Loading...
HomeMy WebLinkAbout2026-05-06 – Zoning Board of Appeals - Agenda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¶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¶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±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Ėťƅϙĺċϙ‡ĺèēôŜťôŘϙ ϳ ϙĺııŪIJĖťƅϙ"ôŽôīĺŕıôIJťϙ"ôŕÍŘťıôIJťϙ«ÍŘĖÍIJèôϙbÍŘŘÍťĖŽôϙ‡ôŗŪôŜťϙ „ŘĺĤôèťϡϙīīĖôîϙ«ôťôŘĖIJÍŘƅϙ(ıôŘČôIJèƅϙЭϙ‡ôċôŘŘÍīϙ ϳ ϙ‹ĖČIJϙFôĖČēťϙ«ÍŘĖÍIJèôϙŕŕīĖèÍIJťϡϙīīĖôîϙ «ôťôŘĖIJÍŘƅϙ(ıôŘČôIJèƅϙЭϙ‡ôċôŘŘÍīϙ[ĺèÍťĖĺIJϡϙ‡ĺèēôŜťôŘϠϙaĖIJIJôŜĺťÍϙ „ÍŘèôīϙIIJċĺŘıÍťĖĺIJϡϙ[ôČÍīϙ"ôŜèŘĖŕťĖĺIJϙϼŕôŘϙ®‹(ϙa‹‹(´ϙôŘťĖċĖèÍťôϙĺċϙ‹ŪŘŽôƅϙîÍťôîϙ ͏͔ϯ͑͘ϯ͑͏͓͑Ͻϡϙ“ēÍťϙŕÍŘťϙĺċϙ[ĺťŜϙ͒ϙÍIJîϙ͓ϠϙŽÍIJťÍČôϠϙæŪťϙĺIJϙŜĖťôϱŜŕôèĖċĖèϙŽĖŜĖæĖīĖťƅϙÍIJîϙÍèèôŜŜϙèĺIJŜťŘÍĖIJťŜϟϙ ϙ „‡iV(“ϙ‹˜aa‡´ϙ īīĖôîϙ«ôťôŘĖIJÍŘƅϙ(ıôŘČôIJèƅϙЭϙ‡ôċôŘŘÍīϙĖŜϙÍIJϙôıôŘČôIJèƅϙŽôťôŘĖIJÍŘƅϙēĺŜŕĖťÍīϙŜôŘŽĖIJČϙ ‡ĺèēôŜťôŘϙÍIJîϙťēôϙČŘôÍťôŘϙŜĺŪťēôŘIJϙaĖIJIJôŜĺťÍϙÍIJîϙIJĺŘťēôŘIJϙIĺſÍϙŘôČĖĺIJϟϙ“ēôϙċÍèĖīĖťƅϙ ŕŘĺŽĖîôŜϙŪŘČôIJťϙÍIJîϙīĖċôϱŜÍŽĖIJČϙèÍŘôϙċĺŘϙÍIJĖıÍīŜϙ͓͑ϙēĺŪŘŜϙÍϙîÍƅϟϙ “ēôϙÍŕŕīĖèÍIJťϙĖŜϙŘôŗŪôŜťĖIJČϙÍϙŽÍŘĖÍIJèôϙťĺϙÍīīĺſϙĖIJŜťÍīīÍťĖĺIJϙĺċϙĺIJôϙēĖČēſÍƅϱċÍèĖIJČϙ ċŘôôŜťÍIJîĖIJČϙŜĖČIJϙÍťϙÍϙēôĖČēťϙĺċϙ͓͔ϙċôôťϠϙôƄèôôîĖIJČϙťēôϙŜťÍIJîÍŘîϙŕôŘıĖťťôîϙŜĖČIJϙēôĖČēťϟϙ“ēôϙ ŘôŗŪôŜťϙĖŜϙīĖıĖťôîϙťĺϙēôĖČēťϙÍIJîϙŕŘĺŕĺŘťĖĺIJÍīϙŜĖČIJϙċÍèôϙŜĖƏôϙĺIJīƅϙÍIJîϙĖŜϙIJĺťϙÍϙŘôŗŪôŜťϙťĺϙ ĖIJèŘôÍŜôϙťēôϙIJŪıæôŘϙĺċϙŜĖČIJŜϟϙ“ēĖŜϙŘôŗŪôŜťϙĖŜϙîŘĖŽôIJϙæƅϙŪIJĖŗŪôϙŜĖťôϙèĺIJîĖťĖĺIJŜϙÍIJîϙŕŪæīĖèϙ ŜÍċôťƅϙèĺIJŜĖîôŘÍťĖĺIJŜϙÍŜŜĺèĖÍťôîϙſĖťēϙôıôŘČôIJèƅϙıôîĖèÍīϙÍèèôŜŜϟϙ  ϙ «‡Ib(ϙ‡I“(‡IϙV˜‹“I>I“Iibϙ IIJϙÍèèĺŘîÍIJèôϙſĖťēϙ‹ôèťĖĺIJϙ͕͏ϟ͔͏͏ϟ͏͖͏ϙĺċϙťēôϙ‡ĺèēôŜťôŘϙ˜IJĖċĖôîϙ"ôŽôīĺŕıôIJťϙĺîôϠϙťēôϙ ċĺīīĺſĖIJČϙèŘĖťôŘĖÍϙÍŘôϙÍîîŘôŜŜôîϡϙ ϟϙĺIJŜĖŜťôIJèƅϙſĖťēϙĺıŕŘôēôIJŜĖŽôϙ„īÍIJϙÍIJîϙ˜"ϙIIJťôIJťϙ “ēôϙŘôŗŪôŜťôîϙŽÍŘĖÍIJèôϙĖŜϙèĺIJŜĖŜťôIJťϙſĖťēϙťēôϙĖťƅϙĺċϙ‡ĺèēôŜťôŘЍŜϙĺıŕŘôēôIJŜĖŽôϙ„īÍIJϙÍIJîϙ ťēôϙČôIJôŘÍīϙŕŪŘŕĺŜôϙĺċϙťēôϙ˜IJĖċĖôîϙ"ôŽôīĺŕıôIJťϙĺîôϟϙ“ēôϙĖIJťôIJťϙĺċϙťēôϙ˜"ϙĖIJèīŪîôŜϙ ŕŘĺıĺťĖIJČϙŕŪæīĖèϙŜÍċôťƅϠϙŘôîŪèĖIJČϙťŘÍċċĖèϙēÍƏÍŘîŜϠϙÍIJîϙŜŪŕŕĺŘťĖIJČϙôŜŜôIJťĖÍīϙŜôŘŽĖèôŜϙſĖťēĖIJϙ ťēôϙèĺııŪIJĖťƅϟϙ ŜϙÍϙ͓͑ϯ͖ϙôıôŘČôIJèƅϙŽôťôŘĖIJÍŘƅϙēĺŜŕĖťÍīϠϙīīĖôîϙ«ôťôŘĖIJÍŘƅϙ(ıôŘČôIJèƅϙЭϙ‡ôċôŘŘÍīϙŕŘĺŽĖîôŜϙ èŘĖťĖèÍīϙēôÍīťēèÍŘôϙŜôŘŽĖèôŜϟϙ(IJēÍIJèĖIJČϙŽĖŜĖæĖīĖťƅϙĺċϙťēôϙċÍèĖīĖťƅϙîĖŘôèťīƅϙŜŪŕŕĺŘťŜϙŜÍċôϙÍèèôŜŜϙ ÍIJîϙÍīĖČIJŜϙſĖťēϙæŘĺÍîôŘϙèĺııŪIJĖťƅϙēôÍīťēϙÍIJîϙŜÍċôťƅϙČĺÍīŜϟϙ ϙ èĺIJŜĖîôŘÍťĖĺIJŜϟϙ “ēôϙŕŘôŜôIJèôϙĺċϙťēôϙæŘĖîČôϙĺŽôŘŕÍŜŜϙèŘôÍťôŜϙÍϙŕēƅŜĖèÍīϙĺæŜťŘŪèťĖĺIJϙťēÍťϙīĖıĖťŜϙŜĖČēťīĖIJôŜϙĺċϙ ťēôϙæŪĖīîĖIJČϙÍIJîϙѴ͓͔ϙċĺĺťϙŜĖČIJÍČôϙċŘĺıϙIJĺŘťēϙæĺŪIJîϙťŘÍŽôīϙÍIJîϙťēôϙťĖŘôϙæŪĖīîĖIJČϙæīĺèħŜϙťēôϙ ŜĺŪťēæĺŪIJîϙťŘÍŽôīϙîĖŘôèťĖĺIJϟϙ“ēĖŜϙèĺIJîĖťĖĺIJϙĖŜϙŜŕôèĖċĖèϙťĺϙťēĖŜϙŜĖťôϙÍIJîϙîĺôŜϙIJĺťϙÍŕŕīƅϙťĺϙ ŜŪŘŘĺŪIJîĖIJČϙŕŘĺŕôŘťĖôŜϙĖIJϙťēôϙŜÍıôϙıÍIJIJôŘϟϙ  “ēôϙIJôôîϙċĺŘϙĖIJèŘôÍŜôîϙŜĖČIJϙēôĖČēťϙĖŜϙîĖŘôèťīƅϙŘôīÍťôîϙťĺϙĺŽôŘèĺıĖIJČϙťēĖŜϙĺæŜťŘŪèťĖĺIJϙÍIJîϙ ôIJŜŪŘĖIJČϙŽĖŜĖæĖīĖťƅϙċŘĺıϙÍϙŜÍċôϙîĖŜťÍIJèôϟϙ ϙ "ϟϙbĺϙīťôŘÍťĖĺIJϙťĺϙŘôÍϙēÍŘÍèťôŘϙϯϙbĺϙIIJĤŪŘƅϙťĺϙ„ŪæīĖèϙ®ôīċÍŘôϙ “ēôϙŕŘĺŕĺŜôîϙŽÍŘĖÍIJèôϙſĖīīϙIJĺťϙÍīťôŘϙťēôϙôŜŜôIJťĖÍīϙèēÍŘÍèťôŘϙĺċϙťēôϙŜŪŘŘĺŪIJîĖIJČϙÍŘôÍϟϙ“ēôϙ ŜĖČIJϙſĖīīϙæôϙîôŜĖČIJôîϙťĺϙıôôťϙÍīīϙÍŕŕīĖèÍæīôϙŜťŘŪèťŪŘÍīϠϙīĖČēťĖIJČϠϙÍIJîϙÍôŜťēôťĖèϙŜťÍIJîÍŘîŜϙ ĺťēôŘſĖŜôϙŘôŗŪĖŘôîϙæƅϙťēôϙĖťƅϙÍIJîϙſĖīīϙŘôıÍĖIJϙèĺIJŜĖŜťôIJťϙſĖťēϙèĺııôŘèĖÍīϙîôŽôīĺŕıôIJťϙ ŕÍťťôŘIJŜϙÍīĺIJČϙıÍĤĺŘϙèĺŘŘĖîĺŘŜϙĖIJϙťēôϙÍŘôÍϟϙ ‡ÍťēôŘϙťēÍIJϙIJôČÍťĖŽôīƅϙĖıŕÍèťĖIJČϙŕŪæīĖèϙſôīċÍŘôϠϙťēôϙŽÍŘĖÍIJèôϙſĖīīϙôIJēÍIJèôϙŜÍċôťƅϙæƅϡϙ ϩϙ‡ôîŪèĖIJČϙŜŪîîôIJϙīÍIJôϙèēÍIJČôŜϙĺŘϙŪIJŜÍċôϙîŘĖŽĖIJČϙıÍIJôŪŽôŘŜϙϩϙīīĺſĖIJČϙîŘĖŽôŘŜϙťĺϙĖîôIJťĖċƅϙ ťēôϙċÍèĖīĖťƅϙôÍŘīĖôŘϙϩϙ‹ŪŕŕĺŘťĖIJČϙŜıĺĺťēôŘϙťŘÍċċĖèϙċīĺſϙIJôÍŘϙťēôϙŜĖťôϙϩϙIıŕŘĺŽĖIJČϙÍèèôŜŜϙċĺŘϙ ĺŪťϱĺċϱÍŘôÍϙŽĖŜĖťĺŘŜϙŪIJċÍıĖīĖÍŘϙſĖťēϙťēôϙīĺèÍťĖĺIJϙ ϙ (ϟϙbĺϙ>ôÍŜĖæīôϙIIJťôČŘÍťĖĺIJϙſĖťēϙîĤÍèôIJťϙ„ÍŘèôīŜϙ “ēôϙîôŽôīĺŕıôIJťϙĺċϙťēĖŜϙŕÍŘèôīϙèÍIJIJĺťϙæôϙĖIJťôČŘÍťôîϙſĖťēϙÍîĤÍèôIJťϙŕÍŘèôīŜϙĖIJϙÍϙſÍƅϙťēÍťϙ ſĺŪīîϙôīĖıĖIJÍťôϙťēôϙŽĖŜĖæĖīĖťƅϙèĺIJŜťŘÍĖIJťϟϙ“ēôϙĖŜŜŪôϙĖŜϙťĖôîϙťĺϙťēôϙŜĖťôЍŜϙŜŕôèĖċĖèϙīĺèÍťĖĺIJϙ ŘôīÍťĖŽôϙťĺϙťēôϙæŘĖîČôϙŜťŘŪèťŪŘôϙÍIJîϙŘĺÍîſÍƅϙÍīĖČIJıôIJťϠϙſēĖèēϙèÍIJIJĺťϙæôϙıĺîĖċĖôîϙťēŘĺŪČēϙ ŜēÍŘôîϙîôŽôīĺŕıôIJťϙŜťŘÍťôČĖôŜϟϙ ϙ >ϟϙ„ôŘıĖťťôîϙ˜ŜôϙaÍĖIJťÍĖIJôîϙ “ēôϙŽÍŘĖÍIJèôϙîĺôŜϙIJĺťϙŘôŗŪôŜťϙĺŘϙôIJÍæīôϙÍIJƅϙŪŜôϙťēÍťϙĖŜϙIJĺťϙÍīŘôÍîƅϙŕôŘıĖťťôîϙſĖťēĖIJϙťēôϙ ƏĺIJĖIJČϙîĖŜťŘĖèťϟϙ“ēôϙŕŘĺŕôŘťƅϙſĖīīϙèĺIJťĖIJŪôϙťĺϙĺŕôŘÍťôϙÍŜϙÍϙŽôťôŘĖIJÍŘƅϙôıôŘČôIJèƅϙċÍèĖīĖťƅϟϙ ϙ @ϟϙbĺťϙÍϙ˜Ŝôϙ"ôċĖIJĖťĖĺIJϙ‹ťÍIJîÍŘîϙ “ēôϙŘôŗŪôŜťôîϙŽÍŘĖÍIJèôϙîĺôŜϙIJĺťϙĖIJŽĺīŽôϙÍϙIJŪıôŘĖèÍīϙŜťÍIJîÍŘîϙťēÍťϙĖŜϙŕÍŘťϙĺċϙÍϙŪŜôϙ îôċĖIJĖťĖĺIJϟϙIťϙÍŕŕīĖôŜϙŜĺīôīƅϙťĺϙŜĖČIJÍČôϙēôĖČēťϙċĺŘϙŽĖŜĖæĖīĖťƅϙŕŪŘŕĺŜôŜϟϙ ϙ „˜ [ĖıĖťôîϙŽĖŜĖæĖīĖťƅϙĺċϙťēôϙċÍèĖīĖťƅ ϴ èÍŪŜôîϙæƅϙťēôϙèĺıæĖIJôîϙĺæŜťŘŪèťĖĺIJϙĺċϙťēôϙ“ĖŘôϙæŪĖīîĖIJČϙťĺϙ ťēôϙŜĺŪťēϙÍIJîϙťēôϙæŘĖîČôϙťĺϙťēôϙIJĺŘťē ϴ ĖIJèŘôÍŜôŜϙťēôϙīĖħôīĖēĺĺîϙĺċϡϙ ϩϙaĖŜŜôîϙťŪŘIJŜϙÍIJîϙÍæŘŪŕťϙèĺŘŘôèťĖĺIJŜϙϩϙ‹ŪîîôIJϙæŘÍħĖIJČϙĺŘϙīÍIJôϙèēÍIJČôŜϙϩϙ"ôīÍƅŜϙĖIJϙ ÍèèôŜŜĖIJČϙôıôŘČôIJèƅϙèÍŘôϠϙſēĖèēϙèĺŪīîϙĖıŕÍèťϙĺŪťèĺıôŜϙċĺŘϙèŘĖťĖèÍīīƅϙĖīīϙĺŘϙĖIJĤŪŘôîϙŕôťŜϙ ϙ͓͔ϱċĺĺťϙŜĖČIJϙſĖīīϙôIJŜŪŘôϙťēÍťϙîŘĖŽôŘŜϙÍŕŕŘĺÍèēĖIJČϙċŘĺıϙæĺťēϙîĖŘôèťĖĺIJŜ ϴ ŕÍŘťĖèŪīÍŘīƅϙťēĺŜôϙ ťŘÍŽôīĖIJČϙĺŽôŘϙťēôϙæŘĖîČô ϴ èÍIJϙèīôÍŘīƅϙĖîôIJťĖċƅϙťēôϙċÍèĖīĖťƅϙĖIJϙÍîŽÍIJèôϠϙÍīīĺſĖIJČϙċĺŘϙŜÍċôϙÍIJîϙ èĺIJťŘĺīīôîϙÍèèôŜŜϟϙ ϙ ib[˜‹Iibϙ “ēôϙŘôŗŪôŜťôîϙŽÍŘĖÍIJèôϙŘôŕŘôŜôIJťŜϙťēôϙıĖIJĖıŪıϙIJôèôŜŜÍŘƅϙŘôīĖôċϙťĺϙÍîîŘôŜŜϙÍϙŪIJĖŗŪôϙŜĖťôϙ èĺIJŜťŘÍĖIJťϙſēĖīôϙŜĖČIJĖċĖèÍIJťīƅϙĖıŕŘĺŽĖIJČϙŕŪæīĖèϙŜÍċôťƅϟϙ“ēôϙŕŘĺŕĺŜôîϙŜĖČIJϙēôĖČēťϙſĖīīϡϙ ϩϙ(IJēÍIJèôϙŽĖŜĖæĖīĖťƅϙĺċϙÍIJϙôŜŜôIJťĖÍīϙôıôŘČôIJèƅϙŜôŘŽĖèôϙϩϙ‡ôîŪèôϙťŘÍċċĖèϙēÍƏÍŘîŜϙIJôÍŘϙťēôϙ ŜĖťôϙϩϙIıŕŘĺŽôϙŘôŜŕĺIJŜôϙťĖıôŜϙċĺŘϙèŘĖťĖèÍīϙŽôťôŘĖIJÍŘƅϙèÍŘô ϙ īīĖôîϙ«ôťôŘĖIJÍŘƅϙ(ıôŘČôIJèƅϙЭϙ‡ôċôŘŘÍīϙŘôŜŕôèťċŪīīƅϙŘôŗŪôŜťŜϙÍŕŕŘĺŽÍīϙĺċϙťēĖŜϙŽÍŘĖÍIJèôϙÍIJîϙ ĖŜϙſĖīīĖIJČϙťĺϙŕŘĺŽĖîôϙÍîîĖťĖĺIJÍīϙŜŪŕŕĺŘťĖIJČϙıÍťôŘĖÍīŜϠϙĖIJèīŪîĖIJČϙŜĖČēťīĖIJôϙŜťŪîĖôŜϠϙ ŕēĺťĺČŘÍŕēŜϠϙÍIJîϙŽĖŜĖæĖīĖťƅϙîĖÍČŘÍıŜϙŪŕĺIJϙŘôŗŪôŜťϟϙ ®ôϙÍŕŕŘôèĖÍťôϙťēôϙĖťƅЍŜϙèĺIJŜĖîôŘÍťĖĺIJϙÍIJîϙīĺĺħϙċĺŘſÍŘîϙťĺϙſĺŘħĖIJČϙèĺīīÍæĺŘÍťĖŽôīƅϙťĺϙ ŜŪŕŕĺŘťϙŜÍċôϙÍIJîϙôċċôèťĖŽôϙÍèèôŜŜϙťĺϙťēĖŜϙôŜŜôIJťĖÍīϙċÍèĖīĖťƅϟϙ ϙ ϙ i«(‡ϙ„@(ϙ ϳ ϙ«‡Ib(ϙ‡I“(‡Iϙ‡(‹„ib‹(‹ϙϼĖťƅϙĺċϙ‡ĺèēôŜťôŘϽϙ  ͐ϟ"ôŜèŘĖæôϙťēôϙŽÍŘĖÍIJèôϙŘôŗŪôŜťôîϡϙ“ēôϙÍŕŕīĖèÍIJťϙŘôŗŪôŜťŜϙÍϙŽÍŘĖÍIJèôϙťĺϙŕôŘıĖťϙ ĖIJŜťÍīīÍťĖĺIJϙĺċϙÍϙċŘôôŜťÍIJîĖIJČϠϙēĖČēſÍƅϱċÍèĖIJČϙŜĖČIJϙſĖťēϙÍϙēôĖČēťϙĺċϙ͓͔ϙċôôťϠϙôƄèôôîĖIJČϙ ťēôϙıÍƄĖıŪıϙēôĖČēťϙĺťēôŘſĖŜôϙŕôŘıĖťťôîϙæƅϙťēôϙ‡ĺèēôŜťôŘϙ˜IJĖċĖôîϙ"ôŽôīĺŕıôIJťϙ ĺîôϟϙ  ͑ϟ"ôŜèŘĖæôϙťēôϙŕŘÍèťĖèÍīϙîĖċċĖèŪīťƅϡϙ„ŘÍèťĖèÍīϙîĖċċĖèŪīťƅϙÍŘĖŜôŜϙċŘĺıϙÍϙŪIJĖŗŪôϙŕēƅŜĖèÍīϙ ĺæŜťŘŪèťĖĺIJϙèÍŪŜôîϙæƅϙÍϙæŘĖîČôϙĺŽôŘŕÍŜŜϙĖııôîĖÍťôīƅϙÍîĤÍèôIJťϙťĺϙťēôϙŜĖťôϟϙ“ēĖŜϙ ŜťŘŪèťŪŘôϙæīĺèħŜϙŽĖŜĖæĖīĖťƅϙĺċϙŜťÍIJîÍŘîϱēôĖČēťϙŜĖČIJÍČôϙċŘĺıϙæĺťēϙîĖŘôèťĖĺIJŜϙĺċϙťŘÍŽôīϙ ŪIJťĖīϙîŘĖŽôŘŜϙÍŘôϙÍťϙĺŘϙŕÍŜťϙťēôϙŜĖťôϙôIJťŘÍIJèôϟϙ“ēĖŜϙèĺIJîĖťĖĺIJϙèŘôÍťôŜϙŜÍċôťƅϙèĺIJèôŘIJŜϠϙ ŕÍŘťĖèŪīÍŘīƅϙċĺŘϙîŘĖŽôŘŜϙŜôôħĖIJČϙôıôŘČôIJèƅϙŽôťôŘĖIJÍŘƅϙŜôŘŽĖèôŜϟϙ  ͒ϟ(ƄŕīÍĖIJϙēĺſϙťēôϙŘôŗŪôŜťϙĖŜϙèĺIJŜĖŜťôIJťϙſĖťēϙťēôϙĺıŕŘôēôIJŜĖŽôϙ„īÍIJϙÍIJîϙ˜"ϡϙ“ēôϙ ŘôŗŪôŜťϙŜŪŕŕĺŘťŜϙŕŪæīĖèϙŜÍċôťƅϠϙôċċĖèĖôIJťϙťŘÍIJŜŕĺ؝͝ĖĺIJϠϙÍIJîϙÍèèôŜŜϙťĺϙôŜŜôIJťĖÍīϙ ŜôŘŽĖèôŜϠϙÍīīϙĺċϙſēĖèēϙÍŘôϙèĺŘôϙČĺÍīŜϙĺċϙťēôϙĺıŕŘôēôIJŜĖŽôϙ„īÍIJϙÍIJîϙ˜"ϟϙIıŕŘĺŽôîϙ ŽĖŜĖæĖīĖťƅϙŘôîŪèôŜϙťŘÍċċĖèϙèĺIJċīĖèťŜϙÍIJîϙôIJēÍIJèôŜϙŜÍċôϙIJÍŽĖČÍťĖĺIJϙťĺϙÍϙèŘĖťĖèÍīϙ ēôÍīťēèÍŘôϙċÍèĖīĖťƅϟϙ   ͓ϟ(ƄŕīÍĖIJϙſēƅϙťēôϙŕŘĺŕôŘťƅϙèÍIJIJĺťϙæôϙŕŪťϙťĺϙŘôÍŜĺIJÍæīôϙŪŜôϙſĖťēĺŪťϙťēôϙŽÍŘĖÍIJèôϡϙ ®ēĖīôϙťēôϙŕŘĺŕôŘťƅϙèÍIJϙŕēƅŜĖèÍīīƅϙĺŕôŘÍťôϙÍŜϙÍϙŽôťôŘĖIJÍŘƅϙēĺŜŕĖťÍīϠϙĖťϙèÍIJIJĺťϙ ċŪIJèťĖĺIJϙŜÍċôīƅϙÍIJîϙôċċôèťĖŽôīƅϙÍŜϙÍIJϙôıôŘČôIJèƅϙċÍèĖīĖťƅϙſĖťēĺŪťϙÍîôŗŪÍťôϙŽĖŜĖæĖīĖťƅϟϙ ‹ťÍIJîÍŘîϙŜĖČIJÍČôϙîĺôŜϙIJĺťϙŕŘĺŽĖîôϙŜŪċċĖèĖôIJťϙÍîŽÍIJèôϙIJĺťĖèôϙċĺŘϙîŘĖŽôŘŜϠϙŕÍŘťĖèŪīÍŘīƅϙ ťēĺŜôϙĖIJϙîĖŜťŘôŜŜϠϙīĖıĖťĖIJČϙŜÍċôϙÍèèôŜŜϙťĺϙťēôϙŜĖťôϟϙ  ͔ϟ(ƄŕīÍĖIJϙēĺſϙťēôϙŕŘÍèťĖèÍīϙîĖċċĖèŪīťƅϙĖŜϙŪIJĖŗŪôϙťĺϙťēôϙŕŘĺŕôŘťƅϙÍIJîϙIJĺťϙôèĺIJĺıĖèϡϙ“ēôϙ îĖċċĖèŪīťƅϙĖŜϙèÍŪŜôîϙæƅϙÍϙŜĖťôϱŜŕôèĖċĖèϙŕēƅŜĖèÍīϙèĺIJîĖťĖĺIJ ϴ ťēôϙæŘĖîČôϙĺŽôŘŕÍŜŜ ϴ ťēÍťϙ ĺæŜťŘŪèťŜϙŜĖČēťīĖIJôŜϟϙ“ēĖŜϙèĺIJîĖťĖĺIJϙĖŜϙŪIJĖŗŪôϙťĺϙťēĖŜϙŕÍŘèôīϙÍIJîϙIJĺťϙŜēÍŘôîϙæŘĺÍîīƅϙ æƅϙŜŪŘŘĺŪIJîĖIJČϙŕŘĺŕôŘťĖôŜϟϙ“ēôϙŘôŗŪôŜťϙĖŜϙIJĺťϙîŘĖŽôIJϙæƅϙôèĺIJĺıĖèϙèĺIJŜĖîôŘÍťĖĺIJŜϠϙ æŪťϙæƅϙŜÍċôťƅϙÍIJîϙċŪIJèťĖĺIJÍīϙIJôèôŜŜĖťƅϟϙ  ͕ϟ(ƄŕīÍĖIJϙēĺſϙťēôϙŽÍŘĖÍIJèôϙſĖīīϙIJĺťϙÍīťôŘϙťēôϙôŜŜôIJťĖÍīϙèēÍŘÍèťôŘϙĺċϙťēôϙÍŘôÍϡϙ“ēôϙ ŕŘĺŕĺŜôîϙŜĖČIJϙſĖīīϙæôϙîôŜĖČIJôîϙťĺϙıôôťϙÍīīϙÍŕŕīĖèÍæīôϙÍôŜťēôťĖèϙÍIJîϙŜťŘŪèťŪŘÍīϙ ŜťÍIJîÍŘîŜϙÍIJîϙſĖīīϙæôϙèĺIJŜĖŜťôIJťϙſĖťēϙèĺııôŘèĖÍīϙîôŽôīĺŕıôIJťϙŕÍťťôŘIJŜϟϙIťϙſĖīīϙIJĺťϙ ĖIJťŘĺîŪèôϙĖIJèĺıŕÍťĖæīôϙŪŜôŜϙĺŘϙŽĖŜŪÍīϙĖıŕÍèťŜϙæôƅĺIJîϙťƅŕĖèÍīϙŘĺÍîſÍƅϙŜĖČIJÍČôϟϙ  ͖ϟ(ƄŕīÍĖIJϙēĺſϙťēôϙŽÍŘĖÍIJèôϙſĖīīϙIJĺťϙæôϙîôťŘĖıôIJťÍīϙťĺϙŕŪæīĖèϙſôīċÍŘôϙĺŘϙIJôĖČēæĺŘĖIJČϙ ŕŘĺŕôŘťĖôŜϡϙ“ēôϙŽÍŘĖÍIJèôϙſĖīīϙĖıŕŘĺŽôϙŕŪæīĖèϙŜÍċôťƅϙæƅϙŘôîŪèĖIJČϙŜŪîîôIJϙîŘĖŽĖIJČϙ ıÍIJôŪŽôŘŜϠϙıĖŜŜôîϙťŪŘIJŜϠϙÍIJîϙèĺIJċŪŜĖĺIJϟϙIťϙſĖīīϙIJĺťϙIJôČÍťĖŽôīƅϙĖıŕÍèťϙIJôĖČēæĺŘĖIJČϙ ŕŘĺŕôŘťĖôŜϙÍIJîϙĖIJŜťôÍîϙèĺIJťŘĖæŪťôŜϙťĺϙŜÍċôŘϙťŘÍċċĖèϙċīĺſϙĖIJϙťēôϙÍŘôÍϟϙ  ͗ϟ(ƄŕīÍĖIJϙſēƅϙťēĖŜϙĖŜϙťēôϙıĖIJĖıŪıϙIJôèôŜŜÍŘƅϙŽÍŘĖÍIJèôϡϙϙ͓͔ϱċĺĺťϙŜĖČIJϙēôĖČēťϙĖŜϙťēôϙ ıĖIJĖıŪıϙIJôèôŜŜÍŘƅϙťĺϙÍèēĖôŽôϙŽĖŜĖæĖīĖťƅϙĺŽôŘϙťēôϙæŘĖîČôϙĺæŜťŘŪèťĖĺIJϙÍIJîϙŕŘĺŽĖîôϙ ÍîôŗŪÍťôϙÍîŽÍIJèôϙIJĺťĖèôϙťĺϙîŘĖŽôŘŜϙÍŕŕŘĺÍèēĖIJČϙċŘĺıϙæĺťēϙîĖŘôèťĖĺIJŜϟϙ[ĺſôŘϙ ēôĖČēťŜϙſĺŪīîϙIJĺťϙŜŪċċĖèĖôIJťīƅϙŘôŜĺīŽôϙťēôϙŽĖŜĖæĖīĖťƅϙĖŜŜŪôϙèŘôÍťôîϙæƅϙťēôϙæŘĖîČôϙÍIJîϙ “ĖŘôϙ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oDGHRIHDFKSULPDU\EXLOGLQJVKDOOEH ORFDWHGQRWPRUHWKDQIHHWIURPHDFKIURQWORWOLQH,QFDVHVZKHUHDUHFRUGHG HDVHPHQWUHTXLUHVDODUJHUVHWEDFNDWOHDVWSHUFHQWRIWKHILUVWIORRURIWKHIURQW IDoDGHRIHDFKSULPDU\EXLOGLQJVKDOOEHORFDWHGQRIXUWKHUWKDQWKHPLQLPXPGLVWDQFH UHTXLUHGE\WKHUHFRUGHGHDVHPHQW  6HWEDFNDUHDVEHWZHHQDSXEOLFRUSULYDWHVWUHHW H[FOXGLQJDOOH\V DQGWKH VWUXFWXUHVKDOOEHRFFXSLHGZLWKSHGHVWULDQRULHQWHGVSDFH  ,QWKH0;71RGHDQG9LOODJHVXEGLVWULFWVSRUWLRQVRIQHZSULPDU\VWUXFWXUHV ORFDWHGZLWKLQIHHWRI1DQG6%URDGZD\$YHQG6W6:DQGWK6W 6(&ROOHJHYLHZ5GVKDOOEHDPLQLPXPRIIHHWLQKHLJKW  (DFKSULPDU\VWUXFWXUHVKDOOKDYHDWOHDVWRQHSHGHVWULDQHQWUDQFHRQHDFK IDoDGHIDFLQJDSXEOLFULJKWRIZD\,IWKHORWKDVIURQWDJHRQWKRVHSRUWLRQVRI 1DQG6%URDGZD\QG6W6:WK6W6(&ROOHJHYLHZ5G6(WK6W6(RU UG$YH6(WKHUHTXLUHGHQWUDQFHVKDOOIDFHWKRVHVWUHHWV  (DFKIDoDGHRIDSULPDU\EXLOGLQJIDFLQJDSXEOLFULJKWRIZD\VKDOOKDYH WUDQVSDUHQWZLQGRZVRURWKHUWUDQVSDUHQWJOD]HGDUHDFRYHULQJ D SHUFHQWRUPRUHRIWKHJURXQGIORRUIDoDGHDUHDDVPHDVXUHGEHWZHHQ WKUHHDQGHLJKWIHHWDERYHVLGHZDONJUDGHDQG &LW\RI5RFKHVWHU013DJHRI &'9$5 E SHUFHQWRUPRUHRIHDFKIORRUOHYHORIWKHIDoDGHDERYHWKHJURXQGIORRU DVPHDVXUHGEHWZHHQWKUHHDQGHLJKWIHHWDERYHHDFKIORRUOHYHO  $OOGHYHORSPHQWVLQWKH0;7'LVWULFWVKDOOFRPSO\ZLWK6HFWLRQ' 3HGHVWULDQ'HVLJQDQG$FFHVVLELOLW\  'ULYHLQIDFLOLWLHVLQWKH0;7DQG0;6'LVWULFWVVKDOOQRW  %HORFDWHGRUGHVLJQHGVRWKDWYHKLFOHVXVLQJWKHGULYHLQIDFLOLW\SDVVEHWZHHQ DQ\SXEOLFRUSULYDWHVWUHHWDQGDQ\SRUWLRQRIDQ\IDoDGHRIWKHSULPDU\ EXLOGLQJIDFLQJWKDWVWUHHWDQG  %HDFFHVVHGGLUHFWO\IURPRUEHORFDWHGRQDORW V ZLWKDGULYHZD\DSSURDFK RQWR1RU6%URDGZD\6:QG6WRU6(WK6W&ROOHJHYLHZ5G  (DFKVWUHHWIDFLQJIDoDGHRIDSULPDU\EXLOGLQJLQWKH0;7GLVWULFWVKDOOFRPSO\ZLWKWKH IROORZLQJVWDQGDUGV D(DFKSULPDU\VWUXFWXUHVKDOOKDYHDWOHDVWRQHSHGHVWULDQHQWUDQFHRQHDFKVWUHHW IDFLQJIDoDGH,IWKHORWKDVIURQWDJHRQ%URDGZD\QG6WWK6W&ROOHJHYLHZ5G WK6WRUUG$YHWKHUHTXLUHGHQWUDQFHVKDOOIDFHWKRVHVWUHHWV,IWKHORWGRHVQRW KDYHIURQWDJHIDFLQJDVWUHHWWKHSHGHVWULDQHQWUDQFHVKDOOIDFHWKHIURQWORWOLQH E,IWKHUHDUHPXOWLSOHJURXQGIORRUFRPPHUFLDOWHQDQWVSDFHVRQWKHVWUHHWIDFLQJ IDo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¶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±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¶V2IILFH 2OPVWHG&RXQW\*RYHUQPHQW&HQWHU WK6WUHHW6( )HEUXDU\ 3DJHRI  FLUFXODWHEHWZHHQDQ\IDoDGHRIWKHEXLOGLQJDQGDQ\VWUHHW7KHVHDUHUHODWHGVLQFHP\FOLHQW¶V SODQQHGEXLOGLQJLQFOXGHVGULYHWKUXEDQNVHUYLFHVWKHVHUYLFHSRLQWIRUZKLFKIDFHV %URDGZD\  $YDULDQFHIURPWKHVHUHTXLUHPHQWVLVDSSURSULDWH  D7KH9DULDQFHLVFRQVLVWHQWZLWKWKH&RPSUHKHQVLYH3ODQDQGLQKDUPRQ\ZLWKWKH JHQHUDOSXUSRVHVDQGLQWHQWRIWKLV8'&  2QHRIWKHPDLQJRDOVRI5RFKHVWHU¶V&RPSUHKHQVLYH3ODQLVWRLQWHJUDWHODQGXVHDQG WUDQVSRUWDWLRQ7KH0;7GLVWULFWLVDPHDQLQJIXOFRPSRQHQWRIWKLVDVLWLVLQWHQGHGWR SURPRWHWUDQVLWXVHDQGSHGHVWULDQDFWLYLW\7KH0;71RGHVXEGLVWULFWVSHFLILFDOO\LVLQWHQGHG WRIRUPDWUDQVLWLRQDODUHDEHWZHHQQHLJKERUKRRGVDQGPRUHLQWHQVLYHWUDQVLWRULHQWHGXVHV  0\FOLHQW¶VSODQQHGFRQVWUXFWLRQRIDEDQNDQFKRUHGFRPPHUFLDOEXLOGLQJDOLJQVZLWKWKLV JRDO%\ORFDWLQJDEDQNDQGRWKHUFRPPHUFLDOVSDFH ZKLFKLVDQWLFLSDWHGWREHILOOHGZLWK UHWDLOUHVWDXUDQWRUVLPLODUFRQVXPHUIDFLQJEXVLQHVVHV RQ%URDGZD\$YHQXHWKHEXLOGLQJ ZLOORIIHUWKHVRUWRIVPDOODQGPHGLXPVL]HGEXVLQHVVHVWKDWZLOOVHUYHWKHORFDOQHLJKERUKRRG ZKLOHDOVRGUDZLQJWKHLUFXVWRPHUEDVHIURPWKRVHXWLOL]LQJ%URDGZD\$YHQXHIRUWUDQVLW SXUSRVHV7KLVDOLJQVZLWKWKH&RPSUHKHQVLYH3ODQ¶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±DQGSUHYLRXVO\DSSURYHG±LQFRQMXQFWLRQZLWKWKHEXLOGLQJRQWKHSDUFHOWRWKH VRXWKZKLFKKDVDOUHDG\EHHQFRQVWUXFWHG7KHEXLOGLQJVZHUHGHVLJQHGZLWKDQRYHUDOOVLWH OD\RXWWKDWDOORZVYHKLFOHWUDIILFXWLOL]LQJWKHEXLOGLQJV¶GULYHLQIDFLOLWLHVWRIORZWKURXJKRQH DQRWKHU¶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¶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ĂLJϭϵ͕ϮϬϮϬ :6% $VVRFLDWHV %LOO7RLQWRQ EWRLQWRQ#ZVEHQJFRP  ZĞ͗dLJƉĞ/^ŝƚĞĞǀĞůŽƉŵĞŶƚWůĂŶZĞǀŝĞǁʹZϮϬϭϴͲϬϭϵ^WŽĨĨĞĞ^ŚŽƉĂŶĚĂŶŬ ŽŶŝŶŐƌĞǀŝĞǁĨŽƌƚŚĞĂďŽǀĞƌĞĨĞƌĞŶĐĞĚ^ŝƚĞĞǀĞůŽƉŵĞŶƚƉƉůŝĐĂƚŝŽŶŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚĂŶĚƚŚĞ ƉƌŽƉŽƐĂůŚĂƐďĞĞŶĂƉƉƌŽǀĞĚ͘dŚĂŶŬLJŽƵĨŽƌĐŽŵƉůĞƚŝŶŐĂůůŝƚĞŵƐƌĞƋƵŝƌĞĚ͘ ŐĞŶĐLJZĞĨĞƌƌĂůŽŵŵĞŶƚƐ͗ dŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚĨŽůůŽǁͲƵƉǁŝƚŚƌĞĨĞƌƌĂůĂŐĞŶĐŝĞƐŽƌĚĞƉĂƌƚŵĞŶƚƐĂƐŶĞĐĞƐƐĂƌLJƚŽĐŽŵƉůĞƚĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐ͘ ĐĐĞůĂĂŶĚŝƚŝnjĞŶĐĐĞƐƐ͗ ŝƚŝnjĞŶĐĐĞƐƐƚŽƚƌĂĐŬƚŚĞƉƌŽŐƌĞƐƐĂŶĚƌĞǀŝƐŝŽŶĐŽŵŵĞŶƚƐĨŽƌƚŚĞŝƌĂƉƉůŝĐĂƚŝŽŶŝƐƌĞĐŽŵŵĞŶĚĞĚ͖ƚŚŝƐĐĂŶďĞ ĨŽƵŶĚĂƚ͗ŚƚƚƉƐ͗ͬͬĂĐĂ͘ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͬŝƚŝnjĞŶĐĐĞƐƐͬ͘ WůĞĂƐĞĨĞĞůĨƌĞĞƚŽƌĞĂĐŚŽƵƚǁŝƚŚĂŶLJƋƵĞƐƚŝŽŶƐŽƌĐŽŶĐĞƌŶƐ͘ ^ŝŶĐĞƌĞůLJ͕  dĂƌLJŶĚĞŶƐ WůĂŶŶĞƌ KĨĨŝĐĞ͗ϱϬϳ͘ϯϮϴ͘Ϯϵϲϭ ƚĞĚĞŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ Đ͗ůůŝƐŽŶ^ŽƐĂ               ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚĞƉĂƌƚŵĞŶƚͮŝƚLJ,ĂůůͮϮϬϭϰ ƚŚ^ƚƌĞĞƚ^ͮZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ FRPPXQLW\GHYHORSPHQW#URFKHVWHUPQJRY W,͗ϱϬϳ͘ϯϮϴ͘ϮϵϱϬͮ&y͗ϱϬϳ͘ϯϮϴ͘ϮϰϬϭͮ  ZZZURFKHVWHUPQJRYFRPPXQLW\GHYHORSPHQW V V                    5,0 6   81'(5*5281'87,/,7,(635,2572&216758&7,21(;,67,1*87,/,7<48$/,7<,6 2%7$,1$//1(&(66$5<3(50,7635,2572&216758&7,217+(&2175$&725 &203/(7('%<:6%52&+(67(501'$7('0$5&+(  3(5)250('3(5)250(' '(02/,7,21 $1<'$0$*(72(;,67,1*87,/,7,(6$1'253$9('675((76&$86('%<&216758&7,21 5(029$/ &225',1$7(:,7+35,9$7(87,/,7<&203$1,(6 (/(&75,&*$6&20081,&$7,216 )25   &2175$&7250$<%(5(48,5('723+$6(&216758&7,21720,1,0,=(',65837,2172  7+(&2175$&7256+$//5()(5727+(087&')2575$)),&&21752/5(48,5(0(176 &2175$&7250$<%(5(48,5('723+$6(&216758&7,21720,1,0,=(',65837,2172 5(48,5(0(1766,7( 675((76 675((76  )25 (;&(('  127 3527(&7,21 '85,1* 7+( 12  $1'  '5,9(6 $'',7,21$/3$<0(17:,//%(0$'()255(3$,5,1*'$0$*(72(;,67,1*87,/,7,(6 23(5$7,2166+$//%(5(3$,5('255(3/$&('$77+(&2175$&725 6(;3(16(,1  ,1  7+528*+287  0$5.