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ϭϬйϭϬ͘ϭϰй
>Dϲϯ͘Ϯϳϳ
>Dϲϯ͘ϮϳϳƵƐŝŶĞƐƐ
^ŝŐŶĂŐĞ
ƵƐŝŶĞƐƐĞŶƚĞƌ
ĞŶƚĞƌǁŝƚŚ
ŵŽĚŝĨŝĐĂƚŝŽŶƐ
ZĞĐƌĞĂƚŝŽŶ^ƉĂĐĞ
ϵйϭϵ͘ϴй
DĂdž,ĞŝŐŚƚ
dLJƉĞ///ZĞƐŝĚĞŶƚŝĂů
EŽDĂdžϲϱΖ
ŽŵŵĞƌĐŝĂůdLJƉĞ/
ϰϬΖϲϱΖ
DŝŶŝŵƵŵ>Žƚ^ŝnjĞ
EŽDŝŶŝŵƵŵϭϱϯ͕ϬϯϳƐƋĨƚ
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džŝƐƚŝŶŐWĂƌŬŝŶŐŶĂůLJƐŝƐ
ŽŵŵĞƌĐŝĂů džŝƐƚŝŶŐ^ƵƌĨĂĐĞ
^ƚĂŶĚĂƌĚ
ZĞƋƵŝƌĞŵĞŶƚWĂƌŬŝŶŐWƌŽǀŝĚĞĚ
ƵƐŝŶĞƐƐĞŶƚĞƌ
ŽŵŵĞƌĐŝĂů;ϰͬϭϬϬϬƐĨͿϭϮϭ͕ϳϬϭƐĨ
ϰϴϳ
ZĞƐƚĂƵƌĂŶƚ;ϲͬϭϬϬϬƐĨͿϳ͕ϮϬϬƐĨ
ϰϰ
dŽƚĂůWĂƌŬŝŶŐZĞƋƵŝƌĞĚϱϯϭϱϭϵ
WhŵĞŶĚŵĞŶƚƌĞĂWĂƌŬŝŶŐŶĂůLJƐŝƐ
WƌŽƉŽƐĞĚŝŶ
džŝƐƚŝŶŐ^ƵƌĨĂĐĞ
Wh
WƌŽǀŝĚĞĚ
ŵĞŶĚŵĞŶƚ
^ƵƌĨĂĐĞWĂƌŬŝŶŐϮϮϱϭϰϰ
hŶĚĞƌŐƌŽƵŶĚWĂƌŬŝŶŐϬϭϭϭ
dŽƚĂůWĂƌŬŝŶŐŝŶWhŵĞŶĚŵĞŶƚƌĞĂϮϮϱϮϱϱ
WƌŽƉŽƐĞĚWĂƌŬŝŶŐŽŵƉĂƌŝƐŽŶdĂďůĞ
ͲϰŽŵŵĞƌĐŝĂůWƌŽũĞĐƚ
^ƚĂŶĚĂƌĚ
ZͲϯZĞƐŝĚĞŶƚŝĂůWƌŽƉŽƐĂů
EƵŵďĞƌŽĨZĞƐŝĚĞŶƚŝĂůhŶŝƚƐ
ϭϬϳ
KŶĞĞĚƌŽŽŵƐϰϲƵŶŝƚƐ
ϰϲ
dǁŽĞĚƌŽŽŵƐϰϭƵŶŝƚƐ
ϲϮ
dŚƌĞĞĞĚƌŽŽŵƐϮϬƵŶŝƚƐ
ϰϬ
^ƉŝůůŽǀĞƌWĂƌŬŝŶŐ;Ϭ͘ϭƉĞƌƵŶŝƚͿ
ϭϭ
ZĞĚƵĐƚŝŽŶWƌŽdžŝŵŝƚLJƚŽdƌĂŶƐŝƚ
dŽƚĂůZĞƐŝĚĞŶƚŝĂů
ϭϱϵϭϭϭ
ƵƐŝŶĞƐƐĞŶƚĞƌ
ŽŵŵĞƌĐŝĂů;ϰͬϭϬϬϬƐĨͿϵϵ͕ϴϯϬƐĨ
ϰϬϬ
ZĞƐƚĂƵƌĂŶƚ;ϲͬϭϬϬϬƐĨͿϴ͕ϵϯϬƐĨ
ϱϰ
dŽƚĂůŽŵŵĞƌĐŝĂů
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DŝƌĂĐůĞDĂƌŬĞƚ
:ƵůLJϮϳ͕ϮϬϭϲ
ŵĞŶĚŵĞŶƚƚŽƚŚĞWůĂŶŶĞĚhŶŝƚĞǀĞůŽƉŵĞŶƚ;W͘h͘͘ͿŽĨƚŚĞϭϵϳϵDŝƌĂĐůĞDŝůĞWůĂŶŶĞĚhŶŝƚ
ĞǀĞůŽƉŵĞŶƚ^ŚŽƉƉŝŶŐĞŶƚĞƌWůĂŶ͘
DŝƌĂĐůĞDĂƌŬĞƚDŝdžĞĚͲhƐĞĞǀĞůŽƉŵĞŶƚŵĞŶĚĞĚW͘h͘͘WůĂŶWŚĂƐĞ/ͲWƌŽũĞĐƚEĂƌƌĂƚŝǀĞ͗
DŝƌĂĐůĞDĂƌŬĞƚ͕>>͕ƉƌŽƉŽƐĞƐĂƌĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĞdžŝƐƚŝŶŐDŝƌĂĐůĞDŝůĞ^ŚŽƉƉŝŶŐĞŶƚĞƌ͘
dŚĞƌĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŽĐĐƵƌŝŶWŚĂƐĞƐŽǀĞƌĂƉĞƌŝŽĚŽĨƚŝŵĞ͘WŚĂƐĞ/ŽĨƚŚĞƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚǁŝůů
ŽĐĐƵƌŝŶϮϬϭϲͲϮϬϭϳĂŶĚŝŶĐůƵĚĞĂƉƉƌŽdžŝŵĂƚĞůLJƚŚĞƐŽƵƚŚĞƌůLJŽŶĞͲƚŚŝƌĚŽĨƚŚĞĞdžŝƐƚŝŶŐ^ŚŽƉƉŝŶŐĞŶƚĞƌ͘
dŚĞƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚǁŝůůďĞƉƌŽĐĞƐƐĞĚƚŚƌŽƵŐŚĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚĞWůĂŶŶĞĚhŶŝƚ
ĞǀĞůŽƉŵĞŶƚĨŽƌƚŚĞDŝƌĂĐůĞDŝůĞ^ŚŽƉƉŝŶŐĞŶƚĞƌŽĨDĂLJϮϭ͕ϭϵϳϵ͘dŚŝƐǁŝůůďĞĂĨŝŶĂůƉůĂŶ
ĂŵĞŶĚŵĞŶƚ͘dŚĞƌĞŚĂǀĞďĞĞŶƚǁŽƉƌĞǀŝŽƵƐĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞϭϵϳϵWůĂŶ͘dŚĞĨŝƌƐƚŝŶϭϵϵϯĨŽƌĂ
ƌĞƐƚĂƵƌĂŶƚůŽĐĂƚĞĚŶŽƌƚŚŽĨƚŚĞĞdžŝƐƚŝŶŐ,KD&ƵƌŶŝƚƵƌĞ^ƚŽƌĞĂŶĚĂƐĞĐŽŶĚĂŵĞŶĚŵĞŶƚŝŶϮϬϬϰĨŽƌ
<ƌŝƐƉLJ<ƌĞŵĞŽƵŐŚŶƵƚƐǁŚŝĐŚŝƐŶŽǁĞŶŶLJ͛ƐZĞƐƚĂƵƌĂŶƚ͘
dŚĞDŝƌĂĐůĞDĂƌŬĞƚĂŵĞŶĚŵĞŶƚƚŽƚŚĞϭϵϳϵWůĂŶ;W͘h͘͘ͿƐŚĂůůĐŽŶƐŝƐƚŽĨĂƌĞǀŝƐĞĚWůĂŶŶĞĚhŶŝƚ
ĞǀĞůŽƉŵĞŶƚ&ŝŶĂů^ŝƚĞWůĂŶWŚĂƐĞ/͕ĂdƌĂĨĨŝĐ^ƚƵĚLJĂŶĚ>ĂŶĚƐĐĂƉĞWůĂŶ͘ƐĞƉĂƌĂƚĞƐĞƚŽĨĚŽĐƵŵĞŶƚƐ
ǁŝůůďĞƉƌŽĐĞƐƐĞĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞŵĞŶĚĞĚWh&ŝŶĂůWůĂŶWŚĂƐĞ/͘dŚŝƐƐĞƚŽĨƉůĂŶƐĨŽƌWŚĂƐĞ/
ƐŚĂůůŝŶĐůƵĚĞ͗'ƌĂĚŝŶŐĂŶĚƌĂŝŶĂŐĞWůĂŶ͕hƚŝůŝƚLJ^ĞƌǀŝĐĞWůĂŶƐ͕ƌĞƉůĂƚŽĨƚŚĞWŚĂƐĞ/ĂƌĞĂĂŶĚƌĞƐŝĚƵĞ
^ŚŽƉƉŝŶŐĞŶƚĞƌ͕ĂŶĚ&ŝŶĂů^ŝƚĞĞǀĞůŽƉŵĞŶƚWůĂŶ͘
dŚĞƌĞĂƌĞƐĞǀĞƌĂůďƵƐŝŶĞƐƐĞƐůŽĐĂƚĞĚŝŶƚŚĞĞdžŝƐƚŝŶŐ^ŚŽƉƉŝŶŐĞŶƚĞƌǁŚĞƌĞƚŚĞŶĞǁWƌŽũĞĐƚǁŝůů
ďĞĐŽŶƐƚƌƵĐƚĞĚ͘dŚĞƐĞƚĞŶĂŶƚƐǁŝůůďĞƌĞůŽĐĂƚĞĚĞůƐĞǁŚĞƌĞǁŝƚŚŝŶƚŚĞDŝƌĂĐůĞDŝůĞ^ŚŽƉƉŝŶŐĞŶƚĞƌ
ƵŶůĞƐƐƚŚĞƚĞŶĂŶƚƐĞůĞĐƚŶŽƚƚŽƌĞůŽĐĂƚĞŝŶƚŚĞ^ŚŽƉƉŝŶŐĞŶƚĞƌ͘
WƌŽũĞĐƚKǀĞƌǀŝĞǁ
DŝƌĂĐůĞDĂƌŬĞƚŝƐƉƌŽƉŽƐŝŶŐĨŽƌWŚĂƐĞ/͕ĂŵŝdžĞĚͲƵƐĞƌĞĚĞǀĞůŽƉŵĞŶƚŽĨĂƉŽƌƚŝŽŶŽĨƚŚĞDŝƌĂĐůĞDŝůĞ
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ƌĞƐŝĚĞŶƚŝĂů͖ĂƐŵĂůůĐŽŵŵĞƌĐŝĂůĂƌĞĂƚŚĂƚǁŝůůĂůůŽǁĨŽƌĂĂĨĠǁŝƚŚŽƵƚĚŽŽƌƉĂƚŝŽĂƌĞĂŽƌŽƚŚĞƌƐŝŵŝůĂƌ
ƵƐĞ͖ĂŶĚƐƵƌĨĂĐĞƉĂƌŬŝŶŐ͘
Ɛƚ
dŚĞƉƌŽƉŽƐĂůĂůƐŽƌĞůŽĐĂƚĞƐĞdžŝƐƚŝŶŐĂĐĐĞƐƐĚƌŝǀĞǁĂLJƐŽŶƚŽϭ^ƚƌĞĞƚ^tĂŶĚĂĐĐĞƐƐƚŽƚŚĞ&ƌŽŶƚĂŐĞ
ƚŚ
ZŽĂĚ͘ĚĚŝƚŝŽŶĂůZŝŐŚƚŽĨtĂLJĂůŽŶŐϭϲǀĞŶƵĞ^tŝƐĂůƐŽďĞŝŶŐĚĞĚŝĐĂƚĞĚǁŝƚŚƚŚĞƉƌŽũĞĐƚ͘
ϭ
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DŽƌĞƐƉĞĐŝĨŝĐĂůůLJƚŚĞƉƌŽũĞĐƚǁŝůůĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗
x
DĂŝŶůĞǀĞů'ƌŽĐĞƌLJ^ƚŽƌĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϯϬ͕ϰϲϬƐƋƵĂƌĞĨĞĞƚ
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DĂŝŶůĞǀĞůĐŽŵŵĞƌĐŝĂůͬƌĞƐƚĂƵƌĂŶƚͬƌĞƚĂŝůŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϲ͕ϴϬϬƐƋƵĂƌĞĨĞĞƚŝŶĐůƵĚŝŶŐŽƵƚĚŽŽƌ
ƉĂƚŝŽ͘
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dŽƚĂůƐƋƵĂƌĞĨŽŽƚĂŐĞŽĨƌĞƐŝĚĞŶƚŝĂůĐŽŵƉŽŶĞŶƚŝƐĂƉƉƌŽdžŝŵĂƚĞůLJϳϱ͕ϬϬϬ^ƋƵĂƌĞ&ĞĞƚ͘
R
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KŶĞůĞǀĞůŽĨƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐŐĂƌĂŐĞŽĨϭϭϮƐƚĂůůƐ͘
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ĨŽƌƌĞƐŝĚĞŶƚŝĂů͘
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Ɛƚ
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ŝŶƚĞƌĞƐƚ͘
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ϲϭ͘ϭϰϲ^ƚĂŶĚĂƌĚĨŽƌŽŶĚŝƚŝŽŶĂůhƐĞƐ͗
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ĐŝƌĐƵůĂƚŝŽŶŽŶͲƐŝƚĞ͕ĂŶĚƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶƐƚŽƚŚĞƐƵƌƌŽƵŶĚŝŶŐŶĞŝŐŚďŽƌŚŽŽĚĂƌĞƐŚŽǁŶŽŶƚŚĞ
Ɛƚ
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dŚĞĐŽŵŵĞƌĐŝĂůƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŝƐĂŶĂŵĞŶĚŵĞŶƚƚŽƚŚĞĐƵƌƌĞŶƚůLJĂƉƉƌŽǀĞĚ
WůĂŶŶĞĚhŶŝƚĞǀĞůŽƉŵĞŶƚ͘dŚĞW͘h͘͘ĂůůŽǁƐĨŽƌĂŵŝdžĞĚͲƵƐĞĚĞǀĞůŽƉŵĞŶƚƚŚĂƚŝƐŶŽƚ
ƉĞƌŵŝƚƚĞĚďLJƚŚĞƵŶĚĞƌůLJŝŶŐĐŽŵŵĞƌĐŝĂůnjŽŶŝŶŐ͘
ϲϮ͘ϳϬϴƌŝƚĞƌŝĂĨŽƌdLJƉĞ///ĞǀĞůŽƉŵĞŶƚƐ
^ƵďĚ͘ϮWƌĞůŝŵŝŶĂƌLJĞǀĞůŽƉŵĞŶƚWůĂŶ&ŝŶĚŝŶŐƐ͗
͘ĂƉĂĐŝƚLJŽĨWƵďůŝĐ&ĂĐŝůŝƚŝĞƐ͗
dŚĞĞdžŝƐƚŝŶŐŽƌĨƵƚƵƌĞƉůĂŶŶĞĚƵƚŝůŝƚŝĞƐŝŶƚŚĞĂƌĞĂĂƌĞĂĚĞƋƵĂƚĞƚŽ
ƐĞƌǀĞƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘
x
WƵďůŝĐ^ĂŶŝƚĂƌLJ^ĞǁĞƌĂŶĚǁĂƚĞƌĂƌĞĂǀĂŝůĂďůĞŽŶƐŝƚĞƚŽƐĞƌǀĞƚŚĞƉƌŽũĞĐƚ͘ƐĂŶŝƚĂƌLJ
ƐĞǁĞƌƐƚƵĚLJǁĂƐĐŽŵƉůĞƚĞĚĨŽƌƚŚĞƐƵƌƌŽƵŶĚŝŶŐĂƌĞĂĂŶĚŝƚŚĂƐĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞƌĞŝƐ
ƐƵĨĨŝĐŝĞŶƚĚŽǁŶƐƚƌĞĂŵĐĂƉĂĐŝƚLJƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͘
x
^ƚŽƌŵƐĞǁĞƌǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚŽŶƐŝƚĞĨŽƌƚŚĞƉƌŽũĞĐƚƚŚĂƚǁŝůůŝŵƉƌŽǀĞƚŚĞĞdžŝƐƚŝŶŐ
ƐƵƌĨĂĐĞƐƚŽƌŵǁĂƚĞƌĨůŽǁ͘
x
/ĨƚŚĞƌĞŝƐĂŶĞĞĚĨŽƌƉƵďůŝĐƵƚŝůŝƚLJĞdžƚĞŶƐŝŽŶƐĂŝƚLJKǁŶĞƌŽŶƚƌĂĐƚǁŝůůďĞƌĞƋƵŝƌĞĚ͘
ŝƚLJWƵďůŝĐtŽƌŬƐǁŝůůƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĞƚŚĞĨŝŶĂůƉůĂŶƐ͘
͘'ĞŽůŽŐŝĐ,ĂnjĂƌĚƐ͗
dŚĞĞdžŝƐƚĞŶĐĞŽĨĂƌĞĂƐŽĨŶĂƚƵƌĂůŐĞŽůŽŐŝĐŚĂnjĂƌĚ͕ƐƵĐŚĂƐƵŶƐƚĂďůĞƐůŽƉĞƐ͕
ƐŝŶŬŚŽůĞƐ͕ĨůŽŽĚƉůĂŝŶ͕ĞƚĐ͕͘ŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŝĨƚŚĞƐĞĂƌĞĂƐŚĂƐďĞĞŶ
ƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚŽƌǁŝůůďĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞWŚĂƐĞ//ƉůĂŶƐ͘
x
dŚĞƌĞĂƌĞŶŽŬŶŽǁŶŐĞŽůŽŐŝĐĂůŚĂnjĂƌĚƐŽŶƚŚŝƐƐŝƚĞ͘
͘EĂƚƵƌĂů&ĞĂƚƵƌĞƐ͗
&ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞĂƌƌĂŶŐĞŵĞŶƚŽĨďƵŝůĚŝŶŐƐ͕
ƉĂǀĞĚĂƌĞĂƐĂŶĚŽƉĞŶƐƉĂĐĞŚĂƐ͕ƚŽƚŚĞĞdžƚĞŶƚƉƌĂĐƚŝĐĂů͕ƵƚŝůŝnjĞĚƚŚĞĞdžŝƐƚŝŶŐƚŽƉŽŐƌĂƉŚLJĂŶĚ
ĞdžŝƐƚŝŶŐĚĞƐŝƌĂďůĞǀĞŐĞƚĂƚŝŽŶŽĨƚŚĞƐŝƚĞ͘
x
dŚĞƉƌŽƉŽƐĞĚƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚŚĂƐůŝƚƚůĞĞdžŝƐƚŝŶŐǀĞŐĞƚĂƚŝŽŶŽƌƐůŽƉĞƐŽŶƚŚĞ
ƐŝƚĞ͘dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůůďĞƐŝƚƵĂƚĞĚƚŽŵĂŝŶƚĂŝŶĂǀĞŐĞƚĂƚĞĚƐůŽƉĞĂůŽŶŐƚŚĞ
ĞĂƐƚĂŶĚƐŽƵƚŚƐŝĚĞƐŽĨƚŚĞƉƌŽƉĞƌƚLJ͘
ϱ
3DFNHW3J
)I
x
dŚĞŵĂŝŶĨŝŶŝƐŚĞĚĨůŽŽƌĞůĞǀĂƚŝŽŶǁŝůůďĞĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞĞdžŝƐƚŝŶŐƐƵƌĨĂĐĞƉĂƌŬŝŶŐ
ĂƌĞĂĂŶĚƚŚĞĞdžŝƐƚŝŶŐĐŽŵŵĞƌĐŝĂůƐƚƌƵĐƚƵƌĞƐƚŽƚŚĞŶŽƌƚŚ͘
x
dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŝůůŝŶĐƌĞĂƐĞƚŚĞĂƌĞĂŽĨůĂŶĚƐĐĂƉĞĂŶĚǀĞŐĞƚĂƚŝŽŶŽǀĞƌƚŚĞ
ĞdžŝƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͘
͘ZĞƐŝĚĞŶƚŝĂůdƌĂĨĨŝĐ/ŵƉĂĐƚ͗
tŚĞŶůŽĐĂƚĞĚŝŶĂƌĞƐŝĚĞŶƚŝĂůĂƌĞĂ͕ƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͗
;ϭͿtŝůůŶŽƚĐĂƵƐĞƚƌĂĨĨŝĐǀŽůƵŵĞƐƚŽĞdžĐĞĞĚƉůĂŶŶĞĚĐĂƉĂĐŝƚŝĞƐŽŶůŽĐĂůƌĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚƐ͘
x
dŚĞƉƌŽũĞĐƚŚĂƐďĞĞŶĚĞƐŝŐŶĞĚƚŽŵŝŶŝŵŝnjĞŝŵƉĂĐƚƐƚŽƌĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚƐďLJ
ĐƌĞĂƚŝŶŐŵƵůƚŝƉůĞŝŶŐƌĞƐƐͬĞŐƌĞƐƐĂĐĐĞƐƐĞƐƚŽƚŚĞƐŝƚĞŝŶĐůƵĚŝŶŐĂĐĐĞƐƐƚŽƚŚĞĞĂƐƚ
&ƌŽŶƚĂŐĞZŽĂĚĂŶĚĐŽŶƚŝŶƵĞĚĐŽŶŶĞĐƚŝǀŝƚLJƚŽƚŚĞ^ŚŽƉƉŝŶŐĞŶƚĞƌƚŽƚŚĞEŽƌƚŚ͘
;ϮͿtŝůůŶŽƚŐĞŶĞƌĂƚĞĨƌĞƋƵĞŶƚƚƌƵĐŬƚƌĂĨĨŝĐŽŶůŽĐĂůƌĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚƐ͘
[[502,1064,515,1116][11][B,I,][Arial]]
x
dŚĞƉƌŽũĞĐƚǁŝůůŚĂǀĞŵŝŶŝŵƵŵĚĂŝůLJƚƌƵĐŬƚƌĂĨĨŝĐĨŽƌƚŚĞŐƌŽĐĞƌLJƐƚŽƌĞ͘dŚĞƌĞǁŝůů
ďĞĂŶŽĐĐĂƐŝŽŶĂůŵŽǀŝŶŐǀĂŶĨŽƌƚŚĞƌĞƐŝĚĞŶƚŝĂůƚĞŶĂŶƚƐ͘dƌƵĐŬƐǁŝůůƉƌŝŵĂƌŝůLJƵƐĞ
ŶĚƚŚƐƚ
Ϯ^ƚƌĞĞƚ^tƚŽϭϲǀĞŶƵĞEtĂŶĚϭ^ƚƌĞĞƚEtŽƌǁŝůůĂĐĐĞƐƐƚŚĞƐŝƚĞƵƐŝŶŐƚŚĞ
ŶĚ
ĂƐƚ&ƌŽŶƚĂŐĞZŽĂĚĨƌŽŵϮ^ƚƌĞĞƚ^t͘
;ϯͿtŝůůŶŽƚĐƌĞĂƚĞĂĚĚŝƚŝŽŶĂůƚƌĂĨĨŝĐĚƵƌŝŶŐĞǀĞŶŝŶŐĂŶĚŶŝŐŚƚƚŝŵĞŚŽƵƌƐŽŶůŽĐĂůƌĞƐŝĚĞŶƚŝĂů
ƐƚƌĞĞƚƐ͘
x
tŝůůŶŽƚĐƌĞĂƚĞĂĚĚŝƚŝŽŶĂůƚƌĂĨĨŝĐĚƵƌŝŶŐĞǀĞŶŝŶŐĂŶĚŶŝŐŚƚƚŝŵĞŚŽƵƌƐŽŶůŽĐĂů
ƌĞƐŝĚĞŶƚŝĂůƐƚƌĞĞƚƐ͘
͘dƌĂĨĨŝĐ'ĞŶĞƌĂƚŝŽŶ/ŵƉĂĐƚ͗
ŶƚŝĐŝƉĂƚĞĚƚƌĂĨĨŝĐŐĞŶĞƌĂƚĞĚďLJƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŝůůŶŽƚĐĂƵƐĞƚŚĞ
ĐĂƉĂĐŝƚLJŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐƚŽďĞĞdžĐĞĞĚĞĚ͕ĂŶĚĐŽŶĐĞƉƚƵĂůŝŵƉƌŽǀĞŵĞŶƚƐƚŽƌĞĚƵĐĞƚŚĞŝŵƉĂĐƚ
ŽĨĂĐĐĞƐƐƉŽŝŶƚŽŶƚŚĞƚƌĂĨĨŝĐĨůŽǁŽĨĂĚũĂĐĞŶƚƐƚƌĞĞƚƐŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚǁŚĞƌĞŶĞĞĚĞĚ͘
x
dƌĂĨĨŝĐ/ŵƉĂĐƚĂŶĂůLJƐŝƐŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚĨŽƌƚŚĞƉƌŽũĞĐƚƚŽĞǀĂůƵĂƚĞƚŚĞŝŵĂƉĐƚƐŽĨ
