# EATON VANCE DISTRIBUTORS, INC. X-17A-5/A (2021-06-22) — Broker-dealer annual report - Company: EATON VANCE DISTRIBUTORS, INC. - Form: X-17A-5/A - Filed: 2021-06-22 - Period: 2020-10-31 - Accession: 0000935544-21-000010 - CIK: 935544 - File #: 8-47939 - Material weakness: No - Auditor: Deloitte & Touche LLP - Auditor location: Boston, MA - Contact: Eric Senay - Phone: 617-672-6744 - Website: deloitte.com - Signed by: Eric Senay (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/935544/000093554421000010/AnnualReport_2020_Restated.pdf --- {0}------------------------------------------------ # **ĂƚŽŶsĂŶĐĞŝƐƚƌŝďƵƚŽƌƐ͕/ŶĐ͘ ;^/͘͘EK͘ϴͲϰϳϵϯϵͿ** &ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĂŶĚ^ƵƉƉůĞŵĞŶƚĂů ^ĐŚĞĚƵůĞƐĂƐŽĨĂŶĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ;ƐZĞƐƚĂƚĞĚͿ ĂŶĚ/ŶĚĞƉĞŶĚĞŶƚƵĚŝƚŽƌƐ͛ZĞƉŽƌƚ &ŝůĞĚWƵƌƐƵĂŶƚƚŽZƵůĞŝϭϳĂͲϱ;ĞͿ;ϯͿ ĂƐĂWh>/KhDEd {1}------------------------------------------------ **UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington, D.C. 20549** OMB APPROVAL OMB Number: 3235-0123 Expires: 0DUPCFS Estimated average burden **8** SEC FILE NUMBER # hours per response.. . . . . 12.00 **ANNUAL AUDITED REPORT FORM X-17A-5 PART III** **)\$&,1\*3\$\*(** **,QIRUPDWLRQ5HTXLUHGRI%URNHUVDQG'HDOHUV3XUVXDQWWR6HFWLRQRIWKH 6HFXULWLHV([FKDQJH\$FWRIDQG5XOHD7KHUHXQGHU** | 5(3257)257+(3(5,2'%(*,11,1*BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB \$1'(1',1*BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB | | | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|-------|--------------------------------| | | 00''<< | | 00''<< | | \$ | 5(*,675\$17,'(17,),&\$7,21 | | | | (DWRQ
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&HUWLILHG3XEOLF\$FFRXQWDQW | | | | | 3XEOLF\$FFRXQWDQW | | | | | | \$FFRXQWDQWQRWUHVLGHQWLQ8QLWHG6WDWHVRUDQ\RILWVSRVVHVVLRQV | | | | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | *\*Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis for the exemption. See Section 240.17a-5(e)(2)* **Potential persons who are to respond to the collection of information contained in this form are not required to respond** SEC 1410 () **unless the form displays a currently valid OMB control number.** {2}------------------------------------------------ | | Signature | |---------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------| | | Chief Financial Officer | | | Tride | | | | | | | | Comm tool andry 21, | | | This report 88 contains (check all applicable boxes): | | | (a) Facing Page. | | | (b) Statement of Financial Condition. | | | | (c) Statement of Income (Loss) or, if there is other comprehensive income in the period(s) presented, a Statement | | of Comprehensive Income (as defined in §210.1-02 of Regulation S-X). | | | (d) Statement of Changes in Financial Condition. | | | (e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital. | | | (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors. | | | (g) Computation of Net Capital. | | | (h) Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3. | | | (i) Information Relating to the Possession or Control Requirements Under Rule 15c3-3. | | | Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3. | () A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule 15c3-1 and the | | | | | consolidation. | (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of | | (I) An Oath or Affirmation. | | | (m) A copy of the SIPC Supplemental Report. | | | | (1) A report describing any material inadequasies found to exist or found to have existed since the date of the previous audit. | | | | | R. F. R.P. C. | | {3}------------------------------------------------ **Deloitte & Touche LLP** 200 Berkeley Street Boston, MA 20116 USA Tel:+1 617 437 2000 www.deloitte.com #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the stockholder and the Board of Directors of Eaton Vance Distributors, Inc. #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Eaton Vance Distributors, Inc. (a wholly owned subsidiary of Eaton Vance Corp.) (the "Company") as of October 31, 2020, and the related statements of income, changes in stockholder's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of October 31, 2020, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. #### **Restatement of the Financial Statements** As discussed in Note 2 to the financial statements, the accompanying 2020 financial statements have been restated to correct misstatements. {4}------------------------------------------------ #### **Emphasis of a Matter** As discussed in Note 1 to the financial statements, the financial statements include significant transactions with Eaton Vance Corp. subsidiaries and are not necessarily indicative of the conditions that would have existed had the Company been operated as an unaffiliated company. #### **Report on Supplemental Schedules** The supplemental schedules g, h and i listed in the accompanying table of contents have been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental schedules are the responsibility of the Company's management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in compliance with Rule 17aͲ5 under the Securities Exchange Act of 1934. In our opinion, such schedules are fairly stated, in all material respects, in relation to the financial statements as a whole. December 22, 2020 (June 17, 2021 as to the effects of the restatement discussed in Note 2) We have served as the Company`s auditor since 1994. {5}------------------------------------------------ # **^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ** **ƐŽĨKĐƚŽďĞƌϯϭ͕ϮϬϮϬ;ƐZĞƐƚĂƚĞĚͿ** | ƐƐĞƚƐ͗ | | | |------------------------------------------------------|---|-------------| | ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ | Ψ | ϭϯϴ͕ϵϵϲ͕ϭϮϵ | | /ŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞ | | ϱϭ͕ϲϬϭ͕Ϯϵϰ | | ĞƉŽƐŝƚƐǁŝƚŚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ | | Ϯϰϯ͕Ϯϴϳ | | ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵƐĂůĞƐŽĨŝŶǀĞƐƚŵĞŶƚĐŽŵƉĂŶLJƐŚĂƌĞƐ | | ϭϮϴ͕ϮϬϴ | | ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵĂĨĨŝůŝĂƚĞƐ | | ϲϱ͕ϴϯϱ͕ϰϱϯ | | ŝƐƚƌŝďƵƚŝŽŶĨĞĞƐ͕ƐĞƌǀŝĐĞĨĞĞƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ | | ϭϲ͕ϵϵϰ͕ϬϲϮ | | ĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ | | ϲϬ͕ϲϱϱ͕ϯϭϯ | | WƌĞƉĂŝĚĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌĂƐƐĞƚƐ | | ϯ͕ϱϵϰ͕ϳϲϲ | | dŽƚĂůĂƐƐĞƚƐ | Ψ | ϯϯϴ͕Ϭϰϴ͕ϱϭϮ | | >ŝĂďŝůŝƚŝĞƐĂŶĚ^ƚŽĐŬŚŽůĚĞƌΖƐƋƵŝƚLJ | | | | >ŝĂďŝůŝƚŝĞƐ͗ | | | | ĐĐƌƵĞĚĐŽŵƉĞŶƐĂƚŝŽŶ | Ψ | Ϯϴ͕ϵϮϯ͕ϲϰϲ | | ĐĐŽƵŶƚƐƉĂLJĂďůĞĂŶĚĂĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐ | | Ϯϲ͕ϵϴϴ͕Ϯϴϲ | | ĐĐŽƵŶƚƐƉĂLJĂďůĞĨŽƌŝŶǀĞƐƚŵĞŶƚĐŽŵƉĂŶLJƐŚĂƌĞƐƐŽůĚ | | Ϯϲϱ͕ϰϰϴ | | ĞĨĞƌƌĞĚŝŶĐŽŵĞ | | ϴϮ͕ϵϲϮ͕ϵϳϰ | | ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐ | | ϭϭ͕ϭϱϮ͕ϰϲϬ | | dŽƚĂůůŝĂďŝůŝƚŝĞƐ | | ϭϱϬ͕ϮϵϮ͕ϴϭϰ | | ŽŵŵŝƚŵĞŶƚƐĂŶĚĐŽŶƚŝŶŐĞŶĐŝĞƐ;EŽƚĞϭϬͿ | | | | ^ƚŽĐŬŚŽůĚĞƌΖƐƋƵŝƚLJ͗ | | | | ŽŵŵŽŶƐƚŽĐŬ͕ΨϭƉĂƌǀĂůƵĞ͖ϮϬϬ͕ϬϬϬƐŚĂƌĞƐĂƵƚŚŽƌŝnjĞĚ͖ | | | | ϮϬ͕ϬϬϬƐŚĂƌĞƐŝƐƐƵĞĚĂŶĚŽƵƚƐƚĂŶĚŝŶŐ | | ϮϬ͕ϬϬϬ | | ĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶĐĂƉŝƚĂů | | ϭϱϬ͕ϰϮϭ͕Ϯϯϵ | | ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ | | ϯϳ͕ϯϭϰ͕ϰϱϵ | | dŽƚĂůƐƚŽĐŬŚŽůĚĞƌΖƐĞƋƵŝƚLJ | | ϭϴϳ͕ϳϱϱ͕ϲϵϴ | | dŽƚĂůůŝĂďŝůŝƚŝĞƐĂŶĚƐƚŽĐŬŚŽůĚĞƌΖƐĞƋƵŝƚLJ | Ψ | ϯϯϴ͕Ϭϰϴ͕ϱϭϮ | | | | | {6}------------------------------------------------ #### **^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ** #### **&ŽƌƚŚĞzĞĂƌŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ;ƐZĞƐƚĂƚĞĚͿ** |
| | | |--------------------------------------------|------------------|--| | ZĞǀĞŶƵĞ͗ | | | | ^ĞƌǀŝĐĞĂŐƌĞĞŵĞŶƚŝŶĐŽŵĞ | Ψ
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ŝƐƚƌŝďƵƚŝŽŶĂŶĚƵŶĚĞƌǁƌŝƚĞƌĨĞĞƐ | ϴϭ͕ϮϱϬ͕ϯϰϭ | | |
/ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌƌĞǀĞŶƵĞ | ϰϰ͕ϵϲϯ͕ϭϴϬ | | |

dŽƚĂůƌĞǀĞŶƵĞ | ϰϮϵ͕ϮϬϭ͕ϭϳϰ | | | džƉĞŶƐĞƐ͗ | | | |
ŝƐƚƌŝďƵƚŝŽŶĞdžƉĞŶƐĞ | ϭϮϱ͕ϰϴϵ͕ϯϲϬ | | |
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^ĞƌǀŝĐĞĨĞĞĞdžƉĞŶƐĞ | ϭϭϱ͕ϭϱϰ͕ϳϮϰ | | |
ŵŽƌƚŝnjĂƚŝŽŶŽĨĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ | Ϯϰ͕ϵϴϱ͕ϳϬϮ | | |
KƚŚĞƌĞdžƉĞŶƐĞƐ | ϭϴ͕ϴϵϭ͕ϴϭϵ | | |

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| | | {7}------------------------------------------------ # **^ƚĂƚĞŵĞŶƚŽĨŚĂŶŐĞƐŝŶ^ƚŽĐŬŚŽůĚĞƌΖƐƋƵŝƚLJ &ŽƌƚŚĞzĞĂƌŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ;ƐZĞƐƚĂƚĞĚͿ** | | | | | | ĚĚŝƚŝŽŶĂů |
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^ƚŽĐŬͲďĂƐĞĚĐŽ | Ͳ
| | Ͳ | | ϯϯ͕ϴϮϵ͕ϲϲϭ | | Ͳ | | ϯϯ͕ϴϮϵ͕ϲϲϭ | | ĂůĂŶĐĞ͕KĐƚŽďĞƌϯϭ͕ϮϬϮϬ | ϮϬ͕ϬϬϬ
| Ψ | ϮϬ͕ϬϬϬ | Ψ | ϭϱϬ͕ϰϮϭ͕Ϯϯϵ | Ψ | ϯϳ͕ϯϭϰ͕ϰϱϵ | Ψ | ϭϴϳ͕ϳϱϱ͕ϲϵϴ | {8}------------------------------------------------ #### **^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ &ŽƌƚŚĞzĞĂƌŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ;ƐZĞƐƚĂƚĞĚͿ** | ĂƐŚ&ůŽǁƐ&ƌŽŵKƉĞƌĂƚŝŶŐĐƚŝǀŝƚŝĞƐ͗ | | | |------------------------------------------------------------------------|---|---------------| | EĞƚŝŶĐŽŵĞ | Ψ | ϲ͕ϱϴϲ͕ϯϭϭ | | ĚũƵƐƚŵĞŶƚƐƚŽƌĞĐŽŶĐŝůĞŶĞƚŝŶĐŽŵĞƚŽŶĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ͗ | | | | ^ƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶ | | ϯϯ͕ϴϮϵ͕ϲϲϭ | | ŵŽƌƚŝnjĂƚŝŽŶŽĨĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ | | Ϯϰ͕ϵϴϱ͕ϳϬϮ | | ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐ | | ϯ͕ϳϴϰ͕ϱϰϰ | | ŚĂŶŐĞƐŝŶŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͗ | | | | /ŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞ | | Ϯϳ͕ϵϬϴ͕ϲϱϵ | | ĞƉŽƐŝƚƐǁŝƚŚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ | | ;Ϯϰ͕ϬϭϲͿ | | ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵƐĂůĞƐŽĨŝŶǀĞƐƚŵĞŶƚĐŽŵƉĂŶLJƐŚĂƌĞƐ | | ϵϬ͕ϳϲϮ | | ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵĂĨĨŝůŝĂƚĞƐ | | ;ϯϲ͕ϲϵϮ͕ϲϰϯͿ | | ŝƐƚƌŝďƵƚŝŽŶĨĞĞƐ͕ƐĞƌǀŝĐĞĨĞĞƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ | | ;ϲϳϬ͕ϴϲϬͿ | | ĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ | | ;ϯϬ͕ϰϯϬ͕ϭϯϱͿ | | WƌĞƉĂŝĚĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌĂƐƐĞƚƐ | | ;ϰϰϳ͕ϱϲϭͿ | | ĐĐƌƵĞĚĐŽŵƉĞŶƐĂƚŝŽŶ | | ϯ͕ϮϳϬ͕ϭϮϲ | | ĐĐŽƵŶƚƐƉĂLJĂďůĞĂŶĚĂĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐ | | ;ϱϰϵ͕ϭϮϳͿ | | ĐĐŽƵŶƚƐƉĂLJĂďůĞƚŽĂĨĨŝůŝĂƚĞƐ | | ;ϳ͕ϵϯϰ͕ϲϮϬͿ | | ĐĐŽƵŶƚƐƉĂLJĂďůĞĨŽƌŝŶǀĞƐƚŵĞŶƚĐŽŵƉĂŶLJƐŚĂƌĞƐƐŽůĚ | | ;ϳϬ͕ϰϮϴͿ | | ĞĨĞƌƌĞĚŝŶĐŽŵĞ | | ϭϲ͕Ϭϭϯ͕ϲϰϳ | | KƚŚĞƌůŝĂďŝůŝƚŝĞƐ | | ;ϯ͕ϵϯϭ͕ϮϳϳͿ | | EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ | | ϯϱ͕ϳϭϴ͕ϳϰϱ | | ĂƐŚ&ůŽǁƐ&ƌŽŵ&ŝŶĂŶĐŝŶŐĐƚŝǀŝƚŝĞƐ͗ | | | | ĂƉŝƚĂůĚŝƐƚƌŝďƵƚŝŽŶƐ | | ;ϳϮϱ͕ϬϬϬ͕ϬϬϬͿ | | ĂƉŝƚĂůĐŽŶƚƌŝďƵƚŝŽŶƐ | | ϳϲϮ͕ϬϬϬ͕ϬϬϬ | | EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ | | ϯϳ͕ϬϬϬ͕ϬϬϬ | | EĞƚŝŶĐƌĞĂƐĞŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ | | ϳϮ͕ϳϭϴ͕ϳϰϱ | | ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ | | ϲϲ͕Ϯϳϳ͕ϯϴϰ | | ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ĞŶĚŽĨLJĞĂƌ | Ψ | ϭϯϴ͕ϵϵϲ͕ϭϮϵ | | ^ƵƉƉůĞŵĞŶƚĂůĂƐŚ&ůŽǁ/ŶĨŽƌŵĂƚŝŽŶ͗ | | | | ĂƐŚƉĂŝĚĨŽƌŝŶĐŽŵĞƚĂdžĞƐ͕ŶĞƚŽĨƌĞĨƵŶĚƐ | Ψ | ϴϴ͕ϱϰϴ | {9}------------------------------------------------ #### **EŽƚĞƐƚŽ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ ƐŽĨĂŶĚĨŽƌƚŚĞzĞĂƌŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ;ƐZĞƐƚĂƚĞĚͿ** #### **ϭ͘ ^ƵŵŵĂƌLJŽĨ^ŝŐŶŝĨŝĐĂŶƚĐĐŽƵŶƚŝŶŐWŽůŝĐŝĞƐ** #### *ƵƐŝŶĞƐƐĂŶĚŽƌŐĂŶŝnjĂƚŝŽŶ* ĂƚŽŶsĂŶĐĞŝƐƚƌŝďƵƚŽƌƐ͕/ŶĐ͘;ƚŚĞŽŵƉĂŶLJͿŝƐƚŚĞƉƌŝŶĐŝƉĂůƵŶĚĞƌǁƌŝƚĞƌĨŽƌƚŚĞƌĞŐƵůĂƚĞĚŝŶǀĞƐƚŵĞŶƚ ĐŽŵƉĂŶŝĞƐŽĨĨĞƌĞĚďLJĂƚŽŶsĂŶĐĞĂŶĚĐĞƌƚĂŝŶŽĨŝƚƐĂĨĨŝůŝĂƚĞƐĂŶĚĂůƐŽĂĐƚƐĂƐƉůĂĐĞŵĞŶƚĂŐĞŶƚĨŽƌĂƚŽŶ sĂŶĐĞͲƐƉŽŶƐŽƌĞĚƵŶƌĞŐŝƐƚĞƌĞĚĞƋƵŝƚLJĨƵŶĚƐ;ĐŽůůĞĐƚŝǀĞůLJŚĞƌĞĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞĂƚŽŶsĂŶĐĞŵƵƚƵĂů ĨƵŶĚƐͿ͘dŚĞŽŵƉĂŶLJĂůƐŽĂĐƚƐĂƐĚŝƐƚƌŝďƵƚŽƌĨŽƌĂƚŽŶsĂŶĐĞͲƐƉŽŶƐŽƌĞĚƐĞƉĂƌĂƚĞůLJŵĂŶĂŐĞĚĂĐĐŽƵŶƚƐƐŽůĚ ƚŚƌŽƵŐŚĨŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐ͘ dŚĞŽŵƉĂŶLJŝƐĂǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJŽĨĂƚŽŶsĂŶĐĞŽƌƉ͘;sͿ͘ĞƌƚĂŝŶŽĨĨŝĐĞƌƐĂŶĚͬŽƌĚŝƌĞĐƚŽƌƐŽĨƚŚĞ ŽŵƉĂŶLJĂƌĞĂůƐŽŽĨĨŝĐĞƌƐĂŶĚͬŽƌĚŝƌĞĐƚŽƌƐŽĨs͘ZĞǀĞŶƵĞĂŶĚĐĞƌƚĂŝŶĞdžƉĞŶƐĞƐĂƌĞĚĞƉĞŶĚĞŶƚŽŶƚŚĞƚŽƚĂů ǀĂůƵĞĂŶĚĐŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞŵĂŶĂŐĞĚĂƐƐĞƚƐŽĨsĂŶĚŝƚƐĂĨĨŝůŝĂƚĞƐ͘ĐĐŽƌĚŝŶŐůLJ͕ĨůƵĐƚƵĂƚŝŽŶƐŝŶĨŝŶĂŶĐŝĂů ŵĂƌŬĞƚƐĂŶĚŝŶƚŚĞĐŽŵƉŽƐŝƚŝŽŶŽĨƚŚŽƐĞĂƐƐĞƚƐƵŶĚĞƌŵĂŶĂŐĞŵĞŶƚĂĨĨĞĐƚƌĞǀĞŶƵĞĂŶĚƚŚĞƌĞƐƵůƚƐŽĨ ŽƉĞƌĂƚŝŽŶƐ͘ dŚĞŽŶŐŽŝŶŐKs/ͲϭϵƉĂŶĚĞŵŝĐŚĂƐĐĂƵƐĞĚƐŝŐŶŝĨŝĐĂŶƚĚŝƐƌƵƉƚŝŽŶŝŶŐůŽďĂůĨŝŶĂŶĐŝĂůŵĂƌŬĞƚƐĂŶĚĂĚǀĞƌƐĞůLJ ĂĨĨĞĐƚĞĚŽƵƌďƵƐŝŶĞƐƐ͘tŚŝůĞĨŝŶĂŶĐŝĂůŵĂƌŬĞƚƐŚĂǀĞƐŝŶĐĞƐƵďƐƚĂŶƚŝĂůůLJƌĞĐŽǀĞƌĞĚ͕ƚŚĞKs/ͲϭϵƉĂŶĚĞŵŝĐ ĐŽŶƚŝŶƵĞƐƚŽƐŝŐŶŝĨŝĐĂŶƚůLJĂĨĨĞĐƚƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚǁĞŽƉĞƌĂƚĞŽƵƌďƵƐŝŶĞƐƐ͘ŵĂũŽƌŝƚLJŽĨsĞŵƉůŽLJĞĞƐ ĂƌĞĐƵƌƌĞŶƚůLJǁŽƌŬŝŶŐƌĞŵŽƚĞůLJ͘ŵƉůŽLJĞĞƐŚĂǀĞĂĚĂƉƚĞĚǁĞůůƚŽƚŚĞƌĞŵŽƚĞǁŽƌŬĞŶǀŝƌŽŶŵĞŶƚ͕ĂŶĚǁĞŚĂǀĞ ŶŽƚĞdžƉĞƌŝĞŶĐĞĚĂŶLJƐŝŐŶŝĨŝĐĂŶƚĚŝƐƌƵƉƚŝŽŶƐĚƵƌŝŶŐƚŚĞƉĂŶĚĞŵŝĐƉĞƌŝŽĚĚƵĞƚŽŽƉĞƌĂƚŝŽŶĂůŝƐƐƵĞƐ͕ůŽƐƐŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶĐĂƉĂďŝůŝƚŝĞƐ͕ƚĞĐŚŶŽůŽŐLJĨĂŝůƵƌĞŽƌĐLJďĞƌͲĂƚƚĂĐŬƐ͘tŚŝůĞƚŚĞŽŵƉĂŶLJŝƐĐŽŶƚŝŶƵŽƵƐůLJ ŵŽŶŝƚŽƌŝŶŐĂŶĚĞǀĂůƵĂƚŝŶŐƚŚĞŝŵƉĂĐƚŽĨKs/ͲϭϵŽŶŽƵƌďƵƐŝŶĞƐƐ͕ƚŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚKs/ͲϭϵĂĨĨĞĐƚƐŽƵƌ ďƵƐŝŶĞƐƐ͕ƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐĂŶĚĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶǁŝůůĚĞƉĞŶĚŽŶĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚƐƚŚĂƚĂƌĞŚŝŐŚůLJ ƵŶĐĞƌƚĂŝŶ͘ dŚĞƐĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐǁĞƌĞƉƌĞƉĂƌĞĚĨƌŽŵƚŚĞƐĞƉĂƌĂƚĞƌĞĐŽƌĚƐŵĂŝŶƚĂŝŶĞĚďLJƚŚĞŽŵƉĂŶLJ͕ǁŚŝĐŚ ŝŶĐůƵĚĞƐŝŐŶŝĨŝĐĂŶƚƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚĂĨĨŝůŝĂƚĞƐ͕ĂŶĚĂƌĞŶŽƚŶĞĐĞƐƐĂƌŝůLJŝŶĚŝĐĂƚŝǀĞŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐƚŚĂƚǁŽƵůĚ ŚĂǀĞĞdžŝƐƚĞĚŚĂĚƚŚĞŽŵƉĂŶLJďĞĞŶŽƉĞƌĂƚĞĚĂƐĂŶƵŶĂĨĨŝůŝĂƚĞĚďƵƐŝŶĞƐƐ͘ #### *^ƵďƐĞƋƵĞŶƚĞǀĞŶƚ* KŶKĐƚŽďĞƌϴ͕ϮϬϮϬ͕sĂŶŶŽƵŶĐĞĚƚŚĂƚŝƚĞŶƚĞƌĞĚŝŶƚŽĂĚĞĨŝŶŝƚŝǀĞŵĞƌŐĞƌĂŐƌĞĞŵĞŶƚƵŶĚĞƌǁŚŝĐŚDŽƌŐĂŶ ^ƚĂŶůĞLJǁŝůůĂĐƋƵŝƌĞsĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘dŚĞĂĐƋƵŝƐŝƚŝŽŶĐůŽƐĞĚŽŶDĂƌĐŚϭ͕ϮϬϮϭĂŶĚƚŚĞŽŵƉĂŶLJ ďĞĐĂŵĞĂŶŝŶĚŝƌĞĐƚǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJŽĨDŽƌŐĂŶ^ƚĂŶůĞLJ͘DŽƌŐĂŶ^ƚĂŶůĞLJŝƐĂŐůŽďĂůĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐ ĨŝƌŵƚŚĂƚ͕ƚŚƌŽƵŐŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂĨĨŝůŝĂƚĞƐ͕ĂĚǀŝƐĞƐ͕ĂŶĚŽƌŝŐŝŶĂƚĞƐ͕ƚƌĂĚĞƐ͕ŵĂŶĂŐĞƐĂŶĚĚŝƐƚƌŝďƵƚĞƐ ĐĂƉŝƚĂůĨŽƌ͕ŐŽǀĞƌŶŵĞŶƚƐ͕ŝŶƐƚŝƚƵƚŝŽŶƐĂŶĚŝŶĚŝǀŝĚƵĂůƐ͘dŚĞŽŵƉĂŶLJǁŝůůĐŽŶƚŝŶƵĞƚŽŽƉĞƌĂƚĞĂƐĂƐƵďƐŝĚŝĂƌLJŽĨ DŽƌŐĂŶ^ƚĂŶůĞLJƐƵďƐĞƋƵĞŶƚƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͘ #### *ĂƐŝƐŽĨƉƌĞƐĞŶƚĂƚŝŽŶ* dŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞŽŵƉĂŶLJ͛Ɛ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŝŶĐŽŶĨŽƌŵŝƚLJǁŝƚŚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJ ĂĐĐĞƉƚĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ;h͘^͘'WͿƌĞƋƵŝƌĞƐŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞũƵĚŐŵĞŶƚƐ͕ĞƐƚŝŵĂƚĞƐ ĂŶĚĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚĂĨĨĞĐƚƚŚĞĂŵŽƵŶƚƐƌĞƉŽƌƚĞĚŝŶƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĂŶĚƌĞůĂƚĞĚŶŽƚĞƐƚŽƚŚĞ {10}------------------------------------------------ &ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘,ŽǁĞǀĞƌ͕ĚƵĞƚŽƚŚĞŝŶŚĞƌĞŶƚƵŶĐĞƌƚĂŝŶƚŝĞƐŝŶŵĂŬŝŶŐĞƐƚŝŵĂƚĞƐ͕ĂĐƚƵĂůƌĞƐƵůƚƐĐŽƵůĚ ĚŝĨĨĞƌĨƌŽŵƚŚŽƐĞĞƐƚŝŵĂƚĞƐ͘ dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞƉƌĞǀŝŽƵƐůLJŝƐƐƵĞĚĂŶĚŚĂǀĞďĞĞŶƌĞƐƚĂƚĞĚƚŽĐŽƌƌĞĐƚĞƌƌŽƌƐ͘ĚĞƐĐƌŝƉƚŝŽŶŽĨ ƚŚĞŶĂƚƵƌĞŽĨƚŚĞƌĞƐƚĂƚĞŵĞŶƚƐĂŶĚŝƚƐĞĨĨĞĐƚƐƚŽƚŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ KĐƚŽďĞƌϯϭ͕ϮϬϮϬŝƐŝŶĐůƵĚĞĚŝŶEŽƚĞϮ͘ #### *ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ* ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĐŽŶƐŝƐƚƐƉƌŝŶĐŝƉĂůůLJŽĨĐĂƐŚŚĞůĚŝŶďĂŶŬƐĂƐǁĞůůĂƐĐĂƐŚĞƋƵŝǀĂůĞŶƚƐƚŚĂƚŵĂLJ ĐŽŶƐŝƐƚŽĨƐŚŽƌƚͲƚĞƌŵ͕ŚŝŐŚůLJůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐŝŶĐŽŵŵĞƌĐŝĂůƉĂƉĞƌĂŶĚh͘^͘ŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐƚŚĂƚĂƌĞ ƌĞĂĚŝůLJĐŽŶǀĞƌƚŝďůĞƚŽĐĂƐŚ͘ĂƐŚĞƋƵŝǀĂůĞŶƚƐŚĂǀĞƌĞŵĂŝŶŝŶŐŵĂƚƵƌŝƚŝĞƐŽĨůĞƐƐƚŚĂŶƚŚƌĞĞŵŽŶƚŚƐ͕ĂƐ ĚĞƚĞƌŵŝŶĞĚƵƉŽŶƉƵƌĐŚĂƐĞďLJƚŚĞŽŵƉĂŶLJ͕ĂŶĚĂƌĞƐƚĂƚĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͕ǁŚŝĐŚĂƉƉƌŽdžŝŵĂƚĞƐĨĂŝƌǀĂůƵĞ ĚƵĞƚŽƚŚĞƐŚŽƌƚͲƚĞƌŵŵĂƚƵƌŝƚŝĞƐŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐ͘ĂƐŚĚĞƉŽƐŝƚƐŵĂŝŶƚĂŝŶĞĚĂƚĂĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶŵĂLJ ĞdžĐĞĞĚƚŚĞĨĞĚĞƌĂůůLJŝŶƐƵƌĞĚůŝŵŝƚ͘ #### */ŶǀĞƐƚŵĞŶƚƐ* /ŶǀĞƐƚŵĞŶƚƐĐŽŶƐŝƐƚŽĨƐŚŽƌƚͲƚĞƌŵĚĞďƚƐĞĐƵƌŝƚŝĞƐĐŽŵƉƌŝƐĞĚŽĨĐĞƌƚŝĨŝĐĂƚĞƐŽĨĚĞƉŽƐŝƚ͕ĐŽŵŵĞƌĐŝĂůƉĂƉĞƌĂŶĚ h͘^͘ŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐǁŝƚŚƌĞŵĂŝŶŝŶŐŵĂƚƵƌŝƚŝĞƐŽĨƚŚƌĞĞŵŽŶƚŚƐƚŽϭϮŵŽŶƚŚƐƵƉŽŶƉƵƌĐŚĂƐĞďLJƚŚĞ ŽŵƉĂŶLJ͘ /ŶǀĞƐƚŵĞŶƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞǁŝƚŚŶĞƚƌĞĂůŝnjĞĚĂŶĚƵŶƌĞĂůŝnjĞĚŚŽůĚŝŶŐŐĂŝŶƐŽƌůŽƐƐĞƐ͕ĂŶĚŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞƌĞĨůĞĐƚĞĚĂƐĂĐŽŵƉŽŶĞŶƚŽĨŝŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌƌĞǀĞŶƵĞŽŶƚŚĞŽŵƉĂŶLJ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ͘dŚĞ ƐƉĞĐŝĨŝĐŝĚĞŶƚŝĨŝĞĚĐŽƐƚŵĞƚŚŽĚŝƐƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞƌĞĂůŝnjĞĚŐĂŝŶƐŽƌůŽƐƐĞƐŽŶĂůůŝŶǀĞƐƚŵĞŶƚƐƐŽůĚ͘ #### *&ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐ* dŚĞĂĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚƐĨŽƌĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƉƌŽǀŝĚĞĂĨƌĂŵĞǁŽƌŬĨŽƌŵĞĂƐƵƌŝŶŐĨĂŝƌǀĂůƵĞĂŶĚ ƌĞƋƵŝƌĞĚŝƐĐůŽƐƵƌĞƐŽĨŚŽǁĨĂŝƌǀĂůƵĞŝƐĚĞƚĞƌŵŝŶĞĚ͘&ĂŝƌǀĂůƵĞŝƐĚĞĨŝŶĞĚĂƐƚŚĞƉƌŝĐĞƚŚĂƚǁŽƵůĚďĞƌĞĐĞŝǀĞĚ ĨŽƌĂŶĂƐƐĞƚŽƌƚŚĞĞdžŝƚƉƌŝĐĞƚŚĂƚǁŽƵůĚďĞƉĂŝĚƚŽƚƌĂŶƐĨĞƌĂůŝĂďŝůŝƚLJŝŶƚŚĞƉƌŝŶĐŝƉĂůŽƌŵŽƐƚĂĚǀĂŶƚĂŐĞŽƵƐ ŵĂƌŬĞƚŝŶĂŶŽƌĚĞƌůLJƚƌĂŶƐĂĐƚŝŽŶďĞƚǁĞĞŶŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƐŽŶƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘dŚĞĂĐĐŽƵŶƚŝŶŐ ƐƚĂŶĚĂƌĚƐĞƐƚĂďůŝƐŚĂĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐĂŶĞŶƚŝƚLJƚŽŵĂdžŝŵŝnjĞƚŚĞƵƐĞŽĨ ŽďƐĞƌǀĂďůĞŝŶƉƵƚƐǁŚĞƌĞĂǀĂŝůĂďůĞ͘dŚŝƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJŐŝǀĞƐƚŚĞŚŝŐŚĞƐƚƉƌŝŽƌŝƚLJƚŽƋƵŽƚĞĚ ƉƌŝĐĞƐŝŶĂĐƚŝǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƚŝĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐĂŶĚƚŚĞůŽǁĞƐƚƉƌŝŽƌŝƚLJƚŽƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐ͘ sƵƚŝůŝnjĞƐƚŚŝƌĚͲƉĂƌƚLJƉƌŝĐŝŶŐƐĞƌǀŝĐĞƐƚŽǀĂůƵĞŝƚƐŝŶǀĞƐƚŵĞŶƚƐŝŶĚĞďƚŽďůŝŐĂƚŝŽŶƐ͕ĂƐĨƵƌƚŚĞƌĚŝƐĐƵƐƐĞĚ ďĞůŽǁ͘sĂůƵĂƚŝŽŶƐƉƌŽǀŝĚĞĚďLJƚŚĞƉƌŝĐŝŶŐƐĞƌǀŝĐĞƐĂƌĞƐƵďũĞĐƚƚŽĞdžĐĞƉƚŝŽŶƌĞƉŽƌƚŝŶŐƚŚĂƚŝĚĞŶƚŝĨŝĞƐƐĞĐƵƌŝƚŝĞƐ ǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚŵŽǀĞŵĞŶƚƐŝŶǀĂůƵĂƚŝŽŶ͕ĂƐǁĞůůĂƐŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚŶŽŵŽǀĞŵĞŶƚƐŝŶǀĂůƵĂƚŝŽŶ͘dŚĞƐĞ ĞdžĐĞƉƚŝŽŶƐĂƌĞƌĞǀŝĞǁĞĚďLJsŽŶĂĚĂŝůLJďĂƐŝƐ͘sĐŽŵƉĂƌĞƐƚŚĞƉƌŝĐĞŽĨƚƌĂĚĞƐĞdžĞĐƵƚĞĚďLJsƚŽƚŚĞ ǀĂůƵĂƚŝŽŶƐƉƌŽǀŝĚĞĚďLJƚŚĞƚŚŝƌĚͲƉĂƌƚLJƉƌŝĐŝŶŐƐĞƌǀŝĐĞƐƚŽŝĚĞŶƚŝĨLJĂŶĚƌĞƐĞĂƌĐŚƐŝŐŶŝĨŝĐĂŶƚǀĂƌŝĂŶĐĞƐ͘s ƉĞƌŝŽĚŝĐĂůůLJĐŽŵƉĂƌĞƐƚŚĞƉƌŝĐŝŶŐƐĞƌǀŝĐĞǀĂůƵĂƚŝŽŶƐƚŽǀĂůƵĂƚŝŽŶƐƉƌŽǀŝĚĞĚďLJĂƐĞĐŽŶĚĂƌLJŝŶĚĞƉĞŶĚĞŶƚ ƐŽƵƌĐĞǁŚĞŶĂǀĂŝůĂďůĞ͘s͛ƐsĂůƵĂƚŝŽŶŽŵŵŝƚƚĞĞƌĞǀŝĞǁƐƚŚĞŐĞŶĞƌĂůĂƐƐƵŵƉƚŝŽŶƐƵŶĚĞƌůLJŝŶŐƚŚĞ ŵĞƚŚŽĚŽůŽŐŝĞƐƵƐĞĚďLJƚŚĞƉƌŝĐŝŶŐƐĞƌǀŝĐĞƐƚŽǀĂůƵĞǀĂƌŝŽƵƐĂƐƐĞƚĐůĂƐƐĞƐĂƚůĞĂƐƚĂŶŶƵĂůůLJ͘dŚƌŽƵŐŚŽƵƚƚŚĞ LJĞĂƌ͕ŵĞŵďĞƌƐŽĨs͛ƐsĂůƵĂƚŝŽŶŽŵŵŝƚƚĞĞŽƌŝƚƐĚĞƐŝŐŶĞĞƐŵĞĞƚǁŝƚŚƉƌŝĐŝŶŐƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐƚŽĚŝƐĐƵƐƐ ĂŶLJƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐƚŽƚŚĞƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͛ǀĂůƵĂƚŝŽŶŵĞƚŚŽĚŽůŽŐŝĞƐŽƌŽƉĞƌĂƚŝŽŶĂůƉƌŽĐĞƐƐĞƐ͘ ƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂŶĚƌĞƉŽƌƚĞĚĂƚĨĂŝƌǀĂůƵĞĂƌĞĐůĂƐƐŝĨŝĞĚĂŶĚĚŝƐĐůŽƐĞĚŝŶŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐ ĐĂƚĞŐŽƌŝĞƐďĂƐĞĚŽŶƚŚĞŶĂƚƵƌĞŽĨƚŚĞŝŶƉƵƚƐƚŚĂƚĂƌĞƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐŝŶƚŚĞŝƌ {11}------------------------------------------------ ĞŶƚŝƌĞƚLJ͘/ŶĐĞƌƚĂŝŶĐĂƐĞƐ͕ƚŚĞŝŶƉƵƚƐƵƐĞĚƚŽŵĞĂƐƵƌĞĨĂŝƌǀĂůƵĞŵĂLJĨĂůůŝŶƚŽĚŝĨĨĞƌĞŶƚůĞǀĞůƐŽĨƚŚĞĨĂŝƌǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJ͘/ŶƐƵĐŚĐĂƐĞƐ͕ĂŶŝŶǀĞƐƚŵĞŶƚ͛ƐĐůĂƐƐŝĨŝĐĂƚŝŽŶǁŝƚŚŝŶƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ ŚŝĞƌĂƌĐŚLJŝƐďĂƐĞĚŽŶƚŚĞůŽǁĞƐƚůĞǀĞůŽĨŝŶƉƵƚƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘ - >ĞǀĞůϭ hŶĂĚũƵƐƚĞĚƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐŝŶĂĐƚŝǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƚŝĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐĂƚƚŚĞ ƌĞƉŽƌƚŝŶŐĚĂƚĞ͘ - >ĞǀĞůϮ KďƐĞƌǀĂďůĞŝŶƉƵƚƐŽƚŚĞƌƚŚĂŶ>ĞǀĞůϭƵŶĂĚũƵƐƚĞĚƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐ͕ƐƵĐŚĂƐƋƵŽƚĞĚŵĂƌŬĞƚ ƉƌŝĐĞƐĨŽƌƐŝŵŝůĂƌĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐŝŶĂĐƚŝǀĞŵĂƌŬĞƚƐ͕ƋƵŽƚĞĚƉƌŝĐĞƐĨŽƌŝĚĞŶƚŝĐĂůŽƌƐŝŵŝůĂƌĂƐƐĞƚƐ ŽƌůŝĂďŝůŝƚŝĞƐƚŚĂƚĂƌĞŶŽƚĂĐƚŝǀĞ͕ĂŶĚŝŶƉƵƚƐŽƚŚĞƌƚŚĂŶƋƵŽƚĞĚƉƌŝĐĞƐƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞŽƌ ĐŽƌƌŽďŽƌĂƚĞĚďLJŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ͘ - >ĞǀĞůϯ hŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐƚŚĂƚĂƌĞƐƵƉƉŽƌƚĞĚďLJůŝƚƚůĞŽƌŶŽŵĂƌŬĞƚĂĐƚŝǀŝƚLJ͘ #### *ĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ* ^ĂůĞƐĐŽŵŵŝƐƐŝŽŶƐƉĂŝĚƚŽďƌŽŬĞƌͲĚĞĂůĞƌƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞƐĂůĞŽĨĐĞƌƚĂŝŶĐůĂƐƐĞƐŽĨƐŚĂƌĞƐŽĨĂƚŽŶ sĂŶĐĞŵƵƚƵĂůĨƵŶĚƐƚŚĂƚĚŽŶŽƚŚĂǀĞĂĨƌŽŶƚͲĞŶĚůŽĂĚ;ƵƉͲĨƌŽŶƚĐŽŵŵŝƐƐŝŽŶĐŽƐƚƐͿĂƌĞĚĞĨĞƌƌĞĚĂŶĚ ĂŵŽƌƚŝnjĞĚŽǀĞƌƚŚĞŝƌĞdžƉĞĐƚĞĚƵƐĞĨƵůůŝĨĞ͕ǁŚŝĐŚĚŽĞƐŶŽƚĞdžĐĞĞĚĨŝǀĞLJĞĂƌƐĨƌŽŵƐĂůĞ͘dŚĞƵƐĞĨƵůůŝĨĞƌĞĨůĞĐƚƐ ƚŚĞƉĞƌŝŽĚĚƵƌŝŶŐǁŚŝĐŚƚŚĞŽŵƉĂŶLJĞdžƉĞĐƚƐƚŽƌĞĐŽǀĞƌƐƵĐŚƵƉͲĨƌŽŶƚĐŽŵŵŝƐƐŝŽŶĐŽƐƚƐ͕ƚĂŬŝŶŐŝŶƚŽ ĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĞƉĞƌŝŽĚĚƵƌŝŶŐǁŚŝĐŚƌĞĚĞŵƉƚŝŽŶƐďLJƚŚĞƉƵƌĐŚĂƐŝŶŐƐŚĂƌĞŚŽůĚĞƌĂƌĞƐƵďũĞĐƚƚŽĂĐŽŶƚŝŶŐĞŶƚ ĚĞĨĞƌƌĞĚƐĂůĞƐĐŚĂƌŐĞ͘ dŚĞŽŵƉĂŶLJĞǀĂůƵĂƚĞƐƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨŝƚƐĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶĂƐƐĞƚƐĨŽƌŝŵƉĂŝƌŵĞŶƚǁŚĞŶĞǀĞƌ ĐŚĂŶŐĞƐŝŶĨĂĐƚƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƐƵĐŚĂƐƐĞƚƐŵĂLJŶŽƚďĞƌĞĐŽǀĞƌĂďůĞ;Ă ƚƌŝŐŐĞƌŝŶŐĞǀĞŶƚͿĂŶĚĂƚůĞĂƐƚĂŶŶƵĂůůLJ͘/ŶŝƚƐŝŵƉĂŝƌŵĞŶƚĂŶĂůLJƐŝƐ͕ƚŚĞŽŵƉĂŶLJĐŽŵƉĂƌĞƐƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞ ŽĨĂĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶĂƐƐĞƚƚŽƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐĞdžƉĞĐƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚďLJƚŚĞĂƐƐĞƚŝŶ ƚŚĞĨŽƌŵŽĨĚŝƐƚƌŝďƵƚŝŽŶĨĞĞƐŽǀĞƌŝƚƐƌĞŵĂŝŶŝŶŐƵƐĞĨƵůůŝĨĞƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌŝŵƉĂŝƌŵĞŶƚŚĂƐŽĐĐƵƌƌĞĚ͘/Ĩ ƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶĂƐƐĞƚĞdžĐĞĞĚƐƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐ͕ƚŚĞĂƐƐĞƚŝƐ ǁƌŝƚƚĞŶĚŽǁŶƚŽĨĂŝƌǀĂůƵĞďĂƐĞĚŽŶĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐ͘/ŵƉĂŝƌŵĞŶƚĂĚũƵƐƚŵĞŶƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĂ ĐŽŵƉŽŶĞŶƚŽĨĂŵŽƌƚŝnjĂƚŝŽŶŽĨĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ͘ #### */ŶĐŽŵĞƚĂdžĞƐ* dŚĞŽŵƉĂŶLJŝƐŝŶĐůƵĚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨĞĚĞƌĂůƚĂdžƌĞƚƵƌŶĂŶĚƐƚĂƚĞƚĂdžƌĞƚƵƌŶƐŽĨsĂŶĚĂĨĨŝůŝĂƚĞƐ͘ /ŶĐŽŵĞƚĂdžĞƐĂƌĞĂůůŽĐĂƚĞĚƚŽŵĞŵďĞƌƐŽĨƚŚĞsŐƌŽƵƉĂƐŝĨĞĂĐŚǁĞƌĞĂƐĞƉĂƌĂƚĞƚĂdžƉĂLJĞƌ͘&ĞĚĞƌĂůƚĂdž ƉĂLJŵĞŶƚƐŵĂĚĞďLJĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚĨŽƌƚŚĞŽŵƉĂŶLJ͛ƐĨĞĚĞƌĂůƚĂdžůŝĂďŝůŝƚLJĂƌĞƐĞƚƚůĞĚƚŚƌŽƵŐŚĂŶ ŝŶƚĞƌĐŽŵƉĂŶLJĂĐĐŽƵŶƚ;ƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶͿ͘dŚĞŽŵƉĂŶLJĐŽŵƉƵƚĞƐŝƚƐĐƵƌƌĞŶƚĂŶĚĚĞĨĞƌƌĞĚƚĂdž ƉƌŽǀŝƐŝŽŶŝŶĂŵĂŶŶĞƌƚŚĂƚŝƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨŚŽǁƚŚĞŽŵƉĂŶLJǁŽƵůĚŚĂǀĞĐŽŵƉƵƚĞĚŝƚƐƉƌŽǀŝƐŝŽŶŚĂĚŝƚ ŶŽƚďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨĞĚĞƌĂůƚĂdžƌĞƚƵƌŶŽĨs͘ ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐƌĞĨůĞĐƚƚŚĞĞdžƉĞĐƚĞĚĨƵƚƵƌĞƚĂdžĐŽŶƐĞƋƵĞŶĐĞƐŽĨƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĂŶĚƚĂdžďĂƐĞƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚƵƐŝŶŐƌĂƚĞƐĞdžƉĞĐƚĞĚƚŽďĞŝŶ ĞĨĨĞĐƚǁŚĞŶƐƵĐŚĚŝĨĨĞƌĞŶĐĞƐƌĞǀĞƌƐĞ͘dŽƚŚĞĞdžƚĞŶƚƚŚĂƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚŵŽƌĞůŝŬĞůLJƚŚĂŶ ŶŽƚƚŽďĞƵŶƌĞĂůŝnjĂďůĞ͕ǀĂůƵĂƚŝŽŶĂůůŽǁĂŶĐĞƐĂƌĞƉƌŽǀŝĚĞĚ͘ /ŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ŵĂŶLJƚƌĂŶƐĂĐƚŝŽŶƐŽĐĐƵƌĨŽƌǁŚŝĐŚƚŚĞƵůƚŝŵĂƚĞƚĂdžŽƵƚĐŽŵĞŝƐƵŶĐĞƌƚĂŝŶ͘ ĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚƐŐŽǀĞƌŶŝŶŐƚŚĞĂĐĐŽƵŶƚŝŶŐĨŽƌƵŶĐĞƌƚĂŝŶƚLJŝŶŝŶĐŽŵĞƚĂdžĞƐĨŽƌĂƚĂdžƉŽƐŝƚŝŽŶƚĂŬĞŶŽƌ ĞdžƉĞĐƚĞĚƚŽďĞƚĂŬĞŶŝŶĂƚĂdžƌĞƚƵƌŶƌĞƋƵŝƌĞƚŚĂƚƚŚĞƚĂdžĞĨĨĞĐƚƐŽĨĂƉŽƐŝƚŝŽŶďĞƌĞĐŽŐŶŝnjĞĚŽŶůLJŝĨŝƚŝƐŵŽƌĞ {12}------------------------------------------------ ůŝŬĞůLJƚŚĂŶŶŽƚƚŽďĞƐƵƐƚĂŝŶĞĚďĂƐĞĚƐŽůĞůLJŽŶŝƚƐƚĞĐŚŶŝĐĂůŵĞƌŝƚƐĂƐŽĨƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘dŚĞŵŽƌĞͲůŝŬĞůLJͲ ƚŚĂŶͲŶŽƚƚŚƌĞƐŚŽůĚŵƵƐƚďĞŵĞƚŝŶĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƚŽƐƵƉƉŽƌƚĐŽŶƚŝŶƵĞĚƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞďĞŶĞĨŝƚ͘dŚĞ ĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞƚĂdžďĞŶĞĨŝƚƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌĂƚĂdžƉŽƐŝƚŝŽŶĂŶĚƚŚĞƚĂdž ďĞŶĞĨŝƚĐůĂŝŵĞĚŝŶƚŚĞŝŶĐŽŵĞƚĂdžƌĞƚƵƌŶŝƐƌĞĨĞƌƌĞĚƚŽĂƐĂŶƵŶƌĞĐŽŐŶŝnjĞĚƚĂdžďĞŶĞĨŝƚ͘hŶƌĞĐŽŐŶŝnjĞĚƚĂdž ďĞŶĞĨŝƚƐ͕ĂƐǁĞůůĂƐƚŚĞƌĞůĂƚĞĚŝŶƚĞƌĞƐƚĂŶĚƉĞŶĂůƚŝĞƐ͕ĂƌĞĂĚũƵƐƚĞĚƌĞŐƵůĂƌůLJƚŽƌĞĨůĞĐƚĐŚĂŶŐŝŶŐĨĂĐƚƐĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŚĞŽŵƉĂŶLJĐůĂƐƐŝĨŝĞƐĂŶLJŝŶƚĞƌĞƐƚŽƌƉĞŶĂůƚŝĞƐŝŶĐƵƌƌĞĚĂƐĂĐŽŵƉŽŶĞŶƚŽĨŝŶĐŽŵĞƚĂdž ĞdžƉĞŶƐĞ͘ŶLJĂĚũƵƐƚŵĞŶƚƐƚŽĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƚƚƌŝďƵƚĂďůĞƚŽĐŚĂŶŐĞƐŝŶƚĂdžůĂǁƐŽƌƌĂƚĞƐĂƌĞ ƌĞĐŽƌĚĞĚĂƐĂŶĞdžƉĞŶƐĞŽƌďĞŶĞĨŝƚŝŶƚŚĞƉĞƌŝŽĚƚŚĂƚƚŚĞŶĞǁůĞŐŝƐůĂƚŝŽŶŝƐĞŶĂĐƚĞĚ͘ #### *ĞĨĞƌƌĞĚŝŶĐŽŵĞ* dŚĞŽŵƉĂŶLJŚĂƐĂƉƵƌĐŚĂƐĞĂŶĚƐĂůĞĂŐƌĞĞŵĞŶƚǁŝƚŚĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚǁŚĞƌĞďLJŝƚŚĂƐĂŐƌĞĞĚƚŽ ƉĞƌŝŽĚŝĐĂůůLJ;ŵŽŶƚŚůLJͿƐĞůů͕ŝŶĞdžĐŚĂŶŐĞĨŽƌĐĂƐŚ͕ŝƚƐƌŝŐŚƚƚŽĐĞƌƚĂŝŶĨƵƚƵƌĞĚŝƐƚƌŝďƵƚŝŽŶĨĞĞĂŶĚĐŽŶƚŝŶŐĞŶƚ ĚĞĨĞƌƌĞĚƐĂůĞƐĐŚĂƌŐĞƌĞǀĞŶƵĞ͘ĚĚŝƚŝŽŶĂůĚŝƐĐůŽƐƵƌĞƌĞŐĂƌĚŝŶŐƚŚĞƉƵƌĐŚĂƐĞĂŶĚƐĂůĞĂŐƌĞĞŵĞŶƚǁŝƚŚĂƚŽŶ sĂŶĐĞDĂŶĂŐĞŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶEŽƚĞϭϭ͘^ĂůĞƐƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚƵŶĚĞƌƚŚĞĂŐƌĞĞŵĞŶƚĂƌĞŝŶŝƚŝĂůůLJ ƌĞĐŽŐŶŝnjĞĚĂƐĚĞĨĞƌƌĞĚŝŶĐŽŵĞ͘ĞĨĞƌƌĞĚŝŶĐŽŵĞďĂůĂŶĐĞƐĂƌĞƐƵďƐĞƋƵĞŶƚůLJĂŵŽƌƚŝnjĞĚƚŽĂŶŝŶƚĞƌĐŽŵƉĂŶLJ ĂĐĐŽƵŶƚ;ƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶͿƵƐŝŶŐƚŚĞƵŶŝƚͲŽĨͲƌĞǀĞŶƵĞŵĞƚŚŽĚŽǀĞƌƚŚĞƉĞƌŝŽĚƚŚĞŽŵƉĂŶLJ ĞdžƉĞĐƚƐƚŽĐŽůůĞĐƚĨƵƚƵƌĞƌĞǀĞŶƵĞƐƐŽůĚ͕ǁŚŝĐŚĚŽĞƐŶŽƚĞdžĐĞĞĚƚĞŶLJĞĂƌƐĨƌŽŵƐĂůĞ͘ #### *ZĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ* dŚĞŽŵƉĂŶLJĞĂƌŶƐƌĞǀĞŶƵĞƉƌŝŵĂƌŝůLJďLJƉƌŽǀŝĚŝŶŐĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƵŶĚĞƌǁƌŝƚĞƌƐĞƌǀŝĐĞƐ͕ĂŶĚͬŽƌƐŚĂƌĞŚŽůĚĞƌ ƐĞƌǀŝĐĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶƐĞƌǀŝĐĞƐƚŽĂĨĨŝůŝĂƚĞƐŝŶƌĞůĂƚŝŽŶƚŽ ƐĞƉĂƌĂƚĞůLJŵĂŶĂŐĞĚĂĐĐŽƵŶƚƐ͘ZĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝnjĞĚĨŽƌĞĂĐŚĚŝƐƚŝŶĐƚƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶŝĚĞŶƚŝĨŝĞĚŝŶ ĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐǁŚĞŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶŚĂƐďĞĞŶƐĂƚŝƐĨŝĞĚďLJƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐƚŽƚŚĞ ĐƵƐƚŽŵĞƌĞŝƚŚĞƌŽǀĞƌƚŝŵĞŽƌĂƚĂƉŽŝŶƚŝŶƚŝŵĞ;ǁŚŝĐŚŝƐǁŚĞŶƚŚĞĐƵƐƚŽŵĞƌŽďƚĂŝŶƐĐŽŶƚƌŽůŽĨƚŚĞƐĞƌǀŝĐĞͿ͘ ZĞǀĞŶƵĞƌĞĐŽŐŶŝnjĞĚŝƐƚŚĞĂŵŽƵŶƚŽĨǀĂƌŝĂďůĞŽƌĨŝdžĞĚĐŽŶƐŝĚĞƌĂƚŝŽŶĂůůŽĐĂƚĞĚƚŽƚŚĞƐĂƚŝƐĨŝĞĚƉĞƌĨŽƌŵĂŶĐĞ ŽďůŝŐĂƚŝŽŶƚŚĂƚƚŚĞŽŵƉĂŶLJĞdžƉĞĐƚƐƚŽďĞĞŶƚŝƚůĞĚƚŽĨŽƌƉƌŽǀŝĚŝŶŐƐƵĐŚƐĞƌǀŝĐĞƐƚŽƚŚĞĐƵƐƚŽŵĞƌ;ƚƌĂŶƐĂĐƚŝŽŶ ƉƌŝĐĞͿ͘sĂƌŝĂďůĞĐŽŶƐŝĚĞƌĂƚŝŽŶŝƐŝŶĐůƵĚĞĚŝŶƚŚĞƚƌĂŶƐĂĐƚŝŽŶƉƌŝĐĞŽŶůLJǁŚĞŶŝƚŝƐƉƌŽďĂďůĞƚŚĂƚĂƐŝŐŶŝĨŝĐĂŶƚ ƌĞǀĞƌƐĂůŽĨƐƵĐŚƌĞǀĞŶƵĞǁŝůůŶŽƚŽĐĐƵƌŽƌǁŚĞŶƚŚĞƵŶĐĞƌƚĂŝŶƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞǀĂƌŝĂďůĞĐŽŶƐŝĚĞƌĂƚŝŽŶ ;ĐŽŶƐƚƌĂŝŶƚͿŝƐƐƵďƐĞƋƵĞŶƚůLJƌĞƐŽůǀĞĚ͘dŚĞŵĂũŽƌŝƚLJŽĨƚŚĞĨĞĞƐĞĂƌŶĞĚďLJƉƌŽǀŝĚŝŶŐĚŝƐƚƌŝďƵƚŝŽŶĂŶĚ ƐŚĂƌĞŚŽůĚĞƌƐĞƌǀŝĐĞƐƌĞƉƌĞƐĞŶƚǀĂƌŝĂďůĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ĂƐƚŚĞƌĞǀĞŶƵĞŝƐůĂƌŐĞůLJĚĞƉĞŶĚĞŶƚŽŶƚŚĞǀĂůƵĞĂŶĚ ĐŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞĂƐƐŽĐŝĂƚĞĚĂƐƐĞƚƐƵŶĚĞƌŵĂŶĂŐĞŵĞŶƚŽĨsĂŶĚŝƚƐĂĨĨŝůŝĂƚĞƐ͘dŚĞǀĂůƵĞŽĨĂƐƐĞƚƐƵŶĚĞƌ ŵĂŶĂŐĞŵĞŶƚͲĨůƵĐƚƵĂƚĞƐǁŝƚŚĐŚĂŶŐĞƐŝŶƚŚĞƉƌŝĐĞƐŽĨƐĞĐƵƌŝƚŝĞƐŚĞůĚ͘ dŚĞƚŝŵŝŶŐŽĨǁŚĞŶƚŚĞŽŵƉĂŶLJďŝůůƐŝƚƐĐƵƐƚŽŵĞƌƐĂŶĚƌĞůĂƚĞĚƉĂLJŵĞŶƚƚĞƌŵƐǀĂƌLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ĂŐƌĞĞĚͲƵƉŽŶĐŽŶƚƌĂĐƚƵĂůƚĞƌŵƐ͘ĞƌƚĂŝŶŽĨƚŚĞŽŵƉĂŶLJ͛ƐĐƵƐƚŽŵĞƌƐĂƌĞďŝůůĞĚĂĨƚĞƌƚŚĞƐĞƌǀŝĐĞŝƐƉĞƌĨŽƌŵĞĚ͕ ǁŚŝĐŚƌĞƐƵůƚƐŝŶƚŚĞƌĞĐŽƌĚŝŶŐŽĨĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĂŶĚĂĐĐƌƵĞĚƌĞǀĞŶƵĞ͘ #### *ŝƐƚƌŝďƵƚŝŽŶĂŶĚƵŶĚĞƌǁƌŝƚĞƌĨĞĞƐ* dŚĞŽŵƉĂŶLJŝƐĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞĚŝƐƚƌŝďƵƚŝŽŶĨĞĞƐĂŶĚƵŶĚĞƌǁƌŝƚĞƌĐŽŵŵŝƐƐŝŽŶƐŝŶĞdžĐŚĂŶŐĞĨŽƌĚŝƐƚƌŝďƵƚŝŽŶ ƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƚŽĐĞƌƚĂŝŶĐůĂƐƐĞƐŽĨƐŚĂƌĞƐŽĨƚŚĞĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐ͘ŝƐƚƌŝďƵƚŝŽŶƐĞƌǀŝĐĞƐĐŽŶƐŝƐƚŽĨ ĚŝƐƚŝŶĐƚƐĂůĞƐĂŶĚŵĂƌŬĞƚŝŶŐĂĐƚŝǀŝƚŝĞƐƚŚĂƚĂƌĞĞĂƌŶĞĚƵƉŽŶƚŚĞƐĂůĞŽĨĨƵŶĚƐŚĂƌĞƐ͘ŝƐƚƌŝďƵƚŝŽŶĨĞĞƐĨŽƌĂůů ƐŚĂƌĞĐůĂƐƐĞƐƐƵďũĞĐƚƚŽƚŚĞƐĞĨĞĞƐĂƌĞĐĂůĐƵůĂƚĞĚĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨĂǀĞƌĂŐĞĚĂŝůLJŶĞƚĂƐƐĞƚƐ͕ĂŶĚĂƌĞƚLJƉŝĐĂůůLJ ƉĂŝĚŵŽŶƚŚůLJĨƌŽŵƚŚĞĂƐƐĞƚƐŽĨƚŚĞĨƵŶĚ͘ hŶĚĞƌǁƌŝƚŝŶŐĐŽŵŵŝƐƐŝŽŶƐĨŽƌĂůůƐŚĂƌĞĐůĂƐƐĞƐƐƵďũĞĐƚƚŽƚŚĞƐĞĨĞĞƐĂƌĞĐĂůĐƵůĂƚĞĚĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞ ĂŵŽƵŶƚŝŶǀĞƐƚĞĚĂŶĚĂƌĞĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞĂŵŽƵŶƚŝŶǀĞƐƚĞĚďLJƚŚĞƉƵƌĐŚĂƐŝŶŐĨƵŶĚƐŚĂƌĞŚŽůĚĞƌ͘dŚĞƐĞ ĐŽŵŵŝƐƐŝŽŶƐƌĞƉƌĞƐĞŶƚĨŝdžĞĚĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐƌĞǀĞŶƵĞ;ĂŶĚƌĞůĂƚĞĚĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ {13}------------------------------------------------ ĨƌŽŵƐĂůĞƐŽĨŝŶǀĞƐƚŵĞŶƚĐŽŵƉĂŶLJƐŚĂƌĞƐͿŽŶĂƚƌĂĚĞͲĚĂƚĞďĂƐŝƐǁŚĞŶƚŚĞĨƵŶĚƐŚĂƌĞƐĂƌĞƐŽůĚƚŽƚŚĞ ƐŚĂƌĞŚŽůĚĞƌ͘hŶĚĞƌǁƌŝƚĞƌĐŽŵŵŝƐƐŝŽŶƐĂƌĞǁĂŝǀĞĚŽƌƌĞĚƵĐĞĚŽŶƉƵƌĐŚĂƐĞƐŽĨƐŚĂƌĞƐƚŚĂƚĞdžĐĞĞĚƐƉĞĐŝĨŝĞĚ ŵŝŶŝŵƵŵĂŵŽƵŶƚƐ͘ ŽŶƚŝŶŐĞŶƚĚĞĨĞƌƌĞĚƐĂůĞƐĐŚĂƌŐĞƐĨŽƌĂůůĐůĂƐƐĞƐŽĨƐŚĂƌĞƐŽĨƚŚĞĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐƐƵďũĞĐƚƚŽƚŚĞƐĞ ĨĞĞƐĂƌĞĐĂůĐƵůĂƚĞĚĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞƉƌŽĐĞĞĚƐƌĞĚĞĞŵĞĚďLJƚŚĞƐŚĂƌĞŚŽůĚĞƌĂŶĚĂƌĞĚĞĚƵĐƚĞĚĨƌŽŵ ƐŚĂƌĞŚŽůĚĞƌƌĞĚĞŵƉƚŝŽŶƉƌŽĐĞĞĚƐ͘ŽŶƚŝŶŐĞŶƚĚĞĨĞƌƌĞĚƐĂůĞƐĐŚĂƌŐĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐƌĞǀĞŶƵĞĂƚƚŚĞƚŝŵĞ ƚŚĞƐŚĂƌĞƐĂƌĞƌĞĚĞĞŵĞĚďLJƚŚĞƐŚĂƌĞŚŽůĚĞƌ͘ #### *^ĞƌǀŝĐĞĨĞĞƐ* dŚĞŽŵƉĂŶLJŝƐĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞƐĞƌǀŝĐĞĨĞĞƐŝŶĞdžĐŚĂŶŐĞĨŽƌƐŚĂƌĞŚŽůĚĞƌƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƚŽƚŚĞĂƚŽŶ sĂŶĐĞŵƵƚƵĂůĨƵŶĚƐ͘^ŚĂƌĞŚŽůĚĞƌƐĞƌǀŝĐĞƐĐŽŶƐŝƐƚŽĨƐŚĂƌĞŚŽůĚĞƌƚƌĂŶƐĂĐƚŝŽŶƉƌŽĐĞƐƐŝŶŐĂŶĚͬŽƌƐŚĂƌĞŚŽůĚĞƌ ĂĐĐŽƵŶƚŵĂŝŶƚĞŶĂŶĐĞƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚŽŶĂĚĂŝůLJďĂƐŝƐ͘^ĞƌǀŝĐĞĨĞĞƐĂƌĞĐĂůĐƵůĂƚĞĚĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨĂǀĞƌĂŐĞ ĚĂŝůLJŶĞƚĂƐƐĞƚƐƵŶĚĞƌŵĂŶĂŐĞŵĞŶƚ͕ĂƌĞĞĂƌŶĞĚĚĂŝůLJƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƐŚĂƌĞŚŽůĚĞƌƐĞƌǀŝĐĞƐĂŶĚĂƌĞ ƚLJƉŝĐĂůůLJƉĂŝĚŵŽŶƚŚůLJĨƌŽŵƚŚĞĂƐƐĞƚƐŽĨƚŚĞĨƵŶĚ͘ #### *^ĞƌǀŝĐĞĂŐƌĞĞŵĞŶƚŝŶĐŽŵĞ* dŚĞŽŵƉĂŶLJŝƐĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞƐĞƌǀŝĐĞĂŐƌĞĞŵĞŶƚŝŶĐŽŵĞŝŶĞdžĐŚĂŶŐĞĨŽƌĚŝƐƚƌŝďƵƚŝŽŶƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚ ƚŽĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚ͘^ĞƌǀŝĐĞĂŐƌĞĞŵĞŶƚŝŶĐŽŵĞŝƐĐĂůĐƵůĂƚĞĚĂŶĚƉĂŝĚŵŽŶƚŚůLJďĂƐĞĚŽŶƚŚĞĂŵŽƵŶƚ ŽĨƚŚĞŽŵƉĂŶLJ͛ƐŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐĂŶĚĞdžƉĞŶƐĞƐĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚh͘^͘'W͘ĚĚŝƚŝŽŶĂů ĚŝƐĐůŽƐƵƌĞƌĞŐĂƌĚŝŶŐƚŚĞƐĞƌǀŝĐĞĂŐƌĞĞŵĞŶƚǁŝƚŚĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶEŽƚĞϭϭ͘ #### *WƌŝŶĐŝƉĂůǀĞƌƐƵƐĂŐĞŶƚ* dŚĞŽŵƉĂŶLJŚĂƐĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚƚŚŝƌĚƉĂƌƚŝĞƐŝŶǀŽůǀĞĚŝŶƉƌŽǀŝĚŝŶŐǀĂƌŝŽƵƐƐĞƌǀŝĐĞƐƚŽĂƚŽŶ sĂŶĐĞŵƵƚƵĂůĨƵŶĚƐĐƵƐƚŽŵĞƌƐ͕ŝŶĐůƵĚŝŶŐĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƐŚĂƌĞŚŽůĚĞƌƐĞƌǀŝĐĞƐ͘ŝƐƚƌŝďƵƚŝŽŶĞdžƉĞŶƐĞƉƌŝŵĂƌŝůLJ ŝŶĐůƵĚĞƐƐĂůĞƐĐŚĂƌŐĞƐ;ĨƌŽŶƚͲĞŶĚůŽĂĚĐŽŵŵŝƐƐŝŽŶƐͿƉĂŝĚƚŽƐĞůůŝŶŐďƌŽŬĞƌͲĚĞĂůĞƌƐƌĞĐŽƌĚĞĚĂƐĂŶĞdžƉĞŶƐĞ ;ĂŶĚƌĞůĂƚĞĚĂĐĐŽƵŶƚƐƉĂLJĂďůĞĨŽƌŝŶǀĞƐƚŵĞŶƚĐŽŵƉĂŶLJƐŚĂƌĞƐƐŽůĚͿŽŶĂƚƌĂĚĞͲĚĂƚĞďĂƐŝƐ͕ƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞ ĚŝƐƚƌŝďƵƚŝŽŶĨĞĞƐƌĞĂůůŽǁĞĚƚŽĨŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐƚŚĂƚƉƌŽǀŝĚĞĚŝƐƚƌŝďƵƚŝŽŶƐĞƌǀŝĐĞƐ͕ĂŶĚƉĂLJŵĞŶƚƐŵĂĚĞ ƚŽĨŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐƚŚĂƚƉƌŽǀŝĚĞŵĂƌŬĞƚŝŶŐƐƵƉƉŽƌƚ͕ƚƌĂŶƐĂĐƚŝŽŶƉƌŽĐĞƐƐŝŶŐĂŶĚͬŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƐĞƌǀŝĐĞƐƚŽƚŚĞĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐĂŶĚ͕ŝŶƐŽŵĞĐĂƐĞƐ͕ŝŶĐůƵĚĞƐŽŵĞŽƌĂůůŽĨŽƵƌĨƵŶĚƐŝŶƉƌĞĨĞƌƌĞĚŽƌ ƐƉĞĐŝĂůŝnjĞĚƐĞůůŝŶŐƉƌŽŐƌĂŵƐ͘WĂLJŵĞŶƚƐĂƌĞƚLJƉŝĐĂůůLJďĂƐĞĚŽŶĨƵŶĚŶĞƚĂƐƐĞƚƐ͕ƐĂůĞƐ͕ƚƌĂŶƐĂĐƚŝŽŶƐƉƌŽĐĞƐƐĞĚ ĂŶĚͬŽƌĂĐĐŽƵŶƚƐĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĂƚĨŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌLJ͘&ŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐĂůƐŽŵĂLJƌĞĐĞŝǀĞ ƉĂLJŵĞŶƚƐĨƌŽŵƚŚĞŽŵƉĂŶLJŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĞĚƵĐĂƚŝŽŶĂůŽƌĚƵĞĚŝůŝŐĞŶĐĞŵĞĞƚŝŶŐƐƚŚĂƚŝŶĐůƵĚĞ ŝŶĨŽƌŵĂƚŝŽŶĐŽŶĐĞƌŶŝŶŐƚŚĞĨƵŶĚƐ͘^ĞƌǀŝĐĞĨĞĞĞdžƉĞŶƐĞŝŶĐůƵĚĞƐƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞƐĞƌǀŝĐĞĨĞĞƐƌĞĂůůŽǁĞĚƚŽ ĨŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐƚŚĂƚƉƌŽǀŝĚĞƐŚĂƌĞŚŽůĚĞƌƐĞƌǀŝĐĞƐ͘ /ŶŝŶƐƚĂŶĐĞƐǁŚĞƌĞƚŚĞŽŵƉĂŶLJŚĂƐĚŝƐĐƌĞƚŝŽŶƚŽŚŝƌĞƚŚŝƌĚͲƉĂƌƚLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͕ƚŚĞŽŵƉĂŶLJŝƐŐĞŶĞƌĂůůLJ ĚĞĞŵĞĚƚŽĐŽŶƚƌŽůƚŚĞƐĞƌǀŝĐĞƐďĞĨŽƌĞƚƌĂŶƐĨĞƌƌŝŶŐƚŚĞŵƚŽƚŚĞĨƵŶĚ͕ĂŶĚĂĐĐŽƌĚŝŶŐůLJƉƌĞƐĞŶƚƐĂƐƐŽĐŝĂƚĞĚ ƌĞǀĞŶƵĞƐŐƌŽƐƐŽĨƚŚĞƌĞůĂƚĞĚƚŚŝƌĚͲƉĂƌƚLJĐŽƐƚƐ͘ůƚĞƌŶĂƚŝǀĞůLJ͕ǁŚĞƌĞƚŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĐŽŶƚƌŽůƚŚĞ ƐĞƌǀŝĐĞ͕ƌĞǀĞŶƵĞŝƐƌĞĐŽƌĚĞĚŶĞƚŽĨƉĂLJŵĞŶƚƐƚŽƚŚŝƌĚͲƉĂƌƚLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͘ dŚĞŽŵƉĂŶLJĐŽŶƚƌŽůƐƚŚĞƌŝŐŚƚƚŽĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƐŚĂƌĞŚŽůĚĞƌƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďLJƚŚŝƌĚͲƉĂƌƚLJĨŝŶĂŶĐŝĂů ŝŶƚĞƌŵĞĚŝĂƌŝĞƐ͖ƚŚĞƌĞĨŽƌĞ͕ĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƵŶĚĞƌǁƌŝƚĞƌĨĞĞƐĂŶĚƐĞƌǀŝĐĞĨĞĞƐĂƌĞƌĞĐŽƌĚĞĚŽŶĂŐƌŽƐƐďĂƐŝƐ͘ &ĞĞƐƉĂŝĚƚŽƚŚŝƌĚƉĂƌƚŝĞƐĨŽƌĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƐŚĂƌĞŚŽůĚĞƌƐĞƌǀŝĐĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĂŶĞdžƉĞŶƐĞǁŚĞŶ ŝŶĐƵƌƌĞĚĂŶĚĂƌĞŝŶĐůƵĚĞĚŝŶĚŝƐƚƌŝďƵƚŝŽŶĞdžƉĞŶƐĞĂŶĚƐĞƌǀŝĐĞĨĞĞĞdžƉĞŶƐĞ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ŝŶƚŚĞŽŵƉĂŶLJ͛Ɛ ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ͘ {14}------------------------------------------------ #### *ĚǀĞƌƚŝƐŝŶŐĂŶĚƉƌŽŵŽƚŝŽŶ* ŝƐĐƌĞƚŝŽŶĂƌLJĂĚǀĞƌƚŝƐŝŶŐĂŶĚƉƌŽŵŽƚŝŽŶĂůĐŽƐƚƐĂƌĞĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚĂŶĚĂƌĞŝŶĐůƵĚĞĚŝŶĚŝƐƚƌŝďƵƚŝŽŶ ĞdžƉĞŶƐĞŝŶƚŚĞŽŵƉĂŶLJ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ͘ĚǀĞƌƚŝƐŝŶŐĐŽƐƚƐŝŶĐƵƌƌĞĚǁĞƌĞŶŽƚŵĂƚĞƌŝĂůƚŽƚŚĞ ŽŵƉĂŶLJ͛Ɛ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŝŶƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͘ #### *^ƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶ* dŚĞŽŵƉĂŶLJĂĐĐŽƵŶƚƐĨŽƌƐƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞ͕ƌĞůĂƚĞĚƚŽĞƋƵŝƚLJĂǁĂƌĚƐŐƌĂŶƚĞĚƚŽ ĞŵƉůŽLJĞĞƐŽĨƚŚĞŽŵƉĂŶLJƵŶĚĞƌs͛ƐƐƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐ͕ĂƚĨĂŝƌǀĂůƵĞ͘hŶĚĞƌƚŚĞĨĂŝƌǀĂůƵĞ ŵĞƚŚŽĚ͕ƐƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞĨŽƌĞƋƵŝƚLJĂǁĂƌĚƐ͕ǁŚŝĐŚƌĞĨůĞĐƚƐƚŚĞĨĂŝƌǀĂůƵĞŽĨƐƚŽĐŬͲďĂƐĞĚ ĂǁĂƌĚƐŵĞĂƐƵƌĞĚĂƚŐƌĂŶƚĚĂƚĞ͕ŝƐƌĞĐŽŐŶŝnjĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƌĞůĞǀĂŶƚƐĞƌǀŝĐĞƉĞƌŝŽĚ ;ŐĞŶĞƌĂůůLJƚŚƌĞĞLJĞĂƌƐĨŽƌƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐĂŶĚĨŝǀĞLJĞĂƌƐĨŽƌĂůůŽƚŚĞƌĂǁĂƌĚƐͿĂŶĚŝƐĂĚũƵƐƚĞĚĞĂĐŚƉĞƌŝŽĚ ĨŽƌĨŽƌĨĞŝƚƵƌĞƐĂƐƚŚĞLJŽĐĐƵƌ͘ dŚĞƚĂdžĞĨĨĞĐƚŽĨƚŚĞĚŝĨĨĞƌĞŶĐĞ͕ŝĨĂŶLJ͕ďĞƚǁĞĞŶƚŚĞĐƵŵƵůĂƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞƌĞĐŽŐŶŝnjĞĚĨŽƌĂƐƚŽĐŬͲ ďĂƐĞĚĂǁĂƌĚĨŽƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐĂŶĚƚŚĞĚĞĚƵĐƚŝŽŶĨŽƌƐƵĐŚĂǁĂƌĚĨŽƌƚĂdžƉƵƌƉŽƐĞƐŝƐƌĞĐŽŐŶŝnjĞĚ ĂƐŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ;ĨŽƌƚĂdžĚĞĨŝĐŝĞŶĐŝĞƐͿŽƌďĞŶĞĨŝƚ;ĨŽƌĞdžĐĞƐƐƚĂdžďĞŶĞĨŝƚƐͿŝŶƚŚĞŽŵƉĂŶLJ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨ /ŶĐŽŵĞŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞƚĂdžĚĞĚƵĐƚŝŽŶĂƌŝƐĞƐ;ŐĞŶĞƌĂůůLJŝŶƚŚĞƉĞƌŝŽĚŽĨǀĞƐƚŝŶŐŽƌƐĞƚƚůĞŵĞŶƚŽĨĂ ƐƚŽĐŬͲďĂƐĞĚĂǁĂƌĚ͕ĂƐĂƉƉůŝĐĂďůĞͿĂŶĚĂƌĞƌĞĨůĞĐƚĞĚĂƐĂŶŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚLJŽŶƚŚĞŽŵƉĂŶLJ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨ ĂƐŚ&ůŽǁƐ͘ #### *>ŽƐƐĐŽŶƚŝŶŐĞŶĐŝĞƐ* dŚĞŽŵƉĂŶLJĐŽŶƚŝŶƵŽƵƐůLJƌĞǀŝĞǁƐĂŶLJŝŶǀĞƐƚŽƌ͕ĞŵƉůŽLJĞĞŽƌǀĞŶĚŽƌĐŽŵƉůĂŝŶƚƐĂŶĚƉĞŶĚŝŶŐŽƌƚŚƌĞĂƚĞŶĞĚ ůŝƚŝŐĂƚŝŽŶ͘dŚĞŽŵƉĂŶLJĞǀĂůƵĂƚĞƐƚŚĞůŝŬĞůŝŚŽŽĚƚŚĂƚĂůŽƐƐĐŽŶƚŝŶŐĞŶĐLJĞdžŝƐƚƐƵŶĚĞƌƚŚĞĐƌŝƚĞƌŝĂŽĨĂƉƉůŝĐĂďůĞ ĂĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚƐƚŚƌŽƵŐŚĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚůĞŐĂůĐŽƵŶƐĞůĂŶĚƌĞĐŽƌĚƐĂůŽƐƐĐŽŶƚŝŶŐĞŶĐLJ͕ŝŶĐůƵƐŝǀĞŽĨůĞŐĂů ĐŽƐƚƐ͕ŝĨƚŚĞĐŽŶƚŝŶŐĞŶĐLJŝƐƉƌŽďĂďůĞĂŶĚƌĞĂƐŽŶĂďůLJĞƐƚŝŵĂďůĞĂƚƚŚĞĚĂƚĞŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞƌĞ ĂƌĞŶŽůŽƐƐĞƐŽĨƚŚŝƐŶĂƚƵƌĞƚŚĂƚĂƌĞĐƵƌƌĞŶƚůLJĚĞĞŵĞĚƉƌŽďĂďůĞĂŶĚƌĞĂƐŽŶĂďůLJĞƐƚŝŵĂďůĞ͕ĂŶĚ͕ƚŚƵƐ͕ŶŽŶĞ ŚĂǀĞďĞĞŶƌĞĐŽƌĚĞĚŝŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘ #### **Ϯ͘** *ZĞƐƚĂƚĞŵĞŶƚŽĨWƌĞǀŝŽƵƐůLJ/ƐƐƵĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐƚŽŽƌƌĞĐƚĐĐŽƵŶƚŝŶŐƌƌŽƌƐ* dŚĞŽŵƉĂŶLJĂĚŽƉƚĞĚĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐhƉĚĂƚĞ;^hͿϮϬϭϰͲϬϵ͕*ZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚƐǁŝƚŚƵƐƚŽŵĞƌƐ* ;ĐŽĚŝĨŝĞĚŝŶdŽƉŝĐϲϬϲͿ͕ĂƐŽĨEŽǀĞŵďĞƌϭ͕ϮϬϭϴ͘^hϮϬϭϰͲϬϵĞůŝŵŝŶĂƚĞĚŝŶĚƵƐƚƌLJƐƉĞĐŝĨŝĐŐƵŝĚĂŶĐĞƚŚĂƚ ĂĚĚƌĞƐƐĞĚƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨŝŶĐŽŵĞƌĞůĂƚĞĚƚŽƐĂůĞŽĨƌŝŐŚƚƐƚŽĐĂƐŚĨůŽǁƐĨƌŽŵĨƵƚƵƌĞĚŝƐƚƌŝďƵƚŝŽŶĨĞĞƐ͘^ŝŶĐĞ ƚŚĞƉƵƌĐŚĂƐĞĂŶĚƐĂůĞĂŐƌĞĞŵĞŶƚǁŝƚŚĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚ͕ĂǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJŽĨs͕ ĚĞƐĐƌŝďĞĚĨƵƌƚŚĞƌŝŶEŽƚĞϭϭ͕ŝŶǀŽůǀĞƐƚŚĞƐĂůĞŽĨĐĞƌƚĂŝŶĨƵƚƵƌĞĚŝƐƚƌŝďƵƚŝŽŶĨĞĞƐĂŶĚĐŽŶƚŝŶŐĞŶƚĚĞĨĞƌƌĞĚƐĂůĞƐ ĐŚĂƌŐĞƌĞǀĞŶƵĞ͕ƚŚĞŐƵŝĚĂŶĐĞƵŶĚĞƌdŽƉŝĐϰϳϬ͕*Ğďƚ*͕ƐŚŽƵůĚŚĂǀĞďĞĞŶĂƉƉůŝĞĚƚŽƚŚŝƐĂŐƌĞĞŵĞŶƚƵƉŽŶ ĂĚŽƉƚŝŽŶŽĨ^hϮϬϭϰͲϬϵ͘hŶĚĞƌdŽƉŝĐϰϳϬ͕ƚŚĞƉƌŽĐĞĞĚƐĨƌŽŵƚŚĞƐĂůĞŽĨƚŚĞƐĞĨƵƚƵƌĞƌĞǀĞŶƵĞƐƐŚŽƵůĚŚĂǀĞ ďĞĞŶĐůĂƐƐŝĨŝĞĚĂƐĚĞĨĞƌƌĞĚŝŶĐŽŵĞ;ůŝĂďŝůŝƚLJͿĂŶĚƐƵďƐĞƋƵĞŶƚůLJĂŵŽƌƚŝnjĞĚƚŽĂŶŝŶƚĞƌĐŽŵƉĂŶLJĂĐĐŽƵŶƚ ;ƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶͿƵƐŝŶŐƚŚĞƵŶŝƚͲŽĨͲƌĞǀĞŶƵĞŵĞƚŚŽĚ͘/ŶĂĚĚŝƚŝŽŶ͕ƐŝŶĐĞƚŚĞŽŵƉĂŶLJĞĂƌŶƐ ƌĞǀĞŶƵĞĨŽƌƉƌŽǀŝĚŝŶŐĚŝƐƚƌŝďƵƚŝŽŶƐĞƌǀŝĐĞƐƚŽƚŚĞĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐĂƐĂƉƌŝŶĐŝƉĂůƵŶĚĞƌǀĂƌŝŽƵƐ ĚŝƐƚƌŝďƵƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚƚŚĞĨƵŶĚƐ͕ĚŝƐƚƌŝďƵƚŝŽŶĨĞĞƐĂŶĚĐŽŶƚŝŶŐĞŶƚĚĞĨĞƌƌĞĚƐĂůĞƐĐŚĂƌŐĞƌĞǀĞŶƵĞƐŽůĚ ƵŶĚĞƌƚŚĞƉƵƌĐŚĂƐĞĂŶĚƐĂůĞĂŐƌĞĞŵĞŶƚƐŚŽƵůĚŚĂǀĞďĞĞŶƌĞĐŽŐŶŝnjĞĚĂŶĚƌĞƉŽƌƚĞĚŽŶĂŐƌŽƐƐďĂƐŝƐƵŶĚĞƌ dŽƉŝĐϲϬϲ͘ůƐŽ͕ƚŚĞŽŵƉĂŶLJƐŚŽƵůĚŚĂǀĞƌĞĐŽŐŶŝnjĞĚĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ;ĂƐƐĞƚͿĂŶĚƌĞůĂƚĞĚ ĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐĨŽƌƵƉͲĨƌŽŶƚĐŽŵŵŝƐƐŝŽŶĐŽƐƚƐƉĂŝĚŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞƐĂůĞŽĨĐĞƌƚĂŝŶĐůĂƐƐĞƐŽĨ ƐŚĂƌĞƐŽĨĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐ͘WƌĞǀŝŽƵƐůLJ͕ĚŝƐƚƌŝďƵƚŝŽŶĨĞĞƐĂŶĚĐŽŶƚŝŶŐĞŶƚĚĞĨĞƌƌĞĚƐĂůĞƐĐŚĂƌŐĞ ƌĞǀĞŶƵĞ͕ĂŶĚĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶĞdžƉĞŶƐĞĨƌŽŵ {15}------------------------------------------------ ƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐǁĞƌĞƌĞĐŽƌĚĞĚŶĞƚŽĨƚŚĞƉƵƌĐŚĂƐĞĂŶĚƐĂůĞĂŐƌĞĞŵĞŶƚǁŝƚŚ ĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚƌĂƚŚĞƌƚŚĂŶŽŶĂŐƌŽƐƐďĂƐŝƐ͘&ŝŶĂůůLJ͕ƚŚĞŽŵƉĂŶLJŝĚĞŶƚŝĨŝĞĚĂŶƵŶĚĞƌƐƚĂƚĞŵĞŶƚŽĨ ĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƵŶĚĞƌǁƌŝƚĞƌĨĞĞƐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶĞdžƉĞŶƐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐĂůĞƐĐŚĂƌŐĞƐƉĂŝĚƚŽƚŚŝƌĚƉĂƌƚLJ ďƌŽŬĞƌͲĚĞĂůĞƌƐŽŶƐĂůĞƐŽĨĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐ͘ dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞƉƌĞǀŝŽƵƐůLJŝƐƐƵĞĚĂŶĚŚĂǀĞďĞĞŶƌĞƐƚĂƚĞĚƚŽĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐƌĞƐƵůƚŝŶŐĨƌŽŵ ƚŚĞŝŵƉƌŽƉĞƌĂƉƉůŝĐĂƚŝŽŶŽĨh͘^͘'WĚĞƐĐƌŝďĞĚĂďŽǀĞ͘dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƉƌĞƐĞŶƚƚŚĞĐƵŵƵůĂƚŝǀĞĞĨĨĞĐƚƐŽĨ ƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨƚŚĞĞƌƌŽƌƐƚŽƚŚĞĞĨĨĞĐƚĞĚůŝŶĞŝƚĞŵƐŝŶƚŚĞƐĞƉƌĞǀŝŽƵƐůLJŝƐƐƵĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͗ | | | ƐWƌĞǀŝŽƵƐůLJ | | | | | |---------------------------------------------|-------|-----------------|---|----------------|-------|-----------------| | | | ZĞƉŽƌƚĞĚ | | ĚũƵƐƚŵĞŶƚƐ | | ƐZĞƐƚĂƚĞĚ | | ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ | | | | | | | | ƐƐĞƚƐ͗ | | | | | | | | ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵĂĨĨŝůŝĂƚĞƐ | Ψ | Ϯϴ͕Ϭϯϯ͕ϳϬϮ | Ψ | ϯϳ͕ϴϬϭ͕ϳϱϭ | Ψ | ϲϱ͕ϴϯϱ͕ϰϱϯ | | ĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ | | Ͳ | | ϲϬ͕ϲϱϱ͕ϯϭϯ | | ϲϬ͕ϲϱϱ͕ϯϭϯ | | ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐ | | ϰ͕ϱϵϱ͕ϴϮϲ | | ;ϰ͕ϱϵϱ͕ϴϮϲͿ | | Ͳ | | WƌĞƉĂŝĚĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌĂƐƐĞƚƐ | | Ϯ͕ϱϭϳ͕ϳϵϵ | | ϭ͕Ϭϳϲ͕ϵϲϳ | | ϯ͕ϱϵϰ͕ϳϲϲ | | dŽƚĂůĂƐƐĞƚƐ | | Ϯϰϯ͕ϭϭϬ͕ϯϬϳ | | ϵϰ͕ϵϯϴ͕ϮϬϱ | | ϯϯϴ͕Ϭϰϴ͕ϱϭϮ | |
>ŝĂďŝůŝƚŝĞƐ͗ |
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| | ĞĨĞƌƌĞĚŝŶĐŽŵĞ | | Ͳ | | ϴϮ͕ϵϲϮ͕ϵϳϰ | | ϴϮ͕ϵϲϮ͕ϵϳϰ | | ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐ | | Ͳ | | ϭϭ͕ϭϱϮ͕ϰϲϬ | | ϭϭ͕ϭϱϮ͕ϰϲϬ | | dŽƚĂůůŝĂďŝůŝƚŝĞƐ | | ϱϲ͕ϭϳϳ͕ϯϴϬ | | ϵϰ͕ϭϭϱ͕ϰϯϰ | | ϭϱϬ͕ϮϵϮ͕ϴϭϰ | |
^ƚŽĐŬŚŽůĚĞƌ͛ƐƋƵŝƚLJ͗ |
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| | ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ | | ϯϲ͕ϰϵϭ͕ϲϴϴ | | ϴϮϮ͕ϳϳϭ | | ϯϳ͕ϯϭϰ͕ϰϱϵ | | dŽƚĂůƐƚŽĐŬŚŽůĚĞƌ͛ƐĞƋƵŝƚLJ | | ϭϴϲ͕ϵϯϮ͕ϵϮϳ | | ϴϮϮ͕ϳϳϭ | | ϭϴϳ͕ϳϱϱ͕ϲϵϴ | |
dŽƚĂůůŝĂďŝůŝƚŝĞƐĂŶĚƐƚŽĐŬŚŽůĚĞƌ͛ƐĞƋƵŝƚLJ |
Ψ |
Ϯϰϯ͕ϭϭϬ͕ϯϬϳ | Ψ |
ϵϰ͕ϵϯϴ͕ϮϬϱ |
Ψ |
ϯϯϴ͕Ϭϰϴ͕ϱϭϮ | {16}------------------------------------------------ | | | ƐWƌĞǀŝŽƵƐůLJ | | | | | |----------------------------------------|-------|---------------|---|--------------|-------|---------------| | | | ZĞƉŽƌƚĞĚ | | ĚũƵƐƚŵĞŶƚƐ | | ƐZĞƐƚĂƚĞĚ | | ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ | | | | | | | | ZĞǀĞŶƵĞ͗ | | | | | | | | ^ĞƌǀŝĐĞĂŐƌĞĞŵĞŶƚŝŶĐŽŵĞ | Ψ | ϭϵϮ͕Ϯϴϵ͕Ϯϱϳ | Ψ | ;Ϯϭ͕Ϭϯϴ͕ϴϯϱͿ | Ψ | ϭϳϭ͕ϮϱϬ͕ϰϮϮ | | ŝƐƚƌŝďƵƚŝŽŶĂŶĚƵŶĚĞƌǁƌŝƚĞƌĨĞĞƐ | | ϯϬ͕ϰϱϭ͕ϴϮϵ | | ϱϬ͕ϳϵϴ͕ϱϭϮ | | ϴϭ͕ϮϱϬ͕ϯϰϭ | | dŽƚĂůƌĞǀĞŶƵĞ | | ϯϵϵ͕ϰϰϭ͕ϰϵϳ | | Ϯϵ͕ϳϱϵ͕ϲϳϳ | | ϰϮϵ͕ϮϬϭ͕ϭϳϰ | |
džƉĞŶƐĞƐ͗ |
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| | ŝƐƚƌŝďƵƚŝŽŶĞdžƉĞŶƐĞ | | ϭϮϭ͕Ϯϵϴ͕ϵϬϴ | | ϰ͕ϭϵϬ͕ϰϱϮ | | ϭϮϱ͕ϰϴϵ͕ϯϲϬ | | ŵŽƌƚŝnjĂƚŝŽŶŽĨĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ | | Ͳ | | Ϯϰ͕ϵϴϱ͕ϳϬϮ | | Ϯϰ͕ϵϴϱ͕ϳϬϮ | | dŽƚĂůĞdžƉĞŶƐĞƐ | | ϯϵϬ͕ϴϭϱ͕ϴϰϱ | | Ϯϵ͕ϭϳϲ͕ϭϱϰ | | ϰϭϵ͕ϵϵϭ͕ϵϵϵ | |
/ŶĐŽŵĞďĞĨŽƌĞŝŶĐŽŵĞƚĂdžĞƐ |
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ϴ͕ϲϮϱ͕ϲϱϮ | |
ϱϴϯ͕ϱϮϯ |
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ϵ͕ϮϬϵ͕ϭϳϱ | | WƌŽǀŝƐŝŽŶĨŽƌŝŶĐŽŵĞƚĂdžĞƐ͗ |
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| | ƵƌƌĞŶƚ | | ϭϲϱ͕ϱϮϲ | | ϭ͕Ϯϭϰ͕ϯϴϰ | | ϭ͕ϯϳϵ͕ϵϭϬ | | ĞĨĞƌƌĞĚ | | ;Ϯ͕ϲϯϳ͕ϭϴϯͿ | | ;ϭ͕ϯϲϱ͕ϱϵϭͿ | | ;ϰ͕ϬϬϮ͕ϳϳϰͿ | | dŽƚĂůƉƌŽǀŝƐŝŽŶĨŽƌŝŶĐŽŵĞƚĂdžĞƐ | | ;Ϯ͕ϰϳϭ͕ϲϱϳͿ | | ;ϭϱϭ͕ϮϬϳͿ | | ;Ϯ͕ϲϮϮ͕ϴϲϰͿ | |
EĞƚŝŶĐŽŵĞ |
Ψ |
ϲ͕ϭϱϯ͕ϵϵϱ | Ψ |
ϰϯϮ͕ϯϭϲ |
Ψ |
ϲ͕ϱϴϲ͕ϯϭϭ | | | | | | | | | | | | ƐWƌĞǀŝŽƵƐůLJ | | | | | |-----------------------------------------|------|--------------|---|------------|------|-------------| | | | ZĞƉŽƌƚĞĚ | | ĚũƵƐƚŵĞŶƚƐ | | ƐZĞƐƚĂƚĞĚ | | ^ƚĂƚĞŵĞŶƚŽĨŚĂŶŐĞƐŝŶ^ƚŽĐŬŚŽůĚĞƌ͛ƐƋƵŝƚLJ | | | | | | | | ZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ͗ | | | | | | | | ƵŵƵůĂƚŝǀĞĞĨĨĞĐƚĂĚũƵƐƚŵĞŶƚŽŶƉƌŝŽƌƉĞƌŝŽĚƐ | Ψ | Ͳ | Ψ | ϯϵϬ͕ϰϱϱ | Ψ | ϯϵϬ͕ϰϱϱ | | ƚŽĐŽƌƌĞĐƚĂĐĐŽƵŶƚŝŶŐĞƌƌŽƌƐ | | | | | | | | EĞƚŝŶĐŽŵĞ | | ϲ͕ϭϱϯ͕ϵϵϱ | | ϰϯϮ͕ϯϭϲ | | ϲ͕ϱϴϲ͕ϯϭϭ | | ĂůĂŶĐĞ͕KĐƚŽďĞƌϯϭ͕ϮϬϮϬ | | ϯϲ͕ϰϵϭ͕ϲϴϴ | | ϴϮϮ͕ϳϳϭ | | ϯϳ͕ϯϭϰ͕ϰϱϵ | |
dŽƚĂů^ƚŽĐŬŚŽůĚĞƌ͛ƐƋƵŝƚLJ͗ |
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| | ƵŵƵůĂƚŝǀĞĞĨĨĞĐƚĂĚũƵƐƚŵĞŶƚŽŶƉƌŝŽƌƉĞƌŝŽĚƐ | | Ͳ | | ϯϵϬ͕ϰϱϱ | | ϯϵϬ͕ϰϱϱ | | ƚŽĐŽƌƌĞĐƚĂĐĐŽƵŶƚŝŶŐĞƌƌŽƌƐ | | | | | | | | EĞƚŝŶĐŽŵĞ | | ϲ͕ϭϱϯ͕ϵϵϱ | | ϰϯϮ͕ϯϭϲ | | ϲ͕ϱϴϲ͕ϯϭϭ | | ĂůĂŶĐĞ͕KĐƚŽďĞƌϯϭ͕ϮϬϮϬ | Ψ | ϭϴϲ͕ϵϯϮ͕ϵϮϳ | Ψ | ϴϮϮ͕ϳϳϭ | Ψ | ϭϴϳ͕ϳϱϱ͕ϲϵϴ | {17}------------------------------------------------ | | ƐWƌĞǀŝŽƵƐůLJ | | | |--------------------------------------------------------------------------------|------------------|-----------------|------------------| | | ZĞƉŽƌƚĞĚ | ĚũƵƐƚŵĞŶƚƐ | ƐZĞƐƚĂƚĞĚ | | ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ
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| | ĂƐŚ&ůŽǁƐ&ƌŽŵKƉĞƌĂƚŝŶŐĐƚŝǀŝƚŝĞƐ͗
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| | EĞƚŝŶĐŽŵĞ
Ψ | ϲ͕ϭϱϯ͕ϵϵϱ | Ψ
ϰϯϮ͕ϯϭϲ | Ψ
ϲ͕ϱϴϲ͕ϯϭϭ | |
ĚũƵƐƚŵĞŶƚƐƚŽƌĞĐŽŶĐŝůĞŶĞƚŝŶĐŽŵĞƚŽŶĞƚ
ĐĂƐŚƉƌŽǀŝĚĞĚďLJŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ͗ |


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| | ŵŽƌƚŝnjĂƚŝŽŶŽĨĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ |
Ͳ | Ϯϰ͕ϵϴϱ͕ϳϬϮ |
Ϯϰ͕ϵϴϱ͕ϳϬϮ | | ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐ |
Ϯ͕ϰϭϴ͕ϵϱϯ | ϭ͕ϯϲϱ͕ϱϵϭ |
ϯ͕ϳϴϰ͕ϱϰϰ | |
ŚĂŶŐĞƐŝŶŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͗ |


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| | ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵĂĨĨŝůŝĂƚĞƐ |
;Ϯϱ͕ϱϯϵ͕ϵϬϲͿ | ;ϭϭ͕ϭϱϮ͕ϳϯϳͿ |
;ϯϲ͕ϲϵϮ͕ϲϰϯͿ | | ĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ |
Ͳ | ;ϯϬ͕ϰϯϬ͕ϭϯϱͿ |
;ϯϬ͕ϰϯϬ͕ϭϯϱͿ | | WƌĞƉĂŝĚĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌĂƐƐĞƚƐ |
ϳϲϲ͕ϴϮϯ |
;ϭ͕Ϯϭϰ͕ϯϴϰͿ |
;ϰϰϳ͕ϱϲϭͿ | | ĞĨĞƌƌĞĚŝŶĐŽŵĞ |
Ͳ |
ϭϲ͕Ϭϭϯ͕ϲϰϳ |
ϭϲ͕Ϭϭϯ͕ϲϰϳ | dŚĞŽŵƉĂŶLJŚĂƐŵŽĚŝĨŝĞĚĂŶĚƵƉĚĂƚĞĚEŽƚĞƐϭ͕ϲ͕ϵ͕ϭϭ͕ϭϮ͕ƚŽƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐƵƉƉůĞŵĞŶƚĂů ƐĐŚĞĚƵůĞƐƚŽƌĞĨůĞĐƚƚŚĞĞĨĨĞĐƚƐŽĨƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨƚŚĞĞƌƌŽƌƐ͘dŚĞƐƵďƐĞƋƵĞŶƚĞǀĞŶƚĚŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶ EŽƚĞƐϭ͕ϳ͕ĂŶĚϴ͕ĂŶĚƚŚĞĐŽŵŵŝƚŵĞŶƚƐĂŶĚĐŽŶƚŝŶŐĞŶĐŝĞƐĚŝƐĐůŽƐƵƌĞƐŝŶEŽƚĞϭϬŚĂǀĞďĞĞŶƵƉĚĂƚĞĚƚŚƌŽƵŐŚ ƚŚĞĚĂƚĞŽĨƚŚĞƌĞŝƐƐƵĂŶĐĞŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ #### **ϯ͘ EĞǁĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐEŽƚzĞƚĚŽƉƚĞĚ** #### *ƌĞĚŝƚůŽƐƐĞƐ* /Ŷ:ƵŶĞϮϬϭϲ͕ƚŚĞ&ŝŶĂŶĐŝĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ;&^ͿŝƐƐƵĞĚŶĞǁŐƵŝĚĂŶĐĞĨŽƌƚŚĞĂĐĐŽƵŶƚŝŶŐĨŽƌ ĐƌĞĚŝƚůŽƐƐĞƐ͕ǁŚŝĐŚĐŚĂŶŐĞƐƚŚĞŝŵƉĂŝƌŵĞŶƚŵŽĚĞůĨŽƌŵŽƐƚĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘dŚĞŶĞǁŐƵŝĚĂŶĐĞĂĚĚƐĂŶ ŝŵƉĂŝƌŵĞŶƚŵŽĚĞůƚŽh͘^͘'WƚŚĂƚŝƐďĂƐĞĚŽŶĐƵƌƌĞŶƚĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐƌĂƚŚĞƌƚŚĂŶŝŶĐƵƌƌĞĚůŽƐƐĞƐ ƚŚĂƚĂƉƉůŝĞƐƚŽĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ;Ğ͘Ő͕͘ƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐͿ͘dŚĞŶĞǁŐƵŝĚĂŶĐĞĂůƐŽ ŵĂĚĞůŝŵŝƚĞĚĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞŝŵƉĂŝƌŵĞŶƚŵŽĚĞůĨŽƌĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĚĞďƚƐĞĐƵƌŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽĞůŝŵŝŶĂƚŝŶŐƚŚĞĐŽŶĐĞƉƚŽĨŽƚŚĞƌͲƚŚĂŶͲƚĞŵƉŽƌĂƌLJŝŵƉĂŝƌŵĞŶƚĨƌŽŵƚŚĂƚŵŽĚĞůĂŶĚƌĞƋƵŝƌŝŶŐƚŚĞ ƵƐĞŽĨĂŶĂůůŽǁĂŶĐĞĂƉƉƌŽĂĐŚ͘dŚĞŶĞǁŐƵŝĚĂŶĐĞŝƐĞĨĨĞĐƚŝǀĞĨŽƌs͕ĂŶĚǁŝůůƚŚĞƌĞĨŽƌĞďĞĂƉƉůŝĞĚďLJƚŚĞ ŽŵƉĂŶLJ͕ĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌƚŚĂƚďĞŐĂŶŽŶEŽǀĞŵďĞƌϭ͕ϮϬϮϬĂŶĚƌĞƋƵŝƌĞƐĂŵŽĚŝĨŝĞĚƌĞƚƌŽƐƉĞĐƚŝǀĞĂƉƉƌŽĂĐŚ ƚŽĂĚŽƉƚŝŽŶ͘dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚƚŚĞĂĚŽƉƚŝŽŶŽĨƚŚŝƐŐƵŝĚĂŶĐĞƚŽŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶŝƚƐ &ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐ͘ #### *ŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ* /ŶƵŐƵƐƚϮϬϭϴ͕ƚŚĞ&^ŝƐƐƵĞĚŐƵŝĚĂŶĐĞƚŚĂƚŵĂŬĞƐĐŚĂŶŐĞƐƚŽƚŚĞĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĨĂŝƌǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚƐ͘/ŶĨŝƐĐĂůϮϬϭϵ͕ƚŚĞŽŵƉĂŶLJĞĂƌůLJĂĚŽƉƚĞĚĐĞƌƚĂŝŶƉŽƌƚŝŽŶƐŽĨƚŚŝƐŐƵŝĚĂŶĐĞƌĞůĂƚĞĚƚŽƚŚĞ ƌĞŵŽǀĂůŽĨĐĞƌƚĂŝŶĨĂŝƌǀĂůƵĞĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƌĞŵĂŝŶŝŶŐƉŽƌƚŝŽŶƐŽĨƚŚŝƐŐƵŝĚĂŶĐĞƚŚĂƚǁĞƌĞŶŽƚ ĞĂƌůLJĂĚŽƉƚĞĚǁŝůůďĞĞĨĨĞĐƚŝǀĞĨŽƌƚŚĞŽŵƉĂŶLJ͛ƐĨŝƐĐĂůLJĞĂƌƚŚĂƚďĞŐŝŶƐŽŶEŽǀĞŵďĞƌϭ͕ϮϬϮϬ͘EŽƚĂďůLJ͕ƚŚŝƐ ŐƵŝĚĂŶĐĞƌĞŵŽǀĞƐƚŚĞĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐĞƐĨŽƌ>ĞǀĞůϯĨĂŝƌǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚƐ͘dŚŝƐŐƵŝĚĂŶĐĞĂůƐŽĂĚĚƐŶĞǁĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƌĂŶŐĞĂŶĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŽĨ ƐŝŐŶŝĨŝĐĂŶƚƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐƵƐĞĚƚŽĚĞǀĞůŽƉĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĐĂƚĞŐŽƌŝnjĞĚǁŝƚŚŝŶ>ĞǀĞůϯŽĨƚŚĞĨĂŝƌ ǀĂůƵĞŚŝĞƌĂƌĐŚLJ͘dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚƚŚĞĂĚŽƉƚŝŽŶŽĨƚŚĞƌĞŵĂŝŶŝŶŐƉŽƌƚŝŽŶƐŽĨƚŚŝƐŐƵŝĚĂŶĐĞƚŽ ŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞĚŝƐĐůŽƐƵƌĞƐƚŽŝƚƐ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘ {18}------------------------------------------------ #### **ϰ͘ /ŶǀĞƐƚŵĞŶƚƐ** #### */ŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞ* dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨŝŶǀĞƐƚŵĞŶƚƐĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͗ | /ŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞ͗ | | | |---------------------------------|---|------------| | ^ŚŽƌƚͲƚĞƌŵĚĞďƚƐĞĐƵƌŝƚŝĞƐ | Ψ | ϱϭ͕ϲϬϭ͕Ϯϵϰ | | dŽƚĂůŝŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞ | Ψ | ϱϭ͕ϲϬϭ͕Ϯϵϰ | dŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝnjĞĚŐĂŝŶƐ;ůŽƐƐĞƐͿƌĞůĂƚĞĚƚŽŝŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞǁŝƚŚŝŶŝŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌ ƌĞǀĞŶƵĞ͕ŽŶƚŚĞŽŵƉĂŶLJ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬĂƐĨŽůůŽǁƐ͗ |
