Bridging the Gap: A Computer Science Pre-MOOC for First Semester Students

Abstract

Knowledge in Computer Science (CS) is essential, and companies have increased their demands for CS professionals. Despite this, many jobs remain vacant. Furthermore, computational thinking (CT) skills are required in all contexts of problem solving. A further serious problem arises from the gender disparity in technology related fields. Even if tech companies want to hire women in technology, the number of women who enter these fields is remarkably low. In high schools with no technical focus, most teenagers acquire only low‑level skills in CS. The consequences are misleading preconceptions about the fundamental ideas of CS and stereotype‑based expectations. Consequently, many teenagers exclude computing from their career path. In this paper, two promising concepts to overcome these challenges are presented. In 2018, a voluntary gamified lecture “Design your own app”, held at the University of Graz for students of all degree programs, was introduced. The course attracted over 200 students and received positive evaluations. This led to the second concept. In January 2019, a MOOC (Massive Open Online Course) with the title “Get FIT in Computer Science” was designed and launched in August 2019 on the platform iMooX.at with the goal to provide a basic introduction to different concepts of CS, including programming and the application of game design strategies. The MOOC was accompanied by an offline lecture, following the principles of flipped classroom and inverse blended learning. For evaluation purposes, we collected data at three stages: 1) during the MOOC, 2) during the offline lecture, and 3) two months after the lecture. The results showed that the MOOC framework was a promising approach to support and motivate at least a certain group of first‑semester students, especially those who had no prior knowledge in CS.

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ZĞĨĞƌĞŶĐĞƚŚŝƐƉĂƉĞƌ͗^ƉŝĞůĞƌ͕͕͘ĞƚĂů͕͘ϮϬϮϬ͘ƌŝĚŐŝŶŐƚŚĞ'ĂƉ͗ŽŵƉƵƚĞƌ^ĐŝĞŶĐĞWƌĞͲDKKĨŽƌ&ŝƌƐƚ^ĞŵĞƐƚĞƌ^ƚƵĚĞŶƚƐ͘
dŚĞůĞĐƚƌŽŶŝĐ:ŽƵƌŶĂůŽĨĞͲ>ĞĂƌŶŝŶŐ͕ϭϴ;ϯͿ͕ƉƉ͘ϮϰϴͲϮϲϬ͕ĂǀĂŝůĂďůĞŽŶůŝŶĞĂƚǁǁǁ͘ĞũĞů͘ŽƌŐ
ƌŝĚŐŝŶŐƚŚĞ'ĂƉ͗ŽŵƉƵƚĞƌ^ĐŝĞŶĐĞWƌĞͲDKKĨŽƌ&ŝƌƐƚ^ĞŵĞƐƚĞƌ
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ĞƌŶĂĚĞƚƚĞ^ƉŝĞůĞƌϭ͕DĂƌŝĂ'ƌĂŶĚůϮ͕DĂƌƚŝŶďŶĞƌϮĂŶĚtŽůĨŐĂŶŐ^ůĂŶLJϯ
ϭhŶŝǀĞƌƐŝƚLJŽĨ,ŝůĚĞƐŚĞŝŵ͕/ŶƐƚŝƚƵƚĞĨŽƌDĂƚŚĞŵĂƚŝĐƐĂŶĚƉƉůŝĞĚ/ŶĨŽƌŵĂƚŝĐƐ͕,ŝůĚĞƐŚĞŝŵ͕'ĞƌͲ
ŵĂŶLJ
Ϯ'ƌĂnjhŶŝǀĞƌƐŝƚLJŽĨdĞĐŚŶŽůŽŐLJ͕/ŶƐƚŝƚƵƚĞŽĨ/ŶƚĞƌĂĐƚŝǀĞ^LJƐƚĞŵƐĂŶĚĂƚĂ^ĐŝĞŶĐĞ͕'ƌĂnj͕ƵƐƚƌŝĂ
ϯ'ƌĂnjhŶŝǀĞƌƐŝƚLJŽĨdĞĐŚŶŽůŽŐLJ͕/ŶƐƚŝƚƵƚĞĨŽƌ^ŽĨƚǁĂƌĞdĞĐŚŶŽůŽŐLJ͕'ƌĂnj͕ƵƐƚƌŝĂ
ďĞƌŶĂĚĞƚƚĞ͘ƐƉŝĞůĞƌΛƵŶŝͲŚŝůĚĞƐŚĞŝŵ͘ĚĞ
ŵĂƌŝĂ͘ŐƌĂŶĚůΛƚƵŐƌĂnj͘Ăƚ
ŵĂƌƚŝŶ͘ĞďŶĞƌΛƚƵŐƌĂnj͘Ăƚ
ǁŽůĨŐĂŶŐ͘ƐůĂŶLJΛƚƵŐƌĂnj͘Ăƚ
K/͗ϭϬ͘ϯϰϭϵϬͬ:>͘ϮϬ͘ϭϴ͘ϯ͘ϬϬϰ
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ďƐƚƌĂĐƚ͗ <ŶŽǁůĞĚŐĞ ŝŶ ŽŵƉƵƚĞƌ ^ĐŝĞŶĐĞ ;^Ϳ ŝƐ ĞƐƐĞŶƚŝĂů͕ ĂŶĚ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ ŝŶĐƌĞĂƐĞĚ ƚŚĞŝƌ ĚĞŵĂŶĚƐ ĨŽƌ ^
ƉƌŽĨĞƐƐŝŽŶĂůƐ͘ ĞƐƉŝƚĞ ƚŚŝƐ͕ ŵĂŶLJ ũŽďƐ ƌĞŵĂŝŶ ǀĂĐĂŶƚ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ĐŽŵƉƵƚĂƚŝŽŶĂů ƚŚŝŶŬŝŶŐ ;dͿ ƐŬŝůůƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ŝŶ Ăůů
ĐŽŶƚĞdžƚƐŽĨƉƌŽďůĞŵƐŽůǀŝŶŐ͘ĨƵƌƚŚĞƌƐĞƌŝŽƵƐƉƌŽďůĞŵĂƌŝƐĞƐĨƌŽŵƚŚĞŐĞŶĚĞƌĚŝƐƉĂƌŝƚLJŝŶƚĞĐŚŶŽůŽŐLJƌĞůĂƚĞĚĮĞůĚƐ͘ǀĞŶŝĨ
ƚĞĐŚĐŽŵƉĂŶŝĞƐǁĂŶƚƚŽŚŝƌĞǁŽŵĞŶŝŶƚĞĐŚŶŽůŽŐLJ͕ƚŚĞŶƵŵďĞƌŽĨǁŽŵĞŶǁŚŽĞŶƚĞƌƚŚĞƐĞĨŝĞůĚƐŝƐƌĞŵĂƌŬĂďůLJůŽǁ͘/ŶŚŝŐŚ
ƐĐŚŽŽůƐ ǁŝƚŚ ŶŽ ƚĞĐŚŶŝĐĂů ĨŽĐƵƐ͕ ŵŽƐƚ ƚĞĞŶĂŐĞƌƐ ĂĐƋƵŝƌĞ ŽŶůLJ ůŽǁͲůĞǀĞů ƐŬŝůůƐ ŝŶ ^͘ dŚĞ ĐŽŶƐĞƋƵĞŶĐĞƐ ĂƌĞ ŵŝƐůĞĂĚŝŶŐ
ƉƌĞĐŽŶĐĞƉƚŝŽŶƐ ĂďŽƵƚ ƚŚĞ ĨƵŶĚĂŵĞŶƚĂů ŝĚĞĂƐ ŽĨ ^ ĂŶĚ ƐƚĞƌĞŽƚLJƉĞͲďĂƐĞĚ ĞdžƉĞĐƚĂƚŝŽŶƐ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ŵĂŶLJ ƚĞĞŶĂŐĞƌƐ
ĞdžĐůƵĚĞ ĐŽŵƉƵƚŝŶŐ ĨƌŽŵ ƚŚĞŝƌ ĐĂƌĞĞƌ ƉĂƚŚ͘ /Ŷ ƚŚŝƐ ƉĂƉĞƌ͕ ƚǁŽ ƉƌŽŵŝƐŝŶŐ ĐŽŶĐĞƉƚƐ ƚŽ ŽǀĞƌĐŽŵĞ ƚŚĞƐĞ ĐŚĂůůĞŶŐĞƐ ĂƌĞ
ƉƌĞƐĞŶƚĞĚ͘/ŶϮϬϭϴ͕ĂǀŽůƵŶƚĂƌLJ ŐĂŵŝĨŝĞĚůĞĐƚƵƌĞ͞ĞƐŝŐŶ LJŽƵƌŽǁŶĂƉƉ͕͟ ŚĞůĚĂƚƚŚĞ hŶŝǀĞƌƐŝƚLJŽĨ'ƌĂnjĨŽƌƐƚƵĚĞŶƚƐŽĨ Ăůů
ĚĞŐƌĞĞƉƌŽŐƌĂŵƐ͕ǁĂƐŝŶƚƌŽĚƵĐĞĚ͘dŚĞĐŽƵƌƐĞĂƚƚƌĂĐƚĞĚŽǀĞƌϮϬϬƐƚƵĚĞŶƚƐĂŶĚƌĞĐĞŝǀĞĚƉŽƐŝƚŝǀĞĞǀĂůƵĂƚŝŽŶƐ͘dŚŝƐůĞĚƚŽƚŚĞ
ƐĞĐŽŶĚĐŽŶĐĞƉƚ͘/Ŷ:ĂŶƵĂƌLJϮϬϭϵ͕ĂDKK;DĂƐƐŝǀĞKƉĞŶKŶůŝŶĞŽƵƌƐĞͿǁŝƚŚƚŚĞƚŝƚůĞ͞'Ğƚ&/dŝŶŽŵƉƵƚĞƌ^ĐŝĞŶĐĞ͟ǁĂƐ
ĚĞƐŝŐŶĞĚĂŶĚůĂƵŶĐŚĞĚŝŶƵŐƵƐƚϮϬϭϵŽŶƚŚĞƉůĂƚĨŽƌŵŝDŽŽy͘ĂƚǁŝƚŚƚŚĞ ŐŽĂůƚŽƉƌŽǀŝĚĞĂďĂƐŝĐŝŶƚƌŽĚƵĐƚŝŽŶƚŽĚŝĨĨĞƌĞŶƚ
ĐŽŶĐĞƉƚƐŽĨ^͕ŝŶĐůƵĚŝŶŐƉƌŽŐƌĂŵŵŝŶŐĂŶĚƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨŐĂŵĞ ĚĞƐŝŐŶƐƚƌĂƚĞŐŝĞƐ͘dŚĞDKKǁĂƐĂĐĐŽŵƉĂŶŝĞĚďLJĂŶ
ŽĨĨůŝŶĞ ůĞĐƚƵƌĞ͕ ĨŽůůŽǁŝŶŐ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ŽĨ ĨůŝƉƉĞĚ ĐůĂƐƐƌŽŽŵ ĂŶĚ ŝŶǀĞƌƐĞ ďůĞŶĚĞĚ ůĞĂƌŶŝŶŐ͘ &Žƌ ĞǀĂůƵĂƚŝŽŶ ƉƵƌƉŽƐĞƐ͕ ǁĞ
ĐŽůůĞĐƚĞĚĚĂƚĂĂƚƚŚƌĞĞƐƚĂŐĞƐ͗ϭͿĚƵƌŝŶŐƚŚĞDKK͕ϮͿĚƵƌŝŶŐƚŚĞŽĨĨůŝŶĞůĞĐƚƵƌĞ͕ĂŶĚϯͿƚǁŽ ŵŽŶƚŚƐĂĨƚĞƌƚŚĞůĞĐƚƵƌĞ͘dŚĞ
ƌĞƐƵůƚƐƐŚŽǁĞĚ ƚŚĂƚƚŚĞDKK ĨƌĂŵĞǁŽƌŬǁĂƐĂƉƌŽŵŝƐŝŶŐ ĂƉƉƌŽĂĐŚ ƚŽƐƵƉƉŽƌƚĂŶĚ ŵŽƚŝǀĂƚĞĂƚůĞĂƐƚĂ ĐĞƌƚĂŝŶŐƌŽƵƉŽĨ
ĨŝƌƐƚͲƐĞŵĞƐƚĞƌƐƚƵĚĞŶƚƐ͕ĞƐƉĞĐŝĂůůLJƚŚŽƐĞǁŚŽŚĂĚŶŽƉƌŝŽƌŬŶŽǁůĞĚŐĞŝŶ^͘
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<ĞLJǁŽƌĚƐ͗ĐŽŵƉƵƚĞƌƐĐŝĞŶĐĞĞĚƵĐĂƚŝŽŶ͕ ĚŝŐŝƚĂů ůŝƚĞƌĂĐLJ͕ ƚĞĐŚŶŽůŽŐLJĞŶŚĂŶĐĞĚůĞĂƌŶŝŶŐ͕DKK͕ĨůŝƉƉĞĚĐůĂƐƐƌŽŽŵ͕ WŽĐŬĞƚ
ŽĚĞ
ϭ͘/ŶƚƌŽĚƵĐƚŝŽŶ
/dƐƉĞĐŝĂůŝƐƚƐĂƌĞŶĞĞĚĞĚǁŽƌůĚǁŝĚĞŝŶŽƌĚĞƌĨŽƌďƵƐŝŶĞƐƐĞƐƚŽďĞĐŽŵƉĞƚŝƚŝǀĞŝŶƐĐŝĞŶĐĞĂŶĚƚĞĐŚŶŽůŽŐLJ͘dŚƵƐ͕
ƚŚĞƌĞŝƐ Ă ŐƌŽǁŝŶŐ ĚĞŵĂŶĚĨŽƌ/d ƉƌŽĨĞƐƐŝŽŶĂůƐ ;ƵĨĨ͕ ϮϬϭϱͿ͘ KŶ ƚŚĞ ŽŶĞ ŚĂŶĚ͕ƚŚĞ ĞŶƌŽůŵĞŶƚ ŽĨ ƐƚƵĚĞŶƚƐŝŶ
ŽŵƉƵƚĞƌ^ĐŝĞŶĐĞ;^ͿƉƌŽŐƌĂŵƐŝŶƵƌŽƉĞĂŶĐŽƵŶƚƌŝĞƐŚĂƐƐůŝŐŚƚůLJŝŶĐƌĞĂƐĞĚ͕ĂĐĐŽƌĚŝŶŐƚŽ/ŶĨŽƌŵĂƚŝĐƐƵƌŽƉĞ
;ϮϬϭϱͿ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ĚĞŐƌĞĞĐŽƵƌƐĞƐŝŶ ^ŚĂǀĞǀĞƌLJŚŝŐŚĚƌŽƉͲŽƵƚƌĂƚĞƐ;ƵƌŽƉĞĂŶŽŵŵŝƐƐŝŽŶ͕ϮϬϭϱͿ͘
dŚĞƌĞĂƌĞŵĂŶLJƌĞĂƐŽŶƐǁŚLJƐƚƵĚĞŶƚƐĚƌŽƉŽƵƚŽĨƵŶŝǀĞƌƐŝƚLJ͕ďƵƚƚŚŝƐƌĞƉŽƌƚƉŽŝŶƚƐŽƵƚƚŚĂƚƐƚƵĚĞŶƚƐǁŚŽŚĂǀĞ
ŶŽ ƉƌĞǀŝŽƵƐ ŬŶŽǁůĞĚŐĞ ŝŶ ^ ĂƌĞ ŵŽƌĞ ůŝŬĞůLJ ƚŽ ĚƌŽƉ ŽƵƚ ŝŶ ĐŽŵƉĂƌŝƐŽŶ ƚŽ ƐƚƵĚĞŶƚƐ ǁŚŽ ĂůƌĞĂĚLJ ŚĂǀĞ
ƉƌŽŐƌĂŵŵŝŶŐĞdžƉĞƌŝĞŶĐĞĂŶĚ Ă ďĂƐŝĐƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ ƚŚĞ ŝŵƉŽƌƚĂŶƚ ĐŽŶĐĞƉƚƐŽĨ ^͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ĚĂƚĂ ĨƌŽŵ
ƵƌŽƉĞĂŶ^ƚĂƚŝƐƚŝĐƐ ƵƌŽƐƚĂƚ ;ϮϬϭϵͿ ĐŽŶĨŝƌŵĂ ůŽǁ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĨĞŵĂůĞ ƐƚƵĚĞŶƚƐ ŝŶ ƐƚƵĚŝĞƐƌĞůĂƚĞĚ ƚŽ ^͘ /Ŷ
ƵƐƚƌŝĂ͕ƚŚĞƉĞƌĐĞŶƚĂŐĞŝƐŽŶůLJĂďŽƵƚϭϰй͕ǁŚŝĐŚŝƐĞǀĞŶůŽǁĞƌƚŚĂŶƚŚĞhĂǀĞƌĂŐĞ;ϭϳйͿ͕ďƵƚŚŝŐŚĞƌƚŚĂŶƚŚĞ
ƐŚĂƌĞŽĨǁŽŵĞŶŝŶ/dƐƚƵĚŝĞƐŝŶ>ƵdžĞŵďŽƵƌŐ;ϭϬйͿ͕ĞůŐŝƵŵ;ϴйͿĂŶĚŝŶƚŚĞEĞƚŚĞƌůĂŶĚƐ;ϲйͿ͘&ĞŵĂůĞƐƚƵĚĞŶƚƐ͕
ǁŚŽĚĞĐŝĚĞƚŽĞŶƚĞƌƚŚĞĨŝĞůĚŽĨ/dŽƌ^͕ĂƌĞƚŚĞŶĐŽŶĨƌŽŶƚĞĚǁŝƚŚǀĂƌŝŽƵƐĐŚĂůůĞŶŐĞƐĂŶĚƉƌĞũƵĚŝĐĞƐ͘/Ŷ^dD
;^ĐŝĞŶĐĞ͕ dĞĐŚŶŽůŽŐLJ͕ ŶŐŝŶĞĞƌŝŶŐ ĂŶĚ DĂƚŚͿ ƐƵďũĞĐƚƐ ŝŶ ƵƐƚƌŝĂ͕ Ăůů ŵĂůĞ ĂŶĚ ĨĞŵĂůĞ ƐƚƵĚĞŶƚƐ ŝŶ ďĂĐŚĞůŽƌ
ƉƌŽŐƌĂŵƐŚĂǀĞƚŚĞƐĂŵĞƐƵĐĐĞƐƐƌĂƚĞƐŽĨĂďŽƵƚŽŶĞƚŚŝƌĚ;ŝŶĚĞƌĞƚĂů͕͘ϮϬϭϳͿ͘,ŽǁĞǀĞƌ͕ŵŽƌĞŵĞŶ;ϭϲйͿĨƵƌƚŚĞƌ
ĞŶƌŽůůĨŽƌĂŐƌĂĚƵĂƚĞƐƚƵĚLJ;ŵĂƐƚĞƌ͛ƐŽƌĚŽĐƚŽƌĂůƉƌŽŐƌĂŵͿƚŚĂŶǁŽŵĞŶ;ϭϬйͿ͘ĞŐƌĞĞƉƌŽŐƌĂŵƐŽĨŶŽŶͲ^dD
ĮĞůĚƐĂƌĞŵŽƌĞůŝŬĞůLJƚŽďĞĐŽŵƉůĞƚĞĚďLJǁŽŵĞŶ͘,ĞƌĞ͕ŝƚŝƐĂƉƉĂƌĞŶƚƚŚĂƚƚŚĞŚŝŐŚĞƌƚŚĞƉƌŽƉŽƌƚŝŽŶŽĨǁŽŵĞŶ
ŝŶĂƐƵďũĞĐƚ͕ƚŚĞŵŽƌĞĨƌĞƋƵĞŶƚůLJǁŽŵĞŶĐŽŵƉůĞƚĞƚŚĞŝƌƐƚƵĚŝĞƐĐŽŵƉĂƌĞĚƚŽŵĞŶ;ŽƌŵĂLJƌĂŶĚtŝŶŬůĞƌ͕ϮϬϭϲͿ͘
tŝƚŚƌĞŐĂƌĚƚŽƐƵĐĐĞƐƐƌĂƚĞƐĂŶĚŐĞŶĚĞƌ͕ƚŚĞŽŶůLJĞdžĐĞƉƚŝŽŶŝƐƚŚĞĨŝĞůĚŽĨ^͗,ĞƌĞ͕ǁŽŵĞŶŚĂǀĞĂϭϬйͲƉŽŝŶƚƐ
