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ϰ͘Ϯ͘ϭϰ͘ tŚŝůĞƚĂŬŝŶŐŽǀĞƌƚŚĞƐŚŝĨƚƉĞŽƉůĞƐŚŽƵůĚĞŶƚĞƌƚŚĞĐŽŶƚƌŽůƌŽŽŵďLJƵƐŝŶŐƐĂŶŝƚŝnjĞƌƐ
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ϰ͘ϯ͘ ^ĐŚĞĚƵůĞĚŵĞĞƚŝŶŐƐ͗

ϰ͘ϯ͘ϭ͘ ůůƚŚĞƉůĂŶƚƐƐŚŽƵůĚƵƐĞƚŚĞĚŝŐŝƚĂůŝŶŝƚŝĂƚŝǀĞƐůŝŬĞǀŝĚĞŽĐŽŶĨĞƌĞŶĐŝŶŐĨŽƌĐŽŶĚƵĐƚŝŶŐ
ĚĂŝůLJƉůĂŶŶŝŶŐŵĞĞƚŝŶŐ
ϰ͘ϯ͘Ϯ͘ /ŶĐĂƐĞŽĨĞdžƚƌĞŵĞŶĞĐĞƐƐĂƌLJŝĨƚŚĞLJŚĂĚƚŽĐŽŶĚƵĐƚƚŚĞŵĞĞƚŝŶŐƉŚLJƐŝĐĂůůLJ͕ƐŽĐŝĂů
ĚŝƐƚĂŶĐŝŶŐƚŽďĞƐƚƌŝĐƚůLJĨŽůůŽǁĞĚĂŶĚĂůůƐŚŽƵůĚǁĞĂƌŶŽƐĞŵĂƐŬƐĂŶĚĨĂĐĞŵĂƐŬƐ͘
DŝŶŝŵƵŵƉĞƌƐŽŶƐƐŚŽƵůĚďĞĂůůŽǁĞĚƚŽĂƚƚĞŶĚƚŚĞŵĞĞƚŝŶŐĂŶĚŵĞĞƚŝŶŐƚŝŵĞ
ƐŚŽƵůĚďĞƌĞƐƚƌŝĐƚĞĚƚŽŚĂůĨĂŶŚŽƵƌ͘
ϰ͘ϯ͘ϯ͘ ŽǁŶƚŚĞůŝŶĞĐŽŵŵƵŶŝĐĂƚŝŽŶŵĂLJďĞĞĨĨĞĐƚĞĚƚŚƌŽƵŐŚƚĞůĞƉŚŽŶĞͬǁŚĂƚƐĂƉƉͬ
ĞŵĂŝů

ϰ͘ϰ͘ DĂŝŶƚĞŶĂŶĐĞĐƚŝǀŝƚŝĞƐ͗

ϰ͘ϰ͘ϭ͘ WƌĞǀĞŶƚŝǀĞDĂŝŶƚĞŶĂŶĐĞǁŽƌŬƐĂƌĞƚŽďĞĚŽŶĞŽŶůLJŝĨŝƚŝƐĞƐƐĞŶƚŝĂůůLJŶĞĞĚĞĚ͘
ϰ͘ϰ͘Ϯ͘ ZĞͲƐĐŚĞĚƵůĞƚŚĞŵĂŝŶƚĞŶĂŶĐĞǁŽƌŬŝĨŝƚŝƐŶŽƚƵƌŐĞŶƚ͘
ϰ͘ϰ͘ϯ͘ ƵƌŝŶŐĐĂƌƌLJŝŶŐŽƵƚŵĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐŵŝŶŝŵƵŵŵĂŶƉŽǁĞƌƚŽďĞĞŶŐĂŐĞĚ͕
ƐŽĐŝĂůĚŝƐƚĂŶĐĞƚŽďĞŵĂŝŶƚĂŝŶĞĚdĂŬĞƉƌĞĐĂƵƚŝŽŶƐůŝŬĞǁĞĂƌŝŶŐĨĂĐĞŵĂƐŬ͕ŐŽŐŐůĞƐ͕
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ϱ͘ϭ͘ϭ͘ ůů KΘD ĂŶĚ ŽŵŵŝƐƐŝŽŶŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ƚŽ ďĞ ĐŽŶƚŝŶƵĞĚ ǁŝƚŚ ƌĞƋƵŝƐŝƚĞ ŶƵŵďĞƌ ŽĨ