ƚŚĞƚƌĂĨĨŝĐĂŶƚŝĐŝƉĂƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚďLJƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘dŚĞ͘D͘ĂŶĚW͘D͘ƚƌŝƉ
ŐĞŶĞƌĂƚŝŽŶĨƌŽŵƚŚĞƉƌŽũĞĐƚǁŝůůŶŽƚĚĞŐƌĂĚĞƚŚĞ>K^ĨŽƌĂĚũŽŝŶŝŶŐŝŶƚĞƌƐĞĐƚŝŽŶƐ͘dŽƚĂů
ƚƌĂĨĨŝĐǀŽůƵŵĞƐŽŶĂĚũĂĐĞŶƚƐƚƌĞĞƚƐǁŝůůŶŽƚĞdžĐĞĞĚƚŚĞĚĞƐŝŐŶĐĂƉĂĐŝƚLJ͘
&͘,ĞŝŐŚƚ/ŵƉĂĐƚƐ͗
&ŽƌĚĞǀĞůŽƉŵĞŶƚƐŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞŚĞŝŐŚƚƐĂŶĚƉůĂĐĞŵĞŶƚŽĨ
ƉƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞƐĂƌĞĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞƐƵƌƌŽƵŶĚŝŶŐĚĞǀĞůŽƉŵĞŶƚ͘&ĂĐƚŽƌƐƚŽĐŽŶƐŝĚĞƌ
ŝŶĐůƵĚĞ͗
;ϭͿtŝůůƚŚĞƐƚƌƵĐƚƵƌĞďůŽĐŬƐƵŶůŝŐŚƚĨƌŽŵƌĞĂĐŚŝŶŐĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐĚƵƌŝŶŐĂŵĂũŽƌŝƚLJŽĨƚŚĞ
[[501,2666,514,2719][11][,I,][Arial]]
ĚĂLJĨŽƌŽǀĞƌĨŽƵƌŵŽŶƚŚƐŽƵƚŽĨƚŚĞLJĞĂƌ͘
x
dŚĞƉƌŽũĞĐƚŝƐďŽƌĚĞƌĞĚďLJƉƵďůŝĐƐƚƌĞĞƚƐŽŶƚŚƌĞĞƐŝĚĞƐĂŶĚƚŽƚŚĞŶŽƌƚŚŝƐƚŚĞĞdžŝƐƚŝŶŐ
ĐŽŵŵĞƌĐŝĂů^ŚŽƉƉŝŶŐĞŶƚĞƌ͘tŝƚŚƚŚĞƐŝƚĞƉůĂĐĞŵĞŶƚŽĨƚŚĞƉƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞ͕ƚŚĞ
ϲ
3DFNHW3J
)I
ďƵŝůĚŝŶŐĚŽĞƐŶŽƚďůŽĐŬƐƵŶůŝŐŚƚĨƌŽŵƌĞĂĐŚŝŶŐĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐĨŽƌĂŶLJƐŝŐŶŝĨŝĐĂŶƚ
ƚŝŵĞƉĞƌŝŽĚĚƵƌŝŶŐƚŚĞĚĂLJůŝŐŚƚŚŽƵƌƐ͘
;ϮͿtŝůůƐŝƚƚŝŶŐŽĨƚŚĞƐƚƌƵĐƚƵƌĞƐƵďƐƚĂŶƚŝĂůůLJďůŽĐŬǀŝƐƚĂƐĨƌŽŵƚŚĞƉƌŝŵĂƌLJĞdžƉŽƐƵƌĞƐŽĨĂĚũĂĐĞŶƚ
[[501,469,514,522][11][,I,][Arial]]
ƌĞƐŝĚĞŶƚŝĂůĚǁĞůůŝŶŐƐĐƌĞĂƚĞĚĚƵĞƚŽĚŝĨĨĞƌĞŶĐĞƐŝŶĞůĞǀĂƚŝŽŶ͘
x
dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚĂƚĂůŽǁĞƌĞůĞǀĂƚŝŽŶƚŚĂŶƚŚĞŶĞŝŐŚďŽƌŝŶŐƉƌŽƉĞƌƚLJƚŽƚŚĞĞĂƐƚ͘
ŽŵŵĞƌĐŝĂůƉƌŽƉĞƌƚŝĞƐĂƌĞĂĚũĂĐĞŶƚƚŽƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĂŶĚdƌƵŶŬ,ŝŐŚǁĂLJϱϮ
^LJƐƚĞŵŝƐĂĚũĂĐĞŶƚƚŽƚŚĞǁĞƐƚ͘
'͘^ĞƚďĂĐŬƐ͗
&ŽƌĚĞǀĞůŽƉŵĞŶƚŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƉƌŽƉŽƐĞĚƐĞƚďĂĐŬƐĂƌĞƌĞůĂƚĞĚƚŽ
ďƵŝůĚŝŶŐŚĞŝŐŚƚĂŶĚďƵůŬŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚƌĞƋƵŝƌĞĚĨŽƌƉĞƌŵŝƚƚĞĚƵƐĞƐŝŶƚŚĞ
ƵŶĚĞƌůLJŝŶŐnjŽŶŝŶŐĚŝƐƚƌŝĐƚ͘
ƚŚ
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dŚĞƉƌŽũĞĐƚǁŝůůĚĞĚŝĐĂƚĞĂŶĂĚĚŝƚŝŽŶĂůƐĞǀĞŶĨĞĞƚŽĨZŝŐŚƚŽĨtĂLJĂůŽŶŐϭϲǀĞŶƵĞ
Et͘dŚĞƐĞƚďĂĐŬƐƚŽƚŚĞƐƚƌƵĐƚƵƌĞĞdžĐĞĞĚƚŚĞŵŝŶŝŵƵŵƐĞƚďĂĐŬƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ
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ZͲϯŽŶŝŶŐŝƐƚƌŝĐƚĨŽƌƐƚƌƵĐƚƵƌĞƐƚŚĂƚĞdžĐĞĞĚϯϬĨĞĞƚŝŶŚĞŝŐŚƚ͘
,͘/ŶƚĞƌŶĂů^ŝƚĞĞƐŝŐŶ͗
&ŽƌĚĞǀĞůŽƉŵĞŶƚŝŶǀŽůǀŝŶŐŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞƉƌĞůŝŵŝŶĂƌLJƐŝƚĞůĂLJŽƵƚ
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dŚĞŵŝdžĞĚͲƵƐĞďƵŝůĚŝŶŐĨƵŶĐƚŝŽŶƐĂƐĂƐŝŶŐůĞƐƚƌƵĐƚƵƌĞǁŝƚŚĨŽƵƌĨůŽŽƌƐŽĨƌĞƐŝĚĞŶƚŝĂů
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/͘^ĐƌĞĞŶŝŶŐĂŶĚƵĨĨĞƌŝŶŐ͗
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ŝŵƉĂĐƚŽĨŝŶƚĞƌŝŽƌƚƌĂĨĨŝĐĐŝƌĐƵůĂƚŝŽŶĂŶĚƉĂƌŬŝŶŐĂƌĞĂƐ͕ƵƚŝůŝƚLJĂƌĞĂƐƐƵĐŚĂƐƌĞĨƵƐĞƐƚŽƌĂŐĞ͕ŶŽŝƐĞ
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dŚĞŵĂũŽƌŝƚLJŽĨƚŚĞƐƵƌĨĂĐĞƉĂƌŬŝŶŐŝƐůŽĐĂƚĞĚǁĞƐƚŽĨƚŚĞƐƚƌƵĐƚƵƌĞ͘dŚĞƐƚƌƵĐƚƵƌĞ
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ǁŝůůĂůƐŽďĞĂůĂŶĚƐĐĂƉĞĚĂƌĞĂĂůŽŶŐƚŚĞĞĂƐƚƉƌŽƉĞƌƚLJůŝŶĞ͘>ĂŶĚƐĐĂƉĞĚĂƌĞĂǁŝůůďĞ
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,ĞĂĚůŝŐŚƚŐůĂƌĞƚŽƚŚĞƐƵƌƌŽƵŶĚŝŶŐŶĞŝŐŚďŽƌŚŽŽĚǁŝůůŶŽƚďĞŝŶŝƐƐƵĞĂƐƚŚĞƉƌŽũĞĐƚƐŝƚĞ
ŝƐƐĞǀĞƌĂůĨĞĞƚďĞůŽǁƚŚĞĞůĞǀĂƚŝŽŶŽĨƚŚĞƐƵƌƌŽƵŶĚŝŶŐƐŚŽŵĞƐ͘
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dŚĞďƵŝůĚŝŶŐǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚŚŝŐŚƋƵĂůŝƚLJĚƵƌĂďůĞŵĂƚĞƌŝĂůƐƐƵĐŚĂƐŵĂƐŽŶƌLJ
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dƌƵĐŬůŽĂĚͬƵŶůŽĂĚǁŝůůďĞƉƌŽǀŝĚĞĚŝŶƐŝĚĞƚŚĞůŽǁĞƌůĞǀĞůŽĨƚŚĞƐƚƌƵĐƚƵƌĞ͘
:͘KƌĚŝŶĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͗
dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐĂĚĞƋƵĂƚĞĂŵŽƵŶƚƐŽĨŽĨĨͲƐƚƌĞĞƚ
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ĚĞƋƵĂƚĞƉĂƌŬŝŶŐŝƐƉƌŽǀŝĚĞĚĨŽƌĂůůƵƐĞƐ͘dŚĞƌĞƐŝĚĞŶƚŝĂůĐŽŵƉŽŶĞŶƚǁŝůůŚĂǀĞĂ
ƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐŐĂƌĂŐĞƚŚĂƚǁŝůůŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĐŽĚĞĂŶĚƚŚĞ
ŐƌŽĐĞƌLJƐƚŽƌĞͬĐŽŵŵĞƌĐŝĂůǁŝůůŚĂǀĞƐƵƌĨĂĐĞƉĂƌŬŝŶŐƚŚĂƚŵĞĞƚƐƚŚĞŵŝŶŝŵƵŵ
ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽƌĚŝŶĂŶĐĞƐ͘
<͘'ĞŶĞƌĂůŽŵƉĂƚŝďŝůŝƚLJ͗
dŚĞƌĞůĂƚŝŽŶƐŚŝƉŽĨƚŚĞĂĐƚƵĂůĂƉƉĞĂƌĂŶĐĞ͕ŐĞŶĞƌĂůĚĞŶƐŝƚLJĂŶĚŽǀĞƌĂůů
ƐŝƚĞĚĞƐŝŐŶŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƐŚŽƵůĚďĞĐŽŵƉĂƌĞĚƚŽƚŚĞĞƐƚĂďůŝƐŚĞĚƉĂƚƚĞƌŶŽĨ
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dŚĞƉƌŽƉĞƌƚLJŝƐƐƵŝƚĂďůĞĨŽƌƚŚĞƉƌŽƉŽƐĞĚƵƐĞƐŽĨƚŚĞƉƌŽũĞĐƚ͘,ŝƐƚŽƌŝĐĂůůLJ͕ƚŚĞƉƌŽƉĞƌƚLJ
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ŝŶƚŚĞĞĂƌůLJϭϵϱϬ͛Ɛ͘
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dŚĞƌĞͲĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƐŝƚĞŝƐĂŵŝdžĞĚƵƐĞƉƌŽũĞĐƚǁŝƚŚĂƌĞƐŝĚĞŶƚŝĂůĐŽŵƉŽŶĞŶƚ
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ĞŵƉůŽLJĞƌƐ͘
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dŚĞŚŽƵƐŝŶŐƉůĂŶŽĨƚŚĞĞdžŝƐƚŝŶŐŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĞŶĐŽƵƌĂŐĞƐŵŝdžĞĚͲƵƐĞ
ĚĞǀĞůŽƉŵĞŶƚƐǁŝƚŚĂǁŝĚĞƌĂŶŐĞŽĨƌĞƐŝĚĞŶƚŝĂůƐƚLJůĞƵŶŝƚƐ͘ƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞ
ƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐǁŝůůďĞĚĞĚŝĐĂƚĞĚƚŽƚĂƌŐĞƚŝŶĐŽŵĞůĞǀĞůƐƚŚƌŽƵŐŚĂƐĞůĨͲĂĚŵŝŶŝƐƚĞƌĞĚ
ĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐƉƌŽŐƌĂŵ͘
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dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶĐŽƌƉŽƌĂƚĞƐ
ƉĞĚĞƐƚƌŝĂŶŽƌŝĞŶƚĞĚͲƐƉĂĐĞ͕ƉƌŽǀŝĚĞƐĚŝƌĞĐƚĂŶĚĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞďƵŝůĚŝŶŐ
ĞŶƚƌĂŶĐĞ;ƐͿĨƌŽŵƉƵďůŝĐƚƌĂŝůƐ͕ƉƵďůŝĐƐŝĚĞǁĂůŬƐ͕ĂŶĚŽŶŽƌŽĨĨͲƐŝƚĞƉĂƌŬŝŶŐĂƌĞĂƐ͕ŝŶĐŽƌƉŽƌĂƚĞƐ
ĂƉƉƌŽƉƌŝĂƚĞĚƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚLJĨĞĂƚƵƌĞƐ͕ƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐĨŽƌƚƌĂŶƐŝƚ
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ŽŶƐŝĚĞƌĂƚŝŽŶƐŚĂůůĂůƐŽďĞŐŝǀĞŶ͕ƚŽƉƌŽǀŝĚŝŶŐĚĞƐŝŐŶĂƚĞĚŵŽƚŽƌŝnjĞĚƐĐŽŽƚĞƌƉĂƌŬŝŶŐŝĨ
ĂƉƉƌŽƉƌŝĂƚĞƚŽƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ;ƚŚĞƵƐĞ͕ůŽĐĂƚŝŽŶ͕ƚLJƉĞŽĨŝŶĚŝǀŝĚƵĂůƐƐĞƌǀĞĚͿ͘
ƚŚ
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dŚĞƌĞĂƌĞƉƌŽƉŽƐĞĚƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝŽŶƐĨƌŽŵƚŚĞĞdžŝƐƚŝŶŐƉƵďůŝĐƐŝĚĞǁĂůŬƐŽŶϭϲ
ǀĞŶƵĞEtƚŽƚŚĞŽŶͲƐŝƚĞƉĞĚĞƐƚƌŝĂŶǁĂůŬƐĨŽƌĞĂƐĞŽĨĂĐĐĞƐƐƚŽƚŚĞƉƌŽƉŽƐĞĚŐƌŽĐĞƌLJ
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dŚĞƐŝƚĞŝƐǁĞůůƐĞƌǀĞĚďLJƉƵďůŝĐƚƌĂŶƐŝƚ͘^ŝĚĞǁĂůŬƐĞdžŝƐƚƚŽƉƌŽǀŝĚĞƉĂƚƌŽŶƐŽĨƚŚĞƉƵďůŝĐ
ƚƌĂŶƐŝƚǁŝƚŚĐŽŶǀĞŶŝĞŶƚĂĐĐĞƐƐƚŽƚŚĞƐŝƚĞ͘
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ĚĞƋƵĂƚĞďŝĐLJĐůĞĂĐĐĞƐƐŝƐƉƌŽǀŝĚĞĚƚŽƚŚĞƐŝƚĞ͘ŝŬĞƌĂĐŬƐĂŶĚǁŝůůďĞƉƌŽǀŝĚĞĚǁŝƚŚŝŶ
ƚŚĞƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐŐĂƌĂŐĞĂŶĚŽŶƚŚĞƐŝƚĞĂƐƐŚŽǁŶŽŶƚŚĞW͘h͘͘WůĂŶ͘
^ƵďĚ͘ϯ&ŝŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶ&ŝŶĚŝŶŐƐ͗
͘WƵďůŝĐ&ĂĐŝůŝƚLJĞƐŝŐŶ͗
dŚĞĚĞƐŝŐŶŽĨƉƌŝǀĂƚĞĂŶĚƉƵďůŝĐƵƚŝůŝƚLJĨĂĐŝůŝƚŝĞƐŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐ
ĂŶĚƐƉĞĐŝĨŝĐĂƚŝŽŶƐǁŚŝĐŚƚŚĞĂƉƉůŝĐĂďůĞƵƚŝůŝƚLJŚĂƐĂĚŽƉƚĞĚ͘
x
dŚĞƌĞŝƐĞdžŝƐƚŝŶŐƉƌŝǀĂƚĞƐĂŶŝƚĂƌLJƐĞǁĞƌŽĨƐƵĨĨŝĐŝĞŶƚƐŝnjĞĂŶĚĐĂƉĂĐŝƚLJƚŽĂĐĐŽŵŵŽĚĂƚĞ
ƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͘dŚĞƉƌŝǀĂƚĞƐĂŶŝƚĂƌLJůŝŶĞĐŽŶŶĞĐƚƐƚŽƚŚĞƉƵďůŝĐƐĂŶŝƚĂƌLJƐĞǁĞƌŝŶ
ƚŚ
ϭϲǀĞŶƵĞEt͘
x
KŶͲƐŝƚĞƉƵďůŝĐǁĂƚĞƌŵĂŝŶǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚƚŚƌŽƵŐŚĂŝƚLJKǁŶĞƌͬŽŶƚƌĂĐƚƚŽ
ƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůĨŝƌĞƉƌŽƚĞĐƚŝŽŶĨŽƌƚŚĞƉƌŽũĞĐƚ͘WƵďůŝĐƵƚŝůŝƚLJĞĂƐĞŵĞŶƚƐǁŝůůďĞ
ƉƌŽǀŝĚĞĚŽŶƚŚĞZĞƉůĂƚŽĨƚŚĞƉƌŽũĞĐƚ͘
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ƉƌŝǀĂƚĞƐƚŽƌŵƐĞǁĞƌƉŝƉĞƐLJƐƚĞŵǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚŽŶƐŝƚĞƚŽŚĂŶĚůĞƐƵƌĨĂĐĞǁĂƚĞƌ
ƌƵŶŽĨĨ͘
͘'ĞŽůŽŐŝĐĂů,ĂnjĂƌĚ͗
EŽƚƉƉůŝĐĂďůĞ
͘ĐĐĞƐƐ ĨĨĞĐƚ͗
x
dŚĞĂĐĐĞƐƐĞƐƚŽƚŚĞƉƌŽũĞĐƚĨƌŽŵƚŚĞĞdžŝƐƚŝŶŐƉĞƌŝŵĞƚĞƌƉƵďůŝĐƌŽĂĚƐLJƐƚĞŵŚĂǀĞďĞĞŶ
ƌĞůŽĐĂƚĞĚƚŽƉƌŽǀŝĚĞĂĚĞƋƵĂƚĞŝŶƚĞƌƐĞĐƚŝŽŶƐƉĂĐŝŶŐŝŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞ>ĂŶĚ
ĞǀĞůŽƉŵĞŶƚDĂŶƵĂůĂŶĚŽŶŝŶŐKƌĚŝŶĂŶĐĞŽĨƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƉƌĞǀŝŽƵƐ
ŶŽŶͲĐŽŶĨŝƌŵŝŶŐĂĐĐĞƐƐĞƐƚŽƚŚĞƉƌŽũĞĐƚǁŝůůďĞĞůŝŵŝŶĂƚĞĚ͘
Ɛƚ
x
dŚĞĂĐĐĞƐƐĞƐƚŽƚŚĞƉƌŽũĞĐƚĂƌĞĨƌŽŵƚŚĞĞdžŝƐƚŝŶŐϭ^ƚƌĞĞƚEt;WƵďůŝĐZŽĂĚͿŽƉƉŽƐŝƚĞ
ŶĚ
ŽĨƚŚĞ^ŚŽƉƉĞƐŽŶϮ^ƚƌĞĞƚ;ŽŵŵĞƌĐŝĂůĞǀĞůŽƉŵĞŶƚͿĂŶĚǀŝĂĂƉƌŝǀĂƚĞĚƌŝǀĞǁĂLJƚŽ
ϵ
3DFNHW3J
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d,
ϭϲǀĞŶƵĞEtǁŚŝĐŚŝƐŽĨĨͲƐĞƚĨƌŽŵĞŶƚĞƌ^ƚƌĞĞƚ;WƵďůŝĐZŽĂĚͿƚŽĚŝƐĐŽƵƌĂŐĞ
ƚŚƌŽƵŐŚƚƌĂĨĨŝĐĨůŽǁŝŶƚŽĂŶĚĨƌŽŵƚŚĞƉƌŽũĞĐƚ͘
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dŚĞƌĞĂƌĞŶŽƉůĂŶŶĞĚĂĐĐĞƐƐĞƐŽƉƉŽƐŝƚĞŽĨƚŚĞĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚ͘
͘WĞĚĞƐƚƌŝĂŶŝƌĐƵůĂƚŝŽŶ͗
x
WĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝǀŝƚLJƚŽƚŚĞĂĚũŽŝŶŝŶŐƌĞƐŝĚĞŶƚŝĂůŶĞŝŐŚďŽƌŚŽŽĚŝƐƉƌŽǀŝĚĞĚĂůŽŶŐ
ƚŚƐƚ