ZĞĂůŝnjĞĚůŽƐƐĞƐŽŶƐĞĐƵƌŝƚŝĞƐƐŽůĚ | Ψ | ;ϭϬϭ͕ϲϱϰͿ | |---------------------------------------------------|---|-----------| |
hŶƌĞĂůŝnjĞĚůŽƐƐĞƐŽŶŝŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞ | | ;ϲϮϵͿ | |
EĞƚůŽƐƐĞƐŽŶŝŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞ | Ψ | ;ϭϬϮ͕ϮϴϯͿ | #### *ĞƉŽƐŝƚƐǁŝƚŚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ* ĞƉŽƐŝƚƐǁŝƚŚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐŽĨΨϮϰϯ͕ϮϴϳĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬŝŶĐůƵĚĞƐƚŚĞŽŵƉĂŶLJ͛ƐĞƋƵŝƚLJ ŝŶǀĞƐƚŵĞŶƚŝŶƉƌŝǀĂƚĞŶŽŶͲƚƌĂĚĞĚĐŽŵŵŽŶƐƚŽĐŬŝƐƐƵĞĚďLJdŚĞĞƉŽƐŝƚŽƌLJdƌƵƐƚΘůĞĂƌŝŶŐŽƌƉŽƌĂƚŝŽŶŚĞůĚ ĂƚĐŽƐƚ͘ƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞƌĞǁĞƌĞŶŽŝŶĚŝĐĂƚŽƌƐŽĨŝŵƉĂŝƌŵĞŶƚƐƌĞůĂƚĞĚƚŽƚŚŝƐŝŶǀĞƐƚŵĞŶƚ͘ #### **ϱ͘ &ĂŝƌsĂůƵĞŽĨƐƐĞƚƐDĞĂƐƵƌĞĚĂƚ&ĂŝƌsĂůƵĞŽŶĂZĞĐƵƌƌŝŶŐĂƐŝƐ** dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƵŵŵĂƌŝnjĞƐƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶĂƌĞĐƵƌƌŝŶŐďĂƐŝƐĂŶĚƚŚĞŝƌ ĂƐƐŝŐŶĞĚůĞǀĞůƐǁŝƚŚŝŶƚŚĞǀĂůƵĂƚŝŽŶŚŝĞƌĂƌĐŚLJĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͗ |

| | >ĞǀĞůϭ | >ĞǀĞůϮ | >ĞǀĞůϯ
| | | dŽƚĂů | | |----------------------------------|---|--------|-------------|------------|---|---|-------------|--| | &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗ | | | | | | | | | | ĂƐŚĞƋƵŝǀĂůĞŶƚƐ
| Ψ | Ͳ
Ψ | ϲϳ͕ϰϵϲ͕ϴϵϰ | Ψ | Ͳ | Ψ | ϲϳ͕ϰϵϲ͕ϴϵϰ | | | /ŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞ͗
| | | | | | | | | |
^ŚŽƌƚͲƚĞƌŵĚĞďƚƐĞĐƵƌŝƚŝĞƐ
| | Ͳ | ϱϭ͕ϲϬϭ͕Ϯϵϰ | | Ͳ | | ϱϭ͕ϲϬϭ͕Ϯϵϰ | | | dŽƚĂůĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ | Ψ | Ͳ
Ψ | ϭϭϵ͕Ϭϵϴ͕ϭϴϴ | Ψ | Ͳ | Ψ | ϭϭϵ͕Ϭϵϴ͕ϭϴϴ | | ĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĂŶĚƚŚĞŝŶƉƵƚƐƵƐĞĚŝŶƌĞĐƵƌƌŝŶŐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐŝƐŝŶĐůƵĚĞĚ ŝŵŵĞĚŝĂƚĞůLJďĞůŽǁ͘dŚĞƌĞŚĂǀĞďĞĞŶŶŽĐŚĂŶŐĞƐŝŶƚŚĞŽŵƉĂŶLJ͛ƐǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐŝŶƚŚĞĐƵƌƌĞŶƚ ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘ #### *ĂƐŚĞƋƵŝǀĂůĞŶƚƐ* ĂƐŚĞƋƵŝǀĂůĞŶƚƐŝŶĐůƵĚĞƉŽƐŝƚŝŽŶƐŝŶŚŽůĚŝŶŐƐŽĨdƌĞĂƐƵƌLJĂŶĚŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐLJƐĞĐƵƌŝƚŝĞƐĂŶĚĐŽŵŵĞƌĐŝĂů ƉĂƉĞƌǁŝƚŚƌĞŵĂŝŶŝŶŐŵĂƚƵƌŝƚŝĞƐŽĨůĞƐƐƚŚĂŶƚŚƌĞĞŵŽŶƚŚƐ͕ĂƐĚĞƚĞƌŵŝŶĞĚĂƚƉƵƌĐŚĂƐĞ͘,ŽůĚŝŶŐƐŽĨdƌĞĂƐƵƌLJ ĂŶĚŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐLJƐĞĐƵƌŝƚŝĞƐĂƌĞǀĂůƵĞĚďĂƐĞĚƵƉŽŶƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐĨŽƌƐŝŵŝůĂƌĂƐƐĞƚƐŝŶĂĐƚŝǀĞ ŵĂƌŬĞƚƐ͕ƋƵŽƚĞĚƉƌŝĐĞƐĨŽƌŝĚĞŶƚŝĐĂůŽƌƐŝŵŝůĂƌĂƐƐĞƚƐƚŚĂƚĂƌĞŶŽƚĂĐƚŝǀĞ͕ĂŶĚŝŶƉƵƚƐŽƚŚĞƌƚŚĂŶƋƵŽƚĞĚƉƌŝĐĞƐ ƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞŽƌĐŽƌƌŽďŽƌĂƚĞĚďLJŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ͘dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĐŽŵŵĞƌĐŝĂůƉĂƉĞƌ ĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͕ǁŚŝĐŚĂƉƉƌŽdžŝŵĂƚĞƐĨĂŝƌǀĂůƵĞĚƵĞƚŽƚŚĞƐŚŽƌƚƚŝŵĞďĞƚǁĞĞŶƚŚĞƉƵƌĐŚĂƐĞ {19}------------------------------------------------ ĂŶĚĞdžƉĞĐƚĞĚŵĂƚƵƌŝƚLJŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐ͘ĞƉĞŶĚŝŶŐŽŶƚŚĞĐĂƚĞŐŽƌŝnjĂƚŝŽŶŽĨƚŚĞƐŝŐŶŝĨŝĐĂŶƚŝŶƉƵƚƐ͕ƚŚĞƐĞ ĂƐƐĞƚƐĂƌĞŐĞŶĞƌĂůůLJĐĂƚĞŐŽƌŝnjĞĚŝŶƚŚĞŝƌĞŶƚŝƌĞƚLJĂƐ>ĞǀĞůϭŽƌϮǁŝƚŚŝŶƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJ͘ #### */ŶǀĞƐƚŵĞŶƚƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞʹƐŚŽƌƚͲƚĞƌŵĚĞďƚ* ^ŚŽƌƚͲƚĞƌŵĚĞďƚƐĞĐƵƌŝƚŝĞƐĐŽŶƐŝƐƚŽĨĐĞƌƚŝĨŝĐĂƚĞƐŽĨĚĞƉŽƐŝƚ͕ĐŽŵŵĞƌĐŝĂůƉĂƉĞƌĂŶĚĨŝdžĞĚŝŶĐŽŵĞƐĞĐƵƌŝƚŝĞƐ ǁŝƚŚƌĞŵĂŝŶŝŶŐŵĂƚƵƌŝƚŝĞƐŽĨƚŚƌĞĞŵŽŶƚŚƐƚŽϭϮŵŽŶƚŚƐƵƉŽŶƉƵƌĐŚĂƐĞďLJƚŚĞŽŵƉĂŶLJ͘^ŚŽƌƚͲƚĞƌŵĚĞďƚ ƐĞĐƵƌŝƚŝĞƐŚĞůĚĂƌĞŐĞŶĞƌĂůůLJǀĂůƵĞĚŽŶƚŚĞďĂƐŝƐŽĨǀĂůƵĂƚŝŽŶƐƉƌŽǀŝĚĞĚďLJƚŚŝƌĚͲƉĂƌƚLJƉƌŝĐŝŶŐƐĞƌǀŝĐĞƐ͕ĂƐ ĚĞƌŝǀĞĚĨƌŽŵƐƵĐŚƐĞƌǀŝĐĞƐ͛ƉƌŝĐŝŶŐŵŽĚĞůƐ͘/ŶƉƵƚƐƚŽƚŚĞŵŽĚĞůƐŵĂLJŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͕ƌĞƉŽƌƚĞĚ ƚƌĂĚĞƐ͕ĞdžĞĐƵƚĂďůĞďŝĚĂŶĚĂƐŬƉƌŝĐĞƐ͕ďƌŽŬĞƌͲĚĞĂůĞƌƋƵŽƚĂƚŝŽŶƐ͕ƉƌŝĐĞƐŽƌLJŝĞůĚƐŽĨƐĞĐƵƌŝƚŝĞƐǁŝƚŚƐŝŵŝůĂƌ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͕ďĞŶĐŚŵĂƌŬĐƵƌǀĞƐŽƌŝŶĨŽƌŵĂƚŝŽŶƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞŝƐƐƵĞƌ͕ĂƐǁĞůůĂƐŝŶĚƵƐƚƌLJĂŶĚĞĐŽŶŽŵŝĐ ĞǀĞŶƚƐ͘dŚĞƉƌŝĐŝŶŐƐĞƌǀŝĐĞƐŵĂLJƵƐĞĂŵĂƚƌŝdžĂƉƉƌŽĂĐŚ͕ǁŚŝĐŚĐŽŶƐŝĚĞƌƐŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƐĞĐƵƌŝƚŝĞƐǁŝƚŚ ƐŝŵŝůĂƌĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞǀĂůƵĂƚŝŽŶĨŽƌĂƐĞĐƵƌŝƚLJ͘dŚĞƐĞĂƐƐĞƚƐĂƌĞŐĞŶĞƌĂůůLJĐĂƚĞŐŽƌŝnjĞĚĂƐ >ĞǀĞůϮǁŝƚŚŝŶƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŚŝĞƌĂƌĐŚLJ͘ #### **ϲ͘ZĞǀĞŶƵĞ** dŚĞĨŽůůŽǁŝŶŐƚĂďůĞĚŝƐĂŐŐƌĞŐĂƚĞƐƚŽƚĂůƌĞǀĞŶƵĞďLJƐŽƵƌĐĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͗ | |

| | |--------------------------------------------------------|----------|-------------| | ;ϭͿ
^ĞƌǀŝĐĞĂŐƌĞĞŵĞŶƚŝŶĐŽŵĞ;ĂƐƌĞƐƚĂƚĞĚͿ |
Ψ | ϭϳϭ͕ϮϱϬ͕ϰϮϮ | | ^ĞƌǀŝĐĞĨĞĞƐ |
| ϭϯϭ͕ϳϯϳ͕Ϯϯϭ | | ŝƐƚƌŝďƵƚŝŽŶĂŶĚƵŶĚĞƌǁƌŝƚĞƌĨĞĞƐ͗ |

| | | ;ϭͿ;ϮͿ
ŝƐƚƌŝďƵƚŝŽŶĨĞĞƐ;ĂƐƌĞƐƚĂƚĞĚͿ |
| ϱϵ͕ϴϮϬ͕ϱϵϵ | | ;ϭͿ;ϮͿ
ŽŶƚŝŶŐĞŶƚĚĞĨĞƌƌĞĚƐĂůĞƐĐŚĂƌŐĞƐ;ĂƐƌĞƐƚĂƚĞĚͿ |
| ϭ͕ϵϰϬ͕ϵϰϬ | | hŶĚĞƌǁƌŝƚĞƌĐŽŵŵŝƐƐŝŽŶƐ |
| ϭϵ͕ϰϴϴ͕ϴϬϮ | | ;ϭͿ
dŽƚĂůĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƵŶĚĞƌǁƌŝƚĞƌĨĞĞƐ;ĂƐƌĞƐƚĂƚĞĚͿ |
| ϴϭ͕ϮϱϬ͕ϯϰϭ | | /ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌƌĞǀĞŶƵĞ͗ |

| | | KƚŚĞƌƌĞǀĞŶƵĞ |
| ϰϰ͕ϭϱϯ͕ϴϰϲ | | 'ĂŝŶƐĂŶĚŽƚŚĞƌŝŶǀĞƐƚŵĞŶƚŝŶĐŽŵĞ͕ŶĞƚ |
| ϴϬϵ͕ϯϯϰ | | dŽƚĂůŝŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌƌĞǀĞŶƵĞ |
| ϰϰ͕ϵϲϯ͕ϭϴϬ | | ;ϭͿ
dŽƚĂůƌĞǀĞŶƵĞ;ĂƐƌĞƐƚĂƚĞĚͿ |
Ψ | ϰϮϵ͕ϮϬϭ͕ϭϳϰ | *;ϭͿ ZĞĨĞƌƚŽEŽƚĞϮĨŽƌĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞƌĞƐƚĂƚĞŵĞŶƚŽĨƚŚĞƐĞĂŵŽƵŶƚƐ͘* *;ϮͿ ŝƐƚƌŝďƵƚŝŽŶĨĞĞƐŽĨΨϰϱ͕Ϯϲϰ͕ϱϰϵĂŶĚĐŽŶƚŝŶŐĞŶƚĚĞĨĞƌƌĞĚƐĂůĞƐĐŚĂƌŐĞƐŽĨΨϭ͕ϯϰϯ͕ϱϭϭǁĞƌĞƐŽůĚƚŽĂƚŽŶsĂŶĐĞ DĂŶĂŐĞŵĞŶƚƵŶĚĞƌƚŚĞƉƵƌĐŚĂƐĞĂŶĚƐĂůĞĂŐƌĞĞŵĞŶƚĚĞƐĐƌŝďĞĚĨƵƌƚŚĞƌŝŶEŽƚĞϭϭ͘dŚĞĐĂƐŚƉĂLJŵĞŶƚĨŽƌƚŚĞƐĞĨĞĞƐŝƐ ƌĞŵŝƚƚĞĚƚŽĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚƚŚƌŽƵŐŚĂŶŝŶƚĞƌĐŽŵƉĂŶLJƐĞƚƚůĞŵĞŶƚ͘* {20}------------------------------------------------ #### **ϳ͘ ^ƚŽĐŬͲĂƐĞĚŽŵƉĞŶƐĂƚŝŽŶWůĂŶƐ** ŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞƌĞĐŽŐŶŝnjĞĚďLJƚŚĞŽŵƉĂŶLJƌĞůĂƚĞĚƚŽs͛ƐƐƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐĨŽƌƚŚĞ LJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬǁĂƐĂƐĨŽůůŽǁƐ͗ | KŵŶŝďƵƐ/ŶĐĞŶƚŝǀĞWůĂŶƐ͗ | | | |--------------------------------------|---|------------| | ZĞƐƚƌŝĐƚĞĚƐŚĂƌĞƐ | Ψ | ϯϮ͕ϬϬϬ͕ϵϲϯ | | ^ƚŽĐŬŽƉƚŝŽŶƐ | | ϭ͕ϯϳϱ͕ϴϬϲ | | ŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞWůĂŶƐ | | ϭϬϴ͕ϭϰϵ | | ŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞ/ŶĐĞŶƚŝǀĞWůĂŶ | | ϯϰϰ͕ϳϰϯ | | dŽƚĂůƐƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞ | Ψ | ϯϯ͕ϴϮϵ͕ϲϲϭ | dŚĞƚŽƚĂůŝŶĐŽŵĞƚĂdžďĞŶĞĨŝƚƌĞĐŽŐŶŝnjĞĚĨŽƌƐƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐǁĂƐΨϴ͘ϰŵŝůůŝŽŶĨŽƌƚŚĞ LJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͘ #### *KŵŶŝďƵƐ/ŶĐĞŶƚŝǀĞWůĂŶƐ* dŚĞsϮϬϭϯKŵŶŝďƵƐ/ŶĐĞŶƚŝǀĞWůĂŶ͕ĂƐĂŵĞŶĚĞĚĂŶĚƌĞƐƚĂƚĞĚ;ϮϬϭϯWůĂŶͿ͕ǁŚŝĐŚŝƐĂĚŵŝŶŝƐƚĞƌĞĚďLJƚŚĞ ŽŵƉĞŶƐĂƚŝŽŶŽŵŵŝƚƚĞĞŽĨƚŚĞŽĂƌĚŽĨs͕ĂůůŽǁƐĨŽƌĂǁĂƌĚƐŽĨŽƉƚŝŽŶƐƚŽĂĐƋƵŝƌĞƐŚĂƌĞƐŽĨs͛ƐEŽŶͲ sŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬ͕ƌĞƐƚƌŝĐƚĞĚƐŚĂƌĞƐŽĨs͛ƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬ;ƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂǁĂƌĚƐͿĂŶĚ ƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐ͘dŚĞϮϬϭϯWůĂŶĐŽŶƚĂŝŶƐĐŚĂŶŐĞŝŶĐŽŶƚƌŽůƉƌŽǀŝƐŝŽŶƐƚŚĂƚŵĂLJĂĐĐĞůĞƌĂƚĞƚŚĞǀĞƐƚŝŶŐŽĨ ĂǁĂƌĚƐ͘ƚŽƚĂůŽĨϯϰ͘ϱŵŝůůŝŽŶƐŚĂƌĞƐŽĨsEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬŚĂǀĞďĞĞŶƌĞƐĞƌǀĞĚĨŽƌŝƐƐƵĂŶĐĞ ƵŶĚĞƌƚŚĞϮϬϭϯWůĂŶ͘dŚƌŽƵŐŚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͕ϭϭ͘ϭŵŝůůŝŽŶƐŚĂƌĞƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂŶĚŽƉƚŝŽŶƐƚŽ ƉƵƌĐŚĂƐĞϭϳ͘ϵŵŝůůŝŽŶƐŚĂƌĞƐŚĂǀĞďĞĞŶŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞϮϬϭϯWůĂŶ͘ #### *ZĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐ* WƵƌƐƵĂŶƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞŐƌĞĞŵĞŶƚĂŶĚWůĂŶŽĨDĞƌŐĞƌǁŝƚŚDŽƌŐĂŶ^ƚĂŶůĞLJ;DĞƌŐĞƌŐƌĞĞŵĞŶƚͿ͕ĂŶLJ ƐƚŽĐŬͲďĂƐĞĚĂǁĂƌĚƐŐƌĂŶƚĞĚďLJsƐƵďƐĞƋƵĞŶƚƚŽŽďƚĂŝŶŝŶŐƚŚĞĐŽŶƐĞŶƚŽĨƚŚĞsŽƚŝŶŐdƌƵƐƚƚŽĂƉƉƌŽǀĞĂŶĚ ĂĚŽƉƚƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚŽŶKĐƚŽďĞƌϳ͕ϮϬϮϬƚŚƌŽƵŐŚƚŚĞĐůŽƐŝŶŐĚĂƚĞŽĨƚŚĞŵĞƌŐĞƌǁŝůůďĞŐƌĂŶƚĞĚŝŶ ƚŚĞĨŽƌŵŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐ͘ĂĐŚƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞϮϬϭϯWůĂŶƌĞƉƌĞƐĞŶƚƐƚŚĞ ĨŽƌĨĞŝƚĂďůĞƌŝŐŚƚƚŽƌĞĐĞŝǀĞŽŶĞƐŚĂƌĞŽĨs͛ƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬƵƉŽŶǀĞƐƚŝŶŐ͘ZĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐ ĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐĞƋƵŝƚLJĂǁĂƌĚƐĂŶĚǀĞƐƚŽǀĞƌƚŚƌĞĞLJĞĂƌƐƉƵƌƐƵĂŶƚƚŽĂŐƌĂĚĞĚǀĞƐƚŝŶŐƐĐŚĞĚƵůĞ͘,ŽůĚĞƌƐ ŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐŚĂǀĞĨŽƌĨĞŝƚĂďůĞƌŝŐŚƚƐƚŽĚŝǀŝĚĞŶĚĞƋƵŝǀĂůĞŶƚƐĞƋƵĂůƚŽƚŚĞĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚŽŶ s͛ƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬĚƵƌŝŶŐƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚƚŚƌŽƵŐŚƚŚĞĐůŽƐŝŶŐĚĂƚĞŽĨƚŚĞŵĞƌŐĞƌ͘ŝǀŝĚĞŶĚ ĞƋƵŝǀĂůĞŶƚƐĂƌĞƌĞŝŶǀĞƐƚĞĚŝŶƚŚĞĨŽƌŵŽĨĂĚĚŝƚŝŽŶĂůƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐƚŚĂƚĂƌĞĐƌĞĚŝƚĞĚƚŽƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚĂǁĂƌĚǁŚĞŶsƉĂLJƐĚŝǀŝĚĞŶĚƐ;ŝŶĐůƵĚŝŶŐƚŚĞƐƉĞĐŝĂůĐĂƐŚĚŝǀŝĚĞŶĚ ĚĞƐĐƌŝďĞĚĨƵƌƚŚĞƌďĞůŽǁͿŽŶŝƚƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬ͕ĂŶĚǀĞƐƚĂƚƚŚĞƐĂŵĞƚŝŵĞĂƐƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐ ƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚĂǁĂƌĚ͘dŚĞĨĂŝƌǀĂůƵĞŽĨĞĂĐŚƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚŝƐŝŶĚĞdžĞĚƚŽƚŚĞƵŶĂĚũƵƐƚĞĚ ŽďƐĞƌǀĂďůĞĐůŽƐŝŶŐŵĂƌŬĞƚƉƌŝĐĞŽĨs͛ƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬ͘ƐŽĨKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͕ŶŽƌĞƐƚƌŝĐƚĞĚ ƐƚŽĐŬƵŶŝƚƐŚĂǀĞďĞĞŶĂǁĂƌĚĞĚƵŶĚĞƌƚŚĞϮϬϭϯWůĂŶ͘ #### *^ƵďƐĞƋƵĞŶƚĞǀĞŶƚƐ* KŶEŽǀĞŵďĞƌϮ͕ϮϬϮϬ͕&ĞďƌƵĂƌLJϭϭ͕ϮϬϮϭĂŶĚ&ĞďƌƵĂƌLJϮϱ͕ϮϬϮϭ͕sŐƌĂŶƚĞĚĂƚŽƚĂůŽĨϭϬϰ͕ϴϯϰ͕ϵϲ͕ϵϯϵĂŶĚ ϰϱ͕ϯϯϯƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ƚŽŽŵƉĂŶLJĞŵƉůŽLJĞĞƐƵŶĚĞƌƚŚĞϮϬϭϯWůĂŶĂƚĂŐƌĂŶƚĚĂƚĞĨĂŝƌ ǀĂůƵĞŽĨΨϲϬ͘ϰϯ͕Ψϳϭ͘Ϭϰ͕ĂŶĚΨϳϯ͘ϳϵƉĞƌƵŶŝƚ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƚĞƌŵƐŽĨƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚ ǁŝƚŚDŽƌŐĂŶ^ƚĂŶůĞLJĐŽŶƚĞŵƉůĂƚĞƚŚĞƉĂLJŵĞŶƚŽĨĂƐƉĞĐŝĂůĐĂƐŚĚŝǀŝĚĞŶĚŽĨΨϰ͘ϮϱƉĞƌƐŚĂƌĞŽŶs͛Ɛ ŽŵŵŽŶ^ƚŽĐŬ͘sĚĞĐůĂƌĞĚƚŚĞƐƉĞĐŝĂůĐĂƐŚĚŝǀŝĚĞŶĚŽŶEŽǀĞŵďĞƌϮϯ͕ϮϬϮϬƚŽƐŚĂƌĞŚŽůĚĞƌƐŽĨƌĞĐŽƌĚŽŶ ĞĐĞŵďĞƌϰ͕ϮϬϮϬ͘dŚĞĚŝǀŝĚĞŶĚǁĂƐƉĂŝĚŽŶĞĐĞŵďĞƌϭϴ͕ϮϬϮϬ͘KŶƚŚĂƚĚĂƚĞ͕ϲ͕ϴϮϬŽĨĂĚĚŝƚŝŽŶĂůƌĞƐƚƌŝĐƚĞĚ {21}------------------------------------------------ ƐƚŽĐŬƵŶŝƚƐǁĞƌĞĐƌĞĚŝƚĞĚƚŽƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚĂǁĂƌĚƐĂƚĂĨĂŝƌǀĂůƵĞŽĨΨϲϱ͘ϮϵƉĞƌƵŶŝƚ͘ &ŝŶĂůůLJ͕ĂƚŽƚĂůŽĨϮϱϰ͕ϯϭϵƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐ;ŝŶĐůƵĚŝŶŐĚŝǀŝĚĞŶĚĞƋƵŝǀĂůĞŶƚƐƌĞŝŶǀĞƐƚĞĚŝŶƚŚĞĨŽƌŵŽĨ ĂĚĚŝƚŝŽŶĂůƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚƐͿŽƵƚƐƚĂŶĚŝŶŐŝŵŵĞĚŝĂƚĞůLJďĞĨŽƌĞƚŚĞĐůŽƐŝŶŐĚĂƚĞŽĨƚŚĞŵĞƌŐĞƌǁŝůůďĞ ĂƐƐƵŵĞĚďLJDŽƌŐĂŶ^ƚĂŶůĞLJĂŶĚƌĞƉůĂĐĞĚǁŝƚŚDŽƌŐĂŶ^ƚĂŶůĞLJƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚĂǁĂƌĚƐ͘dŚĞƌĞƉůĂĐĞŵĞŶƚ ĂǁĂƌĚƐǁŝůůŚĂǀĞƚŚĞƐĂŵĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐĂƐƚŚĞŽƌŝŐŝŶĂůĂǁĂƌĚƐŽƚŚĞƌƚŚĂŶƚŚĂƚƚŚĞLJǁŝůůďĞƐĞƚƚůĞĚŝŶ ƐŚĂƌĞƐŽĨDŽƌŐĂŶ^ƚĂŶůĞLJĐŽŵŵŽŶƐƚŽĐŬ͘,ŽǁĞǀĞƌ͕ƚŚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽĨDŽƌŐĂŶ^ƚĂŶůĞLJĐŽŵŵŽŶƐƚŽĐŬ ƐƵďũĞĐƚƚŽƚŚĞƌĞƉůĂĐĞŵĞŶƚĂǁĂƌĚƐǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJĂƉƉůLJŝŶŐĂŶĞdžĐŚĂŶŐĞƌĂƚŝŽĂƚƚŚĞĂǁĂƌĚůĞǀĞůĂƐ ĚĞĨŝŶĞĚƵŶĚĞƌƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚ͘ƐĂƌĞƐƵůƚ͕ƚŚĞŽƌŝŐŝŶĂůĂǁĂƌĚƐĂƐƐƵŵĞĚďLJDŽƌŐĂŶ^ƚĂŶůĞLJǁŝůůďĞ ƌĞƉůĂĐĞĚǁŝƚŚĂƚŽƚĂůŽĨϮϰϭ͕ϳϬϴDŽƌŐĂŶ^ƚĂŶůĞLJƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶŝƚĂǁĂƌĚƐ͘dŚĞƌĞƉůĂĐĞŵĞŶƚĂǁĂƌĚƐǁŝůů ĐŽŶƚŝŶƵĞƚŽďĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐĞƋƵŝƚLJĂǁĂƌĚƐ͘ #### *ZĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂǁĂƌĚƐ* ZĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂǁĂƌĚƐŽĨsEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞϮϬϭϯWůĂŶĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐ ĞƋƵŝƚLJĂǁĂƌĚƐĂŶĚǀĞƐƚŽǀĞƌĨŝǀĞLJĞĂƌƐƉƵƌƐƵĂŶƚƚŽĂŐƌĂĚƵĂƚĞĚǀĞƐƚŝŶŐƐĐŚĞĚƵůĞ͘,ŽůĚĞƌƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬ ŚĂǀĞĨŽƌĨĞŝƚĂďůĞƌŝŐŚƚƐƚŽĚŝǀŝĚĞŶĚƐĞƋƵĂůƚŽƚŚĞĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚŽŶs͛ƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬ ĚƵƌŝŶŐƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚ͘dŚĞƐĞĚŝǀŝĚĞŶĚƐĂƌĞŶŽƚƉĂŝĚŝŶĐĂƐŚƚŽŚŽůĚĞƌƐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƵŶƚŝůƚŚĞĂǁĂƌĚƐ ǀĞƐƚ͘ ƐƵŵŵĂƌLJŽĨƚŚĞƌĞƐƚƌŝĐƚĞĚƐŚĂƌĞĂĐƚŝǀŝƚLJĨŽƌƚŚĞŽŵƉĂŶLJ͛ƐĞŵƉůŽLJĞĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ ŝƐĂƐĨŽůůŽǁƐ͗ |