ĞŵƉůŽLJĞĞ͛ƐŵĂŶĚĂƚŽƌLJĨŽƌĐŽŶƚŝŶƵŽƵƐĂŶĚƐŵŽŽƚŚƌƵŶŶŝŶŐŽĨƉůĂŶƚƐ͘
dŚĞĨŽůůŽǁŝŶŐƚŽďĞĞŶƐƵƌĞĚ͗
ĂͿ >ŝƐƚŝŶŐ ŽĨ ǀŝƚĂů ŝŶƐƚĂůůĂƚŝŽŶ ĨŽƌ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĞŵĞƌŐĞŶƚ ŵĂŝŶƚĞŶĂŶĐĞ ĂĐƚŝǀŝƚŝĞƐ
ƚŚĂƚƐŚĂůůďĞĨƵŶĐƚŝŽŶĂů͘;^ƵŐŐĞƐƚŝǀĞůŝƐƚʹKƉĞƌĂƚŝŽŶƐ͕ŚĞŵŝƐƚƌLJ͕,W͕D'Z͕KĨĨƐŝƚĞ͕
^ǁŝƚĐŚLJĂƌĚ ĂŶĚ ŽƚŚĞƌ ĞƐƐĞŶƚŝĂů ĨƵŶĐƚŝŽŶƐ ůŝŬĞ DĂŝŶƚĞŶĂŶĐĞ ŽĨ ŽŝůĞƌ͕ dƵƌďŝŶĞ͕
'ĞŶĞƌĂƚŽƌ͕Θ/DĂŝŶƚĞŶĂŶĐĞ͕ůĞĐƚƌŝĐĂůDĂŝŶƚĞŶĂŶĐĞ͕ƐŚLJŬĞŵĂŝŶƚĞŶĂŶĐĞĞƚĐͿ
ďͿ  ůŝƐƚ ŽĨ Ăůů ƉĞƌƐŽŶŶĞů ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞƐĞ ǀŝƚĂů ŝŶƐƚĂůůĂƚŝŽŶƐ
ĂƉƉƌŽǀĞĚďLJh,ƚŽďĞƉƌĞƉĂƌĞĚĂŶĚƐƵĐŚĞŵƉůŽLJĞĞƐƚŽďĞŝŶƐƚƌƵĐƚĞĚĂĐĐŽƌĚŝŶŐůLJ͘
ĐͿŶLJĞŵĞƌŐĞŶƚƉĞƌƐŽŶŶĞůĨŽƌƵƉŬĞĞƉͬŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƐĞŝŶƐƚĂůůĂƚŝŽŶƐƚŽďĞŬĞƉƚ
ŽŶĐĂůů͘
ĚͿŶLJƐƵĐŚĞŵĞƌŐĞŶƚƐƚĂĨĨƌĞƋƵŝƌĞĚĨŽƌĞƐƐĞŶƚŝĂůƐĞƌǀŝĐĞƐƌĞƐŝĚŝŶŐĂǁĂLJĨƌŽŵƉůĂŶƚ
ƉƌĞŵŝƐĞƐ Žƌ ŚĂƐ ƚŽ ĐŽŵŵƵƚĞ ƚŽ ƉůĂŶƚ ŽŶ ĚĂŝůLJ ďĂƐŝƐ͕ ŝƐ ƚŽ ďĞ ŬĞƉƚ ŝŶ ',ͬƚƌĂŶƐŝƚ
ĨĂĐŝůŝƚLJŶĞĂƌƚŚĞƉůĂŶƚ͘
ϱ͘ϭ͘Ϯ͘ EŽŶͲKΘDĂŶĚWƌŽũĞĐƚŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐ
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ϱ͘ϭ͘ϯ͘ ^ƵƉƉŽƌƚĨƵŶĐƚŝŽŶƐŝŶWůĂŶƚͬƐŝƚĞƐ͗
ĂͿ ZĞƋƵŝƐŝƚĞ WĞƌƐŽŶŶĞů ĚĞƉůŽLJĞĚ ŝŶ DĞĚŝĐĂů͕ dŽǁŶƐŚŝƉ ĞůĞĐƚƌŝĐĂů ŵĂŝŶƚĞŶĂŶĐĞ͕