ƚŚĞŶŽƌƚŚƐŝĚĞƚŽϭϲǀĞEtĂŶĚƚŽƚŚĞƐŽƵƚŚĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞƉƌŽũĞĐƚĨƌŽŵϭ^ƚƌĞĞƚ
Et͘dŚĞƌĞŝƐĂůƐŽƉĞĚĞƐƚƌŝĂŶĐŽŶŶĞĐƚŝǀŝƚLJƚŽƚŚĞĞĂƐƚ&ƌŽŶƚĂŐĞZŽĂĚ͘
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dŚĞƌĞĂƌĞŵƵůƚŝƉůĞƉƵďůŝĐƚƌĂŶƐŝƚƐƚŽƉƐŶĞĂƌƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘
͘&ŽƵŶĚĂƚŝŽŶĂŶĚ^ŝƚĞWůĂŶƚŝŶŐƐ͗
x
dŚĞƌĞŝƐĂůĂŶĚƐĐĂƉĞƉůĂŶĨŽƌƚŚĞƉƌŽũĞĐƚ͘dŚĞƉƌŽƉŽƐĞĚůĂŶĚƐĐĂƉĞĂƌĞĂƉƌŽǀŝĚĞĚŝƐ
ĂƉƉƌŽdžŝŵĂƚĞůLJϮ͘ϱƚŝŵĞƐŵŽƌĞƚŚĂŶƚŚĞĞdžŝƐƚŝŶŐĂĚŽƉƚĞĚƉůĂŶ͘
&͘^ŝƚĞ^ƚĂƚƵƐ͗
x
dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŝƐWŚĂƐĞ/ŽĨĂŵƵůƚŝͲƉŚĂƐĞĚƉƌŽũĞĐƚƵŶĚĞƌƚŚĞƐĂŵĞŽǁŶĞƌƐŚŝƉ
ĂŶĚĚĞǀĞůŽƉĞƌ͘dŚŝƐĞŶƐƵƌĞƐƚŚĞƌĞǁŝůůďĞĐŽŶƚŝŶƵŝƚLJǁŝƚŚĂĐĐĞƐƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ĐŽŵŵŽŶ
ĂƌĞĂĂŶĚƚŚĞƉĞƌƉĞƚƵĂƚŝŽŶŽĨƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘
'͘^ĐƌĞĞŶŝŶŐĂŶĚƵĨĨĞƌLJĂƌĚƐ͗
x
dŚĞůĂŶĚƐĐĂƉĞƉůĂŶĐŽŶƚĂŝŶƐƐƉĞĐŝĞƐƚŚĂƚĂƌĞĂƉƉƌŽƉƌŝĂƚĞĨŽƌǀŝƐƵĂůƐĐƌĞĞŶŝŶŐĂŶĚĨŽƌ
ƉĂƌŬŝŶŐůŽƚƐ͘
x
dƌĂƐŚ^ƚŽƌĂŐĞǁŝůůďĞŝŶƚŚĞďƵŝůĚŝŶŐ͘
,͘&ŝŶĂůƵŝůĚŝŶŐĞƐŝŐŶ
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EŽƚƉƉůŝĐĂďůĞ
/͘/ŶƚĞƌŶĂůŝƌĐƵůĂƚŝŽŶĞƐŝŐŶ͗
x
dŚĞŝŶƚĞƌŶĂůƐƵƌĨĂĐĞƉĂƌŬŝŶŐůŽƚ͕ĚƌŝǀĞŝƐůĞƐ͕ĂŶĚƐĞƚďĂĐŬƐĨƌŽŵƉƌŽƉĞƌƚLJůŝŶĞƐŵĞĞƚƚŚĞ
ŵŝŶŝŵƵŵƐƚĂŶĚĂƌĚƐŽĨƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶƵĂůĂŶĚŽŶŝŶŐKƌĚŝŶĂŶĐĞŽĨƚŚĞ
ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͘
:͘KƌĚŝŶĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͗
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dŚĞƉƌŽƉŽƐĞĚĐŽŵŵĞƌĐŝĂůĐŽŵƉŽŶĞŶƚŽĨƚŚĞƉƌŽũĞĐƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƵŶĚĞƌůLJŝŶŐ
ͲϰŽŶŝŶŐĚŝƐƚƌŝĐƚƌĞůĂƚŝǀĞƚŽƐŝŐŶĂŐĞ͕ĂƉƉĞĂƌĂŶĐĞĐŽŶƚƌŽůƐ͕ĂĐĐĞƐƐƉĂƌŬŝŶŐ͕ƐĞƚďĂĐŬƐ͕
ĂŶĚĨůŽŽƌĂƌĞĂƌĂƚŝŽ͘
<͘EŽŶͲsĞŚŝĐƵůĂƌĂŶĚůƚĞƌŶĂƚĞdƌĂǀĞůDŽĚĞƐ͗
ƚŚ
x
dŚĞƉƌŽũĞĐƚƉƌŽǀŝĚĞƐĨŽƌĐŽŶǀĞŶŝĞŶƚƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞďƵŝůĚŝŶŐĨƌŽŵϭϲǀĞŶƵĞ
ƐƚƚŚƐƚ
EtĂŶĚϭ^ƚƌĞĞƚEt͘^ŝĚĞǁĂůŬƐĂůŽŶŐϭϲǀĞŶƵĞĂŶĚϭ^ƚƌĞĞƚEtƉƌŽǀŝĚĞĨŽƌ
ϭϬ
3DFNHW3J
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ĐŽŶŶĞĐƚŝǀŝƚLJƚŽƚƌĂŶƐŝƚƐƚŽƉƐĂŶĚĂǁĂůŬĂďůĞƌŽƵƚĞƚŽĂŶĚĨƌŽŵƚŚĞŵĂũŽƌƉůĂĐĞƐŽĨ
ĞŵƉůŽLJŵĞŶƚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘WƵďůŝĐƐŝĚĞǁĂůŬĂůƐŽƉƌŽǀŝĚĞƐĐŽŶǀĞŶŝĞŶƚĂĐĐĞƐƐƚŽ
ŶĚ
ƌĞĐƌĞĂƚŝŽŶĂůĂƌĞĂƐŝŶƚŚĞ<ƵƚnjLJŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƚŽĂƌůŽǁWůĂnjĂĂŶĚ^ŚŽƉƉĞƐŽŶϮ
^ƚƌĞĞƚ^t͘
x
dŚĞƌĞĂƌĞŵƵůƚŝƉůĞƚƌĂŶƐŝƚƌŽƵƚĞƐŝŶƚŚĞĂƌĞĂƚŚĂƚƌĞƐŝĚĞŶƚƐĂŶĚǀŝƐŝƚŽƌƐĐĂŶƵƚŝůŝnjĞĨŽƌ
ƚƌĂǀĞůŽƉƚŝŽŶƐƚŽĂŶĚĨƌŽŵƚŚĞƉƌŽũĞĐƚ͘
ϭϭ
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3DFNHW3J
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3DFNHW3J
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3DFNHW3J
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3DFNHW3J
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3DFNHW3J
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3DFNHW3J
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<ƵƚnjŬLJDĞĞƚŝŶŐĨŽƌDŝƌĂĐůĞDĂƌŬĞƚϳͲϮϬͲϭϲ
^ĐŚĞĚƵůĞĚĨŽƌϲ͗ϯϬƚŽϳ͗ϯϬƉŵEŽƌƚŚƌŽƉƵĚŝƚŽƌŝƵŵ
ĂǀĞEĞŝŵĂŶ͕ĐĞ,ĂƌĚǁĂƌĞ
ƌĂĚEĞŝŵĂŶ͕ĐĞ,ĂƌĚǁĂƌĞ
^ĞĂŶůůĞŶ
DŝĐŚĂĞůtŽũĐŝŬ
<ĞůůŝĞDƵĞůůĞƌ
:ŽƐĞZŝǀĂƐ͕Zt
WĂƵůĂŶĚDĞůŝƐƐĂ&ƌĞĞƚůLJ
:ŽĞ'ƵnjŝŶƐŬŝ
EĂƚĞ^ƚĞŶĐŝů
>ĞƐůŝĞ,ŽŚŵĂŶŶ
<ddƚĞůĞǀŝƐŝŽŶƌĞƉŽƌƚĞƌ
>ŝŶŬĨƌŽŵ<ddŽŶϳͲϮϬͲϭϲŝŶĂĚǀĂŶĐĞŽĨƚŚĞŵĞĞƚŝŶŐ͘DĞŶƚŝŽŶƐŵĞĞƚŝŶŐĂŶĚƐƚĂƌƚƚŝŵĞ͘
ŚƚƚƉ͗ͬͬǁǁǁ͘ŬƚƚĐ͘ĐŽŵͬƐƚŽƌLJͬϯϮϰϵϯϭϯϮͬŵŝƌĂĐůĞͲŵŝůĞͲƌĞŶŽǀĂƚŝŽŶͲƉƌŽƉŽƐĂůͲďƌŽƵŐŚƚͲďĞĨŽƌĞͲ
ŬƵƚnjŬLJͲƉĂƌŬͲƌĞƐŝĚĞŶƚƐ
EĂƚŚĂŶ^ƚĞŶĐŝůĨƌŽŵ^ƚĞŶĐŝů,ŽŵĞƐƉƌĞƐĞŶƚĞĚƚŚĞƉůĂŶĨŽƌDŝƌĂĐůĞDĂƌŬĞƚ͘dŚĞƌĞǁĞƌĞĚĞƐŝŐŶďŽĂƌĚƐ
ƉůĂĐĞĚŝŶƚŚĞĨƌŽŶƚŽĨƚŚĞEŽƌƚŚƌŽƉĂƵĚŝƚŽƌŝƵŵĨŽƌƌĞǀŝĞǁƚŚƌŽƵŐŚŽƵƚƚŚĞŵĞĞƚŝŶŐ͘
dŚĞƉƌŽũĞĐƚǁŝůůďĞĂŵŝdžĞĚƵƐĞĚĞǀĞůŽƉŵĞŶƚǁŝƚŚĂŶƵŶŶĂŵĞĚŶĂƚŝŽŶĂůŐƌŽĐĞƌƚĂŬŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJ
Ϯϴ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚ͘dŚĞƌĞǁŝůůďĞĂĨŽƵƌƐƚŽƌLJĂƉĂƌƚŵĞŶƚƵŶŝƚǁŝƚŚϭϬϳƵŶŝƚƐŽŶƚŽƉŽĨƚŚĞDĂƌŬĞƚ͘ŽƚŚ
ƚŚĞDĂƌŬĞƚĂŶĚƉĂƌƚŵĞŶƚƐĂƌĞŽƌŝĞŶƚĞĚƚŽĨĂĐĞǁĞƐƚ͘dŚĞEŽƌƚŚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐǁŝůůĐŽŶƚĂŝŶƐŵĂůůĞƌ
ƌĞƚĂŝůƐƚŽƌĞƐĂŶĚĂƐĞĐŽŶĚĞŶƚƌĂŶĐĞƚŽƚŚĞĂƉĂƌƚŵĞŶƚƐ͘
Dƌ͘^ƚĞŶĐŝůĞdžƉůĂŝŶĞĚƚŚĂƚƚŚĞDĂƌŬĞƚǁŝůůďĞĨĂĐŝŶŐƚŚĞ,ŝŐŚǁĂLJϱϮĨƌŽŶƚĂŐĞƌŽĂĚ͘dŚĞƌĞǁŝůůďĞ
ǁŝŶĚŽǁƐŽŶƚŚĞďĂĐŬƐŝĚĞŽĨƚŚĞDĂƌŬĞƚĨĂĐŝŶŐϭϲ ƚŚ^ƚƌĞĞƚďƵƚƚŚĞƐĞǁŝŶĚŽǁƐǁŝůůďĞĚĞĐŽƌĂƚŝǀĞŽŶƚŚĞ
ďĂĐŬǁĂůůŽĨƚŚĞDĂƌŬĞƚĂŶĚŶŽƚŽƉĞŶƵƉŝŶƚŽƚŚĞ^ƚŽƌĞ͘dŚĞDĂƌŬĞƚŚĂƐŝŶĚŝĐĂƚĞĚƚŚĂƚƚŚĞLJǁĂŶƚƚŚĞ
ŵĂŝŶĞŶƚƌĂŶĐĞĨĂĐŝŶŐǁĞƐƚĂůŽŶŐƚŚĞϱϮĨƌŽŶƚĂŐĞ͘^ŽŵĞŶĞŝŐŚďŽƌƐĂƐŬĞĚĂďŽƵƚŚĂǀŝŶŐĂĚƵĂůĞŶƚƌĂŶĐĞ
ŽŶďŽƚŚϭϲ ƚŚĂŶĚƚŚĞtĞƐƚƐŝĚĞ͘Dƌ͘^ƚĞŶĐŝůĂĚǀŝƐĞĚƚŚĂƚƚŚĞDĂƌŬĞƚŚĂƐĂĚǀŝƐĞĚƚŚĂƚƚŚĞLJǁĂŶƚĂƐŝŶŐůĞ
ĞŶƚƌĂŶĐĞĂŶĚĂƐŝŶŐůĞĐŚĞĐŬŽƵƚĂƌĞĂĨŽƌƐĞĐƵƌŝƚLJ
KƚŚĞƌĚŝƐĐƵƐƐŝŽŶĨƌŽŵƚŚĞŶĞŝŐŚďŽƌŚŽŽĚǁĂƐĂƌŽƵŶĚƌĞŽƌŝĞŶƚŝŶŐƚŚĞDĂƌŬĞƚƚŽĨĂĐĞ ĂƐƚŝŶƐƚĞĂĚŽĨ
tĞƐƚ͘ŝƐĐƵƐƐŝŽŶŝŶĐůƵĚĞĚƉƵƚƚŝŶŐƚŚĞďĂĐŬŽĨƚŚĞŵĂƌŬĞƚĂůŽŶŐƚŚĞĨƌŽŶƚĂŐĞƌŽĂĚĂŶĚƚŚĞĐĂƌƚƐĂŶĚ
ƉĂƌŬŝŶŐĂƌĞĂƐĨĂĐŝŶŐ ĂƐƚŝŶƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘Dƌ͘^ƚĞŶĐŝůĐŽŵŵĞŶƚĞĚƚŚĂƚŚĞǁŽƵůĚƚĂŬĞƚŚŝƐ
ĨĞĞĚďĂĐŬďĂĐŬƚŽdĞŶĂŶƚďƵƚŬŶĞǁƚŚĂƚƚŚĞDĂƌŬĞƚdĞŶĂŶƚǁŽƵůĚŶŽƚǁĂŶƚƚŚŝƐ͘dŚĞĨƌŽŶƚĂŐĞƌŽĂĚ
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ĨĂĐŝŶŐŝƐĞdžƚƌĞŵĞůLJŝŵƉŽƌƚĂŶƚƚŽƚŚĞDĂƌŬĞƚ͘dŚĞŶĞŝŐŚďŽƌŚŽŽĚŐƌŽƵƉĂƐŬĞĚDƌ͘^ƚĞŶĐŝůƚŽĐŽŶƐŝĚĞƌ
ƌĞŽƌŝĞŶƚŝŶŐƚŚĞ͞h͟ƐŚĂƉĞŝŶƚŚĞĂƉĂƌƚŵĞŶƚƐŽŶĨůŽŽƌƐϮƚŽϱƚŽĨĂĐĞŽƉĞŶŝŶƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘
/ƚǁĂƐĂƐŬĞĚŝĨƐŽŵĞŽĨƚŚĞĂƉĂƌƚŵĞŶƚƐĐŽƵůĚďĞǁĂůŬͲƵƉĂƉĂƌƚŵĞŶƚƐƚŚĂƚŚĂĚĚŝƌĞĐƚĂĐĐĞƐƐƚŽϭϲ ƚŚ
ǀĞŶƵĞǁŝƚŚŽƵƚŐŽŝŶŐƚŚƌŽƵŐŚƚŚĞŵĂŝŶĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐ͕ƐŝŵŝůĂƌƚŽǁŚĂƚůĂƚƵƐǁĂŶƚƐƚŽĚŽďLJ^ƚ͘
DĂƌLJ͛Ɛ͘dŚĞĞůĞǀĂƚŝŽŶŝŶƚŚŝƐƉĂƌƚŝĐƵůĂƌƐĞĐƚŝŽŶŽĨϭϲ ƚŚǀĞŶƵĞǁĂƐĚŝƐĐƵƐƐĞĚ͘/ƚǁĂƐĂƐŬĞĚŝĨƚŚĞ
ĞǀĞůŽƉĞƌĐŽƵůĚůŽŽŬĂƚƉƵƐŚŝŶŐƚŚĞďƵŝůĚŝŶŐďĂĐŬƚǁĞŶƚLJĨĞĞƚƚŽƉƌŽǀŝĚĞŵŽƌĞƌŽŽŵŽŶϭϲ ƚŚǀĞŶƵĞ͘
EĞŝŐŚďŽƌƐĂƐŬĞĚĨŽƌĂǁĂůŬǁĂLJĨƌŽŵϭϲ ƚŚ^ƚƌĞĞƚĂůŽŶŐƚŚĞŶŽƌƚŚĞƌŶƐŝĚĞŽĨƚŚĞŵĂƌŬĞƚƚŽŵĂŬĞ
ƉĞĚĞƐƚƌŝĂŶƚƌĂĨĨŝĐĞĂƐŝĞƌ͕ĞƐƉĞĐŝĂůůLJŝŶƚŚĞǁŝŶƚĞƌ͘Dƌ͘^ƚĞŶĐŝůŝŶĚŝĐĂƚĞĚƚŚĂƚƚŚĞLJǁŽƵůĚƚĂŬĞƚŚŝƐďĂĐŬƚŽ
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ƉĂƌŬŝŶŐĨŽƌƉƵůůŝŶƉĂƌŬŝŶŐƐůŽƚƐĂůŽŶŐϭϲ ƚŚǀĞŶƵĞ͘Dƌ͘^ƚĞŶĐŝůĂĚǀŝƐĞĚƚŚĂƚĂĨƚĞƌƌĞǀŝĞǁŽĨƚƌĂĨĨŝĐ
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ĞƐƉĞĐŝĂůůLJĂƚďƵƐŝĞƌƚŝŵĞƐŽĨĚĂLJ͘dŚĞƌĞĂƌĞĂůƐŽƐĞǀĞƌĂůƉĂƌŬŝŶŐŐƌĂĚĞŝƐƐƵĞƐǁŚĞƌĞϭϲ ƚŚǀĞŶƵĞŝƐŶŽƚ
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ĚŝƌĞĐƚĂĐĐĞƐƐĨƌŽŵĞŶƚĞƌ^ƚƌĞĞƚŝŶƚŽƚŚĞĞdžŝƐƚŝŶŐƐŚŽƉƉŝŶŐĞŶƚĞƌĂŶĚĐĂƌƐĞŶƚĞƌϭϲ ƚŚŽĨĨ&ŝƌƐƚEtŽƌ
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ƉĂƌŬŝŶŐŽŶϭϲ ƚŚ͘
dŚĞƌĞǁĂƐĚŝƐĐƵƐƐŝŽŶĂďŽƵƚƚŚĞĂĚĚŝƚŝŽŶĂůƌĞƚĂŝůƐƉĂĐĞŝŶƚŚĞŶĞǁďƵŝůĚŝŶŐ͘dŚŝƐƌĞƚĂŝůƐƉĂĐĞǁŝůůďĞ
ůŽĐĂƚĞĚŽŶƚŚĞŶŽƌƚŚĞŶĚŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚǁŝůůĐŽŶƐŝƐƚŽĨƐŵĂůůĞƌƐƉĂĐĞƐ͘/ƚǁĂƐĚŝƐĐƵƐƐĞĚƚŚĂƚƚŚĞ
ŵĂůůǁŽƵůĚĞŶĐŽƵƌĂŐĞĂŶŽƵƚƐŝĚĞƐĞĂƚŝŶŐĂƌĞĂĂůŽŶŐƚŚĞĞĂƐƚĞƌŶǀŝĞǁ͘EĞŝŐŚďŽƌƐĂƐŬĞĚƚŚĂƚƚŚŝƐĂƌĞĂ
ŶŽƚŝŶĐůƵĚĞĂďĂƌĨŽƌŶŽŝƐĞƌĞĂƐŽŶƐĨĂĐŝŶŐŝŶƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘
Dƌ͘^ƚĞŶĐŝůĚĞƐĐƌŝďĞĚƚŚĞůŽĂĚŝŶŐĚŽĐŬĂŶĚƚƌƵĐŬƚƌĂĨĨŝĐƉůĂŶƐ͘dƌƵĐŬƐǁŝůůŐĞŶĞƌĂůůLJĞŶƚĞƌƚŚĞĚŽĐŬĂƌĞĂ
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ĂŶĚĂůŽŶŐƚŚĞǁĞƐƚƐŝĚĞƐƚŽďůŽĐŬƚŚĞƌƵďďŝƐŚĂŶĚǁĂƐƚĞĂƌĞĂƐĨƌŽŵďŽƚŚŶŽƌƚŚĂŶĚĞĂƐƚĨĂĐŝŶŐǀŝĞǁƐ͘
ZĞƐŝĚĞŶƚŝĂůƉĂƌŬŝŶŐǁŝůůďĞƵŶĚĞƌŶĞĂƚŚƚŚĞDĂƌŬĞƚĂŶĚǁŝůůĐŽŶƚĂŝŶŵŽƌĞƚŚĂŶϭϯϬƐƉĂĐĞƐ͘^ƉĂĐĞƐĨŽƌ
ƚŚĞƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐǁŝůůďĞĞŶƚĞƌĞĚĨƌŽŵ&ŝƌƐƚ^ƚƌĞĞƚ^tŝŶĂƐĞƉĂƌĂƚĞĞŶƚƌĂŶĐĞĂůŽŶŐƚŚĞƐŽƵƚŚĞĂƐƚƐŝĚĞ
ŽĨƚŚĞŵĂƌŬĞƚ͘dĞŶĂŶƚƉĂƌŬŝŶŐǁŝůůŶŽƚďĞĞŶƚĞƌĞĚĨƌŽŵƚŚĞŐƌŽĐĞƌƐŝĚĞ͘ƐŝĚĞǁĂůŬǁŝůůďĞĂĚĚĞĚŽŶ&ŝƌƐƚ
^ƚƌĞĞƚŽŶƚŚĞEŽƌƚŚƐŝĚĞǁŚĞƌĞŶŽŶĞĞdžŝƐƚƐƚŽĚĂLJ͘
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ŝŵƉĂĐƚĂŶLJŽƌŝĞŶƚĂƚŝŽŶĨŽƌDŝƌĂĐůĞDŝůĞ͘dŚŝƐƉŚĂƐĞŽĨDŝƌĂĐůĞDŝůĞĚŽĞƐŶŽƚŚĂǀĞĂĚĂŝůLJƉƵďůŝĐƉĂƌŬŝŶŐ
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Dƌ͘^ƚĞŶĐŝůŝŶĚŝĐĂƚĞĚƚŚĂƚƚŚĞKǁŶĞƌďĞůŝĞǀĞƐƚŚĂƚƚŚĞƌĞŵĂLJďĞƚǁŽĂĚĚŝƚŝŽŶĂůƉŚĂƐĞƐŽĨĚĞǀĞůŽƉŵĞŶƚ
ŽǀĞƌƚŚĞŶĞdžƚƐĞǀĞƌĂůLJĞĂƌƐ͘WĂƌƚŝĐŝƉĂŶƚƐĚŝƐĐƵƐƐĞĚƚŚĂƚƚŚĞďĂĐŬƐŝĚĞŽĨƚŚĞĞdžŝƐƚŝŶŐDŝƌĂĐůĞDŝůĞ
ĚĞǀĞůŽƉŵĞŶƚŚĂƐĂŐĞĚĂŶĚŝƐŶŽƚůŽŽŬŝŶŐŐŽŽĚĞƐƉĞĐŝĂůůLJǁŝƚŚƌƵďďŝƐŚŽŶƚŚĞϭϲ ƚŚǀĞŶƵĞƐŝĚĞ͘
ŝƐĐƵƐƐŝŽŶĂƌŽƵŶĚƌĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞĞdžŝƐƚŝŶŐƚĞŶĂŶƚƐ͘DĂŶĂŐĞŵĞŶƚŝŶĚŝĐĂƚĞĚƚŚĂƚƚŚŝƐŝƐŶŽƚƉĂƌƚŽĨ
ƚŚĞĐƵƌƌĞŶƚƉƌŽũĞĐƚĨŽƌƚŚĞŐƌŽĐĞƌLJďƵŝůĚŝŶŐ͘
dŚĞƉƌŽũĞĐƚǁŝůůďĞĂƉƉůLJŝŶŐĨŽƌŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚĨƵŶĚƐ͘dŚĞĂƉĂƌƚŵĞŶƚƐǁŝůůŚĂǀĞĂƉƉƌŽdžŝŵĂƚĞůLJ
ϭϱйƐĞůĨͲĂĚŵŝŶŝƐƚĞƌĞĚůŽǁŝŶĐŽŵĞƚĞŶĂŶƚƐĂŶĚϴϱйƚĞŶĂŶƚƐĂƚŵĂƌŬĞƚƌĂƚĞ͘dŚĞĂƉĂƌƚŵĞŶƚĞŶƚƌĂŶĐĞǁŝůů
ďĞƚǁŽͲĨŽůĚ͗ĂƚƚŚĞƐŽƵƚŚĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞƉĂƌĐĞůŶĞĂƌƚŚĞďƵƐƐƚŽƉĂŶĚĂůŽŶŐƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞƌĞƚĂŝů
ƐĞĐƚŝŽŶ͘ĂƐĞĚŽŶŵĂƌŬĞƚƌĞŶƚƐŝŶƚŚĞĂƌĞĂƚŽĚĂLJ͕ƌĞŶƚƐǁŝůůůŝŬĞůLJďĞŝŶƚŚĞϵϬϬͲϭϭϬϬƌĂŶŐĞĨŽƌƐƚƵĚŝŽƐ
ĂŶĚϭϱϬϬƚŽϭϳϬϬĨŽƌŽŶĞďĞĚƌŽŽŵƐ͘dŚĞƌĞǁŝůůďĞƐŽŵĞƚǁŽďĞĚƌŽŽŵƵŶŝƚƐ͘
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ƉƉƌŽdžŝŵĂƚĞůLJϯϮƉĞŽƉůĞǁĞƌĞŝŶĂƚƚĞŶĚĂŶĐĞ͘
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WƵƌƉŽƐĞ͗
dŚĞƉƵƌƉŽƐĞŽĨƚŚĞŵĞĞƚŝŶŐƚŚĂƚǁĂƐŚĞůĚĂƚhŶŝƚĞĚtĂLJǁĂƐƚŽĞdžƉůĂŝŶƚŚĞ
ĚĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶĨŽƌĂƉƌŽƉŽƐĞĚŐƌŽĐĞƌLJĂŶĚϭϬϳƵŶŝƚƌĞƐŝĚĞŶƚŝĂůďƵŝůĚŝŶŐŽŶ
ƚŚĞƐŽƵƚŚĞƌŶƉŽƌƚŝŽŶŽĨDŝƌĂĐůĞDŝůĞ^ŚŽƉƉŝŶŐĞŶƚĞƌ͘dŚĞĂƉƉůŝĐĂƚŝŽŶǁŽƵůĚĚĞŵŽůŝƐŚ
ĂƉŽƌƚŝŽŶŽĨƚŚĞĞdžŝƐƚŝŶŐďƵŝůĚŝŶŐŽŶƚŚĞƐŽƵƚŚĞƌŶƉŽƌƚŝŽŶŽĨƚŚĞƐŝƚĞĂŶĚƉƌŽƉŽƐĞƐƚŽ
ĂĚĚĂŵƵůƚŝĨĂŵŝůLJŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚĂŶĚϯϰŬŝŶĐŽŵŵĞƌĐŝĂůƐƉĂĐĞ͘
'ĞŶĞƌĂůŝƐĐƵƐƐŝŽŶ͗
EĂƚĞ^ƚĞŶĐŝů͕ƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞ^ƚĞŶĐŝů'ƌŽƵƉ͕ŐĂǀĞĂďƌŝĞĨŝŶƚƌŽĚƵĐƚŝŽŶĂďŽƵƚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƉƉůŝĐĂƚŝŽŶĨŽƌ
ƚŚĞWhŚĂŶŐĞĂŶĚƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƚŽďĞĚĞǀĞůŽƉĞĚŽŶƚŚĞƐŝƚĞ͘dŚĞƉƌŽũĞĐƚĂƐƉƌŽƉŽƐĞĚǁŝůůďĞĂϰ
ƐƚŽƌLJŵƵůƚŝĨĂŵŝůLJĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐǁŝƚŚƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐĂŶĚƐƵƌĨĂĐĞƉĂƌŬŝŶŐ͘dŚĞƉƌŽũĞĐƚǁŝůůƌĞŵŽǀĞ
ĞdžŝƐƚŝŶŐƌĞƚĂŝůƐƉĂĐĞĂŶĚĂĚĚĂƌĞƚĂŝůƐƉĂĐĞŽŶƚŚĞŐƌŽƵŶĚůĞǀĞů͘
dŚĞĨŽůůŽǁŝŶŐƋƵĞƐƚŝŽŶƐĂŶĚĐŽŵŵĞŶƚƐǁĞƌĞĂƐŬĞĚďLJƚŚĞĂƚƚĞŶĚĞĞƐ͘ZĞƐƉŽŶƐĞƐƚŽĞĂĐŚƋƵĞƐƚŝŽŶͬĐŽŵŵĞŶƚ
ĂƌĞŶŽƚĞĚ͗
YƵĞƐƚŝŽŶƐĂŶĚŶƐǁĞƌƐ͗
YƵĞƐƚŝŽŶηϭ͗tŚĂƚĂďŽƵƚƌĞƐŝĚĞŶƚŝĂůƉĂƌŬŝŶŐ͍
ŶƐǁĞƌηϭ͗dŚĞƌĞǁŝůůďĞϭϭϭƵŶĚĞƌŐƌŽƵŶĚƐƉŽƚƐĨŽƌƚŚĞƚĞŶĂŶƚƐ͘
YƵĞƐƚŝŽŶηϮ͗tŚĂƚŝƐƚŚĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͍
ŶƐǁĞƌηϮ͗dŚĞƐĞƌǀŝĐĞĞŶƚƌĂŶĐĞƐǁŝůůĨĂĐĞϭ^ƚƌĞĞƚ^t͕ƐŝŵŝůĂƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚũƵƐƚƚŽƚŚĞƐŽƵƚŚ͘dŚĞ
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ŐƌŽĐĞƌLJĞŶƚƌĂŶĐĞƐǁŝůůďĞĐŽǀĞƌĞĚĨŽƌƚƌƵĐŬůŽĂĚŝŶŐ͘dŚĞƌĞƐŝĚĞŶƚŝĂůƐƵŶĚĞĐŬŽŶƚŚĞƐĞĐŽŶĚĨůŽŽƌ
ǁŝůůĨĂĐĞǁĞƐƚǁŝƚŚƚŚĞŵĂŝŶĞŶƚƌĂŶĐĞƚŽƚŚĞŐƌŽĐĞƌLJĨĂĐŝŶŐ,ŝŐŚǁĂLJϱϮ͘
YƵĞƐƚŝŽŶηϯ͗tŚĂƚĂďŽƵƚƚŚĞƌĞƐŝĚĞŶƚŝĂůĞŶƚƌĂŶĐĞƐ͍,ŽǁǁŝůůƚĞŶĂŶƚƐŐĞƚŝŶƚŽŐƌŽĐĞƌLJ͍
ŶƐǁĞƌηϯ͗dŚĞƌĞǁŝůůďĞĂƌĞƐŝĚĞŶƚŝĂůĞŶƚƌĂŶĐĞĂƚƚŚĞ^ ĐŽƌŶĞƌŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐϭϲ
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YƵĞƐƚŝŽŶηϰ͗tŚĂƚĂďŽƵƚƚŚĞďĂĐŬŽĨƚŚĞďƵŝůĚŝŶŐĨĂĐŝŶŐϭϲǀĞŶƵĞ͍
ŶƐǁĞƌηϰ͗^ŝŶĐĞǁĞůĂƐƚŵĞƚ͕ƚŚĞĂƌĐŚŝƚĞĐƚƐŚĂǀĞĂĚĚĞĚŶĞǁĚĞƐŝŐŶĞůĞŵĞŶƚƐŽŶƚŚĞϭϲǀĞŶƵĞƐŝĚĞƚŚĂƚ
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ǁŽƵůĚŝŶĐůƵĚĞůŝŐŚƚƉĂŶĞůƐĨƌŽŵƚŚĞŐƌŽƵŶĚƵƉĂůŽŶŐƚŚĞďĂĐŬƐŝĚĞŽĨƚŚĞŵĂƌŬĞƚ͘dŚĞƌĞǁŽƵůĚ
ďĞĚĞƐŝŐŶĞůĞŵĞŶƚƐďƵƚƚŚĞƌĞǁŽƵůĚŶŽƚďĞĂŶLJĞŶƚƌĂŶĐĞƐŝŶƚŽƚŚĞŵĂƌŬĞƚĨƌŽŵƚŚĞ ĂƐƚ͘
YƵĞƐƚŝŽŶηϱ͗tŚLJĐĂŶ͛ƚƚŚĞƌĞďĞĂĚƵĂůĞŶƚƌĂŶĐĞĨŽƌƚŚĞŐƌŽĐĞƌ͍KƚŚĞƌŐƌŽĐĞƌŝĞƐŚĂǀĞƚŚĞŵ͘
ŶƐǁĞƌηϱ͗dŚĞƉƌŽƚŽƚLJƉĞŚĂƐĂƐŝŶŐůĞĞŶƚƌĂŶĐĞĨŽƌĐĂƐŚŝĞƌŝŶŐĂŶĚƚŽŵŝŶŝŵŝnjĞƐŚƌŝŶŬĂŐĞ͘KůĚĞƌďƵŝůĚŝŶŐƐ
ƚŚĂƚŵĂLJďĞĂƌĞƚƌŽĨŝƚŵŝŐŚƚŚĂǀĞŽƚŚĞƌĞůĞŵĞŶƚƐďƵƚŝŶƚŚŝƐŶĞǁďƵŝůĚ͕ƚŚĞƌĞǁŝůůďĞĂƐŝŶŐůĞ
ĞŶƚƌĂŶĐĞ͘
YƵĞƐƚŝŽŶηϲ͗tŚLJĐĂŶ͛ƚƚŚĞŽƉĞŶŝŶŐ;ƚŚĞ͞h͟ͿŽĨƚŚĞďƵŝůĚŝŶŐĨĂĐĞĞĂƐƚŝŶƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚƌĂƚŚĞƌƚŚĂŶ
ƚŽǁĂƌĚƐ,ŝŐŚǁĂLJϱϮ͍
ŶƐǁĞƌηϲ͗WƌŝŽƌĚĞǀĞůŽƉŵĞŶƚƐĂŶĚĂƌĐŚŝƚĞĐƚƐŚĂǀĞĂĚǀŝƐĞĚƚŚĂƚƚŚŝƐůĞĂǀĞƐƉŽƌƚŝŽŶƐŽĨƚŚĞďƵŝůĚŝŶŐŝŶƚŚĞ
ƐŚĂĚĞĨŽƌƉƌŽůŽŶŐĞĚƉĞƌŝŽĚƐŽĨƚŚĞĚĂLJĂŶĚŵĂŬĞƐƚŚĞƐĞƵŶŝƚƐŚĂƌĚĞƌƚŽƌĞŶƚ͘
YƵĞƐƚŝŽŶηϳ͗,ŽǁǁŝůůĞŶƚĞƌ^ƚƌĞĞƚĂůŝŐŶǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚ͍
ŶƐǁĞƌηϳ͗ƵƌƌĞŶƚůLJ͕ƚŚĞƌĞŝƐŶŽƚĂĐĐĞƐƐƚŚƌŽƵŐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚĨƌŽŵĞŶƚĞƌ^ƚƌĞĞƚĂůƚŚŽƵŐŚƚŚĞƌĞŝƐ
ĂĐĐĞƐƐĨƌŽŵďŽƚŚϭ^ƚƌĞĞƚ^tĂŶĚEt͘dŚĞƌĞŝƐĂƐŵĂůůŽĨĨƐĞƚ͕ĂďŽƵƚϭϱĚĞŐƌĞĞƐ͕ďĞƚǁĞĞŶ
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ĞŶƚĞƌ^ƚƌĞĞƚĂŶĚƚŚĞŶĞǁĚƌŝǀĞǁĂLJƚŚĂƚŝƐǁŝƚŚŝŶĂƉƉƌŽǀĞĚůŝŵŝƚƐ͘dŚĞƌĞŝƐĂƉůĂŶƉĞŶĚŝŶŐĨŽƌ
ƚŚĞWhďƵƚŝƚŚĂƐŶŽƚďĞĞŶĂƉƉƌŽǀĞĚ͘
YƵĞƐƚŝŽŶηϴ͗tŚĂƚĂďŽƵƚŚĂŶĚŝĐĂƉƉĞĚĂĐĐĞƐƐƚŽǁŚĞĞůĐŚĂŝƌƐĐŽŵŝŶŐĨƌŽŵƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͍;dŚĞƌĞǁĂƐ
ŵĞŶƚŝŽŶŽĨƚŚĞϭϭƐƚ^ƚƌĞĞƚĂůŝŐŶŵĞŶƚǁŝƚŚŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚͿ
ŶƐǁĞƌηϴ͗dŚĞĐƌŽƐƐŝŶŐŝƐŶŽƚĂůŝŐŶĞĚ͘tĞǁŝůůůŽŽŬĂƚŚŽǁŝƚĐĂŶďĞďĞƚƚĞƌĂůŝŐŶĞĚĨŽƌƉĞĚĞƐƚƌŝĂŶƐ͘
YƵĞƐƚŝŽŶηϵ͗tŚĂƚŝƐĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚĞůĂƐƚƚŝŵĞǁĞŵĞƚ͍
ŶƐǁĞƌηϵ͗tĞŚĂǀĞĂĚĚĞĚĂƉĂƚŝŽĂƌĞĂƚŽƚŚĞƌĞƚĂŝůĂƌĞĂŽŶĞŶƚĞƌ^ƚƌĞĞƚ͘tĞŚĂǀĞĂĚĚĞĚĂĚĚŝƚŝŽŶĂů
ŐƌĞĞŶƐƉĂĐĞƚŽƚŚĞŐƌŽƵŶĚůĞǀĞů͕ĂĚĚĞĚďĞŶĐŚĞƐĂŶĚǁŝůůŚĂǀĞƐŝĚĞǁĂůŬƐŽŶĂůůĨŽƵƌƐŝĚĞƐŽĨƚŚĞ
ƉĂƌĐĞů͕ŝŶĐůƵĚŝŶŐĨƌŽŵƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŽĨĨϭϲǀĞŶƵĞƚŽƚŚĞĨƌŽŶƚŽĨƚŚĞƌĞƚĂŝůƐƉĂĐĞƐŽŶ
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ďŽƚŚƚŚĞŶŽƌƚŚĂŶĚǁĞƐƚƐŝĚĞƐ͘
YƵĞƐƚŝŽŶηϭϬ͗,ŽǁŵƵĐŚƐƉĂĐĞŝƐƚŚĞƌĞĨƌŽŵƚŚĞĐƵƌďƚŽƚŚĞďƵŝůĚŝŶŐ͍;ŝƐĐƵƐƐŝŽŶĂďŽƵƚƚƌĞĞƐͿ
ŶƐǁĞƌηϭϬ͗dŚĞƌĞŝƐĂďŽƵƚϭϳ͛ĨƌŽŵƚŚĞĐƵƌďƚŽďƵŝůĚŝŶŐ͘dŚĞĐƵƌďůŝŶĞ͕ƚŚĂƚĚŽĞƐŶŽƚĞdžŝƐƚƚŽĚĂLJ͕ǁŝůůďĞϱ͛
ĨƌŽŵƚŚĞĐƵƌďƚŽƚŚĞŶĞǁƐŝĚĞǁĂůŬ͘
3DFNHW3J
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YƵĞƐƚŝŽŶηϭϭ͗tŚĂƚŝƐƚŚĞŚĞŝŐŚƚŽĨƚŚĞǁĂůůŝŶƚŚĞƉĂƚŝŽĂĚũĂĐĞŶƚƚŽƚŚĞƌĞƚĂŝůĚĞǀĞůŽƉŵĞŶƚƚŚĂƚǁŝůůĨĂĐĞϭϲ ƚŚ
ǀĞŶƵĞ͍ĂŶƚŚĞůĂŶĚƐĐĂƉŝŶŐďĞƚĞƌƌĂĐĞĚ͍ĂŶƚŚĞǁĂůůďĞůŽǁĞƌĞĚ͍
ŶƐǁĞƌηϭϭ͗/ǁŝůůĐŚĞĐŬŽŶŚĞŝŐŚƚŽĨƚŚĞǁĂůů͘dŚŝƐŝƐĂŶĂƌĞĂǁŝƚŚƵƚŝůŝƚŝĞƐŝŶŝƚ͘dŚĞƚĞŶĂŶƚŝŶƚŚĂƚƐƉĂĐĞǁŝůů
ůŝŬĞůLJǁĂŶƚƐŽŵĞĨŽƌŵŽĨĂďĂƌƌŝĞƌĨƌŽŵƚŚĞƐƚƌĞĞƚĨŽƌĐƵƐƚŽŵĞƌƉƌŝǀĂĐLJ͘
YƵĞƐƚŝŽŶηϭϮ͗tŚĂƚŝƐƚŚĞǁŝŶĚŽǁŵĂƚĞƌŝĂůŽŶϭϲ ƚŚ
ǀĞŶƵĞ͍
ŶƐǁĞƌηϭϮ͗dŚŝƐŝƐďĂĐŬůŝƚŐůĂƐƐĂƚŶŝŐŚƚƚŝŵĞ͘dŚĞůŝŐŚƚŝŶŐǁŝůůŶŽƚƐŚŝŶĞŝŶƚŽƚŚĞƌĞƐŝĚĞŶĐĞƐĂĐƌŽƐƐƚŚĞ
ƐƚƌĞĞƚ͘dŚĞ͞ǁŝŶĚŽǁ͟ůŽŽŬǁŝůůďĞĂďŽƵƚϴ͛ĂďŽǀĞƚŚĞŐƌŽĐĞƌLJĨůŽŽƌůĞǀĞůĂŶĚǁŝůůďĞƚŚĞďĂĐŬ
ƐŝĚĞŽĨƚŚĞŵĂƌŬĞƚ͕ŝĞƉƌĞƉĂƌĞĂƐĂŶĚƐƚŽƌĂŐĞ͘
YƵĞƐƚŝŽŶηϭϯ͗tŚĂƚǁŝůůƚŚĞŶŽƌƚŚƐŝĚĞŽĨDŝƌĂĐůĞDŝůĞďĞ͍tŚĞŶǁŝůůŝƚďĞĚĞǀĞůŽƉĞĚ͍
ŶƐǁĞƌηϭϯ͗dŚŝƐŵĞĞƚŝŶŐĨŽĐƵƐĞƐŽŶƚŚĞƐŽƵƚŚĞƌŶƉĂƌĐĞů͘KƚŚĞƌƉŚĂƐĞƐǁŝůůďĞƐƵďŵŝƚƚĞĚƐĞƉĂƌĂƚĞůLJ͘
YƵĞƐƚŝŽŶηϭϰ͗:ĞƐƐĞtĞůƐŚĂƐŬĞĚƚŚĞŽƌĞƚŝĐĂůƋƵĞƐƚŝŽŶĂďŽƵƚǁŚĂƚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚǁŽƵůĚǁĂŶƚŝĨƚŚĞůŽƚ
ǁĞƌĞǀĂĐĂŶƚƚŽĚĂLJ͘'ĞŶĞƌĂůĚŝƐĐƵƐƐŝŽŶĞŶĚĞĚǁŝƚŚĂƌĞĨŽĐƵƐŽŶƚŚĞĨĂĐƚƚŚĂƚŝƚŝƐDŝƌĂĐůĞDŝůĞ
ĂŶĚŶŽƚĂǀĂĐĂŶƚůŽƚ͘
ŶƐǁĞƌηϭϰ͗dŚĞƉƌŽũĞĐƚŝƐĂŶŝŵƉƌŽǀĞŵĞŶƚĨƌŽŵǁŚĂƚĞdžŝƐƚƐƚŽĚĂLJ͘
YƵĞƐƚŝŽŶηϭϱ͗^ĞǀĞƌĂůďƵŝůĚŝŶŐŚĂǀĞĨĂŬĞǁŝŶĚŽǁƐĚŽǁŶƚŽǁŶƚŽŚŝĚĞƉĂƌŬŝŶŐƚŚĂƚĂƌĞƐƚĞƌŝůĞĂŶĚďŽƌŝŶŐ͍
tŚĂƚĂďŽƵƚƚŚĞƐĞ͍
ŶƐǁĞƌηϭϱ͗WŝĐƚƵƌĞƐǁĞƌĞĚŝƐƉůĂLJĞĚ͘
YƵĞƐƚŝŽŶηϭϲ͗tŚĞŶǁĂƐƚŚĞůĂƐƚƉŚŽƚŽŵĞƚƌŝĐƐƚƵĚLJĚŽŶĞ͍
ŶƐǁĞƌηϭϲ͗^ƚƵĚLJŚĂƐŶŽƚďĞĞŶƵƉĚĂƚĞĚ͘/ǁŝůůŐĞƚŽŶĞĚŽŶĞ͘
YƵĞƐƚŝŽŶηϭϳ͗ĂŵƚŚĞďƵŝůĚŝŶŐďĞƉƵƐŚĞĚďĂĐŬϯϬ͛ƚŽǁĂƌĚƚŚĞǁĞƐƚƚŽĂůůŽǁĨŽƌƉĂƌŬŝŶŐŽŶƚŚĞďĂĐŬƐŝĚĞ
ĂůŽŶŐϭϲ ƚŚǀĞŶƵĞ͍
ŶƐǁĞƌηϭϳ͗dŚŝƐǁŽƵůĚƌĞŵŽǀĞĚƌŝǀĞůĂŶĞƐƚŚĂƚƉƌŽǀŝĚĞŶĞĐĞƐƐĂƌLJƉĂƌŬŝŶŐƋƵŽƚĂƐĂƚƚŚĞĞŶƚƌĂŶĐĞƚŽƚŚĞ
ŵĂƌŬĞƚ͘DĂƉĂŶĚƉĂƌŬŝŶŐĚŝĂŐƌĂŵƐƌĞǀŝĞǁĞĚ͘dŚĞŐƌŽĐĞƌǁĂŶƚƐƚŚĞƐƉĂĐĞƐŝŶĨƌŽŶƚŽĨƚŚĞƐƚŽƌĞ͘
^ƚĂƚĞŵĞŶƚηϭϴ͗tŚĞƌĞĂƌĞƚŚĞƉŽǁĞƌůŝŶĞƐ͍
džŝƐƚŝŶŐĂďŽǀĞŐƌŽƵŶĚůŝŶĞƐǁŝůůďĞŵŽǀĞĚďĞůŽǁŐƌĂĚĞ͘dŚŝƐǁŝůůŶĞĞĚƚŽďĞĚŽŶĞďĞƚǁĞĞŶ
ŶƐǁĞƌηϭϴ͗
ƉŽǁĞƌďŽdžĞƐĂŶĚǁŝůůƌƵŶŶŽƌƚŚƚŽĂďŽƵƚǁŚĞƌĞ,KD&ƵƌŶŝƚƵƌĞŝƐ͘
3DFNHW3J
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YƵĞƐƚŝŽŶηϭϵtŚĂƚŝƐƚŚĞƉůĂŶŽŶd/&͍
ŶƐǁĞƌηϭϵ͗tĞŚĂǀĞŶŽƚƌĞĐĞŝǀĞĚĂŶLJd/&ĂƉƉƌŽǀĂůƐĂƚƚŚŝƐƚŝŵĞ͘tĞĂƌĞĂƐŬŝŶŐĨŽƌĂďŽƵƚΨϮD͘
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YƵĞƐƚŝŽŶηϮϬtŚĂƚŝƐƚŚĞŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚĂƐŬ͍
ŶƐǁĞƌηϮϬ͗dŽŵŽĚŝĨLJƚŚĞĞdžŝƐƚŝŶŐWh͘
͗
YƵĞƐƚŝŽŶηϮϭĂŶƚŚĞƌĞďĞŵŽƌĞůŝŐŚƚŝŶŐŽŶƚŚĞƐŽƵƚŚ͕ŶŽƚƚŚĞǁĞƐƚ͍/ƚŝƐŝŵƉŽƌƚĂŶƚĨŽƌƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐ
ĂŶĚǀŝƐŝďŝůŝƚLJ͘
ŶƐǁĞƌηϮϭ͗tŝůůůŽŽŬŝŶƚŽ͘
YƵĞƐƚŝŽŶηϮϮ͗ĂŶƚŚŝƐƉƌŽũĞĐƚďĞĚĞǀĞůŽƉĞĚůŝŬĞƚŚĞŽŽƉĂƚϲ ƚŚ^ƚƌĞĞƚĂŶĚϭ ƐƚǀĞŶƵĞǁŚĞƌĞƚŚĞƌĞŝƐĂĐĐĞƐƐ
ŽŶĨŽƵƌƐŝĚĞƐ͍dŚŝƐŝƐĂŶŝŵƉŽƌƚĂŶƚƐŝƚĞĂŶĚǁŽƵůĚƉƌĞƐĞŶƚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƐƉĞŽƉůĞŐĞƚŽĨĨ
ƚŚĞĨƌĞĞǁĂLJ͘
ŶƐǁĞƌηϮϮ͗dŚĞŽŽƉƉƌŽũĞĐƚŝƐĂƵŶŝƋƵĞĚĞǀĞůŽƉŵĞŶƚĂŶĚĚŽĞƐŶŽƚŚĂǀĞďƌĂŶĚĐŽŶƐŝƐƚĞŶĐLJƌĞƋƵŝƌĞŵĞŶƚƐ͘
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YƵĞƐƚŝŽŶηϮϯĂŶƚŚĞďƵŝůĚŝŶŐďĞƌĞŽƌŝĞŶƚĞĚƚŽĨĂĐĞƚŚĞƐŽƵƚŚǁŝƚŚƚŚĞůŽĂĚŝŶŐĚŽĐŬĂůŽŶŐ,ŝŐŚǁĂLJϱϮĂŶĚ
ƚŚĞƌĞƚĂŝů;ĐƵƌƌĞŶƚůLJĨĂĐŝŶŐŶŽƌƚŚͿƚŽůŝŶĞĂůŽŶŐϭϲ ƚŚ
ǀĞŶƵĞĂƚƐƚƌĞĞƚůĞǀĞů͍
ŶƐǁĞƌηϮϯ͗tĞĐĂŶůŽŽŬĂƚƚŚŝƐďƵƚƚŚŝƐŵŽǀĞƐƚŚĞĚĞǀĞůŽƉŵĞŶƚĨƵƌƚŚĞƌďĂĐŬƚŽƚŚĞŶŽƌƚŚĂŶĚƉƵƚƐƚŚĞďĂĐŬ
ŽĨƚŚŝƐWŚĂƐĞĂŶĚďůŽĐŬƐƚŚĞĨƌŽŶƚŽĨŽƚŚĞƌƌĞƚĂŝůĞƌƐ͘
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YƵĞƐƚŝŽŶηϮϰtŚĂƚĂďŽƵƚǁŚĞĞůĐŚĂŝƌĂĐĐĞƐƐ͍DŽƐƚƉĞŽƉůĞǁŝůůǁĂůŬƚŽƐƚŽƌĞ͘;'ĞŶĞƌĂůĚŝƐĐƵƐƐŝŽŶŝŶƌŽŽŵ
ĂďŽƵƚĐĂƌǀƐƉĞĚĞƐƚƌŝĂŶƚƌŝƉƐƚŽŐƌŽĐĞƌLJĂŶĚƚŚĞĂŵŽƵŶƚŽĨDĂLJŽƉĞŽƉůĞƚŚĂƚǁŝůůǁĂůŬŽǀĞƌ
ĚƵƌŝŶŐƚŚĞĚĂLJǁŚĞŶƚŚĞŝƌĐĂƌƐĂƌĞŐĂƌĂŐĞĚͿ
ŶƐǁĞƌηϮϰ͗tĞĐĂŶƉĂƐƐŽŶƚŽƚŚĞƚĞŶĂŶƚ͘dŚĞLJŚĂǀĞĞdžƉĞƌŝĞŶĐĞǁŝƚŚƚŚŝƐŶĂƚŝŽŶĂůůLJ͘
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YƵĞƐƚŝŽŶηϮϱĂŶǁĞƚƵƌŶƚŚĞĚĞǀĞůŽƉŵĞŶƚϵϬĚĞŐƌĞĞƐƚŽĚŽĐŬƐĂůŽŶŐ,ŝŐŚǁĂLJϱϮĂŶĚŚĂǀĞƚƌƵĐŬƚƌĂĨĨŝĐ
ĐŽŵŝŶŐŝŶŽŶϭϳ ƚŚ
͍
ŶƐǁĞƌηϮϱ͗tĞĐĂŶƌĞǀŝĞǁƚƌƵĐŬůĂŶĞƐĂŶĚƉĂƚƚĞƌŶƐďƵƚƚŚĞƌĞŝƐŶŽĞdžŝƚŽĨĨϭϳ͘
ƚŚ
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YƵĞƐƚŝŽŶηϮϲ/ƐƚŚĞd/&ĨĂŝƌƚŽŽƚŚĞƌƌĞƚĂŝůĞƌƐ͕ƐƵĐŚĂƐ,LJǀĞĞ͍
ŶƐǁĞƌηϮϲ͗dŚĞƌĞŝƐĂůĂƌŐĞŝŶǀĞƐƚŵĞŶƚƚŽĚŽƐƚƌĞĞƚƐĐĂƉĞ͕ƉƵďůŝĐƵƚŝůŝƚLJǁŽƌŬ͕ƌĞĚŽͬďƵƌLJƉŽǁĞƌůŝŶĞƐ͕ĞƚĐ͘
ƚŚĂƚǁŝůůďĞŶĞĨŝƚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘
͗
YƵĞƐƚŝŽŶηϮϳtŚĂƚĂďŽƵƚŐƌŽĐĞƌLJƉĂƌŬŝŶŐ͍tŚĂƚŝƐƚŚĞŝƚLJŽƌĚŝŶĂŶĐĞŽŶƌĞƋƵŝƌĞĚƐƉĂĐĞƐ͍
ŶƐǁĞƌηϮϳ͗ŵĂƉǁĂƐƐŚŽǁŶ͘dŚĞƌĞĂƌĞϭϮϰƐƉŽƚƐ͘/ŬŶŽǁƚŚŝƐŝƐĂďŽǀĞƚŚĞƌĞƋƵŝƌĞĚůŝŵŝƚďƵƚǁŝůůŚĂǀĞƚŽ
ŐĞƚďĂĐŬƚŽ:ĞƐƐĞ͘
3DFNHW3J
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͗
YƵĞƐƚŝŽŶηϮϴdŚŝƐŝƐĂĐŽŵƉůĞdžƵƌďĂŶƐŝƚĞ͘dŚŝƐƐŚŽƵůĚŚĂǀĞďĞĞŶƉĂƌƚŽĨĂƉůĂŶůŽŶŐďĞĨŽƌĞĂƚĞŶĂŶƚǁĂƐ
ŝŶǀŽůǀĞĚ͘dŚŝƐďƵŝůĚŝŶŐǁŝůůďĞŚĞƌĞĨŽƌĚĞĐĂĚĞƐ͘