| | tĞŝŐŚƚĞĚͲ
ǀĞƌĂŐĞ
'ƌĂŶƚĂƚĞ | | | |-------------------------------|----------|---------------------------------|--|--| | ;ƐŚĂƌĞĂŵŽƵŶƚƐŝŶƚŚŽƵƐĂŶĚƐͿ | ^ŚĂƌĞƐ | &ĂŝƌsĂůƵĞ | | | | hŶǀĞƐƚĞĚ͕ďĞŐŝŶŶŝŶŐŽĨƉĞƌŝŽĚ;ϭͿ | ϳϵϯ
Ψ | ϰϭ͘ϴϬ | | | | 'ƌĂŶƚĞĚ | Ϯϰϰ | ϰϳ͘ϲϯ | | | | sĞƐƚĞĚ | ;ϭ͕ϬϮϲͿ | ϰϯ͘ϭϳ | | | | &ŽƌĨĞŝƚĞĚ | ;ϭϭͿ | ϰϯ͘ϰϱ | | | | hŶǀĞƐƚĞĚ͕ĞŶĚŽĨƉĞƌŝŽĚ | Ͳ
Ψ | Ͳ | | | *;ϭͿZĞƐƚƌŝĐƚĞĚƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚŚĂǀĞďĞĞŶĂĚũƵƐƚĞĚƚŽƌĞĨůĞĐƚĞŵƉůŽLJĞĞƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶƚŚĞ ŽŵƉĂŶLJĂŶĚŽƚŚĞƌǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐŽĨsĚƵƌŝŶŐƚŚĞĨŝƐĐĂůLJĞĂƌ͘* WƵƌƐƵĂŶƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞĐŚĂŶŐĞŝŶĐŽŶƚƌŽůƉƌŽǀŝƐŝŽŶƐĨŽƌƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂǁĂƌĚƐƵŶĚĞƌƚŚĞϮϬϭϯWůĂŶ͕ ƵƉŽŶŽďƚĂŝŶŝŶŐƚŚĞĐŽŶƐĞŶƚŽĨƚŚĞsŽƚŝŶŐdƌƵƐƚƚŽĂƉƉƌŽǀĞĂŶĚĂĚŽƉƚƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚŽŶKĐƚŽďĞƌϳ͕ ϮϬϮϬ͕ƚŚĞŽƵƚƐƚĂŶĚŝŶŐĂŶĚƵŶǀĞƐƚĞĚƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂǁĂƌĚƐŚĞůĚďLJĞŵƉůŽLJĞĞƐǁĞƌĞŝŵŵĞĚŝĂƚĞůLJǀĞƐƚĞĚŝŶ ĨƵůů͘ƐĂƌĞƐƵůƚ͕ƚŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝnjĞĚƚŚĞƌĞŵĂŝŶŝŶŐŐƌĂŶƚͲĚĂƚĞĨĂŝƌͲǀĂůƵĞĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞƐĞĂǁĂƌĚƐŽĨ ΨϮϮ͕ϳϱϵ͕ϱϴϱĂƐĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞŽŶƚŚĂƚĚĂƚĞ͘dŚĞƚŽƚĂůĨĂŝƌǀĂůƵĞŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬǀĞƐƚĞĚĚƵƌŝŶŐƚŚĞ LJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬǁĂƐΨϰϰ͕Ϯϳϱ͕ϴϱϯ͘ #### *^ƵďƐĞƋƵĞŶƚĞǀĞŶƚƐ* dŚĞƚĞƌŵƐŽĨƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚǁŝƚŚDŽƌŐĂŶ^ƚĂŶůĞLJĐŽŶƚĞŵƉůĂƚĞƚŚĞƉĂLJŵĞŶƚŽĨĂƐƉĞĐŝĂůĐĂƐŚĚŝǀŝĚĞŶĚ ŽĨΨϰ͘ϮϱƉĞƌƐŚĂƌĞŽŶs͛ƐŽŵŵŽŶ^ƚŽĐŬ͘sĚĞĐůĂƌĞĚƚŚĞƐƉĞĐŝĂůĐĂƐŚĚŝǀŝĚĞŶĚŽŶEŽǀĞŵďĞƌϮϯ͕ϮϬϮϬƚŽ ƐŚĂƌĞŚŽůĚĞƌƐŽĨƌĞĐŽƌĚŽŶĞĐĞŵďĞƌϰ͕ϮϬϮϬ͘dŚĞĚŝǀŝĚĞŶĚǁĂƐƉĂŝĚŽŶĞĐĞŵďĞƌϭϴ͕ϮϬϮϬ͘/ŶĂĚĚŝƚŝŽŶƚŽ ƌĞĐĞŝǀŝŶŐƚŚĞƐƉĞĐŝĂůĚŝǀŝĚĞŶĚƉĂLJŵĞŶƚŽŶƐŚĂƌĞƐŽĨs͛ƐŽŵŵŽŶ^ƚŽĐŬŚĞůĚŽŶƚŚĞƌĞĐŽƌĚĚĂƚĞ͕ĐƵƌƌĞŶƚ ĂŶĚĨŽƌŵĞƌĞŵƉůŽLJĞĞƐĂůƐŽƌĞĐĞŝǀĞĚĂĐĂƐŚƉĂLJŵĞŶƚĞƋƵŝǀĂůĞŶƚƚŽƚŚĞƐƉĞĐŝĂůĚŝǀŝĚĞŶĚĂŵŽƵŶƚŽŶƌĞƐƚƌŝĐƚĞĚ ƐŚĂƌĞƐƚŚĂƚǁĞƌĞƐŽůĚƚŽƚŚĞŽŵƉĂŶLJƵƉŽŶǀĞƐƚŝŶŐŽĨƚŚĞŝƌƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂǁĂƌĚƐƚŽŵĞĞƚƉĂLJƌŽůůƚĂdž {22}------------------------------------------------ ǁŝƚŚŚŽůĚŝŶŐŽďůŝŐĂƚŝŽŶƐ͘WĂLJŵĞŶƚƐŝŶůŝĞƵŽĨƚŚĞƐƉĞĐŝĂůĚŝǀŝĚĞŶĚŽŶƌĞƐƚƌŝĐƚĞĚƐŚĂƌĞƐƐŽůĚƚŽŵĞĞƚƉĂLJƌŽůůƚĂdž ǁŝƚŚŚŽůĚŝŶŐŽďůŝŐĂƚŝŽŶƐƚŽƚĂůŝŶŐΨϭ͕Ϭϴϰ͕ϱϭϭǁŝůůďĞƌĞĐŽƌĚĞĚĂƐĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞŝŶĨŝƐĐĂůϮϬϮϭ͘ #### *^ƚŽĐŬŽƉƚŝŽŶƐ* KƉƚŝŽŶƐƚŽƉƵƌĐŚĂƐĞsEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞϮϬϭϯWůĂŶĂŶĚƉƌĞĚĞĐĞƐƐŽƌƉůĂŶƐĂƌĞ ĂĐĐŽƵŶƚĞĚĨŽƌĂƐĞƋƵŝƚLJĂǁĂƌĚƐ͘^ƚŽĐŬŽƉƚŝŽŶƐĞdžƉŝƌĞƚĞŶLJĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨŐƌĂŶƚĂŶĚǀĞƐƚŽǀĞƌĨŝǀĞLJĞĂƌƐ ƉƵƌƐƵĂŶƚƚŽĂŐƌĂĚƵĂƚĞĚǀĞƐƚŝŶŐƐĐŚĞĚƵůĞĂŶĚŵĂLJŶŽƚďĞŐƌĂŶƚĞĚǁŝƚŚĂŶĞdžĞƌĐŝƐĞƉƌŝĐĞƚŚĂƚŝƐůĞƐƐƚŚĂŶƚŚĞ ĨĂŝƌŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞƐƚŽĐŬĂƐŽĨƚŚĞĐůŽƐĞŽĨďƵƐŝŶĞƐƐŽŶƚŚĞĚĂƚĞŽĨŐƌĂŶƚ͘ dŚĞĨĂŝƌǀĂůƵĞŽĨĞĂĐŚƐƚŽĐŬŽƉƚŝŽŶĂǁĂƌĚŝƐĞƐƚŝŵĂƚĞĚŽŶƚŚĞĚĂƚĞŽĨŐƌĂŶƚƵƐŝŶŐƚŚĞůĂĐŬͲ^ĐŚŽůĞƐŽƉƚŝŽŶ ǀĂůƵĂƚŝŽŶŵŽĚĞů͘dŚĞůĂĐŬͲ^ĐŚŽůĞƐŽƉƚŝŽŶǀĂůƵĂƚŝŽŶŵŽĚĞůŝŶĐŽƌƉŽƌĂƚĞƐĂƐƐƵŵƉƚŝŽŶƐĂƐƚŽĚŝǀŝĚĞŶĚLJŝĞůĚ͕ ĞdžƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJ͕ĂŶĂƉƉƌŽƉƌŝĂƚĞƌŝƐŬͲĨƌĞĞŝŶƚĞƌĞƐƚƌĂƚĞĂŶĚƚŚĞĞdžƉĞĐƚĞĚůŝĨĞŽĨƚŚĞŽƉƚŝŽŶ͘DĂŶLJŽĨƚŚĞƐĞ ĂƐƐƵŵƉƚŝŽŶƐƌĞƋƵŝƌĞŵĂŶĂŐĞŵĞŶƚ͛ƐũƵĚŐŵĞŶƚ͘dŚĞĚŝǀŝĚĞŶĚLJŝĞůĚĂƐƐƵŵƉƚŝŽŶƌĞƉƌĞƐĞŶƚƐs͛ƐĞdžƉĞĐƚĞĚ ĚŝǀŝĚĞŶĚLJŝĞůĚďĂƐĞĚŽŶŝƚƐŚŝƐƚŽƌŝĐĂůĚŝǀŝĚĞŶĚƉĂLJŽƵƚƐĂŶĚƚŚĞƐƚŽĐŬƉƌŝĐĞĂƚƚŚĞĚĂƚĞŽĨŐƌĂŶƚ͘s͛ƐĞdžƉĞĐƚĞĚ ǀŽůĂƚŝůŝƚLJĂƐƐƵŵƉƚŝŽŶŝƐďĂƐĞĚƵƉŽŶƚŚĞŚŝƐƚŽƌŝĐĂůƉƌŝĐĞĨůƵĐƚƵĂƚŝŽŶƐŽĨs͛ƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬ͘s ƵƐĞƐŚŝƐƚŽƌŝĐĂůĚĂƚĂƚŽĞƐƚŝŵĂƚĞƚŚĞĞdžƉĞĐƚĞĚůŝĨĞŽĨŽƉƚŝŽŶƐŐƌĂŶƚĞĚ͘dŚĞƌŝƐŬͲĨƌĞĞƌĂƚĞĨŽƌƉĞƌŝŽĚƐǁŝƚŚŝŶƚŚĞ ĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨƚŚĞŽƉƚŝŽŶŝƐďĂƐĞĚŽŶƚŚĞh͘^͘dƌĞĂƐƵƌLJLJŝĞůĚĐƵƌǀĞĂƚƚŚĞƚŝŵĞŽĨŐƌĂŶƚ͘ dŚĞǁĞŝŐŚƚĞĚͲĂǀĞƌĂŐĞĨĂŝƌǀĂůƵĞƉĞƌƐŚĂƌĞŽĨƐƚŽĐŬŽƉƚŝŽŶƐŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ ƵƐŝŶŐƚŚĞůĂĐŬͲ^ĐŚŽůĞƐŽƉƚŝŽŶǀĂůƵĂƚŝŽŶŵŽĚĞůǁĂƐĂƐĨŽůůŽǁƐ͗ | tĞŝŐŚƚĞĚͲĂǀĞƌĂŐĞŐƌĂŶƚĚĂƚĞĨĂŝƌǀĂůƵĞŽĨŽƉƚŝŽŶƐŐƌĂŶƚĞĚ | Ψϳ͘ϰϴ | | | |----------------------------------------------------|------------|--|--| | ƐƐƵŵƉƚŝŽŶƐ͗ | | | | | ŝǀŝĚĞŶĚLJŝĞůĚ | ϯ͘ϭйƚŽϯ͘ϯй | | | | sŽůĂƚŝůŝƚLJ | Ϯϯй | | | | ZŝƐŬͲĨƌĞĞŝŶƚĞƌĞƐƚƌĂƚĞ | ϭ͘ϱйƚŽϭ͘ϲй | | | | džƉĞĐƚĞĚůŝĨĞŽĨŽƉƚŝŽŶƐ | ϳ͘ϮLJĞĂƌƐ | | | {23}------------------------------------------------ ƐƵŵŵĂƌLJŽĨƐƚŽĐŬŽƉƚŝŽŶĂĐƚŝǀŝƚLJĨŽƌƚŚĞŽŵƉĂŶLJ͛ƐĞŵƉůŽLJĞĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬŝƐĂƐ ĨŽůůŽǁƐ͗ | | tĞŝŐŚƚĞĚͲ
ǀĞƌĂŐĞ | | | tĞŝŐŚƚĞĚͲ
ǀĞƌĂŐĞ
ZĞŵĂŝŶŝŶŐ
ŽŶƚƌĂĐƚƵĂů
dĞƌŵ | | ŐŐƌĞŐĂƚĞ
/ŶƚƌŝŶƐŝĐ | | |--------------------------------------------|---------------------|---|---------------|--------------------------------------------------------|---|-----------------------|--| | ;ƐŚĂƌĞĂŶĚŝŶƚƌŝŶƐŝĐǀĂůƵĞĨŝŐƵƌĞƐŝŶƚŚŽƵƐĂŶĚƐͿ | ^ŚĂƌĞƐ | | džĞƌĐŝƐĞWƌŝĐĞ | ;ŝŶLJĞĂƌƐͿ | | sĂůƵĞ | | | KƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐ͕ďĞŐŝŶŶŝŶŐŽĨƉĞƌŝŽĚ;ϭͿ | ϭ͕ϯϮϭ | Ψ | ϯϲ͘ϵϰ | | | | | | 'ƌĂŶƚĞĚ | ϭϴϰ | | ϰϲ͘ϳϰ | | | | | | džĞƌĐŝƐĞĚ | ;ϮϴϲͿ | | ϯϯ͘Ϭϱ | | | | | | &ŽƌĨĞŝƚĞĚͬĞdžƉŝƌĞĚ | ;ϮͿ | | ϯϬ͘ϳϭ | | | | | | KƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐ͕ĞŶĚŽĨƉĞƌŝŽĚ | ϭ͕Ϯϭϳ | Ψ | ϯϵ͘ϯϱ | ϱ͘ϲ | Ψ | Ϯϰ͕ϴϴϭ | | | KƉƚŝŽŶƐĞdžĞƌĐŝƐĂďůĞ͕ĞŶĚŽĨƉĞƌŝŽĚ | ϲϮϯ | Ψ | ϯϲ͘Ϭϭ | ϯ͘ϵ | Ψ | ϭϰ͕ϴϬϰ | | | sĞƐƚĞĚŽƌĞdžƉĞĐƚĞĚƚŽǀĞƐƚĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ | ϭ͕Ϯϭϳ | Ψ | ϯϵ͘ϯϱ | ϱ͘ϲ | Ψ | Ϯϰ͕ϴϴϭ | | *;ϭͿKƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚŚĂǀĞďĞĞŶĂĚũƵƐƚĞĚƚŽƌĞĨůĞĐƚĞŵƉůŽLJĞĞƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJĂŶĚ ŽƚŚĞƌǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐŽĨsĚƵƌŝŶŐƚŚĞĨŝƐĐĂůLJĞĂƌ͘* KƉƚŝŽŶƐĞdžĞƌĐŝƐĞĚƌĞƉƌĞƐĞŶƚŶĞǁůLJŝƐƐƵĞĚƐŚĂƌĞƐŽĨsEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬ͘dŚĞƚŽƚĂůŝŶƚƌŝŶƐŝĐǀĂůƵĞ ŽĨŽƉƚŝŽŶƐĞdžĞƌĐŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬǁĂƐΨϲ͕Ϭϰϵ͕ϱϭϳ͘dŚĞƚŽƚĂůĨĂŝƌǀĂůƵĞŽĨŽƉƚŝŽŶƐ ƚŚĂƚǀĞƐƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬǁĂƐΨϭ͕ϳϲϱ͕ϭϳϮ͘ ƐŽĨKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞƌĞǁĂƐΨϮ͕ϲϳϯ͕ϭϭϱŽĨĐŽŵƉĞŶƐĂƚŝŽŶĐŽƐƚƌĞůĂƚĞĚƚŽƵŶǀĞƐƚĞĚƐƚŽĐŬŽƉƚŝŽŶƐŐƌĂŶƚĞĚ ƵŶĚĞƌƚŚĞϮϬϭϯWůĂŶĂŶĚƉƌĞĚĞĐĞƐƐŽƌƉůĂŶƐŶŽƚLJĞƚƌĞĐŽŐŶŝnjĞĚ͘dŚĂƚĐŽƐƚŝƐĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽŐŶŝnjĞĚŽǀĞƌĂ ǁĞŝŐŚƚĞĚͲĂǀĞƌĂŐĞƉĞƌŝŽĚŽĨϮ͘ϰLJĞĂƌƐ͘ WƵƌƐƵĂŶƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚǁŝƚŚDŽƌŐĂŶ^ƚĂŶůĞLJ͕ƵƉŽŶƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚ ĂĐƋƵŝƐŝƚŝŽŶŽĨsďLJDŽƌŐĂŶ^ƚĂŶůĞLJ͕ĞĂĐŚƚŚĞŶŽƵƚƐƚĂŶĚŝŶŐĂŶĚƵŶĞdžĞƌĐŝƐĞĚƐƚŽĐŬŽƉƚŝŽŶ͕ǁŚĞƚŚĞƌǀĞƐƚĞĚŽƌ ƵŶǀĞƐƚĞĚ͕ǁŝůůďĞĚĞĞŵĞĚƚŽŚĂǀĞďĞĞŶǀĞƐƚĞĚŝŶĨƵůů͕ĂŶĚĐĂŶĐĞůůĞĚĂŶĚĐŽŶǀĞƌƚĞĚŝŶƚŽƚŚĞƌŝŐŚƚƚŽƌĞĐĞŝǀĞĂ ĐĂƐŚƉĂLJŵĞŶƚĂƚĐůŽƐŝŶŐ͘dŚĞĂŵŽƵŶƚŽĨƚŚĞĐĂƐŚƉĂLJŵĞŶƚǁŝůůďĞĞƋƵĂůƚŽƚŚĞĞdžĐĞƐƐŽĨƚŚĞƉĞƌƐŚĂƌĞĐĂƐŚ ĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂLJĂďůĞďLJDŽƌŐĂŶ^ƚĂŶůĞLJƚŽĂĐƋƵŝƌĞs͛ƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬĂƐŽĨƚŚĞĐůŽƐŝŶŐĚĂƚĞ ŽǀĞƌƚŚĞƐƚŽĐŬŽƉƚŝŽŶĞdžĞƌĐŝƐĞƉƌŝĐĞ;ŝŶͲƚŚĞͲŵŽŶĞLJĂŵŽƵŶƚŽĨƚŚĞŽƉƚŝŽŶͿ͕ƉůƵƐ͕ĨŽƌŚŽůĚĞƌƐŽĨŽƉƚŝŽŶƐǁŚŽ ĐŽŶƚŝŶƵĞƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐƚŽƚŚĞŽŵƉĂŶLJƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĂĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞĂŵŽƵŶƚďLJ ǁŚŝĐŚ͕ŝĨĂŶLJ͕ƚŚĞůĂĐŬͲ^ĐŚŽůĞƐŽƉƚŝŽŶǀĂůƵĞŽĨƚŚĞŽƉƚŝŽŶĂƐĐĂůĐƵůĂƚĞĚŝŶƚŚĞŵĂŶŶĞƌƉƌĞƐĐƌŝďĞĚŝŶƚŚĞ DĞƌŐĞƌŐƌĞĞŵĞŶƚĞdžĐĞĞĚƐƚŚĞŝŶͲƚŚĞͲŵŽŶĞLJĂŵŽƵŶƚŽĨƚŚĞŽƉƚŝŽŶ͘,ŽůĚĞƌƐŽĨǀĞƐƚĞĚƐƚŽĐŬŽƉƚŝŽŶƐŵĂLJ ĐŽŶƚŝŶƵĞƚŽĞdžĞƌĐŝƐĞƚŚĞŝƌŽƉƚŝŽŶƐƉƌŝŽƌƚŽƚŚĞĐůŽƐŝŶŐĚĂƚĞ͘s͛ƐŽďůŝŐĂƚŝŽŶƚŽŵĂŬĞƚŚĞĂĨŽƌĞŵĞŶƚŝŽŶĞĚĐĂƐŚ ƉĂLJŵĞŶƚƐƚŽŚŽůĚĞƌƐŽĨŽƵƚƐƚĂŶĚŝŶŐŽƉƚŝŽŶƐŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞĐůŽƐĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ͘ #### *^ƵďƐĞƋƵĞŶƚĞǀĞŶƚƐ* dŚĞƚĞƌŵƐŽĨƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚǁŝƚŚDŽƌŐĂŶ^ƚĂŶůĞLJĐŽŶƚĞŵƉůĂƚĞƚŚĞƉĂLJŵĞŶƚŽĨĂŶĂŵŽƵŶƚŽĨĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƚŽƚŚĞƐƉĞĐŝĂůĐĂƐŚĚŝǀŝĚĞŶĚŶŽƚĞĚĂďŽǀĞƚŽĞĂĐŚŚŽůĚĞƌŽĨĂŶŽƵƚƐƚĂŶĚŝŶŐĂŶĚƵŶĞdžĞƌĐŝƐĞĚƐƚŽĐŬ ŽƉƚŝŽŶĂƐŽĨƚŚĞƌĞĐŽƌĚĚĂƚĞŽĨĞĐĞŵďĞƌϰ͕ϮϬϮϬ͘dŚĞƉĂLJŵĞŶƚǁĂƐĐĂůĐƵůĂƚĞĚĂƐƚŚĞƉƌŽĚƵĐƚŽĨΨϰ͘ϮϱƚŝŵĞƐ ƚŚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽĨs͛ƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬƵŶĚĞƌůLJŝŶŐĂŶLJƵŶĞdžĞƌĐŝƐĞĚŽƉƚŝŽŶĂǁĂƌĚƐŽŶƚŚĞ ƌĞĐŽƌĚĚĂƚĞ͘WĂLJŵĞŶƚƐƚŽĐƵƌƌĞŶƚĂŶĚĨŽƌŵĞƌĞŵƉůŽLJĞĞƐŽŶƵŶǀĞƐƚĞĚŽƵƚƐƚĂŶĚŝŶŐƐƚŽĐŬŽƉƚŝŽŶƐŝŶůŝĞƵŽĨƚŚĞ ƐƉĞĐŝĂůĚŝǀŝĚĞĚƚŽƚĂůŝŶŐΨϭ͕ϵϱϬ͕ϯϴϵǁŝůůďĞƌĞĐŽƌĚĞĚĂƐĐŽŵƉĞŶƐĂƚŝŽŶĞdžƉĞŶƐĞŝŶĨŝƐĐĂůϮϬϮϭ͘ {24}------------------------------------------------ ƚƚŚĞĐůŽƐŝŶŐŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶďLJDŽƌŐĂŶ^ƚĂŶůĞLJŽŶDĂƌĐŚϭ͕ϮϬϮϭ͕ƚŚĞŽŵƉĂŶLJǁŝůůĂĐĐŽƵŶƚĨŽƌƚŚĞ ĐĂŶĐĞůůĂƚŝŽŶĂŶĚĐŽŶǀĞƌƐŝŽŶŽĨĞĂĐŚŽƵƚƐƚĂŶĚŝŶŐĂŶĚƵŶĞdžĞƌĐŝƐĞĚƐƚŽĐŬŽƉƚŝŽŶŝŶƚŽƚŚĞƌŝŐŚƚƚŽƌĞĐĞŝǀĞĂĐĂƐŚ ƉĂLJŵĞŶƚĂƐĂŵŽĚŝĨŝĐĂƚŝŽŶĂŶĚƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨƚŚĞĂǁĂƌĚƐĨƌŽŵĞƋƵŝƚLJĂǁĂƌĚƐƚŽůŝĂďŝůŝƚLJĂǁĂƌĚƐ͘ ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞŽŵƉĂŶLJǁŝůůƌĞĐŽƌĚĂĐŚĂƌŐĞƚŽĂĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶͲĐĂƉŝƚĂůŽĨΨϲ͕ϴϯϲ͕ϮϭϯĂŶĚĐŽŵƉĞŶƐĂƚŝŽŶ ĞdžƉĞŶƐĞŽĨΨϮϲ͕ϱϬϬ͕ϳϱϲŝŶĨŝƐĐĂůϮϬϮϭƚŽǀĞƐƚ͕ŵŽĚŝĨLJ͕ƌĞĐůĂƐƐŝĨLJĂŶĚƌĞŵĞĂƐƵƌĞƚŚĞĂǁĂƌĚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ ŽŵƉĂŶLJǁŝůůŵĂŬĞĐĂƐŚƉĂLJŵĞŶƚƐƚŽƚĂůŝŶŐΨϯϯ͕ϯϯϲ͕ϵϲϵŝŶĨŝƐĐĂůϮϬϮϭƚŽƐĞƚƚůĞƚŚĞĂǁĂƌĚƐ͘ #### *ŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞWůĂŶƐ* dŚĞsϮϬϭϯŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞWůĂŶ;YƵĂůŝĨŝĞĚ^WWͿĂŶĚƚŚĞsϮϬϭϯEŽŶƋƵĂůŝĨŝĞĚŵƉůŽLJĞĞ^ƚŽĐŬ WƵƌĐŚĂƐĞWůĂŶ;EŽŶƋƵĂůŝĨŝĞĚ^WWͿ;ƚŽŐĞƚŚĞƌ͕ŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞWůĂŶƐͿ͕ǁŚŝĐŚĂƌĞĂĚŵŝŶŝƐƚĞƌĞĚďLJƚŚĞ ŽŵƉĞŶƐĂƚŝŽŶŽŵŵŝƚƚĞĞŽĨƚŚĞŽĂƌĚŽĨs͕ƉĞƌŵŝƚĞůŝŐŝďůĞĞŵƉůŽLJĞĞƐŽĨƚŚĞŽŵƉĂŶLJƚŽĚŝƌĞĐƚƵƉƚŽĂ ŵĂdžŝŵƵŵŽĨΨϭϮ͕ϱϬϬƉĞƌƐŝdžͲŵŽŶƚŚŽĨĨĞƌŝŶŐƉĞƌŝŽĚƚŽǁĂƌĚƚŚĞƉƵƌĐŚĂƐĞŽĨsEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬĂƚ ƚŚĞůŽǁĞƌŽĨϵϬƉĞƌĐĞŶƚŽĨƚŚĞŵĂƌŬĞƚƉƌŝĐĞŽĨs͛ƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬĂƚƚŚĞďĞŐŝŶŶŝŶŐŽƌĂƚƚŚĞĞŶĚ ŽĨĞĂĐŚŽĨĨĞƌŝŶŐƉĞƌŝŽĚ͘dŚĞYƵĂůŝĨŝĞĚ^WWƋƵĂůŝĨŝĞƐƵŶĚĞƌ^ĞĐƚŝŽŶϰϮϯŽĨƚŚĞh͘^͘/ŶƚĞƌŶĂůZĞǀĞŶƵĞŽĚĞŽĨ ϭϵϴϲ͕ĂƐĂŵĞŶĚĞĚ͘ƚŽƚĂůŽĨϬ͘ϱŵŝůůŝŽŶĂŶĚϬ͘ϭŵŝůůŝŽŶƐŚĂƌĞƐŽĨs͛ƐEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬŚĂǀĞďĞĞŶ ƌĞƐĞƌǀĞĚĨŽƌŝƐƐƵĂŶĐĞƵŶĚĞƌƚŚĞYƵĂůŝĨŝĞĚ^WWĂŶĚEŽŶƋƵĂůŝĨŝĞĚ^WW͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚƌŽƵŐŚKĐƚŽďĞƌϯϭ͕ ϮϬϮϬ͕Ϭ͘ϲŵŝůůŝŽŶƐŚĂƌĞƐŚĂǀĞďĞĞŶŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞWůĂŶƐ͘ #### *^ƵďƐĞƋƵĞŶƚĞǀĞŶƚ* WƵƌƐƵĂŶƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚǁŝƚŚDŽƌŐĂŶ^ƚĂŶůĞLJ͕ƚŚĞƐŝdžͲŵŽŶƚŚŽĨĨĞƌŝŶŐƉĞƌŝŽĚƚŚĂƚ ĐŽŶĐůƵĚĞĚŝŶEŽǀĞŵďĞƌϮϬϮϬǁŝůůďĞƚŚĞĨŝŶĂůŽĨĨĞƌŝŶŐƉĞƌŝŽĚŽĨƚŚĞŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞWůĂŶƐ͘ #### *ŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞ/ŶĐĞŶƚŝǀĞWůĂŶ* dŚĞsϮϬϭϯ/ŶĐĞŶƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶEŽŶƋƵĂůŝĨŝĞĚŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞWůĂŶ;ŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞ /ŶĐĞŶƚŝǀĞWůĂŶͿ͕ǁŚŝĐŚŝƐĂĚŵŝŶŝƐƚĞƌĞĚďLJƚŚĞŽŵƉĞŶƐĂƚŝŽŶŽŵŵŝƚƚĞĞŽĨƚŚĞŽĂƌĚ͕ƉĞƌŵŝƚƐĞŵƉůŽLJĞĞƐƚŽ ĚŝƌĞĐƚƵƉƚŽŚĂůĨŽĨƚŚĞŝƌŝŶĐĞŶƚŝǀĞďŽŶƵƐĞƐĂŶĚĐŽŵŵŝƐƐŝŽŶƐƚŽǁĂƌĚƚŚĞƉƵƌĐŚĂƐĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐEŽŶͲ sŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬĂƚƚŚĞůŽǁĞƌŽĨϵϬƉĞƌĐĞŶƚŽĨƚŚĞŵĂƌŬĞƚƉƌŝĐĞŽĨƚŚĞEŽŶͲsŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬĂƚƚŚĞ ďĞŐŝŶŶŝŶŐŽƌĂƚƚŚĞĞŶĚŽĨĞĂĐŚƋƵĂƌƚĞƌůLJŽĨĨĞƌŝŶŐƉĞƌŝŽĚ͘ƚŽƚĂůŽĨϬ͘ϵŵŝůůŝŽŶƐŚĂƌĞƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐEŽŶͲ sŽƚŝŶŐŽŵŵŽŶ^ƚŽĐŬŚĂǀĞďĞĞŶƌĞƐĞƌǀĞĚĨŽƌŝƐƐƵĂŶĐĞƵŶĚĞƌƚŚĞŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞ/ŶĐĞŶƚŝǀĞWůĂŶ͘ dŚƌŽƵŐŚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͕Ϭ͘ϴŵŝůůŝŽŶƐŚĂƌĞƐŚĂǀĞďĞĞŶŝƐƐƵĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞ /ŶĐĞŶƚŝǀĞWůĂŶ͘ #### *^ƵďƐĞƋƵĞŶƚĞǀĞŶƚ* WƵƌƐƵĂŶƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚǁŝƚŚDŽƌŐĂŶ^ƚĂŶůĞLJ͕ƚŚĞƋƵĂƌƚĞƌůLJŽĨĨĞƌŝŶŐƉĞƌŝŽĚƚŚĂƚ ĐŽŶĐůƵĚĞĚŝŶEŽǀĞŵďĞƌϮϬϮϬǁŝůůďĞƚŚĞĨŝŶĂůŽĨĨĞƌŝŶŐƉĞƌŝŽĚŽĨƚŚĞŵƉůŽLJĞĞ^ƚŽĐŬWƵƌĐŚĂƐĞ/ŶĐĞŶƚŝǀĞWůĂŶ͘ #### **ϴ͘ ŵƉůŽLJĞĞĞŶĞĨŝƚWůĂŶƐ** #### *WƌŽĨŝƚ^ŚĂƌŝŶŐĂŶĚ^ĂǀŝŶŐƐWůĂŶ* sŚĂƐĂWƌŽĨŝƚ^ŚĂƌŝŶŐĂŶĚ^ĂǀŝŶŐƐWůĂŶĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƐƵďƐƚĂŶƚŝĂůůLJĂůůĞŵƉůŽLJĞĞƐ͕ŝŶĐůƵĚŝŶŐĞŵƉůŽLJĞĞƐ ŽĨƚŚĞŽŵƉĂŶLJ͘dŚĞWƌŽĨŝƚ^ŚĂƌŝŶŐĂŶĚ^ĂǀŝŶŐƐWůĂŶŝƐĂĚĞĨŝŶĞĚĐŽŶƚƌŝďƵƚŝŽŶƉƌŽĨŝƚƐŚĂƌŝŶŐƉůĂŶǁŝƚŚĂϰϬϭ;ŬͿ ĚĞĨĞƌƌĂůĐŽŵƉŽŶĞŶƚ͘ůůĨƵůůͲƚŝŵĞĞŵƉůŽLJĞĞƐǁŚŽŚĂǀĞŵĞƚĐĞƌƚĂŝŶĂŐĞĂŶĚůĞŶŐƚŚŽĨƐĞƌǀŝĐĞƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞ ĞůŝŐŝďůĞƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞƉůĂŶ͘dŚĞƉůĂŶĂůůŽǁƐƉĂƌƚŝĐŝƉĂƚŝŶŐĞŵƉůŽLJĞĞƐƚŽŵĂŬĞĞůĞĐƚŝǀĞĚĞĨĞƌƌĂůƐŽĨ ĐŽŵƉĞŶƐĂƚŝŽŶƵƉƚŽƚŚĞƉůĂŶ͛ƐĂŶŶƵĂůůŝŵŝƚƐ͘sƚŚĞŶŵĂƚĐŚĞƐĞĂĐŚƉĂƌƚŝĐŝƉĂŶƚ͛ƐĐŽŶƚƌŝďƵƚŝŽŶŽŶĂĚŽůůĂƌͲĨŽƌͲ ĚŽůůĂƌďĂƐŝƐƚŽĂŵĂdžŝŵƵŵŽĨΨϮ͕ϬϬϬƉĞƌĂŶŶƵŵ͘/ŶĂĚĚŝƚŝŽŶ͕sŵĂLJ͕ĂƚŝƚƐĚŝƐĐƌĞƚŝŽŶ͕ĐŽŶƚƌŝďƵƚĞƵƉƚŽϭϱ ƉĞƌĐĞŶƚŽĨĞůŝŐŝďůĞĞŵƉůŽLJĞĞĐŽŵƉĞŶƐĂƚŝŽŶƚŽƚŚĞƉůĂŶ͕ƚŽĂŵĂdžŝŵƵŵŽĨΨϰϮ͕ϬϬϬƉĞƌĞŵƉůŽLJĞĞĨŽƌƚŚĞLJĞĂƌ {25}------------------------------------------------ ĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͘dŚĞŽŵƉĂŶLJ͛ƐĞdžƉĞŶƐĞƵŶĚĞƌƚŚĞƉůĂŶǁĂƐΨϰ͕ϵϵϲ͕ϯϳϲĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌ ϯϭ͕ϮϬϮϬ͘ #### *^ƵďƐĞƋƵĞŶƚĞǀĞŶƚ* WƵƌƐƵĂŶƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚǁŝƚŚDŽƌŐĂŶ^ƚĂŶůĞLJ͕sĂŵĞŶĚĞĚŝƚƐWƌŽĨŝƚ^ŚĂƌŝŶŐĂŶĚ ^ĂǀŝŶŐƐWůĂŶƚŽƉƌŽǀŝĚĞĨŽƌĂĐŽŶƚƌŝďƵƚŝŽŶŽĨϭϱƉĞƌĐĞŶƚŽĨĞůŝŐŝďůĞĞŵƉůŽLJĞĞĐŽŵƉĞŶƐĂƚŝŽŶƚŽƚŚĞƉůĂŶĨŽƌƚŚĞ ĨŽƵƌͲŵŽŶƚŚƉĞƌŝŽĚŝŶĨŝƐĐĂůϮϬϮϭƉƌŝŽƌƚŽƚŚĞĐůŽƐŝŶŐŽĨƚŚĞŵĞƌŐĞƌǁŝƚŚDŽƌŐĂŶ^ƚĂŶůĞLJ͘dŚĞŽŵƉĂŶLJ͛Ɛ ĞdžƉĞŶƐĞƵŶĚĞƌƚŚĞƉůĂŶƌĞůĂƚĞĚƚŽƚŚŝƐĂŵĞŶĚŵĞŶƚǁĂƐΨϭ͕ϴϴϵ͕ϴϳϰ͘ #### **ϵ͘ /ŶĐŽŵĞdĂdžĞƐ** dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƌĞĐŽŶĐŝůĞƐƚŚĞh͘^͘ƐƚĂƚƵƚŽƌLJĨĞĚĞƌĂůŝŶĐŽŵĞƚĂdžƌĂƚĞƚŽƚŚĞŽŵƉĂŶLJ͛ƐĞĨĨĞĐƚŝǀĞƚĂdžƌĂƚĞ ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͗ | ^ƚĂƚƵƚŽƌLJh͘^͘ĨĞĚĞƌĂůŝŶĐŽŵĞƚĂdžƌĂƚĞ | Ϯϭ͘Ϭ й | |--------------------------------------------------------|--------| | ^ƚĂƚĞŝŶĐŽŵĞƚĂdž͕ŶĞƚŽĨĨĞĚĞƌĂůŝŶĐŽŵĞƚĂdžďĞŶĞĨŝƚƐ | ϳ͘ϴ | | EŽŶͲĚĞĚƵĐƚŝďůĞŵĞĂůƐĂŶĚĞŶƚĞƌƚĂŝŶŵĞŶƚĞdžƉĞŶƐĞ | Ϯ͘ϲ | | EŽŶͲĚĞĚƵĐƚŝďůĞĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ | ϴ͘ϴ | | ^ƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶ | ;Ϯ͘ϮͿ | | EĞƚĞdžĐĞƐƐƚĂdžďĞŶĞĨŝƚƐĨƌŽŵƐƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐ | ;ϵ͘ϮͿ | | KƚŚĞƌŝƚĞŵƐ | ;Ϭ͘ϯͿ | | ĨĨĞĐƚŝǀĞŝŶĐŽŵĞƚĂdžƌĂƚĞ | Ϯϴ͘ϱ й | ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐƌĞĨůĞĐƚƚŚĞĞdžƉĞĐƚĞĚĨƵƚƵƌĞƚĂdžĐŽŶƐĞƋƵĞŶĐĞƐŽĨƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĂŶĚƚĂdžďĂƐŝƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘dŚĞƐŝŐŶŝĨŝĐĂŶƚĐŽŵƉŽŶĞŶƚƐŽĨĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞƚĂdžĞƐĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬǁĞƌĞĂƐĨŽůůŽǁƐ͗ | ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͗ |
| | |------------------------------------------------|------|--------------| | ŽŵƉĞŶƐĂƚŝŽŶĂŶĚďĞŶĞĨŝƚĞdžƉĞŶƐĞ | Ψ | ϯ͕ϯϮϯ͕ϳϵϱ | | ^ƚŽĐŬͲďĂƐĞĚĐŽŵƉĞŶƐĂƚŝŽŶ | | ϭ͕ϯϮϮ͕ϵϵϱ | | &ĞĚĞƌĂůďĞŶĞĨŝƚŽĨƵŶƌĞĐŽŐŶŝnjĞĚƐƚĂƚĞƚĂdžďĞŶĞĨŝƚƐ | | ϭ͕ϰϮϱ | | KƚŚĞƌ | | ϭϬ͕ϯϭϱ | | dŽƚĂůĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚ | | ϰ͕ϲϱϴ͕ϱϯϬ | | ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ͗ |
| | | ŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶŬĂŶĚƚĂdžďĂƐĞƐŽĨŝŶǀĞƐƚŵĞŶƚƐ | | ;ϲϮ͕ϳϬϰͿ | | ;ϭͿ
ĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ;ĂƐƌĞƐƚĂƚĞĚͿ | | ;ϭϱ͕ϳϰϴ͕ϮϴϲͿ | | ;ϭͿ
dŽƚĂůĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJ;ĂƐƌĞƐƚĂƚĞĚͿ | | ;ϭϱ͕ϴϭϬ͕ϵϵϬͿ | | ;ϭͿ
EĞƚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJ;ĂƐƌĞƐƚĂƚĞĚͿ | Ψ | ;ϭϭ͕ϭϱϮ͕ϰϲϬͿ | *;ϭͿ ZĞĨĞƌƚŽEŽƚĞϮĨŽƌĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞƌĞƐƚĂƚĞŵĞŶƚŽĨƚŚĞƐĞĂŵŽƵŶƚƐ͘* ƵƌƌĞŶƚƵŶƌĞĐŽŐŶŝnjĞĚƚĂdžďĞŶĞĨŝƚƐŽĨΨϲ͕ϬϬϬ͕ĞdžĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĂŶĚƉĞŶĂůƚŝĞƐ͕ĂƌĞƉƌĞƐĞŶƚĞĚĂƐĂĐŽŵƉŽŶĞŶƚ ŽĨƚĂdžĞƐƉĂLJĂďůĞ͘ĐĐƌƵĞĚŝŶƚĞƌĞƐƚĂŶĚƉĞŶĂůƚŝĞƐ͕ǁŚŝĐŚĂƌĞŝŶĐůƵĚĞĚĂƐĂĐŽŵƉŽŶĞŶƚŽĨƚĂdžĞƐƉĂLJĂďůĞ͕ƚŽƚĂůĞĚ Ψϭ͕ϯϴϱĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͘dŚĞƚŽƚĂůĂŵŽƵŶƚŽĨƵŶƌĞĐŽŐŶŝnjĞĚƚĂdžďĞŶĞĨŝƚƐĂƐŽĨKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĂƚ͕ŝĨ ƌĞĐŽŐŶŝnjĞĚ͕ǁŽƵůĚŝŵƉĂĐƚƚŚĞĞĨĨĞĐƚŝǀĞƚĂdžƌĂƚĞ͕ŝƐΨϲ͕ϬϬϬ͘ dŚĞŽŵƉĂŶLJŝƐŐĞŶĞƌĂůůLJŶŽůŽŶŐĞƌƐƵďũĞĐƚƚŽŝŶĐŽŵĞƚĂdžĞdžĂŵŝŶĂƚŝŽŶƐďLJĨĞĚĞƌĂů͕ƐƚĂƚĞŽƌůŽĐĂůƚĂdž ĂƵƚŚŽƌŝƚŝĞƐĨŽƌĨŝƐĐĂůLJĞĂƌƐƉƌŝŽƌƚŽĨŝƐĐĂůϮϬϭϳ͘ {26}------------------------------------------------ #### **ϭϬ͘ ŽŵŵŝƚŵĞŶƚƐĂŶĚŽŶƚŝŶŐĞŶĐŝĞƐ** /ŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ƚŚĞŽŵƉĂŶLJĞŶƚĞƌƐŝŶƚŽĂŐƌĞĞŵĞŶƚƐƚŚĂƚŝŶĐůƵĚĞŝŶĚĞŵŶŝƚŝĞƐŝŶĨĂǀŽƌŽĨ ƚŚŝƌĚƉĂƌƚŝĞƐ͕ƐƵĐŚĂƐĞŶŐĂŐĞŵĞŶƚůĞƚƚĞƌƐǁŝƚŚĂĚǀŝƐŽƌƐĂŶĚĐŽŶƐƵůƚĂŶƚƐ͕ŝŶĨŽƌŵĂƚŝŽŶƚĞĐŚŶŽůŽŐLJĂŐƌĞĞŵĞŶƚƐ͕ ĚŝƐƚƌŝďƵƚŝŽŶĂŐƌĞĞŵĞŶƚƐĂŶĚƐĞƌǀŝĐĞĂŐƌĞĞŵĞŶƚƐ͘ĞƌƚĂŝŶĂŐƌĞĞŵĞŶƚƐĚŽŶŽƚĐŽŶƚĂŝŶĂŶLJůŝŵŝƚƐŽŶƚŚĞ ŽŵƉĂŶLJ͛ƐůŝĂďŝůŝƚLJĂŶĚ͕ƚŚĞƌĞĨŽƌĞ͕ŝƚŝƐŶŽƚƉŽƐƐŝďůĞƚŽĞƐƚŝŵĂƚĞƚŚĞŽŵƉĂŶLJ͛ƐƉŽƚĞŶƚŝĂůůŝĂďŝůŝƚLJƵŶĚĞƌƚŚĞƐĞ ŝŶĚĞŵŶŝƚŝĞƐ͘/ŶĐĞƌƚĂŝŶĐĂƐĞƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐƌĞĐŽƵƌƐĞĂŐĂŝŶƐƚƚŚŝƌĚƉĂƌƚŝĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƐĞ ŝŶĚĞŵŶŝƚŝĞƐ͘ dŚĞŽŵƉĂŶLJŝƐƐƵďũĞĐƚƚŽǀĂƌŝŽƵƐůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐ͘/ŶƚŚĞŽƉŝŶŝŽŶŽĨŵĂŶĂŐĞŵĞŶƚ͕ĂĨƚĞƌĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚ ůĞŐĂůĐŽƵŶƐĞů͕ƚŚĞƵůƚŝŵĂƚĞƌĞƐŽůƵƚŝŽŶŽĨƚŚĞƐĞŵĂƚƚĞƌƐǁŝůůŶŽƚŚĂǀĞĂŵĂƚĞƌŝĂůĞĨĨĞĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂů ĐŽŶĚŝƚŝŽŶ͕ƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐŽƌĐĂƐŚĨůŽǁƐŽĨƚŚĞŽŵƉĂŶLJ͘ #### **ϭϭ͘ ZĞůĂƚĞĚWĂƌƚLJdƌĂŶƐĂĐƚŝŽŶƐ** #### *ĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚ* dŚĞŽŵƉĂŶLJŚĂƐĂƉƵƌĐŚĂƐĞĂŶĚƐĂůĞĂŐƌĞĞŵĞŶƚǁŝƚŚĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚǁŚĞƌĞďLJŝƚŚĂƐĂŐƌĞĞĚƚŽ ƉĞƌŝŽĚŝĐĂůůLJ;ŵŽŶƚŚůLJͿƐĞůů͕ŝŶĞdžĐŚĂŶŐĞĨŽƌĐĂƐŚ͕ŝƚƐƌŝŐŚƚƚŽĨƵƚƵƌĞĚŝƐƚƌŝďƵƚŝŽŶĨĞĞĂŶĚĐŽŶƚŝŶŐĞŶƚĚĞĨĞƌƌĞĚ ƐĂůĞƐĐŚĂƌŐĞƌĞǀĞŶƵĞƌĞůĂƚĞĚƚŽĐĞƌƚĂŝŶĐůĂƐƐĞƐŽĨĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐŚĂƌĞƐƚŚĂƚĚŽŶŽƚŚĂǀĞĂĨƌŽŶƚͲ ĞŶĚůŽĂĚŝŶǁŚŝĐŚŝƚŝŶĐƵƌƐƵƉͲĨƌŽŶƚĐŽŵŵŝƐƐŝŽŶĐŽƐƚƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞƐĂůĞŽĨƐƵĐŚƐŚĂƌĞƐ͘dŚĞƐĂůĞ ƉƌŝĐĞŽĨƚŚĞƐĞĨƵƚƵƌĞƌĞǀĞŶƵĞƐŝƐĐĂůĐƵůĂƚĞĚĂŶĚƉĂŝĚŵŽŶƚŚůLJĞƋƵĂůƚŽƚŚĞĂŵŽƵŶƚƵƉͲĨƌŽŶƚĐŽŵŵŝƐƐŝŽŶĐŽƐƚƐ 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ĂĐĐŽƌĚĂŶĐĞǁŝƚŚh͘^͘'W͘&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJĞĂƌŶĞĚΨϭϳϭ͕ϮϱϬ͕ϰϮϮƵŶĚĞƌ ƚŚŝƐĂŐƌĞĞŵĞŶƚ͕ǁŚŝĐŚŝƐƌĞĐŽƌĚĞĚĂƐƐĞƌǀŝĐĞĂŐƌĞĞŵĞŶƚŝŶĐŽŵĞŝŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ͘ dŚĞŽŵƉĂŶLJĂůƐŽŚĂƐĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚǁŚĞƌĞďLJĐĞƌƚĂŝŶĐŽŵƉĞŶƐĂƚŝŽŶ͕ ĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ͕ŝŶĨŽƌŵĂƚŝŽŶƚĞĐŚŶŽůŽŐLJ͕ƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐ͕ĨĂĐŝůŝƚŝĞƐĂŶĚŽƚŚĞƌŵŝƐĐĞůůĂŶĞŽƵƐĞdžƉĞŶƐĞƐ ĂƌĞƉĂŝĚďLJĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚĂŶĚĂůůŽĐĂƚĞĚƚŽƚŚĞŽŵƉĂŶLJ͘dŚĞŽŵƉĂŶLJǁĂƐĂůůŽĐĂƚĞĚ Ψϭϯ͕ϯϮϰ͕ϲϯϳŽĨƐƵĐŚĐŽƐƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬƌĞĐŽƌĚĞĚǁŝƚŚŝŶĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚƌĞůĂƚĞĚ ĐŽƐƚƐĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐŝŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ͘dŚĞŽŵƉĂŶLJŚĂĚĂŶĞƚƌĞĐĞŝǀĂďůĞĚƵĞ ĨƌŽŵĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚŽĨΨϰϴ͕ϳϱϬ͕ϰϲϵĂƐŽĨKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͕ǁŚŝĐŚŝƐŝŶĐůƵĚĞĚŝŶĂĐĐŽƵŶƚƐ ƌĞĐĞŝǀĂďůĞĨƌŽŵĂĨĨŝůŝĂƚĞƐŽŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ͘ dŚĞŽŵƉĂŶLJŚĂƐĂŶĞƚƌĞĐĞŝǀĂďůĞĨƌŽŵsŽĨΨϭϮ͕ϳϬϵ͕ϭϲϴĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͕ƉƌŝŵĂƌŝůLJĚƵĞƚŽƚŚĞƐĂůĞŽĨ ƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬƐŚĂƌĞƐƚŽŵĞĞƚƉĂLJƌŽůůƚĂdžǁŝƚŚŚŽůĚŝŶŐŽďůŝŐĂƚŝŽŶƐŽŶďĞŚĂůĨŽĨĞŵƉůŽLJĞĞƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚ ƚŚĞĂĐĐĞůĞƌĂƚĞĚǀĞƐƚŝŶŐŽĨƌĞƐƚƌŝĐƚĞĚƐƚŽĐŬĂǁĂƌĚƐƉƵƌƐƵĂŶƚƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞDĞƌŐĞƌŐƌĞĞŵĞŶƚ͘ {27}------------------------------------------------ ĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚĂůƐŽƉĂLJƐĨĞĚĞƌĂůĂŶĚƐƚĂƚĞŝŶĐŽŵĞƚĂdžĞƐŽŶƚŚĞŽŵƉĂŶLJ͛ƐďĞŚĂůĨ;ƐĞĞEŽƚĞϭͿ͘ #### *KƚŚĞƌ^ƵďƐŝĚŝĂƌŝĞƐŽĨs* dŚĞŽŵƉĂŶLJŚĂƐĂŐƌĞĞŵĞŶƚƐǁŝƚŚƚůĂŶƚĂĂƉŝƚĂůDĂŶĂŐĞŵĞŶƚŽŵƉĂŶLJ͕>>͕ĂŵĂũŽƌŝƚLJͲŽǁŶĞĚƐƵďƐŝĚŝĂƌLJ ĂŶĚWĂƌĂŵĞƚƌŝĐWŽƌƚĨŽůŝŽƐƐŽĐŝĂƚĞƐ>>͕ĂǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJ͕ĞĂĐŚĂƐƵďƐŝĚŝĂƌLJŽĨĂƚŽŶsĂŶĐĞ ĐƋƵŝƐŝƚŝŽŶƐ͕ǁŚĞƌĞďLJƚŚĞŽŵƉĂŶLJƉƌŽǀŝĚĞƐĐĞƌƚĂŝŶĚŝƐƚƌŝďƵƚŝŽŶƐĞƌǀŝĐĞƐƚŽ͕ĂŶĚŽďƚĂŝŶƐƌĞŝŵďƵƌƐĞŵĞŶƚ ĨƌŽŵ͕ƚŚĞƐĞĞŶƚŝƚŝĞƐĨŽƌĂĐƚƵĂůŽƌĂƉƉƌŽdžŝŵĂƚĞĐŽƐƚƐ͘dŚĞŽŵƉĂŶLJĞĂƌŶĞĚΨϰϰ͕ϭϱϯ͕ϴϰϲƵŶĚĞƌƚŚĞƐĞ ĂŐƌĞĞŵĞŶƚƐ͕ǁŚŝĐŚŝƐƌĞĐŽƌĚĞĚĂƐŝŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌƌĞǀĞŶƵĞŝŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ͘ dŚĞƐĞƚƌĂŶƐĂĐƚŝŽŶƐƌĞƐƵůƚĞĚŝŶĂŶĞƚƌĞĐĞŝǀĂďůĞĨƌŽŵĂĨĨŝůŝĂƚĞƐŽĨΨϰ͕ϯϲϲ͕ϱϭϭĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͘ /ŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽƚŚĞƌƐƵďƐŝĚŝĂƌŝĞƐŽĨs͘dŚĞƐĞ ƚƌĂŶƐĂĐƚŝŽŶƐƌĞƐƵůƚĞĚŝŶĂŶĞƚƌĞĐĞŝǀĂďůĞĨƌŽŵĂĨĨŝůŝĂƚĞƐŽĨΨϵ͕ϯϬϱĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͘ #### *^ƉŽŶƐŽƌĞĚĨƵŶĚƐ* ĞƌƚĂŝŶƐƵďƐŝĚŝĂƌŝĞƐŽĨsĂƌĞŝŶǀĞƐƚŵĞŶƚĂĚǀŝƐĞƌƐƚŽ͕ĂŶĚŚĂǀĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĂŐƌĞĞŵĞŶƚƐǁŝƚŚ͕ƚŚĞĂƚŽŶ sĂŶĐĞŵƵƚƵĂůĨƵŶĚƐĨŽƌǁŚŝĐŚĐĞƌƚĂŝŶĞŵƉůŽLJĞĞƐŽĨƚŚŽƐĞĞŶƚŝƚŝĞƐĂƌĞŽĨĨŝĐĞƌƐĂŶĚͬŽƌĚŝƌĞĐƚŽƌƐ͘^ƵďƐƚĂŶƚŝĂůůLJ ĂůůŽĨƚŚĞƐĞƌǀŝĐĞƐƚŽƚŚĞƐĞĨƵŶĚƐĨŽƌǁŚŝĐŚƚŚĞŽŵƉĂŶLJŽƌŝƚƐĂĨĨŝůŝĂƚĞƐĞĂƌŶƐĂĨĞĞ͕ŝŶĐůƵĚŝŶŐŵĂŶĂŐĞŵĞŶƚ ĨĞĞƐ;ĨŽƌŝŶǀĞƐƚŵĞŶƚĂĚǀŝƐŽƌLJĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞƐĞƌǀŝĐĞƐͿ͕ĚŝƐƚƌŝďƵƚŝŽŶĨĞĞƐĂŶĚƐĞƌǀŝĐĞĨĞĞƐ͕ĂƌĞƉƌŽǀŝĚĞĚ ƵŶĚĞƌĐŽŶƚƌĂĐƚƐƚŚĂƚƐĞƚĨŽƌƚŚƚŚĞƐĞƌǀŝĐĞƐƚŽďĞƉƌŽǀŝĚĞĚĂŶĚƚŚĞĨĞĞƐƚŽďĞĐŚĂƌŐĞĚ͘dŚĞƐĞĐŽŶƚƌĂĐƚƐĂƌĞ ƐƵďũĞĐƚƚŽĂŶŶƵĂůƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂůďLJĞĂĐŚŽĨƚŚĞĨƵŶĚƐ͛ďŽĂƌĚƐŽĨĚŝƌĞĐƚŽƌƐŽƌƚƌƵƐƚĞĞƐ͘ZĞǀĞŶƵĞĨŽƌƚŚĞ ƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚŽƌƌĞůĂƚĞĚƚŽƚŚĞƐĞƐƉŽŶƐŽƌĞĚĨƵŶĚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚKĐƚŽďĞƌϯϭ͕ϮϬϮϬƚŽƚĂůĞĚ ΨϭϲϮ͕ϭϴϵ͕Ϭϱϵ͘/ŶĐůƵĚĞĚŝŶĚŝƐƚƌŝďƵƚŝŽŶĨĞĞƐ͕ƐĞƌǀŝĐĞĨĞĞƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŶĚĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞƐĨƌŽŵ ƐĂůĞƐŽĨŝŶǀĞƐƚŵĞŶƚĐŽŵƉĂŶLJƐŚĂƌĞƐĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬĂƌĞƌĞĐĞŝǀĂďůĞƐĚƵĞĨƌŽŵƐƉŽŶƐŽƌĞĚĨƵŶĚƐŽĨ Ψϭϲ͕ϵϴϴ͕ϴϰϱĂŶĚΨϭϮϴ͕ϮϬϴ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ #### **ϭϮ͘ ZĞŐƵůĂƚŽƌLJZĞƋƵŝƌĞŵĞŶƚƐ** dŚĞŽŵƉĂŶLJŝƐƐƵďũĞĐƚƚŽƚŚĞh͘^͘^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶ;^ͿhŶŝĨŽƌŵEĞƚĂƉŝƚĂůZƵůĞ;ZƵůĞ ϭϱĐϯͲϭͿ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨŵŝŶŝŵƵŵŶĞƚĐĂƉŝƚĂůĂŶĚƌĞƋƵŝƌĞƐƚŚĞƌĂƚŝŽŽĨĂŐŐƌĞŐĂƚĞ ŝŶĚĞďƚĞĚŶĞƐƐƚŽŶĞƚĐĂƉŝƚĂů͕ďŽƚŚĂƐĚĞĨŝŶĞĚ͕ƐŚŽƵůĚŶŽƚĞdžĐĞĞĚϭϱͲƚŽͲϭ͘ƐĚŝƐĐƵƐƐĞĚĨƵƌƚŚĞƌŝŶEŽƚĞϮ͕ƚŚĞƐĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞƉƌĞǀŝŽƵƐůLJŝƐƐƵĞĚĂŶĚŚĂǀĞďĞĞŶƌĞƐƚĂƚĞĚƚŽĐŽƌƌĞĐƚĞƌƌŽƌƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞ ŝŵƉƌŽƉĞƌĂƉƉůŝĐĂƚŝŽŶŽĨh͘^͘'WƚŽƚŚĞƉƵƌĐŚĂƐĞĂŶĚƐĂůĞĂŐƌĞĞŵĞŶƚǁŝƚŚĂƚŽŶsĂŶĐĞDĂŶĂŐĞŵĞŶƚ ƐƵďƐĞƋƵĞŶƚƚŽƚŚĞĂĚŽƉƚŝŽŶŽĨ^hϮϬϭϰͲϬϵ͘EŽƚĂďůLJ͕ĚĞĨĞƌƌĞĚƐĂůĞƐĐŽŵŵŝƐƐŝŽŶƐ;ĂƐƐĞƚͿĂŶĚĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ;ůŝĂďŝůŝƚLJͿĂŵŽƵŶƚƐĂƌĞŶŽǁƌĞƉŽƌƚĞĚŐƌŽƐƐŝŶƚŚĞŽŵƉĂŶLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ {28}------------------------------------------------ dŚĞƌĞƐƚĂƚĞĚĐŽŵƉƵƚĂƚŝŽŶŽĨŶĞƚĐĂƉŝƚĂůƉƵƌƐƵĂŶƚƚŽƚŚĞ^hŶŝĨŽƌŵEĞƚĂƉŝƚĂůZƵůĞ;ZƵůĞϭϱĐϯͲϭͿŝƐ ƉƌĞƐĞŶƚĞĚŝŶŝƚƐĞŶƚŝƌĞƚLJŝŶĂƐƵƉƉůĞŵĞŶƚĂůƐĐŚĞĚƵůĞƚŽƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞĨŽůůŽǁŝŶŐƚĂďůĞ ƉƌĞƐĞŶƚƐƚŚĞĐƵŵƵůĂƚŝǀĞĞĨĨĞĐƚƐŽĨƚŚĞĐŽƌƌĞĐƚŝŽŶŽĨƚŚĞĞƌƌŽƌƐƚŽƚŚĞĞĨĨĞĐƚĞĚůŝŶĞŝƚĞŵƐŝŶƚŚĞĐŽŵƉƵƚĂƚŝŽŶŽĨ ŶĞƚĐĂƉŝƚĂů͗ | |
