŽĐŽůĐŚĆŽĚĞĂƌ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞĂƐĐĂďĞĕĂƐĚĞůĞŝƚƵƌĂƉŽƐƐĂŵǀŝƌĂƚŽĐĂƌŽƐĚŝƐĐŽƐŵĂŐŶĠƟĐŽƐ͘ R*ĂƵƚŽƉĂƌŬŝŶŐƚĂŵďĠŵƚĞŵƉŽƌĨƵŶĕĆŽƌĞĐŽůŚĞƌĂƐĐĂďĞĕĂƐŶŽŵŽŵĞŶƚŽĚĞŝŶƚĞƌƌƵƉĕĆŽĚĞĞŶĞƌŐŝĂ͕ŵŝŶŝŵŝnjĂ= ĚŽĞƐƐĞƟƉŽĚĞĂĐŝĚĞŶƚĞ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'!)Q'G?&27/&'7'2%&/1 !"#$%&'!)R'G'?&27/&'7'2%&/1 !"#$%&'!)U'G'<4:&5"1-&87-:1'61'2%&/1'^)*$#+,)-'%&.` "%$?;<( A%"'0*%+,-'0. ŽŵŽĂĐĂďĂŵŽƐĚĞĞƐƚƵĚĂƌĂƐƉƌŝŶĐŝƉĂŝƐƉĂƌƚĞƐƋƵĞĐŽŵƉƁĞŵƵŵ,͕ǀĂŵŽƐƚƌĞŝŶĂƌŽƋƵĞĂƉƌĞŶĚĞŵŽƐ͘ WƌŽĐƵƌĞŽƐĞdžĞƌĐşĐŝŽƐƐŽďƌĞ,Ɛ͕ŶĂƐĞĕĆŽƟǀŝĚĂĚĞƐĚŽDŽŽĚůĞ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 H?%$+E,A$> H?%+(0@;<( EĞƐƚĞƉŽŶƚŽĚĂƵŶŝĚĂĚĞĐƵƌƌŝĐƵůĂƌ͕ĨĂůĂƌĞŵŽƐƐŽďƌĞĂƐŝŶƚĞƌĨĂĐĞƐ/͕^d͕^^/Ğ^^͕ƋƵĞƉĞƌŵŝƚĞŵƋƵĞŽƐ ,DzƐƐĞĐŽŵƵŶŝƋƵĞŵĐŽŵŽŵƵŶĚŽĞdžƚĞƌŝŽƌ͕ĂďŽƌĚĂŶĚŽĂĞǀŽůƵĕĆŽĚĞĐĂĚĂƉĂĚƌĆŽĞĂƐĚŝĨĞƌĞŶĕĂƐƚĞſƌŝĐĂƐĞ ƉƌĄƟĐĂƐĞŶƚƌĞĞůĞƐ͘ dI>)HI5 EĂƉůĂĐĂͲŵĆĞǀŽĐġĞŶĐŽŶƚƌĂĚƵĂƐƉŽƌƚĂƐ/;ƉƌŝŵĄƌŝĂĞƐĞĐƵŶĚĄƌŝĂͿ͘DĞƐŵŽĐŽŵĂƉŽƉƵůĂƌŝnjĂĕĆŽĚĂƐŝŶƚĞƌĨĂĐĞƐ ^d͕ĂƐƉŽƌƚĂƐ/ĂŝŶĚĂĐŽŶƟŶƵĂŵƐĞŶĚŽŝŶĐůƵşĚĂƐŶĂƐƉůĂĐĂƐƌĞĐĞŶƚĞƐĞĚĞǀĞŵĚĞŵŽƌĂƌĂŝŶĚĂŵĂŝƐĂůŐƵŶƐ %-'0*4%"%*�%4%"#3#"#8*3'84+#1%8#-1#? A%&%*,8%*&%0*4'"1%0*4#"821#*2-01%+%"*&'20*ĚƌŝǀĞƐ.*&#*:'"8%*9,#*4''0*3'-#31%"*,8*1'1%+*&#*N*FP0*',*AP= ͲZKDƐŶĂŵĞƐŵĂƉůĂĐĂ͘ !"#$%&'!)*W'G'?1-7Y01'FS< džŝƐƚĞŵĐĂƐŽƐĚĞƉůĂĐĂƐͲŵĆĞĐŽŵϰƉŽƌƚĂƐ/;ƉĞƌŵŝƟŶĚŽƵƐĂƌĂƚĠϴĚƌŝǀĞƐͿĞƚĂŵďĠŵĐŽŶƚƌŽůĂĚŽƌĂƐ/W/͕ 9,#*2-3+,#8*&,%0*4'"1%0*%&232'-%20.*9,#*4'*0#"*,0%&%0*#8*3%0'0*'0*9,%20*<'3]*4"#320#*,0%"*8%20*&'*9,#*N* ĚƌŝǀĞƐ/ŶŽŵĞƐŵŽŵŝĐƌŽ͘ !%"%*&2:#"#-32%"*'0*&'20*ĚƌŝǀĞƐŝŶƐƚĂůĂĚŽƐŶĂŵĞƐŵĂƉŽƌƚĂĠƵƐĂĚŽƵŵũƵŵƉĞƌ͕ƋƵĞƉĞƌŵŝƚĞĐŽŶĮŐƵƌĂƌĐĂĚĂĚƌŝǀĞ* 3'8'*ŵĂƐƚĞƌ*(8#01"#)*',*ƐůĂǀĞ*(#03"%<')? P'20*ĚƌŝǀĞƐŝŶƐƚĂůĂĚŽƐŶĂŵĞƐŵĂƉŽƌƚĂĐŽŵƉĂƌƟůŚĂŵŽďĂƌƌĂŵĞŶƚŽŽĨĞƌĞĐŝĚŽƉŽƌĞůĂ͕ŽƋƵĞĂĐĂďĂƐĞŵƉƌĞĐĂƵ= 0%-&'*,8%*4#9,#-%*4#"&%*&#*�#84#-7'?*!'"*200'.*9,%-&'*05'*,0%&'0*%4#-%0*&'20*ĚƌŝǀĞƐ*(,8*FP*#*,8*AP= ͲZKD͕ƉŽƌĞdžĞŵƉůŽͿĠƉƌĞĨĞƌşǀĞůŝŶƐƚĂůĂƌĐĂĚĂƵŵĞŵƵŵĂĚĂƐƉŽƌƚĂƐ͕ĚĞŝdžĂŶĚŽĂŵďŽƐ͞ũƵŵƉĞĂĚŽƐ͟ĐŽŵŽŵĂƐͲ ƚĞƌ?*/%*-#3#002&%&#*&#*2-01%+%"*,8*1#"3#2"'*ĚƌŝǀĞ͕ǀŽĐġƉŽĚĞƌŝĂĐŽŶĞĐƚĄͲůŽŶĂƉƌŝŵĞŝƌĂŽƵŶĂƐĞŐƵŶĚĂƉŽƌƚĂ/͕ ŵĂƐ͕ĚĞƋƵĂůƋƵĞƌĨŽƌŵĂ͕ƉƌĞĐŝƐĂƌŝĂĐŽŶĮŐƵƌĄͲůŽĐŽŵŽƐůĂǀĞ͕ŵƵĚĂŶĚŽĂƉŽƐŝĕĆŽĚŽũƵŵƉĞƌ? K0%"*3%&%*ĚƌŝǀĞĞŵƵŵĂƉŽƌƚĂƐĞƉĂƌĂĚĂĂũƵĚĂ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞƋƵĂŶĚŽǀŽĐġƉƌĞĐŝƐĂĐŽƉŝĂƌŐƌĂŶĚĞƐƋƵĂŶƟĚĂĚĞƐ ĚĞĚĂĚŽƐĚĞƵŵ,ƉĂƌĂŽƵƚƌŽ͕ŽƵŐƌĂǀĂƌsƐ͕ũĄƋƵĞĐĂĚĂĚƌŝǀĞƉŽƐƐƵŝƐĞƵĐĂŶĂůĞdžĐůƵƐŝǀŽĐŽŵŽĐŚŝƉƐĞƚ? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 /'*d2-&'G0.*'0*ĚƌŝǀĞƐƐĆŽŝĚĞŶƟĮĐĂĚŽƐĚĞĨŽƌŵĂƐĞƋƺĞŶĐŝĂů͘K,ŝŶƐƚĂůĂĚŽĐŽŵŽŵĂƐƚĞƌĚĂ/ƉƌŝŵĄƌŝĂĂƉĂ= ƌĞĐĞƌŝĂŶŽtŝŶĚŽǁƐdžƉůŽƌĞƌĐŽŵŽ͗͟͞ĞŽͲZKD͕ŝŶƐƚĂůĂĚŽŶĂ/ƐĞĐƵŶĚĄƌŝĂĂƉĂƌĞĐĞƌŝĂĐŽŵŽ͗͘͟͞^ĞǀŽĐġ %&232'-%00#*,8*0#D,-&'*FP.*2-01%+%&'*3'8'*ƐůĂǀĞĚĂƉƌŝŵĞŝƌĂ/͕ĞůĞƉĂƐƐĂƌŝĂĂƐĞƌŝĚĞŶƟĮĐĂĚŽĐŽŵŽ͗͟͞Ğ ŽͲZKDŽ͗͘͟͞ EŽ>ŝŶƵdž͕ŽƐĚƌŝǀĞƐƌĞĐĞďĞŵĞŶĚĞƌĞĕŽƐĮdžŽƐ͕ĚĞĂĐŽƌĚŽĐŽŵĂƉŽƐŝĕĆŽĞŵƋƵĞĨŽƌĞŵŝŶƐƚĂĚŽƐ͗ DĂƐƚĞƌсͬĚĞǀͬŚĚĂ /ƉƌŝŵĄƌŝĂ ^ůĂǀĞсͬĚĞǀͬŚĚď /ƐĞĐƵŶĚĄƌŝĂ DĂƐƚĞƌсͬĚĞǀͬŚĚĐ ^ůĂǀĞсͬĚĞǀͬŚĚĚ )LJXUD7DEHOD),GHQWL¿FDomRGRVGULYHVQR/LQX[ KĐĂďŽ/ƉŽƐƐƵŝ͕ŶŽƌŵĂůŵĞŶƚĞƚƌġƐĞŶĐĂŝdžĞƐ͕ƵŵƋƵĞĠůŝŐĂĚŽŶĂƉůĂĐĂͲŵĆĞĞ͕ŽƵƚƌŽƐĚŽŝƐ͕ƵŵƉĂƌĂĐĂĚĂĚŝƐƉŽ= ƐŝƟǀŽ͘DĞƐŵŽƋƵĞǀŽĐġƚĞŶŚĂĂƉĞŶĂƐƵŵĚŝƐƉŽƐŝƟǀŽ/͕ǀŽĐġůŝŐĂƌĄ͕ƉƌĞĨĞƌĞŶĐŝĂůŵĞŶƚĞŶŽĐŽŶĞĐƚŽƌĚĂƉŽŶƚĂ͘ Ɛ ŝŶƚĞƌĨĂĐĞƐ /ͬd ƉĂƐƐĂƌĂŵ ƉŽƌ Ƶŵ ůŽŶŐŽ ĐĂŵŝŶŚŽ ĞǀŽůƵƟǀŽ͘ Ɛ ŝŶƚĞƌĨĂĐĞƐ ĂŶƟŐĂƐ͕ ƵƐĂĚĂƐ Ğŵ ŵŝĐƌŽƐ ϯϴϲͬϰϴϲĞŶŽƐƉƌŝŵĞŝƌŽƐŵŝĐƌŽƐWĞŶƟƵŵƐƵƉŽƌƚĂŵ;ĚĞĂĐŽƌĚŽĐŽŵƐĞƵŶşǀĞůĚĞĂƚƵĂůŝnjĂĕĆŽͿ͕ĐŝŶĐŽŵŽĚŽƐĚĞ ŽƉĞƌĂĕĆŽ͕ƋƵĞǀĆŽĚŽW/KŵŽĚĞϬ͕ĂŽW/KŵŽĚĞϰ͗ :272%74%*3416VE2 W/KŵŽĚĞϬ W/KŵŽĚĞϭ W/KŵŽĚĞϮ W/KŵŽĚĞϯ W/KŵŽĚĞϰ (6L6%74%B16C5H41GC0/6= ϯ͘ϯDͬƐ ϱ͘ϮDͬƐ ϴ͘ϯDͬƐ ϭϭ͘ϭDͬƐ ϭϲ͘ϲDͬƐ J&27=&'!@'G'J&Y&'67':%&-4B7%T-5"&'67'8"5%15189$:&61%74'@RP'7'ERP ƐŝŶƚĞƌĨĂĐĞƐ/ͬdŵĂŝƐƌĞĐĞŶƚĞƐƐƵƉŽƌƚĂŵƚĂŵďĠŵŽDƵůƟǁŽƌĚD͕ƋƵĞĠƵŵŵŽĚŽĚĞĂĐĞƐƐŽĚŝƌĞƚŽ͕ŶŽ ƋƵĂůŽ,ŽƵŽͲZKDƉŽĚĞƚƌĂŶƐĨĞƌŝƌĚĂĚŽƐĚŝƌĞƚĂŵĞŶƚĞƉĂƌĂĂŵĞŵſƌŝĂ͕ƐĞŵƋƵĞŽƉƌŽĐĞƐƐĂĚŽƌƉƌĞĐŝƐĞƐĞ #-<'+<#"*&2"#1%8#-1#*-%*1"%-0:#"]-32%?*R*,0'*&'*PUE*8#+7'"%*6%01%-1#*'*�#84#-7'*#*'*1#84'*&#*"#04'01%* ĚŽƐŝƐƚĞŵĂ͕ĞǀŝƚĂŶĚŽƋƵĞŽŵŝĐƌŽ͞ƉĂƌĞ͟ĞŶƋƵĂŶƚŽƵŵƉƌŽŐƌĂŵĂ͞ƉĞƐĂĚŽ͟ĠĐĂƌƌĞŐĂĚŽ͕ŽƵĚƵƌĂŶƚĞĂŐƌĂǀĂĕĆŽ ĚĞƵŵ͘ƉĞƐĂƌĚŝƐƐŽ͕ŽDƵůƟǁŽƌĚDŶĆŽĐŚĞŐŽƵĂƐĞƌŵƵŝƚŽƵƐĂĚŽ͕ĚĞǀŝĚŽĂŶĆŽƐĞƌĚŝƌĞƚĂŵĞŶƚĞƐƵƉŽƌ= ƚĂĚŽƉĞůŽtŝŶĚŽǁƐϵϱĞŽƐĚƌŝǀĞƌƐ*�#-<'+<2&'0*4#+'0*:%6"23%-1#0.*:"#9^#-1#8#-1#*%4"#0#-1%"#8*4"'6+#8%0* ĚĞĞƐƚĂďŝůŝĚĂĚĞ͘WĂƌĂƉŝŽƌĂƌ͕ŵƵŝƚŽƐĚƌŝǀĞƐĚĞĞ,ƐĂŶƟŐŽƐŶĆŽĨƵŶĐŝŽŶĂǀĂŵƋƵĂŶĚŽŽDĞƌĂĂƟǀĂĚŽ͘ ƐŽůƵĕĆŽǀĞŝŽĐŽŵŽƉĂĚƌĆŽdͲϰ͕ƌĂƟĮĐĂĚŽĞŵϭϵϵϴ͘ůĞŶĂĚĂŵĂŝƐĠ͕ĚŽƋƵĞŽƉĂĚƌĆŽhůƚƌĂdͬϯϯ;ŽŶŽŵĞ ŵĂŝƐƉŽƉƵůĂƌŵĞŶƚĞƵƐĂĚŽͿ͕ƋƵĞĠƵƐĂĚŽĞŵƉůĂĐĂƐƉĂƌĂŵŝĐƌŽƐWĞŶƟƵŵ//Ğ<ϲͲϮĨĂďƌŝĐĂĚĂƐĂƚĠϮϬϬϬ͘EĞůĞ͕Ă ƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂŵĄdžŝŵĂĠĚĞϯϯDͬƐĞĠƐƵƉŽƌƚĂĚŽŽŵŽĚŽhDϯϯ͕ƋƵĞƉĞƌŵŝƚĞƚƌĂŶƐĨĞƌġŶĐŝĂƐĚŝƌĞƚĂƐ ƉĂƌĂĂŵĞŵſƌŝĂ͕ƚĂŵďĠŵĂϯϯDͬƐ͘ŐƌĂĕĂƐĂŽhDϯϯƋƵĞǀŽĐġƉŽĚĞĂƐƐŝƐƟƌĂĮůŵĞƐĞŵĂůƚĂƌĞƐŽůƵĕĆŽĞ sƐŶŽƐĞƵW͕ƐĞŵĨĂůŚĂƐ͘ $,+,0,)!"+&1,%N+&, sŽĐġƉŽĚĞĨĂnjĞƌƵŵĂĞdžƉĞƌŝġŶĐŝĂ͗ I?* ĞƐĂƟǀĞƚĞŵƉŽƌĂƌŝĂŵĞŶƚĞŽƐƵƉŽƌƚĞăhDƉĂƌĂŽƐĞƵsͲZKDĞǀĞũĂŽƋƵĞĂĐŽŶƚĞĐĞ͘EŽ>ŝŶƵdž͕ƵƐĞŽĐŽŵĂŶĚŽ ͞ŚĚƉĂƌŵ ͲĚϬ ͬĚĞǀͬĚǀĚ͟ ;͞ůŽŐĂĚŽ͟ ĐŽŵŽ ƌŽŽƚͿ͘ EŽ tŝŶĚŽǁƐ͕ Ă ƉĂƌƟƌ ĚŽ 'ZE/KZ /^WK^/d/sK^͕ ĂĐĞƐƐĞ ĂƐ WZKWZ/^ĚŽĚƌŝǀĞĞĚĞƐŵĂƌƋƵĞĂŽƉĕĆŽƌĞĨĞƌĞŶƚĞĂŽD͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 L?* dĞŶƚĞĂŐŽƌĂĂƐƐŝƐƟƌĂƵŵs͘sŽĐġǀĂŝƉĞƌĐĞďĞƌƋƵĞƚĂŶƚŽŽǀşĚĞŽƋƵĂŶƚŽŽƐŽŵĮĐĂŵĐŚĞŝŽƐĚĞĨĂůŚĂƐ͕ƚŽƌŶĂŶĚŽĂ ĞdžƉĞƌŝġŶĐŝĂďĂƐƚĂŶƚĞĚĞƐĂŐƌĂĚĄǀĞů͘/ƐƐŽĂĐŽŶƚĞĐĞƉŽƌƋƵĞ͕ĐŽŵŽhDĚĞƐĂƟǀĂĚŽ͕ŽƉƌŽĐĞƐƐĂĚŽƌƉƌĞĐŝƐĂƉĂƌĂƉĞƌŝŽ= ĚŝĐĂŵĞŶƚĞƉĂƌĂƌŽƉƌŽĐĞƐƐĂŵĞŶƚŽĚŽǀşĚĞŽƉĂƌĂůĞƌŵĂŝƐĚĂĚŽƐŶŽs͘YƵĂŶƚŽŵĂŝƐƌĄƉŝĚŽŽƉƌŽĐĞƐƐĂĚŽƌ͕ŵĂŝƐĐƵƌƚĂƐ 05'*%0*:%+7%0.