ůŽǁĞƌƐƵĐĐĞƐƐƌĂƚĞƚŚĂŶŵĞŶ͘KŶĞ ĞdžƉůĂŶĂƚŝŽŶŽĨƚŚŝƐŐĞŶĚĞƌƌĞůĂƚĞĚ ƐƵĐĐĞƐƐƌĂƚĞŝƐƚŚĞ ĚŝĨĨĞƌĞŶĐĞƐŝŶƐĐŚŽŽů
ĞĚƵĐĂƚŝŽŶ͘KǀĞƌĂůů͕ǁŽŵĞŶŝŶ^dDƐƚƵĚŝĞƐŵŽƌĞŽĨƚĞŶŚĂǀĞĂĚĞŐƌĞĞĨƌŽŵĂŶƵƉƉĞƌƐĞĐŽŶĚĂƌLJƐĐŚŽŽůƉƌŽǀŝĚŝŶŐ

ĞƌŶĂĚĞƚƚĞ^ƉŝĞůĞƌĞƚĂů
ǁǁǁ͘ĞũĞů͘ŽƌŐ Ϯϰϵ /^^EϭϰϳϵͲϰϰϬϯ
ĂŐĞŶĞƌĂůĞĚƵĐĂƚŝŽŶ;ǁŽŵĞŶϲϲйǀƐ͘ŵĞŶϱϬйͿĂŶĚƌĂƌĞůLJĐŽŵƉůĞƚĞĚƚŚĞŝƌƐĞĐŽŶĚĂƌLJĞĚƵĐĂƚŝŽŶĂƚĂƚĞĐŚŶŝĐĂů
ĐŽůůĞŐĞ;ǁŽŵĞŶϴйǀƐ͘ŵĞŶϯϳйͿ͘
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dŚĞƉĞƌĐĞŶƚĂŐĞŽĨ ĨĞŵĂůĞ ƐƚƵĚĞŶƚƐ Ăƚ 'ƌĂnj hŶŝǀĞƌƐŝƚLJ ŽĨdĞĐŚŶŽůŽŐLJ;dh'ƌĂnjͿŝŶƵƐƚƌŝĂ ĨŽƌ ƚŚĞ ǁŝŶƚĞƌƚĞƌŵ
ϮϬϭϳͬϮϬϭϴƌĞĂĐŚĞƐũƵƐƚϮϯ͘ϴϳй͘dŚŝƐƉĞƌĐĞŶƚĂŐĞŝŶĐƌĞĂƐĞƐƐůŝŐŚƚůLJĞǀĞƌLJLJĞĂƌ͕ďƵƚŝƚŝƐ ŵĂŝŶůLJĚƵĞƚŽƚŚĞŚŝŐŚ
ĂŵŽƵŶƚŽĨĨĞŵĂůĞĨŝƌƐƚƐĞŵĞƐƚĞƌƐƚƵĚĞŶƚƐŝŶĂƌĐŚŝƚĞĐƚƵƌĞ͕ďŝŽŵĞĚŝĐĂůĞŶŐŝŶĞĞƌŝŶŐ͕ĂŶĚĐŚĞŵŝƐƚƌLJ͘ĐůŽƐĞƌůŽŽŬ
ĂƚƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨǁŽŵĞŶ͛ƐďĂĐŚĞůŽƌ͛ƐĚĞŐƌĞĞƐŝŶĐŽŵƉƵƚĞƌƐĐŝĞŶĐĞƐŚŽǁƐĂƉĞƌĐĞŶƚĂŐĞŽĨϭϮ͘ϱϱй͕ǁŝƚŚŽƵƚ
ƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŽǀĞƌƚŚĞůĂƐƚϮϬLJĞĂƌƐ͘dŚĞŐĞŶĚĞƌĚŝƐƚƌŝďƵƚŝŽŶĂƚƚŚĞdh'ƌĂnjŝŶƚŚĞĚŝĨĨĞƌĞŶƚůĞǀĞůƐĐŽŶƚŝŶƵĞƐ
ƚŽƐŚŽǁŝŶĞƋƵĂůŝƚLJ͘tŝƚŚϳϲ͘ϭϯйŵĂůĞƐƚƵĚĞŶƚƐ͕ĨĞŵĂůĞƐƚƵĚĞŶƚƐĂƌĞŝŶƚŚĞĐůĞĂƌŵŝŶŽƌŝƚLJ͘
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&ŝŐƵƌĞϭ͗WĞƌĐĞŶƚĂŐĞŽĨ^ĚĞŐƌĞĞƉƌŽŐƌĂŵƐĂƚdh'ƌĂnj;ǁŝŶƚĞƌƚĞƌŵŽĨϮϬϬϯͬϬϰƚŽϮϬϭϳͬϭϴͿ
ŚƚƚƉƐ͗ͬͬŽŶůŝŶĞ͘ƚƵŐƌĂnj͘ĂƚͬƚƵŐŽŶůŝŶĞͬ^ƚƵĚŝĞƌĞŶĚĞŶƐƚĂƚŝƐƚŝŬ͘Śƚŵů
dŚŝƐƐŝƚƵĂƚŝŽŶŝƐƐŝŵŝůĂƌƚŽŽƚŚĞƌĚĞǀĞůŽƉĞĚĐŽƵŶƚƌŝĞƐ͘ZĞĂƐŽŶƐǁŚLJĨĞŵĂůĞƚĞĞŶĂŐĞƌƐĚĞĐŝĚĞŶŽƚƚŽĐŚŽŽƐĞ^ĂƐ
ĂŵĂũŽƌĂƌĞĚŝǀĞƌƐĞ͘>ŝƚĞƌĂƚƵƌĞĂŶĚƌĞƐĞĂƌĐŚĞƌƐĂƌŐƵĞƚŚĂƚĞdžŝƐƚŝŶŐƐƚĞƌĞŽƚLJƉĞƐ͕ƉƌĞĐŽŶĐĞƉƚŝŽŶƐĂďŽƵƚƚŚĞĨŝĞůĚ
ŽĨ^͕ŐĞŶĚĞƌ ŝŶĞƋƵĂůŝƚLJ ŝŶ ĞĚƵĐĂƚŝŽŶ͕ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ĨĞŵĂůĞƌŽůĞ ŵŽĚĞůƐ ĂŶĚ ŵĞŶƚŽƌƐ͕ ĂŶĚ ŵŽƌĞŽǀĞƌ͕ ŐŝƌůƐ͛
ƉƌĞƐƵŵĞĚĚĞĨŝĐŝƚƐ͕ ůŝŬĞ ůŽǁƚĞĐŚ ĂĨĨŝŶŝƚLJ͕ ŝŶƚĞƌĞƐƚƐ͕ĂŶĚ ĞdžƉĞƌŝĞŶĐĞƐ ŝŶƚĞĐŚ͕ ĂƌĞ ĂůůƌĞĂƐŽŶƐ ƚŚĂƚ ůĞĂĚ ƚŽ ƚŚĂƚ
ŐĞŶĚĞƌŐĂƉŝŶ/d͘dŚĞƐĞŝŵƉŽƌƚĂŶƚŐĞŶĚĞƌĚŝĨĨĞƌĞŶĐĞƐĞƐƉĞĐŝĂůůLJŝŶŝŶƚĞƌĞƐƚ͕ƐĞůĨͲĞĨĨŝĐĂĐLJŽƌƐĞŶƐĞŽĨďĞůŽŶŐŝŶŐ
ĂƌĞƉĂƌƚ ŽĨƚŚĞ ĂƵƚŚŽƌƐ͛ ƉƌĞǀŝŽƵƐ ǁŽƌŬ ;^ƉŝĞůĞƌ͕ KĂƚĞƐͲ/ŶĚƵĐŚŽǀă͕ ^ůĂŶLJ͕ ŝŶ ƉƌĞƐƐͿ͘ dŚĞƐĞ ŝƐƐƵĞƐ ŶĞĞĚ ƚŽ ďĞ
ĐŽŶƐŝĚĞƌĞĚǁŚĞŶƚŚŝŶŬŝŶŐŽĨĂůƚĞƌŶĂƚŝǀĞĂƉƉƌŽĂĐŚĞƐƚŽŝŶĐƌĞĂƐĞĨĞŵĂůĞĂĐŚŝĞǀĞŵĞŶƚŝŶƚŚŝƐĨŝĞůĚ;ŚĞƌLJĂŶĞƚĂů͕͘
ϮϬϭϯͿ͘/ŶĂĚĚŝƚŝŽŶƚŽƚŚŝƐ͕ƚŚĞƌĞŝƐĂŵĂũŽƌůĂĐŬŽĨĞdžƉŽƐƵƌĞƚŽ^ĂƚƐĐŚŽŽůƐĂůůŽǀĞƌƵƌŽƉĞ;͕ϮϬϭϳͿ͘
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dŚĞ Ăŝŵ ŽĨ ƚŚĞ ƉĂƉĞƌ ŝƐ ƚǁŽĨŽůĚ͗ &ŝƌƐƚ͕ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨ Ă DKK ;DĂƐƐŝǀĞ KƉĞŶ KŶůŝŶĞ ŽƵƌƐĞͿ ĂŶĚ ƚŚĞ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ Ă ĐŽƌƌĞƐƉŽŶĚŝŶŐ ŽĨĨůŝŶĞ ůĞĐƚƵƌĞ Ăƚ dh 'ƌĂnj͕ ƉƌŽǀŝĚŝŶŐ Ă ŐĞŶĞƌĂů ŝŶƚƌŽĚƵĐƚŝŽŶ ƚŽ ^͕ ĂƌĞ
ĚĞƐĐƌŝďĞĚ͘dŚĞDKKĂŶĚƚŚĞůĞĐƚƵƌĞǁĞƌĞĚĞƐŝŐŶĞĚƚŽŚĞůƉĂůůĨŝƌƐƚƐĞŵĞƐƚĞƌƐƚƵĚĞŶƚƐƚŽŐĂŝŶŬŶŽǁůĞĚŐĞŝŶ^
ĂŶĚƉƌŽŐƌĂŵŵŝŶŐ͘ ^ĞĐŽŶĚ͕ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚĞ ŽŶůŝŶĞ ĐŽƵƌƐĞ ĂŶĚ ƚŚĞ ŽĨĨůŝŶĞ ůĞĐƚƵƌĞ ǁĞƌĞĐŽŵƉĂƌĞĚ ǁŝƚŚ ƚŚĞ
ĂŶƐǁĞƌƐ ŽĨ Ă ƉŽƐƚ ƋƵĞƐƚŝŽŶŶĂŝƌĞ͕ ĚŽŶĞ ďLJ ^ ĨŝƌƐƚ ƐĞŵĞƐƚĞƌ ƐƚƵĚĞŶƚƐ ŝŶ ĞĐĞŵďĞƌ ϮϬϭϵ ƚŽ ƐĞĞ ŝĨ ƚŚĞ ƚŽƉŝĐƐ
ĐŽǀĞƌĞĚďLJƚŚĞDKKǁĞƌĞŚĞůƉĨƵů͘&Žƌ ƚŚŽƐĞ ǁŚŽ ĚŝĚ ŶŽƚ ƉĂƌƚŝĐŝƉĂƚĞŝŶDKK͕ǁĞǁĂŶƚĞĚƚŽ ŬŶŽǁ ǁŚŝĐŚ
ƚŽƉŝĐƐǁŽƵůĚŚĞůƉƚŚĞŵŝŶƚŚĞŝƌĨŝƌƐƚƐĞŵĞƐƚĞƌĐŽƵƌƐĞƐ͘dŚŝƐƉĂƉĞƌŝŶǀĞƐƚŝŐĂƚĞƐƚŚĞĨŽůůŽǁŝŶŐƌĞƐĞĂƌĐŚƋƵĞƐƚŝŽŶ͗
,Žǁ ĐĂŶ Ă DKK ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ Ă ƉƌĞƉĂƌĂƚŽƌLJ ĐŽƵƌƐĞ ŚĞůƉ ƐƚƵĚĞŶƚƐ ĂŶĚ ĞƐƉĞĐŝĂůůLJ ǁŽŵĞŶ ǁŝƚŚ ĚŝĨĨĞƌĞŶƚ
ďĂĐŬŐƌŽƵŶĚŬŶŽǁůĞĚŐĞŝŶƚĞĐŚŶŽůŽŐLJƚŽĂĐƋƵŝƌĞ^ĂŶĚƉƌŽŐƌĂŵŵŝŶŐƐŬŝůůƐ͍
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dŚŝƐƉĂƉĞƌŝƐŽƌŐĂŶŝnjĞĚĂƐĨŽůůŽǁƐ͗&ŝƌƐƚ͕ƌĞůĞǀĂŶƚĐŽŶĐĞƉƚƐ͕ŵĞƚŚŽĚƐĂŶĚĂƌŐƵŵĞŶƚƐĨŽƌƚŚĞĚĞƐŝŐŶŽĨƚŚĞƉƌĞͲ
DKKĂƌĞƉƌĞƐĞŶƚĞĚĨƌŽŵĂƚŚĞŽƌĞƚŝĐĂůƉŽŝŶƚŽĨǀŝĞǁ͘ĂƐĞĚŽŶƚŚĞƚŚĞŽƌĞƚŝĐĂůĨƌĂŵĞǁŽƌŬ͕ƚŚĞĂƵƚŚŽƌƐĚĞƐĐƌŝďĞ
ƚŚĞƌĞƐĞĂƌĐŚŵĞƚŚŽĚ͕ĨŽůůŽǁĞĚďLJĂĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞĨŝŶĂůƌĞƐƵůƚƐƌĞůĂƚĞĚƚŽƚŚĞDKK͕ƚŚĞŽĨĨůŝŶĞůĞĐƚƵƌĞĂŶĚ
ĂĚĚŝƚŝŽŶĂůƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͘dŚĞůĂƐƚƐĞĐƚŝŽŶĐŽŶĐůƵĚĞƐƚŚŝƐƉĂƉĞƌĂŶĚĚĞƐĐƌŝďĞƐƚŚĞĂƵƚŚŽƌΖƐĨƵƚƵƌĞǁŽƌŬ͘
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dŚĞůĞĐƚƌŽŶŝĐ:ŽƵƌŶĂůŽĨĞͲ>ĞĂƌŶŝŶŐsŽůƵŵĞϭϴ/ƐƐƵĞϯϮϬϮϬ
ǁǁǁ͘ĞũĞů͘ŽƌŐ ϮϱϬ ΞW/>
Ϯ͘ZĞůĂƚĞĚ>ŝƚĞƌĂƚƵƌĞ
EĞǁzŽƌŬdŝŵĞƐĂƌƚŝĐůĞďLJ^ŝŶŐĞƌ;ϮϬϭϵͿƐƚĂƚĞĚƚŚĂƚĂŐƌŽǁŝŶŐŶƵŵďĞƌŽĨƐƚƵĚĞŶƚƐǁŝƚŚŶŽĞdžƉĞƌŝĞŶĐĞƐŝŶ^
ĨĞĞůŵŽƚŝǀĂƚĞĚƚŽůĞĂƌŶĂďŽƵƚĐŽĚŝŶŐďƵƚĂƌĞŶŽƚǁŝůůŝŶŐƚŽƐƚƵĚLJ^ĂƐĂŵĂũŽƌ͘KĨĨĞƌŝŶŐĐŽƵƌƐĞƐĂƚƚŚĞƵŶŝǀĞƌƐŝƚLJ
ůĞǀĞůƚŚĂƚĨŽĐƵƐŽŶĂŐĞŶĞƌĂůŝŶƚƌŽĚƵĐƚŝŽŶƚŽ^ĂŶĚ͕ŵŽƌĞƉƌĞĐŝƐĞůLJ͕ŽŶĐŽŵƉƵƚĂƚŝŽŶĂůƚŚŝŶŬŝŶŐƐŬŝůůƐŝŶƐƚĞĂĚŽĨ
ĚŝŐŝƚĂůůŝƚĞƌĂĐLJ͕ŵĂLJůĞĂĚƚŽďĞƚƚĞƌĐĂƌĞĞƌƉƌŽƐƉĞĐƚƐĂŶĚĂďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨ^ŝŶŶĞĂƌůLJ
ĂůůĚŽŵĂŝŶƐ͘/ŶƚŚŝƐƐĞĐƚŝŽŶ͕ƌĞůĂƚĞĚůŝƚĞƌĂƚƵƌĞƌĞĨĞƌƌŝŶŐƚŽƚŚĞĐŽŶƚĞŶƚ͕ĨŽƌŵĂƚ͕ĚŝĚĂĐƚŝĐƐĂŶĚƉĞĚĂŐŽŐŝĐƐŽĨĂ^
ŝŶƚƌŽĚƵĐƚŝŽŶĐŽƵƌƐĞŝƐƉƌĞƐĞŶƚĞĚ͘
ϯ͘ŝŐŝƚĂů>ŝƚĞƌĂĐLJǀĞƌƐƵƐŽŵƉƵƚĞƌ^ĐŝĞŶĐĞ
ĐƌŝƚŝĐĂů ĂƉƉƌŽĂĐŚ ƚŽŶĞǁƚĞĐŚŶŽůŽŐŝĞƐƌĞƋƵŝƌĞƐĂ ŐĞŶĞƌĂůƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞůŽŐŝĐĂů ĂŶĚƚĞĐŚŶŝĐĂůĂƐƉĞĐƚƐ
ďĞŚŝŶĚƚŚĞŵ͘ ,ŽǁĞǀĞƌ͕ ƵƌŽƉĞĂŶƐĐŚŽŽůƐLJƐƚĞŵƐĂƌĞŵŽƐƚůLJĐŽŶĐĞƌŶĞĚ ǁŝƚŚ ŝŐŝƚĂů>ŝƚĞƌĂĐLJĂŶĚ/ŶĨŽƌŵĂƚŝŽŶ
ĂŶĚŽŵŵƵŶŝĐĂƚŝŽŶdĞĐŚŶŽůŽŐLJ;/dͿĂƐĂƐƵƉƉŽƌƚŝŶŐĐŽŶƚĞdžƚͲĨƌĞĞŵĞĚŝƵŵͬƚĞĐŚŶŽůŽŐLJƚŽ ĞŶŚĂŶĐĞůĞĂƌŶŝŶŐ͘͟
;͕ϮϬϭϳͿ͘^ŝƐŵŽƌĞƚŚĂŶũƵƐƚƵƐŝŶŐƚŚĞĐŽŵƉƵƚĞƌĂƐĂƚŽŽůďƵƚĂ͞ĚŝƐƚŝŶĐƚƐĐŝĞŶƚŝĨŝĐĚŝƐĐŝƉůŝŶĞ͟ƚŚĂƚƉůĂLJƐĂŶ
ŝŶƐŝŐŶŝĨŝĐĂŶƚĂŶĚŝŶƐƵĨĨŝĐŝĞŶƚƌŽůĞŝŶƚŚĞƐĐŚŽŽůĐƵƌƌŝĐƵůĂŽĨŵŽƐƚƵƌŽƉĞĂŶƐĐŚŽŽůƐLJƐƚĞŵƐ;ŝďŝĚ͘Ϳ͘ŽŶƐĞƋƵĞŶƚůLJ͕
^ƌĞŵĂŝŶƐĂŐƌĞĂƚƵŶŬŶŽǁŶĨŽƌŵĂŶLJƉƵƉŝůƐǁŽƌůĚǁŝĚĞ͘ŽŵƉƵƚĂƚŝŽŶĂůdŚŝŶŬŝŶŐ;dͿŝƐĐŽŶƐŝĚĞƌĞĚĂŶĞƐƐĞŶƚŝĂů
ƐŬŝůů ŝŶ ƚŚĞ ϮϭƐƚ ĐĞŶƚƵƌLJ͘ ĐĐŽƌĚŝŶŐ ƚŽ :͘ tŝŶŐ͕ ŝƚ ͞ƌĞƉƌĞƐĞŶƚƐ Ă ƵŶŝǀĞƌƐĂůůLJ ĂƉƉůŝĐĂďůĞ ĂƚƚŝƚƵĚĞ ĂŶĚ ƐŬŝůů ƐĞƚ
ĞǀĞƌLJŽŶĞ͕ŶŽƚũƵƐƚĐŽŵƉƵƚĞƌƐĐŝĞŶƚŝƐƚƐ͕ǁŽƵůĚďĞĞĂŐĞƌƚŽůĞĂƌŶĂŶĚƵƐĞ͘͟;tŝŶŐ͕ϮϬϬϲͿ͘hŶĚĞƌĐĞƌƚĂŝŶĐŽŶĚŝƚŝŽŶƐ͕
ĐŽĚŝŶŐĂĐƚŝǀŝƚŝĞƐĂƌĞŽŶĞ ǁĂLJ ƚŽ ƚƌĂŝŶd͘DĂŶLJ ĐŽƵŶƚƌŝĞƐ ĂƌŽƵŶĚ ƚŚĞǁŽƌůĚ͕ŝŶĐůƵĚŝŶŐ ƵƐƚƌŝĂ ĂŶĚ 'ĞƌŵĂŶLJ͕
ŽƌŐĂŶŝnjĞ ĂŶ ĂŶŶƵĂů ĞďƌĂƐ ĐŽŶƚĞƐƚ ƚŚĂƚ ƵƐƵĂůůLJ ƚĂŬĞƐ ƉůĂĐĞ ŝŶ EŽǀĞŵďĞƌ ;ƌĞďĂƐ ŚĂůůĞŶŐĞ h<͗
ŚƚƚƉ͗ͬͬǁǁǁ͘ďĞďƌĂƐ͘ƵŬͬͿ͘ dŚĞ Ăŝŵ ŽĨ ƚŚŝƐ ĐŽŶƚĞƐƚ ŝƐ ƚŽ ŚĞůƉ ƉƵƉŝůƐ ŽĨ ĚŝĨĨĞƌĞŶƚ ĂŐĞ ŐƌŽƵƉƐ ƚŽ ĚĞǀĞůŽƉ
ĐŽŵƉƵƚĂƚŝŽŶĂůƚŚŝŶŬŝŶŐƐŬŝůůƐĂŶĚƚŽƐƚŝŶƚĞƌĞƐƚŝŶ^ǁŝƚŚŽƵƚƚŚĞĂĐƚƵĂůƵƐĞŽĨĂĐŽŵƉƵƚĞƌ͘&ƵƌƚŚĞƌŵŽƌĞ͕^
ƵŶƉůƵŐŐĞĚĂĐƚŝǀŝƚŝĞƐĂƌĞĂǁĂLJƚŽƚĞĂĐŚĨƵŶĚĂŵĞŶƚĂůƉƌŝŶĐŝƉůĞƐŽĨ^ƉůĂLJĨƵůůLJďLJƵƐŝŶŐƉĂƉĞƌ͕ƐƚƌŝŶŐƐ͕ĐƌĂLJŽŶƐ͕
ĂŶĚŵŽǀĞŵĞŶƚ;ƌĂĐŬŵĂŶŶĞƚĂů͕͘ϮϬϭϳͿ͘
ϰ͘dĞĐŚŶŽůŽŐLJŶŚĂŶĐĞĚ>ĞĂƌŶŝŶŐĂŶĚDĂƐƐŝǀĞKƉĞŶKŶůŝŶĞŽƵƌƐĞƐ;DKKƐͿ
>ĞĂƌŶŝŶŐĐŽŶĐĞƉƚƐ͕ŽŶůŝŶĞĐŽƵƌƐĞƐ͕ŽƌDKKƐ͕ŝŶƉĂƌƚŝĐƵůĂƌ͕ĂƌĞĂƉĞƌĨĞĐƚǁĂLJƚŽƐƵƉƉŽƌƚĚŝƐƚĂŶĐĞĞĚƵĐĂƚŝŽŶŽƌ
ůŝĨĞůŽŶŐůĞĂƌŶŝŶŐ͘dŚĞƌŝƐĞŽĨDKKƐĐĂŶďĞĚĂƚĞĚďĂĐŬƚŽƚŚĞƐŽͲĐĂůůĞĚ͞LJĞĂƌŽĨƚŚĞDKKƐ͟ŝŶϮϬϭϮ;WĂƉƉĂŶĂ͕
ϮϬϭϮͿ͘^ŝŶĐĞ ƚŚĞŶ͕ ŵŽƌĞ ĂŶĚŵŽƌĞŚŝŐŚĞƌĞĚƵĐĂƚŝŽŶŝŶƐƚŝƚƵƚŝŽŶƐďĞŐĂŶƚŽ ƉƌŽĚƵĐĞ ƐŽͲĐĂůůĞĚdžDKKƐ;ĂƌƐŽŶ
ĂŶĚ^ĐŚŵŝĚ͕ϮϬϭϮͿ͕ďLJƵƐŝŶŐůĂƌŐĞDKKƉůĂƚĨŽƌŵƐůŝŬĞhĚĂĐŝƚLJ͕ĞĚy͕ŽƌŽƵƌƐĞƌĂƚŽƉƵďůŝƐŚƚŚĞŝƌǀŝĚĞŽͲďĂƐĞĚ
ĐŽƵƌƐĞƐŽƌůĞĐƚƵƌĞƐ͘/ƚŚĂƐďĞĐŽŵĞĂƉƉĂƌĞŶƚƚŚĂƚƚŚŽƐĞDKKƐŚĞůƉĞĚƚŽƌĞĂĐŚĂďƌŽĂĚƉƵďůŝĐĂŶĚƚŽŝŶƚƌŽĚƵĐĞ
ŶĞǁĚŝĚĂĐƚŝĐĂƉƉƌŽĂĐŚĞƐ;ďŶĞƌĂŶĚ^ĐŚƂŶ͕ϮϬϭϵͿ͘,ŽǁĞǀĞƌ͕ƚŚĞŵŽƐƚǁĞůůͲŬŶŽǁŶƉƌŽďůĞŵƐŽĨDKKƐĂƌĞƚŚĞ
ŚŝŐŚ ĚƌŽƉͲŽƵƚƌĂƚĞ ;<ŚĂůŝů ĂŶĚ ďŶĞƌ͕ ϮϬϭϰͿ ĂŶĚƚŚĞ ĚŝĨĨŝĐƵůƚLJ ŝŶ ĐĞƌƚŝĨLJŝŶŐ ĐŽƵƌƐĞƐ ŝŶ ƚŚĞĐŽŶƚĞdžƚ ŽĨ Ă ŚŝŐŚĞƌ
ĞĚƵĐĂƚŝŽŶŝŶƐƚŝƚƵƚŝŽŶ;<ŽƉƉĂŶĚďŶĞƌ͕ϮϬϭϳͿ͘/ŶϮϬϭϰ͕dh'ƌĂnjĂŶĚƚŚĞhŶŝǀĞƌƐŝƚLJŽĨ'ƌĂnjĨŽƵŶĚĞĚƚŚĞĨŝƌƐƚĂŶĚ
ĐƵƌƌĞŶƚůLJŽŶůLJDKKͲƉůĂƚĨŽƌŵ ŝŶ ƵƐƚƌŝĂ͕ĐĂůůĞĚ ŝDŽŽy ;<ŚĂůŝůĂŶĚ ďŶĞƌ͕ϮϬϭϲͿ͘ &ŽůůŽǁŝŶŐ ƚŚĞ ŝĚĞĂŽĨ ŽƉĞŶ
ĞĚƵĐĂƚŝŽŶ͕ĞĂĐŚƐŝŶŐůĞůĞĂƌŶŝŶŐŽďũĞĐƚǁŝƚŚŝŶĂĐŽƵƌƐĞŽŶŝDŽŽyŝƐƉƵďůŝƐŚĞĚǁŝƚŚĂŶŽƉĞŶůŝĐĞŶƐĞĂŶĚĐĂŶďĞ