(' 72  25  (;,67,1*87,/,7,(6$1'7232*5$3+,&)($785(61276&+('8/(')255(029$/ %(  $&&25'$1&(:,7+&,7<2)52&+(67(538%/,&:25.6'(3$570(1767$1'$5' 86(  &2817< 5(/2&$7,1*:25.,1*$5281'253527(&7,1*(;,67,1*87,/,7,(62527+(5  $  35,25  6+$// &2175$&725,65(63216,%/()255(3$,5,1*$//'$0$*(,1&855(''85,1* %8,/',1*6 :+(7+(5 25 127(  )25  3529,'( 7+,6,1&/8'(6%87,6127/,0,7('72'$0$*(&$86('%<   72 )25 6758&785(6   :$<720,1,0,=(7+(',65837,21727+(1250$/)/2:2)75$)),&21$// 7+(:$<720,1,0,=(7+(',65837,21727+(1250$/)/2:2)75$)),&21$//  %(%(  (48$/ 72  1(&(66$5<  )25  3$9(0(17  '(6,*1$7(' 6+$// 6+$//   %< 6,7($1'',6326('2)3523(5/<$77+(&2175$&725 6(;3(16(    )25&,7<+28565(3/$&(0(17:,7+1(:6(59,&(6)257+(352326(''(9(/230(17 6,7( 23(5$7,216 1(&(66$5<  &21752/  287  6,7(  72  6(59,&(6)$&,/,7,(6  6+$//  $//  2:1(56 21  3(57,1(17   23(5$7,21623(5$7,216  3$9(0(176   &$//(' 1276&+('8/(')25%8,/',1*3$9(0(17256,'(:$/.&877,1* /,1(6  (;,67,1*  63(&,),&$//<81'(5*5281'    $//$5( )(1&(6  63(&,),&$7,216)25&216758&7,21/$7(67(',7,21  6(&85(  (;7(5,25   &216758&7,21&216758&7,21  1(:$//  )25  $1' &216758&7,21 &2175$&725  72 1276+$//%(/2&$7('35,2572&216758&7,21 :+,&+ 60$//  $ )25  5(/2&$7(  2) &21)250  2:1(56$//    352326(',03529(0(176 6((6+((7&8 087&' 6758&785(6  $//  72 3(56216$1'3523(57< 6((6+((7&*  5(/2&$7,21  86('  (7& $// $%876  2)  :+(7+(5 )(1&,1*5(48,5(')520   2876,'(7+(/,0,762)&216758&7,21 3/$16 7+( )((7 :,7+   $//(<6$1'38%/,&%8,/',1*$&&(66 $//(<6$1'38%/,&%8,/',1*$&&(66  75((6  87,/,7< %(  $1'25  $1'  *(1(5$/  :+,&+ 6$)(7<6$)(7< 5(68/7,1*  72 6+$//  2)  48$/,7<2)(;,67,1*&21',7,216    &225',1$7(  87,/,7<  &216758&7,21  2%7$,1 7+(6(  5()(5  ,03529(0(176 25 /,0,76 0($16  %86+(6  35,9$7(  :,7+,1   3$9(0(175(029(  6$:%/$'(  $1'  6,7(6,7(  7+(   ,1 (;,67,1*  6+$// 6+$// :,7+,1  5()86( :+$7(9(5  5(029$/  ,1',&$7('  $&&(660$,17$,10$,17$,1  72  675((76  $1'  6+$//6+$//  68%&2175$&7256  &2175$&7257+(&2175$&725  (;,67,1*   $33857(1$1&(6 72362,/   &217$&738%/,&('*(  7(0325$5<   9(57,&$/('*(&216758&7,21 &216758&7,21 $1' 2)  352326('  ),5( &2175$&725 &2175$&725  7(50,1$7,21   $1'$1'  5(/2&$7,21  %<   6,'(:$/.6 %(  $//'(%5,6  $',$021'   5(029$/ 2):25.  3527(&7 0$,17$,1  127   6$:&87 5(029( 75$)),&75$)),&   0$<  2)) 86(7+(7+(   5,0 2+(  6  6,*1  $%   *  *$6  6,*1 &/    2+(  50  66 $%  $6  $% * *  :0  50   2+( ++  66 $%  7+(&2175$&7256+$//.((3$//6$,':$7(5*$6$1'(;,67,1*6(:(56$1' 0,1,080$%29(25%(/2:6(:(5/,1(6$7&5266,1*6:+(5(327$%/(:$7(5,6/2&$7('%(/2:25 /,1('2:1:$5'6,168&+$0$11(5627+$77+(3,3(0$18)$&785(5 65(&200(1'$7,216213,3( 5()(572(/(&75,&$/$1'0(&+$1,&$/3/$16)25&211(&7,216$7%8,/',1*)25*$632:(5$1' 7+(,5$33857(1$1&(6)5((2)'(%5,6$1'23(5$%/($7$//7,0(6'85,1*&216758&7,21 5(3257&21)/,&765(48,5,1*5('(6,*1727+((1*,1((52)5(&25' 3/$16$1'63(&,),&$7,216$1'%8,/',1*&2175$&72535,2572,167$//$7,21 7+,6352-(&781/(6627+(5:,6($87+25,=('%<7+(&,7<2)52&+(67(5 ,1&+9(57,&$/6(3$5$7,215(48,5('$7$//87,/,7<&5266,1*6 &203/<:,7+$///2&$/5(48,5(0(176 (;,67,1*672506(:(56758&785(6 (;,67,1*81'(5*5281'7(/(3+21( (;,67,1*81'(5*5281'(/(&75,& $33857(1$1&( 81'(5*5281' 352326('672506(:(53,3( 2876,'(7+( (;,67,1*29(5+($'(/(&75,& &225',1$7( (;,67,1*81'(5*5281'*$6 ($6(0(17 5(&211(&7 (;,67,1*672506(:(53,3( 6(:(5 6(59,&(6 .