ŶƐǁĞƌηϮϴ͗dŚĞƌĞŝƐĂƚĞŶĂŶƚƚŚĂƚŝƐďĞŝŶŐƉĂƚŝĞŶƚĨŽƌŶŽǁ͘dŚŝƐŝƐĂŐŽŽĚƉƌŽũĞĐƚĨŽƌƚŚĞƐŝƚĞ͘
YƵĞƐƚŝŽŶϮϵ͗ŽĞƐƚŚŝƐŵĞĞƚŵĞƌŝĐĂ͛ƐŝƚLJĨŽƌ,ĞĂůƚŚ'ŽĂůƐ͍
ŶƐǁĞƌϮϵ͗/ĂŵŶŽƚĨĂŵŝůŝĂƌǁŝƚŚƚŚĞƐĞŐŽĂůƐ͘
YƵĞƐƚŝŽŶϯϬ͗tŚĂƚĂďŽƵƚŝŶĐůƵƐŝŽŶĂƌLJnjŽŶŝŶŐ͍
ŶƐǁĞƌϯϬ͗dŚŝƐƉƌŽũĞĐƚŝƐƐĞůĨͲĂĚŵŝŶŝƐƚĞƌĞĚĂƚϭϬйŽĨƵŶŝƚƐƚŚĂƚǁŽƌŬƐǁŝƚŚDŝŶŶĞƐŽƚĂDƵůƚŝͲŚŽƵƐŝŶŐ͘/ƚŝƐ
ďĂƐĞĚŽŶĨƵŶĚŝŶŐĂǀĂŝůĂďůĞĞĂĐŚLJĞĂƌ͘
YƵĞƐƚŝŽŶϯϭ͗
tŚĂƚĂďŽƵƚƚŚĞŐƌĂĚĞĚƌŽƉŽŶϭϲ ƚŚǀĞŶƵĞŽĨϰͲϲ͍͛/ƚŝƐŽĨĨĐĞŶƚĞƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚ
ŵŝŐŚƚďĞĐŽŶĨƵƐŝŶŐĨŽƌƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚLJ͘
ŶƐǁĞƌϯϭ͗tĞĐĂŶůŽŽŬĂƚŝƚďƵƚƚŚĞƌŽĂĚŝƐŶŽƚůĞǀĞůŶŽǁĂŶĚĚŽĞƐŶŽƚŚĂǀĞƐŝĚĞǁĂůŬƐŽŶƚŚĂƚƐŝĚĞ͘dŚŝƐ
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ƚŚĞĂĐĐĞƐƐƉŽŝŶƚƐĨŽƌƚŚĞƉĞĚĞƐƚƌŝĂŶƐƚŽƚŚĞŐƌŽĐĞƌLJƐƚŽƌĞĂŶĚƚŚĞĨƵƚƵƌĞƌĞƚĂŝůƐƚŽƌĞƐ͘
DƐ͘DĞĞŬĂƐŬĞĚDƌ͘^ƚĞŶnjĞůŝĨŚĞŝƐŽƉĞŶƚŽĐŽŶƚŝŶƵŝŶŐƚŚĞƉƌŽũĞĐƚƚŽĂůůŽǁĨŽƌŵŽƌĞƚŝŵĞŽĨƚŚĞ
ŽŵŵŝƐƐŝŽŶƚŽƌĞǀŝĞǁƚŚĞƌĞĐĞŶƚůLJƐƵďŵŝƚƚĞĚƌĞǀŝƐĞĚƉůĂŶƐ͘
Dƌ͘^ƚĞŶnjĞůƐƚĂƚĞĚŚĞĚŝĚŶ͛ƚĨĞĞůƚŚĞƌĞǀŝƐĞĚƉůĂŶƐǁĞƌĞƐŝŐŶŝĨŝĐĂŶƚĞŶŽƵŐŚĨŽƌƚŚĞŵƚŽĐŽŶƐŝĚĞƌĂůůŽǁŝŶŐ
ĂŶLJŵŽƌĞƚŝŵĞ͕ƚŚĞLJǁŽƵůĚůŝŬĞƚŽŵŽǀĞƚŚĞƉƌŽũĞĐƚĨŽƌǁĂƌĚ͘
Dƌ͘ŝůůdŽŝŶƚŽŶ͕ǁŝƚŚt^ĂŶĚƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^ ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ
ŽŵŵŝƐƐŝŽŶ͘,ĞƉƌĞƐĞŶƚĞĚĂďĂĐŬŐƌŽƵŶĚǁŝƚŚŚŝƐƚŽƌLJŽĨƚŚĞDŝƌĂĐůĞDŝůĞ͖ĚĞƚĂŝůĞĚƚŚĞƌĞĚĞǀĞůŽƉŵĞŶƚ
ƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚLJ͖ĂŶĚĂĚĚƌĞƐƐĞĚĂŶƵŵďĞƌŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐŝŶƚŚĞƐƚĂĨĨƌĞƉŽƌƚĨƌŽŵƚŚĞƐƵďŵŝƚƚĂů
ŽĨƚŚĞƌĞǀŝƐĞĚƉůĂŶƐ͘
DƐ͘DĞĞŬĂƐŬĞĚǁŚLJWƵďůŝĐtŽƌŬƐŝƐƌĞƋƵĞƐƚŝŶŐϳĨĞĞƚŽĨƌŝŐŚƚŽĨǁĂLJ͘
Dƌ͘dŽŝŶƚŽŶĞdžƉůĂŝŶĞĚƚŚĞƌĞƋƵĞƐƚĨŽƌƚŚĞŝƚLJƚŽŽďƚĂŝŶĞŶŽƵŐŚƌŽĂĚǁĂLJĨŽƌĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ
ZKK'ĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨƚŚĞƌŽĂĚǁĂLJ͘
_3DJH
3DFNHW3J
)M
ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϭϰ͕ϮϬϭϲ
Dƌ͘dŽŝŶƚŽŶĐŽŶƚŝŶƵĞĚǁŝƚŚĨƵƌƚŚĞƌĐƌŝƚĞƌŝĂĐŽŵƉůŝĂŶĐĞŽĨƚŚĞƉƌŽũĞĐƚĂŶĚŚĂƐŝŶĐůƵĚĞĚĨŝŶĚŝŶŐƐŝŶŚŝƐ
ƐƵďŵŝƚƚĂůƉĂĐŬĞƚƚŽƚŚĞŝƚLJ͖ŚĞƚŚĞŶƌĞƚƵƌŶĞĚƚŽƚŚĞŵŽĚŝĨŝĞĚƐƚĂĨĨĐŽŶĚŝƚŝŽŶƐĂŶƵŵďĞƌŽĨƚŚĞŵǁŝůůďĞ
ĐŽŵƉůĞƚĞĚƚŚƌŽƵŐŚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŐƌĞĞŵĞŶƚ͘
Dƌ͘EĂƚĞ^ƚĞŶnjĞů͕ůŽĐĂƚĞĚĂƚϲϳϭϳ'ĂŝůůĂƌŝĂƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
,ĞĨƵƌƚŚĞƌĚĞƐĐƌŝďĞĚŚŽǁƚŚĞĚĞƐŝŐŶŽĨƚŚĞ͞ďĂĐŬ͟ǁĂůůǁĂƐĐƌĞĂƚĞĚ͖ĚŝĨĨĞƌĞŶƚŽƌŝĞŶƚĂƚŝŽŶƐŽĨƚŚĞ
ďƵŝůĚŝŶŐǁĞƌĞĚŝƐĐƵƐƐĞĚ͖ƚŚĞďĂĐŬǁĂůůǁĂƐĐŚĂŶŐĞĚŝŶĂƉƉĞĂƌĂŶĐĞĨƌŽŵƚŚĞŽƌŝŐŝŶĂůĚĞƐŝŐŶ͘
ƌĚ
Dƌ͘WĞƚƌŽDĞŐŝƚƐ͕ĂƌĐŚŝƚĞĐƚ͕ƌĞƐŝĚŝŶŐĂƚϭϴϮϵϯǀĞŶƵĞ^͕DŝŶŶĞĂƉŽůŝƐ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ
ŽŵŵŝƐƐŝŽŶ͘,ĞĞdžƉůĂŝŶĞĚƚŚĞĐƌĞĂƚŝŽŶŽĨƚŚĞĚĞƐŝŐŶĚŝƌĞĐƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͖ƌĞǀŝĞǁĞĚƚŚĞŝŶƚĞƌŝŽƌĂŶĚ
ĞdžƚĞƌŝŽƌůĂLJŽƵƚŽĨƚŚĞďƵŝůĚŝŶŐ͖ƐŚĂĚŽǁƐƚƵĚLJǁĂƐĞdžƉůĂŝŶĞĚ͖ĂŵĞŶŝƚŝĞƐ͖ĂĨƚĞƌƚǁŽŶĞŝŐŚďŽƌŚŽŽĚ
ŵĞĞƚŝŶŐƐƚŚĞďĂĐŬǁĂůůĚĞƐŝŐŶǁĂƐƌĞǀŝƐĞĚ͘
ŶĚ
Dƌ͘ŚƌŝƐƚŽƉŚĞƌ,ĂLJĚŽĐŬ͕ƌĞƐŝĚŝŶŐĂƚϭϯϮϲϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ
ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚĂďŽƵƚƚŚĞƉƌŽĐĞƐƐŽĨĂƉƵďůŝĐŚĞĂƌŝŶŐ͖ĂŶĚĂƐŬĞĚŝĨƚŚĞƉŚŽƚŽŵĞƚƌŝĐƉůĂŶŚĂƐ
ďĞĞŶƵƉĚĂƚĞĚǁŝƚŚƚŚĞƌĞĐĞŶƚƐƵďŵŝƚƚĂůĂŶĚĂƐŬĞĚĨŽƌĂŶĞdžƉůĂŶĂƚŝŽŶŽĨƚŚĞƉůĂŶ͘
Ɛƚ
Dƌ͘dŽŵDĂƌƉĞ͕ƌĞƐŝĚŝŶŐĂƚϭϮϬϲϭ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ
ŽŵŵŝƐƐŝŽŶ͘,ĞƌĞǀŝĞǁĞĚƚŚĞƉƌŽũĞĐƚĂƐĂƌĞƐŝĚĞŶƚŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ƚŚĞďĂĐŬŽĨƚŚĞďƵŝůĚŝŶŐŝƐĂ
ŵĂũŽƌŝƐƐƵĞĂŶĚŶŽƚŝŶǀŝƚŝŶŐĨŽƌƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘
ƌĚ
Dƌ͘WĞƚƌŽDĞŐŝƚƐ͕ĂƌĐŚŝƚĞĐƚ͕ƌĞƐŝĚŝŶŐĂƚϭϴϮϵϯǀĞŶƵĞ^͕DŝŶŶĞĂƉŽůŝƐ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ
ŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚƚŚĞƉŚŽƚŽŵĞƚƌŝĐƉůĂŶƐĨŽƌƚŚĞĐĂůǁĞůůůŝŐŚƚƐŽŶƚŚĞďĂĐŬŽĨƚŚĞďƵŝůĚŝŶŐŐůŽǁƐ
ǁŚŝĐŚĚŽŶŽƚŝůůƵŵŝŶĂƚĞůŝŐŚƚ͘
Dƌ͘ŚƌŝƐƚŽƉŚĞƌ,ĂLJĚŽĐŬ͕ƌĞƐŝĚŝŶŐĂƚϭϯϮϲϮ ŶĚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ
ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚĨŽƌƚŚĞƌĞĂƌĞůĞǀĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐƚŽďĞƐŚŽǁŶ͖ǁŚLJĚŽĞƐƚŚĞůŝŐŚƚƐŚŽǁŶŶŽƚ
ĂƉƉĞĂƌĂƐĂƌĞĂĚŝŶŐŽŶƚŚĞƉŚŽƚŽŵĞƚƌŝĐƉůĂŶůŝŐŚƚ͘
ƌĚ
Dƌ͘WĞƚƌŽDĞŐŝƚƐ͕ĂƌĐŚŝƚĞĐƚ͕ƌĞƐŝĚŝŶŐĂƚϭϴϮϵϯǀĞŶƵĞ^͕DŝŶŶĞĂƉŽůŝƐ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ
ŽŵŵŝƐƐŝŽŶ͘dŚĞďůĂĐŬĐLJůŝŶĚĞƌƐƐŚŽǁŶƚŚĞƉůĂŶƐŚŽƵůĚŚĂǀĞďĞĞŶƌĞŵŽǀĞĚǁŝƚŚƉůĂĐĞŵĞŶƚŽĨŶĞǁ
ĐĂůĚǁĞůůĚĞƐŝŐŶ͘
ŶĚ
Dƌ͘ŚƌŝƐƚŽƉŚĞƌ,ĂLJĚŽĐŬ͕ƌĞƐŝĚŝŶŐĂƚϭϯϮϲϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞ
ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚĂďŽƵƚƚŚĞƉŚŽƚŽŵĞƚƌŝĐĚƌĂǁŝŶŐƐǁŝƚŚƚŚĞnjĞƌŽƐĂƌĞĨƌŽŵƚŚĞůŝŐŚƚƐďĞŝŶŐ
ƌĞŵŽǀĞĚĨƌŽŵǁĂůů͖ĂŶĚƚŚĞƚƌĂŶƐůƵĐĞŶƚůŝŐŚƚƐŶŽƚŝůůƵŵŝŶĂƚŝŶŐůŝŐŚƚ͘
Dƌ͘'ŽŽĚĞŶďĞƌŐĞƌĞdžƉůĂŝŶĞĚŚŽǁƚŚĞůŝŐŚƚƐĂƌĞƵƐĞĚ͘
&ŝǀĞŵŝŶƵƚĞƌĞĐĞƐƐǁĂƐƚĂŬĞŶ͘
Dƌ͘ZŝĐŚĂƌĚ,ƵƚƚŽŶ͕ƌĞƐŝĚŝŶŐĂƚϭϰϮϲϭ Ɛƚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
,ĞĂƐŬĞĚĂďŽƵƚĚƌŝǀĞǁĂLJĂůŝŐŶŵĞŶƚǁŝƚŚĞŶƚĞƌ^ƚƌĞĞƚ͖ĂŶĚŝƚŵĂLJďĞŽĨĨƐĞƚĨƌŽŵĚŝƐĐƵƐƐŝŽŶŝŶƚŚĞ
ŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐ͖ĂŶĚĚŽĞƐŶŽƚƐĞĞĂŶLJŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞďĂĐŬŽĨƚŚĞďƵŝůĚŝŶŐĨƌŽŵǁŚĂƚƚŚĞLJ
ĐƵƌƌĞŶƚůLJůŽŽŬĂƚ͘
Ɛƚ
DƐ͘,ĞŶĚƌŝŬĂhŵďĂŶŚŽǁĂƌ͕ƌĞƐŝĚŝŶŐĂƚϭϮϮϬϭ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ
ŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚďĞŝŶŐĞŶĐŽƵƌĂŐĞĚďLJƐŽŵĞŽŶĞǁĂŶƚƐƚŽŝŵƉƌŽǀĞƚŚĞDŝƌĂĐůĞDŝůĞĂƌĞĂ͖ƐŚĞ
_3DJH
3DFNHW3J
)M
ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϭϰ͕ϮϬϭϲ
ǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞĚĞǀĞůŽƉŵĞŶƚďĞŝŶŐǁĞůĐŽŵŝŶŐƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͕ŶŽƚũƵƐƚĂďůĂŶŬǁĂůů͖ĂŶĚ
ĚŽĞƐŶŽƚƵŶĚĞƌƐƚĂŶĚǁŚLJƚŚĞďƵŝůĚŝŶŐĐĂŶ͛ƚďĞƚƵƌŶĞĚ͘
Dƌ͘'ƵLJ,ĂǀĞůŝĐŬ͕ƌĞƐŝĚŝŶŐĂƚϭϬϬϴϮ ŶĚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ŶŽƚĞĚŚĞǁĂůŬƐŝŶƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͖ĂƉƉƌĞĐŝĂƚĞƐƚŚĞĚĞǀĞůŽƉĞƌƚŽďƌŝŶŐƐŽŵĞƚŚŝŶŐŶĞǁƚŽƚŚĞĂƌĞĂ͖ďƵƚ
ĚŽĞƐŶŽƚĨĞĞůŝƚŝƐƉĞĚĞƐƚƌŝĂŶĨƌŝĞŶĚůLJĂŶĚŝŶǀŝƚŝŶŐƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘
Dƌ͘ĞŶŶŝƐĂǀĞLJ͕ƌĞƐŝĚŝŶŐĂƚϱϭϵϲ ƚŚ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ĂĚĚƌĞƐƐĞĚĐŽŶĐĞƌŶƐŽĨƚŚĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͖ŚĞƐĞĞƐƚŚĞĚĞǀĞůŽƉŵĞŶƚĂƐĂƐƚƌŝƉŵĂůůǁŝƚŚ
ƌĞƐŝĚĞŶƚŝĂůŚŽƵƐŝŶŐŽŶƚŽƉ͖ĂŶĚƚŚĞďƵŝůĚŝŶŐŝƐďĞŝŶŐĨĂĐŝŶŐƚŽǁĂƌĚĂďƵƐLJŚŝŐŚǁĂLJĂŶĚƉƌĞĨĞƌŶŽƚƚŽ
ŚĂǀĞƚŚĞďĂĐŬƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘
ŶĚ
DƐ͘:ĞƐƐĞtĞůƐŚ͕ƉƌĞƐŝĚĞŶƚŽĨƚŚĞ<ƵƚnjŬLJEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶ͕ƌĞƐŝĚŝŶŐĂƚϭϭϮϰϮ^ƚƌĞĞƚEt͕
ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƌĞǀŝĞǁĞĚƚŚĞƚŝŵĞůŝŶĞĂŶĚĚŝƐĐƵƐƐŝŽŶŽĨ
ŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐǁŝƚŚĚĞǀĞůŽƉĞƌ͖ĚŝƐƐĂƚŝƐĨĂĐƚŝŽŶǁŝƚŚƚŚĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͖ƚŚĞ
ŶĞŝŐŚďŽƌŚŽŽĚŝƐĞdžĐŝƚĞĚƚŽƐĞĞƐŽŵĞƚŚŝŶŐŚĂƉƉĞŶĂƚƚŚĞDŝƌĂĐůĞDŝůĞ͖ĞŶƚƌĂŶĐĞƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐǁĞƌĞ
ĚŝƐĐƵƐƐĞĚĂŶĚŚĂǀŝŶŐƚŽĐŽŵĞŝŶƚŚƌŽƵŐŚƚŚĞďĂĐŬŽĨƚŚĞďƵŝůĚŝŶŐ͖ƐƵŐŐĞƐƚĞĚƌĞĚƵĐŝŶŐůĂŶĞƐŽĨƚƌĂĨĨŝĐĨŽƌ
ƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚLJ͖ďƵƌLJŝŶŐŽĨĞůĞĐƚƌŝĐĂůůŝŶĞƐ͖ŶŽŶ Ͳ ĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞ<WEůĂŶĚƵƐĞ͖ĂŶĚĞdžƉƌĞƐƐĞĚ
ĨƌƵƐƚƌĂƚŝŽŶǁŝƚŚƚŚĞĚĞǀĞůŽƉĞƌŝŶŶŽƚƉƌŽǀŝĚŝŶŐĂŶƐǁĞƌƐƚŽƋƵĞƐƚŝŽŶƐ͘
Dƌ͘EĂƚĞ^ƚĞŶnjĞů͕ůŽĐĂƚĞĚĂƚϲϳϭϳ'ĂŝůůĂƌŝĂƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
,ĞĂĚĚƌĞƐƐĞĚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĐŽŶĐĞƌŶƐŶŽƚĞĚďLJDƐ͘tĞůƐŚŝŶŚĞƌƉƌĞƐĞŶƚĂƚŝŽŶ͖ƚŚĞƉĞĚĞƐƚƌŝĂŶ
ǁĂůŬǁĂLJĂƌĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞWƵďůŝĐtŽƌŬƐƌĞƋƵŝƌĞŵĞŶƚƐ͖ƚŚĞƌĞŝƐĂƉŽƐƐŝďŝůŝƚLJŽĨĂƉƉůŝĐĂƚŝŽŶĨŽƌ
d/&ĨƵŶĚŝŶŐ͖ĂŶĚŚĞŚĞĂƌĚŵŽƌĞĐŽŵŵĞŶƚƐƚŚĂŶƋƵĞƐƚŝŽŶƐĚƵƌŝŶŐƚŚĞŶĞŝŐŚďŽƌŚŽŽĚĚŝƐĐƵƐƐŝŽŶƐ͖
ĚŝƐĐƵƐƐĞĚƚŚĞŽƉƚŝŽŶƐĨŽƌŵŽǀŝŶŐƚŚĞƌĞƚĂŝůŝŶƌĞůĂƚŝŽŶƚŽůŝŵŝƚĞĚůŽĐĂƚŝŽŶƐĨŽƌƉĂƌŬŝŶŐ͘
DƐ͘:ĞƐƐĞtĞůƐŚ͕ƉƌĞƐŝĚĞŶƚŽĨƚŚĞ<ƵƚnjŬLJEĞŝŐŚďŽƌŚŽŽĚƐƐŽĐŝĂƚŝŽŶ͕ƌĞƐŝĚŝŶŐĂƚϭϭϮϰϮ ŶĚ^ƚƌĞĞƚEt͕
ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞĂƐŬĞĚĂďŽƵƚƚŚĞƉƌĞůŝŵŝŶĂƌLJĚĞƐŝŐŶǀĞƌƐƵƐĨŝŶĂů
ƐƚĂŐĞŽĨƚŚĞƉƌŽũĞĐƚ͖ĂƐŬĞĚĂďŽƵƚƚŚĞƚŝŵĞůŝŶĞŽĨƚŚĞƉƌŽũĞĐƚ͖ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŝƐĂǁĂƌĞƚŚĞƉƌŽũĞĐƚŝƐ
ĚŝĨĨĞƌĞŶƚǁŚĂƚŝƐĐƵƌƌĞŶƚůLJƚŚĞƌĞ͕ďƵƚLJĞƚĂƌĞĚŝƐĂƉƉŽŝŶƚĞĚƚŚĂƚƚŚĞƉƌŽũĞĐƚĚŽĞƐŶŽƚŚĂǀĞĂŶĂĐƚŝǀĞ
ƚŚ
ƐƚƌĞĞƚŽŶϭϲ^ƚƌĞĞƚ͖ĚƵƌŝŶŐƚŚĞŝƌŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐƚŚĞƌĞǁĂƐĂƐƵŐŐĞƐƚŝŽŶƐƚŚĞĚĞǀĞůŽƉŵĞŶƚ
ŵŝŐŚƚƐĞĞŬĂƐƐŝƐƚĂŶĐĞĨƌŽŵDEĞƐŝŐŶĞŶƚĞƌ͘
Dƌ͘EĂƚĞ^ƚĞŶnjĞů͕ůŽĐĂƚĞĚĂƚϲϳϭϳ'ĂŝůůĂƌŝĂƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
,ĞĐŽŵŵĞŶƚĞĚĨƌŽŵĞĂƌůŝĞƌǁĂƐĨŽƌƉƌĞůŝŵŝŶĂƌLJƉƌŝĐŝŶŐĨŽƌƚŚĞd/&ĨƵŶĚŝŶŐĂƐŵĂLJďĞŶĞĞĚĞĚ͘
Ɛƚ
DƐ͘<ĞůůŝĞDƵĞůůĞƌ͕ƌĞƐŝĚŝŶŐĂƚϳϮϳϭ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘^ŚĞ
ĐŽŵŵĞŶƚĞĚĂďŽƵƚƚŚĞϭϬĨŽŽƚŐƌĂĚĞĚƌŽƉŝŶĞůĞǀĂƚŝŽŶĨƌŽŵƚŚĞďƵŝůĚŝŶŐƚŽƚŚĞƐŝĚĞǁĂůŬĨŽƌƉĞĚĞƐƚƌŝĂŶ
ƵƐĞ͘
Dƌ͘EĂƚĞ^ƚĞŶnjĞů͕ůŽĐĂƚĞĚĂƚϲϳϭϳ'ĂŝůůĂƌŝĂƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
Ɛƚ
