The URL can be used to link to this page

Home My WebLink AboutFebruary 18, 2015 Agenda Packet &,7<2)52&+(67(5 &LW\&RXQFLO$JHQGD &RXQFLO%RDUG&KDPEHUV WK6WUHHW6( 5HJXODU$GMRXUQHG0HHWLQJ)HEUXDU\ &LW\&RXQFLO$JHQGD :HGQHVGD\)HEUXDU\ 3DJHRI 'WK6WUHHW1(1RUWK%URDGZD\)LQDO*HRPHWULF/D\RXW3ODQ$SSURYDODQG 0XQLFLSDO&RQVHQW '6HFRQG6XSSOHPHQWDO$PHQGPHQWWR'HYHORSPHQW$JUHHPHQWIRU6RXWKHUQ &URVVLQJV±$FFHVV/DQG$FTXLVLWLRQV//& ' &LW\&RXQFLO$JHQGD :HGQHVGD\)HEUXDU\ 3DJHRI -$'-2851 $ 5(48(67)25&281&,/$&7,21 0((7,1*'$7( $*(1'$6(&7,2125,*,1$7,1*'(37 2SHQ&RPPHQW3HULRG&LW\$GPLQLVWUDWLRQ ,7(0'(6&5,37,2135(3$5('%< 2SHQ&RPPHQW3HULRG 6WHYDQ.YHQYROG 7KLVDJHQGDVHFWLRQLVSULPDULO\IRUWKHSXUSRVHRIDOORZLQJFLWL]HQVWRDGGUHVVWKH&LW\&RXQFLORQD WRSLFRIWKHLUFKRLFH7KHIROORZLQJJXLGHOLQHVDSSO\ 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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±RQHZD\RQHZD\ HVWLPDWH±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¶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¶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¶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d WK>/z&KZ^W/>sEd^ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ DŽƐƚĞǀĞŶƚƐĂŶĚĂĐƚŝǀŝƚŝĞƐǁŝƚŚŝŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌƌĞƋƵŝƌĞƉĞƌŵŝƚƐŽƌĂƉƉƌŽǀĂůƐ͘ůůĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ƚŚĞĞǀĞŶƚĂƌĞƚŽďĞďŽƌŶĞďǇƚŚĞĞǀĞŶƚƐƉŽŶƐŽƌ͘dŚĞ^ƉĞĐŝĂůǀĞŶƚƉĞƌŵŝƚĂƉƉůŝĐĂƚŝŽŶŵƵƐƚďĞĐŽŵƉůĞƚĞĚĨŽƌĂůů ŽƵƚĚŽŽƌĞǀĞŶƚƐĂŶĚĂĐƚŝǀŝƚŝĞƐĂŶĚŝƐĂǀĂŝůĂďůĞĂƚƚŚĞŝƚǇůĞƌŬ͛ƐKĨĨŝĐĞ͕ϮϬϭ&ŽƵƌƚŚ^ƚƌĞĞƚ^͕͘͘ZŽĐŚĞƐƚĞƌ͕ DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ŽƌĂƚŚƚƚƉ͗ͬͬǁǁǁ͘ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͬĚĞƉĂƌƚŵĞŶƚƐͬĐŝƚǇĐůĞƌŬͬůŝĐĞŶƐĞƐͬŝŶĚĞǆ͘ĂƐƉ͘ ƉƉůŝĐĂƚŝŽŶƐĂƌĞƚŽďĞƐƵďŵŝƚƚĞĚŶŽůĂƚĞƌƚŚĂŶϲϬĚĂǇƐƉƌŝŽƌƚŽƚŚĞĞǀĞŶƚ͘&ŽƌůĂƌŐĞƐĐĂůĞĞǀĞŶƚƐŝŶǀŽůǀŝŶŐϭ͕ϬϬϬ ƉĂƌƚŝĐŝƉĂŶƚƐŽƌŵŽƌĞĂƉƉůŝĐĂƚŝŽŶƐŚŽƵůĚďĞŵĂĚĞϵϬͲϭϮϬĚĂǇƐŝŶĂĚǀĂŶĐĞ͘ƉƉůŝĐĂƚŝŽŶƐŶŽƚƐƵďŵŝƚƚĞĚǁŝƚŚŝŶ ƚŚĞƐĞƚŝŵĞĨƌĂŵĞƐǁŝůůŶŽƚďĞĐŽŶƐŝĚĞƌĞĚ͘/ŶƚŚĞĐĂƐĞŽĨĂƌĂĐĞ͕ǁĂůŬ͕ƉĂƌĂĚĞ͕ŽƌŽƚŚĞƌĞǀĞŶƚƵƐŝŶŐŝƚǇƐƚƌĞĞƚƐ͕Ă ĚĞƚĂŝůĞĚůĂǇŽƵƚŽĨƚŚĞƌŽƵƚĞĂŶĚĂƌƌĂŶŐĞŵĞŶƚƐĨŽƌƚƌĂĨĨŝĐĐŽŶƚƌŽůƚŽďĞĚŽŶĞďǇĂĐĞƌƚŝĨŝĞĚǀĞŶĚŽƌƵƐŝŶŐƚŚĞ DĂŶƵĂůŽĨhŶŝĨŽƌŵdƌĂĨĨŝĐŽŶƚƌŽůĞǀŝĐĞƐƐƚĂŶĚĂƌĚƐǁŝůůďĞƌĞƋƵŝƌĞĚƚŽďĞƐƵďŵŝƚƚĞĚǁŝƚŚƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘ ZĞǀŝĞǁŽŵŵŝƚƚĞĞ͕ŵĂĚĞƵƉŽĨƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐĨƌŽŵŝƚǇĂŶĚŽƵŶƚǇĚĞƉĂƌƚŵĞŶƚƐ͕ǁŝůůƌĞǀŝĞǁƚŚĞĂƉƉůŝĐĂƚŝŽŶ ĂŶĚŵĂŬĞĐŚĂŶŐĞƐĂŶĚͬŽƌƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƚŽƚŚĞĞǀĞŶƚƐƉŽŶƐŽƌƉƌŝŽƌƚŽĂƉƉůŝĐĂƚŝŽŶďĞŝŶŐĨŽƌǁĂƌĚƚŽƚŚĞŝƚǇ ŽƵŶĐŝůĨŽƌĂĨŝŶĂůĚĞĐŝƐŝŽŶ͘ ŶǇŽŶĞƉůĂŶŶŝŶŐĂŶĞǀĞŶƚƚŽďĞŚĞůĚǁŝƚŚŝŶƚŚĞWĞĂĐĞWůĂǌĂĂƌĞĂƐŚŽƵůĚĐŽŶƚĂĐƚƚŚĞZŽĐŚĞƐƚĞƌŽǁŶƚŽǁŶ ůůŝĂŶĐĞƚŽďĞŐŝŶƚŚĞĂƉƉůŝĐĂƚŝŽŶƉƌŽĐĞƐƐ͘/ĨĂƉƉƌŽǀĂůŝƐŐŝǀĞŶĨŽƌWĞĂĐĞWůĂǌĂƵƐĞƚŚĞŶĂŝƚǇĂƉƉůŝĐĂƚŝŽŶĐĂŶďĞ ƐƵďŵŝƚƚĞĚĂůŽŶŐǁŝƚŚǀĞƌŝĨŝĐĂƚŝŽŶƚŚĂƚƚŚĞWĞĂĐĞWůĂǌĂƵƐĞŚĂƐďĞĞŶĂƉƉƌŽǀĞĚ͘ ŶǇĞǀĞŶƚƚŽďĞŚĞůĚǁŝƚŚŝŶWĂƌŬƐŵƵƐƚĐŽŶƚĂĐƚƚŚĞZŽĐŚĞƐƚĞƌWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚĨŽƌƐĞƉĂƌĂƚĞ ƉĞƌŵŝƚƌĞƋƵŝƌĞŵĞŶƚƐŽƌƐŚĞůƚĞƌƌĞŶƚĂů͘EŽƚĞ͗ĂƐƉĞĐŝĂůĞǀĞŶƚƐƉĞƌŵŝƚŝƐƌĞƋƵŝƌĞĚĨŽƌĞǀĞŶƚƐͬĂĐƚŝǀŝƚŝĞƐĞǆĐĞĞĚŝŶŐ ϯϬϬƉĂƌƚŝĐŝƉĂƚĞƐŽƌĂŶǇĞǀĞŶƚͬĂĐƚŝǀŝƚǇǁŚŝĐŚĞǆƚĞŶĚƐďĞǇŽŶĚƚŚĞŝŵŵĞĚŝĂƚĞƉĂƌŬďŽƵŶĚĂƌŝĞƐ͘ĚĚŝƚŝŽŶĂůůǇƚŚĞ ĞǀĞŶƚƐƉŽŶƐŽƌǁŝůůŶĞĞĚƚŽĐŚĞĐŬǁŝƚŚƚŚĞWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚĨŽƌĂŶǇĂĐƚŝǀŝƚǇƚŽďĞŚĞůĚŽŶWĂƌŬ ĂŶĚZĞĐƌĞĂƚŝŽŶƉƌŽƉĞƌƚǇƚŽŵĂŬĞƐƵƌĞƚŚĞĞǀĞŶƚĐĂŶďĞƐĐŚĞĚƵůĞĚŝŶƚŽƚŚĞĨĂĐŝůŝƚǇ ƌĞƋƵĞƐƚĞĚ͗ŚƚƚƉ͗ͬͬǁǁǁ͘ƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͬĚĞƉĂƌƚŵĞŶƚƐͬƉĂƌŬͬƌĞŶƚĂůƐͺƌĞƐĞƌǀĂƚŝŽŶƐͬŝŶĚĞǆ͘ĂƐƉ ůůĂƉƉůŝĐĂƚŝŽŶƐ͕ǁŝƚŚƚŚĞĞǆĐĞƉƚŝŽŶŽĨƚŚŽƐĞŝŶƚŚĞWĞĂĐĞWůĂǌĂĂŶĚƐŵĂůůĞǀĞŶƚƐͬĂĐƚŝǀŝƚŝĞƐǁŝƚŚŝŶƉĂƌŬƐ͕ĂƌĞƚŽ ďĞƐĞŶƚĚŝƌĞĐƚůǇƚŽƚŚĞŝƚǇůĞƌŬ͛ƐKĨĨŝĐĞ͘ůůĨĞĞƐŵƵƐƚďĞƉĂŝĚƉƌŝŽƌƚŽƚŚĞĂƉƉůŝĐĂƚŝŽŶďĞŝŶŐƌĞǀŝĞǁĞĚ͘/ĨƚŚĞ ĞǀĞŶƚŝƐĐĂŶĐĞůůĞĚǁŝƚŚŝŶϳĚĂǇƐŽĨĨŝůŝŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶĨĞĞǁŝůůďĞƌĞĨƵŶĚĞĚ͘EŽƉĂƌƚŝĂůĂƉƉůŝĐĂƚŝŽŶƐǁŝůůďĞ ĂĐĐĞƉƚĞĚ͘ ZYh/ZDEd^͕KE/d/KE^EK^d^d,dDzWW>/>dKzKhZsEd DŝƐĐĞůůĂŶĞŽƵƐĐƚŝǀŝƚŝĞƐͬ^ŽƵŶĚΨϱϬ͘ϬϬ ŵƉůŝĨŝĐĂƚŝŽŶƉƉůŝĐĂƚŝŽŶ DĞƚĞƌďĂŐŐŝŶŐĨĞĞƐΨϲ͘ϬϬƉĞƌŵĞƚĞƌ;Ψϯ͘ϬϬƉĞƌŵĞƚĞƌ^ĂƚƵƌĚĂǇĂŶĚ^ƵŶĚĂǇͿ &ŝƌĞĞƉĂƌƚŵĞŶƚ&ŝƌĞĞƉĂƌƚŵĞŶƚƉĞƌƐŽŶŶĞůǁŝůůĂƐƐĞƐƐƚŚĞŶĞĞĚĨŽƌDdƐ͕&ŝƌĞ ĞƉĂƌƚŵĞŶƚƉĞƌƐŽŶŶĞů͕ĂŶĚĞƋƵŝƉŵĞŶƚĚĞƉĞŶĚŝŶŐŽŶƚŚĞ ƚǇƉĞŽĨĞǀĞŶƚƚŽďĞŚĞůĚǁŝƚŚƚŚĞĞǀĞŶƚƐƉŽŶƐŽƌďĞŝŶŐďŝůůĞĚĂĐĐŽƌĚŝŶŐůǇ͘ WĞƌŵŝƚƐƌĞƋƵŝƌĞĚďǇƚŚĞĨŝƌĞĚĞƉĂƌƚŵĞŶƚ͗ dĞŶƚƉĞƌŵŝƚͲΨϱϱ͘ϬϬ &ŝƌĞǁŽƌŬƐĚŝƐƉůĂǇͲΨϱϱ͘ϬϬ &ŝƌĞǁŽƌŬƐ^ĂůĞƐͲΨϱϱ͘ϬϬ 3DFNHW3J 'D WĞƌĨŽƌŵĂŶĐĞƐhƐŝŶŐ&ůĂŵĞͬ&ŝƌĞͲΨϱϱ͘ϬϬ /ŶƐƵƌĂŶĐĞĞƌƚŝĨŝĐĂƚĞWƌŽǀŝĚĞĂĞƌƚŝĨŝĐĂƚĞŽĨ>ŝĂďŝůŝƚǇ/ŶƐƵƌĂŶĐĞŶĂŵŝŶŐƚŚĞŝƚǇĂƐĂŶĂĚĚŝƚŝŽŶĂů ŝŶƐƵƌĞĚĨŽƌƚŚĞƚĞƌŵŽĨƚŚĞĞǀĞŶƚŝŶƚŚĞĂŵŽƵŶƚŽĨΨϭ͕ϱϬϬ͕ϬϬϬĞĂĐŚ ŽĐĐƵƌƌĞŶĐĞͬĂŐŐƌĞŐĂƚĞĨŽƌďŽƚŚďŽĚŝůǇŝŶũƵƌǇΘƉƌŽƉĞƌƚǇĚĂŵĂŐĞůŝĂďŝůŝƚǇƚŽ ĐŽǀĞƌĂŶǇĐůĂŝŵƐƚŚĂƚŵĂǇƌĞƐƵůƚĨƌŽŵƚŚĞĞǀĞŶƚ͘ >ŝƋƵŽƌdŚĞƵƐĞŽĨůŝƋƵŽƌŝƐĚĞĨŝŶĞĚŝŶƚŚĞZŽĐŚĞƐƚĞƌŽĚĞŽĨKƌĚŝŶĂŶĐĞƐŚĂƉƚĞƌ ϭϮϱ͘ĚĚŝƚŝŽŶĂůůŝĐĞŶƐĞƐǁŝůůďĞƌĞƋƵŝƌĞĚ͕ĐŽŶƚĂĐƚƚŚĞŝƚǇůĞƌŬ͛ƐŽĨĨŝĐĞĨŽƌ ŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͘ WŽƌƚĂďůĞdŽŝůĞƚƐͬtĂƐŚ^ƚĂƚŝŽŶƐEƵŵďĞƌŽĨƚŽŝůĞƚƐĂŶĚǁĂƐŚƐƚĂƚŝŽŶƐŶĞĞĚĞĚǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƐƚĂĨĨ ďĂƐĞĚŽŶŶƵŵďĞƌŽĨĞǆƉĞĐƚĞĚƉĂƌƚŝĐŝƉĂŶƚƐ͘ŽƐƚƐĂŶĚĚĞůŝǀĞƌǇŽĨƵŶŝƚƐǁŝůůďĞ ďŽƌŶĞďǇĞǀĞŶƚƐƉŽŶƐŽƌƐ͘ ^ĞĐƵƌŝƚǇΨϲϬ͘ϬϬƉĞƌŚŽƵƌǁŝƚŚĂϰͲŚŽƵƌŵŝŶŝŵƵŵĨŽƌWŽůŝĐĞKĨĨŝĐĞƌƐŝĨůŝƋƵŽƌƉƌĞƐĞŶƚĂƚ ĞǀĞŶƚ͘DŝŶŝŵƵŵŽĨϮŽĨĨŝĐĞƌƐŵƵƐƚďĞƉƌĞƐĞŶƚ͘,ŽůŝĚĂǇƐͲΨϴϬƉĞƌŚŽƵƌƉĞƌ ŽĨĨŝĐĞƌǁŝƚŚĂϰͲŚŽƵƌŵŝŶŝŵƵŵ͘WŽůŝĐĞĞƉĂƌƚŵĞŶƚĚĞƚĞƌŵŝŶĞƐƚŚĞŶƵŵďĞƌ ŽĨŽĨĨŝĐĞƌƐƚŽďĞƉƌĞƐĞŶƚ͘ ^ŝŐŶĂŐĞůůƐŝŐŶĂŐĞŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞĞǀĞŶƚƐƉŽŶƐŽƌĂŶĚŵƵƐƚĐŽŵƉůǇǁŝƚŚ ƚŚĞĂƉƉƌŽǀĞĚƐŝƚĞƉůĂŶƐƵďŵŝƚƚĞĚǁŝƚŚƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘ ^ƚƌĞĞƚůŽƐƵƌĞƐtŚĞŶĂƐƚƌĞĞƚŝƐƚŽďĞĐůŽƐĞĚĨŽƌŽǀĞƌϭϱŵŝŶƵƚĞƐ͕ĂĚĞƚŽƵƌŝƐƚŽďĞ ĞƐƚĂďůŝƐŚĞĚĂŶĚƐŝŐŶĞĚƚŽƉƌŽǀŝĚĞĂĚĞƐŝŐŶĂƚĞĚƌŽƵƚĞĂƌŽƵŶĚƚŚĞĞǀĞŶƚ͘ ĚĞƚĂŝůĞĚůĂǇŽƵƚŽĨƚŚĞƌŽƵƚĞĂŶĚĂƌƌĂŶŐĞŵĞŶƚƐĨŽƌƚƌĂĨĨŝĐĐŽŶƚƌŽůŵƵƐƚďĞ ĚŽŶĞďǇĂĐĞƌƚŝĨŝĞĚǀĞŶĚŽƌƵƐŝŶŐƚŚĞDĂŶƵĂůŽĨhŶŝĨŽƌŵdƌĂĨĨŝĐŽŶƚƌŽů ĞǀŝĐĞƐƐƚĂŶĚĂƌĚƐ͘>ĂǁŶĨŽƌĐĞŵĞŶƚKĨĨŝĐĞƌƐŵƵƐƚďĞƵƚŝůŝǌĞĚĂƚĂůůƚƌĂĨĨŝĐ ĐŽŶƚƌŽůůĞĚŝŶƚĞƌƐĞĐƚŝŽŶƐ͘WƵďůŝĐtŽƌŬƐƚŝŵĞĨŽƌƚĞŵƉŽƌĂƌǇƚƌĂĨĨŝĐƐŝŐŶĂů ŵŽĚŝĨŝĐĂƚŝŽŶƐ͕ĂĚĚŝƚŝŽŶĂůƐŝŐŶĂŐĞ͕ŽƌŽƚŚĞƌŝƚǇĐŽƐƚƐŵĂǇďĞĐŚĂƌŐĞĚ͘ /ŶĂĚĚŝƚŝŽŶĂůůĞǀĞŶƚƐǁŝƚŚƐƚƌĞĞƚĐůŽƐƵƌĞƐŵƵƐƚŝŶĐůƵĚĞĂŶĞŵĞƌŐĞŶĐǇƉůĂŶ ĚĞƚĂŝůŝŶŐĂĐĐĞƐƐĨŽƌĞŵĞƌŐĞŶĐǇǀĞŚŝĐůĞƐ͘ /ŶZĞƐŝĚĞŶƚŝĂůEĞŝŐŚďŽƌŚŽŽĚƐ͗ ϳͲĚĂǇĂĚǀĂŶĐĞŶŽƚŝĐĞƚŽƚŚĞƌĞƐŝĚĞŶƚƐƚŚĂƚǁŝůůďĞŝŵƉĂĐƚĞĚďǇƚŚĞĞǀĞŶƚŝƐ ƌĞƋƵŝƌĞĚƐŽƚŚĞǇĐĂŶƉůĂŶĂƌŽƵŶĚƚŚĞŝŶĐŽŶǀĞŶŝĞŶĐĞ͘dŚŝƐŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇ ŽĨƚŚĞĞǀĞŶƚƐƉŽŶƐŽƌ͘/ĨƚŚŝƐĂĐƚŝǀŝƚǇŝƐŶŽƚĚŽŶĞƚŚĞĞǀĞŶƚǁŝůůďĞĐĂŶĐĞůůĞĚ͘ /ŶŽŵŵĞƌĐŝĂůƌĞĂƐ͗ ĐŽŶƐĞŶƚͬŶŽŶͲĐŽŶƐĞŶƚĨŽƌŵŵƵƐƚďĞƌĞĐĞŝǀĞĚĨƌŽŵĂůůďƵƐŝŶĞƐƐĞƐƚŚĂƚĂƌĞ ĂĨĨĞĐƚĞĚďǇƚŚĞƐƚƌĞĞƚĐůŽƐƵƌĞĂƐƉĂƌƚŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶƉĂĐŬĞƚ͘dŚŝƐŝƐƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨƚŚĞĞǀĞŶƚƐƉŽŶƐŽƌ͘&ŽƌŵƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĂƉƉůŝĐĂƚŝŽŶ ƉĂĐŬĞƚ͘ ZŽĂĚĐůŽƐƵƌĞƐĂƌĞŶŽƚĂůůŽǁĞĚĨŽƌůŽĐĂƚŝŽŶƐǁŚĞƌĞƚŚĞƌĞĂƌĞŶŽŽƚŚĞƌĂĐĐĞƐƐ ŽƉƚŝŽŶƐĨŽƌƚŚĞďƵƐŝŶĞƐƐĞƐŽƌƌĞƐŝĚĞŶƚƐ͘ dƌĂƐŚ^ƚĂƚŝŽŶƐEƵŵďĞƌŽĨƐƚĂƚŝŽŶƐŶĞĞĚĞĚǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďǇƐƚĂĨĨďĂƐĞĚŽŶŶƵŵďĞƌŽĨ ĞǆƉĞĐƚĞĚƉĂƌƚŝĐŝƉĂŶƚƐ͘ŽƐƚƐǁŝůůďĞďŽƌŶĞďǇĞǀĞŶƚƐƉŽŶƐŽƌƐ͘ 3DFNHW3J 'D ŽŶƚĂĐƚ/ŶĨŽƌŵĂƚŝŽŶůůĂƉƉůŝĐĂƚŝŽŶƐŵƵƐƚŝŶĐůƵĚĞƚŚĞŶĂŵĞĂŶĚƉŚŽŶĞŶƵŵďĞƌŽĨƚŚĞŽŶͲƐŝƚĞ ǀĞŶƚĐŽŶƚĂĐƚƉĞƌƐŽŶĨŽƌƚŚĞĚĂǇ;ƐͿŽĨƚŚĞĞǀĞŶƚ͘ WƌĞͲǀĞŶƚ/ŶƐƉĞĐƚŝŽŶƚůĞĂƐƚŽŶĞĚĂǇƉƌŝŽƌƚŽƚŚĞĞǀĞŶƚŝƚǇƐƚĂĨĨǁŝůůŝŶƐƉĞĐƚƚŚĞĞǀĞŶƚůŽĐĂƚŝŽŶƚŽ ĞŶƐƵƌĞƚŚĂƚĂůůǀĞŶƚWĞƌŵŝƚƌĞƋƵŝƌĞŵĞŶƚƐŚĂǀĞďĞĞŶĨŽůůŽǁĞĚ͘/ŶƐƉĞĐƚŝŽŶƐ ŵĂǇĂůƐŽŽĐĐƵƌĚƵƌŝŶŐƚŚĞĞǀĞŶƚƚŽĞŶƐƵƌĞƚŚĂƚŶŽĐŚĂŶŐĞƐŚĂǀĞďĞĞŶŵĂĚĞ ĨƌŽŵƚŚĞĂƉƉƌŽǀĞĚǀĞŶƚWĞƌŵŝƚ͘/ĨĐŚĂŶŐĞƐĂƌĞŵĂĚĞĂŶĚŶŽƚĐŽƌƌĞĐƚĞĚĂƚ ƚŚĞƌĞƋƵĞƐƚŽĨŝƚǇƐƚĂĨĨƚŚĞĞǀĞŶƚŵĂǇďĞƐŚƵƚĚŽǁŶ͘ 3DFNHW3J 'D Ǥ Ǥ ǡ Ǣ Ǥ ȋǡ ǡȌǣǦǣ ǣǡƬǣ ǣ ǡ Ǥ 'D Ǥ ǤͷͲ͹Ǧ͵ʹͺǦʹͷʹͷǤ ǡ ǦͷͲ͹Ǧ͵ʹͺǦʹͺͲͲǤ ǫ ǡǣ ǣ ǣ ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ǣ ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ǣ ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ǣ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ǡǡ ǣ Ǥ Ǥ ̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴ ͺͷ ǡ ǣ Ǥ F Ǥ 'D [[1238,61,1250,118][12][B,I,][Times New Roman]] 'D [[676,147,875,204][12][B,I,][Times New Roman]]5,*+76 [[876,147,1797,204][12][B,I,][Times New Roman]]2)68%-(&762)*29(510(17'$7$ [[1798,147,1810,204][12][B,I,][Times New Roman]] [[895,233,1578,290][12][B,I,][Times New Roman]]/,&(16($1'3(50,7'$7$ [[1579,233,1591,290][12][B,I,][Times New Roman]] [[150,319,162,376][12][B,I,][Times New Roman]] [[827,319,1424,376][12][B,I,][Times New Roman]]³7(11(66(1:$51,1*´ [[1423,319,1435,376][12][B,I,][Times New Roman]] [[148,405,2225,462][12][,I,][Times New Roman]],QDFFRUGDQFHZLWKWKH0LQQHVRWD*RYHUQPHQW'DWD3UDFWLFHV$FWWKH&LW\RI5RFKHVWHULVUHTXLUHGWR [[150,463,1715,520][12][,I,][Times New Roman]]LQIRUP\RXRI\RXUULJKWVDVWKH\SHUWDLQWRWKHLQIRUPDWLRQFROOHFWHGDERXW\R [[1715,463,2305,520][12][,I,][Times New Roman]]X3XEOLFLQIRUPDWLRQLV WKDW [[150,520,2189,577][12][,I,][Times New Roman]]LQIRUPDWLRQZKLFKLVDYDLODEOHWRWKHJHQHUDOSXEOLF3ULYDWHLQIRUPDWLRQLVWKDWLQIRUPDWLRQZKLFKLV [[150,578,2329,635][12][,I,][Times New Roman]]DYDLODEOHWR\RXQRWWRWKHSXEOLFDQGFRQILGHQWLDOLQIRUPDWLRQLVWKDWLQIRUPDWLRQZKLFKLVQRWDYDLODEOHWR [[145,635,352,692][12][,I,][Times New Roman]]\RXRUWKH [[353,635,365,692][12][,I,][Times New Roman]] [[358,635,2272,692][12][,I,][Times New Roman]]SXEOLF7KHLQIRUPDWLRQZHFROOHFWIURP\RXLVHL WKHUSXEOLFRUSULYDWH7KHVHSDUDWLRQRIWKDW [[646,692,662,749][12][B,I,][Times New Roman]] [[150,693,645,750][12][,I,][Times New Roman]]LQIRUPDWLRQLVDVIROORZV [[663,693,675,750][12][,I,][Times New Roman]] [[122,776,134,833][12][B,I,][Times New Roman]] [[197,776,209,833][12][B,I,][Times New Roman]] [[271,776,467,833][12][B,I,][Times New Roman]]38%/,& [[467,776,494,833][12][B,I,][Times New Roman]]± [[493,776,505,833][12][B,I,][Times New Roman]] [[503,776,2207,833][12][B,I,][Times New Roman]]1$0($1'$''5(662)$33/,&$17 6 $77+(7,0(2)$33/,&$7,21 [[2204,777,2216,834][12][,I,][Times New Roman]] [[0,861,12,918][12][B,I,][Times New Roman]] [[75,861,87,918][12][B,I,][Times New Roman]] [[150,861,162,918][12][B,I,][Times New Roman]] [[224,861,450,918][12][B,I,][Times New Roman]]35,9$7( [[450,861,477,918][12][B,I,][Times New Roman]]± [[476,861,488,918][12][B,I,][Times New Roman]] [[488,861,1636,918][12][B,I,][Times New Roman]]62&,$/6(&85,7<,1)250$7,21%,57+'$7( [[1636,861,1999,918][12][B,I,][Times New Roman]],1)250$7,21 [[1995,861,2007,918][12][B,I,][Times New Roman]] [[917,944,1406,1001][12][B,I,][Times New Roman]] 06 7+26(,1',9,'8$/672:+20<28*,9(<285 [[840,1561,1633,1618][12][B,I,][Times New Roman]](;35(66:5,77(13(50,66,21 [[1634,1561,1646,1618][12][B,I,][Times New Roman]] [[150,1644,1744,1701][12][,I,][Times New Roman]]8QOHVVRWKHUZLVHDXWKRUL]HGE\VWDWHVWDWXWHRUIHGHUDOODZRWKHUJRYHUQPHQWD [[1743,1644,2156,1701][12][,I,][Times New Roman]]JHQFLHVXWLOL]LQJWKH [[150,1701,1376,1758][12][,I,][Times New Roman]]UHSRUWHGSULYDWHGDWDPXVWDOVRWUHDWWKHLQIRUPDWLRQSULYDWH [[1377,1701,1389,1758][12][,I,][Times New Roman]] [[150,1759,162,1816][12][,I,][Times New Roman]] [[150,1816,2322,1873][12][,I,][Times New Roman]]<RXPD\ZLVKWRH[HUFLVH\RXUULJKWVDVFRQWDLQHGLQWKH0LQQHVRWD*RYHUQPHQW'DWD3UDFWLFHV$FW7KHVH [[150,1874,455,1931][12][,I,][Times New Roman]]ULJKWVLQFOXGH [[456,1874,468,1931][12][,I,][Times New Roman]] [[0,1956,12,2013][12][B,I,][Times New Roman]] [[75,1956,87,2013][12][B,I,][Times New Roman]] [[150,1956,1465,2013][12][B,I,][Times New Roman]]7+(5,*+7726(($1'2%7$,1&23,(62)7+('$7$ [[1466,1956,1478,2013][12][B,I,][Times New Roman]] [[1477,1956,2013,2013][12][B,I,][Times New Roman]]0$,17$,1('21<28 [[2013,1956,2025,2013][12][B,I,][Times New Roman]] [[0,2014,12,2071][12][B,I,][Times New Roman]] [[75,2014,87,2071][12][B,I,][Times New Roman]] [[150,2014,1843,2071][12][B,I,][Times New Roman]]7+(5,*+772%(72/'7+(&217(176$1'0($1,1*2)7+('$ 7$ [[1844,2014,1856,2071][12][B,I,][Times New Roman]] [[0,2072,12,2129][12][B,I,][Times New Roman]] [[75,2072,87,2129][12][B,I,][Times New Roman]] [[150,2072,2021,2129][12][B,I,][Times New Roman]]7+(5,*+772&217(677+($&&85$&<$1'&203/(7(1(662)7 +('$7$ [[2022,2072,2034,2129][12][B,I,][Times New Roman]] [[150,2183,2152,2240][12][,I,][Times New Roman]]7RH[HUFLVHWKHVHULJKWVFRQWDFWWKH&LW\&OHUN¶V2IILFH5RRP&LW\+DOO5RFKHVWHU0Q [[2153,2183,2165,2240][12][,I,][Times New Roman]] [[150,2269,162,2326][12][,I,][Times New Roman]] [[225,2269,1900,2326][12][,I,][Times New Roman]] [[1900,2269,2325,2326][12][,I,][Times New Roman]] [[2325,2269,2337,2326][12][,I,][Times New Roman]] [[353,2355,2122,2412][12][B,I,][Times New Roman]],+$9(5($'$1'81'(567$1'7+($%29(,1)250$7,215(*$5',1* [[2121,2355,2133,2412][12][B,I,][Times New Roman]] [[620,2413,1852,2470][12][B,I,][Times New Roman]]0<5,*+76$6$68%-(&72)*29(510(17'$7$ [[1853,2413,1865,2470][12][B,I,][Times New Roman]] [[150,2496,162,2553][12][B,I,][Times New Roman]] [[150,2582,162,2639][12][B,I,][Times New Roman]] [[225,2582,237,2639][12][B,I,][Times New Roman]] [[375,2582,387,2639][12][B,I,][Times New