(37 6(:(5 352326('6,7(/,*+7,1* $1' (;,67,1*($6(0(17/,1( 6+$// &,7< :$7(5  6$1,7$5<   %(/,1(6 '()/(&7,21$1'-2,17675(66$5(127(;&(('('  &855(17  87,/,7<  67250 &225',1$7(  3,3(6  6+$//  7(50,1$7(  $1'  (1*,1((5 $//  $//  2)  :$7(5 &(17(5  9(5,)<   )25*5$'(  6(:(5     352326('352326('352326('6$7,6)$&7,212)7+(/2&$/$87+25,7,(6 /,1(6   3(5  (;,67,1* 685)$&(  7(67,1* %(7:((1   &216758&7(' 7+(72 6(59,&(  ),(/' 72  /,1(6  3,3(  &21'8,766+$//  &2175$&725  $'-867  72 35,2572&29(5,1*75(1&+(6  7+(/,0,762)7+,6&2175$&7  ,'(17,)<  $1' 2)  6(:(5 ',6&5(3$1&,(6  &21)/,&7  $1'  (1'  ',5(&7('%<7+(2:1(5  &225',1$7(,163(&7,21  6+$//  87,/,7,(6  72   $%29( %(  &2175$&7256+$//  3(5$670'    &225',1$7(6$5( &20081,&$7,216  $&2175$&725 :,//  87,/,7,(6$1'  2)    (9(17  87,/,7,(6 $//(;,67,1*  ,17+(),(/'  127(6 $1<   7+$1 0,1,080  5(3257 8*7 8*(2+( *$6 127('  7+(  /(66  7+( 87,/,7<  $// $//     ,1        &2175$&7256+$//86(6&+('8/(39&$7$//522)'5$,16&211(&7,1*72 $///$7(5$/672506(:(5&211(&7,216)25522)'5$,166+$//581$7$ 7+(86(2)$35()$%5,&$7(',1/,1(:<(6(($5&+,7(&785$/3/$16)25 52&+(67(567$1'$5''(7$,/3/$7(6 6(('(7$,/6 &8 6(59,&(6$//6(59,&(66+$//%(9(5,),('35,2572&216758&7,21 52&+(67(567$1'$5''(7$,/3/$7(6 6(('(7$,/&8 67$1'$5''(7$,/3/$7(6 6(('(7$,/6 &8 &211(&7,216 3,3(%('',1* 6(('(7$,/6 ,167$//,167$// ,167$// 5()(5 &* 67250  127(6  &211(&7,21'(7$,/6   6+$//6+$//6+$//6+$//  *5$'(  6+((7  352326('  7+(%8,/',1* &2175$&725&2175$&725&2175$&725&2175$&725  '(7$,/    72  0,1,080  8*7 8*(2+( *$6  5()(5  6   87,/,7<  )25 7+(      (;,67,1*81'(5*5281'(/(&75,& 352326('672506(:(53,3( (;,67,1*29(5+($'(/(&75,& (;,67,1*81'(5*5281'*$6 (;,67,1*672506(:(53,3( 352326('6,7(/,*+7,1* (;,67,1*($6(0(17 352326('352326('352326(' (;,67,1*(;,67,1* 2+(   2+(      8*78*(  2+( *$6    2+(   2+(  :,7+,1  7+528*+ &2175$&7256+$//86(6&+('8/(39&$7$//522)'5$,16&211(&7,1*72  52&+(67(5   $  2+(   $7  &217,18$7,21 )25   581 25  *5$'(6  3/$16   6+$//$6758&785(  2)   $5&+,7(&785$/  &,7<  2+(  (;,67,1*  '5$,16  )25   7+(  3/$16  3(5  $7  522)  $1'  &8  %((,7+(5   6(59,&(  2+(  0(&+$1,&$/  352326('  )25  6((   &8   &211(&7,216 :<(    :$7(5  '(7$,/6 &$1  ,1/,1(  )25      6(( &211(&7,216 2+(  7+(  3,3(%('',1* 6(('(7$,/6  &*   6((  6(:(5  35()$%5,&$7('  ,167$// 6(:(5  3/$7(6   &*  67250  &211(&7,21'(7$,/6   2+(  6+$//  67250  *5$'(  '(7$,/  6+((7  352326('  7+(%8,/',1*  &2175$&725  $  /$7(5$/    2)  67$1'$5'  72  0,1,080  86( 2+(  5()(5  )25 7+(7+(  $//       5HIHUUDO$JHQF\&RPPHQWV $SSOLFDWLRQ1R56'3&RIIHH6KRS %DQN    %XLOGLQJ6DIHW\   7KHSURSRVHGEXLOGLQJVDUHUHTXLUHGWRPHHWWKHPLQLPXPUHTXLUHPHQWVRIWKH0LQQHVRWD6WDWH%XLOGLQJ &RGH  %XLOGLQJ6DIHW\   7KHSURSRVHGEXLOGLQJVDUHUHTXLUHGWRPHHWWKHPLQLPXPUHTXLUHPHQWVRIWKH0LQQHVRWD6WDWH%XLOGLQJ &RGH  %XLOGLQJ6DIHW\ )LUH'HSDUWPHQW  6HHDWWDFKHGFRPPHQWLQ$FFHODVRIWZDUH  *,6( JRLQJWREH ¶LQGLDPHWHUDWPDWXULW\WKHQWKHFHQWHURIWKHWUHHPXVWEHDWOHDVW¶IURPWKH8(ZKHQSODQWHG    $03DJHRI  )URP1RUPDQ*HUDOG 6HQW7XHVGD\0D\ 2OPVWHG&RXQW\3ODQQLQJ'HSDUWPHQW3KRQH    SDVVZRUG  DQG  LG XVHU  \RXU  RXW  0Q'27  JLYH QHYHU WR  DFFHSWDEOH  DQG  VHQGHU  LV  WKH DQG   !   WUDF\VFKQHOO#VWDWHPQXV DERXW %DQN  URDGZD\V  '27  6'3  XQFHUWDLQ  DQG  'HSDUWPHQW  $ +HDWKHU  6KRS 0Q'27   5  30 LI   &RIIHH     OLQNVDWWDFKPHQWV /XNHV  'HYHORSPHQW  $SSOLFDWLRQ  RQ   LPSDFW 6'3    '27   '27    0D\  7UDF\7UDF\VLJQLILFDQW  'HYHORSPHQW  5 &RPPXQLW\  7XHVGD\  dƌĂŶƐƉŽƌƚĂƚŝŽŶ  6FKQHOO6FKQHOO  RSHQ  ±  5HYLHZ  QRW QR  KDYH  'R  3ODQ  6(1'(5@ ŽĨ  WR  ϲ  'HYHORSPHQW ŝƐƚƌŝĐƚ ĞƉĂƌƚŵĞŶƚ  DSSHDUV  ϱϱϵϬϭ ^ƚƌĞĞƚEt  ϳϱϵϵ  WůĂŶŶĞƌͮ  >(;7(51$/  SURSRVDO DE  ^ĐŚŶĞůů Ͳ ŵŶĚŽƚ͘ŐŽǀͬ  Ϯϴϲ DŝŶŶĞƐŽƚĂ   ZŽĐŚĞƐƚĞƌ͕ 6LWH 7DU\Q  ƚŚ  6XEMHFW ϮϵϬϬϰϴ  dŚĂŶŬƐ͕ Ͳ ϱϬϳ ^ĞŶŝŽƌ   , )URP dƌĂĐLJ  (GHQV  6HQW  7\SH 7KLV  7R  &F  K͗   WKLV6'3  7DU\Q   ^ƵďũĞĐƚ͗ 6XEMHFW   ZĞǀŝĞǁ  3URMHFW   &ƌŽŵ͗ )URP  (GHQV  ^ĞŶƚ͗ 6HQW  7KH     PLGGOH ZLQGRZV DV WKHHDVHPHQWEDFN IXWXUHSURSRVHG 7KHWUDQVIRUPHUSDGORFDWLRQIRUWKHFRIIHHVKRSFDQQRWEHDSSURYHGXQWLOEXLOGLQJSODQVIRUWKDW VKRXOGHDVHPHQW MXQFWLRQ WUXQNLV,WZLOOHLWKHUKDYHWREHFUHDWHGGXULQJDSODWRUWKHGHYHORSHUZLOOEHUHTXLUHGWR WR QRUWKSURSHUW\  JRLQJWREH¶LQGLDPHWHUDWPDWXULW\WKHQWKHFHQWHURIWKHWUHHPXVWEHDWOHDVW¶IURPWKH8(7UDQVIRUPHUVKRXOGEHPRYHG(1(RQRSSRVLWHVLGHRI EHUHTXLUHG   SODQV LVQ¶WLQ FORVHU  VHQG % 7KHWUDQVIRUPHUORFDWLRQIRUWKHFRIIHHVKRSZLOOXQOLNHO\EHDFFHSWDEOHWRWKH  WKH  HDVHPHQW  7KHVH   GRRUV D  WKH  XS  LQ  SURYLGHWR538DOHJDOGHVFULSWLRQIRUHDFKORWDORQJZLWKDGUDZLQJH[KLELWVKRZLQJWKH  VRLW  WHPSODWHDQG  ORFDWLRQ  ZLWK  WKH  EH  PDUNHG ,I  ZLOO  RIWKH8( QRW  HDVHPHQW  LQWR UHSODFHG PDWXUH IURP  WUDQVIRUPHUORFDWLRQIRUWKH  ,WLVWKH HDVHPHQW XWLOLW\  HDVHPHQW   IRUD6KRXOG  HQFURDFK  FOHDUDQFHV  DWWDFKHG  ZKHQ SXEOLF VWDQGDUGHDVHPHQW 5HYLHZ  DQG RWKHU \HWH[LVW  SDG  WKHXWLOLW\  HDVHPHQW  UHFRUGHG  UHPRYHG  XWLOLW\ PLJKW WKH8(  6HH  WKH  XWLOLW\  WKH  UHTXLUHG  OHQJWKV RI  RU  GRHVQRW  SURRIRIVDWLVI\LQJWKLVVWLSXODWLRQXQOHVVDQHZSODWLVUHFRUGHG SXEOLF  HDVHPHQW RU RI  HOHFWULF  RXWVLGH   RQHHGJH LQWR  XWLOLW\ RIWKH   HGJHEH IRRWLQJV  RSHQLQJVRYHUKDQJVDQGWKHW\SHRIEXLOGLQJFRQVWUXFWLRQ  FRQGXFWRU  HQVXUH JURZ  WKH  WR  WKHEXLOGLQJWKDWVWLOOPHHWVDOOFOHDUDQFHUHTXLUHPHQWV  7KLVHDVHPHQW   WKH ZLOOSXWWKHOHJDOGHVFULSWLRQLQWRWKH  LV WKH $ 7KH H[LVWLQJ  FRS\ SLSH RI  WUDQVIRUPHU   XWLOLW\  WKH\  WR  WRKDYH  2876,'(LQ DW  WR K\GUDQW  $   H[LVWLQJ DOORZHG  DUHVKRZQ  538  VHFRQGDU\  PD\  SXEOLF    IURP UHFRUGLQJ 7UDQVIRUPHU/RFDWLRQ  JRLQJ  E\ QRU  IHHW  ILUH  WRQRW   ORFDWHG7KLV   WKH GRHVQRWPHHWFOHDUDQFHUHTXLUHPHQWV    UHYLHZHG  PLGGOHEORFNLQJXVHRIWKHHDVHPHQW  (DVHPHQW  8( PDGH  WKH  FRUQHUV   DUH   6LJQV RI  WRH[WUHPH  DQG   7UDQVIRUPHU  WKH  OHDVW RXWVLGH  PRYLQJ  VLJQV  EH  EH  VLJQDWXUHV    LQ  DUH PXVW  6(6LJQ  VKRXOG DW  EHSODQWHG   ([LVWLQJ8WLOLW\ 'LYLVLRQ  LIWKH   PXVWEHEHVKRS  DERXW   GXH  DERYHRUEHORZJURXQG   'LUHFWLRQDO SDG  WKH1(  3URSRVHG  VKRXOG  8(  FRQQHFWLRQ  ([LVWLQJ FRQWUDFWRU  IRU FRIIHH WUDQVIRUPHU  :RUNZLWK'RQQ   RIWKHURDGHLWKHU 538 2SHUDWLRQV  WKH   WKHGHYHORSHU :DWHUVHUYLFH XWLOLW\HDVHPHQW  7UHHVFDQQRW  LQ  K\GUDQW  ZKHQSODQWHG  IURP  RIWKH  VLJQV  RQHDFKORW    DW  ,QIUDVWUXFWXUH&HQWHU  DQG  6HUYLFHV  'HYHORSPHQW  VLWH 6OLYHU  8WLOLW\WUDQVIRUPHUSDGVKDOOEHSODQQHGDQGLQVWDOOHGLQDFFRUGDQFHZLWK538¶V FLYLO  H[LVWV IRRWXWLOLW\HDVHPHQWUHTXLUHGDORQJSURSHUW\OLQHDGMDFHQWWR1RUWK%URDGZD\DORQJQRUWK  IRU DW  WKH :LOOWKLVSURSRVHGSURSHUW\OLQHEH  SURFHVVHG  QRUWKRIFXUE  FXUUHQWO\  RQ  PLQLPXP  EH  ZLOO LW  DV IHHW  UHTXHVWV  DWD  VKRZQ    SDUFHO  DQG SHUPLW   QRW  OLQH    HDFK LV  DQG  OLQH SURSHUW\  DSSOLFDWLRQV  IRU  SURSHUW\  3URSRVHG8WLOLW\(DVHPHQW3URSHUW\/LQH  LGHQWLILHG RQZHVW  ]RQLQJ  QRUWK  FOHDUO\  ƚĞĂŵ RIVLGHZDON  DQG  7KH  SODQQLQJ  ŝŶŶŽǀĂƚŝǀĞ  :HVW5LYHU3DUNZD\1:5RFKHVWHU01  5HJXODWLRQVDQG  SODWRU0 %"  6HHDWWDFKPHQW  HDVW Ăůů   ĂŶĚ  'LYLVLRQ IHHW ϭϬϬ  ĐŽŵƉĂƐƐŝŽŶĂƚĞ͕    D    ^ƵŝƚĞ  WKURXJK WůĂŶŶĞƌ RQ)HEUXDU\  (OHFWULF5XOHVDQG  DQG 2SHUDWLRQV  Et͕  ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ   SODQGUDZLQJ /DNH3/1:  OLQH  Ͳ  HVWDEOLVKHG ,WHP ƚĞĚĞŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ĞǀĞůŽƉŵĞŶƚ  WĂƌŬǁĂLJ  %HJLQQLQJ   Ϯϵϲϭ SURSHUW\   ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ ǀŝďƌĂŶƚ͕  538 Ͳ ϯϮϴ  ZŝǀĞƌ    (GHQV  029('     ;ϱϬϳͿ    ŽŵŵƵŶŝƚLJ  sŝƐŝŽŶ͗  tĞƐƚ  dŚĂŶŬƐ͊  7DU\Q  KĨĨŝĐĞ͗  :(¶9(  ϰϬϬϭ ŝƚLJ    )URP6FKQHOO7UDF\ '27 WUDF\VFKQHOO#VWDWHPQXV! 