scieee AI-readable full text Open interactive document viewer

The Ethical Dimensions of Public Service Advertisements in the Middle East: The Case of Anti-Terrorist Campaigns

Al-Rawi, Ahmed K.

Abstract

The anti-terror public media campaign started in lraq around 2004 and was called 'Terrorism has no Religion' in order to combat the threats of Al-Qadea and other affiliated militant groups in the country and aiming at convincing the Iraqi public to cooperate with the US-led coalition forces. After the withdrawal of the US forces from the country in late 2010, the campaign stopped but a new one emerged whose advertisements mostly targeted the Saudi public. This new campaign that is called 'Say no to Terror' is still running and the two Saudi-owned pan Arab regional channels - Al-Arabiya and MBC- are instrumental in airing its advertisements. This article discusses the ethical dimensions of these media campaigns with special focus on the issue of overt violent scenes which they contain and the bias in depicting certain sects ratherthan the others.

Full text

! ! ! ! ! ! ! <:)!%3:7,+6!$72)187/18!/*!'B?67,!E)(07,)!>40)(378)2)138! 71!3:)!S7446)!%+83A!<:)!;+8)!/*!>137-<)((/(783!;+25+7.18! ! +OG$S!](!+<B,&^@1! ! ! >?83(+,3! -O$!&>K@BK$##=#!ZN[<@'!G$S@&!'&GZ&@)>!FK&#K$S!@>!9#&`!&#=N>S!HXXJ!&>S!^&F!'&<<$S! dĞƌƌŽƌŝƐŵ ŚĂƐ ŶŽ ZĞůŝŐŝŽŶ ŝŶ ŽƌĚĞƌ ƚŽ ĐŽŵďĂƚ ƚŚĞƚŚƌĞĂƚƐ ŽĨ ůBw&S$&! &>S!=KO$#! &%%@<@&K$S!G@<@K&>K!)#=NZF!@>!KO$!'=N>K#R!&>S!&@G@>)!&K!'=>\@>'@>)!KO$!9#&`@!ZN[<@'!K=! '==Z$#&K$! ^@KO! KO$! 8;B<$S! '=&<@K@=>! %=#'$F(! +%K$#! KO$! ^@KOS#&^&<! =%! KO$! 8;! %=#'$F! %#=G!KO$!'=N>K#R!@>!<&K$!HXWX6!KO$!'&GZ&@)>!FK=ZZ$S![NK!&!>$^!=>$!$G$#)$S!^O=F$! &S\$#K@F$G$>KF!G=FK<R!K&#)$K$S!KO$!;&NS@!ZN[<@'(!-O@F!>$^!'&GZ&@)>!KO&K!@F!'&<<$S! ^ĂLJ ŶŽ ƚŽ dĞƌƌŽƌ ŝƐ ƐK@<<! #N>>@>)! &>S! KO$! K^=! ;&NS@B=^>$S! Z&>! +#&[! #$)@=>&<! 'O&>>$<F!ʹ!+<B+#&[@R&!&>S!3?4B!&#$!@>FK#NG$>K&<!@>!&@#@>)!@KF!&S\$#K@F$G$>KF(!-O@F! &#K@'<$!S@F'NFF$F!KO$!$KO@'&<!S@G$>F@=>F!=%!KO$F$!G$S@&!'&GZ&@)>F!^@KO!FZ$'@&<!%='NF! =>! KO$! @FFN$! =%! =\$#K! \@=<$>K! F'$>$F! ^O@'O! KO$R!'=>K&@>! &>S! KO$! [@&F! @>! S$Z@'K@>)! '$#K&@>!F$'KF!#&KO$#!KO&>!KO$!=KO$#F(! ! @)=9/(48 WƵďůŝĐ ĐĂŵƉĂŝŐŶ ^ĂLJ ŶŽ ƚŽ dĞƌƌŽƌ dĞƌƌŽƌŝƐŵ ŚĂƐ ŶŽ ZĞůŝŐŝŽŶŵĞĚŝĂ $KO@'Fh!+#&[!ZN[<@'!FZO$#$h!+#&[!G$S@&h!ZN[<@'!F$#\@'$!&S\$#K@F$G$>KF! ! ! "13(/4B,37/1! 2$FZ@K$!KO$!@GZ=#K&>'$!=%!FKNSR@>)!ZN[<@'!F$#\@'$!&S\$#K@F$G$>KF!c";+d!@>!S$\$<=Z@>)! '=N>K#@$F! FN'O! &F! +#&[! FK&K$F6! >=! #$F$&#'O! O&F! [$$>! '=>SN'K$S! =>! KO$G(! 9>S$$S6! )=\$#>G$>KBFZ=>F=#$S! ";+! @>! KO$! +#&[! ^=#<S! &#$! ^@S$<R! NK@<@D$S! %=#! $SN'&K@=>&<6! O$&<KO6! ZN[<@'! F&%$KR! Z#=)#&GF(! "#=[&[<R! KO$! G=FK! Z=ZN<&#! ZN[<@'! '&GZ&@)>F! &#$! #$<&K$S!K=!$<$'K@=>F!@>!KO$!+#&[!^=#<S!^O@'O!O&F![$$>!G=FK<R!F$$>!@>!9#&`6!C$[&>=>6! &>S!]N^&@K!&>S!G=#$!#$'$>K<R!@>!-N>@F@&6!5$G$>6!0)RZK6!&>S!C@[R&!$FZ$'@&<<R!&%K$#!KO$! $\$>KF!=%!KO$!+#&[!;Z#@>)(!! ! -O$!;&NS@!)=\$#>G$>K!N>S$#!KO$!S@#$'K!FNZ$#\@F@=>!=%!KO$!]@>)!O@GF$<%6!%=#!$V&GZ<$6! &NKO=#@D$F! ZN[<@'! '&GZ&@)>F! K=! '=<<$'K! 'O&#@KR! %N>SF! K=! O$<Z! \@'K@GF! =%! >&KN#&<! S@F&FK$#F!&>S!^&#!'=>%<@'KF!%#=G!&#=N>S!KO$!^=#<S(!8Z!K=!HXWX6!KO$!K=K&<!&G=N>K!=%! G=>$R! '=<<$'K$S! %#=G! KO$! ;&NS@! ZN[<@'! #$&'O$S! =\$#! zLLE! G@<<@=>! ^O@'O! @>'<NS$S! '&GZ&@)>F!K=!O$<Z!\@'K@GF!@>!9>S=>$F@&6!;#@!C&>A&6!"&<$FK@>$6!C$[&>=>6!"&A@FK&>!c+<B zĂŚLJĂΘ&ƵƐƚŝĞƌϮϬϭϭƉϭϰͿ/ŶŵŽƐƚĐĂƐĞƐƚŚĞƉƵďůŝĐĐĂŵƉĂŝŐŶƐďĞŐŝŶǁŝƚŚĂds K$<$KO=>! ƚŽ ǁŚŝĐŚ ƚŚĞ <ŝŶŐ ĂŶĚ ƐĞǀĞƌĂů ƐĞŶŝŽƌ ƉƌŝŶĐĞƐ ŵĂŬĞ Ă ƉĞƌƐŽŶĂů ĚŽŶĂƚŝŽŶ c@[@S(6!Z(!W*d(!9>!?&O#&@>6!&!ZN[<@'!'&GZ&@)>!=>!&@S@>)!KO$!\@'K@GF!=%!%&G@>$!@>!;=G&<@&! [$'&G$!\$#R!Z=ZN<&#!&F!&!#$<&K$S!&S\$#K@F$G$>K!^&F!&@#$S!=>!KO$!=%%@'@&<!-Y!'O&>>$<! c?&O#&@>!-Y6!HXWWd(!QN#KO$#6!KO$!_=#S&>@&>!)=\$#>G$>K!#&>!&!ZN[<@'!'&GZ&@)>!&)&@>FK! 3NF<@G!$VK#$G@FKF!%=<<=^@>)!+<BĂƌƋĂǁŝƐŚŽƚĞůďŽŵďŝŶŐŝŶŵŵĂŶŝŶϮϬϬϱ;>LJŶĐŚƉ LUh! l&R&>@6! HXX*6! Z(! HWd(! .KO$#! ZN[<@'! '&GZ&@)>F! KO&K! &#$! FZ=>F=#$S! [R! +#&[! )=\$#>G$>KF! &#$! #$<&K$S! K=!$>'=N#&)@>)!K=N#@FG! @>! '=N>K#@$F! <@A$! KO$! 8+06! .G&>6! -N>@F@&6!3=#=''=6!0)RZK!&>S!;&NS@!+#&[@&(!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! W!"O(2(! C$'KN#$#(! 2$Z&#KG$>K! =%! 3$S@&! u! 4=GGN>@'&K@=>6! 0#&FGNF! 8>@\$#F@KR! ,=KK$#S&G(! ! -O$! /$KO$#<&>SF! &<#&^@i$FO''($N#(><!! M@KO!KO$!)#=^@>)!@>%<N$>'$!