Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
May 19, 2014 Agenda Packet
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x 7KLVVHFWLRQRIWKHDJHQGDPD\QRWEHXVHGDVDIRUXPWRFRQWLQXHGLVFXVVLRQRQDQDJHQGD LWHPZKLFKKDVDOUHDG\EHHQKHOGDVDSXEOLFKHDULQJ x 7KLVDJHQGDVHFWLRQLVOLPLWHGWRPLQXWHVDQGHDFKVSHDNHULVOLPLWHGWRPLQXWHV x $Q\VSHDNHUVQRWKDYLQJWKHRSSRUWXQLW\WREHKHDUGZLOOEHILUVWWRSUHVHQWDWWKHQH[W&RXQFLO PHHWLQJ x )XOOQDPHDQGDGGUHVVRIWKHVSHDNHUPXVWEHSURYLGHG x &LWL]HQVPD\RQO\XVHWKLVIRUXPWRDGGUHVVWKH&RXQFLORQDPD[LPXPRIRQHWLPHSHUPRQWK x 0DWWHUVFXUUHQWO\XQGHUQHJRWLDWLRQOLWLJDWLRQRUUHODWHGWRSHUVRQQHOZLOOQRWEHGLVFXVVHGLQ WKLVIRUXP x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¶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¶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x 7KHELUWKRIDFKLOGLQFOXGLQJSUHQDWDOFDUHRUSODFHPHQWRIDFKLOGZLWKWKHHPSOR\HHIRUDGRSWLRQRU IRVWHUFDUH x 7RFDUHIRUDVSRXVHFKLOGRUSDUHQWZKRKDVDVHULRXVKHDOWKFRQGLWLRQ x 'XHWRWKHVHULRXVKHDOWKFRQGLWLRQWKDWPDNHVWKHHPSOR\HHXQDEOHWRSHUIRUPWKHHVVHQWLDOIXQFWLRQVRI WKHLUSRVLWLRQDQG x $FRYHUHGPLOLWDU\PHPEHU¶VDFWLYHGXW\RUFDOOWRGXW\RUWRFDUHIRUDFRYHUHGPLOLWDU\PHPEHU 0LOLWDU\ &DUHJLYHUDQG4XDOLILHG([LJHQF\/HDYHGHVFULEHGEHORZ %'HILQLWLRQV &DULQJIRUDFRYHUHGIDPLO\PHPEHULQFOXGHVSV\FKRORJLFDODVZHOODVSK\VLFDOFDUH,WDOVRLQFOXGHVDFTXLU LQJFDUHDQGVKDULQJFDUHGXWLHV $QHOLJLEOHFKLOGLVGHILQHGDVDSHUVRQXQGHU\HDUVRIDJH RUDSHUVRQLQFDSDEOHRIVHOIFDUHEHFDXVH RIDSK\VLFDORUPHQWDOGLVDELOLW\ ZKRLVDELRORJLFDODGRSWHGIRVWHURUVWHSFKLOGDZDUGRIWKHHPSOR\HH RUDSHUVRQZLWKZKRPWKHHPSOR\HHLVFKDUJHGZLWKDSDUHQW QVLELOLWLHV ³6SRXVH´PHDQVPDQRUZRPDQDVORQJDVWKHUHLVDOHJDOPDUULDJHLWGRHVQRWLQFOXGHGRPHVWLFSDUWQHUVRU FRPPRQODZVSRXVHV $QHOLJLEOHSDUHQWLQFOXGHVDELRORJLFDOSDUHQWRUDSHUVRQZKRZDVFKDUJHGZLWKSDUHQWDOULJKWVGXWLHVDQG UHVSRQVLELOLWLHVRYHUWKHHPSOR\HHZKHQWKHHPSOR\HHZDVXQGHUWKHDJHRI³SDUHQW´GRHVQRWLQFOXGHLQ ODZV ³6HULRXV+HDOWK&RQGLWLRQ´DVGHILQHGXQGHUWKH)0/$PHDQVDQLOOQHVVLQMXU\LPSDLUPHQWRUSK\VLFDORU PHQWDOFRQGLWLRQWKDWLQYROYHVRQHRIWKHIROORZLQJ x +RVSLWDO&DUH$Q\SHULRGRILQFDSDFLW\RUWUHDWPHQWFRQQHFWHGZLWKLQSDWLHQWFDUH LHDQRYHUQLJKW VWD\ LQDKRVSLWDOKRVSLFHRUUHVLGHQWLDOPHGLFDOFDUHIDFLOLW\ x 3UHJQDQF\$Q\SHULRGRILQFDSDFLW\GXHWRSUHJQDQF\SUHQDWDOPHGLFDOFDUHRUFKLOGELUWK x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¶VDVHYHUHVWURNHRUWHUPLQDO VWDJHVRIDGLVHDVH 0XOWLSOH7UHDWPHQWV$Q\SHULRGRIDEVHQFHWRUHFHLYHPXOWLSOHWUHDWPHQWV LQFOXGLQJDQ\SHULRGRIUHFRYHU\ WKHUHIURP E\DKHDOWKFDUHSURYLGHURUE\DSURYLGHURIKHDOWKFDUHVHUYLFHVXQGHURUGHUVRIRURQUHIHUUDO $WWDFKPHQW)0/$3ROLF\>5HYLVLRQ@ 2UJDQL]DWLRQDO3ROLF\5HYLVLRQV)0/$ (PSOR\HH5HFRJQLWLRQ E\DKHDOWKFDUHSURYLGHU ³,QFDSDFLW\´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¶VVWDQGDUGVFKHGXOHGKRXUV,QDOOFDVHVWKHOHDYHPD\ QRWH[FHHGDWRWDORIZRUNZHHNV ,QWHUPLWWHQW/HDYHPD\EHWDNHQZKHQPHGLFDOO\QHFHVVDU\IRUWKHHPSOR\HH¶VVHULRXVKHDOWKFRQGLWLRQRUWR FDUHIRUDVHULRXVO\LOOIDPLO\PHPEHU,QWHUPLWWHQWOHDYHPXVWEHGRFXPHQWHGLQWKHPHGLFDOFHUWLILFDWLRQIRUP DVPHGLFDOO\QHFHVVDU\ ,IDQHPSOR\HHLVWDNLQJOHDYHLQWHUPLWWHQWRUOHDYHRQDUHGXFHGVFKHGXOHIRUSODQQHGPHGLFDOWUHDWPHQW VKHVKRXOGFRQVXOWZLWKWKHLUVXSHUYLVRUDQGPXVWPDNHDUHDVRQDEOHHIIRUWWRVFKHGXOHWKHWUHDWPHQWVRDV WRQRWGLVUXSWWKH&LW\¶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¶FRPSHQVDWLRQEHQHILWVRUTXDOLILHVXQGHUWKHVWDWHRI0LQQHVRWD3DUHQWDO/HDYH/DZ 8QGHUWKH3DUHQWDO/HDYH/DZHPSOR\HHVDUHRQO\UHTXLUHGWRXVHWKHLUYDFDWLRQQRWVLFNOHDYHDFFUXDO SULRUWREHLQJSODFHGLQDQXQSDLGOHDYHVWDWXV )XOOWLPHHPSOR\HHVPD\UHWDLQXSWRKRXUVRIDFFUXHG YDFDWLRQEHIRUHEHLQJSODFHGRQDQXQSDLGOHDYHRIDEVHQFH :KHQDQHPSOR\HH¶VPHGLFDOFRQGLWLRQLVFRYHUHGXQGHU0LQQHVRWD¶VZRUNHUV¶FRPSHQVDWLRQDQGDOVRPHHWV HOLJLELOLW\UHTXLUHPHQWVRIWKLVSROLF\VKHLVFRQVLGHUHGWREHRQ)DPLO\0HGLFDO/HDYH4XDOLILHG)0/$ OHDYHDVGHWHUPLQHGE\+XPDQ5HVRXUFHVLVDXWRPDWLFDOO\DSSURYHGWLPHRIIDQGLVQRWVXEMHFWWRVXSHUYL VRU\DSSURYDOUHJDUGOHVVRIZKHWKHUWKHOHDYHLQYROYHVWKHXVHRIDQHPSOR\HH¶VDFFUXHGSDLGWLPHRULVXQ SDLG ,QUHIHUHQFHLQSDLGKROLGD\VZKLOHLQD)0/$OHDYHVWDWXVUHIHUWRWKH&LW\¶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¶QRWLFHIRUDIRUHVHHDEOHOHDYHZLWKQRUHDVRQDEOHH[SODQDWLRQIRUWKHGH