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ƐĞ ĂĚƋƵŝĞƌĞ ŵĞĚŝĂŶƚĞ ůĂ ŝŶŐĞƐƚŝſŶ ĚĞ ůĂ ĨŽƌŵĂŝŶĨĞĐƚĂŶƚĞ;ŚƵĞǀŽůĂƌǀĂĚŽͿ͕ƋƵĞŚĂ ŵĂĚƵƌĂĚŽ ĞŶ Ğů ƐƵĞůŽ͕ ĚĞ ĂŚş ƋƵĞ ƐĞ ĐĂƚĂůŽŐƵĞ Ă ĞƐƚĂ ƉĂƌĂƐŝƚŽƐŝƐ ĐŽŵŽ ƵŶĂ ĞĚĂĨŽŚĞůŵŝŶƚŝŽƐŝƐ Ž ŐĞŽŚĞůŵŝŶƚŝŽƐŝƐ͕ ƐĞŐƷŶ ƐƵ ĚĞĨŝŶŝĐŝſŶ ƉŽƌ ůĂ KƌŐĂŶŝnjĂĐŝſŶ DƵŶĚŝĂů ĚĞ ůĂ ^ĂůƵĚ ĚĞ ŚĞůŵŝŶƚŝŽƐŝƐ ƚƌĂŶƐŵŝƚŝĚĂƐƉŽƌĞůƐƵĞůŽ͘ ů ĂŐĞŶƚĞ ĞƚŝŽůſŐŝĐŽ ;ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐͿĞƐƵŶŶĞŵĂƚŽĚŽĐŽŵƷŶĞŶ ĞůŚŽŵďƌĞĂůƋƵĞůĞĐĂƵƐĂƉƌŝŶĐŝƉĂůŵĞŶƚĞ ƉƌŽďůĞŵĂƐ ŝŶƚĞƐƚŝŶĂůĞƐ LJ ƉƵůŵŽŶĂƌĞƐ͘ ƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐĞƐĞůŶĞŵĂƚŽĚŽŵĄƐ ŐƌĂŶĚĞƋƵĞƉĂƌĂƐŝƚĂĞůƚƵďŽĚŝŐĞƐƚŝǀŽĚĞů ŚŽŵďƌĞLJƐĞŐƵƌĂŵĞŶƚĞĨƵĞĐŽŶŽĐŝĚŽƉŽƌ Ġů ĚĞƐĚĞ ŚĂĐĞ ŵƵĐŚŽƐ ƐŝŐůŽƐ͕ LJĂ ƋƵĞ ƐƵ ƚĂŵĂŹŽŶŽƉƵĚŽƉĂƐĂƌŝŶĂĚǀĞƌƚŝĚŽĂůƐĞƌ 0LOHQDULD ů ĐŽŶũƵŶƚŽ ĚĞ ĨĂĐƚŽƌĞƐ ƉƌĞĚŝĐƚŝǀŽƐ ĂŵďŝĞŶƚĂůĞƐ͕ ƐŽĐŝĂůĞƐ LJ ĐŽŶĚƵĐƚƵĂůĞƐ ĚĞů ĂƵŵĞŶƚŽĚĞĐĂƐŽƐĚĞĂƐĐĂƌŝŽƐŝƐŶŽƐŝĞŵƉƌĞ ĞƐ ƵŶŝĨŽƌŵĞ ĞŶ ƚŽĚŽƐ ůŽƐ ĞƐƚƵĚŝŽƐ͕ ƐŝŶŽ ƋƵĞ ƐĞ ĚĞƐĐƌŝďĞ ĨƌĞĐƵĞŶƚĞŵĞŶƚĞ ŚĂĐŝŶĂŵŝĞŶƚŽ͕ĞĚƵĐĂĐŝſŶĚĞĨŝĐŝĞŶƚĞĚĞůĂƐ ŵĂĚƌĞƐ͕ ĚĞĨĞĐĂĐŝſŶ Ăů ƌĂƐ ĚĞů ƐƵĞůŽ͕ ƐƵŵŝŶŝƐƚƌŽŝŶĂĚĞĐƵĂĚŽĚĞĂŐƵĂ͕ƉŽďƌĞnjĂ͕ ĞƐƚĂĚŽ ŶƵƚƌŝĐŝŽŶĂů ĐĂƌĞŶĐŝĂů͕ ƵƐŽ ĚĞ ďŝŽƐſůŝĚŽƐ ŚƵŵĂŶŽƐ ƉĂƌĂ ĨĞƌƚŝůŝnjĂŶƚĞƐ LJ ƌŝĞŐŽƐ͕ŐĞŽĨĂŐŝĂ͕ŽŵŝƐŝſŶĚĞůůĂǀĂĚŽĚĞůĂƐ ŵĂŶŽƐĂŶƚĞƐĚĞĐŽŵĞƌ͕ƉŽƐĞƐŝſŶĚĞĐĞƌĚŽƐ Ž ĐƌşĂ ĚĞ ŐĂŶĂĚŽ͕ ĞŶ ĨƵŶĐŝſŶ ĚĞ ůĂ ƉŽďůĂĐŝſŶƋƵĞƐĞĞƐƚĠĐŽŶƐŝĚĞƌĂŶĚŽ;ŶŝŹŽƐ ƉƌĞĞƐĐŽůĂƌĞƐ͕ ŶŝŹŽƐ ĞƐĐŽůĂƌĞƐ͕ ŵƵũĞƌĞƐ ĞŵŝŐƌĂŶƚĞƐ͕ ǀĞŶĚĞĚŽƌĞƐ ĂŵďƵůĂŶƚĞƐ͕ ĐŽŵƵŶŝĚĂĚĞƐĞŶƚĞƌĂƐͿ;DĂƌŝůLJŶ͕ϮϬϬϴͿ͘ >Ă ŚĞŵďƌĂ ĚĞ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ ŵŝĚĞ ĚĞ ϮϬͲϯϱ Đŵ LJ Ğů ŵĂĐŚŽ ϭϱͲϯϬ Đŵ ĐŽŶƵŶĚŝĄŵĞƚƌŽĚĞĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞϰ ŵŵ͘ƐĐŝůşŶĚƌŝĐŽĐŽŶƵŶĞdžƚƌĞŵŽƉŽƐƚĞƌŝŽƌ ƉƵŶƚŝĂŐƵĚŽ LJ ƵŶŽ ĂŶƚĞƌŝŽƌ ƌŽŵŽ͘ >ŽƐ ĐŽƌĚŽŶĞƐ ůĂƚĞƌĂůĞƐ ƐŽŶ ŵƵLJ ĂƉĂƌĞŶƚĞƐ LJ ƚŝĞŶĞŶ Ğů ĂƐƉĞĐƚŽ ĚĞ ĞƐƚƌşĂƐ ĚĞ ĐŽůŽƌ ďůĂŶƋƵĞĐŝŶŽ ƋƵĞ ƌĞĐŽƌƌĞŶ &ŝŐƵƌĂϮ͘DĂĐŚŽLJŚĞŵďƌĂĚĞƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐ ůŽŶŐŝƚƵĚŝŶĂůŵĞŶƚĞƚŽĚŽĞůĐƵĞƌƉŽĚĞĞƐƚĞ ŶĞŵĂƚŽĚŽ;&ŝŐƵƌĂϮͿ;dĂLJ͕ϮϬϬϮͿ͘ >ĂĐĂďĞnjĂĞƐƚĄƉƌŽǀŝƐƚĂĚĞƚƌĞƐůĂďŝŽƐ ďŝĞŶĚŝĨĞƌĞŶĐŝĂĚŽƐƋƵĞƉŽƐĞĞŶĚŝŵŝŶƵƚŽƐ ĚŝĞŶƚĞƐ Ž ĚĞŶƚşĐƵůĂƐ͘ ĂĚĂ ůĂďŝŽ ƚŝĞŶĞ ƉĞƋƵĞŹĂƐ ƉĂƉŝůĂƐ ŐĞŵĞůĂƐ ĞŶ ůŽƐ ďŽƌĚĞƐ ůĂƚĞƌĂůĞƐ͕LJůŽĐĂůŝnjĂĚĂĞŶĞůĐĞŶƚƌŽĞdžŝƐƚĞ ƵŶĂ ƉĞƋƵĞŹĂ ĐĂǀŝĚĂĚ ďƵĐĂů ĚĞ ĨŽƌŵĂ ƚƌŝĂŶŐƵůĂƌƋƵĞĐŽŶƚŝŶƷĂĐŽŶĞůĞƐſĨĂŐŽĞ ŝŶƚĞƐƚŝŶŽƚƵďƵůĂƌ͕ƚĞƌŵŝŶĂŶĚŽĞŶůĂĐůŽĂĐĂ ƐĞdžƵĂů ĞŶ Ğů ŵĂĐŚŽ LJ ĞŶ Ğů ĂŶŽ ĞŶ ůĂ ŚĞŵďƌĂ͘ŶĞůŵĂĐŚŽ͕ĞůĞdžƚƌĞŵŽƉŽƐƚĞƌŝŽƌ ĞƐƚĄĐƵƌǀĂĚŽŚĂĐŝĂůĂƉŽƐŝĐŝſŶǀĞŶƚƌĂů;dĂLJ͕ ϮϬϬϮͿ͘ >ĂƐĚŝĨĞƌĞŶƚĞƐƉƌĞƐĞŶƚĂĐŝŽŶĞƐĐůşŶŝĐĂƐ ƌĞƐƵůƚĂŶĚĞůĂŵŝŐƌĂĐŝſŶƉƵůŵŽŶĂƌ;ůĂƌǀĂƐͿ͕ ŽďƐƚƌƵĐĐŝſŶ ŝŶƚĞƐƚŝŶĂů LJ ŵŝŐƌĂĐŝſŶ Ă ůŽƐ ĐŽŶĚƵĐƚŽƐ ďŝůŝĂƌĞƐ ;ŐƵƐĂŶŽƐ ĂĚƵůƚŽƐͿ͕ ĚŽŶĚĞƉƵĞĚĞŶƉƌŽǀŽĐĂƌƵŶĐƵĂĚƌŽĐůşŶŝĐŽ ĚĞ ĚŽůŽƌ ĂďĚŽŵŝŶĂů ŝŶƚĞƌŵŝƚĞŶƚĞ ĞŶ Ğů ĐƵĂĚƌĂŶƚĞ ƐƵƉĞƌŝŽƌ ĚĞƌĞĐŚŽ͕ ĨŝĞďƌĞ͕ ĂƐƉĞĐƚŽ ƚſdžŝĐŽ͕ ŽďƐƚƌƵĐĐŝſŶ ďŝůŝĂƌ͕ ĐŽůĂŶŐŝƚŝƐ͕ ĨŽƌŵĂĐŝſŶ ĚĞ ĂďƐĐĞƐŽƐ͕ ĨĂĐŝůŝƚĂŶĚŽ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞ ĐĄůĐƵůŽƐ ;ZŽĚƌşŐƵĞnj͕ϮϬϬϯͿ͘ >ĂƐ ŵĂŶŝĨĞƐƚĂĐŝŽŶĞƐ ĐůşŶŝĐĂƐ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ ĐĂƵƐĂĚĂƐ ƉŽƌ ĞƐƚŽƐ ƉĂƌĄƐŝƚŽƐ ƐŽŶ͗ ĚŝĂƌƌĞĂ͕ ĚŽůŽƌ ĂďĚŽŵŝŶĂů͕ ĞƐƚƌĞŹŝŵŝĞŶƚŽ͕ ŶĄƵƐĞĂ͕ ǀſŵŝƚŽ͕ ƉƌƵƌŝƚŽ ĂŶĂů͕ ĚŝƐƚĞŶƐŝſŶ ĂďĚŽŵŝŶĂů͕ ĐĞĨĂůĞĂ͕ ŚŝƉŽƌĞdžŝĂ͕ĂŶŽƌĞdžŝĂ͕ŵĞƚĞŽƌŝƐŵŽ͕ĂŶĞŵŝĂ͕ ĂƐƚĞŶŝĂ LJ ĂĚŝŶĂŵŝĂ͘ Ŷ ĐĂƐŽƐ ƌĂƌŽƐ ŚĞƉĂƚŽŵĞŐĂůŝĂLJƐşŶĚƌŽŵĞĚĞ>ƂĞĨĨůĞƌ͘Ŷ ĐĂƐŽƐ ĐŽŵƉůŝĐĂĚŽƐ ƐĞ ƉƵĞĚĞ ŽďƐĞƌǀĂƌ ŵĞůĞŶĂLJĞdžƉƵůƐŝſŶĚĞŚĞůŵŝŶƚŽƐƉŽƌĂŶŽ ĞŝŶĐůƵƐŽƉŽƌŶĂƌŝnj;ZŽĚƌşŐƵĞnj͕ϮϬϬϯͿ͘ ƉĂşƐ͘ŚŝůĞ͕ĐŽŶƵŶŶƷŵĞƌŽĚĞŝŶĨĞĐƚĂĚŽƐ ĞƐƚƵĚŝĂĚŽƐ ĞŶ ϰϮϯ Ϯϳϵ͕ ŵƵĞƐƚƌĂ ĐůĂƌĂŵĞŶƚĞ ůĂ ƌĞůĂĐŝſŶ ƋƵĞ ĞdžŝƐƚĞ ĐŽŶ Ğů ĂŵďŝĞŶƚĞLJĞůĐůŝŵĂ͘ŶĞůƐƵƌĚĞůƉĂşƐůĂ ƉƌĞǀĂůĞŶĐŝĂĚĞĂƐĐĂƌŝŽƐŝƐƐŽďƌĞƉĂƐĂĞůϮϬй Ğ ŝŶĐůƵƐŽ ůĂ ŝŶĨĞĐĐŝſŶ ŚĂ ƐŽďƌĞƉĂƐĂĚŽ Ğů ϱϬй;ŽƌƚĞnjĞƚĂů͕ϭϵϵϲͿ͘ >Ă ĂƐĐĂƌŝŽƐŝƐ ĞŶ ŶŝŹŽƐ ƉƌŽĚƵĐĞ ƵŶĂ ĚŝƐŵŝŶƵĐŝſŶĚĞůĂĂďƐŽƌĐŝſŶĚĞƉƌŽĚƵĐƚŽƐ ŶŝƚƌŽŐĞŶĂĚŽƐ͕ůşƉŝĚŽƐLJͲdžŝůŽƐĂ͕ƋƵĞũƵŶƚŽ ĂƵŶĂĚŝƐŵŝŶƵĐŝſŶĚĞůĂĂĐƚŝǀŝĚĂĚůĂĐƚĂƐĂ ĚĞů ƌŝďĞƚĞ ŝŶƚĞƐƚŝŶĂů͕ ĐŽŶĚƵĐĞ Ă ƵŶĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂ ƚĂƐĂ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ LJ ĚĞƐĂƌƌŽůůŽ ĚĞů ƐŝƐƚĞŵĂ ŶĞƌǀŝŽƐŽ ĐĞŶƚƌĂů ;dŽƌƌĞƐĞƚĂů͕ϭϵϵϵͿ͘ ^Ğ ƌĞĂůŝnjſ ƵŶ ĞƐƚƵĚŝŽ ĞŶ ƵďĂ ƉĂƌĂ ĐŽŶŽĐĞƌ ůĂ ƐŝƚƵĂĐŝſŶ ĚĞ ůŽƐ ƉĂƚſŐĞŶŽƐ ŝŶƚĞƐƚŝŶĂůĞƐ ĞŶ ϲϵ ŶŝŹŽƐ ĚĞ ĞĚĂĚ ĞƐĐŽůĂƌ ;ϱͲϭϯ ĂŹŽƐͿ͕ ůĂ ƉŽďůĂĐŝſŶ ĚĞ ĚŝĐŚĂ ĐŽŵƵŶŝĚĂĚĂƌƌŽũſƵŶƌĞƐƵůƚĂĚŽĚĞϰϭ͘ϵй ĚĞ ŝŶĨĞĐĐŝſŶ ƉŽƌ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ ;ĂďĂůůĞƌŽĞƚĂů͕ϮϬϭϭͿ͘ ŶDĠdžŝĐŽƐĞĞƐƚŝŵĂƋƵĞĞůϯϯйĚĞůĂ ƉŽďůĂĐŝſŶĞƐƚĄƉĂƌĂƐŝƚĂĚĂ͕ĂƷŶĐƵĂŶĚŽĂů ƉĂƌĞĐĞƌ ƐŽůŽ Ğů ϲй ĚĞ ůŽƐ ŝŶĨĞĐƚĂĚŽƐ ƉƌĞƐĞŶƚĂƉĂƌĂƐŝƚŽƐŝƐŵĂƐŝǀĂ͕ŽĐƵƉĂŶĚŽĂƐş ƵŶŽĚĞůŽƐƉƌŝŵĞƌŽƐůƵŐĂƌĞƐĐŽŵŽĐĂƵƐĂ ĚĞ ŵŽƌďŝůŝĚĂĚ LJ ŵŽƌƚĂůŝĚĂĚ ĞŶ ŶŝŹŽƐ ŵĞŶŽƌĞƐ ĚĞ ϱ ĂŹŽƐ͘ Ŷ Ğů /ŶƐƚŝƚƵƚŽ DĞdžŝĐĂŶŽ ĚĞů ^ĞŐƵƌŽ ^ŽĐŝĂů ;/D^^Ϳ ůĂƐ ŚĞůŵŝŶƚŝĂƐŝƐĐŽŶƐƚŝƚƵLJĞŶůĂƐĞdžƚĂĐĂƵƐĂĚĞ ĚĞŵĂŶĚĂĚĞĐŽŶƐƵůƚĂ͕LJĞŶĞůŐƌƵƉŽĚĞϭ ĂϭϱĂŹŽƐĞƐĞůƚĞƌĐĞƌŵŽƚŝǀŽĚĞĐŽŶƐƵůƚĂ ;ĂďĂůůĞƌŽĞƚĂů͕ϮϬϭϭͿ͘ >Ă ĂƐĐĂƌŝŽƐŝƐ ĂĨĞĐƚĂ Ăů Ϯϱй ĚĞ ůĂ ƉŽďůĂĐŝſŶŵƵŶĚŝĂů͕ĞŶƌĞŐŝŽŶĞƐĚŽŶĚĞůŽƐ ĐůŝŵĂƐĨĂǀŽƌĞĐĞŶĞůĚĞƐĂƌƌŽůůŽĚĞƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ͕ĐŽŵŽĞŶůĂŵĂLJŽƌşĂĚĞůŽƐ ƉĂşƐĞƐĚĞĞŶƚƌŽLJ^ƵĚĂŵĠƌŝĐĂ͕ĚŽŶĚĞůĂ ƉƌĞǀĂůĞŶĐŝĂ ĂůĐĂŶnjĂ ƵŶ ϱϬ й ĐŽŵŽ ƉƌŽŵĞĚŝŽ;DĂŵĂŶŝĞƚĂů͕ϮϬϬϵͿ͘ Ŷ^ƵĚĂŵĠƌŝĐĂƐĞĞƐƚŝŵĂƋƵĞŚĂLJŵĄƐ ĚĞ ϭϬϬ ŵŝůůŽŶĞƐ ĚĞ ƉĞƌƐŽŶĂƐ ŝŶĨĞĐƚĂĚĂƐ ƉŽƌ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ͘ ƌĂƐŝů ŵƵĞƐƚƌĂ ĂůƚĂƐ ƚĂƐĂƐ ĚĞ ŝŶĨĞĐĐŝſŶ ĞŶ ƚŽĚŽ ƐƵ ƚĞƌƌŝƚŽƌŝŽ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ ĞŶ ůĂ ƌĞŐŝſŶ ŵĂnjſŶŝĐĂ ĚŽŶĚĞ ƐĞ ŚĂŶ ŽďƐĞƌǀĂĚŽ ĨƌĞĐƵĞŶĐŝĂƐĚĞůϲϱͲϳϵй͕ůĂƐŵĄƐĂůƚĂƐĚĞů 0LOHQDULD ^ĞŐƷŶ ĚĂƚŽƐ ĚĞ ůĂ ^ŝƐƚĞŵĂ EĂĐŝŽŶĂů ĚĞ s ŝŐŝůĂŶĐŝĂ ƉŝĚĞŵŝŽůſŐŝĐĂ͕ ĞŶ Ğů ƉĞƌŝŽĚŽ ĚĞ ϭϵϵϬ Ă ϮϬϭϬ ĞŶ DĠdžŝĐŽ͕ ƐĞ ŽďƐĞƌǀĂƌŽŶƵŶƚŽƚĂůĚĞϯϭŵŝůůŽŶĞƐϯϴŵŝů ƌĞĐƵƌƌĞŶĐŝĂ ĞŶ ůĂƐ njŽŶĂƐ ƌƵƌĂůĞƐ LJ ĚĞ ĞƐĐĂƐŽƐƌĞĐƵƌƐŽƐĞĐŽŶſŵŝĐŽƐ͘WŽƌĞƐƚĂ ƌĂnjſŶĞƐƉĞƌƚŝŶĞŶƚĞĐŽŶŽĐĞƌƐŽďƌĞĞƐƚĂ ƉĂƌĂƐŝƚŽƐŝƐLJƌĞĂůŝnjĂƌŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐĚĞ ĚŝĐŚĂ ƉĂƚŽůŽŐşĂ ƋƵĞ ĐŽŶƚƌŝďƵLJĂŶ Ă ůĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂ ŚĞůŵŝŶƚŝĂƐŝƐ LJ ĂƐş ƉƌŽƉŽŶĞƌŵĞĚŝĚĂƐĚĞŚŝŐŝĞŶĞ͕ŚĄďŝƚŽƐ ĂůŝŵĞŶƚŝĐŝŽƐLJĐŽŶĚŝĐŝŽŶĞƐĚĞǀŝǀŝĞŶĚĂ͘ ŝďůŝŽŐƌĂĨşĂ ϭ͘ ĂďĂůůĞƌŽ ͕ Ğƚ Ăů͘ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ ĞŶ Ğů ĐŽƌĂnjſŶ ĚĞ ƵŶĂ ŐĞƐƚĂŶƚĞ͘ ZĞǀŝƐƚĂ ƵďĂŶĂ ĚĞKďƐƚĞƚƌŝĐŝĂLJ'ŝŶĞĐŽůŽŐşĂϮϬϭϭ͖ϯϳ;ϮͿ͗ϮϰϯͲ ϮϱϬ͘ Ϯ͘ŽƌƚĞnjDD͕DĂƌşŶDZ͘ƐĐĂƌŝƐůƵŵďƌŝĐŽŝĚĞƐ͘ DĞŵŽƌŝĂ ĚĞů ^ĞƌǀŝĐŝŽ ^ŽĐŝĂů hŶŝĚŝƐĐŝƉůŝŶĂƌŝŽ ϭϵϵϲ͘ &ĂĐƵůƚĂĚ ĚĞ ŝĞŶĐŝĂƐ YƵşŵŝĐŽ ŝŽůſŐŝĐĂƐ͕hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞ^ŝŶĂůŽĂ͘ ϯ͘ 'ĂdžŝŽůĂ ,͕ ZƵŝnj '>͘ ƐĐĂƌŝƐ ůƵŵďƌŝĐŽŝĚĞƐ͘ DĞŵŽƌŝĂ ĚĞů ^ĞƌǀŝĐŝŽ ^ŽĐŝĂů hŶŝƉƌŽĨĞƐŝŽŶĂů ϮϬϬϲ͘ &ĂĐƵůƚĂĚ ĚĞ ŝĞŶĐŝĂƐ YƵşŵŝĐŽ ŝŽůſŐŝĐĂƐ͕hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞ^ŝŶĂůŽĂ͘ ϰ͘DĂŵĂŶŝ͕͘ĞƚĂů͘dƌĂďĂũŽĚĞ/ŶǀĞƐƚŝŐĂĐŝſŶ͗ WƌĞǀĂůĞŶĐŝĂĚĞƐĐĂƌŝŽƐŝƐĞŶŶŝŹŽƐĚĞϯĂϭϭ ĂŹŽƐ ĚĞ ĞĚĂĚ ĞŶ ůĂ ƵŶŝĚĂĚ ĞĚƵĐĂƚŝǀĂ ĚĞ ůĂ ĐŽůŽŶŝĂ >ŝŶĂƌĞƐ ĚĞ ĞƌŵĞũŽ dĂƌŝũĂ ĚĞ ũƵůŝŽͲ ƐĞƉƚŝĞŵďƌĞĚĞůϮϬϬϵ͘hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂ ͨ:ƵĂŶDŝƐĂĞů^ĂƌĂĐŚŽ͕ͩ&ĂĐƵůƚĂĚĚĞŝĞŶĐŝĂƐ ĚĞůĂ^ĂůƵĚ͘ŽůŝǀŝĂ͖ϮϬϬϵ͘ &ŝŐƵƌĂϯ͘ŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂƐĐĂƌŝŽƐŝƐĞŶƉŽďůĂĐŝſŶŵĞŶŽƌĚĞϭϱĂŹŽƐĚĞĞĚĂĚƉŽƌŶƚŝĚĂĚ &ĞĚĞƌĂƚŝǀĂ͕ϭϵϵϬLJϮϬϭϬ;DŽŶƚŽLJĂ͕ϮϬϭϭͿ͘ ϴϯϳ ĐĂƐŽƐ ĚĞ ĂƐĐĂƌŝŽƐŝƐ͕ ĞŶƚĞƌŽďŝŽƐŝƐ͕ ĂŵĞďŝŽƐŝƐŝŶƚĞƐƚŝŶĂůLJŐŝĂƌĚŝŽƐŝƐ͕ƐŝĞŶĚŽůĂƐ ƉĂƌĂƐŝƚŽƐŝƐŝŶƚĞƐƚŝŶĂůĞƐŵĄƐĨƌĞĐƵĞŶƚĞƐĞŶ 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ƌĞƐƵŵŝĚŽƐ ĞŶ ůĂ ĨŝŐƵƌĂϭ͘ >ĂƐ ĐŽŶƐĞĐƵĞŶĐŝĂƐ ƐŽďƌĞ ƐŝƐƚĞŵĂƐ ďŝŽůſŐŝĐŽƐ ƐŽŶ͗ ;ϭͿ͗ Ğů ĂƵŵĞŶƚŽ ĚĞ ůĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ K Ϯ LJ ƚĞŵƉĞƌĂƚƵƌĂ ĂĨĞĐƚĂ ůĂƐ ƚĂƐĂƐ ŵĞƚĂďſůŝĐĂƐ LJ ĚĞ ĚĞƐĂƌƌŽůůŽ͖;ϮͿĐĂŵďŝŽƐĞŶůĂĨĞŶŽůŽŐşĂ;Ğů ƚŝĞŵƉŽ ĚĞ ĂĐƚŝǀŝĚĂĚĞƐ ĞƐƚĂĐŝŽŶĂůĞƐ ĚĞ ƉůĂŶƚĂƐ LJ ĂŶŝŵĂůĞƐͿ͖ ;ϯͿ ĂĚĂƉƚĂĐŝſŶ͕ ƐĞ ƉƵĞĚĞ ĂůƚĞƌĂƌ Ğů ďĂůĂŶĐĞ ĐŽŵƉĞƚŝƚŝǀŽ LJ ŽƚƌĂƐ ŝŶƚĞƌĂĐĐŝŽŶĞƐ ĐŽŶ ĐŽŶƐĞĐƵĞŶĐŝĂƐ ƐŽďƌĞůĂĂďƵŶĚĂŶĐŝĂůŽĐĂůLJůŽƐƌĂŶŐŽƐĚĞ ĚŝƐƚƌŝďƵĐŝſŶ ŐĞŽŐƌĄĨŝĐŽƐ ;,ƵŐĞƐ͕ ϮϬϬϬ͖ tĂůƚŚĞƌĞƚĂů͘ϮϬϬϮͿ͘ ZĞƐƵůƚĂŝŶŶĞŐĂďůĞƋƵĞůĂƚĞŵƉĞƌĂƚƵƌĂ ĞũĞƌĐĞ ƵŶ ƉĂƉĞů ŝŵƉŽƌƚĂŶƚĞ ƐŽďƌĞ ůŽƐ ƐŝƐƚĞŵĂƐǀŝǀŽƐLJƋƵĞĞůĐĂŵďŝŽĐůŝŵĄƚŝĐŽ ƉƵĞĚĞƚĞŶĞƌĞĨĞĐƚŽƐĚŝƌĞĐƚŽƐŽŝŶĚŝƌĞĐƚŽƐ ĂĨĞĐƚĂŶĚŽ ůĂ ƐĂůƵĚ Ă ƚƌĂǀĠƐ ĚĞ ŵƷůƚŝƉůĞƐ ǀşĂƐ͕ Ğů ĚĞƐĂĨşŽ ƉĂƌĂ ůŽƐ ĐŝĞŶƚşĨŝĐŽƐ ĞƐ ĚĞƚĞƌŵŝŶĂƌ ůĂ ƐĞǀĞƌŝĚĂĚ LJ ĚŝƌĞĐĐŝſŶ ĚĞ ĞƐŽƐĞĨĞĐƚŽƐ;DĂƌƚĞŶƐ͕ϭϵϵϵͿ͘ 0LOHQDULD ŽŶƐĞĐƵĞŶĐŝĂƐ ĚĞů ĐĂŵďŝŽ ĐůŝŵĄƚŝĐŽ ƐŽďƌĞůĂƐĂůƵĚƉƷďůŝĐĂ͘ ^Ğ ĚĞƐĐƌŝďĞŶ Ă ĐŽŶƚŝŶƵĂĐŝſŶ ƐŽůŽ ĂůŐƵŶĂƐĚĞůĂƐĐŽŶƐĞĐƵĞŶĐŝĂƐĚĞůĐĂŵďŝŽ ĐůŝŵĄƚŝĐŽ ƐŽďƌĞ ůĂ ƐĂůƵĚ ƉƷďůŝĐĂ ŵĄƐ ĨƌĞĐƵĞŶƚĞŵĞŶƚĞ ƌĞƉŽƌƚĂĚĂƐ ĞŶ ůĂ ůŝƚĞƌĂƚƵƌĂ;&ŝŐƵƌĂϮͿ͘ ůĐĂŵďŝŽĐůŝŵĄƚŝĐŽĨĂǀŽƌĞĐĞƋƵĞůŽƐ ĨĞŶſŵĞŶŽƐ ŵĞƚĞŽƌŽůſŐŝĐŽƐ ƐĞ ǀƵĞůǀĂŶ ŵĄƐ ĞdžƚƌĞŵŽƐ͕ ĐŽŶ Ğů ĂƵŵĞŶƚŽ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂƐĞŚĂĐĞŶŵĄƐĨƌĞĐƵĞŶƚĞƐůĂƐ ŽŶĚĂƐ ĚĞ ĐĂůŽƌ ƋƵĞ ĨĂǀŽƌĞĐĞŶ ůĂ ƐĞŶƐŝďŝůŝĚĂĚ ĚĞ ůŽƐ ĂƐŵĄƚŝĐŽƐ Ă ƐƵ ĐŽŶĚŝĐŝſŶ ;DĂƌƚĞŶƐ͕ ϭϵϵϵͿ͘ KƚƌĂ ƚşƉŝĐĂ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞů ĞƐƚƌĠƐ ƉŽƌ ĐĂůŽƌ ĞƐ ůĂ ŝŶƐŽůĂĐŝſŶ͘ŽŶĞůĐĂůĞŶƚĂŵŝĞŶƚŽŐůŽďĂůƐĞ ŚĂŶ ƌĞƉŽƌƚĂĚŽ ŵĄƐ ŵƵĞƌƚĞƐ ƉŽƌ ŚŝƉĞƌƚĞƌŵŝĂ ;W^Z ZĞƉŽƌƚƐ ^ƚĂĨĨ͕ ϮϬϬϬͿ LJ ƵŶĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂƐ ŵƵĞƌƚĞƐ ƉŽƌ ŚŝƉŽƚĞƌŵŝĂ͘>ŽƐĞĨĞĐƚŽƐĚĞůĐĂůŽƌƐŽďƌĞůĂ ƐĂůƵĚĞŶĄƌĞĂƐƵƌďĂŶĂƐƐĞǀĞŶĂƵŵĞŶƚĂĚŽƐ ƉŽƌƵŶĨĞŶſŵĞŶŽĐŽŶŽĐŝĚŽĐŽŵŽͨŝƐůĂƐĚĞ ĐĂůŽƌͩ;:ĂƵƌĞŐƵŝĞƚĂů͘ϭϵϵϮͿ͕ůĂƐǀŝĐƚŝŵĂƐ ƐŽŶ ƵƐƵĂůŵĞŶƚĞ ĂŶĐŝĂŶŽƐ͕ ŶŝŹŽƐ LJ ƉĞƌƐŽŶĂƐ ĐŽŶ ĚĞƐĞƋƵŝůŝďƌŝŽ ĞůĞĐƚƌŽůşƚŝĐŽ͘ /ŶĚŝǀŝĚƵŽƐĐŽŶĞŶĨĞƌŵĞĚĂĚĞƐƌĞƐƉŝƌĂƚŽƌŝĂƐ ƐŽŶƉƌŽďĂďůĞŵĞŶƚĞůŽƐŵĄƐĂĨĞĐƚĂĚŽƐƉŽƌ ĞůŝŶĐƌĞŵĞŶƚŽĚĞĞƐƚƌĠƐĐĂůŽƌşĨŝĐŽ͕ĂƐşĐŽŵŽ ůĂ ŵŽƌƚĂůŝĚĂĚ ĚĞďŝĚĂ Ăů ŝŶĐƌĞŵĞŶƚŽ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ ƌĞƐƉŝƌĂƚŽƌŝĂƐ ĐŽŶ ƚĞŵƉĞƌĂƚƵƌĂƐĞůĞǀĂĚĂƐƉƌĞƐƵŵŝďůĞŵĞŶƚĞ ĚĞďŝĚĂƐ Ă ĞĨĞĐƚŽƐ ĐŽŵďŝŶĂĚŽƐ ĚĞ ůĂ ĞŶĨĞƌŵĞĚĂĚ LJ ƚĞŵƉĞƌĂƚƵƌĂ ƐŽďƌĞ Ğů ƐŝƐƚĞŵĂĐŝƌĐƵůĂƚŽƌŝŽ;>ŽŶŐƐƚƌĞƚŚ͕ϭϵϵϵͿ͘ WŽƌ ŽƚƌŽ ůĂĚŽ͕ ŝŶǀŝĞƌŶŽƐ ŵĄƐ ƚŝďŝŽƐ ƉŽĚƌşĂŶĨĂǀŽƌĞĐĞƌƵŶĂŵĞũŽƌŽƉŽƌƚƵŶŝĚĂĚ ĚĞƐŽďƌĞǀŝǀĞŶĐŝĂƉĂƌĂůŽƐŐƌƵƉŽƐĚĞƌŝĞƐŐŽ͕ ĐŽŵŽůŽƐĂŶĐŝĂŶŽƐ͕ĚƵƌĂŶƚĞůŽƐŵĞƐĞƐŵĄƐ ĨƌşŽƐ͘ >ĂƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ŝŶĨĞĐĐŝŽƐĂƐ ƐŽŶ ĞŶƚŝĚĂĚĞƐ ŐůŽďĂůĞƐ ƋƵĞ ĚĞƉĞŶĚĞŶ ĚŝŶĄŵŝĐĂŵĞŶƚĞĚĞůĂŝŶƚĞƌĂĐĐŝſŶĞŶƚƌĞůĂ ƉŽďůĂĐŝſŶLJĞůĐůŝŵĂƌĞŐŝŽŶĂůĞdžŝƐƚĞŶƚĞ͕ƉŽƌ ůŽ ƚĂŶƚŽ Ğů ĐĂůĞŶƚĂŵŝĞŶƚŽ ŐůŽďĂů ƉŽĚƌşĂ ĐĂŵďŝĂƌ Ğů ĞƐƉĞĐƚƌŽ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ ŝŶĨĞĐĐŝŽƐĂƐLJůĂŽĐƵƌƌĞŶĐŝĂĚĞůĂƐŵŝƐŵĂƐ͕ ĚĞƐĚĞůĂŵƵĞƌƚĞŶĞŐƌĂĞŶĞůƐŝŐůŽy/sĞŶ ƵƌŽƉĂŚĂƐƚĂůŽƐƚŝĞŵƉŽƐŵŽĚĞƌŶŽƐĚĞůĂ ĚŝƐƉĞƌƐŝſŶĚĞůďŽůĂĞŶĨƌŝĐĂ͕ĞůĐſůĞƌĂĞŶ ^ƵĚĂŵĠƌŝĐĂLJůĂĞŶĨĞƌŵĞĚĂĚĚĞůŝŵŽĞŶ h ƐŽŶ ĂĨĞĐƚĂĚĂƐ ƉŽƌ ĐĂŵďŝŽƐ ĞŶ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ͕ ƉƌĞĐŝƉŝƚĂĐŝſŶ͕ ŝŶƐŽůĂĐŝſŶ LJ ĐŽƌƌŝĞŶƚĞƐŽĐĞĄŶŝĐĂƐ͘>ĂŝŶƚĞƌĂĐĐŝſŶĞŶƚƌĞ ĞƐŽƐ ĨĂĐƚŽƌĞƐ ĞŶ ĐŽŵďŝŶĂĐŝſŶ ĐŽŶ ŽƚƌĂƐ ǀĂƌŝĂďůĞƐ ŶŽ ĐůŝŵĄƚŝĐĂƐ ĚĞƚĞƌŵŝŶĂŶ Ğů ƚŝĞŵƉŽ ĚĞ ďƌŽƚĞ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ ŝŶĨĞĐĐŝŽƐĂƐ;DĂƌƚĞŶƐ͕ϭϵϵϵͿ͘ ůŐƵŶŽƐ ĞĨĞĐƚŽƐ ƐŽďƌĞ ůĂ ƐĂůƵĚ ƉƵĞĚĞŶ ƌĞƐƵůƚĂƌ ĚĞ ĐĂŵďŝŽƐ ŝŶĚŝƌĞĐƚŽƐ ƐŽďƌĞ ůŽƐ ĞĐŽƐŝƐƚĞŵĂƐ͘ WŽƌ ĞũĞŵƉůŽ͕ ĐŽŶĚŝĐŝŽŶĞƐ ĐůŝŵĄƚŝĐĂƐ ĂůƚĞƌĂĚĂƐ ƉƵĞĚĞŶ ŵŽĚŝĨŝĐĂƌĞůŚĄďŝƚĂƚĚĞůŽƐǀĞĐƚŽƌĞƐĐŽŵŽ ůŽƐ ŵŽƐƋƵŝƚŽƐ Ž ƌĂƚĂƐ LJ ĂĨĞĐƚĂƌ ůŽƐ ƉĂƌĄƐŝƚŽƐ ƋƵĞ ĞůůŽƐ ƚƌĂŶƐƉŽƌƚĂŶ ;'ƌŝŵƐƚĂŶĚ͕ ϭϵϴϯ͖ ,ĂŝůĞ LJ tĞůĚŚĂƐƐ͕ ϭϵϳϳͿ͘ ů ĐĂŵďŝŽ ĞŶ ůĂ ĂďƵŶĚĂŶĐŝĂ LJ ĚŝƐƚƌŝďƵĐŝſŶŐĞŽŐƌĄĨŝĐĂĚĞůŽƐŚŽƐƉĞĚĞƌŽƐ LJƉĂƌĄƐŝƚŽƐƉƵĞĚĞŵŽĚŝĨŝĐĂƌůĂŽĐƵƌƌĞŶĐŝĂ ĞƐƚĂĐŝŽŶĂů ĚĞ ŵƵĐŚĂƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ŝŶĨĞĐĐŝŽƐĂƐ LJ ŽĐĂƐŝŽŶĂƌ ƋƵĞ ĞůůĂƐ ƐĞ ĚŝƐƉĞƌƐĞŶ͘ >ŽƐ ǀĞĐƚŽƌĞƐ ĚĞ ĞŶĨĞƌŵĞĚĂĚĞƐ ŵĄƐ ĐŽŵƵŶĞƐ ƐŽŶ ůŽƐ ĂƌƚƌſƉŽĚŽƐ͕ ƋƵĞ ƐŽŶ ŚĞƚĞƌŽƚĞƌŵŽƐ ͨĚĞ ƐĂŶŐƌĞ ĨƌşĂ͕ͩ ƐƵ ƚĞŵƉĞƌĂƚƵƌĂ ŝŶƚĞƌŶĂ ĞƐƚĄ ĨƵĞƌƚĞŵĞŶƚĞ ĂĨĞĐƚĂĚĂƉŽƌůĂƚĞŵƉĞƌĂƚƵƌĂĚĞůĂŵďŝĞŶƚĞ͘ ůĐĂŵďŝŽĐůŝŵĄƚŝĐŽƉƵĞĚĞŝŶĐŝĚŝƌƐŽďƌĞĞů ƚĂŵĂŹŽ ĚĞ ůĂ ƉŽďůĂĐŝſŶ ĚĞ ǀĞĐƚŽƌĞƐ͘ DĂůĂƌŝĂ͕ĚĞŶŐƵĞ͕ƉĞƐƚĞLJǀŝƌƵƐƋƵĞĐĂƵƐĂŶ ƐşŶĚƌŽŵĞƐ ĞŶĐĞĨĄůŝĐŽƐ ĞƐƚĄŶ ĞŶƚƌĞ ůĂƐ ƉƌŝŶĐŝƉĂůĞƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ƚƌĂŶƐŵŝƚŝĚĂƐ ƉŽƌ ǀĞĐƚŽƌĞƐ ;>ŽŶŐƐƚƌĞŚƚ LJ tŝƐĞŵĂŶ͕ ϭϵϴϵͿ͘ĞŶƚƌŽĚĞĞƐƚĂƐĞŶĨĞƌŵĞĚĂĚĞƐ͕ůĂ ŵĂůĂƌŝĂŚĂƌĞĐŝďŝĚŽƵŶĂŶŽƚĂďůĞĂƚĞŶĐŝſŶ ĞŶůŽƐƷůƚŝŵŽƐϭϬĂŹŽƐLJĞƐŵŽƚŝǀŽĚĞƵŶ ŝŶƚĞŶƐŽ ĚĞďĂƚĞ ĚĞďŝĚŽ Ă ƋƵĞ ƐƵ ƚƌĂŶƐŵŝƐŝſŶĞƐƚĂŝŶĨůƵĞŶĐŝĂĚĂƉŽƌĞůĐůŝŵĂ ;&ŝŐƵƌĂ ϯͿ͘ ůĂƌĂŵĞŶƚĞ ůĂ ƚƌĂŶƐŵŝƐŝſŶ ĚĞ ůĂŵĂůĂƌŝĂŶŽŽĐƵƌƌĞĞŶĐůŝŵĂƐĚŽŶĚĞůŽƐ ŵŽƐƋƵŝƚŽƐŶŽƐŽďƌĞǀŝǀĞŶ͘>ĂƉƌŽŐƌĞƐŝſŶ ĞŶ Ğů ĂŐƵĂ ĚĞ ĞƐƚĂĚŝŽƐ ĚĞ ĚĞƐĂƌƌŽůůŽ ĚĞů ǀĞĐƚŽƌ ƐĞ ĂĐĞůĞƌĂ ďĂũŽ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞ ŝŶĐƌĞŵĞŶƚŽ ĚĞ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ͕ ĂƐş Ğů ĐĂůĞŶƚĂŵŝĞŶƚŽ ŐůŽďĂů ƉƌŽǀĞĞ ůĂƐ ĐŽŶĚŝĐŝŽŶĞƐƉƌŽƉŝĐŝĂƐƉĂƌĂůĂĚŝƐƉĞƌƐŝſŶĚĞ ůĂŵĂůĂƌŝĂĞŶƌĞŐŝŽŶĞƐĚŽŶĚĞƉŽƌƐƵĐůŝŵĂ͕ Ğů ŵŽƐƋƵŝƚŽ ƚƌĂŶƐŵŝƐŽƌ ŶŽ ƐĞ ƌĞƉƌŽĚƵĐĞ ;<ŚĂƐŶŝƐLJEĞƚƚůĞŵĂŶ͕ϮϬϬϱͿ͘ ů ĐĂůĞŶƚĂŵŝĞŶƚŽ ŐůŽďĂů ƉƌŽďĂďůĞŵĞŶƚĞ ƚĞŶŐĂ ŝŵƉĂĐƚŽƐ ƐŽďƌĞ ďŽƐƋƵĞƐ͕ ƚŝĞƌƌĂƐ ĚĞ ĐƵůƚŝǀŽ LJ ŚƵŵĞĚĂůĞƐ ƋƵĞ ƌĞƐƵůƚĞŶ ĞŶ ĐĂŵďŝŽƐ ĚĞ ůĂ ďŝŽĚŝǀĞƌƐŝĚĂĚ ĂĨĞĐƚĂŶĚŽ ĐƵĂŶƚŝƚĂƚŝǀĂ Ž ĐƵĂůŝƚĂƚŝǀĂŵĞŶƚĞ ůĂƐ ĐŽŶĐĞŶƚƌĂĐŝŽŶĞƐ ĚĞ ĂůĠƌŐĞŶŽƐ͕ĐŽŵŽŵŽŚŽƐLJƉŽůĞŶ͕ĞƐƚŽĂƐƵ ǀĞnj ƉƵĞĚĞ ƉĞƌŵŝƚŝƌ ĐĂŵďŝŽƐ ĞŶ ůĂ ƉƌĞǀĂůĞŶĐŝĂ Ž ŝŶƚĞŶƐŝĚĂĚ ĚĞ ĂƐŵĂ LJ ĞŶ ĞƉŝƐŽĚŝŽƐĚĞĨŝĞďƌĞĚĞŚĞŶŽĞŶŝŶĚŝǀŝĚƵŽƐ ƐĞŶƐŝďůĞƐ;>ŽŶŐƐƚƌĞƚŚ͕ϭϵϵϭͿ͘ ůŝŵƉĂĐƚŽĚĞůĂĞůĞǀĂĚĂƚĞŵƉĞƌĂƚƵƌĂ ĐŽƌƉŽƌĂůƐŽďƌĞůĂĨĞƌƚŝůŝĚĂĚ;DŝĞƵƐƐĞƚĞƚĂů͘ ϭϵϴϳͿ LJ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞ ŶĞŽŶĂƚŽƐ ;ĚǁĂƌĚƐ͕ ϭϵϴϲͿ ƐĞ ĞŶĐƵĞŶƚƌĂ ďŝĞŶ ƌĞĐŽŶŽĐŝĚĂ͖ ƐŝŶ ĞŵďĂƌŐŽ ŚĂLJ ƉŽĐĂ ŝŶĨŽƌŵĂĐŝſŶ ĞŶ ůĂ ůŝƚĞƌĂƚƵƌĂ ƋƵĞ ŝŶĚŝƋƵĞ ƋƵĞƚĂůĞĨĞĐƚŽƉƵĞĚĂĞƐƚĂƌĂƐŽĐŝĂĚŽĐŽŶůĂ ĞůĞǀĂĐŝſŶ ĚĞ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ ĂŵďŝĞŶƚĂů͘ ůŐƵŶŽƐ ƌĞƉŽƌƚĞƐ ŝŶĚŝĐĂŶ ƵŶ ŝŶĐƌĞŵĞŶƚŽ ĞƐƚĂĐŝŽŶĂů ĞŶ ůĂ ŵŽƌƚĂůŝĚĂĚ ƉĞƌŝŶĂƚĂů ;ĚǁĂƌĚƐ͕ ϭϵϴϲͿ LJ ĞŶ ůŽƐ ŶĂĐŝŵŝĞŶƚŽƐ ƉƌĞƚĞƌŵŝŶŽ;ŽŽƉĞƌƐƚŽĐŬLJtŽůĨ͕ϭϵϴϲͿ͘ &ŝŐƵƌĂϮ͘/ŵƉĂĐƚŽƐĚĞůĐĂŵďŝŽĐůŝŵĄƚŝĐŽƐŽďƌĞůĂƐĂůƵĚƉƷďůŝĐĂ͘>ŽŶŐŚƐƚƌĞŚƚ;ϭϵϵϭͿ͘ 