Loading...
HomeMy WebLinkAboutSeptember 23, 2024 Agenda Packet ! "  ! " /      $()  . %! $'!  "1 "2  *3 $        3%!/  + :/ 6)!A  B " ˅ˢ˖˛˘˦˧˘˥ ˜˦˔ʶ˜˧ˬ˧˛˔˧˖˔˥˘˦ʡˊ˛˘˥˘˔˟˟ˣ˘ˢˣ˟˘˔˥˘˧˥˘˔˧˘˗˪˜˧˛˗˜˚ˡ˜˧ˬ˔ˡ˗˥˘˦ˣ˘˖˧ʡ ˊ˛˘˥˘˥˘˦˜˗˘ˡ˧˦ʟ˘ˠˣ˟ˢˬ˘˘˦ʟ˔ˡ˗˩˜˦˜˧ˢ˥˦˘ˡ˝ˢˬ˔˛˜˚˛ˤ˨˔˟˜˧ˬˢ˙˟˜˙˘ʡˊ˛˘˥˘˕˨˦˜ˡ˘˦˦ ˔ˡ˗˜ˡ˗˨˦˧˥ˬ˧˛˥˜˩˘ʟ˔ˡ˗˪˛˘˥˘˧˛˘˟˔ˡ˗˔ˡ˗˘ˡ˩˜˥ˢˡˠ˘ˡ˧˔˥˘˥˘ˡ˘˪˘˗˔ˡ˗˦˨˦˧˔˜ˡ˘˗ ˙ˢ˥˧˛˘˕˘ˡ˘Ѓ˧ˢ˙˔˟˟ʡʼ˧˜˦˔˪˘˟˖ˢˠ˜ˡ˚˔ˡ˗˗˜˩˘˥˦˘˖ˢˠˠ˨ˡ˜˧ˬʡ ˅˘ˡˢ˪ˡ˘˗ ˙ˢ˥˜˧˦˥˘ˣ˨˧˔˧˜ˢˡ˔˦˔˖˘ˡ˧˘˥˙ˢ˥˚˥ˢ˪˧˛˔ˡ˗˜ˡˡˢ˩˔˧˜ˢˡʡ ʶ˜˧ˬ ʶ˛˔˥˔˖˧˘˥˜˭˘˗ ˕ˬ˜˧˦˦˔˙˘˔ˡ˗˙˥˜˘ˡ˗˟ˬˡ˘˜˚˛˕ˢ˥˛ˢˢ˗˦ʡ ˉ˜˦˜ˢˡ ʶˢˠˠ˜˧˧˘˗ ˧ˢ˛˘˔˟˧˛˔ˡ˗˪˘˟˟ˡ˘˦˦˙ˢ˥˜˧˦ˣ˘ˢˣ˟˘ʡ ʶˢˡˡ˘˖˧˘˗ ˕ˢ˧˛ˣ˛ˬ˦˜˖˔˟˟ˬ˔ˡ˗˦ˢ˖˜˔˟˟ˬʡ ʷ˘˗˜˖˔˧˘˗ ˧ˢ˧˛˘˦˨˦˧˔˜ˡ˔˕˟˘˔ˡ˗˥˘˦ˣˢˡ˦˜˕˟˘˨˦˘ˢ˙ˣ˨˕˟˜˖˥˘˦ˢ˨˥˖˘˦ʡ ˂˥˚˔ˡ˜˭˔˧˜ˢˡ˔˟ ʴ˩˜˕˥˔ˡ˧ʟ˖ˢˠˣ˔˦˦˜ˢˡ˔˧˘ʟ ˉ˜˦˜ˢˡ ˜ˡˡˢ˩˔˧˜˩˘˧˘˔ˠʡ ʹˢ˨ˡ˗˔˧˜ˢˡ˔˟ ʠʸˡ˩˜˥ˢˡˠ˘ˡ˧˔˟ʠ˃˨˕˟˜˖ˆ˔˙˘˧ˬ ˆ˧˘˪˔˥˗˦˛˜ˣ ˃˥˜ˡ˖˜ˣ˟˘˦ ʠˆˢ˖˜˔˟ʸˤ˨˜˧ˬ ʠʹ˜˦˖˔˟˅˘˦ˣˢˡ˦˜˕˜˟˜˧ˬʙ ʠʶˢˠˣ˔˦˦˜ˢˡ ˆ˨˦˧˔˜ˡ˔˕˜˟˜˧ˬ ˆ˧˥˔˧˘˚˜˖˃˥˜ˢ˥˜˧˜˘˦ ʠʴ˙˙ˢ˥˗˔˕˟˘ʿ˜˩˜ˡ˚ ʠʸ˖ˢˡˢˠ˜˖ˉ˜˕˥˔ˡ˖ˬ˔ˡ˗ʺ˥ˢ˪˧˛ˀ˔ˡ˔˚˘ˠ˘ˡ˧ ʠ˄˨˔˟˜˧ˬˆ˘˥˩˜˖˘˦ ʴ˖˧˜ˢˡ˃˟˔ˡ ʴ˖˧˜ˢˡ˃˟˔ˡ˦˪˜˟˟˕˘˗˘˩˘˟ˢˣ˘˗˧ˢ˜˗˘ˡ˧˜˙ˬ ˚ˢ˔˟˦ʟ˔˖˧˜ˢˡ˦ʟ˔ˡ˗ˣ˘˥˙ˢ˥ˠ˔ˡ˖˘ ˜ˡ˗˜˖˔˧ˢ˥˦˧˛˔˧˛˘˟ˣ˔˗˩˔ˡ˖˘ˣ˥˜ˢ˥˜˧˜˘˦ʡ ˆ˧˥˔˧˘˚˜˖˃˥˜ˢ˥˜˧ˬʭˆ˧˥˔˧˘˚˜˖˃˥˜ˢ˥˜˧ˬʭ ˆ˧˥˔˧˘˚˜˖˃˥˜ˢ˥˜˧ˬʭ ʸ˖ˢˡˢˠ˜˖ˉ˜˕˥˔ˡ˖ˬ˔ˡ˗˄˨˔˟˜˧ˬˆ˘˥˩˜˖˘˦ ʴ˙˙ˢ˥˗˔˕˟˘ʿ˜˩˜ˡ˚ ʺ˥ˢ˪˧˛ˀ˔ˡ˔˚˘ˠ˘ˡ˧ ʴ˥˘˔˦ˢ˙ʹˢ˖˨˦ʴ˥˘˔˦ˢ˙ʹˢ˖˨˦ʴ˥˘˔˦ˢ˙ʹˢ˖˨˦ ϧʶ˥˘˔˧˘˖˟˔˥˜˧ˬʟ˔˟˜˚ˡˠ˘ˡ˧ʟ˔ˡ˗˨ˡ˜˧ˬ˪˜˧˛ ϧʻˢ˨˦˜ˡ˚˩˔˥˜˘˧ˬ˔ˡ˗˔˙˙ˢ˥˗˔˕˜˟˜˧ˬ ϧʶ˨˟˧˨˥˔˟˔ˡ˗˥˘˖˥˘˔˧˜ˢˡ˔˟ ˘˖ˢˡˢˠ˜˖˗˘˩˘˟ˢˣˠ˘ˡ˧ˣ˔˥˧ˡ˘˥˦˜ˡ˗˘Ѓˡ˜ˡ˚ ˢˣˣˢ˥˧˨ˡ˜˧˜˘˦˧˛˔˧ˣ˥ˢ˩˜˗˘˔˖˖˘˦˦ ϧˇ˥˔ˡ˦ˣˢ˥˧˔˧˜ˢˡˢˣ˧˜ˢˡ˦˔ˡ˗˔˖˖˘˦˦ʶ˜˧ˬ˟˘˔˗˘˥˦˛˜ˣ˔ˡ˗˖ˢˠˠ˨ˡ˜˧ˬ˩˔˟˨˘˦ ˔ˡ˗˘ˤ˨˜˧ˬ ϧʸˤ˨˜˧˔˕˟˘˥˘˚˨˟˔˧ˢ˥ˬ˟˔ˡ˗˦˖˔ˣ˘˔ˡ˗ϧʸ˦˧˔˕˟˜˦˛˖ˢˠˣ˘˧˜˧˜˩˘˔ˡ˗˦˨˦˧˔˜ˡ˔˕˟˘ ϧˇ˛˘ˢ˥˚˔ˡ˜˭˔˧˜ˢˡ˔ˡ˗˦˘˥˩˜˖˘˦˥˘Є˘˖˧ ˔ˣˣ˥ˢ˔˖˛˧ˢ˘˙˙˘˖˧˜˩˘˟ˬ˔˟˟ˢ˖˔˧˘ʷˀʶ ˖˥˘˔˧˜˩˘˜ˡ˖˘ˡ˧˜˩˘˦ ˖˛˔ˡ˚˜ˡ˚˗˘ˠˢ˚˥˔ˣ˛˜˖˦˔ˡ˗ˡ˘˘˗˦ ˥˘˦ˢ˨˥˖˘˦ʟʿ˘˚˜˦˟˔˧˜˩˘˔˟˟ˢ˖˔˧˜ˢˡ˦ʟ˔ˡ˗ʶ˜˧ˬ ˜˗˘ˡ˧˜Ѓ˘˗˕ˬ˧˛˘˖ˢˠˠ˨ˡ˜˧ˬ ϧʴ˖˖˘˦˦˧ˢˢˣˣˢ˥˧˨ˡ˜˧˜˘˦˔ˡ˗ ˥˘˩˘ˡ˨˘ ˔ˠ˘ˡ˜˧˜˘˦ ϧ˂ˣ˘˥˔˧˜ˢˡ˦˔˥˘˦˨˦˧˔˜ˡ˔˕˟˘ʟ ϧʷ˘˩˘˟ˢˣ˜ˠˣ˟˘ˠ˘ˡ˧˔˧˜ˢˡ˧ˢˢ˟˦˔ˡ˗ ˜ˡ˧˘˚˥˔˧˘˗ʟ˔ˡ˗˘˔˦ˬ˧ˢˡ˔˩˜˚˔˧˘ ϧ˂˪ˡ˘˥ʠˢ˖˖˨ˣ˜˘˗˔˙˙ˢ˥˗˔˕˟˘˛ˢ˨˦˜ˡ˚ ˦˧˥˔˧˘˚˜˘˦˙ˢ˥ʶˢˠˣ˥˘˛˘ˡ˦˜˩˘˃˟˔ˡ˧ˢ˘ˡ˦˨˥˘ ˖˨˥˥˘ˡ˧˗˘˖˜˦˜ˢˡ˦˥˘Є˘˖˧˙˨˧˨˥˘ˣ˥ˢ˝˘˖˧˜ˢˡ˦ ϧˆ˘˥˩˜˖˘˗˘˟˜˩˘˥ˬ˜˦ˢˣ˧˜ˠ˜˭˘˗ʟ ϧʼˡ˖˥˘˔˦˜ˡ˚ˢ˪ˡ˘˥˦˛˜ˣˢˣˣˢ˥˧˨ˡ˜˧˜˘˦ ˖ˢ˦˧˘˙˙˘˖˧˜˩˘ʟ˔ˡ˗˥˘Є˘˖˧ˢ˨˥ ˙ˢ˥ʵ˟˔˖˞ʟʼˡ˗˜˚˘ˡˢ˨˦ʟ˃˘ˢˣ˟˘ˢ˙ʶˢ˟ˢ˥ʟ ϧʴ˗ˢˣ˧˗˘˦˜˚ˡ˚˨˜˗˘˟˜ˡ˘˦˧˛˔˧˕˘˧˧˘˥˥˘Є˘˖˧ ʹˢ˨ˡ˗˔˧˜ˢˡ˔˟˃˥˜ˡ˖˜ˣ˟˘˦ ˔ˡ˗ˆ˘ˡ˜ˢ˥˦ ʶˢ˨ˡ˖˜˟˔ˡ˗˖ˢˠˠ˨ˡ˜˧ˬ˩˔˟˨˘˦  .*.$!"/''*/)%'.%.3*/)%',*$!-.!,()#*0 9   4XHVWLRQV"&RQWDFWWKH&LW\&OHUN¶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¶V5HSRUW  $GPLQLVWUDWRU¶V5HSRUWIRU6HSWHPEHU  ' 0D\RU¶V5HSRUW  0D\RU¶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³TXLFNWDNH´SURFHGXUHXQGHU0LQQ6WDW†  &RYHU3DJH  /HWWHU5$(',5HTXHVWIRU(FRQRPLF'HYHORSPHQW)XQGV  %XVLQHVV6XEVLG\$JUHHPHQW&\WRWKHU\[  ) 0Q'272IILFHRI$HURQDXWLFV$PHULFDQ5HVFXH3ODQ&RPSDQLRQ*UDQW $PHQGPHQW  2IILFLDO$FW $GRSWHG5HVROXWLRQ1R  %HWZHHQWKHPRWLRQDQGWKHYRWH&LW\$GPLQLVWUDWRU=HOPVVSRNHWRWKHLWHP  &LW\$GPLQLVWUDWRU=HOPVVSRNHWRWKHLWHP  0D\RU1RUWRQOHIWWKH&KDPEHUVDW 9DFDWLRQ([KLELW&'9$&%ORFN&XPPLQJ¶V$GGLWLRQ$OOH\ 9DFDWLRQ  $SSOLFDQW/HWWHU )LQGLQJV&'9$&%ORFN&XPPLQJ¶V$GGLWLRQ $OOH\9DFDWLRQ  6XEGLYLVLRQ3ODW&'9$&%ORFN&XPPLQJ¶V$GGLWLRQ$OOH\ 9DFDWLRQ  $JHQF\5HYLHZ&RPPHQWV&'9$&%ORFN&XPPLQJ¶V$GGLWLRQ $OOH\9DFDWLRQ  