OD\WKHOHDYHPD\EHGHQLHGXQWLOGD\VDIWHUWKHHPSOR\HHSURYLGHVQRWLFH +&HUWLILFDWLRQDQG'RFXPHQWDWLRQ5HTXLUHPHQWV )RUOHDYHGXHWRDQHPSOR\HH¶VVHULRXVKHDOWKFRQGLWLRQRUDIDPLO\PHPEHU¶VWKH&LW\ZLOOUHTXLUHWKHFRP SOHWLRQRIDPHGLFDOFHUWLILFDWLRQIRUPE\WKHDWWHQGLQJSK\VLFLDQRUSUDFWLWLRQHU7KHIRUPPXVWEHVXEPLWWHG WRWKH+XPDQ5HVRXUFHV'HSDUWPHQWZLWKLQFDOHQGDUGD\VDIWHUWKHUHTXHVWKDVEHHQPDGH,IWKHIRUP LVQRWVXEPLWWHGLQDWLPHO\IDVKLRQWKHHPSOR\HHPXVWSURYLGHDUHDVRQDEOHH[SODQDWLRQIRUWKHGHOD\)DLO XUHWRSURYLGHPHGLFDOFHUWLILFDWLRQPD\UHVXOWLQGHQLDORUGHOD\RIWKHOHDYH 7KH&LW\PD\UHTXLUHDQHPSOR\HHREWDLQDVHFRQGRSLQLRQ DWWKH&LW\¶VH[SHQVH IURPDSURYLGHUGHVLJQDW HGE\WKH&LW\,IQHFHVVDU\WRUHVROYHDFRQIOLFWEHWZHHQWKHRULJLQDOFHUWLILFDWLRQDQGVHFRQGRSLQLRQWKH &LW\PD\UHTXLUHWKHRSLQLRQRIDWKLUGKHDOWKFDUHSURYLGHUGHVLJQDWHGRUDSSURYHGMRLQWO\E\WKH&LW\DQGWKH HPSOR\HH7KLVWKLUGRSLQLRQLVILQDODQGELQGLQJE\ERWKWKH&LW\DQGWKHHPSOR\HH$QHPSOR\HHZLOOEH SURYLVLRQDOO\HQWLWOHGWROHDYHDQGEHQHILWVXQGHU)0/$SHQGLQJWKHVHFRQGDQGRUWKLUGRSLQLRQ 3DFNHW3J 'D &,7<2)52&+(67(5 25*$1,=$7,21$/32/,&< $OOGRFXPHQWDWLRQUHODWHGWRWKHHPSOR\HH¶VRUIDPLO\PHPEHU¶VFRQGLWLRQZLOOEHKHOGLQVWULFWFRQILGHQFHDQG PDLQWDLQHGLQWKHHPSOR\HH¶VPHGLFDOUHFRUGVILOH ,QIRUPDWLRQPD\EHVKDUHGZLWKVXSHUYLVRU\VWDIIIRURS HUDWLRQDOSXUSRVHV :KHQOHDYHLVGXHWRDQHPSOR\HH¶VRZQVHULRXVKHDOWKFRQGLWLRQDILWQHVVIRUGXW\FHUWLILFDWLRQ ))' PD\ $WWDFKPHQW)0/$3ROLF\>5HYLVLRQ@ 2UJDQL]DWLRQDO3ROLF\5HYLVLRQV)0/$ (PSOR\HH5HFRJQLWLRQ EHUHTXLUHGEHIRUHDQHPSOR\HHFDQUHWXUQWRZRUN)DLOXUHWRWLPHO\SURYLGHVXFKFHUWLILFDWLRQPD\HOLPLQDWH RUGHOD\DQHPSOR\HH¶VULJKWWRUHLQVWDWHPHQWXQGHUWKH)0/$,IDQHPSOR\HHLVXVLQJLQWHUPLWWHQWOHDYH DQGUHDVRQDEOHVDIHW\FRQFHUQVH[LVWUHJDUGLQJWKHHPSOR\HH¶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¶VUHLQVWDWHPHQWULJKWVDUHWKHVDPHDVWKH\ZRXOGKDYHEHHQKDGWKHHPSOR\HHQRWEHHQRQ OHDYH7KXVLIDQHPSOR\HH¶VSRVLWLRQZRXOGKDYHEHHQHOLPLQDWHGRUDQHPSOR\HHZRXOGKDYHEHHQWHUPL QDWHGEXWIRUWKHOHDYHWKHHPSOR\HHZRXOGQRWKDYHWKHULJKWWREHUHLQVWDWHGXSRQUHWXUQIURPWKHOHDYH +1RWLFHRI,QWHQWWR5HWXUQIURP)0/$/HDYH (PSOR\HHVRQ)0/$OHDYHDUHUHTXLUHGWRUHSRUWSHULRGLFDOO\ZLWKWKHLULPPHGLDWHVXSHUYLVRUDQGWKH+XPDQ 5HVRXUFH'HSDUWPHQWUHJDUGLQJWKHLUVWDWXVDQGLQWHQWWRUHWXUQWRZRUN ,(IIHFWVRQ%HQHILWV $QHPSOR\HHJUDQWHGOHDYHXQGHUWKLVSROLF\ZLOOFRQWLQXHWREHFRYHUHGE\WKH&LW\¶VJURXSKHDOWKDQGGHQWDO LQVXUDQFHSODQXQGHUWKHVDPHFRQGLWLRQVDQGDWWKHVDPHOHYHORI&LW\FRQWULEXWLRQDVZRXOGKDYHEHHQSUR YLGHGKDGVKHEHHQFRQWLQXRXVO\HPSOR\HGGXULQJWKHOHDYHSHULRG$OOSDLGEHQHILWVUXQFRQFXUUHQWO\ZLWK )0/$EHQHILWV 7KHHPSOR\HHZLOOEHUHTXLUHGWRFRQWLQXHSD\PHQWRIWKHHPSOR\HH¶VSRUWLRQRIJURXSLQVXUDQFHFRYHUDJH ZKLOHRQOHDYH$UUDQJHPHQWVIRUSD\PHQWRIWKHHPSOR\HH¶VSRUWLRQRISUHPLXPVPXVWEHPDGHE\WKHHP SOR\HHZLWKWKH&LW\ -8VHRI$FFUXHG3DLG/HDYHRU&RPSHQVDWRU\7LPH'XULQJ)DPLO\DQG0HGLFDO/HDYH 3ULRUWRWDNLQJXQSDLG)0/$OHDYHHPSOR\HHVPXVWXVHDOOHOLJLEOHDFFUXHGVLFNOHDYHYDFDWLRQOHDYHDQG FRPSHQVDWRU\WLPHSULRUWRWDNLQJDQXQSDLGOHDYHXQOHVVWKHLUPHGLFDOFRQGLWLRQLQMXU\LVFRYHUHGE\ZRUN HU¶VFRPSHQVDWLRQRUWKHDEVHQFHTXDOLILHGXQGHUWKH0LQQHVRWD3DUHQWDO/HDYH/DZ VHH6HFWLRQ) 6LFNOHDYHDQGYDFDWLRQZLOOFRQWLQXHWRDFFXPXODWHRQO\GXULQJWKHSHULRGRIFRPSHQVDWHG)0/$OHDYH .6HQLRULW\ 6HQLRULW\GRHVQRWDFFUXHGXULQJDQ\SHULRGRIXQSDLG)0/$OHDYHH[FHSWDVDOORZHGZKHQWKHOHDYHLVFRY HUHGE\ZRUNHU¶VFRPSHQVDWLRQ+RZHYHUVHQLRULW\DFFUXHGSULRUWRFRPPHQFHPHQWRI)0/$OHDYHZLOOQRW EHORVW 3DFNHW3J 'D &,7<2)52&+(67(5 25*$1,=$7,21$/32/,&< /)DLOXUHWR5HWXUQWR:RUN$IWHU)0/$ 8QGHUFHUWDLQFLUFXPVWDQFHVLIDQHPSOR\HHUHWXUQVWRZRUNIRUOHVVWKDQGD\VIROORZLQJWKHH[SLUDWLRQRI WKHLU)0/$OHDYHWKH&LW\PD\UHTXLUHWKHHPSOR\HHWRUHSD\WKHSRUWLRQRIWKHPRQWKO\FRVWSDLGE\WKH&LW\ IRUJURXSKHDOWKSODQEHQHILWV7KH&LW\PD\DOVRUHTXLUHWKHHPSOR\HHWRUHSD\DQ\DPRXQWVWKH&LW\SDLG RQWKHHPSOR\HH¶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¶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¶VFRQWUROSUHYHQW HGWKHHPSOR\HHIURPUHTXHVWLQJDGGLWLRQDOOHDYHDUHWURDFWLYHOHDYHUHTXHVWPD\EHDOORZHGVXEMHFWWRWKH DSSURYDOUHTXLUHPHQWVRXWOLQHGLQWKH&LW\¶VOHDYHRIDEVHQFHSROLF\ 