ŝĚĞŶƚŝĨŝĞĚĂƐĂŶKƉĞŶĚƵĐĂƚŝŽŶĂůZĞƐŽƵƌĐĞ;KZͿ͘/ŶƌĞĐĞŶƚLJĞĂƌƐ͕ŵŽƌĞƚŚĂŶϲϬDKKƐŚĂǀĞďĞĞŶŽĨĨĞƌĞĚŽŶ
ŝDŽŽy͘Ăƚ͕ĂĚĚƌĞƐƐŝŶŐ ƉĞŽƉůĞĨƌŽŵĚŝĨĨĞƌĞŶƚĞĚƵĐĂƚŝŽŶĂůƐĞĐƚŽƌƐǁŝƚŚĚŝĨĨĞƌĞŶƚŝŶƚĞƌĞƐƚƐ͘/ŶƚŚĞĐŽŶƚĞdžƚ ŽĨƚŚŝƐ
ƌĞƐĞĂƌĐŚǁŽƌŬ͕ŽŶĞŽĨƚŚĞŵŽƐƚƌĞůĞǀĂŶƚĐŽƵƌƐĞƐǁĂƐƚŚĞƐŽͲĐĂůůĞĚ͞DĂƚŚĞͲ&/dͲDKK͟;'ĞƚͲ&/dͲ/ŶͲDĂƚŚͲDKKͿ͘
dŚŝƐDKKŝƐĐŽŵďŝŶĞĚǁŝƚŚĂŶŽĨĨůŝŶĞůĞĐƚƵƌĞĂŶĚĂŝŵƐƚŽĂĐƚĂƐĂƉƌĞƉĂƌĂƚŽƌLJĐŽƵƌƐĞƚŽďƌŝĚŐĞƚŚĞŬŶŽǁůĞĚŐĞ
ŐĂƉŝŶDĂƚŚďĞƚǁĞĞŶƐĐŚŽŽůĂŶĚƵŶŝǀĞƌƐŝƚLJůĞǀĞů͘
ϱ͘dŚĞWƌĞͲDKKWƌŝŶĐŝƉůĞ͗&ƌŽŵ&ůŝƉƉŝŶŐƚŚĞůĂƐƐƌŽŽŵƚŽ/ŶǀĞƌƐĞůĞŶĚĞĚ>ĞĂƌŶŝŶŐ
&ŽůůŽǁŝŶŐ ƚŚĞ ƌĞƐĞĂƌĐŚ ƐƚƵĚLJ ĂŶĚ ƚŚĞ ĚĞƐŝŐŶ ƉƌŝŶĐŝƉůĞƐ ŽĨ ďŶĞƌ Ğƚ Ăů͘ ;ϮϬϮϬͿ ƚŚĞƌĞ ĂƌĞ ƐĞǀĞŶ ůĞĂƌŶŝŶŐ ĂŶĚ
ƚĞĂĐŚŝŶŐƐĐĞŶĂƌŝŽƐƚŽƵƐĞDKKƐŝŶŚŝŐŚĞƌĞĚƵĐĂƚŝŽŶͲĨƌŽŵĂǀĞƌLJƚƌĂĚŝƚŝŽŶĂů͕ƉƵƌĞŽŶůŝŶĞĨŽƌŵƚŽĂŵŝdžďĞƚǁĞĞŶ
ĨĂĐĞͲƚŽͲĨĂĐĞĂŶĚŽŶůŝŶĞĞĚƵĐĂƚŝŽŶ͘dŚĞDKK͞'ĞƚͲ&/dͲ/ŶͲDĂƚŚ͟ĨŽůůŽǁƐƚŚĞĐŽŶĐĞƉƚŽĨĂƉƌĞͲDKK͕ŵĞĂŶŝŶŐ
ƚŚĂƚƚŚĞDKKƐƚĂƌƚƐĂŶĚĞŶĚƐďĞĨŽƌĞƚŚĞĨĂĐĞͲƚŽͲĨĂĐĞĞĚƵĐĂƚŝŽŶ;ďŶĞƌĞƚ͘Ăů͕ϮϬϮϬ͕Ɖ͘ϳϵͿ͘dŚŝƐƚLJƉĞŽĨDKK
ŝƐƵƐĞĚǁŚĞŶƐƚƵĚĞŶƚƐ;ŽƌŽƚŚĞƌůĞĂƌŶĞƌƐͿŶĞĞĚƚŽŚĂǀĞƐŽŵĞƉƌŝŽƌŬŶŽǁůĞĚŐĞŽƌŝĨƚŚĞƌĞĂƌĞƐŝŵƉůLJƐŽŵĞŽƚŚĞƌ
ƌĞƐƚƌŝĐƚŝŽŶƐŝŶƚŝŵĞŽƌƉůĂĐĞ͘

dŚĞƵŶĚĞƌůLJŝŶŐĚŝĚĂĐƚŝĐĂůĚĞƐŝŐŶŝƐĂŵŝdžďĞƚǁĞĞŶƚŚĞǁĞůůͲŬŶŽǁŶĨůŝƉƉĞĚŽƌŝŶǀĞƌƚĞĚĐůĂƐƐƌŽŽŵĂŶĚƚŚĞĐŽŶĐĞƉƚ
ŽĨ/ŶǀĞƌƐĞůĞŶĚĞĚ>ĞĂƌŶŝŶŐ͘&ůŝƉƉŝŶŐƚŚĞĐůĂƐƐƌŽŽŵŝƐƚŚĞŝĚĞĂƚŚĂƚƐƚƵĚĞŶƚƐĐĂŶƐƚƵĚLJƚŚĞĐŽŶƚĞŶƚŽĨĂůĞĐƚƵƌĞ
ĂƚŚŽŵĞ;ŵŽƐƚůLJďLJǁĂƚĐŚŝŶŐǀŝĚĞŽƐŽĨƚŚĞŝŶƐƚƌƵĐƚŝŽŶƐŽĨƚŚĞůĞĐƚƵƌĞƌƐͿĂŶĚĚŽƚŚĞŝƌ͞ŚŽŵĞǁŽƌŬ͟ŽƌĞdžĞƌĐŝƐĞƐ
ŝŶĐůĂƐƐ;>ŝĞƚĂů͕͘ϮϬϭϱͿ͘/ŶǀĞƌƐĞůĞŶĚĞĚ>ĞĂƌŶŝŶŐ;/>ͿŝƐĨŽůůŽǁŝŶŐƚŚĞŝĚĞĂƚŚĂƚĞĚƵĐĂƚŝŽŶĂŶĚƚŚĞƌĞĨŽƌĞůĞĂƌŶŝŶŐ
ŝƐĂƐŽĐŝĂůƉƌŽĐĞƐƐǁŚŝĐŚŵƵƐƚďĞĚŽŶĞďLJƚŚĞůĞĂƌŶĞƌƐƚŚĞŵƐĞůǀĞƐͲƉĞŽƉůĞŝŶƚĞƌĂĐƚŝŶŐǁŝƚŚƉĞŽƉůĞ͖ƚŚĞƚĞĂĐŚĞƌ
ŝŶƚĞƌĂĐƚŝŶŐǁŝƚŚƚŚĞůĞĂƌŶĞƌƐ͖ůĞĂƌŶĞƌƐŝŶƚĞƌĂĐƚŝŶŐǁŝƚŚƚŚĞƚĞĂĐŚĞƌĂŶĚũƵƐƚĂƐŝŵƉŽƌƚĂŶƚ͕ƚŚĞůĞĂƌŶĞƌŝŶƚĞƌĂĐƚŝŶŐ

ĞƌŶĂĚĞƚƚĞ^ƉŝĞůĞƌĞƚĂů
ǁǁǁ͘ĞũĞů͘ŽƌŐ Ϯϱϭ /^^EϭϰϳϵͲϰϰϬϯ
ǁŝƚŚŽƚŚĞƌůĞĂƌŶĞƌƐ;WƌŝĐĞĂŶĚ >ĂƉŚĂŵ͕ϮϬϬϯͿ͘tŝƚŚŽƚŚĞƌǁŽƌĚƐ͕ǁĞŚĂǀĞƚŽĞŶƐƵƌĞĂŶĚĨŽƐƚĞƌŝŶƚĞƌĂĐƚŝŽŶƚŽ
ƐƚƌĞŶŐƚŚĞŶ ƚŚĞ ůĞĂƌŶŝŶŐ ƉƌŽĐĞƐƐ ŝŶƐƚĞĂĚ ŽĨ ƌĂƚŚĞƌ ĐŽŶƐƵŵŝŶŐ ĐŽŶƚĞŶƚ͘ DKKƐ ƚƌĂĚŝƚŝŽŶĂůůLJ ůĂĐŬ ŝŶƚĞƌĂĐƚŝŽŶ͕
ǁŚŝĐŚůĞĂĚƐƚŽĂŚŝŐŚĚƌŽƉͲŽƵƚƌĂƚĞƐŝŶƚŚŽƐĞĐŽƵƌƐĞƐ;<ŚĂůŝůĂŶĚďŶĞƌ͕ϮϬϭϰͿ͘/>ĂŝŵƐƚŽďƌŝŶŐƚŚĞƉƵƌĞŽŶůŝŶĞ
ĐŽƵƌƐĞ ďĂĐŬ ƚŽ ĨĂĐĞͲƚŽͲĨĂĐĞ ĞĚƵĐĂƚŝŽŶ͘ &Žƌ ĞdžĂŵƉůĞ͕ ĚŝĨĨĞƌĞŶƚ ĨŽƌŵƐ ŽĨ ůĞĂƌŶŝŶŐ ŵĞĞƚŝŶŐƐ͕ŝŶ ƉĂƌĂůůĞů ƚŽ ƚŚĞ
DKK͕ĐĂŶďĞĂƌƌĂŶŐĞĚƚŽĞŶƐƵƌĞĚŝƐĐƵƐƐŝŽŶƐďĞƚǁĞĞŶůĞĂƌŶĞƌƐŽƌŐŝǀĞƚŚĞŵƚŚĞƉŽƐƐŝďŝůŝƚLJƚŽĞdžĐŚĂŶŐĞǁŝƚŚ
ŝŶƐƚƌƵĐƚŽƌƐŝŶĐĂƐĞŽĨĂŶLJƋƵĞƐƚŝŽŶƐ͘ŽƚŚ͕ƚŚĞƉƌŝŶĐŝƉůĞƐŽĨĨůŝƉƉĞĚĐůĂƐƐƌŽŽŵĂƐǁĞůůĂƐ/>ŝŶĐƌĞĂƐĞƚŚĞƌĞƚĞŶƚŝŽŶ
ƌĂƚĞŝŶDKKƐ;ďŶĞƌĞƚĂů͕͘ϮϬϭϳͿ͘
ϲ͘'ĂŵĞĞǀĞůŽƉŵĞŶƚĂƐĞĚ>ĞĂƌŶŝŶŐ;'>ͿŚĂůůĞŶŐĞƐĂŶĚdŽŽůƐ
'ĂŵĞĞǀĞůŽƉŵĞŶƚĂƐĞĚ>ĞĂƌŶŝŶŐ;'>ͿĐŚĂůůĞŶŐĞƐĂƌĞƉŽƉƵůĂƌŝŶŝŶƚƌŽĚƵĐƚŽƌLJƉƌŽŐƌĂŵŵŝŶŐĐŽƵƌƐĞƐĂƚĂůů
ĞĚƵĐĂƚŝŽŶĂůůĞǀĞůƐĂŶĚĂƉŽƉƵůĂƌƐƚƌĂƚĞŐLJƚŽŵŽƚŝǀĂƚĞĂŶĚĞŶŐĂŐĞƐƚƵĚĞŶƚƐŝŶ^ƚŽƉŝĐƐ;tƵĂŶĚtĂŶŐ͕ϮϬϭϮͿ͘
dŚĞĂĐƚŝǀĞ ŝŶǀŽůǀĞŵĞŶƚĂƐĚĞƐŝŐŶĞƌƐĂŶĚ ƉƌŽĚƵĐĞƌƐŽĨƚŚĞŝƌŽǁŶŐĂŵĞƐ ƉƌŽŵŽƚĞƐĐƌĞĂƚŝǀŝƚLJ͕ƉƌŽďůĞŵͲƐŽůǀŝŶŐ͕
ĂŶĚĐƌŝƚŝĐĂůƚŚŝŶŬŝŶŐƐŬŝůůƐ;sŽƐ͕ǀĂŶĚĞƌDĞŝũĚĞŶĂŶĚĞŶĞƐƐĞŶ͕ϮϬϭϭ͖zĂͲdŝŶŐĞƚĂů͕͘ϮϬϭϯͿ͘ZĞůĞǀĂŶƚŬŶŽǁůĞĚŐĞ
ŝŶ^ƐŚŽƵůĚŚĞůƉ;LJŽƵŶŐͿ ƉĞŽƉůĞƚŽĐŽŶƐŝĚĞƌŶĞǁĐĂƌĞĞƌƉĂƚŚƐƚŚĂƚĐĂŶƵůƚŝŵĂƚĞůLJ ůĞĂĚƚŽĂĨĂƐƚĞŵƉůŽLJŵĞŶƚ
ĂŶĚǁĞůůͲƉĂŝĚũŽďƐ;ƵƌŽƉĞĂŶŽŵŵŝƐƐŝŽŶ͕ϮϬϭϲͿ͘EĞǁƚĞĐŚŶŽůŽŐŝĞƐĂŶĚƚŽŽůƐĨŽƌŵĞĚƚŚĞǁĂLJƐŽĨůĞĂƌŶŝŶŐĂŶĚ
ƚĞĂĐŚŝŶŐŝŶƚŚĞ ϮϭƐƚĐĞŶƚƵƌLJ͘&Žƌ ĞdžĂŵƉůĞ͕ǁĞďͲďĂƐĞĚƚĞĐŚŶŽůŽŐŝĞƐůŝŬĞ,dD>ϱ͕ĂƐǁĞůůĂƐĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞ
ŶƵŵďĞƌŽĨŵŽĚĞƌŶƐŵĂƌƚƉŚŽŶĞƐĂŶĚƚĂďůĞƚƐ͕ŽƉĞŶĞĚƵƉŶĞǁǁĂLJƐĨŽƌŝŶŶŽǀĂƚŝǀĞĐŽĚŝŶŐĐŽŶĐĞƉƚƐ;<ĂŚŶ͕ϮϬϭϳͿ͘
'ĂŵĞĞǀĞůŽƉŵĞŶƚͲďĂƐĞĚ ĂƉƉƌŽĂĐŚĞƐĐŽƵůĚďĞĞĂƐŝůLJĂƉƉůŝĞĚ ǁŝƚŚ ďůŽĐŬͲďĂƐĞĚǀŝƐƵĂůŽƌŝĞŶƚĞĚƉƌŽŐƌĂŵŵŝŶŐ
ƚŽŽůƐ͕ůŝŬĞ^ĐƌĂƚĐŚ;ŚƚƚƉƐ͗ͬͬƐĐƌĂƚĐŚ͘ŵŝƚ͘ĞĚƵͬͿĂŶĚƐƵƉƉŽƌƚŶŽǀŝĐĞƐŝŶƚŚĞŝƌĨŝƌƐƚƉƌŽŐƌĂŵŵŝŶŐƐƚĞƉƐ;dƵŵůŝŶ͕ϮϬϭϳͿ͘
/Ŷ ϮϬϭϬ͕ ƚŚĞ ĂƚƌŽďĂƚ ƚĞĂŵ ;ŚƚƚƉƐ͗ͬͬĐĂƚƌŽďĂƚ͘ŽƌŐͿ Ăƚ dh 'ƌĂnj ĚĞǀĞůŽƉĞĚ ĂŶ ĞĚƵĐĂƚŝŽŶĂůĂƉƉ ƚŚĂƚ ĂůůŽǁƐ ƚŚĞ
ĐƌĞĂƚŝŽŶŽĨŐĂŵĞƐ͕ƐƚŽƌŝĞƐ͕ĂŶŝŵĂƚŝŽŶƐ͕ ĂŶĚŵĂŶLJƚLJƉĞƐŽĨŽƚŚĞƌĂƉƉƐĚŝƌĞĐƚůLJ ŽŶƐŵĂƌƚƉŚŽŶĞƐŽƌƚĂďůĞƚƐ͕ƐĞĞ
&ŝŐƵƌĞϮ͘
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&ŝŐƵƌĞϮ͗WŽĐŬĞƚŽĚĞ͛ƐhƐĞƌ/ŶƚĞƌĨĂĐĞ͘&ƌĞĞŽŶ'ŽŽŐůĞWůĂLJĂŶĚŝdƵŶĞƐ͘
ϳ͘ŝǀĞƌƐŝƚLJŝŶŽŵƉƵƚĞƌ^ĐŝĞŶĐĞ
dŚĞ ŝŶƚƌŽĚƵĐƚŝŽŶ ƐĞĐƚŝŽŶ ƐƚĂƚĞĚ ƚŚĞ ƉƌŽďůĞŵ͗ dŚĞ ƉĞƌĐĞŶƚĂŐĞƐ ŽĨ ĨĞŵĂůĞ ƵŶŝǀĞƌƐŝƚLJ ƐƚƵĚĞŶƚƐ ŝŶ /d ĮĞůĚƐ ŝŶ
ƵƐƚƌŝĂĐƵƌƌĞŶƚůLJǀĂƌŝĞƐďĞƚǁĞĞŶϰйƚŽϮϬйĂŶĚƚŚĞĚƌŽƉͲŽƵƚƌĂƚĞŝƐŵƵĐŚŚŝŐŚĞƌĂŵŽŶŐĨĞŵĂůĞƐƚƵĚĞŶƚƐƚŚĂŶ
ĂŵŽŶŐ ŵĂůĞ ƐƚƵĚĞŶƚƐ ;ŝŶĚĞƌ Ğƚ Ăů͕͘ ϮϬϭϳͿ͘ dŚŝƐ ůĞĂĚƐ ƚŽ Ă ƐŵĂůů ŶƵŵďĞƌ ŽĨ ĨĞŵĂůĞ ƉƌŽĨĞƐƐŝŽŶĂůƐ ŝŶ ^ ĂŶĚ
ĐŽŶƐĞƋƵĞŶƚůLJƚŽŵŝƐƐŝŶŐƌŽůĞŵŽĚĞůƐĂŶĚŵĂůĞͲĚŽŵŝŶĂƚĞĚĚĞǀĞůŽƉŵĞŶƚƚĞĂŵƐ͘
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DĂŶLJƌĞƐĞĂƌĐŚĞƌƐĐŽŶĐůƵĚĞƚŚĂƚƚŚĞƌĞŝƐŶŽŶĞĞĚƚŽ͞ĨŝdžƚŚĞǁŽŵĞŶ͕͟ďƵƚƚŽĨŝdžƚŚĞƐLJƐƚĞŵ;Ğ͘Ő͕͘DĂƐƚĞƌ͕^ĂƉŶĂ͕
ĂŶĚDĞůƚnjŽĨĨ͕ϮϬϭϲ͖ůǀĂƌĚŽ͕ĂŽ͕ĂŶĚDŝŶŶĞƐ͕ϮϬϭϳͿ͘WƌĞĚŽŵŝŶĂŶƚƐƚĞƌĞŽƚLJƉĞƐ͕ĂŶĚŵŝƐƐŝŶŐƌŽůĞŵŽĚĞůƐ;zŽƵŶŐ
ĞƚĂů͕͘ϮϬϭϯͿ͕ĂƐǁĞůůĂƐŽƚŚĞƌƐŽĐŝĂůĂŶĚ ĐƵůƚƵƌĂů ĨĂĐƚŽƌƐ ;Ğ͘Ő͕͘ ŐĞŶĚĞƌ ƌŽůĞ ƐŽĐŝĂůŝnjĂƚŝŽŶ͕ ƉĞĞƌ ŐƌŽƵƉƐͿ͕ ĞdžƉŽƐĞ
ƚĞĐŚŶŽůŽŐLJĂƐŵĂůĞͲĚŽŵŝŶĂƚĞĚĨŝĞůĚ͘'ŝƌůƐ͛ůŽǁĞƌƐĞŶƐĞŽĨďĞůŽŶŐŝŶŐĐŽƌƌĞƐƉŽŶĚƐǁŝƚŚƚŚĞĨĞĞůŝŶŐŽĨ͞>ĂĐŬŽĨ&ŝƚ͟
Žƌ͞ƚŚĞ^ĞŶƐĞŽĨEŽƚ&ŝƚƚŝŶŐ/Ŷ͟ǁŝƚŚ^ƐƚĞƌĞŽƚLJƉĞƐ͘dŚŝƐŽĐĐƵƌƐǁŚĞŶĨĞŵĂůĞ^ƐƚƵĚĞŶƚƐĨĞĞůƚŚĂƚƚŚĞLJĚŽŶŽƚ
ƌĞĐĞŝǀĞ ŚĞůƉ͕ ƋƵĞƐƚŝŽŶ ƚŚĞŝƌ ĂďŝůŝƚLJ ŝŶ ^͕ Žƌ ĨĞĞů ŝŶƚŝŵŝĚĂƚĞĚ ďLJ ŽƚŚĞƌƐ͘ /Ĩ ƚŚĞ ƉƌŽĨĞƐƐŝŽŶ ĚŽĞƐ ŶŽƚ Įƚ ƚŚĞ
͞ƚƌĂĚŝƚŝŽŶĂůŐĞŶĚĞƌŵŽĚĞů͕͟ŽŶĞŝƐ ŶŽƚĂƐůŝŬĞůLJƚŽƉƵƌƐƵĞŽƌĨĞĞůĚŝƐĐƌŝŵŝŶĂƚĞĚĂŐĂŝŶƐƚďLJƐŽŵĞŽŶĞǁŚŽĚŽĞƐ͘
dŽďĞƐŽĐŝĂůůLJĐŽŶŶĞĐƚĞĚĂŶĚƌĞƐƉĞĐƚĞĚŝƐĂƐƚƌŽŶŐŝŶŝƚŝĂůŵŽƚŝǀĂƚŽƌ;tĂůƚŽŶĂŶĚŽŚĞŶ͕ϮϬϬϳͿ͗/ƚĐĂŶ͞ĐƌĞĂƚĞĂ
ƐĞŶƐĞŽĨďĞůŽŶŐŝŶŐƚŚĂƚĐĂŶƌĞŝŶĨŽƌĐĞƐƚƵĚĞŶƚƐ͛ƐĞůĨͲĞĨĮĐĂĐLJĂŶĚĐŽŶŶĞĐƚŝŽŶƐƚŽĐŽŵŵƵŶŝƚLJƚŚĂƚƐƵƉƉŽƌƚƐƚƵĚĞŶƚ
ƉĞƌĐĞƉƚŝŽŶƐŽĨƚŚĞŝƌĂďŝůŝƚLJǁŝƚŚŝŶƚŚĞĮĞůĚ͟;sĞŝůůĞƵdžĞƚĂů͕͘ϮϬϭϯ͕Ɖ͘ϲϰͿ͘dŚŝƐŝƐŝŵƉŽƌƚĂŶƚŝŶƐƚƵĚĞŶƚƐ͛ĚĞĐŝƐŝŽŶ
ƚŽƉƵƌƐƵĞ/dĂŶĚŚĞůƉƐƚŽŝĚĞŶƚŝĨLJǁŝƚŚƚŚĞĮĞůĚ;ĞLJĞƌ͕ϮϬϭϲͿ͘^ŝŶĐĞƚŚĞƐƚĞƌĞŽƚLJƉĞŝŶ/dŝƐŵŽƌĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚ
ĂŵĂůĞƌŽůĞ͕ĨĞŵĂůĞƚĞĞŶĂŐĞƌƐĂƌĞůĞƐƐůŝŬĞůLJƚŽĨĞĞůĂƐĞŶƐĞŽĨďĞůŽŶŐŝŶŐǁŝƚŚƚŚĞƐĞƐƚĞƌĞŽƚLJƉĞƐ;ŚĞƌLJĂŶ͕ϮϬϭϮ͖

dŚĞůĞĐƚƌŽŶŝĐ:ŽƵƌŶĂůŽĨĞͲ>ĞĂƌŶŝŶŐsŽůƵŵĞϭϴ/ƐƐƵĞϯϮϬϮϬ
ǁǁǁ͘ĞũĞů͘ŽƌŐ ϮϱϮ ΞW/>
DĂƐƚĞƌ͕^ĂƉŶĂĂŶĚDĞůƚnjŽĨĨ͕ϮϬϭϲͿ͘ůůŽĨƚŚĞƐĞĨĂĐƚŽƌƐŵĂŬĞLJŽƵŶŐǁŽŵĞŶƋƵĞƐƚŝŽŶǁŚĞƚŚĞƌƚŚĞŝƌĂďŝůŝƚŝĞƐĂŶĚ
ŝŶƚĞƌĞƐƚƐĂƌĞŚĂƌŵŽŶŝŽƵƐǁŝƚŚƚŚĞŝƌƐĞůĞĐƚĞĚĮĞůĚ͘
ϴ͘DĞƚŚŽĚƐ
dŽĞdžƉůŽƌĞƚŚĞDKKĐŽŶĐĞƉƚĂƐĂƐƵƉƉŽƌƚŝǀĞƚŽŽůĨŽƌĨĞŵĂůĞĨŝƌƐƚƐĞŵĞƐƚĞƌƐƚƵĚĞŶƚƐƚŽŐĂŝŶŬŶŽǁůĞĚŐĞŝŶ^
ĂŶĚƉƌŽŐƌĂŵŵŝŶŐ͕ǁĞĚĞǀĞůŽƉĞĚĂŶĞǁ^ƉƌĞͲDKK͘dŚŝƐDKK͕ǁŝƚŚƚŚĞƚŝƚůĞ͞'Ğƚ&/dŝŶŽŵƉƵƚĞƌ^ĐŝĞŶĐĞ͕͟
ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ĞdžƉĞƌŝĞŶĐĞƐ ĂŶĚ ĨĞĞĚďĂĐŬ ŐĂŝŶĞĚ ĨƌŽŵ ƚŚĞ ŽďůŝŐĂƚŽƌLJ ůĞĐƚƵƌĞ ͞ĞƐŝŐŶ LJŽƵƌ ŽǁŶ ƉƉ͟ ĂŶĚ
ĨŽůůŽǁĞĚƚŚĞƉƌŝŶĐŝƉůĞŽĨƚŚĞ͞'Ğƚ&/dŝŶDĂƚŚ͟DKK͘͞'Ğƚ&/dŝŶ^͟ǁĂƐůĂƵŶĐŚĞĚŽŶƵŐƵƐƚϱƚŚ͕ϮϬϭϵŽŶƚŚĞ
ŝDŽŽyͲƉůĂƚĨŽƌŵĂŶĚǁĂƐŽĨĨĞƌĞĚŝŶĐŽŵďŝŶĂƚŝŽŶǁŝƚŚĂŶŽĨĨůŝŶĞůĞĐƚƵƌĞĂƚdh'ƌĂnj͘
ϵ͘ZĞƐĞĂƌĐŚĞƐŝŐŶ
dŚĞǀŽůƵŶƚĂƌLJůĞĐƚƵƌĞ͞ĞƐŝŐŶLJŽƵƌŽǁŶƉƉ͟ǁĂƐ ŝŶƚƌŽĚƵĐĞĚ ŝŶ ƚŚĞ ƐƵŵŵĞƌƚĞƌŵƐŽĨϮϬϭϴĂŶĚϮϬϭϵ ĨŽƌ Ăůů
ƐƚƵĚĞŶƚƐĂƚ ƚŚĞ hŶŝǀĞƌƐŝƚLJ ŽĨ 'ƌĂnj͘  ƚŽƚĂů ŽĨ ϮϬϮ ƐƚƵĚĞŶƚƐĨƌŽŵ ĚŝǀĞƌƐĞ ĚĞŐƌĞĞ ƉƌŽŐƌĂŵƐ ĂƚƚĞŶĚĞĚ ƚŚĞ ĨŝƌƐƚ
ůĞĐƚƵƌĞ͘ŵĂũŽƌŝƚLJŽĨƐƚƵĚĞŶƚƐ;ϰϯ͘ϴϮйͿĐĂŵĞĨƌŽŵƚŚƌĞĞĚĞŐƌĞĞƉƌŽŐƌĂŵƐ͗ϭϳ͘ϵϴйĨƌŽŵƚĞĂĐŚĞƌƚƌĂŝŶŝŶŐƐƚƵĚŝĞƐ
;Ğ͘Ő͕͘ƐƚƵĚLJŝŶŐĂůĂŶŐƵĂŐĞ͕ŵĂƚŚƐ͕ŐĞŽŐƌĂƉŚLJ͕ƉŚLJƐŝĐƐͿ͕ϭϱ͘ϳϯйĨƌŽŵƵƐŝŶĞƐƐDĂŶĂŐĞŵĞŶƚĂŶĚĐŽŶŽŵŝĐƐ͕ĂŶĚ
ϭϬ͘ϭϭйĨƌŽŵ^͘ƉĞƌĐĞŶƚĂŐĞŽĨϱϲ͘ϭϴйĐĂŵĞĨƌŽŵϭϮϬĚŝĨĨĞƌĞŶƚĚĞŐƌĞĞƉƌŽŐƌĂŵƐ͕ŝŶĐůƵĚŝŶŐƉƐLJĐŚŽůŽŐLJ͕ůĞŐĂů
ƐĐŝĞŶĐĞƐ͕ŵŽůĞĐƵůĂƌďŝŽůŽŐLJ͕ƐŽĐŝŽůŽŐLJ͕ŚŝƐƚŽƌLJ͕ĐŚĞŵŝƐƚƌLJ͕ŽƌƉŚŝůŽƐŽƉŚLJ͘dŚŝƐǀĂƌŝĞƚLJŽĨƐƚƵĚĞŶƚƐǁĂƐŝŵƉƌĞƐƐŝǀĞ͘
dŚĞŐŽĂůŽĨƚŚĞůĞĐƚƵƌĞ ǁĂƐƚŽϭͿƐƚŝŵƵůĂƚĞĐŽŵƉƵƚĂƚŝŽŶĂůƚŚŝŶŬŝŶŐƐŬŝůůƐ͕ďLJ ƵƐŝŶŐůŽŐŝĐĂůƉƵnjnjůĞƐ;Ğ͘Ő͕͘ĞĂǀĞƌ
