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ƐƚƌƵĐƚƵƌĞĐĐ͗ůĞĚŽĚĠĐĂğĚƌĞ;ĚƌŽŝƚĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
&ŝŐƵƌĞ/ͲϮ͗ŐƌĠŐĂƚĚĞƐƚƌƵĐƚƵƌĞŝĐŽƐĂĠĚƌŝƋƵĞ;ŐĂƵĐŚĞͿ͕ĚĞƐƚƌƵĐƚƵƌĞĚĠĐĂĠĚƌŝƋƵĞ;ĚƌŽŝƚĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
&ŝŐƵƌĞ/Ͳϭ͗'ĠŽŵĠƚƌŝĞĚƵďůŽĐƐŽƵƌĐĞăǀĂƉŽƌŝƐĂƚŝŽŶůĂƐĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
&ŝŐƵƌĞ/ͲϮ͗^ĐŚĠŵĂĚĞůĂƐŽƵƌĐĞĐůĂƐƐŝƋƵĞĚĞƉƌŽĚƵĐƚŝŽŶĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐƉĂƌůĂŵĠƚŚŽĚĞ>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
&ŝŐƵƌĞ/Ͳϯ͗^ĐŚĠŵĂĚĞůĂƐŽƵƌĐĞĚĞƉƌŽĚƵĐƚŝŽŶĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐƚƌŝĠĞƐĞŶƚĂŝůůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ
&ŝŐƵƌĞ/Ͳϰ͗ZĞƉƌĠƐĞŶƚĂƚŝŽŶϯĚĞůĂƐŽƵƌĐĞƚƌŝĠĞĞŶƚĂŝůůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ
&ŝŐƵƌĞ/Ͳϱ͗/ŵĂŐĞƐDdĚĞƉĂƌƚŝĐƵůĞƐĚĞŽŶŽŶƚƌŝĠĞƐĞŶƚĂŝůůĞ;ĂͿĞƚƚƌŝĠĞƐĞŶƚĂŝůůĞ;ďͿĞƚĞŶĐĂƉƐƵůĠĞƐĚĂŶƐ
ƵŶĞŵĂƚƌŝĐĞĚĞĂŵŽƌƉŚĞ͘>ΖĞŶĐĂƌƚƉƌĠƐĞŶƚĞůĞƐŚŝƐƚŽŐƌĂŵŵĞƐĚĞƚĂŝůůĞĚĠĚƵŝƚƐ͕ĐŽƌƌĞƐƉŽŶĚĂŶƚăĚĞƐ
ĚŝƐƚƌŝďƵƚŝŽŶƐĚĞƚĂŝůůĞůŽŐŶŽƌŵĂůĞĞƚŐĂƵƐƐŝĞŶŶĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
&ŝŐƵƌĞ//Ͳϭ͗ŝƐƉŽƐŝƚŝĨĚĞĚĠƚĞĐƚŝŽŶĚ͛ƵŶŵĂŐŶĠƚŽŵğƚƌĞă^Yh/͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
&ŝŐƵƌĞ///Ͳϭ͗WƌŝŶĐŝƉĞĚĞƐŵĞƐƵƌĞƐyD͘^͛ŝůĞǆŝƐƚĞƵŶĚĠĐĂůĂŐĞĚĞƐƐƉŝŶƐƵƉĞƚĚŽǁŶĚĂŶƐůĂďĂŶĚĞĚĞ
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ŽďƚĞŶƵƐƐĠƉĂƌĠŵĞŶƚƉĂƌĐŽŵďŝŶĂŝƐŽŶƐůŝŶĠĂŝƌĞƐĚĞƐĂŝƌĞƐĞƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ
&ŝŐƵƌĞ/sͲϭ͗/ŶƚĞƌĂĐƚŝŽŶĠůĞĐƚƌŽŶŵĂƚŝğƌĞĞƚĚŝĨĨĠƌĞŶƚƐǀĞĐƚĞƵƌƐĚ͛ŝŶĨŽƌŵĂƚŝŽŶĞŶƌĠƐƵůƚĂŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ
&ŝŐƵƌĞ/sͲϮ͗^ĐŚĠŵĂƌĞƉƌĠƐĞŶƚĂŶƚůĞƐĚĞƵǆŵŽĚĞƐĞŶDdĐŽŶǀĞŶƚŝŽŶŶĞůůĞ͗;ŐĂƵĐŚĞͿŵŽĚĞĐŚĂŵƉĐůĂŝƌŽƶůĞ
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&ŝŐƵƌĞ/Ͳϭ͗ĚŝŵŝŶƵƚŝŽŶĚĞů͛ĠŶĞƌŐŝĞĚŝƉŽůĂŝƌĞƉĂƌĐƌĠĂƚŝŽŶĚĞĚŽŵĂŝŶĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ
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&ŝŐƵƌĞ/Ͳϯ͗ǆĞŵƉůĞĚĞƐŽůƵƚŝŽŶĚĂŶƐůĞŵŽĚğůĞĚĞ^ƚŽŶĞƌͲtŽůŚĨĂƌƚŚƉŽƵƌůĞƐĚĞƵǆƉŽƐŝƚŝŽŶƐĚĞĨĂĐŝůĞ
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&ŝŐƵƌĞ/Ͳϰ͗ǇĐůĞƐĚ͛ŚǇƐƚĠƌĠƐŝƐĚĞůĂĐŽŵƉŽƐĂŶƚĞĚĞů͛ĂŝŵĂŶƚĂƚŝŽŶĚĂŶƐůĂĚŝƌĞĐƚŝŽŶĚƵĐŚĂŵƉĂƉƉůŝƋƵĠ
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ĞƚůĞĐŚĂŵƉĂƉƉůŝƋƵĠ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ
&ŝŐƵƌĞ/Ͳϱ͗^ĐŚĠŵĂĚĞů͛ĂƐƚƌŽŢĚĞĚĞ^ƚŽŶĞƌĞƚtŽŚůĨĂƌƚŚĞŶĚĞƵǆĚŝŵĞŶƐŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ
&ŝŐƵƌĞ/Ͳϲ͗ZĞƉƌĠƐĞŶƚĂƚŝŽŶϯĚ͛ƵŶĠĐŚĂŶƚŝůůŽŶĚĞƚǇƉĞĐŽͲĚĠƉƀƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ
&ŝŐƵƌĞ//Ͳϭ͗ǆĞŵƉůĞĚĞĐŽƵƌďĞ&Ͳ&ƉŽƵƌƵŶĠĐŚĂŶƚŝůůŽŶĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽŶŽǇĠĞƐĚĂŶƐƵŶĞŵĂƚƌŝĐĞ
ĚĞƵ;EdϭϬͲϭϴͿ͘>͛ĞŶĐĂƌƚƌĞƉƌĠƐĞŶƚĞůĂĐŽƵƌďĞĚ͛ĂŝŵĂŶƚĂƚŝŽŶăŚĂƵƚĞƚĞŵƉĠƌĂƚƵƌĞ;ϯϬϬ<Ϳ͘ƵƉƌĞŵŝĞƌ
ĂďŽƌĚ͕ŽŶƉĞƵƚŽďƐĞƌǀĞƌdŵĂǆƋƵŝĞƐƚƵŶĞƐŝŐŶĂƚƵƌĞĚĞů͛ĂŶŝƐŽƚƌŽƉŝĞŵĂŐŶĠƚŝƋƵĞ͘ĞƉŝĐƉƌĠƐĞŶƚĞ
