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&ŝƌƐƚ͕/ǁŽƵůĚůŝŬĞƚŽƚŚĂŶŬaƚĢƉĄŶŬĂsĂŸĄēŽǀĄ ͕ŶĚƌĞĂƐtĂĐŚƚĞƌĂŶĚ&ĂďŝĞŶŶĞDĂƵdžŝŽŶĨŽƌŚĂǀŝŶŐ ĂĐĐĞƉƚĞĚƚŽĞǀĂůƵĂƚĞŵLJǁŽƌŬ͘DĞƌĐŝĠŐĂůĞŵĞŶƚ ĂƵ>Ăď džEĞƚZEĚ͛ĂǀŽŝƌĨŝŶĂŶĐĠŵĂƚŚğƐĞ͘
:͛ĂŝŵĞƌĂŝƐƌĞŵĞƌĐŝĞƌŵŽŶĚŝƌĞĐƚĞƵƌĚĞƚŚğƐĞ ͕ŽŵŝŶŝƋƵĞ'ĂŐůŝĂƌĚŝ;ͨ'ĂŐͩͿ͕ ĚĞŵ͛ĂǀŽŝƌĂĐĐƵĞŝůůŝ ĂƵƐĞŝŶĚĞƐŽŶĠƋƵŝƉĞĞƚĚĞŵ͛ĂǀŽŝƌƐŽƵƚĞŶƵ ƚŽƵƚĂƵůŽŶŐĚĞŵĂƚŚğƐĞ͘:ĞƚĞƌĞŵĞƌĐŝĞƉŽƵƌƚŽŶ ĞdžƉĞƌƚŝƐĞ͕ƚ ĞƐƉƌĠĐŝĞƵdžĐŽŶƐĞŝůƐĞƚůĞƐ;ůŽŶŐƵĞƐ͙ ͿĚŝƐĐƵƐƐŝŽŶƐƐĐŝĞŶƚŝĨŝƋƵĞƐƋƵŝŵ͛ŽŶƚďĞĂƵĐŽƵƉ ĂƉƉŽƌƚĠĞƚĂŝĚĠăĚĠǀĞůŽƉƉĞƌŵŽŶĞƐƉƌŝƚĐƌŝƚŝƋƵĞĞƚƐĐŝĞŶƚŝĨŝƋƵĞ͘ hŶŐƌĂŶĚŵĞƌĐŝă,ĠůğŶĞƵďĞƌƉŽƵƌƐĂŐĞŶƚŝůůĞƐƐĞĞƚƐĂƉĂƚŝĞŶĐĞĚƵƌĂŶƚĐĞƐϰĂŶŶĠĞƐ͘DĞƌĐŝƉŽƵƌ ƚŽŶ ƐŽƵƚŝĞŶ ŵŽƌĂů Ğƚ ŝŶƚĞůůĞĐƚƵĞů͕ ƚƵ ĂƐ ƚŽƵũŽƵƌƐ ĠƚĠ ůă ƉŽƵƌ ƌĠƉŽŶĚƌĞ ă ŵĞƐ ŝŶŶŽŵďƌĂďůĞƐ ƋƵĞƐƚŝŽŶƐĞƚƚƵĂƐƚŽƵũŽƵƌƐƐƵŵ͛ĞŶĐŽƵƌĂŐĞƌƋƵĂŶĚĕĂŶ͛ĂůůĂŝƚƉĂƐƚƌŽƉ͘ ƚŵĞƌĐŝĂƵƐƐŝƉŽƵƌƚĂ ƉĂƚŝĞŶĐĞ Ğƚ ƚ ĞƐ ďŽŶƐ ĐŽŶƐĞŝůƐ ůŽƌƐ ĚĞ ů͛ĠĐƌŝƚƵƌĞ ĚĞ ĐĞƚƚĞ ƚŚğƐĞ͘ dƵ ĞƐ ƵŶĞ ƉĞƌƐŽŶŶĞ Ğƚ ƵŶĞ ƐĐŝĞŶƚŝĨŝƋƵĞ ƌĞŵĂƌƋƵĂďůĞ͕ ũĞ ƐƵŝƐ ĐŽŶĨŝĂŶƚĞ ƋƵĞ ƚƵ ŝƌĂƐ ůŽŝŶ ĚĂŶƐ ƚĂ ǀŝĞ ƉĞƌƐŽŶŶĞůůĞ Ğƚ ƉƌŽĨĞƐƐŝŽŶŶĞůůĞ͊
ŝŶ ďĞƐŽŶĚĞƌĞƌ ĂŶŬ Őŝůƚ ,ĞŝŬĞ Ĩƺƌ ŝŚƌĞ ĞƚƌĞƵƵŶŐ ƵŶĚ ŝŚƌĞ ŐƵƚĞŶ ZĂƚƐĐŚůćŐĞ͘ /ĐŚ ĚĂŶŬĞ Ěŝƌ ĂƵĨƌŝĐŚƚŝŐĨƺƌĚĞŝŶĞŶŬŽŶƐƚƌƵŬƚŝǀĞŶĞŝƚƌĂŐƵŶĚĚĞŝŶĞƵŶĞƌŵƺĚůŝĐŚĞhŶƚĞƌƐƚƺƚnjƵŶŐ͕ĚŝĞŵŝƌďĞŝĚĞƌ hŵƐĞƚnjƵŶŐĚŝĞƐĞƐDĂŶƵƐŬƌŝƉƚƐƐĞŚƌŐĞŚŽůĨĞŶŚĂďĞŶ͘,ćƚƚĞƐƚĚƵŵŝĐŚĚĂŵĂůƐŶŝĐŚƚĂůƐWƌĂŬƚŝŬĂŶƚŝŶ ŐĞŶŽŵŵĞŶ͕ǁćƌĞŝĐŚǁŽŚůũĞƚnjƚŶŝĐŚƚŚŝĞƌ͘ƵďŝƐƚĞŝŶĞƐĞŚƌĂƵĨŵĞƌŬƐĂŵĞƵŶĚŚŝůĨƐďĞƌĞŝƚĞWĞƌƐŽŶ͕ ĚŝĞŝĐŚƐĞŚƌƐĐŚćƚnjĞƵŶĚŶŝĐŚƚƐŽƐĐŚŶĞůůǀĞƌŐĞƐƐĞŶǁĞƌĚĞ͘
DĞƌĐŝăDĂƌůğŶĞĞƚ,ĠůğŶĞĚ͛ĂǀŽŝƌĠƚĠ ůă͊sŽƵƐġƚĞƐĚĞƐĂŵŝĞƐƉƌĠĐŝĞƵƐĞƐƋƵĞũĞŶĞƐƵŝƐƉĂƐƉƌġƚĞ ăŽƵďůŝĞƌ͊DĞƌĐŝDĂƌůğŶĞƉŽƵƌƚŽŶŐƌĂŝŶĚĞĨŽůŝĞ͕ƚĂďŽŶŶĞŚƵŵĞƵƌĞƚƚŽŶŚŽŶŶġƚĞƚĠ͕ĞƚƉŽƵƌƚŽƵƐ ĐĞƐ ŵŽŵĞŶƚƐ ƉĂƐƐĠƐ ĂƵ ůĂďŽ Ğƚ ƐƵƌƚŽƵƚ ĞŶ ĚĞŚŽƌƐ ĚƵ ůĂďŽ ĂǀĞĐ ,ĠůğŶĞ ͊ DĞƌĐŝ ,ĠůğŶĞ͕ ũĞ Ŷ͛ŽƵďůŝĞƌĂŝƐũĂŵĂŝƐĐĞƐďŽŶƐŵŽŵĞŶƚƐĚĞƌŝƌĞƋƵ͛ŽŶĂ ƉĂƐƐĠƐĞŶƐĞŵďůĞĂƵůĂďŽ͊DĞƌĐŝƉŽƵƌƚŽŶ ƐŽƵƚŝĞŶĞƚƚĂƉƌĠƐĞŶĐĞĚĂŶƐůĞƐŵŽŵĞŶƚƐƵŶƉĞƵŵŽŝŶƐũŽLJĞƵdž͕ĞƚƚŽƵƚĞƚŽŶĂŝĚĞĚƵƌĂŶƚůĂƚŚğƐĞ ƋƵŝ Ŷ͛ĂƵƌĂŝƐƉĂƐĠƚĠůĂŵġŵĞƐĂŶƐƚŽŝ͘:͛ĞƐƉğƌĞƋƵĞƚƵĂƵƌĂ ƐƚŽƵƚĐĞƋƵĞƚƵŵĠƌŝƚĞƐĚĂŶƐƚĂǀŝĞ ƉĞƌƐŽŶŶĞůůĞĞƚƉƌŽĨĞƐƐŝŽŶŶĞůůĞ͕ƚƵĂƐƚŽƵƚĞƐůĞƐĐĂƉĂĐŝƚĠƐƉŽƵƌĂůůĞƌƚƌğƐůŽŝŶ͘
DĞƌĐŝĂƵdžĂƵƚƌĞƐŵĞŵďƌĞƐĂĐƚƵĞůƐ ŽƵĂŶĐŝĞŶƐĚĞů͛ĠƋƵŝƉĞ͕ĂŵŝĞŶ͕ ůĂƌĂ͕EĂƚŬĂ͕WŝĞƌƌĞ͕^ŝŵŽŶ͕ ŶŶĞͲĂƌŽůŝŶĞ͕DĂƌŝĞ͕ƵĚĞĞƚ'ĂĠƚĂŶƉŽƵƌǀŽƚƌĞĂŝĚĞĞƚƉŽƵƌǀŽƚƌĞďŽŶŶĞŚƵŵĞƵƌ͘DĞƌĐŝă>ĂƵƌĞ ƉŽƵƌƚĂŐĞŶƚŝůůĞƐƐĞ͕ƚƵĞƐƚŽƵũŽƵƌƐƉƌġƚĞăĂŝĚĞƌ Ğƚăů͛ĠĐŽƵƚĞ ͘DĞƌĐŝăŵĞƐƐƚĂŐŝĂŝƌĞƐ&ůŽƌĞŶĐĞ͕ DĂƌŝŶĞĞƚYƵĞŶƚŝŶ͕ũĞǀŽƵƐƐŽƵŚĂŝƚĞďĞĂƵĐŽƵƉĚĞƌĠƵƐƐŝƚĞƉŽƵƌůĂƐƵŝƚĞ͘ DĞƌĐŝăů͛ĠƋƵŝƉĞĚĞůĂƉůĂƚĞĨŽƌŵĞĚĞƐĠƋƵĞŶĕĂŐĞƉŽƵƌǀŽƚƌĞĂŝĚĞĞƚĐŽŶƐĞŝůƐ͕ŵĞƌĐŝăƚŽƵƐůĞƐ ŵĞŵďƌĞƐĚĞůĂƉůĂƚĞĨŽƌŵĞĚĞƉƌŽĚƵĐƚŝŽŶĚĞƉůĂŶƚĞ͕DŝĐŚğůĞĚĞůĂůĂǀĞƌŝĞ͕>ĂƵƌĞŶĐĞĚƵŵĂŐĂƐŝŶ͕ ĞƚůĞƐŵĞŵďƌĞƐĚĞůĂƉůĂƚĞĨŽƌŵĞĚĞƉƌŽƚĠŽŵŝƋƵĞĚĞů͛/D ƉŽƵƌǀŽƚƌĞĞdžƉĞƌƚŝƐĞĞƚƉƌĠĐŝĞƵƐĞĂŝĚĞ͘
DĞƌĐŝăƚŽƵƐůĞƐĂƵƚƌĞƐĨŽƌŵŝĚĂďůĞƐƉĞƌƐŽŶŶĞƐƋƵĞũ͛ĂŝƉƵĐŽŶŶĂŝƚƌĞăů͛/DW͕DĂƌŝŽŶ͕DĂƌĐŽ͕ dŚŝďĂƵƚ͕DĂŐĚĂůğŶĞ͕>ƵĐŝĞ͕ŚůŽĠ͕ĚƌŝĞŶ͕sĂůĞŶƚŝŶ͕ ,Ăďŝď͕ƌŶĂƵĚ͕,ĞƌƌĂĚĞ;ĞƚdŚŝďĂƵĚͿ͕yƵĞ͕ ĠĚƌŝĐ͕EŝĐŽůĂƐ͕DĂƌĐĞů͕sŝĂŶŶĞLJ͕DĂƚŚŝůĚĞ͕ŶƚŚŽŶLJ͕ ůŽĚŝĞ͕^ĂŶĚƌŝŶĞ͕dŚĂůŝĂ͕ůĠŵĞŶƚŝŶĞ͕<ĂŵĞů͕ ƐƚŚĞƌ͙ĞƚƚŽƵƐůĞƐĂƵƚƌĞƐ ͘ƵdžͨŐƵƌůnjnjnjĞƚďŽLJLJnjnjͩĚĞůĂƐĂůůĞĚĞƌĠĚĂĐƚŝŽŶ͕ŵĞƌĐŝƉŽƵƌǀŽƚƌĞ ƐŽƵƚŝĞŶ͕ǀŽƚƌĞŐĞŶƚŝůůĞƐƐĞĞƚůĞƐďŽŶƐŵŽŵĞŶƚƐƉĂƐƐĠƐĞŶƐĞŵďůĞ͘EĞůąĐŚĞnjƌŝĞŶǀŽƵƐĂůůĞnjƚŽƵƐLJ ĂƌƌŝǀĞnj͊
DĞƌĐŝăŵĞƐďŽŶƐĂŵŝƐĠďŽƌĂŚ͕^ŝŵŽŶ͕EŝĐŽůĂƐ͕zĂŶŶŝĐŬĞƚWŝĞƌƌĞ͕ƋƵŝŽŶƚƚŽƵũŽƵƌƐĠƚĠůăƉŽƵƌ ŵŽŝ͕ Ğƚ ƋƵŝ ;ƐƵƌƚŽƵƚ ă ůĂ ĨŝŶͿ ŵ͛ŽŶƚ ƚŽƵũŽƵƌƐ ƐƵƉƉŽƌƚĠ ŵĂůŐƌĠ ŵĂ ŵĂƵǀĂŝƐĞ ŚƵŵĞƵƌͨŽĐĐĂƐŝŽŶŶĞůůĞͩ ͘ DĞƌĐŝ ă ĐĞƵdž ƋƵĞ ũ͛Ăŝ ĐŽŶŶƵ ă ů͛ƵŶŝǀĞƌƐŝƚĠ͕ >ĠĂ Ğƚ zĂĐŝŶĞ͕ Ğƚ ƉĂƌƚŝĐƵůŝğƌĞŵĞŶƚŵĞƐĂŵŝƐĞƚĂŶĐŝĞŶƐĐĂŵĂƌĂĚĞƐĚĞůŝĐĞŶĐĞ hƌƓĂ͕ EĂĚũǁĂ͕ĂƌŽůĞ͕dŚĠŽ͕ĂŶŝĞů͕ ŚĂƌůĞƐ͕ĞƚƐƵƌƚŽƵƚ ŵŽŶĐŽƵƐŝŶ'ŝůůĞƐĞƚEŝĐŽůĂƐ͘:͛ĂŝƉĂƐƐĠĚĞƐƵƉĞƌďĞƐŵŽŵĞŶƚƐĂǀĞĐǀŽƵƐĞƚũĞ ŶĞǀŽƵƐŽƵďůŝĞƌĂŝƐũĂŵĂŝƐ͘
DĞƌĐŝĚĞŵEĂƚĂƐĐŚĂ͕:ŝůů͕ŶŶŝĐŬ͕>ĂƵƌĞŶƚ͕/ƐĂďĞůůĞĂŶĂƌŽůŝŶĞ͕ĚĂƐƐĚŝĞƌģŵŵĞƌ<ŽŶƚĂŬƚŵĂƚŵŝƌ ŐĞŚĂůĞŶŚƵƚƚŽďǁƵĞůĞĐŚƐćŝƚĞƉƵĞƌ:ŽƌĞŶĞůŽŶĞƚŵĠŝĂŵ>ĂŶĚƐŝŶŶ͘DĞƌĐŝĨŝƌćƌ!ŶŶĞƌƐƚģƚnjƵŶŐĂŶ ćƌƉŽƐŝƚŝǀtŝĞĚĞƌ͘
DŽŶƉůƵƐŐƌĂŶĚŵĞƌĐŝŝƌĂăŵĂĨĂŵŝůůĞƋƵŝŵ͛ĂƚŽƵũŽƵƌƐƐŽƵƚĞŶƵĞ ĞƚĞŶĐŽƵƌĂŐĠ͘DĞƌĐŝăŵĞƐ ƉĂƌĞŶƚƐĞƚŵĞƐƐƈƵƌƐ ƉŽƵƌǀŽƚƌĞƉĂƚŝĞŶĐĞƚŽƵƚŽŶůŽŶŐĚĞŵĂƐĐŽůĂƌŝƚĠ͕ĞƚƉĂƌƚŝĐƵůŝğƌĞŵĞŶƚĚƵƌĂŶƚ ĐĞƐϰĚĞƌŶŝğƌĞƐĂŶŶĠĞƐ͊ DĞƌĐŝĚĞŵ͛ĂǀŽŝƌĂƉƉƌŝƐăġƚƌĞƉĞƌƐĠǀĠƌĂŶƚĞĞƚƉĂƚŝĞŶƚĞĞƚăƚŽƵũŽƵƌƐ ĞƐƐĂLJĞƌĚĞĚŽŶŶĞƌůĞŵĞŝůůĞƵƌĚĞŵŽŝͲŵġŵĞ͘hŶŐƌĂŶĚŵĞƌĐŝă&ůŽƌĞŶƚĚ ͛ĂǀŽŝƌ ƚŽƵũŽƵƌƐĐƌƵĞŶŵŽŝ͕ ƚƵĂƐƚŽƵũŽƵƌƐĠƚĠ ăů͛ĠĐŽƵƚĞĞƚƚƵ ĂƐƚŽƵũŽƵƌƐƐƵ ŵ͛ĞŶĐŽƵƌĂŐĞ ƌ͘DĞƌĐŝƉŽƵƌƚŽƵƚĞƐĐĞƐĚĠĐŽƵǀĞƌƚĞƐ ŵƵƐŝĐĂůĞƐĞƚĐƵůƚƵƌĞůůĞƐƋƵĞŶŽƵƐĂǀŽŶƐƉƵĨĂŝƌĞĐĞƐĚĞƌŶŝğƌĞƐĂŶŶĠĞƐ͘DĞƌĐŝăƚŽŝĞƚŵĂĨĂŵŝůůĞ Ě͛ġƚƌ ĞƚŽƵũŽƵƌƐăŵĞƐĐŽƚĠĞƐ͕ƐĂŶƐ ǀŽƵƐũĞŶĞƐĞƌĂŝƐĂŶƐĚŽƵƚĞƉĂƐĂƌƌŝǀĠĞũƵƐƋƵ͛ŝĐŝ͘
dĂďůĞŽĨĐŽŶƚĞŶƚƐ /ŶƚƌŽĚƵĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭ ϭ͘WŽƐƚͲƚƌĂŶƐĐƌŝƉƚŝŽŶĂůZEŵŽĚŝĨŝĐĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ ϭ͘ϭ͘hƌŝĚLJůĂƚŝŽŶ͕ĂǁŝĚĞƐƉƌĞĂĚŵŽĚŝĨŝĐĂƚŝŽŶŽĨŶŽŶͲĐŽĚŝŶŐĂŶĚĐŽĚŝŶŐZEƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ ϭ͘ϭ͘ϭ͘<ĞLJĨĞĂƚƵƌĞƐŽĨƚĞƌŵŝŶĂůƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ ϭ͘ϭ͘Ϯ͘dŚĞEͲƚĞƌŵŝŶĂů/ZŽĨƌĂďŝĚŽƉƐŝƐhZdϭŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞďŝŶĚŝŶŐŽĨƉĂƌƚŶĞƌƉƌŽƚĞŝŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ ϭ͘ϭ͘ϯ͘DŽůĞĐƵůĂƌĨƵŶĐƚŝŽŶƐŽĨZEƵƌŝĚLJůĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ Ϯ͘ ƐƐĞŶƚŝĂůƉƌŽƚĞĐƚŝǀĞĞůĞŵĞŶƚƐŽĨĞƵŬĂƌLJŽƚŝĐŵZEƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϭ Ϯ͘ϭ͘ŽͲƚƌĂŶƐĐƌŝƉƚŝŽŶĂůĂĚĚŝƚŝŽŶŽĨƚŚĞϱΖĐĂƉĂŶĚϯΖƉŽůLJͲƚĂŝůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϭ Ϯ͘ϭ͘ϭ͘dŚĞϱ͛ĐĂƉƐƚƌƵĐƚƵƌĞ͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϭ Ϯ͘ϭ͘Ϯ͘dŚĞϯ͛ƉŽůLJƚĂŝů͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϮ Ϯ͘Ϯ͘dŚĞĐĂƉďŝŶĚŝŶŐĐŽŵƉůĞdžĂŶĚƉŽůLJďŝŶĚŝŶŐƉƌŽƚĞŝŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϯ Ϯ͘Ϯ͘ϭ͘dŚĞŶƵĐůĞĂƌĐĂƉďŝŶĚŝŶŐĐŽŵƉůĞdž͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϰ Ϯ͘Ϯ͘Ϯ͘EƵĐůĞĂƌƉŽůLJďŝŶĚŝŶŐƉƌŽƚĞŝŶƐWWE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ Ϯ͘Ϯ͘ϯ͘dŚĞĐLJƚŽƉůĂƐŵŝĐĐĂƉďŝŶĚŝŶŐĐŽŵƉůĞdžĞ/&ϰ&͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϲ Ϯ͘Ϯ͘ϰ͘LJƚŽƉůĂƐŵŝĐƉŽůLJďŝŶĚŝŶŐƉƌŽƚĞŝŶƐ;WWͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϳ Ϯ͘Ϯ͘ϱ͘Ğ/&ϰ&ĂŶĚWWƉƌŽŵŽƚĞƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϳ ϯ͘ĞĂĚĞŶLJůĂƚŝŽŶ͕ƚŚĞƌĂƚĞͲůŝŵŝƚŝŶŐƐƚĞƉŽĨďƵůŬŵZEĚĞĐĂLJ .͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ ϯ͘ϭ͘dŚĞƉŽůLJƌŝďŽŶƵĐůĞĂƐĞWZE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ ϯ͘Ϯ͘ZϰͲůŝŬĞEŽĐƚƵƌŶŝŶ;EKͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ ϯ͘ϯ͘WŽůLJƐƉĞĐŝĨŝĐƌŝďŽŶƵĐůĞĂƐĞĐŽŵƉůĞdžWEϮͬϯ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ ϯ͘ϰ͘dŚĞŵĂŝŶĚĞĂĚĞŶLJůĂƐĞĐŽŵƉůĞdžZϰͬEKd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϮ ϯ͘ϰ͘ϭ͘ƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞZϰͬEKdĐŽŵƉůĞdž͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϮ ϯ͘ϰ͘Ϯ͘&ƵŶĐƚŝŽŶƐŽĨƚŚĞZϰͬEKdĐŽŵƉůĞdž͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ ϯ͘ϰ͘ϯ͘ZĞĐƌƵŝƚŵĞŶƚŽĨZϰͬEKdƚŽŵZE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ ϯ͘ϰ͘ϰ͘ĞĂĚĞŶLJůĂƚŝŽŶďLJƚŚĞZϰͬEKdĐŽŵƉůĞdž͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϱ ϯ͘ϰ͘ϱ͘ZϰͬEKdĐŽŵƉůĞdžĞƐŝŶƉůĂŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϳ ϰ͘dŚĞŵĂŝŶĨĂĐƚŽƌƐŝŶǀŽůǀĞĚŝŶďƵůŬŵZEĚĞĐĂLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ ϰ͘ϭ͘dŚĞϯ͛ƚŽϱ͛ĚĞŐƌĂĚĂƚŝŽŶƉĂƚŚǁĂLJ͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ ϰ͘Ϯ͘dŚĞϱ͛ƚŽϯ͛ĚĞŐƌĂĚĂƚŝŽŶƉĂƚŚǁĂLJ͘ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϭ ϰ͘Ϯ͘ϭ͘ĞĂĚĞŶLJůĂƚŝŽŶͲŝŶĚĞƉĞŶĚĞŶƚĚĞĐĂƉƉŝŶŐŽĨŵZEƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϭ ϰ͘Ϯ͘Ϯ͘ĞĂĚĞŶLJůĂƚŝŽŶͲĚĞƉĞŶĚĞŶƚŵZEĚĞĐĂƉƉŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϮ dŚĞƐŝƐŽďũĞĐƚŝǀĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϱ
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^ƵƉƉůĞŵĞŶƚĂƌLJĚĂƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱϱ
ŝďůŝŽŐƌĂƉŚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴϴ
ZĠƐƵŵĠĞŶĨƌĂŶĕĂŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭϯ
>ŝƐƚŽĨ&ŝŐƵƌĞƐ
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&ŝŐƵƌĞϯ͗^ŝŵƉůŝĨŝĞĚƐĐŚĞŵĞŽĨƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶŝŶĞƵŬĂƌLJŽƚĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϳ
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&ŝŐƵƌĞϭϲ͗hƌŝĚLJůĂƚŝŽŶůĞǀĞůƐŽĨƌĞƉŽƌƚĞƌ '&W ŵZEƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϳ
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&ŝŐƵƌĞϮϳ͗^ŝnjĞĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƉƌŽƉŽƌƚŝŽŶŽĨͲƌŝĐŚƚĂŝůƐŽĨ EďWZϮ ŵZE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϱ
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&ŝŐƵƌĞϮϵ͗dƌĂŶƐŝĞŶƚĞdžƉƌĞƐƐŝŽŶŽĨhZdϭ ϰϵϭͬϯ ͲŵLJĐŵƵƚĂƚĞĚŝŶƚŚĞDϭĂŶĚͬŽƌDϮŵŽƚŝĨƐŝŶ E͘ ďĞŶƚŚĂŵŝĂŶĂ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϲ
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'ĞŶĞ ĞdžƉƌĞƐƐŝŽŶ ŝƐ ĨƵŶĚĂŵĞŶƚĂů ĨŽƌ Ăůů ůŝǀŝŶŐ ŽƌŐĂŶŝƐŵƐ͘ dƌĂŶƐĐƌŝƉƚŝŽŶ ŐŝǀĞƐ ƌŝƐĞ ƚŽ Ă ďƌŽĂĚ ƐƉĞĐƚƌƵŵŽĨZEŵŽůĞĐƵůĞƐƚŚĂƚŶĞĞĚƚŽďĞŵĂƚƵƌĂƚĞĚ͕ƚƌĂŶƐƉŽƌƚĞĚ͕ĞǀĞŶƚƵĂůůLJƚƌĂŶƐůĂƚĞĚĂŶĚ ƵůƚŝŵĂƚĞůLJĚĞŐƌĂĚĞĚ͘ƵƌŝŶŐƚŚĞŝƌůŝĨĞĐLJĐůĞ͕ďŽƚŚĐŽĚŝŶŐĂŶĚŶŽŶͲĐŽĚŝŶŐZEƐĂƌĞƐƵďũĞĐƚĞĚƚŽ ǀĂƌŝŽƵƐ ĐŽͲƚƌĂŶƐĐƌŝƉƚŝŽŶĂů ĂŶĚ ƉŽƐƚͲƚƌĂŶƐĐƌŝƉƚŝŽŶĂů ZE ŵŽĚŝĨŝĐĂƚŝŽŶƐ ƚŚĂƚ ŽƌĐŚĞƐƚƌĂƚĞ ƚŚĞŝƌ ŵĞƚĂďŽůŝƐŵ ĂŶĚ ďŝŽůŽŐŝĐĂů ĨƵŶĐƚŝŽŶƐ͘ ZEƐ ƵŶĚĞƌŐŽ ƚǁŽ ƚLJƉĞƐ ŽĨ ŵŽĚŝĨŝĐĂƚŝŽŶƐ͗ ĐŚĞŵŝĐĂů ŵŽĚŝĨŝĐĂƚŝŽŶƐŽĨŶƵĐůĞŽƚŝĚĞƐǁŝƚŚŝŶƚŚĞZEƐĞƋƵĞŶĐĞ͕ĂŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐďLJƚĂŝůŝŶŐƚŚĂƚĐŽŶƐŝƐƚŝŶ ƚŚĞŶŽŶͲƚĞŵƉůĂƚĞĚĂĚĚŝƚŝŽŶŽĨŶƵĐůĞŽƚŝĚĞƐƚŽƚŚĞZE ϯΖĞdžƚƌĞŵŝƚŝĞƐ;ĞůŵĞŝĚĂĞƚĂů͕͘ϮϬϭϴ͖ ŚĂŶŐĞƚĂů͕͘ϮϬϭϰ͖<ŽŵĂƌŶŝƚƐŬLJĞƚĂů͕͘ϮϬϬϬ͖>ŝŵĞƚĂů͕͘ϮϬϭϴ͖^ŽŶŐĂŶĚzŝ͕ϮϬϭϳ͖ƵďĞƌĞƚĂů͕͘ϮϬϭϲͿ͘ &ŽƌŝŶƐƚĂŶĐĞ͕ŝŵƉŽƌƚĂŶƚŵŽĚŝĨŝĐĂƚŝŽŶƐŽĨZEƉŽůLJŵĞƌĂƐĞ//;WŽů//ͿƚƌĂŶƐĐƌŝƉƚƐĂƌĞƚŚĞĂĚĚŝƚŝŽŶŽĨ ƚŚĞŵϳ'ĂƉĂŶĚƚŚĞƉŽůLJƚĂŝůƚŽƚŚĞϱΖĂŶĚϯΖĞdžƚƌĞŵŝƚŝĞƐ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞŚĂƉƚĞƌϮ͘ϭͿ͘
/ŶƚŚĞůĂƐƚLJĞĂƌƐ͕ĂŶŝŶĐƌĞĂƐŝŶŐŶƵŵďĞƌŽĨŶĞǁƚLJƉĞƐŽĨZEŵŽĚŝĨŝĐĂƚŝŽŶƐŚĂǀĞďĞĞŶĨŽƵŶĚ͘KǀĞƌ ϭϲϬĚŝĨĨĞƌĞŶƚZEŵŽĚŝĨŝĐĂƚŝŽŶƐŚĂǀĞďĞĞŶĚĞƐĐƌŝďĞĚƚŽĚĂƚĞ;ŽĐĐĂůĞƚƚŽĞƚĂů͕͘ϮϬϭϴͿ͘^ŽŵĞŶŽŶͲ ĐŽĚŝŶŐ ZEƐ͕ ůŝŬĞ ƌŝďŽƐŽŵĂů ZEƐ ;ƌZEƐͿ ĂŶĚ ƚƌĂŶƐĨĞƌ ZEƐ ;ƚZEƐͿ͕ ŚĂǀĞ ŵĂŶLJ ŵŽĚŝĨŝĞĚ ŶƵĐůĞŽƚŝĚĞƐƚŚĂƚĂƌĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞŝƌĂĐĐƵƌĂƚĞŵĂƚƵƌĂƚŝŽŶĂŶĚĨƵŶĐƚŝŽŶ;ZŽƵŶĚƚƌĞĞĞƚĂů͕͘ϮϬϭϳͿ͘ Ŷ ĂďƵŶĚĂŶƚ ĐŚĞŵŝĐĂů ZE ŵŽĚŝĨŝĐĂƚŝŽŶ ŝƐ ƚŚĞ ŵĞƚŚLJůĂƚŝŽŶ ŽĨ ĂĚĞŶŽƐŝŶĞƐ Ăƚ ƚŚĞ ŶŝƚƌŽŐĞŶͲϲ ƉŽƐŝƚŝŽŶŝŶƚŽE ϲͲŵĞƚŚLJůĂĚĞŶŽƐŝŶĞŽƌŵϲ͕ǁŚŝĐŚŝƐĚĞƚĞĐƚĞĚŽŶůŽŶŐŶŽŶͲĐŽĚŝŶŐZEƐďƵƚĂůƐŽŽŶ ŵĞƐƐĞŶŐĞƌZEƐ;ŵZEƐͿ͘^ŽŵĞZEŵŽĚŝĨŝĐĂƚŝŽŶƐĂƌĞƌĞĐ ŽŐŶŝƐĞĚďLJ͞ƌĞĂĚĞƌƐ͕͟ƐƵĐŚĂƐƚŚĞzd, ;ĨŽƌ zdϱϮϭͲ ,ŽŵŽůŽŐLJͿ ƉƌŽƚĞŝŶƐ ƚŚĂƚ ƐƉĞĐŝĨŝĐĂůůLJ ƌĞĐŽŐŶŝƐĞ ŵϲ͘ ZĞĐŽŐŶŝƚŝŽŶ ďLJ zd,Ɛ ĐĂŶ ĂĐĐĞůĞƌĂƚĞŵZEĚĞŐƌĂĚĂƚŝŽŶƚŚƌŽƵŐŚƚŚĞƌĞĐƌƵŝƚŵĞŶƚŽĨƚŚĞĚĞĂĚĞŶLJůĂƐĞĐŽŵƉůĞdžZϰͬEKd͕ ďƵƚĂůƐŽŵŽĚƵůĂƚĞŵZEƚƌĂŶƐůĂƚŝŽŶĞĨĨŝĐŝĞŶĐLJŽƌƌĞŐƵůĂƚĞĂůƚĞƌŶĂƚŝǀĞƐƉůŝĐŝŶŐŝŶŵĂŵŵĂůƐ;>ŝĂŽ Ğƚ Ăů͕͘ ϮϬϭϴͿ͘ ZĞĐĞŶƚůLJ͕ ŵϲ ǁĂƐ ƐŚŽǁŶ ƚŽ ƉƌŽŵŽƚĞ ůŝƋƵŝĚ ʹůŝƋƵŝĚ ƉŚĂƐĞ ƐĞƉĂƌĂƚŝŽŶ ŽĨ ŵZEƐ ďŽƵŶĚďLJzd,ƉƌŽƚĞŝŶƐ͘dŚĞƉĂƌƚŝƚŝŽŶŽĨŵϲͲŵZEƐŝŶƚŽƉŚĂƐĞͲƐĞƉĂƌĂƚĞĚĐŽŵƉĂƌƚŵĞŶƚƐƐƵĐŚĂƐ WͲďŽĚŝĞƐŽƌƐƚƌĞƐƐŐƌĂŶƵůĞƐƉĂƌƚŝĐŝƉĂƚĞƐŝŶƌĞŐƵůĂƚŝŶŐƚŚĞĨĂƚĞŽĨƚŚĞƐĞŵZEƐ;ZŝĞƐĞƚĂů͕͘ϮϬϭϵͿ͘ ĞƌƚĂŝŶĐŚĞŵŝĐĂůŝŶƚĞƌŶĂůŵŽĚŝĨŝĐĂƚŝŽŶƐĐĂŶďĞ ƌĞŵŽǀĞĚďLJ͞ĞƌĂƐĞƌƐ͕͟ƐƵĐŚĂƐƚŚĞĞŶnjLJŵĞƐ&dK ;ĨĂƚŵĂƐƐĂŶĚŽďĞƐŝƚLJͲĂƐƐŽĐŝĂƚĞĚͿŽƌ><,ϱ;ůŬŚŽŵŽůŽŐϱͿƚŚĂƚĚĞŵĞƚŚLJůĂƚĞŵϲƚŽƌĞŐƵůĂƚĞ ŐĞŶĞĞdžƉƌĞƐƐŝŽŶ;ZĂũĞĐŬĂĞƚĂů͕͘ϮϬϭϵͿ͘
ZE ŵŽĚŝĨŝĐĂƚŝŽŶƐ ďLJ ƚĂŝůŝŶŐ ĂƌĞ ĐĂƚĂůLJnjĞĚ ďLJ ƚĞƌŵŝŶĂů ŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞƐ ;dEdĂƐĞƐͿ Žƌ ƌŝďŽŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞƐ ;ƌEdĂƐĞƐͿ͕ ĂŶĚ ĐŽŶƐŝƐƚ ŝŶ ƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨ ƵŶƚĞŵƉůĂƚĞĚ ŐƵĂŶŽƐŝŶĞƐ͕ ĐLJƚŝĚŝŶĞƐ͕ĂĚĞŶŽƐŝŶĞƐŽƌƵƌŝĚŝŶĞƐƚŽ ƚŚĞϯ͛ĞŶĚ ƐŽĨZE͘dEdĂƐĞƐďĞůŽŶŐƚŽƚŚĞƐƵƉĞƌĨĂŵŝůLJŽĨE ƉŽůLJŵĞƌĂƐĞ ɴ ͲůŝŬĞ ŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞƐ ǁŚŝĐŚ ƌĞŐƌŽƵƉƐ Ăůů ĞŶnjLJŵĞƐ ƚŚĂƚ ĂĚĚ ƵŶƚĞŵƉůĂƚĞĚ
Ϯ ŶƵĐůĞŽƚŝĚĞƐƚŽƉƌŽƚĞŝŶƐ͕ĂŶƚŝďŝŽƚŝĐƐŽƌZEƐ;ĞůůŝŽƚĞƚĂů͕͘ϮϬϬϴ͖DĂĐŚşŶĞƚĂů͕͘ϮϬϬϭ͖ZŽŚĂLJĞŵĞƚ Ăů͕͘ϮϬϬϲ͖^ŚŝƌĂĨƵũŝĞƚĂů͕͘ϭϵϳϵͿ͘ dŚĞ ŵŽƐƚ ƐƚƵĚŝĞĚ ƚĂŝůŝŶŐ ŵŽĚŝĨŝĐĂƚŝŽŶ ŝƐ ĂĚĞŶLJůĂƚŝŽŶ ǁŚŝĐŚ ŽĐĐƵƌƐ ŝŶ ďŽƚŚ ĞƵŬĂƌLJŽƚĞƐ ĂŶĚ ƉƌŽŬĂƌLJŽƚĞƐ ;,ĂũŶƐĚŽƌĨ ĂŶĚ <ĂďĞƌĚŝŶ͕ ϮϬϭϴ͖ ^ĐŚŵŝĚƚ ĂŶĚ EŽƌďƵƌLJ͕ ϮϬϭϬ͖ ^ŽŶŐ Ğƚ Ăů͕͘ ϮϬϭϱ͖ hƐƚLJĂŶƚƐĞǀĞƚĂů͕͘ϮϬϭϳͿ͘dŚĞĐŽͲƚƌĂŶƐĐƌŝƉƚŝŽŶĂůƉŽůLJĂĚĞŶLJůĂƚŝŽŶŽĨWŽů//ƚƌĂŶƐĐƌŝƉƚƐŽƉĞƌĂƚĞƐŽŶůLJ ŝŶ ĞƵŬĂƌLJŽƚĞƐ ĂŶĚ ŝƐ ĐĂůůĞĚ ͞ĐĂŶŽŶŝĐĂů͟ ƉŽůLJĂĚ ĞŶLJůĂƚŝŽŶ ĨŽƌ ŚŝƐƚŽƌŝĐĂů ƌĞĂƐŽŶƐ͗ ŝƚ ŚĂƐ ďĞĞŶ ĚŝƐĐŽǀĞƌĞĚĨŝƌƐƚ͘EŽŶͲĐĂŶŽŶŝĐĂůĂĚĞŶLJůĂƚŝŽŶƌĞĨĞƌƐƚŽĂŶLJƵŶƚĞŵƉůĂƚĞĚĂĚĚŝƚŝŽŶŽĨĂĚĞŶŽƐŝŶĞƐƚŽ ƚŚĞ ϯ ͛ ĞŶĚ ŽĨ ďŽƚŚ ŶŽŶĐŽĚŝŶŐ ZEƐ ĂŶĚ ŵZEƐ ƚŚĂƚ ŝƐ ŶŽƚ ĐĂƚĂůLJnjĞĚ ďLJ ƚŚĞ ĐĂŶŽŶŝĐĂů ƉŽůLJ ƉŽůLJŵĞƌĂƐĞƐ͘ dŚĞ ƉƌŝŵŽƌĚŝĂů ƌŽůĞ ŽĨ ŶŽŶͲĐĂŶŽŶŝĐĂů ƉŽůLJĂĚĞŶLJůĂƚŝŽŶ ŝƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ZE ĚĞŐƌĂĚĂƚŝŽŶ͕ ďĞĐĂƵƐĞ ƚŚĞ ŶŽŶͲƐƚƌƵĐƚƵƌĞĚ ƚĂŝů ƐĞƌǀĞƐ ĂƐ Ă ůĂŶĚŝŶŐ ƉĂĚ ĨŽƌ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐ ;'ůĂƵŶƐŝŶŐĞƌĂŶĚ>ĞĞ͕ϮϬϭϬ͖>ĂŶŐĞĞƚĂů͕͘ϮϬϬϵ͖>ĞǀLJĂŶĚ^ĐŚƵƐƚĞƌ͕ϮϬϭϲ͖^ůŽŵŽǀŝĐĞƚĂů͕͘ϮϬϭϬ͖ ^ŽŶŐĞƚĂů͕͘ϮϬϭϱ͖tĞŝĞƚĂů͕͘ϭϵϳϱ͖tĞƐƚĞƚĂů͕͘ϮϬϬϲ͖ŝŵŵĞƌĞƚĂů͕͘ϮϬϬϵͿ͘WŽůLJͲŵĞĚŝĂƚĞĚZE ĚĞŐƌĂĚĂƚŝŽŶŽƉĞƌĂƚĞƐŝŶďĂĐƚĞƌŝĂ͕ĂƌĐŚĂĞĂĂŶĚŽƌŐĂŶĞůůĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ŶŽŶͲĐĂŶŽŶŝĐĂůĂĚĞŶLJůĂƚŝŽŶ ĞĂƌŵĂƌŬƐƚŚĞƐƵďƐƚƌĂƚĞƐŽĨŶƵĐůĞĂƌZEƐƵƌǀĞŝůůĂŶĐĞďLJƚŚĞĞƵŬĂƌLJŽƚŝĐĞdžŽƐŽŵĞ;,ŝůůĞƌĞŶĞƚĂů͕͘ ϮϬϬϭ͖< ŝůĐŚĞƌƚĞƚĂů͕͘ϮϬϭϲ͖>ĂĂǀĂĞƚĂů͕͘ϮϬϬϱ͖KŐĂŵŝĞƚĂů͕͘ϮϬϭϴ͖sĂŶĂĐŽǀĂĞƚĂů͕͘ϮϬϬϳ͖sĂŸĄēŽǀĄ ĞƚĂů͕͘ϮϬϬϱ͖tLJĞƌƐĞƚĂů͕͘ϮϬϬϱ͖ŝŶĚĞƌĂŶĚ>ŝŵĂ͕ϮϬϭϳͿ͘EŽŶͲĐĂŶŽŶŝĐĂůƉŽůLJĂĚĞŶLJůĂƚŝŽŶŝƐĂůƐŽ ŽďƐĞƌǀĞĚ ŽŶ ĚĞĂĚĞŶLJůĂƚĞĚ ŵZEƐ ƚŚĂƚ ĂƌĞ ƌĞͲĂĚĞŶLJůĂƚĞĚ ŝŶ ƚŚĞ ĐLJƚŽƐŽů ŵŽƐƚůLJ ĚƵƌŝŶŐ ĚĞǀĞůŽƉŵĞŶƚĂůƚƌĂŶƐŝƚŝŽŶƐŽƌŝŶƐƉĞĐŝĂůĐĞůůƚLJƉĞƐůŝŬĞŽŽĐLJƚĞƐŽƌŶĞƵƌŽŶƐ;ŚĂƌůĞƐǁŽƌƚŚĞƚĂů͕͘ ϮϬϭϯ͖EŽƌďƵƌLJ͕ϮϬϭϯͿ͘
ϭ͘ϭ͘hƌŝĚLJůĂƚŝŽŶ͕ĂǁŝĚĞƐƉƌĞĂĚŵŽĚŝĨŝĐĂƚŝŽŶŽĨŶŽŶͲĐŽĚŝŶŐĂŶĚĐŽĚŝŶŐ ZEƐ͘
ŶŽƚŚĞƌƉĞƌǀĂƐŝǀĞƉŽƐƚͲƚƌĂŶƐĐƌŝƉƚŝŽŶĂůŵŽĚŝĨŝĐĂƚŝŽŶĐŽŶƐĞƌǀĞĚŝŶĂůůĞƵŬĂƌLJŽƚĞƐŝŶǀĞƐƚŝŐĂƚĞĚƚŽ ĚĂƚĞ;ĞdžĐĞƉƚ ^ĂĐĐŚĂƌŽŵLJĐĞƐĐĞƌĞǀŝƐŝ ĂĞͿŝƐƚŚĞĂĚĚŝƚŝŽŶŽĨƵƌŝĚŝŶĞƐ͕ŽƌƵƌŝĚLJůĂƚŝŽŶ͘hƌŝĚLJůĂƚŝŽŶŝƐ ĐĂƚĂůLJƐĞĚďLJƚĞƌŵŝŶĂůƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞƐ;dhdĂƐĞƐͿ͕ĂƉƌŽƚĞŝŶ ĨĂŵŝůLJǁŝƚŚǀĂƌŝŽƵƐƌŽůĞƐŝŶƚŚĞ ƌĞŐƵůĂƚŝŽŶŽĨŐĞŶĞĞdžƉƌĞƐƐŝŽŶŝŶĚŝĨĨĞƌĞŶƚĞƵŬĂƌLJŽƚĞƐ͘
ϭ͘ϭ͘ϭ͘<ĞLJĨĞĂƚƵƌĞƐŽĨƚĞƌŵŝŶĂůƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞƐ͘
ůů ƉƌŽƚĞŝŶƐ ŽĨ ƚŚĞ dhdĂƐĞ ĨĂŵŝůLJ ŚĂǀĞ Ă ŵŝŶŝŵĂů ĐĂƚĂůLJƚŝĐ ĐŽƌĞ ĚŽŵĂŝŶ ;Ϳ ĐŽŵƉŽƐĞĚ ŽĨ Ă ƉŽůLJŵĞƌĂƐĞ ɴͲůŝŬĞŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞĚŽŵĂŝŶĂŶĚĂƉŽůLJƉŽůLJŵĞƌĂƐĞͲĂƐƐŽĐŝĂƚĞĚĚŽŵĂŝŶƚŚĂƚ ŚĂƐŐĂŝŶĞĚĂƐƉĞĐŝĨŝĐŝƚLJĨŽƌƵƌŝĚŝŶĞƐĚƵƌŝŶŐĞǀŽůƵƚŝŽŶ;DĂƌƚŝŶĂŶĚ<ĞůůĞƌ͕ϮϬϬϳͿ͘/ŶĂĚĚŝƚŝŽŶ͕ŵŽƐƚ ŵĞŵďĞƌƐŽĨƚŚĞdhdĂƐĞĨĂŵŝůLJƉŽƐƐĞƐƐƐƵƉƉůĞŵĞŶƚĂƌLJĚŽŵĂŝŶƐĂŶĚƌĞŐŝŽŶƐƚŚĂƚŝŶĨůƵĞŶĐĞƚĂƌŐĞƚ
ϯ
ƌĞĐŽŐŶŝƚŝŽŶ͕ĂĐƚŝǀŝƚLJĂŶĚƚŚĞƌĞĐƌƵŝƚŵĞŶƚŽĨĂƵdžŝůŝĂƌLJĨĂĐƚŽƌƐƚŽƚŚĞdhdĂƐĞƐ;ĞůŵĞŝĚĂĞƚĂů͕͘ ϮϬϭϴ͖tĂƌŬŽĐŬŝĞƚĂů͕͘ϮϬϭϴĂ͖zĂƐŚŝƌŽĂŶĚdŽŵŝƚĂ͕ϮϬϭϴ͖ŝŐĄēŬŽǀĄĂŶĚsĂŸĄēŽǀĄ͕ϮϬϭϴͿ ͘,ĞŶĐĞ͕ ŵŽƐƚŵĞŵďĞƌƐŽĨƚŚĞdhdĂƐĞĨĂŵŝůLJĚŝƐƉůĂLJĂĐŽŵƉůĞdžĚŽŵĂŝŶŽƌŐĂŶŝƐĂƚŝŽŶ ;&ŝŐƵƌĞϭͿ͘
dhdĂƐĞ ǁŝƚŚ Ă ŵŝŶŝŵĂů ĐŽŶĨŝŐƵƌĂƚŝŽŶ ŝƐ ^ĐŚŝnjŽƐĂĐĐŚĂƌŽŵLJĐĞƐ ƉŽŵďĞ ŝĚϭ ;&ŝŐƵƌĞ ϭͿ͘ ĞƉƌŝǀĞĚĨƌŽŵĂŶLJĂĚĚŝƚŝŽŶĂůĚŽŵĂŝŶƐĂŶĚŵŽƚŝĨƐ͕ŝĚϭďŝŶĚƐƚŽŝƚƐƚĂƌŐĞƚƐƚŚƌŽƵŐŚƚŚĞĨŽƌŵĂƚŝŽŶ ŽĨďĂƐŝĐƉĂƚĐŚĞƐĂƚƚŚĞƐƵƌĨĂĐĞŽĨŝƚƐƚŚƌĞĞͲĚŝŵĞŶƐŝŽŶĂůƐƚƌƵĐƚƵƌĞ;zĂƚĞƐĞƚĂů͕͘ϮϬϭϮͿ͘dƌLJƉĂŶŽƐŽŵĞ dhdϰ ĂŶĚ D dϭ ŚĂǀĞ ŵŝŶŝŵĂů ĚŽŵĂŝŶ ĂƌĐŚŝƚĞĐƚƵƌĞƐ ĐŽŵƉĂƌĂďůĞ ƚŽ ŝĚϭ ;&ŝŐƵƌĞ ϭͿ͘ /Ŷ ĐŽŶƚƌĂƐƚ ƚŽ ƚŚĞƐĞ ƵŶĐŽŵƉůĞdž ĞŶnjLJŵĞƐ͕ ƚƌLJƉĂŶŽƐŽŵĞ Z dϮ ŚĂƐ Ă ƐƵƉƉůĞŵĞŶƚĂů ZZD ;ZE ƌĞĐŽŐŶŝƚŝŽŶŵŽƚŝĨͿͲůŝŬĞĚŽŵĂŝŶƚŚĂƚĂƐƐƵƌĞƐŝƚƐďŝŶĚŝŶŐƚŽƚŚĞZEƚĂƌŐĞƚƐ͘ƌŽƐŽƉŚŝůĂdĂŝůŽƌŚĂƐĂ ƐƵƉƉůĞŵĞŶƚĂůΗĚŽŵĂŝŶŽĨƵŶŬŶŽǁŶĨƵŶĐƚŝŽŶΗ͕h&ϭϰϯϵ͕ǁŚŝĐŚŚĂƐďĞĞŶƐŚŽǁŶƚŽƐƚĂďŝůŝƐĞƚŚĞ ŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶdĂŝůŽƌĂŶĚƚŚĞϯ͛ Ͳϱ͛ĞdžŽƌŝďŽŶƵĐůĞĂƐĞŝƐϯ>Ϯ ;>ŝŶĞƚĂů͕͘ϮϬϭϳͿ͘WĂƌƚŝĐƵůĂƌĂŵŽŶŐ ƚŚĞdhdĂƐĞƐǁŝƚŚĂĐŽŵƉůĞdžĚŽŵĂŝŶĂƌĐŚŝƚĞĐƚƵƌĞŝƐƚŚĞŚƵŵĂŶdhdϭƉƌŽƚĞŝŶǁŚŝĐŚƉŽƐƐĞƐƐĞƐŝŶ ŝƚƐEͲƚĞƌŵŝŶƵƐĂϮ,ϮͲƚLJƉĞnjŝŶĐĨŝŶŐĞƌĚŽŵĂŝŶĂŶĚĂŶZZDĚŽŵĂŝŶ͕ĂĚŝƐŽƌĚĞƌĞĚƉƌŽůŝŶĞƌŝĐŚ ƌĞŐŝŽŶ;WZZͿŝŶƐĞƌƚĞĚŝŶƚŚĞŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞĚŽŵĂŝŶ͕ĂŶĚĂŶĂĚĚŝƚŝŽŶĂůͲƚĞƌŵŝŶĂůZEͲ ďŝŶĚŝŶŐ ĚŽŵĂŝŶ <Ͳϭ ǁŝƚŚ ĂŶ ŶƵĐůĞĂƌ ůŽĐĂůŝƐĂƚŝŽŶ ƐŝŐŶĂů ;E>^Ϳ ;zĂŵĂƐŚŝƚĂ Ğƚ Ăů͕͘ ϮϬϭϳͿ͘ KƚŚĞƌ ĞdžĂŵƉůĞƐĨŽƌdhdĂƐĞƐǁŝƚŚĂĐŽŵƉůĞdžĚŽŵĂŝŶĂƌĐŚŝƚĞĐƚƵƌĞĂƌĞŚƵŵĂŶdhdϰͬϳ͕ǁŚŝĐŚĂŵŽŶŐŽƚŚĞƌ ĨĞĂƚƵƌĞƐĐŽŶƚĂŝŶϮ,ͲƚLJƉĞnjŝŶĐͲŬŶƵĐŬůĞĚŽŵĂŝŶƐůŽĐĂƚĞĚŽŶďŽƚŚƐŝĚĞƐŽĨƚŚĞĂƐǁĞůůĂƐďĂƐŝĐ ƌŝĐŚƌĞŐŝŽŶƐǁŚŝĐŚƉƌŽŵŽƚĞďŝŶĚŝŶŐƚŽƚŚĞŝƌƚĂƌŐĞƚZEƐ;&ŝŐƵƌĞϭͿ;>ĂƉŽŝŶƚĞĂŶĚtŝĐŬĞŶƐ͕ϮϬϭϯͿ͘
ĨƌĞƋƵĞŶƚ ĂŶĚ ŽĨƚĞŶ ĐŽŶƐĞƌǀĞĚ ƚƌĂŝƚ ŽĨ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ dhdĂƐĞ ĨĂŵŝůLJ ŝƐ ƚŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ŝŶƚƌŝŶƐŝĐĂůůLJĚŝƐŽƌĚĞƌĞĚƌĞŐŝŽŶƐ;/ZͿ;&ŝŐƵƌĞϭͿ͘/ZƐĐŽƌƌĞƐƉŽŶĚƚŽĂŵŝŶŽĂĐŝĚƐĞƋƵĞŶĐĞƐƚŚĂƚĂƌĞ ĞŶƌŝĐŚĞĚŝŶĐŚĂƌŐĞĚĂŶĚƉŽůĂƌĂŵŝŶŽĂĐŝĚƐ͕ďƵƚůĂĐŬŚLJĚƌŽƉŚŽďŝĐĂŵŝŶŽĂĐŝĚƐ͘dŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐ ĨĞĂƚƵƌĞŽĨ/ZƐŝƐƚŚĞĂďƐĞŶĐĞŽĨƐĞĐŽŶĚĂƌLJƐƚƌƵĐƚƵƌĞƐ; ɲͲŚĞůŝĐĞƐŽƌ ɴͲƐŚĞĞƚƐͿ͘KŶŝƚƐŽǁŶ͕/ZƐ ŚĂǀĞĂůƐŽŶŽĚĞĨŝŶĞĚϯƐƚƌƵĐƚƵƌĞ͕ďƵƚƚŚĞLJĐĂŶĨŽůĚŝŶƚŽĂƐƚĂďůĞϯƐƚƌƵĐƚƵƌĞƵƉŽŶďŝŶĚŝŶŐƚŽ ŽƚŚĞƌƉƌŽƚĞŝŶƐŽƌZEƐ;LJƐŽŶ͕ϮϬϭϲ͖:ćƌǀĞůŝŶĞƚĂů͕͘ϮϬϭϲ͖ǀĂŶĚĞƌ>ĞĞĞƚĂů͕͘ϮϬϭϰͿ͘/ZƐŽĨƚĞŶ ĐŽŶƚĂŝŶ ƐŚŽƌƚ ůŝŶĞĂƌ ŵŽƚŝĨƐ ;^>ŝDƐͿ͕ ǁŚŝĐŚ ĐĂŶ ďĞ ƚĂƌŐĞƚ ƐŝƚĞƐ ĨŽƌ ƉŽƐƚͲƚƌĂŶƐůĂƚŝŽŶĂů ƉƌŽƚĞŝŶ ŵŽĚŝĨŝĐĂƚŝŽŶƐŽƌďŝŶĚŝŶŐƐŝƚĞƐĨŽƌůŝŐĂŶĚƐĂŶĚ ƉƌŽƚĞŝŶƉĂƌƚŶĞƌƐ ;ǀĂŶĚĞƌ>ĞĞĞƚĂů͕͘ϮϬϭϰͿ͘/ZƐ ŝŶĐƌĞĂƐĞƚŚĞĨƵŶĐƚŝŽŶĂůǀĞƌƐĂƚŝůŝƚLJŽĨdhdĂƐĞƉƌŽƚĞŝŶƐ͘&ŽƌĞdžĂŵƉůĞ͕ƚŚĞ/ZƚŚĂƚŝƐƉƌĞƐĞŶƚŝŶƚŚĞ EͲƚĞƌŵŝŶĂůƌĞŐŝŽŶŽĨƚƌLJƉĂŶŽƐŽŵĞZ dϭŚĂƐďĞĞŶƐŚŽǁŶƚŽƉƌŽŵŽƚĞŝƚƐĚŝŵĞƌŝnjĂƚŝŽŶ ŝŶǀŝƚƌŽ ĂŶĚ ŝƐŝŶǀŽůǀĞĚŝŶƚŚĞƌĞĐƌ ƵŝƚŵĞŶƚŽĨZ dϭƚŽƚŚĞŵŝƚŽĐŚŽŶĚƌŝĂůϯ͛ƉƌŽĐĞƐƐŽŵĞ ;DWƐŽŵĞͿ͕ĂĐŽŵƉůĞdž ĞŶƐƵƌŝŶŐƚŚĞŵĂƚƵƌĂƚŝŽŶŽĨŐƵŝĚĞZEƐ͘dŚĞͲƚĞƌŵŝŶĂů/ZǁĂƐƐŚŽǁŶƚŽŝŶĐƌĞĂƐĞƚŚĞƉƌŽĐĞƐƐŝǀŝƚLJ ŽĨZ dϭ ŝŶǀŝƚƌŽ ͕ƉƌŽďĂďůLJƚŚƌŽƵŐŚƚŚĞƐƚĂďŝůŝƐĂƚŝŽŶŽĨŝƚƐďŝŶĚŝŶŐƚŽƚŚĞƚĂƌŐĞƚZE;ZĂũĂƉƉĂͲdŝƚƵ ĞƚĂů͕͘ϮϬϭϲͿ͘,ƵŵĂŶdhdϰ͕dhdϳ͕yĞŶŽƉƵƐdhdϳ͕ĂŶĚ ͘ĞůĞŐĂŶƐ ϭĐŽŶƚĂŝŶůŽŶŐ/ZƐŝŶƚŚĞŝƌ
ϰ EͲƚĞƌŵŝŶŝ;&ŝŐƵƌĞϭͿǁŚŝĐŚƐƵƌƌŽƵŶĚĚƵƉůŝĐĂƚĞĚĚŽŵĂŝŶƐ͘dŚĞƐĞĚƵƉůŝĐĂƚĞĚƐĂƌĞƉƌĞĚŝĐƚĞĚ ƚŽďĞŝŶĂĐƚŝǀĞďĞĐĂƵƐĞƚŚĞLJůĂĐŬĂƐƉĂƌƚĂƚĞƌĞƐŝĚƵĞƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞďŝŶĚŝŶŐŽĨŵĞƚĂůŝŽŶƐ͘zĞƚ͕ƚŚĞ EͲƚĞƌŵŝŶĂůƉĂƌƚŽĨdhdϰǁŝƚŚƚŚĞŝŶĂĐƚŝǀĞŝƐŝŵƉŽƌƚĂŶƚĨŽƌĐĞůůƉƌŽůŝĨĞƌĂƚŝŽŶďLJƌĞŐƵůĂƚŝŶŐƚŚĞ 'ϭͲƚŽͲ^ƉŚĂƐĞƚƌĂŶƐŝƚŝŽŶ͘dŚŝƐĨƵŶĐƚŝŽŶĚŽĞƐŶŽƚƌĞƋƵŝƌĞƚŚĞŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞĂĐƚŝǀŝƚLJŽĨƚŚĞ ͲƚĞƌŵŝŶĂů;ůĂŚŶĂĞƚĂů͕͘ϮϬϭϭͿ͘ƌĞĐĞŶƚƐƚƵĚLJŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞŝŶĂĐƚŝǀĞEͲƚĞƌŵŝŶĂůƐ ĂƌĞĐƌŝƚŝĐĂůĨŽƌƚŚĞŝŶƚĞƌĂĐƚŝŽŶǁŝƚŚƚŚĞ>ŝŶϮϴƉƌŽƚĞŝŶ͘dŚĞďŝŶĚŝŶŐŽĨ>ŝŶϮϴƐƚĂďŝůŝƐĞƐƚŚĞŝŶƚĞƌĂĐƚŝŽŶ ďĞƚǁĞĞŶdhdϰͬϳĂŶĚŝƚƐƚĂƌŐĞƚƉƌĞͲůĞƚϳŵŝZE͘dŚŝƐŝŶĐƌĞĂƐĞƐƚŚĞƉƌŽĐĞƐƐŝǀŝƚLJŽĨdhdϰͬϳĂŶĚůĞĂĚƐ ƚŽƚŚĞŽůŝŐŽƵƌŝĚLJůĂƚŝŽŶŽĨƉƌĞͲůĞƚϳŵŝZE;&ĂĞŚŶůĞĞƚĂů͕͘ϮϬϭϳͿ͘ŽŵƉůĞŵĞŶƚĂƌLJĚĞƚĂŝůƐĂďŽƵƚƚŚĞ ĚŽŵĂŝŶŽƌŐĂŶŝƐĂƚŝŽŶĂŶĚĨĞĂƚƵƌĞƐŽĨƚŚĞƚĞƌŵŝŶĂůƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞƐĐĂŶďĞĨŽƵŶĚŝŶƉĂŐĞϮƚŽϰ ŽĨƚŚĞƌĞǀŝĞǁĂƌƚŝĐůĞƉƵďůŝƐŚĞĚŝŶt/Z ƐZEŝŶϮϬϭϴ;ĞůŵĞŝĚĂĞƚĂů͕͘ϮϬϭϴͿ͘
ϭ͘ϭ͘Ϯ͘dŚĞEͲƚĞƌŵŝŶĂů/ZŽĨƌĂďŝĚŽƉƐŝƐhZdϭŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞďŝŶĚŝŶŐŽĨ ƉĂƌƚŶĞƌƉƌŽƚĞŝŶƐ͘
/ŶƉůĂŶƚƐ͕ƚŚĞdhdĂƐĞƐƚŚĂƚŚĂǀĞďĞĞŶĐŚĂƌĂĐƚĞƌŝƐĞĚƚŽĚĂƚĞĂƌĞhZdϭĂŶĚ, ^KϭŝŶƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ ͕ ĂŶĚ Dhdϲϴ ŝŶ ƚŚĞ ŐƌĞĞŶ ĂůŐĂĞ ŚůĂŵLJĚŽŵŽŶĂƐ ƌĞŝŶŚĂƌĚƚŝŝ ͘ KĨ ŶŽƚĞ͕ Dhdϲϴ ŝƐ ƚŚĞ ŽƌƚŚŽůŽŐƵĞŽĨƌĂďŝĚŽƉƐŝƐ, ^Kϭ;ĞůŵĞŝĚĂ͕͘ĂŶĚ^ĐŚĞĞƌĞƚĂů͕͘ϮϬϭϴ͖/ďƌĂŚŝŵĞƚĂů͕͘ϮϬϭϬ͖ZĞŶ ĞƚĂů͕͘ϮϬϭϰ͖dƵĞƚĂů͕͘ϮϬϭϱͿ͘ůůƚŚƌĞĞƉƌŽƚĞŝŶƐŚĂǀĞ/ZƐ͘dŚĞ/ZƐŽĨ, ^KϭĂŶĚDhdϲϴĂƌĞ ůŽĐĂƚĞĚŝŶƚŚĞŝƌͲƚĞƌŵŝŶĂůƉĂƌƚƐĂŶĚƚŚĞŝƌĨƵŶĐƚŝŽŶƐŚĂǀĞŶŽƚLJĞƚďĞĞŶƐƚƵĚŝĞĚ;&ŝŐƵƌĞϭͿ͘hZdϭ ƉŽƐƐĞƐƐĞƐĂůĂƌŐĞ/ZŝŶŝƚƐEͲƚĞƌŵŝŶĂůƉĂƌƚ͘ůƚŚŽƵŐŚŶŽƚĐŽŶƐĞƌǀĞĚŽŶƚŚĞůĞǀĞůŽĨƚŚĞĂŵŝŶŽĂĐŝĚ ƐĞƋƵĞŶĐĞƐ͕ƚŚĞEͲƚĞƌŵŝŶĂůƌĞŐŝŽŶƐŽĨĂůůƉůĂŶƚhZdϭƉƌŽƚĞŝŶƐĐŽŶƚĂŝŶ/ZƐ͘DŽƌĞŽǀĞƌ͕ƚŚĞ/ZŽĨ ƌĂďŝĚŽƉƐŝƐhZdϭĐŽŶƚĂŝŶƐƐĞǀĞƌĂůĐŽŶƐĞƌǀĞĚ^>ŝDƐƚŚĂƚĂƌĞƐƚƌŝĐƚůLJĐŽŶƐĞƌǀĞĚĂŵŽŶŐƉůĂŶƚhZdϭ ƉƌŽƚĞŝŶƐ͘ ŵŝůŝĞ &ĞƌƌŝĞƌ ĂŶĚ ,ĠůğŶĞ ^ĐŚĞĞƌ͕ ĨŽƌŵĞƌ WŚ ƐƚƵĚĞŶƚƐ ŽĨ ŽƵƌ ƌĞƐĞĂƌĐŚ ŐƌŽƵƉ͕ ŚĂǀĞ ŝĚĞŶƚŝĨŝĞĚƚǁŽŚŝŐŚůLJĐŽŶƐĞƌǀĞĚŵŽƚŝĨƐDϭĂŶĚDϮŝŶƚŚĞ/ZŽĨhZdϭ;&ĞƌƌŝĞƌ͕ϮϬϭϯ͕^ĐŚĞĞƌ͕ϮϬϭϴͿ͘ dŚĞĨƵŶĐƚŝŽŶŽĨƚŚĞDϮŵŽƚŝĨŝƐƐƚŝůůƵŶŬŶŽǁŶ͕ďƵƚ ŝŶǀŝƚƌŽ ƉƵůůͲĚŽǁŶĂƐƐĂLJƐŝŶĚŝĐĂƚĞĚƚŚĂƚƚŚĞDϭ ŵŽƚŝĨŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞŝŶƚĞƌĂĐƚŝŽŶŽĨhZdϭǁŝƚŚƚŚĞĚĞĐĂƉƉŝŶŐĂĐƚŝǀĂƚŽƌWϱ;^ĐŚĞĞƌ͕ϮϬϭϴͿ͘
ĂƌůLJƐƚƵĚŝĞƐĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚƚŚĞEͲƚĞƌŵŝŶĂůƉĂƌƚŽĨhZdϭŝƐĚŝƐƉĞŶƐĂďůĞĨŽƌŝƚƐ ŝŶǀŝƚƌŽ ĂĐƚŝǀŝƚLJ ;&ĞƌƌŝĞƌ͕ϮϬϭϯͿ͘,ŽǁĞǀĞƌ͕ƚŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞ/ZŝŶhZdϭŚŽŵŽůŽŐƐĂŶĚƚŚĞĐŽŶƐĞƌǀĂƚŝŽŶŽĨƚŚĞ ƐŚŽƌƚŵŽƚŝĨƐƐƵŐŐĞƐƚĞĚĂŶŝŵƉŽƌƚĂŶƚĨƵŶĐƚŝŽŶ͘/ŶŝƚŝĂůƌĞƐƵůƚƐŽďƚĂŝŶĞĚďLJ ŵŝůŝĞ&ĞƌƌŝĞƌƐƵŐŐĞƐƚĞĚ ƚŚĂƚ ƚŚĞ EͲƚĞƌŵŝŶĂů ƌĞŐŝŽŶ ǁŝƚŚ ƚŚĞ /Z ŝƐ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ƚŚĞ ůŽĐĂůŝƐĂƚŝŽŶ ŽĨ hZdϭ ŝŶ WͲďŽĚŝĞƐ ;&ĞƌƌŝĞƌ͕ϮϬϭϯͿ͘
WͲďŽĚŝĞƐĂƌĞĐLJƚŽƉůĂƐŵŝĐĨŽĐŝĐŽŵƉŽƐĞĚŽĨĂŐŐƌĞŐĂƚĞƐŽĨƚƌĂŶƐůĂƚŝŽŶĂůůLJƌĞƉƌĞƐƐĞĚŵZEWƐ͘dŚĞLJ ĂƌĞĐŽŶƐƚŝƚƵƚŝǀĞůLJ ĨŽƌŵĞĚ͕ ďƵƚ ŚŝŐŚůLJ ŝŶĚƵĐĞĚ ƵƉŽŶ ƐƚƌĞƐƐ ;<ĞĚĞƌƐŚĂĞƚ Ăů͕͘ ϮϬϬϱ͖ dĞŝdžĞŝƌĂ ĂŶĚ
ϱ WĂƌŬĞƌ͕ ϮϬϬϳ͖ dĞŝdžĞŝƌĂ Ğƚ Ăů͕͘ ϮϬϬϱͿ͘ dŚĞLJ ĂƌĞ ĐŽŵƉŽƐĞĚ ŽĨ ƐƉĞĐŝĨŝĐ ŵZE ƉƌŽĐĞƐƐŝŶŐ ƉƌŽƚĞŝŶƐ ĂŐŐƌĞŐĂƚĞĚƚŽƚŚĞŝƌƚĂƌŐĞƚƐ͕ƚŚƵƐĞŵďŽĚLJŝŶŐĚŝƐƚŝŶĐƚĐLJƚŽƉůĂƐŵŝĐƐŝƚĞƐĨŽƌƚŚĞƐƚŽƌĂŐĞŽĨŵZEƐ ;<ĞĚĞƌƐŚĂĞƚĂů͕͘ϮϬϬϱ͖^ƚŽĞĐŬůŝŶĂŶĚ<ĞĚĞƌƐŚĂ͕ϮϬϭϯͿ͘WͲďŽĚŝĞƐĐŽŶƚĂŝŶƉƌŽƚĞŝŶƐŝŵƉůŝĐĂƚĞĚŝŶ ŵZEĚĞĐĂLJŝŶĐůƵĚŝŶŐƚŚĞĚĞĂĚĞŶLJůĂƚŝŽŶĨĂĐƚŽƌƐZϰĂŶĚWEϯ͕ĚĞĐĂƉƉŝŶŐĂĐƚŝǀĂƚŽƌƐ͕ĂŶĚϱΖͲϯΖ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐƐƵĐŚĂƐƌĂďŝĚŽƉƐŝƐyZEϰ;ĚĞƚĂŝůĞĚŝŶŚĂƉƚĞƌϯͿ͘KĨŶŽƚĞ͕ϯΖͲϱΖĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐ ŽƚŚĞƌ ƚŚĂŶ ĚĞĂĚĞŶLJůĂƐĞƐ ĂƌĞ ŶŽƚ ĚĞƚĞĐƚĞĚ ŝŶ WͲďŽĚŝĞƐ͘ WͲďŽĚŝĞƐ ĚŽ ĨƵƌƚŚĞƌ ĐŽŶƚĂŝŶ ƉƌŽƚĞŝŶƐ ŝŶǀŽůǀĞĚ ŝŶ ŶŽŶƐĞŶƐĞ ŵĞĚŝĂƚĞĚ ĚĞĐĂLJ ;EDͿ ĂŶĚ ƚƌĂŶƐůĂƚŝŽŶ ƌĞƉƌĞƐƐŝŽŶ ; ƵůĂůŝŽ Ğƚ Ăů͕͘ ϮϬϬϳ͖ WĂƌŬĞƌ ĂŶĚ ^ŚĞƚŚ͕ ϮϬϬϳͿ͘ ĂƐĞĚ ŽŶ ƚŚĞƐĞ ŽďƐĞƌǀĂƚŝŽŶƐ͕ ŝƚ ǁĂƐ ƉƌŽƉŽƐĞĚ ƚŚĂƚ WͲďŽĚŝĞƐ ƐƚŽƌĞ ƚƌĂŶƐůĂƚŝŽŶĂůůLJƌĞƉƌĞƐƐĞĚŵZEƐĂŶĚĂƌĞƐŝƚĞƐŽĨZEĚĞŐƌĂĚĂƚŝŽŶ͘ZĞĐĞŶƚƐƚƵĚŝĞƐƵƐŝŶŐƐŝŶŐůĞͲ ŵŽůĞĐƵůĞZEŝŵĂŐŝŶŐŚĂǀĞŶŽǁƐŚŽǁŶƚŚĂƚZEĚĞŐƌĂĚĂƚŝŽŶĚŽĞƐŶŽƚŽĐĐƵƌŝŶWͲďŽĚŝĞƐďƵƚŽŶ ƉŽůLJƐŽŵĞƐĂŶĚͬŽƌĚŝƐƚƌŝďƵƚĞĚŝŶƚŚĞĐLJƚŽƉůĂƐŵ;,ŽƌǀĂƚŚŽǀĂĞƚĂů͕͘ϮϬϭϳ͖dƵƚƵĐĐŝĞƚĂů͕͘ϮϬϭϴͿ͘dŚŝƐ ĨŝƚƐ ƚŽ ƚŚĞ ŽďƐĞƌǀĂƚŝŽŶ ƚŚĂƚ ĚĞĐĂƉƉŝŶŐ ĚŽĞƐ ŶŽƚ ƚĂŬĞ ƉůĂĐĞ ŝŶ WͲďŽĚŝĞƐ ;^ĐŚƵƚnj Ğƚ Ăů͕͘ ϮϬϭϳͿ͘ /ŶƚĞƌĞƐƚŝŶŐůLJ͕WͲďŽĚŝĞƐƐĞƋƵĞƐƚĞƌƉƌĞĚŽŵŝŶĂŶƚůLJŵZEƐĞŶĐŽĚŝŶŐƌĞŐƵůĂƚŽƌLJƉƌŽƚĞŝŶƐǁŚĞƌĞĂƐ ĐŽŶƐƚŝƚƵƚŝǀĞůLJĂŶĚŚĞĂǀŝůLJƚƌĂŶƐůĂƚĞĚŵZEƐƚŚĂƚĞŶĐŽĚĞƉƌŽƚĞŝŶƐǁŝƚŚŚŽƵƐĞŬĞĞƉŝŶŐĨƵŶĐƚŝŽŶƐ ĂƌĞĞdžĐůƵĚĞĚ;,ƵďƐƚĞŶďĞƌŐĞƌĞƚĂů͕͘ϮϬϭϳͿ͘dŚĞĐƵƌƌĞŶƚŚLJƉŽƚŚĞƐŝƐŝƐƚŚĂƚWͲďŽĚŝĞƐŝŶĂĐƚŝǀĂƚĞĚĞĐĂLJ ĨĂĐƚŽƌƐ ƚŚƌŽƵŐŚ ŵŽůĞĐƵůĂƌ ĐƌŽǁĚŝŶŐ ĂŶĚ ĞŶĂďůĞ ƚŚĞ ƌĞͲŵŽďŝůŝƐĂƚŝŽŶ ŽĨ ĚĞĂĚĞŶLJůĂƚĞĚ ĂŶĚ ƌĞƉƌĞƐƐĞĚ ŵZEƐ ĨŽƌ ƚƌĂŶƐůĂƚŝŽŶ ƚŽ ƋƵŝĐŬůLJ ĂĚĂƉƚ ƉƌŽƚĞŝŶ ƉƌŽĚƵĐƚŝŽŶ ƚŽ ĐĞůůƵůĂƌ ŶĞĞĚƐ ;,ƵďƐƚĞŶďĞƌŐĞƌĞƚĂů͕͘ϮϬϭϳͿ͘ dŚĞůŽĐĂůŝƐĂƚŝŽŶŽĨhZdϭŝŶWͲďŽĚŝĞƐƉƌŽǀŝĚĞĚĞĂƌůLJĞǀŝĚĞŶĐĞƚŚĂƚhZdϭΖƐĨƵŶĐƚŝŽŶŝŶƉůĂŶƚƐĐŽƵůĚ ďĞůŝŶŬĞĚƚŽƚŚĞĐŽŶƚƌŽůŽĨŵZEƐƚĂďŝůŝƚLJĂŶĚͬŽƌƚƌĂŶƐůĂƚŝŽŶĂůƌĞƉƌĞƐƐŝŽŶ͘/ŶƚĞƌĞƐƚŝŶŐůLJ͕Wϱ͕ ǁŚŝĐŚŝƐƌĞĐƌƵŝƚĞĚƚŽhZdϭƚŚƌŽƵŐŚƚŚĞDϭŵŽƚŝĨŝŶƚŚĞEͲƚĞƌŵŝŶĂů/ZƉĂƌƚŽĨƚŚĞƉƌŽƚĞŝŶ͕ŝƐĂůƐŽ ŝŵƉůŝĐĂƚĞĚŝŶĚĞĐĂƉƉŝŶŐĂŶĚƚƌĂŶƐůĂƚŝŽŶĂůƌĞƉƌĞƐƐŝŽŶ͕ĂŶĚŚĂƐďĞĞŶůŽĐĂƚĞĚŝŶƚŽWͲďŽĚŝĞƐŝŶ ͘ ƚŚĂůŝĂŶĂ ;yƵĂŶĚŚƵĂ͕ϮϬϬϵͿ ͘ dŚĞƐĞĚĂƚĂƐƵŐŐĞƐƚĞĚƚŚĂƚƚŚĞEͲƚĞƌŵŝŶĂů/ZŽĨƉůĂŶƚƐŝƐŝŵƉŽƌƚĂŶƚ ĨŽƌďŽƚŚůŽĐĂůŝƐĂƚŝŽŶĂŶĚŝŶƚĞƌĂĐƚŝŽŶƐŽĨhZdϭ͘KŶĞŽĨƚŚĞŽƉĞŶƋƵĞƐƚŝŽŶƐƚŚĂƚ/ĂĚĚƌĞƐƐŝŶŵLJ ƚŚĞƐŝƐŝƐƚŽŝŶǀĞƐƚŝŐĂƚĞƚŚĞƌŽůĞŽĨƚŚĞEͲƚĞƌŵŝŶĂů/ZĨŽƌhZdϭ ͛Ɛ ŝŶǀŝǀŽ ĨƵŶĐƚŝŽŶƐ͘
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ϳ Advanced Review RNA uridylation: a key posttranscriptional modi fication shaping the coding and noncoding transcriptome Caroline De Almeida, Hélène Scheer, Hélène Zuber and Dominique Gagliardi *
RNA uridylation is a potent and widespread posttranscriptional regulator of gene expression. RNA uridylation has been detected in a range of eukaryotes includ- ing trypanosomes, animals, plants, and fungi, but with the noticeable exception of budding yeast. Virtually all classes of eukaryotic RNAs can be uridylated and uridylation can also tag viral RNAs. The untemplated addition of a few uridines at the 3 0 end of a transcript can have a decisive impact on RNA ’s fate. In rare instances, uridylation is an intrinsic step in the maturation of noncoding RNAs like for the U6 spliceosomal RNA or mitochondrial guide RNAs in trypanosomes. Uridylation can also switch specific miRNA precursors from a degradative to a processing mode. This switch depends on the number of uridines added which is regulated by the cellular context. Yet, the typical consequence of uridylation on mature noncoding RNAs or their precursors is to accelerate decay. Impor- tantly, mRNAs are also tagged by uridylation. In fact, the advent of novel high throughput sequencing protocols has recently revealed the pervasiveness of mRNA uridylation, from plants to humans. As for noncoding RNAs, the main function to date for mRNA uridylation is to promote degradation. Yet, additional roles begin to be ascribed to U-tailing such as the control of mRNA deadenyla- tion, translation control and possibly storage. All these new findings illustrate that we are just beginning to appreciate the diversity of roles played by RNA uri- dylation and its full temporal and spatial implication in regulating gene expres- sion. © 2017 Wiley Periodicals, Inc.
How to cite this article: WIREs RNA 2018, 9:e1440. doi: 10.1002/wrna.1440
INTRODUCTION trypanosomes, fission yeast, plants, insects, nema- todes, and humans. 1–6 Because RNA uridylation NA uridylation, the untemplated addition of uri- 0 emerges as a generic feature in RNA metabolism and dines at the 3 extremity of RNAs, is a wide- to understand its impact fully, it is useful to brie fly R fi spread posttranscriptional modi cation that targets recall some basic principles underlying the produc- both coding and noncoding RNAs. Except for Sac- tion of functional transcripts and their elimination. charomyces cerevisiae, which seems to have lost the Genome expression necessitates the constitutive capacity to uridylate RNA, RNA uridylation is and regulated production of thousands of coding and detected in various eukaryotic organisms including noncoding RNAs. Virtually, all of these RNAs are pro- duced as primary transcripts that require further proces- *Correspondence to: [email protected] sing and modi fications to become functional transcripts. Institut de Biologie Moleculaire des Plantes (IBMP), CNRS, One of the classical steps in RNA processing is the pro- 0 0 University of Strasbourg, Strasbourg, France duction of mature 5 and 3 extremities. This maturation Con flict of interest: The authors have declared no con flicts of interest is achieved either by endoribonucleolytic cleavage and/or for this article. by exoribonucleolytic trimming of precursor transcripts.
Volume9,January/February2018 ©2017WileyPeriodicals,Inc. 1 of 25 Advanced Review wires.wiley.com/rna
Once created, extremities must be protected from the II. Subgroup 2 comprises TUTases that are able to rec- constitutive attacks of scavenging exoribonucleases. ognize a diversity of RNA substrates, from guide RNAs This protection is classically achieved by speci fic termi- (gRNAs) and mRNAs in trypanosome mitochondria, to nal features e.g., the m7G 5 0 cap or the 3 0 polyadeno- miRNAs, other noncoding RNAs and mRNAs. Other sine tail of eukaryotic messenger RNAs (mRNAs), various nucleotidyltransferases involved in the posttran- which are bound by dedicated proteins. Alternatively, scriptional adenylation, cytidylation, guanylation, and nonmodi fied extremities are simply buried into the the CCA addition to transfer RNAs (tRNAs) in some ribonucleoproteic particles (RNPs). Stabilization of Archaea as well as the 2 0-5 0-oligo(A) synthetases are also extremities can also involve a chemical modi fication members of subgroup 2. Finally, Subgroup 3 is repre- such as 2 0-O-ribose methylation of the 3 0 terminal sented by the CCA-adding enzymes that mature tRNAs nucleotide of small RNAs in plants and Piwi- in eukaryotes and in some bacteria. interacting RNAs (piRNAs) in animals. 7 However, the stabilization of 5 0 and 3 0 extremities has to be over- come at one point because genetic expression must be The Catalytic Domain of TUTases dynamic. Any coding and noncoding RNA will ulti- The core catalytic domain (CCD) of TUTases is de fined mately be degraded and this degradation can be regu- by a Pol β-like nucleotidyltransferase domain (NTD) lated in response to developmental or environmental and a poly(A) polymerase-associated (PAP-assoc) stimuli. A plethora of mechanisms is in charge of initi- domain, which has evolved to bind uridine 5'-tripho- ating or facilitating transcript degradation, and RNA sphate (UTP) rather than adenosine 5'-triphosphate uridylation is emerging as such a pervasive mechanism (ATP). The atomic structure of the CCD in complex in eukaryotes. In this review, we will focus on how with nucleotides or as apodomains has been solved for RNA uridylation impacts the processing and stability several TUTases: the mitochondrial RET1, RET2, of coding and noncoding RNAs. The most recent stud- MEAT1 and the cytosolic TUT4 from Trypanosoma ies clearly support that the overall function of uridyla- brucei , as well as Cid1 from Schizosaccharomyces tion is to destabilize its target RNA by helping the pombe and human U6 TUTase (TUT1). 12 –17 The juxta- degradation machinery in overcoming the protection position of the two domains forming the CCD creates a of extremities. However, this destabilizing role coexists large cleft, which contains the catalytic and UTP- with additional functions: uridylation can be required binding sites. Some TUTases like the human U6 TUTase for the processing of functional transcripts, inhibit or or the trypanosomal RET1, RET2, and TUT3 have promote translation, impede mRNA deadenylation additional sequences inserted in the CCD (Figure 1). A and possibly be involved in mRNA storage. The aim of domain which folds like a RNA recognition motif this review is to expose the fundamental and diverse (RRM) despite lacking the typical signature of RRM, is functions of RNA uridylation. We will describe the inserted in the CCD of RET1. 15 A similar domain core machinery involved in adding uridines to RNA 3 0 organization exists in RET2 but the orientation of the ends. We will also present the different classes of RNAs RRM-like fold is different. This difference could account that are targeted by uridylation and the main ‘readers ’ for the differential recognition of single-stranded versus that recognize uridylated transcripts to reveal the many double-stranded RNA by RET1 and RET2, respec- roles of this key posttranscriptional modi fication in tively. 15 RET1 also contains a C2H2 Zinc finger (ZnF) shaping the coding and noncoding transcriptome. adjacent to the NTD that is essential for the folding and stabilization of the catalytic domain (Figure 1). 15 UTP speci ficity involves conserved aspartate and glutamate residues in both mitochondrial and cytosolic KEY FEATURES OF TERMINAL 14,18,19 URIDYLYLTRANSFERASES TUTases such as RET1 and Cid1, respectively. In addition, a histidine residue in Cid1 (His336), con- The central actors of RNA uridylation are of course the served in some plant and human cytosolic TUTases but terminal uridylyltransferases (TUTases) that catalyze the absent from trypanosomal TUTases, has been involved untemplated addition of uridines at the 3 0 end of target in UTP selectivity. 14 A single amino acid substitution at transcripts. TUTases belong to the DNA polymerase β this position is suf ficient to switch the speci ficity of (Pol β)-like nucleotidyltransferase superfamily, which Cid1 from UTP to ATP, and vice versa for human Gld2 include RNA-speci fic nucleotidyltransferases divided in (TUT2). 14,20 Those experiments illustrate the ease of three subgroups. 2,8 –11 Subgroup 1 contains the nuclear switching the nucleotide speci ficity of a terminal nucleo- poly(A) polymerases ( ‘canonical ’ poly(A) polymerases) tidyltransferase during evolution to allow for the acqui- responsible for the polyadenylation of nascent mRNAs sition of a novel biological function linked to RNA and other RNAs transcribed by RNA polymerase tailing.
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D D D Nucleotidyltransferase domain Tb RET1 976 Non-functional nucleotidyltransferase domain
Poly(A) polymerase-associated domain D D D Non-functional poly(A) polymerase- Tb RET2 487 associated domain RRM-like domain D D D
C2HC-type zinc knuckle Tb TUT3 889
C2H2-type zinc finger D D D Trypanosome D Basic rich region D D D Catalytic triad Tb MEAT1 406
Intrinsically disordered Regions D D D Tb TUT4 333 Single occurrence motifs are indicated as appropriate
D D D Sp Cid1 405
D D D Sp Cid16 1202
D D D
Fungi 1107 An CutA
D D D An CutB 694
D D D At URT1 764
D D D
511
Plants At HESO1
D D D 924 Cr MUT68
D D D KA-1 Hs U6 TUTase (TUT1) 874 RRM PRR NLS
D D D Hs TUT4 1644
D D D
Hs TUT7 1495
Animals D D D
Xt TUT7 1514
D D D Ce CDE-1 1425
D D D
Dm Tailor 560 DUF 1439
FIGURE 1 | Domain architectures of TUTases are diverse across organisms. Tb, Trypanosoma brucei; Sp, Schizosaccharomyces pombe; Hs, Homo sapiens; An, Aspergillus nidulans; At, Arabidopsis thaliana; Cr, Chlamydomonas reinhardtii; Xt, Xenopus tropicalis; Ce, Caenorhabditis elegans; Dm, Drosophila melanogaster. RRM, RNA recognition motif; PRR, proline-rich region; KA-1, kinase-associated-1; NLS, nuclear localization signal; DUF, domain of unknown function. Intrinsically disordered regions (IDR) have been predicted using DISOPRED.
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Complex and Diverse Domain Architectures C-terminal region is not required for incorporation of TUTases of RET1 into the MPsome but could bind RET1 ’s The association of the NTD with a PAP-assoc domain RNA substrates. Indeed, its deletion decreases the constitutes the minimal catalytic module for a TUTase. RNA-binding capacity of RET1 thereby strongly fi 15 This minimal con figuration actually corresponds to reducing processivity and catalytic ef ciency. In addition to IDRs, ZnF can also mediate protein – the structural organization of Cid1 from S. pombe RNA and protein –protein interactions. 27 –29 (Figure 1). Cid1 does not have a dedicated RNA- Deciphering the intricate interaction network of binding domain adjacent to the catalytic module but TUTases is key to fully understand the effect of RNA rather binds its RNA substrates through interaction uridylation. Two categories of factors interact with with three basic patches distributed at the surface of TUTases: the auxiliary factors that assist TUTases in the enzyme.13 No interacting partners have been iden- modifying their targets, and some of the ‘readers’ ti fied to date and Cid1 appears to act as a standalone that recognize the uridylated status of transcripts and enzyme. In contrast to Cid1, most other TUTases typi- translate this information into a biological output cally present a multipartite domain architecture with (stabilization, decay, translation inhibition, etc.) domains or regions mediating protein –protein interac- (Table 1). These factors are detailed next when we tions or protein –RNA binding. This architecture is survey the diverse roles of RNA uridylation in shap- evolving fast and therefore, TUTases display various ing the transcriptome. domain organizations as illustrated for a selection of characterized TUTases from trypanosomes, fungi, ani- mals, and plants (Figure 1). VARIOUS CONSEQUENCES OF A striking example of complex domain archi- URIDYLATING NONCODING RNAs tecture is illustrated by the human TUT4/7 or Xeno- pus TUT7.8,21 Those TUTases contain a duplicated Processing of Mitochondrial CCD domain but only the C-terminal one is active. gRNAs in Trypanosomes Yet, the inactive CCD is required for structural func- Uridylation is fundamental for RNA metabolism in tionalities, independently of catalyzing RNA tail- mitochondria of trypanosomes. Both coding and non- ing.22,23 Another key feature of HsTUT4/7 and coding RNAs encoded in this organelle are uridylated XtTUT7 is the presence of C2H2-type ZnF and and the majority of mRNAs are massively edited by U C2HC-type ZnF motifs (also known as zinc insertions and deletions. 58 Editing requires gRNAs knuckles), located upstream of the inactive CCD and that specify the position of editing sites to the RNA on both sides of the active one, respectively – 8 editing core complex (RECC). gRNAs are 50 60 nt (Figure 1). The last two C2HC-type ZnF surround a long RNAs terminating with 15 –20 untemplated uri- basic amino acid-rich (BR) stretch, conserved from dines. The vast majority of guide RNAs are encoded Xenopus to human. 21 BR stretches are known as dis- 24 by thousands of minicircles of about 1 kbp, which ordered regions that can promote RNA binding. constitute the mitochondrial genome of trypanosomes Those BR stretches belong to one of the three large together with a few 25 kbp maxicircles encoding mul- intrinsically disordered regions (IDRs) predicted in ticistronic ribosomal RNAs (rRNAs) and mRNAs.61 the N-terminal, middle and C-terminal regions of gRNAs maturation involves the mitochondrial HsTUT4/7 and XtTUT7. Although, the presence of 3' processome (MPsome) constituted by the TUTase large IDRs is actually common across TUTases, their RET1 in association with the 3 0!50 exoribonuclease diversity in size and position largely contributes to DSS1 and three large proteins with no known the variability of TUTase organization across organ- motifs.6,25 The bidirectional transcription of minicir- fi isms (Figure 1). Such IDRs could confer speci c cles generates sense and antisense gRNA precursors RNA or protein binding capacity to their respective of about 800 –1200 nt and with a 50 nt overlapping TUTase. For instance, the N-terminal region of region in their 5 0 region (Figure 2). The first step in RET1 is dispensable for activity in vitro but likely the maturation process of these precursors by the – mediates protein protein interactions crucial for MPsome is the uridylation by RET1, which recruits ’ 15 0 0 RET1 s function in vivo. Indeed, RET1 can oligo- the 3 !5 exoribonucleolytic activity of DSS1. The merize, is integrated into a complex termed the mito- – 0 progression of the MPsome is impeded 10 12 nt chondrial 3 processome (MPsome) and can also away from the stable duplex region that is formed transiently interact with pentatricopeptide repeat by annealing of the complementary sequences cre- (PPR)-containing RNA-binding factors and a mito- 15,25,26 ated by the bidirectional transcription of the sense chondrial poly(A) polymerase. By contrast, the and antisense precursors. RET1 then performs a
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TABLE 1 | Main Factors Assisting TUTases Protein/ Relevant Complex Protein Type Organism(s) TUTase(s) Description References Lin28 RNA-binding protein Mouse, human TUT4/7 Lin28A binds to pre-let-7 and recruits TUT4/7 to 23,30–34 initiate oligo-uridylation of pre-let-7 miRNA and subsequent degradation by Dis3L2. Trim25 E3 ubiquitin/ISG15 Mouse, human TUT4 Trim25 binds to the conserved terminal loop of 35 ligase pre-let-7 and promotes TUT4 Lin28 mediated- uridylation. LSm1-7 RNA-binding protein Human, S. pombe TUT4/7 The LSm1-7 complex preferentially binds to 36 –40 complex oligoadenylated mRNAs with 30 terminal uridines, thereby promoting decapping. Dis3L2 30!50 Human, S. pombe , TUT4/7, Dis3L2 preferentially degrades uridylated RNAs, 34,41–46 exoribonuclease Drosophila, Tailor including pre-microRNAs, mRNAs and mouse unprocessed and structured noncoding RNAs. In Drosophila, Dis3L2 and Tailor form a cytoplasmic terminal RNA uridylation-mediated processing (TRUMP) complex. Usb1 30!50 Human U6 Usb1 nibbles the 30 extremity of the uridylated U6 47 –49 (Mpn1) exoribonuclease/ TUTase snRNA and leaves an extension of five Us and a phosphodiesterase (TUT1) terminal 20, 3 0 cyclic phosphate that favor the binding of LSm2-8 complex. Ago2 Endoribonuclease/ Human U6 U6 TUTase co-puri fies with Ago2 and Dis3L2 via 50 RNA-binding TUTase RNA-mediated interaction. The three proteins protein (TUT1) seem to be part of the same complex. LSm2-8 RNA-binding protein Human U6 LSm2-8 binds to U6 snRNA with 3 0 five U 51 complex TUTase extension and a terminal 2 0, 3 0 cyclic phosphate (TUT1) produced by dual action of U6 TUTase/Usb1 exoribonuclease. SART3 RNA-binding protein C. elegans USIP-1 USIP-1 forms a complex with SART3 and U6 52 (Tip110) snRNA and uridylates U6 snRNA to promote its recycling. EGO-1 RNA-directed RNA C. elegans CDE-1 Localization of CDE-1 in embryo mitotic 53 polymerase chromosomes requires the RdRP EGO-1, which interacts with CDE-1 and the Argonaute protein CSR-1. CDE-1 uridylates CSR-1-bound siRNAs. AGO1 Endoribonuclease/ Arabidopsis HESO1 AGO1, key factor of the RNA-induced silencing 54 RNA-binding complex, interacts with HESO1 through its Piwi/ protein Argonaute/Zwille (PAZ) and Piwi domains. HESO1 uridylates AGO1-bound miRNAs to trigger their degradation. RICE1/2 30 to 5 0 Arabidopsis HESO1 RISC-interacting clearing 30!50 exoribonucleases 55 exoribonuclease 1 and 2 (RICE1/2) are 3 0 to 5 0 exoribonucleases that initiate degradation of uridylated 5 0 RISC- cleaved fragments to recycle RISC. SDN1/2 30 to 5 0 Arabidopsis HESO1 SDN1/2 are 30!50 exoribonucleases that trim 56 exoribonuclease AGO1-bound small RNAs prior to tailing by HESO1 and degradation. PABP RNA-binding protein Arabidopsis URT1 PABP binds oligo(A/U) tails in vivo and determines 57 the size of U extension added by URT1. DSS1 30 to 5 0 T. brucei RET1 RET1 is integrated into the MPsome complex 25,58 exoribonuclease composed of the exoribonuclease DSS1 and (continued overleaf )
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TABLE 1 | Continued Protein/ Relevant Complex Protein Type Organism(s) TUTase(s) Description References three other proteins with no known domain. The complex is involved in gRNA maturation. KPAF1/2 PPR-proteins T. brucei RET1 The heterodimer composed of KPAF1 and KPAF2 26 PPR-proteins induces the formation of long A/U tail by RET1 and the KPAP1 poly(A) polymerase. MP81 RNA-binding protein T. brucei RET2 RET2 is a subunit of the U-insertion subdomain of 59,60 the RNA editing core complex (RECC) that catalyzes mRNA editing in trypanosome mitochondria. RET2 interacts with MP81 protein resulting in the stabilization of both proteins and enhancement of TUTase activity. secondary uridylation step, which does not trigger effect of uridylation by the U6 TUTase is in fact due degradation but could rather promote the MPsome to the action of the 3 0!50 exoribonuclease Usb1. disengagement from the duplex intermediate. The Indeed, the production of a terminal 2 0, 3 0 cyclic duplex is unwound, the antisense strand degraded phosphate favors the binding of the stabilizing and the sense uridylated gRNA integrated into the LSm2-8 complex.51 In addition, Usb1 ’s action pro- gRNA-binding complex to direct the editosome to tects U6 snRNA from adenylation by the terminal editing sites (Figure 2). The U-tails of gRNAs could nucleotidyltransferase Trf4 and subsequent degrada- promote the interaction with the purine-rich pre- tion by the nuclear RNA exosome. 47 Although, the edited mRNA or recruit protein factors. 9 Although recruitment of an exoribonucleolytic activity by U- further investigation is still required to fully de fine tails appears as a common process in eukaryotes, the the biological function of the secondary uridylation example of human U6 snRNA illustrates that the step, solving the processing pathway of gRNAs outcome of such a recruitment is not necessary the revealed a dual and complex role for uridylation. 25 destabilization of the target RNA.
Uridylation in U6 snRNA Maturation Control of miRNA and Stability Processing by Uridylation Another well-characterized substrate of RNA uridy- One of the most spectacular regulatory roles of RNA lation is the human spliceosomal U6 small nuclear uridylation in animals is to control the biogenesis of RNA (U6 snRNA).62 U6 snRNA transcription by specific miRNAs (Box 1). Uridylation affects miRNA RNA polymerase III (Pol III) is terminated by a short processing and the degradation of miRNA precursors stretch of four encoded uridines (Figure 3). Interest- with various consequences on development, diseases ingly, most human U6 snRNAs end with five Us and and evolution of miRNA families. a 2 0, 3 0 cyclic phosphate. Minor forms of U6 snRNA have 30 oligo(U) tails of up to 20 residues and a 3 0 Dual Role of Uridylation in let-7 OH extremity. The heterogeneity of 3 0 termini of U6 miRNA Biogenesis snRNA reveals the combined action of two opposing The let-7 miRNA family is highly conserved in bila- activities in the 3 0 maturation process: U6 snRNA 3 0 terian animals. It suppresses cell proliferation and extremities are uridylated by the U6 TUTase promotes cell differentiation. In humans, 9 out of (TUT1)63 –65 and nibbled by a distributive 3 0!50 12 let-7 precursors are processed as pre-miRNAs exoribonuclease Usb1 (Mpn1) (Figure 3). 47 –49,66 with 1 nt 3 0 overhang (Group II precursors). The Usb1 belongs to the LigT-like superfamily of 2H remaining three precursors have a typical 2 nt 3 0 phosphoesterases and catalyzes the formation of a overhang (Group I), like canonical miRNA precur- terminal 20, 3 0 cyclic phosphate while removing uri- sors.68 Group I pre-miRNAs are classically processed dines added by U6 TUTase to leave a five U-tail. 47 –49 by Dicer (Figure 4). By contrast, Group II let-7 pre- Uridylation is rightly considered as an integral miRNAs are poor substrates of Dicer because of their step in the 3 0 maturation and stabilization of U6 1 nt 3 0 overhang. TUT4 and TUT7 can mono- snRNA in humans. 62 Paradoxically, the stabilizing uridylate those precursors, thereby restoring a full
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BOX 1 gRNA maturation
gRNA gene DIFFERENT miRNA PROCESSING PATHWAYS IN ANIMALS miRNAs are small RNAs of 21 –22 nt that associ- ate with Argonaute (Ago) proteins within RNA- 1 le k irc induced silencing complexes (RISCs). RISCs bp minic silence target mRNAs by repressing translation and inducing decay.67 The classical pathway of 1 miRNA processing in animals involves two 800–1200 nt Sense and antisense 5′ 3′ RNase III-like enzymes, Drosha and Dicer. 3′ 5′ gRNA precursor 800–1200nt Drosha cleaves primary miRNA (pri-miRNA) 50 nt overlap transcripts in the nucleus to generate a pre- miRNA hairpin with a 2 nt 3 0 overhang. The RET1 pre-miRNA is processed as a duplex RNA by 2 Dicer in the cytoplasm. The miRNA strand of DSS1 the duplex is retained in complex with a Ago MPsome protein to form the core components of RISC UUUU UUUU while the passenger strand of the duplex is 3 degraded.67 Alternative processing pathways RET1 RET1 exist that can bypass either Dicer activity as for 10–12 nt miR-451 or Drosha action as for pre-miR-320 and mirtrons. Mirtrons are encoded as short DSS1 DSS1 10–12 nt hairpin introns that use splicing and debranch- 4 ing instead of Drosha to generate the pre- UUUU miRNA hairpin that is further processed by UUUU 67 RET1 Dicer. Finally, processing of Group II let-7 miR- 5 NAs involves both Drosha and Dicer but mono- Degradation of and poly-uridylation of pre-let-7 miRNAs either the antisense gRNA promote or prevent maturation by Dicer, 67 sense gRNA ′ respectively. 5′ UUUU 3 mature gRNA EDITING processing capacity for Dicer (Figure 4). 46,68 A recent FIGURE 2 | structure of the catalytic domain of TUT7 engaged in Uridylation and guide RNA (gRNA) maturation in trypanosome mitochondria. gRNAs are processed through a sequential the mono-uridylation of Group II pre-let-7 hairpin 0 maturation process by the mitochondrial 3 processome (MPsome), revealed a duplex-RNA-binding pocket favoring the 0! ’ 23 containing the TUTase RET1 in complex with the 3 5 addition of a single uridine. Another terminal exoribonuclease DSS1. (1) gRNAs are generated by bidirectional nucleotidyltransferase, Gld2 (TUT2 or PAPD4), can transcription of minicircles. The sense and antisense gRNA precursors mono-uridylate and mono-adenylate Group II let-7 have complementary regions in the 5 0 end and form a duplex. After pre-miRNAs in vitro and promotes let-7 processing recruitment of the MPsome (2), the precursors undergo a first in vivo. 68 Although it remains to be formally demon- uridylation step by RET1 (3), leading to the degradation of the strated whether Gld2 ’s impact on let-7 processing is precursors by DSS1 (4). Progression of the MPsome is impeded due to adenylation rather than uridylation, 20 TUT4/7 10 –12 nt from the paired region and a second uridylation step by are de finitely crucial to promote Group II pre-let-7 RET1 occurs (5). After antisense gRNA degradation, mature uridylated processing, demonstrating that uridylation is required gRNAs are incorporated into the gRNA-binding complex to direct the editosome to editing sites. for Group II let-7 biogenesis. 68 let-7 is expressed in differentiated cells where it negatively regulates several known oncogenes, but is encodes two paralogous Lin28 proteins. Both Lin28A repressed in embryonic stem cells and in several can- and Lin28B downregulate let-7 production by distinct cers in mammals. 69,70 A prominent factor regulating mechanisms including the sequestration of precursors let-7 accumulation is the RNA-binding protein away from nuclear processing factors and uridylation – – Lin28.30 32,41,70 75 The genome of vertebrates -mediated degradation of cytosolic precursors
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0 31,76 U6 snRNA maturation GAGG sequence near the 3 end. Recent studies propose that this interaction between the zinc knuckle of Lin28 and GGAG motif of pre-let7 forms a speci fic Pol III surface recognized by the N-terminal half of TUT4/7 TTTT containing the inactive CCD domain (also called the Lin28-interacting module or LIM), thereby establish- 1 ing a stable ternary complex between pre-let-7: 23 La protein Lin28A:TUT4/7. The Lin28A-stabilized interaction 2 between pre-let-7 and TUT4/7 results in the oligo- UUUU uridylation of pre-let-7 miRNAs. 30 –33 In addition, U6 snRNA two C2HC-type zinc knuckles close to the active CCD of TUT4/7 establish uracil-speci fic interactions, facilitating oligo-uridylation.23 Finally, the activity of U6 TUTase TUT4 is stimulated by the E3 ligase Trim25, which (TUT1) specifically binds the pre-let-7 miRNAs.35 The oligo- UUUUUUUU....UU 3 ~20 uridines uridylation of pre-let-7 miRNAs inhibits Dicer action and recruits the 30!50 exoribonuclease Dis3L2 (Box 2) which degrades let-7 pre-miRNA 34,41,77 4 (Figure 4). TUT4 and TUT7 redundantly uri- Usb1 dylate pre-let-7 miRNAs.78 However, this redun- UUUUUUUU >P dancy may depend on the cell type because TUT4 knockdown was also shown to fully mimic Lin28A knockdown in human cancer cells expressing Lin28A.73 Lin28B was also reported to promote uri- UUUUU>P dylation and Dis3L2-mediated degradation of pre-let- 7 miRNAs in certain cancer cells. 72 2′, 3′ cyclic phosphate LSm2–8 stable end Altogether, studies of let-7 biogenesis revealed a fascinating regulatory role of RNA 5 LSm2–8 UUUUU> P BOX 2 Protection Dis3L2: A 3 0!50 EXORIBONUCLEASE Exosome DEGRADING URIDYLATED RNA SUBSTRATES 0 0 FIGURE 3 | Uridylation is critical for U6 snRNA maturation. U6 Dis3L2 is a 3 !5 exoribonuclease of the RNase snRNAs are transcribed by polymerase III (Pol III) which terminates II/R family which is localized in the cytosol and transcription by a stretch of four encoded uridines (1) that are conserved in eukaryotes except in S. cerevisiae. 4 immediately bound by the La protein (2). U6 snRNAs are then Mutations in human Dis3L2 are associated with uridylated by U6 TUTase (TUT1) (3) which favors nibbling by the the Perlman syndrome of fetal overgrowth, pre- exoribonuclease Usb1 (4). Usb1 is a phosphodiesterase and generates disposition to develop Wilms ’ tumors and a 0 0 0 terminal 2 , 3 cyclic phosphate. The particular 3 end formed by four series of additional cancers. 4,41 Dis3L2 acts inde- 0 0 encoded uridines and one exogenous uridine with a terminal 2 , 3 pendently of the exosome and degrades a vari- cyclic phosphate facilitates the recruitment of the LSm2-8 complex ety of RNA substrates in the cytosol, ranging that prevents degradation by the exosome (5). from mRNAs to a range of noncoding RNAs – – including small RNAs.34,41 43,45,79 81 Of note, uri-
69 dylation favors Dis3L2-mediated decay. Determi- (Figure 4). The molecular mechanisms underlying nation of the structure of mouse Dis3L2 in the uridylation-mediated degradation of pre-let-7 complex with an oligo(U) RNA revealed exten- miRNAs is thoroughly investigated. The cold-shock sive uracil-speci fic interactions, explaining how domain of the cytosolic Lin28A recognizes the termi- Dis3L2 preferentially recognizes uridylated RNA nal loop of pre-let-7 miRNA and a zinc knuckle stabi- substrates.77 lizes this interaction by recognizing a conserved
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Differentiated cells Embryonic stem cells/cancer cells Group I pre-let-7 Group II pre-let-7 Group I and II pre-let-7
2nt 3 ′ overhang 1nt 3 ′ overhang 5′ 5′ 5′ pre-miRNA 3′ 3′ 3′
Mono-uridylation Oligo-uridylation Trim25
U TUT4/7 Lin28 UUUU (&Gld2) U TUT4/7 restoration of conventional 3 ′ end Pre-miRNA TRBP Dicer degradation 5′ 3′ U UU Dis3L2
Dicer processing no Dicer processing
Loading 5′ 3′ 3′ 5′ mature RISC
miRNA
Downregulation of oncogenes Expression of oncogenes, by let-7 miRNA pluripotency, cell reprogramming
FIGURE 4 | Dual role of uridylation in let-7 miRNA maturation. Group I pre-let-7 miRNAs end with a 2 nt 3 0 overhang and are further processed by Dicer to generate mature let-7 which downregulate oncogenes in differentiated cells. Group II pre-let-7 miRNAs end with a 1 nt 3 0 overhang and are mono-uridylated by TUT4/7 and Gld2 (or possibly mono-adenylated by Gld2). This single nt addition on the 3 0 end restores full Dicer competence to produce let-7 miRNAs. In embryonic stem cells and many cancers, the RNA binding Lin28A (and possibly Lin28B 69 ) binds pre- let-7 and, together with the E3 ligase Trim25, recruits TUT4/7 to oligo-uridylate pre-let-7 leading to its degradation by Dis3L2. Prevention of mature let-7 production induces pluripotency, cell reprogramming, and cancers. uridylation. Mono-uridylation of pre-let-7 miR- Uridylation Represses the Mirtron Pathway NAs by TUT4/7 in the absence of Lin28A The stability of mirtron precursors is also controlled enhances Dicer processing, thereby downregulating by uridylation. Mirtrons are small RNAs de fined by oncogene expression through let-7 action. By con- their Drosha-independent processing which relies on trast, oligo-uridylation by the same set of TUTases the splicing machinery to generate short hairpins fur- triggered by the processivity factors Lin28A/ ther processed by Dicer (Figure 5). 67,82 Mirtrons Trim25 leads to the degradation of pre-let-7 miR- have been identi fied in flies, worms and humans, and NAs by Dis3L2, which promotes cell proliferation are usually low expressed and not conserved. In Dro- and limits cell differentiation. sophila melanogaster , the mirtron precursors are
Volume9,January/February2018 ©2017WileyPeriodicals,Inc. 9 of 25 Advanced Review wires.wiley.com/rna uridylated by the TUTase Tailor impeding processing methylation. 92 Yet, particular patterns of trimming/ by Dicer (Figure 5). 83,84 Strikingly, mirtron hairpins tailing are conserved for the same miRNA between are preferentially uridylated as compared to classical maize, rice and Arabidopsis hen1 mutants, suggesting hairpins generated by Drosha. 83 –86 This preference is that structural elements or sequences conserved explained by the speci ficity of Tailor for substrates between monocotyledons and dicotyledons can in flu- with a 3 0 terminal G. 83,84 Because of their biogenesis ence uridylation and trimming. 92 Of note, certain by the splicing machinery, all mirtrons end with a 3 0 miRNAs such as miR158 are substantially trimmed AG. Hence, substrate preference of Tailor may have and tailed in a wild-type context because of inef ficient evolved to suppress mirtron biogenesis to avoid the methylation even in the presence of HEN1. 92 creation of spurious novel miRNAs. 83,84 Importantly, A genetic suppressor screen in Arabidopsis identi- precursors of conserved miRNAs are speci fically fied the TUTase HESO1 (HEN1 SUPPRESSOR 1) as depleted for 30 G whereas ones for nonconserved the terminal uridylyltransferase responsible for uridyla- 93 miRNAs are not. Therefore, Tailor-mediated control tion of small RNAs. In a heso1 hen1 mutant, of the accumulation of de novo created mirtrons unmethylated small RNAs are less uridylated and their 93 –95 likely resulted in a selective pressure that shaped global level increases. It was therefore concluded canonical miRNAs in Drosophila. 83,84 that uridylation by HESO1 destabilizes small RNAs. 93,95 Forward and reverse genetic experiments revealed URT1 as another TUTase able to uridylate miRNAs, but not siRNAs, in the hen1 heso1 genetic Uridylation of Mature Small RNAs: Decay 96,97 and More context. Of note, the biological impact of URT1 in uridylating miRNAs in a wild-type context remains to The untemplated 30 addition of nucleotides is also be determined and HESO1 represents the major common on mature small RNAs. Added nucleotides TUTase uridylating both siRNAs and miRNAs in Ara- are mostly adenosines and uridines. Uridylation has bidopsis. In Chlamydomonas reinhardtii , uridylation been studied for different classes of small silencing by the TUTase MUT68 also destabilizes small RNAs. 98 RNAs including miRNAs, short interfering RNAs, Both biochemical and sequencing analyses indi- and piRNAs. 3,87 Small RNA uridylation was reported cate that trimming precedes uridylation by HESO1 across diverse organisms, from fission yeast, nema- (Figure 6(a)). Indeed, the catalytic activity of HESO1 is todes, flies, frogs, plants, and mammals. Again, uridy- 0 inhibited by the 2 -O methylation deposited by HEN1 lation in fluences small RNA fate in several ways, the and extensive tailing is observed on trimmed small most prominent one being destabilization. 0 0 RNAs. 92,93,95 The 3 !5 exoribonucleases that trim methylated small RNAs prior to tailing were recently Methylation, Uridylation and Decay of Plant identi fied as SDN1 and SDN2. 56 SDN1/2 interact with Small RNAs AGO1 as does HESO1, 54 giving a rational explanation Uridylation-mediated destabilization of small RNAs is as why trimming and tailing depends on AGO. 92 thoroughly investigated in plants. The terminal ribose SDN1/2 are proposed to trim small RNAs while loaded of all plant small silencing RNAs is 2 0-O methylated on an Ago protein, thereby alleviating the inhibitory by the methyltransferase HEN1. 88 –90 HEN1 has two effect of HEN1 methylation on HESO1 tailing double-stranded RNA-binding domains that recognize (Figure 6(a)). 56 Uridylation by HESO1, and possibly the duplexes generated by Dicer-like (DCL) enzymes URT1, then triggers the degradation of the small RNAs and methylates the 3 0 extremity of both strands of the by a yet unidenti fied enzyme. duplex. In Arabidopsis, loss of small RNA methyla- tion in hen1 mutants results in strong developmental Other Small RNAs Protected by Methylation defects due to a decrease in miRNA abundance. 88,89 Against Uridylation Of note, siRNA accumulation is also affected in Ara- The protection of 3 0 ends by methylation is not bidopsis and in rice hen1 mutants. 88,89,91 This restricted to plant small RNAs. HEN1 homologues decrease is accompanied by 3 0 end untemplated uridy- are conserved in animals and methylate piRNAs. 99 –105 lation and trimming of small RNAs. 88,89 Hence, meth- Piwi proteins belong to the Argonaute family and are ylation by HEN1 stabilizes small RNAs by preventing loaded with piRNAs expressed in germlines to repress their uridylation and subsequent degradation. Interest- transposable elements. In contrast to Arabidopsis ingly, the patterns of trimming and uridylation are HEN1, animals Hen1 homologues lack double quite diverse across miRNA families. Some miRNAs stranded RNA-binding domains and rather interact are particularly trimmed and tailed while others are with Piwi proteins to methylate single-stranded piR- not affected by the lack of HEN1-mediated NAs of various sizes. Methylation by HEN1
10 of 25 ©2017WileyPeriodicals,Inc. Volume9,January/February2018 WIREs RNA RNA uridylation
Conventional miRNA biogenesis Mirtron pathway
DGCR8/Pasha Exon Exon AAAA AG Drosha p 1 AAAA pri-miRNA
1 OH AG
2 TRBP/Loqs
Dicer pre-miRNA
mirtron hairpin 2 G 3′ end of mirtron hairpin Tailor AG ends with a 3’AG miRNA:miRNA* O H duplex Dis3L2 3 TRUMP complex Tailor prefers 3 mature RISC 3 ′G substrates AGUUUUU Dicer Tailor processing
Silencing of targets Dis3L2 4
Dis3L2-mediated decay
FIGURE 5 | Uridylation restricts mirtron accumulation. Left panel: (1) The conventional processing of animal miRNAs starts with the cleavage of the pri-miRNA by the nuclear Drosha/DGCR8 complex. (2) The generated pre-miRNA hairpin is then further processed by Dicer/TRBP in the cytoplasm. (3) The resulting miRNA:miRNA* duplex is loaded into Argonaute where the mature miRNA is retained, forming the RISC complex. Right panel: As compared to classical processing for animal miRNAs, mirtrons do not rely on Drosha but instead on the splicing (1) and lariat- debranching (2) machinery to generate mirtron hairpins ending with AG. Those hairpins are preferential substrates of the TUTase Tailor, which has a better af finity for substrates ending with a G (3). Tailor together with Dis3L2 forms the TRUMP complex in Drosophila. Uridylation by Tailor promotes degradation by Dis3L2, impeding Dicer processing and preventing the formation of mirtrons (4). homologues, such as Pimet/Hen1 in Drosophila, Hen1 Those experiments explain why siRNAs which trigger in zebra fish or HENMT1 in mouse, may prevent the destruction of viral or transposon RNAs using uridylation-mediated decay of piRNAs. 25,99,102,104 extensive complementarity are methylated to protect Another class of small RNAs that are 3 0 methy- their 3 0 end from tailing and trimming, whereas miR- lated is siRNAs in Drosophila. 100 Loss of methylation NAs are not. Indeed, extensive complementarity of a results in trimming and uridylation of those siR- small RNA with its target weakens its interaction with NAs.106 Only Ago2-bound siRNAs, but not Ago1- the Piwi/Argonaute/Zwille (PAZ) domain of Ago pro- bound miRNAs, are methylated in Drosophila and teins, thereby allowing accessibility to TUTases and this difference may be linked to their respective mode 30!50 exoribonucleases. 106 of target recognition. One of the major differences Finally, methylation can also prevent uridyla- between siRNAs and miRNAs is the extensive pairing tion of siRNAs in certain trypanosomatids. 107 The of siRNAs to their targets as compared with the par- core components of RNA silencing are not consist- tial pairing of miRNAs, mostly restricted to the seed ently conserved across kinetoplastids. In T. brucei sequence. Interestingly, increasing the complementar- but not Leishmania (Viannia) sp., an HEN1 homo- ity between a target sequence and Ago1-bound miR- logue methylates siRNAs thereby preventing their NAs is enough to trigger uridylation and trimming. 106 trimming and uridylation. 107
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Uridylation induces degradation of non-coding RNAs (b) C. elegans (c) S. pombe (d) Expression of MCMV m169 viral transcript in mammalian cells
CSR-1 Ago1 MCMV m169 Ago2 ? sRNA U U Cid16 5′ U AAAA3’ CDE-1 miR-27 U6 TUTase ?
U U U ?? RRP6 Dis3L2 siRNA degradation sRNA degradation miR-27 degradation
(a) Arabidopsis thaliana (e)Noyau Transcription Nucleus
Cytoplasm HEN1 Me HESO1 TUTases misprocessed ncRNA
Me Pol I transcripts Pol II transcripts Pol III transcripts UU Me UU
U U U U Vault RNA U U U U U U U U U U UU Y-RNA SDN1/2 UU 5S rRNA TSSas UU UUUU tRNA snRNA snoRNA U pre-miRNA U rRNA U U lnc RNA
Dis3L2 U ncRNA degradation UU HESO1
??
miRNA degradation
FIGURE 6 | Uridylation induces the degradation of various noncoding RNAs. A few examples were selected to illustrate the destabilizing role of uridylation on noncoding RNAs. (a) Methylation of small RNAs in Arabidopsis preventing uridylation by HESO1. SDN1/2 3 0!50 exoribonucleases trim small RNAs, thereby removing the terminal methylated nucleotide. After trimming by SDN1/2, HESO1 can proceed and uridylate small RNAs that are subsequently degraded by a yet unknown ribonuclease. (b) Uridylation of siRNAs by CDE-1 in C. elegans . (c) Uridylation of all classes of sRNAs by Cid16 in S. pombe . (d) Target RNA-directed miRNA degradation (TDMD) of miR-27 in mammalian cells expressing the mouse cytomegalovirus (MCMV) m169 transcript or in MCMV-infected murine cells. (e) Uridylation marks a plethora of structured and misprocessed noncoding transcripts produced by Pol I, Pol II, and Pol III to target them to cytosolic destruction by the 3 0!50 exoribonuclease Dis3L2. TSSas, transcription start site-associated short RNAs.
Uridylation and Decay of Small RNAs Uridylation of miRNAs processed from the 3 0 arm of Clearly, uridylation is not restricted to piRNAs, fly siR- the pre-miRNA is frequent, indicating that mono- NAs, and plant small RNAs but is a widespread proc- uridylation may often occur on pre-miRNAs, prior to ess revealed by numerous small RNA deep sequencing loading onto Ago. Yet, clear examples of uridylation- analyses in animals and fission yeast. 43,46,78,108,109 mediated decay of small RNAs associated with Ago
12 of 25 ©2017WileyPeriodicals,Inc. Volume9,January/February2018 WIREs RNA RNA uridylation proteins have been reported. 39,50,53,54,92,110 Several Uridylation of miR-26 by the murine TUT4 abro- TUTases have been involved in small RNA uridylation gates IL-6 repression by preventing the binding of including CDE-1 in Caenorhabditis elegans , Cid16 in miR-26 to its targets without affecting miR-26 stabil- S. pombe , and TUT4, TUT7 and TUT1 in human ity.120 Knocking out TUT4 in mice does not alter cells. 53,78,110 –113 CDE-1 is a TUTase that uridylates embryogenesis but reduces growth and survival after siRNAs bound by the Ago protein CSR-1 in C. elegans birth. Genome-wide studies revealed a decreased tail- (Figure 6(b)). 53 In absence of CDE-1, CSR-1 siRNAs ing of some miRNAs but without affecting their accumulate, leading to defects in chromosome segrega- abundance.113 Importantly, TUT4 prevents the tion. Accumulated CSR-1 siRNAs also ‘leak ’ into other miRNA-mediated silencing of IGF-1 transcripts, IGF- Ago-mediated pathways, resulting in spurious gene 1 being essential for early growth and survival. The silencing. 53 It was therefore concluded that uridylation phenotypes of TUT4-de ficient mice were, therefore, by CDE-1 is required to destabilize CSR-1 bound siR- partly explained by a decrease in IGF-1 mRNAs and NAs to restrict those speci fic siRNAs to enter other protein due to TUT4 de ficiency.113 Those in vivo silencing pathways. 53 A related process was demon- experiments revealed a general mechanism by which strated recently in S. pombe. 110 More than 20% of uridylation controls the activity of miRNAs inde- Ago-bound small RNAs in fission yeast have one or pendently of their stability. two untemplated nucleotides, mostly adenosines but also uridines. Those nucleotides are added by the poly(- Uridylation may Control Export to Exosomes A) polymerase Cid14 and the TUTase Cid16, respec- Uridylation was also proposed to act as a sorting sig- 110 tively. Both uridylation and adenylation trigger the nal to target miRNAs to endosome-derived exo- degradation of Ago-bound small RNAs by RRP6, a somes. 121 Sequencing small RNA populations from 110 catalytic subunit of the exosome (Figure 6(c)). Both human B cells and their secreted exosomes revealed Cid14 and Cid16 are essential to eliminate spurious distinct populations of intracellular and secreted small RNAs to prevent uncontrolled RNA silencing miRNAs discriminated by their 3 0 untemplated ade- 110 from targeting euchromatic genes. nylation and uridylation. Intracellular subsets of In humans, uridylation was proposed to miRNAs are preferentially adenylated whereas miR- decrease the abundance of several miR- NAs targeted to extracellular vesicles are preferen- 46,78,111,114,115 NAs. Uridylation de finitely participates tially uridylated. 121 Although mechanistic insights in the destabilization of miRNAs in case of high com- are still required to fully understand this process, it 50,106,114,116–118 plementarity to their targets. This exemplifies that more functions of miRNA uridyla- process is referred to as target RNA-directed miRNA tion are likely to be discovered. degradation (TDMD).117 TDMD plays a crucial role in the context of mouse cytomegalovirus (MCMV) infection. Binding of miR-27a/b to the abundant Uridylation and Surveillance of Defective MCMV m169 transcript triggers their uridylation Noncoding RNAs and degradation (Figure 6(d)).116,119 Interestingly, Since the identi fication of pre-let-7 miRNA as the TUT1 (U6 TUTase) co-purifies with Ago2 and with first Dis3L2 uridylated RNA target,34,41 genome- tailed and trimmed isoforms of miR-27 only when wide studies have thoroughly expanded the reper- TDMD is induced. 50 Dis3L2 also co-puri fies with toire of Dis3L2 uridylated substrates in Drosophila, Ago2 and degrades the uridylated miR-27 isoforms. 50 mouse, and human cells. 42 –45 The most striking con- Altogether, these examples show that uridyla- clusion of these studies is that Dis3L2 and TUTases tion can participate in the degradation of small (TUT4/7 in mammals and Tailor in Drosophila) are RNAs in various eukaryotes. Yet, a link between uri- the key factors of a RNA surveillance pathway tar- dylation and decay is not systematic, 78 likely re flect- geting unprocessed, structured noncoding RNAs in ing alternative roles for miRNA mono-uridylation as the cytosol42 –45 (Figure 6(e)). The majority of Dis3L2 illustrated below. substrates correspond to noncoding RNAs tran- scribed by Pol III that include unprocessed tRNAs, Uridylation Controls the Activity of miRNAs vault and Y RNAs, an Alu-like element BC200 RNA, Uridylation is crucial to control the activity of spe- 7SL, 7SK, RNase P and RNase MRP RNAs, and 5S ci fic miRNAs. The stability of interleukin-6 (IL-6) rRNA. 42 –45 As Pol III terminates transcription fol- and other speci fic cytokine mRNAs is tightly con- lowing the synthesis of a short stretch of uridines, trolled to regulate the in flammatory response. This unprocessed transcripts may be targeted directly by regulation is partly achieved by the miR26 family, Dis3L2 after export to the cytosol. However, TUT4/ which targets the 30 UTR of IL-6 transcripts. 7 de finitely assists Dis3L2 mediated-degradation by
Volume9,January/February2018 ©2017WileyPeriodicals,Inc. 13 of 25 Advanced Review wires.wiley.com/rna synthesizing short oligouridine tails, mostly at posi- between noncoding RNA surveillance pathways tions close to stable secondary structures (Figure 6 mediated by TRAMP and the RNA exosome in the (e)).42,43,45 An elegant experiment based on the decay nucleus, and by TUTases and Dis3L2 in the rate analysis of randomized terminal sequences con- cytosol.42 –45 firmed that a short stretch of terminal uridines signi fi- cantly enhances degradation by the Drosophila Dis3L2.44 URIDYLATION OF mRNAs: DECAY In addition to many Pol III transcripts, Dis3L2 AND OTHER CONSEQUENCES also degrades transcription start site-associated short Besides noncoding RNAs, uridylation also tags RNAs (TSSas) that are uridylated in the cytoplasm 45 mRNAs. We and others have recently reviewed (Figure 6(e)). TSSas are generated from bidirec- mRNA uridylation5,9,123 and only key and novel tional promoters and stalling of RNA polymerase II aspects are presented here. mRNA uridylation was followed by premature transcription termination. fi 0 0 rst reported for nonpolyadenylated RNA species: 5 Similarly, a short transcript originating from the 5 RISC-cleaved fragments in Arabidopsis and mouse 124 UTR of ferritin pre-mRNA is among the substrates 42 and the nonpolyadenylated replication-dependent of Dis3L2. In addition, Dis3L2 targets several pre- histone mRNA in human cells. 125 Uridylation was miRNAs besides the expected let-7 pre-miRNAs thereafter detected for several polyadenylated (Figure 6(e)). The two most represented are pre-miR- mRNAs in fungi, plants, and animals. 38,126–129 The 484 and pre-miR-320, produced as TSS-terminated 45 advent of a transcriptome-wide method called TAIL- transcripts. These prematurely terminated tran- seq designed to detect uridylation (and other untem- scripts are possibly degraded as other TSSas. Alterna- plated addition of nucleotides) at the 3 0 end of tively, Dis3L2 could be involved in regulating the 129 45 mRNAs, has revealed the pervasiveness of mRNA biogenesis of miR-484 and miR-320 miRNAs. Of uridylation in human cells and Arabidopsis. 40,57,129 note, TUT4/7 de finitely participates in the surveil- fi 0 Although the rst described function of mRNA uri- lance of defective pre-miRNAs. TUT7 recognizes 3 dylation is to favor degradation, 38,40,80,124–127,129,130 trimmed pre-miRNAs and oligo-uridylates those 46 the downstream consequences of uridylation emerge defective precursors in the absence of Lin28. In as multiple (Figure 7). addition, TUT4/7 uridylates Ago-bound defective pre-miRNAs which are then degraded by the cata- lytic subunits of the RNA exosome, Dis3 and Uridylation Facilitates mRNA Decay Rrp6.39 It remains to be determined whether the exosome-bound Dis3 and Rrp6 preferentially act on RISC-Cleaved mRNAs, Other Truncated nuclear substrates whereas Dis3L2 degrades defective mRNAs and Recycling of RISC uridylated pre-miRNAs in the cytosol, according to Uridylation of the 5 0 fragment generated by RISC their respective main localization. cleavage is conserved from plants to animals. 124,131 A major function of Dis3L2, together with Arabidopsis HESO1 and human TUT2 are involved TUT4/7, is the degradation of read-through forms in uridylating 5 0 RISC-cleaved fragments. 54,131 Yet, of snRNAs (Figure 6(e)). 42 –45 Importantly, Dis3L2 the full repertoire of TUTases involved in this proc- does not seem to participate in the production of ess, their redundancy versus specificity remains to be mature forms of snRNAs but rather eliminates mis- fully explored. Uridylation favors the decay of 5 0 processed precursors.42 In addition, many of the RISC-cleaved fragments by promoting decapping, a Dis3L2 substrates originate from pseudogenes, 45 required step prior to elimination by the cytosolic reinforcing the idea that Dis3L2 participates to a 50!30 exoribonuclease XRN.37,124 The RNA exo- cytosolic pathway of RNA surveillance for various some and its cytosolic cofactor, the Ski complex, also noncoding RNAs. contribute to the elimination of 5 0 RISC-cleaved frag- In line with the conserved cooperation between ments.132,133 Of note, tailing by adenosines in TUTases and Dis3L2 in degrading cytosolic RNAs, a C. reinhardtii also promotes the degradation of 5 0 complex between Tailor and Dis3L2 was discovered RISC-cleaved mRNAs by RRP6, a cofactor of the in Drosophila. 44 This complex was called terminal RNA exosome.134 RNA uridylation-mediated processing (TRUMP), a Interestingly, the destabilization of 5 0 RISC- reference to the Trf4/Air2/Mtr4p polyadenylation cleaved fragments by uridylation was recently proposed (TRAMP) complex which polyadenylates RNAs to to be important for recycling the RISC complex. 55 Two facilitate their degradation by the nuclear exo- paralogous 3 0!50 exoribonucleases, called RISC- some.122 Hence, an interesting parallel emerges interacting clearing 3 0!50 exoribonucleases 1 and
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PABP PAB ABP AA 7 AAAAAAA P P AAA m G A AAAAAAAAAAAAAAAAA
Deadenylation NotNot A AAAAAA
Ccr4-Caf1 (a) mRNA DEGRADATION (c) TRANSLATION ′→ ′ S. pombe Decapping and 5 3 degradation H. sapiens A. nidulans T. brucei U A. thaliana? U UUUA (mitochondria) U AAAAA AAA U AA UA AAAA A Translation activation Dcp1/2 LSm1-7 Xrn1 AAAA X. laevis (oocyte) AAUUU AAAAA A. pectinifera Translation inhibition (oocyte) 3′→ 5′ degradation U Ribosome U U Exosome AAAAAU Dis3L2 (b) DEADENYLATION (d) mRNA STORAGE A. thaliana A. pectinifera (oocyte) PABP UUU AUUU AAAA AAAAAA AAA
XRN4 mRNA storage? 3′→ 5′ exoribonucleases Poly(A) elongation 5′→ 3′ polarity of degradation (meiotic progression) Prevention of excessive deadenylation UUUA AAAA AAA AAA AA Translation reactivation A
FIGURE 7 | Uridylation plays diverse roles in mRNA metabolism. Uridylation usually occurs after a deadenylation step. (a) The conserved effect of mRNA uridylation is to trigger degradation in eukaryotes. Recognition of uridylated oligoadenylated mRNAs by the LSm1-7 complex induces decapping and subsequent 50!30 degradation by XRN1. Alternatively, uridylated mRNAs are degraded from their 3 0 end by Dis3L2 or the exosome. (b) In Arabidopsis, uridylation prevents excessive deadenylation of mRNAs by restoring an extension of su ficient length to allow for PABP binding. (c) Uridylation can also inhibit translation in Xenopus ( X. laevis ) and starish ( Asterina pectinifera) oocytes or activate translation of mitochondrial mRNAs in trypanosomes. (d) Uridylation could also be involved in mRNA storage in star fish oocytes.
2 (RICE1/2), stimulate the degradation of uridylated 5 0 homologues would play a similar role in other organ- RISC-cleaved fragments in Arabidopsis 55 (Figure 8). isms, including humans. RICE1/2 have a DnaQ-like exonuclease fold and forms Small RNA-independent pathways can also a donut-shaped homohexamer. 55,135 The active sites generate mRNA fragments and a potential role of are located at the interface formed by hexamer subunits uridylation in assisting the elimination of such frag- explaining that oligomerization of RICEs is essential ments remains to be explored thoroughly. Of note, for activity. RICEs degrade single strand RNA and mRNA fragments produced during apoptosis are associate with AGO1 and AGO10. 55 miRNAs are not uridylated by TUT4/7 and degraded by Dis3L2, as the targets of RICEs because downregulation of RICEs illustrated for ACTB and EEF1A mRNAs. 136 The reduces miRNA levels with the concomitant accumula- advent of high throughput sequencing-based meth- tion of uridylated 5 0 RISC-cleaved fragments. RICE- ods such as TAIL-seq 129 or 3 0 RACE-seq 42 will mediated degradation of uridylated 5 0 RISC-cleaved probably reveal other examples of mRNA decay fragments was therefore proposed to maintain func- intermediates eliminated through the uridylation- tional RISC. 55 It is yet unknown whether RICE mediated pathway.
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Model for RICE function in Arabidopsis thaliana eliminated. Degradation requires translation and the helicase Upf1, otherwise known as the central com- AGO1 ponent of the nonsense-mediated decay pathway. 141 AAAAAAAAA mRNA Upf1 interacts with SLBP and somehow favors the RISC 40,142,143 Cleavage 3′ RISC-cleaved fragment recruitment of either TUT4 or TUT7. Bind- XRN4 ing of the LSm1-7 complex to the U-tail promotes AAAAAAAAA Eri1 to nibble the SL, 144 and several uridylation/nib- 5′ RISC-cleaved fragment Decay bling cycles overcome the protective effect of the SL to allow 3 0!50 degradation by the exosome- associated exonuclease PM/Scl-100 (Rrp6). 145 Alter- natively, binding of the LSm1-7 complex activates 0 0 HESO1 Uridylation decapping and subsequent 5 !3 degradation.125,146
U U UU Polyadenylated mRNAs DCP1/2 The uridylation of polyadenylated mRNAs is con- served across eukaryotes, from animals to plants and fungi, with the noticeable exception so far of S. cerevisiae. 38,126–129a Uridylation was first shown RICE1/2 0 0 0 0 homohexamer to induce both 5 !3 and 3 !5 degradation of selected model mRNAs in S. pombe. 38,80 The addi- Initiation of 3′ 0 U U degradation tion of uridines 3 of the poly(A) tail by Cid1 has by RICE1/2 XRN4 two effects. Firstly, it can promote the recruitment of the LSm1-7 complex, which in turn activates decap- ping and subsequent 50!30 degradation,38 in line Recycling of the Clearance of the AGO-bound miRNA 5 ′ fragment with a previous observation made using human cell extracts.37 Secondly, uridylation can attract the exor- ibonuclease Dis3L2 to digest the mRNA from its 3 ’ RISC Exosome end.80 A related posttranscriptional modi fication, the addition of CUCU by the TUTases CutA and CutB, FIGURE 8 | Recycling of RNA-induced silencing complex (RISC) by plays a similar destabilizing role in Aspergillus RICE1/2. MicroRNA is incorporated into the RISC for target nidulans.126,127 recognition. Perfect pairing of plant miRNA with its target supports A landmark in the study of mRNA uridylation slicing of the mRNA by the Argonaute protein. This cleavage results in was the development of TAIL-seq, a high-throughput two pieces, known as the 5 0 and 30 RISC-cleaved fragments, that will 0 sequencing method allowing both the determination undergo different decay processes. The 3 RISC-cleaved fragment is of poly(A) tail length and the detection of untem- targeted by the 5 0!30 exoribonuclease XRN4. The 50 RISC-cleaved plated nucleotides.40,129 TAIL-seq was decisive to fragment is uridylated by HESO1 and the degradation is initiated by RICE1/2. Clearance of the 5 0 RISC-cleaved fragment is ensured by demonstrate and generalize a link between uridyla- XRN4 and the exosome. tion and degradation of mRNAs. Firstly, TAIL-seq revealed that mRNA uridylation is widespread in Replication-Dependent Histone mRNAs in human cells, 40,129 a conclusion later extended to Ara- Mammals bidopsis.57 Secondly, uridylation of human mRNAs Replication-dependent histone mRNAs are not poly- by TUT4/7 tags is preceded by deadenylation, 129 adenylated in mammals, but end with a terminal confirming at a transcriptome-wide level previous stem-loop (SL) structure, essential for processing, observations made in A. nidulans and Arabidopsis export from the nucleus, translation and stabil- for candidate mRNAs. 126–128 Interestingly, uridyla- ity.137,138 The SL interacts with the SL-binding pro- tion is independent of deadenylation in S. pombe ,38 0 tein (SLBP) on the 5 side and with the possibly because poly(A) tails are shorter than in 0 exoribonuclease Eri1 (3hExo) on the 3 side.139 plants or animals. Thirdly, knock down of key fac- Mature histone mRNAs end 3 nucleotides down- tors of both 5 ’!30 and 30!50 RNA degradation stream of the SL. Nibbling of these terminal nucleo- pathways resulted in the accumulation of uridylated tides (likely by Eri1) can be counterbalanced by mRNAs. In addition, this accumulation is further uridylation that restores the full-length size of histone increased by the concomitant depletion of XRN and mRNAs.140 At the end of the S-phase (or when repli- the exosome, confirming that uridylation facilitates cation is inhibited), histone mRNAs are rapidly mRNA degradation from both ends.40 Of note,
16 of 25 ©2017WileyPeriodicals,Inc. Volume9,January/February2018 WIREs RNA RNA uridylation depletion of Dis3L2 had only a modest effect on the action of KPAP1 and the TUTase RET1. 26 The long accumulation of uridylated mRNAs as compared A/U tails are required to activate translation by with knock down of the exosome or XRN1. 40 recruiting the small subunit of the ribosome. 26 Fourthly and importantly, depletion of TUT4/7 Conversely, uridylation was proposed to resulted in increasing half-lives by 30% on average repress translation (Figure 7). Tethering XtTUT7 to for 80% of the mRNAs detected in the study. 40 Alto- reporter mRNAs injected in Xenopus oocytes pre- gether, those studies established uridylation as a vented translation but did not affect mRNA stabil- generic step of mRNA degradation in eukaryotes ity.21 Repression of reporter gene expression was (Figure 7). also observed by tethering TUTases to reporter tran- scripts in human cells. 40 However, in this case, gene repression was linked to transcript destabilization. 40 Uridylation Prevents Excessive Therefore, uridylation-mediated translation inhibi- Deadenylation of Plant mRNAs tion could be dependent on the cellular context. In In Arabidopsis, uridylated mRNAs accumulate upon line with this, 96% of cyclin B mRNAs stored in impairment of the 5 0!30 RNA decay pathway, indi- star fish oocytes are uridylated and uridylation trig- cating that uridylation likely tags plant mRNAs for gers trimming followed by poly(A) extension only degradation as in other eukaryotes. 57,128 Yet, URT1, upon meiotic reinitiation by hormonal stimulation the main TUTase responsible for 80% of mRNA uri- (Figure 7). 147 Further work is required to determine dylation in Arabidopsis, plays a distinct role in pre- whether uridylation could trigger translation inhibi- venting excessive deadenylation of mRNAs. Indeed, tion and storage under particular physiological con- urt1 mutants accumulate excessively deadenylated ditions or at certain developmental stages. mRNAs and overexpression of URT1 increases the oligo(A) tail length of deadenylated mRNAs. 57,128 Furthermore, TAIL-seq analysis revealed that URT1- URIDYLATION OF VIRAL RNAs mediated uridylation repairs oligo(A) tails to restore Extensive internal and terminal uridylation has been an average extension length of about 16 nucleotides. fi reported for various viral genomic RNAs and virus- This length is suf cient for the binding of a poly(A) encoded RNAs infecting fungi, plant, and animal binding protein (PABP), thereby explaining the pro- 148 –152 cells. Uridylation targets positive, negative, or tection against excessive deadenylation conferred by 57 double-stranded RNA viruses that can end with a URT1-mediated uridylation. Although, URT1- poly(A) tail, a tRNA-like sequence (TLS) or a non-TLS mediated uridylation does not seem to affect the rate 152 heteropolymeric sequence (Het). Uridylation of viral of mRNA decay, it participates in establishing the 0! 0 RNAs is therefore a widespread process in eukar- 5 3 polarity of mRNA degradation (Figure 7) yotes. 152 Uridylation, together with adenylation, was which could be essential during co-translational 128 proposed to repair various truncated viral RNAs such decay. A second TUTase, yet to be formally identi- as Beet necrotic yellow vein virus (BNYVV), Sindbis fied, does not prevent excessive deadenylation and 5,57 virus (SIN), coxsackievirus B3 (CVB3) and hepatitis C may promote RNA decay. Intriguingly, in vitro 148 –151 virus (HCV). In light of our current knowledge assays using human cell extracts also reported that on uridylation-mediated RNA degradation, the poten- uridylation favors decapping while conferring protec- tial of uridylation as a restrictive mechanism during tion of the 3 0 end, likely through binding of the viral infections would be worth investigating. LSm1-7 complex.37 Favoring the 50!30 polarity of mRNA degradation might constitute an important role of uridylation besides facilitating degradation. CONCLUSION The diversity of posttranscriptional regulations mediated Translation Control by Uridylation by RNA uridylation is yet to be fully explored. Numer- In trypanosomes, translation of both edited and ous examples have now demonstrated that uridylation never-edited mitochondrial mRNAs require 3 0 tailing can mark virtually all classes of RNAs expressed in (Figure 7). Tails consist of a short A-tail extended by eukaryotic cells, including pathogenic RNAs such as long A/U heteropolymers of 200 –300 nucleotides. viral RNAs. Those substrates can be of all sizes and have For edited mRNAs, the long A/U extensions are various termini, from unstructured poly(A) tails to struc- added once editing is completed. The short A-tail is tured ends. TUTases have evolved to recognize a huge synthesized by the poly(A) polymerase KPAP1 while diversity of RNA substrates, either directly or through long A/U extensions are added by the combined the assistance of auxiliary factors. The further
Volume9,January/February2018 ©2017WileyPeriodicals,Inc. 17 of 25 Advanced Review wires.wiley.com/rna identi fication of such factors assisting TUTases in recog- instance, by establishing the polarity of degradation nizing speci fic RNA substrates, and of ‘readers ’ that and possibly its subcellular localization. In addition, in fluence the fate of uridylated transcripts will de finitely the potential of uridylation in regulating translation or be key to unravel all regulatory roles due to uridylation. mRNA storage is just beginning to be evaluated. Fur- Uridylation-mediated RNA degradation is de fi- ther studies are required to fully elucidate the molecu- nitely among the crucial functions of uridylation. lar mechanisms underlying uridylation-mediated Notably, a uridylation- and Dis3L2-mediated surveil- regulation of gene expression and to fully appreciate its lance pathway is key for the degradation of defective impact during development or in response to pathogen noncoding RNAs. 42 –45 Uridylated misprocessed tran- attacks and diseases. scripts were also detected in human mitochondria rais- ing the possibility that uridylated-mediated RNA surveillance might also operate in this organelle. 153,154 Uridylation is also assisting the degradation of cyto- NOTE solic mRNAs. The basic molecular mechanisms a Since the acceptation of this manuscript for publication, a explaining how uridylation can promote mRNA deg- study by Morgan et al. (doi:10.1038/nature23318) showed radation from both ends have been detailed. Yet, uri- that uridylation by TUT4/7 is crucial to shape the mouse dylation can in fluence the process of RNA degradation maternal transcriptome by eliminating mRNAs during by additional ways than just accelerating decay. For oocyte growth.
