Class 12 Computer Science Support Material 2024-2025 PDF

DIRECTORATE OF EDUCATION Govt. ofNCT, Delhi SUPPORT MATERIAL 2024-2025 Class: XII COMPUTER SCIENCE Under the Guidance of Shri Ashok Kumar...

DIRECTORATE OF EDUCATION Govt. ofNCT, Delhi SUPPORT MATERIAL 2024-2025 Class: XII COMPUTER SCIENCE Under the Guidance of Shri Ashok Kumar Secretary (Education) Shri R.N. Sharma Director (Education) Dr. Rita Sharma Addl. DE (School & Exam.) Coordinators Mr. Sanjay Snbhas Knmar Mrs. Ritu Singhal Mr. Raj Kumar Mr. Krishan Kumar DDE (Exam) OSD (Exam) OSD (Exam) OSD (Exam) R.N. SHARMA, IAS Directorate of Education Govt. of NCT of Delhi Director, Education & Sports Room No. 12, Old Secretariat Near Vidhan Sabha, Delhi-110054 Ph.: 011-23890172 E-mail : [email protected] [>I:- s-11.2..ile..... /M I !>"/ "l-o I "7 / 5 "'H. MESSAGE oc,J-c,,1- 04/o=,-/ It brings me great pleasure to present the support material specifically designed for students of classes IX to XII by our dedicated team ofsubject experts. The Directorate of Education remains resolute in its commitment to empower educators and students alike, extending these invaluable resources at no cost to students attending Government and Government-Aided schools in Delhi. The support material epitomizes a commendable endeavour towards harmonizing content with the latest CBSE patterns, serving as a facilitative tool for comprehending, acquiring and honing essential skills and competencies stipulated within the curriculum. Embedded within this initiative is a structured framework conducive to nurturing an analytical approach to learning and problem-solving. It is intended to prompt educators to reflect upon their pedagogical methodologies, forging an interactive conduit between students and academic content. In the insightfu l words of Rabindranath Tagore, "Don't limit a child to your own learning, for he was born in another time." Every child is unique, with their own interests, abilities and potential. By allowing children to learn beyond the scope of our own experiences, we support their individual growth and development, helping them to reach their full potential in their own right. May every student embrace the joy of learning and be empowered with the tools and confidence to navigate and shape the future. (R. N. SHARMA) Dr. RITA SHARMA Govt. of NCT of Delhi Additional Director of Education Directorate of Education (School/Exam) Old Secretariat, Delhi-110054 Ph.: 23890185 MESSAGE "Children are not things to be molded, but are people to be unfolded." Jess Lair In line with this insightful quote, the Directorate of Education, Delhi, has always made persistent efforts to nurture and unfold the inherent potential within each student. This support material is a testimony to this commitment. The support material serves as a comprehensive tool to facilitate a deeper understanding of the curriculum. It is crafted to help students not only grasp essential concepts but also apply them effectively in their examinations. We believe that the thoughtful and intelligent utilization of these resources will significantly enhance the learning experience and academic performance of our students. Our expert faculty members have dedicated themselves to the support material to reflect the latest CBSE guidelines and changes. This continuous effort aims to empower students with innovative approaches, fostering their problem-solving skills and critical thinking abilities. I extend my heartfelt congratulations to the entire team for their invaluable contribution to creating a highly beneficial and practical support material. Their commitment to excellence ensures that our students are well-prepared to meet the challenges of the CBSE examinations and beyond. Wishing you all success and fulfilment in your educational journey. (Dr. Rita Sharma)  List of Group Leader and Subject- Experts for Preparation/ Review of Support Material Class – XII ( 2024-25) Subject: Computer Science 1. Ms. Monika Batra Principal RPVV SEC 5 Dwarka (1821286) 2. Ms. Preeti Dalal Lecturer Computer Science Govt Co-ed SSS, Sec 2 Dwarka (1821029) 3. Ms. Ruby Rana Lecturer Computer Science, SBV Ashok Nagar (1515002) 4. Mr. Anuj Kumar Dagar Lecturer Computer Science, G Co.ed SV, Jaffarpur kalan (1822055) 5. Mr. Rohit Ahlawat Lecturer Computer Science, GBSSS ,Hastsal (1618058) 6. Mr. Sunny Dagar Lecturer Computer Science, GBSSS No 3, Najafgarh (1822057) 7. Mr. Vinay Gahlot Lecturer Computer Science, RPVV, Sector-19,Dwarka (1821285)  Annual Syllabus (2024-25) CLASS XII Computer Science Code No. 083 1. Prerequisites Computer Science- Class XI 2. Learning Outcomes Student should be able to a) apply the concept of function. b) explain and use the concept of file handling. c) use basic data structure: Stacks d) explain basics of computer networks. e) use Database concepts, SQL along with connectivity between Python and SQL. 3. Distribution of Marks: Periods Unit No. Unit Name Marks Theory Practical Computational Thinking and 1 40 70 50 Programming – 2 2 Computer Networks 10 15 … 3 Database Management 20 25 20 Total 70 110 70 Unit 1: Computational Thinking and Programming – 2 Revision of Python topics covered in Class XI. Functions: types of function (built-in functions, functions defined in module, user defined functions), creating user defined function, arguments and parameters, default parameters, positional parameters, function returning value(s), flow of execution, scope of a variable (global scope, local scope) Exception Handling: Introduction, handling exceptions using try-except-finally blocks Introduction to files, types of files (Text file, Binary file, CSV file), relative and absolute paths Text file: opening a text file, text file open modes (r, r+, w, w+, a, a+), closing a text file, opening a file using with clause, writing/appending data to a text file using write() and writelines(), reading from a text