ƐĐŚĠŵĂƚŝƋƵĞŵĞŶƚůĂƚƌĂŶƐŝƚŝŽŶĚĞů͛ĠƚĂƚďůŽƋƵĠǀĞƌƐů͛ĠƚĂƚƐƵƉĞƌƉĂƌĂŵĂŐŶĠƚŝƋƵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ
[YL

&ŝŐƵƌĞ//ͲϮ͗ŽŵƉĂƌĂŝƐŽŶĞŶƚƌĞůĞƐĐŽƵƌďĞƐ&ͬ&ŽďƚĞŶƵĞƐĂǀĞĐůĞŵŽĚğůĞƉƌŽŐƌĞƐƐŝĨĞƚăĚĞƵǆĠƚĂƚƐ͘͘͘͘͘͘͘͘ϯϴ
&ŝŐƵƌĞ//Ͳϯ͗ŽŵƉĂƌĂŝƐŽŶĚ͛ƵŶĞĐŽƵƌďĞ&;ϯϬϬ<ÆϮ<ͿĞƚĚ͛ƵŶĞͨ&ƌĞƚŽƵƌͩ;Ϯ<ÆϯϬϬ<ͿƉŽƵƌƵŶ
ĠĐŚĂŶƚŝůůŽŶĐŽŶƐƚŝƚƵĠĚ͛ƵŶĞĂƐƐĞŵďůĠĞĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞĐŽďĂůƚĚĂŶƐƵŶĞŵĂƚƌŝĐĞĚ͛Žƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϵ
&ŝŐƵƌĞ//Ͳϰ͗ŽŵƉĂƌĂŝƐŽŶĞŶƚƌĞůĞƐŵŽĚğůĞƉƌŽŐƌĞƐƐŝĨĞƚăĚĞƵǆĠƚĂƚƐƐƵƌůĞƐĐŽƵƌďĞƐ&Ͳ&͘>ĞƐĐĂůĐƵůƐƐŽŶƚ
ĞĨĨĞĐƚƵĠƐĚĂŶƐůĞĐĂƐĚ͛ƵŶĞĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĂŝůůĞŐĂƵƐƐŝĞŶŶĞĐĞŶƚƌĠĞƐƵƌϯ͕ϱŶŵĂǀĞĐƵŶĞĚŝƐƉĞƌƐŝŽŶĚĞ
Ͳϯ
Ϭ͕ϮϰŶŵ͘>ĂĐŽŶƐƚĂŶƚĞĚ͛ĂŶŝƐŽƚƌŽƉŝĞĞƐƚĨŝǆĠĞăϭϬϬŬ:͘ŵ ĞƚůĞƉĂƐĚĞĚŝƐĐƌĠƚŝƐĂƚŝŽŶăϬ͕ϬϯŶŵ͘͘͘͘͘͘͘͘͘͘͘ϰϬ
&ŝŐƵƌĞ//Ͳϱ͗ǇĐůĞĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϯϬϬ<ƉŽƵƌĚĞƐƉĂƌƚŝĐƵůĞƐĚĞĐŽďĂůƚĚĂŶƐƵŶĞŵĂƚƌŝĐĞĚ͛Žƌ͘>ĂĐŽƵƌďĞƉĞƵƚ
ġƚƌĞĂũƵƐƚĠĞĂǀĞĐůĞƐƚƌŽŝƐĚŝƐƚƌŝďƵƚŝŽŶƐĚĞƚĂŝůůĞƐŵŽŶƚƌĠĞƐĞŶŝŶƐĞƌƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ
&ŝŐƵƌĞ//Ͳϲ͗ŽƵƌďĞƐ&Ͳ&ƉŽƵƌů͛ĠĐŚĂŶƚŝůůŽŶŽ͗Ƶ͘>ĂĐŽƵƌďĞƌŽƵŐĞĐŽƌƌĞƐƉŽŶĚĂƵƚƌŝƉůĞĂũƵƐƚĞŵĞŶƚ͘>ĞƐ
ĂƵƚƌĞƐĐŽƵƌďĞƐĐŽƌƌĞƐƉŽŶĚĞŶƚăĚĞƐĂũƵƐƚĞŵĞŶƚƐďĂƐĠƐƐƵƌůĞƐĚŝƐƚƌŝďƵƚŝŽŶƐĚĞƚĂŝůůĞƐĚĞůĂ&ŝŐƵƌĞ//Ͳϱ͘
>͛ŝŶƐĞƌƚŵŽŶƚƌĞůĞƐĚŝƐƚƌŝďƵƚŝŽŶƐĚĞƚĂŝůůĞĚĠĚƵŝƚĞƐĚƵƚƌŝƉůĞĂũƵƐƚĞŵĞŶƚĞƚĚƵDd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϮ
&ŝŐƵƌĞ//Ͳϳ͗WĂƌƚŝĞƐƌĠĞůůĞƐĞƚŝŵĂŐŝŶĂŝƌĞƐĚĞů͛ĂŝŵĂŶƚĂƚŝŽŶĞŶĨŽŶĐƚŝŽŶĚĞůĂƚĞŵƉĠƌĂƚƵƌĞăĚŝĨĨĠƌĞŶƚĞƐ
ĨƌĠƋƵĞŶĐĞƐƐŽƵƐƵŶĐŚĂŵƉĚĞϯ͕ϱŵdƉŽƵƌĚĞƐƉĂƌƚŝĐƵůĞƐĚ͛ŽǆǇĚĞĚĞĨĞƌƉƌĠƉĂƌĠĞƐƉĂƌǀŽŝĞĐŚŝŵŝƋƵĞ͘
>ĞƐůŝŐŶĞƐĐŽƌƌĞƐƉŽŶĚĞŶƚĂƵǆĂũƵƐƚĞŵĞŶƚƐĞĨĨĞĐƚƵĠĞƐĂǀĞĐůĞƐĠƋƵĂƚŝŽŶƐ;//͘ϭϭͿĞƚůĂĚŝƐƚƌŝďƵƚŝŽŶĚĞ
ƚĂŝůůĞŝƐƐƵĞĚƵƚƌŝƉůĞĂũƵƐƚĞŵĞŶƚ;Ϳ;ŐĂƵĐŚĞͿ͘sĂƌŝĂƚŝŽŶĞǆƉĠƌŝŵĞŶƚĂůĞĚĞůĂĨƌĠƋƵĞŶĐĞĚĞƌĞůĂǆĂƚŝŽŶ
ĞƚĂũƵƐƚĞŵĞŶƚĂǀĞĐůĂůŽŝĚĞEĠĞů;ĠƋ͘//͘ϭϮͿ͘;ĚƌŽŝƚĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϰ
&ŝŐƵƌĞ//Ͳϴ͗;ĂͿŽƵƌďĞƐ&Ͳ&ĞƚĐǇĐůĞƐĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϯϬϬ<ĚĞƉĂƌƚŝĐƵůĞƐĚ͛ŽǆǇĚĞĚĞĨĞƌ͘>ĞƐůŝŐŶĞƐ
ĐŽƌƌĞƐƉŽŶĚĞŶƚĂƵƚƌŝƉůĞĂũƵƐƚĞŵĞŶƚ͘;ďͿŝƐƚƌŝďƵƚŝŽŶƐĚĞƚĂŝůůĞƐĚĠĚƵŝƚĞƐĚƵƚƌŝƉůĞĂũƵƐƚĞŵĞŶƚĞƚĚĞƐ
ŽďƐĞƌǀĂƚŝŽŶƐDd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϰ
&ŝŐƵƌĞ//Ͳϵ͗ǆĞŵƉůĞĚĞĐŽƵƌďĞĚĞƐƵƐĐĞƉƚŝďŝůŝƚĠĂůƚĞƌŶĂƚŝǀĞƉŽƵǀĂŶƚġƚƌĞĂũƵƐƚĠĞĂǀĞĐƚƌŽŝƐĚŝƐƚƌŝďƵƚŝŽŶƐĚĞ
ƚĂŝůůĞĚŝĨĨĠƌĞŶƚĞƐ;ŝŶƐĞƌƚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϲ
&ŝŐƵƌĞ//ͲϭϬ͗ĠƉĞŶĚĂŶĐĞĚĞůĂƐƵƐĐĞƉƚŝďŝůŝƚĠăů͛ŽƌĚƌĞƚƌŽŝƐĞŶĨŽŶĐƚŝŽŶĚĞʍ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ
&ŝŐƵƌĞ//Ͳϭϭ͗^ŝŵƵůĂƚŝŽŶĚĞĐŽƵƌďĞƐ&ͬ&ƉŽƵƌĚŝĨĨĠƌĞŶƚƐŵŽĚğůĞĚĞŵĞƋ;ĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĂŝůůĞĚĞƚǇƉĞ
ϯ
ůŽŐŶŽƌŵĂů;ŵсϯ͘ϮŶŵ͕ĚŝƐƉĞƌƐŝŽŶсϬ͘ϮϲͿ͕<ĞĨĨсϭϳϴŬ:ͬŵ ĂǀĞĐƵŶĐŚĂŵƉĂƉƉůŝƋƵĠĚĞϱŵdͿ͘͘͘͘͘͘͘͘͘͘ϰϳ
&ŝŐƵƌĞ//ͲϭϮ͗DĞƐƵƌĞƐĞǆƉĠƌŝŵĞŶƚĂůĞƐĚĞĐŽƵƌďĞƐ&ͬ&ƉŽƵƌĚŝĨĨĠƌĞŶƚĞƐǀĂůĞƵƌƐĚĞĐŚĂŵƉĂƉƉůŝƋƵĠ͘͘͘͘͘͘͘͘͘ϰϴ
&ŝŐƵƌĞ//Ͳϭϯ͗DĞƐƵƌĞƐĞǆƉĠƌŝŵĞŶƚĂůĞƐĚĞĐŽƵƌďĞƐ&ͬ&ƉŽƵƌĚŝĨĨĠƌĞŶƚƐǀĂůĞƵƌƐĚĞĐŚĂŵƉĂƉƉůŝƋƵĠĞƚ
ĂũƵƐƚĞŵĞŶƚƐĂǀĞĐůĞƐŵŽĚğůĞƐůŝŶĠĂŝƌĞ;ƌŽƵŐĞͿĞƚƐƵƐĐĞƉƚŝďŝůŝƚĠăů͛ŽƌĚƌĞƚƌŽŝƐ;ďůĞƵͿ;ĠĐŚĂŶƚŝůůŽŶĚĞ
ŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞĐŽďĂůƚĚĂŶƐƵŶĞŵĂƚƌŝĐĞĚ͛ŽƌͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϵ
&ŝŐƵƌĞ//Ͳϭϰ͗ŽƵƌďĞƐŵ&Ͳŵ&ƉŽƵƌĚŝĨĨĠƌĞŶƚƐĐŚĂŵƉƐĂƉƉůŝƋƵĠƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϭ
&ŝŐƵƌĞ//Ͳϭϱ͗ŽƵƌďĞƐŵ&Ͳŵ&ĞƚĂũƵƐƚĞŵĞŶƚĂǀĞĐů͛ĞƋ͘//͘ϭϲ͘ǇĐůĞƐĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϯϬϬ<ĞŶŝŶƐĞƌƚ͘͘͘͘͘͘͘͘͘͘ϱϭ
&ŝŐƵƌĞ///Ͳϭ͗ǇĐůĞăϬ<ĚĂŶƐůĞŵŽĚğůĞĚĞ^ƚŽŶĞƌĞƚtŽŚůĨĂƌƚŚ͕ƉŽƵƌƵŶĞĂƐƐĞŵďůĠĞƚƌŝĚŝŵĞŶƐŝŽŶŶĞůůĞĚĞ
ƉĂƌƚŝĐƵůĞƐăĂŶŝƐŽƚƌŽƉŝĞƵŶŝĂǆŝĂůĞĚŽŶƚůĞƐĂǆĞƐƐŽŶƚŽƌŝĞŶƚĠƐĂůĠĂƚŽŝƌĞŵĞŶƚ;ŐĂƵĐŚĞͿ͘ǆĞŵƉůĞĚĞĐǇĐůĞ
Ě͛ĂŝŵĂŶƚĂƚŝŽŶăďĂƐƐĞƚĞŵƉĠƌĂƚƵƌĞ;Ϯ<ͿƉŽƵƌƵŶĞĂƐƐĞŵďůĠĞĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽĚĂŶƐƵŶĞ
ŵĂƚƌŝĐĞĚĞƵ;ĚƌŽŝƚĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϰ
&ŝŐƵƌĞ///ͲϮ͗ƐǇƐƚğŵĞĚ͛ĂǆĞƵƚŝůŝƐĠĚĂŶƐůĞƐĐĂůĐƵůƐ͘>͛ĂǆĞĚĞĨĂĐŝůĞĂŝŵĂŶƚĂƚŝŽŶĞƐƚƐĞůŽŶǌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϱ
&ŝŐƵƌĞ///Ͳϯ͗^ŝŵƵůĂƚŝŽŶƐĚĞĐǇĐůĞƐĚ͛ĂŝŵĂŶƚĂƚŝŽŶƐăϮ͕ϰ͕ϲ͕ϴ͕ϭϬĞƚϭϮ<ĚĂŶƐůĞƐĐĂƐĚ͛ƵŶĞĂŶŝƐŽƚƌŽƉŝĞ
ƵŶŝĂǆŝĂůĞƐĂŶƐ;ĂͿĞƚĂǀĞĐĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĂŝůůĞ;ďͿ͖ĚĂŶƐůĞƐĐĂƐĚ͛ƵŶĞĂŶŝƐŽƚƌŽƉŝĞďŝĂǆŝĂůĞͮ<Ϯͬ<ϭͮсϬ͕ϱ
ƐĂŶƐ;ĐͿĞƚĂǀĞĐĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĂŝůůĞ;ĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϳ
[YLL

&ŝŐƵƌĞ///Ͳϰ͗^ŝŵƵůĂƚŝŽŶƐŶƵŵĠƌŝƋƵĞƐĚĞĐǇĐůĞƐĚ͛ŚǇƐƚĠƌĠƐŝƐăϬ<ĚĂŶƐůĞƐĐĂƐƵŶŝĂǆŝĂů;<ϮсϬͿ;ŶŽŝƌͿĞƚďŝĂǆŝĂů
;ͮ<Ϯͬ<ϭͮсϬ͕ϱͿ;ƌŽƵŐĞͿ͘>ĞƐĂƐƚƌŽŢĚĞƐĐŽƌƌĞƐƉŽŶĚĂŶƚƐƐŽŶƚŵŽŶƚƌĠƐĞŶŝŶƐĞƌƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϵ
&ŝŐƵƌĞ///Ͳϱ͗ŝƐƚƌŝďƵƚŝŽŶĚĞƐĐŚĂŵƉƐĚĞƌĞƚŽƵƌŶĞŵĞŶƚƉŽƵƌĚĞƐĂŶŝƐŽƚƌŽƉŝĞƐƵŶŝĂǆŝĂůĞĞƚďŝĂǆŝĂůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ
&ŝŐƵƌĞ///Ͳϲ͗dƌĂũĞĐƚŽŝƌĞĚĞů͛ĂŝŵĂŶƚĂƚŝŽŶĚ͛ƵŶĞƉĂƌƚŝĐƵůĞĂǀĞĐƵŶĞĂŶŝƐŽƚƌŽƉŝĞďŝĂǆŝĂůĞƐƵƌƵŶĚĞŵŝͲĐǇĐůĞ
Ě͛ŚǇƐƚĠƌĠƐŝƐ;ŐĂƵĐŚĞͿĞƚĚŝƐƚƌŝďƵƚŝŽŶĚĞƐĐŚĂŵƉƐĚĞƌĞƚŽƵƌŶĞŵĞŶƚ;ĚƌŽŝƚĞͿ͘>ĞĐŚĂŵƉĞƐƚĂƉƉůŝƋƵĠĚĞ
ǀĞƌƐĞƚƚƌĂǀĞƌƐĞůĂƐƵƌĨĂĐĞĚĞů͛ĂƐƚƌŽŢĚĞĞŶ;ĂͿ͘WƌŽũĞĐƚŝŽŶĚĂŶƐůĞƐƉůĂŶƐǆǇ;ďͿĞƚǇǌ;ĐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϭ
&ŝŐƵƌĞ/sͲϭ͗ZĞƉƌĠƐĞŶƚĂƚŝŽŶƐĐŚĠŵĂƚŝƋƵĞĚĞůĂŵĞƐƵƌĞ/ZD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϯ
&ŝŐƵƌĞ/sͲϮ͗ŽƵƌďĞƐ/ZD͕ĐĞƚȴŵĐĂůĐƵůĠĞƐădсϬ<ƉŽƵƌƵŶĞĂƐƐĞŵďůĠĞĚĞŵĂĐƌŽƐƉŝŶƐƵŶŝĂǆŝĂƵǆ
ŽƌŝĞŶƚĠƐĚĞŵĂŶŝğƌĞĂůĠĂƚŽŝƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ
&ŝŐƵƌĞ/sͲϯ͗^ŝŵƵůĂƚŝŽŶŶƵŵĠƌŝƋƵĞĚ͛ƵŶĞĐŽƵƌďĞ/ZDăϬ<;ĚƌŽŝƚĞͿƉŽƵƌƵŶĞĂƐƐĞŵďůĠϯĚĞŵĂĐƌŽƐƉŝŶƐ
ƵŶŝĂǆŝĂƵǆĚĠĚƵŝƚĞĚƵĐŚĂŵƉĚĞƌĞƚŽƵƌŶĞŵĞŶƚ,Ɛǁ;ɽŚͿ;ŐĂƵĐŚĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϳ
&ŝŐƵƌĞ/sͲϰ͗^ŝŵƵůĂƚŝŽŶƐĚĞĐŽƵƌďĞƐ/ZDăϬ͕Ϭ͕ϭ͕Ϭ͕ϱ͕ϭ͕Ϯ͕ϯ͕ϰĞƚϰ͕ϱ<ĚĂŶƐůĞĐĂƐĚ͛ƵŶĞĂŶŝƐŽƚƌŽƉŝĞƵŶŝĂǆŝĂůĞ
ƐĂŶƐĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĂŝůůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ
&ŝŐƵƌĞ/sͲϱ͗ĨĨĞƚĚ͛ƵŶĞǀĂƌŝĂƚŝŽŶĚĞ<ĞĨĨƐƵƌůĞƐĐŽƵƌďĞƐ/ZDăϮ<;ŐĂƵĐŚĞͿ͖ŽƵƌďĞƐ/ZDăϮ<ƐŝŵƵůĠĞƐƉŽƵƌ
ĚĞƐƉĂƌƚŝĐƵůĞƐĚĞĚŝĨĨĠƌĞŶƚĞƐƚĂŝůůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ
&ŝŐƵƌĞ/sͲϲ͗ŽƵƌďĞƐ/ZD͕ăϮ<͕ƐŝŵƵůĠĞƐƉŽƵƌƵŶĞĂƐƐĞŵďůĠĞĚĞƉĂƌƚŝĐƵůĞƐĂǀĞĐƵŶĞĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĂŝůůĞ
ŐĂƵƐƐŝĞŶŶĞĐĞŶƚƌĠĞƐƵƌƵŶĚŝĂŵğƚƌĞĚĞϰŶŵ;ŐĂƵĐŚĞͿŽƵϮ͕ϱŶŵ;ĚƌŽŝƚĞͿĂǀĞĐƵŶĞĚŝƐƉĞƌƐŝŽŶƌĞůĂƚŝǀĞ
ĚĞϴй͕ĂŝŶƐŝƋƵĞƉŽƵƌƵŶĞƐĞƵůĞƚĂŝůůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϬ
&ŝŐƵƌĞ/sͲϳ͗ŽƵƌďĞƐ/ZD;ădсϮ<Ϳ͕ŶŽƌŵĂůŝƐĠĞƐƉĂƌƌĂƉƉŽƌƚăŵƌ͕ƉŽƵƌƵŶĞĂƐƐĞŵďůĠĞĚĞƉĂƌƚŝĐƵůĞƐĂǀĞĐ
ƵŶĞĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĂŝůůĞŐĂƵƐƐŝĞŶŶĞ͘ŐĂƵĐŚĞ͕ĞĨĨĞƚĚ͛ƵŶĐŚĂŶŐĞŵĞŶƚĚĞĚŝĂŵğƚƌĞŵĠĚŝĂŶ͗ŵǀĂƵƚ
ƐƵĐĐĞƐƐŝǀĞŵĞŶƚϮ͕ϱŶŵ͕ϯŶŵ͕ϰŶŵ͕ϱŶŵĞƚϴŶŵƚĂŶĚŝƐƋƵĞůĂĚŝƐƉĞƌƐŝŽŶƌĞůĂƚŝǀĞĞƐƚĨŝǆĠĞăʘсϮϬй͘
ĚƌŽŝƚĞ͕ĞĨĨĞƚĚ͛ƵŶĐŚĂŶŐĞŵĞŶƚĚĞĚŝƐƉĞƌƐŝŽŶƌĞůĂƚŝǀĞ͗ʘǀĂƵƚƐƵĐĐĞƐƐŝǀĞŵĞŶƚϭй͕ϴй͕ϮϬйĞƚϱϬй
ƚĂŶĚŝƐƋƵĞŵĞƐƚĨŝǆĠăϯŶŵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ
&ŝŐƵƌĞ/sͲϴ͗ŽŵƉĂƌĂŝƐŽŶĚĞƐĐŽƵƌďĞƐ/ZDƉŽƵƌůĞƐĐŽƵƉůĞƐ;<ĞĨĨ͕sͿĞƚ;<ĞĨĨͬϮ͕ϮsͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ
&ŝŐƵƌĞ/sͲϵ͗ŽŵƉĂƌĂŝƐŽŶĞŶƚƌĞʌƐǁĞƚʖŝƌƌ͘ăƚĞŵƉĠƌĂƚƵƌĞŶƵůůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϮ
&ŝŐƵƌĞ/sͲϭϬ͗ŽŵƉĂƌĂŝƐŽŶĚĞʖŝƌƌ͕ʌƐǁĞƚʌƐǁ;dсϬͿƉŽƵƌƵŶĞĂƐƐĞŵďůĠĞĚĞƉĂƌƚŝĐƵůĞƐădсϮ<͘>ĂĚŝƐƚƌŝďƵƚŝŽŶ
ĚĞƚĂŝůůĞĞƐƚƵŶĞŐĂƵƐƐŝĞŶŶĞĐĞŶƚƌĠĞƐƵƌϯŶŵĂǀĞĐϮϬйĚĞĚŝƐƉĞƌƐŝŽŶƌĞůĂƚŝǀĞ͘>ĂĐŽŶƐƚĂŶƚĞ
Ͳϯ
Ě͛ĂŶŝƐŽƚƌŽƉŝĞĂĠƚĠĨŝǆĠĞăϭϮϬŬ:͘ŵ ͘>ĞƚƌĂŝƚǀĞƌƚŝĐĂůĞŶƉŽŝŶƚŝůůĠƐǀĞƌƚĐŽƌƌĞƐƉŽŶĚăůĂƉŽƐŝƚŝŽŶĚƵƉŝĐ
ƉŽƵƌůĂƚĂŝůůĞŵĠĚŝĂŶĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ
&ŝŐƵƌĞ/sͲϭϭ͗;ŐĂƵĐŚĞͿŽƵƌďĞƐ/ZDƐŝŵƵůĠĞƐădсϮ<ƉŽƵƌƵŶĞĂƐƐĞŵďůĠĞĚĞƉĂƌƚŝĐƵůĞƐĚĞĚŝĂŵğƚƌĞϯŶŵ͕
ĂǀĞĐƵŶĞĚŝƐƚƌŝďƵƚŝŽŶʌ;<ĞĨĨͿŐĂƵƐƐŝĞŶŶĞĐĞŶƚƌĠĞƐƵƌϭϮϬŬ:͘ŵͲϯĞƚƉŽƵƌĚŝĨĨĠƌĞŶƚĞƐĚŝƐƉĞƌƐŝŽŶƐƌĞůĂƚŝǀĞƐ
ʘ<͘;ĚƌŽŝƚĞͿʖŝƌƌĞƚʌƐǁĐĂůĐƵůĠƐădсϮ<ƉŽƵƌůĞƐŵġŵĞƐƉĂƌƚŝĐƵůĞƐĚĂŶƐůĞĐĂƐʘ<сϬ͕Ϯϱ͘>ĞƚƌĂŝƚǀĞƌƚŝĐĂů
ĞŶƉŽŝŶƚŝůůĠƐŝŶĚŝƋƵĞůĂƉŽƐŝƚŝŽŶĚƵƉŝĐĚĞĐŚĂŵƉĚĞƌĞƚŽƵƌŶĞŵĞŶƚĚĂŶƐůĞĐĂƐŽƶŝůŶ͛ǇĂƉĂƐĚĞ
ĚŝƐƉĞƌƐŝŽŶĚĞ<ĞĨĨ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ
&ŝŐƵƌĞ/sͲϭϮ͗^ŝŵƵůĂƚŝŽŶƐŶƵŵĠƌŝƋƵĞƐĚ͛/ZD;ƚƌĂŝƚĐŽŶƚŝŶƵͿĞƚʖŝƌƌ;ƉŽŝŶƚŝůůĠƐͿăϬ<ĚĂŶƐůĞƐĐĂƐƵŶŝĂǆŝĂů;<Ϯс
ϬͿ;ŶŽŝƌͿĞƚďŝĂǆŝĂů;ͮ<Ϯͬ<ϭͮсϬ͕ϱͿ;ƌŽƵŐĞͿ͘>ĞƐĂƐƚƌŽŢĚĞƐĐŽƌƌĞƐƉŽŶĚĂŶƚƐƐŽŶƚŵŽŶƚƌĠƐĞŶŝŶƐĞƌƚ͘͘͘͘͘͘͘͘͘ϳϱ
&ŝŐƵƌĞ/Ͳϭ͗ĐŽƵƌďĞƐ/ZD͕ĐĞƚȴŵăϮ<ƉŽƵƌƵŶĠĐŚĂŶƚŝůůŽŶ;ƐĂŶƐŝŶƚĞƌĂĐƚŝŽŶƐͿĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽ
ĞŶĐĂƉƐƵůĠĞƐĚĂŶƐƵŶĞŵĂƚƌŝĐĞĚĞĐĂƌďŽŶĞĂŵŽƌƉŚĞ;EdϭϬͲϭϱͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϳ
[YLLL

&ŝŐƵƌĞ/ͲϮ͗ŽƵƌďĞƐ&Ͳ&ĞƚĐǇĐůĞĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϯϬϬ<ƉŽƵƌů͛ĠĐŚĂŶƚŝůůŽŶŽ͗͘>ĞƐĐŽƵƌďĞƐƌŽƵŐĞƐ
ĐŽƌƌĞƐƉŽŶĚĞŶƚĂƵƚƌŝƉůĞĂũƵƐƚĞŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ
&ŝŐƵƌĞ/Ͳϯ͗ũƵƐƚĞŵĞŶƚĚĞƐĐŽƵƌďĞƐ/ZDăϮ<Ğƚ&Ͳ&ĂǀĞĐĞƚƐĂŶƐĚŝƐƚƌŝďƵƚŝŽŶĚĞĐŽŶƐƚĂŶƚĞĚ͛ĂŶŝƐŽƚƌŽƉŝĞ͘
;ĐŚĂŶƚŝůůŽŶEdϭϬͲϭϱͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ
&ŝŐƵƌĞ/Ͳϰ͗ũƵƐƚĞŵĞŶƚĚĞƐĐŽƵƌďĞƐ/ZDăϮ<;ďͿ͕&Ͳ&;ĂͿĞƚůĞƐĐǇĐůĞƐĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϮ<;ĚͿĞƚϯϬϬ<;ĂͿ
ĂǀĞĐůĞŵġŵĞũĞƵĚĞƉĂƌĂŵğƚƌĞƐ͘>ĂƉƌŝƐĞĞŶĐŽŵƉƚĞĚ͛ƵŶƚĞƌŵĞĚ͛ĂŶŝƐŽƚƌŽƉŝĞĚĞƐĞĐŽŶĚŽƌĚƌĞ;ͮ<Ϯͬ
<ϭͮсϭ͕ϮͿ;ů͛ĂƐƚƌŽŢĚĞĐŽƌƌĞƐƉŽŶĚĂŶƚĞƐƚƌĞƉƌĠƐĞŶƚĠĞŶ;ĐͿͿĂŝŶƐŝƋƵ͛ƵŶĞĚŝƐƚƌŝďƵƚŝŽŶĚĞ<ϭƐŽŶƚ
ŶĠĐĞƐƐĂŝƌĞƐƉŽƵƌƌĞƉƌŽĚƵŝƌĞƚŽƵƚĞƐůĞƐĐŽƵƌďĞƐ͘;ĐŚĂŶƚŝůůŽŶEdϭϬͲϭϱͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ
&ŝŐƵƌĞ/Ͳϱ͗ŝƐƚƌŝďƵƚŝŽŶƐĚĞƐĐŽŶƐƚĂŶƚĞƐĚ͛ĂŶŝƐŽƚƌŽƉŝĞƐĞĨĨĞĐƚŝǀĞƐ<ϭ;ĂͿĚĠĚƵŝƚĞƐĚĞƐĂƐƚƌŽŢĚĞƐŵĞƐƵƌĠƐƉĂƌʅͲ
^Yh/;ďͿĞƚĚĞƐĂũƵƐƚĞŵĞŶƚƐĚĞƐŵĞƐƵƌĞƐ^Yh/͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϭ
&ŝŐƵƌĞ/Ͳϲ͗,ŝƐƚŽŐƌĂŵŵĞĚĞƚĂŝůůĞĚĠĚƵŝƚĚĞƐŽďƐĞƌǀĂƚŝŽŶƐDd͖ŝƐƚƌŝďƵƚŝŽŶĚĞƐĚŝĂŵğƚƌĞƐŵĂŐŶĠƚŝƋƵĞƐ
ĚĠĚƵŝƚƐĚĞƐĂũƵƐƚĞŵĞŶƚƐĂǀĂŶƚĞƚĂƉƌğƐƌĞĐƵŝƚƉŽƵƌĚĞƐŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽĞŶĐĂƉƐƵůĠĞƐĚĂŶƐƵŶĞ
ŵĂƚƌŝĐĞĚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϮ
&ŝŐƵƌĞ/Ͳϳ͗ũƵƐƚĞŵĞŶƚĚĞƐĐŽƵƌďĞƐ/ZDăϮ<;ďͿ͕&Ͳ&;ĂͿĞƚůĞƐĐǇĐůĞƐĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϮ;ĚͿĞƚϯϬϬ;ĂͿ<
ĂǀĞĐůĞŵġŵĞũĞƵĚĞƉĂƌĂŵğƚƌĞƐƉŽƵƌů͛ĠĐŚĂŶƚŝůůŽŶĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽŶŽǇĠĞƐĚĂŶƐƵŶĞŵĂƚƌŝĐĞ
ĚĞĂƉƌğƐƌĞĐƵŝƚ͘>͛ĂƐƚƌŽŢĚĞƉĞƌŵĞƚƚĂŶƚĐĞŵƵůƚŝƉůĞĂũƵƐƚĞŵĞŶƚĞƐƚƉƌĠƐĞŶƚĠĞŶ;ĐͿ͘>ĞƐĐŽƵƌďĞƐĚĞ
ů͛ĠĐŚĂŶƚŝůůŽŶĐƌƵƐŽŶƚƌĞƉƌĠƐĞŶƚĠĞƐĞŶƉŽŝŶƚŝůůĠƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϯ
&ŝŐƵƌĞ/Ͳϴ͗^ƉĞĐƚƌŽƐĐŽƉŝĞZĂŵĂŶĚĞĐĂƌďŽŶĞͨĐƌƵͩ;ĂƉƌğƐĚĠƉƀƚͿĞƚƌĞĐƵŝƚ͘>ĞƐƉŝĐƐĐŽƌƌĞƐƉŽŶĚĞŶƚĂƵǆ
ŵŽĚĞƐĂŵŽƌƉŚĞ;ͿĞƚŐƌĂƉŚŝƚĞϮ';'ͿĚƵĐĂƌďŽŶĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϰ
&ŝŐƵƌĞ//Ͳϭ͗ũƵƐƚĞŵĞŶƚĚĞƐĐŽƵƌďĞƐ/ZD͕&Ͳ&ĞƚůĞƐĐǇĐůĞƐĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϮĞƚϯϬϬ<ĂǀĞĐůĞŵġŵĞũĞƵĚĞ
ƉĂƌĂŵğƚƌĞƐƉŽƵƌĚĞƐŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽďĂůƚŶŽǇĠĞƐĚĂŶƐĚŝĨĨĠƌĞŶƚĞƐŵĂƚƌŝĐĞƐ;Ƶ͕Ƶ͕͕ƌĞĐƵŝƚ͕
'ĞͿ͘>ĂƉƌŝƐĞĞŶĐŽŵƉƚĞĚ͛ƵŶƚĞƌŵĞĚ͛ĂŶŝƐŽƚƌŽƉŝĞĚĞƐĞĐŽŶĚŽƌĚƌĞ;ů͛ĂƐƚƌŽŢĚĞĐŽƌƌĞƐƉŽŶĚĂŶƚĞƐƚ
ƌĞƉƌĠƐĞŶƚĠͿĂŝŶƐŝƋƵ͛ƵŶĞĚŝƐƚƌŝďƵƚŝŽŶĚĞ<ϭĞƐƚŶĠĐĞƐƐĂŝƌĞƉŽƵƌƌĞƉƌŽĚƵŝƌĞƚŽƵƚĞƐůĞƐĐŽƵƌďĞƐ͘
;ĐŚĂŶƚŝůůŽŶƐEdϭϬͲϭϬ͕Ͳϭϴ͕Ͳϭϱ͕ͲϯϭͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϴ
&ŝŐƵƌĞ//ͲϮ͗,ŝƐƚŽŐƌĂŵŵĞĚĞƚĂŝůůĞĚĠĚƵŝƚĚĞƐŽďƐĞƌǀĂƚŝŽŶƐDd͖ŝƐƚƌŝďƵƚŝŽŶƐĚĞƐĚŝĂŵğƚƌĞƐŵĂŐŶĠƚŝƋƵĞƐ
ĚĠĚƵŝƚƐĚĞƐĂũƵƐƚĞŵĞŶƚƐƉŽƵƌĚĞƐŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽĞŶĐĂƉƐƵůĠĞƐĚĂŶƐĚĞƐŵĂƚƌŝĐĞĚĞƵ͕Ƶ͕͕
ƌĞĐƵŝƚĞƚ'Ğ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϵ
&ŝŐƵƌĞ//Ͳϯ͗ŝƐƚƌŝďƵƚŝŽŶƐĚĞƐĐŽŶƐƚĂŶƚĞƐĚ͛ĂŶŝƐŽƚƌŽƉŝĞŵĂŐŶĠƚŝƋƵĞ<ϭĚĠĚƵŝƚƐĚĞƐĂũƵƐƚĞŵĞŶƚƐƉŽƵƌĚĞƐ
ŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽĞŶĐĂƉƐƵůĠĞƐĚĂŶƐĚĞƐŵĂƚƌŝĐĞĚĞƵ͕Ƶ͕͕ƌĞĐƵŝƚĞƚ'Ğ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϬ
&ŝŐƵƌĞ///Ͳϭ͗ŽƵƌďĞƐ&Ͳ&͕/ZDͲĐ͕ȴŵ͕ĐǇĐůĞĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϮ<Ě͛ĠĐŚĂŶƚŝůůŽŶƐĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽ
ŶŽǇĠĞƐĚĂŶƐƵŶĞŵĂƚƌŝĐĞĚ͛ŽƌăĚŝĨĨĠƌĞŶƚĞƐĐŽŶĐĞŶƚƌĂƚŝŽŶ͗Ϭ͕ϱйǀŽů͘;ŶŽŝƌͿ͕ϭйǀŽů͘;ƌŽƵŐĞͿ͕ϯйǀŽů͘
;ǀĞƌƚͿ͕ϰйǀŽů͘;ďůĞƵͿ͘;ĐŚĂŶƚŝůůŽŶƐEdϭϬͲϭϬ͕ͲϬϵ͕ͲϬϳ͕ͲϬϲͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϰ
&ŝŐƵƌĞ///ͲϮ͗ǇĐůĞƐĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϯϬϬ<ƉŽƵƌůĞƐĠĐŚĂŶƚŝůůŽŶƐĐŽŵƉŽƐĠƐĚĞƉĂƌƚŝĐƵůĞƐĚĞŽŶŽǇĠĞƐĚĂŶƐ
ƵŶĞŵĂƚƌŝĐĞĚ͛ŽƌĚŝůƵĠĞƐăϬ͕ϱĞƚϰй͘DĂůŐƌĠĚĞƐĚŝƐƚƌŝďƵƚŝŽŶƐĚĞƚĂŝůůĞŝŶĐŝĚĞŶƚĞŝĚĞŶƚŝƋƵĞƐ͕ůĞƐĚĞƵǆ