ACKNOWLEDGMENTS The activity in our group is currently supported by the Centre National de la Recherche Scienti fique (CNRS) and research grants from the French National Research Agency as part of the ‘Investments for the Future’ pro- gram in the frame of the LABEX ANR-10-LABX-0036_NETRNA and ANR-15-CE12-0008-01 to D.G.
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Volume9,January/February2018 ©2017WileyPeriodicals,Inc. 25 of 25
Review
Uridylation Earmarks mRNAs
. . . for Degradation and More
1,2 1,2 1
Hélène Scheer, Hélène Zuber, Caroline De Almeida, and 1,
Dominique Gagliardi *
Groundbreaking discoveries have uncovered the widespread post-transcrip-
Trends
fi
tional modi cations of all classes of RNA. These studies have led to the
Uridylation of mRNAs is widespread
‘ ’
emerging notion of an epitranscriptome as a new layer of gene regulation. and conserved among eukaryotes.
0
fi
Diverse modi cations control RNA fate, including the 3 addition of untemplated
0 0 Uridylation has a fundamental role in
nucleotides or 3 tailing. The most exciting recent discoveries in 3 tailing are 0 0
– mRNA decay and triggers both 5 3
0 0
–
related to uridylation. Uridylation targets various noncoding RNAs, from small and 3 5 degradation.
RNAs and their precursors to rRNAs, and U tails mostly regulate processing or
‘ ’
Uridylation can also repair mRNA
fi
degradation. Interestingly, uridylation is also a pervasive modi cation of
extremities as shown for replication-
0
mRNAs. In this review, we discuss how the addition of few uridines to the 3 dependent histone mRNAs during S-
phase in humans and for deadenylated
fl fi
end of mRNAs in uences mRNA decay. We also consider recent ndings that
mRNAs in Arabidopsis.
reveal other consequences of uridylation on mRNA fate.
Uridylation may have other alternative
functions in different organisms, at spe-
The Emerging Epitranscriptome
ci fic developmental stages or for parti-
fi
Over 100 post-transcriptional modi cations can affect RNA [1,2]. Well-known targets of RNA-
cular mRNAs. An alternative
fi modifying activities include rRNAs, tRNAs, or small RNAs. Yet, RNA modi cations are not consequence of uridylation could be
translation regulation.
restricted to noncoding RNAs and novel next-generation sequencing strategies have recently
fi
revealed the pervasiveness of several mRNA modi cations in archaea, bacteria, and eukaryotes
fi
[3 –7] . RNA modi cations can impact function, localization, or stability of transcripts and are an
integral part of the regulatory processes that rapidly adjust the transcriptome in response to
– fi
developmental and environmental cues [8 11]. RNA modi cations are established by a variety of
‘ ’ ‘ ’
enzymes or writers and are recognized by effector RNA-binding proteins or readers . They can
fi ‘ ’
be dynamically regulated and the rst examples of reversibility involving erasers have been
fi
described [8,11]. Hence, RNA modi cations share many conceptual similarities with epigenetic
marks (see Glossary) that modulate chromatin structure and activity. Because of this analogy,
the notion of an epitranscriptome is emerging besides the recognized epigenome.
fi fi RNA modi cations can be divided into two main subclasses: the chemical modi cation of
0
fi
nucleosides and the tailing of RNA 3 extremities. Nucleoside modi cations are extremely diverse
fi fi
in nature and represent by far the majority of RNA modi cations. Modi ed nucleosides include
N6-methyladenosine, N1-methyladenosine, pseudouridine, or 5-hydroxymethylcytosine
0
fi
[1,2,7,12–14]. The second subclass of RNA modi cations, that is, the tailing of 3 extremities,
encompasses adenylation, uridylation, cytidylation, and guanylation. Noncanonical adenyla- 1
Institut de Biologie Moléculaire des
fi
tion is a widespread, mostly post-transcriptional, modi cation that triggers the degradation of Plantes (IBMP), Centre National de la fi
Recherche Scienti que (CNRS),
virtually all classes of noncoding RNAs in all organisms. Noncanonical adenylation also desta-
University of Strasbourg, 67000
bilizes mRNAs in bacteria, in most archaea, in chloroplasts, and in plant and human mitochon-
Strasbourg, France
2
–
dria [15 17]. Finally, cytoplasmic adenylation activates translation during developmental or These authors contributed equally to
this work.
physiological transitions including oocytes maturation or synapse function [18,19]. RNA cyti-
dylation and/or guanylation are much less characterized and have been reported only in a few
*Correspondence:
–
instances, for example, for mRNAs in humans, Aspergillus nidulans, and Arabidopsis [20 23]. dominique.gagliardi@ibmp-cnrs.
Their precise functions are yet to be determined for mRNAs. By contrast, much progress has unistra.fr (D. Gagliardi).
Trends in Genetics, October 2016, Vol. 32, No. 10 http://dx.doi.org/10.1016/j.tig.2016.08.003 607
© 2016 Elsevier Ltd. All rights reserved.
Box 1. Domain Organization of Terminal Uridylyltransferases (TUTases) Uridylating mRNAs Glossary
General Domain Organization
Epigenetic marks: DNA and histone
As other terminal nucleotidyltransferases belonging to the DNA polymerase b-like nucleotidyltransferase superfamily [24], fi
modi cations that regulate chromatin
TUTases contain two archetypical domains:
structure and genome expression but
(i) a Polb nucleotidyltransferase domain (NTD) with three aspartate/glutamate residues that are indispensable for the
do not alter the genetic sequence.
chelation of divalent metal ions supporting catalytic activity.
Intrinsically disordered regions
(ii) a poly(A) polymerase-associated domain (PAP), which contains a type II-nucleotide recognition motif (NRM).
(IDR): protein segments devoid of
fi
Together, NTD and PAP form the core catalytic domain (CCD), which de nes the minimal catalytic organization present in
fi
intrinsically de ned 3D structure. IDRs
all TUTases represented in Figure I. Although the CCD is duplicated in HsTUT7/TUT4 and XtXTUT7, only the C terminal
can adopt a precise tridimensional
CCD is active [24,25]. The N terminal CCD is inactivated by amino acid substitutions in the NTD catalytic triad. In addition,
folding upon binding with a target
a histidine, which is indispensable for UTP selectivity, is lacking in the N terminal NRM [81,84,85]. The inactive CCD could
protein or RNA.
–
still be required for allosteric activation of the protein or to mediate protein protein interactions, thereby maintaining 6
N6-methyladenosine (m A): an
nucleotidyltransferase-independent functionalities [86]. Besides the CCD domains, HsTUT4, HsTUT7, XtXTUT7, and
fi
abundant modi cation present in
fi
TbRET1 also possess one C2H2-type zinc nger (ZnF) and, with the exception of TbRET1, two C2HC-type ZnF motifs
coding and many noncoding RNAs.
– –
(also known as zinc knuckle). Such motifs can promote protein protein interactions and RNA binding [87 89]. 6
Lack of m A is embryo-lethal in
Arabidopsis and leads to apoptosis in
Disorder in TUTases 6
mammalian cells. m A is involved in
Stretches of basic rich lysine and arginine residues (BR), initially described for XtXTUT7 [81], are also found in human
the regulation of gene expression by
TUT4 and TUT7. Of note, BR regions are known as disordered regions that promote RNA binding [90]. Disorder
modulating splicing, nuclear export,
predictions using DISOPRED [91] reveal that all TUTases have long intrinsically disordered regions (IDRs). IDR-containing
localization, translation, and stability
– –
proteins are enriched in HeLa cell mRNA interactome and IDRs extensively mediate protein RNA interactions [92 94]. 6
of mRNA. Importantly, m A
fl
Therefore, such exible disordered regions could be involved in RNA substrate binding, especially for TUTases that lack
methylation in mRNAs is reversible.
–
canonical RNA recognition domains. Alternatively, IDRs can mediate protein protein interactions with effectors involved
Noncanonical adenylation: any
fl
in RNA substrate recognition or in downstream consequences of uridylation. Lastly, IDRs may in uence the localization to
untemplated addition of adenosines
P-bodies and stress granules, as shown for decapping factors [95]. In line with this hypothesis, CutA and URT1 are 0
at the 3 end of noncoding RNAs and
present in P-bodies and stress granules, respectively [35,96].
mRNAs that is not catalyzed by the
canonical poly(A) polymerase, which Sp Cid1 405
co-transcriptionally polyadenylates
RNA polymerase II transcripts.
At URT1 764 Nonsense-mediated decay (NMD):
fi fi
rst identi ed as an RNA surveillance
mechanism that insures the
An CutB 694 694
degradation of mRNAs with
premature termination codons. In
An CutA 1107 fact, NMD factors regulate the
stability of numerous transcripts,
including RNAs with no obvious
Tb RET1 976 coding capacity.
P-bodies and stress granules: two
types of dynamic cytoplasmic
Xt XTUT7 1514
granules formed by translationally
repressed mRNPs. P-bodies are
Hs TUT7 764 1495 present in nonstressed cells and their
formation is further induced upon
BR
stress. By contrast, stress granules
Hs TUT4 405 1644
only accumulate under stress
∗ ∗
NTD PAP NTD PAP conditions. Archetypical components
C2H2 ZnF
CCD C2HC ZnF of P-bodies and stress granules
include factors of the mRNA decay
machinery and translation initiation
factors, respectively.
Figure I. Domain Organization of Terminal Uridylyltransferases (TUTases) Uridylating mRNAs. Nucleotidyl-
Pseudouridines: pseudouridines are
transferase domain (NTD) is shown in red, poly(A) polymerase-associated domain (PAP) in orange. Together, the NTD
formed by isomerization of uridines
and PAP form the catalytic core domain (CCD). Nonfunctional NTD and PAP domains are marked with an asterisk and
C
by synthases. Pseudouridylation
fi
are shown in white and pale yellow, respectively. C2H2-type zinc nger (ZnF) domains are in black, C2HC-type in gray,
stabilizes the structure of noncoding
and stretches of basic rich (BR) residues in turquoise blue. Long regions highlighted with beige dashed line cylinders are
RNAs (like tRNAs or rRNAs) and
predicted to be intrinsically disordered using DISOPRED [82]. An, Aspergillus nidulans; At, Arabidopsis thaliana; Hs:
results in the rapid and regulated
Homo sapiens; Sp, Schizosaccharomyces pombe; Tb, Trypanosoma brucei; Xt, Xenopus tropicalis .
rewiring of mRNA coding information
by allowing noncanonical base pairing
in the ribosome decoding center.
been made to understand the impact of uridylation on the transcriptome. The untemplated RNA exosome: the eukaryotic RNA
exosome complex provides the main
addition of uridines is catalyzed by terminal uridylyltransferases (TUTases), which belong to the 0 0
3 –5 exoribonucleolytic activity in
fi
Pol b superfamily and more speci cally to the noncanonical terminal nucleotidyltransferases
both nuclear and cytoplasmic
(TNTases) subgroup [24,25]. Besides the characteristic nucleotidyltransferase domain (NTD),
608 Trends in Genetics, October 2016, Vol. 32, No. 10
fi
TUTases have a fast-evolving, diversi ed architecture (Box 1). This diversity in noncatalytic compartments of eukaryotic cells.
The RNA exosome has crucial roles
fl
domains and the presence of multiple intrinsically disordered regions may re ect the variety
in RNA processing, surveillance, and
fi
of RNA substrates recognized by TUTases or speci c interaction networks with various
turnover of virtually all classes of
fi
cofactors. Those cofactors are involved in RNA substrate recognition or de ne the multiple RNA.
downstream consequences of uridylation. The multiplicity of roles played by uridylation in RNA RNA-induced silencing complex
(RISC): complex containing
metabolism is particularly well illustrated for mitochondrial RNAs in trypanosomes [26]. In those
Argonaute proteins and small
organelles, short U tails can induce mRNA degradation but long A/U tails promote translation
interfering RNAs that guide the
[27]. In addition, uridylation is an intrinsic and necessary step for the processing and function of complex to its target transcripts.
RISC silences gene expression by fi
guide RNAs implicated in U-insertion/deletion mRNA editing [28]. Besides speci c roles in
translation repression or mRNA
mitochondria of kinetoplastid protists, uridylation targets a plethora of noncoding RNAs includ-
degradation.
ing miRNAs, siRNAs, Piwi-interacting RNAs, miRNA precursors, rRNAs, and the U6 spliceo-
S-phase: S-phase (synthesis phase)
somal RNA (Box 2). Uridylation of miRNAs and pre-miRNAs can have opposite consequences, is the phase of the cell cycle during
which chromosome replication
from triggering degradation to favoring maturation or abrogating activity, as reviewed recently
– occurs. Histone mRNA levels
[17,19,29 31]. Uridylation was also recently reported to target several RNA viruses, extending
increase considerably because the
the repertoire of RNA substrates recognized by TUTases [32]. Importantly, prominent targets of
production of new histones is
TUTases are endogenous mRNAs. In fact, with an increasing number of reports in various required for nucleosome assembly.
organisms such as Schizosaccharomyces pombe, A. nidulans, Arabidopsis thaliana, Trypano-
soma brucei, and humans, the uridylation of polyadenylated mRNAs has recently been recog-
– –
nized as a conserved process in eukaryotic mRNA metabolism [20 23,27,33 38]. The
housekeeping function of mRNA uridylation is to promote degradation. In this review, we
discuss the recent progress toward understanding the distinct molecular mechanisms by which
uridylation can impact mRNA metabolism.
Uridylation Promotes Degradation of Nonpolyadenylated and Cleaved
mRNAs
fi A link between uridylation and the degradation process was rst found when it was noticed that
0
the 5 fragments of mRNAs cleaved by the RNA-induced silencing complex (RISC) can be
Box 2. Different Roles of U Tailing in Noncoding RNA Metabolism
Uridylation impacts the fate of noncoding RNAs in various ways, from facilitating maturation and stabilizing processed
RNAs to triggering degradation. This versatility of roles is illustrated in the following section.
Uridylation of small interfering RNAs usually leads to their degradation [17,29,31,97,98] . Destabilization is prevented by
0 0
2 -O-methylation of the 3 terminal nucleotide by the methyltransferase HEN1 for siRNAs and miRNAs in plants, Piwi-
–
interacting RNAs in animals as well as siRNAs in Drosophila [98 101]. Interestingly, the Arabidopsis terminal uridylyl-
transferases (TUTases) HESO1 and URT1 cooperate or compete for miRNA uridylation, which results in synergistic or
– – opposed impact on stability [70,71]. Uridylation plays also a complex role in animal miRNA biogenesis [55,74 76,102
0
104]. Mono-uridylation of Group II let7 pre-miRNAs by TUT4/7 produces a 2-nt 3 overhang, creating an optimal end
structure for Dicer processing [55,76]. By contrast, in the presence of the RNA-binding protein Lin28, oligo-uridylation of
pre-let7 is favored, which leads to degradation by Dis3L2 [58,74,77]. TUT4/7 can also oligo-uridylate trimmed pre-
miRNAs, independently of Lin28, probably leading to the subsequent degradation of nonfunctional pre-miRNAs [17,55].
Indeed, the pervasive uridylation of Ago-bound pre-miRNAs by TUT4/7 contributes to a pre-miRNA surveillance
0
fi pathway, as shown in mouse embryonic broblasts [103]. Mono-uridylation and oligo-uridylation that produces a 3
0
overhang different from the canonical 2-nt 3 overhang optimal for Dicer processing triggers degradation by the exosome.
This pre-miRNA surveillance pathway eliminates defective precursors that could compete with functional pre-miRNAs for
Ago [103].
Uridylation is also important for the metabolism of other noncoding RNAs. In mitochondria of trypanosomes, U-insertion/
deletion mRNA editing is directed by guide RNAs (gRNAs), key actors of the editosome. gRNAs are matured by the
0 0 0
– mitochondrial 3 processome, a complex constituted by the TUTase RET1, the 3 5 exonuclease DSS1, and three
0 0
– additional subunits. gRNA maturation is initiated by uridylation of long precursors by RET1, which promotes 3 5
0
degradation of 3 extensions by DSS1. Pausing of DSS1 progression by head-to-head hybridization of precursors
triggers secondary uridylation by RET1 [28]. The mature uridylated gRNAs are then incorporated into the editosome
[28,36,105]. The maturation of the U6 small nuclear RNA (snRNA), essential component of the spliceosome, also involves
uridylation by U6 TUTase (TUT1), which stabilizes U6 snRNA prior to its incorporation into a functional splicing complex
[31,106]. As a last example, rRNA maturation intermediates can also be uridylated, presumably to facilitate processing or
0 0
–
elimination through the recruitment of 3 5 exoribonucleases [107,108].
Trends in Genetics, October 2016, Vol. 32, No. 10 609 During S-phase
SLBP Eri-1 G1 M ′UTR 5 Trimming 3′ UTR 7 ORF m G SL AC(C)
S TUTase G2
AUU Size restoraon
At the end of S-phase
SLBP Eri-1
′U 5 TR 3′ UTR 7 ORF AC(C)UUUUUU U m G SL
Lsm1-7
AC(C)UUUUUU U
Trimming Dcp1/2 Lsm1-7
TUTase Xrn1
Trimming
UUUUUU TUTase
UUUUUU
RRP6 RRP6
Exosome
Exosome
Figure 1. Uridylation and Degradation of Replication-Dependent Histone mRNAs. Metazoan replication-depen-
–
dent histone mRNAs end with a stem loop (SL) structure, instead of the classical poly(A) tail observed for all other eukaryotic
mRNAs [43]. This SL is essential for the processing, export from the nucleus, translation, and stability of histone mRNAs.
0 0 0
The SL is bound by the SL-binding protein (SLBP) on its 5 side and by the exoribonuclease Eri-1 (3 hExo) on its 3 side [45].
0
–
Histone mRNAs are stable and actively translated during the S-phase when DNA is replicated. Nibbling of 1 2 nt at the 3
end (likely by Eri-1) is repaired by uridylation that restores the full length size of mature histone mRNAs [72] (gray panel). At
the end of S-phase, histone mRNAs are no longer needed and are rapidly eliminated (red panel). Degradation is initiated by a
(Figure legend continued on the bottom of the next page.)
610 Trends in Genetics, October 2016, Vol. 32, No. 10
0
modified at their 3 end by U-rich short tails [39]. This observation, originally made in Arabidopsis
and mouse, is also reported in human cells [39,40], indicating an evolutionary-conserved
0 0
mechanism. Moreover, the addition of 3 uridines correlates with decapping and 5 shortening
0 0
fi of the cleaved products in Arabidopsis, a rst hint that uridylation might stimulate the 5 to 3
0
degradation pathway [39]. In line with this, U tracts added at the 3 end of a generic, capped,
nonpolyadenylated RNA sequence recruit decapping factors and promote decapping in mam-
0
malian cell extracts [41]. In human cells, TUT2 is implicated in the uridylation of 5 RISC-cleaved
0 0
– fragments, whereas TUT3 and other TUTases may mediate the uridylation of secondary 3 5
0
decayed fragments [40]. In Arabidopsis, the TUTase HESO1 was implicated in uridylating the 5
fragments produced by AGO1-mediated cleavage of miRNA targets [42]. Residual uridylation
0
persists in heso1 mutants, indicating that at least another TUTase is able to modify the 3 end of
0
5 RISC-cleaved fragments. Whether uridylation also tags endonucleolytic fragments generated
from RISC-independent pathways remains to be addressed.
The next major breakthrough toward the realization that uridylation is an integral step of
mRNA decay was the discovery that uridylation elicits the degradation of replication-depen-
dent histone mRNAs in humans (Figure 1). Upon inhibition of DNA replication or at the end of
the S-phase , histone mRNAs are quickly degraded [43] . This process involves uridylation,
0 0 0 0
– –
which triggers both the 5 3 and 3 5 decay of histone mRNAs [44] (Figure 1). In metazoans,
replication-dependent histone mRNAs are a notable exception among eukaryotic mRNAs
–
because they are not polyadenylated. Instead, these mRNAs end with a conserved stem
loop structure, which is crucial for processing, export, translation, and degradation [43] . The
0
– – mature form of histone mRNAs ends 2 3 nt 3 of the stem loop, and forms a complex with
0
– the stem loop binding protein (SLBP) and the Eri-1 (3 hExo) exoribonuclease, which are
0 0
–
bound to the 5 and 3 part of the stem loop, respectively [45] . Interaction of SLBP and
fi
translation initiation factors is crucial for ef cient histone mRNA translation. A switch from
translation to degradation is signaled by the phosphorylation of the RNA helicase UPF1.
UPF1, possibly recruited during translation termination, promotes the disruption of the
interaction between translation initiation factors and SLBP [46] . As a result, degradation
of histone mRNAs is initiated. A major signal triggering the degradation of histone mRNAs is
0 0
–
the uridylation of the 3 terminal stem loop [44] (Figure 1). Oligouridylation of the 3 -end
extremity promotes the binding of the decapping factor: the heptameric Lsm1-7 complex.
–
Lsm1-7 interacts with Eri-1, which attacks the stem loop in a stepwise manner [47,48] .
–
Cycles of uridylation/nibbling ultimately lead to the destruction of the stem loop, promoting
subsequent degradation of histone mRNAs by RRP6 (PM/Scl-100), one of the two exori-
0
bonucleases associated to the RNA exosome [48] . Most of 3 decay intermediates remain
0 0
– capped, suggesting a preponderant 3 5 polarity of degradation [48] . However, binding of
0 0
Lsm1-7 can also promote decapping and subsequent 5 -3 degradation by the cytosolic
0– 0
5 3 exoribonuclease Xrn1 [44,49] . Several TUTases were proposed to uridylate histone
mRNAs based on RNAi experiments and low-throughput sequencing analysis [44,50] .
However, studying the impact of siRNA-based knockdown of candidate TUTases using a
high-throughput sequencing method recently revealed TUT7 as the major TUTase uridylating
0
both histone mRNA 3 ends and degradation intermediates in the stem [51] .
0 0 0 0
first round of oligo-uridylation, which triggers exoribonucleolytic decay from 3 to 5 , from 5 to 3 , or simultaneously from
– both ends. The binding of Lsm1-7 complex to the U tail can induce Eri-1 to nibble the SL by 2 4 nt [47,48]. A second round
0 0
– of uridylation favors new 3 5 exoribonucleolytic attacks, thereby displacing SLBP and allowing the recruitment of the
0 0
–
RRP6 (PM/Scl-100)-associated exosome for further degradation (left side of the red panel). Of note, uridylation and 3 5
decay of histone mRNAs can proceed independently of decapping on polysomes [48]. Alternatively, the Lsm1-7 complex
0 0 0 0
– –
can induce decapping of histone mRNAs and subsequent 5 3 decay by Xrn1. Histone mRNAs subject to 5 3 decay can
also simultaneously be degraded by Eri-1 and exosome [44,47,49] (right side of the red panel). ORF, open reading frame;
TUTase, terminal uridylyltransferase; UTR, untranslated region.
Trends in Genetics, October 2016, Vol. 32, No. 10 611
Key Figure
Uridylation-Mediated Decay of Polyadenylated mRNAs
NMD-induced uridylaon in A. nidulans
Eukaryoc mRNAs PABP P ABP PTC PABP AAAAAAUU
′ T AAA AAA U e
5 R PABP AAAA AAA R AAAAA 3′ P ABP CutA UTR AA F ORF A PABP AAAAAAA AAA AA AAA 1 e 7 AAAA AA R
m G AAAAAA F UPF1
poly(A) tail 3
No deadenylaon Uridylaon of mRNAs with short poly(A) tail in S. pombe
Deadenylaon P ABP Not PABP UU AAA AAAA AAAA AAA PABP AAAAA Cid1 AAAAAA AA A A AAA A Ccr4-Caf1 A A
PPAPABP
A. thaliana URT1 ′ Hindrance of 3 ′ -5 decay in A. thaliana
S. pombe Cid1 U UU A A. nidulans CutA/CutB AA AAA AA H. sapiens TUT4/TUT7 AAAAA URT1 A. t h a l i a n a ? 16-nt size restoraon
Uridylaon U PABP UU AAAAA 3′ trimming A AA AU AA U A A TUTases AAAAAAAA PPAPABP PABP binding Storage?
translatability?
′ ′ ′ 5′-3 and 3 -5 decay
′ 5′-3 polarity of degradaon P ABP
′ ′ 3 -5 decay Xrn4 UU Exosome PABP U AA AA AAAA AAAA AA AA AAU U AAA
′ 3′-5 exoribonucleases Dcp1/2
′ Dis3L2 5′-3 decay
AAAAAA U A A U Lsm1-7 Dcp1/2
AAAAAA U A A U Xrn1
Lsm1-7
(See figure legend on the bottom of the next page.)
612 Trends in Genetics, October 2016, Vol. 32, No. 10
Uridylation as a New Integral Step of Polyadenylated mRNA Decay
The role of uridylation in the degradation of mammalian cell-cycle-dependent histone mRNAs
turned out not to be the only case of uridylation-promoted mRNA decay. It rather embodies the
first example of a generic process: uridylation of mRNAs is a global phenomenon and it elicits
0 0 0 0
– –
both the 5 3 and 3 5 decay of eukaryotic mRNAs (Figure 2, Key Figure). Uridylation of
fi fi polyadenylated mRNAs was rst identi ed in S. pombe for several model transcripts [34]. The
0
fi
TUTase Cid1 catalyzes the addition of mostly one to two uridines at the 3 end of ssion yeast
mRNAs. Interestingly, the half-life of the urg1 mRNA increases when Cid1 is deleted, indicating
fl
that uridylation can in uence the stability of this mRNA [34]. Moreover, uridylated mRNAs
accumulate when mRNA degradation components such as the Ccr4 deadenylase or the
Dcp1 and Lsm1 decapping factors are mutated. Of note, uridylation is independent of dead-
enylation in S. pombe (at least for the tested target transcripts) and uridylation and deadenylation
0 0
–
act redundantly to promote 5 3 degradation [34] (Figure 2). The bypass of the deadenylation
fi
step in the general mRNA decay pathway could be speci c to S. pombe and possibly other
organisms for which the average poly(A) tail length is rather short as compared with other
0 0
–
eukaryotes [22,52]. The proposed molecular mechanism to explain the stimulation of 5 3
decay by uridylation is that the addition of one or two Us on the relatively short poly(A) tails of S.
pombe mRNAs facilitates the binding of the Lsm1-7 complex. This complex in turn recruits the
0 0
– Dcp1–Dcp2 decapping machinery and decapping triggers the subsequent 5 3 degradation by
Xrn1 [19,34].
0 0
– mRNA uridylation in S. pombe also triggers 3 5 decay by the exoribonuclease Dis3L2, as
0 0
–
shown for the adh1 mRNA [53]. Dis3L2 is a member of the 3 5 exoribonuclease II/R family and
functions independently of the exosome [53,54]. Dis3L2 is conserved across eukaryotes and
fi
was identi ed in humans as degrading uridylated mRNAs and noncoding RNAs, such as pre-
–
miRNAs and small nuclear RNAs [54 57]. The solution of the structure of the mouse Dis3L2 in
complex with an oligo(U)-tailed RNA explained the preferential degradation of uridylated RNAs
fi fi
by revealing extensive uracil-speci c interactions spanning 12 Us [58]. U-speci c hydrogen
bonds exist between Dis3L2 and the uracil base of a U-tailed RNA substrate. Most of these
interactions are disrupted when A and C tails are modeled into the Dis3L2 structure, in line with
the idea that Dis3L2 targets preferentially uridylated RNA substrates. In vitro experiments
fi
revealed that two Us are suf cient to confer preferential degradation of an oligo(A) tail by S.
pombe Dis3L2 [53]. Increasing the size of the U extension enhances the preferential degradation
by Dis3L2. In vivo, the impact of Dis3L2 deletion on the accumulation of a restricted number of
0 0
– mRNAs and their uridylation is detected only when the 5 3 pathway is impaired, because of the
0 0 0 0
– –
redundancy of the 5 3 and 3 5 RNA decay pathways [53].
All basic components involved in uridylation-mediated mRNA decay in S. pombe are present in
fi
multicellular eukaryotes. Yet, distinctive features exist. In contrast to ssion yeast, deadenylation
Figure 2. Deadenylation-dependent uridylation pathway. The general pathway of mRNA decay is initiated by shortening of the poly(A) tail by two deadenylase activities:
0
– –
the Pan2 Pan3 complex and the multimeric Ccr4 Not complex [83]. Shortening of the poly(A) tail displaces poly(A)-binding proteins (PABPs) until the 3 extremity of an
oligo(A) tail is too short to accommodate a PABP and becomes accessible to terminal uridylyltransferases (TUTases). The addition of untemplated uridines promotes the
0 0 0 0
– association of the Lsm1-7 complex at the 3 end of the mRNA and leads to decapping by Dcp1/2. The unprotected 5 extremity is subsequently degraded by the 5 3
0 0
– exoribonuclease Xrn1. Alternatively, U tails can directly trigger Dis3L2- or exosome-mediated 3 5 degradation [37,53]. In Arabidopsis thaliana, URT1-mediated
0 0
– uridylation restores an oligo(A) tail size distribution centered on 16 nt, which allows for PABP binding. Uridylation and PAPB binding hinder 3 5 trimming to prevent
0 0 0 0
– –
excessive deadenylation. In addition, slowing down 3 5 ribonucleolytic attacks favors 5 3 directionality of degradation [23]. Alternatively, binding of PABP to uridylated
oligo(A) tails could regulate storage or translatability. However, even if slowed down, deadenylation can still proceed. Below a certain tail size (e.g., <10 As), uridylation can
0 0 0 0
– – no longer restore the PABP binding site, leading to both 3 5 and 5 3 degradation. Two deadenylation-independent uridylation instances have been reported. (i)
0
Aspergillus nidulans mRNAs with premature termination codon can undergo mRNA 3 tagging by CutA/CutB, recruited by UPF1. U-rich extensions elicit cap removal and
0 0
5 –3 decay without a prior deadenylation step [21]. (ii) The average size of poly(A) tails in Schizosaccharomyces pombe is relatively short as compared to other organisms
and mRNA uridylation is independent of and redundant with deadenylation [19]. NMD, nonsense mediated decay; ORF, open reading frame; PTC, premature termination
codon; UTR, untranslated region.
Trends in Genetics, October 2016, Vol. 32, No. 10 613
–
precedes uridylation in A. nidulans, Arabidopsis, and humans [20 23,35,37]. In these organ-
isms, mRNAs are uridylated by the TUTases CutA/CutB, URT1, and TUT4/TUT7, respectively.
These TUTases target mRNAs with oligo(A) tails of less than 20 nt. Two features were shown in
humans to explain the preferential uridylation of oligo(A) tails: TUT4/7 has an intrinsic preference
for short tails, and binding of the cytosolic poly(A)-binding protein (PABPC1) prevents TUT7
action on mRNAs with poly(A) tails longer than 25 As [37]. In Arabidopsis, even when URT1 is
massively overexpressed, the deadenylation step remains a prerequisite to uridylation [23].
fi
However, speci c cases of deadenylation-independent uridylation exist. For instance, the A.
nidulans CutA and CutB can uridylate poly(A) tails longer than 30 nt for transcripts containing
0
premature stop codon [also known as premature termination codon (PTC)]. The 3 tailing of
these typical nonsense-mediated decay (NMD) substrates is dependent on UPF1, a major
component of the NMD pathway [21] (Figure 2).
Tailing by CutA promotes decapping and the degradation rate of model mRNA substrates
D D
decreases in cutA and cutB mutants [20,21]. Hence, a clear correlation between mRNA
uridylation and degradation exists in A. nidulans, at least for the tested mRNAs. Although mRNA
fi
uridylation in Arabidopsis is also de nitely part of the mRNA decay process, uridylation by at least
two distinct TUTases has complex consequences on mRNA metabolism as detailed in the
following section [23,35] (Figure 2). One of these consequences is likely the stimulation of mRNA
0 0
– degradation, since uridylated mRNAs accumulate when the 5 3 RNA degradation pathway is
impaired.
fi
The de nite proof that uridylation must be considered as an integral step of the general
pathway of polyadenylated mRNA decay was obtained recently by determining the global
0 0 0 0
– –
impact of uridylation on both 5 3 and 3 5 decay pathways in human cell lines [22,37] . A
novel deep-sequencing method, called TAIL-seq, was designed to analyze both poly(A) tail
0
fi size and potential 3 -end modi cations at the transcriptome-wide level (Box 3) [22] . TAIL-seq
0 0
– was decisive to unambiguously determine the impact of uridylation on facilitating both 5 3
0 0
–
and 3 5 decay. First, uridylation was shown at the global scale to preferentially occur on
deadenylated transcripts [22,37] . Second, uridylation frequency negatively correlates with
global mRNA half-lives [22] . Third, depletion of both TUT4 and TUT7, which redundantly
uridylate human mRNAs, eliminates mRNA U tailing and slows down RNA decay [37] .
0 0
– Fourth, depletion of mRNA decay factors Xrn1, Dcp1, and Lsm1 involved in 5 3 decay,
0 0
–
or RRP41 (a subunit of the exosome) and Dis3L2 involved in the 3 5 degradation pathway,
leads to the accumulation of uridylated mRNAs [37] . Although this accumulation was rather
0 0
modest for Dis3L2 depletion [37] , the role of uridylation and Dis3L2 in 3 to 5 mRNA decay in
human cells is further supported by the observation that apoptosis-induced decay of
mRNAs involves the uridylation of degradation intermediates by TUT4 and TUT7 and
subsequent elimination by Dis3L2 [59] . Taken together, the results obtained for selected
mRNA models in several organisms and, more importantly, the global data generated by
TAIL-seq analysis in human cell lines revealed a fundamental role of U tails as a mark for
mRNA decay in eukaryotes.
A Complex Role for Uridylation in Plant mRNA Turnover
fi
TAIL-seq was also instrumental to de ne an additional role of mRNA uridylation in plants,
besides its role in stimulating degradation. In Arabidopsis, at least two TUTases uridylate mRNAs
and their activities are not functionally redundant. URT1 is the main TUTase targeting mRNAs
after the deadenylation step [23,35]. Interestingly, URT1 extends deadenylated mRNAs with U
residues to restore a size distribution of tails centered at 16 nt [23] (Figure 2). Hence, URT1
‘ ’ ’ fi
repairs mRNAs deadenylated tails. Two lines of evidence indicate that this de ned size
fl
distribution re ects the footprint of PABP: PABP determines the size of U extensions added
by URT1 in vitro and PABP binds oligo(A/U) tails in vivo with a similar size distribution centered
614 Trends in Genetics, October 2016, Vol. 32, No. 10
0
Box 3. High-Throughput Sequencing Methods Dedicated to mRNA 3 Extension Investigation
0
The addition of nucleotides at the 3 end of mRNAs can now be investigated by high-throughput sequencing approaches
0
fi
either at the global scale or for speci c targets. Those recent methods have revolutionized the study of mRNA 3
extensions, which was previously restricted to the analysis by Sanger sequencing of a limited number of clones.
0
fi TAIL-seq represents the rst method to simultaneously measure poly(A) tail length and 3 tailing at transcriptome scale
0 0
fl [22]. Brie y, RNA samples are depleted for rRNAs, ligated to a biotinylated 3 adaptor, and fragmented. The 3 fragments
0
fi fi fi
are af nity puri ed and ligated to a 5 adaptor prior to cDNA synthesis and library ampli cation. Then, paired-end
fi sequencing is performed: Read 1 is used for transcript identi cation, while Read 2 allows the detection of any nucleotides
0
added at the 3 end of polyadenylated mRNAs as well as the determination of poly(A) sizes. The latter is performed using
fi fluorescence intensity les from the Illumina sequencer rather than a base-call analysis protocol.
0
Gene-targeted approaches to study 3 tailing using high-throughput sequencing have also been described. These
0
methods provide an ultradeep analysis of 3 extremities for transcripts of interest and/or decay intermediates, at a
reduced cost as compared to a genome-wide method. EnD-seq [72] and circTAIL-seq [109] illustrate the variety of such
0
fi protocols that can be developed to address speci c questions. EnD-seq was used to analyze 3 tailing of the
0
nonpolyadenylated histone mRNAs in humans [72]. As for TAIL-seq, an adaptor is ligated at the 3 end of RNA and
an adaptor antisense primer is used to initiate reverse transcription (RT). Alternatively, an RT primer ending with
0
adenosines can be used to enrich for low abundant oligo-uridylated intermediates. No 5 adaptor ligation is needed,
fi and the Illumina-compatible sequences are incorporated during PCR ampli cation.
0
Both TAIL-seq and EnD-seq focus on the 3 ends of mRNAs. By contrast, circTAIL-seq, a circular RT-PCR protocol
0 0
adapted for high-throughput sequencing [109], is designed to simultaneously characterize 5 and 3 mRNA ends.
fi
Transcripts are rst circularized using RNA ligase. The method was originally developed for noncapped RNAs. However,
RNA used for the circularization step can be appropriately treated with phosphatase/pyrophosphatase combinations to
fi discriminate between capped and uncapped mRNAs. After circularization, RT is performed using gene-speci c primers.
0
PCR amplicons are then analyzed by Illumina sequencing. Using circTAIL-seq, 3 features such as poly(A) tail length and
0 0
3 tailing can be linked to cap status and 5 position for individual mRNA molecules.
around 16 nt [23]. This observation is coherent with previous reports documenting that the
minimal length bound by PABP is 12 As [although 25 As are typically bound by a PABP on a poly
(A) tail] and that PABP binds sequences other than homopolymeric poly(A) tails such as AU-rich
–
elements in mRNAs [60 63]. Interestingly, the RNA-recognition motifs of PABP have different
fi –
respective af nities for homopolymeric A stretches or heteropolymeric sequences [63 67].
Which of the four RNA-recognition motifs present in PABP bind to uridylated oligo(A) tails in
vivo remains to be determined.
The current data in Arabidopsis support a model where URT1 and PABP cooperate to
0
control the extent of deadenylation by hindering 3 trimming of deadenylated mRNAs.
Importantly, URT1-mediated uridylation and PABP slow down deadenylation but do not
0 0
–
fully prevent 3 5 shortening of oligo(A) tails [23] (Figure 2). The mRNAs with very short oligo
(A) tails that are ultimately produced are then uridylated by a TUTase activity other than URT1
[23] (Figure 2). Hence, the consequences of mRNA uridylation depend on the oligo(A) tail
–
length: when oligo(A) size is greater than 13 15, uridylation by URT1 cooperates with PABP
to slow down deadenylation, while in the case of shorter oligo(A) tails (<10 As), uridylation by
(an) alternative TUTase(s) fails to restore the PABP binding site and presumably facilitates
0 0
–
degradation (Figure 2). Indeed, only the shorter oligo(A) tails (<10As) accumulate when 5 3
degradation is impaired [23] . These short uridylated tails could be recognized by decay
factors such as the Lsm1-7 complex to promote degradation as reported in other eukar-
fi
yotes (Figure 2). HESO1, the second uridylyltransferase identi ed in Arabidopsis [42,68,69] ,
represents an interesting candidate for this alternative mRNA uridylation activity. Uridylation
by HESO1 could favor mRNA degradation as it does for small RNAs and RISC-cleaved
transcripts. An overlap of RNA substrates between HESO1 and URT1 is already known for
miRNAs. Indeed, URT1 can uridylate miRNAs in the absence of HESO1 and the methyl-
0 0
transferase HEN1, which mediates 2 -O-methylation of the 3 terminal ribose of plant
miRNAs and siRNAs [70,71] .
Trends in Genetics, October 2016, Vol. 32, No. 10 615
Altogether, the current data indicate a dual role of uridylation in mRNA turnover in Arabidopsis. In
addition to the canonical role of uridylation in stimulating mRNA degradation, which is likely
fi
conserved in plants, URT1-mediated uridylation creates oligo (A/U) tails of suf cient length to
allow PABP binding, thereby preventing excessive deadenylation. A similar protective effect was
0
previously observed in mammalian cell extracts, where U tracts added at the 3 RNA end
0 0
–
prevented 3 5 exonucleolytic decay, presumably via the binding of Lsm1-7 complex [41]. In
addition, an analogous role for uridylation in restoring the normal length of mRNA extension was
proposed for human histone mRNAs [72]. At the end of S-phase, uridylation initiates histone
fi
mRNA decay as discussed earlier. By contrast, during S-phase, a signi cant fraction of
– cytoplasmic histone mRNAs end with one or two uridines, which have replaced the 1 2 nt
0
at the 3 end of mature histone mRNAs (Figure 1). This uridylation could occur after the nibbling of
0
the mRNA 3 end by Eri-1 and help to maintain the integrity of histone transcripts [72].
Additional Functions of mRNA Uridylation
fl
Besides mRNA decay, uridylation can also in uence translation. Such a link is described for
trypanosomal mitochondrial mRNAs. Upon completion of editing, two pentatricopeptide
repeat-containing proteins, called kinetoplast polyadenylation/uridylation factors (KPAFs) 1
and 2, modulate the activity of KPAP1 poly(A) polymerase and RET1 TUTase, leading to the
synthesis of A/U (70/30% ratio) heteropolymeric tails [27,36,38] . Interestingly, the fully edited
RPS12 mRNA with long A/U extension, but not with a short A tail, is enriched in translating
mitochondrial ribosomes and KPAF1 inhibition results in an inhibition of protein synthesis [27] .
These results indicate a key role of long A/U extensions in recruiting edited mRNAs to
mitochondrial ribosomes [27,73] . RET1 also contributes to a second type of mRNA uridylation:
RET1 can add short continuous U tails to selected mRNAs, which negatively regulates their
steady-state level [36,38] . This example illustrates the ability of one uridylyltransferase to play
ambivalent roles in mRNA metabolism, that is, degradation versus promoting translation.
Another dual function of uridylation was described in mammals for Group II let7 pre-miRNAs.
fl
The absence or presence of the RNA-binding protein Lin28 in uences uridylation by TUT4/7 by
favoring processing of the let7 miRNAs or degradation of the let7 pre-miRNAs, respectively
–
(Box 2) [55,58,74 78] .
Uridylation is also suspected to negatively regulate translation of nucleus-encoded mRNAs. In
A. nidulans , uridylation by CutA/CutB was proposed to favor polysome dissociation for NMD
targets [21] . This hypothesis was based on the observation that mutations in CutA/CutB
increased the proportion of a PTC-containing mRNA associated with ribosomes. Because
the corresponding protein does not accumulate in cutA/cutB mutants, uridylation was
suggested to promote ribosome dissociation of the NMD target after translation termination
at the PTC [21] . The underlying molecular mechanism is unknown and it may only apply to
NMD targets or mRNAs with stalled ribosomes. Yet, this example illustrates the potential of
uridylation in promoting polysome dissociation. Decapping and cytoplasmic recapping have
recently been proposed as regulating translation, and uridylation may also be involved
because uridylated mRNAs are enriched among cytoplasmic capping targets [79,80] . A
possible interpretation brought forward to explain the overlap between the data sets is that
uridylation induces decapping, which is an obvious prerequisite for the recapping step.
Whether a causal relationship exists between uridylation and cytoplasmic capping remains
to be experimentally investigated. A clear translation inhibition due to uridylation was
observed in Xenopus oocytes because tethering of the uridylyltransferase XTUT7 represses
the translation of a reporter mRNA [81] . In line with this observation, uridylation was recently
fi
proposed to inactivate translation of maternal mRNAs stored in star sh oocytes [82] . This
fi
hypothesis awaits further experimental con rmation and future work will tell whether transla-
tion inhibition by uridylation exists only at particular developmental stages or operates in
diverse cell types.
616 Trends in Genetics, October 2016, Vol. 32, No. 10
Concluding Remarks Outstanding Questions
In the last couple of years, uridylation has been recognized as a pervasive and conserved What are the respective interactants of
fi terminal uridylyltransferases
modi cation of eukaryotic mRNAs. Its key and conserved role in mRNA metabolism is to
(TUTases)? What is the conservation
stimulate degradation. Yet, alternate functions began to be ascribed to uridylation. Although
of such interacting protein networks
our knowledge on uridylation is rapidly expanding, we are still just beginning to appreciate the across organisms?
various consequences of uridine addition on the decay process itself, on translation inhibition, or
fi
on localization of target transcripts (see Outstanding Questions). A complete understanding of Do TUTases ful ll alternative functions
depending on distinct cytoplasmic
fi
these various processes will require the identi cation of the whole machinery involved, from the
localization and protein environment?
whole set of TUTases (writers) to the factors that recognize uridylated mRNAs (readers) and
ribonucleolytic activities that could potentially reverse uridylation (erasers). Localization, be it in
What is the full diversity of functions
fl
the cytosol, on polysomes, in P-bodies, or in stress granules, will certainly in uence the linked to uridylation in mRNA
metabolism?
fi fi
downstream consequences of uridylation. The identi cation of site-speci c interactants of
fi
TUTases is almost an entirely open eld of investigation. Such interactants could modulate
‘ ’
Can uridylation repair the extremities
the activity of TUTases, the recognition of their substrates, or the effects of uridylation. The
of other mRNAs than replication-
impact of mRNA uridylation on stress-related responses and on developmental transitions is
dependent histone mRNAs during S-
also to be explored. In this context, the advance of high-throughput sequencing methods that phase in mammals and deadenylated
0
mRNAs in Arabidopsis?
are dedicated to 3 -end analysis (Box 3) and their future developments will continue to
0
fi
revolutionize the study of mRNA uridylation and other 3 -end modi cations such as cytidylation
What is the impact of uridylation on
and guanylation. In the near future, mRNA tailing will be addressed in multiple organisms,
mRNA translatability across
developmental stages, growth conditions, and genetic backgrounds to draw a global picture of development?
the fundamental roles of untemplated nucleotide addition in mRNA metabolism.
Can uridylation impact mRNA storage?
Acknowledgments
We apologize to our colleagues whose contributions were omitted due to space limitation. Work in our laboratory is To what extent, mRNA uridylation
impacts developmental transitions, dis-
fi
supported by the Centre National de la Recherche Scienti que (CNRS) and research grants from the French National
eases, and stress responses?
‘ ’
Research Agency as part of the Investments for the Future program in the frame of the LABEX ANR-10-LABX-
0036_NETRNA and ANR-15-CE12-0008-01 to D.G.
What are the terminal nucleotidyltrans-
ferases responsible for guanylation and
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Trends in Genetics, October 2016, Vol. 32, No. 10 619 RNA uridylation and decay in plants
Caroline de Almeida 1,† , He´le`ne Scheer 1,† , Anthony Gobert 1, Veronica Fileccia 2, rstb.royalsocietypublishing.org Federico Martinelli 2, He´le`ne Zuber 1 and Dominique Gagliardi 1
1Institut de biologie mole´culaire des plantes (IBMP), Centre national de la recherche scientifique (CNRS), Universite´ de Strasbourg, 12 rue Zimmer, 67000 Strasbourg, France 2Dipartimento di Scienze Agrarie Alimentari Forestali, Universita` degli Studi di Palermo, viale delle scienze ed. 4, Review Palermo 90128, Italy FM, 0000-0002-3981-0567; HZ, 0000-0002-2132-4536; DG, 0000-0002-5871-7544 Cite this article: de Almeida C, Scheer H, 0 Gobert A, Fileccia V, Martinelli F, Zuber H, RNA uridylation consists of the untemplated addition of uridines at the 3 Gagliardi D. 2018 RNA uridylation and decay in extremity of an RNA molecule. RNA uridylation is catalysed by terminal uridylyltransferases (TUTases), which form a subgroup of the terminal plants. Phil. Trans. R. Soc. B 373: 20180163. nucleotidyltransferase family, to which poly(A) polymerases also belong. http://dx.doi.org/10.1098/rstb.2018.0163 The key role of RNA uridylation is to regulate RNA degradation in a variety of eukaryotes, including fission yeast, plants and animals. In plants, RNA Accepted: 18 August 2018 uridylation has been mostly studied in two model species, the green algae Chlamydomonas reinhardtii and the flowering plant Arabidopsis thaliana . Plant TUTases target a variety of RNA substrates, differing in size and func- One contribution of 11 to a theme issue tion. These RNA substrates include microRNAs (miRNAs), small interfering 0 0 ‘5 and 3 modifications controlling RNA silencing RNAs (siRNAs), ribosomal RNAs (rRNAs), messenger RNAs degradation’. (mRNAs) and mRNA fragments generated during post-transcriptional gene silencing. Viral RNAs can also get uridylated during plant infection. We describe here the evolutionary history of plant TUTases and we summar- Subject Areas: ize the diverse molecular functions of uridylation during RNA degradation molecular biology, plant science processes in plants. We also outline key points of future research. 0 0 This article is part of the theme issue ‘5 and 3 modifications controlling Keywords: RNA degradation’. RNA degradation, RNA decay, terminal nucleotidyltransferase, uridylation, mRNAs 1. RNA uridylation, a key post-transcriptional regulatory process Author for correspondence: RNA uridylation is a post-transcriptional modification, which consists of the Dominique Gagliardi 0 addition of uridines to the 3 end of RNA. RNA uridylation plays a key role in e-mail: dominique.gagliardi@ibmp-cnrs. the regulation of gene expression across eukaryotes, with the exception to date unistra.fr of Saccharomyces cerevisiae , which has lost the capacity to uridylate RNAs. U-tailing has been reported for a variety of RNA substrates: from mitochondrial transcripts in trypanosomes, to mRNAs and a plethora of non-coding RNAs in diverse organisms, including fission yeast, amphibians, insects, plants or mam- mals [1–9]. Uridylation targets transcripts produced by RNA polymerases I, II and III (see accompanying articles by Zigackova and Vanacova [10], Warkocki et al . [11] and [12–14]) and it emerges as a pervasive post-transcriptional process. RNA uridylation plays diverse roles, which depend on the cellular compart- ment, the identity of the terminal uridylyltransferase (TUTase) or the RNA substrate itself [1,2,4–9]. The 3 0 untemplated addition of uridines may facilitate processing of primary transcripts, stabilize RNA and possibly control trans- lation of mRNAs. Yet, its chief role is to trigger degradation both by the 50 –3 0 and 30 –5 0 RNA degradation pathways [1,2,4–9]. Here, we summarize our current knowledge on RNA uridylation and decay in plants. We begin by describing the terminal nucleotidyltransferase (TNTase) †These authors contributed equally to this family, to which TUTases belong. As an example, the organization of the small study. multigenic TNTase family is detailed for the model plant Arabidopsis thaliana . We then present a comprehensive evolutionary history of TUTases in Archae- plastida (i.e. all plants), which reveals that two TUTases have been Electronic supplementary material is available maintained in the whole green lineage, suggesting specific and critical func- online at https://dx.doi.org/10.6084/m9. tions. We then review our current knowledge on how uridylation by these figshare.c.4244939. TUTases impacts the degradation of various classes of RNAs in plants.
& 2018 The Author(s) Published by the Royal Society. All rights reserved.
class I TNTases 2
ncPAPs cPAPs rstb.royalsocietypublishing.org AAT1G17980.1T1G17980.1 (2) PAPS1 713 AT2G39740.1 (3) HESO1 511
AAT2G25850.2T2G25850.2 (9) PAPSPAPS22 800 AT2G40520.1 (6) 550202
AAT3G06560.1T3G06560.1 ((1)1) PAPS3 507 AT2G45620.1 (1) URT1 764
AAT4G32850.8T4G32850.8 (17) PAPSPAPS44 765 AT3G45750.1 (5) 668282
AT3G45760.1 (3) 474 cclasslass II TNTaseTNTasess B Soc. R. Trans. Phil.
606055 AT3G51620.2 (3) 829 AAT1G22660.1T1G22660.1 (5) tRNA-NT
AT3G56320.1 (7) 603603 AAT1G28090.1T1G28090.1 (5) 554141
AT3G61690.1 (3) 13031303 AAT2G17580.1T2G17 580.1 (1) AGS1 757 373 20180163: AT4G00060.1 (4) MEE44 14811481 AAT3G48830.1T3G48830.1 (1) 519
AT5G53770.1 (1) TRL 530530 AAT5G23690.1T5G23690.1 (1) 552727
nucleotidyltransferase (SCOP 81301) PAP/Archaeal CCA-adding enzyme C-terminal domain (SCOP 55003) PAP/OAS1 substrate-binding domain (SCOP 81631) poly A polymerase C-terminal region-like (SCOP 81891)
Figure 1. Domain organization of class I and class II TNTases of A. thaliana . The class I TNTase family is composed of 10 non-canonical poly(A) polymerases (ncPAPs) and four canonical poly(A) polymerases (cPAPs). The class II TNTase family contains the tRNA nucleotidyltransferase (tRNA-NT), also called the tRNA CCA-adding enzyme, and four bacterial PAP-like nucleotidyltransferases. Boxes represent conserved structural domains identified using the structural classification of proteins (SCOP) according to the superfamily database [25]. Non-conserved regions are drawn as lines. Each TNTase is identified by its AGI ( Arabidopsis Genome Initiative) reference gene model. The numbers of all gene models are shown in parentheses. Finally, names are shown for the 10 TNTases that have been studied to date. The numbers on the right indicate the number of amino acids for each TNTase. The colour code for the Superfamily SCOP domains is indicated on the figure. The vertical black bar drawn in the nucleotidyltransferase domain of four of the five class II TNTases represents a motif discriminating bacterial PAP-like nucleotidyltransferases from bacterial tRNA-NT [15].
2. Characteristic features of TUTases in plants (b) Eukaryotic TNTases are encoded by small multigenic RNA uridylation is catalysed by terminal uridylyltransferases families (TUTases). TUTases belong to the superfamily of DNA poly- TNTases are encoded by small multigenic families, whose com- merase beta-like nucleotidyltransferases [15]. This superfamily plexity varies across eukaryotes. For instance, three canonical regroups enzymes that conjugate nucleotides to proteins, anti- and 11 non-canonical PAPs (ncPAPs) are expressed in humans biotics or RNAs [15]. The nucleotidyltransferases that add [16] (see also accompanying paper by Warkocki et al . [11]). untemplated nucleotides (adenosines, uridines, guanosines TNTases are also encoded by small multigenic families in 0 and cytidines) to the 3 end of RNAs are called ribonucleotidyl plants, as reported for the green algae Chlamydomonas reinhardtii , transferases (rNTases) or terminal nucleotidyltransferases or for two land plants: Zea mays (maize) and Arabidopsis thaliana (TNTases). [17–24]. In Arabidopsis , 19 TNTase genes have been identified on the basis of sequence homology: 14 class I TNTases and 5 class II TNTases (figure 1). The class II of Arabidopsis TNTases contains a (a) Classification of terminal nucleotidyltransferases single tRNA CCA-adding enzyme also called tRNA-nucleoti- TNTases are split into two classes based on structural differ- dyltransferase (tRNA-NT), which processes tRNAs encoded ences in their catalytic fold and in the domain responsible by the nuclear, plastidial and mitochondrial genomes [26], for nucleotide selection [15]. Class I includes the ‘canonical’ and four bacterial PAP-like nucleotidyltransferases, which are poly(A) polymerases (cPAPs), which are responsible for the predicted to localize in mitochondria and plastids [18] co-transcriptional addition of stabilizing poly(A) tails to (figure 1). The class I of Arabidopsis TUTases is composed of 10 transcripts synthesized by RNA polymerase II (Pol II), the non-canonical PAPs and four PAPS that contain the character- 0 0 tRNA CCA-adding enzymes in Archaea, 2 -5 -oligo(A) istic domains of canonical PAPs (PAPS1 to 4) [17–20]. Yet, synthetases (OAS) and a group of TNTases involved in PAPS3 is localized in the cytosol, is mostly expressed in pollen the polyadenylation, uridylation, cytidylation and guanyla- and does not contain the C-terminal extension found in tion of diverse RNA substrates [3,15]. Class II TNTases PAPS1, S2 and S4 (figure 1) [19]. The role of PAPS3 remains to correspond to bacterial poly(A) polymerases and tRNA be characterized. By contrast, PAPS1, S2 and S4 correspond to CCA-adding enzymes found in eukaryotes and in certain the canonical PAPs involved in the co-transcriptional polyade- bacteria. nylation of RNA Pol II transcripts. Interestingly, PAPS1, S2
3
AT3G56320 rstb.royalsocietypublishing.org
AT3G61690
AT2G40520
1 MEE44 AT4G00060
0.56 AT3G51620
1 TRL AT5G53770 hl rn.R o.B Soc. R. Trans. Phil. 0.94 1 0.82 TENT4B (TRF4-2/PAPD5) AT3G45750 1 0.99
0.37 0.98 0.981 TENT4A (TRF4/PABD7) 373
URT1 AT2G45620 20180163:
1 AT3G45760
TUT4 (TENT3A)
AT2G39740 HESO1 (TENT3B) TUT7
1
Figure 2. Phylogenetic relationship among A. thaliana class I ncPAPs and four human ncPAPs. The nucleotidyltransferase domains SCOP 81301 and the PAP/OAS1 substrate-binding domains SCOP 81631 of the 10 class I ncPAPs of Arabidopsis and four human ncPAPs were aligned with Muscle (v. 3.8.31) [37]. The maximum- likelihood tree was generated using PhyML (v. 3.1) on Phylogeny.fr [38] and edited using FigTree (v. 1.4.3, http://tree.bio.ed.ac.uk/software/figtree/). Arabidopsis and human ncPAPs are indicated in regular and italic characters, respectively. Support values (approximate likelihood-ratio statistical test, aLRT v 3.0) are shown on branches. The scale bar represents the number of substitutions per amino acid site. HESO1, URT1 and two other TNTases form a cluster with human TUT7 and TUT4. MEE44 and TRL form a cluster with human TENT4A and TENT4B. The remaining four TNTases form a separated cluster. HESO1, URT1 and TRL, the three class I ncPAPs that have been functionally characterized in Arabidopsis , are indicated in bold. and S4 are functionally specialized and preferentially target resulting from cleavage by the RNA-induced silencing subpopulations of transcripts [27–30]. complex (RISC) [20,31,32,39,40]. Of note, HESO1 is the homol- Much remains to be discovered about the function of the 10 ogue of MUT68, which was discovered in C. reinhardtii , as a Arabidopsis class I ncPAPs. To date, functional data have been ncPAP involved in the degradation of RISC-cleaved transcripts reported for three of them: TRF4/5-LIKE (TRL), HEN1 SUP- and small RNAs [41,42]. PRESSOR 1 (HESO1) and UTP:RNA URIDYLYLTRANS FERASE 1 (URT1) [20,22,31,32]. TRL is a nuclear ncPAP, which adenylates rRNA maturation by-products and precur- (c) Evolutionary analysis of TUTases in plants sors to facilitate their degradation or processing by the RNA A recent phylogenetic analysis of HESO1 and URT1 homol- exosome [22]. TRL is an orthologue of TRF4 in S. cerevisiae or ogues, mostly from bryophytes, lycophytes and ferns, TENT4B (hTRF4–2, PAPD5) in humans [33–36]. Another Ara- revealed that each TUTase forms a monophyletic group bidopsis class I ncPAP, MEE44, is evolutionarily close to TRL [43]. To extend our knowledge on the evolutionary history and TENT4A/B. Indeed, a phylogenetic analysis using the of TUTases in Archaeplastida (i.e. all plants), a comprehen- nucleotidyltransferase domains of the 10 Arabidopsis ncPAPs sive phylogenetic analysis was performed using URT1 and aligned with that of four human ncPAPs (TENT4A, TENT4B HESO1 homologues from 79 species representing all major and the 2 TUTases TUT4 and TUT7) reveals that TRL and groups of Archaeplastida, including glaucophytes, rhodo- MEE44 cluster with TENT4A/4B (figure 2). This analysis phytes (red algae), chlorophytes and streptophyte algae, also indicates that four uncharacterized Arabidopsis ncPAPs bryophytes (liverworts, hornworts and mosses), lycophytes form a distinct clade and finally that four proteins including and pteridophytes (e.g. ferns), gymnosperms (e.g. conifers HESO1 and URT1 cluster with the human TUTases TUT4/7 and Gingko), and angiosperms (flowering plants; figure 3). (figure 2). The nucleotide specificity of AT3G45750 and To retrieve URT1 and HESO1 homologue sequences, we AT3G45760 has not been reported yet, but HESO1 and screened phytozome, NCBI TSA and NCBI EST databases URT1 are indeed bona fide TUTases. Altogether, HESO1 and by using either BLASTP or TBLASTN algorithms with the 0 URT1 uridylate small RNAs, mRNAs and the 5 fragments amino acid sequence of Arabidopsis URT1 (AT2G45620) and
gene copy 4 species family order number rstb.royalsocietypublishing.org
URT1 HESO1 Cyanophora paradoxa 1 0 Cyanophoraceae Glaucocystales Glaucophytes Galdieria sulphuraria 1 0 Cyanidiaceae Cyanidiales Porphyridium purpureum 1 0 Porphyridiaceae Porphyridiales Rhodophytes Heterosiphonia pulchra 1 0 Dasyaceae Ceramiales Chondrus crispus 1 0 Gigartinaceae Gigartinales Micromonas pusilla 0 1 Mamiellaceae Mamiellales Ostreococcus lucimarinus 0 1 Bathycoccaceae Mamiellales Ulva lactuca 1 1 Ulvaceae Ulvales Chlorella sorokiniana 1 1 Chlorellaceae Chlorellales Chlorophytes Micractinium conductrix 1 1 Chlorellaceae Chlorellales Chlamydomonas reinhardtii 1 3 Chlamydomonadaceae Chlamydomonadales Volvox carteri 1 2 Volvocaceae Chlamydomonadales Nitella mirabilis 1 1 Characeae Charales Streptophyte algae B Soc. R. Trans. Phil. Spirogyra pratensis 1 1 Zygnemataceae Zygnematales Marchantia polymorpha 1 0 Marchantiaceae Marchantiales Sphagnum fallax 1 1 Sphagnaceae Sphagnales Physcomitrella patens 1 1 Funariaceae Funariales Bryophytes Pohlia nutans 1 0 Mniaceae Bryales Bryum argenteum 1 0 Bryaceae Bryales Folioceros fuciformis 1 1 Anthocerotaceae Anthocerotales Palhinhaea cernua 1 0 Lycopodiaceae Lycopodiales Isoetes sinensis 1 1 Isoetaceae Isoetales Selaginella uncinata Lycophytes 1 1 Selaginellaceae Selaginellales 373 Selaginella moellendorffii 1 1 Selaginellaceae Selaginellales Equisetum ramosissimum 1 1 Equisetaceae Equisetales 20180163: Ophioglossum vulgatum 1 1 Ophioglossaceae Ophioglossales Angiopteris fokiensis 1 1 Marattiaceae Marattiales Dicranopteris pedata 1 1 Gleicheniaceae Gleicheniales Azolla caroliniana 1 1 Salviniaceae Salviniales Ferns Alsophila spinulosa 1 1 Cyatheaceae Cyatheales Microlepia platyphylla 1 1 Dennstaedtiaceae Polypodiales Pteris vittata 1 1 Pteridaceae Polypodiales Ephedra trifurca 1 1 Ephedraceae Ephedrales Pinus massoniana 1 1 Pinaceae Pinales Ginkgo biloba 1 1 Ginkgoaceae Ginkgoales Gymnosperms Cycas revoluta 1 1 Cycadaceae Cycadales Anthurium andraeanum 1 1 Araceae Alismatales Zostera marina 1 2 Zosteraceae Alismatales Dioscorea composita 1 1 Dioscoreaceae Dioscoreales Agave deserti 2 2 Asparagaceae Asparagales Phoenix dactylifera 1 1 Arecaceae Arecales Elaeis guineensis 1 1 Arecaceae Arecales Monocots Ananas comosus 2 1 Bromeliaceae Poales Brachypodium distachyon 2 2 Poaceae Poales Oryza sativa japonica 2 2 Poaceae Poales Oropetium thomaeum 2 2 Poaceae Poales Sorghum bicolor 2 2 Poaceae Poales Zea mays 2 1 Poaceae Poales Aquilegia coerulea 1 2 Ranunculaceae Ranunculales Nelumbo nucifera 1 1 Nelumbonaceae Proteales Kalanchoe laxiflora 4 2 Crassulaceae Saxifragales Vitis vinifera 1 1 Vitaceae Vitales Glycine max 2 2 Fabaceae Fabales Cucumis sativus 1 1 Cucurbitaceae Cucurbitales Casuarina equisetifolia 1 1 Casuarinaceae Fagales Tripterygium wilfordii 1 1 Celastraceae Celastrales Ricinus communis 1 1 Euphoriaceae Malpighiales Populus trichocarpa 2 1 Salicaceae Malpighiales Salix purpurea 2 1 Salicaceae Malpighiales Eucalyptus grandis 1 2 Myrtaceae Myrtales Litchi chinensis 1 1 Sapindaceae Sapindales Citrus clementina 1 1 Rutaceae Sapindales Theobroma cacao 1 1 Malvaceae Malvales Dicots Carica papaya 1 1 Caricaceae Brassicales Cleome droserifolia 1 1 Cleomaceae Brassicales Arabidopsis thaliana 1 1 Brassicaceae Brassicales Persicaria minor 1 1 Polygonaceae Caryophyllales Mesembryanthemum crystallinum 1 1 Aizoaceae Caryophyllales Camptotheca acuminata 1 1 Nyssaceae Cornales Vaccinium virgatum 1 1 Ericaceae Ericales Camellia sinensis 1 1 Theaceae Ericales Dahlia pinnata 1 1 Asteraceae Asterales Chromolaena odorata 1 1 Asteraceae Asteracles Ipomoea purpurea 1 1 Convolvulaceae Solanales Gardenia jasminoides 1 1 Rubiaceae Gentianales Calotropis procera 1 1 Apocynaceae Gentianales Sesamum indicum 2 1 Pedaliaceae Lamiales Erythranthe guttata 1 1 Phrymaceae Lamiales Andrographis paniculata 1 1 Acanthaceae Lamiales
Figure 3. Copy number of HESO1 and URT1 in 79 representative species of Archaeplastida. The phylogenic relationship between the 79 species analysed in this study was visualized using Phylostatic [44]. Full species names are grouped by taxonomic clades indicated on the right. The colour code for URT1 and HESO1 in the different clades is conserved in figures 4 and 5. The numbers of copies detected for HESO1 and URT1 are indicated for each species. Sequences in FASTA format are given in electronic supplementary material, Datasets S1 and S2 for HESO1 and URT1, respectively.
HESO1 (AT2G39740). We also included in our analysis pre- [37]. Amino acids that did not align to the Catalytic Core viously published URT1 and HESO1 sequences from Domain (CCD) (COG5260) identified in URT1 and HESO1 bryophytes, lycophytes and ferns [43] (see electronic sup- were trimmed. Finally, URT1 and HESO1 trimmed sequences plementary material, Dataset S1 and S2 for a compilation of were realigned altogether and the phylogenetic tree shown in HESO1 and URT1 sequences, respectively). URT1 and figure 4 was generated using the maximum-likelihood HESO1 homologous sequences for the representative species method (v. 3.1/3.0 aLRT) and WAG substitution model shown in figure 3 were separately aligned with MUSCLE implemented in PhyML [45,46] (see electronic supplementary
5
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G. max A. deserti A. andraeanum A. D. co G. max B. distac f l P S. purpurea O. sativa olu e y . trichocarpa O. thomaeum um r c S. bicolor . comosus Z. mays n o P. trichocarpaS. purpurea A s p C. equise G. biloba h C. rev gatum y C. clementina E. trifurca t P. massoniana e A. fokiensis s L. chinensistif O. vul olia E. ramosissim D. pedata T. cacao . caroliniana V. vinifera A . spinulosa A C. papaya vittata P. b E. grandis M. platyphylla r s y tr S. moellendorffii o e B Soc. R. Trans. Phil. S. uncinata p p nua h . I. sinensis y a t P. cer e lg F. fuciformis s a A. thaliana allax C. droserifolia S. f e P. patens c C. sinensis P. nutansrgenteum h l C. acuminata B. a o
r M. polymorpha C. procera o G. jasminoides N. mirabilis p r h ratensis h g S. p o y V. virgatum l d V. carteri t a e o u I. purpurea C. reinhardtii s p c 373 D. pinnata U. lactuca h o C. sorokiniana y p C. odo t h 20180163: rata e
M. conductrix y S. indicum s t s H. pulchra e t E. guttata
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A. fokiensis ta ffii C. acuminatV. vinifera O. vulgatum A. thaliana A. P. vi spinulosa ya mum M. pla lycophytes C. droserifolia A. tta * strep. algae C. clementina D. pedata carolinianata * L. chinensisC. papa randis C. revol typhylla g G. biloba E. P. massoniana E C. sativus .
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Figure 4. Phylogenetic relationship between URT1 and HESO1 sequences among 79 representative species of Archaeplastida. The phylogenetic tree was generated using the maximum-likelihood method and WAG substitution model implemented in PhyML (v. 3.1) [45,46]; see electronic supplementary material, Dataset S3 for sequence alignment). The tree was edited using iTOL (v. 4.2.1) [47]. Colour code for taxonomic clades is defined in figure 3. Statistical values for the first branches (approximate likelihood-ratio test, aLRT v. 3.0) support that URT1 and HESO1 proteins form two distinct clades. The scale bar represents the number of substitutions per amino acid site. material, Dataset S3 for the final alignment of all sequences). either URT1 homologues predate the apparition of HESO1, or The main outcome of this analysis is that a monophyletic glaucophytes and rhodophytes have lost HESO1. In addition, group is observed for each TUTase, indicating an early diver- HESO1 was not detected in representative species of Marchan- gence of HESO1 and URT1 that have been maintained in the tiales, Bryales and Lycopodiales (figures 3 and 4). Conversely, green lineage (figure 4). In most species, homologues of HESO1 two species of the order Mamiellales, Micromonas pusilla and and URT1 are present each as a single copy (figures 3 and 4), rais- Ostreococcus lucimarinus , have no URT1 homologues. We ing the possibility that they are orthologues, as previously further checked that URT1 is not detected in Ostreococcus proposed for bryophyte, lycophyte and fern species [43]. Yet, sev- tauri, another species of the order Mamiellales. Those three eral species either have multiple URT1 and/or HESO1 Chlorophyta green algae of the order Mamiellales are unicellular homologues, or have only one TUTase: either HESO1 or URT1. organisms with a reduced nuclear genome that seem to have lost Interestingly, species representing the phyla Glaucophyta and URT1 during speciation. Of note, Mamiellales is the only order of Rhodophyta lack a HESO1 homologue (figures 3 and 4). Because all Viridiplantae lacking a URT1 homologue. Thus, the absence glaucophytes and rhodophytes are early diverging in the Archae- of either HESO1 or URT1 homologues appears extremely rare plastida lineage, the absence of HESO1 homologues suggests that in plant species, and in such species, a single TUTase could be
S. italica 6 HESO1 0.97
P. hallii rstb.royalsocietypublishing.org 1 S. bicolor 1 1 Z. mays B. dactyloides 1 A O. thomaeum 0.68 0.11 A. donax 0.94 D. latiflorus 0.91 B. distachyon O. sativa
Po 0.98 S. italica 0.99 0.97 P. hallii B Soc. R. Trans. Phil. poales 0.99 S. bicolor B 0.87 O. thomaeum O. sativa 0.9 B. distachyon Br A. comosus
A. thaliana 373 0.1 20180163:
S. italica URT1 0.86 0.91 P. hallii S. bicolor 0.9 0.94 Z. mays B. dactyloides 0.93 0.12 O . t homaeum 0.85 A A. donax Po D. latiflorus 1 0.66 0.84 B. distachyon O. sativa Br A. comosus
0.93 S. italica P. hallii poales S. bicolor 0.98 1 Z. mays 0.79 B. dactyloides 0.94 0.9 0.82 O . t homaeum B A. donax 0.12 Po 1 D. latiflorus
0.99 B. distachyon O. sativa Br A. comosus A. thaliana 0.06
Figure 5. Phylogenetic relationship of URT1 and HESO1 isoforms among 11 species of Poales. Sequences of HESO1 and URT1 isoforms from 10 Poaceae (Po) and 1 Bromeliaceae (Br) were aligned separately. Full names of species are given in figure 3. The analysis was performed as described for figure 4 except that the trees were edited with F IG TREE (v. 1.4.3, http://tree.bio.ed.ac.uk/software/figtree/). Support values (approximate likelihood-ratio statistical test, aLRT v. 3.0) are shown on branches. The sequence alignments for HESO1 and URT1 used to build the trees are given in electronic supplementary material, Datasets S4 and S5, respectively. responsible for the RNA uridylation catalysed by both HESO1 alignments of HESO1 and URT1 sequences, respectively). In and URT1 in most plant species. Conversely, certain plant fact, two copies of HESO1 were not systematically found species have dual copies of URT1 and/or HESO1 because of (figure 5). For instance, maize and pineapple ( A. comosus ) are either local or whole genome duplication (WGD) events, as for among the Poales species that lack the second HESO1 isoform, Glycine max (figures 3 and 4) [48]. Four out of five representative noted HESO1B. Usually, HESO1A, which is the isoform species of Poaceae chosen for our initial analysis shown in detected in all Poales, is constitutively expressed, and at a figures 3 and 4 also have at least two copies of URT1 and higher level than HESO1B (figure 6). Altogether, these data HESO1. To obtain a better view of the evolutionary history of suggest that HESO1A could be the orthologue of the eudicot TUTases in this family that regroups important crops such as HESO1, while HESO1B is either dispensable in some Poales or maize ( Zea mays ), sorghum ( Sorghum bicolor ) or rice ( Oryza may have acquired a specialized function or expression pattern sativa ), a more focused phylogenetic analysis of URT1 and in certain Poales species. HESO1 homologues was performed from 11 species of Poales In contrast to HESO1 isoforms, two copies of URT1 are (10 Poaceae and the Bromeliaceae Ananas comosus ) (figure 5; present in all 11 representative species chosen here and see electronic supplementary material, Datasets S4 and S5 for URT1 sequences form two well-defined clades, defining A
URT1 HESO1 3. Uridylation accelerates the decay of small 7 A B A B RNAs rstb.royalsocietypublishing.org Ananas comosus Small RNAs can be tailed by untemplated nucleotides, mostly 0 uridines and adenosines. 3 adenylation of miRNAs seemed to Zea mays slow down degradation in vitro using Populus trichocarpa cell extracts [53], but the role of small RNA adenylation in regulating Setaria italica stability remains to be fully elucidated. By contrast, uridylation triggersthe degradation of small RNAs. This process, which was Panicum hallii TS discovered in Arabidopsis [54], constitutes the best-documented role of uridylation in plants. Plant small RNAs are mostly Sorghum bicolor TS 20–24 nt in length and are divided in two main families: B Soc. R. Trans. Phil. Oryza sativa japonica ? ? microRNAs (miRNAs) and short interfering RNAs (siRNAs). miRNAs are processed from primary transcripts that contain a Brachypodium distachyon TS hairpin with an imperfectly paired stem, while siRNAs are processed from near-perfect double-stranded RNAs expressed (dsRNAs) or fully paired dsRNAs. The fully paired dsRNAs TS tissue-specific weakly expressed are produced by RNA-dependent RNA polymerase (RDR), 373
? 20180163: not expressed contradictory data which uses the sense strand as a template to generate the dsRNA precursor. miRNA and siRNA precursors are processed Figure 6. Expression of URT1 and HESO1 isoforms from selected species of by DICER-like (DCLs) enzymes into small RNA duplexes. The 0 0 the Poaceae family. The diagram was drawn based on the transcriptomic data 3 end of each strand of the duplexes is 2 -O-methylated by the deposited in Phytozome v. 12.1 (https://phytozome.jgi.doe.gov) [49], in Next- methyltransferase HUA ENHANCER1 (HEN1) [55,56]. Only Gen Sequence DBs (https://mpss.danforthcenter.org/dbs) [50], in eFP browser one strand of the duplexes is finally retained in complex with (http://bar.utoronto.ca) [51] and from the RNA-seq data from [52]. Expression an ARGONAUTE (AGO) protein, while the passenger strand data were analysed for Poales species from the BOP clade ( B. distachyon , is discarded (reviewed in [57]). Except for rare exceptions men- O. sativa ) and the PACMAD clade ( P. hallii, S. italica, S. bicolor, Z. mays) tioned below, virtually all mature small RNAs are thus 0 of Poaceae and for a Bromeliaceae ( A. comosus ). methylated on their 3 terminal ribose in plants. Mutations in HEN1 result in pleiotropic developmental abnormalities in Arabidopsis because miRNA levels are dras- tically reduced [55,56]. Methylation by HEN1 is indeed 0 and B isoforms (figure 5). Clearly, URT1A homologues are necessary to protect the 3 end of small RNAs (both more closely related to eudicot URT1 than the B homologues miRNAs and siRNAs) from uridylation, which triggers (figure 5). In addition, transcriptomic data in Ananas comosus, their decay [54,58]. Besides Arabidopsis , mutation of HEN1 Zea mays , Setaria italica, Panicum hallii , Sorghum bicolor, Oryza orthologues also induces uridylation-mediated destabiliza- sativa japonica or Brachypodium distachyon indicate that URT1A tion of small RNAs in maize and rice [59,60]. Of note, small isoforms are constitutively expressed in all tissues, whereas RNAs can be uridylated and adenylated in a wild-type con- the expression of URT1B isoforms is generally lower and text as reported in many species including Arabidopsis , sometimes restricted to specific tissues (figure 6). Both the tomato, Medicago truncatula, rice, maize and in the moss phylogenetic and transcriptomic studies support the hypoth- Physcomitrella patens [61]. However, untemplated tailing is esis that URT1A isoforms are orthologues of URT1 from mostly detected for ‘off-size’ small RNAs [61]. In addition, eudicots, whereas B isoforms may be neo-functionalized. ‘off-size’ 23 nt heterochromatic siRNAs (hc-siRNAs, also We cannot exclude that certain URT1B isoforms are in the called het- or he-siRNAs), as compared to canonical 24 nt process of pseudogenization. For instance, we failed to hc-siRNAs, are mostly adenylated rather than uridylated, amplify fully spliced URT1B mRNAs by RT-PCR analysis and this tailing is not increased by hen1 mutation in Arabidopsis in Brachypodium seedlings, in contrast to URT1A mRNAs. [61]. A possible explanation is that the untemplated Yet, it is possible that URT1B mRNAs are effectively spliced nucleotides are added to hc-siRNAs precursors [61]. only in response to environmental stimuli or at particular During the biogenesis of the vast majority of small RNAs, developmental stages. Future experimental work is needed once small RNA duplexes have been generated by DCLs, the 0 to determine whether URT1B homologues are indeed dsRNA binding domains of HEN1 position the 3 ends of neo-functionalized. small RNA duplexes in the catalytic site to deposit the Overall, URT1 homologues seem present in almost all methyl group that prevents uridylation. It is worth noting species of Archaeplastida. Except for the early branching Glau- that some miRNAs, like miR158 or miR319a in Arabidopsis cophyta and Rhodophyta species that contain only URT1 and miR1510 in Phaseoleae species (e.g. soya bean), are sub- homologues, the genomes of the vast majority of green algae stantially truncated and tailed even in a HEN1 wild-type and land plants encode both URT1 and HESO1 homologues. context, suggesting that some small RNA duplexes could be URT1 and HESO1 homologues form a monophyletic group poor substrates of HEN1 [32,60,62]. However, for the vast for each TUTase. Several species have multiple isoforms of majority of small RNAs, the absence of HEN1 results in URT1 and HESO1 that sometimes have tissue-specific patterns extensive nibbling and tailing, and the added nucleotides of expression. It remains to be experimentally investigated are mostly uridines [20,32,54–56,60,61]. Yet, the patterns of which of these isoforms of TUTases have evolved specialized trimming and uridylation are different across miRNA functions, and which are in the process of pseudogenization families and specific patterns are conserved for the same following gene duplication. miRNA family between maize, rice and Arabidopsis hen1
mutants [60]. Therefore, intrinsic features of miRNAs that are 2¢-O-methylation 8 conserved between monocotyledons and dicotyledons could AGO HESO1/URT1 rstb.royalsocietypublishing.org determine the extent of nibbling and tailing [60]. The TUTase HESO1 is the major TUTase uridylating both sRNA siRNAs and miRNAs to facilitate their decay in Arabidopsis methylation protects against tailing [20,32]. Its orthologue in C. reinhardtii , MUT68, was previously shown to uridylate small RNAs to trigger their degradation, revealing the conservation of this process from algae to land plants [42]. HEN1 SUPPRESSOR 1 (HESO1) was identified in SDNs Arabidopsis by a forward genetic screen aiming at identifying suppressors of the hen1 phenotype, but also by systematically testing which of the T-DNA mutants for the 10 class I exoribonucleases SDN can nibble methylated sRNAs B Soc. R. Trans. Phil. ncPAPs of Arabidopsis was able to partially rescue the hen1 phe- notype [20,32]. In both studies, a heso1 mutation in a hen1 background partially restores miRNA levels and markedly HESO1/URT1 reduces small RNA uridylation [20,32]. Altogether, these data show that HESO1 is the predominant TUTase uridylating UUU small RNAs in plants. Yet, the residual uridylation of small 373
RNAs in the double heso1 hen1 mutant indicates that TUTases unprotected siRNAs and miRNAs are substrates of HESO1 20180163: other than HESO1 are able to target small RNAs. Both forward (or URT1 for a subset of miRNAs) and reverse genetic strategies identified URT1 as a secondary TUTase able to uridylate miRNAs in the heso1 hen1 background [63,64]. URT1 was previously identified as the major TUTase UUU uridylating deadenylated mRNAs in Arabidopsis (see §5) [31]. URT1 is localized in the cytosol, P-bodies and stress granules unknown 3 ¢–5 ¢ exoribonuclease [31]. Its cytosolic localization likely explains why URT1 does not uridylate nuclear hc-siRNAs in a heso1 hen1 background, de gradation of uridylated sRNAs but is restricted to miRNAs [63,64]. Importantly, the residual Figure 7. Small RNA uridylation and decay. 2 0-O-methylation deposited by uridylation of hc-siRNAs in a hen1 heso1 urt1 background the methyltransferase HEN1 protects against uridylation by HESO1 or by reveals the existence of another TUTase yet to be characterized. URT1. The exoribonucleases’ SDNs can nibble methylated sRNAs that are In Arabidopsis , the two genes that cluster with HESO1 and URT1 loaded in AGO, thereby generating nibbled, unprotected sRNAs. These unpro- in the phylogenetic analysis shown in figure 2 are possible tected siRNAs or miRNAs are targeted by HESO1 (or URT1 for a subset of candidates for encoding this additional TUTase activity. miRNAs). The uridylated small RNAs are subsequently degraded by a 3 0 to HESO1 and URT1 uridylate miRNAs, but both TUTases act 50 exoribonucleolytic activity(ies) that is unknown in Arabidopsis and was distinctively and cooperatively [63,64]. For instance, HESO1 proposed to be RRP6 in C. reinhardtii [42]. uridylates full-length miR158 (which is poorly methylated by HEN1) while 1-nt truncated miR158 is mostly uridylated by URT1 [63]. Also, HESO1 has a broad role in uridylating SDNs is a limiting step in controlling miRNA decay as miRNAs, while URT1 action seems restricted to fewer targets, compared to uridylation. likely explaining why the urt1 mutation does not rescue the Both SDNs and TUTases interact with AGO proteins hen1 phenotype, while the heso1 mutation does [32,63]. [39,63,66], explaining why nibbling and tailing of miRNAs Also, because mono-uridylated miRNAs accumulate in are AGO1-dependent [60]. In addition, uridylation antagon- hen1 heso1 background, it was proposed that URT1 could izes nibbling of small RNAs, likely revealing a competition 0 mono-uridylate unmethylated miRNAs to provide a U-termi- between TUTases and SDNs to access the 3 end of small nating substrate, which is favoured by HESO1. HESO1 would RNAs [64]. Importantly, SDNs are unlikely to degrade uridy- then further tail the small RNA [20,32,57,63,64]. lated small RNAs [65] and therefore a yet unidentified The role of HESO1 in uridylating small RNAs was ident- activity is responsible for the degradation of uridylated ified in a hen1 mutant, and that of URT1 in a hen1 heso1 small RNAs in Arabidopsis . In C. reinhardtii , RRP6, a cofactor background, because both HESO1’s and URT1’s activities of the RNA exosome, was proposed to degrade uridylated are inhibited by the methyl group deposited by HEN1 on small RNAs [42]. Our current view of small RNA the 30 terminal ribose of small RNAs. In a wild-type context, degradation based mostly on the work in Arabidopsis is tailing occurs mostly on nibbled small RNAs. In Arabidopsis , summarized in the model presented in figure 7. 0 0 four 3 –5 exoribonucleases, SMALL RNA DEGRADING Besides facilitating small RNA degradation, uridylation NUCLEASES (SDN1 to 4) are responsible for nibbling small has additional roles in small RNA metabolism. The slicer 0 RNAs [65,66]. SDNs are only partially inhibited by 2 -O- activity of AGO1 is inhibited in vitro by the uridylation of methylation of small RNAs and they are able to remove the miR165/6 in complex with AGO1 [63]. In addition, uridyla- 30 terminal methylated nucleotide of small RNAs, thereby tion of miR158 by URT1 seems to impair its repression generating truncated, unprotected substrates for HESO1 activity in a hen1 mutant [63]. These observations, made so and URT1 [66]. In contrast to heso1 and urt1 single mutants, far either in vitro or in a hen1 background, indicate that or a null double mutant (data not shown), which have no TUTases have the potential to control miRNA activity in obvious phenotype, combining mutations in three out the plants. Such a regulatory role was reported in mice for miR- four SDNs results in higher miRNA levels and pleiotropic 26, whose uridylation abrogates function without affecting developmental defects [65], indicating that nibbling by stability [67]. A second alternative role of miRNA uridylation
in plants is to control the biogenesis of secondary siRNAs, extracts that revealed uridylation as promoting decapping [72]. 9 0 which are triggered by cleavage of a target by certain 22 nt Finally, the accumulation of 5 CF of MYB33 mRNAs in rstb.royalsocietypublishing.org miRNAs. Indeed, mono-uridylation of miR170/1 to 22 nt iso- Arabidopsis xrn4 mutants shows that the 5 0 –3 0 RNA degradation 0 forms triggers the production of phased, secondary siRNAs pathway indeed participates to the elimination of the 5 (phasiRNAs) in a hen1 background [60]. Why other 22 nt fragments generated by RISC cleavage [39]. miRNA isoforms also accumulating in hen1 do not trigger pha- 50CF are also incontestably cleared by the 3 0 –5 0 RNA degra- 0 siRNA production is unknown. Interestingly, the control of dation pathway in plants [73]. Indeed, several 5 CFaccumulate in phasiRNA biogenesis by uridylation was recently identified Arabidopsis ski2 , ski3 and ski8 mutants, SKI2/3/8 forming the Ski for miR1510 in Phaseoleae species, which include common complex, the activator of the RNA exosome in the cytosol [73]. bean and soya bean [62]. miR1510 regulates several nucleo- This observation strongly suggests the involvement of the RNA 0 tide-binding and leucine-rich repeat protein (NB-LRR) genes by exosome in degrading 5 CF in Arabidopsis , as shown in triggering the production of phasiRNAs. In soya bean, and Drosophila [74]. However, this involvement remains to be for- B Soc. R. Trans. Phil. most other Phaseoleae species, the miR1510 duplex has a term- mally demonstrated using mutants affected in the function of inal mispairing that inhibits HEN1 activity [62]. As a result, core subunits of the Arabidopsis RNA exosome. Interestingly, sec- unmethylated miR1510 is mono-uridylated into a 22 nt species ondary siRNAs are produced in the absence of the SKI complex able to trigger phasiRNA production [62]. By recapitulating for a number of miRNA targets and it was proposed that SKI2 miR1510 biogenesis in Arabidopsis , HESO1 was identified as could promote the rapid dissociation of RISC from the target the TUTase that mono-uridylates miR1510 [62]. This example mRNA, thereby restricting the production of transitive siRNAs 373 illustrates that uridylation of miRNAs might evolve functions [73]. In addition to this study in Arabidopsis , the RNA exosome 20180163: 0 distinct from merely promoting small RNA degradation. was also suggested to participate in the degradation of 5 CF in C. reinhardtii [40]. MUT68, the TUTase that uridylates small C. reinhardtii 0 RNAs in , was reported to facilitate the degradation 4. Uridylation of 5 fragments of mRNAs cleaved of a mRNA targeted byartificial siRNAs [40]. No uridylation was detected at the sites of cleavage by RISC but at that time, a low- by RISC depth analysis was performed. In addition, to our knowledge, The repression of gene expression by post-transcriptional gene no endogenous miRNA-mediated cleavage was investigated. It silencing (PTGS) is achieved either by repressing translation is therefore unknown at present whether MUT68 uridylates 0 or by inducing mRNA degradation (reviewed in [68]). In 5 CF. Interestingly, oligo(A)-tailing was detected upstream of plant PTGS, mRNA degradation is initiated by AGO1-mediated the siRNA-induced RISC cleavage sites in the mut68 strain, 0 cleavage that is guided by sequence complementarity between suggesting that non-canonical polyadenylation tags 5 CF [40]. 0 0 the small RNA loaded in RISC and its target mRNA (reviewed These oligo(A) tails were proposed to facilitate 3 –5 degradation in [57]). by the RNA exosome [40]. 0 0 0 RISC generates a 5 -cleavage fragment (5 CF) and a 3 - Of note, the degradation of RISC cleavage fragments likely 0 0 cleavage fragment (3 CF). The 3 CF is degraded by XRN4, promotes the dissociation of RISC from its target, which appears the cytosolic 50 –3 0 exoribonuclease in plants [69]. The 5 0CF of prime importance for recycling RISC. This recycling involves 0 0 0 0 0 0 is eliminated both by the 5 –3 and the 3 –5 RNA degra- recently identified 3 –5 exoribonucleases that interact with dation pathways. Interestingly, uridylation participates in AGO1 and AGO10: RICE1 and RICE2 [75]. The inactivation of the clearance of this fragment by stimulating degradation catalytic residues of homohexameric RICE proteins leads to 0 0 0 from both its 5 and its 3 ends. The addition of uridines to low levels of miRNAs and accumulation of 5 CF [75]. RICE1/2 0 0 0 the 3 end of the 5 fragment is an evolutionarily conserved likely initiates the degradation of 5 CF, thereby facilitating mechanism detected in Arabidopsis , mice or humans [70,71]. RISC dissociation and recycling [75]. 0 In Arabidopsis , HESO1, which acts on siRNAs and miRNAs, The current model for the degradation of 5 CF is shown in 0 was identified as the major TUTase uridylating 5 CF resulting figure 8. HESO1 and RICEs are recruited to RISC through the from RISC cleavage [39]. The immunoprecipitation of AGO1 interaction with AGO (figure 8). HESO1 catalyses the uridyla- 0 0 by recombinant HESO1 suggests that uridylation of 5 CF (and tion of 5 CF, possibly promoting decapping and subsequent small RNAs) may occur in the AGO complex [39] . Importantly, degradation by XRN4. Concomitantly or alternatively, RICE1/ 0 0 50CF for MYB33 mRNAs accumulate in heso1 mutants, showing 2 ensures the initiation of 3 –5 degradation of RISC-associated 0 0 0 that uridylation by HESO1 promotes the degradation of this 5 fragments by starting to nibble uridylated 3 ends of 5 CF. fragment [39]. Of note, URT1 is responsible for the residual uri- RICEs’action promotes RISC dissociation and therefore its recy- 0 dylation of MYB33 5’CF although its activity is not required to cling, but RICEs unlikely fully degrade the 5 CF. This is ensured stimulate the degradation of this 5’CF [40] by the RNA exosome assisted by the SKI complex (figure 8). 0 Several observations indicate that uridylated 5 CF are degraded by the 5 0 –3 0 pathway. The simultaneous analysis 0 0 0 of 5 and 3 ends of 5 CF in Arabidopsis identified the presence 0 0 5. Intricate function for uridylation in the decay of oligo(U) stretches at the 3 end and showed a diversity of 5 end positions for the analysed targets [70]. The authors of plant mRNAs 0 suggested that uridylated 5 CF can be degraded from their Uridylation of deadenylated mRNAs is widely conserved 0 0 0 5 end, implying that uridylation enhances 5 –3 decay of among eukaryotes, including plants but excluding the 50 mRNA fragment produced by RISC. Indeed, uridylated S. cerevisiae that has lost the capacity to uridylate all RNAs. 0 MYB33 5 CF are preferentially uncapped in Arabidopsis [39]. Studies over the past years in S. pombe , X. laevis, These uncapped RNAs could be produced either by endoribo- Aspergillus nidulans , A. thaliana , M. musculus , Patiria pectinifera nucleolytic cleavages or by decapping. This latter possibility is (starfish) , D. melanogaster or H. sapiens have revealed that uridy- coherent with in vitro decapping assays in mammalian cell lation must be considered as an integral step in the degradation
RISC 10
m7G rstb.royalsocietypublishing.org AAAAAAAAAA A AAAAAAAAAAAAAA mRNA cleavage by RISC
XRN4
AAAAAAAA AA AAAAAAAAAAAAAAA 3¢ fragment clearance of 3¢ fragment by XRN4 UUU HESO1 DCP1/2 5¢ fragment hl rn.R o.B Soc. R. Trans. Phil. uridylation by HESO1 decapping
RICE1/2
UUU 373 recruitment of RICE1/2 by RISC XRN4 20180163: degradation by XRN4
RISC recycling
UUU U U
nibbling of the 3¢ end by RICE1/2 and dissociation of RISC
SKI complex
exosome
clearance of 5¢ fragment by XRN4 and the RNA exosome
Figure 8. Uridylation by HESO1 promotes degradation of 5 0 fragments of RISC-cleaved mRNAs. RISC cleavage of mRNAs generates a 3 0 cleavage fragment that is degraded by XRN4, and a 5 0 cleavage fragment. The 5 0 cleavage fragment is uridylated by HESO1, which binds RISC, but can also be decapped by the DCP1/2 complex. The exoribonucleases RICE1/2, which are recruited by RISC, nibble the uridylated 5 0 cleavage fragment. This nibbling helps RISC dissociation and RISC recycling. Finally, the 5 0 cleavage fragment is degraded by XRN4 and the RNA exosome. of mRNAs [3,13,31,76–83]. Tailing oligo(A) tails with a few uri- deadenylation is likely a rate-limiting step in the bulk decay dines likely facilitates the binding of LSm1-7 complex, which of mRNAs, thereby masking the potential impact of URT1 on binds preferentially to short oligo(A) tails and oligo(U) tails mRNA degradation, which is restricted to its targets, i.e. the [72,84–86]. Binding of the LSm1-7 complex leads to the recruit- minor sub-population of deadenylated mRNAs. Although an ment of the decapping complex and subsequent degradation impact of uridylation in accelerating mRNA decay remains to 0 0 by the cytosolic 5 to 3 exoribonuclease Xrn1. A similar process be shown formally in plants, uridylation definitely has a role could occur in plants: the binding of the LSm1-7 complex could in the mRNA degradation process. URT1 prevents excessive promote the recruitment of the decapping machinery trigger- deadenylation, as mRNAs with shorter oligo(A) tails accumu- ing degradation of the uncapped RNA by XRN4. Moreover, late in urt1 mutants, whereas the complementation and U-tails can be directly recognized by Dis3L2 or the RNA exo- overexpression of URT1 in Arabidopsis increase oligo(A) tail 0 0 some to promote 3 to 5 decay. Therefore, uridylation sizes [31,83]. Importantly, a global analysis of mRNA uridyla- 0 0 0 0 influences both the 5 –3 and 3 –5 degradation of mRNAs tion by TAIL-seq revealed that URT1 repairs oligo(A) tails to an (see accompanying articles by Zigackova and Vanacova [10], average extension length of 16 nucleotides (nt) [83]. A similar Warkocki et al . [11] and recent reviews [2,4,5,8]). sub-population of mRNAs with a oligo(A) tail size distribution In Arabidopsis , uridylation of oligo-adenylated mRNAs is centered at 16 nt exists for non-uridylated mRNAs in wild-type mainly performed by URT1 [31,83]. Uridylation in Arabidopsis plants [83]. Both these uridylated and non-uridylated 16 nt can be detected on uncapped mRNAs, as shown for CCR2 and extensions are recognized and bound by a Poly(A) Binding LOM1 mRNAs [31,80] and originally described in S. pombe [82]. Protein (PABP) in vitro and in vivo [83]. It is at present unknown Yet, no experiment has demonstrated so far an influence of in plants whether translation can be initiated on mRNAs with URT1 on global mRNA half-lives, possibly because its direct uridylated oligo(A) tails bound by PABP, or whether uridyla- targets correspond to deadenylated mRNAs, which represent tion would inhibit translation as proposed for reporter a very minor population among all mRNAs. Also, mRNAs co-expressed with TUTases in Xenopus oocytes [87]
or for Nonsense-Mediated Decay (NMD) targets in A. nidulans HESO1 and URT1 homologues are present in most plant 11 [80]. Besides a link between uridylation and translation, which species, and their roles in the metabolism of small RNAs rstb.royalsocietypublishing.org remains to be explored in Arabidopsis , the recognition of uridy- and mRNAs could be conserved. Yet, we are just beginning lated oligo(A) tails by PABPs could modulate deadenylation to apprehend the diversity of roles played by RNA uridylation [83]. Moreover, terminal uridines per se are likely to impede in plants. In addition, our current knowledge of RNA uridyla- deadenylase activities, thereby contributing to slowing down tion in plants has been gathered using mostly two model 0 deadenylation. By impeding deadenylation at the 3 end and species, the flowering plant Arabidopsis thaliana and the 0 possibly stimulating decapping at the 5 end as in other eukar- green algae Chlamydomonas reinhardtii . Therefore, the diversity yotes, URT1 could favour the 5 0 –3 0 directionality of mRNA of specialized biological functions involving RNA uridylation 0 0 degradation. Such 5 –3 directionality is crucial during co- remains to be explored in various plant species. The discovery translational decay and in line with this, uridylated mRNAs that mono-uridylation of a miRNA triggers the biogenesis of were detected on polysomes [31]. phased secondary siRNAs in Phaseoleae species to regulate B Soc. R. Trans. Phil. mRNA uridylation drops by 70–80% in null urt1 mutants disease resistance genes illustrates the potential of exploring [31,83]. This shows that URT1 is the main TUTase uridylating uridylation in diverse plant species [62]. mRNAs, but the residual uridylation observed in null urt1 The just-emerging picture drawn from our knowledge in mutants also reveals the involvement of at least another A. thaliana , and to a lesser extent in C. reinhardtii , is that uri- TUTase [31,83]. HESO1 is a likely candidate as the secondary dylation targets short and long non-coding RNAs, as well TUTase able to uridylate mRNAs. This possibility remains to as mRNAs. It is certain that the RNA substrates identified 373 be experimentally demonstrated. The TAIL-seq analysis of to date represent just a fraction of what is left to discover. 20180163: urt1 xrn4 double mutant suggested that this URT1-independent For instance, the uridylation of ribosomal or viral RNAs uridylation has a different function in mRNA metabolism. has been reported in plants, with no clues about the impact URT1-independent uridylation targets mostly very short of U-tailing on these RNAs [22,88]. The systematic identifi- oligo(A) tails and, unlike URT1, does not seem able to restore cation of RNA substrates of uridylation is a mandatory step a nucleotide extension of sufficient length allowing PABP bind- towards discovering all functions of RNA uridylation in ing. Interestingly, in xrn4 mutant, only these short uridylated plants. In addition to the substrates, the identification of all oligo(A) tails accumulate compared to WT, suggesting that the factors ‘reading’ the uridylation status of RNA and trans- this population could be targeted by XRN4 and rapidly lating this information into biological outputs is required to degraded [83]. Hence, a complex role of uridylation in the decipher the molecular basis for the multiple roles played metabolism of mRNAs is emerging in Arabidopsis . Uridylation by uridylation in plant RNA metabolism. by distinct TUTases or of different oligo(A) sizes could favour Data accessibility. The datasets supporting this article have been decapping, impede deadenylation or restore a PABP binding uploaded as part of the electronic supplementary material. site. Whether mRNA uridylation impacts translation or Authors’ contributions. D.G. and C.d.A. wrote the paper; H.S.,. C.d.A. and mRNA storage has to be explored in plants. A.G. performed the evolutionary analyses; V.F., F.M. and H.Z. ana- lysed TUTase expression patterns; C.d.A., H.S. and H.Z. prepared illustrations; D.G. acquired funding. Competing interests. We declare we have no competing interests. 6. Conclusion and future key points in plant RNA Funding. Work in D.G.’s laboratory is currently supported by the uridylation Centre National de la Recherche Scientifique (CNRS, France) and the Agence Nationale de Recherche (ANR, France) as part of the pro- The primary function of RNA uridylation in controlling RNA gram d’Investissements d’Avenir in the frame of the LabEx NetRNA stability is conserved across eukaryotes, including plants. (ANR-2010-LABX-36) and ANR-15-CE12-0008-01 to D.G.
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Ϯ͘ϭ͘ŽͲƚƌĂŶƐĐƌŝƉƚŝŽŶĂůĂĚĚŝƚŝŽŶŽĨƚŚĞϱΖĐĂƉĂŶĚϯΖƉŽůLJͲƚĂŝůƐ͘
ƵƌŝŶŐƚƌĂŶƐĐƌŝƉƚŝŽŶ͕ĞƐƐĞŶƚŝĂůƉƌŽƚĞĐƚŝǀĞĞůĞŵĞŶƚƐĂƌĞĂĚĚĞĚƚŽĞƵŬĂƌLJŽƚŝĐŵĞƐƐĞŶŐĞƌƚƌĂŶƐĐƌŝƉƚƐ͘ dŚĞƐĞ ĞůĞŵĞŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ĂŶĚ ďŽƵŶĚ ďLJ ǀĂƌŝŽƵƐ ƉƌŽƚĞŝŶ ĨĂĐƚŽƌƐ ƚŚĂƚ ŽƌĐŚĞƐƚƌĂƚĞ ŵZE ƉƌŽĐĞƐƐŝŶŐ͕ĞdžƉŽƌƚŝŶƚŽƚŚĞĐLJƚŽƉůĂƐŵĂŶĚƚƌĂŶƐůĂƚŝŽŶ͘
Ϯ͘ϭ͘ϭ͘dŚĞϱ ͛ ĐĂƉƐƚƌƵĐƚƵƌĞ͘ dŚĞ ĨŝƌƐƚ ŵĂũŽƌ ŵŽĚŝĨŝĐĂƚŝŽŶ ƚŚĂƚ ŽĐĐƵƌƐ ŽŶ ŶĂƐĐĞŶƚ ƚƌĂŶƐĐƌŝƉƚƐ ĚƵƌŝŶŐ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ďLJ ZE ƉŽůLJŵĞƌĂƐĞ//;WŽů//ͿŝƐƚŚĞ ĂĚĚŝƚŝŽŶ ŽĨĂ ĐĂƉƐƚƌƵĐƚƵƌĞ ƚŽƚŚĞ ϱ͛ĞŶĚŽĨƚŚĞZE ͘dŚĞĐĂƉƉŝŶŐ ĞŶnjLJŵĞŝƐƐƉĞĐŝĨŝĐĂůůLJƌĞĐƌƵŝƚĞĚƚŽWŽů//ƚƌĂŶƐĐƌŝƉƚƐƚŚƌŽƵŐŚƚŚĞͲƚĞƌŵŝŶĂůĚŽŵĂŝŶdŽĨƚŚĞ ƉŽůLJŵĞƌĂƐĞ;<ŽŵĂƌŶŝƚƐŬLJĞƚĂů͕͘ϮϬϬϬͿ͘dŚĞĐŽŶǀĞŶƚŝŽŶĂůĐĂƉƉŝŶŐƌĞĂĐƚŝŽŶĐŽŶƐŝƐƚƐŽĨϯƐƵďƐĞƋƵĞŶƚ ĞŶnjLJŵĂƚŝĐ ƌĞĂĐƚŝŽŶƐ͘ &ŝƌƐƚ͕ ƚŚĞ ϱ͛ ƚƌŝƉŚŽƐƉŚĂƚĞ ŽĨ ƚŚĞ ŶĂƐĐĞŶƚ ŵZE ŝ Ɛ ĐŽŶǀĞƌƚĞĚ ŝŶƚŽ Ă ϱ͛ ĚŝƉŚŽƐƉŚĂƚĞďLJƚŚĞZEƚƌŝƉŚŽƐƉŚĂƚĂƐĞ;dWĂƐĞͿ͘^ĞĐŽŶĚ͕ƚŚĞZEŐƵĂŶLJůLJůƚƌĂŶƐĨĞƌĂƐĞ ;'dĂƐĞͿ ƵƐĞƐ'dW;ŐƵĂŶŽƐŝŶĞƚƌŝƉŚŽƐƉŚĂƚĞͿĂƐĐŽĨĂĐƚŽƌƚŽĂĚĚĂŐƵĂŶŽƐŝŶĞŵŽŶŽƉŚŽƐƉŚĂƚĞŐƌŽƵƉƚŽƚŚĞ ϱ͛ ĚŝƉŚŽƐƉŚĂƚĞ ŽĨ ƚŚĞ ŵZE ǀŝĂ Ă ϱ͛ Ͳϱ͛ ƚƌŝƉŚŽƐƉŚĂƚĞ ůŝŶŬĂŐĞ͘dŚŝƌĚ͕ ƚŚĞ Eϳ ŵĞƚŚLJůƚƌĂŶƐĨĞƌĂƐĞ ;DdĂƐĞͿĂĚĚƐĂŵĞƚŚLJůŐƌŽƵƉƚŽƚŚĞEϳĂŵŝŶĞƉŽƐŝƚŝŽŶŽĨƚŚĞŐƵĂŶŝŶĞ;'ŚŽƐŚĂŶĚ>ŝŵĂ͕ϮϬϭϬ͖ ZĂŵĂŶĂƚŚĂŶ Ğƚ Ăů͕͘ ϮϬϭϲͿ͘ dŚĞ ϳͲŵĞƚŚLJůŐƵĂŶŽƐŝŶĞ ĐĂƉ ; ŵϳ 'ƉƉƉZEͿ ŝƐ ƚĞƌŵĞĚ ĐĂƉϬ ĂŶĚ ŝƐ Ă ĐŚĂƌĂĐƚĞƌŝƐƚŝĐ ĨĞĂƚƵƌĞ ŽĨ Ăůů WŽů // ƚƌĂŶƐĐƌŝƉƚƐ ŝŶĐůƵĚŝŶŐ ŵZEƐ͘ /Ŷ ŵĞƚĂnjŽĂŶƐ ĂŶĚ ĞƵŬĂƌLJŽƚŝĐ ǀŝƌƵƐĞƐ͕ ƚŚĞ ĐĂƉϬ ŝƐ ĨƵƌƚŚĞƌ ŵĞƚŚLJůĂƚĞĚ Ăƚ ƚŚĞ ƌŝďŽƐĞ ϮΖͲKƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ĨŝƌƐƚ ƚƌĂŶƐĐƌŝďĞĚ
ŵϳ ŶƵĐůĞŽƚŝĚĞ ; 'ƉƉƉE ŵƉZE͕ ĐĂƉϭͿ ĂŶĚ ŽĐĐĂƐŝŽŶĂůůLJ ĂůƐŽ Ăƚ ƚŚĞ ƐĞĐŽŶĚ ŶƵĐůĞŽƚŝĚĞ
ŵϳ ; 'ƉƉƉE ŵƉE ŵƉZE͕ĐĂƉϮͿ;&ƵƌƵŝĐŚŝĞƚĂů͕͘ϭϵϳϱ͖tĞŝĞƚĂů͕͘ϭϵϳϱ͖tĞƌŶĞƌĞƚĂů͕͘ϮϬϭϭͿ͘dŚĞƐĞ ĂĚĚŝƚŝŽŶĂůϮΖͲ KŵĞƚŚLJůĂƚŝŽŶƐŽĐĐƵƌŝŶƚŚĞŶƵĐůĞƵƐ;ĐĂƉϭͿĂŶĚŝŶƚŚĞĐLJƚŽƐŽů;ĐĂƉϮͿĂŶĚĂƌĞĐƌƵĐŝĂů ĨŽƌƚŚĞĚŝƐƚŝŶĐƚŝŽŶďĞƚǁĞĞŶƐĞůĨͲĂŶĚŶŽŶͲƐĞůĨZEƐ͕ŝŶŽƚŚĞƌǁŽƌĚƐ͕ĞŶĚŽŐĞŶŽƵƐĂŶĚĞdžŽŐĞŶŽƵƐ ZEƐ;ĂĨĨŝƐĞƚĂů͕͘ϮϬϭϬ͖ĞǀĂƌŬĂƌĞƚĂů͕͘ϮϬϭϲ͖>ćƐƐŝŐĂŶĚ,ŽƉĨŶĞƌ͕ϮϬϭϳ͖ƺƐƚĞƚĂů͕͘ϮϬϭϭͿ͘dŚĞ ƌĞĐŽŐŶŝƚŝŽŶŽĨĨŽƌĞŝŐŶZEƐŝŶǀŽůǀĞƐĐLJƚŽƉůĂƐŵŝĐƐĞŶƐŽƌƉƌŽƚĞŝŶƐƐƵĐŚĂƐDϱĂŶĚZ/'Ͳ/ĂŶĚ ůĞĂĚƐ ƚŽ ĂŶ ŝŶŶĂƚĞ ŝŵŵƵŶĞ ƌĞƐƉŽŶƐĞ ƚŚĂƚ ĐĂŶ ŝŶĚƵĐĞ ĂŶƚŝǀŝƌĂů ƌĞƐƉŽŶƐĞƐ ;ĂĨĨŝƐ Ğƚ Ăů͕͘ ϮϬϭϬ͖
ϲϭ ĞĐƌŽůLJĞƚĂů͕͘ϮϬϭϮ͖ƺƐƚĞƚĂů͕͘ϮϬϭϭͿ͘dŽĂǀŽŝĚƚŚĂƚƚŚĞŝŶŶĂƚĞŝŵŵƵŶĞƌĞƐƉŽŶƐĞŝƐƚƌŝŐŐĞƌĞĚďLJ ĞŶĚŽŐĞŶŽƵƐďƵƚŝŶĐŽŵƉůĞƚĞůLJĐĂƉƉĞĚŵZEƐ͕ĂŶĞĨĨŝĐŝĞŶƚƋƵĂůŝƚLJĐŽŶƚƌŽůŵĞĐŚĂŶŝƐŵŝŶǀŽůǀŝŶŐ ĚĞĐĂƉƉŝŶŐƉƌŽƚĞŝŶƐĂŶĚƚŚĞϱΖͲϯΖĞdžŽƌŝďŽŶƵĐůĞĂƐĞyKĞůŝŵŝŶĂƚĞƐŵZEƐǁŝƚŚŵϳ'ĐĂƉƐƚŚĂƚĂƌĞ ŶŽƚϮ͛ ͲKŵĞƚŚLJůĂƚĞĚ;:ŝĂŽĞƚĂů͕͘ϮϬϭϯ͖WŝĐĂƌĚͲ:ĞĂŶĞƚĂů͕͘ϮϬϭϴͿ͘ dŚĞŵϳ'ĐĂƉƐƚƌƵĐƚƵƌĞĂƚƚŚĞϱ͛ĞdžƚƌĞŵŝƚLJŝƐŝŵƉŽƌ ƚĂŶƚĨŽƌƐĞǀĞƌĂůƐƵďƐĞƋƵĞŶƚƉƌŽĐĞƐƐĞƐŝŶƚŚĞ ŵZEůŝĨĞĐLJĐůĞƚŚĂƚĂƌĞĚĞƐĐƌŝďĞĚďĞůŽǁŝŶŚĂƉƚĞƌϮ͘Ϯ͘
Ϯ͘ϭ͘Ϯ͘ dŚĞϯ͛ƉŽůLJ ƚĂŝů͘
ŶŽƚŚĞƌĐƌƵĐŝĂůŵŽĚŝĨŝĐĂƚŝŽŶŽĨŵZEƐŝƐƚŚĞ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶ ŽĨƚŚĞ ϯ͛ĞŶĚ ǁŚŝĐŚŝƐĐĂƚĂůLJƐĞĚďLJ ĐĂŶŽŶŝĐĂůƉŽůLJƉŽůLJŵĞƌĂƐĞ;ĐWWͿĨŽůůŽǁŝŶŐĐŽͲƚƌĂŶƐĐƌŝƉƚŝŽŶĂůĐůĞĂǀĂŐĞŽĨƚŚĞƉƌŝŵĂƌLJƚƌĂŶƐĐƌŝƉƚ͘ ZĞĐĞŶƚĚĂƚĂƐƵŐŐĞƐƚƚŚĂƚ͕ƵŶĚĞƌƐŽŵĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ƉŽůLJƚĂŝůƐƐLJŶƚŚĞƐŝnjĞĚďLJĐWWĐĂŶƉƌŽŵŽƚĞ ƚŚĞĚĞŐƌĂĚĂƚŝŽŶŽĨŵZEƐƌĞƚĂŝŶĞĚŝŶƚŚĞŶƵĐůĞƵƐ͕ƐŝŵŝůĂƌƚŽŶŽŶͲĐĂŶŽŶŝĐĂůƚĂŝůƐƚŚĂƚĂƌĞĂĚĚĞĚƚŽ ŶŽŶͲĐŽĚŝŶŐZEƐ;dƵĚĞŬĞƚĂů͕͘ϮϬϭϴͿ͘,ŽǁĞǀĞƌ͕ĐĂŶŽŶŝĐĂůƉŽůLJͲƚĂŝůƐĂƌĞďĞƐƚŬŶŽǁŶĨŽƌƚŚĞŝƌ ŝŵƉŽƌƚĂŶƚƌŽůĞƐŝŶƚŚĞƐƚĂďŝůŝƐĂƚŝŽŶ͕ŵĂƚƵƌĂƚŝŽŶ͕ŶƵĐůĞĂƌĞdžƉŽƌƚĂŶĚƚƌĂŶƐůĂƚŝŽŶŽĨŵZEƐ;ƌĞLJĨƵƐ ĂŶĚZĠŐŶŝĞƌ͕ϮϬϬϰ͖ ĚŵŽŶĚƐ͕ϮϬϬϮͿ͘ dŚĞŵĂƚƵƌĂƚŝŽŶŽĨƚŚĞϯ͛ĞŶĚŽĨŵZEƐŚĂƐďĞĞŶ ŝŶƚĞŶƐŝǀĞůLJƐƚƵĚŝĞĚŝŶŚƵŵĂŶƐĂŶĚLJĞĂƐƚǁŚŝĐŚ ůĞĚƚŽƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨŵƵůƚŝƉůĞĨĂĐƚŽƌƐĂŶĚĞůĞŵĞŶƚƐƚŚĂƚĂƌĞŝŶĚŝƐƉĞŶƐĂďůĞĨŽƌƚŚĞĐŽƌƌĞĐƚ ĨŽƌŵĂƚŝŽŶŽĨŵĂƚƵƌĞŵZEƐ͘d ŚĞϯ͛ĞŶĚ ƐŽĨƚŚĞƚƌĂŶƐĐƌŝďĞĚŵZEƐĂƌĞƌĞĐŽŐŶŝƐĞĚĂŶĚĐůĞĂǀĞĚďLJ ĂĐŽŶƐĞƌǀĞĚƉŽůLJĂĚĞŶLJůĂƚŝŽŶĐŽŵƉůĞdž;&ŝŐƵƌĞϮͿ͕ŶĂŵĞĚW&ŝŶLJĞĂƐƚĂŶĚW^&ŝŶŚƵŵĂŶ͘dŚĞ W&ͬW&^ ĐŽŵƉůĞdž ŝƐ ĐŽŵƉŽƐĞĚ ŽĨ ŵƵůƚŝƉůĞ ĨĂĐƚŽƌƐ ƚŚĂƚ ĐŽŶĨĞƌ ZE ďŝŶĚŝŶŐ Žƌ ĞŶĚŽŶƵĐůĞĂƐĞ͕ ƉƌŽƚĞŝŶƉŚŽƐƉŚĂƚĂƐĞĂŶĚƉŽůLJĂĚĞŶLJůĂƐĞĂĐƚŝǀŝƚŝĞƐ;dƵĚĞŬĞƚĂů͕͘ϮϬϭϴͿ͘WůĂŶƚŐĞŶŽŵĞƐĞŶĐŽĚĞĨŽƌ ŽƌƚŚŽůŽŐƐŽĨĂůůŵĂŝŶƐƵďƵŶŝƚƐŽĨƚŚĞƉŽůLJĂĚĞŶLJůĂƚŝŽŶĐŽŵƉůĞdž;,ƵŶƚĞƚĂů͕͘ϮϬϭϮ͖DŝůůĞǀŽŝĂŶĚ sĂŐŶĞƌ͕ϮϬϬϵͿ͘,ŝŐŚĞƌƉůĂŶƚƐƉŽƐƐĞƐƐĞdžƉĂŶĚĞĚŐĞŶĞĨĂŵŝůŝĞƐĞŶĐŽĚŝŶŐƚŚĞƐĞĨĂĐƚŽƌƐ͕ĂŶĚƚĂŶĚĞŵ ĂĨĨŝŶŝƚLJƉƵƌŝĨŝĐĂƚŝŽŶ;dWͿĐŽƵƉůĞĚƚŽŵĂƐƐƐƉĞĐƚƌŽŵĞƚƌLJŚĂƐŝĚĞŶƚŝĨŝĞĚĂĚĚŝƚŝŽŶĂůƐƵďƵŶŝƚƐŽĨƚŚĞ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶĐŽŵƉůĞdžŝŶƉůĂŶƚƐ;ŚĂŽĞƚĂů͕͘ϮϬϬϵͿ͘ dŚĞ ĨŝƌƐƚ ƐƚĞƉ ŽĨ ŵZE ϯ͛ ŵĂƚƵƌĂƚŝŽŶ ŝƐ ƚŚĞ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ Ă ĐŝƐͲ ĞůĞŵĞŶƚ ŝŶ ƚŚĞ ϯ͛hdZ ďLJ ƚŚĞ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶĐŽŵƉůĞdž͘/ŶŚŝŐŚĞƌĂŶŝŵĂůƐƉĞĐŝĞƐ͕ĂĐŽŶƐĞƌǀĞĚhŚĞdžĂŵĞƌƐĞƋƵĞŶĐĞŝƐ ĞƐƐĞŶƚŝĂůĨŽƌƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞĐůĞĂǀĂŐĞƐŝƚĞ; ĚŵŽŶĚƐ͕ϮϬϬϮͿ͘/ƚƌĞĐƌƵŝƚƐƚŚĞƉŽůLJĂĚĞŶLJůĂƚŝŽŶ ĐŽŵƉůĞdž ĂŶĚ ĚŝĐƚĂƚĞƐ ƚŚĞ ĐůĞĂǀĂŐĞ ƐŝƚĞ ƚŚĂŶŬƐ ƚŽ ǁĞůůͲĐŽŶƐĞƌǀĞĚ ĚŝƐƚĂŶĐĞƐ ƚŽ hͬ'h ƌŝĐŚ ĚŽǁŶƐƚƌĞĂŵƐĞƋƵĞŶĐĞĞůĞŵĞŶƚƐ;^ ͿĂŶĚƵƉƐƚƌĞĂŵ'ͲƌŝĐŚĞůĞŵĞŶƚƐ;dƵĚĞŬĞƚĂů͕͘ϮϬϭϴͿ͘/ŶLJĞĂƐƚ ĂŶĚƉůĂŶƚƐ͕ƚŚĞĐŽŶƐĞŶƐƵƐƉŽůLJĂĚĞŶLJůĂƚŝŽŶŵŽƚŝĨƐŚĂǀĞĂĚŝĨĨĞƌĞŶƚŽƌŐĂŶŝnjĂƚŝŽŶ;,ƵŶƚ͕ϮϬϬϴͿ͘/Ŷ ƚŚĞƐĞŽƌŐĂŶŝƐŵƐ͕ƚŚĞhĞůĞŵĞŶƚŝƐůĞƐƐĚŽŵŝŶĂŶƚĂƐƉŽůLJĂĚĞŶLJůĂƚŝŽŶƐŝŐŶĂů͘ƐĐŽŵƉĂƌĞĚ
ϲϮ ƚŽŚƵŵĂŶ͕ƚŚĞĞŶŚĂŶĐŝŶŐĞůĞŵĞŶƚƐ;ŶĂŵĞĚ&h ĨŽƌĨĂƌƵƉƐƚƌĞĂŵĞůĞŵĞŶƚƐͿĂƌĞůŽĐĂƚĞĚĨƵƌƚŚĞƌ ƵƉƐƚƌĞĂŵŽĨƚŚĞĐůĞĂǀĂŐĞƐŝƚĞ;>ŽŬĞ͕ϮϬϬϱͿ͘/Ŷ ƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ ͕ĂƵƌŝĚŝŶĞͲƌŝĐŚ&h ŝƐůŽĐĂƚĞĚ ƵƉƚŽϭϮϱŶƵĐůĞŽƚŝĚĞƐƵƉƐƚƌĞĂŵŽĨƚŚĞĐůĞĂǀĂŐĞƐŝƚĞ͘ΗŶĞĂƌƵƉƐƚƌĞĂŵĞůĞŵĞŶƚΗ;Eh ͿƚŚĂƚŝƐƌŝĐŚ ŽĨ ĂĚĞŶŽƐŝŶĞƐ ĂŶĚ ƌĞƐĞŵďůĞƐ ƚŚĞ h ĞůĞŵĞŶƚƐ ŽĨ ŚƵŵĂŶ ŵZE͕ ŝƐ ůŽĐĂƚĞĚ ƵƉ ƚŽ ϭϬ ŶƵĐůĞŽƚŝĚĞƐƵƉƐƚƌĞĂŵŽĨƚŚĞĐůĞĂǀĂŐĞƐŝƚĞ͘/ƚǁĂƐƐƵŐŐĞƐƚĞĚƚŚĂƚĐŽŶƐĞƌǀĞĚƐĞĐŽŶĚĂƌLJƐƚƌƵĐƚƵƌĞƐ ƉƌĞƐĞŶƚŝŶƚŚĞƌĞŐŝŽŶƐƵƌƌŽƵŶĚŝŶŐƚŚĞĐůĞĂǀĂŐĞƐŝƚĞĂƌĞĞƐƐĞŶƚŝĂůĨŽƌĐŽƌƌĞĐƚϯ͛ĞŶĚŵĂƚƵƌĂƚŝŽŶ͕ ŵĂŝŶůLJďĞĐĂƵƐĞŵƵƚĂƚŝŽŶƐŝŶƚŚĞEh ƚŚĂƚĂƉƉĞĂƌƚŽŝŵƉĂĐƚƚŚĞƐĞƐƚƌƵĐƚƵƌĞƐ;ĂƐũƵĚŐĞĚĨƌŽŵZE ƐĞĐŽŶĚĂƌLJƐƚƌƵĐƚƵƌĞƉƌĞĚŝĐƚŝŽŶͿŚĂǀĞĂŶĞŐĂƚŝǀĞĞĨĨĞĐƚŽŶƚŚĞĐůĞĂǀĂŐĞŽĨƚŚĞŵZE;>ŽŬĞ͕ϮϬϬϱͿ͘
ƉĂƌƚŝĐƵůĂƌŝƚLJ ŽĨ ŚŝŐŚĞƌ ĞƵŬĂƌLJŽƚĞƐ ĂŶĚ ĞƐƉĞĐŝĂůůLJ ŽĨ ƉůĂŶƚƐ ŝƐ ƚŚĞ ŚŝŐŚ ƌĂƚŝŽ ŽĨ ĂůƚĞƌŶĂƚŝǀĞ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶ;WͿ͘dŚĞƉƌŽƉŽƌƚŝŽŶŽĨŵZEƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚWŝƐϳϬйŝŶƌĂďŝĚŽƉƐŝƐ͕ϴϬй ŝŶƌŝĐĞĂŶĚϱϬйŝŶŚůĂŵLJĚŽŵŽŶĂƐ;^ŚĞŶĞƚĂů͕͘ϮϬϬϴĂ͕ϮϬϬϴď͖tƵĞƚĂů͕͘ϮϬϭϭͿ͘WŽĨƚĞŶƌĞƐƵůƚƐ ŝŶƚŚĞƉƌŽĚƵĐƚŝŽŶŽĨŵZEŝƐŽĨŽƌŵƐǁŝƚŚĚŝĨĨĞƌĞŶƚϯ͛ hdZƐƚŚĂƚĐŽŶƚĂŝŶŽƌůĂĐŬƐƉĞĐŝĨŝĐŵŽƚŝĨƐĨŽƌ ƚŚĞďŝŶĚŝŶŐŽĨƉƌŽƚĞŝŶƐŽƌƌĞŐƵůĂƚŽƌLJZEƐ͘ŵZEŝƐŽĨŽƌŵƐƉƌŽĚƵĐĞĚďLJWĐĂŶĚŝĨĨĞƌŝŶƚŚĞŝƌ ƉŽƐƚƚƌĂŶƐĐƌŝƉƚŝŽŶĂů ƌĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞŝƌ ƐƚĂďŝůŝƚLJ Žƌ ƚŚĞŝƌ ƚƌĂŶƐůĂƚŝŽŶ ĞĨĨŝĐŝĞŶĐLJ͘ dŚƵƐ͕ W ŝƐ ĂŶ ŝŵƉŽƌƚĂŶƚůĂLJĞƌŽĨĐŽŶƚƌŽůĂĐĐŽƵŶƚŝŶŐĨŽƌŵƵĐŚŽĨƚŚĞĐŽŵƉůĞdžŝƚLJŝŶƚŚĞĞdžƉƌĞƐƐŝŽŶŽĨĞƵŬĂƌLJŽƚŝĐ ŐĞŶŽŵĞƐ͘dŚŝƐŶŽƚŝŽŶŝƐĨƵƌƚŚĞƌĞŵƉŚĂƐŝnjĞĚďLJƚŚĞŽďƐĞƌǀĂƚŝŽŶƚŚĂƚWŽĐĐƵƌƐƐƉĞĐŝĨŝĐĂůůLJŝŶ ƐĞůĞĐƚĞĚƚŝƐƐƵĞƐĂŶĚĂƚĚĞĨŝŶĞĚĚĞǀĞůŽƉŵĞŶƚĂůƐƚĂŐĞƐ;>ƵƚnjĂŶĚDŽƌĞŝƌĂ͕ϮϬϭϭͿ͘KĨŶŽƚĞ͕ƌĞĐĞŶƚ ƐƚƵĚŝĞƐ ŝŶ ƌĂďŝĚŽƉƐŝƐ ŚĂǀĞ ƐŚŽǁŶ ƚŚĂƚ W ƐŝƚĞƐ ĂƌĞ ĂůƐŽ ƉƌĞƐĞŶƚ ŝŶ ŝŶƚƌŽŶƐ͕ ŝŶ ƚŚĞ ĐŽĚŝŶŐ ƐĞƋƵĞŶĐĞĂŶĚĞǀĞŶŝŶƚŚĞϱ͛hdZ ;'ƵŽĞƚĂů͕͘ϮϬϭϲ͖ŚƵĂŶĚsĂƵŐŚŶ͕ϮϬϭϴͿ͘
ĨƚĞƌ ĐůĞĂǀĂŐĞ Ăƚ ƚŚĞ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶ ƐŝƚĞ͕ ƚŚĞ ĐĂŶŽŶŝĐĂů ƉŽůLJ ƉŽůLJŵĞƌĂƐĞ ĐWW ĂĚĚƐ Ă ůŽŶŐ ƐƚƌĞƚĐŚŽĨĂĚĞŶŽƐŝŶĞƐƚŽƚŚĞϯ͛ĞdžƚƌĞŵŝƚLJŽĨƚŚĞ ĨƌĞƐŚůLJƚƌĂŶƐĐƌŝďĞĚŵZE;&ŝŐ͘/ϮͿ͘dŚĞŶĞǁůLJ ƐLJŶƚŚĞƚŝnjĞĚ ƉŽůLJ ƚĂŝů ŝƐ ŝŶƐƚĂŶƚůLJ ďŽƵŶĚ ďLJ ƉŽůLJ ďŝŶĚŝŶŐ ƉƌŽƚĞŝŶƐ ;WWͿ ƚŚĂƚ ŚĂǀĞ ƐĞǀĞƌĂů ĨƵŶĐƚŝŽŶƐ ŝŶ ƚŚĞ ďŝŽŐĞŶĞƐŝƐ ŽĨ ŵĂƚƵƌĞ ŵZE ĂŶĚ ƚŚĂƚ ĂĐƚŝǀĞůLJ ƌĞŐƵůĂƚĞ ƚŚĞ ĞdžƚĞŶƚ ŽĨ ƚŚĞ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶďLJĐWW;ĚĞƚĂŝůĞĚďĞůŽǁŝŶŚĂƉƚĞƌϮ͘Ϯ͘ϮͿ;<ƺŚŶĞƚĂů͕͘ϮϬϬϵͿ͘
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,ƵŵĂŶWWEϭďŝŶĚƐŽůŝŐŽͲĂĚĞŶŽƐŝŶĞƐƚŚƌŽƵŐŚĂŶZZDĚŽŵĂŝŶŝŶƚŚĞͲƚĞƌŵŝŶĂůƉĂƌƚŽĨƚŚĞ ƉƌŽƚĞŝŶ;<ĞƌǁŝƚnjĞƚĂů͕͘ϮϬϬϯͿ͘WWEϭďŝŶĚŝŶŐŚĂƐƐĞǀĞƌĂůĨƵŶĐƚŝŽŶƐ͗/ƚƉƌĞǀĞŶƚƐƚŚĞďŝŶĚŝŶŐŽĨƚŚĞ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶ ĐŽŵƉůĞdž ƚŽ ƚŚĞ ƉŽůLJ ƚĂŝů ƚŚĞƌĞďLJ ƌĞƐƚƌŝĐƚŝŶŐ ŝƚ ƚŽ ƚŚĞ h ƐĞƋƵĞŶĐĞ͕ ŝƚ ĨĂĐŝůŝƚĂƚĞƐƚŚĞŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶĐWWĂŶĚƚŚĞƉŽůLJĂĚĞŶLJůĂƚŝŽŶĐŽŵƉůĞdž͕ĂŶĚŝƚŝŶĐƌĞĂƐĞƐƚŚĞ ĂĨĨŝŶŝƚLJŽĨĐWWĨŽƌZE;<ƺŚŶĞƚĂů͕͘ϮϬϬϵͿ͘tŚĞŶĐWWŝƐĨŝƌƐƚƌĞĐƌƵŝƚĞĚďLJƚŚĞƉŽůLJĂĚĞŶLJůĂƚŝŽŶ ĐŽŵƉůĞdžW^&ŝƚŚĂƐŽŶůLJĂůŽǁĂĨĨŝŶŝƚLJĨŽƌZEϯΖĞŶĚ;&ŝŐƵƌĞϮͿ͘dŚĞŝŶƚĞƌĂĐƚŝŽŶŽĨĐWWǁŝƚŚďŽƚŚ W^&ĂŶĚWWEƐŝŶĐƌĞĂƐĞƐƚŚĞĂĨĨŝŶŝƚLJŽĨƚŚĞĐWWĨŽƌZE;<ĞƌǁŝƚnjĞƚĂů͕͘ϮϬϬϯͿĂŶĚƉĞƌŵŝƚƐƚŚĞ ƐLJŶƚŚĞƐŝƐŽĨůŽŶŐƚĂŝůƐŝŶĂƉƌŽĐĞƐƐŝǀĞŵŽĚĞ͘ /ŶǀŝƚƌŽ ƐLJŶƚŚĞƐŝnjĞĚƉŽůLJƚĂŝůƐƌĞĂĐŚĂůĞŶŐƚŚŽĨ ĐŝƌĐĂ ϮϱϬŶƵĐůĞŽƚŝĚĞƐ; Žƌ ϲϬŶƵĐůĞŽƚŝĚĞƐŝŶLJĞĂƐƚͿ͘dŚĞĐƵƌƌĞŶƚŚLJƉŽƚŚĞƐŝƐŝƐƚŚĂƚƚŚĞWWͲƉŽůLJƚĂŝů ĂĚŽƉƚƐĂƐƉŚĞƌŝĐĂůƐƚƌƵĐƚƵƌĞƚŚĂƚĐĂŶĂĐĐŽŵŵŽĚĂƚĞĂĐĞƌƚĂŝŶŶƵŵďĞƌŽĨWWEƐ͘dŚŝƐƐƚƌƵĐƚƵƌĞŝƐ ĚŝƐƌƵƉƚĞĚ ǁŚĞŶ ƚĂŝů ůĞŶŐƚŚ ĞdžĐĞĞĚƐ ϮϱϬ ĂĚĞŶŽƐŝŶĞƐ ĂŶĚ WWEϭ ĐĂŶ ŶŽ ůŽŶŐĞƌ ƐƵƉƉŽƌƚ ƚŚĞ ŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶW^&ĂŶĚĐWW͕ĂŶĚƌĞƐƵůƚƐŝŶƚŚĞƌĞůĞĂƐĞŽĨƚŚĞĐWWĨƌŽŵƚŚĞƉŽůLJƚĂŝů ;ŚĞŶŐĂŶĚ'ĂůůŝĞ͕ϮϬϭϯ͖<ƺŚŶĞƚĂů͕͘ϮϬϬϵͿ͘ dŚĞƌĞĨŽƌĞ͕WWEϭďŽƚŚŵĞĂƐƵƌĞƐĂŶĚĚĞĨŝŶĞƐƉŽůLJ ƚĂŝůůĞŶŐƚŚ͘ dŚĞƉƌŝŵĂƌLJĨƵŶĐƚŝŽŶƐŽĨWWEƐŝƐƚŚĞƉƌŽƚĞĐƚŝŽŶŽĨƚŚĞŶĞǁůLJƐLJŶƚŚĞƚŝnjĞĚƉŽůLJƚĂŝůƐĨƌŽŵϯΖͲϱΖ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐ͘ zĞƚ͕ ƚŚĞ LJĞĂƐƚ WWE EĂďϮƉ ŚĂƐ ďĞĞŶ ƐŚŽǁŶ ƚŽ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ƚŚĞ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞZƌƉϲƉ;ƌŽǁŶŝŶŐĂŶĚĂŝůĞLJͲ^ĞƌƌĞƐ͕ϮϬϭϱͿ͘ZƌƉϲŝƐŽŶĞŽĨƚŚĞĞŶnjLJŵĂƚŝĐĂůůLJĂĐƚŝǀĞ ƐƵďƵŶŝƚƐ ŽĨ ƚŚĞ ŶƵĐůĞĂƌ ĞdžŽƐŽŵĞ ;:ĂĐŬƐŽŶ Ğƚ Ăů͕͘ ϮϬϭϬͿ͘ dŚĞ ĞdžŽƐŽŵĞ ŝƐ Ă ŵĂũŽƌ ϯΖͲϱΖ ZE
ϲϱ ĚĞŐƌĂĚĂƚŝŽŶŵĂĐŚŝŶĞƉƌĞƐĞŶƚŝŶďŽƚŚŶƵĐůĞƵƐĂŶĚĐLJƚŽƉůĂƐŵŽĨĂůůĞƵŬĂƌLJŽƚŝĐĐĞůůƐ;ƐĞĞŚĂƉƚĞƌ ϰ͘ϭͿ͘dŚĞŽďƐĞƌǀĂƚŝŽŶƚŚĂƚWWEĐĂŶƌĞĐƌƵŝƚZZWϲĂŶĚƚŚĞŶƵĐůĞĂƌĞdžŽƐŽŵĞƚŽƉŽůLJƚĂŝůƐƐƵŐŐĞƐƚƐ ƚŚĂƚWWEŝƐ͕ƐŝŵŝůĂƌƚŽŶ͕ĂůƐŽŝŵƉŽƌƚĂŶƚĨŽƌŶƵĐůĞĂƌŵZEƐƵƌǀĞŝůůĂŶĐĞ;^ĐŚŵŝĚĞƚĂů͕͘ϮϬϭϮͿ͘ hƉŽŶĞdžƉŽƌƚƚŽƚŚĞĐLJƚŽƉůĂƐŵ͕ƉŽůLJƚĂŝůƐĂƌĞďŽƵŶĚďLJĐLJƚŽƉůĂƐŵŝĐWWƐ;WWͿ͘WWƐƉůĂLJ ĂŵĂũŽƌƌŽůĞŝŶƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶ;ƐĞĞŚĂƉƚĞƌϮ͘Ϯ͘ϰͿ͘,ŽǁĞǀĞƌ͕ĂƉƌŝŵĞĨƵŶĐƚŝŽŶŽĨWWƐŝƐ ƚŽƉƌĞǀĞŶƚƚŚĞƉƌĞŵĂƚƵƌĞƐŚŽƌƚĞŶŝŶŐŽĨƚŚĞƉŽůLJƚĂŝů͘zĞƚ͕WWƐĂůƐŽƌĞŐƵůĂƚĞƚŚĞƌĞĐƌƵŝƚŵĞŶƚ ŽĨƉŽůLJƐƉĞĐŝĨŝĐŶƵĐůĞĂƐĞƐ͘dŚĞƌŽůĞŽĨWWƐŝŶĐŽŶƚƌŽůůŝŶŐZEƐƚĂďŝůŝƚLJŝƐĚŝƐĐƵƐƐĞĚŝŶŚĂƉƚĞƌϯ ŽĨƚŚĞŝŶƚƌŽĚƵĐƚŝŽŶ͘
Ϯ͘Ϯ͘ϯ͘dŚĞĐLJƚŽƉůĂƐŵŝĐĐĂƉďŝŶĚŝŶŐĐŽŵƉůĞdžĞ/&ϰ&͘
ƐŵĞŶƚŝŽŶĞĚĂďŽǀĞ͕ďŽƚŚƚŚĞĐLJƚŽƉůĂƐŵŝĐĐĂƉͲďŝŶĚŝŶŐĐŽŵƉůĞdžĞ/&ϰ&ĂŶĚWWƐďŽƵŶĚƚŽϱΖ ĂŶĚϯΖĞŶĚƐŽĨŵZEƐ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ŚĂǀĞĐƌƵĐŝĂůƌŽůĞƐĨŽƌƚŚĞƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶ͘ dLJƉŝĐĂůůLJ͕ƚŚĞŶƵĐůĞĂƌĐĂƉďŝŶĚŝŶŐĐŽŵƉůĞdžŝƐƌĞƉůĂĐĞĚďLJƚŚĞĐLJƚŽƉůĂƐŵŝĐĐĂƉďŝŶĚŝŶŐĐŽŵƉůĞdž ŽŶĐĞƚŚĞŵZEŝƐĞdžƉŽƌƚĞĚƚŽƚŚĞĐLJƚŽƐŽů͘,ŽǁĞǀĞƌ͕ŝŶŵĂŵŵĂůƐ͕ƐƉůŝĐĞĚŵZEƐƐƚŝůůďŽƵŶĚƚŽ ŶƵĐůĞĂƌĐĂŶƵŶĚĞƌŐŽĂƉŝŽŶĞĞƌƌŽƵŶĚŽĨƚƌĂŶƐůĂƚŝŽŶ;ŚŝƵĞƚĂů͕͘ϮϬϬϰ͖>ĞũĞƵŶĞĞƚĂů͕͘ϮϬϬϰ͖KŚ ĞƚĂů͕͘ϮϬϬϳͿ͘dŚŝƐĨŝƌƐƚƌŽƵŶĚŽĨƚƌĂŶƐůĂƚŝŽŶŝƐůŝŶŬĞĚƚŽŵZEĞdžƉŽƌƚĂŶĚĂůůŽǁƐƌĂƉŝĚƌĞƐƉŽŶƐĞƐŝŶ ĐĂƐĞŽĨĞŶǀŝƌŽŶŵĞŶƚĂůŽƌƉŚLJƐŝŽůŽŐŝĐĂůĐŚĂŶŐĞƐ͘dŚĞĚŝƐƐŽĐŝĂƚŝŽŶŽĨŶŝŶǀŽůǀĞƐƚŚĞďŝŶĚŝŶŐŽĨ ŝŵƉŽƌƚŝŶɴ͕ĂŶĚĞǀĞŶƚƵĂůůLJĂůƐŽŝŵƉŽƌƚŝŶɲ͘/ŵƉŽƌƚŝŶƐƌĞĐŽŐŶŝƐĞƉƌŽƚĞŝŶƐǁŝƚ ŚŶƵĐůĞĂƌůŽĐĂůŝƐĂƚŝŽŶ ƐŝŐŶĂůƐĂŶĚƉƌŽŵŽƚĞƚŚĞŝƌŝŵƉŽƌƚŝŶƚŽƚŚĞŶƵĐůĞƵƐ;ĂƵƚĂŝŶĞƚĂů͕͘ϮϬϭϱͿ͘dŚĞďŝŶĚŝŶŐŽĨŝŵƉŽƌƚŝŶɴ ĐŚĂŶŐĞƐƚŚĞĂĨĨŝŶŝƚLJŽĨŶĨŽƌŝƚƐŵZEƐƵďƐƚƌĂƚĞĂŶĚůĞĂĚƐƚŽŝƚƐĚŝƐƐŽĐŝĂƚŝŽŶĨƌŽŵƚŚĞŵϳ'ĐĂƉ ;ŝĂƐĞƚĂů͕͘ϮϬϬϵͿ͘dŚĞŵϳ'ĐĂƉŝƐƐƵďƐĞƋƵĞŶƚůLJďŽƵŶĚďLJĞ/&ϰ&;ĞƵŬĂƌLJŽƚŝĐŝŶŝƚŝĂƚŝŽŶĨĂĐƚŽƌϰ&Ϳ͕Ă ŚĞƚĞƌŽƚƌŝŵĞƌŝĐƉƌŽƚĞŝŶĐŽŵƉůĞdžĐŽŵƉŽƐĞĚŽĨĞ/&ϰ͕Ğ/&ϰ ĂŶĚĞ/&ϰ'͘ dŚĞĞ/&ϰ&ĐŽŵƉůĞdžƐĞƌǀĞƐĂƐĂƉůĂƚĨŽƌŵĨŽƌƚŚĞĂƐƐĞŵďůLJŽĨŽƚŚĞƌƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶĨĂĐƚŽƌƐĂŶĚ ƚŚĞƌĞĐƌƵŝƚŵĞŶƚŽĨƚŚĞƉƌĞͲŝŶŝƚŝĂƚŝŽŶĐŽŵƉůĞdž;W/Ϳ͘dŚĞƐƵďƵŶŝƚƚŚĂƚĚŝƌĞĐƚůLJďŝŶĚƐƚŚĞŵϳ'ĐĂƉŝƐ Ğ/&ϰ ͕ ǁŚĞƌĞĂƐ ƚŚĞ ůĂƌŐĞ ŵƵůƚŝĚŽŵĂŝŶ ƉƌŽƚĞŝŶ Ğ/&ϰ' ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ W/ ƌĞĐƌƵŝƚŵĞŶƚ͘ ^ŽŵĞ ƉůĂŶƚƐƉŽƐƐĞƐƐĂƐĞĐŽŶĚĞ/&ŝƐŽϰ&ĐŽŵƉůĞdžǁŝƚŚĂŶĂůŽŐŽƵƐĞ/&ŝƐŽϰ ĂŶĚĞ/&ŝƐŽϰ'ƐƵďƵŶŝƚƐ͘Ğ/&ŝƐŽϰ' ůĂĐŬƐƚŚĞEͲƚĞƌŵŝŶĂůƌĞŐŝŽŶŽĨĞ/&ϰ'ĂŶĚŝƐĐŽŶƐĞƌǀĞĚŝŶĂůůsŝƌŝĚŝƉůĂŶƚĂĞ͘LJĐŽŶƚƌĂƐƚ͕Ğ/&ŝƐŽϰ ŝƐ ƌĞƐƚƌŝĐƚĞĚƚŽĂŶŐŝŽƐƉĞƌŵƐ;DĂLJďĞƌƌLJĞƚĂů͕͘ϮϬϭϭ͖WĂƚƌŝĐŬĂŶĚƌŽǁŶŝŶŐ͕ϮϬϭϮͿ͘ŽƚŚĞ/&ϰ&ĂŶĚ Ğ/&ŝƐŽϰ&ĐĂƉͲďŝŶĚŝŶŐĐŽŵƉůĞdžĞƐŝŶŝƚŝĂƚĞƚƌĂŶƐůĂƚŝŽŶ ŝŶǀŝƚƌŽ ͕ďƵƚƐŚŽǁĚŝĨĨĞƌĞŶƚĂĨĨŝŶŝƚŝĞƐĨŽƌƐƉĞĐŝĨŝĐ ŐƌŽƵƉƐ ŽĨ ŵZEƐ ;'ĂůůŝĞ ĂŶĚ ƌŽǁŶŝŶŐ͕ ϮϬϬϭͿ͘ DŽƌĞŽǀĞƌ͕ ƚŚĞ ŝƐŽĨŽƌŵ ŽĨ ƚŚĞ ƐĐĂĨĨŽůĚ ƉƌŽƚĞŝŶ Ğ/&ŝƐŽϰ'ƐĞĞŵƐƚŽďĞĞƐƐĞŶƚŝĂůĨŽƌƉůĂŶƚŐƌŽǁƚŚŝŶƌĂďŝĚŽƉƐŝƐ;>ĞůůŝƐĞƚĂů͕͘ϮϬϭϬͿ͘,ŽǁĞǀĞƌ͕ƚŚĞ ĨƵŶĐƚŝŽŶŽĨƚŚĞƐĞŝƐŽĨŽƌŵƐŚĂƐŶŽƚďĞĞŶĨƵůůLJĐůĂƌŝĨŝĞĚLJĞƚ͘
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D d ǁŚŝĐŚ ŝŶƚĞƌĂĐƚƐ ǁŝƚŚ ƚŚĞ ŵĞƚŚŝŽŶLJů ŝŶŝƚŝĂƚŽƌ ƚZE D dͲƚZE ŝ ;ƌĞǀŝĞǁĞĚ ŝŶ ;ƌŽǁŶŝŶŐ ĂŶĚ ĂŝůĞLJͲ^ĞƌƌĞƐ͕ϮϬϭϱͿͿ ͘dŚĞϰϯ^W/ƐĐĂŶƐƚŚĞϱ͛hdZĨƌŽŵϱ͛ƚŽϯ͛ƵŶƚŝůŝƚƌĞĂĐŚĞƐƚŚĞ h'ŝŶŝƚŝĂƚŝŽŶ ĐŽĚŽŶ͘dŚĞŚLJĚƌŽůLJƐŝƐŽĨ'dWͲĞ/&ϮůĞĂĚƐƚŽĂĐŚĂŶŐĞŝŶƚŚĞĐŽŶĨŽƌŵĂƚŝŽŶĂŶĚƚŚĞĨŽƌŵĂƚŝŽŶŽĨƚŚĞ ϰϴ^ĐŽŵƉůĞdžƚŚĂƚŝƐƌĞĐŽŐŶŝnjĞĚďLJƚŚĞϲϬ^ƐƵďƵŶŝƚŽĨƚŚĞƌŝďŽƐŽŵĞ;:ĂĐŬƐŽŶĞƚĂů͕͘ϮϬϭϬͿ͘dŚĞĞ/& ĨĂĐƚŽƌƐ ĂƌĞ ƌĞůĞĂƐĞĚ ĨƌŽŵ ƚŚĞ W/ ĂŶĚ ƚŚĞ ƐŽͲĨŽƌŵĞĚ ϴϬ^ ŝŶŝƚŝĂƚŝŽŶ ĐŽŵƉůĞdž ƉƌŽĐĞĞĚƐ ƚŽ ƚŚĞ ƚƌĂŶƐůĂƚŝŽŶŽĨƚŚĞŵZEŝŶƚŽƉƌŽƚĞŝŶƐ͘
,ĞŶĐĞ͕ƚŚĞĐŽůůĂďŽƌĂƚŝŽŶŽĨĞ/&ϰ&ĂŶĚWWŝƐĞƐƐĞŶƚŝĂůƚŽĂƐƐƵƌĞƚŚĞƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶŽĨ ŵZEƐ͘/ŶĂĚĚŝƚŝŽŶ͕ďŽƚŚĨĂĐƚŽƌƐĂƌĞŝŵƉŽƌƚĂŶƚƚŽĐŽŶƚƌŽůƚŚĞďĂůĂŶĐĞďĞƚǁĞĞŶŵZEƚƌĂŶƐůĂƚŝŽŶ ĂŶĚŵZEĚĞĐĂLJ͕ǁŚŝĐŚŝƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞŶĞdžƚŚĂƉƚĞƌ͘
ϲϴ ϯ͘ĞĂĚĞŶLJůĂƚŝŽŶ͕ƚŚĞƌĂƚĞͲůŝŵŝƚŝŶŐƐƚĞƉŽĨďƵůŬŵZE ĚĞĐĂLJ .