ĐŚĂůůĞŶŐĞƐͿ͕ĂŶĚϮͿĨŽƐƚĞƌƉĂƌƚŝĐŝƉĂƚŝŽŶĂŶĚĐƌĞĂƚŝǀĞƚŚŝŶŬŝŶŐǀŝĂƚŚĞŐĂŵĞͲŵĂŬŝŶŐĂŶĚĐŽĚŝŶŐƚŽŽůWŽĐŬĞƚŽĚĞ͘
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dŚĞŶĞǁůLJĚĞƐŝŐŶĞĚDKK͞'Ğƚ&/dŝŶ^͟ĐŽŶƐŝƐƚƐŽĨƐĞǀĞŶůĞĐƚƵƌĞƐ͕ǁŚŝĐŚĂƌĞƉƌĞƐĞŶƚĞĚŝŶ&ŝŐƵƌĞϯ͘/ƚŝƐƐƚŝůů
ƉŽƐƐŝďůĞ ƚŽ ƌĞŐŝƐƚĞƌ ĨŽƌ ƚŚĞ ĐŽƵƌƐĞ ďLJ ĨŽůůŽǁŝŶŐ ƚŚĞ ůŝŶŬ͗ ŚƚƚƉƐ͗ͬͬŝŵŽŽdž͘ĂƚͬŵŽŽĐͬŐŽͬ/ŶĨŽͲ&ŝƚϭϵ͘ dŚĞ DKK
ƉƌŽǀŝĚĞƐ Ă ŐĞŶĞƌĂů ŝŶƚƌŽĚƵĐƚŝŽŶ ƚŽ ƚŚĞ ĨŝĞůĚ ŽĨ ^ ĂŶĚ ƉƌŽŐƌĂŵŵŝŶŐ͘ ĞƐŝĚĞƐ ǀŝĚĞŽƐ͕ ƚŚĞ DKK ŝŶĐůƵĚĞƐ
ŝŶƚĞƌĂĐƚŝǀĞĞdžĞƌĐŝƐĞƐ;Ğ͘Ő͕͘ŐĂƉƚĞdžƚ͕ƚŝŵĞůŝŶĞƐͿĂŶĚƉƌŽŐƌĂŵŵŝŶŐƚĂƐŬƐ͘^ƚƵĚĞŶƚƐǁŚŽƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞDKK
ǁĞƌĞ ƐƵƉƉŽƐĞĚ ƚŽ ĂƉƉůLJ ŐĂŵĞ ĚĞƐŝŐŶ ƐƚƌĂƚĞŐŝĞƐ ďLJ ƵƐŝŶŐ WŽĐŬĞƚ ŽĚĞ ĂŶĚ ǁŚŝůĞ ůĞĂƌŶŝŶŐ ƚŚĞ ďĂƐŝĐƐ ŽĨ
ƉƌŽŐƌĂŵŵŝŶŐ ǁŝƚŚ WLJƚŚŽŶ ĂŶĚ :ĂǀĂ͘ ǀĞƌLJ ůĞĐƚƵƌĞ ŝŶĐůƵĚĞĚ ĞdžĞƌĐŝƐĞƐ ;Ğ͘Ő͘ ƚŽ ǁƌŝƚĞ ƉƐĞƵĚŽĐŽĚĞ͕ ĞdžĞĐƵƚĞ
ĂƐƐĞŵďůĞƌĐŽŵŵĂŶĚƐ͕ƐŽůǀĞƚĂƐŬƐŽĨƚŚĞ͞ĞďƌĂƐĐŚĂůůĞŶŐĞƐ͟Ϳ͕ĂŶĚƐĞůĨͲĂƐƐĞƐƐŵĞŶƚƋƵĞƐƚŝŽŶƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶ
Ă ŵƵůƚŝƉůĞͲĐŚŽŝĐĞ ĨŽƌŵĂƚ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ƐƚƵĚĞŶƚƐ ǁĞƌĞ ĞŶĐŽƵƌĂŐĞĚ ƚŽ ƉŽƐƚ ĂŶĚ ĚŝƐĐƵƐƐ ƚŚĞŝƌ ƌĞƐƵůƚƐ ŝŶ ƚŚĞ
ĐŽƌƌĞƐƉŽŶĚŝŶŐ ŽŶůŝŶĞ ĨŽƌƵŵƐ ĂŶĚ ƌĞĐĞŝǀĞĚ ĨĞĞĚďĂĐŬ ĨƌŽŵ ƚŚĞ ĐŽƵƌƐĞ ůĞĂĚĞƌƐ ĂŶĚͬŽƌ ƚŚĞŽƚŚĞƌ ƉĂƌƚŝĐŝƉĂŶƚƐ ͘
WĂƌƚŝĐŝƉĂŶƚƐǁŚŽĐŽŵƉůĞƚĞĚĂůůƐĞǀĞŶůĞĐƚƵƌĞƐŚĂĚƚŽĨŝůůŽƵƚĂĨŝŶĂůƐƵƌǀĞLJĂŶĚƌĞĐĞŝǀĞĂĐĞƌƚŝĨŝĐĂƚĞ͘
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&ŝŐƵƌĞϯ͗dŚĞDKK͞'Ğƚ&/dŝŶ^͟ĐŽŶƐŝƐƚƐŽĨƐĞǀĞŶůĞĐƚƵƌĞƐ͘dŚĞĐŽŶƚĞŶƚŽĨĞĂĐŚůĞĐƚƵƌĞŝƐƌĞƉƌĞƐĞŶƚĞĚďLJĂ
ĐĞŶƚƌĂůƋƵĞƐƚŝŽŶ
dŚŝƐDKKǁĂƐŽĨĨĞƌĞĚŝŶĐŽŵďŝŶĂƚŝŽŶǁŝƚŚĂŶŽĨĨůŝŶĞůĞĐƚƵƌĞĂƚdh'ƌĂnj͘dŚĞŝĚĞŶƚŝĐĂůůLJŶĂŵĞĚůĞĐƚƵƌĞƚŽŽŬ
ƉůĂĐĞŽŶĨŝǀĞĐŽŶƐĞĐƵƚŝǀĞĚĂLJƐ͕ďĞƚǁĞĞŶƚŚĞϭϴƚŚĂŶĚƚŚĞϮϱƚŚŽĨ^ĞƉƚĞŵďĞƌϮϬϭϵ͕ ĂŶĚůĂƐƚĞĚƚǁŽŚŽƵƌƐƉĞƌ
ĚĂLJ͘dŚĞůĞĐƚƵƌĞĨŽůůŽǁĞĚƚŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞDKKĂŶĚĂŝŵĞĚƚŽƌĞƉĞĂƚƚŚĞŵĂŝŶƚŽƉŝĐƐŽĨƚŚĞDKK͕ƉƌĂĐƚŝĐĞ
ĐŽŵƉƵƚĂƚŝŽŶĂůƚŚŝŶŬŝŶŐ͕ĂŶĚƉƌĞƉĂƌĞƐƚƵĚĞŶƚƐĨŽƌƵƉĐŽŵŝŶŐĐŚĂůůĞŶŐĞƐŝŶƚŚĞŝƌĚĞŐƌĞĞƉƌŽŐƌĂŵĂƚƚŚĞƵŶŝǀĞƌƐŝƚLJ͘
&Žƌ ŵŽƐƚ ŽĨ ƚŚĞ ƐƚƵĚĞŶƚƐ ƚŚŝƐ ůĞĐƚƵƌĞ ǁĂƐ ƚŚĞŝƌ ĨŝƌƐƚ ůĞĐƚƵƌĞ Ăƚ dh 'ƌĂnj͘ dŚƵƐ͕ ƚŚĞ ůĞĐƚƵƌĞƌ ĂůƐŽ ĨŽĐƵƐĞƐ ŽŶ
ŽƌŐĂŶŝnjĂƚŝŽŶĂůĚĞƚĂŝůƐ;Ğ͘Ő͘t>EĂĐĐĞƐƐ͕ůĞĂƌŶŝŶŐŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵͿ͘^ƚƵĚĞŶƚƐƌĞĐĞŝǀĞĚĂŐƌĂĚĞĂŶĚϭ͘ϱd^

ĞƌŶĂĚĞƚƚĞ^ƉŝĞůĞƌĞƚĂů
ǁǁǁ͘ĞũĞů͘ŽƌŐ Ϯϱϯ /^^EϭϰϳϵͲϰϰϬϯ
ŝĨ ƚŚĞLJ ĐŽŵƉůĞƚĞĚ ƚŚĞ DKK ďLJ ƚŚĞ ϮϱƚŚ ŽĨ ^ĞƉƚĞŵďĞƌ͕ ĂƚƚĞŶĚĞĚ ϴϬй ŽĨ ƚŚĞ ŽĨĨůŝŶĞ ůĞĐƚƵƌĞ͕ ƐƵďŵŝƚƚĞĚ
ŚŽŵĞǁŽƌŬƚĂƐŬƐ;Ğ͘Ő͕͘ĂWLJƚŚŽŶƉƌŽŐƌĂŵͿ͕ĂŶĚƐƵďŵŝƚƚĞĚĂŶĚƉĞĞƌƌĞǀŝĞǁĞĚĂWŽĐŬĞƚŽĚĞ ŐĂŵĞ͘ ƵƌŝŶŐƚŚĞ
ůĞĐƚƵƌĞ͕ĞdžĞƌĐŝƐĞƐǁĞƌĞĚŝƐĐƵƐƐĞĚǁŝƚŚƚŚĞƐƚƵĚĞŶƚƐŝŶĂŶŝŶƚĞƌĂĐƚŝǀĞǁĂLJ͕ƌĂŶŐŝŶŐĨƌŽŵĂ^ͲƵŶƉůƵŐŐĞĚŚƵŵĂŶ
ďŝŶĂƌLJĐŽƵŶƚĞƌƚŽĂĚĞŵŽŶƐƚƌĂƚŝǀĞĞdžƉůĂŶĂƚŝŽŶŽĨƚŚĞďƵďďůĞƐŽƌƚĂůŐŽƌŝƚŚŵĂŶĚƚĂƐŬƐŽĨƚŚĞ͞ĞďƌĂƐ͟ŝŶŝƚŝĂƚŝǀĞ
;ƐĞĞ^ĞĐƚŝŽŶϮ͘ϭͿ͘
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dŽĂƚƚƌĂĐƚŵŽƌĞĨĞŵĂůĞƐƚƵĚĞŶƚƐ͕ǁĞƚƌŝĞĚƚŽĐŽƵŶƚĞƌĂĐƚƐƚĞƌĞŽƚLJƉĞƐĂŶĚĐůĂƌŝĨLJĞdžƉĞĐƚĂƚŝŽŶƐ͘&ŝƌƐƚŽĨĂůů͕ŶĞĂƌůLJ
ĂůůǀŝĚĞŽƐŝŶƚŚĞDKKƐŚŽǁĂĨĞŵĂůĞƐƉĞĂŬĞƌ;ƚŚĞůĞĐƚƵƌĞƌƐͿ͘^ĞĐŽŶĚůLJ͕ŝŶůĞĐƚƵƌĞŽŶĞ͕ĂǀŝĚĞŽǁĂƐĐƌĞĂƚĞĚƚŽ
ƉŽƌƚƌĂLJĨĂŵŽƵƐĨĞŵĂůĞ;ĐŽŵƉƵƚĞƌͿƐĐŝĞŶƚŝƐƚƐ͘dŚĞŽƌŐĂŶŝnjĞƌƐĂůƐŽĚĞĐŝĚĞĚƚŽ ƵƐĞ Ă ŐĂŵĞ ĚĞƐŝŐŶĂƉƉƌŽĂĐŚƚŽ
ŚŝŐŚůŝŐŚƚŚŽǁƉƌŽŐƌĂŵŵŝŶŐŝƐ ĂŚŝŐŚůLJĐƌĞĂƚŝǀĞƉƌŽĐĞƐƐ͘ŽŵƉůĞƚĞĚŐĂŵĞƐĐŽƵůĚďĞƉƌĞƐĞŶƚĞĚŽŶĂǀŽůƵŶƚĂƌLJ
ďĂƐŝƐ ŽŶ ƚŚĞ ůĂƐƚ ĚĂLJ ŽĨ ƚŚĞ ůĞĐƚƵƌĞ͘ ƵƌŝŶŐ ƚŚĞ ŽĨĨůŝŶĞ ůĞĐƚƵƌĞ͕ ďŽƚŚ ĨĞŵĂůĞ ůĞĐƚƵƌĞƌƐ ƵƐĞĚ ŐĞŶĚĞƌͲƐĞŶƐŝďůĞ
ůĂŶŐƵĂŐĞĂŶĚƚĂůŬĞĚĂďŽƵƚĨĞŵĂůĞĂĐŚŝĞǀĞŵĞŶƚƐ͕ǁŚŝĐŚƌĞĐĞŝǀĞĚŵĂŶLJƉŽƐŝƚŝǀĞƌĞĂĐƚŝŽŶƐ͘/ŶŽƌĚĞƌƚŽĞůĂďŽƌĂƚĞ
ƚŚĞƉƌŽĐĞƐƐŽĨĂƐŬŝŶŐƋƵĞƐƚŝŽŶƐĚƵƌŝŶŐƚŚĞůĞĐƚƵƌĞ͕ĂŶĂƵĚŝĞŶĐĞƌĞƐƉŽŶƐĞƐLJƐƚĞŵ;Z^ͿǁĂƐƵƐĞĚ͘
ϭϬ͘ĂƚĂŽůůĞĐƚŝŽŶWƌŽĐĞƐƐ
ĂƚĂǁĂƐĐŽůůĞĐƚĞĚŝŶƚŚƌĞĞƉŚĂƐĞƐ͗ϭͿŽŶůŝŶĞƋƵĞƐƚŝŽŶŶĂŝƌĞƐĂĨƚĞƌƐƚƵĚĞŶƚƐĐŽŵƉůĞƚĞĚƚŚĞDKK͕ϮͿĚƵƌŝŶŐƚŚĞ
ůĞĐƚƵƌĞǁŝƚŚƚŚĞŚĞůƉŽĨĂƵĚŝĞŶĐĞƌĞƐƉŽŶƐĞƐLJƐƚĞŵƐ;Z^Ϳ͕ůĞĐƚƵƌĞĞǀĂůƵĂƚŝŽŶƐ͕ĂŶĚƐƵďŵŝƚƚĞĚŐĂŵĞƐ͕ĂŶĚϯͿĂ
ƋƵĞƐƚŝŽŶŶĂŝƌĞƚǁŽ ŵŽŶƚŚƐ ĂĨƚĞƌ ƚŚĞ ůĞĐƚƵƌĞ ĚƵƌŝŶŐ ƚŚĞĨŝƌƐƚƐĞŵĞƐƚĞƌĐŽƵƌƐĞ ͞&ŽƵŶĚĂƚŝŽŶŽĨ^͘͟ƚdh'ƌĂnj͕
ƐƚƵĚĞŶƚƐŽĨ^ŶĞĞĚƚŽƉĂƐƐƚŚĞĐŽƵƌƐĞ͞&ŽƵŶĚĂƚŝŽŶƐŽĨ^͟ĂƐƉĂƌƚŽĨƚŚĞŽƌŝĞŶƚĂƚŝŽŶƉĞƌŝŽĚ;^dKWͿ͘dŚĞƌĞĨŽƌĞ͕
ƐƚƵĚĞŶƚƐŽĨƚŚĞĐŽƵƌƐĞǁĞƌĞĂƐŬĞĚ ƚŽĨŝůůŽƵƚĂƋƵĞƐƚŝŽŶŶĂŝƌĞ ĐŽŶĐĞƌŶŝŶŐƚŚĞŝƌĞdžƉĞƌŝĞŶĐĞƐĂŶĚŝŵƉƌĞƐƐŝŽŶƐŽĨ
ƚŚĞůĂƐƚƚŚƌĞĞŵŽŶƚŚƐ͘dĂďůĞϭƉƌŽǀŝĚĞƐĂŶŽǀĞƌǀŝĞǁŽĨƚŚĞĚĂƚĂĐŽůůĞĐƚŝŽŶƉƌŽĐĞƐƐĂƚƚŚĞĚŝĨĨĞƌĞŶƚƚŝŵĞƐ͘
dĂďůĞϭ͗ŚƌŽŶŽůŽŐŝĐĂůŽǀĞƌǀŝĞǁŽĨƚŚĞĚĂƚĂĐŽůůĞĐƚŝŽŶƉƌŽĐĞƐƐ
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ΎdŚŝƐƐƵƌǀĞLJŝƐƉĂƌƚŽĨĞǀĞƌLJDKKŽŶŝDŽŽy͘
ΎΎƵƌŝŶŐ ƚŚĞ ůĞĐƚƵƌĞ͕ ƚŚĞ Z^ ͞ĨĞĞĚďĂĐŬƌ͟ ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĨĞĞĚďĂĐŬƌ͘ŝŽͬͿǁĂƐƵƐĞĚƚŽĂůůŽǁƐƚƵĚĞŶƚƐƚŽĂƐŬ
ƋƵĞƐƚŝŽŶƐ ĂŶĚ ƚŽ ŐŝǀĞ ƐƵŐŐĞƐƚŝŽŶƐ ĂďŽƵƚ ƚŚĞ ĐŽŶƚĞŶƚ ĂŶĚ ŽƌŐĂŶŝƐĂƚŝŽŶ ŽĨ ƚŚĞ ĐŽƵƌƐĞ ŝŶ ĂŶ ĂŶŽŶLJŵŽƵƐ ǁĂLJ͘
&ĞĞĚďĂĐŬƌŝƐ Ă ǁĞďĂƉƉůŝĐĂƚŝŽŶ͕ǁŚŝĐŚĂůůŽǁƐƐƚƵĚĞŶƚƐƚŽ ĂĐĐĞƐƐ ĂƐƵƌǀĞLJďLJĞŶƚĞƌŝŶŐĂĚĞĨŝŶĞĚ ƐĞƐƐŝŽŶ ĐŽĚĞ͕
ĂǀĂŝůĂďůĞǀŝĂ;ŵŽďŝůĞͿĚĞǀŝĐĞƐ͘
ΎΎΎdŚĞƋƵĞƐƚŝŽŶŶĂŝƌĞǁĂƐ ŐĞŶĞƌĂƚĞĚ ǁŝƚŚ >ŝŵĞ^ƵƌǀĞLJ ;ŚƚƚƉƐ͗ͬͬǁǁǁ͘ůŝŵĞƐƵƌǀĞLJ͘ŽƌŐͬͿ͕ĂŶŽƉĞŶƐŽƵƌĐĞŽŶůŝŶĞ
ƐƵƌǀĞLJƚŽŽůǁŚŝĐŚĂůůŽǁƐƚŚĞĐƌĞĂƚŝŽŶŽĨƐĞĐƵƌĞĂŶĚĂŶŽŶLJŵŽƵƐƐƵƌǀĞLJƐ͘
ϭϭ͘ĂƚĂŶĂůLJƐŝƐ
tŝƚŚƚŚĞŚĞůƉŽĨƋƵĞƐƚŝŽŶŶĂŝƌĞƐ͕ǁĞĐŽůůĞĐƚĞĚƋƵĂŶƚŝƚĂƚŝǀĞĂŶĚƋƵĂůŝƚĂƚŝǀĞĚĂƚĂ͘YƵĂŶƚŝƚĂƚŝǀĞŵĞĂƐƵƌĞƐǁĞƌĞ
ƵƐĞĚ ƚŽ ĞǀĂůƵĂƚĞ ƚŚĞ DKK ŝƚƐĞůĨ͕ ǁŚŝůĞ ƋƵĂůŝƚĂƚŝǀĞ ŵĞĂƐƵƌĞƐ ǁĞƌĞ ƵƐĞĚ ƚŽ ĂƐŬ ŽƉĞŶ ƋƵĞƐƚŝŽŶƐ ĂďŽƵƚ
ŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚĞŶŚĂŶĐĞŵĞŶƚƐ͕ƚŚƵƐĞdžƉůŽƌŝŶŐƚŚĞĐŽŶĐĞƉƚŽĨĂƉƌĞͲDKKŵŽƌĞďƌŽĂĚůLJ͘&ŽƌĞǀĂůƵĂƚŝŽŶ͕ƚǁŽ
ŬŝŶĚƐŽĨϱͲƉŽŝŶƚ>ŝŬĞƌƚ^ĐĂůĞƐǁĞƌĞƵƐĞĚ;^ƵůůŝǀĂŶĂŶĚƌƚŝŶŽ͕ϮϬϭϯͿ͘dŚĞĨŝƌƐƚĂƐŬĞĚĨŽƌĂŐƌĞĞŵĞŶƚͬĚŝƐĂŐƌĞĞŵĞŶƚ
;ϭ͗ƐƚƌŽŶŐůLJĂŐƌĞĞ͕Ϯ͗ĂŐƌĞĞ͕ϯ͗ƉĂƌƚůLJ͕ϯ͗ĚŝƐĂŐƌĞĞ͕ĂŶĚϰ͗ƐƚƌŽŶŐůLJĚŝƐĂŐƌĞĞͿ͕ĂŶĚƚŚĞƐĞĐŽŶĚƵƐĞĚĂŐƌĂĚŝŶŐƐLJƐƚĞŵ
;ϭ͗ŚŝŐŚĞƐƚƚŽϱ͗ůŽǁĞƐƚͿ͘
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&ŽƌƚŚĞŐĂŵĞĂŶĂůLJƐŝƐ͕ŽŶĞĨŝŶĂůŐĂŵĞǁŝůůƐĞƌǀĞĂƐĂŶĞdžĂŵƉůĞĂŶĚǁŝůůďĞĚĞƐĐƌŝďĞĚŝŶŵŽƌĞĚĞƚĂŝů͘&ŝƌƐƚƐƚƵĚĞŶƚƐ
ŚĂĚƚŽŐĞŶĞƌĂƚĞĂƐƚŽƌLJďŽĂƌĚƚŽĚĞĨŝŶĞƚŚĞŐĞŶƌĞ͕ƚŚĞŵĞ͕ĂŶĚŐŽĂůŽĨƚŚĞŝƌŐĂŵĞ;^ƉŝĞůĞƌĂŶĚ^ůĂŶLJ͕ϮϬϭϴͿ͘dŚĞƐĞ
ŐĂŵĞĚĞƐŝŐŶƐƚƌĂƚĞŐŝĞƐĂŶĚĚĞĐŝƐŝŽŶƐǁĞƌĞƉĂƌƚŽĨƚŚĞDKKůĞĐƚƵƌĞϲ͘^ĞĐŽŶĚ͕ƚŚĞLJĐƌĞĂƚĞĚƐŵĂůůŐĂŵĞƐǁŚŝĐŚ
ƐŚŽƵůĚŚĂǀĞĨƵůĨŝůůĞĚƚŚĞĨŽůůŽǁŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͗ƐƚŝĐŬƚŽĂĐŽŶĐŝƐĞƐƚƌƵĐƚƵƌĞ;ƚŝƚůĞ͕ŝŶƚƌŽĚƵĐƚŝŽŶ͕ĞŶĚƐĐƌĞĞŶͿ͕ƵƐĞ
ĚŝĨĨĞƌĞŶƚDĞĐŚĂŶŝĐƐ͕LJŶĂŵŝĐƐ͕ĂŶĚĞƐƚŚĞƚŝĐƐ;DͿ;ŵŝŶ͘ϯ͕Ğ͘Ő͕͘ƉŽŝŶƚƐ͕ůĞǀĞůƐ͕ŶĂƌƌĂƚŝǀĞͿ͕ĂŶĚƐĞƚƚŚĞůĞǀĞůŽĨ
ĐŽŶƚƌŽů͘DƐĂƌĞĚĞĨŝŶĞĚĂƐŬĞLJĐŽŵƉŽŶĞŶƚƐƌĞƋƵŝƌĞĚĨŽƌďƵŝůĚŝŶŐŐĂŵĞƐ;,ƵŶŝĐŬĞĞƚĂů͕͘ϮϬϬϰͿ͘dŚĞůĞǀĞůŽĨ
ĐŽŶƚƌŽůƌĞƋƵŝƌĞƐƐƚƵĚĞŶƚƐƚŽŝŶƚĞŐƌĂƚĞĚŝĨĨĞƌĞŶƚĐŽŶĐĞƉƚƐĨŽƌŵŽǀŝŶŐŽďũĞĐƚƐƐƵĐŚĂƐĂŶŝŵĂƚŝŽŶƐŽƌƚŽƵĐŚͲĂĐƚŝŽŶƐ
;ƐŝŵƉůĞͿ͕ĚĞǀŝĐĞƐĞŶƐŽƌƐŽƌďƵƚƚŽŶƐ;ĂĚǀĂŶĐĞĚͿ͕ŽƌĐůŽŶĞƐŽƌƉŚLJƐŝĐƐďƌŝĐŬƐ;ĞdžƉĞƌƚͿ͘
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dŚĞůĞĐƚƌŽŶŝĐ:ŽƵƌŶĂůŽĨĞͲ>ĞĂƌŶŝŶŐsŽůƵŵĞϭϴ/ƐƐƵĞϯϮϬϮϬ
ǁǁǁ͘ĞũĞů͘ŽƌŐ Ϯϱϰ ΞW/>
ϭϮ͘ZĞƐƵůƚƐĂŶĚŝƐĐƵƐƐŝŽŶ
ĂƐĞĚŽŶ ƚŚĞĚĂƚĂĐŽůůĞĐƚŝŽŶĂŶĚĂŶĂůLJƐŝƐ͕ƚŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶƉƌĞƐĞŶƚƐƚŚĞ ŵĂŝŶƌĞƐƵůƚƐĂŶĚĨŝŶĚŝŶŐƐŽĨ ƚŚĞ
DKK͕ƚŚĞŽĨĨůŝŶĞůĞĐƚƵƌĞĂŶĚƚŚĞƉŽƐƚƋƵĞƐƚŝŽŶŶĂŝƌĞ͕ƐŚŽǁƐĚŝĨĨĞƌĞŶƚĞŶŐĂŐĞŵĞŶƚůĞǀĞůƐ͕ĂŶĚƉƌŽǀĞƐƚŚĂƚƚŚĞ
ƉƌĞͲDKK͞'Ğƚ&ŝƚŝŶ^͟ĂĐƚƐĂƐĂƐƵĐĐĞƐƐĨƵůĞdžĂŵƉůĞŽĨĂƉƌĞƉĂƌĂƚŽƌLJĐŽƵƌƐĞĨŽƌĞŶƚĞƌŝŶŐƚŚĞĨŝĞůĚŽĨ^͘
ϭϯ͘DKK
WĂƌƚŝĐŝƉĂŶƚƐ͗ƚƚŚĞĞŶĚŽĨ^ĞƉƚĞŵďĞƌϮϬϭϵ͕ĂŐƌŽƵƉŽĨϲϰϯƉĂƌƚŝĐŝƉĂŶƚƐƐŝŐŶĞĚƵƉĨŽƌƚŚĞDKK͘/ŶƚŽƚĂů͕Ϯϯϳ
ƉĂƌƚŝĐŝƉĂŶƚƐĐŽŵƉůĞƚĞĚƚŚĞĨŝƌƐƚůĞĐƚƵƌĞ͕ϭϴϭƚŚĞƐĞĐŽŶĚ͕ϭϯϭƚŚĞƚŚŝƌĚ͕ϭϬϰƚŚĞĨŽƵƌƚŚ͕ϵϯƚŚĞĨŝĨƚŚ͕ϴϭƚŚĞƐŝdžƚŚ͕
ĂŶĚ ϳϲ ĐŽŵƉůĞƚĞĚ ƚŚĞ ƐĞǀĞŶƚŚ ĂŶĚ ůĂƐƚ ůĞĐƚƵƌĞ͘ ,ĞŶĐĞ͕ ϭϮй ŽĨ ƚŚĞ ƉĂƌƚŝĐŝƉĂŶƚƐ ĐŽŵƉůĞƚĞĚ ƚŚĞ DKK͘ dŚĞ
ĂǀĞƌĂŐĞĂŐĞŽĨƚŚĞƉĂƌƚŝĐŝƉĂŶƚƐǁĂƐϮϳ͘ϬϭLJĞĂƌƐ͕ǁŚŝůĞϲϬ͘ϲϭйǁĞƌĞŵĂůĞĂŶĚϯϵ͘ϯϵйǁĞƌĞĨĞŵĂůĞ͘DŽƐƚŽĨƚŚĞ
ƉĂƌƚŝĐŝƉĂŶƚƐǁĞƌĞĨƌŽŵƵƐƚƌŝĂ;ϴϮ͘ϴϯйͿ͕ĂŶĚϭϰ͘ϭϰйĨƌŽŵŽƚŚĞƌ'ĞƌŵĂŶƐƉĞĂŬŝŶŐĐŽƵŶƚƌŝĞƐ͘&ŝŐƵƌĞϰŝůůƵƐƚƌĂƚĞƐ
ƚŚĞĂŶƐǁĞƌƐŽĨƚŚĞŽŶůŝŶĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘WĂƌƚŝĐŝƉĂŶƚƐǁŚŽŚĂǀĞĐŽŵƉůĞƚĞĚĂůůůĞĐƚƵƌĞƐŽĨƚŚĞDKKĂƌĞƌĞƋƵŝƌĞĚ
ƚŽĨŝůůŽƵƚƚŚŝƐƋƵĞƐƚŝŽŶŶĂŝƌĞ ƚŽ ƌĞĐĞŝǀĞ Ă ĐĞƌƚŝĨŝĐĂƚĞ ŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶ͘ŶƐǁĞƌƐĂƌĞ ĚŝƐƉůĂLJĞĚ ǁŝƚŚ ƚŚĞ ĂǀĞƌĂŐĞ
ǀĂůƵĞƐ͘
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&ŝŐƵƌĞϯ͗DKKƐƵƌǀĞLJĞǀĂůƵĂƚŝŽŶ͘ĂͿƐƚƵĚĞŶƚƐ͛ŵŽƚŝǀĂƚŝŽŶĂůĂƐƉĞĐƚƐ͕ďͿƐŬŝůůƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞDKK͕ĂŶĚĐͿ
ƐƚƵĚĞŶƚƐΖĞǀĂůƵĂƚŝŽŶŽĨƚŚĞDKK͘ŶƐǁĞƌƐĂƌĞĚŝƐƉůĂLJĞĚǁŝƚŚƚŚĞĂǀĞƌĂŐĞǀĂůƵĞƐ
DŽƚŝǀĂƚŝŽŶ;&ŝŐƵƌĞϰĂ͕ŝŶŽƌĂŶŐĞͿ͗YƵĞƐƚŝŽŶƐĂďŽƵƚŵŽƚŝǀĂƚŝŽŶĂůĂƐƉĞĐƚƐƐŚŽǁŵŝdžĞĚƌĞƐƵůƚƐ͗KŶƚŚĞŽŶĞƐŝĚĞ͕
ƉĂƌƚŝĐŝƉĂŶƚƐƐƚƌŽŶŐůLJ ĂŐƌĞĞĚ Žƌ ĂŐƌĞĞĚƚŚĂƚ ƚŚĞLJ ĂƌĞŝŶƚĞƌĞƐƚĞĚ ŝŶ ƚŚĞĐŽƵƌƐĞ ƚŽƉŝĐ ;ϭ͘ϯϱͿĂŶĚ ƚŚĂƚ ƚŚĞƚŽƉŝĐ
ĐŽŵƉůĞŵĞŶƚƐƚŚĞŝƌƐƚƵĚLJ;Ϯ͘ϬϵͿ͘dŚŝƐƐŚŽǁƐĂŚŝŐŚƐĞůĨͲŵŽƚŝǀĂƚŝŽŶŽĨƐƚƵĚĞŶƚƐƚŽĐŽŵƉůĞƚĞƚŚĞĐŽƵƌƐĞ͘KŶƚŚĞ
ŽƚŚĞƌ ƐŝĚĞ͕ ƚŚĞLJ ƐƚƌŽŶŐůLJ ĚŝƐĂŐƌĞĞĚ Žƌ ĚŝƐĂŐƌĞĞĚ ƚŚĂƚ ƚŚĞLJ ĐŽŵƉůĞƚĞĚ ƚŚĞ ĐŽƵƌƐĞ ďĞĐĂƵƐĞ ƚŚĞŝƌ ĨƌŝĞŶĚƐ ĂůƐŽ
ƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞ DKK ϯ͘ϱϯͿ͕ ƚŚĂƚƚŚĞLJĂƌĞ ůŽŽŬŝŶŐ ĨŽƌĂŶĞǁ ƉƌŽĨĞƐƐŝŽŶ ;ϯ͘ϱϲͿ͘^ŝŶĐĞ ƚŚĞ ŵĂũŽƌŝƚLJŽĨ ƚŚĞ
ƉĂƌƚŝĐŝƉĂŶƚƐǁĞƌĞƐƚƵĚĞŶƚƐ;ϲϳйͿ͕ƚŚĞƐĞƌĞƐƵůƚƐĂƌĞŶŽƚƐƵƌƉƌŝƐŝŶŐ͘džĂŵƉůĞƐĨŽƌŽƉĞŶĂŶƐǁĞƌƐǁĞƌĞ͞/ǁĂŶƚƚŽ
ƉƌĞƉĂƌĞŵLJƐĞůĨĨŽƌƚŚĞƐƚƵĚLJŽĨ^͟Žƌ͞ƚŽƌĞĨƌĞƐŚŵLJƐŬŝůůƐ͘͟
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^ŬŝůůƐ;&ŝŐƵƌĞϰď͕ŝŶďůƵĞͿ͗DŽƐƚĂŐƌĞĞĚĂŶƐǁĞƌƐŽŶƐŬŝůůƐƌĞƋƵŝƌĞĚďLJƚŚĞDKKǁĞƌĞǁŝůůŝŶŐŶĞƐƐƚŽůĞĂƌŶ;ϭ͘ϵϭͿ͕
ƐĞůĨͲŽƌŐĂŶŝƐĂƚŝŽŶ ;ϭ͘ϵϮͿ͕ ĂŶĚ ĂƵƚŽŶŽŵŽƵƐ ůĞĂƌŶŝŶŐ ;ϭ͘ϳϳͿ͘ /ƚ ĐĂŶ ďĞ ĂƌŐƵĞĚ ƚŚĂƚ ƉƌŽƐƉĞĐƚŝǀĞ ƐƚƵĚĞŶƚƐ ŚĂǀĞ
ĂůƌĞĂĚLJďĞĞŶĞŶĐŽƵƌĂŐĞĚƚŽĂƉƉůLJƐŬŝůůƐƚŚĂƚĂƌĞĞƐƐĞŶƚŝĂůĨŽƌĂƐƚƵĚLJ͘
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ŽŶƚĞŶƚĞƐŝŐŶĂŶĚKƌŐĂŶŝnjĂƚŝŽŶ;&ŝŐƵƌĞϰĐ͕ŝŶŐƌĞĞŶͿ͗dŚĞƐƚƵĚĞŶƚƐǁĞƌĞĂƐŬĞĚƚŽŐƌĂĚĞƚŚĞDKKŽŶĂƐĐĂůĞ
ĨƌŽŵ ϭ ƚŽ ϱ ;ŝŶ ƐĐŚŽŽů ŐƌĂĚĞƐͿ͘ WŽƐŝƚŝǀĞ ƌĂƚŝŶŐƐ ǁĞƌĞ ŐŝǀĞŶ ĨŽƌ ĚĞƐŝŐŶ ĞůĞŵĞŶƚƐ͕ ƐƵĐŚ ĂƐ ŐƌĂƉŚŝĐĂůͬƚĞdžƚƵĂů
ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ;Εϭ͘ϴϱͿ͕ĂŶĚƚŚĞůĞĂƌŶŝŶŐŐŽĂůƐ͕ĐŽŶƚĞŶƚ͕ĂŶĚǁŽƌŬůŽĂĚ;Εϭ͘ϵϯͿ͘ŽŶƚĞŶƚŽƌ ŶĂǀŝŐĂƚŝŽŶƌĞĐĞŝǀĞĚ
ƚŚĞďĞƐƚƌĂƚŝŶŐ;Εϭ͘ϳϯͿ͘dŚĞŽǀĞƌĂůůĐŽŶĐĞƉƚŽĨƚŚĞDKKƌĞĐĞŝǀĞĚĂŶĂǀĞƌĂŐĞŐƌĂĚĞŽĨϭ͘ϱϯ͘
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ĞƌŶĂĚĞƚƚĞ^ƉŝĞůĞƌĞƚĂů
ǁǁǁ͘ĞũĞů͘ŽƌŐ Ϯϱϱ /^^EϭϰϳϵͲϰϰϬϯ
&ŝŶĂůůLJ͕ƚŚĞLJƌĂƚĞĚƚŚĞŝƌĞŶŐĂŐĞŵĞŶƚǁŝƚŚϮ͘ϬϭŽŶĂǀĞƌĂŐĞ͘ϲϬйƐƚĂƚĞĚƚŚĂƚƚŚĞLJŶĞǀĞƌƌĞĂĚŽƌůĞĨƚĂƉŽƐƚ͕ĂŶĚ
ϮϳйƵƐĞĚƚŚĞĨŽƌƵŵƵƉƚŽĨŝǀĞƚŝŵĞƐ͘DĂŶLJĞdžĞƌĐŝƐĞƐŚĂĚƚŽďĞƐƵďŵŝƚƚĞĚǁŝƚŚŝŶĂĨŽƌƵŵ͕ĂŶĚŝŶƚŽƚĂůϯϰϭĨŽƌƵŵ
ĞŶƚƌŝĞƐǁĞƌĞŵĂĚĞ͘^ŽŵĞƐƚƵĚĞŶƚƐĂƉƉƌĞĐŝĂƚĞĚƚŚĞƉŽƐƐŝďŝůŝƚLJƚŽƐĞĞĐŽĚĞĨƌŽŵŽƚŚĞƌƐĂŶĚŐĞƚĚŝƌĞĐƚĨĞĞĚďĂĐŬ͕
ĂŶĚƐŽŵĞĚŝƐůŝŬĞĚƚŚĞĨŽƌƵŵƐƵďŵŝƐƐŝŽŶƐ;ƚŚŝƐǁĂƐĂůƐŽŵĞŶƚŝŽŶĞĚŝŶƚŚĞĞǀĂůƵĂƚŝŽŶŽĨƚŚĞůĞĐƚƵƌĞĂƐǁĞůůĂƐŝŶ
ƚŚĞƉĞƌƐŽŶĂůĨĞĞĚďĂĐŬŐŝǀĞŶĚƵƌŝŶŐƚŚĞůĞĐƚƵƌĞͿ͘DŽƐƚŽĨƚŚĞƐƚƵĚĞŶƚƐĚĞĂůƚǁŝƚŚƚŚĞĐŽƵƌƐĞƚŽƉŝĐƐŽŶĞƚŽƚŚƌĞĞ
ŚŽƵƌƐĂǁĞĞŬ;ϰϴйͿĂŶĚĂƉĞƌĐĞŶƚĂŐĞŽĨϴϭйƐƚĂƚĞĚƚŚĂƚƚŚĞŽŶůŝŶĞĐŽƵƌƐĞĨŽƐƚĞƌĞĚƚŚĞŝƌŝŶƚĞƌĞƐƚĨŽƌƚŚŝƐƚŽƉŝĐ͘
KƉĞŶƋƵĞƐƚŝŽŶƐƚŽůŝŬĞƐͬĚŝƐůŝŬĞƐƐŚŽǁĞĚƚŚĂƚƉĂƌƚŝĐŝƉĂŶƚƐůŝŬĞĚƚŚĞǀŝĚĞŽƐ͕ƵƐŝŶŐƚŚĞWŽĐŬĞƚŽĚĞĂƉƉ͕WLJƚŚŽŶ
ƉƌŽŐƌĂŵŵŝŶŐ͕ƚŚĞ ĞdžĂŵƉůĞƐ͕ƋƵŝnjnjĞƐ͕ĨŽƌƵŵĚŝƐĐƵƐƐŝŽŶƐ͕ĂŶĚƚŚĞ ŐĞŶĞƌĂůƐƚƌƵĐƚƵƌĞŽĨƚŚĞDKK͘ KŶƚŚĞŽŶĞ
ŚĂŶĚ͕ƐƚƵĚĞŶƚƐŵĞŶƚŝŽŶĞĚƚŚĂƚƚŚĞ:ĂǀĂĞdžĂŵƉůĞƐǁĞƌĞƚŽŽĚŝĨĨŝĐƵůƚĨŽƌďĞŐŝŶŶĞƌƐ͕ŽŶƚŚĞŽƚŚĞƌŚĂŶĚƚŚĞLJĂƐŬĞĚ
ĨŽƌŵŽƌĞĞdžĂŵƉůĞƐǁŝƚŚƚĞdžƚƵĂůƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞƐůŝŬĞWLJƚŚŽŶŝŶƐƚĞĂĚŽĨƵƐŝŶŐWŽĐŬĞƚŽĚĞ͘dŚŝƐŝƐŝŶůŝŶĞ
ǁŝƚŚƚŚĞĨĞĞĚďĂĐŬĚƵƌŝŶŐƚŚĞůĞĐƚƵƌĞĂŶĚƐŚŽǁƐƚŚĞŶĞĞĚƚŽƐƉĞĐŝĨLJƚŚĞƚĂƌŐĞƚŐƌŽƵƉŽĨƚŚĞDKKŵŽƌĞĐůĞĂƌůLJ
;ŝ͘Ğ͕͘ďĞŐŝŶŶĞƌƐͿ͘ϳϮйŽĨƚŚĞƉĂƌƚŝĐŝƉĂŶƚƐƐĂŝĚƚŚĂƚƚŚĞLJǁŽƵůĚůŝŬĞƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶŽƚŚĞƌDKKƐůŝŬĞƚŚŝƐ͕ĂŶĚ
ϵϰй ƐƚĂƚĞĚ ƚŚĂƚ ƚŚĞLJ ǁŽƵůĚ ƌĞĐŽŵŵĞŶĚ ƚŚŝƐ DKK͘ /Ŷ ĐŽŶĐůƵƐŝŽŶ͕ ŝƚ ĐĂŶ ďĞ ĂƐƐƵŵĞĚ ƚŚĂƚ ĨŽƌ ƚŚŽƐĞ ǁŚŽ
ĐŽŵƉůĞƚĞĚƚŚĞDKK͕ƚŚĞĐŽŶĐĞƉƚǁĂƐǀĞƌLJƐĂƚŝƐĨĂĐƚŽƌLJ͘
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ŝƐĐƵƐƐŝŽŶ͗dŚĞĐŽŶĐĞƉƚŽĨĂƉƌĞͲDKKĨŽƌ^ǁĂƐƐĞĞŶĂƐĂǁĞůĐŽŵĞŽĨĨĞƌƚŚĂƚǁĂƐŐůĂĚůLJĂĐĐĞƉƚĞĚďLJĂĐĞƌƚĂŝŶ
ŐƌŽƵƉ ŽĨ ĨŝƌƐƚͲLJĞĂƌ ƐƚƵĚĞŶƚƐ͘ ŝĨĨĞƌĞŶĐĞƐ ŝŶ ƉĞƌĐĞŝǀĞĚ ƵƐĞĨƵůŶĞƐƐ ĐŽƵůĚ ďĞ ĚĞƚĞĐƚĞĚ ďĞƚǁĞĞŶ ƐƚƵĚĞŶƚƐ ǁŚŽ
ĂůƌĞĂĚLJŚĂĚŬŶŽǁůĞĚŐĞŝŶ^ĂŶĚƚŚŽƐĞǁŚŽǁĞƌĞďĞŐŝŶŶĞƌƐ͘dŚĞDKKǁĂƐĂĚǀĞƌƚŝƐĞĚŝŶŶĞǁƐůĞƚƚĞƌƐ͕ĚƵƌŝŶŐ
ƌĞŐŝƐƚƌĂƚŝŽŶ Ăƚ ƚŚĞ ƵŶŝǀĞƌƐŝƚLJ͕ Ăƚ ƚŚĞ ƐƚƵĚĞŶƚ ƐĞƌǀŝĐĞ ŽĨĨŝĐĞ͕ ĂŶĚ ǀŝĂ ƐŽĐŝĂů ŵĞĚŝĂ ƉůĂƚĨŽƌŵƐ͘ ,ŽǁĞǀĞƌ͕ ŵĂŶLJ
ƐƚƵĚĞŶƚƐĂůƌĞĂĚLJŚĂĚƐŽŵĞŽƌĂůŽƚŽĨŬŶŽǁůĞĚŐĞŝŶ^ĂŶĚŽŶůLJǁĂŶƚĞĚƚŽŐĂŝŶϭ͘ϱd^͘dŚĞƐĞƐƚƵĚĞŶƚƐƐĂŝĚ
ƚŚĂƚƚŚĞDKKǁĂƐƚŽŽĞĂƐLJĂŶĚǁŝƐŚĞĚƚŽŚĂǀĞŵŽƌĞƚĞdžƚƵĂůƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞƐ͘/ŶƚŚĞĨƵƚƵƌĞ͕ƚŚĞƚĂƌŐĞƚ
ŐƌŽƵƉ;ƐƚƵĚĞŶƚƐǁŝƚŚŶŽďĂĐŬŐƌŽƵŶĚŬŶŽǁůĞĚŐĞŝŶ^ͿŵƵƐƚďĞĐŽŵŵƵŶŝĐĂƚĞĚŵŽƌĞĐůĞĂƌůLJ͘
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&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞϰϬйĨĞŵĂůĞƉĂƌƚŝĐŝƉĂƚŝŽŶƌĂƚĞŝŶƚŚĞDKKƉƌŽǀŝĚĞƐĞǀŝĚĞŶĐĞƚŚĂƚŐĞŶĚĞƌͲƐĞŶƐŝƚŝǀĞĞĚƵĐĂƚŝŽŶ
ŝƐĂŬĞLJĨĂĐƚŽƌĨŽƌĞŶŐĂŐĞŵĞŶƚĂŶĚĐŽůůĂďŽƌĂƚŝŽŶ͘&ĞŵĂůĞƐƚƵĚĞŶƚƐŝŶƉĂƌƚŝĐƵůĂƌƌĞĐŽŐŶŝnjĞƚŚĞĂďƐĞŶĐĞŽĨĨĞŵĂůĞ
ƌŽůĞŵŽĚĞůƐŝŶƚĞĐŚŶŽůŽŐLJǁŝƚŚǁŚŽŵƚŚĞLJĐĂŶƉĞƌƐŽŶĂůůLJŝĚĞŶƚŝĨLJ;>ŽĐŬǁŽŽĚ͕ϮϬϬϲͿ͘&ĞŵĂůĞůĞĐƚƵƌĞƌƐŝŶDKKƐ
ĂŶĚĂƚ ƵŶŝǀĞƌƐŝƚLJ ŝŶ^ ĐĂŶ ďƌĞĂŬ ĚŽǁŶ ƚŚĞ ƐƚĞƌĞŽƚLJƉĞĚ ĞdžƉĞĐƚĂƚŝŽŶƐ͘dŚĞ ůŝƚĞƌĂƚƵƌĞ ƐƵŐŐĞƐƚƐƚŚĂƚ ŝĨ ĨĞŵĂůĞ
ƐƚƵĚĞŶƚƐĂƌĞĞdžƉŽƐĞĚƚŽƐƚƌŽŶŐĨĞŵĂůĞƌŽůĞŵŽĚĞůƐ͕ƚŚĞLJƌĂƌĞůLJĞdžƉƌĞƐƐƐƚĞƌĞŽƚLJƉŝĐĂůƚŚŽƵŐŚƚƐ͘^ƚĞĂĚLJĐŽŶƚĂĐƚ
ǁŝƚŚ ƐƵĐĐĞƐƐĨƵů ǁŽŵĞŶ ;Ğ͘Ő͕͘ ĨĞŵĂůĞ ƉƌŽĨĞƐƐŽƌƐͿ ůĞĂĚƐ ƚŽ ŚŝŐŚĞƌĐĂƌĞĞƌĂŵďŝƚŝŽŶƐ ĂŶĚ ƐƚƌŽŶŐĞƌ ŝŵƉůŝĐŝƚ ƐĞůĨͲ
ŝŵĂŐĞƐ;ƐŐĂƌŝĞƚĂů͕͘ϮϬϭϬͿ͘
ϭϰ͘KĨĨůŝŶĞůĞĐƚƵƌĞ
WĂƌƚŝĐŝƉĂŶƚƐ͗/ŶŝƚŝĂůůLJ͕ϭϬϮƐƚƵĚĞŶƚƐƐŝŐŶĞĚƵƉĨŽƌƚŚĞŽĨĨůŝŶĞůĞĐƚƵƌĞ͘ϳϲƐƚƵĚĞŶƚƐĂĐƚƵĂůůLJƌĞĐĞŝǀĞĚĂĨŝŶĂůŐƌĂĚĞ
;ϮϯĨĞŵĂůĞƐ͕ϱϯŵĂůĞƐͿ͘ƚŽƚĂůŽĨϱϵƐƚƵĚĞŶƚƐǁĞƌĞĨŝƌƐƚƐĞŵĞƐƚĞƌƐƚƵĚĞŶƚƐĨƌŽŵĚŝĨĨĞƌĞŶƚĚĞŐƌĞĞƉƌŽŐƌĂŵƐƐƵĐŚ
ĂƐĐŽŵƉƵƚĞƌƐĐŝĞŶĐĞ͕ĞůĞĐƚƌŝĐĂůĞŶŐŝŶĞĞƌŝŶŐ͕ƐŽĨƚǁĂƌĞĞŶŐŝŶĞĞƌŝŶŐ͕ŽƌƉƐLJĐŚŽůŽŐLJ͘
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ƵĚŝĞŶĐĞ ZĞƐƉŽŶƐĞ͗ ^ƚƵĚĞŶƚƐ ǁĞƌĞ ĞŶĐŽƵƌĂŐĞĚ ƚŽ ĂƐŬĂŶĚ ĂŶƐǁĞƌ ƋƵĞƐƚŝŽŶƐ ǀŝĂ ƚŚĞ Z^ ĨĞĞĚďĂĐŬƌ ĂŶĚ ϳϱ
ƐƚƵĚĞŶƚƐĚŝĚƐŽ͘dŚĞƐƚƵĚĞŶƚƐ͛ĂŶƐǁĞƌƐĐĂŶďĞĐĂƚĞŐŽƌŝnjĞĚŝŶƋƵĞƐƚŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞŽƌŐĂŶŝƐĂƚŝŽŶŽĨƚŚĞĐŽƵƌƐĞ
;Ğ͘Ő͘ ͞/Ɛ ƚŚĞƌĞ ĂŶ ĞdžĂŵ ŝŶ ƚŚĞ ĞŶĚ͕͟ ͞tŚŝĐŚ ƐŵĂƌƚƉŚŽŶĞ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ƵƐĞ ƚŚĞ ĂƉƉ WŽĐŬĞƚ ŽĚĞ͟Ϳ͕ ŐĞŶĞƌĂů
ĐŽŵŵĞŶƚƐĂďŽƵƚƚŚĞĐŽŶƚĞŶƚ;͞/ĨŝŶĚŝƚĐŽŽůƚŚĂƚLJŽƵƉŽŝŶƚŽƵƚƚŚĞƌŽůĞŽĨǁŽŵĞŶŝŶƚŚĞƚĞĐŚŶŽůŽŐŝĐĂůƉƌŽŐƌĞƐƐ͟Ϳ͕
ĂŶĚƐƉĞĐŝĨŝĐƋƵĞƐƚŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞĐŽŶƚĞŶƚŽĨƚŚĞĐŽƵƌƐĞ;͞ĂŶLJŽƵĞdžƉůĂŝŶƚŚĞ:ĂǀĂƉƌŽŐƌĂŵĂŐĂŝŶ͍͕͟͞ĂŶLJŽƵ
ĞdžƉůĂŝŶǁŚLJƚŚĞƐLJŵďŽůƐŝ͕ũ͕ƚĞŵƉ͕ннĂƌĞƵƐĞĚŝŶƚŚĞƉƌŽŐƌĂŵ͍͟Ϳ͘dŚĞZ^ǁĂƐĂůƐŽƵƐĞĚƚŽĂƐŬƚŚĞƐƚƵĚĞŶƚƐ
ĂďŽƵƚƚŚĞƚLJƉĞŽĨƐĐŚŽŽůƚŚĞLJĐĂŵĞĨƌŽŵĂŶĚƚŚĞŝƌĐŚŽŝĐĞŽĨƐƚƵĚLJƚŽďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚƚŚĞƐƚƵĚĞŶƚƐ͛ŵŽƚŝǀĂƚŝŽŶ
ĂŶĚ ĐŽŶĐĞƌŶƐ͘ DŽƌĞ ƚŚĂŶ ŚĂůĨ ŽĨ ƚŚĞ ƐƚƵĚĞŶƚƐ͕ ǁŚŽ ƉĂƌƚŝĐŝƉĂƚĞĚ ŝŶ ƚŚĞ ƐƵƌǀĞLJ͕ ƐĂŝĚ ƚŚĂƚ ƚŚĞLJ ĐĂŵĞ ĨƌŽŵ Ă
ĐŽůůĞŐĞͬƵƉƉĞƌƐĞĐŽŶĚĂƌLJƐĐŚŽŽůƉƌŽǀŝĚŝŶŐĂŐĞŶĞƌĂůĞĚƵĐĂƚŝŽŶ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶůĞĚƚŽƚŚĞĂƐƐƵŵƉƚŝŽŶƚŚĂƚŵŽƌĞ
ƚŚĂŶŚĂůĨŽĨƚŚĞƐƚƵĚĞŶƚƐŚĂĚůŝƚƚůĞƚŽŶŽƉƌŽŐƌĂŵŵŝŶŐĞdžƉĞƌŝĞŶĐĞ͘
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>ĞĐƚƵƌĞǀĂůƵĂƚŝŽŶ͗ƚdh'ƌĂnjƐƚƵĚĞŶƚƐĂƌĞĂďůĞƚŽĞǀĂůƵĂƚĞůĞĐƚƵƌĞƐĂŶŽŶLJŵŽƵƐůLJĂŶĚϮϳƐƚƵĚĞŶƚƐŚĂǀĞƵƐĞĚ