24XDOLILHG([LJHQF\DQG0LOLWDU\&DUHJLYHU/HDYH 4XDOLILHG([LJHQF\ )0/$SURYLGHVWKDWHOLJLEOHHPSOR\HHV DVGHVFULEHGDERYH ZKRVHVSRXVHVRQGDXJKWHURUSDUHQWHLWKHU KDVEHHQQRWLILHGRIDQLPSHQGLQJFDOORURUGHUWRFRYHUHGDFWLYHPLOLWDU\GXW\RUZKRLVDOUHDG\RQFRYHUHG DFWLYHPLOLWDU\GXW\PD\WDNHXSWRZHHNVRIOHDYHIRUUHDVRQVUHODWHGWRRUDIIHFWHGE\WKHIDPLO\PHP EHU¶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³VRQRUGDXJKWHURIDFRYHUHGVHUYLFHPHPEHU´PHDQVWKHFRYHUHGVHUYLFHPHPEHU¶VELRORJLFDODGRSWHG RUIRVWHUFKLOGVWHSFKLOGOHJDOZDUGRUDFKLOGIRUZKRPWKHFRYHUHGVHUYLFHPHPEHUVWRRGLQORFRSDUHQWLV DQGZKRLVRIDQ\DJH $³SDUHQWRIDFRYHUHGVHUYLFHPHPEHU´PHDQVDFRYHUHGVHUYLFHPHPEHU¶VELRORJLFDODGRSWLYHVWHSRUIRV WHUIDWKHURUPRWKHURUDQ\RWKHULQGLYLGXDOZKRVWRRGLQORFRSDUHQWLVWRWKHFRYHUHGVHUYLFHPHPEHU7KLV WHUPGRHVQRWLQFOXGHSDUHQWV³LQODZ´ 7KH³QH[WRINLQRIDFRYHUHGVHUYLFHPHPEHU´LVWKHQHDUHVWEORRGUHODWLYHRWKHUWKDQWKHFRYHUHGVHUYLFH PHPEHU¶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¶VQH[WRINLQDQGPD\WDNH)0/$OHDYHWRSURYLGHFDUHWRWKHFRYHUHGVHUYLFH PHPEHUHLWKHUFRQVHFXWLYHO\RUVLPXOWDQHRXVO\:KHQVXFKGHVLJQDWLRQKDVEHHQPDGHWKHGHVLJQDWHGLQ GLYLGXDOVKDOOEHGHHPHGWREHWKHFRYHUHGVHUYLFHPHPEHU¶VRQO\QH[WRINLQ)RUH[DPSOHLIDFRYHUHGVHU YLFHPHPEHUKDVWKUHHVLEOLQJVDQGKDVQRWGHVLJQDWHGDEORRGUHODWLYHWRSURYLGHFDUHDOOWKUHHVLEOLQJV ZRXOGEHFRQVLGHUHGWKHFRYHUHGVHUYLFHPHPEHU¶VQH[WRINLQ$OWHUQDWLYHO\ZKHUHDFRYHUHGVHUYLFHPHP EHUKDVDVLEOLQJ V DQGGHVLJQDWHVDFRXVLQDVKLVRUKHUQH[WRINLQIRU)0/$SXUSRVHVWKHQRQO\WKHGHV LJQDWHGFRXVLQLVHOLJLEOHDVWKHFRYHUHGVHUYLFHPHPEHU¶VQH[WRINLQ$QHPSOR\HULVSHUPLWWHGWRUHTXLUH DQHPSOR\HHWRSURYLGHFRQILUPDWLRQRIFRYHUHGIDPLO\UHODWLRQVKLSWRWKHFRYHUHGVHUYLFHPHPEHUSXUVXDQW WR M ³&RYHUHGDFWLYHGXW\´ ³&RYHUHGDFWLYLW\GXW\´IRUPHPEHUVRIDUHJXODUFRPSRQHQWRIWKH$UPHG)RUFHVPHDQVGXW\GXULQJ R GHSOR\PHQWRIWKHPHPEHUZLWKWKH$UPHG)RUFHVWRDIRUHLJQFRXQWU\ ³&RYHUHGDFWLYHGXW\´IRUPHPEHUVRIWKHUHVHUYHFRPSRQHQWVRIWKH$UPHG)RUFHV PHPEHUVRIWKH R 861DWLRQDO*XDUGDQG5HVHUYHV PHDQVGXW\GXULQJGHSOR\PHQWRIWKHPHPEHUZLWKWKH$UPHG )RUFHVWRDIRUHLJQFRXQWU\XQGHUDFDOORURUGHUWRDFWLYHGXW\LQDFRQWLQJHQF\RSHUDWLRQDVGHILQHG LQVHFWLRQ D % RIWLWOH8QLWHG6WDWHV&RGH D ,QWKHFDVHRIDPHPEHURIDUHJXODUFRP SRQHQWRIWKH$UPHG)RUFHVGXW\GXULQJWKHGHSOR\PHQWRIWKHPHPEHUZLWKWKH$UPHG)RUFHVWRD IRUHLJQFRXQWU\ ³&RYHUHGVHUYLFHPHPEHU´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³6HULRXVLQMXU\RULOOQHVV´PHDQV ,QWKHFDVHRIDPHPEHURIWKH$UPHG)RUFHV LQFOXGLQJDPHPEHURIWKH1DWLRQDO*XDUGRU5H R VHUYHV PHDQVDQLQMXU\RULOOQHVVWKDWZDVLQFXUUHGE\WKHPHPEHULQOLQHRIGXW\RQDFWLYHGXW\LQ WKH$UPHG)RUFHV RUH[LVWHGEHIRUHWKHEHJLQQLQJRIWKHPHPEHU¶VDFWLYHGXW\DQGZDVDJJUDYDWHG E\VHUYLFHLQOLQHRIGXW\RQDFWLYHGXW\LQWKH$UPHG)RUFHV DQGWKDWPD\UHQGHUWKHPHPEHUPHGL FDOO\XQILWWRSHUIRUPWKHGXWLHVRIWKHPHPEHU¶VRIILFHJUDGHUDQNRUUDWLQJDQG ,QWKHFDVHRIDYHWHUDQZKRZDVDPHPEHURIWKH$UPHG)RUFHV LQFOXGLQJDPHPEHURIWKH1DWLRQ R DO*XDUGRU5HVHUYHV DWDQ\WLPHGXULQJDSHULRGZKHQWKHSHUVRQZDVDFRYHUHGVHUYLFHPHPEHU PHDQVDTXDOLI\LQJ DVGHILQHGE\WKH6HFUHWDU\RI/DERU LQMXU\RULOOQHVVLQFXUUHGE\DFRYHUHGVHU YLFHPHPEHULQWKHOLQHRIGXW\RQDFWLYHGXW\WKDWPD\UHQGHUWKHVHUYLFHPHPEHUPHGLFDOO\XQILWWR SHUIRUPWKHGXWLHVRIKLVRUKHURIILFHJUDGHUDQNRUUDWLQJ 2XWSDWLHQWVWDWXVZLWKUHVSHFWWRDFRYHUHGVHUYLFHPHPEHUPHDQVWKHVWDWXVRIDPHPEHURIWKH R $UPHG)RUFHVDVVLJQHGWRHLWKHUDPLOLWDU\PHGLFDOWUHDWPHQWIDFLOLW\DVDQRXWSDWLHQWRUDXQLWHVWDE OLVKHGIRUWKHSXUSRVHRISURYLGLQJFRPPDQGDQGFRQWURORIPHPEHUVRIWKH$UPHG)RUFHVUHFHLYLQJ PHGLFDOFDUHDVRXWSDWLHQWV $PRXQWRI/HDYH±4XDOLILHG([LJHQF\ $QHOLJLEOHHPSOR\HHFDQWDNHXSWRZHHNVRIOHDYHIRUDTXDOLILHGH[LJHQF\ $PRXQWRI/HDYH±0LOLWDU\&DUHJLYHU $QHOLJLEOHHPSOR\HHWDNLQJPLOLWDU\FDUHJLYHUOHDYHLVHQWLWOHGWRZRUNZHHNVRIOHDYHGXULQJD³VLQJOH PRQWKSHULRG´7KH³VLQJOHPRQWKSHULRG´EHJLQVRQWKHILUVWGD\WKHHOLJLEOHHPSOR\HHWDNHV)0/$OHDYH WRFDUHIRUDFRYHUHGVHUYLFHPHPEHUDQGHQGVPRQWKVDIWHUWKDWGDWH /HDYHWDNHQIRUDQ\)0/$UHDVRQFRXQWVWRZDUGVWKHZHHNHQWLWOHPHQW,IDQHPSOR\HHGRHVQRWWDNHDOO ZRUNZHHNVRIOHDYHHQWLWOHPHQWWRFDUHIRUDFRYHUHGVHUYLFHPHPEHUGXULQJWKLV³VLQJOHPRQWKSHULRG´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¶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¶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x $WWHQGDGHSDUWPHQWDOVWDIIEUHDNIDVWOXQFKRUGLQQHUZLWKSURJUDPRUHQWHUWDLQPHQW x 3DUWLFLSDWHLQDFRPPXQLW\VHUYLFHHYHQWDVDYROXQWHHUJURXS x $WWHQGDFXOWXUDOHYHQWIHVWLYDOWKHDWUHSHUIRUPDQFHRUVSRUWLQJHYHQW x 7RXUDORFDOIDFLOLW\DUWFHQWHURUORFDWLRQRILQWHUHVW x 2UJDQL]HDSLFQLFIRUHPSOR\HHDQGIDPLO\PHPEHUV 5(7,5(0(17$1'(03/2<((6(3$5$7,215(&2*1,7,21(9(17 )XOOWLPHHPSOR\HHVZLWKRUPRUH\HDUVRIVHUYLFHZLWKWKH&LW\RI5RFKHVWHUDUHHOLJLEOHWRUHFHLYHDVHUYLFH DZDUGXSRQWKHLUYROXQWDU\UHWLUHPHQWRUUHVLJQDWLRQ7KH'HSDUWPHQW+HDGRUKLVKHUGHVLJQHHLVUHVSRQVLEOHIRU SODQQLQJDQHYHQWIRUWKHUHWLULQJHPSOR\HH 3DFNHW3J 'E &,7<2)52&+(67(5 25*$1,=$7,21$/32/,&< $WWDFKPHQW(PSOR\HH5HFRJQLWLRQ3URJUDP)LQDO 2UJDQL]DWLRQDO3ROLF\5HYLVLRQV)0/$ (PSOR\HH5HFRJQLWLRQ 7RWDOH[SHQVHVIRUWKLVHYHQWZKLFKWKH&LW\RI5RFKHVWHUZLOOEHUHVSRQVLEOHIRUZLOOQRWH[FHHG$GGL WLRQDOH[SHQVHVPD\EHVXSSOHPHQWHGE\WKHGHSDUWPHQWDOHPSOR\HHVLIWKH\FKRRVH,QDGGLWLRQWRWKH DOORZHGH[SHQVHVIRUWKHHYHQWDUHWLULQJHPSOR\HHZLOOEHSUHVHQWHGZLWKDQDSSURSULDWHJLIWVHOHFWHGE\WKHGH SDUWPHQW H[FOXGLQJJLIWFHUWLILFDWHVFDUGV ZLWKDYDOXHXSWR <HDUVRI6HUYLFH*LIW9DOXH QHZSROLFHRIILFHUVDQGILUHILJKWHUVRUDFNQRZOHGJHWKHSURPRWLRQRIDQH[ LVWLQJ&LYLO6HUYLFHHPSOR\HH7KHVHHYHQWVLQFOXGHRQO\WKRVHFHUHPRQLHVRSHQWRWKHSXEOLFWKH\GRQRWLQFOXGH SULYDWHGHSDUWPHQWDOFHOHEUDWLRQV )XQGLQJIRUSXEOLFFHUHPRQLDOHYHQWVZLOOEHGHVLJQDWHGE\WKH)LUHDQG3ROLFH'HSDUWPHQWVDQGDSSURYHGE\WKH &RXQFLOIRUWKLVSXUSRVHLQWKHDQQXDOEXGJHWDSSURYDOSURFHVV7KH)LUHDQG3ROLFH'HSDUWPHQWVPD\QRWVSHQG PRUHWKDQSHUHYHQWWRFRYHUWKHFRVWRIIRRGEHYHUDJHVDQGHDWLQJXWHQVLOV 92/817((55(&2*1,7,21(9(176 0DQ\GHSDUWPHQWVLQWKH&LW\RI5RFKHVWHUXWLOL]HFLWL]HQYROXQWHHUVIRUWKHSXUSRVHRIDVVLVWLQJVWDIILQWKHDGYDQFH PHQWRI&LW\DQGRUGHSDUWPHQWDOVWUDWHJLFREMHFWLYHV$VVXFKYROXQWHHUHYHQWVDUHRFFDVLRQDOO\KHOGIRUWKHSXU SRVHRIH[SUHVVLQJDSSUHFLDWLRQDQGUHFRJQL]LQJYROXQWHHUVDQGRWKHURUJDQL]DWLRQVWKDWKDYHSDUWQHUHGZLWKWKH &LW\7KHVHYROXQWHHUVRUJDQL]DWLRQVKDYHPDGHVXEVWDQWLDOFRQWULEXWLRQVWRWKHFRPPXQLW\E\GRQDWLQJWKHLUWLPH ILQDQFLDOVXSSRUWDQGWDOHQWVWR&LW\VSRQVRUHGDFWLYLWLHV 3DFNHW3J 'E &,7<2)52&+(67(5 25*$1,=$7,21$/32/,&< %HFDXVHWKHVL]HDQGVFRSHRIWKHVHHYHQWVYDU\IXQGLQJIRUYROXQWHHUUHFRJQLWLRQHYHQWVZLOOEHGHVLJQDWHGE\HDFK $WWDFKPHQW(PSOR\HH5HFRJQLWLRQ3URJUDP)LQDO 2UJDQL]DWLRQDO3ROLF\5HYLVLRQV)0/$ (PSOR\HH5HFRJQLWLRQ GHSDUWPHQWDQGDSSURYHGE\&RXQFLOLQWKHDQQXDOEXGJHWDSSURYDOSURFHVV)XQGVVKRXOGQHYHUEHXVHGWRSXU FKDVHDQGRUGLVWULEXWHGDVPRQHWDU\UHZDUGV LHJLIWFHUWLILFDWHVFDUGV 2ULJLQDWHG5HYLVHG 3DFNHW3J ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,2125,*,1$7,1*'(37 &RQVHQW$JHQGD2UJDQL]DWLRQDO%XVLQHVV3ROLFH ,7(0'(6&5,37,2135(3$5('%< $XGLRORJ0DLQWHQDQFH$JUHHPHQW7LP+HURII 7KH3ROLFH'HSDUWPHQWKDVKDGDPDLQWHQDQFHDJUHHPHQWLQSODFHZLWK1RUWKODQG%XVLQHVV6\VWHPVWRSURYLGHVHUYLFH WRWKHUDGLRWHOHSKRQ\ORJJLQJHTXLSPHQWIRUVHYHUDO\HDUV7KLVDJUHHPHQWZKLFKKDVEHHQUHYLHZHGE\WKHFLW\ DWWRUQH\LVDRQH\HDUH[WHQVLRQRIWKDWH[LVWLQJFRQWUDFW7KHFRVWLVDQGLVFRYHUHGE\RXURSHUDWLQJEXGJHW &281&,/$&7,215(48(67(' $SSURYHWKH$JUHHPHQWZLWK1RUWKODQG%XVLQHVV6\VWHPVIRUPDLQWHQDQFHRIWKH$XGLRORJ'LJLWDO9RLFH/RJJLQJ6\VWHP $XWKRUL]HWKHPD\RUDQGFLW\FOHUNWRVLJQWKHDJUHHPHQW 3DFNHW3J ' 5(48(67)25&281&,/$&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('%< $ZDUGRI&RQWUDFW -QG6WUHHW6:WRVW6W6:WR 3DFNHW3J 'D $WWDFKPHQWUFDPDS 'F %8'*(7'$7$6&+('8/()25&216758&7,21&2175$&7 3URMHFW0DQDJHU5XVV.HOP(QJLQHHULQJ)LUP&LW\ &RQWUDFWRU (OFRU&RQVWUXFWLRQ,QF3URMHFW,QVSHFWRU&LW\ $WWDFKPHQW3URMHFW%XGJHW'DWDWK$YH6: $ZDUGRI&RQWUDFW - ' ' 5(48(67)25&281&,/$&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$5('%< 5HYRFDEOH3HUPLW±*ROIHUV&RXUW6(/RW ' 5(48(67)25&281&,/$&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$5('%< 6HSWLF6\VWHP5HSODFHPHQW8WLOLW\&RQQHFWLRQ$JUHHPHQW±/RW%ORFN)DLU2DNV-DPLH0LOOHU )LUVW6XEGLYLVLRQ (DUO&DQG0ROO\-7LPPRQVDUHWKH2ZQHUV 2ZQHUV RI/RW%ORFN)DLU2DNV)LUVW6XEGLYLVLRQ WKH3URSHUW\ 7KH 2ZQHUV¶FXUUHQWVHSWLFV\VWHPLVQRWZRUNLQJFRUUHFWO\DQGQHHGVWREHDGGUHVVHG$WWKLVWLPHWKH&LW\LVXQDEOHWRSURYLGHWKH VDQLWDU\VHZHUVHUYLFHQHHGHGIRUWKH3URSHUW\DQGWKHUHIRUHKDVDJUHHGWRDOORZWKH2ZQHUVWRUHSODFHWKHLUH[LVWLQJVHSWLF V\VWHPSXUVXDQWWRWKH&RXQW\UHJXODWLRQVDQGSXUVXDQWWRWKHH[HFXWLRQRIDQDJUHHPHQWIRUFRQQHFWLRQDQGSD\PHQWRIWKH FKDUJHVXSRQWKHDYDLODELOLW\RI&LW\VDQLWDU\VHZHU%DVHGRQWKHGLVFXVVLRQVWKHFRQWHQWIRUDQDJUHHPHQWKDVEHHQGHFLGHG DQGDGRFXPHQWKDVEHHQFUHDWHG7KHPDMRULWHPVFRYHUHGLQWKHDJUHHPHQWLQFOXGHWKHIROORZLQJ x &LW\VKDOOUH FRPPHQGWKDW5RFKHVWHU2OPVWHG3ODQQLQJ'HSDUWPHQWLVVXHD³WHPSRUDU\´VHSWLFV\VWHPSHUPLWIRUWKH LQVWDOODWLRQRIDQHZVHSWLFV\VWHPWRVHUYHWKH3URSHUW\ x 2ZQHUVDJUHHWRFRQQHFWWKH3URSHUW\WRWKH&LW\VDQLWDU\VHZHUV\VWHPZLWKLQ\HDUVRIWKHGDWHWKDWWKHVDQLWDU\ VHZHULVDGMDFHQWWRWKH3URSHUW\H[FHSW&LW\VKDOOQRWUHTXLUHFRQQHFWLRQVRRQHUWKDQ\HDUVIURPWKHGDWHWKDWWKH &LW\H[HFXWHVWKLV$JUHHPHQW x 2ZQHUVDFNQRZOHGJHWKDWWKH3URSHUW\LVVXEMHFWWRD6DQLWDU\6HZHU&RQQHFWLRQ&KDUJHDQGD6HZHU$YDLODELOLW\ &KDUJHWRFRQQHFWWRWKH&LW\VDQLWDU\VHZHUV\VWHP2ZQHUVVKDOOSD\VDLGFKDUJHVFRQVLVWHQWZLWKWKH&LW\¶V &RQQHFWLRQ&KDUJH3ROLF\LQHIIHFWDWWKHWLPHWKH3URSHUW\LVFRQQHFWHGWRWKH&LW\VDQLWDU\VHZHUV\VWHP x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±3XEOLF,PSURYHPHQWVWR6HUYH6KDQQRQ2DNV)LIWK6XEGLYLVLRQ±-+HDWKHU3HWHUVRQ 6WDIIZRXOGRIIHUWKHIROORZLQJ2ZQHU&RQWUDFWSURMHFWIRUFRQVLGHUDWLRQE\WKH&RXQFLO 2DN9HQWXUHVRI5RFKHVWHU//&(OFRU&RQVWUXFWLRQ,QF<DJJ\&ROE\$VVRFLDWHV DV2ZQHU DV&RQWUDFWRU DQG <DJJ\&ROE\$VVRFLDWHV DV3URMHFW(QJLQHHU DV3URMHFW,QVSHFWLRQ(QJLQHHU DUHUHTXHVWLQJD&LW\2ZQHU&RQWUDFW -FRQVLVWLQJRI³3XEOLF,PSURYHPHQWVWR6HUYH6KDQQRQ2DNV)LIWK6XEGLYLVLRQ´ &281&,/$&7,215(48(67(' $GRSWD5HVROXWLRQDXWKRUL]LQJWKH0D\RUDQG&LW\&OHUNWRH[HFXWHWKH&LW\2ZQHU&RQWUDFWIRU-IRU ³3XEOLF,PSURYHPHQWVWR6HUYH6KDQQRQ2DNV)LIWK6XEGLYLVLRQ´FRQGLWLRQHGRQIXOOH[HFXWLRQRIWKHFRQWUDFWV E\WKH2ZQHU&RQWUDFWRUDQG(QJLQHHUDVZHOODV&RQWUDFWRUVXSSO\LQJDSSURYHG%RQGDQG,QVXUDQFH 'RFXPHQWDWLRQSULRUWRFRPPHQFHPHQWRISXEOLFLPSURYHPHQWVZRUNLQFOXGHGLQWKH&RQWUDFW 3DFNHW3J 'D $WWDFKPHQW5HIHUHQFHGUDZLQJVKRZLQJ6KDQQRQ2DNV)LIWK6XEGLYLVLRQ& ( 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,2125,*,1$7,1*'(37 +HDULQJV3ODQQLQJDQG=RQLQJ ,7(0'(6&5,37,2135(3$5('%< $SSHDO5$3ILOHGE\0DF+DPLOWRQDSSHDOLQJWKHGHFLVLRQRIWKH5RFKHVWHU&LW\%HWK'DYLV 3ODQQLQJD [[210,684,1433,741][12][B,I,][Arial]]5RFKHVWHU3ODQQLQJDQG=RQLQJ&RPPLVVLRQ$FWLRQ [[1433,692,1445,740][10][B,I,][Arial]] 2Q$SULOWKH5RFKHVWHU&LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQGHQLHGD9DULDQFHUHTXHVWRIWKH DSSOLFDQW1LFKRODV//&WRUHGXFHWKHQXPEHURISDUNLQJVSDFHVSURYLGHGIRU&RQGLWLRQDO8VH3HUPLW5 &83 7KHDSSOLFDQWKDGUHTXHVWHGDYDULDQFHRISDUNLQJVSDFHVWRSDUNLQJVSDFHVIURPWKHUHTXLUHG86(7KHJUDQWLQJRIWKLVYDULDQFHZRXOGQRWDSSHDUWREHQHFHVVDU\WRDOORZIRUUHDVRQDEOHXVH RIWKHDSSOLFDQW¶VSURSHUW\7KHQXPEHURIXQLWVFRXOGEHUHGXFHGWROHVVHQWKHQHHGIRUDYDULDQFHDQGWKHVLWH UHGHVLJQHGWRSURYLGHWKHUHTXLUHGQXPEHURISDUNLQJVSDFHV (66(17,$/&+$5$&7(57KHJUDQWLQJRIWKLVYDULDQFHUHTXHVWZRXOGEHVXEVWDQWLDOO\GHWULPHQWDOWRWKH DGMDFHQWSURSHUW\RZQHUVEHFDXVHLWZLOOIRUFHDGGLWLRQDOSDUNLQJRQWKHDGMDFHQWSXEOLFVWUHHWVDQGWKH QHLJKERUKRRG7KHVRXWKVLGHRI:HVW&HQWHU6WUHHWLVSRVWHGDV³1R3DUNLQJ´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rial]]$ [[246,3013,523,3070][12][B,I,][Arial]]WWDFKPHQWV [[522,3021,534,3069][10][B,I,][Arial]] [[210,3071,222,3119][10][B,I,][Arial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¶VDFWLRQVLQDSSURYLQJWKLVGHYHORSPHQWRFFXULQUHVSRQVHWRWKHDSSOLFDQW¶VRUKLVKHU UHSUHVHQWDWLYH¶VRUDODQGZULWWH QUHSUHVHQWDWLRQVDVWRWKHDSSHDUDQFHRIWKHEXLOGLQJGHVLJQH[WHULRU IDFDGHDQGODQGVFDSLQJ$VVXFKWKHDSSOLFDQWPXVWQRWGHYLDWHIURPWKHDSSHDUDQFHRIWKHEXLOGLQJ GHVLJQH[WHULRUIDFDGHDQGODQGVFDSLQJDVRULJLQDOO\SUHVHQWHGWRWKH&RXQFLOZLW KRXWWKH&RXQFLO¶VSULRU DSSURYDO [[150,829,163,881][11][B,I,][Arial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rial]] [[150,1963,163,2015][11][B,I,][Arial]] [[150,2016,1007,2068][11][B,I,][Arial]]3ODQQLQJ'HSDUWPHQWUHFRPPHQGDWLRQ [[1008,2016,1021,2068][11][B,I,][Arial]] 7KHVWDIIUHSRUWSUHVHQWHGWRWKH3ODQQLQJ&RPPLVVLRQKDGUHFRPPHQGHGWKDWWKHEXLOGLQJEHUHGXFHGLQVL]H HLWKHUE\EUHDNLQJWKHEXLOGLQJXSLQWREXLOGLQJVZLWKDVWRU\EXLOGLQJDQGDVWRU\EXLOGLQJRULILWLVOHIWDV