ƵƌŝŶŐ ƚŚĞŝƌ ůŝĨĞƚŝŵĞ͕ ŵZEƐ ĂƌĞ ďŽƵŶĚ ďLJ ŵĂŶLJ ƉƌŽƚĞŝŶƐ ƚŚĂƚ ƌĞŐƵůĂƚĞ ƚŚĞŝƌ ŵĂƚƵƌĂƚŝŽŶ ĂŶĚ ĨƵŶĐƚŝŽŶ͘ &ŽůůŽǁŝŶŐ ŵĂƚƵƌĂƚŝŽŶ ĂŶĚ ĞdžƉŽƌƚ͕ ŵZEƐ ĂƌĞ ĐůĂƐƐŝĐĂůůLJ ďŽƵŶĚ ďLJ ƚŚĞ ƚƌĂŶƐůĂƚŝŽŶ ŵĂĐŚŝŶĞƌLJƚŽƉƌŽĚƵĐĞƉƌŽƚĞŝŶƐ͘dŚĞƌĞŐƵůĂƚŝŽŶŽĨƚƌĂŶƐůĂƚŝŽŶƉĂƌƚŝĐŝƉĂƚĞƐƚŽƚŚĞĨŝŶĞƚƵŶŝŶŐŽĨ ŐĞŶĞĞdžƉƌĞƐƐŝŽŶĂŶĚŝƐĚŽŶĞĂƚǀĂƌŝŽƵƐƐƚĞƉƐŝŶĐůƵĚŝŶŐƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶĂŶĚĞůŽŶŐĂƚŝŽŶ͘ŵZE ĚĞŐƌĂĚĂƚŝŽŶ ŝƐ͕ ŝŶƚĞƌ ĂůŝĂ ͕ ĂŶ ĞĨĨŝĐŝĞŶƚ ŵĞĂŶƐ ƚŽ ĐŽŶƚƌŽů ŵZE ƐƚĞĂĚLJͲƐƚĂƚĞ ůĞǀĞů ĂŶĚ ƌĞŐƵůĂƚĞ ƉƌŽƚĞŝŶƉƌŽĚƵĐƚŝŽŶŝŶƌĞƐƉŽŶƐĞƚŽŝŶƚĞƌŶĂůĂŶĚĞdžƚĞƌŶĂůƐƚŝŵƵůŝ͘/ǁŝůůĚĞƐĐƌŝďĞƚŚĞƐƚĞƉƐĂŶĚŬĞLJ ĨĂĐƚŽƌƐŽĨƚŚĞŵĂŝŶĐLJƚŽƉůĂƐŵŝĐŵZEĚĞŐƌĂĚĂƚŝŽŶƉĂƚŚǁĂLJƐĂŶĚĚŝƐĐƵƐƐƚŚĞƌĞůĂƚŝŽŶďĞƚǁĞĞŶ ĚĞĐĂLJĂŶĚƚƌĂŶƐůĂƚŝŽŶĞĨĨŝĐŝĞŶĐLJ͘
ĞĂĚĞŶLJůĂƚŝŽŶ ŚĂƐ ďĞĞŶ ĚĞƐĐƌŝďĞĚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ůŝƚĞƌĂƚƵƌĞ ĂƐ ƚŚĞ ŝŶŝƚŝĂƚŝŽŶ ƐƚĞƉ ŽĨ ŵZE ĚĞŐƌĂĚĂƚŝŽŶĨŽƌŵŽƐƚƚƌĂŶƐĐƌŝƉƚƐ͘dLJƉŝĐĂůůLJ͕ĚĞĂĚĞŶLJůĂƚŝŽŶƉƌŽĐĞĞĚƐŝŶƚǁŽĚŝƐƚŝŶĐƚƉŚĂƐĞƐ͕ƚŚĞ ŝŶŝƚŝĂůƚƌŝŵŵŝŶŐƉŚĂƐĞƚŚĂƚƌĞŵŽǀĞƐƚŚĞĨŝƌƐƚĂĚĞŶŽƐŝŶĞƐŽĨƚŚĞƉŽůLJƚĂŝů͕ĂŶĚƚŚĞŵZEƚƵƌŶŽǀĞƌ ƉŚĂƐĞ͕ŝŶǁŚŝĐŚĨƵƌƚŚĞƌƐŚŽƌƚĞŶŝŶŐŽĨƚŚĞƉŽůLJƚĂŝůƐůĞĂĚƐƚŽƚŚĞŐƌĂĚƵĂůĚŝƐƐŽĐŝĂƚŝŽŶŽĨƚŚĞWWƐ ĨƌŽŵƚŚĞƉŽůLJƚĂŝůĂŶĚƚŽƚŚĞĚĞƚĂĐŚŵĞŶƚŽĨƚŚĞWWƐĨƌŽŵƚŚĞĞ/&ϰ&ĐŽŵƉůĞdžďŽƵŶĚƚŽƚŚĞϱ͛ ŵϳ'ĐĂƉ͘dŚĞƐĞƉƌŽĐĞƐƐĞƐĞdžƉŽƐĞƚ ŚĞŵZEĞdžƚƌĞŵŝƚŝĞƐƚŽƚŚĞĚĞĐĂƉƉŝŶŐŵĂĐŚŝŶĞƌLJĂŶĚƚŽϱ͛ƚŽ ϯ͛ĂŶĚϯ͛ƚŽϱ͛ĞdžŽƌŝďŽŶƵĐůĞŽůLJƚŝ ĐƉĂƚŚǁĂLJƐ͘dŚĞƉƌŽŐƌĞƐƐŝǀĞƌĞŵŽǀĂůŽĨƚŚĞƚĞƌŵŝŶĂůĂĚĞŶŽƐŝŶĞƐ ŽĨƚŚĞƉŽůLJƚĂŝůŝƐƉĞƌĨŽƌŵĞĚďLJƐĞǀĞƌĂůĞŶnjLJŵĞƐƚŚĂƚĚŝĨĨĞƌŝŶƚŚĞŝƌĐĂƚĂůLJƚŝĐƉƌŽƉĞƌƚŝĞƐĂŶĚƚŚĞŝƌ ƐƵďĐĞůůƵůĂƌůŽĐĂůŝƐĂƚŝŽŶƐ͕ĂŶĚĂƌĞĞĂĐŚƌĞĐƌƵŝƚĞĚĂŶĚƐƚŝŵƵůĂƚĞĚďLJƐƉĞĐŝĨŝĐĨĂĐƚŽƌƐ;zĂŶ͕ϮϬϭϰͿ͘ &ŽƵƌ ĚĞĂĚĞŶLJůĂƚŝŽŶ ĞŶnjLJŵĞƐ ŚĂǀĞ ďĞĞŶ ĚĞƐĐƌŝďĞĚ ŝŶ ĞƵŬĂƌLJŽƚĞƐ͗ ƉŽůLJ ƌŝďŽŶƵĐůĞĂƐĞ ;WZEͿ͕ EŽĐƚƵƌŶŝŶ ;EKͿ͕ ƚŚĞ ƉŽůLJͲƐƉĞĐŝĨŝĐ ƌŝďŽŶƵĐůĞĂƐĞ ĐŽŵƉůĞdž WEϮͬϯ ĂŶĚ ƚŚĞ Zϰ;ĐĂƌďŽŶ ĐĂƚĂďŽůŝƚĞƌĞƉƌĞƐƐŽƌϰͿͬEKd;EĞŐĂƚŝǀĞŽŶddͿĐŽŵƉůĞdž;ZϰͬEKdͿ͘
ϯ͘ϭ͘dŚĞƉŽůLJƌŝďŽŶƵĐůĞĂƐĞWZE͘
WZE ŝƐĂϯ͛ Ͳϱ͛ĞdžŽƌŝďŽŶƵĐůĞĂƐĞŽĨƚŚĞ ƐƵƉĞƌĨĂŵŝůLJǁŚŝĐŚŝƐĐŚĂƌĂĐƚĞƌŝƐĞĚďLJƚŚĞƉƌĞƐĞŶĐĞ ŽĨƚŚƌĞĞĂƐƉĂƌƚŝĐĂĐŝĚƐ;ͿĂŶĚŽŶĞŐůƵƚĂŵŝĐĂĐŝĚ; ͿĂƐĐŽŶƐĞƌǀĞĚĐĂƚĂůLJƚŝĐƌĞƐŝĚƵĞƐŝŶƚŚĞĂĐƚŝǀŝƚLJ ĚŽŵĂŝŶƐ;'ŽůĚƐƚƌŽŚŵĂŶĚtŝĐŬĞŶƐ͕ϮϬϬϴ͖ƵŽ͕ϮϬϬϭͿ͘WZEǁĂƐŝŶŝƚŝĂůůLJĚĞƐĐƌŝďĞĚŝŶŵĂŵŵĂůŝĂŶ ĐĞůůƐ ĂŶĚ ŝƐ ĐŽŶƐĞƌǀĞĚ ŝŶ ŵĂŶLJ ĞƵŬĂƌLJŽƚĞƐ͕ ǁŝƚŚ ƚŚĞ ŶŽƚĂďůĞ ĞdžĐĞƉƚŝŽŶƐ ŽĨ ^ĂĐĐŚĂƌŽŵLJĐĞƐ ĐĞƌĞǀŝƐŝĂĞ ĂŶĚ ƌŽƐŽƉŚŝůĂ ŵĞůĂŶŽŐĂƐƚĞƌ ;WĂƌŬĞƌ ĂŶĚ ^ŽŶŐ͕ ϮϬϬϰͿ͘ WZE ŵŽƐƚůLJ ĨŽƌŵƐ Ă ŚŽŵŽĚŝŵĞƌĂŶĚƌĞĐŽŐŶŝƐĞƐƉŽůLJƚĂŝůƐƚŚƌŽƵŐŚŝƚƐZZDĚŽŵĂŝŶ;EŝůƐƐŽŶĞƚĂů͕͘ϮϬϬϳ͖tƵĞƚĂů͕͘ ϮϬϬϱͿ͘ƉĂƌƚŝĐƵůĂƌŝƚLJŽĨWZEŝƐƚŚĂƚŝƚĐĂŶĚŝƌĞĐƚůLJŝŶƚĞƌĂĐƚǁŝƚŚƚŚĞŵϳ'ĐĂƉƐƚƌƵĐƚƵƌĞŽĨƚŚĞ
ϲϵ ŵZE͘dŚŝƐŝŶƚĞƌĂĐƚŝŽŶƐƚŝŵƵůĂƚĞƐƚŚĞƉƌŽĐĞƐƐŝǀŝƚLJŽĨWZE͕ǁŚĞƌĞĂƐƚŚĞƉƌĞƐĞŶĐĞŽĨĐĂƉďŝŶĚŝŶŐ ĐŽŵƉůĞdžĞƐŽƌWWƐŝŶŚŝďŝƚŝƚƐĂĐƚŝǀŝƚLJ;ĂůĂƚƐŽƐĞƚĂů͕͘ϮϬϬϲ͖ĞŚůŝŶĞƚĂů͕͘ϮϬϬϬ͖'ĂŽĞƚĂů͕͘ϮϬϬϬ͖ <ƂƌŶĞƌĂŶĚtĂŚůĞ͕ϭϵϵϳ͖DĂƌƚŠŶĞnjĞƚĂů͕͘ϮϬϬϭͿ͘dŚĞĐƵƌƌĞŶƚŵŽĚĞůŝƐƚŚĂƚWZEƚĂƌŐĞƚƐĐĂƉƉĞĚ ŵZEǁŝƚŚĂĐĐĞƐƐŝďůĞŵϳ'ĞdžƚƌĞŵŝƚŝĞƐŶŽƚƉƌŽƚĞĐƚĞĚďLJĂŶLJĐĂƉďŝŶĚŝŶŐĐŽŵƉůĞdžĂŶĚǁŝƚŚůŽŶŐ ƉŽůLJƚĂŝůƐƚŚĂƚŚĂǀĞĂůŽǁWWŽĐĐƵƉĂŶĐLJ͘
WZEŚĂƐĚŝǀĞƌƐĞďŝŽůŽŐŝĐĂůĨƵŶĐƚŝŽŶƐ;'ŽĚǁŝŶĞƚĂů͕͘ϮϬϭϯ͖sŝƌƚĂŶĞŶĞƚĂů͕͘ϮϬϭϯ͖tƵĞƚĂů͕͘ϮϬϬϱ͖ zĂŶ͕ ϮϬϭϰͿ͘ ĂƌůLJ ƐƚƵĚŝĞƐ ŝŶĚŝĐĂƚĞĚ Ă ŬĞLJ ƌŽůĞ ĨŽƌWZE ĚƵƌŝŶŐ ĞĂƌůLJ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ yĞŶŽƉƵƐ ŽŽĐLJƚĞƐ;ŽƉĞůĂŶĚĂŶĚtKZD/E'dKE͕ϮϬϬϭ͖<ƂƌŶĞƌĞƚĂů͕͘ϭϵϵϴͿ͘WZEǁĂƐĂůƐŽƐƵŐŐĞƐƚĞĚƚŽ ĚĞĂĚĞŶLJůĂƚĞƚƌĂŶƐĐƌŝƉƚƐƵŶĚĞƌŐŽŝŶŐŶŽŶͲƐĞŶƐĞŵĞĚŝĂƚĞĚĚĞĐĂLJ;EDͿ;>ĞũĞƵŶĞĞƚĂů͕͘ϮϬϬϯͿŽƌ ŵZE ǁŝƚŚ hͲƌŝĐŚ ĞůĞŵĞŶƚƐ ;Z Ϳ ;>Ăŝ Ğƚ Ăů͕͘ ϮϬϬϯͿ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ WZE ŚĂƐ ďĞĞŶ ƐŚŽǁŶ ƚŽ ĚĞĂĚĞŶLJůĂƚĞŵZEƐŝŶǀŽůǀĞĚŝŶƚŚĞEĚĂŵĂŐĞƌĞƐƉŽŶƐĞ;ZͿĂŶĚŵZEƐƚĂƌŐĞƚĞĚďLJƚŚĞ ŵŝZEͲŝŶĚƵĐĞĚƐŝůĞŶĐŝŶŐƉĂƚŚǁĂLJ;ĞǀŚĞƌĞƚĂů͕͘ϮϬϭϬ͖ŚĂŶŐĞƚĂů͕͘ϮϬϭϱͿ͘ZĞĐĞŶƚƐƚƵĚŝĞƐƐŚŽǁ ƚŚĂƚWZEŝƐŚŝŐŚůLJĞdžƉƌĞƐƐĞĚŝŶĐĂŶĐĞƌĐĞůůƐĂŶĚŝƐĂĐƚŝǀĂƚĞĚďLJƚƵŵŽƵƌƐƵƉƉƌĞƐƐŽƌƐ;DĂƌĂŐŽnjŝĚŝƐ Ğƚ Ăů͕͘ ϮϬϭϱ͖ ^ŚƵŬůĂ Ğƚ Ăů͕͘ ϮϬϭϵ͖ ŚĂŶŐ Ğƚ Ăů͕͘ ϮϬϭϯͿ͘ KĨ ŶŽƚĞ͕ WZE ĐŽŶƚƌŝďƵƚĞƐ ĂůƐŽ ƚŽ ƚŚĞ ƉƌŽĐĞƐƐŝŶŐĂŶĚƐƚĂďŝůŝƚLJŽĨƐĞǀĞƌĂůŶŽŶͲĐŽĚŝŶŐZEƐŝŶŵĂŵŵĂůŝĂŶĐĞůůƐ͕ŝŶĐůƵĚŝŶŐƐŵĂůůĂũĂůďŽĚLJ ZEƐ ;ƐĐĂZEƐͿ ĂŶĚ ƐŵĂůů ŶƵĐůĞŽůĂƌ ZEƐ ;ƐŶŽZEͿ͕ ŚƵŵĂŶ ƚĞůŽŵĞƌĂƐĞ ZE͕ WŝǁŝͲŝŶƚĞƌĂĐƚŝŶŐ ZEƐ;ƉŝZEƐͿĂŶĚzZEƐ;ĞƌŶĚƚĞƚĂů͕͘ϮϬϭϮ͖/njƵŵŝĞƚĂů͕͘ϮϬϭϲ͖DŽŽŶĞƚĂů͕͘ϮϬϭϱ͖EŐƵLJĞŶĞƚ Ăů͕͘ϮϬϭϱ͖^ŚƵŬůĂĂŶĚWĂƌŬĞƌ͕ϮϬϭϳ͖^ŚƵŬůĂĞƚĂů͕͘ϮϬϭϲ͖^ŽŶĞƚĂů͕͘ϮϬϭϴ͖dĂŶŐĞƚĂů͕͘ϮϬϭϲ͖dƐĞŶŐĞƚ Ăů͕͘ϮϬϭϴͿ͘ĚĚŝƚŝŽŶĂůůLJ͕WZEƌĞŐƵůĂƚĞƐƚŚĞƐƚĂďŝůŝƚLJŽĨĚŝǀĞƌƐĞŵŝZEƐŝŶŚƵŵĂŶĐĞůůƐďLJƚƌŝŵŵŝŶŐ ƚŚĞŝƌŽůŝŐŽĂĚĞŶLJůĂƚĞĚϯ͛ĞŶĚ Ɛ͕ƚŚĞƌĞďLJƉƌĞǀĞŶƚŝŶŐƚŚĞƌĞĐŽŐŶŝƚŝŽŶĂŶĚƌĂƉŝĚĚĞŐƌĂĚĂƚŝŽŶďLJ/^ϯ>Ϯ ;^ŚƵŬůĂĞƚĂů͕͘ϮϬϭϵͿ͘
/Ŷ ͘ƚŚĂůŝĂŶĂ ͕WZEŝƐĞƐƐĞŶƚŝĂůĨŽƌĞĂƌůLJĚĞǀĞůŽƉŵĞŶƚĂŶĚŚĂƐďĞĞŶƉƌŽƉŽƐĞĚƚŽƚĂƌŐĞƚĂƐƵďƐĞƚ ŽĨ ĞŵďƌLJŽͲƐƉĞĐŝĨŝĐ ŵZEƐ ;ŚŝďĂ Ğƚ Ăů͕͘ ϮϬϬϰ͖ ZĞǀĞƌĚĂƚƚŽ Ğƚ Ăů͕͘ ϮϬϬϰͿ͘ dŚĞ ĞdžƉƌĞƐƐŝŽŶ ŽĨ ƌĂďŝĚŽƉƐŝƐWZEŝƐƵƉƌĞŐƵůĂƚĞĚƵƉŽŶĂďƐĐŝƐŝĐĂŶĚƐĂůŝĐLJůŝĐĂĐŝĚƚƌĞĂƚŵĞŶƚƐƵŐŐĞƐƚŝŶŐƚŚĂƚWZE ŝƐŝŵƉůŝĐĂƚĞĚŝŶƚŚĞƌĞƐƉŽŶƐĞƚŽĂďŝŽƚŝĐƐƚƌĞƐƐĞƐƐƵĐŚĂƐĚƌŽƵŐŚƚĂŶĚŚŝŐŚƐĂůŝŶŝƚLJ;EŝƐŚŝŵƵƌĂĞƚĂů͕͘ ϮϬϬϱͿ͘
/ŶŚƵŵĂŶƐ͕yĞŶŽƉƵƐĂŶĚƉůĂŶƚƐ͕WZEƐŚƵƚƚůĞƐďĞƚǁĞĞŶƚŚĞŶƵĐůĞƵƐĂŶĚƚŚĞĐLJƚŽƉůĂƐŵ;'ŽĚǁŝŶ ĞƚĂů͕͘ϮϬϭϯͿ͘/ŶƌĂďŝĚŽƉƐŝƐ͕ƚŚĞƐƵďĐĞůůƵůĂƌůŽĐĂůŝƐĂƚŝŽŶŽĨWZEŚĂƐĨŝƌƐƚďĞĞŶƐŚŽǁŶƚŽďĞŝŶƚŚĞ ĐLJƚŽƉůĂƐŵ ĂŶĚ ŶƵĐůĞƵƐ ;DŽƌĞŶŽ Ğƚ Ăů͕͘ ϮϬϭϯͿ͘ ,ŽǁĞǀĞƌ͕ ƌĂďŝĚŽƉƐŝƐ WZE ĂůƐŽ ŚĂƐ Ă ǁĞůů ĐŽŶƐĞƌǀĞĚ ŵŝƚŽĐŚŽŶĚƌŝĂͲƚĂƌŐĞƚŝŶŐ ƐĞƋƵĞŶĐĞ ;Dd^Ϳ Ăƚ ŝƚƐ EͲƚĞƌŵŝŶƵƐ ;,ŝƌĂLJĂŵĂ Ğƚ Ăů͕͘ ϮϬϭϯͿ͘ /ŶĚĞĞĚ͕ǁŚĞŶĨƵƐĞĚƚŽĂͲƚĞƌŵŝŶĂů'&WƚĂŐ͕WZEŝƐůŽĐĂƚĞĚŝŶŵŝƚŽĐŚŽŶĚƌŝĂĂŶĚƌĞŐƵůĂƚĞƐŝŶ
ϳϬ ĐŽŽƉĞƌĂƚŝŽŶǁŝƚŚƚŚĞƉŽůLJƉŽůLJŵĞƌĂƐĞ'^ϭƚŚĞƉŽůLJĂĚĞŶLJůĂƚŝŽŶƐƚĂƚƵƐŽĨŵŝƚŽĐŚŽŶĚƌŝĂůŵZEƐ ;,ŝƌĂLJĂŵĂ͕ϮϬϭϰͿ͘
ϯ͘Ϯ͘ZϰͲůŝŬĞEŽĐƚƵƌŶŝŶ;EKͿ͘ dŚĞ ĚĞĂĚĞŶLJůĂƐĞ ŶŽĐƚƵƌŶŝŶ ďĞůŽŶŐƐ ƚŽ ƚŚĞ W ƐƵƉĞƌĨĂŵŝůLJ ĂŶĚ ŝƚƐ ŶƵĐůĞĂƐĞ ĚŽŵĂŝŶ ƐŚĂƌĞƐ ƐŝŵŝůĂƌŝƚŝĞƐǁŝƚŚƚŚĞŶƵĐůĞĂƐĞĚŽŵĂŝŶŽĨZϰ;'ŽĚǁŝŶĞƚĂů͕͘ϮϬϭϯͿ͘dŚĞĚĞĂĚĞŶLJůĂƐĞĂĐƚŝǀŝƚLJŽĨ yĞŶŽƉƵƐĂŶĚŵŽƵƐĞEKŚĂƐďĞĞŶĐŽŶĨŝƌŵĞĚ ŝŶǀŝƚƌŽ ͘,ŽǁĞǀĞƌ͕ƚŚĞůĞƵĐŝŶĞƌŝĐŚƌĞƉĞĂƚƐ;>ZZͿƚŚĂƚ ĂƌĞƉƌĞƐĞŶƚĂƚƚŚĞEͲƚĞƌŵŝŶĂůƉĂƌƚŽĨZϰĂŶĚŵĞĚŝĂƚĞƚŚĞŝŶƚĞƌĂĐƚŝŽŶŽĨZϰĂŶĚ&ŝŶƚŚĞ ZϰͲEKdĐŽŵƉůĞdžĂƌĞĂďƐĞŶƚŝŶEK͘zĞƚ͕ĂƐƚƵĚLJƐƵŐŐĞƐƚĞĚƚŚĂƚEKĂƐƐŽĐŝĂƚĞƐƚŽƚŚĞZϰͲ EKdĐŽŵƉůĞdžŝŶƌŽƐŽƉŚŝůĂ;dĞŵŵĞĞƚĂů͕͘ϮϬϭϬͿ͘ dŚĞƉĂƌƚŝĐƵůĂƌŝƚLJŽĨEK͕ŽƌZEϰ>ŝŶŚƵŵĂŶƐĂŶĚŵŽƵƐĞ͕ŝƐƚŚĂƚŝƚƐĞdžƉƌĞƐƐŝŽŶŝƐĐŽŶƚƌŽůůĞĚďLJ ƚŚĞĐŝƌĐĂĚŝĂŶĐůŽĐŬŝŶŵĞƚĂnjŽĂŶƐ͘ĞĐĂƵƐĞŵĂdžŝŵĂůĞdžƉƌĞƐƐŝŽŶůĞǀĞůƐĂƌĞƌĞĂĐŚĞĚŝŶƚŚĞŶŝŐŚƚ͕ƚŚĞ ƉƌŽƚĞŝŶǁĂƐŶĂŵĞĚŶŽĐƚƵƌŶŝŶ;'ƌĞĞŶĂŶĚĞƐŚĂƌƐĞ͕ϮϬϬϮ͖>ŝĞƚĂů͕͘ϮϬϬϴͿ͘EKŝƐĞdžƉƌĞƐƐĞĚŝŶ ŵĂŶLJĚŝĨĨĞƌĞŶƚƚŝƐƐƵĞƐƚŚƌŽƵŐŚŽƵƚǀĂƌŝŽƵƐŽƌŐĂŶŝƐŵƐ;ĂŐŐƐĂŶĚ'ƌĞĞŶ͕ϮϬϬϯ͖'ĂƌďĂƌŝŶŽͲWŝĐŽĞƚ Ăů͕͘ ϮϬϬϳ͖ 'ŽĚǁŝŶ Ğƚ Ăů͕͘ ϮϬϭϯͿ ĂŶĚ ŝƐ Ă ŬĞLJ ƌĞŐƵůĂƚŽƌ ŽĨ ŵĂŶLJ ŵĞƚĂďŽůŝĐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚĂů ƉƌŽĐĞƐƐĞƐ;'ŽĚǁŝŶĞƚĂů͕͘ϮϬϭϯ͖,ƵŐŚĞƐĞƚĂů͕͘ϮϬϭϴ͖DƺůůĞƌĞƚĂů͕͘ϮϬϭϯ͖^ƚƵďďůĞĨŝĞůĚĞƚĂů͕͘ϮϬϭϮ͕ ϮϬϭϴͿ͘ dŚĞ ƉůĂŶƚ ŽƌƚŚŽůŽŐƵĞ ŽĨ EK͕ , ^W Z/E ;, ^WͿ͕ ŚĂƐ ďĞĞŶ ĚĞƐĐƌŝďĞĚ ŽŶůLJ ƌĞĐĞŶƚůLJ ĂŶĚ ƌĞŐƵůĂƚĞƐƚŚĞƐƚĞĂĚLJͲƐƚĂƚĞůĞǀĞůƐŽĨŵZEƐĞŶĐŽĚŝŶŐĐŝƌĐĂĚŝĂŶĐůŽĐŬƉƌŽƚĞŝŶƐ͘/ŶĂĚĚŝƚŝŽŶ͕, ^WŝƐ ŝŵƉůŝĐĂƚĞĚŝŶƚŚĞƌĞŐƵůĂƚŝŽŶŽĨƉůĂŶƚŐƌŽǁƚŚĂŶĚĚĞǀĞůŽƉŵĞŶƚŝŶƌĞƐƉŽŶƐĞƚŽŽdžŝĚĂƚŝǀĞƐƚƌĞƐƐ;ĞůŝƐ ĞƚĂů͕͘ϮϬϭϱͿ͘
ϯ͘ϯ͘WŽůLJƐƉĞĐŝĨŝĐƌŝďŽŶƵĐůĞĂƐĞĐŽŵƉůĞdžWEϮͬϯ͘
WͲĚĞƉĞŶĚĞŶƚƉŽůLJƌŝďŽŶƵĐůĞĂƐĞƐ;WEͿŚĂǀĞďĞĞŶĨŝƌƐƚĚĞƐĐƌŝďĞĚŝŶLJĞĂƐƚ;ŽĞĐŬĞƚĂů͕͘ϭϵϵϲ͖ ƌŽǁŶĂŶĚ^ĂĐŚƐ͕ϭϵϵϴ͖^ĂĐŚƐĂŶĚĞĂƌĚŽƌĨĨ͕ϭϵϵϮͿ͘WEƉƌŽƚĞŝŶƐĂƌĞƌĞĐƌƵŝƚĞĚƚŽŵZEƐďLJ ŝŶƚĞƌĂĐƚŝŶŐǁŝƚŚWWƐǁŚŝĐŚƐƚŝŵƵůĂƚĞƐWEŶƵĐůĞĂƐĞĂĐƚŝǀŝƚLJ;ŽĞĐŬĞƚĂů͕͘ϭϵϵϲ͖DĂŶŐƵƐĞƚĂů͕͘ ϮϬϬϰͿ͘dŚĞĂĐƚŝǀĞĨŽƌŵŽĨWEŝƐĂŚĞƚĞƌŽƚƌŝŵĞƌŝĐĐŽŵƉůĞdžŽĨƚŚĞ ͲĨĂŵŝůLJĞdžŽƌŝďŽŶƵĐůĞĂƐĞ WEϮĂŶĚƚǁŽWEϯƐƵďƵŶŝƚƐ;^ĐŚćĨĞƌĞƚĂů͕͘ϮϬϭϵ͖hĐŚŝĚĂĞƚĂů͕͘ϮϬϬϰ͖tŽůĨĞƚĂů͕͘ϮϬϭϰͿ͘WEϯ ƉŽƐƐĞƐƐĞƐ Ă ƐŚŽƌƚ ƐĞƋƵĞŶĐĞ ŵŽƚŝĨ͕ WDϮ͕ ƚŚĂƚ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ďLJ ƚŚĞ ͲƚĞƌŵŝŶĂů D>> ŽĨ WW ;^ŝĚĚŝƋƵŝĞƚĂů͕͘ϮϬϬϳͿ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƌĞĐĞŶƚƐƚƵĚLJƐŚŽǁĞĚƚŚĂƚWEϮͬϯƌĞĐŽŐŶŝƐĞƐƚŚĞŝŶƚĞƌĨĂĐĞƐ ĨŽƌŵĞĚďLJWWŽůŝŐŽŵĞƌŝƐĂƚŝŽŶĂŶĚƚŚĂƚŝƚƐĚĞĂĚĞŶLJůĂƚŝŽŶĞĨĨŝĐŝĞŶĐLJĚĞƉĞŶĚƐŽŶƚŚĞŶƵŵďĞƌŽĨ ƐƵĐŚŝŶƚĞƌĨĂĐĞƐƚŚĂƚĂƌĞƉƌĞƐĞŶƚŽŶĂƉŽůLJƚĂŝů;^ĐŚćĨĞƌĞƚĂů͕͘ϮϬϭϵͿ͘
ϳϭ WEϮͬϯŝƐŶŽƚĞƐƐĞŶƚŝĂůĂŶĚŝƐƉƌŽďĂďůLJĂƚůĞĂƐƚƉĂƌƚŝĂůůLJƌĞĚƵŶĚĂŶƚǁŝƚŚƚŚĞZϰͬEKdĐŽŵƉůĞdž ;WĂƌŬĞƌĂŶĚ^ŽŶŐ͕ϮϬϬϰ͖tĂŚůĞĂŶĚtŝŶŬůĞƌ͕ϮϬϭϯ͖tŽůĨĂŶĚWĂƐƐŵŽƌĞ͕ϮϬϭϰͿ͘/ŶŵŽƐƚĞƵŬĂƌLJŽƚĞƐ͕ ƚŚĞƉƌĞĚŽŵŝŶĂŶƚƌŽůĞŽĨWEϮͬϯŝƐƚŽŝŶŝƚŝĂƚĞƚŚĞƐŚŽƌƚĞŶŝŶŐŽĨƚŚĞƉŽůLJƚĂŝů;ĞŝůŚĂƌnjĂŶĚWƌĞŝƐƐ͕ ϮϬϬϳ͖ƌŽǁŶĂŶĚ^ĂĐŚƐ͕ϭϵϵϴ͖DĂŶŐƵƐĞƚĂů͕͘ϮϬϬϰ͖^ĐŚćĨĞƌĞƚĂů͕͘ϮϬϭϵͿ͘ƌĞĐĞŶƚƐƚƵĚLJŚĂƐŶŽǁ ƐŚŽǁŶ ƚŚĂƚ ƚŚĞ ŝŶĂĐƚŝǀĂƚŝŽŶ ŽĨ WEϮͬϯ ŝŶ ŚƵŵĂŶ ĐĞůů ůŝŶĞƐ ůĞĂĚƐ ƚŽ Ă ƐůŝŐŚƚ ďƵƚ ƌĞƉƌŽĚƵĐŝďůĞ ŝŶĐƌĞĂƐĞŽĨƉŽůLJƚĂŝůƐůŽŶŐĞƌƚŚĂŶϭϱϬŶƵĐůĞŽƚŝĚĞƐ͕ďƵƚŚĂƐŐůŽďĂůůLJŶŽŝŵƉĂĐƚŽŶƚŚĞŵĞĂŶƉŽůLJ ƚĂŝůůĞŶŐƚŚĂŶĚŶŽĐŽŶƐŝĚĞƌĂďůĞŝŵƉĂĐƚŽŶƚŚĞŵZEƐƚĞĂĚLJͲƐƚĂƚĞůĞǀĞů;zŝĞƚĂů͕͘ϮϬϭϴͿ͘LJĐŽŶƚƌĂƐƚ͕ ĚĞƉůĞƚŝŽŶŽĨƐƵďƵŶŝƚƐŽĨƚŚĞZϰͬEKdĐŽŵƉůĞdžůĞĂĚƐŝŶŐĞŶĞƌĂůƚŽĂĚƌĂƐƚŝĐĐŚĂŶŐĞŝŶŵZEƚĂŝů ůĞŶŐƚŚĂŶĚĂŶŝŶĐƌĞĂƐĞŽĨƚŚĞƐƚĞĂĚLJͲƐƚĂƚĞůĞǀĞů;WĂƌŬĞƌĂŶĚ^ŽŶŐ͕ϮϬϬϰ͖tĂŚůĞĂŶĚtŝŶŬůĞƌ͕ϮϬϭϯ͖ tŽůĨĂŶĚWĂƐƐŵŽƌĞ͕ϮϬϭϰͿ͘dŚĞƐĞĚĂƚĂƐƵƉƉŽƌƚƚŚĞĐƵƌƌĞŶƚŚLJƉŽƚŚĞƐŝƐƚŚĂƚZϰͬEKdŝƐƚŚĞŵĂŝŶ ĚĞĂĚĞŶLJůĂƐĞŝŶĞƵŬĂƌLJŽƚŝĐĐĞůůƐĂŶĚŝŵƉĂĐƚƐƚŚĞǀĂƐƚŵĂũŽƌŝƚLJŽĨƚŚĞŵZEƉŽƉƵůĂƚŝŽŶ͘KĨŶŽƚĞ͕ WEϮ ŝƐ ĐŽŶƐĞƌǀĞĚ ŝŶ ŚůŽƌŽƉŚLJƚĞƐ ĂŶĚ ƌLJŽƉŚLJƚĞƐ͕ ďƵƚ ŚĂƐ ŶŽ ŚŽŵŽůŽŐƵĞ ŝŶ ŚŝŐŚĞƌ ƉůĂŶƚƐ ;WĂǀůŽƉŽƵůŽƵĞƚĂů͕͘ϮϬϭϯͿ
ϯ͘ϰ͘dŚĞŵĂŝŶĚĞĂĚĞŶLJůĂƐĞĐŽŵƉůĞdžZϰͬEKd͘ dŚĞ ŵĂŝŶ ĚĞĂĚĞŶLJůĂƚŝŽŶ ĂĐƚŝǀŝƚLJ ŝƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŵƵůƚŝͲƐƵďƵŶŝƚ ƉƌŽƚĞŝŶ ĐŽŵƉůĞdž ZϰͬEKd͘ ZϰͬEKdĐŽŶƐŝƐƚƐŽĨĂǁĞůůĐŽŶƐĞƌǀĞĚĐŽƌĞĐŽŵƉůĞdžǁŝƚŚƚǁŽĐĂƚĂůLJƚŝĐƐƵďƵŶŝƚƐ͕ZϰĂŶĚ&ϭ͕ ǁŚŝĐŚďĞůŽŶŐƚŽƚŚĞ WĂŶĚ ƐƵƉĞƌĨĂŵŝůŝĞƐ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘Zϰ;ĂƌďŽŶĂƚĂďŽůŝƚĞZĞƉƌĞƐƐŽƌ ϰͿǁĂƐŽƌŝŐŝŶĂůůLJŝĚĞŶƚŝĨŝĞĚŝŶĂŐĞŶĞƚŝĐƐĐƌĞĞŶĨŽƌĨĂĐƚŽƌƐŝŶǀŽůǀĞĚŝŶƚŚĞŐůƵĐŽƐĞƌĞƉƌĞƐƐŝŽŶŽĨ LJĞĂƐƚĂůĐŽŚŽůĚĞŚLJĚƌŽŐĞŶĂƐĞϮ;,ϮͿ;ĞŶŝƐ͕ϭϵϴϰͿ͘dŚĞEKd;EĞŐĂƚŝǀĞKŶddͲůĞƐƐͿŐĞŶĞƐ ǁĞƌĞŝŶŝƚŝĂůůLJŝĚĞŶƚŝĨŝĞĚŝŶĂƌĞƉŽƌƚĞƌƐĐƌĞĞŶďĂƐĞĚŽŶƉƌŽŵŽƚĞƌƐƚŚĂƚůĂĐŬĐĂŶŽŶŝĐĂůddďŽdžĞƐ ;ŽůůĂƌƚĂŶĚ^ƚƌƵŚů͕ϭϵϵϰͿ͘dŚĞZϰͬEKdĐŽŵƉůĞdžĂĐƚƐĂƚǀĂƌŝŽƵƐƐƚĞƉƐŽĨƚŚĞŵZEůŝĨĞĐLJĐůĞĂŶĚ ŝƐ Ă ĐĞŶƚƌĂů ƌĞŐƵůĂƚŽƌ ŽĨ ŐĞŶĞ ĞdžƉƌĞƐƐŝŽŶ ;ŚĂƉĂƚ ĂŶĚ ŽƌďŽ͕ ϮϬϭϰ͖ ŽůůĂƌƚ͕ ϮϬϭϲ͖ ŽůůĂƌƚ ĂŶĚ WĂŶĂƐĞŶŬŽ͕ϮϬϭϮ͖DĂŝůůĞƚĞƚĂů͕͘ϮϬϬϬ͖DŝůůĞƌĂŶĚZĞĞƐĞ͕ϮϬϭϮ͖^ŚŝƌĂŝĞƚĂů͕͘ϮϬϭϰͿ ͘ZϰͬEKd͛Ɛ ďŝŽůŽŐŝĐĂůĨƵŶĐƚŝŽŶƐĂƌĞŝŵƉŽƌƚĂŶƚĨŽƌĞŵďƌLJŽŐĞŶĞƐŝƐĂŶĚĚĞǀĞůŽƉŵĞŶƚ͕ŐĞƌŵůŝŶĞŵĂŝŶƚĞŶĂŶĐĞ͕ ĐĞůů ƉƌŽůŝĨĞƌĂƚŝŽŶ ĂŶĚ ŝŵŵƵŶĞ ƌĞƐƉŽŶƐĞƐ ŝŶ LJĞĂƐƚ͕ ŵĂŵŵĂůƐĂŶĚ yĞŶŽƉƵƐ ;ŚĂƉĂƚ ĂŶĚ ŽƌďŽ͕ ϮϬϭϰͿ͘/ŶLJĞĂƐƚ͕EKdϭŝƐĂŶĞƐƐĞŶƚŝĂůƉƌŽƚĞŝŶĂŶĚƚŚĞZϰͬEKdĐŽŵƉůĞdžŝƐƌĞƋƵŝƌĞĚĨŽƌǀŝĂďŝůŝƚLJ
;DĂŝůůĞƚĞƚĂů͕͘ϮϬϬϬͿ͘
ϯ͘ϰ͘ϭ͘ƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞZϰͬEKdĐŽŵƉůĞdž͘ dŚĞĂƌĐŚŝƚĞĐƚƵƌĞŽĨZϰͬEKdĐŽŵƉůĞdžĞƐŚĂǀĞďĞĞŶƐƚƵĚŝĞĚŝŶƌŽƐŽƉŚŝůĂ͕ŚƵŵĂŶƐĂŶĚLJĞĂƐƚ ;ŚĂƐŬĂƌĞƚĂů͕͘ϮϬϭϱ͖DĂŝůůĞƚĞƚĂů͕͘ϮϬϬϬ͖sŝůůĂŶLJŝĂŶĚŽůůĂƌƚ͕ϮϬϭϲͿ͘ŶŽǀĞƌĂůůƐƚƌƵĐƚƵƌĞŚĂƐďĞĞŶ ƉƌŽƉŽƐĞĚĨƌŽŵůŽǁͲƌĞƐŽůƵƚŝŽŶĞůĞĐƚƌŽŶŵŝĐƌŽƐĐŽƉLJŝŵĂŐĞƐ;EĂƐĞƌƚŽƌĂďŝĞƚĂů͕͘ϮϬϭϭͿ͘dŚĞŚƵŵĂŶ
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ZϰͬEKdĐŽƌĞĐŽŵƉůĞdžŝƐĐŽŵƉŽƐĞĚŽĨϴEKdƉƌŽƚĞŝŶƐ;&ŝŐƵƌĞϰĂŶĚͿ͘dŚĞĐĞŶƚƌĂůƐĐĂĨĨŽůĚ ƉƌŽƚĞŝŶEKdϭŝƐĂůĂƌŐĞƉƌŽƚĞŝŶǁŝƚŚŵƵůƚŝƉůĞĚŽŵĂŝŶƐƚŚĂƚŵĞĚŝĂƚĞŝƚƐŝŶƚĞƌĂĐƚŝŽŶƐǁŝƚŚƚŚĞ&ϭ ĚĞĂĚĞŶLJůĂƐĞƐ;EKdϳͬϴŝŶŚƵŵĂŶͿĂŶĚǁŝƚŚŽƚŚĞƌEKdƉƌŽƚĞŝŶƐ;yƵĞƚĂů͕͘ϮϬϭϰͿ͘EKdϭϬĂŶĚ EKdϭϭĂƌĞƌĞĐƌƵŝƚĞĚƚŚƌŽƵŐŚĂŶŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶEKdϭϭƐĚŽŵĂŝŶŽĨƵŶŬŶŽǁŶĨƵŶĐƚŝŽŶ h&ϮϯϲϯĂŶĚĂƐĞŐŵĞŶƚŝŶƚŚĞEͲƚĞƌŵŝŶĂůƉĂƌƚŽĨEKdϭ;EKdϭͲͿ͕ƉƌŽďĂďůLJƚŚĞĐŽŶƐĞƌǀĞĚ, d ĚŽŵĂŝŶ;ĂǁĂŶŬĂƌĞƚĂů͕͘ϮϬϭϯ͖DĂƵdžŝŽŶĞƚĂů͕͘ϮϬϭϯͿ͘EKdϵŚĂƐĂĐŽŶƐĞƌǀĞĚĂƌŵĂĚŝůůŽƌĞƉĞĂƚ ĚŽŵĂŝŶƚŚĂƚďŝŶĚƚŚĞh&ϯϴϭϵŽĨEKdϭ͘EKdϯĂŶĚEKdϮĂƌĞƌĞĐƌƵŝƚĞĚƚŽEKdϭďLJĂĚŝƌĞĐƚ ŝŶƚĞƌĂĐƚŝŽŶ ďĞƚǁĞĞŶ ƚŚĞ EKd ďŽdž ĚŽŵĂŝŶ ŽĨ EKdϮ ǁŝƚŚ EKdϭƐ, dͲůŝŬĞ ƌĞƉĞĂƚ ĚŽŵĂŝŶ ^, ;ŚĂƐŬĂƌĞƚĂů͕͘ϮϬϭϱ͖ŽůĂŶĚĞƚĂů͕͘ϮϬϭϯ͖ŚĞŶĞƚĂů͕͘ϮϬϭϰ͖DĂƚŚLJƐĞƚĂů͕͘ϮϬϭϰͿ͘&ŝŶĂůůLJ͕ƚŚĞ&ϭ ŚŽŵŽůŽŐƵĞƐ EKdϳͬϴ ĂƌĞ ƌĞĐƌƵŝƚĞĚ ǀŝĂ ƚŚĞ D/&ϰ' ĚŽŵĂŝŶƐ ƉƌĞƐĞŶƚ ŝŶ EKdϭ͘ Zϰ ƉƌŽƚĞŝŶƐ ;EKdϲͬEKdϲ>ŝŶŚƵŵĂŶͿĂƌĞƌĞĐƌƵŝƚĞĚǀŝĂƚŚĞŝƌŝŶƚĞƌĂĐƚŝŽŶǁŝƚŚ&ϭ͕ŵĞĚŝĂƚĞĚďLJĂĐŽŶƐĞƌǀĞĚ ůĞƵĐŝŶĞƌŝĐŚƌĞƉĞĂƚ>ZZĂƚƚŚĞEͲƚĞƌŵŝŶĂůƉĂƌƚŽĨZϰĂŶĚƚŚĞ ĚŽŵĂŝŶŽĨ&ϭƉƌŽƚĞŝŶƐ ;&ŝŐƵƌĞϰĂŶĚͿ;ĂŝĞƚĂů͕͘ϭϵϵϵ͖ƌĂƉĞƌĞƚĂů͕͘ϮϬϭϱͿ͘ůůĐŽƌĞEKdƉƌŽƚĞŝŶƐŚĂǀĞŚŽŵŽůŽŐƵĞƐŝŶ ƌŽƐŽƉŚŝůĂǁŚŽƐĞZϰͬEKdĐŽŵƉůĞdžĂƌĐŚŝƚĞĐƚƵƌĞŝƐƐŝŵŝůĂƌƚŽƚŚĞŚƵŵĂŶĐŽŵƉůĞdž͘LJĐŽŶƚƌĂƐƚ͕ ^ĂĐĐŚĂƌŽŵLJĐĞƐĐĞƌĞǀŝƐŝĂĞ ůĂĐŬƐŚŽŵŽůŽŐƐŽĨEKdϭϬĂŶĚEKdϭϭ;ƐĞĞdĂďůĞ^ϭŝŶƐƵƉƉůĞŵĞŶƚĂƌLJ ĚĂƚĂĨŽƌĂŶŽǀĞƌǀŝĞǁŽĨƚŚĞĐŽƌĞZϰͬEKdƐƵďƵŶŝƚƐ ĂŶĚ&ŝŐƵƌĞϰĂŶĚͿ͘/ŶƐƚĞĂĚ͕ƚŚĞLJĞĂƐƚ ZϰͬEKdĐŽŵƉůĞdžĐŽŶƚĂŝŶƐĂŶĂĚĚŝƚŝŽŶĂů&ϭϯϬƉƌŽƚĞŝŶƚŚĂƚŚĂƐŶŽŚŽŵŽůŽŐƵĞŝŶŚƵŵĂŶƐ͕ĂŶĚ ĂEKdϰƉƌŽƚĞŝŶƚŚĂƚŝŶƚĞƌĂĐƚƐǁŝƚŚƚŚĞͲƚĞƌŵŝŶĂůƉĂƌƚŽĨEKdϭ;EKdϭͲͿ;ŚĂƐŬĂƌĞƚĂů͕͘ϮϬϭϱ͖ ŚĞŶĞƚĂů͕͘ϮϬϬϭͿ͘KĨŶŽƚĞ͕ĂEKdϰŚŽŵŽůŽŐƵĞŝƐĐŽŶƐĞƌǀĞĚŝŶŚƵŵĂŶƐ͕ďƵƚŝƐĂƉƉĂƌĞŶƚůLJŶŽƚƐƚĂďůLJ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞZϰͬEKdĐŽŵƉůĞdž͘&ŝŶĂůůLJ͕LJĞĂƐƚŚĂƐϮŽƌƚŚŽůŽŐƵĞƐŽĨEKdϯ͕EKdϯĂŶĚ EKdϱ͕ƚŚĞůĂƚƚĞƌŽĨǁŚŝĐŚŝƐƌĞĐƌƵŝƚĞĚďLJŝŶƚĞƌĂĐƚŝŶŐǁŝƚŚEKdϮ͘,ŽǁEKdϯŝƐƌĞĐƌƵŝƚĞĚƚŽLJĞĂƐƚ ZͬEKdƌĞŵĂŝŶƐƵŶĐůĞĂƌƚŽĚĂƚĞ;&ŝŐƵƌĞϰĂŶĚͿ͘&ŝŶĂůůLJ͕LJĞĂƐƚZϰŝƐƌĞĐƌƵŝƚĞĚďLJ&ϭƐŝŵŝůĂƌ ƚŽƚŚĞƐŝƚƵĂƚŝŽŶŝŶŚƵŵĂŶ;ĂƐƋƵŝŶĞƚĂů͕͘ϮϬϭϮ͖WĞƚŝƚĞƚĂů͕͘ϮϬϭϮͿ͘
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/Ŷ ƚŚĞ ĐLJƚŽƉůĂƐŵ͕ ZϰͬEKd ƌĞŐƵůĂƚĞƐ ƚŚĞ ĂƐƐĞŵďůLJ ŽĨ ƚŚĞ ƉƌŽƚĞĂƐŽŵĞ ƉƌŽƚĞŝŶ ĚĞŐƌĂĚĂƚŝŽŶ ŵĂĐŚŝŶĞƌLJďLJƌĞĐƌƵŝƚŝŶŐĐŚĂƉĞƌŽŶĞƐƚŽƚŚĞƉƌŽƚĞĂƐŽŵĞ͘dŚĞZ/E' ϯůŝŐĂƐĞĚŽŵĂŝŶEKdϰǁĂƐ ƐƵŐŐĞƐƚĞĚ ƚŽ ƵďŝƋƵŝƚŝŶLJůĂƚĞ ƚƌƵŶĐĂƚĞĚ ƉƌŽƚĞŝŶƐ ƉƌŽĚƵĐĞĚ ďLJ ƚƌĂŶƐůĂƚŝŽŶĂů ĂƌƌĞƐƚ ĂŶĚ ŵĂƌŬ ƌŝďŽƐŽŵĂůƉƌŽƚĞŝŶƐĨŽƌĚĞŐƌĂĚĂƚŝŽŶďLJƚŚĞƉƌŽƚĞĂƐŽŵĞ͘
ZϰͬEKdĐĂŶĂůƐŽŝŶƚĞƌĂĐƚǁŝƚŚƚŚĞƚƌĂŶƐůĂƚŝŽŶŵĂĐŚŝŶĞƌLJ͘dŚĞƚƌĂŶƐůĂƚŝŽŶƚĞƌŵŝŶĂƚŝŽŶĨĂĐƚŽƌƐ ĞZ&ϭͬϯƚƌŝŐŐĞƌƐƚŚĞĚĞĂĚĞŶLJůĂƚŝŽŶŽĨŵZEƐďLJƌĞĐƌƵŝƚŝŶŐZϰͬEKd;&ƵŶĂŬŽƐŚŝĞƚĂů͕͘ϮϬϬϳͿ͕ĂŶĚ ZϰͬEKdĐĂŶĂƐƐŽĐŝĂƚĞǁŝƚŚƚƌĂŶƐůĂƚŝŽŶŝŶŚŝďŝƚŽƌƐƐƵĐŚĂƐyϲͬŚŚϭŽƌƚŚĞ'z&ƉƌŽƚĞŝŶ'/'z&Ϯ ;ŵĂLJĂZĂŵŝƌĞnjĞƚĂů͕͘ϮϬϭϴͿ͘ŚŚϭĚŝƌĞĐƚůLJďŝŶĚƐƚŽƌŝďŽƐŽŵĞƐĂŶĚŵĂƌŬƐŵZEƐǁŝƚŚůŽǁĐŽĚŽŶ ŽƉƚŝŵĂůŝƚLJĂŶĚƐůŽǁƌŝďŽƐŽŵĞĞůŽŶŐĂƚŝŽŶĨŽƌƚƌĂŶƐůĂƚŝŽŶŝŶŚŝďŝƚŝŽŶĂŶĚĚĞĐĂLJ;ZĂĚŚĂŬƌŝƐŚŶĂŶĞƚ Ăů͕͘ ϮϬϭϲͿ͘ &ŝŶĂůůLJ͕ ƚŚĞ ĐĂƚĂůLJƚŝĐ ƐƵďƵŶŝƚƐ Zϰ ĂŶĚ &ϭ ĂƌĞ ĚĞĂĚĞŶLJůĂƐĞƐ ƚŚĂƚ ƐŚŽƌƚĞŶ ŵZE ƉŽůLJƚĂŝůƐ͕ǁŚŝĐŚƵůƚŝŵĂƚĞůLJůĞĂĚƐƚŽƚŚĞĚĞŐƌĂĚĂƚŝŽŶŽĨƚŚĞŵZE;&ŝŐƵƌĞϱͿ͘dŚĞŵĂŝŶďŝŽůŽŐŝĐĂů ĨƵŶĐƚŝŽŶƐ ŽĨ ĚĞĂĚĞŶLJůĂƚŝŽŶ ďLJ ZϰͬEKd ŝŶĐůƵĚĞ ďƵůŬ ŵZE ĚĞŐƌĂĚĂƚŝŽŶ͕ ŵŝZEͲŵĞĚŝĂƚĞĚ ƌĞƉƌĞƐƐŝŽŶ ĂŶĚ ƚƌĂŶƐůĂƚŝŽŶĂů ƌĞƉƌĞƐƐŝŽŶ ĚƵƌŝŶŐ ƚƌĂŶƐůĂƚŝŽŶĂů ŝŶŝƚŝĂƚŝŽŶ͘ DŽƌĞŽǀĞƌ͕ ŵZE ĚĞĂĚĞŶLJůĂƚŝŽŶŝƐƚŝŐŚƚůLJĐŽŶŶĞĐƚĞĚƚŽƚƌĂŶƐůĂƚŝŽŶ͘
ϯ͘ϰ͘ϯ͘ZĞĐƌƵŝƚŵĞŶƚŽĨZϰͬEKdƚŽŵZE͘
ĞƐŝĚĞƐĂƉƵƚĂƚŝǀĞZZDĚŽŵĂŝŶŝŶEKdϰ͕ƚŚĞZϰͬEKdĐŽŵƉůĞdžŚĂƐŶŽĚĞĨŝŶĞĚZEďŝŶĚŝŶŐ ŵŽƚŝĨƐŝŶƚŚĞŝƌƐƵďƵŶŝƚƐ͘dŚĞƌĞĐƌƵŝƚŵĞŶƚŽĨƚŚĞZϰͬEKdĐŽŵƉůĞdžƚŽƐƉĞĐŝĨŝĐŵZEƐŝŶǀŽůǀĞƐ ZEďŝŶĚŝŶŐƉƌŽƚĞŝŶƐZWƐƵĐŚĂƐWƵŵŝůŝŽ;Wh&ͿĂŶĚdƌŝƐƚĞƚƌĂƉƌŽůŝŶ;ddWͿƉƌŽƚĞŝŶƐƚŚĂƚƌĞĐŽŐŶŝƐĞ ƐƉĞĐŝĨŝĐ ƐĞƋƵĞŶĐĞ ĞůĞŵĞŶƚƐ ;tĞďƐƚĞƌ Ğƚ Ăů͕͘ ϮϬϭϴĂͿ͘ Wh& ƉƌŽƚĞŝŶƐ ďŝŶĚ ƚŽ WƵŵŝůŝŽͲƌĞƐƉŽŶƐĞ ĞůĞŵĞŶƚƐ;WZ Ϳ;&ŝŐƵƌĞϲͿ͕ǁŚŝůĞddWƉƌŽƚĞŝŶƐƌĞĐŽŐŶŝƐĞZ ĞůĞŵĞŶƚƐŝŶƚŚĞ ϯ͛hdZ͘ddWƉƌŽƚĞŝŶ Ɛ ĚŝƌĞĐƚůLJŝŶƚĞƌĂĐƚǁŝƚŚEKdϭĂŶĚEKdϵ͘ZĞĐƌƵŝƚŵĞŶƚŽĨZϰͬEKdŝƐĂůƐŽƉƌŽŵŽƚĞĚďLJĐŽǀĂůĞŶƚ
ϳϰ
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KƐZϰĂͬď͕ ǁŚĞƌĞĂƐ KƐ&ϭĂ͕ KƐ&ϭŚ ĂŶĚ KƐ&ϭŐ͕ ƚŚĂƚ ĐůƵƐƚĞƌ ǁŝƚŚ ƌĂďŝĚŽƉƐŝƐ &ϭ ƉƌŽƚĞŝŶƐŽĨŐƌŽƵƉ͕ŝŶƚĞƌĂĐƚĞĚǁŝƚŚďŽƚŚKƐEKdϭĂŶĚKƐZϰƉƌŽƚĞŝŶƐ;&ŝŐƵƌĞϭϬͿ;ŚŽƵĞƚĂů͕͘ ϮϬϭϲͿ͘ dĂŬĞŶ ƚŽŐĞƚŚĞƌ ƚŚĞƐĞ ƌĞƐƵůƚƐ ƐƵŐŐĞƐƚ ƚŚĂƚ ƉůĂŶƚƐ ƉŽƐƐĞƐƐ ƚǁŽ ǀĞƌƐŝŽŶƐ ŽĨ ZϰͬEKd ĐŽŵƉůĞdžĞƐ͕ŽŶĞƚŚĂƚĐŽŵƉƌŝƐĞƐŽŶůLJ&ϭĂͬďǁŚŝůĞƚŚĞŽƚŚĞƌŽŶĞĐŽŶƚĂŝŶƐďŽƚŚ&ϭŚͬŝͬũͬŬĂŶĚ Zϰ͘dŚĞ&ϭƉƌŽƚĞŝŶƐŽĨŐƌŽƵƉƉŽƐƐŝďůLJĂĐƚŝŶĚĞƉĞŶĚĞŶƚŽĨZϰͬEKdĂƐƐƚĂŶĚĂůŽŶĞĞŶnjLJŵĞƐ ;&ŝŐƵƌĞ ϭϬ ĂŶĚ Ϳ͘ dŚĞƐĞ ƌĞƐƵůƚƐ ŐĂǀĞ ĨŝƌƐƚ ŝŶƐŝŐŚƚƐ ŝŶƚŽ ƚŚĞ ŵŽůĞĐƵůĂƌ ĂƌĐŚŝƚĞĐƚƵƌĞ ŽĨ ƚŚĞ ZϰͬEKdĐŽŵƉůĞdžŝŶƉůĂŶƚƐĂŶĚŶĞĞĚƚŽďĞĐŽŶĨŝƌŵĞĚ͘
ƌĂďŝĚŽƉƐŝƐ ŚĂƐ ĂůƐŽ ƚǁŽ ŚŽŵŽůŽŐƐ ŽĨ Zϰ͕ ZϰĂ ĂŶĚ Zϰď ;ƵƉƌĞƐƐŽŝƌ Ğƚ Ăů͕͘ ϮϬϬϭͿ͘ /ŶƚĞƌĞƐƚŝŶŐůLJ͕ƚŚĞEͲƚĞƌŵŝŶĂůƉĂƌƚƐŽĨZϰĂĂŶĚZϰďĚŽŶŽƚĐŽŶƚĂŝŶƚŚĞ>ZZŵŽƚŝĨƐƚŚĂƚĂƌĞ ĞƐƐĞŶƚŝĂůĨŽƌƚŚĞŝŶƚĞƌĂĐƚŝŽŶǁŝƚŚ&ϭĂŶĚƚŚĞƌĞĐƌƵŝƚŵĞŶƚƚŽƚŚĞZϰͬEKdĐŽŵƉůĞdžŝŶLJĞĂƐƚĂŶĚ ŚƵŵĂŶƐ͘dŚƵƐ͕ƚŚĞŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶƚZϰĂŶĚ&ϭŵƵƐƚŝŶǀŽůǀĞŽƚŚĞƌŵŽƚŝĨƐŶŽƚŝĚĞŶƚŝĨŝĞĚ LJĞƚ͘/ŶƌŝĐĞ͕ĂDzEͲůŝŬĞĚŽŵĂŝŶĂƚƚŚĞEͲƚĞƌŵŝŶĂůƉĂƌƚŽĨZϰĂŶĚĂWdž>džWŵŽƚŝĨŝŶ&ϭŚĂǀĞ ďĞĞŶŝŵƉůŝĐĂƚĞĚŝŶƚŚĞŝŶƚĞƌĂĐƚŝŽŶŽĨKƐZϰĂŶĚKƐ&ϭ;ŚŽƵĞƚĂů͕͘ϮϬϭϲͿ͘,ŽǁĞǀĞƌ͕ŽŶůLJƚŚĞ DzEĚŽŵĂŝŶŝƐĐŽŶƐĞƌǀĞĚŝŶƚZϰ͕ǁŚŝůĞŶŽWdž>džWŵŽƚŝĨŝƐƉƌĞƐĞŶƚŝŶƚ&ϭ͘
ĞĐĂƵƐĞWEϮͬϯĂƌĞŶŽƚƐLJƐƚĞŵĂƚŝĐĂůůLJĐŽŶƐĞƌǀĞĚŝŶƉůĂŶƚƐ͕ZϰͬEKdŝƐƚŚŽƵŐŚƚƚŽďĞƚŚĞŵĂŝŶ ĞŶnjLJŵĞƚŚĂƚďŽƚŚŝŶŝƚŝĂƚĞƐĂŶĚĐŽŵƉůĞƚĞƐĚĞĂĚĞŶLJůĂƚŝŽŶŽĨƉůĂŶƚZEƐ;WĂǀůŽƉŽƵůŽƵĞƚĂů͕͘ϮϬϭϯͿ͘ ,ŽǁĞǀĞƌ͕ƚŚĞƉŚLJƐŝŽůŽŐŝĐĂůĨƵŶĐƚŝŽŶƐŽĨƚŚĞƉůĂŶƚZϰͬEKdĐŽŵƉůĞdžƌĞŵĂŝŶůĂƌŐĞůLJƵŶĞdžƉůŽƌĞĚ͘ WůĂŶƚĚĞĂĚĞŶLJůĂƐĞƐĚŝƐƉůĂLJĚŝĨĨĞƌĞŶƚĞdžƉƌĞƐƐŝŽŶƉƌŽĨŝůĞƐƚŽƐƉĞĐŝĨŝĐƐŝŐŶĂůƐƚŚĂƚŝŵƉůLJŽǀĞƌůĂƉƉŝŶŐ ĂŶĚƐƉĞĐŝĨŝĐĨƵŶĐƚŝŽŶƐŝŶŵZEŵĞƚĂďŽůŝƐŵ;ŚŽƵĞƚĂů͕͘ϮϬϭϰ͖tĂůůĞLJĞƚĂů͕͘ϮϬϭϬͿ͘WůĂŶƚ&ϭĂŶĚ ZϰĚĞĂĚĞŶLJůĂƐĞƐŚĂǀĞďĞĞŶƐŚŽǁŶƚŽďĞƐƚƌĞƐƐͲƌĞƐƉŽŶƐŝǀĞĚĞĂĚĞŶLJůĂƐĞƐǁŚŽƐĞĞdžƉƌĞƐƐŝŽŶŝƐ ŝŶĐƌĞĂƐĞĚƵƉŽŶƐƚƌĞƐƐŽƌĚĞǀĞůŽƉŵĞŶƚĂůƐƚŝŵƵůŝ;ŚĞŶĞƚĂů͕͘ϮϬϭϲ͖>ŝĂŶŐĞƚĂů͕͘ϮϬϬϵ͖^ĂƌŽǁĂƌĞƚ Ăů͕͘ϮϬϬϳ͖^ƵnjƵŬŝĞƚĂů͕͘ϮϬϭϱ͖tĂůůĞLJĞƚĂů͕͘ϮϬϬϳ͖ŚĂŶŐĞƚĂů͕͘ϮϬϭϯͿ͘ĞƌĞŐƵůĂƚŝŽŶŽĨZϰĂŶĚ &ϭ ŝŵƉĂĐƚƐ ŵZE ƐƚĞĂĚLJͲƐƚĂƚĞ ůĞǀĞůƐ ŽĨ ŐĞŶĞƐ ŝŵƉůŝĐĂƚĞĚ ŝŶ ƐƚĂƌĐŚ ŵĞƚĂďŽůŝƐŵ͕ ƉůĂŶƚ ĚĞǀĞůŽƉŵĞŶƚ͕ ĂďŝŽƚŝĐ ƐƚƌĞƐƐ ƌĞƐƉŽŶƐĞƐ͕ ĂŶĚ ƉĂƚŚŽŐĞŶĞƐŝƐͲƌĞůĂƚĞĚ ŐĞŶĞƐ͘ /ŶƚĞƌĞƐƚŝŶŐůLJ͕ ďŽƚŚ ƚZϰĂͬďŝŶƌĂďŝĚŽƉƐŝƐĂŶĚKƐ&ϭŝŶƌŝĐĞĂƌĞůŽĐĂůŝƐĞĚŝŶWͲďŽĚŝĞƐ;^ƵnjƵŬŝĞƚĂů͕͘ϮϬϭϱͿ͘ dŚĞƐĞƐƚƵĚŝĞƐƉƌŽǀŝĚĞĚĂĨŝƌƐƚŝŶƐŝŐŚƚŝŶƚŽƚŚĞĂƌĐŚŝƚĞĐƚƵƌĞŽĨƉůĂŶƚZϰͬEKdĐŽŵƉůĞdžĞƐ͕ďƵƚ ĨƵƌƚŚĞƌƐƚƵĚŝĞƐĂƌĞŶĞĐĞƐƐĂƌLJƚŽĐŚĂƌĂĐƚĞƌŝƐĞĐŽŵƉŽƐŝƚŝŽŶ͕ĂĐƚŝǀŝƚLJĂŶĚƉŚLJƐŝŽůŽŐŝĐĂůĨƵŶĐƚŝŽŶƐŽĨ ƚŚĞŵĂŝŶĚĞĂĚĞŶLJůĂƚŝŽŶĞŶnjLJŵĞŝŶƉůĂŶƚƐ͘
ϳϴ ϰ͘dŚĞŵĂŝŶĨĂĐƚŽƌƐŝŶǀŽůǀĞĚŝŶďƵůŬŵZEĚĞĐĂLJ͘
^ŚŽƌƚĞŶŝŶŐŽĨƚŚĞƉŽůLJƚĂŝůŝƐĂŶŝŵƉŽƌƚĂŶƚĂŶĚƉƌŽďĂďůLJƚŚĞŵĂŝŶŵĞĐŚĂŶŝƐŵƚŽŝŶŝƚŝĂƚĞďƵůŬ ŵZEĚĞĐĂLJ͘KƚŚĞƌŵĞĐŚĂŶŝƐŵƐƚŽŝŶŝƚŝĂƚĞŵZEĚĞŐƌĂĚĂƚŝŽŶŝŶĐůƵĚĞĞŶĚŽŶƵĐůĞŽůLJƚŝĐĐůĞĂǀĂŐĞƐ ŝŶĚƵĐĞĚďLJƚƌĂŶƐůĂƚŝŽŶͲĐŽƵƉůĞĚŵZEƋƵĂůŝƚLJĐŽŶƚƌŽůƉĂƚŚǁĂLJƐƐƵĐŚĂƐŶŽŶͲƐĞŶƐĞŵĞĚŝĂƚĞĚĚĞĐĂLJ ;EDͿ͕ŶŽͲƐƚŽƉĚĞĐĂLJ;^ͿŽƌŶŽͲŐŽĚĞĐĂLJ;E'Ϳ͘ŵZEƐĐĂŶĂůƐŽďĞĐůĞĂǀĞĚďLJƚŚĞŵŝZEͲ ŐƵŝĚĞĚZEͲŝŶĚƵĐĞĚƐŝůĞŶĐŝŶŐĐŽŵƉůĞdž͘ ĂĐŚŽĨƚŚĞƐĞƉŽƐƐŝďůĞŵĞĐŚĂŶŝƐŵƐŝŶǀŽůǀĞƐƉƌŽƚĞŝŶƐƚŚĂƚ ƌĞĐƌƵŝƚĚĞĐĂLJĨĂĐƚŽƌƐĂŶĚƚƌŝŐŐĞƌƚŚĞĞůŝŵŝŶĂƚŝŽŶŽĨƚŚĞŵZEďLJĞdžŽƌŝďŽŶƵĐůĞŽůLJƚŝĐƉĂƚŚǁĂLJƐƚŚĂƚ ĚĞŐƌĂĚĞZEĨƌŽŵĞŝƚŚĞƌϯΖͲϱΖŽƌĨƌŽŵϱΖͲϯΖ͘
ϰ͘ϭ͘dŚĞ ϯ͛ƚŽϱ͛ĚĞŐƌĂĚĂƚŝŽŶ ƉĂƚŚǁĂLJ͘
ϯ͛ Ͳϱ͛ ĚĞŐƌĂĚĂƚŝŽŶ ŝƐ ĐĂƌƌŝĞĚ ŽƵ ƚ ďLJ ƚǁŽ ĚŝƐƚŝŶĐƚ ĞŶnjLJŵĞƐ͕ ƚŚĞ ZE ĞdžŽƐŽŵĞ ĂŶĚ ƚŚĞ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞ/^ϯ>Ϯ͘dŚĞZEĞdžŽƐŽŵĞŝƐĂŶĞƐƐĞŶƚŝĂůŵƵůƚŝƐƵďƵŶŝƚĐŽŵƉůĞdžĐŽŵƉŽƐĞĚŽĨĂ ĐŽŶƐĞƌǀĞĚĐŽƌĞĐŽŵƉůĞdžŽĨϵƐƵďƵŶŝƚƐ; džŽϵͿǁŚŝĐŚĂƐƐŽĐŝĂƚĞƐƚŽĞdžŽƌŝďŽŶƵĐůĞĂƐĞ͕ZEŚĞůŝĐĂƐĞƐ ĂŶĚŽƚŚĞƌĐŽͲĨĂĐƚŽƌƐŝŶĂĐŽŵƉĂƌƚŵĞŶƚƐƉĞĐŝĨŝĐŵĂŶŶĞƌ ;ųĂďŶŽĞƚĂů͕͘ ϮϬϭϲ͖ŝŶĚĞƌĂŶĚ>ŝŵĂ͕ϮϬϭϳͿ͘ džŽϵ ŝƐ ĐŽŵƉŽƐĞĚ ŽĨ Ɛŝdž ZEĂƐĞ W,ͲůŝŬĞ ƉƌŽƚĞŝŶƐ ƚŚĂƚ ĨŽƌŵ Ă ďĂƌƌĞůͲůŝŬĞ ƐƚƌƵĐƚƵƌĞ ƌĞƐĞŵďůŝŶŐ ďĂĐƚĞƌŝĂů ƉŽůLJŶƵĐůĞŽƚŝĚĞ ƉŚŽƐƉŚŽƌLJůĂƐĞƐ ;WEWĂƐĞƐͿ͕ ĂŶĚ ƚŚƌĞĞ ZEͲďŝŶĚŝŶŐ ƉƌŽƚĞŝŶƐ ĨŽƌŵŝŶŐ Ă ĐĂƉͲůŝŬĞƐƚƌƵĐƚƵƌĞ; ǀŐƵĞŶŝĞǀĂͲ,ĂĐŬĞŶďĞƌŐĞƚĂů͕͘ϮϬϭϰ͖:ĂŶƵƐnjLJŬĂŶĚ>ŝŵĂ͕ϮϬϭϰ͖^ĐŚŶĞŝĚĞƌĂŶĚ dŽůůĞƌǀĞLJ͕ϮϬϭϯͿ͘/ŶĐŽŶƚƌĂƐƚƚŽĂƌĐŚĂĞĂůĞdžŽƐŽŵĞƐƚŚĂƚƉŽƐƐĞƐƐƚŚƌĞĞƉŚŽƐƉŚŽƌŽůLJƚŝĐƐŝƚĞƐŝŶƐŝĚĞ ƚŚĞĐĞŶƚƌĂůĐŚĂŶŶĞů; ǀŐƵĞŶŝĞǀĂͲ,ĂĐŬĞŶďĞƌŐĞƚĂů͕͘ϮϬϭϰͿ͕ džŽϵŽĨLJĞĂƐƚĂŶĚŚƵŵĂŶĞdžŽƐŽŵĞŝƐ ĐĂƚĂůLJƚŝĐ ŝŶĂĐƚŝǀĞ ĂŶĚ ƚŚĞ ĞŶnjLJŵĂƚŝĐ ĂĐƚŝǀŝƚLJ ŝƐ ƐŽůĞůLJ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ĂƐƐŽĐŝĂƚĞĚ ŚLJĚƌŽůLJƚŝĐ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐZZWϲ͕/^ϯ;ZZWϰϰͿĂŶĚ/^ϯ>;njŝĞŵďŽǁƐŬŝĞƚĂů͕͘ϮϬϬϳ͖:ĂŶƵƐnjLJŬĂŶĚ>ŝŵĂ͕ ϮϬϭϰ͖^ŝǁĂƐnjĞŬĞƚĂů͕͘ϮϬϭϰ͖^ƚĂĂůƐĞƚĂů͕͘ϮϬϭϬ͖dŽŵĞĐŬŝĞƚĂů͕͘ϮϬϭϬ͖ŝŶĚĞƌĂŶĚ>ŝŵĂ͕ϮϬϭϳͿ͘WůĂŶƚ ĞdžŽƐŽŵĞĐŽŵƉůĞdžĞƐĞdžŚŝďŝƚĂŶĂĚĚŝƚŝŽŶĂůƉŚŽƐƉŚŽƌŽůLJƚŝĐĂĐƚŝǀŝƚLJƉƌŽǀŝĚĞĚďLJƚŚĞZZWϰϭƐƵďƵŶŝƚ ŽĨ džŽϵ;^ŝŬŽƌƐŬĂĞƚĂů͕͘ϮϬϭϳͿ͘
džŽƐŽŵĞĐŽŵƉůĞdžĞƐĂƌĞƉƌĞƐĞŶƚŝŶďŽƚŚŶƵĐůĞĂƌĂŶĚĐLJƚŽƉůĂƐŵŝĐĐŽŵƉĂƌƚŵĞŶƚƐŽĨĂůůĞƵŬĂƌLJŽƚŝĐ ĐĞůůƐ͘ƐƐŽĐŝĂƚĞĚǁŝƚŚĚĞĚŝĐĂƚĞĚĞdžŽƐŽŵĞƚĂƌŐĞƚŝŶŐĐŽŵƉůĞdžĞƐƚŚĂƚĂŝĚŝŶZEƌĞĐŽŐŶŝƚŝŽŶĂŶĚ ĞdžŽƐŽŵĞďŝŶĚŝŶŐƚŽŽƚŚĞƌƉƌŽƚĞŝŶĨĂĐƚŽƌƐ͕ƚŚĞŶƵĐůĞĂƌĞdžŽƐŽŵĞĐŽŶƚƌŝďƵƚĞƐƚŽƌZEƉƌŽĐĞƐƐŝŶŐ ĂŶĚ ŝƐ Ă ŬĞLJ ƉůĂLJĞƌ ŽĨ ZE ƐƵƌǀĞŝůůĂŶĐĞ ďLJ ĚĞŐƌĂĚŝŶŐ ƉƌĞͲŵZEƐ͕ ŵŝƐͲƐƉůŝĐĞĚ Žƌ ϯΖͲ ĞdžƚĞŶĚĞĚ ƚƌĂŶƐĐƌŝƉƚƐ͕ƐŶŽZEƉƌĞĐƵƌƐŽƌƐĂŶĚĂǀĂƌŝĞƚLJŽĨƉƌĞƐƵŵĂďůLJŶŽŶͲĨƵŶĐƚŝŽŶĂůZEŐĞŶĞƌĂƚĞĚĨƌŽŵ ŝŶƚĞƌŐĞŶŝĐƌĞŐŝŽŶƐŽƌďLJƉƌĞŵĂƚƵƌĞƚƌĂŶƐĐƌŝƉƚŝŽŶƚĞƌŵŝŶĂƚŝŽŶ;ĂůůĂŚĂŶĂŶĚƵƚůĞƌ͕ϮϬϭϬ͖&ĂůŬĞƚ Ăů͕͘ϮϬϭϰ͖,ĠŵĂƚLJĞƚĂů͕͘ϮϬϭϲ͖>ĂŶŐĞĞƚĂů͕͘ϮϬϬϴ͕ϮϬϭϰ͖>ƵďĂƐĞƚĂů͕͘ϮϬϭϯ͖DĞŽůĂĞƚĂů͕͘ϮϬϭϲ͖
ϳϵ ^ŝŬŽƌƐŬŝ Ğƚ Ăů͕͘ ϮϬϭϱ͖ sĂŶĂĐŽǀĂ Ğƚ Ăů͕͘ ϮϬϬϳ͖ tLJĞƌƐ Ğƚ Ăů͕͘ ϮϬϬϱͿ͘ dŚĞ ĐLJƚŽƉůĂƐŵŝĐ ĞdžŽƐŽŵĞ ƉĂƌƚŝĐŝƉĂƚĞƐŝŶƚŚĞƚƵƌŶŽǀĞƌŽĨŵZEƐĂŶĚŚĂƐƐƉĞĐŝĨŝĐƌŽůĞƐŝŶĚĞŐƌĂĚŝŶŐƚŚĞƐƵďƐƚƌĂƚĞƐŽĨED͕ E';EŽͲ'ŽĞĐĂLJͿĂŶĚE^;EŽͲ^ƚŽƉĞĐĂLJͿ;^ŚŽĞŵĂŬĞƌĂŶĚ'ƌĞĞŶ͕ϮϬϭϮͿĂŶĚƚŚĞ ϱ͛ĨƌĂŐŵĞŶƚƐ ƉƌŽĚƵĐĞĚďLJZ/^ĐůĞĂǀĂŐĞ;ƌĂŶƐĐŚĞŝĚĞƚĂů͕͘ϮϬϭϱ͖KƌďĂŶĂŶĚ/njĂƵƌƌĂůĚĞ͕ϮϬϬϱͿ͘ůůĨƵŶĐƚŝŽŶƐŽĨ ƚŚĞĐLJƚŽƉůĂƐŵŝĐĞdžŽƐŽŵĞƌĞƋƵŝƌĞŝƚƐĂƐƐŽĐŝĂƚŝŽŶǁŝƚŚ^ŝŵĂ͕ ϮϬϭϳͿ͘ dŚĞ ^ĂŶŐĞ ĞƚĂů͕͘ϮϬϭϵͿ͘
ĞŐƌĂĚĂƚŝŽŶďLJƚŚĞĞdžŽƐŽŵĞƌĞƋƵŝƌĞƐĂĐĐĞƐƐŝďůĞϯΖĞdžƚƌĞŵŝƚŝĞƐŐĞŶĞƌĂƚĞĚďLJĞŶĚŽƌŝďŽŶƵĐůĞŽůLJƚŝĐ ĐůĞĂǀĂŐĞƐ Žƌ ďLJ ƌĞŵŽǀŝŶŐ ƉƌŽƚĞĐƚŝŶŐ ƉƌŽƚĞŝŶƐ ϯΖ ĞŶĚƐ ƐƵĐŚ ĂƐ WWƐ Žƌ >^ŵ ĐŽŵƉůĞdžĞƐ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ƚŚĞ ĚĞŐƌĂĚĂƚŝŽŶ ŽĨ ŶŽŶͲĐŽĚŝŶŐ ŶƵĐůĞĂƌ ĞdžŽƐŽŵĞ ƐƵďƐƚƌĂƚĞƐ ĂŶĚ ƉƌĞͲŵZEƐ ŝƐ ƚƌŝŐŐĞƌĞĚďLJƚŚĞŶŽŶͲƚĞŵƉůĂƚĞĚĂĚĚŝƚŝŽŶŽĨŽůŝŐŽƚĂŝůƐďLJŶŽŶͲĐĂŶŽŶŝĐĂůƉŽůLJƉŽůLJŵĞƌĂƐĞƐ;<ƵĂŝ ĞƚĂů͕͘ϮϬϬϰ͖>ĂĂǀĂĞƚĂ ů͕͘ϮϬϬϱ͖sĂŸĄēŽǀĄĞƚĂů͕͘ϮϬϬϱͿ ͘ZĞĐĞŶƚƐƚƵĚŝĞƐƐŚŽǁƚŚĂƚĐLJƚŽƉůĂƐŵŝĐ ĞdžŽƐŽŵĞƚĂƌŐĞƚƐĐĂŶĂůƐŽŐĞƚŵĂƌŬĞĚďLJďŽƚŚŽůŝŐŽĂĚĞŶLJůĂƚŝŽŶĂŶĚƵƌŝĚLJůĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐŵZEƐ ;>ŝŵĞƚĂů͕͘ϮϬϭϲͿ ͕ϱ͛Z/^ ͲĐůĞĂǀĞĚĨƌĂŐŵĞŶƚƐ;/ďƌĂŚŝŵĞƚĂů͕͘ϮϬϬϲͿ͕ŐŽͲďŽƵŶĚƐŵĂůůZE;WŝƐĂĐĂŶĞ ĂŶĚ,ĂůŝĐ͕ϮϬϭϳͿĂŶĚƉƌĞͲŵŝZEƐ;>ŝƵĞƚĂů͕͘ϮϬϭϰͿ͘
/^ϯ>ϮŝƐĂŶĞdžŽƌŝďŽŶƵĐůĂƐĞŽĨƚŚĞZEĂƐĞĨĂŵŝůLJƚŚĂƚŝƐĂďƐĞŶƚŝŶ ^͘ĐĞƌĞǀŝƐŝĂĞ ďƵƚĐŽŶƐĞƌǀĞĚŝŶ ^͘ƉŽŵďĞ ͕ŵĞƚĂnjŽĂĂŶĚƉůĂŶƚƐ͘/^ϯ>ϮŝƐĂƉĂƌĂůŽŐƵĞŽĨƚŚĞĞdžŽƐŽŵĞͲĂƐƐŽĐŝĂƚĞĚĞdžŽƌŝďŽŶƵĐůĂƐĞ ZZWϰϰ͕ ďƵƚ ůĂĐŬƐ ƚŚĞ W/E ĚŽŵĂŝŶ ƚŚĂƚ ŵĞĚŝĂƚĞƐ ƚŚĞ ŝŶƚĞƌĂĐƚŝŽŶ ŽĨ ZZWϰϰ ǁŝƚŚ ƚŚĞ ĞdžŽƐŽŵĞ͘ /ŶĚĞĞĚ͕/^ϯ>ϮĚĞŐƌĂĚĞƐŝƚƐZEƚĂƌŐĞƚƐŝŶĚĞƉĞŶĚĞŶƚůLJŽĨƚŚĞĞdžŽƐŽŵĞ;>ƵďĂƐĞƚĂů͕͘ϮϬϭϯ͖DĂůĞĐŬŝ ĞƚĂů͕͘ϮϬϭϯ͖ŚĂŶŐĞƚĂů͕͘ϮϬϭϬͿ͘DƵƚĂƚŝŽŶƐŝŶŚƵŵĂŶ/^ϯ>ϮĂƌĞůŝŶŬĞĚǁŝƚŚƚŚĞWĞƌůŵĂŶƐLJŶĚƌŽŵĞ ŽĨĨŽĞƚĂůŽǀĞƌŐƌŽǁƚŚĂŶĚĂƉƌĞĚŝƐƉŽƐŝƚŝŽŶĨŽƌǀĂƌŝŽƵƐƚƵŵŽƵƌĚĞǀĞůŽƉŵĞŶƚ;ƐƚƵƚŝĞƚĂů͕͘ϮϬϭϮ͖ ,ƵŶƚĞƌĞƚĂů͕͘ϮϬϭϴ͖DŽƌƌŝƐĞƚĂů͕͘ϮϬϭϯ͖dŽǁůĞƌĞƚĂů͕͘ϮϬϭϲͿ͘/^ϯ>ϮŝƐĂĐLJƚŽƉůĂƐŵŝĐƉƌŽƚĞŝŶǁŚŝĐŚ ƉůĂLJƐĂĐƌƵĐŝĂůƌŽůĞŝŶƚŚĞƋƵĂůŝƚLJĐŽŶƚƌŽůŽĨŶŽŶͲĐŽĚŝŶŐZEƐŝŶĐůƵĚŝŶŐƵŶƉƌŽĐĞƐƐĞĚĂŶĚŚŝŐŚůLJͲ ƐƚƌƵĐƚƵƌĞĚZEƐ;>ĂďŶŽĞƚĂů͕͘ϮϬϭϲ͖,͘ͲD͘ŚĂŶŐ͕dƌŝďŽƵůĞƚ͕dŚŽƌŶƚŽŶ͕Θ'ƌĞŐŽƌLJ͕ϮϬϭϯ͖&ĂĞŚŶůĞ͕ tĂůůĞƐŚĂƵƐĞƌ͕Θ:ŽƐŚƵĂͲdŽƌ͕ϮϬϭϰ͖͘<ŝŵĞƚĂů͕͘ϮϬϭϱ͖>ƵďĂƐĞƚĂů͕͘ϮϬϭϯ͖DĂůĞĐŬŝĞƚĂů͕͘ϮϬϭϯ͖
WŝƌŽƵnj͕Ƶ͕DƵŶĂĨž͕Θ'ƌĞŐŽƌLJ͕ϮϬϭϲ͖ZĞŝŵĆŽ WŝŶƚŽĞƚĂů͕͘ϮϬϭϲ͖hƐƚŝĂŶĞŶŬŽĞƚĂů͕͘ϮϬϭϯ͕ϮϬϭϲͿ ͘ dŚĞƉůĂŶƚŚŽŵŽůŽŐƵĞ^Ks;^hWWZ ^^KZK&sZ/K^ ͿǁĂƐŝŶŝƚŝĂůůLJŝĚĞŶƚŝĨŝĞĚǦ ĂƐĂƐƵƉƉƌĞƐƐŽƌŽĨ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚĂů ƉŚĞŶŽƚLJƉĞ ŽĨ ƌĂďŝĚŽƉƐŝƐ ƉůĂŶƚƐ ŽĨ ƚŚĞ ŽůͲϬ ĂĐĐĞƐƐŝŽŶ ŵƵƚĂƚĞĚ ŝŶ ƚŚĞ
ϴϬ ĚĞĐĂƉƉŝŶŐ ĨĂĐƚŽƌ sZ/K^ ;s^Ϳ ;ŚĂŶŐ Ğƚ Ăů͕͘ ϮϬϭϬͿ͘ dŚŝƐ ŽďƐĞƌǀĂƚŝŽŶ ĂŶĚ Ă ƌĞĐĞŶƚ ƐƚƵĚLJ ĂŶĂůLJƐŝŶŐĚĞĐĂLJƌĂƚĞƐŝŶĚŝĐĂƚĞĚƚŚĂƚ^KsĐŽŶƚƌŝďƵƚĞƐƚŽƚŚĞĚĞŐƌĂĚĂƚŝŽŶŽĨĐLJƚŽƉůĂƐŵŝĐŵZEƐ͕ ŵŽƐƚŽĨǁŚŝĐŚĂƌĞĂůƐŽƐƵďƐƚƌĂƚĞƐŽĨƚŚĞϱΖͲϯΖƉĂƚŚǁĂLJ;^ŽƌĞŶƐŽŶĞƚĂů͕͘ϮϬϭϴͿ͘/ŶĨĂĐƚ͕ĚƵĞƚŽƚŚĞ ŚŝŐŚ ůĞǀĞů ŽĨ ƌĞĚƵŶĚĂŶĐLJ ďĞƚǁĞĞŶ ϯ͛ Ͳϱ͛ ĂŶĚ ϱ͛ Ͳϯ͛ ĚĞŐƌĂĚĂƚŝŽŶ ƉĂƚŚǁĂLJƐ ͕ ƚŚĞ ĐŽŶƚƌŝďƵƚŝŽŶ ŽĨ ŝŶĚŝǀŝĚƵĂůƉĂƚŚǁĂLJƐŝƐŐĞŶĞƌĂůůLJĚŝĨĨŝĐƵůƚƚŽĂƐƐĞƐƐŝŶĂůůŵŽĚĞůŽƌŐĂŶŝƐŵƐ͘,ŽǁĞǀĞƌ͕ĚƵĞƚŽĂƉŽŝŶƚ ŵƵƚĂƚŝŽŶŝŶƚŚĞ^KsŐĞŶĞ͕ƚŚĞŽůͲϬĂĐĐĞƐƐŝŽŶƚŚĂƚŝƐƵƐĞĚŝŶŵŽƐƚƌĂďŝĚŽƉƐŝƐƐƚƵĚŝĞƐŝŶĐůƵĚŝŶŐ ŵLJƚŚĞƐŝƐ͕ĚŽĞƐŶŽƚƉŽƐƐĞƐƐĂĨƵůůLJĨƵŶĐƚŝŽŶĂů^KsĞdžŽƌŝďŽŶƵĐůĞĂƐĞ͗ŝŶĐŽŶƚƌĂƐƚƚŽƚŚĞ^KsǀĞƌƐŝŽŶ ŽĨŵŽƐƚƌĂďŝĚŽƉƐŝƐĂĐĐĞƐƐŝŽŶ͕ƚŚĞŽůͲϬǀĞƌƐŝŽŶŽĨ^KsĨĂŝůƐƚŽƌĞƐĐƵĞƚŚĞƐĞǀĞƌĞƉŚĞŶŽƚLJƉĞŽĨ ƚŚĞǀĂƌŝĐŽƐĞĚĞĐĂƉƉŝŶŐŵƵƚĂŶƚ;ŚĂŶŐĞƚĂů͕͘ϮϬϭϬͿ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞŽůͲϬĂĐĐĞƐƐŝŽŶŝƐƉƌŽďĂďůLJŽŶĞ ŽĨƚŚĞďĞƐƚƐƵŝƚĞĚƌĂďŝĚŽƉƐŝƐĂĐĐĞƐƐŝŽŶƐƚŽƐƚƵĚLJƉƌŽĐĞƐƐĞƐƵƉƐƚƌĞĂŵŽĨĞdžŽƌŝďŽŶƵĐůĞŽůLJƚŝĐĚĞĐĂLJ͘
/ŶƚĞƌĞƐƚŝŶŐůLJ͕/^ϯ>ϮŚĂƐĂŚŝŐŚĂĨĨŝŶŝƚLJĨŽƌϯ͛ƵƌŝĚLJůĂƚĞĚƚĂŝůƐ͘ƌŽƐŽƉŚŝůĂ/^ϯ>ϮĞǀĞŶĂƐƐŽĐŝĂƚĞƐ ǁŝƚŚƚŚĞdEdĂƐĞdĂŝůŽƌŝŶƚŚĞƚĞƌŵŝŶĂůZEƵƌŝĚLJůĂƚŝŽŶͲŵĞĚŝĂƚĞĚƉƌŽĐĞƐƐŝŶŐ;dZhDWͿĐŽŵƉůĞdž ;&ĂĞŚŶůĞ Ğƚ Ăů͕͘ ϮϬϭϰ͖ >ŝŶ Ğƚ Ăů͕͘ ϮϬϭϳͿ ͘ tŚĞƚŚĞƌ ^Ks ŝŶ ƌĂďŝĚŽƉƐŝƐ ŝƐ ĂůƐŽ ƐƚŝŵƵůĂƚĞĚ ďLJ ϯ͛ ƵƌŝĚLJůĂƚŝŽŶŽĨŝƚƐƚĂƌŐĞƚƐŚĂƐŶŽƚďĞĞŶĚĞŵŽŶƐƚƌĂƚĞĚLJĞƚ͘
ϰ͘Ϯ͘dŚĞ ϱ͛ƚŽϯ͛ĚĞŐƌĂĚĂƚŝŽŶ ƉĂƚŚǁĂLJ͘
ϱ͛ Ͳϯ͛ ĚĞĐĂLJŝƐƚŚŽƵŐŚƚƚŽďĞƚŚĞŵĂŝŶƉĂƚŚǁĂLJĨŽƌƚŚĞƚƵƌŶŽǀĞƌŽĨŵZEŝŶƚŚĞĐLJƚŽƉůĂƐŵ͘dŚĞŬĞLJ ƐƚĞƉƐ ŽĨ ƚŚĞ ϱ͛ Ͳϯ͛ ĚĞŐƌĂĚĂƚŝŽŶ ƉĂƚŚǁĂLJ ĂƌĞ ƚŚĞ ƌĞŵŽǀĂů ŽĨ ƚŚĞ ŵϳ' ĐĂƉ͕ ĨŽůůŽǁĞĚ ďLJ ϱΖ ͲϯΖ ĞdžŽƌŝďŽŶƵĐůĞŽůLJƚŝĐ ĚĞŐƌĂĚĂƚŝŽŶ͘ dŚĞ ƐƵďƐƚƌĂƚĞƐ ŽĨ ϱΖͲϯΖ ĞdžŽƌŝďŽŶƵĐůĞŽůLJƚŝĐ ĚĞĐĂLJ ĂƌĞ ƉƌĞĚŽŵŝŶĂŶƚůLJŵZEƐǁŝƚŚƐŚŽƌƚƉŽůLJƚĂŝůƐƉƌŽĚƵĐĞĚďLJĚĞĂĚĞŶLJůĂƚŝŽŶ͕ŝŶĚŝĐĂƚŝŶŐƚŚĂƚĨŽƌŵŽƐƚ ŵZEƐ͕ ĚĞĂĚĞŶLJůĂƚŝŽŶ ƉƌĞĐĞĚĞƐ ĚĞĐĂƉƉŝŶŐ͘ ,ŽǁĞǀĞƌ͕ ƐƉĞĐŝĂůŝƐĞĚ ƉĂƚŚǁĂLJƐ ƚŚĂƚ ƚƌŝŐŐĞƌ ĚĞĐĂƉƉŝŶŐǁŝƚŚŽƵƚƉƌŝŽƌĚĞĂĚĞŶLJůĂƚŝŽŶĚŽĂůƐŽĞdžŝƐƚ͘
ϰ͘Ϯ͘ϭ͘ĞĂĚĞŶLJůĂƚŝŽŶͲŝŶĚĞƉĞŶĚĞŶƚĚĞĐĂƉƉŝŶŐŽĨŵZEƐ͘
/ŶLJĞĂƐƚ͕ǁŚĞƌĞƉŽůLJƚĂŝůƐĂƌĞƐŚŽƌƚĞƌƚŚĂŶŝŶŵĂŵŵĂůƐ͕ ĚĐϯĐĂŶĚŝƌĞĐƚůLJďŝŶĚƚŽŵZEƐƚŽƚƌŝŐŐĞƌ ĚĞĐĂƉƉŝŶŐĂŶĚĚĞŐƌĂĚĂƚŝŽŶǁŝƚŚŽƵƚĂƉƌĞǀŝŽƵƐĚĞĂĚĞŶLJůĂƚŝŽŶƐƚĞƉ;ĂĚŝƐĞƚĂů͕͘ϮϬϬϰ͖ŽŶŐĞƚĂů͕͘ ϮϬϭϬ͖ ,Ğ Ğƚ Ăů͕͘ ϮϬϭϰ͖ <ŽůĞƐŶŝŬŽǀĂ Ğƚ Ăů͕͘ ϮϬϭϯͿ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ďĞƐƚ ƐƚƵĚŝĞĚ ĞdžĂŵƉůĞ ŽĨ ĚĞĂĚĞŶLJůĂƚŝŽŶͲŝŶĚĞƉĞŶĚĞŶƚĚĞĐĂƉƉŝŶŐŝƐƚŚĞĞůŝŵŝŶĂƚŝŽŶŽĨŵZEƐŚĂƌďŽƵƌŝŶŐƐƉĞĐŝĨŝĐĨĞĂƚƵƌĞƐ ƐƵĐŚĂƐƉƌĞŵĂƚƵƌĞƐƚŽƉĐŽĚŽŶƐŽƌůŽŶŐϯΖhdZƐďLJƚŚĞŶŽŶƐĞŶƐĞͲŵĞĚŝĂƚĞĚĚĞĐĂLJƉĂƚŚǁĂLJED ;ŽŶƚŝĂŶĚ/njĂƵƌƌĂůĚĞ͕ϮϬϬϱ͖,ƵĞƚĂů͕͘ϮϬϭϬ͖/ƐŬĞŶĂŶĚDĂƋƵĂƚ͕ϮϬϬϳ͖ZĞďďĂƉƌĂŐĂĚĂĂŶĚ>LJŬŬĞͲ ŶĚĞƌƐĞŶ͕ϮϬϬϵͿ͘^ƵĐŚZEƐĂƌĞďŽƵŶĚďLJƚŚĞZEŚĞůŝĐĂƐĞĂŶĚEDĨĂĐƚŽƌhW&ϭ͕ǁŝƚŚƌĞĐƌƵŝƚƐ ƚŚĞĚĞĐĂƉƉŝŶŐĂĐƚŝǀĂƚŽƌƐ ĚĐϯ͕WĂƚϭĂŶĚĐƉϮ;ĞŚĞĐƋĞƚĂů͕͘ϮϬϭϴ͖^ǁŝƐŚĞƌĂŶĚWĂƌŬĞƌ͕ϮϬϭϭͿ͘ ZĞĐĞŶƚĚĂƚĂŽďƚĂŝŶĞĚŝŶŽƵƌůĂďƐŚŽǁĞĚƚŚĂƚƌĂďŝĚŽƉƐŝƐhW&ϭĂƐƐŽĐŝĂƚĞƐĂůƐŽǁŝƚŚƚŚĞĚĞĐĂƉƉŝŶŐ
ϴϭ ĨĂĐƚŽƌƐĂŶĚƚƌĂŶƐůĂƚŝŽŶĂůƌĞƉƌĞƐƐŽƌƐWϱĂŶĚŚŚϭ;ŚŝĐŽŝƐĞƚĂů͕͘ϮϬϭϴͿ͘/ŶƚĞƌĞƐƚŝŶŐůLJ͕ƌŝďŽƐŽŵĞ ĚŝƐƐŽĐŝĂƚŝŽŶ ĂŶĚ ĚĞĂĚĞŶLJůĂƚŝŽŶͲŝŶĚĞƉĞŶĚĞŶƚ ĚĞĐĂƉƉŝŶŐ ĂŶĚ ĚĞŐƌĂĚĂƚŝŽŶ ŽĨ ED ƚĂƌŐĞƚƐ ŝŶ ƐƉĞƌŐŝůůƵƐŶŝĚƵůĂŶƐ ŝƐƉƌŽŵŽƚĞĚďLJƵƌŝĚLJůĂƚŝŽŶ;DŽƌŽnjŽǀĞƚĂů͕͘ϮϬϭϮͿ͘
ϰ͘Ϯ͘Ϯ͘ĞĂĚĞŶLJůĂƚŝŽŶͲĚĞƉĞŶĚĞŶƚŵZEĚĞĐĂƉƉŝŶŐ͘
ƐŵĞŶƚŝŽŶĞĚ͕ŵŽƐƚZEƐƵŶĚĞƌŐŽĚĞĂĚĞŶLJůĂƚŝŽŶďĞĨŽƌĞƚŚĞLJĂƌĞĚĞĐĂƉƉĞĚĂŶĚĚĞŐƌĂĚĞĚĨƌŽŵ ƚŚĞ ϱΖ ĞŶĚ͘ ĞĂĚĞŶLJůĂƚĞĚ ŵZEƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ďLJ >ƐŵϭͲϳ͕ Ă ĚŽƵŐŚŶƵƚͲƐŚĂƉĞĚ ĐŽŵƉůĞdž ĐŽŵƉŽƐĞĚŽĨƐĞǀĞŶĚŝƐƚŝŶĐƚ^ŵͲůŝŬĞƉƌŽƚĞŝŶƐ;^ŚĂƌŝĨĂŶĚŽŶƚŝ͕ϮϬϭϯ͖ŚŽƵĞƚĂů͕͘ϮϬϭϰͿ͘tŚŝůĞ>Ɛŵϭ ŝƐĂĐLJƚŽƉůĂƐŵŝĐƉƌŽƚĞŝŶ͕ƚŚĞƉƌŽƚĞŝŶƐ>ƐŵϮͲϳƐŚƵƚƚůĞďĞƚǁĞĞŶĐLJƚŽƉůĂƐŵĂŶĚŶƵĐůĞƵƐĂŶĚĂƌĞĂůƐŽ ĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞŶƵĐůĞĂƌ>ƐŵϮͲϴĐŽŵƉůĞdž;ŽƵǀĞƌĞƚĞƚĂů͕͘ϮϬϬϬ͖dŚĂƌƵŶĞƚĂů͕͘ϮϬϬϬͿ͘dŚĞ>ƐŵϮͲ ϴĐŽŵƉůĞdžƉƌŽƚĞĐƚƐƚŚĞϯΖĞdžƚƌĞŵŝƚŝĞƐŽĨƚŚĞhϲƐŶZEƐĂŶĚŝƐƌĞƋƵŝƌĞĚĨŽƌƐƉůŝĐĞŽƐŽŵĞĂƐƐĞŵďůLJ͘ >ƐŵϭͲ ϳŝƐĂŬĞLJĨĂĐƚŽƌŽĨŵZEĚĞĐĂƉƉŝŶŐĂŶĚϱ͛ Ͳϯ͛ĚĞŐƌĂĚĂƚŝŽŶŝŶƚ ŚĞĐLJƚŽƉůĂƐŵ;ĐŚƐĞůĞƚĂů͕͘ ϭϵϵϵ͖ŽƵǀĞƌĞƚĞƚĂů͕͘ϮϬϬϬ͖>ŝĐŚƚĞƚĂů͕͘ϮϬϬϴ͖dŚĂƌƵŶĂŶĚWĂƌŬĞƌ͕ϮϬϬϭ͖dŚĂƌƵŶĞƚĂů͕͘ϮϬϬϬ͖sŝŶĚƌLJ ĞƚĂů͕͘ϮϬϭϳͿ͘
/ŶƚĞƌĞƐƚŝŶŐůLJ͕>ƐŵϭͲϳŚĂƐĂŚŝŐŚĂĨĨŝŶŝƚLJĨŽƌĚĞĂĚĞŶLJůĂƚĞĚĂŶĚƵƌŝĚLJůĂƚĞĚŽůŝŐŽƚĂŝůƐ;ŚŽǁĚŚƵƌLJ Ğƚ Ăů͕͘ ϮϬϬϳ͖ ^ŽŶŐ ĂŶĚ <ŝůĞĚũŝĂŶ͕ ϮϬϬϳͿ͘ /Ŷ ƌŽƐŽƉŚŝůĂ͕ >ƐŵϭͲϳ ĂƐƐŽĐŝĂƚĞƐ ǁŝƚŚ ƚŚĞ ZϰͬEKd ĐŽŵƉůĞdž͕ǁŚŝĐŚĨƵƌƚŚĞƌĨĂĐŝůŝƚĂƚĞƐŝƚƐƌĞĐƌƵŝƚŵĞŶƚƚŽĚĞĂĚĞŶLJůĂƚĞĚƚĂƌŐĞƚƐZEƐ;,ĂĂƐĞƚĂů͕͘ϮϬϭϬͿ͘ >ƐŵϭͲ ϳďŝŶĚƐƚŽƚŚĞϯ͛ĞŶĚŽĨ ĚĞĂĚĞŶLJůĂƚĞĚŵZEƐĂŶĚƌĞĐƌƵŝƚƐƚŚĞĚĞĐĂƉƉŝŶŐĂĐƚŝǀĂƚŽƌWĂƚϭĂŶĚ ƚŚĞĚĞĐĂƉƉŝŶŐĐŽŵƉůĞdžĐƉϭͬϮ;ĞĞůŵĂŶĞƚĂů͕͘ϭϵϵϲ͖ŽƵǀĞƌĞƚĞƚĂů͕͘ϮϬϬϬ͖ŚŽǁĚŚƵƌLJĞƚĂů͕͘ ϮϬϬϳͿ dŚĞ ďŝŶĚŝŶŐ ŽĨ WĂƚϭͲ>ƐŵϭͲ ϳ ƚŽ ƚŚĞ ĚĞĂĚĞŶLJůĂƚĞĚ ϯ͛ ĞdžƚƌĞŵŝƚŝĞƐ ƉƌŽƚĞĐƚƐ ƚŚĞŵ ĨƌŽŵ ĞdžĐĞƐƐŝǀĞ ĚĞĂĚĞŶLJůĂƚŝŽŶ ;,Ğ ĂŶĚ WĂƌŬĞƌ͕ ϮϬϬϭͿ͘ DƵƚĂƚŝŽŶƐ ŝŶ >ƐŵϭͲϳ Žƌ WĂƚϭ ůĞĂĚ ƚŽ ƚŚĞ ĂĐĐƵŵƵůĂƚŝŽŶ ŽĨ ĐĂƉƉĞĚ ĂŶĚ ĚĞĂĚĞŶLJůĂƚĞĚ ŵZEƐ ƐŚŽǁŝŶŐ ƚŚĂƚ ƚŚĞLJ ĂƌĞ ĂůƐŽ ƌĞƋƵŝƌĞĚ ĨŽƌ ĚĞĐĂƉƉŝŶŐĂŶĚϱ͛ Ͳϯ͛ĚĞŐƌĂĚĂƚŝŽŶ ;ŽƵǀĞƌĞƚĞƚĂů͕͘ϮϬϬϬ͖dŚĂƌƵŶĞƚĂů͕͘ϮϬϬϬͿ͘/ŶĂĚĚŝƚŝŽŶƚŽ>ƐŵϭͲ ϳ͕ WĂƚϭ ŝŶƚĞƌĂĐƚƐ ǁŝƚŚ ŵĂŶLJ ŽƚŚĞƌ ĚĞĐĂLJ ĨĂĐƚŽƌƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĚĞĐĂƉƉŝŶŐ ĂĐƚŝǀĂƚŽƌƐ ĂŶĚ ƚƌĂŶƐůĂƚŝŽŶĂůƌĞƉƌĞƐƐŽƌƐŚŚϭĂŶĚ ĚĐϯĂŶĚƚŚĞϱ͛ Ͳϯ͛ĞdžŽƌŝďŽŶƵĐůĞĂƐĞyƌŶϭ ;ƌĂƵŶĞƚĂů͕͘ϮϬϭϬ͖ ,ĂĂƐĞƚĂů͕͘ϮϬϭϬ͖KnjŐƵƌĞƚĂů͕͘ϮϬϭϬͿ͘dĂŬĞŶƚŽŐĞƚŚĞƌ͕WĂƚϭͲ>ƐŵϭͲϳĐŽŶŶĞĐƚƐĚĞĂĚĞŶLJůĂƚŝŽŶǁŝƚŚ ƚƌĂŶƐůĂƚŝŽŶŝŶŚŝďŝƚŝŽŶ͕ĚĞĐĂƉƉŝŶŐĂŶĚϱΖͲϯΖĚĞŐƌĂĚĂƚŝŽŶ͘ dŚĞĚĞĐĂƉƉŝŶŐŚŽůŽĞŶnjLJŵĞĐƉϭͬϮŝƐǁĞĂŬůLJĂĐƚŝǀĞŽŶŝƚƐŽǁŶ͘/ƚƐĚĞĐĂƉƉŝŶŐĂĐƚŝǀŝƚLJŝƐƐƚƌŽŶŐůLJ ĞŶŚĂŶĐĞĚďLJƚŚĞďŝŶĚŝŶŐŽĨƚŚĞĞŶŚĂŶĐĞƌƉƌŽƚĞŝŶƐ ĚĐϭ͕ ĚĐϮĂŶĚ ĚĐϯ;ŚĂƌĞŶƚŽŶĞƚĂů͕͘ϮϬϭϲ͖ EŝƐƐĂŶĞƚĂů͕͘ϮϬϭϬ͖^ƚĞŝŐĞƌĞƚĂů͕͘ϮϬϬϯͿ͘ ĚĐϯŝŶƚĞƌĂĐƚƐǁŝƚŚĐƉϮ͕ƚŚĞĐĂƚĂůLJƚŝĐƐƵďƵŶŝƚŽĨƚŚĞ ĚĞĐĂƉƉŝŶŐĐŽŵƉůĞdž͘ĐƉϭƐƵƉƉŽƌƚƐĐƉϮĂĐƚŝǀŝƚLJďLJƌĞĐƌƵŝƚŝŶŐ ĚĐϭĂŶĚ ĚĐϮ;ŽƌũĂĞƚĂů͕͘ϮϬϭϭ͖ DƵŐƌŝĚŐĞ Ğƚ Ăů͕͘ ϮϬϭϴͿ͘ ,LJĚƌŽůLJƐŝƐ ŽĨ ƚŚĞ ĐĂƉ ďLJ ĐƉϮ ůŝďĞƌĂƚĞƐ ŵϳ'W͘ dŚĞ ƌĞŵĂŝŶŝŶŐ
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ϴϯ ƉŽůLJƐŽŵĞƐ͘hŶĚĞƌƐƚĂŶĚŝŶŐǁŚĞƚŚĞƌĂŶĚŚŽǁŵZEƵƌŝĚLJůĂƚŝŽŶĐŽŶƚƌŝďƵƚĞƐƚŽŵĂŝŶƚĂŝŶƚŚĞϱΖͲϯΖ ƉŽůĂƌŝƚLJŽĨŵZEĚĞŐƌĂĚĂƚŝŽŶŝƐĂŵĂŝŶŝŶƚĞƌĞƐƚŽĨŽƵƌƚĞĂŵ͛ƐƌĞƐĞĂƌĐŚ͘
ϴϰ
7KHVLVREMHFWLYHV
ϴϱ dŚĞƐŝƐŽďũĞĐƚŝǀĞƐ͘ hƌŝĚLJůĂƚŝŽŶ ŽĨ ĚĞĂĚĞŶLJůĂƚĞĚ ŵZEƐ ĞŵĞƌŐĞƐ ĂƐ ĂŶ ŝŶƚĞŐƌĂů ƐƚĞƉ ŽĨ ƚŚĞ ŐĞŶĞƌĂů ĚĞŐƌĂĚĂƚŝŽŶ ƉĂƚŚǁĂLJƐŽĨŵZEƐŝŶĞƵŬĂƌLJŽƚĞƐ;ǁŝƚŚƚŚĞŶŽƚĂďůĞĞdžĐĞƉƚŝŽŶŽĨ ^͘ĐĞƌĞǀŝƐŝĂĞ Ϳ͘/Ŷ ,͘ƐĂƉŝĞŶƐ ͕ ^͘ ƉŽŵďĞ ĂŶĚ ͘ŶŝĚƵůĂŶƐ ͕ƵƌŝĚLJůĂƚŝŽŶŚĂƐďĞĞŶƉƌŽƉŽƐĞĚƚŽƉƌŽŵŽƚĞƚŚĞƌĞĐƌƵŝƚŵĞŶƚŽĨƚŚĞ>^ŵϭͲϳ ĐŽŵƉůĞdžƚŽĚĞĂĚĞŶLJůĂƚĞĚƉŽůLJƚĂŝůƐ͕ ǁŚŝĐŚĂĐƚŝǀĂƚĞƐĚĞĐĂƉƉŝŶŐĂŶĚƚƌŝŐŐĞƌƐϱ͛ Ͳϯ͛ĚĞŐƌĂĚĂƚŝŽŶŽĨ ƚŚĞŵZEďLJyƌŶϭ͘ůƚĞƌŶĂƚŝǀĞůLJ͕ƵƌŝĚLJůĂƚŝŽŶĐĂŶĂůƐŽůĞĂĚƚŽƌĂƉŝĚĚĞŐƌĂĚĂƚŝŽŶďLJƚŚĞĞdžŽƐŽŵĞ ĐŽŵƉůĞdž Žƌ ďLJ ŝƐϯ>Ϯ͕ ƚŚĞ ůĂƚƚĞƌ ŽĨ ǁŚŝĐŚ ǁĂƐ ŝŶĚĞĞĚ ĚĞŵŽŶƐƚƌĂƚĞĚ ƚŽ ƉƌĞĨĞƌ ƵƌŝĚLJůĂƚĞĚ ƚƌĂŶƐĐƌŝƉƚƐ ;ƉŚĂƐŝnjŚĞǀĞƚĂů͕͘ϮϬϭϲ͖BĂďŶŽĞƚĂů͕͘ϮϬϭϲ͖>ŝŵĞƚĂů͕͘ϮϬϭϰ͖DƵŶŽnj ͲƚĞůůŽĞƚĂů͕͘ϮϬϭϱ͖ ZĞĂĚĞƚĂů͕͘ϮϬϭϭ͖^ĐŽƚƚĂŶĚEŽƌďƵƌLJ͕ϮϬϭϯ͖ŝŐĄēŬŽǀĄĂŶĚsĂŸĄēŽǀĄ͕ϮϬϭϴͿ ͘
/ŶƌĂďŝĚŽƉƐŝƐ͕hZdϭŝƐƚŚĞŵĂŝŶƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞƚŚĂƚƚĂƌŐĞƚƐĚĞĂĚĞŶLJůĂƚĞĚŵZEƐ;^ĞŵĞŶƚĞƚ Ăů͕͘ϮϬϭϯ͖ƵďĞƌĞƚĂů͕͘ϮϬϭϲͿ͘/Ŷ Ƶƌƚϭ ŶƵůůŵƵƚĂŶƚƐ͕ƚŚĞŵZEƵƌŝĚLJůĂƚŝŽŶůĞǀĞůƐĂƌĞƌĞĚƵĐĞĚďLJϳϬͲ ϴϬй͘/ŶƚĞƌĞƐƚŝŶŐůLJ͕ Ƶƌƚϭ ŵƵƚĂŶƚƐĂĐĐƵŵƵůĂƚĞĞdžĐĞƐƐŝǀĞůLJĚĞĂĚĞŶLJůĂƚĞĚŵZEƐǁŝƚŚƚĂŝůƐŽĨůĞƐƐ ƚŚĂŶϭϬŶƵĐůĞŽƚŝĚĞƐ͕ĂŶĚƚŚĞĞdžƉƌĞƐƐŝŽŶŽĨhZdϭƌĞƐƚŽƌĞĚƚŚŝƐŵŽůĞĐƵůĂƌƉŚĞŶŽƚLJƉĞ;^ĞŵĞŶƚĞƚ Ăů͕͘ϮϬϭϯ͖ƵďĞƌĞƚĂů͕͘ϮϬϭϲͿ͘dŚĞƐĞƌĞƐƵůƚƐƐƵŐŐĞƐƚĞĚƚŚĂƚhZdϭͲŵĞĚŝĂƚĞĚƵƌŝĚLJůĂƚŝŽŶƉƌĞǀĞŶƚƐ ƚŚĞĞdžĐĞƐƐŝǀĞĚĞĂĚĞŶLJůĂƚŝŽŶŽĨŵZEƐ͘DŽƌĞŽǀĞƌ͕ŝŵŵƵŶŽƉƌĞĐŝƉŝƚĂƚŝŽŶĞdžƉĞƌŝŵĞŶƚƐƌĞĂůŝƐĞĚďLJ Ă ĨŽƌŵĞƌ WŚ ƐƚƵĚĞŶƚ ,ĠůğŶĞ ^ĐŚĞĞƌ ƌĞǀĞĂůĞĚ ƚŚĂƚ hZdϭ ĐŽͲƉƵƌŝĨŝĞƐ ǁŝƚŚ ƚŚĞ ĚĞĐĂƉƉŝŶŐ ĂŶĚ ƚƌĂŶƐůĂƚŝŽŶƌĞŐƵůĂƚŽƌWϱ͘KƚŚĞƌƉƌŽƚĞŝŶƐĚĞƚĞĐƚĞĚŝŶhZdϭ/WƐǁĞƌĞƚŚĞƚƌĂŶƐůĂƚŝŽŶƌĞƉƌĞƐƐŽƌ ŚŚϭĂŶĚƚŚĞZϰͲEKdĐŽŵƉůĞdž͘dŚĞƐĞĚĂƚĂƐƵŐŐĞƐƚĂŵŽůĞĐƵůĂƌŝŶƚĞƌĂĐƚŝŽŶŶĞƚǁŽƌŬƚŚĂƚůŝŶŬƐ ƵƌŝĚLJůĂƚŝŽŶƚŽĚĞĂĚĞŶLJůĂƚŝŽŶ͕ƚƌĂŶƐůĂƚŝŽŶƌĞŐƵůĂƚŝŽŶĂŶĚŵZEĚĞŐƌĂĚĂƚŝŽŶďLJĚĞĐĂƉƉŝŶŐĂŶĚϱ͛ Ͳ ϯ͛ĞdžŽƌŝďŽŶƵĐůĞŽůLJƚŝĐĚĞĐĂLJ͘
ůƚŚŽƵŐŚƌĞĐŽŵďŝŶĂŶƚhZdϭĐĂŶƐLJŶƚŚĞƐŝnjĞůŽŶŐƉŽůLJͲƵƌŝĚŝŶĞƚĂŝůƐŝŶǀŝƚƌŽ ͕ŝƚŚĂƐĂĚŝƐƚƌŝďƵƚŝǀĞ ĂĐƚŝǀŝƚLJĨŽƌƚŚĞĨŝƌƐƚĂĚĚĞĚŶƵĐůĞŽƚŝĚĞƐ;^ĞŵĞŶƚĞƚĂů͕͘ϮϬϭϯͿ͘dŚŝƐƌĞƐƵůƚĨŝƚƐǁĞůůƚŽƚŚĞŽďƐĞƌǀĂƚŝŽŶ ƚŚĂƚ ŝŶ ǀŝǀŽ ͕ ŵŽƐƚ ƵƌŝĚLJůĂƚĞĚ ŵZEƐ ƉŽƐƐĞƐƐ ŽŶůLJ ϭͲ Ϯ h Ăƚ ƚŚĞŝƌ ϯ͛ ĞŶĚƐ ͘ KƵƌ ŐƌŽƵƉ ŚĂƐ ĐŚĂƌĂĐƚĞƌŝƐĞĚ ƚŚ Ğ ϯ͛ ĞŶĚƐ ŽĨ ŵZE Ɛ ǁŝƚŚ ƐŚŽƌƚ ƉŽůLJ ƚĂŝůƐ ďLJ ŚŝŐŚ ƚŚƌŽƵŐŚƉƵƚ ƐĞƋƵĞŶĐŝŶŐ ƚĞĐŚŶŝƋƵĞƐ;ƵďĞƌĞƚĂů͕͘ϮϬϭϲͿ͘dŚŝƐƌĞǀĞĂůĞĚƚŚĂƚŶŽŶͲƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐŽĨϬͲϯϬŶƵĐůĞŽƚŝĚĞƐ ŚĂǀĞ Ă ƚĂŝů ƐŝnjĞ ĐĞŶƚƌĞĚ ĂƌŽƵŶĚ ϭϲ ŶƵĐůĞŽƚŝĚĞƐ ŝŶ ǁŝůĚͲƚLJƉĞ ƉůĂŶƚƐ͘ /ŵƉŽƌƚĂŶƚůLJ͕ ƚŚĞ ůĞŶŐƚŚ ŽĨ ƵƌŝĚLJůĂƚĞĚƚĂŝůƐ;ŝ͘Ğ͘ƚŚĞŽůŝŐŽͲƐƚƌĞƚĐŚƉůƵƐƚŚĞĂĚĚĞĚƵƌŝĚŝŶĞƐͿǁĂƐĂůƐŽĂďŽƵƚϭϲŶƵĐůĞŽƚŝĚĞƐ͘LJ ĐŽŶƚƌĂƐƚ͕ůŽƐƐŽĨhZdϭůĞĚƚŽƐŚŽƌƚĞƌƉŽůLJƚĂŝůƐŽĨůĞƐƐƚŚĂŶϭϬŶƵĐůĞŽƚŝĚĞƐ͘dŚĞƐĞƌĞƐƵůƚƐůĞĚƵƐƚŽ ƉƌŽƉŽƐĞ ƚŚĂƚ ƵƌŝĚLJůĂƚŝŽŶ ďLJ hZdϭ ƌĞƉĂŝƌƐ ĚĞĂĚĞŶLJůĂƚĞĚ ŵZEƐ ƚŽ Ă ƉŽůLJ ƚĂŝů ƐŝnjĞ ŽĨ ϭϲ ŶƵĐůĞŽƚŝĚĞƐ͘/ŶƚĞƌĞƐƚŝŶŐůLJ͕ƚŚŝƐƉĂƌƚŝĐƵůĂƌƚĂŝůƐŝnjĞĞdžƚĞŶƐŝŽŶŝƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞďŝŶĚŝŶŐŽĨŽŶĞ
ϴϲ ƐŝŶŐůĞWWƚŽƚŚĞŽůŝŐŽͲĂĚĞŶLJůĂƚĞĚĂŶĚƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐ ŝŶǀŝƚƌŽ ĂŶĚ ŝŶǀŝǀŽ ;ƵďĞƌĞƚĂů͕͘ ϮϬϭϲͿ͘
,ŽǁƚŚĞďŝŶĚŝŶŐŽĨŽŶĞƐŝŶŐůĞWWƚŽƚŚĞϯ͛ĞŶĚŽĨƌĂďŝĚŽƉƐŝƐŵZEƐŝŵƉĂĐƚƐŵZEƐƚĂďŝůŝƚLJ͕ ƚƌĂŶƐůĂƚŝŽŶŽƌƐƚŽƌĂŐĞŝƐƵŶŬŶŽǁŶ͘,ŽǁĞǀĞƌ͕ƚŚĞŽďƚĂŝŶĞĚƌĞƐƵůƚƐƐƵŐŐĞƐƚĞĚƚŚĂƚƚŚĞƵƌŝĚLJůĂƚŝŽŶͲ ĚĞƉĞŶĚĞŶƚ ƌĞƉĂŝƌ ŽĨ ĚĞĂĚĞŶLJůĂƚĞĚ ƉŽůLJ ƚĂŝůƐ ĂŶĚ ƚŚĞ ďŝŶĚŝŶŐ ŽĨ WW ĐĂŶ ƐůŽǁ ĚŽǁŶ ĚĞĂĚĞŶLJůĂƚŝŽŶĂŶĚĚĞůĂLJƚŚĞĨŽƌŵĂƚŝŽŶŽĨϯ͛ƚƌƵŶĐĂƚĞĚŵZEƐ͘dŚƵƐ͕ƚŚĞƉŽůLJƚĂŝůůĞŶŐƚŚŽĨŽůŝŐŽ Ͳ ĂĚĞŶLJůĂƚĞĚŵZEƐŵŝŐŚƚďĞĐŽŶƚƌŽůůĞĚďLJƚŚĞĐŽŵďŝŶĞĚĂĐƚŝŽŶƐŽĨhZdϭͲŵĞĚŝĂƚĞĚƵƌŝĚLJůĂƚŝŽŶ ĂŶĚĚĞĂĚĞŶLJůĂƐĞĂĐƚŝǀŝƚŝĞƐ͘dŚĞŝŵƉĂĐƚŽĨhZdϭͲŵĞĚŝĂƚĞĚƵƌŝĚLJůĂƚŝŽŶŽŶůŽŶŐĞƌƉŽůLJƚĂŝůƐĐŽƵůĚ ŶŽƚ ďĞ ŝŶǀĞƐƚŝŐĂƚĞĚ ŝŶ ƚŚŝƐ ƉŝŽŶĞĞƌ ǁŽƌŬ͕ ůĂƌŐĞůLJ ĚƵĞ ƚŽ ƚĞĐŚŶŝĐĂů ůŝŵŝƚĂƚŝŽŶƐ ŝŶ ƚŚĞ ĐŽƌƌĞĐƚ ĞƐƚŝŵĂƚŝŽŶ ŽĨ ůŽŶŐ ŚŽŵŽƉŽůLJŵĞƌŝĐ ƐƚƌĞƚĐŚĞƐ ďLJ ,d^ ƐĞƋƵĞŶĐŝŶŐ ŵĞƚŚŽĚƐ͘ dŚĞ ĚĞƉƚŚ ŽĨ ƚŚĞƐĞ ŝŶŝƚŝĂůĞdžƉĞƌŝŵĞŶƚƐǁĂƐĂůƐŽŶŽƚƐƵĨĨŝĐŝĞŶƚƚŽŝŶǀĞƐƚŝŐĂƚĞƚŚĞƌŽůĞŽĨƵƌŝĚLJůĂƚŝŽŶĨŽƌƚŚĞƌĞŐƵůĂƚŝŽŶ ŽĨŵZEƐƚĂďŝůŝƚLJŝŶƚŚĞĐŽŶƚĞdžƚŽĨĚĞǀĞůŽƉŵĞŶƚĂůŽƌĞŶǀŝƌŽŶŵĞŶƚĂůĂĚĂƉƚĂƚŝŽŶƐ͘
ŶŽƚŚĞƌŽƉĞŶƋƵĞƐƚŝŽŶŝƐŚŽǁhZdϭŝƐƌĞĐƌƵŝƚĞĚƚŽƚŚĞĚĞĂĚĞŶLJůĂƚĞĚŵZEƐ͘&ŽƌŝŶƐƚĂŶĐĞ͕hZdϭ ĐŽƵůĚ ŐĂŝŶ ĂĐĐĞƐƐ ƚŽ ƚŚĞ ŵZE ĞdžƚƌĞŵŝƚŝĞƐ ǁŚĞŶ ƚŚĞ ĚĞĂĚĞŶLJůĂƐĞ ĂĐƚŝǀŝƚLJ ƐǁŝƚĐŚĞƐ ĨƌŽŵ ƉƌŽŐƌĞƐƐŝǀĞ ƚŽ ĚŝƐƚƌŝďƵƚŝǀĞ ĂƐ ƚŚĞ ƉŽůLJ ƚĂŝů ŐĞƚƐ ƐŚŽƌƚĞƌ͕ ĂƐ ƐĞĞŶ ĨŽƌ LJĞĂƐƚ Zϰ ŝŶ ǀŝƚƌŽ ;sŝƐǁĂŶĂƚŚĂŶĞƚĂů͕͘ϮϬϬϯͿ ͘ hZdϭĐŽƵůĚĂůƐŽŝŶƚƌŝŶƐŝĐĂůůLJƉƌĞĨĞƌƐŚŽƌƚĞƌŽůŝŐŽƚĂŝůƐ͕ĂƐƐŚŽǁŶĨŽƌ ŚƵŵĂŶ dhdϰͬϳ ;>ŝŵ Ğƚ Ăů͕͘ ϮϬϭϰͿ͘ &ŝŶĂůůLJ͕ ǁĞ ůŝŬĞ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ŵĞĐŚĂŶŝƐŵ;ƐͿ ďLJ ǁŚŝĐŚ ƵƌŝĚLJůĂƚŝŽŶŝŵƉĂŝƌƐĚĞĂĚĞŶLJůĂƚŝŽŶ͘hƌŝĚLJůĂƚŝŽŶĐŽƵůĚĨĂǀŽƵƌƚŚĞďŝŶĚŝŶŐŽĨĂƉƌŽƚĞĐƚŝǀĞĞůĞŵĞŶƚƚŽ ƚŚĞϯ͛ĞŶĚ͕ĨŽƌŝŶƐƚĂŶĐĞ͕WW͘ŶŽƚŚĞƌƉŽƐƐŝďŝůŝƚLJŝƐƚŚĂƚƚŚĞďŝŶĚŝŶŐŽĨhZdϭŝƚƐĞůĨďůŽĐŬƐƚŚĞ ĂĐĐĞƐƐĨŽƌĚĞĂĚĞŶLJůĂƐĞƐƚŽ ƚŚĞϯ͛ĞdžƚƌĞŵŝƚLJ͘&ŝŶĂůůLJ͕ŝƚĐŽƵůĚďĞƚŚĞƉƌĞƐĞŶĐĞŽĨƚĞƌŵŝŶĂůƵƌŝĚŝŶĞƐ ƉĞƌƐĞ ƚŚĂƚŝŶŚŝďŝƚƐƚŚĞĂĐƚŝǀŝƚLJŽĨĚĞĂĚĞŶLJůĂƐĞƐ͘ dŚĞŵĂŝŶĂŝŵŽĨŵLJƚŚĞƐŝƐǁĂƐƚŽďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŵƉĂĐƚŽĨƵƌŝĚLJůĂƚŝŽŶŽŶĚĞĂĚĞŶLJůĂƚŝŽŶ͘
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ƐĐŽŵƉĂƌĞĚƚŽd/>Ͳ ƐĞƋ͕ϯ͛Z ͲƐĞƋŚĂƐĂŵƵĐŚďĞƚƚĞƌƐĞƋƵĞŶĐŝŶŐĚĞƉƚŚ͘&ŽƌůĞƐƐĞdžƉƌĞƐƐĞĚ ŵZEƐƐƵĐŚĂƐƚŚĞ dϱ'ϭϵϭϰϬ ŵZE͕ŽŶůLJϲϬƌĞĂĚƐǁĞƌĞĚĞƚĞĐƚĞĚďLJd/>ͲƐĞƋ͕ǁŚĞƌĞĂƐϭϬϬϬϬ ƌĞĂĚƐǁĞƌĞĚĞƚĞĐƚĞĚďLJϯ͛Z ͲƐĞƋ;&ŝŐƵƌĞ ϭϰͿ͘&ƵƌƚŚĞƌŵŽƌĞ͕ϯ͛Z ͲƐĞƋŚĂƐůĞƐƐďŝĂƐĞƐĂŐĂŝŶƐƚ ůŽŶŐƉŽůLJƚĂŝůƐĂŶĚŝƐŚŝŐŚůLJƌĞƉƌŽĚƵĐŝďůĞ;&ŝŐƵƌĞϭϰͿ͘&ŽƌĞĂĐŚŽĨƚŚĞĨŽƵƌĞdžĂŵƉůĞƐƐŚŽǁŶŝŶ ƚŚĞĨŝŐƵƌĞ͕ƚŚĞƉƌŽĨŝůĞƐŽĨƚŚĞƉŽůLJƚĂŝůƐƐŝ njĞĚŝƐƚƌŝďƵƚŝŽŶƐŽďƚĂŝŶĞĚďLJϯ͛Z ͲƐĞƋǀĂƌLJŽŶůLJƐůŝŐŚƚůLJ ďĞƚǁĞĞŶƌĞƉůŝĐĂƚĞϭĂŶĚϮ͘dŚƵƐ͕ƚŚĞϯ͛Z ͲƐĞƋŵĞƚŚŽĚĂůůŽǁƐƚŽŽďƚĂŝŶŚŝŐŚůLJƌĞƉƌŽĚƵĐƚŝďůĞ ƉŽůLJ ƐŝnjĞ ĚŝƐƚƌŝďƵƚŝŽŶƐ͘ dŚŝƐ ŝƐ ĐƌƵĐŝĂů ĨŽƌ ƚŚĞ ĐŽƌƌĞĐƚ ƐŝnjĞ ĞƐƚŝŵĂƚŝŽŶ ŽĨ ƚŚĞ ƉŽůLJ ƚĂŝů ĂŶĚ
ϵϯ ŝŶĚŝƐƉĞŶƐĂďůĞ ĨŽƌ ƚŚĞ ĂŶĂůLJƐŝƐ ŽĨ ƐŵĂůů ǀĂƌŝĂƚŝŽŶƐ ŝŶ ƚŚĞ ƉŽůLJ ƚĂŝů ůĞŶŐƚŚ ŝŶ ĚŝĨĨĞƌĞŶƚ ŐĞŶĞƚŝĐ ďĂĐŬŐƌŽƵŶĚƐ͘
/ŶƚĞƌĞƐƚŝŶŐůLJ͕ƚŚĞƵƌŝĚLJůĂƚŝŽŶůĞǀĞůƐŽĨƚŚĞĨŽƵƌŵZEƐǁĞƌĞůŽǁĞƌŝŶƚŚĞϯ͛Z ͲƐĞƋůŝďƌĂƌŝĞƐƚŚĂŶ ŝŶƚŚĞd/>ͲƐĞƋůŝďƌĂƌLJ;&ŝŐƵƌĞϭϰͿ͘ƵĞƚŽƚŚĞďŝĂƐŽĨd/>ͲƐĞƋĂŐĂŝŶƐƚůŽŶŐĞƌƉŽůLJƚĂŝůƐ͕ƚŚĞůĞǀĞůƐ ŽĨƐŚŽƌƚƉŽůLJƚĂŝůƐĂƌĞŽǀĞƌĞƐƚŝŵĂƚĞĚ͘ĞĐĂƵƐĞƵƌŝĚLJůĂƚŝŽŶŽĐĐƵƌƐƉƌĞĚŽŵŝŶĂŶƚůLJŽŶƐŚŽƌƚƚĂŝůƐ͕ d/>ͲƐĞƋĂůƐŽŽǀĞƌĞƐƚŝŵĂƚĞƐƚŚĞƵƌŝĚLJůĂƚŝŽŶůĞǀĞůƐ͘ůƚŽŐĞƚŚĞƌ͕ƚŚĞƐĞĚĂƚĂƐŚŽǁƚŚĂƚďŽƚŚŵĞƚŚŽĚƐ ĂƌĞ ŚŝŐŚůLJ ĐŽŵƉůĞŵĞŶƚĂƌLJ͘ d/>ͲƐĞƋ ŝƐ Ă ǀĞƌLJ ƉŽǁĞƌĨƵů ŵĞƚŚŽĚ ƚŽ ŝĚĞŶƚŝĨLJ ŵZEƐ ǁŚŽƐĞ ƵƌŝĚLJůĂƚŝŽŶůĞǀĞůƐǀĂƌLJĂĐĐŽƌĚŝŶŐƚŽŵƵƚĂŶƚďĂĐŬŐƌŽƵŶĚŽƌĐŽŶĚŝƚŝŽŶƐ͘LJĐŽŶƚƌĂƐƚ͕ϯ͛Z ͲƐĞƋŝƐ ƚŚĞŵĞƚŚŽĚŽĨĐŚŽŝĐĞƚŽƉƌĞĐŝƐĞůLJĂŶĂůLJƐĞƚŚĞƉŽůLJƚĂŝůƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶƐĂŶĚƌĞůŝ ĂďůLJƋƵĂŶƚŝĨLJϯ͛ ĞŶĚ ŵŽĚŝĨŝĐĂƚŝŽŶ ŽĨ ƐĞůĞĐƚĞĚ ŵZEƐ ĂŶĚ ƚŽ ĐŽŵƉĂƌĞ ƚŚŽƐĞ ƉĂƌĂŵĞƚĞƌƐ ŝŶ ĚŝĨĨĞƌĞŶƚ ŐĞŶĞƚŝĐ ďĂĐŬŐƌŽƵŶĚƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘
ϵϰ
Ϯ͘ƐƐĞƐƐŝŶŐƚŚĞƌŽůĞŽĨhZdϭďLJƚƌĂŶƐŝĞŶƚĞdžƉƌĞƐƐŝŽŶ ĂƐƐĂLJƐŝŶ EŝĐŽƚŝĂŶĂďĞŶƚŚĂŵŝĂŶĂ ůĞĂǀĞƐ ͘
WƌĞǀŝŽƵƐƌĞƐƵůƚƐŽĨŽƵƌŐƌŽƵƉŚĂǀĞƐŚŽǁŶƚŚĂƚhZdϭŵŽƐƚůLJĂĐƚƐŽŶĚĞĂĚĞŶLJůĂƚĞĚ͕ƐŚŽƌƚƉŽůLJƚĂŝůƐ ;^ĞŵĞŶƚ Ğƚ Ăů͕͘ ϮϬϭϯͿ͘ hƌŝĚLJůĂƚŝŽŶ ďLJ hZdϭ ůĞĂĚƐ ƚŽ ƚŚĞ ƌĞƉĂŝƌ ŽĨ ƚŚĞ ϯ͛ ĞŶĚƐ ŽĨ ĞdžĐĞƐƐŝǀĞ ĚĞĂĚĞŶLJůĂƚĞĚŵZEƐƚŽĂůůŽǁƚŚĞďŝŶĚŝŶŐŽĨĂƐŝŶŐůĞWW;ƵďĞƌĞƚĂů͕͘ϮϬϭϲͿ͘ĞĐĂƵƐĞhZdϭ ĐŽŵƉĞƚĞƐ ǁŝƚŚ ĚĞĂĚĞŶLJůĂƐĞƐ ĨŽƌ ƚŚĞ ƐĂŵĞ ZE ƐƵďƐƚƌĂƚĞƐ͕ ŝ͘Ğ͘ ŵZEƐ ƚŚĂƚ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĚĞĂĚĞŶLJůĂƚŝŽŶ͕ŵLJŵĂŝŶŽďũĞĐƚŝǀĞǁĂƐƚŽĂƐƐĞƐƐǁŚĞƚŚĞƌhZdϭͲŵĞĚŝĂƚĞĚƵƌŝĚLJůĂƚŝŽŶĐĂŶĚŝƌĞĐƚůLJ ŝŵƉĂĐƚŵZEĚĞĂĚĞŶLJůĂƚŝŽŶ͘dŽƚŚŝƐĞŶĚ͕ŽƵƌƐƚƌĂƚĞŐLJǁĂƐƚŽĚŝƐƌƵƉƚƚŚĞĞƋƵŝůŝďƌŝƵŵďĞƚǁĞĞŶ ƵƌŝĚLJůĂƚŝŽŶ ĂŶĚ ĚĞĂĚĞŶLJůĂƚŝŽŶ ďLJ ƚƌĂŶƐŝĞŶƚůLJ ŽǀĞƌĞdžƉƌĞƐƐŝŶŐ hZdϭ ŝŶ EŝĐŽƚŝĂŶĂ ďĞŶƚŚĂŵŝĂŶĂ ůĞĂǀĞƐ͘/ƵƐĞĚϯ͛Z ͲƐĞƋƚŽĚĞƚĞƌŵŝŶĞƚŚĞƉŽůLJƚĂŝůƐŝnjĞƐĂŶĚƚŚĞƵƌŝĚLJůĂƚŝŽŶƐƚĂƚƵƐŽĨĂ '&W ƌĞƉŽƌƚĞƌŵZEǁŚŝĐŚ/ĐŽͲĞdžƉƌĞƐƐĞĚǁŝƚŚhZdϭŝŶ E͘ďĞŶƚŚĂŵŝĂŶĂ ͘/ĂůƐŽĚĞƚĞƌŵŝŶĞĚƉŽůLJƚĂŝů ƐŝnjĞƐ ĂŶĚ ƚŚĞ ƵƌŝĚLJůĂƚŝŽŶ ƐƚĂƚƵƐ ŽĨ ĂŶ ĞŶĚŽŐĞŶŽƵƐ E͘ ďĞŶƚŚĂŵŝĂŶĂ ŵZE͘ dŚŝƐ ĞdžƉĞƌŝŵĞŶƚĂů ƐLJƐƚĞŵǁĂƐĂůƐŽƵƐĞĚƚŽĞdžƉƌĞƐƐŵƵƚĂƚĞĚǀĞƌƐŝŽŶƐŽĨhZdϭƐƵĐŚĂƐĐĂƚĂůLJƚŝĐŵƵƚĂŶƚƐĂŶĚŵƵƚĂŶƚƐ ůĂĐŬŝŶŐƚŚĞŝŶƚĞƌĂĐƚŝŽŶŵŽƚŝĨƐƉƌĞƐĞŶƚŝŶƚŚĞEͲƚĞƌŵŝŶĂů/ZŽĨhZdϭ͘
Ϯ͘ϭ͘ KǀĞƌĞdžƉƌĞƐƐŝŽŶ ŽĨ ƚhZdϭ ŝŶ EŝĐŽƚŝĂŶĂ ďĞŶƚŚĂŵŝĂŶĂ ĐŚĂŶŐĞƐ ƚŚĞƉŽůLJƚĂŝůĚŝƐƚƌŝďƵƚŝŽŶŽĨƌĞƉŽƌƚĞƌ '&W ŵZEƐ͘ dŽĂŶĂůLJƐĞŚŽǁhZdϭŝŶĨůƵĞŶĐĞƐƚŚĞĚĞĂĚĞŶLJůĂƚŝŽŶƐƚĞƉŽĨĂƌĞƉŽƌƚĞƌŵZE͕ͲƚĞƌŵŝŶĂůƚĂŐŐĞĚ ǀĞƌƐŝŽŶƐŽĨhZdϭͲŵLJĐǁĞƌĞĐŽͲĞdžƉƌĞƐƐĞĚŝŶ E͘ďĞŶƚŚĂŵŝĂŶĂ ůĞĂǀĞƐǁŝƚŚĂ '&W ƌĞƉŽƌƚĞƌĐŽŶƐƚƌƵĐƚ͘ dŚĞƌĞƉŽƌƚĞƌŝŶĐůƵĚĞƐƚŚĞƐĞƋƵĞŶĐĞŽĨƚŚĞĨŝƌƐƚŝŶƚƌŽŶŽĨƚŚĞWĞƚƵŶŝĂĐŚĂůĐŽŶĞƐLJŶƚŚĂƐĞ;,^ͿŐĞŶĞ ŝŶƐĞƌƚĞĚϱ͛ŽĨƚŚĞ '&W ĐŽĚŝŶŐƐĞƋƵĞŶĐĞ;&ŝŐƵƌĞϭϱͿ͘dŚŝƐ,^ŝŶƚƌŽŶĂůůŽǁƐƵƐƚŽĚŝĨĨĞƌĞŶƚŝĂƚĞƚŚĞ ƵŶƐƉůŝĐĞĚƉƌĞͲŵĞƐƐĞŶŐĞƌZEĨƌŽŵŵĂƚƵƌĞ '&W ŵZEƵƐŝŶŐZEďůŽƚƐ͘dŚƵƐ͕ƚŚĞƐŝŐŶĂůŽĨƚŚĞ ŵĂƚƵƌĞ ĨŽƌŵ ŽĨ ƚŚĞ '&W ŵZE ĐĂŶ ďĞ ŶŽƌŵĂůŝƐĞĚ ĂŐĂŝŶƐƚ ƚŚĞ ƉƌĞͲŵZE͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ƚŚĞ ƌĞƉŽƌƚĞƌĐŽŶƚĂŝŶƐƚŚĞϱ͛ůĞĂĚĞƌƐĞƋƵĞŶ ĐĞ;ŽŵĞŐĂƐĞƋƵĞŶĐĞͿŽĨƚŚĞƚŽďĂĐĐŽŵŽƐĂŝĐǀŝƌƵƐdƵDsĂƐ ϱΖ hdZ ƐĞƋƵĞŶĐĞ ;&ŝŐƵƌĞ ϭϱͿ͘ dŚŝƐ ƐĞƋƵĞŶĐĞ ŚĂƐ ďĞĞŶ ƐŚŽǁŶ ƚŽ ƉƌŽŵŽƚĞ ƚŚĞ ƚƌĂŶƐůĂƚŝŽŶ ŽĨ ƌĞƉŽƌƚĞƌŐĞŶĞƐďLJĞŶŚĂŶĐŝŶŐƚŚĞďŝŶĚŝŶŐŽĨ,ƐƉϭϬϭ;'ĂůůŝĞ͕ϮϬϬϮ͖'ĂůůŝĞĞƚĂů͕͘ϭϵϴϳͿ͘/ŶĂĚĚŝƚŝŽŶ ƚŽhZdϭͲŵLJĐĂŶĚƚŚĞ '&W ƌĞƉŽƌƚĞƌ͕ǁĞƐLJƐƚĞŵĂƚŝĐĂůůLJĐŽͲĞdžƉƌĞƐƐĞĚƚŚĞWϭϵƐŝůĞŶĐŝŶŐƐƵƉƉƌĞƐƐŽƌ ƚŽƉƌĞǀĞŶƚƐŝůĞŶĐŝŶŐ͘ůůĐŽŶƐƚƌƵĐƚƐǁĞƌĞĞdžƉƌĞƐƐĞĚƵŶĚĞƌƚŚĞĐŽŶƚƌŽůŽĨƚŚĞĐĂƵůŝĨůŽǁĞƌŵŽƐĂŝĐ ƉůĂŶƚǀŝƌƵƐ;ĂDsͿϯϱ^ƉƌŽŵŽƚĞƌĂŶĚƚŚĞ ŐƌŽďĂĐƚĞƌŝƵŵ͞ EŽƉĂůŝŶĞ^LJŶƚŚĂƐĞ ͟ƚĞƌŵŝŶĂƚŽƌ;&ŝŐƵƌĞ ϭϱͿ͘
ϵϱ ĂĐŚ ŽĨ ƚŚĞ ƚŚƌĞĞ ĐŽŶƐƚƌƵĐƚƐ ǁĂƐ ƚƌĂŶƐĨŽƌŵĞĚ ŝŶƚŽ ŐƌŽďĂĐƚĞƌŝƵŵ ƚƵŵĞĨĂĐŝĞŶƐ ͘ dƌĂŶƐŝĞŶƚ ĐŽͲ ĞdžƉƌĞƐƐŝŽŶǁĂƐĂĐŚŝĞǀĞĚďLJŝŶĨŝůƚƌĂƚŝŶŐ E͘ďĞŶƚŚĂŵŝĂŶĂ ůĞĂǀĞƐǁŝƚŚƚŚĞƉƌĞͲŵŝdžĞĚŐƌŽďĂĐƚĞƌŝƵŵ ĐƵůƚƵƌĞƐ͘ KŶĞ ůĞĂĨ ƉĂƚĐŚ ǁĂƐ ŝŶĨŝůƚƌĂƚĞĚ ǁŝƚŚ ƚŚĞ '&W ƌĞƉŽƌƚĞƌ ĂŶĚ Wϭϵ͕ ƚŚĞ ƐĞĐŽŶĚ ƉĂƚĐŚ ĐŽͲ ĞdžƉƌĞƐƐĞĚƚŚĞ '&W ƌĞƉŽƌƚĞƌ͕WϭϵĂŶĚǁŝůĚͲƚLJƉĞhZdϭͲŵLJĐ͕ĂŶĚƚŚĞƚŚŝƌĚƉĂƚĐŚƌĞĐĞŝǀĞĚƚŚĞ '&W ƌĞƉŽƌƚĞƌ͕Wϭϵ͕ĂŶĚƚŚĞŝŶĂĐƚŝǀĞĨŽƌŵhZdϭ ϰϵϭͬϯ ͲŵLJĐ;&ŝŐƵƌĞϭϱĂŶĚͿŝŶǁŚŝĐŚƚǁŽĂƐƉĂƌƚŝĐĂĐŝĚƐ ǁŝƚŚŝŶƚŚĞĐĂƚĂůLJƚŝĐŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞĚŽŵĂŝŶĂƌĞŵƵƚĂƚĞĚŝŶƚŽĂůĂŶŝŶĞƐ;ϰϵϭĂŶĚϰϵϯͿ ;^ĞŵĞŶƚĞƚĂů͕͘ϮϬϭϯͿ͘&ŽƵƌĚĂLJƐĂĨƚĞƌƚŚĞŝŶĨŝůƚƌĂƚŝŽŶ͕ďŽƚŚƉƌŽƚĞŝŶƐĂŶĚƚŽƚĂůZEƐǁĞƌĞĞdžƚƌĂĐƚĞĚ ĨƌŽŵŝŶĨŝůƚƌĂƚĞĚůĞĂĨƉĂƚĐŚĞƐ͘ dŚĞĂŶĂůLJƐŝƐŽĨƉƌŽƚĞŝŶĞdžƚƌĂĐƚƐďLJǁĞƐƚĞƌŶďůŽƚƐƵƐŝŶŐŵLJĐͲĂŶƚŝďŽĚŝĞƐƌĞǀĞĂůĞĚůĂƌŐĞĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƚŚĞ ĞdžƉƌĞƐƐŝŽŶ ůĞǀĞůƐ ŽĨ ƚŚĞ ĚŝĨĨĞƌĞŶƚ hZdϭͲŵLJĐ ĐŽŶƐƚƌƵĐƚƐ ;&ŝŐƵƌĞ ϭϱͿ ƚŚĂƚ ǁĞƌĞ ŽďƐĞƌǀĞĚŝŶĂůůƌĞƉůŝĐĂƚĞƐ͘dŚĞŝŶĂĐƚŝǀĞǀĞƌƐŝŽŶhZdϭ ϰϵϭͬϯ ͲŵLJĐǁĂƐƐLJƐƚĞŵĂƚŝĐĂůůLJŵŽƌĞĞdžƉƌĞƐƐĞĚ ƚŚĂŶƚŚĞĂĐƚŝǀĞĨŽƌŵ͕hZdϭͲŵLJĐ͘dŚĞĚŝĨĨĞƌĞŶƚŝĂůĂĐĐƵŵƵůĂƚŝŽŶŽĨĂĐƚŝǀĞ ǀĞƌƐƵƐ ŝŶĂĐƚŝǀĞhZdϭͲŵLJĐ ǀĞƌƐŝŽŶƐŚĂƐŝŵƉŽƌƚĂŶƚŝŵƉůŝĐĂƚŝŽŶƐĨŽƌƚŚĞŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨƚŚĞ ϯ͛Z ͲƐĞƋƌĞƐƵůƚƐĂƐĚŝƐĐƵƐƐĞĚ ďĞůŽǁ͘KĨŶŽƚĞ͕,ĠůğŶĞ^ĐŚĞĞƌĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚƚŚĞĞdžƉƌĞƐƐŝŽŶŽĨhZdϭůĞĂĚƐƚŽƚŚĞƌĞƉƌĞƐƐŝŽŶ ŽĨƚŚĞƚƌĂŶƐůĂƚŝŽŶŽĨƌĞƉŽƌƚĞƌ '&W ŝŶ E͘ďĞŶƚŚĂŵŝĂŶĂ ;^ĐŚĞĞƌ͕ϮϬϭϴͿ͘dŚƵƐ͕ƚŚĞĚŝĨĨĞƌĞŶƚƉƌŽƚĞŝŶ ůĞǀĞůƐŽĨhZdϭͲŵLJĐĂŶĚŝŶĂĐƚŝǀĞhZdϭ ϰϵϭͬϯ ͲŵLJĐŵĂLJďĞůŝŶŬĞĚƚŽƚŚĞƚƌĂŶƐůĂƚŝŽŶƌĞƉƌĞƐƐŝŽŶŽĨŝƚƐ ŽǁŶŵZEďLJĂĐƚŝǀĞǀĞƌƐŝŽŶŽĨhZdϭ͘
ĨƚĞƌĂĚĂƉƚĞƌůŝŐĂƚŝŽŶĂŶĚĐEƐLJŶƚŚĞƐŝƐ͕ƚŚĞϯ͛ĞŶĚƐŽĨƚŚĞ '&W ƌĞƉŽƌƚĞƌŵZEƐǁĞƌĞƐĞƋƵĞŶĐĞĚ ďLJ ϯ͛Z ͲƐĞƋ ƵƐŝŶŐ Ă ƉĂŝƌĞĚͲĞŶĚ ƐĞƋƵĞŶĐŝŶŐ ĂƉƉƌŽĂĐŚ͘ dŚĞ ϱ͛ ĞŶĚƐ ǁĞƌĞ ƐĞƋƵĞŶĐĞĚ ƵƉ ƚŽ ƉŽƐŝƚŝŽŶ ϰϭ ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ĂŵƉůŝĨŝĞĚ ƚĂƌŐĞƚ͘ dŚĞ ϯ͛ ĞŶĚƐ ǁĞƌĞ ƐĞƋƵĞŶĐĞĚ ǁŝƚŚ ϭϭϭ ĐLJĐůĞƐ ƚŽ ŝŶǀĞƐƚŝŐĂƚĞƚŚĞůĞŶŐƚŚĂŶĚϯ͛ĞŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐŽĨƚŚĞƉŽůLJƚĂŝůƐ͘
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/Ŷ ďŽƚŚ ĐŽŶƚƌŽů ĂŶĚ hZdϭ ϰϵϭͬϯ ͲŵLJĐ ƐĂŵƉůĞƐ͕ ĂůŵŽƐƚ Ăůů ƵƌŝĚLJůĂƚĞĚ ƚĂŝůƐ ǁĞƌĞ ƐŚŽƌƚĞƌ ƚŚĂŶ Ϯϱ ŶƵĐůĞŽƚŝĚĞƐĂŶĚƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞƵƌŝĚLJůĂƚĞĚƚĂŝůƐǁĞƌĞŽŶůLJĂďŽƵƚϭϰŶƵĐůĞŽƚŝĚĞƐ; ŝ͘Ğ ͘ŵŽƐƚůLJϭϮͲ ϭϯ ĂĚĞŶŽƐŝŶĞƐ ǁŝƚŚ ϭͲϮ ƵƌŝĚŝŶĞƐͿ͘ dŚŝƐ ŽďƐĞƌǀĂƚŝŽŶ ŝƐ ŝŶ ůŝŶĞ ǁŝƚŚ ƉƌĞǀŝŽƵƐ ƌĞƐƵůƚƐ ŽďƚĂŝŶĞĚ ŝŶ ƌĂďŝĚŽƉƐŝƐ͕ǁŚŝĐŚƐŚŽǁĞĚƚŚĂƚŝŶĂǁŝůĚͲƚLJƉĞƐŝƚƵĂƚŝŽŶ͕ƵƌŝĚLJůĂƚŝŽŶŽĐĐƵƌƐƉƌĞĚŽŵŝŶĂŶƚůLJŽŶƐŚŽƌƚ ƉŽůLJƚĂŝůƐ;^ĞŵĞŶƚĞƚĂů͕͘ϮϬϭϯ͖ƵďĞƌĞƚĂů͕͘ϮϬϭϲͿ͘dŚĞƉƌŽĨŝůĞƐŽĨƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐŝŶƐĂŵƉůĞƐ ĞdžƉƌĞƐƐŝŶŐhZdϭ ϰϵϭͬϯ ͲŵLJĐƌĞǀĞĂůĞĚĂƉƌŽŶŽƵŶĐĞĚŝŶĐƌĞĂƐĞŽĨƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚƐŚŽƌƚƵƌŝĚLJůĂƚĞĚ ƉŽůLJƚĂŝůƐŽĨ ĐŝƌĐĂ ϭϰŶƵĐůĞŽƚŝĚĞƐ͘dŚƵƐ͕ƚŚĞŚŝŐŚĞƌĨƌĞƋƵĞŶĐLJŽĨƵƌŝĚLJůĂƚĞĚ '&W ŵZEŝŶƚŚĞ hZdϭ ϰϵϭͬϯ ͲŵLJĐƐĂŵƉůĞƐŝƐĚƵĞƚŽƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨƚŚŝƐƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƉŽƉƵůĂƚŝŽŶ͘dŚĞ ŵĂŝŶƉĞĂŬŽĨƚŚĞƉŽƉƵůĂƚŝŽŶǁŝƚŚƐŚŽƌƚƵƌŝĚLJůĂƚĞĚƚĂŝůƐǁĂƐƐŚŝĨƚĞĚĨƌŽŵϭϰŶƵĐůĞŽƚŝĚĞƐŝŶƚŚĞ ĐŽŶƚƌŽůƐĂŶĚhZdϭ ϰϵϭͬϯ ͲŵLJĐƚŽϭϵŶƵĐůĞŽƚŝĚĞƐŝŶƚŚĞhZdϭͲŵLJĐƐĂŵƉůĞƐ͘&ƵƌƚŚĞƌŵŽƌĞ͕ĂƐĞĐŽŶĚ ƉĞĂŬ ĂƉƉĞĂƌĞĚ Ăƚ ĂďŽƵƚ ϰϭ ŶƵĐůĞŽƚŝĚĞƐ͕ ĂŶĚ ůŽŶŐĞƌ ƵƌŝĚLJůĂƚĞĚ ƉŽůLJ ƚĂŝůƐ ǁĞƌĞ ĂďƵŶĚĂŶƚůLJ ĚĞƚĞĐƚĞĚ͘
ϵϴ dĂŬĞŶ ƚŽŐĞƚŚĞƌ͕ ƚŚĞƐĞ ƌĞƐƵůƚƐ ĐŽŶĨŝƌŵĞĚ ƚŚĂƚ ƚŚĞ ĞdžƉƌĞƐƐŝŽŶ ŽĨ hZdϭͲŵLJĐ ƌĞƐƵůƚƐ ŝŶ ƚŚĞ ĂĐĐƵŵƵůĂƚŝŽŶŽĨƵƌŝĚLJůĂƚĞĚĂŶĚŶŽŶͲƵƌŝĚLJůĂƚĞĚƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚůŽŶŐĞƌƉŽůLJƚĂŝůƐ͕ƐƵŐŐĞƐƚŝŶŐƚŚĂƚ ƵƌŝĚLJůĂƚŝŽŶďLJhZdϭĐĂŶŝŶĨůƵĞŶĐĞƚŚĞŽǀĞƌĂůůƉŽůLJƚĂŝůůĞŶŐƚŚ͘dǁŽŚLJƉŽƚŚĞƐĞƐǁŚŝĐŚĂƌĞŶŽƚ ŶĞĐĞƐƐĂƌŝůLJŵƵƚƵĂůůLJĞdžĐůƵƐŝǀĞĐĂŶĞdžƉůĂŝŶƚŚĞƐŚŝĨƚƚŽǁĂƌĚƐůŽŶŐĞƌƚĂŝůƐƚŚĂƚǁĞŽďƐĞƌǀĞĨŽƌďŽƚŚ ƵŶŵŽĚŝĨŝĞĚĂŶĚƵƌŝĚLJůĂƚĞĚƉŽůLJĂĚĞŶLJůĂƚĞĚ '&W ƚƌĂŶƐĐƌŝƉƚƐ͗
Ϳ hƌŝĚLJůĂƚŝŽŶ ďLJ hZdϭͲŵLJĐ ƉƌŽƚĞĐƚƐ ƉŽůLJ ƚĂŝůƐ ĨƌŽŵ ĚĞĂĚĞŶLJůĂƚŝŽŶ ĂŶĚ ĚĞŐƌĂĚĂƚŝŽŶ͘ dŚĞ ƉŽƉƵůĂƚŝŽŶ ŽĨ ƚƌĂŶƐĐƌŝƉƚƐ ǁŝƚŚ ůŽŶŐ ƵƌŝĚLJůĂƚĞĚ ĂŶĚ ŶŽŶͲƵƌŝĚLJůĂƚĞĚ ƚĂŝůƐ ŝŶĐƌĞĂƐĞƐ ďĞĐĂƵƐĞ ƵƌŝĚLJůĂƚŝŽŶƐůŽǁƐĚŽǁŶĚĞĂĚĞŶLJůĂƚŝŽŶ͘
ͿhƌŝĚLJůĂƚŝŽŶďLJhZdϭͲŵLJĐŝŶĚƵĐĞƐƚŚĞƌĂƉŝĚĞůŝŵŝŶĂƚŝŽŶŽĨƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚƐŚŽƌƚƉŽůLJƚĂŝůƐ͕ĨŽƌ ĞdžĂŵƉůĞďLJƌĞĐƌƵŝƚŝŶŐĚĞŐƌĂĚĂƚŝŽŶĨĂĐƚŽƌƐƚŽƚŚŝƐŵZEƉŽůLJƚĂŝůƉŽƉƵůĂƚŝŽŶ͘
ŽƚŚƉŽƐƐŝďŝůŝƚŝĞƐǁĞƌĞĞdžƉĞƌŝŵĞŶƚĂůůLJŝŶǀĞƐƚŝŐĂƚĞĚ͘dŚĞƌĞƐƵůƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶZĞƐƵůƚƐƉĂƌƚϮ͘ϰ͘ ĂŶĚϯ͘Ϳ
Ϯ͘Ϯ͘&ƵŶĐƚŝŽŶĂůŝŵƉůŝĐĂƚŝŽŶŽĨƚŚĞŝŶƚƌŝŶƐŝĐĂůůLJĚŝƐŽƌĚĞƌĞĚƌĞŐŝŽŶŽĨ hZdϭŝŶƚŚĞƚƵƌŶŽǀĞƌŽĨƐŚŽƌƚƉŽůLJƚĂŝůƐ͘
ƐĚĞƚĂŝůĞĚŝŶƚŚĞŝŶƚƌŽĚƵĐƚŝŽŶ͕hZdϭŚĂƐĂůŽŶŐŝŶƚƌŝŶƐŝĐĂůůLJĚŝƐŽƌĚĞƌĞĚƌĞŐŝŽŶ;/ZͿŝŶƚĞƌƐƉĞƌƐĞĚ ǁŝƚŚƐŚŽƌƚĐŽŶƐĞƌǀĞĚŵŽƚŝĨƐŝŶŝƚƐEͲƚĞƌŵŝŶƵƐ͘WƌĞǀŝŽƵƐƌĞƐƵůƚƐŽďƚĂŝŶĞĚŝŶƚŚĞŐƌŽƵƉŝŶĚŝĐĂƚĞĚ ƚŚĂƚƚŚĞDϭĂŶĚDϮŵŽƚŝĨƐŽĨƚŚĞ/ZĂƌĞĐŽŶƐĞƌǀĞĚŝŶĂůůhZdϭŽƌƚŚŽůŽŐƐŽĨƚŚĞŐƌĞĞŶůŝŶĞĂŐĞ͘ ;&ĞƌƌŝĞƌ͕ϮϬϭϯ͖^ĐŚĞĞƌ͕ϮϬϭϴͿ͘ĚĚŝƚŝŽŶĂůůLJ͕,ĠůğŶĞ^ĐŚĞĞƌƐŚŽǁĞĚĚƵƌŝŶŐŚĞƌWŚƚŚĂƚƚŚĞDϭ ŵŽƚŝĨŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞŝŶƚĞƌĂĐƚŝŽŶŽĨƌĞĐŽŵďŝŶĂŶƚhZdϭǁŝƚŚƚŚĞĚĞĐĂƉƉŝŶŐĨĂĐƚŽƌWϱ͘dŚĞ ĨƵŶĐƚŝŽŶŽĨƚŚĞDϮŵŽƚŝĨŝƐƐƚŝůůƵŶŬŶŽǁŶ͘ dŽ ĂƐƐĞƐƐ ǁŚĞƚŚĞƌ ĂŶĚ ŚŽǁ ƚŚĞ EͲƚĞƌŵŝŶĂů /Z ĂŶĚ ƚŚĞ Dϭ ĂŶĚ DϮ ŵŽƚŝĨƐ ŝŶĨůƵĞŶĐĞ ƚŚĞ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶĂŶĚƵƌŝĚLJůĂƚŝŽŶƉƌŽĨŝůĞƐŽĨƌĞƉŽƌƚĞƌ '&W ŵZEƐ͕ǁĞƉĞƌĨŽƌŵĞĚŽƚŚĞƌƐĞƌŝĞƐŽĨ ŝŶĨŝůƚƌĂƚŝŽŶĞdžƉĞƌŝŵĞŶƚƐƵƐŝŶŐĂĚĚŝƚŝŽŶĂůŵƵƚĂŶƚǀĞƌƐŝŽŶƐŽĨhZdϭͲŵLJĐ;&ŝŐƵƌĞϮϬͿ͘dŚĞĐŽŶƐƚƌƵĐƚ DϭDϮͲŵLJĐĐĂƌƌŝĞƐŵƵƚĂƚŝŽŶƐŝŶďŽƚŚĐŽŶƐĞƌǀĞĚƐŚŽƌƚŵŽƚŝĨƐ͘/ŶƚŚĞDϭŵŽƚŝĨ͕ƚǁŽůĞƵĐŝŶĞƐĂƚ ƉŽƐŝƚŝŽŶϮϭ ĂŶĚ ϮϱǁĞƌĞ ĐŚĂŶŐĞĚ ƚŽ ĂƐƉĂƌĂŐŝŶĞƐ;>ϮϭͬϮϱEͿ͘ /Ŷ ƚŚĞ DϮŵŽƚŝĨ͕ ƚǁŽ ĂůĂŶŝŶĞƐ Ăƚ ƉŽƐŝƚŝŽŶϰϵͬϱϬǁĞƌĞĐŚĂŶŐĞĚƚŽůLJƐŝŶĞƐ;ϰϵ<<Ϳ͘ȴ/Z ͲŵLJĐĂ ŶĚȴ/Z ϰϵϭͬϯ ͲŵLJĐĂƌĞĂĐƚŝǀĞĂŶĚ ŝŶĂĐƚŝǀĞ ǀĞƌƐŝŽŶƐ ŽĨ hZdϭͲŵLJĐ ůĂĐŬŝŶŐ ƚŚĞ ĞŶƚŝƌĞ EͲƚĞƌŵŝŶĂů /Z ĚŽŵĂŝŶ ;&ŝŐƵƌĞ ϮϬͿ͘ ůů ĐŽŶƐƚƌƵĐƚƐ ǁĞƌĞ ĐŽͲĞdžƉƌĞƐƐĞĚ ǁŝƚŚ ƚŚĞ ƌĞƉŽƌƚĞƌ '&W ŵZE ĂŶĚ Wϭϵ ŝŶ E͘ ďĞŶƚŚĂŵŝĂŶĂ ĂƐ ĚĞƐĐƌŝďĞĚĂďŽǀĞ͘dŚƌĞĞŝŶĚĞƉĞŶĚĞŶƚƌĞƉůŝĐĂƚĞƐǁĞƌĞƐĞƋƵĞŶĐĞĚĨŽƌƚŚĞĐŽŶƚƌŽů͕hZdϭͲŵLJĐĂŶĚ
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EĞdžƚ͕ ǁĞ ĞdžĂŵŝŶĞĚ ƚŚĞ ƉƌŽƉŽƌƚŝŽŶ ŽĨ ƵƌŝĚLJůĂƚĞĚ WZϮ ŵZEƐ͘ /Ŷ ĐŽŶƚƌŽů ƐĂŵƉůĞƐ͕ Ϯй ŽĨ WZϮ ƚƌĂŶƐĐƌŝƉƚƐǁĞƌĞƵƌŝĚLJůĂƚĞĚ͕ŚĞŶĐĞƚŚĞďĂƐĂůůĞǀĞůŽĨƵƌŝĚLJůĂƚŝŽŶǁĂƐƐŝŵŝůĂƌĂƐĨŽƌƚŚĞ '&W ƌĞƉŽƌƚĞƌ ƚƌĂŶƐĐƌŝƉƚ ;&ŝŐƵƌĞ ϮϲͿ͘ džƉƌĞƐƐŝŽŶ ŽĨ ƚŚĞ ĐĂƚĂůLJƚŝĐ ĂĐƚŝǀĞ hZdϭͲŵLJĐ͕ DϭDϮͲŵLJĐ Žƌ ȴ/Z ͲŵLJĐ ĐŽŶƐƚƌƵĐƚƐŝŶĐƌĞĂƐĞĚƚŚĞƉƌŽƉŽƌƚŝŽŶŽĨƵƌŝĚLJůĂƚĞĚ WZϮ ŵZEƐƚŽĂƉƉƌŽdžŝŵĂƚĞůLJϰй͘dŚŝƐŝŶĚŝĐĂƚĞƐ ƚŚĂƚƚŚĞ WZϮ ƚƌĂŶƐĐƌŝƉƚŝƐůĞƐƐĨƌĞƋƵĞŶƚůLJƵƌŝĚLJůĂƚĞĚďLJhZdϭƚŚĂŶƚŚĞ '&W ƌĞƉŽƌƚĞƌƚƌĂŶƐĐƌŝƉƚ͘tĞ ĐĂŶŶŽƚĞdžĐůƵĚĞƚŚĂƚƚŚĞƵƌŝĚLJůĂƚĞĚ WZϮ ŵZEƐŵĂLJŚĂǀĞĂĨĂƐƚĞƌƚƵƌŶŽǀĞƌ͘^ŝŵŝůĂƌƚŽ '&W ŵZEƐ͕ ƚŚĞŽǀĞƌĞdžƉƌĞƐƐŝŽŶŽĨhZdϭ ϰϵϭͬϯ ͲŵLJĐƌĞĚƵĐĞĚƚŚĞƵƌŝĚLJůĂƚŝŽŶůĞǀĞů͕ǁŝƚŚŽƵƚƌĞĂĐŚŝŶŐƚŚĞďĂƐĂů ůĞǀĞůƚŚĂƚŝƐĚĞƚĞĐƚĞĚŝŶƚŚĞĐŽŶƚƌŽůƐĂŵƉůĞƐ;&ŝŐƵƌĞϮϲͿ͘dŚĞƵƌŝĚLJůĂƚŝŽŶů ĞǀĞůƐŝŶȴ/Z ϰϵϭͬϯ ͲŵLJĐ ŚŽǁĞǀĞƌǁĞƌĞƐŝŵŝůĂƌƚŽƚŚĞĐŽŶƚƌŽůƐĂŵƉůĞƐ͘dŚĞĂŶĂůLJƐŝƐŽĨƚŚĞƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶƉƌŽĨŝůĞƐ;&ŝŐƵƌĞ Ϯϲ͕ &ŝŐƵƌĞ ^ϱͿ ƌĞǀĞĂůĞĚ Ă ŵĂŝŶ ƉĞĂŬ ŽĨ ϭϳ ŶƵĐůĞŽƚŝĚĞƐ ŝŶ ƚŚĞ ĐŽŶƚƌŽů ƐĂŵƉůĞƐ͘ /Ŷ hZdϭͲŵLJĐ ƐĂŵƉůĞƐ͕ ƚŚŝƐ ƉĞĂŬ ǁĂƐ ƐŚŝĨƚĞĚ ƚŽ ϭϵ ŶƵĐůĞŽƚŝĚĞƐ ĂŶĚ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƚƌĂŶƐĐƌŝƉƚƐ ǁŝƚŚ ůŽŶŐĞƌ ƵƌŝĚLJůĂƚĞĚ ƚĂŝůƐ ;ĂƌŽƵŶĚ ϯϴ ŶƵĐůĞŽƚŝĚĞƐͿ ŝŶĐƌĞĂƐĞĚ͘ ŽƚŚ͕ ƚŚĞ ƐŚŝĨƚ ŽĨ ƚŚĞ ŵĂŝŶ ƉĞĂŬ ĂŶĚ ƚŚĞ ŝŶĐƌĞĂƐĞŝŶƚŚĞƉŽƉƵůĂƚŝŽŶŽĨƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚůŽŶŐƵƌŝĚLJůĂƚĞĚƚĂŝůƐ͕ǁĞƌĞĂůƐŽǀŝƐŝďůĞŝŶDϭDϮͲŵLJĐ Žƌ ȴ/Z ͲŵLJĐƐĂŵƉůĞƐ͘LJĐŽŶƚƌĂƐƚ͕hZdϭ ϰϵϭͬϯ ͲŵLJĐĞdžƉƌĞƐƐŝŽŶŝŶĚƵĐĞĚƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨ WZϮ ŵZEƐǁŝƚŚƐŚŽƌƚƵƌŝĚLJůĂƚĞĚƚĂŝůƐŽĨŵŽƐƚůLJϭϳŶƵĐůĞŽƚŝĚĞƐ;&ŝŐƵƌĞϮϲͿ͘dŚŝƐĂĐĐƵŵƵůĂƚŝŽŶǁĂƐ ŶŽƚŽďƐĞƌǀĞĚƵƉŽŶĞdžƉƌĞƐƐŝŽŶŽĨȴ/Z ϰϵϭͬϯ ͲŵLJĐ͘dŚĞƐĞĚĂƚĂĐŽŶĨŝƌŵĞĚƚŚĂƚƚŚĞEͲƚĞƌŵŝŶĂů/Z ŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨ WZϮ ŵZEƐǁŝƚŚƐŚŽƌƚƵƌŝĚLJůĂƚĞĚƚĂŝůƐƚŚĂƚŝƐŽďƐĞƌǀĞĚƵƉŽŶ ŵĂƐƐŝǀĞŽǀĞƌĞdžƉƌĞƐƐŝŽŶŽĨhZdϭ ϰϵϭͬϯ ͲŵLJĐ͘
Ϯ͘ϯ͘ϯ͘ KǀĞƌĞdžƉƌĞƐƐŝŽŶ ŽĨ hZdϭ ϰϵϭͬϯ ͲŵLJĐ ƌĞƐƵůƚƐ ŝŶ ŝŶĐƌĞĂƐĞĚ ůĞǀĞůƐ ŽĨ WZϮ ŵZEƐǁŝƚŚͲƌŝĐŚƚĂŝůƐ͘
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EĞdžƚ͕ǁĞĂƐƐĞƐƐĞĚƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨͲƌŝĐŚƚĂŝůƐ͘ƐŽďƐĞƌǀĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐĞdžƉĞƌŝŵĞŶƚƐ͕ůŽǁ ůĞǀĞůƐŽĨͲƌŝĐŚƚĂŝůƐǁĞƌĞĚĞƚĞĐƚĂďůĞŝŶƚŚĞĐŽŶƚƌŽůƐ͕ĂŶĚƚŚĞŝƌƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶƐŚŝĨƚĞĚƚŽǁĂƌĚƐ ůŽŶŐĞƌƚĂŝůƐƵƉŽŶŽǀĞƌĞdžƉƌĞƐƐŝŽŶŽĨhZdϭͲŵLJĐ;&ŝŐƵƌĞϯϮĂŶĚͿ͘KǀĞƌĞdžƉƌĞƐƐŝŽŶŽĨhZdϭ ϰϵϭͬϯ Ͳ ŵLJĐŝŶĚƵĐĞĚƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨͲƌŝĐŚƚĂŝůƐŽĨϭϰͲϯϱŶƵĐůĞŽƚŝĚĞƐ͘dŚŝƐĂĐĐƵŵƵůĂƚŝŽŶǁĂƐƌĞǀĞƌƚĞĚ ƵƉŽŶ ŽǀĞƌĞdžƉƌĞƐƐŝŽŶ ŽĨ hZdϭ ϰϵϭͬϯ DϭͲŵLJĐ ĂŶĚ hZdϭ ϰϵϭͬϯ DϭDϮͲŵLJĐ ;&ŝŐƵƌĞ ϯϮ ĂŶĚ Ϳ͘ ŽŵƉĂƌĞĚƚŽhZdϭ ϰϵϭͬϯ ͲŵLJĐ͕ƚŚĞůĞǀĞůŽĨͲƌŝĐŚƚĂŝůƐĚĞĐƌĞĂƐĞĚďLJĂĨĂĐƚŽƌŽĨϰ͘ dŚĞƐĞƌĞƐƵůƚƐĐŽŶĨŝƌŵĞĚƚŚĂƚƚŚĞDϭŵŽƚŝĨŝƐŝŵƉŽƌƚĂŶƚĨŽƌƚŚĞĞĨĨĞĐƚƚŚĂƚŝƐŽďƐĞƌǀĞĚŽŶƚŚĞ ĂĐĐƵŵƵůĂƚŝŽŶŽĨƐŚŽƌƚƉŽůLJƚĂŝůƐǁŚĞŶŝŶĂĐƚŝǀĞhZdϭ ϰϵϭͬϯ ͲŵLJĐŝƐŽǀĞƌĞdžƉƌĞƐƐĞĚ͘ĞĐĂƵƐĞƚŚĞDϭ ŵŽƚŝĨŚĂƐďĞĞŶƐŚŽǁŶƚŽŵĞĚŝĂƚĞƚŚĞŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶhZdϭĂŶĚWϱ͕ƚŚĞƐĞƌĞƐƵůƚƐƐƵƉƉŽƌƚ ƚŚĞŝĚĞĂƚŚĂƚƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨƐŚŽƌƚƉŽůLJƚĂŝůƐƐĞĞŶŝŶhZdϭ ϰϵϭͬϯ ͲŵLJĐƐĂŵƉůĞƐŝƐůŝŶŬĞĚƚŽƚŚĞ
ϭϬϳ ƐĞƋƵĞƐƚƌĂƚŝŽŶŽĨƚŚĞ E͘ďĞŶƚŚĂŵŝĂŶĂ WϱŚŽŵŽůŽŐĂŶĚĞǀĞŶƚƵĂůůLJWϱͲĂƐƐŽĐŝĂƚĞĚĚĞŐƌĂĚĂƚŝŽŶ ĨĂĐƚŽƌƐ͘
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ƌĞĐĂůůƐ ƚŚĞ ĚĂƚĂ ŽďƚĂŝŶĞĚ ďLJ ƚƌĂŶƐŝĞŶƚůLJ ĞdžƉƌĞƐƐŝŶŐhZdϭͲŵLJĐŝŶ E͘ďĞŶƚŚĂŵŝĂŶĂ ĂŶĚƌĞŝŶĨŽƌĐĞƐƚŚĞŚLJƉŽƚŚĞƐŝƐƚŚĂƚƵƌŝĚLJůĂƚŝŽŶďLJhZdϭ ĐĂŶƉƌŽƚĞĐƚŵZEƉŽůLJƚĂŝůƐ;хϭϬŶƵĐůĞŽƚŝĚĞƐͿĨƌŽŵĞdžĐĞƐƐŝǀĞĚĞĂĚĞŶLJůĂƚŝŽŶŝŶƌĂďŝĚŽƉƐŝƐďLJ ƐůŽǁŝŶŐĚŽǁŶĚĞĂĚĞŶLJůĂƚŝŽŶĂŶĚĨĂǀŽƵƌŝŶŐƚŚĞ ĚĞŐƌĂĚĂƚŝŽŶĨƌŽŵϱ͛ Ͳϯ͛ŽĨƐŚŽƌƚƉŽůLJƚĂŝůƐŽǀ ĞƌϭϬ ŶƵĐůĞŽƚŝĚĞƐ͘/ŶƚĞƌĞƐƚŝŶŐůLJ͕ŵŽƐƚƵƌŝĚLJůĂƚĞĚƚĂŝůƐĂƌĞŽďƐĞƌǀĞĚĨŽƌŵZEƐƚŚĂƚŚĂǀĞĂĚŝƐƉĞƌƐĞƉŽůLJ ƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƚŚĂƚƐŚŽǁŶƐŝŐŶƐŽĨĂƉŚĂƐŝŶŐƉĂƚƚĞƌŶŝŶƚŚĞƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶ͘dŚŝƐƉƌŽĨŝůĞŝƐ ƐƵŐŐĞƐƚĞĚƚŽƌĞƐƵůƚĨƌŽŵƚŚĞĚĞŐƌĂĚĂƚŝŽŶŽĨƉŽůLJƚĂŝůƚŚĂƚĂƌĞŚŝŐŚůLJďŽƵŶĚďLJWWƐ͘dŚĞƐĞ ĂƐƉĞĐƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚŝŶŵŽƌĞĚĞƚĂŝůƐŝŶƚŚĞĚŝƐĐƵƐƐŝŽŶ͘ ϭϭϰ ϱ͘dŚĞĞdžƉƌĞƐƐŝŽŶŽĨ, ^KϭͲŵLJĐĐŚĂŶŐĞƐƚŚĞƉŽůLJƐŝnjĞ ĚŝƐƚƌŝďƵƚŝŽŶƐ ĂŶĚ ĚĞĐƌĞĂƐĞƐ ƚŚĞ ƐƚĞĂĚLJͲƐƚĂƚĞ ůĞǀĞů ŽĨ ƌĞƉŽƌƚĞƌ '&W ŵZEƐ ͘ KƵƌĚĂƚĂĐůĞĂƌůLJĚĞŵŽŶƐƚƌĂƚĞƚŚĂƚhZdϭŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŵŽƐƚŽĨƚŚĞŵZEƵƌŝĚLJůĂƚŝŽŶĂĐƚŝǀŝƚLJ ƚŚĂƚŝƐĚĞƚĞĐƚĞĚŝŶǁŝůĚͲƚLJƉĞƉůĂŶƚƐŽĨ ͘ƚŚĂůŝĂŶĂ ;&ŝŐƵƌĞϯϰĂŶĚϯϱ͕ƵďĞƌĞƚĂů͕͘ϮϬϭϲͿ͘zĞƚ͕ǁĞ ŽďƐĞƌǀĞ ƌĞƐŝĚƵĂů ƵƌŝĚLJůĂƚŝŽŶ ŽĨ ŵZEƐ ŝŶ Ƶƌƚϭ ŶƵůů ŵƵƚĂŶƚƐ͘ dŚĞ dhdĂƐĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚŝƐ ƌĞƐŝĚƵĂůƵƌŝĚLJůĂƚŝŽŶĂĐƚŝǀŝƚLJŝĨ, ^Kϭ͘dŚĞƉƌŝŵĞĨƵŶĐƚŝŽŶŽĨ, ^KϭŝƐƚŽŝŶĚƵĐĞƚŚĞƌĂƉŝĚĚĞĐĂLJŽĨ ƵŶŵĞƚŚLJůĂƚĞĚŵŝZEƐĂŶĚƐŝZEƐ;ZĞŶĞƚĂů͕͘ϮϬϭϮ͖dƵĞƚĂů͕͘ϮϬϭϱ͖tĂŶŐĞƚĂů͕͘ϮϬϭϱ͖ŚĂŽĞƚĂů͕͘ ϮϬϭϮĂͿ͘ ,ŽǁĞǀĞƌ͕, ^KϭĂŶĚhZdϭĂůƐŽƐŚĂƌĞĐŽŵŵŽŶƐƵďƐƚƌĂƚĞƐƐƵĐŚĂƐϱ͛Z/^ ͲĐůĞĂǀĞĚŵZE ĨƌĂŐŵĞŶƚƐĂŶĚƐŽŵĞŵŝZEƐ;ƌĂŶƐĐŚĞŝĚĞƚĂů͕͘ϮϬϭϱ͖KƌďĂŶĂŶĚ/njĂƵƌƌĂůĚĞ͕ϮϬϬϱ͖dƵĞƚĂů͕͘ϮϬϭϱ͖ tĂŶŐĞƚĂů͕͘ϮϬϭϱ͖ŚĂŶŐĞƚĂů͕͘ϮϬϭϳď͖ƵďĞƌĞƚĂů͕͘ϮϬϭϴͿ͘,ĞƌĞ͕/ŝŶǀĞƐƚŝŐĂƚĞƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚ ŽĨ, ^KϭͲŵĞĚŝĂƚĞĚƵƌŝĚLJůĂƚŝŽŶŽŶƉŽůLJƚĂŝůůĞŶŐƚŚƵƐŝŶŐƚŚĞƚƌĂŶƐŝĞŶƚĞdžƉƌĞƐƐŝŽŶƐLJƐƚĞŵŝŶ E͘ ďĞŶƚŚĂŵŝĂŶĂ ƚŚĂƚ/ĂůƐŽƵƐĞĚƚŽƐƚƵĚLJƚŚĞƌŽůĞŽĨhZdϭ͘ dŽ ĂƐƐĞƐƐ ŚŽǁ , ^Kϭ ĞdžƉƌĞƐƐŝŽŶ ŝŶĨůƵĞŶĐĞƐ ƚŚĞ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶ ĂŶĚ ƵƌŝĚLJůĂƚŝŽŶ ƉƌŽĨŝůĞƐ ŽĨ ƌĞƉŽƌƚĞƌ '&W ĂŶĚ EďWZϮ ŵZEƐ͕hZdϭͲŵLJĐ͕hZdϭ ϰϵϭͬϯ ͲŵLJĐ͕, ^KϭͲŵLJĐĂŶĚ, ^Kϭ ϲϲͬϴ ͲŵLJĐ ǁĞƌĞ ĐŽͲĞdžƉƌĞƐƐĞĚ ǁŝƚŚ ƚŚĞ '&W ƌĞƉŽƌƚĞƌ ŵZE ĂŶĚ ƚŚĞ ƐŝůĞŶĐŝŶŐ ƐƵƉƉƌĞƐƐŽƌ Wϭϵ ŝŶ E͘ ďĞŶƚŚĂŵŝĂŶĂ ůĞĂǀĞƐ ;&ŝŐƵƌĞ ϯϳͿ͘ dŽ ĂďŽůŝƐŚ ƚŚĞ ĐĂƚĂůLJƚŝĐ ĂĐƚŝǀŝƚLJ ŽĨ , ^Kϭ͕ ƚǁŽ ĐŽŶƐĞƌǀĞĚ ĂƐƉĂƌƚŝĐ ĂĐŝĚƐ ;Ăƚ ƉŽƐŝƚŝŽŶ ϲϲ ĂŶĚ ϲϴͿ ŝŶ ƚŚĞ ŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞ ĚŽŵĂŝŶ ǁĞƌĞ ŵƵƚĂƚĞĚ ƚŽ ĂůĂŶŝŶĞƐ;, ^Kϭ ϲϲͬϴ ͲŵLJĐͿ;&ŝŐƵƌĞϯϳͿ͘dŚŝƐŵƵƚĂƚŝŽŶŚĂƐďĞĞŶƉƌĞǀŝŽƵƐůLJƌĞƉŽƌƚĞĚƚŽĂďŽůŝƐŚ ƚŚĞƵƌŝĚLJůĂƚŝŽŶĐĂƉĂĐŝƚLJŽĨ, ^Kϭ;ŚĂŽĞƚĂů͕͘ϮϬϭϮĂͿ͘ dŚĞĂŶĂůLJƐŝƐŽĨƉƌŽƚĞŝŶĞdžƚƌĂĐƚƐŽďƚĂŝŶĞĚĨƌŽŵůĞĂĨƉĂƚĐŚĞƐďLJǁĞƐƚĞƌŶďůŽƚĐŽŶĨŝƌŵĞĚƚŚĂƚĂůů ƉƌŽƚĞŝŶƐ ǁĞƌĞ ĞdžƉƌĞƐƐĞĚ ;&ŝŐƵƌĞ ϯϳͿ͘ Ɛ ŽďƐĞƌǀĞĚ ďĞĨŽƌĞ͕ ƚŚĞ hZdϭ ϰϵϭͬϯ ͲŵLJĐ ƉƌŽƚĞŝŶ ĂĐĐƵŵƵůĂƚĞĚ ƚŽ ŚŝŐŚĞƌ ůĞǀĞůƐ ƚŚĂŶ ƚŚĞ ĂĐƚŝǀĞ ĨŽƌŵ hZdϭͲŵLJĐ͘ dŚĞ ůĞǀĞůƐ ŽĨ , ^KϭͲŵLJĐ ǁĞƌĞ ĐŽŵƉĂƌĂďůĞŽƌƐůŝŐŚƚůLJŚŝŐŚĞƌƚŚĂŶƚŚĞůĞǀĞůƐŽĨhZdϭͲŵLJĐ͘LJĐŽŶƚƌĂƐƚ͕ƚŚĞŝŶĂĐƚŝǀĞ, ^Kϭ ϲϲͬϴ Ͳ ŵLJĐ ƉƌŽƚĞŝŶǁĂƐƌĞƉƌŽĚƵĐŝďůLJůĞƐƐĞdžƉƌĞƐƐĞĚƚŚĂŶ, ^KϭͲŵLJĐ͘dŚŝƐŽďƐĞƌǀĂƚŝŽŶŵƵƐƚďĞƚĂŬĞŶ ŝŶƚŽ ĂĐĐŽƵŶƚ ĨŽƌ ƚŚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶ ŽĨ ƚŚĞ ƌĞƐƵůƚƐ͕ ďƵƚ ƚŚĞ ƌĞĂƐŽŶ ĨŽƌ ƚŚĞ ƉŽŽƌ ĞdžƉƌĞƐƐŝŽŶ ŽĨ , ^Kϭ ϲϲͬϴ ͲŵLJĐŝƐƵŶŬŶŽǁŶ͘ ϭϭϱ A Uridylation level of reporter GFP mRNAs. 15 Replicate 10 rep1 rep2 5 rep3 Uri. tails vs all (%) 0 ctrl URT1-myc URT1 HESO1-mycHESO1 D491/3A D66/8A -myc -myc B Uridylation level of endogenous NbPR2 mRNAs. 8 6 Replicate 4 rep1 rep2 2 rep3 Uri. tails vs all (%) 0 ctrl URT1-myc URT1 HESO1-mycHESO1 D491/3A D66/8A -myc -myc Figure 38: Uridylation level ofGFP reporter and endogenous NbPR2 mRNA s. A) Uridylation level ofGFP reporter transcript. B) Uridylation level of endogenousNbPR2 mRNA. A Distribution of uridylated tails for GFP reporter mRNAs. 0.75 0.50 ctrl 0.25 0.00 0.75 URT1-myc 0.50 0.25 0.00 Replicate URT1 0.75 rep1 0.50 D491/3A rep2 0.25 -myc rep3 0.00 HESO1-myc 0.75 0.50 0.25 0.00 HESO1 Proportion of uridylated tails vs total reads (%) 0.75 0.50 D66/8A 0.25 -myc 0.00 014 25 50 75 B Distribution of uridylated tails for NbPR2 mRNAs. 0.6 0.4 ctrl 0.2 0.0 0.6 URT1-myc 0.4 0.2 0.0 URT1 Replicate 0.6 rep1 0.4 D491/3A rep2 0.2 -myc rep3 0.0 HESO1-myc 0.6 0.4 0.2 0.0 Proportion of uridylated tails vs total reads (%) HESO1 0.6 0.4 D66/8A 0.2 -myc 0.0 0 25 50 75 17 Figure 39: Distribution of uridylated polyA tails ofand reporter GFP endogenous NbPR2 mRNAs. A) Size distribution of uridylated polyA tails of reporter GFP transcript. B) Size distribution of uridylated polyA tails of NbPR2 transcript. ϱ͘ϭ͘ džƉƌĞƐƐŝŽŶŽĨ, ^KϭͲŵLJĐĚŽĞƐŶŽƚŝŶĐƌĞĂƐĞŵZEƵƌŝĚLJůĂƚŝŽŶ ůĞǀĞůƐďƵƚŝŵƉĂĐƚƐƚŚĞƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶŽĨƉŽůLJƚĂŝůƐ͘ /ĂŶĂůLJƐĞĚƚŚĞϯ͛ĞŶĚƐŽĨďŽƚŚƚŚĞ '&W ƌĞƉŽƌƚĞƌŵZEĂŶĚƚŚĞĞŶĚŽŐĞŶŽƵƐ EďWZϮ ŵZEďLJ ϯ͛Z ͲƐĞƋŝŶƚŚƌĞĞďŝŽůŽŐŝĐĂůƌĞƉůŝĐĂƚĞƐ͘ƐŽďƐĞƌǀĞĚďĞĨŽƌĞ͕ƚŚĞƉƌŽƉŽƌƚŝŽŶŽĨƵƌŝĚLJůĂƚĞĚ '&W ŵZEǁĂƐĚƌĂƐƚŝĐĂůůLJŝŶĐƌĞĂƐĞĚƵƉŽŶĞdžƉƌĞƐƐŝŽŶŽĨhZdϭͲŵLJĐ͘/ŶhZdϭ ϰϵϭͬϯ ͲŵLJĐƐĂŵƉůĞƐ͕ǁĞ ŽďƐĞƌǀĞĚ ƚŚĞ ŵŝůĚ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ƚŽƚĂů ƉƌŽƉŽƌƚŝŽŶ ŽĨ ƵƌŝĚLJůĂƚĞĚ ƚƌĂŶƐĐƌŝƉƚƐ ĚƵĞ ƚŽ ƚŚĞ ĂĐĐƵŵƵůĂƚŝŽŶŽĨƐŚŽƌƚƵƌŝĚLJůĂƚĞĚƚƌĂŶƐĐƌŝƉƚƐƚŚĂƚǁĞŽďƐĞƌǀĞĚďĞĨŽƌĞ͘LJĐŽŶƚƌĂƐƚ͕ƚŚĞĞdžƉƌĞƐƐŝŽŶ ŽĨ, ^KϭͲŵLJĐĂŶĚ, ^Kϭ ϲϲͬϴ ͲŵLJĐŚĂĚŶŽĞĨĨĞĐƚŽŶƚŚĞƉƌŽƉŽƌƚŝŽŶŽĨƵƌŝĚLJůĂƚĞĚ '&W ƌĞƉŽƌƚĞƌ ŵZEƐ;&ŝŐƵƌĞϯϴͿĂŶĚŶŽƐLJƐƚĞŵĂƚŝĐĞĨĨĞĐƚŽŶƚŚĞƉƌŽƉŽƌƚŝŽŶŽĨƵƌŝĚLJůĂƚĞĚ WZϮ ŵZE;&ŝŐƵƌĞ ϯϴͿ͘ dŚĞĂŶĂůLJƐŝƐŽĨƚŚĞƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶƐŽĨƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐ;&ŝŐƵƌĞϯϵͿĐŽŶĨŝƌŵĞĚƚŚĞƉƌĞǀŝŽƵƐůLJ ŽďƐĞƌǀĞĚ ƐŚŝĨƚ ƚŽǁĂƌĚ ůĂƌŐĞƌ ƚĂŝůƐ ƵƉŽŶ ĞdžƉƌĞƐƐŝŽŶ ŽĨ hZdϭͲŵLJĐ ĂŶĚ ƚŚĞ ƉƌŽŶŽƵŶĐĞĚ ŽǀĞƌĂĐĐƵŵƵůĂƚŝŽŶŽĨƐŚŽƌƚƵƌŝĚLJůĂƚĞĚƚĂŝůƐŝŶƚŚĞhZdϭ ϰϵϭͬϯ ͲŵLJĐƐĂŵƉůĞƐ͘/ŶƚĞƌĞƐƚŝŶŐůLJ͕ƚŚĞƐŝnjĞ ĚŝƐƚƌŝďƵƚŝŽŶƉƌŽĨŝůĞƐŽďƐĞƌǀĞĚŝŶ, ^KϭͲŵLJĐƐĂŵƉůĞƐĚŝĨĨĞƌĞĚĨƌŽŵƚŚĞƉƌŽĨŝůĞƐŽďƐĞƌǀĞĚŝŶƚŚĞ ĐŽŶƚƌŽůƐĂŵƉůĞƐ͘EŽƚĂďůLJ͕ǁĞŽďƐĞƌǀĞĚƌĞĚƵĐĞĚůĞǀĞůƐŽĨƐŚŽƌƚƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐĂŶĚĂŵŝůĚ ŝŶĐƌĞĂƐĞŽĨƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚůŽŶŐƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐ;&ŝŐƵƌĞϯϵͿ͘dŚĞƉƌŽĨŝůĞƐŽďƐĞƌǀĞĚƵƉŽŶ ĞdžƉƌĞƐƐŝŽŶŽĨ, ^Kϭ ϲϲͬϴ ͲŵLJĐƌĞƐĞŵďůĞĚƚŚĞƉƌŽĨŝůĞƐŽďƐĞƌǀĞĚŝŶƚŚĞĐŽŶƚƌŽůƐ͘dĂŬĞŶƚŽŐĞƚŚĞƌ͕ ƚŚĞƐĞ ŽďƐĞƌǀĂƚŝŽŶƐ ŝŶĚŝĐĂƚĞĚ ƚŚĂƚ ƚŚĞ , ^KϭͲŵLJĐ ƉƌŽƚĞŝŶ ŝƐ ŝŶĚĞĞĚ ĐĂƚĂůLJƚŝĐ ĂĐƚŝǀĞ ŝŶ ƚŚĞ E͘ ďĞŶƚŚĂŵŝĂŶĂ ƐLJƐƚĞŵ͕ ĂƐ ŽŶůLJ ƚŚĞ ĂĐƚŝǀĞ , ^KϭͲŵLJĐ ǀĞƌƐŝŽŶ ĐŚĂŶŐĞƐ ƚŚĞ ƐŝnjĞ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐ͘dŚĞĚŝĨĨĞƌĞŶĐĞƚŽhZdϭŵĂLJďĞƚŚĂƚƵƌŝĚLJůĂƚŝŽŶďLJ, ^KϭůĞĂĚƐƚŽƚŚĞƌĂƉŝĚ ĚĞŐƌĂĚĂƚŝŽŶŽĨŝƚƐƚĂƌŐĞƚƐŝŶ E͘ďĞŶƚŚĂŵŝĂŶĂ ͕ǁŚŝĐŚǁŽƵůĚĞdžƉůĂŝŶǁŚLJƚŚĞƵƌŝĚLJůĂƚŝŽŶůĞǀĞůŝƐŶŽƚ ŝŶĐƌĞĂƐĞĚǁŚĞŶĞdžƉƌĞƐƐŝŶŐ, ^KϭͲŵLJĐ;&ŝŐƵƌĞϯϴͿ͘KĨŶŽƚĞ͕, ^KϭŚĂƐďĞĞŶƐŚŽǁŶƚŽĂĚĚůŽŶŐĞƌ ƵƌŝĚŝŶĞĞdžƚĞŶƐŝŽŶƐƚŽŵŝZEƐĂŶĚϱ͛Z/^ ͲĐůĞĂǀĞĚĨƌĂŐŵĞŶƚƐ͕ǁŚĞƌĞĂƐhZdϭĂĚĚƐŵŽƐƚůLJϭŽƌϮ ƵƌŝĚŝŶĞƐ;dƵĞƚĂů͕͘ϮϬϭϱ͖ŚĂŽĞƚĂů͕͘ϮϬϭϮĂ͖ ƵďĞƌĞƚĂů͕͘ϮϬϭϴͿ͘/ŶŵĂŵŵĂůƐ͕ŽůŝŐŽƵƌŝĚLJůĂƚŝŽŶ ĞĨĨŝĐŝĞŶƚůLJƚƌŝŐŐĞƌƐƚŚĞĨĂƐƚĚĞŐƌĂĚĂƚŝŽŶŽĨƉƌĞͲŵŝZEůĞƚϳ͕ǁŚĞƌĞĂƐŵŽŶŽƵƌŝĚLJůĂƚŝŽŶŚĂƐďĞĞŶ ƐŚŽǁŶƚŽƌĞƉĂŝƌƚŚĞϯ͛ĞŶĚŽǀĞƌŚĂŶŐŽĨůĞƚϳĨŽƌƚŚĞĨŽ ƌŵĂƚŝŽŶŽĨŵĂƚƵƌĞĂŶĚĨƵŶĐƚŝŽŶĂůŵŝZEƐ ;ĂůnjĞĂƵĞƚĂů͕͘ϮϬϭϳͿ͘, ^KϭĐŽƵůĚƚŚƵƐŽůŝŐŽƵƌŝĚLJůĂƚĞ '&W ĂŶĚ WZϮ ŵZEƐƚŽƚƌŝŐŐĞƌƚŚĞŝƌĨĂƐƚ ĚĞŐƌĂĚĂƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕ ƐŝŵŝůĂƌ ƚŽ hZdϭͲŵLJĐ͕ ŵŽƐƚ ƵƌŝĚLJůĂƚĞĚ ƚĂŝůƐ ǁĞƌĞ ĚĞƚĞĐƚĞĚ ǁŝƚŚ ϭ Žƌ Ϯ ƵƌŝĚŝŶĞƐĂƚƚŚĞϯ͛ĞŶĚƐŝŶƚŚĞ, ^Kϭ ͲŵLJĐƐĂŵƉůĞƐ;&ŝŐƵƌĞ^ϵͿ͘ ŝƚŚĞƌ͕, ^KϭŝƐĂĚĚŝŶŐŽŶůLJĂĨĞǁ ƵƌŝĚŝŶĞƐƚŽŝƚƐƚĂƌŐĞƚ;ƐŝŵŝůĂƌƚŽhZdϭͿ͕ŽƌƚŚĞŽůŝŐŽƵƌŝĚLJůĂƚĞĚƚĂŝůƐŚĂǀĞĂĨĂƐƚƚƵƌŶŽǀĞƌƌĂƚĞĂŶĚ ĐĂŶŶŽƚďĞĚĞƚĞĐƚĞĚĂƚƐƚĞĂĚLJͲƐƚĂƚĞůĞǀĞů͘ ϭϭϲ A Distribution of all polyA tails for GFP reporter mRNAs. 4 ctrl 2 0 4 URT1 URT1-myc 2 0 Replicate 4 D491/3A rep1 2 rep2 mcHS1mcHESO1 HESO1-myc -myc rep3 0 4 2 Proportion of all tails vs total reads (%) 0 4 D66/8A 2 -myc 0 0 25 50 75 Tail size (nt) B Distribution of all polyA tails for Nb PR2 mRNAs. 4 ctrl 2 0 4 URT1 2 -myc 0 URT1 Replicate 4 D491/3A rep1 rep2 2 -myc rep3 0 HESO1 4 2 -myc 0 Proportion of all tails vs total reads (%) HESO1 4 D66/8A 2 -myc 0 0 25 50 75 Tail size (nt) Figure 40: Distribution of allGFP tails and forNbPR2 mRNAs. A) Size distribution of uridylated polyA tails of reporter GFP transcript. B) Size distribution of uridylated polyA tails of NbPR2 transcript. dĂŬĞŶƚŽŐĞƚŚĞƌ͕ƚŚĞƐĞĚĂƚĂƐŚŽǁĞĚƚŚĂƚ, ^KϭĐĂŶƵƌŝĚLJůĂƚĞďŽƚŚ '&W ƌĞƉŽƌƚĞƌĂŶĚ WZϮ ŵZEƐ͕ ĂŶĚƚŚĂƚĞdžƉƌĞƐƐŝŽŶŽĨ, ^KϭĐŚĂŶŐĞƐƚŚĞƐŝnjĞƉƌŽĨŝůĞŽĨƵƌŝĚLJůĂƚĞĚƚĂŝůƐǁŝƚŚŽƵƚŝŵƉĂĐƚŝŶŐƚŚĞ ŽǀĞƌĂůůƵƌŝĚLJůĂƚŝŽŶůĞǀĞůƐ͘dŚĞƐĞƌĞƐƵůƚƐƌĞǀĞĂůĨƵŶĐƚŝŽŶĂůĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶhZdϭĂŶĚ, ^Kϭ͘ ϱ͘Ϯ͘ džƉƌĞƐƐŝŽŶ ŽĨ , ^KϭͲŵLJĐ ĂĨĨĞĐƚƐ ƉŽůLJ ƚĂŝů ƐŝnjĞ ĚŝƐƚƌŝďƵƚŝŽŶƐ ƐŝŵŝůĂƌƚŽƚŚĞĞdžƉƌĞƐƐŝŽŶŽĨhZdϭͲŵLJĐ͘ EĞdžƚ͕/ĂŶĂůLJƐĞĚƚŚĞƐŝnjĞƐŽĨĂůůƉŽůLJƚĂŝůƐƌĞŐĂƌĚůĞƐƐŽĨƚŚĞŝƌƵƌŝĚLJůĂƚŝŽŶƐƚĂƚƵƐ;&ŝŐƵƌĞϰϬͿ͘Ɛ ƉƌĞǀŝŽƵƐůLJŽďƐĞƌǀĞĚ͕ƚŚĞĞdžƉƌĞƐƐŝŽŶŽĨhZdϭͲŵLJĐƌĞĚƵĐĞĚƚŚĞƉƌŽƉŽƌƚŝŽŶŽĨ'&W ĂŶĚ WZϮ ŵZEƐ ǁŝƚŚ ƐŚŽƌƚ ƉŽůLJ ƚĂŝůƐ ĂŶĚ ŝŶĐƌĞĂƐĞĚ ƚŚĞ ƉƌŽƉŽƌƚŝŽŶ ŽĨ ƚƌĂŶƐĐƌŝƉƚƐ ǁŝƚŚ ůŽŶŐ ƉŽůLJ ƚĂŝůƐ͘ /ŶƚĞƌĞƐƚŝŶŐůLJ͕ƚŚĞĚŝƐƚƌŝďƵƚŝŽŶŽĨƚŚĞƉŽůLJƚĂŝůƐŝnjĞƐŝŶƚŚĞ, ^KϭͲŵLJĐƐĂŵƉůĞƐǁĞƌĞƐƚƌŝŬŝŶŐůLJ ƐŝŵŝůĂƌƚŽƚŚĞƉĂƚƚĞƌŶŽďƐĞƌǀĞĚŝŶhZdϭͲŵLJĐƐĂŵƉůĞƐ;&ŝŐƵƌĞϰϬͿ͕ĞǀĞŶƚŚŽƵŐŚƚŚĞƵƌŝĚLJůĂƚŝŽŶůĞǀĞů ŝƐŶŽƚŝŶĐƌĞĂƐĞĚĂƐŝŶƚŚĞhZdϭͲŵLJĐƐĂŵƉůĞ;&ŝŐƵƌĞϯϴͿ͘,ŽǁĞǀĞƌ͕ƚŚĞƉŽůLJƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶŝŶ ŝŶĂĐƚŝǀĞ, ^Kϭ ϲϲͬϴ ͲŵLJĐƐĂŵƉůĞƐǁĂƐŝĚĞŶƚŝĐĂůƚŽƚŚĞĚŝƐƚƌŝďƵƚŝŽŶĚĞƚĞĐƚĞĚŝŶĐŽŶƚƌŽůƐĂŵƉůĞƐ͘ dŚĞƌĞĚƵĐƚŝŽŶŽĨƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚƐŚŽƌƚƉŽůLJƚĂŝůƐĂŶĚƚŚĞƐŚŝĨƚƚŽǁĂƌĚƐůŽŶŐĞƌƚĂŝůƐŽďƐĞƌǀĞĚŝŶ , ^KϭͲŵLJĐĐŽƵůĚƚŚƵƐďĞůŝŶŬĞĚƚŽƚŚĞƵƌŝĚLJůĂƚŝŽŶĂĐƚŝǀŝƚLJŽĨ, ^KϭͲŵLJĐ͘zĞƚ͕ĂƐƚŚĞŝŶĂĐƚŝǀĞ , ^Kϭ ϲϲͬϴ ͲŵLJĐĐŽŶƐƚƌƵĐƚŝƐůĞƐƐĞdžƉƌĞƐƐĞĚƚŚĂŶƚŚĞ, ^KϭͲŵLJĐƐĂŵƉůĞ͕ǁĞĐĂŶŶŽƚĞdžĐůƵĚĞƚŚĂƚ ƚŚĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ƉŽůLJ ƐŝnjĞ ĚŝƐƚƌŝďƵƚŝŽŶ ďĞƚǁĞĞŶ ƚŚĞ ƐĂŵƉůĞƐ ĞdžƉƌĞƐƐŝŶŐ ĂĐƚŝǀĞ ĂŶĚ ŝŶĂĐƚŝǀĞ ĐŽŶƐƚƌƵĐƚŝƐĚƵĞƚŽƚŚĞĚŝĨĨĞƌĞŶƚŝĂůĂĐĐƵŵƵůĂƚŝŽŶŽĨƚŚĞ, ^KϭͲŵLJĐĂŶĚ, ^Kϭ ϲϲͬϴ ͲŵLJĐƉƌŽƚĞŝŶƐ͘ dŚĞĞdžƉƌĞƐƐŝŽŶŽĨ, ^Kϭ ϲϲͬϴ ͲŵLJĐĚŝĚŶŽƚƌĞƐƵůƚŝŶŝŶĐƌĞĂƐĞĚƉƌŽƉŽƌƚŝŽŶƐŽĨƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚƐŚŽƌƚ ƉŽůLJƚĂŝůƐĂƐŽďƐĞƌǀĞĚŝŶhZdϭ ϰϵϭͬϯ ͲŵLJĐ;&ŝŐƵƌĞϰϬͿ͘DŽƌĞŽǀĞƌ͕ƚŚĞŚŝŐŚĂĐĐƵŵƵůĂƚŝŽŶŽĨͲƌŝĐŚ ƚĂŝůƐƚŚĂƚǁĂƐŽďƐĞƌǀĞĚƵƉŽŶŽǀĞƌĞdžƉƌĞƐƐŝŽŶŽĨhZdϭ ϰϵϭͬϯ ͲŵLJĐĂŶĚƐƵƉƉƌĞƐƐĞĚďLJĞdžƉƌĞƐƐŝŽŶŽĨ ȴ/Z ϰϵϭͬϯ ͲŵLJĐǁĂƐŶŽƚĚĞƚĞĐƚĞĚŝŶ, ^Kϭ ϲϲͬϴ ͲŵLJĐƐĂŵƉůĞƐ;&ŝŐƵƌĞ^ϭϬͿ͘ƉŽƐƐŝďůĞĞdžƉůĂŶĂƚŝŽŶ ŝƐ ƚŚĂƚ , ^Kϭ ϲϲͬϴ ͲŵLJĐ ĚŽĞƐ ŶŽƚ ĚĞƉůĞƚĞ ƚŚĞ ĚĞĐĂƉƉŝŶŐ ŵĂĐŚŝŶĞƌLJ ĂƐ ĚŽĞƐ hZdϭ ϰϵϭͬϯ ͲŵLJĐ͘ ,ŽǁĞǀĞƌ͕ƚŚŝƐŶĞŐĂƚŝǀĞƌĞƐƵůƚŵĂLJĂůƐŽďĞĞdžƉůĂŝŶĞĚďLJƚŚĞůŽǁĞƌĞdžƉƌĞƐƐŝŽŶůĞǀĞůƐŽĨ, ^Kϭ ϲϲͬϴ Ͳ ŵLJĐĂƐĐŽŵƉĂƌĞĚƚŽĂůůǀĞƌƐŝŽŶƐŽĨĐĂƚĂůLJƚŝĐĂůůLJŝŶĂĐƚŝǀĞhZdϭ ϰϵϭͬϯ ͲŵLJĐ͘ dĂŬĞŶƚŽŐĞƚŚĞƌ͕ƚŚĞƐĞƌĞƐƵůƚƐŝŶĚŝĐĂƚĞƚŚĂƚhZdϭͲŵLJĐĂŶĚ, ^KϭͲŵLJĐĞdžƉƌĞƐƐŝŽŶŚĂǀĞƐŝŵŝůĂƌ ŽƵƚĐŽŵĞƐŽŶƚŚĞƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶŽĨĂůůƉŽůLJƚĂŝůƐ͕ďƵƚĚŝĨĨĞƌĞŶƚĞĨĨĞĐƚƐŽŶƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨ ƵƌŝĚLJůĂƚĞĚƚĂŝůƐ͘tŚŝůĞƚŚĞĚŽŵŝŶĂŶƚĞĨĨĞĐƚŽĨhZdϭͲŵLJĐĞdžƉƌĞƐƐŝŽŶŝƐƚŚĞŝŵƉŽƌƚĂŶƚŝŶĐƌĞĂƐĞŽĨ ƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚůŽŶŐƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐ͕ƚŚĞŵŽƐƚŽďǀŝŽƵƐĞĨĨĞĐƚŽĨ, ^KϭͲŵLJĐĞdžƉƌĞƐƐŝŽŶŝƐ ƚŚĞĚĞĐƌĞĂƐĞŽĨƚŚĞƉŽƉƵůĂƚŝŽŶŽĨƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚƐŚŽƌƚƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐ͘dŽŐĞƚŚĞƌǁŝƚŚƚŚĞ ĨĂĐƚƚŚĂƚ, ^KϭͲŵLJĐĞdžƉƌĞƐƐŝŽŶĚŽĞƐŶŽƚŝŶĐƌĞĂƐĞƚŚĞƚŽƚĂůƉƌŽƉŽƌƚŝŽŶŽĨƵƌŝĚLJůĂƚĞĚƚĂŝůƐ͕ƚŚŝƐ ŽďƐĞƌǀĂƚŝŽŶ ƐƵŐŐĞƐƚƐ ƚŚĂƚ ƚƌĂŶƐĐƌŝƉƚƐ ǁŝƚŚ ƵƌŝĚLJůĂƚĞĚ ƉŽůLJ ƚĂŝůƐ ĂƌĞ ůĞƐƐ ƐƚĂďůĞ ŝŶ , ^KϭͲŵLJĐ ϭϭϳ Functional differences between URT1 and HESO1 Distribution (%) Tail size (nt) deadenylation deadenylation URT1 decapping 5 -3 degradation degradation? HESO1 5 -3 ? 5 -3 ? 3 -5 ? 3 -5 ? Figure 42: Summary chart of the possible functions of URT1 and HESO1. URT1 uridylated preferentially short, but also longer polyA tails. The main functions of UR down deadenylation. It is also promoting the decapping and degradation from 5 to 3 short polyA tails of 10-20 nucleotides. Thus, URT1 prevents the accumulation of excessive lated mRNAs (<10 nucleotides). HESO1 is preferentially targeting short polyA tails to promote their fast degradation. It is not known yet if HESO1 promotes the degradation from 5 -3 or from 3 -5 . ƐĂŵƉůĞƐ ƚŚĂŶ ŝŶ ƚŚĞ hZdϭͲŵLJĐ ƐĂŵƉůĞƐ͘ hƌŝĚLJůĂƚŝŽŶ ďLJ , ^Kϭ ƉĞƌ ƐĞ ĐŽƵůĚ ŝŶĚƵĐĞ ƚŚĞ ƌĂƉŝĚ ĚĞŐƌĂĚĂƚŝŽŶŽĨƚƌĂŶƐĐƌŝƉƚƐ͘ĞĐĂƵƐĞƚŚĞŵZEƐƚŚĂƚĂƌĞŵŽƐƚĂĨĨĞĐƚĞĚĂƌĞƚŚĞŽŶĞƐǁŝƚŚƐŚŽƌƚ ƉŽůLJƚĂŝůƐ͕, ^KϭŵĂLJƚĂƌŐĞƚŵŽƐƚůLJƐŚŽƌƚƚĂŝůƐ͘dŚĞĞůŝŵŝŶĂƚŝŽŶŽĨŵZEƐǁŝƚŚƐŚŽƌƚƉŽůLJƚĂŝůƐ ůĞĂĚƐƚŽĂŶŝŶĚŝƌĞĐƚŝŶĐƌĞĂƐĞŽĨůŽŶŐĞƌƉŽůLJƚĂŝůƐŝŶƚŚĞƉŽůLJƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶ͘ ϱ͘ϯ͘ džƉƌĞƐƐŝŽŶ ŽĨ , ^KϭͲŵLJĐ ĂĨĨĞĐƚƐ ƚŚĞ ƐƚĞĂĚLJͲƐƚĂƚĞ ŽĨ ƌĞƉŽƌƚĞƌ '&W ŵZEƐ͘ dŚĞZEƐĂŵƉůĞƐŽďƚĂŝŶĞĚĨƌŽŵŝŶĨŝůƚƌĂƚĞĚůĞĂĨƉĂƚĐŚĞƐǁĞƌĞĂůƐŽĂŶĂůLJƐĞĚďLJ ŶŽƌƚŚĞƌŶďůŽƚƐ ;&ŝŐƵƌĞϰϭͿ͘ƐŽďƐĞƌǀĞĚďĞĨŽƌĞ͕ƚŚĞůĞǀĞůƐŽĨƚŚĞ '&W ƌĞƉŽƌƚĞƌŵZEƐǁĞƌĞƐŝŵŝůĂƌŝŶĐŽŶƚƌŽůƐĂŶĚ ŝŶƐĂŵƉůĞƐĞdžƉƌĞƐƐŝŶŐhZdϭͲŵLJĐŽƌhZdϭ ϰϵϭͬϯ ͲŵLJĐ͘ ƋƵĂůůĞǀĞůƐŽĨ'&WŵZEǁĞƌĞĂůƐŽĚĞƚĞĐƚĞĚ ŝŶ, ^Kϭ ϲϲͬϴ ͲŵLJĐ͘LJĐŽŶƚƌĂƐƚ͕ƐĂŵƉůĞƐĞdžƉƌĞƐƐŝŶŐĐĂƚĂůLJƚŝĐĂůůLJĂĐƚŝǀĞ, ^KϭͲŵLJĐƉƌĞƐĞŶƚĞĚĂ ĐůĞĂƌ ƐŚŝĨƚ ƚŽǁĂƌĚƐ ůŽŶŐĞƌ '&W ŵZEƐ ĂƐ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ĐŽŶƚƌŽůƐ ;&ŝŐƵƌĞ ϰϭͿ͘ dŚĞƐĞ ŽďƐĞƌǀĂƚŝŽŶƐƐƵƉƉŽƌƚǁĞůůƚŚĞǁŽƌŬŝŶŐŚLJƉŽƚŚĞƐŝƐƚŚĂƚ, ^KϭͲŵĞĚŝĂƚĞĚƵƌŝĚLJůĂƚŝŽŶĂĐĐĞůĞƌĂƚĞƐ ƚŚĞƚƵƌŶŽǀĞƌŽĨƚŚĞ '&W ƌĞƉŽƌƚĞƌŵZEƐǁŝƚŚƐŚŽƌƚƉŽůLJƚĂŝůƐ͘/ŶĐŽŶƚƌĂƐƚƚŽhZdϭ͕ƚŚĂƚŝŶĐƌĞĂƐĞƐ ŚŝŐŚůLJƚŚĞŶƵŵďĞƌŽĨůŽŶŐ͕ƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐǁŚĞŶƚƌĂŶƐŝĞŶƚůLJĞdžƉƌĞƐƐĞĚŝŶ E͘ďĞŶƚŚĂŵŝĂŶĂ ͕ ĞdžƉƌĞƐƐŝŶŐ, ^KϭŵĂLJůĞĂĚƚŽƚŚĞĨĂƐƚĚĞŐƌĂĚĂƚŝŽŶŽĨŽůŝŐŽĂĚĞŶLJůĂƚĞĚŵZEƐ͘ ŝƚŚĞƌ͕ƚŚĞĂĚĚŝƚŝŽŶ ŽĨůŽŶŐĞƌhͲĞdžƚĞŶƐŝŽŶƐďLJ, ^KϭůĞĂĚƐƚŽƚŚĞƐƵďƐĞƋƵĞŶƚĚĞŐƌĂĚĂƚŝŽŶŽĨƚŚĞƚĂƌŐĞƚĞĚŵZEƐ͕Žƌ , ^KϭĚŝƌĞĐƚůLJƌĞĐƌƵŝƚƐĚĞĐĂLJĨĂĐƚŽƌƐƚŽŝƚƐƚĂƌŐĞƚƐĂŶĚƉƌŽŵŽƚĞƐƚŚĞŝƌĚĞŐƌĂĚĂƚŝŽŶ͘&ŽƌŝŶƐƚĂŶĐĞ͕ Ă ƉŽƐƐŝďůĞ ĐĂŶĚŝĚĂƚĞ ĨŽƌ ĂŶ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞ ĚĞŐƌĂĚŝŶŐ ĚĞĂĚĞŶLJůĂƚĞĚ ƌĞƉŽƌƚĞƌ ŵZE ǁŝƚŚ ƵƌŝĚLJůĂƚĞĚƐŚŽƌƚƉŽůLJ ƚĂŝůƐƋƵŝĐŬůLJĨƌŽŵƚŚĞϯ͛ĞŶĚŝƐƚŚĞ E͘ďĞŶƚŚĂŵŝĂŶĂ ŚŽŵŽůŽŐŽĨ^Ksͬ/^ϯ>Ϯ͘ EďWZϮ ƚƌĂŶƐĐƌŝƉƚƐŚŽǁĞǀĞƌĚŽŶŽƚƐĞĞŵƚŽďĞĂĨĨĞĐƚĞĚĂƐŵƵĐŚďLJƚŚĞĞdžƉƌĞƐƐŝŽŶŽĨ, ^KϭͲŵLJĐ ŝŶƚŚĞƚǁŽƚĞƐƚĞĚƌĞƉůŝĐĂƚĞƐ;&ŝŐƵƌĞϰϭͿ͘ƐĂůƌĞĂĚLJƐĞĞŶƉƌĞǀŝŽƵƐůLJ͕ƚŚĞƉŽůLJƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶ ƉƌŽĨŝůĞƐŽĨ EďWZϮ ƐĞĞŵƚŽďĞůĞƐƐĂůƚĞƌĞĚƵƉŽŶ, ^KϭͲŵLJĐĞdžƉƌĞƐƐŝŽŶ͘dŚƵƐ͕ĨŽƌĂLJĞƚƵŶŬŶŽǁŶ ƌĞĂƐŽŶ͕ EďWZϮ ŵZEƐŵĂLJďĞůĞƐƐƚĂƌŐĞƚĞĚĂŶĚĚĞƐƚĂďŝůŝƐĞĚďLJ, ^KϭƚŚĂŶ '&W ƌĞƉŽƌƚĞƌŵZEƐ͕ ĞdžƉůĂŝŶŝŶŐ Ă ďĞƚƚĞƌ ŚŽŵĞŽƐƚĂƐŝƐ ŽĨ WZϮ ŵZEƐ ƵƉŽŶ , ^Kϭ ŽǀĞƌĞdžƉƌĞƐƐŝŽŶ͘ KĨ ŶŽƚĞ͕ ƐůŝŐŚƚ ǀĂƌŝĂƚŝŽŶƐ ĂƌĞ ƐĞĞŶ ĨŽƌ ƚŚĞ EďWZϮ ŵZE ƐƚĞĂĚLJͲƐƚĂƚĞ ůĞǀĞů ŝŶ ƚŚĞ hZdϭ ϰϵϭͬϯ ͲŵLJĐ ƐĂŵƉůĞƐ͘ ,ŽǁĞǀĞƌ͕ EďWZϮ ŵZEƐĂƌĞĂĐĐƵŵƵůĂƚŝŶŐŝŶϯŽƵƚŽĨϰƚĞƐƚĞĚďŝŽůŽŐŝĐĂůƐĂŵƉůĞƐ;ĐŽŵƉĂƌĞƚŽ &ŝŐƵƌĞϰϭƚŽ&ŝŐƵƌĞϮϴͿ͘ /ŶĐŽŶĐůƵƐŝŽŶ͕, ^KϭĚŽĞƐŶŽƚůĞĂĚƚŽŝŶĐƌĞĂƐĞĚƉƌŽƉŽƌƚŝŽŶƐŽĨƵƌŝĚLJůĂƚĞĚŵZEƐĂŶĚĚŽĞƐƌĂƚŚĞƌ ƐƵƉƉƌĞƐƐƚŚĞĂĐĐƵŵƵůĂƚŝŽŶŽĨƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚƐŚŽƌƚƉŽůLJƚĂŝůƐŝŶ E͘ďĞŶƚŚĂŵŝĂŶĂ ͘dŚĞƐĞƌĞƐƵůƚƐ ŐŝǀĞĂĨŝƌƐƚŝŶƐŝŐŚƚŝŶƚŽƚŚĞƉŽƐƐŝďůĞĨƵŶĐƚŝŽŶƐŽĨ, ^KϭŝŶƌĞŐƵůĂƚŝŽŶŵZEŵĞƚĂďŽůŝƐŵŝŶƉůĂŶƚƐ ĂŶĚŚŝŐŚůŝŐŚƚĨƵŶĐƚŝŽŶĂůĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶhZdϭĂŶĚ, ^Kϭ;&ŝŐƵƌĞϰϮĨŽƌƐƵŵŵĂƌLJͿ͘ ϭϭϴ 'LVFXVVLRQ ϭϭϵ ϭ͘ hZdϭͲŵĞĚŝĂƚĞĚ ƵƌŝĚLJůĂƚŝŽŶ ĐŽŶƚƌŽůƐ ƚŚĞ ĞdžƚĞŶƚ ŽĨ ŵZEĚĞĂĚĞŶLJůĂƚŝŽŶ͘ hƐŝŶŐ E͘ďĞŶƚŚĂŵŝĂŶĂ ĂƐƚƌĂŶƐŝĞŶƚĞdžƉƌĞƐƐŝŽŶƐLJƐƚĞŵ͕/ŚĂǀĞƐŚŽǁŶƚŚĂƚƵƌŝĚLJůĂƚŝŽŶďLJhZdϭŽŶ ƌĞƉŽƌƚĞƌ '&W ĂŶĚ EďWZϮ ŵZEƐůĞĂĚƐƚŽĂĚƌĂŵĂƚŝĐĐŚĂŶŐĞŝŶƚŚĞŝƌƉŽůLJĂĚĞŶLJůĂƚŝŽŶƉƌŽĨŝůĞ͗ƚŚĞ ĚĞĐƌĞĂƐĞŽĨƐŚŽƌƚƉŽůLJƚĂŝůƐĂŶĚĂŶŝŶĐƌĞĂƐĞŽĨůŽŶŐƉŽůLJƚĂŝůƐ͘/ŶĂĚĚŝƚŝŽŶ͕/ƉƌŽǀŝĚĞĚĞǀŝĚĞŶĐĞ ƚŚĂƚhZdϭŝƐŝŵƉůŝĐĂƚĞĚŝŶƚŚĞƚƵƌŶŽǀĞƌŽĨŵZEƐǁŝƚŚƐŚŽƌƚƉŽůLJƚĂŝůƐŽĨϭϬͲϮϬŶƵĐůĞŽƚŝĚĞƐ͘dǁŽ ŵƵƚƵĂůůLJŶŽŶͲĞdžĐůƵƐŝǀĞŚLJƉŽƚŚĞƐĞƐǁĞƌĞĚƌĂǁŶĨƌŽŵƚŚĞƐĞƌĞƐƵůƚƐ͗;ϭͿhƌŝĚLJůĂƚŝŽŶ ƉĞƌƐĞ ƐůŽǁƐ ĚŽǁŶ ĚĞĂĚĞŶLJůĂƚŝŽŶ͕ ƚŚĞƌĞďLJ ĚĞĐƌĞĂƐŝŶŐ ƚŚĞ ĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ƐŚŽƌƚ ƉŽůLJƚĂŝů ƉŽƉƵůĂƚŝŽŶ͘ ;ϮͿ hZdϭͲŵĞĚŝĂƚĞĚƵƌŝĚLJůĂƚŝŽŶƉƌŽŵŽƚĞƐƚŚĞĚĞŐƌĂĚĂƚŝŽŶŽĨŵZEƐǁŝƚŚƐŚŽƌƚƚĂŝůƐ͕ǁŚŝĐŚŝŶĚŝƌĞĐƚůLJ ŝŶĐƌĞĂƐĞƐƚŚĞƉƌŽƉŽƌƚŝŽŶŽĨŵZEƐǁŝƚŚůŽŶŐĞƌƚĂŝůƐ͘ dŚĞĨŝƌƐƚŚLJƉŽƚŚĞƐŝƐŝƐƐƵƉƉŽƌƚĞĚďLJ ŝŶǀŝƚƌŽ ĚĂƚĂ͘ /ŶǀŝƚƌŽ ĂƐƐĂLJƐǁŝƚŚƉƵƌŝĨŝĞĚŚŝƐ'^dͲ&ϭďĂŶĚ ĚŝĨĨĞƌĞ ŶƚZEƐƵďƐƚƌĂƚĞƐƐŚŽǁĞĚƚŚĂƚϭĂŶĚϮƚĞƌŵŝŶĂůƵƌŝĚŝŶĞƐĂĚĚĞĚƚŽƚŚĞϯ͛ĞŶĚŽĨĂŶŽůŝŐŽ ƐƚƌĞƚĐŚŝŵƉĞĚĞƚŚĞĞŶnjLJŵĂƚŝĐĂĐƚŝǀŝƚLJŽĨ&ϭď͘ĞĐĂƵƐĞƚŚĞŽƚŚĞƌƌĞĐŽŵďŝŶĂŶƚƉƌŽƚĞŝŶƐ/ƚĞƐƚĞĚ ĚŝĚ ŶŽƚ ƐŚŽǁ ĂŶLJ ŵĞĂƐƵƌĂďůĞ ĂĐƚŝǀŝƚLJ ƵŶĚĞƌ ŵLJ ĞdžƉĞƌŝŵĞŶƚĂů ĐŽŶĚŝƚŝŽŶƐ͕ / ĐŽƵůĚ ƐŚŽǁ ƚŚŝƐ ƉƌŽƉĞƌƚLJ ŽŶůLJ ĨŽƌ &ϭď͘ dŚĞ ĞĨĨĞĐƚƐ ŽĨ ƚĞƌŵŝŶĂů ƵƌŝĚŝŶĞƐ ŽŶ ŽƚŚĞƌ ƌĂďŝĚŽƉƐŝƐ ĚĞĂĚĞŶLJůĂƐĞƐ ƌĞŵĂŝŶƚŽďĞŝŶǀĞƐƚŝŐĂƚĞĚ͘dǁŽǀĞƌLJƌĞĐĞŶƚƐƚƵĚŝĞƐŵĂŶĂŐĞĚƚŽƌĞĐŽŶƐƚŝƚƵƚĞƚŚĞǁŚŽůĞZϰͬEKd ĐŽŵƉůĞdžĞƐŽĨ ^͘ƉŽŵďĞ ĂŶĚŚƵŵĂŶƐ;tĞďƐƚĞƌĞƚĂů͕͘ϮϬϭϴď͖zŝĞƚĂů͕͘ϮϬϭϴͿĂŶĚƐŚŽǁĞĚƚŚĂƚƚŚĞ ĂĐƚŝǀŝƚŝĞƐ ŽĨ ďŽƚŚ Zϰ ĂŶĚ &ϭ ĂƌĞ ŽŶůLJ ƐůŝŐŚƚůLJ ŵŽĚƵůĂƚĞĚ ƵƉŽŶ ƚŚĞŝƌ ŝŶƚĞŐƌĂƚŝŽŶ ŝŶƚŽ ƚŚĞ ZϰͬEKdĐŽŵƉůĞdž͘,ĞŶĐĞ͕ƚŚĞďĂƐŝĐĐĂƚĂůLJƚŝĐƉƌŽƉĞƌƚŝĞƐƌĞŵĂŝŶůŝŬĞůLJƵŶĐŚĂŶŐĞĚƵƉŽŶĐŽŵƉůĞdž ĂƐƐĞŵďůLJ͘dŚĞƌĞĨŽƌĞ͕ǁĞƚŚŝŶŬƚŚĂƚ&ϭďĂĐƚŝǀŝƚLJŝƐƉƌŽďĂďůLJĂůƐŽŝŶŚŝďŝƚĞĚďLJƵƌŝĚLJůĂƚŝŽŶƵƉŽŶ ĂƐƐĞŵďůLJŽĨƌĂďŝĚŽƉƐŝƐZϰͬEKdĐŽŵƉůĞdž͘tŚĞƚŚĞƌƚŚŝƐŝƐĂůƐŽƚŚĞĐĂƐĞĨŽƌZϰƌĞŵĂŝŶƐƚŽďĞ ĚĞŵŽŶƐƚƌĂƚĞĚ͘ /ŶƚĞƌĞƐƚŝŶŐůLJ͕ Ă ƌĞĐĞŶƚ ƐƚƵĚLJ ƐŚŽǁĞĚ ƚŚĂƚ ĚĞĂĚĞŶLJůĂƚŝŽŶ ďLJ ƚŚĞ ƌĞĐŽŶƐƚŝƚƵƚĞĚ ZϰͬEKdĐŽŵƉůĞdžŽĨ ^͘ƉŽŵďĞ ǁŝƚŚƚŚĞƚǁŽĂĐƚŝǀĞ&ϭĂŶĚZϰƐƵďƵŶŝƚƐŝƐƐůŽǁĞĚĚŽǁŶďLJ ƚŚĞƉƌĞƐĞŶĐĞŽĨϯƚĞƌŵŝŶĂůĐLJƚŝĚŝŶĞƐ͕ŐƵĂŶŽƐŝŶĞƐŽƌƵƌŝĚŝŶĞƐ ;dĂŶŐĞƚĂů͕͘ϮϬϭϵͿ͘dŚĞŝŵƉĂĐƚŽĨ ƵƌŝĚŝŶĞƐŝƐůĞƐƐĞƌƚŚĂŶĨŽƌĐLJƚŝĚŝŶĞƐŽƌ ŐƵĂŶŽƐŝŶĞƐ͘zĞƚ͕ƵƌŝĚLJůĂƚĞĚŵZEƐĂƌĞĨƌĞƋƵĞŶƚ ŝŶǀŝǀŽ ƐƵďƐƚƌĂƚĞƐ͕ ĂƐ ĐŽŵƉĂƌĞĚ ƚŽ ŐƵĂŶLJůĂƚĞĚ Žƌ ĐLJƚŝĚLJůĂƚĞĚ ŵZEƐ͘ /ŶƚĞƌĞƐƚŝŶŐůLJ͕ ƚŚĞ ĐŽŵƉůĞdž ǁŝƚŚ ŝŶĂĐƚŝǀĞ &ϭ ĂŶĚ ĂĐƚŝǀĞ Zϰ ƐĞĞŵ ƚŽ ďĞ ĨƵƌƚŚĞƌ ŝŶŚŝďŝƚĞĚ ďLJ ϯ ƚĞƌŵŝŶĂů ƵƌŝĚŝŶĞƐ ƚŚĂŶ ƚŚĞ ĐŽŵƉůĞdžǁŝƚŚĂĐƚŝǀĞ&ϭĂŶĚŝŶĂĐƚŝǀĞZϰŽƌǁŝƚŚďŽƚŚĂĐƚŝǀĞĚĞĂĚĞŶLJůĂƐĞƐ͘dŚŝƐƐƵŐŐĞƐƚƐƚŚĂƚ ƚĞƌŵŝŶĂůƵƌŝĚŝŶĞƐŵĂLJƐůŽǁĚŽǁŶƚŚĞĂĐƚŝǀŝƚLJŽĨZϰŵŽƌĞĞĨĨŝĐŝĞŶƚůLJƚŚĂŶ&ϭ͘dŚĞĚĂƚĂďLJdĂŶŐ ĞƚĂů͘ ĨŝƚƚŽŽƵƌŽďƐĞƌǀĂƚŝŽŶƚŚĂƚƚĞƌŵŝŶĂůƵƌŝĚŝŶĞƐŝŵƉĂĐƚĚŝƌĞĐƚůLJƚŚĞĂĐƚŝǀŝƚLJŽĨĚĞĂĚĞŶLJůĂƐĞƐĂŶĚ ƐƵŐŐĞƐƚƐƚŚĂƚƚŚŝƐƉƌŽƉĞƌƚLJŝƐĐŽŶƐĞƌǀĞĚĨŽƌƚŚĞĨƵůůZϰͬEKdĐŽŵƉůĞdžŝŶƌĂďŝĚŽƉƐŝƐ͘,ĞŶĐĞ͕ƚŚĞ ϭϮϬ ϭŽƌϮƚĞƌŵŝŶĂůƵƌŝĚŝŶĞƐƚŚĂƚĂƌĞĂĚĚĞĚƚŽƚŚĞϯ͛ĞdžƚƌĞŵŝƚŝĞƐŽĨƌĂďŝĚŽƉƐŝƐŵZEƐůŝŬĞůLJŚŝŶĚĞƌ ƚŚĞĂĐƚŝǀŝƚLJŽĨĚĞĂĚĞŶLJůĂƐĞƐ ŝŶǀŝǀŽ ͘/ŶůŝŶĞǁŝƚŚƚŚŝƐŚLJƉŽƚŚĞƐŝƐ͕/ƐŚŽǁĞĚƚŚĂƚĂůůϭϲŵZEƐƚŚĂƚ/ ĂŶĂůLJƐĞĚďLJϯ͛ Z ͲƐĞƋŚĂǀĞůŽŶŐĞƌƉŽůLJƚĂŝůƐŝŶǁŝůĚͲƚLJƉĞƉůĂŶƚƐĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞ Ƶƌƚϭ ŶƵůů ŵƵƚĂŶƚƐ͕ ĞǀĞŶ ĨŽƌ ƚƌĂŶƐĐƌŝƉƚ ǁŝƚŚ ůŽǁ ƵƌŝĚLJůĂƚŝŽŶ ĨƌĞƋƵĞŶĐŝĞƐ͘ ,ĞŶĐĞ͕ ŽƵƌ ŚLJƉŽƚŚĞƐŝƐ ƚŚĂƚ ŝŶŚŝďŝƚŝŶŐĚĞĂĚĞŶLJůĂƚŝŽŶŝƐĂŶŝŶƚƌŝŶƐŝĐƉƌŽƉĞƌƚLJŽĨhZdϭͲŵĞĚŝĂƚĞĚƵƌŝĚLJůĂƚŝŽŶŝƐĂůƐŽƐƵƉƉŽƌƚĞĚďLJ ŝŶǀŝǀŽ ĚĂƚĂ͘ ϭ͘ϭ͘hZdϭĐĂŶƵƌŝĚLJůĂƚĞůŽŶŐĞƌƉŽůLJƚĂŝůƐ͘ ,ŽǁhZdϭŝƐƌĞĐƌƵŝƚĞĚƚŽƚŚĞƉŽůLJƚĂŝůƐǁĂƐŶŽƚĐůĞĂƌ͘/ŶŝƚŝĂůůLJ͕hZdϭǁĂƐƉƌŽƉŽƐĞĚƚŽƚĂƌŐĞƚŽŶůLJ ŵZEƐ ǁŝƚŚ ƐŚŽƌƚ ŽůŝŐŽͲĂĚĞŶLJůĂƚĞĚ ƉŽůLJ ƚĂŝůƐ ;^ĞŵĞŶƚ Ğƚ Ăů͕͘ ϮϬϭϯ͖ ƵďĞƌ Ğƚ Ăů͕͘ ϮϬϭϲͿ͘ dŚĞ ŽƉƚŝŵŝƐĂƚŝŽŶŽĨƚŚĞϯ͛Z ͲƐĞƋŵĞƚŚŽĚŝŶĐŽŵďŝŶĂƚŝŽŶǁŝƚŚƚŚĞƵƐĞŽĨƚŚĞ E͘ďĞŶƚŚĂŵŝĂŶĂ ƐLJƐƚĞŵ ƚŚĂƚĂůůŽǁĞĚhZdϭŽǀĞƌĞdžƉƌĞƐƐŝŽŶƌĞǀĞĂůĞĚƚŚĂƚhZdϭĐĂŶĂůƐŽƵƌŝĚLJůĂƚĞŵƵĐŚůŽŶŐĞƌƉŽůLJƚĂŝůƐ 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ƌĞŐƵůĂƚĞĚ ϭϮϮ ĚĞŐƌĂĚĂƚŝŽŶĨƌŽŵƚŚĞϱ͛ĞŶĚ͘dŚĞϱ͛ Ͳϯ͛Ɖ ŽůĂƌŝƚLJŽĨĚĞŐƌĂĚĂƚŝŽŶŝƐůŝŬĞůLJĞƐƐĞŶƚŝĂůƚŽƉƌĞǀĞŶƚƚŚĞ ƉƌŽĚƵĐƚŝŽŶŽĨƚƌƵŶĐĂƚĞĚƉƌŽƚĞŝŶƐŝŶƚŚĞĐĂƐĞŽĨĐŽͲƚƌĂŶƐůĂƚŝŽŶĂůŵZEĚĞĐĂLJ͘ĞŐƌĂĚĂƚŝŽŶĨƌŽŵ ƚŚĞϱ͛ĞŶĚĐŽƵůĚĂůƐŽĂǀŽŝĚƚŚĞƉƌŽĚƵĐƚŝŽŶŽĨƐƉƵƌŝŽƵƐƐŵĂůůZEƐĂŐĂŝŶƐƚĞŶĚŽŐĞŶŽƵƐŵZEƐďLJ ƚŚĞ ZEͲĚĞƉĞŶĚĂŶƚ ZE ƉŽůLJŵĞƌĂƐĞ ZZϲ͘ /ŶĚĞĞĚ͕ ZZϲ ŚĂƐ ďĞĞŶ ƐŚŽǁŶ ƚŽ ƉƌĞĨĞƌĞŶƚŝĂůůLJ ƌĞĐŽŐŶŝƐĞĞdžĐĞƐƐŝǀĞůLJĚĞĂĚĞŶLJůĂƚĞĚƐƵďƐƚƌĂƚĞƐ;фϰƐͿŽƌƉŽůLJͲůĞƐƐƐƵďƐƚƌĂƚĞƐ ŝŶǀŝƚƌŽ ;ĂĞŐĞƚĂů͕͘ ϮϬϭϳͿ͘ Ϯ͘dŚĞƉŽůLJƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶŝƐƐŚĂƉĞĚďLJƚŚĞďŝŶĚŝŶŐ ŽĨWWƐ͘ /Ŷ ƌĂďŝĚŽƉƐŝƐ͕ ƚŚĞ ƐŝnjĞ ĚŝƐƚƌŝďƵƚŝŽŶ ŽĨ ƵƌŝĚLJůĂƚĞĚ ƚĂŝůƐ ƉĞĂŬĞĚ Ăƚ ϭϳͲϮϬ ŶƵĐůĞŽƚŝĚĞƐ͘ dŚŝƐ ƐŝnjĞ ĚŝƐƚƌŝďƵƚŝŽŶĨŝƚƐǁĞůůƚŽƚŚĞƉƌĞǀŝŽƵƐŽďƐĞƌǀĂƚŝŽŶƚŚĂƚƌĂďŝĚŽƉƐŝƐWϮďŝŶĚƐƉŽůLJƚĂŝůƐŽĨϭϲͲϭϳ ŶƵĐůĞŽƚŝĚĞƐ ĂŶĚ ƐƵƉƉŽƌƚƐ ƚŚĞ ŚLJƉŽƚŚĞƐŝƐ ƚŚĂƚ ƵƌŝĚLJůĂƚŝŽŶ ƌĞƉĂŝƌƐ ĚĞĂĚĞŶLJůĂƚĞĚ ƚĂŝůƐ ƚŽ ĂůůŽǁ ďŝŶĚŝŶŐ ŽĨ Ă ƐŝŶŐůĞ WW ;ƵďĞƌ Ğƚ Ăů͕͘ ϮϬϭϲͿ͘ WϮ ƉƌŽďĂďůLJ ƐƚĂďŝůŝƐĞƐ ĚĞĂĚĞŶLJůĂƚĞĚ ŵZEƐ ďĞĐĂƵƐĞŝƚƉƌŽƚĞĐƚƐĨƌŽŵĨƵƌƚŚĞƌĚĞĂĚĞŶLJůĂƚŝŽŶĂŶĚϯ͛ Ͳϱ͛ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐ͘,ŽǁĞǀĞƌ͕ŝƚĐŽƵůĚĂůƐŽ ŚĂǀĞĂƌŽůĞŝŶĐŽŶƚƌŽůůŝŶŐƚƌĂŶƐůĂƚŝŽŶŽƌƐƚŽƌĂŐĞŽĨƚŚĞĚĞĂĚĞŶLJůĂƚĞĚŵZE͘ LJĐŽŶƚƌĂƐƚ͕ƵƌŝĚLJůĂƚĞĚĂŶĚŶŽŶͲƵƌŝĚLJůĂƚĞĚƉŽůLJƚĂŝůƐŽĨůĞƐƐƚŚĂŶϭϬŶƵĐůĞŽƚŝĚĞƐǁĞƌĞŚĂƌĚůLJ ĚĞƚĞĐƚĞĚŝŶǁŝůĚͲƚLJƉĞƉůĂŶƚƐ;&ŝŐƵƌĞƐϯϱĂŶĚϯϲͿ͘dŚƵƐ͕ǀĞƌLJƐŚŽƌƚƉŽůLJƚĂŝůƐ;фϭϬŶƵĐůĞŽƚŝĚĞƐͿĚŽ ŶŽƚ ĂĐĐƵŵƵůĂƚĞ ďĞĐĂƵƐĞ ƚŚĞLJ ĂƌĞ ƋƵŝĐŬůLJ ĚĞŐƌĂĚĞĚ͘ dŚĞ ĚƌŽƉ ŝŶ ƚŚĞ ƐŝnjĞ ĚŝƐƚƌŝďƵƚŝŽŶ Ăƚ ϭϬ ŶƵĐůĞŽƚŝĚĞƐŵĂLJŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞůĂƐƚWWŶĞĞĚƐĂŵŝŶŝŵƵŵŽĨϭϬĂĚĞŶŽƐŝŶĞƐƚŽďŝŶĚ͘ džĐĞƐƐŝǀĞ ĚĞĂĚĞŶLJůĂƚĞĚ ƚĂŝůƐ ;фϭϬͿ ƚŚĂƚ ĂƌĞ ŶŽƚ ďŽƵŶĚ ďLJ WWƐ ĐŽƵůĚ ďĞ ĂĐĐĞƐƐŝď ůĞ ƚŽ ϯ͛ Ͳϱ͛ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐ͘ &Žƌ ŝŶƐƚĂŶĐĞ͕ ŵZEƐ ƚŚĂƚ ĂƌĞ ĞdžĐĞƐƐŝǀĞůLJ ĚĞĂĚĞŶLJůĂƚĞĚ ŵĂLJ ďĞ ƋƵŝĐŬůLJ ĚĞŐƌĂĚĞĚďLJ^KsŽƌƚŚĞĞdžŽƐŽŵĞ͘sĞƌLJƐŚŽƌƚŽůŝŐŽĂŶĚƵƌŝĚLJůĂƚĞĚƚĂŝůƐŽĨůĞƐƐƚŚĂŶϭϬŶƵĐůĞŽƚŝĚĞƐ ĂƌĞĂůƐŽƉƌĞĨĞƌƌĞĚƚĂƌŐĞƚƐŽĨƚŚĞ>^ŵϭͲϳĐŽŵƉůĞdž͘dŚĞďŝŶĚŝŶŐŽĨƚŚĞ>^ŵϭͲϳĐŽŵƉůĞdžƉƌŽŵŽƚĞƐ ƚŚĞƌĂƉŝĚĚĞŐƌĂĚĂƚŝŽŶŽĨ ƚŚĞŵZEĨƌŽŵϱ͛ Ͳϯ͛ ;ŚŽǁĚŚƵƌLJĞƚĂů͕͘ϮϬϬϳ͖,ĞĂŶĚWĂƌŬĞƌ͕ϮϬϬϭͿ͘ ůƚĞƌŶĂƚŝǀĞůLJ͕ ĞdžĐĞƐƐŝǀĞ ĚĞĂĚĞŶLJůĂƚĞĚ ŵZEƐ ĐŽƵůĚ ďĞ ƌĞĐŽŐŶŝƐĞĚ ďLJ ZZϲ ĂŶĚ ůĞĂĚ ƚŽ ƚŚĞ ĨŽƌŵĂƚŝŽŶŽĨƐĞĐŽŶĚĂƌLJƐŵĂůůZEƐĂŐĂŝŶƐƚĞŶĚŽŐĞŶŽƵƐŵZEƐ;ĞůďĂĞƚĂů͕͘ϮϬϭϱ͖ĂĞŐĞƚĂů͕͘ 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ŵZEƐ͕ĂƚůĞĂƐƚŝŶĂďƐĞŶĐĞŽĨhZdϭ;ƵďĞƌĞƚĂů͕͘ϮϬϭϲͿ͘dŚŝƐƌĞƐŝĚƵĂůƵƌŝĚLJůĂƚŝŽŶŝƐĂůƐŽŽďƐĞƌǀĞĚ ĨŽƌ ƚŚĞ ϭϲŵZEƐ ƚŚĂƚ / ĂŶĂůLJƐĞĚ ŝŶ ƚŚŝƐ ƐƚƵĚLJ ;&ŝŐƵƌĞ ϯϰ ĂŶĚ ϯϱͿ͘ dŚĞ ĨĂĐƚ ƚŚĂƚ ƚŚŝƐ ƌĞƐŝĚƵĂů ƵƌŝĚLJůĂƚŝŽŶŝƐĐŽŵƉůĞƚĞůLJĂďŽůŝƐŚĞĚŝŶ ƵƌƚϭŚĞƐŽϭ ĚŽƵďůĞŵƵƚĂŶƚƐ;ƵŶƉƵďůŝƐŚĞĚƌĞƐƵůƚƐďLJ,ĠůğŶĞ ƵďĞƌͿƌĞǀĞĂůƐƚŚĂƚƚŚĞƐĞĐŽŶĚdhdĂƐĞŝƐ, ^Kϭ͘hƌŝĚLJůĂƚŝŽŶďLJ, ^KϭǁĂƐƐŚŽǁŶƚŽƚƌŝŐŐĞƌƚŚĞ ϯ͛ Ͳϱ͛ĚĞŐƌĂĚĂƚŝŽŶŽĨďŽƚŚŵŝ ͲĂŶĚƐŝZEƐ;ZĞŶĞƚĂů͕͘ϮϬϭϮ͖dƵĞƚĂů͕͘ϮϬϭϱ͖tĂŶŐĞƚĂů͕͘ϮϬϭϱ͖ŚĂŽ ĞƚĂů͕͘ϮϬϭϮďͿ͘/ŶĂĚĚŝƚŝŽŶ͕hͲ ƚĂŝůŝŶŐŽĨϱ͛Z/^ĐůĞĂǀĞĚĨƌĂŐŵĞŶƚƐďLJ, ^KϭŝŶĐƵĚĞƐƚŚĞŝƌƌĂƉŝĚ ĚĞŐƌĂĚĂƚŝŽŶďLJďŽƚŚϯ͛ Ͳϱ͛ĂŶĚϱ͛ Ͳϯ͛ĚĞĐĂLJ ƉĂƚŚǁĂLJƐ;ƌĂŶƐĐŚĞŝĚĞƚĂů͕͘ϮϬϭϱ͖KƌďĂŶĂŶĚ/njĂƵƌƌĂůĚĞ͕ ϮϬϬϱ͖ ŚĂŶŐ Ğƚ Ăů͕͘ ϮϬϭϳĂͿ͘ ,Žǁ ƵƌŝĚLJůĂƚŝŽŶ ďLJ , ^Kϭ ŝŶĨůƵĞŶĐĞƐ ŵZE ƚƵƌŶŽǀĞƌ ŝƐ ĂŶ ŽƉĞŶ ƋƵĞƐƚŝŽŶ͘ hZdϭĂŶĚ, ^KϭĐĂŶĂĐƚŽŶĐŽŵŵŽŶZEƐƵďƐƚƌĂƚĞƐĂƐƚŚĞLJĂƌĞďŽƚŚŝŶǀŽůǀĞĚŝŶƚŚĞƚƵƌŶŽǀĞƌŽĨ ŵŝZEƐĂŶĚZ/^ͲĐůĞĂǀĞĚŵZEĨƌĂŐŵĞŶƚƐ;dƵĞƚĂů͕͘ϮϬϭϱ͖tĂŶŐĞƚĂů͕͘ϮϬϭϱ͖ƵďĞƌĞƚĂů͕͘ϮϬϭϴͿ͘ zĞƚƚŚĞŝƌĂĐƚŝǀŝƚŝĞƐĂƌĞŶŽƚĨƵůůLJƌĞĚƵŶĚĂŶƚ͘&ŽƌŝŶƐƚĂŶĐĞ͕ƚŚĞƌĞƐŝĚƵĂůŵZEƵƌŝĚLJůĂƚŝŽŶƚŚĂƚǁĞ ŽďƐĞƌǀĞŝŶƌĂďŝĚŽƉƐŝƐ Ƶƌƚϭ ŵƵƚĂŶƚƐĚŽĞƐŶŽƚƉƌĞǀĞŶƚƚŚĞĨŽƌŵĂƚŝŽŶŽĨĞdžĐĞƐƐŝǀĞůLJĚĞĂĚĞŶLJůĂƚĞĚ ŵZEƐ;&ŝŐƵƌĞϯϲͿ͘ ƐƉĞĐŝĂůůLJĨŽƌŵZEƐƚŚĂƚĂƌĞĨƌĞƋƵĞŶƚůLJƵƌŝĚLJůĂƚĞĚďLJhZdϭ͕ǁĞŽďƐĞƌǀĞĂ ŶŽƚĂďůĞŝŶĐƌĞĂƐĞŽĨǀĞƌLJƐŚŽƌƚƉŽůLJƚĂŝůƐŽĨůĞƐƐƚŚĂŶϭϬŶƵĐůĞŽƚŝĚĞƐ͘dŚŝƐƌĞƐƵůƚƐƐƚƌŽŶŐůLJƐƵŐŐĞƐƚƐ ƚŚĂƚ, ^KϭĂŶĚhZdϭŚĂǀĞĚŝƐƚŝŶĐƚĨƵŶĐƚŝŽŶƐŝŶƚŚĞƚƵƌŶŽǀĞƌŽĨŵZEƐ͘ /ŶĐŽŶƚƌĂƐƚƚŽhZdϭ͕ĞdžƉƌĞƐƐŝŽŶŽĨ, ^KϭĚŝĚŶŽƚŝŶĐƌĞĂƐĞƚŚĞƵƌŝĚLJůĂƚŝŽŶůĞǀĞůƐŽĨƚŚĞ '&W ƌĞƉŽƌƚĞƌ ĂŶĚ EďWZϮ ŵZEƐŝŶƚŚĞ E͘ďĞŶƚŚĂŵŝĂŶĂ ƐLJƐƚĞŵ͘,ŽǁĞǀĞƌ͕, ^KϭĞdžƉƌĞƐƐŝŽŶĚŝĚŝŵƉĂĐƚƚŚĞ ƉŽůLJƚĂŝůƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶƐ;&ŝŐƵƌĞϯϵĂŶĚϰϬͿ͘dŚŝƐŝƐďĞƐƚƐĞĞŶĨŽƌƚŚĞ '&W ƌĞƉŽƌƚĞƌŵZE͘dŚĞ ŵĂŝŶĞĨĨĞĐƚŽĨ, ^KϭĞdžƉƌĞƐƐŝŽŶǁĂƐĂƌĞĚƵĐƚŝŽŶŽĨƚŚĞƉŽƉƵůĂƚŝŽŶŽĨƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚƐŚŽƌƚƉŽůLJ ƚĂŝůƐŽĨϭϬͲϮϬŶƵĐůĞŽƚŝĚĞƐ͘dŚĞĚĞĐƌĞĂƐĞŽĨ '&W ƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚƐŚŽƌƚƉŽůLJƚĂŝůƐǁĂƐĂůƐŽŽďƐĞƌǀĞĚ ďLJŶŽƌƚŚĞƌďůŽƚƐ;&ŝŐƵƌĞϰϭͿ͘dŚĞƐĞƌĞƐƵůƚƐƐƵŐŐĞƐƚƚŚĂƚƵƌŝĚLJůĂƚŝŽŶďLJ, ^KϭĂĐƚƵĂůůLJƉƌŽŵŽƚĞƐ ƚŚĞ ƌĂƉŝĚ ĚĞŐƌĂĚĂƚŝŽŶ ŽĨ ƚŚĞ ƚĂƌŐĞƚ ŵZE͕ ǁŚŝĐŚ ĂůƐŽ ĞdžƉůĂŝŶƐ ǁŚLJ ǁĞ ĐĂŶŶŽƚ ĚĞƚĞĐƚ ŵŽƌĞ ƵƌŝĚLJůĂƚĞĚŵZEƐƵƉŽŶĞdžƉƌĞƐƐŝŽŶŽĨ, ^KϭͲŵLJĐŝŶ E͘ďĞŶƚŚĂŵŝĂŶĂ͘ ^ŝŵŝůĂƌƚŽƚŚĞĞĨĨĞĐƚƐŽĨ , ^KϭͲŵĞĚŝĂƚĞĚƵƌŝĚLJůĂƚŝŽŶŽŶŵŝͲĂŶĚƐŝZEƐŝŶƌĂďŝĚŽƉƐŝƐ͕ŵZEƵƌŝĚLJůĂƚŝŽŶďLJ, ^KϭĐŽƵůĚ ƉƌŽŵŽƚĞĚĞŐƌĂĚĂƚŝŽŶďLJϯ͛ Ͳϱ͛ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐƚŚĂƚƐƉĞĐŝĨŝĐĂůůLJƌĞĐŽŐŶŝƐĞƐƵĐŚh ͲƚĂŝůƐ͘dŽǀĂůŝĚĂƚĞ ϭϮϳ ƚŚŝƐŚLJƉŽƚŚĞƐŝƐ͕ŝƚǁŽƵůĚďĞŝŶƚĞƌĞƐƚŝŶŐƚŽƚĞƐƚǁŚĞƚŚĞƌƚŚĞ '&W ƚƌĂŶƐĐƌŝƉƚƐĂƌĞƐƚĂďŝůŝƐĞĚƵƉŽŶ ĚŽǁŶƌĞŐƵůĂƚŝŶŐ E͘ ďĞŶƚŚĂŵŝĂŶĂ ^Ks Žƌ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƚŚĞ ĞdžŽƐŽŵĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ŵZE ƵƌŝĚLJůĂƚŝŽŶ ďLJ , ^KϭŵĂLJ ĂůƐŽ ƚƌŝŐŐĞƌ ĚĞĐĂƉƉŝŶŐ ĂŶĚ ϱ͛ Ͳϯ͛ ĚĞŐƌĂĚĂƚŝŽŶ ďLJ yZEϰ͕ ĂůƚŚŽƵŐŚ ĂŶ ŝŶƚĞƌĂĐƚŝŽŶŽĨ, ^KϭǁŝƚŚĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞϱ͛ Ͳϯ͛ƉĂƚŚǁĂLJŚĂƐŶŽƚďĞĞŶƌĞǀĞĂůĞĚLJĞƚ͘ /ŶƐƵŵŵĂƌLJ͕ƚŚĞƐĞƉƌĞůŝŵŝŶĂƌLJƌĞƐƵůƚƐƐƵŐŐĞƐƚƚŚĂƚ, ^KϭĂŶĚhZdϭŚĂǀĞĚŝƐƚŝŶĐƚƌŽůĞƐŝŶƚŚĞ ƚƵƌŶŽǀĞƌŽĨŵZEƐ ŝŶǀŝǀŽ ͘, ^KϭƐĞĞŵƐƚŽƉƌĞĨĞƌĞŶƚŝĂůůLJƚĂƌŐĞƚƐƚƌĂŶƐĐƌŝƉƚƐǁŝƚŚƐŚŽƌƚƉŽůLJƚĂŝůƐ ĂŶĚĐŽƵůĚŝŶĚƵĐĞƚŚĞŝƌƌĂƉŝĚĚĞĐĂLJ͘LJĐŽŶƚƌĂƐƚ͕ŽǀĞƌĞdžƉƌĞƐƐŝŽŶŽĨhZdϭůĞĂĚƐƚŽƚŚĞĂĐĐƵŵƵůĂƚŝŽŶ ƚƌĂŶƐĐƌŝƉƚƐ ǁŝƚŚ ǀĞƌLJ ůŽŶŐ ƵƌŝĚLJůĂƚĞĚ ƚĂŝůƐ͕ ƉƌŽďĂďůLJ ĚƵĞ ƚŽ ƚǁŽ ĞĨĨĞĐƚƐ͕ ƚŚĞ ŝŶŚŝďŝƚŝŽŶ ŽĨ ĚĞĂĚĞŶLJůĂƐĞƐĂŶĚƚŚĞƌĞĐƌƵŝƚŵĞŶƚŽĨWϱĂŶĚŽƚŚĞƌĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞϱ͛ Ͳϯ͛ĚĞĐĂLJƉĂƚŚǁĂLJƚŽ ŵZEƐǁŝƚŚƐŚŽƌƚƉŽůLJƚĂŝůƐŽĨϭϬͲϮϬŶƵĐůĞŽƚŝĚĞƐ͘ƐŽƵƌŚLJƉŽƚŚĞƐŝƐŝƐƚŚĂƚƵƌŝĚLJůĂƚŝŽŶ ƉĞƌƐĞ ƐůŽǁƐ ĚŽǁŶ ĚĞĂĚĞŶLJůĂƚŝŽŶ͕ ƚŚĞ ĚŝƐƚŝŶĐƚ ƐƉĞĐŝĨŝĐŝƚŝĞƐ ĂŶĚ ĐŽŶƐĞƋƵĞŶĐĞƐ ŽĨ hZdϭͲ Žƌ , ^KϭͲ ŵĞĚŝĂƚĞĚƵƌŝĚLJůĂƚŝŽŶĐŽƵůĚďĞůŝŶŬĞĚƚŽƚŚĞŝƌƉƌŽĐĞƐƐŝǀŝƚLJĂŶĚͬŽƌƚŚĞŝƌŝŶƚĞƌĂĐƚŝŽŶŶĞƚǁŽƌŬƐ͘ ŽŶƐŝĚĞƌŝŶŐƚŚĂƚhZdϭĂŶĚ, ^KϭƐĞĞŵƚŽŝŵƉĂĐƚƚŚĞƚƵƌŶŽǀĞƌŽĨŵZEƐǁŝƚŚƐƉĞĐŝĨŝĐƉŽůLJƚĂŝů ƐŝnjĞƐ͕ŝƚǁŽƵůĚďĞŝŶƚĞƌĞƐƚŝŶŐƚŽĂƐƐĞƐƐĂŶĚĐŽŵƉĂƌĞƚŚĞŚĂůĨͲůŝǀĞƐŽĨŵZEƐŝŶǁŝůĚͲƚLJƉĞ͕ Ƶƌƚϭ ĂŶĚ ŚĞƐŽϭ ŵƵƚĂŶƚ ďĂĐŬŐƌŽƵŶĚƐ͘ / ƚƌŝĞĚ ƚŽ ĚĞǀĞůŽƉ Ă ƐƚƌĂƚĞŐLJ ƵƐŝŶŐ ĂĐƚŝŶŽŵLJĐŝŶ ƚŽ ďůŽĐŬ ŵZE ƚƌĂŶƐĐƌŝƉƚŝŽŶĂŶĚĞǀĂůƵĂƚĞƚŚĞŚĂůĨͲ ůŝǀĞƐŽĨƐƉĞĐŝĨŝĐƚƌĂŶƐĐƌŝƉƚƐďLJƋWZ͕ĐŽŵďŝŶĞĚǁŝƚŚϯ͛Z Ͳ ƐĞƋƚŽĂƐƐĞƐƐƉŽůLJƚĂŝůůĞŶŐƚŚƐĂŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐĚƵƌŝŶŐƚŚĞŝƌĚĞŐƌĂĚĂƚŝŽŶ͘dŚĞĐŽŵďŝŶĂƚŝŽŶŽĨ ƚŚĞƉƌŽƚŽĐŽůƐǁŽƌŬĞĚǁĞůů͕ŚŽǁĞǀĞƌ͕ƚŚĞŵĂŝŶŝƐƐƵĞŽĨƚŚŝƐĂƉƉƌŽĂĐŚǁĂƐƚŚĞůŝŵŝƚĞĚƵƉƚĂŬĞŽĨ ĂĐƚŝŶŽŵLJĐŝŶ;ŽƌĞǀĞŶĐŽƌĚLJĐĞƉŝŶͿŝŶƚŽƚŚĞƉůĂŶƚŵĂƚĞƌŝĂů͘/ƚĞƐƚĞĚƚŚĞĂĐƚŝŶŽŵLJĐŝŶƵƉƚĂŬĞŽĨ ƉůĂŶƚƐŐƌŽǁŶĨŽƌϳ͕ϭϰŽƌϮϭĚĂLJƐŽŶƐŽůŝĚŽƌůŝƋƵŝĚŵĞĚŝƵŵǁŝƚŚǀĂƌŝŽƵƐĐŽŵƉŽƐŝƚŝŽŶƐ͕ĐŽŶƐƚĂŶƚ ůŝŐŚƚ Žƌ ĚĂƌŬ͕ ĂŶĚ ůŽŶŐ ĚĂLJ ĐŽŶĚŝƚŝŽŶƐ ;ϭϲŚ ůŝŐŚƚͬϴŚ ĚĂƌŬͿ͘ ,ŽǁĞǀĞƌ͕ ŝŶ ŶŽŶĞ ŽĨ ƚŚĞ ƚĞƐƚĞĚ ĐŽŶĚŝƚŝŽŶƐǁĞŽďƐĞƌǀĞĚĞĨĨŝĐŝĞŶƚĂŶĚƌĞƉƌŽĚƵĐŝďůĞƚƌĂŶƐĐƌŝƉƚŝŽŶŝŶŚŝďŝƚŝŽŶ͘dŚĞŽŶůLJƉƌŽƚŽĐŽůƐƚŚĂƚ ĂůůŽǁĞĚĂŐŽŽĚƵƉƚĂŬĞŽĨƚŚĞĚƌƵŐƐƌĞůŝĞĚŽŶǀĂĐƵƵŵŝŶĨŝůƚƌĂƚŝŽŶ͕ǁŚŝĐŚƚƵƌŶĞĚŽƵƚƚŽŝŶĚƵĐĞŵĂũŽƌ ĂƌƚĞĨĂĐƚƐŝŶŽƵƌŚĂŶĚƐĂƐŝŶĚŝĐĂƚĞĚďLJĂƐƚƌŽŶŐĂŶĚŝƌƌĞƉƌŽĚƵĐŝďůĞĚĞͲƌĞŐƵůĂƚŝŽŶŽĨŵZEůĞǀĞůƐŝŶ ŵŽĐŬͲƚƌĞĂƚĞĚ ƐĂŵƉůĞƐ͘ Ŷ ĞĨĨŝĐŝĞŶƚ ƉƌŽƚŽĐŽů͕ ƐƵĐŚ ĂƐ ŵĞƚĂďŽůŝĐ ůĂďĞůůŝŶŐ͕ ƚŚĂƚ ǁŽƵůĚ ĂůůŽǁ ƚŽ ŵĞĂƐƵƌĞŵZEŚĂůĨͲůŝǀĞƐŝŶĚŝĨĨĞƌĞŶƚƚŝƐƐƵĞƐŝƐƐƚŝůůƚŽďĞĚĞǀĞůŽƉĞĚĨŽƌƉůĂŶƚƐ͘ ϭϮϴ ϰ͘'ĞŶĞƌĂůŽŶĐůƵƐŝŽŶ dŚĞƚƌĂŶƐŝĞŶƚŽǀĞƌĞdžƉƌĞƐƐŝŽŶŽĨhZdϭͲŵLJĐŝŶ E͘ďĞŶƚŚĂŵŝĂŶĂ ƚƵƌŶĞĚŽƵƚƚŽďĞĂŶĞĨĨŝĐŝĞŶƚŵĞĂŶƐ ƚŽ ŵĂŶŝƉƵůĂƚĞ ƚŚĞ ĞƋƵŝůŝďƌŝƵŵ ďĞƚǁĞĞŶ ƵƌŝĚLJůĂƚŝŽŶ ĂŶĚ ĚĞĂĚĞŶLJůĂƚŝŽŶ͘ hZdϭ ŝƐ Ă ĚŝƐƚƌŝďƵƚŝǀĞ ƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞĨŽƌƚŚĞĨŝƌƐƚĂĚĚĞĚƵƌŝĚŝŶĞƐ͘ƐŵŽƐƚŵZEƐŚĂǀĞŽŶůLJϭŽƌϮƚĞƌŵŝŶĂůƵƌŝĚŝŶĞƐ ĂƚƚŚĞϯ͛ĞŶĚŽĨƚŚĞŝƌƉŽůLJƚĂŝůƐ ŝŶǀŝǀŽ ͕ƚŚĞ E͘ďĞŶƚŚĂŵŝĂŶĂ ĞdžƉƌĞƐƐŝŽŶƐLJƐƚĞŵǁĂƐďĞƚƚĞƌƐƵŝƚĞĚ ƚŚĂŶĂƚĞƚŚĞƌŝŶŐĂƉƉƌŽĂĐŚǁŚŝĐŚĂƌƚŝĨŝĐŝĂůůLJĨŽƌĐĞƐƚŚĞďŝŶĚŝŶŐŽĨhZdϭƚŽƚŚĞƉŽůLJƚĂŝůƐĂŶĚŵĂLJ ŚĂǀĞŝŶĚƵĐĞĚƚŚĞƐLJŶƚŚĞƐŝƐŽĨĂƌƚŝĨŝĐŝĂůůŽŶŐƉŽůLJhƚĂŝůƐ͘ dŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŵƉƌŽǀĞŵĞŶƚŽĨƚŚĞϯ͛Z ͲƐĞƋŵĞƚŚŽĚĂůůŽǁĞĚƵƐƚŽĂŶĂůLJƐĞůŽŶŐĞƌƉŽůLJ ƚĂŝůƐĂŶĚƚŽŽďƚĂŝŶŵŽƌĞĂĐĐƵƌĂƚĞƉŽůLJƚĂŝůƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶƐĨŽƌƐƉĞĐŝĨŝĐŵZEƐ͕ďƵƚŝƚŝƐŶŽƚƐƵŝƚĞĚ ĨŽƌŐĞŶŽŵĞͲǁŝĚĞĂŶĂůLJƐŝƐ͘hƐŝŶŐd/>ͲƐĞƋ͕ǁĞŶŽǁŝĚĞŶƚŝĨŝĞĚĂƐƵďƐĞƚŽĨŚŝŐŚůLJƵƌŝĚLJůĂƚĞĚŵZEƐ ƚŽďĞĂŶĂůLJƐĞĚ ďLJϯ͛Z ͲƐĞƋŝŶ Ƶƌƚϭ ĂŶĚ ŚĞƐŽϭ ŵƵƚĂŶƚƐ͘,ŽǁĞǀĞƌ͕ĚƵĞƚŽƚŚĞďŝĂƐĞƐŽĨƚŚĞd/>Ͳ ƐĞƋŵĞƚŚŽĚĂŐĂŝŶƐƚůŽŶŐĞƌƉŽůLJƚĂŝůƐ͕ǁĞĐĂŶŶŽƚƵƐĞŝƚĨŽƌƚŚĞĂĐĐƵƌĂƚĞŵĞĂƐƵƌĞŵĞŶƚŽĨƉŽůLJ ƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶƐ͘ƌĞĐĞŶƚŵĞƚŚŽĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞƉŽůLJƚĂŝůƐƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶƐŝŶĂŐĞŶŽŵĞͲ ǁŝĚĞƐĐĂůĞŝƐƚĂŝůͲĞŶĚĚŝƐƉůĂĐĞŵĞŶƚƐĞƋƵĞŶĐŝŶŐ;d ͲƐĞƋͿ͘d ͲƐĞƋĐŽŶƐŝƐƚƐŝŶƚŚĞƐĞƋƵĞŶĐŝŶŐŽĨ ƉƌĞĐŝƐĞůLJƐŝnjĞͲƐĞůĞĐƚĞĚZEͲƐĞƋůŝďƌĂƌŝĞƐĐ ŽŶƚĂŝŶŝŶŐϯ഻ŵZEĨƌĂŐŵĞŶƚƐƚŚĂƚŝŶĐůƵĚĞƚŚĞƉŽůLJ;Ϳ ƚĂŝů;tŽŽĞƚĂů͕͘ϮϬϭϴͿ͘dŚĞƐĞƋƵĞŶĐŝŶŐŽĨƚŚĞĨƌĂŐŵĞŶƚƐĂůůŽǁƐƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞƚĂƌŐĞƚƐ ĂŶĚƚŚĞŝƌϯ͛ ĞŶĚƉŽůLJĂĚĞŶLJůĂƚŝŽŶƐŝƚĞ͘dŚƵƐ͕ƚŚĞƉŽůLJƚĂŝůƐĐĂŶďĞĞƐƚŝŵĂƚĞĚďLJƚŚĞƐƵďƚƌĂĐƚŝŽŶŽĨ ƚŚĞĚŝƐƚĂŶĐĞŽĨƚŚĞŵĂƉƉĞĚϱ͛ĞŶĚƚŽƚŚĞϯ͛ƉŽůLJĂĚĞŶLJůĂƚŝŽŶƐŝƚĞƐ͘ůƚŚŽƵŐŚƚŚĞd ͲƐĞƋĂƉƉƌŽĂĐŚ ĂǀŽŝĚƐƚŚĞďŝĂƐĞƐůŝŶŬĞĚƚŽƚŚĞƐĞƋƵĞŶĐŝŶŐŽĨůŽŶŐŚŽŵŽƉŽůLJŵĞƌŝĐƐĞƋƵĞŶĐĞƐ͕ƚŚŝƐŵĞƚŚŽĚĚŽĞƐ ŶŽƚ ĂůůŽǁ ƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ϯ͛ ŵŽĚŝĨŝĐĂƚŝŽŶƐ͘ LJ ĐŽŶƚƌĂƐƚ͕ ŶĞǁ ƐĞƋƵĞŶĐŝŶŐ ƐƚƌĂƚĞŐŝĞƐ ƵƐŝŶŐ KdžĨŽƌĚ EĂŶŽƉŽƌĞ dĞĐŚŶŽůŽŐŝĞƐ ;KEdͿ ƚŽ ĚŝƌĞĐƚůLJ ƐĞƋƵĞŶĐĞ ŶĂƚŝǀĞ ZE ŵŽůĞĐƵůĞƐ ĂƌĞ ǀĞƌLJ ƉƌŽŵŝƐŝŶŐĂŶĚĐŽƵůĚďĞĂƉŽǁĞƌĨƵůƚŽŽůƚŽŵĞĂƐƵƌĞƚŚĞƉŽůLJƚĂŝůƐůĞŶŐƚŚƐĂŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐ;:ĂŝŶ Ğƚ Ăů͕͘ ϮϬϭϲͿ͘ ŽŵƉůĞŵĞŶƚĂƌLJ͕ Ă ŶĞǁůLJ ĚĞǀĞůŽƉĞĚ Z ƉĂĐŬĂŐĞ ƌĞĐƚŝĨŝĞƐ ƚŚĞ ďŝĂƐĞƐ ůŝŶŬĞĚ ƚŽ ƚŚĞ ƐĞƋƵĞŶĐŝŶŐŽĨŚŽŵŽƉŽůLJŵĞƌƌĞŐŝŽŶƐďLJKEd;<ƌĂƵƐĞĞƚĂů͕͘ϮϬϭϵͿ͘dŚŝƐƚĂŝůĨŝŶĚƌZƚŽŽůŝŵƉƌŽǀĞƐ ƚŚĞƉŽůLJ ƚĂŝůƐŝnjĞĞƐƚŝŵĂƚŝŽŶƐ͘KEdŚĂƐĂŐƌĞĂƚƉŽƚĞŶƚŝĂůĨŽƌƚŚĞŐĞŶŽŵĞͲǁŝĚĞƐĞƋƵĞŶĐŝŶŐŽĨ ŵZEƉŽůLJƚĂŝůƐ͘ŽŵƉĂƌŝŶŐŐĞŶŽŵĞǁŝĚĞƉŽůLJƚĂŝůƐŝnjĞĚŝƐƚƌŝďƵƚŝŽŶƐŝŶĚŝĨĨĞƌĞŶƚŵƵƚĂŶƚƐĂŶĚ ĐŽŶĚŝƚŝŽŶƐŝƐŽĨŐƌĞĂƚŝŶƚĞƌĞƐƚƚŽƵƐ͘ /ŶƚĞƌĂůŝĂ ͕ŝƚǁŽƵůĚĂůůŽǁƵƐƚŽƚĞƐƚƚŚĞŚLJƉŽƚŚĞƐŝƐƚŚĂƚŚŝŐŚůLJ ƵƌŝĚLJůĂƚĞĚ ƚĂŝůƐ ŚĂǀĞ Ă ŵŽƌĞ ĚŝƐƉĞƌƐĞĚ ĂŶĚ ƉŚĂƐĞĚ ƉŽůLJ ƐŝnjĞ ĚŝƐƚƌŝďƵƚŝŽŶ ŝŶ ƌĂďŝĚŽƉƐŝƐ ŝŶ Ă ŐĞŶŽŵĞͲǁŝĚĞƐĐĂůĞ͘ dŚĞĞdžƉĞƌŝŵĞŶƚƐƚŚĂƚ/ƌĞĂůŝƐĞĚĚƵƌŝŶŐŵLJWŚůĞĚƚŽĂďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŚŽǁhZdϭĐŽŶƚƌŽůƐ ŵZE ĚĞĂĚĞŶLJůĂƚŝŽŶ͘ DLJ ƌĞƐƵůƚƐ ƐŚŽǁ ƚŚĂƚ hZdϭͲŵĞĚŝĂƚĞĚ ƵƌŝĚLJůĂƚŝŽŶ ƐůŽǁƐ ĚŽǁŶ ϭϮϵ Uridylation by URT1 slows down deadenylation and recruits decapping factors. DCP5 URT1 NOT PABP AAAAAAAAAAAA CAF1 AA AAAAAAAAAAAAAA A polyA tail CCR4 ORF +++ m7G DCP5 URT1 NOT PABP AAAAAAAAAAAA CAF1 AA AAAAAA A polyA tail CCR4 A ORF +++ A A A A A m7G A DCP5 URT1 NOT PABP AAAAAA AAA AAAU AA polyA tail CAF1 A ORF CCR4 ++ A A m7G A A A DCP5 URT1 decapping complex NOT PABP CAF1 A AAAAAAA A A AA CCR4 A A + A A polyA tail A U ORF A A A A A A A m7G DCP5 URT1 decapping complex NOT PABP CAF1 AUU A A U m7G AA A A A CCR4 A A A A U A ORF A A A A A A A XRN4 Model: URT1-mediated uridylation slows down deadenylation and promotes decapping. URT1 interacts with DCP5 via its M1 motif. When the CCR4/NOT complex becomes distributive, URT1 adds uridines at the 3 ends of the polyA tail, which intrinsically slows down deadenylases, preventing thereby the production of excessively deadenylated mRNAs. When the starts to be short (< 25 nucleotides approximately), DCP5 could recruit decapping proteins and promote the decapping, leading to degradation from the 5 end of the mRNAs by XRN4. 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ƌĞǀĞƌƐĞ ƉƌŝŵĞƌ ƉƌŝŵĞƌ ĐŽŵƉůĞŵĞŶƚĞĚ ƚŽ ƚŚĞ Zd ƉƌŝŵĞƌƐĞƋƵĞŶĐĞ /ůůƵŵŝŶĂZW/ƌĞǀĞƌƐĞ '''''d''dyyyyyy'd'd'' WZϮ /ůůƵŵŝŶĂ ZW/ ƌĞǀĞƌƐĞ ƉƌŝŵĞƌ 'dddd''''dd ƉƌŝŵĞƌǁŝƚŚŝŶĚĞdž ϭϯϲ ZdƉƌŝŵĞƌ 'dd'''' ZdƌĞǀĞƌƐĞƉƌŝŵĞƌ ϯ͛Z ͲƐĞƋ ϯ͛ ͬϱƌƉƉͬd'EEEEEEEEEEEEEEEd''ddd' ϯ͛ĂĚĂƉƚĞƌ ĨŽƌϯ͛Z ͲƐĞƋ ĂĚĂƉƚĞƌ ''d'''ͬϯĚĚͬ d/>ͲƐĞƋ ϯ͛ ͬϱƉƉͬd'EEEEEEEEEEEEEEEd''ddd'' ϯ͛ĂĚĂƉƚĞƌĨŽƌd/> ͲƐĞƋ ĂĚĂƉƚĞƌ 'd'''ͬŝŝŽĚdͬͬŝŝŽĚdͬͬϯĚĚͬ ϱ͛ĂĚĂƉƚĞƌ ϱ഻'hh''hhh'h''h Ͳϯ഻ ϱ͛Ă ĚĂƉƚĞƌĨŽƌd/>ͲƐĞƋ dĂďůĞϯ͗WƌŝŵĞƌƐƵƐĞĚĨŽƌŵƵƚĂŐĞŶĞƐŝƐ͘ 'ĞŶĞ WƌŝŵĞƌƐĞƋƵĞŶĐĞ ĞƐĐƌŝƉƚŝŽŶ ZϰĂ 'ddd'dd'''d'd'd &ŽƌǁĂƌĚ ƉƌŝŵĞƌ ĨŽƌ dϯ'ϱϴϱϲϬ ϮϵϵŵƵƚĂƚŝŽŶ 'dddd'd'dd'd' ZĞǀĞƌƐĞ ƉƌŝŵĞƌ ĨŽƌ ϮϵϵŵƵƚĂƚŝŽŶ Zϰď 'd'd'ddd'd''d'd'd'dddd &ŽƌǁĂƌĚ ƉƌŝŵĞƌ ĨŽƌ dϯ'ϱϴϱϴϬ ϯϬϮŵƵƚĂƚŝŽŶ 'd'dddd'd'dd'''dd ZĞǀĞƌƐĞ ƉƌŝŵĞƌ ĨŽƌ ϯϬϮŵƵƚĂƚŝŽŶ &ϭĂ dddddd''d'ddd''' &ŽƌǁĂƌĚ ƉƌŝŵĞƌ ĨŽƌ dϯ'ϰϰϮϲϬ ϰϳŵƵƚĂƚŝŽŶ ''''ddd'd'dd''dd'' ZĞǀĞƌƐĞ ƉƌŝŵĞƌ ĨŽƌ ϰϳŵƵƚĂƚŝŽŶ &ϭď ddddd''d'ddd'' &ŽƌǁĂƌĚ ƉƌŝŵĞƌ ĨŽƌ dϱ'ϮϮϮϱϬ ϰϮŵƵƚĂƚŝŽŶ '''ddd'd'dd''d'd' ZĞǀĞƌƐĞ ƉƌŝŵĞƌ ĨŽƌ ϰϮŵƵƚĂƚŝŽŶ &ϭŚ dd'd'd'''''dd'' &ŽƌǁĂƌĚ ƉƌŝŵĞƌ ĨŽƌ dϭ'ϭϱϵϮϬ ϰϰŵƵƚĂƚŝŽŶ d'''dd'd'd''d'd' ZĞǀĞƌƐĞ ƉƌŝŵĞƌ ĨŽƌ ϰϰŵƵƚĂƚŝŽŶ &ϭŝ 'ddd'dd'''d''ddd'' &ŽƌǁĂƌĚ ƉƌŝŵĞƌ ĨŽƌ dϰ'ϭϬϵϲϬ ϰϬŵƵƚĂƚŝŽŶ d''d'd'd''dd' ZĞǀĞƌƐĞ ƉƌŝŵĞƌ ĨŽƌ ϰϬŵƵƚĂƚŝŽŶ &ϭũ dd'd'd''d''dd' &ŽƌǁĂƌĚ ƉƌŝŵĞƌ ĨŽƌ dϭ'ϴϬϳϴϬ ϰϬŵƵƚĂƚŝŽŶ d''''d'dd'd'''' ZĞǀĞƌƐĞ ƉƌŝŵĞƌ ĨŽƌ ϰϬŵƵƚĂƚŝŽŶ &ϭŬ dd'd''d'''''dd'' &ŽƌǁĂƌĚ ƉƌŝŵĞƌ ĨŽƌ dϮ'ϯϮϬϳϬ ϰϬŵƵƚĂƚŝŽŶ ϭϯϳ d'''dd'd'd'd'd' ZĞǀĞƌƐĞ ƉƌŝŵĞƌ ĨŽƌ ϰϬŵƵƚĂƚŝŽŶ , ^Kϭ 'd'''''dd'dddd' &ŽƌǁĂƌĚ ƉƌŝŵĞƌ ĨŽƌ dϮ'ϯϵϳϰϬ ϲϲͬϴŵƵƚĂƚŝŽŶƐ ''d'd''dd'd'd' ZĞǀĞƌƐĞ ƉƌŝŵĞƌ ĨŽƌ ϲϲͬϴŵƵƚĂƚŝŽŶƐ hZdϭ 'ddd''''d''ddd'dd'd &ŽƌǁĂƌĚ ƉƌŝŵĞƌ ĨŽƌ dϮ'ϰϱϲϮϬ ϰϵϭͬϯŵƵƚĂƚŝŽŶƐ 'dd''''''dd''ddd''' ZĞǀĞƌƐĞ ƉƌŝŵĞƌ ĨŽƌ ϰϵϭͬϯŵƵƚĂƚŝŽŶƐ DĞƚŚŽĚƐ͘ ϭ͘'ĂƚĞǁĂLJĐůŽŶŝŶŐŵĞƚŚŽĚ͘ dŚĞ 'ĂƚĞǁĂLJΠ ĐůŽŶŝŶŐ ƚĞĐŚŶŽůŽŐLJ ŝƐ Ă ƵŶŝǀĞƌƐĂů ŵĞƚŚŽĚ ďĂƐĞĚ ŽŶ ƐŝƚĞͲƐƉĞĐŝĨŝĐ ůĂŵďĚĂ ďĂĐƚĞƌŝŽƉŚĂŐĞƌĞĐŽŵďŝŶĂƚŝŽŶƉƌŽƉĞƌƚŝĞƐ͘dŚĞĨŝƌƐƚƐƚĞƉŽĨƚŚĞ'ĂƚĞǁĂLJĐůŽŶŝŶŐŵĞƚŚŽĚĐŽŶƐŝƐƚƐ ŽĨƚŚĞŝŶƐĞƌƚŝŽŶŽĨĂƐĞƋƵĞŶĐĞŽĨŝŶƚĞƌĞƐƚŝŶƚŽ'ĂƚĞǁĂLJΠĚŽŶŽƌƉůĂƐŵŝĚƐƵƐŝŶŐƚŚĞWůŽŶĂƐĞΠ// ĞŶnjLJŵĞ;dŚĞƌŵŽ&ŝƐŚĞƌͿ͘dŚŝƐĞŶnjLJŵĞĂƐƐƵƌĞƐƌĞĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞ Ăƚƚ ͲƐŝƚĞƐŽĨƚŚĞWZƉƌŽĚƵĐƚƐ ǁŝƚŚƚŚĞ ĂƚƚW ƐŝƚĞƐŽĨƚŚĞĚŽŶŽƌƉůĂƐŵŝĚ;ƉϮϬϳŝŶƚŚŝƐƐƚƵĚLJͿ͘dŚĞƉƌŽĚƵĐƚŽĨƚŚĞƌĞĐŽŵďŝŶĂƚŝŽŶŝƐ ĂŶĞŶƚƌLJǀĞĐƚŽƌĐŽŶƚĂŝŶŝŶŐƚŚĞŝŶƐĞƌƚĞĚƐĞƋƵĞŶĐĞŽĨŝŶƚĞƌĞƐƚĨůĂŶŬĞĚďLJƚŚĞ Ăƚƚ> ƐŝƚĞƐ͘dŚĞƐĞĐŽŶĚ ƐƚĞƉ ŽĨ ƚŚŝƐ ŵĞƚŚŽĚ ŝƐ ĐŽŵƉůĞƚĞĚ ďLJ ƚŚĞ 'ĂƚĞǁĂLJΠ >Z ůŽŶĂƐĞΠ // ĞŶnjLJŵĞ ƚŚĂƚ ĂƐƐƵƌĞƐ ƌĞĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞƚŚĞ Ăƚƚ> ƐŝƚĞƐŽĨƚŚĞĞŶƚƌLJƉůĂƐŵŝĚǁŝƚŚ ĂƚƚZ ƐŝƚĞƐŽĨ'ĂƚĞǁĂLJΠĚĞƐƚŝŶĂƚŝŽŶ ǀĞĐƚŽƌƐ͘dŚĞŽďƚĂŝŶĞĚĞdžƉƌĞƐƐŝŽŶǀĞĐƚŽƌƐĐĂŶďĞƵƐĞĚĨŽƌďĂĐƚĞƌŝĂůĞdžƉƌĞƐƐŝŽŶ; Ğ͘Ő͘ Ɖ,''tĂŶĚ Ɖ,D'tͿŽƌƉůĂŶƚĞdžƉƌĞƐƐŝŽŶ; Ğ͘Ő͘ ƉŝŶ͕Ɖϳ&t'ϮĂŶĚƉ'tϭϳͿ͘ ϭ͘ϭ͘WZĂŵƉůŝĨŝĐĂƚŝŽŶŽĨƐĞƋƵĞŶĐĞŽĨŝŶƚĞƌĞƐƚ͘ dŚĞŐĞŶŽŵŝĐƐĞƋƵĞŶĐĞƐŽƌĐŽĚŝŶŐƐĞƋƵĞŶĐĞƐŽĨƉƌŽƚĞŝŶƐŽĨŝŶƚĞƌĞƐƚǁĞƌĞĂŵƉůŝĨŝĞĚďLJWZƵƐŝŶŐ ƚŚĞWŚƵƐŝŽŶEƉŽůLJŵĞƌĂƐĞ;dŚĞƌŵŽ^ĐŝĞŶƚŝĨŝĐͿĨƌŽŵŐĞŶŽŵŝĐE;ŐEͿŽƌĐŽŵƉůĞŵĞŶƚĂƌLJ E;ĐEͿ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞĂƚƚϭĂŶĚĂƚƚϮƐĞƋƵĞŶĐĞƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞ'ĂƚĞǁĂLJĐůŽŶŝŶŐĂƌĞ ŝŶƚƌŽĚƵĐĞĚĚƵƌŝŶŐƚŚĞƉŽůLJŵĞƌŝnjĂƚŝŽŶĐŚĂŝŶƌĞĂĐƚŝŽŶ;WZͿ͘dŚĞƌĞĂĐƚŝŽŶŝƐĐĂƌƌŝĞĚŽƵƚŝŶĂǀŽůƵŵĞ ŽĨϮϬ ʅů ĐŽŶƚĂŝŶŝŶŐϭdžWŚƵƐŝŽŶDĂƐƚĞƌDŝdž͕ Ϭ͘ϱʅDŽĨ ĨŽƌǁĂƌĚĂŶĚƌĞǀĞƌƐĞƉƌŝŵĞƌƐƚŚĂƚĂƌĞƐƉĞĐŝĨŝĐ ƚŽƚŚĞƐĞƋƵĞŶĐĞŽĨŝŶƚĞƌĞƐƚĂŶĚƚŚĂƚĐŽŶƚĂŝŶƚŚĞĂƚƚĐůŽŶŝŶŐƐŝƚĞƐ;dĂďůĞϭͿ͕ĂŶĚ ĐŝƌĐĂ ϮϬϬŶŐŽĨ ŐEŽƌϯϬŶŐŽĨĐE͘dŚĞƌĞĂĐƚŝŽŶĐŽŶƐŝƐƚƐŽĨĂϮͲŵŝŶƵƚĞĚĞŶĂƚƵƌĂƚŝŽŶƐƚĞƉĂƚϵϴΣ͕ϯϱĐLJĐůĞƐ ĐŽŶƐŝƐƚŝŶŐŽĨϯϬƐĞĐŽŶĚƐŽĨĚĞŶĂƚƵƌĂƚŝŽŶĂƚϵϴΣ͕ϰϱƐĞĐŽŶĚƐĂƚƚŚĞŚLJďƌŝĚŝnjĂƚŝŽŶƚĞŵƉĞƌĂƚƵƌĞŽĨ ϭϯϴ ƚŚĞƉƌŝŵĞƌƐĂŶĚϭ͘ϱŵŝŶƵƚĞƐĂƚϳϮΣ͕ĨŽůůŽǁĞĚďLJĂĨŝŶĂůĞůŽŶŐĂƚŝŽŶƐƚĞƉŽĨϱŵŝŶƵƚĞƐĂƚϳϮΣ͘dŚĞ WZƉƌŽĚƵĐƚƐǁĞƌĞƉƵƌŝĨŝĞĚŽŶŐĞůǁŝƚŚƚŚĞEƵĐůĞŽ^ƉŝŶ'ĞůĂŶĚWZĐůĞĂŶͲƵƉŬŝƚĂĐĐŽƌĚŝŶŐƚŽƚŚĞ ŵĂŶƵĨĂĐƚƵƌĞƌ͛ƐƉƌŽƚŽĐŽů͘ ϭ͘Ϯ͘'ĂƚĞǁĂLJWĂŶĚ>ZƌĞĂĐƚŝŽŶƐ͘ dŚĞWƌĞĂĐƚŝŽŶŝƐƉĞƌĨŽƌŵĞĚŽǀĞƌŶŝŐŚƚĂƚϮϱΣ͕ŝŶƚŚĞƉƌĞƐĞŶĐĞŽĨϭϬϬŶŐŽĨWZƉƌŽĚƵĐƚ͕ϭϬϬŶŐ ŽĨƚŚĞĚŽŶŽƌǀĞĐƚŽƌƉϮϬϳĂŶĚ ϭʅů ŽĨ ƚŚĞWůŽŶĂƐĞΡ//ƌĞĂĐƚŝŽŶ ŵŝdž;/ŶǀŝƚƌŽŐĞŶ TM ͿŝŶĂĨŝŶĂůǀŽůƵŵĞ ŽĨϱ ʅů͘ dŚĞƌĞĂĐƚŝŽŶŝƐƐƚŽƉƉĞĚďLJĂĚĚŝŶŐϬ͘ϮʅŐͬʅů ŽĨƉƌŽƚĞŝŶĂƐĞ<ĂŶĚŝŶĐƵďĂƚŝŶŐƚŚĞƌĞĂĐƚŝŽŶϭϬ ŵŝŶƵƚĞƐĂƚϯϳΣ͘dŚĞƌĞĂĐƚŝŽŶŵŝdžŝƐƵƐĞĚƚŽƚƌĂŶƐĨŽƌŵϱϬ ʅů ĨƌŽŵĐŽŵƉĞƚĞŶƚdKWϭϬ &͛ ͘ĐŽůŝ ĐĞůůƐ͘ dŚĞ>ZƌĞĂĐƚŝŽŶŝƐƉĞƌĨŽƌŵĞĚĚƵƌŝŶŐϭŚŽƵƌĂƚϮϱΣ͕ŝŶƚŚĞƉƌĞƐĞŶĐĞŽĨϭϬϬŶŐŽĨƉƵƌŝĨŝĞĚĞŶƚƌLJ ƉůĂƐŵŝĚ͕ϭϬϬŶŐŽĨĚĞƐƚŝŶĂƚŝŽŶǀĞĐƚŽƌĂŶĚ ϭʅůŽĨƚŚĞ>ZůŽŶĂƐĞΡ//ƌĞĂĐƚŝŽŶ ŵŝdž;/ŶǀŝƚƌŽŐĞŶ TM ͿŝŶ ĂĨŝŶĂůǀŽůƵŵĞŽĨϱ ʅů͘ dŚĞ>ZƌĞĂĐƚŝŽŶŝƐƐƚŽƉƉĞ ĚďLJĂĚĚŝŶŐϬ͘ϮʅŐͬʅů ŽĨƉƌŽƚĞŝŶĂƐĞ<ĂŶĚŝŶĐƵďĂƚŝŶŐ 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ďƵĨĨĞƌ͕ Ϯ͘ϱƉŵŽůĞƐ ŽĨ ĨŽƌǁĂƌĚ ĂŶĚ ƌĞǀĞƌƐĞ ƉƌŝŵĞƌƐ ƚŽ ŝŶƚƌŽĚƵĐĞƚŚĞƉŽŝŶƚŵƵƚĂƚŝŽŶƐ;ƐĞĞdĂďůĞϮͿ͕ĂŶĚϱŶDŽĨĚEdWƐ͘ŵƉůŝĨŝĐĂƚŝŽŶŝƐĐĂƌƌŝĞĚŽƵƚǁŝƚŚ ƚŚĞ ĨŽůůŽǁŝŶŐ WZ ƉƌŽŐƌĂŵ͗ Ă ĨŝƌƐƚ ĚĞŶĂƚƵƌĂƚŝŽŶ ƐƚĞƉ ŽĨ ϱ ŵŝŶƵƚĞƐ Ăƚ ϵϱΣ ĨŽůůŽǁĞĚ ďLJ ϭϴ ĂŵƉůŝĨŝĐĂƚŝŽŶĐLJĐůĞƐĐŽŵƉŽƐĞĚŽĨĂĚĞŶĂƚƵƌĂƚŝŽŶƐƚĞƉŽĨϱϬƐĞĐŽŶĚƐĂƚϵϱΣ͕ĂŚLJďƌŝĚŝnjĂƚŝŽŶƐƚĞƉ ŽĨϱϬƐĞĐŽŶĚƐĂƚϲϬΣ͕ĂŶĚĂŶĞůŽŶŐĂƚŝŽŶƐƚĞƉŽĨϭŵŝŶƵƚĞͬŬďŽĨƚĞŵƉůĂƚĞĂƚϲϴΣ͘dŚĞWZĞŶĚƐ ϭϯϵ ǁŝƚŚĂĨŝŶĂůĞůŽŶŐĂƚŝŽŶƐƚĞƉŽĨϯϬƐĞĐŽŶĚƐĂƚϳϮΣ͘WZƉƌŽĚƵĐƚƐĂƌĞƚƌĞĂƚĞĚǁŝƚŚϭϬƵŶŝƚĞƐŽĨƉŶ/ ;WƌŽŵĞŐĂͿĞŶnjLJŵĞĨŽƌϭŚŽƵƌĂƚϯϳΣ͘dŚĞƚƌĞĂƚĞĚWZƉƌŽĚƵĐƚƐĂƌĞƚƌĂŶƐĨŽƌŵĞĚŝŶƚŽĐŽŵƉĞƚĞŶƚ dKWϭϬ &͛ ďĂĐƚĞƌŝĂ͘dŚĞƉƌŝŵĞƌƐ ƵƐĞĚĨŽƌƚŚĞŵƵƚĂŐĞŶĞƐŝƐǁĞƌĞĚĞƐŝŐŶĞĚƵƐŝŶŐƚŚĞƉƌŝŵĞƌǁĞď ƉƌŽŐƌĂŵ; ŚƚƚƉ͗ͬͬǁǁǁ͘ďŝŽŝŶĨŽƌŵĂƚŝĐƐ͘ŽƌŐͬƉƌŝŵĞƌdžͬ Ϳ͘dŚĞDϭDϮͲŵLJĐ͕ ȴ/Z ͲŵLJĐĂŶĚ ȴ/Z ϰϵϭͬϯ Ͳ ŵLJĐĐŽŶƐƚƌƵĐƚƐǁĞƌĞĐůŽŶĞĚďLJ,ĠůğŶĞ^ĐŚĞĞƌ͘ Ϯ͘ E͘ďĞŶƚŚĂŵŝĂŶĂ ůĞĂĨŝŶĨŝůƚƌĂƚŝŽŶ͘ Ϯ͘ϭ͘ŐƌŽďĂĐƚĞƌŝĂůƚƌĂŶƐĨŽƌŵĂƚŝŽŶŽĨ'sϯϭϬϭĐĞůůƐ͘ ϱϬђůŽĨĐŽŵƉĞƚĞŶƚ'sϯϭϬϭĐĞůůƐǁĞƌĞĂĚĚĞĚƚŽϭϬϬŶŐŽĨĞdžƉƌĞƐƐŝŽŶƉůĂƐŵŝĚ;Ɖ/EͲWϭϵ͕Ɖ'tϭϳͲ hZdϭͬ, ^KϭŽƌƉϳ&t'ϮͲ'&WƉůĂƐŵŝĚƐͿ͘dŚĞƌĞĂĐƚŝŽŶŵŝdžŝƐŝŶĐƵďĂƚĞĚϮϬŵŝŶƵƚĞƐŽŶŝĐĞďĞĨŽƌĞ ƉĞƌĨŽƌŵŝŶŐ ƚŚĞ ŚĞĂƚ ƐŚŽĐŬ ƌĞĂĐƚŝŽŶ͘ dŚĞ ĂŐƌŽďĂĐƚĞƌŝĂ ĂƌĞ ĨƌŽnjĞŶ ŝŶ ůŝƋƵŝĚ ŶŝƚƌŽŐĞŶ͕ ĂŶĚ ƚŚĞŶ ŝŶĐƵďĂƚĞĚϱŵŝŶƵƚĞƐĂƚϯϳΣ͘ĨƚĞƌϭŵŝŶƵƚĞŽĨŝŶĐƵďĂƚŝŽŶŽŶŝĐĞ͕ϭŵůŽĨůŝƋƵŝĚ>ŵĞĚŝƵŵǁĂƐ ĂĚĚĞĚ ƚŽ ƚŚĞ ŵŝdž͘ dŚĞ ƐƵƐƉĞŶƐŝŽŶ ǁĂƐ ƚŚĞŶ ŝŶĐƵďĂƚĞĚ ĨŽƌ ϮŚ Ăƚ ϮϴΣ͘ ϭŵů ŽĨ ƚŚĞ ďĂĐƚĞƌŝĂ ƐƵƐƉĞŶƐŝŽŶŝƐƉƵƚŽŶ>ĂŐĂƌƉůĂƚĞƐƐƵƉƉůĞŵĞŶƚĞĚǁŝƚŚƚŚĞĂŶƚŝďŝŽƚŝĐƐĨŽƌƚŚĞƐĞůĞĐƚŝŽŶŽĨƚŚĞ 'ĂƚĞǁĂLJĞdžƉƌĞƐƐŝŽŶƉůĂƐŵŝĚƐĂŶĚƚŚĞƌĞƐŝƐƚĂŶĐĞŵĂƌŬĞƌƐŽĨƚŚĞďĂĐƚĞƌŝĂůƐƚƌĂŝŶ;ƌŝĨĂŵƉŝĐŝŶĂŶĚ ŐĞŶƚĂŵLJĐŝŶͿ͘ĨƚĞƌϮĚĂLJƐŽĨŝŶĐƵďĂƚŝŽŶĂƚϮϴΣ͕ĂŶŝƐŽůĂƚĞĚĐŽůŽŶLJŝƐƵƐĞĚƚŽƐƚĂƌƚĂůŝƋƵŝĚĐƵůƚƵƌĞ ŽĨϱŵůƵƐŝŶŐůŝƋƵŝĚ>ƐƵƉƉůĞŵĞŶƚĞĚǁŝƚŚƚŚĞƐĞůĞĐƚŝŽŶĂŶƚŝďŝŽƚŝĐƐ͘dŚĞƉƌĞĐƵůƚƵƌĞƐĂƌĞŝŶĐƵďĂƚĞĚ ϮĚĂLJƐĂƚϮϴΣŝŶĂƐŚĂŬŝŶŐŝŶĐƵďĂƚŽƌ͘dŚĞƐĞĐƵůƚƵƌĞƐĂƌĞƵƐĞĚƚŽƉƌŽĚƵĐĞďĂĐƚĞƌŝĂůŐůLJĐĞƌŽůƐƚŽĐŬƐ ƚŚĂƚĂƌĞƐƚŽƌĞĚĂƚͲϴϬΣ͘ Ϯ͘Ϯ͘ŐƌŽŝŶĨŝůƚƌĂƚŝŽŶŽĨ E͘ďĞŶƚŚĂŵŝĂŶĂ ůĞĂǀĞƐ͘ ϭϬŵů ŽĨ ůŝƋƵŝĚ ĐƵůƚƵƌĞƐ ;ƐƵƉƉůĞŵĞŶƚĞĚ ǁŝƚŚ ĂŶƚŝďŝŽƚŝĐƐͿ ĂƌĞ ŝŶŽĐƵůĂƚĞĚ Ĩƌ Žŵ ϳϱʅů ŽĨ ďĂĐƚĞƌŝĂů ŐůLJĐĞƌŽůƐƚŽĐŬ;ŽƌϱϬ ϬʅůŽĨƉƌĞĐƵůƚƵƌĞͿĂŶĚŝŶĐƵďĂƚĞĚĨŽƌϮϬŚŽƵƌƐĂƚϮϴΣŝŶĂƐŚĂŬŝŶŐŝŶĐƵďĂƚŽƌ͘ dŚĞĂŐƌŽďĂĐƚĞƌŝĂĂƌĞƚŚĞŶĐĞŶƚƌŝĨƵŐĞĚĂƚϱϬϬϬŐĨŽƌϭϱŵŝŶƵƚĞƐ͘dŚĞƉĞůůĞƚƐĂƌĞƌĞƐƵƐƉĞŶĚĞĚƵƐŝŶŐ ϱŵů ŽĨ ĂŐƌŽŝŶĨŝůƚƌĂƚŝŽŶ ďƵĨĨĞƌ ĐŽŵƉŽƐĞĚ ŽĨ ϭϬŵD DŐůϮ ĂŶĚ ϮϱϬʅD ĂĐĞƚŽƐLJƌŝŶŐŽŶĞ͘ d ŚĞ ĂďƐŽƌďĂŶĐĞŽĨƚŚĞĐĞůůƐƵƐƉĞŶƐŝŽŶŝƐŵĞĂƐƵƌĞĚďLJhsƐƉĞĐƚƌŽƐĐŽƉLJĂƚϲϬϬŶŵĂŶĚĂĚũƵƐƚĞĚƚŽĂŶ ŽƉƚŝĐĂůĚĞŶƐŝƚLJ;KͿŽĨϭ͘dŚĞĐĞůůƐƵƐƉĞŶƐŝŽŶĐŽŶƚĂŝŶŝŶŐƚŚĞWϭϵ͕hZdϭͬ, ^KϭĂŶĚ'&WĐŽŶƐƚƌƵĐƚƐ ĂƌĞŵŝdžĞĚƚŽĂϭ͗ϭ͗ϭƌĂƚŝŽĂŶĚŝŶĨŝůƚƌĂƚĞĚŝŶƚŽ E͘ďĞŶƚŚĂŵŝĂŶĂ ůĞĂǀĞƐƵƐŝŶŐŶĞĞĚůĞͲůĞƐƐƐLJƌŝŶŐĞƐ͘ dŚĞƉůĂŶƚŵĂƚĞƌŝĂůŝƐŚĂƌǀĞƐƚĞĚϰĚĂLJƐĂĨƚĞƌŝŶĨŝůƚƌĂƚŝŽŶĨŽƌZEĂŶĚƉƌŽƚĞŝŶĞdžƚƌĂĐƚŝŽŶ͘ ϭϰϬ ϯ͘tĞƐƚĞƌŶďůŽƚĂŶĂůLJƐŝƐŽĨƉƌŽƚĞŝŶĞdžƚƌĂĐƚŝŽŶƐĨƌŽŵ E͘ďĞŶƚŚĂŵŝĂŶĂ ůĞĂǀĞƐ͘ ϯ͘ϭ͘WƌŽƚĞŝŶĞdžƚƌĂĐƚŝŽŶƐ͘ EŝĐŽƚŝĂŶĂďĞŶƚŚĂŵŝĂŶĂ ƉůĂŶƚƚŝƐƐƵĞƐŽĨŝŶĨŝůƚƌĂƚĞĚůĞĂĨƉĂƚĐŚĞƐĂƌĞĨůĂƐŚͲĨƌŽnjĞŶŝŶůŝƋƵŝĚŶŝƚƌŽŐĞŶ ĂŶĚƉůĂĐĞĚŝŶ ƉƉĞŶĚŽƌĨƚƵďĞĐŽŶƚĂŝŶŝŶŐϰŵŵĚŝĂŵĞƚĞƌŐůĂƐƐďĞĂĚƐ;ĂƌůZŽƚŚͿ͘dŚĞƐĂŵƉůĞƐĂƌĞ ŐƌŽƵŶĚϴƐĞĐŽŶĚƐǁŝƚŚƚŚĞŵŝdžŝŶŐĚŝǀŝĐĞ^ŝůĂŵĂƚΠ^ϲ;/ǀŽĐůĂƌsŝǀĂĚĞŶƚͿĂŶĚŝŵŵĞĚŝĂƚĞůLJĨůĂƐŚͲ ĨƌŽnjĞŶŝŶ ůŝƋƵŝĚŶŝƚƌŽŐĞŶ͘ϭϬϬʅů ŽĨ^^ͲƵƌĞĂĞdžƚƌĂĐƚŝŽŶďƵĨĨĞƌ;dƌŝƐƉ,ϲ͘ϴϲϮ͘ϱŵD͖ƵƌĞĂϰD͖^^ ϯй;ǁͬǀͿ͖ŐůLJĐĞƌŽůϭϬй;ǁͬǀͿ͖ďƌŽŵŽƉŚĞŶŽůďůƵĞϬ͘ϬϭйͿĂƌĞĂĚĚĞĚƚŽĞĂĐŚƐĂŵƉůĞďĞĨŽƌĞŐƌŝŶĚŝŶŐ ĂƐĞĐŽŶĚƚŝŵĞĨŽƌϮϬƐĞĐŽŶĚƐǁŝƚŚƚŚĞ^ŝůĂŵĂƚŵŝdžŝŶŐĚĞǀŝĐĞ͘dŚĞƐĂŵƉůĞƐĂƌĞŚĞĂƚĞĚĚƵƌŝŶŐϱ ŵŝŶƵƚĞƐĂƚϵϱΣĂŶĚĐĞŶƚƌŝĨƵŐĞĚĂƚϭϲϬϬϬŐĨŽƌϱŵŝŶƵƚĞƐƚŽƌĞŵŽǀĞƚŚĞĐĞůůĚĞďƌŝƐ͘ ϯ͘Ϯ͘^^ͲW' ͘ dŚĞ ƉƌŽƚĞŝŶ ĞdžƚƌĂĐƚŝŽŶƐ ǁĞƌĞ ƐĞƉĂƌĂƚĞĚ ďLJ ^^ͲW' ;ƉŽůLJĂĐƌLJůĂŵŝĚĞ ŐĞů ĞůĞĐƚƌŽƉŚŽƌĞƐŝƐ ĐŽŶƚĂŝŶŝŶŐƐŽĚŝƵŵůĂƵƌLJůƐƵůĨĂƚĞͿ͘dŚĞϭϬйĚĞŶĂƚƵƌĂƚŝŶŐŐĞůĐŽŶƐŝƐƚƐŽĨĂƐĞƉĂƌĂƚŝŽŶŐĞůĐŽŶƚĂŝŶŝŶŐ ϯϳϱŵDdƌŝƐͲ,ů;Ɖ,ϲ͘ϴͿ͕Ϭ͘ϭй^^;ǁͬǀͿĂŶĚϭϬйƉŽůLJĂĐƌLJůĂŵŝĚĞͬE͕EΖŵĞƚŚLJůĞŶĞďŝƐĂĐƌLJůĂŵŝĚĞ ϯϳ͘ϱͬϭ;ǀͬǀͿ͘dŚĞĐŽŶĐĞŶƚƌĂƚŝŽŶŐĞůŝƐĐŽŵƉŽƐĞĚŽĨϭϮϱŵDdƌŝƐͲ,ů;Ɖ,ϲ͘ϴͿ͕Ϭ͘ϭй^^;ǁͬǀͿĂŶĚ ϰйƉŽůLJĂĐƌLJůĂŵŝĚĞͬE͕EΖŵĞƚŚLJůĞŶĞďŝƐĂĐƌLJůĂŵŝĚĞϯϳ͘ϱͬϭ;ǀͬǀͿ͘ϱͲ ϭϬʅůŽĨ ƉƌŽƚĞŝŶĞdžƚƌĂĐƚŝŽŶƐǁĞƌĞ ůŽĂĚĞĚŽŶƚŚĞŐĞůĂŶĚƚŚĞŵŝŐƌĂƚŝŽŶǁĂƐĚŽŶĞĂƚϮϱŵĚƵƌŝŶŐϭŚŽƵƌƵƐŝŶŐ^^ͲW' ŵŝŐƌĂƚŝŽŶ ďƵĨĨĞƌ;ϮϱŵDdƌŝƐ͕ϮϱϬŵDŐůLJĐŝŶĞ͕Ϭ͘ϭй^^;ǁͬǀͿ͕Ɖ,ϴ͘ϱͿ͘ ϯ͘ϯ͘tĞƐƚĞƌŶďůŽƚ͘ KŶĐĞƐĞƉĂƌĂƚĞĚďLJĚĞŶĂƚƵƌĂƚŝŶŐ^^ͲW' ͕ƚŚĞƉƌŽƚĞŝŶƐĂƌĞƚƌĂŶƐĨĞƌƌĞĚƚŽ ĂϬ͘ϰϱʅŵ/ŵŵŽďŝůŽŶ Ͳ WWs&ŵĞŵďƌĂŶĞ;DŝůůŝƉŽƌĞͿďLJŝŵŵĞƌƐŝŽŶŝŶƚƌĂŶƐĨĞƌďƵĨĨĞƌ;ϰϴŵDdƌŝƐ͖ϯϵŵDŐůLJĐŝŶĞ͖ϭϱй ŵĞƚŚĂŶŽů;ǀͬǀͿͿĂƚϰΣďLJĂƉƉůLJŝŶŐϮϱϬŵĚƵƌŝŶŐϱϬŵŝŶƵƚĞƐ;ƵƐŝŶŐƚŚĞŝŽͲZĂĚdƌĂŶƐͲůŽƚ^ ƐLJƐƚĞŵͿ͘ dŚĞ ŵĞŵďƌĂŶĞ ŚĂƐ ďĞĞŶ ƉƌĞǀŝŽƵƐůLJ ĂĐƚŝǀĂƚĞĚ ŝŶ ϭϬϬй ŵĞƚŚĂŶŽů͘ ĨƚĞƌ ƚƌĂŶƐĨĞƌ͕ ƚŚĞ ŵĞŵďƌĂŶĞŝƐďůŽĐŬĞĚŝŶϱϬŵůŽĨd^ͲdƐŽůƵƚŝŽŶ;ϮϬŵDdƌŝƐͲ,ů;Ɖ,ϳ͘ϰͿ͖ϭϱϬŵDEĂů͖Ϭ͘Ϯй dǁĞĞŶͲϮϬ;ǀͬǀͿͿǁŝƚŚϱй;ǁͬǀͿŽĨƐŬŝŵŵĞĚŵŝůŬƉŽǁĚĞƌĨŽƌϯϬŵŝŶƵƚĞƐĂƚƌŽŽŵƚĞŵƉĞƌĂƚƵƌĞ͘ĨƚĞƌ ƐĂƚƵƌĂƚŝŽŶ͕ƚŚĞŵĞŵďƌĂŶĞŝƐŝŶĐƵďĂƚĞĚŽǀĞƌŶŝŐŚƚĂƚϰΣǁŝƚŚƚŚĞƉƌŝŵĂƌLJĂŶƚŝďŽĚŝĞƐĚŝůƵƚĞĚƚŽ ϭͬϭϬϬϬϬŝŶd^ͲdƐŽůƵƚŝŽŶǁŝƚŚϮйŽĨƐŬŝŵŵĞĚŵŝůŬƉŽǁĚĞƌ;ǁͬǀͿ͘dŚĞƵŶďŽƵŶĚĂŶƚŝďŽĚŝĞƐĂƌĞ ƚŚĞŶƌĞŵŽǀĞĚďLJϱĐŽŶƐĞĐƵƚŝǀĞǁĂƐŚĞƐŽĨϱŵŝŶƵƚĞƐƵƐŝŶŐd^ͲdƐŽůƵƚŝŽŶĂŶĚŝŶĐƵďĂƚĞĚǁŝƚŚƚŚĞ ƐĞĐŽŶĚĂƌLJ ĂŶƚŝďŽĚŝĞƐ Λ'D ĨŽƌ ϯϬ ŵŝŶƵƚĞƐ Ăƚ ƌŽŽŵ ƚĞŵƉĞƌĂƚƵƌĞ͘ &ŝŶĂůůLJ͕ ƚŚĞ ŵĞŵďƌĂŶĞ ŝƐ ϭϰϭ ǁĂƐŚĞĚ ďLJ ϱ ĐŽŶƐĞĐƵƚŝǀĞ ǁĂƐŚĞƐ ŽĨ ϱ ŵŝŶƵƚĞƐ ďĞĨŽƌĞ ƌĞǀĞůĂƚŝŽŶ͘ DƵĐͲƚĂŐŐĞĚ ƉƌŽƚĞŝŶƐ ǁĞƌĞ ĚĞƚĞĐƚĞĚ ďLJ ĐŚĞŵŝůƵŵŝŶĞƐĐĞŶĐĞ ƵƐŝŶŐ >ƵŵŝͲ>ŝŐŚƚ tĞƐƚĞƌŶ ůŽƚƚŝŶŐ ^ƵďƐƚƌĂƚĞ ;ZŽĐŚĞΠͿ͘ >ƵŵŝŶĞƐĐĞŶĐĞŝƐĚĞƚĞĐƚĞĚďƵƐŝŶŐĂƵƚŽƌĂĚŝŽŐƌĂƉŚLJĨŝůŵƐŽƌǁŝƚŚĂ&ƵƐŝŽŶ&yĐĂŵĞƌĂƐLJƐƚĞŵ͘ ϯ͘ϰ͘ŽŽŵĂƐƐŝĞƐƚĂŝŶŝŶŐŽĨƉŽůLJĂĐƌLJůĂŵŝĚĞŐĞůƐŽƌWs&ŵĞŵďƌĂŶĞƐ͘ ^^ͲW' ŐĞůƐŽƌWs&ŵĞŵďƌĂŶĞƐǁĞƌĞƌŝŶƐĞĚǁŝƚŚĐůĞĂƌǁĂƚĞƌĂŶĚŝŶĐƵďĂƚĞĚǁŝƚŚŽŽŵĂƐƐŝĞ ƐƚĂŝŶŝŶŐƐŽůƵƚŝŽŶ;Ϭ͘ϬϬϮϱйŽŽŵĂƐƐŝĞƌŝůůŝĂŶƚůƵĞZͲϮϱϬ͕ϱϬйŵĞƚŚĂŶŽů͕ϭϬйĂĐĞƚŝĐĂĐŝĚͿĨŽƌϯϬ ŵŝŶƵƚĞƐ͘ĞƐƚĂŝŶŝŶŐŝƐƉĞƌĨŽƌŵĞĚƵƐŝŶŐĂĚĞƐƚĂŝŶŝŶŐƐŽůƵƚŝŽŶ;ϱϬйŵĞƚŚĂŶŽů͕ϳйĂĐĞƚŝĐĂĐŝĚͿ͘dŚĞ ĐŽŽŵĂƐƐŝĞĚLJĞďŝŶĚƐƚŽƉƌŽƚĞŝŶƐƚŚƌŽƵŐŚŚLJĚƌŽƉŚŽďŝĐďŽŶĚƐĂŶĚŚĂƐĂĚĞƚĞĐƚŝŽŶůŝŵŝƚŽĨϬ͘ϭ ʅŐ ͘ ϰ͘EŽƌƚŚĞƌŶďůŽƚĂŶĂůLJƐŝƐŽĨƚŽƚĂůZEĞdžƚƌĂĐƚƐ͘ ϰ͘ϭ͘ZEĞdžƚƌĂĐƚŝŽŶ͘ ϭϬϬŵŐŽĨŝŶĨŝůƚƌĂƚĞĚůĞĂĨŵĂƚĞƌŝĂůĨƌŽŵ EŝĐŽƚŝĂŶĂďĞŶƚŚĂŵŝĂŶĂ ĂƌĞŚĂƌǀĞƐƚĞĚĂŶĚĨůĂƐŚͲĨƌŽnjĞŶŝŶ ƉƉĞŶĚŽƌĨƚƵďĞĚĐŽŶƚĂŝŶŝŶŐϰŵŵĚŝĂŵĞƚĞƌŐůĂƐƐďĞĂĚƐ;ĂƌůZŽƚŚͿ͘dŚĞƐĂŵƉůĞƐĂƌĞŐƌŝŶĚĞĚĨŽƌϴ ƐĞĐŽŶĚƐǁŝƚŚƚŚĞ^ŝůĂŵĂƚΠŵŝdžŝŶŐĚĞǀŝĐĞĂƚĂŶĂǀĞƌĂŐĞƐƉĞĞĚŽĨϰϱϬϬŵŽǀĞŵĞŶƚƐƉĞƌŵŝŶƵƚĞ͕ ďĞĨŽƌĞĂĚĚŝŶŐϳϱϬʅůŽĨdƌŝ ͲZĞĂŐĞŶƚΠ;^ŝŐŵĂͲůĚƌŝĐŚͿ͘dŚĞƐĂŵƉůĞƐĂƌĞŐƌŝŶĚĞĚĂƐĞĐŽŶĚƚŝŵĞĨŽƌ ϮϬƐĞĐŽŶĚƐ͘ϰϬϬʅůŽĨĐŚůŽƌŽĨŽƌŵŝƐĂĚĚĞĚƚŽƚŚĞƐƵƐƉĞŶƐŝŽŶĂŶĚ ƚŚĞƐĂŵƉůĞƐĂƌĞŚŽŵŽŐĞŶŝnjĞĚďLJ ǀŽƌƚĞdžŝŶŐ͘ĐĞŶƚƌŝĨƵŐĂƚŝŽŶŽĨϭϱŵŝŶƵƚĞƐĂƚϭϴϬϬϬŐŝƐƉĞƌĨŽƌŵĞĚƚŽƐĞƉĂƌĂƚĞƚŚĞĂƋƵĞŽƵƐĂŶĚ ƉŚĞŶŽůŝĐƉŚĂƐĞƐ͘dŚĞĂƋƵĞŽƵƐƉŚĂƐĞŝƐƚƌĂŶƐĨĞƌƌĞĚŝŶƚŽĂŶĞǁƚƵďĞĂŶĚƚŽƚĂůZEŝƐƉƌĞĐŝƉŝƚĂƚĞĚ ƵƐŝŶŐ ϮϱϬʅů ŽĨ ŝƐŽƉƌŽƉĂŶŽů͘ ůůƐĂŵ ƉůĞƐ ĂƌĞ ǁĞůůŵŝdžĞĚ ďLJ ƚƵďĞ ŝŶǀĞƌƐŝŽŶĂŶĚ ŝŶĐƵďĂƚĞĚ ĨŽƌϱ ŵŝŶƵƚĞƐĂƚƌŽŽŵƚĞŵƉĞƌĂƚƵƌĞ͘^ĂŵƉůĞƐĂƌĞĐĞŶƚƌŝĨƵŐĞĚĨŽƌϭϱŵŝŶƵƚĞƐĂƚϭϴϬϬϬŐ͕ĂŶĚƚŚĞƉĞůůĞƚƐ ĂƌĞǁĂƐŚĞĚƚǁŝĐĞǁŝƚŚϳϱйĞƚŚĂŶŽů;ǀͬǀͿĂŶĚĚŝƐƐŽůǀĞĚŝŶϭϬϬʅůƵůƚƌĂ ͲƉƵƌĞǁĂƚĞƌ;DŝůůŝͲY͕DŝůůŝƉŽƌĞ Ĩŝů ƚƌĂƚŝŽŶƐLJƐƚĞŵͿ͘ϭϬϬʅůŽĨĂWŚĞŶŽů͗ŚůŽƌŽĨŽƌŵ͗/ƐŽĂŵLJůĂůĐŽŚŽůƐŽůƵƚŝŽŶ;Ϯϱ͗Ϯϰ͗ϭ͕ǀ͗ǀ͕Ɖ,ϰ͘ϱͿŝƐ ĂĚĚĞĚ ƚŽ ƚŚĞ ZEƐ͘ĨƚĞƌ ǀŽƌƚĞdžŝŶŐ͕ ƚŚĞ ƐĂŵƉůĞƐĂƌĞĐĞŶƚƌŝĨƵŐĞĚ ĂƚƌŽŽŵƚĞŵƉĞƌĂƚƵƌĞ ĨŽƌϭϱ ŵŝŶƵƚĞƐĂƚϭϴϬϬϬŐ͘dŚĞĂƋƵĞŽƵƐƉŚĂƐĞŝƐƚƌĂŶƐĨĞƌƌĞĚŝŶĂŶĞǁƚƵďĞĂŶĚƚŚĞZEƐĂƌĞƉƌĞĐŝƉŝƚĂƚĞĚ ďLJƚŚĞĂĚĚŝƚŝŽŶŽĨEĂĐƉ,ϱ͘Ϯ;ƌĂƚŝŽŶϭ͗ϭϬ͕ǀ͗ǀͿ͕Ϭ͘ϱʅůŐůLJĐŽŐĞŶ;ϭŵŐͬŵůͿĂŶĚϭϬϬйĞƚŚĂŶŽů;Ϯ͘ϱ͗ϭ ƌĂƚŝŽ͕ǀ͗ǀͿ͘dŚĞƐĂŵƉůĞƐĂƌĞŝŶĐƵďĂƚĞĚĨŽƌƉƌĞĐŝƉŝƚĂƚŝŽŶĂƚͲϴϬΣĨŽƌĂƚůĞĂƐƚϭŚŽƵƌ͘ϯϬͲŵŝŶƵƚĞ ĐĞŶƚƌŝĨƵŐĂƚŝŽŶ ;ϰΣͿ Ăƚ ϭϴϬϬϬŐ ŝƐ ƉĞƌĨŽƌŵĞĚ ƚŽ ƉƌĞĐŝƉŝƚĂƚĞ ƚŚĞ ƉƵƌŝĨŝĞĚ ZEƐ͘ dŚĞ ƉĞůůĞƚƐ ĂƌĞ ǁĂƐŚĞĚƚǁŝĐĞǁŝƚŚϳϱйĞƚŚĂŶŽů;ǀͬǀͿĂŶĚĚŝƐƐŽůǀĞĚŝŶϯϬʅůŽĨƵůƚƌĂ ͲƉƵƌĞǁĂƚĞƌ;DŝůůŝͲY͕DŝůůŝƉŽƌĞ ĨŝůƚƌĂƚŝŽŶ ƐLJƐƚĞŵͿ͘ dŚĞ ƉƵƌŝĨŝĞĚ ZEƐ ĂƌĞ ƚŚĞŶ ŵĞĂƐƵƌĞĚ ďLJ EĂŶŽƌŽƉ ƐƉĞĐƚƌŽƉŚŽƚŽŵĞƚƌLJ ;dŚĞƌŵŽ^ĐŝĞŶƚŝĨŝĐͿ͘ ϭϰϮ ϰ͘Ϯ͘ŐĂƌŽƐĞŐĞůƐĞƉĂƌĂƚŝŽŶŽĨƚŽƚĂůZEƐ͘ &ŽƌƚŚĞĚĞƚĞĐƚŝŽŶŽĨ EďWZϮ ĂŶĚ '&W ŵZEƐ͕ϱʅŐ ŽĨƚŽƚĂůZEƐĞdžƚƌĂĐƚĞĚĨƌŽŵĞŶƚŚĂŵŝĂŶĂůĞĂǀĞƐ ĂƌĞƐĞƉĂƌĂƚĞĚ ŽŶ Ăϭ͘ϱй ĂŐĂƌŽƐĞ ŐĞů ĐŽŶƚĂŝŶŝŶŐ ϱ͘ϱϱй ;ǀͬǀͿ ĨŽƌŵĂůĚĞŚLJĚĞ ĂŶĚ ϭdž DKW^͘ dŚĞ ŵŝŐƌĂƚŝŽŶŝƐĐĂƌƌŝĞĚŽƵƚŝŶĂϭdžDKW^ƐŽůƵƚŝŽŶĨŽƌϮŚŽƵƌƐĂƚϳϬsƵŶĚĞƌĂĐŚĞŵŝĐĂůŚŽŽĚ͘ZEƐĂƌĞ ŵŝdžĞĚǁŝƚŚĂϮdžZEůŽĂĚŝŶŐĚLJĞ;ϮdžDKW^͕ϮϬйĨŽƌŵĂůĚĞŚLJĚĞ;ǀͬǀͿ͕ϴй;ǀͬǀͿĨŽƌŵĂŵŝĚĞ͕ϭϬй ŐůLJĐĞƌŽů͕ϮŵD d͕Ϭ͘ϬϱйďƌŽŵŽƉŚĞŶŽůďůƵĞĂŶĚϬ͘ϬϱйdžLJůĞŶĞĐLJĂŶŝĚĞͿ͘ ϰ͘ϯ͘ZEƚƌĂŶƐĨĞƌŽŶ,LJďŽŶĚEнŵĞŵďƌĂŶĞ ĨƚĞƌŵŝŐƌĂƚŝŽŶ͕ƚŚĞŐĞůŝƐǁĂƐŚĞĚϯƚŝŵĞƐĨŽƌϱŵŝŶƵƚĞƐŝŶƵůƚƌĂͲƉƵƌĞǁĂƚĞƌ͕ĂŶĚϱŵŝŶƵƚĞƐŝŶĂ ϭϬdž^^ƐŽůƵƚŝŽŶ;ϯDƐŽĚŝƵŵĐŚůŽƌŝĚĞĂŶĚϬ͘ϯƐŽĚŝƵŵĐŝƚƌĂƚĞ͕Ɖ,ϳ͘ϬͿ͘ZEƐĂƌĞƚƌĂŶƐĨĞƌƌĞĚďLJ ĐĂƉŝůůĂƌLJƚŽĂŶŵĞƌƐŚĂŵΖƐ,LJďŽŶĚEнŶLJůŽŶŵĞŵďƌĂŶĞ;' ,ĞĂůƚŚĐĂƌĞͿ͘ŶLJůŽŶŵĞŵďƌĂŶĞĂŶĚ ĨŽƵƌŝĚĞŶƚŝĐĂůůLJͲƐŝnjĞĚƉŝĞĐĞƐŽĨtŚĂƚŵĂŶŶĨŝůƚĞƌƉĂƉĞƌǁĞƌĞĐƵƚƚŽĨŝƚƚŚĞŐĞů͘ůůďůŽƚĐŽŵƉŽŶĞŶƚƐ ǁĞƌĞĞƋƵŝůŝďƌĂƚĞĚŝŶϭϬdž^^ƚƌĂŶƐĨĞƌďƵĨĨĞƌ͘dŚĞĐŽŵƉŽŶĞŶƚƐǁĞƌĞĂƐƐĞŵďůĞĚŝŶƚŽĂƐĂŶĚǁŝĐŚďLJ ƉůĂĐŝŶŐ ƚŚĞ ŵĞŵďƌĂŶĞ ĂŶĚ ƚŚĞ ŐĞů ďĞƚǁĞĞŶ ϮdžϮ ďƵĨĨĞƌͲƐŽĂŬĞĚ ĨŝůƚĞƌ ƉĂƉĞƌƐ͘ dŚĞ ƐĂŶĚǁŝĐŚ ŝƐ ƉůĂĐĞĚ ŽŶ ƐƉŽŶŐĞƐ ƐŽĂŬĞĚ ŝŶ ϭϬdž ^^ ďƵĨĨĞƌ ŝŶ Ă ĐŽŶƚĂŝŶĞƌ͕ ǁŝƚŚ ƚŚĞ ŵĞŵďƌĂŶĞͲƐŝĚĞ ŽĨ ƚŚĞ ƐĂŶĚǁŝĐŚŽŶƚŚĞƵƉƉĞƌƐŝƚĞ͘ďƐŽƌďĞŶƚƉĂƉĞƌ ĂŶĚĂŵĞƚĂůƉůĂƚĞ; ĐŝƌĐĂ ϭŬŐͿĂƌĞƉůĂĐĞĚŽŶƚŚĞ ĂƐƐĞŵďůLJƚŽĂůůŽǁƚŚĞĚŝĨĨƵƐŝŽŶŽĨƚŚĞ^^ƐĂůƚƐŽůƵƚŝŽŶĂŶĚƚŚĞƚƌĂŶƐĨĞƌŽĨƚŚĞZEƐƚŽƚŚĞŶLJůŽŶ ŵĞŵďƌĂŶĞ͘ ϰ͘ϰ͘DĞƚŚLJůĞŶĞďůƵĞĐŽůŽƌĂƚŝŽŶ͘ ĨƚĞƌƚƌĂŶƐĨĞƌ͕ƚŚĞŵĞŵďƌĂŶĞŝƐŝŶĐƵďĂƚĞĚĨŽƌϱŵŝŶƵƚĞƐŝŶĂϮdž^^ƐŽůƵƚŝŽŶ͘dŚĞZEƐĂƌĞĨŝdžĞĚ ŽŶ ƚŚĞ ŵĞŵďƌĂŶĞ ďLJ hs ƌĂĚŝĂƚŝŽŶ Ăƚ ϭϬϬ dž ϭϮϬϬ ʅũŽƵůĞƐ ĨŽƌ ϯϬ ƐĞĐŽŶĚƐ ǁŝƚŚ Ă ^ƚƌĂƚĂůŝŶŬĞƌ ;^ƚƌĂƚĂŐĞŶĞͿĚĞǀŝĐĞ͘dŚĞŵĞŵďƌĂŶĞŝƐǁĂƐŚĞĚĨŽƌϱŵŝŶƵƚĞƐǁŝƚŚƵůƚƌĂͲƉƵƌĞǁĂƚĞƌĂŶĚĐŽůŽƵƌĞĚ ŝŶĂŵĞƚŚLJůĞŶĞďůƵĞĐŽůŽƌĂƚŝŽŶƐŽůƵƚŝŽŶ;Ϭ͘ϬϮйŽĨŵĞƚŚLJůĞŶĞďůƵĞ͕Ϭ͘ϯDƐŽĚŝƵŵĂĐĞƚĂƚĞƉ,ϱͿ͘dŚĞ ŵĞŵďƌĂŶĞŝƐǁĂƐŚĞĚǁŝƚŚǁĂƚĞƌďĞĨŽƌĞďĞŝŶŐ ƐĐĂŶŶĞĚ͘ĞĨŽƌĞŚLJďƌŝĚŝnjĂƚŝŽŶǁŝƚŚƚŚĞƐƉĞĐŝĨŝĐ ƉƌŽďĞƐ͕ƚŚĞŵĞŵďƌĂŶĞŶĞĞĚƐƚŽďĞĐŽŵƉůĞƚĞůLJĚĞƐƚĂŝŶĞĚŝŶĂϬ͘Ϯdž^^͕ϭй^^ƐŽůƵƚŝŽŶ͘ ϭϰϯ ϰ͘ϱ͘WƌĞƉĂƌĂƚŝŽŶŽĨƌĂĚŝŽůĂďĞůĞĚŚLJďƌŝĚŝƐĂƚŝŽŶƉƌŽďĞƐ͘ dŚĞ ƚĞŵƉůĂƚĞ E ŽĨ ĂďŽƵƚ ϱϬϬ ďĂƐĞ ƉĂŝƌƐ ŝƐ ĂŵƉůŝĨŝĞĚ ďLJ WZ ƵƐŝŶŐ 'ŽdĂƋ ƉŽůLJŵĞƌĂƐĞ ;WƌŽŵĞŐĂΠͿ͕ ƚŚĞŶ ƉƵƌŝĨŝĞĚ ŽŶ ĂŐĂƌŽƐĞ ŐĞů ƵƐŝŶŐ ƚŚĞ EƵĐůĞŽ^ƉŝŶ 'Ğů ĂŶĚ WZ ĐůĞĂŶͲƵƉ Ŭŝƚ ;DĂĐŚĞƌĞLJͲ EĂŐĞůΡͿ͘ϭϬϬŶŐŽĨŵĂƚƌŝdž EĂƌĞƵƐĞĚĨŽƌƚŚĞƉƌŽĚƵĐƚŝŽŶŽĨƌĂĚŝŽůĂďĞůĞĚƉƌŽďĞƐǁŝƚŚ ƚŚĞĞĐĂůĂďĞůE>ĂďĞůŝŶŐŬŝƚĨƌŽŵdŚĞƌŵŽ^ĐŝĞŶƚŝĨŝĐ͘dŚĞƉƌŽďĞŝƐŵĂƌŬĞĚǁŝƚŚ ɲ ϯϮ WͲĚdW ĂĐĐŽƌĚŝŶŐƚŽƚŚĞƌĞĐŽŵŵĞŶĚĞĚŝŶƐƚƌƵĐƚŝŽŶƐŝŶƚŚĞŬŝƚ͘dŚŝƐŵĞƚŚŽĚĐŽŶƐŝƐƚƐŽĨƚŚĞŝŶĐŽƌƉŽƌĂƚŝŽŶ ŽĨƌĂĚŝŽĂĐƚŝǀĞ ɲ ϯϮ WͲĚdWďLJƚŚĞ<ůĞŶŽǁĨƌĂŐŵĞŶƚƵƐŝŶŐƌĂŶĚŽŵƉƌŝŵĞƌƐƚŚĂƚĐĂŶŚLJďƌŝĚŝnjĞĂůŽŶŐ ƚŚĞ ŵĂƚƌŝdž E ĂŶĚ ĂůůŽǁ ƚŚĞ ĞŶŐĂŐĞŵĞŶƚ ŽĨ ƚŚĞ <ůĞŶŽǁ ĨƌĂŐŵĞŶƚ ĂŶĚ ƚŚĞ ƐLJŶƚŚĞƐŝƐ ŽĨ ĐŽŵƉůĞŵĞŶƚĂƌLJEƐƚƌĂŶĚ͘dŚĞƌĂĚŝŽůĂďĞůĞĚƉƌŽďĞŝƐƉƵƌŝĨŝĞĚďLJƐŝnjĞĞdžĐůƵƐŝŽŶĐŚƌŽŵĂƚŽŐƌĂƉŚLJ ŽŶĂ^ĞƉŚĂĚĞdž'ͲϱϬŵĂƚƌŝdžďĞĨŽƌĞƵƐĂŐĞ͘dŚĞĨŽƌǁĂƌĚƉƌŝŵĞƌdddddddd'ĂŶĚƚŚĞ ƌĞǀĞƌƐĞƉƌŝŵĞƌ'd'ddddd'ĂƌĞƵƐĞĚĨŽƌWZĂŵƉůŝĨŝĐĂƚŝŽŶĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨ '&W ƐƉĞĐŝĨŝĐ ƉƌŽďĞƐ͘ dŚĞ ĨŽƌǁĂƌĚ ƉƌŝŵĞƌ dd''dd ĂŶĚ ƌĞǀĞƌƐĞ ƉƌŝŵĞƌ dddddd'' ĂƌĞ ƵƐĞĚ ĨŽƌ WZ ĂŵƉůŝĨŝĐĂƚŝŽŶ ĨŽƌ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ EďWZϮ ƐƉĞĐŝĨŝĐ ƉƌŽďĞƐ͘ ϰ͘ϲ͘,LJďƌŝĚŝƐĂƚŝŽŶǁŝƚŚƌĂĚŝŽůĂďĞůĞĚƉƌŽďĞƐ͘ dŚĞŵĞŵďƌĂŶĞŝƐŝŶĐƵďĂƚĞĚĨŽƌϯϬŵŝŶƵƚĞƐǁŝƚŚƚŚĞWĞƌĨĞĐƚ,LJďΠŚLJďƌŝĚŝnjĂƚŝŽŶďƵĨĨĞƌĂƚϲϱΣ͘dŚĞ ƌĂĚŝŽůĂďĂůĞĚƉƌŽďĞŝƐĂĚĚĞĚƚŽƚŚĞŚLJďƌŝĚŝnjĂƚŝŽŶƐŽůƵƚŝŽŶĂŶĚŝŶĐƵďĂƚĞĚŽǀĞƌŶŝŐŚƚĂƚϲϱΣƵŶĚĞƌ ƌŽƚĂƚŝŽŶ͘ dŚĞ ŵĞŵďƌĂŶĞ ŝƐ ǁĂƐŚĞĚ ϯ ƚŝŵĞƐ ŝŶ ^^ Ϯdž͕ Ϭ͘ϭй ^^ ĨŽƌ ϮϬ ŵŝŶƵƚĞƐ ďĞĨŽƌĞ ďĞŝŶŐ ĞdžƉŽƐĞĚ ǁŝƚŚ Ă ƉŚŽƚŽͲƐĞŶƐŝďůĞ WŚŽƐƉŚŽƌ/ŵĂŐĞƌ ƐĐƌĞĞŶ Ăƚ ƌŽŽŵ ƚĞŵƉĞƌĂƚƵƌĞ Žƌ ƚŽ ĂŶ ĂƵƚŽƌĂĚŝŽŐƌĂƉŚLJĨŝůŵĂƚͲϴϬΣ͘ ϱ͘WƌŽƚĞŝŶƉƌŽĚƵĐƚŝŽŶĂŶĚƉƵƌŝĨŝĐĂƚŝŽŶ͘ ϱ͘ϭ͘ĂĐƚĞƌŝĂůƚƌĂŶƐĨŽƌŵĂƚŝŽŶŽĨ>ϮϭĐĞůůƐ͘ ϱϬђů ŽĨ ĐŽŵƉĞƚĞŶƚ >Ϯϭ ĐĞůůƐ ǁĞƌĞ ƚƌĂŶƐĨŽƌŵĞĚ ǁŝƚŚ ϭϬϬŶŐ ŽĨ ƉůĂƐŵŝĚ Ɖ,''tͲ&ϭ Žƌ Ɖ,D'tͲZϰƉůĂƐŵŝĚƐ͘ĨƚĞƌƚŚĞƚŚĞƌŵĂůƐŚŽĐŬĂŶĚŝŶĐƵďĂƚŝŽŶ;ĨŽůůŽǁdKWϭϬƚƌĂŶƐĨŽƌŵĂƚŝŽŶ ƉƌŽƚŽĐŽůͿ͕ ϭϬϬђů ŽĨ ƚŚĞ ďĂĐƚĞƌŝĂů ƐƵƐƉĞŶƐŝŽŶ ĂƌĞ ƉƵƚ ŽŶ > ĂŐĂƌ ƉůĂƚĞƐ ƐƵƉƉůĞŵĞŶƚĞĚ ǁŝƚŚ ĂŵƉŝĐŝůůŝŶ͘WůĂƚĞƐǁĞƌĞŝŶĐƵďĂƚĞĚϭĚĂLJĂƚϯϳΣ͕ĂŶĚĂŶŝƐŽůĂƚĞĚĐŽůŽŶLJǁĂƐƵƐĞĚĨŽƌƚŚĞŝŶŽĐƵůĂƚŝŽŶ ŽĨĂϱŵůƉƌĞĐƵůƚƵƌĞ;>ƐƵƉƉůĞŵĞŶƚĞĚǁŝƚŚĂŵƉŝĐŝůůŝŶĂŶĚϭйŽĨŐůƵĐŽƐĞͿ͘ ϭϰϰ ϱ͘Ϯ͘ĂƚĐŚƉƌŽĚƵĐƚŝŽŶŽĨĨƵƐŝŽŶƉƌŽƚĞŝŶƐ͘ ĨƚĞƌŽǀĞƌŶŝŐŚƚŝŶĐƵďĂƚŝŽŶĂƚϯϳΣ͕ϮŵůŽĨƚŚĞƉƌĞĐƵůƚƵƌĞǁĞƌĞƵƐĞĚƚŽŝŶŽĐƵůĂƚĞϮϬϬŵůŽĨůŝƋƵŝĚ >;ĂŵƉŝĐŝůůŝŶнϭйŐůƵĐŽƐĞͿĂƚϯϳΣ͘dŚĞĂďƐŽƌďĂŶĐĞŽĨƚŚĞĐĞůůƐƵƐƉĞŶƐŝŽŶŝƐŵĞĂƐƵƌĞĚďLJhs ƐƉĞĐƚƌŽƐĐŽƉLJĂƚϲϬϬŶŵ͘tŚĞŶƚŚĞK ϲϬϬ ŝƐĂƚ ĐŝƌĐĂ Ϭ͘ϳ͕ƚŚĞĐƵůƚƵƌĞŝƐŝŶĐƵďĂƚĞĚϯϬŵŝŶƵƚĞƐĂƚϰΣ ďĞĨŽƌĞƚŚĞĂĚĚŝƚŝŽŶŽĨϭŵDŽĨ/Wd'ƚŚĂƚŝŶĚƵĐĞƐƚŚĞĞdžƉƌĞƐƐŝŽŶŽĨƚŚĞĨƵƐŝŽŶƉƌŽƚĞŝŶƐŽĨŝŶƚĞƌĞƐƚ͘ dŚĞďĂĐƚĞƌŝĂůƐƵƐƉĞŶƐŝŽŶŝƐŝŶĐƵďĂƚĞĚϱŚŽƵƌƐĂƚϮϬΣ͘ĐĞŶƚƌŝĨƵŐĂƚŝŽŶŽĨϭϱŵŝŶƵƚĞƐĂƚϰϬϬϬŐŝƐ ƉĞƌĨŽƌŵĞĚƚŽƉĞůůĞƚƚŚĞĐĞůůƐ͘dŚĞƉĞůůĞƚŝƐǁĂƐŚĞĚƚǁŝĐĞǁŝƚŚϱϬŵůĂŶĚϮϬŵůŽĨĂϭdžW^ƐŽůƵƚŝŽŶ ;ƉŚŽƐƉŚĂƚĞďƵĨĨĞƌĞĚƐĂůŝŶĞƐŽůƵƚŝŽŶͿ͘dŚĞƉĞůůĞƚƐĂƌĞĨŝŶĂůůLJƌĞƐƵƐƉĞŶĚĞĚŝŶϮϱŵůŽĨůLJƐŝƐďƵĨĨĞƌ ;ϮϬŵD DKW^ Ɖ, ϳ͘Ϯ͕ ϮϱϬŵD <ů͕ ϭϱй ŐůLJĐĞƌŽů͕ Ϭ͘ϭй dǁĞĞŶ ϮϬ͕ Ϭ͘ϮŵD dd ĂŶĚ ϭdž ĐKŵƉůĞƚĞΡ WƌŽƚĞĂƐĞ /ŶŚŝďŝƚŽƌ ŽĐŬƚĂŝů ;ZŽĐŚĞͿͿ͘ >LJƐŝƐ ďƵĨĨĞƌ ŝƐ ĂĚĚĞĚ ƵŶƚŝů ƚŚĞ ďĂĐƚĞƌŝĂů ĐĞůů ƐƵƐƉĞŶƐŝŽŶƌĞĂĐŚĞƐĂK ϲϬϬ ŽĨϮϬ͘dŚĞďĂĐƚĞƌŝĂůĐĞůůǁĂůůƐĂƌĞĚŝƐƌƵƉƚĞĚďLJϭϬƐŽŶŝĐĂƚŝŽŶĐLJĐůĞƐ ;ϭϱƐKEͬϯϬƐK&&ͿĂƚĂŶĂŵƉůŝƚƵĚĞŽĨϲϬй͘ůůƐĂŵƉůĞƐĂƌĞĐĞŶƚƌŝĨƵŐĞĚĂƚϭϲϬϬϬŐĨŽƌϭϱŵŝŶƵƚĞƐĂƚ ϰΣƚŽƌĞŵŽǀĞĐĞůů ĚĞďƌŝƐ͘/ŶƉĂƌĂůůĞů͕ϭϱϬʅůŽĨƚŚĞϲϬй ĂŵLJůŽƐĞƐƵƐƉĞŶƐŝŽŶ;EĞǁ ŶŐůĂŶĚŝŽ>ďƐ /ŶĐͿĂŶĚϭϱϬʅůŽĨƚŚĞϲϬйŐůƵƚĂƚŚŝŽŶĞ ͲƐĞƉŚĂƌŽƐĞƐƵƐƉĞŶƐŝŽŶ;'ůƵƚĂƚŚŝŽŶĞ^ĞƉŚĂƌŽƐĞdDϰ͕' ŚĞĂůƚŚĐĂƌĞͿĂƌĞǁĂƐŚĞĚƚǁŝĐĞǁŝƚŚϭŵůůLJƐŝƐďƵĨĨĞƌƚŽďĞƌĞƐƵƐƉĞŶĚĞĚŝŶĂĨŝŶĂůůLJƐŝƐďƵĨĨĞƌǀŽůƵŵĞ ŽĨϭϬϬʅ> ͘ dŚĞϭϬϬʅ>ƌĞƐŝŶ ŵŝdžƚƵƌĞŝƐĂĚĚĞĚƚŽƚŚĞďĂĐƚĞƌŝĂůůLJƐĂƚĞĂŶĚƚŚĞƐƵƐƉĞŶƐŝŽŶŝƐŝŶĐƵďĂƚĞĚ ĨŽƌϯϬŵŝŶƵƚĞƐĂƚϰΣƵŶĚĞƌƌŽƚĂƚŝŽŶ͘ĨƚĞƌŝŶĐƵďĂƚŝŽŶ͕ƚŚĞƐƵƐƉĞŶƐŝŽŶŝƐŝŶƚƌŽĚƵĐĞĚŝŶƚŽƉƌŽƚĞƵƐ ^ƉŝŶ ĐŽůƵŵŶƐ ;'ĞŶĞƌŽŶͿ͘ WƵƌŝĨŝĐĂƚŝŽŶ ŝƐ ƉĞƌĨŽƌŵĞĚ ĨŽůůŽǁŝŶŐ ƚŚĞ ŵĂŶƵĨĂĐƚƵƌĞƌ͛Ɛ ƉƌŽƚŽ ĐŽů ;tĂƐŚŝŶŐďƵĨĨĞƌ͗ϮϬŵDDKW^͕ϮϱϬŵD<ů͕ϭϱйŐůLJĐĞƌŽůĂŶĚϬ͘ϭйdǁĞĞŶϮϬͿ͘dŚĞĞůƵƚŝŽŶŝƐĚŽŶĞ ďLJϮĐŽŶƐĞĐƵƚŝǀĞĐĞŶƚƌŝĨƵŐĂƚŝŽŶƐǁŝƚŚϱŵůŽĨĞůƵƚŝŽŶďƵĨĨĞƌ;ϮϬŵDDKW^Ɖ,ϳ͘Ϯ͕ϭϱϬŵD<ů͕ϭϱй ŐůLJĐĞƌŽů͕ Ϭ͘ϭй dǁĞĞŶ ϮϬ͕ ϭϬŵD ŵĂůƚŽƐĞ ŵŽŶŽŚLJĚƌĂƚĞ ;^ŝŐŵĂ ůĚƌŝĐŚ ϲϯϰϭϴͿ Žƌ ƌĞĚƵĐĞĚ ŐůƵƚĂƚŚŝŽŶĞ;^ŝŐŵĂůĚƌŝĐŚ'ϰϮϱϭͿͿ͘dŚĞƚǁŽĞůƵƚŝŽŶĨƌĂĐƚŝŽŶƐĂƌĞĂƐƐĞŵďůĞĚĂŶĚĚŝĂůLJƐĞĚŽǀĞƌͲ ŶŝŐŚƚĂƚϰΣƵŶĚĞƌƐƚŝƌƌŝŶŐƵƐŝŶŐĚŝĂůLJƐŝƐƚƵďŝŶŐĐĞůůƵůŽƐĞŵĞŵďƌĂŶĞƐ;^ŝŐŵĂůĚƌŝĐŚϵϮϳϳͿŝŶĂ ĚŝĂůLJƐĞƐŽůƵƚŝŽŶ;ϮϬŵDDKW^ƉŚϳ͘Ϯ͕ϭϬϬŵD<ů͕ϭϱйŐůLJĐĞƌŽůĂŶĚϬ͘ϭйdǁĞĞŶϮϬͿ͘dŚĞƐĞƚƵďŝŶŐ ŵĞŵďƌĂŶĞƐŚĂǀĞĂǁĞŝŐŚƚĐƵƚͲŽĨĨŽĨϭϰŬĂĂŶĚĂůůŽǁƚŚĞƌĞŵŽǀĂůŽĨŐůƵƚĂƚŚŝŽŶĞĂŶĚŵĂůƚŽƐĞ ĨƌŽŵƚŚĞƐĂŵƉůĞƐ . ůŝƋƵŽƚƐŽĨƚŚĞĚŝĂůLJƐĞĚĞůƵƚŝŽŶǁĞƌĞŝŶƐƚĂŶƚůLJĨƌŽnjĞŶŝŶůŝƋƵŝĚŶŝƚƌŽŐĞŶĂŶĚ ƐƚŽƌĞĚĂƚͲϴϬΣ͘ ƐĞĐŽŶĚƌŽƵŶĚŽĨƉƵƌŝĨŝĐĂƚŝŽŶƵƐŝŶŐEŝEdƌĞƐŝŶ;,ŝƐϲϬEŝ^ƵƉĞƌĨůŽǁdDůŽŶƚĞĐŚͿŝƐƉĞƌĨŽƌŵĞĚ ƚŽŵŝŶŝŵŝƐĞĚZEĂƐĞĐŽŶƚĂŵŝŶĂŶƚƐ;ƌĞƉϭďŝƐͿ͘dŚĞƐĂŵĞƉƌŽƚŽĐŽůŚĂƐďĞĞŶĨŽůůŽǁĞĚ͕ƵƐŝŶŐEŝEd >LJƐŝƐďƵĨĨĞƌ͕tĂƐŚŝŶŐďƵĨĨĞƌĂŶĚĞůƵƚŝŽŶďƵĨĨĞƌ͘dŚĞĚŽƵďůĞͲƉƵƌŝĨŝĞĚƉƌŽƚĞŝŶƐǁĞƌĞĚŝĂůLJƐĞĚŽǀĞƌͲ ŶŝŐŚƚƚŽƌĞŵŽǀĞŝŵŝĚĂnjŽůĞĨƌŽŵƚŚĞƐĂŵƉůĞ͘ ϭϰϱ >LJƐŝƐďƵĨĨĞƌ͗ϮϬŵDDKW^Ɖ,ϳ͘Ϯ͕ϮϱϬŵDEĂů͕ϭϱйŐůLJĐĞƌŽů͕Ϭ͘ϭйdǁĞĞŶϮϬ͕Ϭ͘ϮŵDddĂŶĚϭdž ĐKŵƉůĞƚĞΡ WƌŽƚĞĂƐĞ/ŶŚŝďŝƚŽƌŽĐŬƚĂŝů;ZŽĐŚĞͿ͕ϯϬŵD/ŵŝĚĂnjŽůĞ tĂƐŚŝŶŐ ďƵĨĨĞƌ͗ ϮϬŵD DKW^ Ɖ, ϳ͘Ϯ͕ ϮϱϬŵD EĂů͕ ϭϱй ŐůLJĐĞƌŽů͕ Ϭ͘ϭй dǁĞĞŶ ϮϬ͕ ϯϬŵD /ŵŝĚĂnjŽůĞ ůƵƚŝŽŶďƵĨĨĞƌ͗ϮϬŵDDKW^Ɖ,ϳ͘Ϯ͕ϭϱйŐůLJĐĞƌŽů͕Ϭ͘ϭйdǁĞĞŶϮϬ͕ϯϬϬŵD/ŵŝĚĂnjŽůĞ dŚĞ ƐĞĐŽŶĚ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞƉůŝĐĂƚĞ ǁĂƐ ƉƵƌŝĨŝĞĚ ďLJ ĂĨĨŝŶŝƚLJ ĐŚƌŽŵĂƚŽŐƌĂƉŚLJ ŽŶ ŐůƵƚĂƚŚŝŽŶĞ ƐĞƉŚĂƌŽƐĞĐŽƵƉůĞĚƚŽƐŝnjĞĞdžĐůƵƐŝŽŶĐŚƌŽŵĂƚŽŐƌĂƉŚLJǁŝƚŚĂŶ ϱ͘ϯ͘^LJƉƌŽZƵďLJƐƚĂŝŶŝŶŐ͘ dŚĞƉƌŽƚĞŝŶĞdžƚƌĂĐƚŝŽŶƐǁĞƌĞƐĞƉĂƌĂƚĞĚďLJ^^ͲW' ;ƐĞĞDĞƚŚŽĚƐϯ͘ϮͿƚŽĂŶĂůLJƐĞĂŶĚƋƵĂŶƚŝĨLJ ƚŚĞƉƵƌŝĨŝĞĚĨƵƐŝŽŶƉƌŽƚĞŝŶƐ͘dŚĞ^zWZKZƵďLJĚLJĞ;ŝŽͲZĂĚͿŝƐĂĨůƵŽƌĞƐĐĞŶƚĚLJĞĐĂƉĂďůĞŽĨďŝŶĚŝŶŐ ƉƌŽƚĞŝŶƐƚŚƌŽƵŐŚŶŽŶͲĐŽǀĂůĞŶƚŝŶƚĞƌĂĐƚŝŽŶƐ͘dŚŝƐĚLJĞŝƐŽĨĞƋƵĂůŽƌŐƌĞĂƚĞƌƐĞŶƐŝƚŝǀŝƚLJƚŚĂŶƐŝůǀĞƌ ŶŝƚƌĂƚĞƐƚĂŝŶŝŶŐĂŶĚŝƐƵƐĞĚĨŽƌƚŚĞƉƌĞĐŝƐĞƋƵĂŶƚŝĨŝĐĂƚŝŽŶŽĨƉƌŽƚĞŝŶƐ͘dŚĞŐĞůŝƐĐŽůŽƵƌĞĚŝŶϱϬŵů ŽĨ^zWZKZƵďLJŽǀĞƌͲŶŝŐŚƚĂƚƌŽŽŵƚĞŵƉĞƌĂƚƵƌĞ͘dŚĞŐĞůŝƐĚĞƐƚĂŝŶĞĚŝŶϭϬϬŵůŽĨĚĞĐŽůŽƌĂƚŝŽŶ ƐŽůƵƚŝŽŶ;ϭϬйDĞK,͕ϳйĂĐĞƚŝĐĂĐŝĚͿĨŽƌϯϬŵŝŶƵƚĞƐ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŽĂǀŽŝĚĐŽŶƚĂŵŝŶĂƚŝŽŶďLJ ŬĞƌĂƚŝŶ͕ǁŚŝĐŚĐĂŶďĞĚĞƚĞĐƚĞĚďLJ^LJƉƌŽZƵďLJŐŝǀŝŶŐŵŽƌĞŽƌůĞƐƐŝŵƉŽƌƚĂŶƚďĂĐŬŐƌŽƵŶĚŶŽŝƐĞƐ͘ dŚĞ^zWZKZƵďLJŚĂƐƚǁŽĞdžĐŝƚĂƚŝŽŶƉĞĂŬƐ͕ĂƚϰϱϬŶŵĂŶĚϮϴϬŶŵ͕ĂŶĚĂƉĞĂŬĞŵŝƐƐŝŽŶĂƚϲϭϴŶŵ͘ dŚĞŐĞůŝŵĂŐĞƐĂƌĞǀŝĞǁĞĚĂŶĚƐĐĂŶŶĞĚƵƐŝŶŐĂŝŽͲZĂĚŚĞŵŝŽĐƐLJƐƚĞŵ͘/ŶŽƌĚĞƌƚŽƋƵĂŶƚŝĨLJ ƚŚĞƉƵƌŝĨŝĞĚƉƌŽƚĞŝŶƐ͕ĂĐĂůŝďƌĂƚŝŽŶĐƵƌǀĞǁĂƐĞƐƚĂďůŝƐŚĞĚďLJƋƵĂŶƚŝĨLJŝŶŐƚŚĞĨůƵŽƌĞƐĐĞŶĐĞƐŝŐŶĂůƐ ŽĨĂƌĂŶŐĞŽĨ^;ďŽǀŝŶĞƐĞƌƵŵĂůďƵŵŝŶͿƉƌŽƚĞŝŶƐŽĨŬŶŽǁŶĐŽŶĐĞŶƚƌĂƚŝŽŶƐƵƐŝŶŐ/ŵĂŐĞ:͘ ϲ͘ /ŶǀŝƚƌŽ ĚĞĂĚĞŶLJůĂƚŝŽŶƚĞƐƚ͘ ϲ͘ϭ͘ ϱ͛ĞŶĚƌĂĚŝŽůĂďĞůůŝŶŐŽĨZEƐƵďƐƚƌĂƚĞƐ͘ ϱƉŵŽůŽĨZEƐƵďƐƚƌĂƚĞŝƐĂĚĚĞĚƚŽϵ͘ϱђůŽĨƵůƚƌĂͲƉƵƌĞǁĂƚĞƌĂŶĚŚĞĂƚĞĚĨŽƌϯŵŝŶƵƚĞƐĂƚϳϬΣ͘ ZĞĂĐƚŝŽŶŝƐƋƵĞŶĐŚĞĚŽŶŝĐĞĨŽƌϭŵŝŶƵƚĞ͕ƚŚĞŶϭ͘ϱђůŽĨϭϬdžWE<ďƵĨĨĞƌ;dŚĞƌŵŽ^ĐŝĞŶƚŝĨŝĐͿ͕ϭђů ŽĨdϰWE<;ϭϬh͕dŚĞƌŵŽ^ĐŝĞŶƚŝĨŝĐͿĂŶĚϮϱђŝ;ĐŝƌĐĂϮϱƉŵŽůͿŽĨĨƌĞƐŚ>J ͲϯϮ W@dWƐĂƌĞĂĚĚĞĚƚŽƚŚĞ ƐĂŵƉůĞ͘dŚĞƌĞĂĐƚŝŽŶŝƐŝŶĐƵďĂƚĞĚŝŶĂǁĂƚĞƌďĂƚŚĨŽƌϯϬŵŝŶƵƚĞƐĂƚϯϳΣ͘dŚĞƌĂĚŝŽůĂďĞůĞĚZE ƐƵďƐƚĂƚĞŝƐƉƵƌŝĨŝĞĚƵƐŝŶŐ^ĞƉŚĂĚĞdž'ͲϱϬĐŽůƵŵŶƐ;^ŝŐŵĂůĚƌŝĐŚͿ͘ ϭϰϲ ϲ͘Ϯ͘ĞĂĚĞŶLJůĂƚŝŽŶƚĞƐƚ͘ dŚĞĚĞĂĚĞŶLJůĂƚŝŽŶƚĞƐƚŽĨŚŝƐ'^dͲ&ϭďŝƐĚŽŶĞŝŶϮϬŵDDKW^ĂƚƉ,ϳ͘Ϯ͕ϱŵDŽĨDŐů Ϯ͕ϱϬŵD 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ŽŶϮ͘ϱђŐŽĨůŝŐĂƚĞĚZEŝŶWZƐƚƌŝƉƚƵďĞƐǁŝƚŚϱϬƉŵŽůŽĨZdƉƌŝŵĞƌ;dĂďůĞϮͿĐŽŵƉůĞŵĞŶƚĂƌLJƚŽ ϭϰϳ ƚŚĞ ϯ͛ ĂĚĂƉƚĞƌ ƐĞƋƵĞŶĐĞ͘ dŚĞ Zd ƌĞĂĐƚŝŽŶ ŝƐ ƉĞƌĨŽƌŵ ĞĚ ǁŝƚŚ ƚŚĞ ^ƵƉĞƌ^ĐƌŝƉƚ /s ƌĞǀĞƌƐĞ ƚƌĂŶƐĐƌŝƉƚĂƐĞ;/ŶǀŝƚƌŽŐĞŶ TM Ϳ ĨŽůůŽǁŝŶŐƚŚĞŵĂŶƵĨĂĐƚƵƌĞƌ͛ƐƉƌŽƚŽĐŽůŝŶĂƌĞĂĐƚŝŽŶǀŽůƵŵĞŽĨϮϬђů͘ ϳ͘Ϯ͘ EĞƐƚĞĚWZĂŵƉůŝĨŝĐĂƚŝŽŶŽĨϯ͛Z ͲƐĞƋůŝďƌĂƌŝĞƐ͘ ĐEƐĂƌĞƵƐĞĚĂƐĂŵĂƚƌŝdžĨŽƌŶĞƐƚĞĚWZ͘dŚĞĨŝƌƐƚWZĐŽŶƐŝƐƚƐŽĨƚŚĞĂŵƉůŝ ĨŝĐĂƚŝŽŶŽĨƚŚĞϯ͛ ĞŶĚƐŽĨĂŐŝǀĞŶŵZEƵƐŝŶŐĂĨŽƌǁĂƌĚƉƌŝŵĞƌƐƉĞĐŝĨŝĐƚŽƚŚĞƐĞƋƵĞŶĐĞŽĨŝŶƚĞƌĞƐƚĂŶĚĂƌĞǀĞƌƐĞ ƉƌŝŵĞƌĐŽŵƉůĞŵĞŶƚĂƌLJƚŽƚŚĞϯ͛ĂĚĂƉƚĞƌƐĞƋƵĞŶĐĞ;dĂďůĞϮͿ͘dŚĞƐĞĐŽŶĚWZĐŽŶƐŝƐƚƐŽĨĂŶĞƐƚĞĚ WZŽŶƚŚĞWZϭƉƌŽĚƵĐƚƐǁŝƚŚƉƌŝŵĞƌƐƐƉĞĐŝĨŝĐ ƚŽƚŚĞϱ͛ĂŶĚϯ͛ĞŶĚƐŽĨƚŚĞĂŵƉůŝĐŽŶƐ͘dŚĞƐĞ ƉƌŝŵĞƌƐ ĐŽŶƚĂŝŶ ƚŚĞ /ůůƵŵŝŶĂ ƐĞƋƵĞŶĐĞƐ ƚŚĂƚ ĂƌĞ ŝŶĚŝƐƉĞŶƐĂďůĞ ĨŽƌ ƚŚĞ ŚLJďƌŝĚŝƐĂƚŝŽŶ ŽĨ ƚŚĞ ĂŵƉůŝĐŽŶƐƚŽƚŚĞ/ůůƵŵŝŶĂĨůŽǁĐĞůůƐƵƌĨĂĐĞ;dĂďůĞϮͿ͘dŚĞWZϮƌĞǀĞƌƐĞƉƌŝŵĞƌƐĂůƐŽĐŽŶƚĂŝŶĂŶ ŝŶĚĞdž ƐĞƋƵĞŶĐĞ ŽĨ ϲ ŶƵĐůĞŽƚŝĚĞƐ ;ďĂƌĐŽĚĞͿ ƚŚĂƚ ĂůůŽǁƐ ƚŚĞ ƐĞƋƵĞŶĐŝŶŐ ŽĨ ŵƵůƚŝƉůĞ ƐĂŵƉůĞƐ ŝŶ ƉĂƌĂůůĞů;ϭďĂƌĐŽĚĞŝƐĂƚƚƌŝďƵƚĞĚƚŽϭƐĂŵƉůĞͿ͘&ŽƌƚŚĞĨŝƌƐƚWZ͕ϭʅ>ŽĨĐEŝƐŝŶĐƵďĂƚĞĚǁŝƚŚϭ ƵŶŝƚŽĨ'ŽdĂƋΠEƉŽůLJŵĞƌĂƐĞ;WƌŽŵĞŐĂͿ͕ϭdžŽĨƚŚĞ'ŽdĂƋΠƌĞĂĐƚŝŽŶďƵĨĨĞƌ͕ϯϬŶŵŽůŽĨDŐů Ϯ͕ ϰŶŵŽůŽĨĚEdWƐĂŶĚϭhŽĨ'ŽdĂƋΠƉŽůLJŵĞƌĂƐĞŝŶĂĨŝŶĂůƌĞĂĐƚŝŽŶǀŽůƵŵĞŽĨϮϬђů͘ϭϬƉŵŽůŽĨZ WZϭƉƌŝŵĞƌƐĂƌĞƵƐĞĚĨŽƌƚŚĞWZĂŵƉůŝĨŝĐĂƚŝŽŶ͘dŚĞWZĐŽŶƐŝƐƚƐŽĨĂĨŝƌƐƚĚĞŶĂƚƵƌĂƚŝŽŶƐƚĞƉŽĨ ϯϬƐĞĐŽŶĚƐĂƚϵϰΣ͕ĨŽůůŽǁĞĚďLJϯϬĂŵƉůŝĨŝĐĂƚŝŽŶĐLJĐůĞƐĐŽŵƉŽƐĞĚŽĨĂĚĞŶĂƚƵƌĂƚŝŽŶƐƚĞƉŽĨϯϬ ƐĞĐŽŶĚƐĂƚϵϰΣ͕ĂƉƌŝŵĞƌŚLJďƌŝĚŝnjĂƚŝŽŶƐƚĞƉŽĨϮϬƐĞĐŽŶĚƐĂƚϱϬΣĂŶĚĂŶĞůŽŶŐĂƚŝŽŶƐƚĞƉŽĨϯϬ ƐĞĐŽŶĚƐĂƚϳϮΣ͘dŚĞWZĞŶĚƐǁŝƚŚĂĨŝŶĂůĞůŽŶŐĂƚŝŽŶƐƚĞƉŽĨϯϬƐĞĐŽŶĚƐĂƚϳϮΣ͘&ŽƌƚŚĞƐĞĐŽŶĚ WZ͕Ϭ͘ϱʅ>ŽĨWZϭ ƉƌŽĚƵĐƚŝƐƉůĂĐĞĚŝŶƚŚĞƉƌĞƐĞŶĐĞŽĨϭƵŶŝƚŽĨ'ŽdĂƋΠƉŽůLJŵĞƌĂƐĞ͕ϭdž'ŽdĂƋΠ͕ ϯϬŶŵŽůŽĨDŐů Ϯ͕ϰŶŵŽůŽĨĚEdWƐĂŶĚϭϬƉŵŽůŽĨZ WZϮƉƌŝŵĞƌƐǁŝƚŚ/ůůƵŵŝŶĂƐĞƋƵĞŶĐĞƐŝŶĂ ĨŝŶĂůƌĞĂĐƚŝŽŶǀŽůƵŵĞŽĨϮϬђů͘dŚĞWZƌĞĂĐƚŝŽŶĐŽŶƐŝƐƚƐŽĨĂĨŝƌƐƚĚĞŶĂƚƵƌĂƚŝŽŶƐƚĞƉŽĨϭŵŝŶƵƚĞĂƚ ϵϰΣĨŽůůŽǁĞĚďLJϮϬĂŵƉůŝĨŝĐĂƚŝŽŶĐLJĐůĞƐĐŽŵƉŽƐĞĚŽĨĂĚĞŶĂƚƵƌĂƚŝŽŶƐƚĞƉŽĨϯϬƐĞĐŽŶĚƐĂƚϵϰΣ͕ ĂŚLJďƌŝĚŝnjĂƚŝŽŶƐƚĞƉŽĨϮϬƐĞĐŽŶĚƐĂƚϱϲΣ͕ĂŶĚĂŶĞůŽŶŐĂƚŝŽŶƐƚĞƉŽĨϯϬƐĞĐŽŶĚƐĂƚϳϮΣ͘dŚĞWZ ĞŶĚƐǁŝƚŚĂĨŝŶĂůĞůŽŶŐĂƚŝŽŶƐƚĞƉŽĨϯϬƐĞĐŽŶĚƐĂƚϳϮΣ͘dŚĞƋƵĂůŝƚLJŽĨƚŚĞĂŵƉůŝĨŝĐĂƚŝŽŶƉƌŽĚƵĐƚƐ ŝƐĂŶĂůLJƐĞĚŽŶĂϭ͘ϱйĂŐĂƌŽƐĞŐĞů͘ ϳ͘ϯ͘>ŝďƌĂƌLJƉƵƌŝĨŝĐĂƚŝŽŶƐŽŶDWƵƌĞďĞĂĚƐ͘ WZƉƌŽĚƵĐƚƐĂƌĞƉƵƌŝĨŝĞĚǁŝƚŚDWƵƌĞyWďĞĂĚƐ;ŐĞŶĐŽƵƌƚͿǁŝƚŚĂďĞĂĚͬWZƉƌŽĚƵĐƚƌĂƚŝŽŽĨ Ϭ͘ϴ͘dŚĞďĞĂĚƐĂƌĞĨŝƌƐƚůĞĨƚĂƚƌŽŽŵƚĞŵƉĞƌĂƚƵƌĞĨŽƌϭϬŵŝŶƵƚĞƐĂŶĚƚŚĞŶŐĞŶƚůLJŵŝdžĞĚǁŝƚŚƚŚĞ ĂŵƉůŝĐŽŶƐŽĨƚŚĞŶĞƐƚĞĚWZ͘dŚĞƐƵƐƉĞŶƐŝŽŶŝƐůĞĨƚĂƚƌŽŽŵƚĞŵƉĞƌĂƚƵƌĞĨŽƌϱŵŝŶƵƚĞƐďĞĨŽƌĞ ďĞŝŶŐƚƌĂŶƐĨĞƌƌĞĚƚŽĂŵĂŐŶĞƚŝĐƐƚĂŶĚ;LJŶĂDĂŐͲϮ/ŶǀŝƚƌŽŐĞŶ TM Ϳ͘ĨƚĞƌϱŵŝŶƵƚĞƐ͕ƚŚĞƐƵƉĞƌŶĂƚĂŶƚ ŝƐĐĂƌĞĨƵůůLJĚŝƐĐĂƌĚĞĚĂŶĚƚŚĞďĞĂĚƐ ĂƌĞǁĂƐŚĞĚǁŝƚŚϴϬйĨůĞƐŚůLJͲŵĂĚĞĞƚŚĂŶŽů;ŽŶŵĂŐŶĞƚŝĐ ƐƚĂŶĚͿ͕ǁŝƚŚŝŶĐƵďĂƚŝŽŶƚŝŵĞƐŽĨϭŵŝŶƵƚĞƐƉĞƌǁĂƐŚŝŶŐƐƚĞƉ͘dŚĞĞƚŚĂŶŽůŝƐĨŝŶĂůůLJĚŝƐĐĂƌĚĞĚ͕ƚŚĞ ϭϰϴ ďĞĂĚƐĂŝƌͲĚƌŝĞĚĨŽƌϯŵŝŶƵƚĞƐ͕ĂŶĚƚŚĞWZƉƌŽĚƵĐƚƐĂƌĞĞůƵƚĞĚǁŝƚŚϭϬϬђůŽĨƵůƚƌĂͲƉƵƌĞǁĂƚĞƌ͘dŚĞ ĞůƵƚŝŽŶŝƐĚŽŶĞďLJƚĂŬŝŶŐƚŚĞƚƵďĞƐĨƌŽŵƚŚĞŵĂŐŶĞƚŝĐƐƚĂŶĚ͕ĐĂƌĞĨƵůůLJƌĞƐƵƐƉĞŶĚŝŶŐƚŚĞďĞĂĚƐŝŶ ǁĂƚĞƌĂŶĚŝŶĐƵďĂƚŝŶŐƚŚĞƐƵƐƉĞŶƐŝŽŶϱŵŝŶƵƚĞƐďĞĨŽƌĞƉƵƚƚŝŶŐƚŚĞƚƵďĞƐďĂĐŬŽŶƚŚĞŵĂŐŶĞƚŝĐ ƐƚĂŶĚ͘ ĨƚĞƌ ϭ ŵŝŶƵƚĞ͕ ƚŚĞ ƐƵƉĞƌŶĂƚĂŶƚ ŝƐ ĐĂƌĞĨƵůůLJ ĐŽůůĞĐƚĞĚ ŝŶ Ă ŶĞǁ ƚƵďĞ͘ dŚĞ ĞůƵƚŝŽŶ ŝƐ ƉĞƌĨŽƌŵĞĚĂƐĞĐŽŶĚƚŝŵĞ͘dŚĞĞůƵƚĞĚWZƉƌŽĚƵĐƚƐĂƌĞƚŚĞŶƉƌĞĐŝƉŝƚĂƚĞĚĨŽƌϭŚŽƵƌĂƚͲϴϬΣǁŝƚŚ ĞƚŚĂŶŽů;Ϯ͘ϱǀŽůƵŵĞƐĂďƐŽůƵƚĞĞƚŚĂŶŽůͿ͕ƐŽĚŝƵŵĂĐĞƚĂƚĞ;Ϭ͘ϭǀŽůƵŵĞƐŽĨƐŽĚŝƵŵĂĐĞƚĂƚĞϯDƉ, ϱ͘ϮͿ ĂŶĚϬ͘ϱʅůŐůLJĐŽŐĞŶ;ϭŵŐͬŵůͿ ͘ĨƚĞƌĂĐĞŶƚƌŝĨƵŐĂƚŝŽŶŽĨϯϬŵŝŶƵƚĞƐĂƚϭϴϬϬϬŐ͕ƚŚĞEƉĞůůĞƚƐ ĂƌĞǁĂƐŚĞĚƚǁŝĐĞǁŝƚŚϳϱйŽĨĞƚŚĂŶŽů͘&ŝŶĂůůLJ͕ƚŚĞƉĞůůĞƚƐĂƌĞƌĞƐƵƐƉĞŶĚĞĚŝŶϲђůŽĨƵůƚƌĂͲƉƵƌĞ ǁĂƚĞƌ͘dŚĞŽďƚĂŝŶĞĚůŝďƌĂƌŝĞƐĂƌĞƋƵĂŶƚŝĨŝĞĚƵƐŝŶŐƚŚĞYƵďŝƚĨůƵŽƌŽŵĞƚĞƌ;/ŶǀŝƚƌŽŐĞŶ TM ͿĂŶĚƚŚĞŝƌ ƋƵĂůŝƚLJŝƐĂƐƐĞƐƐĞĚƵƐŝŶŐƚŚĞŝŽĂŶĂůLJnjĞƌϮϭϬϬƐLJƐƚĞŵ;ŐŝůĞŶƚͿ͘dŚĞĚŝĨĨĞƌĞŶƚƐĂŵƉůĞƐĂƌĞƉŽŽůĞĚ ĂƚĂŶĞƋƵŝŵŽůĂƌƌĂƚŝŽĂŶĚϭϬƉDŽĨƚŚĞĨŝŶĂůůŝďƌĂƌLJŝƐƵƐĞĚĨŽƌƐĞƋƵĞŶĐŝŶŐ͘ϮϱͲϯϬйŽĨĂWŚŝdžĐŽŶƚƌŽů ǀϯůŝďƌĂƌLJŝƐƐĞƋƵĞŶĐĞĚŝŶƉĂƌĂůůĞů͘^ƉŝŬĞͲŝŶƐĞƋƵĞŶĐĞƐǁŝƚŚŬŶŽǁŶƉŽůLJƚĂŝůůĞŶŐƚŚƐĂƌĞĂĚĚĞĚƚŽ ĞǀĂůƵĂƚĞ ƚŚĞ ƋƵĂůŝƚLJ ŽĨ ƚŚĞ ƉŽůLJ ƚĂŝůƐ ƐŝnjĞ ĞƐƚŝŵĂƚŝŽŶ ĚƵƌŝŶŐ ƚŚĞ ĂŶĂůLJƐŝƐ͘ dŚĞ ůŝďƌĂƌŝĞƐ ĂƌĞ ƐĞƋƵĞŶĐĞĚŽŶĂDŝ^ĞƋƐĞƋƵĞŶĐĞƌďLJƉĂŝƌƐĞƋƵĞŶĐŝŶŐ;ƉĂŝƌͲĞŶĚͿ͕ǁŝƚŚϰϭĂŶĚϭϭϭĐLJĐůĞƐĨŽƌƌĞĂĚϭ ĂŶĚƌĞĂĚϮ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ ϴ͘d/>ͲƐĞƋůŝďƌĂƌLJƌĞƉĂƌĂƚŝŽŶ ϴ͘ϭ͘EĂƐĞƚƌĞĂƚŵĞŶƚĂŶĚƌŝďŽĚĞƉůĞƚŝŽŶ͘ dŽƚĂů ZEƐ ŽĨ ƌĂďŝĚŽƉƐŝƐ ĨůŽǁĞƌ ďƵĚƐ ĂƌĞ ĞdžƚƌĂĐƚĞĚ ƵƐŝŶŐ dƌŝͲZĞĂŐĞŶƚΠ ;^ŝŐŵĂͲůĚƌŝĐŚͿ ;ĨŽƌ ƉƌŽƚŽĐŽů͕ƐĞĞDĞƚŚŽĚƐϰ͘ϭͿ͘ĨƚĞƌƉƵƌŝĨŝĐĂƚŝŽŶ͕ϮϬђŐŽĨƚŽƚĂůZEƐĂƌĞƚƌĞĂƚĞĚǁŝƚŚϰϬƵŶŝƚĞƐŽĨ EĂƐĞ/;dŚĞƌŵŽ^ĐŝĞŶƚŝĨŝĐDϮϮϮϮͿŝŶĂĨŝŶĂůǀŽůƵŵĞŽĨϮϬϬђůŽĨϭdžEĂƐĞ/ďƵĨĨĞƌĚƵƌŝŶŐϯϬ ŵŝŶƵƚĞƐ Ăƚ ϯϳΣ ŝŶ Ă ǁĂƚĞƌ ďĂƚŚ͘ ĨƚĞƌ ƚƌĞĂƚŵĞŶƚ͕ ƚŽƚĂů ZEƐ ĂƌĞ ƉƵƌŝĨŝĞĚ ƵƐŝŶŐ ƚŚĞ ZEĞĂƐLJ DŝŶ ůƵƚĞůĞĂŶͲ ƵƉ<ŝƚ;YŝĂŐĞŶ͕ϳϰϮϬϰͿĨŽůůŽǁŝŶŐƚŚĞŵĂŶƵĨĂĐƚƵƌĞƌ͛ƐŝŶƐƚƌƵĐƚŝŽŶƐ͘dŚĞZEƐĂƌĞ ĞůƵƚĞĚĨƌŽŵƚŚĞĐŽůƵŵŶƐǁŝƚŚϭϱђůŽĨZEĂƐĞͲĨƌĞĞǁĂƚĞƌ͘ZEƐĂƌĞƚŚĞŶƌŝďŽĚĞƉůĞƚĞĚƵƐŝŶŐƚŚĞ ZŝďŽDŝŶƵƐ WůĂŶƚ Ŭŝƚ ;/ŶǀŝƚƌŽŐĞŶ TM Ϳ ĨŽůůŽǁŝŶŐ ƚŚĞ ŵĂŶƵĨĂĐƚƵƌĞƌ͛Ɛ ŝŶƐƚƌƵĐƚŝŽŶƐ͘ WĞƌ ƐĂŵƉůĞ͕ ƚǁŽ ƌĞĂĐƚŝŽŶƐĂƌĞĚŽŶĞŽŶϭϬђŐŽĨƚŽƚĂůZEƐŝŶĂĨŝŶĂůǀŽůƵŵĞŽĨϭϬђů͘dŚĞƉĞůůĞƚƐĂƌĞƌĞƐƵƐƉĞŶĚĞĚŝŶ ϴ͘ϱђůƵůƚƌĂͲƉƵƌĞǁĂƚĞƌ;dŚĞƚǁŽƌĞƉůŝĐĂƚĞƐĂƌĞƉŽŽůĞĚƚŽŐĞƚŚĞƌďLJƌĞƐƵƐƉĞŶĚŝŶŐƚŚĞĨŝƌƐƚƉĞůůĞƚ ǁŝƚŚϴ͘ϱђůŽĨǁĂƚĞƌĂŶĚƚŚĞƐĞĐŽŶĚƉĞůůĞƚǁŝƚŚƚŚĞϴ͘ϱђůŽĨƚŚĞĨŝƌƐƚĞůƵƚŝŽŶͿ͘dŚĞƌŝďŽĚĞƉůĞƚŝŽŶ ĞĨĨŝĐŝĞŶĐLJŝƐĐŚĞĐŬĞĚƵƐŝŶŐƚŚĞŝŽĂŶĂůLJnjĞƌϮϭϬϬƐLJƐƚĞŵ;ŐŝůĞŶƚͿ͘ ϭϰϵ ϴ͘Ϯ͘ ϯ͛ĂĚĂƉƚĞƌůŝŐĂƚŝŽŶĂŶĚZEĂƐĞdϭƚƌĞĂƚŵĞŶƚ͘ dŚĞϯ͛ĂĚĂƉƚĞƌůŝŐĂƚŝŽŶ ŝƐĚŽŶĞƵƐŝŶŐƚŚĞdϰZEůŝŐĂƐĞϭ;ƐƐZEůŝŐĂƐĞ͕EĞǁ ŶŐůĂŶĚŝŽ>ďƐ/ŶĐͿ ĂƐŝŶƚŚĞϯ͛Z ͲƐĞƋƉƌŽƚŽĐŽů͘ϭϬƉŵŽůŽĨϯ͛ĂĚĂƉƚĞƌŝƐĂĚĚĞĚƚŽϲ͘ϱђůŽĨƌŝďŽĚĞƉůĞ ƚĞĚZEĂŶĚ ŝŶĐƵďĂƚĞĚϮŵŝŶƵƚĞƐĂƚϳϬΣ͘ĨƚĞƌŝŶĐƵďĂƚŝŽŶŽĨϭŵŝŶƵƚĞŽŶŝĐĞ͕ϭђůŽĨϭϬdžZEůŝŐĂƐĞďƵĨĨĞƌ͕ϭђů ŽĨdϰZEůŝŐĂƐĞϭĂŶĚϬ͘ϱђůŽĨ^ƵƉĞƌĂƐĞͲ/Ŷ;ŵďŝŽŶͿĂƌĞĂĚĚĞĚƚŽƚŚĞƌĞĂĐƚŝŽŶĂŶĚŝŶĐƵďĂƚĞĚϭ ŚŽƵƌĂƚϯϳΣ͘ĨƚĞƌůŝŐĂƚŝŽŶ͕ƚŚĞƐĂŵƉůĞŝƐƚƌĞĂƚĞĚǁŝƚŚZEĂƐĞdϭ;/ŶǀŝƚƌŽŐĞŶdD ͿƚŽƉĂƌƚŝĂůůLJĚŝŐĞƐƚ ƚŚĞůŝŐĂƚĞĚZEŵŽůĞĐƵůĞƐ͘,ŽŵĞͲŵĂĚĞƐĞƋƵĞŶĐŝŶŐďƵĨĨĞƌĐŽŶƚĂŝŶŝŶŐϮϬŵDŽĨƐŽĚŝƵŵĐŝƚƌĂƚĞ Ɖ,ϱ͕ϭŵDŽĨ dĂŶĚϳDŽĨƵƌĞĂŝƐƵƐĞĚŝŶƚŚĞƌĞĂĐƚŝŽŶ͘ϵ͘ϱђůŽĨƚŚĞůŝŐĂƚŝŽŶƌĞĂĐƚŝŽŶĐŽŶƚĂŝŶŝŶŐ ƚŚĞůŝŐĂƚĞĚZE͛ ƐĂƌĞĂĚĚĞĚƚŽϴϬђůŽĨƐĞƋƵĞŶĐŝŶŐďƵĨĨĞƌŝŶĂĨŝŶĂůǀŽůƵŵĞŽĨϭϬϬђůĂŶĚŝŶĐƵďĂƚĞĚ ĚƵƌŝŶŐϱŵŝŶƵƚĞƐĂƚϱϬΣŝŶĂƚŚĞƌŵŽĐLJĐůĞƌ͘dŚĞƌĞĂĐƚŝŽŶŵŝdžŝƐƚŚĞŶĐŽŽůĞĚƚŽϮϮΣďĞĨŽƌĞĂĚĚŝŶŐ ϮђůŽĨZEĂƐĞdϭ͘dŚĞƐĂŵƉůĞŝƐŝŶĐƵďĂƚĞĚĨŽƌϱŵŝŶƵƚĞƐĂƚϮϮΣ͕ƐƚŽƉƉĞĚǁŝƚŚϮϮϬђůŽĨŝŶĂĐƚŝǀĂƚŝŽŶ ďƵĨĨĞƌ;/ŶǀŝƚƌŽŐĞŶ dD ͿĂŶĚŝŶĐƵďĂƚĞĚϭŚŽƵƌĂƚͲϴϬΣ͘dŚĞĚŝŐĞƐƚĞĚZEƐĂƌĞƚŚĞŶĐĞŶƚƌŝĨƵŐĞĚĨŽƌ ϯϬŵŝŶƵƚĞƐĂƚϭϴϬϬϬŐĂƚϰΣĂŶĚƚŚĞƉĞůůĞƚŝƐǁĂƐŚĞĚƚǁŝĐĞǁŝƚŚϳϱйĨƌĞƐŚůLJŵĂĚĞϳϱйĞƚŚĂŶŽů͘ dŚĞƉĞůůĞƚŝƐƌĞƐƵƐƉĞŶĚĞĚŝŶϱϬђůŽĨƵůƚƌĂͲƉƵƌĞǁĂƚĞƌ͘ ϴ͘ϯ͘ŝŽƚŝŶƉƵůůͲ ĚŽǁŶ͕ϱ͛ƉŚŽƐƉŚŽƌLJůĂƚŝŽŶĂŶĚŐĞůƉƵƌŝĨŝĐĂƚŝŽŶ͘ dŽƉƵƌŝĨLJůŝŐĂƚĞĚϯ͛ĞŶĚƐŽĨZEƐ͕ƐƚƌĞƉƚĂǀŝĚŝŶďĞĂĚƐ;LJŶĂďĞĂĚƐD ͲϮϴϬ͕/ŶǀŝƚƌŽŐĞŶ dD ͿǁĞƌĞƵƐĞĚ͘ WĞƌ ƌĞĂĐƚŝŽŶ͕ϱϬђůŽĨĚLJŶĂďĞĂĚƐǁĞƌĞƉůĂĐĞĚŝŶĂŶ ƉƉĞŶĚŽƌĨƚƵďĞŽŶĂŵĂŐŶĞƚŝĐƐƚĂŶĚ;LJŶĂDĂŐͲ Ϯ/ŶǀŝƚƌŽŐĞŶ TM ͿĨŽƌĂƚůĞĂƐƚϭŵŝŶƵƚĞ͘dŚĞƐƵƉĞƌŶĂƚĂŶƚŝƐƌĞŵŽǀĞĚĂŶĚƚŚĞďĞĂĚƐĂƌĞǁĂƐŚĞĚƚǁŝĐĞ ǁŝƚŚĂŶĞƋƵĂůǀŽůƵŵĞŽĨĨƌĞƐŚůLJͲŵĂĚĞƐŽůƵƚŝŽŶ;Ϭ͘ϭDEĂK,͕ WͲƚƌĞĂƚĞĚϬ͘ϬϱDEĂůͿ͘dŚĞ ǁĂƐŚŝŶŐƐƚĞƉĐŽŶƐŝƐƚƐŽĨƚŚĞƌĞƐƵƐƉĞŶƐŝŽŶŽĨƚŚĞĚLJŶĂďĞĂĚƐŝŶƚŚĞƐŽůƵƚŝŽŶĂŶĚŝŶĐƵďĂƚŝŽŶŽĨϮ ŵŝŶƵƚĞƐĂƚƌŽŽŵͲƚĞŵƉĞƌĂƚƵƌĞďĞĨŽƌĞƉůĂĐŝŶŐƚŚĞƚƵďĞďĂĐŬŽŶƚŚĞŵĂŐŶĞƚŝĐƐƚĂŶĚ͘ĨƚĞƌϭŵŝŶƵƚĞ͕ ƚŚĞƐƵƉĞƌŶĂƚĂŶƚŝƐĚŝƐĐĂƌĚĞĚĂŶĚĂŶĞƋƵĂůǀŽůƵŵĞŽĨƐŽůƵƚŝŽŶ; WͲƚƌĞĂƚĞĚϬ͘ϭDEĂůͿŝƐƵƐĞĚ ĨŽƌĂƚŚŝƌĚǁĂƐŚŝŶŐƐƚĞƉ͘&ŝŶĂůůLJ͕ƚŚĞďĞĂĚƐĂƌĞƌĞƐƵƐƉĞŶĚĞĚŝŶĂŶĞƋƵĂůǀŽůƵŵĞŽĨϮdžΘtďƵĨĨĞƌ ;ϭϬŵDdƌŝƐͲ,ůƉ,ϳ͘ϱ͕ϭŵD d͕ϮDEĂůͿ͘ϱϬђůŽĨZEƐĂƌĞŵŝdžĞĚƚŽϱђŽĨďĞĂĚƐƵƐƉĞŶƐŝŽŶ ĂŶĚŝŶĐƵďĂƚĞĚĂƚϮϱΣĨŽƌϭϱŵŝŶƵƚĞƐ;ϱϬϬƌƉŵŽŶĂƚŚĞƌŵŽŵŝdžĞƌͿ͘dŚĞŵŝdžŝƐƉƵƚŽŶŵĂŐŶĞƚŝĐ ƐƚĂŶĚĂŶĚŝŶĐƵďĂƚĞĚϭŵŝŶƵƚĞďĞĨŽƌĞĐĂƌĞĨƵůůLJĚŝƐĐĂƌĚŝŶŐƚŚĞƐƵƉĞƌŶĂƚĂŶƚ͘dŚĞďĞĂĚƐĂƌĞǁĂƐŚĞĚ ƚǁŝĐĞǁŝƚŚϭdžΘtďƵĨĨĞƌĂŶĚŽŶĐĞǁŝƚŚϭdžWE<ďƵĨĨĞƌ;EĞǁ ŶŐůĂŶĚŝŽ>ďƐ/ŶĐͿ͘&ŝŶĂůůLJ͕ƚŚĞ ďĞĂĚƐĂƌĞƌĞƐƵƐƉĞŶĚĞĚŝŶϱϬђůŽĨWE<ƌĞĂĐƚŝŽŶďƵĨĨĞƌ;ϭdžWE<ďƵĨĨĞƌ͕ϮђůŽĨϭϬŵDdW͕ϭђůŽĨ ^ƵƉĞƌĂƐĞͲ/Ŷ ;ŵďŝŽŶͿ͕ Ϯђů ŽĨ WE< ĂŶĚ ϰϬђů ŽĨ ƵůƚƌĂͲƉƵƌĞ ǁĂƚĞƌ͘ dŚĞ ƌĞĂĐƚŝŽŶ ŝƐ ŝŶĐƵďĂƚĞĚ ϯϬ ŵŝŶƵƚĞƐĂƚϯϳΣŝŶĂǁĂƚĞƌďĂƚŚ͘ĨƚĞƌƉŚŽƐƉŚŽƌLJůĂƚŝŽŶ͕ƚŚĞƌĞĂĐƚŝŽŶŝƐƉƵƚŽŶŵĂŐŶĞƚŝĐƐƚĂŶĚĂŶĚ ƚŚĞďĞĂĚƐĂƌĞǁĂƐŚĞĚƚǁŝĐĞǁŝƚŚϭdžWE<ďƵĨĨĞƌ͘dŚĞĞůƵƚŝŽŶŝƐĚŽŶĞďLJĂĚĚŝŶŐϭϮђůŽĨϮdžZE ůŽĂĚŝŶŐĚLJĞ;ϵϱйĨŽƌŵĂŵŝĚĞ͕Ϯ͘ϱŵŐďƌŽŵŽƉŚĞŶŽůďůƵĞ͕Ϯ͘ϱŵŐŽĨdžLJůĞŶĞďůƵĞ͕ϱŵD dĂŶĚ ϭϱϬ Ϭ͘Ϯϱй^^ͿĂŶĚŚĞĂƚŝŶŐƚŚĞƐƵƐƉĞŶƐŝŽŶϯŵŝŶƵƚĞƐĂƚϵϱΣ͘dŚĞƚƵďĞŝƐƉƵƚŽŶŵĂŐŶĞƚŝĐƐƚĂŶĚĂŶĚ ƚŚĞƐƵƉĞƌŶĂƚĂŶƚŝƐĐŽůůĞĐƚĞĚŝŶĂŶĞǁƚƵďĞ͘dŚĞĞůƵƚŝŽŶŝƐĚŽŶĞƚǁŝĐĞ͘dŚĞĞůƵƚĞĚƐĂŵƉůĞƐĂƌĞĨŝŶĂůůLJ ƐĞƉĂƌĂƚĞĚ ŽŶ Ă ƉƌĞĐĂƐƚ ϲй d ͲhZ ŐĞů ;EŽǀĞdž dD Ϳ Ăƚ ϯϬŵ ĨŽƌ ϱϬ ŵŝŶƵƚĞƐ ƵƐŝŶŐ ϭdž d ĂƐ ŵŝŐƌĂƚŝŽŶ ďƵĨĨĞƌ͘ dŚĞ ŐĞů ŝƐ ƐƚĂŝŶĞĚ ǁŝƚŚ ^zZ ŐŽůĚ ;/ŶǀŝƚƌŽŐĞŶ TM Ϳ ĨŽƌ ϱ ŵŝŶƵƚĞƐ Ăƚ ƌŽŽŵ ƚĞŵƉĞƌĂƚƵƌĞ;ŝŶϱϬŵůŽĨϭdžd ďƵĨĨĞƌ͕^zZŐŽůĚĚŝůƵƚĞĚƚŽϭͬϭϬϬϬϬƚŚͿ͘dŚĞŐĞůŝƐǀŝƐƵĂůŝƐĞĚƵƐŝŶŐ Ă ĚĂƌŬ ƌĞĂĚĞƌ dƌĂŶƐŝůůƵŵŝŶĂƚŽƌ ;ǀĂŶƚŽƌΠͿ ĂŶĚ ƚŚĞ ƐĂŵƉůĞƐ ĂƌĞ ĐƵƚ ďĞƚǁĞĞŶ ϯϬϬ ĂŶĚ ϭϮϬϬ ŶƵĐůĞŽƚŝĚĞƐ͘dŚĞŐĞůƐůŝĐĞƐĂƌĞƉůĂĐĞĚŝŶƚŽŐĞůďƌĞĂŬĞƌƚƵďĞƐ;ůŝŶŝ^ĐŝĞŶĐĞƐͿ͕ĐĞŶƚƌŝĨƵŐĞĚĨŽƌϭϬ ƐĞĐŽŶĚƐĂŶĚƚŚĞŐƌŝŶĚĞĚŐĞůƐůŝĐĞƐƉůĂĐĞƐŝŶĂŶĞǁƚƵďĞǁŝƚŚϴϬϬђůŽĨϬ͘ϯDEĂů͘ ůƵƚŝŽŶŝƐĚŽŶĞ ŽǀĞƌͲŶŝŐŚƚĂƚϰΣƵŶĚĞƌƌŽƚĂƚŝŽŶ͘dŚĞŵŝdžŝƐƚŚĞŶƉůĂĐĞĚŝŶƚŽŐĞůĨŝůƚĞƌƚƵďĞƐ;ůŝŶŝ^ĐŝĞŶĐĞƐͿĂŶĚ ĐĞŶƚƌŝĨƵŐĞĚ ϭϬ ƐĞĐŽŶĚƐ ƚŽ ŐĞƚƌŝĚŽĨĨ ƚŚĞ ŐĞů ƐůŝĐĞƐ͘ dŚĞ ZEƐ ĂƌĞ ƚŚĞŶ ƉƵƌŝĨŝĞĚ ƵƐŝŶŐ ĞƚŚĂŶŽů ƉƌĞĐŝƉŝƚĂƚŝŽŶďLJĚŝǀŝĚŝŶŐƚŚĞĞůƵƚŝŽŶŝŶƚŽϮ ƉƉĞŶĚŽƌĨƚƵďĞƐ͘dŚĞƉĞůůĞƚƐƌĞƐƵƐƉĞŶĚĞĚŝŶϳђŽĨƵůƚƌĂͲ ƉƵƌĞǁĂƚĞƌ͘ ϴ͘ϰ͘ ϱ͛ĂĚĂƉƚĞƌůŝŐĂƚŝŽŶĂŶĚƌĞǀĞƌƐĞƚƌĂŶƐĐƌŝƉƚŝŽŶ͘ ϰ͘ϮђůŽĨƉƵƌŝĨŝĞĚZEƐĂƌĞ ĂĚĚĞĚƚŽϱƉŵŽůŽĨϱ͛ĂĚĂƉƚĞƌĂŶĚŝŶĐƵďĂƚĞĚϮŵŝŶƵƚĞƐĂƚϳϬΣ͘Ϭ͘ϴђůŽĨ ϭϬdžZEůŝŐĂƐĞďƵĨĨĞƌ͕Ϭ͘ϰђůŽĨ^ƵƉĞƌĂƐĞͲ/Ŷ;ŵďŝŽŶͿ͕Ϭ͘ϴђůŽĨϭϬŵDdWĂŶĚϬ͘ϴђůŽĨdϰZE ůŝŐĂƐĞϭ;ƐƐZEůŝŐĂƐĞ͕EĞǁ ŶŐůĂŶĚŝŽ>ďƐ/ŶĐͿĂƌĞĂĚĚĞĚĂŶĚŝŶĐƵďĂƚĞĚϭŚŽƵƌĂƚϯϳΣ͘dŚĞ ƌĞǀĞƌƐĞ ƚƌĂŶƐĐƌŝƉƚŝŽŶ ŝƐ ĚŽŶĞ ƵƐŝŶŐ ƚŚĞ ^ƵƉĞƌƐĐƌŝƉƚ /// ƌĞǀĞƌƐĞ ƚƌĂŶƐĐƌŝƉƚĂƐĞ ;/ŶǀŝƚƌŽŐĞŶ dD ͕ ϭϴϬϴϬϬϴϱ ͿĨŽůůŽǁŝŶŐƚŚĞŵĂŶƵĨĂĐƚƵƌĞƌ͛ƐƉƌŽƚŽĐŽůƵƐŝŶŐϴђůŽĨƉƵƌŝĨŝĞĚZEĂŶĚϱϬƉŵŽůŽĨZd ƉƌŝŵĞƌ͘ ϴ͘ϱ͘WZĂŵƉůŝĨŝĐĂƚŝŽŶŽĨůŝďƌĂŝƌŝĞƐ͘ dŚĞ ůŝďƌĂƌŝĞƐ ǁĞƌĞ ĂŵƉůŝĨŝĞĚ ĨƌŽŵ ϭϳђů ŽĨ ĐEƐ ƵƐŝŶŐ ƚŚĞ E WŚƵƐŝŽŶ WŽůLJŵĞƌĂƐĞ ;dŚĞƌŵŽ^ĐŝĞŶƚŝĨŝĐͿ͘ Ϯϱђů ŽĨ WŚƵƐŝŽŶ ŵĂƐƚĞƌ ŵŝdž͕ Ϯ͘ϱђů ŽĨ ϭϬђD ZWϭ ĂŶĚ Ϯ͘ϱђů ŽĨ /ůůƵŵŝŶĂ ZW/ ƌĞǀĞƌƐĞƉƌŝŵĞƌĂƌĞŵŝdžĞĚĂŶĚĚŝǀŝĚĞĚŝŶƚŽϮƚƵďĞƐ͘dŚĞWZĐŽŶƐŝƐƚƐŽĨĂĨŝƌƐƚĚĞŶĂƚƵƌĂƚŝŽŶƐƚĞƉŽĨ ϯϬƐĞĐŽŶĚƐĂƚϵϴΣ͕ĨŽůůŽǁĞĚďLJϭϵĂŵƉůŝĨŝĐĂƚŝŽŶĐLJĐůĞƐĐŽŵƉŽƐĞĚŽĨĂĚĞŶĂƚƵƌĂƚŝŽŶƐƚĞƉŽĨϭϬ ƐĞĐŽŶĚƐĂƚϵϴΣ͕ĂƉƌŝŵĞƌŚLJďƌŝĚŝnjĂƚŝŽŶƐƚĞƉŽĨϯϬƐĞĐŽŶĚƐĂƚϲϬΣĂŶĚĂŶĞůŽŶŐĂƚŝŽŶƐƚĞƉŽĨϰϱ ƐĞĐŽŶĚƐĂƚϳϮΣ͘dŚĞWZĞŶĚƐǁŝƚŚĂĨŝŶĂůĞůŽŶŐĂƚŝŽŶƐƚĞƉŽĨϱŵŝŶƵƚĞƐĂƚϳϮΣ͘dŚĞĨŝŶĂůůŝďƌĂƌŝĞƐ ĂƌĞĐŽŵďŝŶĞĚŝŶƚŽŽŶĞƚƵďĞĂŶĚƉƌĞĐŝƉŝƚĂƚĞĚƵƐŝŶŐĞƚŚĂŶŽů͘WĞůůĞƚƐĂƌĞƌĞƐƵƐƉĞŶĚĞĚŝŶϭϬђůŽĨ ƵůƚƌĂͲƉƵƌĞǁĂƚĞƌĂŶĚϮђůŽĨϲdžEůŽĂĚŝŶŐĚLJĞ;dŚĞƌŵŽ^ĐŝĞŶƚŝĨŝĐͿŝƐĂĚĚĞĚ͘dŚĞůŝďƌĂƌŝĞƐĂƌĞ ŵŝŐƌĂƚĞĚŽŶĂƉƌĞĐĂƐƚϲйW' ŐĞů;EŽǀĞdž dD ͿĂƚϭϰϬsĨŽƌϰϱŵŝŶƵƚĞƐƵƐŝŶŐϭdžd ĂƐŵŝŐƌĂƚŝŽŶ ďƵĨĨĞƌ͘dŚĞŐĞůŝƐĐŽůŽƵƌĞĚƵƐŝŶŐ^zZŐŽůĚĂŶĚǀŝƐƵĂůŝƐĞĚĂƐĚĞƐĐƌŝďĞƐďĞĨŽƌĞ;ƐĞĞDĞƚŚŽĚƐϴ͘ϰͿ͘ dŚĞůŝďƌĂƌŝĞƐĂƌĞĐƵƚĨƌŽŵϯϬϬͲϭϬϬϬŶƵĐůĞŽƚŝĚĞƐĂŶĚĞůƵƚĞĚĂƐĚĞƐĐƌŝďĞďĞĨŽƌĞ;DĞƚŚŽĚƐϴ͘ϰͿ͘dŚĞ ϭϱϭ ¶ NNN ¶ ¶ NNN ¶ READ1 READ2 Sequencing of the RNA 3’end 5DZGDWD 5($'IDVWT 5($'IDVWT ¶HQGRIWKHLQVHUW 1XFOHRWLGHWR GHJHQHUDWHEDVHVUHJLRQ 1 RI WKHDGDSWHU 1XFOHRWLGHWR GHOLPLWHUVHTXHQFH )URPQXFOHRWLGHWRWKHHQG ¶HQGRIWKHLQVHUW '('83/,&$7,21 VHTXHQFHLVNHSW 6HTXHQFHVZLWKLGHQWLFDOQXFOHRWLGHV RWKHUGXSOLFDWHG LQ5($'DQGWKHVDPHGHJHQHUDWH VHTXHQFHVDUH EDVHUHJLRQLQ5($'DUHUHPRYHG GLVFDUGHG DPSOLFRQVJHQHUDWHGIURPWKH VDPH51$PROHFXOH 7$5*(75(6($5&+ ,GHQWLILFDWLRQRI5($'WKDW FRUUHVSRQGWRWKHWDUJHWHG51$ '(/,0,7(55(6($5&+ ,GHQWLILFDWLRQRI5($'FRQWDLQLQJ GHOLPLWHUVHTXHQFH WUXH¶HQGV 5($'ZLWKRXWGHOLPLWHU VHTXHQFHGDUHGLVFDUGHG 0$33,1*¶(1'$1','(17,),&$7,212)1217(03/$7('7$,/ MAPPING OF THE READ2 ONTO THE REFERENCE SEQUENCE 20nt T Mapped reads , TT Tail = 0nt TTTTTTTTTTTTT...TTT Unmapped read ANALYSIS OF NON-TEMPLATED TAIL COMPOSITION Trimming 1nt - Is a polyA tail present at the 3’ end? 20nt - What is the polyA tail size? T Mapped reads , - Are there C, G or U modification at the 3’ end? TT Tail = 1nt TTTTTTTTTTTTT...TTT STEP2 Unmapped read Analysis of mapped read 2 Trimming 2 nt 20nt Results_step2.txt TT Mapped reads , Tail = 2nt TTTTTTTTTTTTT...TTT Results_combined.txt Unmapped read Successively trimming from 3 to 30nt TTTTTTTTTTTTT...TTT Mapped reads , Results_step1.txt Tail = 3 to 30 nt STEP1 Unmapped reads Analysis of unmapped read 2 Look for a poly(A) > 10nt VHTGDWDDQDO\VLV)&$5ڕ)ORZFKDUWRIWKH LJXUH( ĨŝŶĂůůŝďƌĂƌŝĞƐĂƌĞƌĞƐƵƐƉĞŶĚĞĚŝŶϳђůŽĨƵůƚƌĂͲƉƵƌĞǁĂƚĞƌ͘ϭϬƉDŽĨƚŚĞĨŝŶĂůůŝďƌĂƌLJŝƐƵƐĞĚĨŽƌ ƐĞƋƵĞŶĐŝŶŐ͘ϮϱйŽĨĂWŚŝdžĐŽŶƚƌŽůǀϯůŝďƌĂƌLJŝƐƐĞƋƵĞŶĐĞĚŝŶƉĂƌĂůůĞů͘^ƉŝŬĞͲŝŶƐĞƋƵĞŶĐĞƐǁŝƚŚ ŬŶŽǁŶƉŽůLJƚĂŝůůĞŶŐƚŚƐĂƌĞĂĚĚĞĚƚŽĞǀĂůƵĂƚĞƚŚĞƋƵĂůŝƚLJŽĨƚŚĞƉŽůLJƚĂŝůƐƐŝnjĞĞƐƚŝŵĂƚŝŽŶĚƵƌŝŶŐ ƚŚĞĂŶĂůLJƐŝƐ͘dŚĞůŝďƌĂƌŝĞƐĂƌĞƐĞƋƵĞŶĐĞĚŽŶĂDŝ^ĞƋƐĞƋƵĞŶĐĞƌďLJƉĂŝƌƐĞƋƵĞŶĐŝŶŐ;ƉĂŝƌͲĞŶĚͿ͕ǁŝƚŚ ϰϭĂŶĚϭϭϭĐLJĐůĞƐĨŽƌƌĞĂĚϭĂŶĚƌĞĂĚϮ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ ϵ͘Z ͲƐĞƋĚĂƚĂĂŶĂůLJƐŝƐ ĨƚĞƌ ŝŶŝƚŝĂů ĚĂƚĂ ƉƌŽĐĞƐƐŝŶŐ ďLJ ƚŚĞ Dŝ^ĞƋ ŽŶƚƌŽů ^ŽĨƚǁĂƌĞ ǀ Ϯ͘ϱ͘ ;/ůůƵŵŝŶĂͿ͕ ďĂƐĞ ĐĂůůƐ ǁĞƌĞ ĞdžƚƌĂĐƚĞĚĂŶĚĨƵƌƚŚĞƌĂŶĂůLJƐĞĚďLJĂƐĞƚŽĨŚŽŵĞŵĂĚĞƐĐƌŝƉƚƐĂĚĂƉƚĞĚĨƌŽŵ^ŝŬŽƌƐŬĂĞƚ Ăů͘ ϮϬϭϳ ƵƐŝŶŐƉLJƚŚŽŶ;ǀϮ͘ϳͿ͕ďŝŽƉLJƚŚŽŶ;ǀϭ͘ϲϯͿĂŶĚƌĞŐĞdž;ǀϮ͘ϰͿůŝďƌĂƌŝĞƐ͘ZĞĂĚƐǁŝƚŚůŽǁƋƵĂůŝƚLJďĂƐĞƐ;с фYϭϬͿǁŝƚŚŝŶƚŚĞϭϱͲďĂƐĞƌĂŶĚŽŵƐĞƋƵĞŶĐĞŽĨƚŚĞƌĞĂĚϮŽƌǁŝƚŚŝŶƚŚĞϯϬďĂƐĞƐĚŽǁŶƐƚƌĞĂŵƚŚĞ ĚĞůŝŵŝƚĞƌƐĞƋƵĞŶĐĞǁĞƌĞĨŝůƚĞƌĞĚŽƵƚ͘^ĞƋƵĞŶĐĞƐǁŝƚŚŝĚĞŶƚŝĐĂůŶƵĐůĞŽƚŝĚĞƐŝŶϭϱͲďĂƐĞƌĂŶĚŽŵ ƐĞƋƵĞŶĐĞ ǁĞƌĞ ĚĞĚƵƉůŝĐĂƚĞĚ ;&ŝŐƵƌĞ ϰϰ ĨŽƌ ĂŶ ŽǀĞƌǀŝĞǁ ŽĨ ƚŚĞ ĨůŽǁĐŚĂƌƚͿ͘ EĞdžƚ͕ ƚŚĞ ϮϬ ĨŝƌƐƚ ŶƵĐůĞŽƚŝĚĞƐƚŚĂƚĂƌĞƐĞƋƵĞŶĐĞĚĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞĨŽƌǁĂƌĚWZϮƉƌŝŵĞƌŽĨZ ϭǁĞƌĞƵƐĞĚƚŽ ŝĚĞŶƚŝĨLJƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƚĂƌŐĞƚŵZEƐ͘KŶĞŵŝƐŵĂƚĐŚǁĂƐƚŽůĞƌĂƚĞĚ͘DĂƚĐŚĞĚƌĞĂĚƐϭĂŶĚƚŚĞŝƌ ĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞĂĚƐϮǁĞƌĞĞdžƚƌĂĐƚĞĚĂŶĚĂŶŶŽƚĂƚĞĚ͘ZĞĂĚƐϮƚŚĂƚĐŽŶƚĂŝŶƚŚĞĚĞůŝŵŝƚĞƌƐĞƋƵĞŶĐĞ ǁĞƌĞƐĞůĞĐƚĞĚĂŶĚƐƵďƐĞƋƵĞŶƚůLJƚƌŝŵŵĞĚĨƌŽŵƚŚĞŝƌƌĂŶĚŽŵĂŶĚĚĞůŝŵŝƚĞƌƐĞƋƵĞŶĐĞƐ͘dŚĞŶ͕ƚŚĞ ĂŶĂůLJƐŝƐǁĂƐĚŝǀŝĚĞĚŝŶƚŽƚǁŽƐƚĞƉƐ͘dŚĞĂŝŵŽĨƚŚĞĨŝƌƐƚƐƚĞƉǁĂƐƚŽŝĚĞŶƚŝĨLJƚŚĞƉŽƐŝƚŝŽŶŽĨŵZE ϯ഻ĞdžƚƌĞŵŝƚŝĞƐ ĂŶĚƚŽĚĞƚĞĐƚƵŶƚĞŵƉůĂƚĞĚŶƵĐůĞŽƚŝĚĞƐ͘dŽĚŽƚŚŝƐ͕ƚŚĞϯϬŶƵĐůĞŽƚŝĚĞƐĞƋƵĞŶĐĞƐ ĚŽǁŶƐƚƌĞĂŵ ŽĨ ƚŚĞ ƌĞĂĚ Ϯ ĚĞůŝŵŝƚĞƌ ƐĞƋƵĞŶĐĞ ǁĞƌĞ ŵĂƉƉĞĚ ƚŽ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƌĞĨĞƌĞŶĐĞ ƐĞƋƵĞŶĐĞ͕ǁŚŝĐŚ ŐŽĞƐ ĨƌŽŵ ƚŚĞ ĨŝƌƐƚ ŶƵĐůĞŽƚŝĚĞ ŽĨ ƚŚĞ ƚƌĂŶƐĐƌŝƉƚ ƚŚĂƚ ŵĂƉƐ ƚŚĞ ĨŽƌǁĂƌĚ WZϮ ƉƌŝŵĞƌƚŽƚŚĞĞŶĚŽĨƚŚĞŵZE͘dǁŽŵŝƐŵĂƚĐŚĞƐǁĞƌĞƚŽůĞƌĂƚĞĚ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨƚŚĞĨŝƌƐƚ ϭϬŶƵĐůĞŽƚŝĚĞƐĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞŵĂƉƉŝŶŐƐŝƚĞƚŚĂƚŚĂĚƚŽƉĞƌĨĞĐƚůLJŵĂƉ ͘dŽŵĂƉƚŚĞϯ഻ĞŶĚ ƉŽƐŝƚŝŽŶ ŽĨ ƌĞĂĚƐ Ϯ ǁŝƚŚ ƵŶƚĞŵƉůĂƚĞĚ ƚĂŝůƐ͕ ƚŚĞ ƐĞƋƵĞŶĐĞƐ ŽĨ ƚŚĞ ƵŶŵĂƚĐŚĞĚ ƌĞĂĚƐ Ϯ ǁĞƌĞ ƐƵĐĐĞƐƐŝǀĞůLJƚƌŝŵŵĞĚĨƌŽŵƚŚĞŝƌϯ഻ĞŶĚ͕ǁŝƚŚĂϭ ŶƵĐůĞŽƚŝĚĞƚƌŝŵŵŝŶŐƐƚĞƉ͕ƵŶƚŝůƚŚĞLJĐŽƵůĚďĞ ŵĂƉƉĞĚƚŽƚŚĞƌĞĨĞƌĞŶĐĞƐĞƋƵĞŶĐĞŽƌƵŶƚŝůĂŵĂdžŝŵƵŵŽĨϯϬŶƵĐůĞŽƚŝĚĞŚĂƐďĞĞŶƌĞŵŽǀĞĚ͘&Žƌ ĞĂĐŚƐƵĐĐĞƐƐĨƵůůLJŵĂƉƉĞĚƌĞĂĚϮ͕ƵŶƚĞŵƉůĂƚĞĚŶƵĐůĞŽƚŝĚĞƐĂƚƚŚĞϯ഻ĞŶĚǁĞƌĞĞdžƚƌĂĐƚĞĚ ͘dŚĞŐŽĂů ŽĨ ƚŚĞ ƐĞĐŽŶĚ ƐƚĞƉ ǁĂƐ ƚŽ ĂŶĂůLJƐĞ ůŽŶŐ ŵZE ƉŽůLJ ƚĂŝů͘ ^ĞƋƵĞŶĐŝŶŐ ŽĨ ůŽŶŐ ŚŽŵŽƉŽůLJŵĞƌŝĐ ƐƚƌĞƚĐŚĞƐĐĂƵƐĞƐĂƌĂƉŝĚĚĞĐƌĞĂƐĞŽĨƐĞƋƵĞŶĐŝŶŐƋƵĂůŝƚLJ͕ŵĂŬŝŶŐŝƚŝŵƉŽƐƐŝďůĞƚŽĞdžĂĐƚůLJŵĂƉƚŚĞ ϯ͛ĞŶĚŽĨŵZEǁŝƚŚůŽŶŐƉŽůLJ͘tĞƚŚƵƐůŽŽŬĞĚĨŽƌůŽŶŐdƐƚƌĞƚĐŚĞƐŽĨĂƚůĞĂƐƚϭϬdƐŝŶƚŚĞƌĞĂĚ ϮƚŚĂƚĨĂŝůĞĚƚŽŵĂƉƚŚĞƌĞĨĞƌĞŶĐĞƐĞƋƵĞŶĐĞ͘WŽůLJƚĂŝůƐǁĞƌĞƐĞĂƌĐŚĞĚŝŶƚŚĞĨŝƌƐƚϯϬĐLJĐůĞƐ͕ǁŚŝĐŚ ŵĞĂŶƐƚŚĂƚƚŚĞŵĂdžŝŵĂůůĞŶŐƚŚŽĨƚŚĞĂĚĚĞĚϯ͛ĞŶĚŵŽĚŝĨŝĐĂƚŝŽŶŝƐůŝŵŝƚĞĚƚŽϮϵŶƵĐůĞŽƚŝĚĞƐ ͘ &ŝŶĂůůLJ͕ƌĞƐƵůƚƐĨƌŽŵƐƚĞƉϭĂŶĚϮǁĞƌĞĐŽŵƉŝůĞĚĂŶĚƚŚĞϯ͛Ğdžƚ ĞŶƐŝŽŶǁĞƌĞĂŶĂůLJƐĞĚ͘ ϭϱϮ ϭϬ͘d/>ͲƐĞƋĚĂƚĂĂŶĂůLJƐŝƐ ϭϬ͘ϭ͘ĂƐĞĐĂůůŝŶŐͲďĂƐĞĚƉŝƉĞůŝŶĞ dŚĞďĂƐĞĐĂůůŝŶŐͲ ďĂƐĞĚƉŝƉĞůŝŶĞǁĂƐĂĚĂƉƚĞĚĨƌŽŵƵďĞƌĞƚĂů͘ϮϬϭϲ͘ƐĨŽƌϯ͛Z ͲƐĞƋ͕ƚŚĞďĂƐĞ ĐĂůůƐǁĞƌĞĞdžƚƌĂĐƚĞĚĂĨƚĞƌŝŶŝƚŝĂůĚĂƚĂƉƌŽĐĞƐƐŝŶŐďLJƚŚĞDŝ^ĞƋŽŶƚƌŽů^ŽĨƚǁĂƌĞǀϮ͘ϱĂŶĚƚŚĞ ƐĞƋƵĞŶĐĞƐŚĂǀŝŶŐŝĚĞŶƚŝĐĂůŶƵĐůĞŽƚŝĚĞƐŝŶƚŚĞϭƐƚƚŽϭϱƚŚĐLJĐůĞŝŶƌĞĂĚϮ; ĚĞŐĞŶĞƌĂƚĞďĂƐĞƐŝŶϯ͛ ĂĚĂƉƚĞƌͿǁĞƌĞĚĞĚƵƉůŝĐĂƚĞĚ͘/ŶŽƌĚĞƌƚŽŝĚĞŶƚŝĨLJƚŚĞƚƌĂŶƐĐƌŝƉƚƐ͕ƌĞĂĚϭƐĞƋƵĞŶĐĞƐǁĞƌĞŵĂƉƉĞĚ ŽŶƚŽƚŚĞ ƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ ƌĞĨĞƌĞŶĐĞŐĞŶŽŵĞ;d/ZϭϬͿƵƐŝŶŐ,ŝƐĂƚϮ;ǀϮ͘ϭ͘ϬͿ;ƌĞĨͿĂŶĚŽǁƚŝĞϮ ;>ĂŶŐŵĞĂĚĂŶĚ^ĂůnjďĞƌŐ͕ϮϬϭϮͿ͘dŚĞƌĞƐƵůƚŝŶŐĂůŝŐŶŵĞŶƚǁĂƐĂŶŶŽƚĂƚĞĚƵƐŝŶŐƚŚĞŝŶƚĞƌƐĞĐƚĞĚ ƚŽŽůĨƌŽŵƚŚĞ dŽŽůƐƐƵŝƚĞ;ǀϮ͘ϭϳ͘ϱͿ;YƵŝŶůĂŶĂŶĚ,Ăůů͕ϮϬϭϬͿĂŶĚƚŚĞƌĂďŝĚŽƉƐŝƐĂŶŶŽƚĂƚŝŽŶ ĨŝůĞd/ZϭϬͺ'&&ϯͺŐĞŶĞƐ͘ŐĨĨ;ŚƚƚƉ͗ͬͬǁǁǁ͘ĂƌĂďŝĚŽƉƐŝƐ͘ŽƌŐͿ͘ZĞĂĚƐϭƚŚĂƚŵĂƉƚŽĐLJƚŽƐŽůŝĐŵZEƐ ĂŶĚ ƚŚĞŝƌ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƌĞĂĚƐ Ϯ ǁĞƌĞ ĞdžƚƌĂĐƚĞĚ ĂŶĚ ƵƐĞĚ ĨŽƌ ĨƵƌƚŚĞƌ ĂŶĂůLJƐĞƐ͘ ZĞĂĚƐ Ϯ ƚŚĂƚ ĐŽŶƚĂŝŶƚŚĞĚĞůŝŵŝƚĞƌƐĞƋƵĞŶĐĞǁĞƌĞƐĞůĞĐƚĞĚĂŶĚƐƵďƐĞƋƵĞŶƚůLJƚƌŝŵŵĞĚĨƌŽŵƚŚĞŝƌƌĂŶĚŽŵĂŶĚ ĚĞůŝŵŝƚĞƌƐĞƋƵĞŶĐĞƐ͘ŚŽŵĞŵĂĚĞƉLJƚŚŽŶƐĐƌŝƉƚǁĂƐƚŚĞŶƵƐĞĚƚŽĞdžƚƌĂĐƚƉŽůLJƚĂŝůƐ;хϱŶƚͿĂŶĚ ƚŚĞŝƌƉŽƚĞŶƚŝĂůϯ͛ĞŶĚŵŽĚŝĨŝĐĂƚŝŽŶĨƌŽŵƚŚĞƌĞŵĂŝŶŝŶŐƌĞĂĚϮ͘WŽůLJ ƚĂŝůƐǁĞƌĞƐĞĂƌĐŚĞĚŝŶƚŚĞ ĨŝƌƐƚϯϬĐLJĐůĞƐ͕ǁŚŝĐŚŵĞĂŶƐƚŚĂƚƚŚĞŵĂdžŝŵĂůůĞŶŐƚŚŽĨƚŚĞĂĚĚĞĚϯ͛ĞŶĚŵŽĚŝĨŝĐĂƚŝŽŶŝƐůŝŵŝƚĞĚƚŽ ϮϵŶƵĐůĞŽƚŝĚĞƐ͘ĞƚĞĐƚĞĚƉŽůLJƚĂŝůƐŝnjĞƐĂŶĚ ƚŚĞŝƌϯ͛Ğ džƚĞŶƐŝŽŶƐǁĞƌĞĨŝŶĂůůLJĂŶĂůLJƐĞĚ͘ ϭϬ͘Ϯ͘WŽůLJůĞŶŐƚŚĞƐƚŝŵĂƚŝŽŶƵƐŝŶŐdĂŝůƐĞĞŬĞƌƐŽĨƚǁĂƌĞ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ďĂƐĞ ĐĂůůŝŶŐͲďĂƐĞĚ ĂŶĂůLJƐŝƐ͕ ƚŚĞ ƉŽůLJ ƐŝnjĞƐ ǁĞƌĞ ĂůƐŽ ĞƐƚŝŵĂƚĞĚ ƵƐŝŶŐ ƚŚĞ d/>ƐĞĞŬĞƌƐŽĨƚǁĂƌĞ;ǀϯ͘ϭ͕ŚƚƚƉƐ͗ͬͬŐŝƚŚƵď͘ĐŽŵͬŚLJĞƐŚŝŬͬƚĂŝůƐĞĞŬĞƌ͕ŚĂŶŐĞƚĂů͘ϮϬϭϰͿĚĞǀĞůŽƉĞĚ ďLJ,LJĞƐŚŝŬŚĂŶŐŝŶƚŚĞůĂďŽĨEĂƌƌLJŬŝŵ;^ĞŽƵů͕<ŽƌĞĂͿ͘tĞƵƐĞĚƚŚĞůĞǀĞůϭŽĨƚŚĞƐŽĨƚǁĂƌĞǁŚŝĐŚ ƉĞƌĨŽƌŵƐ͗ - WŽůLJůĞŶŐƚŚŵĞĂƐƵƌĞŵĞŶƚ; 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The exosome is constituted by a core complex of nine subunits (Exo9), which coordinates the recruitment and the activities of distinct types of cofactors. The RNA exosome cofactors confer distributive and processive 30-5 0 exoribonucleolytic, endoribonucleolytic, and RNA helicase activities. In addition, several RNA binding proteins and terminal nucleotidyltransferases also participate in the recognition of exosome RNA substrates. To fully understand the biological roles of the exosome, the respective functions of its cofactors must be deciphered. This entails the high-resolution analysis of 3 0 extremities of degradation or processing inter- mediates in different mutant backgrounds or growth conditions. Here, we describe a detailed 3 0 RACE-seq procedure for targeted mapping of exosome substrate 3 0 ends. This procedure combines a 3 0 RACE protocol with Illumina sequencing to enable the high-resolution mapping of 3 0 extremities and the identification of untemplated nucleotides for selected RNA targets. Key words Exosome, rRNA maturation, Rapid amplification of cDNA 3 0 end, 30 RACE-seq, 30 Adapter ligation, Illumina sequencing, MiSeq, Untemplated nucleotides 1 Introduction The RNA exosome provides all eukaryotic cells with a 3 0-5 0 exori- bonucleolytic activity which plays a central role in the processing and the degradation of many nuclear and cytosolic RNAs. Nine subunits compose the exosome core, which is also called Exo9. Exo9 is structurally related to bacterial polynucleotide phosphor- ylases (PNPases) and archaeal exosomes ( see Chapters 2–4). These prokaryotic exoribonucleases are processive enzymes whose central channel accommodates three phosphorolytic active sites. By con- trast, in mammals and yeast, Exo9 have lost the original phosphor- olytic activity and the ribonucleolytic activity of the exosome relies on ribonucleases associated to Exo9 [ 1–3]. In yeast, Rrp6 confers a John LaCava and Sˇ te ˇ pa ´ nka Vanˇ a´ cˇ ova´ (eds.), The Eukaryotic RNA Exosome: Methods and Protocols , Methods in Molecular Biology, vol. 2062, https://doi.org/10.1007/978-1-4939-9822-7_8 , © Springer Science+Business Media, LLC, part of Springer Nature 2020 147 148 He ´ le ` ne Scheer et al. distributive 30-5 0 exoribonuclease activity while Dis3/Rrp44 pro- vides both processive 30-5 0 exoribonuclease and endonucleolytic activity [1–3]. In addition to Rrp6, the human Exo9 associates with two Dis3 homologs, Dis3 and Dis3L, the latter lacking an endoribonucleolytic active site. In Arabidopsis, homologs of RRP6 and DIS3 also contribute to exosome activity [ 4–6]. However the most striking difference with the mammalian and yeast Exo9 is that Arabidopsis Exo9 has retained a single site conferring a distributive and phosphorolytic activity [ 6]. A complex set of ribonucleolytic activities are therefore coordi- nated by Exo9 in eukaryotes. In addition, RNA helicases, various RNA binding proteins and terminal nucleotidyl transferases (TNTases) also assist the exosome in recognizing, degrading or maturing its RNA substrates. The respective functions of all these cofactors and the coordination of their associated activities must be determined to fully appreciate the biological functions of the RNA exosome. One of the key aspects toward understanding the roles of each activity linked to exosome function is to analyze the degradation or trimming of exosome RNA substrates. One way to do that is to map 30 extremities of exosome RNA substrates at high density by determining their precise position at nucleotide level and by iden- tifying eventual untemplated nucleotides added to processed 3 0 extremities. We present here a high throughput sequencing-based strategy called 30 RACE (3 0 Rapid Amplification of cDNA End)- seq. The 30 RACE-seq method combines a modified 3 0 RACE-PCR method for 3 0 end analysis of cDNA [ 7, 8] and the Illumina sequencing technology. The classical 3 0 RACE-PCR is a low-throughput method that implies cloning PCR amplicons and Sanger sequencing of individual clones. By contrast, the 3 0 RACE- seq procedure allows for the simultaneous analysis of millions of amplicons for multiple samples. The 3 0 RACE-seq procedure is summarized in Fig. 1. It comprises the ligation of an adapter at the 30 end of each molecule in a total RNA sample and subsequent cDNA synthesis by using a reverse transcriptase (RT) primer com- plementary to the ligated 3 0 adapter. Importantly, the ligated 3 0 adapter, described in TAIL-seq protocol [ 9–12 ], contains a random region that allows for the removal of PCR duplicates during bioin- formatics analysis and thus each final sequence corresponds to a unique RNA molecule. Chosen targets are then amplified using forward and reverse primers that bind to the target sequence and the 30 adapter, respectively, and that comprise the Illumina sequences required for flow cell hybridization and sequencing. Finally, amplicon libraries are sequenced using MiSeq paired-end sequencing for an average yield per run of 40 million of reads: 20 million of read 1 and 20 million of read 2. The use of barcoded Illumina adapters allows for sequencing in parallel more than 30 conditions or replicates in a single MiSeq run. 3’ RACE-Seq 149 + + TRI Reagent® Total RNA 5’ 3’OH 3’ adapter ligation 3’-Adap adapter 3’ App NNN 3’ blocked Random region (15N) Delimiter 5’ NNN 3’ blocked Purification from ligation reagents and non-ligated adapter molecules RNA purification on columns or Separation on acrylamide gel and size selection Reverse-transcription 5’ NNN 3’ blocked 3’-RT primer + Reverse transcriptase 5’ NNN 3’ blocked cDNA 3’ NNN 5’ PCR amplification of target 3’ region Primer specific to the region Fw P5 Rd1 SP of interest (e.g . 5’ETS-fw, 5.8S-fw) 3’ NNN 5’ For multiplexing Rd2 SP Index P7 Rv 5’ NN N 3’ 3’ NNN 5’ PCR product purification using AMPure beads XP Quantification & quality assessment of amplicon libraries Illumina sequencing with MiSeq Read 1 5’ NNN 3’ 3’ NNN 5’ Read 2 Fig. 1 Flowchart steps for 3 0 RACE-seq procedure. After total RNA purification, the 3 0 hydroxyl (3 0 OH) end of each RNA molecule is ligated to the 3 0-Adap adapter ( see Fig. 2, Subheading 3.2 in the text). To remove nonligated 3 0 adapters, ligated RNAs are purified using RNA purification columns or separated on an acrylamide gel when size-selection is possible (Subheading 3.3 in the text, see Note 6). cDNA synthesis is then initiated using the 3 0-RT primer complementary to the 3 0-Adap adapter (Subheading 3.4 in the text, Table 1). To specifically analyze 3 0 regions of targets of interest, cDNA are PCR amplified using a forward 150 He ´ le ` ne Scheer et al. To illustrate the 3 0 RACE-seq procedure, we present the detailed protocol adapted for two classical RNA substrates of the exosome during ribosomal RNA (rRNA) maturation. In eukar- yotes, three out of four ribosomal RNAs, the 18S, 5.8S, and 25/28S rRNAs, are transcribed as a common polycistronic precur- sor. The 18S, 5.8S, and 25/28S rRNAs are separated by internal transcribed spacers (ITS1 and 2) and flanked by two external tran- scribed spacers (5 0 and 30 ETS). The production of mature rRNAs requires endonucleolytic cleavages and exoribonucleolytic proces- sing steps to remove internal and external transcribed spacers. Two of the archetypical RNA substrates of the exosome in eukaryotes are the 50 external transcribed spacer (5 0 ETS) of the 18S-5.8S-25/28S rRNA primary transcript and the 5.8S rRNA precursors. Using 3 0 RACE-seq, we have recently shown the complexity of ribonucleo- lytic and tailing activities that contribute to these rRNA maturation steps in Arabidopsis [ 6]. Of note, the 3 0 RACE-seq procedure can easily be adapted to any other RNA targets, such as poly(A) tailed transcripts or RISC-cleaved fragments, with slight modifications of the protocol. 2 Materials ® 2.1 RNA Extraction 1. TRI Reagent (Molecular Research Center). 2. Acid phenol (Biophenol water saturated, pH 4)–chloroform–i- soamyl alcohol solution (25:24:1, v/v/v). 3. Absolute ethanol. 4. 3 M sodium acetate, pH 5.2. 5. 20 mg/ml glycogen. 6. Refrigerated microcentrifuge reaching 16,000  g. 7. 75% ethanol. 8. Nuclease-free water. 9. Ultraviolet (UV) spectrophotometer (e.g., Thermo Scientific NanoDrop 2000). ä Fig. 1 (continued) primer that binds specifically to the regions of interest and a reverse primer that is complementary to the ligated adapter (Subheading 3.5 in the text, Table 1). Forward and reverse primers contain P5/Rd1 SP and P7/Rd2 SP Illumina sequences, respectively. P5 and P7 sequences are used for the hybridization to the flow cell. Rd1 SP and Rd2 SP correspond to the binding site of read 1 and read 2 sequencing primers. Reverse primer also contains an index sequence, which allows for multiplexed sequencing. In order to remove primer-dimers, salts and other PCR reagents, PCR products are then purified using AMPure XP beads (Subheading 3.6 in the text). Amplicon libraries are quantified and analyzed with Bioanalyzer for quality assessment (Subheading 3.7 in the text). Libraries are paired-end sequenced on the Miseq Illumina system. Read 1 allows for the identification of the target and read 2 for the identification of the RNA 30 end 3’ RACE-Seq 151 Table 1 Oligonucleotides used in 3 0 RACE-seq procedure to analyze Arabidopsis 5 0 ETS P-P1 intermediates and 5.8S precursors Oligonucleotide name 5'-3' sequence 3’-Adap /5rApp/CTGACNNNNNNNNNNNNNNNTGGAATTCTCGGGTGCCAAGGC/3ddC/ 3’-RT GCCTTGGCACCCGAGAA AATGATACGGCGACCACCGAGATCTACACGTTCAGAGTTCTACAGTCCGACGAT 5’ ETS-fw CATCTCGCGCTTGTACGGCTTTG AATGATACGGCGACCACCGAGATCTACACGTTCAGAGTTCTACAGTCCGACGAT 5.8S-fw CTCTGCCTGGGTGTCACAAATC CAAGCAGAAGACGGCATACGAGAT XXXXXX GTGACTGGAGTTCCTTGGCACCC Illumina RPI GAGAATTCCA All oligonucleotides are listed in the 5 0 to 3 0 orientation. 3 0-Adap adapter contains two modifications: 5rApp ¼ 50, 50-adenyl pyrophosphoryl moiety, 3ddC ¼ 30-dideoxy-C. 30-Adap should be HPLC purified in an RNase-free environ- ment. For 50 ETS-fw and 5.8S-fw primers, bolded nucleotides correspond to the target specific sequence, while the rest of the sequence is used for hybridization to the Illumina flow cell and for sequencing. Red bold nucleotides in Illumina RPI PCR primer correspond to the index sequence (for further details see Illumina manufacturer’s instruction for TruSeq Small RNA RPI primers [23 ]) 10. Heating block that can heat to 65 C. 11. 2  RNA loading buffer: 95% (v/v) formamide, 0.025% (w/v) bromophenol blue, 0.025% (w/v) xylene cyanol FF, 5 mM EDTA, 0.025% (w/v) SDS, pH 8.5. 12. Agarose. 13. 0.5 TBE (10  stock solution: 1 M Tris base, 1 M boric acid and 0.02 M EDTA, pH 8). 14. Gel system for agarose electrophoresis (well combs, casting tray, gel box) and electrophoresis power supply. 15. 10 mg/ml ethidium bromide (EtBr). 16. (Optional) Agilent 2100 Bioanalyzer. 2.2 30 Adapter 1. 3 0-Adap oligonucleotide (Table 1). Ligation 2. Nuclease-free water. 3. Water bath or heating block for 37 C and 65 C incubation.  4. 10 T4 RNA Ligase Reaction Buffer (NEB): 10 mM MgCl 2, 50 mM Tris–HCl, 1 mM DTT, pH 7.5. 5. 10,000 U/ml T4 ssRNA Ligase 1 (NEB). 2.3 Electrophoresis 1. 2  RNA loading buffer: 95% (v/v) formamide, 0.025% (w/v) and RNA Isolation bromophenol blue, 0.025% (w/v) xylene cyanol FF, 5 mM EDTA, 0.025% (w/v) SDS, pH 8.5. 2. 40% acrylamide (19:1) solution. 3. 1  TBE (10  stock solution: 1 M Tris base, 1 M boric acid and 0.02 M EDTA). 152 He ´ le ` ne Scheer et al. 4. Urea. 5. 10% (w/v) ammonium persulfate solution (APS). 6. N,N,N0,N0-Tetramethylethylenediamine (TEMED). 7. Gel system for PAGE (gel combs, gel cassettes and spacers) and electrophoresis power supply. 8. Water bath or heating block that can heat to 65 C. 9. Syringe with a needle. 10. 10 mg/ml ethidium bromide (EtBr). 11. Scalpel. 12. Elution buffer: 500 mM ammonium acetate, 10 mM magne- sium acetate, 1 mM EDTA and 0.1% (w/v) SDS. 13. Rotating wheel. 14. UV light Transilluminator. 15. Acid phenol (Biophenol water saturated, pH 4)–chloroform–i- soamyl alcohol solution (125:24:1). 16. Absolute ethanol. 17. 3 M sodium acetate, pH 5.2. 18. 20 mg/ml glycogen. 19. Refrigerated microcentrifuge reaching 16,000  g. 20. 75% ethanol. 21. Nuclease-free water. 22. UV spectrophotometer (e.g., Thermo Scientific NanoDrop 2000). 23. Dry ice. 2.4 cDNA Synthesis 1. 3 0-RT primer (Table 1). 2. 10 mM dNTP mix (dATP, dGTP, dCTP, and dTTP, each at 10 mM). 3. Nuclease-free water. 4. PCR thermal cycler. 5. 0.2 ml strip PCR tubes. 6. 5  SuperScript™ IV buffer (Invitrogen ™). 7. 0.1 M DTT. 8. 40 U/ μl RNaseOUT ™ (Invitrogen ™). 9. 200 U/ μl SuperScript ™ IV Reverse transcriptase (Invitrogen ™). 3’ RACE-Seq 153 2.5 PCR and Quality 1. Primers: forward PCR primer (target specific) and reverse PCR Assessment primer (TruSeq RNA PCR index primer, RPI, Table 1). 2. 5 U/ μl DreamTaq DNA Polymerase (Thermo Fisher Scien- tific) supplied with 10  DreamTaq buffer. 3. 10 mM dNTP mix (dATP, dGTP, dCTP and dTTP, each at 10 mM). 4. Nuclease-free water. 5. PCR thermal cycler. 6. 0.2 ml strip PCR tubes. 7. 6  DNA loading buffer: 10 mM Tris–HCl (pH 7.6), 60% (v/v) glycerol, 0.03% (w/v) bromophenol blue, 0.03% (w/v) xylene cyanol FF, 60 mM EDTA. 8. 