,ĞĂĚĚƌĞƐƐĞĚƚŚĞƐŝŐŶŝĨŝĐĂŶƚŐƌĂĚĞĐŚĂŶŐĞŽŶƚŚĞϭ^ƚƌĞĞƚĂŶĚĞŶƚĞƌ^ƚƌĞĞƚƐŝĚĞĂŶĚƚŚŝƐǁŝůůďĞ
ĂĚĚƌĞƐƐĞĚǁŝƚŚĂŶĐŽŵƉůŝĂŶĐĞƌĂŵƉƐƚLJůĞ͘
DƐ͘<ĞůůŝĞDƵĞůůĞƌ͕ƌĞƐŝĚŝŶŐĂƚϳϮϳϭ Ɛƚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘^ŚĞ
ĂƐŬĞĚĂďŽƵƚƚŚĞƌĂŝůŝŶŐŵĂƚĞƌŝĂůĨŽƌǁŚĞƌĞƚŚĞƚƌƵĐŬƐĚƌŝǀĞƚŚƌŽƵŐŚ͘
_3DJH
3DFNHW3J
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ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϭϰ͕ϮϬϭϲ
ƌĚ
Dƌ͘WĞƚƌŽDĞŐŝƚƐ͕ĂƌĐŚŝƚĞĐƚ͕ƌĞƐŝĚŝŶŐϭϴϮϵϯǀĞŶƵĞ^͕DŝŶŶĞĂƉŽůŝƐ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞ
ŽŵŵŝƐƐŝŽŶ͘,ĞƉŽŝŶƚĞĚŽƵƚŽŶƚŚĞƉůĂŶƚŚĞůĂŶĚƐĐĂƉŝŶŐƉůĂŶƚĞƌƐǁŚŝĐŚĞdžŝƐƚŝŶƚŚĞůŽĐĂƚŝŽŶƋƵĞƐƚŝŽŶĞĚ
ŶĞĂƌƚŚĞƌĞƚĂŝŶŝŶŐǁĂůůĂŶĚĨĞŶĐŝŶŐŵĂƚĞƌŝĂů͘
DƐ͘<ĞůůŝĞDƵĞůůĞƌ͕ƌĞƐŝĚŝŶŐĂƚϳϮϳϭ Ɛƚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘^ŚĞ
ĐŽŵŵĞŶƚĞĚƐŚĞƌĞĐŽŵŵĞŶĚĞĚĐŽŶƚŝŶƵŝŶŐƚŚĞƉƌŽũĞĐƚĨŽƌƚŚĞƌĞĂƐŽŶŽŶŵŽƌĞĚŝƐĐƵƐƐŝŽŶƐĂŶĚŝŶƉƵƚ
ŶĞĞĚƐƚŽƚĂŬĞƉůĂĐĞ͖ƚŚĞƉƌŽƉĞƌƚLJŝƐŝŶƚŚĞ<WEůĂŶĚƵƐĞ͕'ĂƚĞǁĂLJŝƐƚƌŝĐƚĂƌĞĂĂŶĚƚŚĞϮ ŶĚƐƚƌĞĞƚ
ĐŽƌƌŝĚŽƌƉůĂŶĂƐǁĞůůĂƐďĞŝŶŐŝŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞDĚĞƐŝŐŶŐƵŝĚĞůŝŶĞƐ͘
ƚŚ
Dƌ͘ŶĚLJDĂƐƚĞƌƉŽůĞ͕ƌĞƐŝĚŝŶŐĂƚϵϭϯǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘
,ĞĞdžƉůĂŝŶĞĚĨƌƵƐƚƌĂƚŝŽŶǁŝƚŚƚŚĞĂŵĞŶĚŵĞŶƚWhƉƌŽĐĞƐƐ͖ƉƌŽũĞĐƚĚŽĞƐŶŽƚŵĞĞƚŵĂŶLJŽĨƚŚĞƉŽůŝĐŝĞƐ
ĞŶĨŽƌĐĞĚĨŽƌƚŚĞĂƌĞĂ͖ŚĞƌĞǀŝĞǁĞĚŚŝƐƚŽǁŶĐĞŶƚĞƌĚĞƐŝŐŶǀĞƌƐƵƐĂƐƚƌŝƉĐĞŶƚĞƌĚĞƐŝŐŶ͖ƌĞǀŝĞǁĞĚƚŚĞ
ĐƌŝƚĞƌŝĂĨŽƌĂŶĂŵĞŶĚŵĞŶƚƚŽĂWhĂŶĚŚŽǁƚŚĞƉƌŽũĞĐƚĚŽĞƐŶŽƚŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂůŝƐƚĞĚŝŶƚŚĞŽŶŝŶŐ
KƌĚŝŶĂŶĐĞ͖ŚĞƐƚĂƚĞĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞŵĂĐĐĞƉƚƚŚĞŽĨĨĞƌŽĨĚĞƐŝŐŶĂƐƐŝƐƚĂŶĐĞĨƌŽŵDEĞƐŝŐŶ
ĞŶƚĞƌ͘
Dƌ͘EĂƚĞ^ƚĞŶnjĞů͕ůŽĐĂƚĞĚĂƚϲϳϭϳ'ĂŝůůĂƌŝĂƌŝǀĞEt͕ZŽĐŚĞƐƚĞƌDEϱϱϵϬϭ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
,ĞĂĚĚƌĞƐƐĞĚƚŚĞƋƵĞƐƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚŵĞĞƚŝŶŐĐƌŝƚĞƌŝĂƌĞƋƵŝƌĞŵĞŶƚƐ͖ŶŽƚĞĚƚŚĞLJŚĂǀĞĂƚĞŶĂŶƚǁŚŝĐŚ
ŝƐĚĞƉĞŶĚĞŶƚŽŶƚŚĞƉƌŽũĞĐƚŵŽǀŝŶŐĨŽƌǁĂƌĚ͖ĂŶĚƐƚĂƚĞĚŚĞĨĞĞůƐƚŚĞLJŚĂǀĞĂŐŽŽĚĂŶĚĂǀŝĂďůĞƉƌŽũĞĐƚ͘
tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘
ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞĐƌŝƚĞƌŝĂĨŽƌĚĞƐŝƌĂďůĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞ
ďƵŝůĚŝŶŐ͖ƉƌĞƐĞŶƚĞĚƉŽƐƐŝďůĞƚĞŶĂŶƚƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ƉƌŽũĞĐƚďĞŝŶŐŝŶĐůƵĚĞĚŝŶƚŚĞϮ ŶĚ^ƚƌĞĞƚ
ĐŽƌƌŝĚŽƌƉůĂŶ͖ůĂŶĚƵƐĞĐƌŝƚĞƌŝĂďĞŝŶŐĞǀĂůƵĂƚĞĚƵŶĚĞƌƚŚĞͲ ϰnjŽŶŝŶŐ͖ƚŚĞĚĞƐŝŐŶŽĨƚŚĞƉĂƌŬŝŶŐůŽƚǁŝƚŚĂ
ƉƌŽƉŽƐĞĚŐƌŽĐĞƌLJƐƚŽƌĞŝƐƚŚĞƉƌŽƉĞƌůĂLJŽƵƚͬĚĞƐŝŐŶ͖ƋƵĞƐƚŝŽŶŽĨƚŚĞĚĞƐŝƌĂďůĞĚĞĨŝŶŝƚŝŽŶŽĨŽƌŝĞŶƚĂƚŝŽŶŽĨ
ƚŚĞďƵŝůĚŝŶŐŝƐĨŽƌƚŚĞĐŽŵŵƵŶŝƚLJ͕ŶĞŝŐŚďŽƌŚŽŽĚ͕ƉĞĚĞƐƚƌŝĂŶƐ͖ƚŚĞƌĞĂƌĞŵĂŶLJĨĂĐƚŽƌƐŽĨĂĨĨĞĐƚƐĨŽƌ
ŶĚ
ĐŽŶƐŝĚĞƌŝŶŐĂĚĞƐŝƌĂďůĞŽƌŝĞŶƚĂƚŝŽŶ͕ƚŚĞůĂŶŐƵĂŐĞŝƐŐĞŶĞƌŝĐ͖ŝƐƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌƉůĂŶƉĂƌƚŽĨƚŚĞ
ĚŝƐĐƵƐƐŝŽŶĨŽƌĂĨĨĞĐƚŝŶŐĂĚĞĐŝƐŝŽŶŽŶƚŚĞƉƌŽũĞĐƚ͘
Dƌ͘ƵŶŶƐƚĂƚĞĚǁŚĞŶƐƚĂĨĨůŽŽŬĞĚĂƚƚŚĞŽƌŝŐŝŶĂůƉůĂŶƚŚĞƌĞǁĞƌĞƐƉĞĐŝĨŝĐƐǁŝƚŚůĂŶĚƐĐĂƉĞ͕ĞƚĐ͘ĂŶĚƚŚŝƐ
ǁĂƐŵŽƌĞŽĨƚĞĐŚŶŝĐĂůŝƚLJ͖ǁŚĞŶƚŚĞƌĞǀŝƐĞĚƉůĂŶƐǁĞƌĞƐƵďŵŝƚƚĞĚƐƚĂĨĨĨĞůƚĐŽŶĨŝĚĞŶƚƚŚĞƌĞǀŝƐŝŽŶƐ
ĐůĞĂƌĞĚƵƉƐŽŵĞŽĨƚŚŽƐĞĐŽŶĐĞƌŶƐĂŶĚǁĞƌĞĐŽŵĨŽƌƚĂďůĞƌĞĐŽŵŵĞŶĚŝŶŐĂŶĂƉƉƌŽǀĂů͘
ŝƐĐƵƐƐŝŽŶĐŽŶƚŝŶƵĞĚďLJƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞƐŚŽƌƚƚŝŵĞĨŽƌƌĞǀŝĞǁǁŝƚŚƌĞĐĞŝǀŝŶŐĂƌĞǀŝƐĞĚƐƵďŵŝƚƚĂů
ŽĨƉůĂŶƐ͘
DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĐŽŶƚŝŶƵĂƚŝŽŶŽĨŵĞŶĚŵĞŶƚƚŽƚŚĞZŽĐŚĞƐƚĞƌ^ŚŽƉƉŝŶŐĞŶƚĞƌ
WhηZϮϬϭϲ Ͳ ϬϬϭWhďĂƐĞĚŽŶĂůůŽǁŝŶŐĨƵƌƚŚĞƌƚŝŵĞĨŽƌƚŚĞĐŽŵŵŝƐƐŝŽŶƚŽƌĞǀŝĞǁƚŚĞƌĞǀŝƐĞĚƉůĂŶ
ƐƵďŵŝƚƚĞĚƚŽƚŚĞKĐƚŽďĞƌϯ͕ϮϬϭϲWŵĞĞƚŝŶŐ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘
Dƌ͘ƵƌƐƚĐŽŵŵĞŶƚĞĚŽŶŵŽǀŝŶŐƚŚĞƉƌŽũĞĐƚĨŽƌǁĂƌĚǁŝƚŚĂĚĞŶŝĂůƐŝŶĐĞĐŽŶƐĞŶƐƵƐƐĞĞŵƐƚŽďĞĚĞŶŝĂů͖
Dƌ͘tĂůƚĞƌƐƐƚĂƚĞĚŚĞĨĞĞůƐŝŶŐŽŽĚĨĂŝƚŚŚĞĚŝĚŶŽƚŚĂǀĞƚŝŵĞƚŽƌĞǀŝĞǁƚŚĞƉůĂŶƐ͖ďƵƚĐƌŝƚĞƌŝĂ,ŝƐŶŽƚ
ǀĂůŝĚĨŽƌĂŶĂƉƉƌŽǀĂůĚĞĐŝƐŝŽŶ͖DƐ͘DĞĞŬƌĞǀŝĞǁĞĚŚĞƌĐŽŶǀĞƌƐĂƚŝŽŶǁŝƚŚŝƚLJWƵďůŝĐtŽƌŬƐŝŶƌĞŐĂƌĚƐƚŽ
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ŝŵƉƌŽǀĞŵĞŶƚƐƚŽϭϲ^ƚƌĞĞƚĂŶĚƉŽƐƐŝďůĞĨƵƌƚŚĞƌĚŝƐĐƵƐƐŝŽŶƐďĞƚǁĞĞŶƚŚĞĚĞǀĞůŽƉĞƌĂŶĚƚŚĞŝƚLJ
WƵďůŝĐƐĐŽƵůĚƚĂŬĞƉůĂĐĞ͘
DƐ͘DĞĞŬĂƐŬĞĚĨŽƌƵŶĂŶŝŵŽƵƐĐŽŶƐĞŶƚƚŽǁŝƚŚĚƌĂǁƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůLJ͘
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ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶĨŽƌĂůůŽǁŝŶŐŵŽƌĞƚŝŵĞƚŽƌĞǀŝĞǁƚŚĞŵĂƚĞƌŝĂůƌĞĐĞŶƚůLJ
ƉƌĞƐĞŶƚĞĚƚŽƚŚĞŽŵŵŝƐƐŝŽŶĂŶĚƚŚĞƉƵďůŝĐ͖ĂŶĚƚŚĞƌĞĐŽƵůĚƉŽƐƐŝďůLJďĞĂĚĚŝƚŝŽŶĂůďĞŶĞĨŝƚƐĨŽƌ
ĐŽŶƚŝŶƵŝŶŐƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘
DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĐŽŶƚŝŶƵĂƚŝŽŶŽĨŵĞŶĚŵĞŶƚƚŽƚŚĞZŽĐŚĞƐƚĞƌ^ŚŽƉƉŝŶŐĞŶƚĞƌ
WhηZϮϬϭϲ Ͳ ϬϬϭWhďĂƐĞĚŽŶĂůůŽǁŝŶŐĨƵƌƚŚĞƌƚŝŵĞĨŽƌƚŚĞĐŽŵŵŝƐƐŝŽŶƚŽƌĞǀŝĞǁƚŚĞƌĞǀŝƐĞĚƉůĂŶ
ƐƵďŵŝƚƚĞĚƚŽƚŚĞ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲWŵĞĞƚŝŶŐ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘
dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϱ Ͳ ϯ͘Dƌ͘ƵƌƐƚ͕Dƌ͘,ŝůůĂŶĚDƌ͘^ŚĞƌǁŽŽĚǀŽƚŝŶŐŶĂLJ͘
&ŝǀĞ Ͳ ŵŝŶƵƚĞƌĞĐĞƐƐǁĂƐƚĂŬĞŶ͘
ŽŶĞŚĂŶŐĞηZϮϬϭϲ Ͳ ϬϬϲĂŶĚ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶ ͲŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚ
ηZϮϬϭϲ Ͳ ϬϯϬhW͕ďLJ^ƚĞŶĐŝů'ƌŽƵƉ͕>>͘dŚĞĂƉƉůŝĐĂŶƚƉƌŽƉŽƐĞƐƚŽƌĞ Ͳ njŽŶĞϯ͘ϬϴĂĐƌĞƐĨƌŽŵͲ ϰ'ĞŶĞƌĂů
ŽŵŵĞƌĐŝĂůŝƐƚƌŝĐƚƚŽͲ ϭZĞƐƚƌŝĐƚĞĚŽŵŵĞƌĐŝĂůŝƐƚƌŝĐƚƚŽĂůůŽǁĨŽƌĂŵƵůƚŝ Ͳ ĨĂŵŝůLJƉƌŽũĞĐƚ͘dŚĞ
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ĂƉĂƌƚŵĞŶƚǁŝƚŚƵŶĚĞƌŐƌŽƵŶĚĂŶĚĂďŽǀĞŐƌŽƵŶĚƉĂƌŬŝŶŐ͘dŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚŽŶƚŚĞƐŽƵƚŚŽĨd,ϭϰ
ĞĂƐƚ͕ǁĞƐƚĂŶĚŶŽƌƚŚŽĨ ĂƐƚŐĂƚĞƌŝǀĞ^ ĂŶĚĞĂƐƚŽĨDĂƌŝŽŶZĚ^ ͘
Dƌ͘:ŽŚŶƐŽŶƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ^ĞƉƚĞŵďĞƌϭϰ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚ
ŝƐŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘
Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘
DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂLJ Ͳ ZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^ ͕ZŽĐŚĞƐƚĞƌDE
ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞĂƐŬĞĚĨŽƌƚŚĞĂĚũĂĐĞŶƚŶĞŝŐŚďŽƌƚŽƚŚĞƉƌŽƉĞƌƚLJďĞĂůůŽǁĞĚƚŽ
ƐƉĞĂŬŐŝǀĞŶƚŚĞůĂƚĞŚŽƵƌ͘
Dƌ͘Žď ůǁŽŽĚ͕ƌĞƐŝĚŝŶŐĂƚϱϮϭϮĞĞƌǁŽŽĚ>ĂŶĞ^ ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞĐŽŵŵŝƐƐŝŽŶ͘
,ĞŝƐƚŚĞďƵƐŝŶĞƐƐŽǁŶĞƌŽĨDĞĚŝƚLJDŽďŝůŝƚLJǁŚŝĐŚŝƐŶĞĂƌƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘,ĞƐƚĂƚĞĚŚŝƐ
ĐŽŶĐĞƌŶŝƐǁŝƚŚƚŚĞƚƌĂĨĨŝĐƐĂĨĞƚLJĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽŶ,ŝŐŚǁĂLJϭϰŶĞĂƌƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͖
ǁŝƚŚĂĚĚŝŶŐŵŽƌĞƚƌĂĨĨŝĐǀŽůƵŵĞƚŚĞĐŽŶĐĞƌŶǁŝƚŚƐĂĨĞƚLJǁŝůůŝŶĐƌĞĂƐĞ͘
DƐ͘tŝůƐŽŶůĞĨƚƚŚĞŵĞĞƚŝŶŐ;ϭϬ͗ϰϱƉŵͿ
DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂLJ Ͳ ZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^ ͕ZŽĐŚĞƐƚĞƌDE
ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞƌĞǀŝĞǁĞĚƚŚĞĂƐƉĞĐƚƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚďĞŝŶŐƉƌŽƉŽƐĞĚ͖ƚŚĞ
ŶĞĂƌďLJĐŽŵŵĞƌĐŝĂůďƵƐŝŶĞƐƐĞƐ͖ŚŽǁŵƵůƚŝ Ͳ ĨĂŵŝůLJǁŝůůĨŝƚŝŶƚŽƚŚĞĂƌĞĂnjŽŶŝŶŐĚŝƐƚƌŝĐƚƐ͘
Dƌ͘tĂůƚĞƌƐĂƐŬĞĚĂďŽƵƚƐƉŽƚnjŽŶŝŶŐ͘
DƐ͘DĐ'ŝůůŝǀƌĂLJ Ͳ ZŝǀĂƐŶŽƚĞĚƚŚĞLJĂƌĞĂƐŬŝŶŐĨŽƌͲ ϭǁŚŝĐŚĐĂŶďĞĨŽƵŶĚĂĚũĂĐĞŶƚƚŽͲ ϰ͖ĐůĂƌŝĨLJŝŶŐƚŚĞ
njŽŶĞĐŚĂŶŐĞĂƉƉƌŽǀĂůŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞŝŶĐĞŶƚŝǀĞĚĞǀĞůŽƉŵĞŶƚ͖ƌĞĐĂƉƉĞĚƚŚĞĞĂƌůŝĞƌ
ŵĞĞƚŝŶŐǁŝƚŚWůĂŶŶŝŶŐ^ƚĂĨĨŽŶƉƌŽĐĞĞĚŝŶŐǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ƚŚĞƌĞŝƐƚŚĞĚĞƐŝƌĞƚŽĚĞǀĞůŽƉŵĞŶƚ
ƌĞƐŝĚĞŶƚŝĂůŚŽƵƐŝŶŐŝŶƚŚĞĐŽŵŵĞƌĐŝĂůĂƌĞĂƐ͖ĂŶĚƌĞǀŝĞǁĞĚĞdžƚĞƌŝŽƌůĂLJŽƵƚŽĨƚŚĞďƵŝůĚŝŶŐ͘^ŚĞƚŚĞŶ
ƌĞǀŝĞǁĞĚƚŚĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĚĞŶŝĂůďLJƐƚĂĨĨĂŶĚĞdžƉƌĞƐƐĞĚŚŽǁƚŚĞƉƌŽũĞĐƚŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ
ĂŶĂƉƉƌŽǀĂů͘
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ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ
ϭ͘WƌŝŽƌƚŽƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂLJǀĂĐĂƚŝŽŶ͕ƚŚĞƉĞƚŝƚŝŽŶĞƌƐŚĂůůĞdžĞĐƵƚĞĞĂƐĞŵĞŶƚƐĨŽƌĞdžŝƐƚŝŶŐǁĂƚĞƌŵĂŝŶĂŶĚ
ƐĞƌǀŝĐĞůŝŶĞƐǁŝƚŚŝŶƚŚĞǀĂĐĂƚŝŽŶďŽƵŶĚĂƌLJ͘
Ϯ͘WƌŝŽƌƚŽǀĂĐĂƚŝŽŶŽĨƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂLJ͕ƚŚŝƐƌŽĂĚǁĂLJƐŚĂůůďĞŬŶŽǁŶĂƐ͞ŽƵŶƚLJZŽĂĚϭϱϭ͟Žƌ͞ĨŽƌŵĞƌůLJ
ŽƵŶƚLJZŽĂĚϭϱϭ͘͟
ϯ͘hŶůĞƐƐ/DĚĞƐŝŐŶĂƚĞƐĂŶĞǁ ϵϭϭŶĂŵĞĨŽƌƚŚĞƉƌŝǀĂƚĞƌŽĂĚǁŝƚŚKůŵƐƚĞĚŽƵŶƚLJ'/^͕ƚŚĞƌŽĂĚ
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ŽŶƚŝŶƵĞĚ/ƚĞŵƐ͗
ŵĞŶĚŵĞŶƚƚŽƚŚĞZŽĐŚĞƐƚĞƌ^ŚŽƉƉŝŶŐĞŶƚĞƌWhηZϮϬϭϲ Ͳ ϬϬϭWhďLJDŝƌĂĐůĞDŝůĞ͕>>͘dŚĞ
ĂƉƉůŝĐĂŶƚƉƌŽƉŽƐĞƐƚŽŵŽĚŝĨLJϯ͘ϱϭĂĐƌĞƐŽĨƚŚĞĞdžŝƐƚŝŶŐDŝƌĂĐůĞDŝůĞ^ŚŽƉƉŝŶŐĞŶƚĞƌǁŝƚŚƚŚĞ
ĚĞǀĞůŽƉŵĞŶƚŽĨĂϯϬ͕ϰϲϬ^Ƌ&ƚŐƌŽĐĞƌLJƐƚŽƌLJ͕ϲ͕ϴϬϬ^Ƌ&ƚŽĨŽƚŚĞƌĐŽŵŵĞƌĐŝĂů͕ƌĞƚĂŝů͕ƌĞƐƚĂƵƌĂŶƚƐƉĂĐĞ
ĂŶĚĂŵƵůƚŝ Ͳ ĨĂŵŝůLJŚŽƵƐŝŶŐƉƌŽũĞĐƚŽĨϱƐƚŽƌŝĞƐǁŝƚŚϭϬϳƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐ͘dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚĞĂƐƚŽĨ
ϭϳƚŚǀĞŶƵĞ^t͕ŶŽƌƚŚŽĨϭƐƚ^ƚƌĞĞƚ^t͕ǁĞƐƚŽĨϭϲƚŚǀĞŶƵĞ^tŝŶƚŚĞDŝƌĂĐůĞDŝůĞ^ŚŽƉƉŝŶŐ
ĞŶƚĞƌ͘
Dƌ͘tĂůƚĞƌƐƉƌĞƐĞŶƚĞĚŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚďLJŝƚLJůĞŐĂůĐŽƵŶƐĞůŶŽƚŝŶŐƚŚĞƉƌŽĐĞƐƐǁŚŝĐŚŶĞĞĚƐƚŽ