ƚŚŝƐƉŽƐƐŝďŝůŝƚLJ͘DŽƐƚŽĨƚŚĞŵƌĂƚĞĚƚŚĞǁŽƌŬůŽĂĚĂƐĂĚĞƋƵĂƚĞ;ϱϱ͘ϲйͿŽƌŚŝŐŚ;Ϯϱ͘ϵйͿ͘dŚĞůĞǀĞůŽĨĚŝĨĨŝĐƵůƚLJŽĨ
ƚŚĞĐŽƵƌƐĞǁĂƐŵŽƐƚůLJĐŽŶƐŝĚĞƌĞĚĂĚĞƋƵĂƚĞ ;ϲϲ͘ϳйͿ ĂŶĚ ƚŚĞ ŵĂũŽƌŝƚLJǁĂƐƐĂƚŝƐĨŝĞĚ ǁŝƚŚ ƚŚĞ ĐŽƵƌƐĞ;ϲϮ͘ϲйͿ͘
^ƚƵĚĞŶƚƐĞŶũŽLJĞĚǁŽƌŬŝŶŐŝŶĚĞƉĞŶĚĞŶƚůLJ͕ĚĞƐŝŐŶŝŶŐƚŚĞŝƌŽǁŶŐĂŵĞƐǁŝƚŚWŽĐŬĞƚŽĚĞ͕ĨĞĞĚďĂĐŬƌ͕ƚŚĞĨůŝƉƉĞĚ
ĐůĂƐƐƌŽŽŵ ƐĐĞŶĂƌŝŽ͕ ƚŚĞ ŚĞůƉĨƵů ĂŶĚ ĨƌŝĞŶĚůLJ ůĞĐƚƵƌĞƌƐ͕ ĂŶĚ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ŵĞĞƚŶĞǁ ƉĞŽƉůĞ ďĞĨŽƌĞ ƚŚĞ
ƵŶŝǀĞƌƐŝƚLJĐůĂƐƐĞƐƐƚĂƌƚĞĚ͘ƵƚƐƚƵĚĞŶƚƐƐĂǁĂůƐŽƌŽŽŵĨŽƌŝŵƉƌŽǀĞŵĞŶƚ͗ƚŚĞŽƌĚĞƌŽĨƚŚĞůĞĐƚƵƌĞƐŽĨƚŚĞDKK
ƐŚŽƵůĚďĞĐŚĂŶŐĞĚƐůŝŐŚƚůLJ͕ĂŐƌĞĂƚĞƌĞŵƉŚĂƐŝƐƐŚŽƵůĚďĞƉƵƚŽŶWLJƚŚŽŶƉƌŽŐƌĂŵŵŝŶŐďĂƐŝĐƐŝŶƐƚĞĂĚŽĨWŽĐŬĞƚ
ŽĚĞĂŶĚ:ĂǀĂ;ŝŶƚŚĞDKKĂƐǁĞůůĂƐŝŶƚŚĞŽĨĨůŝŶĞůĞĐƚƵƌĞͿ͕ĂŶĚĂƚƚĞŶĚĂŶĐĞƐŚŽƵůĚŶŽƚďĞŵĂŶĚĂƚŽƌLJ͘
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dŚĞůĞĐƚƌŽŶŝĐ:ŽƵƌŶĂůŽĨĞͲ>ĞĂƌŶŝŶŐsŽůƵŵĞϭϴ/ƐƐƵĞϯϮϬϮϬ
ǁǁǁ͘ĞũĞů͘ŽƌŐ Ϯϱϲ ΞW/>
WŽĐŬĞƚŽĚĞWƌŽũĞĐƚƐ͗ůƚŽŐĞƚŚĞƌĂƚŽƚĂůŽĨϭϭϯWŽĐŬĞƚŽĚĞŐĂŵĞƐǁĞƌĞƐƵďŵŝƚƚĞĚ;ƐŽŵĞƐƚƵĚĞŶƚƐĂƚƚĞŶĚĞĚ
ƚŚĞ ůĞĐƚƵƌĞ ǁŝƚŚŽƵƚ ŐƌĂĚŝŶŐͿ͘ ĨƚĞƌ ƚŚĞ ĨŝƌƐƚ ƐƵďŵŝƐƐŝŽŶ͕ ƐƚƵĚĞŶƚƐ ƌĞĐĞŝǀĞĚ Ă ƉĞĞƌ ƌĞǀŝĞǁ ĂŶĚ Ă ƌĞŵŝdž ĨƌŽŵ
ĂŶŽƚŚĞƌƐƚƵĚĞŶƚĂŶĚǁĞƌĞĂůůŽǁĞĚƚŽƌĞǀŝƐĞĂŶĚƌĞƐƵďŵŝƚƚŚĞŝƌŐĂŵĞƚŽƌĞĐĞŝǀĞĞdžƚƌĂƉŽŝŶƚƐ͘&ŽƌƚŚŝƐƉĂƉĞƌ͕Ă
ŐĂŵĞďLJ ĂϭϵͲLJĞĂƌͲŽůĚĨĞŵĂůĞƐƚƵĚĞŶƚŝƐ ĂŶĂůLJƐĞĚŝŶŵŽƌĞĚĞƚĂŝů͕ƐĞĞ&ŝŐƵƌĞ ϱ͘dŚŝƐŐĂŵĞŚĂƐƚŚĞŶĂŵĞ ͞ĂƐ
ŐƌŽƘĞDĞĞƌĞƐƋƵŝnj͟ ;͞dŚĞďŝŐŽĐĞĂŶƋƵŝnj͟ͿĂŶĚŝƐĐŽŶƐŝĚĞƌĞĚĂŶĂĐƚŝŽŶŐĂŵĞǁŝƚŚĂŶƵŶĚĞƌǁĂƚĞƌƚŚĞŵĞ͘ dŚĞ
ŐŽĂůŝƐƚŽƐŽůǀĞĚŝĨĨĞƌĞŶƚŵŝŶŝͲŐĂŵĞƐ;Ğ͘Ő͖͘ĐĂƚĐŚͬĂǀŽŝĚ͕ƐŚŽŽƚͿ͘dŚĞĐŚĂƌĂĐƚĞƌƐĂƌĞĐŽŶƚƌŽůůĞĚďLJƚŚĞƚŝůƚƐĞŶƐŽƌ͕
ĂŶĚƉŚLJƐŝĐĂůĂƚƚƌŝďƵƚĞƐƐƵĐŚĂƐŐƌĂǀŝƚLJĂƌĞƵƐĞĚĨŽƌƚŚĞĂƵƚŽŵŽƚŝǀĞŽďũĞĐƚƐ͘dŚĞŐĂŵĞŚĂƐĂůůƐĐƌĞĞŶƐŝŶƚĞŐƌĂƚĞĚ
;ƚŝƚůĞ͕ŝŶƚƌŽĚƵĐƚŝŽŶ͕ĞŶĚͿ͕ƵƐĞƐĚŝĨĨĞƌĞŶƚDƐ;ĨŽƵƌůĞǀĞůƐ͕ ƉŽŝŶƚƐ͕ĂŚŝŐŚƐĐŽƌĞ͕ĐŽƵŶƚĚŽǁŶƐ͕ǀŝƐƵĂůĂŶĚƐŽƵŶĚ
ĨĞĞĚďĂĐŬͿ͘dŚĞƉĞĞƌ ƌĞǀŝĞǁ ƐƵŐŐĞƐƚƐ ŝŵƉƌŽǀĞŵĞŶƚƐ ĨŽƌ ŶĂǀŝŐĂƚŝŽŶ;ĂŶĂĚĚŝƚŝŽŶĂů ƐƚĂƌƚ ďƵƚƚŽŶͿ ĂŶĚ ĚĞƐĐƌŝďĞƐ
ďƵŐƐŝŶƚŚĞŚŝŐŚƐĐŽƌĞ͘&ŽƌƚŚĞƌĞŵŝdžƉƌŽŐƌĂŵƚŚĞĨŝƌƐƚůĞǀĞůǁĂƐĞdžƚĞŶĚĞĚ;ŵŽƌĞŽďƐƚĂĐůĞƐ͕ĚŝĨĨĞƌĞŶƚƐĐŽƌĞƐͿ͘&Žƌ
ƚŚĞďŽŶƵƐƚĂƐŬ͕ĂŶĂƌƌĂƚŝǀĞƐƚŽƌLJůŝŶĞǁĂƐĂĚĚĞĚ͘
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&ŝŐƵƌĞϱ͗dŚĞĞdžĂŵƉůĞŐĂŵĞ͞dŚĞďŝŐŽĐĞĂŶƋƵŝnj͟ĂͿƚŝƚůĞƐĐƌĞĞŶ͕ďͿƐƚŽƌLJůŝŶĞ͕ĐͿĐĂƚĐŚͬĂǀŽŝĚŝƚĞŵƐ͕ĚͿƐŚŽŽƚ
ƐŚĂƌŬƐǁŝƚŚŝŶŬ͕ĂŶĚĞͿĂƉŝŶďĂůůŐĂŵĞǁŝƚŚĂďůŽǁĨŝƐŚ͘
ŝƐĐƵƐƐŝŽŶ͗dŚĞƌĞƐƵůƚƐŝŶĚŝĐĂƚĞƚŚĂƚ Ă ƐĂĨĞ ĞŶǀŝƌŽŶŵĞŶƚ ǁĂƐĐƌĞĂƚĞĚŝŶǁŚŝĐŚ ƐƚƵĚĞŶƚƐ ǁĞƌĞ ĞŶĐŽƵƌĂŐĞĚƚŽ
ĂĐƚŝǀĞůLJ ƉĂƌƚŝĐŝƉĂƚĞ ƚŚƌŽƵŐŚ ĐŚĂůůĞŶŐĞƐ͕ ĂĐƚŝǀŝƚŝĞƐ͕ ƋƵĞƐƚŝŽŶƐ͕ ĂŶĚ ĚŝƐĐƵƐƐŝŽŶ͘ /Ŷ ŐĞŶĞƌĂů͕ ŵĂŶLJ ƐƚƵĚĞŶƚƐ ĨĞĞů
ƵŶĐŽŵĨŽƌƚĂďůĞĂƐŬŝŶŐƋƵĞƐƚŝŽŶƐŝŶůĞĐƚƵƌĞƐǁŝƚŚďŝŐŐƌŽƵƉƐ;DĂƌŐŽůĚƐ͕&ŝƐŚĞƌ͕ĂŶĚDŝůůĞƌ͕ϮϬϭϰͿ͘WĂƌƚŝĐƵůĂƌůLJŝŶ
^ĚĞŐƌĞĞƉƌŽŐƌĂŵƐ͕ƐƚƵĚĞŶƚƐŚĂǀĞĚŝĨĨĞƌĞŶƚďĂĐŬŐƌŽƵŶĚŬŶŽǁůĞĚŐĞĂƐƚŚĞŝŶƚĞŐƌĂƚŝŽŶĂŶĚŝŶƚĞŶƐŝƚLJŽĨ^ƚŽƉŝĐƐ
ŝŶƚŽŚŝŐŚƐĐŚŽŽůĐƵƌƌŝĐƵůĂǀĂƌŝĞƐďĞƚǁĞĞŶƐĐŚŽŽůƐĂŶĚĐŽƵŶƚƌŝĞƐ͘zĞĂƌƐŽĨůŝƚĞƌĂƚƵƌĞƐŚŽǁƚŚĂƚĨĞŵĂůĞůĞĂƌŶĞƌƐŝŶ
ƉĂƌƚŝĐƵůĂƌƚĞŶĚƚŽďĞůĞƐƐĐŽŵĨŽƌƚĂďůĞƚŚĂŶƚŚĞŝƌŵĂůĞĐŽůůĞĂŐƵĞƐǁŚĞŶĂƐŬŝŶŐƋƵĞƐƚŝŽŶƐ͕ĂŶĚƚŚƵƐĂƌĞůĞĨƚǁŝƚŚ
ůŝŶŐĞƌŝŶŐ ĚŽƵďƚƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ŵĂƚĞƌŝĂů ;&ƌŝĞnjĞ ĂŶĚ YƵĞƐĞŶďĞƌƌLJ͕ ϮϬϭϱͿ͘ dŚĞ DKK ĂŶĚ ƚŚĞ Z^ͲƚŽŽů ĂůůŽǁ
ƐƚƵĚĞŶƚƐƚŽƐƚƵĚLJƚŚĞĐŽŶƚĞŶƚŽĨĂůĞĐƚƵƌĞĂƚŚŽŵĞĐĂŶďƵŝůĚƐĞůĨͲĐŽŶĨŝĚĞŶĐĞŝŶǁŽŵĞŶ͘
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tŝƚŚŝŶƚĞƌĂĐƚŝǀĞĞdžĞƌĐŝƐĞƐ͕ƚŚĞůĞĐƚƵƌĞƌƐǁĂŶƚĞĚƚŽĨŽƐƚĞƌĨĞĞůŝŶŐƐŽĨĞŶũŽLJŵĞŶƚ͕ǁŚŝĐŚŚĂǀĞĂƉŽƐŝƚŝǀĞĞĨĨĞĐƚŽŶ
ƐƚƵĚĞŶƚƐ͛ ŵŽƚŝǀĂƚŝŽŶ ĂŶĚ ŽƵƚĐŽŵĞ ;&ŝůƐĞĐŬĞƌ ĂŶĚ <ĞƌƌĞƐ͕ ϮϬϭϰͿ͘ ĚĚŝƚŝŽŶĂůůLJ͕ ƚŚĞ ƉĞĞƌ ƌĞǀŝĞǁ ĂŶĚ ƚŚĞ
ƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞŝŶĚŝǀŝĚƵĂůWŽĐŬĞƚŽĚĞƉƌŽũĞĐƚƐŝŶĨƌŽŶƚŽĨƉĞĞƌƐ͕ĞŶŐĂŐĞƐƚŚĞůĞĂƌŶĞƌƐ͕ĐƵůƚŝǀĂƚĞƐƚŚĞŝƌƐĞŶƐĞ
ŽĨŽǁŶĞƌƐŚŝƉ͕ĂŶĚŐŝǀĞƐƚŚĞŵƚŚĞŽƉƉŽƌƚƵŶŝƚLJĨŽƌƐŚĂƌŝŶŐĚŝĨĨĞƌĞŶƚĂƌƚĞĨĂĐƚƐ;ŝ͘Ğ͕͘ǀŝĂƚŚĞĂƚƌŽďĂƚŽŵŵƵŶŝƚLJ͕
WĂƉĞƌƚ͕ϭϵϵϯͿ͘
ϭϱ͘WŽƐƚͲYƵĞƐƚŝŽŶŶĂŝƌĞ
WĂƌƚŝĐŝƉĂŶƚƐ͗ dŚĞ ŽŶůŝŶĞ ƋƵĞƐƚŝŽŶŶĂŝƌĞ ǁĂƐ ĐŽŶĚƵĐƚĞĚ ŝŶ ĞĐĞŵďĞƌ ϮϬϭϵ͕ ǁŝƚŚ ƐƚƵĚĞŶƚƐ ĨƌŽŵ ƚŚĞ ůĞĐƚƵƌĞ
͞&ŽƵŶĚĂƚŝŽŶŽĨ^͘͟ƚŽƚĂůŽĨϲϮƐƚƵĚĞŶƚƐ;ϭϲĨĞŵĂůĞƐ͕ϰϲŵĂůĞƐͿĐŽŵƉůĞƚĞĚƚŚĞŽŶůŝŶĞƋƵĞƐƚŝŽŶŶĂŝƌĞ͘
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ŶƐǁĞƌƐŽĨƐƚƵĚĞŶƚƐ͕ǁŚŽĐŽŵƉůĞƚĞĚƚŚĞDKK͗ƚŽƚĂůŽĨϭϭƐƚƵĚĞŶƚƐƐƚĂƚĞĚƚŚĂƚƚŚĞLJĐŽŵƉůĞƚĞĚƚŚĞDKK
͞'Ğƚ&/dŝŶ^͘͟KĨƚŚĞƐĞ͕ĨŝǀĞƐƚƵĚĞŶƚƐĂŐƌĞĞĚƚŚĂƚƚŚĞƚŽƉŝĐƐƚŚĂƚǁĞƌĞĐŽǀĞƌĞĚŝŶƚŚĞDKKǁĞƌĞƐƵƉƉŽƌƚŝǀĞ
ĨŽƌƚŚĞŵĂŶĚĂƚŽƌLJůĞĐƚƵƌĞƐ͞ĞƐŝŐŶLJŽƵƌKǁŶƉƉ͟ĂŶĚ͞&ŽƵŶĚĂƚŝŽŶƐŽĨ^͘͟dŚƌĞĞƐƚƵĚĞŶƚƐƐĂŝĚƚŚĞLJǁĞƌĞ͞ŶŽƚ
ƐƵƌĞ͟ŝĨƚŚĞDKKĐŽŶƚƌŝďƵƚĞĚƚŽĂďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ ƚŚĞůĞĐƚƵƌĞ;ƐͿĂŶĚƚŚƌĞĞŽƚŚĞƌƐƚƵĚĞŶƚƐƌĂƚĞĚƚŚĞ
DKKĂƐŶŽƚƐƵƉƉŽƌƚŝǀĞ͘KŶĞŽĨƚŚĞƐĞƐƚƵĚĞŶƚƐĂƌŐƵĞĚ͗͞/ƚŝƐďĞƚƚĞƌƚŽůĞĂƌŶWLJƚŚŽŶĂŶĚŝŶƐƚĞĂĚŽĨ:ĂǀĂĂŶĚ
WŽĐŬĞƚŽĚĞ͕ďĞĐĂƵƐĞƚŚĞƐĞƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞƐŚĂǀĞŶŽƌĞůĞǀĂŶĐĞĨŽƌ^ƐƚƵĚŝĞƐĂƚdh'ƌĂnj͘͟
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ĞƌŶĂĚĞƚƚĞ^ƉŝĞůĞƌĞƚĂů
ǁǁǁ͘ĞũĞů͘ŽƌŐ Ϯϱϳ /^^EϭϰϳϵͲϰϰϬϯ
ŶƐǁĞƌƐŽĨŽƚŚĞƌƐƚƵĚĞŶƚƐ͗dŚĞƐƚƵĚĞŶƚƐ͕ǁŚŽĚŝĚŶŽƚĐŽŵƉůĞƚĞŽƌƉĂƌƚŝĐŝƉĂƚĞ;ŝŶͿƚŚĞDKK͕ǁĞƌĞĂƐŬĞĚ͕ǁŚŝĐŚ
ƚŽƉŝĐƐ Žƌ ĂƉƉůŝĐĂƚŝŽŶƐ ƐŚŽƵůĚ ďĞ ĚŝƐĐƵƐƐĞĚ ŝŶ Ă ƉƌĞͲĐŽƵƌƐĞ͘ dŚĞ ĂŶƐǁĞƌƐ ŝŶĐůƵĚĞĚ ͞ďĂƐŝƐ ĐŽŶĐĞƉƚƐ ŽĨ
ƉƌŽŐƌĂŵŵŝŶŐ͕͟ ͞WLJƚŚŽŶ ĨŽƌ ďĞŐŝŶŶĞƌƐ͕͟ ͞ŵŽƌĞ WLJƚŚŽŶ͕ ůĞƐƐ ^ĐƌĂƚĐŚ ĂŶĚ WŽĐŬĞƚ ŽĚĞ͕͟ ͞ŝŶƚƌŽĚƵĐƚŝŽŶ ƚŽ ƚŚĞ
ƉƌŽŐƌĂŵŵŝŶŐ ůĂŶŐƵĂŐĞ ͕͟ ͞ďŝŶĂƌLJͬŚĞdžĂĚĞĐŝŵĂů ŶƵŵďĞƌ ƐLJƐƚĞŵ͕͟ ͞ƐĞŶƚĞŶƚŝĂů ůŽŐŝĐ͕͟ ͞>ŝŶƵdž͕͟ ͞'ŝƚ͟ ;ǀĞƌƐŝŽŶͲ
ĐŽŶƚƌŽů ƐLJƐƚĞŵͿ͕ Žƌ ͞ƌĞůĞǀĂŶƚ ƐŽĨƚǁĂƌĞ ĨŽƌ ^ ƐƚƵĚĞŶƚƐ͘͟ džĐĞƉƚ ĨŽƌ ƚŚĞ ƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞ ͕ >ŝŶƵdž ĂŶĚ
ƐƉĞĐŝĨŝĐƐŽĨƚǁĂƌĞƐŽůƵƚŝŽŶƐ͕ĂůůŽƚŚĞƌƚŽƉŝĐƐǁĞƌĞĐŽǀĞƌĞĚŝŶƚŚĞDKK͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ϯϯŽĨƚŚĞƐĞƐƚƵĚĞŶƚƐƐĂŝĚ
ƚŚĂƚƚŚĞLJŚĂĚĞdžƉĞƌŝĞŶĐĞĚƐŽŵĞůĂĐŬŽĨŬŶŽǁůĞĚŐĞ͕ǁŚŝĐŚƌĞůĂƚĞĚƚŽŶŽƚŚĂǀŝŶŐ^ůĞƐƐŽŶƐĂƚƐĐŚŽŽů͘KĨƚŚĞƐĞ͕
Ϯϰ ƐƚƵĚĞŶƚƐ ƐƚĂƚĞĚ ƚŚĂƚ ƚŚĞLJ ŚĂĚ ŐƌĂĚƵĂƚĞĚ ĨƌŽŵ Ă ĐŽůůĞŐĞͬƵƉƉĞƌ ƐĞĐŽŶĚĂƌLJ ƐĐŚŽŽů ǁŚŝĐŚ ƉƌŽǀŝĚĞĚ ŽŶůLJ Ă
ŐĞŶĞƌĂůĞĚƵĐĂƚŝŽŶ Žƌ ĨƌŽŵ ĂǀŽĐĂƚŝŽŶĂůƐĐŚŽŽůǁŝƚŚŶŽƚĞĐŚŶŝĐĂůƐƉĞĐŝĂůŝnjĂƚŝŽŶ͘dŚŝƐ ƌĞƐƵůƚ ƐƵƉƉŽƌƚƐƚŚĞĐůĂŝŵ
ƚŚĂƚŵĂŶLJ;ƵƐƚƌŝĂŶͿƐĐŚŽŽůƐĚŽŶŽƚƉƌŽǀŝĚĞĂŶŝŶͲĚĞƉƚŚǀŝĞǁŽĨ^͘
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ŝƐĐƵƐƐŝŽŶ͗dŚĞƉƵƌƉŽƐĞŽĨƚŚĞDKKǁĂƐƚŽŝŶƚƌŽĚƵĐĞĚŝĨĨĞƌĞŶƚĐŽŶĐĞƉƚƐŽĨƉƌŽŐƌĂŵŵŝŶŐ;ůŽŽƉƐ͕ĐŽŶĚŝƚŝŽŶƐ͕
ǀĂƌŝĂďůĞƐ͕ĞƚĐ͘ͿďLJƵƐŝŶŐĂďůŽĐŬͲďĂƐĞĚĂŶĚĂƚĞdžƚƵĂůƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞ͘dŚĞĨŽĐƵƐǁĂƐŶŽƚŽŶĂƉĂƌƚŝĐƵůĂƌ
ƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞ͕ďƵƚƚŽĂƉƉůLJƚŚĞƐĞďĂƐŝĐƉƌŽŐƌĂŵŵŝŶŐĐŽŶĐĞƉƚƐĂŶĚƚŽŐĞƚĂĨĞĞůŝŶŐĨŽƌƐLJŶƚĂĐƚŝĐĂůĂŶĚ
ƐĞŵĂŶƚŝĐĂůŝƐƐƵĞƐ͘^ŽŵĞƐƚƵĚĞŶƚƐǁĞƌĞŶŽƚŚĂƉƉLJǁŝƚŚƚŚĞďůŽĐŬĞĚͲďĂƐĞĚƉƌŽŐƌĂŵŵŝŶŐĂƉƉƌŽĂĐŚĂŶĚĂƐŬĞĚĨŽƌ
ŵŽƌĞ͞ƌĞůĞǀĂŶƚ͟ƐŽĨƚǁĂƌĞĂŶĚƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞƐ͘ /ŶĂƐLJƐƚĞŵĂƚŝĐůŝƚĞƌĂƚƵƌĞƌĞǀŝĞǁ͕EŽŽŶĞĂŶĚ DŽŽŶĞLJ
;ϮϬϭϴͿƚƌŝĞĚƚŽĂŶƐǁĞƌƚŚĞƋƵĞƐƚŝŽŶƐǁŚĞƚŚĞƌƚŚĞƌĞĂƌĞ͞ĂŶLJďĞŶĞĨŝƚƐŽĨůĞĂƌŶŝŶŐĂǀŝƐƵĂůƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞ
ŽǀĞƌ Ă ƚƌĂĚŝƚŝŽŶĂů ƚĞdžƚͲďĂƐĞĚ ůĂŶŐƵĂŐĞ͟ ĂŶĚ ǁŚĞƚŚĞƌ ͞ƚŚĞ ĐŚŽŝĐĞ ŽĨ ĨŝƌƐƚ ƉƌŽŐƌĂŵŵŝŶŐ ůĂŶŐƵĂŐĞ͟ ŵĂŬĞƐ Ă
ĚŝĨĨĞƌĞŶĐĞ͘EŽŽŶĞĂŶĚDŽŽŶĞLJ;ϮϬϭϴͿĐŽŶĐůƵĚĞ͕ƚŚĂƚ͞ƚŚĞĂĐƚƵĂůĐŚŽŝĐĞŽĨǁŚĂƚƚŽŽůƐƚŽƵƐĞĚŽĞƐŶŽƚŵĂƚƚĞƌ͕
ǁŝƚŚŝŶƌĞĂƐŽŶ͘Η/ƚŝƐĂďŽƵƚƚŚĞĐŽŶũƵŶĐƚŝŽŶǁŝƚŚĞĨĨĞĐƚŝǀĞƉĞĚĂŐŽŐŝĐĂůĂŶĚĚŝĚĂĐƚŝĐĂĐƚŝŽŶƐ͘ŶLJǁĂLJ͕WLJƚŚŽŶĂŶĚ
:ĂǀĂĂƌĞĐŚĂƌĂĐƚĞƌŝnjĞĚĂƐ͞ŐŽŽĚ͟ĨŝƌƐƚƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞƐ͘dŚĞƵƐĞŽĨǀŝƐƵĂůƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞƐŝŶƚŚĞ
ĨŝƌƐƚƐƚĞƉŝƐĂŶŶŽƵŶĐĞĚĂƐ͞ĐůĞĂƌůLJďĞŶĞĨŝĐŝĂů͟ĂƐŝƚŚĞůƉƐƚŽŝŶĐƌĞĂƐĞƐƚƵĚĞŶƚ͛ƐůĞĂƌŶŝŶŐŵŽƚŝǀĂƚŝŽŶ͕ŝŶƚĞƌĞƐƚ͕ĂŶĚ