0.5  TBE (10  stock solution: 1 M Tris base, 1 M boric acid and 0.02 M EDTA, pH 8). 9. Agarose. 10. Gel system for agarose electrophoresis (well combs, casting tray, gel box) and electrophoresis power supply. 11. 10 mg/ml ethidium bromide (EtBr). 2.6 PCR Product 1. AMPure XP beads (Agencourt). Purification 2. Benchtop minicentrifuge. 3. Magnetic stand compatible with 1.5 ml microtubes (e.g., DynaMag-2 Invitrogen ™). 4. 80% ethanol. 5. Nuclease-free water. 6. Absolute ethanol. 7. Refrigerated microcentrifuge reaching 16,000  g. 8. 75% ethanol. 9. 3 M sodium acetate, pH 5.2. 10. 20 mg/ml glycogen. 11. UV spectrophotometer (e.g., Thermo Scientific NanoDrop 2000). 2.7 Qubit and 1. Qubit fluorometric quantitation system (Invitrogen ™). Bioanalyzer Analysis 2. Agilent 2100 Bioanalyzer. of Purified Amplicons 3. DNA chip kit ( see Note 1). 4. Microcentrifuge. 2.8 Preparing 1. Illumina MiSeq system. Libraries for 2. 1.0 N NaOH. Sequencing on MiSeq 3. PhiX control v3 library (Illumina, FC-110-3001). 154 He ´ le ` ne Scheer et al. 4. HT1 (Hybridization Buffer provided by Illumina). 5. Benchtop microcentrifuge. 2.9 MiSeq Run and 1. MiSeq Reagent Kit v3 (Illumina, MS-102-3001) that contains: Analysis l Reagent Cartridge. l HT1 (Hybridization Buffer). l PR2 (Incorporation Buffer). l MiSeq Flow Cell. 3 Methods ® 3.1 RNA Extraction 1. Extract total RNA using TRI Reagent (Molecular Research Center) according to the manufacturer’s protocol. 2. A second round of purification using acid phenol–chlorofor- m–isoamyl alcohol and a subsequent RNA precipitation can be performed in order to remove residual contaminants. Add 1 volume of acid phenol–chloroform–isoamyl alcohol solution (25:24:1) (see Note 2). 3. Vortex well and centrifuge for 15 min at 16,000  g. 4. Transfer supernatant into new tube and precipitate RNA by adding 0.1 volume of 3 M sodium acetate pH 5.2, 0.5 μl of glycogen (20 mg/ml) and 2.5 volumes of absolute ethanol. 5. Mix by tube inversion. 6. Incubate for at least 1 h at À80 C. 7. Centrifuge for 30 min at 16,000  g (4 C). 8. Discard supernatant. 9. Wash pellet with 75% ethanol (500 μl) to remove residual salt. Centrifuge 5 min at 16,000  g. 10. Discard supernatant thoroughly, dry the RNA pellet and dis- solve it in 20 μl of nuclease-free water. 11. Measure the RNA quantity and purity of your samples with an UV spectrophotometer ( see Note 2). 12. To assess the integrity of your total RNA preparation in a quick and cheap manner, you can check the profile(s) of your sample (s) on a 1% agarose gel ( see Note 3). Take a volume containing between 500 ng and 1 μg of RNA and add 1 volume of 2 RNA denaturing loading dye. 13. Heat 5 min at 65 C and chill on ice prior to loading into the wells of agarose gel . Alternatively, RNA quality can be assessed on Agilent Bioa- nalyzer system. 3’ RACE-Seq 155 5’ ,5’-adenyl pyrophosphoryl 3’-dideoxy- moiety nucleotide Delimiter 15N Random region 3’-RT primer complementary region 5’- rApp /CTGAC NNNNNNNNNNNNNNNTGGAATTCTCGGGTGCCAAGGC /ddC -3’ Fig. 2 Sequence details for the 3 0-Adap adapter. 30-Adap is a preadenylated oligonucleotide containing a 50,5 0-adenyl pyrophosphoryl moiety ( see Note 4). The delimiter sequence allows for the demarcation between the sequence corresponding to the 3 0 end of the RNA and the adapter sequence. This sequence is also used during bioinformatics analysis to discriminate read 2 containing adapter sequence from other sequences that could arise from artifacts of reverse transcription priming (Fig. 4). The 15 random bases (15 N) allow for deduplicating and therefore for eliminating PCR duplicates. The 3 0-RT primer complementary region is used as template during reverse-transcription reaction. Finally, the 3 0-dideoxynucleotide prevents the 5 0 adenylated oligo from self-ligation 3.2 3 0 Adapter In order to analyze RNA 3 0 extremities, the 5 0-riboadenylated DNA 0 0 Ligation oligonucleotide (3 -Adap, Table 1) is ligated at the RNA 3 end. This primer is as described in [ 9] except that it is not biotinylated. The features of 3 0-Adap are shown in Fig. 2. 1. Take 20 μg of total RNA for each sample. 2. Add 5 pmol of the 3 0-Adap. 3. Add nuclease-free water to a final volume of 44 μl. 4. Denature sample for 3 min at 65 C. 5. Put on ice for at least 2 min. 6. Add 5 μl of 10  T4 RNA Ligase Reaction Buffer. 7. Add 1 μl of T4 ssRNA Ligase 1 (10,000 U/ml) ( see Note 4). 8. Incubate for 1 h at 37 C ( see Note 5). 3.3 RNA Separation Before proceeding to cDNA synthesis, the ligation reaction needs by Denaturing PAGE to be stopped and the ligation products purified from reagents and and Isolation of RNA nonligated adapter molecules. This can be achieved using RNA Fragments from purification columns (see Note 6). Here, RNAs are separated by Polyacrylamide Gel denaturing PAGE and RNA molecules of 100–400 nucleotides are eluted from the gel in order to enrich for desired targets, that is, 5.8S rRNA precursors and 5 0 ETS fragments in Arabidopsis (Fig. 3). 1. Cast a 6% urea–polyacrylamide gel (6% polyacrylamide, 7 M urea, 1 TBE), see example protocol in [ 13 ]. 2. Prerun the gel in 1  TBE at 15 W for 15–20 min. 3. During the prerun, add 1 volume of 2  RNA loading buffer to your samples. Heat the samples at 65 C for 3 min and chill on ice. Spin down briefly before loading. 4. Wash the residual urea from the wells using a syringe with a needle. 156 He ´ le ` ne Scheer et al. P1 P P’ C2 35S pre-rRNA 18S 5.8S 25S STE’5 ITS1 ITS2 STE’3 P-P’ cleavage Cleavage PP’ 5.8S C2 283 nt 3’-5’ Exoribonucleolytic degradation 3’-5’ Exoribonucleolytic degradation 5’ ETS-fw P P1 186 nt 5.8S-fw P P1 176 nt 5.8S 5.8S + 11/12nt 174 nt P-P1 fragments P P1 168 nt P P1 161 nt 5.8S Mature 5.8S 163 nt Elimination Fig. 3 Scheme of Arabidopsis 5 0 ETS maturation by-products and 5.8S precursors analyzed by 3 0 RACE-seq. 30 RACE-seq procedure described in this chapter was used to map at high density the 3 0 extremities of P-P1 fragments and of 5.8S precursors. P-P1 fragments result from endonucleolytic cleavage of the 5 0 ETS at P and P0 sites followed by 3 0-5 0 exonucleolytic degradation of the P-P 0 fragment by the RNA exosome. 5.8S precursors result from endonucleolytic cleavage at the 5 0 end of 5.8S and at the C2 site. This 5.8S-C2 fragment is then further processed by 3 0-5 0 exoribonucleolytic activity, including by the RNA exosome. The shortest 5.8S rRNA precursor is extended by 11/12 nt in Arabidopsis. The 5 0 ETS-fw primer was used to analyze 3 0 extremities of P-P1 fragments. The 5.8S-fw primer was used to map 3 0 extremities of 5.8S rRNA precursors 5. Load the samples on the gel and run at 15 W until the bromo- phenol blue tracking dye reaches three quarters of the gel. 6. Stain the gel in an ethidium bromide solution (0.5 μg/ml of EtBr in 1  TBE solution) for approximately 5 min and visua- lize using a UV transilluminator. 7. Excise RNA molecules of 100–400 nucleotides using a clean scalpel, put the gel slices in 1.5 ml tubes. Place tubes on dry ice to freeze the gel slices. 8. Fragment slices using a sterile 1 ml tip. 9. Elute RNA by adding 1:1 (v:w) volume of elution buffer to gel slices, for example 100 μl of elution buffer to 100 mg of gel, and incubate tubes overnight at 4 C on a rotating wheel. 10. Centrifuge for 10 min at 16,000  g to pellet the gel pieces. 11. Collect the supernatant and add 1 volume of acid phenol–- chloroform–isoamyl alcohol solution (25:24:1, v/v/v). 12. Vortex well and centrifuge for 15 min at 16,000  g. 13. Transfer supernatant into new tube and precipitate RNA by adding 0.1 volume of 3 M sodium acetate pH 5.2, 0.5 μl of glycogen (20 mg/ml), and 2.5 volumes of absolute ethanol (see Note 7). 14. Mix by tube inversion. 3’ RACE-Seq 157 15. Incubate for at least 1 h at À80 C. 16. Centrifuge for 30 min at 16,000  g (4 C). 17. Discard the supernatant. 18. Wash pellet with 75% ethanol (500 μl) to remove residual salt. Centrifuge for 5 min at 16,000  g. 19. Discard the supernatant thoroughly, dry the pellet and dissolve it in 20 μl of nuclease-free water. 20. Determine the RNA concentration and purity of your samples using UV spectrophotometer ( see Note 2). 3.4 cDNA Synthesis cDNA synthesis is initiated using a primer complementary to the last 17 nucleotides of the adapter sequence ligated at the 3 0 end (3 0-RT; Table 1, see Note 8). All steps of the cDNA synthesis are performed in a PCR thermal cycler using 0.2 ml strip PCR tubes. 1. Take 500 ng of adapter-ligated and size-selected RNAs and add 50 pmol of 3 0-RT primer and 1 μl of 10 mM dNTP mix. 2. Add nuclease-free water to a final volume of 13 μl. 3. Denature for 5 min at 65 C. 4. Chill samples on ice for at least 2 min. 5. Add 7 μl of RT Mix comprising 4 μl of 5  SuperScript™ IV buffer, 1 μl of 0.1 M DTT, 1 μl of RNaseOUT ™ (40 U/ μl), and 1 μl of SuperScript ™ IV (200 U/ μl). 6. Incubate for 10 min at 50 C ( see Note 9). 7. Inactivate the reaction by incubating for 10 min at 80 C. 3.5 PCR In order to prepare the libraries for MiSeq sequencing, the cDNA Amplification and molecules of interest are amplified by PCR using forward PCR Quality Assessment by primers that comprise the Illumina P5 sequence and 21 nucleotides 0 Electrophoresis of the sequence of interest (here the 5 ETS downstream of the P processing site or 3 0 extended 5.8 S rRNA precursors) and a TruSeq RNA PCR index primer (RPI) complementary to the 3 0 end of the 30 adapter sequence that comprise the Illumina P7 sequence ( see Note 10, Table 1). PCR reactions are performed in a PCR thermal cycler in 0.2 ml strip PCR tubes. 1. Set up PCR reaction by mixing the following components for each reaction: (a) 2.5 μl of 10  DreamTaq buffer. (b) 0.5 μl of 10 mM dNTP. (c) 0.5 μl of 10 μM forward primer (Table 1). (d) 0.5 μl of 10 μM reverse primer (Table 1). (e) 0.25 μl DreamTaq Polymerase (5 U/ μl). (f) Add nuclease-free water to a final volume of 25 μl. 158 He ´ le ` ne Scheer et al. 2. Distribute PCR mix in strip PCR tubes and add 1 μl of template cDNA. 3. Spin down and place reaction in thermal cycler. 4. Run PCR reaction with the following settings: Initial denaturation step: 2 min at 94 C. 30 cycles composed of: (a) Denaturation step: 30 s at 94 C. (b) Hybridization step: 30 s at 55 C. (c) Elongation step: 30 s at 72 C. Final extension: 2 min at 72 C. 5. Visualize PCR products by loading a 3 μl aliquot with DNA loading dye on a 2% agarose gel (0.5  TBE) ( see Note 11 ). 3.6 PCR Product After amplification, the PCR products are purified using AMPure Purification XP beads (Agencourt). This system uses magnetic beads that can bind PCR amplicons of at least 100 bp, thereby purifying amplicons from nucleotides, primer dimers, salts or other reagents. The pro- tocol has been adapted from the manufacturer’s protocol. AMPure XP beads purification is performed in 1.5 ml microtubes that are compatible with the magnetic stand. 1. Warm the AMPure XP beads to room temperature for at least 10 min and shake the Agencourt AMPure XP bottle before pipetting to resuspend magnetic particles. 2. Transfer each PCR reaction to individual 1.5 ml tubes. 3. For each tube, add 1 volume of beads to 1 volume of PCR reaction and mix well by pipetting or gentle vortexing ( see Note 12 ). 4. Incubate the mixture for 5 min at room temperature. 5. Transfer tubes to a magnetic stand. For the next steps ( 6–11 ), tubes are kept on the magnetic stand. 6. Let sit for about 5 min or until solution appears clear. 7. Carefully discard the supernatant without disturbing the beads. 8. Keep the tubes on the magnetic stand and wash beads carefully with 200 μl of 80% ethanol. 9. Incubate for 1 min and carefully remove the ethanol. 10. Repeat the washing step. 11. Air-dry beads for a maximum of 3 min ( see Note 13 ). 12. Add 100 μl of nuclease-free water to beads, remove tubes from the magnetic stand and mix gently by pipetting. 13. Incubate for 5 min at room temperature. 3’ RACE-Seq 159 14. Put tubes back on stand and let sit for about 5 min or until solution is clear. 15. Transfer the eluate to a new, clean tube by paying attention not to take beads ( see Note 14 ). 16. Perform a second elution with 100 μl of nuclease-free water. 17. Precipitate purified amplicons with 5 volumes of absolute eth- anol, 0.1 volume of sodium acetate 3 M, pH 5.2, and 0.5 μl of glycogen (20 mg/ml). 18. Mix by tube inversion. 19. Incubate for at least 1 h at À80 C. 20. Centrifuge for 30 min at 16,000  g (4 C). 21. Discard the supernatant. 22. Wash pellet with 75% ethanol (500 μl) to remove residual salt. Centrifuge at 16,000  g during 5 min. 23. Discard the supernatant thoroughly, dry the pellet and dissolve it in 11 μl of nuclease-free water. 24. Measure the DNA quantity and purity of your samples using UV spectrophotometer ( see Note 2). 3.7 Qubit and Before Illumina sequencing, we quantify amplicon libraries by a Bioanalyzer Analysis fluorometric method, (i.e., Qubit fluorometric quantitation sys- of Purified Amplicons tem). We also control the size and the quality of our amplicon profiles after AMPure XP beads purification using Agilent 2100 Bioanalyzer, notably to check the complete removal of primer dimers (see Note 15 ). 1. Determine Qubit concentration of each library (Qubit fluoro- metric quantitation system; see the manufacturer’s protocol [14 ]) ( see Note 16 ). 2. Check library profiles using Agilent 2100 Bioanalyzer accord- ing to the manufacturer’s instructions [ 15 ]. Choose the reagent kit according to the range of concentration of your samples (see Note 17 ). 3. Use Qubit concentration and Bioanalyzer size estimation to calculate the molarity of each sample library ( see Note 18 ). 3.8 Preparing Here, we prepare libraries for sequencing with v3 MiSeq chemistry Libraries for (see Note 19 ). You need to prepare a final amplicon library accord- Sequencing on MiSeq ing to the depth wanted for each sample and to denature the library. We usually allocate from 0.5% to 3% of the flow cell per condition/ genotype and target. Ten to twenty percentage of PhiX control v3 library are also included to compensate for the low-diversity of the samples (see Notes 20 and 21 ). 160 He ´ le ` ne Scheer et al. 1. Prepare at least 5 μl of a final 4 nM amplicon library with all individual sample libraries to be sequenced. 2. Combine 5 μl of 4 nM final amplicon library and 5 μl of a fresh 0.2 N NaOH dilution. 3. Vortex briefly and centrifuge for 1 min at 280  g. 4. Incubate for 5 min at room temperature. 5. Stop denaturation reaction by adding 990 μl prechilled HT1 to the 10 μl denatured library. This results in a 20 pM denatured library. 6. Dilute the 20 pM amplicon library to 15 pM by adding 150 μl prechilled HT1 to 450 μl of the 20 pM denatured amplicon library. 7. Mix by inversion and quickly centrifuge the resulting 15 pM amplicon. 8. Final 15 pM library should be kept on ice. 9. Repeat steps 2 –8 with the 4 nM PhiX control library as described above for amplicon library to get a 15 pM PhiX library. 10. For MiSeq sequencing with 15% of PhiX, combine 90 μl of 15 pM denature PhiX control library and 510 μl of 15 pM denature amplicon library ( see Notes 20 and 21 ). Keep tubes on ice until loading on the reagent cartridge. 3.9 MiSeq Run Here we use a MiSeq Reagent kit v3 150 cycles. The final library is and Analysis paired-end sequenced with a 76  76 bp cycle setting. Cycle setting may be adjusted according to the type of analyzed RNA target ( see Note 22 ). Read 1 and read 2 will be used during bioinformatics analysis for RNA target identification and 3 0 end analysis, respectively. 1. Thaw Reagent Cartridge and mix according to Illumina man- ufacturer’s instructions. 2. In the Illumina Experiment Manager (IEM) software, create a custom library prep kit as indicated in the IEM software guide [16 ]. Take the “TruSeq Small RNA.txt” template as model (model with RPI barcodes) and change the setting section to allow for paired-end sequencing (see Note 23 ). 3. Use the IEM software to create sample sheet. Select “MiSeq,” “other,” and “fastq only” in the instrument, category, and application sections, respectively. For workflow parameters, select as option the new custom library prep kit and set cycle setting as 76  76 bp ( see Note 22 ). 4. Fill the sample sheet wizard as indicated in the IEM software guide. 3’ RACE-Seq 161 5. Start MiSeq Control Software and follow steps indicated by the software to start MiSeq sequencing. 6. When asked by the MiSeq Control Software, load your sample (combination of PhiX and sample libraries as prepared in Sub- heading 3.8) in the reservoir labeled “Load Sample” of the reagent cartridge. 7. Use the Sequence Analysis Viewer (SAV) to monitor sequenc- ing during run. 8. When sequencing is finished, check quality control metrics using SAV and control quality of read 1 and read 2 fastq files using the quality control tool FASTQC [ 17 ]. 9. Finally process fastq files using the pipeline available in [ 6]. An overview of the bioinformatics workflow is shown in Fig. 4. 4 Notes 1. NanoDrop spectrophotometer measures the sample absor- bance across a wide spectrum that spans UV and visible light. Nucleotides, RNA and DNA, have an absorbance peak at 260 nm. By contrast, proteins have a peak of absorbance at 280 nm, while other usual RNA contaminants, such as carbo- hydrates, EDTA and phenol have an absorbance maximum at 230 nm or less. 260/280 and 260/230 ratios can thus be used to assess RNA purity. Values around 2.0 are usually considered as acceptable for 260/280 and 260/230 ratios [ 18 ]. 2. During phenol extraction of nucleic acid molecules, the parti- tion between aqueous and organic phase is pH-dependent. At acidic pH conditions, RNA molecules are highly soluble and retained in the aqueous phase, while DNA molecules are retained in the organic phase and interphase. Acid phenol is thereby used for the isolation or RNA molecules, whereas DNA isolation is best performed with buffer-saturated phenol equilibrated to pH >7.4. 3. The assessment of RNA integrity by electrophoresis on agarose gel and ethidium bromide staining is a basic and cheap tech- nique that gives a first indication of the quality of your RNA preparation. Sharp bands corresponding to rRNAs should be visible on the gel. Partially degraded RNA will appear as smeared bands. 4. T4 RNA ligase 1 catalyzes the ligation of 5 0-phosphoryl termi- nated DNA or RNA to 3 0-hydroxyl terminated single strand DNA or RNA. Here, we use a preadenylated adapter (3 0-Adap) containing a 5 0,5 0-adenyl pyrophosphoryl moiety, which can be directly ligated to the RNA without the addition of ATP during the ligation reaction (Fig. 2). This strategy prevents that 162 He ´ le ` ne Scheer et al. Insert (e.g. 5.8S precursors and P-P1 fragments) 20 Read 1 15 1 5’ NN N 3’ 3’ NNN 5’ Read 2 Raw data Read1.fastq Read2.fastq 5’ end of the insert - Nucleotides 1 to 15 : random region (15N) of the adapter - Nucleotides 16 to 20 : delimiter sequence - From nucleotides 21 to the end: 3’ end of the insert DEDUPLICATION CTG 1 sequence is kept Sequences with identical nucleotides in other duplicated read 1 and the same degenerate base CT G CT G sequences are region in read 2 are removed. discarded Amplicons generated from the same original RNA molecule TARGET RESEARCH Identification of read 1 that correspond to the region of interest (e.g. 5.8S, P-P1 fragments). DELIMITER RESEARCH Identification of read 2 containing delimiter sequence. Read 2 without delimiter sequence are discarded Read 2 TRIMMING NNN If the insert is short, read 2 can run into NNN the 5’ PCR primer sequence. In this case the unwanted nucleotides are trimmed Read 2 from read 2. 3’ END MAPPING AND ANALYSIS OF Untemplated UNTEMPLATED TAIL nucleotides Read 2 Read 2 is mapped to the RNA reference sequence to identify NNNNN the 3’ end position of 5.8S and P-P1 fragments. Potential Reference sequence untemplated nucleotides are analyzed. Fig. 4 Schematic overview of the bioinformatic pipeline for 3 0 RACE-seq analysis of 5.8S and P-P1 fragments . Color code as in Fig. 1. Scripts are available in [ 6] 3’ RACE-Seq 163 endogenous RNA with 5 0 phosphate extremities compete with the adapter for 30 ligation and ensures that only the preadeny- lated adapter is ligated to the 3 0 hydroxylated end of endoge- nous transcripts. 5. We usually use a water bath for the incubation at 37 C during the ligation step. Water bath provides a better contact surface area for heat transfer as compared to dry bath, allowing for better reproducibility. 6. Separation and purification of ligated RNA on PAGE is not required for all applications. Here, the molecules of interest are small RNA fragments ( <400 nt). Consequently, we purified ligated RNA on PAGE to remove larger RNAs and to enrich for desired targets before proceeding to cDNA synthesis. Alterna- tively, to purify the ligated RNAs from reagents and nonligated adapter, you can perform fast purification of nucleic acids using RNA purification kits. 7. GlycoBlue ™ (15 mg/ml, Thermo Fisher Scientific) can be used instead of glycogen to increase pellet visibility and is recommended if you are working with low amounts of RNA. 8. During the setting up of 3 0 RACE-seq procedure, we detected in our first amplicon libraries a strong proportion of sequences that did not contain the delimiter sequence (Figs. 2 and 4) and thus did not correspond to real RNA 3 0 ends. These artifacts were likely caused by nonspecific binding of the primer used in the reverse transcription reaction. Consequently, to specifically amplify cDNA 30 ends, we designed a shortened RT oligonu- cleotide (3 0-RT, Table 1) that is complementary to the last 17 nt of the 3 0 ligated adapter and lacks five nucleotides contained by both 3 0 ligated adapter and reverse PCR primers. Thus, cDNA resulting from nonspecific reverse transcription cannot be amplified. 9. The reverse transcriptase SuperScript ™ IV (Invitrogen ™) is very effective and robust, allowing for efficient cDNA synthesis in only 10 min. If you use other reverse transcriptases, adapt the incubation time according to the manufacturer’s protocol. 10. RPI primers used for cDNA amplification contain index sequences, also called barcodes, which allow for the sequencing of a large number of samples in a single run (i.e., multiplexing sequencing). Individual index sequences can be assigned to each genotype and/or conditions and then be used to distin- guish and sort samples during data analysis. The use of individ- ual index sequences for each different target, here 5.8S and P-P1 fragments, is not necessary as target sequences can be distinguished during bioinformatic analysis. 164 He ´ le ` ne Scheer et al. 11. Separation of smaller DNA molecules and fragments is improved with TBE buffer, whereas TAE buffer is well suited for larger fragments [19 ]. 12. The concentration of PEG and NaCl in the AMPure XP bead solution is crucial for size selection of the DNA fragments that are purified. The size of purified fragments is determined by the ratio of beads/sample: the lower is the chosen ratio, the larger are the eluted fragments. To adapt the ratio according to the size of your amplicon library, refer to [ 20 ]. 13. Take care to not over dry beads. This would significantly decrease the elution efficiency. 14. The carryover of magnetic beads results in an additional peak in Bioanalyzer electropherograms and could lead to inaccurate estimation of the library size. Trace amounts of beads may also affect the performance of Illumina sequencing. 15. As we usually analyze a large number of samples, replicates, and genotypes, we are used to pool PCR products for each analyzed target prior to Qubit and Bioanalyzer analysis. We first adjust each sample to the same concentration, verify the dilution by checking the profiles on a 2% agarose gel (at least 75 ng DNA for ethidium bromide staining), and then pool the samples. 16. The Invitrogen™ Qubit is a fluorometric quantitation system that allows for a more specific and sensitive quantification of RNA and DNA than using the NanoDrop spectrophotometer. Select the Qubit assay kit according to your sample. The dsDNA HS Assay kit is well suited for the quantification of the prepared libraries and is designed to measure sample with initial concentration from 10 pg/ μl to 100 ng/ μl. 17. DNA kits for Bioanalyzer analysis may be chosen according to the size of the amplification product and the range of concen- tration of the sample. DNA 12000, DNA 7500, and DNA 1000 kits allow for the analysis of dsDNA fragments from 100 to 12,000 bp, 100 to 7500 bp and 25 to 1000, respec- tively. All of them offer a 0.5–50 ng/ μl sensitivity [ 21 ]. For samples with a low concentration, DNA High Sensitivity kit allows for the analysis of 50–7000 bp fragments and offers a 5–500 pg/ μl sensitivity [ 22 ]. 18. The molarity in nM of amplicon library is calculated using the following formula ([ng/ μl conc.]  10 6)/([bp length]  607.4 + 157.9). See Illumina manufacturer’s protocol for more information. 19. Here, we sequenced amplicon libraries using MiSeq Reagent Kit v3 (150 cycles). Reagent kits with v2 chemistry are also 3’ RACE-Seq 165 available for MiSeq. v2 chemistry enables smaller depth com- pared to v3: for single-end run, up to 15 and 25 millions of output reads are obtained for v2 and v3, respectively. Final concentration of denatured library need to be adjusted accord- ing to the selected MiSeq chemistry. v2 and v3 chemistry support a maximum of 10 pM and 20 pM concentration, respectively. 20. To compensate for the low-diversity of amplicon libraries, PhiX Control v3 Library should be sequenced alongside samples. Illumina recommends spiking-in a minimum of 5% of PhiX control library. This percentage may be adjusted according to experiments and may be increased if the sample library clusters more efficiently than the PhiX library. When analyzing rRNA maturation intermediates, we usually spike-in from 10% to 20% of PhiX control v3 library. 21. The procedure detailed here can be extended to other types of RNA targets, such as poly(A) tailed transcripts. Illumina sequencing of poly(A) stretches requires spiking-in a particular high amount of PhiX control library, at least 20% of the flow cell. Indeed, sequencing a highly diversified library alongside samples is necessary to counteract the strong negative impact of the base composition bias toward A of poly(A) tails on sequencing quality. 22. Amplicon libraries are paired-end sequenced: read 1 is use to identify target, whereas read 2 is used to determine RNA 3 0 end position and to identify added untemplate nucleotides (Fig. 4). Reagents provided in MiSeq 150-Cycle kit are sufficient to perform 152 sequencing cycles. The number of cycles for read 2 sequencing can be adjusted according to the type of analyzed RNA targets and the expected length of 3 0 untem- plated tails. A cycle setting of 76  76 nt enables the analysis of untemplated tails up to 56 nt (76 nt – 15 nt of the random sequence – 5 nt of the delimiter sequence). For longer 3 0 tail, such as mRNA poly(A) tail, cycle setting can be desynchro- nized and cycle number for read 1 sequencing can be reduced in favor of read 2 sequencing. For example in [ 6], we sequenced in parallel amplicon libraries for rRNA intermedi- ates and poly(A) tailed mRNA and we thus set cycle setting as 41  111 nt, 41 nt being sufficient for transcript identification. 23. In this protocol, we use the TruSeq RNA PCR index primers, classically used for the preparation of TruSeq Smal RNA library. However, default options for TruSeq Small sequencing 166 He ´ le ` ne Scheer et al. in the IEM software does not allow for paired-end sequencing. Therefore, a custom template, based on the “TruSeq Small RNA.txt” template, needs to be created. Acknowledgments This work was supported by the Centre National de la Recherche Scientifique (CNRS, France) and research grants from the French National Research Agency as part of the “Investments for the Future” program in the frame of LABEX ANR-10-LABX- 0036_NETRNA and ANR-15-CE12-0008-01 to D.G, and in the frame of the IdEx Unistra to H.Z. References 1. Januszyk K, Lima CD (2014) The eukaryotic length and 30 end modifications. Mol Cell RNA exosome. Curr Opin Struct Biol 53:1044–1052 24:132–140 10. Lim J, Ha M, Chang H et al (2014) Uridyla- 2. Schneider C, Tollervey D (2014) Looking into tion by TUT4 and TUT7 marks mRNA for the barrel of the RNA exosome. Nat Struct degradation. Cell 159:1365–1376 Mol Biol 21:17–18 11. Zuber H, Scheer H, Ferrier E et al (2016) 3. Zinder JC, Lima CD (2017) Targeting RNA Uridylation and PABP cooperate to repair for processing or destruction by the eukaryotic mRNA deadenylated ends in Arabidopsis. Cell RNA exosome and its cofactors. 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dŽŵĂƌŝ͕ z͘ ;ϮϬϭϳͿ͘ dŚĞ ƉŽůLJ;Ϳ ƚĂŝů ďůŽĐŬƐ ZZϲ ĨƌŽŵ ĐŽŶǀĞƌƚŝŶŐ ƐĞůĨ ŵZEƐŝŶƚŽƐƵďƐƚƌĂƚĞƐĨŽƌŐĞŶĞƐŝůĞŶĐŝŶŐ͘EĂƚ͘WůĂŶƚƐ ϯ͘ ĂĞƌ͕͘t͕͘ĂŶĚ<ŽƌŶďĞƌŐ͕Z͘͘;ϭϵϴϬͿ͘ZĞƉĞĂƚŝŶŐƐƚƌƵĐƚƵƌĞŽĨĐLJƚŽƉůĂƐŵŝĐƉŽůLJ;ͿͲƌŝďŽŶƵĐůĞŽƉƌŽƚĞŝŶ͘ WƌŽĐ͘EĂƚů͘ĐĂĚ͘^Đŝ͘ ϳϳ ͕ϭϴϵϬ ʹϭϴϵϮ͘ ĂŐŐƐ͕:͘ ͕͘ĂŶĚ'ƌĞĞŶ͕͘͘;ϮϬϬϯͿ͘EŽĐƚƵƌŶŝŶ͕ĂĚĞĂĚĞŶLJůĂƐĞŝŶyĞŶŽƉƵƐůĂĞǀŝƐƌĞƚŝŶĂ͗ŵĞĐŚĂŶŝƐŵ ĨŽƌƉŽƐƚƚƌĂŶƐĐƌŝƉƚŝŽŶĂůĐŽŶƚƌŽůŽĨĐŝƌĐĂĚŝĂŶͲƌĞůĂƚĞĚŵZE͘Ƶƌƌ͘ŝŽů͘ ϭϯ ͕ϭϴϵ ʹϭϵϴ͘ Ăŝ͕z͕͘^ĂůǀĂĚŽƌĞ͕͕͘ŚŝĂŶŐ͕z͕͘͘ŽůůĂƌƚ͕D͕͘͘>ŝƵ͕,͘z͕͘ĂŶĚĞŶŝƐ͕͘>͘;ϭϵϵϵͿ͘dŚĞZϰĂŶĚ&ϭ ƉƌŽƚĞŝŶƐŽĨƚŚĞZϰͲEKdĐŽŵƉůĞdžĂƌĞƉŚLJƐŝĐĂůůLJĂŶĚĨƵŶĐƚŝŽŶĂůůLJƐĞƉĂƌĂƚĞĚĨƌŽŵEKdϮ͕EKdϰ͕ĂŶĚ EKdϱ͘DŽů͘Ğůů͘ŝŽů͘ ϭϵ ͕ϲϲϰϮ ʹϲϲϱϭ͘ ĂůĂƚƐŽƐ͕ E͕͘͘͘ EŝůƐƐŽŶ͕ W͕͘ DĂnjnjĂ͕ ͕͘ ƵƐĂĐŬ͕ ^͕͘ ĂŶĚ sŝƌƚĂŶĞŶ͕ ͘ ;ϮϬϬϲͿ͘ /ŶŚŝďŝƚŝŽŶ ŽĨ ŵZE ĚĞĂĚĞŶLJůĂƚŝŽŶďLJƚŚĞŶƵĐůĞĂƌĐĂƉďŝŶĚŝŶŐĐŽŵƉůĞdž;Ϳ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϴϭ ͕ϰϱϭϳ ʹϰϱϮϮ͘ ϭϴϵ ĂůnjĞĂƵ͕:͕͘DĞŶĞnjĞƐ͕D͘Z͕͘ĂŽ͕^͕͘ĂŶĚ,ĂŐĂŶ͕:͘W͘;ϮϬϭϳͿ͘dŚĞ>/EϮϴͬůĞƚͲϳƉĂƚŚǁĂLJŝŶĐĂŶĐĞƌ͘&ƌŽŶƚ͘ 'ĞŶĞƚ͘ ϴ͘ ĂƌďĞĞ͕^͕͘͘ ƐƚĞƐ͕W͘^͕͘njŝŬŽ͕͘D͕͘,ŝůůĞďƌĂŶĚ͕:͕͘>ƵĞĚĞŵĂŶ͕Z͕͘͘ŽůůĞƌ͕:͘D͕͘:ŽŚŶƐŽŶ͕E͕͘,ŽǁůĞƚƚ͕ /͕͘͘'ĞŶŐ͕͕͘hĞĚĂ͕Z͕͘ĞƚĂů͘;ϮϬϬϲͿ͘^ƚĂƵĨĞŶͲĂŶĚ&DZWͲŽŶƚĂŝŶŝŶŐEĞƵƌŽŶĂůZEWƐƌĞ^ƚƌƵĐƚƵƌĂůůLJ ĂŶĚ&ƵŶĐƚŝŽŶĂůůLJZĞůĂƚĞĚƚŽ^ŽŵĂƚŝĐWŽĚŝĞƐ͘EĞƵƌŽŶ ϱϮ ͕ϵϵϳ ʹϭϬϬϵ͘ ĂƐƋƵŝŶ͕:͕͘ZŽƵĚŬŽ͕s͘s͕͘ZŽĚĞ͕D͕͘ĂƐƋƵŝŶ͕͕͘^ĠƌĂƉŚŝŶ͕͕͘ĂŶĚŽŶƚŝ͕ ͘;ϮϬϭϮͿ͘ƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞ ŶƵĐůĞĂƐĞŵŽĚƵůĞŽĨƚŚĞLJĞĂƐƚĐĐƌϰͲEŽƚĐŽŵƉůĞdž͗dŚĞŶŽƚϭͲĐĂĨϭͲĐĐƌϰŝŶƚĞƌĂĐƚŝŽŶ͘DŽů͘Ğůů ϰϴ ͕ϮϬϳ ʹϮϭϴ͘ ĂǁĂŶŬĂƌ͕W͕͘>ŽŚ͕͕͘tŽŚůďŽůĚ͕>͕͘^ĐŚŵŝĚƚ͕^͕͘ĂŶĚ/njĂƵƌƌĂůĚĞ͕ ͘;ϮϬϭϯͿ͘EKdϭϬĂŶĚϮŽƌĨϮϵͬEKdϭϭ ĨŽƌŵĂĐŽŶƐĞƌǀĞĚŵŽĚƵůĞŽĨƚŚĞZϰͲEKdĐŽŵƉůĞdžƚŚĂƚĚŽĐŬƐŽŶƚŽƚŚĞEKdϭEͲƚĞƌŵŝŶĂůĚŽŵĂŝŶ͘ ZEŝŽů͘ ϭϬ ͕ϮϮϴ ʹϮϰϰ͘ ĞĞůŵĂŶ͕͕͘͘^ƚĞǀĞŶƐ͕͕͘ĂƉŽŶŝŐƌŽ͕'͕͘>Ă'ƌĂŶĚĞƵƌ͕d͘ ͕͘,ĂƚĨŝĞůĚ͕>͕͘&ŽƌƚŶĞƌ͕͘D͕͘ĂŶĚWĂƌŬĞƌ͕Z͘ ;ϭϵϵϲͿ͘ŶĞƐƐĞŶƚŝĂůĐŽŵƉŽŶĞŶƚŽĨƚŚĞĚĞĐĂƉƉŝŶŐĞŶnjLJŵĞƌĞƋƵŝƌĞĚĨŽƌŶŽƌŵĂůƌĂƚĞƐŽĨŵZEƚƵƌŶŽǀĞƌ͘ EĂƚƵƌĞ ϯϴϮ ͕ϲϰϮ ʹϲϰϲ͘ ĞŚŵͲŶƐŵĂŶƚ͕ /͕͘ ZĞŚǁŝŶŬĞů͕ :͕͘ ŽĞƌŬƐ͕ d͕͘ ^ƚĂƌŬ͕ ͕͘ ŽƌŬ͕ W͕͘ ĂŶĚ /njĂƵƌƌĂůĚĞ͕ ͘ ;ϮϬϬϲͿ͘ ŵZE ĚĞŐƌĂĚĂƚŝŽŶďLJŵŝZEƐĂŶĚ'tϭϴϮƌĞƋƵŝƌĞƐďŽƚŚZϰ͗EKdĚĞĂĚĞŶLJůĂƐĞĂŶĚWϭ͗WϮĚĞĐĂƉƉŝŶŐ ĐŽŵƉůĞdžĞƐ͘'ĞŶĞƐĞǀ͘ ϮϬ ͕ϭϴϴϱ ʹϭϴϵϴ͘ ĞŝůŚĂƌnj͕ d͘,͕͘ ĂŶĚ WƌĞŝƐƐ͕ d͘ ;ϮϬϬϳͿ͘ tŝĚĞƐƉƌĞĂĚ ƵƐĞ ŽĨ ƉŽůLJ;Ϳ ƚĂŝů ůĞŶŐƚŚ ĐŽŶƚƌŽů ƚŽ ĂĐĐĞŶƚƵĂƚĞ ĞdžƉƌĞƐƐŝŽŶŽĨƚŚĞLJĞĂƐƚƚƌĂŶƐĐƌŝƉƚŽŵĞ͘ZE ϭϯ ͕ϵϴϮ ʹϵϵϳ͘ ĞůůŝŽƚ͕'͕͘^ŽƐŶŽǀƚƐĞǀ͕^͘s͕ŚĂŶŐ͕<͘K͕͘DĐWŚŝĞ͕W͕͘ĂŶĚ'ƌĞĞŶ͕<͘z͘;ϮϬϬϴͿ͘EƵĐůĞŽƚŝĚLJůLJůĂƚŝŽŶŽĨƚŚĞ sWŐƉƌŽƚĞŝŶŽĨĂŚƵŵĂŶŶŽƌŽǀŝƌƵƐďLJŝƚƐƉƌŽƚĞŝŶĂƐĞͲƉŽůLJŵĞƌĂƐĞƉƌĞĐƵƌƐŽƌƉƌŽƚĞŝŶ͘sŝƌŽůŽŐLJ ϯϳϰ ͕ϯϯ ʹ ϰϵ͘ ĞůŽƐƚŽƚƐŬLJ͕͘͘;ϮϬϬϯͿ͘hŶĞdžƉĞĐƚĞĚĐŽŵƉůĞdžŝƚLJŽĨƉŽůLJ;ͿͲďŝŶĚŝŶŐƉƌŽƚĞŝŶŐĞŶĞĨĂŵŝůŝĞƐŝŶĨůŽǁĞƌŝŶŐ ƉůĂŶƚƐ͗dŚƌĞĞĐŽŶƐĞƌǀĞĚůŝŶĞĂŐĞƐƚŚĂƚĂƌĞĂƚůĞĂƐƚϮϬϬŵŝůůŝŽŶLJĞĂƌƐŽůĚĂŶĚƉŽƐƐŝďůĞĂƵƚŽͲĂŶĚĐƌŽƐƐͲ ƌĞŐƵůĂƚŝŽŶ͘'ĞŶĞƚŝĐƐ ϭϲϯ ͕ϯϭϭ ʹϯϭϵ͘ ĞƌŶĚƚ͕,͕͘,ĂƌŶŝƐĐŚ͕͕͘ZĂŵŵĞůƚ͕͕͘^ƚŽŚƌ͕E͕͘ŝƌŬĞů͕͕͘ŽŚŵ͕:͕͘͘,ŝŵŵĞůďĂƵĞƌ͕,͕͘dĂǀĂŶĞnj͕:͘W͕͘ ,ƵƚƚĞůŵĂŝĞƌ͕ ^͕͘ tĂŚůĞ͕ ͕͘ Ğƚ Ăů͘ ;ϮϬϭϮͿ͘ DĂƚƵƌĂƚŝŽŶ ŽĨ ŵĂŵŵĂůŝĂŶ ,ͬ ďŽdž ƐŶŽZEƐ͗ WWϱͲ ĚĞƉĞŶĚĞŶƚĂĚĞŶLJůĂƚŝŽŶĂŶĚWZEͲĚĞƉĞŶĚĞŶƚƚƌŝŵŵŝŶŐ͘ZE ϭϴ ͕ϵϱϴ ʹϵϳϮ͘ ŚĂƐŬĂƌ͕s͕͘ĂƐƋƵŝŶ͕:͕͘ĂŶĚŽŶƚŝ͕ ͘;ϮϬϭϱͿ͘ƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞƵďŝƋƵŝƚLJůĂƚŝŽŶŵŽĚƵůĞŽĨƚŚĞLJĞĂƐƚ ĐƌϰͲEŽƚĐŽŵƉůĞdž͘^ƚƌƵĐƚƵƌĞ Ϯϯ ͕ϵϮϭ ʹϵϮϴ͘ ůĂŚŶĂ͕ D͘d͕͘ :ŽŶĞƐ͕ D͘Z͕͘ YƵŝŶƚŽŶ͕ >͘:͕͘ DĂƚƐƵƵƌĂ͕ <͘z͕͘ ĂŶĚ DŝnjŐĞƌĚ͕ :͘W͘ ;ϮϬϭϭͿ͘ dĞƌŵŝŶĂů ƵƌŝĚLJůƚƌĂŶƐĨĞƌĂƐĞ ĞŶnjLJŵĞ ĐĐŚĐϭϭ ƉƌŽŵŽƚĞƐ ĐĞůů ƉƌŽůŝĨĞƌĂƚŝŽŶ ŝŶĚĞƉĞŶĚĞŶƚ ŽĨ ŝƚƐ ƵƌŝĚLJůƚƌĂŶƐĨĞƌĂƐĞ ĂĐƚŝǀŝƚLJ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϴϲ ͕ϰϮϯϴϭ ʹϰϮϯϴϵ͘ ŽĐĐĂůĞƚƚŽ͕W͕͘DĂĐ,ŶŝĐŬĂ͕D͕͘͘WƵƌƚĂ͕ ͕͘WŝƚŬŽǁƐŬŝ͕W͕͘ĂŐŝŶƐŬŝ͕͕͘tŝƌĞĐŬŝ͕d͘<͕͘ĞƌĠĐLJͲ>ĂŐĂƌĚ͕s͕͘ ZŽƐƐ͕Z͕͘>ŝŵďĂĐŚ͕W͕͘͘<ŽƚƚĞƌ͕͕͘ĞƚĂů͘;ϮϬϭϴͿ͘DKKD/^͗ĚĂƚĂďĂƐĞŽĨZEŵŽĚŝĨŝĐĂƚŝŽŶƉĂƚŚǁĂLJƐ͘ ϮϬϭϳƵƉĚĂƚĞ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϲ ͕ϯϬϯ ʹϯϬϳ͘ ŽĞĐŬ͕Z͕͘dĂƌƵŶ͕^͕͘ZŝĞŐĞƌ͕D͕͘ĞĂƌĚŽƌĨĨ͕:͕͘͘DƺůůĞƌͲƵĞƌ͕^͕͘ĂŶĚ^ĂĐŚƐ͕͘͘;ϭϵϵϲͿ͘dŚĞLJĞĂƐƚWĂŶϮ ƉƌŽƚĞŝŶŝƐƌĞƋƵŝƌĞĚĨŽƌƉŽůLJ;ͿͲďŝŶĚŝŶŐƉƌŽƚĞŝŶͲƐƚŝŵƵůĂƚĞĚƉŽůLJ;ͿͲŶƵĐůĞĂƐĞĂĐƚŝǀŝƚLJ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϳϭ ͕ ϰϯϮ ʹϰϯϴ͘ ůƵ ͲPnjƚƺƌŬ͕͕͘tŽŚůďŽůĚ͕>͕͘tĞŝĐŚĞŶƌŝĞĚĞƌ͕K͕͘ĂŶĚڰŽůĂŶĚ͕͕͘ŚĞŶ͕z͕͘ZĂŝƐĐŚ͕d͕͘:ŽŶĂƐ͕^͕͘<ƵnjƵŽ /njĂƵƌƌĂůĚĞ͕ ͘;ϮϬϭϯͿ͘^ƚƌƵĐƚƵƌĞĂŶĚĂƐƐĞŵďůLJŽĨƚŚĞEKdŵŽĚƵůĞŽĨƚŚĞŚƵŵĂŶZϰͲEKdĐŽŵƉůĞdž͘ EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ ϮϬ ͕ϭϮϴϵ ʹϭϮϵϳ͘ ŽƌũĂ͕D͘^͕͘WŝŽƚƵŬŚ͕<͕͘&ƌĞƵŶĚ͕͕͘ĂŶĚ'ƌŽƐƐ͕:͘͘;ϮϬϭϭͿ͘ĐƉϭůŝŶŬƐĐŽĂĐƚŝǀĂƚŽƌƐŽĨŵZEĚĞĐĂƉƉŝŶŐ ƚŽĐƉϮďLJƉƌŽůŝŶĞƌĞĐŽŐŶŝƚŝŽŶ͘ZE ϭϳ ͕Ϯϳϴ ʹϮϵϬ͘ ϭϵϬ ŽƵǀĞƌĞƚ͕ ͕͘ZŝŐĂƵƚŶ͕'͕͘^ŚĞǀĐŚĞŶŬŽ͕͕͘tŝůŵ͕D͕͘ĂŶĚ^ĠƌĂƉŚŝŶ͕͘;ϮϬϬϬͿ͘^ŵͲůŝŬĞƉƌŽƚĞŝŶĐŽŵƉůĞdž ƚŚĂƚƉĂƌƚŝĐŝƉĂƚĞƐŝŶŵZEĚĞŐƌĂĚĂƚŝŽŶ͘ DK:͘ ϭϵ ͕ϭϲϲϭ ʹϭϲϳϭ͘ ƌĂŶƐĐŚĞŝĚ͕ ͕͘ DĂƌĐŚĂŝƐ͕ ͕͘ ^ĐŚŽƚƚ͕ '͕͘ >ĂŶŐĞ͕ ,͕͘ 'ĂŐůŝĂƌĚŝ͕ ͕͘ ŶĚĞƌƐĞŶ͕ ^͘h͕͘ sŽŝŶŶĞƚ͕ K͕͘ ĂŶĚ ƌŽĚĞƌƐĞŶ͕W͘;ϮϬϭϱͿ͘ ^͕͘ĂŶĚƌĞLJĨƵƐƐ͕'͘;ϭϵϵϭͿ͘dŚĞŵƵůƚŝƉůĞZEͲďŝŶĚŝŶŐĚŽŵĂŝŶƐŽĨƚŚĞŵZE ƉŽůLJ;ͿͲďŝŶĚŝŶŐƉƌŽƚĞŝŶŚĂǀĞĚŝĨĨĞƌĞŶƚZEͲďŝŶĚŝŶŐĂĐƚŝǀŝƚŝĞƐ͘DŽů͘Ğůů͘ŝŽů͘ϭϭ ͕ϯϰϭϵ ʹϯϰϮϰ͘ ĂůůĂŚĂŶ͕ <͘W͕͘ ĂŶĚ ƵƚůĞƌ͕ :͘^͘ ;ϮϬϭϬͿ͘ dZDW ĐŽŵƉůĞdž ĞŶŚĂŶĐĞƐ ZE ĚĞŐƌĂĚĂƚŝŽŶ ďLJ ƚŚĞ ŶƵĐůĞĂƌ ĞdžŽƐŽŵĞĐŽŵƉŽŶĞŶƚZƌƉϲ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϴϱ ͕ϯϱϰϬ ʹϯϱϰϳ͘ ĂƉŽŶŝŐƌŽ͕ '͕͘ ĂŶĚ WĂƌŬĞƌ͕ Z͘ ;ϭϵϵϱͿ͘ DƵůƚŝƉůĞ ĨƵŶĐƚŝŽŶƐ ĨŽƌ ƚŚĞ ƉŽůLJ;ͿďŝŶĚŝŶŐ ƉƌŽƚĞŝŶ ŝŶ ŵZE ĚĞĐĂƉƉŝŶŐĂŶĚĚĞĂĚĞŶLJůĂƚŝŽŶŝŶLJĞĂƐƚ͘'ĞŶĞƐĞǀ͘ ϵ͕ϮϰϮϭ ʹϮϰϯϮ͘ ĂƐƚĞůůĂŶŽ͕>͕͘͘ĂŶĚĂnjnjŝŶŝ͕͘͘;ϮϬϭϳͿ͘WŽůLJ;ͿƚĂŝůƐ͗ůŽŶŐĞƌŝƐŶŽƚĂůǁĂLJƐďĞƚƚĞƌ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ ŝŽů͘ Ϯϰ ͕ϭϬϭϬ ʹϭϬϭϭ͘ ĂƵƚĂŝŶ͕͕͘,ŝůů͕Z͕͘ĞWĞĚƌŽ͕E͕͘ĂŶĚ>ŝŶŬ͕t͘;ϮϬϭϱͿ͘ŽŵƉŽŶĞŶƚƐĂŶĚƌĞŐƵůĂƚŝŽŶŽĨŶƵĐůĞĂƌƚƌĂŶƐƉŽƌƚ ƉƌŽĐĞƐƐĞƐ͘& ^:͘ ϮϴϮ ͕ϰϰϱ ʹϰϲϮ͘ ĞǀŚĞƌ͕ D͕͘͘ ŚĂŶŐ͕ y͕͘ &ĞƌŶĂŶĚĞnj͕ ^͕͘ <ŝŵ͕ ^͕͘ ĂƋƵĞƌŽ͕ :͕͘ EŝůƐƐŽŶ͕ W͕͘ >ĞĞ͕ ^͕͘ sŝƌƚĂŶĞŶ͕ ͕͘ ĂŶĚ <ůĞŝŵĂŶ͕&͘ ͘;ϮϬϭϬͿ͘EƵĐůĞĂƌĚĞĂĚĞŶLJůĂƚŝŽŶͬƉŽů LJĂĚĞŶLJůĂƚŝŽŶĨĂĐƚŽƌƐƌĞŐƵůĂƚĞϯ഻ƉƌŽĐĞƐƐŝŶŐŝŶƌĞƐƉŽŶƐĞ ƚŽEĚĂŵĂŐĞ͘ DK:͘ Ϯϵ ͕ϭϲϳϰ ʹϭϲϴϳ͘ ŚĂŶŐ͕,͘ͲD͕͘dƌŝďŽƵůĞƚ͕Z͕͘dŚŽƌŶƚŽŶ͕:͘ ͕͘ĂŶĚ'ƌĞŐŽƌLJ͕Z͘/͘;ϮϬϭϯͿ͘ƌŽůĞĨŽƌƚŚĞWĞƌůŵĂŶƐLJŶĚƌŽŵĞ ĞdžŽŶƵĐůĞĂƐĞŝƐϯůϮŝŶƚŚĞ>ŝŶϮϴͲůĞƚͲϳƉĂƚŚǁĂLJ͘EĂƚƵƌĞ ϰϵϳ ͕Ϯϰϰ ʹϮϰϴ͘ ŚĂŶŐ͕,͕͘>ŝŵ͕:͕͘,Ă͕D͕͘ĂŶĚ<ŝŵ͕s͘E͘;ϮϬϭϰͿ͘d/>ͲƐĞƋ͗'ĞŶŽŵĞͲǁŝĚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƉŽůLJ;ͿƚĂŝů ůĞŶŐƚŚĂŶĚϯ͛ĞŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐ͘DŽů͘Ğůů ϱϯ ͕ϭϬϰϰ ʹϭϬϱϮ͘ ŚĂƉĂƚ͕͕͘ĂŶĚŽƌďŽ͕>͘;ϮϬϭϰͿ͘EŽǀĞůƌŽůĞƐŽĨƚŚĞZϰͲEKdĐŽŵƉůĞdž͘tŝůĞLJ/ŶƚĞƌĚŝƐĐŝƉ͘ZĞǀ͘ZE ϱ͕ ϴϴϯ ʹϵϬϭ͘ ŚĂƌĞŶƚŽŶ͕͕͘dĂǀĞƌŶŝƚŝ͕s͕͘'ĂƵĚŽŶͲWůĞƐƐĞ͕͕͘ĂĐŬ͕Z͕͘^ĠƌĂƉŚŝŶ͕͕͘ĂŶĚ'ƌĂŝůůĞ͕D͘;ϮϬϭϲͿ͘^ƚƌƵĐƚƵƌĞ ŽĨƚŚĞĂĐƚŝǀĞĨŽƌŵŽĨĐƉϭͲĐƉϮĚĞĐĂƉƉŝŶŐĞŶnjLJŵĞďŽƵŶĚƚŽŵϳ'WĂŶĚŝƚƐ ĚĐϯĂĐƚŝǀĂƚŽƌ͘EĂƚ͘ ^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ Ϯϯ ͕ϵϴϮ ʹϵϴϲ͘ ŚĂƌůĞƐǁŽƌƚŚ͕ ͕͘ DĞŝũĞƌ͕ ,͕͘͘ ĂŶĚ Ğ DŽŽƌ͕ ͘,͘ ;ϮϬϭϯͿ͘ ^ƉĞĐŝĨŝĐŝƚLJ ĨĂĐƚŽƌƐ ŝŶ ĐLJƚŽƉůĂƐŵŝĐ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶ͘tŝůĞLJ/ŶƚĞƌĚŝƐĐŝƉ͘ZĞǀ͘ZE ϰ͕ϰϯϳ ʹϰϲϭ͘ ŚĞŶ͕:͕͘ZĂƉƉƐŝůďĞƌ͕:͕͘ŚŝĂŶŐ͕z͘Ͳ͕͘ZƵƐƐĞůů͕W͕͘DĂŶŶ͕D͕͘ĂŶĚĞŶŝƐ͕͘>͘;ϮϬϬϭͿ͘WƵƌŝĨŝĐĂƚŝŽŶĂŶĚ ĐŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨƚŚĞϭ͘ϬDĂZϰͲEKdĐŽŵƉůĞdžŝĚĞŶƚŝĨŝĞƐƚǁŽŶŽǀĞůĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞĐŽŵƉůĞdž͘ :͘DŽů͘ŝŽů͘ ϯϭϰ ͕ϲϴϯ ʹϲϵϰ͘ ϭϵϭ ŚĞŶ͕y͘:͕͘ŚĂŶŐ͕y͘,͕͘,Ƶ͕>͕͘͘ŚĂŶŐ͕:͘Y͕͘:ŝĂŶŐ͕z͕͘zĂŶŐ͕z͕͘ĂŶĚzĂŶ͕z͘ŝŶ;ϮϬϭϲͿ͘ƐĂĨϭŝƐŝŶǀŽůǀĞĚ ŝŶĞŶǀŝƌŽŶŵĞŶƚĂůƐƚƌĞƐƐƌĞƐƉŽŶƐĞŽĨƵŶĂůŝĞůůĂƐĂůŝŶĂ͘/Ŷƚ͘:͘ŝŽů͘DĂĐƌŽŵŽů͘ ϴϮ ͕ϯϲϵ ʹϯϳϰ͘ ŚĞŶ͕z͕͘ŽůĂŶĚ͕͕͘<ƵnjƵŽ͕͕͘ĂǁĂŶŬĂƌ͕W͕͘>ŽŚ͕͕͘ŚĂŶŐ͕͘dĞ͕tĞŝĐŚĞŶƌŝĞĚĞƌ͕K͕͘/njĂƵƌƌĂůĚĞ͕ ͕͘ ůƵ ͲPnjƚƺƌŬ͕ ͕͘ ĂǁĂŶŬĂƌ͕ W͕͘ Ğƚ Ăů͘ ;ϮϬϭϰͿ͘ yϲͲEKdϭ ŽŵƉůĞdž ĂŶĚ tͲŝŶĚŝŶŐ WŽĐŬĞƚƐ ŝŶڰƵnjƵŽ> EKdϵZĞǀĞĂůŝƌĞĐƚ>ŝŶŬƐďĞƚǁĞĞŶŵŝZEdĂƌŐĞƚZĞĐŽŐŶŝƚŝŽŶĂŶĚ^ŝůĞŶĐŝŶŐ͘DŽů͘Ğůů ϱϰ ͕ϳϯϳ ʹϳϱϬ͘ ŚĞŶŐ͕^͕͘ĂŶĚ'ĂůůŝĞ͕͘Z͘;ϮϬϭϯͿ͘ ƵŬĂƌLJŽƚŝĐŝŶŝƚŝĂƚŝŽŶĨĂĐƚŽƌϰĂŶĚƚŚĞƉŽůLJ;ͿͲďŝŶĚŝŶŐƉƌŽƚĞŝŶďŝŶĚ Ğ/&ϰ'ĐŽŵƉĞƚŝƚŝǀĞůLJ͘dƌĂŶƐůĂƚŝŽŶ ϭ͕ĞϮϰϬϯϴ͘ ŚĞŶŐ͕,͕͘ƵĨƵ͕<͕͘>ĞĞ͕͘^͕͘,ƐƵ͕:͘>͕͘ŝĂƐ͕͕͘ĂŶĚZĞĞĚ͕Z͘;ϮϬϬϲͿ͘,ƵŵĂŶŵZE džƉŽƌƚDĂĐŚŝŶĞƌLJ ZĞĐƌƵŝƚĞĚƚŽƚŚĞϱ഻ ŶĚŽĨŵZE͘Ğůů ϭϮϳ ͕ϭϯϴϵ ʹϭϰϬϬ͘ Śŝ͕͕͘tĂŶŐ͕Y͕͘tƵ͕'͕͘dĂŶ͕D͕͘tĂŶŐ͕>͕͘^Śŝ͕D͕͘ŚĂŶŐ͕y͕͘ĂŶĚŚĞŶŐ͕,͘;ϮϬϭϯͿ͘ůLJĂŶĚd,KĂƌĞ ƌĞƋƵŝƌĞĚ ĨŽƌ ĂƐƐĞŵďůLJ ŽĨ ƚŚĞ ŚƵŵĂŶ dZ y ĐŽŵƉůĞdž ĂŶĚ ĂƐƐŽĐŝĂƚŝŽŶ ŽĨ dZ y ĐŽŵƉŽŶĞŶƚƐ ǁŝƚŚ ƚŚĞ ƐƉůŝĐĞĚŵZE͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϭ ͕ϭϮϵϰ ʹϭϯϬϲ͘ ŚŝďĂ͕ z͕͘ :ŽŚŶƐŽŶ͕ D͕͘͘ >ŝĚĚĞƌ͕ W͕͘ sŽŐĞů͕ :͘d͕͘ ǀĂŶ ƌƉ͕ ,͕͘ ĂŶĚ 'ƌĞĞŶ͕ W͘:͘ ;ϮϬϬϰͿ͘ ƚWZE ŝƐ ĂŶ ĞƐƐĞŶƚŝĂůƉŽůLJ;ͿƌŝďŽŶƵĐůĞĂƐĞŝŶƌĂďŝĚŽƉƐŝƐ͘'ĞŶĞ ϯϮϴ ͕ϵϱ ʹϭϬϮ͘ ŚŝĐŽŝƐ͕͕͘^ĐŚĞĞƌ͕,͕͘'ĂƌĐŝĂ͕^͕͘ƵďĞƌ͕,͕͘DƵƚƚĞƌĞƌ͕:͕͘ŚŝĐŚĞƌ͕:͕͘,ĂŵŵĂŶŶ͕W͕͘'ĂŐůŝĂƌĚŝ͕͕͘ĂŶĚ 'ĂƌĐŝĂ͕͘;ϮϬϭϴͿ͘dŚĞhW&ϭŝŶƚĞƌĂĐƚŽŵĞƌĞǀĞĂůƐŝŶƚĞƌĂĐƚŝŽŶŶĞƚǁŽƌŬƐďĞƚǁĞĞŶZEĚĞŐƌĂĚĂƚŝŽŶĂŶĚ ƚƌĂŶƐůĂƚŝŽŶƌĞƉƌĞƐƐŝŽŶĨĂĐƚŽƌƐŝŶƌĂďŝĚŽƉƐŝƐ͘WůĂŶƚ:͘ ϵϲ ͕ϭϭϵ ʹϭϯϮ͘ ŚŝƵ͕^͘z͕͘>ĞũĞƵŶĞ͕&͕͘ZĂŶŐĂŶĂƚŚĂŶ͕͕͘͘ĂŶĚDĂƋƵĂƚ͕>͘ ͘;ϮϬϬϰͿ͘dŚĞƉŝŽŶĞĞƌƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶ ĐŽŵƉůĞdž ŝƐ ĨƵŶĐƚŝŽŶĂůůLJ ĚŝƐƚŝŶĐƚ ĨƌŽŵ ďƵƚ ƐƚƌƵĐƚƵƌĂůůLJ ŽǀĞƌůĂƉƐ ǁŝƚŚ ƚŚĞ ƐƚĞĂĚLJͲƐƚĂƚĞ ƚƌĂŶƐůĂƚŝŽŶ ŝŶŝƚŝĂƚŝŽŶĐŽŵƉůĞdž͘'ĞŶĞƐĞǀ͘ ϭϴ ͕ϳϰϱ ʹϳϱϰ͘ ŚŽŝ͕z͘,͕͘ĂŶĚ,ĂŐĞĚŽƌŶ͕͘,͘;ϮϬϬϯͿ͘WƵƌŝĨLJŝŶŐŵZEƐǁŝƚŚĂŚŝŐŚͲĂĨĨŝŶŝƚLJĞ/&ϰ ŵƵƚĂŶƚŝĚĞŶƚŝĨŝĞƐƚŚĞ ƐŚŽƌƚϯ͛ƉŽůLJ; ͿĞŶĚƉŚĞŶŽƚLJƉĞ͘WƌŽĐ͘EĂƚů͘ĐĂĚ͘^Đŝ͘ ϭϬϬ ͕ϳϬϯϯ ʹϳϬϯϴ͘ ŚŽƵ͕t͘Ͳ>͕͘ŚƵŶŐ͕z͘Ͳ>͕͘&ĂŶŐ͕:͘Ͳ͕͘ĂŶĚ>Ƶ͕͘Ͳ͘;ϮϬϭϲͿ͘EŽǀĞůŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶZϰĂŶĚ&ϭ ŝŶƌŝĐĞZϰ ʹEKdĚĞĂĚĞŶLJůĂƐĞĐŽŵƉůĞdž͘WůĂŶƚDŽů͘ŝŽů͘ ϵϯ ͕ϳϵ ʹϵϲ͘ ŚŽƵ͕t͘>͕͘,ƵĂŶŐ͕>͘&͕͘&ĂŶŐ͕:͕͘͘zĞŚ͕͘,͕͘,ŽŶŐ͕͘z͕͘tƵ͕^͘:͕͘ĂŶĚ>Ƶ͕͘͘;ϮϬϭϰͿ͘ŝǀĞƌŐĞŶĐĞŽĨ ƚŚĞĞdžƉƌĞƐƐŝŽŶĂŶĚƐƵďĐĞůůƵůĂƌůŽĐĂůŝnjĂƚŝŽŶŽĨZϰͲĂƐƐŽĐŝĂƚĞĚĨĂĐƚŽƌϭ;&ϭͿĚĞĂĚĞŶLJůĂƐĞƉƌŽƚĞŝŶƐŝŶ KƌLJnjĂƐĂƚŝǀĂ͘WůĂŶƚDŽů͘ŝŽů͘ ϴϱ ͕ϰϰϯ ʹϰϱϴ͘ ŚŽǁĚŚƵƌLJ͕͕͘DƵŬŚŽƉĂĚŚLJĂLJ͕:͕͘ĂŶĚdŚĂƌƵŶ͕^͘;ϮϬϬϳͿ͘dŚĞĚĞĐĂƉƉŝŶŐĂĐƚŝǀĂƚŽƌ>ƐŵϭƉͲϳƉͲWĂƚϭƉ ĐŽŵƉůĞdžŚĂƐƚŚĞŝŶƚƌŝŶƐŝĐĂďŝůŝƚLJƚŽĚŝƐƚŝŶŐƵŝƐŚďĞƚǁĞĞŶŽůŝŐŽĂĚĞŶLJůĂƚĞĚĂŶĚƉŽůLJĂĚĞŶLJůĂƚĞĚZEƐ͘ ZE ϭϯ ͕ϵϵϴ ʹϭϬϭϲ͘ ŽůůĂƌƚ͕D͘͘;ϮϬϭϲͿ͘dŚĞĐƌϰͲEŽƚĐŽŵƉůĞdžŝƐĂŬĞLJƌĞŐƵůĂƚŽƌŽĨĞƵŬĂƌLJŽƚŝĐŐĞŶĞĞdžƉƌĞƐƐŝŽŶ͘tŝůĞLJ /ŶƚĞƌĚŝƐĐŝƉ͘ZĞǀ͘ZE ϳ͕ϰϯϴ ʹϰϱϰ͘ ŽůůĂƌƚ͕D͕͘͘ĂŶĚWĂŶĂƐĞŶŬŽ͕K͘K͘;ϮϬϭϮͿ͘dŚĞĐƌϰ ʹEŽƚĐŽŵƉůĞdž͘'ĞŶĞ ϰϵϮ ͕ϰϮ ʹϱϯ͘ ŽůůĂƌƚ͕D͕͘͘ĂŶĚ^ƚƌƵŚů͕<͘;ϭϵϵϰͿ͘EKdϭ;ϯϵͿ͕EKdϮ;ϯϲͿ͕EKdϯ͕ĂŶĚEKdϰĞŶĐŽĚĞĂŐůŽďĂůͲ ŶĞŐĂƚŝǀĞƌĞŐƵůĂƚŽƌŽĨƚƌĂŶƐĐƌŝƉƚŝŽŶƚŚĂƚĚŝĨĨĞƌĞŶƚŝĂůůLJĂĨĨĞĐƚƐddͲĞůĞŵĞŶƚƵƚŝůŝnjĂƚŝŽŶ͘'ĞŶĞƐĞǀ͘ ϴ͕ ϱϮϱ ʹϱϯϳ͘ ŽŶƚŝ͕ ͕͘ ĂŶĚ /njĂƵƌƌĂůĚĞ͕ ͘ ;ϮϬϬϱͿ͘ EŽŶƐĞŶƐĞͲŵĞĚŝĂƚĞĚ ŵZE ĚĞĐĂLJ͗ DŽůĞĐƵůĂƌ ŝŶƐŝŐŚƚƐ ĂŶĚ ŵĞĐŚĂŶŝƐƚŝĐǀĂƌŝĂƚŝŽŶƐĂĐƌŽƐƐƐƉĞĐŝĞƐ͘Ƶƌƌ͘KƉŝŶ͘ĞůůŝŽů͘ ϭϳ ͕ϯϭϲ ʹϯϮϱ͘ ŽƉĞůĂŶĚ͕ W͘Z͕͘ ĂŶĚ tKZD/E'dKE͕ D͘ ;ϮϬϬϭͿ͘ dŚĞ ŵĞĐŚĂŶŝƐŵ ĂŶĚ ƌĞŐƵůĂƚŝŽŶ ŽĨ ĚĞĂĚĞŶLJůĂƚŝŽŶ͗ /ĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚĐŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨyĞŶŽƉƵƐWZE͘ZE ϳ͕ϴϳϱ ʹϴϴϲ͘ ĂĨĨŝƐ͕^͕͘^njƌĞƚƚĞƌ͕<͘:͕͘^ĐŚƌŝĞǁĞƌ͕:͕͘>ŝ͕:͕͘zŽƵŶ͕^͕͘ ƌƌĞƚƚ͕:͕͘>ŝŶ͕d͘z͕͘^ĐŚŶĞůůĞƌ͕^͕͘ƵƐƚ͕Z͕͘ŽŶŐ͕,͕͘ ĞƚĂů͘ ;ϮϬϭϬͿ͘Ϯ഻ ͲKŵĞƚŚLJůĂƚŝŽŶŽĨƚŚĞǀŝƌĂůŵZEĐĂƉĞǀĂĚĞƐŚŽƐƚƌĞƐƚƌŝĐƚŝŽŶďLJ/&/dĨĂŵŝůLJŵĞŵďĞƌƐ͘ ϭϵϮ EĂƚƵƌĞ ϰϲϴ ͕ϰϱϮ ʹϰϱϲ͘ ĂƐnjŬŽǁƐŬĂͲ'ŽůĞĐ͕͘;ϮϬϭϴͿ͘ ŵĞƌŐŝŶŐZŽůĞƐŽĨƚŚĞEƵĐůĞĂƌĂƉͲŝŶĚŝŶŐŽŵƉůĞdžŝŶďŝŽƚŝĐ^ƚƌĞƐƐ ZĞƐƉŽŶƐĞƐ͘WůĂŶƚWŚLJƐŝŽů͘ ϭϳϲ ͕ϮϰϮ ʹϮϱϯ͘ ĞĐƌŽůLJ͕ ͕͘&ĞƌƌŽŶ͕&͕͘>ĞƐĐĂƌ͕:͕͘ĂŶĚĂŶĂƌĚ͕͘;ϮϬϭϮͿ͘ŽŶǀĞŶƚŝŽŶĂůĂŶĚƵŶĐŽŶǀĞŶƚŝŽŶĂůŵĞĐŚĂŶŝƐŵƐ ĨŽƌĐĂƉƉŝŶŐǀŝƌĂůŵZE͘EĂƚ͘ZĞǀ͘DŝĐƌŽďŝŽů͘ ϭϬ ͕ϱϭ ʹϲϱ͘ ĞŚĞĐƋ͕D͕͘ĞĐŽƵƌƚLJ͕>͕͘EĂŵĂŶĞ͕͕͘WƌŽƵdž͕͕͘<ĂŶĂĂŶ͕:͕͘>Ğ,ŝƌ͕,͕͘:ĂĐƋƵŝĞƌ͕͕͘ĂŶĚ^ĂǀĞĂŶƵ͕͘ ;ϮϬϭϴͿ͘ EŽŶƐĞŶƐĞͲŵĞĚŝĂƚĞĚŵZEĚĞĐĂLJŝŶǀŽůǀĞƐƚǁŽĚŝƐƚŝŶĐƚhƉĨϭͲďŽƵŶĚĐŽŵƉůĞdžĞƐ͘ DK:͘ ϯϳ ͕ ĞϵϵϮϳϴ͘ ĞŚůŝŶ͕ ͕͘ tŽƌŵŝŶŐƚŽŶ͕ D͕͘ '͘ <ƂƌŶĞƌ͕ ͕͘ tĂŚůĞ͕ ͕͘ ĂŶĚ ŶĚĞƌƐŽŶ͕ :͘ ;ϮϬϬϬͿ͘ ĂƉͲĚĞƉĞŶĚĞŶƚ ĚĞĂĚĞŶLJůĂƚŝŽŶŽĨŵZEĂĨƚĞƌƉŽůLJ;ͿƚĂŝůƌĞŵŽǀĂů;ďƵƚƚŚĞƐƵďƐĞƋƵĞŶƚĚĞŐƌĂĚĂƚŝŽŶĞǀĞŶƚƐƌĞŵĂŝŶ͘ ĞůŝƐ͕ ͕͘ <ƌŽŬŝĚĂ͕ ͕͘ dŽŵĂƚƐŝĚŽƵ͕ ͕͘ dƐŝŬŽƵ͕ ͕͘ ĞƚĂ͕ Z͕͘͘͘ dƐŝŽƵŵƉĞŬŽƵ͕ D͕͘ DŽƵƐƚĂŬĂ͕ :͕͘ ^ƚƌĂǀŽĚŝŵŽƐ͕'͕͘>ĞŽŶŝĚĂƐ͕͕͘͘ĂůĂƚƐŽƐ͕E͕͘͘͘͘ĞƚĂů͘;ϮϬϭϱͿ͘ƚ, ^W Z/E͗EŽǀĞůZĞŐƵůĂƚŽƌŽĨ ŝƌĐĂĚŝĂŶZŚLJƚŚŵƐǁŝƚŚWŽůLJ;ͿͲĚĞŐƌĂĚŝŶŐĐƚŝǀŝƚLJŝŶWůĂŶƚƐ͘ZEŝŽů͘ ϲϮϴϲ ͕ϬϬ ʹϬϬ͘ ĞŶŝƐ͕ ͘>͘ ;ϭϵϴϰͿ͘ /ĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ ŶĞǁ ŐĞŶĞƐ ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ ƌĞŐƵůĂƚŝŽŶ ŽĨ LJĞĂƐƚ ĂůĐŽŚŽů ĚĞŚLJĚƌŽŐĞŶĂƐĞ//͘'ĞŶĞƚŝĐƐ ϭϬϴ ͕ϴϯϯ ʹϴϰϰ͘ ĞŽ͕Z͕͘͘ŽŶĂŶŶŽ͕:͕͘͘^ŽŶĞŶďĞƌŐ͕E͕͘ĂŶĚƵƌůĞLJ͕^͘<͘;ϭϵϵϵͿ͘ZĞĐŽŐŶŝƚŝŽŶŽĨƉŽůLJĂĚĞŶLJůĂƚĞZEďLJ ƚŚĞƉŽůLJ;ͿͲďŝŶĚŝŶŐƉƌŽƚĞŝŶ͘Ğůů ϵϴ ͕ϴϯϱ ʹϴϰϱ͘ ĞǀĂƌŬĂƌ͕ ^͕͘͘ tĂŶŐ͕ ͕͘ DŝůůĞƌ͕ D͘d͕͘ ZĂŵĂŶĂƚŚĂŶ͕ ͕͘ :ŝĂŶŐ͕ &͕͘ <ŚĂŶ͕ ͘'͕͘ WĂƚĞů͕ ^͘^͕͘ ĂŶĚ DĂƌĐŽƚƌŝŐŝĂŶŽ͕:͘;ϮϬϭϲͿ͘^ƚƌƵĐƚƵƌĂůďĂƐŝƐĨŽƌŵϳ'ƌĞĐŽŐŶŝƚŝŽŶĂŶĚϮ഻ ͲKͲŵĞƚŚLJůĚŝƐĐƌŝŵŝŶĂƚŝŽŶŝŶĐĂƉƉĞĚ ZEƐďLJƚŚĞŝŶŶĂƚĞŝŵŵƵŶĞƌĞĐĞƉƚŽƌZ/'Ͳ/͘WƌŽĐ͘EĂƚů͘ĐĂĚ͘^Đŝ͘ ϭϭϯ ͕ϱϵϲ ʹϲϬϭ͘ ŝĂƐ͕^͘D͘'͕͘tŝůƐŽŶ͕<͘&͕͘ZŽũĂƐ͕<͘^͕͘ŵďƌŽƐŝŽ͕͘>͕͘͘ĂŶĚĞƌŝŽŶĞ͕Z͘͘;ϮϬϬϵͿ͘dŚĞŵŽůĞĐƵůĂƌďĂƐŝƐ ĨŽƌƚŚĞƌĞŐƵůĂƚŝŽŶŽĨƚŚĞĐĂƉͲďŝŶĚŝŶŐĐŽŵƉůĞdžďLJƚŚĞŝŵƉŽƌƚŝŶƐ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ ϭϲ ͕ϵϯϬ ʹϵϯϳ͘ ŽŵŝŶŐƵĞƐ͕D͘E͕͘^ĨŽƌĕĂ͕D͘>͕͘^ŽƉƌĂŶŽ͕͘^͕͘>ĞĞ͕:͕͘Ğ^ŽƵnjĂ͕d͕͘͘͘͘͘ĂƐƐĂŐŽ͕͕͘WŽƌƚƵŐĂů͕Z͘s͕͘ ĞDĂƚƚŽƐĞƌŝ͕͕͘͘DƵƌĂŬĂŵŝ͕D͘d͕͘^ĂĚĂŶĂŶĚŽŵ͕͕͘ĞƚĂů͘;ϮϬϭϱͿ͘^ƚƌƵĐƚƵƌĞĂŶĚDĞĐŚĂŶŝƐŵŽĨ ŝŵĞƌͲDŽŶŽŵĞƌdƌĂŶƐŝƚŝŽŶŽĨĂWůĂŶƚWŽůLJ;ͿͲŝŶĚŝŶŐWƌŽƚĞŝŶƵƉŽŶZE/ŶƚĞƌĂĐƚŝŽŶ͗/ŶƐŝŐŚƚƐŝŶƚŽ/ƚƐ WŽůLJ;ͿdĂŝůƐƐĞŵďůLJ͘:͘DŽů͘ŝŽů͘ ϰϮϳ ͕Ϯϰϵϭ ʹϮϱϬϲ͘ ŽŶŐ͕^͕͘:ĂĐŽďƐŽŶ͕͕͘ĂŶĚ,Ğ͕&͘;ϮϬϭϬͿ͘ĞŐƌĂĚĂƚŝŽŶŽĨzZϭƉƌĞͲŵZEŝŶƚŚĞĐLJƚŽƉůĂƐŵƌĞƋƵŝƌĞƐ ƚƌĂŶƐůĂƚŝŽŶĂů ƌĞƉƌĞƐƐŝŽŶ͕ ŵƵůƚŝƉůĞ ŵŽĚƵůĂƌ ŝŶƚƌŽŶŝĐ ĞůĞŵĞŶƚƐ͕ ĚĐϯƉ͕ ĂŶĚ DĞdžϲϳƉ͘ W>Ž^ ŝŽů͘ ϴ͕ ĞϭϬϬϬϯϲϬ͘ ƌĂƉĞƌ͕D͘W͕͘>ŝƵ͕,͘z͕͘EĞůƐďĂĐŚ͕͘,͕͘DŽƐůĞLJ͕^͘W͕͘ĂŶĚĞŶŝƐ͕͘>͘;ϮϬϭϱͿ͘ZϰŝƐĂŐůƵĐŽƐĞͲƌĞŐƵůĂƚĞĚ ƚƌĂŶƐĐƌŝƉƚŝŽŶĨĂĐƚŽƌǁŚŽƐĞůĞƵĐŝŶĞͲƌŝĐŚƌĞƉĞĂƚďŝŶĚƐƐĞǀĞƌĂůƉƌŽƚĞŝŶƐŝŵƉŽƌƚĂŶƚĨŽƌƉůĂĐŝŶŐZϰŝŶŝƚƐ ƉƌŽƉĞƌƉƌŽŵŽƚĞƌĐŽŶƚĞdžƚ͘DŽů͘Ğůů͘ŝŽů͘ ϭϰ ͕ϰϱϮϮ ʹϰϱϯϭ͘ ƌĞLJĨƵƐ͕D͕͘ĂŶĚZĠŐŶŝĞƌ͕W͘;ϮϬϬϰͿ͘dŚĞWŽůLJ;ͿdĂŝůŽĨŵZEƐ͘Ğůů ϭϭϭ ͕ϲϭϭ ʹϲϭϯ͘ Ƶ͕,͕͘ŚĂŽ͕z͕͘,Ğ͕:͕͘ŚĂŶŐ͕z͕͘yŝ͕,͕͘>ŝƵ͕D͕͘DĂ͕:͕͘ĂŶĚtƵ͕>͘;ϮϬϭϲͿ͘zd,&ϮĚĞƐƚĂďŝůŝnjĞƐŵϲͲ ĐŽŶƚĂŝŶŝŶŐZEƚŚƌŽƵŐŚĚŝƌĞĐƚƌĞĐƌƵŝƚŵĞŶƚŽĨƚŚĞZϰͲEKdĚĞĂĚĞŶLJůĂƐĞĐŽŵƉůĞdž͘EĂƚ͘ŽŵŵƵŶ͘ ϳ͕ ϭϮϲϮϲ͘ ƵƉƌĞƐƐŽŝƌ͕ ͕͘ DŽƌĞů͕ ͘ͲW͕͘ ĂƌďŽƚ͕ t͕͘ >ŽŝƌĞĂƵ͕ D͘ͲW͕͘ ŽƌďŽ͕ >͕͘ ĂŶĚ ,ĞŝĚŵĂŶŶ͕ d͘ ;ϮϬϬϭͿ͘ /ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĨŽƵƌĨĂŵŝůŝĞƐŽĨLJZϰͲĂŶĚDŐϮнͲĚĞƉĞŶĚĞŶƚĞŶĚŽŶƵĐůĞĂƐĞͲƌĞůĂƚĞĚƉƌŽƚĞŝŶƐŝŶŚŝŐŚĞƌ ĞƵŬĂƌLJŽƚĞƐ͕ĂŶĚĐŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨŽƌƚŚŽůŽŐƐŽĨLJZϰǁŝƚŚĂĐŽŶƐĞƌǀĞĚůĞƵĐŝŶĞͲƌŝĐŚƌĞƉĞĂƚĞƐƐĞŶƚŝĂů ĨŽƌŚ&ϭͬŚWKWϮďŝŶĚŝŶŐ͘D'ĞŶŽŵŝĐƐ Ϯ͕ϵ͘ LJƐŽŶ͕,͘:͘;ϮϬϭϲͿ͘DĂŬŝŶŐ^ĞŶƐĞŽĨ/ŶƚƌŝŶƐŝĐĂůůLJŝƐŽƌĚĞƌĞĚWƌŽƚĞŝŶƐ͘ŝŽƉŚLJƐ͘:͘ ϭϭϬ ͕ϭϬϭϯ ʹϭϬϭϲ͘ njŝĞŵďŽǁƐŬŝ͕͕͘>ŽƌĞŶƚnjĞŶ͕ ͕͘ŽŶƚŝ͕ ͕͘ĂŶĚ^ĠƌĂƉŚŝŶ͕͘;ϮϬϬϳͿ͘ƐŝŶŐůĞƐƵďƵŶŝƚ͕ŝƐϯ͕ŝƐĞƐƐĞŶƚŝĂůůLJ ϭϵϯ ƌĞƐƉŽŶƐŝďůĞĨŽƌLJĞĂƐƚĞdžŽƐŽŵĞĐŽƌĞĂĐƚŝǀŝƚLJ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ ϭϰ ͕ϭϱ ʹϮϮ͘ ĚŵŽŶĚƐ͕D͘;ϮϬϬϮͿ͘ŚŝƐƚŽƌLJŽĨƉŽůLJƐĞƋƵĞŶĐĞƐ͗ĨƌŽŵĨŽƌŵĂƚŝŽŶƚŽĨĂĐƚŽƌƐƚŽĨƵŶĐƚŝŽŶ͘WƌŽŐ͘EƵĐůĞŝĐ ĐŝĚZĞƐ͘DŽů͘ŝŽů͘ ϳϭ ͕Ϯϴϱ ʹϯϴϵ͘ ƵůĂůŝŽ͕ ͕͘ ĞŚŵͲŶƐŵĂŶƚ͕ /͕͘ ^ĐŚǁĞŝnjĞƌ͕ ͕͘ ĂŶĚ /njĂƵƌƌĂůĚĞ͕ ͘ ;ϮϬϬϳͿ͘ WͲŽĚLJ &ŽƌŵĂƚŝŽŶ /Ɛ Ă ŽŶƐĞƋƵĞŶĐĞ͕EŽƚƚŚĞĂƵƐĞ͕ŽĨZEͲDĞĚŝĂƚĞĚ'ĞŶĞ^ŝůĞŶĐŝŶŐ͘DŽů͘Ğůů͘ŝŽů͘ Ϯϳ ͕ϯϵϳϬ ʹϯϵϴϭ͘ ǀŐƵĞŶŝĞǀĂͲ,ĂĐŬĞŶďĞƌŐ͕ ͕͘,ŽƵ͕>͕͘'ůĂĞƐĞƌ͕^͕͘ĂŶĚ<ůƵŐ͕'͘;ϮϬϭϰͿ͘^ƚƌƵĐƚƵƌĞĂŶĚĨƵŶĐƚŝŽŶŽĨƚŚĞ ĂƌĐŚĂĞĂůĞdžŽƐŽŵĞ͘tŝůĞLJ/ŶƚĞƌĚŝƐĐŝƉ͘ZĞǀ͘ZE ϱ͕ϲϮϯ ʹϲϯϱ͘ &ĂďŝĂŶ͕D͘Z͕͘ŝĞƉůĂŬ͕D͘<͕͘&ƌĂŶŬ͕&͕͘DŽƌŝƚĂ͕D͕͘'ƌĞĞŶ͕:͕͘^ƌŝŬƵŵĂƌ͕d͕͘EĂŐĂƌ͕͕͘zĂŵĂŵŽƚŽ͕d͕͘ ZĂƵŐŚƚ͕͕͘ƵĐŚĂŝŶĞ͕d͘&͕͘ĞƚĂů͘;ϮϬϭϭͿ͘DŝZEͲŵĞĚŝĂƚĞĚĚĞĂĚĞŶLJůĂƚŝŽŶŝƐŽƌĐŚĞƐƚƌĂƚĞĚďLJ'tϭϴϮ ƚŚƌŽƵŐŚƚǁŽĐŽŶƐĞƌǀĞĚŵŽƚŝĨƐƚŚĂƚŝŶƚĞƌĂĐƚǁŝƚŚZϰͲEKd͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ ϭϴ ͕ϭϮϭϭ ʹϭϮϭϳ͘ &ĂĞŚŶůĞ͕͘Z͕͘tĂůůĞƐŚĂƵƐĞƌ͕:͕͘ĂŶĚ:ŽƐŚƵĂͲdŽƌ͕>͘;ϮϬϭϰͿ͘DĞĐŚĂŶŝƐŵŽĨŝƐϯůϮƐƵďƐƚƌĂƚĞƌĞĐŽŐŶŝƚŝŽŶ ŝŶƚŚĞ>ŝŶϮϴͲůĞƚͲϳƉĂƚŚǁĂLJ͘EĂƚƵƌĞ ϱϭϰ ͕ϮϱϮ ʹϮϱϲ͘ &ĂĞŚŶůĞ͕͘Z͕͘tĂůůĞƐŚĂƵƐĞƌ͕:͕͘ĂŶĚ:ŽƐŚƵĂͲdŽƌ͕>͘;ϮϬϭϳͿ͘DƵůƚŝͲĚŽŵĂŝŶƵƚŝůŝnjĂƚŝŽŶďLJdhdϰĂŶĚdhdϳ ŝŶĐŽŶƚƌŽůŽĨůĞƚͲϳďŝŽŐĞŶĞƐŝƐ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ Ϯϰ ͕ϲϱϴ ʹϲϲϱ͘ &ĂůŬ͕ ^͕͘ tĞŝƌ͕ :͘Z͕͘ ,ĞŶƚƐĐŚĞů͕ :͕͘ ZĞŝĐŚĞůƚ͕ W͕͘ ŽŶŶĞĂƵ͕ &͕͘ ĂŶĚ ŽŶƚŝ͕ ͘ ;ϮϬϭϰͿ͘ dŚĞ DŽůĞĐƵůĂƌ ƌĐŚŝƚĞĐƚƵƌĞ ŽĨ ƚŚĞ dZDW ŽŵƉůĞdž ZĞǀĞĂůƐ ƚŚĞ KƌŐĂŶŝnjĂƚŝŽŶ ĂŶĚ /ŶƚĞƌƉůĂLJ ŽĨ /ƚƐ dǁŽ ĂƚĂůLJƚŝĐ ĐƚŝǀŝƚŝĞƐ͘DŽů͘Ğůů ϱϱ ͕ϴϱϲ ʹϴϲϳ͘ &ĞƌƌŝĞƌ͕ ͘;ϮϬϭϯͿZƀůĞĞƚŵŽĚĞĚΖĂĐƚŝŽŶĚĞůΖhdW͗ZEƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞhZdϭĚĂŶƐůΖƵƌŝĚLJůĂƚŝŽŶĞƚůĂ ĚĠŐƌĂĚĂƚŝŽŶ ĚĞƐ ZEŵ ĐŚĞnj ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ ;ĚŽĐƚŽƌĂů ĚŝƐƐĞƌƚĂƚŝŽŶͿ͘ hŶŝǀĞƌƐŝƚLJ ŽĨ ^ƚƌĂƐďŽƵƌŐ͕ ^ƚƌĂƐďŽƵƌŐ͕&ƌĂŶĐĞ͘ &ůĂŚĞƌƚLJ͕^͘D͕͘/njĂƵƌƌĂůĚĞ͕ ͕͘DĂƚƚĂũ͕/͘t͕͘ĂŶĚ'ŝůŵĂƌƚŝŶ͕'͘D͘;ϭϵϵϳͿ͘WŽƌƚŝĐŝƉĂƚŝŽŶŽĨƚŚĞŶƵĐůĞĂƌĐĂƉ ďŝŶĚŝŶŐĐŽŵƉůĞdžŝŶƉƌĞͲ ŵZEϯ͛ƉƌŽĐĞƐƐŝŶŐ͘ &ŽƌƚĞƐ͕W͕͘<ƵĨĞů͕:͕͘&ŽƌŶĞƌŽĚ͕D͕͘WŽůLJĐĂƌƉŽƵͲ^ĐŚǁĂƌnj͕D͕͘>ĂĨŽŶƚĂŝŶĞ͕͕͘dŽůůĞƌǀĞLJ͕͕͘ĂŶĚDĂƚƚĂũ͕ /͘t͘;ϮϬϭϱͿ͘'ĞŶĞƚŝĐĂŶĚWŚLJƐŝĐĂů/ŶƚĞƌĂĐƚŝŽŶƐ/ŶǀŽůǀŝŶŐƚŚĞzĞĂƐƚEƵĐůĞĂƌĂƉͲŝŶĚŝŶŐŽŵƉůĞdž͘DŽů͘ Ğůů͘ŝŽů͘ ϭϵ ͕ϲϱϰϯ ʹϲϱϱϯ͘ &ƵŶĂŬŽƐŚŝ͕z͕͘Žŝ͕z͕͘,ŽƐŽĚĂ͕E͕͘hĐŚŝĚĂ͕E͕͘KƐĂǁĂ͕D͕͘^ŚŝŵĂĚĂ͕/͕͘dƐƵũŝŵŽƚŽ͕D͕͘^ƵnjƵŬŝ͕d͕͘<ĂƚĂĚĂ͕ d͕͘ĂŶĚ,ŽƐŚŝŶŽ͕^͘/͘;ϮϬϬϳͿ͘DĞĐŚĂŶŝƐŵŽĨŵZEĚĞĂĚĞŶLJůĂƚŝŽŶ͗ ǀŝĚĞŶĐĞĨŽƌĂŵŽůĞĐƵůĂƌŝŶƚĞƌƉůĂLJ ďĞƚǁĞĞŶƚƌĂŶƐůĂƚŝŽŶƚĞƌŵŝŶĂƚŝŽŶĨĂĐƚŽƌĞZ&ϯĂŶĚŵZEĚĞĂĚĞŶLJůĂƐĞƐ͘'ĞŶĞƐĞǀ͘ Ϯϭ ͕ϯϭϯϱ ʹϯϭϰϴ͘ &ƵƌƵŝĐŚŝ͕ z͕͘ DŽƌŐĂŶ͕ D͕͘ ^ŚĂƚŬŝŶ͕ ͘:͕͘ :ĞůŝŶĞŬ͕ t͕͘ ^ĂůĚŝƚƚͲ'ĞŽƌŐŝĞĨĨ͕ D͕͘ ĂŶĚ ĂƌŶĞůů͕ :͘ ͘ ;ϭϵϳϱͿ͘ DĞƚŚLJůĂƚĞĚ͕ďůŽĐŬĞĚϱƚĞƌŵŝŶŝŝŶ,Ğ>ĂĐĞůůŵZE͘WƌŽĐ͘EĂƚů͘ĐĂĚ͘^Đŝ͘h͘^͘͘ ϳϮ ͕ϭϵϬϰ ʹϭϵϬϴ͘ 'ĂůůŝĞ͕ ͘Z͘ ;Ϯ ϬϬϮͿ͘ dŚĞ ϱ͛ ͲůĞĂĚĞƌ ŽĨ ƚŽďĂĐĐŽ ŵŽƐĂŝĐ ǀŝƌƵƐ ƉƌŽŵŽƚĞƐ ƚƌĂŶƐůĂƚŝŽŶ ƚŚƌŽƵŐŚ ĞŶŚĂŶĐĞĚ ƌĞĐƌƵŝƚŵĞŶƚŽĨĞ/&ϰ&͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϯϬ ͕ϯϰϬϭ ʹϯϰϭϭ͘ 'ĂůůŝĞ͕͘Z͘;ϮϬϭϰͿ͘dŚĞƌŽůĞŽĨƚŚĞƉŽůLJ;ͿďŝŶĚŝŶŐƉƌŽƚĞŝŶŝŶƚŚĞĂƐƐĞŵďůLJŽĨƚŚĞĂƉͲďŝŶĚŝŶŐĐŽŵƉůĞdž ĚƵƌŝŶŐƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶŝŶƉůĂŶƚƐ͘dƌĂŶƐůĂƚŝŽŶ Ϯ͕Ğϵϱϵϯϳϴ͘ 'ĂůůŝĞ͕͘Z͘;ϮϬϭϳͿ͘ůĂƐƐ//ŵĞŵďĞƌƐŽĨƚŚĞƉŽůLJ;ͿďŝŶĚŝŶŐƉƌŽƚĞŝŶĨĂŵŝůLJĞdžŚŝďŝƚĚŝƐƚŝŶĐƚĨƵŶĐƚŝŽŶƐ ĚƵƌŝŶŐƌĂďŝĚŽƉƐŝƐŐƌŽǁƚŚĂŶĚĚĞǀĞůŽƉŵĞŶƚ͘dƌĂŶƐůĂƚŝŽŶ ϱ͕ĞϭϮϵϱϭϮϵ͘ 'ĂůůŝĞ͕͘Z͕͘ĂŶĚƌŽǁŶŝŶŐ͕<͘^͘;ϮϬϬϭͿ͘Ğ/&ϰ'&ƵŶĐƚŝŽŶĂůůLJŝĨĨĞƌƐĨƌŽŵĞ/&ŝƐŽϰ'ŝŶWƌŽŵŽƚŝŶŐ/ŶƚĞƌŶĂů /ŶŝƚŝĂƚŝŽŶ͕ ĂƉͲŝŶĚĞƉĞŶĚĞŶƚ dƌĂŶƐůĂƚŝŽŶ͕ ĂŶĚ dƌĂŶƐůĂƚŝŽŶ ŽĨ ^ƚƌƵĐƚƵƌĞĚ ŵZEƐ͘ :͘ ŝŽů͘ ŚĞŵ͘ Ϯϳϲ ͕ ϯϲϵϱϭ ʹϯϲϵϲϬ͘ 'ĂůůŝĞ͕͘Z͕͘ĂŶĚ>ŝƵ͕Z͘;ϮϬϭϰͿ͘WŚLJůŽŐĞŶĞƚŝĐĂŶĂůLJƐŝƐƌĞǀĞĂůƐĚLJŶĂŵŝĐĞǀŽůƵƚŝŽŶŽĨƚŚĞƉŽůLJ;ͿͲďŝŶĚŝŶŐ ƉƌŽƚĞŝŶŐĞŶĞĨĂŵŝůLJŝŶƉůĂŶƚƐ͘ ϭϵϰ 'ĂůůŝĞ͕ ͘Z͕͘ ^ůĞĂƚ͕ ͘ ͕͘ tĂƚƚƐ͕ :͘t͕͘ dƵƌŶĞƌ͕ W͕͘͘ ĂŶĚ tŝůƐŽŶ͕ d͘ ŵŝĐŚĂĞů ͘ ;ϭϵϴϳͿ͘ dŚĞ ϱ͛ ͲůĞĂĚĞƌ ƐĞƋƵĞŶĐĞŽĨƚŽďĂĐĐŽŵŽƐĂŝĐǀŝƌƵƐZEĞŶŚĂŶĐĞƐƚŚĞĞdžƉƌĞƐƐŝŽŶŽĨĨŽƌĞŝŐŶŐĞŶĞƚƌĂŶƐĐƌŝƉƚƐŝŶǀŝƚƌŽĂŶĚ ŝŶǀŝǀŽ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϭϱ ͕ϯϮϱϳ ʹϯϮϳϯ͘ 'ĂŽ͕D͕͘&ƌŝƚnj͕͘d͕͘&ŽƌĚ͕>͘W͕͘ĂŶĚtŝůƵƐnj͕:͘;ϮϬϬϬͿ͘/ŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶĂƉŽůLJ;ͿͲƐƉĞĐŝĨŝĐƌŝďŽŶƵĐůĞĂƐĞ ĂŶĚƚŚĞϱ͛ĐĂƉŝŶĨůƵĞŶĐĞƐŵZEĚĞĂĚĞŶLJůĂƚŝŽŶƌĂƚĞƐŝŶǀŝƚƌŽ͘DŽů͘Ğůů ϱ͕ϰϳϵ ʹϰϴϴ͘ 'ĂƌďĂƌŝŶŽͲWŝĐŽ͕ ͕͘EŝƵ͕^͕͘ZŽůůĂŐ͕D͕͘͘^ƚƌĂLJĞƌ͕͕͘͘ĞƐŚĂƌƐĞ͕:͕͘͘ĂŶĚ'ƌĞĞŶ͕͘͘;ϮϬϬϳͿ͘/ŵŵĞĚŝĂƚĞ ĞĂƌůLJƌĞƐƉŽŶƐĞŽĨƚŚĞĐŝƌĐĂĚŝĂŶƉŽůLJƌŝďŽŶƵĐůĞĂƐĞŶŽĐƚƵƌŶŝŶƚŽƚǁŽĞdžƚƌĂĐĞůůƵůĂƌƐƚŝŵƵůŝ͘ZE ϭϯ ͕ϳϰϱ ʹ ϳϱϱ͘ 'ŚŽƐŚ͕͕͘ĂŶĚ>ŝŵĂ͕͘͘;ϮϬϭϬͿ͘ ŶnjLJŵŽůŽŐLJŽĨZEĐĂƉƐLJŶƚŚĞƐŝƐ͘tŝůĞLJ/ŶƚĞƌĚŝƐĐŝƉ͘ZĞǀ͘ZE ϭ͕ϭϱϮ ʹ ϭϳϮ͘ 'ůĂƵŶƐŝŶŐĞƌ͕͕͘͘ĂŶĚ>ĞĞ͕z͘:͘;ϮϬϭϬͿ͘,ŽǁƚĂŝůƐĚĞĨŝŶĞƚŚĞĞŶĚŝŶŐ͗ŝǀĞƌŐĞŶƚƌŽůĞƐĨŽƌƉŽůLJĂĚĞŶLJůĂƚŝŽŶ ŝŶZEƐƚĂďŝůŝƚLJĂŶĚŐĞŶĞĞdžƉƌĞƐƐŝŽŶ͘ZEŝŽů͘ ϳ͕ϭϯ ʹϭϳ͘ 'ŽĚǁŝŶ͕͘Z͕͘<ŽũŝŵĂ͕^͕͘'ƌĞĞŶ͕͕͘͘ĂŶĚtŝůƵƐnj͕:͘;ϮϬϭϯͿ͘<ŝƐƐLJŽƵƌƚĂŝůŐŽŽĚďLJĞ͗dŚĞƌŽůĞŽĨWZE͕ EŽĐƚƵƌŶŝŶ͕ĂŶĚŶŐĞůĚĞĂĚĞŶLJůĂƐĞƐŝŶŵZEďŝŽůŽŐLJ͘ŝŽĐŚŝŵ͘ŝŽƉŚLJƐ͘ĐƚĂͲ'ĞŶĞZĞŐƵů͘DĞĐŚ͘ ϭϴϮϵ ͕ ϱϳϭ ʹϱϳϵ͘ 'ŽůĚƐƚƌŽŚŵ͕͕͘͘ĂŶĚtŝĐŬĞŶƐ͕D͘;ϮϬϬϴͿ͘DƵůƚŝĨƵŶĐƚŝŽŶĂůĚĞĂĚĞŶLJůĂƐĞĐŽŵƉůĞdžĞƐĚŝǀĞƌƐŝĨLJŵZE ĐŽŶƚƌŽů͘EĂƚ͘ZĞǀ͘DŽů͘ĞůůŝŽů͘ ϵ͕ϯϯϳ ʹϯϰϰ͘ 'ŽƐƐ͕ ͘:͕͘ ĂŶĚ <ůĞŝŵĂŶ͕ &͘ ͘ ;ϮϬϭϯͿ͘ WŽůLJ;Ϳ ďŝŶĚŝŶŐ ƉƌŽƚĞŝŶƐ͗ ƌĞ ƚŚĞLJ Ăůů ĐƌĞĂƚĞĚ ĞƋƵĂů͍ tŝůĞLJ /ŶƚĞƌĚŝƐĐŝƉ͘ZĞǀ͘ZE ϰ͕ϭϲϳ ʹϭϳϵ͘ 'ƌĞĞŶ͕͕͘͘ĂŶĚĞƐŚĂƌƐĞ͕:͘͘;ϮϬϬϮͿ͘/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂŶŽǀĞůǀĞƌƚĞďƌĂƚĞĐŝƌĐĂĚŝĂŶĐůŽĐŬͲƌĞŐƵůĂƚĞĚ ŐĞŶĞĞŶĐŽĚŝŶŐƚŚĞƉƌŽƚĞŝŶŶŽĐƚƵƌŶŝŶ͘WƌŽĐ͘EĂƚů͘ĐĂĚ͘^Đŝ͘ ϵϯ ͕ϭϰϴϴϰ ʹϭϰϴϴϴ͘ 'ƌĞŐŽƌLJ͕͕͘͘K͛DĂůůĞLJ͕Z͕͘͘>ŝƐƚĞƌ͕Z͕͘hƌŝĐŚ͕D͕͘͘dŽŶƚŝ Ͳ&ŝůŝƉƉŝŶŝ͕:͕͘ŚĞŶ͕,͕͘DŝůůĂƌ͕͘,͕͘ĂŶĚ ĐŬĞƌ͕ :͘Z͘;ϮϬϬϴͿ͘ůŝŶŬďĞƚǁĞĞŶZEŵĞƚĂďŽůŝƐŵĂŶĚƐŝůĞŶĐŝŶŐĂĨĨĞĐƚŝŶŐƌĂďŝĚŽƉƐŝƐĚĞǀĞůŽƉŵĞŶƚ͘Ğǀ͘Ğůů ϭϰ ͕ϴϱϰ ʹϴϲϲ͘ 'ƵŽ͕ ͕͘ ^ƉŝŶĞůůŝ͕ D͕͘ >ŝƵ͕ D͕͘ >ŝ͕ Y͘Y͕͘ ĂŶĚ >ŝĂŶŐ͕ ͘ ;ϮϬϭϲͿ͘ 'ĞŶŽŵĞͲ ǁŝĚĞ ^ƚƵĚLJ ŽĨ ͞ŶŽŶ ͲϯhdZ͟ WŽůLJĂĚĞŶLJůĂƚŝŽŶ^ŝƚĞƐŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͘^Đŝ͘ZĞƉ͘ ϲ͕ϮϴϬϲϬ͘ 'LJ͕/͕͘'ĂƐĐŝŽůůŝ͕s͕͘>ĂƵƌĞƐƐĞƌŐƵĞƐ͕͕͘DŽƌĞů͕:͘Ͳ͕͘'ŽŵďĞƌƚ͕:͕͘WƌŽƵdž͕&͕͘WƌŽƵdž͕͕͘sĂƵĐŚĞƌĞƚ͕,͕͘ĂŶĚ DĂůůŽƌLJ͕͘͘;ϮϬϬϳͿ͘ƌĂďŝĚŽƉƐŝƐ&/ Zzϭ͕yZEϮ͕ĂŶĚyZEϯƌĞ ŶĚŽŐĞŶŽƵƐZE^ŝůĞŶĐŝŶŐ^ƵƉƉƌĞƐƐŽƌƐ ͘WůĂŶƚĞůů ϭϵ ͕ϯϰϱϭ ʹϯϰϲϭ͘ ,ĂĂƐ͕'͕͘ƌĂƵŶ͕:͘ ͕͘/ŐƌĞũĂ͕͕͘dƌŝƚƐĐŚůĞƌ͕&͕͘EŝƐŚŝŚĂƌĂ͕d͕͘ĂŶĚ/njĂƵƌƌĂůĚĞ͕ ͘;ϮϬϭϬͿ͘,WĂƚƉƌŽǀŝĚĞƐĂ ůŝŶŬďĞƚǁĞĞŶĚĞĂĚĞŶLJůĂƚŝŽŶĂŶĚĚĞĐĂƉƉŝŶŐŝŶŵĞƚĂnjŽĂ͘:͘ĞůůŝŽů͘ ϭϴϵ ͕Ϯϴϵ ʹϯϬϮ͘ ,ĂũŶƐĚŽƌĨ͕ ͕͘ĂŶĚ<ĂďĞƌĚŝŶ͕s͘Z͘;ϮϬϭϴͿ͘ZEƉŽůLJĂĚĞŶLJůĂƚŝŽŶĂŶĚŝƚƐĐŽŶƐĞƋƵĞŶĐĞƐŝŶƉƌŽŬĂƌLJŽƚĞƐ͘ WŚŝůŽƐ͘dƌĂŶƐ͘Z͘^ŽĐ͘ŝŽů͘^Đŝ͘ ϯϳϯ ͘ ,ĂůƚĞƌ͕͕͘ŽůůĂƌƚ͕D͕͘͘ĂŶĚWĂŶĂƐĞŶŬŽ͕K͘K͘;ϮϬϭϰͿ͘dŚĞEŽƚϰ ϯůŝŐĂƐĞĂŶĚZϰĚĞĂĚĞŶLJůĂƐĞƉůĂLJ ĚŝƐƚŝŶĐƚƌŽůĞƐŝŶƉƌŽƚĞŝŶƋƵĂůŝƚLJĐŽŶƚƌŽů͘W>Ž^KŶĞ ϵ͘ ,ĂŶƐŽŶ͕'͕͘ĂŶĚŽůůĞƌ͕:͘;ϮϬϭϴͿ͘dƌĂŶƐůĂƚŝŽŶĂŶĚWƌŽƚĞŝŶYƵĂůŝƚLJŽŶƚƌŽů͗ŽĚŽŶŽƉƚŝŵĂůŝƚLJ͕ďŝĂƐĂŶĚ ƵƐĂŐĞŝŶƚƌĂŶƐůĂƚŝŽŶĂŶĚŵZEĚĞĐĂLJ͘EĂƚ͘ZĞǀ͘DŽů͘ĞůůŝŽů͘ ,Ğ͕t͕͘ĂŶĚWĂƌŬĞƌ͕Z͘;ϮϬϬϭͿ͘dŚĞLJĞĂƐƚĐLJƚŽƉůĂƐŵŝ ĐůƐŵϭͬƉĂƚϭƉĐŽŵƉůĞdžƉƌŽƚĞĐƚƐŵZEϯ഻ƚĞƌŵŝŶŝ ĨƌŽŵƉĂƌƚŝĂůĚĞŐƌĂĚĂƚŝŽŶ͘'ĞŶĞƚŝĐƐ ϭϱϴ ͕ϭϰϰϱ ʹϭϰϱϱ͘ ,Ğ͕&͕͘>ŝ͕͕͘ZŽLJ͕͕͘ĂŶĚ:ĂĐŽďƐŽŶ͕͘;ϮϬϭϰͿ͘zĞĂƐƚ ĚĐϯdĂƌŐĞƚƐZW^ϮϴŵZEĨŽƌĞĐĂƉƉŝŶŐďLJ ŝŶĚŝŶŐƚŽĂϯ͛hŶƚƌĂŶƐůĂƚĞĚZĞŐŝŽŶĞĐĂLJ Ͳ/ŶĚƵĐŝŶŐZĞŐƵůĂƚŽƌLJ ůĞŵĞŶƚ͘DŽů͘Ğůů͘ŝŽů͘ ϯϰ ͕ϭϰϯϴ ʹϭϰϱϭ͘ ϭϵϱ ,ĞĐƚŽƌ͕Z͘ ͕͘ELJŬĂŵƉ͕<͘Z͕͘ŚĞƵƌ͕^͕͘ŶĚĞƌƐŽŶ͕:͘d͕͘EŽŶ͕W͘:͕͘hƌďŝŶĂƚŝ͕͘Z͕͘tŝůƐŽŶ͕^͘D͕͘DŝŶǀŝĞůůĞͲ ^ĞďĂƐƚŝĂ͕>͕͘ĂŶĚ^ǁĂŶƐŽŶ͕D͘^͘;ϮϬϬϮͿ͘ƵĂůƌĞƋƵŝƌĞŵĞŶƚĨŽƌLJĞĂƐƚŚŶZEWEĂďϮƉŝŶŵZEƉŽůLJ;ͿƚĂŝů ůĞŶŐƚŚĐŽŶƚƌŽůĂŶĚŶƵĐůĞĂƌĞdžƉŽƌƚ͘ DK:͘ Ϯϭ ͕ϭϴϬϬ ʹϭϴϭϬ͘ ,ĠŵĂƚLJ͕<͕͘ĞůůĞĐ͕z͕͘WŽĚŝĐŚĞƚŝ͕Z͕͘ŽƵƚĞŝůůĞƌ͕E͕͘ŶŶĞ͕W͕͘DŽƌŝŶĞĂƵ͕͕͘,ĂƐůĂŵ͕Z͘W͕͘ĞĂƵĚŽŝŶ͕&͕͘ EĂƉŝĞƌ͕:͕͘͘DŽĐŬĂŝƚŝƐ͕<͕͘ĞƚĂů͘;ϮϬϭϲͿ͘dŚĞŝŶĐͲ&ŝŶŐĞƌWƌŽƚĞŝŶ^KWϭ/ƐZĞƋƵŝƌĞĚĨŽƌĂ^ƵďƐĞƚŽĨƚŚĞ EƵĐůĞĂƌ džŽƐŽŵĞ&ƵŶĐƚŝŽŶƐŝŶƌĂďŝĚŽƉƐŝƐ͘W>Ž^'ĞŶĞƚ͘ ϭϮ ͘ ,ŝůůĞƌĞŶ͕W͕͘DĐĂƌƚŚLJ͕d͕͘ZŽƐďĂƐŚ͕D͕͘WĂƌŬĞƌ͕Z͕͘ĂŶĚ:ĞŶƐĞŶ͕d͘,͘;ϮϬϬϭͿ͘YƵĂůŝƚLJĐŽŶƚƌŽůŽĨŵZEϯ഻ Ͳ ĞŶĚƉƌŽĐĞƐƐŝŶŐŝƐůŝŶŬĞĚƚŽƚŚĞŶƵĐůĞĂƌĞdžŽƐŽŵĞ͘EĂƚƵƌĞ ϰϭϯ ͕ϱϯϴ ʹϱϰϮ͘ ,ŝƌĂLJĂŵĂ͕d͘;ϮϬϭϰͿ͘ƵŶŝƋƵĞƐLJƐƚĞŵĨŽƌƌĞŐƵůĂƚŝŶŐŵŝƚŽĐŚŽŶĚƌŝĂůŵZEƉŽůLJ;ͿƐƚĂƚƵƐĂŶĚƐƚĂďŝůŝƚLJ ŝŶƉůĂŶƚƐ͘WůĂŶƚ^ŝŐŶĂů͘ĞŚĂǀ͘ ϵ͕ĞϵϳϯϴϬϵ͘ ,ŝƌĂLJĂŵĂ͕d͕͘DĂƚƐƵƵƌĂ͕d͕͘hƐŚŝLJĂŵĂ͕^͕͘EĂƌƵƐĂŬĂ͕D͕͘<ƵƌŝŚĂƌĂ͕z͕͘zĂƐƵĚĂ͕D͕͘KŚƚĂŶŝ͕D͕͘^ĞŬŝ͕D͕͘ ĞŵƵƌĂ͕d͕͘EĂŬĂƐŚŝƚĂ͕,͕͘ĞƚĂů͘;ϮϬϭϯͿ͘ƉŽůLJ;ͿͲƐƉĞĐŝĨŝĐƌŝďŽŶƵĐůĞĂƐĞĚŝƌĞĐƚůLJƌĞŐƵůĂƚĞƐƚŚĞƉŽůLJ;Ϳ ƐƚĂƚƵƐŽĨŵŝƚŽĐŚŽŶĚƌŝĂůŵZEŝŶƌĂďŝĚŽƉƐŝƐ͘EĂƚ͘ŽŵŵƵŶ͘ ϰ͕ϭ ʹϵ͘ ,ŽƌǀĂƚŚŽǀĂ͕/͕͘sŽŝŐƚ͕&͕͘<ŽƚƌLJƐ͕͘s͕͘ŚĂŶ͕z͕͘ƌƚƵƐͲZĞǀĞů͕͘'͕͘ ŐůŝŶŐĞƌ͕:͕͘^ƚĂĚůĞƌ͕D͕͘͘'ŝŽƌŐĞƚƚŝ͕ >͕͘ĂŶĚŚĂŽ͕:͘͘;ϮϬϭϳͿ͘dŚĞLJŶĂŵŝĐƐŽĨŵZEdƵƌŶŽǀĞƌZĞǀĞĂůĞĚďLJ^ŝŶŐůĞͲDŽůĞĐƵůĞ/ŵĂŐŝŶŐŝŶ ^ŝŶŐůĞĞůůƐ͘DŽů͘Ğůů ϲϴ ͕ϲϭϱͲϲϮϱ͘Ğϵ͘ ,Ƶ͕t͕͘^ǁĞĞƚ͕d͘:͕͘ŚĂŵŶŽŶŐƉŽů͕^͕͘ĂŬĞƌ͕<͘ ͕͘ĂŶĚŽůůĞƌ͕:͘;ϮϬϬϵͿ͘ŽͲƚƌĂŶƐůĂƚŝŽŶĂůŵZEĚĞĐĂLJŝŶ ^ĂĐĐŚĂƌŽŵLJĐĞƐĐĞƌĞǀŝƐŝĂĞ͘EĂƚƵƌĞ ϰϲϭ ͕ϮϮϱ ʹϮϮϵ͘ ,Ƶ͕t͕͘WĞƚnjŽůĚ͕͕͘ŽůůĞƌ͕:͕͘ĂŶĚĂŬĞƌ͕<͘ ͘;ϮϬϭϬͿ͘EŽŶƐĞŶƐĞͲŵĞĚŝĂƚĞĚŵZEĚĞĐĂƉƉŝŶŐŽĐĐƵƌƐŽŶ ƉŽůLJƌŝďŽƐŽŵĞƐŝŶ^ĂĐĐŚĂƌŽŵLJĐĞƐĐĞƌĞǀŝƐŝĂĞ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ ϭϳ ͕Ϯϰϰ ʹϮϰϳ͘ ,ƵďƐƚĞŶďĞƌŐĞƌ͕͕͘ŽƵƌĞů͕D͕͘ĠŶĂƌĚ͕D͕͘^ŽƵƋƵĞƌĞ͕^͕͘ ƌŶŽƵůƚͲ>ĂŶŐĞ͕D͕͘ŚŽƵĂŝď͕Z͕͘zŝ͕͕͘DŽƌůŽƚ͕ :͕͘͘DƵŶŝĞƌ͕͕͘&ƌĂĚĞƚ͕D͕͘ĞƚĂů͘;ϮϬϭϳͿ͘WͲŽĚLJWƵƌŝĨŝĐĂƚŝŽŶZĞǀĞĂůƐƚŚĞŽŶĚĞŶƐĂƚŝŽŶŽĨZĞƉƌĞƐƐĞĚ ŵZEZĞŐƵůŽŶƐ͘DŽů͘Ğůů ϲϴ ͕ϭϰϰͲϭϱϳ͘Ğϱ͘ ,ƵŐŚĞƐ͕<͘>͕͘ďƐŚŝƌĞ͕ ͘d͕͘ĂŶĚ'ŽůĚƐƚƌŽŚŵ͕͘͘ ;ϮϬϭϴͿ͘ZĞŐƵůĂƚŽƌLJƌŽůĞƐŽĨǀĞƌƚĞďƌĂƚĞEŽĐƚƵƌŶŝŶ͗ ŝŶƐŝŐŚƚƐĂŶĚƌĞŵĂŝŶŝŶŐŵLJƐƚĞƌŝĞƐ͘ZEŝŽů͘ ϭϱ ͕ϭϮϱϱ ʹϭϮϲϳ͘ ,ƵŶƚ͕͘'͘;ϮϬϬϴͿ͘DĞƐƐĞŶŐĞƌZEϯ഻ĞŶĚĨŽƌŵĂƚŝŽŶŝŶƉůĂŶƚƐ͘Ƶƌƌ͘dŽƉ͘DŝĐƌŽďŝŽů͘/ŵŵƵ ŶŽů͘ ϯϮϲ ͕ϭϱϭ ʹ ϭϳϳ͘ ,ƵŶƚ͕͘'͕͘yŝŶŐ͕͕͘ĂŶĚ>ŝ͕Y͘Y͘;ϮϬϭϮͿ͘WůĂŶƚƉŽůLJĂĚĞŶLJůĂƚŝŽŶĨĂĐƚŽƌƐ͗ŽŶƐĞƌǀĂƚŝŽŶĂŶĚǀĂƌŝĞƚLJŝŶƚŚĞ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶĐŽŵƉůĞdžŝŶƉůĂŶƚƐ͘D'ĞŶŽŵŝĐƐ ϭϯ ͕ϭ͘ ,ƵŶƚĞƌ͕Z͘t͕͘>ŝƵ͕z͕͘DĂŶũƵŶĂƚŚ͕,͕͘ĐŚĂƌLJĂ͕͕͘:ŽŶĞƐ͕͘d͕͘ŚĂŶŐ͕,͕͘ŚĞŶ͕͕͘ZĂŵĂůŝŶŐĂŵ͕,͕͘ ,ĂŵŵĞƌ͕Z͘ ͕͘yŝĞ͕z͕͘ĞƚĂů͘;ϮϬϭϴͿ͘>ŽƐƐŽĨŝƐϯůϮƉĂƌƚŝĂůůLJƉŚĞŶŽĐŽƉŝĞƐƉĞƌůŵĂŶƐLJŶĚƌŽŵĞŝŶŵŝĐĞĂŶĚ ƌĞƐƵůƚƐŝŶƵƉƌĞŐƵůĂƚŝŽŶŽĨ/ŐĨϮŝŶŶĞƉŚƌŽŶƉƌŽŐĞŶŝƚŽƌĐĞůůƐ͘'ĞŶĞƐĞǀ͘ ϯϮ ͕ϵϬϯ ʹϵϬϴ͘ /ďƌĂŚŝŵ͕ &͕͘ ZŽŚƌ͕ :͕͘ :ĞŽŶŐ͕ t͘:͕͘ ,ĞƐƐŽŶ͕ :͕͘ ĂŶĚ ĞƌƵƚƚŝ͕ ,͘ ;ϮϬϬϲͿ͘ hŶƚĞŵƉůĂƚĞĚ ŽůŝŐŽĂĚĞŶLJůĂƚŝŽŶ ƉƌŽŵŽƚĞƐĚĞŐƌĂĚĂƚŝŽŶŽĨZ/^ͲĐůĞĂǀĞĚƚƌĂŶƐĐƌŝƉƚƐ͘^ĐŝĞŶĐĞ;ϴϬͲ͘Ϳ͘ ϯϭϰ ͕ϭϴϵϯ͘ /ďƌĂŚŝŵ͕ &͕͘ ZLJŵĂƌƋƵŝƐ͕ >͕͘͘ <ŝŵ͕ ͘Ͳ:͕͘ ĞĐŬĞƌ͕ :͕͘ ĂůĂƐƐĂ͕ ͕͘ 'ƌĞĞŶ͕ W͘:͕͘ ĂŶĚ ĞƌƵƚƚŝ͕ ,͘ ;ϮϬϭϬͿ͘ hƌŝĚLJůĂƚŝŽŶ ŽĨ ŵĂƚƵƌĞ ŵŝZEƐ ĂŶĚ ƐŝZEƐ ďLJ ƚŚĞ Dhdϲϴ ŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞ ƉƌŽŵŽƚĞƐ ƚŚĞŝƌ ĚĞŐƌĂĚĂƚŝŽŶŝŶŚůĂŵLJĚŽŵŽŶĂƐ͘WE^ ϭϬϳ ͕ϯϵϬϲ ʹϯϵϭϭ͘ /ƐŬĞŶ͕ K͕͘ ĂŶĚ DĂƋƵĂƚ͕ >͘ ͘ ;ϮϬϬϳͿ͘ YƵĂůŝƚLJ ĐŽŶƚƌŽů ŽĨ ĞƵŬĂƌLJŽƚŝĐ ŵZE͗ ^ĂĨĞŐƵĂƌĚŝŶŐ ĐĞůůƐ ĨƌŽŵ ĂďŶŽƌŵĂůŵZEĨƵŶĐƚŝŽŶ͘'ĞŶĞƐĞǀ͘ Ϯϭ ͕ϭϴϯϯ ʹϭϴϱϲ͘ /njĂƵƌƌĂůĚĞ͕ ͕͘DĐ'ƵŝŐĂŶ͕͕͘DĂƚƚĂũ͕/͘t͕͘>ĞǁŝƐ͕:͕͘͘ĂŶĚ:ĂƌŵŽůŽǁƐŬŝ͕͘;ϮϬϬϳͿ͘ŶƵĐůĞĂƌĐĂƉͲďŝŶĚŝŶŐ ĐŽŵƉůĞdžĨĂĐŝůŝƚĂƚĞƐĂƐƐŽĐŝĂƚŝŽŶŽĨhϭƐŶZEWǁŝƚŚƚŚĞĐĂƉͲ ƉƌŽdžŝŵĂůϱ͛ƐƉůŝĐĞƐŝƚĞ͘ /njƵŵŝ͕E͕͘^ŚŽũŝ͕<͕͘^ĂŬĂŐƵĐŚŝ͕z͕͘,ŽŶĚĂ͕^͕͘<ŝƌŝŶŽ͕z͕͘^ƵnjƵŬŝ͕d͕͘<ĂƚƐƵŵĂ͕^͕͘ĂŶĚdŽŵĂƌŝ͕z͘;ϮϬϭϲͿ͘ ϭϵϲ /ĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚ&ƵŶĐƚŝŽŶĂůŶĂůLJƐŝƐŽĨƚŚĞWƌĞͲ ƉŝZEϯ഻dƌŝŵŵĞƌŝŶ^ŝůŬǁŽƌŵƐ͘Ğůů ϭϲϰ ͕ϵϲϮ ʹϵϳϯ͘ :ĂĐŬƐŽŶ͕ Z͘:͕͘ ,ĞůůĞŶ͕ ͘h͘d͕͘ ĂŶĚ WĞƐƚŽǀĂ͕ d͘ s͘ ;ϮϬϭϬͿ͘ dŚĞ ŵĞĐŚĂŶŝƐŵ ŽĨ ĞƵŬĂƌLJŽƚŝĐ ƚƌĂŶƐůĂƚŝŽŶ ŝŶŝƚŝĂƚŝŽŶĂŶĚƉƌŝŶĐŝƉůĞƐŽĨŝƚƐƌĞŐƵůĂƚŝŽŶ͘EĂƚ͘ZĞǀ͘DŽů͘ĞůůŝŽů͘ ϭϭ ͕ϭϭϯ ʹϭϮϳ͘ :ĂŝŶ͕ D͕͘ KůƐĞŶ͕,͘ ͕͘WĂƚĞŶ͕ ͕͘ ĂŶĚ ŬĞƐŽŶ͕D͘;ϮϬϭϲͿ͘ dŚĞ KdžĨŽƌĚ EĂŶŽƉŽƌĞ DŝŶ/KE͗ ĞůŝǀĞƌLJ ŽĨ ŶĂŶŽƉŽƌĞƐĞƋƵĞŶĐŝŶŐƚŽƚŚĞŐĞŶŽŵŝĐƐĐŽŵŵƵŶŝƚLJ͘'ĞŶŽŵĞŝŽů͘ ϭϳ ͘ :ĂŶƵƐnjLJŬ͕<͕͘ĂŶĚ>ŝŵĂ͕͘͘;ϮϬϭϰͿ͘dŚĞĞƵŬĂƌLJŽƚŝĐZEĞdžŽƐŽŵĞ͘Ƶƌƌ͘KƉŝŶ͘^ƚƌƵĐƚ͘ŝŽů͘ Ϯϰ ͕ϭϯϮ ʹϭϰϬ͘ :ćƌǀĞůŝŶ͕͘/͕͘EŽĞƌĞŶďĞƌŐ͕D͕͘ĂǀŝƐ͕/͕͘ĂŶĚĂƐƚĞůůŽ͕͘;ϮϬϭϲͿ͘dŚĞŶĞǁ;ĚŝƐͿŽƌĚĞƌŝŶZEƌĞŐƵůĂƚŝŽŶ͘ ĞůůŽŵŵƵŶ͘^ŝŐŶĂů͘ ϭϰ ͕ϵ͘ :ŝĂŽ͕y͕͘ŚĂŶŐ͕:͘,͕͘<ŝůŝĐ͕d͕͘dŽŶŐ͕>͕͘ĂŶĚ<ŝůĞĚũŝĂŶ͕D͘;ϮϬϭϯͿ͘DĂŵŵĂůŝĂŶWƌĞͲ ŵZEϱ͛ ŶĚĂƉƉŝŶŐ YƵĂůŝƚLJŽŶƚƌŽůDĞĐŚĂŶŝƐŵĂŶĚĂŶhŶĞdžƉĞĐƚĞĚ>ŝŶŬŽĨĂƉƉŝŶŐƚŽWƌĞͲŵZEWƌŽĐĞƐƐŝŶŐ͘DŽů͘Ğůů ϱϬ ͕ ϭϬϰ ʹϭϭϱ͘ <ĂŵĞŶƐŬĂ͕͕͘^ŝŵƉƐŽŶ͕͕͘sŝŶĚƌLJ͕͕͘ƌŽŽŵŚĞĂĚ͕,͕͘ĠŶĂƌĚ͕D͕͘ ƌŶŽƵůƚͲ>ĂŶŐĞ͕D͕͘>ĞĞ͕͘W͕͘,ĂƌƌŝĞƐ͕ >͘t͕͘tĞŝů͕͕͘ĂŶĚ^ƚĂŶĚĂƌƚ͕E͘;ϮϬϭϲͿ͘dŚĞyϲͲϰ ͲdŝŶƚĞƌĂĐƚŝŽŶŵĞĚŝĂƚĞƐƚƌĂŶƐůĂƚŝŽŶĂůƌĞƉƌĞƐƐŝŽŶ ĂŶĚWͲďŽĚLJĂƐƐĞŵďůLJ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϰ ͕ϲϯϭϴ ʹϲϯϯϰ͘ <ĂƐƚĞŶŵĂLJĞƌ͕:͘W͕͘ĂŶĚ'ƌĞĞŶ͕W͘:͘;ϮϬϬϮͿ͘EŽǀĞůĨĞĂƚƵƌĞƐŽĨƚŚĞyZEͲĨĂŵŝůLJŝŶƌĂďŝĚŽƉƐŝƐ͗ ǀŝĚĞŶĐĞ ƚŚĂƚƚyZEϰ͕ŽŶĞŽĨƐĞǀĞƌĂůŽƌƚŚŽůŽŐƐŽĨŶƵĐůĞĂƌyƌŶϮƉͬZĂƚϭƉ͕ĨƵŶĐƚŝŽŶƐŝŶƚŚĞĐLJƚŽƉůĂƐŵ͘WƌŽĐ͘EĂƚů͘ ĐĂĚ͘^Đŝ͘ ϵϳ ͕ϭϯϵϴϱ ʹϭϯϵϵϬ͘ <ĂƵĨŵĂŶŶ͕/͕͘DĂƌƚŝŶ͕'͕͘&ƌŝĞĚůĞŝŶ͕͕͘>ĂŶŐĞŶ͕,͕͘ĂŶĚ<ĞůůĞƌ͕t͘;ϮϬϬϰͿ͘,ƵŵĂŶ&ŝƉϭŝƐĂƐƵďƵŶŝƚŽĨ W^&ƚŚĂƚďŝŶĚƐƚŽhͲƌŝĐŚZEĞůĞŵĞŶƚƐĂŶĚƐƚŝŵƵůĂƚĞƐƉŽůLJ;ͿƉŽůLJŵĞƌĂƐĞ͘ DK:͘ Ϯϯ ͕ϲϭϲ ʹϲϮϲ͘ <ĞĚĞƌƐŚĂ͕E͕͘^ƚŽĞĐŬůŝŶ͕'͕͘LJŽĚĞůĞ͕D͕͘zĂĐŽŶŽ͕W͕͘>LJŬŬĞͲŶĚĞƌƐĞŶ͕:͕͘&ŝƚnjůĞƌ͕D͘:͕͘^ĐŚĞƵŶĞƌ͕͕͘ <ĂƵĨŵĂŶ͕ Z͘:͕͘ 'ŽůĂŶ͕ ͘ ͕͘ ĂŶĚ ŶĚĞƌƐŽŶ͕ W͘ ;ϮϬϬϱͿ͘ ^ƚƌĞƐƐ ŐƌĂŶƵůĞƐ ĂŶĚ ƉƌŽĐĞƐƐŝŶŐ ďŽĚŝĞƐ ĂƌĞ ĚLJŶĂŵŝĐĂůůLJůŝŶŬĞĚƐŝƚĞƐŽĨŵZEWƌĞŵŽĚĞůŝŶŐ͘:͘ĞůůŝŽů͘ ϭϲϵ ͕ϴϳϭ ʹϴϴϰ͘ <Ğƌǁŝƚnj͕z͕͘<ƺŚŶ͕h͕͘>ŝůŝĞ͕,͕͘<ŶŽƚŚ͕͕͘^ĐŚĞƵĞƌŵĂŶŶ͕d͕͘&ƌŝĞĚƌŝĐŚ͕,͕͘^ĐŚǁĂƌnj͕ ͕͘ĂŶĚtĂŚůĞ͕ ͘ ;ϮϬϬϯͿ͘^ƚŝŵƵůĂƚŝŽŶŽĨƉŽůLJ;ͿƉŽůLJŵĞƌĂƐĞƚŚƌŽƵŐŚĂĚŝƌĞĐƚŝŶƚĞƌĂĐƚŝŽŶǁŝƚŚƚŚĞŶƵĐůĞĂƌƉŽůLJ;ͿďŝŶĚŝŶŐ ƉƌŽƚĞŝŶĂůůŽƐƚĞƌŝĐĂůůLJƌĞŐƵůĂƚĞĚďLJZE͘ DK:͘ ϮϮ ͕ϯϳϬϱ ʹϯϳϭϰ͘ <ŚĂŶĂŵ͕d͕͘^ŽŶĚĞŬŽƉƉĂDƵĚĚĂƐŚĞƚƚLJ͕Z͕͘<ĂŚǀĞũŝĂŶ͕͕͘DƵĚĚĂƐŚĞƚƚLJ͕Z͘^͕͘<ĂŚǀĞũŝĂŶ͕͕͘^ŽŶĞŶďĞƌŐ͕ E͕͘ĂŶĚƌŽƐŝƵƐ͕:͘;ϮϬϬϲͿ͘WŽůLJ;ͿͲďŝŶĚŝŶŐƉƌŽƚĞŝŶďŝŶĚƐƚŽͲƌŝĐŚƐĞƋƵĞŶĐĞƐǀŝĂZEͲďŝŶĚŝŶŐĚŽŵĂŝŶƐ ϭнϮĂŶĚϯнϰ͘ZEŝŽů͘ ϯ͕ϭϳϬ ʹϭϳϳ͘ <ŝĞƌnjŬŽǁƐŬŝ͕͕͘<ŵŝĞĐŝĂŬ͕D͕͘WŝŽŶƚĞŬ͕W͕͘tŽũƚĂƐnjĞŬ͕W͕͘^njǁĞLJŬŽǁƐŬĂͲ<ƵůŝŶƐŬĂ͕͕͘ĂŶĚ:ĂƌŵŽůŽǁƐŬŝ͕ ͘;ϮϬϬϵͿ͘dŚĞƌĂďŝĚŽƉƐŝƐWϮϬƚĂƌŐĞƚƐƚŚĞĐĂƉͲďŝŶĚŝŶŐĐŽŵƉůĞdžƚŽƚŚĞŶƵĐůĞƵƐ͕ĂŶĚŝƐƐƚĂďŝůŝnjĞĚďLJ WϴϬ͘WůĂŶƚ:͘ ϱϵ ͕ϴϭϯ ʹϴϮϯ͘ <ŝůĐŚĞƌƚ͕͕͘tŝƚƚŵĂŶŶ͕^͕͘ĂŶĚsĂƐŝůũĞǀĂ͕>͘;ϮϬϭϲͿ͘dŚĞƌĞŐƵůĂƚŝŽŶĂŶĚĨƵŶĐƚŝŽŶƐŽĨƚŚĞŶƵĐůĞĂƌZE ĞdžŽƐŽŵĞĐŽŵƉůĞdž͘EĂƚ͘ZĞǀ͘DŽů͘ĞůůŝŽů͘ ϭϳ ͕ϮϮϳ ʹϮϯϵ͘ <ŝŵ͕͕͘,Ă͕D͕͘>ŽĞĨĨ͕>͕͘ŚĂŶŐ͕,͕͘^ŝŵĂŶƐŚƵ͕͘<͕͘>ŝ͕^͕͘&ĂƌĞŚ͕D͕͘WĂƚĞů͕͘:͕͘:ŽŽ͕͕͘ĂŶĚ<ŝŵ͕s͘E͘ ;ϮϬϭϱͿ͘ dhdϳ ĐŽŶƚƌŽůƐ ƚŚĞ ĨĂƚĞ ŽĨ ƉƌĞĐƵƌƐŽƌ ŵŝĐƌŽZEƐ ďLJ ƵƐŝŶŐ ƚŚƌĞĞ ĚŝĨĨĞƌĞŶƚ ƵƌŝĚLJůĂƚŝŽŶ ŵĞĐŚĂŶŝƐŵƐ͘ DK:͘ ϯϰ ͕ϭϴϬϭ ʹϭϴϭϱ͘ <ŝŵ͕^͕͘zĂŶŐ͕:͘z͕͘yƵ͕:͕͘:ĂŶŐ͕/͕͘͘WƌŝŐŐĞ͕D͘:͕͘ĂŶĚŚƵĂ͕E͘,͘;ϮϬϬϴͿ͘dǁŽĐĂƉͲďŝŶĚŝŶŐƉƌŽƚĞŝŶƐWϮϬ ĂŶĚWϴϬĂƌĞŝŶǀŽůǀĞĚŝŶƉƌŽĐĞƐƐŝŶŐƉƌŝŵĂƌLJŵŝĐƌŽZEƐ͘WůĂŶƚĞůůWŚLJƐŝŽů͘ ϰϵ ͕ϭϲϯϰ ʹϭϲϰϰ͘ <ŝŶŝ͕,͘<͕͘^ŝůǀĞƌŵĂŶ͕/͘D͕͘:ŝ͕y͕͘'ƌĞŐŽƌLJ͕͕͘͘ĂŶĚ>ŝĞďŚĂďĞƌ͕^͘͘;ϮϬϭϲͿ͘LJƚŽƉůĂƐŵŝĐƉŽůLJ;ͿďŝŶĚŝŶŐ ƉƌŽƚĞŝŶͲϭďŝŶĚƐƚŽŐĞŶŽŵŝĐĂůůLJĞŶĐŽĚĞĚƐĞƋƵĞŶĐĞƐǁŝƚŚŝŶŵĂŵŵĂůŝĂŶŵZEƐ͘ZE ϮϮ ͕ϲϭ ʹϳϰ͘ <ŽůĞƐŶŝŬŽǀĂ͕K͕͘ĂĐŬ͕Z͕͘'ƌĂŝůůĞ͕D͕͘ĂŶĚ^ĠƌĂƉŚŝŶ͕͘;ϮϬϭϯͿ͘/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞZƉƐϮϴďŝŶĚŝŶŐŵŽƚŝĨ ĨƌŽŵLJĞĂƐƚ ĚĐϯŝŶǀŽůǀĞĚŝŶƚŚĞĂƵƚŽƌĞŐƵůĂƚŽƌLJĨĞĞĚďĂĐŬůŽŽƉĐŽŶƚƌŽůůŝŶŐZW^ϮϴŵZEĚĞĐĂLJ͘EƵĐůĞŝĐ ϭϵϳ ĐŝĚƐZĞƐ͘ ϰϭ ͕ϵϱϭϰ ʹϵϱϮϯ͘ <ŽŵĂƌŶŝƚƐŬLJ͕ W͕͘ ŚŽ͕ ͘:͕͘ ĂŶĚ ƵƌĂƚŽǁƐŬŝ͕ ^͘ ;ϮϬϬϬͿ͘ ŝĨĨĞƌĞŶƚ ƉŚŽƐƉŚŽƌLJůĂƚĞĚ ĨŽƌŵƐ ŽĨ ZE ƉŽůLJŵĞƌĂƐĞ // ĂŶĚ ĂƐƐŽĐŝĂƚĞĚŵZEƉƌŽĐĞƐƐŝŶŐ ĨĂĐƚŽƌƐ ĚƵƌŝŶŐ ƚƌĂŶƐĐƌŝƉƚŝŽŶ͘ 'ĞŶĞƐĞǀ͘ ϭϰ ͕ϮϰϱϮ ʹ ϮϰϲϬ͘ <ƂƌŶĞƌ͕ ͘'͕͘ ĂŶĚ tĂŚůĞ͕ ͘ ;ϭϵϵϳͿ͘ WŽůLJ;Ϳ ƚĂŝů ƐŚŽƌƚĞŶŝŶŐ ďLJ Ă ŵĂŵŵĂůŝĂŶ ƉŽůLJ;ͿͲ ƐƉĞĐŝĨŝĐ ϯ͛ Ͳ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞ͘:͘ŝŽů͘ŚĞŵ͘ ϮϳϮ ͕ϭϬϰϰϴ ʹϭϬϰϱϲ͘ <ƂƌŶĞƌ͕͘'͕͘tŽƌŵŝŶŐƚŽŶ͕D͕͘DƵĐŬĞŶƚŚĂůĞƌ͕D͕͘^ĐŚŶĞŝĚĞƌ͕^͕͘ĞŚůŝŶ͕ ͕͘ĂŶĚtĂŚůĞ͕ ͘;ϭϵϵϴͿ͘dŚĞ ĚĞĂĚĞŶLJůĂƚŝŶŐ ŶƵĐůĞĂƐĞ ;EͿ ŝƐŝŶǀŽůǀĞĚ ŝŶ ƉŽůLJ;ͿƚĂŝůƌĞŵŽǀĂůĚƵƌŝŶŐ ƚŚĞŵĞŝŽƚŝĐ ŵĂƚƵƌĂƚŝŽŶ ŽĨ yĞŶŽƉƵƐŽŽĐLJƚĞƐ͘ DK:͘ ϭϳ ͕ϱϰϮϳ ʹϱϰϯϳ͘ <ƌĂƵƐĞ͕D͕͘EŝĂnjŝ͕ ͘D͕͘ >ĂďƵŶ͕ <͕͘ dŽƌƌĞƐ ůĞƵƌĞŶ͕z͘E͕͘DƺůůĞƌ͕ &͘^͕͘ ĂŶĚ sĂůĞŶ͕ ͘ ;ϮϬϭϵͿ͘ ƚĂŝůůŶĚƌ͗ ůŝŐŶŵĞŶƚͲĨƌĞĞƉŽůLJ;ͿůĞŶŐƚŚŵĞĂƐƵƌĞŵĞŶƚĨŽƌKdžĨŽƌĚEĂŶŽƉŽƌĞZEĂŶĚEƐĞƋƵĞŶĐŝŶŐ͘ŝŽZdžŝǀ ϭʹϮϭ͘ <ƌŽƵƉŽǀĂ͕ ͕͘ /ǀĂƐĕƵ͕ ͘/͕͘ ZĞŝŵĆŽ͕ D͘D͕͘ ZĞŝŵĆŽͲWŝŶƚŽ͕ Z͕͘ ŵĞƌĞƐ͕ ^͘>͕͘ ĂŶĚ :ŝŶĞŬ͕ D͘ ;ϮϬϭϵͿ͘ ^ƚƌƵĐƚƵƌĂůďĂƐŝƐĨŽƌĂĐĐĞƉƚŽƌZEƐƵďƐƚƌĂƚĞƐĞůĞĐƚŝǀŝƚLJŽĨƚŚĞϯƚĞƌŵŝŶĂůƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞdĂŝůŽƌ͘ EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϳ ͕ϭϬϯϬ ʹϭϬϰϮ͘ <ƵĂŝ͕ >͕͘ &ĂŶŐ͕ &͕͘ ƵƚůĞƌ͕ :͘^͕͘ ĂŶĚ ^ŚĞƌŵĂŶ͕ &͘ ;ϮϬϬϰͿ͘ WŽůLJĂĚĞŶLJůĂƚŝŽŶ ŽĨ ƌZE ŝŶ ^ĂĐĐŚĂƌŽŵLJĐĞƐ ĐĞƌĞǀŝƐŝĂĞ͘WƌŽĐ͘EĂƚů͘ĐĂĚ͘^Đŝ͘ ϭϬϭ ͕ϴϱϴϭ ʹϴϱϴϲ͘ <ƺŚŶ͕h͕͘ĂŶĚWŝĞůĞƌ͕d͘;ϭϵϵϲͿ͘yĞŶŽƉƵƐƉŽůLJ;ͿďŝŶĚŝŶŐƉƌŽƚĞŝŶ͗&ƵŶĐƚŝŽŶĂůĚŽŵĂŝŶƐŝŶZEďŝŶĚŝŶŐ ĂŶĚƉƌŽƚĞŝŶͲƉƌŽƚĞŝŶŝŶƚĞƌĂĐƚŝŽŶ͘:͘DŽů͘ŝŽů͘ Ϯϱϲ ͕ϮϬ ʹϯϬ͘ <ƺŚŶ͕h͕͘ĂŶĚtĂŚůĞ͕ ͘;ϮϬϬϰͿ͘^ƚƌƵĐƚƵƌĞĂŶĚĨƵŶĐƚŝŽŶŽĨƉŽůLJ;ͿďŝŶĚŝŶŐƉƌŽƚĞŝŶƐ͘ŝŽĐŚŝŵ͘ŝŽƉŚLJƐ͘ ĐƚĂͲ'ĞŶĞ^ƚƌƵĐƚ͘ džƉƌ͘ ϭϲϳϴ ͕ϲϳ ʹϴϰ͘ <ƺŚŶ͕ h͕͘ 'ƺŶĚĞů͕ D͕͘ <ŶŽƚŚ͕ ͕͘ <Ğƌǁŝƚnj͕ z͕͘ ZƺĚĞů͕ ^͕͘ ĂŶĚ tĂŚůĞ͕ ͘ ;ϮϬϬϵͿ͘ WŽůLJ;Ϳ ƚĂŝů ůĞŶŐƚŚ ŝƐ ĐŽŶƚƌŽůůĞĚ ďLJ ƚŚĞ ŶƵĐůĞĂƌ WŽůLJ;ͿͲďŝŶĚŝŶŐ ƉƌŽƚĞŝŶ ƌĞŐƵůĂƚŝŶŐ ƚŚĞ ŝŶƚĞƌĂĐƚŝŽŶ ďĞƚǁĞĞŶ WŽůLJ;Ϳ ƉŽůLJŵĞƌĂƐĞĂŶĚƚŚĞĐůĞĂǀĂŐĞĂŶĚƉŽůLJĂĚĞŶLJůĂƚŝŽŶƐƉĞĐŝĨŝĐŝƚLJĨĂĐƚŽƌ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϴϰ ͕ϮϮϴϬϯ ʹϮϮϴϭϰ͘ <ƵƌŝŚĂƌĂ͕ z͘ ;ϮϬϭϳͿ͘ ĐƚŝǀŝƚLJ ĂŶĚ ƌŽůĞƐ ŽĨ ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ yZE ĨĂŵŝůLJ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐ ŝŶ ŶŽŶĐŽĚŝŶŐZEƉĂƚŚǁĂLJƐ͘:͘WůĂŶƚZĞƐ͘ ϭϯϬ ͕Ϯϱ ʹϯϭ͘ <ƵƌŝŚĂƌĂ͕z͕͘^ĐŚŵŝƚnj͕Z͘:͕͘EĞƌLJ͕:͘Z͕͘^ĐŚƵůƚnj͕D͕͘͘KŬƵďŽͲ<ƵƌŝŚĂƌĂ͕ ͕͘DŽƌŽƐĂǁĂ͕d͕͘dĂŶĂŬĂ͕D͕͘ dŽLJŽĚĂ͕d͕͘^ĞŬŝ͕D͕͘ĂŶĚ ĐŬĞƌ͕:͘Z͘;ϮϬϭϮͿ͘^ƵƌǀĞŝůůĂŶĐĞŽĨϯ഻EŽŶĐŽĚŝŶŐdƌĂŶƐĐƌŝƉƚƐZĞƋƵŝƌĞƐ&/ Zzϭ ĂŶĚyZEϯŝŶ ƌĂďŝĚŽƉƐŝƐ ͘'ϯΘĂŵƉ͖ηϱϴ͖'ĞŶĞƐͮ'ĞŶŽŵĞƐͮ'ĞŶĞƚŝĐƐ Ϯ͕ϰϴϳ ʹϰϵϴ͘ ųĂďŶŽ͕͕͘tĂƌŬŽĐŬŝ͕͕͘< ƵůşŶƐŬŝ͕d͕͘<ƌĂǁĐnjLJŬ͕W͘^͕͘ŝũĂƚĂ͕<͕͘dŽŵĞĐŬŝ͕Z͕͘ĂŶĚnjŝĞŵďŽǁƐŬŝ͕͘;ϮϬϭϲͿ͘ WĞƌůŵĂŶƐLJŶĚƌŽŵĞŶƵĐůĞĂƐĞ/^ϯ>ϮĐŽŶƚƌŽůƐĐLJƚŽƉůĂƐŵŝĐŶŽŶͲĐŽĚŝŶŐZEƐĂŶĚƉƌŽǀŝĚĞƐƐƵƌǀĞŝůůĂŶĐĞ ƉĂƚŚǁĂLJĨŽƌŵĂƚƵƌŝŶŐƐŶZEƐ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϰ ͕ϭϬϰϯϳ ʹϭϬϰϱϯ͘ BĂďŶŽ͕͕͘dŽ ŵĞĐŬŝ͕Z͕͘ĂŶĚnjŝĞŵďŽǁƐŬŝ͕͘;ϮϬϭϲͿ͘LJƚŽƉůĂƐŵŝĐZEĚĞĐĂLJƉĂƚŚǁĂLJƐͲ ŶnjLJŵĞƐĂŶĚ ŵĞĐŚĂŶŝƐŵƐ͘ŝŽĐŚŝŵ͘ŝŽƉŚLJƐ͘ĐƚĂͲDŽů͘ĞůůZĞƐ͘ ϭϴϲϯ ͕ϯϭϮϱ ʹϯϭϰϳ͘ 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ĚĞŐƌĂĚĂƚŝŽŶƉƌŽĐĞƐƐĞƐŝŶƉůĂŶƚƐ͘dƌĞŶĚƐWůĂŶƚ^Đŝ͘ ϭϰ ͕ϰϵϳ ʹϱϬϰ͘ >ĂŶŐĞ͕ ,͕͘ ƵďĞƌ͕ ,͕͘ ^ĞŵĞŶƚ͕ &͘D͕͘ ŚŝĐŚĞƌ͕ :͕͘ <ƵŚŶ͕ >͕͘ ,ĂŵŵĂŶŶ͕ W͕͘ ƌƵŶĂƵĚ͕ s͕͘ ĠƌĂƌĚ͕ ͕͘ ŽƵƚĞŝůůĞƌ͕E͕͘ĂůnjĞƌŐƵĞ͕^͕͘ĞƚĂů͘;ϮϬϭϰͿ͘dŚĞZE,ĞůŝĐĂƐĞƐƚDdZϰĂŶĚ, EϮdĂƌŐĞƚ^ƉĞĐŝĨŝĐ^ƵďƐĞƚƐ ŽĨEƵĐůĞĂƌdƌĂŶƐĐƌŝƉƚƐĨŽƌĞŐƌĂĚĂƚŝŽŶďLJƚŚĞEƵĐůĞĂƌ džŽƐŽŵĞŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͘W>Ž^'ĞŶĞƚ͘ ϭϬ ͘ >ĂŶŐĞ͕,͕͘EĚĞĐŬLJ͕^͘z͕͘͘'ŽŵĞnjͲŝĂnj͕͕͘WĨůŝĞŐĞƌ͕͕͘ƵƚĞů͕E͕͘ƵŵƐƚĞŐ͕:͕͘<ƵŚŶ͕>͕͘WŝĞƌŵĂƌŝĂ͕͕͘ ŚŝĐŚĞƌ͕:͕͘ŚƌŝƐƚŝĞ͕D͕͘ĞƚĂů͘;ϮϬϭϵͿ͘Z^dϭĂŶĚZ/WZĐŽŶŶĞĐƚƚŚĞĐLJƚŽƐŽůŝĐZEĞdžŽƐŽŵĞƚŽƚŚĞ^Ŭŝ ĐŽŵƉůĞdžŝŶƌĂďŝĚŽƉƐŝƐ͘ŝŽZdžŝǀϲϭϳϴϵϰ͘ >ĂƉŽŝŶƚĞ͕͘W͕͘ĂŶĚtŝĐŬĞŶƐ͕D͘;ϮϬϭϯͿ͘dŚĞŶƵĐůĞŝĐĂĐŝĚͲďŝŶĚŝŶŐĚŽŵĂŝŶĂŶĚƚƌĂŶƐůĂƚŝŽŶĂůƌĞƉƌĞƐƐŝŽŶ ĂĐƚŝǀŝƚLJŽĨĂyĞŶŽƉƵƐƚĞƌŵŝŶĂůƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϴϴ ͕ϮϬϳϮϯ ʹϮϬϳϯϯ͘ >ćƐƐŝŐ͕ ͕͘ĂŶĚ ,ŽƉĨŶĞƌ͕<͘W͘ ;ϮϬϭϳͿ͘ ŝƐĐƌŝŵŝŶĂƚŝŽŶŽĨ ĐLJƚŽƐŽůŝĐ ƐĞůĨ ĂŶĚ ŶŽŶͲƐĞůĨZEďLJ Z/'Ͳ/ͲůŝŬĞ ƌĞĐĞƉƚŽƌƐ͘:͘ŝŽů͘ŚĞŵ͘ ϮϵϮ ͕ϵϬϬϬ ʹϵϬϬϵ͘ >ĂƵďŝŶŐĞƌ͕^͕͘^ĂĐŚƐĞŶďĞƌŐ͕d͕͘ĞůůĞƌ͕'͕͘ƵƐĐŚ͕t͕͘>ŽŚŵĂŶŶ͕:͘h͕͘ZĂƚƐĐŚ͕'͕͘ĂŶĚtĞŝŐĞů͕͘;ϮϬϬϴͿ͘ ƵĂů ƌŽůĞƐ ŽĨ ƚŚĞ ŶƵĐůĞĂƌ ĐĂƉͲďŝŶĚŝŶŐ ĐŽŵƉůĞdž ĂŶĚ ^ ZZd ŝŶ ƉƌĞͲŵZE ƐƉůŝĐŝŶŐ ĂŶĚ ŵŝĐƌŽZE ƉƌŽĐĞƐƐŝŶŐŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͘ ǀĂŶĚĞƌ>ĞĞ͕Z͕͘ƵůũĂŶ͕D͕͘>ĂŶŐ͕͕͘tĞĂƚŚĞƌŝƚƚ͕Z͘:͕͘ĂƵŐŚĚƌŝůů͕'͘t͕͘ƵŶŬĞƌ͕͘<͕͘&ƵdžƌĞŝƚĞƌ͕D͕͘ 'ŽƵŐŚ͕:͕͘'ƐƉŽŶĞƌ͕:͕͘:ŽŶĞƐ͕͘d͕͘ĞƚĂů͘;ϮϬϭϰͿ͘ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ/ŶƚƌŝŶƐŝĐĂůůLJŝƐŽƌĚĞƌĞĚZĞŐŝŽŶƐĂŶĚ WƌŽƚĞŝŶƐ͘ŚĞŵ͘ZĞǀ͘ ϭϭϰ ͕ϲϱϴϵ ʹϲϲϯϭ͘ >ĞũĞƵŶĞ͕ &͕͘ >ŝ͕ y͕͘ ĂŶĚ DĂƋƵĂƚ͕ >͘ ͘ ;ϮϬϬϯͿ͘ EŽŶƐĞŶƐĞͲŵĞĚŝĂƚĞĚ ŵZE ĚĞĐĂLJ ŝŶ ŵĂŵŵĂůŝĂŶ ĐĞůůƐ ŝŶǀŽůǀĞƐĚĞĐĂƉƉŝŶŐ͕ĚĞĂĚĞŶLJůĂƚŝŶŐ͕ĂŶĚĞdžŽŶƵĐůĞŽůLJƚŝĐĂĐƚŝǀŝƚŝĞƐ͘DŽů͘Ğůů ϭϮ ͕ϲϳϱ ʹϲϴϳ͘ >ĞũĞƵŶĞ͕&͕͘ZĂŶŐĂŶĂƚŚĂŶ͕͕͘͘ĂŶĚDĂƋƵĂƚ͕>͘ ͘;ϮϬϬϰͿ͘Ğ/&ϰ'ŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞƉŝŽŶĞĞƌƌŽƵŶĚŽĨ ƚƌĂŶƐůĂƚŝŽŶŝŶŵĂŵŵĂůŝĂŶĐĞůůƐ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ ϭϭ ͕ϵϵϮ ʹϭϬϬϬ͘ >ĞůůŝƐ͕͕͘͘ůůĞŶ͕D͘>͕͘ĞƌƚŬĞƌ͕͘t͕͘dƌĂŶ͕:͘<͕͘,ŝůůŝƐ͕͘D͕͘,ĂƌďŝŶ͕͘Z͕͘ĂůĚǁĞůů͕͕͘'ĂůůŝĞ͕͘Z͕͘ĂŶĚ ƌŽǁŶŝŶŐ͕<͘^͘;ϮϬϭϬͿ͘ĞůĞƚŝŽŶŽĨƚŚĞĞ/&ŝƐŽϰ'ƐƵďƵŶŝƚŽĨƚŚĞƌĂďŝĚŽƉƐŝƐĞ/&ŝƐŽϰ&ƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶ ĐŽŵƉůĞdžŝŵƉĂŝƌƐŚĞĂůƚŚĂŶĚǀŝĂďŝůŝƚLJ͘WůĂŶƚDŽů͘ŝŽů͘ ϳϰ ͕Ϯϰϵ ʹϮϲϯ͘ >ĞǀLJ͕ ^͕͘ ĂŶĚ ^ĐŚƵƐƚĞƌ͕ '͘ ;ϮϬϭϲͿ͘ WŽůLJĂĚĞŶLJůĂƚŝŽŶ ĂŶĚ ĚĞŐƌĂĚĂƚŝŽŶ ŽĨ ZE ŝŶ ƚŚĞ ŵŝƚŽĐŚŽŶĚƌŝĂ͘ ŝŽĐŚĞŵ͘^ŽĐ͘dƌĂŶƐ͘ ϰϰ ͕ϭϰϳϱ ʹϭϰϴϮ͘ >ŝ͕z͕͘ĂŶĚ<ŝůĞĚũŝĂŶ͕D͘;ϮϬϭϬͿ͘ZĞŐƵůĂƚŝŽŶŽĨŵZEĚĞĐĂƉƉŝŶŐ͘tŝůĞLJ/ŶƚĞƌĚŝƐĐŝƉ͘ZĞǀ͘ZE ϭ͕Ϯϱϯ ʹϮϲϱ͘ >ŝ͕z͕͘ĂŶĚDĂŝŶĞ͕ ͘D͘;ϮϬϭϴͿ͘dŚĞďĂůĂŶĐĞŽĨƉŽůLJ;hͿƉŽůLJŵĞƌĂƐĞĂĐƚŝǀŝƚLJĞŶƐƵƌĞƐŐĞƌŵůŝŶĞŝĚĞŶƚŝƚLJ͕ ƐƵƌǀŝǀĂůĂŶĚĚĞǀĞůŽƉŵĞŶƚŝŶĂĞŶŽƌŚĂďĚŝƚŝƐĞůĞŐĂŶƐ͘ĞǀĞůŽƉŵĞŶƚ ϭϰϱ ͕ĚĞǀϭϲϱϵϰϰ͘ >ŝ͕Z͕͘zƵĞ͕:͕͘ŚĂŶŐ͕z͕͘ŚŽƵ͕>͕͘,ĂŽ͕t͕͘zƵĂŶ͕:͕͘YŝĂŶŐ͕͕͘ŝŶŐ͕:͘D͕͘WĞŶŐ͕y͕͘ĂŶĚĂŽ͕:͘D͘;ϮϬϬϴͿ͘ >K<ͬD>ϭ ƌĞŐƵůĂƚĞƐ ŚƵŵĂŶ ŶŽĐƚƵƌŶŝŶƚƌĂŶƐĐƌŝƉƚŝŽŶ ƚŚƌŽƵŐŚ ďŝŶĚŝŶŐ ƚŽ ƚŚĞ ͲďŽdž ŽĨ ŶŽĐƚƵƌŶŝŶ ƉƌŽŵŽƚĞƌ͘DŽů͘Ğůů͘ŝŽĐŚĞŵ͘ ϯϭϳ ͕ϭϲϵ ʹϭϳϳ͘ >ŝĂŶŐ͕t͕͘>ŝ͕͕͘͘>ŝƵ͕&͕͘:ŝĂŶŐ͕,͕͘>ŝ͕^͕͘^ƵŶ͕:͕͘tƵ͕y͕͘ĂŶĚ>ŝ͕͘͘;ϮϬϬϵͿ͘dŚĞƌĂďŝĚŽƉƐŝƐŚŽŵŽůŽŐƐ ŽĨ ZϰͲĂƐƐŽĐŝĂƚĞĚ ĨĂĐƚŽƌ ϭ ƐŚŽǁ ŵZE ĚĞĂĚĞŶLJůĂƚŝŽŶ ĂĐƚŝǀŝƚLJ ĂŶĚ ƉůĂLJ Ă ƌŽůĞ ŝŶ ƉůĂŶƚ ĚĞĨĞŶĐĞ ƌĞƐƉŽŶƐĞƐ͘ĞůůZĞƐ͘ ϭϵ ͕ϯϬϳ ʹϯϭϲ͘ >ŝĂŽ͕^͕͘^ƵŶ͕,͕͘ĂŶĚyƵ͕͘;ϮϬϭϴͿ͘zd,ŽŵĂŝŶ͗&ĂŵŝůLJŽĨEϲͲŵĞƚŚLJůĂĚĞŶŽƐŝŶĞ;ŵϲͿZĞĂĚĞƌƐ͘ ϭϵϵ 'ĞŶŽŵŝĐƐ͕WƌŽƚĞŽŵŝĐƐŝŽŝŶĨŽƌŵĂ͘ ϭϲ ͕ϵϵ ʹϭϬϳ͘ >ŝĐŚƚ͕<͕͘DĞĚĞŶďĂĐŚ͕:͕͘>ƵŚƌŵĂŶŶ͕Z͕͘<ĂŵďĂĐŚ͕͕͘ŝŶĚĞƌĞŝĨ͕͕͘>ƺŚƌŵĂŶŶ͕Z͕͘<ĂŵďĂĐŚ͕͕͘ĂŶĚ ŝŶĚĞƌĞŝĨ͕͘;ϮϬϬϴͿ͘ ϯ͛ ͲĐLJĐůŝĐƉŚŽƐƉŚŽƌLJůĂƚŝŽŶŽĨhϲƐŶZEůĞĂĚƐƚŽƌĞĐƌƵŝƚŵĞŶƚŽĨƌĞĐLJĐůŝŶŐĨĂĐƚŽƌ ƉϭϭϬƚŚƌŽƵŐŚ>^ŵƉƌŽƚĞŝŶƐ͘ZŶĂ ϭϰ ͕ϭϱϯϮ ʹϭϱϯϴ͘ >ŝŵ͕:͕͘,Ă͕D͕͘ŚĂŶŐ͕,͕͘<ǁŽŶ͕^͕͘͘^ŝŵĂŶƐŚƵ͕͘<͕͘WĂƚĞů͕͘:͕͘ĂŶĚ<ŝŵ͕s͘E͘;ϮϬϭϰͿ͘hƌŝĚLJůĂƚŝŽŶďLJ dhdϰĂŶĚdhdϳŵĂƌŬƐŵZEĨŽƌĚĞŐƌĂĚĂƚŝŽŶ͘Ğůů ϭϱϵ ͕ϭϯϲϱ ʹϭϯϳϲ͘ >ŝŵ͕ :͕͘ >ĞĞ͕ D͕͘ ^ŽŶ͕ ͕͘ ŚĂŶŐ͕ ,͕͘ ĂŶĚ <ŝŵ͕ s͘E͘ ;ϮϬϭϲͿ͘ Dd/>ͲƐĞƋ ƌĞǀĞĂůƐ ĚLJŶĂŵŝĐ ƉŽůLJ;Ϳ ƚĂŝů ƌĞŐƵůĂƚŝŽŶŝŶŽŽĐLJƚĞͲƚŽͲĞŵďƌLJŽĚĞǀĞůŽƉŵĞŶƚ͘'ĞŶĞƐĞǀ͘ ϯϬ ͕ϭϲϳϭ ʹϭϲϴϮ͘ >ŝŵ͕:͕͘<ŝŵ͕͕͘>ĞĞ͕z͘^͕͘,Ă͕D͕͘>ĞĞ͕D͕͘zĞŽ͕:͕͘ŚĂŶŐ͕,͕͘^ŽŶŐ͕:͕͘ŚŶ͕<͕͘ĂŶĚ<ŝŵ͕s͘E͘;ϮϬϭϴͿ͘ DŝdžĞĚƚĂŝůŝŶŐďLJd EdϰĂŶĚd EdϰƐŚŝĞůĚƐŵZEĨƌŽŵƌĂƉŝĚĚĞĂĚĞŶLJůĂƚŝŽŶ͘^ĐŝĞŶĐĞ;ϴϬͲ͘Ϳ͘ ϯϲϭ ͕ ϳϬϭ ʹϳϬϰ͘ >ŝŵĂ͕^͕͘͘ŚŝƉŵĂŶ͕>͕͘͘EŝĐŚŽůƐŽŶ͕͘>͕͘ŚĞŶ͕z͘,͕͘zĞĞ͕͕͘͘zĞŽ͕'͘t͕͘ŽůůĞƌ͕:͕͘ĂŶĚWĂƐƋƵŝŶĞůůŝ͕ ͘ ͘;ϮϬϭϳͿ͘^ŚŽƌƚƉŽůLJ;ͿƚĂŝůƐĂƌĞĂĐŽŶƐĞƌǀĞĚĨĞĂƚƵƌĞŽĨŚŝŐŚůLJĞdžƉƌĞƐƐĞĚŐĞŶĞƐ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ Ϯϰ ͕ϭϬϱϳ ʹϭϬϲϯ͘ >ŝŶ͕͘Ͳ:͘:͕͘tĞŶ͕:͕͘ĞũĂƌĂŶŽ͕&͕͘,Ƶ͕&͕͘ŽƌƚŽůĂŵŝŽůͲĞĐĞƚ͕͕͘<ĂŶ͕>͕͘^ĂŶĨŝůŝƉƉŽ͕W͕͘<ŽŶĚŽ͕^͕͘ĂŶĚ>Ăŝ͕ ͘͘;ϮϬϭϳͿ͘ŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨĂdhdĂƐĞͬZEĂƐĞĐŽŵƉůĞdžƌĞƋƵŝƌĞĚĨŽƌƌŽƐŽƉŚŝůĂŐĂŵĞƚŽŐĞŶĞƐŝƐ͘ZE Ϯϯ ͕Ϯϴϰ ʹϮϵϲ͘ >ŝƵ͕y͕͘ŚĞŶŐ͕Y͕͘sƌĞƚƚŽƐ͕E͕͘DĂƌĂŐŬĂŬŝƐ͕D͕͘ůĞdžŝŽƵ͕W͕͘'ƌĞŐŽƌLJ͕͕͘͘ĂŶĚDŽƵƌĞůĂƚŽƐ͕͘;ϮϬϭϰͿ͘ DŝĐƌŽZEWƌĞĐƵƌƐŽƌ^ƵƌǀĞŝůůĂŶĐĞ^LJƐƚĞŵŝŶYƵĂůŝƚLJŽŶƚƌŽůŽĨDŝĐƌŽZE^LJŶƚŚĞƐŝƐ͘DŽů͘Ğůů ϱϱ ͕ϴϲϴ ʹ ϴϳϵ͘ >ŝǀĂŬ͕ <͘:͕͘ ĂŶĚ ^ĐŚŵŝƚƚŐĞŶ͕ d͘͘ ;ϮϬϬϭͿ͘ ŶĂůLJƐŝƐ ŽĨ ƌĞůĂƚŝǀĞ ŐĞŶĞ ĞdžƉƌĞƐƐŝŽŶ ĚĂƚĂ ƵƐŝŶŐ ƌĞĂůͲƚŝŵĞ ƋƵĂŶƚŝƚĂƚŝǀĞWZĂŶĚƚŚĞϮ;ͲĞůƚĂĞůƚĂ;dͿͿDĞƚŚŽĚ͘DĞƚŚŽĚƐ Ϯϱ ͕ϰϬϮ ʹϰϬϴ͘ >ŽŬĞ͕:͘͘;ϮϬϬϱͿ͘ŽŵƉŝůĂƚŝŽŶŽĨŵZEWŽůLJĂĚĞŶLJůĂƚŝŽŶ^ŝŐŶĂůƐŝŶƌĂďŝĚŽƉƐŝƐZĞǀĞĂůĞĚĂEĞǁ^ŝŐŶĂů ůĞŵĞŶƚĂŶĚWŽƚĞŶƚŝĂů^ĞĐŽŶĚĂƌLJ^ƚƌƵĐƚƵƌĞƐ͘W>EdWŚLJƐŝŽů͘ ϭϯϴ ͕ϭϰϱϳ ʹϭϰϲϴ͘ >ƵďĂƐ͕ D͕͘ ĂŵŐĂĂƌĚ͕ ͘<͕͘ dŽŵĞĐŬŝ͕ Z͕͘ LJƐĞǁƐŬŝ͕ ͕͘ :ĞŶƐĞŶ͕ d͘,͕͘ ĂŶĚ njŝĞŵďŽǁƐŬŝ͕ ͘ ;ϮϬϭϯͿ͘ džŽŶƵĐůĞĂƐĞ Ś/^ϯ>Ϯ ƐƉĞĐŝĨŝĞƐ ĂŶ ĞdžŽƐŽŵĞͲ ŝŶĚĞƉĞŶĚĞŶƚ ϯ͛ Ͳϱ͛ ĚĞŐƌĂĚĂƚŝŽŶ ƉĂƚŚǁĂLJ ŽĨ ŚƵŵĂŶ ĐLJƚŽƉůĂƐŵŝĐŵZE͘ DK:͘ ϯϮ ͕ϭϴϱϱ ʹϭϴϲϴ͘ >Ƶƚnj͕ ͘^͕͘ ĂŶĚ DŽƌĞŝƌĂ͕ ͘ ;ϮϬϭϭͿ͘ ůƚĞƌŶĂƚŝǀĞ ŵZE ƉŽůLJĂĚĞŶLJůĂƚŝŽŶ ŝŶ ĞƵŬĂƌLJŽƚĞƐ͗ Ŷ ĞĨĨĞĐƚŝǀĞ ƌĞŐƵůĂƚŽƌŽĨŐĞŶĞĞdžƉƌĞƐƐŝŽŶ͘tŝůĞLJ/ŶƚĞƌĚŝƐĐŝƉ͘ZĞǀ͘ZE Ϯ͕ϮϮ ʹϯϭ͘ DĂĐŚşŶ͕͕͘DĂƌƚşŶůŽŶƐŽ͕:͘D͕͘ĂŶĚWĂƌƌĂ͕&͘;ϮϬϬϭͿ͘/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨƚŚĞŵŝŶŽĐŝĚZĞƐŝĚƵĞ/ŶǀŽůǀĞĚ ŝŶZĂďďŝƚ,ĞŵŽƌƌŚĂŐŝĐŝƐĞĂƐĞsŝƌƵƐsWŐhƌŝĚLJůLJůĂƚŝŽŶ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϳϲ ͕Ϯϳϳϴϳ ʹϮϳϳϵϮ͘ DĂŝůůĞƚ͕>͕͘ĂŶĚŽůůĂƌƚ͕D͘͘;ϮϬϬϮͿ͘/ŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶEŽƚϭƉ͕ĂĐŽŵƉŽŶĞŶƚŽĨƚŚĞĐƌϰͲEŽƚĐŽŵƉůĞdž͕ ĂŐůŽďĂůƌĞŐƵůĂƚŽƌŽĨƚƌĂŶƐĐƌŝƉƚŝŽŶ͕ĂŶĚŚŚϭƉ͕ĂƉƵƚĂƚŝǀĞZEŚĞůŝĐĂƐĞ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϳϳ ͕Ϯϴϯϱ ʹϮϴϰϮ͘ DĂŝůůĞƚ͕>͕͘dƵ͕͕͘,ŽŶŐ͕z͘<͕͘^ŚƵƐƚĞƌ͕ ͘K͕͘ĂŶĚŽůůĂƌƚ͕D͘͘;ϮϬϬϬͿ͘dŚĞĞƐƐĞŶƚŝĂůĨƵŶĐƚŝŽŶŽĨEŽƚϭůŝĞƐ ǁŝƚŚŝŶƚŚĞĐƌϰͲEŽƚĐŽŵƉůĞdž͘:͘DŽů͘ŝŽů͘ ϯϬϯ ͕ϭϯϭ ʹϭϰϯ͘ DĂůĞĐŬŝ͕D͕͘sŝĞŐĂƐ͕^͕͘͘ĂƌŶĞŝƌŽ͕d͕͘'ŽůŝŬ͕W͕͘ƌĞƐƐĂŝƌĞ͕͕͘&ĞƌƌĞŝƌĂ͕D͘'͕͘ĂŶĚƌƌĂŝĂŶŽ͕͘D͘;ϮϬϭϯͿ͘ dŚĞĞdžŽƌŝďŽŶƵĐůĞĂƐĞŝƐϯ>ϮĚĞĨŝŶĞƐĂŶŽǀĞůĞƵŬĂƌLJŽƚŝĐZEĚĞŐƌĂĚĂƚŝŽŶƉĂƚŚǁĂLJ͘d>ͲϯϮ͘ DK:͘ ϯϮ sE Ͳƌ͕ϭϴϰϮ ʹϭϴϱϰ͘ DĂŶŐƵƐ͕͕͘͘ ǀĂŶƐ͕D͕͘͘ĂŶĚ:ĂĐŽďƐŽŶ͕͘;ϮϬϬϯͿ͘WŽůLJ;ͿͲďŝŶĚŝŶŐƉƌŽƚĞŝŶƐ͗DƵůƚŝĨƵŶĐƚŝŽŶĂůƐĐĂĨĨŽůĚƐ ĨŽƌƚŚĞƉŽƐƚͲƚƌĂŶƐĐƌŝƉƚŝŽŶĂůĐŽŶƚƌŽůŽĨŐĞŶĞĞdžƉƌĞƐƐŝŽŶ͘'ĞŶŽŵĞŝŽů͘ ϰ͕ϮϮϯ͘ DĂŶŐƵƐ͕͕͘͘ ǀĂŶƐ͕D͕͘͘ŐƌŝŶ͕E͘^͕͘^ŵŝƚŚ͕D͕͘'ŽŶŐŝĚŝ͕W͕͘ĂŶĚ:ĂĐŽďƐŽŶ͕͘;ϮϬϬϰͿ͘WŽƐŝƚŝǀĞĂŶĚ EĞŐĂƚŝǀĞZĞŐƵůĂƚŝŽŶŽĨWŽůLJ;ͿEƵĐůĞĂƐĞ͘DŽů͘Ğůů͘ŝŽů͘ Ϯϰ ͕ϱϱϮϭ ʹϱϱϯϯ͘ ϮϬϬ DĂƌĂŐŽnjŝĚŝƐ͕W͕͘WĂƉĂŶĂƐƚĂƐŝ͕ ͕͘^ĐƵƚĞůŶŝĐ͕͕͘dŽƚŽŵŝ͕͕͘<ŽŬŬŽƌŝ͕/͕͘ĂƌŽŐŝĂŶŶŝƐ͕^͘'͕͘<ĞƌĞŶŝĚŝ͕d͕͘ 'ŽƵƌŐŽƵůŝĂŶŝƐ͕ <͘/͕͘ ĂŶĚ ĂůĂƚƐŽƐ͕ E͘͘͘ ;ϮϬϭϱͿ͘ WŽůLJ;ͿͲƐƉĞĐŝĨŝĐ ƌŝďŽŶƵĐůĞĂƐĞ ĂŶĚ EŽĐƚƵƌŶŝŶ ŝŶ ƐƋƵĂŵŽƵƐĐĞůůůƵŶŐĐĂŶĐĞƌ͗WƌŽŐŶŽƐƚŝĐǀĂůƵĞĂŶĚŝŵƉĂĐƚŽŶŐĞŶĞĞdžƉƌĞƐƐŝŽŶ͘DŽů͘ĂŶĐĞƌϭϰ ͘ DĂƌƚŝŶ͕'͕͘ĂŶĚ<ĞůůĞƌ͕t͘;ϮϬϬϳͿ͘ZEͲƐƉĞĐŝĨŝĐƌŝďŽŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞƐ͘ZE ϭϯ ͕ϭϴϯϰ ʹϭϴϰϵ͘ DĂƌƚŠŶĞnj͕:͕͘ZĞŶ͕z͘'͕͘EŝůƐƐŽŶ͕W͕͘ ŚƌĞŶďĞƌŐ͕D͕͘ĂŶĚsŝƌƚĂŶĞŶ͕͘;ϮϬϬϭͿ͘dŚĞŵZEĂƉ^ƚƌƵĐƚƵƌĞ ^ƚŝŵƵůĂƚĞƐ ZĂƚĞ ŽĨ WŽůLJ;Ϳ ZĞŵŽǀĂů ĂŶĚ ŵƉůŝĨŝĞƐ WƌŽĐĞƐƐŝǀŝƚLJ ŽĨ ĞŐƌĂĚĂƚŝŽŶ͘ :͘ ŝŽů͘ ŚĞŵ͘ Ϯϳϲ ͕ ϮϳϵϮϯ ʹϮϳϵϮϵ͘ DĂƚŚLJƐ͕,͕͘ĂƐƋƵŝŶ͕:͘N͕͘KnjŐƵƌ͕^͕͘njĂƌŶŽĐŬŝͲŝĞĐŝƵƌĂ͕D͕͘ŽŶŶĞĂƵ͕&͕͘ĂƌƚƐĞ͕͕͘njŝĞŵďŽǁƐŬŝ͕͕͘ EŽǁŽƚŶLJ͕D͕͘ŽŶƚŝ͕ ͕͘ĂŶĚ&ŝůŝƉŽǁŝĐnj͕t͘;ϮϬϭϰͿ͘^ƚƌƵĐƚƵƌĂůĂŶĚŝŽĐŚĞŵŝĐĂů/ŶƐŝŐŚƚƐƚŽƚŚĞZŽůĞŽĨ ƚŚĞZϰͲEKdŽŵƉůĞdžĂŶĚyϲdWĂƐĞŝŶDŝĐƌŽZEZĞƉƌĞƐƐŝŽŶ͘DŽů͘Ğůů ϱϰ ͕ϳϱϭ ʹϳϲϱ͘ DĂƵdžŝŽŶ͕ &͕͘ &ĂƵdž͕ ͕͘ ĂŶĚ ^ĠƌĂƉŚŝŶ͕ ͘ ;ϮϬϬϴͿ͘ dŚĞ d'Ϯ ƉƌŽƚĞŝŶ ŝƐ Ă ŐĞŶĞƌĂů ĂĐƚŝǀĂƚŽƌ ŽĨ ŵZE ĚĞĂĚĞŶLJůĂƚŝŽŶ͘ DK:͘ Ϯϳ ͕ϭϬϯϵ ʹϭϬϰϴ͘ DĂƵdžŝŽŶ͕&͕͘WƌğǀĞ͕͕͘ĂŶĚ^ĠƌĂƉŚŝŶ͕͘;ϮϬϭϯͿ͘ϮKZ&ϮϵͬEKdϭϭĂŶĚEKdϭϬĨŽƌŵĂŶĞǁŵŽĚƵůĞŽĨ ƚŚĞZϰͲEKdĐŽŵƉůĞdž͘ZEŝŽů͘ ϭϬ ͕Ϯϲϳ ʹϮϳϲ͘ DĂLJďĞƌƌLJ͕>͘<͕͘ůůĞŶ͕D͘>͕͘EŝƚŬĂ͕<͘Z͕͘ĂŵƉďĞůů͕>͕͘DƵƌƉŚLJ͕W͕͘͘ĂŶĚƌŽǁŶŝŶŐ͕<͘^͘;ϮϬϭϭͿ͘WůĂŶƚ ĂƉͲďŝŶĚŝŶŐŽŵƉůĞdžĞƐ ƵŬĂƌLJŽƚŝĐ/ŶŝƚŝĂƚŝŽŶ&ĂĐƚŽƌƐĞ/&ϰ&ĂŶĚĞ/&/^Kϰ&͘:͘ŝŽů͘ŚĞŵ͘ Ϯϴϲ ͕ϰϮϱϲϲ ʹ ϰϮϱϳϰ͘ DĞĂƵdž͕^͕͘͘,ŽůŵƋƵŝƐƚ͕͘ ͕͘ĂŶĚDĂƌnjůƵĨĨ͕t͘&͘;ϮϬϭϴͿ͘ZŽůĞŽĨŽůŝŐŽƵƌŝĚLJůĂƚŝŽŶŝŶŶŽƌŵĂůŵĞƚĂďŽůŝƐŵ ĂŶĚƌĞŐƵůĂƚĞĚĚĞŐƌĂĚĂƚŝŽŶŽĨŵĂŵŵĂůŝĂŶŚŝƐƚŽŶĞŵZEƐ͘WŚŝůŽƐ͘dƌĂŶƐ͘Z͘^ŽĐ͘ŝŽů͘^Đŝ͘ ϯϳϯ ͘ DĞŝũĞƌ͕,͕͘͘ƵƐŚĞůů͕D͕͘,ŝůů͕<͕͘'ĂŶƚ͕d͘t͕͘tŝůůŝƐ͕͘ ͕͘:ŽŶĞƐ͕W͕͘ĂŶĚĚĞDŽŽƌ͕͘,͘;ϮϬϬϳͿ͘ŶŽǀĞů ŵĞƚŚŽĚ ĨŽƌ ƉŽůLJ;Ϳ ĨƌĂĐƚŝŽŶĂƚŝŽŶ ƌĞǀĞĂůƐ Ă ůĂƌŐĞ ƉŽƉƵůĂƚŝŽŶ ŽĨ ŵZEƐ ǁŝƚŚ Ă ƐŚŽƌƚ ƉŽůLJ;Ϳ ƚĂŝů ŝŶ ŵĂŵŵĂůŝĂŶĐĞůůƐ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϯϱ ͘ DĞůŽ͕ ͘K͕͘ŚĂůŝĂ͕Z͕͘Ğ^Ă͕͘D͕͘^ƚĂŶĚĂƌƚ͕E͕͘ĂŶĚĞDĞůŽEĞƚŽ͕K͘W͘;ϮϬϬϯͿ͘/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂͲ ƚĞƌŵŝŶĂů ƉŽůLJ;ͿͲďŝŶĚŝŶŐ ƉƌŽƚĞŝŶ ;WWͿͲWW ŝŶƚĞƌĂĐƚŝŽŶ ĚŽŵĂŝŶ͗ ZŽůĞ ŝŶ ĐŽŽƉĞƌĂƚŝǀĞ ďŝŶĚŝŶŐ ƚŽ ƉŽůLJ;ͿĂŶĚĞĨĨŝĐŝĞŶƚĐĂƉĚŝƐƚĂůƚƌĂŶƐůĂƚŝŽŶĂůƌĞƉƌĞƐƐŝŽŶ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϳϴ ͕ϰϲϯϱϳ ʹϰϲϯϲϴ͘ DĞŽůĂ͕E͕͘ŽŵĂŶƐŬŝ͕D͕͘<ĂƌĂĚŽƵůĂŵĂ͕ ͕͘ŚĞŶ͕z͕͘'ĞŶƚŝů͕͕͘WƵůƚnj͕͕͘sŝƚƚŝŶŐͲ^ĞĞƌƵƉ͕<͕͘>LJŬŬĞͲ ŶĚĞƌƐĞŶ͕ ^͕͘ ŶĚĞƌƐĞŶ͕:͘^͕͘ ^ĂŶĚĞůŝŶ͕ ͕͘Ğƚ Ăů͘;ϮϬϭϲͿ͘ /ĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ Ă EƵĐůĞĂƌ džŽƐŽŵĞ ĞĐĂLJ WĂƚŚǁĂLJĨŽƌWƌŽĐĞƐƐĞĚdƌĂŶƐĐƌŝƉƚƐ͘DŽů͘Ğůů ϲϰ ͕ϱϮϬ ʹϱϯϯ͘ DĞƌƌĞƚ͕Z͕͘EĂŐĂƌĂũĂŶ͕s͘<͕͘ĂƌƉĞŶƚŝĞƌ͕D͘Ͳ͕͘WĂƌŬ͕^͕͘&ĂǀŽƌLJ͕:͘Ͳ:͕͘ĞƐĐŽŵďŝŶ͕:͕͘WŝĐĂƌƚ͕͕͘ŚĂƌŶŐ͕ z͘Ͳz͕͘ 'ƌĞĞŶ͕ W͘:͕͘ ĞƌĂŐŽŶ͕ :͘ͲD͕͘ Ğƚ Ăů͘ ;ϮϬϭϱͿ͘ ,ĞĂƚͲŝŶĚƵĐĞĚ ƌŝďŽƐŽŵĞ ƉĂƵƐŝŶŐ ƚƌŝŐŐĞƌƐ ŵZE ĐŽͲ ƚƌĂŶƐůĂƚŝŽŶĂůĚĞĐĂLJŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϯ ͕ϰϭϮϭ ʹϰϭϯϮ͘ DŝŬŝ͕d͘^͕͘ĂŶĚ'ƌŽƘŚĂŶƐ͕,͘;ϮϬϭϯͿ͘dŚĞŵƵůƚŝĨƵŶĐƚŝŽŶĂůZEĂƐĞyZEϮ͘ŝŽĐŚĞŵ͘^ŽĐ͘dƌĂŶƐ͘ ϰϭ ͕ϴϮϱ ʹ ϴϯϬ͘ DŝůůĞƌ͕:͘ ͕͘ĂŶĚZĞĞƐĞ͕:͘͘;ϮϬϭϮͿ͘ĐƌϰͲEŽƚĐŽŵƉůĞdž͗dŚĞĐŽŶƚƌŽůĨƌĞĂŬŽĨĞƵŬĂƌLJŽƚŝĐĐĞůůƐ͘ƌŝƚ͘ZĞǀ͘ ŝŽĐŚĞŵ͘DŽů͘ŝŽů͘ ϰϳ ͕ϯϭϱ ʹϯϯϯ͘ DŝůůĞǀŽŝ͕^͕͘ĂŶĚsĂŐŶĞƌ͕^͘;ϮϬϬϵͿ͘DŽůĞĐƵůĂƌŵĞĐŚĂŶŝƐŵƐŽĨĞƵŬĂƌLJŽƚŝĐƉƌĞͲ ŵZEϯ͛ĞŶĚƉƌŽĐĞƐƐŝŶŐ ƌĞŐƵůĂƚŝŽŶ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϯϴ ͕Ϯϳϱϳ ʹϮϳϳϰ͘ DŽŽŶ͕͘,͕͘^ĞŐĂů͕D͕͘ŽLJƌĂnj͕͕͘'ƵŝŶĂŶ͕ ͕͘,ŽĨŵĂŶŶ͕/͕͘ĂŚĂŶ͕W͕͘dĂŝ͕͘<͕͘ĂŶĚŐĂƌǁĂů͕^͘;ϮϬϭϱͿ͘ WŽůLJ;ͿͲ ƐƉĞĐŝĨŝĐƌŝďŽŶƵĐůĞĂƐĞ;WZEͿŵĞĚŝĂƚĞƐϯ഻ ͲĞŶĚŵĂƚƵƌĂƚŝŽŶŽĨƚŚĞƚĞůŽŵĞƌĂƐĞZEĐŽŵƉŽŶĞŶƚ͘ EĂƚ͘'ĞŶĞƚ͘ ϰϳ ͕ϭϰϴϮ ʹϭϰϴϴ͘ DŽƌĞŶŽ͕͕͘͘ĞůďĂ͕͘ ͘D͕͘ĂƌĚŽƵ͕&͕͘ƌĞƐƉŝ͕D͕͘͘sĂƵĐŚĞƌĞƚ͕,͕͘DĂŝnjĞů͕͕͘ĂŶĚDĂůůŽƌLJ͕͘͘ ;ϮϬϭϯͿ͘LJƚŽƉůĂƐŵŝĐĂŶĚŶƵĐůĞĂƌƋƵĂůŝƚLJĐŽŶƚƌŽůĂŶĚƚƵƌŶŽǀĞƌŽĨƐŝŶŐůĞͲƐƚƌĂŶĚĞĚZEŵŽĚƵůĂƚĞƉŽƐƚͲ ϮϬϭ ƚƌĂŶƐĐƌŝƉƚŝŽŶĂůŐĞŶĞƐŝůĞŶĐŝŶŐŝŶƉůĂŶƚƐ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϭ ͕ϰϲϵϵ ʹϰϳϬϴ͘ DŽƌŐĂŶ͕D͕͘DƵĐŚ͕͕͘ŝ'ŝĂĐŽŵŽ͕D͕͘njnjŝ͕͕͘/ǀĂŶŽǀĂ͕/͕͘sŝƚƐŝŽƐ͕͘D͕͘WŝƐƚŽůŝĐ͕:͕͘ŽůůŝĞƌ͕W͕͘DŽƌĞŝƌĂ͕ W͘E͕͘ ĞŶĞƐ͕ s͕͘ Ğƚ Ăů͘ ;ϮϬϭϳͿ͘ ŵZE ϯ഻ ƵƌŝĚLJůĂƚŝŽŶ ĂŶĚ ƉŽůLJ;Ϳ ƚĂŝů ůĞŶŐƚŚ ƐĐƵůƉƚ ƚŚĞ ŵĂŵŵĂůŝĂŶ ŵĂƚĞƌŶĂůƚƌĂŶƐĐƌŝƉƚŽŵĞ͘EĂƚƵƌĞ ϱϰϴ ͕ϯϰϳ ʹϯϱϭ͘ DŽƌŐĂŶ͕D͕͘<ĂďĂLJĂŵĂ͕z͕͘DƵĐŚ͕͕͘/ǀĂŶŽǀĂ͕/͕͘ŝ'ŝĂĐŽŵŽ͕D͕͘ƵĐŚLJŶŶŝŬĂǀĂ͕d͕͘DŽŶĂŚĂŶ͕:͘D͕͘ sŝƚƐŝŽƐ ͕ ͘D͕͘ sĂƐŝůŝĂƵƐŬĂŝƚĦ͕ >͕͘ ŽŵĂnjnjĞƚƚŽ͕ ^͕͘ Ğƚ Ăů͘ ;ϮϬϭϵͿ͘ ƉƌŽŐƌĂŵŵĞĚ ǁĂǀĞ ŽĨ ƵƌŝĚLJůĂƚŝŽŶ Ͳ ƉƌŝŵĞĚŵZEĚĞŐƌĂĚĂƚŝŽŶŝƐĞƐƐĞŶƚŝĂůĨŽƌŵĞŝŽƚŝĐƉƌŽŐƌĞƐƐŝŽŶĂŶĚŵĂŵŵĂůŝĂŶƐƉĞƌŵĂƚŽŐĞŶĞƐŝƐ͘Ğůů ZĞƐ͘ Ϯϵ ͕ϮϮϭ ʹϮϯϮ͘ DŽƌŽnjŽǀ͕/͘z͕͘:ŽŶĞƐ͕D͘'͕͘ZĂnjĂŬ͕͕͘͘ZŝŐĚĞŶ͕͘:͕͘ĂŶĚĂĚĚŝĐŬ͕D͘y͘;ϮϬϭϬͿ͘hhŵŽĚŝĨŝĐĂƚŝŽŶŽĨ ŵZEƉƌŽŵŽƚĞƐĚĞĐĂƉƉŝŶŐĂŶĚƚƌĂŶƐĐƌŝƉƚĚĞŐƌĂĚĂƚŝŽŶŝŶƐƉĞƌŐŝůůƵƐŶŝĚƵůĂŶƐ͘DŽů͘Ğůů͘ŝŽů͘ ϯϬ ͕ϰϲϬ ʹ ϰϲϵ͘ DŽƌŽnjŽǀ͕/͘z͕͘:ŽŶĞƐ͕D͘'͕͘'ŽƵůĚ͕W͕͘͘ƌŽŵĞ͕s͕͘tŝůƐŽŶ͕:͕͘͘,Ăůů͕͘:͘t͕͘ZŝŐĚĞŶ͕͘:͕͘ĂŶĚĂĚĚŝĐŬ͕ D͘y͘ ;ϮϬϭϮͿ͘ ŵZE ϯ͛ dĂŐŐŝŶŐ /Ɛ /ŶĚƵĐĞĚ ďLJ EŽŶƐĞŶƐĞ ͲDĞĚŝĂƚĞĚ ĞĐĂLJ ĂŶĚ WƌŽŵŽƚĞƐ ZŝďŽƐŽŵĞ ŝƐƐŽĐŝĂƚŝŽŶ͘DŽů͘Ğůů͘ŝŽů͘ ϯϮ ͕Ϯϱϴϱ ʹϮϱϵϱ͘ DŽƌƌŝƐ͕ D͘Z͕͘ ƐƚƵƚŝ͕ ͕͘ ĂŶĚ DĂŚĞƌ͕ ͘Z͘ ;ϮϬϭϯͿ͘ WĞƌůŵĂŶ ƐLJŶĚƌŽŵĞ͗ ŽǀĞƌŐƌŽǁƚŚ͕ tŝůŵƐ ƚƵŵŽƌ ƉƌĞĚŝƐƉŽƐŝƚŝŽŶĂŶĚ/^ϯ>Ϯ͘ŵ͘:͘DĞĚ͘'ĞŶĞƚ͘͘^ĞŵŝŶ͘DĞĚ͘'ĞŶĞƚ͘ ϭϲϯ ͕ϭϬϲ ʹϭϭϯ͘ DƵŐƌŝĚŐĞ͕ :͘^͕͘ dŝďďůĞ͕ Z͘t͕͘ ŝĞŵŶŝĂŬ͕ D͕͘ :ĞŵŝĞůŝƚLJ͕ :͕͘ ĂŶĚ 'ƌŽƐƐ͕ :͘͘ ;ϮϬϭϴͿ͘ ^ƚƌƵĐƚƵƌĞ ŽĨ ƚŚĞ ĂĐƚŝǀĂƚĞĚ ĚĐϭͲĐƉϭͲĐƉϮͲ ĚĐϯŵZEĚĞĐĂƉƉŝŶŐĐŽŵƉůĞdžǁŝƚŚƐƵďƐƚƌĂƚĞĂŶĂůŽŐƉŽŝƐĞĚĨŽƌĐĂƚĂůLJƐŝƐ͘ EĂƚ͘ŽŵŵƵŶ͘ ϵ͕ϭϭϱϮ͘ DƺůůĞƌ͕t͘ ͘'͕͘^ĐŚƌƂĚĞƌ͕,͕͘͘WŝƐŝŐŶĂŶŽ͕͕͘DĂƌŬů͕:͘^͕͘ĂŶĚtĂŶŐ͕y͘;ϮϬϭϯͿ͘DĞƚĂnjŽĂŶĐŝƌĐĂĚŝĂŶ ƌŚLJƚŚŵ͗ dŽǁĂƌĚ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ Ă ůŝŐŚƚͲďĂƐĞĚ njĞŝƚŐĞďĞƌ ŝŶ ƐƉŽŶŐĞƐ͘ /Ŷ /ŶƚĞŐƌĂƚŝǀĞ ĂŶĚ ŽŵƉĂƌĂƚŝǀĞŝŽůŽŐLJ͕;EĂƌŶŝĂͿ͕ƉƉ͘ϭϬϯ ʹϭϭϳ͘ DƵŶŽnjͲƚĞůůŽ͕ W͕͘ ZĂũĂƉƉĂ͕ >͕͘ ŽƋƵŝůůĞ͕ ^͕͘ dŚŽƌĞ͕ ^͘ džĞϵ͕ ĂŶĚ ƉŚĂŶĞ ;ϮϬϭϱͿ͘ WŽůLJƵƌŝĚLJůĂƚŝŽŶ ŝŶ ƵŬĂƌLJŽƚĞƐථ͗ϯ͛ Ͳ ŶĚDŽĚŝĨŝĐĂƚŝŽŶZĞŐƵůĂƚŝŶŐZE>ŝĨĞ͘ŝŽŵĞĚZĞƐ͘/Ŷƚ͘ ϮϬϭϱ ͕ϭ ʹϭϮ͘ EĂŐĂƌĂũĂŶ͕ s͘<͕͘ :ŽŶĞƐ͕ ͘/͕͘ EĞǁďƵƌLJ͕ ^͘&͕͘ ĂŶĚ 'ƌĞĞŶ͕ W͘:͘ ;ϮϬϭϯͿ͘ yZE ϱ͛їϯ͛ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐ͗ ^ƚƌƵĐƚƵƌĞ͕ŵĞĐŚĂŶŝƐŵƐĂŶĚĨƵŶĐƚŝŽŶƐ͘ŝŽĐŚŝŵ͘ŝŽƉŚLJƐ͘ĐƚĂͲ'ĞŶĞZĞŐƵů͘DĞĐŚ͘ ϭϴϮϵ ͕ϱϵϬ ʹϲϬϯ͘ EĂƐĞƌƚŽƌĂďŝ͕&͕͘ĂƚŝƐƐĞ͕͕͘ŝĞƉŚŽůnj͕D͕͘^ƵĐŬ͕͕͘ĂŶĚƂƚƚĐŚĞƌ͕͘;ϮϬϭϭͿ͘/ŶƐŝŐŚƚƐŝŶƚŽƚŚĞƐƚƌƵĐƚƵƌĞ ŽĨƚŚĞZϰͲEKdĐŽŵƉůĞdžďLJĞůĞĐƚƌŽŶŵŝĐƌŽƐĐŽƉLJ͘& ^>Ğƚƚ͘ ϱϴϱ ͕ϮϭϴϮ ʹϮϭϴϲ͘ EŐƵLJĞŶ͕͘,͕͘DĂƚƐƵŝ͕͕͘dĂŶĂŬĂ͕D͕͘DŝnjƵŶĂƐŚŝ͕<͕͘EĂŬĂŵŝŶĂŵŝ͕<͕͘,ĂLJĂƐŚŝ͕D͕͘/ŝĚĂ͕<͕͘dŽLJŽĚĂ͕d͕͘ EŐƵLJĞŶ͕ ͘ sĂŶ͕ ĂŶĚ ^ĞŬŝ͕ D͘ ;ϮϬϭϱͿ͘ >ŽƐƐ ŽĨ ƌĂďŝĚŽƉƐŝƐ ϱ഻ʹϯ഻ džŽƌŝďŽŶƵĐůĞĂƐĞ ƚyZEϰ &ƵŶĐƚŝŽŶ ŶŚĂŶĐĞƐ ,ĞĂƚ ^ƚƌĞƐƐ dŽůĞƌĂŶĐĞ ŽĨ WůĂŶƚƐ ^ƵďũĞĐƚĞĚ ƚŽ ^ĞǀĞƌĞ ,ĞĂƚ ^ƚƌĞƐƐ͘ WůĂŶƚ Ğůů WŚLJƐŝŽů͘ ϱϲ ͕ ƉĐǀϬϵϲ͘ EŝĐŚŽůƐŽŶ͕͘>͕͘ĂŶĚWĂƐƋƵŝŶĞůůŝ͕͘ ͘;ϮϬϭϵͿ͘dĂůĞƐŽĨĞƚĂŝůĞĚWŽůLJ;ͿdĂŝůƐ͘dƌĞŶĚƐĞůůŝŽů͘ Ϯϵ ͕ϭϵϭ ʹ ϮϬϬ͘ EŝĞƚĨĞůĚ͕t͕͘DĞŶƚnjĞů͕,͕͘ĂŶĚWŝĞůĞƌ͕d͘;ϭϵϵϬͿ͘dŚĞyĞŶŽƉƵƐůĂĞǀŝƐƉŽůLJ;ͿďŝŶĚŝŶŐƉƌŽƚĞŝŶŝƐĐŽŵƉŽƐĞĚ ŽĨŵƵůƚŝƉůĞĨƵŶĐƚŝŽŶĂůůLJŝŶĚĞƉĞŶĚĞŶƚZEďŝŶĚŝŶŐĚŽŵĂŝŶƐ͘ DK:͘ ϵ͕ϯϲϵϵ ʹϯϳϬϱ͘ EŝůƐƐŽŶ͕W͕͘,ĞŶƌŝŬƐƐŽŶ͕E͕͘EŝĞĚnjǁŝĞĐŬĂ͕͕͘ĂůĂƚƐŽƐ͕E͕͘͘͘<ŽŬŬŽƌŝƐ͕<͕͘ ƌŝŬƐƐŽŶ͕:͕͘ĂŶĚsŝƌƚĂŶĞŶ͕͘ ;ϮϬϬϳͿ͘ŵƵůƚŝĨƵŶĐƚŝŽŶĂůZEƌĞĐŽŐŶŝƚŝŽŶŵŽƚŝĨŝŶƉŽůLJ;ͿͲƐƉĞĐŝĨŝĐƌŝďŽŶƵĐůĞĂƐĞǁŝƚŚĐĂƉĂŶĚƉŽůLJ;Ϳ ďŝŶĚŝŶŐƉƌŽƉĞƌƚŝĞƐ͘:͘ŝŽů͘ŚĞŵ͘ ϮϴϮ ͕ϯϮϵϬϮ ʹϯϮϵϭϭ͘ EŝƐŚŝŵƵƌĂ͕E͕͘<ŝƚĂŚĂƚĂ͕E͕͘^ĞŬŝ͕D͕͘EĂƌƵƐĂŬĂ͕z͕͘EĂƌƵƐĂŬĂ͕D͕͘<ƵƌŽŵŽƌŝ͕d͕͘ƐĂŵŝ͕d͕͘^ŚŝŶŽnjĂŬŝ͕<͕͘ ĂŶĚ,ŝƌĂLJĂŵĂ͕d͘;ϮϬϬϱͿ͘ŶĂůLJƐŝƐŽĨŚLJƉĞƌƐĞŶƐŝƚŝǀĞŐĞƌŵŝŶĂƚŝŽŶϮƌĞǀĞĂůĞĚƚŚĞƉŝǀŽƚĂůĨƵŶĐƚŝŽŶƐ ŽĨWZEŝŶƐƚƌĞƐƐƌĞƐƉŽŶƐĞŝŶƌĂďŝĚŽƉƐŝƐ͘WůĂŶƚ:͘ ϰϰ ͕ϵϳϮ ʹϵϴϰ͘ ϮϬϮ EŝƐƐĂŶ͕ d͕͘ ZĂũLJĂŐƵƌƵ͕ W͕͘ ^ŚĞ͕ D͕͘ ^ŽŶŐ͕ ,͕͘ ĂŶĚ WĂƌŬĞƌ͕ Z͘ ;ϮϬϭϬͿ͘ ĞĐĂƉƉŝŶŐ ĐƚŝǀĂƚŽƌƐ ŝŶ ^ĂĐĐŚĂƌŽŵLJĐĞƐĐĞƌĞǀŝƐŝĂĞĐƚďLJDƵůƚŝƉůĞDĞĐŚĂŶŝƐŵƐ͘DŽů͘Ğůů ϯϵ ͕ϳϳϯ ʹϳϴϯ͘ EŽũŝŵĂ͕ d͕͘ ,ŝƌŽƐĞ͕ d͕͘ <ŝŵƵƌĂ͕ ,͕͘ ĂŶĚ ,ĂŐŝǁĂƌĂ͕ D͘ ;ϮϬϬϳͿ͘ dŚĞ ŝŶƚĞƌĂĐƚŝŽŶ ďĞƚǁĞĞŶ ĐĂƉͲďŝŶĚŝŶŐ ĐŽŵƉůĞdžĂŶĚZEĞdžƉŽƌƚĨĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚĨŽƌŝŶƚƌŽŶůĞƐƐŵZEĞdžƉŽƌƚ͘:͘ŝŽů͘ŚĞŵ͘ϮϴϮ ͕ϭϱϲϰϱ ʹ ϭϱϲϱϭ͘ EŽƌďƵƌLJ͕͘:͘;ϮϬϭϯͿ͘LJƚŽƉůĂƐŵŝĐZE͗ĂĐĂƐĞŽĨƚŚĞƚĂŝůǁĂŐŐŝŶŐƚŚĞĚŽŐ͘EĂƚZĞǀĂŶĐĞƌ ϭϯ ͕ϲϰϯ ʹϲϱϯ͘ KŐĂŵŝ͕<͕͘,ŽƐŽĚĂ͕E͕͘&ƵŶĂŬŽƐŚŝ͕z͕͘ĂŶĚ,ŽƐŚŝŶŽ͕^͘;ϮϬϭϰͿ͘ŶƚŝƉƌŽůŝĨĞƌĂƚŝǀĞƉƌŽƚĞŝŶdŽďĚŝƌĞĐƚůLJ ƌĞŐƵůĂƚĞƐ ĐͲŵLJĐ ƉƌŽƚŽͲŽŶĐŽŐĞŶĞ ĞdžƉƌĞƐƐŝŽŶ ƚŚƌŽƵŐŚ ĐLJƚŽƉůĂƐŵŝĐ ƉŽůLJĂĚĞŶLJůĂƚŝŽŶ ĞůĞŵĞŶƚͲďŝŶĚŝŶŐ ƉƌŽƚĞŝŶW ͘KŶĐŽŐĞŶĞ ϯϯ ͕ϱϱ ʹϲϰ͘ KŐĂŵŝ͕<͕͘ŚĞŶ͕z͕͘ĂŶĚDĂŶůĞLJ͕:͘;ϮϬϭϴͿ͘ZE^ƵƌǀĞŝůůĂŶĐĞďLJƚŚĞEƵĐůĞĂƌZE džŽƐŽŵĞ͗DĞĐŚĂŶŝƐŵƐ ĂŶĚ^ŝŐŶŝĨŝĐĂŶĐĞ͘EŽŶͲŽĚŝŶŐZE ϰ͕ϴ͘ KŚ͕E͕͘<ŝŵ͕<͘D͕͘ŚŽĞ͕:͕͘ĂŶĚ<ŝŵ͕z͘<͘;ϮϬϬϳͿ͘WŝŽŶĞĞƌƌŽƵŶĚŽĨƚƌĂŶƐůĂƚŝŽŶŵĞĚŝĂƚĞĚďLJŶƵĐůĞĂƌĐĂƉͲ ďŝŶĚŝŶŐƉƌŽƚĞŝŶƐWϴϬͬϮϬŽĐĐƵƌƐĚƵƌŝŶŐƉƌŽůŽŶŐĞĚŚLJƉŽdžŝĂ͘& ^>Ğƚƚ͘ ϱϴϭ ͕ϱϭϱϴ ʹϱϭϲϰ͘ KůŵĞĚŽ͕'͕͘'ƵŽ͕,͕͘'ƌĞŐŽƌLJ͕͕͘͘EŽƵƌŝnjĂĚĞŚ͕^͕͘͘ŐƵŝůĂƌͲ,ĞŶŽŶŝŶ͕>͕͘>ŝ͕,͕͘Ŷ͕&͕͘'ƵnjŵĂŶ͕W͕͘ĂŶĚ ĐŬĞƌ͕:͘Z͘;ϮϬϬϲͿ͘ d,z> E Ͳ /E^ E^/d/s ϱĞŶĐŽĚĞƐĂϱ͛ Ͳхϯ͛ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƌĞƋƵŝƌĞĚĨŽƌƌĞŐƵůĂƚŝŽŶ ŽĨƚŚĞ /EϯͲƚĂƌŐĞƚŝŶŐ&ͲďŽdžƉƌŽƚĞŝŶƐ &ϭͬϮ͘WƌŽĐ͘EĂƚů͘ĐĂĚ͘^Đŝ͘ ϭϬϯ ͕ϭϯϮϴϲ ʹϭϯϮϵϯ͘ KƌďĂŶ͕d͘/͕͘ĂŶĚ/njĂƵƌƌĂůĚĞ͕ ͘;ϮϬϬϱͿ͘ĞĐĂLJŽĨŵZEƐƚĂƌŐĞƚĞĚďLJZ/^ƌĞƋƵŝƌĞƐyZEϭ͕ƚŚĞ^ŬŝĐŽŵƉůĞdž͕ ĂŶĚƚŚĞĞdžŽƐŽŵĞ͘ZE ϭϭ ͕ϰϱϵ ʹϰϲϵ͘ KnjŐƵƌ͕^͕͘ŚĞŬƵůĂĞǀĂ͕D͕͘ĂŶĚ^ƚŽĞĐŬůŝŶ͕'͘;ϮϬϭϬͿ͘,ƵŵĂŶWĂƚϭďŽŶŶĞĐƚƐĞĂĚĞŶLJůĂƚŝŽŶǁŝƚŚŵZE ĞĐĂƉƉŝŶŐĂŶĚŽŶƚƌŽůƐƚŚĞƐƐĞŵďůLJŽĨWƌŽĐĞƐƐŝŶŐŽĚŝĞƐ͘DŽů͘Ğůů͘ŝŽů͘ ϯϬ ͕ϰϯϬϴ ʹϰϯϮϯ͘ KnjŐƵƌ͕^͕͘ĂƐƋƵŝŶ͕:͕͘<ĂŵĞŶƐŬĂ͕͕͘&ŝůŝƉŽǁŝĐnj͕t͕͘^ƚĂŶĚĂƌƚ͕E͕͘ĂŶĚŽŶƚŝ͕ ͘;ϮϬϭϱͿ͘^ƚƌƵĐƚƵƌĞŽĨĂ ,ƵŵĂŶϰ ͲdͬyϲͬEKdϭŽŵƉůĞdžZĞǀĞĂůƐƚŚĞŝĨĨĞƌĞŶƚ/ŶƚĞƌƉůĂLJŽĨyϲͲŝŶĚŝŶŐWƌŽƚĞŝŶƐǁŝƚŚƚŚĞ ZϰͲEKdŽŵƉůĞdž͘ĞůůZĞƉ͘ ϭϯ ͕ϳϬϯ ʹϳϭϭ͘ WĂďŝƐ͕D͕͘EĞƵĨĞůĚ͕E͕͘^ƚĞŝŶĞƌ͕D͕͘͘ŽũŝĐ͕d͕͘^ŚĂǀͲdĂů͕z͕͘ĂŶĚEĞƵŐĞďĂƵĞƌ͕<͘D͘;ϮϬϭϯͿ͘dŚĞŶƵĐůĞĂƌ ĐĂƉͲďŝŶĚŝŶŐĐŽŵƉůĞdžŝŶƚĞƌĂĐƚƐǁŝƚŚƚŚĞhϰͬhϲͼhϱƚƌŝͲƐŶZEWĂŶĚƉƌŽŵŽƚĞƐƐƉůŝĐĞŽƐŽŵĞĂƐƐĞŵďůLJŝŶ ŵĂŵŵĂůŝĂŶĐĞůůƐ͘ZE ϭϵ ͕ϭϬϱϰ ʹϭϬϲϯ͘ WĂƌŬ͕:͘Ͳ ͕͘zŝ͕,͕͘<ŝŵ͕z͕͘ŚĂŶŐ͕,͕͘ĂŶĚ<ŝŵ͕s͘E͘;ϮϬϭϲͿ͘ZĞŐƵůĂƚŝŽŶŽĨWŽůLJ;ͿdĂŝůĂŶĚdƌĂŶƐůĂƚŝŽŶ ĚƵƌŝŶŐƚŚĞ^ŽŵĂƚŝĐĞůůLJĐůĞ͘DŽůĞůů ϲϮ ͕ϰϲϮ ʹϰϳϭ͘ WĂƌŬĞƌ͕Z͕͘ĂŶĚ^ŚĞƚŚ͕h͘;ϮϬϬϳͿ͘WŽĚŝĞƐĂŶĚƚŚĞŽŶƚƌŽůŽĨŵZEdƌĂŶƐůĂƚŝŽŶĂŶĚĞŐƌĂĚĂƚŝŽŶ͘DŽů͘ Ğůů Ϯϱ ͕ϲϯϱ ʹϲϰϲ͘ WĂƌŬĞƌ͕Z͕͘ĂŶĚ^ŽŶŐ͕,͘;ϮϬϬϰͿ͘dŚĞĞŶnjLJŵĞƐĂŶĚĐŽŶƚƌŽůŽĨĞƵŬĂƌLJŽƚŝĐŵZEƚƵƌŶŽǀĞƌ͘EĂƚ͘^ƚƌƵĐƚ͘ DŽů͘ŝŽů͘ ϭϭ ͕ϭϮϭ ʹϭϮϳ͘ WĂƚƌŝĐŬ͕Z͘D͕͘ĂŶĚƌŽǁŶŝŶŐ͕<͘^͘;ϮϬϭϮͿ͘dŚĞĞ/&ϰ&ĂŶĚĞ/&ŝƐŽϰ&ŽŵƉůĞdžĞƐŽĨWůĂŶƚƐ͗Ŷ ǀŽůƵƚŝŽŶĂƌLJ WĞƌƐƉĞĐƚŝǀĞ͘ŽŵƉ͘&ƵŶĐƚ͘'ĞŶŽŵŝĐƐ ϮϬϭϮ ͕ϭ ʹϭϮ͘ WĂǀůŽƉŽƵůŽƵ͕͕͘sůĂĐŚĂŬŝƐ͕͕͘ĂůĂƚƐŽƐ͕E͕͘͘͘ĂŶĚ<ŽƐƐŝĚĂ͕^͘;ϮϬϭϯͿ͘ĐŽŵƉƌĞŚĞŶƐŝǀĞƉŚLJůŽŐĞŶĞƚŝĐ ĂŶĂůLJƐŝƐŽĨĚĞĂĚĞŶLJůĂƐĞƐ͘ ǀŽů͘ŝŽŝŶĨŽƌŵĂ͘ ϮϬϭϯ ͕ϰϵϭ ʹϰϵϳ͘ WĞůĞĐŚĂŶŽ͕s͕͘tĞŝ͕t͕͘ĂŶĚ^ƚĞŝŶŵĞƚnj͕>͘D͘D͘;ϮϬϭϱͿ͘tŝĚĞƐƉƌĞĂĚŽͲƚƌĂŶƐůĂƚŝŽŶĂůZEĞĐĂLJZĞǀĞĂůƐ ZŝďŽƐŽŵĞLJŶĂŵŝĐƐ͘Ğůů ϭϲϭ ͕ϭϰϬϬ ʹϭϰϭϮ͘ >ĞWĞŶ͕:͕͘ŝŽŵĞŶŝĐŽ͕d͕͘<ŶĞƵƐƐ͕ ͕͘<ŽƐĂųŬĂ͕:͕͘ZƵĚŽůƉŚ͕<͘>͘D͕͘DŝƐŬĂ͕ ͕͘͘:ŝĂŶŐ͕,͕͘>ĞƵŶŐ͕͕͘ tĂŶŐ͕͕͘DŽƌŐĂŶ͕D͕͘ĞƚĂů͘;ϮϬϭϴͿ͘dĞƌŵŝŶĂůƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞƐƚĂƌŐĞƚZEǀŝƌƵƐĞƐĂƐƉĂƌƚŽĨƚŚĞ ŝŶŶĂƚĞŝŵŵƵŶĞƐLJƐƚĞŵ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ Ϯϱ ͕ϳϳϴ ʹϳϴϲ͘ ϮϬϯ WĞƚŝƚ͕͘W͕͘tŽŚůďŽůĚ͕>͕͘ĂǁĂŶŬĂƌ͕W͕͘,ƵŶƚnjŝŶŐĞƌ͕ ͕͘^ĐŚŵŝĚƚ͕^͕͘/njĂƵƌƌĂůĚĞ͕ ͕͘ĂŶĚtĞŝĐŚĞŶƌŝĞĚĞƌ͕ K͘;ϮϬϭϮͿ͘dŚĞƐƚƌƵĐƚƵƌĂůďĂƐŝƐĨŽƌƚŚĞŝŶƚĞƌĂĐƚŝŽŶďĞƚǁĞĞŶƚŚĞ&ϭŶƵĐůĞĂƐĞĂŶĚƚŚĞEKdϭƐĐĂĨĨŽůĚ ŽĨƚŚĞŚƵŵĂŶZϰͲEKdĚĞĂĚĞŶLJůĂƐĞĐŽŵƉůĞdž͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϬ ͕ϭϭϬϱϴ ʹϭϭϬϳϮ͘ WŝĐĂƌĚͲ:ĞĂŶ͕&͕͘ƌĂŶĚ͕͕͘dƌĞŵďůĂLJͲ>ĠƚŽƵƌŶĞĂƵ͕D͕͘ůůĂŝƌĞ͕͕͘ĞĂƵĚŽŝŶ͕D͕͘͘ŽƵĚƌĞĂƵůƚ͕^͕͘ƵǀĂů͕ ͕͘ZĂŝŶǀŝůůĞͲ^ŝƌŽŝƐ͕:͕͘ZŽďĞƌƚ͕&͕͘WĞůůĞƚŝĞƌ͕:͕͘ĞƚĂů͘ ;ϮϬϭϴͿ͘Ϯ͛ ͲKͲŵĞƚŚLJůĂƚŝŽŶŽĨƚŚĞŵZEĐĂƉƉƌŽƚĞĐƚƐ ZEƐĨƌŽŵĚĞĐĂƉƉŝŶŐĂŶĚĚĞŐƌĂĚĂƚŝŽŶďLJyK͘W>Ž^KŶĞ ϭϯ ͕ĞϬϭϵϯϴϬϰ͘ WŝĞƌƌŽŶ͕'͕͘ĂŶĚtĞŝů͕͘;ϮϬϭϴͿ͘ZĞͲǀŝĞǁŝŶŐƚŚĞϯKƌŐĂŶŝnjĂƚŝŽŶŽĨŵZEWƐ͘DŽů͘Ğůů ϳϮ ͕ϲϬϯ ʹϲϬϱ͘ WŝƌŽƵnj͕D͕͘Ƶ͕W͕͘DƵŶĂĨž͕D͕͘ĂŶĚ'ƌĞŐŽƌLJ͕Z͘/͘;ϮϬϭϲͿ͘ŝƐϯůϮͲDĞĚŝĂƚĞĚĞĐĂLJ/ƐĂYƵĂůŝƚLJŽŶƚƌŽů WĂƚŚǁĂLJĨŽƌEŽŶĐŽĚŝŶŐZEƐ͘ĞůůZĞƉ͘ ϭϲ ͕ϭϴϲϭ ʹϭϴϳϯ͘ WŝƐĂĐĂŶĞ͕W͕͘ĂŶĚ,ĂůŝĐ͕D͘;ϮϬϭϳͿ͘dĂŝůŝŶŐĂŶĚĚĞŐƌĂĚĂƚŝŽŶŽĨƌŐŽŶĂƵƚĞͲďŽƵŶĚƐŵĂůůZEƐƉƌŽƚĞĐƚƚŚĞ ŐĞŶŽŵĞĨƌŽŵƵŶĐŽŶƚƌŽůůĞĚZEŝ͘EĂƚ͘ŽŵŵƵŶ͘ WŽƚƵƐĐŚĂŬ͕ d͕͘ sĂŶƐŝƌŝ͕ ͕͘ ŝŶĚĞƌ͕ ͘D͕͘ >ĞĐŚŶĞƌ͕ ͕͘ sŝĞƌƐƚƌĂ͕ Z͕͘͘ ĂŶĚ 'ĞŶƐĐŚŝŬ͕ W͘ ;ϮϬϬϲͿ͘ dŚĞ džŽƌŝďŽŶƵĐůĞĂƐĞyZEϰ/ƐĂŽŵƉŽŶĞŶƚŽĨƚŚĞ ƚŚLJůĞŶĞZĞƐƉŽŶƐĞWĂƚŚǁĂLJŝŶƌĂďŝĚŽƉƐŝƐ͘WůĂŶƚĞůů ϭϴ ͕ϯϬϰϳ ʹϯϬϱϳ͘ ZĂĐnjLJŶƐŬĂ͕ <͕͘͘ ^ƚĞƉŝĞŶ͕ ͕͘ <ŝĞƌnjŬŽǁƐŬŝ͕ ͕͘ <ĂůĂŬ͕ D͕͘ ĂũĐnjLJŬ͕ D͕͘ DĐEŝĐŽů͕ :͕͘ ^ŝŵƉƐŽŶ͕ ͘'͕͘ ^njǁĞLJŬŽǁƐŬĂͲ<ƵůŝŶƐŬĂ͕͕͘ƌŽǁŶ͕:͘t͘^͕͘ĂŶĚ:ĂƌŵŽůŽǁƐŬŝ͕͘;ϮϬϭϰͿ͘dŚĞ^ ZZd ƉƌŽƚĞŝŶŝƐŝŶǀŽůǀĞĚ ŝŶĂůƚĞƌŶĂƚŝǀĞƐƉůŝĐŝŶŐŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϮ ͕ϭϮϮϰ ʹϭϮϰϰ͘ ZĂĚŚĂŬƌŝƐŚŶĂŶ͕͕͘ŚĞŶ͕z͘,͕͘DĂƌƚŝŶ͕^͕͘ůŚƵƐĂŝŶŝ͕E͕͘'ƌĞĞŶ͕Z͕͘ĂŶĚŽůůĞƌ͕:͘;ϮϬϭϲͿ͘dŚĞ ͲŽdž WƌŽƚĞŝŶŚŚϭƉŽƵƉůĞƐŵZEĞĐĂLJĂŶĚdƌĂŶƐůĂƚŝŽŶďLJDŽŶŝƚŽƌŝŶŐŽĚŽŶKƉƚŝŵĂůŝƚLJ͘Ğůů ϭϲϳ ͕ϭϮϮͲ ϭϯϮ͘Ğϵ͘ ZĂũĂƉƉĂͲdŝƚƵ͕>͕͘^ƵĞŵĂƚƐƵ͕d͕͘DƵŶŽnjͲdĞůůŽ͕W͕͘>ŽŶŐ͕D͕͘Ğŵŝƌ͕P͕͘ŚĞŶŐ͕<͘:͕͘^ƚĂŐŶŽ͕:͘Z͕͘>ƵĞĐŬĞ͕ ,͕͘ŵĂƌŽ͕Z͘ ͕͘ƉŚĂƐŝnjŚĞǀĂ͕/͕͘ĞƚĂů͘;ϮϬϭϲͿ͘ZE ĚŝƚŝŶŐdhdĂƐĞϭ͗ƐƚƌƵĐƚƵƌĂůĨŽƵŶĚĂƚŝŽŶŽĨƐƵďƐƚƌĂƚĞ ƌĞĐŽŐŶŝƚŝŽŶ͕ĐŽŵƉůĞdžŝŶƚĞƌĂĐƚŝŽŶƐĂŶĚĚƌƵŐƚĂƌŐĞƚŝŶŐ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϰ ͕ŐŬǁϵϭϳ͘ ZĂũĞĐŬĂ͕ s͕͘ ^ŬĂůŝĐŬLJ͕ d͕͘ ĂŶĚ sĂŶĂĐŽǀĂ͕ ^͘ ;ϮϬϭϵͿ͘ dŚĞ ƌŽůĞŽĨ ZEĂĚĞŶŽƐŝŶĞ ĚĞŵĞƚŚLJůĂƐĞƐ ŝŶ ƚŚĞ ĐŽŶƚƌŽůŽĨŐĞŶĞĞdžƉƌĞƐƐŝŽŶ͘ŝŽĐŚŝŵ͘ŝŽƉŚLJƐ͘ĐƚĂͲ'ĞŶĞZĞŐƵů͘DĞĐŚ͘ ϭϴϲϮ ͕ϯϰϯ ʹϯϱϱ͘ ZĂũLJĂŐƵƌƵ͕W͕͘ĂŶĚWĂƌŬĞƌ͕Z͘;ϮϬϭϮͿ͘Z''ŵŽƚŝĨƉƌŽƚĞŝŶƐථ͗DŽĚƵůĂƚŝƌƐŝĨ ŵZEĨƵŶĐƚŝŽŶĂůƐƚĂƚĞƐ͘Ğůů LJĐůĞ ϭϭ ͘ ZĂũLJĂŐƵƌƵ͕W͕͘^ŚĞ͕D͕͘ĂŶĚWĂƌŬĞƌ ͕Z͘;ϮϬϭϮͿ͘^ĐĚϲdĂƌŐĞƚƐĞ/&ϰ'ƚŽZĞƉƌĞƐƐdƌĂŶƐůĂƚŝŽŶථ͗Z''DŽƚŝĨ WƌŽƚĞŝŶƐĂƐĂůĂƐƐŽĨĞ/&ϰ'ͲŝŶĚŝŶŐWƌŽƚĞŝŶƐ͘DŽů͘Ğůů ϰϱ ͕Ϯϰϰ ʹϮϱϰ͘ ZĂŵĂŶĂƚŚĂŶ͕ ͕͘ ZŽďď͕ '͕͘͘ ĂŶĚ ŚĂŶ͕ ^͘,͘ ;ϮϬϭϲͿ͘ ŵZE ĐĂƉƉŝŶŐ͗ ŝŽůŽŐŝĐĂů ĨƵŶĐƚŝŽŶƐ ĂŶĚ ĂƉƉůŝĐĂƚŝŽŶƐ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϰ ͕ϳϱϭϭ ʹϳϱϮϲ͘ ZĞĂĚ͕>͘<͕͘ŝŵŵĞƌ͕^͘>͕͘ĂŶĚŵŵĞƌŵĂŶ͕D͘>͘;ϮϬϭϭͿ͘DĂƌŬĞĚĨŽƌdƌĂŶƐůĂƚŝŽŶ͗>ŽŶŐͬhdĂŝůƐĂƐĂŶ /ŶƚĞƌĨĂĐĞďĞƚǁĞĞŶŽŵƉůĞƚŝŽŶŽĨZE ĚŝƚŝŶŐĂŶĚZŝďŽƐŽŵĞZĞĐƌƵŝƚŵĞŶƚ͘DŽů͘Ğůů ϰϮ ͕ϲ ʹϴ͘ ZĞďďĂƉƌĂŐĂĚĂ͕/͕͘ĂŶĚ>LJŬŬĞͲŶĚĞƌƐĞŶ͕:͘;ϮϬϬϵͿ͘ džĞĐƵƚŝŽŶŽĨŶŽŶƐĞŶƐĞͲŵĞĚŝĂƚĞĚŵZEĚĞĐĂLJ͗ǁŚĂƚ ĚĞĨŝŶĞƐĂƐƵďƐƚƌĂƚĞ͍Ƶƌƌ͘KƉŝŶ͘ĞůůŝŽů͘ Ϯϭ ͕ϯϵϰ ʹϰϬϮ͘ ZĞŝŵĆŽͲWŝŶƚŽ͕D͘D͕͘DĂŶnjĞŶƌĞŝƚŚĞƌ͕Z͕͘͘ƵƌŬĂƌĚ͕d͘Z͕͘^ůĞĚnj͕W͕͘:ŝŶĞŬ͕D͕͘ DĞĐŚƚůĞƌ͕<͕͘ĂŶĚŵĞƌĞƐ͕ ^͘>͘ ;ϮϬϭϲͿ͘ DŽůĞĐƵůĂƌ ďĂƐŝƐ ĨŽƌ ĐLJƚŽƉůĂƐŵŝĐ ZE ƐƵƌǀĞŝůůĂŶĐĞ ďLJ ƵƌŝĚLJůĂƚŝŽŶͲƚƌŝŐŐĞƌĞĚ ĚĞĐĂLJ ŝŶ ƌŽƐŽƉŚŝůĂ ͘ DK:͘ ϯϱ ͕ĞϮϬϭϲϵϱϭϲϰ͘ ZĞŶ͕'͕͘ŚĞŶ͕y͕͘ĂŶĚzƵ͕͘;ϮϬϭϮͿ͘hƌŝĚLJůĂƚŝŽŶŽĨŵŝZEƐďLJ, Eϭ^hWWZ ^^KZϭŝŶĂƌĂďŝĚŽƉƐŝƐ͘Ƶƌƌ͘ ŝŽů͘ ϮϮ ͕ϲϵϱ ʹϳϬϬ͘ ZĞŶ͕'͕͘yŝĞ͕D͕͘ŚĂŶŐ͕^͕͘sŝŶŽǀƐŬŝƐ͕͕͘ŚĞŶ͕y͕͘ĂŶĚzƵ͕͘;ϮϬϭϰͿ͘DĞƚŚLJůĂƚŝŽŶƉƌŽƚĞĐƚƐŵŝĐƌŽZEƐ ĨƌŽŵĂŶ'KϭͲ ĂƐƐŽĐŝĂƚĞĚĂĐƚŝǀŝƚLJƚŚĂƚƵƌŝĚLJůĂƚĞƐϱ͛ ZEĨƌĂŐŵĞŶƚƐŐĞŶĞƌĂƚĞĚďLJ'KϭĐůĞĂǀĂŐĞ͘WƌŽĐ͘ ϮϬϰ EĂƚů͘ĐĂĚ͘^Đŝ͘h͘^͘͘ ϭϭϭ ͕ϲϯϲϱ ʹϲϯϳϬ͘ ZĞǀĞƌĚĂƚƚŽ͕ ^͘ s͕ƵƚŬŽ͕ :͕͘͘ ŚĞŬĂŶŽǀĂ͕ :͕͘͘,ĂŵŝůƚŽŶ͕͕͘͘ĂŶĚ ĞůŽƐƚŽƚƐŬLJ͕ ͘͘ ;ϮϬϬϰͿ͘ŵZE ĚĞĂĚĞŶLJůĂƚŝŽŶďLJWZEŝƐĞƐƐĞŶƚŝĂůĨŽƌĞŵďƌLJŽŐĞŶĞƐŝƐŝŶŚŝŐŚĞƌƉůĂŶƚƐ͘ZE ϭϬ ͕ϭϮϬϬ ʹϭϮϭϰ͘ ZŝĞƐ͕Z͘:͕͘ĂĐĐĂƌĂ͕^͕͘<ůĞŝŶ͕W͕͘KůĂƌĞƌŝŶͲ'ĞŽƌŐĞ͕͕͘EĂŵŬŽŽŶŐ͕^͕͘WŝĐŬĞƌŝŶŐ͕͘&͕͘WĂƚŝů͕͘W͕͘<ǁĂŬ͕,͕͘ >ĞĞ͕:͘,͕͘ĂŶĚ:ĂĨĨƌĞLJ͕^͘Z͘;ϮϬϭϵͿ͘ŵϲĞŶŚĂŶĐĞƐƚŚĞƉŚĂƐĞƐĞƉĂƌĂƚŝŽŶƉŽƚĞŶƚŝĂůŽĨŵZE͘EĂƚƵƌĞ͘ ZŝƐƐůĂŶĚ͕K͘^͕͘ĂŶĚEŽƌ ďƵƌLJ͕͘:͘;ϮϬϬϵͿ͘ĞĐĂƉƉŝŶŐŝƐƉƌĞĐĞĚĞĚďLJϯ͛ƵƌŝĚLJůĂƚŝŽŶŝŶĂŶŽǀĞůƉĂƚŚǁĂLJ ŽĨ ďƵůŬŵZEƚƵƌŶŽǀĞƌ͘d>Ͳϭϲ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ ϭϲsE Ͳƌ͕ϲϭϲ ʹϲϮϯ͘ ZŽĚƌŝŐƵĞƐ͕:͘W͕͘ZŽĚĞ͕D͕͘'ĂƚĨŝĞůĚ͕͕͘ůĞŶĐŽǁĞ͕͘:͕͘ĂƌŵŽͲ&ŽŶƐĞĐĂ͕D͕͘ĂŶĚ/njĂƵƌƌĂůĚĞ͕ ͘;ϮϬϭϮͿ͘ Z &ƉƌŽƚĞŝŶƐŵĞĚŝĂƚĞƚŚĞĞdžƉŽƌƚŽĨƐƉůŝĐĞĚĂŶĚƵŶƐƉůŝĐĞĚŵZEƐĨƌŽŵƚŚĞŶƵĐůĞƵƐ͘WƌŽĐ͘EĂƚů͘ĐĂĚ͘ ^Đŝ͘ ϵϴ ͕ϭϬϯϬ ʹϭϬϯϱ͘ ZŽŚĂLJĞŵ͕:͕͘ZŽďĞů͕/͕͘:ĂŐĞƌ͕<͕͘^ĐŚĞĨĨůĞƌ͕h͕͘ĂŶĚZƵĚŽůƉŚ͕t͘;ϮϬϬϲͿ͘WƌŽƚĞŝŶͲWƌŝŵĞĚĂŶĚĞEŽǀŽ /ŶŝƚŝĂƚŝŽŶŽĨZE^LJŶƚŚĞƐŝƐďLJEŽƌŽǀŝƌƵƐϯƉŽů͘:͘sŝƌŽů͘ ϴϬ ͕ϳϬϲϬ ʹϳϬϲϵ͘ ZŽƵŶĚƚƌĞĞ͕/͕͘͘ ǀĂŶƐ͕D͘ ͕͘WĂŶ͕d͕͘ĂŶĚ,Ğ͕͘;ϮϬϭϳͿ͘LJŶĂŵŝĐZEDŽĚŝĨŝĐĂƚŝŽŶƐŝŶ'ĞŶĞ džƉƌĞƐƐŝŽŶ ZĞŐƵůĂƚŝŽŶ͘Ğůů ϭϲϵ ͕ϭϭϴϳ ʹϭϮϬϬ͘ ZŽLJ͕͕͘ĂŶĚZĂũLJĂŐƵƌƵ͕W͘/͘;ϮϬϭϴͿ͘^ƵƉƉƌĞƐƐŽƌŽĨĐůĂƚŚƌŝŶĚĞĨŝĐŝĞŶĐLJ;^ĐĚϲͿ ͶŶĞŵĞƌŐŝŶŐZ''ͲŵŽƚŝĨ ƚƌĂŶƐůĂƚŝŽŶƌĞƉƌĞƐƐŽƌ͘tŝůĞLJ/ŶƚĞƌĚŝƐĐŝƉ͘ZĞǀ͘ZE ϵ͕Ğϭϰϳϵ͘ ZLJŵĂƌƋƵŝƐ͕>͕͘͘^ŽƵƌĞƚ͕&͘&͕͘ĂŶĚ'ƌĞĞŶ͕W͘:͘;ϮϬϭϭͿ͘ ǀŝĚĞŶĐĞƚŚĂƚyZEϰ͕ĂŶƌĂďŝĚŽƉƐŝƐŚŽŵŽůŽŐŽĨ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞ yZEϭ͕ ƉƌĞĨĞƌĞŶƚŝĂůůLJ ŝŵƉĂĐƚƐ ƚƌĂŶƐĐƌŝƉƚƐ ǁŝƚŚ ĐĞƌƚĂŝŶ ƐĞƋƵĞŶĐĞƐ Žƌ ŝŶ ƉĂƌƚŝĐƵůĂƌ ĨƵŶĐƚŝŽŶĂůĐĂƚĞŐŽƌŝĞƐ͘ZE ϭϳ ͕ϱϬϭ ʹϱϭϭ͘ ^ĂĐŚƐ͕ ͕͘͘ ĂŶĚ ĞĂƌĚŽƌĨĨ͕ :͘͘ ;ϭϵϵϮͿ͘ dƌĂŶƐůĂƚŝŽŶ ŝŶŝƚŝĂƚŝŽŶ ƌĞƋƵŝƌĞƐ ƚŚĞ WͲĚĞƉĞŶĚĞŶƚ ƉŽůLJ;Ϳ ƌŝďŽŶƵĐůĞĂƐĞŝŶLJĞĂƐƚ͘Ğůů ϳϬ ͕ϵϲϭ ʹϵϳϯ͘ ^ĂĐŚƐ͕͕͘͘ĂǀŝƐ͕Z͘t͕͘ĂŶĚ<ŽƌŶďĞƌŐ͕Z͘͘;ϭϵϴϳͿ͘ƐŝŶŐůĞĚŽŵĂŝŶŽĨLJĞĂƐƚƉŽůLJ;ͿͲďŝŶĚŝŶŐƉƌŽƚĞŝŶŝƐ ŶĞĐĞƐƐĂƌLJĂŶĚƐƵĨĨŝĐŝĞŶƚĨŽƌZEďŝŶĚŝŶŐĂŶĚĐĞůůǀŝĂďŝůŝƚLJ͘DŽů͘Ğůů͘ŝŽů͘ ϳ͕ϯϮϲϴ ʹϯϮϳϲ͘ ^ĂƌŽǁĂƌ͕^͕͘KŚ͕,͘t͕͘ŚŽ͕,͘^͕͘ĂĞŬ͕<͘,͕͘^ĞŽŶŐ͕ ͘^͕͘:ŽƵŶŐ͕z͘,͕͘ŚŽŝ͕'͘:͕͘>ĞĞ͕^͕͘ĂŶĚŚŽŝ͕͘ ;ϮϬϬϳͿ͘ ĂƉƐŝĐƵŵ ĂŶŶƵƵŵ ZϰͲĂƐƐŽĐŝĂƚĞĚ ĨĂĐƚŽƌ Ă&ϭ ŝƐ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ƉůĂŶƚ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĚĞĨĞŶĐĞƌĞƐƉŽŶƐĞ͘WůĂŶƚ:͘ ϱϭ ͕ϳϵϮ ʹϴϬϮ͘ ^ĂǁĂnjĂŬŝ͕Z͕͘/ŵĂŝ͕^͕͘zŽŬŽŐĂǁĂ͕D͕͘,ŽƐŽĚĂ͕E͕͘,ŽƐŚŝŶŽ͕^͘/͕͘DŝŽ͕D͕͘DŝŽ͕<͕͘^ŚŝŵĂĚĂ͕/͕͘ĂŶĚKƐĂǁĂ͕ D͘;ϮϬϭϴͿ͘ŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶŽĨƚŚĞŵƵůƚŝŵĞƌŝĐƐƚƌƵĐƚƵƌĞŽĨƉŽůLJ;ͿͲďŝŶĚŝŶŐƉƌŽƚĞŝŶŽŶĂƉŽůLJ;ͿƚĂŝů͘^Đŝ͘ ZĞƉ͘ ϴ͕ϭϰϱϱ͘ ^ĐŚćĨĞƌ͕/͕͘͘zĂŵĂƐŚŝƚĂ͕D͕͘^ĐŚƵůůĞƌ͕:͘D͕͘^ĐŚƺƐƐůĞƌ͕^͕͘ZĞŝĐŚĞůƚ͕W͕͘^ƚƌĂƵƐƐ͕D͕͘ĂŶĚŽŶƚŝ͕ ͘;ϮϬϭϵͿ͘ DŽůĞĐƵůĂƌ ĂƐŝƐ ĨŽƌ ƉŽůLJ;Ϳ ZEW ƌĐŚŝƚĞĐƚƵƌĞ ĂŶĚ ZĞĐŽŐŶŝƚŝŽŶ ďLJ ƚŚĞWĂŶϮͲWĂŶϯĞĂĚĞŶLJůĂƐĞ͘ Ğůů ϭϲϭϵ ʹϭϲϯϭ͘ ^ĐŚĞĞƌ͕ ,͘ ;ϮϬϭϴͿ ZƀůĞ ĐŽŵƉůĞdžĞ ĚĞ ůΖƵƌŝĚLJůĂƚŝŽŶ ĚĂŶƐ ůĞ ŵĠƚĂďŽůŝƐŵĞ ĚĞƐ ZEŵ ĐŚĞnj ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ;ĚŽĐƚŽƌĂůĚŝƐƐĞƌƚĂƚŝŽŶͿ͘hŶŝǀĞƌƐŝƚLJŽĨ^ƚƌĂƐďŽƵƌŐ͕^ƚƌĂƐďŽƵƌŐ͕&ƌĂŶĐĞ͘ ^ĐŚĞĞƌ͕ ,͕͘ ƵďĞƌ͕ ,͕͘ Ğ ůŵĞŝĚĂ͕ ͕͘ ĂŶĚ 'ĂŐůŝĂƌĚŝ͕ ͘ ;ϮϬϭϲͿ͘ hƌŝĚLJůĂƚŝŽŶ ĂƌŵĂƌŬƐ ŵZEƐ ĨŽƌ ĞŐƌĂĚĂƚŝŽŶ͙ĂŶĚDŽƌĞ͘dƌĞŶĚƐ'ĞŶĞƚ͘ ϯϮ ͕ϲϬϳ ʹϲϭϵ͘ ^ĐŚŵŝĚ͕D͕͘WŽƵůƐĞŶ͕D͕͘͘KůƐnjĞǁƐŬŝ͕W͕͘WĞůĞĐŚĂŶŽ͕s͕͘^ĂŐƵĞnj͕͕͘'ƵƉƚĂ͕/͕͘^ƚĞŝŶŵĞƚnj͕>͘D͕͘DŽŽƌĞ͕ ͕͘ĂŶĚ:ĞŶƐĞŶ͕d͘,͘;ϮϬϭϮͿ͘ZƌƉϲƉŽŶƚƌŽůƐŵZEWŽůLJ;ͿdĂŝů>ĞŶŐƚŚĂŶĚ/ƚƐĞĐŽƌĂƚŝŽŶǁŝƚŚWŽůLJ;Ϳ ŝŶĚŝŶŐWƌŽƚĞŝŶƐ͘DŽů͘Ğůů ϰϳ ͕Ϯϲϳ ʹϮϴϬ͘ ^ĐŚŵŝĚƚ͕D͘:͕͘ĂŶĚEŽƌďƵƌLJ͕͘:͘;ϮϬϭϬͿ͘WŽůLJĂĚĞŶLJůĂƚŝŽŶĂŶĚďĞLJŽŶĚ͗ ŵĞƌŐŝŶŐƌŽůĞƐĨŽƌŶŽŶĐĂŶŽŶŝĐĂů ƉŽůLJ;ͿƉŽůLJŵĞƌĂƐĞƐ͘tŝůĞLJ/ŶƚĞƌĚŝƐĐŝƉ͘ZĞǀ͘ZE ϭ͕ϭϰϮ ʹϭϱϭ͘ ϮϬϱ ^ĐŚŵŝĚƚ͕͕͘<ŽǁĂůŝŶƐŬŝ͕ ͕͘^ŚĂŶŵƵŐĂŶĂƚŚĂŶ͕s͕͘ĞĨĞŶŽƵŝůůğƌĞ͕Y͕͘ƌĂƵŶŐĞƌ͕<͕͘,ĞƵĞƌ͕͕͘WĞĐŚ͕D͕͘ EĂŵĂŶĞ͕ ͕͘ ĞƌŶŝŶŐŚĂƵƐĞŶ͕ K͕͘ &ƌŽŵŽŶƚͲZĂĐŝŶĞ͕ D͕͘ Ğƚ Ăů͘ ;ϮϬϭϲͿ͘ dŚĞ ĐƌLJŽͲ D ƐƚƌƵĐƚƵƌĞ ŽĨ Ă ƌŝďŽƐŽŵĞͲ^ŬŝϮͲ^ŬŝϯͲ^ŬŝϴŚĞůŝĐĂƐĞĐŽŵƉůĞdž͘^ĐŝĞŶĐĞ;ϴϬͲ͘Ϳ͘ ϯϱϰ ͕ϭϰϯϭ ʹϭϰϯϯ͘ ^ĐŚŶĞŝĚĞƌ͕͕͘ĂŶĚdŽůůĞƌǀĞLJ͕͘;ϮϬϭϯͿ͘dŚƌĞĂĚŝŶŐƚŚĞďĂƌƌĞůŽĨƚŚĞZEĞdžŽƐŽŵĞ͘dƌĞŶĚƐŝŽĐŚĞŵ͘^Đŝ͘ ϯϴ ͕ϰϴϱ ʹϰϵϯ͘ ^ĐŚƵůnjĞ͕t͘D͕͘^ƚĞŝŶ͕&͕͘ZĞƚƚĞů͕D͕͘EĂŶĂŽ͕D͕͘ĂŶĚƵƐĂĐŬ͕^͘;ϮϬϭϴͿ͘^ƚƌƵĐƚƵƌĂůĂŶĂůLJƐŝƐŽĨŚƵŵĂŶ Z^ϮĂƐĂƉůĂƚĨŽƌŵĨŽƌĐŽͲƚƌĂŶƐĐƌŝƉƚŝŽŶĂůZEƐŽƌƚŝŶŐ͘EĂƚ͘ŽŵŵƵŶ͘ ϵ͘ ^ĐŚƵƚnj͕^͕͘EŽůĚĞŬĞ͕ ͘Z͕͘ĂŶĚ^ƉƌĂŶŐĞƌƐ͕Z͘;ϮϬϭϳͿ͘ƐLJŶĞƌŐŝƐƚŝĐŶĞƚǁŽƌŬŽĨŝŶƚĞƌĂĐƚŝŽŶƐƉƌŽŵŽƚĞƐƚŚĞ ĨŽƌŵĂƚŝŽŶŽĨŝŶǀŝƚƌŽƉƌŽĐĞƐƐŝŶŐďŽĚŝĞƐĂŶĚƉƌŽƚĞĐƚƐŵZEĂŐĂŝŶƐƚĚĞĐĂƉƉŝŶŐ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϱ ͕ ϲϵϭϭ ʹϲϵϮϮ͘ ^ĐŽƚƚ͕͕͘͘ĂŶĚEŽƌďƵƌLJ͕͘:͘;ϮϬϭϯͿ͘ZEĚĞĐĂLJǀŝĂϯ͛ƵƌŝĚLJůĂƚŝŽŶ͘ŝŽĐŚŝŵ͘ŝŽƉŚLJƐ͘ĐƚĂ Ͳ'ĞŶĞZĞŐƵů͘ DĞĐŚ͘ ϭϴϮϵ ͕ϲϱϰ ʹϲϲϱ͘ ^ĞŵĞŶƚ͕&͘D͕͘&ĞƌƌŝĞƌ͕ ͕͘ƵďĞƌ͕,͕͘DĞƌƌĞƚ͕Z͕͘ůŝŽƵĂ͕D͕͘ĞƌĂŐŽŶ͕:͘ͲD͘:͘ͲD͕͘ŽƵƐƋƵĞƚͲŶƚŽŶĞůůŝ͕͕͘ >ĂŶŐĞ͕ ,͕͘ ĂŶĚ 'ĂŐůŝĂƌĚŝ͕ ͘ ;ϮϬϭϯͿ͘ hƌŝĚLJůĂƚŝŽŶ ƉƌĞǀĞŶƚƐ ϯ͛ ƚƌŝŵŵŝŶŐ ŽĨ ŽůŝŐŽĂĚĞŶLJůĂƚĞĚ ŵZEƐ͘ EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϰϭ ͕ϳϭϭϱ ʹϳϭϮϳ͘ ^ĞŶ͕Z͕͘ĂƌŵĂŶ͕W͕͘<ĂũĂ͕͕͘&ĞƌĚŽƵƐŚ͕:͕͘>ĂŚƵĚŬĂƌ͕^͕͘ZŽLJ͕͕͘ĂŶĚŚĂƵŵŝŬ͕^͘Z͘;ϮϬϭϵͿ͘ŝƐƚŝŶĐƚ &ƵŶĐƚŝŽŶƐŽĨƚŚĞĂƉͲŝŶĚŝŶŐŽŵƉůĞdžŝŶ^ƚŝŵƵůĂƚŝŽŶŽĨEƵĐůĞĂƌŵZE džƉŽƌƚ͘DŽů͘Ğůů͘ŝŽů͘ ϯϵ ͘ ^ŚĂƌŝĨ͕,͕͘ĂŶĚŽŶƚŝ͕ ͘;ϮϬϭϯͿ͘ƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞ>ƐŵϭͲϳͲWĂƚϭŽŵƉůĞdž͗ŽŶƐĞƌǀĞĚƐƐĞŵďůLJŝŶ ƵŬĂƌLJŽƚŝĐŵZEdƵƌŶŽǀĞƌ͘ĞůůZĞƉ͘ ϱ͕Ϯϴϯ ʹϮϵϭ͘ ^ŚĞŶ͕z͕͘:ŝ͕'͕͘,ĂĂƐ͕͘:͕͘tƵ͕y͕͘ŚĞŶŐ͕:͕͘ZĞĞƐĞ͕'͘:͕͘ĂŶĚ>ŝ͕Y͘Y͘;ϮϬϬϴĂͿ͘'ĞŶŽŵĞůĞǀĞůĂŶĂůLJƐŝƐŽĨ ƌŝĐĞŵZE ϯ഻ ͲĞŶĚ ƉƌŽĐĞƐƐŝŶŐ ƐŝŐŶĂůƐĂŶĚ ĂůƚĞƌŶĂƚŝǀĞƉŽůLJĂĚĞŶLJůĂƚŝŽŶ͘ EƵĐůĞŝĐ ĐŝĚƐ ZĞƐ͘ ϯϲ ͕ϯϭϱϬ ʹ ϯϭϲϭ͘ ^ŚĞŶ͕z͕͘>ŝƵ͕z͕͘>ŝƵ͕>͕͘>ŝĂŶŐ͕͕͘ĂŶĚ>ŝ͕Y͘Y͘;ϮϬϬϴďͿ͘hŶŝƋƵĞĨĞĂƚƵƌĞƐŽĨŶƵĐůĞĂƌŵZEƉŽůLJ;ͿƐŝŐŶĂůƐ ĂŶĚĂůƚĞƌŶĂƚŝǀĞƉŽůLJĂĚĞŶLJůĂƚŝŽŶŝŶŚůĂŵLJĚŽŵŽŶĂƐƌĞŝŶŚĂƌĚƚŝŝ͘'ĞŶĞƚŝĐƐ ϭϳϵ ͕ϭϲϳ ʹϭϳϲ͘ ^ŚŝƌĂĨƵũŝ͕,͕͘<ŝĚĂ͕D͕͘ƐĂŬŽ͕d͕͘ĂŶĚzŽŶĞĚĂ͕D͘;ϭϵϳϵͿ͘EƵĐůĞŽƚŝĚLJůĂƚŝŽŶŽĨĂŵŝŶŽŐůLJĐŽƐŝĚĞĂŶƚŝďŝŽƚŝĐƐ ďLJďĂĐŝůůƵƐďƌĞǀŝƐ͘ŐƌŝĐ͘ŝŽů͘ŚĞŵ͘ ϰϯ ͕Ϯϱϳϵ ʹϮϱϴϰ͘ ^ŚŝƌĂŝ͕z͘d͕͘^ƵnjƵŬŝ͕d͕͘DŽƌŝƚĂ͕D͕͘dĂŬĂŚĂƐŚŝ͕͕͘ĂŶĚzĂŵĂŵŽƚŽ͕d͘;ϮϬϭϰͿ͘DƵůƚŝĨƵŶĐƚŝŽŶĂůƌŽůĞƐŽĨƚŚĞ ŵĂŵŵĂůŝĂŶZϰͲEKdĐŽŵƉůĞdžŝŶƉŚLJƐŝŽůŽŐŝĐĂůƉŚĞŶŽŵĞŶĂ͘&ƌŽŶƚ͘'ĞŶĞƚ͘ ϱ͘ ^ŚŽĞŵĂŬĞƌ͕͘:͕͘ĂŶĚ'ƌĞĞŶ͕Z͘;ϮϬϭϮͿ͘dƌĂŶƐůĂƚŝŽŶĚƌŝǀĞƐŵZEƋƵĂůŝƚLJĐŽŶƚƌŽů͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ ϭϵ ͕ϱϵϰ ʹϲϬϭ͘ ^ŚƵŬůĂ͕^͕͘ĂŶĚWĂƌŬĞƌ͕Z͘;ϮϬϭϳͿ͘WZEDŽĚƵůĂƚĞƐzZE^ƚĂďŝůŝƚLJĂŶĚ/ƚƐϯ഻ Ͳ ŶĚ&ŽƌŵĂƚŝŽŶ͘DŽů͘Ğůů͘ ŝŽů͘ ϯϳ ͕ĞϬϬϮϲϰͲϭϳ͘ ^ŚƵŬůĂ͕^͕͘^ĐŚŵŝĚƚ͕:͕͘͘'ŽůĚĨĂƌď͕<͕͘͘ĞĐŚ͕d͘Z͕͘ĂŶĚWĂƌŬĞƌ͕Z͘;ϮϬϭϲͿ͘/ŶŚŝďŝƚŝŽŶŽĨƚĞůŽŵĞƌĂƐĞZE ĚĞĐĂLJƌĞƐĐƵĞƐƚĞůŽŵĞƌĂƐĞĚĞĨŝĐŝĞŶĐLJĐĂƵƐĞĚďLJĚLJƐŬĞƌŝŶŽƌWZEĚĞĨĞĐƚƐ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘Ϯϯ ͕ Ϯϴϲ ʹϮϵϮ͘ ^ŚƵŬůĂ͕^͕͘ũĞƌŬĞ͕'͕͘͘DƵŚůƌĂĚ͕͕͘zŝ͕Z͕͘ĂŶĚWĂƌŬĞƌ͕Z͘;ϮϬϭϵͿ͘dŚĞZEĂƐĞWZEŽŶƚƌŽůƐƚŚĞ>ĞǀĞůƐ ŽĨ^ƉĞĐŝĨŝĐŵŝZEƐƚŚĂƚŽŶƚƌŝďƵƚĞƚŽƉϱϯZĞŐƵůĂƚŝŽŶ͘DŽů͘Ğůů ϳϯ ͕ϭϮϬϰͲϭϮϭϲ͘Ğϰ͘ ^ŝĚĚŝƋƵŝ͕E͕͘DĂŶŐƵƐ͕͕͘͘ŚĂŶŐ͕d͕͘͘WĂůĞƌŵŝŶŽ͕:͘D͕͘^ŚLJƵ͕͘ŝŶ͕ĂŶĚ'ĞŚƌŝŶŐ͕<͘;ϮϬϬϳͿ͘WŽůLJ;Ϳ 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ƉŽůLJ;ͿͲƌŝĐŚƚĂŝůƐĚƵƌŝŶŐZEĚĞŐƌĂĚĂƚŝŽŶŝŶƚŚĞĐLJƚŽƉůĂƐŵŽĨŚƵŵĂŶĐĞůůƐ͘WƌŽĐ͘EĂƚů͘ĐĂĚ͘^Đŝ͘ ϭϬϳ ͕ ϳϰϬϳ ʹϳϰϭϮ͘ ^ŵŝƚŚ͕ ͘>͕͘ 'ĂůůŝĞ͕ ͘Z͕͘ >Ğ͕ ,͕͘ ĂŶĚ ,ĂŶƐŵĂ͕ W͘<͘ ;ϭϵϵϳͿ͘ sŝƐƵĂůŝnjĂƚŝŽŶ ŽĨ ƉŽůLJ;ͿͲďŝŶĚŝŶŐ ƉƌŽƚĞŝŶ ĐŽŵƉůĞdžĨŽƌŵĂƚŝŽŶǁŝƚŚƉŽůLJ;ͿZEƵƐŝŶŐĂƚŽŵŝĐĨŽƌĐĞŵŝĐƌŽƐĐŽƉLJ͘:͘^ƚƌƵĐƚ͘ŝŽů͘ ϭϭϵ ͕ϭϬϵ ʹϭϭϳ͘ ^ŽŶ͕͕͘WĂƌŬ͕:͘ ͕͘ĂŶĚ<ŝŵ͕s͘E͘;ϮϬϭϴͿ͘WZEĂŶĚdK ϭŽŶƐƚŝƚƵƚĞĂϯ഻ ŶĚDĂƚƵƌĂƚŝŽŶDŽĚƵůĞĨŽƌ EƵĐůĞĂƌEŽŶͲĐŽĚŝŶŐZEƐ͘ĞůůZĞƉ͘ Ϯϯ ͕ϴϴϴ ʹϴϵϴ͘ ^ŽŶŐ͕:͕͘ĂŶĚzŝ͕͘;ϮϬϭϳͿ͘ŚĞŵŝĐĂůDŽĚŝĨŝĐĂƚŝŽŶƐƚŽZE͗EĞǁ>ĂLJĞƌŽĨ'ĞŶĞ džƉƌĞƐƐŝŽŶZĞŐƵůĂƚŝŽŶ͘ ^ŚĞŵ͘ŝŽů͘ ϭϮ ͕ϯϭϲ ʹϯϮϱ͘ ^ŽŶŐ͕ D͘Ͳ'͘'͘D͘Ͳ '͕͘ ĂŶĚ <ŝůĞĚũŝĂŶ͕ D͘ ;ϮϬϬϳͿ͘ ϯ͛ dĞƌŵŝŶĂů ŽůŝŐŽ h ͲƚƌĂĐƚͲŵĞĚŝĂƚĞĚ ƐƚŝŵƵůĂƚŝŽŶ ŽĨ ĚĞĐĂƉƉŝŶŐ͘ZE ϭϯ ͕Ϯϯϱϲ ʹϮϯϲϱ͘ ^ŽŶŐ͕:͕͘͘^ŽŶŐ͕:͕͘DŽ͕͘y͕͘ĂŶĚŚĞŶ͕y͘D͘;ϮϬϭϱͿ͘hƌŝĚLJůĂƚŝŽŶĂŶĚĂĚĞŶLJůĂƚŝŽŶŽĨZEƐ͘^Đŝ͘ŚŝŶĂ >ŝĨĞ^Đŝ͘ ϱϴ ͕ϭϬϱϳ ʹϭϬϲϲ͘ ^ŽƌĞŶƐŽŶ͕Z͘^͕͘ĞƐŚŽƚĞů͕D͘:͕͘:ŽŚŶƐŽŶ͕<͕͘ĚůĞƌ͕&͘Z͕͘ĂŶĚ^ŝĞďƵƌƚŚ͕>͘ ͘;ϮϬϭϴͿ͘ƌĂďŝĚŽƉƐŝƐŵZE ĚĞĐĂLJ ůĂŶĚƐĐĂƉĞ ĂƌŝƐĞƐ ĨƌŽŵ ƐƉĞĐŝĂůŝnjĞĚZEĚĞĐĂLJƐƵďƐƚƌĂƚĞƐ͕ ĚĞĐĂƉƉŝŶŐͲŵĞĚŝĂƚĞĚ ĨĞĞĚďĂĐŬ͕ ĂŶĚ ƌĞĚƵŶĚĂŶĐLJ͘WƌŽĐ͘EĂƚů͘ĐĂĚ͘^Đŝ͘ ϭϭϱ ͕ ϭϰϴϱ ʹ ϭϰϵϰ͘ ^ŽƵƌĞƚ͕&͘&͕͘<ĂƐƚĞŶŵĂLJĞƌ͕:͘W͕͘ĂŶĚ'ƌĞĞŶ͕W͘:͘;ϮϬϬϰͿ͘ƚyZEϰĚĞŐƌĂĚĞƐŵZEŝŶƌĂďŝĚŽƉƐŝƐĂŶĚŝƚƐ ƐƵďƐƚƌĂƚĞƐŝŶĐůƵĚĞƐĞůĞĐƚĞĚŵŝZEƚĂƌŐĞƚƐ͘DŽů͘Ğůů ϭϱ ͕ϭϳϯ ʹϭϴϯ͘ ^ƚĂĂůƐ͕Z͘,͘:͕͘ƌŽŶŬŚŽƌƐƚ͕͘t͕͘^ĐŚŝůĚĞƌƐ͕'͕͘^ůŽŵŽǀŝĐ͕^͕͘^ĐŚƵƐƚĞƌ͕'͕͘,ĞĐŬ͕͘:͘Z͕͘ZĂŝũŵĂŬĞƌƐ͕Z͕͘ ĂŶĚWƌƵŝũŶ͕'͘:͘D͘;ϮϬϭϬͿ͘ŝƐϯͲůŝŬĞϭ͗ŶŽǀĞůĞdžŽƌŝďŽŶƵĐůĞĂƐĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŚƵŵĂŶĞdžŽƐŽŵĞ͘ DK:͘ Ϯϵ ͕Ϯϯϱϴ ʹϮϯϲϳ͘ ^ƚĂŶĚĂƌƚ͕E͕͘ĂŶĚtĞŝů͕͘;ϮϬϭϴͿ͘WͲŽĚŝĞƐ͗LJƚŽƐŽůŝĐƌŽƉůĞƚƐĨŽƌŽŽƌĚŝŶĂƚĞĚŵZE^ƚŽƌĂŐĞ͘dƌĞŶĚƐ 'ĞŶĞƚ͘ ϯϰ ͕ϲϭϮ ʹϲϮϲ͘ ^ƚĞŝŐĞƌ͕ D͕͘ ĂƌƌͲ^ĐŚŵŝĚ͕ ͕͘ ^ĐŚǁĂƌƚnj͕ ͕͘͘ <ŝůĞĚũŝĂŶ͕ D͕͘ ĂŶĚ WĂƌŬĞƌ͕ Z͘ ;ϮϬϬϯͿ͘ ŶĂůLJƐŝƐ ŽĨ ƌĞĐŽŵďŝŶĂŶƚLJĞĂƐƚĚĞĐĂƉƉŝŶŐĞŶnjLJŵĞ͘ZE ϵ͕Ϯϯϭ ʹϮϯϴ͘ ^ƚŽĞĐŬůŝŶ͕'͕͘ĂŶĚ<ĞĚĞƌƐŚĂ͕E͘;ϮϬϭϯͿ͘ZĞůĂƚŝŽŶƐŚŝƉŽĨ'tͬWͲďŽĚŝĞƐǁŝƚŚƐƚƌĞƐƐŐƌĂŶƵůĞƐ͘Ěǀ͘ džƉ͘ DĞĚ͘ŝŽů͘ ϳϲϴ ͕ϭϵϳ ʹϮϭϭ͘ ^ƚƵďďůĞĨŝĞůĚ͕ :͘:͕͘ dĞƌƌŝĞŶ͕ :͕͘ ĂŶĚ 'ƌĞĞŶ͕ ͘͘ ;ϮϬϭϮͿ͘ EŽĐƚƵƌŶŝŶ͗ ƚ ƚŚĞ ĐƌŽƐƐƌŽĂĚƐ ŽĨ ĐůŽĐŬƐ ĂŶĚ ŵĞƚĂďŽůŝƐŵ͘dƌĞŶĚƐ ŶĚŽĐƌŝŶŽů͘DĞƚĂď͘ Ϯϯ ͕ϯϮϲ ʹϯϯϯ͘ ^ƚƵďďůĞĨŝĞůĚ͕:͘:͕͘'ĂŽ͕W͕͘<ŝůĂƌƵ͕'͕͘DƵŬĂĚĂŵ͕͕͘dĞƌƌŝĞŶ͕:͕͘ĂŶĚ'ƌĞĞŶ͕͘͘;ϮϬϭϴͿ͘dĞŵƉŽƌĂůŽŶƚƌŽů ŽĨDĞƚĂďŽůŝĐŵƉůŝƚƵĚĞďLJEŽĐƚƵƌŶŝŶ͘ĞůůZĞƉ͘ ϮϮ ͕ϭϮϮϱ ʹϭϮϯϱ͘ ^ƚƵƉĨůĞƌ͕͕͘ŝƌĐŬ͕͕͘^ĠƌĂƉŚŝŶ͕͕͘ĂŶĚDĂƵdžŝŽŶ͕&͘;ϮϬϭϲͿ͘d'ϮďƌŝĚŐĞƐWWϭZEͲďŝŶĚŝŶŐĚŽŵĂŝŶƐ ĂŶĚ&ϭĚĞĂĚĞŶLJůĂƐĞƚŽĐŽŶƚƌŽůĐĞůůƉƌŽůŝĨĞƌĂƚŝŽŶ͘EĂƚ͘ŽŵŵƵŶ͘ ϳ͕ϭϬϴϭϭ͘ ^ƵďƚĞůŶLJ͕͘K͕͘ ŝĐŚŚŽƌŶ͕^͘t͕͘ŚĞŶ͕'͘Z͕͘^ŝǀĞ͕,͕͘ĂŶĚĂƌƚĞů͕͘W͘;ϮϬϭϰͿ͘WŽůLJ;ͿͲƚĂŝůƉƌŽĨŝůŝŶŐƌĞǀĞĂůƐ ϮϬϳ ĂŶĞŵďƌLJŽŶŝĐƐǁŝƚĐŚŝŶƚƌĂŶƐůĂƚŝŽŶĂůĐŽŶƚƌŽů͘EĂƚƵƌĞ ϱϬϴ ͕ϲϲ ʹϳϭ͘ ^ƵnjƵŬŝ͕z͕͘ƌĂĞ͕d͕͘'ƌĞĞŶ͕W͘:͕͘zĂŵĂŐƵĐŚŝ͕:͕͘ĂŶĚŚŝďĂ͕z͘;ϮϬϭϱͿ͘ƚZϰĂĂŶĚƚZϰďĂƌĞ/ŶǀŽůǀĞĚ ŝŶ ĞƚĞƌŵŝŶŝŶŐ ƚŚĞ WŽůLJ;Ϳ >ĞŶŐƚŚ ŽĨ 'ƌĂŶƵůĞͲďŽƵŶĚ ƐƚĂƌĐŚ ƐLJŶƚŚĂƐĞ ϭ dƌĂŶƐĐƌŝƉƚ ĂŶĚ DŽĚƵůĂƚŝŶŐ ^ƵĐƌŽƐĞĂŶĚ^ƚĂƌĐŚDĞƚĂďŽůŝƐŵŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͘WůĂŶƚĞůůWŚLJƐŝŽů͘ ϱϲ ͕ϴϲϯ ʹϴϳϰ͘ ^ǁŝƐŚĞƌ͕<͕͘͘ĂŶĚWĂƌŬĞƌ͕Z͘;ϮϬϭϭͿ͘/ŶƚĞƌĂĐƚŝŽŶƐďĞƚǁĞĞŶhƉĨϭĂŶĚƚŚĞĚĞĐĂƉƉŝŶŐĨĂĐƚŽƌƐ ĚĐϯĂŶĚ ƉĂƚϭŝŶƐĂĐĐŚĂƌŽŵLJĐĞƐĐĞƌĞǀŝƐŝĂĞ͘W>Ž^KŶĞ ϲ͕ĞϮϲϱϰϳ͘ dĂŶŐ͕d͘d͘>͕͘^ƚŽǁĞůů͕:͘͘t͕͘,ŝůů͕͘,͕͘ĂŶĚWĂƐƐŵŽƌĞ͕>͘͘;ϮϬϭϵͿ͘dŚĞŝŶƚƌŝŶƐŝĐƐƚƌƵĐƚƵƌĞŽĨƉŽůLJ;ͿZE ĚĞƚĞƌŵŝŶĞƐƚŚĞƐƉĞĐŝĨŝĐŝƚLJŽĨWĂŶϮĂŶĚĂĨϭĚĞĂĚĞŶLJůĂƐĞƐ͘EĂƚ͘^ƚƌƵĐƚ͘DŽů͘ŝŽů͘ Ϯϲ ͕ϰϯϯ ʹϰϰϮ͘ dĂŶŐ͕t͕͘dƵ͕^͕͘>ĞĞ͕,͕͘͘tĞŶŐ͕͕͘ĂŶĚDĞůůŽ͕͘͘;ϮϬϭϲͿ͘dŚĞZEĂƐĞWZEͲ ϭdƌŝŵƐƉŝZEϯ഻ ŶĚƐƚŽ WƌŽŵŽƚĞdƌĂŶƐĐƌŝƉƚŽŵĞ^ƵƌǀĞŝůůĂŶĐĞŝŶ͘ĞůĞŐĂŶƐ͘Ğůů ϭϲϰ ͕ϵϳϰ ʹϵϴϰ͘ dĂƌƵŶ͕ ^͕͘͘ĂŶĚ^ĂĐŚƐ͕͘͘;ϭϵϵϱͿ͘ĐŽŵŵŽŶĨƵŶĐƚŝŽŶĨŽƌŵZEϱ͛ĂŶĚϯ͛ĞŶĚƐŝŶƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶ ŝŶLJĞĂƐƚ͘'ĞŶĞƐĞǀ͘ ϵ͕Ϯϵϵϳ ʹϯϬϬϳ͘ dĞŝdžĞŝƌĂ͕͕͘ĂŶĚWĂƌŬĞƌ͕Z͘;ϮϬϬϳͿ͘ŶĂůLJƐŝƐŽĨWͲŽĚLJƐƐĞŵďůLJŝŶ^ĂĐĐŚĂƌŽŵLJĐĞƐĐĞƌĞǀŝƐŝĂĞ͘DŽů͘ŝŽů͘ Ğůů ϭϴ ͕ϮϮϳϰ ʹϮϮϴϳ͘ dĞŝdžĞŝƌĂ͕͕͘^ŚĞƚŚ͕h͕͘sĂůĞŶĐŝĂͲ^ĂŶĐŚĞnj͕D͕͘͘ƌĞŶŐƵĞƐ͕D͕͘ĂŶĚWĂƌŬĞƌ͕Z͘;ϮϬϬϱͿ͘WƌŽĐĞƐƐŝŶŐďŽĚŝĞƐ ƌĞƋƵŝƌĞZEĨŽƌĂƐƐĞŵďůLJĂŶĚĐŽŶƚĂŝŶŶŽŶƚƌĂŶƐůĂƚŝŶŐŵZEƐ͘ZE ϭϭ ͕ϯϳϭ ʹϯϴϮ͘ dĞŵŵĞ͕͕͘ŚĂŶŐ͕>͕͘<ƌĞŵŵĞƌ͕ ͕͘/ŚůŝŶŐ͕͕͘ŚĂƌƚŝĞƌ͕͕͘^ŝŶnj͕͕͘^ŝŵŽŶĞůŝŐ͕D͕͘ĂŶĚtĂŚůĞ͕ ͘;ϮϬϭϬͿ͘ ^ƵďƵŶŝƚƐŽĨƚŚĞƌŽƐŽƉŚŝůĂZϰͲEKdĐŽŵƉůĞdžĂŶĚƚŚĞŝƌƌŽůĞƐŝŶŵZEĚĞĂĚĞŶLJůĂƚŝŽŶ͘ZE ϭϲ ͕ϭϯϱϲ ʹ ϭϯϳϬ͘ dŚĂƌƵŶ͕ ^͕͘ ĂŶĚ WĂƌŬĞƌ͕ Z͘ ;ϮϬϬϭͿ͘ dĂƌŐĞƚŝŶŐ ĂŶ ŵZE ĨŽƌ ĚĞĐĂƉƉŝŶŐ͗ ŝƐƉůĂĐĞŵĞŶƚ ŽĨ ƚƌĂŶƐůĂƚŝŽŶ ĨĂĐƚŽƌƐĂŶĚĂƐƐŽĐŝĂƚŝŽŶŽĨƚŚĞ>ƐŵϭƉͲϳƉĐŽŵƉůĞdžŽŶĚĞĂĚĞŶLJůĂƚĞĚLJĞĂƐƚŵZEƐ͘DŽů͘Ğůů ϴ͕ϭϬϳϱ ʹ ϭϬϴϯ͘ dŚĂƌƵŶ͕^͕͘dŚĂƌƵŶ͕^͕͘,Ğ͕t͕͘DĂLJĞƐ͕͘ ͕͘DĂLJĞƐ͕͘ ͕͘>ĞŶŶĞƌƚnj͕W͕͘>ĞŶŶĞƌƚnj͕W͕͘ĞŐŐƐ͕:͕͘͘ĂŶĚ WĂƌŬĞƌ͕Z͘;ϮϬϬϬͿ͘zĞĂƐƚƐŵͲůŝŬĞƉƌŽƚĞŝŶƐĨƵŶĐƚŝŽŶŝŶŵZEĚĞĐĂƉƉŝŶŐĂŶĚĚĞĐĂLJ͘EĂƚƵƌĞ ϰϬϰ ͕ϱϭϱ ʹϱϭϴ͘ dŽŵĞĐŬŝ͕ Z͕͘ <ƌŝƐƚŝĂŶƐĞŶ͕ D͘^͕͘ >LJŬŬĞͲŶĚĞƌƐĞŶ͕ ^͕͘ ŚůĞďŽǁƐŬŝ͕ ͕͘ >ĂƌƐĞŶ͕ <͘D͕͘ ^njĐnjĞƐŶLJ͕ Z͘:͕͘ ƌĂnjŬŽǁƐŬĂ͕ <͕͘ WĂƐƚƵůĂ͕ ͕͘ ŶĚĞƌƐĞŶ͕ :͘^͕͘ ^ƚĞƉŝĞŶ͕ W͘W͕͘ Ğƚ Ăů͘ ;ϮϬϭϬͿ͘ dŚĞ ŚƵŵĂŶ ĐŽƌĞ ĞdžŽƐŽŵĞ ŝŶƚĞƌĂĐƚƐǁŝƚŚĚŝĨĨĞƌĞŶƚŝĂůůLJůŽĐĂůŝnjĞĚƉƌŽĐĞƐƐŝǀĞZEĂƐĞƐ͗,/^ϯĂŶĚŚ/^ϯ>͘ DK:͘ Ϯϵ ͕ϮϯϰϮ ʹϮϯϱϳ͘ dŽǁůĞƌ͕͘W͕͘:ŽŶĞƐ͕͘/͕͘,ĂƌƉĞƌ͕<͘>͕͘tĂůĚƌŽŶ͕:͕͘͘ĂŶĚEĞǁďƵƌLJ͕^͘&͘;ϮϬϭϲͿ͘ŶŽǀĞůƌŽůĞĨŽƌƚŚĞϯ഻ Ͳϱ഻ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞŝƐϯ>ϮŝŶĐŽŶƚƌŽůůŝŶŐĐĞůůƉƌŽůŝĨĞƌĂƚŝŽŶĂŶĚƚŝƐƐƵĞŐƌŽǁƚŚ͘ZEŝŽů͘ dƐĞŶŐ͕͘<͕͘tĂŶŐ͕,͘&͕͘^ĐŚƌŽĞĚĞƌ͕D͘Z͕͘ĂŶĚĂƵŵĂŶŶ͕W͘;ϮϬϭϴͿ͘dŚĞ,ͬĐŽŵƉůĞdžĚŝƐƌƵƉƚƐƚƌŝƉůĞdž ŝŶŚdZƉƌĞĐƵƌƐŽƌƚŽƉĞƌŵŝƚƉƌŽĐĞƐƐŝŶŐďLJZZWϲĂŶĚWZE͘EĂƚ͘ŽŵŵƵŶ͘ ϵ͕ϭ ʹϭϮ͘ dƵ͕͕͘>ŝƵ͕>͕͘yƵ͕͕͘ŚĂŝ͕:͕͘>ŝ͕^͘^͕͘>ŽƉĞnj͕D͕͘͘ŚĂŽ͕z͕͘zƵ͕z͕͘ZĂŵĂĐŚĂŶĚƌĂŶ͕s͕͘ZĞŶ͕'͕͘ĞƚĂů͘ ;ϮϬϭϱͿ͘ŝƐƚŝŶĐƚĂŶĚŽŽƉĞƌĂƚŝǀĞĐƚŝǀŝƚŝĞƐŽĨ, ^KϭĂŶĚhZdϭEƵĐůĞŽƚŝĚLJůdƌĂŶƐĨĞƌĂƐĞƐŝŶDŝĐƌŽZE dƵƌŶŽǀĞƌŝŶƌĂďŝĚŽƉƐŝƐ͘W>Ž^'ĞŶĞƚ͘ ϭϭ ͕ĞϭϬϬϱϭϭϵ͘ dƵĚĞŬ͕͕͘>ůŽƌĞƚͲ>ůŝŶĂƌĞƐ͕D͕͘ĂŶĚ,ĞŝĐŬ:ĞŶƐĞŶ͕d͘;ϮϬϭϴͿ͘dŚĞŵƵůƚŝƚĂƐŬŝŶŐƉŽůLJƚĂŝů͗EƵĐůĞĂƌZE ŵĂƚƵƌĂƚŝŽŶ͕ĚĞŐƌĂĚĂƚŝŽŶĂŶĚĞdžƉŽƌƚ͘WŚŝůŽƐ͘dƌĂŶƐ͘Z͘^ŽĐ͘ŝŽů͘^Đŝ͘ ϯϳϯ ͘ dƵƚƵĐĐŝ͕ ͕͘sĞƌĂ͕D͕͘ŝƐǁĂƐ͕:͕͘'ĂƌĐŝĂ͕:͕͘WĂƌŬĞƌ͕Z͕͘ĂŶĚ^ŝŶŐĞƌ͕Z͘,͘;ϮϬϭϴͿ͘ŶŝŵƉƌŽǀĞĚD^ϮƐLJƐƚĞŵ ĨŽƌĂĐĐƵƌĂƚĞƌĞƉŽƌƚŝŶŐŽĨƚŚĞŵZEůŝĨĞĐLJĐůĞ͘EĂƚ͘DĞƚŚŽĚƐ ϭϱ ͕ϴϭ ʹϴϵ͘ hĐŚŝĚĂ͕E͕͘,ŽƐŚŝŶŽ͕^͘/͕͘ĂŶĚ<ĂƚĂĚĂ͕d͘;ϮϬϬϰͿ͘/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĂ,ƵŵĂŶLJƚŽƉůĂƐŵŝĐWŽůLJ;ͿEƵĐůĞĂƐĞ ŽŵƉůĞdž^ƚŝŵƵůĂƚĞĚďLJWŽůLJ;ͿͲďŝŶĚŝŶŐWƌŽƚĞŝŶ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϳϵ ͕ϭϯϴϯ ʹϭϯϵϭ͘ hƐƚŝĂŶĞŶŬŽ͕͕͘,ƌŽƐƐŽǀĂ͕͕͘WŽƚĞƐŝů͕͕͘ŚĂůƵƉŶŝŬŽǀĂ͕<͕͘,ƌĂnjĚŝůŽǀĂ͕<͕͘WĂĐŚĞƌŶŝŬ͕:͕͘ĞƚŬŽǀƐŬĂ͕<͕͘ ϮϬϴ hůĚƌŝũĂŶ͕ ^͕͘ ĚƌĂŚĂů͕ ͕͘ ĂŶĚ sĂŶĂĐŽǀĂ͕ ^͘ ;ϮϬϭϯͿ͘ DĂŵŵĂůŝĂŶ /^ϯ>Ϯ ĞdžŽƌŝďŽŶƵĐůĞĂƐĞ ƚĂƌŐĞƚƐ ƚŚĞ ƵƌŝĚLJůĂƚĞĚƉƌĞĐƵƌƐŽƌƐŽĨůĞƚͲϳŵŝZEƐ͘ZE ϭϵ ͕ϭϲϯϮ ʹϭϲϯϴ͘ hƐƚŝĂŶĞŶŬŽ͕ ͕͘ WĂƐƵůŬĂ͕ :͕͘ &ĞŬĞƚŽǀĂ͕ ͕͘ ĞĚŶĂƌŝŬ͕ >͕͘ ŝŐĂĐŬŽǀĂ͕ ͕͘ &ŽƌƚŽǀĂ͕ ͕͘ ĂǀŽůĂŶ͕ D͕͘ ĂŶĚ sĂŶĂĐŽǀĂ͕^͘;ϮϬϭϲͿ͘dhdͲ/^ϯ>ϮŝƐĂŵĂŵŵĂůŝĂŶƐƵƌǀĞŝůůĂŶĐĞƉĂƚŚǁĂLJĨŽƌĂďĞƌƌĂŶƚƐƚƌƵĐƚƵƌĞĚŶŽŶͲ ĐŽĚŝŶŐZEƐ͘ DK:͘ ϯϱ ͕Ϯϭϳϵ ʹϮϭϵϭ͘ hƐƚLJĂŶƚƐĞǀ͕ /͘'͕͘ 'ŽůƵďĐŚŝŬŽǀĂ͕ :͘^͕͘ ŽƌŽĚƵůŝŶĂ͕ K͘Z͕͘ ĂŶĚ <ƌĂŵĞƌŽǀ͕ ͘͘ ;ϮϬϭϳͿ͘ ĂŶŽŶŝĐĂů ĂŶĚ ŶŽŶĐĂŶŽŶŝĐĂůZEƉŽůLJĂĚĞŶLJůĂƚŝŽŶ͘DŽů͘ŝŽů͘ ϱϭ ͕ϮϲϮ ʹϮϳϯ͘ sĂŶĂĐŽǀĂ͕ ^͕͘ ^ƚĞĨů͕ Z͕͘ ĂŶĚ ^ƚĞĨ͕ Z͘ ;ϮϬϬϳͿ͘ dŚĞ ĞdžŽƐŽŵĞ ĂŶĚ ZE ƋƵĂůŝƚLJ ĐŽŶƚƌŽů ŝŶ ƚŚĞ ŶƵĐůĞƵƐ ; ƵƌŽƉĞĂŶDŽůĞĐƵůĂƌŝŽůŽŐLJKƌŐĂŶŝnjĂƚŝŽŶͿ͘ sĂŸĄēŽǀĄ͕a͕͘tŽůĨ͕:͕͘DĂƌƚŝŶ͕'͕͘ůĂŶŬ͕͕͘ĞƚƚǁŝůĞƌ͕^͕͘&ƌŝĞĚůĞŝŶ͕͕͘>ĂŶŐĞŶ ͕,͕͘<ĞŝƚŚ͕'͕͘ĂŶĚ<ĞůůĞƌ͕ t͘;ϮϬϬϱͿ͘ŶĞǁLJĞĂƐƚƉŽůLJ;ͿƉŽůLJŵĞƌĂƐĞĐŽŵƉůĞdžŝŶǀŽůǀĞĚŝŶZEƋƵĂůŝƚLJĐŽŶƚƌŽů͘W>Ž^ŝŽů͘ ϯ͕Ϭϵϴϲ ʹ Ϭϵϵϳ͘ sŝůůĂŶLJŝ͕͕͘ĂŶĚŽůůĂƌƚ͕D͘͘;ϮϬϭϲͿ͘ƵŝůĚŝŶŐŽŶƚŚĞĐƌϰͲEŽƚĂƌĐŚŝƚĞĐƚƵƌĞ͘ŝŽ ƐƐĂLJƐ ϯϴ ͕ϵϵϳ ʹϭϬϬϮ͘ sŝŶĚƌLJ͕͕͘DĂƌŶĞĨ͕͕͘ƌŽŽŵŚĞĂĚ͕,͕͘dǁLJĨĨĞůƐ͕>͕͘KnjŐƵƌ͕^͕͘^ƚŽĞĐŬůŝŶ͕'͕͘>ůŽƌŝĂŶ͕D͕͘^ŵŝƚŚ͕͘t͕͘ DĂƚĂ͕:͕͘tĞŝů͕͕͘ĞƚĂů͘;ϮϬϭϳͿ͘ƵĂůZEWƌŽĐĞƐƐŝŶŐZŽůĞƐŽĨWĂƚϭďǀŝĂLJƚŽƉůĂƐŵŝĐ>ƐŵϭͲϳĂŶĚEƵĐůĞĂƌ >ƐŵϮͲϴŽŵƉůĞdžĞƐ͘ĞůůZĞƉ͘ ϮϬ ͕ϭϭϴϳ ʹϭϮϬϬ͘ sŝƌƚĂŶĞŶ͕͕͘,ĞŶƌŝŬƐƐŽŶ͕E͕͘EŝůƐƐŽŶ͕W͕͘ĂŶĚEŝƐƐďĞĐŬ͕D͘;ϮϬϭϯͿ͘WŽůLJ;ͿͲƐƉĞĐŝĨŝĐƌŝďŽŶƵĐůĞĂƐĞ;WZEͿ͗ ŶĂůůŽƐƚĞƌŝĐĂůůLJƌĞŐƵůĂƚĞĚ͕ƉƌŽĐĞƐƐŝǀĞĂŶĚŵZEĐĂƉͲŝŶƚĞƌĂĐƚŝŶŐĚĞĂĚĞŶLJůĂƐĞ͘ƌŝƚ͘ZĞǀ͘ŝŽĐŚĞŵ͘DŽů͘ ŝŽů͘ ϰϴ ͕ϭϵϮ ʹϮϬϵ͘ sŝƐǁĂŶĂƚŚĂŶ͕W͕͘ŚĞŶ͕:͕͘ŚŝĂŶŐ͕z͕͘͘ĂŶĚĞŶŝƐ͕͘>͘;ϮϬϬϯͿ͘/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨŵƵůƚŝƉůĞZEĨĞĂƚƵƌĞƐ ƚŚĂƚŝŶĨůƵĞŶĐĞZϰĚĞĂĚĞŶLJůĂƚŝŽŶĂĐƚŝǀŝƚLJ͘:͘ŝŽů͘ŚĞŵ͘ Ϯϳϴ ͕ϭϰϵϰϵ ʹϭϰϵϱϱ͘ tĂŚůĞ͕ ͘;ϭϵϵϭͿ͘ŶŽǀĞůƉŽůLJ;ͿͲďŝŶĚŝŶŐƉƌŽƚĞŝŶĂĐƚƐĂƐĂƐƉĞĐŝĨŝĐŝƚLJĨĂĐƚŽƌŝŶƚŚĞƐĞĐŽŶĚƉŚĂƐĞŽĨ ŵĞƐƐĞŶŐĞƌZEƉŽůLJĂĚĞŶLJůĂƚŝŽŶ͘Ğůů ϲϲ ͕ϳϱϵ ʹϳϲϴ͘ tĂŚůĞ͕ ͕͘ĂŶĚtŝŶŬůĞƌ͕'͘^͘;ϮϬϭϯͿ͘ZEĚĞĐĂLJŵĂĐŚŝŶĞƐ͗ĞĂĚĞŶLJůĂƚŝŽŶďLJƚŚĞĐƌϰͲEŽƚĂŶĚWĂŶϮͲ WĂŶϯĐŽŵƉůĞdžĞƐ͘ŝŽĐŚŝŵ͘ŝŽƉŚLJƐ͘ĐƚĂͲ'ĞŶĞZĞŐƵů͘DĞĐŚ͘ ϭϴϮϵ ͕ϱϲϭ ʹϱϳϬ͘ tĂůůĞLJ͕:͘t͕͘ŽƵŐŚůĂŶ͕^͕͘,ƵĚƐŽŶ͕D͘ ͕͘ŽǀŝŶŐƚŽŶ͕D͘&͕͘<ĂƐƉŝ͕Z͕͘ĂŶƵ͕'͕͘,ĂƌŵĞƌ͕^͘>͕͘ĂŶĚĞŚĞƐŚ͕ <͘;ϮϬϬϳͿ͘DĞĐŚĂŶŝĐĂůƐƚƌĞƐƐŝŶĚƵĐĞƐďŝŽƚŝĐĂŶĚĂďŝŽƚŝĐƐƚƌĞƐƐƌĞƐƉŽŶƐĞƐǀŝĂĂŶŽǀĞůĐŝƐͲĞůĞŵĞŶƚ͘W>Ž^ 'ĞŶĞƚ͘ ϯ͕ϭϴϬϬ ʹϭϴϭϮ͘ tĂůůĞLJ͕ :͘t͕͘ <ĞůůĞLJ͕ ͘Z͕͘ EĞƐƚŽƌŽǀĂ͕ '͕͘ ,ŝƌƐĐŚďĞƌŐ͕ ͘>͕͘ ĂŶĚ ĞŚĞƐŚ͕ <͘ ;ϮϬϭϬͿ͘ ƌĂďŝĚŽƉƐŝƐ ĚĞĂĚĞŶLJůĂƐĞƐƚ&ϭĂĂŶĚƚ&ϭďƉůĂLJŽǀĞƌůĂƉƉŝŶŐĂŶĚĚŝƐƚŝŶĐƚƌŽůĞƐŝŶŵĞĚŝĂƚŝŶŐĞŶǀŝƌŽŶŵĞŶƚĂů ƐƚƌĞƐƐƌĞƐƉŽŶƐĞƐ͘WůĂŶƚWŚLJƐŝŽů͘ ϭϱϮ ͕ϴϲϲ ʹϴϳϱ͘ tĂŶŐ͕y͕͘ŚĂŶŐ͕^͕͘ŽƵ͕z͕͘ŚĂŶŐ͕͕͘ŚĞŶ͕y͕͘zƵ͕͕͘ĂŶĚZĞŶ͕'͘;ϮϬϭϱͿ͘^LJŶĞƌŐŝƐƚŝĐĂŶĚ/ŶĚĞƉĞŶĚĞŶƚ ĐƚŝŽŶƐŽĨDƵůƚŝƉůĞdĞ ƌŵŝŶĂůEƵĐůĞŽƚŝĚLJůdƌĂŶƐĨĞƌĂƐĞƐŝŶƚŚĞϯ͛dĂŝůŝŶŐŽĨ^ŵĂůůZEƐŝŶƌĂďŝĚŽƉƐŝƐ͘ W>K^'ĞŶĞƚ͘ ϭϭ ͕ĞϭϬϬϱϬϵϭ͘ tĂŶŐ͕ ͕͘ ĂLJ͕ E͕͘ dƌŝĨŝůůŝƐ͕ W͕͘ ĂŶĚ <ŝůĞĚũŝĂŶ͕D͘ ;ϭϵϵϵͿ͘ ŶŵZE^ƚĂďŝůŝƚLJ ŽŵƉůĞdž &ƵŶĐƚŝŽŶƐǁŝƚŚ WŽůLJ;ͿͲŝŶĚŝŶŐWƌŽƚĞŝŶdŽ^ƚĂďŝůŝnjĞŵZE/ŶsŝƚƌŽ͘DŽů͘Ğůů͘ŝŽů͘ ϭϵ ͕ϰϱϱϮ ʹϰϱϲϬ͘ tĂƌŬŽĐŬŝ͕͕͘>ŝƵĚŬŽǀƐŬĂ͕s͕͘'ĞǁĂƌƚŽǁƐŬĂ͕K͕͘DƌŽĐnjĞŬ͕^͕͘ĂŶĚnjŝĞŵďŽǁƐŬŝ͕͘;ϮϬϭϴĂͿ͘dĞƌŵŝŶĂů ŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞƐ;d EdƐͿŝŶŵĂŵŵĂůŝĂŶZEŵĞƚĂďŽůŝƐŵ͘WŚŝůŽƐ͘dƌĂŶƐ͘Z͘^ŽĐ͘ŝŽů͘^Đŝ͘ϯϳϯ ͘ tĂƌŬŽĐŬŝ͕͕͘<ƌĂǁĐnjLJŬ͕W͘^͕͘ĚĂŵƐŬĂ͕͕͘ŝũĂƚĂ͕<͕͘'ĂƌĐŝĂͲWĞƌĞnj͕:͘>͕͘ĂŶĚnjŝĞŵďŽǁƐŬŝ͕͘;ϮϬϭϴďͿ͘ hƌŝĚLJůĂƚŝŽŶďLJdhdϰͬϳZĞƐƚƌŝĐƚƐZĞƚƌŽƚƌĂŶƐƉŽƐŝƚŝŽŶŽĨ,ƵŵĂŶ>/E ͲϭƐ͘Ğůů ϭϳϰ ͕ϭϱϯϳͲϭϱϰϴ͘ĞϮϵ͘ tĞďƐƚĞƌ͕ D͘t͕͘ ^ƚŽǁĞůů͕ :͘͘t͕͘ dĂŶŐ͕ d͘d͘>͕͘ ĂŶĚ WĂƐƐŵŽƌĞ͕ >͘͘ ;ϮϬϭϳͿ͘ ŶĂůLJƐŝƐ ŽĨ ŵZE ĚĞĂĚĞŶLJůĂƚŝŽŶďLJŵƵůƚŝͲƉƌŽƚĞŝŶĐŽŵƉůĞdžĞƐ͘DĞƚŚŽĚƐ ϭϮϲ ͕ϵϱ ʹϭϬϰ͘ ϮϬϵ tĞďƐƚĞƌ͕D͘t͕͘^ƚŽǁĞůů͕:͘͘t͕͘ĂŶĚWĂƐƐŵŽƌĞ͕>͘͘;ϮϬϭϴĂͿ͘dŚĞŵĞĐŚĂŶŝƐŵŽĨĐƌϰͲEŽƚƌĞĐƌƵŝƚŵĞŶƚ ƚŽƐƉĞĐŝĨŝĐŵZEƐŝŶǀŽůǀĞƐƐĞƋƵĞŶĐĞͲƐĞůĞĐƚŝǀĞƚĞƚŚĞƌŝŶŐďLJZEͲďŝŶĚŝŶŐƉƌŽƚĞŝŶƐ͘ŝŽZdžŝǀϰϳϴϬϬϴ͘ tĞďƐƚĞƌ͕ D͘t͕͘ ŚĞŶ͕ z͘,͕͘ ^ƚŽǁĞůů͕ :͘͘t͕͘ ůŚƵƐĂŝŶŝ͕ E͕͘ ^ǁĞĞƚ͕ d͕͘ 'ƌĂǀĞůĞLJ͕ ͘Z͕͘ ŽůůĞƌ͕ :͕͘ ĂŶĚ WĂƐƐŵŽƌĞ͕ >͘͘ ;ϮϬϭϴďͿ͘ ŵZE ĞĂĚĞŶLJůĂƚŝŽŶ /Ɛ ŽƵƉůĞĚ ƚŽ dƌĂŶƐůĂƚŝŽŶ ZĂƚĞƐ ďLJ ƚŚĞ ŝĨĨĞƌĞŶƚŝĂů ĐƚŝǀŝƚŝĞƐŽĨĐƌϰͲEŽƚEƵĐůĞĂƐĞƐ͘DŽů͘Ğůů ϳϬ ͕ϭϬϴϵͲϭϭϬϬ͘Ğϴ͘ tĞŝ͕͘D͕͘'ĞƌƐŚŽǁŝƚnj͕͕͘ĂŶĚDŽƐƐ͕͘;ϭϵϳϱͿ͘DĞƚŚLJůĂƚĞĚŶƵĐůĞŽƚŝĚĞƐďůŽĐŬϱ഻ƚĞƌŵŝŶƵƐŽĨ,Ğ>ĂĐĞůů ŵĞƐƐĞŶŐĞƌZE͘Ğůů ϰ͕ϯϳϵ ʹϯϴϲ͘ tĞůůƐ͕ ^͘ ͕͘ ,ŝůůŶĞƌ͕ W͘ ͕͘ sĂůĞ͕ Z͕͘͘ ĂŶĚ ^ĂĐŚƐ͕ ͘͘ ;ϭϵϵϴͿ͘ ŝƌĐƵůĂƌŝnjĂƚŝŽŶ ŽĨ ŵZE ďLJ ĞƵŬĂƌLJŽƚŝĐ ƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶĨĂĐƚŽƌƐ͘DŽů͘Ğůů Ϯ͕ϭϯϱ ʹϭϰϬ͘ tĞƌŶĞƌ͕D͕͘WƵƌƚĂ͕ ͕͘<ĂŵŝŶƐŬĂ͕<͘,͕͘LJŵĞƌŵĂŶ͕/͕͘͘ĂŵƉďĞůů͕͕͘͘DŝƚƚƌĂ͕͕͘ĂŵƵĚŝŽ͕:͘Z͕͘^ƚƵƌŵ͕ E͘Z͕͘:ĂǁŽƌƐŬŝ͕:͕͘ĂŶĚƵũŶŝĐŬŝ͕:͘D͘;ϮϬϭϭͿ͘Ϯ഻ ͲKͲƌŝďŽƐĞŵĞƚŚLJůĂƚŝŽŶŽĨĐĂƉϮŝŶŚƵŵĂŶ͗&ƵŶĐƚŝŽŶĂŶĚ ĞǀŽůƵƚŝŽŶŝŶĂŚŽƌŝnjŽŶƚĂůůLJŵŽďŝůĞĨĂŵŝůLJ͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϯϵ ͕ϰϳϱϲ ʹϰϳϲϴ͘ tĞƐƚ͕^͕͘'ƌŽŵĂŬ͕E͕͘EŽƌďƵƌLJ͕͘:͕͘ĂŶĚWƌŽƵĚĨŽŽƚ͕E͘:͘;ϮϬϬϲͿ͘ĚĞŶLJůĂƚŝŽŶĂŶĚĞdžŽƐŽŵĞͲŵĞĚŝĂƚĞĚ ĚĞŐƌĂĚĂƚŝŽŶŽĨĐŽƚƌĂŶƐĐƌŝƉƚŝŽŶĂůůLJĐůĞĂǀĞĚƉƌĞͲŵĞƐƐĞŶŐĞƌZEŝŶŚƵŵĂŶĐĞůůƐ͘DŽů͘Ğůů Ϯϭ ͕ϰϯϳ ʹϰϰϯ͘ tŽůĨ͕:͕͘ĂŶĚWĂƐƐŵŽƌĞ͕>͘͘;ϮϬϭϰͿ͘ŵZEĚĞĂĚĞŶLJůĂƚŝŽŶďLJWĂŶϮ ʹWĂŶϯ͘ŝŽĐŚĞŵ͘^ŽĐ͘dƌĂŶƐ͘ ϰϮ ͕ϭϴϰ ʹ ϭϴϳ͘ tŽůĨ͕:͕͘sĂůŬŽǀ͕ ͕͘ůůĞŶ͕D͕͘͘DĞŝŶĞŬĞ͕͕͘'ŽƌĚŝLJĞŶŬŽ͕z͕͘DĐ>ĂƵŐŚůŝŶ͕^͘,͕͘KůƐĞŶ͕d͘D͕͘ZŽďŝŶƐŽŶ͕ ͘s͕LJĐƌŽĨƚ͕D͕͘^ƚĞǁĂƌƚ͕D͕͘ĞƚĂů͘;ϮϬϭϰͿ͘^ƚƌƵĐƚƵƌĂůďĂƐŝƐĨŽƌWĂŶϯďŝŶĚŝŶŐƚŽWĂŶϮĂŶĚŝƚƐĨƵŶĐƚŝŽŶ ŝŶŵZEƌĞĐƌƵŝƚŵĞŶƚĂŶĚĚĞĂĚĞŶLJůĂƚŝŽŶ͘ DK:͘ ϯϯ 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yƵ͕:͕͘ĂŶĚŚƵĂ͕E͘Ͳ,͘E͘Ͳ,͘;ϮϬϬϵͿ͘ƌĂďŝĚŽƉƐŝƐĚĞĐĂƉƉŝŶŐϱŝƐƌĞƋƵŝƌĞĚĨŽƌŵZEĚĞĐĂƉƉŝŶŐ͕WͲďŽĚLJ ĨŽƌŵĂƚŝŽŶ͕ĂŶĚƚƌĂŶƐůĂƚŝŽŶĂůƌĞƉƌĞƐƐŝŽŶĚƵƌŝŶŐƉŽƐƚĞŵďƌLJŽŶŝĐĚĞǀĞůŽƉŵĞŶƚ͘WůĂŶƚĞůů Ϯϭ ͕ϯϮϳϬ ʹϯϮϳϵ͘ yƵ͕ <͕͘ Ăŝ͕ z͕͘ ŚĂŶŐ͕ ͕͘ ŚĂŶŐ͕ Y͕͘ ĂŶĚ ĂƌƚůĂŵ͕ D͘'͘ ;ϮϬϭϰͿ͘ /ŶƐŝŐŚƚƐ ŝŶƚŽ ƚŚĞ ƐƚƌƵĐƚƵƌĞ ĂŶĚ ĂƌĐŚŝƚĞĐƚƵƌĞŽĨƚŚĞZϰͲEKdĐŽŵƉůĞdž͘&ƌŽŶƚ͘'ĞŶĞƚ͘ ϱ͕ϭ ʹϭϮ͘ zĂŵĂƐŚŝƚĂ͕^͕͘dĂŬĂŐŝ͕z͕͘EĂŐĂŝŬĞ͕d͕͘ĂŶĚdŽŵŝƚĂ͕<͘;ϮϬϭϳͿ͘ƌLJƐƚĂůƐƚƌƵĐƚƵƌĞƐŽĨhϲƐŶZEͲƐƉĞĐŝĨŝĐ ƚĞƌŵŝŶĂůƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞ͘EĂƚ͘ŽŵŵƵŶ͘ ϴ͕ϭϱϳϴϴ͘ zĂŶ͕z͘ŝŶ;ϮϬϭϰͿ͘ĞĂĚĞŶLJůĂƚŝŽŶ͗ĞŶnjLJŵĞƐ͕ƌĞŐƵůĂƚŝŽŶ͕ĂŶĚĨƵŶĐƚŝŽŶĂůŝŵƉůŝĐĂƚŝŽŶƐ͘tŝůĞLJ/ŶƚĞƌĚŝƐĐŝƉ͘ ZĞǀ͘ZE ϱ͕ϰϮϭ ʹϰϰϯ͘ zĂŶŐ͕ ͕͘ ŽĨŝůůͲĞ ZŽƐ͕y͕͘ ^ŚĂŽ͕ d͘Ͳ :͕͘:ŝĂŶŐ͕ D͕͘>ŝ͕<͕͘ sŝůůĂŶƵĞǀĂ͕W͕͘Ăŝ͕>͕͘ĂŶĚ 'Ƶ͕ ^͘ ;ϮϬϭϵͿ͘ϯ഻ hƌŝĚLJůĂƚŝŽŶŽŶĨĞƌƐŵŝZEƐǁŝƚŚEŽŶͲĐĂŶŽŶŝĐĂůdĂƌŐĞƚZĞƉĞƌƚŽŝƌĞƐ͘DŽů͘Ğůůϭ ʹϭϮ͘ ϮϭϬ zĂƐŚŝƌŽ͕z͕͘ĂŶĚdŽŵŝƚĂ͕<͘;ϮϬϭϴͿ͘&ƵŶĐƚŝŽŶĂŶĚƌĞŐƵůĂƚŝŽŶŽĨŚƵŵĂŶƚĞƌŵŝŶĂůƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞƐ͘ &ƌŽŶƚ͘'ĞŶĞƚ͘ ϵ͕ϱϯϴ͘ zĂƚĞƐ͕>͕͘͘&ůĞƵƌĚĠƉŝŶĞ͕^͕͘ZŝƐƐůĂŶĚ͕K͘^͕͘ĞŽůŝďƵƐ͕>͕͘,ĂƌůŽƐ͕<͕͘EŽƌďƵƌLJ͕͘:͕͘ĂŶĚ'ŝůďĞƌƚ͕Z͘:͘͘ ;ϮϬϭϮͿ͘^ƚƌƵĐƚƵƌĂůďĂƐŝƐĨŽƌƚŚĞĂĐƚŝǀŝƚLJŽĨĂĐLJƚŽƉůĂƐŵŝĐZEƚĞƌŵŝŶĂůƵƌŝĚLJůLJůƚƌĂŶƐĨĞƌĂƐĞ͘EĂƚ͘^ƚƌƵĐƚ͘ DŽů͘ŝŽů͘ ϭϵ ͕ϳϴϮ ʹϳϴϳ͘ zŝ͕,͕͘WĂƌŬ͕:͕͘,Ă͕D͕͘>ŝŵ͕:͕͘ŚĂŶŐ͕,͕͘ĂŶĚ<ŝŵ͕s͘E͘;ϮϬϭϴͿ͘WWŽŽƉĞƌĂƚĞƐǁŝƚŚƚŚĞZϰͲEKd ŽŵƉůĞdžƚŽWƌŽŵŽƚĞŵZEĞĂĚĞŶLJůĂƚŝŽŶĂŶĚůŽĐŬWƌĞĐŽĐŝŽƵƐĞĐĂLJ͘DŽů͘Ğůů ϳϬ ͕ϭϬϴϭͲϭϬϴϴ͘Ğϱ͘ zƵ͕y͕͘tŝůůŵĂŶŶ͕D͘Z͕͘ŶĚĞƌƐŽŶ͕^͘:͕͘ĂŶĚ'ƌĞŐŽƌLJ͕͘͘;ϮϬϭϲͿ͘'ĞŶŽŵĞͲtŝĚĞDĂƉƉŝŶŐŽĨhŶĐĂƉƉĞĚ ĂŶĚůĞĂǀĞĚdƌĂŶƐĐƌŝƉƚƐZĞǀĞĂůƐĂZŽůĞĨŽƌƚŚĞEƵĐůĞĂƌŵZEĂƉͲŝŶĚŝŶŐŽŵƉůĞdžŝŶŽƚƌĂŶƐůĂƚŝŽŶĂů ZEĞĐĂLJŝŶƌĂďŝĚŽƉƐŝƐ͘WůĂŶƚĞůů Ϯϴ ͕Ϯϯϴϱ ʹϮϯϵϳ͘ ĂŬƌnjĞǁƐŬĂͲWůĂĐnjĞŬ͕ D͕͘ ^ŽƵƌĞƚ͕ &͘&͕͘ ^ŽďĐnjLJŬ͕ '͘:͕͘ 'ƌĞĞŶ͕ W͘:͕͘ ĂŶĚ <ƵĨĞů͕ :͘ ;ϮϬϭϬͿ͘ ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂyZEϮŝƐƌĞƋƵŝƌĞĚĨŽƌƉƌŝŵĂƌLJĐůĞĂǀĂŐĞŝŶƚŚĞƉƌĞͲƌŝďŽƐŽŵĂůZE͘EƵĐůĞŝĐĐŝĚƐZĞƐ͘ ϯϴ ͕ϰϰϴϳ ʹ ϰϱϬϮ͘ ĞŝĚĂŶ͕Y͕͘,Ğ͕&͕͘ŚĂŶŐ͕&͕͘ŚĂŶŐ͕,͕͘:ĂĐŽďƐŽŶ͕͕͘ĂŶĚ,ŝŶŶĞďƵƐĐŚ͕͘'͘;ϮϬϭϴͿ͘ŽŶƐĞƌǀĞĚŵZEͲ ŐƌĂŶƵůĞĐŽŵƉŽŶĞŶƚ^ĐĚϲƚĂƌŐĞƚƐŚŚϭƚŽƌĞƉƌĞƐƐƚƌĂŶƐůĂƚŝŽŶŝŶŝƚŝĂƚŝŽŶĂŶĚĂĐƚŝǀĂƚĞƐĐƉϮͲŵĞĚŝĂƚĞĚ ŵZEĚĞĐĂLJŝŶǀŝǀŽ͘ ŚĂŶŐ͕ ͕͘<ŚĂŶŶĂ͕s͕͘ĂĐŚĞƵdž͕ ͕͘EĂŵĂŶĞ͕͕͘ŽLJĞŶ͕͕͘'ŽŵĂƌĚ͕D͕͘dƵƌĐŽƚƚĞ͕͕͘:ĂĐƋƵŝĞƌ͕͕͘ĂŶĚ &ƌŽŵŽŶƚͲZĂĐ ŝŶĞ͕D͘;ϮϬϭϵͿ͘ƐƉĞĐŝĂůŝƐĞĚ^Ž^KŶĞ ϴ͕ĞϲϵϱϴϮ͘ ŚĂŶŐ͕ t͕͘ DƵƌƉŚLJ͕ ͕͘ ĂŶĚ ^ŝĞďƵƌƚŚ͕ >͘ ͘ ;ϮϬϭϬͿ͘ ŽŶƐĞƌǀĞĚ ZEĂƐĞ// ĚŽŵĂŝŶ ƉƌŽƚĞŝŶ ĨƵŶĐƚŝŽŶƐ ŝŶ ĐLJƚŽƉůĂƐŵŝĐŵZEĚĞĐĂLJĂŶĚƐƵƉƉƌĞƐƐĞƐƌĂďŝĚŽƉƐŝƐĚĞĐĂƉƉŝŶŐŵƵƚĂŶƚƉŚĞŶŽƚLJƉĞƐ͘WƌŽĐ͘EĂƚů͘ĐĂĚ͘ ^Đŝ͘ ϭϬϳ ͕ϭϱϵϴϭ ʹϭϱϵϴϱ͘ ŚĂŶŐ͕ y͕͘ ĞǀĂŶLJ͕ ͕͘ DƵƌƉŚLJ͕ D͘Z͕͘ 'ůĂnjŵĂŶ͕ '͕͘ WĞƌƐĂƵĚ͕ D͕͘ ĂŶĚ <ůĞŝŵĂŶ͕ &͘ ͘ ;ϮϬϭϱͿ͘ WZE ĚĞĂĚĞŶLJůĂƐĞŝƐŝŶǀŽůǀĞĚŝŶŵŝZEͲĚĞƉĞŶĚĞŶƚĚĞŐƌĂĚĂƚŝŽŶŽĨdWϱϯŵZEŝŶŵĂŵŵĂůŝĂŶĐĞůůƐ͘EƵĐůĞŝĐ ĐŝĚƐZĞƐ͘ ϰϯ ͕ϭϬϵϮϱ ʹϭϬϵϯϴ͘ ŚĂŶŐ͕y͕͘<ŽŝǁĂ͕,͕͘,Ƶ͕&͕͘^ƵŶŐ͕D͘t͕͘dĂŶŐ͕'͕͘ĂƐƚŝůůŽͲ'ŽŶnjĄůĞnj͕͕͘>ŝ͕W͕͘ŚĂŶŐ͕͕͘^ŚƵ͕͕͘ĂŶĚ ŝĐŬŵĂŶ͕ D͘ ;ϮϬϭϳĂͿ͘ Z/^Ͳ ŝŶƚĞƌĂĐƚŝŶŐ ĐůĞĂƌŝŶŐ ϯ͛ Ͳ ϱ͛ ĞdžŽƌŝďŽŶƵĐůĞĂ ƐĞƐ ;Z/ ƐͿ ĚĞŐƌĂĚĞ ƵƌŝĚLJůĂƚĞĚ ĐůĞĂǀĂŐĞĨƌĂŐŵĞŶƚƐƚŽŵĂŝŶƚĂŝŶĨƵŶĐƚŝŽŶĂůZ/^ŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͘ ůŝĨĞ ϲ͕ϭ ʹϮϵ͘ ŚĂŶŐ͕͕͘,Ƶ͕&͕͘^ƵŶŐ͕D͘t͕͘^ŚƵ͕͕͘ĂƐƚŝůůŽͲ'ŽŶnjĄůĞnj͕͕͘<ŽŝǁĂ͕,͕͘dĂŶŐ͕'͕͘ŝĐŬŵĂŶ͕D͕͘>ŝ͕W͕͘ ŚĂŶŐ͕y͕͘ĞƚĂů͘;ϮϬϭϳďͿ͘Z/^Ͳŝ ŶƚĞƌĂĐƚŝŶŐĐůĞĂƌŝŶŐϯ͛ Ͳ ϱ͛ĞdžŽƌŝďŽŶƵĐůĞĂƐĞƐ;Z/ ^ͿĚĞŐƌĂĚĞƵƌŝĚLJůĂƚĞĚ ĐůĞĂǀĂŐĞĨƌĂŐŵĞŶƚƐƚŽŵĂŝŶƚĂŝŶĨƵŶĐƚŝŽŶĂůZ/^ŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͘ ůŝĨĞ ϲ͕ϭ ʹϮϵ͘ ŚĂŽ͕ ,͕͘ yŝŶŐ͕ ͕͘ ĂŶĚ >ŝ͕ Y͘Y͘ ;ϮϬϬϵͿ͘ hŶŝƋƵĞ &ĞĂƚƵƌĞƐ ŽĨ WůĂŶƚ ůĞĂǀĂŐĞ ĂŶĚ WŽůLJĂĚĞŶLJůĂƚŝŽŶ ^ƉĞĐŝĨŝĐŝƚLJ&ĂĐƚŽƌZĞǀĞĂůĞĚďLJWƌŽƚĞŽŵŝĐ^ƚƵĚŝĞƐ͘W>EdWŚLJƐŝŽů͘ ϭϱϭ ͕ϭϱϰϲ ʹϭϱϱϲ͘ ŚĂŽ͕z͕͘zƵ͕z͕͘ŚĂŝ͕:͕͘ZĂŵĂĐŚĂŶĚƌĂŶ͕s͕͘ŝŶŚ͕d͘d͕͘DĞLJĞƌƐ͕͕͘͘DŽ͕͕͘ĂŶĚŚĞŶ͕y͘;ϮϬϭϮĂͿ͘dŚĞ ĂƌĂďŝĚŽƉƐŝƐ ŶƵĐůĞŽƚŝĚLJů ƚƌĂŶƐĨĞƌĂƐĞ , ^Kϭ ƵƌŝĚLJůĂƚĞƐ ƵŶŵĞƚŚLJůĂƚĞĚ ƐŵĂůů ZEƐ ƚŽ ƚƌŝŐŐĞƌ ƚŚĞŝƌ ĚĞŐƌĂĚĂƚŝŽŶ͘Ƶƌƌ͘ŝŽů͘ ϮϮ ͕ϲϴϵ ʹϲϵϰ͘ ŚĂŽ͕z͕͘zƵ͕z͕͘ŚĂŝ͕:͕͘ZĂŵĂĐŚĂŶĚƌĂŶ͕s͕͘ĂŶĚdŚĞƌĞƐĂ͕d͘;ϮϬϭϮďͿ͘, ^Kϭ͕ĂŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞ ŝŶƌĂďŝĚŽƉƐŝƐ͕ƵƌŝĚLJůĂƚĞƐƵŶŵĞƚŚLJůĂƚĞĚŵŝZEƐĂŶĚƐŝZEƐƚŽƚƌŝŐŐĞƌƚŚĞŝƌĚĞŐƌĂĚĂƚŝŽŶ͘ƵƌƌŝŽů͘ ϮϮ ͕ ϲϴϵ ʹϲϵϰ͘ ŚŽƵ͕>͕͘,ĂŶŐ͕:͕͘ŚŽƵ͕z͕͘tĂŶ͕Z͕͘>Ƶ͕'͕͘zŝŶ͕W͕͘zĂŶ͕͕͘ĂŶĚ^Śŝ͕z͘;ϮϬϭϰͿ͘ƌLJƐƚĂůƐƚƌƵĐƚƵƌĞƐŽĨƚŚĞ >ƐŵĐŽŵƉůĞdžďŽƵŶĚƚŽƚŚ Ğϯ͛ĞŶĚƐĞƋƵĞŶĐĞŽĨhϲƐŵĂůůŶƵĐůĞĂƌZE͘EĂƚƵƌĞ ϱϬϲ ͕ϭϭϲ ʹϭϮϬ͘ Ϯϭϭ ŚƵ͕ z͕͘ ĂŶĚ sĂƵŐŚŶ͕ :͘͘ ;ϮϬϭϴͿ͘ džƉĞ ƌŝŵĞŶƚĂů sĞƌŝĨŝĐĂƚŝŽŶ ĂŶĚ ǀŽůƵƚŝŽŶĂƌLJ KƌŝŐŝŶ ŽĨ ϱ഻ ͲhdZ WŽůLJĂĚĞŶLJůĂƚŝŽŶ^ŝƚĞƐŝŶƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͘&ƌŽŶƚ͘WůĂŶƚ^Đŝ͘ ϵ͕ϵϲϵ͘ ŝŐĄēŬŽǀĄ͕͕͘ĂŶĚsĂŸĄēŽǀĄ͕a͘;ϮϬϭϴͿ͘dŚĞƌŽůĞŽĨϯ഻ĞŶĚƵƌŝĚLJůĂƚŝŽŶŝŶZEŵĞƚĂďŽůŝƐŵ ĂŶĚĐĞůůƵůĂƌ ƉŚLJƐŝŽůŽŐLJ͘WŚŝůŽƐ͘dƌĂŶƐ͘Z͘^ŽĐ͘ŝŽů͘^Đŝ͘ ϯϳϯ ͘ ŝŵŵĞƌ͕^͘>͕͘^ĐŚĞŝŶ͕͕͘ŝƉŽƌ͕'͕͘^ƚĞƌŶ͕͕͘͘ĂŶĚ^ĐŚƵƐƚĞƌ͕'͘;ϮϬϬϵͿ͘WŽůLJĂĚĞŶLJůĂƚŝŽŶŝŶƌĂďŝĚŽƉƐŝƐ ĂŶĚ ŚůĂŵLJĚŽŵŽŶĂƐ ŽƌŐĂŶĞůůĞƐ͗ dŚĞ ŝŶƉƵƚ ŽĨ ŶƵĐůĞŽƚŝĚLJůƚƌĂŶƐĨĞƌĂƐĞƐ͕ ƉŽůLJ;Ϳ ƉŽůLJŵĞƌĂƐĞƐ ĂŶĚ ƉŽůLJŶƵĐůĞŽƚŝĚĞƉŚŽƐƉŚŽƌLJůĂƐĞ͘WůĂŶƚ:͘ ϱϵ ͕ϴϴ ʹϴϵ͘ ŝŶĚĞƌ͕:͕͘͘ĂŶĚ>ŝŵĂ͕͘͘;ϮϬϭϳͿ͘dĂƌŐĞƚŝŶŐZEĨŽƌƉƌŽĐĞƐƐŝŶŐŽƌĚĞƐƚƌƵĐƚŝŽŶďLJƚŚĞĞƵŬĂƌLJŽƚŝĐZE ĞdžŽƐŽŵĞĂŶĚŝƚƐĐŽĨĂĐƚŽƌƐ͘'ĞŶĞƐĞǀ͘ ϯϭ ͕ϴϴ ʹϭϬϬ͘ ƵďĞƌ͕ ,͕͘ ^ĐŚĞĞƌ͕ ,͕͘ &ĞƌƌŝĞƌ͕ ͕͘ ^ĞŵĞŶƚ͕ &͘D͕͘ DĞƌĐŝĞƌ͕ W͕͘ ^ƚƵƉĨůĞƌ͕ ͕͘ ĂŶĚ 'ĂŐůŝĂƌĚŝ͕ ͘ ;ϮϬϭϲͿ͘ hƌŝĚLJůĂƚŝŽŶ ĂŶĚ WW ŽŽƉĞƌĂƚĞ ƚŽ ZĞƉĂŝƌ ŵZEĞĂĚĞŶLJůĂƚĞĚ ŶĚƐ ŝŶ ƌĂďŝĚŽƉƐŝƐ͘ Ğůů ZĞƉ͘ ϭϰ ͕ ϮϳϬϳ ʹϮϳϭϳ͘ ƵďĞƌ͕,͕͘^ĐŚĞĞƌ͕,͕͘:ŽůLJ͕͘Ͳ͕͘ĂŶĚ'ĂŐůŝĂƌĚŝ͕͘;ϮϬϭϴͿ͘ZĞƐƉĞĐƚŝǀĞŽŶƚƌŝďƵƚŝŽŶƐŽĨhZdϭĂŶĚ, ^Kϭ ƚŽƚŚĞhƌŝĚLJůĂƚŝŽŶŽĨϱ഻& ƌĂŐŵĞŶƚƐWƌŽĚƵĐĞĚ&ƌŽŵZ/^ͲůĞĂǀĞĚŵZEƐ͘&ƌŽŶƚ͘WůĂŶƚ^Đŝ͘ ϵ͕ϭϰϯϴ͘ ƵŽ͕ z͘ ;ϮϬϬϭͿ͘ džŽƌŝďŽŶƵĐůĞĂƐĞ ƐƵƉĞƌĨĂŵŝůŝĞƐ͗ ƐƚƌƵĐƚƵƌĂů ĂŶĂůLJƐŝƐ ĂŶĚ ƉŚLJůŽŐĞŶĞƚŝĐ ĚŝƐƚƌŝďƵƚŝŽŶ͘ EƵĐůĞŝĐĐŝĚƐZĞƐ͘ Ϯϵ ͕ϭϬϭϳ ʹϭϬϮϲ͘ ƺƐƚ͕Z͕͘ĞƌǀĂŶƚĞƐͲĂƌƌĂŐĂŶ͕>͕͘,ĂďũĂŶ͕D͕͘DĂŝĞƌ͕Z͕͘EĞƵŵĂŶ͕͘t͕͘ŝĞďƵŚƌ͕:͕͘^njƌĞƚƚĞƌ͕<͘:͕͘ĂŬĞƌ͕ ^͕͘͘ĂƌĐŚĞƚ͕t͕͘ŝĂŵŽŶĚ͕D͘^͕͘ĞƚĂů͘;ϮϬϭϭͿ͘ZŝďŽƐĞϮ͛ ͲKͲŵĞƚŚLJůĂƚŝŽŶƉƌŽǀŝĚĞƐĂŵŽůĞĐƵůĂƌƐŝŐŶĂƚƵƌĞ ĨŽƌƚŚĞĚŝƐƚŝŶĐƚŝŽŶŽĨƐĞůĨĂŶĚŶŽŶͲƐĞůĨŵZEĚĞƉĞŶĚĞŶƚŽŶƚŚĞZEƐĞŶƐŽƌDĚĂϱ͘EĂƚ͘/ŵŵƵŶŽů͘ ϭϮ ͕ ϭϯϳ ʹϭϰϯ͘ ϮϭϮ /ŶĨůƵĞŶĐĞĚĞů ͛ƵƌŝĚLJůĂƚŝŽŶƐƵƌůĂĚĠĂĚĠŶLJůĂƚŝŽŶĚĞƐ ZEŵĞƐƐĂŐĞƌƐĐŚĞnj ƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ ͘ /ŶƚƌŽĚƵĐƚŝŽŶ >͛ƵƌŝĚLJůĂƚ ŝŽŶĚĞƐZEĞƐƚƵŶĞŵŽĚŝĨŝĐĂƚŝŽŶƉŽƐƚͲƚƌĂŶƐĐƌŝƉƚŝŽŶŶĞůůĞƚƌğƐĐŽƵƌĂŶƚĞƋƵŝĂƵŶƌƀůĞ ĨŽŶĚĂŵĞŶƚĂů ĚĂŶƐůĂƌĠŐƵůĂƚŝŽŶĚĞů͛ĞdžƉƌĞƐƐŝŽŶĚĞƐŐğŶ ĞƐ͘> ͛ƵƌŝĚLJůĂƚŝŽŶĞƐƚĐŽŶƐĞƌǀĠĞĚĂŶƐƵŶĞ ŐƌĂŶĚĞǀĂƌŝĠƚĠĚ͛ ĞƵĐĂƌLJŽƚĞƐ͕ă ů͛ĞdžĐĞƉƚŝŽŶ ĚĞůĂůĞǀƵƌĞ ^ĂĐĐŚĂƌŽŵLJĐĞƐĐĞƌĞǀŝƐŝĂĞ ͕ĞƚĐŽŶƐŝƐƚĞĞŶ ů͛ĂũŽƵƚ Ě͛ƵƌŝĚŝŶĞƐ ĂƵdž ĞdžƚƌĠŵŝƚĠƐ ϯ͛ ĚĞƐ ZE ŵĞƐƐĂŐĞƌƐ Ğƚ ZE ŶŽŶͲĐŽĚĂŶƚƐ͘ Ğ ƉůƵƐ͕ ů͛ƵƌŝĚLJůĂƚŝŽŶ Ă ĠƚĠ ĚĠƚĞĐƚĠĞ ĚĞ ŵĂŶŝğƌĞ ĞdžƚĞŶƐŝǀĞ ƐƵƌ ĚŝǀĞƌƐ ZE ǀŝƌĂƵdž ŝŶĨĞĐƚĂŶƚ ĚĞƐ ĐŚĂŵƉŝŐŶŽŶƐ͕ ƉůĂŶƚĞƐ Ğƚ ĂŶŝŵĂƵdž͘ >͛ ĂũŽƵƚ Ě ͛ƵƌŝĚŝŶĞƐ ĞƐƚ ĐĂƚĂůLJƐĠĞ ƉĂƌ ĚĞƐ ƚĞƌŵŝŶĂů ƵƌŝĚLJůLJƚƌĂŶƐĨĠƌĂƐĞƐ;dhdĂƐĞƐͿĞƚ ƉĞƵƚŝŶĨůƵĞŶĐĞƌƉŽƐŝƚŝǀĞŵĞŶƚŽƵŶĠŐĂƚŝǀĞŵĞŶƚůĂĚĞƐƚŝŶĠĞĚ͛ƵŶ ZE͕ĞŶĨŽŶĐƚŝŽŶĚĞůĂŶĂƚƵƌĞĚƵƚƌĂŶƐĐƌŝƚĐŝďůĠ͕ĚĞůĂƉƌŽĐĞƐƐŝǀŝƚĠĚĞůĂdhdĂƐĞŝŵƉůŝƋƵĠĞĞƚĚĞ ů͛ĞŶǀ ŝƌŽŶŶĞŵĞŶƚĐĞůůƵůĂŝƌĞ͘>ĂĨŽŶĐƚŝŽŶƉƌŝŶĐŝƉĂůĞĚĠĐƌŝƚĞƉŽƵƌů ͛ƵƌŝĚLJůĂƚŝŽŶ ĞƐƚůĂƐƚŝŵƵůĂƚŝŽŶĚĞ ůĂĚĠŐƌĂĚĂƚŝŽŶĚĞƐZEŵĞƐƐĂŐĞƌƐĞƚĚĞƐZEŶŽŶͲĐŽĚĂŶƚƐŵĂƚƵƌĞƐĞƚĚĞůĞƵƌƐƉƌĠĐƵƌƐĞƵƌƐ;Ğ ůŵĞŝĚĂĞƚ Ăů͕͘ϮϬϭϴ͖ƉŚĂƐŝnjŚĞǀĞƚĂů͕͘ϮϬϭϲ͖BĂďŶŽĞƚĂů͕͘ϮϬϭϲ͖>ŝŵĞƚĂů͕͘ϮϬϭϰ͖DƵŶŽnj ͲƚĞůůŽĞƚ Ăů͕͘ϮϬϭϱ͖^ĐŚĞĞƌĞƚĂů͕͘ϮϬϭϲ͖^ĐŽƚƚĂŶĚEŽƌďƵƌLJ͕ϮϬϭϯ͖hƐƚŝĂŶĞŶŬŽĞƚĂů͕͘ϮϬϭϲ͖ŝŐĄēŬŽǀĄĂŶĚ sĂŸĄēŽǀĄ͕ ϮϬϭϴͿ ͘ ŚĞ nj ů͛ŚŽŵŵĞ͕ ^ĐŚŝnjŽƐĂĐĐŚĂƌŽŵLJĐĞƐ ƉŽŵďĞ Ğƚ ƐƉĞƌŐŝůůƵƐ ŶŝĚƵůĂŶƐ ͕ ů͛ƵƌŝĚLJů ĂƚŝŽŶĚĞƐZEŵĚĠĂĚĠŶLJůĠƐƉĞƌŵĞƚŶŽƚĂŵŵĞŶƚůĞƌĞĐƌƵƚĞŵĞŶƚĚĞ>^ŵϭͲϳ͕ƵŶĐŽŵƉůĞdžĞ ƋƵŝƐĞůŝĞĂƵdžƋƵĞƵĞƐƉŽůLJĐŽƵƌƚĞƐĞƚƋƵŝ ĂĐƚŝǀĞů͛ĞŶůğǀĞŵĞŶƚĚĞůĂĐŽŝĨĨĞĞƚůĂĚĠŐƌĂĚĂƚŝŽŶĚĞϱ͛ ĞŶ ϯ͛͘ ůƚĞƌŶĂƚŝǀĞŵĞŶƚ͕ ů͛ƵƌŝĚLJůĂƚŝŽŶ Ă ĠƚĠ ŵŽŶƚƌĠĞ ĐŽŵŵĞ ƉŽƵǀĂŶƚ ƌĂƉŝĚĞŵĞŶƚ ŵĞŶĞƌ ă ůĂ ĚĠŐƌĂĚĂƚŝŽŶĚĞϯ͛ĞŶϱ͛ƉĂƌŝƐϯ>ϮŽƵů͛ĞdžŽƐŽŵĞ͘ >ĞƐ ŵĞŵďƌĞƐ ĚĞ ůĂ ĨĂŵŝůůĞ dhdĂƐĞ ƐŽŶƚ ĐŽŵƉŽƐĠƐ Ě͛ƵŶ ĚŽŵĂŝŶĞ ĐĂƚĂůLJƚŝƋƵĞ ;Ϳ ;DĂƌƚŝŶ ĂŶĚ <ĞůůĞƌ͕ ϮϬϬϳͿ Ğƚ Ě ͛ĠǀĞŶƚƵĞů Ɛ ĚŽŵĂŝŶĞƐ ƐƵƉƉůĠŵĞŶƚĂŝƌĞƐ ƋƵŝ ƉĞƵǀĞŶƚ ŝŶĨůƵĞŶĐĞƌ ůĂ ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĚĞƐ ƐƵďƐƚƌĂƚƐ͕ ůĞƵƌƐ ĂĐƚŝǀŝƚĠƐ Ğƚ ůĞ ƌĞĐƌƵƚĞŵĞŶƚ ĚĞ ĨĂĐƚĞƵƌƐ ĂƵdžŝůŝĂŝƌĞƐ ;Ğ ůŵĞŝĚĂĞƚĂů͕͘ϮϬϭϴ͖tĂƌŬŽĐŬŝĞƚĂů͕͘ϮϬϭϴĂ ͖zĂƐŚŝƌŽĂŶĚdŽŵŝƚĂ͕ϮϬϭϴ͖ŝŐĄēŬŽǀĄĂŶĚsĂŸĄēŽǀĄ͕ ϮϬϭϴͿ͘hŶƚƌĂŝƚĨƌĠƋƵĞŶƚĚĞƐdhdĂƐĞƐĞƐƚůĂƉƌĠƐĞŶĐĞĚĞƌĠŐŝŽŶƐŝŶƚƌŝŶƐğƋƵĞŵĞŶƚĚĠƐŽƌŐĂŶŝƐĠĞƐ ;/ZƐͿƋƵŝƐŽŶƚƉĂƵǀƌĞƐĞŶĂĐŝĚĞƐĂŵŝŶĠƐŚLJĚƌŽƉŚŽďĞƐĞƚƋƵŝŶ͛ŽŶƚ ƉĂƐĚĞƐƚƌƵĐƚƵƌĞƐĞĐŽŶĚĂŝƌĞ ;LJƐŽŶ͕ϮϬϭϲ͖:ćƌǀĞůŝŶĞƚĂů͕͘ϮϬϭϲͿ͘ĞƐ/ZƐĐŽŵƉŽƌƚĞŶƚƐŽƵǀĞŶƚĚĞƐŵŽƚŝĨƐůŝŶĠĂŝƌĞƐĐŽƵƌƚƐƋƵŝ ƉĞƵǀĞŶƚĞŶƚƌĞĂƵƚƌĞƐĂƐƐƵƌĞƌůĞƌĞĐƌƵƚĞŵĞŶƚĚĞƉƌŽƚĠŝŶĞƐƉĂƌƚĞŶĂŝƌĞƐĂƵdždhdĂƐĞƐ;ǀĂŶĚĞƌ>ĞĞ ĞƚĂů͕͘ϮϬϭϰͿ͘>ĂdhdĂƐĞhZdϭ͕ƋƵŝƵƌŝĚLJůĞƉƌŝŶĐŝƉĂůĞŵĞŶƚůĞƐZEŵĐŚĞnj ƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ͕ ĐŽŶƚŝĞŶƚƵŶĞƚĞůůĞ/ZĚĂŶƐƐĂƌĠŐŝŽŶEͲƚĞƌŵŝŶĂůĞ͘ĞƚƚĞƉĂƌƚŝĞĚĞůĂƉƌŽƚĠŝŶĞĂĠƚĠŵŽŶƚƌĠĞƉĂƌ Ϯϭϯ ů͛ĠƋƵŝƉĞĐŽŵŵĞĠƚĂŶƚŝŵƉůŝƋƵĠĞĚĂŶƐůĞƌĞĐƌƵƚĞŵĞŶƚĚĞWϱǀŝĂƵŶŵŽƚŝĨĐŽŶƐĞƌǀĠDϭ͘Wϱ ĞƚƐĞƐŽƌƚŚŽůŽŐƵĞƐ^ĐĚϲĐŚĞnjůĂůĞǀƵƌĞĞƚ>^DϭϰĐŚĞnjů ͛ŚŽŵŵĞŝŶƚĞƌĂŐŝƐƐĞŶƚĂǀĞĐůĞĐŽŵƉůĞdžĞ Ě͛ĠůŝŵŝŶĂƚŝŽŶĚĞůĂĐŽŝĨĨĞWϭͬϮ;ĂƌďĞĞĞƚĂů͕͘ϮϬϬϲ͖EŝƐƐĂŶĞƚĂů͕͘ϮϬϭϬ͖yƵĂŶĚŚƵĂ͕ϮϬϬϵͿ͘ ĞƐ ĨĂĐƚĞƵƌƐ Wϱͬ^ĐĚϲͬ>^Dϭϰ ƐĞ ĐŽŵƉŽƌƚĞŶƚ ĠŐĂůĞŵĞŶƚ ĐŽŵŵĞ ĚĞƐ ŝŶŚŝďŝƚĞƵƌƐ ĚĞ ůĂ ƚƌĂĚƵĐƚŝŽŶ;LJĂĐŚĞĞƚĂů͕͘ϮϬϭϱ͖ZĂũLJĂŐƵƌƵĞƚĂů͕͘ϮϬϭϮ͖ĞŝĚĂŶĞƚĂů͕͘ϮϬϭϴͿ͘hŶĞŝŶƚĞƌĂĐƚŝŽŶĞŶƚƌĞ hZdϭĞƚWϱƉŽƵƌƌĂŝƚĚŽŶĐĐŽŶƐƚŝƚƵĞƌƵŶůŝĞŶŵŽůĠĐƵůĂŝƌĞĞŶƚĞƌƵƌŝĚLJůĂƚŝŽŶĞƚĠůŝŵŝŶĂƚŝŽŶĚĞůĂ ĐŽŝĨĨĞŽƵŝŶŚŝďŝƚŝŽŶĚĞƚƌĂĚƵĐƚŝŽŶĐŚĞnjƌĂďŝĚŽƉƐŝƐ͘ >͛ĠƋƵŝƉĞ ĚĞ ƌ ĞĐŚĞƌ ĐŚĞ ĚĂŶƐ ůĂƋƵĞůůĞ ũ͛Ăŝ ĞĨĨ ĞĐƚƵĠŵĂ ƚŚğƐĞ ĂŵŽŶƚƌĠ ƋƵĞ ĐŚĞnj ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ ͕ƵŶĞĨŽŶĐƚŝŽŶƐƵƉƉůĠŵĞŶƚĂŝƌĞƉĞƵƚġƚƌĞĂƐƐŽĐŝĠĞăů ͛ƵƌŝĚLJůĂƚŝŽŶĚĞƐZEŵĞƐƐĂŐĞƌƐ͘ Ŷ ĞĨĨĞƚ͕ůĂdhdĂƐĞhZdϭĞƐƚĐĂƉĂďůĞĚĞƌĠƉĂƌĞƌůĞƐĞ džƚƌĠŵŝƚĠƐϯ͛ĚĞƐZEŵ ĞƐƐĂŐĞƌƐĚĠĂĚĠŶLJůĠƐ ƉĂƌů ͛ĂũŽƵƚĚĞƋƵĞůƋƵĞƐƵƌŝĚŝŶĞƐƉŽƵƌƌĞƐƚĂƵƌĞƌƵŶƐŝƚĞĚĞĨŝdžĂƚŝŽŶƉŽƵƌƵŶĞƉƌŽƚĠŝŶĞĚĞůŝĂŝƐŽŶ ĂƵdž ƋƵĞƵĞƐ ƉŽůLJ ;WWͿ ;ƵďĞƌ Ğƚ Ăů͕͘ ϮϬϭϲͿ͘ ĞƚƚĞ ĂĐƚŝǀŝƚĠ ƉƌĠǀŝĞŶƚ ůĂ ƉƌŽĚƵĐƚŝŽŶ Ě͛Z Eŵ ĞdžĐĞƐƐŝǀĞŵĞŶƚĚĠĂĚĠŶLJůĠƐ͕ĐĞƋƵŝƉĞƌŵĞƚĚĞĚĠƉůĂĐĞƌůĂƉŽůĂƌŝƚĠĚĞůĂĚĠŐƌĂĚĂƚŝŽŶĚĞϱ͛ ĞŶ ϯ͛ ͘ ŶŽƵƚƌĞ͕ů ͛ƵƌŝĚLJůĂƚŝŽŶƉĂƌhZdϭƉŽƵƌƌĂŝƚĂǀŽŝƌƵŶƌƀůĞĚĂŶƐ ůĞƐƚŽĐŬĂŐĞŽƵĚĂŶƐů͛ŝ ŶŚŝďŝƚŝŽŶĚĞůĂ ƚƌĂĚƵĐƚŝŽŶĚĞƐZEŵĞƐƐĂŐĞƌƵƌŝĚLJůĠƐ͘/ůĞdžŝƐƚĞƵŶĞĚĞƵdžŝğŵĞdhdĂƐĞĐŚĞnjƌĂďŝĚŽƉƐŝƐ͕, ^Kϭ͕ ƋƵŝ ƵƌŝĚLJůĞ ƉƌŝŶĐŝƉĂůĞŵĞŶƚ ůĞƐZE ŶŽŶͲĐŽĚĂŶƚƐ ƉŽƵƌ ĂĐĐĠůĠƌĞƌ ůĞƵƌƐ ĚĠŐƌĂĚĂƚŝŽŶƐ ;ZĞŶ Ğƚ Ăů͕͘ ϮϬϭϮ͖dƵĞƚĂů͕͘ϮϬϭϱ͖tĂŶŐĞƚĂů͕͘ϮϬϭϱ͖ŚĂŽĞƚĂů͕͘ϮϬϭϮͿ͘ĞƉůƵƐ͕, ^KϭƉŽƵƌƌĂŝƚĠŐĂůĞŵĞŶƚ ġƚƌĞƌĞƐƉŽŶƐĂďůĞĚĞů ͛ƵƌŝĚLJůĂƚŝŽŶƌĠƐŝĚƵĞůůĞŽďƐĞƌǀĠĞĞŶĂďƐĞŶĐĞĚĞhZdϭ;^ĞŵĞŶƚĞƚĂů͕͘ϮϬϭϯ͖ ƵďĞƌĞƚĂů͕͘ϮϬϭϲͿ͘ĞŵĂŶŝğƌĞŝŶƚĠƌĞƐƐĂŶƚĞ͕ĐĞƚƚĞƵƌŝĚLJůĂƚŝŽŶƌĠƐŝĚƵĞůůĞĚĂŶƐůĞŵƵƚĂŶƚ Ƶƌƚϭ ŶĞ ƐĞŵďůĞƉĂƐġƚƌĞĐĂƉĂďůĞĚĞƌĠƉĂƌĞƌůĞ ƐĞdžƚƌĠŵŝƚĠƐϯ͛ĚĞƐZEŵ ͘>ĞƌƀůĞŵŽůĠĐƵůĂŝƌĞĂƐƐŽĐŝĠă ů͛ĂĐƚŝǀŝƚĠĚ ͛ƵƌŝĚLJůĂƚŝŽŶĚĞƐZEŵƉĂƌ, ^KϭƌĞƐƚĞăġƚƌĞĚĠĨŝŶŝ͘ KďũĞĐƚŝĨƐĚĞƚŚğƐĞ >͛ƵƌŝĚLJůĂƚŝŽŶ Ğƚ ůĂ ĚĠĂĚ ĠŶLJůĂƚŝŽŶ ƐŽŶƚ ŝŶƚŝŵĞŵĞŶƚ ůŝĠĞƐ͘ ĞƉĞŶĚĂŶƚ͕ ůĞƐ ŵĠĐĂŶŝƐŵĞƐ ŵŽůĠĐƵůĂŝƌĞƐ ƋƵŝ ƌĠŐƵůĞŶƚ ůĞƐ ŝŶƚĞƌĂĐƚŝŽŶƐ ĞŶƚƌĞ ĐĞƐ ĚĞƵdž ƉƌŽĐĞƐƐƵƐ ƐŽŶƚ ĞŶĐŽƌĞ ƉĞƵ ĐŽŶŶƵƐ͘ DŽŶŽďũĞĐƚŝĨĚĞƚŚğƐĞĠƚĂŝƚ Ě͛Ġƚ ƵĚŝĞƌůĂƌĞůĂƚŝŽŶĞŶƚƌĞƵƌŝĚLJůĂƚŝŽŶĞƚĚĠĂĚĠŶLJůĂƚŝŽŶƉĞŶĚĂŶƚůĂ ĚĠŐƌĂĚĂƚŝŽŶ ĚĞƐ ZE ŵĞƐƐĂŐĞƌƐ͕ ĂĨŝŶ ĚĞ ŵŝĞƵdž ĐŽŵƉƌĞŶĚƌĞ ůĞ ƌƀůĞ ŵŽůĠĐƵůĂŝƌĞ ĚĞ ůĂ dhdĂƐĞ hZdϭ͘ : ͛Ăŝ ĠŐĂůĞŵĞŶƚ ƌĠĂůŝƐĠ ĚĞƐ ƉƌĞŵŝğƌĞƐ ĞdžƉĠƌŝĞŶĐĞƐ ǀŝƐĂŶƚ ă ĠƚƵĚŝĞƌ ůĂ ĨŽŶĐƚŝŽŶ ĚĞ ů͛ƵƌŝĚLJůĂƚŝŽŶĚĞƐZEŵƉĂƌ, ^Kϭ͘ ĨŝŶ Ě ͛ĂŶĂůLJƐĞƌ ůĂ ƚĂŝůůĞ Ğƚ ůĞƐ ŵŽĚŝĨŝĐĂƚŝŽŶƐ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ Ě ͛ZEŵ͕ ũ ͛Ăŝ ƉĂƌƚŝĐŝƉĠ ă ů͛ŽƉƚŝŵŝƐĂƚŝŽŶ ĚƵ ƉƌŽƚŽĐŽůĞ ĚĞ d/>ͲƐĞƋ ;ŚĂŶŐ Ğƚ Ăů͕͘ ϮϬϭϰͿ ǀŝƐĂŶƚ ă ĂŶĂůLJƐĞƌ ă ů ͛ĠĐŚĞůůĞ ĚƵ ƚƌĂŶƐĐƌŝƉƚŽŵĞůĞƐƋƵĞƵĞƐƉŽůLJĚĞƐZEŵĐŚĞnj ƌĂďŝĚŽƉƐŝƐƚŚĂůŝĂŶĂ ͘ :͛Ăŝ ĠŐĂůĞŵĞŶƚƉĂƌƚŝĐŝƉĠĂƵ Ϯϭϰ ƉĞƌĨĞĐƚŝŽŶŶĞŵĞŶƚĚĞů ĂŵĠƚŚŽĚĞϯ͛ Z ͲƐĞƋƋƵŝĐŽŶƐŝƐƚĞĞŶů͛ĂŵƉůŝĨŝĐĂƚŝŽŶ ƉĂƌWZĚĞƐƌĠŐŝŽŶƐ ϯ͛Ě͛ZEŵĞƐƐĂŐĞƌƐĐŝďůĞƐ;Z ͗ƌĂƉŝĚĂŵƉůŝĨŝĐĂƚŝŽŶŽĨĐEĞŶĚƐͿĐŽƵƉůĠĞĂƵƐĠƋƵĞŶĕĂŐĞă ŚĂƵƚ ĚĠďŝƚ ĚĞ ƚLJƉĞ /ůůƵŵŝŶĂ͘ >Ă ŵĠƚŚŽĚĞ ĚĞ ϯ ͛Z ͲƐĞƋ ƉĞƌ ŵĞƚ Ě͛ŽďƚĞ Ŷŝƌ ƵŶĞ ƉƌŽĨŽŶĚĞƵƌ ŝŵƉŽƌƚĂŶƚĞ ĚĞ ƐĠƋƵĞŶĕĂŐĞ Ğƚ Ě͛ĂŶĂůLJƐĞƌ ĚĞ ŵĂŶŝğƌĞ ĞdžƚĞŶƐŝǀĞ ůĂ ƚĂŝůůĞ Ğƚ ĐŽŵƉŽƐŝƚŝŽŶ ĚĞ ůĂ ƋƵĞƵĞ ƉŽůLJ ƉŽƵƌ ƵŶĞ ŵŽůĠĐƵůĞ Ě͛ZE ĚŽŶŶĠĞ͘ 'ƌąĐĞ ă ĐĞƚƚĞ ŵĠƚŚŽĚĞ͕ ũ ͛Ăŝ ƉƵ ĂŶĂůLJƐĞƌ ůĞƐ ƋƵĞƵĞƐƉŽůLJĚ ͛ZEŵƌĂƉƉŽƌƚĞƵƌƐĚĂŶƐůĞƐLJƐƚğŵĞĚ ͛ĞdžƉƌĞƐƐŝŽŶƚƌĂŶƐŝƚŽŝƌĞĚĂŶƐĚĞƐĨĞƵŝůůĞƐĚĞ EŝĐŽƚŝĂŶĂ ďĞŶƚŚĂŵŝĂŶĂ Ğƚ ĚĞƐ ZEŵ ĞŶĚŽŐğŶĞƐ ĚĂŶƐ ĚĞƐ ƉůĂŶƚĞƐ ƐĂƵǀĂŐĞƐ Ğƚ ŵƵƚĂŶƚĞƐ Ě͛ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ͘ >͛ĞŶƐĞŵďůĞ ĚĞƐ ƉƌŝŶĐŝƉĂůĞƐ ĞdžƉĠƌŝĞŶĐĞƐ ƌĞƉƌĠƐĞŶƚĠĞƐ ĐŝͲĚĞƐƐŽƵƐ ŽŶƚ ƉĂƌƚŝĐŝƉĠ ă ƵŶĞ ŵĞŝůůĞƵƌĞ ĐŽŵƉƌĠŚĞŶƐŝŽŶ ĚĞ ů ͛ĠƋƵŝůŝďƌĞ ƋƵŝ ĞdžŝƐƚĞ ĞŶƚƌĞ ĚĠĂĚĠŶLJůĂƚŝŽŶ Ğƚ ƵƌŝĚLJůĂƚŝŽŶ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ Ğƚ ĚĞƐ ĨŽŶĐƚŝŽŶƐ ŵŽůĠĐƵůĂŝƌĞƐ ƋƵŝ ƌĠŐƵůĞŶƚ ůĂ ƚĂŝůůĞ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJĐŚĞnjůĂƉůĂŶƚĞ͘ ZĠƐƵůƚĂƚƐ x DŝƐĞĂƵƉŽŝŶƚĚĞƐŵĠƚŚŽĚĞƐd/>ͲƐĞƋĞƚϯ ͛Z ͲƐĞƋƉŽƵƌů ͛ĂŶĂůLJƐĞĚĞƐĞdžƚƌĠŵŝƚĠƐϯ ͛ĚĞƐZE ŵĞƐƐĂŐĞƌƐĐŚĞnjůĂƉůĂŶƚĞ͘ ƵƌĂŶƚŵĂƚŚğƐĞ͕ũ ͛ĂŝƉĂƌƚŝĐŝƉĠăů ͛ŽƉƚŝŵŝƐĂƚŝŽŶĚĞůĂŵĠƚŚŽĚĞd/>ͲƐĞƋƋƵŝĂŝŶŝƚŝĂůĞŵĞŶƚĠƚĠ ĚĠǀĞůŽƉƉĠĞƉŽƵƌů ͛ĂŶĂůLJƐĞĚĞƐĞdžƚƌĠŵŝƚĠƐϯ ͛ĚĞƐZEŵĐŚĞnjů ͛ŚŽŵŵĞĞƚůĂƐŽƵƌŝƐ;ŚĂŶŐĞƚĂů͕͘ ϮϬϭϰͿ͘: ͛ĂŝŶŽƚĂŵŵĞŶƚŐĠŶĠƌĠƵŶƉƌĞŵŝĞƌũĞƵĚĞĚŽŶŶĠĞƐd/>ͲƐĞƋĚ ͛ZEŵĚĞĨůĞƵƌƐĚĞƉůĂŶƚĞƐ ƐĂƵǀĂŐĞƐĚ ͛ĂĐĐĞƐƐŝŽŶŽůƵŵďŝĂ͘> ͛ĂŶĂůLJƐĞĚĞƐĚŽŶŶĠĞƐĚĞƐĠƋƵĞŶĕĂŐĞŵŽŶƚƌĞƋƵĞŶŽƵƐĂǀŽŶƐ ŽďƚĞŶƵƵŶĞƉƌŽĨŽŶĚĞƵƌĚĞƐĠƋƵĞŶĕĂŐĞƐƵĨĨŝƐĂŶƚĞƉŽƵƌƵŶĞĂŶĂůLJƐĞŐğŶĞͲăͲŐğŶĞĚĞůĂƚĂŝůůĞĞƚůĂ ĐŽŵƉŽƐŝƚŝŽŶ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ͘ Ϯ Ϭϰϰ ZEŵ ŽŶƚ ƉƵ ġƚƌĞ ĚĠƚĞĐƚĠƐ ĂǀĞĐ ĂƵ ŵŽŝŶƐ ϮϬ ůĞĐƚƵƌĞƐ ;&ŝŐƵƌĞ ϭϯͿ͘ EĠĂŶŵŽŝŶƐ͕ ŝů ĨĂƵĚƌĂ ĂƵŐŵĞŶƚĞƌ ůĂ ĐŽƵǀĞƌƚƵƌĞ ĚĞ ƐĠƋƵĞŶĕĂŐĞ Ğƚ ĂŵĠůŝŽƌĞƌ ůĞ ƉƌŽƚŽĐŽůĞĚĞƉƌĠƉĂƌĂƚŝŽŶĚĞƐďĂŶƋƵĞƐd/>ͲƐĞƋƉŽƵƌĂǀŽŝƌĚĞƐĞƐƚŝŵĂƚŝŽŶƐĚĞĚŝƐƚƌŝďƵƚŝŽŶƐĚĞ ƚĂŝůůĞƐĚĞƋƵĞƵĞƐƉŽůLJ ŝŶǀŝǀŽ ƉůƵƐĨŝĂďůĞƐ͘DĂůŐƌĠĐĞƐůŝŵŝƚĂƚŝŽŶƐ͕ĐĞũĞƵĚĞĚŽŶŶĠĞŶŽƵƐƉĞƌŵĞƚ ĚĞ ĨĂŝƌĞ ƵŶĞ ƐĠůĞĐƚŝŽŶ Ě ͛ZEŵ ĂLJĂŶƚ ĚĞƐ ƚĂƵdž Ě ͛ƵƌŝĚLJůĂƚŝŽŶ ǀĂƌŝĠƐ Ğƚ ƋƵ ͛ŝů ƐĞƌĂŝƚ ŝŶƚĠƌĞƐƐĂŶƚ Ě͛ĂŶĂůLJƐĞƌƉĂƌϯ ͛Z ͲƐĞƋĚĂŶƐĚŝĨĨĠƌĞŶƚĐŽŶƚĞdžƚĞƐŐĠŶĠƚŝƋƵĞƐ͘>ĂŵĠƚŚŽĚĞϯ ͛Z ͲƐĞƋ͕ƋƵĂŶƚă ĞůůĞ͕ Ɛ ͛ĞƐƚ ĂǀĠƌĠĞ ġƚƌĞ ƵŶĞ ƉƌŽĐĠĚƵƌĞ ĞĨĨŝĐĂĐĞ ƉŽƵƌ ů ͛ĂŶĂůLJƐĞ ĚĞƐ ƚĂŝůůĞƐ Ğƚ ĐŽŵƉŽƐŝƚŝŽŶƐ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ͘ Ŷ ĞĨĨĞƚ͕ ů ͛ĂŵƉůŝĨŝĐĂƚŝŽŶ Ğƚ ůĞ ƐĠƋƵĞŶĕĂŐĞ Ě ͛ZEŵ ĐŝďůĞƐ ă ŚĂƵƚ ĚĠďŝƚ ƉĞƌŵĞƚ Ě͛ĂƵŐŵĞŶƚĞƌ ĐŽŶƐŝĚĠƌĂďůĞŵĞŶƚůĂĐŽƵǀĞƌƚƵƌĞĚĞƐĠƋƵĞŶĕĂŐĞĞƚĂŝŶƐŝůĂƋƵĂůŝƚĠĚĞů ͛ĂŶĂůLJƐĞĚĞƐ ĞdžƚƌĠŵŝƚĠƐ ϯ ͛ ĚĞƐ ZEŵ ;&ŝŐƵƌĞ ϭϰ Ğƚ Ϳ͘ ĞĐŝ ƌĞƉƌĠƐĞŶƚĞ ƵŶĞ ŵĠƚŚŽĚĞ ƉĞƌĨŽƌŵĂŶƚĞ ƉŽƵƌ ů͛ĂŶĂůLJƐĞ ĚĞ ǀĂƌŝĂƚŝŽŶƐ ŵŝŶŝŵĞƐ ĚĂŶƐ ůĞƐ ƉƌŽĨŝůƐ ĚĞ ĚŝƐƚƌŝďƵƚŝŽŶƐ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ĞŶƚƌĞ Ϯϭϱ ĚŝĨĨĠƌĞŶƚƐ ĠĐŚĂŶƚŝůůŽŶƐ͘ WŽƵƌ ůĂ ƐƵŝƚĞ ĚĞƐ ĞdžƉĠƌŝĞŶĐĞƐ͕ ũ ͛Ăŝ ƵƚŝůŝƐĠ ůĂ ŵĠƚŚŽĚĞ ϯ ͛Z ͲƐĞƋ ƉŽƵƌ ů͛ĂŶĂůLJƐĞĚ ͛ZEŵƌĂƉƉŽƌƚĞƵƌƐĞdžƉƌŝŵĠƐĚĞŵĂŶŝğƌĞƚƌĂŶƐŝƚŽŝƌĞĞƚĚ ͛ZEŵĞŶĚŽŐğŶĞƐ͘ x >ĂƐƵƌĞdžƉƌĞƐƐŝŽŶƚƌĂŶƐŝƚŽŝƌĞĚĞhZdϭĚĂŶƐ E͘ďĞŶƚŚĂŵŝĂŶĂ ŝŶĚƵŝƚƵŶĂůůŽŶŐĞŵĞŶƚŝŵƉŽƌƚĂŶƚ ĚĞƐƋƵĞƵĞƐƉŽůLJ ͘ >͛ƵƚŝůŝƐĂƚŝŽŶĚĞĨĞƵŝůůĞƐĚĞ E͘ďĞŶƚŚĂŵŝĂŶĂ ƉŽƵƌů͛Ğ džƉƌĞƐƐŝŽŶƚƌĂŶƐŝƚŽŝƌĞĚĞůĂdhdĂƐĞhZdϭĞƚ ĚĞ ĚŝĨĨĠƌĞŶƚĞƐ ĐŽŶƐƚƌƵĐƚŝŽŶƐ ŵƵƚĂŶƚĞƐ ƉĂƌ ůĂ ƚĞĐŚŶŝƋƵĞ Ě͛ĂŐƌŽ ͲŝŶĨŝůƚƌĂƚŝŽŶ ŶŽƵƐ Ă ƉĞƌŵŝƐ ĚĞ ƐƵƌĞdžƉƌŝŵĞƌĚĞŵĂŶŝğƌĞĞĨĨŝĐĂĐĞŶŽƐƉƌŽƚĠŝŶĞƐĚ ͛ŝŶƚĠƌġƚĞƚĚ͛ĠƚƵĚŝĞƌƉĂƌϯ͛ Z ͲƐ ĞƋů͛ĞĨĨĞƚĚĞ ĐĞƚƚĞƐƵƌĞdžƉƌĞƐƐŝŽŶƐƵƌůĞƐĞdžƚƌĠŵŝƚĠƐϯ ͛Ě Ğů͛ZE ŵĞŶĚŽŐğŶĞ EďWZϮ ĞƚĚĞ ů͛ZE ŵƌĂƉƉŽƌƚĞƵƌ '&W͘>ĞƐĂŐƌŽͲŝŶĨŝůƚƌĂƚŝŽŶƐƐƵƌĨĞƵŝůůĞƐĚĞƚĂďĂĐĐŽŶƐŝƐƚĂŝĞŶƚĞŶůĂĐŽͲŝŶĨŝůƚƌĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚĞƐ ĐŽŶƐƚƌƵĐƚŝŽŶƐ ĂǀĞĐ ůĞ ƐƵƉƉƌĞƐƐĞƵƌ ĚĞ ƐŝůĞŶĐŝŶŐ Wϭϵ Ğƚ ůĞ ŐğŶĞ ƌĂƉƉŽƌƚĞƵƌ '&W ͘ >ĞƐ ĐŽŶƚƌƀůĞƐ ƵƚŝůŝƐĠƐĚĂŶƐĐĞƐĞdžƉĠƌŝĞŶĐĞƐĐŽŶƐŝƐƚĂŝĞŶƚĞŶů ͛ĂŶĂůLJƐĞĚĞƐĞdžƚƌĠŵŝƚĠƐϯ ͚ĚĞƐZEŵ '&WĞƚ EďWZϮ ĚĂŶƐůĞƐƉĂƚĐŚƐĚĞĨĞƵŝůůĞƐĂŐƌŽͲŝŶĨŝůƚƌĠĞƐƐĞƵůĞŵĞŶƚĂǀĞĐWϭϵĞƚůĞƌĂƉƉŽƌƚĞƵƌ '&W ;ĐƚƌůͿ͘ >ĞƉƌĞŵŝĞƌƌĠƐƵůƚĂƚŵĂƌƋƵĂŶƚƋƵĞŶŽƵƐĂǀŽŶƐƉƵŽďƐĞƌǀĞƌĞƐƚůĞĐŚĂŶŐĞŵĞŶƚŝŵƉŽƌƚĂŶƚĚĞƐ ƉƌŽĨŝůƐ Ě͛ƵƌŝĚLJůĂ ƚŝŽŶ Ğƚ ĚĞ ƉŽůLJĂĚĠŶLJůĂƚŝŽŶ ƉŽƵƌ ůĞƐ ZEŵ ƌĂƉƉŽƌƚĞƵƌƐ '&W Ğƚ ƉŽ Ƶƌ ů͛ZE ŵ ĞŶĚŽŐğŶĞ EďWZϮ ůŽƌƐƋƵĞ ůĂ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂĐƚŝǀĞ ĚĞ hZdϭͲŵLJĐ ĞƐƚ ƐƵƌĞdžƉƌŝŵĠĞ͘ Ŷ ĞĨĨĞƚ͕ ů͛ĞdžƉƌĞƐƐŝŽŶ ƚƌĂŶƐŝƚŽŝƌĞĚĞhZdϭƌĠƐƵůƚĞĞŶƵŶĞĂĐĐƵŵƵůĂƚŝŽŶƌĞŵĂƌƋƵĂďůĞĚĞ ůŽŶŐƵĞƐ ƋƵĞƵĞƐ ƉŽůLJ ƵƌŝĚLJůĠĞƐ ;&ŝŐƵƌĞ ϭϴͿ͘ Ğ ŵĂŶŝğƌĞ ƐƵƌƉƌĞŶĂŶƚĞ͕ ůĂ ĚŝƐƚƌŝďƵƚŝŽŶ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ŶŽŶͲ ƵƌŝĚLJůĠĞƐĞƐƚĠŐĂůĞŵĞŶƚĨŽƌƚĞŵĞŶƚĂĨĨĞĐƚĠĞ͕ĞƚŵŽŶƚƌĞƵŶĞĚŝŵŝŶƵƚŝŽŶĚĞƐƋƵĞƵĞƐĐŽƵƌƚĞƐĞŶ ĚĞƐƐŽƵƐĚĞϮϱŶƵĐůĠŽƚŝĚĞƐĞƚƵŶĞŝŵƉŽƌƚĂŶƚĞĂƵŐŵĞŶƚĂƚŝŽŶĚĞƐƋƵĞƵĞƐƉůƵƐůŽŶŐƵĞƐ;&ŝŐƵƌĞϭϵͿ͘ ĞƐ ƉŚĠŶŽƚLJƉĞƐ ŵŽůĠĐƵůĂŝƌĞƐ ƐŽŶƚ ůŝĠƐ ĞŶ ƉĂƌƚŝĞ ă ů ͛ĂĐƚŝǀŝƚĠ ĐĂ ƚĂůLJƚŝƋƵĞ ĚĞ hZdϭ͕ ƉƵŝƐƋƵĞ ůĂ ŵƵƚĂƚŝŽŶĚĞƌĠƐŝĚƵƐĚƵƐŝƚĞĂĐƚŝĨĚĞhZdϭ;hZdϭ ȴϰϵϭͬϯ ͲŵLJĐͿŵğŶĞăƵŶĞŝŵƉŽƌƚĂŶƚĞĚŝŵŝŶƵƚŝŽŶ ĚĞƋƵĞƵĞƉůƵƐůŽŶŐƵĞƐĞƚƵŶĞĂƵŐŵĞŶƚĂƚŝŽŶĚĞƐƋƵĞƵĞƐĐŽƵƌƚĞƐĞŶĚĞƐƐŽƵƐĚĞϮϱŶƵĐůĠŽƚŝĚĞƐ͕ ƐŝŵŝůĂŝƌĞĂƵƉƌŽĨŝůŽďƐĞƌǀĠĚĂŶƐůĞƐĐŽŶƚƌƀůĞƐ͘ ĞƐ ƉƌĞŵŝĞƌƐ ƌĠƐƵůƚĂƚƐ ƐƵŐŐğƌĞŶƚ ƋƵĞ ů͛ĂĐƚŝ ǀŝƚĠ ĚĞ hZdϭ Ă ƵŶ ĞĨĨĞƚ ĚŝƌĞĐƚ ƐƵƌ ůĂ ƚĂŝůůĞ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ůŽƌƐƋƵĞ hZdϭ ĞƐƚ ƚƌĂŶƐŝƚŽŝƌĞŵĞŶƚ ƐƵƌĞdžƉƌŝŵĠĞ ĚĂŶƐ E͘ ďĞŶƚŚĂŵŝĂŶĂ ͘ >Ğ ĐŚĂŶŐĞŵĞŶƚĚĞƉƌŽĨŝůĂĚĞƵdžĞdžƉůŝĐĂƚŝŽŶƐƉŽƐƐŝďůĞƐƋƵŝŶĞƐŽŶƚƉĂƐŶĠĐĞƐƐĂŝƌĞŵĞŶƚĞdžĐůƵƐŝǀĞƐ͗ ϭͲ>ĂƐƵƌĞdžƉƌĞƐƐŝŽŶĚĞhZdϭŵğŶĞăůĂĚĠŐƌĂĚĂƚŝŽŶĚĞƐƋƵĞƵĞƐĐŽƵƌƚĞƐ͕ĚĠƉůĂĕĂŶƚ ĂŝŶƐŝůĂ ĚŝƐƚƌŝďƵƚŝŽŶǀĞƌƐĚĞƐƋƵĞƵĞƐƉůƵƐůŽŶŐƵĞƐ͘ ϮͲ >Ă ƐƵƌĞdžƉƌĞƐƐŝŽŶ ĚĞ hZdϭ ƉĞƌŵĞƚ ů͛ƵƌŝĚLJů ĂƚŝŽŶ ĚĞƐ ƋƵĞƵĞƐ ƉůƵƐ ůŽŶŐƵĞƐ͕ ƋƵŝ ƉŽƵƌƌĂŝƚ ŝŶŚŝďĞƌ ů͛ĂĐƚŝǀŝƚĠĚĞƐĚ ĠĂĚĠŶLJůĂƐĞƐ͕ĂLJĂŶƚĐŽŵŵĞĐŽŶƐĠƋƵĞŶĐĞůĂĚŝŵŝŶƵƚŝŽŶĚĞůĂĨŽƌŵĂƚŝŽŶĚĞ ůĂƉŽƉƵůĂƚŝŽŶĚ ͛ZEăƋƵĞƵĞƐĐŽƵƌƚĞƐ͘ ĞƐĚĞƵdžŚLJƉŽƚŚğƐĞƐƐĞƐŽŶƚƌĠǀĠůĠĞƐĨŽŶĚĠĞƐĞƚƐŽŶƚĚĠƚĂŝůůĠĞƐăůĂƐƵŝƚĞĚĞĐĞƌĠƐƵŵĠ͘ Ϯϭϲ x >Ğ ŵŽƚŝĨ Dϭ ĚĞ hZdϭ ĞƐƚ ŝŵƉůŝƋƵĠ ĚĂŶƐ ůĂ ƌĠŐƵůĂƚŝŽŶ ĚĞ ů͛ĂĐĐƵŵƵůĂƚŝŽŶ Ě ͛ZEŵ ĂǀĞĐ ĚĞƐ ƋƵĞƵĞƐƉŽůLJĐŽƵƌƚĞƐ͘ EŽƵƐĂǀŽŶƐƌĞŵĂƌƋƵĠƋƵĞĚĂŶƐůĞƐĨĞƵŝůůĞƐĞdžƉƌŝŵĂŶƚhZdϭ ȴϰϵϭͬϯ ͲŵLJĐ͕ůĂƉŽƉƵůĂƚŝŽŶĚ ͛ZEă ƋƵĞƵĞƐ ƉŽůLJ ĐŽƵƌƚĞƐ ;фϮϱ ŶƵĐůĠŽƚŝĚĞƐͿ ĠƚĂŝƚ ƉůƵƐ ŝŵƉŽƌƚĂŶƚĞ ƋƵĞ ĐĞůůĞƐ ŽďƐĞƌǀĠĞƐ ĚĂŶƐ ůĞƐ ĐŽŶƚƌƀůĞƐƉŽƵƌ '&W Ğƚ EďWZϮ ;&ŝŐƵƌĞϮϭĞƚ^ϰͿ͘ĞŵĂŶŝğƌĞŝŶƚĠƌĞƐƐĂŶƚĞ͕ĞŶĞŶůĞǀĂŶƚů ͛/ZĚĞ hZdϭ ȴϰϵϭͬϯ ͲŵLJĐ ; ȴ/Z ȴϰϵϭͬϯ ͲŵLJĐͿ͕ ůĂ ƉŽƉƵůĂƚŝŽŶ Ě ͛ZE ĂǀĞĐ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ĐŽƵƌƚĞƐ ĚŝŵŝŶƵĞĞƚůĞƉƌŽĨŝůŽďƐĞƌǀĠĞƐƚƐĞŵďůĂďůĞăĐĞůƵŝĚĞƐĐŽŶƚƌƀůĞƐ͘ĞƐƌĠƐƵůƚĂƚƐƐƵŐŐğƌĞŶƚƋƵĞůĂ ƉĂƌƚŝĞEͲƚĞƌŵŝŶĂůĞĚĞůĂƉƌŽƚĠŝŶĞhZdϭĞƐƚƌĞƋƵŝƐĞƉŽƵƌůĂĚĠŐƌĂĚĂƚŝŽŶĚ͛ZEĂǀĞĐĚĞƐƋƵĞƵĞƐ ƉŽůLJ ĐŽƵƌƚĞƐ͕ ŝŶĚĠƉĞŶĚĂŵŵĞŶƚ ĚĞ ƐŽŶ ĂĐƚŝǀŝƚĠ͘ ĨŝŶ Ě ͛ĠǀĂůƵĞƌ Ɛŝ ůĂ ĚĠŐƌĂĚĂƚŝŽŶ ĚĞƐ ZE ă ƋƵĞƵĞƐƉŽůLJĐŽƵƌƚĞƐĚĠƉĞŶĚĚĞƐŵŽƚŝĨƐĐŽŶƐĞƌǀĠƐDϭŽƵDϮƋƵŝƐŽŶƚŝŶƚĠŐƌĠƐĚĂŶƐůĂƌĠŐŝŽŶ /Z͕ũ ͛ĂŝŵƵƚĠůĞƐŵŽƚŝĨƐDϭĞƚDϮĚĂŶƐhZdϭ ȴϰϵϭͬϯ ͲŵLJĐ͘^ĞƵůĞůĂŵƵƚĂƚŝŽŶĚƵŵŽƚŝĨDϭŵğŶĞă ƵŶĞŝŵƉŽƌƚĂŶƚĞƌĠĚƵĐƚŝŽŶĚĞůĂƉŽƉƵůĂƚŝŽŶĚ ͛ZEŵ '&W ăƋƵĞƵĞƐĐŽƵƌƚĞƐĞƚƌĞƐƚĂƵƌĞůĞƉƌŽĨŝů ŽďƐĞƌǀĠ ĚĂŶƐ ůĞƐ ĐŽŶƚƌƀůĞƐ ;&ŝŐƵƌĞ ϯϬ ĞƚϯϭͿ͘ ĞƐ ƌĠƐƵůƚĂƚƐ ƐƵŐŐğƌĞŶƚ ƋƵĞhZdϭĞƐƚ ŝŵƉůŝƋƵĠĞ ĚĂŶƐ ůĂ ĚĠŐƌĂĚĂƚŝŽŶ ĚĞ ĐĞƚƚĞ ƉŽƉƵůĂƚŝŽŶ Ě ͛ZE ǀŝĂ ƐŽŶ ŵŽƚŝĨ Dϭ͘ >Ă ƐƵƌĞdžƉƌĞƐƐŝŽŶ ĚĞ hZdϭ ȴϰϵϭͬϯ ͲŵLJĐĚĂŶƐůĞƐĨĞƵŝůůĞƐĚĞ E͘ďĞŶƚŚĂŵŝĂŶĂ ƉŽƵƌƌĂŝƚĞŶĞĨĨĞƚŵĞŶĞƌăƵŶĞĚĠƉůĠƚŝŽŶĚƵ ĨĂĐƚĞƵƌ Wϱ Ğƚ ĚĞ ůĂŵĂĐŚŝŶĞƌŝĞ Ě ͛ĠůŝŵŝŶĂƚŝŽŶ ĚĞ ůĂ ĐŽŝĨĨĞ͘ ŝŶƐŝ͕ ůĞƐZEŵ ĂǀĞĐ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ĐŽƵƌƚĞƐ ƋƵŝ ƐŽŶƚ ůĞƐ ƐƵďƐƚƌĂƚƐ ŝĚĠĂƵdž ĚĞ ĐĞƚƚĞ ǀŽŝĞ ĚĞ ĚĠŐƌĂĚĂƚŝŽŶ ŶĞ ƐĞƌŽŶƚ ƉĂƐ ĐŽƌƌĞĐƚĞŵĞŶƚĚĠĐŽŝĨĨĠĞƚĚĠŐƌĂĚĠ͕ĐĞƋƵŝŵğŶĞăƵŶĞĂƵŐŵĞŶƚĂƚŝŽŶĚĞĐĞƚƚĞƉŽƉƵůĂƚŝŽŶĚ ͛ZEŵ ăƋƵĞƵĞƐĐŽƵƌƚĞƐ͘ ĞƐĞdžƉĠƌŝĞŶĐĞƐƐƵŐŐğƌĞŶƚƋƵ ͛ƵŶůŝĞŶŵŽůĠĐƵůĂŝƌĞĞdžŝƐƚĞĞŶƚƌĞůĂdhdĂƐĞhZdϭĞƚůĞĐŽŵƉůĞdžĞ Ě͛ĞŶůğǀĞŵĞŶƚ ĚĞ ůĂ ĐŽŝĨĨĞ ǀŝĂ ůĞ ƌĞĐƌƵƚĞŵĞŶƚ ĚĞ Wϱ͘ ŝŶƐŝ͕ ů ͛ƵƌŝĚLJůĂƚŝŽŶ Ě ͛ZEŵ ĂǀĞĐ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ĚĞ ŵŽŝŶƐ ĚĞ Ϯϱ ŶƵĐůĠŽƚŝĚĞƐ ƉŽƵƌƌĂŝƚ ũŽƵĞƌ ƵŶ ƌƀůĞ ŝŵƉŽƌƚĂŶƚ ƉŽƵƌ ĂƐƐƵƌĞƌ ů͛ĞŶůğǀĞŵĞŶƚĚĞůĂĐŽŝĨĨĞĞƚůĂĚĠŐƌĂĚĂƚŝŽŶĚĞϱ ͛Ͳϯ ͛ĚĞĐĞƐZEŵ͘ x >Ă ƉƌĠƐĞŶĐĞ Ě͛ƵƌŝĚŝŶĞƐ ĞŶ ϯ͛ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ĞŶƚƌĂŝŶĞ ƵŶ ƌĂůĞŶƚŝƐƐĞŵĞŶƚ ĚĞ ů͛ĂĐƚŝǀŝ ƚĠ ĚĞ &ϭď ŝŶǀŝƚƌŽ ͘ ĨŝŶĚ ĞǀĠƌŝĨŝĞƌƐŝů͛ĂĐĐƵŵƵ ůĂƚŝŽŶĚĞƋƵĞƵĞƐůŽŶŐƵĞƐĞƐ ƚĚƵĞăƵŶĞĨĨĞƚĚŝƌĞĐƚĚĞů͛ƵƌŝĚLJůĂƚŝŽŶ ƉĂƌ hZdϭ ƐƵ ƌ ů͛ĂĐƚŝǀŝƚĠ ĚĞƐ ĚĠĂĚĠŶLJůĂƐĞƐ ͕ ũ͛Ăŝ ƐƵƌĞdžƉƌŝŵĠ ĐŚĞnj ƐĐŚĞƌŝĐŚŝĂ ĐŽůŝ Ğƚ ƉƵƌŝĨŝĠ ĚĞƐ ǀĞƌƐŝŽŶƐ ĂĐƚŝǀĞƐĞƚŝŶĂĐƚŝǀĞƐĚ͛ƵŶĞĚĞƐĚĠĂ ĚĠŶLJůĂƐĞƐƉƌŝŶĐŝƉĂůĞƐĚĞ ͘ƚŚĂůŝĂŶĂ ͕&ϭď͘ŝĨĨĠƌĞŶƚƐ ZEƐ Ě͛ŝŶƚĠƌġƚĐŽŶƚĞŶĂŶƚƋƵĞůƋƵĞƐĂĚĠŶŽƐŝŶĞƐĞŶϯ͛ƐƵŝǀŝ ĞƐĚ͛ĂƵĐƵŶĞ͕ Ě͛Ƶ ŶĞŽƵĚĞĚĞƵdžƵƌŝĚŝŶĞƐ ƚĞƌŵŝŶĂůĞƐ ŽŶƚ ĠƚĠ ŝŶĐƵďĠƐ ĞŶ ƉƌĠƐĞŶĐĞ ĚĞ ůĂ ĚĠĂĚĠŶLJůĂƐĞ͘ >ĞƐ ƌĠƐƵůƚĂƚƐ ĚĞ ĐĞƐ ƚĞƐƚƐ ŝŶ ǀŝƚƌŽ ŵŽŶƚƌĞŶƚ ĐůĂŝƌĞŵĞŶƚ ƋƵĞ ůĂ ƉƌĠƐĞŶ ĐĞ Ě͛ƵŶĞ ƐĞƵůĞ ƵƌŝĚŝŶĞ ĞŶ ϯ͛ Ğ Ɛƚ ƐƵĨĨŝƐĂŶƚĞ ƉŽƵƌ ƌĂůĞŶƚŝƌ Ϯϭϳ ů͛ĂĐƚŝǀŝƚĠĚĞ&ϭď͕ĞƚĐĞƉŽƵƌůĞƐĚŝĨĨĠƌĞŶ ƚƐƌĠƉůŝĐĂƐƚĞƐƚĠƐ;&ŝŐƵƌĞϯϯͿ͘ĞƉůƵƐ͕ĚĞƵdžƵƌŝĚŝŶĞƐ ƚĞƌŵŝŶĂůĞƐƐĞŵďůĞŶƚĚĂǀĂŶƚĂŐĞĨƌĞŝŶĞƌů ͛ĂĐƚŝǀŝƚĠĚĞĚĠĂĚĠŶLJůĂƚŝŽŶ͘ ĞƐ ƌĠƐƵůƚĂƚƐ ƌĠǀğůĞŶƚ ƋƵĞ ů͛ƵƌŝĚLJůĂƚŝŽŶ ƉĞƵƚ ŝŶƚƌŝŶƐğƋƵĞŵĞŶƚ ĨƌĞŝŶĞƌ ůĂ ĚĠŐƌĂĚĂƚŝŽŶ ĚĞƐ ƋƵĞƵĞƐƉŽůLJƉĂƌůĞƐĚĠĂĚĠŶLJůĂƐĞƐ ŝŶǀŝƚƌŽ ͘ x >͛Ăď ƐĞŶĐĞĚĞhZdϭĚĂŶƐůĞƐŵƵƚĂŶƚƐ Ƶƌƚϭ Ě͛ ͘ƚŚĂůŝĂŶĂ ƌĠƐƵůƚĞĞŶƵŶƌĂĐĐŽƵƌĐŝƐƐĞŵĞŶƚĞdžĐĞƐƐŝĨ ĚĞƐƋƵĞƵĞƐƉŽůLJƉŽƵƌĚĞƐZEĐŝďůĞƐ͘ Ŷ ƉůƵƐ ĚĞƐ ĞdžƉĠƌŝĞŶĐĞƐ ŝŶ ƉůĂŶƚĂ ĚĂŶƐ ůĞ ƐLJƐƚğŵĞ Ě͛ĞdžƉƌĞƐƐŝŽŶ ƚƌĂŶƐŝƚŽŝƌĞ ĚĞ E͘ ďĞŶƚŚĂŵŝĂŶĂ͕ ũ͛ĂŝƉƌĠƉ ĂƌĠĚĞƐďĂŶƋƵĞƐϯ ͛Z ͲƐĞƋƉŽƵƌϭϲZEŵĚ ͛ŝŶƚĠ ƌġƚăƉĂƌƚŝƌĚĞƉůĂŶƚĞƐ ƐĂƵǀĂŐĞƐĞƚŵƵƚĂŶƚĞƐ Ƶƌƚϭ ͘>͛ĂŶĂůLJƐĞĚĞƐĞdžƚƌĠŵŝƚĠƐϯ͛ĚĞĐĞƐZE ŵŽŶƚƌĞƋƵĞƉŽƵƌƚŽƵƚĞƐůĞƐ ĐŝďůĞƐ ĂŶĂůLJƐĠĞƐ͕ ŶŽƵƐ ĂǀŽŶƐ ĂĐĐƵŵƵůĂƚŝŽŶ ĚĞ ƋƵĞƵĞƐ ƉŽůLJ ƉůƵƐ ůŽŶŐƵĞƐ ĚĂŶƐ ůĞ ƐĂƵǀĂŐĞ ƉĂƌ ƌĂƉƉŽƌƚĂƵŵƵƚĂŶƚ;&ŝŐƵƌĞϯϲͿ͘ >͛ĞĨĨĞƚĞƐƚĚ͛ĂƵƚ ĂŶƚƉůƵƐǀŝƐŝďůĞƋƵĞůĞƐZEŵƉƌĠƐĞŶƚĞŶƚƵŶĨŽƌƚ ƚĂƵdžĚ͛ƵƌŝĚLJůĂƚŝŽŶ ͘ ŶĞĨĨĞƚ͕ůĞƐZEŵƋƵŝƐŽŶƚůĞƐƉůƵƐƵƌŝĚLJůĠƐĚĂŶƐůĞƐĂƵǀĂŐĞŵŽŶƚƌĞŶƚƵŶĞ ŝŵƉŽƌƚĂŶƚĞ ĂĐĐƵŵƵůĂƚŝŽŶ Ě ͛ZEŵ ĂǀĞĐ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ĞdžĐĞƐƐŝǀĞŵĞŶƚ ĚĠĂĚĠŶLJůĠƐ ;фϭϬ ŶƵĐůĞŽƚŝĚĞƐͿ͘ŝŶƐŝ͕ůĂdhdĂƐĞhZdϭƉŽƵƌƌĂŝƚũŽƵĞƌƵŶƌƀůĞĐƌƵĐŝĂůƉŽƵƌĠǀŝƚĞƌůĂĨŽƌŵĂƚŝŽŶĚĞĐĞƐ ZEŵĞdžĐĞƐƐŝǀĞŵĞŶƚĚĠĂĚĠŶLJůĠƐ͕Ě ͛ĂƵƚĂŶƚƉůƵƐƋƵĞĐĞƚƚĞƉŽƉƵůĂƚŝŽŶĚ ͛ZEŵŶĞƉĞƵƚƉĂƐġƚƌĞ ĚĠƚĞĐƚĠĞĞŶĐŽŶĚŝƚŝŽŶƐĂƵǀĂŐĞ͘ ĞƐ ƌĠƐƵůƚĂƚƐ Ğƚ ůĞƐ ĞdžƉĠƌŝĞŶĐĞƐ ĚĞ ƐƵƌĞdžƉƌĞƐƐŝŽŶ ƚƌĂŶƐŝƚŽŝƌĞ ŵĞŶĠĞƐ ĚĂŶƐ E͘ ďĞŶƚŚĂŵŝĂŶĂ ƐƵŐŐğƌĞŶƚ ƋƵĞů͛ĞdžƉƌ ĞƐƐŝŽŶĚĞůĂdhdĂƐĞhZdϭƉĞƌŵĞƚĚĞĨƌĞŝŶĞƌůĞƌĂĐĐŽƵƌĐŝƐƐĞŵĞŶƚĚĞƐƋƵĞƵĞƐ ƉŽůLJ ĂĨŝŶ Ě͛ĠǀŝƚĞƌ ůĂ ĨŽƌŵĂƚŝŽŶ ĚĞ ƋƵĞƵĞƐ ĞdžĐĞƐƐŝǀĞŵĞŶƚ ĚĠĂĚĠŶLJůĠĞƐ͕ Ğƚ ĐĞ ƉĂƌ ĚĞƵdž ŵĠĐĂŶŝƐŵĞƐ ͗ ů ͛ĂũŽƵƚ Ě ͛ƵƌŝĚŝŶĞƐ ƚĞƌŵŝŶĂůĞƐ ĨƌĞŝŶĞ ů ͛ĂĐƚŝǀŝƚĠ ĚĞƐ ĚĠĂĚĠŶLJůĂƐĞƐ ƉĞƌ ƐĞ ͕ Ğƚ ůĞ ƌĞĐƌƵƚĞŵĞŶƚ ĚĞ Wϱ ƉĂƌ hZdϭ ĂƵdž ƋƵĞƵĞƐ ĐŽƵƌƚĞƐ ĚĞ ŵŽŝŶƐ ĚĞ Ϯϱ ŶƵĐůĠŽƚŝĚĞƐ ĚĠƉůĂĐĞ ůĂ ƉŽůĂƌŝƚĠĚĞůĂĚĠŐƌĂĚĂƚŝŽŶĚĞƐZEŵǀĞƌƐůĂǀŽŝĞϱ ͛Ͳϯ ͛͘DĞƐƌĠƐƵůƚĂƚƐŽŶƚ ĂŝŶƐŝƉĞƌŵŝƐĚ͛ĠƚĂďůŝƌ ĚĞ ŶŽƵǀĞĂƵdžŵĠĐĂŶŝƐŵĞƐŵŽůĠĐƵůĂŝƌĞƐƉĂƌůĞƐƋƵĞůƐů ͛ƵƌŝĚLJůĂƚŝŽŶƌĠŐƵůĞůĂĚĠŐƌĂĚĂƚŝŽŶĚ ͛ZEŵĐŚĞnj ƵŶĞƵĐĂƌLJŽƚĞ͘ x >͛ĞdžƉƌĞƐƐŝŽŶƚƌĂŶƐŝƚŽŝƌĞĚĞ, ^KϭĚĂŶƐ E͘ďĞŶƚŚĂŵŝĂŶĂ ŵğŶĞăƵŶĞƌĠĚƵĐƚŝŽŶĚ ͛ZEŵĂǀĞĐ ĚĞƐƋƵĞƵĞƐƉŽůLJĐŽƵƌƚĞƐ͘ >Ă ĨŽŶĐƚŝŽŶ ĚĞ ů ͛ƵƌŝĚLJůĂƚŝŽŶ ĚĞƐ ZE ŶŽŶͲĐŽĚĂŶƚƐ ƉĂƌ , ^Kϭ ĞƐƚ Ě ͛ŝŶĚƵŝƌĞ ůĂ ĚĠŐƌĂĚĂƚŝŽŶ ƌĂƉŝĚĞ ĚĞ ƐĞƐ ZE ĐŝďůĞƐ͘ ŝŶƐŝ͕ , ^Kϭ ƉŽƵƌƌĂŝƚ ĠŐĂůĞŵĞŶƚ ġƚƌĞ ŝŵƉůŝƋƵĠ ĚĂŶƐ ůĂ ĚĠŐƌĂĚĂƚŝŽŶ ƌĂƉŝĚĞĚĞƐZEŵĞƐƐĂŐĞƌƐ͘ ŶǀƵĞĚ ͛ĠǀĂůƵĞƌůĂĨŽŶĐƚŝŽŶŵŽůĠĐƵůĂŝƌĞĚĞ, ^KϭĚĂŶƐů ͛ƵƌŝĚLJůĂƚŝŽŶ ĚĞƐZEŵ ͕ũ͛ ĂŝĠŐĂůĞŵĞŶƚƌĠĂůŝƐĠĚĞƐĞdžƉĠƌŝĞŶĐĞƐĞŶƵƚŝůŝ ƐĂŶƚůĞƐLJƐƚğŵĞĚ͛ĞdžƉƌĞƐƐŝŽŶ ƚƌĂŶƐŝƚŽŝƌĞ ƵƚŝůŝƐĂŶƚ E͘ďĞŶƚŚĂŵŝĂŶĂ ͘ĞƐǀĞƌƐŝŽŶƐĂĐƚŝǀĞƐĞƚŝŶĂĐƚŝǀĞƐ ĚĞ, ^KϭͲŵLJĐŽŶƚĠƚĠ ĐŽͲŝŶĨŝůƚƌĠĞƐ Ϯϭϴ ĂǀĞĐWϭϵĞƚůĞƌĂƉƉŽƌƚĞƵƌ '&W ͘> ͛ĂŶĂůLJƐĞƉĂƌZ ͲƐĞƋĚĞƐĞdžƚƌĠŵŝƚĠƐϯ ͛ĚĞů ͛ZEŵĚĞůĂ '&W Ğƚ ĚĞů ͛ZEŵĞŶĚŽŐğŶĞ EďWZϮ ŵŽŶƚƌĞŶƚƋƵĞ, ^KϭŶ͛ĂĨĨĞĐƚĞƉĂƐůĞƐƋƵĞƵĞƐƉŽůLJĚ ĞƐZEŵ '&W EďWZϮ ĚĞ ůĂ ŵġŵĞ ŵĂŶŝğƌĞ ƋƵĞ hZdϭ͘ EŽƵƐ ŽďƐĞƌǀŽŶƐ ƵŶĞ ĚŝŵŝŶƵƚŝŽŶ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ĐŽƵƌƚĞƐ ;фϮϱ ŶƵĐůĠŽƚŝĚĞƐͿ ;&ŝŐƵƌĞ ϰϬͿ͕ ŵĂŝƐ ŶŽƵƐ ŶĞ ĚĠƚĞĐƚŽŶƐ ĂƵĐƵŶĞ ĂƵŐŵĞŶƚĂƚŝŽŶ ĚĂŶƐ ůĞ ƉŽƵƌĐĞŶƚĂŐ ĞĚ͛ƵƌŝĚLJůĂƚŝŽŶĚĞƐƋƵĞƵĞƐ ;&ŝŐƵƌĞϯϴͿ͘ĞƉĞŶĚĂŶƚ͕ůĞĐŚĂŶŐĞŵĞŶƚĚƵƉƌŽĨŝůĞƐƚĚƸă ů͛ĂĐƚŝǀŝƚĠ Ě ͛ƵƌŝĚLJůĂƚŝŽŶ ĚĞ , ^Kϭ͕ ƉƵŝƐƋƵĞ ůĂ ŵƵƚĂƚŝŽŶ ĚĞ ƌĠƐŝĚƵƐ ĚƵ ƐŝƚĞ ĂĐƚŝǀĞ ŵğŶĞ ă ůĂ ƌĞƐƚĂƵƌĂƚŝŽŶ ĚƵ ƉƌŽĨŝů ĚĞ ĚŝƐƚƌŝďƵƚŝŽŶ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ƚĞůƐ ƋƵ ͛ŝů ĞƐƚ ŽďƐĞƌǀĠ ĚĂŶƐ ůĞƐ ĠĐŚĂŶƚŝůůŽŶƐ ĐŽŶƚƌƀůĞƐ͘ Ğ ŵĂŶŝğƌĞ ŝŶƚĠƌĞƐƐĂŶƚĞ͕ ŶŽƵƐ ŶĞ ƉŽƵǀŽŶƐ ƉĂƐ ŽďƐĞƌǀĞƌ ƵŶĞ ĂƵŐŵĞŶƚĂƚŝŽŶŝŵƉŽƌƚĂŶƚĞĚĞƋƵĞƵĞƐƉŽůLJůŽŶŐƵĞƐĐŽŵŵĞůŽƌƐƋƵĞhZdϭͲŵLJĐĞƐƚĞdžƉƌŝŵĠ͘ĞƐ ƌĠƐƵůƚĂƚƐƐƵŐŐğƌĞŶƚƋƵĞů ͛ƵƌŝĚLJůĂƚŝŽŶƉĂƌ, ^KϭŵğŶĞƉůƵƚƀƚăůĂĚĠŐƌĂĚĂƚŝŽŶƌĂƉŝĚĞĚĞƐZEŵ ĐŝďůĞƐ͕ ůĞƐ ƌĞŶĚĂŶƚ ĚŝĨĨŝĐŝůĞŵĞŶƚ ĚĠƚĞĐƚĂďůĞƐ ƉĂƌ ϯ ͛Z ͲƐĞƋ͘ Ğ ƉůƵƐ͕ ĞŶ ǀƵĞ ĚĞ ů ͛ŝŵƉŽƌƚĂŶƚĞ ĚŝŵŝŶƵƚŝŽŶ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ĐŽƵƌƚĞƐ ĞŶ ĚĞƐƐŽƵƐ ĚĞ Ϯϱ ŶƵĐůĠŽƚŝĚĞƐ͕ , ^Kϭ ƐĞŵďůĞ ƉƌŝŶĐŝƉĂůĞŵĞŶƚ ǀŝƐĞƌ ůĂ ƉŽƉƵůĂƚŝŽŶ Ě͛ZE ĂǀĞĐ ĚĞƐ ƋƵĞƵĞƐ ĐŽƵƌƚĞƐ͘ Ŷ ĂĐĐŽƌĚ ĂǀĞĐ ĐĞƚƚĞ ŚLJƉŽƚŚğƐĞ͕ ů͛ĂŶĂůLJƐĞ ĚĞƐ ZEŵ '&W Ğƚ EďWZϮ ƉĂƌ ŶŽƌƚŚĞƌŶ ďůŽƚ ƌĠǀğůĞ ƋƵĞ ů͛ĞdžƉƌĞƐƐŝŽŶ ĚĞ , ^KϭŵğŶĞăƵŶĞĚŝŵŝŶ ƵƚŝŽŶĚĞů͛ĂĐĐƵŵƵůĂƚŝŽŶ ĚĞƐZEŵĚĂŶƐůĞƐĨĞƵŝůůĞƐŝŶĨŝůƚƌĠĞƐ;&ŝŐƵƌĞ ϰϭͿ͘ĞƐƌĠƐƵůƚĂƚƐĚŽŶŶĞŶƚƵŶĞƉƌĞŵŝğƌĞĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐĠǀĞŶƚƵĞůůĞƐĨŽŶĐƚŝŽŶƐĚĞ, ^KϭĚĂŶƐ ůĂƌĠŐƵůĂƚŝŽŶĚƵŵĠƚĂďŽůŝƐŵĞĚĞůΖZEŵĐŚĞnjůĞƐƉůĂŶƚĞƐĞƚƐƵŐŐğƌĞŶƚƵŶĞĨŽŶĐƚŝŽŶŵŽůĠĐƵůĂŝƌĞ ĚŝĨĨĠƌĞŶƚĞĞŶƚƌĞhZdϭĞƚ, ^KϭĚĂŶƐůĂĚĠŐƌĂĚĂƚŝŽŶĚĞƐZEŵ ͘ ŽŶĐůƵƐŝŽŶĞƚƉĞƌƐƉĞĐƚŝǀĞƐ DĞƐ ĞdžƉĠƌŝĞŶĐĞƐ ŵĞŶĠĞƐ ĂǀĞĐ ůĞ ƐLJ ƐƚğŵĞ Ě͛ĞdžƉƌĞƐƐŝŽŶ ƚƌĂŶƐŝƚŽŝƌĞ ĚĂŶƐ ĚĞƐ ĨĞƵŝůůĞƐ ĚĞ E͘ ďĞŶƚŚĂŵŝĂŶĂ Ğƚ ůĞƐ ĞdžƉĠƌŝĞŶĐĞƐ ŝŶ ǀŝƚƌŽ Ğƚ ŝŶ ǀŝǀŽ ĐŚĞnj ƌĂďŝĚŽƉƐŝƐ ŽŶƚ ƉĞƌŵŝƐ ĚĞ ŵŝĞƵdž ĐŽŵƉƌĞŶĚƌĞ ĐŽŵŵĞŶƚ hZdϭ ƉŽƵǀĂŝƚ ŝŶĨůƵĞŶĐĞƌ ůĂ ƚĂŝůůĞ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ Ğƚ ůĞƐ ƌƀůĞƐ ŵŽůĠĐƵůĂŝƌĞƐ ůŝĠƐ ă ĐĞƚƚĞ ƵƌŝĚLJůĂƚŝŽŶ͘ DĞƐ ƌĠƐƵůƚĂƚƐ ƌĠǀğůĞŶƚ ƋƵĞ hZdϭ ƉĞƵƚ ĨƌĞŝŶĞƌ ůĞƐ ĚĠĂĚĠŶLJůĂƐĞƐĚŝƌĞĐƚĞŵĞŶƚƉĂƌů͛ĂũŽƵƚĚ͛Ƶ ƌŝĚŝ ŶĞƐĞŶϯ͛ĚĞƐƋƵĞƵĞƐƉŽůLJ ŝŶǀŝǀŽ ͘ĞƉůƵƐ͕ůĞůŝĞŶ ŵŽůĠĐƵůĂŝƌĞ ĞŶƚƌĞ hZdϭ Ğƚ ů ͛ĂĐƚŝǀĂƚĞƵƌ ĚĞ ĚĞĐĂƉƉŝŶŐ Wϱ ƐĞŵƉůĞ ġƚƌĞ ŝŵƉŽƌƚĂŶƚ ƉŽƵƌ ůĂ ĚĠŐƌĂĚĂƚŝŽŶĚ ͛ZEŵĂǀĞĐĚĞƐƋƵĞƵĞƐƉŽůLJĚĞϭϬͲϮϱŶƵĐůĠŽƚŝĚĞƐ;&ŝŐƵƌĞϰϯͿ͘ĞƐƌƀůĞƐƉĞƵǀĞŶƚ ġƚƌĞĚĠĐŝƐŝĨƐƉŽƵƌĠǀŝƚĞƌůĂĨŽƌŵĂƚŝ ŽŶĚ͛ZEĞdžĐ ĞƐƐŝǀĞŵĞŶƚĚĠĂĚĠŶLJůĠƐ͘ĞƉƌŽĐĞƐƐƵƐƌĞǀġƚĞƵŶĞ ŝŵƉŽƌƚĂŶĐĞ ƉĂƌƚŝĐƵůŝğƌĞ ƐƵƌ ůĞ ƉůĂŶ ďŝŽůŽŐŝƋƵĞ ĐĂƌ ůĞƐ ZEŵ ĞdžĐĞƐƐŝǀĞŵĞŶƚ ĚĠĂĚĠŶLJůĠƐ ĚĞǀŝĞŶŶĞŶƚĚĞƐƐƵďƐƚƌĂƚƐĚĞůĂZEƉŽůLJŵĠƌĂƐĞZEĚĠƉĞŶĚĂŶƚĞZZϲ͕ŵĞŶĂŶƚăůĂĨŽƌŵĂƚŝŽŶ ĚĞƉĞƚŝƚƐZEĚĂŶƐůĂƉůĂŶƚĞ;ĂĞŐĞƚĂů͕͘ϮϬϭϳͿ͘ĞƐƐŝZEƐƵŶĞĨŽŝƐƉƌŽĚƵŝƚƐĐŝďůĞŶƚůĞƐZEŵ ĞŶĚŽŐğŶĞƐ͕ ĐŽŶĚƵŝƐĂŶƚ ă ůĂ ŵŽƌƚ ĚĞ ůĂ ƉůĂŶƚĞ͘ ͛ĂƵƚƌĞ ƉĂƌƚ͕ ůĞ ƌĂůĞŶƚŝƐ ƐĞŵĞŶƚ ĚƵ Ϯϭϵ ƌĂĐĐŽƵƌĐŝƐƐĞŵĞŶƚĚĞƐƋƵĞƵĞƐƉŽůLJƉĞƌŵĞƚĚĞƌĞĐƌƵƚĞƌ Ě͛ĂƵƚƌĞƐ ĨĂĐƚĞƵƌƐ͕ƚĞůƐƋƵĞůĂWW͕ƋƵŝ ƉŽƵƌƌĂŝƚĂǀŽŝƌƵŶƌƀůĞĚĂŶƐůĂƚƌĂĚƵĐƚŝŽŶŽƵůĞƐƚŽĐŬĂŐĞĚĞů ͛ZE ͘ DĞƐ ĞdžƉĠƌŝĞŶĐĞƐ ŽŶƚ ĠŐĂůĞŵĞŶƚ ƉĞƌŵŝƐ Ě ͛ĂǀŽŝƌ ƵŶ ƉƌĞŵŝĞƌ ĂƉĞƌĕƵ ƐƵƌ ůĞ ƌƀůĞ ĠǀĞŶƚƵĞů ĚĞ ů͛ƵƌŝĚLJůĂƚŝŽŶ ƉĂƌ , ^Kϭ ĚĞƐ ZEŵ͘ ŽŶƚƌĂŝƌĞŵĞŶƚ ă hZdϭ͕ ƋƵŝ ƐĞŵďůĞ ƉŽƵǀŽŝƌ ƵƌŝĚLJůĞƌ ĚĞƐ ƋƵĞƵĞƐ ĐŽƵƌƚĞƐ Ğƚ ůŽŶŐƵĞƐ͕ , ^Kϭ ƐĞŵďůĞ ġƚƌĞ ƐƉĠĐŝĨŝƋƵĞ ƉŽƵƌ ůĞƐ ƋƵĞƵĞƐ ƉŽůLJ ĐŽƵƌƚĞƐ ĚĞ ŵŽŝŶƐĚĞϮϱŶƵĐůĠŽƚŝĚĞƐĞƚƐŽŶĂĐƚŝǀŝƚĠŵğŶĞăƵŶĞĚĠƐƚĂďŝůŝƐĂƚŝŽŶƉůƵƐŝŵƉŽƌƚĂŶƚĞĚĞƐZEŵ ĐŝďůĞƐ͘ĞƐƌĠƐƵůƚĂƚƐƐƵŐŐğƌĞŶƚƋƵĞů ͛ƵƌŝĚLJůĂƚŝŽŶƉĂƌhZdϭŽƵ, ^KϭĂĚĞƐĨŽŶĐƚŝŽŶƐƐƉĠĐŝĨŝƋƵĞƐ ĚĂŶƐ ůĂ ƌĠŐƵůĂƚŝŽŶ ĚĞ ůĂ ĚĠŐƌĂĚĂƚŝŽŶ ĚĞƐ ZEŵ ĐŚĞnj ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ ;&ŝŐƵƌĞ ϰϮͿ͘ , ^Kϭ ƉŽƵƌƌĂŝƚ ƉĂƌ ĞdžĞŵƉůĞ ŝŶĚƵŝƌĞ ůĂ ƌĂƉŝĚĞ ĚĠŐƌĂĚĂƚŝŽŶ ĚĞƐ ZEŵ ƉĂƌ ůĂ ǀŽŝĞ ϱ ͛Ͳϯ ͛ ŐƌąĐĞ ĂƵ ƌĞĐƌƵƚĞŵĞŶƚ ĚĞ >^ŵϭͲϳ ƐƵƌ ůĞƐ ƋƵĞƵĞƐ ƵƌŝĚLJůĠĞƐ͘ >͛ƵƌŝĚLJůĂƚŝŽŶ ƉĂƌ , ^Kϭ ƉŽƵƌƌĂŝƚ ĠŐĂůĞŵĞŶƚ ŝŶĚƵŝƌĞůĂƌĂƉŝĚĞĚĠŐƌĂĚĂƚŝŽŶĚĞƐZEŵĚĞϯ ͛Ͳϱ ͛ƉĂƌů ͛ĞdžŽƐŽŵĞŽƵůĞƐĞdžŽƌŝďŽŶƵĐůĠĂƐĞƐ^Ks͕ƋƵŝ ƌĞĐŽŶŶĂŝƐƐĞŶƚ ƉƌĠĨĠƌĞŶƚŝĞůůĞŵĞŶƚ ĚĞƐ ZEŵ ĂLJĂŶƚ ƋƵĞůƋƵĞƐ ƵƌŝĚŝŶĞƐ ƚĞƌŵŝŶĂůĞƐ ĞŶ ϯ ͛ ĚĞƐ ƋƵĞƵĞƐƉŽůLJ͘ >͛ĞŶƐ ĞŵďůĞĚĞĐĞƐƌĠƐƵůƚĂƚƐŵŽŶƚƌĞŶƚƋƵĞů ͛ƵƌŝĚLJůĂƚŝŽŶĚĞƐ ZEŵũŽƵĞĚĞƐƌƀůĞƐĐŽŵƉůĞdžĞƐ ƉĞƌŵĞƚƚĂŶƚ ƵŶĞ ĚĠŐƌĂĚĂƚŝŽŶ ĞĨĨŝĐĂĐĞ ĚĞƐ ZE ƚŽƵƚ ĞŶ ĠǀŝƚĂŶƚ ƋƵĞ ĚĞƐ ŝŶƚĞƌŵĠĚŝĂŝƌĞƐ ĚĞ ĚĠŐƌĂĚĂƚŝŽŶŶĞĚĞǀŝĞŶŶĞŶƚĚĞƐƐƵďƐƚƌĂƚƐĚĞǀŽŝĞƐĚĞƐŝůĞŶĐŝŶŐ͘ĞƐƌĠƐƵůƚĂƚƐƌĠĐĞŶƚƐĚĞů ͛ĠƋƵŝƉĞ ŽŶƚŵŽŶƚƌĠĞŶĂĐĐŽƌĚĂǀĞĐŵĞƐƌĠƐƵůƚĂƚƐƋƵĞhZdϭƐĞƌĂŝƚƵŶƐƵƉƉƌĞƐƐĞƵƌĚĞƐŝůĞŶĐŝŶŐĞƚƋƵĞůĞƐ ZEŵ ĨŽƌƚĞŵĞŶƚ ƵƌŝĚLJůĠƐ ĞŶ ĐŽŶĚŝƚŝŽŶ ƐĂƵǀĂŐĞ ƉƌŽĚƵŝƐĞŶƚ ƵŶĞ ƋƵĂŶƚŝƚĠ ŝŵƉŽƌƚĂŶƚĞ ĚĞ ƉĞƚŝƚƐ ZEĚĂŶƐůĞĚŽƵďůĞŵƵƚĂŶƚ ƵƌƚϭdžƌŶϰ ͘ >ĞƐ ƉĞƌƐƉĞĐƚŝǀĞƐ ŝŵŵĠĚŝĂƚĞƐ ă ĐĞ ƉƌŽũĞƚ ƐĞƌĂŝĞŶƚ Ě ͛ĂŶĂůLJƐĞƌ ƉĂƌ ϯ ͛Z ͲƐĞƋ ĚĞƐ ZEŵ ĨŽƌƚĞŵĞŶƚƵƌŝĚLJůĠƐĚĂŶƐĚĞƐĨŽŶĚŵƵƚĂŶƚƐ Ƶƌƚϭ Ğƚ ŚĞƐŽϭ ĂĨŝŶĚ ͛ĠǀĂůƵĞƌůĞƌƀůĞĚĞ, ^KϭĚĂŶƐůĂ ƌĠŐƵůĂƚŝŽŶ ĚĞ ůĂ ƚĂŝůůĞ ĚĞƐ ƋƵĞƵĞƐ ƉŽůLJ ŝŶ ǀŝǀŽ ͘ /ů ƐĞƌĂŝƚĠŐĂůĞŵĞŶƚ ŝŶƚĠƌĞƐƐĂŶƚ Ě͛ ĂŵĠůŝŽƌĞƌ ůĂ ƉƌŽĨŽŶĚĞƵƌ ĚĞ ƐĠƋƵĞŶĕĂŐĞ ĚĞ ůĂ ŵĠƚŚŽĚĞ d/>ͲƐĞƋ ĂĨŝŶ Ě ͛ĂǀŽŝƌ ĚĞ ŵĞŝůůĞƵƌĞƐ ĚŽŶŶĠĞƐ ĚĞ ƐĠƋƵĞŶĕĂŐĞƉŽƵƌůĂďŽŶŶĞĞƐƚŝŵĂƚŝŽŶĚĞƐƚĂŝůůĞƐĞƚĚƵƚĂƵdžĚ ͛ƵƌŝĚLJůĂƚŝŽŶĚĞƐƋƵĞƵĞƐƉŽůLJĚĞƐ ZEŵ ă ů ͛ĠĐŚĞůůĞ ĚƵ ƚƌĂŶƐĐƌŝƉƚŽŵĞ͘ hŶĞ ĂůƚĞƌŶĂƚŝǀĞ ă ĐĞĐŝ ƐĞƌĂŝƚ ů ͛ƵƚŝůŝƐĂƚŝŽŶ ĚĞ ŵĠƚŚŽĚĞƐ ĂůƚĞƌŶĂƚŝǀĞƐƋƵŝƉĞƌŵĞƚƚƌĂŝƚĚĞƌĠĚƵŝƌĞůĞƐďŝĂŝƐĚĂŶƐů ͛ĞƐƚŝŵĂƚŝŽŶĚĞůĂƚĂŝůůĞĚĞƐƋƵĞƵĞƐƉŽůLJ͕ ƚĞůůĞƐ ƋƵĞ ůĞ ƚĂŝůͲĞŶĚ ĚŝƐƉůĂĐĞŵĞŶƚ ƐĞƋƵĞŶĐŝŶŐ ;d ͲƐĞƋͿ ŽƵ ů ͛ƵƚŝůŝƐĂƚŝŽŶ ĚĞ ůĂ ƚĞĐŚŶŽůŽŐŝĞ ĚĞ ƐĠƋƵĞŶĕĂŐĞ ĚŝƌĞĐƚ ĚĞƐ ZE Ě ͛KdžĨŽƌĚ EĂŶŽƉŽƌĞ dĞĐŚŶŽůŽŐŝĞƐ ;KEdͿ͘ ĞŵĂŶŝğƌĞ ŝŶƚĠƌĞƐƐĂŶƚĞ͕ ĚĞƐ ĞdžƉĠƌŝĞŶĐĞƐ ƌĠĐĞŶƚĞƐ ĚĞ ĐŽͲŝŵŵƵŶŽƉƌĠĐŝƉŝƚĂƚŝŽŶƐ ŵŽŶƚƌĞŶƚ ƋƵĞ hZdϭ ĐŽͲƉƵƌŝĨŝĞ ĂǀĞĐ ƉůƵƐŝĞƵƌƐ ƐŽƵƐͲƵŶŝƚĠƐ ĚƵ ƉƌŝŶĐŝƉĂů ĐŽŵƉůĞdžĞ ĚĞ ĚĠĂĚĠŶLJůĂƚŝŽŶ ZϰͬEKd ĐŚĞnj ƌĂďŝĚŽƉƐŝƐ ƚŚĂůŝĂŶĂ ͘ŝŶƐŝ͕ŝůƐĞƌĂŝƚŝŶƚĠƌĞƐƐĂŶƚĚ ͛ĠƚƵĚŝĞƌĐŽŵŵĞŶƚůĂdhdĂƐĞhZdϭĞƐƚƌĞĐƌƵƚĠĞĂƵdžZEŵ ůŽƌƐĚĞůĂĚĠĂĚĠŶLJůĂƚŝŽŶƉĂƌZϰͬEKd͘ ϮϮϬ dŽ^ŶĂƌŬLJWƵƉƉLJ͕:ŽĞ,ŝƐĂŝƐŚŝ͕,ĂŶƐŝŵŵĞƌ͕ DĂƌĐƵƐDŝůůĞƌ͕EŝŶĂ^ŝŵŽŶ͕ ^ĞĞĞĚ͕'ƌĂŵĂƚŝŬ͕ /ďƌĂŚŝŵ DĂĂůŽƵĨ͕ :ŽŚŶ WŽǁĞůů͕ DŝůĞƐ ĂǀŝƐ͕ WĂƵů ĞƐŵŽŶĚ͕ :ĂĐŽď ŽůůŝĞƌ͕ <ŶŽǁĞƌ͕ ,ĂƌƌLJ 'ƌĞŐƐŽŶͲtŝůůŝĂŵƐ͕ŽďDĂƌůĞLJ͕DŝĐŚĂĞů'ŝĂĐĐŚŝŶŽ͕dŚĞĂƚ ŵƉŝƌĞ͕^ƚĞǀŝĞtŽŶĚĞƌ͕zĂĞůEĂŝŵ͕ /ďƌĂŚŝŵ&ĞƌƌĞƌ͕ĞƐĂƌŝĂ ǀŽƌĂ͕ :ĂŵĞƐEĞǁƚŽŶ,ŽǁĂƌĚĂŶĚŵĂŶLJŵŽƌĞ ƚŽǁŚŽŵ/͛ǀĞďĞĞŶ ůŝƐƚĞŶŝŶŐĞƐƉĞĐŝĂůůLJ;ĂŶĚĐŽŶƚŝŶƵŽƵƐůLJͿƚŚŝƐůĂƐƚϰŵŽŶƚŚƐ͗DƵƐŝĐŝƐƚŚĞŵĞĚŝĐŝŶĞŽĨƚŚĞŵŝŶĚ͊