file using read(), readline() and  readlines(), seek and tell methods, manipulation of data in a text file Binary file: basic operations on a binary file: open using file open modes (rb, rb+, wb, wb+, ab, ab+), close a binary file, import pickle module, dump() and load() method, read, write/create, search, append and update operations in a binary file CSV file: import csv module, open / close csv file, write into a csv file using writer(),writerow(),writerows() and read from a csv file using reader() Data Structure: Stack, operations on stack (push & pop), implementation of stack using list. Note:- x The above mentioned syllabus should be completed by September 13, 2024. MID TERM EXAM Unit 2: Computer Networks Evolution of networking: introduction to computer networks, evolution of networking (ARPANET, NSFNET, INTERNET) Data communication terminologies: concept of communication, components of data communication (sender,receiver, message, communication media, protocols), measuring capacity of communication media (bandwidth, data transfer rate), IP address, switching techniques (Circuit switching, Packet switching) Transmission media: Wired communication media (Twisted pair cable, Co-axial cable, Fiber-optic cable), Wireless media (Radio waves, Micro waves, Infrared waves) Network devices (Modem, Ethernet card, RJ45, Repeater, Hub, Switch, Router, Gateway, WIFI card) Network topologies and Network types: types of networks (PAN, LAN, MAN, WAN), networking topologies (Bus, Star, Tree) Network protocol: HTTP, FTP, PPP, SMTP, TCP/IP, POP3, HTTPS, TELNET, VoIP Introduction to web services: WWW, Hyper Text Markup Language (HTML), Extensible Markup Language (XML), domain names, URL, website, web browser, web servers, web hosting Unit 3: Database Management Database concepts: introduction to database concepts and its need Relational data model: relation, attribute, tuple, domain, degree, cardinality, keys (candidate key, primary key, alternate key, foreign key) Structured Query Language: introduction, Data Definition Language and Data Manipulation Language, data type (char(n), varchar(n), int, float, date), constraints (not null, unique, primary key), create database, use database, show databases, drop database, show tables, create table, describe table, alter table (add and remove an attribute, add and remove primary key), drop table, insert, delete, select, operators (mathematical, relational and logical), aliasing, distinct clause, where clause, in, between, order by, meaning of null, is null, is not null, like, update command, delete command, aggregate functions (max, min, avg, sum, count), group by, having clause, joins: cartesian product on two tables, equi-join and natural join Interface of python with an SQL database: connecting SQL with Python, performing insert, update, delete queries using cursor, display data by using connect(), cursor(), execute(), commit(), fetchone(), fetchall(), rowcount, creating database connectivity applications, use of %s format specifier or format() to perform queries. Note: - All the syllabus should be completed by December 13, 2024. In Annual Examination, questions will be asked from the entire syllabus. Revision of entire syllabus Pre-Board/Annual Examination Practical Marks S.No Unit Name (Total=30) Lab Test: 1 1. Python program (60% logic + 20% 8 documentation + 20% code quality) 2. SQL queries (4 queries based on one 4 or two tables) Report file: x Minimum 15 Python programs. x SQL Queries – Minimum 5 sets using 2 7 one table / two tables. x Minimum 4 programs based on Python – SQL connectivity Project (using concepts learnt in Classes 11 3 8 and 12) 4 Viva voce 3 4. Suggested Practical List: Python Programming Read a text file line by line and display each word separated by a #. Read a text file and display the number of vowels/consonants/uppercase/lowercase characters in the file. Remove all the lines that contain the character 'a' in a file and write it to another file. Create a binary file with name and roll number. Search for a given roll number and display the name, if not found display appropriate message. Create a binary file with roll number, name and marks. Input a roll number and update the marks. Write a random number generator that generates random numbers between 1 and 6 (simulates a dice). Write a Python program to implement a stack using list.  Create a CSV file by entering user-id and password, read and search the password for given userid. Database Management Create a student table and insert data. Implement the following SQL commands on the student table: o ALTER table to add new attributes / modify data type / drop attribute o UPDATE table to modify data o ORDER By to display data in ascending / descending order o DELETE to remove tuple(s) o GROUP BY and find the min, max, sum, count and average Similar exercise may be framed for other cases. Integrate SQL with Python by importing suitable module. 5. Suggested Reading Material NCERT Textbook for COMPUTER SCIENCE (Class XII) Support Materials on the CBSE website. 