ƐWƌĞǀŝŽƵƐůLJ | | | | | | |---------------------------------------------------|------------------|------------------------|---|------------------------|--------------|-------------------------| | | | ZĞƉŽƌƚĞĚ | | ĚũƵƐƚŵĞŶƚƐ | | ƐZĞƐƚĂƚĞĚ | | ĂƉŝƚĂůͲƐƚŽĐŬŚŽůĚĞƌΖƐĞƋƵŝƚLJ | Ψ
| ϭϴϲ͕ϵϯϮ͕ϵϮϳ
| Ψ | ϴϮϮ͕ϳϳϭ
| Ψ
| ϭϴϳ͕ϳϱϱ͕ϲϵϴ
| | ĞĚƵĐƚŝŽŶƐ͗ | | | | | | | | ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵĂĨĨŝůŝĂƚĞƐ | | Ϯϴ͕Ϭϯϯ͕ϳϬϮ | | ϯϳ͕ϴϬϭ͕ϳϱϭ | | ϲϱ͕ϴϯϱ͕ϰϱϯ | | WƌĞƉĂŝĚĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌĂƐƐĞƚƐ | | Ϯ͕ϱϭϳ͕ϳϵϵ | | ϭ͕Ϭϳϲ͕ϵϲϳ | | ϯ͕ϱϵϰ͕ϳϲϲ | | ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ | | ϰ͕ϲϱϴ͕ϱϯϬ | | ;ϰ͕ϲϱϴ͕ϱϯϬͿ | | Ͳ | | dŽƚĂůĚĞĚƵĐƚŝŽŶƐ
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| ϯϴ͕ϵϭϳ͕ϰϴϴ
| | ϯϰ͕ϮϮϬ͕ϭϴϴ
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| ϳϯ͕ϭϯϳ͕ϲϳϲ
| | EĞƚĐĂƉŝƚĂůďĞĨŽƌĞŚĂŝƌĐƵƚŽŶƐĞĐƵƌŝƚŝĞƐ | | ϭϰϴ͕Ϭϭϱ͕ϰϯϵ | | ;ϯϯ͕ϯϵϳ͕ϰϭϳͿ | | ϭϭϰ͕ϲϭϴ͕ϬϮϮ | |
EĞƚĐĂƉŝƚĂů |
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ϭϰϳ͕ϵϯϯ͕ϰϮϮ | |
;ϯϯ͕ϯϵϳ͕ϰϭϳͿ |
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ϭϭϰ͕ϱϯϲ͕ϬϬϱ | |
ŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐ͗
dŽƚĂůůŝĂďŝůŝƚŝĞƐ
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ϱϲ͕ϭϳϳ͕ϯϴϬ
| |

ϵϰ͕ϭϭϱ͕ϰϯϰ
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ϭϱϬ͕ϮϵϮ͕ϴϭϰ
| | džĐůƵƐŝŽŶ͗ | | | | | | | | ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ | | Ͳ | | ϭϭ͕ϭϱϮ͕ϰϲϬ | | ϭϭ͕ϭϱϮ͕ϰϲϬ | |
dŽƚĂůĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐ |
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ϱϲ͕ϭϳϳ͕ϯϴϬ | |
ϴϮ͕ϵϲϮ͕ϵϳϰ |
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ϭϯϵ͕ϭϰϬ͕ϯϱϰ | |
DŝŶŝŵƵŵŶĞƚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚŽĨďƌŽŬĞƌŽƌ | | | | | | | | ĚĞĂůĞƌ;ϲͲϮͬϯйŽĨĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐͿ
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| ϯ͕ϳϰϱ͕ϭϱϵ
| | ϱ͕ϱϯϬ͕ϴϲϱ
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| ϵ͕Ϯϳϲ͕ϬϮϰ
| | džĐĞƐƐŶĞƚĐĂƉŝƚĂů | Ψ | ϭϰϰ͕ϭϴϴ͕Ϯϲϯ | Ψ | ;ϯϴ͕ϵϮϴ͕ϮϴϮͿ | Ψ | ϭϬϱ͕Ϯϱϵ͕ϵϴϭ | |
ZĂƚŝŽŽĨĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐƚŽŶĞƚĐĂƉŝƚĂů |
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Ϭ͘ϯϴ | |
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ϭ͘Ϯϭ | &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚĞ^hŶŝĨŽƌŵEĞƚĂƉŝƚĂůZƵůĞ;ZƵůĞϭϱĐϯͲϭͿ͕ƚŚĞŽŵƉĂŶLJŚĂĚŶĞƚĐĂƉŝƚĂůŽĨΨϭϭϰ͕ϱϯϲ͕ϬϬϱ ĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬ͕ǁŚŝĐŚĞdžĐĞĞĚĞĚŝƚƐŵŝŶŝŵƵŵŶĞƚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚŽĨΨϵ͕Ϯϳϲ͕ϬϮϰ͘dŚĞŽŵƉĂŶLJ͛Ɛ ƌĂƚŝŽŽĨĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐƚŽŶĞƚĐĂƉŝƚĂůĂƚKĐƚŽďĞƌϯϭ͕ϮϬϮϬǁĂƐϭ͘ϮϭͲƚŽͲϭ͘ #### **ϭϯ͘ ĂƉŝƚĂůŽŶƚƌŝďƵƚŝŽŶƐĂŶĚŝƐƚƌŝďƵƚŝŽŶƐ** dŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚŝŶĐƌĞŵĞŶƚĂůĐĂƉŝƚĂůŽĨΨϳϲϮ͕ϬϬϬ͕ϬϬϬĨƌŽŵsŝŶDĂƌĐŚϮϬϮϬĂŶĚƉƌŝůϮϬϮϬĂƐĂ ƉƌĞĐĂƵƚŝŽŶĂƌLJƌĞƐƉŽŶƐĞƚŽƐŝŐŶŝĨŝĐĂŶƚŵĂƌŬĞƚĚŝƐƌƵƉƚŝŽŶƐƚŚĂƚŚĂǀĞƚĂŬĞŶƉůĂĐĞĚƵƌŝŶŐƚŚĞKs/ͲϭϵŐůŽďĂů ƉĂŶĚĞŵŝĐƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞŽŵƉĂŶLJŚĂĚĂŵƉůĞĞdžĐĞƐƐůŝƋƵŝĚŝƚLJƚŽƉĞƌĨŽƌŵŝƚƐƉƌŝŶĐŝƉĂůƵŶĚĞƌǁƌŝƚĞƌ ĨƵŶĐƚŝŽŶ͘/ŶĐĞƌƚĂŝŶƐĐĞŶĂƌŝŽƐĂƐƚŚĞƉƌŝŶĐŝƉĂůƵŶĚĞƌǁƌŝƚĞƌƚŽƚŚĞĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐ͕ƚŚĞŽŵƉĂŶLJƵƐĞƐ ĐĂƐŚŽŶŚĂŶĚƚŽƐĞƚƚůĞƐŚĂƌĞŚŽůĚĞƌƌĞĚĞŵƉƚŝŽŶƐǁŚŝůĞĂǁĂŝƚŝŶŐƉĂLJŵĞŶƚďLJƚŚĞŵƵƚƵĂůĨƵŶĚƐ͘DĂŶĂŐĞŵĞŶƚ ďĞůŝĞǀĞĚŝƚǁĂƐƉƌƵĚĞŶƚƚŽĞŶƐƵƌĞƚŚĞŽŵƉĂŶLJŚĂĚĞdžĐĞƐƐůŝƋƵŝĚŝƚLJƚŽƉĞƌĨŽƌŵŝƚƐƉƌŝŶĐŝƉĂůƵŶĚĞƌǁƌŝƚĞƌ ĨƵŶĐƚŝŽŶƵŶĚĞƌƚŚŽƐĞƐĐĞŶĂƌŝŽƐĂŶĚƚŚĞƌĞĨŽƌĞŝŶŝƚŝĂƚĞĚƉƌĞǀĞŶƚĂƚŝǀĞŵĞĂƐƵƌĞƐƚŽĂĚĚŝŶĐƌĞŵĞŶƚĂůĐĂƉŝƚĂůƚŽ ƚŚĞŽŵƉĂŶLJ͘dŚĞŽŵƉĂŶLJĚŝĚŶŽƚƵƐĞĂŶLJŽĨƚŚŝƐĞdžĐĞƐƐůŝƋƵŝĚŝƚLJƚŽƉĞƌĨŽƌŵŝƚƐƉƌŝŶĐŝƉĂůƵŶĚĞƌǁƌŝƚĞƌ {29}------------------------------------------------ ĨƵŶĐƚŝŽŶĂŶĚĂŵĂũŽƌŝƚLJŽĨƚŚĞĐĂƉŝƚĂůǁĂƐǁŝƚŚĚƌĂǁŶďLJsĚƵƌŝŶŐƚŚĞŵŽŶƚŚƐŽĨƉƌŝůϮϬϮϬĂŶĚ:ƵŶĞϮϬϮϬ͘ dŽƚĂůĐĂƉŝƚĂůĚŝƐƚƌŝďƵƚĞĚďĂĐŬƚŽsĨƌŽŵƚŚĞŽŵƉĂŶLJĂŵŽƵŶƚĞĚƚŽΨϳϮϱ͕ϬϬϬ͕ϬϬϬ͘ #### *^ƵďƐĞƋƵĞŶƚĞǀĞŶƚ* /ŶĞĐĞŵďĞƌϮϬϮϬ͕ƚŚĞŽŵƉĂŶLJĚŝƐƚƌŝďƵƚĞĚĂŶĂĚĚŝƚŝŽŶĂůΨϳϬ͕ϬϬϬ͕ϬϬϬďĂĐŬƚŽsĨŽƌŐĞŶĞƌĂůĐŽƌƉŽƌĂƚĞ ƉƵƌƉŽƐĞƐ͘dŚĞĐĂƉŝƚĂůĚŝƐƚƌŝďƵƚŝŽŶǁŝůůŶŽƚŝŵƉĂŝƌƚŚĞŽŵƉĂŶLJ͛ƐĂďŝůŝƚLJƚŽŵĞĞƚŝƚƐĐƵƌƌĞŶƚŽƌĂŶƚŝĐŝƉĂƚĞĚŶĞƚ ĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘ #### **ϭϰ͘ džĞŵƉƚŝŽŶĨƌŽŵZƵůĞϭϱĐϯͲϯ** dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĐĂƌƌLJĐƵƐƚŽŵĞƌĂĐĐŽƵŶƚƐŽƌŽƚŚĞƌǁŝƐĞŚŽůĚĐƵƐƚŽŵĞƌĨƵŶĚƐ͘dŚĞĨŝƌŵŝƐĞdžĞŵƉƚĨƌŽŵ ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨZƵůĞϭϱĐϯͲϯƵŶĚĞƌƚŚĞ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰĂƐƚŚĞĨŝƌŵ͛ƐĂĐƚŝǀŝƚŝĞƐĂƌĞůŝŵŝƚĞĚƚŽ ƚŚŽƐĞƐĞƚĨŽƌƚŚŝŶƚŚĞĐŽŶĚŝƚŝŽŶƐĨŽƌĞdžĞŵƉƚŝŽŶĂƉƉĞĂƌŝŶŐŝŶƉĂƌĂŐƌĂƉŚ;ŬͿ;ϮͿ;ŝͿŽĨZƵůĞϭϱĐϯͲϯĂŶĚŽƚŚĞƌǁŝƐĞ ůŝŵŝƚƐŝƚƐďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐƚŽ;ϭͿĞĨĨĞĐƚŝŶŐƐĞĐƵƌŝƚŝĞƐƚƌĂŶƐĂĐƚŝŽŶƐǀŝĂƐƵďƐĐƌŝƉƚŝŽŶƐŽŶĂƐƵďƐĐƌŝƉƚŝŽŶǁĂLJďĂƐŝƐ ǁŚĞƌĞƚŚĞĨƵŶĚƐĂƌĞƉĂLJĂďůĞƚŽƚŚĞŝƐƐƵĞƌŽƌŝƚƐĂŐĞŶƚĂŶĚŶŽƚƚŽƚŚĞŽŵƉĂŶLJ͕ĂŶĚ;ϮͿƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶ ĚŝƐƚƌŝďƵƚŝŽŶƐŽĨƐĞĐƵƌŝƚŝĞƐ͘ #### **ϭϱ͘DĂũŽƌ^ŽƵƌĐĞƐŽĨZĞǀĞŶƵĞ** dŚĞŽŵƉĂŶLJĚĞƌŝǀĞƐŝƚƐƌĞǀĞŶƵĞƉƌŝŵĂƌŝůLJĨƌŽŵĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƵŶĚĞƌǁƌŝƚŝŶŐĨĞĞƐĂŶĚƐĞƌǀŝĐĞĨĞĞƐĞĂƌŶĞĚ ƉƵƌƐƵĂŶƚƚŽƵŶĚĞƌǁƌŝƚŝŶŐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶĂŐƌĞĞŵĞŶƚƐǁŝƚŚƚŚĞĂƚŽŶsĂŶĐĞŵƵƚƵĂůĨƵŶĚƐ͘dŚĞƌĞǁĞƌĞŶŽ ƉŽƌƚĨŽůŝŽƐŽƌƌĞůĂƚĞĚĨƵŶĚƐƚŚĂƚƉƌŽǀŝĚĞĚŽǀĞƌϭϬƉĞƌĐĞŶƚŽĨƚŽƚĂůƌĞǀĞŶƵĞŽĨƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ KĐƚŽďĞƌϯϭ͕ϮϬϮϬ͘ #### **ϭϲ͘ ^ƵďƐĞƋƵĞŶƚǀĞŶƚƐ** dŚĞŽŵƉĂŶLJĞǀĂůƵĂƚĞĚƐƵďƐĞƋƵĞŶƚĞǀĞŶƚƐĂŶĚƚƌĂŶƐĂĐƚŝŽŶƐŽĐĐƵƌƌŝŶŐĂĨƚĞƌKĐƚŽďĞƌϯϭ͕ϮϬϮϬƚŚƌŽƵŐŚƚŚĞ ĚĂƚĞŽĨƚŚĞƌĞŝƐƐƵĂŶĐĞŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŽĐŽƌƌĞĐƚƚŚĞĞƌƌŽƌƐĚĞƐĐƌŝďĞĚĨƵƌƚŚĞƌŝŶEŽƚĞϮ͘dŚĞ ŽŵƉĂŶLJŝƐŶŽƚĂǁĂƌĞŽĨĂŶLJƐƵďƐĞƋƵĞŶƚĞǀĞŶƚƐƚŚĂƚǁŽƵůĚƌĞƋƵŝƌĞƌĞĐŽŐŶŝƚŝŽŶŽƌĚŝƐĐůŽƐƵƌĞŝŶƚŚĞ&ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶǁŚĂƚǁĂƐĂůƌĞĂĚLJŝĚĞŶƚŝĨŝĞĚǁŝƚŚŝŶƚŚĞĨŽŽƚŶŽƚĞƐ͘ ΎΎΎΎΎ {30}------------------------------------------------ #### **ŽŵƉƵƚĂƚŝŽŶŽĨEĞƚĂƉŝƚĂůWƵƌƐƵĂŶƚƚŽZƵůĞϭϱĐϯͲϭ ƐŽĨKĐƚŽďĞƌϯϭ͕ϮϬϮϬ;ƐZĞƐƚĂƚĞĚͿ** | ĂƉŝƚĂůͲƐƚŽĐŬŚŽůĚĞƌΖƐĞƋƵŝƚLJ | Ψ | ϭϴϳ͕ϳϱϱ͕ϲϵϴ | |---------------------------------------------------------------------------------|-------|-------------| | ĞĚƵĐƚŝŽŶƐ͗
EŽŶͲĂůůŽǁĂďůĞĂƐƐĞƚƐ͗ | | | | ĞƉŽƐŝƚƐǁŝƚŚĐůĞĂƌŝŶŐŽƌŐĂŶŝnjĂƚŝŽŶƐ | | Ϯϰϯ͕Ϯϴϳ | | ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵĂĨĨŝůŝĂƚĞƐ | | ϲϱ͕ϴϯϱ͕ϰϱϯ | | ŝƐƚƌŝďƵƚŝŽŶĨĞĞƐ͕ƐĞƌǀŝĐĞĨĞĞƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ | | ϯ͕ϰϲϰ͕ϭϳϬ | | WƌĞƉĂŝĚĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌĂƐƐĞƚƐ | | ϯ͕ϱϵϰ͕ϳϲϲ | | dŽƚĂůĚĞĚƵĐƚŝŽŶƐ | | ϳϯ͕ϭϯϳ͕ϲϳϲ | | | | | | EĞƚĐĂƉŝƚĂůďĞĨŽƌĞŚĂŝƌĐƵƚŽŶƐĞĐƵƌŝƚŝĞƐ | | ϭϭϰ͕ϲϭϴ͕ϬϮϮ | | ,ĂŝƌĐƵƚƐŽŶƐĞĐƵƌŝƚŝĞƐ | | ϴϮ͕Ϭϭϳ | | EĞƚĐĂƉŝƚĂů | Ψ | ϭϭϰ͕ϱϯϲ͕ϬϬϱ | | ŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐ͗ | | | | dŽƚĂůůŝĂďŝůŝƚŝĞƐ | Ψ | ϭϱϬ͕ϮϵϮ͕ϴϭϰ | | džĐůƵƐŝŽŶ͗ | | | | ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĞƐ | | ϭϭ͕ϭϱϮ͕ϰϲϬ | | dŽƚĂůĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐ | Ψ | ϭϯϵ͕ϭϰϬ͕ϯϱϰ | | | | | | DŝŶŝŵƵŵŶĞƚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚŽĨďƌŽŬĞƌŽƌĚĞĂůĞƌ
;ϲͲϮͬϯйŽĨĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐͿ |
Ψ | ϵ͕Ϯϳϲ͕ϬϮϰ | | | | | | džĐĞƐƐŶĞƚĐĂƉŝƚĂů | Ψ | ϭϬϱ͕Ϯϱϵ͕ϵϴϭ | | ZĂƚŝŽŽĨĂŐŐƌĞŐĂƚĞŝŶĚĞďƚĞĚŶĞƐƐƚŽŶĞƚĐĂƉŝƚĂů | | ϭ͘Ϯϭ | | | | | EŽƚĞ͗EŽŵĂƚĞƌŝĂůĚŝĨĨĞƌĞŶĐĞƐĞdžŝƐƚďĞƚǁĞĞŶƚŚĞĂďŽǀĞŶĞƚĐĂƉŝƚĂůĐŽŵƉƵƚĂƚŝŽŶĂŶĚ ƚŚĞŽŵƉĂŶLJΖƐƵŶĂƵĚŝƚĞĚĂŵĞŶĚĞĚ&ŽƌŵyͲϭϳͲϱWĂƌƚ//ĨŝůĞĚŽŶ:ƵŶĞϭϲ͕ϮϬϮϭ͘ {31}------------------------------------------------ #### **ŽŵƉƵƚĂƚŝŽŶĨŽƌĞƚĞƌŵŝŶĂƚŝŽŶŽĨZĞƐĞƌǀĞZĞƋƵŝƌĞŵĞŶƚƐĨŽƌƌŽŬĞƌƐĂŶĚĞĂůĞƌƐWƵƌƐƵĂŶƚƚŽZƵůĞ ϭϱĐϯͲϯhŶĚĞƌƚŚĞ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ ƐŽĨKĐƚŽďĞƌϯϭ͕ϮϬϮϬ** dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĐĂƌƌLJĐƵƐƚŽŵĞƌĂĐĐŽƵŶƚƐŽƌŽƚŚĞƌǁŝƐĞŚŽůĚĐƵƐƚŽŵĞƌĨƵŶĚƐ͘dŚĞĨŝƌŵŝƐĞdžĞŵƉƚĨƌŽŵ ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨZƵůĞϭϱĐϯͲϯƵŶĚĞƌƚŚĞ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰĂƐƚŚĞĨŝƌŵ͛ƐĂĐƚŝǀŝƚŝĞƐĂƌĞůŝŵŝƚĞĚƚŽ ƚŚŽƐĞƐĞƚĨŽƌƚŚŝŶƚŚĞĐŽŶĚŝƚŝŽŶƐĨŽƌĞdžĞŵƉƚŝŽŶĂƉƉĞĂƌŝŶŐŝŶƉĂƌĂŐƌĂƉŚ;ŬͿ;ϮͿ;ŝͿŽĨZƵůĞϭϱĐϯͲϯĂŶĚŽƚŚĞƌǁŝƐĞ ůŝŵŝƚƐŝƚƐďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐƚŽ;ϭͿĞĨĨĞĐƚŝŶŐƐĞĐƵƌŝƚŝĞƐƚƌĂŶƐĂĐƚŝŽŶƐǀŝĂƐƵďƐĐƌŝƉƚŝŽŶƐŽŶĂƐƵďƐĐƌŝƉƚŝŽŶǁĂLJďĂƐŝƐ ǁŚĞƌĞƚŚĞĨƵŶĚƐĂƌĞƉĂLJĂďůĞƚŽƚŚĞŝƐƐƵĞƌŽƌŝƚƐĂŐĞŶƚĂŶĚŶŽƚƚŽƚŚĞŽŵƉĂŶLJ͕ĂŶĚ;ϮͿƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶ ĚŝƐƚƌŝďƵƚŝŽŶƐŽĨƐĞĐƵƌŝƚŝĞƐ͘ {32}------------------------------------------------ # **/ŶĨŽƌŵĂƚŝŽŶZĞůĂƚŝŶŐƚŽƚŚĞWŽƐƐĞƐƐŝŽŶŽƌŽŶƚƌŽůZĞƋƵŝƌĞŵĞŶƚƐhŶĚĞƌZƵůĞϭϱĐϯͲϯhŶĚĞƌƚŚĞ ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰ** **ƐŽĨKĐƚŽďĞƌϯϭ͕ϮϬϮϬ** dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĐĂƌƌLJĐƵƐƚŽŵĞƌĂĐĐŽƵŶƚƐŽƌŽƚŚĞƌǁŝƐĞŚŽůĚĐƵƐƚŽŵĞƌĨƵŶĚƐ͘dŚĞĨŝƌŵŝƐĞdžĞŵƉƚĨƌŽŵ ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨZƵůĞϭϱĐϯͲϯƵŶĚĞƌƚŚĞ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞĐƚŽĨϭϵϯϰĂƐƚŚĞĨŝƌŵ͛ƐĂĐƚŝǀŝƚŝĞƐĂƌĞůŝŵŝƚĞĚƚŽ ƚŚŽƐĞƐĞƚĨŽƌƚŚŝŶƚŚĞĐŽŶĚŝƚŝŽŶƐĨŽƌĞdžĞŵƉƚŝŽŶĂƉƉĞĂƌŝŶŐŝŶƉĂƌĂŐƌĂƉŚ;ŬͿ;ϮͿ;ŝͿŽĨZƵůĞϭϱĐϯͲϯĂŶĚŽƚŚĞƌǁŝƐĞ ůŝŵŝƚƐŝƚƐďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐƚŽ;ϭͿĞĨĨĞĐƚŝŶŐƐĞĐƵƌŝƚŝĞƐƚƌĂŶƐĂĐƚŝŽŶƐǀŝĂƐƵďƐĐƌŝƉƚŝŽŶƐŽŶĂƐƵďƐĐƌŝƉƚŝŽŶǁĂLJďĂƐŝƐ ǁŚĞƌĞƚŚĞĨƵŶĚƐĂƌĞƉĂLJĂďůĞƚŽƚŚĞŝƐƐƵĞƌŽƌŝƚƐĂŐĞŶƚĂŶĚŶŽƚƚŽƚŚĞŽŵƉĂŶLJ͕ĂŶĚ;ϮͿƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶ ĚŝƐƚƌŝďƵƚŝŽŶƐŽĨƐĞĐƵƌŝƚŝĞƐ͘ {33}------------------------------------------------ {34}------------------------------------------------ **Deloitte & Touche LLP** 200 Berkeley Street Boston, MA 20116 USA Tel:+1 617 437 2000 www.deloitte.com #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the stockholder and the Board of Directors of Eaton Vance Distributors, Inc. We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) Eaton Vance Distributors, Inc. (the "Company") identified the following provisions of 17 C.F.R. § 240.15c3Ͳ3(k) under which the Company claimed an exemption from 17 C.F.R. § 240.15c3Ͳ3: paragraph (k)(2)(i) (the "exemption provisions") and (2) the Company stated that the Company met the identified exemption provisions throughout the most recent fiscal year ended October 31, 2020 without exception. The Company's management is responsible for compliance with the exemption provisions and its statements. We have also reviewed management's statements, included in the accompanying Exemption Report, in which the Company stated that it is also filing the Exemption Report because the Company's other business activities met the requirements specified inFootnote 74 of the SEC Release No. 34Ͳ70073 adopting amendments to 17 C.F.R. § 240.17aͲ5 ("Footnote 74") throughout the most recent fiscal year ended October 31, 2020, except as described in its Exemption Report. The Company's management is responsible for compliance with the provisions of Footnote 74 and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provisions and management's other statements within the Exemption Report. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(i) of Rule 15c3Ͳ3 under the Securities Exchange Act of 1934 and Footnote 74. December 22, 2020 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.