*8%0*#+%0*4#"0201#8*8#08'*-,8*4"'3#00%&'"*&#*L*',*M*`F$? M?* WĂƌĂƌĞǀĞƌƚĞƌ͕ƵƐĞŽĐŽŵĂŶĚŽ͞ŚĚƉĂƌŵͲĚϭͬĚĞǀͬĚǀĚ͟ŽƵŵĂƌƋƵĞŶŽǀĂŵĞŶƚĞĂŽƉĕĆŽĚŽD͕ŶŽĐĂƐŽĚŽtŝŶĚŽǁƐ͘ ĞƉŽŝƐƋƵĞŽƉƌŽďůĞŵĂĚŽDĨŽŝĮŶĂůŵĞŶƚĞƌĞƐŽůǀŝĚŽ͕ŽƐĨĂďƌŝĐĂŶƚĞƐƐĞĐŽŶĐĞŶƚƌĂƌĂŵĞŵĂƵŵĞŶƚĂƌĂǀĞůŽĐŝ= ĚĂĚĞĚĂƐƉŽƌƚĂƐ͘^ƵƌŐŝƌĂŵĞŶƚĆŽ͕ŽƐƉĂĚƌƁĞƐdͲϱ;hůƚƌĂdͬϲϲͿ͕dͲϲ;hůƚƌĂdͬϭϬϬͿĞdͲϳ;hůƚƌĂdͬϭϯϯͿ͕ ƋƵĞĠŽƵƐĂĚŽĂƚƵĂůŵĞŶƚĞ͘ƐƐĞƐƉĂĚƌƁĞƐƐƵƉŽƌƚĂŵƌĞƐƉĞĐƟǀĂŵĞŶƚĞ͕ŽƐŵŽĚŽƐhDϲϲ͕hDϭϬϬĞhD ϭϯϯ͕ĂůĠŵĚĞŵĂŶƚĞƌĞŵĐŽŵƉĂƟďŝůŝĚĂĚĞĐŽŵŽƐƉĂĚƌƁĞƐĂŶƚĞƌŝŽƌĞƐ͘ :272%74%*3416VE2 (6L6%74%B16C5H41GC0/6= dͲϰ;hůƚƌĂdͬϯϯ͘hDϯϯͿ ϯϯDͬƐ dͲϰ;hůƚƌĂdͬϲϲ͘hDϲϲͿ ϲϲDͬƐ dͲϰ;hůƚƌĂdͬϭϬϬ͘hDϭϬϬͿ ϭϬϬDͬƐ dͲϰ;hůƚƌĂdͬϭϯϯ͘hDϭϯϯͿ ϭϯϯDͬƐ J&27=&'!@'G'H1614'67',97%&/01'\J\ ƐƉŽƌƚĂƐdͬϭϯϯ͕ƵƐĂĚĂƐŶĂƐƉůĂĐĂƐĂƚƵĂŝƐ͕ƐĆŽƵŵĂŶĞĐĞƐƐŝĚĂĚĞƉŽƌĚŽŝƐŵŽƟǀŽƐ͗ƉƌŝŵĞŝƌŽƋƵĞŽƐ,ƐĂƚƵĂŝƐ ũĄƐƵƉĞƌĂŵĂŵĂƌĐĂĚŽƐϳϬŽƵϴϬDͬƐĚĞƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĂŽůĞƌƐĞƚŽƌĞƐĐŽŶơŶƵŽƐĞ͕ƋƵĞĂŝŶƚĞƌĨĂĐĞƉƌĞ= ĐŝƐĂƐĞƌƐƵďƐƚĂŶĐŝĂůŵĞŶƚĞŵĂŝƐƌĄƉŝĚĂƋƵĞŽ,ƉĂƌĂĂďƐŽƌǀĞƌĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐĨĞŝƚĂƐĂƉĂƌƟƌĚŽĐĂĐŚĞ.*9,#*05'* ďĞŵŵĂŝƐƌĄƉŝĚĂƐ͖ƐĞŐƵŶĚŽƋƵĞƐſĂƉĂƌƟƌĚĂƐŝŶƚĞƌĨĂĐĞƐdͬϭϬϬĨŽŝŝŶƚƌŽĚƵnjŝĚŽŽƐƵƉŽƌƚĞĂ,Ɛ/ĐŽŵŵĂŝƐ &#*IM_*`W*&#*3%4%32&%&#.*3'8'*<#"#8'0.*4'01#"2'"8#-1#*#8*%+7#0? WĂƌĂƋƵĞŽƐŵŽĚŽƐŵĂŝƐƌĄƉŝĚŽƐƐĞũĂŵƵƟůŝnjĂĚŽƐĠŶĞĐĞƐƐĄƌŝŽƋƵĞĞdžŝƐƚĂ͕ƚĂŵďĠŵƐƵƉŽƌƚĞƉŽƌƉĂƌƚĞĚŽ,Ğ͕ 9,#*'*ĚƌŝǀĞƌ*3'""#1'*#01#@%*2-01%+%&'? EŽĐĂƐŽĚŽ,͕ŶĆŽĞdžŝƐƚĞŵƌĂnjƁĞƐƉĂƌĂƉƌĞŽĐƵƉĂĕĆŽ͕ƉŽŝƐŽƐĨĂďƌŝĐĂŶƚĞƐƐĆŽŽƉƌŝŵĞŝƌŽƐĂĂĚŽƚĂƌŶŽǀŽƐŵŽĚŽƐ ĚĞŽƉĞƌĂĕĆŽ͕ĚĞĨŽƌŵĂĂŵĂŶƚĞƌƐĞƵƐƉƌŽĚƵƚŽƐĂƚƵĂůŝnjĂĚŽƐ͘^ĞǀŽĐġƚĞŵĞŵŵĆŽƐƵŵ,ĂŶƟŐŽ͕ƋƵĞƐſƐƵƉŽƌƚĂ hDϯϯ͕ƉŽƌĞdžĞŵƉůŽ͕ƉŽĚĞƚĞƌĐĞƌƚĞnjĂĚĞƋƵĞĂƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂŽĨĞƌĞĐŝĚĂƉŽƌĞůĞĠďĂŝdžĂ͕ŽƋƵĞƚŽƌŶĂ �-#3#00>"2'*'*,0'*&#*,8%*2-1#":%3#*8%20*">42&%? E'*3'-1">"2'*&'0*FP0.*'0*ĚƌŝǀĞƐĚĞĞsĮĐĂƌĂŵĞƐƚĂŐŶĂĚŽƐŶŽhDϯϯ͕ƉŽŝƐĐŽŵŽĞůĞƐƚƌĂďĂůŚĂŵĐŽŵ ƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂŵƵŝƚŽŵĂŝƐďĂŝdžĂƐ͕ŽƐƉĂĚƌƁĞƐŵĂŝƐƌĄƉŝĚŽƐƚĂŵďĠŵŶĆŽƚƌĂnjĞŵǀĂŶƚĂŐĞŶƐ͘ƉŽƐƐşǀĞů ƋƵĞĂůŐƵŶƐĨĂďƌŝĐĂŶƚĞƐ͕ĞǀĞŶƚƵĂůŵĞŶƚĞƉĂƐƐĞŵĂůĂŶĕĂƌĚƌŝǀĞƐ͞dͬϭϯϯ͕͟ƵƐĂŶĚŽĂŝŶƚĞƌĨĂĐĞŵĂŝƐƌĄƉŝĚĂĐŽŵŽ :#""%8#-1%*&#*ŵĂƌŬĞƟŶŐ͕ŵĂƐŝƐƐŽŶĆŽƚƌĂƌŝĂĚŝĨĞƌĞŶĕĂĂůŐƵŵĂƉĂƌĂŽĚĞƐĞŵƉĞŶŚŽ͘ ŽŵŽĚĞƉƌĂdžĞ͕ĚĞǀŽŝŶƐŝƐƟƌŶĂŝĚĠŝĂĚĞƋƵĞĂǀĞůŽĐŝĚĂĚĞĚĂŝŶƚĞƌĨĂĐĞĚĞƚĞƌŵŝŶĂĂƉĞŶĂƐŽŇƵdžŽĚĞĚĂĚŽƐƋƵĞ ĞůĂƉŽĚĞƚƌĂŶƐƉŽƌƚĂƌĞŶĆŽĂǀĞůŽĐŝĚĂĚĞƌĞĂůĚŽĚŝƐƉŽƐŝƟǀŽůŝŐĂĚŽĂĞůĂ͘hŵͲZKDĚĞϱϮdžůĞƌĄĂƐŵşĚŝĂƐĂŶŽ ŵĄdžŝŵŽϳ͘ϴDͬƐ͕ŝŶĚĞƉĞŶĚĞŶƚĞŵĞŶƚĞĚĂǀĞůŽĐŝĚĂĚĞĚĂŝŶƚĞƌĨĂĐĞ͘&ƵŶĐŝŽŶĂĐŽŵŽĞŵƵŵĂĂƵƚŽͲĞƐƚƌĂĚĂ͗ƐĞ ŚŽƵǀĞƌĂƉĞŶĂƐĚƵĂƐƉŝƐƚĂƐƉĂƌĂƵŵŐƌĂŶĚĞŇƵdžŽĚĞĐĂƌƌŽƐ͕ŚĂǀĞƌĆŽŵƵŝƚŽƐĐŽŶŐĞƐƟŽŶĂŵĞŶƚŽƐ͕ŽƋƵĞĂĐĂďĂƌĄ ĐŽŵĂĚƵƉůŝĐĂĕĆŽĚĂƉŝƐƚĂ͘WŽƌĠŵ͕ĂŵĞƐŵĂŵĞůŚŽƌĂŶĆŽƐĞƌĄƐĞŶƟĚĂĐĂƐŽƐĞũĂŵĐŽŶƐƚƌƵşĚĂƐŵĂŝƐĨĂŝdžĂƐ͘ ŽŵĞƐŵŽƉĂƐƐŽ͕ĐŽŵĂƐŝŶƚĞƌĨĂĐĞƐhůƚƌĂdͬϲϲ͕ǀĞŝŽĂŽďƌŝŐĂƚŽƌŝĞĚĂĚĞĚŽƵƐŽĚĞĐĂďŽƐ/ĚĞϴϬǀŝĂƐ͕ƐƵďƐƟ= ƚƵŝŶĚŽŽƐĂŶƟŐŽƐĐĂďŽƐĚĞϰϬǀŝĂƐ͘ƐƐĞƐĐĂďŽƐƐĆŽĨĄĐĞŝƐĚĞĚŝƐƟŶŐƵŝƌĚŽƐĂŶƟŐŽƐ͕ƉŽŝƐŽƐĮŽƐƵƐĂĚŽƐƐĆŽŵƵŝƚŽ ŵĂŝƐĮŶŽƐ͕ũĄƋƵĞĂŐŽƌĂƚĞŵŽƐŽĚŽďƌŽĚĞĮŽƐŶŽŵĞƐŵŽĞƐƉĂĕŽ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'!)**'G'?189&%&/01'7-:%7'5&214'FS<e'RW'<cEW'S ĂĚŝĕĆŽĚŽƐϰϬĐŽŶĚƵƚŽƌĞƐĮŶŽƐĂĚŝĐŝŽŶĂŝƐĠƵŵĂŚŝƐƚſƌŝĂŝŶƚĞƌĞƐƐĂŶƚĞ͕ƉŽŝƐĞƐƐĞƐŶĆŽƐĞĚĞƐƟŶĂŵĂƚƌĂŶƐƉŽƌƚĂƌ &%&'0?*b%-1'*'0*3'-#31'"#0.*9,%-1'*'0*#-3%2X#0*-'0*ĚƌŝǀĞƐ͕ĐŽŶƟŶƵĂŵƚĞŶĚŽĂƉĞŶĂƐϰϬƉŝŶŽƐ͕ŵĂŶƚĞŶĚŽŽŵĞƐ= ŵŽĨŽƌŵĂƚŽĚŽƐĐĂďŽƐĂŶƚĞƌŝŽƌĞƐ͘KƐϰϬĐĂďŽƐĂĚŝĐŝŽŶĂŝƐƐĆŽŝŶƚĞƌĐĂůĂĚŽƐĐŽŵŽƐĐĂďŽƐĚĞĚĂĚŽƐĞƐĞƌǀĞŵĐŽŵŽ ĮŽƐƚĞƌƌĂ͕ƌĞĚƵnjŝŶĚŽŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂĞŶƚƌĞĞůĞƐ͘ƐƐĞƵƉŐƌĂĚĞĂĐĂďŽƵƐĞŶĚŽŶĞĐĞƐƐĄƌŝŽ͕ƉŽŝƐŽƐĐĂďŽƐ/ ĚĞϰϬǀŝĂƐĨŽƌĂŵŝŶƚƌŽĚƵnjŝĚŽƐĞŵϭϵϴϲ͕ƉƌŽũĞƚĂĚŽƐƉĂƌĂƚƌĂŶƐŵŝƟƌĚĂĚŽƐĂĂƉĞŶĂƐϯ͘ϯDͬƐ͊ KƐĐĂďŽƐĚĞϴϬǀŝĂƐƐĆŽŽďƌŝŐĂƚſƌŝŽƐƉĂƌĂŽƵƐŽĚŽhDϲϲĞŵĚŝĂŶƚĞ͘ƉůĂĐĂͲŵĆĞĠĐĂƉĂnjĚĞŝĚĞŶƟĮĐĂƌŽƵƐŽ ĚŽĐĂďŽĚĞϴϬǀŝĂƐŐƌĂĕĂƐĂŽƉŝŶŽϯϰ͕ƋƵĞĠůŝŐĂĚŽĚĞĨŽƌŵĂĚŝĨĞƌĞŶƚĞ͘ŽƵƐĂƌƵŵĐĂďŽĂŶƟŐŽ͕ĚĞϰϬǀŝĂƐ͕ĂƉůĂĐĂ ďĂŝdžĂĂƚĂdžĂĚĞƚƌĂŶƐŵŝƐƐĆŽĚĂŝŶƚĞƌĨĂĐĞ͕ƉĂƐƐĂŶĚŽĂƵƟůŝnjĂƌŽŵŽĚŽhDϯϯ͘ sĞũĂƋƵĞ͕ŶŽĐĂƐŽĚŽƐͲZKDƐĞsƐ͕ĂŝŶĚĂĠĐŽŵƵŵŽƵƐŽĚŽƐĐĂďŽƐĚĞϰϬǀŝĂƐ͕ƐŝŵƉůĞƐŵĞŶƚĞƉŽƌƋƵĞ͕ĐŽŵŽ ǀŝŵŽƐ͕ĞůĞƐĂŝŶĚĂƵƟůŝnjĂŵŽŵŽĚŽhDϯϯ͘ŶƚƌĞƚĂŶƚŽ͕ƐĞǀŽĐġƉƌĞĐŝƐĂŝŶƐƚĂůĂƌƵŵ,ũƵŶƚŽĐŽŵƵŵĚƌŝǀĞſƉƟ= ĐŽ͕ĠŝŶƚĞƌĞƐƐĂŶƚĞƵƟůŝnjĂƌƵŵĐĂďŽĚĞϴϬǀŝĂƐ͕ĐĂƐŽĐŽŶƚƌĄƌŝŽŽĚĞƐĞŵƉĞŶŚŽĚŽ,ĮĐĂƌĄƉƌĞũƵĚŝĐĂĚŽ͘ KƵƚƌĂĞdžŝŐġŶĐŝĂƚƌĂnjŝĚĂƉĞůŽŶŽǀŽƐƉĂĚƌƁĞƐĠŽƵƐŽĚĞĐĂďŽƐĐŽŵŶŽŵĄdžŝŵŽϰϱĐĞŶơŵĞƚƌŽƐĚĞĐŽŵƉƌŝŵĞŶƚŽ͕ ũĄƋƵĞĂĐŝŵĂĚŝƐƐŽŽŶşǀĞůĚĞŝŶƚĞƌĨĞƌġŶĐŝĂĞĂƚĞŶƵĂĕĆŽĚŽƐƐŝŶĂŝƐ͕ƉĂƐƐĂĂƉƌĞũƵĚŝĐĂƌĂƚƌĂŶƐŵŝƐƐĆŽĚŽƐĚĂĚŽƐ͘ DĂŝƐƵŵĂŵƵĚĂŶĕĂŝŶƚƌŽĚƵnjŝĚĂƉĞůŽƐĐĂďŽƐĚĞϴϬǀŝĂƐĠŽƵƐŽĚĞĐŽƌĞƐƉĂƌĂĚŝĨĞƌĞŶĐŝĂƌŽƐƚƌġƐĐŽŶĞĐƚŽƌĞƐĚŽ ĐĂďŽ͘KĐŽŶĞĐƚŽƌĂnjƵůĚĞǀĞƐĞƌůŝŐĂĚŽŶĂƉůĂĐĂͲŵĆĞ͕ŽĐŽŶĞĐƚŽƌƉƌĞƚŽĚĞǀĞƐĞƌůŝŐĂĚŽŶŽĚƌŝǀĞĐŽŶĮŐƵƌĂĚŽĐŽŵ 8%01#"*&%*2-1#":%3#.*#-9,%-1'*'*3'-#31'"*&'*8#2'*(32-$%)*&#<#*0#"*,0%&'*4%"%*%*3'-#X5'*&'*0#D,-&'*ĚƌŝǀĞ.*3%0'* ĞƐƐĞĞdžŝƐƟƌ͘ KƐĐĂďŽƐĚĞϴϬǀŝĂƐƚĂŵďĠŵƐƵƉŽƌƚĂŵŽƵƐŽĚŽƐŝƐƚĞŵĂĐĂďůĞƐĞůĞĐƚ;ŶŽƐĚĞϰϬǀŝĂƐŽƐƵƉŽƌƚĞĞƌĂŽƉĐŝŽŶĂůͿ͕ŽŶĚĞ ĂƉŽƐŝĕĆŽĚŽƐĚƌŝǀĞƐ*(ŵĂƐƚĞƌͬƐůĂǀĞͿĠĚĞƚĞƌŵŝŶĂĚĂƉŽƌƋƵĂůĚĞƐƐĞƐĐŽŶĞĐƚŽƌĞƐƐĞƌĆŽůŝŐĂĚŽƐ͕ĞůŝŵŝŶĂŶĚŽĂƉŽƐƐŝ= ďŝůŝĚĂĚĞĚĞĐŽŶŇŝƚŽƐ͕ũĄƋƵĞŝŶƐƚĂůĂƌĚŽŝƐĚƌŝǀĞƐĐŽŶĮŐƵƌĂĚŽƐĐŽŵŽŵĂƐƚĞƌŶĂŵĞƐŵĂŝŶƚĞƌĨĂĐĞ͕ŶŽƌŵĂůŵĞŶƚĞĨĂnj ĐŽŵƋƵĞĂŵďŽƐĚĞŝdžĞŵĚĞƐĞƌŝĚĞŶƟĮĐĂĚŽƐŶŽƐĞƚƵƉ͘WĂƌĂƵƟůŝnjĂƌŽĐĂďůĞƐĞůĞĐƚĠŶĞĐĞƐƐĄƌŝŽĐŽůŽĐĂƌŽƐũƵŵƉĞƌƐ* &'0*&'20*ĚƌŝǀĞƐŶĂƉŽƐŝĕĆŽ͞^͘͟ŽŶƐƵůƚĞŽĚŝĂŐƌĂŵĂƉƌĞƐĞŶƚĞŶŽƚŽƉŽŽƵŶĂůĂƚĞƌĂůĚŽĚƌŝǀĞƉĂƌĂǀĞƌĂƉŽƐŝĕĆŽ 3'""#1%? !! !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'!)