RQHEXLOGLQJWKDWWKHEXLOGLQJVWHSVGRZQDVLWJRHVWRWKHZHVW5HGHVLJQLQJWKHEXLOGLQJZLOODOVRUHGXFHWKH QXPEHURIDQGWKHGHVLJQFRXOGSRVVLEO\UHVXOWLQWKHUHYLHZEHLQJGRQHDVDW\SH,UHYLHZLQVWHDGRIDQ LQFHQWLYHGHYHORSPHQW [[150,2438,771,2490][11][B,I,][Arial]]:DLYHURI)LQDO3ODQ5HYLHZ [[772,2438,797,2490][11][,,][Arial]] 7KHDSSOLFDQWKDVUHTXHVWHGWKDWWKH&LW\&RXQFLOZDLYHWKH)LQDO3ODQ5HYLHZSKDVH IRUWKLVDSSOLFDWLRQLQDFFRUGDQFHZLWK6HFWLRQRIWKH5RFKHVWHU=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW0DQXDO VHHDWWDFKHG 6WDIIGRHVUHFRPPHQGLQIDYRURIZDLYLQJWKH)LQDO3ODQ5HYLHZIRUWKLVSURMHFW [[150,2586,163,2638][11][B,I,][Arial]] [[150,2639,163,2691][11][B,I,][Arial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imes New Roman]] [[260,828,272,880][11][B,I,][Times New Roman]] [[298,828,2398,880][11][B,I,][Times New Roman]],IWKH&RXQFLOZLVKHVWRSURFHHGLWVKRXOGLQVWUXFWWK H&LW\$WWRUQH\WRSUHSDUHDUHVROXWLRQHLWKHUDSSURYLQJ [[2400,828,2412,880][11][B,I,][Times New Roman]] [[300,880,2409,932][11][B,I,][Times New Roman]]DSSURYLQJZLWKFRQGLWLRQVRUGHQ\LQJWKH&RQGLWLRQDO8VH3HUPLWUHTXHVWEDVHGXSRQWKHFULWHULDLQFOXGHGLQ [[300,933,592,985][11][B,I,][Times New Roman]]WKHVWDIIUHSRUW [[592,933,604,985][11][B,I,][Times New Roman]] [[225,986,2411,1038][11][B,I,][Arial]]7KHDSSOLFDQWKDVUHTXHVWHGWKDWWKH&LW\&RXQFLOZDLYHWKH)LQDO3ODQ5HYLHZSKDVHIRUWKLV [[300,1039,542,1091][11][B,I,][Arial]]DSSOLFDWLRQ [[542,1039,554,1091][11][B,I,][Times New Roman]] 3DFNHW3J (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 3DFNHW3J $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 $WWDFKPHQW&3=&67$))537 3DFNHW3J 3DFNHW3J $WWDFKPHQW&3=&67$))537 3DFNHW3J $WWDFKPHQW&3=&67$))537 3DFNHW3J $WWDFKPHQW&3=&67$))537 3DFNHW3J $WWDFKPHQW&3=&67$))537 3DFNHW3J $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (D $WWDFKPHQW&3=&67$))537 (E $WWDFKPHQW&3=&0LQXWHV 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ5 3DFNHW3J (E $WWDFKPHQW&3=&0LQXWHV 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ5 3DFNHW3J (E $WWDFKPHQW&3=&0LQXWHV 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ5 3DFNHW3J (E $WWDFKPHQW&3=&0LQXWHV 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ5 3DFNHW3J (E $WWDFKPHQW&3=&0LQXWHV 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ5 3DFNHW3J (E $WWDFKPHQW&3=&0LQXWHV 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ5 3DFNHW3J (E $WWDFKPHQW&3=&0LQXWHV 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ5 3DFNHW3J (F $WWDFKPHQW&RPPHQWV5HFHLYHG 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ 3DFNHW3J (F $WWDFKPHQW&RPPHQWV5HFHLYHG 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ 3DFNHW3J (F $WWDFKPHQW&RPPHQWV5HFHLYHG 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ 3DFNHW3J $WWDFKPHQW&RPPHQWV5HFHLYHG 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ 3DFNHW3J (F $WWDFKPHQW&RPPHQWV5HFHLYHG 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ 3DFNHW3J (F (F $WWDFKPHQW&RPPHQWV5HFHLYHG 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ 3DFNHW3J (F $WWDFKPHQW&RPPHQWV5HFHLYHG 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ 3DFNHW3J (F $WWDFKPHQW&RPPHQWV5HFHLYHG 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ 3DFNHW3J (F $WWDFKPHQW&RPPHQWV5HFHLYHG 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ0RGLILFDWLRQ 3DFNHW3J (G $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG 3DFNHW3J (G $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG 3DFNHW3J (G $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG 3DFNHW3J (G $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG 3DFNHW3J (G $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG 3DFNHW3J (G $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG WK 'DWH:HGQHVGD\$SULOIURPHGWRKDYHFRQVWUXFWLRQDFFHVVGXULQJWKHSRWHQWLDO-XO\ GHPROLWLRQDQG$XJXVWH[FDYDWLRQWRQRWLQWHUIHUHZLWKWKHVWUHHWFORVLQJ WK IRUWKHIHVWLYDOWKDWH[WHQGVIURPWKHFRUQHURI:HVW&HQWHU6WUHHWDQG (G $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG ƉƌŝůϮϵ͕ϮϬϭϰ dŽ͗ZŽĐŚĞƐƚĞƌŝƚLJŽƵŶĐŝů &ƌŽŵ͗<ƵƚnjŬLJWĂƌŬEĞŝŐŚďŽƌŚŽŽĚŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ZĞ͗dLJƉĞ///͕WŚĂƐĞ///ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶηZϮϬϭϰͲϬϬϰhW͕sĂƌŝĂŶĐĞ ηZϮϬϭϰͲϬϬϭsZ͕ĂŶĚĞƐŝŐŶDŽĚŝĨŝĐĂƚŝŽŶηZϮϬϭϰͲϬϬϭDďLJEŝĐŚŽůĂƐ>>͘ ĞĂƌŽƵŶĐŝůDĞŵďĞƌƐ͕ tŝƚŚƌĞŐĂƌĚƚŽƚŚĞEŝĐŚŽůĂƐ>>ƌĞƋƵĞƐƚĞĚŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚŽŶtĞƐƚĞŶƚĞƌ^ƚ͕͘ ƚŚĞ<WEŽĂƌĚŚĂƐƌĞǀŝĞǁĞĚƚǁŽĚŝƐƚŝŶĐƚŝƐƐƵĞƐ͘;ϭͿdŚĞϰͲƐƚŽƌLJ͕ϴϯͲƵŶŝƚĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐ ǁŚŝĐŚǁŝůůĐŽŶƐƵŵĞĨŝǀĞůŽƚƐƚŚĂƚĐƵƌƌĞŶƚůLJĐŽŶƚĂŝŶƐŝŶŐůĞͲĨĂŵŝůLJŚŽŵĞƐ͕ĂŶĚ;ϮͿƚŚĞ ƉƌĞƐĞƌǀĂƚŝŽŶŽĨĂƚůĞĂƐƚŽŶĞŽĨƚŚŽƐĞŚŝƐƚŽƌŝĐŚŽŵĞƐ͘ dŚĞĞǀĞůŽƉĞƌŚĂƐǁŽƌŬĞĚǁŝƚŚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƚŽŝŶĐŽƌƉŽƌĂƚĞĚĞƐŝŐŶĞůĞŵĞŶƚƐƚŚĂƚ ŵĂŬĞƚŚĞĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐĚĞƐŝŐŶĂĐĐĞƉƚĂďůĞ͘,ŽǁĞǀĞƌ͕ƚŚĞ<WEŽĂƌĚŚĂƐƐĞƌŝŽƵƐ ƌĞƐĞƌǀĂƚŝŽŶƐƌĞŐĂƌĚŝŶŐƚŚĞƐŝnjĞŽĨƚŚĞďƵŝůĚŝŶŐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĂŐŐƌĞŐĂƚĞƐŝnjĞŽĨƚŚĞůŽƚƐŽŶ ǁŚŝĐŚŝƚǁŽƵůĚďĞďƵŝůƚĂŶĚƚŚĂƚŽĨŶĞŝŐŚďŽƌŝŶŐƐƚƌƵĐƚƵƌĞƐ͘ĚĚŝƚŝŽŶĂůĚĞƐŝŐŶĚĞƚĂŝůƐŚĂǀĞďĞĞŶ ĚŝƐĐƵƐƐĞĚǁŚŝĐŚǁĞĨĞĞůǁŝůůĨƵƌƚŚĞƌĞŶŚĂŶĐĞƚŚĞƉƌŽũĞĐƚĂŶĚǁĞƌĞĐŽŵŵĞŶĚƚŚĂƚƚŚĞ ĞǀĞůŽƉĞƌĐŽŶƚŝŶƵĞƚŽĚŝƐĐƵƐƐƚŚĞƐĞǁŝƚŚƚŚĞ<WEŽĂƌĚ͘ WƌĞƐĞƌǀĂƚŝŽŶŽĨƚŚĞ<ƵƚnjŬLJŚŽŵĞŽŶϳϭϴt͘ĞŶƚĞƌŝƐĂŶŝƐƐƵĞŽĨŐƌĞĂƚŝŵƉŽƌƚĂŶĐĞƚŽƵƐ͘ tĞĨĞĞůƚŚĂƚŝƚƐƉƌĞƐĞƌǀĂƚŝŽŶĂƐĂƐŝŶŐůĞͲĨĂŵŝůLJŚŽŵĞǁŝůůƐƚĂŶĚĂƐĂŶŝĐŽŶŽĨŽƵƌŚĞƌŝƚĂŐĞŝŶƚŚĞ ŐƌŽǁŝŶŐĐŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘dŚĞĞǀĞůŽƉĞƌŚĂƐƐƚĂƚĞĚƚŚĂƚƚŚĞŚŽŵĞŝƐƚŽďĞŵŽǀĞĚƚŽĂǀĂĐĂŶƚ ůŽƚŽŶtĞƐƚĞŶƚĞƌ^ƚ͘ĂŶĚďĞĞŝƚŚĞƌƌĞŵŽĚĞůĞĚĂƐĂƌĞŶƚĂůŽƌƐŽůĚƉƌŝǀĂƚĞůLJ͘tŚŝůĞƚŚĞ ĞǀĞůŽƉĞƌƐĞĞŵƐƚŽďĞǁŽƌŬŝŶŐǁŝƚŚƉƌŝǀĂƚĞŝŶǀĞƐƚŽƌƐƚŽƚŚŝƐĞŶĚƚŚĞƌĞĂƌĞŶŽƐŝŐŶĞĚĐŽŶƚƌĂĐƚƐ ǁŚŝĐŚŐƵĂƌĂŶƚĞĞƚŚĞŚŽŵĞ͛ƐƐƵƌǀŝǀĂů͘ůƚŚŽƵŐŚƚŚĞŽŶůĞLJŚŽŵĞĂƚϴϭϬt͘ĞŶƚĞƌůĂĐŬƐƚŚĞ ĚŝƐƚŝŶĐƚŝŽŶŽĨďĞŝŶŐŽƵƌŶĞŝŐŚďŽƌŚŽŽĚ͛ƐŶĂŵĞƐĂŬĞ͕ŝƚŝƐŶŽůĞƐƐŚŝƐƚŽƌŝĐĂŶĚĂůƐŽĚĞƐĞƌǀĞƐ ƉƌĞƐĞƌǀĂƚŝŽŶ͘ĞƚĂŝůƐƐƵƌƌŽƵŶĚŝŶŐƚŚŝƐŝƐƐƵĞĂƌĞĐŽŵƉůĞdžĂŶĚǁĞĂƐŬĨŽƌƚŚĞŝƚLJ͛ƐƐƵƉƉŽƌƚŝŶ ƚŚŝƐƉƌĞƐĞƌǀĂƚŝŽŶĞĨĨŽƌƚ͘ tŚŝůĞǁĞƐƚŝůůŚĂǀĞƌĞŵĂŝŶŝŶŐĐŽŶĐĞƌŶƐĂŶĚŚŽƉĞƚŚĂƚƚŚĞĞǀĞůŽƉĞƌǁŝůůĂĚĚƌĞƐƐƚŚĞŵ͕ ǁĞĚŽŶŽƚŽƉƉŽƐĞƚŚĞƉƌŽũĞĐƚŵŽǀŝŶŐĨŽƌǁĂƌĚ͘KŶďĞŚĂůĨŽĨƚŚĞ<ƵƚnjŬLJWĂƌŬEĞŝŐŚďŽƌŚŽŽĚ ƐƐŽĐŝĂƚŝŽŶ͕ƚŚĞ<WEŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂƐŬƐƚŚĂƚƚŚĞŝƚLJŽƵŶĐŝůĂƉƉƌŽǀĞEŝĐŚŽůĂƐ>>͛Ɛ ƌĞƋƵĞƐƚĨŽƌ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚŽŶtĞƐƚĞŶƚĞƌ^ƚ͘ǁŝƚŚƚŚĞĐŽŶĚŝƚŝŽŶƐĨŽƌǁĂƌĚĞĚďLJƚŚĞ WůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶ͘ĚĚŝƚŝŽŶĂůůLJ͕ǁĞƐƵƉƉŽƌƚƚŚĞĚĞǀĞůŽƉĞƌŝŶŚŝƐƌĞƋƵĞƐƚĨŽƌĂ ǀĂƌŝĂŶĐĞĨŽƌƚŚĞŶƵŵďĞƌŽĨƉĂƌŬŝŶŐƐƉĂĐĞƐŶĞĐĞƐƐĂƌLJ͘ ^ŝŶĐĞƌĞůLJ͕<ƵƚnjŬLJWĂƌŬEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶŽĂƌĚŽĨŝƌĞĐƚŽƌƐ 3DFNHW3J (G $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG 3DFNHW3J $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW 3DFNHW3J (G $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW 3DFNHW3J (G $WWDFKPHQW$GGLWLRQDO,QIRUPDWLRQ3URYLGHGDW0HHWLQJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW 3DFNHW3J (G (H $WWDFKPHQW&8'(,QSXWRQ1LFKRODV%OGJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ 0D\ +RQRUDEOH0D\RUDQG&LW\&RXQFLO &LW\RI5RFKHVWHU )RXUWK6WUHHW6( 5RFKHVWHU01 5H1LFKRODV%XLOGLQJ'HYHORSPHQW3ODQ 'HDU0D\RUDQG&LW\&RXQFLO 7KH&RPPLWWHHRQ8UEDQ'HVLJQDQG(QYLURQPHQW &8'( DSSUHFLDWHVWKHRSSRUWXQLW\WRSURYLGHLQSXW DQGIHHGEDFNRQWKHUHYLVHGSODQVIRUWKHSURSRVHG´1LFKRODV%XLOGLQJµUHVLGHQWLDOGHYHORSPHQWLQ VRXWKZHVW5RFKHVWHU7KHGHYHORSHUSUHVHQWHGSODQVRQWZRVHSDUDWHRFFDVLRQVWRRXUHQWLUHFRPPLWWHH DQGDVXEFRPPLWWHHZDVIRUPHGWRPHHWRQWZRDGGLWLRQDORFFDVLRQVZLWKWKHGHYHORSHUGHVLJQWHDP DQGQHLJKERUKRRGDVVRFLDWLRQWRSURYLGHLQSXW &8'(UHFRJQL]HVWKHQHHGIRUTXDOLW\UHVLGHQWLDOKRXVLQJLQGRZQWRZQ5RFKHVWHUDQGWKDWWKLVSURMHFWZLOO KHOSIXOILOOWKLVQHHG6RPHKLJKOLJKWVRIWKHSURSRVHGSURMHFWWKDW&8'(VXSSRUWVLQFOXGH x 0HGLXPGHQVLW\UHVLGHQWLDOGHYHORSPHQWVDUHLPSRUWDQWDV5RFKHVWHUSURJUHVVHVWRZDUGDPRUH XUEDQZDONDEOHFLW\ZKHUHSHRSOHFDQFKRRVHWROLYHDQGZRUNZLWKRXWQHFHVVDULO\WKHQHHGWR RZQDYHKLFOH7KLVSURMHFWGRHVDGGUHVVWKLVQHHGKRZHYHUZHKRSHWRVHHLQWKHIXWXUHPRUH WZRDQGWKUHHEHGURRPUHVLGHQWLDOKRXVLQJSURSRVDOVIRUIDPLOLHVZKRPD\GHVLUHGRZQWRZQ OLYLQJ x 7KHXVHRIEULFNIRUWKHEXLOGLQJIDoDGHSURYLGHVDKLJKTXDOLW\DQGDWWUDFWLYHDSSHDUDQFHWRWKH