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ϰ͘DZ<d/E'WZK'ZD dŚĞŵĂƌŬĞƚŝŶŐƉƌŽŐƌĂŵĨŽƌůĞĂƐŝŶŐǁŽƵůĚďĞƐŝŵŝůĂƌƚŽĂƚLJƉŝĐĂůĐŽŶĚŽƉƌĞͲƐĂůĞĐĂŵƉĂŝŐŶ͘,ĞƌĞ͕ ǁĞ ǁŽƵůĚ ďĞ ƉƌĞͲůĞĂƐŝŶŐ ĂƉĂƌƚŵĞŶƚƐ ŝŶƐƚĞĂĚ ŽĨ ƉƌĞͲƐĞůůŝŶŐ ĐŽŶĚŽƐ͘ dŚĞ ďŝŐ ĚŝĨĨĞƌĞŶĐĞ ŝƐ ƚŚŝƐ͘ tŚĞƌĞĂƐ Ă ƋƵĂůŝĨŝĞĚ ƚĞŶĂŶƚ ǁŽƵůĚ ďĞ ŵĂŬŝŶŐ Ă ĚŽǁŶ ƉĂLJŵĞŶƚ ŽĨ ŽŶĞ ŵŽŶƚŚ͛Ɛ ƌĞŶƚ ŝŶ ƚŚĞ ĂŵŽƵŶƚŽĨΨϭ͕ϮϱϬƚŽĐŽŵŵŝƚƚŽĂŽŶĞďĞĚƌŽŽŵƵŶŝƚ͕ĂƉƵƌĐŚĂƐĞƌǁŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽŵĂŬĞĂ ͺͺͶ ͳͷǡʹͲͳͷ Ͷͳ͵ Ϯϱй ĚŽǁŶ ƉĂLJŵĞŶƚ Žƌ ΨϵϬ͕ϬϬϬ ƚŽ ƉƵƌĐŚĂƐĞ Ă ΨϯϲϬ͕ϬϬϬ ƵŶŝƚ ŝŶ dŽǁĞƌƐ ϭ͕ Ϯ ĂŶĚ ϯ͘ dŚĞƌĞ ŝƐ Ă ŐƌĞĂƚƉĞŶƚƵƉĚĞŵĂŶĚĨŽƌŶĞǁƌĞŶƚĂůŚŽƵƐŝŶŐ͘ǀĞƌLJďŽĚLJǁĂŶƚƐƚŽďĞƚŚĞĨŝƌƐƚƚŽůŝǀĞŝŶĂďƌĂŶĚ ŶĞǁ ƵŶŝƚ ǁŝƚŚ ƚŚĞ ŶĞǁ ĨŝdžƚƵƌĞƐ ĂŶĚ ĂƉƉůŝĂŶĐĞƐ͕ ĐĂďŝŶĞƚƐ͕ ƉůƵŵďŝŶŐ ĂŶĚ ĨůŽŽƌŝŶŐ͘ DĂŶLJ ŽĨ ƚŚĞ ŶĞǁƚĞŶĂŶƚƐǁŝůůďĞƚƌĂŶƐĨĞƌƌŝŶŐŽǀĞƌĨƌŽŵŽůĚĞƌďƵŝůĚŝŶŐƐ͘ ϰ͘ϭWƌĞƐĞŶƚĂƚŝŽŶĞŶƚƌĞ dŚĞ ŵĂƌŬĞƚŝŶŐ ƉƌŽŐƌĂŵ ƐƚĂƌƚƐ ǁŝƚŚ ďƵŝůĚŝŶŐ ƚŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ĐĞŶƚƌĞ͘ dŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ĐĞŶƚƌĞ ǁŝůů ďĞ ůŽĐĂƚĞĚ ŝŶ ƚŚĞ ƌĞƚĂŝů ƐƉĂĐĞ ũƵƐƚ ǁĞƐƚ ŽĨ ƚŚĞ ůŽďďLJ ŽĨ dŽǁĞƌ ϭ ĂŶĚ Ăƚ ƚŚĞ ĨŽŽƚ ŽĨ ƚŚĞ DĐ/ŶŶĞƐ ^ƚƌĞĞƚ ŽǀĞƌƉĂƐƐ͘ dŚĞ ƐƉĂĐĞ ŽĨ ϭϬϬϬ ƐƋƵĂƌĞ ĨĞĞƚ ƐŚŽƵůĚ ĂůůŽǁ Ă ďƵŝůĚͲŽƵƚ ŽĨ ĂŶ ĞŶƚŝƌĞ ĚŝƐƉůĂLJ ƐƵŝƚĞ ĂŶĚ ŽĨĨŝĐĞƐ ƚŽ ƐŚŽǁĐĂƐĞ ƚŚĞ ƉƌŽũĞĐƚ͕ ďƵŝůĚŝŶŐ ŵŽĚĞů ĂŶĚ ĂŵĞŶŝƚŝĞƐ͘ dŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ĐĞŶƚƌĞ ǁŝůů ďĞ ƐƚĂĨĨĞĚ ǁŝƚŚ ƌĞŶƚĂů ŵĂŶĂŐĞƌƐ ϲ ĚĂLJƐ Ă ǁĞĞŬ ƚŽ ƋƵĂůŝĨLJ ƉƌŽƐƉĞĐƚŝǀĞ ƚĞŶĂŶƚƐ ĂŶĚ ůĞĂƐĞ ŽƵƚ ƵŶŝƚƐ͕ ĐŽŽƌĚŝŶĂƚĞ ǁŝƚŚ ƉůĂĐĞŵĞŶƚ ĐĞŶƚƌĞƐ ĂŶĚ ƐĐŚŽŽůƐ͕ ƉůĂŶ ĂĚǀĞƌƚŝƐŝŶŐ ĂŶĚƉƌŽŵŽƚŝŽŶƐ͕ŵĞĞƚǁŝƚŚĐƵƐƚŽŵĞƌƐ͕ĂĚŵŝŶŝƐƚĞƌƚŚĞǁĞďƐŝƚĞ͕ĂŶĚĐŽůůĞĐƚĚĞƉŽƐŝƚƐ͘ ϰ͘Ϯ'ƌĂŶĚKƉĞŶŝŶŐĨŽƌWƌĞͲůĞĂƐŝŶŐ dŚĞ ƚŝŵŝŶŐ ŽĨ ƚŚĞ ŐƌĂŶĚ ŽƉĞŶŝŶŐ ĨŽƌ ƉƌĞͲůĞĂƐŝŶŐ ŝƐ ϭϴ ŵŽŶƚŚƐ ƉƌŝŽƌ ƚŽ ƚŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ͘ ϰ͘ϯDĂƌŬĞƚŝŶŐDĂƚĞƌŝĂůƐ dŚĞ ĐŽůůĂƚĞƌĂů ŵĂƚĞƌŝĂůƐ ƚŽ ďĞ ĚĞƐŝŐŶĞĚ͕ ƉůĂŶŶĞĚ ĂŶĚ ƉƌŽĚƵĐĞĚ ŝŶĐůƵĚĞ Ă ǁĞďƐŝƚĞ͕ ƌĞŶĚĞƌŝŶŐƐ͕ ďƌŽĐŚƵƌĞƐ͕ ĨůLJĞƌƐ͕ ŶĞǁƐƉĂƉĞƌͬŵĂŐĂnjŝŶĞ ĂĚƐ ĂŶĚ ĞĚŝƚŽƌŝĂůƐ͕ ƉŚŽƚŽŐƌĂƉŚLJ͕ ĂĞƌŝĂůƐ͕ ǀŝĚĞŽƐ͕ ƚĞƐƚŝŵŽŶŝĂůƐ͕ ƐŚŽǁƌŽŽŵ ŵĂƚĞƌŝĂůƐ͕ ĨůŽŽƌ ƉůĂŶƐ͕ ůĞĂƐĞ ĂŶĚ ƌĞŶƚĂů ĚŽĐƵŵĞŶƚƐ͕ ĐƌĞĚŝƚ ĂƉƉůŝĐĂƚŝŽŶ ĨŽƌŵƐ͘ ϰ͘ϰtĞďƐŝƚĞ dŚĞǁĞďƐŝƚĞǁŝůůďĞĨƵůůLJĨƵŶĐƚŝŽŶĂůĨŽƌďƵƐŝŶĞƐƐ͕ƐŝŵŝůĂƌƚŽĂŚŽƚĞůǁĞďƐŝƚĞǁŚĞƌĞƚĞŶĂŶƚƐǁŝůůďĞ ĂďůĞƚŽďŽŽŬƚŚĞƐƵŝƚĞƚLJƉĞ͕ŵĂŬĞĂƌĞƐĞƌǀĂƚŝŽŶ͕ŬĂŶĂƌƌŝǀĂů;ŝŶŽƵƌĐĂƐĞĂŵŽǀĞͲŝŶͿĚĂƚĞĂŶĚ 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ƉƌĞĨĞƌĞŶĐĞĨŽƌŐĂƐƌĂŶŐĞƐĂŶĚŚĞĂǀLJĚƵƚLJŬŝƚĐŚĞŶŚŽŽĚĨĂŶƐ͘dŚĞLJǁŽƵůĚůŝŬĞŝŶĚŝǀŝĚƵĂůƉƌŝǀĂĐLJ͕ ĂǀŽŝĚŚŽŵĞƐƚĂLJƐĂŶĚůŝǀĞŝŶĂďƵŝůĚŝŶŐǁŝƚŚĨĞůůŽǁƐƚƵĚĞŶƚƐ͘ǁŽƌŬŝŶŐƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚƚŚĞh WƌŽƉĞƌƚŝĞƐdƌƵƐƚŚĂƐĂůůŽǁĞĚĂĐĐĞƐƐƚŽƐĞĞŝŶŐƚŚĞůĂƚĞƐƚĂĚǀĂŶĐĞƐŝŶƐƚƵĚĞŶƚŚŽƵƐŝŶŐĂŵĞŶŝƚŝĞƐŝŶ ƐƵĐŚ ƐŚŽǁĐĂƐĞ ďƵŝůĚŝŶŐƐ ĂƐ dŚĞ WŽŶĚĞƌŽƐĂ Ăƚ h͘ dŚĞ ĞǀĞůŽƉĞƌ ǁŝůů ďĞ ŝŶĐŽƌƉŽƌĂƚŝŶŐ ŝŶƚŽ dŽǁĞƌϰŵƵĐŚŽĨǁŚĂƚhŚĂƐƉƵƚŝŶƚŽƚŚĞŝƌďĞƐƚƐƚƵĚĞŶƚŚŽƵƐŝŶŐďƵŝůĚŝŶŐƐ͘ ǁŽƌŬŝŶŐƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚƚŚĞƐƚƵĚĞŶƚƉůĂĐĞŵĞŶƚĚĞƉĂƌƚŵĞŶƚƐŽĨŽƵŐůĂƐŽůůĞŐĞĂŶĚ^&hǁŝůů ďĞƐĞƚƵƉůŽĐĂůůLJ͘/ƚŝƐƚŚĞƌĞĨŽƌĞŝŵƉŽƌƚĂŶƚƚŽƚĂƌŐĞƚĨŽƌ^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ͕ƚŚĞƐƚĂƌƚĚĂƚĞĨŽƌƚŚĞ ĐƵƌƌŝĐƵůƵŵƐŽĨƚŚĞƐĞĐŽůůĞŐĞƐĂŶĚƵŶŝǀĞƌƐŝƚŝĞƐ͘WǁŝůůĂůƐŽƉƌŽǀŝĚĞƚŚĞĂƐƐŝƐƚĂŶĐĞŽĨĂƚƌĂǀĞůŝŶŐ W ĂŐĞŶƚ ƚŽ ƚŚĞ ƐĐŚŽŽůƐ͛ ƌĞĐƌƵŝƚŵĞŶƚ ĞdžŚŝďŝƚŝŽŶƐ ŽǀĞƌƐĞĂƐ ;ŝŶ ,ŽŶŐ <ŽŶŐ͕ ^ŝŶŐĂƉŽƌĞ͕ ^ŚĂŶŐŚĂŝ͕ ĞŝũŝŶŐ͕ĞƚĐ͘Ϳ ϰ͘ϳĚǀĞƌƚŝƐŝŶŐ dŚĞ ŵĞĚŝĂ ĐĂŵƉĂŝŐŶ ǁŝůů ŝŶĐůƵĚĞ ƉŽƐƚĂů ĐŽĚĞ ŵĂŝůͲŽƵƚƐ͕ ĂĚǀĞƌƚŝƐŝŶŐ ĂŶĚ ĞĚŝƚŽƌŝĂůƐ ŝŶ ƚŚĞ ůŽĐĂů ŶĞǁƐƉĂƉĞƌƐĂŶĚǁĞďƐŝƚĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞsĂŶĐŽƵǀĞƌ^ƵŶĂŶĚWƌŽǀŝŶĐĞ͕dŚĞZĞĐŽƌĚ͕ EĞǁƐůĞĂĚĞƌ ĂŶĚƌĂŝŐ͛Ɛ>ŝƐƚ͘ ϰ͘ϴZĞŶƚĂůZĂƚĞƐ ĂͿ njƵƌĞ/͕njƵƌĞ//͕ĂŶĚDĂƌŝŶƵƐ dŚĞĐƵƌƌĞŶƚĂĐŚŝĞǀĞĚƌĞŶƚĂůƌĂƚĞƐŝŶnjƵƌĞ/͕njƵƌĞ//͕ĂŶĚDĂƌŝŶƵƐĂƌĞĂƐĨŽůůŽǁƐ͗ dLJƉĞ ZĂƚĞ x ϭĞĚƌŽŽŵƐŽĨϲϬϬƐĨ ΨϭϮϱϬͲϭϯϮϬƉĞƌŵŽŶƚŚ x ϮĞĚƌŽŽŵƐŽĨϴϬϬƐĨ ΨϭϱϱϬͲϭϲϮϱƉĞƌŵŽŶƚŚ x ϮĞĚƌŽŽŵĂŶĚĞŶƐŽĨϭϭϱϬƐĨ ΨϭϴϮϱʹϭϴϴϬƉĞƌŵŽŶƚŚ ͺͺͶ ͳͷǡʹͲͳͷ ͳ͵ ďͿdŽǁĞƌϰ dŚĞ dŽǁĞƌ ϰ ƉƌŽũĞĐƚĞĚ ƌĞŶƚĂů ƌĂƚĞƐ ĂĚũƵƐƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ƚŽ ƚŚĞ ĂďŽǀĞ ĐŽŵƉĂƌĂƚŝǀĞƐ ďĞĨŽƌĞ ŝŶĨůĂƚŝŽŶŝƐĂƐĨŽůůŽǁƐ͗ dLJƉĞ ZĂƚĞ x ^ƚƵĚŝŽƐŽĨϯϱϬƐĨ ΨϵϬϬͲΨϭϬϱϬƉĞƌŵŽŶƚŚ x ϭĞĚƌŽŽŵƐŽĨϱϱϬƐĨ ΨϭϮϱϬͲϭϯϬϬƉĞƌŵŽŶƚŚ x ϮĞĚƌŽŽŵƐŽĨϳϬϬƐĨ ΨϭϱϱϬʹϭϲϮϱƉĞƌŵŽŶƚŚ x ϯĞĚƌŽŽŵƐŽĨϵϬϬƐĨ ΨϮϬϬϬƉĞƌŵŽŶƚŚ ϰ͘ϵ&ƵůůLJ&ƵƌŶŝƐŚĞĚKƉƚŝŽŶ ůůƐƚƵĚŝŽƵŶŝƚƐǁŽƵůĚŝŶĐůƵĚĞDƵƌƉŚLJďĞĚƐ͘ůůƵŶŝƚƐǁŽƵůĚďĞĞƋƵŝƉƉĞĚǁŝƚŚŬŝƚĐŚĞŶĂƉƉůŝĂŶĐĞƐ ĂŶĚ ǁĂƐŚĞƌͬĚƌLJĞƌƐ͘ dŚŝƐ ŚĂƐ ďĞĞŶ ĐĂƉƚƵƌĞĚ ŝŶ ƚŚĞ ƌĞŶƚĂůƌĂŶŐĞ ƉƌŽǀŝĚĞĚ ĂďŽǀĞ ŝŶ ƐĞĐƚŝŽŶ ϰ͘ϴ͘ ,ŽǁĞǀĞƌ͕ƚŚĞŽƉƚŝŽŶŽĨĨƵůůLJĨƵƌŶŝƐŚĞĚƵŶŝƚƐŚĂƐŶŽƚďĞĞŶĐĂƉƚƵƌĞĚŝŶƚŚĞƌĞŶƚĂůƌĂƚĞƐƉƌŽǀŝĚĞĚ͘ dŚĞŽƉƚŝŽŶǁŝůůŽŶůLJďĞŽĨĨĞƌĞĚƚŽƚĞŶĂŶƚƐƌĞŶƚŝŶŐƚŚĞƐƚƵĚŝŽƐĂŶĚŽŶĞďĞĚƌŽŽŵƵŶŝƚƐ͘tŚĂƚŝƐ ŵĞĂŶƚďLJ͞&ƵůůLJ&ƵƌŶŝƐŚĞĚ͟ŝƐƚŚĞŝŶĐůƵƐŝŽŶŽĨĂůůŶĞĐĞƐƐĂƌLJ ŝƚĞŵƐĨŽƌůŝǀŝŶŐŝŶƚŚĞƵŶŝƚƐƵĐŚĂƐ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ ďĂĐŬďŽĂƌĚ͕ďĞĚ ĂŶĚ ŵĂƚƚƌĞƐƐ ;ĨŽƌ ƚŚĞ ŽŶĞďĞĚƌŽŽŵ ƵŶŝƚƐͿ͕ ůŽƵŶŐĞ ĐŚĂŝƌ Žƌ ƐŽĨĂ͕ ĚŝŶŝŶŐƚĂďůĞĂŶĚĐŚĂŝƌƐ͕ĐŽĨĨĞĞƚĂďůĞ͕ŽĨĨŝĐĞĐŚĂŝƌ͕ĚĞƐŬ͕ŝƌŽŶ͕ŝƌŽŶŝŶŐďŽĂƌĚ͕ůŝŶĞŶ͕ƚŽǁĞůƐ͕ĚƵǀĞƚ ĂŶĚĐŽǀĞƌ͕ƉŝůůŽǁƐĂŶĚĐŽǀĞƌƐ͕ĐŽĨĨĞĞŵĂŬĞƌ͕ĐƵƉƐ͕ŐůĂƐƐĞƐ͕ƉůĂƚĞƐ͕ďŽǁůƐ͕ƉŽƚƐĂŶĚƉĂŶƐ͕ĨŽƌŬƐ͕ ŬŶŝǀĞƐ͕ ƐƉŽŽŶƐ͕ ĐŽŽŬŝŶŐ ƵƚĞŶƐŝůƐ͕ ĐŽƌŬ ƐĐƌĞǁ͕ ĐĂŶ ŽƉĞŶĞƌ͕ ƚŽĂƐƚĞƌ͕ ƐŚŽǁĞƌ ĐƵƌƚĂŝŶ͕ ůĂŵƉƐ͕ ds͕ ĐůŽĐŬƌĂĚŝŽ͕ǀĂĐƵƵŵĐůĞĂŶĞƌ͕ĂŶĚĐůŽƚŚĞƐŚĂŶŐĞƌƐ͘ dŚĞĞƐƚŝŵĂƚĞĚŝŶĐƌĞĂƐĞŝŶƌĞŶƚĨŽƌƚŚĞ&ƵůůLJ&ƵƌŶŝƐŚĞĚKƉƚŝŽŶŝƐĂƐĨŽůůŽǁƐ͗ dLJƉĞ /ŶĐƌĞĂƐĞ ZĂƚĞ&ƵůůLJ&ƵƌŶŝƐŚĞĚ x ^ƚƵĚŝŽƐ нΨϮϬϬͬŵŽŶƚŚ ΨϭϭϬϬͲΨϭϮϱϬͬŵŽŶƚŚ x ϭĞĚƌŽŽŵƐ нΨϯϬϬͬŵŽŶƚŚ ΨϭϱϱϬͲΨϭϲϬϬͬŵŽŶƚŚ KƵƌĞdžƉĞƌŝĞŶĐĞǁŝƚŚƐƚƵĚĞŶƚƐǁŚŽǁŝůůďĞŽƵƌďŝŐŐĞƐƚŵĂƌŬĞƚĨŽƌƚŚĞƐƚƵĚŝŽƐĂŶĚŽŶĞďĞĚƌŽŽŵ ƵŶŝƚƐ ŝƐ ƚŚĂƚ ǁŚĞƚŚĞƌ ƚŚĞLJ ĂƌĞ ĐŽŵŝŶŐ ĨƌŽŵ ŽǀĞƌƐĞĂƐ Žƌ ĨƌŽŵ ƐŽŵĞ ůŽĐĂů ŚŽŵĞ ƐƚĂLJ ƉƌŽŐƌĂŵ͕ ƚŚĞLJǁŝůůĂƌƌŝǀĞŶĞƌǀŽƵƐĂŶĚĂĨƌĂŝĚǁŝƚŚŽŶůLJƐƵŝƚĐĂƐĞƐ͘dŚĞLJĂƌĞŶĞǁƚŽƚŚĞůĂŶŐƵĂŐĞ͕ĐŝƚLJĂŶĚ ĐƵůƚƵƌĞ͘ dŚĞĨŝƌƐƚƚŚŝŶŐ ƚŚĞLJ ǁŝůů ĚŽ ŝƐ ŚĞĂĚ ŽĨĨ ƚŽ /< Žƌ ƚŚĞ ŶĞĂƌĞƐƚĨƵƌŶŝƚƵƌĞ ƐƚŽƌĞ ĂŶĚ ƚŚĂƚ ŝŶǀŽůǀĞƐĨŝŶĚŝŶŐƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚůŽŽŬŝŶŐĨŽƌĚŝƌĞĐƚŝŽŶ͘dŚĞĨƵůůLJĨƵƌŶŝƐŚĞĚŽƉƚŝŽŶǁŝůůĂůůĞǀŝĂƚĞ ͺͺͶ ͳͷǡʹͲͳͷ ͳ͵ Ăůů ƚŚĂƚ ƐƚƌĞƐƐ ĂŶĚ ŐƌŝĞĨ ƐŽ ƚŚĂƚ ƚŚĞLJ ĐĂŶ ĐŽŶĐĞŶƚƌĂƚĞ ŽŶ ĞŶƌŽůůŝŶŐ ĂŶĚ ŐŽŝŶŐ ƚŽ ƐĐŚŽŽů͘ tĞ ĞƐƚŝŵĂƚĞ͕ĨƌŽŵŚĂŶĚůŝŶŐϮŽƚŚĞƌĨƵůůLJĨƵƌŶŝƐŚĞĚƌĞŶƚĂůƉƌŽƉĞƌƚŝĞƐŝŶsĂŶĐŽƵǀĞƌƚŚĂƚĂƚůĞĂƐƚϳϱй