ƐĞůĨͲĞĨĨŝĐĂĐLJ;tĞŝŶƚƌŽƉĂŶĚtŝůĞŶƐŬLJ͕ϮϬϭϱ͖dƐĂŝ͕ϮϬϭϴͿ͘
ϭϲ͘ŽŶĐůƵƐŝŽŶ
/Ŷ ƚŚŝƐ ƉĂƉĞƌ ǁĞ ƉƌĞƐĞŶƚ ƚŚĞ ĚĞƐŝŐŶ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ƉƌŽĐĞƐƐ ŽĨ ƚŚĞ ƉƌĞͲDKK ͞'Ğƚ Ĩŝƚ ŝŶ ^͟ ĂŶĚ ƚŚĞ
ĐŽƌƌĞƐƉŽŶĚŝŶŐŽĨĨůŝŶĞůĞĐƚƵƌĞ͘tĞƉƵƚĂƐƉĞĐŝĂůĞŵƉŚĂƐŝƐŽŶƚŚĞƐƚƵĚĞŶƚƐ͛ĚŝĨĨĞƌĞŶƚďĂĐŬŐƌŽƵŶĚŬŶŽǁůĞĚŐĞŝŶ
^ĂŶĚĨĞŵĂůĞƐƚƵĚĞŶƚƐ͘dŚĞƌĞƐƵůƚƐƐŚŽǁƚŚĂƚƐƚƵĚĞŶƚƐŽĨǀĂƌŝŽƵƐĚĞŐƌĞĞƉƌŽŐƌĂŵƐǁĞƌĞĂƚƚƌĂĐƚĞĚďLJƚŚĞŽǀĞƌĂůů
ĐŽŶĐĞƉƚ;ƚŚĞDKKĂŶĚŝŶůĞĐƚƵƌĞͿ͘dŚŝƐŝŶĚŝĐĂƚĞƐƚŚĞŐƌŽǁŝŶŐŝŵƉŽƌƚĂŶĐĞŽĨďĂƐŝĐ^ƐŬŝůůƐŝŶĂůůĨŝĞůĚƐŽĨƐƚƵĚŝĞƐ͘
/ŶŐĞŶĞƌĂů͕ƐƚƵĚĞŶƚƐŚĂǀĞƚŽƵŶĚĞƌƐƚĂŶĚƚŚĂƚŝƚŝƐǀĞƌLJůŝŬĞůLJƚŚĂƚĂŐĞŶĞƌĂůƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞŵĂŝŶĐŽŶĐĞƉƚƐ
ŽĨ^ŝƐƌĞƋƵŝƌĞĚŽƌĂƚůĞĂƐƚďĞŶĞĨŝĐŝĂůĨŽƌƚŚĞŝƌĨƵƚƵƌĞĐĂƌĞĞƌƉĂƚŚƐ͘dŚƵƐ͕ŝƚǁĂƐŝŵƉŽƌƚĂŶƚƚŚĂƚƚŚĞDKKĨŽƐƚĞƌ
ƐƚƵĚĞŶƚƐ͛ ƐĞŶƐĞͲŽĨ ďĞůŽŶŐŝŶŐ ďLJ ƐŚŽǁŝŶŐ Ă ďƌŽĂĚĞƌ ƉŝĐƚƵƌĞ ŽĨ ^͕ ƚŚĞ ƵƐĞ ŽĨ Ă ŐĂŵŝĨŝĞĚ ĂƉƉƌŽĂĐŚ͕ ĂŶĚ ďLJ
ƉƌŽǀŝĚŝŶŐĂůŽǁĞŶƚƌLJƉŽŝŶƚ͘
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dŚĞŵĂũŽƌǁĞĂŬŶĞƐƐĞƐƌĞƉŽƌƚĞĚďLJƚŚĞƐƚƵĚĞŶƚƐǁĞƌĞϭͿƚŚĞŽƌĚĞƌŽĨƚŚĞƚŽƉŝĐƐͬůĞĐƚƵƌĞƐ;ŝŶƚĞƌŵƐŽĨĚŝĨĨŝĐƵůƚLJͿ͕
ϮͿŽƌŐĂŶŝƐĂƚŝŽŶĂůĂƐƉĞĐƚƐŝŶƌĞŐĂƌĚƚŽƚŚĞŽĨĨůŝŶĞůĞĐƚƵƌĞ;ĐŽŵƉƵůƐŽƌLJĂƚƚĞŶĚĂŶĐĞ͕ŐƌĂĚŝŶŐͿ͕ĂŶĚϯͿƚŚĞĨƌĞƋƵĞŶƚ
ƵƐĞŽĨƚŚĞǀŝƐƵĂů ĐŽĚŝŶŐ ƚŽŽů WŽĐŬĞƚ ŽĚĞŝŶƐƚĞĂĚŽĨƚĞdžƚƵĂůƉƌŽŐƌĂŵŵŝŶŐ ůĂŶŐƵĂŐĞƐ͘ ƚƚŚŝƐ ƉŽŝŶƚ͕ ŝƚ ĐĂŶ ďĞ
ĂƌŐƵĞĚƚŚĂƚǀŝƐƵĂůĐŽĚŝŶŐĐŽŶĐĞƉƚƐŵĂLJďĞŽĨ͞ůŝŵŝƚĞĚďĞŶĞĨŝƚƚŽŚŝŐŚƐĞůĨͲĞĨĨŝĐĂĐLJƐƚƵĚĞŶƚƐǁŝƚŚƉƌŽŐƌĂŵŵŝŶŐ
ďĂĐŬŐƌŽƵŶĚĚƵƌŝŶŐƚŚĞŝŶŝƚŝĂůƉŚĂƐĞ͟;dƐĂŝ͕ϮϬϭϴͿ͘/ŶƚŚŝƐĐĂƐĞ͕tĞŝŶƚƌŽƉĂŶĚtŝůĞŶƐŬLJ;ϮϬϭϱͿƐƵŐŐĞƐƚƚŽƵƐĞĂ
ŚLJďƌŝĚŽƌĚƵĂůͲŵŽĚĂůŝƚLJƉƌŽŐƌĂŵŵŝŶŐĞŶǀŝƌŽŶŵĞŶƚƚŽĂĚĚƌĞƐƐ ƚŚĞŶĞĞĚƐŽĨůĞĂƌŶĞƌƐǁŝƚŚĂĚŝĨĨĞƌĞŶƚůĞǀĞůŽĨ
ƉƌŝŽƌĞdžƉĞƌŝĞŶĐĞƐŝŶƉƌŽŐƌĂŵŵŝŶŐ͘
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dŽƐƵŵƵƉ͕ƚŚĞƌĞƐƵůƚƐůĞĚƚŽĂďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞǁĂLJŝŶǁŚŝĐŚƐƚƵĚĞŶƚƐĞŶŐĂŐĞǁŝƚŚƚŚĞĐŽŶƚĞŶƚŽĨ
ƚŚĞDKK͘tĞǁĞƌĞĂďůĞƚŽĂŶƐǁĞƌŽƵƌƉƌĞͲĚĞĨŝŶĞĚƌĞƐĞĂƌĐŚƋƵĞƐƚŝŽŶƐďLJĞdžĂŵŝŶŝŶŐƚŚĞůĞĂƌŶĞƌƐΖĞdžƉĞƌŝĞŶĐĞƐ
ŽŶĂďƌŽĂĚĞƌůĞǀĞůĂŶĚƉƌŽǀŝĚŝŶŐŝŶƐŝŐŚƚƐŝŶƚŽƚŚĞŝƌůĞǀĞůŽĨĞŶŐĂŐĞŵĞŶƚ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞĞǀĂůƵĂƚŝŽŶŝůůƵƐƚƌĂƚĞƐ
ƚŚĞŶĞĞĚƚŽƉƌŽŵŽƚĞŐĞŶĚĞƌͲƐĞŶƐŝƚŝǀŝƚLJĂŶĚĞƋƵĂůŝƚLJ ŝŶ ůĞĐƚƵƌĞƐ ŝŶ ĂŝĚŝŶŐ ƐƚƵĚĞŶƚƐ͛ ĚŝŐŝƚĂů ŝŶĐůƵƐŝŽŶ͘ dŚŝƐ ǁĂƐ
ƌĞĨůĞĐƚĞĚŝŶ ƚŚĞ ƉŽƐŝƚŝǀĞ ĐŽŵŵĞŶƚƐ ǀŝĂĨĞĞĚďĂĐŬƌ ĂŶĚ ŝŶ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚĞůĞĐƚƵƌĞ ĞǀĂůƵĂƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕ƚŚĞ
ĂŶĂůLJƐŝƐ ĂůƐŽ ĚĞŵŽŶƐƚƌĂƚĞƐ ƚŚĞ ĚŝĨĨŝĐƵůƚLJ ŽĨ ŵŽƚŝǀĂƚŝŶŐ ƐƚƵĚĞŶƚƐ ǁŝƚŚ ĚŝĨĨĞƌĞŶƚ ďĂĐŬŐƌŽƵŶĚ ŬŶŽǁůĞĚŐĞ ŝŶ
ƉƌŽŐƌĂŵŵŝŶŐ ĞƋƵĂůůLJ ĂŶĚ ƚŽ ĚĞƐŝŐŶ Ă DKK ĨŽƌ ĚŝĨĨĞƌĞŶƚ ƚĂƌŐĞƚ ŐƌŽƵƉƐ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ŝƚ ŝƐ ŶĞĐĞƐƐĂƌLJ ƚŽ
ĐŽŵŵƵŶŝĐĂƚĞƚŚĞƚĂƌŐĞƚŐƌŽƵƉŽĨƚŚĞDKK;сƉƌŽŐƌĂŵŵŝŶŐďĞŐŝŶŶĞƌƐͿŵŽƌĞĐůĞĂƌůLJ͘/ƚĐĂŶďĞĂƌŐƵĞĚƚŚĂƚƐƵĐŚ
ĐŽƵƌƐĞƐĂƌĞŝŵƉŽƌƚĂŶƚƚŽĐƌĞĂƚĞĞƋƵĂůĐŽŶĚŝƚŝŽŶƐƌŝŐŚƚĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞŝƌƐƚƵĚLJĂŶĚĞƐƉĞĐŝĂůůLJŝŶ^ǁŚĞƌĞ
ƐƚƵĚĞŶƚƐŚĂǀĞ ĚŝĨĨĞƌĞŶƚ ŬŶŽǁůĞĚŐĞ ůĞǀĞůƐ ĚĞƉĞŶĚŝŶŐŽŶ ƚŚĞŝƌ ƐĞĐŽŶĚĂƌLJ ĞĚƵĐĂƚŝŽŶ͘ dŽ ĐŽŶĐůƵĚĞ͕ ƚŚŝƐ DKK
ƐĞƌǀĞƐĂƐĂŶĂƉƉůŝĐĂďůĞĞdžĂŵƉůĞĨŽƌĂƉƌĞƉƌĞƉĂƌƚŽƌLJĐŽƵƌƐĞĨŽƌ^ ĂŶĚ ƚŚĞĨŝŶĚŝŶŐƐĂĐƚĂƐĂďĂƐŝƐĨŽƌ ĨƵƌƚŚĞƌ
ŝŵƉƌŽǀĞŵĞŶƚƐ͘
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dŚĞůĞĐƚƌŽŶŝĐ:ŽƵƌŶĂůŽĨĞͲ>ĞĂƌŶŝŶŐsŽůƵŵĞϭϴ/ƐƐƵĞϯϮϬϮϬ
ǁǁǁ͘ĞũĞů͘ŽƌŐ Ϯϱϴ ΞW/>
ϭϳ͘KƵƚůŽŽŬ
dŚĞDKKĂŶĚƚŚĞůĞĐƚƵƌĞǁŝůůďĞŚĞůĚĂŐĂŝŶŝŶƚŚĞǁŝŶƚĞƌƚĞƌŵŽĨϮϬϮϬ͘dŚĞƌĞƐƵůƚƐƐƵŐŐĞƐƚŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌ
ŝŵƉƌŽǀĞŵĞŶƚƐ͘&ŽƌĞdžĂŵƉůĞ͕ƚŚŝƐƚŝŵĞŝƚǁŝůůďĞŵĂŶĚĂƚŽƌLJƚŽĐŽŵƉůĞƚĞƚŚĞĞŶƚŝƌĞDKKĂŶĚŝƚƐĞdžĞƌĐŝƐĞƐďĞĨŽƌĞ
ƚŚĞŽĨĨůŝŶĞůĞĐƚƵƌĞďĞŐŝŶƐ͘/ŶƚŚŝƐǁĂLJ͕ĂůůƐƚƵĚĞŶƚƐǁŝůůƐƚĂƌƚǁŝƚŚƚŚĞƐĂŵĞďĂƐŝĐŬŶŽǁůĞĚŐĞŝŶ^ĂŶĚƚŚĞůĞĐƚƵƌĞ
ĐĂŶ ĨŽĐƵƐ ŵŽƌĞ ŽŶ ƐƉĂƌŬŝŶŐ ĚŝƐĐƵƐƐŝŽŶƐ ĂŶĚ ŽĨĨĞƌŝŶŐ ĞdžĂŵƉůĞƐ ŝŶƐƚĞĂĚŽĨ ƌĞƉĞĂƚŝŶŐ ĐŽŶƚĞŶƚ͘ dŚĞ ĨŽƌƵŵ ŚĂƐ
ƌĞĐĞŝǀĞĚƉŽƐŝƚŝǀĞĂŶĚŶĞŐĂƚŝǀĞĞǀĂůƵĂƚŝŽŶƐ͘,ŽǁĞǀĞƌ͕ĨŽůůŽǁŝŶŐƚŚĞŽŶƐƚƌƵĐƚŝŽŶŝƐŵƚŚĞŽƌLJŽĨ^ĞLJŵŽƵƌWĂƉĞƌƚ
;ϭϵϵϯͿǁĞǁŝůůƐƚŝĐŬƚŽƚŚŝƐĐŽŶĐĞƉƚŽĨƐŚĂƌŝŶŐƌĞƐƵůƚƐ͘/ŶŽƌĚĞƌƚŽŝŵƉƌŽǀĞŽƌŐĂŶŝƐĂƚŝŽŶĂůĂƐƉĞĐƚƐ͕ƚŚĞDKK
ŵƵƐƚĨŽůůŽǁƚŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞ͞DĂƚŚĞͲ&/dͲDKK͘͟,ĞƌĞĂƚƚĞŶĚĂŶĐĞŝƐŶŽƚĐŽŵƉƵůƐŽƌLJĂŶĚƐƚƵĚĞŶƚƐĚŽŶŽƚ
ƌĞĐĞŝǀĞĂŶLJŐƌĂĚĞƐ͘ƐĂƌĞƐƵůƚ͕ŝŶƚŚĞ͞&ŝƚŝŶ^͟ͲDKKƐƚƵĚĞŶƚƐǁĞƌĞĐŽŶĨƵƐĞĚďLJƚŚĞĚŝĨĨĞƌĞŶƚƌĞŐƵůĂƚŝŽŶƐĂŶĚ
ĨĞĂƌĞĚƚŚĂƚƚŚĞLJǁŽƵůĚƌĞĐĞŝǀĞĂďĂĚŐƌĂĚĞ͘
ZĞĨĞƌĞŶĐĞƐ
ůǀĂƌĚŽ͕͕͘ĂŽ͕z͕͘ĂŶĚDŝŶŶĞƐ͕D͕͘ϮϬϭϳ͘'ĞŶĚĞƌŝĨĨĞƌĞŶĐĞƐŝŶ^ƚƵĚĞŶƚƐ͛ĞŚĂǀŝŽƌƐŝŶ^ůĂƐƐĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞ^
DĂũŽƌ͘/ŶWƌŽĐĞĞĚŝŶŐƐŽĨƚŚĞϮϬϭϳD^/'^dĞĐŚŶŝĐĂů^LJŵƉŽƐŝƵŵŽŶŽŵƉƵƚĞƌ^ĐŝĞŶĐĞĚƵĐĂƚŝŽŶ͕ƉƉ͘ϮϳʹϯϮ͘
ƐŐĂƌŝ͕^͕͘ĂƐŐƵƉƚĂ͕E͕͘ĂŶĚŽƚĞ͕E͘'͕͘ϮϬϭϬ͘tŚĞŶŽĞƐŽŶƚĂĐƚǁŝƚŚ^ƵĐĐĞƐƐĨƵů/ŶͲŐƌŽƵƉDĞŵďĞƌƐŚĂŶŐĞ^ĞůĨͲ
^ƚĞƌĞŽƚLJƉĞƐ͍/Ŷ^ŽĐŝĂůWƐLJĐŚŽůŽŐLJ͕ϰϭ;ϯͿ͕ƉƉ͘ϮϬϯʹϮϭϭ͘
ĞLJĞƌ͕^͕͘ϮϬϭϲ͘tŽŵĞŶŝŶ^͗ĞƚĞƌƌĞŶƚƐ͘ŶĐLJĐůŽƉĞĚŝĂŽĨŽŵƉƵƚĞƌ^ĐŝĞŶĐĞĂŶĚdĞĐŚŶŽůŽŐLJ͕;ϮͿ͕Z'ƌŽƵƉ͕W͘͘
>ĂƉůĂŶƚĞ͘
ŝŶĚĞƌ͕͕͘dŚĂůĞƌ͕͕͘hŶŐĞƌ͕D͕͘ĐŬĞƌ͕͕͘DĂƚŚć͕W͕͘ĂŶĚĂƵƐƐŝŶŐĞƌ͕^͘ϮϬϭϳ͘΀'ZDE΁D/EdĂŶPĨĨĞŶƚůŝĐŚĞŶ
hŶŝǀĞƌƐŝƚćƚĞŶ͕&ĂĐŚŚŽĐŚƐĐŚƵůĞŶƐŽǁŝĞĂŵƌďĞŝƚƐŵĂƌŬƚͲŝŶĞĞƐƚĂŶĚƐĂƵĨŶĂŚŵĞ͘ZĞƐĞĂƌĐŚZĞƉŽƌƚ͘^ƚƵĚLJŽŶďĞŚĂůĨ
ŽĨƚŚĞ&ĞĚĞƌĂůDŝŶŝƐƚƌLJŽĨ^ĐŝĞŶĐĞ͕ZĞƐĞĂƌĐŚĂŶĚƚŚĞĐŽŶŽŵLJ;Dt&tͿ͘ǀĂŝůĂďůĞƚŚƌŽƵŐŚ͗
ŚƚƚƉ͗ͬͬŝƌŝŚƐ͘ŝŚƐ͘ĂĐ͘ĂƚͬϰϮϴϰͬϭͬϮϬϭϳͲŝŚƐͲƌĞƉŽƌƚͲďŝŶĚĞƌͲŵŝŶƚͲƵŶŝǀĞƌƐŝƚĂĞƚĞŶͲĨĂĐŚŚŽĐŚƐĐŚƵůĞŶ͘ƉĚĨ͘΀ĐĐĞƐƐĞĚϭϲDĂLJ
ϮϬϭϵ΁͘
ƌĂĐŬŵĂŶŶ͕͘W͘ĞƚĂů͕͘ϮϬϭϳ͘ĞǀĞůŽƉŵĞŶƚŽĨŽŵƉƵƚĂƚŝŽŶĂůdŚŝŶŬŝŶŐ^ŬŝůůƐƚŚƌŽƵŐŚhŶƉůƵŐŐĞĚĐƚŝǀŝƚŝĞƐŝŶWƌŝŵĂƌLJ
^ĐŚŽŽů͘/ŶWƌŽĐĞĞĚŝŶŐƐŽĨƚŚĞϭϮƚŚtŽƌŬƐŚŽƉŽŶWƌŝŵĂƌLJĂŶĚ^ĞĐŽŶĚĂƌLJŽŵƉƵƚŝŶŐĚƵĐĂƚŝŽŶ͕ƌŝŬĂƌĞŶĚƐĞŶĂŶĚ
WĞƚĞƌ,ƵďǁŝĞƐĞƌ;ĚƐ͘Ϳ͕ƉƉ͘ϲϱʹϳϮ͘
ĂƌƐŽŶ͕^͘ĂŶĚ^ĐŚŵŝĚƚ͕:͕͘ϮϬϭϮ͘dŚĞDĂƐƐŝǀĞKƉĞŶKŶůŝŶĞWƌŽĨĞƐƐŽƌĐĂĚĞŵŝĐDĂƚƚĞƌ͕/Ŷ:ŽƵƌŶĂůŽĨŚŝŐŚĞƌĞĚƵĐĂƚŝŽŶ͕
ǀĂŝůĂďůĞƚŚƌŽƵŐŚ͗ŚƚƚƉ͗ͬͬǁǁǁ͘ĂĐĂĚĞŵŝĐŵĂƚƚĞƌƐ͘ĐĂͬϮϬϭϮͬϬϱͬƚŚĞͲŵĂƐƐŝǀĞͲŽƉĞŶͲŽŶůŝŶĞͲƉƌŽĨĞƐƐŽƌͬ͘΀ĐĐĞƐƐĞĚϬϯ
ƉƌŝůϮϬϭϵ΁͘
ŚĞƌLJĂŶ͕^͕͘WůĂƵƚ͕s͘͕͘,ĂŶĚƌŽŶ͕͕͘ĂŶĚ,ƵĚƐŽ͕>͕͘ϮϬϭϯ͘dŚĞƐƚĞƌĞŽƚLJƉŝĐĂůĐŽŵƉƵƚĞƌƐĐŝĞŶƚŝƐƚ͗'ĞŶĚĞƌĞĚŵĞĚŝĂ
ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĂƐĂďĂƌƌŝĞƌƚŽŝŶĐůƵƐŝŽŶĨŽƌǁŽŵĞŶ͘/Ŷ^ƉƌŝŶŐĞƌ^ĐŝĞŶĐĞΘƵƐŝŶĞƐƐDĞĚŝĂ͘ϲϵ;ϭͿ͕Ɖ͘ϱϴ͘
ŚĞƌLJĂŶ͕^͕͘ϮϬϭϮ͘hŶĚĞƌƐƚĂŶĚŝŶŐƚŚĞƉĂƌĂĚŽdžŝŶŵĂƚŚͲƌĞůĂƚĞĚĮĞůĚƐ͗tŚLJĚŽƐŽŵĞŐĞŶĚĞƌŐĂƉƐƌĞŵĂŝŶǁŚŝůĞŽƚŚĞƌƐĚŽ
ŶŽƚ͍/ŶŽŵŵĞŶƚĂƌLJ͘^ĞdžZŽůĞƐϲϲ͕ƉƉ͘ϭϴϰʹϭϵϬ͘
ŽŵŵŝƚƚĞĞŽŶƵƌŽƉĞĂŶŽŵƉƵƚŝŶŐĚƵĐĂƚŝŽŶ;Ϳ͕ϮϬϭϳ͘/ŶĨŽƌŵĂƚŝĐƐĚƵĐĂƚŝŽŶŝŶƵƌŽƉĞ͗ƌĞtĞůů/ŶdŚĞ^ĂŵĞ
ŽĂƚ͍ZĞƉŽƌƚďLJ͕ũŽŝŶƚůLJĞƐƚĂďůŝƐŚĞĚďLJ/ŶĨŽƌŵĂƚŝĐƐƵƌŽƉĞΘDƵƌŽƉĞ͘ǀĂŝůĂďůĞƚŚƌŽƵŐŚ͗
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝŶĨŽƌŵĂƚŝĐƐͲĞƵƌŽƉĞ͘ŽƌŐͬĐŽŵƉŽŶĞŶƚͬƉŚŽĐĂĚŽǁŶůŽĂĚͬĐĂƚĞŐŽƌLJͬϭϬͲƌĞƉŽƌƚƐ͘Śƚŵů͍ĚŽǁŶůŽĂĚсϲϬ͗ĐĞĐĞͲ
ƌĞƉŽƌƚ͘΀ĐĐĞƐƐĞĚϭϲDĂLJϮϬϭϵ΁͘
ƵĨĨ͕͕͘ϮϬϭϱ͘dŚĞĨĨĞĐƚĂŶĚ/ŵƉŽƌƚĂŶĐĞŽĨdĞĐŚŶŽůŽŐLJŝŶƚŚĞZĞƐĞĂƌĐŚWƌŽĐĞƐƐ͘/Ŷ:ŽƵƌŶĂůŽĨĚƵĐĂƚŝŽŶĂůdĞĐŚŶŽůŽŐLJ
^LJƐƚĞŵƐ͘ϰϯ;ϭͿ͕ƉƉ͘ϳϱʹϵϳ͘
ŽƌŵĂLJƌ͕,͕͘ĂŶĚtŝŶŬůĞƌ͕͕͘ϮϬϭϲ͘΀'ZDE΁ĞĨƌĂŐƵŶŐPƐƚĞƌƌĞŝĐŚŝƐĐŚĞƌ>ĞŚƌĂďƐŽůǀĞŶƚ/ŶŶĞŶnjǁĞŝ:ĂŚƌĞŶĂĐŚ
>ĞŚƌĂďƐĐŚůƵƐƐ͘WĂƌƚŝĂůƌĞƉŽƌƚĂƐƉĂƌƚŽĨƚŚĞŝďǁƐƚƵĚLJͲďĂĐŬŐƌŽƵŶĚĂŶĂůLJƐŝƐŽŶƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨŝŶͲĐŽŵƉĂŶLJ
ƚƌĂŝŶŝŶŐƉůĂĐĞƚŚƌĞĂĚŝŶŐ;ƉĂƌĂŐƌĂƉŚϭϵĐ'Ϳ͘ǀĂŝůĂďůĞƚŚƌŽƵŐŚ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŝďǁ͘ĂƚͬďŝďůŝŽƚŚĞŬͬŝĚͬϰϭϲͬ͘΀ĐĐĞƐƐĞĚ
ϭϱƉƌŝůϮϬϭϵ΁͘
ďŶĞƌ͕D͕͘>ŽƌĞŶnj͕͕͘>ĂĐŬŶĞƌ͕͕͘<ŽƉƉ͕D͕͘<ƵŵĂƌ͕^͕͘^ĐŚƂŶ͕^͕͘ĂŶĚtŝƚƚŬĞ͕͕͘ϮϬϭϲ͘,ŽǁKZĞŶŚĂŶĐĞDKKƐʹ
WĞƌƐƉĞĐƚŝǀĞĨƌŽŵ'ĞƌŵĂŶͲƐƉĞĂŬŝŶŐƵƌŽƉĞ͘/ŶKƉĞŶĚƵĐĂƚŝŽŶ͗ĨƌŽŵKZƐƚŽDKKƐ͘:ĞŵŶŝ͕D͕͘<ŝŶƐŚƵŬ͕<Śƌŝďŝ͕D͘
<͘;ĚƐ͘Ϳ͘^ƉƌŝŶŐĞƌ͘>ĞĐƚƵƌĞEŽƚĞƐŝŶĚƵĐĂƚŝŽŶĂůdĞĐŚŶŽůŽŐLJ͘ƉƉ͘ϮϬϱͲϮϮϬ͘
ďŶĞƌ͕D͕͘<ŚĂůŝů͕D͕͘^ĐŚƂŶ͕^͕͘'ƺƚů͕͕͘ƐĐŚĞŵĂŶŶ͕͕͘&ƌĞŝ͕t͕͘ĂŶĚZƂƚŚůĞƌ͕͕͘ϮϬϭϳ͘,Žǁ/ŶǀĞƌƐĞůĞŶĚĞĚ>ĞĂƌŶŝŶŐĂŶ