Roman]] [[525,2582,537,2639][12][B,I,][Times New Roman]] [[675,2582,687,2639][12][B,I,][Times New Roman]] [[825,2582,837,2639][12][B,I,][Times New Roman]] [[975,2582,987,2639][12][B,I,][Times New Roman]] [[1125,2582,1137,2639][12][B,I,][Ti mes New Roman]] [[1275,2582,1312,2639][12][B,I,][Times New Roman]] [[1313,2582,1325,2639][12][B,I,][Times New Roman]] [[1425,2582,1437,2639][12][B,I,][Times New Roman]] [[1575,2582,1587,2639][1 2][B,I,][Times New Roman]] [[1725,2582,1824,2639][12][B,I,][Times New Roman]] [[1825,2582,1837,2639][12][B,I,][Times New Roman]] [[1875,2582,1887,2639][12][B,I,][Times New Roman]] [[2025,2582,2037,2639][12][B,I,][Times New Roman]] [[150,2668,374,2725][12][B,I,][Times New Roman]] [[375,2668,912,2725][12][B,I,][Times New Roman]] 6LJQDWXUHRI'DWD6XEMHF [[913,2668,1498,2725][12][B,I,][Times New Roman]]W 'DWH [[1499,2668,1511,2725][12][B,I,][Times New Roman]] [[150,2725,162,2782][12][B,I,][Times New Roman]] [[150,2783,162,2840][12][B,I,][Times New Roman]] [[163,2783,175,2840][12][B,I,][Times New Roman]] 3DFNHW3J 'D ZKE^͘Zs^͕/DͲD ŝƚǇůĞƌŬ ϮϬϭϰƚŚ^ƚƌĞĞƚ^͕ZŽŽŵϭϯϱ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰͲϯϳϰϮ ; ϱϬϳͿϯϮϴͲϮϵϬϬ &yη;ϱϬϳͿϯϮϴͲϮϵϬϭ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¶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¶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¶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¶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¶VRIILFHGUDIWHGWKLVDPHQGPHQW &200,66,21$&7,215(48(67(' 6WDIIUHFRPPHQGVDSSURYDORIWKLVDPHQGPHQWDQGIXUWKHUPRUHUHTXHVWVWKDWWKH&RPPLVVLRQIRUZDUGWKHDPHQGPHQWWR WKH&LW\&RXQFLOIRUDSSURYDODQGVXEVHTXHQWH[HFXWLRQE\WKH0D\RUDQG&LW\&OHUN 3DFNHW3J 'E ),567$0(1'0(1772 )22'$1'%(9(5$*(23(5$7,2160$1$*(0(17$*5((0(17 7+,6$*5((0(17LVPDGHDVRIWKHBBBBBGD\RIBBBBBBBBBBBBBE\DQG EHWZHHQWKH&LW\RI5RFKHVWHUD0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ ³&LW\´ DQG%OXH%HOO 6HUYLFHV//& ³)RRGDQG%HYHUDJH0DQDJHU´ :+(5($6&LW\DQG)RRGDQG%HYHUDJH0DQDJHUHQWHUHGLQWRDQG)RRGDQG%HYHUDJH 2SHUDWLRQV0DQDJHPHQW$JUHHPHQW ³$JUHHPHQW´ HIIHFWLYH-DQXDU\IRUVHUYLFHVWREH SHUIRUPHGDWWKH&LW\¶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¶VOLDELOLW\LQVXUDQFHDQGZRUNHU¶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¶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³&RPPLVVLRQ´ 6XEG7KH0D\RUVKDOODSSRLQWZLWKWKH&RPPRQ&RXQFLO¶VDGYLFHDQG FRQVHQWVHYHQPHPEHUVRIWKH&RPPLVVLRQDVIROORZV $2QHSHUVRQUHFRPPHQGHGIRUPHPEHUVKLSE\WKH5RFKHVWHU EUDQFKRIWKH1DWLRQDO$VVRFLDWLRQIRUWKH$GYDQFHPHQWRI &RORUHG3HRSOH ³ 1$$&3´ DQGVXEVHTXHQWO\DSSRLQWHGE\ WKH0D\RU %2QHSHUVRQUHFRPPHQGHGIRUPHPEHUVKLSE\WKH2OPVWHG &RXQW\+XPDQ5LJKWV&RPPLVVLRQ ³2&+5&´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¶V DVVLVWDQFHGUDIWDQGSURYLGHDQDQQXDOUHSRUWWRWKH0D\RURXWOLQLQJLWVDFWLYLWLHVGXULQJ WKHSUHFHGLQJ\HDUDQGSURYLGLQJDJHQHUDORYHUYLHZRIWKH'HSDUWPHQW¶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¶V3URIHVVLRQDO 6WDQGDUG¶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±$FFHVV/DQG$FTXLVLWLRQV//& ĐĐĞƐƐ>ĂŶĚĐƋƵŝƐŝƚŝŽŶƐ>>ĂŶĚƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌĞŶƚĞƌĞĚŝŶƚŽĂĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚŽŶ^ĞƉƚĞŵďĞƌϮϰ͕ϮϬϬϴ ĂŶĚ&ŝƌƐƚƐƵƉƉůĞŵĞŶƚĂůŵĞŶĚŵĞŶƚƚŽĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚŽŶDĂǇϮϵ͕ϮϬϬϵ͘dŚĞKǁŶĞƌŚĂƐƌĞƋƵĞƐƚĞĚƚŚĞŝƚǇ ƉƌĞƉĂƌĞĂ^ĞĐŽŶĚ^ƵƉƉůĞŵĞŶƚĂůŵĞŶĚŵĞŶƚƚŽĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚƚŽĂŵĞŶĚĐĞƌƚĂŝŶƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞ ŐƌĞĞŵĞŶƚĚĂƚĞ^ĞƉƚĞŵďĞƌϮϰ͕ϮϬϬϴ͘KǁŶĞƌǁŝƐŚĞƐƚŽƌĞǀŝƐĞƚĞƌŵƐƌĞůĂƚĞĚƚŽƚŝŵŝŶŐĨŽƌĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚƉĂǇŵĞŶƚŽĨ ƌĞŵĂŝŶŝŶŐƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐ:ϳϮϯϱŽďůŝŐĂƚŝŽŶƐĨŽƌϯ͘ϰϮĂĐƌĞƐŽĨƚŚĞWƌŽƉĞƌƚǇǁŚŝĐŚǁĂƐŶŽƚƚŚŽƵŐŚƚƚŽďĞ ĚĞǀĞůŽƉĂďůĞĂƚƚŚĞƚŝŵĞĂĐŽŶƚƌŝďƵƚŝŽŶǁĂƐŵĂĚĞĨŽƌĂϭϮ͘ϬϬĂĐƌĞƉŽƌƚŝŽŶŽĨƚŚĞWƌŽƉĞƌƚǇ͘^ƚĂĨĨŚĂƐƉƌĞƉĂƌĞĚĂ^ĞĐŽŶĚ ^ƵƉƉůĞŵĞŶƚĂůŵĞŶĚŵĞŶƚƚŽĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚĨŽƌƚŚĞWƌŽƉĞƌƚǇĂŶĚƚŚĞƚĞƌŵƐŚĂǀĞďĞĞŶĂŐƌĞĞĚƚŽďĞƚǁĞĞŶ ƚŚĞƉĂƌƚŝĞƐ͘ &281&,/$&7,215(48(67(' ĚŽƉƚĂZĞƐŽůƵƚŝŽŶĂƵƚŚŽƌŝǌŝŶŐƚŚĞDĂǇŽƌĂŶĚŝƚǇůĞƌŬƚŽĞǆĞĐƵƚĞĂ^ĞĐŽŶĚ^ƵƉƉůĞŵĞŶƚĂůŵĞŶĚŵĞŶƚƚŽ ĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚǁŝƚŚĐĐĞƐƐ>ĂŶĚĐƋƵŝƐŝƚŝŽŶƐ>>͕ĨŽƌ^ŽƵƚŚĞƌŶƌŽƐƐŝŶŐƐĞǀĞůŽƉŵĞŶƚ͕ĐŽŶĚŝƚŝŽŶĞĚŽŶƚŚĞ KǁŶĞƌĨƵůůǇĞǆĞĐƵƚŝŶŐĂŶĚƌĞƚƵƌŶŝŶŐƚŚĞŐƌĞĞŵĞŶƚ͘ 3DFNHW3J 'D ZĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐ^ĞĐŽŶĚ^ƵƉƉůĞŵĞŶƚĂůŵĞŶĚŵĞŶƚƚŽĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚĨŽƌ^ŽƵƚŚĞƌŶƌŽƐƐŝŶŐƐ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dŚŝƐŝƐĂŶƐƐĞƐƐŵĞŶƚ,ĞĂƌŝŶŐƚŽĐŽŶƐŝĚĞƌƚŚĞůĞǀǇŝŶŐŽĨƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐůŽĐĂů ŝŵƉƌŽǀĞŵĞŶƚ͗ WƌŽũĞĐƚEŽ͘^͘͘W͘ϭϱϵͲϬϮϬͲϬϭϵ͕:ϲϬϬϵ ƚŚ ͞ϭϲ^ƚƌĞĞƚ^t/ŶƚĞƌƐĞĐƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚƐ͟ dŚĞĞƐƚŝŵĂƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐĂŶĚĂƐƐĞƐƐŵĞŶƚƐĨŽƌƚŚŝƐƉƌŽũĞĐƚĂƌĞĂƐĨŽůůŽǁƐ͗ /ƚĞŵͬĞƐĐƌŝƉƚŝŽŶŽƐƚ ^ƚƌĞĞƚΨϭ͕Ϭϱϲ͕Ϭϴϴ ^ƚŽƌŵƐĞǁĞƌΨϴϬ͕ϬϬϬ WĞĚĞƐƚƌŝĂŶ&ĂĐŝůŝƚŝĞƐ;^ŝĚĞǁĂůŬΘdƌĂŝůͿΨϭϬϮ͕ϱϴϱ dƌĂĨĨŝĐ^ŝŐŶĂůƐĂŶĚ^ƚƌĞĞƚ>ŝŐŚƚŝŶŐΨϴϬϱ͕ϬϬϬ ^ƵďƚŽƚĂůΨϮ͕Ϭϰϰ͕ϯϵϯ ŽŶƚŝŶŐĞŶĐŝĞƐ;ϮϬйͿΨϰϬϴ͕ϴϳϵ ^ƵďƚŽƚĂůǁŝƚŚŽŶƚŝŶŐĞŶĐǇΨϮ͕ϰϱϯ͕ϮϳϮ ŶŐŝŶĞĞƌŝŶŐ͕ĚŵŝŶ͕ŽŶƐƚƌƵĐƚŝŽŶ;ϮϰйͿΨϰϵϬ͕ϲϱϱ dŽƚĂůΨϮ͕ϵϰϯ͕ϵϮϳ WƌŽũĞĐƚĐŽƐƚƐƚŽďĞƐƐĞƐƐĞĚ͗ ZŽĂĚŽŶƐƚƌƵĐƚŝŽŶΨϯϮϲ͕ϳϲϳ͘ϬϬ dŽƚĂůƐƐĞƐƐĞĚŽƐƚΨϯϮϲ͕ϳϲϳ͘ϬϬ EKd͗/ĨƚŚĞŝƚǇŶŐŝŶĞĞƌƐƵďƐĞƋƵĞŶƚůǇĚĞƚĞƌŵŝŶĞƐƚŚĂƚĂƐƐĞƐƐŵĞŶƚƐƚŽďĞĐŽůůĞĐƚĞĚĨŽƌƚŚĞƉƌŽũĞĐƚĞǆĐĞĞĚƐƚŚĞĂĐƚƵĂů ĐŽƐƚƐ͕ŚĞŵĂǇĚŝƌĞĐƚƚŚĞŝƚǇůĞƌŬƚŽŵŽĚŝĨǇƚŚĞĂƐƐĞƐƐŵĞŶƚƌŽůůƐĂƉƉƌŽƉƌŝĂƚĞůǇ͕ƚŚĞƌĞďǇƌĞĚƵĐŝŶŐƚŚĞĂŵŽƵŶƚƐŽŶĞĂĐŚ ƉĂƌĐĞůĨŽƌǁŚŝĐŚĂƐƐĞƐƐŵĞŶƚƐĂƌĞƚŽďĞĐŽůůĞĐƚĞĚ͘ WƌŽũĞĐƚŽƐƚŝƐƚƌŝďƵƚŝŽŶ dŚĞĐŽƐƚƐŽĨƚŚŝƐƉƌŽũĞĐƚƐŚŽƵůĚďĞƉĂŝĚĨƌŽŵŽƵŶƚǇĨƵŶĚƐ͕DƵŶŝĐŝƉĂů^ƚĂƚĞŝĚĨƵŶĚƐ͕ĂŶĚƐƐĞƐƐŵĞŶƚĐŚĂƌŐĞƐƚŽĂŶ ĂďƵƚƚŝŶŐƉƌŽƉĞƌƚǇŽǁŶĞƌ͘dŚĞƉŽƌƚŝŽŶŽĨƚŚĞĐŽƐƚŽĨƚŚĞƉƌŽũĞĐƚƚŚĂƚǁŽƵůĚĞƋƵĂƚĞƚŽƚŚĞĐŽƐƚŽĨƉƌŽǀŝĚŝŶŐĂĐĐĞƐƐĂƚƚŚĞ ϭϲƚŚ^ƚ͘^tͬDĂǇŽǁŽŽĚZŽĂĚŝŶƚĞƌƐĞĐƚŝŽŶĨŽƌƚŚĞƉƌŽƉĞƌƚǇŶŽƌƚŚŽĨƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶǁŽƵůĚďĞĂƐƐĞƐƐĞĚƚŽƚŚŝƐƉƌŽƉĞƌƚǇ ŽǁŶĞƌ͘dŚĞĞƐƚŝŵĂƚĞĚĐŽƐƚŽĨƚŚĞƐĞĂĐĐĞƐƐŝŵƉƌŽǀĞŵĞŶƚƐŝƐΨϯϮϲ͕ϳϲϳ͘ϬϬ͘ĚĚŝƚŝŽŶĂůŝƚĞŵƐƌĞƋƵĞƐƚĞĚďǇƚŚŝƐƉƌŽƉĞƌƚǇ ŽǁŶĞƌǁŝůůďĞĐŚĂƌŐĞĚƚŚĞĞŶƚŝƌĞĐŽƐƚŽĨƚŚĞƌĞƋƵĞƐƚĞĚǁŽƌŬ͘ ƐƐĞƐƐŵĞŶƚWĞƌŝŽĚ ůůĂƐƐĞƐƐŵĞŶƚƐĂƌĞƉƌŽƉŽƐĞĚĨŽƌƉĂǇŵĞŶƚŽǀĞƌĂĨŝǀĞ;ϱͿǇĞĂƌƉĞƌŝŽĚǁŝƚŚŝŶƚĞƌĞƐƚĐŚĂƌŐĞĚĂƚĂƌĂƚĞŽĨϱ͘ϱйĂŶŶƵĂůůǇŽŶ ƚŚĞƵŶƉĂŝĚďĂůĂŶĐĞ͘ 3DFNHW3J ) dŚĞWƵďůŝĐtŽƌŬƐƐƚĂĨĨŚĂƐƉƌĞƉĂƌĞĚĂŶĂƐƐĞƐƐŵĞŶƚĂŐƌĞĞŵĞŶƚĨŽƌƚŚĞŽǁŶĞƌŽĨƚŚĞƉƌŽƉĞƌƚǇĂŶĚŚĂƐƐƵďŵŝƚƚĞĚƚŚĞ ĂƐƐĞƐƐŵĞŶƚĂŐƌĞĞŵĞŶƚƚŽƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌĨŽƌƌĞǀŝĞǁĂŶĚƐŝŐŶŝŶŐ͘dŚĞƐƚĂĨĨŝƐĐŽŶƚŝŶƵŝŶŐƚŽŶĞŐŽƚŝĂƚĞǁŝƚŚƚŚĞ ƉƌŽƉĞƌƚǇŽǁŶĞƌďƵƚŝƚĂƉƉĞĂƌƐƚŚĂƚǁĞǁŝůůŶŽƚŚĂǀĞƚŚĞƐŝŐŶĞĚĂƐƐĞƐƐŵĞŶƚĂŐƌĞĞŵĞŶƚďǇƚŚĞ&ĞďƌƵĂƌǇϭϴƚŚŝƚǇŽƵŶĐŝů ŵĞĞƚŝŶŐ͘ŽŶƐĞƋƵĞŶƚůǇ͕ǁĞĂƌĞƌĞƋƵĞƐƚŝŶŐƚŚĂƚƚŚĞƐƐĞƐƐŵĞŶƚ,ĞĂƌŝŶŐĨŽƌƚŚĞƉƌŽũĞĐƚďĞĐŽŶƚŝŶƵĞĚƚŽƚŚĞƉƌŝůϲƚŚ ŝƚǇŽƵŶĐŝůŵĞĞƚŝŶŐ͕ĂƚǁŚŝĐŚƚŝŵĞǁĞŚŽƉĞƚŽŚĂǀĞƚŚĞƐŝŐŶĞĚĂƐƐĞƐƐŵĞŶƚĂŐƌĞĞŵĞŶƚĨƌŽŵƚŚĞƉƌŽƉĞƌƚǇŽǁŶĞƌ͘ &281&,/$&7,215(48(67(' ŽŶƚŝŶƵĞƚŚĞƐƐĞƐƐŵĞŶƚ,ĞĂƌŝŶŐĨŽƌWƌŽũĞĐƚ:ϲϬϬϵƚŽƉƌŝůϲ͕ϮϬϭϱ͘ 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/$7WREHNQRZQDV$OSKD6XEGLYLVLRQE\$OSKD (ULF:RMFKLN 5HDOW\RI5RFKHVWHU [[150,703,1485,760][12][B,I,][Arial]]&LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ5HFRPPHQGDWLRQ [[1485,707,1498,759][11][B,I,][Arial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rial]] [[187,910,199,958][10][B,I,][Arial]] [[224,910,539,958][10][B,I,][Arial]]$SSOLFDQWVKRXO [[537,910,2374,958][10][B,I,][Arial]]GSURYLGHWKHDGGLWLRQDOSODQVDQGUHYLVLRQVDVOLVWHGDWOHDVWWZRZHH NVSULRUWRWKHPHHWLQJ [[225,958,1492,1006][10][B,I,][Arial]]WKLVLWHPLVVFKHGXOHGIRUDSXEOLFKHDULQJZLWKWKH&LW\&RXQFLO [[1494,958,1506,1006][10][B,I,][Arial]] [[225,1006,261,1054][10][B,I,][Arial]]D [[262,1006,274,1054][10][B,I,][Arial]] [[300,1006,2053,1054][10][B,I,][Arial]]7KHVLWHSODQVKDOOLGHQWLI\DVXPPDU\]RQLQJLQIRUPDWLRQWDEOHWKDWLQFOXGHVWRWDOVLWHDU [[2051,1006,2396,1054][10][ B,I,][Arial]]HDDQGSURSRVHG [[300,1054,634,1102][10][B,I,][Arial]])ORRU$UHD5DWLR [[636,1054,648,1102][10][B,I,][Arial]] [[225,1102,264,1150][10][B,I,][Arial]]E [[265,1102,277,1150][10][B,I,][Arial]] [[300,1102,1682,1150][10][B,I,][Arial]]%XLOGLQJHOHYDWLRQSODQVVKDOOLQFOXGHLQIRUPDWLRQIRUWUDVKHQFORVXUH [[1685,1102,1697,1150][10][B,I,][Arial]] [[150,1149,186,1197][10][B,I,][Arial]] [[187,1149,199,1197][10][B,I,][Arial]] [[225,1149,2366,1197][10][B,I,][Arial]]7KHDSSOLFDQWVKDOOVDWLVI\ERXOHYDUGWUHHUHTXLUHPHQWVSHU3DUNDQG5HFUHDWLRQ'HSDUWPHQWFRPPHQWVDQG [[225,1197,1033,1245][10][B,I,][Arial]]=RQLQJ2UGLQDQFHUHJXODWLRQVVL[WHHQ [[1035,1197,1749,1245][10][B,I,][Arial]] ERXOHYDUGWUHHVVKDOOEHUHTXLUHG [[1751,1197,1763,1245][10][B,I,][Arial]] [[150,1245,1237,1293][10][B,I,][Arial]] 7KHDSSOLFDQWVKDOOVDWLVI\3XEOLF:RUNVFRPPHQWV [[1239,1245,1251,1293][10][B,I,][Arial]] [[225,1293,261,1341][10][B,I,][Arial]]D [[262,1293,274,1341][10][B,I,][Arial]] [[300,1293,1635,1341][10][B,I,][Arial]]*UDGLQJ 'UDLQDJH3ODQDSSURYDOLVUHTXLUHGSULRUWRFRQVWUXFWLRQ [[1636,1293,1648,1341][10][B,I,][Arial]] [[225,1341,264,1389][10][B,I,][Arial]]E [[265,1341,277,1389][10][B,I,][Arial]] [[300,1341,2023,1389][10][B,I,][Arial]]'HYHORSPHQWRIWKLVSURSHUW\LVVXEMHFWWRWKH3ODQW,QYHVWPHQW)HH 3,) WKDWZLOOEHFD [[2025,1341,2279,1389][10][B,I,][Arial]]OFXODWHGDQG [[300,1389,1637,1437][10][B,I,][Arial]]FROOHFWHGWKURXJKWKH%XLOGLQJ3HUPLWUHYLHZDQGDSSURYDOSURFHVV [[1639,1389,1651,1437][10][B,I,][Arial]] [[150,1437,2377,1485][10][B,I,][Arial]] 7KHFRSSHUZDWHUVHUYLFHVKRZQLVQRWDQDSSURYHGVL]HDQGPXVWEHLQFUHDVHGWRDFRSSHUOLQH [[225,1485,675,1533][10][B,I,][Arial]]SHU538UHTXLUHPHQWV [[677,1485,689,1533][10][B,I,][Arial]] [[150,1533,975,1581][10][B,I,][Arial]] 6HSDUDWHVLJQSHUPLWVEHVXEPLWWHGDQ [[976,1533,2070,1581][10][B,I,][Arial]]GDSSURYHGSULRUWRFRQVWUXFWLRQRIDQ\VLJQDJHRQVLWH [[2072,1533,2084,1581][10][B,I,][Arial]] [[225,1581,237,1629][10][B,I,][Arial]] [[150,1629,2034,1677][10][B,I,][Arial]]1RWHWKLVDSSOLFDWLRQLVVWLOOVXEMHFWWRPHHWLQJDOOFRQGLWLRQVRIWKH3URMHFW'HYHORSPHQW3ODQ [[2037,1629,2049,1677][10][B,I,][Arial]] &281&,/$&7,215(48(67(' ,IWKH&RXQFLOZLVKHVWRSURFHHGLWVKRXOGLQVWUXFWWKH&LW\$WWRUQH\WRSUHSDUHDUHVROXWLRQDSSURYLQJ WKHSURSRVHGDPHQGPHQWWRWKH3URMHFW'HYHORSPHQW3ODQ 3DFNHW3J 3DFNHW3J )D 3DFNHW3J )D )D 3DFNHW3J 3DFNHW3J 3DFNHW3J )D )D 3DFNHW3J 3DFNHW3J )D )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J 3DFNHW3J )D )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )E D/Ehd^K&d, /dzK&ZK,^dZW>EE/E'KDD/^^/KE ϮϭϮϮDWh^Z/s^ʹ^h/dϭϬϬ ZK,^dZDEϱϱϵϬϰ DŝŶƵƚĞƐŽĨƚŚĞƌĞŐƵůĂƌůǇƐĐŚĞĚƵůĞĚŵĞĞƚŝŶŐŽĨƚŚĞŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶŚĞůĚŽŶ tĞĚŶĞƐĚĂǇ͕:ĂŶƵĂƌǇϮϴ͕ϮϬϭϱ͕Ăƚϲ͗ϬϬƉ͘ŵ͘ŝŶƚŚĞŽƵŶĐŝůͬŽĂƌĚŚĂŵďĞƌƐŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ͕ ϭϱϭϰƚŚ^ƚƌĞĞƚ^͕ZŽĐŚĞƐƚĞƌ͕DE͘ DĞŵďĞƌƐWƌĞƐĞŶƚ͗Dƌ͘tĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌ͕ŚĂŝƌ͖Dƌ͘DŝĐŚĂĞůtĂůƚĞƌƐ͕sŝĐĞŚĂŝƌ͖DƐ͘>ŝŶĚƐĞǇDĞĞŬ͖ Dƌ͘WĂƵů^ŝŵƐ͕DƐ͘DŝůůŝĞŝƌƌ͖Dƌ͘ƌŝĂŶŚŝůĚƐ͖Dƌ͘DŝĐŚĂĞůtĂůƚĞƌƐ͖Dƌ͘<ƌĂŝŐƵƌƐƚ͕DƐ͘ƌŝƚƚĂŶǇ tŝůƐŽŶĂŶĚDƌ͘^ƚĞǀĞ^ŚĞƌǁŽŽĚ͘ DĞŵďĞƌƐďƐĞŶƚ͗ŶŽŶĞ ^ƚĂĨĨWƌĞƐĞŶƚ͗Dƌ͘ƌŝĐtŽũĐŚŝŬ͕WůĂŶŶĞƌ͖Dƌ͘<ĂƌůƵƌŚŽƉ͕WůĂŶŶĞƌ͖Dƌ͘>ŽŐĂŶdũŽƐƐĞŵ͕^ĞŶŝŽƌWůĂŶŶĞƌ͖ ĂŶĚDƐ͘ĞƚŚĂǀŝƐ KƚŚĞƌŝƚǇ^ƚĂĨĨWƌĞƐĞŶƚ͗DƐ͘WĂƚůĨƌĞĚƐŽŶ͕ŝƚǇƚƚŽƌŶĞǇ tĞůĐŽŵĞďǇŚĂŝƌ'ŽŽĚĞŶďĞƌŐĞƌƚŽŶĞǁĐŽŵŵŝƐƐŝŽŶŵĞŵďĞƌƐ͖ƌŝƚƚĂŶǇtŝůƐŽŶĂŶĚ<ƌĂŝŐƵƌƐƚ͘ ^ĞƚKƌĚĞƌKĨŐĞŶĚĂ͗ Dƌ͘^ŝŵƐŵŽǀĞĚƚŽĂƉƉƌŽǀĞƚŚĞĂŐĞŶĚĂ͕ĂƐǁƌŝƚƚĞŶ͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶ ĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ ŽŶƐĞŶƚŐĞŶĚĂ͗ Dƌ͘tĂůƚĞƌƐŵĂĚĞĂŵŽƚŝŽŶƚŽĂƉƉƌŽǀĞƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐĞŶƚŝƚĞŵƐ͘Dƌ͘^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚƚŚĞ ŵŽƚŝŽŶ͘ x ĞĐĞŵďĞƌϭϬ͕ϮϬϭϰŵŝŶƵƚĞƐ x :ĂŶƵĂƌǇϭϰ͕ϮϬϭϱŵŝŶƵƚĞƐ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϭϴ'W;d<͞ƵƌƌKĂŬ,ŝůůƐ͟ͿďǇ&ƌĞĚ^ĐŚŵŝĚƚ͘dŚĞĂƉƉůŝĐĂŶƚŝƐ ƉƌŽƉŽƐŝŶŐƚŽĚĞǀĞůŽƉϴϱ͘ϰϬĂĐƌĞƐŝŶƚŽĂƌĞƐŝĚĞŶƚŝĂůƐƵďĚŝǀŝƐŝŽŶ͘dŚĞ'WĂƉƉůŝĐĂƚŝŽŶŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞ ƉƌŽƉĞƌƚǇǁŝůůďĞĚĞǀĞůŽƉĞĚǁŝƚŚϵϱƐŝŶŐůĞĨĂŵŝůǇĚǁĞůůŝŶŐůŽƚƐ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞZ Ͳ ϭ ;DŝǆĞĚ^ŝŶŐůĞ&ĂŵŝůǇͿŽŶŝŶŐŝƐƚƌŝĐƚĂŶĚŝƐĂůŽŶŐƚŚĞƐŽƵƚŚƐŝĚĞŽĨĂƐƚǁŽŽĚZŽĂĚ^ĂŶĚĞĂƐƚŽĨ DĂƌŝŽŶZŽĂĚ^͘ Dƌ͘dũŽƐƐĞŵƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϮϮ͕ϮϬϭϱ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ 3DFNHW3J )E WĂŐĞϱ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϮϴ͕ϮϬϭϱ dǇƉĞ///͕WŚĂƐĞ//^ƉĞĐŝĂůŝƐƚƌŝĐƚŵĞŶĚŵĞŶƚ&ŝŶĂů^ŝƚĞĞǀĞůŽƉŵĞŶƚWůĂŶZϮϬϭϰ Ͳ ϬϬϮ^ďǇƵĚĚǇ͘ tĞďďƌĐŚŝƚĞĐƚƐƚŽĂůůŽǁĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŽŶĞƐƚŽƌǇϭϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚƌĞƚĂŝůƵƐĞĨĂĐŝůŝƚǇ͘dŚĞ ƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞϰϭƐƚ^ƚƌĞĞƚWůĂǌĂWƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚWůĂŶŽĨƚŚĞƌďŽƌĞƚƵŵ^ƉĞĐŝĂů ŝƐƚƌŝĐƚ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚĂƚϯϭϰϭϰϭƐƚ^ƚEt͕ŶŽƌƚŚǁĞƐƚŽĨƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨϰϭƐƚ^ƚƌĞĞƚEt