0LOHQDULD >Ă ƉŽďůĂĐŝſŶ ŵƵŶĚŝĂů ŚĂ ĐƌĞĐŝĚŽ ĞdžƉŽŶĞŶĐŝĂůŵĞŶƚĞ͕ ƐĞ ĞƐƚŝŵĂ ƋƵĞ ĂůĐĂŶnjĂƌĄĚĞϴͲϭϬŵŝůŵŝůůŽŶĞƐƉĂƌĂĞůĂŹŽ ϮϭϱϬ ;Ğ>ĂĐƌŽŝdž͕ ϮϬϬϬͿ͘ >ĂƐ ĄƌĞĂƐ ŵĄƐ ĂĨĞĐƚĂĚĂƐ ƉŽƌ ůĂ ƐŽďƌĞƉŽďůĂĐŝſŶ ƐŽŶ ĨƌŝĐĂ͕ƐŝĂLJ>ĂƚŝŶŽĂŵĠƌŝĐĂ͘ĐƚƵĂůŵĞŶƚĞ͕ ϴϬϬ ŵŝůůŽŶĞƐ ĚĞ ƉĞƌƐŽŶĂƐ ĂůƌĞĚĞĚŽƌ ĚĞů ŵƵŶĚŽ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ĚĞƐŶƵƚƌŝĚĂƐ͘ 'ĞŶĞƌĂƌ ĂůŝŵĞŶƚŽ ƉĂƌĂ ůĂ ĐƌĞĐŝĞŶƚĞ ƉŽďůĂĐŝſŶ ŵƵŶĚŝĂů ƉŽƌ ŵĞĚŝŽ ĚĞ ůĂ &ŝŐƵƌĂϯ͘ŶŽƉŚĞůĞƐ͕ĞůŵŽƐƋƵŝƚŽĚĞůĂŵĂůĂƌŝĂ͘ŚƚƚƉ͗ͬͬŚĞŵŝƐĨĞƌŝŽnjĞƌŽ͘ĐŽŵͬϮϬϭϮͬϬϰͬϮϱͬĚŝĂͲŵƵŶĚŝĂůͲĚĞͲůĂͲŵĂůĂƌŝĂͲϮϬϭϮͲ ŵĂŶƚĞŶĞƌͲůŽƐͲůŽŐƌŽƐͲƐĂůǀĂƌͲǀŝĚĂƐͲŝŶǀĞƌƚŝƌͲĞŶͲŵĂůĂƌŝĂͬ ĂŐƌŝĐƵůƚƵƌĂͲŐĂŶĂĚĞƌşĂ ƚƌĂĚŝĐŝŽŶĂů ŝŶĐƌĞŵĞŶƚĂĞůKϮĚĞůĂĂƚŵſƐĨĞƌĂĚĞďŝĚŽ Ă ůĂ ƉĞƌĚŝĚĂ ĚĞ ĐŽďĞƌƚƵƌĂ ǀĞŐĞƚĂů LJ Ă ůĂ ƐşŶƚĞƐŝƐĚĞĂŐƌŽƋƵşŵŝĐŽƐ;ŽŶŽŚŽĞ͕ϮϬϬϯͿ͘ ůŝŶĐƌĞŵĞŶƚŽĚĞKϮƉƵĞĚĞƐĞƌďĞŶĠĨŝĐŽ ƉĂƌĂ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ůĂƐ ƉůĂŶƚĂƐ͕ ƐŝŶ ĞŵďĂƌŐŽ ƵŶĂ ĐŽŵďŝŶĂĐŝſŶ ĚĞ ĂůƚĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ ĐŽŶ ďĂũĂ ƉƌĞĐŝƉŝƚĂĐŝſŶ ƉƵĞĚĞĂĨĞĐƚĂƌůĂƉƌŽĚƵĐĐŝſŶ͘ůĚĞƐĂďĂƐƚŽ ĚĞ ĂůŝŵĞŶƚŽƐ ĂĨĞĐƚĂ ůĂ ƐĂůƵĚ ĚĞ ŵĂŶĞƌĂ ĚŝƌĞĐƚĂƉ͘Ğũ͘>ĂĂŶĞŵŝĂƉŽƌĚĞĨŝĐŝĞŶĐŝĂĚĞ ŚŝĞƌƌŽ͕ŽŝŶĚŝƌĞĐƚĂŵĞŶƚĞĚĞďŝĚŽĂƋƵĞůĂ ĚĞƐŶƵƚƌŝĐŝſŶ ŚĂĐĞ ǀƵůŶĞƌĂďůĞƐ Ă ůĂ ƉĞƌƐŽŶĂƐ Ă ĂĚƋƵŝƌŝƌ ĞŶĨĞƌŵĞĚĂĚĞƐ͘ ĚŝĐŝŽŶĂůŵĞŶƚĞ͕ ůĂƐ ĂĐƚŝǀŝĚĂĚĞƐ ĂŐƌŽƉĞĐƵĂƌŝĂƐ ŝŶĐƌĞŵĞŶƚĂŶ Ğů ƌŝĞƐŐŽ ĚĞ ĞdžƚŝŶĐŝſŶĚĞůĂƐĞƐƉĞĐŝĞƐĐŽŶůĂƉĞƌĚŝĚĂĚĞ ůĂ ĨĂƌŵĂĐŽƉĞĂ ŶĂƚƵƌĂů ƉŽƚĞŶĐŝĂůŵĞŶƚĞ ǀĂůŝŽƐĂ͘DĄƐĚĞůĂŵŝƚĂĚĚĞůĂƐϭϱϬĚƌŽŐĂƐ ŵĄƐ ƌĞĐĞƚĂĚĂƐ ĐŽŶƚŝĞŶĞŶ ƵŶ ĐŽŵƉƵĞƐƚŽ ĂĐƚŝǀŽĚĞƌŝǀĂĚŽŽŵŽĚĞůĂĚŽĚĞƉƌŽĚƵĐƚŽƐ ŶĂƚƵƌĂůĞƐ ;Ɖ͘ Ğũ͕͘ ĚŝŐŽdžŝŶĂ͕ ǀŝŶĐƌŝƐƚŝŶĂ͕ ĂƐƉŝƌŝŶĂ͕ƉĂĐůŝƚĂdžĞůLJĂŐĞŶƚĞƐƉĂƌĂůŝnjĂŶƚĞƐ ;'ƌŝĨŽLJZŽƐĞŶƚŚĂů͕ϭϵϵϳͿ͘ ůĂŐƵĂĞƐƵŶĂŶĞĐĞƐŝĚĂĚďĄƐŝĐĂLJƐƵ ĚŝƐƉŽŶŝďŝůŝĚĂĚĞƐĚĞƐƵŵĂŝŵƉŽƌƚĂŶĐŝĂ͕ĞƐ ůĂ ƐƵƐƚĂŶĐŝĂ ƉƌŝŶĐŝƉĂů ƵƚŝůŝnjĂĚĂ ƉĂƌĂ ĐŽĐŝŶĂƌ͕ ĚŝƐŽůǀĞƌ LJ ƉĂƌĂ Ğů ĐŽŶƐƵŵŽ ŶŽƌŵĂů͘ ^Ğ ƉƌŽŶŽƐƚŝĐĂŶ ĐĂŵďŝŽƐ ĞŶ ůĂ ĐĂŶƚŝĚĂĚ ĚĞ ƉƌĞĐŝƉŝƚĂĐŝſŶ ĚĞƌŝǀĂĚŽƐ ĚĞů ĐĂŵďŝŽĐůŝŵĄƚŝĐŽ͘DƵĐŚŽƐŽƌŐĂŶŝƐŵŽƐƋƵĞ ĐĂƵƐĂŶĞŶĨĞƌŵĞĚĂĚĞƐƌĞƋƵŝĞƌĞŶĂŐƵĂƉĂƌĂ ƐƵ ƐŽďƌĞǀŝǀĞŶĐŝĂ͕ ĂůƚĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ ƉƵĞĚĞŶ ŝŶĐƌĞŵĞŶƚĂƌ ůĂ ŽƉŽƌƚƵŶŝĚĂĚ ĚĞ ƐŽďƌĞǀŝǀĞŶĐŝĂĚĞďĂĐƚĞƌŝĂƐ;^ĂůŵŽŶĞůůĂ LJ ^ŚŝŐĞůůĂͿ͕ ǀŝƌƵƐ ;ƌŽƚĂǀŝƌƵƐͿ LJ ƉƌŽƚŽnjŽĂƌŝŽƐ ;ƌLJƉƚŽƐƉŽƌŝĚŝƵŵ LJ 'ŝĂƌĚŝĂͿ͘ ^ŝ ĐŽŶƐŝĚĞƌĂŵŽƐ ƵŶ ĞƐĐĞŶĂƌŝŽ ĐŽŶ ĂŐƵĂ ĐŽŶƚĂŵŝŶĂĚĂ͕ ĂůƚĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ Ğ ŝŶƵŶĚĂĐŝŽŶĞƐ͕ Ğů ŝŵƉĂĐƚŽ ƐŽďƌĞ ůĂƐ ĞŶĨĞƌŵĞĚĂĚĞƐ ĚŝĂƌƌĞŝĐĂƐ ƉƵĞĚĞ ƐĞƌ ƐŝŐŶŝĨŝĐĂƚŝǀĂ͕ƐŝĞŶĚŽůŽƐƉĂşƐĞƐƉŽďƌĞƐůŽƐ ŵĄƐǀƵůŶĞƌĂďůĞƐ;WĂƚnjĞƚĂů͘ϭϵϵϲͿ͘ ŽŶĐůƵƐŝſŶ͘ džŝƐƚĞŶ ƐƵĨŝĐŝĞŶƚĞƐ ĞǀŝĚĞŶĐŝĂƐ ƉĂƌĂ ĐŽŶƐŝĚĞƌĂƌ ƋƵĞ Ğů ĂƵŵĞŶƚŽ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂĞŶůĂƚŝĞƌƌĂĞƐƚĄĂůƚĞƌĂŶĚŽĞů ĐůŝŵĂLJƋƵĞĞƐƚĞĐĂŵďŝŽƉƵĞĚĞŽĐĂƐŝŽŶĂƌ ƉƌŽďůĞŵĂƐ ĚĞ ƐĂůƵĚ ƉƷďůŝĐĂ͘ ^ŽŶ ŶĞĐĞƐĂƌŝĂƐ ĂĐĐŝŽŶĞƐ ƉĂƌĂ ĚŝƐŵŝŶƵŝƌ Ğů ĐĂůĞŶƚĂŵŝĞŶƚŽĚĞůĂƚŝĞƌƌĂĂŶŝǀĞůŐůŽďĂů͕ ŶĂĐŝŽŶĂůLJůŽĐĂů͕ƵŶƉĂƐŽŝŵƉŽƌƚĂŶƚĞĞƐůĂ ĂĚŚĞƐŝſŶ Ăů ƉƌŽƚŽĐŽůŽ ĚĞ <ŝŽƚŽ͘ DĠdžŝĐŽ ĚĞďĞ ĚĞ ƉƌŽƉŽŶĞƌ LJ ĞũĞĐƵƚĂƌ ƉůĂŶĞƐ ĚĞ ĂĐĐŝſŶ ƉĂƌĂ ĂĨƌŽŶƚĂƌ ůŽƐ ƉƌŽďůĞŵĂƐ ĚĞ ƐĂůƵĚĞŝŶĨĞĐĐŝŽŶĞƐƌĞůĂĐŝŽŶĂĚĂƐĂůĐĂŵďŝŽ ĐůŝŵĄƚŝĐŽ͕ ůĂ ĐŽŽƉĞƌĂĐŝſŶ ĞŶƚƌĞ ŶĂĐŝŽŶĞƐ ĞƐŝŶĚŝƐƉĞŶƐĂďůĞƉĂƌĂƋƵĞůŽƐƉůĂŶĞƐƐĞĂŶ ĞĨĞĐƚŝǀŽƐͨ͘>ĂƐĂůƵĚŚƵŵĂŶĂĞƐƵŶƌĞĨůĞũŽ ĚĞůĂƐĂůƵĚĚĞůĂƚŝĞƌƌĂ͕ͩ,ĞƌĄĐůŝƚŽ͘ 0LOHQDULD ŝďůŝŽŐƌĂĨşĂ ŽŽƉĞƌƐƚŽĐŬ͕D͘ΘtŽůĨ͕Z͘͘;ϭϵϴϲͿ͘^ĞĂƐŽŶĂůŝƚLJŽĨ ƉƌĞƚĞƌŵďŝƌƚŚŝŶƚŚĞĐŽůůĂďŽƌĂƚŝǀĞƉĞƌŝŶĂƚĂůƉƌŽũĞĐƚ͗ ĚĞŵŽŐƌĂƉŚŝĐ ĨĂĐƚŽƌƐ͘ ŵĞƌŝĐĂŶ :ŽƵƌŶĂů ŽĨ ƉŝĚĞŵŝŽůŽŐLJ͘ ϭϮϰ͗ ϮϯϰͲϮϰϭ͘ Ğ>ĂĐƌŽŝdž͕D͘;ϮϬϬϬͿ͘WůĂŶĞƚĞĂƌƚŚ͘ůƵĞ͘ϯ͗ϲϱ͘ϲϵ͘ ŽŶŽŚŽĞ͕ D͘ ;ϮϬϬϯͿ͘ ĂƵƐĞƐ ĂŶĚ ŚĞĂůƚ ĐŽŶƐĞƋƵĞŶĐĞƐŽĨĞŶǀŝƌŽŶŵĞŶƚĂůĚĞŐƌĂĚĂƚŝŽŶĂŶĚ ƐŽĐŝĂů ŝŶũƵƐƚŝĐŝĞ͘ ^ŽĐŝĂů ^ĐŝĞŶĐĞ Θ DĞĚŝĐŝŶĞ͘ ϱϲ͗ ϱϳϯͲϱϴϳ͘ ĚǁĂƌĚƐ͕D͘:͘;ϭϵϴϲͿ͘,LJƉĞƌƚŚĞƌŵŝĂĂƐĂƚĞƌĂƚŽŐĞŶ͗ ĂƌĞǀŝĞǁŽĨĞdžƉĞƌŝŵĞŶƚĂůƐƚƵĚŝĞƐĂŶĚƚŚĞŝƌĐůŝŶŝĐĂů ƐŝŐŶŝĨŝĐĂŶĐĞ͘ dĞƌĂƚŽŐĞŶĞƐŝƐ͕ ĂƌĐŝŶŽŐĞŶĞƐŝƐ ĂŶĚ DƵƚĂŐĞŶĞƐŝƐ͘ϲ͗ϱϲϯͲϱϴϮ͘ 'ƌŝĨŽ͕&͘ΘZŽƐĞŶƚŚĂů͕:͘;ĞĚƐͿ͘ϭϵϵϳ͘ŝŽĚŝǀĞƌƐŝƚLJĂŶĚ ŚƵŵĂŶŚĞĂůƚŚ͘tŚĂƐŝŶŐƚŽŶŐ͕͗͘/ƐůĂŶĚWƌĞƐƐ͘ 'ƌŝŵƐƚĂĚ͕W͘Z͘;ϭϵϴϯͿ͘DŽƐƋƵŝƚŽĞƐĂŶĚƚŚĞŝŶĐŝĚĞŶĐĞ ŽĨ ĞŶĐĞƉŚĂůŝƚŝƐ͘ ĚǀĂŶĐĞƐ ŝŶ sŝƌƵƐ ZĞƐĞĂƌĐŚ͘ Ϯϴ͗ ϯϱϴͲϰϯϴ͘ ,ĂŝůĞ͕ ͘ '͘ Θ tĞůĚŚĂƐƐ͕ ͘ t͘ ;ϭϵϳϳͿ͘ ŽŵƉƵƚĞƌ ƐŝŵƵůĂƚŝŽŶ ŽĨ ŵŽƐƋƵŝƚŽ ƉŽƉƵůĂƚŝŽŶƐ ;ŶŽƉŚĞůĞƐ ĂůďŝŵĂŶƵƐͿ ĨŽƌ ĐŽŵƉĂƌŝŶŐ ƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ŽĨ ĐŽŶƚƌŽů ƚĞĐŚŶŝƋƵĞƐ͘ :ŽƵƌŶĂů ŽĨ DĞĚŝĐĂů ŶƚŽŵŽůŽŐLJ͘ ϭϯ͗ϱϯϯͲϱϲϳ͘ ,ĞďĞƌƚ͕ ,͘ :͘ ;ϭϵϵϵͿ͘ WŽůůƵƚŝŽŶ ĂĚĚƐ ƚŽ ŐůŽďĂů ǁĂƌŵŝŶŐ͘ƐƐŽĐŝĂƚĞĚWƌĞƐƐ͕KĐƚŽďĞƌϮϱ͘hZ>͗ŚƚƚƉ͗ͬ ͬǁǁǁ͘ŶĐĂƌ͘ƵĐĂƌ͘ĞĚƵ ,ƵŐĞƐ͕>͘;ϮϬϬϬͿ͘ŝŽůŽŐŝĐĂůĐŽŶƐĞƋƵĞŶĐĞƐŽĨŐůŽďĂů ǁĂƌŵŝŶŐ͗ŝƐƚŚĞƐŝŐŶĂůĂůƌĞĂĚLJ͘dƌĞŶĚƐŝŶĐŽůŽŐLJ dƌĞŶĚƐĂŶĚǀŽůƵƚŝŽŶ͘ϭϱ͘ϱϲͲϲϭ :ĂƵƌĞŐƵŝ͕͕͘'ŽĚŝŶĞƐ͕>͘ΘƌƵnj͕&͘;ϭϵϵϮͿ͘ƐƉĞĐƚƐ ŽĨ ŚĞĂƚͲŝƐůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŝŶ 'ƵĂĚĂůĂũĂƌĂ͕ DĞdžŝĐŽ͘ƚŵŽƐƉŚĞƌŝĐŶǀŝƌŽŶŵĞŶƚ͘ϭϲϮ͗ϯϵϭͲϯϵϲ͘ <ŚĂƐŶŝƐ͕ ͘ ͘ Θ EĞƚƚůĞŵĂŶ͕ D͘ ͘ ;ϮϬϬϱͿ͘ 'ůŽďĂů ǁĂƌŵŝŶŐ ĂŶĚ ŝŶĨĞĐƚŝŽƵƐ ĚŝƐĞĂƐĞ͘ ƌĐŚŝǀĞƐ ŽĨ DĞĚŝĐĂůZĞƐĞĂƌĐŚ͘ϯϲ͗ϲϴϵͲϲϵϲ͘ >ŽŶŐƐƚƌĞƚŚ͕ :͘ ;ϭϵϵϭͿ͘ ŶƚŝĐŝƉĂƚĞĚ ƉƵďůŝĐ ŚĞĂůƚ ĐŽŶƐĞƋƵĞŶĐĞƐ ŽĨ ŐůŽďĂů ĐůŝŵĂƚĞ ĐŚĂŶŐĞ͘ ŶǀŝƌŽŶŵĞŶƚĂů,ĞĂůƚWĞƌƐƉĞĐƚŝǀĞƐ͘ϵϲ͗ϭϯϵͲϭϰϰ͘ >ŽŶŐƐƚƌĞƚŚ͕:͘;ϭϵϵϵͿ͘WƵďůŝĐŚĞĂůƚŚĐŽŶƐĞƋƵĞŶĐĞƐŽĨ ŐůŽďĂů ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐͲƐŽŵĞ ƌĞŐŝŽŶƐ ŵĂLJ ƐƵĨĨĞƌ ĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůLJ͘ ŶǀŝƌŽŶŵĞŶƚĂů ,ĞĂůƚŚ WĞƌƐƉĞĐƚŝǀĞƐ ϭϬϳ ;ϭͿ͗ ϭϲϵͲ ϭϳϵ >ŽŶŐƐƚƌĞƚŚ͕:͘͘ΘtŝƐĞŵĂŶ͕:͘;ϭϵϴϵͿ͘dŚĞƉŽƚĞŶƚŝĂů ŝŵƉĂĐƚƐŽĨĐůŝŵĂƚĞĐŚĂŶŐĞŽŶƉĂƚƚĞƌŶƐŽĨŝŶĨĞĐƚŝŽƵƐ ĚŝƐĞĂƐĞ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͘ Ŷ͗ dŚĞ WŽƚĞŶƚŝĂů ĨĨĞĐƚƐ ŽĨ 'ůŽďĂů ůŝŵĂƚĞ ŚĂŶŐĞ ŽŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͘ WͲϮϯϬͲϬϱͲϴϵͲϬϱϳ͘ KĨĨŝĐĞ ŽĨ WŽůŝĐLJ͕ WůĂŶŶŝŶŐ ĂŶĚ ǀĂůƵĂƚŝŽŶ͕ h͘ ^͘ ŶǀŝƌŽŶŵĞŶƚĂů WƌŽƚĞĐƚŝŽŶŐĞŶĐLJ͕tĂƐŚŝŶŐƚŽŶ͘͘WƉϯͲϰϭ͘ DĂƌƚĞŶƐ͕W͘;ϭϵϵϵͿ͘,ŽǁǁŝůůĐůŝŵĂƚĞĐŚĂŶŐĞĂĨĨĞĐƚ ŚƵŵĂŶŚĞĂůƚŚ͍ŵĞƌŝĐĂŶ^ĐŝĞŶƚŝƐƚ͘ϴϳ͗ϱϯϰͲϱϰϭ͘ DĐŽŶĂůĚ͕<͘:͘ΘDĂƌƚŝŶ͕'͘W͘;ϮϬϬϬͿ͘dƌĂŶƐŝƚŝŽŶƚŽ &ͲĨƌĞĞ ŵĞƚĞƌĞĚ ĚŽƐĞ ŝŶŚĂůĞƌƐͲŝŶƚŽ ƚŚĞ ŶĞǁ 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ƋƵŝƌƷƌŐŝĐŽ͘ >Ă ƌĂĚŝŽƚĞƌĂƉŝĂ LJ ůĂ ƋƵŝŵŝŽƚĞƌĂƉŝĂ ƐŽŶ ƚĠĐŶŝĐĂƐĐŽŵƉůĞŵĞŶƚĂƌŝĂƐLJͬŽƐƵƐƚŝƚƵƚŝǀĂƐ ĚĞůĂĐŝƌƵŐşĂ͘>ĂƐƵƉĞƌǀŝǀĞŶĐŝĂŐůŽďĂůĂůŽƐ ϱ ĂŹŽƐ ŽƐĐŝůĂ ĚĞů ϯϬ Ăů ϴϬ й ĚĞ ĂĐƵĞƌĚŽ ĐŽŶĞůĞƐƚĂĚŝŽ;ĞŶƚĞŶŽ͘ĞƚĂů͕͘ϮϬϭϬͿ͘ D>EKDKZ> Ɛ ƵŶ ƚƵŵŽƌ ŽƌŝŐŝŶĂĚŽ ĚĞ ůĂƐ ŵĞůĂŶŽĐŝƚŽƐĚĞůĂĐĂƉĂďĂƐĂůĚĞůĂŵƵĐŽƐĂ ŽƌĂů͘ƐƵŶĂĞŶƚŝĚĂĚŝŶĨƌĞĐƵĞŶƚĞ;Ϭ͘ϰĂůϰй ĚĞůŽƐƚƵŵŽƌĞƐŽƌĂůĞƐƉƌŝŵĂƌŝŽƐLJϬ͘Ϯʹϴй ĚĞ ƚŽĚŽƐ ůŽƐ ŵĞůĂŶŽŵĂƐ ŵĂůŝŐŶŽƐͿ ůĂ ŵĂLJŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƋƵĞ ĂƉĂƌĞĐĞŶ ĞŶ ůĂ ďŽĐĂƐŽŶŶĞŽƉůĂƐŝĂƐŵĞƚĄƐƚĂƐŝĐĂƐƐĞǀĞĐŽŶ ŵĂLJŽƌĨƌĞĐƵĞŶĐŝĂĞŶŚŽŵďƌĞĞŶƚƌĞůĂϰƚĂ LJ ϲƚĂ ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂ͘ ƉĂƌĞĐĞŶ ĐŽŶ ŵĂLJŽƌ ĨƌĞĐƵĞŶĐŝĂ ĞŶ Ğů ƉĂůĂĚĂƌ ;ϱϳй ĚĞ ĞůůŽƐĞŶĞůƉĂůĂĚĂƌĚƵƌŽͿϮϲйĞŶĞůƌĞďŽƌĚĞ ĂůǀĞŽůĂƌ;ƉƌŝŶĐŝƉĂůŵĞŶƚĞĞŶĐşĂĚĞůŵĂdžŝůĂƌ ƐƵƉĞƌŝŽƌͿLJϴйĞŶƉĂůĂĚĂƌďůĂŶĚŽ͘ƐŵĄƐ ĨƌĞĐƵĞŶƚĞ ĚĞ ŽďƐĞƌǀĂƌ ĞŶ ĐůŝŵĂ ŵĞƌŝĚŝŽŶĂůĞƐ͕ ƉƵĞĚĞŶ ĚĞƌŝǀĂƌ ĚĞ ƉůĂĐĂƐ ŵĞůĂŶŽƚŝĐĂƐ ƌĂĐŝĂůĞƐ Ž