dƵƌŶhƉ>ĞĂƌŶŝŶŐǁŝƚŚDKKƐ͍/ŶWƌŽĐĞĞĚŝŶŐƐŽĨƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůŽŶĨĞƌĞŶĐĞDKKͲD<ZϮϬϭϳ͕ƉƉ͘ϮϭͲϯϬ
ďŶĞƌ͕D͘ĂŶĚ^ĐŚƂŶ͕^͕͘ϮϬϭϵ͘/ŶǀĞƌƐĞůĞŶĚĞĚ>ĞĂƌŶŝŶŐʹĂĚŝĚĂĐƚŝĐĂůĐŽŶĐĞƉƚĨŽƌDKKƐĂŶĚŝƚ͛ƐƉŽƐŝƚŝǀĞĞĨĨĞĐƚƐŽŶ
ĚƌŽƉŽƵƚͲƌĂƚĞƐ͘/ŶdŚĞ/ŵƉĂĐƚŽĨDKKƐŽŶŝƐƚĂŶĐĞĚƵĐĂƚŝŽŶŝŶDĂůĂLJƐŝĂĂŶĚĞLJŽŶĚ͘ůůLJ͕D͕͘ŵŝŶŵďŝ͕D͕͘
EŽƌŵĂŶ͕,͘;ĞĚƐ͘Ϳ͘ZŽƵƚůĞĚŐĞ͘/^EϵϳϴϬϯϲϳϬϮϲϲϭϱ͘
ďŶĞƌ͕D͕͘^ĐŚƂŶ͕^͕͘ƌĂƵŶ͕͘;ϮϬϮϬͿ͘DŽƌĞdŚĂŶĂDKKͶ^ĞǀĞŶ>ĞĂƌŶŝŶŐĂŶĚdĞĂĐŚŝŶŐ^ĐĞŶĂƌŝŽƐƚŽhƐĞDKKƐŝŶ
,ŝŐŚĞƌ
ĚƵĐĂƚŝŽŶĂŶĚĞLJŽŶĚ͘/Ŷ͗zƵ^͕͘ůůLJD͕͘dƐŝŶĂŬŽƐ͘;ĞĚƐ͘ͿŵĞƌŐŝŶŐdĞĐŚŶŽůŽŐŝĞƐĂŶĚWĞĚĂŐŽŐŝĞƐŝŶƚŚĞƵƌƌŝĐƵůƵŵ͘
ƌŝĚŐŝŶŐ,ƵŵĂŶĂŶĚDĂĐŚŝŶĞ͗&ƵƚƵƌĞĚƵĐĂƚŝŽŶǁŝƚŚ/ŶƚĞůůŝŐĞŶĐĞ͘ƉƉ͘ϳϱͲϴϳ͘
ƵƌŽƉĞĂŶŽŵŵŝƐƐŝŽŶ͕ϮϬϭϲ͘ŶĞǁƐŬŝůůƐĂŐĞŶĚĂĨŽƌƵƌŽƉĞ͘tŽƌŬŝŶŐƚŽŐĞƚŚĞƌƚŽƐƚƌĞŶŐƚŚĞŶŚƵŵĂŶĐĂƉŝƚĂů͕ĞŵƉůŽLJĂďŝůŝƚLJ
ĂŶĚĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ͘ǀĂŝůĂďůĞƚŚƌŽƵŐŚ͗ŚƚƚƉ͗ͬͬĞĐ͘ĞƵƌŽƉĂ͘ĞƵͬƐŽĐŝĂůͬŵĂŝŶ͘ũƐƉ͍ĐĂƚ/ĚсϭϮϮϯ͘΀ĐĐĞƐƐĞĚϭϲDĂLJϮϬϭϵ΁͘
ƵƌŽƉĞĂŶŽŵŵŝƐƐŝŽŶ͕ϮϬϭϱ͘ƌŽƉŽƵƚĂŶĚŽŵƉůĞƚŝŽŶŝŶ,ŝŐŚĞƌĚƵĐĂƚŝŽŶŝŶƵƌŽƉĞ͘DĂŝŶZĞƉŽƌƚ͘ǀĂŝůĂďůĞ
ƚŚƌŽƵŐŚ͗ŚƚƚƉƐ͗ͬͬƐƵƉƉŽƌƚŚĞƌĞ͘ŽƌŐͬƐŝƚĞƐͬĚĞĨĂƵůƚͬĨŝůĞƐͬĚƌŽƉŽƵƚͲĐŽŵƉůĞƚŝŽŶͲŚĞͺĞŶ͘ƉĚĨ͕΀ĐĐĞƐƐĞĚϬϯDĂLJϮϬϭϵ΁͘
ƵƌŽƉĞĂŶ^ƚĂƚŝƐƚŝĐƐƵƌŽƐƚĂƚ͕ϮϬϭϵ͘&ĞŵĂůĞƐƚƵĚĞŶƚƐƵŶĚĞƌͲƌĞƉƌĞƐĞŶƚĞĚŝŶ/d͘ǀĂŝůĂďůĞƚŚƌŽƵŐŚ͗
ŚƚƚƉƐ͗ͬͬĞĐ͘ĞƵƌŽƉĂ͘ĞƵͬĞƵƌŽƐƚĂƚͬǁĞďͬƉƌŽĚƵĐƚƐͲĞƵƌŽƐƚĂƚͲŶĞǁƐ͕ͬ΀ĐĐĞƐƐĞĚϬϯDĂLJϮϬϭϵ΁͘

ĞƌŶĂĚĞƚƚĞ^ƉŝĞůĞƌĞƚĂů
ǁǁǁ͘ĞũĞů͘ŽƌŐ Ϯϱϵ /^^EϭϰϳϵͲϰϰϬϯ
&ŝůƐĞĐŬĞƌ͕D͘ĂŶĚ<ĞƌƌĞƐ͕D͕͘ϮϬϭϰ͘ŶŐĂŐĞŵĞŶƚĂƐĂǀŽůŝƚŝŽŶĂůĐŽŶƐƚƌƵĐƚ͗ĂĨƌĂŵĞǁŽƌŬĨŽƌĞǀŝĚĞŶĐĞͲďĂƐĞĚƌĞƐĞĂƌĐŚŽŶ
ĞĚƵĐĂƚŝŽŶĂůŐĂŵĞƐ͘/Ŷ^ŝŵƵůĂƚŝŽŶΘ'ĂŵŝŶŐϰϱ͕ƉƉ͘ϰϱϬʹϰϳϬ͘
&ƌŝĞnjĞ͕͘ĂŶĚYƵĞƐĞŶďĞƌƌLJ͕:͕͘ϮϬϭϱ͘<ŝĐŬŝŶŐƵƚƚŝŶŽŵƉƵƚĞƌ^ĐŝĞŶĐĞ͗tŽŵĞŶŝŶŽŵƉƵƚŝŶŐĂƚĂƌŶĞŐŝĞDĞůůŽŶ
hŶŝǀĞƌƐŝƚLJ͘ŽŐĂƌWƵďůŝƐŚŝŶŐ͘
,ƵŶŝĐŬĞ͕Z͕͘>ĞďůĂŶĐ͕D͕͘ĂŶĚƵďĞŬ͕Z͕͘ϮϬϬϰ͘D͗ĨŽƌŵĂůĂƉƉƌŽĂĐŚƚŽŐĂŵĞĚĞƐŝŐŶĂŶĚŐĂŵĞƌĞƐĞĂƌĐŚ͘/ŶWƌŽĐĞĞĚŝŶŐƐ
ŽĨƚŚĞ/tŽƌŬƐŚŽƉŽŶŚĂůůĞŶŐĞƐŝŶ'ĂŵĞ/ϰ͘
/ŶĨŽƌŵĂƚŝĐƐƵƌŽƉĞ͕ϮϬϭϱ͘/ŶĨŽƌŵĂƚŝĐƐĞĚƵĐĂƚŝŽŶŝŶƵƌŽƉĞ͗ŝŶƐƚŝƚƵƚŝŽŶƐ͕ĚĞŐƌĞĞƐ͕ƐƚƵĚĞŶƚƐ͕ƉŽƐŝƚŝŽŶƐ͕ƐĂůĂƌŝĞƐ͘<ĞLJĂƚĂ
ϮϬϬϵͲϮϬϭϰ͘ǀĂŝůĂďůĞƚŚƌŽƵŐŚ͗ŚƚƚƉ͗ͬͬǁǁǁ͘ŝŶĨŽƌŵĂƚŝĐƐͲĞƵƌŽƉĞ͘ŽƌŐͬŝŵĂŐĞƐͬĚŽĐƵŵĞŶƚƐͬŝŶĨŽƌŵĂƚŝĐƐͲĞĚƵĐĂƚŝŽŶͲ
ĞƵƌŽƉĞͲĚĂƚĂͲϮϬϬϵͲϮϬϭϰ͘ƉĚĨ͘΀ĐĐĞƐƐĞĚϬϱƉƌŝůϮϬϭϵ΁͘
<ŚĂůŝů͕,͘ĂŶĚďŶĞƌ͕D͕͘ϮϬϭϰ͘DKKƐŽŵƉůĞƚŝŽŶZĂƚĞƐĂŶĚWŽƐƐŝďůĞDĞƚŚŽĚƐƚŽ/ŵƉƌŽǀĞZĞƚĞŶƚŝŽŶͲ>ŝƚĞƌĂƚƵƌĞZĞǀŝĞǁ͘
/ŶWƌŽĐĞĞĚŝŶŐƐŽĨtŽƌůĚŽŶĨĞƌĞŶĐĞŽŶĚƵĐĂƚŝŽŶĂůDƵůƚŝŵĞĚŝĂ͕,LJƉĞƌŵĞĚŝĂĂŶĚdĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐϮϬϭϰ
ŚĞƐĂƉĞĂŬĞ͕s͗͕ƉƉ͘ϭϮϯϲͲϭϮϰϰ͘
<ŚĂůŝů͕D͘ĂŶĚD͘ďŶĞƌ͕ϮϬϭϲ͘tŚĞŶ>ĞĂƌŶŝŶŐŶĂůLJƚŝĐƐDĞĞƚƐDKKƐͲĂZĞǀŝĞǁŽŶŝDŽŽyĂƐĞ^ƚƵĚŝĞƐ͘/ŶŶŽǀĂƚŝŽŶƐĨŽƌ
ŽŵŵƵŶŝƚLJ^ĞƌǀŝĐĞƐ͗ϭϲƚŚ/ŶƚĞƌŶĂƚŝŽŶĂůŽŶĨĞƌĞŶĐĞ͕/ϰ^ϮϬϭϲ͕ƉƉ͘ϮϳͲϮϵ͕ϮϬϭϲ͕ZĞǀŝƐĞĚ^ĞůĞĐƚĞĚWĂƉĞƌƐ͘'͘
&ĂŚƌŶďĞƌŐĞƌ͕'͘ŝĐŚůĞƌĂŶĚ͘ƌĨƵƌƚŚ͘ŚĂŵ͕^ƉƌŝŶŐĞƌ/ŶƚĞƌŶĂƚŝŽŶĂůWƵďůŝƐŚŝŶŐ͗ƉƉ͘ϯͲϭϵ͘
<ĂŚŶ͕<͘;ϮϬϭϳͿŚĂůĨͲĐĞŶƚƵƌLJƉĞƌƐƉĞĐƚŝǀĞŽŶŽŵƉƵƚĂƚŝŽŶĂůdŚŝŶŬŝŶŐ͘/ŶƚĞĐŚŶŽůŽŐŝĂƐ͕ƐŽĐŝĞĚĂĚĞĞĐŽŶŚĞĐŝŵĞŶƚŽϰ;ϭͿ͘
<ŽƉƉ͕D͘ĂŶĚďŶĞƌ͕D͕͘ϮϬϭϳ͘>ĂĐĞƌƚŝĨŝĐĂĐŝſŶĚĞůŽƐDKK͘sĞŶƚĂũĂƐ͕ĚĞƐĂĨşŽƐLJĞdžƉĞƌŝĞŶĐŝĂƐƉƌĄĐƚŝĐĂƐ͘ZĞǀŝƐƚĂĞƐƉĂŹŽůĂ
ĚĞƉĞĚĂŐŽŐşĂ͘ϳϱ;ϮϲϲͿ͕ƉƉ͘ϴϯͲϭϬϬ͘/^^EϬϬϯϰͲϵϰϲϭ͘
WƌŝĐĞ͕D͘ĂŶĚ>ĂƉŚĂŵ͕͕͘ϮϬϬϯ͘ƐLJŶĐŚƌŽŶŽƵƐŝĂůŽŐƵĞŝŶĚƵĐĂƚŝŽŶ͗ƚŽǁĂƌĚƐĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞŶĂƚƵƌĞŽĨ
ŝŶƚĞƌĂĐƚŝŽŶƐ͘/Ŷ͗ttt͘
>ŝ͕z͕͘ŚĂŶŐ͕D͕͘ŽŶŬ͕͘:͕͘ĂŶĚ'ƵŽ͕z͕͘ϮϬϭϱ͘/ŶƚĞŐƌĂƚŝŶŐDKKĂŶĚ&ůŝƉƉĞĚůĂƐƐƌŽŽŵWƌĂĐƚŝĐĞŝŶĂdƌĂĚŝƚŝŽŶĂů
hŶĚĞƌŐƌĂĚƵĂƚĞŽƵƌƐĞ͗^ƚƵĚĞŶƚƐ͛džƉĞƌŝĞŶĐĞĂŶĚWĞƌĐĞƉƚŝŽŶƐ͘/Ŷ͗/ŶƚĞƌŶĂƚŝŽŶĂů:ŽƵƌŶĂůŽĨŵĞƌŐŝŶŐdĞĐŚŶŽůŽŐŝĞƐŝŶ
>ĞĂƌŶŝŶŐ͕ϲ;ϲͿ͘
>ŽĐŬǁŽŽĚ͕W͕͘ϮϬϬϲ͘^ŽŵĞŽŶĞůŝŬĞŵĞĐĂŶďĞƐƵĐĐĞƐƐĨƵů͗ĚŽĐŽůůĞŐĞƐƚƵĚĞŶƚƐŶĞĞĚƐĂŵĞͲŐĞŶĚĞƌƌŽůĞŵŽĚĞůƐ͍/ŶWƐLJĐŚŽůŽŐLJ
ŽĨtŽŵĞŶYƵĂƌƚĞƌůLJ
DĂƌŐŽůŝƐ͕:͕͘&ŝƐŚĞƌ͕͕͘ĂŶĚDŝůůĞƌ͕&͕͘ϮϬϭϰ͘'ĞĞŬDLJƚŚŽůŽŐLJ͘/ŶtŽŵĞŶŝŶŽŵƉƵƚĞƌ^ĐŝĞŶĐĞƐ͗ůŽƐŝŶŐƚŚĞ'ĞŶĚĞƌ'ĂƉŝŶ
,ŝŐŚĞƌĚƵĐĂƚŝŽŶ͘dŚŝƐŝƐĂƉĂƉĞƌŽĨƚŚĞĂƌŶĞŐŝĞDĞůůŽŶWƌŽũĞĐƚŽŶ'ĞŶĚĞƌĂŶĚŽŵƉƵƚĞƌ^ĐŝĞŶĐĞǀĂŝůĂďůĞƚŚƌŽƵŐŚ͗
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐƐ͘ĐŵƵ͘ĞĚƵͬĂĨƐͬĐƐͬƉƌŽũĞĐƚͬŐĞŶĚĞƌŐĂƉͬǁǁǁͬŐĞĞŬŵLJƚŚ͘Śƚŵů͘
DĂƐƚĞƌ͕͕͘^ĂƉŶĂ͕͕͘ĂŶĚDĞůƚnjŽĨĨ͕͘E͕͘ϮϬϭϲ͘ŽŵƉƵƚŝŶŐtŚĞƚŚĞƌ^ŚĞĞůŽŶŐƐ͗^ƚĞƌĞŽƚLJƉĞƐhŶĚĞƌŵŝŶĞ'ŝƌůƐ͛/ŶƚĞƌĞƐƚ
ĂŶĚ^ĞŶƐĞŽĨĞůŽŶŐŝŶŐŝŶŽŵƉƵƚĞƌ^ĐŝĞŶĐĞ͘/Ŷ:ŽƵƌŶĂůŽĨĚƵĐĂƚŝŽŶĂůWƐLJĐŚŽůŽŐLJ͘ϭϬϴ;ϯͿ͕ƉƉ͘ϰϮϰʹϰϯϳ͘
EŽŽŶĞ͕D͘ĂŶĚDŽŽŶĞLJ͕͕͘ϮϬϭϴ͘sŝƐƵĂůĂŶĚdĞdžƚƵĂůWƌŽŐƌĂŵŵŝŶŐ>ĂŶŐƵĂŐĞƐ͗^LJƐƚĞŵĂƚŝĐZĞǀŝĞǁŽĨƚŚĞ>ŝƚĞƌĂƚƵƌĞ͕
:ŽƵƌŶĂůĨŽƌŽŵƉƵƚĞƌĚƵĐĂƚŝŽŶ͘
WĂƉƉĂŶĂ͕>͕͘ϮϬϭϮ͘DĂƐƐŝǀĞKƉĞŶKŶůŝŶĞŽƵƌƐĞƐƌĞDƵůƚŝƉůLJŝŶŐĂƚĂZĂƉŝĚWĂĐĞ͘ǀĂŝůĂďůĞƚŚƌŽƵŐŚ͗dŚĞEĞǁzŽƌŬdŝŵĞƐ
ŚƚƚƉ͗ͬͬǁǁǁ͘ĞŐLJŵŽĚĞƌŶ͘ĐŽŵͬϮϬϭϭͬϬϳͬĂůͲŶĂŚĂƌͲĐŚĂŶĞĞů͘Śƚŵů͘΀ĐĐĞƐƐĞĚϬϰDĂLJϮϬϭϵ΁͘
WĂƉĞƌƚ͕^͕͘ϭϵϵϯ͘dŚĞŚŝůĚƌĞŶ͛ƐDĂĐŚŝŶĞ͗ZĞƚŚŝŶŬŝŶŐ^ĐŚŽŽůŝŶƚŚĞŐĞŽĨƚŚĞŽŵƉƵƚĞƌ͗ƌŝŶŐŝŶŐƚŚĞŽŵƉƵƚĞƌZĞǀŽůƵƚŝŽŶ
ƚŽKƵƌ^ĐŚŽŽůƐ͘/ŶĂƐŝĐŽŽŬƐ͘
^ŝŶŐĞƌ͕E͕͘ϮϬϭϵ͘dŚĞ,ĂƌĚWĂƌƚŽĨŽŵƉƵƚĞƌ^ĐŝĞŶĐĞ͍'ĞƚƚŝŶŐ/ŶƚŽůĂƐƐ͘ǀĂŝůĂďůĞ
ƚŚƌŽƵŐŚ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŶLJƚŝŵĞƐ͘ĐŽŵͬϮϬϭϵͬϬϭͬϮϰͬƚĞĐŚŶŽůŽŐLJͬĐŽŵƉƵƚĞƌͲƐĐŝĞŶĐĞͲĐŽƵƌƐĞƐͲĐŽůůĞŐĞ͘Śƚŵů͘΀ĐĐĞƐƐĞĚϬϰ
DĂLJϮϬϭϵ΁͘
^ƉŝĞůĞƌ͕͘ĂŶĚ^ůĂŶLJ͕t͕͘ϮϬϭϴ͘'ĂŵĞĞǀĞůŽƉŵĞŶƚͲĂƐĞĚ>ĞĂƌŶŝŶŐdžƉĞƌŝĞŶĐĞ͗'ĞŶĚĞƌŝĨĨĞƌĞŶĐĞƐŝŶ'ĂŵĞĞƐŝŐŶ͘/Ŷ
WƌŽĐĞĞĚŝŶŐƐŽĨƚŚĞϭϮƚŚƵƌŽƉĞĂŶŽŶĨĞƌĞŶĐĞŽŶ'ĂŵĞƐĂƐĞĚ>ĞĂƌŶŝŶŐ͘ƉƉ͘ϲϭϲͲϲϮϱ͘
^ƉŝĞůĞƌ͕͘KĂƚĞƐͲ/ŶĚƵĐŚŽǀă͕>͕͘ĂŶĚ^ůĂŶLJ͕t͕͘ŝŶƉƌĞƐƐ͘&ĞŵĂůĞdĞĞŶĂŐĞƌƐŝŶŽŵƉƵƚĞƌ^ĐŝĞŶĐĞĚƵĐĂƚŝŽŶ͗hŶĚĞƌƐƚĂŶĚŝŶŐ
^ƚĞƌĞŽƚLJƉĞƐ͕EĞŐĂƚŝǀĞ/ŵƉĂĐƚƐ͕ĂŶĚWŽƐŝƚŝǀĞDŽƚŝǀĂƚŝŽŶ͘:ŽƵƌŶĂůŽĨtŽŵĞŶĂŶĚDŝŶŽƌŝƚŝĞƐŝŶ^ĐŝĞŶĐĞĂŶĚ
ŶŐŝŶĞĞƌŝŶŐ͘
^ƚŽƵƚ͕:͘ĂŶĚĂŵƉ͕d͕͘ϮϬϭϰ͘EŽǁǁŚĂƚ͍ĐƚŝŽŶŝƚĞŵƐĨƌŽŵƐŽĐŝĂůƐĐŝĞŶĐĞƌĞƐĞĂƌĐŚƚŽďƌŝĚŐĞƚŚĞŐĞŶĚĞƌŐĂƉŝŶĐŽŵƉƵƚŝŶŐ
ƌĞƐĞĂƌĐŚ͘/Ŷ^/'^ŽŵƉƵƚ͘^ŽĐ͘ϰϰ;ϰͿ͕ƉƉ͘ϱʹϴ͘
^ƵůůŝǀĂŶ͕'͘D͘ĂŶĚƌƚŝŶŽ͕͘Z͕͘ϮϬϭϯ͘ŶĂůLJnjŝŶŐĂŶĚ/ŶƚĞƌƉƌĞƚŝŶŐĂƚĂ&ƌŽŵ>ŝŬĞƌƚͲdLJƉĞ^ĐĂůĞƐ͘/Ŷ:ŽƵƌŶĂůŽĨ'ƌĂĚĂƚĞ
DĞĚŝĐĂůĚƵĐĂƚŝŽŶϱ;ϰͿ͕ƉƉ͘ϱϰϭʹϱϰϮ͘
dƐĂŝ͕͘Ͳz͕͘ϮϬϭϴ͘/ŵƉƌŽǀŝŶŐƐƚƵĚĞŶƚƐΖƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨďĂƐŝĐƉƌŽŐƌĂŵŵŝŶŐĐŽŶĐĞƉƚƐƚŚƌŽƵŐŚǀŝƐƵĂůƉƌŽŐƌĂŵŵŝŶŐůĂŶŐƵĂŐĞ͗
dŚĞƌŽůĞŽĨƐĞůĨͲĞĨĨŝĐĂĐLJ͘ŽŵƉƵƚĞƌƐŝŶ,ƵŵĂŶĞŚĂǀŝŽƌ͘
dƵŵůŝŶ͕E͕͘ϮϬϭϳ͘dĞĂĐŚĞƌŽŶĮŐƵƌĂďůĞŽĚŝŶŐŚĂůůĞŶŐĞƐĨŽƌůŽĐŬ>ĂŶŐƵĂŐĞƐ͘/ŶWƌŽĐĞĞĚŝŶŐƐŽĨƚŚĞϮϬϭϳD^/'^
dĞĐŚŶŝĐĂů^LJŵƉŽƐŝƵŵŽŶŽŵƉƵƚĞƌ^ĐŝĞŶĐĞĚƵĐĂƚŝŽŶ͕ƉƉ͘ϳϴϯʹϳϴϰ͘
sĞŝůůĞƵdž͕E͕͘ĂƚĞƐ͕Z͕͘ůůĞŶĚŽĞĨĞƌ͕͕͘:ŽŶĞƐ͕͕͘ƌĂǁĨŽƌĚ͕:͕͘ĂŶĚ^ŵŝƚŚ͕d͘&͕͘ϮϬϭϯ͘dŚĞƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶďĞůŽŶŐŝŶŐ
ĂŶĚĂďŝůŝƚLJŝŶĐŽŵƉƵƚĞƌƐĐŝĞŶĐĞ͘/ŶWƌŽĐĞĞĚŝŶŐŽĨƚŚĞϰϰƚŚDƚĞĐŚŶŝĐĂůƐLJŵƉŽƐŝƵŵŽŶŽŵƉƵƚĞƌƐĐŝĞŶĐĞĞĚƵĐĂƚŝŽŶ͕
ƉƉ͘ϲϱʹϳϬ͘
sŽƐ͕E͕͘ǀĂŶĚĞƌDĞŝũĚĞŶ͕,͕͘ĂŶĚĞŶĞƐƐĞŶ͕͕͘ϮϬϭϭ͘ĨĨĞĐƚƐŽĨĐŽŶƐƚƌƵĐƚŝŶŐǀĞƌƐƵƐƉůĂLJŝŶŐĂŶĞĚƵĐĂƚŝŽŶĂůŐĂŵĞŽŶƐƚƵĚĞŶƚ
ŵŽƚŝǀĂƚŝŽŶĂŶĚĚĞĞƉůĞĂƌŶŝŶŐƐƚƌĂƚĞŐLJƵƐĞ͘/ŶŽŵƉƵƚĞƌƐΘĚƵĐĂƚŝŽŶ͘ϱϲ;ϭͿ͕ƉƉ͘ϭϮϳʹϭϯϳ͘
tĂůƚŽŶ͕'͘D͕͘ĂŶĚŽŚĞŶ͕'͘>͕͘ϮϬϬϳ͘YƵĞƐƚŝŽŶŽĨĞůŽŶŐŝŶŐ͗ZĂĐĞ͕^ŽĐŝĂů&ŝƚ͕ĂŶĚĐŚŝĞǀĞŵĞŶƚ͘/Ŷ:ŽƵƌŶĂůŽĨWĞƌƐŽŶĂůŝƚLJ
ĂŶĚ^ŽĐŝĂůWƐLJĐŚŽůŽŐLJ͘ϵϮ;ϭͿ͕ƉƉ͘ϴϮʹϵϲ͘
tĞŝŶƚƌŽƉ͕͕͘ĂŶĚtŝůĞŶƐŬLJ͕h͕͘ϮϬϭϱ͘dŽďůŽĐŬŽƌŶŽƚƚŽďůŽĐŬ͕ƚŚĂƚŝƐƚŚĞƋƵĞƐƚŝŽŶ͘/Ŷ͗ĞƌƐ͕D͘h͕͘ZĞǀĞůůĞ͕'͘;ĞĚƐ͘Ϳ͕
WƌŽĐĞĞĚŝŶŐƐŽĨƚŚĞϭϰƚŚ/ŶƚĞƌŶĂƚŝŽŶĂůŽŶĨĞƌĞŶĐĞŽŶ/ŶƚĞƌĂĐƚŝŽŶĞƐŝŐŶĂŶĚŚŝůĚƌĞŶ/Ζϭϱ͕ƉƉ͘ϭϵϵʹϮϬϴ͘
tŝŶŐ͕:͘D͕͘ϮϬϬϲ͘ŽŵƉƵƚĂƚŝŽŶĂůƚŚŝŶŬŝŶŐ͘ŽŵŵƵŶŝĐĂƚŝŽŶƐŽĨƚŚĞD͕ϰϵ;ϯͿ͕Ɖ͘ϯϯͲϯϱ͘

dŚĞůĞĐƚƌŽŶŝĐ:ŽƵƌŶĂůŽĨĞͲ>ĞĂƌŶŝŶŐsŽůƵŵĞϭϴ/ƐƐƵĞϯϮϬϮϬ
ǁǁǁ͘ĞũĞů͘ŽƌŐ ϮϲϬ ΞW/>
tƵ͕͘ĂŶĚtĂŶŐ͕͘/͕͘ϮϬϭϮ͘'ƵŝĚĞůŝŶĞĨŽƌ'ĂŵĞĞǀĞůŽƉŵĞŶƚͲĂƐĞĚ>ĞĂƌŶŝŶŐ͗>ŝƚĞƌĂƚƵƌĞZĞǀŝĞǁ͘/Ŷ/ŶƚĞƌŶĂƚŝŽŶĂů
:ŽƵƌŶĂůŽĨŽŵƉƵƚĞƌ'ĂŵĞƐdĞĐŚŶŽůŽŐLJ͘sŽůƵŵĞϮϬϭϮ͕ƌƚŝĐůĞEŽ͘ϴ͘
zĂͲdŝŶŐ͕͘z͘ĂŶĚŚĂŽͲ,ƐŝĂŶŐ͕͕͘ϮϬϭϯ͘ŵƉŽǁĞƌŝŶŐƐƚƵĚĞŶƚƐƚŚƌŽƵŐŚĚŝŐŝƚĂůŐĂŵĞĂƵƚŚŽƌƐŚŝƉ͗ŶŚĂŶĐŝŶŐĐŽŶĐĞŶƚƌĂƚŝŽŶ͕
ĐƌŝƚŝĐĂůƚŚŝŶŬŝŶŐ͕ĂŶĚĂĐĂĚĞŵŝĐĂĐŚŝĞǀĞŵĞŶƚ͘/ŶŽŵƉƵƚĞƌƐΘĚƵĐĂƚŝŽŶ͘ϲϴ͕ƉƉ͘ϯϯϰʹϯϰϰ͘
zŽƵŶŐ͕͘D͕͘ZƵĚŵĂŶ͕>͘͕͘ƵĞƚƚŶĞƌ͕,͘D͕͘ĂŶĚDĐ>ĞĂŶ͕D͘͕͘ϮϬϭϯ͘dŚĞ/ŶŇƵĞŶĐĞŽĨ&ĞŵĂůĞZŽůĞDŽĚĞůƐŽŶtŽŵĞŶ͛Ɛ
/ŵƉůŝĐŝƚ^ĐŝĞŶĐĞŽŐŶŝƚŝŽŶƐ͘/ŶWƐLJĐŚŽůŽŐLJŽĨtŽŵĞŶYƵĂƌƚĞƌůLJ͘ϯϳ;ϯͿ͕ƉƉ͘ϮϴϯʹϮϵϮ͘