6. Project The aim of the class project is to create something that is tangible and useful using Python file handling/ Python-SQL connectivity. This should be done in groups of two to three students and should be started by students at least 6 months before the submission deadline. The aim here is to find a real world problem that is worthwhile to solve. Students are encouraged to visit local businesses and ask them about the problems that they are facing. For example, if a business is finding it hard to create invoices for filing GST claims, then students can do a project that takes the raw data (list of transactions), groups the transactions by category, accounts for the GST tax rates, and creates invoices in the appropriate format. Students can be extremely creative here. They can use a wide variety of Python libraries to create user friendly applications such as games, software for their school, software for their disabled fellow students, and mobile applications, of course to do some of these projects, some additional learning is required; this should be encouraged. Students should know how to teach themselves. The students should be sensitized to avoid plagiarism and violations of copyright issues while working on projects. Teachers should take necessary measures for this. S.No Chapters Page No. 1 Python revision tour 1-23 2 Functions 24-50 3 Exception Handing 51-64 4 File Handling 65-105 5 Data Structures 106-117 6 Computer Networks 118-165 7 Database Management system 166-227 8 Practice set 1 (unsolved) 228-235 9 Practice set 2 (unsolved) 236-244 10 Answer Keys 245-274 11 QR Code Of Previous Year Question Papers 275 and Marking Scheme 1 2 ,WdZͲϭWzd,KEZs/^/KEdKhZ KhdWzd,KE͗ ϭ͘ WLJƚŚŽŶŝƐĂŚŝŐŚͲůĞǀĞůƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞĚĞǀĞůŽƉĞĚďLJ'ƵŝĚŽsĂŶ ZŽƐƐƵŵ͘dŚĞůĂŶŐƵĂŐĞǁĂƐƌĞůĞĂƐĞĚŝŶ&ĞďƌƵĂƌLJϭϵϵϭĂŶĚŐŽƚŝƚƐŶĂŵĞ ĨƌŽŵĂĐŽŵĞĚLJƐĞƌŝĞƐ͞DŽŶƚLJWLJƚŚŽŶ͛Ɛ&ůLJŝŶŐŝƌĐƵƐ͘͟ Ϯ͘ /ƚ ŝƐ ĂŶ ŝŶƚĞƌƉƌĞƚĞĚ ĂŶĚ ƉůĂƚĨŽƌŵͲŝŶĚĞƉĞŶĚĞŶƚ ůĂŶŐƵĂŐĞ ŝ͘Ğ͘ ƚŚĞ ƐĂŵĞ ĐŽĚĞĐĂŶƌƵŶŽŶĂŶLJŽƉĞƌĂƚŝŶŐƐLJƐƚĞŵ͘ ϯ͘ /ƚĐĂŶďĞƵƐĞĚƚŽĨŽůůŽǁďŽƚŚƉƌŽĐĞĚƵƌĂůĂŶĚŽďũĞĐƚͲŽƌŝĞŶƚĞĚĂƉƉƌŽĂĐŚĞƐ ƚŽƉƌŽŐƌĂŵŵŝŶŐ͘ ϰ͘ /ƚŝƐĨƌĞĞƚŽƵƐĞĂŶĚďĂƐĞĚŽŶƚǁŽƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞƐ͗ůĂŶŐƵĂŐĞĂŶĚDŽĚƵůĂͲϯ͘ ^/dZD^h^/EWzd,KE͗ භ dŽŬĞŶͬ>ĞdžŝĐĂůhŶŝƚ͗dŚĞƐŵĂůůĞƐƚŝŶĚŝǀŝĚƵĂůƵŶŝƚŝŶĂWLJƚŚŽŶƉƌŽŐƌĂŵŝƐŬŶŽǁŶĂƐdŽŬĞŶŽƌ>ĞdžŝĐĂů 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ƐŽŵĞďƵŝůƚͲŝŶĨƵŶĐƚŝŽŶƐ͘,ĞƌĞ͕ǁĞĐĂŶƐĂLJƚŚĂƚǁĞĨŽƌĐĞƚŚĞǀĂƌŝĂďůĞďLJĂƉƉůLJŝŶŐĂďƵŝůƚͲŝŶĨƵŶĐƚŝŽŶ 4  ƚŽĐŚĂŶŐĞƚŚĞĚĂƚĂƚLJƉĞĂŶĚŝƚŝƐŶŽƚĚŽŶĞĂƚƌƵŶƚŝŵĞ͘^ŽŵĞĐŽŵŵŽŶƚLJƉĞĐĂƐƚŝŶŐĨƵŶĐƚŝŽŶƐĂƌĞ ŝŶƚ;Ϳ͕ĨůŽĂƚ;Ϳ͕Ɛƚƌ;Ϳ͕ůŝƐƚ;Ϳ͕ƚƵƉůĞ;Ϳ͕ĚŝĐƚ;ͿĞƚĐ͘ ddzW^/EWzd,KE͗ dŚĞĂďŽǀĞĚĂƚĂƚLJƉĞƐĂƌĞĐůĂƐƐŝĨŝĞĚŝŶƚŽƚǁŽďĂƐŝĐĐĂƚĞŐŽƌŝĞƐ͗DƵƚĂďůĞĚĂƚĂƚLJƉĞƐĂŶĚ/ŵŵƵƚĂďůĞĚĂƚĂ ƚLJƉĞƐ͘DƵƚĂďůĞĚĂƚĂƚLJƉĞƐĂƌĞƚŚŽƐĞĚĂƚĂƚLJƉĞƐǁŚŽƐĞǀĂůƵĞĐĂŶďĞĐŚĂŶŐĞĚǁŝƚŚŽƵƚĐƌĞĂƚŝŶŐĂŶĞǁ ŽďũĞĐƚ͘/ƚŵĞĂŶƐŵƵƚĂďůĞĚĂƚĂƚLJƉĞƐŚŽůĚĂƐƉĞĐŝĨŝĐŵĞŵŽƌLJůŽĐĂƚŝŽŶĂŶĚĐŚĂŶŐĞƐĂƌĞŵĂĚĞĚŝƌĞĐƚůLJƚŽ ƚŚĂƚŵĞŵŽƌLJůŽĐĂƚŝŽŶ͘/ŵŵƵƚĂďůĞĚĂƚĂƚLJƉĞƐĂƌĞƚŚŽƐĞĚĂƚĂƚLJƉĞƐǁŚŽƐĞǀĂůƵĞƐĐĂŶŶŽƚďĞĐŚĂŶŐĞĚ ĂĨƚĞƌƚŚĞLJĂƌĞĐƌĞĂƚĞĚ͘/ƚŵĞĂŶƐƚŚĂƚŝĨǁĞŵĂŬĞĂŶLJĐŚĂŶŐĞŝŶƚŚĞŝŵŵƵƚĂďůĞĚĂƚĂŽďũĞĐƚƚŚĞŶŝƚǁŝůůďĞ ĂƐƐŝŐŶĞĚĂŶĞǁŵĞŵŽƌLJůŽĐĂƚŝŽŶ͘ ϭ͘ /ŶEƵŵĞƌŝĐĚĂƚĂƚLJƉĞƐ͕/ŶƚĞŐĞƌƐĂůůŽǁƐƚŽƌŝŶŐǁŚŽůĞŶƵŵďĞƌƐŽŶůLJǁŚŝĐŚĐĂŶďĞƉŽƐŝƚŝǀĞŽƌ ŶĞŐĂƚŝǀĞ͘ &ůŽĂƚŝŶŐ ƉŽŝŶƚ ŶƵŵďĞƌƐ ĂƌĞ ƵƐĞĚ ĨŽƌ ƐƚŽƌŝŶŐ ŶƵŵďĞƌƐ ŚĂǀŝŶŐ ĨƌĂĐƚŝŽŶĂů ƉĂƌƚƐ ůŝŬĞ ƚĞŵƉĞƌĂƚƵƌĞ͕ĂƌĞĂĞƚĐ͘/ŶWLJƚŚŽŶ͕&ůŽĂƚŝŶŐƉŽŝŶƚŶƵŵďĞƌƐƌĞƉƌĞƐĞŶƚĚŽƵďůĞƉƌĞĐŝƐŝŽŶŝ͘Ğ͘ϭϱͲĚŝŐŝƚ ƉƌĞĐŝƐŝŽŶ͘ŽŵƉůĞdžŶƵŵďĞƌƐĂƌĞƐƚŽƌĞĚŝŶƉLJƚŚŽŶŝŶƚŚĞĨŽƌŵŽĨнũǁŚĞƌĞŝƐƚŚĞƌĞĂůƉĂƌƚ ĂŶĚŝƐƚŚĞŝŵĂŐŝŶĂƌLJƉĂƌƚŽĨĐŽŵƉůĞdžŶƵŵďĞƌƐ͘ Ϯ͘ ĚŝĐƚŝŽŶĂƌLJŝƐĂŶƵŶŽƌĚĞƌĞĚƐĞƚŽĨĐŽŵŵĂͲƐĞƉĂƌĂƚĞĚǀĂůƵĞƐǁŚĞƌĞĞĂĐŚǀĂůƵĞŝƐĂŬĞLJ͗ǀĂůƵĞ ƉĂŝƌ͘tĞƌĞƉƌĞƐĞŶƚƚŚĞĚŝĐƚŝŽŶĂƌLJƵƐŝŶŐĐƵƌůLJďƌĂĐŬĞƚƐ΂΃͘ŝŬĞĐŽƵŶƚ;Ϳ͕ǁĞĐĂŶƐƉĞĐŝĨLJƚŚĞƌĂŶŐĞĨŽƌƐĞĂƌĐŚŝŶŐƵƐŝŶŐƚŚĞƐƚĂƌƚŝŶŐĂŶĚ ΀ƐƚĂƌƚ΁͕΀ĞŶĚ΁Ϳ ĞŶĚŝŶŐŝŶĚĞdž͘/ƚƌĞƚƵƌŶƐͲϭŝĨƚŚĞƐƵďƐƚƌŝŶŐŝƐŶŽƚĨŽƵŶĚ͘Ğ͘Ő͘Ɛс͚ŚĞůůŽƉLJƚŚŽŶ͕͛ ƚŚĞŶƐ͘ĨŝŶĚ;͚Ɖ͛ͿǁŝůůƌĞƚƵƌŶϲĂŶĚƐ͘ŝŶĚĞdž;͚nj͛ͿǁŝůůƌĞƚƵƌŶͲϭ ŝŶĚĞdž;ƐƵďƐƚƌŝŶŐͿ /ƚƌĞƚƵƌŶƐƚŚĞƐƚĂƌƚŝŶŐŝŶĚĞdžƉŽƐŝƚŝŽŶŽĨƚŚĞƐƵďƐƚƌŝŶŐ͘/ĨƚŚĞƐƵďƐƚƌŝŶŐŝƐŶŽƚĨŽƵŶĚ ƚŚĞŶŝƚǁŝůůƌĞƚƵƌŶĂŶĞƌƌŽƌ͞^ƵďƐƚƌŝŶŐŶŽƚĨŽƵŶĚ͘͟Ğ͘Ő͘Ɛс͚ŚĞůůŽƉLJƚŚŽŶ͕͛ƚŚĞŶ Ɛ͘ŝŶĚĞdž;͚Ɖ͛ͿǁŝůůƌĞƚƵƌŶϲĂŶĚƐ͘ŝŶĚĞdž;͚nj͛ͿǁŝůůƌĞƚƵƌŶsĂůƵĞƌƌŽƌ͚͗^ƵďƐƚƌŝŶŐŶŽƚ ĨŽƵŶĚ͛͘ ŝƐĂůŶƵŵ;Ϳ /ƚŝƐƵƐĞĚƚŽĐŚĞĐŬŝĨĂůůƚŚĞĞůĞŵĞŶƚƐŝŶƚŚĞƐƚƌŝŶŐĂƌĞĂůƉŚĂŶƵŵĞƌŝĐŽƌŶŽƚ͘/ƚ ƌĞƚƵƌŶƐĞŝƚŚĞƌdƌƵĞŽƌ&ĂůƐĞ͘Ğ͘Ő͘Ɛс͚ĂďĐϭ͕͛ƚŚĞŶƐ͘ŝƐĂůŶƵŵ;ͿǁŝůůƌĞƚƵƌŶdƌƵĞ͘ ŝƐůŽǁĞƌ;Ϳ /ƚƌĞƚƵƌŶƐdƌƵĞŝĨĂůůƚŚĞĞůĞŵĞŶƚƐŝŶƚŚĞƐƚƌŝŶŐĂƌĞŝŶůŽǁĞƌĐĂƐĞ͕ŽƚŚĞƌǁŝƐĞƌĞƚƵƌŶƐ &ĂůƐĞ͘Ğ͘Ő͘ŝĨƐс͚ƉLJƚŚŽŶ͕͛ƚŚĞŶƐ͘ŝƐůŽǁĞƌ;ͿǁŝůůƌĞƚƵƌŶdƌƵĞ͘ ŝƐƵƉƉĞƌ;Ϳ /ƚƌĞƚƵƌŶƐdƌƵĞŝĨĂůůƚŚĞĞůĞŵĞŶƚƐŝŶƚŚĞƐƚƌŝŶŐĂƌĞŝŶƵƉƉĞƌĐĂƐĞ͕ŽƚŚĞƌǁŝƐĞ ƌĞƚƵƌŶƐ&ĂůƐĞ͘Ğ͘Ő͘ŝĨƐс͚Wzd,KE͕͛ƚŚĞŶƐ͘ŝƐƵƉƉĞƌ;ͿǁŝůůƌĞƚƵƌŶdƌƵĞ͘ ŝƐƐƉĂĐĞ;Ϳ /ƚƌĞƚƵƌŶƐdƌƵĞŝĨĂůůƚŚĞĞůĞŵĞŶƚƐŝŶƚŚĞƐƚƌŝŶŐĂƌĞƐƉĂĐĞƐ͕ŽƚŚĞƌǁŝƐĞƌĞƚƵƌŶƐ&ĂůƐĞ͘ Ğ͘Ő͘ŝĨƐс͚͕͛ƚŚĞŶƐ͘ŝƐƐƉĂĐĞ;ͿǁŝůůƌĞƚƵƌŶdƌƵĞ͘ 7  ŝƐĂůƉŚĂ;Ϳ /ƚƌĞƚƵƌŶƐdƌƵĞŝĨĂůůƚŚĞĞůĞŵĞŶƚƐŝŶƚŚĞƐƚƌŝŶŐĂƌĞĂůƉŚĂďĞƚƐ͕ŽƚŚĞƌǁŝƐĞƌĞƚƵƌŶƐ &ĂůƐĞ͘Ğ͘Ő͘ŝĨƐс͚ƉLJƚŚŽŶ͕͛ƚŚĞŶƐ͘ŝƐĂůƉŚĂ;ͿǁŝůůƌĞƚƵƌŶdƌƵĞ͘ ŝƐĚŝŐŝƚ;Ϳ /ƚƌĞƚƵƌŶƐdƌƵĞŝĨĂůůƚŚĞĞůĞŵĞŶƚƐŝŶƚŚĞƐƚƌŝŶŐĂƌĞĚŝŐŝƚƐ͕ŽƚŚĞƌǁŝƐĞƌĞƚƵƌŶƐ&ĂůƐĞ͘ Ğ͘Ő͘ŝĨƐс͚ϭϮϯϰ͕͛ƚŚĞŶƐ͘ŝƐĚŝŐŝƚ;ͿǁŝůůƌĞƚƵƌŶdƌƵĞ͘ ƐƉůŝƚ;΀ƐĞƉ΁Ϳ dŚŝƐĨƵŶĐƚŝŽŶŝƐƵƐĞĚƚŽƐƉůŝƚƚŚĞƐƚƌŝŶŐďĂƐĞĚŽŶƚŚĞĚĞůŝŵŝƚĞƌͬƐĞƉĂƌĂƚŽƌǀĂůƵĞ ǁŚŝĐŚŝƐƐƉĂĐĞďLJĚĞĨĂƵůƚ͘/ƚƌĞƚƵƌŶƐĂůŝƐƚŽĨŶĞůĞŵĞŶƚƐǁŚĞƌĞƚŚĞǀĂůƵĞŽĨŶŝƐ ďĂƐĞĚŽŶĚĞůŝŵŝƚĞƌ͘dŚĞĚĞůŝŵŝƚĞƌŝƐŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞŽƵƚƉƵƚ͘Ğ͘Ő͘ŝĨƐс͚ŚĞůůŽ ƉLJƚŚŽŶǁŽƌůĚ͕͛ƚŚĞŶƐ͘ƐƉůŝƚ;ͿǁŝůůƌĞƚƵƌŶ΀͚ŚĞůůŽ͕͛͛ƉLJƚŚŽŶ͕͛͛ǁŽƌůĚ͛΁ ƉĂƌƚŝƚŝŽŶ;ƐĞƉͿ /ƚĚŝǀŝĚĞƐƚŚĞƐƚƌŝŶŐŝŶƚŽƚŚƌĞĞƉĂƌƚƐ͗ŚĞĂĚ͕ƐĞƉĂƌĂƚŽƌĂŶĚƚĂŝů͕ďĂƐĞĚŽŶƚŚĞƐĞƉ ǀĂůƵĞǁŚŝĐŚĂĐƚƐĂƐĂĚĞůŝŵŝƚĞƌŝŶƚŚŝƐĨƵŶĐƚŝŽŶ͘/ƚǁŝůůĂůǁĂLJƐƌĞƚƵƌŶĂƚƵƉůĞŽĨϯ ĞůĞŵĞŶƚƐ͘dŚĞĚĞůŝŵŝƚĞƌͬƐĞƉĂƌĂƚŽƌǁŝůůďĞŝŶĐůƵĚĞĚĂƐƚŚĞϮŶĚĞůĞŵĞŶƚŽĨƚŚĞ ƚƵƉůĞŝŶƚŚĞŽƵƚƉƵƚ͘Ğ͘Ő͘ŝĨƐс͚ŚĞůůŽǁŽƌůĚƉLJƚŚŽŶ͕͛ƚŚĞŶƐ͘ƉĂƌƚŝƚŝŽŶ;͚ƉLJ͛Ϳǁŝůů ƌĞƚƵƌŶ;͚ŚĞůůŽǁŽƌůĚ͚͕͛ƉLJ͕͚͛ƚŚŽŶ͛Ϳ ƌĞƉůĂĐĞ;ŽůĚ͕ŶĞǁͿ /ƚŝƐƵƐĞĚƚŽƌĞƉůĂĐĞĂŶŽůĚƐƵďƐƚƌŝŶŐŝŶƐŝĚĞƚŚĞƐƚƌŝŶŐǁŝƚŚĂŶĞǁǀĂůƵĞ͘ Ğ͘Ő͘ŝĨƐс͚'ŽŽĚŵŽƌŶŝŶŐ͛ƚŚĞŶƐ͘ƌĞƉůĂĐĞ;͚ŵŽƌ͕͛͛ĞǀĞ͛ͿǁŝůůƌĞƚƵƌŶ͚'ŽŽĚĞǀĞŶŝŶŐ͛͘ ƐƚƌŝƉ;΀ĐŚĂƌƐ΁Ϳ /ƚƌĞƚƵƌŶƐĂĐŽƉLJŽĨĂƐƚƌŝŶŐĂĨƚĞƌƌĞŵŽǀŝŶŐůĞĂĚŝŶŐĂŶĚƚƌĂŝůŝŶŐǁŚŝƚĞƐƉĂĐĞƐďLJ ĚĞĨĂƵůƚ͘tĞĐĂŶĂůƐŽƉƌŽǀŝĚĞĐŚĂƌƐǀĂůƵĞŝĨǁĞǁĂŶƚƚŽƌĞŵŽǀĞĐŚĂƌĂĐƚĞƌƐŝŶƐƚĞĂĚ ŽĨƐƉĂĐĞƐ͘/ĨĐŚĂƌƐĂƌĞŐŝǀĞŶƚŚĞŶĂůůƉŽƐƐŝďůĞ ĐŽŵďŝŶĂƚŝŽŶƐŽĨŐŝǀĞŶĐŚĂƌĂĐƚĞƌƐǁŝůůďĞĐŚĞĐŬĞĚĂŶĚƌĞŵŽǀĞĚ͘Ğ͘Ő͘Ɛс͚ŐŽŽĚ ŵŽƌŶŝŶŐŐŽŽĚ͕͛ƚŚĞŶƐ͘ƐƚƌŝƉ;͚ĚŐŽŽ͛ͿǁŝůůƌĞƚƵƌŶŵŽƌŶŝŶ ůƐƚƌŝƉ;΀ĐŚĂƌƐ΁Ϳ /ƚƌĞƚƵƌŶƐĂĐŽƉLJŽĨƚŚĞƐƚƌŝŶŐĂĨƚĞƌƌĞŵŽǀŝŶŐůĞĂĚŝŶŐǁŚŝƚĞƐƉĂĐĞƐ͘/ĨƚŚĞĐŚĂƌƐ ǀĂůƵĞŝƐŐŝǀĞŶƚŚĞŶĐŚĂƌĂĐƚĞƌƐǁŝůůďĞƌĞŵŽǀĞĚ͘Ğ͘Ő͘Ɛс͚ŐŽŽĚŵŽƌŶŝŶŐŐŽŽĚ͕͛ ƚŚĞŶƐ͘ůƐƚƌŝƉ;͚ĚŐŽŽ͛ͿǁŝůůƌĞƚƵƌŶ͚ŵŽƌŶŝŶŐŐŽŽĚ͛ ƌƐƚƌŝƉ;΀ĐŚĂƌƐ΁Ϳ /ƚƌĞƚƵƌŶƐĂĐŽƉLJŽĨĂƐƚƌŝŶŐĂĨƚĞƌƌĞŵŽǀŝŶŐƚƌĂŝůŝŶŐǁŚŝƚĞƐƉĂĐĞƐ͘/ĨƚŚĞĐŚĂƌƐǀĂůƵĞ ŝƐŐŝǀĞŶƚŚĞŶĐŚĂƌĂĐƚĞƌƐǁŝůůďĞƌĞŵŽǀĞĚ͘Ğ͘Ő͘Ɛс͚ŐŽŽĚŵŽƌŶŝŶŐŐŽŽĚ͕͛ƚŚĞŶ Ɛ͘ƌƐƚƌŝƉ;͚ĚŐŽŽ͛ͿǁŝůůƌĞƚƵƌŶ͚ŐŽŽĚŵŽƌŶŝŶŐ͛ >/^d&hEd/KE^͗ ŝŶĚĞdž;Ϳ hƐĞĚƚŽŐĞƚƚŚĞŝŶĚĞdžŽĨƚŚĞĨŝƌƐƚŵĂƚĐŚĞĚŝƚĞŵĨƌŽŵƚŚĞůŝƐƚ͘/ƚƌĞƚƵƌŶƐƚŚĞŝŶĚĞdž ǀĂůƵĞŽĨĂŶŝƚĞŵƚŽƐĞĂƌĐŚ͘/ĨƚŚĞŝƚĞŵŝƐŶŽƚĨŽƵŶĚ͕ŝƚǁŝůůƌĞƚƵƌŶsĂůƵĞƌƌŽƌ͗ŶŝƐ ŶŽƚŝŶƚŚĞůŝƐƚ͘Ğ͘Ő͘džс΀ϭϬ͕ϮϬ͕ϯϬ͕ϰϬ΁͕ƚŚĞŶdž͘ŝŶĚĞdž;ϮϬͿǁŝůůďĞϭ͘ ĂƉƉĞŶĚ;Ϳ hƐĞĚƚŽĂĚĚŝƚĞŵƐƚŽƚŚĞĞŶĚŽĨƚŚĞůŝƐƚ͘/ƚǁŝůůĂĚĚƚŚĞŶĞǁŝƚĞŵďƵƚŶŽƚƌĞƚƵƌŶ ĂŶLJǀĂůƵĞ͘Ğ͘Ő͘džс΀ϭϬ͕ϮϬ͕ϯϬ΁͕ƚŚĞŶdž͘ĂƉƉĞŶĚ;ϰϬͿǁŝůůďĞ΀ϭϬ͕ϮϬ͕ϯϬ͕ϰϬ΁͘ 8 ĞdžƚĞŶĚ;Ϳ hƐĞĚĨŽƌĂĚĚŝŶŐŵƵůƚŝƉůĞŝƚĞŵƐ͘tŝƚŚĞdžƚĞŶĚǁĞĐĂŶĂĚĚŵƵůƚŝƉůĞĞůĞŵĞŶƚƐďƵƚ ŽŶůLJŝŶƚŚĞĨŽƌŵŽĨĂůŝƐƚƚŽĂŶLJůŝƐƚ͘ǀĞŶŝĨǁĞǁĂŶƚƚŽĂĚĚĂƐŝŶŐůĞĞůĞŵĞŶƚŝƚǁŝůů ďĞƉĂƐƐĞĚĂƐĂŶĞůĞŵĞŶƚŽĨĂůŝƐƚ͘Ğ͘Ő͘džс΀ϭϬ͕ϮϬ͕ϯϬ΁ƚŚĞŶdž͘ĞdžƚĞŶĚ;΀ϰϬ͕ϱϬ΁Ϳǁŝůů ďĞ΀ϭϬ͕ϮϬ͕ϯϬ͕ϰϬ͕ϱϬ΁ ŝŶƐĞƌƚ;Ϳ hƐĞĚƚŽĂĚĚĞůĞŵĞŶƚƐƚŽĂůŝƐƚĂƚĂƉŽƐŝƚŝŽŶŽĨŽƵƌĐŚŽŝĐĞŝ͘Ğ͘ǁĞĐĂŶĂĚĚŶĞǁ ĞůĞŵĞŶƚƐĂŶLJǁŚĞƌĞŝŶƚŚĞůŝƐƚ͘Ğ͘Ő͘džс΀ϭϬ͕ϮϬ͕ϯϬ΁ƚŚĞŶ dž͘ŝŶƐĞƌƚ;΀Ϯ͕ϰϬ΁ͿǁŝůůďĞ΀ϭϬ͕ϮϬ͕ϰϬ͕ϯϬ΁͘ ƉŽƉ;Ϳ hƐĞĚƚŽƌĞŵŽǀĞĂŶŝƚĞŵĨƌŽŵĂůŝƐƚ͘/ƚƌĂŝƐĞƐĂŶĞdžĐĞƉƚŝŽŶŝĨƚŚĞůŝƐƚŝƐĂůƌĞĂĚLJ ĞŵƉƚLJ͘LJĚĞĨĂƵůƚ͕ƚŚĞůĂƐƚŝƚĞŵǁŝůůďĞĚĞůĞƚĞĚĨƌŽŵƚŚĞůŝƐƚ͘/ĨĂŶŝŶĚĞdžŝƐ ƉƌŽǀŝĚĞĚƚŚĞŶƚŚĞŐŝǀĞŶŝŶĚĞdžĞĚǀĂůƵĞǁŝůůďĞĚĞůĞƚĞĚ͘Ğ͘Ő͘džс΀ϭϬ͕ϮϬ͕ϯϬ͕ϰϬ͕ϱϬ΁ ƚŚĞŶdž͘ƉŽƉ;ͿǁŝůůďĞϱϬ͘ ƌĞŵŽǀĞ;Ϳ hƐĞĚƚŽƌĞŵŽǀĞĂŶĞůĞŵĞŶƚǁŚĞŶƚŚĞŝŶĚĞdžŝƐŶŽƚŬŶŽǁŶĂŶĚǁĞǁĂŶƚƚŽĚĞůĞƚĞ ŝƚďLJƉƌŽǀŝĚŝŶŐƚŚĞĞůĞŵĞŶƚǀĂůƵĞŝƚƐĞůĨ͘/ƚǁŝůůƌĞŵŽǀĞƚŚĞĨŝƌƐƚŽĐĐƵƌƌĞŶĐĞŽĨĂ ŐŝǀĞŶŝƚĞŵĨƌŽŵƚŚĞůŝƐƚĂŶĚƌĞƚƵƌŶĂŶĞƌƌŽƌŝĨƚŚĞƌĞŝƐŶŽƐƵĐŚŝƚĞŵŝŶƚŚĞůŝƐƚ͘/ƚ ǁŝůůŶŽƚƌĞƚƵƌŶĂŶLJǀĂůƵĞ͘Ğ͘Ő͘džс΀ϭ͕Ϯ͕ϯ͕ϰ͕ϱ΁ƚŚĞŶdž͘ƌĞŵŽǀĞ;ϰͿǁŝůůďĞ΀ϭ͕Ϯ͕ϯ͕ϱ΁͘ ĐůĞĂƌ;Ϳ hƐĞƚŽƌĞŵŽǀĞĂůůƚŚĞŝƚĞŵƐŽĨĂůŝƐƚĂƚŽŶĐĞĂŶĚƚŚĞůŝƐƚǁŝůůďĞĐŽŵĞĞŵƉƚLJ͘Ğ͘Ő͘dž с΀ϭϬ͕ϮϬ͕ϯϬ΁ƚŚĞŶdž͘ĐůĞĂƌ;ͿǁŝůůďĞ΀΁͘ dĞů ĚĞůƐƚĂƚĞŵĞŶƚŝƐƵƐĞĚƚŽĚĞůĞƚĞƚŚĞƐƚƌƵĐƚƵƌĞŽĨĂŶĞdžŝƐƚŝŶŐůŝƐƚ͘Ğ͘Ő͘džс΀ϭϬ͕ϮϬ͕ϯϬ΁ ƚŚĞŶĚĞůdžǁŝůůĚĞůĞƚĞƚŚĞƐƚƌƵĐƚƵƌĞŽĨdžĂŶĚǁŝůůƌĞƚƵƌŶŶŽƚŚŝŶŐ͘tŚŝůĞƚƌLJŝŶŐƚŽ ĂĐĐĞƐƐdžǁĞǁŝůůŐĞƚEĂŵĞƌƌŽƌ͘ ĐŽƵŶƚ;Ϳ hƐĞĚƚŽĐŽƵŶƚƚŚĞŶƵŵďĞƌŽĨŽĐĐƵƌƌĞŶĐĞƐŽĨƚŚĞŝƚĞŵǁĞƉĂƐƐĞĚĂƐĂƌŐƵŵĞŶƚ͘/Ĩ ĂŶŝƚĞŵĚŽĞƐŶŽƚĞdžŝƐƚŝŶƚŚĞůŝƐƚ͕ŝƚƌĞƚƵƌŶƐĞƌŽ͘Ğ͘Ő͘džс΀ϭ͕Ϯ͕ϯ͕ϰ͕Ϯ͕ϭ͕ϯ͕ϰ͕ϰ΁ƚŚĞŶ dž͘ĐŽƵŶƚ;ϰͿǁŝůůƌĞƚƵƌŶϯ͘ ƌĞǀĞƌƐĞ;Ϳ hƐĞĚƚŽƌĞǀĞƌƐĞƚŚĞŝƚĞŵƐŽĨĂůŝƐƚ͘/ƚŵĂĚĞƚŚĞĐŚĂŶŐĞƐŝŶƚŚĞŽƌŝŐŝŶĂůůŝƐƚĂŶĚĚŝĚ ŶŽƚƌĞƚƵƌŶĂŶLJƚŚŝŶŐ͘Ğ͘Ő͘džс΀ϭ͕Ϯ͕ϯ͕ϰ΁ƚŚĞŶdž͘ƌĞǀĞƌƐĞ;ͿǁŝůůďĞ΀ϰ͕ϯ͕Ϯ͕ϭ΁ ƐŽƌƚ;Ϳ hƐĞĚƚŽƐŽƌƚƚŚĞŝƚĞŵƐŽĨĂůŝƐƚ͘/ƚŵĂĚĞƚŚĞĐŚĂŶŐĞƐŝŶƚŚĞŽƌŝŐŝŶĂůůŝƐƚĂŶĚƐŽƌƚ ƚŚĞŝƚĞŵƐŝŶŝŶĐƌĞĂƐŝŶŐŽƌĚĞƌďLJĚĞĨĂƵůƚ͘tĞĐĂŶƐƉĞĐŝĨLJƚŚĞƌĞǀĞƌƐĞĂƌŐƵŵĞŶƚĂƐ dƌƵĞƚŽƐŽƌƚŝŶĚĞĐƌĞĂƐŝŶŐŽƌĚĞƌ͘Ğ͘Ő͘džс ΀ϭ͕ϱ͕Ϯ͕ϯ͕ϳ͕ϰ΁ƚŚĞŶdž͘ƐŽƌƚ;ͿǁŝůůďĞ΀ϭ͕Ϯ͕ϯ͕ϰ͕ϱ͕ϳ΁͘ ƐŽƌƚĞĚ;Ϳ hƐĞĚƚŽƐŽƌƚƚŚĞŝƚĞŵƐŽĨĂƐĞƋƵĞŶĐĞĚĂƚĂƚLJƉĞĂŶĚƌĞƚƵƌŶƐĂůŝƐƚĂĨƚĞƌƐŽƌƚŝŶŐŝŶ ŝŶĐƌĞĂƐŝŶŐŽƌĚĞƌďLJĚĞĨĂƵůƚ͘tĞĐĂŶƐƉĞĐŝĨLJƚŚĞƌĞǀĞƌƐĞĂƌŐƵŵĞŶƚĂƐdƌƵĞƚŽƐŽƌƚ ŝŶĚĞĐƌĞĂƐŝŶŐŽƌĚĞƌ͘Ğ͘Ő͘džс΀ϭ͕ϱ͕Ϯ͕ϯ͕ϳ͕ϰ΁ƚŚĞŶƐŽƌƚĞĚ;džͿǁŝůůƌĞƚƵƌŶĂƐŽƌƚĞĚůŝƐƚ ĂƐ΀ϭ͕Ϯ͕ϯ͕ϰ͕ϱ͕ϳ΁ 9 dhW>&hEd/KE^͗ ůĞŶ;Ϳ ZĞƚƵƌŶƐƚŚĞŶƵŵďĞƌŽĨĞůĞŵĞŶƚƐŝŶĂƚƵƉůĞ͘Ğ͘Ő͘džс;ϭ͕Ϯ͕ϯ͕ϰ͕ϱ͕ϲͿƚŚĞŶůĞŶ;džͿǁŝůů ďĞϲ͘ ŵĂdž;Ϳ ZĞƚƵƌŶƐƚŚĞĞůĞŵĞŶƚŚĂǀŝŶŐĂŵĂdžŝŵƵŵǀĂůƵĞŝŶƚŚĞƚƵƉůĞ͘Ğ͘Ő͘ džс;ϭϬϬ͕ϯϬ͕ϮϱϬ͕ϰϬ͕ϭϭϬͿƚŚĞŶŵĂdž;džͿǁŝůůďĞϮϱϬ͘ ŵŝŶ;Ϳ ZĞƚƵƌŶƐ ƚŚĞ ĞůĞŵĞŶƚ ŚĂǀŝŶŐ ŵŝŶŝŵƵŵ ǀĂůƵĞ Ğ͘Ő͘ dž с ;ϭϬϬ͕ϯϬ͕ϮϱϬ͕ϰϬ͕ϭϭϬͿ ƚŚĞŶ ŵŝŶ;džͿǁŝůůďĞϯϬ͘ ŝŶĚĞdž;Ϳ ZĞƚƵƌŶƐŝŶĚĞdžǀĂůƵĞŽĨŐŝǀĞŶĞůĞŵĞŶƚŝŶƚŚĞƚƵƉůĞ͘/ĨƚŚĞŝƚĞŵĚŽĞƐŶ͛ƚĞdžŝƐƚ͕ŝƚǁŝůů ƌĂŝƐĞĂsĂůƵĞƌƌŽƌĞdžĐĞƉƚŝŽŶ͘Ğ͘Ő͘džс;ϭϬ͕ϮϬ͕ϯϬ͕ϰϬͿƚŚĞŶdž͘ŝŶĚĞdž;ϯϬͿǁŝůůďĞϮ͘ ĐŽƵŶƚ;Ϳ /ƚƌĞƚƵƌŶƐƚŚĞŶƵŵďĞƌŽĨŽĐĐƵƌƌĞŶĐĞƐŽĨƚŚĞŝƚĞŵƉĂƐƐĞĚĂƐĂŶĂƌŐƵŵĞŶƚ͘/ĨŶŽƚ ĨŽƵŶĚ͕ŝƚƌĞƚƵƌŶƐĞƌŽ͘Ğ͘Ő͘džс;ϭϬ͕ϮϬ͕ϯϬ͕ϭϬ͕ϭϬ͕ϮϬͿƚŚĞŶdž͘ĐŽƵŶƚ;ϮϬͿǁŝůůďĞϮ͘ ƐŽƌƚĞĚ;Ϳ hƐĞĚƚŽƐŽƌƚƚŚĞŝƚĞŵƐŽĨĂƐĞƋƵĞŶĐĞĚĂƚĂƚLJƉĞĂŶĚƌĞƚƵƌŶƐĂůŝƐƚĂĨƚĞƌƐŽƌƚŝŶŐŝŶ ŝŶĐƌĞĂƐŝŶŐŽƌĚĞƌďLJĚĞĨĂƵůƚ͘tĞĐĂŶƐƉĞĐŝĨLJƚŚĞƌĞǀĞƌƐĞĂƌŐƵŵĞŶƚĂƐdƌƵĞƚŽƐŽƌƚ ŝŶĚĞĐƌĞĂƐŝŶŐŽƌĚĞƌ͘Ğ͘Ő͘džс;ϭϬϬ͕ϯϬ͕ϮϱϬ͕ϰϬ͕ϭϭϬͿƚŚĞŶƐŽƌƚĞĚ;džͿǁŝůůƌĞƚƵƌŶĂ ƐŽƌƚĞĚůŝƐƚĂƐ΀ϯϬ͕ϰϬ͕ϭϬϬ͕ϭϭϬ͕ϮϱϬ΁͘ ŝĐƚŝŽŶĂƌLJ&ƵŶĐƚŝŽŶƐ͗ ĐůĞĂƌ;Ϳ hƐĞĚƚŽƌĞŵŽǀĞĂůůŝƚĞŵƐĨƌŽŵƚŚĞĚŝĐƚŝŽŶĂƌLJ͘Ğ͘Ő͘Ěс΂ϭ͚͗ĞůŚŝ͕͛Ϯ͚͗DƵŵďĂŝ͕͛ϯ͗ ͚с;ϭ͕ΖWLJƚŚŽŶΖ͕Ζϯ͘ϭϰΖͿ͘ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƌĞƉƌĞƐĞŶƚƐƚŚĞĚĂƚĂƚLJƉĞŽĨ>͍ ĂͿ >ŝƐƚ ďͿ dƵƉůĞ ĐͿ ŝĐƚŝŽŶĂƌLJ ĚͿ ^ƚƌŝŶŐ ϰ /ĚĞŶƚŝĨLJƚŚĞǀĂůŝĚĂƌŝƚŚŵĞƚŝĐŽƉĞƌĂƚŽƌŝŶWLJƚŚŽŶĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐ͘ ĂͿ ͍ ďͿ ф ĐͿ ΎΎ ĚͿ ŶĚ ϱ ^ĞůĞĐƚƚŚĞĐŽƌƌĞĐƚŽƵƚƉƵƚŽĨƚŚĞĐŽĚĞ͗ ĂͿ Wzd,KEͲ/^Ͳ&ƵŶ ďͿ Wzd,KEͲŝƐͲ&ƵŶ ĐͿ WLJƚŚŽŶͲŝƐͲĨƵŶ ĚͿ Wzd,KEͲ/Ɛʹ&ƵŶ 13 ϲ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐŝƐĂǀĂůŝĚŬĞLJǁŽƌĚŝŶWLJƚŚŽŶ͍ ĂͿ ĨĂůƐĞ ďͿ ƌĞƚƵƌŶ ĐͿ ŶŽŶͺůŽĐĂů ĚͿ ŶŽŶĞ ϳ ^ƚĂƚĞdƌƵĞŽƌ&ĂůƐĞ͘ Η/ĚĞŶƚŝĨŝĞƌƐĂƌĞŶĂŵĞƐƵƐĞĚƚŽŝĚĞŶƚŝĨLJĂǀĂƌŝĂďůĞŽƌĨƵŶĐƚŝŽŶŝŶĂƉƌŽŐƌĂŵΗ͘ ϴ /ĚĞŶƚŝĨLJƚŚĞŝŶǀĂůŝĚŝĚĞŶƚŝĨŝĞƌŽƵƚŽĨƚŚĞŽƉƚŝŽŶƐŐŝǀĞŶďĞůŽǁ͘ ĂͿ YǁĞƌͺϭϮ ďͿ /& ĐͿ WůĂLJϭϮϯ ĚͿ dƵƌŶ͘ŽǀĞƌ ϵ KŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐƐƚĂƚĞŵĞŶƚƐǁŝůůƌĂŝƐĞĂŶĞƌƌŽƌ͘/ĚĞŶƚŝĨLJƚŚĞƐƚĂƚĞŵĞŶƚƚŚĂƚǁŝůůƌĂŝƐĞ ƚŚĞĞƌƌŽƌ͘ ĂͿ dž͕LJсϮϬ ďͿ Ă͕ďсϲ͕ϳΎϵ ĐͿ ĂсďсĐсϯϱ ĚͿ EŽŶĞŽĨƚŚĞĂďŽǀĞǁŝůůƌĂŝƐĞĂŶĞƌƌŽƌ ϭϬ 'ŝǀĞŶƚŚĞĨŽůůŽǁŝŶŐdƵƉůĞ dƵƉ=;ϭϬ͕ϮϬ͕ϯϬ͕ϱϬͿ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƐƚĂƚĞŵĞŶƚƐǁŝůůƌĞƐƵůƚŝŶĂŶĞƌƌŽƌ͍ ĂͿ ƉƌŝŶƚ;dƵƉ΀Ϭ΁Ϳ ďͿ ƉƌŝŶƚ;dƵƉ΀ϭ͗Ϯ΁Ϳ ĐͿ dƵƉ͘ŝŶƐĞƌƚ;Ϯ͕ϯͿ ĚͿ ƉƌŝŶƚ;ůĞŶ;dƵƉͿͿ ϭϭ ŽŶƐŝĚĞƌƚŚĞŐŝǀĞŶĞdžƉƌĞƐƐŝŽŶ͗ϱфϭϬĂŶĚϭϮхϳŽƌŶŽƚϳхϰ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐǁŝůůďĞƚŚĞĐŽƌƌĞĐƚŽƵƚƉƵƚ͕ŝĨƚŚĞŐŝǀĞŶĞdžƉƌĞƐƐŝŽŶŝƐĞǀĂůƵĂƚĞĚ͍ ĂͿ dƌƵĞ ďͿ &ĂůƐĞ ĐͿ Eh>> ĚͿ EKE ϭϮ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐǁŝůůŐŝǀĞŽƵƚƉƵƚĂƐ΀ϱ͕ϭϰ͕ϲ΁ŝĨůƐƚс΀ϭ͕ϱ͕ϵ͕ϭϰ͕Ϯ͕ϲ΁͍ ĂͿ ƉƌŝŶƚ;ůƐƚ΀Ϭ͗͗Ϯ΁Ϳ ďͿ ƉƌŝŶƚ;ůƐƚ΀ϭ͗͗Ϯ΁Ϳ ĐͿ ƉƌŝŶƚ;ůƐƚ΀ϭ͗ϱ͗Ϯ΁Ϳ ĚͿ ƉƌŝŶƚ;ůƐƚ΀Ϭ͗ϲ͗Ϯ΁Ϳ 14 ϭϯ dŚĞƌĞƚƵƌŶƚLJƉĞŽĨƚŚĞŝŶƉƵƚ;ͿĨƵŶĐƚŝŽŶŝƐ ĂͿ ƐƚƌŝŶŐ ďͿ /ŶƚĞŐĞƌ ĐͿ ůŝƐƚ ĚͿ ƚƵƉůĞ ϭϰ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐŽƉĞƌĂƚŽƌƐĐĂŶŶŽƚďĞƵƐĞĚǁŝƚŚƐƚƌŝŶŐĚĂƚĂƚLJƉĞ͍ ĂͿ н ďͿ /Ŷ ĐͿ Ύ ĚͿ ͬ ϭϱ ŽŶƐŝĚĞƌĂƚƵƉůĞƚƵƉϭс;ϭϬ͕ϭϱ͕Ϯϱ͕ϯϬͿ͘/ĚĞŶƚŝĨLJƚŚĞƐƚĂƚĞŵĞŶƚƚŚĂƚǁŝůůƌĞƐƵůƚŝŶĂŶĞƌƌŽƌ͘ ĂͿ ƉƌŝŶƚ;ƚƵƉϭ΀Ϯ΁Ϳ ďͿ ƚƵƉϭ΀Ϯ΁сϮϬ ĐͿ ƉƌŝŶƚ;ŵŝŶ;ƚƵƉϭͿͿ ĚͿ ƉƌŝŶƚ;ůĞŶ;ƚƵƉϭͿͿ ϭϲ tŚŝĐŚŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞĚĞĨĂƵůƚĞdžƚĞŶƐŝŽŶŽĨĂWLJƚŚŽŶĨŝůĞ͍ ĂͿ ͘ĞdžĞ ďͿ ͘Ɖнн ĐͿ ͘ƉLJ ĚͿ ͘Ɖ ϭϳ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƐLJŵďŽůƐŝƐƵƐĞĚŝŶWLJƚŚŽŶĨŽƌƐŝŶŐůĞͲůŝŶĞĐŽŵŵĞŶƚ͍ ĂͿ ͬ ďͿ ͬΎ ĐͿ ͬͬ ĚͿ η ϭϴ tŚŝĐŚŽĨƚŚĞƐĞĂďŽƵƚĂĚŝĐƚŝŽŶĂƌLJŝƐĨĂůƐĞ͍ ĂͿ dŚĞǀĂůƵĞƐŽĨĂĚŝĐƚŝŽŶĂƌLJĐĂŶďĞĂĐĐĞƐƐĞĚƵƐŝŶŐŬĞLJƐ ďͿ dŚĞŬĞLJƐŽĨĂĚŝĐƚŝŽŶĂƌLJĐĂŶďĞĂĐĐĞƐƐĞĚƵƐŝŶŐǀĂůƵĞƐ ĐͿ ŝĐƚŝŽŶĂƌŝĞƐĂƌĞŶ͛ƚŽƌĚĞƌĞĚ ĚͿ ŝĐƚŝŽŶĂƌŝĞƐĂƌĞŵƵƚĂďůĞ ϭϵ tŚŝĐŚŝƐƚŚĞĐŽƌƌĞĐƚĨŽƌŵŽĨĚĞĐůĂƌĂƚŝŽŶŽĨĂĚŝĐƚŝŽŶĂƌLJ͍ ĂͿ ĂLJс΂ϭ͗͛ŵŽŶĚĂLJ͕͛Ϯ͗͛ƚƵĞƐĚĂLJ͕͛ϯ͗͛ǁĞĚŶĞƐĚĂLJ͛΃ ďͿ ĂLJс;ϭ͖͛ŵŽŶĚĂLJ͕͛Ϯ͖͛ƚƵĞƐĚĂLJ͕͛ϯ͖͛ǁĞĚŶĞƐĚĂLJ͛Ϳ ĐͿ ĂLJс΀ϭ͗͛ŵŽŶĚĂLJ͕͛Ϯ͗͛ƚƵĞƐĚĂLJ͕͛ϯ͗͛ǁĞĚŶĞƐĚĂLJ͛΁ ĚͿ ĂLJс΂ϭ͛ŵŽŶĚĂLJ͕͛Ϯ͛ƚƵĞƐĚĂLJ͕͛ϯ͛ǁĞĚŶĞƐĚĂLJ͛΁ 15 ϮϬ tŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐƐƚĂƚĞŵĞŶƚ͗ ƉƌŝŶƚ;ϯͲϮΎΎϮΎΎϯнϵϵͬϭϭͿ ĂͿ Ϯϰϰ ďͿ Ϯϰϰ͘Ϭ ĐͿ ͲϮϰϰ͘Ϭ ĚͿ ƌƌŽƌ Ϯϭ tŚĂƚŝƐƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͗ dс;ϭϬϬͿ͖ƉƌŝŶƚ;dΎϮͿ ĂͿ ^LJŶƚĂdžĞƌƌŽƌ ďͿ ;ϮϬϬ͕Ϳ ĐͿ ϮϬϬ ĚͿ ;ϭϬϬ͕ϭϬϬͿ ϮϮ /ĚĞŶƚŝĨLJƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐWLJƚŚŽŶƐƚĂƚĞŵĞŶƚƐ͗ džс΀΀ϭϬ͘Ϭ͕ϭϭ͘Ϭ͕ϭϮ͘Ϭ΁͕΀ϭϯ͘Ϭ͕ϭϰ͘Ϭ͕ϭϱ͘Ϭ΁΁ LJсdž΀ϭ΁΀Ϯ΁ ƉƌŝŶƚ;LJͿ ĂͿ ϭϮ͘Ϭ ďͿ ϭϯ͘Ϭ ĐͿ ϭϰ͘Ϭ ĚͿ ϭϱ͘Ϭ Ϯϯ ^ĞůĞĐƚƚŚĞĐŽƌƌĞĐƚŽƵƚƉƵƚŽĨƚŚĞĐŽĚĞ͗ ^сΗŵƌŝƚDĂŚŽƚƐĂǀΛϳϱΗ͖с^͘ƉĂƌƚŝƚŝŽŶ;ΗΗͿ͖ƉƌŝŶƚ;AͿ  ĂͿ ;ΖŵƌŝƚDĂŚŽƚƐĂǀΖ͕ΖΛΖ͕ΖϳϱΖͿ ďͿ ΀ΖŵƌŝƚΖ͕ΖDĂŚŽƚƐĂǀΖ͕ΖΛΖ͕ΖϳϱΖ΁ ĐͿ ;ΖŵƌŝƚΖ͕ΖDĂŚŽƚƐĂǀΛϳϱΖͿ ĚͿ ;ΖŵƌŝƚΖ͕ΖΖ͕ΖDĂŚŽƚƐĂǀΛϳϱΖͿ Ϯϰ /ĚĞŶƚŝĨLJƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐWLJƚŚŽŶƐƚĂƚĞŵĞŶƚƐ͘ ĂͿ ϭϮϯϰϱϲϳϴ ďͿ ϭϮϯϰϱϲϳϴϵ ĐͿ Ϯϯϰϱϲϳϴ ĚͿ Ϯϯϰϱϲϳϴϵ ƚƵƉůĞŝƐĚĞĐůĂƌĞĚĂƐdс;Ϯ͕ϱ͕ϲ͕ϵ͕ϴͿ͘tŚĂƚǁŝůůďĞƚŚĞǀĂůƵĞŽĨƐƵŵ;dͿ͍ Ϯϱ a) 27 b) 29 c) 30 d) 32 16 Ϯϲ /ĚĞŶƚŝĨLJƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐWLJƚŚŽŶƐƚĂƚĞŵĞŶƚƐ͘ ĂͿ ϯϭ ďͿ ϯϯ ĐͿ ϯϲ ĚͿ ϯϵ /ĚĞŶƚŝĨLJƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐWLJƚŚŽŶƐƚĂƚĞŵĞŶƚƐ͘ Ϯϳ ĂͿ Ϯ ďͿ ϯ ĐͿ ϰ ĚͿ ϮϬ Ϯϴ ǀĂůƵĂƚĞƚŚĞĨŽůůŽǁŝŶŐĞdžƉƌĞƐƐŝŽŶĂŶĚŝĚĞŶƚŝĨLJƚŚĞĐŽƌƌĞĐƚĂŶƐǁĞƌ͘ ϭϲͲ;ϰнϮͿΎϱнϮΎΎϯΎϰ ĂͿ ϱϰ ďͿ ϰϲ ĐͿ ϭϴ ĚͿ ϯϮ Ϯϵ &ŝůůŝŶƚŚĞďůĂŶŬ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺĨƵŶĐƚŝŽŶŝƐƵƐĞĚƚŽĂƌƌĂŶŐĞƚŚĞĞůĞŵĞŶƚƐŽĨĂůŝƐƚŝŶĂƐĐĞŶĚŝŶŐŽƌĚĞƌ͘ ĂͿ ƐŽƌƚ;Ϳ ďͿ ĂƐĐĞŶĚŝŶŐ;Ϳ ĐͿ ĂƌƌĂŶŐĞ;Ϳ ĚͿ ĂƐŽƌƚ;Ϳ ϯϬ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐǁŝůůĚĞůĞƚĞƚŚĞŬĞLJͲǀĂůƵĞƉĂŝƌĨŽƌŬĞLJс͞ZĞĚ͟ĨƌŽŵĂĚŝĐƚŝŽŶĂƌLJ ϭ͍ ĂͿ ĚĞůĞƚĞϭ;ΗZĞĚΗͿ ďͿ ĚĞůϭ΀ΗZĞĚΗ΁ ĐͿ ĚĞů͘ϭ΀ΗZĞĚΗ΁ ĚͿ ϭ͘ĚĞů΀ΗZĞĚΗ΁ 17 ϯϭ /ĚĞŶƚŝĨLJƚŚĞǀĂůŝĚĚĞĐůĂƌĂƚŝŽŶŽĨ>͗ >с΀͚DŽŶ͕͚͛Ϯϯ͕͚͛ŚĞůůŽ͕͛͛ϲϬ͘ϱ͛΁ ĂͿ ĚŝĐƚŝŽŶĂƌLJ ďͿ ƐƚƌŝŶŐ ĐͿ ƚƵƉůĞ ĚͿ ůŝƐƚ ϯϮ 'ŝǀĞŶĂdƵƉůĞƚƵƉϭс;ϭϬ͕ϮϬ͕ϯϬ͕ϰϬ͕ϱϬ͕ϲϬ͕ϳϬ͕ϴϬ͕ϵϬͿ͘ tŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚŽĨƉƌŝŶƚ;ƚƵƉϭ΀ϯ͗ϳ͗Ϯ΁Ϳ͍ ĂͿ ;ϰϬ͕ϱϬ͕ϲϬ͕ϳϬ͕ϴϬͿ ďͿ ;ϰϬ͕ϱϬ͕ϲϬ͕ϳϬͿ ĐͿ ΀ϰϬ͕ϲϬ΁ ĚͿ ;ϰϬ͕ϲϬͿ ϯϯ /ĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞŝƐĞdžĞĐƵƚĞĚ͕ǁŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͍ ϯϰ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƐƚĂƚĞŵĞŶƚ;ƐͿǁŽƵůĚŐŝǀĞĂŶĞƌƌŽƌĚƵƌŝŶŐƚŚĞĞdžĞĐƵƚŝŽŶŽĨƚŚĞ ĨŽůůŽǁŝŶŐĐŽĚĞ͍ ĂͿ ^ƚĂƚĞŵĞŶƚϭ ďͿ ^ƚĂƚĞŵĞŶƚϮ ĐͿ ^ƚĂƚĞŵĞŶƚϯ ĚͿ ^ƚĂƚĞŵĞŶƚϰ ϯϱ ŽŶƐŝĚĞƌƚŚĞƐƚĂƚĞŵĞŶƚƐŐŝǀĞŶďĞůŽǁĂŶĚƚŚĞŶĐŚŽŽƐĞƚŚĞĐŽƌƌĞĐƚŽƵƚƉƵƚĨƌŽŵƚŚĞŐŝǀĞŶ ŽƉƚŝŽŶƐ͗ ĂͿ ŶĚƐƌ ďͿ ĐĞŝĞWϬ ĐͿ ĐĞŝĞW ĚͿ LJŶĚƐƌ ϯϲ 'ŝǀĞŶŝƐĂWLJƚŚŽŶůŝƐƚĚĞĐůĂƌĂƚŝŽŶ͗ >ŝƐƚŽĨŶĂŵĞƐс΀ΗŵĂŶΗ͕ΗŶŬŝƚΗ͕ΗƐŚŝƐŚΗ͕ΗZĂũĂŶΗ͕ΗZĂũĂƚΗ΁tƌŝƚĞƚŚĞ ŽƵƚƉƵƚŽĨ͗ 18  ƉƌŝŶƚ;>ŝƐƚŽĨŶĂŵĞƐ΀Ͳϭ͗Ͳϰ͗Ͳϭ΁Ϳ ϯϳ tŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͗ ϯϴ tŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͍ ĂͿ ;ϭ͕Ϯ͕΀ϯ͘ϭϰ͕Ϯ΁͕ϯͿ ďͿ ;ϭ͕Ϯ͕΀ϭ͕ϯ͘ϭϰ΁͕ϯͿ ĐͿ ;ϭ͕Ϯ͕΀ϭ͕Ϯ΁͕ϯ͘ϭϰͿ d) ƌƌŽƌDĞƐƐĂŐĞ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƐƚĂƚĞŵĞŶƚƐŝƐͬĂƌĞŶŽƚWLJƚŚŽŶŬĞLJǁŽƌĚƐ͍ ĂͿ &ĂůƐĞ ďͿ DĂƚŚ ϯϵ ĐͿ t,/> ĚͿ ďƌĞĂŬ ϰϬ tŚĂƚǁŝůůďĞƚŚĞƌĞƐƵůƚŽĨĨŽůůŽǁŝŶŐƚŚĞWLJƚŚŽŶĐŽĚĞ͍ 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ŽƚŚĂŶĚZĂƌĞƚƌƵĞĂŶĚZŝƐŶŽƚƚŚĞĐŽƌƌĞĐƚĞdžƉůĂŶĂƚŝŽŶĨŽƌ ĐͿ ŝƐ dƌƵĞďƵƚZŝƐ&ĂůƐĞ ĚͿ ŝƐĨĂůƐĞďƵƚZŝƐdƌƵĞ ϰϳ͘ ƐƐĞƌƚŝŽŶ;Ϳ͗ůŝƐƚĐĂŶŶŽƚďĞĐŽŵĞĂŬĞLJŝŶĂĚŝĐƚŝŽŶĂƌLJ͘ ZĞĂƐŽŶŝŶŐ;ZͿ͗KŶůLJŝŶƚĞŐĞƌƐĐĂŶďĞŬĞLJƐŝŶĂĚŝĐƚŝŽŶĂƌLJ͘ ĂͿ ŽƚŚĂŶĚZĂƌĞƚƌƵĞĂŶĚZŝƐƚŚĞĐŽƌƌĞĐƚĞdžƉůĂŶĂƚŝŽŶŽĨ ďͿ ŽƚŚĂŶĚZĂƌĞƚƌƵĞďƵƚZŝƐŶŽƚƚŚĞĐŽƌƌĞĐƚĞdžƉůĂŶĂƚŝŽŶŽĨ ĐͿ ŝƐdƌƵĞďƵƚZŝƐĨĂůƐĞ ĚͿ ZŝƐƚƌƵĞďƵƚŝƐĨĂůƐĞ WZd;ϮDĂƌŬYƵĞƐƚŝŽŶƐͿ ϭ ZĞǁƌŝƚĞƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞŝŶWLJƚŚŽŶĂĨƚĞƌ ƌĞŵŽǀŝŶŐĂůůƐLJŶƚĂdžĞƌƌŽƌ;ƐͿ͘ Ϯ ZĞǁƌŝƚĞƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞĂĨƚĞƌƌĞŵŽǀŝŶŐĂůůƐLJŶƚĂdžĞƌƌŽƌ;ƐͿ͗ ϯ ǀĂůƵĂƚĞƚŚĞĨŽůůŽǁŝŶŐWLJƚŚŽŶĞdžƉƌĞƐƐŝŽŶ͗ ĂͿ ϮΎϯнϰΎΎϮͲϱͬͬϮ ďͿ ϲфϭϮĂŶĚŶŽƚ;ϮϬхϭϱͿŽƌ;ϭϬхϱͿ ϰ WƌĞĚŝĐƚƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͗ 21 ϱ tƌŝƚĞƚŚĞWLJƚŚŽŶƐƚĂƚĞŵĞŶƚĨŽƌĞĂĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƚĂƐŬƐƵƐŝŶŐh/>dͲ/E ĨƵŶĐƚŝŽŶƐͬŵĞƚŚŽĚƐŽŶůLJ͗ ;ŝͿ dŽŝŶƐĞƌƚĂŶĞůĞŵĞŶƚϮϬϬĂƚƚŚĞƚŚŝƌĚƉŽƐŝƚŝŽŶ͕ŝŶƚŚĞůŝƐƚ>ϭ͘ ;ŝŝͿ dŽĐŚĞĐŬǁŚĞƚŚĞƌĂƐƚƌŝŶŐŶĂŵĞĚ͕ŵĞƐƐĂŐĞĞŶĚƐǁŝƚŚĂĨƵůůƐƚŽƉͬƉĞƌŝŽĚŽƌŶŽƚ͘ ϲ ůŝƐƚŶĂŵĞĚƐƚƵĚĞŶƚŐĞƐƚŽƌĞƐƚŚĞĂŐĞŽĨƐƚƵĚĞŶƚƐŝŶĂĐůĂƐƐ͘tƌŝƚĞƚŚĞWLJƚŚŽŶĐŽŵŵĂŶĚ ƚŽŝŵƉŽƌƚƚŚĞƌĞƋƵŝƌĞĚŵŽĚƵůĞĂŶĚĚŝƐƉůĂLJ;ƵƐŝŶŐƚŚĞďƵŝůƚͲŝŶĨƵŶĐƚŝŽŶͿƚŚĞŵŽƐƚĐŽŵŵŽŶ ĂŐĞǀĂůƵĞĨƌŽŵƚŚĞŐŝǀĞŶůŝƐƚ͘ ϳ &ŝŶĚƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͗ ϴ WƌĞĚŝĐƚƚŚĞŽƵƚƉƵƚŽĨƚŚĞWLJƚŚŽŶĐŽĚĞŐŝǀĞŶďĞůŽǁ͗ 22  >ĂďdžĞƌĐŝƐĞƐ ϭ tƌŝƚĞĂĨƵŶĐƚŝŽŶ͕ůĞŶtŽƌĚƐ;^dZ/E'Ϳ͕ƚŚĂƚƚĂŬĞƐĂƐƚƌŝŶŐĂƐĂŶĂƌŐƵŵĞŶƚĂŶĚƌĞƚƵƌŶƐĂ ƚƵƉůĞĐŽŶƚĂŝŶŝŶŐƚŚĞůĞŶŐƚŚŽĨĞĂĐŚǁŽƌĚŽĨĂƐƚƌŝŶŐ͘&ŽƌĞdžĂŵƉůĞ͕ŝĨƚŚĞƐƚƌŝŶŐŝƐΗŽŵĞ ůĞƚƵƐŚĂǀĞƐŽŵĞĨƵŶΗ͕ƚŚĞƚƵƉůĞǁŝůůŚĂǀĞ;ϰ͕ϯ͕Ϯ͕ϰ͕ϰ͕ϯͿ Ϯ tƌŝƚĞĂĨƵŶĐƚŝŽŶĐŽƵŶƚEŽǁ;W>^ͿŝŶWLJƚŚŽŶ͕ƚŚĂƚƚĂŬĞƐƚŚĞĚŝĐƚŝŽŶĂƌLJ͕W>^ĂƐĂŶ ĂƌŐƵŵĞŶƚĂŶĚĚŝƐƉůĂLJƐƚŚĞŶĂŵĞƐ;ŝŶƵƉƉĞƌĐĂƐĞͿŽĨƚŚĞƉůĂĐĞƐǁŚŽƐĞŶĂŵĞƐĂƌĞ ůŽŶŐĞƌƚŚĂŶϱĐŚĂƌĂĐƚĞƌƐ͘&ŽƌĞdžĂŵƉůĞ͕ŽŶƐŝĚĞƌƚŚĞĨŽůůŽǁŝŶŐĚŝĐƚŝŽŶĂƌLJ W>^с΂ϭ͗ΗĞůŚŝΗ͕Ϯ͗Η>ŽŶĚŽŶΗ͕ϯ͗ΗWĂƌŝƐΗ͕ϰ͗ΗEĞǁzŽƌŬΗ͕ϱ͗ΗŽŚĂΗ΃ dŚĞŽƵƚƉƵƚƐŚŽƵůĚďĞ͗ >KEKEEtzKZ^ŚŝĨƚ;ƌƌ͕ŶͿŝŶWLJƚŚŽŶ͕ǁŚŝĐŚĂĐĐĞƉƚƐĂůŝƐƚƌƌŽĨŶƵŵďĞƌƐĂŶĚŶŝƐĂ ŶƵŵĞƌŝĐǀĂůƵĞďLJǁŚŝĐŚĂůůĞůĞŵĞŶƚƐŽĨƚŚĞůŝƐƚĂƌĞƐŚŝĨƚĞĚƚŽƚŚĞůĞĨƚ͘^ĂŵƉůĞ/ŶƉƵƚĂƚĂ ŽĨƚŚĞůŝƐƚ ƌƌс΀ϭϬ͕ϮϬ͕ϯϬ͕ϰϬ͕ϭϮ͕ϭϭ΁͕ ŶсϮKƵƚƉƵƚ͗ ƌƌс΀ϯϬ͕ϰϬ͕ϭϮ͕ϭϭ͕ϭϬ͕ϮϬ΁ 23 Topics to be covered Introduction Types of Functions Create User User-defined Function Arguments And Parameters Default Parameters Positional Parameters Function Returning Values Flow of Execution Scope of Variable 24  sorted(), 25 &ƵŶĐƚŝŽŶ ZĞƵƐĂďůĞďůŽĐŬŽĨĐŽĚĞƚŚĂƚƉĞƌĨŽƌŵƐĂƐƉĞĐŝĨŝĐƚĂƐŬ͘&ŽƌĞdžĂŵƉůĞ͗ůĞŶ;Ϳ͕ƉƌŝŶƚ;Ϳ͕ŵŝŶ;Ϳ͕ŵĂdž;Ϳ͕ƐŽƌƚĞĚ ;Ϳ͕ƚLJƉĞ;ͿĞƚĐ͘ dLJƉĞƐŽĨ&ƵŶĐƚŝŽŶƐ ĞĨŝŶŝŶŐĂĨƵŶĐƚŝŽŶŝŶWLJƚŚŽŶ͗ EĂŵĞƚŚĞĨƵŶĐƚŝŽŶĂŶĚƐƉĞĐŝĨLJǁŚĂƚƚŽĚŽǁŚĞŶƚŚĞĨƵŶĐƚŝŽŶŝƐĐĂůůĞĚ͘WLJƚŚŽŶŝŶƚĞƌƉƌĞƚĞƌŝŐŶŽƌĞƐƚŚĞ ĨƵŶĐƚŝŽŶĚĞĨŝŶŝƚŝŽŶƵŶƚŝůƚŚĞĨƵŶĐƚŝŽŶŝƐĐĂůůĞĚ͘ ĂůůŝŶŐĂĨƵŶĐƚŝŽŶ͗ ĂůůŝŶŐƚŚĞĨƵŶĐƚŝŽŶƉĞƌĨŽƌŵƐƚŚĞƐƉĞĐŝĨŝĞĚĂĐƚŝŽŶƐǁŝƚŚƚŚĞŝŶĚŝĐĂƚĞĚƉĂƌĂŵĞƚĞƌƐ &ƵŶĐƚŝŽŶĞĨŝŶŝƚŝŽŶŝŶWLJƚŚŽŶ /ŶWLJƚŚŽŶ͕ĂĨƵŶĐƚŝŽŶŝƐĚĞĨŝŶĞĚƵƐŝŶŐƚŚĞĚĞĨŬĞLJǁŽƌĚ ƌŐƵŵĞŶƚƐ͗/ŶĨŽƌŵĂƚŝŽŶĐĂŶďĞƉĂƐƐĞĚŝŶƚŽĨƵŶĐƚŝŽŶƐĂƐĂƌŐƵŵĞŶƚƐ͘ƌŐƵŵĞŶƚƐĂƌĞƐƉĞĐŝĨŝĞĚ ĂĨƚĞƌ ƚŚĞ ĨƵŶĐƚŝŽŶ ŶĂŵĞ͕ ŝŶƐŝĚĞ ƚŚĞ ƉĂƌĞŶƚŚĞƐĞƐ͘ zŽƵ ĐĂŶ ĂĚĚ ĂƐ ŵĂŶLJ ĂƌŐƵŵĞŶƚƐ ĂƐ LJŽƵ ǁĂŶƚ͕ũƵƐƚƐĞƉĂƌĂƚĞƚŚĞŵǁŝƚŚĂĐŽŵŵĂ͘ ĐƚƵĂůWĂƌĂŵĞƚĞƌƐ;ƌŐƵŵĞŶƚƐͿĂƌĞǀĂůƵĞƐƐƵƉƉůŝĞĚƚŽƚŚĞĨƵŶĐƚŝŽŶǁŚĞŶŝƚŝƐŝŶǀŽŬĞĚͬĐĂůůĞĚ 26  &ŽƌŵĂů WĂƌĂŵĞƚĞƌƐ ĂƌĞ ǀĂƌŝĂďůĞƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ĨƵŶĐƚŝŽŶ ĚĞĨŝŶŝƚŝŽŶƐ ƚŽ ƌĞĐĞŝǀĞ ǀĂůƵĞƐ ĨƌŽŵ ĂƌŐƵŵĞŶƚƐƉĂƐƐĞĚĚƵƌŝŶŐĨƵŶĐƚŝŽŶĐĂůůƐ͘ džĂŵƉůĞϭ͗ KďƐĞƌǀĞƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͗ KƵƚƉƵƚ͗ /ŶƚŚĞĂďŽǀĞĞdžĂŵƉůĞ͕ĂƵƐĞƌͲĚĞĨŝŶĞĚĨƵŶĐƚŝŽŶ͞ĨƵŶĐƚŝŽŶϭ͟ŚĂƐďĞĞŶĚĞĨŝŶĞĚƚŚĂƚƌĞĐĞŝǀĞƐŽŶĞ ĂƌŐƵŵĞŶƚ͘KŶĐĞƚŚĞĨƵŶĐƚŝŽŶŝƐĚĞĨŝŶĞĚ͕ŝƚĐĂŶďĞĐĂůůĞĚĂŶLJŶƵŵďĞƌŽĨƚŝŵĞƐǁŝƚŚĚŝĨĨĞƌĞŶƚ ĂƌŐƵŵĞŶƚƐ͘ &ŽƌŵĂůĂƌŐƵŵĞŶƚ͗dž ĐƚƵĂůĂƌŐƵŵĞŶƚ͗ ͞ĨŝƌƐƚĐĂůůƚŽĨƵŶĐƚŝŽŶ͞ƉĂƐƐĞĚŝŶƚŚĞĨŝƌƐƚĐĂůů ͞ƐĞĐŽŶĚĐĂůůƚŽĨƵŶĐƚŝŽŶ͟ƉĂƐƐĞĚŝŶƚŚĞƐĞĐŽŶĚĐĂůů džĂŵƉůĞϮ͗tƌŝƚĞĂĨƵŶĐƚŝŽŶ;͕ͿƚŚĂƚƌĞĐĞŝǀĞƐƚǁŽŝŶƚĞŐĞƌĂƌŐƵŵĞŶƚƐĂŶĚƉƌŝŶƚƐƚŚĞŝƌƐƵŵ͘ KƵƚƉƵƚ͗ ƌĞƚƵƌŶŬĞLJǁŽƌĚ͗ /ŶWLJƚŚŽŶ͕ƚŚĞǭƌĞƚƵƌŶǭŬĞLJǁŽƌĚŝƐƵƐĞĚŝŶĨƵŶĐƚŝŽŶƐƚŽƐƉĞĐŝĨLJƚŚĞǀĂůƵĞƚŚĂƚƚŚĞĨƵŶĐƚŝŽŶǁŝůů