3=&0HHWLQJ0LQXWHV&'9$&%ORFN&XPPLQJ¶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†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±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‹    _ 86,DWD*ODQFH_/HDGLQJ*OREDO%URNHUDJH  (%GRFXPHQW(%GRFXPHQW 5XVVHOO3DOPHU-DQXDU\ %ULDQ0RH$XJXVW   _ ĐŽŵŵƵŶŝĐĂƚŝŽŶƌĞƐŽƵƌĐĞƐƚŽĞĂƐĞ ƐĐŽƌŝŶŐĚƌŝǀĞƐƌĞƐƵůƚƐĨŽƌŽƚŚĞƌ KƉƚŝŽŶƐĨŽƌŵĞŵďĞƌƐƚŽŵĂŬĞ ĞŶĞĨŝƚZĞƐŽƵƌĐĞĞŶƚĞƌ͕ĂŶĚ ŵŽƌĞĞĨĨŝĐŝĞŶƚĐĂƌĞĚĞĐŝƐŝŽŶƐ ƚƌĂŶƐƉĂƌĞŶĐLJĂŶĚŵŝŶŝŵŝnjĞ LJŽƵƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞďƵƌĚĞŶƐ ŽŵƉĞƚŝƚŝǀĞŵĂƌŬĞƚŝŶŐĂŶĚ ǁŝƚŚŽƵƚƐĂĐƌŝĨŝĐŝŶŐƋƵĂůŝƚLJ ĚŵŝŶŝƐƚƌĂƚŝŽŶƉůĂƚĨŽƌŵƐ͕ &DUH,QWHUYHQWLRQ $QFLOODU\%HQHILWV ^ŽůƵƚŝŽŶƐƚŽŝŶĐƌĞĂƐĞ ƉŚĂƌŵĂĐLJĐŽƐƚƐ 3KDUPDF\ +56HUYLFHV ƉůĂŶƐĞƌǀŝĐĞƐ $&RPSUHKHQVLYH+ROLVWLF9LHZRI<RXU(PSOR\HH%HQHILWV3ODQ ǁŝƚŚĨĞĚĞƌĂůĂŶĚƐƚĂƚĞƌĞŐƵůĂƚŝŽŶƐ ŵĂŶĂŐĞŵĞŶƚĂŶĂůLJƐŝƐĂŶĚĂůŝŐŶĞĚ 8QGHUZULWLQJ $QDO\WLFV ƉŽůŝĐŝĞƐƚŽƉƌŽŵŽƚĞĐŽŵƉůŝĂŶĐĞ EĞŐŽƚŝĂƚŝŽŶΘŵĂŶĂŐĞŵĞŶƚƚŽ dŽŽůƐ͕ĞdžƉĞƌƚŐƵŝĚĂŶĐĞ͕ĂŶĚ ŝŶĐĞŶƚŝǀĞƐƚŽŝŵƉƌŽǀĞŚĞĂůƚŚ +HDOWKFDUH5HIRUP 3RSXODWLRQ+HDOWK tĞůůŶĞƐƐĚĞƐŝŐŶ͕ĚŝƐĞĂƐĞ (PSOR\HH%HQHILWV3UDFWLFH 