=%!Z&>B+#&[!'O&>>$<F6!+#&[!\@$^$#F!FK&#K$S!K=!F$$!G=#$! ZN[<@'!F$#\@'$!&S\$#K@F$G$>KF!$\$>!@%!KO$R!&#$!<@\@>)!@>!KO$!S@&FZ=#&(!+<B_&D$$#&6!+<B +#&[@R&6! 3?46! &>S! G=#$! #$'$>K<R! ;AR! /$^F! +#&[@&! O&\$! KO$@#! =^>! Z#=G=K@=>&<! G&K$#@&<F!KO&K!'&>![$!\@$^$S!&<G=FK!$\$#R^O$#$!$FZ$'@&<<R!^@KO!KO$!Z#$F$>'$!=%!KO$! ĐŚĂŶŶĞůƐŽŶůŝŶĞƐƚƌĞĂŵŝŶŐ/ŶƐŽŵĞĐĂƐĞƐĐĞƌƚĂŝŶŐƌŽƵƉƐĂƌĞƚĂƌŐĞƚĞĚ&ŽƌĞdžĂŵƉůĞ 3-Y! +#&[@&6! ^O@'O! @F! #N>! [R! KO$! 8+0B[&F$S! +#&[! 3$S@&! :#=NZ6! &@#$S! F$\$#&<! @GZ=#K&>K!&>S!F=G$K@G$F!'=>K#=\$#F@&<!ZN[<@'!&S\$#K@F$G$>KF!&>S!'&GZ&@)>F!&@G$S! &K!+#&[!R=NKOF!c_&&%!HXXId(!-O$!'O&>>$<!^O@'O!^&F!#$>&G$S!3-Y!3@SS<$!0&FK!@>! HXWW!&KK$GZK$S!K=!'O&<<$>)$!F=G$!K#&S@K@=>&<!\&<N$F!&>S!Z#&'K@'$F!@>!'=>F$#\&K@\$! '=N>K#@$F! <@A$! ;&NS@! +#&[@&! &>S! KO$! 8+0(! +[SN<<&K@%! &<B;&R$)O6! KO$! %=#G$#! 'O@$%! ĞdžĞĐƵƚŝǀĞŽĨƌĂďDĞĚŝĂ'ƌŽƵƉŽŶĐĞŵĞŶƚŝŽŶĞĚƚŚĂƚtŚĂƚǁĞĂƌĞƐĂLJŝŶŐƚŽLJŽƵŶŐ Z$=Z<$!@F!@KfF!.]!K=!O&\$!%N>6!@KfF!.]!ƚŽďĞŶĂƵŐŚƚLJĂƐůŽŶŐĂƐLJŽƵĚŽŶΖƚůŽƐĞLJŽƵƌƐĞůĨ c;N#A6!HXXId(!.>$!=%!KO$!G&@>!K&#)$K!#$)@=>F!%=#!3-Y!^&F!;&NS@!+#&[@&!&F!KO$!'O&>>$<! S@#$'K=#F! G$K! F$\$#&<! ;&NS@! R=NKOF! [$%=#$! )=@>)! =>! &@#(! 7=^$\$#6! F=G$! Z#=)#&GF! '#$&K$S! K$>F@=>F! @>! '=>F$#\&K@\$! F='@$K@$F! $FZ$'@&<<R! @>! ;&NS@! +#&[@&h! %=#! $V&GZ<$6! DdsΖƐƉƌŽŐƌĂŵdƌƵĞ>ŝĨĞB!,$F@FK!KO$!"=^$#6!;&NS@!+#&[@&ǁŚŝĐŚĨĞĂƚƵƌĞĚ^ĂƵĚŝŵĞŶ &>S! ^=G$>! <@\@>)! #$<&K@\$<R! <@[$#&<! <@\$F! &>S! %#$$<R! $VZ#$FF@>)! KO$@#! \@$^F! ^&F! #$)&#S$S!&F!@>FN<K@>)!&>S!#$FN<K$S!@>!O$&\R![&'A<&FO!&>S!'#@K@'@FG!S@#$'K$S!&)&@>FK! KO$!'O&>>$<!c]&#&G6!HXWXd(!&ƵƌƚŚĞƌŝŶŽŶĞŽĨŝƚƐƉƌŽŐƌĂŵƐDdsƌĂďŝĂĂŝƌĞĚĂŶĂƚ c:@#<Fd! KO&K! FO=^$S! +#&[! R=N>)! )@#<F! \=@'@>)! KO$@#! &G[@K@=>F! &>S! &FZ@#&K@=>F! %#=G! S@%%$#$>K!'=N>K#@$F!@>'<NS@>)!;&NS@!+#&[@&!c3-Y!+#&[@&6!HXXE'd(!! ! 9>! #$<&K@=>! K=! 3-Y! +#&[@&! ZN[<@'! F$#\@'$! '&GZ&@)>F6! KO$! 'O&>>$<! FZ=>F=#$S! F&%$KR! S#@\@>)!&S\$#K@F$G$>KF!SN$!K=!KO$!O@)O!>NG[$#!=%!'&FN&<K@$F!'&NF$S![R!'&#!&''@S$>KF! @>!;&NS@!+#&[@&!&>S!KO$!8+0!c3-Y!+#&[@&6!HXXU&d(!+>=KO$#!Z=ZN<&#!'&GZ&@)>!^&F! &[=NK!&>K@B'N#F@>)!@>!KO$!FK#$$KF!^O@'O!^&F!Z#=SN'$S!^@KO!ONG=#=NF!F'$>$F!c3-Y! +#&[@&6!HXXU[!&>S!HXXU'd(!.>$!=%!KO$!G=FK!'=>K#=\$#F@&<!ZN[<@'!&S\$#K@F$G$>KF!&@#$S! =>! KO@F! 'O&>>$<! ^&F! &! Z#=G=K@=>! %=#! KO$! 'O&>>$<! @KF$<%6! [NK! @K! %$&KN#$S! F'$>$F! S$Z@'K@>)![=RF!ZN[<@'<R!O&#&FF@>)!)@#<F!@>!KO$!FK#$$KF6!&>S!KO@F!&>K@BF='@&<![$O&\@=#!^&F! Z#$F$>K$S!&F!&!G&><R6!$V'@K@>)6!&>S!%&\=#&[<$!'=>SN'K!c3-Y!+#&[@&6!HXXE&!u!HXXE[d(! 9K!@F!>=K!'<$&#!^OR!KO$!'O&>>$<!'O=F$!K=!&@#!KO$F$!&S\$#K@F$G$>KF!#$Z$&K$S<R6![NK!@K!@F! &>!@>S@'&K@=>!KO&K!@K!^&>K$S!K=![#$&A!KO$!>=#GF!&>S!K#&S@K@=>&<!\&<N$F!K=!Z#=G=K$!KO$! 'O&>>$<(! ! 2&O<6! Q#&>A$>)$#)$#6! &>S! 3&>'O&>S&! '=>%@#G! KO&K! FO='A! &S\$#K@F@>)! ĂƚƚĞŵƉƚƐƚŽƐƵƌƉƌŝƐĞĂŶĂƵĚŝĞŶĐĞ![R!S$<@[$#&K$<R!\@=<&K@>)!>=#GF!%=#!F='@$K&<!\&<N$F! ĂŶĚƉĞƌƐŽŶĂůŝĚĞĂůƐ;ϮϬϬϯƉϮϲϵͿ! ! 3=#$!#$'$>K<R6!KO$!9>K$#>$K!@F!Z<&R@>)!&!\$#R!'#N'@&<!#=<$!@>!=#)&>@D@>)!KO$!ZN[<@'!&>S! N>@K@>)! KO$G! K=! S@F'NFF! '$#K&@>! @FFN$F(! Q=#! @>FK&>'$6! &>! =><@>$! ZN[<@'! '&GZ&@)>! =>! &ĂĐĞŬǁĂƐŽƌŐĂŶŝnjĞĚďLJƌĂďǁŽŵĞŶĂŶĚŝƚŝƐĐĂůůĞĚdŚĞhƉƌŝƐŝŶŐŽĨtŽŵĞŶŝŶ ƚŚĞƌĂďtŽƌůĚdŚĞƉĂŐĞƚŚĂƚǁĂƐĐƌĞĂƚĞĚŝŶKĐƚŽďĞƌϮϬϭϭŚĂƐŽǀĞƌϴϬϬϬϬůŝŬĞƐĂƐ =%! $&#<R! 2$'$G[$#! HXWH! &>S! =\$#! LXXX! -^@KK$#! %=<<=^$#F(! -O$! '&GZ&@)>! '&<<F! %=#! ^=G$>!K=!ďĞĨĞĂƌůĞƐƐĨƌĞĞĂŶĚŝŶĚĞƉĞŶĚĞŶƚĂŶĚƚŚĞ&ĂĐĞŬƉĂŐĞŵĞŶƚŝŽŶƐƚŚĞ ŐŽĂůŝƐƚŽĐƌĞĂƚĞĂƐƚƌŽŶŐƐŽůŝĚĂƌŝƚLJŶĞƚǁŽƌŬƐŚĂƌĞŽƵƌǀŝĞǁƐĚĞŶŽƵŶĐĞƚŚĞĂďƐƵƌĚ <&^F!=%!=N#!#$FZ$'K@\$!'=N>K#@$F6!&>S!FO&#$!NZS&K$F!&[=NK!KO$!Z#=)#$FF!&>S!'O&>)$F! KO&K! ^$! &#$! ^=ƌŬŝŶŐ ŽŶ ;dŚĞ hƉƌŝƐŝŶŐ ŽĨ tŽŵĞŶ ŝŶ ƚŚĞ ƌĂď tŽƌůĚ ϮϬϭϮĂ ĂŶĚ ϮϬϭϮďͿKŶƚŚĞĐĂŵƉĂŝŐŶƐŽĨĨŝĐŝĂůǁĞďƐŝƚĞƚŚĞŽƌŐĂŶŝnjĞƌƐŵĞŶƚŝŽŶƚŚĂƚƚŚĞŝƌĞĨĨŽƌƚƐ &#$!>=K!S@#$'K$S!&K!+#&[!^=G$>!&<=>$![NK!$VK$>SF!K=!&<<!=KO$#!^=G$>!%#=G!=KO$#! $KO>@'@K@$F! <@\@>)! @>! KO$! +#&ď ǁŽƌůĚ ůŝŬĞ ĞƌďĞƌƐ EƵďŝĂŶƐ <ƵƌĚƐ ƐƐLJƌŝĂŶƐ ƌĂŵĞĂŶƐ ^LJƌŝĂĐƐ ƌŵĞŶŝĂŶƐ dƵƌŬƐ dƵƌŬŵĞŶ ΀ĂŶĚ΁ ŝƌĐĂƐƐŝĂŶ ;dŚĞ hƉƌŝƐŝŶŐ ŽĨ M=G$>!@>!KO$!+#&[!M=#<S6!HXWH'd(!-O@F!=><@>$!ZN[<@'!'&GZ&@)>![$'&G$!F=!Z=ZN<&#! KO&K! $\$>! G&@>FK#$&G! G$S@&! =NK<$KF! @>F@S$! &>S! =NKF@S$! KO$! +#&[! ^=#<S! FK&#K$S! '=\$#@>)!@K(!+>=KO$#!=><@>$!ZN[<@'!'&GZ&@)>!KO&K!#$'$>K<R!$G$#)$S!@F!'=>'$#>$S!^@KO! ! ! ! ! ! S$%$>S@>)!KO$!"#=ZO$K!3=O&GG$S!&)&@>FK!KO$!&''NF&K@=>F!KO&K!^$#$!G&S$!@>!KO$! /ŶŶŽĐĞŶĐĞŽĨDƵƐůŝŵƐĨŝůŵdŚĞ&ĂĐĞŬƉĂŐĞǁŚŝĐŚǁĂƐĐƌĞĂƚĞĚ!=>!KO$!WLKO!