6HQW7XHVGD\0D\30 7R&RPPXQLW\'HYHORSPHQW'HSDUWPHQW &F6FKQHOO7UDF\ '27 /XNHV+HDWKHU$ '27  6XEMHFW'HYHORSPHQW$SSOLFDWLRQ56'3  >(;7(51$/6(1'(5@'RQRWRSHQOLQNVDWWDFKPHQWVLIXQFHUWDLQDERXWWKHVHQGHUDQGQHYHUJLYHRXW\RXU XVHULGDQGSDVVZRUG  7KLVSURSRVDODSSHDUVWRKDYHQRVLJQLILFDQWLPSDFWRQ0Q'27URDGZD\VDQGLVDFFHSWDEOHWR0Q'27   7\SH,6LWH'HYHORSPHQW3ODQ5HYLHZ±56'3&RIIHH6KRSDQG%DQN  dŚĂŶŬƐ͕ dƌĂĐLJ^ĐŚŶĞůů ^ĞŶŝŽƌWůĂŶŶĞƌͮŝƐƚƌŝĐƚϲ  DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶ ϮϵϬϬϰϴ^ƚƌĞĞƚEt ƚŚ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ K͗ϱϬϳͲϮϴϲͲϳϱϵϵ ŵŶĚŽƚ͘ŐŽǀͬ                        ŽŵƉůŝĂŶƚ   ƌĂĐŬƐ͕ ŝŶƐƚĂůůĞĚ  ƉƌŽĐĞƐƐ  ŝŶϮϬϮϱͬϮϬϮϲǁŝƚŚŝƚLJƌĞĐŽŶƐƚƌƵĐƚƉƌŽũĞĐƚ͘KŶƐŝƚĞ  ŶŽĞŶƚƌĂŶĐĞĨĂĐŝŶŐ ŽĨ   ŚĞŝŐŚƚ ϭĨƌĞĞƐƚĂŶĚŝŶŐƐŝŐŶ͖ĚŝŵĞŶƐŝŽŶƐƵŶƐƉĞĐŝĨŝĞĚ͖ƐŝŐŶ  Wů  ^ƚĂƌďƵĐŬƐ  ĂŶĚ  ŵĂdžŝŵƵŵ  >ĂŬĞ  ďŝŬĞ ĞĂƐĞŵĞŶƚĂůŽŶŐƌŽĂĚǁĂLJ͘  sĂƌŝĂŶĐĞƌĞƋƵŝƌĞĚ͕ŶŽŶĐŽŵƉůŝĂŶƚ͘^ŽŵĞƚƌĞĞƐ  ĨƌŽŶƚ ďƵŝůĚŝŶŐ͘ƉƉƌŽdžŝŵĂƚĞůLJϮϯϬΖĨƌŽŵďƵŝůĚŝŶŐ͘   ƵŝůĚŝŶŐWĞƌŵŝƚŝŵƉƌŽǀĞŵĞŶƚƐ  ŵŝŶŝŵƵŵ  Ͳ  ^ŝůǀĞƌ  ƐƵƌĨĂĐĞ͕  WůĂŶƐ  ƉƌŽǀŝĚĞĚ  ďƵŝůĚŝŶŐ  ƚŚĞ  Ă ŽĨ  ĂůůŽǁ ƉƉƌŽǀĞĚ ŽĨ  ĐŽƌŶĞƌ  ƌĞĚƵĐĞ ƉĂǀĞĚ  ŽŵƉůŝĂŶƚǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨĐŽƌŶĞƌ sĂƌŝĂŶĐĞŶĞĞĚĞĚ  ƉĂƌŬŝŶŐ  ďĞƚǁĞĞŶ  ƚŽ  ƉĞĚĞƐƚƌŝĂŶ  ƚŚĞ  ŶĞĞĚĞĚ  ŝŶĐůƵĚĞƐ ƚŚĞ   ƉĞƌƚŽ sĂƌŝĂŶĐĞ  ^ ďLJ  EŽ ŶĞĞĚĞĚ͘  sĂƌŝĂŶĐĞŶĞĞĚĞĚ Ăƚ  ƌŽĂĚǁĂLJ͘  ĞǀĞĂƚŝŽŶ ůŽĐĂƚĞĚ  ƌĞǀŝĞǁĞĚ   ǀĞͿ >D  ůŽĐĂƚĞĚ  sĂƌŝĂŶĐĞ  ƵƚŝůŝƚLJ   ŶĞĞĚĞĚ͘ƐƉĂĐĞ  ƌŽĂĚǁĂLJ  Ͳ ;ƌŽĂĚǁĂLJ  ǁŝƚŚ  sĂƌŝĂŶĐĞ ƌŽĂĚǁĂLJǀĞ ŽŵƉůŝĂŶƚ  Ͳ  ƚŚƌŽƵŐŚ ƉƵďůŝĐƐƚƌĞĞƚ  ϭϬΖ  ƐƚŽƉ  ĂƌĞ  ƉĞĚĞƐƚƌŝĂŶ  ŽŵƉůŝĂŶƚŽŵƉůŝĂŶƚŽŵƉůŝĂŶƚ EŽƌƚŚ   Ͳ ƉƌŽǀŝĚĞĚ͘  ĨƌŽŶƚ͘  sĂƌŝĂŶĐĞ ƐƚĂůůƐ͘ ^ƚĂůůƐ  ƉĞƌŵŝƚƐ  dƌĂŶƐŝƚ  EŽƌƚŚ Ͳ ƚƌĞĞƐ͘  ƌŝǀĞ Ĩƚ  ĂƐƚ   ĂŶĚ Ͳ  ϯϬΖ  ϭϬ ϯϵϯϵ Ϯϯ   ǁĞĂƚŚĞƌ   ŐƌŽƵŶĚ   ŽŶƚŽ ϴ  ŝŶĐůƵĚŝŶŐƐƉĞĐŝĨŝĐĂůůLJŽŶĞĨĂĐŝŶŐE͘ƌŽĂĚǁĂLJ͖ŐƌŽƵŶĚĨŽŽƌƚĞŶĂŶƚƐŵƵƐƚŚĂǀĞĂŶ   ǁĂLJ͕ ƉƌŽƚĞĐƚŝŽŶŝƐƌĞƋƵŝƌĞĚ͖ƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚƐƉĂĐĞŝŶĐůƵĚŝŶŐĂďƐĞŶĐĞŽĨǀŝƐƵĂů ĂŶĚ  ĚŝƌĞĐƚůLJ  ϯ   ƉĞĚĞƐƚƌŝĂŶ ƐƚŽƉ ƚůĞĂƐƚŽŶĞƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞŽŶĞĂĐŚĨĂĕĂĚĞĨĂĐŝŶŐĂƉƵďůŝĐƌŝŐŚƚŽĨ  ƚŚĞ   ƐŝĚĞďĞƚǁĞĞŶ ďĂƌƌŝĞƌƐ͕ĂĞƐƚŚĞƚŝĐĨĞĂƚƵƌĞƐ͕ĂĐĐĞƐƐ͕ƉĂǀĞĚƐƵƌĨĂĐĞƐ͕ƐĞĂƚŝŶŐĂƌĞĂƐ͕ĂŶĚ  ůŝŶĞ  ůĂŶĚƐĐĂƉĞĚŝƐůĂŶĚƐ   ĂďŽǀĞƚƌĂŶƐŝƚ  ƐƚƌĞĞƚ   ĨƌŽŶƚ ĞŶƚƌĂŶĐĞƚŽŽƉĞŶ  ĨĂĕĂĚĞ   ƐƉĂĐĞ͖ ĨĂĕĂĚĞ   ĨŽŽƚ Ă  ƐƚƌĞĞƚ ĨƌŽŵ  ĂĐĐŽŵŵŽĚĂƚĞ  ƚǁŽ ĨĞĞƚ  ĨůŽŽƌ  ŽƌŝĞŶƚĞĚ  ĨĂĐŝŶŐ ĂŶĚ  ĂŶĚ  ϭϱ  ĨĂĕĂĚĞ ďĞ  ŐƌŽƵŶĚ ŽĨ  ƐŝĚĞ ƐƚƌĞĞƚ ^ƚĂŶĚĂƌĚƉĞĚĞƐƚƌŝĂŶ  ŚŝŐŚŵƵƐƚ    ƉĞĚĞƐƚƌŝĂŶ ŵĂdžŝŵƵŵ  ƚŽ  ŝŶƚĞƌŝŽƌ ĨƌŽŶƚ ϮϬĨƚ  ĨĂĐŝŶŐ ĚĞƐŝŐŶĞĚ   ĞĂĐŚĂƌĞĂ  h  ďĞƚǁĞĞŶ ŵĂdž ůŽƚ  ǁĂLJ͖ ŽŶ ĨŽŽƚ  ƐƚƌĞĞƚ  ĨůŽŽƌ ƐƉĂĐĞƐ  ǁŝƚŚ  ŽĨŝŶƚĞƌŶĂůƉĂƌŬŝŶŐ  ŐůĂnjŝŶŐ Ĩƚ  Ĩƚ͖  ďĞ   ĨŝǀĞƌŝŐŚƚŽĨ ϰϬ   ĨŝƌƐƚ ƐŝŐŶ͖ŵĂdžϲϰƐƋ   ŵƵƐƚ ŽĐĐƵƉŝĞĚ  ĞĂĐŚ  ƉƌŽŚŝďŝƚĞĚ  ƉĂƌŬŝŶŐ DŝŶŝŵƵŵ  ůŝŐŚƚŝŶŐ  ƐĞƚďĂĐŬ͖ ŽĨ ϯϬй  ϭĂĐ ŽŶ   ϲϱйƉƵďůŝĐ  ƐŝĚĞǁĂůŬ͘ ŐůĂnjŝŶŐ  ďŝĐLJĐůĞ   ďĞŽƌŝĞŶƚĞĚŽǀĞƌ  ƐŝĚĞǁĂůŬ͖ ĨƌŽŶƚ  ƐƚĂůůƐƐĞƚďĂĐŬ͖  ĨĞĞƚ͖ ƉĂƌŬŝŶŐ  ƚŽ  ĞŶƚƌĂĐĞĨĂĐŝŶŐĂ  ϭϮйĞǀĞůŽƉŵĞŶƚƐ  ϭĨƌĞĞƐƚĂŶĚŝŶŐ  ĂƌĞĂƐ   ϴϱϮϳ ϭϬŵŝŶŝŵƵŵŵŽƌĞ  ĂďŽǀĞ ƉĞĚĞƐƚƌŝĂŶ   DĂdžŝŵƵŵ DĂdžŝŵƵŵƐƚƌĞĞƚ  DŝŶŝŵƵŵDŝŶŝŵƵŵ ŵŝŶŝŵƵŵ  ĂĚũĂĐĞŶƚ  ^ĞƚďĂĐŬ  Žƌ  ĨůŽŽƌ͘  ϲϱй ĨĞĞƚ Ͳ KĨĨ  EŽ   ĞǀĞůŽƉŵĞŶƚƐŽǀĞƌϭĂĐŵƵƐƚŚĂǀĞΗƉĞĚĞƐƚƌŝĂŶĨŽĐĂůƉŽŝŶƚƐǁŝƚŚĞŶŚĂŶĐĞĚ  ƐƚŽƉ  ƚƌĂŶƐŝƚ  ĐŽŵĨŽƌƚΗĐŽŵĨŽƌƚΗ  Ă  KƵƚďŽƵŶĚ  ĂĐĐŽŵŵŽĚĂƚĞ  ƉĞĚĞƐƚƌŝĂŶƉĞĚĞƐƚƌŝĂŶ  LJĂƌĚ  ďĂĐŬ  ŚŝŐŚ  ϭ  ĂŶĚ  ĂŶĚ  ƉƌŽŵŽƚĞƉƌŽŵŽƚĞ  ĨƚĨĂĕĂĚĞ  ^ƚĂŶĚĂƌĚ ƚŽ   ŝŶďŽƵŶĚϰϬ ƐŝĚĞ  ĚĞƐŝŐŶĞĚ ŵĂdž ϰ  ŵŝŶŝŵƵŵ  Ͳ ĐŽŵŵĞƌĐŝĂů   ƚŽƚŽ  Ĩƚ͖   >D ƐƉĂĐĞƐ  ŽĨϴ ΗĚĞƐŝŐŶ΀΁ΗĚĞƐŝŐŶ΀΁  ƐƋ  ďĞ ^ƚĂĐŬŝŶŐ ϯϱϬ ŵƵƐƚ  ŶŽ  ŵŝŶŝŵƵŵ ƐƚĂůůƐͿ  ƉĂƌŬŝŶŐ   ŵĂdžĨůŽŽƌ  LJĂƌĚ͖  ƐƚĂŶĚĂƌĚ͗ƐƚĂŶĚĂƌĚ͗  ϭĂĐ  ;ϭϲ  Ͳ  ƐŝŐŶ͖  ŐƌŽƵŶĚ  ĨƌŽŶƚ ;ϲϮ͘ϯϴϯͿ ďŝĐLJĐůĞ  ŽǀĞƌ  ƉĂǀŝŶŐΗ  ŶŽ  ƐĨ  ϭͬϰϬϬ &ƌĞĞƐƚĂŶĚŝŶŐƐ  Ĩƚ͖  EƵŵĞƌŝĐĂůEƵŵĞƌŝĐĂů  Ĩƚ  ĞǀĞůŽƉŵĞŶƚƐ ϭϬй  ϰϬ ϭϬ ŽŶ ϭϱ  ƉĞĚĞƐƚƌŝĂŶ    DĂdžŝŵƵŵWĞƌŵŝƚƚĞĚ ŐůĂƐƐ DŝŶŝŵƵŵDŝŶŝŵƵŵDŝŶŝŵƵŵ  DŝŶŝŵƵŵ ͲͲ  ϱϬй EŽŶEŽŶ  Eͬ  ϭ   ^ƉĂĐĞ  WŽŝŶƚƐ  ŽŵƉŽŶĞŶƚ   ŶƚƌĂŶĐĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ KƌŝĞŶƚĞĚ  ^ƚŽƉƐ  ĂƌĞĂ  &ŽĐĂů  ůŽĐĂƚŝŽŶ  WĂƌŬŝŶŐ  ^ƉĂĐĞƐ  dŚƌŽƵŐŚ  dƌĂŶƐŝƚ  >ĂŶĚƐĐĂƉĞĚ  WĞĚĞƐƚƌŝĂŶ WĞĚĞƐƚƌŝĂŶWĞĚĞƐƚƌŝĂŶ  ďĂĐŬ  ^ŝŐŶĂŐĞ WĂƌŬŝŶŐWĂƌŬŝŶŐ  'ůĂnjŝŶŐ  ŝĐLJĐůĞ ŽŶŝŶŐ  ,ĞŝŐŚƚ  WƵďůŝĐ  ƌŝǀĞ  ^Ğƚ    $JHQF\5HYLHZ&RPPHQWV  $SSOLFDWLRQ1R&'9$5  %XLOGLQJ3ODQ5HYLHZ   &RXQW\*,6(