Loading...
HomeMy WebLinkAboutAugust 19, 2013 Agenda Packet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rial]]$GG [[1448,995,1462,1043][10][,I,][Arial]] [[1462,995,1517,1043][10][,I,][Arial]]2Q [[1518,995,1530,1042][10 ][,,][Arial]] -$'-2851 $ 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 2SHQ&RPPHQW&LW\$GPLQLVWUDWLRQ ,7(0'(6&5,37,2135(3$5('%<  2SHQ&RPPHQW/LVD0XOOHQEDFK  7KLVDJHQGDVHFWLRQLVSULPDULO\IRUWKHSXUSRVHRIDOORZLQJFLWL]HQVWRDGGUHVVWKH &LW\&RXQFLORQDWRSLFRIWKHLUFKRLFH7KHIROORZLQJJXLGHOLQHVDSSO\   7KLVVHFWLRQRIWKHDJHQGDPD\QRWEHXVHGDVDIRUXPWRFRQWLQXHGLVFXVVLRQ x  RQDQDJHQGDLWHPZKLFKKDVDOUHDG\EHHQKHOGDVDSXEOLFKHDULQJ  7KLVDJHQGDVHFWLRQLVOLPLWHGWRPLQXWHVDQGHDFKVSHDNHULVOLPLWHGWR x  PLQXWHV  $Q\VSHDNHUVQRWKDYLQJWKHRSSRUWXQLW\WREHKHDUGZLOOEHILUVWWRSUHVHQWDW x  WKHQH[W&RXQFLOPHHWLQJ  &LWL]HQVPD\RQO\XVHWKLVIRUXPWRDGGUHVVWKH&RXQFLORQDPD[LPXPRIRQH x  WLPHSHUPRQWK  0DWWHUVFXUUHQWO\XQGHUQHJRWLDWLRQOLWLJDWLRQRUUHODWHGWRSHUVRQQHOZLOOQRWEH x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ò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ĐŽŶǀĞŶŝĞŶĐĞƌĞƚĂŝůƵƐĞŝƐĐŽŶƐŝĚĞƌĞĚĂdLJƉĞ/ƵƐĞǁŝƚŚŝŶƚŚĞͲϰĚŝƐƚƌŝĐƚ͘dŽƚŚĞŶŽƌƚŚŽĨƚŚĞƉƌŽƉĞƌƚLJ ŝƐůƚŽŶ,ŝůůƐƌŝǀĞ͕ƚŽƚŚĞǁĞƐƚŝƐd,ϱϮ͕ƚŽƚŚĞƐŽƵƚŚĂƌĞŶĞǁůLJƉůĂƚƚĞĚǀĂĐĂŶƚͲϰnjŽŶĞĚůŽƚƐ͕ĂŶĚƚŽƚŚĞ ĞĂƐƚ͕ĂĐƌŽƐƐƐƐŝƐŝƌŝǀĞŝƐƚŚĞƐƐŝƐŝ,ĞŝŐŚƚĨĂĐŝůŝƚLJ͕ǁŚŝĐŚŝƐďƵĨĨĞƌĞĚƚŽĂŐƌĞĂƚĞdžƚĞŶƚĨƌŽŵƚŚŝƐƉƌŽƉĞƌƚLJ ďLJƚŚĞŵĂƚƵƌĞƌŽǁŽĨƚƌĞĞƐƚŚĂƚŝƐůŽĐĂƚĞĚĂůŽŶŐƚŚĞĞĂƐƚƐŝĚĞŽĨƐƐŝƐŝƌŝǀĞ͘ƐŝƚĞĚĞǀĞůŽƉŵĞŶƚƉĞƌŵŝƚ ƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞnjŽŶŝŶŐĐĞƌƚŝĨŝĐĂƚĞĂƉƉƌŽǀĂů͘ƐƉĂƌƚŽĨƚŚĂƚ͕ƚŚĞůŝŐŚƚŝŶŐ͕ƐŝŐŶĂŐĞ͕ ůĂŶĚƐĐĂƉŝŶŐĂŶĚďƵĨĨĞƌLJĂƌĚƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞƐƉĞůůĞĚŽƵƚŝŶƚŚĞŽƌĚŝŶĂŶĐĞĂŶĚŵƵƐƚďĞĐŽŵƉůŝĞĚǁŝƚŚ͕ ĂƐŝƚǁŽƵůĚĨŽƌĂŶLJŽƚŚĞƌĐŽŶǀĞŶŝĞŶĐĞƌĞƚĂŝůĨĂĐŝůŝƚLJĂƚĂŶLJŽƚŚĞƌͲϰůŽĐĂƚŝŽŶŝŶƚŚĞŝƚLJ͘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¶V DSSURYDO$OODUHSHQGLQJGHSDUWPHQWDODSSURYDOVWKHUHTXLUHGLQVXUDQFHERQGVIHHVDQG DOORXWVWDQGLQJGHEWVZLWKWKHFLW\RI5RFKHVWHU  '8&.6   %XIILH'XNDUW  6RXWK3RLQWH'ULYH6:  5RFKHVWHU01   &+,&.(16   .XUW6FKURHGHU  UG $YH6:  5RFKHVWHU01   -RG\6WUHLII  WK $YH1:  5RFKHVWHU01   &200(5&,$/3('$/&$5'5,9(5   &KDG%HUWHOVRQ  VW  '  /,&(16(6%21'6$1'0,6&(//$1(286$&7,9,7,(6  3$*(      <$33<+285   :LOGZRRG6SRUWV%DUDQG*ULOO  WK  ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV&LW\&OHUN ,7(0'(6&5,37,2135(3$5('%<  $SSOLFDWLRQIRUWUDQVIHURIDQRIIVDOHLQWR[LFDWLQJOLTXRUOLFHQVHIURP3DWULFN%HWKDQ\*HUEHU 'HYQH\GED'UHDP/RGJH*LIWVDQG:LQH6KRSWR0DF/LTXRUV,QF  $SSOLFDWLRQKDVEHHQUHFHLYHGIRUWKHWUDQVIHURQDQ2II6DOH,QWR[LFDWLQJ/LTXRU/LFHQVH IURP3DWULFN'HYQH\GED'UHDP/RGJH*LIWVDQG:LQH6KRSWR0DF/LTXRUV,QFGED0DFV /LTXRU7KHVWRUHZLOOEHORFDWHGDW6RXWK%URDGZD\5RFKHVWHU01   0LFKDHO6HGRULVWKHRZQHURIWKHFRPSDQ\$FRQILGHQWLDOLQYHVWLJDWLYHUHSRUWKDVEHHQ VXFFHVVIXOO\FRPSOHWHGE\WKH5RFKHVWHU3ROLFH'HSDUWPHQWDQGVHQWXQGHUVHSDUDWHFRYHUWR WKH&LW\&RXQFLO   $SSURYDORIWKHOLFHQVHLVFRQWLQJHQWRQWKHUHTXLUHGIHHVLQVXUDQFHFHUWLILFDWHVDQ\IHHV GXHWKH&LW\RI5RFKHVWHUDQGDOOGHSDUWPHQWDODSSURYDOV$&HUWLILFDWHRI2FFXSDQF\PXVW EHUHFHLYHGSULRUWRRSHQLQJ   &281&,/$&7,215(48(67('  $PRWLRQWRDSSURYHWKHWUDQVIHURIWKH2II6DOH,QWR[LFDWLQJ/LTXRU/LFHQVHIURP3DWULFN 'HYQH\GED'UHDP/RGJH*LIWVDQG:LQH6KRSWR0DF/LTXRUV,QFGED0DFV/LTXRU6RXWK %URDGZD\5RFKHVWHU01  3DFNHW3J ' ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV)LQDQFH ,7(0'(6&5,37,2135(3$5('%<  $FFRXQWV3D\DEOHIRU$XJXVW5XWK&ODUN  ,QYHVWPHQWSXUFKDVHVRI $FFRXQWV3D\DEOHRI  7RWDOGLVEXUVHPHQWV  &281&,/$&7,215(48(67(' 3DFNHW3J ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV)LUH'HSDUWPHQW ,7(0'(6&5,37,2135(3$5('%<  &RQWUDFWZLWK8RI07HUHVD:HJQHU  5RFKHVWHU)LUH'HSDUWPHQWLVUHTXHVWLQJWRHQWHULQWRDFRQWUDFWXDODJUHHPHQWZLWK8QLYHUVLW\RI 0LQQHVRWDFRYHULQJ)LUH'HSDUWPHQWWUDLQLQJWREHFRQGXFWHGGXULQJWKHPRQWKRI6HSWHPEHU7KLV WUDLQLQJZLOOEHFRQGXFWHGDWWKH8QLYHUVLW\ VEXLOGLQJORFDWHGDW 'D /LFHQVH1R  )$&,/,7<86($*5((0(17  7+,6)$&,/,7<86($*5((0(17  ³$JUHHPHQW´ LVHQWHUHGLQWRHIIHFWLYHDVRI E\DQGEHWZHHQWKH5HJHQWVRIWKH8QLYHUVLW\RI0LQQHVRWD ³ 8QLYHUVLW\´ D 0LQQHVRWDFRQVWLWXWLRQDOFRUSRUDWLRQDQG&LW\RI5RFKHVWHU ³/LFHQVHH´ DPXQLFLSDO $WWDFKPHQW8RI08VH$JUHHPHQWIRUKDOOUHLPEXUVH 8QLYHUVLW\IRUDOODGGLWLRQDOPDLQWHQDQFHDQGVHUYLFHVSURYLGHGDW/LFHQVHH¶VUHTXHVW  &RQFHVVLRQV1RYHOWLHV)RRG%HYHUDJH   /LFHQVHHVKDOOQRWVHOODQ\FRQFHVVLRQVRUQRYHOWLHVRQRULQWKH)DFLOLW\RURQDQ\ 8QLYHUVLW\SURSHUW\ZLWKRXWDQH[HFXWHG6DOHV3HUPLWLVVXHGE\8QLYHUVLW\ZKLFK3HUPLW 8QLYHUVLW\PD\JUDQWRUZLWKKROGLQLWVVROHGLVFUHWLRQ  )RRGPD\EHVHUYHGRQRULQWKH)DFLOLW\RQO\ZLWKWKHSHUPLVVLRQRI8QLYHUVLW\ DQGLIUHTXLUHGE\8QLYHUVLW\DSHUPLWIURP8QLYHUVLW\¶V'HSDUWPHQWRI(QYLURQPH QWDO+HDOWK DQG6DIHW\  )2502*&6& )RUP'DWH 5HYLVLRQ'DWH   3DFNHW3J 'D  /LFHQVHHVKDOOQRWVHOOGLVWULEXWHGLVSHQVHDGYHUWLVHRUSURPRWHDQ\QRQ DOFRKROLFEHYHUDJH RUSHUPLWDQ\RWKHUWRGRWKHVDPH ZLWKRXW8QLYHUVLW\¶VZULWWHQFRQVHQW ZKLFKFRQVHQW8QLYHUVLW\PD\FRQGLWLRQJUDQWRUZLWKKROGLQLWVVROHGLVFUHWLRQ  /LFHQVHHDQGRULWVFDWHUHUPD\QRWVHUYHRUVHOODOFRKROLFEHYHUDJHVDWWKH )DFLOLW\XQOHVV/LFHQVHHUHFHLYHVDXWKRUL]DWLRQIURPWKH8QLYHUVLW\FRQWDLQLQJVXFKWHUPVDQG $WWDFKPHQW8RI08VH$JUHHPHQWIRUYHQGRUVFRQWUDFWRUVRU LQYLWHHVRU LLL /LFHQVHH¶VIDLOXUHWRSHUIRUPRUFRPSO\ZLWKDQ\RIWKHFRYHQDQWVDJUHHPHQWV WHUPVSURYLVLRQVFRQGLWLRQVRUOLPLWDWLRQVFRQWDLQHGLQWKLV$JUHHPHQW  ,QVXUDQFH $WOHDVWWKLUW\  GD\VSULRUWRWKH(YHQW/LFHQVHHVKDOOSURYLGH8QLYHUVLW\ ZLWKDFHUWLILFDWHRILQVXUDQFHRURWKHUDFFHSWDEOHHYLGHQFHRILQVXUDQFHFRYHUDJHDVLQGLFDWHG EHORZ,IWKLV$JUHHPHQWLVVLJQHGE\/LFHQVHHIHZHUWKDQWKLUW\  GD\VSULRUWRWKH(YHQW /LFHQVHHVKDOOVXEPLWVXFKHYLGHQFHRILQVXUDQFHXSRQWKHVLJQLQJRIWKLV$JUHHPHQW  &KHFNHLWKHU $  % RU & EHORZDVDSSOLFDEOH   $ /LFHQVHH¶VSROLF\RI&RPPHUFLDO*HQHUDO/LDELOLW\,QVXUDQFHZLWKD PLQLPXPOLPLWRISHURFFXUUHQFHRUTXDOLILHGVHOILQVXUDQFH VXEMHFWWRDSSURYDOE\8QLYHUVLW\   % 3URRIWKDW/LFHQVHHKDVSXUFKDVHGHYHQWOLDELOLW\LQVXUDQFHZLWKD PLQLPXPOLPLWRISHURFFXUUHQFH/LFHQVHHPD\SXUFKDVHVXFK LQVXUDQFHIURPWKHLQVXUHURILWVFKRLFHRUDWWKHIROORZLQJZHEVLWH DGGUHVVKWWSVWXOLSDMJUPVFRP DSDVVFRGHZLOOEHSURYLGHGLIWKLV RSWLRQLVVHOHFWHG   )2502*&6& )RUP'DWH 5HYLVLRQ'DWH   3DFNHW3J 'D   & 6WDWHDQGRWKHUJRYHUQPHQWDODJHQFLHVWKDWDUHVHOI±LQVXUHGVKDOO SURYLGHDOHWWHUVWDWLQJWKDWIDFWDQGWKHFRYHUDJHOLPLWVIRUVXFKLQVXUDQFH RQGHSDUWPHQWDOOHWWHUKHDG  :RUNHUV¶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³7KH8QLYHUVLW\RI0LQQHVRWDLVQRWHQGRUVLQJRUVSRQVRULQJWKHDFWLYLWLHV FRQGXFWHGE\WKH&LW\RI5RFKHVWHURQWKH8QLYHUVLW\RI0LQQHVRWDFDPSXV7KH UHODWLRQVKLSEHWZHHQWKH8QLYHUVLW\RI0LQQHVRWDDQGWKH&LW\RI5RFKHVWHULV VROHO\WKDWRIOLFHQVRUDQGOLFHQVHH´  /LFHQVHH¶VIDLOXUHWRFRPSO\ZLWKWKLVVHFWLRQVKDOOJLYH8QLYHUVLW\WKHULJKWWR $WWDFKPHQW8RI08VH$JUHHPHQWIRU  *RYHUQLQJ/DZ)RUXP 7KHODZVRIWKHVWDWHRI0LQQHVRWDVKDOOJRYHUQWKHYDOLGLW\ FRQVWUXFWLRQDQGHQIRUFHDELOLW\RIWKLV$JUHHPHQW$OOVXLWVDFWLRQVFODLPVDQGFDXVHVRIDFWLRQ UHODWLQJWRWKHFRQVWUXFWLRQYDOLGLW\SHUIRUPDQFHDQGHQIRUFHPHQWRIWKLV$JUHHPHQWVKDOOEH EURXJKWLQWKHVWDWHFRXUWVRI0LQQHVRWD  (QWLUH$JUHHPHQW 7KLV$JUHHPHQW LQFOXGLQJDOOH[KLELWVLIDQ\ LVLQWHQGHGE\WKH SDUWLHVDVWKHILQDODQGELQGLQJH[SUHVVLRQRIWKHLUDJUHHPHQWDQGDVWKHFRPSOHWHDQGH[FOXVLYH VWDWHPHQWRILWVWHUPV7KLV$JUHHPHQWVXSHUVHGHVDOOSULRUQHJRWLDWLRQVUHSUHVHQWDWLRQVDQG DJUHHPHQWVEHWZHHQWKHSDUWLHVZKHWKHURUDORUZULWWHQUHODWLQJWRWKHVXEMHFWPDWWHURIWKLV $JUHHPHQW  ([KLELWV 7KHWHUPVDQGFRQGLWLRQVRIDQ\DQGDOOH[KLELWVDWWDFKHGWRWKLV$JUHHPHQWDUH PDGHDSDUWRIWKLV$JUHHPHQWDVLIIXOO\VHWIRUWKLQWKLV$JUHHPHQW7RWKHH[WHQWWKDWDQ\RIWKH WHUPVDQGFRQGLWLRQVRISDUDJUDSKV±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¶VXVHRIWKH)DFLOLW\IRUWKHSXUSRVHVGHVFULEHGLQ 6HFWLRQ $WWDFKPHQW8RI08VH$JUHHPHQWIRU ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV+XPDQ5HVRXUFHV ,7(0'(6&5,37,2135(3$5('%<  5HYLVHG2UJDQL]DWLRQDO3ROLF\6LFN/HDYH/LQGD+LOOHQEUDQG  (IIHFWLYH$XJXVW0LQQHVRWD6WDWXWH6LFNRU,QMXUHG&KLOG/HDYH † ZDVUHYLVHGWRH[SDQGWKHOHJDOUHTXLUHPHQWWRDOORZWKHXVHRIDFFUXHGSHUVRQDOVLFN OHDYHEHQHILWVIRUDQDEVHQFHGXHWRLOOQHVVRULQMXU\WRDQHPSOR\HH·VFKLOGWRRWKHU UHODWLYHV0RUHVSHFLILFDOO\WKLVODZQRZDOORZVDQHPSOR\HHWRXVHDFRPELQHGWRWDO RIVLFNOHDYHKRXUVGXULQJDPRQWKSHULRGWRFDUHIRUDGXOWFKLOGUHQVSRXVHV VLEOLQJVSDUHQWVJUDQGSDUHQWVDQGVWHSSDUHQWV   7KHDWWDFKHGRUJDQL]DWLRQDOSROLF\KDVEHHQUHYLVHGWRUHIOHFWWKLVXSGDWHGVWDWXWRU\ ODQJXDJHRWKHUPLQRUUHYLVLRQVFODULILFDWLRQVDQGWKHGHOHWLRQRIWKH&KLOG&DUH/HDYH VHFWLRQZKLFKZLOOEHSODFHGLQDIXWXUHXSGDWHG´RWKHUHPSOR\HHOHDYHRIDEVHQFHµ SROLF\LIQHHGHG,QWKHPHDQWLPHFKLOGFDU HOHDYHLVDOVRDOORZHGIRUXQGHUWKH&LW\·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³ FKLOG´LVGHILQHGDVDQHPSOR\HH¶VVWHSFKLO GELRORJLFDODGRSWHGRU  IRVWHUFKLOGZKRLVXQGHURUZKRLVXQGHULIVWLOODWWHQGLQJVHFRQGDU\VFKRRO  3DFNHW3J 'D &,7<2)52&+(67(5 25*$1,=$7,21$/32/,&<  F)RUDEVHQFHGXHWRDFRPSHQVDEOHLQMXU\DULVLQJRXWRIDQGLQWKHFRXUVHRI&LW\ HPSOR\PHQW HPSOR\HHVPD\UHTXHVWWKDWWKHLUVLFNOHDYHEHXVHGWRPDNHXSWKH GLIIHUHQFHEHWZHHQWKHLUUHJXODUSD\DQG:RUNHU¶V&RPSHQVDWLRQ  G8SWRDPD[LPXPRIWKUHH  GD\VIRUVHULRXVLOOQHVVRIPHPEHUVRIWKH HPSOR\HH¶VLPPHGLDWHIDPLO\ )RUWKHSXUSRVHRIWKLVVHFWLRQ³,PPHGLDWH)DPLO\´ VKDOOPHDQWKHHPSOR\HH¶VVSRXVHFKLOGUHQSDUHQWVEURWKHUVVLVWHUVVSRXVH¶V SDUHQWV 8SWRDFRPELQHGWRWDORIKRXUVRIDFFUXHGVLFNOHDYHSHUFDOHQGDU \HDUPHDVXUHGFRQVLVWHQWZLWKWKHPRQWKSHULRGXVHGWRDSSO\)DPLO\DQG 0HGLFDO/HDYH$FWSURYLVLRQVWRFDUHIRUDVSRXVHDQDGXOWFKLOGEURWKHUV $WWDFKPHQW'UDIW6LFN/HDYH 5HYLVHG2UJDQL]DWLRQDO3ROLF\6LFN/HDYH VLVWHUVSDUHQWJUDQGSDUHQWRUVWHSSDUHQW7KHOLVWRIHOLJLEOHUHODWLYHVGRHVQRW LQFOXGHLQODZUHODWLYHV LHEURWKHULQODZ XQOHVVRWKHUZLVHOLVWHG7KHKRXU OLPLWGRHVQRWDSSO\WRSHUVRQDOVLFNOHDYHXVHRUXVHWRFDUHIRUWKHHPSOR\HH¶V FKLOGDVSURYLGHGDERYH G H(PSOR\HHVDUHREOLJDWHGWRGLVFORVHXVHRIVLFNOHDYH UHODWLYHWRVHFWLRQGDERYH  WRWKHLUVXSHUYLVRUWRGHPRQVWUDWHFRPSOLDQFH I8SWRDPD[LPXPRIWKUHH  GD\VIRUVHULRXVLOOQHVVRIVSRXVH¶VSD UHQWV J)RUDEVHQFHGXHWRDFRPSHQVDEOHLQMXU\DULVLQJRXWRIDQGLQWKHFRXUVHRI&LW\ HPSOR\PHQW HPSOR\HHVPD\UHTXHVWWKDWWKHLUVLFNOHDYHEHXVHGWRPDNHXSWKH GLIIHUHQFHEHWZHHQWKHLUUHJXODUSD\DQG:RUNHU¶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¶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± ZLWKRXWSD\6XFKWLPHZLOOEHJUDQWHGZLWKDSSURYDORIWKH'HSDUWPHQW+HDGDQGWKH 'LUHFWRURI+XPDQ5HVRXUFHV $OHDYHRIDEVHQFH±ZLWKRXWSD\ZLOOQRWEHFRQVLGHUHGXQOHVVDQHPSOR\HHKDVXVHG DFFUXHGYDFDWLRQEHIRUHUHTXHVWLQJDOHDYHZLWKRXWSD\ &KLOGFDUHOHDYHZLOOFRPPHQFHRQWKHGDWHWREHDJUHHGXSRQEHWZHHQWKHHPSOR\HH DQGWKHHPSOR\HU LPHZKLOHRQXQFRPSHQVDWHG OHDYH6LFNOHDYHDQGYDFDWLRQZLOOFRQWLQXHWRDFFXPXODWHRQO\GXULQJWKHSHULRGRI FRPSHQVDWHGOHDYH 8SRQVLJQLI\LQJKLVKHULQWHUHVWWRUHWXUQ DPLQLPXPRIWZR  ZHHNV±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¶VVWHSFKLOGELRORJLFDO DGRSWHGRUIRVWHUFKLOGXQGHURUXQGHULIVWLOODWWHQGLQJVHFRQGDU\VFKRRO   5HYLVHG$GRSWHG ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV+XPDQ5HVRXUFHV ,7(0'(6&5,37,2135(3$5('%<  0RWRU2SHUDWRU$SSRLQWPHQW5RFKHVWHU)LUH'HSDUWPHQW-HQQLIHU6LPSVRQ  7KHH[WHQGHGOLJKWGXW\DVVLJQPHQWRIDFXUUHQW0RWRU2SHUDWRUFUHDWHVDWHPSRUDU\YDFDQF\IRUWKH 0RWRU2SHUDWRUSRVLWLRQ  3XUVXDQWWRWKH)LUH&LYLO6HUYLFH&RPPLVVLRQ5XOHVDQG5HJXODWLRQVWKH&RPPLVVLRQUHFRPPHQGVWKH WHPSRUDU\DSSRLQWPHQWRIWKHKLJKHVWUDQNLQJFDQGLGDWHRQWKHHVWDEOLVKHG0RWRU2SHUDWRUHOLJLELOLW\ URVWHU  &281&,/$&7,215(48(67('  )LUH&KLHI*UHJ0DUWLQUHFRPPHQGVWKDWWKH&RXQFLODSSRLQW)LUHILJKWHU+ROO\0XOOKROODQGWRWKH0RWRU 2SHUDWRUSRVLWLRQHIIHFWLYH$XJXVW 3DFNHW3J $WWDFKPHQW5&$0RWRU2SHUDWRUGRFXPHQWV 0RWRU2SHUDWRU$SSRLQWPHQW 'D 3DFNHW3J $WWDFKPHQW5&$0RWRU2SHUDWRUGRFXPHQWV 0RWRU2SHUDWRU$SSRLQWPHQW 'D 3DFNHW3J $WWDFKPHQW5&$0RWRU2SHUDWRUGRFXPHQWV 0RWRU2SHUDWRU$SSRLQWPHQW 'D 3DFNHW3J ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV3ODQQLQJDQG=RQLQJ ,7(0'(6&5,37,2135(3$5('%<  $JUHHPHQWZLWKQG6WUHHW3DUNLQJ//&%UHQW6YHQE\  QG :KHQ9DFDWLRQ3HWLWLRQ59$& 6WUHHW3DUNLQJ//& ZDVDSSURYHGRQ$SULO WK LWZDVVXEMHFWWRFRQGLWLRQV7KLVZDVRQWKHYDFDWLRQRIWKHSXEOLFDOOH\HDVWRI$YHQXH VWQG 6:EHWZHHQ6WUHHW6:DQG6WUHHW6:2QHRIWKHFRQGLWLRQVRIDSSURYDOUHTXLUHGWKDW WKHDSSOLFDQWDQGWKH&LW\H[HFXWHDQDJUHHPHQWZKHUHE\WKHDSSOLFDQWDJUHHVWRGHGLFDWHEDFN WRWKH&LW\WKHHDVWZHVWSXEOLFDOOH\GHVFULEHGLQWKHUHVROXWLRQVKRXOGWKHDSSOLFDQWIDLOWR REWDLQ&LW\ILQDODSSURYDORIDGHYHORSPHQWSODQFRQVLVWHQWZLWKWKH6HFRQG6WUHHW&RUULGRU 3ODQRWKHUWKDQDVXUIDFHSDUNLQJORWIRUWKHDGMDFHQWSURSHUW\ILYH\HDUVIURPWKHGDWHRIWKLV UHVROXWLRQ  QG 6WUHHW3DUNLQJ//&KDVH[HFXWHGWKHDJUHHPHQWSUHSDUHGE\WKH&LW\$WWRUQH\  &281&,/$&7,215(48(67('  $PRWLRQDSSURYLQJWKHDJUHHPHQWDQGGLUHFWLQJWKH0D\RUDQG&LW\&OHUNWRH[HFXWHWKH DJUHHPHQWRQEHKDOIRIWKH&LW\  3DFNHW3J 'D $WWDFKPHQW$JUHHPHQW $JUHHPHQWZLWKQG6WUHHW3DUNLQJ//& 3DFNHW3J 'D $WWDFKPHQW$JUHHPHQW $JUHHPHQWZLWKQG6WUHHW3DUNLQJ//& 3DFNHW3J 'D $WWDFKPHQW$JUHHPHQW $JUHHPHQWZLWKQG6WUHHW3DUNLQJ//& 3DFNHW3J 'D $WWDFKPHQW$JUHHPHQW $JUHHPHQWZLWKQG6WUHHW3DUNLQJ//& 3DFNHW3J 'D $WWDFKPHQW$JUHHPHQW $JUHHPHQWZLWKQG6WUHHW3DUNLQJ//& 3DFNHW3J 'D $WWDFKPHQW$JUHHPHQW $JUHHPHQWZLWKQG6WUHHW3DUNLQJ//& 3DFNHW3J $WWDFKPHQW$JUHHPHQW $JUHHPHQWZLWKQG6WUHHW3DUNLQJ//& 'D 3DFNHW3J 'D $WWDFKPHQW$JUHHPHQW $JUHHPHQWZLWKQG6WUHHW3DUNLQJ//& 3DFNHW3J ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV3XEOLF:RUNV ,7(0'(6&5,37,2135(3$5('%<  2ZQHU&RQWUDFW3XEOLF,PSURYHPHQWVWR6HUYH6FHQLF2DNVWK$GGLWLRQ0DUN%DNHU - '  &281&,/$&7,215(48(67('  $GRSWD5HVROXWLRQDXWKRUL]LQJWKH0D\RUDQG&LW\&OHUNWRH[HFXWHWKH&LW\2ZQHU&RQWUDFWIRU ³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³1R 3DUNLQJ´=RQHDORQJWKDWVWUHHW7KHUHTXHVWHG³1R3DUNLQJ´]RQHLVSURSRVHGIRUERWKVLGHVRI(QWHUSULVH 'ULYH6:VWDUWLQJDWWKHLQWHUVHFWLRQZLWK&DUOWRQ6WUHHW6:DQGWKHQSURFHHGVVRXWKWRWKHHQGRIWKH VWUHHW7KHEXVLQHVVHVDORQJWKLVEORFNKDYHLQLWLDWHGWKHSHWLWLRQDQGDVNHGWKDWWKH'HSDUWPHQWRI3XEOLF :RUNVFUHDWHWKLV³1R3DUNLQJ´]RQHWRLPSURYHYHKLFOHVPDQHXYHUDELOLW\HVSHFLDOO\IRUODUJHUYHKLFOHV VXFKDVVHPLWUDFWRUWUDLOHUV2IWKHVHYHQEXVLQHVVHVDORQJ(QWHUSULVH'ULYHILYHKDYHVLJQHGWKHSHWLWLRQ UHTXHVWLQJWKH³123$5.,1*´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±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³:DWHUPDLQ  +\GUDQW V WR6HUYH7KH:DWHUVRQ0D\RZRRG - ´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³:DWHUPDLQ  +\GUDQW V WR6HUYHWKH5&7&:RUNIRUFH&HQWHU$GGLWLRQDWWKH+HLQ]&HQWHU -  FRQGLWLRQHGRQIXOOH[HFXWLRQRIWKHFRQWUDFWVE\WKH2ZQHU&RQWUDFWRUDQG(QJLQHHUDVZHOODV&RQWUDFWRU VXSSO\LQJDSSURYHG%RQGDQG,QVXUDQFH'RFXPHQWDWLRQSULRUWRFRPPHQFHPHQWRISXEOLFLPSURYHPHQWVZRUN LQFOXGHGLQWKH&RQWUDFW 3DFNHW3J ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV3XEOLF:RUNV ,7(0'(6&5,37,2135(3$5('%<  3HGHVWULDQ)DFLOLWLHV$JUHHPHQW±2OPVWHG0HGLFDO&HQWHUIRU/RWV %ORFN-DPLH0LOOHU +DUYHVWYLHZQG6XEGLYLVLRQ DVVRFLDWHGZLWK6'35   6WDIIZRXOGRIIHUWKHIROORZLQJ3HGHVWULDQ)DFLOLWLHV$JUHHPHQWIRUFRQVLGHUDWLRQE\WKH&RXQFLO x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±+ROLGD\6WDWLRQVWRUHV,QFIRUSDUWRI/RW-DPLH0LOOHU %ORFN&LUFOH'ULYH&RUSRUDWH3DUN DVVRFLDWHGZLWK6'35   6WDIIZRXOGRIIHUWKHIROORZLQJ3HGHVWULDQ)DFLOLWLHV$JUHHPHQWIRUFRQVLGHUDWLRQE\WKH&RXQFLO x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±5HFUHDWLRQDO/DQHV3URSHUW\DQG0DQDJHPHQW-DPLH0LOOHU &RPSDQ\//&IRUSURSHUW\EHLQJSODWWHGDV5HFUHDWLRQ/DQHVVW6XE DVVRFLDWHGZLWK6'35   6WDIIZRXOGRIIHUWKHIROORZLQJ3HGHVWULDQ)DFLOLWLHV$JUHHPHQWIRUFRQVLGHUDWLRQE\WKH&RXQFLO x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¶VEHVWLQWHUHVWWRHQWHULQWRDQDJUHHPHQWZLWK5RFKHVWHU7RZQVKLSIRUWKHLPSURYHPHQWV WKWK UHODWHGWRWKHUHKDELOLWDWLRQRI6WUHHW6:IURP$YHQXH6:WR%DPEHU9DOOH\5RDG6:3XUVXDQW WRWKHSURYLVLRQVRI0LQQHVRWD6WDWXWH6HFWLRQHGRQ WKHDFWXDOIURQWDJHDUHDDQQH[HG6DLGSURSRUWLRQDOUHLPEXUVDEOHFRVWVVKDOOEH FDOFXODWHGEDVHGRQDVWUDLJKWOLQHGHSUHFLDWLRQRID\HDUOLIHF\FOHIRUWKH LPSURYHPHQWFRPPHQFLQJRQWKHGDWHRIH[HFXWLRQRIWKLVDJUHHPHQW E3D\PHQWWRWKHWRZQVKLSIRUVDLGUHLPEXUVHPHQWVKDOOEHPDGHFRQFXUUHQWZLWKWKH SD\PHQWRISURSHUW\WD[HVRZHGWRWKH7RZQVKLSE\WKH&LW\IRUVDLGDQQH[DWLRQ  7RZQVKLS2EOLJDWLRQV 7RZQVKLSZLOOIXOO\FRRSHUDWHDQGDVVLVWGXULQJWKHPDLQWHQDQFHDFWLYLW\ 7RZQVKLSE\H[HFXWLRQRIWKLVDJUHHPHQWDJUHHVWRXWLOL]HGWKHLUUHVRXUFHVLQFOXGLQJXVHRIWKHLU VHDVRQVXSSO\SULFHVWRIDFLOLWDWHWKHPDLQWHQDQFHDFWLYLW\ 7KH7RZQVKLSVKDOOSD\IRUWKHHQWLUHFRVWRIWKHSURMHFWXVLQJLWVIXQGLQJVRXUFHVZLWKWKH H[SHFWDWLRQWKDWWKH&LW\ZLOOSURYLGHWKHLUSURSRUWLRQDOFRVWVKDUHDVRXWOLQHGKHUHLQ7KH&LW\¶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x 3ODQW,QYHVWPHQW)HH 3,) 7REHGHWHUPLQHGDQGFROOHFWHGWKURXJKWKH %XLOGLQJ3HUPLW x 6WRUP:DWHU0DQDJHPHQW$UHD&KDUJH7%'  7KH&LW\ZLOOQRWPDQGDWHWKHWRWDOUHFRQVWUXFWLRQRIWKHSXEOLFDOOH\DEXWWLQJWKLVSURSHUW\ FRQFXUUHQWZLWKWKHUHGHYHORSPHQWSURYLGHGWKHRZQHUHQWHUVLQWRDQDJUHHPHQWZLWK WKH&LW\WRDGGUHVVRZQHU¶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¶VDFWLRQVLQDSSURYLQJWKLVGHYHORSPHQWRFFXULQUHVSRQVHWRWKHDSSOLFDQW¶VRU KLVKHUUHSUHVHQWDWLYH¶VRUDODQGZULWWHQUHSUHVHQWDWLRQVDVWRWKHDSSHDUDQFHRIWKH EXLOGLQJGHVLJQH[WHULRUIDoDGHDQGODQGVFDSLQJ$VVXFKWKHDSSOLFDQWPXVWQRWGHYLDWH IURPWKHDSSHDUDQFHRIWKHEXLOGLQJGHVLJQH[WHULRUIDoDGHDQGODQGVFDSLQJDVRULJLQDOO\ SUHVHQWHGWRWKH&RXQFLOZLWKRXWWKH&RXQFLO¶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imes New Roman]] [[410,2659,422,2711][11][B,I,][Times New Roman]] [[448,2659,2260,2711][11][B,I,][Times New Roman]],IWKH&RXQFLOZLVKHVWRSURFHHGLWVKRXOGLQVWU XFWWKH&LW\$WWRUQH\WRSUHSDUHDUHVROXWLRQ [[450,2712,2260,2764][11][B,I,][Times New Roman]]HLWKHUDSSURYLQJDSSURYLQJZLWKFRQGLWLRQVRUGHQ\LQJWKH&RQGLWLRQDO8VH3HUPLWUHTXHVW [[450,2765,849,2817][11][B,I,][Times New Roman]]EDVHGXSRQWKHFULWHU [[849,2765,1411,2817][11][B,I,][Times New Roman]]LDLQFOXGHGLQWKHVWDIIUHSRUW [[1411,2765,1423,2817][11][B,I,][Times New Roman]] [[375,2818,409,2870][11][B,I,][Times New Roman]] [[410,2818,422,2870][11][B,I,][Times New Roman]] [[450,2818,2260,2870][11][B,I,][Times New Roman]]7KHDSSOLFDQWKDVUHTXHVWHGDZDLYHURIWKHVHWED FNUHTXLUHPHQWVSHUVHFWLRQ ( [[450,301,1146,353][11][B,I,][Times New Roman]]7\SH,,,UHYLHZ,IWKH&RXQFLOZ [[1145,301,2261,353][11][B,I,][Times New Roman]]LVKHVWRSURFHHGLWVKRXOGLQVWUXFWWKH&LW\$WWRUQH\WR [[445,353,1735,405][11][B,I,][Times New Roman]]SUHSDUHDUHVROXWLRQHLWKHUDSSURYLQJRUGHQ\LQJWKHZDLYHUUHTXHVW [[1736,353,1748,405][11][B,I,][Times New Roman]] [[375,406,409,458][11][B,I,][Times New Roman]] [[410,406,422,458][11][B,I,][Times New Roman]] [[450,406,2260,458][11][B,I,][Times New Roman]]7KHDSSOLFDQWKDVUHTXHVWHGWKDWWKH&LW\&RXQFLOZDLYH WKH)LQDO3ODQ5HYLHZSKDVHIRUWKLV  [[450,459,1093,511][11][B,I,][Times New Roman]]DSSOLFDWLRQ6WDIIGRHVUHFRPPHQ [[1094,459,2219,511][11][B,I,][Times New Roman]]GLQIDYRURIZDLYLQJWKH)LQDO3ODQ5HYLHZIRUWKLVSURMHFW 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\ 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\ 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\ 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\ 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\ 3DFNHW3J (D 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\ 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\ 3DFNHW3J (D (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\ 3DFNHW3J (D 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\ 3DFNHW3J (D (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\ 3DFNHW3J (D (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83E\WKRQWK 3DFNHW3J ( 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 +HDULQJV3ODQQLQJDQG=RQLQJ ,7(0'(6&5,37,2135(3$5('%<  'HVLJQ0RGLILFDWLRQ5'0ILOHGE\WKRQWK//&WRSHUPLWDUHGXFWLRQ%UHQW6YHQE\ RIWKHVHWEDFNVWDQGDUGVRIWKH5]RQLQJGLVWULFWIRUWKHSURSRVHG7\SH,,, 3KDVH,,5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ5&83NQRZQDV WKHWKRQWKDSDUWPHQWV7KHSURSHUW\LVORFDWHGDORQJWKHVRXWKVLGHRIWK 6WUHHW6:DORQJWKHZHVWVLGHRIWK$YHQXH6:DQGDORQJWKHHDVWVLGHRIWKH DOOH\  &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ5HFRPPHQGDWLRQ  2Q$XJXVWWKH&LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQKHOGDSXEOLFKHDULQJWRFRQVLGHU WKHSURSRVHGGHVLJQPRGLILFDWLRQIRUWKHVHWEDFNVSURSRVHGIRUWKH5HVWULFWHG'HYHORSPHQW WKWK 5&83NQRZQDVWKHRQSURMHFW  6HHWKHPLQXWHVRIWKH&3=&PHHWLQJIRUWKHGLVFXVVLRQWKDWRFFXUUHGUHJDUGLQJWKHUHTXHVWHG GHVLJQPRGLILFDWLRQ  7KH3ODQQLQJ&RPPLVVLRQUHYLHZHGWKLVUHTXHVWDFFRUGLQJWRWKHDSSOLFDEOHFULWHULDDQG VWDQGDUGVLQWKH/'07KH&RPPLVVLRQYRWHGWRUHFRPPHQGDSSURYDORIWKHGHVLJQ PRGLILFDWLRQUHTXHVWHG7KH&RPPLVVLRQPDGHILQGLQJVWKDWVXSSRUWHGWKHVHWEDFNVSURSRVHG IRUWKHSURMHFWEDVHGRQWKHJXLGHOLQHVLQFOXGHGLQVHFWLRQRIWKH/'0    0U&DPSLRQPRYHGWRUHFRPPHQGDSSURYDORI'HVLJQ0RGLILFDWLRQ5'0ILOHG E\WKRQWK//&WRSHUPLWDUHGXFWLRQRIWKHVHWEDFNVWDQGDUGVRIWKH5]RQLQJ GLVWULFWIRUWKHSURSRVHG7\SH,,,3KDVH,,5HVWULFWHG'HYHORSPHQW3UHOLPLQDU\3ODQ 5&83NQRZQDVWKHWKRQWKDSDUWPHQWVZLWKWKHVWDIIUHFRPPHQGHG ILQGLQJV0U'DOOPDQQVHFRQGHGWKHPRWLRQ7KHPRWLRQFDUULHG0U*RRGHQEHUJHU DEVWDLQHG  &281&,/$&7,215(48(67('  [[448,2180,1148,2232][11][B,I,][Times New Roman]],IWKH&RXQFLOZLVKHVWRSURFHHGLW [[1153,2180,2261,2232][11][B,I,][Times New Roman]]VKRXOGLQVWUXFWWKH&LW\$WWRUQH\WRSUHSDUHDUHVROXWLRQ [[450,2232,2260,2284][11][B,I,][Times New Roman]]HLWKHUDSSURYLQJRUGHQ\LQJWKH'HVLJQ0RGLILFDWLRQUHTXHVWEDVHGXSRQWKHJXLGHOLQHV [[450,2285,965,2337][11][B,I,][Times New Roman]]LQFOXGHGLQWKHVWDIIUHSRUW [[966,2285,978,2337][11][B,I,][Times New Roman]] 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0 3DFNHW3J (D 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0 3DFNHW3J (D (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0 3DFNHW3J (D 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0 3DFNHW3J (D (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0 3DFNHW3J (D (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (D $WWDFKPHQW5&$$77$&+0(1765&83 'HVLJQ0RGLILFDWLRQ5'0WKRQWK//& 3DFNHW3J (E 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV +HDULQJ'DWH$XJXVW ZHVWVLGHRIWK$YHQXH6:DQGDORQJWKHHDVWVLGHRIWKHDOOH\  0V$OIUHGVRQUHIHUHQFHGWKH6WDII5HSRUW$GGHQGXPILUVWSDUDJUDSKVWDWLQJ³%DVHGRQ DGYLFHIURPWKH&LW\$WWRUQH\WKHDSSOLFDQWILOHGDGHVLJQPRGLILFDWLRQUHTXHVWIRUWKH SURSRVHGVHWEDFNV´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¶WWKHLUIDXOW+H VWDWHGWKDWLIWKH&RPPLVVLRQYRWHQRWRWKHGHVLJQPRGLILFDWLRQWKHQWKH&LW\&RXQFLO FDQQRWDSSURYHWKHUHVWULFWHGGHYHORSPHQW+HVWDWHGWKDWLIWKDWKDSSHQVWKHGHYHORSHU ZRXOGQHHGWRDSSO\IRUDZDLYHUWRGRWKHVDPHWKLQJ+HVWDWHGKLVUHDVRQVIRUQRW DJUHHLQJZLWKWKHILQGLQJVVWDWHGLQWKHVWDIIUHSRUW7KHQHLJKERUKRRGKDVWZRUHTXHVWV DWWRQLJKW¶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³KLJKGHQVLW\UHVLGHQWLDO´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rial]]XSGDWHG'HYHORSPHQW$JUHHPHQWIR [[1091,1068,2208,1116][10][B,I,][Arial]]UWKH3URSHUW\SULRUWR)LQDO3ODWVXEPLWWDO7KHXSGDWHG [[375,1116,2172,1164][10][B,I,][Arial]]'HYHORSPHQW$JUHHPHQWZLOODGGUHVVWKHIROORZLQJ2ZQHUVKLS0DLQWHQDQFH $FFHVVWR [[375,1164,2243,1212][10][B,I,][Arial]]2XWORWVDQGSULYDWH2SHQ6SDFH LQFOXGLQJWKHSURSRVHGOLIWVWDWLRQ VWRUPZDWHUPDQDJHPHQW [[375,1212,745,1260][10][B,I,][Arial]] LQFOXGLQJDQ\REOL [[743,1212,1030,1260][10][B,I,][Arial]]JDWLRQVIRURII [[1023,1212,1037,1260][10][B,I,][Arial]] [[1037,1212,2147,1260][10][B,I,][Arial]]VLWHIDFLOLWLHV WUDQVSRUWDWLRQLPSURYHPHQWVSHGHVWULDQ [[375,1260,2144,1308][10][B,I,][Arial]]IDFLOLWLHV LQFOXGLQJWKHFRQVWUXFWLRQ PDLQWHQDQFHRIWKHSURSRVHGSDWKDEXWWLQJWKHRII [[2139,1260,2153,1308][10][B,I,][Arial]] [[2153,1260,2235,1308][10][B,I,][Arial]]VLWH [[375,1308,875,1356][10][B,I,][Arial]]VWRUPZDWHUIDFLOLW\ ULJKW [[873,1308,887,1356][10][B,I,][Arial]] [[887,1308,933,1356][10][B,I,][Arial]]RI [[926,1308,940,1356][10][B,I,][Arial]] [[940,1308,2010,1356][10][B,I,][Arial]]ZD\GHGLFDWLRQFRQWULEXWLRQVI RUSXEOLFLQIUDVWUXFWXUH [[2012,1308,2194,1356][10][B,I,][Arial]]DQGWKH [[375,1356,1712,1404][10][B,I,][Arial]]H[WHQVLRQRISXEOLFXWLOLWLHVWRDEXWWLQJSURSHUWLHVZKHUHDSSOLFDEOH [[1714,1356,1726,1404][10][B,I,][Arial]] [[300,1429,334,1477][10][B,I,][Arial]] [[335,1429,347,1477][10][B,I,][Arial]] [[375,1429,2112,1477][10][B,I,][Arial]]*UDGLQJ 'UDLQDJH3ODQDSSURYDOLVUHTXLUHGSULRUWR)LQDO3ODWVXEPLWWDO6W RUPZDWHU [[375,1477,2089,1525][10][B,I,][Arial]]PDQDJHPHQWPXVWEHSURYLGHGIRUWKLVGHYHORSPHQW7KHSURSRVHGRQDQGRIIVLWHIDF [[2091,1477,2209,1525][10][B,I,][Arial]]LOLWLHV [[375,1524,2199,1572][10][B,I,][Arial]]LQGLFDWHGRQWKH*'3VKRXOGEHFRQVLGHUHGFRQFHSWXDOXQWLOD*UDGLQJ 'UDLQDJH3ODQKDV [[375,1572,2214,1620][10][B,I,][Arial]]EHHQUHYLHZHGDQGDGHWHUPLQDWLRQPDGHE\WKH&LW\WKDWWKHSURSRVHGORFDWLRQVDQGGHVLJQ [[375,1620,1786,1668][10][B,I,][Arial]]DUHDSSURSULDWHDGHTXDWHDQGDGHWHUPLQDWLRQLVPDGHRQRZQHUVKLSD [[1787,1620,2166,1668][10][B,I,][Arial]]QGPDLQWHQDQFHRI [[375,1668,2212,1716][10][B,I,][Arial]]VDLGIDFLOLWLHV6SHFLILFREOLJDWLRQVRIWKH2ZQHUUHJDUGLQJVWRUPZDWHUPDQDJHPHQWZLOOEH [[375,1716,2227,1764][10][B,I,][Arial]]DGGUHVVHGLQWKH'HYHORSPHQW$JUHHPHQWDQGWKHHQWLUH3URSHUW\PD\EHVXEMHFWWRD6WRUP [[375,1764,1467,1812][10][B,I,][Arial]]:DWHU0DQDJHPHQW$UHD&KDUJH$Q\SULYDWHIDFLOLWLHV [[1468,1764,2091,1812][10][B,I,][Arial]]ZLOOUHTXLUHWKHH[HFXWLRQRIDQ [[375,1812,1147,1860][10][B,I,][Arial]]2ZQHUVKLS 0DLQWHQDQFH$JUHHPHQW [[1149,1812,1161,1860][10][B,I,][Arial]] [[300,1885,334,1933][10][B,I,][Arial]] [[335,1885,347,1933][10][B,I,][Arial]] [[375,1885,754,1933][10][B,I,][Arial]]([HFXWLRQRID&LW\ [[750,1885,764,1933][10][B,I,][Arial]] [[764,1885,1814,1933 ][10][B,I,][Arial]]2ZQHU&RQWUDFWDQGGHGLFDWLRQRIDQ\DSSOLFDEOHRII [[1808,1885,1822,1933][10][B,I,][Arial]] [[1822,1885,2039,1933][10][B,I,][Arial]]VLWHSXEOLF [[375,1933,2054,1981][10][B,I,][Arial]]HDVHPHQWVLVUHTXLUHGSULRUWRFRQVWUXFWLRQRIDQ\SXEOLFLQIUDVWUXFWXUHWRVHUYHWKLV [[375,1981,643,2029][10][B,I,][Arial]]GHYHORSPHQW [[643,1981,655,2029][10][B,I,][Arial]] [[655,1981,667,2029][10][B,I,][Arial]] [[300,2029,312,2077][10][B,I,][Arial]] [[300,2076,334,2124][10][B,I,][Arial]] [[335,2076,347,2124][10][B,I,][Arial]] [[375,2076,2234,2124][10][B,I,][Arial]]([HFXWLRQRIDQ2ZQHUVKLS 0DLQWHQDQFH$JUHHPHQWLVUHTXLUHGIRUWKHSURSRVHG SULYDWHOLIW [[375,2124,522,2172][10][B,I,][Arial]]VWDWLRQ [[523,2124,535,2172][10][B,I,][Arial]] [[300,2220,334,2268][10][B,I,][Arial]] [[335,2220,347,2268][10][B,I,][Arial]] [[375,2220,2237,2268][10][B,I,][Arial]]3HGHVWULDQIDFLOLWLHVZLOOEHUHTXLUHGDORQJERWKVLGHVRIDOOQHZSXEOLFVWUHH WVEXLOWZLWKLQWKLV [[375,2268,1307,2316][10][B,I,][Arial]]SURSRVHGGHYHORSPHQW6SHFLILFREOLJDWLRQVZ [[1305,2268,2027,2316][10][B,I,][Arial]]LOOEHDGGUHVVHGLQWKH'HYHORSPHQW [[374,2316,603,2364][10][B,I,][Arial]]$JUHHPHQW [[604,2316,616,2364][10][B,I,][Arial]] [[300,2364,312,2412][10][B,I,][Arial]] [[300,2412,334,2460][10][B,I,][Arial]] ( [[300,301,357,349][10][B,I,][Arial]] [[358,301,370,349][10][B,I,][Arial]] [[375,301,560,349][10][B,I,][Arial]]7KHDSSOL [[558,301,2091,349][10][B,I,][Arial]]FDQWVKDOOREWDLQDYDOLGZHWODQGUHSO DFHPHQWSODQRUSURYHWKHYDOLGLW\RIWKH [[375,349,1168,397][10][B,I,][Arial]]H[LVWLQJZHWODQGUHSODFHPHQWSODQ [[1170,349,1182,396][10][,,][Arial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rial]]3ODQQLQJ'HSDUWPHQW5HYLHZ [[943,978,956,1030][11][B,I,][Arial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rial]],IWKH&RXQFLOZLVKHVWRSURFHHGLWVKRXOGLQVWUXFWWKH&LW\$WWRUQH\WR [[360,2300,372,2348][10][B,I,][Arial]] [[371,2300,383,2348][10][B,I,][Arial]] [[435,2350,1827,2407][12][B,I,][Arial]]SUHSDUHDUHVROXWLRQZLWKILQGLQJVVXSSRUWLQJWKHLUGHFLVLRQ [[1828,2358,1840,2406][10][B,I,][Arial]] 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV 3DFNHW3J (D (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J (D $WWDFKPHQW5&$53/$7),1$/3/$7 )LQDO3ODW53/$76FHQLF2DNV1LQWK 3DFNHW3J ( 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 +HDULQJV3ODQQLQJDQG=RQLQJ ,7(0'(6&5,37,2135(3$5('%<  =RQLQJ'LVWULFW$PHQGPHQW5=&E\1RUWKZHVW,QYHVWPHQWVRI%UHQW6YHQE\ /D&URVVH//&WRUH]RQHDSSUR[LPDWHO\DFUHVRI2XWORW+1RUWKZHVW &RPPHUFLDO&HQWHUIURPWKH0 ,QGXVWULDO ]RQLQJGLVWULFWWRWKH0 0L[HG &RPPHUFLDO,QGXVWULDO GLVWULFW7KHODQGLVORFDWHGDORQJWKHVRXWKVLGHRI6FRWW 5RDG1:DORQJWKHHDVWVLGHRI&RPPHUFH'ULYH1:DQGQRUWKRI&RVWFR  &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ5HFRPPHQGDWLRQ  7KH&LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQKHOGDSXEOLFKHDULQJRQ-XO\WRFRQVLGHUWKLV]RQH FKDQJH7KH&RPPLVVLRQUHYLHZHGWKH]RQHFKDQJHUHTXHVWEDVHGRQWKHFULWHULDDVLQFOXGHGLQWKHVWDII UHSRUWDQGUHFRPPHQGVDSSURYDOZLWKVWDIIVXJJHVWHGILQGLQJVDVZULWWHQLQWKHVWDIIUHSRUW  0U&DPSLRQPRYHGWRUHFRPPHQGDSSURYDORI=RQLQJ'LVWULFW$PHQGPHQW5=&ZLWK WKHVWDIIUHFRPPHQGHGILQGLQJV0U6HYHUVRQVHFRQGHGWKHPRWLRQ7KHPRWLRQFDUULHG (D $WWDFKPHQW5&$DWWDFKPHQWV5=& 5=&E\1RUWKZHVW,QYHVWPHQWVRI/D&URVVH//& 3DFNHW3J (D $WWDFKPHQW5&$DWWDFKPHQWV5=& 5=&E\1RUWKZHVW,QYHVWPHQWVRI/D&URVVH//& 3DFNHW3J (D $WWDFKPHQW5&$DWWDFKPHQWV5=& 5=&E\1RUWKZHVW,QYHVWPHQWVRI/D&URVVH//& 3DFNHW3J (D $WWDFKPHQW5&$DWWDFKPHQWV5=& 5=&E\1RUWKZHVW,QYHVWPHQWVRI/D&URVVH//& 3DFNHW3J (D $WWDFKPHQW5&$DWWDFKPHQWV5=& 5=&E\1RUWKZHVW,QYHVWPHQWVRI/D&URVVH//& 3DFNHW3J (D $WWDFKPHQW5&$DWWDFKPHQWV5=& 5=&E\1RUWKZHVW,QYHVWPHQWVRI/D&URVVH//& 3DFNHW3J (D $WWDFKPHQW5&$DWWDFKPHQWV5=& 5=&E\1RUWKZHVW,QYHVWPHQWVRI/D&URVVH//& 3DFNHW3J (E $WWDFKPHQW/HJDO 5=&E\1RUWKZHVW,QYHVWPHQWVRI/D&URVVH//& 3DFNHW3J ( 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 +HDULQJV3ODQQLQJDQG=RQLQJ ,7(0'(6&5,37,2135(3$5('%<  &LW\&RXQFLO,QLWLDWHG$PHQGPHQWWR/'07H[W$PHQGPHQW57$-HII(OOHUEXVFK ZKLFKHVWDEOLVKHGWKH'RZQWRZQ3DUNLQJ2YHUOD\=RQH7KLVDPHQGPHQW H[SDQGVWKHUHJXODWLRQVRIWKH'32=E\DGGLQJORFDWLRQGHVLJQDQG ODQGVFDSLQJJXLGHOLQHVDQGVWDQGDUGVIRUQHZSDUNLQJIDFLOLWLHVLQWKH&'&DQG QRQUHVLGHQWLDO]RQHVZLWKLQWKH'32=  2Q-XO\WKH&3 =&KHOGDSXEOLFKHDULQJRQWKHSURSRVHGWH[WDPHQGPHQWWRWKH/'0 VSHFLILFDOO\6HFWLRQ (E      725RFKHVWHU3ODQQLQJDQG=RQLQJ&RPPLVVLRQ  )520-HII(OOHUEXVFK6XSHUYLVRU$QDO\VLV3ODQQLQJDQG3ROLF\'LYLVLRQ  '$7(-XO\SDUNLQJ LQWKHGRZQWRZQ$QRYHUOD\]RQLQJGLVWULFWZLWKVSHFLDOVWDQGDUGVDSSOLFDEOHRQO\WRWKHQXPEHU RIUHTXLUHGSDUNLQJVSDFHVEXWQRWDIIHFWLQJWKHRWKHUH[LVWLQJ]RQLQJUHJXODWLRQVRIWKHH[LVWLQJ HVWDEOLVKHG]RQHVZDVWKHSURSRVHGUHJXODWRU\YHKLFOHWRDPHQGWKH]RQLQJUHTXLUHPHQWV7KH 'RZQWRZQ3DUNLQJ2YHUOD\=RQHZDVHVWDEOLVKHGDQGDSSOLHGDVDQRYHUOD\ VSHFLDO ]RQLQJ GLVWULFWRQWKHDUHDWKDWFRLQFLGHGZLWKWKHERXQGDULHVRIWKH'RZQWRZQ0DVWHU3ODQGRFXPHQWE\ DFWLRQRIWKH&LW\&RXQFLORQ-XQH  7KH=RQLQJ&RPPLWWHHZDVSUHSDUHGWRFRQWLQXHZRUNRQRWKHUVKRUWWHUP]RQLQJLPSOHPHQWDWLRQ LWHPVVSHOOHGRXWLQWKH'RZQWRZQ0DVWHU3ODQ7KH3ODQUHFRPPHQGVWKDWWKH&LW\ORRNDW GHYHORSLQJGHVLJQJXLGHOLQHVIRUHDFKRIWKHGRZQWRZQGLVWULFWV7KH=RQLQJ&RPPLWWHHGHFLGHG WROLPLWLWVILUVWDWWHPSWDWGHVLJQJXLGHOLQHVWRRQO\SDUNLQJIDFLOLWLHV XVHV 7KH&RPPLWWHHKDG MXVWILQLVKHGZRUNRQWKHDGRSWHGSDUNLQJRYHUOD\]RQHDQGEHOLHYHGWKLVOLPLWHGDSSURDFKRIIHUHG WKHEHVWRSSRUWXQLW\IRUDVXFFHVVIXOIRUD\LQWR5RFKHVWHU¶VUHODWLYHO\XQUHJXODWHGILHOGRI DSSHDUDQFHGHVLJQJXLGHOLQHV     3DFNHW3J (E 7KHGUDIWDPHQGPHQWWRWKHWH[WRIWKH'RZQWRZQ3DUNLQJ2YHUOD\=RQHDVSUHSDUHGE\WKH &RPPLWWHHDQGQRZFRQVLGHUHGZDVSUHVHQWHGWRWKH'703,PSOHPHQWDWLRQ$GYLVRU\ &RPPLWWHHWKH6SDFHDQG3ODFH&RPPLWWHHRIWKH5RFKHVWHU'RZQWRZQ$OOLDQFH 5'$ DQGWR &8'( WKH&RPPLWWHHRQ8UEDQ'HVLJQDQG(QYLURQPHQW 7KH&LW\&RXQFLOUHFHLYHGD SUHVHQWDWLRQDWD&RPPLWWHHRIWKH:KROHPHHWLQJRQ-XQHGLVWULFWV±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±WKH&LW\&RXQFLOWKHRSWLRQWRDXWKRUL]HPHWKRGVRI ³DOWHUQDWLYHFRPSOLDQFH´WRDQ\RIWKHVSHFLILFGHVLJQVWDQGDUGVRUJXLGHOLQHVXSRQD ILQGLQJWKDWWKHDOWHUQDWLYHRIIHUHGPHHWVWKHDGRSWHGJRDOVRULVLPSUDFWLFDOZLWKRXWD ORVVRIVDIHW\DQGWKHSUHVHUYDWLRQRIFKDUDFWHU HUVHFWLQJVWUHHWV  6XUIDFHSDUNLQJORWVDUHWREHEXIIHUHGIURPWKHVLGHZDONZLWKODQGVFDSLQJRQDVWULSRI ODQGDWOHDVWIHHWLQZLGWKSODQWHGZLWKEXVKHVWKDWZLOOIRUPDKHGJHPDLQWDLQHG EHWZHHQDQGLQFKHVWKHPLQLPXPODQGVFDSHZLGWKLVLQFUHDVHGWRIHHWLIWKHORW DEXWVWKHVLGHZDONIRUIHHWRUPRUHDIRRWODQGVFDSHEXIIHUPD\EHUHGXFHGWR IHHWLIGHFRUDWLYHIHQFLQJRULQWHULRUSDUNLQJORWODQGVFDSLQJLVSURYLGHGELF\FOHSDUNLQJ FDQXWLOL]HSRUWLRQVRIWKHODQGVFDSHEXIIHU  3DUNLQJ6WUXFWXUHV UDPSV VKRXOGEHGHVLJQHGWRKLGHWKHDSSHDUDQFHVORSHGIORRUVDQG WKHFDUVIURPWKHVWUHHWDWJUDGHSDUNLQJXQGHUDEXLOGLQJVKRXOGEHVFUHHQHGWKHILUVW WZRIORRUVRIDSDUNLQJVWUXFWXUHVKRXOGEHFRQVWUXFWHGZLWKWKHVDPHPDWHULDOVDQGGHWDLO DVWKHSULQFLSDOEXLOGLQJRQWKHORWWKHIDo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ϭͮWĂŐĞ  3DFNHW3J (F  [[299,353,542,406][11][,I,][Arial]]$GGLWLRQDOG [[539,353,1077,406][11][,I,][Arial]]HVLJQSULQFLSOHVGHWDLOHGLQ [[1077,353,1090,406][11][,I,][Arial]] [[1090,353,1637,406][11][,I,][Arial]]WKH'RZQWR ZQ0DVWHU3ODQ [[1637,353,1650,406][11][,I,][Arial]] [[1651,353,1664,406][11][,I,][Arial]] [[1664,353,2246,406][11][,I,][Arial]]DSSOLFDEOHWRWKHXVHRIODQG [[300,406,873,459][11][,I,][Arial]]IRUYHKLFOHSDUNLQJSXUSRVHV [[874,406,887,459][11][,I,][Arial]] [[887,406,900,459][11][,I,][Arial]] [[899,406,1025,459][11][,I,][Arial]]UHODWH [[1027,406,1078,459][11][,I,][Arial]]WR [[1078,406,1381,459][11][,I,][Arial]]WKHLPSRUWDQFH [[1381,406,1394,459][11][,I,][Arial]] [[1394,406,1609,459][11][,I,][Arial]]RIFUHDWLQJ [[1608,406,1621,459][11][,I,][Arial]] [[1621,406,2216,459][11][,I,][Arial]]DGRZQWRZQWKDWLVZDONDEOH [[300,459,2241,512][11][,I,][Arial]]OLYDEOHDQGSURPRWHVKXPDQLQWHUDFWLRQWKDWKDVSHGHVWULDQIULHQGO\VWUHHWVWKDWLQVXUHVVWURQJ [[300,512,2152,565][11][,I,][Arial]]FRQQHFWLRQVEHWZHHQLQGRRUDQGRXWGRRUVSDFHVDWVWUHHWOHYHODQGGHYHORSVEXLOGLQJVWKDW [[300,564,1742,617][11][,I,][Arial]]HQJDJHWKHVWUHHWVKDSHWKHSXEOLFUHDOPDQGPLQLPL]HHQHUJ\XVH,Q [[1742,564,1755,617][11][,I,][Arial]] [[1755,564,2145,617][11][,I,][Arial]]WKH0RELOLW\VHF WLRQ [[2145,564,2158,617][11][,I,][Arial]] [[2158,564,2209,617][11][,I,][Arial]]RI [[300,617,511,670][11][,I,][Arial]]WKHSODQLW [[512,617,525,670][11][,I,][Arial]] [[525,617,882,670][11][,I,][Arial]]VSHFLILFDOO\VWDWHV [[881,617,894,670][11][,I,][Arial]] [[894,617,1640,670][11 ][,I,][Arial]]WKDWWKH&LW\VKRXOGFUHDWH³GHVLJQVW [[1638,617,2159,670][11][,I,][Arial]]DQGDUGVIRUODUJHVXUIDFH [[300,670,2198,723][11][,I,][Arial]]SDUNLQJORWVLQWKH&%'DQG&'&]RQHVWKDWLQFOXGHPLQLPXPZLGWKVEXIIHUODQGVFDSLQJWUHH [[300,722,2136,775][11][,I,][Arial]]FRYHUDJHSDYHPHQWPDWHULDOVPD[LPXPVWDOOGLPHQVLRQVPLQLPXPDOORWPHQWRIFRPSDFW [[300,775,1151,828][11][,I,][Arial]]YHKLFOHVWDOOVDQGORZGUDLQDJHSUDFWLFHV´ [[1146,775,1171,828][11][,I,][Arial]] [[1172,775,1319,828][11][,I,][Arial]],WLVSRO [[1316,775,1683,828][11][,I,][Ar ial]]LF\RIWKH&LW\WKDW [[1681,775,1694,828][11][,I,][Arial]] [[1694,775,2230,828][11][,I,][Arial]]YHKLFOHSDUNLQJGRZQWRZQ [[300,828,2203,881][11][,I,][Arial]]VKRXOGEHGHVLJQHGWRSUHVHUYHDQGHQFRXUDJHWKHSHGHVWULDQFKDUDFWHURIWKHDUHDSURPRWH [[300,880,2162,933][11][,I,][Arial]]VWUHHWOLIHDQGDFWLYLW\DQGSURWHFWWKHKHDOWKDQGVDIHW\RIYLVLWRUVHPSOR\HHVDQGUHVLGHQWV [[2163,880,2210,933][11][,I,][Arial]]LQ [[300,933,376,986][11][,I,][Arial]]WKH [[377,933,742,986][11][,I,][Arial]]GRZQWRZQ8QLTX [[741,933,1215,986][11][,I,][Arial]]HUHJXODWRU\JXLGHOLQHV [[1215,933,1228,986][11][,I,][Arial]] [[1228,933,1365,986][11][,I,][Arial]]VWDQGD [[1365,933,2056,986][11][,I,][Arial]]UGVDQGDGPLQLVWUDWLYHSURFHGXUHV [[2057,933,2070,986][11][,I,][Arial]] [[300,986,721,1039][11][,I,][Arial]]DSSOLFDEOHWRSDUNLQJ [[721,986,734,1039][11][,I,][Arial]] [[734,986,2142,1039][11][,I,][Arial]]XVHVLQWKHGRZQWRZQHQYLURQVFDQEHVWEHLQVWLWXWHGWKURXJKVSHFL DO $WWDFKPHQW'32=$PHQGPHQW ZLWKWKH=XPEUR5LYHU VSHFLILFDOO\WKH6RXWK)RUNRIWKH=XPEUR5LYHU  WKHQFHVRXWKHUO\DORQJWKHULYHUFHQWHUOLQHWR[[1298,1888,1950,1945][12][,I,][Arial]]LWVFHQWHUOLQHLQWHUVHFWLRQZLWK [[1952,1888,1965,1945][12][,I,][Arial]] [[1966,1888,2245,1945][12][,I,][Arial]] %HDU&UHHN WK [[300,1954,1684,2011][12][,I,][Arial]]WKHQFHVRXWKHUO\DORQJWKHFUHHNFHQWHUOLQHWRWKHFHQWHUOLQHRI [[1679,1954,1692,2011][12][,,][Arial]] [[1693,1954,1720,2011][12][,,][Arial]] [[1748,1954,1761,2011][12][,,][Arial]] [[1762,1954,1920,2011][12][,,][Arial]]676( [[1921,1954,1934,2011][12][,,][Arial]] [[1935,1954,2097,2011][12][,,][Arial]]WKHQFH WKWK ZHVWHUO\DORQJWKHFHQWHUOLQHRI676(WRLWVFHQWHUOLQHLQWHUVHFWLRQZLWK$9(6( WKWK WKHQFHVRXWKHUO\DORQJWKHFHQWHUOLQHRI$9(6(WRLWVFHQWHUOLQHLQWHUVHFWLRQZLWK WK 676(WKHQFHZHVWHUO\DORQJWKHFHQWHUOLQHRI676(WRLWVFHQWHUOLQHLQWHUVHFWLRQ UGUG ZLWK$9(6(WKHQFHVRXWKHUO\DORQJWKHFHQWHUOLQHRI$9(6(WRLWVFHQWHUOLQH WKWK LQWHUVHFWLRQZLWK676(WKHQFHZHVWHUO\DORQJWKHFHQWHUOLQHRI676(WRWKH PHGLDQFHQWHUOLQHRI6RXWK%URDGZD\ 7+ WKHQFHQRUWKZHVWHUO\WRWKHVRXWKHUO\ HQGDQGFHQWHUOLQHRI(DVW6ROGLHUV)LHOG'56:WKHQFHQRUWKHUO\DORQJWKHFHQWHUOLQH WK RI(DVW6ROGLHUV)LHOG'56:WRLWVFHQWHUOLQHLQWHUVHFWLRQZLWK (F WK 671:WRLWVFHQWHUOLQHLQWHUVHFWLRQZLWK$9(1:WKHQFHQRUWKHUO\DORQJWKH WK FHQWHUOLQHRI$9(1:WRWKHSRLQWRIEHJLQQLQJ 7KHDXWKRULW\RIWKLVRYHUOD\]RQHVKDOOEHWRPRGLI\VSHFLILHGJHQHUDO]RQLQJGLVWULFWORW GHYHORSPHQWRUVLWHGHYHORSPHQWVWDQGDUGVRIWKHXQGHUO\LQJHVWDEOLVKHG ZRUGDV GHILQHG ]RQLQJGLVWULFW V 7KHPRGLILFDWLRQVLQWKLVRYHUOD\]RQHVKDOOQRWVXSHUVHGH PRGLI\RUDQQXOWKHUHJXODWLRQVDXWKRUL]HGLQDQ\SUHYLRXVO\DGRSWHG6SHFLDO'LVWULFWV 6HFWLRQ,I,][Arial]]RIWKH/'0 [[1593,1441,1606,1498][12][,I,][Arial]] [[1606,1441,1619,1498][12][,I,][Arial]]   [[769,1660,1079,1712][11][B,I,][Arial]]6XEGLYLVLRQ [[1080,1660,1093,1712][11][B,I,][Arial]] [[1093,1660,1106,1712][11][B,I,][Arial]] [[1106,1660,1413,1712][11][B,I,][Arial]]0RGLILFDWLRQV [[1414,1660,2112,1712][11][B,I,][Arial]]WR6HOHFWHG=RQLQJ5HJXODWLRQV [[769,1721,2085,1773][11][B,I,][Arial]]$SSOLFDEOHWRWKH$SSURYDO3URFHVV*HQHUDO=RQLQJ'LVWULFW [[769,1781,2190,1833][11][B,I,][Arial]]6WDQGDUGVRU6LWH$SSHDUDQFH6WDQGDUGVIRUWKH8VHRI/DQGIRU [[769,1842,2254,1894][11][B,I,][Arial]]9HKLFXODU3DUNLQJXQGHUWKH/DQG'HYHORSPHQW0DQXDORU5HTXLUHG [[769,1902,1621,1954][11][B,I,][Arial]]1HZ'HVLJQ3URYLVLRQVZLWKLQ3RUWLRQV [[1620,1902,1633,1954][11][B,I,][Arial]] [[1633,1902,1900,1954][11][B,I,][Arial]]RIWKH'32= [[1898,1902,1913,1954][11][B ,I,][Arial]] [[1913,1902,1926,1955][11][,I,][Arial]] [[769,1963,782,2016][11][,I,][Arial]] [[825,2065,884,2117][11][B,I,][Arial]]$ [[884,2065,921,2117][11][B,I,][Arial]] [[923,2065,1172,2117][11][B,I,][Arial]]$SSOLFDWLRQ [[1172,2065,1187,2117][11][B,I,][Arial]] [[1187,2065,1200,2117] [11][B,I,][Arial]] [[825,2168,850,2220][11][B,I,][Arial]] [[851,2168,864,2220][11][B,I,][Arial]] [[825,2228,2119,2281][11][,I,][Arial]]7KHERXQGDU\RIWKH'RZQWRZQ3DUNLQJ2YHUOD\=RQLQJ'LVWULFW [[825,2289,2167,2342][11][,I,][Arial]]FRQWDLQVDOORIWKH&HQWUDO'HYHORSPHQW&RUH &'& 3HUIRUPDQFH [[825,2349,1000,2402][11][,I,][Arial]]'LVWULFWV [[1001,2349,1027,2402][11][,I,][Arial]]± [[1027,2349,1040,2402][11][,I,][Arial]] [[1040,2349,2030,2402][11][,I,][Arial]]&%')ULQJH0HGLFDODQG5HVL GHQWLDODVZHOODV [[825,2410,1581,2463][11][,I,][Arial]]VXUURXQGLQJ(VWDEOLVKHG]RQHGDUHDV [[1582,2410,1595,2463][11][,I,][Arial]] [[1595,2410,1751,2463][11][,I,][Arial]]LQWKH% [[1750,2410,1765,2463][11][,I,][Aria l]] [[1766,2410,1994,2463][11][,I,][Arial]] *HQHUDO [[825,2471,1151,2524][11][,I,][Arial]]&RPPHUFLDO 0 [[1149,2471,1164,2524][11][,I,][Arial]] [[1164,2471,1856,2524][11][,I,][Arial]] 0L[HG&RPPHUFLDO,QGXVWULDO 5 [[1856,2471,1871,2524][11][,I,][Arial]] [[1872,2471,2198,2524][11][,I,][Arial]] +LJK'HQVLW\ [[825,2531,1126,2584][11][,I,][Arial]]5HVLGHQWLDO 5 [[1126,2531,1141,2584][11][,I,][Arial]] [[1142,2531,1836,2584][11][,I,][Arial]] 0HGLXP'HQVLW\5HVLGHQWLDO 5 [[1836,2531,1851,2584][11][,I,][Arial]] [[1852,2531,2167,2584][11][,I,][Arial]] /RZ'HQVLW\ [[825,2592,1215,2645][11][,I,][Arial]]5HVLGHQWLDO DQG5 [[1215,2592,1230,2645][11][,I,][Arial]] [[1231,2592,2257,2645][11][,I,][Arial]] 0L[HG6LQJOH)DPLO\5HVLGHQWLDO GLVWULFWVDQGD [[825,2652,1548,2705][11][,I,][Arial]]38' 3ODQQHG8QLW'HYHORSPHQW  [[1549,2652,2240,2705][11][,I,][Arial]]7KHHVWDEOLVKHGUHVLGHQWLDO]RQHV [[825,2713,2101,2766][11][,I,][Arial]]DQGWKH38'GLVWULFWDOUHDG\KDYHKLJKO\GHWDLOHGGHYHORSPHQW [[825,2774,2002,2827][11][,I,][Arial]]VWDQGDUGVDSSOLFDEOHWRDFFHVVRU\SDUNLQJDQGOLPLWHGQRQ [[2002,2774,2017,2827][11][,I,][Arial]] [[2018,2774,2236,2827][11][,I,][Arial]]DFFHVVRU\ [[825,2834,2187,2887][11][,I,][Arial]]SDUNLQJDVSHUPLWWHGXVHV:LWKLQWKHERXQGDULHVRIWKH'32=WKH [[825,2895,1001,2948][11][,I,][Arial]]PRGLILHG [[998,2895,1011,2948][11][,I,][Arial]] [[1012,2895,1446,2948][11][,I,][Arial]]]RQLQJUHJXODWLRQVRI [[1447,2895,1764,2948][11][,I,][Arial]]6HFWLRQ  (F [[825,301,1875,354][11][,I,][Arial]]EHDSSOLFDEOHLQWKHIRXU&'&3HUIRUPDQFH'LVWULFWV [[1875,301,1888,354][11][,I,][Arial]] [[1888,301,2027,354][11][,I,][Arial]]RUDQ\ [[825,361,1152,414][11][,I,][Arial]](VWDEOLVKHGQRQ [[1151,361,1166,414][11][,I,][Arial]] [[1167,361,1500,414][11][,I,][Arial]]UHVLGHQWLDO]RQH [[1500,361,1513,414][11][,I,][Arial]] [[825,422,838,475][11][,I,][Arial]] [[825,483,922,535][11][B,I,][Arial]]% [[923,483,1134,535][11][B,I,][Arial]]'HILQLWLRQ [[1134,483,1147,535][11][B,I,][Arial]] [[1147,483,1288,535][11][B,I,][Arial]]RI8VH [[1286,483,1301,535][11 ][B,I,][Arial]] [[1301,483,1314,535][11][B,I,][Arial]] [[825,543,838,595][11][B,I,][Arial]] [[838,543,851,595][11][B,I,][Arial]] [[825,604,2081,657][11][,I,][Arial]]:LWKLQWKHERXQGDULHVRIWKH'32=DVDSSOLHGLQWKHSUHYLRXV [[825,664,1078,717][11][,I,][Arial]]3DUDJUDSK [[1078,664,1141,717][11][,I,][Arial]]D [[1141,664,1527,717][11][,I,][Arial]]³3DUNLQJ)DFLOLW\´LV [[1528,664,1541,717][11][,I,][Arial]] [[1541,664,1890,717][11][,I,][Arial]]GHILQHGDVEHLQJ [[1890,664,2164,717][11][,I,][Arial]]DSULQFLSDORU [[825,725,1822,778][11][,I,][Arial]]DFFHVVRU\XVHRIODQGEHLQJHLWKHUDVWUXFWXUHRU [[1817,725,1830,778][11][,I,][Arial]] [[1829,725,1987,778][11][,I,][Arial]]EXLOGLQJ [[1986,725,1999,778][11][,I ,][Arial]] [[2000,725,2160,778][11][,I,][Arial]]ORFDWHG [[825,786,1724,839][11][,I,][Arial]]DERYHRUEHORZJUDGHGHVLJQHGIRUWKHVKRUW [[1722,786,1737,839][11][,I,][Arial]] [[1738,786,1983,839][11][,I,][Arial]]WHUPRUORQJ [[1982,786,1997,839][11][,I,][ Arial]] [[1998,786,2160,839][11][,I,][Arial]]WHUPRII [[2153,786,2168,839][11][,I,][Arial]] [[825,846,1255,899][11][,I,][Arial]]VWUHHWSDUNLQJRIRQH [[1256,846,1747,899][11][,I,][Arial]]RUPRUHPRWRUYHKLFOHV [[1747,846,2225,899][11][,I,][Arial]]RUDVXUIDFHSDUNLQJORW [[825,907,1049,960][11][,I,][Arial]]GHILQHGDV [[1050,907,1280,960][11][,I,][Arial]]DQRXWGRRU [[1281,907,1744,960][11][,I,][Arial]]DUHDXVHGIRUWKHVKRUW [[1743,907,1758,960][11][,I,][Arial]] [[1758,907,2003,960][11][,I,][Arial]]WHUPRUORQJ [[2003,907,2018,960][11][,I,][Arial]] [[2018,907,2122,960][11][,I,][Arial]]WHUP [[825,967,1335,1020][11][,I,][Arial]]SDUNLQJRIPRWRUYHKLFOHV [[1335,967,1372,1020][11][,I,][Arial]] [[1373,967,2180,1020][11][,I,][Arial]]7KHWHUP³SDUNLQJIDFLOLW\´DOVRLQFOXGHV $WWDFKPHQW'32=$PHQGPHQW 4,2128,1707][11][,I,][Arial]]SDUNLQJ [[900,1719,2243,1772][11][,I,][Arial]]IDFLOLW\DVD&RQGLWLRQDO8VHZLWKFRQGLWLRQVWKDWUHVWULFWWKHXVHRI [[900,1784,2219,1837][11][,I,][Arial]]WKHSURSHUW\WRDVSHFLILHGSHULRGRIWLPHWUHDWLQJWKHODQGXVHDV [[900,1849,1965,1902][11][,I,][Arial]]DQLQWHULPRUWHPSRUDU\XVHXQWLOVXFKWLPHDVDSODQ [[1964,1849,2183,1902][11][,I,][Arial]]QHGIXWXUH [[900,1914,1269,1967][11][,I,][Arial]]HYHQWWDNHVSODFH [[1270,1914,1283,1967][11][,I,][Arial]] [[825,1979,838,2032][11][,I,][Arial]] [[835,2044,861,2097][11][,I,][Arial]] [[860,2044,873,2097][11][,I,][Arial]] [[899,2044,2215,2097][11][,I,][Arial]]$QH[FHSWLRQWRWKLVSHUPLWWLQJSURFHVVPD\EHDXWKRUL]HGE\WKH [[2215,2044,2228,2 097][11][,I,][Arial]] [[900,2109,1640,2162][11][,I,][Arial]]=RQLQJ$GPLQLVWUDWRULQWKHIROORZLQJ [[1639,2109,1652,2162][11][,I,][Arial]] [[1653,2109,2054,2162][11][,I,][Arial]]LGHQWLILHGVLWXDWLRQV [[2055,2109,2068,216 2][11][,I,][Arial]] [[825,2176,837,2226][11][,I,][Arial]] [[900,2227,939,2280][11][,I,][Arial]]D [[941,2227,954,2280][11][,I,][Arial]] [[975,2227,990,2280][11][,I,][Arial]]W [[988,2227,2230,2280][11][,I,][Arial]]KH=RQLQJ$GPLQLVWUDWRUPD\DOORZWKURXJKWKHLVVXDQFHRID [[975,2287,1647,2340][11][,I,][Arial]]7\SH,SHUPLWWKHXVHRIODQGIRU [[1648,2287,2170,2340][11][,I,][Arial]]DSDUNLQJIDFLOLW\LILWLVDQ [[975,2348,2144,2401][11][,I,][Arial]]DFFHVVRU\XVHWRDSHUPLWWHGSULQFLSDOXVHORFDWHGRQWKH [[975,2408,2161,2461][11][,I,][Arial]]VDPHORWDQGWKHSDUNLQJIDFLOLW\PHHWVDOORWKHUDSSOLFDEOH [[975,2469,2233,2522][11][,I,][Arial]]UHTXLUHPHQWVRIWKH/DQG'HYHORSPHQW0DQXDODVZHOODVWKH [[975,2530,1125,2583][11][,I,][Arial]]XQLTXH [[1126,2530,1982,2583][11][,I,][Arial]]SURYLVLRQVRIWKH'32=7REHFRQVLGHUHG [[1979,2530,1992,2583][11][,I,][Arial]] [[1992,2530,2231,2583][11][,I,][ Arial]]DVD7\SH, [[975,2590,2205,2643][11][,I,][Arial]]SHUPLWWHGSDUNLQJIDFLOLW\WKHDFFHVVRU\SDUNLQJIDFLOLW\PXVW [[975,2651,2246,2704][11][,I,][Arial]]HLWKHUEHFRPSOHWHO\EHORZWKHDGMDFHQWVWUHHWJUDGH V DQGRU [[975,2711,2207,2764][11][,I,][Arial]]ORFDWHGEHKLQGWKHSULQFLSDOEXLOGLQJRQWKHORWZLWKYHKLFXODU [[975,2772,1983,2825][11][,I,][Arial]]DFFHVVWRWKHSDUNLQJIDFLOLW\SURYLGHGVROHO\IURP [[1984,2772,2154,2825][11][,I,][Arial]]DQDOOH\ [[975,2833,1816,2886][11][,I,][Arial]]ORFDWHGDGMDFHQWWRWKHUHDUOLQHRIWKHORW [[1816,2833,1829,2886][11][,I,][Arial]] [[600,2949,612,2999][11][,I,][Arial]] ϰͮWĂŐĞ  3DFNHW3J (F [[825,313,908,365][11][B,I,][Arial]]' [[910,313,1433,365][11][B,I,][Arial]]$OWHUQDWLYH&RPSOLDQFH [[1434,313,1447,365][11][B,I,][Arial]] [[825,380,861,430][11][B,I,][Arial]] [[862,380,874,430][11][B,I,][Arial]] [[824,445,854,495][11][,I,][Arial]]$ [[855,445,1407,495][11][,I,][Arial]]VSDUWRIWKH&RQGLWLRQDO8VH [[1407,445,1419,495][11][,I,][Arial]] [[1419,445,1580,495][11][,I,][Arial]]3HUPLWS [[1581,445,2147,495][11][,I,][Arial]]URFHVVWKH&LW\&RXQFLOPD\ [[825,510,2223,560][11][,I,][Arial]]DSSURYHDOWHUQDWLYHGHVLJQPHWKRGVRIFRPSOLDQFHWRDQ\RIWKHVSHFLILF [[825,575,1163,625][11][,I,][Arial]]GHVLJQSURYLVLRQV [[1164,575,1176,625][11][,I,][Arial]] [[1176,575,1421,625][11][,I,][Arial]]RIWKH'32= [[1419,575,1431,625][11][,I,][Arial]] [[1431,575,2179,62 5][11][,I,][Arial]]XSRQWKHILQGLQJRIDQ\RIWKHIROORZLQJ [[2178,575,2190,625][11][,I,][Arial]] [[825,640,1010,690][11][,I,][Arial]]VLWXDWLRQV [[1011,640,1023,690][11][,I,][Arial]] [[1022,640,1034,690][11][,I,][Arial]] [[600,705,612,755][11][,I,][Arial]] [[750,780,774,830][11][,I,][Arial]] [[775,780,787,830][11][,I,][Arial]] [[824,780,854,830][11][,I,][Arial]]$ [[855,780,867,830][11][,I,][Arial]] [[867,780,1051,830][11][,I,][Arial]]SURSRVHG [[1050,780,1062,830][11][,I,][Arial]] [[1062,780,1263,830][11][,I,][Arial]]DOWHUQDWLYH [[1264,780,1276,830][11][,I,][Arial]] [[1276,780,1404,830][11][,I,][Arial]]GHVLJQ [[1405,780,1417,830][11][,I ,][Arial]] [[1416,780,1576,830][11][,I,][Arial]]LQFOXGHV [[1577,780,1589,830][11][,I,][Arial]] [[1589,780,1778,830][11][,I,][Arial]]DGGLWLRQDO [[1777,780,1789,830][11][,I,][Arial]] [[1789,780,1976,830][11][,I,][Arial]]DPHQLWLHV [[1976,780,1988,830][11][,I,][Arial]] [[1988,780,2031,830][11][,I,][Arial]]RU [[2027,780,2039,830][11][,I,][Arial]] [[825,845,1099,895][11][,I,][Arial]]LPSURYHPHQWV [[1100,845,1112,895][11][,I,][Arial]] [[1112,845,1231,895][11][,I,][Arial]]DERYH [[1232,845,1244,895][11][,I,][Arial]] [[1244,845,1379,895][11][,I,] [Arial]]QRUPDO [[1377,845,1389,895][11][,I,][Arial]] [[1389,845,1644,895][11][,I,][Arial]]UHTXLUHPHQWV [[1645,845,1657,895][11][,I,][Arial]] [[1657,845,1732,895][11][,I,][Arial]]WKDW [[1730,845,1742,895][11][,I,][Arial]] [[1742,845,1895,895][11][,I,][Arial]]PLWLJDWH [[1896,845,1908,895][11][,I,][Arial]] [[1908,845,1982,895][11][,I,][Arial]]DQ\ [[1979,845,1991,895][11][,I,][Ari al]] [[1991,845,2145,895][11][,I,][Arial]]DGYHUVH [[2146,845,2158,895][11][,I,][Arial]] [[825,910,954,960][11][,I,][Arial]]HIIHFWV [[954,910,966,960][11][,I,][Arial]] [[966,910,1008,960][11][,I,][Arial]]RI [[1003,910,1015,960][11][,I,][Arial]] [[1015,910,1075,960][11][,I,][Arial]]WKH [[1076,910,1088,960][11][,I,][Arial]] [[1088,910,1302,960][11][,I,][Arial]]DOWHUQDWLYH [[1302,910,1314,960][11][,I,][Arial]] [[1314,910,1389,960][11][,I,][Arial]]6LWH [[1390,910,1402,960][11][,I, ][Arial]] [[1402,910,1589,960][11][,I,][Arial]]DPHQLWLHV [[1590,910,1602,960][11][,I,][Arial]] [[1602,910,1687,960][11][,I,][Arial]]PD\ [[1684,910,1696,960][11][,I,][Arial]] [[1696,910,1834,960][1 1][,I,][Arial]]LQFOXGH [[1835,910,1847,960][11][,I,][Arial]] [[1847,910,1910,960][11][,I,][Arial]]EXW [[1908,910,1920,960][11][,I,][Arial]] [[1920,910,1963,960][11][,I,][Arial]]DU [[1959,910,1983,960][11][,I,][Arial]]H [[1983,910,1995,960][11][,I,][Arial]] [[1995,910,2058,960][11][,I,][Arial]]QRW [[2056,910,2068,960][11][,I,][Arial]] [[2068,910,2195,960][11][,I,][Arial]]OLP LWHG [[2195,910,2207,960][11][,I,][Arial]] [[2207,910,2243,960][11][,I,][Arial]]WR [[2243,910,2255,960][11][,I,][Arial]] [[825,975,1014,1025][11][,I,][Arial]]DGGLWLRQDO [[1013,975,1025,1025][11][,I,][Arial]] [[1025,975,1121,1025][11][,I,][Arial]]RSHQ [[1123,975,1135,1025][11][,I,][Arial]] [[1135,975,1263,1025][11][,I ,][Arial]]VSDFH [[1263,975,1275,1025][11][,I,][Arial]] [[1275,975,1464,1025][11][,I,][Arial]]DGGLWLRQDO [[1463,975,1475,1025][11][,I,][Arial]] [[1475,975,1710,1025][11][,I,][Arial]]ODQGVFDSLQJ [[1709,975,1721,1025][11][,I,][Arial]] [[1721,975,1795,1025][11][,I,][Arial]]DQG [[1794,975,1806,1025][11][,I,][Arial]] [[1806,975,2008,1025][11][,I,][Arial]]VFUHHQLQJ [[2008,975,2020,1025][11][, I,][Arial]] [[2020,975,2131,1025][11][,I,][Arial]]JUHHQ [[2132,975,2144,1025][11][,I,][Arial]] [[2144,975,2231,1025][11][,I,][Arial]]URRI [[2231,975,2243,1025][11][,I,][Arial]] $WWDFKPHQW'32=$PHQGPHQW ] [[1679,1170,1815,1220][11][,I,][Arial]]QDWXUDO [[1813,1170,1825,1220][11][,I,][Arial]] [[1825,1170,2077,1220][11][,I,][Arial]]HQYLURQPHQW [[2078,1170,2090,1220][11][,I,][Arial]] [[825,1235,1072,1285][11][,I,][Arial]]UHKDELOLWDWLRQ [[1073,1235,1085,1285][11][,I,][Arial]] [[1086,1235,1128,1285][11][,I,][Arial]]RI [[1122,1235,1134,1285][11][,I,][Arial]] [[1134,1235,1284,1285] [11][,I,][Arial]]H[LVWLQJ [[1283,1235,1295,1285][11][,I,][Arial]] [[1295,1235,1487,1285][11][,I,][Arial]]VWUXFWXUHV [[1487,1235,1499,1285][11][,I,][Arial]] [[1499,1235,1574,1285][11][,I,][Arial]]WK DW [[1572,1235,1584,1285][11][,I,][Arial]] [[1584,1235,1678,1285][11][,I,][Arial]]KDYH [[1679,1235,1691,1285][11][,I,][Arial]] [[1691,1235,1787,1285][11][,I,][Arial]]EHHQ [[1789,1235,1801,1285][11] [,I,][Arial]] [[1801,1235,1925,1285][11][,I,][Arial]]ORFDOO\ [[1923,1235,1935,1285][11][,I,][Arial]] [[1935,1235,2150,1285][11][,I,][Arial]]GHVLJQDWHG [[2149,1235,2161,1285][11][,I,][Arial]] [[2161,1235,2204,1285][11][,I,][Arial]]RU [[2200,1235,2212,1285][11][,I,][Arial]] [[825,1300,920,1350][11][,I,][Arial]]KDYH [[921,1300,933,1350][11][,I,][Arial]] [[933,1300,1029,1350][11][,I,][Arial]]EHHQ [[1030,1300,1042,1350][11][,I,][Arial]] [[1042,1300,1261,1350][11][,I,][Ar ial]]GHWHUPLQHG [[1261,1300,1273,1350][11][,I,][Arial]] [[1273,1300,1309,1350][11][,I,][Arial]]WR [[1309,1300,1321,1350][11][,I,][Arial]] [[1321,1300,1369,1350][11][,I,][Arial]]EH [[1370,1300,1382,1350][11][,I,][Arial]] [[1382,1300,1517,1350][11][,I,][Arial]]HOLJLEOH [[1519,1300,1531,1350][11][,I,][Arial]] [[1531,1300,1567,1350][11][,I,][Arial]]WR [[1567,1300,1579,1350][11] [,I,][Arial]] [[1579,1300,1627,1350][11][,I,][Arial]]EH [[1628,1300,1640,1350][11][,I,][Arial]] [[1640,1300,1764,1350][11][,I,][Arial]]ORFDOO\ [[1762,1300,1774,1350][11][,I,][Arial]] [[1774,1300,1989,1350][11][,I,][Arial]]GHVLJQDWHG [[1988,1300,2000,1350][11][,I,][Arial]] [[2000,1300,2046,1350][11][,I,][Arial]]DV [[2047,1300,2059,1350][11][,I,][Arial]] [[2059,1300,2198,1350][1 1][,I,][Arial]]KLVWRULF [[2197,1300,2209,1350][11][,I,][Arial]] [[825,1365,1029,1415][11][,I,][Arial]]VWUXFWXUHV [[1030,1365,1042,1415][11][,I,][Arial]] [[1042,1365,1117,1415][11][,I,][Arial]]DQG [[1115,1365,1127,1415][11][,I,][Arial]] [[1127,1365,1255,1415][1 1][,I,][Arial]]GHVLJQ [[1256,1365,1268,1415][11][,I,][Arial]] [[1268,1365,1379,1415][11][,I,][Arial]]ZKLFK [[1380,1365,1392,1415][11][,I,][Arial]] [[1392,1365,1423,1415][11][,I,][Arial]]LV [[1424,1365,1436,1415][11][,I,][Arial]] [[1436,1365,1566,1415][11][,I,][Arial]]VLPLODU [[1562,1365,1574,1415][11][,I,][Arial]] [[1574,1365,1607,1415][11][,I,][Arial]]LQ [[1609,1365,1621,1415][11][ ,I,][Arial]] [[1621,1365,1720,1415][11][,I,][Arial]]IRUP [[1720,1365,1732,1415][11][,I,][Arial]] [[1732,1365,1834,1415][11][,I,][Arial]]VFDOH [[1835,1365,1847,1415][11][,I,][Arial]] [[1847,1365,1922,1415][11][,I,][Arial]]DQG [[1920,1365,1932,1415][11][,I,][Arial]] [[1933,1365,2110,1415][11][,I,][Arial]]PDWHULDOV [[2110,1365,2122,1415][11][,I,][Arial]] [[2122,1365,2158,1415][1 1][,I,][Arial]]WR [[2159,1365,2171,1415][11][,I,][Arial]] [[825,1430,975,1480][11][,I,][Arial]]H[LVWLQJ [[974,1430,986,1480][11][,I,][Arial]] [[986,1430,1178,1480][11][,I,][Arial]]VWUXFWXUHV [[1178,1430,1190,1480][11][,I,][Arial]] [[1190,1430,1238,1480][1 1][,I,][Arial]]RQ [[1239,1430,1251,1480][11][,I,][Arial]] [[1251,1430,1311,1480][11][,I,][Arial]]WKH [[1312,1430,1324,1480][11][,I,][Arial]] [[1323,1430,1391,1480][11][,I,][Arial]]VLWH [[1392,1430,1404,1480][11][,I,][Arial]] [[1404,1430,1478,1480][11][,I,][Arial]]DQG [[1477,1430,1489,1480][11][,I,][Arial]] [[1489,1430,1525,1480][11][,I,][Arial]]WR [[1526,1430,1538,1480][11][,I,] [Arial]] [[1538,1430,1770,1480][11][,I,][Arial]]VXUURXQGLQJ [[1769,1430,1781,1480][11][,I,][Arial]] [[1781,1430,2043,1480][11][,I,][Arial]]GHYHORSPHQW [[2043,1430,2055,1480][11][,I,][Arial]] [[2056,1430,2068,1480][11][,I,][Arial]] [[600,1495,612,1545][11][,I,][Arial]] [[750,1570,774,1620][11][,I,][Arial]] [[775,1570,787,1620][11][,I,][Arial]] [[825,1570,839,1620][11][,I,][Arial]], [[837,1570,851,1620][11][,I,][Arial]]W [[849,1570,861,1620][11][,I,][Arial]] [[861,1570,892,1620][11][,I,][Arial]]LV [[893,1570,905,1620][11][,I,][Arial]] [[905,1570,1031,1620][11][,I,][Arial]]VKRZQ [[1032,1570,1044,1620][11][,I,][Arial]] [[1044,1570,1093,1620][11][,I,][Ar ial]]E\ [[1091,1570,1103,1620][11][,I,][Arial]] [[1103,1570,1163,1620][11][,I,][Arial]]WKH [[1164,1570,1176,1620][11][,I,][Arial]] [[1176,1570,1352,1620][11][,I,][Arial]]DSSOLFDQW [[1351,1570,1363,1620][11][,I,][Arial]] [[1363,1570,1438,1620][11][,I,][Arial]]DQG [[1436,1570,1448,1620][11][,I,][Arial]] [[1448,1570,1586,1620][11][,I,][Arial]]DJUHHG [[1585,1570,1597,1620][11][ ,I,][Arial]] [[1597,1570,1633,1620][11][,I,][Arial]]WR [[1633,1570,1645,1620][11][,I,][Arial]] [[1645,1570,1694,1620][11][,I,][Arial]]E\ [[1692,1570,1704,1620][11][,I,][Arial]] [[1704,1570,1764,16 20][11][,I,][Arial]]WKH [[1765,1570,1777,1620][11][,I,][Arial]] [[1777,1570,1855,1620][11][,I,][Arial]]&LW\ [[1852,1570,1864,1620][11][,I,][Arial]] [[1864,1570,1939,1620][11][,I,][Arial]]WKDW [[1937,1570,1949,1620][11][,I,][Arial]] [[1949,1570,2009,1620][11][,I,][Arial]]WKH [[2010,1570,2022,1620][11][,I,][Arial]] [[2022,1570,2224,1620][11][,I,][Arial]]DOWHUQDWLYH [[2224,1570,2236,1620] [11][,I,][Arial]] [[825,1635,954,1685][11][,I,][Arial]]GHVLJQ [[955,1635,967,1685][11][,I,][Arial]] [[967,1635,1117,1685][11][,I,][Arial]]VROXWLRQ [[1118,1635,1130,1685][11][,I,][Arial]] [[1130,1635,1314,1685][11][, I,][Arial]]SURSRVHG [[1312,1635,1324,1685][11][,I,][Arial]] [[1324,1635,1387,1685][11][,I,][Arial]]ZLOO [[1385,1635,1397,1685][11][,I,][Arial]] [[1397,1635,1505,1685][11][,I,][Arial]]UHVXOW [[1504,1635,1516,1685][11][,I,][Arial]] [[1516,1635,1549,1685][11][,I,][Arial]]LQ [[1550,1635,1562,1685][11][,I,][Arial]] [[1562,1635,1610,1685][11][,I,][Arial]]DQ [[1611,1635,1623,1685][11][,I,][ Arial]] [[1623,1635,1804,1685][11][,I,][Arial]]LPSURYHG [[1803,1635,1815,1685][11][,I,][Arial]] [[1815,1635,1885,1685][11][,I,][Arial]]XVH [[1886,1635,1898,1685][11][,I,][Arial]] [[1898,1635,1940,1685][11][,I,][Arial]]RI [[1934,1635,1946,1685][11][,I,][Arial]] [[1946,1635,2006,1685][11][,I,][Arial]]WKH [[2007,1635,2019,1685][11][,I,][Arial]] [[2019,1635,2103,1685][11][,I,] [Arial]]ODQG [[2102,1635,2114,1685][11][,I,][Arial]] [[2114,1635,2189,1685][11][,I,][Arial]]WKDW [[2187,1635,2199,1685][11][,I,][Arial]] [[825,1700,1017,1750][11][,I,][Arial]]SUHVHUYHV [[1018,1700,1030,1750][11][,I,][Arial]] [[1030,1700,1090,1750][11][,I,][Arial]]WKH [[1091,1700,1103,1750][11][,I,][Arial]] [[1103,1700,1283,1750][11] [,I,][Arial]]SXUSRVHV [[1283,1700,1295,1750][11][,I,][Arial]] [[1295,1700,1369,1750][11][,I,][Arial]]DQG [[1368,1700,1380,1750][11][,I,][Arial]] [[1380,1700,1484,1750][11][,I,][Arial]]JRDOV [[1485,1700,1497,1750][11][,I,][Arial]] [[1497,1700,1539,1750][11][,I,][Arial]]RI [[1533,1700,1545,1750][11][,I,][Arial]] [[1545,1700,1605,1750][11][,I,][Arial]]WKH [[1606,1700,1618,1750][11][,I,] [Arial]] [[1618,1700,1642,1750][11][,I,][Arial]]/ [[1642,1700,1722,1750][11][,I,][Arial]]'0 [[1723,1700,1735,1750][11][,I,][Arial]] [[1735,1700,1795,1750][11][,I,][Arial]]WKH [[1796,1700,1808,1750 ][11][,I,][Arial]] [[1808,1700,1941,1750][11][,I,][Arial]]'32= [[1942,1700,1954,1750][11][,I,][Arial]] [[1954,1700,2029,1750][11][,I,][Arial]]DQG [[2027,1700,2039,1750][11][,I,][Arial]] [[2039,1700,2099,1750][11][,I,][Arial]]WKH [[2100,1700,2112,1750][11][,I,][Arial]] [[825,1765,1029,1815][11][,I,][Arial]]'RZQWRZQ [[1030,1765,1042,1815][11][,I,][Arial]] [[1042,1765,1246,1815][11][,I,][Arial]]5RFKHVWHU [[1242,1765,1254,1815][11][,I,][Arial]] [[1254,1765,1391,1815 ][11][,I,][Arial]]0DVWHU [[1387,1765,1399,1815][11][,I,][Arial]] [[1399,1765,1486,1815][11][,I,][Arial]]3ODQ [[1487,1765,1499,1815][11][,I,][Arial]] [[1499,1765,1632,1815][11][,I,][Arial]]5HSRUW [[1630,1765,1642,1815][11][,I,][Arial]] [[1642,1765,1717,1815][11][,I,][Arial]]DQG [[1716,1765,1728,1815][11][,I,][Arial]] [[1728,1765,1801,1815][11][,I,][Arial]]DQ\ [[1798,1765,1810,1815][11][,I, ][Arial]] [[1810,1765,2006,1815][11][,I,][Arial]]DSSOLFDEOH [[2007,1765,2019,1815][11][,I,][Arial]] [[2019,1765,2178,1815][11][,I,][Arial]]RIILFLDOO\ [[2175,1765,2187,1815][11][,I,][Arial]] [[825,1830,985,1880][11][,I,][Arial]]DGRSWHG [[984,1830,996,1880][11][,I,][Arial]] [[996,1830,1090,1880][11][,I,][Arial]]GHYH [[1091,1830,1248,1880][11][,I,][Arial]]ORSPHQW [[1246,1830,1258,1880][11 ][,I,][Arial]] [[1258,1830,1451,1880][11][,I,][Arial]]VWDQGDUGV [[1451,1830,1463,1880][11][,I,][Arial]] [[1463,1830,1506,1880][11][,I,][Arial]]RU [[1502,1830,1514,1880][11][,I,][Arial]] [[1514,1830,1722,1880][11][,I,][Arial]]JXLGHOLQHV [[1723,1830,1759,1880][11][,I,][Arial]] [[1759,1830,1771,1880][11][,I,][Arial]] [[300,1895,312,1945][11][,I,][Arial]] [[750,1970,774,2020][11][,I,][Arial]] [[775,1970,787,2020][11][,I,][Arial]] [[825,1970,839,2020][11][,I,][Arial]], [[837,1970,851,2020][11][,I,][Arial]]W [[849,1970,861,2020][11][,I,][Arial]] [[861,1970,892,2020][11][,I,][Arial]]LV [[893,1970,905,2020][11][,I,][Arial]] [[905,1970,1126,2020][11][,I,][Arial]]GHWHUPLQHG [[1125,1970,1137,2020][11][,I,][Arial]] [[1137,1970,1212,2020][11][,I ,][Arial]]WKDW [[1210,1970,1222,2020][11][,I,][Arial]] [[1222,1970,1316,2020][11][,I,][Arial]]VWULFW [[1314,1970,1326,2020][11][,I,][Arial]] [[1326,1970,1533,2020][11][,I,][Arial]]DGKHUHQFH [[1534,1970,1546,2020][11][,I,][Arial]] [[1546,1970,1582,2020][11][,I,][Arial]]WR [[1582,1970,1594,2020][11][,I,][Arial]] [[1594,1970,1654,2020][11][,I,][Arial]]WKH [[1655,1970,1667,2020][11][,I,] [Arial]] [[1667,1970,1797,2020][11][,I,][Arial]]XQLTXH [[1799,1970,1811,2020][11][,I,][Arial]] [[1811,1970,2007,2020][11][,I,][Arial]]SURYLVLRQV [[2008,1970,2020,2020][11][,I,][Arial]] [[2020,1970,2062,2020][11][,I,][Arial]]RI [[2056,1970,2068,2020][11][,I,][Arial]] [[2068,1970,2128,2020][11][,I,][Arial]]WKH [[2129,1970,2141,2020][11][,I,][Arial]] [[825,2035,948,2085][11][,I,][Arial]]'32= [[947,2035,959,2085][11][,I,][Arial]] [[959,2035,990,2085][11][,I,][Arial]]LV [[991,2035,1003,2085][11][,I,][Arial]] [[1003,2035,1214,2085][11][,I,][Arial] ]LPSUDFWLFDO [[1212,2035,1224,2085][11][,I,][Arial]] [[1224,2035,1388,2085][11][,I,][Arial]]EHFDXVH [[1390,2035,1402,2085][11][,I,][Arial]] [[1402,2035,1444,2085][11][,I,][Arial]]RI [[1438,2035,1450,2085][11][,I,][Arial]] [[1450,2035,1518,2085][11][,I,][Arial]]VLWH [[1519,2035,1531,2085][11][,I,][Arial]] [[1531,2035,1681,2085][11][,I,][Arial]]ORFDWLRQ [[1682,2035,1694,2085][1 1][,I,][Arial]] [[1694,2035,1718,2085][11][,I,][Arial]]R [[1718,2035,1737,2085][11][,I,][Arial]]U [[1733,2035,1745,2085][11][,I,][Arial]] [[1745,2035,1895,2085][11][,I,][Arial]]H[LVWLQJ [[1893,2035,1905,2085][11][,I,][Arial]] [[1905,2035,2113,2085][11][,I,][Arial]]FRQGLWLRQV [[2114,2035,2126,2085][11][,I,][Arial]] [[825,2100,966,2150][11][,I,][Arial]]:DLYHU [[962,2100,974,2150][11][,I,][Arial]] [[974,2100,1016,2150][11][,I,][Arial]]RI [[1010,2100,1022,2150][11][,I,][Arial]] [[1022,2100,1228,2150][11][,I,][Ar ial]]DGKHUHQFH [[1229,2100,1241,2150][11][,I,][Arial]] [[1241,2100,1303,2150][11][,I,][Arial]]ZLOO [[1302,2100,1314,2150][11][,I,][Arial]] [[1314,2100,1423,2150][11][,I,][Arial]]UHVXOW [[1422,2100,1434,2150][11][,I,][Arial]] [[1434,2100,1467,2150][11][,I,][Arial]]LQ [[1468,2100,1480,2150][11][,I,][Arial]] [[1480,2100,1504,2150][11][,I,][Arial]]D [[1504,2100,1516,2150][11][,I,][A rial]] [[1516,2100,1768,2150][11][,I,][Arial]]GHYHORSPHQW [[1766,2100,1778,2150][11][,I,][Arial]] [[1778,2100,1853,2150][11][,I,][Arial]]WKDW [[1852,2100,1864,2150][11][,I,][Arial]] [[1864,2100,1895,2150][11][,I,][Arial]]LV [[1896,2100,1908,2150][11][,I,][Arial]] [[1908,2100,1973,2150][11][,I,][Arial]]VWLOO [[1972,2100,1984,2150][11][,I,][Arial]] [[1984,2100,2209,2150][11][,I ,][Arial]]FRQVLGHUDWH [[2210,2100,2222,2150][11][,I,][Arial]] [[825,2165,867,2215][11][,I,][Arial]]RI [[862,2165,874,2215][11][,I,][Arial]] [[874,2165,918,2215][11][,I,][Arial]]LWV [[918,2165,930,2215][11][,I,][Arial]] [[930,2165,1090,2215][11][,I,][Arial]]SK \VLFDO [[1088,2165,1100,2215][11][,I,][Arial]] [[1100,2165,1364,2215][11][,I,][Arial]]VXUURXQGLQJV [[1365,2165,1377,2215][11][,I,][Arial]] [[1377,2165,1433,2215][11][,I,][Arial]]ILWV [[1433,2165,1445,2215][11][,I,][Arial]] [[1445,2165,1478,2215][11][,I,][Arial]]LQ [[1480,2165,1492,2215][11][,I,][Arial]] [[1492,2165,1569,2215][11][,I,][Arial]]ZLWK [[1570,2165,1582,2215][11][,I, ][Arial]] [[1582,2165,1642,2215][11][,I,][Arial]]WKH [[1643,2165,1655,2215][11][,I,][Arial]] [[1655,2165,1877,2215][11][,I,][Arial]]HVWDEOLVKHG [[1876,2165,1888,2215][11][,I,][Arial]] [[1888,2165,2075,2215][11][,I,][Arial]]FKDUDFWHU [[2071,2165,2083,2215][11][,I,][Arial]] [[2083,2165,2125,2215][11][,I,][Arial]]RI [[2119,2165,2131,2215][11][,I,][Arial]] [[2131,2165,2191,2215][11 ][,I,][Arial]]WKH [[2192,2165,2204,2215][11][,I,][Arial]] [[825,2230,912,2280][11][,I,][Arial]]DUHD [[913,2230,925,2280][11][,I,][Arial]] [[925,2230,999,2280][11][,I,][Arial]]DQG [[998,2230,1010,2280][11][,I,][Arial]] [[1010,2230,1151,2280][11][,I,][Arial ]]LQVXUHV [[1152,2230,1164,2280][11][,I,][Arial]] [[1164,2230,1224,2280][11][,I,][Arial]]WKH [[1225,2230,1237,2280][11][,I,][Arial]] [[1237,2230,1381,2280][11][,I,][Arial]]SXEOLF¶V [[1382,2230,1394,2280][11][,I,][Arial]] [[1394,2230,1526,2280][11][,I,][Arial]]KHDOWK [[1526,2230,1538,2280][11][,I,][Arial]] [[1538,2230,1658,2280][11][,I,][Arial]]VDIHW\ [[1655,2230,1667,2280][ 11][,I,][Arial]] [[1667,2230,1742,2280][11][,I,][Arial]]DQG [[1740,2230,1752,2280][11][,I,][Arial]] [[1752,2230,1900,2280][11][,I,][Arial]]JHQHUDO [[1898,2230,1910,2280][11][,I,][Arial]] [[1910,2230,2050,2280][11][,I,][Arial]]ZHOIDUH [[2051,2230,2063,2280][11][,I,][Arial]] [[2063,2230,2126,2280][11][,I,][Arial]]DUH [[2127,2230,2139,2280][11][,I,][Arial]] [[825,2295,1009,2345][11][,I,][Arial]]SURWHFWHG [[1008,2295,1020,2345][11][,I,][Arial]] [[1020,2295,1103,2345][11][,I,][Arial]]QRZ [[1101,2295,1113,2345][11][,I,][Arial]] [[1113,2295,1187,2345][11] [,I,][Arial]]DQG [[1186,2295,1198,2345][11][,I,][Arial]] [[1198,2295,1268,2345][11][,I,][Arial]]LQWR [[1268,2295,1280,2345][11][,I,][Arial]] [[1280,2295,1340,2345][11][,I,][Arial]]WKH [[1341,2295,1353,2345][11][,I,][Arial]] [[1353,2295,1477,2345][11][,I,][Arial]]IXWXUH [[1477,2295,1489,2345][11][,I,][Arial]] [[300,2370,312,2420][11][,I,][Arial]] [[312,2370,324,2420][11][,I,][Arial]] [[825,2421,894,2473][11][B,I,][Arial]]( [[895,2421,1581,2473][11][B,I,][Arial]]6SHFLDO2UGLQDQFH([HPSWLRQV [[1582,2421,1595,2473][11][B,I,][Arial]] [[825,2523,850,2575][11][B,I,][Arial]] [[851,2523,864,2575][11][B,I,][Arial]] [[750,2584,776,2637][11][,I,][Arial]] [[776,2584,789,2637][11][,I,][Arial]] [[825,2584,2121,2637][11][,I,][Arial]]7KHH[HPSWLRQWRWKHUHTXLUHPHQWVIRU7UDIILF9LVLELOLW\=RQHVLQ [[825,2644,2208,2697][11][,I,][Arial]]6HFWLRQLVH[WHQGHGWRWKHGHYHORSPHQWRIQHZRUH[SDQGHG [[825,2705,2077,2758][11][,I,][Arial]]SDUNLQJIDFLOLWLHV7KHSRWHQWLDOWRPD[LPL]HSHGHVWULDQVDIHW\ [[2074,2705,2087,2758][11][,I,][Arial]] [[2087,2705,2255,2758][11][,I,][Arial]]WKURXJK [[825,2765,2233,2818][11][,I,][Arial]]WKHHQKDQFHPHQWRIYLVLELOLW\RIYHKLFOHVHQWHULQJH[LWLQJRUSDUNHGLQ [[825,2826,2019,2879][11][,I,][Arial]]DSDUNLQJIDFLOLW\ZLOOEHHYDOXDWHGRQDFDVHE\FDVHEDVLV [[825,2887,2197,2940][11][,I,][Arial]]FRQVLGHULQJWKHFKDUDFWHULVWLFVRIWKHDGMDFHQWVWUHHWVDQGDOOH\VDV [[825,2947,1699,3000][11][,I,][Arial]]SDUWRIWKH&RQGLWLRQDO8VHSHUPLWDSSURYDO [[1697,2947,1710,3000][11][,I,][Arial]] [[1710,2947,1882,3000][11][,I,][Arial]]SURFHVV [[1883,2947,1896,3000][11][, I,][Arial]] ϱͮWĂŐĞ  3DFNHW3J (F [[825,301,838,354][11][,I,][Arial]] [[750,403,776,456][11][,I,][Arial]] [[776,403,789,456][11][,I,][Arial]] [[825,403,1848,456][11][,I,][Arial]])RUSURSHUWLHVORFDWHGLQWKHDSSOLFDEOH]RQLQJGLVW [[1847,403,2215,456][11][,I,][Arial] ]ULFWVDVGHVFULEHG [[825,464,1039,517][11][,I,][Arial]]LQ6HFWLRQ [[1039,464,1191,517][11][,I,][Arial]]rial]] [[1178,1111,1559,1164][11][,I,][Arial]]³DFWLYHSHGHVWULDQ´ [[1555,1111,1568,1164][11][,I,][Arial]] [[1568,1111,1864,1164][11][,I,][Arial]]VWUHHWIURQWDJH [[1864,1111,1887,1164][11][,I,][Arial]]V [[1887,1111,1900,1164][11][,I,][Arial]] [[1900,1111,2085,1164][11][,I,][Arial]]LGHQWLILHG [[2082,1111,2095,1164][11][,I,][Arial]] [[2096,1111,2232,1164][11][,I,][Arial]]DVWKH [[900,1172,1423,1225][11][,I,][Arial]]³3HGHVWULDQ(QYLURQPHQW´ [[1419,1172,1432,1225][11][,I,][Arial]] [[1432,1172,2174,1225][11][,I,][Arial]]LQWKH³'RZQWRZQ5RFKHVWHU0DVWHU [[900,1233,1162,1286][11][,I,][Arial]]3ODQ5HSRUW´ [[1157,1233,1170,1286][11][,I,][Arial]] [[1170,1233,1425,1286][11][,I,][Arial]]RQSDJH [[1425,1233,1438,1286][11][,I,][Arial]] [[1438,1233,1547,1286][11][,I,][Arial]] 6HH [[1548,1233,1690,1286][11][,I,][Arial]]0DS [[1690,1233,1703,1286][11][,I,][Arial]] [[1703,1233,1934,1286][11][,I,][Arial]]WRHVWDEOLVK [[1934,1233,1947,1286][11][,I,][Arial]] [[1948,1233,1974,1286][11][,I,][Arial]]D [[1973,1233,1986,1286][ 11][,I,][Arial]] [[1986,1233,2072,1286][11][,I,][Arial]]VDIH [[2073,1233,2093,1286][11][,I,][Arial]]U [[2088,1233,2101,1286][11][,I,][Arial]] [[900,1293,1114,1346][11][,I,][Arial]]SHGHVWULDQ [[1114,1293,1127,1346][11][,I,][Arial]] [[1128,1293,1392,1346][11][,I,][Arial]]HQYLURQPHQW [[1392,1293,2238,1346][11][,I,][Arial]]DQGPDLQWDLQDFRQ WLQXRXVEXLOGLQJVWUHHW [[900,1354,981,1407][11][,I,][Arial]]ZDOO [[979,1354,992,1407][11][,I,][Arial]] [[992,1354,1603,1407][11][,I,][Arial]]RIGHVWLQDWLRQVIRUSHGHVWULDQV [[1603,1354,1978,1407][11][,I,][Arial]]$SDUN LQJIDFLOLW\ [[1975,1354,1988,1407][11][,I,][Arial]] [[1988,1354,2110,1407][11][,I,][Arial]]LVQRW [[900,1414,1251,1467][11][,I,][Arial]]FRQVLGHUHGWREH [[1252,1414,1343,1467][11][,I,][Arial]]DEXW [[1341,1414,1416,1467][11][,I,][Arial]]WLQJ [[1415,1414,1428,1467][11][,I,][Arial]] [[1428,1414,1647,1467][11][,I,][Arial]]RQDVWUHHW [[1645,1414,1658,1467][11][,I,][Arial]] [[1658,1414,2067,1467][11][,I,][Arial]]IURQWDJHLQWKLVVLWHO [[2065,1414,2225,1467][11][,I,][Arial]]RFDW LRQ [[900,1475,1099,1528][11][,I,][Arial]]UHVWULFWLRQ [[1099,1475,1112,1528][11][,I,][Arial]] [[1112,1475,1182,1528][11][,I,][Arial]]LILW [[1183,1475,1743,1528][11][,I,][Arial]]LVVHSDUDWHGIURPWKHV WUHHW [[1741,1475,1754,1528][11][,I,][Arial]] [[1754,1475,2070,1528][11][,I,][Arial]]SURSHUW\OLQHE\ [[2067,1475,2080,1528][11][,I,][Arial]] [[2080,1475,2106,1528][11][,I,][Arial]]D [[2105,1475,2118,1528][11][,I,][Arial]] [[900,1536,1241,1589][11][,I,][Arial]]SULQFLSDOEXLOGLQJ [[1241,1536,1254,1589][11][,I,][Arial]] [[1254,1536,1318,1589][11][,I,][Arial]]WKD [[1318,1536,1389,1589][11][,I,][Arial]]WLV [[1389,1536,1996,1589][11][,I,][Arial]]DWOHDVWILIWHHQ  IHHWLQGHS [[1995,1536,2033,1589][11][,I,][Arial]]WK [[2034,1536,2059,1589][11][,I,][Arial]] [[2060,1536,2136,1589][11][,I,][Arial]]RQH [[2136,1536,2149,1589][11][,I,][Arial]] [[2149,1536,2210,1 589][11][,I,][Arial]]IXOO [[2207,1536,2220,1589][11][,I,][Arial]] [[900,1596,1718,1649][11][,I,][Arial]]VWRU\LQKHLJKWDERYHWKHVLGHZDONJUDGH [[1718,1596,1731,1649][11][,I,][Arial]] [[1731,1596,1819,1649][11][,I,][Arial]]DQG [[1821,1596,1981,1649][11][,I,][Ari al]]DWOHDVW [[1981,1596,2209,1649][11][,I,][Arial]]DVZLGHDV [[900,1657,1471,1710][11][,I,][Arial]]WKHSDUNLQJIDFLOLW\RQWKHORW [[1469,1657,1482,1710][11][,I,][Arial]] [[1481,1657,1494,1710][11][,I,][Arial]] [[1494,1657,1507,1710][11][,I,][Arial]] [[1507,1657,1520,1710][11][,I,][Arial]] [[825,1718,838,1771][11][,I,][Arial]] [[750,1778,776,1831][11][,I,][Arial]] [[776,1778,789,1831][11][,I,][Arial]] [[825,1778,839,1831][11][,I,][Arial]], [[838,1778,1867,1831][11][,I,][Arial]]IDYRLGDQFHRIIURQWLQJDQHZSDUNLQJIDFLOL W\RQDQ [[1867,1778,1886,1831][11][,I,][Arial]]³ [[1883,1778,2229,1831][11][,I,][Arial]]DFWLYHSHGHVWULDQ [[2230,1778,2249,1831][11][,I,][Arial]]´ [[2244,1778,2257,1831][11][,I,][Arial]] [[825,1839,942,1892][11][,I,][Arial]]VWUHHW [[940,1839,953,1892][11][,I,][Arial]] [[953,1839,1745,1892][11][,I,][Arial]]DVGHVFULEHGLQWKHSUHYLRXVSDUDJUDSK [[1745,1839,1758,1892][11][,I,][Arial]]  [[1758,1839,2183,1892][11][,I,][Arial]]LVGHWHUPLQHGE\WKH [[825,1899,2231,1952][11][,I,][Arial]]&RXQFLOWREHLQIHDVLEOHEHFDXVHRIWKHSK\VLFDOOLPLWDWLRQVRIWKHVLWH [[825,1960,2202,2013][11][,I,][Arial]]RUWKHWHPSRUDU\QDWXUHRIWKHSURSRVDODPLQLPXPRIDILIWHHQ   [[825,2021,2147,2074][11][,I,][Arial]]IRRWZLGHDUHDORFDWHGDWJURXQGOHYHOEHWZHHQWKHQHZSDUNLQJ [[825,2081,1345,2134][11][,I,][Arial]]IDFLOLW\DQGWKHVLGHZDONR [[1345,2081,2251,2134][11][,I,][Arial]]UVWUHHWSURSHUW\OLQHRIWKHDFWLYHSHGHVWULDQ [[825,2142,959,2195][11][,I,][Arial]]LGHQWLIL [[958,2142,1578,2195][11][,I,][Arial]]HGVWUHHWVKRXOGEHSURYLGHGW [[1575,2142,2222,2195][11][,I,][Arial]]KLVIRRWZLGHDUHDVKRXOGEH [[825,2202,2076,2255][11][,I,][Arial]]GHVLJQHGIRUXVHDVDSHGHVWULDQSOD]DZLWKSXEOLFVHDWLQJSX [[2076,2202,2223,2255][11][,I,][Arial]]EOLFDUW [[825,2263,1326,2316][11][,I,][Arial]]DQGRUODQGVFDSHDUHD [[1322,2263,1963,2316][11][,I,][Arial]]6HH)LJXUHIRUDQH[DPSOHRI [[1964,2263,2180,2316][11][,I,][Arial]]EXIIHULQJD [[2181,2263,2194,2316][11][,I,][Arial]] [[825,2324,1242,2377][11][,I,][Arial]]SDUNLQJIDFLOLW\DEXWWL [[1241,2324,1860,2377][11][,I,][Arial]]QJDQ³DFWLYHSHGHVWULDQVWUHHW [[1854,2324,1872,2377][11][,I,][Arial]] [[1872,2324,1885,2377][11][,I,][Arial]] [[1885,2324,1898,2377][11][,I,][Arial]] [[1898,2324,1911,2377][11][,I,][Arial]] [[300,2426,313,2479][11][,I,][Arial]] [[900,2528,913,2581][11][,I,][Arial]] [[900,2589,913,2642][11][,I,][Arial]] ϲͮWĂŐĞ  3DFNHW3J (F $WWDFKPHQW'32=$PHQGPHQW  (F $WWDFKPHQW'32=$PHQGPHQW ][,I,][Arial]]HKLFXODUHQWUDQFH [[900,2341,1173,2394][11][,I,][Arial]]GULYHVVKRXOG [[1170,2341,1183,2394][11][,I,][Arial]] [[1184,2341,2194,2394][11][,I,][Arial]]EHORFDWHGDQGGHVLJQHGWRPLQLPL]HLQWHUIHUHQFH [[900,2401,1437,2454][11][,I,][Arial]]ZLWKSHGHVWULDQPRYHPHQW [[1436,2401,1459,2454][11][,I,][Arial]]V [[1459,2401,1510,2454][11][,I,][Arial]]Y [[1507,2401,1876,2454][11][,I,][Arial]]HKLFOHHQWUDQ FHGU [[1872,2401,2179,2454][11][,I,][Arial]]LYHVWRSDUNLQJ [[900,2462,1214,2515][11][,I,][Arial]]IDFLOLWLHVVKRXOG [[1211,2462,1224,2515][11][,I,][Arial]] [[1224,2462,1558,2515][11][,I,][Arial]]QRWH[FHHGWZHQ [[1558,2462,2136,2515][11][,I,][Arial]]W\  IHHWRIVWUHHWIURQWDJH [[2136,2462,2149,2515][11][,I,][Arial]] [[2149,2462,2258,2515][11][,I,][Arial]] 6HH [[900,2523,1082,2576][11][,I,][Arial]])LJXUH [[1084,2523,1109,2576][11][,I,][Arial]] [[1109,2523,1122,2576][11][,I,][Arial]] [[825,2583,838,2636][11][,I,][Arial]] [[825,2644,851,2697][11][,I,][Arial]] [[851,2644,864,2697][11][,I,][Arial]] [[900,2644,933,2697][11][,I,][Arial]]3 [[931,2644,1338,2697][11][,I,][Arial]]ULQFLSDOXVHVXUIDFH [[1338,2644,1572,2697] [11][,I,][Arial]]SDUNLQJORWV [[1573,2644,1586,2697][11][,I,][Arial]] [[1586,2644,1855,2697][11][,I,][Arial]]VKDOOSURYLGH [[1856,2644,1919,2697][11][,I,][Arial]]DQ [[1920,2644,2077,2697][11][,I,] [Arial]]H[WHULRU [[2073,2644,2086,2697][11][,I,][Arial]] [[900,2704,1114,2757][11][,I,][Arial]]SHGHVWULDQ [[1114,2704,1127,2757][11][,I,][Arial]] [[1128,2704,1459,2757][11][,I,][Arial]]DFFHVVLEOHURXWH [[1458,2704,1471,2757][11][,I,][Arial]] [[1472,2704,1880,2757][11][,I,][Arial]]RUURXWHV VLGHZDONV [[1882,2704,1895,2757][11][,I,][Arial]] [[1894,2704,2146,2757][11][,I,][Arial]]PHHWLQJWKH [[900,2765,1896,2818][11][,I,][Arial]]DFFHVVLELOLW\UHTXLUHPHQWVRIWKH%XLOGLQJ&RGHIU [[1891,2765,2044,2818][11][,I,][Arial]]RPWKH [[2045,2765,2219,2818][11][,I,][Arial]]DEXWWLQJ [[900,2826,1212,2879][11][,I,][Arial]]SXEOLFVLGHZDON [[1209,2826,1222,2879][11][,I,][Arial]] [[1222,2826,1273,2879][11][,I,][Arial]]WR [[1272,2826,1336,2879][11][,I,][Arial]]WKH [[1336,2826,1349,2 879][11][,I,][Arial]] [[1349,2826,2046,2879][11][,I,][Arial]]DQ\DFFHVVLEOHDUHDRUDFFHVVLEOH [[2046,2826,2209,2879][11][,I,][Arial]]SDUNLQJ [[900,2886,1022,2939][11][,I,][Arial]]VSDFH [[1022,2886,1075,2939][11][,I,][Arial]] V [[1076,2886,1089,2939][11][,I,][Arial]] [[1089,2886,1947,2939][11][,I,][Arial]]ZLWKLQWKHSDUNLQJORWYLDWKHVKRUWHVWURXWH [[1947,2886,1960,2939][11][,I,][Arial]] [[1960,2886,1973,2939][11][,I,] [Arial]] [[450,2947,463,3000][11][,I,][Arial]] ϴͮWĂŐĞ  3DFNHW3J (F [[900,301,913,354][11][,I,][Arial]] [[825,361,851,414][11][,I,][Arial]] [[851,361,864,414][11][,I,][Arial]] [[900,361,950,414][11][,I,][Arial]]: [[944,361,1035,414][11][,I,][Arial]]KHUH [[1035,361,1048,414][11][,I,][Arial]] [[1048,361,2171,414][11][,I,][Arial]]DVXUIDFHSDUNLQJORWLQFOXGLQJDQ\EXIIHURUODQGVFDSH [[900,422,2245,475][11][,I,][Arial]]DUHDVKDVRUPRUHIHHWRIFRQWLQXRXVIURQWDJHDORQJDVWUHHW [[900,483,1453,536][11][,I,][Arial]]VLGHZDONRUSDWKZD\DPLG [[1450,483,1465,536][11][,I,][Arial]] [[1466,483,1634,536][11][,I,][Arial]]IURQWDJH [[1634,483,2052,536][11][,I,][Arial]]H[WHULRUDFF HVVLEOH [[900,543,1244,596][11][,I,][Arial]]SHGHVWULDQURXWH [[1245,543,1463,596][11][,I,][Arial]] VLGHZDON  [[1464,543,1753,596][11][,I,][Arial]]PHHWLQJWKHVW [[1752,543,2232,596][11][,I,][Arial]]DQGDUGVRIWKH%XLOGLQJ [[900,604,1022,657][11][,I,][Arial]]&RGH [[1023,604,1110,657][11][,I,][Arial]]PXV [[1109,604,1825,657][11][,I,][Arial]]WEHSURYLGHGEHWZHHQWKHDEXWWLQJ [[1825,604,2225,657][11][,I,][Arial]]SXEOLF VLGHZDONDQG [[2223,604,2236,657][11][,I,][Arial]] [[900,664,1283,717][11][,I,][Arial]]DQDFFHVVLEOHDUHD [[1282,664,1295,717][11][,I,][Arial]] [[1296,664,1862,717][11][,I,][Arial]]RUDFFHVVLEOHSDUNLQJVSDFH [[1861,664,1874,717][11][,I,][Arial]] [[1874,664,2003,717][11][,I,][Arial]]ZLWKLQ [[2004,664,2243,717][11][,I,][Arial]]WKHSDUNLQJ [[900,725,950,778][11][,I,][Arial]]ORW [[949,725,962,778][11][,I,][Arial]] [[962,725,1279,778][11][,I,][Arial]] 6HH)LJXUHD [[1280,725,1305,778][11][,I,][Arial]] [[1305,725,1318,778][11][,I,][Arial]] [[450,786,463,839][11][,I,][Arial]] [[825,846,851,899][11][,I,][Arial]] [[851,846,864,899][11][,I,][Arial]] [[899,846,942,899][11][,I,][Arial]]$ [[944,846,2253,899][11][,I,][Arial]]VXUIDFHSDUNLQJORWVLWXDWHGDWWKHFRUQHURIDEOR FNVKDOOSURYLGH [[900,907,1700,960][11][,I,][Arial]]DQH[WHULRUDFFHVVLEOHSHGHVWULDQURXWH [[1700,907,1738,960][11][,I,][Arial]] V [[1739,907,1919,960][11][,I,][Arial]]LGHZDON  [[1920,907,2172,960][11][,I,][Arial]]PHHWLQJWKH [[900,967,2218,1020][11][,I,][Arial]]VWDQGDUGVRIWKH%XLOGLQJ&RGHIURPWKHDGMDFHQWSXEOLFVLGHZDON [[2215,967,2228,1020][11][,I,][Arial]] $WWDFKPHQW'32=$PHQGPHQW  [[838,2856,864,2909][11][,I,][Arial]] [[863,2856,876,2909][11][,I,][Arial]] [[900,2856,974,2909][11][,I,][Arial]]2Q [[975,2856,1012,2909][11][,I,][Arial]]D [[1013,2856,1063,2909][11][,I,][Ari al]]ORW [[1061,2856,1080,2909][11][,I,][Arial]] [[1076,2856,1099,2909][11][,I,][Arial]]V [[1096,2856,1114,2909][11][,I,][Arial]] [[1114,2856,1127,2909][11][,I,][Arial]] [[1127,2856,2077,2909][11][,I,][Arial]]GHYHORSHGZLWKDSULQFLSDOEXLOGLQJDVZHOODVD [[2078,2856,2115,2909][11][,I,][Arial]]Q [[900,2916,1109,2969][11][,I,][Arial]]DFFHVVRU\ [[1107,2916,1120,2969][11][,I,][Arial]] [[1120,2916,1367,2969][11][,I,][Arial]]SDUNLQJIDFLO [[1364,2916,1911,2969][11][,I,][Arial]]LW\WKHSDUNLQJI DFLOLW\VKDOO [[1909,2916,1922,2969][11][,I,][Arial]] [[1922,2916,1998,2969][11][,I,][Arial]]EH [[1998,2916,2011,2969][11][,I,][Arial]] ϵͮWĂŐĞ  3DFNHW3J (F [[900,301,925,354][11][,I,][Arial]] [[926,301,939,354][11][,I,][Arial]] [[900,361,939,414][11][,I,][Arial]]D [[941,361,954,414][11][,I,][Arial]] [[975,361,1135,414][11][,I,][Arial]]ORFDWHG [[1136,361,1187,414][11][,I,][Arial]]QR [[1187,361,1200,414][11][,I,][Arial]] [[1199,361,1410,414][11][,I,][Arial]] FORVHUWRD [[1411,361,1424,414][11][,I,][Arial]] [[1424,361,2177,414][11][,I,][Arial]]VWUHHWSURSHUW\OLQHWKDQWKHSULQFLSDO [[975,422,1337,475][11][,I,][Arial]]EXLOGLQJRQWKHORW [[1335,422,2200,475][11][,I,][Arial]]H[FHSWLIWKHSDUNLQJIDFLOLW\LVFRPSOHWHO\ [[975,483,1225,536][11][,I,][Arial]]EHORZJUDGH [[1225,483,1238,536][11][,I,][Arial]] [[1238,483,1251,536][11][,I,][Arial]] [[900,543,913,596][11][,I,][Arial]] [[900,604,939,657][11][,I,][Arial]]E [[941,604,954,657][11][,I,][Arial]] [[975,604,1135,657][11][,I,][Arial]]ORFDWHG [[1136,604,1262,657][11][,I,][Arial]]HLWKHU [[1263,604,1574,657][11][,I,][Arial]]WRWKHUHDURIWK [[1574,604,2055,657][11][,I,][Arial]]HSULQFLSDOEXLOGLQJRULI [[975,664,2190,717][11][,I,][Arial]]FRQVWUXFWHGDVSDUWRIWKHSULQFLSDOEXLOGLQJEHKLQGWKHIURQW [[975,725,1113,778][11][,I,][Arial]]IDFDGH [[1113,725,1126,778][11][,I,][Arial]] [[1126,725,1606,778][11][,I,][Arial]]RIWKHSULQFLSDOEXLOGLQJ [[1606,725,1754,778][11][,I,][Arial]]H[FHSW [[1755,725,2139,778][11][,I,][Arial]]IRUWKHSRUWLRQRID [[975,786,1278,839][11][,I,][Arial]]SDUNLQJIDFLOLW\ [[1278,786,1366,839][11][,I,][Arial]]WKDW [[1368,786,1895,839][11][,I,][Arial]]LVFRPSOHWHO\EHORZJUDGH [[1895,786,1908,839][11][,I,][Arial]] [[1907,786,2197,839][11][,I,][Arial]] 6HH)LJXUH [[975,846,1014,899][11][,I,][Arial]]D [[1016,846,1029,899][11][,I,][Arial]] [[1029,846,1042,899][11][,I,][Arial]] [[900,907,913,960][11][,I,][Arial]] [[913,907,926,960][11][,I,][Arial]] $WWDFKPHQW'32=$PHQGPHQW I,][Arial]]F [[938,2546,951,2599][11][,I,][Arial]] [[975,2546,1133,2599][11][,I,][Arial]]LILVQRW [[1133,2546,2218,2599][11][,I,][Arial]]IHDVLEOHWRORFDWHWKHSDUNLQJIDFLOLW\WRWKHUHDURIWKH [[975,2606,1884,2659][11][,I,][Arial]]SULQFLSDOEXLOGLQJWKHSDUNLQJIDFLOLW\PD\EH [[1885,2606,2035,2659][11][,I,][Arial]]ORFDWHG [[2032,2606,2045,2659][11][,I,][Arial]] [[2046,2606,2185,2659][1 1][,I,][Arial]]WRRQH [[975,2667,1541,2720][11][,I,][Arial]]VLGHRIWKHSULQFLSDOEXLOGLQJ [[1540,2667,1592,2720][11][,I,][Arial]]D [[1592,2667,1605,2720][11][,I,][Arial]] [[1605,2667,2208,2720][11][,I,][Arial]]SDUNLQJ IDFLOLW\ORFDWHGWRRQH [[975,2728,998,2781][11][,I,][Arial]]V [[998,2728,1612,2781][11][,I,][Arial]]LGHRIDSULQFLSDOEXLOGLQJVKDOO [[1610,2728,1623,2781][11][,I,][Arial]] [[1623,2728,2170,2781][11][,I,][Arial]]EHQRPR UHWKDQIHHWLQ [[975,2788,1094,2841][11][,I,][Arial]]ZLGWK [[1095,2788,2128,2841][11][,I,][Arial]] QRWLQFOXGLQJDQ\UHTXLUHGODQGVFDSHEXIIHUDUHDV [[2130,2788,2143,2841][11][,I,][Arial]] [[975,2849,1848,2902][11][,I,][Arial]]PHDVXUHGIURPWKHVLGHZDOORIWKHSULQFLSD [[1849,2849,2042,2902][11][,I,][Arial]]OEXLOGLQJ [[2042,2849,2061,2902][11][,I,][Arial]] [[2058,2849,2151,2902][11][,I,][Arial]]6HH [[975,2909,1183,2962][11][,I,][Arial]])LJXUHE [[1184,2909,1197,2962][11][,I,][Arial]] [[1197,2909,1210,2962][11][,I,][Arial]] ϭϬͮWĂŐĞ  3DFNHW3J (F $WWDFKPHQW'32=$PHQGPHQW DO [[975,2272,1337,2325][11][,I,][Arial]]EXLOGLQJRQWKHORW [[1335,2272,1348,2325][11][,I,][Arial]] [[1348,2272,1936,2325][11][,I,][Arial]]DQGVXEMHFWWRDQ\RWKHULGHQ [[1936,2272,2193,2325][11][,I,] [Arial]]WLILHGGHVLJQ [[975,2333,1540,2386][11][,I,][Arial]]IHDWXUHVVHWEDFNEXIIHULQJ [[1541,2333,1554,2386][11][,I,][Arial]] [[1554,2333,1619,2386][11][,I,][Arial]]VFU [[1615,2333,2098,2386][11][,I,][Arial]]HHQLQJD QGODQGVFDSLQJ [[2098,2333,2111,2386][11][,I,][Arial]] [[2112,2333,2221,2386][11][,I,][Arial]] 6HH [[975,2393,1181,2446][11][,I,][Arial]])LJXUHF [[1182,2393,1195,2446][11][,I,][Arial]] [[1194,2393,1207,2446][11][,I,][Arial]] ϭϭͮWĂŐĞ  3DFNHW3J (F $WWDFKPHQW'32=$PHQGPHQW 858,2933][11][,I,][Arial]]DGMDFHQWWRDQDFWLYHSHGHVWULDQVWUHHW V IURQWD [[1858,2880,2232,2933][11][,I,][Arial]]JH V LVGHVFULEHG [[900,2941,947,2994][11][,I,][Arial]]LQ [[949,2941,1114,2994][11][,I,][Arial]]6HFWLRQ [[1115,2941,1267,2994][11][,I,][Arial]] (F [[900,301,913,354][11][,I,][Arial]] [[825,361,851,414][11][,I,][Arial]] [[851,361,864,414][11][,I,][Arial]] [[899,361,942,414][11][,I,][Arial]]$ [[944,361,2013,414][11][,I,][Arial]]UHTXLUHGODQGVFDSHEXIIHUDUHDZLGWKRIWHQ  IHHW [[2011,361,2097,414][11][,I,][Arial]]DV [[900,422,1641,475][11][,I,][Arial]]UHTXLUHGLQWKHSUHFHGLQJSDUDJUDSK [[1642,422,1655,475][11][,I,][Arial]] [[1655,422,1817,475][11][,I,][Arial]]PD\EH [[1818,422,1985,475][11][,I,][Arial]]UHGXF HG [[1983,422,1996,475][11][,I,][Arial]] [[1996,422,2242,475][11][,I,][Arial]]LQZLGWKEXW [[2241,422,2254,475][11][,I,][Arial]] [[900,483,938,536][11][,I,][Arial]]WR [[939,483,952,536][11][,I,][Arial]] [[952,483,1492,536][11][,I,][Arial]]QHYHUOHVVWKDQVL[  IHHW [[1489,483,1502,536][11][,I,][Arial]] [[1502,483,1515,536][11][,I,][Arial]] [[1515,483,2213,536][11][,I,][Arial]]LIWKHSDUNLQJORWGHYHORSPHQWSODQ [[2213,483,2226,536][11][,I,][Arial]] [[900,543,1085,596][11][,I,][Arial]]SURYLGHV [[1086,543,2107,596][11][,I,][Arial]]HLWKHURQHRUERWKRIWKHIROORZLQJDGGLWLRQDOSURYLV [[2108,543,2217,596][11][,I,][Arial]]LRQV [[2217,543,2230,59 6][11][,I,][Arial]] [[450,604,463,657][11][,I,][Arial]] [[900,664,939,717][11][,I,][Arial]]D [[941,664,954,717][11][,I,][Arial]] [[975,664,2004,717][11][,I,][Arial]]DVFUHHQLQJZDOORUIHQFHPDGHRISHUPDQHQWKLJK [[2004,664,2019,717][11][,I,][Arial]] [[2020,664,2177,717][11][,I,][Arial] ]TXDOLW\ [[975,725,2202,778][11][,I,][Arial]]GXUDEOHPDWHULDOVFRPSOHPHQWDU\LQGHVLJQDQGFRORUWRWKH [[975,786,2253,839][11][,I,][Arial]]DGMDFHQWVWUXFWXUHVLQWKHDUHDDQGRIDWOHDVWLQFKHVEXWQR [[975,846,2238,899][11][,I,][Arial]]PRUHWKDQLQFKHVLQKHLJKWVLWXDWHGLQWKHODQGVFDSHEXIIHU [[975,907,1001,960][11][,I,][Arial]]D [[1001,907,2076,960][11][,I,][Arial]]UHDEHWZHHQWKHVXUIDFHSDUNLQJORWDQGWKHUHTXLUHG [[975,967,1520,1020][11][,I,][Arial]]ODQGVFDSHKHGJHSODQWLQJV [[1521,967,1534,1020][11][,I,][Arial]] [[1534,967,2204,1020][11][,I,][Arial]]DOORZVDWZR  IRRWUHGXFWLRQLQ $WWDFKPHQW'32=$PHQGPHQW 265,1755,2149,1808][11][,I,][Arial]]WKHSODQWLQJSODQWRHVWDEOLVKDKHGJHPXVW [[900,1816,1366,1869][11][,I,][Arial]]LQFOXGHHTXDOO\VSDFHG [[1364,1816,1377,1869][11][,I,][Arial]] [[1377,1816,1527,1869][11][,I,][Arial]]VKUXEV [[1527,1816,1540,1869][11][,I,][Arial]] [[1540,1816,1559,1869][11][,I,][Arial]] [[1556,1816,1678,1869][11][,I,][Arial]]SODQWV [[1675,1816,1693,1869][11][,I,][Arial]] [[1693,1816,1706,1869][11][,I,][Arial]] [[1706,1816,2177,1869][11][,I,][Arial]]ZLWKDWOHDVWRQHVKUXE [[900,1877,919,1930][11][,I,][Arial]] [[916,1877,1017,1930][11][,I,][Arial]]SODQW [[1012,1877,1030,1930][11][,I,][Arial]] [[1030,1877,1043,1930][11][,I,][Arial]] [[1043,1877,2200,1930][11][,I,][Arial]]IRUHYHU\WKUHHOLQHDUIHHWRIIURQWDJHWKHSODQWHGVKUXEV [[900,1937,1539,1990][11][,I,][Arial]]PXVWJURZWRDPLQLPXPKHLJKW [[1537,1937,1550,1990][11][,I,][Arial]] [[1550,1937,2122,1990][11][,I,][Arial]]RIDWOHDVWLQFKHVDQGEH [[900,1998,2120,2051][11][,I,][Arial]]PDLQWDLQHGWRDKHLJKWRIQRPRUHWKDQLQFKHVDERYHWKH [[900,2058,2260,2111][11][,I,][Arial]]DGMDFHQWJUDGHLIWKHSDUNLQJORWSDUNLQJIDFLOLW\LVDWOHDVWWKUHH   [[900,2119,964,2172][11][,I,][Arial]]IHH [[964,2119,1115,2172][11][,I,][Arial]]WDERYH [[1114,2119,1127,2172][11][,I,][Arial]] [[1127,2119,2232,2172][11][,I,][Arial]]WKHDGMDFHQWVLGHZDONJUDGHWKH KHGJHSODQWLQJVPD\ [[900,2180,1219,2233][11][,I,][Arial]]EHUHGXFHGWRD [[1219,2180,1232,2233][11][,I,][Arial]] [[1232,2180,1906,2233][11][,I,][Arial]]W\SHWKDWSURGXFHDQHVWDEOLVKHG [[1907,2180,1920,2233][11][,I,] [Arial]] [[1920,2180,2109,2233][11][,I,][Arial]]KHLJKWRI [[2109,2180,2205,2233][11][,I,][Arial]]RQO\ [[900,2240,1452,2293][11][,I,][Arial]]LQFKHV 6HH)LJXUHE  [[1453,2240,1466,2293][11][,I,][Arial]] [[825,2343,838,2396][11][,I,][Arial]] [[825,2445,851,2498][11][,I,][Arial]] [[851,2445,864,2498][11][,I,][Arial]] [[899,2445,931,2498][11][,I,][Arial]]$ [[931,2445,944,2498][11][,I,][Arial]] [[944,2445,1147,2498][11][,I,][Arial]]SRUWL RQRI [[1148,2445,1568,2498][11][,I,][Arial]]WKHODQGVFDSHEXIIHU [[1563,2445,1576,2498][11][,I,][Arial]] [[1576,2445,1668,2498][11][,I,][Arial]]DUHD [[1667,2445,1692,2498][11][,I,][Arial]] [[1693,2445,2225,2498][11][,I,][Arial]]PD\EHXVHGIRUXSWRWHQ [[900,2505,1613,2558][11][,I,][Arial]]  UHTXLUHGELF\FOHSDUNLQJVSDFH [[1613,2505,2200,2558][11][,I,][Arial]]VVRORQJDVWKHLUORFDWLRQLV [[900,2566,1764,2619][11][,I,][Arial]]VDIHIRUWKHXVHUDQGWKHSHGHVWULDQRQWKH [[1764,2566,1777,2619][11][,I,][Arial]] [[1777,2566,1939,2619][11][,I,][Arial]]DEXWWLQJ [[1940,2566,1953,2619][11][, I,][Arial]] [[1953,2566,2141,2619][11][,I,][Arial]]VLGHZDON [[2141,2566,2229,2619][11][,I,][Arial]]DQG [[900,2627,2229,2680][11][,I,][Arial]]WKHODQGVFDSHSODQWLQJVGLVSODFHGEHFDXVHRIWKHELF\FOHSDUNLQJ [[900,2687,1738,2740][11][,I,][Arial]]DUHUHSODFHGVRPHZKHUHHOVHRQWKHVLWH [[1739,2687,1752,2740][11][,I,][Arial]] [[300,2790,313,2842][11][B,I,][Arial]] ϭϯͮWĂŐĞ  3DFNHW3J (F $WWDFKPHQW'32=$PHQGPHQW  (F $WWDFKPHQW'32=$PHQGPHQW l]] [[910,2485,943,2538][11][,I,][Arial]]7 [[938,2485,1307,2538][11][,I,][Arial]]KHDSSHDUDQFHRI [[1307,2485,1347,2538][11][,I,][Arial]]DW [[1346,2485,1361,2538][11][,I,][Arial]] [[1361,2485,1478,2538][11][,I,][Arial]]JUDGH [[1478,2485,1491,2538][11][,I,][Arial]] [[1491,2485,1769,2538][11][,I,][Arial]]SDUNLQJDUHDV [[1769,2485,1782,2538][11][,I,][Arial]] [[1782,2485,1942,2 538][11][,I,][Arial]]ORFDWHG [[1942,2485,2146,2538][11][,I,][Arial]]EHQHDWKD [[2146,2485,2183,2538][11][,I,][Arial]]Q [[910,2545,1086,2598][11][,I,][Arial]]HOHYDWHG [[1083,2545,1096,2598][11][,I,][Arial]] [[1096,2545,1254,2598][11][,I,][Arial]]EXLOGLQJ [[1253,2545,1266,2598][11][,I,][Arial]] [[1267,2545,1455,2598] [11][,I,][Arial]]WKDWIDFH [[1455,2545,1570,2598][11][,I,][Arial]]DSXE [[1570,2545,2178,2598][11][,I,][Arial]]OLFVWUHHW QRWDQDOOH\ VKRXOG [[2179,2545,2242,2598][11][,I,][Arial]]EH [[910,2606,1198,2659][11][,I,][Arial]]VKLHOGHGIURP [[1198,2606,1325,2659][11][,I,][Arial]]VWUHHW [[1325,2606,1962,2659][11][,I,][Arial]]YLHZZLWKDUFKLWHFWXUDOVFUHHQ V [[1959,2606,2173,2659][11][,I,][Arial]] EXLOGLQJ [[910,2667,1083,2720][11][,I,][Arial]]IDFDGHV [[1083,2667,1096,2720][11][,I,][Arial]] [[1096,2667,1602,2720][11][,I,][Arial]]RURWKHUVXLWDEOHHOHPHQW [[1600,2667,1635,2720][11][,I,][Arial]]V [[1636,2667,1889,2720][11][,I,][Arial]] 6HH3LFWXUH [[1888,2667,1901,2720][11][,I,][Arial]] [[1901,2667,1940,2720][11][,I,][Arial]] [[1942,2667,1955,2720][11][,I,][Arial]] [[1954,2667,1967,2720][11][,I,][Arial]] [[825,2727,838,2780][11][,I,][Arial]] [[835,2788,861,2841][11][,I,][Arial]] [[860,2788,873,2841][11][,I,][Arial]] [[910,2788,943,2841][11][,I,][Arial]]7 [[938,2788,989,2841][11][,I,][Arial]]KH [[988,2788,1001,2841][11][,I,][Arial]] [[1002,2788,2171,2841][11][,I,][Arial]]IDoDGHRIDQHZRUH[SDQGHGSDUNLQJVWUXFWXUHRUEXLOGLQJ [[2171,2788,2184,2841][11][,I,][Arial]] [[910,2849,1033,2902][11][,I,][Arial]]WKDWLV [[1032,2849,1045,2902][11][,I,][Arial]] [[1045,2849,2111,2902][11][,I,][Arial]]ZLWKLQWZRVWRULHVLQKHLJKWDERYHWKHDGMDFHQWJUDGH [[2110,2849,2123,29 02][11][,I,][Arial]] [[2123,2849,2211,2902][11][,I,][Arial]]DQG [[910,2909,1101,2962][11][,I,][Arial]]IURQWVRQ [[1101,2909,1398,2962][11][,I,][Arial]]DSXEOLFVWUHHW [[1398,2909,1545,2962][11][,I,][Arial]]VKRXOG [[1547,2909,2262,2962][11][,I,][Arial]]EHFRQVW UXFWHGZLWKWKHVDPHOHYHO ϭϱͮWĂŐĞ  3DFNHW3J (F [[910,301,2049,354][11][,I,][Arial]]RIDUFKLWHFWXUDOGHWDLODQGW\SHRIH[WHULRUPDWHULDOVDVWK [[2048,301,2085,354][11][,I,][Arial]]H [[910,361,936,414][11][,I,][Arial]]S [[935,361,1465,414][11][,I,][Arial]]ULQFLSDOEXLOGLQJRQWKHORW [[1465,361,1770,414][11][,I,][Arial]] 6HH3LFWXUH [[1771,361,1784,414][11][,I,][Arial]] [[825,422,838,475][11][,I,][Arial]] [[835,483,861,536][11][,I,][Arial]] [[860,483,873,536][11][,I,][Arial]] [[910,483,943,536][11][,I,][Arial]]7 [[938,483,2183,536][11][,I,][Arial]]KHIDoDGHRIDQHZRUH[SDQGHGSDUNLQJVWUXFWXUHRU EXLOGLQJ [[910,543,2099,596][11][,I,][Arial]]VKRXOGEOHQGLQZLWKWKHRYHUDOODSSHDUDQFHRIWKHH[LVWLQJ [[910,604,2072,657][11][,I,][Arial]]EXLOGLQJVO\LQJDGMDFHQWWRRUGLUHFWO\DFURVVWKHVWUHHWE\ [[910,664,1456,717][11][,I,][Arial]]PDLQWDLQLQJWKHSDWWHUQVRI [[1450,664,1463,717][11][,I,][Arial]] [[1463,664,1663,717][11][,I,][Arial]]KRUL]RQWDO [[1661,664,1674,717][11][,I,][Arial]] [[1674,664,2048,717][11][,I,][Arial]] VWRU\GLPHQVLRQV [[2049,664,2062,717][11][,I,][Arial]] [[2062,664,2150,717][11][,I,][Arial]]DQG [[910,725,1269,778][11][,I,][Arial]]YHUWLFDODOLJQPHQW [[1267,725,1280,778][11][,I,][Arial]] [[1279,725,1760,778][11][,I,][Arial]] EXLOGLQJIDoDGHZLGWKV [[1761,725,1774,778][11][,I,][Arial]] [[1774,725,1825,778][11][,I,][Arial]]RI [[1824,725,1900,778][11][,I,][Arial]]WKH [[1901,725,2163,778][11][,I,][Arial]]DUFKLWHFWXUDO [[910,786,1269,839][11][,I,][Arial]]IHDWXUHVHVWDEOLVK [[1269,786,1916,839][11][,I,][Arial]]HGE\WKHQHLJKERULQJEXLOGLQJV [[1916,786,2013,839][11][,I,][Arial]] 6HH [[2013,786,2026,839][11][,I,][Arial]] [[2026,786,2234,839][11][,I,][Arial]]3LFWXUH  [[2235,786,2248,839][11][,I,][Arial]] [[825,846,838,899][11][,I,][Arial]] [[835,907,862,960][11][,I,][Arial]] [[860,907,873,960][11][,I,][Arial]] [[910,907,943,960][11][,I,][Arial]]7 [[938,907,1030,960][11][,I,][Arial]]KHG [[1027,907,1526,960][11][,I,][Arial]]HVLJQRIW KHJURXQGIORRU [[1521,907,1534,960][11][,I,][Arial]] [[1534,907,1877,960][11][,I,][Arial]]DQGVHFRQGIORRU [[1873,907,1886,960][11][,I,][Arial]] [[1886,907,2137,960][11][,I,][Arial]]RIDSDUNLQJ [[910,967,1324,1020][11][,I,][Arial]]VWUXFWXUHRUEXLOGLQJ [[1325,967,1419,1020][11][,I,][Arial]]IURQW [[1417,967,1852,1020][11][,I,][Arial]]LQJRQDSXEOLFVWUHHW [[1852,967,2249,1020][11][,I,][Ar ial]]VKRXOGPDNHHYHU\ $WWDFKPHQW'32=$PHQGPHQW ][Arial]]WKHJHQHUDOSXEOLF [[1272,1452,1285,1505][11][,I,][Arial]] [[1285,1452,1725,1505][11][,I,][Arial]]LQDQHZRUH[SDQGHG [[1722,1452,1735,1505][11][,I,][Arial]] [[1736,1452,2142,1505][11][ ,I,][Arial]]SDUNLQJVWUXFWXUHRU [[910,1513,1216,1566][11][,I,][Arial]]EXLOGLQJWKDWLV [[1216,1513,1486,1566][11][,I,][Arial]]YLVLEOHIURPD [[1486,1513,1499,1566][11][,I,][Arial]] [[1499,1513,1800,1566][11][,I,][Arial]]SXEOLFVW UHHW Q [[1799,1513,2048,1566][11][,I,][Arial]]RWDQDOOH\  [[2049,1513,2260,1566][11][,I,][Arial]]VKRXOGEH [[910,1574,1037,1627][11][,I,][Arial]]ILIW\  [[1035,1574,1811,1627][11][,I,][Arial]] WUDQVSDUHQWWRYLHZHUVIURPWKHVW [[1809,1574,1900,1627][11][,I,][Arial]]UHHW [[1901,1574,2206,1627][11][,I,][Arial]] 6HH3LFWXUH [[2207,1574,2220,1627][11][,I,][Arial]] [[2219,1574,2232,1627][11][,I,][Arial]] [[450,1634,463,1687][11][,I,][Arial]] [[900,1695,913,1748][11][,I,][Arial]] [[900,1755,913,1808][11][,I,][Arial]] [[900,1816,913,1869][11][,I,][Arial]] [[900,1876,913,1929][11][,I,][Arial]] [[900,1937,913,1990][11][,I,][Arial]] ϭϲͮWĂŐĞ  3DFNHW3J (F $WWDFKPHQW'32=$PHQGPHQW  (F $WWDFKPHQW'32=$PHQGPHQW  (F [[300,301,313,354][11][,I,][Arial]] $WWDFKPHQW'32=$PHQGPHQW  (F [[825,301,838,354][11][,I,][Arial]] [[825,361,838,414][11][,I,][Arial]] [[825,422,1041,475][11][,I,][Arial]] [[1042,422,1156,475][11][,I,][Arial]] [[1157,422,1513,475][11][,I,][Arial]] [[1513,422,1526,475][11][,I,][Ar ial]] [[825,483,908,535][11][B,I,][Arial]]. [[910,483,1261,535][11][B,I,][Arial]]3DUNLQJ)DFLOLW\ [[1261,483,1457,535][11][B,I,][Arial]]/LJKWLQJ [[1457,483,1470,535][11][B,I,][Arial]] [[825,543,838,595][11][B,I,][Arial]] [[838,543,851,595][11][B,I,][Arial]] [[825,604,838,657][11][,I,][Arial]] [[837,604,1095,657][11][,I,][Arial]]$Q\H[WHULRU [[1096,604,1899,657][11][,I,][Arial]]OLJKWLQJSURYLGHGIRUDSDUNLQJIDFLOLW\VK [[1898,604,2147,657][11][,I,][A rial]]DOOXWLOL]HIXOO [[2145,604,2160,657][11][,I,][Arial]] [[825,664,1136,717][11][,I,][Arial]]FXWRIIOXPLQDLUH [[1136,664,1159,717][11][,I,][Arial]]V [[1159,664,1516,717][11][,I,][Arial]],ISROHPRXQWHG [[1513,664,1526,717][11][,I,][Arial]] [[1526,664,1539,717][11][,I,][Arial]] [[1539,664,2091,717][11][,I,][Arial]]WKHPD[LPXPKHLJKWRIWKH [[825,725,1010,778][11][,I,][Arial]]OXPLQDLUH [[1011,725,1024,778][11][,I,][Arial]] [[1024,725,1182,778][11][,I,][Arial]]VKDOOEH [[1182,725,1195,778][11][,I,][Arial]] [[1195,725,2187,778][11][,I,] [Arial]]IHHWZLWKDPD[LPXPSHUPLWWHGLOOXPLQDWLRQRI [[825,786,1599,839][11][,I,][Arial]]RQH  IRRWFDQGOHDWWKHSURSHUW\OLQH [[1600,786,1625,839][11][,I,][Arial]] [[1626,786,2079,839][11][,I,][Arial]]7KHOLJKWVRXUFHRIWKH [[2079,786,2092,839][11][,I,][Arial]] [[825,846,1237,899][11][,I,][Arial]]OXPLQDLUHVXVHGIRUL [[1236,846,2190,899][11][,I,][Arial]]QWHULRUOLJKWLQJLQDSDUNLQJVWUXFWXUHRUEXLOGLQJ [[2189,846,2202,899][11][,I,][Arial]] [[825,907,2254,960][11][,I,][Arial]]VKDOOEHFRPSOHWHO\VKLHOGHGIURPYLHZE\SHUVRQVVWDQGLQJDQ\ZKHUH [[2255,907,2268,960][11][,I,][Arial]] [[825,967,970,1020][11][,I,][Arial]]ZLWKLQW [[968,967,1897,1020][11][,I,][Arial]]KHDGMDFHQWVWUHHWULJKWRIZD\ 6HH)LJXUH  [[1898,967,1911,1020][11][,I,][Arial]] $WWDFKPHQW'32=$PHQGPHQW  (F [[900,301,972,354][11][,I,][Arial]]VLWH [[972,301,1994,354][11][,I,][Arial]],IDSDUNLQJIDFLOLW\KDVEHWZHHQDQGDXWR [[1994,301,2156,354][11][,I,][Arial]]SDUNLQJ [[900,361,1058,414][11][,I,][Arial]]VSDFHV [[1058,361,1071,414][11][,I,][Arial]] [[1071,361,1128,414][11][,I,][Arial]]RII [[1122,361,1137,414][11][,I,][Arial]] [[1138,361,1265,414][11][,I,][Arial] ]VWUHHW [[1265,361,1703,414][11][,I,][Arial]]ELF\FOHSDUNLQJVSDFH [[1703,361,2092,414][11][,I,][Arial]]VPXVWEHSURYLGHG [[2090,361,2103,414][11][,I,][Arial]] [[2103,361,2191,414][11][,I,][Arial] ]DWD [[900,422,989,475][11][,I,][Arial]]UDWLR [[990,422,1003,475][11][,I,][Arial]] [[1003,422,1165,475][11][,I,][Arial]]RIRQHV [[1166,422,1266,475][11][,I,][Arial]]SDFH [[1265,422,1278,475][11][,I,][Ar ial]] [[1278,422,1433,475][11][,I,][Arial]]SHUWHQ [[1433,422,1535,475][11][,I,][Arial]]DXWR [[1535,422,1844,475][11][,I,][Arial]]SDUNLQJVSDFHV [[1843,422,1880,475][11][,I,][Arial]] [[1882,422,1896,475][11][,I,][Arial]], [[1894,422,2120,475][11][,I,][Arial]]QDQHZRU [[900,483,1408,536][11][,I,][Arial]]H[SDQGHGSDUNLQJIDFLOLW\ [[1405,483,1418,536][11][,I,][Arial]] [[1418,483,1820,536][11][,I,][Arial]]ZLWKPRUHWKDQ [[1820,483,2014,536][11][,I,][Arial]]DXWR SDUN [[2012,483,2243,536][11][,I,][Arial]]LQJVSDFHV [[2243,483,2256,536][11][,I,][Arial]] [[900,543,2232,596][11][,I,][Arial]]WKHUHTXLUHGUDWLRRIELF\FOHVSDFHVWREHSURYLGHGIRUWKDWSRUWLRQ [[900,604,2257,657][11][,I,][Arial]]RIWKHSDUNLQJIDFLOLW\DERYHDXWRVSDFHVLQQXPEHULVUHGXFHG [[900,664,951,717][11][,I,][Arial]]WR [[952,664,978,717][11][,I,][Arial]]R [[977,664,1028,717][11][,I,][Arial]]QH [[1028,664,1043,717][11][,I,][Arial]] [[1043,664,1106,717][11][,I,][Arial]]KDO [[1104,664,1301,717][11][,I,][Arial]]IRIDQRII [[1295,664,1310,717][11][,I,][Arial]] [[1311,664,1438,717][11][,I,][Arial]]VWUHHW [[1438,664,1741,717][11][,I,][Arial]]ELF\FOHSDUNLQJ [[1741,664,1754,717][11][,I,][Arial]] [[1754,664,1907,717][11][,I,][Arial]]VSDFHI [[1902,664,2145,717][11][,I,][Arial]]RUHYHU\WHQ [[2144,664,2157,717][11][,I,][Arial]] [[2157,664,2246,717][11][ ,I,][Arial]]DXWR [[2246,664,2259,717][11][,I,][Arial]] [[900,725,1186,778][11][,I,][Arial]]SDUNLQJVSDFH [[1186,725,1209,778][11][,I,][Arial]]V [[1209,725,1222,778][11][,I,][Arial]] [[1222,725,1235,778][11][,I,][Arial]] [[1234,725,2125,778][11][,I,][Ar ial]],IH[LVWLQJSXEOLFELF\FOHSDUNLQJVSDFHVDUH [[900,786,2110,839][11][,I,][Arial]]ORFDWHGRQWKHVDPHEORFNDVWKHQHZRUH[SDQGHGSDUNLQJ [[900,846,1031,899][11][,I,][Arial]]IDFLOLW\ [[1028,846,1053,899][11][,I,][Arial]] [[1053,846,2131,899][11][,I,][Arial]]WKHUHTXLUHPHQWIRUSURYLGLQJELF\FOHSDUNLQJPD\EH [[900,907,1055,960][11][,I,][Arial]]ZDLYHG [[1056,907,1081,960][11][,I,][Arial]] [[1081,907,1094,960][11][,I,][Arial]] [[825,967,838,1020][11][,I,][Arial]] $WWDFKPHQW'32=$PHQGPHQW  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1 ]RIPRWRUYHKLFOHV7KHWHUP [[732,2147,820,2173][18][,I,][Arial]] [[732,2167,820,2897][18][,I,][Arial]]GHVLJQHGIRUWKHVKRUW [[547,2238,642,2272][18][,I,][Calibri]]͟ [[550,2267,638,2780][18][,I,][Arial]]3DUNLQJ)DFLOLW\ [[547,2775,642,2812][18][,I,][Calibri]]͞ [[550,2811,638,2881][18][,I,][Arial]]$ $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1 PHWKRGVRI [[923,1398,1011,2847][18][,I,][Arial]]WLPHDVDSODQQHGIXWXUHHYHQWWDNHVSODFH [[473,1447,561,1989][18][,I,][Arial]]8VH3HUPLWXWLOL] [[293,1585,381,2247][18][B,I,][Arial]]$SSURYDO3URFHVV [[1958,1861,2046,2723][18][,I,][Arial]]$VSDUWRIWKH&RQGLWLRQDO [[1298,1874,1386,1956][18][,I,][Arial]]7R [[1298,1955,1386,2772][18][,I,][Arial]]ORFDWHGRQWKHVDPHORW [[473,1989,561,2847][18][,I,][Arial]]LVVXDQFHRID&RQGLWLRQDO [[563,2029,651,2848][18][,I,][Arial]]SURFHVVZLWKD3KDVH,,, [[653,2164,741,2847][18][,I,][Arial]]DXWKRULW\WRDSSURYH [[1388,2293,1476,2773][18][,I,][Arial]]SDUNLQJIDFLOLW\ [[1118,2373,1206,2772][18][,I,][Arial]]7KH=RQLQJ $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1 1,331,2392][18][B,I,][Arial]]YHKLFXODU$FFHVV [[693,2349,781,3072][18][,I,][Arial]]GHVLJQHGWRPLQLPL]H [[243,2391,331,2417][18][B,I,][Arial]] [[243,2418,331,2984][18][B,I,][Arial]]KLFXODUDQG1RQ [[783,2502,871,3072][18][,I,][Arial]]GULYHVWRSDUNLQJ [[1773,2966,1861,3073][18][,I,][Arial]]$V [[243,2982,331,3072][18][B,I,][Arial]]9H [[423,2982,511,3072][18][,I,][Arial]]9H $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1 1,2972][16][,I,][Arial]]ORFDWHGWRRQHVLGHRIDSULQFLSDO [[1433,2046,1511,2972][16][,I,][Arial]]PHDVXUHGIURPWKHVLGHZDOORI [[1026,2097,1104,2510][16][,I,][Arial]]IRUWKHSRUWLRQ [[1273,2387,1351,2973][16][,I,][Arial]]SDUNLQJIDFLOLW\PD\ [[273,2464,351,2897][16][B,I,][Arial]]3ODFHPHQWRI [[1026,2509,1104,2972][16][,I,][Arial]]EXLOGLQJH[FHSW [[353,2609,431,2897][16][B,I,][Arial]]%XLOGLQJ [[1792,2694,1887,2757][18][,I,][Calibri]]ƚŽ [[1792,2756,1887,2780][18][,I,][Calibri]]Ͳ [[1792,2778,1887,2947][18][,I,][Calibri]]͞ďƵŝůƚ [[546,2934,624,2972][16][,I,][Arial]]/ [[786,2934,864,2972][16][,I,][Arial]]/ [[946,2951,1024,2972][16][,I,][Arial]], $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1 29][16][,I,][Arial]]XUIDFHSDUNLQJORWVKDOOEHEXIIHUHGZLWKODQGVFDSLQJZKHUHYHU [[1213,1134,1291,3022][16][,I,][Arial]]FRPSOHPHQWDU\LQGHVLJQDQGFRORUWRWKHDGMDFHQWVWUXFWXUHVLV [[1213,1134,1291,3022][16][,I,][Arial]]FRPSOHPHQWDU\LQGHVLJQDQGFRORUWRWKHDGMDFHQWVWUXFW XUHVLV [[733,1137,811,2493][16][,I,][Arial]]DUHD V DEXWVDVWUHHWRUSHGHVWULDQVLGHZDON [[493,1156,571,1794][16][,I,][Arial]]EXWQRWDQDOOH\DQG [[1133,1165,1211,1188][16][,I,][Arial]] [[248,1175,326,1383][16][B,I,][Arial]]IHULQJ [[1133,1188,1211,1314][16][,I,][Arial]]KLJK [[1133,1316,1211,3023][16][,I,][Arial]]SURYLVLRQLIDVFUHHQLQJZDOORUIHQFHPDGHRISHUPDQHQW [[248,1371,326,2507][16][B,I,][Arial]]6XUIDFH3DUNLQJ/RW/DQGVFDSH%XI [[1853,1401,1931,1869][16][,I,][Arial]]IHHWRIIURQWDJH [[653,1420,731,2397][16][,I,][Arial]]WKHVXUIDFHSDUNLQJORWLQFOXGLQJ [[1773,1618,1851,2271][16][,I,][Arial]]DKHGJHPXVWLQFOXGH [[493,1784,571,2038][16][,I,][Arial]]SDWKZD\ [[1853,1868,1931,3022][16][,I,][Arial]]RQHVKUXE SODQW IRUHYHU\WKUHHOLQHDU [[1453,1894,1531,3022][16][,I,][Arial]]WUHHIRUHYHU\WHQ  SDUNLQJVSDFHV [[573,2007,651,3022][16][,I,][Arial]]IHHWLQZLGWKWKHODQGVFDSHEXIIHU [[493,2037,571,2388][16][,I,][Arial]]VLGHZDONRU [[1613,2069,1691,2378][16][,I,][Arial]]DUHDVKDOO [[1693,2097,1771,2541][16][,I,][Arial]]JURZDQGIRUP [[813,2150,891,3022][16][,I,][Arial]]IHHWWKHPLQLPXPODQGVFDSH [[1773,2270,1851,3023][16][,I,][Arial]]SODQWLQJSODQWRHVWDEOLVK [[2093,2278,2171,3022][16][,I,][Arial]]WKHKHGJHSODQWLQJVPD\ [[1053,2357,1131,2940][16][,I,][Arial]]HTXLUHGODQGVFDSH [[1613,2379,1691,3022][16][,I,][Arial]]7KHODQGVFDSHEXIIHU [[493,2389,571,3022][16][,I,][Arial]]DEXWVDSXEOLFVWUHHW [[653,2397,731,2752][16][,I,][Arial]]OLQHVZKHUH [[733,2493,811,3022][16][,I,][Arial]]ODQGVFDSHEXIIHU [[1693,2539,1771,3022][16][,I,][Arial]] SODQWV WKDWZLOO [[893,2595,971,3022][16][,I,][Arial]]IHHWLIDOORZHG [[653,2752,731,3022][16][,I,][Arial]]DORQJORW [[2173,2827,2251,3022][16][,I,][Arial]]LQFKHV [[413,2927,491,3023][16][,I,][Arial]]$V [[1053,2933,1131,3023][16][,I,][Arial]]$U $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1  $WWDFKPHQW(;$03/(62)3$5.,1*6758&785('(6,*1 27][18][,I,][Calibri]]ƚďĞƉƌŽǀŝĚĞĚŽŶƐŝƚ [[1472,1858,1567,2969][18][,I,][Calibri]]ƌĞĞƚďŝĐLJĐůĞƉĂƌŬŝŶŐƐƉĂĐĞĨŽƌĞǀĞƌLJƚ [[662,1977,757,2122][18][B,I,][Calibri]]>͘Z [[1382,2002,1477,3022][18][,I,][Calibri]]ƚŚĞƉĂƌŬŝŶŐĨĂĐŝůŝƚLJĂďŽǀĞϭϬϬĂƵƚ [[1112,2374,1207,2429][18][,I,][Calibri]]Ɛƚ [[1022,2425,1117,3022][18][,I,][Calibri]]ďŝĐLJĐůĞƉĂƌŬŝŶŐŵƵƐ [[1112,2428,1207,2452][18][,I,][Calibri]]Ͳ [[1112,2444,1207,3022][18][,I,][Calibri]]ƉĂƌŬŝŶŐƐƉĂĐĞƐ͕ŽĨĨ [[932,2630,1027,3022][18][,I,][Calibri]]/ŶĂŶĞǁŽƌĞ [[1202,2686,1297,2882][18][,I,][Calibri]]ĞŶĂƵƚ [[1202,2686,1297,2882][18][,I,][Calibri]]ĞŶĂƵƚ [[1202,2879,1297,3022][18][,I,][Calibri]]ƉĞƌƚ [[1202,2879,1297,3022][18][,I,][Calibri]]ƉĞƌƚ [[1292,2918,1387,3022][18][,I,][Calibri]]ĂƵƚ [[1472,2967,1567,3022][18][,I,][Calibri]]Ɛƚ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¶V2IILFHGHWHUPLQHGWKDWERWKDSSOLFDQWV VKRXOGEHFRQVLGHUHGDVILQDOLVWVIRUWKHXQH[SLUHGWHUPRIRIILFHRQWKH%RDUG7KH QDPHVRIWKRVHILQDOLVWVDUHDVIROORZV   5D\PRQG6FKPLW]  6WHYH7KRPSVRQ   3XUVXDQWWR5&2†VXEG % WKH$SSRLQWLQJ&RPPLWWHHKDVVXEPLWWHGWKH DERYHWZRILQDOLVWVWRWKH0D\RUDQG&RXQFLOIRUFRPPHQW$FFRUGLQJWRWKHRUGLQDQFHWKH SXEOLFWKH0D\RUDQGWKH&RXQFLOPD\FRPPHQWRQDQ\RIWKHILQDOLVWV7KRVHFRPPHQWV ZLOOEHVKDUHGZLWKWKH$SSRLQWLQJ&RPPLWWHHZKRLQWXUQZLOOPHHWLQODWH$XJXVWWRPDNH WKHDFWXDODSSRLQWPHQWWRWKH(WKLFDO3UDFWLFHV%RDUG7KH0D\RUDQG&RXQFLOGRQRW PDNHWKHDSSRLQWPHQWDQGDUHQRWLQYROYHGLQDSSURYLQJWKH&RPPLWWHH¶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³KD]DUGRXV´IROORZLQJDSXEOLFKHDULQJGXULQJZKLFKSXEOLFFRPPHQWFDQEHPDGH,IWKH &RXQFLOGHWHUPLQHVWKHSURSHUW\LVKD]DUGRXVWKH&RXQFLOPXVWWKHQGHWHUPLQHZKDWDFWLRQV RQWKHSDUWRIWKHRZQHUZLOOEHVXIILFLHQWWRPDNHWKHSURSHUW\QRQKD]DUGRXVDQGKRZ PXFKWLPHWKHRZQHUVKRXOGKDYHWRWDNHWKRVHDFWLRQV   ,IWKHSURSHUW\LVQRWGHWHUPLQHGWREHKD]DUGRXVQRIXUWKHUDFWLRQLVUHTXLUHGRIWKH &RXQFLO   &281&,/$&7,215(48(67('  3DFNHW3J ( )ROORZLQJWKHSXEOLFKHDULQJWKH&RXQFLOZLOOQHHGWRGHWHUPLQHWKHIROORZLQJ :KHWKHUWKH SURSHUW\ORFDWHGDW (D W[W $XJXVW 6(48(1&(2)(9(176)25<RXQJ 2Q6HSWHPEHU,UHFHLYHGDFDOOIURP-HUU\"VEURWKHU5REHUW<RXQJVD\LQJKH ZDVSODQQLQJWRFRPHWR0LQQHVRWDLQPLG2FWREHUWRFRPSOHWHFOHDQLQJXSWKH\DUG DQGGHPROLVKWKHKRPH 2FWREHUVLWHYLVLWWRWKHSURSHUW\QRLPSURYHPHQWFRPSOHWHG 2FWREHUFDOOHG5REHUWKHGLVFXVVHGWKDWWKH&LW\VKRXOGJHWELGVIRUKLP WRFRQVLGHUIRUGHPROLWLRQDQG5REHUWZDVUHFHQWO\GLDJQRVHGZLWKFDQFHU 2FWREHUPHWZLWK(DVW6LGH6HUYLFHVFRQWUDFWRUWRJHWELGIRUHVWLPDWHRI ZRUNWREHGRQHRQWKHSURSHUW\\DUGFOHDQXSRQO\ 1RYHPEHU$0RXURIILFHUHFHLYHGDQRWKHUFDOOIURP/(&GLVSDWFKSURSHUW\ XQVHFXUHGQHHGVWREHUHVHFXUHG 1RYHPEHU30FDOOHG5REHUW<RXQJLQIRUPLQJKLPRIWKHUHFHQWYDQGDOLVPKH JDYHWKH&LW\SHUPLVVLRQWRVHFXUHEXLOGLQJV 0DUFKVLWHYLVLWWRSURSHUW\LVVXHGDOHWWHUWR5REHUW<RXQJ $SULOFDOOHG5REHUWLQIRUPHGKLPWKDW,ZDVPHHWLQJZLWK3XEOLF:RUNV 5XVV.HOPWRGRDSURMHFWHYDOXDWLRQRISURSHUW\DEDWHPHQW 3DJH 3DFNHW3J (D W[W $SULOPHW5XVV.HOPRQVLWHWRHYDOXDWHZRNWREHGRQHFRPSOHWHGIRU GHPROLWLRQDEDWHPHQWRIDOOEXLOGLQJV $WWDFKPHQW6HTXHQFHRI(YHQWVIRUQG%URNHU:HVWZRRG5HDOW\,QF 1: (E $WWDFKPHQW (E $WWDFKPHQW (E $WWDFKPHQW (F $WWDFKPHQW (F $WWDFKPHQW (F $WWDFKPHQW ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7(    $*(1'$6(&7,2125,*,1$7,1*'(37 5HSRUWVDQG5HFRPPHQGDWLRQV&LW\$WWRUQH\ ,7(0'(6&5,37,2135(3$5('%<  0D\R&LYLF&HQWHU&RPPLVVLRQ2UGLQDQFH7HUU\$GNLQV  $WWKHFRQFOXVLRQRIWKH$XJXVW&RPPLWWHHRIWKH:KROHPHHWLQJWKH&RXQFLO E\FRQVHQVXVGLUHFWHGPHWRSUHSDUHDGUDIW0D\R&LYLF&HQWHU&RPPLVVLRQ2UGLQDQFH IRUWKH&RXQFLO¶VFRQVLGHUDWLRQ7KH0&&&RPPLVVLRQZRXOGEHUHVSRQVLEOHIRUWKH PDQDJHPHQWDQGRSHUDWLRQRIWKH0D\R&LYLF&HQWHU7KH&RPPLVVLRQZRXOGEH FRPSRVHGRIVHYHQSHUVRQVQRPLQDWHGE\WKH0D\RUDQGDSSRLQWHGE\WKH&RXQFLO 7KH&RPPLVVLRQ¶VPDNHXSZRXOGEHFRPSRVHGJHQHUDOO\RIPHPEHUVIURPWKHDUWV KRWHOGRZQWRZQEXVLQHVV0D\R&OLQLF0&&XVHUDQGWKHJHQHUDOSXEOLFFRPPXQLWLHV   ,KDYHSUHSDUHGWKHUHTXHVWHGRUGLQDQFHDQGDWWDFKLWIRUWKH0D\RUDQG&RXQFLO¶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¶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