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ĞĂƌ^ŚĂƌĞŚŽůĚĞƌ͕

ĐƚŝǀŝƚŝĞƐĚƵƌŝŶŐƚŚĞ&ŝŶĂŶĐŝĂůzĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮρ

ƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͗

xƚŚĞŽŵƉĂŶLJĚŝĚŶŽƚƵŶĚĞƌƚĂŬĞĂŶLJďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ͘

xdŚĞŽĂƌĚǁĂƐĂĐƚŝǀĞůLJĞŶŐĂŐĞĚŝŶƐĞĞŬŝŶŐƚŽŝĚĞŶƚŝĨLJĂƉŽƚĞŶƚŝĂůďƵƐŝŶĞƐƐƚŽĂĐƋƵŝƌĞĂƐƉĂƌƚŽĨĂ
ƌĞǀĞƌƐĞdĂŬĞŽǀĞƌƚƌĂŶƐĂĐƚŝŽŶ;ZdKͿ͘

WŽƐƚďĂůĂŶĐĞĚĂƚĞĞǀĞŶƚƐ

ZĞƐƚƌƵĐƚƵƌĞŽĨ^ĞĐƵƌĞĚŽŶĚƐ
ƚƚŚĞƌĞƋƵĞƐƚŽĨƚŚĞŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌƐ͕ƚŚĞŽŵƉĂŶLJ͛ƐŵĂũŽƌƐŚĂƌĞŚŽůĚĞƌ͕ůĂĐŬǁĞůů'ůŽďĂů'ƌŽƵƉ
>ŝŵŝƚĞĚ;͞^ŚĂƌĞŚŽůĚĞƌ͟ͿĂŐƌĞĞĚƚŽ͗

xĂƉŝƚĂůŝƐĞΨϮρϬ͕ϬϬϬŽĨƚŚĞŝŶĚĞďƚĞĚŶĞƐƐŽǁĞĚďLJƚŚĞŽŵƉĂŶLJƚŽƚŚĞ^ŚĂƌĞŚŽůĚĞƌƉƵƌƐƵĂŶƚƚŽƚŚĞ
^ĞĐƵƌĞĚŽŶĚƐƉƌĞǀŝŽƵƐůLJŝƐƐƵĞĚƚŽƚŚĞ^ŚĂƌĞŚŽůĚĞƌďLJƚŚĞŽŵƉĂŶLJ͕ŝŶƚŽςϮ͕ρϬϬ͕ϬϬϬŶĞǁŽƌĚŝŶĂƌLJ
ĨƵůůLJƉĂŝĚƐŚĂƌĞƐĂƚĂŶŝƐƐƵĞƉƌŝĐĞŽĨΨϬ͘ϬϬκƉĞƌƐŚĂƌĞ;͞EĞǁ^ŚĂƌĞƐ͟ͿʹƚŚŝƐŶƵŵďĞƌŽĨEĞǁ^ŚĂƌĞƐŝƐ
ĐĂůĐƵůĂƚĞĚŽŶĂƉƌĞͲĐŽŶƐŽůŝĚĂƚŝŽŶďĂƐŝƐ;ƌĞĨĞƌƌĞĚƚŽďĞůŽǁͿ͘dŚĞƐĞEĞǁ^ŚĂƌĞƐǁĞƌĞĂďůĞƚŽďĞ
ƐƵďƐĐƌŝďĞĚĨŽƌďLJƚŚĞ^ŚĂƌĞŚŽůĚĞƌƉƵƌƐƵĂŶƚƚŽƚŚĞ͞ĐƌĞĞƉ͟ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞdĂŬĞŽǀĞƌƐŽĚĞ͕ǁŚŝĐŚ
ƉĞƌŵŝƚƐĂƐŚĂƌĞŚŽůĚĞƌǁŚŽŚŽůĚƐŵŽƌĞƚŚĂŶρϬйŽĨƚŚĞƐŚĂƌĞƐŽŶŝƐƐƵĞ͕ƚŽŝŶĐƌĞĂƐĞƚŚĞŝƌ
ƐŚĂƌĞŚŽůĚŝŶŐďLJŶŽƚŵŽƌĞƚŚĂŶρйŝŶĂŶLJϭϮŵŽŶƚŚƉĞƌŝŽĚ͕ĂŶĚŝƐƐƵĞĚƵŶĚĞƌEy>ŝƐƚŝŶŐZƵůĞκ͘ρ
;ϭρйƉůĂĐĞŵĞŶƚƌƵůĞͿ͖ĂŶĚ

