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August 7, 2017 Agenda Packet
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ďĞĨŽƌĞ͘,ĞĨŝŶĂůůLJƌĞƋƵĞƐƚĞĚƚŚĂƚŝĨƚŚĞϴϭϬt͘ĞŶƚĞƌ^ƚƌĞĞƚŚŽŵĞŝƐŶŽƚĚĞƐŝŐŶĂƚĞĚĂƐŚŝƐƚŽƌŝĐƚŚĂƚĂ ĚĞŵŽůŝƚŝŽŶƉĞƌŵŝƚďĞŝƐƐƵĞĚ͘ ĂǀĞ ĚŵŽŶƐŽŶƐƚĂƚĞĚŚŝƐŝŶǀŽůǀĞŵĞŶƚƚŽĚĂƚĞŝŶƚŚĞƉƌŽũĞĐƚ͘,ĞĨĞĞůƐƚŚĂƚDƌ͘,ĂŵŝůƚŽŶŝƐŵĂŬŝŶŐŚŝƐ ƉƌŽũĞĐƚƉƌŽďůĞŵƐŶĞŝŐŚďŽƌŚŽŽĚĂŶĚŝƚLJƉƌŽďůĞŵƐ͘,ĞĂůƐŽƐƚĂƚĞĚƚŚĂƚƚŚĞƌĞŝƐĂůĂƌŐĞĂŵŽƵŶƚŽĨ ĞǀŝĚĞŶĐĞƐŚŽǁŝŶŐƚŚĂƚDƌ͘ŽŶůĞLJĚŝĚůŝǀĞĂƚƚŚĞϴϭϬt͘ĞŶƚĞƌ^ƚƌĞĞƚŚŽŵĞĂŶĚƌĞǀŝĞǁĞĚƚŚĂƚ ŝŶĨŽƌŵĂƚŝŽŶ͘,ĞƐƚĂƚĞĚƚŚĂƚDƌ͘,ĂŵŝůƚŽŶŝƐďƌĞĂŬŝŶŐƚŚĞƐĞŚŝƐƚŽƌŝĐƐƚƌƵĐƚƵƌĞƐĂŶĚŚĞŶĞĞĚƐƚŽĨŝdžƚŚĞŵ͘ ,ĞĚŽĞƐŶŽƚƐƵƉƉŽƌƚƚŚĞŵŽǀŝŶŐŽĨƚŚĞϳϭϴt͘ĞŶƚĞƌ^ƚƌĞĞƚĂŶĚƚŚĞĚĞŵŽůŝƚŝŽŶŽĨƚŚĞϴϭϬt͘ĞŶƚĞƌ ^ƚƌĞĞƚŚŽŵĞĂƐƉƌŽƉŽƐĞĚďLJDƌ͘,ĂŵŝůƚŽŶ͕ŚĞĨĞĞůƐƚŚĂƚƚŚĞ'ĂƌĚĞŶůŽƚƐĂƌĞƚŚĞďĞƐƚůŽĐĂƚŝŽŶĨŽƌƚŚĞƐĞ ŚŽŵĞƐ͘ ŽƵŶĐŝůWƌĞƐŝĚĞŶƚ^ƚĂǀĞƌƋƵĞƐƚŝŽŶĞĚƚŚĞŝƚLJƚƚŽƌŶĞLJŽŶŚŽǁƚŚĞŽƵŶĐŝůĐĂŶĚĞƚĞƌŵŝŶĞŝĨDƌ͘ŽŶůĞLJ ĂĐƚƵĂůůLJůŝǀĞĚŝŶƚŚĞϴϭϬt͘ĞŶƚĞƌ^ƚƌĞĞƚŚŽŵĞ͘ŝƚLJƚƚŽƌŶĞLJĚŬŝŶƐƐƚĂƚĞĚƚŚĂƚƚŚĞŽƵŶĐŝůǁŝůůŚĂǀĞ ĚĞƚĞƌŵŝŶĞǁŚŽΖƐƚĞƐƚŝŵŽŶLJŝƐŵŽƐƚƉĞƌƐƵĂƐŝǀĞĂŶĚƚŚĂƚŚĞĐĂŶŶŽƚŵĂŬĞĂĚĞĐŝƐŝŽŶĨŽƌƚŚĞŵ͘ŽƵŶĐŝů WƌĞƐŝĚĞŶƚ^ƚĂǀĞƌƐƚĂƚĞĚƚŚĂƚŚĞĨĞĞůƐƚŚĂƚŚĞĐĂŶĐŽŶĐůƵĚĞƚŚĂƚďŽƚŚŽĨƚŚĞŐƌŽƵƉƐƉƌĞƐĞŶƚƌĞůŝĂďůĞ ŝŶĨŽƌŵĂƚŝŽŶ͘ ŽƵŶĐŝůŵĞŵďĞƌtŽũĐŝŬƐƚĂƚĞĚƚŚĂƚŚĞĨĞĞůƐƚŚĂƚŝƐŚĂƐďĞĞŶƉƌŽǀĞŶƚŚĂƚDƌ͘ŽŶůĞLJůŝǀĞĚĂƚƚŚĞϴϭϬt͘ ĞŶƚĞƌ^ƚƌĞĞƚŚŽŵĞ͘ ŽƵŶĐŝůŵĞŵďĞƌ,ŝĐŬĞLJƋƵĞƐƚŝŽŶĞĚƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶĂĚĞŵŽůŝƚŝŽŶƉĞƌŵŝƚĂŶĚĂŵŽǀŝŶŐƉĞƌŵŝƚ͘ ƵŝůĚŝŶŐ^ĂĨĞƚLJŝƌĞĐƚŽƌ:ŽŚŶƐŽŶƐƚĂƚĞĚƚŚĂƚƚŚĞƉĞƌŵŝƚƐĂƌĞĨŽƌĚĞŵŽůŝƚŝŽŶŽƌŵŽǀŝŶŐƐƉĞĐŝĨŝĐĂůůLJ͘ŝƚLJ 3DFNHW3J )E ƚƚŽƌŶĞLJĚŬŝŶƐƐƚĂƚĞĚƚŚĂƚƚŚĞŽƵŶĐŝůĐĂŶƉƌŽǀŝĚĞĚŝƌĞĐƚŝŽŶŽŶĂŶLJĐŽŶĚŝƚŝŽŶƐƚŚĂƚǁŝůůďĞĂƚƚĂĐŚĞĚƚŽ ŝƐƐƵŝŶŐŽĨĞŝƚŚĞƌĂĚĞŵŽůŝƚŝŽŶŽƌŵŽǀŝŶŐƉĞƌŵŝƚ͘ ŽƵŶĐŝůWƌĞƐŝĚĞŶƚ^ƚĂǀĞƌƐƚĂƚĞĚƚŚĂƚƚŚĞŽƵŶĐŝůŚĂƐƚŽŬĞĞƉŝŶŵŝŶĚƚŚĂƚƚŚĞϭϬϲ'ƌŽƵƉǁĂƐŚŝƌĞĚĂƐĂŶ ĞdžƉĞƌƚƚŽĚĞƚĞƌŵŝŶĞƚŚĞŚŝƐƚŽƌŝĐŶĂƚƵƌĞŽĨƚŚĞƐĞŚŽŵĞƐ͘ ŽƵŶĐŝůŵĞŵďĞƌ,ŝĐŬĞLJƐƚĂƚĞĚƚŚĂƚƚŚĞŝƚLJŝƐƉĂLJŝŶŐƚŚĞϭϬϲ'ƌŽƵƉƚŽĂƐƐŝƐƚŝŶƚŚŝƐƉƌŽĐĞƐƐĂŶĚũƵƐƚ ďĞĐĂƵƐĞƚŚĞŝƌƌĞƐƵůƚƐĂƌĞŶŽƚǁŚĂƚĞǀĞƌLJŽŶĞǁĂŶƚƐƚŚĞLJƐŚŽƵůĚďĞŝŐŶŽƌĞĚ͘ ŽƵŶĐŝůŵĞŵďĞƌtŽũĐŝŬĐŽŵŵĞŶƚĞĚƚŚĂƚŚĞĚŝĚŶŽƚĂŐƌĞĞǁŝƚŚƚŚĞϭϬϲ'ƌŽƵƉƌĞƉŽƌƚ͘,ĞĨĞůƚƚŚĂƚƚŚĞƌĞ ǁĂƐŶŽƚĞŶŽƵŐŚƌĞƐĞĂƌĐŚĚŽŶĞĂŶĚƚŚĂƚƚŚĞƐĞĂƌĞŽŶůLJƉƌĞůŝŵŝŶĂƌLJƌĞƉŽƌƚƐ͘ ŽƵŶĐŝůŵĞŵďĞƌŝůĚĞƌďĂĐŬĐŽŵŵĞŶƚĞĚƚŚĂƚŚĞĂůƐŽŚĂƐĐŽŶĐĞƌŶƐŝĨƚŚĞƌĞƉŽƌƚƐĂƌĞĂĐĐƵƌĂƚĞďĞĐĂƵƐĞŽĨ ƚŚĞŝƌƉŽƚĞŶƚŝĂůůLJƉƌĞůŝŵŝŶĂƌLJŶĂƚƵƌĞ͘,ĞƐƚĂƚĞĚƚŚĂƚƚŚĞŽƵŶĐŝůŝƐƐƚƌƵŐŐůŝŶŐǁŝƚŚǁŚĂƚŝƐŚŝƐƚŽƌŝĐ͘dŚĞ ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶŝƐƐƚƌƵŐŐůŝŶŐďĞĐĂƵƐĞƚŚĞƌĞŝƐŶŽƚĐůĞĂƌĚŝƌĞĐƚŝŽŶƚŽƚŚĞŵŽŶŚŽǁƚŽ ĚĞĂůǁŝƚŚƚŚĞƐĞƐŽƌƚŽĨƌĞƋƵĞƐƚƐ͘,ĞŝƐǀĞƌLJĨƌƵƐƚƌĂƚĞĚǁŝƚŚƚŚĞǁŚŽůĞƉƌŽĐĞƐƐ͘,ĞŶŽůŽŶŐĞƌǁĂŶƚƐƚŽ ŚĂǀĞƚŽĨĞĞůůŝŬĞƚŚĞŽƵŶĐŝůŚĂƐƚŽƌƵƐŚƚŽũƵĚŐŵĞŶƚƐ͘ ŽƵŶĐŝůŵĞŵďĞƌ,ƌƵƐŬĂƋƵĞƐƚŝŽŶĞĚDƌ͘ ĚŵŽŶƐŽŶŝĨƚŚĞŵŽǀĞƐŽĐĐƵƌǁŝůůƚŚĞŚŽŵĞƐďĞĨŝŶĂŶĐŝĂůůLJ ǀŝĂďůĞ͘Dƌ͘ ĚŵŽŶƐŽŶƐƚĂƚĞĚƚŚĂƚďĞƚǁĞĞŶƚŚĞƚǁŽŚŽŵĞƐŚĞŝƐǁŝůůŝŶŐƚŽĐŽŵŵŝƚΨϲϬϬ͕ϬϬϬĨŽƌƚŚĞŵ ĂŶĚĨĞĞůƐŚĞĐĂŶŵĂŬĞŵŽŶĞLJĨƌŽŵƚŚĞŵŝŶƚŚĞĨƵƚƵƌĞ͘ ŽƵŶĐŝůŵĞŵďĞƌtŽũĐŝŬĐŽŵŵĞŶƚĞĚƚŚĂƚƚŚĞŚŽŵĞƐĂƐŝƐĂƌĞĨŝŶĂŶĐŝĂůůLJĨĞĂƐŝďůĞ͘,ĞĂůƐŽƐƚĂƚĞĚƚŚĂƚŚĞ ĨĞĞůƐƚŚĂƚďŽƚŚŚŽŵĞƐĂƌĞŚŝƐƚŽƌŝĐĂŶĚƚŚĂƚƚŚĞŽƵŶĐŝůƐŚŽƵůĚĨŝŶĚƚŚĂƚďŽƚŚĂƌĞ͘ ŽƵŶĐŝůŵĞŵďĞƌ^ŶLJĚĞƌƐƚĂƚĞĚƚŚĂƚŚĞŚĂƐŐŽŶĞďĂĐŬĂŶĚĨŽƌƚŚŽŶƚŚŝƐ͘dŚĞŝƚLJďƌŽƵŐŚƚŝŶĂŶŽƵƚƐŝĚĞ ŐƌŽƵƉƚŽƌĞǀŝĞǁƚŚĞƐĞŚŽŵĞƐǁŚŽĐĂŶŐŝǀĞĂŶƵŶďŝĂƐĞĚŽƉŝŶŝŽŶŽŶƚŚĞƉƌŽƉĞƌƚŝĞƐ͘tŚŝůĞƚŚĞŚŽŵĞƐ ŵĂLJďĞďĞĂƵƚŝĨƵůŝƚĚŽĞƐŶΖƚŵĞĂŶƚŚĞLJĂƌĞŚŝƐƚŽƌŝĐ͘/ŶĂĚĚŝƚŝŽŶŝƚŝƐĚŝĨĨŝĐƵůƚŶŽƚďĞŝŶŐƚŚĞŽǁŶĞƌƐƚŽ ĚĞƚĞƌŵŝŶĞŝĨƚŚĞƉƌŽƉĞƌƚŝĞƐĂƌĞĞĐŽŶŽŵŝĐĂůůLJĨĞĂƐŝďůĞŝŶƚŚĞŝƌĐƵƌƌĞŶƚůŽĐĂƚŝŽŶƐ͘ DĂLJŽƌƌĞĚĞƐƚĂƚĞĚƚŚĂƚŝƚŝƐĂǀĞƌLJĚŝĨĨŝĐƵůƚĚĞĐŝƐŝŽŶĨŽƌƚŚĞŽƵŶĐŝůĂŶĚƚŚĂƚŚĞŝƐŶŽƚƐƵƌĞǁŚĂƚƚŚĞ ƌŝŐŚƚĂŶƐǁĞƌŝƐ͘ ŽƵŶĐŝůŵĞŵďĞƌ,ƌƵƐŬĂĐŽŵŵĞŶƚĞĚƚŚĂƚŚĞĂŐƌĞĞƐƚŚĂƚƚŚĞϭϬϲ'ƌŽƵƉǁĂƐďƌŽƵŐŚƚŝŶƚŽŐŝǀĞƚŚĞŝƌ ƉƌŽĨĞƐƐŝŽŶĂůŽƉŝŶŝŽŶĂŶĚŝƚƐŚŽƵůĚďĞƚĂŬĞŶŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ͘dŚĞƌĞŚĂǀĞďĞĞŶĂůŽƚŽĨƌĞƉůĂĐĞŵĞŶƚ ƉĂƌƚƐƉƵƚŝŶƚŽƚŚĞϴϭϬt͘ĞŶƚĞƌ^ƚƌĞĞƚŚŽŵĞĂƐǁĞůůĂƐƚŚĞŝƐƐƵĞŽĨĚĞƚĞƌŵŝŶŝŶŐǁŚŽůŝǀĞĚƚŚĞƌĞŽƌŶŽƚ ƐŽŚĞŝƐŶŽƚƐƵƌĞŚĞĐĂŶƐƵƉƉŽƌƚŝƚƐĚĞƐŝŐŶĂƚŝŽŶ͘ ŽƵŶĐŝůŵĞŵďĞƌDĞĂŶƐƐƚĂƚĞĚƚŚĂƚƚŚĞϭϬϲ'ƌŽƵƉŚĂƐďĞĞŶďƌŽƵŐŚƚŝŶĂƐƵŶďŝĂƐĞĚƉƌŽĨĞƐƐŝŽŶĂůƐĂŶĚ ƚŚĞŝƌŽƉŝŶŝŽŶƐŚŽƵůĚďĞƌĞƐƉĞĐƚĞĚ͘ ŽƵŶĐŝůWƌĞƐŝĚĞŶƚ^ƚĂǀĞƌƋƵĞƐƚŝŽŶĞĚƚŚĞŝƚLJƚƚŽƌŶĞLJŝĨƚŚĞŽƵŶĐŝůĚĞƚĞƌŵŝŶĞĚƚŚĂƚďŽƚŚŚŽŵĞƐĂƌĞ ŶŽƚŚŝƐƚŽƌŝĐĐĂŶƚŚĞŽƵŶĐŝůƐƚŝůůƉƌŽǀŝĚĞĚŝƌĞĐƚŝŽŶƚŽŵŽǀĞƚŚĞϳϭϴt͘ĞŶƚĞƌ^ƚƌĞĞƚŚŽƵƐĞ͘ŝƚLJƚƚŽƌŶĞLJ ĚŬŝŶƐĐŽŵŵĞŶƚĞĚƚŚĂƚƚŚĞƉĞƌŵŝƚĨŽƌƚŚĞŚŽƵƐĞŝƐĂŵŽǀŝŶŐƉĞƌŵŝƚŶŽƚĂĚĞŵŽůŝƚŝŽŶƉĞƌŵŝƚ͘ WůĂŶŶĞƌ,ĂƌĨŽƌĚƐƚĂƚĞĚƚŚĂƚƚŚĞƉƌŽƉŽƐĞĚWŚĂƐĞ//ŽĨƚŚĞEŝĐŚŽůĂƐƉĂƌƚŵĞŶƚĞǀĞůŽƉŵĞŶƚǁŽƵůĚŶŽƚ ƌĞƋƵŝƌĞŽƵŶĐŝůĂĐƚŝŽŶďĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚƉůĂŶƐŵĞĞƚŝŶŐŝƚLJŽĚĞƐ͘ 3DFNHW3J )E ŽƵŶĐŝůŵĞŵďĞƌtŽũĐŝŬƐƚĂƚĞĚƚŚĂƚďŽƚŚƉƌŽƉĞƌƚŝĞƐŵĞĞƚƚŚĞϭϵ͘Ϭϰ͕^ƵďĚ͘ϮĨŝŶĂŶĐŝĂůĨĞĂƐŝďŝůŝƚLJ 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Ě,ƌƵƐŬĂ͕DĂƌŬŝůĚĞƌďĂĐŬ͕DŝĐŚĂĞůtŽũĐŝŬ͕DĂƌŬ,ŝĐŬĞLJ͕ ^ĂŶĚƌĂDĞĂŶƐ DŽƚŝŽŶďLJŽƵŶĐŝůŵĞŵďĞƌtŽũĐŝŬ͕ƐĞĐŽŶĚĞĚďLJŽƵŶĐŝůŵĞŵďĞƌŝůĚĞƌďĂĐŬƚŽĚĞĐůĂƌĞƚŚĞϴϭϬtĞƐƚ ĞŶƚĞƌ^ƚƌĞĞƚŚŽŵĞŝƐƉŽƚĞŶƚŝĂůůLJŚŝƐƚŽƌŝĐŝŶŶĂƚƵƌĞďĂƐĞĚŽŶϭϵ͘Ϭϰ͘ĂŶĚƐƵďĚ͘Ϯ͘ĞŶŝĞĚϮͲϱͲϬǁŝƚŚ ŽƵŶĐŝůŵĞŵďĞƌƐtŽũĐŝŬĂŶĚŝůĚĞƌďĂĐŬǀŽƚŝŶŐLJĞĂŶĚŽƵŶĐŝůŵĞŵďĞƌƐ^ƚĂǀĞƌ͕^ŶLJĚĞƌ͕,ƌƵƐŬĂ͕,ŝĐŬĞLJ͕ ĂŶĚDĞĂŶƐǀŽƚŝŶŐEĂLJ͘ ŽƵŶĐŝůŵĞŵďĞƌtŽũĐŝŬƐƚĂƚĞĚƚŚĂƚƚŚĞĨŝŶĂŶĐŝĂůǀŝĂďŝůŝƚLJŝƐŶŽƚĂŶŝƐƐƵĞĂŶĚƚŚĂƚŝƚŝƐĂůƐŽŚŝƐƚŽƌŝĐ͘ ŽƵŶŝĐůŵĞŵďĞƌŝůĚĞƌďĂĐŬĐŽŵŵĞŶƚĞĚƚŚĂƚƚŚĞŽǁŶĞƌŚĂĚĂĐŚĂŶĐĞƚŽƉƌŽǀĞƚŚĂƚƚŚĞŚŽŵĞŝƐŶŽƚ ĞĐŽŶŽŵŝĐĂůůLJǀŝĂďůĞĂƚƚŚĞ,ŝƐƚŽƌŝĐWƌĞƐĞƌǀĂƚŝŽŶŽŵŵŝƐƐŝŽŶŵĞĞƚŝŶŐĂŶĚƚŚĞLJĚŝĚŶŽƚ͘ŽƵŶĐŝů WƌĞƐŝĚĞŶƚ^ƚĂǀĞƌĐŽŵŵĞŶƚĞĚƚŚĂƚƚŚĞϭϬϲ'ƌŽƵƉƌĞƉŽƌƚƐŚŽǁĞĚƚŚĂƚĐŚĂŶŐĞƐŚĂǀĞďĞĞŶŵĂĚĞƚŽƚŚĞ ƉƌŽƉĞƌƚLJĂŶĚƚŚĂƚƚŚĞƌĞĂůŚŝƐƚŽƌŝĐƐŝŐŶŝĨŝĐĂŶĐĞŝƐǁŝƚŚƚŚĞĐĂŵĞƌĂĐŽŵƉĂŶLJĂŶĚŶŽƚƚŚŝƐŚŽŵĞ͘dŚĞ ŚŽŵĞŝƐŶŽƚĞǁŽƌƚŚLJďƵƚŝƚŝƐŶŽƚŚŝƐƚŽƌŝĐ͘ŽƵŶĐŝůŵĞŵďĞƌ^ŶLJĚĞƌĐŽŵŵĞŶƚĞĚŽŶĂůůƚŚĞĐŽŶĨůŝĐƚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽƚŚŝƐŚŽƵƐĞĂŶĚƚŚĂƚŚĞŝƐŶŽƚϭϬϬйƐƵƌĞƚŚĂƚƚŚŝƐŚŽƵƐĞŝƐŚŝƐƚŽƌŝĐ͘ ŽƵŶĐŝůŵĞŵďĞƌ,ƌƵƐŬĂƐƚĂƚĞĚƚŚĂƚŝŶůŽŽŬŝŶŐĂƚƚŚĞĐƌŝƚĞƌŝĂŝŶƚŚĞŽĚĞŚĞũƵƐƚĚŽĞƐŶΖƚƚŚŝŶŬƚŚŝƐŚŽƵƐĞ 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WKDYHQZURFKHVWHUPQ )F ŵĂŝŶƚĂŝŶŝŶŐŝƚƐĐƵƌƌĞŶƚƵƐĞŽƌĞƐƚĂďůŝƐŚŝŶŐĂŶĂĚĂƉƚŝǀĞƌĞƵƐĞŽĨƚŚĞƐƚƌƵĐƚƵƌĞŝƐĞĐŽŶŽŵŝĐĂůůLJĨĞĂƐŝďůĞ͘ ^ĞĞKůĚKƌĚŝŶĂŶĐĞ͕^ĞĐƚŝŽŶϭϵ͘Ϭϰ͕^ƵďĚ͘Ϯ͘ tŚŝůĞŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚŝƐƉƌŽƉĞƌƚLJ͕ƚŚĞEĞǁKƌĚŝŶĂŶĐĞƉƌŽǀŝĚĞƐƚŚĂƚ͞ŝ [[1844,495,2248,552][12][,I,][Times New Roman]]WLVWKHSROLF\RIWKH [[300,562,1086,619][12][,I,][Times New Roman]]&LW\WRUHVSHFWSULYDWHSURSHUW\ULJKWV´ [[1088,562,1184,619][12][,,][Times New Roman]]DQG [[1185,562,2084,619][12][,I,][Times New Roman]]³WKH&LW\UHF RJQL]HVWKDWWKHUHPD\EHVRPH [[300,628,2243,685][12][,I,][Times New Roman]]FLUFXPVWDQFHVLQZKLFKWKHRSHUDWLRQRIWKLVFKDSWHUFRXOGFUHDWHDQXQGXHHFRQRPLFKDUGVKLS´ [[2244,628,2256,685][12][,,][Times New Roman]] ^ĞĞEĞǁKƌĚŝŶĂŶĐĞ͕^ĞĐƚŝŽŶϭϵ͘ϭϯ͕^ƵďĚ͘ϭ͘ ,ĂǀŝŶŐĂůƌĞĂĚLJƐƉĞŶƚΨϮϲϳ͕ϲϳϰƚŽǁĂƌĚƐĂŶĂƚƚĞŵƉƚĞĚĂĚĂƉƚŝǀĞƌĞƵƐĞ͕ƚŚĞŽǁŶĞƌŚĂƐĂůƌĞĂĚLJƐŚŽǁŶ ƚƌĞŵĞŶĚŽƵƐĞĨĨŽƌƚƚŽǁĂƌĚƐƉƌĞƐĞƌǀĂƚŝŽŶ͘ƵƚŝŶĐƵƌƌŝŶŐŚƵŶĚƌĞĚƐŽĨƚŚŽƵƐĂŶĚƐŽĨĚŽůůĂƌƐŝŶĞdžƚƌĂ͕ ƵŶĨŽƌĞƐĞĞŶĞdžƉĞŶƐĞ͕ĐŽƵƉůĞĚǁŝƚŚƚŚĞůŽƐƐŽĨƌĞŶƚĂďůĞƐƉĂĐĞŽŶƚŚĞƚŚŝƌĚĨůŽŽƌ͕ƉƌŽũĞĐƚĞĚƌĞǀĞŶƵĞĨŽƌĂ ƚŚƌĞĞͲƵŶŝƚĂƉĂƌƚŵĞŶƚŝƐƵŶƚĞŶĂďůĞ͘ ^ƵŵŵĂƌLJĂŶĚŽŶĐůƵƐŝŽŶ ĂƐĞĚŽŶƐƚƌƵĐƚƵƌĂůĨĂŝůŝŶŐƐŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚƚŚĞƐŝŐŶŝĨŝĐĂŶƚĐŽƐƚŽĨƚŚĞƌĞƉĂŝƌƐĂŶĚůŽƐƚƌĞǀĞŶƵĞ͕ƚŚĞ ŽǁŶĞƌŚĂƐƌĞŐƌĞƚĨƵůůLJĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚŝƐƉƌŽũĞĐƚŝƐŶŽůŽŶŐĞƌĞĐŽŶŽŵŝĐĂůůLJĨĞĂƐŝďůĞ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞ ŽǁŶĞƌŝƐĂǁĂƌĞŽĨŶŽĂůƚĞƌŶĂƚŝǀĞƚŽĚĞŵŽůŝƚŝŽŶƚŚĂƚǁŽƵůĚĞŶĂďůĞƚŚĞŽǁŶĞƌƚŽƌĞĐŽŵŵĞŶĐĞƚŚĞ ƌĞŶŽǀĂƚŝŽŶ͘/ŶŽƚŚĞƌǁŽƌĚƐ͕ƚŚĞƌĞĂƌĞŶŽŝƚLJƐƵďƐŝĚŝĞƐĂǀĂŝůĂďůĞƚŽŽĨĨƐĞƚƚŚĞĞdžƚƌĂŽƌĚŝŶĂƌLJĂĚĚŝƚŝŽŶĂů ĞdžƉĞŶƐĞƐĂŶĚůŽƐƚƌĞǀĞŶƵĞ͘ ůƚĞƌŶĂƚŝǀĞůLJ͕ƚŚĞŽǁŶĞƌǁŽƵůĚďĞǁŝůůŝŶŐƚŽĐŽŶǀĞLJƚŚĞƐƚƌƵĐƚƵƌĞ͞ĂƐŝƐ͟ƚŽƚŚĞŝƚLJĨŽƌĨƌĞĞ͕ǁŝƚŚŽƵƚ ĂƐŬŝŶŐĨŽƌĂŶLJƌĞĐŽŵƉĞŶƐĞĨŽƌƐƵŶŬĐŽƐƚƐŝĨƚŚĞŝƚLJǁĞƌĞƚŽĨŝŶĚĂŶŽƚŚĞƌƉƌŽƉĞƌƚLJƚŽƉƵƚƚŚĞŚŽƵƐĞ͘ /ƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚĚĞŵŽůŝƚŝŽŶǁĂƐŶĞǀĞƌŝŶƚĞŶĚĞĚƚŽďĞƚŚĞĨŝŶĂůƐƚĂŐĞŽĨƚŚŝƐƉƌŽũĞĐƚ͖ƚŚĞŽǁŶĞƌ ŚĂƐŝŶǀĞƐƚĞĚĂǀĞƌLJƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚŽĨŵŽŶĞLJŝŶƚŚŝƐŚŽƵƐĞĂŶĚǁĂƐĐŽŵŵŝƚƚĞĚƚŽƚŚĞŝŶŝƚŝĂůĂĚĂƉƚŝǀĞ ƌĞƵƐĞƉůĂŶƉƌŝŽƌƚŽĚŝƐĐŽǀĞƌŝŶŐƚŚĞƐƚƌƵĐƚƵƌĂůĚĞĨŝĐŝĞŶĐŝĞƐ͘ /ĨLJŽƵŚĂǀĞĂŶLJĨƵƌƚŚĞƌƋƵĞƐƚŝŽŶƐ͕ƉůĞĂƐĞĨĞĞůĨƌĞĞƚŽĐŽŶƚĂĐƚĂŶLJŽŶĞŽŶƚŚĞĚĞǀĞůŽƉŵĞŶƚƚĞĂŵ͘ 7KDQN\RX :DGH*RRGHQEHUJHU$,$ 3DUWQHU &5:DUFKLWHFWXUHGHVLJQJURXS (QFORVXUHV WKDYHQZURFKHVWHUPQ )F 3/$15(9,(:/(77(5 $77$&+0(17 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J )F 3DFNHW3J 3DFNHW3J )F .1((:$// $77$&+0(17 %$//221 )5$0,1* )F $77$&+0(17 :DGH*RRGHQEHUJHU )URP :DGH*RRGHQEHUJHU 6HQW :HGQHVGD\0D\ĚĞƌĚĞƐŝŐŶĞĚ͘ dŚĞƋƵĞƐƚŝŽŶŝƐĐĂŶƚŚŝƐďĞƌĞŝŶĨŽƌĐĞĚĂŶĚƌĞƉĂŝƌĞĚ͍/͛ůůůĞƚƐŽŵĞŽŶĞĞůƐĞĂŶƐǁĞƌƚŚĂƚ͘ ,ĞƌĞŝƐǁŚĂƚƚŚĞƌĞŝŶĨŽƌĐŝŶŐǁŽƵůĚůŽŽŬůŝŬĞ ϭ͘dŚĞϯ ƌĚĨůŽŽƌŽƌůŽĨƚƐƉĂĐĞǁŽƵůĚŶŽƚďĞĂďůĞƚŽďĞƵƐĞĚ͘dŚĞƌŽŽĨǁŽƵůĚƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůďĞĂƌŝŶŐǁĂůůƐĂŶĚ ǁŽŽĚƉŽƐƚƐĨŽƌƐƵƉƉŽƌƚ͘dŚĞŶĞǁǁĂůůƐĂŶĚƉŽƐƚƐǁŽƵůĚŶĞĞĚƚŽƐĞƚŽŶƚŚĞϯ ƌĚĨůŽŽƌĨƌĂŵŝŶŐ͘ĚĚŝƚŝŽŶĂůůLJ͕ǁĞ 3DFNHW3J )F ǁŽƵůĚŶĞĞĚƚŽƉƵƚƚŝĞĐĂďůĞƐĂĐƌŽƐƐƚŚĞĨůŽŽƌĂƚƚŚĞƚŽƉŽĨƚŚĞƐƚĞŵǁĂůůƚŽŬĞĞƉƚŚĞƌŽŽĨĨƌŽŵƉƵƐŚŝŶŐŽƵƚ ĨƵƌƚŚĞƌ͘ Ϯ͘dŚĞĐƵƌƌĞŶƚϯ ƌĚĨůŽŽƌǁŽƵůĚŶĞĞĚƚŽďĞƌĞďƵŝůƚĂŶĚƌĞŝŶĨŽƌĐĞĚ͘dŚĞϮdžϲĨƌĂŵŝŶŐǁŽƵůĚŶĞĞĚƚŽďĞƌĞŝŶĨŽƌĐĞǁŝƚŚ >s>ďĞĂŵƐĂƚƚŚĞŶĞǁĐŽůƵŵŶƐƐƵƉƉŽƌƚŝŶŐƚŚĞƌŽŽĨĂŶĚŶĞǁϮdžϭϬŽƌϮdžϭϮũŽŝƐƚƐŽƌǁŽŽĚ/ũŽŝƐƚƐ͘ ϯ͘dŚĞŝŶƚĞƌŝŽƌďĞĂƌŝŶŐǁĂůůƐǁŽƵůĚŶĞĞĚĂĚĚŝƚŝŽŶĂůƐƵƉƉŽƌƚĂƚƚŚĞ>s>ďĞĂŵƐ;ĞdžƚƌĂǁŽŽĚƐƚƵĚƐͿ ϰ͘dŚĞĞdžƚĞƌŝŽƌďĞĂƌŝŶŐǁĂůůƐǁŽƵůĚďĞĂƉƌŽďůĞŵʹďĞĐĂƵƐĞŝƚŝƐďĂůůŽŽŶĞĚĨƌĂŵĞĚǁĞǁŽƵůĚŶŽƚďĞĂďůĞƚŽĂĚĚ ƐƚƵĚƐŝŶƚŚĞĐƵƌƌĞŶƚƐƚƵĚƐƉĂĐĞƵŶůĞƐƐǁĞƌĞŵŽǀĞĚƚŚĞďƌŝĐŬĂŶĚĞdžƚĞƌŝŽƌƐŚĞĂƚŚŝŶŐĂŶĚĂĚĚĞĚƐƚƵĚƐĨƌŽŵƚŚĞ ĞdžƚĞƌŝŽƌ͘tĞǁŽƵůĚŶĞĞĚƚŽďƵŝůĚŶĞǁďĞĂƌŝŶŐǁĂůůƐũƵƐƚŝŶƐŝĚĞƚŚĞĞdžŝƐƚŝŶŐǁĂůůƐƚƵĚƐʹƚŚƵƐLJŽƵǁŽƵůĚŚĂǀĞĂ ĚŽƵďůĞǁĂůů͘ ϱ͘dŚĞϮŶĚƐĨůŽŽƌũŽŝƐƚƐǁŽƵůĚŶĞĞĚƚŽďĞƌĞŝŶĨŽƌĐĞĚƵĞƚŽƚŚĞŝŶƚĞƌŝŽƌďĞĂƌŝŶŐǁĂůůƐŶŽƚĂůŝŐŶŝŶŐǁŝƚŚƚŚĞϭ ƐƚĨůŽŽƌ ďĞĂƌŝŶŐǁĂůůƐĂŶĚƚŚĞůŽĂĚƚƌĂŶƐĨĞƌĨƌŽŵƚŚĞƌŽŽĨĂďŽǀĞ͘ /ŚĂǀĞĞŶĐůŽƐĞĚĂŐĞŶĞƌŝĐďƵŝůĚŝŶŐƐĞĐƚŝŽŶƐŚŽǁŝŶŐƚŚĞƉƌĞůŝŵŝŶĂƌLJĨŝŶĚŝŶŐƐĂŶĚƌĞŝŶĨŽƌĐŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĚŝƐĐƵƐƐŝŽŶ ǁŝƚŚƚŚĞŽǁŶĞƌĂŶĚĐŽŶƚƌĂĐƚŽƌ͘ >ĞƚŵĞŬŶŽǁŝĨƚŚĞƌĞĂƌĞĂŶLJŽƚŚĞƌƋƵĞƐƚŝŽŶƐŽƌŚŽǁĞůƐĞ/ĐĂŶŚĞůƉ͘ dŚĂŶŬƐ :ĞĨĨ :ĞĨĨƌĞLJ'ŝƐŝ͕W͘ ͘ ^ƚƌƵĐƚƵƌĂů^ĞƌǀŝĐĞĂŶĚĞƐŝŐŶ͕/ŶĐ͘ ϭϭϮϱZŝǀĞƌǁŽŽĚƌ͘^t KƌŽŶŽĐŽ͕DEϱϱϵϲϬ ƐƐĚŝΛďĞǀĐŽŵŵ͘ŶĞƚ ;ϱϬϳͿϯϲϳͲϮϲϱϯǁŽƌŬ )URP -HUHP\/DZVRQ>PDLOWR MHUHP\#NH\EXLOGHUVLQFFRP@ 6HQW 7XHVGD\$SULO $0 7R :DGH*RRGHQEHUJHU EUDGFOHPHQV VVGL#EHYFRPPQHW 6XEMHFW )ZG &DUROLQHVWUXFWXUDOPHHWLQJ ^ĞŶƚĨƌŽŵŵLJŝWŚŽŶĞ ĞŐŝŶĨŽƌǁĂƌĚĞĚŵĞƐƐĂŐĞ͗ 3DFNHW3J )F &ƌŽŵ͗ ΗƵƚƚŽŶ͕'ĂƌLJΗф'ƵƚƚŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх ĂƚĞ͗ Ɖƌŝůϭϴ͕ϮϬϭϲĂƚϭϬ͗ϱϯ͗ϬϰWDd dŽ͗ Η&ƌĂŚŵ͕:ĂLJŶĞΗфũĨƌĂŚŵΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх Đ͗ ΗũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵΗфũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵх͕ΗŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂΗ ф:ŚĂŶĚƌĂŵŽŚĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͕Η&ŝŶƐĞƚŚ͕ƌĂĚΗф&ŝŶƐĞƚŚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх ^ƵďũĞĐƚ͗Z ͗ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ :ĂLJŶĞ͕ /ĚŽŶ͛ƚŚĂǀĞƚŚĞŬŶŽǁůĞĚŐĞŽƌŝŶĨŽƌŵĂƚŝŽŶƚŽĐĂůĐƵůĂƚĞŝĨƚŚĞŬŶĞĞǁĂůůƐďĞŝŶŐϮ͟ŽƵƚŽĨƉůƵŵďĂƌĞĂ ƐƚƌƵĐƚƵƌĂůĐŽŶĐĞƌŶ͘dŚĞƉƌŽũĞĐƚƐƚƌƵĐƚƵƌĂůĞŶŐŝŶĞĞƌǁŚŽĐĂŶĐĂůĐƵůĂƚĞƚŚĞůŽĂĚƐďĞŝŶŐƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ ŬŶĞĞǁĂůůƐĂŶĚĂŶĂůLJnjĞŚŽǁƚŚĞŬŶĞĞǁĂůůǁŝůůƌĞĂĐƚŝƐƚŚĞƉĞƌƐŽŶǁŚŽǁŝůůĚĞƚĞƌŵŝŶĞŝĨŝƚĐĂŶďĞŵĂĚĞ ƐƚƌƵĐƚƵƌĂůůLJƐŽƵŶĚĂŶĚƉƵƚƚŽŐĞƚŚĞƌĂĚĞƐŝŐŶŝĨƚŚĞLJĚĞƚĞƌŵŝŶĞŝƚŝƐŶĞĞĚĞĚ͘ dŚĂŶŬƐ͕ 'ĂƌLJ &ƌŽŵ͗ &ƌĂŚŵ͕:ĂLJŶĞ ^ĞŶƚ͗ DŽŶĚĂLJ͕Ɖƌŝůϭϴ͕ϮϬϭϲϮ͗ϮϮWD dŽ͗ ƵƚƚŽŶ͕'ĂƌLJф'ƵƚƚŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂ ф:ŚĂŶĚƌĂŵŽŚĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖&ŝŶƐĞƚŚ͕ƌĂĚф&ŝŶƐĞƚŚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх ^ƵďũĞĐƚ͗ Z ͗ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ 'ĂƌLJ͕ :ĞƌĞŵLJǁŝƚŚ<ĞLJƵŝůĚĞƌƐŚĂƐĐĂůůĞĚŵĞƚǁŝĐĞ͘,ĞǁĂŶƚƐĂŶĂŶƐǁĞƌƚŽŚŝƐƋƵĞƐƚŝŽŶĂďŽƵƚƚŚĞŬŶĞĞǁĂůů ďĞŝŶŐŽƵƚŽĨƉůƵŵď͘ĂŶLJŽƵƉůĞĂƐĞƌĞƐƉŽŶĚƚŽ:ĞƌĞŵLJŽŶLJŽƵƌŽƉŝŶŝŽŶŽĨƐƚƌƵĐƚƵƌĂůĂŶĂůLJƐŝƐĨŽƌƚŚĞŽƵƚ ŽĨƉůƵŵďǁĂůůƐ͘ dŚĂŶŬLJŽƵ͕ :ĂLJŶĞ &ƌŽŵ͗ ƵƚƚŽŶ͕'ĂƌLJ ^ĞŶƚ͗ dŚƵƌƐĚĂLJ͕Ɖƌŝůϭϰ͕ϮϬϭϲϭϬ͗ϰϳD dŽ͗ ŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂф:ŚĂŶĚƌĂŵŽŚĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖&ƌĂŚŵ͕:ĂLJŶĞ фũĨƌĂŚŵΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх ^ƵďũĞĐƚ͗ Z ͗ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ /ƚǁŝůůďĞƵƉƚŽĂƐƚƌƵĐƚƵƌĂůĂŶĂůLJƐŝƐŝĨƚŚĞǁĂůůĐĂŶŵĂĚĞĂďůĞƚŽƐƵƉƉŽƌƚĂůůůŽĂĚƐĂŶĚďĞƐƚĂďŝůŝnjĞĚŝŶĂŶ ŽƵƚŽĨƉůƵŵďĐŽŶĚŝƚŝŽŶŽĨϮ͘͟ &ƌŽŵ͗ ŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂ ^ĞŶƚ͗ tĞĚŶĞƐĚĂLJ͕Ɖƌŝůϭϯ͕ϮϬϭϲϭ͗ϯϯWD dŽ͗ &ŝŶƐĞƚŚ͕ƌĂĚф&ŝŶƐĞƚŚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ƵƚƚŽŶ͕'ĂƌLJф'ƵƚƚŽŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх ^ƵďũĞĐƚ͗ &t͗ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ &z/ &ƌŽŵ͗ &ƌĂŚŵ͕:ĂLJŶĞ ^ĞŶƚ͗ dƵĞƐĚĂLJ͕ƉƌŝůϭϮ͕ϮϬϭϲϭϮ͗ϯϭWD 3DFNHW3J )F dŽ͗ ΖtĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌΖфǁŐŽŽĚĞŶďĞƌŐĞƌΛĐƌǁĂƌĐŚŝƚĞĐƚƵƌĞ͘ĐŽŵх͖ŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂ ф:ŚĂŶĚƌĂŵŽŚĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ƐƐĚŝΛďĞǀĐŽŵŵ͘ŶĞƚ͖Ζ:ĞƌĞŵLJ>ĂǁƐŽŶΖ ;ũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵͿфũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵх ^ƵďũĞĐƚ͗ Z ͗ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ ǀĞƌLJŽŶĞ͕ 'ĂƌLJƵƚƚŽŶŝƐŽƵƚŽĨƚŚĞŽĨĨŝĐĞƵŶƚŝůƚŽŵŽƌƌŽǁ͘tĞǁŝůůƚĂůŬǁŝƚŚƌĂĚĂŶĚ'ĂƌLJƚŽƐĞĞǁŚĂƚƚŚĞŝƌ ƚŚŽƵŐŚƚƐĂƌĞ͘tĞǁŝůůďĞŝŶƚŽƵĐŚ͘ dŚĂŶŬLJŽƵ͕ :ĂLJŶĞ &ƌŽŵ͗ tĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌŵĂŝůƚŽ͗ǁŐŽŽĚĞŶďĞƌŐĞƌΛĐƌǁĂƌĐŚŝƚĞĐƚƵƌĞ͘ĐŽŵ ^ĞŶƚ͗ DŽŶĚĂLJ͕Ɖƌŝůϭϭ͕ϮϬϭϲϯ͗ϯϵWD dŽ͗ &ƌĂŚŵ͕:ĂLJŶĞфũĨƌĂŚŵΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ŚĂŶĚƌĂŵŽŚĂŶ͕:LJŽƚŚƐĂŶĂ ф:ŚĂŶĚƌĂŵŽŚĂŶΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх͖ƐƐĚŝΛďĞǀĐŽŵŵ͘ŶĞƚ͖Ζ:ĞƌĞŵLJ>ĂǁƐŽŶΖ ;ũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵͿфũĞƌĞŵLJΛŬĞLJďƵŝůĚĞƌƐŝŶĐ͘ĐŽŵх ^ƵďũĞĐƚ͗ ĂƌŽůŝŶĞͲƐƚƌƵĐƚƵƌĂůŵĞĞƚŝŶŐ :ŽĂŶĚ:ĂLJŶĞ͕ dŽƐƵŵƵƉŽƵƌŵĞĞƚŝŶŐ͕ǁĞĂƌĞůŽŽŬŝŶŐĨŽƌŐƵŝĚĂŶĐĞŽŶǁŚĂƚǁŝůůďĞĂůůŽǁĞĚǁŚĞŶŝƚĐŽŵĞƐƚŽƌĞƉĂŝƌƐ ŽŶƚŚĞƌŽŽĨŽĨƚŚĞĂƌŽůŝŶĞ͘^ƉĞĐŝĨŝĐĂůůLJ͕ŝĨƚŚĞǁĂůůďĞŝŶŐƵƉƚŽϮŝŶĐŚĞƐŽĨĨŽĨǀĞƌƚŝĐĂůǁŝůůďĞĨůĂŐŐĞĚ ĚƵƌŝŶŐŝŶƐƉĞĐƚŝŽŶ͘/ĨǁĞƐŚŽǁƚŚĂƚǁĞĐĂŶƐƚĂďŝůŝnjĞƚŚĂƚƌŽŽĨǀŝĂƚĞŶƐŝŽŶĐĂďůĞƐĂŶĚŶĞǁǀĞƌƚŝĐĂů ƐƵƉƉŽƌƚƐ͕ǁŝůůƚŚĂƚďĞŐŽŽĚĞŶŽƵŐŚ͍WůĞĂƐĞŵĞĞƚǁŝƚŚƌĂĚĂŶĚ'ĂƌLJĂƐƐŽŽŶĂƐLJŽƵĐĂŶƚŽĚĞƚĞƌŵŝŶĞ ƚŚŝƐ͘:ĞĨĨĂŶĚ:ĞƌĞŵLJ͕ĨĞĞůĨƌĞĞƚŽĐŽŵŵĞŶƚŝĨ/͛ǀĞůĞĨƚĂŶLJƚŚŝŶŐŽƵƚ͘ dŚĂŶŬƐ͕ :DGH*RRGHQEHUJHU$,$ [[538,1961,669,1999][8][,I,][Arial]]$UFKLWHFW S )F &267$1$/<6,6 )520*(1(5$/ &2175$&725 $77$&+0(17 3DFNHW3J &267$1$/<6,6)520*(1(5$/&2175$&725 )F 3DFNHW3J &267$1$/<6,6)520*(1(5$/&2175$&725 )F 3DFNHW3J )F &267$1$/<6,6)520 *(1(5$/&2175$&725 3DFNHW3J )F &267$1$/<6,6)520 *(1(5$/&2175$&725 3DFNHW3J 3DFNHW3J )G ,ŽƵƐĞ ϳϭϴtĞƐƚĞŶƚĞƌ ĚŵŽŶƐŽŶ :ƵŶĞϮϮ͕ϮϬϭϳ <ƵƚnjŬLJ͛Ɛ ƵŐƵƐƚ 3DFNHW3J )G dŽŐĞƚŚĞƌǁŝƚŚϳϮϰĂŶĚϳϮϴŝƚĞŶĂďůĞĚƚŚĞϱůŽƚƐƚŽ /ŵƉŽƌƚĂŶĐĞƚŽEŝĐŚŽůĂƐĞǀĞůŽƉŵĞŶƚ ͘ ďĞхϱϬйZϰ͖ƚŚŝƐũƵƐƚŝĨŝĞĚƚŚĞŶĞǁnjŽŶŝŶŐďLJƚŚĞ ƐƋ͘Ĩƚ ƉůĞdžĂŶĚ ĞǀĞůŽƉĞƌƐƉƌŽŵŝƐĞĚƚŽŵŽǀĞĂŶĚƐĂǀĞƚŚĞ ϲϯ͛džϭϲϵ͛сϭϬ͕ϲϰϳ ĞǀĞůŽƉĞƌƐďŽƵŐŚƚƚŚŝƐƉƌŽƉĞƌƚLJĨƌŽŵƚŚĞ Ͳ ƉůĂĐĞŝƚŽŶƚŚĞůŽƚƐǁĞƐƚŽĨhŶŝƚĞĚtĂLJ͘ /ŶŝƚŝĂůŽĨĨĞƌŝŶŐǁĂƐƚŽƌĞŵŽĚĞůŝƚĂƐĂϰ ZŽĐŚĞƐƚĞƌƌĞĂ&ŽƵŶĚĂƚŝŽŶ͘ WůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Ͳ >ĂƌŐĞůŽƚnjŽŶĞĚZϰ ŚŽŵĞ͖ ±±± 3DFNHW3J )G ŽŶĂŶĞǁ ƉƌŽƉĞƌƚŝĞƐĂƚƚŚĞŝƌĐŽƐƚůĞƐƐΨϮϰϬ͕ϬϬϬĂƐĂŶŝŶĐĞŶƚŝǀĞ͘ ŝƐĐƵƐƐĞĚǁŝƚŚĞǀĞůŽƉĞƌƐƚŚĞŽƉƚŝŽŶŽĨŵŽǀŝŶŐĂŶĚ /ĚĞĂǁĂƐƚŽƉůĂĐĞďŽƚŚŚŽŵĞƐŽŶƚŚĞƚǁŽůŽƚƐƚŚĞƌĞ ƐĞůůŝŶŐƚŚŝƐŚŽŵĞĂƐǁĞůůĂƐƚŚĞŽŶůĞLJŚŽŵĞĂƚϴϭϬ ĂŶĚƌĞƐƚŽƌĞƚŚĞŵŝŶƐŽĨĂƌĂƐƉŽƐƐŝďůĞƚŽƚŚĞŽƌŝŐŝŶĂů ůůŽǁŝŶŐΨϮϬϬ͕ϬϬϬĨŽƌƌĞƉĂŝƌƐĂŶĚƌĞŶŽǀĂƚŝŽŶ͕ŵLJ ĐŽƵůĚďĞŽĨĨĞƌĞĚĨŽƌĂďŽƵƚΨϱϬ͕ϬϬϬ͘ ĞǀĞůŽƉĞƌƐǁĞƌĞĂŐƌĞĞĂďůĞĂŶĚǁŽƵůĚƐĞůůƚŚĞ ; ĚŵŽŶƐŽŶ/ŶǀŽůǀĞŵĞŶƚ /ŶŝƚŝĂůŐƵĞƐƚŝŵĂƚĞƐƉƌŽũĞĐƚĞĚƚŚĂƚƚŚĞŚŽŵĞ ƉĂƌƚŶĞƌĂŶĚ/ǁĞƌĞǁŝůůŝŶŐďƵLJĞƌƐ͘ tĞƐƚĞŶƚĞƌ͘ ĨŽƵŶĚĂƚŝŽŶͿ ĨůŽŽƌƉůĂŶƐ͘ 3DFNHW3J )G ƉĂƌƚŶĞƌĞĚĂƐĂƐƵďĐŽŶƚƌĂĐƚŽƌǁŝƚŚĂdǁŝŶŝƚŝĞƐŵŽǀĞƌĚƵĞ ĐŽŽƌĚŝŶĂƚŝŽŶǁŽƵůĚďĞŶĞĞĚĞĚ͘dŚĞĞǀĞůŽƉĞƌƐǁŽƵůĚŶŽƚ ĞǀĞůŽƉĞƌƐďĞůŝĞǀĞĚƚŚĞLJŶĞĞĚĞĚƚŽƐƚĂƌƚĐŽŶƐƚƌƵĐƚŝŽŶ dŚĞŚŽƵƐĞƐǁĞƌĞƚŽŽǁŝĚĞĂŶĚƚĂůůƚŽŵŽǀĞĚŽǁŶĞŶƚĞƌ ^ƚƌĞĞƚǁŝƚŚŽƵƚŵĂũŽƌƚƌĞĞƚƌŝŵŵŝŶŐĂŶĚƚŝƉƉŝŶŐŽĨƵƚŝůŝƚLJ ĞƚĂŝůƐŽĨƚŚĞŵŽǀĞŽĨƚŚĞŚŽŵĞƐǁĞƌĞĂůŽǁƉƌŝŽƌŝƚLJ ƉĂƌƚŝĐŝƉĂƚĞŝŶŵŽǀŝŶŐƚŚŝƐĨŽƌǁĂƌĚ͘dŚĞLJŚĂƐƚŝůLJƉƵƌƐƵĞĚ ůŽĐĂůŚŽƵƐĞŵŽǀĞƌǁĂƐŶŽƚĞŶŐĂŐĞĚĞĂƌůLJĞŶŽƵŐŚ;/ ƐƉŽŬĞǁŝƚŚŚŝŵƐĞǀĞƌĂůƚŝŵĞƐŽŶƚŚŝƐͿ͕ƵůƚŝŵĂƚĞůLJŚĞ ƉŽůĞƐ͘ŽƐƚƐǁĞƌĞĞdžƉĞĐƚĞĚƚŽďĞŚŝŐŚĞƌĂŶĚůŽƚƐŽĨ ǁŝƚŚƚŚĞŵĂŶĚǁĞƌĞŶŽƚĂƚƚĞŶĚĞĚƚŽǁŝƚŚĂŶLJ ĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞŝŶƚŚĞƐƵŵŵĞƌŽĨϮϬϭϰ͘ dŝŵĞůŝŶĞ/ƐƐƵĞƐ ƚŽƚŚĞǁĞŝŐŚƚŽĨƚŚĞďƌŝĐŬƐƚƌƵĐƚƵƌĞ͘ ĂŶŽƚŚĞƌŽƉƚŝŽŶ͘ ĚŝůŝŐĞŶĐĞ͘ ±± 3DFNHW3J )G ŚŽƵƐĞǁŽƵůĚďĞŵŽǀĞĚĚŝĂŐŽŶĂůůLJĂĐƌŽƐƐ ^ƚ^tƚŽďĞƵƐĞĚĨŽƌƚŚĞdŚĞĚƵƉůĞdžƚŚĞƌĞǁŽƵůĚďĞĚĞŵŽůŝƐŚĞĚĂƐƐŝƚĞǁĂƐ ĞǀĞůŽƉĞƌƐƉƵƌĐŚĂƐĞĚĂŶĂĚũŽŝŶŝŶŐƉƌŽƉĞƌƚLJ 'ůĞŶŶ&ĂŝƚŚƐƵĞĚƚŚĞĚĂŵƐŽŶ͛ƐŽǀĞƌƚŚŝƐĚĞĐŝƐŝŽŶ͘ dŚĞŽŶŶĞůůLJŚŽƵƐĞǁŽƵůĚďĞĚĞŵŽůŝƐŚĞĚ͘ WůĂŶ ŚŽƵƐĞ͘ Ɛƚ DƵĐŚŝůůǁŝůůƌĞƐƵůƚĞĚ͘ ͿĂƚϴϭϭϭ <ƵƚnjŬLJ ƚŚĞŝƌŚŽůĚŝŶŐƐ͘ <ƵƚnjŬLJ ƐŝƚĞĨŽƌƚŚĞ <LJĞŬ ĐůĞĂƌĞĚ͘ dŚĞ ;ĨƌŽŵ ±±± 3DFNHW3J )G dŚĞĚƌŝǀĞǁĂLJĂŶĚƉĂƌŬŝŶŐǁŽƵůĚďĞƐŚĂƌĞĚǁŝƚŚƉŚĂƐĞϮŽĨ ďĞĐŽŵŝŶŐĂǀĞƌLJŚŝŐŚƌŝƐŬŝŶǀĞƐƚŵĞŶƚƉƌŽƉŽƐŝƚŝŽŶŐŝǀĞŶĂůů ϲϬϬϬƌĞƋƵŝƌĞĚďLJŶŽƌŵĂůZϭnjŽŶŝŶŐĂŶĚĂůŵŽƐƚŚĂůĨŽĨƚŚĞ tĞĂƐŬĞĚĨŽƌĂŶĂƉƉƌĂŝƐĂůĂŶĚĂŶŝŶƐƉĞĐƚŝŽŶĂŶĚǁĞƌĞ dŚĞŚŽƵƐĞǁŽƵůĚďĞƐƚŝůůďĞŽĨĨĞƌĞĚĨŽƌƐĂůĞƵŶĚĞƌƚŚĞ dŚĞƐĂůĞƉƌŝĐĞƚŚĂƚǁĂƐŽĨĨĞƌĞĚǁĂƐĐŽŶƐŝĚĞƌĂďůLJŚŝŐŚĞƌ͖ ͖͘ůĞƐƐƚŚĂŶƚŚĞ ƚŽůĚƚŚĞƌĞŝƐŶŽŶĞŐŽƚŝĂƚŝŽŶ͘tĞĚĞĐůŝŶĞĚƚŚĞŽĨĨĞƌ͘ tĞĚĞĐŝĚĞĚΨϰϬϬ͕ϬϬϬ;ĞƐƚŝŵĂƚĞĚͿĂƚĐŽŵƉůĞƚŝŽŶǁĂƐ ĞǀĞŶǁŝƚŚƚŚĞŝŶĐĞŶƚŝǀĞŝƚǁŽƵůĚŚĂǀĞďĞĞŶĂďŽƵƚ ΨϮϬϬ͕ϬϬϬ͖ǁŚĞƌĞŝƐͬĂƐŝƐŽŶĂĨŽƵŶĚĂƚŝŽŶ͘ ƐƋ͘Ĩƚ ƚŚĞĚĞǀĞůŽƉŵĞŶƚ;KůŝǀĞƌƉĂƌƚŵĞŶƚƐͿ͘ hŶƌĂǀĞůůŝŶŐ dŚĞůŽƚǁĂƐƚŝŶLJĂƚϰϯ͛džϭϯϬ͛сϱϱϵϬ ƐĂŵĞƚĞƌŵƐ͕ŚŽǁĞǀĞƌ͗ ŽĨƚŚĞŶĞŐĂƚŝǀĞƐ͘ ŽƌŝŐŝŶĂůƐŝƚĞ͘ ±±±± 3DFNHW3J )G ĚĞƚĂŝůĞĚĞdžƉůĂŶĂƚŝŽŶŽĨĐŽƐƚƐŝƚĞŵŝnjĞĚ Ψϭϯϱ͕ϬϬϬ͘ϬϬŽĨĨƵƚƵƌĞ ĂĨƚĞƌ/ŐŽƚLJŽƵƌƌĞƉůLJ/ĂƐŬĞĚŽƵƌŬŬĞĞƉĞƌƚŽŐŝǀĞ ^ŚŽƵůĚĂůůŽĨƚŚĞĐŽŶƚŝŶŐĞŶĐLJŵŽŶĞLJŶŽƚďĞƌĞƋƵŝƌĞĚ͕ ŚŽŵĞŽŶĂŶĞǁ Ϳ͖ ŵďŝůĚĞƌďĂĐŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ƚŚĞ ƚŽďĞŽŶůLJΨϰϬ͕ϬϬϬ͘ϬϬŝŶĐůƵĚŝŶŐĂƐŵĂůů LJŽƵŬŶŽǁĐŽƵůĚďƵLJƚŚĞƉƌŽƉĞƌƚLJƚŽ ƌĞƐƵůƚŽĨLJŽƵƌƋƵĞƐƚŝŽŶŝŶŐƚŚĞĐŽƐƚƐ/ĐĂůůĞĚĨŽƌ LJŽƵƌ 'ŽŽĚĞŶďĞƌŐĞƌ WůĞĂƐĞƵƐĞƚŚĞΨϭϵϱ͕ϬϬϬ͘ϬϬƉƌŝĐĞŝŶ <ƵƚnjŬLJ ĂĚĚŝƚŝŽŶĂů tŽũĐŝŬ :/D:h/^, ŝƐůŝƚƚůĞŵŽƌĞƚŚĂŶǁĞƉĂŝĚĨŽƌƚŚĞůŽƚ͕ďƵƚǁŝƚŚƚŚĞ ŚƌŝƐŽůďLJ͖tĂĚĞ ŚŽŵĞ͘ ͖DŝĐŚĂĞů /ĂŵƉůĞĂƐĞĚƚŽƌĞƉŽƌƚƚŚĂƚƚŚĞ KĨĨĞƌ>ĞƚƚĞƌĨƌŽŵDĂĐ,ĂŵŝůƚŽŶ <ƵƚnjŬLJ ͕DĂƌŬ; Ϳ͖ ƉĂĚĂŵƐŽŶΛĂĚĂŵƐŽŶŵŽƚŽƌƐ͘ĐŽŵ ƚŚĞ ƐŵĞĂŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ LJŽƵŚĂǀĞŝŶƚĞƌĞƐƚŝŶƉƵƌĐŚĂƐŝŶŐƚŚĞ WůĞĂƐĞƐĞĞ ŝůĚĞƌďĂĐŬ ĞŶƚŝƚLJ Ϳ͖ ƉƌŽǀĞĚ ĂŵĂƐƚĞƌƉŽůĞΛƐĞŚŝŶĐ͘ĐŽŵ ůĞĚƚŽďĞůŝĞǀĞ͘ ŶƵŵďĞƌĂƚǁŚŝĐŚLJŽƵ͕ƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͕ŽƌƐŽŵĞŽƚŚĞƌ ƐŽ ďƌŝŶŐŝŶŐƚŚĞƚŽƚĂůĐŽƐƚƚŽΨϰϯϱ͕ϬϬϬ͘ϬϬ͘ ͖ ƚŽůĚƵƐďLJŽƵƌďƵŝůĚŝŶŐĐŽŶƚƌĂĐƚŽƌǁĂƐŝŶĐŽƌƌĞĐƚĂŶĚ ŵŚŝĐŬĞLJΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ĐŽŶƚƌŝďƵƚĞ͘ ďĞůŝĞǀĞĚƚŚĞĐŽƐƚƐ/ǁĂƐƚŽůĚǁĞƌĞĂǁĨƵůůLJŚŝŐŚĂůƐŽ͕ Ă ĐŽŵŵƵŶŝĐĂƚŝŽŶǁĂƐŶŽƚĐŽƌƌĞĐƚĂŶĚĂƉƉƌĞĐŝĂƚĞƚŚĂƚĂƐ ŵŽǀĞ͘ ͖х ďĞĞŶ ǁŽƵůĚ ĞŚƌƵƐŬĂΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ WĂƚĚĂŵƐŽŶ; ŚŽŵĞ ƚŚĂŶ/ŚĂĚ ; ƐƵďƚƌĂĐƚŝŶŐƚŚĞΨϮϰϬ͕ϬϬϬ͘ϬϬǁŚŝĐŚǁĞƐĂŝĚǁĞ DĂƐƚĞƌƉŽůĞ dŚŝƐ ŝĨ <ƵƚnjŬLJ ĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƉƵƌĐŚĂƐĞĂŶĚƌĞƐƉŽŶĚďLJKĐƚŽďĞƌϭϱ͕ϮϬϭϰ ǁŝůůƌĞĚƵĐĞƚŚĞΨϭϵϱ͕ϬϬϬ͘ϬϬƉƵƌĐŚĂƐĞƉƌŝĐĞĂĐĐŽƌĚŝŶŐůLJ͘ ƌĞĂƐŽŶĂďůĞ ͖ ZĂŶĚLJ ŵĂĐΛŚĂŵŝůƚŽŶŵŶƌĞ͘ĐŽŵŝƚĞŵŝnjĞĚĂĐĐŽƵŶƚŝŶŐŽĨƚŚĞĐŽƐƚƐŝŶǀŽůǀĞĚŝŶƚŚĞ Ϳ͖ ͕^ƚĞǀĞ͖ŶĚLJ ƉĂĚĂŵƐŽŶΛĂĚĂŵƐŽŶŵŽƚŽƌƐ͘ĐŽŵ ͕ ^ƚĂǀĞƌ ďĞůŽǁ ŝƚĞŵŝnjĂƚŝŽŶĂƚƚĂĐŚĞĚĂŶĚůĞĂƌŶĞĚƚŚŝƐŝƐŵŽƌĞ ͗tĞĚŶĞƐĚĂLJ͕KĐƚŽďĞƌϬϭ͕ϮϬϭϰϵ͗ϭϬD Ϳ͖ ĐŽĚĞ͘ ďƐŶLJĚĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ Ζ͖ ũĂŵŝĞΛũƵĚŝƐĐŚ͘ĐŽŵ Ϳ ƉŽŝŶƚĞĚŽƵƚŝŶƚŚĞĞŵĂŝů <ǀĞŶǀŽůĚǁŐŽŽĚĞŶďĞƌŐĞƌΛĐƌǁĂƌĐŚŝƚĞĐƚƵƌĞ͘ĐŽŵ ƚŽ ĨŽƵŶĚĂƚŝŽŶƌĞĂĚLJƚŽďĞďƌŽƵŐŚƚƵƉ ŝŶŝƚŝĂůůLJ ͕^/KZ͕WD / ƚŚĞ Ϳ͖ dŚĂŶŬLJŽƵĨŽƌLJŽƵƌĞŵĂŝů͘ ͗DĂĐ,ĂŵŝůƚŽŶŵĂŝůƚŽ͗ ŵǁŽũĐŝŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ dŚŝƐĚƌŽƉƐŽƵƌĐŽƐƚƐĂŶĚ ,ŽƵƐĞ ĞĂƌůŝĞƌ ĐŽƐƚƐƌĞůĂƚĞĚƚŽƚŚĞŵŽǀĞ /ŶĐ ͕DEϱϱϵϬϭ ͕ Et Ζ ZĞĂů ƐƚĂƚĞ ŵŽƌŶŝŶŐĂǀĞ͗ ͗ ĚŵŽŶƐŽŶ͕ĂǀĞ <ƵƚnjŬLJDĂĐ,ĂŵŝůƚŽŶ/D Ϳ͖ ƌĞŐƌĞƚƚŚĂƚŽƵƌ ũŝŵΛũƵĚŝƐĐŚ͘ĐŽŵĂĨƚĞƌ ͗WĂƚĚĂŵƐŽŶ; ^ƚƌĞĞƚ ^ŶLJĚĞƌ͕ƌƵĐĞ; ĂƐ ͗&t͗Ψϭϵϱ͕ϬϬϬ͘ϬϬ ĐŽŶƚŝŶŐĞŶĐLJ ϮϴƚŚ ZŽĐŚĞƐƚĞƌ WƌĞƐŝĚĞŶƚ ,ĂŵŝůƚŽŶ ^ƵďũĞĐƚ ĂďŽǀĞ͘ ĂŶ 'ŽŽĚ ϰϬϱϳ &ƌŽŵ ^ĞŶƚ / ŵĞ ǁĞ dŽ Đ ;;; 3DFNHW3JƚŚĂƚŝƐǁŚĂƚŝƚ ĂŶĚ Ă >>ǀĂůƵĞĚƚŚĞůĂŶĚƚŚĂƚƚŚŝƐŚŽŵĞǁĂƐďƵŝůƚŽŶƚŽƐƵĐŚ ĐŽŶĚŝƚŝŽŶǁĞŶĞŐŽƚŝĂƚĞĚǁĂƐƚŚĂƚƚŚĞŚŽŵĞǁŽƵůĚďĞƐĂǀĞĚ ƚŚĞ ĚŽ ͖ ŵǁŽũĐŝŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ͖ ĞĚŵŽŶƐŽŶͺĚĂǀĞΛLJĂŚŽŽ͘ĐŽŵ ͖ ŽǀĞƌĂůůŝŶƚĞƌĞƐƚƐ͕ĨŝŶĂŶĐŝĂůĂŶĚŽƚŚĞƌǁŝƐĞ͘tĞĐĞƌƚĂŝŶůLJ ƚŽĚnjƐŵϭϳΛŐŵĂŝů͘ĐŽŵ ĚŝƐĐƵƐƐŝŽŶƐĂďŽƵƚƚŚŝƐƚŚĞĐŽŶƐĞŶƐƵƐĂŵŽŶŐ ĂŶLJ ϭƐƚ ƉĂĚĂŵƐŽŶΛĂĚĂŵƐŽŶŵŽƚŽƌƐ͘ĐŽŵ ĐŚŽŝĐĞƚŽůŽĐĂƚĞƚŚĞŚŽŵĞŽŶĂŵƵĐŚƐŵĂůůĞƌ ŝŶĚĞƉĞŶĚĞŶƚĂƉƉƌĂŝƐĂůŵƵƐƚďĞƚŚĞƐƚĂƌƚŝŶŐƉŽŝŶƚĨŽƌ Ă ĐŚŽƐĞŶŽƚƚŽƉƵƌƐƵĞƚŚĞƉůĂŶƚŽŵŽǀĞƚŚĞŚŽŵĞƚŽ ^ĞŶƚ͗tĞĚŶĞƐĚĂLJ͕KĐƚŽďĞƌϭϱ͕ϮϬϭϰϵ͗ϰϵD ŽĨ ƵƚŝůŝƚŝĞƐ ĚĂŵƐŽŶ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐĞĞŵƐŽŶƚŚĞĨĂĐĞ ͕ ŽǀĞƌĂůůĚĞǀĞůŽƉŵĞŶƚ͖ĐŽƐƚƐ͕/ŵŝŐŚƚĂĚĚ х ĂǀĞ͘ ĚŵŽŶƐŽŶΛďĞŶĐŚ͘ĐŽŵ ƚŚĞ ͖ ŵĐŬŝŶƐĞLJŐŽŽĚΛŚŽƚŵĂŝů͘ĐŽŵ ŝƚLJ ͖ ĨŽƵŶĚĂƚŝŽŶĂŶĚ <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐ͘ĐŽŵ ,WĂŶĚƚŚĞ ͖ ĂŶŶŝĞΛĐǁĂƌŽĐŚ͘ĐŽŵ ƌĞƐƚŽƌĂƚŝŽŶ͘ ,ŽƵƐĞ ŚĂŶĚƐ <ƵƚnjŬLJ dŽ͗DĂĐ,ĂŵŝůƚŽŶ͖ DŽǀŝŶŐƚŚĞ ĨƵƌƚŚĞƌ ZŽĐŚĞƐƚĞƌ͛Ɛ <ƵƚnjŬLJ Ă ŝƐƐĞƚĚŽǁŶŽŶŶĞŝŐŚďŽƌŚŽŽĚ͘ EŝĐŚŽůĂƐ ŽĨŚŽŵĞŝŶƚŽƚŚĞ ĨƚĞƌƐŽŵĞ ͗Z ͗ ĨŽƌƚŚŝƐƐŽƌƚ DĂĐ͗ ĚŝĚƚŚŝƐƚŽ dŚĞ zŽƵƌ ^ƵďũĞĐƚ &ƌŽŵ͖͗ LJ͘ĐŽŵ ͖ ĂǀĞ ĞĂƌ ͘ĐŽŵ ŽǁŶ ͗ Đ ϭ͘Ϯ͘ϯ͘ϱ͘ ͘ ϰ 3DFNHW3J )G ĨŽƌŵĞƌ WĂƌŬŶĞŝŐŚďŽƌŚŽŽĚĂŶĚƚŚĞŶŽĨĨĞƌƚŽƐĞůůƚŚĞ zŽƵ ǁĞǁŝůů EŝĐŚŽůĂƐ͕>>͕ƚŚĞŽĨĨĞƌŝŶŐƉƌŝĐĞƚŽLJŽƵŝƐΨϭϵϱ͕ϬϬϬ͘ϬϬ͘ ŚŽƵƐĞŽŶĂŶĞǁĨŽƵŶĚĂƚŝŽŶŽŶƚŚĞ ΖΗ ͿΗtĞŚĂǀĞ х͕ Η Η ŵďŝůĚĞƌďĂĐŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ W,Ě ŐůĞŶŶ͘ĨĂŝƚŚΛĐŚĂƌƚĞƌ͘ŶĞƚ <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐ͘ĐŽŵ ƚĐĂŵƉďĞůůŽĨĨŝĐĞΛĂŽů͘ĐŽŵ ͿΗ х ƉĂĚĂŵƐŽŶΛĂĚĂŵƐŽŶŵŽƚŽƌƐ͘ĐŽŵ ďƐŶLJĚĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ͕ ͕ KĐƚŽďĞƌϭϲ͕ϮϬϭϰ :ƵĚŝƐĐŚ х͕ ͿΗ Η ΨϮϰϬ͕ϬϬϬ͘ϬϬ͘ ũĂůůŵĂŶΛĂůůŵĂŶĂƐƐŽĐ͘ĐŽŵ ĂŶŶŝĞΛĐǁĂƌŽĐŚ͘ĐŽŵ ĂďƌĞĚĞΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ х͕ΗΖ:ĂŵĞƐDĂŶŶ х͕ Η ŵǁŽũĐŝŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ǁŐŽŽĚĞŶďĞƌŐĞƌΛŐŵĂŝů͘ĐŽŵ ůĞƐƐ ͕ LJŽƵƚŚĂƚLJŽƵǁŝƐŚƚŽƉƵƌĐŚĂƐĞƚŚĞƉƌŽƉĞƌƚLJďLJϵDdŚƵƌƐĚĂLJ х͕Η ĂŶĞǁĨŽƵŶĚĂƚŝŽŶƉƌŝŽƌƚŽƌĞŶŽǀĂƚŝŽŶĂƚŽƵƌĐŽƐƚ х͕Η ŐĐŚĞďŝŐΛŚŽƚŵĂŝů͘ĐŽŵ Ηф Ɖ͘ƚ͘Ă͘ƉƌŽƉĞƌƚŝĞƐ͘ůůĐΛŐŵĂŝů͘ĐŽŵ ƚŽĚnjƐŵϭϳΛŐŵĂŝů͘ĐŽŵ х͕Η^ŶLJĚĞƌ͕ƌƵĐĞ; Ηф ͕DĂƌŬ; <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐ͘ĐŽŵ <ƵƚnjŬLJ ĂŶŶŝĞΛĐǁĂƌŽĐŚ͘ĐŽŵ х͕Η ; Ηф ƌĚĞůů <ƵƚnjŬLJ ƉĂĚĂŵƐŽŶΛĂĚĂŵƐŽŶŵŽƚŽƌƐ͘ĐŽŵ ŵĂŝů ŵŝŬĞ͘ƐƚŝĐŚΛŝĞĞĞ͘ŽƌŐ ŝůĚĞƌďĂĐŬ ƉƵƌĐŚĂƐĞƚŚĞ х͕ΗƌĞĚĞ͕ Ηф ŚŽŵĞǁŝƚŚŝŶƚŚĞ х͕Η ŵǁŽũĐŝŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ŵŚŝĐŬĞLJΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ǀŝƌŐŝŶŝĂ͘ǁ͘ŵĞƌƌŝƚƚΛŐŵĂŝů͘ĐŽŵ х͕Η Ͳ Ηф Ηф &ŝŶĂů,ĂŵŝůƚŽŶĞ ĨƌŽŵ ŐĐŚĞďŝŐΛŚŽƚŵĂŝů͘ĐŽŵƐŵĞĂŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ƚŽ ĞŚƌƵƐŬĂΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ х͕Η ƚŽĚnjƐŵϭϳΛŐŵĂŝů͘ĐŽŵ ŽLJŽƵǁŝƐŚ ĨƚĞƌƐƵďƚƌĂĐƚŝŶŐƚŚĞΨϮϰϬ͕ϬϬϬƐƵďƐŝĚLJ ĂŵĂƐƚĞƌƉŽůĞΛLJĂŐŐLJ͘ĐŽŵ Ηф ͿΗф х͕Η <ƵƚnjŬLJ ŵŝŬĞ͘ƐƚŝĐŚΛŝĞĞĞ͘ŽƌŐ ĂŶĚƌĞǁƐ͘ŬΛĐŚĂƌƚĞƌ͘ŶĞƚ Ɖ͘ƚ͘Ă͘ƉƌŽƉĞƌƚŝĞƐ͘ůůĐΛŐŵĂŝů͘ĐŽŵ ǁĂƐƚŚĂƚǁĞǁŽƵůĚƌĞůŽĐĂƚĞƚŚĞ ĂŶĚƚŚĞƚŝŵĞĨŽƌŶĞŐŽƚŝĂƚŝŽŶŝƐďĞŚŝŶĚƵƐ͘ х͕Η х͕Η ŽŶ х͕Η ĂǀĞ͘ ĚŵŽŶƐŽŶΛďĞŶĐŚ͘ĐŽŵ Ηф х х͕Η ũĂŵŝĞΛũƵĚŝƐĐŚ͘ĐŽŵ <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐ͘ĐŽŵ ŽƌĂŶLJŝŶƚĞƌĞƐƚĞĚƉĂƌƚLJ͕ƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽďƵLJŝƚ ŵŚŝĐŬĞLJΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ĞĚŵŽŶƐŽŶͺĚĂǀĞΛLJĂŚŽŽ͘ĐŽŵ Ηф Ηф ŵĐŬŝŶƐĞLJŐŽŽĚΛŚŽƚŵĂŝů͘ĐŽŵ Ηф ǀŝƌŐŝŶŝĂ͘ǁ͘ŵĞƌƌŝƚƚΛŐŵĂŝů͘ĐŽŵ ƐŵĞĂŶƐΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ х͕Η Ηф ĞŚƌƵƐŬĂΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ĨƌŽŵ ĂŵĂƐƚĞƌƉŽůĞΛLJĂŐŐLJ͘ĐŽŵ ƌƐƚĂǀĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ Ηф ĂŶĚƌĞǁƐ͘ŬΛĐŚĂƌƚĞƌ͘ŶĞƚ /ĨǁĞĚŽŶŽƚŚĞĂƌ х х͕ΗdƌŝƐŚĂĚĂŵƐŽŶ; ŵĂĐΛŚĂŵŝůƚŽŶŵŶƌĞ͘ĐŽŵ ͗tĞĚŶĞƐĚĂLJ͕KĐƚŽďĞƌϭϱ͕ϮϬϭϰ͕ϰ͗ϰϭWD ΖΗф ŽƵƌĐŽƐƚ͘ ũĂŵŝĞΛũƵĚŝƐĐŚ͘ĐŽŵ ŶĞŝŐŚďŽƌŚŽŽĚ Ηф х͕Η Ηф ŽĨ ĂǀĞ͘ ĚŵŽŶƐŽŶΛďĞŶĐŚ͘ĐŽŵ Ηф <z <ƐŝƚĞĨŽƌΨϭϵϱ͕ϬϬϬ͘ϬϬ͕ŽƌŶŽƚ͘ ƉƌŽǀŝĚĞĚLJŽƵǁŝƚŚĂŶŝƚĞŵŝnjĂƚŝŽŶ <ĞůůŝĞΛŵŝĚǁĞƐƚůĂŶĚŝŶŐ͘ĐŽŵŵďŝůĚĞƌďĂĐŬΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ х͕Η Ηф /D͕^/KZ͕WD х͕Η ĐŽŵŵĞŶĐĞŵĂŬŝŶŐŽƚŚĞƌƉůĂŶƐ͘ х͕Η ĞĚŵŽŶƐŽŶͺĚĂǀĞΛLJĂŚŽŽ͘ĐŽŵ ͕ х͕Η ŚĂǀĞŚĂĚƚŝŵĞƚŽĐŽŶƐŝĚĞƌƚŚŝƐ ŵĐŬŝŶƐĞLJŐŽŽĚΛŚŽƚŵĂŝů͘ĐŽŵ Ηф ǁŐŽŽĚĞŶďĞƌŐĞƌΛŐŵĂŝů͘ĐŽŵ х͕Η ďƐŶLJĚĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ũĂůůŵĂŶΛĂůůŵĂŶĂƐƐŽĐ͘ĐŽŵ ĂďƌĞĚĞΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ƌƐƚĂǀĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ƚĐĂŵƉďĞůůŽĨĨŝĐĞΛĂŽů͘ĐŽŵ ĐŽŵŵŝƚŵĞŶƚƚŽƚŚĞ ,ŽƵƐĞ ŐůĞŶŶ͘ĨĂŝƚŚΛĐŚĂƌƚĞƌ͘ŶĞƚ /ŶĐ х͕ΗΖ ͗DĂĐ,ĂŵŝůƚŽŶф ͕DEϱϱϵϬϭ ͕ ^ƚƌĞĞƚEt ZĞĂů ƐƚĂƚĞ <ƵƚnjŬLJ ũŝŵΛũƵĚŝƐĐŚ͘ĐŽŵ ͕ DĂĐ,ĂŵŝůƚŽŶ ŶĞŝŐŚďŽƌŚŽŽĚ ^ƵďũĞĐƚ͗Z ͗ ϮϴƚŚ ZŽĐŚĞƐƚĞƌ WƌĞƐŝĚĞŶƚ ,ĂŵŝůƚŽŶ KƵƌ ͗ &ƌŽŵ ϰϬϱϳ ĂǀĞ ĂƚĞ ͗Η ͗Η dŽ Đ фффффффф ΗΗΗ 3DFNHW3J )G EŽǁŽƌŬǁĂƐĚŽŶĞŽŶƚŚĞƉƌŽƉĞƌƚLJĞdžĐĞƉƚƚŽ ĞǀĞůŽƉĞƌƐĂƌĞŝŶďƌĞĂĐŚŽĨƚŚĞŝƌƉƌŽŵŝƐĞƚŽ ƌĞŵŽǀĞƚŚĞƌŽŽĨĐŽǀĞƌŝŶŐĂŶĚĂůůŽǁƚŚĞ ƚŚĞĐŝƚLJĂŶĚƚŽƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘ ,ŽƵƐĞůĞĨƚƚŽƌƵŝŶ EĞŝŐŚďŽƌŚŽŽĚŝƐŐĞƚƚŝŶŐŶŽƚŚŝŶŐ͘ ĞǀĞůŽƉĞƌƐŐŽƚĂůůƚŚĞLJǁĂŶƚĞĚ͘ ĞůĞŵĞŶƚƐƚŽǁƌĂĐŬƌƵŝŶ͘ tŚĂƚƚŽĚŽ͍ 3DFNHW3J )G ŽƵůĚƚŚĞĐŝƚLJŽƌĚĞƌƚŚĞƚĞĂƌĚŽǁŶŽƌƚŚĞƌĞŵŽĚĞůŝŶŐŽĨ tŚĂƚǁŝůůŚĂƉƉĞŶƚŽƚŚĞůŽƚĂƚϴϭϭ͍tŝůůƚŚĞĞǀĞůŽƉĞƌ tŚĂƚĨŝŶĞƐĐĂŶďĞůĞǀŝĞĚďLJƚŚĞĐŝƚLJ͍ĂŶƚŚĞƉƌŽƉĞƌƚLJ ĚĞŶƐŝƚLJĂƉĂƌƚŵĞŶƚƐŽŶ /ƐŝƚŝůůĞŐĂůƚŽĂůůŽǁLJŽƵƌŽǁŶƉƌŽƉĞƌƚLJƚŽĚĞƚĞƌŝŽƌĂƚĞ͍ ďĞƐĞŝnjĞĚ͍/ĨƐŽ͕ŝƐƚŚŝƐƉƌŽƉĞƌƚLJƐĂůǀĂŐĞĂďůĞĂƚĂŶLJ /ƚĞdžĐĞĞĚĞĚĂůůnjŽŶŝŶŐƌƵůĞƐĂŶĚƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ ŵĂŝŶƚĂŝŶƐƚŚĞĚĞŶƐŝƚLJŝŶĐƌĞĂƐĞǁĂƐƵŶũƵƐƚŝĨŝĞĚ͘ ŽĞƐŝƚŵĂƚƚĞƌŝĨLJŽƵĂĐĐĞůĞƌĂƚĞƚŚĞƉƌŽĐĞƐƐ͍ tŚĂƚĐĂŶďĞĚŽŶĞ͍ ƚŚĞKůŝǀĞƌĂƉĂƌƚŵĞŶƚƐŽǀĞƌƚŚŝƐďƌĞĂĐŚ͍ ĐŽƐƚ͍tŚŽǁŽƵůĚƐƚĞƉĨŽƌǁĂƌĚ͍ Ͳ ǁŝŶĂŐĂŝŶĂŶĚďƵŝůĚŵŽƌĞŚŝŐŚ ŝƚ͍ ± 3DFNHW3J )G ĂĨŝƌĞĚŽŽƌŚĂĚďĞĞŶĂĚĚĞĚďƵƚǁŝƚŚŽƵƚ ;ŽƵůĚŚĂǀĞďĞĞŶͿǀĞƌLJƌĞƐƚŽƌĂďůĞŚŽŵĞ͙͘͘ &ƌŽŶƚƉŽƌĐŚŝŶĐůƵĚĞĚďĞǀĞůĞĚĂŶĚůĞĂĚĞĚŐůĂƐƐǁŝŶĚŽǁƐĂŶĚĚŽŽƌƐĂŶĚƚŚĞƉŽƌĐŚǁĂƐĨůŽŽƌĞĚ 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