EXLOGLQJWKDWHQKDQFHVWKHVXUURXQGLQJQHLJKERUKRRG x 7KHVLQJOHEXLOGLQJ´8VKDSHGµOD\RXWDQGWKHORZSURILOHRIWKHEXLOGLQJKHOSVLWEOHQGLQWRWKH VXUURXQGLQJQHLJKERUKRRG x 8VHRIJURXQGIORRUXQLWHQWUDQFHVWRSURYLGHHQKDQFHGVWUHHWDFFHVVDQGWKHSURYLGHDQDFWLYH VWUHHWVFDSHGHVLJQ x $QDWWUDFWLYHODQGVFDSLQJSODQWKDWSURYLGHVDQLFHVRIWHUDSSHDUDQFHIRUWKHEXLOGLQJDQGWKH LQYLWLQJIURQWHQWUDQFHFRXUW\DUGWKDWSURYLGHVDZHOFRPLQJDSSHDUDQFHIRUWKHQHLJKERUKRRG x &8'(VXSSRUWVWKHUHGXFWLRQLQSDUNLQJVWDOOVSURYLGHGZLWKWKHGHYHORSPHQWDVSRWHQWLDO UHVLGHQWVVHHNLQJWKLVW\SHRIKRXVLQJYHU\RIWHQGRQRWRZQDFDURUHYHQZLVKWR&8'(IHHOV WKDWUHGXFLQJWKHDPRXQWRISULYDWHVXEVLGL]HGRIIVWUHHWSDUNLQJLQGRZQWRZQKHOSVWRDGGUHVV IXWXUHWUDQVSRUWDWLRQQHHGVDQGVXSSRUWPRGHVKLIWVWRWUDQVLWELNLQJDQGZDONLQJ x ,QFOXVLRQRIDVKDUHGFDUSURJUDPWRKHOSUHGXFHWKHQHHGIRUFDURZQHUVKLS x 3URWHFWHGELF\FOHVWRUDJHIDFLOLWLHVDUHSURYLGHGDQGDGHTXDWHIRUWKHQXPEHURIXVHUV H[SHFWHG &8'(VXSSRUWVWKHGHVLJQDQGLVKDSS\WKDWWKHGHYHORSHUKDVZRUNHGFORVHO\ZLWKWKH.XW]N\3DUN 1HLJKERUKRRG$VVRFLDWLRQRQWKHGHVLJQDQGVXUURXQGLQJGHYHORSPHQWRIWKHSURSHUW\ 3DFNHW3J (H $WWDFKPHQW&8'(,QSXWRQ1LFKRODV%OGJ 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83DQG'HVLJQ 7KDQN\RXDJDLQIRUWKHRSSRUWXQLW\WRSURYLGHLQSXWRQWKLVSURMHFW:HORRNIRUZDUGWRVHHLQJWKLV SURMHFWPRYHIRUZDUG %ULDQ6PLGW&KDLU &8'( 3DFNHW3J ( 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,2125,*,1$7,1*'(37 +HDULQJV3ODQQLQJDQG=RQLQJ ,7(0'(6&5,37,2135(3$5('%< 3UHOLPLQDU\3ODW53/$7WREHNQRZQDV)LHOGVWRQH)RXUWKE\*3'HYHORSPHQW%UHQW6YHQE\ ,QF 127($UHYLVHGSODWKDVEHHQVXEPLWWHGZKLFKLQFOXGHVWKHSDUN&RQGLWLRQQXPEHURQHFDQEH UHPRYHG [[150,846,1371,898][11][B,I,][Arial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x 7KHSRUWLRQRIWKHRYHUKHDGSRZHUOLQHVWKDWDUHQRWFXUUHQWO\LQDGHGLFDWHGHDVHPHQW RQWKHSURSHUW\ [[799,1109,812,1161][11][B,I,][Arial]] x $HDVHPHQWRYHUWKHH[LVWLQJ´WUXQNZDWH UPDLQDORQJWKHHDVWVLGHRIWKHSURSHUW\ QHDUWKHQRUWKHQGWKURXJKDSRUWLRQRIWKHSUHYLRXVORWVDQG (D $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQE\1HLO$OH[DQGHU 3DFNHW3J (D $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQE\1HLO$OH[DQGHU 3DFNHW3J (D $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQE\1HLO$OH[DQGHU 3DFNHW3J (D $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQE\1HLO$OH[DQGHU 3DFNHW3J (D $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQE\1HLO$OH[DQGHU 3DFNHW3J (D $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQE\1HLO$OH[DQGHU 3DFNHW3J (D $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQE\1HLO$OH[DQGHU 3DFNHW3J (D $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQE\1HLO$OH[DQGHU 3DFNHW3J $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQ 3DFNHW3J (D (D $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQE\1HLO$OH[DQGHU 3DFNHW3J (D $WWDFKPHQWVWDIIUHSRUW )LQDO3ODW53/$7WREHNQRZQDV%DQG*+ROGLQJ6XEGLYLVLRQE\1HLO$OH[DQGHU 3DFNHW3J ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,2125,*,1$7,1*'(37 5HSRUWVDQG5HFRPPHQGDWLRQV&LW\&OHUN ,7(0'(6&5,37,2135(3$5('%< 6RXQG$PSOLILFDWLRQ3HUPLWV%HWKDQ\*HUEHU :$,9(7+(0$;,080$//2:$%/(6281'35(6685(/(9(/$1'5(48,5(7+($03/,),('6281'72 7(50,1$7(12/$7(57+$130 /HDGHUVKLS*UHDWHU5RFKHVWHU&ODVV &HQWUDO3DUN 5RFKHVWHU01 0D\VWIURP$0WR30 2OPVWHG&RXQW\)DLU%RDUG *UDQGVWDQG(YHQWV 5RFKHVWHU01 -XO\ * 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,2125,*,1$7,1*'(37 5HVROXWLRQVDQG2UGLQDQFHV&LW\$WWRUQH\ ,7(0'(6&5,37,2135(3$5('%< *)LUVW5HDGLQJ-RG\+RXJKWRQ &281&,/$&7,215(48(67(' 3DFNHW3J * 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,2125,*,1$7,1*'(37 5HVROXWLRQVDQG2UGLQDQFHV&LW\$WWRUQH\ ,7(0'(6&5,37,2135(3$5('%< * D 6HFRQG5HDGLQJ5H]RQH * 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,2125,*,1$7,1*'(37 5HVROXWLRQVDQG2UGLQDQFHV&LW\$WWRUQH\ ,7(0'(6&5,37,2135(3$5('%< * E 6HFRQG5HDGLQJ$GRSW2IILFLDO0DS1R-RG\+RXJKWRQ $Q2UGLQDQFH$GRSWLQJ2IILFLDO6WUHHW0DS1XPEHU&RQFHUQLQJ7KH3URSRVHG5LJKWVRI:D\$ORQJ7KH7UXQN +LJKZD\&RUULGRU)URPWK6WUHHW6RXWK7RWK6WUHHW6RXWK,Q7KH&LW\2I5RFKHVWHU0LQQHVRWD &281&,/$&7,215(48(67(' 3DFNHW3J