ƌĞƚƵƌŶǁŚĞŶŝƚŝƐĐĂůůĞĚ͘tŚĞŶĂĨƵŶĐƚŝŽŶŝƐĞdžĞĐƵƚĞĚ͕ŝƚŵĂLJƉĞƌĨŽƌŵƐŽŵĞĐŽŵƉƵƚĂƚŝŽŶƐŽƌ ŽƉĞƌĂƚŝŽŶƐ͕ĂŶĚƚŚĞƌĞƐƵůƚĐĂŶďĞƐĞŶƚďĂĐŬƚŽƚŚĞĐĂůůĞƌƵƐŝŶŐƚŚĞǭƌĞƚƵƌŶǭƐƚĂƚĞŵĞŶƚ͘ dŚĞďĂƐŝĐƐLJŶƚĂdžĨŽƌƵƐŝŶŐƚŚĞǭƌĞƚƵƌŶǭƐƚĂƚĞŵĞŶƚŝƐĂƐĨŽůůŽǁƐ͗ 27 ,ĞƌĞΖƐǁŚĂƚLJŽƵŶĞĞĚƚŽŬŶŽǁĂďŽƵƚƚŚĞǭƌĞƚƵƌŶǭƐƚĂƚĞŵĞŶƚ͗ ϭ͘ ZĞƚƵƌŶŝŶŐĂsĂůƵĞ͗ tŚĞŶLJŽƵǁĂŶƚƚŽƌĞƚƵƌŶĂƐƉĞĐŝĨŝĐǀĂůƵĞĨƌŽŵƚŚĞĨƵŶĐƚŝŽŶ͕LJŽƵĐĂŶƵƐĞƚŚĞǭƌĞƚƵƌŶǭ ƐƚĂƚĞŵĞŶƚĨŽůůŽǁĞĚďLJƚŚĞǀĂůƵĞLJŽƵǁĂŶƚƚŽƌĞƚƵƌŶ͘ EŽƚĞ͗dŚĞĨƵŶĐƚŝŽŶǁŝůůƐƚŽƉĞdžĞĐƵƚŝŶŐŝŵŵĞĚŝĂƚĞůLJĂĨƚĞƌƚŚĞǭƌĞƚƵƌŶǭƐƚĂƚĞŵĞŶƚŝƐ ĞŶĐŽƵŶƚĞƌĞĚ͕ĂŶĚƚŚĞǀĂůƵĞǁŝůůďĞƉĂƐƐĞĚďĂĐŬƚŽƚŚĞĐĂůůĞƌ͘ Ϯ͘ ZĞƚƵƌŶŝŶŐDƵůƚŝƉůĞsĂůƵĞƐ͗ WLJƚŚŽŶĂůůŽǁƐLJŽƵƚŽƌĞƚƵƌŶŵƵůƚŝƉůĞǀĂůƵĞƐĨƌŽŵĂĨƵŶĐƚŝŽŶĂƐĂƚƵƉůĞ͘zŽƵĐĂŶ ƐŝŵƉůLJƐĞƉĂƌĂƚĞƚŚĞǀĂůƵĞƐǁŝƚŚĐŽŵŵĂƐĂĨƚĞƌƚŚĞǭƌĞƚƵƌŶǭƐƚĂƚĞŵĞŶƚ͘ ϯ͘ ZĞƚƵƌŶŝŶŐEŽŶĞ͗ /ĨĂĨƵŶĐƚŝŽŶĚŽĞƐŶΖƚŚĂǀĞĂǭƌĞƚƵƌŶǭƐƚĂƚĞŵĞŶƚŽƌŚĂƐĂǭƌĞƚƵƌŶǭƐƚĂƚĞŵĞŶƚǁŝƚŚŽƵƚĂŶLJǀĂůƵĞ͕ ŝƚŝŵƉůŝĐŝƚůLJƌĞƚƵƌŶƐǭEŽŶĞǭ͘ ǭEŽŶĞǭŝƐĂƐƉĞĐŝĂůĐŽŶƐƚĂŶƚŝŶWLJƚŚŽŶƚŚĂƚƌĞƉƌĞƐĞŶƚƐƚŚĞĂďƐĞŶĐĞŽĨĂǀĂůƵĞ͘ ϰ͘ ĂƌůLJdžŝƚǁŝƚŚZĞƚƵƌŶ͗ zŽƵĐĂŶƵƐĞƚŚĞǭƌĞƚƵƌŶǭƐƚĂƚĞŵĞŶƚƚŽĞdžŝƚĂĨƵŶĐƚŝŽŶĞĂƌůLJŝĨĐĞƌƚĂŝŶĐŽŶĚŝƚŝŽŶƐĂƌĞ ŵĞƚ͘dŚŝƐŝƐƵƐĞĨƵůǁŚĞŶLJŽƵǁĂŶƚƚŽƚĞƌŵŝŶĂƚĞƚŚĞĨƵŶĐƚŝŽŶďĞĨŽƌĞƌĞĂĐŚŝŶŐƚŚĞĞŶĚ͘ 28  dŚĞǭƌĞƚƵƌŶǭƐƚĂƚĞŵĞŶƚŝƐĂƉŽǁĞƌĨƵůƚŽŽůƚŚĂƚĞŶĂďůĞƐĨƵŶĐƚŝŽŶƐƚŽƉƌŽĚƵĐĞƌĞƐƵůƚƐ ĂŶĚƉĂƐƐĚĂƚĂďĂĐŬƚŽƚŚĞĐĂůůŝŶŐĐŽĚĞ͘hŶĚĞƌƐƚĂŶĚŝŶŐŚŽǁƚŽƵƐĞŝƚĐŽƌƌĞĐƚůLJǁŝůů ŚĞůƉLJŽƵĚĞƐŝŐŶĂŶĚŝŵƉůĞŵĞŶƚĞĨĨĞĐƚŝǀĞĨƵŶĐƚŝŽŶƐŝŶWLJƚŚŽŶ͘ ^ĐŽƉĞŽĨĂǀĂƌŝĂďůĞ͗ /ŶWLJƚŚŽŶ͕ƚŚĞƐĐŽƉĞŽĨĂǀĂƌŝĂďůĞƌĞĨĞƌƐƚŽƚŚĞƌĞŐŝŽŶŽĨƚŚĞƉƌŽŐƌĂŵǁŚĞƌĞƚŚĞǀĂƌŝĂďůĞŝƐ ĂĐĐĞƐƐŝďůĞ͘dŚĞƐĐŽƉĞĚĞƚĞƌŵŝŶĞƐǁŚĞƌĞĂǀĂƌŝĂďůĞŝƐĐƌĞĂƚĞĚ͕ŵŽĚŝĨŝĞĚ͕ĂŶĚƵƐĞĚ͘ 'ůŽďĂů^ĐŽƉĞ͗ sĂƌŝĂďůĞƐĚĞĨŝŶĞĚŽƵƚƐŝĚĞŽĨĂŶLJĨƵŶĐƚŝŽŶŽƌďůŽĐŬŚĂǀĞĂŐůŽďĂůƐĐŽƉĞ͘ dŚĞLJĂƌĞĂĐĐĞƐƐŝďůĞĨƌŽŵĂŶLJǁŚĞƌĞŝŶƚŚĞĐŽĚĞ͕ŝŶĐůƵĚŝŶŐŝŶƐŝĚĞĨƵŶĐƚŝŽŶƐ͘ >ŽĐĂů^ĐŽƉĞ͗ sĂƌŝĂďůĞƐĚĞĨŝŶĞĚŝŶƐŝĚĞĂĨƵŶĐƚŝŽŶŚĂǀĞĂůŽĐĂůƐĐŽƉĞ͘ dŚĞLJĂƌĞĂĐĐĞƐƐŝďůĞŽŶůLJǁŝƚŚŝŶƚŚĞĨƵŶĐƚŝŽŶǁŚĞƌĞƚŚĞLJĂƌĞĚĞĨŝŶĞĚ͘ >ŽĐĂůǀĂƌŝĂďůĞƐĂƌĞĐƌĞĂƚĞĚǁŚĞŶƚŚĞĨƵŶĐƚŝŽŶŝƐĐĂůůĞĚĂŶĚĚĞƐƚƌŽLJĞĚǁŚĞŶƚŚĞĨƵŶĐƚŝŽŶƌĞƚƵƌŶƐ͘ 29  WŽŝŶƚƐƚŽďĞŶŽƚĞĚ͗ tŚĞŶ ƚŚĞ ůŽĐĂů ǀĂƌŝĂďůĞ ĂŶĚ ŐůŽďĂů ǀĂƌŝĂďůĞ ŚĂǀĞ ĚŝĨĨĞƌĞŶƚ ŶĂŵĞƐ͗ ƚŚĞ ŐůŽďĂů ǀĂƌŝĂďůĞ ĐĂŶ ďĞ ĂĐĐĞƐƐĞĚŝŶƐŝĚĞƚŚĞĨƵŶĐƚŝŽŶ tŚĞŶůŽĐĂůĂŶĚŐůŽďĂůǀĂƌŝĂďůĞƐŚĂǀĞƚŚĞƐĂŵĞŶĂŵĞ͗ƉƌŝŽƌŝƚLJŝƐŐŝǀĞŶƚŽƚŚĞůŽĐĂůĐŽƉLJŽĨƚŚĞ ǀĂƌŝĂďůĞ ŐůŽďĂůŬĞLJǁŽƌĚ /ŶWLJƚŚŽŶ͕ƚŚĞŐůŽďĂůŬĞLJǁŽƌĚŝƐƵƐĞĚƚŽŝŶĚŝĐĂƚĞƚŚĂƚĂǀĂƌŝĂďůĞĚĞĐůĂƌĞĚŝŶƐŝĚĞĂĨƵŶĐƚŝŽŶ ƐŚŽƵůĚďĞƚƌĞĂƚĞĚĂƐĂŐůŽďĂůǀĂƌŝĂďůĞ͕ƌĂƚŚĞƌƚŚĂŶĂůŽĐĂůǀĂƌŝĂďůĞ͘tŚĞŶLJŽƵĂƐƐŝŐŶĂǀĂůƵĞƚŽ ĂǀĂƌŝĂďůĞŝŶƐŝĚĞĂĨƵŶĐƚŝŽŶ͕WLJƚŚŽŶ͕ďLJĚĞĨĂƵůƚ͕ĐƌĞĂƚĞƐĂůŽĐĂůǀĂƌŝĂďůĞǁŝƚŚŝŶƚŚĂƚĨƵŶĐƚŝŽŶΖƐ ƐĐŽƉĞ͘,ŽǁĞǀĞƌ͕ŝĨLJŽƵŶĞĞĚƚŽŵŽĚŝĨLJĂŐůŽďĂůǀĂƌŝĂďůĞǁŝƚŚŝŶĂĨƵŶĐƚŝŽŶ͕LJŽƵŵƵƐƚƵƐĞƚŚĞ ŐůŽďĂůŬĞLJǁŽƌĚƚŽƐƉĞĐŝĨLJƚŚĂƚLJŽƵǁĂŶƚƚŽǁŽƌŬǁŝƚŚƚŚĞŐůŽďĂůǀĂƌŝĂďůĞŝŶƐƚĞĂĚ͘ ,ĞƌĞΖƐƚŚĞďĂƐŝĐƐLJŶƚĂdžĨŽƌƵƐŝŶŐƚŚĞŐůŽďĂůŬĞLJǁŽƌĚ͗ &ŽƌĞdžĂŵƉůĞ͗ dŚĞůŝĨĞƚŝŵĞŽĨĂǀĂƌŝĂďůĞ͗ dŚĞůŝĨĞƚŝŵĞŽĨĂǀĂƌŝĂďůĞŝŶWLJƚŚŽŶĚĞƉĞŶĚƐŽŶŝƚƐƐĐŽƉĞ͘'ůŽďĂůǀĂƌŝĂďůĞƐƉĞƌƐŝƐƚƚŚƌŽƵŐŚŽƵƚ ƚŚĞƉƌŽŐƌĂŵΖƐĞdžĞĐƵƚŝŽŶ͕ǁŚĞƌĞĂƐ͕ůŽĐĂůǀĂƌŝĂďůĞƐǁŝƚŚŝŶĨƵŶĐƚŝŽŶƐĞdžŝƐƚŽŶůLJĚƵƌŝŶŐƚŚĞ ĨƵŶĐƚŝŽŶΖƐĞdžĞĐƵƚŝŽŶ͘ 30 ^ƚƵĚLJƚŚĞĨŽůůŽǁŝŶŐƉƌŽŐƌĂŵƐ͗ džĂŵƉůĞϭ͗ džĂŵƉůĞϮ͗ džĂŵƉůĞϯ͗ 31 džĂŵƉůĞϰ͗ WĂƐƐŝŶŐůŝƐƚĂƐĂŶĂƌŐƵŵĞŶƚƚŽƚŚĞĨƵŶĐƚŝŽŶ͗ WůĞĂƐĞŶŽƚĞƚŚĂƚǁŚĞŶĂůŝƐƚŝƐƉĂƐƐĞĚĂƐĂŶĂƌŐƵŵĞŶƚ͕ƚŚĞŽƌŝŐŝŶĂůĐŽƉLJŽĨƚŚĞůŝƐƚŝƐƉĂƐƐĞĚƚŽ ƚŚĞĨƵŶĐƚŝŽŶŝ͘Ğ͘ŝĨĂŶLJĐŚĂŶŐĞŝƐŵĂĚĞĂƚĂŶLJŝŶĚĞdžŝŶƚŚĞůŝƐƚŝŶƐŝĚĞƚŚĞĨƵŶĐƚŝŽŶ͕ŝƚŝƐƌĞĨůĞĐƚĞĚ ŝŶƚŚĞŽƌŝŐŝŶĂůůŝƐƚ͘dŚĂƚŝƐďĞĐĂƵƐĞĂůŝƐƚŝƐĂŵƵƚĂďůĞĚĂƚĂƚLJƉĞĂŶĚŝŶWLJƚŚŽŶ͕ǁŚĞŶLJŽƵƉĂƐƐĂ ůŝƐƚĂƐĂŶĂƌŐƵŵĞŶƚƚŽĂĨƵŶĐƚŝŽŶ͕LJŽƵĂƌĞĂĐƚƵĂůůLJƉĂƐƐŝŶŐĂƌĞĨĞƌĞŶĐĞƚŽƚŚĞůŝƐƚƌĂƚŚĞƌƚŚĂŶĂ ĐŽƉLJŽĨƚŚĞůŝƐƚ͘dŚŝƐŵĞĂŶƐƚŚĂƚƚŚĞĨƵŶĐƚŝŽŶƉĂƌĂŵĞƚĞƌǁŝůůƉŽŝŶƚƚŽƚŚĞƐĂŵĞŵĞŵŽƌLJ ůŽĐĂƚŝŽŶĂƐƚŚĞŽƌŝŐŝŶĂůůŝƐƚ͘ƐĂƌĞƐƵůƚ͕ĂŶLJĐŚĂŶŐĞƐŵĂĚĞƚŽƚŚĞůŝƐƚǁŝƚŚŝŶƚŚĞĨƵŶĐƚŝŽŶǁŝůůďĞ ƌĞĨůĞĐƚĞĚŝŶƚŚĞŽƌŝŐŝŶĂůůŝƐƚŽƵƚƐŝĚĞƚŚĞĨƵŶĐƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕ŝĨLJŽƵĂƐƐŝŐŶĂĚŝĨĨĞƌĞŶƚůŝƐƚƚŽĂǀĂƌŝĂďůĞŝŶƐŝĚĞĂĨƵŶĐƚŝŽŶŝŶWLJƚŚŽŶ͕ŝƚǁŝůůĐƌĞĂƚĞĂ ŶĞǁůŽĐĂůǀĂƌŝĂďůĞƚŚĂƚŝƐƐĞƉĂƌĂƚĞĨƌŽŵĂŶLJǀĂƌŝĂďůĞƐŽƵƚƐŝĚĞƚŚĞĨƵŶĐƚŝŽŶ͘dŚŝƐůŽĐĂůǀĂƌŝĂďůĞ ǁŝůůŽŶůLJĞdžŝƐƚǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨƚŚĞĨƵŶĐƚŝŽŶ͕ĂŶĚĐŚĂŶŐĞƐŵĂĚĞƚŽŝƚǁŽŶΖƚĂĨĨĞĐƚƚŚĞ ŽƌŝŐŝŶĂůůŝƐƚŽƵƚƐŝĚĞƚŚĞĨƵŶĐƚŝŽŶ͘ 32  KƵƚƉƵƚ͗ dLJƉĞƐŽĨĂƌŐƵŵĞŶƚƐƉĂƐƐĞĚƚŽĂĨƵŶĐƚŝŽŶ͗ WŽƐŝƚŝŽŶĂůƌŐƵŵĞŶƚƐ͗ භ dŚĞƐĞ ĂƌĞ ƚŚĞ ŵŽƐƚ ĐŽŵŵŽŶ ƚLJƉĞƐ ŽĨ ĂƌŐƵŵĞŶƚƐ ĂŶĚ ĂƌĞ ŵĂƚĐŚĞĚ ƚŽ ƚŚĞ ĨƵŶĐƚŝŽŶ ƉĂƌĂŵĞƚĞƌƐďĂƐĞĚŽŶƚŚĞŝƌƉŽƐŝƚŝŽŶƐ͘dŚĞĨŝƌƐƚĂƌŐƵŵĞŶƚĐŽƌƌĞƐƉŽŶĚƐƚŽƚŚĞĨŝƌƐƚƉĂƌĂŵĞƚĞƌ͕ ƚŚĞƐĞĐŽŶĚĂƌŐƵŵĞŶƚĐŽƌƌĞƐƉŽŶĚƐƚŽƚŚĞƐĞĐŽŶĚƉĂƌĂŵĞƚĞƌ͕ĂŶĚƐŽŽŶ͘ භ dŚĞŶƵŵďĞƌĂŶĚŽƌĚĞƌŽĨƉŽƐŝƚŝŽŶĂůĂƌŐƵŵĞŶƚƐŵƵƐƚŵĂƚĐŚƚŚĞĨƵŶĐƚŝŽŶΖƐƉĂƌĂŵĞƚĞƌůŝƐƚ͘ ĞĨĂƵůƚƌŐƵŵĞŶƚƐ͗ භ ĞĨĂƵůƚĂƌŐƵŵĞŶƚƐĂƌĞƵƐĞĚǁŚĞŶĂĨƵŶĐƚŝŽŶŝƐĐĂůůĞĚǁŝƚŚĨĞǁĞƌĂƌŐƵŵĞŶƚƐƚŚĂŶƚŚĞƌĞĂƌĞ ƉĂƌĂŵĞƚĞƌƐ͘ භ dŚĞĚĞĨĂƵůƚǀĂůƵĞƐĂƌĞƐƉĞĐŝĨŝĞĚŝŶƚŚĞĨƵŶĐƚŝŽŶĚĞĨŝŶŝƚŝŽŶ͘ භ /ĨĂǀĂůƵĞŝƐŶŽƚƉƌŽǀŝĚĞĚĨŽƌĂƉĂƌĂŵĞƚĞƌĚƵƌŝŶŐƚŚĞĨƵŶĐƚŝŽŶĐĂůů͕ƚŚĞĚĞĨĂƵůƚǀĂůƵĞŝƐƵƐĞĚ͘ ŝďƌĂƌLJŝ͘Ğ͘ŝƚĚŽĞƐŶŽƚƌĞƋƵŝƌĞĂŶLJĂĚĚŝƚŝŽŶĂůŝŶƐƚĂůůĂƚŝŽŶƚŽ ƵƐĞ͘ භ dŽƵƐĞƚŚĞŵĂƚŚŵŽĚƵůĞ͕LJŽƵŶĞĞĚƚŽŝŵƉŽƌƚŝƚĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨLJŽƵƌWLJƚŚŽŶƐĐƌŝƉƚ͘ භ KŶĐĞLJŽƵΖǀĞŝŵƉŽƌƚĞĚƚŚĞŵŽĚƵůĞ͕LJŽƵĐĂŶĂĐĐĞƐƐŝƚƐĨƵŶĐƚŝŽŶƐĂŶĚĐŽŶƐƚĂŶƚƐƵƐŝŶŐƚŚĞŵĂƚŚ ƉƌĞĨŝdž͘ ,ĞƌĞĂƌĞƐŽŵĞĐŽŵŵŽŶůLJƵƐĞĚĨƵŶĐƚŝŽŶƐĂŶĚĐŽŶƐƚĂŶƚƐƉƌŽǀŝĚĞĚďLJƚŚĞŵĂƚŚŵŽĚƵůĞ͗ DĂƚŚĞŵĂƚŝĐĂůŽŶƐƚĂŶƚƐ͗ භ ŵĂƚŚ͘Ɖŝ͗ZĞƉƌĞƐĞŶƚƐƚŚĞŵĂƚŚĞŵĂƚŝĐĂůĐŽŶƐƚĂŶƚʋ;ƉŝͿ͘ භ ŵĂƚŚ͘Ğ͗ZĞƉƌĞƐĞŶƚƐƚŚĞŵĂƚŚĞŵĂƚŝĐĂůĐŽŶƐƚĂŶƚĞ;ƵůĞƌΖƐŶƵŵďĞƌͿ͘ ĂƐŝĐDĂƚŚĞŵĂƚŝĐĂůĨƵŶĐƚŝŽŶƐ͗ භ ŵĂƚŚ͘ƐƋƌƚ;džͿ͗ZĞƚƵƌŶƐƚŚĞƐƋƵĂƌĞƌŽŽƚŽĨdž͘ භ ŵĂƚŚ͘ƉŽǁ;dž͕LJͿ͗ZĞƚƵƌŶƐdžƌĂŝƐĞĚƚŽƚŚĞƉŽǁĞƌLJ͘ භ ŵĂƚŚ͘ĞdžƉ;džͿ͗ZĞƚƵƌŶƐƚŚĞĞdžƉŽŶĞŶƚŝĂůŽĨdž;ĞΔdžͿ͘ භ ŵĂƚŚ͘ůŽŐ;dž͕ďĂƐĞͿ͗ZĞƚƵƌŶƐƚŚĞůŽŐĂƌŝƚŚŵŽĨdžƚŽƚŚĞƐƉĞĐŝĨŝĞĚďĂƐĞ;ĚĞĨĂƵůƚďĂƐĞŝƐĞͿ͘ dƌŝŐŽŶŽŵĞƚƌŝĐ&ƵŶĐƚŝŽŶƐ;ĂůůĂŶŐůĞƐĂƌĞŝŶƌĂĚŝĂŶƐͿ͗ භ ŵĂƚŚ͘ƐŝŶ;džͿ͕ŵĂƚŚ͘ĐŽƐ;džͿ͕ŵĂƚŚ͘ƚĂŶ;džͿ͗^ŝŶĞ͕ĐŽƐŝŶĞ͕ĂŶĚƚĂŶŐĞŶƚŽĨdž͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ භ ŵĂƚŚ͘ĂƐŝŶ;džͿ͕ŵĂƚŚ͘ĂĐŽƐ;džͿ͕ŵĂƚŚ͘ĂƚĂŶ;džͿ͗ƌĐƐŝŶĞ͕ĂƌĐĐŽƐŝŶĞ͕ĂŶĚĂƌĐƚĂŶŐĞŶƚ ŽĨdž͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ ,LJƉĞƌďŽůŝĐ&ƵŶĐƚŝŽŶƐ͗ භ ŵĂƚŚ͘ƐŝŶŚ;džͿ͕ ŵĂƚŚ͘ĐŽƐŚ;džͿ͕ ŵĂƚŚ͘ƚĂŶŚ;džͿ͗ ,LJƉĞƌďŽůŝĐ ƐŝŶĞ͕ ĐŽƐŝŶĞ͕ ĂŶĚ ƚĂŶŐĞŶƚ ŽĨ dž͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘ŶŐƵůĂƌŽŶǀĞƌƐŝŽŶ͗ භ ŵĂƚŚ͘ĚĞŐƌĞĞƐ;džͿ͗ŽŶǀĞƌƚƐdžĨƌŽŵƌĂĚŝĂŶƐƚŽĚĞŐƌĞĞƐ͘ භ ŵĂƚŚ͘ƌĂĚŝĂŶƐ;džͿ͗ŽŶǀĞƌƚƐdžĨƌŽŵĚĞŐƌĞĞƐƚŽƌĂĚŝĂŶƐ͘DŝƐĐĞůůĂŶĞŽƵƐ͗ භ ŵĂƚŚ͘ĐĞŝů;džͿ͗ZĞƚƵƌŶƐƚŚĞƐŵĂůůĞƐƚŝŶƚĞŐĞƌŐƌĞĂƚĞƌƚŚĂŶŽƌĞƋƵĂůƚŽdž͘ භ ŵĂƚŚ͘ĨůŽŽƌ;džͿ͗ZĞƚƵƌŶƐƚŚĞůĂƌŐĞƐƚŝŶƚĞŐĞƌůĞƐƐƚŚĂŶŽƌĞƋƵĂůƚŽdž͘ භ ŵĂƚŚ͘ĨĂĐƚŽƌŝĂů;džͿ͗ZĞƚƵƌŶƐƚŚĞĨĂĐƚŽƌŝĂůŽĨdž͘ ^ƚƵĚLJƚŚĞĨŽůůŽǁŝŶŐĞdžĂŵƉůĞƐ͗ 34 džĂŵƉůĞϭ͗ džĂŵƉůĞϮ͗ džĂŵƉůĞϯ͗ ^ƚĂƚŝƐƚŝĐƐŵŽĚƵůĞ͗ භ dŚĞ ƐƚĂƚŝƐƚŝĐƐ ŵŽĚƵůĞ ŝŶ WLJƚŚŽŶ ŝƐ ĂŶŽƚŚĞƌ ďƵŝůƚͲŝŶ ŵŽĚƵůĞ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ĨƵŶĐƚŝŽŶƐ ĨŽƌ ǁŽƌŬŝŶŐǁŝƚŚƐƚĂƚŝƐƚŝĐĂůĚĂƚĂ͘ භ /ƚŽĨĨĞƌƐĂǀĂƌŝĞƚLJŽĨƐƚĂƚŝƐƚŝĐĂůĨƵŶĐƚŝŽŶƐƚŽĐŽŵƉƵƚĞŵĞĂƐƵƌĞƐůŝŬĞŵĞĂŶ͕ŵĞĚŝĂŶ͕ƐƚĂŶĚĂƌĚ ĚĞǀŝĂƚŝŽŶ͕ǀĂƌŝĂŶĐĞ͕ĞƚĐ͘ භ dŚĞƐƚĂƚŝƐƚŝĐƐŵŽĚƵůĞŝƐƉĂƌƚŽĨƚŚĞWLJƚŚŽŶ^ƚĂŶĚĂƌĚ>ŝďƌĂƌLJ͕ƐŽƚŚĞƌĞΖƐŶŽŶĞĞĚƚŽŝŶƐƚĂůůĂŶLJ ĂĚĚŝƚŝŽŶĂůƉĂĐŬĂŐĞƐƚŽƵƐĞŝƚ͘ ,ĞƌĞĂƌĞƐŽŵĞĐŽŵŵŽŶůLJƵƐĞĚĨƵŶĐƚŝŽŶƐƉƌŽǀŝĚĞĚďLJƚŚĞƐƚĂƚŝƐƚŝĐƐŵŽĚƵůĞ͗ භ ƐƚĂƚŝƐƚŝĐƐ͘ŵĞĂŶ;ĚĂƚĂͿ͗ĂůĐƵůĂƚĞƐƚŚĞĂƌŝƚŚŵĞƚŝĐŵĞĂŶ;ĂǀĞƌĂŐĞͿŽĨƚŚĞĚĂƚĂ͘ භ ƐƚĂƚŝƐƚŝĐƐ͘ŵĞĚŝĂŶ;ĚĂƚĂͿ͗ŽŵƉƵƚĞƐƚŚĞŵĞĚŝĂŶǀĂůƵĞŽĨƚŚĞĚĂƚĂ͘ භ ƐƚĂƚŝƐƚŝĐƐ͘ŵŽĚĞ;ĚĂƚĂͿ͗&ŝŶĚƐƚŚĞŵŽĚĞ;ŵŽƐƚĐŽŵŵŽŶǀĂůƵĞͿŝŶƚŚĞĚĂƚĂ͘ džĂŵƉůĞϭ͗ 35 džĂŵƉůĞϮ͗ ƌĂŶĚŽŵŵŽĚƵůĞ භ dŚĞ ƌĂŶĚŽŵ ŵŽĚƵůĞ ŝŶ WLJƚŚŽŶ ŝƐ ĂŶŽƚŚĞƌ ďƵŝůƚͲŝŶ ŵŽĚƵůĞ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ĨƵŶĐƚŝŽŶƐ ĨŽƌ ŐĞŶĞƌĂƚŝŶŐƌĂŶĚŽŵŶƵŵďĞƌƐ͕ĂŶĚƐĞƋƵĞŶĐĞƐ͕ĂŶĚŵĂŬŝŶŐƌĂŶĚŽŵĐŚŽŝĐĞƐ͘ භ /ƚŝƐĐŽŵŵŽŶůLJƵƐĞĚĨŽƌƚĂƐŬƐ ƐƵĐŚĂƐƌĂŶĚŽŵŶƵŵďĞƌŐĞŶĞƌĂƚŝŽŶ͕ƌĂŶĚŽŵƐŚƵĨĨůŝŶŐ͕ĂŶĚ ƌĂŶĚŽŵƐĂŵƉůŝŶŐ͘ ,ĞƌĞĂƌĞƐŽŵĞĐŽŵŵŽŶůLJƵƐĞĚĨƵŶĐƚŝŽŶƐƉƌŽǀŝĚĞĚďLJƚŚĞƌĂŶĚŽŵŵŽĚƵůĞ͗ භ ƌĂŶĚŽŵ͘ƌĂŶĚŽŵ;Ϳ͗ 'ĞŶĞƌĂƚĞƐ Ă ƌĂŶĚŽŵ ĨůŽĂƚ ŶƵŵďĞƌ ŝŶ ƚŚĞ ƌĂŶŐĞ ΀Ϭ͘Ϭ͕ ϭ͘ϬͿ͘ භ ƌĂŶĚŽŵ͘ƵŶŝĨŽƌŵ;Ă͕ďͿ͗'ĞŶĞƌĂƚĞƐĂƌĂŶĚŽŵĨůŽĂƚŶƵŵďĞƌŝŶƚŚĞƌĂŶŐĞ΀Ă͕ďͿ͘ භ ƌĂŶĚŽŵ͘ƌĂŶĚŝŶƚ;Ă͕ďͿ͗'ĞŶĞƌĂƚĞƐĂƌĂŶĚŽŵŝŶƚĞŐĞƌŝŶƚŚĞƌĂŶŐĞ΀Ă͕ď΁;ŝŶĐůƵƐŝǀĞͿ͘ භ ƌĂŶĚŽŵ͘ĐŚŽŝĐĞ;ƐĞƋƵĞŶĐĞͿ͗WŝĐŬƐĂƌĂŶĚŽŵĞůĞŵĞŶƚĨƌŽŵĂƐĞƋƵĞŶĐĞ;ůŝƐƚ͕ƚƵƉůĞ͕ƐƚƌŝŶŐ͕ĞƚĐ͘Ϳ͘ භ ƌĂŶĚŽŵ͘ƐŚƵĨĨůĞ;ƐĞƋƵĞŶĐĞͿ͗^ŚƵĨĨůĞƐƚŚĞĞůĞŵĞŶƚƐŽĨĂƐĞƋƵĞŶĐĞƌĂŶĚŽŵůLJ ;ŝŶͲƉůĂĐĞͿ͘ džĂŵƉůĞϭ͗ tŚĂƚŝƐƚŚĞƉŽƐƐŝďůĞŽƵƚĐŽŵĞͬƐŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͍ WŽƐƐŝďůĞŽƉƚŝŽŶƐ͗ ĂͿ ŐƌĞĞŶ ďͿ LJĞůůŽǁ ĐͿ ďůƵĞ ĚͿ ŽƌĂŶŐĞ 36  ^ŽůƵƚŝŽŶ͗ ,ĞƌĞ͕ƚŚĞƉŽƐƐŝďůĞǀĂůƵĞƐĨŽƌƚŚĞǀĂƌŝĂďůĞƌĂŶĚŽŵƐĂŵƉůĞĂƌĞϯ͕ϰĂŶĚϱ͘,ĞŶĐĞ͕ƚŚĞ ƉŽƐƐŝďůĞKƵƚƉƵƚƐŽĨƚŚĞĂďŽǀĞĐŽĚĞĂƌĞďͿzĞůůŽǁĂŶĚĚͿŽƌĂŶŐĞ͘ džĂŵƉůĞϮ͗ ŽĚĞ͗ KƵƚƉƵƚ͗ džĂŵƉůĞϯ͗ tŚĂƚĂƌĞƚŚĞƉŽƐƐŝďůĞŽƵƚƉƵƚͬƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͍ KƵƚƉƵƚKƉƚŝŽŶƐ͗ 37  ŝ͘ Ϯϵ͗Ϯϲ͗Ϯϱ͗Ϯϴ͗ ŝŝ͘ Ϯϰ͗Ϯϴ͗Ϯϱ͗Ϯϲ͗ ŝŝŝ͘ Ϯϵ͗Ϯϲ͗Ϯϰ͗Ϯϴ͗ ŝǀ͘ Ϯϵ͗Ϯϲ͗Ϯϱ͗Ϯϲ͗ ^ŽůƵƚŝŽŶ͗ KƉƚŝŽŶŝǀ džĂŵƉůĞϰ͗ tŚĂƚĂƌĞƚŚĞƉŽƐƐŝďůĞŽƵƚĐŽŵĞͬƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͗ KƵƚƉƵƚKƉƚŝŽŶƐ͗ ŝ͘ ϭϬϯηϭϬϮηϭϬϭηϭϬϬη ŝŝ͘ ϭϬϬηϭϬϭηϭϬϮηϭϬϯη ŝŝŝ͘ ϭϬϬηϭϬϭηϭϬϮηϭϬϯηϭϬϰη ŝǀ͘ ϰηϭϬϯηϭϬϮηϭϬϭηϭϬϬη ^ŽůƵƚŝŽŶ͗ KƉƚŝŽŶŝĂŶĚŽƉƚŝŽŶŝǀ ƐƐŝŐŶŵĞŶƚ ϭ͘ tŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͍ ĂͿ ϭϬ ďͿ ϯϬ ĐͿ ĞƌƌŽƌ ĚͿ ϮϬ Ϯ͘ tŚĂƚŝƐƚŚĞƐĐŽƉĞŽĨĂǀĂƌŝĂďůĞĚĞĨŝŶĞĚŝŶƐŝĚĞĂĨƵŶĐƚŝŽŶ͍ ĂͿ 'ůŽďĂůƐĐŽƉĞďͿ>ŽĐĂůƐĐŽƉĞĐͿhŶŝǀĞƌƐĂůƐĐŽƉĞĚͿ&ƵŶĐƚŝŽŶƐĐŽƉĞ ϯ͘ /ŶWLJƚŚŽŶ͕ĐĂŶĂĨƵŶĐƚŝŽŶƌĞƚƵƌŶŵƵůƚŝƉůĞǀĂůƵĞƐƐŝŵƵůƚĂŶĞŽƵƐůLJ͍ ĂͿ zĞƐ ďͿ EŽ ϰ͘ tŚĂƚŝƐƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞΗƌĞƚƵƌŶΗƐƚĂƚĞŵĞŶƚŝŶĂĨƵŶĐƚŝŽŶ͍ ĂͿ /ƚƐƉĞĐŝĨŝĞƐƚŚĞƚLJƉĞŽĨƚŚĞĨƵŶĐƚŝŽŶ͘ ďͿ /ƚĚĞĨŝŶĞƐƚŚĞŝŶƉƵƚƉĂƌĂŵĞƚĞƌƐŽĨƚŚĞĨƵŶĐƚŝŽŶ͘ ĐͿ /ƚŝŶĚŝĐĂƚĞƐƚŚĞĞŶĚŽĨĂĨƵŶĐƚŝŽŶ͘ ĚͿ /ƚƌĞƚƵƌŶƐĂǀĂůƵĞĨƌŽŵƚŚĞĨƵŶĐƚŝŽŶƚŽƚŚĞĐĂůůĞƌ͘ ϱ͘ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐŵŽĚƵůĞĨƵŶĐƚŝŽŶƐŐĞŶĞƌĂƚĞƐĂŶŝŶƚĞŐĞƌ͍ ĂͿ ƌĂŶĚŝŶƚ;Ϳ ďͿ ƵŶŝĨŽƌŵ;ͿĐͿƌĂŶĚŽŵ;Ϳ ĚͿ ĂůůŽĨƚŚĞĂďŽǀĞ ϲ͘ dŚĞƌĞƚƵƌŶƚLJƉĞŽĨƚŚĞŝŶƉƵƚ;ͿĨƵŶĐƚŝŽŶŝƐ ĂͿ ^ƚƌŝŶŐ ďͿ ŝŶƚĞŐĞƌ ĐͿ ůŝƐƚ ĚͿ ƚƵƉůĞ 38 ϳ͘ dŚĞǀĂůƵĞƐďĞŝŶŐƉĂƐƐĞĚƚŚƌŽƵŐŚĂĨƵŶĐƚŝŽŶĐĂůůƐƚĂƚĞŵĞŶƚĂƌĞĐĂůůĞĚ ĂͿ ĐƚƵĂůƉĂƌĂŵĞƚĞƌ ďͿ &ŽƌŵĂůƉĂƌĂŵĞƚĞƌ ĐͿ ĚĞĨĂƵůƚƉĂƌĂŵĞƚĞƌ ĚͿ EŽŶĞŽĨƚŚĞƐĞ ϴ͘ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽŵƉŽŶĞŶƚƐĂƌĞƉĂƌƚŽĨĂĨƵŶĐƚŝŽŶŚĞĂĚĞƌŝŶWLJƚŚŽŶ͍ ĂͿ &ƵŶĐƚŝŽŶEĂŵĞ ďͿ ZĞƚƵƌŶ^ƚĂƚĞŵĞŶƚ ĐͿ WĂƌĂŵĞƚĞƌ>ŝƐƚ ĚͿ ŽƚŚĂĂŶĚĐ ϵ͘ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐĨƵŶĐƚŝŽŶŚĞĂĚĞƌŝƐĐŽƌƌĞĐƚ͍ ĂͿ ĚĞĨĐĂůͺƐŝ;ƉсϭϬϬ͕ƌ͕ƚсϮͿ ďͿ ĚĞĨĐĂůͺƐŝ;ƉсϭϬϬ͕ƌсϴ͕ƚͿ ĐͿ ĚĞĨĐĂůͺƐŝ;Ɖ͕ƌсϴ͕ƚͿ ĚͿ ĚĞĨĐĂůͺƐŝ;Ɖ͕ƌсϴ͕ƚсϮͿ ϭϬ͘ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞĐŽƌƌĞĐƚǁĂLJƚŽĐĂůůĂĨƵŶĐƚŝŽŶ͍ ĂͿ ŵLJͺĨƵŶĐ;Ϳ ďͿ ĚĞĨŵLJͺĨƵŶĐ;Ϳ ĐͿ ƌĞƚƵƌŶŵLJͺĨƵŶĐ ĚͿ ĐĂůůŵLJͺĨƵŶĐ;Ϳ ϭϭ͘ ŽŶƐŝĚĞƌƚŚĞĐŽĚĞŐŝǀĞŶďĞůŽǁ͗ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƐƚĂƚĞŵĞŶƚƐƐŚŽƵůĚďĞŐŝǀĞŶŝŶƚŚĞďůĂŶŬĨŽƌηDŝƐƐŝŶŐ^ƚĂƚĞŵĞŶƚ͕ ŝĨƚŚĞŽƵƚƉƵƚƉƌŽĚƵĐĞĚŝƐϭϭϬ͍ ĂͿ ŐůŽďĂůĂ ďͿ ŐůŽďĂůďсϭϬϬ ĐͿ ŐůŽďĂůď ĚͿ ŐůŽďĂůĂсϭϬϬ ϭϮ͘ tŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚ͍ ĂͿ ϱ ĐͿ ϰ ďͿ ϲ ĚͿ dŚŝƐĐŽĚĞǁŝůůƌĂŝƐĞĂŶĞƌƌŽƌ͘ 39  ϭϯ͘ ĨƵŶĐƚŝŽŶŝƐĚĞĨŝŶĞĚĂƐďĞůŽǁ͕ƚŚĞĨƵŶĐƚŝŽŶĐĂůůƉĂƌĂŵĞƚĞƌƐĐĂŶďĞ͗ ĂͿ dǁŽƚƵƉůĞƐ ďͿ dǁŽŶƵŵďĞƌƐ ĐͿ KŶĞŶƵŵďĞƌ ĚͿ ůůŽĨƚŚĞĂďŽǀĞ ϭϰ͘ tŚĂƚŝƐƚŚĞĐŽƌƌĞĐƚƐLJŶƚĂdžĨŽƌĚĞĨŝŶŝŶŐĂĨƵŶĐƚŝŽŶŝŶWLJƚŚŽŶ͍ ĂͿ ĨƵŶĐƚŝŽŶŵLJ&ƵŶĐƚŝŽŶ;Ϳ͗ ĐͿ ĚĞĨŵLJ&ƵŶĐƚŝŽŶ;Ϳ͗ ďͿ ĚĞĨŵLJ&ƵŶĐƚŝŽŶ͗ ĚͿ ĚĞĨŝŶĞŵLJ&ƵŶĐƚŝŽŶ;Ϳ͗ ϭϱ͘ ^ƚĂƚŝƐƚŝĐƐ͘ŵŽĚĞ;΀ϭϬ͕ϭϬ͕ϭϭ͕ϭϮ͕ϭϰ͕ϭϭ͕ϭϭ͕ϭϱ͕ϭϱ͕ϭϲ͕ϭϱ΁ͿǁŝůůƌĞƚƵƌŶ;ĐŽŶƐŝĚĞƌ ŵŽĚƵůĞŝƐŝŵƉŽƌƚĞĚͿ ĂͿϭϬďͿϭϱĐͿϭϭĚͿƌƌŽƌ ϭϲ͘ wŚĂƚƉŽƐƐŝďůĞŽƵƚƉƵƚƐ;ƐͿĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĚŝƐƉůĂLJĞĚŽŶƐĐƌĞĞŶĂƚƚŚĞƚŝŵĞŽĨ ĞdžĞĐƵƚŝŽŶŽĨƚŚĞƉƌŽŐƌĂŵĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͍ůƐŽ͕ƐƉĞĐŝĨLJƚŚĞŵĂdžŝŵƵŵ ǀĂůƵĞƐƚŚĂƚĐĂŶďĞĂƐƐŝŐŶĞĚƚŽĞĂĐŚŽĨƚŚĞǀĂƌŝĂďůĞƐ>ŽǁĞƌĂŶĚhƉƉĞƌ͘ ĂͿ ϭϬηϰϬηϳϬη ďͿ ϯϬηϰϬηϱϬη ĐͿ ϱϬηϲϬηϳϬη ĚͿ ϰϬηϱϬηϳϬη 17.tŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚŽĨƚŚĞWLJƚŚŽŶĐŽĚĞ͍ ĐͿ ϯϯ ďͿ Ͳϯϯ ĐͿ ϯ ĚͿͲϯ ϭϴ͘ tŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͍ ĂͿ ϭϱϭϴ ďͿ ϰϲϱϲ ĐͿ Ϯϱϯϱ ĚͿ ϭϯϭϮ ϭϵ͘ tŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͍ 40  ĂͿ ϭϬϬηϱϮ ďͿ ϴϱηϱϮ ĐͿ ϴϱηϯϯ ĚͿ ϱϮηϱϮ ϮϬ͘ &ŝŶĚƚŚĞŝŵƉŽƐƐŝďůĞŽƉƚŝŽŶĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐ ĂͿ ΀Ϭ͕ϭ͕Ϯ͕ϯ΁ ďͿ ΀Ϭ͕ϭ͕Ϯ͕ϯ͕ϰ΁ ĐͿ ΀Ϭ͕ϭ͕Ϯ͕ϯ͕ϰ͕ϱ΁ ĚͿ ΀Ϭ͕ϭ͕Ϯ΁ Ϯϭ͘ >ŽŽŬĂƚƚŚĞĨƵŶĐƚŝŽŶĚĞĨŝŶŝƚŝŽŶĂŶĚƚŚĞĨƵŶĐƚŝŽŶĐĂůůĂŶĚĚĞƚĞƌŵŝŶĞƚŚĞĐŽƌƌĞĐƚŽƵƚƉƵƚ ĂͿ Ϯϭ ĐͿ ϲϭ ďͿ ϳϮ ĚͿ ϳϭ ϮϮ͘ WƌĞĚŝĐƚŽƵƚƉƵƚ͗ ĂͿ ΀ϭ͕Ϯ͕ϯ͕ϰ͕ϱ͕ϲ΁ ĐͿ ΀ϭϬϬ͕Ϯ͕ϯ͕ϰ͕ϱ΁ ďͿ ΀ϭϬϬ͕Ϯ͕ϯ͕ϰ͕ϱ͕ϲ΁ ĚͿ ΀ϭ͕Ϯ͕ϯ͕ϰ͕ϱ΁ Ϯϯ͘ WƌĞĚŝĐƚŽƵƚƉƵƚ͗ ĂͿ ΀ϭ͕Ϯ͕ϯ͕ϰ΁ ďͿ ΀ϱ͕ϲ͕ϳ΁ ĐͿ ΀ϭ͕Ϯ͕ϯ͕ϰ͕ϱ͕ϲ͕ϳ΁ ĚͿ dŚŝƐĐŽĚĞǁŝůůƌĂŝƐĞĂŶĞƌƌŽƌ͘ 41 Ϯϰ͘ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐŽƵƚƉƵƚƐŝƐŶŽƚƉŽƐƐŝďůĞ͗ KƉƚŝŽŶƐ͗ ĂͿ ϯϰ͗Ϯϰ͗ϯϬ͗ϯϯ͗ ďͿ Ϯϵ͗ϯϯ͗ϯϲ͗ϯϭ͗ ĐͿ Ϯϰ͗ϯϭ͗ϯϬ͗ϯϭ͗ ĚͿ ϯϰ͗ϯϭ͗Ϯϵ͗ϯϬ͗ Ϯϱ͘ tŚĂƚƉŽƐƐŝďůĞŽƵƚƉƵƚƐ;ƐͿĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĚŝƐƉůĂLJĞĚŽŶƐĐƌĞĞŶĂƚƚŚĞƚŝŵĞŽĨĞdžĞĐƵƚŝŽŶ ŽĨƚŚĞƉƌŽŐƌĂŵĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͍ůƐŽ͕ƐƉĞĐŝĨLJƚŚĞŵĂdžŝŵƵŵǀĂůƵĞƐƚŚĂƚĐĂŶďĞ ĂƐƐŝŐŶĞĚƚŽĞĂĐŚŽĨƚŚĞǀĂƌŝĂďůĞƐ&ZKDĂŶĚdK͘ ĂͿ ϭϬηϰϬηϳϬη ĐͿ ϱϬηϲϬηϳϬ ďͿ ϯϬηϰϬηϱϬη ĚͿ ϰϬηϱϬηϳϬη Ϯϲ͘ tŚĂƚǁŝůůďĞƚŚĞƉŽƐƐŝďůĞŽƵƚĐŽŵĞƐ͗ ĂͿ ĞůŚŝηDƵŵďĂŝηŚĞŶŶĂŝηK'/>ZZKZ ZhEd/DZZKZ /ƚŽĐĐƵƌƐǁŚĞŶǁĞƉƵƚƐŽŵĞ /ƚŵĂLJŽĐĐƵƌǁŚĞŶƚŚĞƌĞŵĂLJďĞƐŽŵĞ /ƚŽĐĐƵƌƐĂƚƚŚĞƚŝŵĞŽĨƉƌŽŐƌĂŵ ŝŶĐŽƌƌĞĐƚƉƵŶĐƚƵĂƚŝŽŶ͕ ŝŵƉƌŽƉĞƌƐĞƋƵĞŶĐĞŽĨƐƚĂƚĞŵĞŶƚƐŽƌ ĞdžĞĐƵƚŝŽŶ͘^ƵĐŚĞƌƌŽƌƐƉƌŽĚƵĐĞ ŝŶĐŽƌƌĞĐƚǁŽƌĚƐĞƋƵĞŶĐĞŽƌ ŝŶĐŽƌƌĞĐƚƵƐĞŽĨŽƉĞƌĂƚŽƌƐ͘/ƚǁŝůůŶŽƚ ŝŶĐŽƌƌĞĐƚŽƵƚƉƵƚĨŽƌƐƉĞĐŝĨŝĐ ƚŚĞƌĞĂƌĞƐŽŵĞƵŶĚĞĨŝŶĞĚ ƐƚŽƉĂƉƌŽŐƌĂŵĨƌŽŵĞdžĞĐƵƚŝŶŐďƵƚǁŝůů ǀĂůƵĞƐŽĨŝŶƉƵƚ͘dŚĞƐĞĞƌƌŽƌƐĂƌĞ ƚĞƌŵƐŽƌŵŝƐƐŝŶŐƉĂƌĞŶƚŚĞƐŝƐ͘ ƉƌŽĚƵĐĞŝŶĐŽƌƌĞĐƚŽƵƚƉƵƚ͘/ƚǁŝůů ĂůƐŽĐĂůůĞĚdžĐĞƉƚŝŽŶƐ͕ǁŚŝĐŚ ^LJŶƚĂdžĞƌƌŽƌƐĂƌĞĂůƐŽŬŶŽǁŶ ŐĞŶĞƌĂƚĞŝŶĐŽƌƌĞĐƚŽƵƚƉƵƚĨŽƌĞǀĞƌLJ ŽĐĐƵƌǁŚĞŶƐŽŵĞƚŚŝŶŐ ĂƐWĂƌƐŝŶŐĞƌƌŽƌƐ͘ ǀĂůƵĞŽĨŝŶƉƵƚ͘ ƵŶĞdžƉĞĐƚĞĚŚĂƉƉĞŶƐůĞĂĚŝŶŐƚŽ &ŽƌĞdžĂŵƉůĞ͗ &ŽƌĞdžĂŵƉůĞ͗ ƐƚŽƉƉŝŶŐƚŚĞƉƌŽŐƌĂŵ хххƉсϮ;ŶƵŵϭнŶƵŵϮͿ /ĨǁĞǁĂŶƚƚŽĨŝŶĚƚŚĞƐƵŵŽĨƚǁŽ ĞdžĞĐƵƚŝŽŶ͘ ŶƵŵďĞƌƐ͕ǁƌŝƚĞƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞ͗ &ŽƌĞdžĂŵƉůĞ͗ dŚŝƐƐƚĂƚĞŵĞŶƚŝƐ ͕сϭϬ͕ϭϱ ϭ͘ ŝǀŝƐŝŽŶďLJnjĞƌŽ͘ ŵĂƚŚĞŵĂƚŝĐĂůůLJĐŽƌƌĞĐƚďƵƚ сΎ Ϯ͘ &ŝŶĚŝŶŐ ƚŚĞ ƐƋƵĂƌĞ ƌŽŽƚ ŽĨ Ă ƚŚĞWLJƚŚŽŶŝŶƚĞƌƉƌĞƚĞƌǁŝůů ƉƌŝŶƚ;͞^ƵŵŝƐ͕͗͞Ϳ ŶĞŐĂƚŝǀĞŶƵŵďĞƌ͘ ƌĂŝƐĞĂ^zEdyĞƌƌŽƌĂƐƚŚĞƌĞ ,ĞƌĞ͕ƚŚĞĐŽĚĞǁŝůůŐĞŶĞƌĂƚĞΎďƵƚ ϯ͘ /ŶƐƵĨĨŝĐŝĞŶƚ ŵĞŵŽƌLJ ŝƐ ŝƐŶŽƐŝŐŶƉƌĞƐĞŶƚďĞƚǁĞĞŶϮ ǁĞǁĂŶƚĞĚƚŽĨŝŶĚ^Ƶŵ͘,ĞŶĐĞŝƚŝƐĂ ĂǀĂŝůĂďůĞŽŶƚŚĞĐŽŵƉƵƚĞƌ͘ ĂŶĚƉĂƌĞŶƚŚĞƐŝƐ͘dŚĞĐŽƌƌĞĐƚ ůŽŐŝĐĂůĞƌƌŽƌ͘ ϰ͘ dƌLJŝŶŐƚŽŽƉĞŶĂĨŝůĞƚŚĂƚĚŽĞƐ ƐƚĂƚĞŵĞŶƚǁŝůůďĞ͗ ŶŽƚĞdžŝƐƚ͘ хххƉсϮΎ;ŶƵŵϭнŶƵŵϮͿ yWd/KE^͗ භ ZƵŶƚŝŵĞĞƌƌŽƌƐĂƌĞŬŶŽǁŶĂƐdžĐĞƉƚŝŽŶƐ͘ භ tŚĞŶĂŶdžĐĞƉƚŝŽŶŝƐŐĞŶĞƌĂƚĞĚ͕ƚŚĞƉƌŽŐƌĂŵĞdžĞĐƵƚŝŽŶŝƐƐƚŽƉƉĞĚ͘ භ ZĞŵŽǀŝŶŐĞƌƌŽƌƐĨƌŽŵĂĐŽĚĞŝƐƌĞĨĞƌƌĞĚƚŽĂƐyWd/KE,E>/E'͘ භ ŽŵŵŽŶůLJŽĐĐƵƌƌŝŶŐĞdžĐĞƉƚŝŽŶƐĂƌĞƵƐƵĂůůLJĚĞĨŝŶĞĚŝŶƚŚĞ/ŶƚĞƌƉƌĞƚĞƌ͘dŚĞƐĞĂƌĞŬŶŽǁŶĂƐƵŝůƚͲŝŶ džĐĞƉƚŝŽŶƐ͘ 53 ^ŽŵĞƵŝůƚͲŝŶdžĐĞƉƚŝŽŶƐĂƌĞůŝƐƚĞĚďĞůŽǁ͗ yWd/KE ^Z/Wd/KE ĞƌŽŝǀŝƐŝŽŶƌƌŽƌ /ƚŝƐƌĂŝƐĞĚǁŚĞŶĂŶĞdžƉƌĞƐƐŝŽŶŽƌĂǀĂůƵĞŝƐŐĞƚƚŝŶŐĚŝǀŝĚĞĚďLJnjĞƌŽ;ϬͿ͘ &ŽƌĞdžĂŵƉůĞ͗/ĨĐсϬ͕ƚŚĞŶƉсďͬĐǁŝůůƌĞƐƵůƚŝŶ͚ĞƌŽŝǀŝƐŝŽŶƌƌŽƌ͛͘ EĂŵĞƌƌŽƌ /ƚŝƐƌĂŝƐĞĚǁŚĞŶĂŶŝĚĞŶƚŝĨŝĞƌŝƐŶŽƚĂƐƐŝŐŶĞĚĂŶLJǀĂůƵĞĞĂƌůŝĞƌĂŶĚŝƐ ďĞŝŶŐƵƐĞĚŝŶƐŽŵĞĞdžƉƌĞƐƐŝŽŶ͘&ŽƌĞdžĂŵƉůĞ͗ŝĨƉсĂΎďͬĐƚŚĞŶŝƚǁŝůů ƌĞƐƵůƚŝŶ͚EĂŵĞƌƌŽƌ͛ǁŚĞŶŽŶĞŽƌŵŽƌĞǀĂƌŝĂďůĞƐĂƌĞŶŽƚĂƐƐŝŐŶĞĚ ǀĂůƵĞƐ͘ dLJƉĞƌƌŽƌ /ƚŝƐƌĂŝƐĞĚǁŚĞŶǀĂƌŝĂďůĞƐƵƐĞĚŝŶĂŶLJĞdžƉƌĞƐƐŝŽŶŚĂǀĞǀĂůƵĞƐŽĨ ĚŝĨĨĞƌĞŶƚĚĂƚĂƚLJƉĞƐ͘&ŽƌĞdžĂŵƉůĞ͗ŝĨƉс;ĂнďͿͬĐƚŚĞŶŝƚǁŝůůƌĞƐƵůƚŝŶ ͚dLJƉĞƌƌŽƌ͛ǁŚĞŶƚŚĞǀĂƌŝĂďůĞƐĂ͕ďĂŶĚĐĂƌĞŽĨĚŝĨĨĞƌĞŶƚĚĂƚĂƚLJƉĞƐ͘ sĂůƵĞƌƌŽƌ /ƚŝƐƌĂŝƐĞĚǁŚĞŶƚŚĞŐŝǀĞŶǀĂůƵĞŽĨĂǀĂƌŝĂďůĞŝƐŽĨƚŚĞƌŝŐŚƚĚĂƚĂƚLJƉĞ ďƵƚŶŽƚĂƉƉƌŽƉƌŝĂƚĞĂĐĐŽƌĚŝŶŐƚŽƚŚĞĞdžƉƌĞƐƐŝŽŶ͘ /KƌƌŽƌ /ƚŝƐƌĂŝƐĞĚǁŚĞŶƚŚĞĨŝůĞƐƉĞĐŝĨŝĞĚŝŶĂƉƌŽŐƌĂŵƐƚĂƚĞŵĞŶƚĐĂŶŶŽƚďĞ ŽƉĞŶĞĚ͘ /ŶĚĞdžƌƌŽƌ /ƚŝƐƌĂŝƐĞĚǁŚĞŶƚŚĞŝŶĚĞdžŽĨĂƐĞƋƵĞŶĐĞŝƐŽƵƚŽĨƚŚĞƌĂŶŐĞ͘ /E'͗ ǀĞƌLJĞdžĐĞƉƚŝŽŶŚĂƐƚŽďĞŚĂŶĚůĞĚďLJƚŚĞƉƌŽŐƌĂŵŵĞƌĨŽƌƚŚĞƐƵĐĐĞƐƐĨƵůĞdžĞĐƵƚŝŽŶŽĨƚŚĞƉƌŽŐƌĂŵ͘ dŽĞŶƐƵƌĞƚŚŝƐǁĞǁƌŝƚĞƐŽŵĞĂĚĚŝƚŝŽŶĂůĐŽĚĞƚŽŐŝǀĞƐŽŵĞƉƌŽƉĞƌŵĞƐƐĂŐĞƚŽƚŚĞƵƐĞƌŝĨƐƵĐŚĂ ĐŽŶĚŝƚŝŽŶŽĐĐƵƌƐ͘dŚŝƐƉƌŽĐĞƐƐŝƐŬŶŽǁŶĂƐyWd/KE,E>/E'͘ džĐĞƉƚŝŽŶŚĂŶĚůĞƌƐƐĞƉĂƌĂƚĞƚŚĞŵĂŝŶůŽŐŝĐŽĨƚŚĞƉƌŽŐƌĂŵĨƌŽŵƚŚĞĞƌƌŽƌĚĞƚĞĐƚŝŽŶĂŶĚĐŽƌƌĞĐƚŝŽŶ ĐŽĚĞ͘dŚĞƐĞŐŵĞŶƚŽĨĐŽĚĞǁŚĞƌĞƚŚĞƌĞŝƐĂŶLJƉŽƐƐŝďŝůŝƚLJŽĨĞƌƌŽƌŽƌĞdžĐĞƉƚŝŽŶŝƐƉůĂĐĞĚŝŶƐŝĚĞŽŶĞ ďůŽĐŬ͘dŚĞĐŽĚĞƚŽďĞĞdžĞĐƵƚĞĚŝŶĐĂƐĞƚŚĞĞdžĐĞƉƚŝŽŶŚĂƐŽĐĐƵƌƌĞĚŝƐƉůĂĐĞĚŝŶƐŝĚĞĂŶŽƚŚĞƌďůŽĐŬ͘ dŚĞƐĞƐƚĂƚĞŵĞŶƚƐĨŽƌĚĞƚĞĐƚŝŽŶĂŶĚƌĞƉŽƌƚŝŶŐƚŚĞĞdžĞĐƵƚŝŽŶĚŽŶŽƚĂĨĨĞĐƚƚŚĞŵĂŝŶůŽŐŝĐŽĨƚŚĞ ƉƌŽŐƌĂŵ͘ 54 ^dW^&KZyWd/KE,E>/E'͗ ŶĞdžĐĞƉƚŝŽŶŝƐƐĂŝĚƚŽďĞĐĂƵŐŚƚǁŚĞŶĂĐŽĚĞĚĞƐŝŐŶĞĚĨŽƌŚĂŶĚůŝŶŐƚŚĂƚƉĂƌƚŝĐƵůĂƌĞdžĐĞƉƚŝŽŶŝƐ ĞdžĞĐƵƚĞĚ͘/ŶWLJƚŚŽŶ͕ĞdžĐĞƉƚŝŽŶƐ͕ŝĨĂŶLJ͕ĂƌĞŚĂŶĚůĞĚďLJƵƐŝŶŐƚŚĞƚƌLJͲĞdžĐĞƉƚͲĨŝŶĂůůLJďůŽĐŬ͘tŚŝůĞ ǁƌŝƚŝŶŐĐŽĚĞ͕ĂƉƌŽŐƌĂŵŵĞƌŵŝŐŚƚĚŽƵďƚĂƉĂƌƚŝĐƵůĂƌƉĂƌƚŽĨĐŽĚĞƚŽƌĂŝƐĞĂŶĞdžĐĞƉƚŝŽŶ͘^ƵĐŚ ƐƵƐƉŝĐŝŽƵƐůŝŶĞƐŽĨĐŽĚĞĂƌĞǁƌŝƚƚĞŶŝŶƐŝĚĞĂƚƌLJďůŽĐŬǁŚŝĐŚǁŝůůďĞĨŽůůŽǁĞĚďLJĂŶĞdžĐĞƉƚďůŽĐŬ͘dŚĞ ĐŽĚĞƚŽŚĂŶĚůĞĞǀĞƌLJƉŽƐƐŝďůĞĞdžĐĞƉƚŝŽŶ͕ƚŚĂƚŵĂLJĂƌŝƐĞŝŶƚŚĞƚƌLJďůŽĐŬ͕ǁŝůůďĞǁƌŝƚƚĞŶŝŶƐŝĚĞƚŚĞ ĞdžĐĞƉƚďůŽĐŬ͘ /ĨŶŽĞdžĐĞƉƚŝŽŶŽĐĐƵƌƐĚƵƌŝŶŐƚŚĞĞdžĞĐƵƚŝŽŶŽĨƚŚĞƉƌŽŐƌĂŵ͕ƚŚĞƉƌŽŐƌĂŵƉƌŽĚƵĐĞƐƚŚĞĚĞƐŝƌĞĚ ŽƵƚƉƵƚƐƵĐĐĞƐƐĨƵůůLJ͘ƵƚŝĨĂŶĞdžĐĞƉƚŝŽŶŝƐĞŶĐŽƵŶƚĞƌĞĚ͕ĨƵƌƚŚĞƌĞdžĞĐƵƚŝŽŶŽĨƚŚĞĐŽĚĞŝŶƐŝĚĞƚŚĞƚƌLJ ďůŽĐŬǁŝůůďĞƐƚŽƉƉĞĚĂŶĚƚŚĞĐŽŶƚƌŽůĨůŽǁǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞĞdžĐĞƉƚďůŽĐŬ͘ džĂŵƉůĞϭ͗ 55 dŚĞŽƵƚƉƵƚǁŝůůďĞ͗ džĂŵƉůĞϮ͗ /ŶƚŚĞĂďŽǀĞĞdžĂŵƉůĞ͕ƚŚĞƵƐĞƌĞŶƚĞƌĞĚĂǁƌŽŶŐǀĂůƵĞƚŚĂƚƌĂŝƐĞĚsĂůƵĞƌƌŽƌ͘tĞĐĂŶŚĂŶĚůĞƚŚŝƐ ĞdžĐĞƉƚŝŽŶďLJƵƐŝŶŐƚŚĞsĂůƵĞƌƌŽƌĞdžĐĞƉƚŝŽŶ͘ ZĞƐƵůƚ͗ hƐĞŽĨŵƵůƚŝƉůĞ͞ĞdžĐĞƉƚ͟ďůŽĐŬƐ͗ ^ŽŵĞƚŝŵĞƐ͕ĂƐŝŶŐůĞƉŝĞĐĞŽĨĐŽĚĞŝŶĂƉƌŽŐƌĂŵŵĂLJŚĂǀĞŵŽƌĞƚŚĂŶŽŶĞƚLJƉĞŽĨĞƌƌŽƌ͘/ĨƐƵĐŚĂŶ ĞǀĞŶƚŚĂƉƉĞŶƐ͕ǁĞĐĂŶƵƐĞŵƵůƚŝƉůĞĞdžĐĞƉƚďůŽĐŬƐĨŽƌĂƐŝŶŐůĞƚƌLJďůŽĐŬ͘ džĂŵƉůĞϭ͗ 56 dŚĞŽƵƚƉƵƚǁŝůůďĞ͗ džĂŵƉůĞϮ͗ tĞĐĂŶĂůƐŽŚĂŶĚůĞĞdžĐĞƉƚŝŽŶƐǁŝƚŚŽƵƚŶĂŵŝŶŐƚŚĞŵ͘ dŚĞŽƵƚƉƵƚǁŝůůďĞ͗ ĞĨĂƵůƚĞdžĐĞƉƚŝŽŶŵĞƐƐĂŐĞƐĐĂŶĂůƐŽďĞĚŝƐƉůĂLJĞĚǁŚĞŶǁĞĂƌĞŶŽƚŚĂŶĚůŝŶŐĞdžĐĞƉƚŝŽŶƐďLJŶĂŵĞ͘ 57 dŚĞŽƵƚƉƵƚǁŝůůďĞ͗ ƚƌLJ͙ĞdžĐĞƉƚ͙ĞůƐĞůĂƵƐĞ͗:ƵƐƚůŝŬĞŽŶĚŝƚŝŽŶĂůĂŶĚ/ƚĞƌĂƚŝǀĞƐƚĂƚĞŵĞŶƚƐǁĞĐĂŶƵƐĞĂŶŽƉƚŝŽŶĂů ĞůƐĞĐůĂƵƐĞĂůŽŶŐǁŝƚŚƚŚĞƚƌLJ͙ĞdžĐĞƉƚĐůĂƵƐĞ͘ŶĞdžĐĞƉƚďůŽĐŬǁŝůůďĞĞdžĞĐƵƚĞĚŽŶůLJǁŚĞŶƐŽŵĞ ĞdžĐĞƉƚŝŽŶƐĂƌĞƌĂŝƐĞĚŝŶƚŚĞƚƌLJďůŽĐŬ͘ƵƚŝĨƚŚĞƌĞŝƐŶŽĞƌƌŽƌƚŚĞŶĞdžĐĞƉƚďůŽĐŬƐǁŝůůŶŽƚďĞĞdžĞĐƵƚĞĚ͘/Ŷ ƚŚŝƐĐĂƐĞ͕ƚŚĞĞůƐĞĐůĂƵƐĞǁŝůůďĞĞdžĞĐƵƚĞĚ͘ dŚĞŽƵƚƉƵƚǁŝůůďĞ͗ ĨŝŶĂůůLJ>h^͗ dŚĞƚƌLJ͙ĞdžĐĞƉƚ͙ĞůƐĞďůŽĐŬŝŶWLJƚŚŽŶŚĂƐĂŶŽƉƚŝŽŶĂůĨŝŶĂůůLJĐůĂƵƐĞ͘dŚĞƐƚĂƚĞŵĞŶƚƐŝŶƐŝĚĞƚŚĞĨŝŶĂůůLJ ďůŽĐŬĂƌĞĂůǁĂLJƐĞdžĞĐƵƚĞĚǁŚĞƚŚĞƌĂŶĞdžĐĞƉƚŝŽŶŚĂƐŽĐĐƵƌƌĞĚŝŶƚŚĞƚƌLJďůŽĐŬŽƌŶŽƚ͘/ĨǁĞǁĂŶƚƚŽ ƵƐĞƚŚĞĨŝŶĂůůLJďůŽĐŬ͕ŝƚƐŚŽƵůĚĂůǁĂLJƐďĞƉůĂĐĞĚĂƚƚŚĞĞŶĚŽĨƚŚĞĐůĂƵƐĞŝ͘Ğ͘ĂĨƚĞƌĂůůĞdžĐĞƉƚďůŽĐŬƐ ĂŶĚƚŚĞĞůƐĞďůŽĐŬ͘ 58 dŚĞŽƵƚƉƵƚǁŝůůďĞ͗ 59  ƐƐŝŐŶŵĞŶƚ ϭ /ŶĂƚƌLJͲĞdžĐĞƉƚďůŽĐŬ͕ĐĂŶƚŚĞƌĞďĞŵƵůƚŝƉůĞΖĞdžĐĞƉƚΖĐůĂƵƐĞƐ͍ ĂͿ EŽ͕ƚŚĞƌĞĐĂŶďĞŽŶůLJŽŶĞΖĞdžĐĞƉƚΖĐůĂƵƐĞ͘ ďͿ zĞƐ͕ďƵƚŽŶůLJŝĨƚŚĞĞdžĐĞƉƚŝŽŶƐĂƌĞŽĨƚŚĞƐĂŵĞƚLJƉĞ͘ ĐͿ zĞƐ͕ŝƚĂůůŽǁƐŚĂŶĚůŝŶŐĚŝĨĨĞƌĞŶƚĞdžĐĞƉƚŝŽŶƐƐĞƉĂƌĂƚĞůLJ͘ ĚͿ EŽ͕ΖĞdžĐĞƉƚΖĐůĂƵƐĞƐĂƌĞŶŽƚĂůůŽǁĞĚŝŶĂƚƌLJͲĞdžĐĞƉƚďůŽĐŬ͘ Ϯ tŚĞŶŵŝŐŚƚLJŽƵƵƐĞƚŚĞΖĨŝŶĂůůLJΖďůŽĐŬŝŶĞdžĐĞƉƚŝŽŶŚĂŶĚůŝŶŐ͍ ĂͿ dŽŚĂŶĚůĞĞdžĐĞƉƚŝŽŶƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽŽĐĐƵƌĨƌĞƋƵĞŶƚůLJ͘ ďͿ dŽƉƌŽǀŝĚĞĂƌĞƐŽůƵƚŝŽŶĨŽƌĞǀĞƌLJƉŽƐƐŝďůĞĞƌƌŽƌ͘ ĐͿ dŽĐůŽƐĞƌĞƐŽƵƌĐĞƐƚŚĂƚǁĞƌĞŽƉĞŶĞĚŝŶƚŚĞΖƚƌLJΖďůŽĐŬ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞƚŚĞƌĂŶ ĞdžĐĞƉƚŝŽŶŽĐĐƵƌƌĞĚŽƌŶŽƚ͘ ĚͿ dŽĂǀŽŝĚŚĂǀŝŶŐƚŽƵƐĞΖĞdžĐĞƉƚΖďůŽĐŬƐ͘ ϯ tŚĂƚǁŝůůďĞƚŚĞŽƵƚƉƵƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐŽĚĞƐŶŝƉƉĞƚ͍ ĂͿ ŝǀŝƐŝŽŶďLJnjĞƌŽ͊ ďͿ ŶĂƌŝƚŚŵĞƚŝĐĞƌƌŽƌŽĐĐƵƌƌĞĚ͊ ĐͿ EŽĞƌƌŽƌ͊ ĚͿ dŚŝƐĐŽĚĞǁŝůůƌĂŝƐĞĂƐLJŶƚĂdžĞƌƌŽƌ͘ ϰ tŚŝĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐŝƐEKdĂƐƚĂŶĚĂƌĚďƵŝůƚͲŝŶĞdžĐĞƉƚŝŽŶŝŶWLJƚŚŽŶ͍ a) sĂůƵĞƌƌŽƌ ďͿ /ŶĚĞdžƌƌŽƌ ĐͿ džĐĞƉƚŝŽŶƌƌŽƌ ĚͿ yZ/^͗ ϭ ƌĞĂƚĞĂƐŝŵƉůĞĐĂůĐƵůĂƚŽƌƉƌŽŐƌĂŵƚŚĂƚƚĂŬĞƐƚǁŽŶƵŵďĞƌƐĂŶĚĂŶŽƉĞƌĂƚŽƌ;н͕Ͳ͕Ύ͕ͬͿĂƐ ŝŶƉƵƚ͘/ŵƉůĞŵĞŶƚĞdžĐĞƉƚŝŽŶŚĂŶĚůŝŶŐƚŽŚĂŶĚůĞĐĂƐĞƐůŝŬĞĚŝǀŝƐŝŽŶďLJnjĞƌŽĂŶĚŝŶǀĂůŝĚ ŽƉĞƌĂƚŽƌƐ͘ Ϯ ƌĞĂƚĞĂƉƌŽŐƌĂŵƚŚĂƚĂƐŬƐƚŚĞƵƐĞƌĨŽƌĂŶŝŶƚĞŐĞƌŝŶƉƵƚ͘hƐĞĞdžĐĞƉƚŝŽŶŚĂŶĚůŝŶŐƚŽ ĞŶƐƵƌĞƚŚĂƚƚŚĞŝŶƉƵƚŝƐĂǀĂůŝĚŝŶƚĞŐĞƌ͘/ĨƚŚĞƵƐĞƌƉƌŽǀŝĚĞƐŝŶǀĂůŝĚŝŶƉƵƚ͕ƉƌŽŵƉƚƚŚĞŵƚŽ ƌĞƚƌLJƵŶƚŝůĂǀĂůŝĚŝŶƚĞŐĞƌŝƐĞŶƚ?