ĐŽƵƌďĞƐŶĞƐĞƐƵƉĞƌƉŽƐĞŶƚƉĂƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϲ
&ŝŐƵƌĞ///Ͳϯ͗ĂͿǀŽůƵƚŝŽŶĚĞů͛ŽƌŝĞŶƚĂƚŝŽŶĚƵŵŽŵĞŶƚĚƵǀŽŝƐŝŶĞŶĨŽŶĐƚŝŽŶĚĞůĂĚŝƐƚĂŶĐĞĞŶƚƌĞůĞƐƉĂƌƚŝĐƵůĞƐ͘
>ŽƌƐƋƵĞůĞǀŽŝƐŝŶƐĞƚƌŽƵǀĞăů͛ŝŶĨŝŶŝ͕ƐŽŶĂŝŵĂŶƚĂƚŝŽŶĞƐƚůŝďƌĞĞƚƐĞůŽŶƐŽŶĂǆĞĚĞĨĂĐŝůĞĂŝŵĂŶƚĂƚŝŽŶ͘
YƵĂŶĚůĞƐĚĞƵǆƉĂƌƚŝĐƵůĞƐƐŽŶƚƚƌğƐƉƌŽĐŚĞƐ͕ĞůůĞƐƐŽŶƚĨŽƌƚĞŵĞŶƚĐŽƵƉůĠĞƐĞƚƉĞƵǀĞŶƚĂǀŽŝƌƵŶ
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ƌĞƚŽƵƌŶĞŵĞŶƚĐŽŚĠƌĞŶƚ͕ĐĞĐŝƌĞǀŝĞŶƚăĐŽŶƐŝĚĠƌĞƌƵŶĞƐĞƵůĞƉĂƌƚŝĐƵůĞĚĞǀŽůƵŵĞĚŽƵďůĞ͘ĐͿ
ZĞƉƌĠƐĞŶƚĂƚŝŽŶϯĚ͛ƵŶĞƐŝŵƵůĂƚŝŽŶĚĞůĂĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĂŝůůĞĚ͛ƵŶĠĐŚĂŶƚŝůůŽŶĂǀĂŶƚĞƚĂƉƌğƐ
ĐŽĂůĞƐĐĞŶĐĞ͘>ĞƐƉĂƌĂŵğƚƌĞƐĚĞƐŝŵƵůĂƚŝŽŶƐƐŽŶƚƵŶĞĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĂŝůůĞůŽŐŶŽƌŵĂůĞĂǀĞĐƵŶ
ĚŝĂŵğƚƌĞŵĠĚŝĂŶĚĞϮ͕ϴŶŵ͕ƵŶĞĚŝƐƉĞƌƐŝŽŶƌĞůĂƚŝǀĞĚĞϮϲй͕ƵŶĞĐŽŶĐĞŶƚƌĂƚŝŽŶĚĞϯйǀŽů͘ĞƚƵŶĞ
ĚŝƐƚĂŶĐĞĚĞĐŽĂůĞƐĐĞŶĐĞďŽƌĚͲďŽƌĚĚĞϭ͕ϮŶŵ͘ďͿǀŽůƵƚŝŽŶĚĞůĂĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĂŝůůĞĂǀĂŶƚĞƚĂƉƌğƐ
ĐŽĂůĞƐĐĞŶĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϳ
&ŝŐƵƌĞ///Ͳϰ͗ĂͿ͕ďͿ͕ĐͿŝƐƚƌŝďƵƚŝŽŶĚĞƐĚŝĂŵğƚƌĞƐŵĂŐŶĠƚŝƋƵĞƐŽďƚĞŶƵĂƉƌğƐĂũƵƐƚĞŵĞŶƚĂǀĞĐĚĞƐĚŝŵğƌĞƐĞƚ
ƚƌŝŵğƌĞƐŵĂŐŶĠƚŝƋƵĞƐƉŽƵƌĚŝĨĨĠƌĞŶƚĞƐĐŽŶĐĞŶƚƌĂƚŝŽŶƐǀŽůƵŵŝƋƵĞƐ͘>ĂĚŝƐƚƌŝďƵƚŝŽŶĚĞŵŽŶŽŵğƌĞĠƚĂŶƚ
ĐĞůůĞĚĠĚƵŝƚĚĞů͛ĂũƵƐƚĞŵĞŶƚĚĞů͛ĠĐŚĂŶƚŝůůŽŶŽ͗Ƶ;Ϭ͕ϱйͿ͘ĚͿŝƐƚƌŝďƵƚŝŽŶƐĚĞƐĚŝƐƚĂŶĐĞƐďŽƌĚăďŽƌĚ
ƉŽƵƌĚŝĨĨĠƌĞŶƚĞƐĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽďƚĞŶƵĞƐăƉĂƌƚŝƌĚĞƐŝŵƵůĂƚŝŽŶƐŶƵŵĠƌŝƋƵĞƐ͘>ĞĚŽŵĂŝŶĞ
ĚΖŝŶƚĞƌĂĐƚŝŽŶĞƐƚƉƌĠƐĞŶƚĠƉĂƌƵŶĂƉůĂƚĚĞĐŽƵůĞƵƌ͗ĚĂŶƐƵŶĞŵĂƚƌŝĐĞĚΖŽƌ͕ůĞƐŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽ
ƐĠƉĂƌĠĞƐĚĞŵŽŝŶƐĚĞϭ͕ϮŶŵƐŽŶƚĨŽƌƚĞŵĞŶƚĐŽƵƉůĠĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϵ
&ŝŐƵƌĞ///Ͳϱ͗ŝƐƚƌŝďƵƚŝŽŶƐĚĞƐĚŝĂŵğƚƌĞƐŵĂŐŶĠƚŝƋƵĞƐŽďƚĞŶƵĞƐĂƉƌğƐĂũƵƐƚĞŵĞŶƚĚĞƐĐŽƵƌďĞƐŵĂŐŶĠƚŝƋƵĞƐ
ĂǀĞĐĚĞƐĚŝŵğƌĞƐĞƚƚƌŝŵğƌĞƐŵĂŐŶĠƚŝƋƵĞƐĞƚƉĂƌƐŝŵƵůĂƚŝŽŶĚĞĐŽĂůĞƐĐĞŶĐĞƉŽƵƌƵŶĞĐŽŶĐĞŶƚƌĂƚŝŽŶ
ǀŽůƵŵŝƋƵĞĚĞϯй͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϬ
&ŝŐƵƌĞ///Ͳϲ͗ŽƵƌďĞƐ&Ͳ&ĞƚȴŵăϮ<Ě͛ĠĐŚĂŶƚŝůůŽŶƐĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽŶŽǇĠĞƐĚĂŶƐĚĞƐŵĂƚƌŝĐĞƐĚĞ
ĐƵŝǀƌĞ͕ĐĂƌďŽŶĞĞƚŐĞƌŵĂŶŝƵŵăĚŝĨĨĠƌĞŶƚĞƐĐŽŶĐĞŶƚƌĂƚŝŽŶƐǀŽůƵŵŝƋƵĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϭ
&ŝŐƵƌĞ///Ͳϳ͗ũƵƐƚĞŵĞŶƚĚĞƐĐŽƵƌďĞƐ&Ͳ&ĞƚĚƵĐǇĐůĞĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϯϬϬ<ăů͛ĂŝĚĞĚĞĚŝŵğƌĞƐ
ŵĂŐŶĠƚŝƋƵĞ;ĐĨ͘dĂďůĞĂƵ///ͲϮͿƉŽƵƌĚĞƐŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽďĂůƚŶŽǇĠĞƐĚĂŶƐƵŶĞŵĂƚƌŝĐĞĚĞƵă
ĚŝĨĨĠƌĞŶƚĞƐĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͘>ĞƐƉĂƌƚŝĐƵůĞƐƐĠƉĂƌĠĞƐĚĞŵŽŝŶƐĚĞϭ͕ϯŶŵƐŽŶƚĨŽƌƚĞŵĞŶƚĐŽƵƉůĠĞƐ͘͘͘͘͘ϭϬϯ
&ŝŐƵƌĞ///Ͳϴ͗ũƵƐƚĞŵĞŶƚĚĞƐĐŽƵƌďĞƐ&Ͳ&ĞƚĚƵĐǇĐůĞĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϯϬϬ<ăů͛ĂŝĚĞĚĞĚŝŵğƌĞƐ
ŵĂŐŶĠƚŝƋƵĞ;ĐĨ͘dĂďůĞĂƵ///ͲϯͿƉŽƵƌĚĞƐŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽďĂůƚŶŽǇĠĞƐĚĂŶƐƵŶĞŵĂƚƌŝĐĞĚĞă
ĚŝĨĨĠƌĞŶƚĞƐĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͘>ĞƐƉĂƌƚŝĐƵůĞƐƐĠƉĂƌĠĞƐĚĞŵŽŝŶƐĚĞϭ͕ϯŶŵƐŽŶƚĨŽƌƚĞŵĞŶƚĐŽƵƉůĠĞƐ͘͘͘͘͘ϭϬϯ