*;'G'?&21'FS<'67'RW'M"&4 KƐ,Ɛ/ĚĞϮ͘ϱ͕͟ƉĂƌĂŶŽƚĞŬƐƵƟůŝnjĂŵƵŵĐŽŶĞĐƚŽƌ/ŵŝŶŝĂƚƵƌŝnjĂĚŽ͕ƋƵĞƉŽƐƐƵŝϰϰƉŝŶŽƐ͘KƐϰƉŝŶŽƐĂĚŝ= ĐŝŽŶĂŝƐƚƌĂŶƐƉŽƌƚĂŵĞŶĞƌŐŝĂĞůĠƚƌŝĐĂ͕ƐƵďƐƟƚƵŝŶĚŽŽĐŽŶĞĐƚŽƌĚĂĨŽŶƚĞƵƐĂĚŽŶŽƐ,ƐƉĂƌĂĚĞƐŬƚŽƉ͘ TX201#8*%2-&%.*%&%41%&'"#0*9,#*4#"821#8*2-01%+%"*ĚƌŝǀĞƐĚĞϮ͘ϱ͟ĞŵĚĞƐŬƚŽƉƐ?*T+#0*4'*0#"*,0%&'0*1%-1'*-'* 3%0'*&#*0#"*4"#320'*"#3,4#"%"*&%&'0*&#*,8*ŶŽƚĞŬ*3'8*&#:#21'.*9,%-1'*-'*3%0'*&#*,0%"*,8*FP*&#*ŶŽƚĞŬ* -'*0#,*ĚĞƐŬƚŽƉ*4%"%*1'"->=+'*8%20*02+#-32'0'?*T00#0*%&%41%&'"#0*05'*8,21'*0284+#0*#*6%"%1'0*&#*:%6"23%".*#86'"%* ŽƉƌĞĕŽŶŽǀĂƌĞũŽƐŽĨƌĂŵƵŝƚĂƐǀĂƌŝĂĕƁĞƐ͕ũĄƋƵĞƐĞƚƌĂƚĂĚĞƵŵşƚĞŵƌĞůĂƟǀĂŵĞŶƚĞƌĂƌŽ͘ !"#$%&'!)*@'G'\6&9:&61%'9&%&'6%"M7'67';aOp ƐŝŶƚĞƌĨĂĐĞƐ/ĨŽƌĂŵ͕ŽƌŝŐŝŶĂůŵĞŶƚĞĚĞƐĞŶǀŽůǀŝĚĂƐƉĂƌĂŽďĂƌƌĂŵĞŶƚŽ/^͕ƵƟůŝnjĂĚŽƐŶŽƐŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌĞƐ Ϯϴϲ͘ƐƐŝŵĐŽŵŽŶŽďĂƌƌĂŵĞŶƚŽ/^͕ƐĆŽƚƌĂŶƐŵŝƟĚŽƐϭϲďŝƚƐƉŽƌǀĞnjĞƵƟůŝnjĂĚŽƐƵŵŐƌĂŶĚĞŶƷŵĞƌŽĚĞƉŝŶŽƐ͘ ŽŵŽĠŶĞĐĞƐƐĄƌŝŽŵĂŶƚĞƌĂĐŽŵƉĂƟďŝůŝĚĂĚĞĐŽŵŽƐĚŝƐƉŽƐŝƟǀŽƐĂŶƟŐŽƐ͕ŶĆŽĞdžŝƐƚĞŵƵŝƚĂŵĂƌŐĞŵƉĂƌĂŵƵĚĂŶ= ĕĂƐĚĞŶƚƌŽĚŽƉĂĚƌĆŽ͕ĚĞĨŽƌŵĂƋƵĞ͕ŵĞƐŵŽĐŽŵĂŝŶƚƌŽĚƵĕĆŽĚŽďĂƌƌĂŵĞŶƚŽW/ĞĚŽW/džƉƌĞƐƐ͕ĂƐŝŶƚĞƌĨĂĐĞƐ /ĐŽŶƟŶƵĂŵĨƵŶĐŝŽŶĂŶĚŽ͕ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĚĂŵĞƐŵĂĨŽƌŵĂ͘ DĞƐŵŽƋƵĂŶĚŽĨŽƌĂŵŝŶƚƌŽĚƵnjŝĚĂƐĂƐŝŶƚĞƌĨĂĐĞƐhD͕ĂƷŶŝĐĂŐƌĂŶĚĞŵƵĚĂŶĕĂĨŽŝĂŝŶƚƌŽĚƵĕĆŽĚŽƐĐĂďŽƐ ĚĞϴϬǀŝĂƐ͕ĚĞƐĞŶǀŽůǀŝĚŽƐĚĞĨŽƌŵĂĂƉĞƌŵŝƟƌƚĂdžĂƐĚĞƚƌĂŶƐŵŝƐƐĆŽŵĂŝŽƌĞƐ͕ƐĞŵĐŽŶƚƵĚŽŵƵĚĂƌŽƐŝƐƚĞŵĂĚĞ ƐŝŶĂůŝnjĂĕĆŽ͕ŶĞŵŵƵĚĂƌŽƐĐŽŶĞĐƚŽƌĞƐ͘ dI>)6282 ƉĂƌƟƌĚĞƵŵĐĞƌƚŽƉŽŶƚŽ͕ĮĐŽƵĐůĂƌŽƋƵĞŽƉĂĚƌĆŽ/ͬdĞƐƚĂǀĂĐŚĞŐĂŶĚŽĂƐĞƵůŝŵŝƚĞĞ͕ƋƵĞŵƵĚĂŶĕĂƐŵĂŝƐ ƉƌŽĨƵŶĚĂƐƐſƉŽĚĞƌŝĂŵƐĞƌĨĞŝƚĂƐĐŽŵĂŝŶƚƌŽĚƵĕĆŽĚĞƵŵŶŽǀŽƉĂĚƌĆŽ͘^ƵƌŐŝƵĞŶƚĆŽ͕Ž^d;^ĞƌŝĂůdͿ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ƐƐŝŵĐŽŵŽŽW/džƉƌĞƐƐ͕Ž^dĠƵŵďĂƌƌĂŵĞŶƚŽƐĞƌŝĂů͕ŽŶĚĞĠƚƌĂŶƐŵŝƟĚŽƵŵƷŶŝĐŽďŝƚƉŽƌǀĞnjĞŵĐĂĚĂ ƐĞŶƟĚŽ͘/ƐƐŽĞůŝŵŝŶĂŽƐƉƌŽďůĞŵĂƐĚĞƐŝŶĐƌŽŶŝnjĂĕĆŽĞĚĞŝŶƚĞƌĨĞƌġŶĐŝĂĞŶĐŽŶƚƌĂĚŽƐŶĂƐŝŶƚĞƌĨĂĐĞƐƉĂƌĂůĞůĂƐ͕ƉĞƌ= ŵŝƟŶĚŽƋƵĞƐĞũĂŵƵƐĂĚĂƐĨƌĞƋƺġŶĐŝĂƐŵĂŝƐĂůƚĂƐ͘'ƌĂĕĂƐĂŝƐƐŽ͕ŽĐĂďŽ^dĠďĂƐƚĂŶƚĞĮŶŽ͕ĐŽŶƚĞŶĚŽĂƉĞŶĂƐ ϳƉŝŶŽƐ͕ĚŽƐƋƵĂŝƐϰƐĆŽƵƐĂĚŽƐƉĂƌĂƚƌĂŶƐŵŝƐƐĆŽĚĞĚĂĚŽƐ;ƐĆŽŶĞĐĞƐƐĄƌŝŽƐϮĮŽƐƉĂƌĂĨĞĐŚĂƌĐĂĚĂƵŵĚŽƐĚŽŝƐ 32"3,21'0)*#*M*05'*1#""%0*(%@,&%8*%*82-282$%"*%0*2-1#":#"]-32%0)? !"#$%&'!)*E'G'S7:&=C7'67'$8'51-75:1%'L\J\ KƐĐĂďŽƐ^dƐĆŽďĞŵŵĂŝƐƉƌĄƟĐŽƐƋƵĞŽƐĐĂďŽƐ/ĞŶĆŽƉƌĞũƵĚŝĐĂŵŽŇƵdžŽĚĞĂƌĚĞŶƚƌŽĚŽŐĂďŝŶĞƚĞ͘KƐĐĂ= ďŽƐƉŽĚĞŵƚĞƌĂƚĠϭŵĚĞĐŽŵƉƌŝŵĞŶƚŽĞĐĂĚĂƉŽƌƚĂ^dƐƵƉŽƌƚĂƵŵƷŶŝĐŽĚŝƐƉŽƐŝƟǀŽ͕ĂŽĐŽŶƚƌĄƌŝŽĚŽƉĂĚƌĆŽ ŵĂƐƚĞƌͬƐůĂǀĞĚŽ/ͬd͘ŵĚĞĐŽƌƌġŶĐŝĂĚŝƐƐŽ͕ĠĐŽŵƵŵƋƵĞĂƐƉůĂĐĂƐͲŵĆĞŽĨĞƌĞĕĂŵϰƉŽƌƚĂƐ^d;ŽƵŵĂŝƐͿ͕ #*0'8#-1#*&,%0*4'"1%0*4%"%*%0*4+%3%0*&#*8%20*6%2X'*3,01'? EŽĮŶĂů͕ŽŐĂŶŚŽĚĞĚĞƐĞŵƉĞŶŚŽƉĞƌŵŝƟĚŽƉĞůĂŵĂŝŽƌĨƌĞƋƺġŶĐŝĂĚĞƚƌĂŶƐŵŝƐƐĆŽ͕ĂĐĂďĂƐƵƉĞƌĂŶĚŽĂƉĞƌĚĂ ƉŽƌƚƌĂŶƐŵŝƟƌƵŵƷŶŝĐŽďŝƚƉŽƌǀĞnj;ĂŽŝŶǀĠƐĚĞϭϲͿ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞ͕ĂůĠŵĚĞŵĂŝƐƐŝŵƉůĞƐĞďĂƌĂƚŽ͕ŽƉĂĚƌĆŽ QEbE*0#@%*8%20*">42&'? džŝƐƚĞŵƚƌġƐƉĂĚƌƁĞƐĚĞĐŽŶƚƌŽůĂĚŽƌĂƐ^d͕Ž^dϭϱϬ;ƚĂŵďĠŵĐŚĂŵĂĚŽĚĞ^dϭ͘ϱ'ďŝƚͬƐŽƵ^dϭϱϬϬͿ͕ ^dϯϬϬ;^dϯ͘Ϭ'ďŝƚͬƐŽƵ^dϯϬϬϬͿĞ͕ƚĂŵďĠŵŽƉĂĚƌĆŽ^dϲϬϬ;ŽƵ^dϲ͘Ϭ'ďŝƚͬƐͿ͕ƋƵĞĂŝŶĚĂĞŶĐŽŶƚƌĂ= ͲƐĞĞŵĚĞƐĞŶǀŽůǀŝŵĞŶƚŽ͘ŽŵŽŽ^dƵƟůŝnjĂĚŽŝƐĐĂŶĂŝƐƐĞƉĂƌĂĚŽƐ͕ƵŵƉĂƌĂĞŶǀŝĂƌĞŽƵƚƌŽƉĂƌĂƌĞĐĞďĞƌĚĂĚŽƐ͕ ƚĞŵŽƐϭϱϬŽƵϯϬϬDͬƐĞŵĐĂĚĂƐĞŶƟĚŽ͕ĞŶĆŽϭϯϯDͬƐĐŽŵƉĂƌƟůŚĂĚŽƐ͕ĐŽŵŽŶŽĐĂƐŽĚĂƐŝŶƚĞƌĨĂĐĞƐdͬϭϯϯ͘ KƐŶŽŵĞƐ^dϯϬϬĞ^dϯϬϬϬŝŶĚŝĐĂŵ͕ƌĞƐƉĞĐƟǀĂŵĞŶƚĞ͕ĂƚĂdžĂĚĞƚƌĂŶƐĨĞƌġŶĐŝĂ͕ĞŵDͬƐĞĂƚĂdžĂ͞ďƌƵƚĂ͕͟ ĞŵŵĞŐĂďŝƚƐ͘K^dƵƟůŝnjĂŽƐŝƐƚĞŵĂĚĞĐŽĚŝĮĐĂĕĆŽϴͬϭϬ͕ŽŵĞƐŵŽƵƟůŝnjĂĚŽƉĞůŽďĂƌƌĂŵĞŶƚŽW/džƉƌĞƐƐ͕ '-&#*1#8'0*L*ďŝƚƐĂĚŝĐŝŽŶĂŝƐĚĞƐŝŶĂůŝnjĂĕĆŽƉĂƌĂĐĂĚĂϴďŝƚƐ*&#*&%&'0?*T00#0*ďŝƚƐĂĚŝĐŝŽŶĂŝƐƐƵďƐƟƚƵĞŵŽƐƐŝŶĂŝƐ ĚĞƐŝŶĐƌŽŶŝƐŵŽƵƟůŝnjĂĚŽƐŶĂƐŝŶƚĞƌĨĂĐĞƐ/ͬd͕ƐŝŵƉůŝĮĐĂŶĚŽďĂƐƚĂŶƚĞŽĚĞƐŝŐŶĞŵĞůŚŽƌĂŶĚŽĂĐŽŶĮĂďŝůŝĚĂĚĞ ĚŽďĂƌƌĂŵĞŶƚŽ͘ĞƐƐĂĨŽƌŵĂ͕ĂĐŽŶƚƌŽůĂĚŽƌĂƚƌĂŶƐŵŝƚĞϯϬϬϬŵĞŐĂďŝƚƐ͕ƋƵĞĚĞǀŝĚŽăĐŽĚŝĮĐĂĕĆŽĐŽƌƌĞƐƉŽŶĚĞŵ ĂĂƉĞŶĂƐϯϬϬŵĞŐĂďLJƚĞƐ͘KƵƐĞũĂ͕ŶĆŽĠƵŵĂƌƌĞĚŽŶĚĂŵĞŶƚŽ͊ ƐĐŽŶƚƌŽůĂĚŽƌĂƐ^dϯϬϬƐĆŽƉŽƉƵůĂƌŵĞŶƚĞĚĞŶŽŵŝŶĂĚĂƐĚĞ͞^d//͟ĚĞĨŽƌŵĂƋƵĞ͕ŽƐĚŽŝƐƚĞƌŵŽƐĂĐĂďĂƌĂŵ ǀŝƌĂŶĚŽƐŝŶƀŶŝŵŽƐ͘ŽŶƚƵĚŽ͕ŽƌŝŐŝŶĂůŵĞŶƚĞ͕͞^d//͟ĞƌĂŽŶŽŵĞĚĂĂƐƐŽĐŝĂĕĆŽĚĞĨĂďƌŝĐĂŶƚĞƐƋƵĞƚƌĂďĂůŚŽƵŶŽ ĚĞƐĞŶǀŽůǀŝŵĞŶƚŽĚŽƐƉĂĚƌƁĞƐ^d;ĞŶƚƌĞĞůĞƐŽ^dϯϬϬͿĞ͕ŶĆŽŽŶŽŵĞĚĞƵŵƉĂĚƌĆŽĞƐƉĞĐşĮĐŽ͘ĂŵĞƐŵĂ ĨŽƌŵĂ͕ŽƉĂĚƌĆŽĚĞϲϬϬDͬƐĐŚĂŵĂͲƐĞ^dϲϬϬ͕ĞŶĆŽ͞^d///͟ŽƵ͞^d/s͘͟DĞƐŵŽŽƐƉƌſƉƌŝŽƐĨĂďƌŝĐĂŶƚĞƐ ĚĞ,ƐŶĆŽĐŽƐƚƵŵĂŵƵƐĂƌŽƚĞƌŵŽ͞^d//͕͟ũĄƋƵĞĞůĞĠƚĞĐŶŝĐĂŵĞŶƚĞŝŶĐŽƌƌĞƚŽ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 KƵƚƌĂĐƵƌŝŽƐŝĚĂĚĞĠƋƵĞŵƵŝƚĂƐƉůĂĐĂƐͲŵĆĞĂŶƟŐĂƐ͕ĞƋƵŝƉĂĚĂƐĐŽŵĐŽŶƚƌŽůĂĚŽƌĂƐ^dϭϱϬ;ĐŽŵŽĂƐďĂƐĞĂĚĂƐ ŶŽĐŚŝƉƐĞƚs/sdϴϮϯϳĞƚĂŵďĠŵŶĂƐƉƌŝŵĞŝƌĂƐƌĞǀŝƐƁĞƐĚŽƐĐŚŝƉƐĞƚƐ^ŝ^ϳϲϬĞ^ŝ^ϵϲϰͿ͕ĂƉƌĞƐĞŶƚĂŵƉƌŽďůĞŵĂƐ ĚĞĐŽŵƉĂƟďŝůŝĚĂĚĞĐŽŵ,Ɛ^dϯϬϬ͘ƐƐŝŵ͕ĂŵĂŝŽƌŝĂĚŽƐ,ƐĂƚƵĂŝƐŽĨĞƌĞĐĞŵĂŽƉĕĆŽĚĞƵƐĂƌƵŵ͞ŵŽĚŽĚĞ ĐŽŵƉĂƟďŝůŝĚĂĚĞ͟;ĂƟǀĂĚŽĂƚƌĂǀĠƐĚĞƵŵũƵŵƉĞƌͿ͕ŽŶĚĞŽ,ƉĂƐƐĂĂƐĞĐŽŵƉŽƌƚĂƌĐŽŵŽƵŵĚŝƐƉŽƐŝƟǀŽ^d ϭϱϬ͕ĚĞĨŽƌŵĂĂŐĂƌĂŶƟƌĂĐŽŵƉĂƟďŝůŝĚĂĚĞ͘KďƐĞƌǀĞŶĂĮŐƵƌĂ&͘ϭϱĂƐŝŶƐƚƌƵĕƁĞƐŝŵƉƌĞƐƐĂƐ͗ !"#$%&'!)*O'G'<:"f$7:&'67'$8'dS'6&'L&84$-# /ŶŝĐŝĂůŵĞŶƚĞ͕ŽƐ,ƐĞƉůĂĐĂƐͲŵĆĞĐŽŵŝŶƚĞƌĨĂĐĞƐ^dĞƌĂŵŵĂŝƐĐĂƌŽƐ͕ĚĞǀŝĚŽĂŽƚƌĂĚŝĐŝŽŶĂůƉƌŽďůĞŵĂĚĂĞƐ= ĐĂůĂĚĞƉƌŽĚƵĕĆŽ͘dŽĚŽŶŽǀŽƉƌŽĚƵƚŽĠ͕ŝŶŝĐŝĂůŵĞŶƚĞŵĂŝƐĐĂƌŽƋƵĞĂŐĞƌĂĕĆŽĂŶƚĞƌŝŽƌ͕ƐŝŵƉůĞƐŵĞŶƚĞƉŽƌƋƵĞĂ ƉƌŽĚƵĕĆŽĠŵĞŶŽƌ͘ƉĂƌƟƌĚŽŵŽŵĞŶƚŽĞŵƋƵĞƉĂƐƐĂĂƐĞƌƉƌŽĚƵnjŝĚŽĞŵƋƵĂŶƟĚĂĚĞ͕ŽƉƌĞĕŽĐĂŝ͕ĂƚĠŽƉŽŶƚŽ ĞŵƋƵĞĂŐĞƌĂĕĆŽĂŶƚĞƌŝŽƌĠĚĞƐĐŽŶƟŶƵĂĚĂ͘ YƵĂŶĚŽŽƐ,Ɛ^dƐĞƉŽƉƵůĂƌŝnjĂƌĂŵ͕ŽƉƌĞĕŽĐĂŝƵĞŵƌĞůĂĕĆŽĂŽƐ/͘ƚƵĂůŵĞŶƚĞ͕ŽƐ,Ɛ/ƐĆŽƉƌŽĚƵnjŝĚŽƐ ĞŵĞƐĐĂůĂĐĂĚĂǀĞnjŵĞŶŽƌĞ͕ƉŽƌĞƐƐĂƌĂnjĆŽƐĞƚŽƌŶĂƌĂŵŵĂŝƐĐĂƌŽƐĞŵĂŝƐĚŝİĐĞŝƐĚĞĞŶĐŽŶƚƌĂƌĚŽƋƵĞŽƐ,Ɛ QEbE? EŽĐĂƐŽĚŽƐŵŝĐƌŽƐĂŶƟŐŽƐ͕ƵŵĂŽƉĕĆŽƉŽƐƐşǀĞůĠŝŶƐƚĂůĂƌƵŵĂĐŽŶƚƌŽůĂĚŽƌĂ^d͘ƐĐŽŶƚƌŽůĂĚŽƌĂƐŵĂŝƐďĂƌĂ= ƚĂƐ͕ĐŽŵĚƵĂƐƉŽƌƚĂƐŶĂǀĞƌƐĆŽW/͕ũĄĐƵƐƚĂŵŵĞŶŽƐĚĞϮϬĚſůĂƌĞƐŶŽĞdžƚĞƌŝŽƌĞƚĞŶĚĞŵĂĐĂŝƌĚĞƉƌĞĕŽƚĂŵďĠŵ ƉŽƌĂƋƵŝ͕ƚŽƌŶĂŶĚŽͲƐĞƵŵşƚĞŵĂĐĞƐƐşǀĞů͕ĂƐƐŝŵĐŽŵŽĂƐĐŽŶƚƌŽůĂĚŽƌĂƐh^͘EŽƚĞƋƵĞ͕ŽƵƐŽĚŽďĂƌƌĂŵĞŶƚŽW/ ůŝŵŝƚĂĂǀĞůŽĐŝĚĂĚĞĚĂĐŽŶƚƌŽůĂĚŽƌĂĂϭϯϯDͬƐ;ƵŵƉŽƵĐŽŵĞŶŽƐŶĂƉƌĄƟĐĂ͕ũĄƋƵĞŽďĂƌƌĂŵĞŶƚŽW/ĠĐŽŵƉĂƌ= ƟůŚĂĚŽĐŽŵŽƵƚƌŽƐĚŝƐƉŽƐŝƟǀŽƐͿ͕ƚŽĚĂǀŝĂŝƐƐŽŶĆŽĐŚĞŐĂĂƐĞƌƵŵƉƌŽďůĞŵĂĂŽƐĞƵƟůŝnjĂƌĂƉĞŶĂƐƵŵŽƵĚŽŝƐ,Ɛ͘ !"