ƉůĂĐĞĨŽƌŚŽůĚŝŶŐĂƉƵďůŝĐŚĞĂƌŝŶŐ͖ĂƚƚŚĞƉƌĞǀŝŽƵƐůLJŚĞůĚWŵĞĞƚŝŶŐƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐǁĂƐĐůŽƐĞĚ
ƚŚĞŶĂŵŽƚŝŽŶǁĂƐŵĂĚĞƚŽĐŽŶƚŝŶƵĞƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘,ĞŶŽƚĞĚƚŚĞŵĞŵŽĨƌŽŵŝƚLJůĞŐĂůĐŽƵŶƐĞůŶŽƚĞĚ
ƚŚŝƐǁĂƐƚŚĞŝŶĐŽƌƌĞĐƚƉƌŽĐĞĚƵƌĞƚŽĨŽůůŽǁĂŶĚŵĂLJďĞŝŶǀŝŽůĂƚŝŽŶŽĨKƉĞŶDĞĞƚŝŶŐ>Ăǁ͘
DƐ͘tŝůƐŽŶĂƐŬĞĚĂďŽƵƚƚŚĞƉƵďůŝĐďĞŝŶŐĂďůĞƚŽŐŝǀĞƚĞƐƚŝŵŽŶLJ͘
Dƌ͘tĂůƚĞƌƐƉƌĞƐĞŶƚĞĚŽƉŝŶŝŽŶƐƚŽƚŚĞĐŽŵŵŝƐƐŝŽŶŵĞŵďĞƌƐĨŽƌŵŽǀŝŶŐĨŽƌǁĂƌĚŐŝǀĞŶƚŚĞĂĚǀŝĐĞŽĨ
ĐŽƵŶƐĞů͘
Dƌ͘ ŶŐĞůƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ
ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘
Dƌ͘tĂůƚĞƌƐƉƌŽĐĞĞĚĞĚƚŽĂƐŬŚŽǁƚŚĞĐŽŵŵŝƐƐŝŽŶŵĞŵďĞƌƐǁŽƵůĚůŝŬĞƚŽƉƌŽĐĞĞĚǁŝƚŚƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘
ŶĚ
DƐ͘DĞĞŬĂƐŬĞĚWůĂŶŶŝŶŐƐƚĂĨĨĂďŽƵƚƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌƉůĂŶďŽƵŶĚĂƌLJŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƉƌŽƉŽƐĞĚ
ƉƌŽũĞĐƚ͘
ŶĚ
Dƌ͘ ŶŐĞůƉƌĞƐĞŶƚĞĚƚŚĞŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚĞďŽƵŶĚĂƌLJŽĨƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌƐƚƵĚLJ͕ƐƚĂƚŝŶŐƚŚĞ
ƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŝƐŶŽƚŶŽƚĞĚŝŶƚŚĞƉůĂŶŶŝŶŐĚŽĐƵŵĞŶƚƐ͘
ŶĚ
ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚƌĞŐĂƌĚŝŶŐƚŚĞůŽĐĂƚŝŽŶŽĨƚŚĞďŽƵŶĚĂƌLJůŝŶĞŝŶƌĞůĂƚŝŽŶƚŽƚŚĞDŝƌĂĐůĞƐŝƚĞĂŶĚƚŚĞϮ
^ƚƌĞĞƚĐŽƌƌŝĚŽƌƉůĂŶ͘
DƐ͘tŝůƐŽŶĂƐŬĞĚŝĨĂŶLJŝŶĨŽƌŵĂƚŝŽŶŚĂĚďĞĞŶŐŝǀĞŶƚŽƚŚĞƉƵďůŝĐŽƌƚŚĞĚĞǀĞůŽƉĞƌƐďĞĨŽƌĞƚŽŶŝŐŚƚƚŚĂƚ
ƚŚĞƌĞǁŽƵůĚďĞŶŽƉƵďůŝĐŚĞĂƌŝŶŐĂƚƚŽŶŝŐŚƚ͛ƐŵĞĞƚŝŶŐ͘
Dƌ͘tĂůƚĞƌƐƐƚĂƚĞĚďLJĐŽŶƚŝŶƵŝŶŐǁŝƚŚĂƉƵďůŝĐŚĞĂƌŝŶŐ͖ƚŚŝƐǁŽƵůĚďĞĂǀŝŽůĂƚŝŽŶŽĨĂƐƚĂƚĞƐƚĂƚƵƚĞŽĨ
KƉĞŶ>ĂǁDĞĞƚŝŶŐ͘
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DƐ͘DĞĞŬĂƐŬĞĚŝĨƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚŚĂƐƌĞĐĞŝǀĞĚĂŶLJĂĚĚŝƚŝŽŶĂůƐƵďŵŝƚƚĂůŵĂƚĞƌŝĂůƐ͕Ğ Ͳ ŵĂŝůƐŽƌ
ŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞĚĞǀĞůŽƉĞƌ͘
Dƌ͘ ŶŐĞůŶŽƚĞĚƚŚĞŽŶůLJĐŚĂŶŐĞǁĂƐĂŶĂĚĚŝƚŝŽŶŽĨĂŶĞĂƐĞŵĞŶƚ͖ĂůůŝŶĨŽƌŵĂƚŝŽŶŝƐƚŚĞƐĂŵĞĂƐǁĂƐ
ƐƵďŵŝƚƚĞĚĂƚƚŚĞůĂƐƚŵĞĞƚŝŶŐ͘,ĞƚŚĞŶƌĞĂĚƚŚĞWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚƐƚĂƚĞŵĞŶƚǁŚŝĐŚǁĂƐŝŶĐůƵĚĞĚŝŶ
ƚŚĞŵĞĞƚŝŶŐƉĂĐŬĞƚƌĞŐĂƌĚŝŶŐƉĂƌŬŝŶŐĂůŽŶŐϭϲ ƚŚǀĞŶƵĞ͘
Dƌ͘ƵƌƐƚƐƚĂƚĞĚƚŚĞŝŶĨŽƌŵĂƚŝŽŶŚĂƐďĞĞŶƌĞĐĞŝǀĞĚ͕ŶŽƚĐŚĂŶŐĞĚ͕ŚĞĚŽĞƐŶŽƚƐĞĞƚŚĞŶĞĞĚƚŽŽƉĞŶĂ
ƉƵďůŝĐŚĞĂƌŝŶŐŽŶƚŚĞďĂƐŝƐƚŚĞƉƌŽũĞĐƚĚŽĞƐŶŽƚŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞKƌĚŝŶĂŶĐĞ͘
Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĚĞŶŝĂůŽĨŵĞŶĚŵĞŶƚƚŽƚŚĞZŽĐŚĞƐƚĞƌ^ŚŽƉƉŝŶŐĞŶƚĞƌWh
ηZϮϬϭϲ Ͳ ϬϬϭWhďĂƐĞĚŽŶĨĂŝůŝŶŐƚŽŵĞĞƚƌŝƚĞƌŝĂŐĞŶĞƌĂůĐĂƉĂĐŝƚLJĂŶĚŝŶƚĞƌŶĂůƐŝƚĞĚĞƐŝŐŶ;^ĞĐƚŝŽŶƐ
ϲϮ͘ϳϬϲĂŶĚϲϮ͘ϳϬϴͿ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘
ƚŚ
DƐ͘DĞĞŬƐƚĂƚĞĚƐŚĞŚĂĚĐŽŶƚĂĐƚĞĚWƵďůŝĐtŽƌŬƐŝŶƌĞŐĂƌĚƐƚŽϭϲǀĞŶƵĞŽŶƐƚƌĞĞƚƉĂƌŬŝŶŐ͖ƚŚĞŝƌ
ƚŚ
ƌĞƐƉŽŶƐĞǁĂƐƚŚĞLJǁĞƌĞŽƉĞŶƚŽĚŝƐĐƵƐƐŝŽŶǁŝƚŚƌĞŐĂƌĚƐƚŽŽƉƚŝŽŶƐŽĨƉĂƌŬŝŶŐŽŶϭϲǀĞŶƵĞǁŚŝĐŚ
ŵĂLJĂůůŽǁĨŽƌƌĞƚĂŝůŽŶƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ͖ƚŚĞŶĂƚƚŚĞŵĞĞƚŝŶŐƚŚĞĚĞǀĞůŽƉĞƌƐƚĂƚĞĚƌĞƚĂŝů
ĚĞƐŝŐŶůĂLJŽƵƚŝƐŶŽƚĂŶŽƉƚŝŽŶďĞĐĂƵƐĞŽŶƐƚƌĞĞƚƉĂƌŬŝŶŐŝƐŶŽƚĂǀĂŝůĂďůĞ͖ƐŚĞŶŽƚĞĚƚŚĞŶƐŚĞĚŝĚĐŽŶƚĂĐƚ
ZŝĐŚĂƌĚ&ƌĞĞƐĞǁŝƚŚWƵďůŝĐtŽƌŬƐĨŽůůŽǁŝŶŐƚŚĞůĂƐƚWDĞĞƚŝŶŐ͖ƐŚĞƌĞĂĚĂŶĞŵĂŝůƌĞĐĞŝǀĞĚĨƌŽŵDƌ͘
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ŝŶĨŽƌŵĂƚŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞƌĞĂƐŽŶƐĨŽƌƚŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐŽƌŝĞŶƚĂƚŝŽŶ͘
ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽǁŚĞƚŚĞƌĂĐŽŶƚŝŶƵĂƚŝŽŶŝƐĂƉƉƌŽƉƌŝĂƚĞƚŽĂůůŽǁ
ĨŽƌƚŚĞĂƉƉůŝĐĂŶƚ͕ƐŚŽƵůĚƚŚĞLJǁŝƐŚ͕ƚŽŚĂǀĞƚŚĞŽƉƚŝŽŶƚŽƚĂůŬǁŝƚŚƚŚĞWƵďůŝĐtŽƌŬƐĂŶĚͬŽƌĐŽŵĞ
ĨŽƌǁĂƌĚƚŽƚŚĞĐŽŵŵŝƐƐŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞŽŶƐƚƌĞĞƚƉĂƌŬŝŶŐ͖ĂůƐŽƐŽŵĞĐŽŵŵŝƐƐŝŽŶĞƌƐĨĞůƚƚŚĞĚĞǀĞůŽƉĞƌ
ŚĂĚƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚŝĚŶŽƚŽĨĨĞƌĂŶLJĂĚĚŝƚŝŽŶĂůĚŝƐĐƵƐƐŝŽŶƐŽƚŚĞĐŽŵŵŝƐƐŝŽŶƐŚŽƵůĚŵŽǀĞĨŽƌǁĂƌĚ
ǁŝƚŚĂŶĂĐƚŝŽŶ͘
Dƌ͘^ŝŵƐŵĂĚĞĂŵŽƚŝŽŶƚŽƚĂďůĞƚŚĞĚŝƐĐƵƐƐŝŽŶĨƌŽŵƚŚĞŵŽƚŝŽŶŵĂĚĞďLJDƌ͘ƵƌƐƚ͘DƐ͘DĞĞŬ
ƐĞĐŽŶĚĞĚ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϰ Ͳ ϯ͘Dƌ͘tĂůƚĞƌƐ͕Dƌ͘,ŝůůĂŶĚDƌ͘ƵƌƐƚǀŽƚŝŶŐŶĂLJ͘
DƐ͘DĞĞŬŵĂĚĞĂŵŽƚŝŽŶƚŽĐŽŶƚŝŶƵĞƚŽƚŚĞŵŽƐƚƌĞĂƐŽŶĂďůĞĚĂƚĞĨŽƌŵĞŶĚŵĞŶƚƚŽƚŚĞ
ZŽĐŚĞƐƚĞƌ^ŚŽƉƉŝŶŐĞŶƚĞƌWhηZϮϬϭϲ Ͳ ϬϬϭWhƚŽŽƉĞŶĨŽƌĂƉƵďůŝĐŚĞĂƌŝŶŐĂŶĚŶŽƚŝĨŝĐĂƚŝŽŶƐƐĞŶƚ
ŽƵƚ͘DƐ͘^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚ͘
DƐ͘DĞĞŬĂůůŽǁŝŶŐƚŚĞĐŽŶƚŝŶƵĂŶĐĞǁŝůůŐŝǀĞƚŚĞĂƉƉůŝĐĂŶƚĂŶĚƚŚĞƉƵďůŝĐƚŚĞŽƉƚŝŽŶƚŽǀŽŝĐĞŽƉŝŶŝŽŶƐ
ĨŽƌƚŚĞƉƌŽũĞĐƚ͘
dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϰ Ͳ ϯ͘Dƌ͘tĂůƚĞƌƐ͕Dƌ͘,ŝůůĂŶĚDƌ͘ƵƌƐƚǀŽƚŝŶŐŶĂLJ͘
WƵďůŝĐ,ĞĂƌŝŶŐƐ͗
'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϯϳ'WďLJz,ĂŶĚ ͕>>ƚŽďĞŬŶŽǁŶĂƐ^ĐĞŶŝĐKĂŬƐtĞƐƚ͘dŚĞ
ƉůĂŶŝŶĐůƵĚĞƐĨŝǀĞƉĂƌĐĞůƐĐŽǀĞƌŝŶŐϭϳϲĂĐƌĞƐ͘dŚĞƉƌŽƉĞƌƚLJŝƐůŽĐĂƚĞĚǁĞƐƚŽĨƚŚĞ^ĐĞŶŝĐKĂŬƐ
ƐƵďĚŝǀŝƐŝŽŶƐ͕ĞĂƐƚŽĨϯϭƐƚǀĞŶƵĞ^tĂŶĚƐŽƵƚŚŽĨϰϴƚŚ^ƚƌĞĞƚ^tŝŶ^ĞĐƚŝŽŶƐϮϴĂŶĚϯϯŽĨZŽĐŚĞƐƚĞƌ
dŽǁŶƐŚŝƉ͘
Dƌ͘ ůůĞƌďƵƐĐŚƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ^ĞƉƚϮϴ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐ
ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘
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ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗KĐƚŽďĞƌϭϮ͕ϮϬϭϲ
Dƌ͘<ĞǀŝŶ'ƵLJĞ͕ƌĞƐŝĚŝŶŐĂƚϮϮϰϮDĂƌŝŽŶZŽĂĚ^ ͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ŝƐĂŶĞŝŐŚďŽƌƚŽƚŚĞĂƉƉůŝĐĂŶƚ͖ŚĞŶŽƚĞĚŚŝƐĚƌŝǀĞǁĂLJŝƐƵƐĞĚďLJƚŚĞĂƉƉůŝĐĂŶƚǁŝƚŚŽƵƚĂŶLJĞĂƐĞŵĞŶƚƐ͖ŚĞ
ǁŽƵůĚůŝŬĞƚŽŬŶŽǁŚŽǁƚŚĞƉƌŽĐĞƐƐŵŽǀĞƐĨŽƌǁĂƌĚ͖ǁŚĂƚŚĂƉƉĞŶƐǁŚĞŶƚŚĞĂƉƉůŝĐĂƚŝŽŶƐŵŽǀĞƚŚƌŽƵŐŚ
ƚŚĞƉƌŽĐĞƐƐ͍
Dƌ͘ƵƌƐƚĂƐŬĞĚƐƚĂĨĨĂďŽƵƚƚŚĞǀŝŽůĂƚŝŽŶƐƚĂŬĞŶƉůĂĐĞŽŶƚŚĞƉƌŽƉĞƌƚLJ͕ŚŽǁǁŝůůƚŚĞLJďĞŚĂŶĚůĞĚ͘
DƐ͘ůĨƌĞĚƐŽŶĞdžƉůĂŝŶĞĚƚŚĞƉƌŽĐĞƐƐĨŽƌŵŽǀŝŶŐĨŽƌǁĂƌĚǁŝƚŚǀŝŽůĂƚŝŽŶƚŚĂƚĂƌĞŶŽƚďƌŽƵŐŚƚŝŶƚŽ
ĐŽŵƉůŝĂŶĐĞ͘
DƐ͘DĞĞŬŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĐŽŶƚŝŶƵĂƚŝŽŶŽĨ>ĂŶĚhƐĞWůĂŶŵĞŶĚŵĞŶƚηZϮϬϭϲ Ͳ ϬϬϰ>hW͖ŽŶŝŶŐ
DĂƉŵĞŶĚŵĞŶƚηZϮϬϭϲ Ͳ ϬϬϯ͖ĂŶĚ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϯϵ'WƚŽƚŚĞKĐƚŽďĞƌϮϲ͕
ϮϬϭϲWDĞĞƚŝŶŐ͘DƐ͘tŝůƐŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϵ Ͳ Ϭ͘
ŵĞŶĚŵĞŶƚƚŽƚŚĞZŽĐŚĞƐƚĞƌ^ŚŽƉƉŝŶŐĞŶƚĞƌWhηZϮϬϭϲ Ͳ ϬϬϭWhďLJDŝƌĂĐůĞDŝůĞ͕>>͘dŚĞ
ĂƉƉůŝĐĂŶƚƉƌŽƉŽƐĞƐƚŽŵŽĚŝĨLJϯ͘ϱϭĂĐƌĞƐŽĨƚŚĞĞdžŝƐƚŝŶŐDŝƌĂĐůĞDŝůĞ^ŚŽƉƉŝŶŐĞŶƚĞƌǁŝƚŚƚŚĞ
ĚĞǀĞůŽƉŵĞŶƚŽĨĂϯϬ͕ϰϲϬ^Ƌ&ƚŐƌŽĐĞƌLJƐƚŽƌLJ͕ϲ͕ϴϬϬ^Ƌ&ƚŽĨŽƚŚĞƌĐŽŵŵĞƌĐŝĂů͕ƌĞƚĂŝů͕ƌĞƐƚĂƵƌĂŶƚƐƉĂĐĞ
ĂŶĚĂŵƵůƚŝ Ͳ ĨĂŵŝůLJŚŽƵƐŝŶŐƉƌŽũĞĐƚŽĨϱƐƚŽƌŝĞƐǁŝƚŚϭϬϳƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐ͘dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚĞĂƐƚŽĨ
ϭϳƚŚǀĞŶƵĞ^t͕ŶŽƌƚŚŽĨϭƐƚ^ƚƌĞĞƚ^t͕ǁĞƐƚŽĨϭϲƚŚǀĞŶƵĞ^tŝŶƚŚĞDŝƌĂĐůĞDŝůĞ^ŚŽƉƉŝŶŐ
ĞŶƚĞƌ͘
Dƌ͘^ŝŵƐĂŶĚDƌ͘'ŽŽĚĞŶďĞƌŐĞƌƌĞĐƵƐĞĚƚŚĞŵƐĞůǀĞƐĨƌŽŵƚŚĞŵĞĞƚŝŶŐ͘
Dƌ͘ ŶŐĞůƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚKĐƚŽďĞƌϭϮ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ
ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘
DƐ͘DĞĞŬĂƐŬĞĚŝĨĂŶLJŽĨƚŚĞĐŽŶĚŝƚŝŽŶƐŝŶƚŚĞƉƌĞǀŝŽƵƐƐƚĂĨĨƌĞƉŽƌƚŚĂǀĞďĞĞŶĐŚĂŶŐĞĚ͘
Dƌ͘ ŶŐĞůŶŽƚĞĚƚŚĞŽŶůLJĐŽŶĚŝƚŝŽŶƐŚĂǀĞďĞĞŶƌĞŵŽǀĞĚĂƌĞƐĂƚŝƐĨŝĞĚ͘
Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘
ƚŚ
Dƌ͘:ĂǀŽŶĞĂ͕ƌĞƐŝĚŝŶŐĂƚϭϭϮϯϭϭǀĞŶƵĞEt͕KƌŽŶŽĐŽDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ƚŚ
ĂĚĚƌĞƐƐĞĚƚŚĞƉĂƌŬŝŶŐĂůŽŶŐϭϲ^ƚƌĞĞƚŽƉƚŝŽŶǁŚŝĐŚǁĂƐƉƌĞǀŝŽƵƐĚŝƐĐƵƐƐĞĚ͘,ĞŶŽƚĞĚŚŝƐƉĞƌƐƉĞĐƚŝǀĞ
ƚĞŶĂŶƚƐĚŝĚŶŽƚĨĞĞůƉĂƌĂůůĞůƉĂƌŬŝŶŐǁĂƐĂŶŽƉƚŝŽŶĨŽƌƚŚĞŝƌĐƵƐƚŽŵĞƌƐ͘
ŶĚ
Dƌ͘ŚƌŝƐ,ĂLJĚŽĐŬ͕ƌĞƐŝĚŝŶŐĂƚϭϯϮϲϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
,ĞƐƉŽŬĞŽŶƚŚĞǀŝƐŝŽŶĂŶĚŽƉƉŽƌƚƵŶŝƚLJŽĨƚŚĞĐŽŵŵƵŶŝƚLJ͕ƚŚĞĚĞǀĞůŽƉĞƌ͕ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͕ZŽĐŚĞƐƚĞƌ
ŐŽǀĞƌŶŵĞŶƚ͕ŚĞĂůƚŚĨĂĐŝůŝƚŝĞƐŚĂǀŝŶŐƚŚĞĂďŝůŝƚLJƚŽŚĂǀĞĂŐƌĞĂƚŽƉƉŽƌƚƵŶŝƚLJ͖ƚŚĞĂďŝůŝƚLJƚŽŚĞĂƌĨƌŽŵƚŚĞ
ƉƵďůŝĐĂŶĚƚŚĞĚĞǀĞůŽƉĞƌ͖ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŐƌŽƵƉĂŶĚŚŽǁƚŽƚŚĞƐĞŐƌŽƵƉƐĐĂŶĂůůǁŽƌŬƚŽŐĞƚŚĞƌ͘
Ɛƚ
Dƌ͘'ůĞŶŶ&ĂŝƚŚ͕ƌĞƐŝĚŝŶŐĂƚϭϬϬϰϭ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŝƐ
ĂƌĞƐŝĚĞŶƚŽŶƚŚĞ<ƵƚnjŬLJEĞŝŐŚďŽƌŚŽŽĚ͕ůŝŬĞƐƚŚĞƉƌŽũĞĐƚ͕ďƵƚǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞŽƌŝĞŶƚĂƚŝŽŶĨĂĐĞƚŚĞ
ŶĞŝŐŚďŽƌŚŽŽĚ͖ŚĞƉƌĞƐĞŶƚĞĚĂŚŝƐƚŽƌŝĐƚŝŵĞůŝŶĞŽĨƚŚĞDŝƌĂĐůĞDŝůĞƐƚƌŝƉŵĂůů͖ĂŶĚƐĞĞƐƚŚĞĐƵƌƌĞŶƚ
ŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŚŝƐƚŽƌŝĐĂůŵŝƐƚĂŬĞĂŶĚǁŽƵůĚůŝŬĞƚŽƐĞĞŝƚĐŽƌƌĞĐƚĞĚďLJĨĂĐŝŶŐƚŚĞ
ďƵŝůĚŝŶŐƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŶŽƚƚŚĞŚŝŐŚǁĂLJ͘
Dƌ͘ĞŶŶŝƐĂǀĞLJ͕ƌĞƐŝĚŝŶŐĂƚϱϭϵϲ ƚŚ^ƚƌĞĞƚ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ŶŽƚĞĚŚŝƐĐŽŶĐĞƌŶĨŽƌƚŚĞƉƌŽƉŽƐĞĚŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐ͘
_3DJH
3DFNHW3J
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ŝƚLJWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗KĐƚŽďĞƌϭϮ͕ϮϬϭϲ
ƚŚ
Dƌ͘ĂƌƌLJ^ŬŽůŶŝĐŬ͕ƌĞƐŝĚŝŶŐĂƚϯϭϳϲǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
,ĞŶŽƚĞĚƚŚĞůĂĐŬŽĨŐŽŽĚƉĞĚĞƐƚƌŝĂŶĞdžƉĞƌŝĞŶĐĞŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ĂŶĚƚŚĞŶĞĞĚƚŽůŽŽŬĂƚĂŝƌƋƵĂůŝƚLJ