ĚĞ ŶĞǀŽƐ ƉƌĞĞdžŝƐƚĞŶƚĞƐ͕ ůĂ ŝƌƌŝƚĂĐŝſŶ ĐƌſŶŝĐĂ͕ Ğů ƚƌĂƵŵĂ ŽĐůƵƐĂů ;ĚĞŶƚĂĚƵƌĂƐ ŵĂů ĂĚĂƉƚĂĚĂƐͿLJůĂŝƌƌŝƚĂĐŝſŶƋƵşŵŝĐĂ;ŶƵĞnjĚĞ ďĞƚĞů͕ ƚĂďĂĐŽ͕ ĐŚŝŵŽ͕ ĞƚĐ͘Ϳ͘ >ŽƐ ĞƐƚƵĚŝŽƐ ƋƵĞƚƌĂƚĂŶĚĞǀŝŶĐƵůĂƌĂůĂĞdžƉŽƐŝĐŝſŶƐŽůĂƌ ŶŽŚĂŶĚĂĚŽƌĞƐƵůƚĂĚŽƐĐŽŶĐůƵLJĞŶƚĞƐ͘ ů ŵĞůĂŶŽŵĂ ŽƌĂů ƚŝĞŶĚĞ Ă ŝŶǀĂĚŝƌ ůŽĐĂůŵĞŶƚĞ ůŽƐ ƚĞũŝĚŽƐ ŵĄƐ ƌĄƉŝĚĂŵĞŶƚĞ ƋƵĞŽƚƌŽƐƚƵŵŽƌĞƐŵĂůŝŐŶŽƐĚĞůĂĐĂǀŝĚĂĚ ďƵĐĂů LJ Ă ƉƌŽĚƵĐŝƌ ŵĞƚĄƐƚĂƐŝƐ Ă njŽŶĂƐ ĚŝƐƚĂŶƚĞƐĐŽŵŽĞůĐĞƌĞďƌŽ͕ƉƵůŵŽŶĞƐLJůĂ ƌĞŐŝſŶĂďĚŽŵŝŶĂů͘ůŵĂŶĞũŽĞƐĂŐƌĞƐŝǀŽ ĞŶĞƚĂƉĂƐƚĞŵƉƌĂŶĂƐ͗ĐŝƌƵŐşĂƌĂĚŝĐĂůĞƐƚĂ ƉƵĞĚĞ ƐĞƌ ĐŽŵďŝŶĂĚĂ ĐŽŶ ƌĂĚŝŽƚĞƌĂƉŝĂ LJ ƋƵŝŵŝŽƚĞƌĂƉŝĂ ĂƵŶ ĐƵĂŶĚŽ ƐƵ ƵƐŽ ĞƐ ĐŽŶƚƌŽǀĞƌƐŝĂů LJ ƚĂŵďŝĠŶ ĐŽŶ ŝŶŵƵŶŽƚĞƌĂƉŝĂ͘ůDKĐŽŶƐƚŝƚƵLJĞƵŶŽĚĞ ůŽƐƚƵŵŽƌĞƐĚĞŵĂLJŽƌŵŽƌƚĂůŝĚĂĚĚĞŶƚƌŽ ĚĞ ůĂƐ ŶĞŽƉůĂƐŝĂƐ ŚƵŵĂŶĂƐ LJ ĚĞ ƉĞŽƌ ƉƌŽŶſƐƚŝĐŽ͘^ƵƉĞƌǀŝǀĞŶĐŝĂ͗ϳĂůϮϬйĂůŽƐ ϱ ĂŹŽƐ Ğů ƉƌŽŶſƐƚŝĐŽ ĞƐ ĞƐƉĞĐŝĂůŵĞŶƚĞ ĂĚǀĞƌƐŽƐŝĞdžŝƐƚĞĐŽŵƉƌŽŵŝƐŽſƐĞŽŽŚĂLJ ŵĞƚĄƐƚĂƐŝƐ Ăů ŵŽŵĞŶƚŽ ĚĞů ĚŝĄŐŶŽƐƚŝĐŽ͕ ŐůĂŶŐůŝŽ ĐĞŶƚŝŶĞůĂ ƉŽƐŝƚŝǀŽ͕ ƌĞĐŝĚŝǀĂ͕ ƚŝĞŵƉŽĚĞĞǀŽůƵĐŝſŶƉƌŽůŽŶŐĂĚŽŽůĞƐŝſŶ ĚĞŐƌĂŶƚĂŵĂŹŽ͘ EKW>^/^>^'>Eh>^ ^>/s>^DEKZ^ ů ĐĂƌĐŝŶŽŵĂ ĂĚĞŶŽƋƵŝƐƚŝĐŽ LJ Ğů ĂĚĞŶŽĐĂƌĐŝŶŽŵĂ ƐŽŶ ůĂƐ ŶĞŽƉůĂƐŝĂƐ ŵĂůŝŐŶĂƐ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ͘ ^ŽŶ ŵĄƐ ĐŽŵƵŶĞƐ ĞŶ ŵƵũĞƌĞƐ͘ >Ă ŵĂLJŽƌşĂ ĚĞ ůŽƐ ƉĂĐŝĞŶƚĞƐ ƐŽŶ ŵĂLJŽƌĞƐ ĚĞ ϰϬ ĂŹŽƐ͘ >ŽƐ ƐŝƚŝŽƐ ĚĞ ƉƌĞĚŝůĞĐĐŝſŶ ƐŽŶ ĂƋƵĞůůŽƐ ƋƵĞ ƉƌĞƐĞŶƚĂŶ ĂůƚĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ ŐůĄŶĚƵůĂƐĐŽŵŽĞůƉĂůĂĚĂƌ͕ůĂŵƵĐŽƐĂ ůĂďŝĂů LJ ďƵĐĂů͕ ůĂƐ ƌĞŐŝŽŶĞƐ ƌĞƚƌŽŵŽůĂƌĞƐ͕ Ğů ƉŝƐŽ ĚĞ ůĂ ďŽĐĂ LJ ůĂ ďĂƐĞ ĚĞ ůĂ ůĞŶŐƵĂ ĞŶ ĞƐĞ ŽƌĚĞŶ ĚĞ ĨƌĞĐƵĞŶĐŝĂ;ĞŶƚĞŶŽ͘ĞƚĂů͕͘ϮϬϭϬͿ͘ >ŽƐ ĐĂƌĐŝŶŽŵĂƐ ĂĚĞŶŽƋƵŝƐƚŝĐŽƐ ƌĞƉƌĞƐĞŶƚĂŶĞůϱйĚĞůŽƐƚƵŵŽƌĞƐĚĞ ůĂƐŐůĄŶĚƵůĂƐƐĂůŝǀĂůĞƐƉƌŝŶĐŝƉĂůĞƐLJĞů ϮϬйĚĞůĂƐŐůĄŶĚƵůĂƐƐĞĐƵŶĚĂƌŝĂƐ;ŶŽ ƐŽůŽƐĞĚĞƐĂƌƌŽůůĂŶĞŶůĂĐĂǀŝĚĂĚŽƌĂů͕ ƐŝŶŽƚĂŵďŝĠŶĂƉĂƌƚŝƌĚĞůĂƐŐůĄŶĚƵůĂƐ ůĂŐƌŝŵĂůĞƐ͕ ůĂ ŶĂƐŽĨĂƌŝŶŐĞ͕ ůĂ ĐĂǀŝĚĂĚ ŶĂƐĂů͕ůŽƐƐĞŶŽƐƉĂƌĂŶĂƐĂůĞƐLJůĂƐǀşĂƐ ƌĞƐƉŝƌĂƚŽƌŝĂƐ ŝŶĨĞƌŝŽƌĞƐͿ͘ Ɛ ƉƌŽďĂďůĞ ƋƵĞ ĚĞƌŝǀĞŶ ĚĞ ĐĠůƵůĂƐ ƋƵĞ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ĞŶ ĚŝĨĞƌĞŶĐŝĂĐŝſŶ ƉĂƌĂ ĐŽŶƐƚŝƚƵŝƌ ĐŽŶĚƵĐƚŽƐ ŝŶƚĞƌĐĂůĂĚŽƐ LJ ŵŝŽĞƉŝƚĞůŝŽ ;ZĞŐĞnjŝ :ŽƐĞƉŚ Ă͘ Ğƚ Ăů͕͘ϮϬϬϲͿ ͘ƐƚĂƐ ŶĞŽƉůĂƐŝĂƐ ŵĞƚĂƐƚĂƚŝnjĂŶ ŚĂĐŝĂ ůŽƐ ŐĂŶŐůŝŽƐ ůŝŶĨĄƚŝĐŽƐĞŶƵŶϭϬĂϭϱй͘>ĂƚĂƐĂĚĞ ƐƵƉĞƌǀŝǀĞŶĐŝĂ ƐĞ ĞŶĐƵĞŶƚƌĂ ĞŶ ƚŽƌŶŽ ĂůϵϬйůŽƐϱĂŹŽƐLJĚĞůϲϬйĂůŽƐϮϬ ĂŹŽƐ;<ƵŵĂƌsŝŶĂLJĞƚĂů͕͘ϮϬϭϬͿ͘ 0LOHQDULD KdZK^dhDKZ^> D^EYh/DKZ> ƐƚŽƐ ƚƵŵŽƌĞƐ ŵĂůŝŐŶŽƐ ƐĞ ĚĞƐĂƌƌŽůůĂŶĞŶůŽƐŵƷƐĐƵůŽƐLJŚƵĞƐŽƐ͘Ŷ ĐĂďĞnjĂ LJ ĐƵĞůůŽ ĂůĐĂŶnjĂŶ Ğů ϭй ĚĞ ƚŽĚŽƐ ůŽƐƚƵŵŽƌĞƐŵĂůŝŐŶŽƐ͘ Ͳ&ŝďƌŽƐĂƌĐŽŵĂ͗ ĞƐ ŵĄƐ ĐŽŵƷŶ ĞŶ ŚŽŵďƌĞƐƋƵĞĞŶŵƵũĞƌĞƐ͕ĞŶƚƌĞůĂϯǐLJϱǐ ĚĠĐĂĚĂƐ ĚĞ ůĂ ǀŝĚĂ LJ ƐĞ ĚĞƐĂƌƌŽůůĂŶ Ă ĞdžƉĞŶƐĂƐ ĚĞ ƉĞƌŝŽƐƚŝŽ͕ ƉĞƌŝŽĚŽŶƚŽ͕ ĐŝĐĂƚƌŝĐĞƐ ĂŶƚŝŐƵĂƐ Ž ĞŶ njŽŶĂƐ ƋƵĞ ŚĂŶ ƌĞĐŝďŝĚŽƚƌĂƚĂŵŝĞŶƚŽĚĞƌĂĚŝĂĐŝŽŶĞƐ ͲZĂďĚŽŵŝŽƐĂƌĐŽŵĂ͗ ƚƵŵŽƌ ƋƵĞ ƐĞ ŽƌŝŐŝŶĂ ĞŶ Ğů ŵƵƐĐƵůŽ ĞƐƚƌŝĂĚŽ ŵĄƐ ĨƌĞĐƵĞŶƚĞĞŶŶŝŹŽƐ;ĞůϳϱйƐĞƉƌĞƐĞŶƚĂŶ ĞŶ ůĂ ƉƌŝŵĞƌĂ ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂͿ LJ ĂĚŽůĞƐĐĞŶƚĞƐ͘ >Ă ůĞŶŐƵĂ ĞƐ Ğů ĂƐŝĞŶƚŽ ƉƌŝŶĐŝƉĂů ĚĞďŝĚŽ Ă ƐƵ ƌĂƉŝĚĞnj ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ Ğ ŝŶǀĂƐŝſŶ ůŽĐĂů ůĂ ĐŝƌƵպà ĂĐƚƵĂůŵĞŶƚĞ ƐĞ ĂƐŽĐŝĂ Ă ƌĂĚŝĂĐŝŽŶĞƐ LJ Ă ƋƵŝŵŝŽƚĞƌĂƉŝĂ͕ ƋƵĞ ŚĂ ŵĞũŽƌĂĚŽ Ğů ƉƌŽŵĞĚŝŽĚĞƐŽďƌĞǀŝĚĂ͕ĂůĐĂŶnjĂŶĚŽĞůϱϬй ĞŶůĂĂĐƚƵĂůŝĚĂĚ ͲKƐƚĞŽƐĂƌĐŽŵĂƐLJĐŽŶĚƌŽƐĂƌĐŽŵĂƐ͗ůĂ ŵĂŶĚşďƵůĂ LJ Ğů ŵĂdžŝůĂƌ ƐƵƉĞƌŝŽƌ ƐŽŶ ůŽƐ ŚƵĞƐŽƐŵĄƐĂĨĞĐƚĂĚŽƐ͕ĞůĐŽŶĚƌŽƐĂƌĐŽŵĂ ĞƐƵŶĂŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂŵĄƐĐŽŵƷŶĞŶ ŚŽŵďƌĞƐĞŶƚƌĞůŽƐϯϬLJϲϬĂŹŽƐĚĞĞĚĂĚ͘ Ͳů ŽƐƚĞŽƐĂƌĐŽŵĂ ĞƐ ƵŶĂ ŶĞŽƉůĂƐŝĂ ŵĂůŝŐŶĂƋƵĞĂĨĞĐƚĂŵĄƐĂůŽƐǀĂƌŽŶĞƐLJƋƵĞ ŽĐƵƌƌĞĞŶƚƌĞůŽƐϭϬLJϮϬĂŹŽƐĚĞĞĚĂĚ͘^Ƶ ƌĂƉŝĚĞnj ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ͕ ƐƵ ĂŐƌĞƐŝǀŝĚĂĚ LJ ƉŽďƌĞ ƌĞƐƉƵĞƐƚĂ Ă ůĂƐ ƌĂĚŝĂĐŝŽŶĞƐ ĚĞƚĞƌŵŝŶĂŶƋƵĞůĂƐŽďƌĞǀŝĚĂĂůĐĂŶĐĞƐŽůŽ Ğů ϭϬ Ž ϭϱй͘ ů ƚƌĂƚĂŵŝĞŶƚŽ ƋƵŝŵŝŽƚĞƌĂƉĠƵƚŝĐŽ͕ ĂĐŽŵƉĂŹĂĚŽ Ă ǀĞĐĞƐ ĚĞ ƌĂĚŝŽƚĞƌĂƉŝĂ͕ ŚĂ ĚĞƚĞƌŵŝŶĂĚŽ ƵŶĂ ŵĞũŽƌƐŽďƌĞǀŝĚĂƋƵĞĂůĐĂŶnjĂĞůϰϬй dhDKZ^Dd^d^/K^ Es/h> ^ĞĐŽŶƐŝĚĞƌĂƋƵĞĞůϭйĚĞƚŽĚĂƐůĂƐ ůĞƐŝŽŶĞƐŵĂůŝŐŶĂƐĚĞůĂĐĂǀŝĚĂĚďƵĐĂůƐŽŶ ŵĞƚĄƐƚĂƐŝƐ ƉƌŽǀĞŶŝĞŶƚĞƐ ĚĞ ƚƵŵŽƌĞƐ ƉƌŝŵĂƌŝŽƐĂůĞũĂĚŽƐ͘ Ŷ ůĂ ŵĂLJŽƌşĂ ĚĞ ůŽƐ ĐĂƐŽƐ͕ ůĂƐ ŵĞƚĄƐƚĂƐŝƐĂƐŝĞŶƚĂŶĞŶĞůŵĂdžŝůĂƌŝŶĨĞƌŝŽƌ ĞŶƵŶϵϬйLJƐŽůŽĞŶƵŶϭϬйĞŶůŽƐƚĞũŝĚŽƐ ďůĂŶĚŽƐ͕ƐŝĞŶĚŽůĂůĞŶŐƵĂ͕ĞŶĐşĂLJĐĂƌƌŝůůŽ ůŽƐƌĞĐĞƉƚŽƌĞƐŵĄƐĐŽŵƵŶĞƐ͘>ŽƐſƌŐĂŶŽƐ ŵĞƚĂƐƚĂƚŝnjĂŶƚĞƐ ƐŽŶ ůĂ ŵĂŵĂ͕ ƚŝƌŽŝĚĞƐ͕ ƌŝŹŽŶĞƐ͕ ƉƵůŵŽŶĞƐ LJ ůŽƐ ĂƉĂƌĂƚŽƐ ŐĞŶŝƚŽƵƌŝŶĂƌŝŽƐLJŐĂƐƚƌŽŝŶƚĞƐƚŝŶĂů;ĞŶƚĞŶŽ ͘ĞƚĂů͕͘ϮϬϬϲͿ dhDKZ^KKEdK'E/K^D>/'EK^ >ŽƐ ƚƵŵŽƌĞƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ ĐŽŶƐƚŝƚƵLJĞŶ ƵŶ ŐƌƵƉŽ ŚĞƚĞƌŽŐĠŶĞŽ ĚĞ ůĞƐŝŽŶĞƐ ƉŽĐŽ ĨƌĞĐƵĞŶƚĞƐ͕ LJĂ ƋƵĞ ƌĞƉƌĞƐĞŶƚĂŶ ŵĞŶŽƐ ĚĞů ϰй ĚĞ ƚŽĚŽƐ ůŽƐ ĞƐƉĞĐşŵĞŶĞƐ ĚĞ ůĂ ƌĞŐŝſŶ ďƵĐĂů LJ ŵĂdžŝůŽĨĂĐŝĂů͘>ĂƐŶĞŽƉůĂƐŝĂƐŵĂůŝŐŶĂƐĂƐƵ ǀĞnj͕ĐŽŶƐƚŝƚƵLJĞŶƵŶƉŽƌĐĞŶƚĂũĞŵşŶŝŵŽĚĞ ĞƐƚŽƐ͕ LJĂ ƋƵĞ ĞŶ ůĂƐ ĚŝǀĞƌƐĂƐ ƐĞƌŝĞƐ ƉƵďůŝĐĂĚĂƐĂŶŝǀĞůŵƵŶĚŝĂůƐƵĨƌĞĐƵĞŶĐŝĂ ǀĂƌşĂĞŶƚƌĞϬLJϲ͘ϭйLJƉƵĞĚĞŶƚĞŶĞƌŽƌŝŐĞŶ ŵĞƐĞŶƋƵŝŵĂƚŽƐŽŽŵŝdžƚŽ͕ĐŽŶƵŶŵĂƌĐĂĚŽ ƉƌĞĚŽŵŝŶŝŽĚĞĐĂƌĐŝŶŽŵĂƐƐŽďƌĞůĂƐŽƚƌĂƐ ĞƐƚŝƌƉĞƐŚŝƐƚŽůſŐŝĐĂƐ͘ Ğ ĂĐƵĞƌĚŽ ĐŽŶ ůĂ ŵĄƐ ƌĞĐŝĞŶƚĞ ĐůĂƐŝĨŝĐĂĐŝſŶ ŝŶƚĞƌŶĂĐŝŽŶĂů ĚĞ ƚƵŵŽƌĞƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐĚĞůĂKD^͘>ŽƐĐĂƌĐŝŶŽŵĂƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ ƐŽŶ ůĞƐŝŽŶĞƐ ƋƵĞ ƉƵĞĚĞŶ ĚĞƐĂƌƌŽůůĂƌƐĞƉŽƌƚƌĂŶƐĨŽƌŵĂĐŝſŶŵĂůŝŐŶĂ ĚĞ ƵŶ ĂŵĞůŽďůĂƐƚŽŵĂ͕ ŽƌŝŐŝŶĂƌƐĞ ĚŝƌĞĐƚĂŵĞŶƚĞĂƉĂƌƚŝƌĚĞƌĞƐƚŽƐĚĞĞƉŝƚĞůŝŽ ŽĚŽŶƚŽŐĠŶŝĐŽ ĚĞƐƉƵĠƐ ĚĞ ƋƵĞ ƐĞ ŚĂ ĐŽŵƉůĞƚĂĚŽ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞŶƚĂƌŝĂ͕ ĚĞƐĂƌƌŽůůĂƌƐĞƉŽƌƚƌĂŶƐĨŽƌŵĂĐŝſŶŵĂůŝŐŶĂ ĚĞů ƌĞǀĞƐƚŝŵŝĞŶƚŽ ĞƉŝƚĞůŝĂů ĚĞ ƋƵŝƐƚĞƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ͕ŽƐƵƌŐŝƌĐŽŵŽƵŶĂǀĂƌŝĞĚĂĚ ŵĂůŝŐŶĂĚĞŽƚƌŽƐƚƵŵŽƌĞƐĞƉŝƚĞůŝĂůĞƐ͘WŽƌ ƐƵ ƉĂƌƚĞ͕ ůŽƐ ƐĂƌĐŽŵĂƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ ƐĞ ĐůĂƐŝĨŝĐĂŶ ĞŶ ϯ ƚŝƉŽƐ͗ ĨŝďƌŽƐĂƌĐŽŵĂ ĂŵĞůŽďůĂƐƚŝĐŽ;ǀĂƌŝĞĚĂĚŵĂůŝŐŶĂĚĞůĨŝďƌŽŵĂ ĂŵĞůŽďůĂƐƚŝĐŽͿ ĨŝďƌŽĚĞŶƚŝŶŽƐĂƌĐŽŵĂ LJ ŽĚŽŶƚŽƐĂƌĐŽŵĂ ĂŵĞůŽďůĄƐƚŝĐŽ ;ǀĂƌŝĂŶƚĞƐ ŵĂůŝŐŶĂƐ ĚĞů ĨŝďƌŽͲĚĞŶƚŝŶŽŵĂ LJ ĨŝďƌŽͲ ŽĚŽŶƚŽŵĂĂŵĞůŽďůĂƐƚŝĐŽƐƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞͿ͘ džŝƐƚĞŶ ĂƐŝ ŵŝƐŵŽ Ğů ĐĂƌƐŝŶŽƐĂƌĐŽŵĂ ŽĚŽŶƚŽŐĠŶŝĐŽ͕ĞŶƚŝĚĂĚƐƵŵĂŵĞŶƚĞƌĂƌĂĞŶ ĚŽŶĚĞ ůŽƐ ĐŽŵƉŽŶĞŶƚĞƐ ĞƉŝƚĞůŝĂůĞƐ LJ ŵĞƐĞŶƋƵŝŵĂƚŽƐŽŵƵĞƐƚƌĂŶƌĂƐŐŽƐŚŝƐƚŽůſŐŝĐŽƐ ĚĞŵĂůŝŐŶŝĚĂĚ͘ >Ă ĞƚŝŽƉĂƚŽŐĞŶŝĂ ĚĞ ůŽƐ ƚƵŵŽƌĞƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ ĞƐ ŚĂƐƚĂ ĂŚŽƌĂ ĚĞƐĐŽŶŽĐŝĚĂ͘ Ŷ ůĂ ŵĂLJŽƌşĂ ĚĞ ƐĞƌŝĞƐ ƉƵďůŝĐĂĚĂƐ ůŽƐ ĐĂƌĐŝŶŽŵĂƐ ŽĚŽŶƚŽŐĠŶŝĐŽƐ ĨƵĞƌŽŶ ŵƵĐŚŽ ŵĄƐ ĨƌĞĐƵĞŶƚĞƐ ƋƵĞ ůŽƐ ƐĂƌĐŽŵĂƐ͘ Ğ ĂĐƵĞƌĚŽ ĐŽŶ ůĂ ƌĞǀŝƐŝſŶ ĚĞ ůĂ ůŝƚĞƌĂƚƵƌĂ͕ ůĂ ŵĂLJŽƌşĂ ŚĂŶ ŽĐƵƌƌŝĚŽ ĞŶ ŵƵũĞƌĞƐĐŽŶƌĂŶŐŽĚĞĞĚĂĚĚĞϭϳĂϴϵĂŹŽƐ 0LOHQDULD ĐŽŶ ƉƌŽŵĞĚŝŽ ĚĞ ϱϲ͘ϱ͘ >Ă ŵĂŶĚşďƵůĂ ƐĞ ŚĂ ǀŝƐƚŽ ĂĨĞĐƚĂĚĂ ĞŶ ϴϮ͘ϯй LJ Ğů ŵĂdžŝůĂƌ ĞŶ ϭϳ͘ϲй͘ Ɛ ŝŶƚĞƌĞƐĂŶƚĞ ŶŽƚĂƌ ƋƵĞ ůĂ ŵĂLJŽƌşĂĚĞůĞƐŝŽŶĞƐƐĞŚĂŶƉƌĞƐĞŶƚĂĚŽĞŶ ůĂ ƌĞŐŝſŶ ĂŶƚĞƌŝŽƌ Ăů ƉƌŝŵĞƌ ŵŽůĂƌ͘ ;DŽƐƋƵĞĚĂdĂLJůŽƌĚĂůďĞƌƚŽĞƚĂů͕͘ϮϬϬϯͿ EKW>^/^D>/'E^> s/E^>z^EK^WZE^>^ DĄƐĚĞůĂŵŝƚĂĚĚĞůŽƐĐĂŶĐĞƌĞƐĚĞ ůĂ ĐĂǀŝĚĂĚ ŶĂƐĂů LJ ůŽƐ ƐĞŶŽƐ ƉĂƌĂŶĂƐĂůĞƐ ƐĞŽƌŝŐŝŶĂŶĞŶĞůĂŶƚƌŽĚĞůƐĞŶŽŵĂdžŝůĂƌ͕ ƵŶĂ ƚĞƌĐĞƌĂ ƉĂƌƚĞ ĚĞŶƚƌŽ ĚĞ ůĂ ĐĂǀŝĚĂĚ ŶĂƐĂů͕ĞůϭϬйĞŶůŽƐƐĞŶŽƐĞƚŵŽŝĚĂůĞƐLJĞů ϭй ĞŶ ůŽƐ ƐĞŶŽƐ ĞƐĨĞŶŽŝĚĂů LJ ĨƌŽŶƚĂů͘ ůƌĞĚĞĚŽƌ ĚĞů ϭϱй ĐŽƌƌĞƐƉŽŶĚĞŶ Ă ĂĚĞŶŽĐĂƌĐŝŶŽŵĂƐ Ž ďŝĞŶ ĐĂƌĐŝŶŽŵĂƐ ŝŶĚŝĨĞƌĞŶĐŝĂĚŽƐ͘ sĂƌŝŽƐ ƋƵşŵŝĐŽƐ ŝŶĚƵƐƚƌŝĂůĞƐƉƵĞĚĞŶŝŶĚƵĐŝƌĐĄŶĐĞƌŶĂƐĂů ŽĚĞůŽƐƐĞŶŽƐƉĂƌĂŶĂƐĂůĞƐĐŽŵŽŶşƋƵĞů͕ ĐƌŽŵŽ LJ ůŽƐ ŚŝĚƌŽĐĂƌďƵƌŽƐ ĂƌŽŵĄƚŝĐŽƐ͕ ĄŵďŝƚŽƐůĂďŽƌĂůĞƐĐŽŵŽůĂĐĂƌƉŝŶƚĞƌşĂĞŶ ůĂŝŶĚƵƐƚƌŝĂĚĞůŵƵĞďůĞ͕ĞůƵƐŽĚĞĂĐĞŝƚĞƐ ƉĂƌĂ ĐŽƌƚĞ LJ ůĂƐ ŝŶĚƵƐƚƌŝĂƐ ƚĞdžƚŝůĞƐ ƋƵĞ ƚƌĂďĂũĂŶ Ğů ĐƵĞƌŽ͘ >ŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ĚĞů ŶşƋƵĞůƚŝĞŶĚĞŶĂĚĞƐĂƌƌŽůůĂƌĐĂƌĐŝŶŽŵĂĚĞ ĐĠůƵůĂƐĞƐĐĂŵŽƐĂƐ͕ĞŶƐƵŵĂLJŽƌşĂĂƉĂƌƚŝƌ ĚĞůĐŽƌŶĞƚĞŵĞĚŝŽ͕ůĂŵĂLJŽƌƉĂƌƚĞĚĞůĂƐ ŽƚƌĂƐ ĞdžƉŽƐŝĐŝŽŶĞƐ ƉƵĞĚĞŶ ŐĞŶĞƌĂƌ ĂĚĞŶŽĐĂƌĐŝŶŽŵĂƐ LJ ĂĨĞĐƚĂŶ ĚĞ ŵĂŶĞƌĂ ƉƌŝŵŽƌĚŝĂů Ă ůŽƐ ƐĞŶŽƐ ŵĂdžŝůĂƌĞƐ LJ ĞƚŵŽŝĚĂůĞƐ͕ƐŽŶŵƵĐŚŽŵĄƐĐŽŵƵŶĞƐĞŶ ǀĂƌŽŶĞƐLJƐĞƉƌŽĚƵĐĞŶĚĞƐƉƵĠƐĚĞůŽƐϱϬ ĂŹŽƐ͘;ZƵďŝŶZĂƉŚĂĞůĞƚĂů͕͘ϮϬϭϮͿ EhZK>^dKDK>&dKZ/KK ^d^/KEhZK>^dKD WƌĞĚŽŵŝŶĂĞŶǀĂƌŽŶĞƐĐŽŶƵŶƌĂŶŐŽ ĚĞ ĞĚĂĚ ĂŵƉůŝŽ ƋƵĞ ǀĂ ĚĞ ůĂ ϯǐ Ă ůĂ ϵǐ ĚĠĐĂĚĂ ĚĞ ůĂ ǀŝĚĂ͘ >Ă ƉĞƌĐĞƉĐŝſŶ ĐƌĂŶĞŽĐĞĨĂĐŝĂůĂƵŶĂĚĂĂůĂƋƵŝŵŝŽƚĞƌĂƉŝĂ͕ ůĂ ƌĂĚŝŽƚĞƌĂƉŝĂ Ž ĂŵďĂƐ ƉƵĞĚĞ ƉĞƌŵŝƚŝƌ ƵŶĂƐƵƉĞƌǀŝǀĞŶĐŝĂĂϱĂŹŽƐĚĞůϴϱй͘ >/E&KDE'/KEdZ/Kd/WK E^>>h>^dz>/E&K/dK^ /dK>/d/K^EdhZ>^ ;EdZ/KZDEd'ZEh>KD>d> >>/ED/Ϳ ^ĞĐŽƌƌĞůĂĐŝŽŶĂĐŽŶůĂŝŶĨĞĐĐŝſŶƉŽƌ ǀŝƌƵƐĚĞƉŝƐƚĞŝŶͲďĂƌƌ͘ Z/EKD^>h>^^DK^^ hK&Z/E'K^ ƐĞƐƚĂĚŽƐƵŶŝĚŽƐĂůƌĞĚĞĚŽƌĚĞůϴϬй ĚĞ ĞƐƚŽƐ ƐĞ ƌĞůĂĐŝŽŶĂŶ ĐŽŶ ƚŝƉŽƐ ĚĞ ĂůƚŽ ƌŝĞƐŐŽ ĚĞ sW,͘ Ğ ůŽƐ ŵĄƐ ĚĞ ϭϬϬ ŐĞŶŽƚŝƉŽƐ ĚĞů ƉĂƉŝůŽŵĂǀŝƌƵƐ ŚƵŵĂŶŽ ƐĞ ŚĂŶ ĞŶĐŽŶƚƌĂĚŽ ϭϲ ĞŶ ůĞƐŝŽŶĞƐ ďƵĐĂůĞƐ ;ϭ͕Ϯ͕ϯ͕ϰ͕ϲ͕ϳ͕ϭϬ͕ϭϭ͕ϭϯ͕ϭϲ͕ϭϴ͕ϯϭ͕ϯϮ͕ϯϯ͕ϯϱLJ ϱϳͿĞůϭϯLJϯϮƐŽŶĞdžĐůƵƐŝǀŽƐĚĞůĂĐĂǀŝĚĂĚ ŽƌĂů;ŽůŽŐŶĂͲDŽůŝŶĂZŽŶĞůů͘ĞƚĂů͕͘ϮϬϬϲͿ E/EKD^E^K&Z1E'K ƐŵƵLJĨƌĞĐƵĞŶƚĞĞŶĂůŐƵŶĂƐƌĞŐŝŽŶĞƐ ĚĞ ĄĨƌŝĐĂ͕ ĞŶ Ğů ƐƵƌĞƐƚĞ ĚĞ ƐşĂ͕ ŚŝŶĂ͕ ,ŽŶŐ <ŽŶŐ͘ ŶƚƌĞ ůŽƐ ĨĂĐƚŽƌĞƐ ƉƌĞĚŝƐƉŽŶĞŶƚĞƐĞƐƚĄŶůĂƐŝŶĨĞĐĐŝŽŶĞƐƉŽƌ ǀŝƌƵƐ ĚĞ ĞƉŝƐƚĞŝŶͲďĂƌƌ͕ ƐƵĐĞƉƚŝďŝůŝĚĂĚ ŐĞŶĠƚŝĐĂ ;ĚĞ ůĞƐŝŽŶĞƐ ĐƌŽŵŽƐſŵŝĐĂƐ ĞŶ ĚŝƐƚŝŶƚĂƐƌĞŐŝŽŶĞƐ;ϯƉ͕ϵƉ͕ϭϰƋͿ͘ŶĐƵĂŶƚŽ ƐƵƉƌŽŶſƐƚŝĐŽĞƐƌĂĚŝŽƐĞŶƐŝďůĞLJĐĂƐŝƚŽĚŽƐ ůŽƐƉĂĐŝĞŶƚĞƐƐŽďƌĞǀŝǀĞŶϱĂŹŽƐŽŵĄƐ͘ >/E&KD^>E/>>Kt>zZ ƐƚŽƐ ĞŶ ƐƵ ŵĂLJŽƌşĂ ƐŽŶ ƚƵŵŽƌĞƐ ĚŝĨƵƐŽƐĚĞĐĠůƵůĂƐ͘ĐŽŶƐƚŝƚƵLJĞŶŚĂƐƚĂƵŶ ϱйĚĞůŽƐĐĂŶĐĞƌĞƐĚĞĐĂďĞnjĂLJĐƵĞůůŽ͘Ŷ ĐƵĂŶƚŽ Ă ƐƵ ĨƌĞĐƵĞŶĐŝĂ ůĂƐ ĂŵşŐĚĂůĂƐ ƉĂůĂƚŝŶĂƐŽĐƵƉĂŶĞůƉƌŝŵĞƌůƵŐĂƌƐĞŐƵŝĚĂƐ ĚĞ ůĂ ŶĂƐŽĨĂƌŝŶŐĞ LJ ůĂ ďĂƐĞ ĚĞ ůĂ ůĞŶŐƵĂ ;<ƵŵĂƌsŝŶĂLJĞƚĂů͕͘ϮϬϭϬͿ͘ EKW>^/^D>/'E^>>Z/E' ů ĐĄŶĐĞƌ ĚĞ ůĂƌŝŶŐĞ ĞƐ Ğů ŵĄƐ ĨƌĞĐƵĞŶƚĞ ĞŶ ŽƚŽƌƌŝŶŽůĂƌŝŶŐŽůŽŐşĂ͕ ĐĂƐŝ ƚŽĚŽƐ ƐŽŶ ĐĂƌĐŝŶŽŵĂƐ ĚĞ ĐĠůƵůĂƐ ĞƐĐĂŵŽƐĂƐ;ϵϴйͿLJĞůƐĞdžŽŵĂƐĐƵůŝŶŽĞƐĞů ŵĄƐĂĨĞĐƚĂĚŽ͘ƐŵĄƐĨƌĞĐƵĞŶƚĞĞŶƚƌĞůŽƐ ϱϬLJϳϬĂŹŽƐ͘>ŽƐĨĂĐƚŽƌĞƐĚĞƌŝĞƐŐŽŵĄƐ ŝŵƉŽƌƚĂŶƚĞƐ ƐŽŶ͗ Ğů ƚĂďĂĐŽ͕ ƐĞŐƵŝĚŽ ƉŽƌ Ğů ĂůĐŽŚŽů͕ ŵĂůĂ ŚŝŐŝĞŶĞ ďƵĐĂů͕ ĨĂĐƚŽƌĞƐ ŽĐƵƉĂĐŝŽŶĂůĞƐ ;ĐŽŵŽ ĞdžƉŽƐŝĐŝſŶ Ă ƉŽůǀŽ ĚĞĐĞŵĞŶƚŽƐ͕ĂƐďĞƐƚŽƐ͕ŵĂĚĞƌĂ͕ŶşƋƵĞů͕ůĂ ƉŽƐƚͲƌĂĚŝĂĐŝſŶĚĞĐĂďĞnjĂLJĐƵĞůůŽĚƵƌĂŶƚĞ ƵŶ ůĂƉƐŽ ŚĂƐƚĂ ĚĞ ϰϬ ĂŹŽƐ ͿǀŝƌŽƐŝƐ ;sW, ϭϲLJϭϴͿ͕ƉƌŽĐĞƐŽƐŝŶĨůĂŵĂƚŽƌŝŽƐĐƌſŶŝĐŽƐ͕ ĚĞĨŝĐŝĞŶĐŝĂƐ ŶƵƚƌŝĐŝŽŶĂůĞƐ ;ǀŝƚĂŵŝŶĂ ͕ ďĞƚĂĐĂƌŽƚĞŶŽƐͿ;/ZW͕ϮϬϭϮͿ͘ ůƚƌĂƚĂŵŝĞŶƚŽƐĞďĂƐĂĞŶůĂĐŝƌƵŐşĂ͕ ƌĂĚŝŽƚĞƌĂƉŝĂ LJ ƋƵŝŵŝŽƚĞƌĂƉŝĂ͘ jůƚŝŵĂŵĞŶƚĞ ƐĞ ĂŐƌĞŐſ ůĂ ĐŝƌƵպà ŵşŶŝŵĂŵĞŶƚĞ ŝŶǀĂƐŝǀĂ ĐŽŶ ůĄƐĞƌ LJ ƌĂĚŝŽĨƌĞĐƵĞŶĐŝĂ ŝŶƚĞƌƐƚŝĐŝĂů ůŽ ĐƵĂů ŚĂ ŵĞũŽƌĂĚŽ ůĂ ĐĂůŝĚĂĚ ĚĞ ǀŝĚĂ ĚĞ ĞƐƚŽƐ ƉĂĐŝĞŶƚĞƐ;WĂƌĠůĂƵĚŝĂ͘ĞƚĂů͕͘ϮϬϬϵͿ Z/EKD^d/ZK/K^ ^ŽŶ ƌĞůĂƚŝǀĂŵĞŶƚĞ ŝŶĨƌĞĐƵĞŶƚĞƐ ƉŽƌ ĞũĞŵƉůŽĞŶ͘͘h͘hƌĞƉƌĞƐĞŶƚĂŶĂůƌĞĚĞĚŽƌ ĚĞů ϭ ʹ ϭ͘ϱй ĚĞ ƚŽĚŽƐ ůŽƐ ĐĂŶĐĞƌĞƐ LJ ƉƌŽĚƵĐĞŶĞůϬ͘ϰйĚĞƚŽĚĂƐůĂƐŵƵĞƌƚĞƐƉŽƌ ĐĄŶĐĞƌ͘ >Ă ŵĂLJŽƌ ƉĂƌƚĞ ĚĞ ĐĂƐŽƐ ƐĞ ƉƌĞƐĞŶƚĂŶĞŶƚƌĞůĂϯǐLJϳǐĚĠĐĂĚĂĚĞůĂǀŝĚĂ LJĂĨĞĐƚĂŶĂůĂƐŵƵũĞƌĞƐĐŽŶƵŶĂĨƌĞĐƵĞŶĐŝĂ Ϯ͘ϱǀĞĐĞƐŵĂLJŽƌƋƵĞĂůŽƐǀĂƌŽŶĞƐ͘ ŶƚƌĞůŽƐĨĂĐƚŽƌĞƐĞƚŝŽůſŐŝĐŽƐƐĞŚĂŶ ŝĚĞŶƚŝĨŝĐĂĚŽŝŶŐĞƐƚĂƐĚĞĚŽƐŝƐŝŶĂĚĞĐƵĂĚĂƐ ĚĞLJŽĚŽ͕ƌĂĚŝĂĐŝŽŶĞƐƐĞŚĂŶĚĞŵŽƐƚƌĂĚŽ ƋƵĞ ůĂƐ ƌĂĚŝĂĐŝŽŶĞƐ Ă ĚŽƐŝƐ ďĂũĂƐ ƉƌĞĚŝƐƉŽŶĞŶ Ăů ĚĞƐĂƌƌŽůůŽ ĚĞ ƵŶĂ 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SUiFWLFD PpGLFD &LU *DUFtD $ORQVR / SULQFLSLRV PRUDOHV GH OD ELRpWLFDUHYLVWD&21$0(' 'U /XLV +HUQiQGH] $UULDJD \ FROV 3$& 1HRQDWRORJtD ELRpWLFD QHRQDWDO OLEUR SiJLQDVD 'U 3DGUyQ 3X\RX \ &ROV +LVWRULD GH OD SHGLDWUtDHQ0p[LFR / ĂůŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ ĨŽƌŵĂ ƉĂƌƚĞ ĚĞ ůĂ ŽĨĞƌƚĂ ĞĚƵĐĂƚŝǀĂ ĚĞ ůĂ hŶŝǀĞƌƐŝĚĂĚDŝĐŚŽĂĐĂŶĂĚĞ^ĂŶEŝĐŽůĄƐĚĞ ,ŝĚĂůŐŽ LJ ĐŽŶƐƚŝƚƵLJĞ ƵŶŽ ĚĞ ůŽƐ ĚŽƐ ƉƌŽŐƌĂŵĂƐ ƋƵĞ ƐĞ ŽĨƌĞĐĞŶ ĞŶ ůĂ ƐĐƵĞůĂ ĚĞ ŶĨĞƌŵĞƌşĂ LJ ^ĂůƵĚ WƷďůŝĐĂ͘ Ɛ ƵŶ ƉƌŽLJĞĐƚŽ ĂƉƌŽďĂĚŽ ƉŽƌ Ğů ,͘ ŽŶƐĞũŽ hŶŝǀĞƌƐŝƚĂƌŝŽĞůϯĚĞŽĐƚƵďƌĞĚĞϮϬϬϳ͘ ƐƚƵĚŝŽĚĞWĞƌƚŝŶĞŶĐŝĂĚĞůĂ >ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ ^ĞŐƷŶůĂĞĐůĂƌĂĐŝſŶDƵŶĚŝĂůƐŽďƌĞ ůĂĚƵĐĂĐŝſŶ^ƵƉĞƌŝŽƌĞŶĞůƐŝŐůŽyy/ĚĞůĂ hE^K͕ ůĂ ƉĞƌƚŝŶĞŶĐŝĂ ĚĞ ůĂ ĞĚƵĐĂĐŝſŶ ƐƵƉĞƌŝŽƌĚĞďĞĞǀĂůƵĂƌƐĞĞŶĨƵŶĐŝſŶĚĞůĂ ĂĚĞĐƵĂĐŝſŶĞŶƚƌĞůŽƋƵĞůĂƐŽĐŝĞĚĂĚĞƐƉĞƌĂ ĚĞůĂƐŝŶƐƚŝƚƵĐŝŽŶĞƐLJůŽƋƵĞĠƐƚĂƐŚĂĐĞŶ͘ >ŽƐ ĞƐƚƵĚŝŽƐ ĚĞ ƉĞƌƚŝŶĞŶĐŝĂ LJ ĨĂĐƚŝďŝůŝĚĂĚ ƐŽŶ ƵŶĂ ŚĞƌƌĂŵŝĞŶƚĂ ƉƌŝŵŽƌĚŝĂůƉĂƌĂ͕ĂƉĂƌƚŝƌĚĞůĂŶĄůŝƐŝƐĚĞůĂ ƐŝƚƵĂĐŝſŶ ĂĐƚƵĂů͕ ůĂƐ ŶĞĐĞƐŝĚĂĚĞƐ ĚĞů ĞŶƚŽƌŶŽLJĚĞůŵĞƌĐĂĚŽůĂďŽƌĂů͖ƉĂƌĂƉŽĚĞƌ ũƵƐƚŝĨŝĐĂƌ ůĂ ĞdžŝƐƚĞŶĐŝĂ ĚĞ ůŽƐ ƉƌŽŐƌĂŵĂƐ ĞĚƵĐĂƚŝǀŽƐ ĐŽŵŽ ĨƵĞŶƚĞƐ ĨŽƌŵĂĚŽƌĂƐ ĚĞ ƉƌŽĨĞƐŝŽŶŝƐƚĂƐƉƌĞƉĂƌĂĚŽƐƉĂƌĂĞŶĨƌĞŶƚĂƌ ůĂƌĞĂůŝĚĂĚĞdžŝƐƚĞŶƚĞĞŶĞůƐƚĂĚŽLJĞůWĂşƐ͕ ƋƵĞƐĞĐŽŶǀŝĞƌƚĂŶĞŶĂŐĞŶƚĞƐŐĞŶĞƌĂĚŽƌĞƐ ĚĞ ĐĂŵďŝŽƐ ƉŽƐŝƚŝǀŽƐ ƋƵĞ ĞƐƚŝŵƵůĞŶ Ğů ĚĞƐĂƌƌŽůůŽĚĞůĂĞĐŽŶŽŵşĂLJůĂƐŽĐŝĞĚĂĚ͘ >Ă ŽŵŝƐŝſŶ ĚĞ WůĂŶĞĂĐŝſŶ hŶŝǀĞƌƐŝƚĂƌŝĂ ĚĞ ůĂ hD^E, ĞŶ ĐŽŶũƵŶƚŽ ĐŽŶƵŶĂĐŽŵŝƐŝſŶŝŶƚĞƌŶĂĚĞůĂƐĐƵĞůĂĚĞ ŶĨĞƌŵĞƌşĂLJ^ĂůƵĚWƷďůŝĐĂ͕ůůĞǀĂƌŽŶĂĐĂďŽ ƵŶĞƐƚƵĚŝŽĚĞůWƌŽŐƌĂŵĂĚƵĐĂƚŝǀŽĚĞůĂ >ŝĐĞŶĐŝĂƚƵƌĂ ĞŶ ^ĂůƵĚ ƉƷďůŝĐĂ͕ ƋƵĞ ƌĞĐŝĞŶƚĞŵĞŶƚĞƐĞŚĂƉƵďůŝĐĂĚŽLJĚĞůƋƵĞ ƐĞƌĞƐĂůƚĂŶůŽƐƐŝŐƵŝĞŶƚĞƐĂƐƉĞĐƚŽƐ͗ >ĂŵĞƚŽĚŽůŽŐşĂĞŵƉůĞĂĚĂƉĂƌĂĞƐƚĞ ĞƐƚƵĚŝŽ͕ ƚŽŵĂ ĂƐƉĞĐƚŽƐ ĚĞ ůĂ 'ƵşĂ ŵĞƚŽĚŽůſŐŝĐĂ ƉĂƌĂ ůĂ ĞůĂďŽƌĂĐŝſŶ ĚĞ ƉƌŽƉƵĞƐƚĂƐ ĐƵƌƌŝĐƵůĂƌĞƐ ĚĞ ĞĚƵĐĂĐŝſŶ ƐƵƉĞƌŝŽƌĚĞůĂŽŵŝƐŝſŶƉĂƌĂůĂWůĂŶĞĂĐŝſŶ ĚĞ ůĂ ĚƵĐĂĐŝſŶ ^ƵƉĞƌŝŽƌ ĞŶ DŝĐŚŽĂĐĄŶ ;KW^Ϳ͘ >Ă ŽŵŝƐŝſŶ ĚĞ WůĂŶĞĂĐŝſŶ hŶŝǀĞƌƐŝƚĂƌŝĂLJůĂƐĐƵĞůĂĚĞŶĨĞƌŵĞƌşĂLJ ^ĂůƵĚ WƷďůŝĐĂ ŽƌŐĂŶŝnjĂƌŽŶ Ğů ͨ&ŽƌŽ ĚĞ ŽŶƐƵůƚĂƉĂƌĂĞůƐƚƵĚŝŽĚĞWĞƌƚŝŶĞŶĐŝĂĚĞ ůĂ>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂͩĞůĚşĂϭϱ ĚĞŵĂƌnjŽĚĞϮϬϭϯ͕ĐŽŶůĂƉĂƌƚŝĐŝƉĂĐŝſŶĚĞů ĞƐƚƵĚŝĂŶƚĂĚŽ ĞŶ ůĂ ƌĞĂůŝnjĂĐŝſŶ ĚĞ ůĂƐ ĞŶĐƵĞƐƚĂƐ Ă ůŽƐ ĚĞƉĂƌƚĂŵĞŶƚŽƐ ĚĞ ^ĞůĞĐĐŝſŶLJZĞĐůƵƚĂŵŝĞŶƚŽĚĞWĞƌƐŽŶĂůĞŶ ůĂƐ /ŶƐƚŝƚƵĐŝŽŶĞƐ ĚŽŶĚĞ ƉƌĞƐƚĂďĂŶ ƐƵƐ ƐĞƌǀŝĐŝŽƐŽĐŝĂů͘ ZĞƐƵůƚĂĚŽƐƌĞůĞǀĂŶƚĞƐ͗ ĂďĞ ŵĞŶĐŝŽŶĂƌ ƋƵĞ ĂƵŶƋƵĞ ůĂ ůŝĐĞŶĐŝĂƚƵƌĂ ƐĞĂ ƉĂƌƚĞ ĚĞ ŝĞŶĐŝĂƐ ĚĞ ůĂ ^ĂůƵĚ͕ ůŽƐ ƐĞƌǀŝĐŝŽƐ ƋƵĞ ďƌŝŶĚĂ ƵŶ ^ĂůƵďƌŝƐƚĂƉƵĞĚĞŶƐĞƌĞŵƉůĞĂĚŽƐƚĂŶƚŽĞŶ ƐĞĐƚŽƌĞƐĚĞŐŽďŝĞƌŶŽĐŽŵŽĚĞĞĚƵĐĂĐŝſŶ Ğ ŝŶǀĞƐƚŝŐĂĐŝſŶ͘ ů ϵϲй ĚĞ ůŽƐ ĞŵƉůĞĂĚŽƌĞƐ ĞŶĐƵĞƐƚĂĚŽƐ ĞdžƉƌĞƐĂ ƋƵĞ ĞdžŝƐƚĞƵŶĄƌĞĂŝĚſŶĞĂĞŶƐƵĞŵƉƌĞƐĂƉĂƌĂ ůĞƐƚƵĚŝŽƐĞƉůĂŶƚĞſĐŽŶĞůŽďũĞƚŝǀŽ ĚĞ ƉƌŽƉŽƌĐŝŽŶĂƌ ŝŶĨŽƌŵĂĐŝſŶ ŽƉŽƌƚƵŶĂ LJ ƉƌĞĐŝƐĂƐŽďƌĞůĂƉĞƌƚŝŶĞŶĐŝĂĚĞůWƌŽŐƌĂŵĂ ĞĚƵĐĂƚŝǀŽ ĚĞ ůĂ >ŝĐĞŶĐŝĂƚƵƌĂ ĞŶ ^ĂůƵĚ WƷďůŝĐĂ͕ ƉĂƌĂ ĨƵŶĚĂŵĞŶƚĂƌ ůĂƐ ŽƌŝĞŶƚĂĐŝŽŶĞƐ ĚĞ ůĂƌŐŽ ƉůĂnjŽ ĚĞ ůĂ ĚĞƉĞŶĚĞŶĐŝĂ ĞŶ ĐƵĂŶƚŽ Ă ƐƵƐ ŵĞƚĂƐ LJ ŶĞĐĞƐŝĚĂĚĞƐƐŽĐŝĂůĞƐ͘ 0LOHQDULD ůĂƐĂĐƚŝǀŝĚĂĚĞƐĚĞƵŶůŝĐĞŶĐŝĂĚŽĞŶ^ĂůƵĚ WƷďůŝĐĂ͘ dƌĂƐ ŽďƐĞƌǀĂƌ ƐƵ ĚĞƐĞŵƉĞŹŽ ĞŶ Ğů ƐĞƌǀŝĐŝŽƐŽĐŝĂů͕ůŽƐĞŵƉůĞĂĚŽƌĞƐŵƵĞƐƚƌĂŶ ƵŶĂ ĂůƚĂ ĚŝƐƉŽƐŝĐŝſŶ Ă ĐŽŶƚƌĂƚĂƌ >ŝĐĞŶĐŝĂĚŽƐĞŶ^ĂůƵĚWƷďůŝĐĂĚĞůĂhD^E,͘ Ŷ ƐƵ ŵĂLJŽƌşĂ͕ ĚĞƐƚĂĐĂƌŽŶ ĐŽŵŽ ƐĂƚŝƐĨĞĐŚŽƐĐŽŶĞůŶŝǀĞůƉƌŽĨĞƐŝŽŶĂůLJĠƚŝĐŽ ĚĞů ĞŐƌĞƐĂĚŽ LJ ůĂ ĐĂƉĂĐŝĚĂĚ ƉĂƌĂ ŽŶĐůƵƐŝŽŶĞƐ͗ >Ă ƉĞƌƚŝŶĞŶĐŝĂ ĚĞů ƉƌŽŐƌĂŵĂ ĞĚƵĐĂƚŝǀŽĚĞ>ŝĐĞŶĐŝĂƚƵƌĂĞŶ^ĂůƵĚWƷďůŝĐĂ ĚĞůĂƐĐƵĞůĂĞŶŶĨĞƌŵĞƌşĂLJ^ĂůƵĚWƷďůŝĐĂ ƉƵĞĚĞƌĞĂĨŝƌŵĂƌƐĞĚĞƐĚĞǀĂƌŝŽƐĂƐƉĞĐƚŽƐ͗ ƌĞƐƉŽŶĚĞƌ Ă ƉƌŽďůĞŵĂƐ ĚĞů ƚƌĂďĂũŽ ĚĞ ŵĂŶĞƌĂ ĂĚĞĐƵĂĚĂ͘ DŝĞŶƚƌĂƐ ƋƵĞ Ğů ĂƐƉĞĐƚŽ ƋƵĞ ĐĂůŝĨŝĐĂƌŽŶ ĐŽŶ ŵĂLJŽƌ ŝŶƐĂƚŝƐĨĂĐĐŝſŶĨƵĞĞůŶŝǀĞůĚĞƉƌĞƉĂƌĂĐŝſŶ ĂĐĂĚĠŵŝĐĂ͘ƐƚŽŶŽƋƵŝĞƌĞĚĞĐŝƌƋƵĞƐĞĂ ƵŶĂ ĚĞďŝůŝĚĂĚ ĐƌşƚŝĐĂ LJĂ ƋƵĞ ƐſůŽ Ğů ϭϴй ĚĞ ůŽƐ ĞŶĐƵĞƐƚĂĚŽƐ ůŽ ŵĂŶŝĨĞƐƚſ͕ ƉĞƌŽ Ɛş ƋƵĞĞƐƵŶĂƐƉĞĐƚŽĂŵĞũŽƌĂƌ͘ Ğ ĂĐƵĞƌĚŽ Ă ůŽƐ ĞŵƉůĞĂĚŽƌĞƐ͕ Ğů ĞŐƌĞƐĂĚŽ ƐĞ ĚĞƐĞŵƉĞŹĂ ĂůƚĂŵĞŶƚĞ ĞŶ ĨƵŶĐŝŽŶĞƐ ĚĞ ƉƌŽŵŽĐŝſŶ Ă ůĂ ƐĂůƵĚ LJ ĞŶ ĞĚƵĐĂĐŝſŶ ƉƷďůŝĐĂ͘ DŝĞŶƚƌĂƐ ƋƵĞ ĞŶ /ŶǀĞƐƚŝŐĂĐŝſŶ ĞŶ ^ĂůƵĚ LJ 'ĞƐƚŝſŶ /ŶƐƚŝƚƵĐŝŽŶĂůƉĂƌĂůĂƉůŝĐĂĐŝſŶĚĞWŽůşƚŝĐĂƐ ĞŶ ^ĂůƵĚ ŶŽ ŵƵĞƐƚƌĂ ƵŶ ĚĞƐĞŵƉĞŹŽ ĨĂǀŽƌĂďůĞ͘ >ŽƐ ƌĞƐƵůƚĂĚŽƐ ĞdžƉƌĞƐĂŶ ƋƵĞ ůĂƐ ĞŵƉƌĞƐĂƐŽŝŶƐƚŝƚƵĐŝŽŶĞƐĐŽŶƐŝĚĞƌĂŶƋƵĞ ůŽƐ ĞŐƌĞƐĂĚŽƐ ƚŝĞŶĞŶ ƵŶ ŝŵƉĂĐƚŽ ŵƵLJ ĂĚĞĐƵĂĚŽ ĞŶ ůĂƐ ĄƌĞĂƐ ĚĞ ^ĂůƵĚ ŽŵƵŶŝƚĂƌŝĂ ;ϲϭйͿ͕ ^ĂůƵĚ &ĂŵŝůŝĂƌ LJ EƵƚƌŝĐŝſŶ ;ĂŵďĂƐ ϱϳйͿ͘ DŝĞŶƚƌĂƐ ƋƵĞ ĐŽŶƐŝĚĞƌĂŶ ƋƵĞ Ğů ĚĞƐĞŵƉĞŹŽ ĚĞů ĞŐƌĞƐĂĚŽ ŚĂ ƚĞŶŝĚŽ ƵŶ ďĂũŽ ŝŵƉĂĐƚŽ Ž ƉŽĐŽĂĚĞĐƵĂĚŽĞŶĞůĄƌĞĂĚĞŝŽĞƐƚĂĚşƐƚŝĐĂ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ;ϮϯйͿ͕ ƐĞŐƵŝĚŽ 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ĂĚĞŵĄƐĂĐƚƵĂƌĐŽŵŽƚŽĚŽƵŶƉƌŽĨĞƐŝŽŶĂů͗ ƐĞƌƉƵŶƚƵĂů͕ĐƵŵƉůŝĚŽ͕ĂŵĂďůĞ͕ĚĞŵŽƐƚƌĂƌ Ă ĐĂĚĂ ƉĂƐŽ ůĂ ĐĂůŝĚĂĚ ĚĞ ĨŽƌŵĂĐŝſŶ ĂĚƋƵŝƌŝĚĂĞŶůŽƐĂŹŽƐĚĞĞƐƚƵĚŝŽ͎͘WĂƌĞĐĞ ĨĄĐŝů͍͋WƵĞƐŶŽůŽĞƐ͕͊ĂƋƵşƚĞĚĂƌĄƐĐƵĞŶƚĂ ĚĞůŽǀĂůŝŽƐĂƐƋƵĞĨƵĞƌŽŶĐĂĚĂƵŶĂĚĞůĂƐ ƉĂůĂďƌĂƐƋƵĞƚƵƐƉƌŽĨĞƐŽƌĞƐƚĞĞŶƚƌĞŐĂƌŽŶ ĐŽŵŽĐŽŶŽĐŝŵŝĞŶƚŽƐ͘ EŽƉƵĞĚŽŚĂďůĂƌĚĞŵĂŶĞƌĂŐĞŶĞƌĂů ƉƵĞƐƐĞƌşĂĐĂĞƌĞŶƵŶĞƌƌŽƌ͕ĂƐşƋƵĞŚĂďůŽ 0LOHQDULD ŚĂĐĞƌƚĞŶŽƚĂƌƋƵĞƚƵƚƌĂďĂũŽĂƵŶĐƵĂŶĚŽ ŶŽƌĞĐŝďĂƐĐƌĞĚŝďŝůŝĚĂĚŶŝƌĞƐƉĞƚŽ͕ƉŽƌƚĂƌƚĞ ĚĞĂƋƵĞůůŽƐƋƵŝĞŶĞĂŚĂŶŽůǀŝĚĂĚŽƋƵĞƵŶ ̺à ƚĂŵďŝĠŶ ĨƵĞƌŽŶ ĞƐƚƵĚŝĂŶƚĞ͕ Ž ĚĞ ĂƋƵĞůůŽƐƉĂƌĂůŽƐƋƵĞůĂƉĂůĂďƌĂĞŵƉĂƚşĂ ŶŽ ƚŝĞŶĞ ŶŝŶŐƵŶ ƐŝŐŶŝĨŝĐĂĚŽ ĂƉůŝĐĂďůĞ͘ >Ă ŚƵŵŝůĚĂĚƚĞƐĞƌǀŝƌĄĐƵĂŶĚŽƚĞĚĞƐĐƵĞŶƚĂ ƋƵĞƉƵĞĚĞƐŚĂĐĞƌŵĄƐĚĞůŽƋƵĞƐĞƐƵƉŽŶĞ ƋƵĞ ĚĞďĞƌşĂƐ ŚĂĐĞƌ͕ ƚĂŵďŝĠŶ ƉĂƌĂ ƐŽƐƚĞŶĞƌƚĞ Ă ůĂ ŚŽƌĂ ĚĞ ƉĞĚŝƌ ĂLJƵĚĂ Ž ĐŽŶƐĞũŽƐƉĂƌĂŵĞũŽƌĂƌLJƐĞŐƵŝƌĐƌĞĐŝĞŶĚŽ͕ ĂƐş ĐŽŵŽ ƉĂƌĂ ŵŽƐƚƌĂƌ ƌĞƐƉĞƚŽ͕ LJ ĚĂƌ ůŽ ŵĞũŽƌĚĞƚŝĂĂƋƵĞůůŽƐƋƵĞĚĞĂůŐƵŶĂĨŽƌŵĂ ƚĞŶĞĐĞƐŝƚĞŶ͘ ƐůŽŵĞũŽƌƋƵĞƉƵĞĚŽĚĞĐŝƌĚĞƐĚĞůĂ ĞdžƉĞƌŝĞŶĐŝĂƋƵĞŵĞĞƐƚĄƚŽĐĂŶĚŽǀŝǀŝƌĞŶ ĞƐƚĞƉƌŽĐĞƐŽ͖ƉŽƌƋƵĞĂƵŶƋƵĞƋƵŝƐŝĠƌĂŵŽƐ͕ ŶŽ ĞdžŝƐƚĞ ƵŶ ŵĂŶƵĂů ƋƵĞ ĞdžƉůŝƋƵĞ Ğů ƚĂŶ ĚŝĨĞƌĞŶƚĞ ŵƵŶĚŽ Ăů ƋƵĞ ĞƐƚĄƐ ƉŽƌ ĞŶĨƌĞŶƚĂƌƚĞ͕ ŵƵŶĚŽ ƋƵĞ ĞƐƚĄ ůůĞŶŽ ĚĞ ĞdžƉĞƌŝĞŶĐŝĂƐ ďƵĞŶĂƐ LJ ŵĂůĂƐ͕ ůůĞŶŽ ĚĞ ĚƵĚĂƐ͕ ĚĞ ĂƉƌĞŶĚŝnjĂũĞ͕ ĚĞ ĞƌƌŽƌĞƐ LJ ĂĐŝĞƌƚŽƐ͘dĂůǀĞnjĞŶƚƌĞƚŽĚŽĞƐƚŽ͕ůŽŵĞũŽƌ Ă ůŽ ƋƵĞ ƚĞ ĞŶĨƌĞŶƚĂƌĄƐ͕ ĞƐ Ăů ŝŶŵĞŶƐŽ ĂƉƌĞŶĚŝnjĂũĞƋƵĞĞƐƚĄƐƉŽƌĂĚƋƵŝƌŝƌLJĚĂƌƚĞ ĐƵĞŶƚĂƋƵĞƚƵĞƐĨƵĞƌnjŽŚĂǀĂůŝĚŽůĂƉĞŶĂ͘ DŝƐŵĞũŽƌĞƐĚĞƐĞŽƐĚĞĠdžŝƚŽ͘ ( ůŝŵƉƵůƐŽĚĂĚŽĂůĂĐŝĞŶĐŝĂ ĞŶDĠdžŝĐŽĂƉĂƌƚŝƌĚĞϭϴϲϳƉŽƌůĂ ŐĞŶĞƌĂĐŝſŶƉŽƐŝƚŝǀŝƐƚĂĨƵĞĚĞƐƵŵĂ ŝŵƉŽƌƚĂŶĐŝĂ͘ ^ƵƐ ĐŽŶƚƌŝďƵĐŝŽŶĞƐ ĨƵĞƌŽŶĞŶƚĂůŐƌĂĚŽƋƵĞĐŽŶĞůůĂƐĞ ŝŶŝĐŝſĞŶƌĞĂůŝĚĂĚ͕ĞůĚĞƐĂƌƌŽůůŽĚĞ ůĂ ĐŝĞŶĐŝĂ ĞŶ ŶƵĞƐƚƌŽ ƉĂşƐ͘ /ŵƉŽƌƚĂƌŽŶ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ ŵĞĚŝĐŝſŶ LJ ĞdžƉĞƌŝŵĞŶƚĂĐŝſŶ ĐŽŶ ůŽƐ ĐƵĂůĞƐ ĐƌĞĂƌŽŶ ůĂďŽƌĂƚŽƌŝŽƐ ƉĞƌƐŽŶĂůĞƐ Ğ ŝŶƐƚŝƚƵĐŝŽŶĂůĞƐ͖ ƐƵƐ ƚƌĂďĂũŽƐ ĚĞ ŝŶǀĞƐƚŝŐĂĐŝſŶ ĚĞũĂƌŽŶ ĂƚƌĄƐůĂƐƉƌĞŽĐƵƉĂĐŝŽŶĞƐƌĞůŝŐŝŽƐŽͲ ŵĞƚĂĨşƐŝĐĂƐ͕ƐƵƉĞƌĂŶĚŽĂƐş͕ƵŶĂĚĞ ůĂƐ ŵĄƐ ƐĞƌŝĂƐ ďĂƌƌĞƌĂƐ ĚĞ ĞƐƚĂ ĂĐƚŝǀŝĚĂĚ͖LJƐĞĚŝĞƌŽŶĂůĂƚĂƌĞĂĚĞ ĚŝĨƵŶĚŝƌ ƐƵƐ ƌĞƐƵůƚĂĚŽƐ͘ ƐƉĞĐŝĂůŵĞŶƚĞ͕ ĚĞƐƉƵĠƐ ĚĞ ϭϴϲϳ ůĂƐ ƐŽĐŝĞĚĂĚĞƐ ĐŝĞŶƚşĨŝĐĂƐ ƐĞ ŵƵůƚŝƉůŝĐĂƌŽŶ͕ ĂƐş ĐŽŵŽ ƐƵƐ ſƌŐĂŶŽƐ ĚĞ ĚŝǀƵůŐĂĐŝſŶ͘ WƌĞĐŝƐĂŵĞŶƚĞĞŶƌĞǀŝƐƚĂƐĐŽŵŽ>Ă EĂƚƵƌĂůĞnjĂ ƐĞ ƉƵĞĚĞ ĂĚǀĞƌƚŝƌ ĞƐĞ ŐƌĂŶ ƉĂƐŽ ƋƵĞ ĚŝŽ ůĂ ĐŝĞŶĐŝĂ ŵĞdžŝĐĂŶĂĞŶĞƐƚĂĠƉŽĐĂ;dƌĂďƵůƐĞ͕ ϭϵϴϱ͖ϭϯͿ͘ŶĨŝŶ͕ĞůǀŽůƵŵĞŶĚĞůŽƐ ƚƌĂďĂũŽƐĞƐĐƌŝƚŽƐLJůĂŐƌĂŶĐĂŶƚŝĚĂĚ ĚĞ ŝŶƐƚŝƚƵĐŝŽŶĞƐ LJ ƐŽĐŝĞĚĂĚĞƐ ĐŝĞŶƚşĨŝĐĂƐĨƵŶĚĂĚĂƐƉŽƌĞƐƚĞŐƌƵƉŽ ĚĞĚĞƐƚĂĐĂĚŽƐƉĞƌƐŽŶĂũĞƐ͕ƉƌƵĞďĂ ĚĞ ĂůŐƷŶ ŵŽĚŽ Ğů ƉƌŽŐƌĞƐŽ ĂůĐĂŶnjĂĚŽ ƉŽƌ ůĂ ĐŝĞŶĐŝĂ ŶĂĐŝŽŶĂů ĞŶĞůƷůƚŝŵŽƚĞƌĐŝŽĚĞůƐŝŐůŽy/y;Ğ 'ŽƌƚĂƌŝ͕ϭϵϳϵ͖ϯϭϲͿ͘ ĚĞ ƐƵƐ ĐŽůĞĐĐŝŽŶĞƐ ĐŝĞŶƚşĨŝĐĂƐ ƉĂƐĂƌŽŶ Ă ƐĞƌ ƉĂƚƌŝŵŽŶŝŽ ĚĞ ĂƋƵĠů͕ ĂŚŽƌĂ ƚƌĂŶƐĨŽƌŵĂĚŽ ĞŶ ůĂ hŶŝǀĞƌƐŝĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ͘ ƐƚĂ ŶƵĞǀĂ ĞƚĂƉĂ ĚŝŽ ůƵŐĂƌ Ă ƵŶ ĂŵďŝĞŶƚĞ ŵĄƐ ƉƌŽƉŝĐŝŽ ƉĂƌĂ ůŽƐ ĂĨĂŶĞƐ ĐŝĞŶƚşĨŝĐŽƐ ĚĞ ƵŐğƐ͕ ŵŝƐŵŽƋƵĞƐĞĂĨŝĂŶnjſďĂũŽůĂͨƉĂnj ƉŽƌĨŝƌŝĂŶĂ͕ͩĚĂŶĚŽĂƐşƐƵƐŵĞũŽƌĞƐ ĨƌƵƚŽƐ͘ ůĨƌĞĚŽƵŐğƐLJĞů ŽůĞŐŝŽĚĞ^ĂŶ EŝĐŽůĄƐ ůĨƌĞĚŽ ƵŐğƐ ŚĂďşĂ ŶĂĐŝĚŽ ĞŶ DŽŶƚƉĞůůŝĞƌ͕ ,ĞƌĂƵůƚ͕ &ƌĂŶĐŝĂ͕ ĞůϭϱĚĞĂďƌŝůĚĞϭϴϮϲ͘ƐƚĂĐŝƵĚĂĚ ĂůďĞƌŐĂďĂ ůĂ hŶŝǀĞƌƐŝĚĂĚ ĚĞů ŵŝƐŵŽŶŽŵďƌĞĨƵŶĚĂĚĂĞŶϭϮϴϵ͕ ƵŶĂ ĚĞ ůĂƐ ŵĄƐ ĂŶƚŝŐƵĂƐ LJ ƉƌĞƐƚŝŐŝĂĚĂƐ ĚĞ ƵƌŽƉĂ͕ ůĂ ĐƵĂů ƚƵǀŽ ĞŶƚƌĞ ƐƵƐ ĂůƵŵŶŽƐ ĚĞƐƚĂĐĂĚŽƐ ĞŶ Ğů ƚĞƌƌĞŶŽ ĚĞ ůŽƐ ĞƐƚƵĚŝŽƐ ŶĂƚƵƌĂůŝƐƚĂƐ Ă ĨŝŐƵƌĂƐ ĐŽŵŽƌŶĂƵůĚsŝůůĞŶĞƵǀĞLJ'ƵLJĚĞ ŚĂƵůůŝĂĐ͘ŶĞƐƚĂŵŝƐŵĂĐĂƐĂĚĞ ĞƐƚƵĚŝŽƐƵŐğƐŝŶŝĐŝſƐƵĐĂƌƌĞƌĂĚĞ ŵĠĚŝĐŽ ƋƵĞ ĐŽŶĐůƵLJſ ĞŶ ůĂ hŶŝǀĞƌƐŝĚĂĚĚĞWĂƌşƐ͕ŽďƚĞŶŝĞŶĚŽ ĞůĚŽĐƚŽƌĂĚŽĞŶDĞĚŝĐŝŶĂĞůϮϴĚĞ ĨĞďƌĞƌŽ ĚĞ ϭϴϱϮ͕ ĐŽŶ ůĂ ƚĞƐŝƐ͗ ^ŽďƌĞ ůĂ ƉŽƐŝďŝůŝĚĂĚ ĚĞ ƚƌĂŶƐŵŝƐŝſŶ ĚĞ ůĂ ƐşĨŝůŝƐ ƉŽƌ ůĂƐ ŶŽĚƌŝnjĂƐ;ĞůƚƌĄŶ͕ϭϵϵϬ͖ϵͿ͘ ,ĞƌĞĚĞƌŽ LJ ĐŽŶƚŝŶƵĂĚŽƌ ĚĞ ƵŶĂƚƌĂĚŝĐŝſŶĨĂŵŝůŝĂƌĐŝĞŶƚşĨŝĐĂ;ƐƵ ƉĂĚƌĞ ĨƵĞ ƵŶ ĞŵŝŶĞŶƚĞ ŵĠĚŝĐŽͿ͕ ůĨƌĞĚŽ ƵŐğƐ ĨƵĞ ŝŶĨůƵĞŶĐŝĂĚŽ ƌ͘>ƵĐŝŽZĂŶŐĞů,ĞƌŶĄŶĚĞnj ƉŽƌ ůĂƐ ŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ ĚĞ :ĞĂŶ WƌŽĨĞƐŽƌĞ/ŶǀĞƐƚŝŐĂĚŽƌĚĞůŽůĞŐŝŽĚĞ^ĂŶEŝĐŽůĄƐ ĂƉƚŝƐƚĞ ĚĞ DŽŶĞƚ͕ ĂďĂůůĞƌŽ ĚĞ LJĚĞůĂ&ĂĐƵůƚĂĚĚĞ,ŝƐƚŽƌŝĂĚĞůĂhD^E,͘ ĞƐƚĂŐĞŶĞƌĂĐŝſŶƉĞƌƚĞŶĞĐŝſ >ĂŵĂƌĐŬ͕ ƋƵŝĞŶ ŚĂďşĂ ĞdžƉƵĞƐƚŽ ůĨƌĞĚŽƵŐƵƐƚĞĞůƐĞƐĐĂƵƚnjƵŐğƐ͕ ƵŶĂƚĞŽƌşĂƐŽďƌĞĞůƚƌĂŶƐĨŽƌŵŝƐŵŽ͕ ƋƵŝĞŶ ůůĞŐſ Ă ŶƵĞƐƚƌŽ ƉĂşƐ ĞŶ ŵĂLJŽ ĚĞ ůŽƐ ĐŽŵŝĞŶnjŽƐ ĚĞ ƵŶĂ ŶƵĞǀĂ ĞƚĂƉĂ ĞŶ ůĂ ƵŶĂĚĞůĂƐƉƌŝŵĞƌĂƐƚĞŽƌşĂƐĚĞůĂĞǀŽůƵĐŝſŶ ϭϴϱϯ͘ ƌĂŶ ƚŝĞŵƉŽƐ ĚŝĨşĐŝůĞƐ͕ ĐĂſƚŝĐŽƐ͕ ŚŝƐƚŽƌŝĂ ĚĞ ŶƵĞƐƚƌŽ ƉĂşƐ͕ ůĂ ĚĞů DĠdžŝĐŽ ďĂƐĂĚĂĞŶůĂĂĚĂƉƚĂĐŝſŶ͖ƉŽƌĞůŶĂƚƵƌĂůŝƐƚĂ ƚŝĞŵƉŽƐ ŵĂƌĐĂĚŽƐ ƉŽƌ ůĂ ŐƵĞƌƌĂ Đŝǀŝů ŵŽĚĞƌŶŽ͕ŝŶŝĐŝĂĚĂĐŽŶůĂƌĞƐƚĂƵƌĂĐŝſŶĚĞ 'ĞŽƌŐĞƐƵǀŝĞƌ͕ĨƵŶĚĂĚŽƌĚĞůĂĂŶĂƚŽŵşĂ ĚŽŶĚĞĐŽŶƐĞƌǀĂĚŽƌĞƐLJůŝďĞƌĂůĞƐĂƚƌĂǀĠƐ ůĂ ZĞƉƷďůŝĐĂ͘ Ŷ ϭϴϲϳ ĞŶ 'ƵĂŶĂũƵĂƚŽ͕ ĐŽŵƉĂƌĂĚĂ LJ ĚĞ ůĂ ƉĂůĞŽŶƚŽůŽŐşĂ͕ ĐƵLJĂ ĚĞ ůĂƐ ĂƌŵĂƐ ďƵƐĐĂďĂŶ Ěŝƌŝŵŝƌ ƐƵƐ ƐŝĞŶĚŽŐŽďĞƌŶĂĚŽƌ ĚĞů ĞƐƚĂĚŽ Ğů ŐĞŶĞƌĂů ĐůĂƐŝĨŝĐĂĐŝſŶ ĚĞů ƌĞŝŶŽ ĂŶŝŵĂů͕ ĞůĂďŽƌĂĚĂ ĚŝĨĞƌĞŶĐŝĂƐƉĂƌĂŝŵƉŽŶĞƌƐƵƉƌŽLJĞĐƚŽĚĞ &ůŽƌĞŶĐŝŽŶƚŝůůſŶ͕ĐŽŵĞŶnjſƵŶĂĠƉŽĐĂĚĞ ĞŶϭϴϭϳƐĞŵĂŶƚƵǀŽĞŶůĂŚŝƐƚŽƌŝĂŶĂƚƵƌĂů ŶĂĐŝſŶ͘'ƵĞƌƌĂĐŝǀŝůĂůĂĐƵĂůůĞƐĞŐƵŝƌşĂůĂ ĚĞƐĂƌƌŽůůŽŵĂƚĞƌŝĂůƋƵĞĚŝŽůƵŐĂƌĂƐƵǀĞnj ĚĞ &ƌĂŶĐŝĂ LJ 'ƌĂŶ ƌĞƚĂŹĂ ŚĂƐƚĂ ůĂ ŝŶƚĞƌǀĞŶĐŝſŶĨƌĂŶĐĞƐĂ͕LJƐŝŶĞŵďĂƌŐŽ͕ďĂũŽ ĂůĚĞƐĞŶǀŽůǀŝŵŝĞŶƚŽĐƵůƚƵƌĂůĞŶůĂĞŶƚŝĚĂĚ͘ ƉƵďůŝĐĂĐŝſŶ ĞŶ ϭϴϱϵ ĚĞ ů ŽƌŝŐĞŶ ĚĞ ůĂƐ ĞƐƚĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ƐŽĐŝŽƉŽůşƚŝĐĂƐ ƋƵĞ ^Ğ ĨƵŶĚſ Ğů ŽůĞŐŝŽ ĚĞů ƐƚĂĚŽ ĞŶ ϭϴϳϬ͕ ĞƐƉĞĐŝĞƐĚĞŚĂƌůĞƐĂƌǁŝŶ͖ĂƐşĐŽŵŽƉŽƌ ŚĂĐşĂŶ ĚŝĨşĐŝůĞƐ ůĂƐ ƚĂƌĞĂƐ ĐŝĞŶƚşĨŝĐĂƐ͕ ƐŽďƌĞ ůĂ ďĂƐĞ ĚĞů ĂŶƚŝŐƵŽ ŽůĞŐŝŽ ĚĞ ůĂ ůĂƵĚĞĞƌŶĂƌĚ͕ĨƵŶĚĂĚŽƌĚĞůĂŵĞĚŝĐŝŶĂ ĐŽŵĞŶnjſĂƚƌĂďĂũĂƌĞŶDĠdžŝĐŽ͕ƌĂĚŝĐĂŶĚŽ WƵƌşƐŝŵĂ ŽŶĐĞƉĐŝſŶ͕ ĞƐƚŽ ĐŽŵŽ ĞĨĞĐƚŽ ĞdžƉĞƌŝŵĞŶƚĂů͕ ĂƵƚŽƌ ĚĞ ůĂ ŽďƌĂ ƐƵĐĞƐŝǀĂŵĞŶƚĞ ĞŶ ůĂ ĐĂƉŝƚĂů ĚĞ ůĂ ŝŶŵĞĚŝĂƚŽ ĚĞů ĞƐƚĂďůĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ /ŶƚƌŽĚƵĐĐŝſŶ Ă ůĂ ŵĞĚŝĐŝŶĂ ZĞƉƷďůŝĐĂ͕ ĞŶ ůĂƐ ĐŝƵĚĂĚĞƐ ĚĞ sĞƌĂĐƌƵnj͕ ĞĚƵĐĂĐŝſŶůĂŝĐĂĚĞĐƌĞƚĂĚĂƉŽƌůĂƐ>ĞLJĞƐĚĞ ĐŽŵƉĂƌĂĚĂ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϯͿ͘ 'ƵĂŶĂũƵĂƚŽ͕'ƵĂĚĂůĂũĂƌĂLJ^ŝůĂŽ͘ ZĞĨŽƌŵĂ ;ƌƵnj͕ ϭϵϵϬ͖ ϵϯͿ͕ ƉůĂŶƚĞů ĐŽŶ Ğů ĐƵĂů͕ ƵŐğƐ ĞƐƚĂďůĞĐŝſ ƵŶĂ ƌĞůĂĐŝſŶ ĞĞƐƚĂĨŽƌŵĂ͕ĚĞƐĚĞϭϴϰϵ͕ƵŐğƐĨƵĞ ƉĂƌƚŝƌĚĞϭϴϲϰƵŐğƐƐĞĞƐƚĂďůĞĐŝſ ĂĨĞĐƚŝǀĂŵƵLJĞƐƚƌĞĐŚĂƋƵĞŚĂĐŽŶƚŝŶƵĂĚŽ ĂĐĞƉƚĂĚŽ ĐŽŵŽ ŵŝĞŵďƌŽ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ ĞŶ'ƵĂŶĂũƵĂƚŽ͘ŶĞƐƚĂĐŝƵĚĂĚůĞƚŽĐſǀŝǀŝƌ ĂƷŶĚĞƐƉƵĠƐĚĞƐƵŵƵĞƌƚĞ͕LJĂƋƵĞǀĂƌŝĂƐ ĚĞ DĞĚŝĐŝŶĂ LJ ŝƌƵպà ƉƌĄĐƚŝĐĂƐ ĚĞ 0LOHQDULD DŽŶƚƉĞůůŝĞƌ͕LJĞŶϭϴϱϬ͕ĚŽƐĂŹŽƐĂŶƚĞƐĚĞ ƋƵĞ ƚĞƌŵŝŶĂƌĂ ƐƵ ĐĂƌƌĞƌĂ ĚĞ ŵĠĚŝĐŽ͕ ƐŝĞŶĚŽŵŝĞŵďƌŽĚĞůĂ^ŽĐŝĞĚĂĚĚĞŝŽůŽŐşĂ ĞŶ WĂƌşƐ LJĂ ŚĂďşĂ ƉƵďůŝĐĂĚŽ ǀĂƌŝŽƐ ƚƌĂďĂũŽƐ͕ ĞŶƚƌĞ ĞůůŽƐ ƵŶŽ ƐŽďƌĞ Ğů dƌŝƚſŶ ƐƉĞƌ͕ ƵƌŽĚĞůŽ ŚĂƐƚĂ ĞŶƚŽŶĐĞƐ ĚĞƐĐŽŶŽĐŝĚŽ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϯͿ͘ ƵŐğƐ ŚĂďşĂ ůĞşĚŽ ůĂƐ ŽďƌĂƐ ĚĞ &ƌĂŶĐŝƐĐŽyĂǀŝĞƌůĂǀŝũĞƌŽ͕ĚĞůĞũĂŶĚƌŽĚĞ ,ƵŵďŽůĚƚLJƚĂŵďŝĠŶŚĂďşĂŽşĚŽŚĂďůĂƌĚĞ :ŽƐĠ DĂƌŝĂŶŽ DŽĐŝŹŽ ;ŝŶƚĞŐƌĂŶƚĞ ĚĞ ůĂ ĞdžƉĞĚŝĐŝſŶĐŝĞŶƚşĨŝĐĂŽƌĚĞŶĂĚĂƉŽƌĂƌůŽƐ ///ĂĨŝŶĞƐĚĞůƐŝŐůŽys///ĂůĂEƵĞǀĂƐƉĂŹĂ͕ ĚŝƌŝŐŝĚĂƉŽƌDĂƌƚşŶ^ĞƐƐĠͿ͕ůŽĐƵĂůĚĞƐƉĞƌƚſ ĞŶĠůůĂĐƵƌŝŽƐŝĚĂĚƉŽƌĞƐƚƵĚŝĂƌůĂƐĞƐƉĞĐŝĞƐ ĚĞ ůĂ ĨůŽƌĂ LJ ĨĂƵŶĂ ŵĞdžŝĐĂŶĂƐ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ϮϯͿ͘ ů ĐŽŶĐůƵŝƌ ƐƵ ĐĂƌƌĞƌĂ ĐŽŶƚƌĂũŽ ŵĂƚƌŝŵŽŶŝŽLJĞŶŵĂLJŽĚĞϭϴϱϯƐĞƚƌĂƐůĂĚſ ĐŽŶƐƵĞƐƉŽƐĂĂDĠdžŝĐŽ͕ŝŶƐƚĂůĄŶĚŽƐĞĞŶ ůĂĐĂƉŝƚĂů͕ĞŶĚŽŶĚĞƉĂƌĂƉŽĚĞƌĞũĞƌĐĞƌƐƵ ƉƌŽĨĞƐŝſŶĨƵĞŶĞĐĞƐĂƌŝŽƋƵĞƐƵƐƚĞŶƚĂƌĂƵŶ ĞdžĂŵĞŶ ƉƷďůŝĐŽ ƚĞſƌŝĐŽͲƉƌĄĐƚŝĐŽ͕ ƐŝĞŶĚŽ ĂƉƌŽďĂĚŽĞŶĨŽƌŵĂƵŶĄŶŝŵĞƉŽƌĞůũƵƌĂĚŽ͘ WŽƐƚĞƌŝŽƌŵĞŶƚĞƌĂĚŝĐſĞŶǀĂƌŝĂƐĐŝƵĚĂĚĞƐ ĚĞůŝŶƚĞƌŝŽƌĚĞůƉĂşƐ͗ĞŶ'ƵĂŶĂũƵĂƚŽĚŽŶĚĞ ƐĞ ĚĞƐĞŵƉĞŹſ ĐŽŵŽ sŽĐĂů ĚĞ ůĂ :ƵŶƚĂ ^ƵƉĞƌŝŽƌ ĚĞ ĞŶĞĨŝĐĞŶĐŝĂ LJ ^ĂŶŝĚĂĚ͕ ĐƵĂŶĚŽ ĞƌĂ ŐŽďĞƌŶĂĚŽƌ ŝŶƚĞƌŝŶŽ ĚĞů ĞƐƚĂĚŽ Ğů ŐĞŶĞƌĂů DĂŶƵĞů ŽďůĂĚŽ͖ ĞŶ ^ŝůĂŽĨƵĞŵĠĚŝĐŽĚĞĐĄƌĐĞůĞƐLJĞŶĐĂƌŐĂĚŽ ĚĞůĂǀĂĐƵŶĂĐŝſŶ͖LJĞŶ'ƵĂĚĂůĂũĂƌĂĚŽŶĚĞ ƚƵǀŽ Ă ƐƵ ĐĂƌŐŽ ůĂ WƌĞƐŝĚĞŶĐŝĂ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ &ŝůĂŶƚƌſƉŝĐĂ džƚƌĂŶũĞƌĂ LJ ƐŽĐŝŽ ĐŽƌƌĞƐƉŽŶƐĂůĚĞůĂ^ŽĐŝĞĚĂĚ:ĂůŝƐĐŝĞŶƐĞĚĞ ĞůůĂƐ ƌƚĞƐ͖ŚĂƐƚĂ ƋƵĞ Ĩŝũſ ƐƵ ƌĞƐŝĚĞŶĐŝĂ ĚĞĨŝŶŝƚŝǀĂ ĞŶ ůĂ ĐŝƵĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϴͿ͕ĨĂŵŽƐĂĞŶĞůŵƵŶĚŽ ĞŶƚĞƌŽ ƉŽƌ ƐƵ ƉƌŽĚƵĐĐŝſŶ ĚĞ ŵĞƚĂůĞƐ ƉƌĞĐŝŽƐŽƐ͕ƉĂƌƚŝĐƵůĂƌŵĞŶƚĞĚĞƉůĂƚĂ͘ ƉƌĞƉĂƌĂĚŽƌ LJ ƉƌŽĨĞƐŽƌ ĚĞ ŶĂƚŽŵşĂ Ğ ,ŝƐƚŽůŽŐşĂ ĞŶ Ğů ŽůĞŐŝŽ WƌŝŵŝƚŝǀŽ LJ EĂĐŝŽŶĂů ĚĞ ^ĂŶ EŝĐŽůĄƐ ĚĞ ,ŝĚĂůŐŽ͖ ƚĂŵďŝĠŶ ĐŽůĂďŽƌſ ĐŽŵŽ :ĞĨĞ ĚĞů ĞƉĂƌƚĂŵĞŶƚŽ ĚĞ ,ŝƐƚŽƌŝĂ EĂƚƵƌĂů͖ LJ͕ Ă ƉĂƌƚŝƌĚĞϭϴϵϮƐĞŚŝnjŽĐĂƌŐŽĚĞůĂĚŝƌĞĐĐŝſŶ ĚĞůDƵƐĞŽDŝĐŚŽĂĐĂŶŽŚĂƐƚĂƐƵŵƵĞƌƚĞ͕ ŽĐƵƌƌŝĚĂ ĞŶ ϭϴϵϱ;^ĄŶĐŚĞnj LJ DŝũĂŶŐŽƐ͕ ϭϵϵϲͿ͘ Ŷ 'ƵĂŶĂũƵĂƚŽ͕ Ă ƉĂƌƚŝƌ ĚĞ ϭϴϲϰ͕ ŶƵĞƐƚƌŽ ƉĞƌƐŽŶĂũĞ͕ ƐĞ ŚŝnjŽ ƐŽĐŝŽ ĐŽƌƌĞƐƉŽŶƐĂůĚĞůĂ^ŽĐŝĞĚĂĚDĞdžŝĐĂŶĂĚĞ 'ĞŽŐƌĂĨşĂLJƐƚĂĚşƐƚŝĐĂ͖ĞŶϭϴϲϱŝŶƚĞŐƌſůĂ :ƵŶƚĂĞƉĂƌƚĂŵĞŶƚĂůĚĞdžƉŽƐŝĐŝŽŶĞƐ͖ĞŶ ϭϴϲϲ ĨƵĞ ĚŝƌĞĐƚŽƌ ŐĞŶĞƌĂů LJ ŵĠĚŝĐŽ ĐŝƌƵũĂŶŽĚĞů,ŽƐƉŝƚĂůĚĞĞůĠŶ͖LJĞŶϭϴϳϬ ŵĠĚŝĐŽĚĞůĂŵŝŶĂĚĞ^ĂŶ:ƵĂŶĚĞůĂƐZĂLJĂƐ ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϮϴͿ͘ WĂƌĂůĞůĂŵĞŶƚĞĂůĂůĂďŽƌĐŝĞŶƚşĨŝĐĂLJ ůĂƉƌĄĐƚŝĐĂĚĞƐƵƉƌŽĨĞƐŝſŶŵĠĚŝĐĂ͕ƵŐğƐ ĚĞƐĂƌƌŽůůſ ĐŽŶ ƉƌŽĨƵŶĚĂ ǀŽĐĂĐŝſŶ͕ ƵŶĂ ůĂďŽƌĚŽĐĞŶƚĞĞŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽLJ ĞŶůĂƐĐƵĞůĂĚĞDĞĚŝĐŝŶĂĚĞ'ƵĂŶĂũƵĂƚŽ͘ ů ƉĞƌĨŝů ĂĐĂĚĠŵŝĐŽ ĚĞ ƵŐğƐ ĞŶĐĂũĂďĂ ƉĞƌĨĞĐƚĂŵĞŶƚĞĞŶůĂƌĞĨŽƌŵĂĞĚƵĐĂƚŝǀĂĚĞů ŐŽďŝĞƌŶŽůŝďĞƌĂůĚĞ:ƵĄƌĞnj͘'ĂďŝŶŽĂƌƌĞĚĂ ĐŽŵŽ ŝƌĞĐƚŽƌ ĚĞ ůĂ ƐĐƵĞůĂ EĂĐŝŽŶĂů WƌĞƉĂƌĂƚŽƌŝĂĨŽƌŵƵůſƵŶƉůĂŶĚĞĞƐƚƵĚŝŽƐ ĚĞ ŝŶƐƉŝƌĂĐŝſŶ ƉŽƐŝƚŝǀŝƐƚĂ͕ ŝŶƚƌŽĚƵĐŝĞŶĚŽ ŵĂƚĞƌŝĂƐ ĚĞ ůĂƐ ĐŝĞŶĐŝĂƐ ŶĂƚƵƌĂůĞƐ ;ĂƌƌĞĚĂ͕ϭϵϰϭͿ͘ŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽ Ɛ ŝŵƉŽƌƚĂŶƚĞ ŵĞŶĐŝŽŶĂƌ ƋƵĞ Ğů ŚĞƌŵĂŶŽŵĞŶŽƌĚĞůĨƌĞĚŽƵŐğƐ͕ƵŐĞŶĞ ZŽŵĂŝŶĞůƐĞƐĐĂƵƚnjƵŐğƐ͕ ƚĂŵďŝĠŶ ƐĞ ƌĂĚŝĐſ ĞŶ DĠdžŝĐŽ͘ EĂĐŝĚŽ ĞŶ ϭϴϯϯ͕ ƐĞ ĚŽĐƚŽƌſĞŶDĞĚŝĐŝŶĂĞŶůĂhŶŝǀĞƌƐŝĚĂĚĚĞ WĂƌşƐĐŽŶůĂƚĞƐŝƐ͗ >ĂƐĂůƚƵƌĂƐĚĞDĠdžŝĐŽ͕ ƚĞŵĂ ƋƵĞ ƐĞŐƵƌĂŵĞŶƚĞ ůĞ ƐƵŐŝƌŝſ ƐƵ ŚĞƌŵĂŶŽ͕ƉŽƌůŽƋƵĞƉƵĞĚĞĂĨŝƌŵĂƌƐĞƋƵĞ ďĂũŽ ůĂ ŝŶĨůƵĞŶĐŝĂ ĚĞ ůĨƌĞĚŽ͕ ƵŐĞŶŝŽ ĚĞĐŝĚŝſ ƚƌĂƐůĂĚĂƌƐĞ Ă DĠdžŝĐŽ ĞŶ ϭϴϲϱ͕ ĞƐƚĂďůĞĐŝĠŶĚŽƐĞ ƚĞŵƉŽƌĂůŵĞŶƚĞ ĞŶ 'ƵĂŶĂũƵĂƚŽ͕>ĞſŶLJ^ŝůĂŽ͕ƉĂƌĂĨŝŶĂůŵĞŶƚĞ ĨŝũĂƌ ƐƵ ƌĞƐŝĚĞŶĐŝĂ ĞŶ DŽƌĞůŝĂ͕ ĞŶ ĚŽŶĚĞ ĂƉĂƌƚĞ ĚĞ ĞũĞƌĐĞƌ ƐƵ ƉƌŽĨĞƐŝſŶ͕ ĨƵĞ ĚĞ'ƵĂŶĂũƵĂƚŽƐĞĐƌĞĂƌŽŶůĂƐĚĞŚŝƐƚŽƌŝĂ ŶĂƚƵƌĂů͕njŽŽůŽŐşĂLJďŽƚĄŶŝĐĂ͕ƋƵĞƋƵĞĚĂƌŽŶ ĂĐĂƌŐŽĚĞƵŐğƐ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϯϬͲϯϭͿ͖ ŵŝĞŶƚƌĂƐ ƋƵĞ ĞŶ ůĂ ƐĐƵĞůĂ ĚĞ DĞĚŝĐŝŶĂ ƐĞŚŝnjŽĐĂƌŐŽĚĞůĂĐĄƚĞĚƌĂĚĞ,ŝƐƚŽůŽŐşĂ ;ĞůƚƌĄŶ͕ϭϵϵϬ͖ϭϮͿ͘ ƌĂşnjĚĞƐƵĂĐƚŝǀŝĚĂĚĚŽĐĞŶƚĞ͕ƵŐğƐ ŝŶŝĐŝſ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞ ƵŶ ŐĂďŝŶĞƚĞ ĚĞ ,ŝƐƚŽƌŝĂEĂƚƵƌĂůĞŶĞůŽůĞŐŝŽĚĞůƐƚĂĚŽ ĚĞ'ƵĂŶĂũƵĂƚŽĐŽŶĞůƉƌŽƉſƐŝƚŽĚĞŚĂĐĞƌ ŵĄƐĚŝĚĄĐƚŝĐĂƐƐƵƐĐĄƚĞĚƌĂƐ͘/ŐƵĂůŵĞŶƚĞĂů ŝŵƉĂƌƚŝƌƐƵĐůĂƐĞĚĞnjŽŽůŽŐşĂƐĞĞŶĐŽŶƚƌſ ĐŽŶůĂĨĂůƚĂĚĞƚĞdžƚŽƐƐŽďƌĞůĂŵĂƚĞƌŝĂ͕ƉŽƌ ůŽƋƵĞƐĞĂďŽĐſĂƐƵďƐĂŶĂƌĞƐĂĐĂƌĞŶĐŝĂ͕ ĞĚŝƚĄŶĚŽƐĞ ƉŽƌ ƉĂƌƚĞ ĚĞů ŐŽďŝĞƌŶŽ ĚĞ 'ƵĂŶĂũƵĂƚŽ ĞŶ Ğů ĂŹŽ ĚĞ ϭϴϳϴ ƐƵ ůŝďƌŽ WƌŽŐƌĂŵĂƉĂƌĂƵŶĐƵƌƐŽĚĞŽŽůŽŐşĂ͖ĞŶ ϭϴϴϰ ůĂ ^ĞĐƌĞƚĂƌşĂ ĚĞ ŐƌŝĐƵůƚƵƌĂ LJ &ŽŵĞŶƚŽƉƵďůŝĐſĞŶůĂĐŝƵĚĂĚĚĞDĠdžŝĐŽ ůĞŵĞŶƚŽƐ ĚĞ ŽŽůŽŐşĂ͖ LJ͕ >Ă ĨůŽƌĂ LJ ůĂ ĨĂƵŶĂĚĞůƐƚĂĚŽĚĞ'ƵĂŶĂũƵĂƚŽ͕ŝŵƉƌĞƐŽ ŝŐƵĂůŵĞŶƚĞ ƉŽƌ Ğů ŐŽďŝĞƌŶŽ ĚĞ ĚŝĐŚĂ ĞŶƚŝĚĂĚ ĞŶ ϭϵϮϰ͖ ƚŽĚŽƐ ĞůůŽƐ ĨƵĞƌŽŶ ƵƚŝůŝnjĂĚŽƐĐŽŵŽůŝďƌŽƐĚĞƚĞdžƚŽĞŶǀĂƌŝĂƐ ŝŶƐƚŝƚƵĐŝŽŶĞƐĞĚƵĐĂƚŝǀĂƐĚĞůƉĂşƐ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ϯϯͲϯϰͿ͕ĞŶƚƌĞĞůůĂƐĞŶĞůŽůĞŐŝŽĚĞ ^ĂŶEŝĐŽůĄƐĐŽŵŽƉƵĞĚĞĐŽŶƐƚĂƚĂƌƐĞĞŶĞů ĨŽŶĚŽĂŶƚŝŐƵŽĚĞƐƵďŝďůŝŽƚĞĐĂ͘ Ŷ ĐƵĂŶƚŽ Ă ƐƵƐ ŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ ĐŝĞŶƚşĨŝĐĂƐ͕ƵŐğƐ ĞƐĐƌŝďŝſŵĄƐĚĞĐŝĞŶƚŽ ĐŝŶĐƵĞŶƚĂĂƌƚşĐƵůŽƐƋƵĞĨƵĞƌŽŶƉƵďůŝĐĂĚŽƐ ĞŶ ĚŝǀĞƌƐĂƐ ƌĞǀŝƐƚĂƐ ŶĂĐŝŽŶĂůĞƐ LJ ĞdžƚƌĂŶũĞƌĂƐ͘WƌŝŶĐŝƉĂůŵĞŶƚĞƉƵďůŝĐſĞŶ>Ă EĂƚƵƌĂůĞnjĂ͕ ĞĚŝƚĂĚĂ ƉŽƌ ůĂ ^ŽĐŝĞĚĂĚ DĞdžŝĐĂŶĂĚĞ,ŝƐƚŽƌŝĂEĂƚƵƌĂů͕ĞŶůĂƌĞǀŝƐƚĂ ĚĞůĂ^ŽĐŝĞĚĂĚŝĞŶƚşĨŝĐĂͨŶƚŽŶŝŽůnjĂƚĞͩ LJ ĞŶ Ğů ŽůĞƚşŶ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ DĞdžŝĐĂŶĂ ĚĞ 'ĞŽŐƌĂĨşĂ LJ ƐƚĂĚşƐƚŝĐĂ͘ ĞƐƚĂĐĂŶ ĞŶ ĞůůĂƐůĂƐŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐƐŽďƌĞnjŽŽůŽŐşĂLJ ĞŶ ĞƐƉĞĐŝĂů ůĂƐ ƌĞĂůŝnjĂĚĂƐ ƐŽďƌĞ ŚĞƌƉĞƚŽůŽŐşĂ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ ϯϴͿ͘ Ğ ŚĞĐŚŽ͕ ƵŐğƐ ĨƵĞ Ğů ƉƌŝŵĞƌŽ ĞŶ ŶƵĞƐƚƌŽ ƉĂşƐĞŶƌĞĂůŝnjĂƌĞƐƚƵĚŝŽƐƐŽďƌĞĞƐƚĂƌĂŵĂ͕ ƐĞŶƚĂŶĚŽ ůĂƐ ďĂƐĞƐ ƉĂƌĂ ůĂ ĐůĂƐŝĨŝĐĂĐŝſŶ ƐŝƐƚĞŵĄƚŝĐĂĚĞůŽƐƌĞƉƚŝůĞƐLJďĂƚƌĂĐŝŽƐ͘WĂƌĂ ĞƐƚŽƚƵǀŽĐŽŵŽĂŶƚĞĐĞĚĞŶƚĞůŽƐĞƐƚƵĚŝŽƐ ŚĞĐŚŽƐ ƉŽƌ tŝĞŐŵĂŶ͕ ƵŵĠƌŝů͕ ŽĐŽƵƌƚ͕ ŽƉĞLJŽƵůĂŶŐĞƌ;ƌƵnj͕ϭϵϵϬ͖ϵϱͿ͘ WƵďůŝĐſ ŶŽǀĞŶƚĂ LJ ĐƵĂƚƌŽ ĂƌƚşĐƵůŽƐ ƐŽďƌĞŚĞƌƉĞƚŽůŽŐşĂ͕ƚƌĞŝŶƚĂLJŽĐŚŽĚĞĞůůŽƐ ĞŶ>ĂEĂƚƵƌĂůĞnjĂ͕LJŽĐŚŽĞŶůĂƐDĞŵŽƌŝĂƐ LJ ZĞǀŝƐƚĂ ĚĞ ůĂ ^ŽĐŝĞĚĂĚ ŝĞŶƚşĨŝĐĂ ͨŶƚŽŶŝŽ ůnjĂƚĞ͖ͩ ŵŝĞŶƚƌĂƐ ůŽƐ ŽƚƌŽƐ ĐƵĂƌĞŶƚĂ LJ ŽĐŚŽ ƐĞ ƌĞƉĂƌƚŝĞƌŽŶ ĞŶƚƌĞ 0LOHQDULD ŽĐĂƐŝŽŶſ ŽƚƌĂ ŐƌĂŶ ƚƌŝƐƚĞnjĂ͕ ƐŝŶ ĞŵďĂƌŐŽ ĐŽŶƚŝŶƵſ ĞŶ ƉůĞŶĂ ĂĐƚŝǀŝĚĂĚ ĐŝĞŶƚşĨŝĐĂ͗ ŵĂŶƚĞŶşĂ ƌĞůĂĐŝŽŶĞƐ ĐŽŶ ŝŶƐƚŝƚƵĐŝŽŶĞƐ LJ ƐŽĐŝĞĚĂĚĞƐ ĚĞ ǀĂƌŝĂƐ ƉĂƌƚĞƐ ĚĞů ŵƵŶĚŽ͕ ĐŽŵŽĞůĞƉĂƌƚĂŵĞŶƚŽĚĞŐƌŝĐƵůƚƵƌĂĚĞ ůŽƐ ƐƚĂĚŽƐ hŶŝĚŽƐ ĚĞ EŽƌƚĞĂŵĠƌŝĐĂ LJ ůĂ ^ŽĐŝĞĚĂĚ EĂĐŝŽŶĂů ĚĞ ĐůŝŵĂƚĂĐŝſŶ ĚĞ &ƌĂŶĐŝĂ;ƋƵĞĞŶϭϴϵϳůŽŶŽŵďƌſŵŝĞŵďƌŽ ŚŽŶŽƌĂƌŝŽͿ͕ĐŽŶůĂhŶŝǀĞƌƐŝĚĂĚĚĞEĂŶĐLJ͕ ůĂ &ĂĐƵůƚĂĚ ĚĞ DĞĚŝĐŝŶĂ ĚĞ >ŝůůĞ͕ Ğů /ŶƐƚŝƚƵƚŽ WĂƐƚĞƵƌ ĚĞ WĂƌşƐ͕ ůĂ ^ŽĐŝĞĚĂĚ ŝĞŶƚşĨŝĐĂĚĞŚŝůĞ͕ĞůDƵƐĞŽƚŶŽŐƌĄĨŝĐŽ ĚĞ WĂƌşƐ͕ Ğů EĂĐŝŽŶĂů DƵƐĞƵŵ ĚĞ tĂƐŚŝŶŐƚŽŶ LJ ůĂ ŽŵŝƐŝſŶ ^ĐŝĞŶƚŝĨŝƋƵĞ͕ >ŝƚƚĞƌĂŝƌĞ Ğƚ ƌƚŝƐƚŝƋƵĞ ĚƵ DĞdžŝƋƵĞ ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϲϭͿ͘ ĚŝĞĐŝŶƵĞǀĞ ƌĞǀŝƐƚĂƐ ĞƐƉĞĐŝĂůŝnjĂĚĂƐ ĞŶ DĠdžŝĐŽLJĞůĞdžƚƌĂŶũĞƌŽ;ƌƵnj͕ϭϵϵϬ͖ϵϱͿ͘ ŵĂŶĞƌĂ ĚĞ ƉƌĞƉĂƌĂƌůĂƐ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ ϱϴͿ͘ ƵŐğƐ ĞƐƚĄ ĐŽŶƐŝĚĞƌĂĚŽ ĐŽŵŽ ƉŝŽŶĞƌŽĚĞůĂƐŝƐƚĞŵĂƚŝnjĂĐŝſŶĐŝĞŶƚşĨŝĐĂĚĞ ůĂnjŽŽůŽŐşĂLJŚĞƌƉĞƚŽůŽŐşĂĞŶDĠdžŝĐŽ͘^Ğ ŽĐƵƉſĚĞůĂĚĞƐĐƌŝƉĐŝſŶĚĞƚƌĞŝŶƚĂLJƐŝĞƚĞ ŶƵĞǀĂƐ ĞƐƉĞĐŝĞƐ ĂŶŝŵĂůĞƐ ƋƵĞ ůůĞǀĂŶ Ğů ŶŽŵďƌĞ ĚĞ Ġů ĐŽŵŽ ƐƵ ĐůĂƐŝĨŝĐĂĚŽƌ ;Ŷ ϭϴϳϬĞŶ>ĂEĂƚƵƌĂůĞnjĂƉƵďůŝĐſƵŶĂƌƚşĐƵůŽ ƌĞůĂƚŝǀŽĂƵŶĂŶƵĞǀĂĞƐƉĞĐŝĞĚĞĂũŽůŽƚĞĞŶ Ğů>ĂŐŽĚĞWĄƚnjĐƵĂƌŽ͕ŵŝƐŵĂƋƵĞƌĞŐŝƐƚƌſ ĐŽŵŽ ^ŝĚĞƌŽŶƵŵŝĞƌĞůůŝůĨƌ͘ ƵŐ͕͘ ĐŽŶŽĐŝĚŽǀƵůŐĂƌŵĞŶƚĞĐŽŵŽĐŚŽƋƵĞĚĞ ĂŐƵĂ͕ ^ĄŶĐŚĞnjLJ DŝũĂŶŐŽƐ͕ ϭϵϵϲ͖ ϰϰͿ͖ ƚĂŵďŝĠŶ ĐůĂƐŝĨŝĐſ ůĂ ĨůŽƌĂ ĚĞů ĞƐƚĂĚŽ ĚĞ 'ƵĂŶĂũƵĂƚŽĞŶƐĞƚĞŶƚĂLJƐĞŝƐĨĂŵŝůŝĂƐLJůĂ ĨĂƵŶĂ ĞŶ ƚƌĞŝŶƚĂ LJ ƚƌĞƐ͖ ƌĞĂůŝnjſ ƵŶ ͨĐĂƚĄůŽŐŽ ĚĞ ĂŶŝŵĂůĞƐ ǀĞƌƚĞďƌĂĚŽƐ ŽďƐĞƌǀĂĚŽƐ ĞŶ ůĂ ZĞƉƷďůŝĐĂ DĞdžŝĐĂŶĂ͕ͩ ƉƵďůŝĐĂĚŽ ĞŶ >Ă EĂƚƵƌĂůĞnjĂ͘ WĂƌĂ ůĂ ĞůĂďŽƌĂĐŝſŶĚĞĞƐƚĞƚƌĂďĂũŽĐŽŶƚſĐŽŶůĂ ĐŽůĂďŽƌĂĐŝſŶ ĚĞů ƌĞĐŽŶŽĐŝĚŽ ŽƌŶŝƚſůŽŐŽ ĨƌĂŶĐĠƐ:ƵůŝŽsĞƌƌĞĂƵdž;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ϯϯͿ͘ WŽƌ ŽƚƌŽ ůĂĚŽ͕ ůĂ ƚƌĂĚŝĐŝſŶ ĚĞĐŝŵŽŶſŶŝĐĂ ĚĞ ŚĂĐĞƌ ƵŶ ƌĞŐŝƐƚƌŽ ŝůƵƐƚƌĂĚŽ ĚĞů ŽďũĞƚŽ ĚĞ ĞƐƚƵĚŝŽ ĞŶ ůĂƐ ĐŝĞŶĐŝĂƐŶĂƚƵƌĂůĞƐLJĂƉůŝĐĂĚĂƐ͕ĂŶƚĞůĂĨĂůƚĂ ĚĞ ŽƚƌŽƐ ƌĞĐƵƌƐŽƐ ƚĠĐŶŝĐŽƐ ĐŽŵŽ ůĂ ĨŽƚŽŐƌĂĨşĂ͕ ĚĞƐĂƌƌŽůůſ ĞŶ ůŽƐ ƐĂďŝŽƐ ŶĂƚƵƌĂůŝƐƚĂƐ ĐŽŵŽ ƵŐğƐ͕ ƵŶĂ ŚĂďŝůŝĚĂĚ ĂƌƚşƐƚŝĐĂƋƵĞƉŽƌŽƚƌŽůĂĚŽŚĂďşĂŚĞƌĞĚĂĚŽ ĚĞ ƐƵ ƉĂĚƌĞ͘ >ĂƐ ĂĐƵĂƌĞůĂƐ ƋƵĞ ĞůĂďŽƌſ͕ ŝůƵƐƚƌĂƌŽŶƐƵƐĂƌƚşĐƵůŽƐĚĞŝŶǀĞƐƚŝŐĂĐŝſŶLJ ŵƵĐŚĂƐ ĚĞ ĞůůĂƐ ĨƵĞƌŽŶ ĞŶǀŝĂĚĂƐ Ă ŝŶƐƚŝƚƵĐŝŽŶĞƐ ĞdžƚƌĂŶũĞƌĂƐ͖ ƐŝŶ ĞŵďĂƌŐŽ͕ ĞŶƚƌĞ ϭϴϰϳ LJ ϭϵϬϲ ƵŐğƐ ŝŶƚĞŐƌſ ǀĂƌŝĂƐ ĐŽůĞĐĐŝŽŶĞƐ͕ ůĂ ŵĄƐ ŶƵŵĞƌŽƐĂ ĞƐƚĄ ĐŽŵƉƵĞƐƚĂ ƉŽƌ ƚƌĞƐĐŝĞŶƚĂƐ ĐŝŶĐƵĞŶƚĂ ůĄŵŝŶĂƐ Ă ĐŽůŽƌ͕ ŵŝƐŵĂ ƋƵĞ ĂĐƚƵĂůŵĞŶƚĞ ĨŽƌŵĂ ƉĂƌƚĞ ĚĞů ƉĂƚƌŝŵŽŶŝŽ ĚĞ ůĂ hŶŝǀĞƌƐŝĚĂĚ ĚĞ 'ƵĂŶĂũƵĂƚŽ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ϲϴͿ͘ >ŽƐĞƐƚƵĚŝŽƐĐŝĞŶƚşĨŝĐŽƐĚĞƵŐğƐƐĞ ŽƌŝĞŶƚĂƌŽŶƚĂŵďŝĠŶŚĂĐŝĂĞůƚĞƌƌĞŶŽƐŽĐŝĂů͘ ŽŵŽ ŵŝĞŵďƌŽ ĚĞ ůĂ ŽŵŝƐŝſŶ ĚĞ WĂƌĂƐŝƚŽůŽŐşĂ ŐƌşĐŽůĂ ƐĞ ŽĐƵƉſ ĚĞ ůĂ ĐŽŶƐĞƌǀĂĐŝſŶ ĚĞ ůŽƐ ďŽƐƋƵĞƐ LJ ĚĞ ůĂ ƉƌŽƚĞĐĐŝſŶĚĞůĂƐĂǀĞƐƐŝůǀĞƐƚƌĞƐďĞŶĠĨŝĐĂƐ ƉĂƌĂ ůĂ ĂŐƌŝĐƵůƚƵƌĂ͘ ďŽƌĚſ ƚĞŵĂƐ ĚĞ ůĂ ƌŽŵĂƚŽůŽŐşĂ ĂŶŝŵĂů͕ ƉƵďůŝĐĂŶĚŽ ƵŶ ůŝƐƚĂĚŽĐŽŶĞůƐĂďŽƌLJůĂĐĂůŝĚĂĚĚĞůĂĐĂƌŶĞ ĚĞ ǀĂƌŝĂƐ ĞƐƉĞĐŝĞƐ͗ ŵĂŵşĨĞƌŽƐ͕ ĂǀĞƐ͕ ƌĞƉƚŝůĞƐ͕ďĂƚƌĂĐŝŽƐ͕ĐƌƵƐƚĄĐĞŽƐLJŵŽůƵƐĐŽƐ Ğ ŝŶĐůƵƐŝǀĞ ĞŶ ĂůŐƵŶŽƐ ĐĂƐŽƐ ĂŶŽƚſ ůĂ dŽĚĂƐ ůĂƐ ĂĐƵĂƌĞůĂƐ LJ ĚŝďƵũŽƐ ĞůĂďŽƌĂĚŽƐ ƉŽƌ ƵŐğƐ ĐŽŶ Ğů ƉƌŽƉſƐŝƚŽ ƉƌŝŵŽƌĚŝĂů ĚĞ ĞƐƚƵĚŝĂƌ ůĂƐ ĐŝĞŶĐŝĂƐ ĚĞ ůĂ ŶĂƚƵƌĂůĞnjĂ͕ ƐŽŶ ǀĞƌĚĂĚĞƌĂƐ ŽďƌĂƐ ĂƌƚşƐƚŝĐĂƐ͕ ƉŽƌ ĞůůŽ͕ ĚĞƐĚĞ ϭϴϲϬ ĨƵĞ ŶŽŵďƌĂĚŽ ĐŽƌƌĞƐƉŽŶƐĂů ĚĞ ůĂ ^ŽĐŝĞĚĂĚ :ĂůŝƐĐŝĞŶƐĞĚĞĞůůĂƐƌƚĞƐ;:ĄƵƌĞŐƵŝ͕ϭϵϵϬ͖ ϲϴͿ͘ ů ϯ ĚĞ ŵĂLJŽ ĚĞ ϭϴϴϲ ŵƵƌŝſ ůĂ ĐŽŶƐŽƌƚĞĚĞƵŐğƐ͕ĚŽŹĂDĂƌşĂ>ƵŝƐĂ&ƌĞLJ͕ Ă ůĂ ĞĚĂĚ ĚĞ ƐĞƐĞŶƚĂ LJ ŶƵĞǀĞ ĂŹŽƐ͕ ƐŝŐŶŝĨŝĐĂŶĚŽ ƵŶĂ ŐƌĂŶ ƉĠƌĚŝĚĂ ƉĂƌĂ Ġů͕ LJ ĞŶ ϭϴϵϲ ůĂ ŵƵĞƌƚĞ ĚĞ ƐƵ ŚĞƌŵĂŶŽ ůĞ 0LOHQDULD ƐƚĞŐƌĂŶĐŝĞŶƚşĨŝĐŽĨƵĞŚŽŶƌĂĚŽĐŽŶ ůĂƐWĂůŵĂƐĐĂĚĠŵŝĐĂƐĚĞ&ƌĂŶĐŝĂ͕>ĂƌƵnj ĚĞ ůĂ >ĞŐŝſŶ ĚĞ ,ŽŶŽƌ͕ ĐŽŵŽ ŵŝĞŵďƌŽ ŚŽŶŽƌĂƌŝŽ ĚĞ ƐŽĐŝĞĚĂĚĞƐ ĐŝĞŶƚşĨŝĐĂƐ ĚĞ ǀĂƌŝĂƐ ƉĂƌƚĞƐ ĚĞů ŵƵŶĚŽ LJ ĐŽŵŽ ĚĞĐĂŶŽ ĚĞůŽůĞŐŝŽĚĞůƐƚĂĚŽĚĞ'ƵĂŶĂũƵĂƚŽ͖Ğů ŐŽďŝĞƌŶŽ ĨƌĂŶĐĠƐ ůŽ ĚŝƐƚŝŶŐƵŝſ ĞŶ ϭϴϴϱ ĚĞƐŝŐŶĄŶĚŽůŽ ſŶƐƵů ĚĞ &ƌĂŶĐŝĂ ĞŶ 'ƵĂŶĂũƵĂƚŽ ;:ĄƵƌĞŐƵŝ͕ ϭϵϵϬ͖ ϱϵͿ͖LJ Ğů ŽůĞŐŝŽ WƌŝŵŝƚŝǀŽ LJ EĂĐŝŽŶĂů ĚĞ ^ĂŶ EŝĐŽůĄƐ ĚĞ ,ŝĚĂůŐŽ ƚĂŵďŝĠŶ ůŽ ƌĞĐŽŶŽĐĞ ĐŽŵŽƵŶŽĚĞůŽƐŵĄƐĂůƚŽƐĞdžƉŽŶĞŶƚĞƐĚĞ ůĂƐ ĐŝĞŶĐŝĂƐ ŶĂƚƵƌĂůĞƐ ĚĞů ƐŝŐůŽ y/y ĞŶ ŶƵĞƐƚƌŽƉĂşƐLJĞŶĞůŵƵŶĚŽ͘ŶƐƵŚŽŶŽƌ͕ 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ĞŵŽĐŝŽŶĂůĞƐLJďŝŽŐƌĄĨŝĐŽƐĂůĐŽŶŽĐŝŵŝĞŶƚŽ ĐŽŐŶŝƚŝǀŽ ƋƵĞ LJĂ ƉŽƐĞĞŵŽƐ ĞŶ ŶƵĞƐƚƌŽƐ ƌĞĐƵĞƌĚŽƐͩ͘ ů ƉĂƌĞĐĞƌ͕ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ŽďƚĞŶŝĚŽƐ ŚĂŶ ŵŽƚŝǀĂĚŽ Ă ĞƐƚŽƐ ĐŝĞŶƚşĨŝĐŽƐ͕ ƉƐŝĐſůŽŐŽƐ LJ ĞdžƉĞƌƚŽƐ ĞŶ ůŝƚĞƌĂƚƵƌĂ͕ LJ ƚŝĞŶĞŶ ƉĞŶƐĂĚŽ ĂŚŽŶĚĂƌ ĂƷŶ ŵĄƐ ĞŶ Ğů ĂƐƵŶƚŽ͘ >ĞƐ ŝŶƚĞƌĞƐĂ ĚĞƐĞŶƚƌĂŹĂƌ ƋƵĠ ĞĨĞĐƚŽƐŚĂŶƉŽĚŝĚŽƚĞŶĞƌůĂƐƌĞǀŝƐŝŽŶĞƐĚĞ ůŽƐĐůĄƐŝĐŽƐĚĞůĂůŝƚĞƌĂƚƵƌĂĞŶůĂĂĐƚŝǀŝĚĂĚ ĐĞƌĞďƌĂů͘ƵŶĂƐş͕ĂƉĞƐĂƌĚĞůŽƐĂůƵĚĂďůĞ ĚĞů ĂƐƵŶƚŽ͕ ŶĂĚŝĞ ŚĂ ŚĂďůĂĚŽ ƚŽĚĂǀşĂ ĚĞ ƋƵĞĞůŵĠĚŝĐŽĚĞĐĂďĞĐĞƌĂƉƵĞĚĂƌĞĐĞƚĂƌ ůĂůĞĐƚƵƌĂĚĞ:ŽŚŶŽŶŶĞŽWŚŝůŝƉ>ĂƌŬŝŶ͘ dĂŵƉŽĐŽƐŝůĂ^ĞŐƵƌŝĚĂĚ^ŽĐŝĂůĐƵďƌŝƌşĂůŽƐ ĐŽƐƚĞƐ͘ ŝƐƉŽŶŝďůĞ ĞŶ͗ ŚƚƚƉ͗ͬͬǁǁǁ͘ĞůĚŝĂƌŝŽ͘ĞƐͬ<ĂĨŬĂͬ ĂůŵĂĐĞŶͬƉŽĞƐŝĂͲƐĂůƵĚͺϬͺϵϬϵϵϭϭϰϭ͘Śƚŵů >ŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐŶŽƐĨĂůƚĂŶĂƚŽĚŽƐ DĂƌĚŽŶŝŽ ĂƌďĂůůŽ DĂƌĚŽŶŝŽ ĂƌďĂůůŽ ĞƐ Ğů ƉƌŝŵĞƌ ĐŽŶĚƵĐƚŽƌ ŝŶĚşŐĞŶĂ ĚĞ ůĂ ƚĞůĞǀŝƐŝſŶ ŵĞdžŝĐĂŶĂ͕ ĚĞĚŝĐĂĚŽ Ă ĐŽŶƚĂƌĞůĚşĂĂĚşĂĚĞůŽƐƉƵĞďůŽƐ ŝŶĚşŐĞŶĂƐ͘ ŶĐĂďĞnjĂ ůĂ ƐĞƌŝĞ Ğ ƌĂşnjůƵŶĂƋƵĞƉƌŽĚƵĐĞLJƚƌĂŶƐŵŝƚĞ ĂŶĂůϮϮ͘^ƵƐĞĐĐŝſŶ>ĂƐWůƵŵĂƐ ĚĞůĂ^ĞƌƉŝĞŶƚĞ͕ƋƵĞƐĞĞĚŝƚĂĞŶůĂ ƌĞǀŝƐƚĂ DYhŝ^ LJ ƐĞ ƚƌĂŶƐŵŝƚĞ ĞŶ Ğů ƉƌŽŐƌĂŵĂ ƌĂĚŝŽĨſŶŝĐŽ ĚĞ ĂƌŵĞŶ ƌŝƐƚĞŐƵŝ͕ ƌĞĐŝĞŶƚĞŵĞŶƚĞ ƐĞ ŚĂ ĐŽŶǀĞƌƚŝĚŽ ĞŶ ƵŶ ĞdžŝƚŽƐŽ ůŝďƌŽĞĚŝƚĂĚŽƉŽƌŵŽĐŚůŝďƌŽƐ͘ 7 ͨ ĞŶşĂůŽƐƉŝĞƐĚĞƉĄũĂƌŽLJůĂƐŐĂŶĂƐ ĚĞǀŽůĂƌ͘dŽŵſĐŝĞůŽLJĐĂŵŝŶſĐĂŵŝŶŽ͘>ŽƐ ĞĐŽƐ ƐĞ ƋƵĞĚĂƌŽŶ͕ ƉĂƐĂƌŽŶ ůŽƐ ĂŹŽƐ͘ ^Ğ ƋƵĞĚĂƌŽŶ ůĂƐ ŵĂŵĄƐ LJ ůŽƐ ƉĂƉĄƐ͕ ůŽƐ ŚĞƌŵĂŶŽƐ͘ >ŽƐ ŚŝũŽƐ͘ >ĂƐ ƌĞĐĄŵĂƌĂƐ͕ ůŽƐ ĐƵĂƌƚŽƐ ƐŝŐƵĞŶ ĂŚş͕ ŝŶƚĂĐƚŽƐ͘ >Ă ƌŽƉĂ ĐŽůŐĂĚĂ ĞdžƚƌĂŹĂŶĚŽ ůŽƐ ĐƵĞƌƉŽƐ ƋƵĞ ĂďƌŝŐĂďĂŶ͕ ƋƵĞ ĂďƌŝŐĂƌŽŶ ĂůŐƷŶ ƚŝĞŵƉŽ͘ ^ŝŐƵĞŶĂŚş͕ĐŽŶĞƐƉĞƌĂŶnjĂ͘dĞŶşĂŶůŽƐƉŝĞƐ ĚĞƉĄũĂƌŽLJůĂŶĞĐĞƐŝĚĂĚĚĞǀŽůĂƌ͙ĞůďƵƌƌŽ ĞƐďƵƌƌŽLJĞŶŵĂLJŽďĂũĂĂƚŽŵĂƌĂŐƵĂ͕LJ ďĂũĂƌŽŶŽƐƵďŝĞƌŽŶ͘sŽůĂƌŽŶ͘dƵǀŝĞƌŽŶƐĞĚ LJŶĞĐĞƐŝĚĂĚ͘ YƵŝĞƌŽ ĚĞĚŝĐĂƌ ĞƐƚĂ ĐŽůĂďŽƌĂĐŝſŶ Ă ůĂƐŵĂĚƌĞƐĚĞůŽƐĚĞƐĂƉĂƌĞĐŝĚŽƐ͘ůĂƐƋƵĞ ďƵƐĐĂŶ ǀŝǀŽƐ͕ ŶŽ ŵƵĞƌƚŽƐ͘ ůĂƐ ƋƵĞ ďƵƐĐĂŶ ůĂƐ ƌŝƐĂƐ ĚĞ ůŽƐ ĞdžƚƌĂǀŝĂĚŽƐ͕ ŶŽ ŚƵĞƐŽƐĞŶůĂĨŽƐĂĐŽŵƷŶ͘ůĂƐƋƵĞďƵƐĐĂŶ ĂƐƵƐŚŝũŽƐ͕ŚŝũŽƐƚĂŵďŝĠŶĚĞůƐĞdžĞŶŝŽĚĞ ůĂ ƐŽďĞƌďŝĂ LJ Ğů ŚŽƌƌŽƌ ƋƵĞ ĞƐƚĄ ƉŽƌ ƚĞƌŵŝŶĂƌ͘WŽƌĨŽƌƚƵŶĂ͕ƉŽƌĚŝŽƐ͘ ŶƚĞ ůĂ ŝŶĚŽůĞŶĐŝĂ͕ ůĂ ĞƐƉĞƌĂŶnjĂ ƐĞ ĐŽŶƐƚƌƵLJĞĐŽŶůŽƐƉŝĞƐ͕ĐĂŵŝŶĂŶĚŽ͖ĐŽŶůĂ ďŽĐĂ͕ ŐƌŝƚĂŶĚŽ LJ ƉƌĞŐƵŶƚĂŶĚŽ LJ ĞdžŝŐŝĞŶĚŽ͙ ƚŽĚĂƐ ĞůůĂƐ ƋƵŝĞƌŽ ĚĞĚŝĐĂƌ ĞƐƚĂĐŽůĂďŽƌĂĐŝſŶ͘EŽŽůǀŝĚĂƌŶŝƵŶŽƐſůŽ ĚĞ ůŽƐ ŶŽŵďƌĞƐ͘ >ŽƐ 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