#$%&'!)*P'G'F-:7%B&57'D?FcL\J\ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 TX201#8*%2-&%.*3'-<#"0'"#0*(37%8%&'0*&#*ďƌŝĚŐĞƐͿ͕ƋƵĞƉĞƌŵŝƚĞŵůŝŐĂƌƵŵ,/͕ĚŝƌĞƚĂŵĞŶƚĞĂƵŵĂƉŽƌƚĂ ^d͕ŵĂƐĞƐƐĞƐƐĆŽŵĂŝƐĚŝİĐĞŝƐĚĞĞŶĐŽŶƚƌĂƌĞ͕ŐĞƌĂůŵĞŶƚĞŵĂŝƐĐĂƌŽƐƋƵĞƵŵĂĐŽŶƚƌŽůĂĚŽƌĂ^dW/͘ !"#$%&'!)*Q'G'F-:7%B&57'L\J\cFS< ŽŵŽůĂŶĕĂŵĞŶƚŽĚŽ^d͕ŽƐ,ƐĞĐŽŶƚƌŽůĂĚŽƌĂƐ/ͬdƉĂƐƐĂƌĂŵĂƐĞƌĐŚĂŵĂĚĂƐĚĞ͞Wd͕͟ĂďƌĞǀŝĂĕĆŽĚĞ ͞WĂƌĂůůĞůd͕͟ƌĞƐƐĂůƚĂŶĚŽĂĚŝĨĞƌĞŶĕĂ͘ dI>)6G6H ƐĐŽŶƚƌŽůĂĚŽƌĂƐ^^/;ƉƌŽŶƵŶĐŝĂͲƐĞ͞ŝƐĐąnjŝ͟ͿƐĆŽĂƐƚƌĂĚŝĐŝŽŶĂŝƐĐŽŶĐŽƌƌĞŶƚĞƐĚĂƐŝŶƚĞƌĨĂĐĞƐ/͘KƉƌŝŵĞŝƌŽƉĂ= ĚƌĆŽ^^/;^^/ϭͿĨŽŝƌĂƟĮĐĂĚŽĞŵϭϵϴϲ͕ŶĂŵĞƐŵĂĠƉŽĐĂĞŵƋƵĞŽƐƉƌŝŵĞŝƌŽƐ,Ɛ/ĐŚĞŐĂƌĂŵĂŽŵĞƌĐĂĚŽ͕ ĐŽŶƐŝƐƟŶĚŽĞŵĐŽŶƚƌŽůĂĚŽƌĂƐĚĞϴďŝƚƐƋƵĞŽƉĞƌĂǀĂŵĂϱD,nj͕ŽĨĞƌĞĐĞŶĚŽƵŵďĂƌƌĂŵĞŶƚŽĚĞĚĂĚŽƐĚĞĂƚĠϱ DͬƐ͘ ŵϭϵϵϬ͕ĨŽŝůĂŶĕĂĚŽŽƉĂĚƌĆŽtŝĚĞ^^/;^^/ϮͿ͘ĨƌĞƋƺġŶĐŝĂĐŽŶƟŶƵŽƵĂŵĞƐŵĂ͕ŵĂƐĂƐĐŽŶƚƌŽůĂĚŽƌĂƐƉĂƐ= ƐĂƌĂŵĂƵƟůŝnjĂƌƵŵďĂƌƌĂŵĞŶƚŽĚĞϭϲďŝƚƐ͕ŽƋƵĞĚŽďƌŽƵĂƚĂdžĂĚĞƚƌĂŶƐŵŝƐƐĆŽƉĂƌĂϭϬDͬƐ͘ ŵƐĞŐƵŝĚĂ͕ƐƵƌŐŝƌĂŵŽƐƉĂĚƌƁĞƐ&ĂƐƚ^^/;ϴďŝƚƐͿĞ&ĂƐƚtŝĚĞ^^/;ϭϲďŝƚƐͿ͕ƋƵĞŽƉĞƌĂǀĂŵĂϭϬD,njĞŽĨĞƌĞĐŝĂŵ ƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞ͕ƌĞƐƉĞĐƟǀĂŵĞŶƚĞϭϬDͬƐĞϮϬDͬƐ͘ ƉſƐ͕ĂƉĂƌĞĐĞƌĂŵŽƐƉĂĚƌƁĞƐhůƚƌĂ^^/;ϴďŝƚƐ͕ϮϬD,njсϮϬDͬƐͿ͕tŝĚĞhůƚƌĂ^^/;ϭϲďŝƚƐ͕ϮϬD,njсϰϬDͬƐͿ͕ hůƚƌĂϮ^^/;ϴďŝƚƐ͕ϰϬD,njсϰϬDͬƐͿĞtŝĚĞhůƚƌĂϮ^^/;ϭϲďŝƚƐ͕ϰϬD,njсϴϬDͬƐͿ͘sĞũĂƋƵĞ͕ƚƌĂƚŽƵͲƐĞĚĞƵŵĂ ĞǀŽůƵĕĆŽďĂƐƚĂŶƚĞƉƌĞǀŝƐşǀĞů͕ĐŽŵƵŵŶŽǀŽƉĂĚƌĆŽ͕ƐŝŵƉůĞƐŵĞŶƚĞĚŽďƌĂŶĚŽĂĨƌĞƋƺġŶĐŝĂĞ͕ĐŽŶƐĞƋƺĞŶƚĞŵĞŶƚĞ͕ %*1%X%*&#*1"%-0:#"]-32%*&'*%-1#"2'"? ƉĂƌƟƌĚĂş͕ŽƵƐŽĚĞĐŽŶƚƌŽůĂĚŽƌĂƐĚĞϴďŝƚƐĨŽŝĂďĂŶĚŽŶĂĚŽĞƐƵƌŐŝƌĂŵŽƐƉĂĚƌƁĞƐhůƚƌĂϭϲϬ^^/͕ŽŶĚĞĂĐŽŶ= ƚƌŽůĂĚŽƌĂŽƉĞƌĂǀĂĂϰϬD,nj͕ĐŽŵĚƵĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐƉŽƌĐŝĐůŽ͕ƌĞƐƵůƚĂŶĚŽŶƵŵďĂƌƌĂŵĞŶƚŽĚĞϭϲϬDͬƐĞŶŽ hůƚƌĂϯϮϬ^^/͕ƋƵĞŵĂŶƚĞǀĞĂƐĚƵĂƐƚƌĂŶƐĨĞƌġŶĐŝĂƐƉŽƌĐŝĐůŽ͕ŵĂƐĂƵŵĞŶƚŽƵĂĨƌĞƋƺġŶĐŝĂƉĂƌĂϴϬD,nj͕ĂƟŶŐŝŶĚŽ ϯϮϬDͬƐ͘ :274@2 ^^/ϭ &ĂƐƚ^^/;^^/ͲϮͿ hůƚƌĂ^^/;^^/ͲϯͿ ŽŶƚƌŽůĂĚŽƌĂĚĞϴŝƚƐ;EĂƌƌŽǁ )2CB12@67216%74%[\%-/B5%P]/74% ?)?#S ?)?#S ϱDͬƐ ϭϬDͬƐ ϭϬDͬƐ ϮϬDͬƐ ϮϬDͬƐ ϰϬDͬƐ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 hůƚƌĂ^^/;^^/ͲϰͿ hůƚƌĂϭϲϬ^^/ hůƚƌĂϯϮϬ^^/ ϰϬDͬƐ ϴϬDͬƐ = ϭϲϬDͬƐ = ϯϮϬDͬƐ J&27=&'!E'G'J&Y&'67':%&-4B7%T-5"&'61'9&6%01'L?LF ůĠŵĚĂĚŝĨĞƌĞŶĕĂŶĂǀĞůŽĐŝĚĂĚĞ͕ĂƐĂŶƟŐĂƐĐŽŶƚƌŽůĂĚŽƌĂƐĚĞϴďŝƚƐƉĞƌŵŝƟĂŵĂĐŽŶĞdžĆŽĚĞĂƉĞŶĂƐϳĚŝƐƉŽƐŝƟ= <'0.*#-9,%-1'*%0*%1,%20.*&#*IV*ďŝƚƐ͕ƉĞƌŵŝƚĞŵĂĐŽŶĞdžĆŽĚĞĂƚĠϭϱ͘ ŝĨĞƌĞŶƚĞŵĞŶƚĞĚŽƋƵĞƚĞŵŽƐŶƵŵĂŝŶƚĞƌĨĂĐĞ/͕ŶĂƋƵĂůƵŵĚŝƐƉŽƐŝƟǀŽĠ͞ũƵŵƉĞĂĚŽ͟ĐŽŵŽŵĂƐƚĞƌ*#*',1"'* 3'8'*ƐůĂǀĞ͕ŶŽ^^/͕ŽƐĚŝƐƉŽƐŝƟǀŽƐƌĞĐĞďĞŵŶƷŵĞƌŽƐĚĞŝĚĞŶƟĮĐĂĕĆŽ;/ƐͿ͕ƋƵĞƐĆŽŶƷŵĞƌŽƐĚĞϬĂϳ;ŶĂƐ 3'-1"'+%&'"%0*&#*Z*ďŝƚƐͿĞĚĞϬĂϭϱ;ŶĂƐĐŽŶƚƌŽůĂĚŽƌĂƐĚĞϭϲďŝƚƐͿ͘hŵĚŽƐ/ƐĚŝƐƉŽŶşǀĞŝƐĠĚĞƐƟŶĂĚŽăƉƌſƉƌŝĂ ĐŽŶƚƌŽůĂĚŽƌĂ͕ĚĞŝdžĂŶĚŽĚĞϳĂϭϱĞŶĚĞƌĞĕŽƐĚŝƐƉŽŶşǀĞŝƐƉĂƌĂŽƐĚŝƐƉŽƐŝƟǀŽƐ͘ K/ĚĞĐĂĚĂĚŝƐƉŽƐŝƟǀŽĠĐŽŶĮŐƵƌĂĚŽĂƚƌĂǀĠƐĚĞƵŵĂĐŚĂǀĞŽƵũƵŵƉĞƌ͕ŽƵǀŝĂƐŽŌǁĂƌĞ*(-'0*8%20*%1,%20)?*E* ƌĞŐƌĂďĄƐŝĐĂĠƋƵĞĚŽŝƐĚŝƐƉŽƐŝƟǀŽƐŶĆŽƉŽĚĞŵƵƟůŝnjĂƌŽŵĞƐŵŽĞŶĚĞƌĞĕŽ͕ĐĂƐŽĐŽŶƚƌĄƌŝŽǀŽĐġƚĞŵƵŵĐŽŶŇŝƚŽ ƐŝŵŝůĂƌĂŽƋƵĞĂĐŽŶƚĞĐĞĂŽƐĞƚĞŶƚĂƌŝŶƐƚĂůĂƌĚŽŝƐ,Ɛ͞ũƵŵƉĞĂĚŽƐ͟ĐŽŵŽŵĂƐƚĞƌŶĂŵĞƐŵĂƉŽƌƚĂ/͘ ŵĂŝŽƌŝĂĚŽƐĐĂďŽƐ^^/ƉŽƐƐƵĞŵĂƉĞŶĂƐϯŽƵϰĐŽŶĞĐƚŽƌĞƐ͕ŵĂƐĞdžŝƐƚĞŵƌĞĂůŵĞŶƚĞĐĂďŽƐĐŽŵĂƚĠϭϲĐŽŶĞĐƚŽ= ƌĞƐ͕ƵƐĂĚŽƐƋƵĂŶĚŽĠƌĞĂůŵĞŶƚĞŶĞĐĞƐƐĄƌŝŽŝŶƐƚĂůĂƌƵŵŐƌĂŶĚĞŶƷŵĞƌŽĚĞĚŝƐƉŽƐŝƟǀŽƐ͘ !"#$%&'!)*R'G'?&21'L?LF EŽďĂƌƌĂŵĞŶƚŽ^^/ƚĞŵŽƐ͕ƚĂŵďĠŵŽƵƐŽĚĞƚĞƌŵŝŶĂĚŽƌĞƐ͕ƋƵĞĞĨĞƟǀĂŵĞŶƚĞ͞ĨĞĐŚĂŵ͟ŽďĂƌƌĂŵĞŶƚŽ͕ĞǀŝƚĂŶĚŽ 9,#*'0*02-%20*37#D,#8*H*4'-1%*&'*3%6'*#*"#1'"-#8*-%*:'"8%*&#*2-1#":#"]-32%?*/%*8%2'"2%*&'0*3%0'0*'*1#"82-%&'"* ĠĞŶĐĂŝdžĂĚŽŶŽĚŝƐƉŽƐŝƟǀŽ͕ŵĂƐĞŵĂůŐƵŶƐĐĂƐŽƐďĂƐƚĂŵƵĚĂƌĂƉŽƐŝĕĆŽĚĞƵŵĂĐŚĂǀĞ͘dĂŵďĠŵĞdžŝƐƚĞŵĐĂƐŽƐ ĚĞĐĂďŽƐƋƵĞƚƌĂnjĞŵƵŵƚĞƌŵŝŶĂĚŽƌƉƌĠͲŝŶƐƚĂůĂĚŽŶĂƉŽŶƚĂ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'!)*U'G'J7%8"-&61%'9&%&'5&21'L?LF EŽƚĞƋƵĞĞƐƚŽƵƵƐĂŶĚŽŽƚĞƌŵŽ͞ĚŝƐƉŽƐŝƟǀŽƐ͟ĞŶĆŽ͞,Ɛ͕͟ƉŽŝƐ;ĞŵďŽƌĂƌĂƌŽŚŽũĞĞŵĚŝĂͿŽƉĂĚƌĆŽ^^/ƉĞƌ= ŵŝƚĞĂĐŽŶĞdžĆŽĚĞĚŝǀĞƌƐŽƐƟƉŽƐĚĞĚŝƐƉŽƐŝƟǀŽƐ͕ŝŶĐůƵŝŶĚŽͲZKDƐ͕ŝŵƉƌĞƐƐŽƌĂƐ͕ƐĐĂŶŶĞƌƐĞƵŶŝĚĂĚĞƐĚĞĮƚĂ͘ KƐ ŐƌĂǀĂĚŽƌĞƐ ĚĞ ^^/ ĨŽƌĂŵ ƉŽƉƵůĂƌĞƐ ŶŽƐ ĂŶŽƐ ϵϬ͕ ƉŽŝƐ Ž ďĂƌƌĂŵĞŶƚŽ ^^/ ŽĨĞƌĞĐĞ ƚƌĂŶƐĨĞƌġŶĐŝĂƐ ŵĂŝƐ ĞƐƚĄǀĞŝƐƋƵĞĂƐĂŶƟŐĂƐƉŽƌƚĂƐdͲϮĞdͲϯ͕ƵƐĂĚĂƐĂƚĠĞŶƚĆŽ͘EĂƋƵĞůĂĠƉŽĐĂ͕ĂŝŶĚĂŶĆŽĞdžŝƐƟĂďƵƌŶͲĨƌĞĞ.*&#* ĨŽƌŵĂƋƵĞƋƵĂůƋƵĞƌŝŶƚĞƌƌƵƉĕĆŽŶŽŇƵdžŽĚĞĚĂĚŽƐĐĂƵƐĂǀĂĂƉĞƌĚĂĚĂŵşĚŝĂ͘ŽŵŽƐƵƌŐŝŵĞŶƚŽĚĂƐŝŶƚĞƌĨĂĐĞƐ /ĐŽŵƐƵƉŽƌƚĞĂhD͕ĂďƌŝŐĂƐĞĞƋƵŝůŝďƌŽƵĞŽƐŐƌĂǀĂĚŽƌĞƐĚĞ/ŝŶǀĂĚŝƌĂŵŽŵĞƌĐĂĚŽ͘ƐŝŵƉƌĞƐƐŽƌĂƐĞ ƐĐĂŶŶĞƌƐ^^/ƚĂŵďĠŵŐĂŶŚĂƌĂŵĂůŐƵŵĂƐďĂƚĂůŚĂƐ͕ŵĂƐĂĐĂďĂƌĂŵƉĞƌĚĞŶĚŽĂŐƵĞƌƌĂƉĂƌĂŽƐĚŝƐƉŽƐŝƟǀŽƐh^͘ ƐƵŶŝĚĂĚĞƐĚĞĮƚĂũĄĨŽƌĂŵŽŵĞŝŽŵĂŝƐƉŽƉƵůĂƌƉĂƌĂĨĂnjĞƌďĂĐŬƵƉĚĞŐƌĂŶĚĞƐƋƵĂŶƟĚĂĚĞƐĚĞĚĂĚŽƐ͕ƵƟůŝnjĂŶĚŽ ĂƐĨĂŵŽƐĂƐĮƚĂƐd;ŝŐŝƚĂůƵĚŝŽdĂƉĞͿ͘ŽŵŽĂĮƚĂƉƌĞĐŝƐĂƐĞƌŐƌĂǀĂĚĂĞůŝĚĂƐĞƋƺĞŶĐŝĂůŵĞŶƚĞ͕ŽŵĂŝƐĐŽŵƵŵ ĠŐĞƌĂƌƵŵĂƌƋƵŝǀŽĐŽŵƉĂĐƚĂĚŽĞŵĚĞƚĞƌŵŝŶĂĚĂƐĞdžƚĞŶƐƁĞƐ;ƚĂƌͬŐnjͬƚĂƌͬďnjϮ͕ŽƵŵĞƐŵŽĞŵƌĂƌͿ͕ĐŽŶƚĞŶĚŽƚŽ= &'0*'0*%"9,2<'0*&'*ďĂĐŬƵƉĞŐƌĂǀĄͲůŽŶĂĮƚĂ͕ĚĞĨŽƌŵĂƐĞƋƺĞŶĐŝĂů͘hŵĂƌƋƵŝǀŽŵƵŝƚŽŐƌĂŶĚĞƉŽĚĞƐĞƌĚŝǀŝĚŝĚŽ ĞŵǀĄƌŝŽƐǀŽůƵŵĞƐĞŐƌĂǀĂĚŽĞŵĮƚĂƐƐĞƉĂƌĂĚĂƐ͘KŐƌĂŶĚĞƉƌŽďůĞŵĂĠƋƵĞĠƉƌĞĐŝƐŽůĞƌĞĚĞƐĐŽŵƉĂĐƚĂƌƚŽĚŽŽ %"9,2<'*4%"%*1#"*%3#00'*%'0*&%&'0? KƉƌŽďůĞŵĂĐŽŵĂƐƵŶŝĚĂĚĞƐĚĞĮƚĂĠƋƵĞ͕ĞŵďŽƌĂĂƐĮƚĂƐƐĞũĂŵƌĞůĂƟǀĂŵĞŶƚĞďĂƌĂƚĂƐ͕ĂƐƵŶŝĚĂĚĞƐĚĞŐƌĂǀĂĕĆŽ ƐĆŽǀĞŶĚŝĚĂƐĂƉƌĞĕŽƐ͞ƐĂůŐĂĚŽƐ͘͟ŽŶĨŽƌŵĞŽƐ,ƐĨŽƌĂŵĐƌĞƐĐĞŶĚŽĞŵĐĂƉĂĐŝĚĂĚĞĞĐĂŝŶĚŽĞŵĐƵƐƚŽ͕ƉĂƐƐĂ= ƌĂŵĂŽĨĞƌĞĐĞƌƵŵĂƌĞůĂĕĆŽĐƵƐƚŽƉŽƌŵĞŐĂďLJƚĞŵĂŝƐďĂŝdžĂ͕ĨĂnjĞŶĚŽĐŽŵƋƵĞŽƐƐŝƐƚĞŵĂƐZ/ĞŽƐƐĞƌǀŝĚŽƌĞƐ &#*ďĂĐŬƵƉƐĞƉŽƉƵůĂƌŝnjĂƐƐĞŵ͕ƌŽƵďĂŶĚŽŽŵĞƌĐĂĚŽĚĂƐƵŶŝĚĂĚĞƐĚĞĮƚĂ͘ K8*ĚƌŝǀĞsyͲϯϮϬĚĂdžĂďLJƚĞ͕ƉŽƌĞdžĞŵƉůŽ͕ĐƵƐƚĂh^Ψϭ͘ϮϱϬĞƵƟůŝnjĂĮƚĂƐĚĞĂƉĞŶĂƐϭϲϬ'͘ĐŽŵƵŵƋƵĞŽƐ ĨĂďƌŝĐĂŶƚĞƐĚŽďƌĞŵĂĐĂƉĂĐŝĚĂĚĞ͕ĚŝnjĞŶĚŽƋƵĞĂƐĮƚĂƐĂƌŵĂnjĞŶĂŵ͞ϯϮϬ'ĐŽŵƉƌŝŵŝĚŽƐ͕͟ŵĂƐĂƚĂdžĂĚĞĐŽŵ= ƉƌĞƐƐĆŽǀĂƌŝĂĚĞĂĐŽƌĚŽĐŽŵŽƟƉŽĚĞĚĂĚŽƐ͘ǀĞůŽĐŝĚĂĚĞĚĞŐƌĂǀĂĕĆŽƚĂŵďĠŵĠƌĞůĂƟǀĂŵĞŶƚĞďĂŝdžĂ͕;Ğŵ ƚŽƌŶŽĚĞϭϮDͬƐͲĐĞƌĐĂĚĞϰϯ'ƌĞĂŝƐƉŽƌŚŽƌĂͿĞĐĂĚĂĮƚĂĐƵƐƚĂh^ΨϴϬ͕ŽƋƵĞŝŵƉůŝĐĂƵŵĐƵƐƚŽĚĞh^ΨϬ͘ϱϬ ƉŽƌ'͘ŽŵŽŚŽũĞĞŵĚŝĂƵŵ,ĚĞϯϬϬ'ĐƵƐƚĂ͕ŶŽƌĂƐŝů͕ŵĞŶŽƐĚĞZΨϮϱϬ͕ĂƵŶŝĚĂĚĞĚĞĮƚĂ͕ƐŝŵƉůĞƐŵĞŶƚĞ ƉĞƌĚĞĞŵƚŽĚŽƐŽƐƋƵĞƐŝƚŽƐ͕ŝŶĐůƵŝŶĚŽĐŽŶĮĂďŝůŝĚĂĚĞĞĐƵƐƚŽƉŽƌŵĞŐĂďLJƚĞ͘ŽŝŶǀĠƐĚĞƵƟůŝnjĂƌĂƵŶŝĚĂĚĞĚĞĮƚĂ͕ ĮĐĂŵĂŝƐƉƌĄƟĐŽ͕ƌĄƉŝĚŽĞďĂƌĂƚŽĨĂnjĞƌŽƐďĂĐŬƵƉƐ*,0%-&'*FP0*#X1#"-'0? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 )LJXUD)8QLGDGHGH¿WD'$7 ŚĞŐĂŵŽƐĞŶƚĆŽ͕ŶĂƋƵĞƐƚĆŽĚŽƐĐĂďŽƐ͗Ž^^/ƉĞƌŵŝƚĞƚĂŶƚŽĂĐŽŶĞdžĆŽĚĞĚŝƐƉŽƐŝƟǀŽƐŝŶƚĞƌŶŽƐ͕ƋƵĂŶƚŽĚĞĚŝƐ= ƉŽƐŝƟǀŽƐĞdžƚĞƌŶŽƐ͕ĐŽŵŽƵƐŽĚĞĐĂďŽƐĞĐŽŶĞĐƚŽƌĞƐĚŝĨĞƌĞŶƚĞƐƉĂƌĂĐĂĚĂƟƉŽ͖ĂƐĐŽŶƚƌŽůĂĚŽƌĂƐĚĞϴďŝƚƐƵƟůŝnjĂŵ ĐĂďŽƐĚĞϱϬǀŝĂƐ͕ĞŶƋƵĂŶƚŽĂƐĚĞϭϲďŝƚƐƵƟůŝnjĂŵĐĂďŽƐĚĞϲϴǀŝĂƐ͘KĚŝƐƉŽƐŝƟǀŽĚĂĮŐƵƌĂ&͘ϮϭƵƟůŝnjĂŽĐŽŶĞĐƚŽƌ &#*VZ*42-'0? !"#$%&'!);*'G'dS'A=:%&@;W'L?LF ƐĐŽŶƚƌŽůĂĚŽƌĂƐ^^/ƐĆŽƐƵƉĞƌŝŽƌĞƐăƐŝŶƚĞƌĨĂĐĞƐ/ĞŵƋƵĂƐĞƚŽĚŽƐŽƐƋƵĞƐŝƚŽƐ͕ƉŽƌĠŵƉĞƌĚĞŵĞŵƵŵĚŽƐ ŵĂŝƐŝŵƉŽƌƚĂŶƚĞƐ͕ŽƋƵĂůƐĞƌĞĨĞƌĞĂŽĐƵƐƚŽ͘ŽŵŽĂŚŝƐƚſƌŝĂĚĂŝŶĨŽƌŵĄƟĐĂƌĞƉĞƟĚĂŵĞŶƚĞŶŽƐŵŽƐƚƌĂ͕ŶĞŵ ƐĞŵƉƌĞŽƉĂĚƌĆŽŵĂŝƐƌĄƉŝĚŽŽƵ͕ŵĂŝƐĂǀĂŶĕĂĚŽ͕ƉƌĞǀĂůĞĐĞ͘YƵĂƐĞƐĞŵƉƌĞ͕ƵŵƉĂĚƌĆŽŵĂŝƐƐŝŵƉůĞƐĞďĂƌĂƚŽ͕ 9,#*3'-0#D,#*0,4"2"*%0*-#3#002&%�*6>023%0*&%*8%2'"*4%"1#*&'0*,0,>"2'0.*%3%6%*4"#<%+#3#-&'*0'6"#*,8*4%&"5'* 8%20*3'84+#X'*#*3%"'? ĞƵŵĂĨŽƌŵĂŐĞƌĂů͕ŽƉĂĚƌĆŽ/ƐĞƚŽƌŶŽƵŽƉĂĚƌĆŽŶŽƐĚĞƐŬƚŽƉƐ͕ŶŽƐƐĞƌǀŝĚŽƌĞƐĞ͕ƚĂŵďĠŵŶĂƐĞƐƚĂĕƁĞƐĚĞ ƚƌĂďĂůŚŽĚĞďĂŝdžŽĐƵƐƚŽ͕ĞŶƋƵĂŶƚŽŽ^^/ƐĞƚŽƌŶŽƵŽƉĂĚƌĆŽĚŽŵŝŶĂŶƚĞŶŽƐǁŽƌŬƐƚĂƟŽŶƐ;ĞƐƚĂĕƁĞƐĚĞƚƌĂďĂůŚŽͿ ĞƐĞƌǀŝĚŽƌĞƐĚĞĂůƚŽĚĞƐĞŵƉĞŶŚŽ͘ŵǀŽůƵŵĞĚĞǀĞŶĚĂƐ͕Ž,^^/ƉĞƌĚĞŵƉĂƌĂŽ/Ğ^d;ƉƌŽƉŽƌĕĆŽĚĞ ŵĂŝƐĚĞϯϬƉĂƌĂϭͿ͘ŝŶĚĂĂƐƐŝŵ͕Ž,^^/ĐŽŶƟŶƵĂƌĞƉƌĞƐĞŶƚĂŶĚŽƵŵĂĨĂƟĂĐŽŶƐŝĚĞƌĄǀĞůĚŽůƵĐƌŽůşƋƵŝĚŽĚŽƐ ĨĂďƌŝĐĂŶƚĞƐ͕ũĄƋƵĞŝŶƚĞŐƌĂŵĂůŝŶŚĂ͞ƉƌĞŵŝƵŵ͕͟ĐŽŵƉŽƐƚĂƉŽƌ,ƐŵĂŝƐĐĂƌŽƐĞĚĞŵĂŝƐĂůƚŽĚĞƐĞŵƉĞŶŚŽ͘ ĐŽŵƵŵƋƵĞŶŽǀĂƐƚĞĐŶŽůŽŐŝĂƐƐĞũĂŵŝŶŝĐŝĂůŵĞŶƚĞƵƐĂĚĂƐĞŵ,Ɛ^^/ƐĞŶĚŽ͕ƐŽŵĞŶƚĞƵƟůŝnjĂĚĂƐŶŽƐĚŝƐĐŽƐ /͕ĚĞƉŽŝƐĚĞƚŽƌŶĂƌĞŵͲƐĞŵĂŝƐďĂƌĂƚĂƐ͘/ƐƐŽĂĐŽŶƚĞĐĞ͕ũƵƐƚĂŵĞŶƚĞĚĞǀŝĚŽĂŽŵĞƌĐĂĚŽĚĞĚŝƐĐŽƐ^^/͕ƋƵĞƉƌŝŽ= ƌŝnjĂŽĚĞƐĞŵƉĞŶŚŽŵƵŝƚŽŵĂŝƐĚŽƋƵĞŽƉƌĞĕŽ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ůĠŵĚŽĐƵƐƚŽĚŽƐ,Ɛ͕ĞdžŝƐƚĞƚĂŵďĠŵĂƋƵĞƐƚĆŽƌĞĨĞƌĞŶƚĞĂƐĐŽŶƚƌŽůĂĚŽƌĂƐ͘ůŐƵŵĂƐƉůĂĐĂƐĚĞƐƟŶĂĚĂƐĂƐĞƌ= ǀŝĚŽƌĞƐƚƌĂnjĞŵĐŽŶƚƌŽůĂĚŽƌĂƐ^^/ŝŶƚĞŐƌĂĚĂƐ͕ŵĂƐŶĂŐƌĂŶĚĞŵĂŝŽƌŝĂĚŽƐĐĂƐŽƐĠŶĞĐĞƐƐĄƌŝŽĂĚƋƵŝƌŝƌƵŵĂĐŽŶ= 1"'+%&'"%*0#4%"%&%? ƐĐŽŶƚƌŽůĂĚŽƌĂƐhůƚƌĂϭϲϬĞhůƚƌĂϯϮϬƐĞƌŝĂŵƐƵďƵƟůŝnjĂĚĂƐĐĂƐŽŝŶƐƚĂůĂĚĂƐĞŵƐůŽƚƐW/ƌĞŐƵůĂƌĞƐ͕ũĄƋƵĞŽW/Ġ ůŝŵŝƚĂĚŽĂϭϯϯDͬƐ͕ĚĞĨŽƌŵĂƋƵĞĞƐƐĂƐƚƌĂĚŝĐŝŽŶĂůŵĞŶƚĞƵƟůŝnjĂŵƐůŽƚƐW/ͲyĞŶĐŽŶƚƌĂĚŽƐĂƉĞŶĂƐĞŵƉůĂĐĂƐ ƉĂƌĂƐĞƌǀŝĚŽƌĞƐ͘/ƐƐŽƐŝŐŶŝĮĐĂƋƵĞŵĞƐŵŽƋƵĞƐĞƋƵŝƐĞƐƐĞ͕ŶĆŽƐĞƉŽĚĞƌŝĂŝŶƐƚĂůĂƌƵŵĂĐŽŶƚƌŽůĂĚŽƌĂhůƚƌĂϯϮϬĞŵ ,8*ĚĞƐŬƚŽƉ͘ƉĞŶĂƐƌĞĐĞŶƚĞŵĞŶƚĞƉĂƐƐĂƌĂŵĂƐĞƌĨĂďƌŝĐĂĚĂƐĐŽŶƚƌŽůĂĚŽƌĂƐW/ͲdžƉƌĞƐƐ͘ !"#$%&'!);;'G'D=&5&'51-:%1=&61%&'D?FG<Y9%744 sĂůĞůĞŵďƌĂƌ͕ƋƵĞĂǀĞůŽĐŝĚĂĚĞĚĂŝŶƚĞƌĨĂĐĞŶĆŽĐŽƌƌĞƐƉŽŶĚĞĚŝƌĞƚĂŵĞŶƚĞăǀĞůŽĐŝĚĂĚĞĚŽƐĚŝƐƉŽƐŝƟǀŽƐĂĞůĂĐŽ= ŶĞĐƚĂĚŽƐ͘KƐϯϮϬDͬƐĚŽhůƚƌĂϯϮϬ^^/͕ƉŽƌĞdžĞŵƉůŽ͕ƐĆŽĂƉƌŽǀĞŝƚĂĚŽƐĂƉĞŶĂƐĂŽŝŶƐƚĂůĂƌƵŵŐƌĂŶĚĞŶƷŵĞƌŽ ĚĞ,ƐĞŵZ/͘ džŝƐƚĞŵŵƵŝƚĂƐůĞŶĚĂƐĐŽŵƌĞůĂĕĆŽĂŽ^^/͕ƋƵĞĨĂnjĞŵĐŽŵƋƵĞŵƵŝƚŽƐĚĞƐĂǀŝƐĂĚŽƐĐŽŵƉƌĞŵŝŶƚĞƌĨĂĐĞƐĞ,Ɛ ŽďƐŽůĞƚŽƐ͕ĂĐŚĂŶĚŽƋƵĞĞƐƚĆŽĨĂnjĞŶĚŽŽŵĞůŚŽƌŶĞŐſĐŝŽĚŽŵƵŶĚŽ͘hŵ,ŶĆŽĠŵĂŝƐƌĄƉŝĚŽ͕ƐŝŵƉůĞƐŵĞŶƚĞ ƉŽƌƵƟůŝnjĂƌƵŵĂŝŶƚĞƌĨĂĐĞ^^/͘ďĞŵǀĞƌĚĂĚĞƋƵĞŽƐ,ƐŵĂŝƐƌĄƉŝĚŽƐ͕ĚĞϭϱ͘ϬϬϬZWD͕ƐĆŽůĂŶĕĂĚŽƐĂƉĞŶĂƐ ĞŵǀĞƌƐĆŽ^^/͕ŵĂƐĐŽŵŽŽƐ,ƐƚŽƌŶĂŵͲƐĞƌĂƉŝĚĂŵĞŶƚĞŽďƐŽůĞƚŽƐĞƚĞŵƵŵĂǀŝĚĂƷƟůůŝŵŝƚĂĚĂ͕ĨĂnjŵƵŝƚŽŵĂŝƐ ƐĞŶƟĚŽ͕ĐŽŵƉƌĂƌƵŵ,^dĐŽŶǀĞŶĐŝŽŶĂů͕ĚĞϳ͘ϮϬϬŽƵϭϬ͘ϬϬϬZWD͕ĂůĞǀĂƌƉƌĂĐĂƐĂƵŵ,^^/͕ŽďƐŽůĞƚŽ͕ 3'8*L*',*M*%-'0*&#*,0'? ŽŵĂŝŶƚƌŽĚƵĕĆŽĚŽ^ĞƌŝĂůd͕ŽďĂƌƌĂŵĞŶƚŽ^^/ƉĞƌĚĞƵŐƌĂŶĚĞƉĂƌƚĞĚĞƐĞƵƐĂƚƌĂƟǀŽƐ͕ũĄƋƵĞŽ^dŽĨĞƌĞĐĞ ƵŵĂŐƌĂŶĚĞƉĂƌƚĞĚĂƐǀĂŶƚĂŐĞŶƐƋƵĞĂŶƚĞƐĞƌĂŵĂƚƌŝďƵşĚĂƐĂŽ^^/Ğ͕ĂŽŵĞƐŵŽƚĞŵƉŽ͕ŽĨĞƌĞĐĞƵŵƐŝƐƚĞŵĂĚĞ 3%6#%8#-1'*8%20*0284+#0? WĂƌĂƉƌĞĞŶĐŚĞƌĂůĂĐƵŶĂ͕ƐƵƌŐŝƵŽ^^;^ĞƌŝĂůƩĂĐŚĞĚ^^/Ϳ͕ƵŵďĂƌƌĂŵĞŶƚŽƐĞƌŝĂůŵƵŝƚŽƐŝŵŝůĂƌĂŽ^dĞŵĚŝ= <#"0'0*%04#31'0.*9,#*%&232'-%*&2<#"0%0*4'00262+2&%�*2-1#"#00%-1#0*<'+1%&%0*4%"%*,0'*#8*0#"<2&'"#0?*R*QEQ*4"#= ƐĞƌǀĂŽŵĞƐŵŽĐŽŶũƵŶƚŽĚĞĐŽŵĂŶĚŽƐĞ͕ƚŽƌŶĂͲƐĞƉŽƌŝƐƐŽĐŽŵƉĂơǀĞůĞŵŶşǀĞůĚĞƐŽŌǁĂƌĞ͘ƐƐĂĐŽŶƐƚĂƚĂĕĆŽ͕ ŶĆŽƐĞƌĞĨĞƌĞĂŽtŝŶĚŽǁƐĞĂŽƐƉƌŽŐƌĂŵĂƐƵƟůŝnjĂĚŽƐĞŵĚĞƐŬƚŽƉƐ͕ŵĂƐƐŝŵĂĂƉůŝĐĂƟǀŽƐŵĂŝƐƉĞƌƐŽŶĂůŝnjĂĚŽƐ͕ 3'84+#X'0*#*3%"'0.*3'8,-0*%*D"%-�*0#"<2&'"#0? !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 dI>)626 ƐƐŝŵĐŽŵŽŽ^^/ĐŽŶǀŝǀĞƵĐŽŵŽƉĂĚƌĆŽ/ƉŽƌŵĂŝƐĚĞĚƵĂƐĚĠĐĂĚĂƐ͕Ž^^ĞƐƚĄĚĞƐƟŶĂĚŽĂĐŽŶĐŽƌƌĞƌĐŽŵ Ž^d͕ĐŽŵĐĂĚĂƵŵĞŶƚƌŝŶĐŚĞŝƌĂĚŽĞŵƐĞƵƌĞƐƉĞĐƟǀŽŶŝĐŚŽĚĞŵĞƌĐĂĚŽ͕Ž^dŶŽƐŵŝĐƌŽƐĚŽŵĠƐƟĐŽƐĞƐĞƌ= <2&'"#0*&#*6%2X'*3,01'*#*'*QEQ*#8*0#"<2&'"#0*&#*%+1'*�#84#-7'*#*ǁŽƌŬƐƚĂƟŽŶƐ? ƐǀĞƌƐƁĞƐŝŶŝĐŝĂŝƐĚŽ^^ƐƵƉŽƌƚĂǀĂŵƚĂdžĂƐĚĞƚƌĂŶƐĨĞƌġŶĐŝĂĚĞϭϱϬDͬƐĞϯϬϬDͬƐ͘ZĞĐĞŶƚĞŵĞŶƚĞ͕ĨŽŝŝŶƚƌŽ= ĚƵnjŝĚŽŽƉĂĚƌĆŽĚĞϲϬϬDͬƐĞƉĂƐƐŽƵĂƐĞƌĚĞƐĞŶǀŽůǀŝĚŽŽƉĂĚƌĆŽƐĞŐƵŝŶƚĞĚĞϭ͘Ϯ'ͬƐ͘ĞǀŽůƵĕĆŽĠƐŝŵŝůĂƌĂ ĚŽƉĂĚƌĆŽ^d;ŶŽƚĞƋƵĞĂƐǀĞůŽĐŝĚĂĚĞƐƐĆŽĂƐŵĞƐŵĂƐͿ͕ƉŽƌĠŵŽ^^ƚĞŶĚĞĂĮĐĂƌƐĞŵƉƌĞƵŵĚĞŐƌĂƵăĨƌĞŶƚĞ͘ ŵĂŝŽƌǀĞůŽĐŝĚĂĚĞĠŶĞĐĞƐƐĄƌŝĂ͕ƉŽŝƐŽ^^ƉĞƌŵŝƚĞŽƵƐŽĚĞĞdžƚĞŶƐŽƌĞƐ;ĞdžƉĂŶĚĞƌƐͿ͕ĚŝƐƉŽƐŝƟǀŽƐƋƵĞƉĞƌŵŝƚĞŵ ůŝŐĂƌĚŝǀĞƌƐŽƐĚŝƐĐŽƐ^^ĂƵŵĂƷŶŝĐĂƉŽƌƚĂ͘džŝƐƚĞŵĚŽŝƐƟƉŽƐĚĞĞdžƚĞŶƐŽƌĞƐ^^͕ĐŚĂŵĂĚŽƐĚĞĚŐĞdžƉĂŶĚĞƌƐ Ğ &ĂŶŽƵƚ džƉĂŶĚĞƌƐ͘ K ƉƌŝŵĞŝƌŽ ƉĞƌŵŝƚĞ ůŝŐĂƌ ĂƚĠ ϭϮϴ ĚŝƐĐŽƐ ŶĂ ŵĞƐŵĂ ƉŽƌƚĂ͕ ĞŶƋƵĂŶƚŽ Ž ƐĞŐƵŶĚŽ ƉĞƌŵŝƚĞ ĐŽŶĞĐƚĂƌĂƚĠϭϮϴĚŐĞdžƉĂŶĚĞƌƐ;ĐĂĚĂƵŵĐŽŵƐĞƵƐϭϮϴĚŝƐĐŽƐͿ͕ĐŚĞŐĂŶĚŽĂƵŵůŝŵŝƚĞƚĞſƌŝĐŽĚĞĂƚĠϭϲ͘ϯϴϰ &203'0*4'"*4'"1%*QEQ? ƐƐĞƌĞĐƵƌƐŽĨŽŝĚĞƐĞŶǀŽůǀŝĚŽƉĞŶƐĂŶĚŽ͕ƐŽďƌĞƚƵĚŽŶŽƐƐĞƌǀŝĚŽƌĞƐĚĞĂƌŵĂnjĞŶĂŵĞŶƚŽ͘ŽŵĂƉŽƉƵůĂƌŝnjĂĕĆŽ &'0*ǁĞďŵĂŝůƐ;ƐĞƌǀŝĕŽƐĚĞĞͲŵĂŝůǀŝĂtĞďͿĞŽƵƚƌŽƐƐĞƌǀŝĕŽƐ͕ŽĂƌŵĂnjĞŶĂŵĞŶƚŽĚĞŐƌĂŶĚĞƐƋƵĂŶƟĚĂĚĞƐĚĞĚĂ= &'0*1'"-',=0#*,8*4"'6+#8%?*/5'*0#*#01>*%9,2*"#:#"#-32%-&'*%+D,-0*4',3'0*ŐŝŐĂďLJƚĞƐ.*8%0*028.*<>"2'0*ƚĞƌĂďLJƚĞƐ* ĚĞĚĂĚŽƐ͘/ŵĂŐŝŶĞŽĐĂƐŽĚŽ'ŵĂŝů͗ƚĞŵŽƐǀĄƌŝŽƐŵŝůŚƁĞƐĚĞƵƐƵĄƌŝŽƐ͕ĐĂĚĂƵŵĐŽŵŵĂŝƐĚĞϮ'ĚĞĞƐƉĂĕŽ ĚŝƐƉŽŶşǀĞů͘ KƐĞdžƚĞŶƐŽƌĞƐ^^͕ŶŽƌŵĂůŵĞŶƚĞƉŽƐƐƵĞŵĂĨŽƌŵĂĚĞƵŵŐĂďŝŶĞƚĞϭhŽƵϮh͕ĚĞƐƟŶĂĚŽƐĂƐĞƌŝŶƐƚĂůĂĚŽƐŶŽƐ 8#08'0*ŚĂĐŬƐ*,0%&'0*4#+'0*4"B4"2'0*0#"<2&'"#0?*T8*8,21'0*0#"<2&'"#0*'0*&203'0*05'*2-01%+%&'0*#8*D%<#1%0*"#= ŵŽǀşǀĞŝƐĞƉŽĚĞŵƐĞƌƚƌŽĐĂĚŽƐ͞ĂƋƵĞŶƚĞ͟;ŚŽƚƐǁĂƉͿ͕ĐŽŵŽƐĞƌǀŝĚŽƌůŝŐĂĚŽ͘/ƐƐŽƉĞƌŵŝƚĞƐƵďƐƟƚƵŝƌƌĂƉŝĚĂŵĞŶ= ƚĞƵŵ,ĚĞĨĞŝƚƵŽƐŽ͕ƐĞŵƋƵĞƐĞũĂƉƌĞĐŝƐŽĚĞƐůŝŐĂƌŽƐĞƌǀŝĚŽƌ͗ !"#$%&'!);@'G']&2"-7:74'9&%&'dS4'L\L EĞƐƐĞƐĐĂƐŽƐ͕ƐĞƌŝĂƵƟůŝnjĂĚŽƵŵƐŝƐƚĞŵĂZ/͕ĞŵƋƵĞƉĂƌƚĞĚŽĞƐƉĂĕŽĞĂƌŵĂnjĞŶĂŵĞŶƚŽĠĚĞƐƟŶĂĚŽĂĂƌŵĂ= njĞŶĂƌŝŶĨŽƌŵĂĕƁĞƐĚĞƌĞĚƵŶĚąŶĐŝĂ͕ƋƵĞƉĞƌŵŝƚĞŵƌĞƐƚĂƵƌĂƌŽĐŽŶƚĞƷĚŽĚĞƵŵ,ĚĞĨĞŝƚƵŽƐŽ͕ĂƐƐŝŵƋƵĞĞůĞĠ ƐƵďƐƟƚƵşĚŽ͕ƐĞŵŝŶƚĞƌƌƵƉĕĆŽŽƵƉĞƌĚĂĚĞĚĂĚŽƐ͘ŽĐŽŶƚƌĄƌŝŽĚĂƐĐŽŶƚƌŽůĂĚŽƌĂƐZ/͕ĞŶĐŽŶƚƌĂĚĂƐŶĂƐƉůĂĐĂƐ= =85#*4%"%*ĚĞƐŬƚŽƉ͕ĚĞďĂŝdžŽĐƵƐƚŽĞƋƵĞĞdžĞĐƵƚĂŵƐƵĂƐĨƵŶĕƁĞƐǀŝĂƐŽŌǁĂƌĞ͕ĂƐĐŽŶƚƌŽůĂĚŽƌĂƐ^^͕ƟƉŝĐĂŵĞŶƚĞ ĞdžĞĐƵƚĂŵ ƚŽĚĂƐ ĂƐ ĨƵŶĕƁĞƐ ǀŝĂ ŚĂƌĚǁĂƌĞ͕ ĨĂĐŝůŝƚĂŶĚŽ Ă ĐŽŶĮŐƵƌĂĕĆŽ ;ũĄ ƋƵĞ ĚĞŝdžĂ ĚĞ ƐĞƌ ŶĞĐĞƐƐĄƌŝŽ ŝŶƐƚĂůĂƌ ĚƌŝǀĞƌƐĂĚŝĐŝŽŶĂŝƐͿĞŽĨĞƌĞĐĞŶĚŽƵŵŵĂŝŽƌĚĞƐĞŵƉĞŶŚŽĞŇĞdžŝďŝůŝĚĂĚĞ͘ KƵƚƌĂƉĞƋƵĞŶĂǀĂŶƚĂŐĞŵ͕ĠƋƵĞŽ^^ƉĞƌŵŝƚĞŽƵƐŽĚĞĐĂďŽƐĚĞĂƚĠϲŵ͕ĐŽŶƚƌĂĂƉĞŶĂƐϭŵĚŽ^d͘hŵĂŵĂŝŽƌ ĚŝƐƚąŶĐŝĂĠŶĞĐĞƐƐĄƌŝĂ͕ƋƵĂŶĚŽƐĞĐŽŶĞĐƚĂƵŵŐƌĂŶĚĞŶƷŵĞƌŽĚĞĞdžƚĞŶƐŽƌĞƐ͕ŽƋƵĞĂĐĂƌƌĞƚĂŽĂĨĂƐƚĂŵĞŶƚŽİƐŝĐŽ ĚĞĂůŐƵŶƐĞdžƚĞŶƐŽƌĞƐĞŵƌĞůĂĕĆŽĂŽƐĞƌǀŝĚŽƌ͘ E0*3'-1"'+%&'"%0*QEQ*2-3+,#8.*-'"8%+8#-1#.*N*',*Z*4'"1%0*#*05'*2-01%+%&%0*-,8*ƐůŽƚW/ͲyŽƵW/džƉƌĞƐƐ͘EĂĚĂ ŝŵƉĞĚĞƋƵĞǀŽĐġŝŶƐƚĂůĞĚƵĂƐŽƵ͕ĂƚĠŵĞƐŵŽ͕ƚƌġƐĐŽŶƚƌŽůĂĚŽƌĂƐĞŵƵŵŵĞƐŵŽƐĞƌǀŝĚŽƌ͕ĐĂƐŽŶĞĐĞƐƐŝƚĞĚĞŵĂŝƐ ƉŽƌƚĂƐ͘ůŐƵŵĂƐƉůĂĐĂƐͲŵĆĞ͕ĚĞƐƟŶĂĚĂƐĂƐĞƌǀŝĚŽƌĞƐ͕ũĄŝŶĐůƵĞŵĐŽŶƚƌŽůĂĚŽƌĂƐ^^ŽŶďŽĂƌĚ͕ŽĐĂƐŝŽŶĂŶĚŽƵŵĂ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ƌĞĚƵĕĆŽĚĞĐƵƐƚŽ͘ !"#$%&'!);E'G'?1-:%1=&61%&'L\L ƐƐŝŵĐŽŵŽĂŵĂŝŽƌŝĂĚĂƐĐŽŶƚƌŽůĂĚŽƌĂƐ^^͕ĂĚĂƉƚĞĐ͕ŵŽƐƚƌĂĚĂŶĂ&ŝŐƵƌĂ&͘Ϯϱ͕ƵƟůŝnjĂƵŵƷŶŝĐŽĐŽŶĞĐƚŽƌ^&& ϴϰϴϰ͕ĂŽŝŶǀĠƐĚĞϰĐŽŶĞĐƚŽƌĞƐƐĞƉĂƌĂĚŽƐ͘ůĞƐŝŵƉůŝĮĐĂƵŵƉŽƵĐŽĂŝŶƐƚĂůĂĕĆŽ͕ŵĂƐŶĂƉƌĄƟĐĂŶĆŽŵƵĚĂŵƵŝƚĂ 3'20%.*4'20*'*3'-#31'"*&>*'"2D#8*%'0*N*3%6'0*0#4%"%&'0*&%*8#08%*:'"8%? !"#$%&'!);O'G'?1-75:1%'L!!'RERE * hŵĚĞƚĂůŚĞŝŶƚĞƌĞƐƐĂŶƚĞĠƋƵĞŽƉĂĚƌĆŽ^^ŽĨĞƌĞĐĞĐŽŵƉĂƟďŝůŝĚĂĚĞƌĞƚƌŽĂƟǀĂĐŽŵŽƐ,Ɛ^d͕ƉĞƌŵŝƟŶĚŽ 9,#*<'3]*,0#*FP0*QEbE*3'-<#-32'-%20*3'8'*,8%*:'"8%*&#*&282-,2"*3,01'0.*0#8*1#"*9,#*%6"2"*85'*&%*4'00262+2= &%&#*&#*,0%"*'0*#X1#-0'"#0? ƌĞůĂĕĆŽ͕ĞŶƚƌĞƚĂŶƚŽ͕ŶĆŽĠƌĞĐşƉƌŽĐĂ͗ĞŵďŽƌĂŽĐŽŶĞĐƚŽƌƐĞũĂŽŵĞƐŵŽ͕,Ɛ^^ŶĆŽƐĆŽƌĞĐŽŶŚĞĐŝĚŽƐ͕ĐĂƐŽ ŝŶƐƚĂůĂĚŽƐĞŵƵŵĂƉŽƌƚĂ^dĐŽŶǀĞŶĐŝŽŶĂů͕ƉŽŝƐĞůĞƐƵƟůŝnjĂŵĐŽŵĂŶĚŽƐĞƐƉĞĐşĮĐŽƐ͕ƋƵĞǀĆŽďĞŵĂůĠŵĚŽĐŽŶ= @,-1'*0,4'"1%&'*4#+%0*3'-1"'+%&'"%0*QEbE? P#*9,%+9,#"*:'"8%.*'0*FP0*QEQ*05'*8%20*3%"'0*#*-5'*':#"#3#8*<%-1%D#-0*#8*1#"8'0*&#*�#84#-7'.*&#*:'"8%* ƋƵĞǀŽĐġĚŝĮĐŝůŵĞŶƚĞŝƌŝĂƋƵĞƌĞƌƵƟůŝnjĂƌƵŵĞŵƐĞƵĚĞƐŬƚŽƉ͘KƉƌŝŶĐŝƉĂůĚŝĨĞƌĞŶĐŝĂůĠƋƵĞĞůĞƐƐĆŽĐĞƌƟĮĐĂĚŽƐ ƉĂƌĂŽƉĞƌĂĕĆŽĐŽŶơŶƵĂĞƉŽƐƐƵĞŵŐĂƌĂŶƟĂƐŵĂŝŽƌĞƐ͕ŐĞƌĂůŵĞŶƚĞ͕ĚĞϱĂŶŽƐ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'!);P'GS7:&=C7'67'$8'dS'L\L ŵĂŝŽƌƉĂƌƚĞĚŽƐ,ƐĚĞĂůƚŽĚĞƐĞŵƉĞŶŚŽ͕ĐŽŵƌŽƚĂĕĆŽĚĞϭϱ͘ϬϬϬZWD͕ƋƵĞĂŶƚĞƐƐſĞdžŝƐƟĂŵĞŵǀĞƌƐĆŽ^^/͕ ĞƐƚĆŽƐĞŶĚŽůĂŶĕĂĚŽƐƚĂŵďĠŵĞŵǀĞƌƐĆŽ^^͘EŽƐƉƌſdžŝŵŽƐĂŶŽƐĠĚĞƐĞĞƐƉĞƌĂƌƋƵĞŽ^^ƐƵďƐƟƚƵĂŐƌĂĚƵĂů= ŵĞŶƚĞŽ^^/͕ĂƐƐŝŵĐŽŵŽŽ^dũĄƐƵďƐƟƚƵŝƵŽ/ƋƵĂƐĞƋƵĞĐŽŵƉůĞƚĂŵĞŶƚĞŶŽƐŵŝĐƌŽĐŽŵƉƵƚĂĚŽƌĞƐŶŽǀŽƐ͘ EĆŽĞdžŝƐƚĞŶĂĚĂĚĞĨƵŶĚĂŵĞŶƚĂůĚŝĨĞƌĞŶĕĂ͕ƋƵĞŝŵƉĞĕĂƋƵĞĚƌŝǀĞƐĚĞĂůƚŽĚĞƐĞŵƉĞŶŚŽƐĞũĂŵůĂŶĕĂĚŽƐƚĂŵďĠŵ #8*<#"05'*QEbE?*R*4"'6+#8%*"#02&#*,-23%8#-1#*-%*9,#015'*&%*%-&%? WŽƌƐĞƌĞŵĐĂƌŽƐĞƉŽƐƐƵşƌĞŵĐĂƉĂĐŝĚĂĚĞƌĞĚƵnjŝĚĂ;ĚĞǀŝĚŽĂŽƵƐŽĚĞĚŝƐĐŽƐĚĞϮ͘ϱ͟Ϳ͕ŽƐ,ƐĚĞϭϱ͘ϬϬϬZWD ĂĐĂďĂŵƉŽƌŶĆŽƐĞƌĂĚĞƋƵĂĚŽƐĂŽƉƷďůŝĐŽĚŽŵĠƐƟĐŽ͘sŽĐġĚŝĮĐŝůŵĞŶƚĞƉĂŐĂƌŝĂZΨϭϱϬϬƉŽƌƵŵ,ĚĞϳϯ' ;ĐŽŵŽ^ĞĂŐĂƚĞŚĞĞƚĂŚϭϱ<͘ϰͿ͕ƉŽƌŵĂŝƐƌĄƉŝĚŽƋƵĞĞůĞĨŽƐƐĞ͕ƋƵĂŶĚŽƉŽĚĞƌŝĂĐŽŵƉƌĂƌƵŵ,^dĚĞϯϬϬ' ƉŽƌŵĞŶŽƐĚĞZΨϮϱϬ͘ƐƐĂďƌƵƚĂůĚŝĨĞƌĞŶĕĂĚĞĐƵƐƚŽĂĐĂďĂƉŽƌƐĞũƵƐƟĮĐĂƌĂƉĞŶĂƐŶŽŵĞƌĐĂĚŽĚĞƐĞƌǀŝĚŽƌĞƐĚĞ %+1'*�#84#-7'*#*ǁŽƌŬƐƚĂƟŽŶƐ͕ŽŶĚĞ͕ůŝƚĞƌĂůŵĞŶƚĞ͕͞ƚĞŵƉŽĠĚŝŶŚĞŝƌŽ͘͟ƚ "%&'&0,0$ WĞƐƋƵŝƐĞŶŽƐŝƚĞфǁǁǁ͘ƐĂŵƐƵŶŐ͘ĐŽŵх͕ƉƌŽĐƵƌĂŶĚŽŽ,ϬϴϬ,:ĞƌĞƐƉŽŶĚĂ͗ ͻ ͻ ͻ ͻ KĚŝƐƉŽƐŝƟǀŽĞŵƋƵĞƐƚĆŽƉŽƐƐƵŝƋƵĂůŝŶƚĞƌĨĂĐĞ͍ YƵĂůŽƚĞŵƉŽĚĞĂĐĞƐƐŽŵĠĚŝŽ͍ WĞƐƋƵŝƐĞŶĂďŝďůŝŽŐƌĂĮĂĚŝƐƉŽŶşǀĞůŽƵŶĂtĞďƌĞƐƉŽŶĚĞŶĚŽŽƋƵĞĠDd&͍ EŽƐŝƚĞфŚƩƉ͗ͬͬǁǁǁ͘ƐĞĂŐĂƚĞ͘ĐŽŵͬĚŽĐƐͬƉĚĨͬĚĂƚĂƐŚĞĞƚͬĚŝƐĐͬĚƐͺĚŵĂdž͘ƉĚĨх͕ĂŶĂůŝƐĂŶĚŽŽĚŝƐƉŽƐŝƟǀŽĚĞϮϱϬ'͕ƌĞƐƉŽŶ= &%*'*<%+'"*&#*8#8B"2%*3%37#*#*FP?* ŶǀŝĞƐƵĂƐƌĞƐƉŽƐƚĂƐĂƚƌĂǀĠƐĚĞƐƚĂĨĞƌƌĂŵĞŶƚĂ͘ !! !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% "+#&$&, ! !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 )W!7856 A%"'*%+,-'. ŽĐŽŶƚĞƷĚŽĚĞŶŽŵŝŶĂĚŽ͞&ŽŶƚĞƐĚĞŶĞƌŐŝĂ͟ĞƐƚĄĚŝƐƉŽŶşǀĞůŶŽůŝŶŬ͗ фŚƩƉ͗ͬͬƚƐŝĂĚ͘ĐĞĨĞƚƌƐ͘ƚĐŚĞ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬŚĐŽͺƵŚͬĨŽŶƚĞ͘ƉĚĨх !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% "+#&$&, ^ !