^ĞĐƵƌŝƚLJ͕ĂŶƚĞĞŶĂŶĚŽƚŚĞƌĞƐƐĞŶƚŝĂůƐƵƉƉŽƌƚĨƵŶĐƚŝŽŶƐ͕ĂƐŝĚĞŶƚŝĨŝĞĚďLJh,͕ƐŚĂůů
ĐŽŶƚŝŶƵĞƚŚĞŝƌĚƵƚŝĞƐ͘
ϱ͘ϭ͘ϰ͘ KƵƚƐŽƵƌĐĞĚĐƚŝǀŝƚŝĞƐͬŽŶƚƌĂĐƚƵĂů^ƚĂĨĨ
ĂͿ KƵƚƐŽƵƌĐŝŶŐŽĨDĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐƚŽďĞŽƉƚŝŵŝnjĞĚ͘&ƵƌƚŚĞƌ͕ĂĐƚŝǀŝƚŝĞƐƉĞƌƚĂŝŶŝŶŐƚŽ
EŽŶͲKΘD͕ WƌŽũĞĐƚ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ŽƚŚĞƌ ŶŽŶͲĞƐƐĞŶƚŝĂů ĨƵŶĐƚŝŽŶƐ ĂůƐŽ ƚŽ ďĞ ƚĂƉĞƌĞĚ
ĚŽǁŶ͘
ďͿ /ĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ƐƵĐŚ ŽƵƚƐŽƵƌĐĞĚ ǁŽƌŬĞƌƐ ĂŶĚ ƚŚĞŝƌ ĂŐĞŶĐŝĞƐ ƚŽ ďĞ ĚŽŶĞ ĨŽƌ
ĂĨŽƌĞŵĞŶƚŝŽŶĞĚĂĐƚŝǀŝƚŝĞƐ͘
ĐͿ WƌŽƉĞƌ ĐŽŶƚŝŶŐĞŶĐLJ ĂƌƌĂŶŐĞŵĞŶƚƐ ŵĂLJ ďĞ ŵĂĚĞ ƌĞŐĂƌĚŝŶŐ ĂǀĂŝůĂďŝůŝƚLJ ŽĨ ƌĞƋƵŝƐŝƚĞ
ĐŽŶƚƌĂĐƚŽƌƐ͛ǁŽƌŬĞƌƐŝŶƉůĂŶƚĂƐǁĞůůĂƐƚŽǁŶƐŚŝƉƐ
ϱ͘ϭ͘ϱ͘ dŚĞƐĞ ŵĂŶƉŽǁĞƌ ƌĞƐƚƌŝĐƚŝŽŶƐ ĂƌĞ ƚŽ ďĞ ŝŵƉůĞŵĞŶƚĞĚ ĨŽƌ ƐĂĨĞ ŽƉĞƌĂƚŝŽŶ ǁŝƚŚ
ŵŝŶŝŵƵŵŵĂŶƉŽǁĞƌƚŽĐŽŶƚƌŽůƐƉƌĞĂĚŝŶŐŽĨKs/ͲϭϵWED/͘
ϱ͘ϭ͘ϲ͘ ůů ƚŚĞ ĞdžĞĐƵƚŝǀĞƐ ƐŚŽƵůĚ ďĞ ĂǀĂŝůĂďůĞ ŽǀĞƌ ƉŚŽŶĞ Ăƚ Ăůů ƚŝŵĞ ĂŶĚ ĐŽŶƐƚĂŶƚ ĐŽŶƚĂĐƚ
ǁŝƚŚƚŚĞŝƌ,K
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ϱ͘ϭ͘ϳ͘ dŚĞLJ ƐŚŽƵůĚ ĐŽŶƚŝŶƵŽƵƐůLJ ĨŽůůŽǁ ƚŚĞŝƌ ƉŽǁĞƌ ƉůĂŶƚ ĂĐƚŝǀŝƚŝĞƐ
KƉĞƌĂƚŝŽŶͬDĂŝŶƚĞŶĂŶĐĞͬ WĞƌĨŽƌŵĂŶĐĞͬ^ĂĨĞƚLJͬƌĞƐƉĞĐƚŝǀĞ ĂĐƚŝǀŝƚŝĞƐ ŽǀĞƌ
dĞůĞƉŚŽŶĞͬĞůĞĐƚƌŽŶŝĐŵĞĚŝĂ;ͲŵĂŝůͬǁŚĂƚƐĂƉƉͿ͘
ϱ͘ϭ͘ϴ͘ /ĨŽďƐĞƌǀĞĚĂŶLJĚŝĨĨŝĐƵůƚŝĞƐͬƉƌŽďůĞŵƐŝŵŵĞĚŝĂƚĞůLJƌĞŶĚĞƌƐŽůƵƚŝŽŶĂŶĚŐƵŝĚĞƚŚĞŵƚŽ
