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Z^ KE>z ŐĞƚ LJŽƵ ĨƌŽŵ ƚŽ ͕ ƌŝŐŚƚ͍ tƌŽŶŐ͘ ^ŽŵĞ ĂƌĞ ŵĂƐƚĞƌƉŝĞĐĞƐ ŽĨ ĞŶŐŝŶĞĞƌŝŶŐ ĂŶĚ Ăƌƚ ƚŚĂƚ ŐŽ ĨĂƌ ďĞLJŽŶĚ ƚŚĞ ŽƌŝŐŝŶĂů ƉƵƌƉŽƐĞ ŽĨ Ă ŵŽƚŽƌ ǀĞŚŝĐůĞ͘

ǁŽƌŬĞĚ ƚŚĞƌĞ ŶŽƚ ũƵƐƚ ĨŽƌ Ă ĨĞǁ LJĞĂƌƐ ʹ ǁĞ͛ƌĞ ƚĂůŬŝŶŐ ĚĞĐĂĚĞƐ͘ dŚĂƚ ŝŶ ŝƚƐĞůĨ ĚĞŵŽŶƐƚƌĂƚĞƐ ƚŚĞ ĚĞǀŽƟŽŶ ƚŚĂƚ ŐŽĞƐ ŝŶƚŽ ŵĂŶƵĨĂĐƚƵƌŝŶŐ Ă ĞŶƚůĞLJ͘ ĚƌŝĂŶ ŝŶ ƚŚĞ zŽƵ ŽŶůLJ ŚĂǀĞ ƚŽ ǀŝƐŝƚ Ă ŵĂũŽƌ ĂƵƚŽŵŽƟǀĞ ƐŚŽǁ ƚŽ ƐĞĞ ŚŽǁ ĐŽŵƉĂŶLJ͛Ɛ ǁŽŽĚƐŚŽƉ ƚŽůĚ ŵĞ ĂďŽƵƚ ƚŚĞ ǀĞŶĞĞƌ ƚŚĂƚ͛Ɛ ŵĂŶLJ ƚŚŽƵƐĂŶĚƐ ŽĨ ƉĞŽƉůĞ ŇŽĐŬ ƚŽ ŐůŝŵƉƐĞ ƚŚĞ ĐĂƌƐ ŽĨ ŶŽǁ ŚĂƌǀĞƐƚĞĚ ĨƌŽŵ ƚŚĞ ĮŶĞƐƚ ƚƌĞĞƐ ĂŶĚ ƚŚĞŶ ŚĂŶĚͲĐƌĂŌĞĚ ƚŽ ĂŶĚ ƚŚĞ ĐŽŶĐĞƉƚƐ ŽĨ ƚŽŵŽƌƌŽǁ͘ dŚĞLJ ĂƌĞ Ă ŵĂŐŶĞƚ ĨŽƌ ĨŽůŬ Įƚ ƚŚĞ DƵůƐĂŶŶĞ͛Ɛ ŝŶƚĞƌŝŽƌ͘ ŌĞƌ ƚŚĂƚ ƚŚĞ ĂĐŽƵƐƟĐ ĞdžƉĞƌƚƐ͕ ʹ ũƵƐƚ ůŝŬĞ ŵĂŐƉŝĞƐ ƚŽ ŐůŝƩĞƌLJ ŽďũĞĐƚƐ͘ ƵƚŽŵŽďŝůĞƐ ĞŶĂďůĞ Žƌ ͚ :Ɛ͛ ĂƐ ƚŚĞLJ ůŝŬĞ ƚŽ ďĞ ŬŶŽǁŶ͕ ƐŚŽǁĞĚ ŚŽǁ ƚŚĞ ŵŽĚĞů ŝƐ ƚĞƐƚĞĚ ƵƐŝŶŐ Ă ͚ƌŽůůŝŶŐ ƌŽĂĚ͛ ĂŶĚ ŵŝĐƌŽƉŚŽŶĞƐ ƚŽ ĞŶƐƵƌĞ ƵƐ ƚŽ ďĞ ĨƌĞĞ͖ ƚŚĞLJ ƚĂŬĞ ƵƐ ƉůĂĐĞƐ ʹ ĚŝƐĐƌĞĞƚůLJ͕ ďůĂŶĚůLJ Žƌ ďŽůĚůLJ͕ Ăůů ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ƐŽƌƚ ŽĨ ĐĂƌ ƚŚĞLJ ĂƌĞ ʹ ĂŶĚ ƚŚĞ ƐŽƵŶĚ ĂŶĚ ǀŝďƌĂƟŽŶ ůĞǀĞůƐ ĂƌĞ ďĂƌĞůLJ ĚĞƚĞĐƚĂďůĞ ĨƌŽŵ ƚŚĞ ĐĂďŝŶ͘ /ƚ͛Ɛ ŵŝŶĚͲďůŽǁŝŶŐ ƐƚƵī͘ dŚĞ ĂƩĞŶƟŽŶ ƚŽ ĚĞƚĂŝů ŝƐ ũƵƐƚ ŝŵĂŐĞ ƚŚĞ ŵĂƌŬĞƟŶŐ ŵĞŶ ŚĂǀĞ ĐƌĞĂƚĞĚ ĂƌŽƵŶĚ ƚŚĞŵ͘ ƉŚĞŶŽŵĞŶĂů͘ ĞŶƚůĞLJ ŶĞĞĚƐ ŶŽ ŝŶƚƌŽĚƵĐƟŽŶ͖ ĨŽƵŶĚĞĚ ŝŶ ϭϵϭϵ͕ ŝƚ͛Ɛ ĂĐĐĞƉƚĞĚ ĂƐ ŽŶĞ ŽĨ ƚŚĞ ǁŽƌůĚ͛Ɛ ƵůƟŵĂƚĞ ůƵdžƵƌLJ ďƌĂŶĚƐ͘ /ƚ͛Ɛ dŚĞ ďŽLJƐ Ăƚ ĞŶƚůĞLJ ŽďǀŝŽƵƐůLJ ĐĂƌĞ ĚĞĞƉůLJ ĂďŽƵƚ ƚŚĞ ŶŽƚ ũƵƐƚ ĚĞĐĂĚĞƐ ŽĨ ŵĂƌŬĞƟŶŐ ƐƉŝŶ ĞŝƚŚĞƌ͖ ƚŚĞ ĨĂĐƚƐ ƐƉĞĂŬ DƵůƐĂŶŶĞ ƚƌĂŶƐƉŽƌƟŶŐ LJŽƵ ŝŶ ƚŚĞ ŵŽƐƚ ŐůŽƌŝŽƵƐ ƐƚLJůĞ ĨŽƌ ƚŚĞŵƐĞůǀĞƐ ʹ ŽǀĞƌ ϴϬ ƉĞƌĐĞŶƚ ŽĨ ĞŶƚůĞLJƐ ĂƌĞ ƐƟůů ͚ĂůŝǀĞ͛ ƉŽƐƐŝďůĞ͕ ƉƌĞĨĞƌĂďůLJ ǁŝƚŚ Ă ĐŚĂƵīĞƵƌ Ăƚ ƚŚĞ ǁŚĞĞů͘ ŶĚ ǁŚLJ ŶŽƚ͍ ŌĞƌ Ăůů͕ ŝƚ͛Ɛ Ă ŵĂŵŵŽƚŚ ŵŽƚŽƌŝnjĞĚ ƐƚĂƚƵƐ ĂŶĚ ŽŶ ƚŚĞ ƌŽĂĚƐ ƚŽĚĂLJ͘ dŚĂƚ ƐĂLJƐ ƐŽŵĞƚŚŝŶŐ ĂďŽƵƚ ƚŚĞ ƐLJŵďŽů ʹ Ă ŵĞƐƐĂŐĞ ƚŽ ŚƵŵĂŶŝƚLJ ƚŚĂƚ LJŽƵ͚ƌĞ ŝŶĐĂůĐƵůĂďůLJ ůĞŐĞŶĚĂƌLJ ďƵŝůĚ ƋƵĂůŝƚLJ ŽĨ ƚŚĞ ĐĂƌ͘ ǁĞĂůƚŚLJ͕ ĂŶĚ Ă ƉĞƌƐŽŶ ǁŝƚŚ ĮŶĞ ƚĂƐƚĞ͘ DŽƐƚ ƉĞŽƉůĞ ŶĞǀĞƌ ŐĞƚ ƚŽ Ɛŝƚ ŝŶ Ă ĞŶƚůĞLJ ʹ ĂƉĂƌƚ ĨƌŽŵ Ăƚ Ă ŵŽƚŽƌ ƐŚŽǁ͘ /͛ŵ ůƵĐŬLJ ĞŶŽƵŐŚ ƚŽ ŚĂǀĞ ĚƌŝǀĞŶ Ă ĨĞǁ ʹ ĂŶĚ Ă ƌĞĐĞŶƚ ǀŝƐŝƚ ƚŽ ŝƚƐ ĨĂŵŽƵƐ ĨĂĐƚŽƌLJ ŝŶ ƌĞǁĞ ŐĂǀĞ ŵĞ ĂŶ ĞǀĞŶ ĚĞĞƉĞƌ ŝŶƐŝŐŚƚ ŝŶƚŽ ǁŚLJ ƚŚĞ ŵĂŬĞ ŝƐ ƐŽ ũĂǁͲĚƌŽƉƉŝŶŐůLJ ŵĂƌǀĞůůŽƵƐ͘ dŚĞ ĐƌğŵĞ ĚĞ ůĞ ĐƌğŵĞ ŽĨ ƚŚĞ ǁŽƌůĚͲĨĂŵŽƵƐ ĐĂƌ ŵĂŬĞƌ ŝƐ ƚŚĞ DƵůƐĂŶŶĞ͘ ^Ž͕ ƐƚƌĂŶŐĞůLJ ĞŶŽƵŐŚ͕ ƚŚĂƚ͛Ɛ ƚŚĞ ĐĂƌ / ĐŽŶĐĞŶƚƌĂƚĞĚ ŽŶ ĚƵƌŝŶŐ ŵLJ ǀŝƐŝƚ͘ / ǁĂƐŶ͛ƚ ŝŶƚĞƌĞƐƚĞĚ ŝŶ ĂƐŬŝŶŐ ƋƵĞƐƟŽŶƐ ĂďŽƵƚ ĨƵĞů ĞĐŽŶŽŵLJ ĂŶĚ ŽƚŚĞƌ ƌƵŶŶŝŶŐͲĐŽƐƚƐ ʹ ĂŌĞƌ Ăůů ƚŚĞLJ͚ůů ďĞ Ăƚ ƚŚĞ ďŽƩŽŵ ŽĨ LJŽƵƌ ůŝƐƚ ŽĨ ƋƵĞƌŝĞƐ ŝĨ LJŽƵ͛ƌĞ ŝŶ ƚŚĞ ŵĂƌŬĞƚ ĨŽƌ Ă ǀĞŚŝĐůĞ ǁŝƚŚ ƚŚĞ ƐĂŵĞ ƉƌŝĐĞͲƚĂŐ ĂƐ Ă ĨŽƵƌ ďĞĚƌŽŽŵ ŶĞǁͲ ďƵŝůĚ ŝŶ ƐƵďƵƌďŝĂ͘

tŚĂƚ ƐƚƌƵĐŬ ŵĞ ĂďŽƵƚ ŵLJ ǀŝƐŝƚ ƚŽ ƚŚĞ ŚĞƐŚŝƌĞ ďĂƐĞĚ ƉůĂŶƚ ŝƐ ƚŚĞ ĐŽŵŵŝƚŵĞŶƚ ŽĨ ƚŚĞ ƐƚĂī͘ DĂŶLJ ŚĂǀĞ

tĞůů͕ / ĐŽƵůĚŶ͛ƚ ƌĞƐŝƐƚ ŝƚ ĂŶLJ ůŽŶŐĞƌ ĂŶĚ / ĂƐŬĞĚ ĨŽƌ Ă ĐŚĂƵīĞƵƌĞĚ ƌŝĚĞ͘ DLJ ǁŝƐŚ ǁĂƐ ŐƌĂŶƚĞĚ͘ /ŶƐŝĚĞ͕ ƚŚĞ ĂƌŽŵĂ ŽĨ ůĞĂƚŚĞƌ ĂŶĚ ǁŽŽĚ ƐŚƌŽƵĚƐ LJŽƵ ŝŶƐƚĂŶƚůLJ͘ dŚĞ ƐĐĞŶƚ ŝƐ ďƌĞĂƚŚƚĂŬŝŶŐ Ͳ ĂůŵŽƐƚ ŽǀĞƌƉŽǁĞƌŝŶŐ͘ ŶĚ ƚŚĞƌĞ͛Ɛ Ă ƌĞĂƐŽŶ ĨŽƌ ƚŚŝƐ͗ ŽǀĞƌ ϭϳϬ ŚŽƵƌƐ ʹ ƚŚĂƚ͛Ɛ ĂůŵŽƐƚ ŚĂůĨ ƚŚĞ ĞŶƟƌĞ ĂƐƐĞŵďůLJ ƉƌŽĐĞƐƐ ʹ ŐŽĞƐ ŝŶƚŽ ĨĂƐŚŝŽŶŝŶŐ ƚŚĞ ĐĂďŝŶ ŽĨ ƚŚĞ DƵůƐĂŶŶĞ͘ ĂĐŚ ƐƚĞĞƌŝŶŐ ǁŚĞĞů ĐĂŶ ƚĂŬĞ ϭϱ ŚŽƵƌƐ ƚŽ ŚĂŶĚͲ ƐƟƚĐŚ ǁŚŝůĞ ƐƚĂŝŶůĞƐƐ ƐƚĞĞů ďƌŝŐŚƚǁĂƌĞ ƚǁŝŶŬůĞƐ ƉĞƌĨĞĐƚůLJ͕ ƚŚĂŶŬƐ ƚŽ ĂŶ ĞdžŚĂƵƐƟǀĞ ϭϬ ŚŽƵƌ ĮŶŝƐŚŝŶŐ ƉƌŽĐĞƐƐ͘ dŚĞ ǁŽŽĚ ǀĞŶĞĞƌ ĚƌŝĂŶ ƚŽůĚ ŵĞ ĂďŽƵƚ ƚĂŬĞƐ ĮǀĞ ǁĞĞŬƐ ƚŽ ƚƵƌŶ ĨƌŽŵ Ă ƌŽƵŐŚ ƌŽŽƚ ďĂůů ŝŶƚŽ Ă ĨƵůů ƐĞƚ ŽĨ ŵŝƌƌŽƌͲ ŵĂƚĐŚĞĚ͕ ĮŶĞͲƉŽůŝƐŚĞĚ ůĞĂǀĞƐ ʹ ĂŶĚ Ă ƟŵĞͲŚŽŶŽƵƌĞĚ ƚĂŶŶŝŶŐ ƉƌŽĐĞƐƐ ŝƐ ĞǀĞŶ ƵƐĞĚ ĨŽƌ ƚŚĞ ůĞĂƚŚĞƌ͖ ƚŚŝƐ ŝƐ ǁŚĂƚ ŐŝǀĞƐ Žī ƚŚĞ ŚĞĂǀLJ͕ ǁŽƌŶ ďŽƵƋƵĞƚ ƚŚĂƚ ŝƐ ƐŽ ƌĞŵŝŶŝƐĐĞŶƚ ŽĨ ǀŝŶƚĂŐĞ ĞŶƚůĞLJƐ͘ dŚĞ ĞŶƟƌĞ ƉĂƐƐĞŶŐĞƌ ĂƌĞĂ ŝƐ ĂůƐŽ ĞŶĐůŽƐĞĚ ǁŝƚŚŝŶ Ă ͚ƌŝŶŐ ŽĨ ǁŽŽĚ͛ ǁĂŝƐƚ ƌĂŝů ǁŝƚŚ ĂŶ ƵŶŝŶƚĞƌƌƵƉƚĞĚ ƉĂŶĞů ŽĨ ƟŵďĞƌ ŐƌĂĐŝŶŐ ƚŚĞ DƵůƐĂŶŶĞ͛Ɛ ĚĂƐŚďŽĂƌĚ͘ /ŶǀĞƌƚĞĚ ĚŝĂů ŶĞĞĚůĞƐ ǁŝƚŚŝŶ ƚŚĞ ŝŶƐƚƌƵŵĞŶƚ ĐůƵƐƚĞƌ ĂƌĞ ƐƵŐŐĞƐƟǀĞ ŽĨ ĞĂƌůLJ ĞŶƚůĞLJƐ͕ ǁŚŝůĞ ƚŚĞ ǁŚŽůĞ ĐŽŶƐŽůĞ ĚĞƐŝŐŶ ŝƐ Ă ĐůĞǀĞƌ ŶŽĚ ƚŽ ƚŚĞ ĞŶƚůĞLJ ǁŝŶŐƐ ŵŽƟĨ͘ EĂƚƵƌĂůůLJ͕ ƐŝƫŶŐ ŝŶ ƚŚĞ ƌĞĂƌ ŽĨ ƚŚĞ ĞŶƚůĞLJ ŝƐ ƚŚĞ ďĞƐƚ ƉůĂĐĞ ƚŽ ĂƉƉƌĞĐŝĂƚĞ ƚŚĞ ƐŚĞĞƌ ĐĂƌĞ ƚŚĂƚ ŐŽĞƐ ŝŶƚŽ ĐŽŶƐƚƌƵĐƟŶŐ ƚŚĞ ĐĂďŝŶ͘ /Ŷ ƚŚĞ ŵŝĚƐƚ ŽĨ Ăůů ƚŚĞ ǁŽŶĚƌŽƵƐ ǁŽŽĚ ĂŶĚ ůƵdžƵƌŝĂŶƚ ůĞĂƚŚĞƌ͕ LJŽƵ ĂůƐŽ ƐƚĂƌƚ ƚŽ ƌĞƐƉĞĐƚ ŚŽǁ ƚŚĞ ŵŽƐƚ ƵƉͲƚŽͲĚĂƚĞ ŝŶͲĐĂƌ ƚĞĐŚŶŽůŽŐŝĞƐ ŚĂǀĞ ďĞĞŶ ĚŝƐĐƌĞĞƚůLJ ƉůĂĐĞĚ ǁŝƚŚŝŶ ƚŚĞ ŽƉƵůĞŶƚ ŝŶƚĞƌŝŽƌ͘ dŚĞ ƵƉƉĞƌ ĚĂƐŚďŽĂƌĚ ŚŽƵƐĞƐ Ă ŵƵůƟŵĞĚŝĂ ƐĐƌĞĞŶ͕ ƉůĂĐĞĚ ƚĂƐƚĞĨƵůůLJ ďĞŚŝŶĚ ĂŶ ĞůĞĐƚƌŝĐĂůůLJ ŽƉĞƌĂƚĞĚ ǀĞŶĞĞƌĞĚ ŇĂƉ͕ ǁŚŝůĞ ďĞůŽǁ ƐŝƚƐ Ă ůĞĂƚŚĞƌͲůŝŶĞĚ ŵĞĚŝĂ ƉůĂLJĞƌ ĐŽŶƚĞŶƚƐ ĚƌĂǁĞƌ ǁŝƚŚ ĐŽŶŶĞĐƚŽƌƐ ĨŽƌ ŝWŽĚ͕ h^ ĂŶĚ ŵŽƌĞ͘ tŚĞƚŚĞƌ ŝŶ ƚŚĞ ďĂĐŬ Žƌ ďĞŚŝŶĚ ƚŚĞ ǁŚĞĞů ŽĨ ƚŚĞ DƵůƐĂŶŶĞ͕ LJŽƵ ĐĂŶŶŽƚ ĚŝƐƌĞŐĂƌĚ ƚŚĞ ƐŚĞĞƌ ƐŚŽǀĞ ƵŶůĞĂƐŚĞĚ ĨƌŽŵ ƚŚĞ ĞŶƚůĞLJ͛Ɛ ϲвͲůŝƚƌĞ sϴ ĞŶŐŝŶĞ͘ ŌĞƌ ƐǁĂƉƉŝŶŐ ƐĞĂƚƐ ǁŝƚŚ ƚŚĞ ĐŚĂƵīĞƵƌ͕ ǁŚŽ͛Ě ĚƌŝǀĞŶ ŵĞ ŐĞŶƚůLJ͕ ƋƵŝĐŬůLJ͕ LJĞƚ ůĞŐĂůůLJ ŽŶ ƚŚĞ ƌŽĂĚƐ ŽĨ ŶŐůĂŶĚ͕ ŝƚ ǁĂƐ ƟŵĞ ƚŽ ĞdžƉĞƌŝĞŶĐĞ ƚŚĞ ĐĂƌ ŝŶ Ă ĚŝīĞƌĞŶƚ ƐĞƫŶŐ͘ tĞ͛Ě ƚƌĂǀĞůůĞĚ Ăůů ƚŚĞ ǁĂLJ ƚŽ ŶŐůĞƐĞLJ ZĂĐĞ ŝƌĐƵŝƚ ŝŶ EŽƌƚŚ tĂůĞƐ ĂŶĚ / ǁĂƐŶ͛ƚ ŐŽŝŶŐ ƚŽ ƉĂƐƐ ƵƉ ĂŶ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ƐĞĞ ǁŚĂƚ ƚŚŝƐ Ϯ͘ϲ ƚŽŶ ďĞĂƐƚ ĐŽƵůĚ ĚŽ ǁŝƚŚŽƵƚ ƚŚĞ ƚŚƌĞĂƚ ŽĨ ďůƵĞ ůŝŐŚƚƐ͘

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