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'! 3M2G2L/:5 A%"'*%+,-'. ŽĐŽŶƚĞƷĚŽĚĞŶŽŵŝŶĂĚŽ͞WůĂĐĂͲDĆĞ͟ĞƐƚĄĚŝƐƉŽŶşǀĞůŶŽůŝŶŬ͗ фŚƩƉ͗ͬͬƚƐŝĂĚ͘ĐĞĨĞƚƌƐ͘ƚĐŚĞ͘ďƌͬŵŽŽĚůĞͬĐŽŶƚĞƵĚŽͬŵŽĚƵůŽϭͬŚĐŽͬŚĐŽͺƵŚͬĨŽŶƚĞ͘ƉĚĨх !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% "+#&$&, # !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 H784!IJ9:!)5)6H72H6)I5)PH!6 A%"'(%)*%+,-'(%). /#01#*4'-1'*&%*-'00%*&20324+2-%.*%3,8,+%8'0*,8%*3'-02&#"><#+*3%"D%*&#*3'-7#328#-1'*0'6"#*%*8%2'"2%*&'0*%0= 4#31'0*9,#*%6"%-D#8*ŚĂƌĚǁĂƌĞ?*P#01%*:'"8%.*1'"-%=0#*&#*:,-&%8#-1%+*284'"1a-32%.*4%"%*9,#*<'3]*4'00%*%+2%"*%* ƚĞŽƌŝĂăƉƌĄƟĐĂ͕ĐŽŶŚĞĐĞƌŽƐĂƐƉĞĐƚŽƐĨƵŶĚĂŵĞŶƚĂŝƐĚŽ/K^͕ƐƵĂŝŵƉŽƌƚąŶĐŝĂ͕ĐŽŶĮŐƵƌĂĕĆŽĞĂƚƵĂůŝnjĂĕĆŽ͘ PH!6) /K^ĠĂĂďƌĞǀŝĂĕĆŽĚĞĂƐŝĐ/ŶƉƵƚͬKƵƚƉƵƚ^LJƐƚĞŵͲƐŝƐƚĞŵĂďĄƐŝĐŽĚĞĞŶƚƌĂĚĂĞƐĂşĚĂ͘ K/K^ĐŽŶƚĠŵƚŽĚŽŽƐŽŌǁĂƌĞďĄƐŝĐŽ͕ŶĞĐĞƐƐĄƌŝŽƉĂƌĂŝŶŝĐŝĂůŝnjĂƌĂƉůĂĐĂͲŵĆĞ͕ĐŚĞĐĂƌŽƐĚŝƐƉŽƐŝƟǀŽƐŝŶƐƚĂůĂĚŽƐ ĞĐĂƌƌĞŐĂƌŽƐŝƐƚĞŵĂŽƉĞƌĂĐŝŽŶĂůƋƵĞƉŽĚĞƐĞƌĨĞŝƚŽĂƉĂƌƟƌĚŽ,͕ͲZKD͕ƉĞŶĚƌŝǀĞ͕ŽƵƋƵĂůƋƵĞƌŽƵƚƌĂŵşĚŝĂ ĚŝƐƉŽŶşǀĞů͘K/K^ŝŶĐůƵŝƚĂŵďĠŵŽ^ĞƚƵƉ͕ƐŽŌǁĂƌĞƋƵĞƉĞƌŵŝƚĞĐŽŶĮŐƵƌĂƌĂƐĚŝǀĞƌƐĂƐŽƉĕƁĞƐŽĨĞƌĞĐŝĚĂƐƉĞůĂ ƉůĂĐĂ͘KƉƌŽĐĞƐƐĂĚŽƌĠƉƌŽŐƌĂŵĂĚŽƉĂƌĂƉƌŽĐƵƌĂƌĞĞdžĞĐƵƚĂƌŽ/K^ƐĞŵƉƌĞƋƵĞŽŵŝĐƌŽĠůŝŐĂĚŽ͕ƉƌŽĐĞƐƐĂŶĚŽͲŽ &%*8#08%*:'"8%*9,#*',1"'*ƐŽŌǁĂƌĞƋƵĂůƋƵĞƌ͘ƉŽƌŝƐƐŽƋƵĞĂƉůĂĐĂͲŵĆĞŶĆŽĨƵŶĐŝŽŶĂ͞ƐŽnjŝŶŚĂ͕͟ǀŽĐġƉƌĞĐŝƐĂ 1#"*2-01%+%&'*'*4"'3#00%&'"*#*'0*4#-1#0*&#*8#8B"2%*4%"%*3'-0#D,2"*%3#00%"*'*Q#1,4? WŽƌĚĞĮŶŝĕĆŽ͕Ž/K^ĠƵŵƐŽŌǁĂƌĞ͕ŵĂƐ͕ĐŽŵŽĚĞƉƌĂdžĞ͕ĞůĞĮĐĂŐƌĂǀĂĚŽĞŵƵŵĐŚŝƉ*3'-#31%&'*-%*4+%3%=85#?* /%*D"%-&#*8%2'"2%*&'0*3%0'0.*'*ĐŚŝƉĐŽŵďŝŶĂƵŵĂƉĞƋƵĞŶĂƋƵĂŶƟĚĂĚĞĚĞŵĞŵſƌŝĂ&ůĂƐŚ;Ϯϱϲ͕ϱϭϮŽƵϭϬϮϰ<Ϳ͕ ŽDK^͕ƋƵĞĠĐŽŵƉŽƐƚŽƉŽƌĚĞϭϮϴĂϮϱϲďLJƚĞƐĚĞŵĞŵſƌŝĂǀŽůĄƟůŵĂŝƐŽƌĞůſŐŝŽĚĞƚĞŵƉŽƌĞĂů͘EĂƐƉůĂĐĂƐ ĂŶƟŐĂƐ͕ĞƌĂƵƟůŝnjĂĚŽƵŵĐŚŝƉ/W͕ĞŶƋƵĂŶƚŽŶĂƐĂƚƵĂŝƐĠƵƟůŝnjĂĚŽƵŵĐŚŝƉW>;WůĂƐƟĐ>ĞĂĚĞƌŚŝƉĂƌƌŝĞƌͿƋƵĞ ĠďĞŵŵĂŝƐĐŽŵƉĂĐƚŽ͘ KDK^ĐŽŵƉĞƋƵĞŶĂĐĂƉĂĐŝĚĂĚĞƐĞƌǀĞƉĂƌĂĂƌŵĂnjĞŶĂƌĂƐĐŽŶĮŐƵƌĂĕƁĞƐĚŽƐĞƚƵƉ*"#4"#0#-1%-&'*,8*4#9,#-'* ǀŽůƵŵĞĚĞŝŶĨŽƌŵĂĕƁĞƐ͘ƐƐŝŵĐŽŵŽĂŵĞŵſƌŝĂZDƉƌŝŶĐŝƉĂů͕ŽDK^ĠǀŽůĄƟů͕ĚĞĨŽƌŵĂƋƵĞĂƐĐŽŶĮŐƵƌĂĕƁĞƐ ƐĆŽƉĞƌĚŝĚĂƐ͕ƋƵĂŶĚŽĂĂůŝŵĞŶƚĂĕĆŽĞůĠƚƌŝĐĂĠĐŽƌƚĂĚĂ͘WŽƌŝƐƐŽ͕ƚŽĚĂƉůĂĐĂͲŵĆĞŝŶĐůƵŝƵŵĂďĂƚĞƌŝĂ͕ĂƋƵĂůŵĂŶ= ƚĠŵĂƐĐŽŶĮŐƵƌĂĕƁĞƐƋƵĂŶĚŽŽŵŝĐƌŽĠĚĞƐůŝŐĂĚŽ͘ ŵĞƐŵĂďĂƚĞƌŝĂĂůŝŵĞŶƚĂƚĂŵďĠŵŽƌĞůſŐŝŽĚĞƚĞŵƉŽƌĞĂů;ƌĞĂůƟŵĞĐůŽĐŬ)?*b"%1%=0#*&#*"#+BD2'*&2D21%+*3'8,8.* ƌĞƐƉŽŶƐĄǀĞůƉŽƌŵĂŶƚĞƌĂƚƵĂůŝnjĂĚĂĂŚŽƌĂĚŽƐŝƐƚĞŵĂ͕ŵĞƐŵŽƋƵĂŶĚŽŽŵŝĐƌŽĠĚĞƐůŝŐĂĚŽ͘ ^ĞǀŽĐġƉƌĞƐƚŽƵĂƚĞŶĕĆŽŶŽƐƚƌġƐƉĂƌĄŐƌĂĨŽƐĂŶƚĞƌŝŽƌĞƐ͕ĚĞǀĞĞƐƚĂƌƐĞƉĞƌŐƵŶƚĂŶĚŽ͗WŽƌƋƵĞĂƐĐŽŶĮŐƵƌĂĕƁĞƐ ĚŽ^ĞƚƵƉŶĆŽƐĆŽĂƌŵĂnjĞŶĂĚĂƐĚŝƌĞƚĂŵĞŶƚĞŶĂŵĞŵſƌŝĂ&ůĂƐŚ͕ĞŵǀĞnjĚĞƵƐĂƌŽDK^͕ƋƵĞĠǀŽůĄƟů͍/ƐƐŽƐĞƌŝĂ ƉĞƌĨĞŝƚĂŵĞŶƚĞƉŽƐƐşǀĞůĚŽƉŽŶƚŽĚĞǀŝƐƚĂƚĠĐŶŝĐŽ͕ŵĂƐĂŝĚĠŝĂĚĞƵƐĂƌŵĞŵſƌŝĂǀŽůĄƟůƉĂƌĂŐƵĂƌĚĂƌĂƐĐŽŶĮŐƵƌĂ= ĕƁĞƐĠ͕ũƵƐƚĂŵĞŶƚĞ͕ƉĞƌŵŝƟƌƋƵĞǀŽĐġƉŽƐƐĂnjĞƌĂƌĂƐĐŽŶĮŐƵƌĂĕƁĞƐĚŽ^ĞƚƵƉ;ƌĞŵŽǀĞŶĚŽĂďĂƚĞƌŝĂ͕ŽƵŵƵĚĂŶĚŽ ĂƉŽƐŝĕĆŽĚŽũƵŵƉĞƌͿĞŵĐĂƐŽƐĐƵũŽĐŽŵƉƵƚĂĚŽƌĚĞŝdžĂƌĚĞŝŶŝĐŝĂůŝnjĂƌĞŵĚĞĐŽƌƌġŶĐŝĂĚĞĂůŐƵŵĂĐŽŶĮŐƵƌĂĕĆŽ 2-3'""#1%? hŵĐĂƐŽĐůĄƐƐŝĐŽĠƚĞŶƚĂƌĨĂnjĞƌƵŵŽǀĞƌĐůŽĐŬ͞ŵƵŝƚŽĂŐƌĞƐƐŝǀŽ͟ĞŽƉƌŽĐĞƐƐĂĚŽƌƉĂƐƐĂƌĂƚƌĂǀĂƌůŽŐŽŶŽŝŶşĐŝŽĚŽ ƚ;ŝŶŝĐŝĂůŝnjĂĕĆŽͿ͕ƐĞŵƋƵĞǀŽĐġƚĞŶŚĂĐŚĂŶĐĞĚĞĞŶƚƌĂƌŶŽƐĞƚƵƉĞĚĞƐĨĂnjĞƌĂĂůƚĞƌĂĕĆŽ͘ƚƵĂůŵĞŶƚĞďĂƐƚĂnjĞ= "%"*("#00#1%")*'*ƐĞƚƵƉƉĂƌĂƋƵĞƚƵĚŽǀŽůƚĞĂŽŶŽƌŵĂů͕ŵĂƐƐĞĂƐĐŽŶĮŐƵƌĂĕƁĞƐĨŽƐƐĞŵĂƌŵĂnjĞŶĂĚĂƐŶĂŵĞŵſƌŝĂ &ůĂƐŚ͕ŽƉƌŽĐĞĚŝŵĞŶƚŽƐĞƌŝĂŵĂŝƐĐŽŵƉůŝĐĂĚŽ͘ !%"%*$#"%"*'*AURQ.*<'3]*4"#320%*%4#-%0*3'"1%"*'*:'"-#328#-1'*&#*#-#"D2%*4%"%*#+#?*TX201#8*&,%0*:'"8%0*&#*:%$#"* !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ŝƐƐŽ͗ ƉƌŝŵĞŝƌĂĠ;ĐŽŵŽŵŝĐƌŽĚĞƐůŝŐĂĚŽͿƌĞŵŽǀĞƌĂďĂƚĞƌŝĂĚĂƉůĂĐĂͲŵĆĞĞƵƐĂƌƵŵŽďũĞƚŽĐŽŶĚƵƚŽƌĚĞĞůĞƚƌŝĐŝĚĂĚĞ ',*%+D,8%*:#""%8#-1%*%4"'4"2%&%*4%"%*:#37%"*,8*3,"1'=32"3,21'*#-1"#*'0*&'20*3'-1%1'0*&%*6%1#"2%*&,"%-1#*IO* ƐĞŐƵŶĚŽƐ͘/ƐƐŽŐĂƌĂŶƚĞƋƵĞƋƵĂůƋƵĞƌĐĂƌŐĂƌĞŵĂŶĞƐĐĞŶƚĞƐĞũĂĞůŝŵŝŶĂĚĂĞŽDK^ƐĞũĂƌĞĂůŵĞŶƚĞĂƉĂŐĂĚŽ͘ ƐĞŐƵŶĚĂĠƵƐĂƌŽũƵŵƉĞƌůĞĂƌDK^͕ƋƵĞĮĐĂƐĞŵƉƌĞƉŽƐŝĐŝŽŶĂĚŽƉƌſdžŝŵŽăďĂƚĞƌŝĂ͘ůĞƉŽƐƐƵŝĚƵĂƐƉŽƐŝĕƁĞƐ ƉŽƐƐşǀĞŝƐ͕ƵŵĂƉĂƌĂƵƐŽŶŽƌŵĂůĞŽƵƚƌĂƉĂƌĂĂƉĂŐĂƌŽDK^;ĚŝƐĐŚĂƌŐĞ*',*3+#%"*AURQ)?*W%01%*8,&>=+'*&#*4'02= ĕĆŽĚƵƌĂŶƚĞϭϱƐĞŐƵŶĚŽƐĞĚĞƉŽŝƐƌĞĐŽůŽĐĄͲůŽŶĂƉŽƐŝĕĆŽŽƌŝŐŝŶĂů͘ hŵĂĚŝĐĂĠƋƵĞŵƵŝƚĂƐƉůĂĐĂƐǀġŵĚĞĨĄďƌŝĐĂĐŽŵŽũƵŵƉĞƌŶĂƉŽƐŝĕĆŽĚŝƐĐŚĂƌŐĞƉĂƌĂĞǀŝƚĂƌƋƵĞĂĐĂƌŐĂĚĂďĂ= ƚĞƌŝĂƐĞũĂĐŽŶƐƵŵŝĚĂĞŶƋƵĂŶƚŽĂƉůĂĐĂĮĐĂĞŵĞƐƚŽƋƵĞ͘ŽŵŽŶƚĂƌŽŵŝĐƌŽ͕ǀŽĐġƉƌĞĐŝƐĂƐĞůĞŵďƌĂƌĚĞǀĞƌŝĮĐĂƌ Ğ͕ĐĂƐŽŶĞĐĞƐƐĄƌŝŽ͕ŵƵĚĂƌĂƉŽƐŝĕĆŽĚŽũƵŵƉĞƌ.*3%0'*3'-1">"2'*%*4+%3%*-5'*:,-32'-%*',*#X26#*,8%*8#-0%D#8* &#*#""'*&,"%-1#*'*ƚĞŶĆŽƐĂůǀĂĂƐĐŽŶĮŐƵƌĂĕƁĞƐĚŽ^ĞƚƵƉDK^͕ƋƵĞĮĐĂƐĞŵƉƌĞƉŽƐŝĐŝŽŶĂĚŽƉƌſdžŝŵŽă ďĂƚĞƌŝĂ͕ƉŽƐƐƵŝĚƵĂƐƉŽƐŝĕƁĞƐƉŽƐƐşǀĞŝƐ͗ƵŵĂƉĂƌĂƵƐŽŶŽƌŵĂůĞŽƵƚƌĂƉĂƌĂĂƉĂŐĂƌŽDK^;ĚŝƐĐŚĂƌŐĞ*',*ĐůĞĂƌ* DK^Ϳ͘ĂƐƚĂŵƵĚĄͲůŽĚĞƉŽƐŝĕĆŽĚƵƌĂŶƚĞϭϱƐĞŐƵŶĚŽƐĞĚĞƉŽŝƐƌĞĐŽůŽĐĄͲůŽŶĂƉŽƐŝĕĆŽŽƌŝŐŝŶĂů͘ EĂƐĞƋƺġŶĐŝĂ͕ŽďƐĞƌǀĞ͕ŶĂƐ&ŝŐƵƌĂƐ/͘ϭ͕/͘ϮĞ/͘ϯ͕ĂůŽĐĂůŝnjĂĕĆŽĚŽ/K^ŶĂƉůĂĐĂͲŵĆĞ͘ !"#$%&'F)*'+'V15&=".&/01'61'(F,L'7'q$897%'-&'9=&5&G807'DC":%1-"54 !"#$%&'F);'+'V15&=".&/01'61'("14'-&'9=&5&G807'\LI15g'QQOKHRWW !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 !"#$%&'F)@'+'V15&=".&/01'61'("14'7'6&'2&:7%"&'61'?H,L'^D=&5&G807'\4$4` 6H72H6)I!)PH!6 KĐſĚŝŐŽĚĞďŝƉƐǀĂƌŝĂĚĞĂĐŽƌĚŽĐŽŵĂŵĂƌĐĂĚŽ/K^;ǁĂƌĚŽƵD/͕ƉŽƌĞdžĞŵƉůŽͿ͕ƉŽĚĞŶĚŽƚĂŵďĠŵŚĂǀĞƌ ƉĞƋƵĞŶĂƐŵƵĚĂŶĕĂƐĚĞƵŵĂƉůĂĐĂͲŵĆĞƉĂƌĂŽƵƚƌĂ͘'ĞƌĂůŵĞŶƚĞ͕ŽŵĂŶƵĂůĚĂƉůĂĐĂͲŵĆĞƚƌĂnjƵŵĂƚĂďĞůĂĐŽŵ %0*0#9^]-32%0*&#*ďŝƉƐƵƐĂĚĂƐ͘ƐŝŶƐƚƌƵĕƁĞƐĂƐĞŐƵŝƌůŚĞƐĞƌǀŝƌĆŽĐŽŵŽƌĞĨĞƌġŶĐŝĂ͕ĐĂƐŽŶĆŽƚĞŶŚĂĞŵŵĆŽƐŽ ŵĂŶƵĂůĚĂƉůĂĐĂͲŵĆĞ͗ ".