ŽĨ ƐƚƵĚŝŽ ƚĞŶĂŶƚƐ ĂŶĚ Ϯϱй ŽĨ ƚŚĞ ŽŶĞ ďĞĚƌŽŽŵ ƚĞŶĂŶƚƐ ǁŝůů ƚĂŬĞ ƚŚĞ &ƵůůLJ &ƵƌŶŝƐŚĞĚ KƉƚŝŽŶ͘ dŚĞƌĞĨŽƌĞ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϯϵйŽĨƚŚĞϯϵϴƵŶŝƚƐǁŝůůďĞƉƌĞͲĨƵƌŶŝƐŚĞĚ͘&ƌŽŵĂďƵŝůĚŝŶŐŽƉĞƌĂƚŝŽŶ ƐƚĂŶĚƉŽŝŶƚ͕ƚŚŝƐǁŝůůĂůƐŽůĞƐƐĞŶƚŚĞŵŽǀĞͲŝŶͬŵŽǀĞͲŽƵƚĞůĞǀĂƚŽƌƵƐĂŐĞďLJϯϵй͘ ϰ͘ϭϬWƌĞͲůĞĂƐŝŶŐ^ƚƌĂƚĞŐLJ dŚĞƵŶŝƚƐǁŝůůďĞƌĞůĞĂƐĞĚƚŽƚŚĞŵĂƌŬĞƚƉůĂĐĞĨŽƌƉƌĞͲůĞĂƐŝŶŐŝŶϱϬƵŶŝƚŝŶĐƌĞŵĞŶƚƐƚŽƋƵĂůŝĨŝĞĚ ƚĞŶĂŶƚƐ͘ ZĞŶƚĂů ŝŶĐĞŶƚŝǀĞƐ ƐƵĐŚ ĂƐ ŽŶĞ ŵŽŶƚŚ͛Ɛ ĨƌĞĞ ƌĞŶƚ ŵĂLJ ďĞ ŽĨĨĞƌĞĚ ƚŽ ĞĂƌůLJ ƉƌĞͲůĞĂƐŝŶŐ ƚĞŶĂŶƚƐ͘ĨƌĞƐŚƉƌŽŵŽƚŝŽŶĂůĐĂŵƉĂŝŐŶǁŝůůďĞŝŶƚƌŽĚƵĐĞĚƋƵĂƌƚĞƌůLJ͘ ϰ͘ϭϭĞƉŽƐŝƚWĂLJŵĞŶƚ dŚĞĚĞƉŽƐŝƚƌĞƋƵŝƌĞŵĞŶƚŝƐϮŵŽŶƚŚ͛ƐƌĞŶƚ͘dŚĞĨŝƌƐƚĚĞƉŽƐŝƚŽĨŽŶĞŵŽŶƚŚ͛ƐƌĞŶƚŝƐĚƵĞĂƚƚŚĞ ƚŝŵĞŽĨƚŚĞƌĞƐĞƌǀĂƚŝŽŶ͘dŚĞƐĞĐŽŶĚĚĞƉŽƐŝƚŝƐĚƵĞϯŵŽŶƚŚƐƉƌŝŽƌƚŽƚŚĞŽĐĐƵƉĂŶĐLJĚĂƚĞ͘ ϱ͘ZEd>DE'DEd dŚĞ ĨŽůůŽǁŝŶŐ ĨĞĂƚƵƌĞƐ ĂŶĚ ĂŵĞŶŝƚŝĞƐ ĂƌĞ ĚĞƐŝŐŶĞĚ ĂŶĚ ƉůĂŶŶĞĚ ĨŽƌ Ă ƐƵĐĐĞƐƐĨƵů ůĞĂƐĞͲŽƵƚ ĂŶĚ ŽƉĞƌĂƚŝŽŶŽĨdŽǁĞƌϰ͘ ϱ͘ϭ&ƌŽŶƚĞƐŬĂŶĚĚŵŝŶŝƐƚƌĂƚŝŽŶKĨĨŝĐĞ 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