&ŝŐƵƌĞ///Ͳϵ͗ũƵƐƚĞŵĞŶƚĚĞƐĐŽƵƌďĞƐ&Ͳ&ĞƚĚƵĐǇĐůĞĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϯϬϬ<ăů͛ĂŝĚĞĚĞĚŝŵğƌĞƐ
ŵĂŐŶĠƚŝƋƵĞ;ĐĨ͘dĂďůĞĂƵ///ͲϯͿƉŽƵƌĚĞƐŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞŽďĂůƚŶŽǇĠĞƐĚĂŶƐƵŶĞŵĂƚƌŝĐĞĚĞ'Ğă
ĚŝĨĨĠƌĞŶƚĞƐĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͘>ĞƐƉĂƌƚŝĐƵůĞƐƐĠƉĂƌĠĞƐĚĞŵŽŝŶƐĚĞϭ͕ϯŶŵƐŽŶƚĨŽƌƚĞŵĞŶƚĐŽƵƉůĠĞƐ͘͘͘͘͘ϭϬϰ
&ŝŐƵƌĞ///ͲϭϬ͗ƐǇƐƚğŵĞĚ͛ĂǆĞƵƚŝůŝƐĠĚĂŶƐůĞƐĐĂůĐƵůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϲ
&ŝŐƵƌĞ///Ͳϭϭ͗ĠǀŽůƵƚŝŽŶĚĞů͛ĠŶĞƌŐŝĞĚŝƉŽůĂŝƌĞĞŶĨŽŶĐƚŝŽŶĚĞƐĂŶŐůĞƐɽĞƚʔ͘>͛ĠŶĞƌŐŝĞĚŝƉŽůĂŝƌĞĞƐƚŵŝŶŝŵĂůĞ
ƉŽƵƌɽсʔсͲʋͬϮĞƚɽсʔснʋͬϮ͕ƐŽŝƚƋƵĂŶĚůĞƐŵŽŵĞŶƚƐĚĞƐĚĞƵǆŵĂĐƌŽƐƉŝŶƐƐ͛ĂůŝŐŶĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϲ
&ŝŐƵƌĞ///ͲϭϮ͗^ĐŚĠŵĂĠŶĞƌŐĠƚŝƋƵĞĚĞůĂƉĂƌƚŝĐƵůĞŝ͖ĚŝƉĞƐƚŝŶƚĠŐƌĠĞĚĞʔсϬăʔсʋ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϳ
&ŝŐƵƌĞ///Ͳϭϯ͗ZĞƉƌĠƐĞŶƚĂƚŝŽŶĚĞůĂďĂƌƌŝğƌĞĚ͛ĠŶĞƌŐŝĞ;ŐĂƵĐŚĞͿĚ͛ƵŶĞƉĂƌƚŝĐƵůĞŵĂŐŶĠƚŝƋƵĞĞŶĨŽŶĐƚŝŽŶĚĞůĂ
ƉŽƐŝƚŝŽŶĚĞƐĂǀŽŝƐŝŶĞ;ĂƵͲĚĞƐƐƵƐĂͿŽƵĚĂŶƐůĞƉůĂŶďͿĞƚĐͿͿĂŝŶƐŝƋƵĞĚĞů͛ŽƌŝĞŶƚĂƚŝŽŶĚĞƐŽŶĂǆĞĚĞ
ĨĂĐŝůĞĂŝŵĂŶƚĂƚŝŽŶ;ƐĞůŽŶǌĂͿ͕ǆďͿĞƚǇĐͿͿ͘ĚƌŽŝƚĞƐŽŶƚƌĞƉƌĠƐĞŶƚĠƐĚĞƐĐŽƵƉĞƐĚĞůĂďĂƌƌŝğƌĞ
Ě͛ĠŶĞƌŐŝĞƐĞůŽŶĚŝĨĨĠƌĞŶƚƐƉůĂŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϵ
&ŝŐƵƌĞ///Ͳϭϰ͗ZĞƉƌĠƐĞŶƚĂƚŝŽŶƐĐŚĠŵĂƚŝƋƵĞĞŶϮĚĞů͛ĠŶĞƌŐŝĞĚŝƉŽůĂŝƌĞŵŽǇĞŶŶĞƐĞůŽŶƋƵĞů͛ĂŝŵĂŶƚĂƚŝŽŶĚƵ
ǀŽŝƐŝŶũƐŽŝƚĐŽŵƉƌŝƐĞĚĂŶƐů͛ĞƐƉĂĐĞĞŶƚŝĞƌ;ŐĂƵĐŚĞͿŽƵĚĂŶƐƵŶĚĞŵŝͲĞƐƉĂĐĞ;ĚƌŽŝƚĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϬ
&ŝŐƵƌĞ///Ͳϭϱ͗ŽƵƌďĞƐ/ZD͕ĐĞƚȴŵƐŝŵƵůĠĞƐĞŶƚĞŶĂŶƚĐŽŵƉƚĞĚĞƐŝŶƚĞƌĂĐƚŝŽŶƐĚŝƉŽůĂŝƌĞƐădсϮ<ƉŽƵƌ
ƵŶĞĂƐƐĞŵďůĠĞĚĞƉĂƌƚŝĐƵůĞƐĞƚƉŽƵƌĚŝĨĨĠƌĞŶƚĞƐĚŝƐƚĂŶĐĞƐĚĞƉƌĞŵŝĞƌǀŽŝƐŝŶ͘>ĞƐƉĂƌĂŵğƚƌĞƐĚĞ
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ƐŝŵƵůĂƚŝŽŶƐƐŽŶƚƵŶĞĚŝƐƚƌŝďƵƚŝŽŶŐĂƵƐƐŝĞŶŶĞĚĞĚŝĂŵğƚƌĞĐĞŶƚƌĠĞƐƵƌϯŶŵĚĞĚŝƐƉĞƌƐŝŽŶƌĞůĂƚŝǀĞϭϬй
Ͳϯ
ĞƚƵŶĞĚŝƐƚƌŝďƵƚŝŽŶŐĂƵƐƐŝĞŶŶĞĚĞĐŽŶƐƚĂŶƚĞĚ͛ĂŶŝƐŽƚƌŽƉŝĞĐĞŶƚƌĠĞƐƵƌϮϬϬŬ:͘ŵ ĂǀĞĐƵŶĞĚŝƐƉĞƌƐŝŽŶ
ƌĞůĂƚŝǀĞĚĞϯϬй͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϮ
&ŝŐƵƌĞ//Ͳϭ͗ŝĂŐƌĂŵŵĞĚĞƉŚĂƐĞĚĞů͛ĂůůŝĂŐĞ&ĞZŚ;ŐĂƵĐŚĞͿ΀ϭϳϵ΁͖ĠǀŽůƵƚŝŽŶĚƵŵŽŵĞŶƚŵĂŐŶĠƚŝƋƵĞĚĞ
ů͛ĂůůŝĂŐĞ&ĞZŚĞŶĨŽŶĐƚŝŽŶĚĞůĂƚĞŶĞƵƌĞŶZŚ;ĚƌŽŝƚĞͿ΀ϭϴϬ΁͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϲ
&ŝŐƵƌĞ//ͲϮ͗ůŝĐŚĠƐDdĞƚŚŝƐƚŽŐƌĂŵŵĞƐĚĞĚŝĂŵğƚƌĞƐĐŽƌƌĞƐƉŽŶĚĂŶƚƐĂǀĂŶƚĞƚĂƉƌğƐƌĞĐƵŝƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϵ
&ŝŐƵƌĞ//Ͳϯ͗ǆĞŵƉůĞĚ͛ĂŶĂůǇƐĞƐyĞĨĨĞĐƚƵĠĞƐƐƵƌĚĞƐƉĂƌƚŝĐƵůĞƐĚĞ&ĞZŚ͖ůĂĐŽŵƉŽƐŝƚŝŽŶĞŶZŚĞƐƚ
ƌĞƐƉĞĐƚŝǀĞŵĞŶƚĚĞϱϭй͕ϰϵйĞƚϱϭй͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϬ
&ŝŐƵƌĞ//Ͳϰ͗ůŝĐŚĠDd,ZĚĞƉĂƌƚŝĐƵůĞĚĞ&ĞZŚĂǀĂŶƚƌĞĐƵŝƚĂͿĞƚĐͿĞƚĨŝŐƵƌĞƐĚĞĚŝĨĨƌĂĐƚŝŽŶƐĐŽƌƌĞƐƉŽŶĚĂŶƚĞƐ
ďͿĞƚĚͿ͖ůĞƐƉĂƌƚŝĐƵůĞƐƐŽŶƚĐƌŝƐƚĂůůŝƐĠĞƐĚĂŶƐƵŶĞƐƚƌƵĐƚƵƌĞĐĨĐƐĂŶƐŵŝƐĞĞŶŽƌĚƌĞĐŚŝŵŝƋƵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϭ
&ŝŐƵƌĞ//Ͳϱ͗ůŝĐŚĠDd,ZĚ͛ƵŶĞƉĂƌƚŝĐƵůĞĚĞ&ĞZŚĚĂŶƐůĂƉŚĂƐĞϮǀƵĞƐĞůŽŶůĂĚŝƌĞĐƚŝŽŶ;ϬϬϭͿ;ĂͿ͖ŽŶ
ƌĞŵĂƌƋƵĞĚĂŶƐƐŽŶĚŝĨĨƌĂĐƚŽŐƌĂŵŵĞůĂƉƌĠƐĞŶĐĞĚĞƐŽŶĚĞƐĚĞƐƵƌƐƚƌƵĐƚƵƌĞƐ;ϭϬϬͿĞƚ;ϬϭϬͿƚǇƉŝƋƵĞƐĚĞ