=%! ^ĞƉƚĞŵďĞƌϮϬϭϮŝƐĐĂůůĞĚdŚĞ'ůŽďĂůĂŵƉĂŝŐŶƚŽ^ƵƉƉŽƌƚWƌŽƉŚĞƚDŽŚĂŵŵĞĚŚĂƐ =\$#! WX*6XXX! <@A$F! &F! =%! $&#<R! 2$'$G[$#! HXWH! c-O$! :<=[&<! 4&GZ&@)>! K=! ;NZZ=#K! "#=ZO$K!3=O&GG$S6!HXWHd(!! ! >137-R7/6)1,)!'B?67,!;+25+7.18A! -O$! G=FK! @GZ=#K&>K! &>S! #$<$\&>K! ZN[<@'! '&GZ&@)>F! K=! KO$! %='NF! =%! KO@F! FKNSR! @F! #$<&K$S! K=! '=G[&K@>)! \@=<$>'$! &>S! K$##=#@FG! @>! K#=N[<$S! '=N>K#@$F! <@A$! 9#&`6! ;&NS@! +#&[@&6!&>S!G=#$!#$'$>K<R!?&O#&@>(!9K!@F!@GZ=#K&>K!K=!Z=@>K!=NK!KO&K!@>!KO$!'&F$!=%! ?&O#&@>6! KO$! )=\$#>G$>K! @F! '=G[&K@>)! &! ;O@@K$! NZ#@F@>)! KO&K! ^&F! @>FZ@#$S! [R! KO$! $\$>KF! =%! KO$! +#&[! ;Z#@>)6! [NK! KO$! =%%@'@&<! %#&G$! NF$S! K=! S$%@>$! KO$! Z#=K$FK! @F! K$##=#@FG(!Q=#!$V&GZ<$6!&!-Y!&S\$#K@F$G$>K!KO&K!^&F!&@#$S!=>!KO$!=%%@'@&<!?&O#&@>@!-Y! FO=^F!KO$!>$)&K@\$!'=>F$`N$>'$F!=%!KO$!&'K@=>F!=%!R=N>)!G$>!FO=^>!K=![$![N#>@>)! K@#$F! &>S! '#$&K@>)! 'O&=F6! &>S! [R! KO$! $>S! =%! KO$! ZN[<@'! F$#\@'$! &S\$#K@F$G$>K6! &! ƐƚĂƚĞŵĞŶƚŝƐƐŚŽǁŶƐƚĂƚŝŶŐdŽŐĞƚŚĞƌƚŽĞdžƚŝŶŐƵŝƐŚƚŚĞĨŝƌĞŽĨdĞƌƌŽƌŝƐŵ;ĂŚƌĂŝŶds HXWHd(! ! 9>! 9#&`6! KO$! QNKN#$!=%! 9#&`! =#)&>@D&K@=>! ^O@'O! F$$G$S! K=! [$!FNZZ=#K$S! [R! KO$! 8;! )=\$#>G$>K!^=#A$S!=>!FK#$>)KO$>@>)!KO$!K@$F![$K^$$>!KO$!S@%%$#$>K!9#&`@!$KO>@'!&>S! G@>=#@KR!)#=NZF!$FZ$'@&<<R![$K^$$>!;N>>@F!&>S!;O@@K$F!SN$!K=!KO$!K$>F@=>F!KO&K!^$#$! '#$&K$S!&%K$#!KO$!HXXL!M&#!KO&K!'N<G@>&K$S!@>!KO$!'@\@<!^&#!KO&K!$#NZK$S!@>!HXXP!&%K$#! ďŽŵďŝŶŐƚŚĞ^ŚŝŝƚĞŚŽůLJƐŚƌŝŶĞŝŶ^ĂŵĂƌĂĐŝƚLJdŚĞŽƌŐĂŶŝnjĂƚŝŽŶƐǁĞďƐŝƚĞǁŚŝĐŚŝƐ >=K! %N>'K@=>@>)! &>RG=#$6! ^&F! '#$&K$S! &#=N>S! HXXJ6! &>S! @K! '&##@$S! KO$! F<=)&>! =%! &ƵƚƵƌĞ/ƌĂƋƐƐĞŵďůLJKŶĞEĂƚŝŽŶƉƌŽŵŝƐŝŶŐĨƵƚƵƌĞdŚĞŽƌŐĂ>@D&K@=>!Z#=SN'$S!K$>F! =%! \@S$=! &S\$#K@F$G$>KF! KO&K! '&<<$S! %=#! N>@KR(! .>! @KF! ^$[F@K$! ^O@'O! ^&F! &''$FF$S! ƚŚƌŽƵŐŚDLJtĂLJĂĐŬDĂĐŚŝŶĞƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶƐŽďũĞĐƚŝǀĞƐĂƌĞ;ϭͿdŽĐŽŶǀŝŶĐĞ &<<!=N#!%$<<=^!9#&`@F!KO&K!^$!O&\$!KO$!^@<<!&>S!KO$!'&Z&[@<@KR!K=!Z#=)#$FFh!cHd!-=!&S=ZK! &!\&<N$!FRFK$G!KO&K!O&F!&K!@KF!\$#R!O$&#K!=Z$>>$FF!&>S!&''$ZK&>'$!=%!KO$!=KO$#h!cLd!-=! ĞƌĂĚŝĐĂƚĞƉĞƐƐŝŵŝƐŵĨĞĂƌŚĞƐŝƚĂƚŝŽŶĂŶĚŝƐŽůĂƚŝŽŶĨƌŽŵŽƵƌĨĞůůŽǁ/ƌĂƋŝƐŚĞĂƌƚƐĂŶĚ #$@>%=#'$!K#NFK6!@>@K@&K@\$6!&>S!O=>$FK!'=GZ$K@K@=>!%=#!KO$!F&A$!=%!&!%NKN#$!9#&`!KO&K!@F! ǁŽƌƚŚLJŽĨƚŚĞƐĂĐƌŝĨŝĐĞƐǁĞǀĞŵĂĚĞƚŽƌĞŐĂŝŶŽƵƌƌŝŐŚƚƚŽĂĚĞĐĞŶƚůŝǀŝŶŐ;&ƵƚƵƌĞŽĨ 9#&`6!HXXJ!+N)NFKd(!! ! -O$!\@S$=F!Z=FK$S![R!KO$!=#)&>@D&K@=>!^$#$!G=FK<R!^$<<!Z#=SN'$S!^O@'O!@>S@'&K$!&! O@)O! [NS)$K! &>S! Z#=%$FF@=>&<! &>S! FZ$'@&<@D$S!FK&%%! ^O=! &#$! G=FK<R! <&'A@>)! @>! 9#&`h! O$>'$6!@K!F$$GF!KO&K!KO$!8;!&SG@>@FK#&K@=>!^&F!#$FZ=>F@[<$!%=#!FZ=>F=#@>)!@KF!G$S@&! '&GZ&@)>F(!Q=#!$V&GZ<$6!QNKN#$!=%!9#&`!&@#$S!&!%&G=NF!&S\$#K@F$G$>K!=>!KO$!S&>)$#F! ŽĨĐŝǀŝůǁĂƌǁŝƚŚĂŵĞƐƐĂŐĞ/ŶŽƌĚĞƌŶŽƚƚŽďĞĂůĞƐƐŽŶĨŽƌŚŝƐƚŽƌLJŝŶǁŚŝĐŚƐĐĞŶĞƐŽĨ '&NF&<@K@$F!=%!'@\@<!^&#F!&>S!KO$!>NG[$#!=%!Z$=Z<$!A@<<$S!&>S!G&@G$S!&#$!FO=^>!%#=G! S@%%$#$>K!'=N>K#@$F!<@A$!?=F>@&6!,^&>S&6!&>S!C$[&>=>!cQNKN#$!=%!9#&`6!HXXId(!+>=KO$#! '&GZ&@)>! ^@KO! KO$! KO$G$! =%! N>@KR! FO=^F! &! K#&%%@'! Z=<@'$G&>! K#R@>)! K=! =#)&>@D$! &! 'O&=K@'!FK#$$K!&>S!&>)#R!9#&`@F!&#$!S@FF&K@F%@$S(!9>!KO$!$>S6!=#S$#!^&F!#$FK=#$S!^@KO! ĐŽŽƉĞƌĂƚŝŽŶĂŶĚƵŶĚĞƌƐƚĂŶĚŝŶŐĂƐƚŚĞŵĞƐƐĂŐĞƌĞĂĚƐDLJ/ƌĂƋŝƐLJŽƵƌ/ƌĂƋĂŶĚĂ ƐƵďƚŝƚůĞ/ĨǁĞĚŽŶƚĐŽŽƉĞƌĂƚĞŚŽǁĐĂŶǁĞƉƌŽŐƌĞƐƐǁŝƚŚĂĨĂŵŽƵƐ/ƌĂƋŝŶĂƚŝŽŶĂů F=>)!@>!KO$![&'A)#=N>S!cQNKN#$!=%!9#&`6!HXXEd(!.KO$#!&S\$#K@F$G$>KF!'&<<$S!%=#!N>@KR! [R!%$&KN#@>)!S@%%$#$>K!9#&`@!%&'$F!K&<A@>)!&[=NK!%==S!=#!'@K@>)!%&G=NF!9#&`@!Z#=\$#[F! ǁŝƚŚƐƵďƚŝƚůĞƐƐƵĐŚĂƐEŽŵĂƚƚĞƌŚŽǁĚŝĨĨĞƌĞŶƚǁĞƌĞ/ƌĂƋƵŶŝƚĞƐƵƐŽƌEŽŵĂƚƚĞƌ ǁŚŽLJŽƵƌĞLJŽƵƌĞ/ƌĂƋŝ;&ƵƚƵƌĞŽĨ/ƌĂƋϮϬϬϵĂĂŶĚϮϬϬϵďͿKƚŚĞƌĂĚǀĞƌƚŝƐĞŵĞŶƚƐ %='NF! =>! FG&<<! 9#&`@! A@SF! Z<&R@>)h! %=#! $V&GZ<$6! =>$! &S\$#K@F$G$>K! %$&KN#$F! 9#&`@! Z#=K$FK$#F!%#=G!KO$!KO#$$!G&@>!)#=NZF!B!;O@@K$6!;N>>@6!&>S!]N#S@FO!B!^O=!G$$K!&>)#@<R! K=!%@)OK![NK!KO$R!'O&>)$!KO$@#!G@>SF!&%K$#!F$$@>)!KO$@#!=^>!A@SF!Z<&R!@>!%#=>K!=%!KO$G! cQNKN#$!=%! 9#&`6!HXXU'd6!^O@<$!&>=KO$#!&S\$#K@F$G$>K!FO=^F!S@%%$#$>K!F'$>$F!<@A$!&! K$&'O$#6!&![N@<S$#6!&!K#&%%@'!G&>6!&>!=@<!#$%@>$#R!^=#A$#6!&>S!&!G=KO$#!Z#$Z&#@>)!O$#! 'O@<S! K=! )=! K=! F'O==<! K=! [$! '=>K#&FK$S! ^@KO! &! K@'A@>)! [=G[! KO&K! O&F! &! K@G$#(! -O$! ŵĞƐƐĂŐĞ ƐĂLJƐ KƵƌ ŚĂŶĚƐ ďƵŝůĚ ŝƚ ŽƵƌ ŚĂŶĚƐ ƉƌŽƚĞĐƚ ŝƚ ;&ƵƚƵƌĞ ŽĨ /ƌĂƋ ϮϬϬϵĚͿ +>=KO$#! &S\$#K@F$G$>K! =>! N>@KR! %$&KN#$F! KO#$$! R=N>)! A@SF! ^O=! &ZZ$&#! K=! [$! ƐƚƌĂŶŐĞƌƐĂŶĚƚŚĞŝƌŶĂŵĞƐĂƌĞƐŚŽǁŶĂƐƐƵďƚŝƚůĞ,ƵƐƐĞŝŶĂ^ŚŝŝƚĞŶĂŵĞƵůĂŝƌĂ ]N#S@FO!>&G$6!&>S!?&A#!&!;N>>@!>&G$!^O=!b=@>!