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ϱ͘ϭ͘ϵ͘ /ĨƚŚĞƉƌŽďůĞŵƐͬĞŵĞƌŐĞŶĐŝĞƐĂƌĞƵŶĂďůĞƚŽƐŽůǀĞ͕ƚŚĞLJŶĞĞĚLJŽƵƌƉŚLJƐŝĐĂůƉƌĞƐĞŶĐĞ
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ϱ͘ϭ͘ϭϬ͘ ŽŵŵŽŶůŽĐĂƚŝŽŶĞƋƵŝƉŵĞŶƚůŝŬĞWƐ͕ƚĞůĞƉŚŽŶĞƐĂŶĚŽƚŚĞƌŝŶƐƚƌƵŵĞŶƚƐƐŚŽƵůĚďĞ
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ϲ͘Ϭ &ŽŽĚĂƌƌĂŶŐĞŵĞŶƚƐĨŽƌĂůůǁŽƌŬĞƌƐĐĂƌƌLJŝŶŐŽƵƚĞŵĞƌŐĞŶĐLJĚƵƚŝĞƐŝŶƉůĂŶƚ

ϲ͘ϭ͘ DĂŝŶƉůĂŶƚĐĂŶƚĞĞŶƐŚŽƵůĚƉƌĞƉĂƌĞĨŽŽĚŝŶŚLJŐŝĞŶŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚƐƵƉƉůLJĨŽŽĚŝŶ
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ϲ͘Ϯ͘ dŚĞLJƐŚŽƵůĚďĞƐĞƌǀĞĚŝŶƉĂĐŬĞƚƐŽŶůLJ͘

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ϳ͘ϭ͘ Ks/ϭϵŽƌĞƚĞĂŵŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƉƌŽƉĞƌŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚŝƐK/E͘dŚĞĐŽƌĞ
ƚĞĂŵ ŝƐ ƚŽ ďĞ ĨŽƌŵĞĚ ǁŝƚŚ ĐƌŽƐƐ ĨƵŶĐƚŝŽŶĂů ŵĞŵďĞƌƐ ĨƌŽŵ ,ZͬWΘ^ͬd^ͬĂŶLJ ŽƚŚĞƌ
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ĐŽƌĞ ƚĞĂŵ͘ dŚŝƐ ĐŽƌĞ ƚĞĂŵ ǁŝůů ĂůƐŽ ǁŽƌŬ ĞdžƚĞŶƐŝǀĞůLJ ƚŚƌŽƵŐŚ ƉŚŽŶĞ ĂŶĚ ǀŝĚĞŽ
ĐŽŶĨĞƌĞŶĐŝŶŐ ĂŶĚ ƚŚĞƐĞ ŵĞŵďĞƌƐ ƐŚŽƵůĚ ĐŽŶƚĂĐƚ ƚŚĞŝƌ ĚĞƉĂƌƚŵĞŶƚƐ ƚŚƌŽƵŐŚ ǀŽŝĐĞ
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