xĨŽƌŐŝǀĞƚŚĞƌĞƉĂLJŵĞŶƚŽĨƚŚĞďĂůĂŶĐĞŽĨΨϭϬϬ͕ϬϬϬŽĨƚŚŽƐĞ^ĞĐƵƌĞĚŽŶĚƐ͘

dŚĞŽŵƉĂŶLJŶŽǁŶŽůŽŶŐĞƌŚĂƐĂŶLJůŝĂďŝůŝƚLJƚŽƚŚĞ^ŚĂƌĞŚŽůĚĞƌ͘

dŚĞŽĂƌĚďĞůŝĞǀĞƐƚŚĂƚ͗

xƚŚŝƐĚĞǀĞůŽƉŵĞŶƚƌĞƉƌĞƐĞŶƚƐĂŶĞdžĐĞůůĞŶƚŽƵƚĐŽŵĞĨŽƌƚŚĞŽŵƉĂŶLJ͕ĂŶĚŝƚƐƐŚĂƌĞŚŽůĚĞƌƐ͖

xƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚƐƚƌĞŶŐƚŚĞŶƐƚŚĞŽŵƉĂŶLJ͛ƐďĂůĂŶĐĞƐŚĞĞƚ͖

xƚŚŝƐĚĞǀĞůŽƉŵĞŶƚŵĂŬĞƐƚŚĞŽŵƉĂŶLJĂŶĂƚƚƌĂĐƚŝǀĞǀĞŚŝĐůĞĨŽƌĂƌĞǀĞƌƐĞƚĂŬĞŽǀĞƌƚƌĂŶƐĂĐƚŝŽŶ͕ŶŽǁ
ƚŚĂƚƚŚĞŝŶĚĞďƚĞĚŶĞƐƐƚŽƚŚĞ^ŚĂƌĞŚŽůĚĞƌŚĂƐďĞĞŶĞdžƚŝŶŐƵŝƐŚĞĚ͘dŚĞĨƵŶĚƐƚŚĂƚŚĂǀĞďĞĞŶĨƌĞĞĚƵƉ
ďLJǀŝƌƚƵĞŽĨƚŚŝƐĂƌƌĂŶŐĞŵĞŶƚ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŽŵƉĂŶLJ͛ƐĂĚĚŝƚŝŽŶĂůĨƌĞĞĐĂƐŚ͕ǁŝůůďĞĚĞƉůŽLJĞĚďLJ
ƚŚĞŽŵƉĂŶLJƚŽǁĂƌĚƐ͗

ͲƚŚĞƉĂLJŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐŽŶŐŽŝŶŐĐŽŵƉůŝĂŶĐĞĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞĐŽƐƚƐ͖ĂŶĚ
ͲŝŶǀĞƐƚŝŐĂƚŝŶŐĂƌĞǀĞƌƐĞƚĂŬĞŽǀĞƌƚƌĂŶƐĂĐƚŝŽŶ͘

^ŚĂƌĞŽŶƐŽůŝĚĂƚŝŽŶ
tŝƚŚĞĨĨĞĐƚĨƌŽŵρƉŵŽŶϯϬƵŐƵƐƚϮϬϮκ͕ƚŚĞŽŵƉĂŶLJĐŽŵƉůĞƚĞĚĂϳϯ͘ςϮρεƐŚĂƌĞƐŝŶƚŽϭƐŚĂƌĞ
ĐŽŶƐŽůŝĚĂƚŝŽŶ͘

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ZdK>ŝŵŝƚĞĚ;&ŽƌŵĞƌůLJůĂĐŬǁĞůů'ůŽďĂů,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚͿ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮρ


dŚĞŽŵƉĂŶLJŶŽǁŚĂƐϭϬ͕ϬϬϬ͕ϬϮςƋƵŽƚĞĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽŶŝƐƐƵĞ͘
'ŽŝŶŐ&ŽƌǁĂƌĚ
dŚĞŽĂƌĚĐŽŶƚŝŶƵĞƐƚŽĂĐƚŝǀĞůLJůŽŽŬŝŶŐƚŽŝĚĞŶƚŝĨLJĂƐƵŝƚĂďůĞďƵƐŝŶĞƐƐŽƉƉŽƌƚƵŶŝƚLJƚŽŝŶǀĞƐƚŝŶĂŶĚͬŽƌĂĐƋƵŝƌĞ
ƚŚƌŽƵŐŚĂƌĞǀĞƌƐĞƚĂŬĞŽǀĞƌƚƌĂŶƐĂĐƚŝŽŶ;ZdKͿ͘ŝƐĐƵƐƐŝŽŶƐŚĂǀĞďĞĞŶŚĂĚǁŝƚŚƐĞǀĞƌĂůƉŽƚĞŶƚŝĂůĂĐƋƵŝƐŝƚŝŽŶ
ƚĂƌŐĞƚƐƚŽĚĂƚĞ͕ďƵƚŶŽŶĞŽĨƚŚŽƐĞĚŝƐĐƵƐƐŝŽŶƐŚĂǀĞĚĞǀĞůŽƉĞĚŝŶƚŽĂƚĂŶŐŝďůĞƚƌĂŶƐĂĐƚŝŽŶƚŽĚĂƚĞ͘
tŚĂƚŝƐĂŶZdK͍
ŶZdKŝƐĂƚƌĂŶƐĂĐƚŝŽŶƐƚƌƵĐƚƵƌĞĚƐƵĐŚƚŚĂƚƚŚĞŽŵƉĂŶLJǁŽƵůĚĂĐƋƵŝƌĞϭϬϬйŽĨƚŚĞďƵƐŝŶĞƐƐĂƐƐĞƚƐ͕ŽƌƚŚĞ
ƐŚĂƌĞƐŝŶƚŚĞĐŽŵƉĂŶLJƚŚĂƚŽǁŶƐƚŚĞďƵƐŝŶĞƐƐĂƐƐĞƚƐ͕ŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞƉĂLJŵĞŶƚŽĨĐĂƐŚĂŶĚͬŽƌƚŚĞ
ŝƐƐƵĞŽĨŶĞǁƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJ͕ƚŽƚŚĞǀĞŶĚŽƌƐ͕ƚŽĨƵŶĚƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͘
dŚĞŶĞǁďƵƐŝŶĞƐƐĂĐƋƵŝƌĞĚǁŽƵůĚƚŚĞŶĞĨĨĞĐƚŝǀĞůLJďĞĐŽŵĞĂƐƵďƐŝĚŝĂƌLJŽĨƚŚĞŽŵƉĂŶLJ;ƚŚĞůŝƐƚĞĚĐŽŵƉĂŶLJͿ͕
ƚƌĂĚŝŶŐŽŶƚŚĞEyDĂŝŶŽĂƌĚ͘dŚĞƐƚĂŬĞŚŽůĚĞƌƐŝŶƚŚĞďƵƐŝŶĞƐƐĂĐƋƵŝƌĞĚ͕ǁŽƵůĚƵůƚŝŵĂƚĞůLJďĞĐŽŵĞ
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ĨƵŶĚŝŶŐƚŚĞĨƵƚƵƌĞŐƌŽǁƚŚŽĨƚŚĞďƵƐŝŶĞƐƐ͘
/ŶǀĞƐƚŵĞŶƚƌŝƚĞƌŝĂ
dŚĞŽĂƌĚŝƐĨŽĐƵƐŝŶŐŽŶďƵƐŝŶĞƐƐŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĂƚƐĂƚŝƐĨLJŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶǀĞƐƚŵĞŶƚĐƌŝƚĞƌŝĂ͗
xdŚĞďƵƐŝŶĞƐƐŚĂƐĞdžĐĞůůĞŶƚƉĞƌƐŽŶŶĞůĂŶĚŵĂŶĂŐĞŵĞŶƚ͘
xdŚĞďƵƐŝŶĞƐƐŽƉĞƌĂƚĞƐŝŶĂŶĂƚƚƌĂĐƚŝǀĞĂŶĚƉŽƐŝƚŝǀĞďƵƐŝŶĞƐƐƐĞĐƚŽƌ͘
xdŚĞďƵƐŝŶĞƐƐŚĂƐĂƌŽďƵƐƚďƵƐŝŶĞƐƐŵŽĚĞů͘
xdŚĞďƵƐŝŶĞƐƐŚĂƐƐŽůŝĚŚŝƐƚŽƌŝĐĂůĞĂƌŶŝŶŐƐ͕ŽƌĂůƚĞƌŶĂƚŝǀĞůLJŚĂƐĂƐŽƵŶĚďƵƐŝŶĞƐƐƉůĂƚĨŽƌŵĨƌŽŵǁŚŝĐŚ
ƚŽŝŵƉůĞŵĞŶƚŝƚƐďƵƐŝŶĞƐƐƉůĂŶĂŶĚŐĞŶĞƌĂƚĞƐƚƌŽŶŐĞĂƌŶŝŶŐƐŝŶƚŚĞĨƵƚƵƌĞ͘
xdŚĞďƵƐŝŶĞƐƐŽǁŶƐƉƌŽƉƌŝĞƚĂƌLJŝŶƚĞůůĞĐƚƵĂůƉƌŽƉĞƌƚLJ͘
xdŚĞďƵƐŝŶĞƐƐŚĂƐƉŽƚĞŶƚŝĂůƚŽŐƌŽǁŽƌŐĂŶŝĐĂůůLJ͕ǀŝĂĂĐƋƵŝƐŝƚŝŽŶ͕ŽƌƚŚƌŽƵŐŚƚŚĞĨƵƌƚŚĞƌŝŶǀĞƐƚŵĞŶƚŝŶ
ĐĂƉŝƚĂůƉůĂŶƚ͘
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xdŚĞďƵƐŝŶĞƐƐǁŽƵůĚďĞŶĞĨŝƚĨƌŽŵďĞŝŶŐĂďůĞƚŽƌĂŝƐĞĂĚĚŝƚŝŽŶĂůĐĂƉŝƚĂůŽŶƚŚĞŵĂƌŬĞƚ͘
dŚĞŽĂƌĚĐŽŶƚŝŶƵĞƐƚŽŝŶǀĞƐƚŝŐĂƚĞĂůůĐƌĞĚŝďůĞŝŶǀĞƐƚŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĂƚŵĂLJƉƌĞƐĞŶƚƚŚĞŵƐĞůǀĞƐĂŶĚĂƌĞ
ŚŽƉĞĨƵůůLJŽĨŚĂǀŝŶŐĂƚƌĂŶƐĂĐƚŝŽŶƵŶĚĞƌǁĂLJĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨƚŚŝƐĐĂůĞŶĚĂƌLJĞĂƌ͘


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