<&K$#!&>S!F$$G!K=![$'=G$!%#@$>SF! ĂĨƚĞƌƉůĂLJŝŶŐĨŽŽƚďĂůůdŚĞŵĞƐƐĂŐĞƐĂLJƐtŚĂƚŝƐĞĂƐLJĨŽƌŽƵƌŬŝĚƐǁŝůůŶŽƚďĞĚŝĨĨŝ'N<K! ĨŽƌ ƵƐ;&ƵƚƵƌĞ ŽĨ /ƌĂƋ ϮϬϬϵĞͿ &ŝŶĂůůLJ ĂŶŽƚŚĞƌ ĂĚǀĞƌƚŝƐĞŵĞŶƚ ƐŚŽǁƐ ĂŶ /ƌĂƋŝŵĂŶ Z&'A@>)!&!FN@K'&F$!K=!)=!K=!KO$!O=FZ@K&<!K=!G$$K!O@F!>$^<R![=#>![&[R!&F!O@F!^@%$!@F! )@\@>)![@#KO6!^O@<$!KO$!=KO$#!F'$>$!FO=^F!&!K$##=#@FK!Z#$Z&#@>)!O@F![==[RBK#&ZZ$S!'&#! K=!$VZ<=S$!@K(!-O$!K^=!G$>!G$$K!=>!KO$!FK#$$K6!&>S!^$!O$&#!&>!$VZ<=F@=>(!-O$!>$^! %&KO$#!@F!FN#\@\$S!&>S!O$!%@>&<<R!G$$KF!O@F!^@%$!&>S!>$^![&[R!&K!KO$!O=FZ@K&<(!-O$! ŵĞƐƐĂŐĞƐĂLJƐtŚĞŶĚŝǀŝĚĞĚǁĞůůďĞĚĞĨĞĂƚĞĚǁŚĞŶƵŶŝƚĞĚǁĞůůĚĞĨĞĂƚŝƚ;&ƵƚƵƌĞ =%!9#&`6!HXXU%d(! ! QNKN#$!=%!9#&`!O&S!=KO$#!'&GZ&@)>F!FN'O!&F!=>$!KO&K!$>'=N#&)$F!9#&`@F!K=!\=K$!%=#!KO$! '=>FK@KNK@=>!^O$#$@>!F'$>$F!=%!#&@>!S#=ZF!#$Z#$F$>K@>)!O=Z$!&>S![#@)OK!%NKN#$!&#$! G$&>K! K=! [$! &FF='@&K$S! ^@KO! \=K@>)! cQNKN#$! =%! 9#&`6! HXXU)d6! ^O@<$! &! S@%%$#$>K! &S\$#K@F$G$>K!O@)O<@)OK$S!\&#@=NF!&FZ$'KF!<@A$!ONG&>!#@)OKF6!$`N&<@KR![$K^$$>!G$>! &>S!^=G$>6!&>S!S$G='#&'R!KO&K!'&>![$!)&@>$S![R!\=K@>)!%=#!KO$!'=>FK@KNK@=>!cQNKN#$! =%! 9#&`6! HXXUOd(! +! KO@#S! &S\$#K@F$G$>K! KO&K! '&<<$S! %=#! \=K@>)! %=#! KO$! )=\$#>=#&K$F! $<$'K@=>F!=>!KO$!LWFK!=%!_&>N&#R!HXXU!FO=^F!8;!F=<S@$#F!S$Z&#K@>)!9#&`!^O@<$!9#&`@!A@SF! ^&K'O!KO$G(!M@KO!GNF@'!@>!KO$![&'A)#=N>S6!KO$!A@SF!FK&#K!Z<&R@>)!%==K[&<<!^O@<$!&! ƐƵďƚŝƚůĞƐĂLJƐdŚĞLJůĞĂǀĞĂŶĚǁĞƐƚĂLJĂŶĚ&ƌĞĞĚŽŵŝƐĂƌĞƐƉŽŶƐŝďŝůŝƚLJƐŽƉƌĂĐƚŝĐĞŝƚ ^ŝƚŚĂǁĂƌĞŶĞƐƐ;&ƵƚƵƌĞŽĨ/ƌĂƋϮϬϬϵŝͿůůƚŚĞĂďŽǀĞƉƵďůŝĐƐĞƌǀŝĐĞĂĚǀĞƌƚŝƐĞŵĞŶƚƐ &#$!G$&>K!K=!@>'#$&F$!&^&#$>$FF!&>S!'=>\@>'$!KO$!ZN[<@'!&[=NK!KO$!@GZ=#K&>'$!=%! N>@KR(!9K!@F!>=K!'<$!O=^$\$#6!KO$!#$&<!@GZ&'K!=%!KO$F$!&S\$#K@F$G$>KF!KO&K!NF$S!K=! [$!&@#$S!#$Z$&K$S<R!=>!S@%%$#$>K!9#&`@!'O&>>$<F(! ! >137-<)((/(782!;+25+7.1!71!"(+cA! 9>!#$<&K@=>!K=!KO$!&>K@BK$##=#@FK!'&GZ&@)>!^O@'O!@F!KO$!%='NF!=%!KO@F!FKNSR6!9#&`!O&S!=>$! ĐĂŵƉĂŝŐŶ ƌƵŶŶŝŶŐ ƐƚĂƌƚŝŶŐ ĂƌŽƵŶĚ ϮϬϬϲ ǁŚŝĐŚ ǁĂƐ ĐĂůůĞĚ dĞƌƌŽƌ ŚĂƐ ŶŽ ƌĞůŝŐŝŽŶ c-$##=#!O&F!>=!#$<@)@=>6!HXXPd(!-O$!\@S$=!&>S!Z#@>K!&S\$#K@F$G$>KF!Z#=SN'$S!%=#!KO@F! '&GZ&@)>! ^$#$! &@#$S! &>S! ZN[<@FO$S! =>!Z#=B9#&`@! )=\$#>G$>K! -Y! 'O&>>$<F! &>S! ŶĞǁƐƉĂƉĞƌƐĐĐŽƌĚŝŶŐƚŽƚŚĞĐĂŵƉĂŝŐŶƐǁĞďƐŝƚĞǁŚŝĐŚŝƐŶŽƚĨƵŶĐƚŝŽŶŝŶŐĂŶLJŵŽƌĞ KO$!G@FF@=>!FK&K$G$>K!#$&SF1!! ! .N#!3@FF@=>!@F!K=!$VZ=F$!KO$!%&<<&'R!=%!KO$!S@FK=#K$S!&>S!Z=<@K@'@D$S! 9F<&G@'!K$&'O@>)F!NF$S![R!N>)=S<R!$VK#$G@FKF!K=!F&>'K@%R!&>S!bNFK@%R! K$##=#@FG(! 9K! O&F! [$'=G$! '#N'@&<! K=! @>%=#G! KO$! 3NF<@G! &>S! +#&[! Z$=Z<$! B Z&#K@'N<&#<R! KO$! 9#&`@! Z$=Z<$B! &[=NK! KO$! S$'$ZK@=>F! K$##=#@FKF! $GZ<=R! @>! S@FK=#K@>)! KO$! Z$&'$%N<! K$&'O@>)F! =%! 9F<&G(!-O$F$! K$##=#@FKF6!^O=!'<&@G!K=!%=<<=^!KO$!9F<&G@'!Q&@KO6!&#$!@>!K#NKO!=><R! S#=^>@>)! @>! &>! &[RFF!=%! G@FK&A$>! [$<@$%F! c-$##=#! O&F! >=! #$<@)@=>6! HXXPd(! ! /ƚ ƐĞĞŵƐ ƚŚĂƚ ƚŚĞ ŵĂŝŶ ŐŽĂů ŽĨ ƚŚĞ dĞƌƌŽƌŝƐŵ ŚĂƐ ŶŽ ƌĞůŝŐŝŽŶ ĐĂŵƉĂŝŐŶ ǁĂƐ ƚŽ ŚŝŐŚůŝŐŚƚ ĞdžƚƌĞŵŝƐƚ ŝĚĞŽůŽŐLJ ƚŚĂƚ ďƌĞĞĚƐ ƚĞƌƌŽƌŝƐŵ ĂĐĐŽƌĚŝŶŐ! K=! KO$! '&GZ&@)>! ƵŶŬŶŽǁŶƐƉŽŶƐŽƌƐǁĞƵƐĞYƵƌĂŶŝĐsĞƌƐĞƐŝŶƚŚĞŝƌƚƌƵĞ/ƐůĂŵŝĐŵĞĂŶŝŶŐĨƌĞĞŽĨƚŚĞ ĚŝƐƚŽƌƚŝŽŶĐŽŵŵŝƚƚĞĚďLJƚŚĞŵŝƐŐƵŝĚĞĚŵĂůŝĐŝŽƵƐƚĞƌƌŽƌŝƐƚƐ;dĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶ ! ! ! ! ! ϮϬϬϲͿdŚĞƌĞĂƐŽŶďĞŚŝŶĚĨŽůůŽǁŝŶŐƚŚŝƐƐƚƌĂƚĞŐLJǁĂƐƚŽƐŚŽǁƚŚĞƚƌƵĞ!@G&)$!=%!9F<&G! ĂŶĚĐŽŵďĂƚĞdžƚƌĞŵŝƐƚŝĚĞŽůŽŐLJĂƐǁĞůůĂƐƚŽƌĞǀĞĂůƚŚĞƚƌƵĞĂŶĚĂŵƉůĞĚŽĐƚƌŝŶĞƐŽĨ 9F<&G6!&>S!$VZ=F$!KO$!'=>K$GZK!KO$F$!K$##=#@FKF!O=<S!%=#!KO$!FZ@#@KN&<!$FF$>'$!=%!=N#! #$<@)@=>(!-O$F$!K$##=#@FKF!&>S!KO$@#!N>)=S<R!^&R!&#$!KO$!=>$F!#$FZ=>F@[<$!%=#!G&A@>)! 9F<&G!&>!$&F@<R!G&#A$S!K&#)$K!@>!KO$!$R$F!=%!KO$!^=#<S6!&F!^$<<!&F!'&NF@>)!3NF<@GF!K=! [$!KO$!FN[b$'K!=%!'#@K@'@FG![$%=#$!KO$!^=#<S!'=GGN>@KR!c-$##=#!O&F!>=!#$<@)@=>6!HXWXd(! ! 9>!KO$!%@#FK!&S\$#K@F$G$>K6!&!FN@'@S$![=G[$#!$VZ<=S$F!O@GF$<%!@>!&![NFR!G&#A$K(!-O$! $VZ<=F@=>!@F!Z#=SN'$S!^@KO!$<&[=#&K$!S$K&@<F!&>S!Z#$F$>K$S!^@KO!'&#$%N<<R!Z#=SN'$S! FZ$'@&<! $%%$'KF! c-$##=#! O&F! >=! #$<@)@=>6! HXXI&d(! .>! KO$! 0>)<@FO! ^$[F@K$6! KO$! ĂĚǀĞƌƚŝƐĞŵĞŶƚ ŝƐ ĚĞƐĐƌŝďĞĚ ĂƐ ĨŽůůŽǁƐ ǀĞŶ ƚŚĞ ǁŽƌĚ tĂƌ ĚŽĞƐ ŶŽƚ ũƵƐƚŝĨLJ &KK&'A@>)!F$'N#$!'@\@<@&>F!&>S!KN#>@>)!KO$!FK#$$KF!@>K=!&!O$@>=NF!F'$>$!KO&K!@F!=Z$>!%=#! KO$!F<&N)OK$#!=%![=KO!@>>='$>K!^=G$>!&>S!'O@<S#$>(!-O$!$KO@'F!=%!^&#!ʹ!&>R!^&#!ʹ! #$%NK$! KO@F! G&FF! $<@G@>&K@=>6! &>S! ^$! O&\$6! @>! KO$! %=#G! =%! KO$! "#=ZO$K6! &! S$'$>K! $V&GZ<$!K=!%=<<=^!c-$##=#!O&F!>=!#$<@)@=>6!HXXPd(!-O$!&S\$#K@F$G$>K!^O@'O!F$$GF!K=! [$! %@<G$S! @>! 3=#=''=! =%%$#F! )#&ZO@'! \@=<$>K! F'$>$Fh! %=#! $V&GZ<$6! &F! KO$! FN@'@S$! [=G[$#! @)>@K$F! O@F! [=G[! @>! KO$! G&#A$K6! S$&S! [=S@$F! &#$! F'&KK$#$S! $\$#R^O$#$! @>'<NS@>)!KO$!<@KK<$![=R!^O=F$!FO=$!@F!KO$!=><R!KO@>)!KO&K!@F!<$%K!&>S!FO=^>!SN$!K=!KO$! @GZ&'K! =%! KO$! $VZ<=F@=>(! -O$! &S\$#K@F$G$>K! F$$GF! K=! [$! G=FK<R! S@#$'K$S! &)&@>FK! ;N>>@!F&<&%@FKF!^O=!&<F=!%=N)OK!KO$!8;B<$S!4=&<@K@=>!%=#'$F(!+>=KO$#!&S\$#K@F$G$>K! FO=^F!&!GRFK$#@=NF!&>S!F@>@FK$#!<==A@>)!G&>!^$&#@>)![<&'A!'<=&A!'#=FF@>)!KO$!9#&`@! [=#S$#!K=!FN))$FK!KO&K!KO=F$![=G[@>)!KO$GF$<\$F!&#$!>=K!K#N<R!9#&`@F(!9K!@F!S$F'#@[$S! ĂƐĨŽůůŽǁƐĞĂůĞƌƚƉĞŽƉůĞŽĨ/ƌĂƋdĞƌƌŽƌŝƐƚƐƚƌĞƐƉĂƐƐŽƵƌďŽƌĚĞƌƐƚŽƐŽǁƚŚĞƐĞĞĚƐ ŽĨĚĞĂƚŚŝŶŽƵƌůĂŶĚ;dĞƌƌŽƌ!O&F!>=!#$<@)@=>6!HXXPd(!9K!-O$!G&>!^O=!^&<AF!&#=N>S! F$&#'O@>)! %=#! &! FN@K&[<$! K&#)$K! @F! ^&K'O$S! [R! =KO$#! %$<<=^! 9#&`@F! ^@KO! FNFZ@'@=>! @>S@'&K@>)!KO&K! KO$!Z#$F$>'$!=%!FN'O!Z$#F=>F!GNFK![$!#$Z=#K$S!K=!&NKO=#@K@$F(!-O$! G&>! <&K$#! @)>@K$F! &! [=G[! @>! KO$! G&#A$K6! &>S! KO$! <$KO&<! '=>F$`N$>'$F! =%! O@F! GN#S$#=NF!&'K!&#$!O@)O<@)OK$S!c-$##=#!O&F!>=!#$<@)@=>6!HXXI[d(! ! ;@G@<&#!K=! KO$!QNKN#$!=%!9#&`!G&@>!%='NF6!&>=KO$#!'&GZ&@)>!'=>'$>K#&K$S!=>!N>@KR! ĂŵŽŶŐ /ƌĂƋŝƐ KŶĞ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞŵĞŶƚƐ ŝƐ ĞŶƚŝƚůĞĚ <ŶŽǁ LJŽƵƌ ĞŶĞŵLJ ĂŶĚ ŝƐ! ĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ&ŽƌĞǀĞƌLJĚŝƐĞĂƐĞƚŚĞƌĞƐĂĐƵƌĞdŚĞĚŝƐĞĂƐĞƐƉƌĞĂĚŝŶŐŝŶ/ƌĂƋ Z<&>KF!KO$!F$$SF!=%!%$!O&K#$S6!S@FF$>F@=>!&>S!K$##=#@FG!&G=>)!@KF!Z$=Z<$(!-O$!'N#$! K=!KO@F!S@F$&F$!@F!KO$!N>@KR!=%!'@K@D$>F!@>!KO$!%&'$!=%!KO=F$!^O=!'=GZ#=G@F$!F$'N#@KR6! \&<N$F!&>S!<@%$(!]>=^!R=N#!$>$GR!@F!&!'&<<!%=#!&!N>@%@$S!%#=>K!@>!#$%NF@>)!KO$!'#@G@>&<! ƉƌĂĐƚŝĐĞƐ ƚŚĂƚ ĞŶĚĂŶŐĞƌ /ƌĂƋŝƐ ;dĞƌƌŽƌ ŚĂƐ ŶŽ ƌĞůŝŐŝŽŶ ϮϬϬϲͿ dŚĞ ĂĚǀĞƌƚŝƐĞŵĞŶƚ FK&#KF! &)&@>! ^@KO! A@SF! Z<&R@>)! %==K[&<<! &>S! Z$=Z<$! F$$G@>)<R! <@\@>)! @>! Z$&'$!^O$>! FNSS$><R!&!'=>\=R!=%!'&#F!%@<<$S!^@KO!&#G$S!G$>!$>K$#!KO$!>$@)O[=#O==S(!0\$#R=>$! FK&#KF!%<$$@>)!&F![$&#S$S!G$>!^O=!<==A!<@A$!;N>>@!@>FN#)$>KF!FK&#K!FO==K@>)!#&>S=G<R! &>S![$&K@>)!Z$=Z<$(!;NSS$><R6!&>!9#&`@!G&>!^O=!&ZZ$&#F!K=![$!&!K#@[&<!;O$@AO!FK&>SF! &<=>$!K=!'=>%#=>K!KO$!&#G$S!G$>!&>S!O$!@F!<&K$#!b=@>$S![R!=KO$#!#$<@)@=NF!'<$#@'F!^O=! '=G$!%#=G!S@%%$#$>K!F$'KF![&F$S!=>!KO$@#!'=FKNG$F(!+%K$#^&#S6!&!)#=NZ!=%!=#S@>&#R! 9#&`@F!b=@>!&>S!O=<S!O&>SF!K=!FO=^!N>@KR!^O@<$!F=G$=>$!%#=G!KO$!'#=^S!<@%KF!KO$!9#&`@! %<&)!%#=G!KO$!)#=N>S!K=!FK#$FF!KO$!>&K@=>&<@FK!FZ@#@K(!MO$>!KO$!&#G$S!G$>!F$$!KO$! >NG[$#!=%!Z$=Z<$!)&KO$#$S!^O=!^$#$!&S\&>'@>)!K=^&#S!KO$G6!KO$R!FK&#K!#$K#$&K@>)(! dŚĞĂĚǀĞƌƚŝƐĞŵĞŶƚƚŚĞŶƐŚŽǁƐƚŚĞŵĞƐƐĂŐĞƐŬŶŽǁLJŽƵƌĞŶĞŵLJĂŶĚƚĞƌƌŽƌŝƐŵŚĂƐ ŶŽƚƌĞůŝŐŝŽŶĂƐǁĞůů!ĂƐƚĞƌƌŽƌŝƐŵŚĂƐŶŽĐŽƵŶƚƌLJ;dĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶϮϬϬϳĐͿ! ! -O$!F$'=>S!'&GZ&@)>!NF$F!%==K[&<<!&F!@KF!KO$G$!&@G@>)!&K!)$>$#&K@>)!Z=F@K@\$!%$$<@>)F! ĂŶĚ ĂƐƐŽĐŝĂƚŝŽŶƐ ĚƵĞ ƚŽ ƚŚĞ ŐĂŵĞƐ ƉŽƉƵůĂƌŝƚLJ ŝŶ /ƌĂƋ ĂŶĚ ƚŚĞ ĨĂĐƚ ƚŚĂƚ ƚŚĞ /ƌĂƋŝ >&K@=>&<! %==K[&<<! K$&G! ^=>! KO$! +Q4! +F@&>! 4NZ! 4O&GZ@=>F! @>! HXXI(! -O$! %@#FK! &S\$#K@F$G$>K! ŝƐ ĚĞƐĐƌŝďĞĚ ĂƐ ĨŽůůŽǁƐ dĞƌƌŽƌŝƐŵ ĨĞĞĚƐ ŽŶ ƚŚĞ ĚŝǀŝƐŝŽŶ ŽĨ ƉĞŽƉůĞ ^&>K@>)! K=! FN[bN)&K$! $\$>! KO$! G=FK! [&F@'! =%! S&@<R! Z<$&FN#$F(! -O$! %@)OK! &)&@>FK! K$##=#@FG!@F!&<<!KO$!G=#$!Z=K$>K!^O$>!Z$=Z<$!'=G$!K=)$KO$#!@>!FK#$>)KO!&>S!^O$>! KO$R!#$%NF$!K=!&<<=^!F$'K&#@ĂŶŝƐŵƚŽĚŝǀŝĚĞƚŚĞŝƌƌĂŶŬƐ;dĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶϮϬϬϲͿ dŚĞĂĚǀĞƌƚŝƐĞŵĞŶƚƐƚĂƌƚƐǁŝƚŚĂƐƵďƚŝƚůĞ/ŶĂĚĂƌŬĚĂLJƚĞƌƌŽƌŝƐŵǁĂŶƚĞĚƚŽĚĞĨĞĂƚ /ƌĂƋ ƐŚŽǁƐ ĨŽŽƚďĂůů ƉůĂLJĞƌƐ ĨƌŽŵ /ƌĂƋƐ ŶĂƚŝŽŶĂů ƚĞĂŵ ƉůĂLJŝŶŐ ĂŐĂŝŶƐƚ ƚĞƌƌŽƌŝƐƚƐ ^$&#@>)!S#$FF$F!F@G@<&#!K=!KO$!+%)O&>!3Nb&O@S$$>!=>$F!^O@'O!<==A!<@A$!+[N!3NF&[! +<BĂƌƋĂǁŝƐŽƵƚĨŝƚ/ŶƚŚĞŵĂƚĐŚƚŚĞƚĞƌƌŽƌŝƐƚƐƵƐĞĞdžƉůŽƐŝǀĞĚĞǀŝĐĞƐŵĂĐŚŝŶĞŐƵŶƐ &>S!O&>S!)#$>&S$F!^O@'O!&#$!&<<!KO#=^>!&^&R![R!KO$!%==K[&<<!Z<&R$#F!^O=!^@>!KO$! G&K'O!@>!KO$!$>S(!-O$!G$FF&)$!#$&SF!@>!ƚŚĞĞŶĚdĞƌƌŽƌŝƐŵŚĂƐŶŽĐŽƵŶƚƌLJ;dĞƌƌŽƌ O&F!>=!#$<@)@=>6!HXXISd(!+>=KO$#!&S\$#K@F$G$>K!^&F!Z#=SN'$S!NF@>)!K$FK@G=>@$F!%#=G! %&G=NF! 9#&`@! %==K[&<<! Z<&R$#F! ^O=! '<&@G! KO&K! KO$#$! ^$#$! S=N[KF! &[=NK! KO$@#! Z$#%=#G&>'$! SN#@>)! KO$! +F@&! 4NZ! K=N#>&G$>KF6! [NK! KO$R! G&>&)$S! K=! ^@>! ^@KO! ƉĞƌƐĞǀĞƌĂŶĐĞĂŶĚƵŶŝƚLJdŚĞĂĚǀĞƌƚŝƐĞŵĞŶƚŚŝŐŚůŝŐŚƚĞĚƚŚĞĨŽůůŽǁŝŶŐŵĞƐƐĂŐĞtĞ ĐĂŵĞĨƌŽŵĂůůĂƌŽƵŶĚ/ƌĂƋƵŶŝƚĞĚƵŶĚĞƌŽŶĞĚƌĞĂŵ;dĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶϮϬϬϳĞͿ! ! Q@>&<<R6!KO$!G=FK!'=>K#=\$#F@&<!&S\$#K@F$G$>K!^&F!