ůĂƉŚĂƐĞϮ;ďͿ͖ƌĞƉƌĠƐĞŶƚĂƚŝŽŶƐĐŚĠŵĂƚŝƋƵĞĚƵĐƌŝƐƚĂůĐŽƌƌĞƐƉŽŶĚĂŶƚăůĂĨŝŐƵƌĞĚĞĚŝĨĨƌĂĐƚŝŽŶ;ĐͿ͖
ƌĞƉƌĠƐĞŶƚĂƚŝŽŶϯĚƵƉŽůǇğĚƌĞĚĞtƵůĨĨĐŽƌƌĞƐƉŽŶĚĂŶƚ͗ůĞĚŽĚĠĐĂğĚƌĞ;ŝŶƐĞƌƚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϮ
&ŝŐƵƌĞ//Ͳϲ͗ůŝĐŚĠDd,ZĚ͛ƵŶĞƉĂƌƚŝĐƵůĞĚĞ&ĞZŚĚĂŶƐůĂƉŚĂƐĞϮǀƵĞƐĞůŽŶůĂĚŝƌĞĐƚŝŽŶ;ϭͲϭϬͿ;ĂͿ͖ŽŶ
ƌĞŵĂƌƋƵĞĚĂŶƐƐŽŶĚŝĨĨƌĂĐƚŽŐƌĂŵŵĞůĂƉƌĠƐĞŶĐĞĚĞů͛ŽŶĚĞĚĞƐƵƌƐƚƌƵĐƚƵƌĞ;ϬϬϭͿƚǇƉŝƋƵĞĚĞůĂƉŚĂƐĞ
Ϯ;ďͿ͖ƌĞƉƌĠƐĞŶƚĂƚŝŽŶƐĐŚĠŵĂƚŝƋƵĞĚƵĐƌŝƐƚĂůĐŽƌƌĞƐƉŽŶĚĂŶƚăůĂĨŝŐƵƌĞĚĞĚŝĨĨƌĂĐƚŝŽŶ;ĐͿ͖
ƌĞƉƌĠƐĞŶƚĂƚŝŽŶϯĚƵƉŽůǇğĚƌĞĚĞtƵůĨĨĐŽƌƌĞƐƉŽŶĚĂŶƚ͗ůĞĚŽĚĠĐĂğĚƌĞ;ŝŶƐĞƌƚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϯ
&ŝŐƵƌĞ//Ͳϳ͗ůŝĐŚĠDd,ZĚ͛ƵŶĞƉĂƌƚŝĐƵůĞĚĞ&ĞZŚǀƵĞƐĞůŽŶůĂĚŝƌĞĐƚŝŽŶ;ͲϭϭϭͿŶĞƉĞƌŵĞƚƚĂŶƚƉĂƐĚĞ
ĚĠƚĞĐƚĞƌů͛ŽƌĚƌĞĐŚŝŵŝƋƵĞ;ĂͿ͖ĚŝĨĨƌĂĐƚŽŐƌĂŵŵĞĐŽƌƌĞƐƉŽŶĚĂŶƚ;ďͿ͖ƌĞƉƌĠƐĞŶƚĂƚŝŽŶƐĐŚĠŵĂƚŝƋƵĞĚƵ
ĐƌŝƐƚĂůĐŽƌƌĞƐƉŽŶĚĂŶƚăůĂĨŝŐƵƌĞĚĞĚŝĨĨƌĂĐƚŝŽŶ;ĐͿ͖ƌĞƉƌĠƐĞŶƚĂƚŝŽŶϯĚƵƉŽůǇğĚƌĞĚĞtƵůĨĨ
ĐŽƌƌĞƐƉŽŶĚĂŶƚ͗ůĞĚŽĚĠĐĂğĚƌĞ;ŝŶƐĞƌƚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϰ
&ŝŐƵƌĞ//Ͳϴ͗ǆĞŵƉůĞĚĞĐůŝĐŚĠDd,ZƉƌĠƐĞŶƚĂŶƚƉůƵƐŝĞƵƌƐŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞ&ĞZŚĐŚŝŵŝƋƵĞŵĞŶƚ
ŽƌĚŽŶŶĠĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϱ
&ŝŐƵƌĞ//Ͳϵ͗^ƉĞĐƚƌĞƐyDăϯ<ĂƵǆƐĞƵŝůƐ>Ϯ͕ϯĚƵ&Ğ;ŐĂƵĐŚĞͿĞƚDϮ͕ϯĚƵZŚ;ĚƌŽŝƚĞͿĂǀĂŶƚ;ŚĂƵƚͿĞƚĂƉƌğƐ
ƌĞĐƵŝƚ;ďĂƐͿƉŽƵƌĚĞƐƉĂƌƚŝĐƵůĞƐĚĞϯ͘ϯŶŵƚƌŝĠĞƐĞŶƚĂŝůůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϳ
&ŝŐƵƌĞ//ͲϭϬ͗ŽƵƌďĞƐĚ͛ĂŝŵĂŶƚĂƚŝŽŶĚ͛ƵŶĠĐŚĂŶƚŝůůŽŶĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐĚĞ&ĞZŚĂǀĂŶƚĞƚĂƉƌğƐƌĞĐƵŝƚ
ŵĞƐƵƌĠĞƐƉĂƌyDĂƵǆƐĞƵŝůƐĚƵ&Ğ;ŐĂƵĐŚĞͿĞƚĚƵZŚ;ĚƌŽŝƚĞͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϴ
&ŝŐƵƌĞ//Ͳϭϭ͗^ƉĞĐƚƌĞƐyDăϯ<ĂƵǆƐĞƵŝůƐ>Ϯ͕ϯĚƵ&Ğ;ŐĂƵĐŚĞͿĞƚDϮ͕ϯĚƵZŚ;ĚƌŽŝƚĞͿĂǀĂŶƚ;ŚĂƵƚͿĞƚĂƉƌğƐ
ƌĞĐƵŝƚ;ďĂƐͿƉŽƵƌĚĞƐƉĂƌƚŝĐƵůĞƐƚƌŝĠĞƐĞŶƚĂŝůůĞϭϱϬs͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϵ
&ŝŐƵƌĞ//ͲϭϮ͗ŽƵƌďĞƐ&Ͳ&ĚĞƐĠĐŚĂŶƚŝůůŽŶƐĐƌƵƐĞƚĐƵŝƚƐĚĞŶĂŶŽƉĂƌƚŝĐƵůĞƐƚƌŝĠĞƐĞŶƚĂŝůůĞ;ϯϬϬsͿĚĞ&ĞZŚ͘
>ĞƐůŝŐŶĞƐƌŽƵŐĞƐĐŽƌƌĞƐƉŽŶĚĞŶƚĂƵǆĂũƵƐƚĞŵĞŶƚƐǀŝĂůĞƚƌŝƉůĞĂũƵƐƚĞŵĞŶƚ͘;>ĞƐƉĂƌĂŵğƚƌĞƐĚĠĚƵŝƚƐƐŽŶƚ
ĚĂŶƐůĞdĂďůĞĂƵ//ͲϰͿ͘ǇĐůĞƐĚ͛ĂŝŵĂŶƚĂƚŝŽŶăϭϬϬ<;ĐͿĞƚϮ<;ĚͿĚĞů͛ĠĐŚĂŶƚŝůůŽŶĂǀĂŶƚĞƚĂƉƌğƐƌĞĐƵŝƚƐ͘
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯϭ
&ŝŐƵƌĞ///Ͳϭ͗ŝĂŐƌĂŵŵĞĚĞƉŚĂƐĞĚƵƐǇƐƚğŵĞ&ĞƵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯϯ
&ŝŐƵƌĞ///ͲϮ͗ůŝĐŚĠDdĚĞƉĂƌƚŝĐƵůĞƐĚĞ&ĞƵĞƚŚŝƐƚŽŐƌĂŵŵĞĚĞĚŝĂŵğƚƌĞƐĐŽƌƌĞƐƉŽŶĚĂŶƚĂǀĂŶƚƌĞĐƵŝƚ͘͘͘ϭϯϱ
&ŝŐƵƌĞ///Ͳϯ͗ŶĂůǇƐĞyĞĨĨĞĐƚƵĠĞƐƵƌĚĞƐƉĂƌƚŝĐƵůĞƐĚĞ&ĞƵĂƉƌğƐƌĞĐƵŝƚ͖ůĂĐŽŵƉŽƐŝƚŝŽŶĞŶ&ĞĞƐƚ
ƌĞƐƉĞĐƚŝǀĞŵĞŶƚĚĞϰϱйĞƚϮϮй͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯϲ
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&ŝŐƵƌĞ///Ͳϰ͗ůŝĐŚĠƐDd,ZĚĞƉĂƌƚŝĐƵůĞĚĞ&ĞƵĂǀĂŶƚĞƚĂƉƌğƐƌĞĐƵŝƚĞƚĨŝŐƵƌĞƐĚĞĚŝĨĨƌĂĐƚŝŽŶƐ
ĐŽƌƌĞƐƉŽŶĚĂŶƚĞƐ͖ůĞƐƉĂƌƚŝĐƵůĞƐƐŽŶƚĐƌŝƐƚĂůůŝƐĠĞƐĚĂŶƐƵŶĞƐƚƌƵĐƚƵƌĞĐĨĐƐĂŶƐŵŝƐĞĞŶŽƌĚƌĞĐŚŝŵŝƋƵĞ͘
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯϳ
&ŝŐƵƌĞ///Ͳϱ͗ůŝĐŚĠDd,ZĚ͛ƵŶĞƉĂƌƚŝĐƵůĞĚĞ&ĞƵĚĂŶƐůĂƉŚĂƐĞ>ϭϬǀƵĞƐĞůŽŶůĂĚŝƌĞĐƚŝŽŶ;ϭͲϭϬͿ;ĂͿ͖>Ğ
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