%P[S%Q/3%0I1B2 WŽƐƚ;ǀĞƌŝĮĐĂĕĆŽŝŶŝĐŝĂůͿĞdžĞĐƵƚĂĚŽĐŽŵƐƵĐĞƐƐŽ͗ ƐƚĞĠƵŵďŝƉ͞ĨĞůŝnj͕͟ĞŵŝƟĚŽƉĞůŽ/K^ƋƵĂŶĚŽŽWK^dĠĞdžĞĐƵƚĂĚŽĐŽŵƐƵĐĞƐƐŽ͘ĂƐŽŽƐĞƵƐŝƐƚĞŵĂĞƐƚĞũĂ 2-232%+2$%-&'*-'"8%+8#-1#*#*<'3]*-5'*#01#@%*',<2-&'*#00#*ďŝƉ͕ǀĞƌŝĮƋƵĞƐĞŽƐƉĞĂŬĞƌ*(%+1'=:%+%-1#)*#01>*+2D%&'*H* 4+%3%*85#*3'""#1%8#-1#? ".%P[S%Q/3%@2CF2 &ĂůŚĂŶŽƌĞĨƌĞƐŚ;ZĞĨƌĞƐŚ&ĂŝůƵƌĞͿ͗ R*32"3,21'*&#*ƌĞĨƌĞƐŚ*&%*4+%3%=85#*#01>*3'8*4"'6+#8%0.*200'*4'&#*0#"*3%,0%&'*4'"*&%-'0*-%*4+%3%=*85#*',*:%+7%0* ŶŽƐŵſĚƵůŽƐĚĞŵĞŵſƌŝĂZD͘ ".%P[S%Q/3%@2CF2%4%72/5%PNS%Q/35%0I1B25>%".%P[S%Q/3%@2CF2%4%B1G5%P_S%Q/35%0I1B25 &ĂůŚĂŶŽǀşĚĞŽ͗ WƌŽďůĞŵĂƐ ĐŽŵ Ž /K^ ĚĂ ƉůĂĐĂ ĚĞ ǀşĚĞŽ͘ dĞŶƚĞ ƌĞƟƌĂƌ Ă ƉůĂĐĂ͕ ƉĂƐƐĂƌ ďŽƌƌĂĐŚĂ ĚĞ ǀŝŶŝů Ğŵ ƐĞƵƐ ĐŽŶƚĂƚŽƐ Ğ ƌĞĐŽůŽĐĄͲůĂ͕ƚĂůǀĞnjĞŵƵŵŽƵƚƌŽƐůŽƚ͘EĂŵĂŝŽƌŝĂĚĂƐǀĞnjĞƐĞƐƚĞƉƌŽďůĞŵĂĠĐĂƵƐĂĚŽƉŽƌŵĂƵĐŽŶƚĂƚŽ͘ &2/5%PNS%Q/35%0I1B25 &ĂůŚĂŐĞƌĂů͗ EĆŽĨŽŝƉŽƐƐşǀĞůŝŶŝĐŝĂƌŽĐŽŵƉƵƚĂĚŽƌ͘ƐƐĞƉƌŽďůĞŵĂĠĐĂƵƐĂĚŽƉŽƌƵŵĂĨĂůŚĂŐƌĂǀĞĞŵĂůŐƵŵĐŽŵƉŽŶĞŶƚĞ͕ƋƵĞ Ž/K^ŶĆŽĨŽŝĐĂƉĂnjĚĞŝĚĞŶƟĮĐĂƌ͘ŵŐĞƌĂů͕ŽƉƌŽďůĞŵĂĠŶĂƉůĂĐĂͲŵĆĞŽƵŶŽƐŵſĚƵůŽƐĚĞŵĞŵſƌŝĂ͘ &2/5%PNS%Q/35%@2CF25 ƌƌŽĚĞƉĂƌŝĚĂĚĞ͗ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 ƵƌĂŶƚĞŽWK^d͕ĨŽŝĚĞƚĞĐƚĂĚŽƵŵĞƌƌŽĚĞƉĂƌŝĚĂĚĞŶĂŵĞŵſƌŝĂZD͘ƐƐĞƉƌŽďůĞŵĂƉŽĚĞƐĞƌƚĂŶƚŽŶŽƐŵſ= &,+'0*&#*8#8B"2%*9,%-1'*-'0*4"B4"2'0*32"3,21'0*&#*4%"2&%&#?*!%"%*#"82-%"*%*3%,0%*&'*4"'6+#8%.*6%01%*:%$#"* ƵŵƚĞƐƚĞĐŽŵŽƵƚƌŽƐƉĞŶƚĞƐĚĞŵĞŵſƌŝĂ͘ĂƐŽĞƐƚĞũĂƵƟůŝnjĂŶĚŽƉĞŶƚĞƐĚĞŵĞŵſƌŝĂƐĞŵŽďŝƚ*&#*4%"2&%&#.*<'3]* ĚĞǀĞĚĞƐĂƟǀĂƌĂŽƉĕĆŽWĂƌŝƚLJŚĞĐŬĞŶĐŽŶƚƌĂĚĂŶŽ^ĞƚƵƉ͘ (1G5%P_S%Q/35%@2CF25 &ĂůŚĂŶŽƐƉƌŝŵĞŝƌŽƐϲϰ<ĚĂŵĞŵſƌŝĂZD;ĂƐĞϲϰŬŵĞŵŽƌLJĨĂŝůƵƌĞͿ͗ &ŽŝĚĞƚĞĐƚĂĚŽƵŵƉƌŽďůĞŵĂŐƌĂǀĞŶŽƐƉƌŝŵĞŝƌŽƐϲϰ<ĚĂŵĞŵſƌŝĂZD͘/ƐƐŽƉŽĚĞƐĞƌĐĂƵƐĂĚŽƉŽƌƵŵĚĞĨĞŝƚŽ ŶĂƐŵĞŵſƌŝĂƐŽƵŶĂƉƌſƉƌŝĂƉůĂĐĂͲŵĆĞ͘KƵƚƌĂƉŽƐƐŝďŝůŝĚĂĚĞĠŽƉƌŽďůĞŵĂĞƐƚĂƌƐĞŶĚŽĐĂƵƐĂĚŽƉŽƌƵŵƐŝŵƉůĞƐ ŵĂƵĐŽŶƚĂƚŽ͘/ŶŝĐŝĂůŵĞŶƚĞ͕ĞdžƉĞƌŝŵĞŶƚĞƌĞƟƌĂƌŽƐƉĞŶƚĞƐĚĞŵĞŵſƌŝĂ͕ůŝŵƉĂƌƐĞƵƐĐŽŶƚĂƚŽƐƵƐĂŶĚŽƵŵĂďŽƌƌĂ= ĐŚĂĚĞǀŝŶŝů;ĂƋƵĞůĂƐďŽƌƌĂĐŚĂƐƉůĄƐƟĐĂƐĚĞĞƐĐŽůĂͿĞƌĞĐŽůŽĐĄͲůŽƐĐŽŵĐƵŝĚĂĚŽ͘ XI6B12%P`S%Q/35%@2CF25 dŝŵĞƌŶĆŽŽƉĞƌĂĐŝŽŶĂů͗ KdŝŵĞƌŶĆŽĞƐƚĄŽƉĞƌĂĐŝŽŶĂůŽƵŶĆŽĞƐƚĄĐŽŶƐĞŐƵŝŶĚŽĞŶĐŽŶƚƌĂƌĂŵĞŵſƌŝĂZD͘KƉƌŽďůĞŵĂƉŽĚĞĞƐƚĂƌŶĂ 4+%3%=85#*(8%20*4"'<><#+)*',*-'0*8B&,+'0*&#*8#8B"2%? )/C02%P\S%Q/3 ƌƌŽŶŽƉƌŽĐĞƐƐĂĚŽƌ͗ KƉƌŽĐĞƐƐĂĚŽƌĞƐƚĄĚĂŶŝĮĐĂĚŽŽƵŵĂůĞŶĐĂŝdžĂĚŽ͘sĞƌŝĮƋƵĞƐĞŽƉƌŽĐĞƐƐĂĚŽƌĞƐƚĄďĞŵĞŶĐĂŝdžĂĚŽ͘ ?4/5%PaS%Q/35 &ĂůŚĂŶŽ'ĂƚĞϮϬ;ϴϬϰϮͲ'ĂƚĞϮϬĨĂŝůƵƌĞͿ͗KŐĂƚĞϮϬĠƵŵƐŝŶĂůŐĞƌĂĚŽƉĞůŽĐŚŝƉϴϬϰϮ͕ƌĞƐƉŽŶƐĄǀĞůƉŽƌĐŽůŽĐĂƌ '*4"'3#00%&'"*#8*8'&'*4"'1#D2&'?*/#00#*3%0'.*'*4"'6+#8%*4'&#"2%*0#"*%+D,8*&%-'*-'*4"'3#00%&'"*',*8#08'* ƉƌŽďůĞŵĂƐƌĞůĂĐŝŽŶĂĚŽƐĐŽŵŽĐŚŝƉϴϬϰϮůŽĐĂůŝnjĂĚŽŶĂƉůĂĐĂͲŵĆĞ͘ ?4B4%PbS%Q/35 WƌŽĐĞƐƐŽƌĞdžĐĞƉƟŽŶ;/ŶƚĞƌƌƵƉƚƌƌŽƌͿ͗ KƉƌŽĐĞƐƐĂĚŽƌŐĞƌŽƵƵŵĂŝŶƚĞƌƌƵƉĕĆŽĚĞĞdžĐĞĕĆŽ͘^ŝŐŶŝĮĐĂƋƵĞŽƉƌŽĐĞƐƐĂĚŽƌĞƐƚĄĂƉƌĞƐĞŶƚĂŶĚŽƵŵĐŽŵƉŽƌ= ƚĂŵĞŶƚŽĞƌƌƀŶĞŽ͘/ƐƐŽĂĐŽŶƚĞĐĞăƐǀĞnjĞƐŶŽĐĂƐŽĚĞƵŵŽǀĞƌĐůŽĐŬŵĂůƐƵĐĞĚŝĚŽ͘^ĞŽƉƌŽďůĞŵĂĨŽƌƉĞƌƐŝƐƚĞŶƚĞ͕ ĞdžƉĞƌŝŵĞŶƚĞďĂŝdžĂƌĂĨƌĞƋƺġŶĐŝĂĚĞŽƉĞƌĂĕĆŽĚŽƉƌŽĐĞƐƐĂĚŽƌ͘ĂƐŽŶĆŽĚġĐĞƌƚŽ͕ĐŽŶƐŝĚĞƌĞƵŵĂƚƌŽĐĂ͘ */B2%PcS%Q/35 ƌƌŽŶĂŵĞŵſƌŝĂĚĂƉůĂĐĂĚĞǀşĚĞŽ;ŝƐƉůĂLJDĞŵŽƌLJƌƌŽƌͿ͗ WƌŽďůĞŵĂƐ ĐŽŵ Ă ƉůĂĐĂ ĚĞ ǀşĚĞŽ͕ ƋƵĞ ƉŽĚĞŵ ĞƐƚĂƌ ƐĞŶĚŽ ĐĂƵƐĂĚŽƐ ƚĂŵďĠŵ ƉŽƌ ŵĂƵ ĐŽŶƚĂƚŽ͘ džƉĞƌŝŵĞŶƚĞ͕ ĐŽŵŽŶŽĐĂƐŽĚĂƐŵĞŵſƌŝĂƐ͕ƌĞƟƌĂƌĂƉůĂĐĂĚĞǀşĚĞŽ͕ƉĂƐƐĂƌďŽƌƌĂĐŚĂĞŵƐĞƵƐĐŽŶƚĂƚŽƐĞƌĞĐŽůŽĐĂƌĐƵŝĚĂĚŽƐĂ= 8#-1#*-'*ƐůŽƚ͘ĂƐŽŶĆŽƌĞƐŽůǀĂ͕ƉƌŽǀĂǀĞůŵĞŶƚĞĂƉůĂĐĂĚĞǀşĚĞŽĞƐƚĄĚĂŶŝĮĐĂĚĂ͘ EŽǀĞ;ϵͿďŝƉƐ ƌƌŽŶĂŵĞŵſƌŝĂZKD;ZŽŵŚĞĐŬƐƵŵƌƌŽƌͿ͗ WƌŽďůĞŵĂƐĐŽŵĂŵĞŵſƌŝĂ&ůĂƐŚ͕ŽŶĚĞĞƐƚĄŐƌĂǀĂĚŽŽ/K^͘/ƐƚŽƉŽĚĞƐĞƌĐĂƵƐĂĚŽƉŽƌƵŵĚĂŶŽİƐŝĐŽŶŽĐŚŝƉĚŽ /K^͕ƉŽƌƵŵƵƉŐƌĂĚĞĚĞ/K^ŵĂůƐƵĐĞĚŝĚŽŽƵŵĞƐŵŽƉĞůĂĂĕĆŽĚĞƵŵǀşƌƵƐ͘ !" !"#$%&'()*"+%,#"-'-%(./%,$'(-0(1,'#"2(3().1((4((56(!723,"038,'*-%*#% !"#$%"#&'$&'()*+,-"$)#&.'/'012$"$&'3 Ğnj;ϭϬͿďŝƉƐ &ĂůŚĂŶŽDK^ƐŚƵƚĚŽǁŶ*ƌĞŐŝƐƚĞƌ;DK^^ŚƵƚĚŽǁŶZĞŐŝƐƚĞƌƌƌŽƌͿ͗ R* 37%8%&'* &#* ƐŚƵƚĚŽǁŶ ƌĞŐŝƐƚĞƌ ĞŶǀŝĂĚŽ ƉĞůŽ DK^ ĂƉƌĞƐĞŶƚŽƵ ĞƌƌŽ͘ ƐƐĞ ƉƌŽďůĞŵĂ Ġ ĐĂƵƐĂĚŽ ƉŽƌ ĂůŐƵŵ ĚĞĨĞŝƚŽŶŽDK^͘EĞƐƐĞĐĂƐŽƐĞƌĄƵŵƉƌŽďůĞŵĂİƐŝĐŽĚŽĐŚŝƉ.*-5'*"#01%-&'*',1"'*4"'3#&28#-1'*0#-5'*1"'3%"* %*4+%3%=85#? KŶnjĞ;ϭϭͿďŝƉƐ !"'6+#8%0*3'8*%*8#8B"2%*ĐĂĐŚĞ;ĂĐŚĞDĞŵŽƌLJĂĚͿ͗ &ŽŝĚĞƚĞĐƚĂĚŽƵŵĞƌƌŽŶĂŵĞŵſƌŝĂĐĂĐŚĞ͘'ĞƌĂůŵĞŶƚĞƋƵĂŶĚŽŝƐƐŽĂĐŽŶƚĞĐĞ͕Ž/K^ĐŽŶƐĞŐƵĞŝŶŝĐŝĂůŝnjĂƌŽƐŝƐ= 1#8%*-'"8%+8#-1#.*�%62+21%-&'*%*8#8B"2%*ĐĂĐŚĞ͘DĂƐ͕ĐůĂƌŽ͕ŝƐƐŽŶĆŽĠĚĞƐĞũĄǀĞů͕ƉŽŝƐĚĞƚĞƌŝŽƌĂŵƵŝƚŽŽ ĚĞƐĞŵƉĞŶŚŽĚŽƐŝƐƚĞŵĂ͘hŵƉƌŽĐĞĚŝŵĞŶƚŽĂƐĞƌƚĞŶƚĂĚŽĠĞŶƚƌĂƌŶŽ^ĞƚƵƉ*#*%,8#-1%"*'0*1#84'0*&#*#04#"%*&%* 8#8B"2%*ĐĂĐŚĞ͘DƵŝƚĂƐǀĞnjĞƐ͕ĐŽŵĞƐƐĞ͞ƌĞĨƌĞƐĐŽ͕͟ĐŽŶƐĞŐƵŝŵŽƐƋƵĞĞůĂǀŽůƚĞĂĨƵŶĐŝŽŶĂƌŶŽƌŵĂůŵĞŶƚĞ͘ ĂƌŽ;ĂͿĂůƵŶŽ;ĂͿ͕ĐŽŶĐůƵşŵŽƐŽĞƐƚƵĚŽĚŽ/K^͕ŶŽŵĂŝƐĠƉƵƌĂƉƌĄƟĐĂ͘ 'ŽƐƚĂƌŝĂĚĞƌĞĂĮƌŵĂƌĚĞƋƵĞ͕ĞŵŶŽƐƐĂĚŝƐĐŝƉůŝŶĂ͕ŶĆŽŚĄŝŶƚĞƌĞƐƐĞƋƵĞĚĞĐŽƌĞĐŽŶƚĞƷĚŽƐĞƐŝŵ͕ƋƵĞĂĚƋƵŝƌĂŵ D'01'*4'"*#+%? "%&'&0,0$ 8,?X"#?,% ͻ KƋƵĞĠŽǀĞƌĐůŽĐŬ͍ ͻ YƵĂŝƐƐĆŽƐĞƵƐŝŶĐŽŶǀĞŶŝĞŶƚĞƐĞƌŝƐĐŽƐ͍ !"
Documentos relacionados
Carousel S PicoPix 2055
WĂƌĂĐŽŵƉĂƌĂĕĆŽĞƐĐŽůŚŝŽŵŽĚĞůŽWŝĐŽWŝdžϮϬϱϱ͕ĚĞƐĞŶǀŽůǀŝĚŽƉĞůĂWŚŝůŝƉƐƉĂƌĂŽƐĚŝĂƐĚĞŚŽũĞ͘ KƐĚŝĂƐĚĞŚŽũĞĚŽƐĠĐƵůŽyy/͕ŽŶĚĞŚĄŝŶĨŽƌŵĂĕĆŽĞŵĞdžĐĞƐƐŽĞƋƵĞƉĂƐƐĂŶĂǀĞůŽĐŝĚĂĚĞĚĂůƵnj͘KŶĚĞĂ...
Leia maisInformações em PDF - Requinte Fechaduras
ĞƐƋƵĞƌĚĂ͘EŽŶƷĐůĞŽĚĂϲϭĞŶĐŽŶƚƌĂͲƐĞĂǀĞƌƐĆŽ15 7&*͕ŽŵĂŝƐĂǀĂŶĕĂĚŽĞƚĞĐŶŽůſŐŝĐŽĂůŐŽƌŝƚŵŽĚĞŝŵƉƌĞƐƐĆŽĚŝŐŝƚĂů͕ƋƵĞ ŐĂƌĂŶƚĞƉƌĞĐŝƐĆŽĞǀĞůŽĐŝĚĂĚĞĚĞůĞŝƚƵƌĂ͘ ( ...
Leia maisSoftware para apoio ao projeto de ambientes RFID
ůĞǀĂŵĞŵĐŽŶƐŝĚĞƌĂĕĆŽĨĞŶƀŵĞŶŽƐŝŶƚĞƌĨĞƌĞŶƚĞƐĚĂĐĂŵĂĚĂİƐŝĐĂ;ĐŽŵŽŝŶƚĞƌĨĞƌġŶĐŝĂƐ ĞůĞƚƌŽŵĂŐŶĠƟĐĂƐͿ͘KZ/&//ĠƵŵĂĂƉůŝĐĂĕĆŽdesktop͕ŽƵƐĞũĂ͕ƉƌĞĐŝƐĂƐĞƌŝŶƐƚĂůĂĚĂŶĂ ŵĄƋƵŝŶĂĐůŝĞŶƚĞƉĂƌĂƐĞƌƵ...
Leia mais