ĂŶĚƉŽůůƵƚŝŽŶŝĨǁĞǁĂŶƚƚŽďĞĐŽŶƐŝĚĞƌĞĚĂŵĞĚŝĐĂůĚĞƐƚŝŶĂƚŝŽŶĐŝƚLJ͘
DƐ͘<ĞůůŝĞDƵĞůůĞƌ͕ƌĞƐŝĚŝŶŐĂƚϳϮϳϭ Ɛƚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ
ŶŽƚĞĚŚĞƌĚŝƐĂƉƉŽŝŶƚŵĞŶƚĨŽƌƚŚĞ<ƵƚnjŬLJ/ŵĂŐŝŶĞ>ĂŶĚhƐĞWůĂŶŶŽƚďĞŝŶŐĨŽůůŽǁĞĚǁŝƚŚƚŚŝƐ
ĚĞǀĞůŽƉŵĞŶƚ͖ƐŚĞƚŚĞŶƌĞĂĚĨƌŽŵƚŚĞ<ƵƚnjŬLJ/ŵĂŐŝŶĞ>ĂŶĚhƐĞWůĂŶĂŶĚƐƚĂƚĞĚƌĞĂƐŽŶƐƚŚĞ
ĚĞǀĞůŽƉŵĞŶƚĚŽĞƐŶŽƚĐŽŶĨŽƌŵŝŶŐƚŽƚŚĞ<ƵƚnjŬLJ/ŵĂŐŝŶĞ>ĂŶĚhƐĞWůĂŶ͖ĂŶĚƐƚĂƚĞĚƚŚŝƐǁŽƵůĚďĞĂ
ŵŝƐƐĞĚŽƉƉŽƌƚƵŶŝƚLJĨŽƌƚŚĞĚĞǀĞůŽƉĞƌŝĨƚŚĞŽƌŝĞŶƚĂƚŝŽŶĚŽĞƐŶŽƚĨĂĐĞƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘
ŶĚ
DƐ͘:ĞƐƐĞtĞůƐŚ͕ƌĞƐŝĚŝŶŐĂƚϭϭϮϰϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ
ŝƐƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞ<ƵƚnjŬLJEĞŝŐŚďŽƌŚŽŽĚŐƌŽƵƉ͖ƐŚĞƌĞǀŝĞǁĞĚƚŚĞƉĂƐƚŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐƐǁŝƚŚƚŚĞ
ĚĞǀĞůŽƉŵĞŶƚƚŚĂƚŚĂĚƚĂŬĞŶƉůĂĐĞ͖ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŝƐĞdžĐŝƚĞĚƚŽŚĂǀĞĐŚĂŶŐĞĐŽŵĞƚŽDŝƌĂĐůĞDŝůĞ͕
ďƵƚƚŚŝƐƉƌŽũĞĐƚĐŽƵůĚďĞďĞƚƚĞƌ͘
ƚŚ
Dƌ͘ŶĚLJDĂƐƚĞƌƉŽůĞ͕ƌĞƐŝĚŝŶŐĂƚϵϭϯǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
,ĞŚĂŶĚĞĚŽƵƚĐƌŝƚĞƌŝĂĨŽƌĚĞŶŝĂůƚŽƚŚĞŽŵŵŝƐƐŝŽŶ;ĐŽƉLJŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐ
ĞƉĂƌƚŵĞŶƚͿ͘,ĞŶŽƚĞĚƌĞĂƐŽŶƐĨŽƌƚŚĞƉƌŽĐĞƐƐƚŽďĞĂƚǁŽ Ͳ ƐƚĞƉƉƌŽĐĞƐƐ͖ŚĞƌĞǀŝĞǁĞĚƚŚĞƌĞĂƐŽŶƐ
ƐƚĂƚĞĚŝŶŚŝƐŚĂŶĚŽƵƚĨŽƌƌĞĂƐŽŶƐƚŚĞƉƌŽũĞĐƚĚŽĞƐŶŽƚŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂ͘
&ŝǀĞŵŝŶƵƚĞƐƌĞĐĞƐƐƚĂŬĞŶ
Dƌ͘ĂƌƌLJ^ŬŽůŶŝĐŬ͕ƌĞƐŝĚŝŶŐĂƚϯϭϳϲ ƚŚǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
,ĞĂƐŬĞĚǁŚLJƚŚĞďƵŝůĚŝŶŐĚŽĞƐŶŽƚŚĂǀĞƚŽŵĞĞƚŐƌĞĞŶĞŶĞƌŐLJƐƚĂŶĚĂƌĚƐ͖ŝƐƚŚŝƐƚŚĞďĞƐƚǁĞĐĂŶĚŽĨŽƌ
ŽƵƌĐŽŵŵƵŶŝƚLJ͘
DƐ͘:ĞƐƐĞtĞůƐŚ͕ƌĞƐŝĚŝŶŐĂƚϭϭϮϰϮŶĚ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
^ŚĞĂƐŬĞĚĂďŽƵƚǁŚLJƚŚĞƉƌŽĐĞƐƐŝƐĂŵĂŶŝƉƵůĂƚŝŽŶŽĨƚŚĞĐŝƚŝnjĞŶƐ͖ƚŚĞƌĞŝƐŶŽĐŽŶƐŝƐƚĞŶƚƉƌŽĐĞƐƐĨŽƌƚŚĞ
ĚĞǀĞůŽƉĞƌƐ͖ĂŶĚƚŚŝƐŝƐƐŽŵĞƚŚŝŶŐǁŚŝĐŚŶĞĞĚƐƚŽďĞůŽŽŬĞĚĂƚ͘
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Dƌ͘ ŶŐĞůŶŽƚĞĚŚĞƚŚŽƵŐŚƚĂďŽƵƚϴĨĞĞƚ͘
DƐ͘DĞĞŬĂƐŬĞĚĂďŽƵƚĂĐĐĞƐƐĨŽƌƚŚĞƉƵďůŝĐǁŝƚŚƚŚĞŵŽďŝůŝƚLJŶĞĞĚƐƚƌLJŝŶŐƚŽĂĐĐĞƐƐƚŚĞďƵŝůĚŝŶŐ͘
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Dƌ͘:ĂǀŽŶĞĂ͕ƌĞƐŝĚŝŶŐĂƚϭϭϮϯϭϭǀĞŶƵĞEt͕KƌŽŶŽĐŽDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ƐƚĂƚĞĚƚŚĞƉůĂŶŚĂƐďĞĞŶƌĞǀŝĞǁĞĚďLJƚŚĞŝƚLJ͛ƐƵŝůĚŝŶŐ^ĂĨĞƚLJĞƉĂƌƚŵĞŶƚ͖ƚŚĞLJŚĂǀĞƚĂŬĞŶĚŝƌĞĐƚŝŽŶ
ĨƌŽŵƚŚĂƚĚĞƉĂƌƚŵĞŶƚ͘
Dƌ͘ĂƌƌLJ^ŬŽůŶŝĐŬ͕ϯϭϳϲ ƚŚǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ĂĚĚƌĞƐƐĞĚĐŽŶĐĞƌŶƐǁŝƚŚŵŽďŝůŝƚLJĐŽŶĐĞƌŶƐĂŶĚŽŶůLJŵĞĞƚŝŶŐŵŝŶŝŵĂůƐƚĂŶĚĂƌĚƐ͘
Dƌ͘ŶĚLJDĂƐƚĞƌƉŽůĞ͕ƌĞƐŝĚŝŶŐĂƚϵϭϯ ƚŚǀĞŶƵĞEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
,ĞĂĚĚƌĞƐƐĞĚƚŚĞĐŽŶĐĞƌŶǁŝƚŚŵŽďŝůŝƚLJͬŚĂŶĚŝĐĂƉƐƵďũĞĐƚŽĨĂĐĐĞƐƐŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚ͖ĂŶĚƐƚĂƚĞĚŚĞ
ƚŚŽƵŐŚƚĚŝƌĞĐƚŝŽŶǁĂƐĐŽŵŝŶŐĨƌŽŵWƵďůŝĐtŽƌŬƐŶŽƚƵŝůĚŝŶŐ^ĂĨĞƚLJĞƉĂƌƚŵĞŶƚ͘
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Dƌ͘'ůĞŶŶ&ĂŝƚŚ͕ƌĞƐŝĚŝŶŐĂƚϭϬϬϰϭ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
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ŽŵŵŝƐƐŝŽŶ͘,ĞĂĚĚƌĞƐƐĞĚĐŽŶĐĞƌŶƐǁŝƚŚƚŚĞŚĂŶĚŝĐĂƉƌĂŵƉůŽĐĂƚŝŽŶƐ͖ŚĞŶŽƚĞĚŶŽƚďĞŝŶŐĂǁĂƌĞŽĨƚŚĞ
ĨƵƚƵƌĞƐƚƌĞĞƚŝŵƉƌŽǀĞŵĞŶƚƐ͖ǁŽƵůĚďĞĂŶĚĚŽŶŽƚŚĂǀĞƚŚĂƚŚĂǀĞƚŚĂƚŝŶĨŽƌŵĂƚŝŽŶ͘
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DƐ͘DĞĞŬĐŽŶƚŝŶƵĞĚƚŽĞdžƉůĂŝŶŚĞƌĐŽŶĐĞƌŶƐǁŝƚŚƚŚĞĚĞƐŝŐŶŽĨƚŚĞĂĐĐĞƐƐŽĨĨŽĨϭϲ^ƚƌĞĞƚƚŽƚŚĞ
ĚĞǀĞůŽƉŵĞŶƚĨŽƌŵŽďŝůŝƚLJͬŚĂŶĚŝĐĂƉƉĞĚĞƐƚƌŝĂŶƐ͘
Dƌ͘<ĞǀŝŶ'ƵLJĞ͕ƌĞƐŝĚŝŶŐĂƚϮϮϰϮDĂƌŝŽŶZŽĂĚ^ ͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ĂƐŬĞĚǁŚLJĂƉĞĚĞƐƚƌŝĂŶĐƌŽƐƐǁĂůŬĐĂŶ͛ƚďĞĂĚĚĞĚƚŽƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶ͖ĂŶĚĂĚĚŝŶŐƐŝŐŶƐŶŽƚŝŶŐƚŽƐƚŽƉĨŽƌ
ƉĞĚĞƐƚƌŝĂŶƐ͘
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Dƌ͘ŚƌŝƐ,ĂLJĚŽĐŬ͕ƌĞƐŝĚŝŶŐĂƚϭϯϮϲϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘
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Dƌ͘:ĂǀŽŶĞĂ͕ƌĞƐŝĚŝŶŐĂƚϭϭϮϯϭϭǀĞŶƵĞEt͕KƌŽŶŽĐŽ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ĂĚĚƌĞƐƐĞĚƚŚĞŚŽƵƐŝŶŐƚŽďĞϭϬйĂĨĨŽƌĚĂďůĞ͘
tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘
ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŝŶƌĞŐĂƌĚƐƚŽƚŚĞĂƐƉĞĐƚƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŵĞĞƚŝŶŐƚŚĞ
ĐƌŝƚĞƌŝĂŽĨ^ĞĐƚŝŽŶϲϭ͘ϭϰϲŽĨƚŚĞ>D͖ƚŚŝƐŝƐĂƉŽƐŝƚŝǀĞŵŽǀĞĨŽƌƚŚĞĂƌĞĂŽĨĚĞǀĞůŽƉŵĞŶƚ͖ĂƉƉĞĂƌĂŶĐĞŽĨ
ƚŚĞŽƌŝĞŶƚĂƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐĚŽĞƐŶŽƚŵĞĞƚƚŚĞŝŶƚĞƌŶĂůĚĞƐŝŐŶ͖ŝŶƚŚĞƉĂƐƚŝƚŵĂLJŚĂǀĞŵĞƚƚŚĞ
ŝŶƚĞƌŶĂůĚĞƐŝŐŶ͕ďƵƚƉƌĞƐĞŶƚƚŝŵĞĚŽĞƐŶŽƚĐŽŵƉůLJ͖ůĂĐŬŽĨŶŽŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞϮ ŶĚ^ƚƌĞĞƚŽƌƌŝĚŽƌ
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ƚŚĞǁĞƐƚƐŝĚĞŽĨƚŚĞƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐƚŽĂĚĚƌĞƐƐǀĞŚŝĐƵůĂƌĐŽŶĨůŝĐƚƐǁŝƚŚƚŚĞĚƌŝǀĞǁĂLJ
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ƉĞƌŵŝƚƐŽƌƉůĂƚĂƉƉƌŽǀĂůĨŽƌƚŚĞƉƌŽũĞĐƚ͘
Ϯ͘dŚĞ'ƌĂĚŝŶŐĂŶĚ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƐŚĂůůďĞĂƉƉƌŽǀĞĚ͕ƉƌŝŽƌƚŽƚŚĞĂƉƉƌŽǀĂůŽĨĂŶLJ
ďƵŝůĚŝŶŐƉĞƌŵŝƚƐŽƌƉůĂƚĂƉƉƌŽǀĂůĨŽƌƚŚĞƉƌŽũĞĐƚ͘
ϯ͘ džĞĐƵƚŝŽŶŽĨĂŝƚLJKǁŶĞƌŽŶƚƌĂĐƚŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶLJƉƵďůŝĐ
ŝŵƉƌŽǀĞŵĞŶƚƐ͘
ϰ͘ džĞĐƵƚŝŽŶŽĨĂDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĂŶLJŶĞǁƉƌŝǀĂƚĞŽŶ Ͳ ƐŝƚĞƐƚŽƌŵ
ǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƚŝĞƐƚŚĂƚĂƌĞƌĞƋƵŝƌĞĚĂƐƉĂƌƚŽĨƚŚŝƐƉƌŽũĞĐƚ
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ϱ͘ĞĚŝĐĂƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚϳĨĞĞƚŽĨƉƵďůŝĐZKtĂůŽŶŐϭϲǀĞŶƵĞ^tŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽƚŚĞ
ĂƉƉƌŽǀĂůŽĨĂŶLJďƵŝůĚŝŶŐƉĞƌŵŝƚƐŽƌƉůĂƚĂƉƉƌŽǀĂůĨŽƌƚŚĞƉƌŽũĞĐƚ͘
ϲ͘ĞĚŝĐĂƚŝŽŶŽĨĂŶLJĂƉƉůŝĐĂďůĞWĞĚĞƐƚƌŝĂŶ&ĂĐŝůŝƚLJΘZKtDĂŝŶƚĞŶĂŶĐĞ ĂƐĞŵĞŶƚƐƚŽĂĚĚƌĞƐƐ
ƉƌŽƉŽƐĞĚĞŶĐƌŽĂĐŚŵĞŶƚƐŽĨƉƵďůŝĐƐŝĚĞǁĂůŬǁŝƚŚŝŶƉƌŝǀĂƚĞƉƌŽƉĞƌƚLJŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽƚŚĞ
ĂƉƉƌŽǀĂůŽĨĂŶLJďƵŝůĚŝŶŐƉĞƌŵŝƚƐŽƌƉůĂƚĂƉƉƌŽǀĂůĨŽƌƚŚĞƉƌŽũĞĐƚ͘
ϳ͘dŚĞĐĞŶƚĞƌůŝŶĞŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŝǀĂƚĞĚƌŝǀĞǁĂLJŽĨĨŽĨϭϲ ƚŚǀĞŶƵĞ^tƐŚĂůůŝŶƚĞƌƐĞĐƚǁŝƚŚƚŚĞ
ĐĞŶƚĞƌůŝŶĞŽĨtĞƐƚĞŶƚĞƌ^ƚƌĞĞƚŶŽŵŽƌĞƚŚĂŶĂϭϱĚĞŐƌĞĞƐŽĨĨƐĞƚŝƐƌĞƋƵŝƌĞĚ͘
ϴ͘dŚĞdƌĂĨĨŝĐ/ŵƉĂĐƚ^ƚƵĚLJŶĞĞĚƐƚŽďĞĂƉƉƌŽǀĞĚĂŶĚƐƉĞĐŝĨŝĐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞĚĞǀĞůŽƉĞƌ
ŝĚĞŶƚŝĨŝĞĚĂƐƉĂƌƚŽĨƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘
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ĂŶĚǁĞǁŽƵůĚůŝŬĞƚŽŐŽŽŶƌĞĐŽƌĚĂƐďĞŝŶŐĂƉƉŽƐĞĚƚŽĂŶLJĐŚĂŶŐĞƐŝŶƚŚĞnjŽŶŝŶŐĨŽƌŚŝƐƉƌŽƉĞƌƚLJ͘ĨĞǁ
LJĞĂƌƐďĂĐŬǁĞŚĂĚĂĐŽŵƉĂŶLJƚŚĂƚǁĂŶƚĞĚƚŽďƵLJŝŶƚŚĂƚĂƌĞĂƚŚĂƚƌĂŶƚƌĂĐƚŽƌͲƚƌĂŝůĞƌƐ͘^ŽŵĞŽĨƚŚĞ
ŶĞŝŐŚďŽƌƐŝŶƚŚĞĂƌĞĂǀŽŝĐĞĚŽƵƌŽƉƉŽƐŝƚŝŽŶƚŽƚŚĂƚƐĂůĞ͘dŚĞƚƌƵĐŬƐǁŽƵůĚŚĂǀĞďĞĞŶƌƵŶŶŝŶŐĚĂLJĂŶĚŶŝŐŚƚ
ĂŶĚŝƚǁŽƵůĚŚĂǀĞďĞĞŶĂǀĞƌLJŶŽŝƐLJƐŵĞůůLJĚĂŶŐĞƌŽƵƐƐŝƚƵĂƚŝŽŶĨŽƌŽƵƌŶĞŝŐŚďŽƌŚŽŽĚ͘/ĨZŽŐĞƌǁŽƵůĚƐĞůů
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ϭϱϭϰƚŚ^ƚƌĞĞƚ^ ͕ZŽĐŚĞƐƚĞƌ͕DE͘
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ŽŶĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌ Ͳ KůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘
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ĐŽŵŵŝƐƐŝŽŶ͘
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ĐŽŶƐƵůƚĂŶƚƚŽĂĚĚƌĞƐƐƚŚĞŝŶĐŽŵƉůĞƚĞŝŶĨŽƌŵĂƚŝŽŶ͘
Dƌ͘^ŝŵƐŚŽǁĚŝĚƚŚĞĂƉƉůŝĐĂƚŝŽŶĐŽŵĞďĞĨŽƌĞƚŚĞĐŽŵŵŝƐƐŝŽŶĂƐŝŶĐŽŵƉůĞƚĞ͘
Dƌ͘ƵŶŶĂĚĚƌĞƐƐĞĚƚŚĞƋƵĞƐƚŝŽŶƐǁŝƚŚĂŶĞdžƉůĂŶĂƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚLJŝŶƌĞŐĂƌĚƐƚŽƚŚĞŵŝƐƐŝŶŐ
ŝŶĨŽƌŵĂƚŝŽŶ͖ǁŽƌŬŝŶŐǁŝƚŚƚŚĞĂƉƉůŝĐĂŶƚ͖ŝƚŝƐŝŶƚŚĞŝŶƚĞƌĞƐƚŽĨƚŚĞƉůĂŶŶŝŶŐƐƚĂĨĨƚŽŵŽǀĞƚŚĞ
ĂƉƉůŝĐĂƚŝŽŶƐĨŽƌǁĂƌĚ͘
Dƌ͘tĂůƚĞƌƐŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘
Dƌ͘<ĞǀŝŶ'ƵLJ͕ƌĞƐŝĚŝŶŐĂƚϮϮϰϭDĂƌŝŽŶZŽĂĚ^ ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ŶŽƚĞĚŚĞŽǁŶƐƉƌŽƉĞƌƚLJǁĞƐƚŽĨZŽŐĞƌ͛ƐƉƌŽƉĞƌƚLJ͘,ĞƋƵĞƐƚŝŽŶĞĚŚŽǁǁŝůůƚŚĞƉƌŽĐĞƐƐŽĨƚŚĞ
ĂƉƉůŝĐĂƚŝŽŶƐŵŽǀĞĨŽƌǁĂƌĚŝĨĂĚĞŶŝĂůŝƐƌĞĐŽŵŵĞŶĚĞĚĨƌŽŵƚŚĞWůĂŶŶŝŶŐŽŵŵŝƐƐŝŽŶŵĞĞƚŝŶŐ͍,Ğ
ƐƚĂƚĞĚƚŚĞĂƉƉůŝĐĂŶƚŚĂƐŶŽƚƐŚŽǁŶŐŽŽĚĨĂŝƚŚŝŶĂŶĞĨĨŽƌƚƚŽŵŽǀĞƚŚĞĂƉƉůŝĐĂƚŝŽŶƐĨŽƌǁĂƌĚ͘
Dƌ͘ƵŶŶŶŽƚĞĚŝĨƚŚĞĂƉƉůŝĐĂƚŝŽŶŝƐĚĞŶŝĞĚ͕ƚŚĞŶĞŶĨŽƌĐĞŵĞŶƚǁŝůůďĞŵŽǀŝŶŐĨŽƌǁĂƌĚŽŶƚŚĞƐŝƚĞŝŶ
ƌĞŐĂƌĚƐƚŽƚŚĞŶŽŶ Ͳ ĐŽŵƉůŝĂŶĐĞnjŽŶŝŶŐ͘
Dƌ͘'ƵLJƚŚĞŶƐƚĂƚĞĚŝŶƚŚĞƉĂƐƚĨĞǁĚĂLJƐƚŚĞƐŝƚĞŚĂƐĐŚĂŶŐĞĚ͕ĂŶĚĐůĞĂŶĞĚƵƉ͘
Dƌ͘dĞĚ<ĂƌĂƵ͕ƌĞƐŝĚŝŶŐϮϭϰϳDĂƌŝŽŶZŽĂĚ^ ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘,Ğ
ŶŽƚĞĚƚŚĞĂƌĞĂŝƐĂĚĞĂĚnjŽŶĞ͕ŶŽĚĞǀĞůŽƉŵĞŶƚƐŚĂǀĞŽĐĐƵƌƌĞĚ͖ŚĞŚĂƐŝŶƚŚĞƉĂƐƚĂƚƚĞŵƉƚĞĚƚŽŝŵƉƌŽǀĞ
ƚŚĞƉƌŽƉĞƌƚLJǁŝƚŚŶŽƐƵĐĐĞƐƐĂŶĚĞdžƉƌĞƐƐĞƐĨƌƵƐƚƌĂƚŝŽŶǁŝƚŚƚŚĞƉƌŽĐĞƐƐ͘
DƐ͘ůĨƌĞĚƐŽŶŶŽƚĞĚŝŶƚŚĞƉĂƐƚƌĞĨĞƌƌĂůĨƌŽŵƚŚĞWůĂŶŶŝŶŐ^ƚĂĨĨŝŶƌĞŐĂƌĚƐƚŽǀŝŽůĂƚŝŽŶŽŶƚŚĞƉƌŽƉĞƌƚLJ͖
ŵĞĞƚƉĞƌƐŽŶĂůůLJǁŝƚŚZŽŐĞƌ͖ŐŝǀŝŶŐƚŚĞƉƌŽƉĞƌƚLJŽǁŶĞƌŽƉƚŝŽŶƐĨŽƌĐŽŵƉůŝĂŶĐĞ͕ďƵƚŶŽĨŽůůŽǁƚŚƌŽƵŐŚ
ƐĞĞŵƚŽŽĐĐƵƌ͕ĂůƚŚŽƵŐŚŚĞĐŽŶƚŝŶƵĞĚƚŽĐĂƌƌLJŽŶďƵƐŝŶĞƐƐĂƐƵƐƵĂů͘
tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘
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