ĂŶĚƚŚĞϯϭƐƚǀĞŶƵĞEt͘͘ Dƌ͘ƵƌŚŽƉƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϮϭ͕ϮϬϭϱ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘Dƌ͘ƵƌŚŽƉƌĞĂĚĂƐƚĂƚĞŵĞŶƚĨƌŽŵƚŚĞĂƉƉůŝĐĂŶƚ ƐƚĂƚŝŶŐƚŚĞǇĂŐƌĞĞƚŽƚŚĞƌĞƋƵŝƌĞŵĞŶƚŽĨƐƵďŵŝƚƚŝŶŐĂĚĚŝƚŝŽŶĂůĚĞƚĂŝůĞĚ͘Dƌ͘ƵƌŚŽƉƉĂƐƐĞĚŽƵƚĨŽƌ ŽŵŵŝƐƐŝŽŶƌĞǀŝĞǁĚĞƚĂŝůĞĚƉůĂŶƐƚŚĂƚŚĂĚďĞĞŶƐƵďŵŝƚƚĞĚ͖ƚŚĞƉůĂŶƐĂŶĚƐƚĂƚĞŵĞŶƚĨƌŽŵƚŚĞĂƉƉůŝĐĂŶƚ ĂƌĞŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ EŽŽŶĞĐĂŵĞĨŽƌǁĂƌĚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ŚŝůĚƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨdǇƉĞ///͕WŚĂƐĞ//^ƉĞĐŝĂůŝƐƚƌŝĐƚŵĞŶĚŵĞŶƚ&ŝŶĂů^ŝƚĞ ĞǀĞůŽƉŵĞŶƚWůĂŶZϮϬϭϰ Ͳ ϬϬϮ^ďĂƐĞĚŽŶƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘DƐ͘DĞĞŬ ƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KE/d/KE^͗ ϭͿƉƉůŝĐĂŶƚƐŚŽƵůĚƉƌŽǀŝĚĞƚŚĞĂĚĚŝƚŝŽŶĂůƉůĂŶƐĂŶĚƌĞǀŝƐŝŽŶƐĂƐůŝƐƚĞĚĂƚůĞĂƐƚƚǁŽǁĞĞŬƐƉƌŝŽƌƚŽƚŚĞ ŵĞĞƚŝŶŐƚŚŝƐŝƚĞŵŝƐƐĐŚĞĚƵůĞĚĨŽƌĂƉƵďůŝĐŚĞĂƌŝŶŐǁŝƚŚƚŚĞŝƚǇŽƵŶĐŝů͘ x dŚĞƐŝƚĞƉůĂŶƐŚĂůůŝĚĞŶƚŝĨǇĂƐƵŵŵĂƌǇǌŽŶŝŶŐŝŶĨŽƌŵĂƚŝŽŶƚĂďůĞƚŚĂƚŝŶĐůƵĚĞƐƚŽƚĂůƐŝƚĞĂƌĞĂĂŶĚƉƌŽƉŽƐĞĚ &ůŽŽƌƌĞĂZĂƚŝŽ͘ x ƵŝůĚŝŶŐĞůĞǀĂƚŝŽŶƉůĂŶƐƐŚĂůůŝŶĐůƵĚĞŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚĞƚƌĂƐŚĞŶĐůŽƐƵƌĞ͘ ϮͿdŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐĂƚŝƐĨǇďŽƵůĞǀĂƌĚƚƌĞĞƌĞƋƵŝƌĞŵĞŶƚƐƉĞƌWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚ 3DFNHW3J )E WĂŐĞϲ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϮϴ͕ϮϬϭϱ ĐŽŵŵĞŶƚƐĂŶĚŽŶŝŶŐKƌĚŝŶĂŶĐĞƌĞŐƵůĂƚŝŽŶƐ͖ƐŝǆƚĞĞŶ;ϭϲͿďŽƵůĞǀĂƌĚƚƌĞĞƐƐŚĂůůďĞƌĞƋƵŝƌĞĚ͘ ϯͿdŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐĂƚŝƐĨǇWƵďůŝĐtŽƌŬƐĐŽŵŵĞŶƚƐ͗ ĂͿ'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶ͖ ďͿĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐƉƌŽƉĞƌƚǇŝƐƐƵďũĞĐƚƚŽƚŚĞWůĂŶƚ/ŶǀĞƐƚŵĞŶƚ&ĞĞ;W/&ͿƚŚĂƚǁŝůůďĞ ĐĂůĐƵůĂƚĞĚĂŶĚĐŽůůĞĐƚĞĚƚŚƌŽƵŐŚƚŚĞƵŝůĚŝŶŐWĞƌŵŝƚƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂůƉƌŽĐĞƐƐ͘ ϰͿdŚĞϭЬ͟ĐŽƉƉĞƌǁĂƚĞƌƐĞƌǀŝĐĞƐŚŽǁŶŝƐŶŽƚĂŶĂƉƉƌŽǀĞĚƐŝǌĞĂŶĚŵƵƐƚďĞŝŶĐƌĞĂƐĞĚƚŽĂϭЪ͟ ĐŽƉƉĞƌůŝŶĞ͕ƉĞƌZWhtĂƚĞƌĐŽŵŵĞŶƚƐ͘ ϱͿ^ĞƉĂƌĂƚĞƐŝŐŶƉĞƌŵŝƚƐďĞƐƵďŵŝƚƚĞĚĂŶĚĂƉƉƌŽǀĞĚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶǇƐŝŐŶĂŐĞŽŶƐŝƚĞ͘ EŽƚĞ͗ƚŚŝƐĂƉƉůŝĐĂƚŝŽŶŝƐƐƚŝůůƐƵďũĞĐƚƚŽŵĞĞƚŝŶŐĂůůĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞWƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚWůĂŶ͘ 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$5('%< 5*'3%XUU2DN+LOOV /RJDQ7MRVVHP &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ5HFRPPHQGDWLRQ 2Q-DQXDU\WKWKH&LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQUHYLHZHGWKLV*HQHUDO'HYHORSPHQW3ODQ LQDFFRUGDQFHZLWKWKHFULWHULDOLVWHGLQ3DUDJUDSKRIWKH=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW 0DQXDO 0V0HHNPRYHGWRUHFRPPHQGDSSURYDORI*HQHUDO'HYHOR SPHQW3ODQ5*'3 7%.$³%XUU 2DN+LOOV´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¶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ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϭϴ'W;d<͞ƵƌƌKĂŬ,ŝůůƐ͟ͿďǇ&ƌĞĚ^ĐŚŵŝĚƚ͘dŚĞĂƉƉůŝĐĂŶƚŝƐ ƉƌŽƉŽƐŝŶŐƚŽĚĞǀĞůŽƉϴϱ͘ϰϬĂĐƌĞƐŝŶƚŽĂƌĞƐŝĚĞŶƚŝĂůƐƵďĚŝǀŝƐŝŽŶ͘dŚĞ'WĂƉƉůŝĐĂƚŝŽŶŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞ ƉƌŽƉĞƌƚǇǁŝůůďĞĚĞǀĞůŽƉĞĚǁŝƚŚϵϱƐŝŶŐůĞĨĂŵŝůǇĚǁĞůůŝŶŐůŽƚƐ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞZͲϭ ;DŝǆĞĚ^ŝŶŐůĞ&ĂŵŝůǇͿŽŶŝŶŐŝƐƚƌŝĐƚĂŶĚŝƐĂůŽŶŐƚŚĞƐŽƵƚŚƐŝĚĞŽĨĂƐƚǁŽŽĚZŽĂĚ^ĂŶĚĞĂƐƚŽĨ DĂƌŝŽŶZŽĂĚ^͘ Dƌ͘dũŽƐƐĞŵƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϮϮ͕ϮϬϭϱ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂǇͲZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƉƌĞƐĞŶƚĞĚƚŽƚŚĞŽŵŵŝƐƐŝŽŶĂŚŝƐƚŽƌǇŽĨƚŚĞƉƌŽƉĞƌƚǇĂŶĚ ĐŚĂŶŐĞƐƚŽƚŚĞƉůĂƚĂƐƉƌĞǀŝŽƵƐůǇĂƉƉƌŽǀĞĚǁŚĞŶĂŶŶĞǆĞĚ͖ƚŚĞĚĞǀĞůŽƉĞƌŝƐƐƚƌŽŶŐůǇĞŶĐŽƵƌĂŐŝŶŐƚŚĞ ƉƌĞƐĞƌǀĂƚŝŽŶŽĨĞǆŝƐƚŝŶŐƚƌĞĞƐǁŝƚŚƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂƚƌĞĞƐƵƌǀĞǇ͖ĂŶĚƚƌĂĨĨŝĐƐƚƵĚǇŚĂƐďĞĞŶƐƵďŵŝƚƚĞĚ ƚŽWƵďůŝĐtŽƌŬƐ͖ĚŝƐĐƵƐƐŝŽŶƐĂƌĞƵŶĚĞƌǁĂǇĂŶĚĐƵƌƌĞŶƚůǇĂǁĂŝƚŝŶŐĂƌĞƐƉŽŶƐĞĨƌŽŵWƵďůŝĐtŽƌŬƐ͘dŚĞ ĂƉƉůŝĐĂŶƚĂŐƌĞĞƐǁŝƚŚƚŚĞƐƚĂĨĨĐŽŶĚŝƚŝŽŶƐĞǆĐĞƉƚĨŽƌŶŽ͘ϲĨŽƌƚŚĞƉĞĚĞƐƚƌŝĂŶƉĂƚŚĐŽŶŶĞĐƚŝŽŶ͘dŚĞƌĞŝƐ ŚŝŐŚůǇĞƌŽĚŝďůĞƐŽŝůĂŶĚƚŚĞϳϬĨŽŽƚĐŚĂŶŐĞŝŶƚŽƉŽŐƌĂƉŚǇ͕ŵĂŬĞƐŝƚĚŝĨĨŝĐƵůƚƚŽĐƌĞĂƚĞĂƉĂƚŚƚŚĂƚŝƐ ƐĂƚŝƐĨĂĐƚŽƌǇ͘ Dƌ͘ĂǀŝĚDŽƌƌŝůů͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƉŽŬĞŝŶƌĞŐĂƌĚƐƚŽƚŚĞƐƚƌĞĞƚĂĐĐĞƐƐ͕ĂŶĚŶŽƚŝŶŐƚŚĂƚĂƐƚǁŽŽĚZŽĂĚŝƐ ĐŽŶƐŝĚĞƌĞĚ͞ƐƵďƐƚĂŶĚĂƌĚ͘͟dŚĞĚĞǀĞůŽƉŵĞŶƚƚĞĂŵŚĂƐŵĞƚǁŝƚŚƚŚĞWƵďůŝ ĐtŽƌŬƐĞƉĂƌƚŵĞŶƚƚŽ ĚŝƐĐƵƐƐĂĐĐĞƐƐŽŶƚŽƐƚƌĞĞƚƐ͘ Dƌ͘:ĞĨĨƌŽďĞƌŐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^Ğ͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰ͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƐƉŽŬĞŝŶĚĞƚĂŝůŝŶƌĞŐĂƌĚƐƚŽƚŚĞĞĐŽƌĂŚĚŐĞĨĞĂƚƵƌĞƐǁŚŝĐŚĂƌĞ ƉƌĞƐĞŶƚŽŶƚŚĞƉƌŽƉŽƐĞĚƐŝƚĞ͘,ĞŶŽƚĞĚƚŚĞĂƌĞĂƐŽĨĞĐŽƌĂŚ^ŚĂůĞŽŶƚŚĞƉƌŽƉĞƌƚǇŝŶǁŚŝĐŚĐĂŶŶŽƚďĞ ĚŝƐƚƵƌďĞĚĨŽƌŶŽƌĞĂƐŽŶ͘dŚĞƌĞĂƌĞŽƚŚĞƌĂƌĞĂƐŽĨǁĞƚůĂŶĚƐǁŚŝĐŚĂƌĞĚĞƐŝŐŶĂƚĞĚďǇƐŽŝůƚǇƉĞƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚŝŶƋƵŝƌĞĚŝŶƚŽĚƌĂŝŶĂŐĞŝƐƐƵĞƐĂĨĨĞĐƚŝŶŐĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇŶĞĞĚƐƚŽďĞĂĚĚƌĞƐƐĞĚďǇƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͘ DƐ͘DĞĞŬŵĂĚĞƚŚĞŵŽƚŝŽŶƚŽƌĞŽƉĞŶƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚ ƵŶĂŶŝŵŽƵƐůǇ͘ Dƌ͘ĂǀŝĚDŽƌƌŝůů͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE͕ ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚĚƌĂŝŶĂŐĞŝƐƐƵĞƐĂƌĞƉƌĞŵĂƚƵƌĞĂƚƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚƉůĂŶ͘ ƐƚŽƌŵǁĂƚĞƌďĂƐŝŶŝƐƉůĂŶŶĞĚĨŽƌŵŝƚŝŐĂƚŝŽŶŽĨƚŚĞĚƌĂŝŶĂŐĞŝƐƐƵĞƐ͘,ĞĞǆƉĞĐƚƐĚƌĂŝŶĂŐĞĚĞƐŝŐŶͬŝƐƐƵĞƐ ǁŝůůďĞĂĚĚƌĞƐƐĞĚƚŚƌŽƵŐŚƚŚĞWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĂŵŽŶŐƚŚĞŽŵŵŝƐƐŝŽŶĞƌƐĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞĐŽŶŶĞĐƚŝǀŝƚǇĨŽƌǀĞŚŝĐůĞĂŶĚƉĞĚĞƐƚƌŝĂŶ͖ ĚƌĂŝŶĂŐĞĚĞƐŝŐŶͬŝƐƐƵĞƐ͖ĂŶĚĂĐĐĞƐƐƉŽŝŶƚƐŝŶĂŶĚŽƵƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘ 3DFNHW3J )E DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϭϴ'W;d<͞Ƶƌƌ KĂŬ,ŝůůƐ͟ͿďĂƐĞĚŽŶƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘DƐ͘ŝƌƌƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϳͲϮ͘Dƌ͘tĂůƚĞƌƐĂŶĚDƌ͘^ŝŵƐǀŽƚŝŶŐŶĂǇ͘ KE/d/KE^͗ ϭͿdŚĞĂƉƉůŝĐĂŶƚƐŚĂůůǁŽƌŬǁŝƚŚƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚʹ'/^^ƚĂĨĨƌĞŶĂŵŝŶŐƚŚĞWůĂƚĂŶĚĂůůŶĞǁ ƉƌŽƉŽƐĞĚƌŽĂĚǁĂǇƐƚŽŵŝƚŝŐĂƚĞŝƐƐƵĞƐǁŝƚŚƚŚĞĚƵƉůŝĐĂƚŝŽŶŽĨWůĂƚƐĂŶĚ^ƚƌĞĞƚEĂŵĞƐ͘ ϮͿŶŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚtŽƌŬƐŚĞĞƚ;tͿƐŚĂůůďĞĐŽŵƉůĞƚĞĚƉƌŝŽƌƚŽĂƉƉƌŽǀĂůŽĨĂ ƉƌĞůŝŵŝŶĂƌǇƉůĂƚŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘ ϯͿdŚĞƌĞĂƌĞŝŶĂĚĞƋƵĂƚĞŽŶĂŶĚŽĨĨƐŝƚĞƉƵďůŝĐĨĂĐŝůŝƚŝĞƐ͕ƐƉĞĐŝĨŝĐĂůůǇWƵďůŝĐZŽĂĚǁĂǇƐ͕^ĂŶŝƚĂƌǇ ^ĞǁĞƌ͕tĂƚĞƌ͕ĂŶĚ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚ&ĂĐŝůŝƚŝĞƐ͕ĞǆŝƐƚŝŶŐƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇ͘EŽĚĞǀĞůŽƉŵĞŶƚǁŝůůďĞĂůůŽǁĞĚƚŽŽĐĐƵƌƵŶƚŝůƚŚĞŝƚǇŽƵŶĐŝů ŚĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚĂůůƌĞƋƵŝƌĞĚƉƵďůŝĐĨĂĐŝůŝƚŝĞƐĂƌĞĂĚĞƋƵĂƚĞĨŽƌƐĂŝĚĚĞǀĞůŽƉŵĞŶƚ͘ ůƚĞƌŶĂƚŝǀĞůǇ͕ƚŚĞĚĞǀĞůŽƉĞƌŵĂǇƌĞƋƵĞƐƚƚŽũŽŝŶǁŝƚŚƚŚĞŝƚǇŝŶŵĂŬŝŶŐƚŚĞƐĞŝŶĂĚĞƋƵĂƚĞƉƵďůŝĐ ĨĂĐŝůŝƚŝĞƐĂĚĞƋƵĂƚĞĨŽƌƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚŵĂǇĞŶƚĞƌŝŶƚŽĂĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚ͕ƉƌŝŽƌƚŽ ƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͕ƚŚĂƚŽƵƚůŝŶĞƐƚŚĞĚĞǀĞůŽƉĞƌΖƐĂŶĚŝƚǇΖƐŽďůŝŐĂƚŝŽŶƐƌĞůĂƚĞĚ͕ďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽ͗ĂĐĐĞƐƐ͕ƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ;ŝŶĐůƵĚŝŶŐĂŶǇŽďůŝŐĂƚŝŽŶƐĨŽƌŽŶŽƌŽĨĨͲƐŝƚĞ ĨĂĐŝůŝƚŝĞƐͿ͕ƚƌĂŶƐƉŽƌƚĂƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĂŶǇŽĨĨͲƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐŶĞĐĞƐƐĂƌǇƚŽ ĂĐĐŽŵŵŽĚĂƚĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚͿ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͕ĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌĞǆŝƐƚŝŶŐΘĨƵƚƵƌĞƉƵďůŝĐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚƚŚĞĞǆƚĞŶƐŝŽŶŽĨƉƵďůŝĐƵƚŝůŝƚŝĞƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐǁŚĞƌĞĂƉƉůŝĐĂďůĞ͘ ϰͿ'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽ&ŝŶĂůWůĂƚƐƵďŵŝƚƚĂů͘ ϱͿǆĞĐƵƚŝŽŶŽĨĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĚĞĚŝĐĂƚŝŽŶŽĨĂŶǇĂƉƉůŝĐĂďůĞŽĨĨͲƐŝƚĞƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞ ĞĂƐĞŵĞŶƚƐŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶǇƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ϲͿdŽƉƌŽǀŝĚĞŶĞŝŐŚďŽƌŚŽŽĚĐŽŶŶĞĐƚŝǀŝƚǇ͕ĂƉĞĚĞƐƚƌŝĂŶƉĂƚŚĐŽŶŶĞĐƚŝŽŶǁŝƚŚŝŶĂƉƵďůŝĐŽƵƚůŽƚƐŚŽƵůĚ ďĞƉƌŽǀŝĚĞĚĨƌŽŵWĂƌŬ^ƚ^ƚŽĞŝƚŚĞƌƵƌƌKĂŬƌƚ^ŽƌƵƌƌKĂŬŝƌĐůĞ^͘ ϳͿĞƚĂŝůƐƌĞŐĂƌĚŝŶŐƐƉĞĐŝĨŝĐƐƚŽƌŵǁĂƚĞƌĐŽŶǀĞǇĂŶĐĞ͕ĂŶĚŽǁŶĞƌƐŚŝƉΘŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƉƌŽƉŽƐĞĚ ƉŽŶĚKƵƚůŽƚ͕ǁĞƚůĂŶĚƐ͕ĂŶĚĞĐŽƌĂŚĚŐĞ^ƵƉƉŽƌƚĂƌĞĂǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĞǀĞůŽƉŵĞŶƚ ŐƌĞĞŵĞŶƚ͘ ϴͿĞǀĞůŽƉŵĞŶƚĐŚĂƌŐĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶŝƚǇͲ KǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚ͕ĂŶĚǁŝůůŝŶĐůƵĚĞďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͗^ĞǁĞƌ ǀĂŝůĂďŝůŝƚǇŚĂƌŐĞ;^Ϳ͕tĂƚĞƌǀĂŝůĂďŝůŝƚǇŚĂƌŐĞ;tͿ͕dƌĂŶƐƉŽƌƚĂƚŝŽŶ/ŵƉƌŽǀĞŵĞŶƚ KďůŝŐĂƚŝŽŶƐ͕^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƌĞĂŚĂƌŐĞ;^tDWͿ͕&ŝƌƐƚ^ĞĂůŽĂƚŚĂƌŐĞĨŽƌ ĂŶǇŶĞǁƉƵďůŝĐƐƚƌĞĞƚƐ͕WĞĚĞƐƚƌŝĂŶ&ĂĐŝůŝƚŝĞƐͬZĂŵƉƐ͕^ƚƌĞĞƚ^ŝŐŶƐ͕ĂƐĚĞƚĞƌŵŝŶĞĚďǇƚŚĞŝƚǇ ŶŐŝŶĞĞƌ͕ĂŶĚĂWůĂŶƚ/ŶǀĞƐƚŵĞŶƚ&ĞĞ;W/&ͿĐŽůůĞĐƚĞĚƚŚƌŽƵŐŚƚŚĞƵŝůĚŝŶŐWĞƌŵŝƚĂƉƉƌŽǀĂů ƉƌŽĐĞƐƐĨŽƌŝŶĚŝǀŝĚƵĂůůŽƚĚĞǀĞůŽƉŵĞŶƚ͘ ϵͿdŚĞWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚƉĂƌŬůĂŶĚďĞĚĞĚŝĐĂƚĞĚƚŽŵĞĞƚƚŚĞ ĚĞĚŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϭϬͿŽƵůĞǀĂƌĚƚƌĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘WƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ ƚŚĞKǁŶĞƌƐŚĂůůĚĞƚĞƌŵŝŶĞǁŚŝĐŚŽĨƚŚĞƚǁŽĂǀĂŝůĂďůĞŽƉƚŝŽŶƐ͕WĂǇŵĞŶƚDĞƚŚŽĚŽƌ/ŶƐƚĂůů ŽƵůĞǀĂƌĚdƌĞĞƐ͕ǁŝůůďĞƵƐĞĚƚŽŵĞĞƚƚŚĞŝƌďŽƵůĞǀĂƌĚƚƌĞĞŽďůŝŐĂƚŝŽŶƐĨŽƌĞĂĐŚƉŚĂƐĞŽĨ ĚĞǀĞůŽƉŵĞŶƚ͘KŶĐĞƚŚĞŽƉƚŝŽŶŝƐƐĞůĞĐƚĞĚ͕ƚŚĞKǁŶĞƌƐŚĂůůĞŝƚŚĞƌŵĂŬĞĂƉƉůŝĐĂďůĞĐĂƐŚƉĂǇŵĞŶƚ ƚŽƚŚĞZŽĐŚĞƐƚĞƌWĂƌŬΘZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚŽƌƐƵďŵŝƚĂƉůĂŶƚŝŶŐƉůĂŶƚŽƚŚĞŝƚǇ&ŽƌĞƐƚĞƌ ĨŽƌĂƉůĂŶƚŝŶŐƉĞƌŵŝƚƉƌŝŽƌƚŽĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂů͘ ϭϭͿdƌĞĞƐƐŚĂůůďĞƉůĂŶƚĞĚĞǀĞƌǇϱϬĨĞĞƚ͘ ϭϮͿdŚŝƐĂƌĞĂŝƐǁŝƚŚŝŶƚŚĞZŽƐĞ,ĂƌďŽƌ,ŝŐŚ>ĞǀĞů^ǇƐƚĞŵƌĞĂ͕ǁŚŝĐŚŝƐĂǀĂŝůĂďůĞĂƚƚŚĞĞŶĚŽĨWĂƌŬ ^ƚƌĞĞƚ^ĂŶĚǁŝůůďĞŵĂĚĞĂǀĂŝůĂďůĞĂƚĂƐƚǁŽŽĚZŽĂĚǁŝƚŚƚŚĞĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ,ƵŶĚƌĞĚĐƌĞtŽŽĚƐƉƌŽƉĞƌƚǇŶŽƌƚŚŽĨĂƐƚǁŽŽĚZŽĂĚ^͘ ϭϯͿWƌĞůŝŵŝŶĂƌǇĐŽŵƉƵƚĞƌŚǇĚƌĂƵůŝĐŵŽĚĞůŝŶŐŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞǁĂƚĞƌƐǇƐƚĞŵŵƵƐƚďĞŝŶƚĞƌͲ 3DFNHW3J )E ĐŽŶŶĞĐƚĞĚďĞƚǁĞĞŶƚŚĞƚǁŽůŽĐĂƚŝŽŶƐŝĚĞŶƚŝĨŝĞĚĂďŽǀĞƚŽƉƌŽƉĞƌůǇƐĞƌǀĞWŚĂƐĞ/ǁŝƚŚĂĚĞƋƵĂƚĞ ĨŝƌĞƉƌŽƚĞĐƚŝŽŶ͘ ϭϰͿdŚĞǁĂƚĞƌŵĂŝŶŝŶƚŚĞĐƵůͲĚĞͲƐĂĐƐƚƌĞĞƚƐŵƵƐƚďĞůŽŽƉĞĚĂŶĚǁĂƚĞƌŵĂŝŶƐŵƵƐƚďĞĞǆƚĞŶĚĞĚƚŽ ĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐƉĞƌŽƵƌƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϭϱͿdŚĞĂƉƉůŝĐĂŶƚ͛ƐĞŶŐŝŶĞĞƌŝŶŐĨŝƌŵŵƵƐƚǁŽƌŬǁŝƚŚZWhƚŽĚĞǀĞůŽƉƚŚĞŶĞĐĞƐƐĂƌǇǁĂƚĞƌƐǇƐƚĞŵ ůĂǇŽƵƚƚŽƐĞƌǀĞƚŚŝƐĂƌĞĂ͘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³PHGLXPGHQVLW\´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imes New Roman]] &281&,/$&7,215(48(67(' 7KH&RXQFLOPD\DSSURYHRUGHQ\WKLVSHWLWLRQ7KH&RXQFLO¶VGHFLVLRQPXVWEHVXSSRUWHG [[225,2048,1064,2105][12][B,I,][Arial]]E\ILQGLQJVEDVHGRQWKHFULWHULD [[1078,2048,2412,2105][12][B,I,][Arial]]OLVWHGLQWKH/DQG8VH3ODQ DVLQFOXGHGLQWKHVWDII [[225,2106,399,2163][12][B,I,][Arial]]UHSRUW [[400,2110,413,2162][11][B,I,][Arial]] [[225,2172,238,2224][11][B,I,][Arial]] [[225,2234,2411,2291][12][B,I,][Arial]],IWKH&RXQFLOZLVKHVWRSURFHHGZLWKWKHODQGXVHSODQDPHQGPHQWDVSHWLWLRQHGLWVKRXOG [[225,2291,2411,2348][12][B,I,][Arial]]LQVWUXFWWKH&LW\$WWRUQH\WRSUHSDUHDUHVROXWLRQVXSSRUWHGE\ILQGLQJVRIIDFWDQG [[225,2349,608,2406][12][B,I,][Arial]]FRQFOXVLRQVRIO [[606,2349,685,2406][12][B,I,][Arial]]DZ [[687,2349,713,2406][12][,I,][Arial]] 3DFNHW3J )D 3DFNHW3J 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )E D/Ehd^K&d, /dzK&ZK,^dZW>EE/E'KDD/^^/KE ϮϭϮϮDWh^Z/s^ʹ^h/dϭϬϬ ZK,^dZDEϱϱϵϬϰ DŝŶƵƚĞƐŽĨƚŚĞƌĞŐƵůĂƌůǇƐĐŚĞĚƵůĞĚŵĞĞƚŝŶŐŽĨƚŚĞŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶŚĞůĚŽŶ tĞĚŶĞƐĚĂǇ͕:ĂŶƵĂƌǇϮϴ͕ϮϬϭϱ͕Ăƚϲ͗ϬϬƉ͘ŵ͘ŝŶƚŚĞŽƵŶĐŝůͬŽĂƌĚŚĂŵďĞƌƐŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ͕ ϭϱϭϰƚŚ^ƚƌĞĞƚ^͕ZŽĐŚĞƐƚĞƌ͕DE͘ DĞŵďĞƌƐWƌĞƐĞŶƚ͗Dƌ͘tĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌ͕ŚĂŝƌ͖Dƌ͘DŝĐŚĂĞůtĂůƚĞƌƐ͕sŝĐĞŚĂŝƌ͖DƐ͘>ŝŶĚƐĞǇDĞĞŬ͖ Dƌ͘WĂƵů^ŝŵƐ͕DƐ͘DŝůůŝĞŝƌƌ͖Dƌ͘ƌŝĂŶŚŝůĚƐ͖Dƌ͘DŝĐŚĂĞůtĂůƚĞƌƐ͖Dƌ͘<ƌĂŝŐƵƌƐƚ͕DƐ͘ƌŝƚƚĂŶǇ tŝůƐŽŶĂŶĚDƌ͘^ƚĞǀĞ^ŚĞƌǁŽŽĚ͘ DĞŵďĞƌƐďƐĞŶƚ͗ŶŽŶĞ ^ƚĂĨĨWƌĞƐĞŶƚ͗Dƌ͘ƌŝĐtŽũĐŚŝŬ͕WůĂŶŶĞƌ͖Dƌ͘<ĂƌůƵƌŚŽƉ͕WůĂŶŶĞƌ͖Dƌ͘>ŽŐĂŶdũŽƐƐĞŵ͕^ĞŶŝŽƌWůĂŶŶĞƌ͖ ĂŶĚDƐ͘ĞƚŚĂǀŝƐ KƚŚĞƌŝƚǇ^ƚĂĨĨWƌĞƐĞŶƚ͗DƐ͘WĂƚůĨƌĞĚƐŽŶ͕ŝƚǇƚƚŽƌŶĞǇ tĞůĐŽŵĞďǇŚĂŝƌ'ŽŽĚĞŶďĞƌŐĞƌƚŽŶĞǁĐŽŵŵŝƐƐŝŽŶŵĞŵďĞƌƐ͖ƌŝƚƚĂŶǇtŝůƐŽŶĂŶĚ<ƌĂŝŐƵƌƐƚ͘ ^ĞƚKƌĚĞƌKĨŐĞŶĚĂ͗ Dƌ͘^ŝŵƐŵŽǀĞĚƚŽĂƉƉƌŽǀĞƚŚĞĂŐĞŶĚĂ͕ĂƐǁƌŝƚƚĞŶ͘Dƌ͘tĂůƚĞƌƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶ ĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ ŽŶƐĞŶƚŐĞŶĚĂ͗ Dƌ͘tĂůƚĞƌƐŵĂĚĞĂŵŽƚŝŽŶƚŽĂƉƉƌŽǀĞƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐĞŶƚŝƚĞŵƐ͘Dƌ͘^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚƚŚĞ ŵŽƚŝŽŶ͘ x ĞĐĞŵďĞƌϭϬ͕ϮϬϭϰŵŝŶƵƚĞƐ x :ĂŶƵĂƌǇϭϰ͕ϮϬϭϱŵŝŶƵƚĞƐ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ WƵďůŝĐ,ĞĂƌŝŶŐƐ͗ 3DFNHW3J )E WĂŐĞϲ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϮϴ͕ϮϬϭϱ >ĂŶĚhƐĞWůĂŶŵĞŶĚŵĞŶƚηZϮϬϭϰ Ͳ ϬϬϵ>hW͕ŽŶŝŶŐŝƐƚƌŝĐƚŵĞŶĚŵĞŶƚηZϮϬϭϰ Ͳ ϬϭϳĂŶĚ ĂŵĞŶĚŵĞŶƚƚŽ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶZϬϬϯϭϳ'WďǇŽŶƚŝŶĞŶƚĂůϯϮϲ&ƵŶĚ>>͘dŚĞĂƉƉůŝĐĂŶƚ ŚĂƐƉƌŽƉŽƐĞĚƚŽĐŚĂŶŐĞƚŚĞůĂŶĚƵƐĞĚĞƐŝŐŶĂƚŝŽŶŽŶĂƉƉƌŽǆŝŵĂƚĞůǇϯϯ͘ϳϰĂĐƌĞƐĨƌŽŵ͞/ŶĚƵƐƚƌŝĂů͟ƚŽ ͞DĞĚŝƵŵĞŶƐŝƚǇZĞƐŝĚĞŶƚŝĂů͟ĂůŽŶŐǁŝƚŚƌĞ Ͳ ǌŽŶŝŶŐƚŚĞůĂŶĚĨƌŽŵƚŚĞD Ͳ ϭ;DŝǆĞĚŽŵŵĞƌĐŝĂů /ŶĚƵƐƚƌŝĂůͿŽŶŝŶŐŝƐƚƌŝĐƚƚŽƚŚĞZ Ͳ ϯ;DĞĚŝƵŵĞŶƐŝƚǇͿZĞƐŝĚĞŶƚŝĂůŽŶŝŶŐŝƐƚƌŝĐƚ͘'ĞŶĞƌĂů ĞǀĞůŽƉŵĞŶƚWůĂŶŝĚĞŶƚŝĨŝĞƐƚŚĞƉƌŽƉĞƌƚǇďĞŝŶŐĚĞǀĞůŽƉĞĚĂƐĂŵƵůƚŝĨĂŵŝůǇĚĞǀĞůŽƉŵĞŶƚ;d<͞dŚĞ ^ƉƌŝŶŐƐ͟Ϳ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚĞĂƐƚŽĨƌŽĂĚǁĂǇ^ŽƵƚŚ͕ĂŶĚĂĚũĂĐĞŶƚƚŽƚŚĞĨƵƚƵƌĞĞǆƚĞŶƐŝŽŶŽĨ ϮϴƚŚ^ƚƌĞĞƚ^͘ Dƌ͘dũŽƐƐĞŵƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ĂŶƵĂƌǇϮϯ͕ϮϬϭϱ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞ͞ŐĂƚĞĚ͟ĐŽŵŵƵŶŝƚǇĂŶĚŚŽǁƚŚŝƐŝƐĂĚĚƌĞƐƐĞĚŝŶƚŚĞǌŽŶŝŶŐŽƌĚŝŶĂŶĐĞ͘ Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂǇ Ͳ ZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƉƌĞƐĞŶƚĞĚĂŚŝƐƚŽƌǇŽĨƚŚĞƐŝƚĞŝŶĐůƵĚŝŶŐƚŚĞƌŽĂĚǁĂǇ ŽŵŵŽŶƐƌĞƚĂŝůƉŽƌƚŝŽŶŽĨƚŚĞƐŝƚĞƚŚĂƚǁĂƐĚĞǀĞůŽƉĞĚďǇŽŶƚŝŶĞŶƚĂůƉƌŽƉĞƌƚŝĞƐ͖ŵĞĞƚŝŶŐƐŚĂǀĞƚĂŬĞŶ ƉůĂĐĞǁŝƚŚWƵďůŝĐtŽƌŬƐ͖ĂŶĚƚǁŽƉƌĞ Ͳ ĚĞǀĞůŽƉŵĞŶƚŵĞĞƚŝŶŐŚĂǀĞƚĂŬĞŶƉůĂĐĞ͘ Dƌ͘ƌŝĐdŚŽŵ͕ĚĞǀĞůŽƉĞƌǁŝƚŚŽŶƚŝŶĞŶƚĂůWƌŽƉĞƌƚŝĞƐ͕tϭϯϰEϴϲϳϱǆĞĐƵƚŝǀĞWĂƌŬǁĂǇ͕DĞŶŽŵŽŶĞĞ &ĂůůƐ͕t/ϱϯϬϱϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚĂƐůŝĚĞƐŚŽǁ;ŽŶĨŝůĞĂƚƚŚĞWůĂŶŶŝŶŐ ĞƉĂƌƚŵĞŶƚͿƐŚŽǁŝŶŐĂƉƌŽƉŽƐĞĚƐŝƚĞƉůĂŶǁŝƚŚƚŚĞĂŵĞŶŝƚŝĞƐŽĨĂŐĂƚĞĚĐŽŵŵƵŶŝƚǇ͖ƚŚĞĚĞǀĞůŽƉĞƌ ƚŚ ďƵŝůĚƐƚŚĞƉƌŽƉĞƌƚǇĂŶĚĐŽŶƚŝŶƵĞƐƚŽŵĂŝŶƚĂŝŶƚŚĞŵ͖ŝŶĐůƵĚĞƐƐŝĚĞǁĂůŬĐŽŶŶĞĐƚŝǀŝƚǇŽŶϮϴ^ƚƌĞĞƚ^͖ ƉĞƚ Ͳ ĨƌŝĞŶĚůǇĐŽŵŵƵŶŝƚǇ͖ĂĐĐĞƐƐƚŽĐůŽƐĞƌĞƚĂŝůƐŚŽƉƉŝŶŐ͖ĂŶĚĞǆŝƐƚŝŶŐďƵƐƌŽƵƚĞƐ͘,ĞĐŽŵƉĂƌĞĚƚŚĞ ƐĞĐƵƌŝƚǇĂĐĐĞƐƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƚŽϯŽƌϰƐƚŽƌǇƌĞƐŝĚĞŶƚŝĂůĨĂĐŝůŝƚŝĞƐŝŶƚŚĞĚŽǁŶƚŽǁŶĂƌĞĂǁŝƚŚ ĞŶĐŽƵƌĂŐŝŶŐǀŝƐŝƚŽƌƐƚŽƚŚĞƉƌŽƉĞƌƚǇďƵƚǁĂŶƚƚŽůŝŵŝƚĂĐĐĞƐƐďǇŐĞŶĞƌĂůƉƵďůŝĐ͘ Dƌ͘ƵƌƐƚĂƐŬĞĚƚŚĞĂƉƉůŝĐĂŶƚĂďŽƵƚĐŽŶǀĞƌƐĂƚŝŽŶƐǁŝƚŚ^ĞŶĞĐĂ&ŽŽĚƐŝŶƌĞŐĂƌĚƐƚŽƚŚĞĂŐƌŝĐƵůƚƵƌĂů ƉƌŽĐĞĚƵƌĞƐǁŚŝĐŚĂƌĞƉĞƌĨŽƌŵĞĚŽŶƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇ͘ Dƌ͘dŚŽŵƐƚĂƚĞĚƚŚĞǇĂƌĞĂǁĂƌĞŽĨƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐĂĐƚŝǀŝƚŝĞƐ͖ƚŚĞǇǁŝůůŵĂŬĞƉŽƚĞŶƚŝĂůƌĞƐŝĚĞŶƚ ĂǁĂƌĞ͖ĂůƐŽŚĂǀĞďĞĞŶŝŶĐŽŶƚĂĐƚǁŝƚŚ^ĞŶĞĐĂĂŶĚǁŝůůĐŽŶƚŝŶƵĞƚŽďĞŝŶĐŽŶƚĂĐƚǁŝƚŚƚŚĞŵ͘ Dƌ͘^ŚĞƌǁŽŽĚĂƐŬĞĚƚŚĞDƌ͘dŚŽŵŝĨƚŚĞǇŚĂǀĞĚŽŶĞĂŶǇƐƵƌǀĞǇƐŝŶƚŚĞĐŽŵŵƵŶŝƚǇĨŽƌĂŐĂƚĞĚ ĐŽŵŵƵŶŝƚǇ͘ 3DFNHW3J )E WĂŐĞϳ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϮϴ͕ϮϬϭϱ Dƌ͘dŚŽŵŶŽƚĞĚƚŚĞǇŚĂǀĞŐŽŶĞŝŶĂƌĞĂƐǁŚĞƌĞŐĂƚĞĚĐŽŵŵƵŶŝƚŝĞƐĚŽŶŽƚĞǆŝƐƚ͘dŚĞǇŚĂǀĞĨŽƵŶĚŐŝǀŝŶŐ ƚŚŝƐŽƉƚŝŽŶƚŽĂĐŽŵŵƵŶŝƚǇŚĂƐŐŽŽĚƌĞƐƉŽŶƐĞĂŶĚƐƵƉƉŽƌƚ͘ Dƌ͘dũŽƐƐĞŵƋƵŽƚĞĚƚŚĞZŽĐŚĞƐƚĞƌ>ĂŶĚhƐĞWůĂŶƉŽůŝĐǇƌĞůĂƚĞĚƚŽ͞'ĂƚĞĚŽŵŵƵŶŝƚŝĞƐ͟ĂŶĚŚŽǁƚŚĂƚ ƐƚǇůĞŽĨĚĞǀĞůŽƉŵĞŶƚĐĂŶĐƌĞĂƚĞƐŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐƐĞŐƌĞŐĂƚŝŽŶ͕ǁŚŝĐŚƵůƚŝŵĂƚĞůǇĂĨĨĞĐƚƐƚŚĞůŽŶŐƚĞƌŵ ĐŽŚĞƐŝǀĞŶĞƐƐĂŶĚƋƵĂůŝƚǇŽĨůŝĨĞǁŝƚŚŝŶŽƵƌĐŽŵŵƵŶŝƚǇ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞƉŽƚĞŶƚŝĂůŽĨĂŐĂƚĞĚĐŽŵŵƵŶŝƚǇďĞŝŶŐĐŽŶƐŝĚĞƌĞĚĂĚŝǀŝƐŝŽŶŽĨŝŶĐŽŵĞ ĐůĂƐƐŝŶƚŚĞŝƚǇ͘ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂǇ Ͳ ZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚDĐ'ŚŝĞΘĞƚƚƐͬt^͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƌĞǀŝĞǁĞĚƚŚĞƉƌŽƉŽƐĞĚĨŝŶĚŝŶŐƐĨŽƌƚŚĞŐĞŶĞƌĂůĚĞǀĞůŽƉŵĞŶƚ ƉůĂŶ͖ůĂŶĚƵƐĞƉůĂŶĂŶĚǌŽŶĞĐŚĂŶŐĞŝŶƌĞŐĂƌĚƐƚŽƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘^ŚĞƉƌĞƐĞŶƚĞĚĂƌŽĂĚǁĂǇ ƌĚ ŵĂƉƐŚŽǁŝŶŐƚŚĞĨƵƚƵƌĞϯǀĞŶƵĞ^ĂƐƉƌŽƉŽƐĞĚďǇWƵďůŝĐtŽƌŬƐ͖ƚŚŝƐŝƐĂŶĞǁĐŽŶĐĞƉƚĨŽƌ ĚĞǀĞůŽƉŵĞŶƚ͖ŐŽŽĚĂĐĐĞƐƐƚŽďƵƐƌŽƵƚĞƐ͖ƌĞĂƐŽŶĂďůĞƐĞƉĂƌĂƚŝŽŶͬďƵĨĨĞƌďĞƚǁĞĞŶƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚ ŝŶĚƵƐƚƌŝĂůĚĞƐŝŐŶĂƚŝŽŶƐƚŽƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚ͖ŵĞĞƚƐƚŚĞĐƌŝƚĞƌŝĂĨŽƌZ Ͳ ϯǌŽŶŝŶŐ͖ĂŐĂƚĞĚĐŽŵŵƵŶŝƚǇŝƐĂ ĚĞƐŝŐŶĐŚŽŝĐĞ͕ĂŶĚŶŽƚĂůĂŶĚƵƐĞ͘ ƚŚ DƐ͘EĂŶĐǇ^ůŽĐƵŵď͕ƌĞƐŝĚĞƐĂƚϲϮϭϱǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘ ,ĞƌƐƚĂƚĞĚĐŽŶĐĞƌŶƐǁĞƌĞǁŝƚŚŶŽƚĂƐƵĨĨŝĐŝĞŶƚŶƵŵďĞƌŽĨŶŽƚŝĨŝĐĂƚŝŽŶƐƐĞŶƚ͖ŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐ ŵŝŶƵƚĞƐŶŽƚƉƌŽǀŝĚĞĚ͖ĚŝĚŶŽƚĂŐƌĞĞǁŝƚŚŐĂƚĞĚĐŽŵŵƵŶŝƚǇďĞĐĂƵƐĞŝƚƉƌŽŵŽƚĞƐĚŝǀĞƌƐŝƚǇ͕ĂŶĚƐŚĞ ĞŶĐŽƵƌĂŐĞĚĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ͘ Dƌ͘dũŽƐƐĞŵƌĞĂĚƚŚĞŵŝŶƵƚĞƐƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐ͘EŽŽŶĞĨƌŽŵƚŚĞĂĚũĂĐĞŶƚ ŶĞŝŐŚďŽƌŚŽŽĚǁĂƐŝŶĂƚƚĞŶĚĂŶĐĞĂƚƚŚĞƉƌĞ Ͳ ĚĞǀĞůŽƉŵĞŶƚŵĞĞƚŝŶŐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶ͘dŚĞĐŽŶĐĞƌŶƐďƌŽƵŐŚƚĨŽƌƚŚǁĞƌĞĂŐƌŝĐƵůƚƵƌĂůŵĞĞƚŝŶŐ ƌĞƐŝĚĞŶƚŝĂůŚŽƵƐŝŶŐŚĂǀŝŶŐƉŽƚĞŶƚŝĂůĐŽŶĨůŝĐƚƐ͖ŝƐƚŚĞďƵĨĨĞƌƐƵĨĨŝĐŝĞŶƚǁŝƚŚƚŚŝƐĚĞǀĞůŽƉŵĞŶƚĨƌŽŵ ĂĚũĂĐĞŶƚůĂŶĚƵƐĞƐ͖ĞŶƐƵƌŝŶŐƚŚĞƌĞƐŝĚĞŶƚŝĂůZ Ͳ ϯǌŽŶŝŶŐŝƐƐĞƉĂƌĂƚĞĚĨƌŽŵƚŚĞŝŶĚƵƐƚƌŝĂůƵƐĞƐ͖ĂŶĚ ƌĞƐŝĚĞŶƚƐŚĂǀĞƚŚĞƌŝŐŚƚƚŽŐĞƚŝŶĂŶĚŽƵƚŽĨĐŽŵŵƵŶŝƚŝĞƐĂŐĂƚĞĚĐŽŵŵƵŶŝƚǇĐĂŶŚĂǀĞĂŶĂĚǀĞƌƐĞĂĨĨĞĐƚ ŽŶƚŚŝƐ͘ Dƌ͘dũŽƐƐĞŵƉƌĞƐĞŶƚĞĚƚŚĞĨƵƚƵƌĞZKK'ƚƌĂŶƐƉŽƌƚĂƚŝŽŶƉůĂŶĚĞƐŝŐŶŝŶŐƚŚŝƐĂƌĞĂĂƐĂŶƵƌďĂŶĐŽůůĞĐƚŽƌ ƚŚ ƐŚŽǁŝŶŐŽƵŶƚǇZŽĂĚϭĐŽŶŶĞĐƚŝǀŝƚǇƚŽϮϴ^ƚƌĞĞƚ^͖ĂŶĚĨƵƚƵƌĞďŝŬĞƉĂƚŚĐŽŶŶĞĐƚŝŽŶƐ͘ DƐ͘ŝƌƌŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ>ĂŶĚhƐĞWůĂŶŵĞŶĚŵĞŶƚηZϮϬϭϰ Ͳ ϬϬϵ>hWǁŝƚŚƚŚĞ ƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĨĂŝůĞĚϰ Ͳ ϱ͘sŽƚŝŶŐŶĂǇ ǁĂƐDƌ͘^ŝŵƐ͕Dƌ͘ƵƌƐƚ͕DƐ͘DĞĞŬ͕Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĂŶĚDƌ͘tĂůƚĞƌƐ͘ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨ>ĂŶĚhƐĞWůĂŶŵĞŶĚŵĞŶƚηZϮϬϭϰ Ͳ ϬϬϵ>hWĚƵĞƚŽƚŚĞ ŝŶĐŽŵƉĂƚŝďŝůŝƚǇŽĨƚŚĞƵƐĞǁŝƚŚƐƵƌƌŽƵŶĚŝŶŐƵƐĞƐ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚ ϱ Ͳ ϰ͘sŽƚŝŶŐŶĂǇDƐ͘ŝƌƌ͖DƐ͘tŝůƐŽŶ͖Dƌ͘ŚŝůĚƐ͖Dƌ͘^ŚĞƌǁŽŽĚ͘ 3DFNHW3J )E WĂŐĞϴ ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ĂŶƵĂƌǇϮϴ͕ϮϬϭϱ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨŽŶŝŶŐŝƐƚƌŝĐƚŵĞŶĚŵĞŶƚηZϮϬϭϰ Ͳ ϬϭϳďĂƐĞĚŽŶ ŝŶĐŽŵƉĂƚŝďŝůŝƚǇǁŝƚŚƚŚĞůĂŶĚƵƐĞƉůĂŶ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϱ Ͳ ϰ͘ sŽƚŝŶŐŶĂǇDƐ͘ŝƌƌ͖DƐ͘tŝůƐŽŶ͖Dƌ͘^ŚĞƌǁŽŽĚ͖Dƌ͘ŚŝůĚƐ DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶZϬϬϯϭϳ'WďĂƐĞĚŽŶƚŚĞĚĞŶŝĂů ŽĨ>ĂŶĚƵƐĞWůĂŶĂŵĞŶĚŵĞŶƚĂŶĚŽŶĞŚĂŶŐĞ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϱ Ͳ ϰ͘sŽƚŝŶŐŶĂǇDƐ͘ŝƌƌ͖Dƌ͘^ŚĞƌǁŽŽĚ͖DƐ͘tŝůƐŽŶ͖Dƌ͘ŚŝůĚƐ͘ KƚŚĞƌƵƐŝŶĞƐƐ͗ ϭ͘ŝƚǇŽƵŶĐŝůDĞĞƚŝŶŐZĞĐĂƉͲ:ŽƐĞƉŚĞǀĞůŽƉŵĞŶƚhW Ͳ ĂƉƉƌŽǀĞĚ͖ůůĞŶ^ƵďĚŝǀŝƐŝŽŶƉůĂƚ Ͳ ĂƉƉƌŽǀĞĚ͖ ĂŶĚ/ZdhWWŚĂƐĞ/Ͳ ĂƉƉƌŽǀĞĚ͘ Ϯ͘ƐŵĂǇďĞďƌŽƵŐŚƚƵƉǁŝƚŚŵĞŵďĞƌƐʹDƌ͘^ŝŵƐĂƐŬĞĚWůĂŶŶŝŶŐ^ƚĂĨĨĨŽƌĚŝƌĞĐƚŝŽŶďĞŐŝǀĞŶƚŽƚŚĞ ŽŵŵŝƐƐŝŽŶŽŶŚŽǁƚŽŚĂŶĚůĞĂƚŝŵĞůŝŵŝƚŽŶƐƉĞĂŬĞƌƐĂŶĚƚŚĞĨŽĐƵƐĂƚƚŚĞDƉƵďůŝĐŚĞĂƌŝŶŐ͘ ĚũŽƵƌŶ͗ DŽƚŝŽŶŵĂĚĞďǇDƌ͘ŚŝůĚƐƚŽĂĚũŽƵƌŶ͕ƐĞĐŽŶĚĞĚďǇDƌ͘^ŝŵƐ͘Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌ͕ŚĂŝƌ͕ ĂĚũŽƵƌŶĞĚƚŚĞŵĞĞƚŝŶŐĂƚϴ͗ϰϱƉ͘ŵ͘ ZĞƐƉĞĐƚĨƵůůǇ^ƵďŵŝƚƚĞĚ͗ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ DŝƚǌŝĂŬĞƌ͕WůĂŶŶŝŶŐŝƌĞĐƚŽƌDƌ͘tĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌ͕ŚĂŝƌ ďĚ 3DFNHW3J 3DFNHW3J )G 3DFNHW3J )G ) ) 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('%< *HQHUDO'HYHORSPHQW3ODQ5ƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĂŶǇŽĨĨͲ ƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐŶĞĐĞƐƐĂƌǇƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚͿ͕ƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͕ ĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌĞǆŝƐƚŝŶŐΘĨƵƚƵƌĞƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ĂŶĚƚŚĞĞǆƚĞŶƐŝŽŶŽĨƉƵďůŝĐƵƚŝůŝƚŝĞƐƚŽ ĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐǁŚĞƌĞĂƉƉůŝĐĂďůĞ͘^ƚĂĨĨǁŝůůƉƌĞƉĂƌĞƚŚĞŐƌĞĞŵĞŶƚĨŽƌƌĞǀŝĞǁĂŶĚ ĞǆĞĐƵƚŝŽŶďǇƚŚĞKǁŶĞƌĂŶĚŝƚǇ͕ĂŶĚƌĞĐŽƌĚŝŶŐ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚĨŽƌƚŚĞ WƌŽƉĞƌƚǇ͘ ϰͿ'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůǁŝůůďĞƌĞƋƵŝƌĞĚƚŚƌŽƵŐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂů ƉƌŽĐĞƐƐĨŽƌƚŚĞŝŶĚŝǀŝĚƵĂůůŽƚƐͬƉŚĂƐĞƐ͘ ϱͿǆĞĐƵƚŝŽŶŽĨĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĚĞĚŝĐĂƚŝŽŶŽĨĂŶǇĂƉƉůŝĐĂďůĞŽĨĨͲƐŝƚĞƉƵďůŝĐ ĞĂƐĞŵĞŶƚƐŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶǇƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ 3DFNHW3J ) ϲͿdŚĞĞǆƚĞŶƐŝŽŶŽĨϮϴƚŚ^ƚ^͕ƚŽƚŚĞĞĂƐƚƉƌŽƉĞƌƚǇůŝŶĞ͕ŝƐƌĞƋƵŝƌĞĚĐŽŶĐƵƌƌĞŶƚǁŝƚŚĚĞǀĞůŽƉŵĞŶƚ ŽĨƚŚĞWƌŽƉĞƌƚǇ͘ŽŶƐƚƌƵĐƚŝŽŶŽĨĂƚĞŵƉŽƌĂƌǇƚƵƌŶͲĂƌŽƵŶĚǁŝůůďĞƌĞƋƵŝƌĞĚ͕ĂƐǁĞůůĂƐ͕ ĂĐƋƵŝƐŝƚŝŽŶŽĨĂŶǇĂƉƉůŝĐĂďůĞŽĨĨͲƐŝƚĞƚĞŵƉŽƌĂƌǇƚƵƌŶĂƌŽƵŶĚĞĂƐĞŵĞŶƚ͘ ϳͿĞǀĞůŽƉŵĞŶƚĐŚĂƌŐĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐWƌŽƉĞƌƚǇǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶ ŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚ͕ĂŶĚǁŝůůŝŶĐůƵĚĞďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽĂ͗ ^ĞǁĞƌǀĂŝůĂďŝůŝƚǇŚĂƌŐĞ;^Ϳ͕tĂƚĞƌǀĂŝůĂďŝůŝƚǇŚĂƌŐĞ;tͿ͕dƌĂŶƐƉŽƌƚĂƚŝŽŶ /ŵƉƌŽǀĞŵĞŶƚKďůŝŐĂƚŝŽŶƐ͕hƚŝůŝƚǇŽŶŶĞĐƚŝŽŶŚĂƌŐĞƐ͕^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƌĞĂ ŚĂƌŐĞ;^tDWͿ͕&ŝƌƐƚ^ĞĂůŽĂƚŚĂƌŐĞĨŽƌĂŶǇŶĞǁƉƵďůŝĐƐƚƌĞĞƚ͕WĞĚĞƐƚƌŝĂŶ&ĂĐŝůŝƚŝĞƐͬ ZĂŵƉƐ͕^ƚƌĞĞƚ^ŝŐŶƐ͕ĂƐĚĞƚĞƌŵŝŶĞĚďǇƚŚĞŝƚǇŶŐŝŶĞĞƌ͕ĂƐǁĞůůĂƐ͕ĂWůĂŶƚ/ŶǀĞƐƚŵĞŶƚ&ĞĞ ;W/&ͿǁŚŝĐŚŝƐĐĂůĐƵůĂƚĞĚĂŶĚĐŽůůĞĐƚĞĚƚŚƌŽƵŐŚƚŚĞƵŝůĚŝŶŐWĞƌŵŝƚĂƉƉƌŽǀĂůƉƌŽĐĞƐƐ͘ ϴͿWĂƌŬĚĞĚŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐŵƵƐƚďĞŵĞƚǀŝĂ͗ĂƐŚŝŶůŝĞƵŽĨůĂŶĚ͘ ϵͿŽƵůĞǀĂƌĚƚƌĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘WƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ƉƌŽƉĞƌƚǇ͕ƚŚĞKǁŶĞƌƐŚĂůůĚĞƚĞƌŵŝŶĞǁŚŝĐŚŽĨƚŚĞƚǁŽĂǀĂŝůĂďůĞŽƉƚŝŽŶƐ͕WĂǇŵĞŶƚDĞƚŚŽĚŽƌ /ŶƐƚĂůůŽƵůĞǀĂƌĚdƌĞĞƐ͕ǁŝůůďĞƵƐĞĚƚŽŵĞĞƚƚŚĞŝƌďŽƵůĞǀĂƌĚƚƌĞĞŽďůŝŐĂƚŝŽŶƐĨŽƌĞĂĐŚƉŚĂƐĞ ŽĨĚĞǀĞůŽƉŵĞŶƚ͘KŶĐĞƚŚĞŽƉƚŝŽŶŝƐƐĞůĞĐƚĞĚ͕ƚŚĞKǁŶĞƌƐŚĂůůĞŝƚŚĞƌŵĂŬĞĂƉƉůŝĐĂďůĞĐĂƐŚ ƉĂǇŵĞŶƚƚŽƚŚĞZŽĐŚĞƐƚĞƌWĂƌŬΘZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚŽƌƐƵďŵŝƚĂƉůĂŶƚŝŶŐƉůĂŶƚŽƚŚĞŝƚǇ &ŽƌĞƐƚĞƌĨŽƌĂƉůĂŶƚŝŶŐƉĞƌŵŝƚƉƌŝŽƌƚŽĨŝŶĂůĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽǀĂů͘dƌĞĞƐƐŚĂůůďĞƉůĂŶƚĞĚ ĞǀĞƌǇϯϱĨĞĞƚ͘ ϭϬͿZWhΖƐƌĞĐŽƌĚƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞĂƌĞϭϭĞǆŝƐƚŝŶŐϲ͟ǁĂƚĞƌƐĞƌǀŝĐĞƐƚŚĂƚǁĞƌĞƐƚƵďďĞĚŽƵƚĨŽƌ ƚŚĞƉƌĞǀŝŽƵƐůǇƉůĂŶŶĞĚĐŽŵŵĞƌĐŝĂůůŽƚƐƚŚĂƚŝĨŶŽƚƵƐĞĚǁŝƚŚƚŚŝƐĚĞǀĞůŽƉŵĞŶƚŵƵƐƚďĞ ĚŝƐĐŽŶŶĞĐƚĞĚĂƚƚŚĞŵĂŝŶďǇƉůƵŐŐŝŶŐƚŚĞƚĞĞĂŶĚƌĞŵŽǀŝŶŐƚŚĞŐĂƚĞǀĂůǀĞ͘ ϭϭͿdŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŽďƚĂŝŶZWh͛ƐĂƉƉƌŽǀĂůŽĨƚŚĞǁĂƚĞƌƐǇƐƚĞŵůĂǇŽƵƚƚŽƐĞƌǀĞƚŚŝƐĂƌĞĂ͘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rial]] &281&,/$&7,215(48(67(' [[225,1547,2411,1599][11][B,I,][Arial]],IWKH&RXQFLOZLVKHVWRSURFHHGLWVKRXOGLQVWUXFWWKH&LW\$WWRUQH\WRSUHSDUHDUHVROXWLRQ [[300,1600,501,1652][11][B,I,][Arial]]HLWKHUDS [[502,1600,2412,1652][11][B,I,][Arial]]SURYLQJDSSURYLQJZLWKFRQGLWLRQVRUGHQ\LQJWKH&RQGLWLRQDO8VH3HUPLWUHTXHVW [[300,1653,1408,1705][11][B,I,][Arial]]EDVHGXSRQWKHFULWHULDLQFOXGHGLQWKHVWDIIUHSRUW [[1408,1653,1421,1705][11][B,I,][Arial]] 3DFNHW3J )D 7\SH,,,3KDVH,,,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83 'HVLJQ0RGLILFDWLRQ5UHPRYHGIURPWKH FRQGLWLRQV 0U$QG\0DVWHUSROHVXEFRQVXOWDQWZLWK6(+<DJJ\ORFDWHGDW )D WK 0V7ULFLD$GDPVRQGHYHORSHUDQGPDQDJHURIWKHSURSHUW\$YHQXH6: 5RFKHVWHU01DGGUHVVHGWKH&RPPLVVLRQ6KHGHVFULEHGWKHSURMHFWDVDOHJDF\RIKHU KXVEDQG¶VIDPLO\ WK 0U0DF+DPLOWRQ2OLYHU//&PPLVVLRQ+HQRWHGWKHKLJKGHQVLW\GRHVQRWILWLQWKHQHLJKERUKRRGDQGWKHUHLV DGHTXDWHDYDLODEOHSDUNLQJRQWKHVWUHHW+HQRWHGWKHFULWHULDIRUGHQ\LQJRIWKH YDULDQFHVEHLQJDSSOLFDEOHWRWKHSURMHFWKRZWKH]RQLQJZLOODSSO\WRWKHDUHDVEHLQJ GLVFXVVHG :LWKQRRQHHOVHZLVKLQJWREHKHDUG0U:DOWHUVFORVHGWKHSXEOLFKHDULQJ 'LVFXVVLRQHQVXHGDPRQJ&RPPLVVLRQUHJDUGVWRWKHDSSOLFDEOHFULWHULDIRUYDULDQFHV 3DFNHW3J )D 0V0HHNPRYHGWRDGRSWLRQWKH)LQGLQJVRI)DFWDVOLVWHG0U6LPVVHFRQGHGWKH PRWLRQ7KHPRWLRQFDUULHG0U*RRGHQEHUJHUUHFXVHG 81,48(&,5&8067$1&(67KHUHZRXOGQRWDSSHDUWREHXQLTXHFLUFXPVWDQFHVRU FRQGLWLRQVWKDWDSSO\WRWKHDSSOLFDQW¶VSURSHUW\WKDWGRQRWDSSO\JHQHUDOO\WRRWKHU SURSHUWLHVZLWKLQWKH5 0HGLXP'HQVLW\5HVLGHQWLDO =RQLQJ'LVWULFW 127&5($7('%<7+(/$1'2:1(57KHUHDUHQRWH[WUDRUGLQDU\FRQGLWLRQVRU FLUFXPVWDQFHVWKDWDUHGXHWRFLUFXPVWDQFHVXQLTXHWRWKHSURSHUW\QRWFUHDWHGE\WKH ODQGRZQHU 5($621$%/(86( 7KHJUDQWLQJRIWKLVYDULDQFHZRXOGQRWDSSHDUWREHQHFHVVDU\ WRDOORZIRUWKHUHDVRQDEOHXVHRIWKHDSSOLFDQW¶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rial]] 7KH6WDII5HSRUWLVLQFOXGHGZLWKWKH5&$IRU,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83 [[210,733,223,785][11][B,I,][Arial]] [[210,785,1433,842][12][B,I,][Arial]]5RFKHVWHU3ODQQLQJDQG=RQLQJ&RPPLVVLRQ$FWLRQ [[1433,789,1446,841][11][B,I,][Arial]] 2Q-DQXDU\WKWKH5RFKHVWHU&LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQGHQLHGD'HVLJQ0RGLILFDWLRQ UHTXHVWRIWKHDSSOLFDQW7KH2OLYHU//&WRDOORZIRUWKHPRGLILFDWLRQWRWKHUHDUDQGVLGH\DUGVHWEDFNUHODWHG WRWKHFRQVWUXFWLRQRIDWKUHHVWRU\XQLWDSDUWPHQWEXLOGLQJZLWKEHORZJUDGHSDUNLQJ 0V0HHNPDGHWKHPRWLRQWRGHQ\'HVLJQ0RGLILFDWLRQ5 ) 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$3E\2OLYHU//& /RJDQ7MRVVHP [[2245,680,2258,732][11][B,I,][Arial]] 7KH6WDII5HSRUWLVLQFOXGHGZLWKWKH5&$IRU,QFHQWLYH'HYHORSPHQW3UHOLPLQDU\3ODQ5&83 [[210,733,223,785][11][B,I,][Arial]] [[210,785,1433,842][12][B,I,][Arial]]5RFKHVWHU3ODQQLQJDQG=RQLQJ&RPPLVVLRQ$FWLRQ [[1433,789,1446,841][11][B,I,][Arial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