#$<&K$S!K=!&!A@S>&ZZ@>)!KO$G$(!.>! ŝƚƐ ŶŐůŝƐŚ ǁĞďƐŝƚĞ ƚŚĞ ĂĚǀĞƌƚŝƐĞŵĞŶƚ ŝƐ ĚĞƐĐƌŝďĞĚ ĂƐ ĨŽůůŽǁƐ dĞƌƌŽƌŝƐƚƐ ĂƌĞ '#@G@>&<F!^O=!K#R!K=!)&#>$#!Z=<@K@'&<!)&@>![R!K$##=#@D@>)!Z$=Z<$(!-O$R!%N>'K@=>!S$\=@S! =%!G=#&<F!=#!'=>F'@$>'$(!-O$R!>N#KN#$!KO$!@<<NF@=>!KO&K!KO$R!&#$!%@)OK@>)!%=#!&!O@)O$#! ĐĂƵƐĞǁŚĞŶŝŶƌĞĂůŝƚLJƚŚĞLJƵƐĞƐĞĐƚĂƌŝĂŶŝƐŵƚŽĚŝǀŝĚĞĂŶĚĐŽŶƋƵĞƌƚŚĞ/ƌĂƋŝƉĞŽƉůĞ c-$##=#! O&F! >=! #$<@)@=>6! HXXPd(! -O$! &S\$#K@F$G$>K! FK&#KF! @>! KO$! G&#A$K! FO=^@>)! =#S@>&#R! 9#&`@F! FO=ZZ@>)! @>! Z$&'$! ^O$>! &<<! =%! &! FNSS$>! &! FZ$$S@>)! '&#! %@<<$S! ^@KO! &#G$S! G$>! $>K$#F! KO$! G&#A$K! Z<&'$! &>S! KO$! G$>! FK&#K! FO==K@>)! #&>S=G<R! &>S! A@S>&ZZ@>)!%$^!G$>(!.>$!=%!KO$!A@S>&ZZ$S!G$>!^O=F$!>&G$!@F!-&#@`!@F!K&A$>!&F!&! O=FK&)$!&>S!@F!F$\$#$<R![$&K$>!^@KO!KO$![NKK!=%!&!G&'O@>$!)N>(!.>$!=%!KO$!G&FA$S! G$>!^O=F$!%&'$!@F!>=ƚĂƉƉĂƌĞŶƚƐƚĂƌƚƐƐŚŽƵƚŝŶŐƌĞƉĞĂƚĞĚůLJŶƐǁĞƌŵĞƌĞLJŽƵ ^ƵŶŶŝŽƌ^ŚŝŝƚĞƐƚŚĞŬŝĚŶĂƉƉĞĚŵĂŶƐƚƌƵŐŐůĞƐƚŽĂŶƐǁĞƌĨůĂƐŚďĂĐŬƐĐĞŶĞƐƐŚŽǁ F$#$>$!&>S!Z$&'$%N<!@G&)$F!K=![$!<&K$#!'=>K#&FK$S!^@KO!KO$!\@=<$>'$!FO=^>(!9>!KO$! ĞŶĚƚŚĞŵĂŶƌĞƐƉŽŶĚƐ/Ăŵ/ƌĂƋŝĂĨƚĞƌǁŚŝĐŚŚĞŝƐƐƵŵŵĂƌŝůLJĞdžĞĐƵƚĞĚĂŶĚƚŚĞ ŵĞƐƐĂŐĞƌĞĂĚƐ^ĞĚŝƚŝŽŶŝƐǁŽƌƐĞƚŚĂŶŵƵƌĚĞƌ;dĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶϮϬϬϳĨͿ! ! 9K!@F!@GZ=#K&>K!K=!>=K$!KO&K!&<<!=%!KO$!\@=<$>K!F'$>$F!^$#$!FO=^>!=>!KO$!>&K@=>&<!9#&`@! -Y! 'O&>>$<! &>S! =KO$#! &%%@<@&K$S! Z#=B)=\$#>G$>K! 'O&>>$<F! ^@KO=NK! &>R! #$)&#S! K=! F'O$SN<@>)!=#!)@\@>)!&!Z#@=#!^&#>@>)!K=!-Y!\@$^$#F!&[=NK!KO$!\@=<$>'$!FO=^>(!QN#KO$#6! ŝŶĂůůŽĨƚŚĞĂĚǀĞƌƚŝƐĞŵĞŶƚƉƌŽĚƵĐĞĚďLJƚĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶĐĂŵƉĂŝŐŶƚŚĞƌĞŝƐĂŶ $GZO&F@F!=>!&!'=>K#&FK![$K^$$>!<@%$!&>S!S$&KO6![$&NKR!&>S!N)<@>$FF6!Z$&'$!&>S!^&#! =#!S$FK#N'K@=>6!@>>='$>'$!&>S!S@#K!=#!'=>K&G@>&K@=>6!&>S!O&ZZ@>$FF!&>S!F&S>$FF(!+F! Z#$\@=NF<R!@>S@'&K$S6!&<<!=%!KO$!&S\$#K@F$G$>KF!FO=^!$@KO$#!\$#F$F!%#=G!KO$!wN#&>!=#! WƌŽƉŚĞƚ DŽŚĂŵŵĞĚƐ ƐĂLJŝŶŐƐ ƚŚĂƚ ƵƌŐĞ DƵƐůŝŵƐ ƚŽ! #$F=#K! K=! Z$&'$! &>S! #$b$'K! \@=<$>'$(! 9>S$$S6! KO$! 9F<&G@'! K$VKF! @>F$#K$S! &#$! G$&>K! K=! %N>'K@=>! &F! &S\$#K@F@>)! &ZZ$&<F!K=!@>'#$&F$!KO$!%&\=#&[@<@KR!&>S!'#$S@[@<@KR!=%!KO$!G$FF&)$F!F$>K!K=!KO$!ZN[<@'(! ! >137-<)((/(782!;+25+7.1!71!E+B47!>(+?7+A! -O$! F$'=>S! &>K@BƚĞƌƌŽƌŝƐƚ ĐĂŵƉĂŝŐŶ ŝƐ ĐĂůůĞĚ ;&R! /=! K=! -$##=# ǁŚŽƐĞ ƵŶŬŶŽǁŶ FZ=>F=#F!Z#=SN'$S!K^$>KR!\@S$=F!KO&K!&#$!Z=FK$S!=>!5=N-N[$!&>S!#$Z$&K$S<R!&@#$S! =>!KO$!;&NS@B=^>$S!Z&>B+#&[@'!3?4!&>S!+<B+#&[@R&!'O&>>$<F(!0V'$ZK!%=#!K^=!\@S$=F6! &<<! KO$! =KO$#! =>$F! &#$! S$F@)>$S! K=! K&#)$K! KO$! ;&NS@! F='@$KR(! -O$! >$^! '&GZ&@)>! @F! ĐůĞĂƌůLJĂĐŽŶƚŝŶƵĂƚŝŽŶŽĨƚŚĞƉƌĞǀŝŽƵƐŽŶĞdĞƌƌŽƌŚĂƐŶŽƌĞůŝŐŝŽŶďĞĐĂƵƐĞďŽƚŚŚĂǀĞ KO$!F&G$!FKR<$!@>!K$#GF!=%!KO$@#!&>=>RG=NF!FZ=>F=#F6!\@S$=!Z#=SN'K@=>6!Z#@>K!%=#G&K6! K$VKF! NF$S! %#=G! KO$! 7=<R! wN#&>6! &>S! F@G@<&#! =[b$'K@\$F(! QN#KO$#6! =>! KO$! Q&'$[==A! ZĂŐĞ ŽĨ dĞƌƌŽƌŝƐŵ ŚĂƐ ŶŽ ƌĞůŝŐŝŽŶ ǁĞ ĨŝŶĚ ƐŽŵĞ ŽĨ ƚŚĞ ǀŝĚĞŽƐ ƵƐĞĚ ĨŽƌ ƚŚĞ ŶĞǁ ĐĂŵƉĂŝŐŶ^ĂLJŶŽƚŽdĞƌƌŽƌ;dĞƌƌŽƌŝƐŵŚĂƐŶŽƌĞůŝŐŝŽŶϮϬϭϬͿůƐŽŽŶĞŽĨƚŚĞǀŝĚĞŽƐ ! ! ! ! ! NF$S!@>!KO$!>$^!'&GZ&@)>!'=>K&@>F!KO$!F&G$!G$FF&)$!%=N>S!@>!KO$!Z#$\@=NF!9#&`@! '&GZ&@)>!FNĐŚĂƐŬŶŽǁLJŽƵĞŶĞŵLJĨŽůůŽǁĞĚďLJŵĞƐƐĂŐĞƐůŝŬĞƚŚĞƌĞƐŶŽůŝĨĞǁŚĞƌĞ ƚĞƌƌŽƌŝƐŵƌĞƐŝĚĞƐ/ŶƚŚŝƐŶĞǁĂĚǀĞƌƚŝƐĞŵĞŶƚĂĐŽŶǀŽLJŽĨĐĂƌƐĨŝůůĞĚǁŝƚŚĂƌŵĞĚŵĞŶ $>K$#F!&!>$@)O[=#O==S!&>S!K$##=#@D$F!@K!^O@'O!@F!\$#R!F@G@<&#!K=!=>$!&S\$#K@F$G$>K! S$F'#@[$S!&[=\$!c;&R!>=!K=!-$##=#6!HXWX[d(!+F!KO$!8;!+#GR!^@KOS#$^!%#=G!9#&`6!@K! F$$GF! KO&K!KO$! @>K$#$FK! FO@%K$S! K=! ;&NS@! +#&[@&! ^O=F$!'=>F$#\&K@\$! F='@$KR!@F! ^$<<! A>=^>!K=![#$$S!G&>R!F&<&%@FKF!^O=!&SO$#$!K=!&!\$#R!'=>F$#\&K@\$!\$#F@=>!=%!9F<&G(! Q=#!$V&GZ<$6!G=FK!=%!KO$!+#&[!+%)O&>!%@)OK$#F!^O=!^$>K!K=!+%)O&>@FK&>!@>!KO$!WUEXF! ^$#$!%#=G!;&NS@!+#&[@&!&>S!G=FK!=%!KO$!UjWW!O@b&'A$#F!^$#$!%#=G!KO$!F&G$!'=N>K#R(! 7$>'$6!@K!F$$GF!KO&K!KO$!>$$S!K=!&SS#$FF!#$<@)@=NF!$VK#$G@FG!@>!KO@F!'=N>K#R!@F!=%!&! \@K&<!@>K$#$FK!K=!KO$!8;+!&F!^$<<!&F!KO$!;&NS@!)=\$#>G$>K(!!!!!!! ! -O$! '&GZ&@)>! O&F! &! ^$[F@K$h! O=^$\$#6! @K! @F! O=FK$S! @>! 3=>K$>$)#=! Z#=[&[<R! K=! '=>'$&<!@KF!#$&<!FZ=>F=#F!SN$!K=!KO$!&>K@B+G$#@'&>!&KK@KNS$F!@>!;&NS@!+#&[@&(!QN#KO$#6! @K!O&F!&!5N=-N[$!'O&>>$<!^@KO!=\$#!W6LLU6L*W!\@$^F!&F!=%!<&K$!2$'$G[$#!HXWHh!KO$! 'O&>>$<!^&F!%@#FK!'#$&K$S!@>!+N)NFK!HXWX!c;&R!>=!K=!-$##=#6!HXWX&d(!+<F=6!&!Q&'$[==A! Z&)$!^&F!'#$&K$S!@>!+N)NFK!HXXU6!&>S!@K!O&F!=\$#!EJI6XXX!<@A$F!KO=N)O!@K!@F!>=K!'<$&#! ^O$KO$#!Z$=Z<$!#$&<<R!<@A$!KO$!Z&)$!=#!>=K!F@>'$!KO$!G&b=#@KR!=%!Z=FKF!&#$!NZ<=&S$S! [R!KO$!'&GZ&@)>!=#)&>@D$#F!KO$GF$<\$F(!9>!&SS@K@=>6!KO$#$!@F!&<F=!&!-^@KK$#!Z&)$!^@KO! =><R!WPP!%=<<=^$#F!&>S!EU!K^$$KF!c;&R!>=!K=!-$##=#6!HXXUd(!9>!@KF!G@FF@=>!FK&K$G$>K6! KO$!'&GZ&@)>!=#)&>@D$#F!G$>K@=>!KO$!%=<<=^@>)1! ! MO$>!^$!<==A!&K!KO$!#$&<@KR!=%!=N#!9F<&G!K=S&R6!^$!%@>S!KO&K!@K!@F! KO#$&K$>$S! %#=G! ^@KO@>! [R! KO=F$! ^O=! '<&@G! K=! [$! S$%$>S@>)! @K! KO=N)O! 9F<&G! @F! @>>='$>K! %#=G! KO$G(! +! )#=NZ! =%! S$\@&>K! Z$=Z<$! S@\@S$!KO$!F='@$KR!&@G@>)!&K!G@F<$&S@>)!=N#![#=KO$#F!&>S!F=>F!&>S! S@FK=#K@>)! KO$! @G&)$! =%! 9F<&G! &>S! KO$! )#&'@=NF! S='K#@>$! [R! KO$@#! ĐƌŝŵŝŶĂůĂĐƚƐKƵƌŵĞƐƐĂŐĞŝƐƚŽƌĞǀĞĂůƚŚĞĚĞǀŝĂŶƚĐůĂŝŵƐŽĨƚŚĞ K$##=#@FKF!&>S!S@F'<=F@>)!KO$@#!'#@G$F!&>S!N#)@>)!&>R=>$!^O=!O&F!&! <@\@>)! '=>F'@=NF>$FF! K=! #$b$'K! KO$@#! '#@G@>&<! &'KF! &>S! S$FK#N'K@\$! @S$=<=)R!@>!=#S$#!K=!Z#=K$'K!=N#!F='@$K@$F!%#=G!KO$@#!O&#G%N<!$%%$'K! c;&R!>=!K=!-$##=#6!HXXUd(! ! -O#$$! &#$! &! K=K&<! =%! KO@#K$$>! '&GZ&@)>F6! [NK! KO#$$! =>$F! &#$! O@)O<@)OK$S! =>! @KF! ǁĞďƐŝƚĞdŚĞƌĞŵŽƌƐĞĨƵůƚĞƌƌŽƌŝƐƚƚŚĞŵŽƚŚĞƌĂŶĚƚŚĞƌĞƚƵƌŶĞĞƐƵŝĐŝĚĞďŽŵďĞƌ ?&F@'&<<R6!$&'O!'&GZ&@)>!O&F!&K!<$&FK!=>$!\@S$=!&>S!F=G$!Z=FK$#F!KO&K!@>'<NS$!KO$! ĨŽůůŽǁŝŶŐ ǁĂŬĞŶĞĚ ĐŽŶƐĐŝŽƵƐŶĞƐƐ ŽƉĞŶ LJŽƵƌ ĞLJĞƐ dŚĞ ĐƌLJ ǁŚĞƌĞ ƐŵĂůů ĐŚŝůĚƌĞŶĂƌĞƵƐĞĚƚŚĞĐůŽǁŶƐ/ŵŝŶŶŽĐĞŶƚĨƌŽŵǁŚĂƚĨƌŽŵLJŽƵƌĐƌŝŵĞƐĐŚĂƌŝƚLJ ĂŶĚ ƚŚĞƌĞ ŝƐ ŶŽ ůŝĨĞ ǁŚĞƌĞ ƚĞƌƌŽƌŝƐŵ ƌĞƐŝĚĞƐ dŚĞ ŵĂŝŶ ƚĂƌŐĞƚ ŐƌŽƵƉƐ ŽĨ ƚŚĞƐĞ ĂĚǀĞƌƚŝƐĞŵĞŶƚƐ ƐĞĞŵ ƚŽ ďĞ ƉƌŝŵĂƌŝůLJ ĚŝƌĞĐƚĞĚ Ăƚ ƉŽƚĞŶƚŝĂů ƚĞƌƌŽƌŝƐƚƐ ƚŚĞŝƌ ĨĂŵŝůLJ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ĐŚĂŶŶĞůƐ ĨŽƌ ĐŚŝůĚƌĞŶ ďĞĐĂƵƐĞ ŝƚ ĐŽŶƚĂŝŶƐ ƵŶĂĐĐĞƉƚĂďůĞ ƉƌŽŐƌĂŵƐ ƚŚĂƚ ŵŝŐŚƚ ŶĞŐĂƚŝǀĞůLJ ĂĨĨĞĐƚ ĐŚŝůĚƌĞŶƐ ůŝǀĞƐ ůBƌĞĨŝƐ ŝŵƉĂĐƚ ŝƐ ƚƌĞŵĞŶĚŽƵƐ ĂƐ ŚĞ ŚĂƐ Ă #$<@)@=NF!Z#=)#&G!=>!2N[&@!-Y!KO&K!@F!\@$^$S![R!KO=NF&>SF!=%!Z$=Z<$!&>S!O&F!=\$#! L6JEU6WJI! %=<<=^$#F! =>! -^@KK$#! &F! =%! 2$'$G[$#! HXWH! ^O@'O! @F! &G=>)! KO$! O@)O$FK! >NG[$#F!=%!%=<<=^$#F!@>!KO$!+#&[!^=#<S(!.>!KO$!HJKO!=%!2$'$G[$#!HXWH6!3?4!:#=NZ! #$FZ=>S$S!&>)#@<R![R!#$%$##@>)!K=!&!Z#$\@=NF!S$'#$$!@FFN$S![R!+<B+#$%@!@>!^O@'O!O$! '&<<$S!=>!%&KO$#F!>=K!K=!F@K!&<=>$!^@KO!KO$@#!S&N)OK$#F!<$&FK!KO$R!FO=N<S![$!K$GZK$S! ƚŽŚĂǀĞĂƐĞdžƵĂůƌĞůĂƚŝŽŶǁŝƚŚƚŚĞŵ/ŶĂƉƌĞƐƐƌĞůĞĂƐĞDƐĂŝĚZĞĂƐŽŶŝƐŶŽƚƚŚĞ G$&>F!K=!S@F'NFF!G&KK$#F!^@KO!FN'O!&!Z$#F=>!$FZ$'@&<<R!KO&K!FN'O!S$'#$$F!&#$!'=G@>)! %#=G!F=G$=>$!^O=!FO=N<S![$!Z<&'$S!@>!&!G$>K&<<R!@<<!O=FZ@K&<!K=![$!'N#$S!%#=G!O@F! ĚĞǀŝĂŶƚ ƚŚŽƵŐŚƚƐ ŝŶƐƚĞĂĚ ŽĨ ŝƐƐƵŝŶŐ ĨĂƚǁĂƐ ;DŶĞƚ ϮϬϭϮͿ dŚŝƐ ƌĞĐĞŶƚ ŝŶĐŝĚĞŶƚ FO=^F!KO$!A@>S!=%!K$>F@=>![$K^$$>!KO$!G=S$#&K$F!&>S!'=>F$#\&K@\$F!@>!;&NS@!+#&[@&(! ! QN#KO$#6! @>! &! G$$K@>)! [$K^$$>! 8;! S@Z<=G&KF! &>S! ]O&<@S! +<B3&K#&%@6! KO$! #$)@=>&<! S@#$'K=#!=%!KO$!;&NS@B=^>$S!+<!+#&[@R&!>$^F!'O&>>$<6!+<B3&K#&%@!#$\$&<$S!KO&K!3?46! ^O@'O! =^>F! +<B+#&[@R&! &>S! G&>R! =KO$#! $>K$#K&@>G$>K! 'O&>>$<F6! K&#)$KF! R=N>)! ^ĂƵĚŝƐďĞĐĂƵƐĞƚŚĞLJĂƌĞƉĂƌƚŝĐƵůĂƌůLJǀƵůŶĞƌĂďůĞƚŽƚŚĞ!'&<<F!=%!$VK#$G@FKF6!&>S!KO&K! KO$! FK&K@=>! >=^! K&#)$KF! @KF! G=S$#&K$! >$^F! [#=&S'&FKF! K=! KO$! WJBWE! R$&#! =<S! ĚĞŵŽŐƌĂƉŚŝĐŝŶƐŚŽƌƚƉƌĞƐĞŶƚĂƚŝŽŶƐŽĨƚŚƌĞĞŵŝŶƵƚĞƐŽƌůĞƐƐ;tŝŬŝůĞĂŬƐϮϬϬϵͿůƐŽ KO$!#$)@=>&<!S@#$'K=#!G$>K@=>$S!KO&K!KO$#$!^$#$!'=>'$#>F!=\$#!+<B_&D$$#&!'O&>>$<! @>%<N$>'$!@>!KO$!#$)@=>h!O$>'$6!3?4!'O&>>$<F!&@G$S!&K!Z#$F$>K@>)!Z#=)#&GG@>)!KO&K! ĐŽƵŶƚĞƌƐƚŚĞŝŶĨůƵĞŶĐĞŽĨĂůB_&D$$#&!&>S!%=FK$#F!gG=S$#&K$g!Z$#FZ$'K@\$F!&G=>)!KO$! ĐŽƵŶƚƌLJΖƐLJŽƵƚŚ;/ďŝĚͿ/ŶĂŶŽƚŚĞƌŵĞĞƚŝŶŐǁŝƚŚƚŚĞĐŚŝĞĨĞĚŝƚŽƌŽĨƚŚĞ!G,<-0!],P'++'! >$^FZ&Z$#6! 3=O&GG$S! &<B;O=NA&>R6! &>S! O@F! S$ZNKR6! +[S&<<&O! &<B;O$O#@6! KO$! K^=! ĞůĂďŽƌĂƚĞĚŽŶƚŚĞĐŚĂŶŐĞŝŶƚŚĞ^ĂƵĚŝŐŽǀĞƌŶŵĞŶƚƐŵĞĚŝĂƉŽůŝĐLJ! ! -O$!)=\$#>G$>K!@F!ZNFO@>)!KO@F!>$^!=Z$>>$FF!&F!&!G$&>F! ŽĨĐŽƵŶƚĞƌŝŶŐƚŚĞĞdžƚƌĞŵŝƐƚƐ/ƚΖƐƐƚŝůů&<<!&[=NK!KO$!M&#!=%! 9S$&F!O$#$6!&>S!KO$!+G$#@'&>!Z#=)#&GG@>)!=>!3?4!&>S! ,=K&>&! @F! ^@>>@>)! =\$#! =#S@>&#R! ;&NS@F! @>! &! ^&R! KO&K! f+<! 7N##&f!&>S!=KO$#!8;!Z#=Z&)&>S&! >$\$#!'=N<S(! ;&NS@F!&#$! >=^!\$#R!@>K$#$FK$S!@>!KO$!=NKF@S$!^=#<S6!&>S!$\$#R[=SR! ^&>KF!K=!FKNSR!@>!KO$!8;!@%!KO$R!'&>(!-O$R!&#$!%&F'@>&K$S![R! 8;!'N<KN#$!@>!&!^&R!KO$R!>$\$#!^$#$![$%=#$!c@[@S(d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ŽĨŽŝůǁŚŝĐŚǁŝůůƵůƚŝŵĂƚĞůLJŚĞůƉŝŶƚŚĞƌĞĐŽǀĞƌLJŽĨƚŚĞǁŽƌůĚƐĞĐŽŶŽŵLJ! ! <:)!%3:7,+6!$72)187/18!/*!>137-<)((/(783!'E>! .>$! =%! KO$! [&F@'! #$`N@#$G$>KF! =%! ZN[<@'! F$#\@'$! &S\$#K@F$G$>K! @F! KO$! >$$S! %=#! F$)G$>K&K@=>(!2$#\@>!&>S!Q=#$G&>BM$#>$K!cHXWHd!FK#$FF!@>!KO$@#!S@F'NFF@=>!=%!ZN[<@'! '&GZ&@)>F! KO$! @GZ=#K&>'$! =%! K&#)$K@>)! &NS@$>'$F! &''=#S@>)! K=! S$G=)#&ZO@'F6! @>K$#$FKF!&>S!<@%$!F@KN&K@=>F6!&F!^$<<!&F!'N<KN#&<!>$$SF!&>S!\&<N$F!cZ(!W*Xd(!-O$!&>K@B K$##=#@FG!'&GZ&@)>F!KO&K!&#$!S@F'NFF$S!&[=\$!O&\$!K^=!G&@>!$KO@'&<!@FFN$F(!-O$!%@#FK! =>$!@F!#$<&K$S!K=!K&#)$K@>)!KO$!^O=<$!F='@$KR!^@KO=NK!F$)G$>K&K@=>!S$FZ@K$!KO$!%&'K! KO&K! G=FK! =%! KO$! &S\$#K@F$G$>KF! FO=^>! =>! -Y! '=>K&@>! )#&ZO@'! @G&)$F! &>S! \$#R! \@=<$>K! F'$>$F!=%! S$&S! GNK@<&K$S! [=S@$F(! ;=G$! =%! KO$! &S\$#K@F$G$>KF! NF$S! @>! KO$! 9#&`@! &>S! ;&NS@! '&GZ&@)>F! ^O@'O! &#$! #$<&K$S! K=! KO$! FN@'@S$! [=G[$#! &>S! KO$! A@S>&ZZ@>)!@>'@S$>K!^$#$!K==!\@=<$>K!%=#!'O@<S#$>!&>S!&#$!FO=^>!^@KO=NK!&>R!Z#@=#! >=K@%@'&K@=>(!M$!G@)OK!bNFK@%R!KO$!NF$!=%!\@=<$>'$![R!'@K@>)!K^=!#$<$\&>K!&#)NG$>KF(! ! ! ! ! ! Q@#FK6!@>K#=SN'@>)!FO='A@>)!@G&)$F!G@)OK!#&@F$!G=#$!&^&#$>$FF!F=!KO&K!\@$^$#F!G@)OK! Z&R!&KK$>K@=>!^O@'O!@F!#$)&#S$S![R!&S\$#K@F@>)!F'O=<&#F!&F!KO$!%@#FK!FK$Z!@>!Z$#FN&F@=>! ;'ƌĂnjĞƌ Θ <ĞĞƐůŝŶŐ ϭϵϵϱͿ WŝĐŬƚŽŶ ĂŶĚ ƌŽĚĞƌŝĐŬ ƐƚƌĞƐƐ ƚŚĂƚ ƚŚĞ ƵƐĞ ŽĨ ƐŚŽĐŬŝŶŐ cN>NFN&<6! Z#=\='&K@\$6! '=>K#=\$#F@&<6! @>K#NF@\$d! @G&)$F! @>! &S\$#K@F@>)! m@Fn! %=#! KO$! ZN#Z=F$!=%!&ƚƚƌĂĐƚŝŶŐĂƚƚĞŶƚŝŽŶĂŶĚĚĞďĂƚĞ;ϮϬϬϱƉϮϯϰͿ/ŶƚŚŝƐƌĞŐĂƌĚĂǀŝĚĞǀĂŶ S@F'NFF$F! KO$! S@%%$#$>K! &FZ$'KF! =%! NK@<@K&#@&>! $KO@'&<! Z#@>'@Z<$F! [R! #$%$##@>)! K=! KO$! $V&GZ<$! =%! FO=^@>)! S$&S! [=S@$F! =>! ZN[<@'! F$#\@'$! &S\$#K@F$G$>KF! S$F@)>$S! K=! #$SN'$! '&#! &''@S$>KƐ ^ŽŚĞ ƌŝŐŚƚůLJ ĂƐŬƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ƋƵĞƐƚŝŽŶ Ž ƚŚĞ ŝŵĂŐĞƐ ŽĨ S$&S!&>S!F$#@=NF<R!^=N>S$S!Z$=Z<$!$\=A@>)!&!\@=<$>K<R!K#&%%@'!&''@S$>K!'&NF$!ZN[<@'! ŽĨĨĞŶĐĞ;ϮϬϭϮƉϮϯϬͿtŝůůŝĂŵKĂƌƌĨƵƌƚŚĞƌƌĞĨĞƌƐƚŽƚŚĞƵƐƚƌĂůŝĂŶĂŶĚƌŝƚŝƐŚ ZN[<@'! F$#\@'$! &S\$#K@F$G$>KF! KO&K! FO=^! )#&ZO@'! &>S! $VZ<@'@K! @G&)$F! K=! #&@F$! &^&#$>$FF!&[=NK!KO$!S&>)$#F!=%!FG=A@>)!cHXWHd(!?&F$S!=>!KO$!NK@<@K&#@&>!Z#@>'@Z<$F6! =>$! G@)OK! &FA! ^O$KO$#! KO$! '&#! &''@S$>KF! &^&#$>$FF! '&GZ&@)>F! &>S! &>K@BFG=A@>)! &S\$#K@F$G$>KF!'=N<S!Z#=SN'$!<$FF!O&#G!KO=N)O!KO$!#$SN'K@=>!=%!'&#!&''@S$>KF!&>S! ĂĐŚŝĞǀĞ ďĞƚƚĞƌ ŚĞĂůƚŚ ƌĞƐƵůƚƐ ƚŚĞŶ ŝŶ ƚŚĞ ĞŶĚ ƚŚĞƐĞ ƐŚŽĐŬŝŶŐ ƐĐĞŶĞƐ ǁŽƵůĚ ďĞ ďĞŶĞĨŝĐŝĂů ƚŽ ƚŚĞ ƐŽĐŝĞƚLJ ;ĞǀĂŶ ϮϬϭϮ Ɖ ϮϯϬͿ /Ŷ ƚŚĞ ĐĂƐĞ ŽĨ ƚŚĞ ĂŶƚŝBK$##=#@FK! '&GZ&@)>6!@K!@F!\$#R!S@%%@'N<K!K=!^$@)O!KO$!@GZ&'K!=%!KO$!&S\$#K@F$G$>KF!=>!KO$!F='@$KR! =>!KO$!<=>)!=#!FO=#K!K$#GF6!F=!@K!#$G&@>F!N>'<$&#!^O&K!KO$!>$)&K@\$!=#!Z=F@K@\$!@GZ&'K! KO$F$!&S\$#K@F$G$>KF!O&\$!@>!KO$!F='@$KR(!!!!!! ! ;$'=>S6!=>$!G@)OK!&#)N$!KO&K!+#&[!\@$^$#F!&#$!&''NFK=G$S!K=!F$$@>)!\@=<$>'$!&>S! S$&S![=S@$F!=>!-Y!F'#$$>F!KO&K!&#$!G=FK<R!&@#$S!^@KO=NK!Z#@=#!>=K@%@'&K@=>(!-O@F!@F! G=FK<R!F$$>!=>!>$^F!'O&>>$<F!<@A$!+<B_&D$$#&!&>S!+<B+#&[@R&!cCR>'O6!HXXP6!Z(!WUHd6!F=! ^O&K! @F! Z#$F$>K$S! @>! KO$! ";+! '&GZ&@)>F! @F! >=K! N>NFN&<! K=! +#&[! \@$^$#F! @>'<NS@>)! 'O@<S#$>(!-O@F!@F!Z#=[&[<R!K#N$6![NK!^OR!S=!F=G$!M$FK$#>!F'O=<&#F!'#@K@'@D$!+<B_&D$$#&! 'O&>>$<! %=#! KO$! >&KN#$! =%! @KF! >$^F! ^O@<$! KO$! 8;! S$F@)>$S! &>K@BK$##=#@FK! &S\$#K@F$G$>KF!'=>K&@>!KO$!F&G$!\@=<$>K!F'$>$F!@%!>=K!^=#F$r!!! ! -O$!F$'=>S!$KO@'&<!@FFN$!@F!#$<&K$S!K=!K&#)$K@>)!KO$!;N>>@!F$'K!#&KO$#!KO&>!;O@@K$F!@>! 9#&`!^O=!^$#$!&<F=!@>\=<\$S!@>!KO$!@>FN#)$>'R(!-O$!#$&F=>!@F!Z#=[&[<R!#$<&K$S!K=!KO$! %&'K!KO&K!KO$!G&b=#@KR!=%!&KK&'AF!&)&@>FK!KO$!8;B<$S!'=&<@K@=>!%=#'$F!^$#$!=#)&>@D$S! &>S!'=>SN'K$S![R!;N>>@!%@)OK$#F(!-O@F!A@>S!=%![@&F!@F!N>&''$ZK&[<$!F@>'$!@K!$>O&>'$F! KO$!FK$#$=KRZ$F!@>!KO$!9#&`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ĂĚǀĞƌƚŝƐĞŵĞŶƚƐ ƚŚĂƚ ĐŽŶƚĂŝŶ ĂŶLJ ƐƚĂƚĞŵĞŶƚ ƐƵŐŐĞƐƚŝŽŶƐ Žƌ ƉŝĐƚƵƌĞƐ ŽĨĨĞŶƐŝǀĞ ƚŽ ƉƵďůŝĐĚĞĐĞŶĐLJŽƌŵŝŶŽƌŝƚLJƐĞŐŵĞŶƚƐŽĨƚŚĞƉŽƉƵůĂƚŝŽŶ;ϮϬϬϵƉϯϮͿdŚŝƐŝƐŽĨĐƌƵĐŝĂů @GZ=#K&>'$! [$'&NF$! &S\$#K@F$G$>KF! FO=N<S! >=K! $>O&>'$!=#! $>'=N#&)$! F$S@K@=>! =#! F'O@FG!@>!KO$!F='@$KR!N><@A$!KO$!'&F$!=%!KO$!&>K@BK$##=#@FKF!'&GZ&@)>F!@>!KO$!3@SS<$! 0&FK(!QN#KO$#6!KO$!8]!4=S$!=%!?#=&S'&FK!+S\$#K@F@>)!c?4+"!4=S$d!FK&K$F!@>!KO$!7&#G! &>S!.%%$>'$!F$'K@=>F!KO$!%=<<=^@>)!S$K&@<F1! ! +S\$#K@F$G$>KF! GNFK! '=>K&@>! >=KO@>)! KO&K! '=N<S! '&NF$! ZORF@'&<6! G$>K&<6! G=#&<! =#! F='@&<! O&#G! K=! Z$#F=>F! N>S$#! KO$! &)$! =%! WE(! +S\$#K@F$G$>KF!GNFK!>=K!S@FK#$FF!KO$!&NS@$>'$!^@KO=NK!bNFK@%@&[<$! #$&F=>(! +S\$#K@F$G$>KF! GNFK! >=K! $VZ<=@K! KŚĞ ĂƵĚŝĞŶĐĞƐ ĨĞĂƌƐ Žƌ FNZ$#FK@K@=>F!c8]!4=S$!=%!?#=&S'&FK!+S\$#K@F@>)6!>(S(d(! !