0DQDJHPHQW &RPSOLDQFH ĐŽŶƚĂŝŶƉůĂŶĐŽƐƚƐ ĐŽŶƚĂŝŶ Ͳ ĨƵŶĚĞĚďĞŶĞĨŝƚƐĐŽŵƉĞƚŝƚŽƌďƌŽŬĞƌ͕ĚĞůŝǀĞƌŝŶŐůŽŶŐ ƚĞƌŵ͕ŵĞĂŶŝŶŐĨƵůĨŝŶĂŶĐŝĂůŝŵƉĂĐƚ ΎĐĐŽƵŶƚƐƐŚŽǁŶĂďŽǀĞƌĞƉƌĞƐĞŶƚĂƉƉƌŽdžŝŵĂƚĞůLJϰϬйŽĨŽǀĞƌĂůůh^/ŵƉůŽLJĞĞ ŵƉůŽLJĞƌƐ&ŝůŝŶŐϱϱϬϬ tŝƚŚĂEĂŵĞĚƌŽŬĞƌ ƐƵƉĞƌŝŽƌĂĐĐŽƵŶƚƐĞƌǀŝĐĞ͘ ƉƌŽŵŽƚĞƌĞŐƵůĂƚŽƌLJ ĚĞůŝǀĞƌ h^/͛ƐĞŵƉůŽLJĞĞďĞŶĞĨŝƚĞdžƉĞƌŝĞŶĐĞƚŚĂŶĂŶLJŽƚŚĞƌ ƉƌĂĐƚŝĐĞŝƐĚĞƐŝŐŶĞĚƚŽ ^ŽƵƌĐĞ͗DŝĚŐĞŵƉůŽLJĞĞĞŶĞĨŝƚƐƉƌŽĚƵĐƚ ĂŶĚ Ͳ h^/ŚĂƐŵŽƌĞƐĞůĨ ĐŽŵƉůŝĂŶĐĞ ĨŽƌĐůŝĞŶƚƐ͘ ĞŶĞĨŝƚĐůŝĞŶƚƐ͘ ͕ ĐŽƐƚ   _ %5,$102( 3UDFWLFH /HDGHUV LJŽƵŐĞƚŝŶĚƵƐƚƌLJǁŝĚĞĞdžƉĞƌƚŝƐĞ ƐŽ  ŶĂƚŝŽŶĂůůLJ ďĂƐĞĚĞdžƉĞƌƚƐ ǁŚĞŶĞǀĞƌLJŽƵŶĞĞĚŝƚ &RQQHFWLYLW\ :RUOGZLGH 7HFKQRORJ\ &RQVXOWDQWV %85.(77 $11(  ĞĞƉůLJĐŽŶŶĞĐƚĞĚ +5  ĞĚŝĐĂƚĞĚƚĞĐŚŶŝĐĂůĞdžƉĞƌƚƐŶĞƚǁŽƌŬĞĚŶĂƚŝŽŶĂůůLJĂŶĚĞŵďĞĚĚĞĚŝŶůŽĐĂůŽĨĨŝĐĞƐ͕ǁŝƚŚ (%GRFXPHQW ϭϬ͕ϬϬϬнƉƌŽĨĞƐƐŝŽŶĂůƐŶĂƚŝŽŶǁŝĚĞƚŽďƵŝůĚŝŶƚĞŐƌĂƚĞĚĐůŝĞŶƚĐĞŶƚĞƌĞĚĂĐĐŽƵŶƚƚĞĂŵƐ͘ ůŽĐĂůůLJ %ULDQ0RH$XJXVW  hŶĚĞƌǁƌŝƚŝŶŐĂŶĚZĞŶĞǁĂů'ƵŝĚĂŶĐĞͬŶŶƵĂůƵĚŐĞƚŝŶŐƐƐŝƐƚĂŶĐĞ  _ ,ƵŵĂŶZĞƐŽƵƌĐĞƐΘŵƉůŽLJĞĞŽŵŵƵŶŝĐĂƚŝŽŶ^ƵƉƉŽƌƚ ĐĐĞƐƐƚŽĂĞĚŝĐĂƚĞĚWŽƉƵůĂƚŝŽŶ,ĞĂůƚŚŝƌĞĐƚŽƌ ^ƵƉƉŽƌƚĞĚďLJĂƚĂ WŽƉƵůĂƚŝŽŶ,ĞĂůƚŚͬtĞůůŶĞƐƐƉƌŽŐƌĂŵƐƵƉƉŽƌƚ͗ ƌĞĂƚĞDĞĚŝĐĂůΘZdžŽƐƚ^ĂǀŝŶŐƐ^ƚƌĂƚĞŐŝĞƐ DĂƌŬĞƚƉůĂĐĞ>ĞǀĞƌĂŐĞǁŝƚŚĂƌƌŝĞƌƐ ŝƌĞĐƚƚŽWƌŽǀŝĚĞƌŽŶƚƌĂĐƚŝŶŐ^ƵŐŐĞƐƚĞĚWƌŽŐƌĂŵ^ƚƌĂƚĞŐŝĞƐ ŝƌĞĐƚWƌŝŵĂƌLJĂƌĞ^ƚƌĂƚĞŐŝĞƐ DĞĚŝĐĂůWůĂŶhƚŝůŝnjĂƚŝŽŶZĞƉŽƌƚƐ ŶĐŝůůĂƌLJWůĂŶ^ĂǀŝŶŐƐ^ƚƌĂƚĞŐŝĞƐ ĨĨŽƌĚĂďůĞ,ĞĂůƚŚĐĂƌĞĐĐĞƐƐ͗ ĞŶĞĨŝƚƐĞŶĐŚŵĂƌŬŝŶŐĂƚĂ ĞŶĞĨŝƚƐΘ,ZŽŵƉůŝĂŶĐĞ ůŝŶŝĐĂůZĞƉŽƌƚŝŶŐ +RZZLOO86,+HOS7KH&LW\RI5RFKHVWHU" ƒƒƒƒƒ ¾¾¾¾¾¾¾¾¾¾   _ 7+$1.<28   ĂĐĐŽƵŶƚƐŝŶDEĂƌĞ ĐůŽƐĞƐƚĐŽŵƉĞƚŝƚŽƌ ŵĂƌŬĞƚĂŶĚůĂƌŐĞ ϱϱϬϬ͛ƐƚŚĂŶŶĞdžƚ 6KRZVE\&DVH&RXQWV 5HY$OO Ͳ ƌŽŬĞƌƐďLJϱϱϬϬ ŚĂƌƚŝůůƵƐƚƌĂƚĞĚ ΕϴϬйŽĨŵŝĚĚůĞ ǁŝƚŚϭϬďƌŽŬĞƌƐ h^/ĨŝůĞƐŶĞĂƌůLJ ƚǁŝĐĞĂƐŵĂŶLJ 6RXUFHPL(GJHILOLQJV 6XPPDU\ ĨŝůŝŶŐƐ (PSOR\HU6L]HV ƒƒƒ h^/DĂƌŬĞƚWƌĞƐĞŶĐĞŝŶDE   _  (%GRFXPHQW 6DP5RPHR-XO\ ² 86,&RQILGHQWLDO 3URSULHWDU\ ĞdžƉĞƌƚŵĂƌŬĞƚŶĞŐŽƚŝĂƚŝŽŶ ĂƐƐĞƐƐŵĞŶƚ͕ĂŶĂůLJƐŝƐĂŶĚ ƚŽŝĚĞŶƚŝĨLJĂŶĚŝŶĐƌĞĂƐĞ ŝŶƐƵƌĞƌƐ͛ƉƌŽĨŝƚƐŽƵƌĐĞƐ͘ h^/͛ƐƵŶĚĞƌǁƌŝƚŝŶŐĂŶĚ 8QGHUZULWLQJDQG$QDO\WLFV ƚƌĂŶƐƉĂƌĞŶĐLJĂƌŽƵŶĚ ďĞŶĐŚŵĂƌŬŝŶŐǁŝƚŚ ĂŶĂůLJƚŝĐƐƐŽůƵƚŝŽŶƐ ŝŶƚĞŐƌĂƚĞƐƵƉĞƌŝŽƌ ZĞŶĞǁĂůWƌŽũĞĐƚŝŽŶƐΘ&ƵŶĚŝŶŐŶĂůLJƐŝƐ 'HVLJQHG3ODQDWD+LJKO\ ůƚĞƌŶĂƚŝǀĞZĞŝŵďƵƌƐĞŵĞŶƚŶĂůLJƐŝƐ WůĂŶĞƐŝŐŶΘŽŶƚƌŝďƵƚŝŽŶŶĂůLJƐŝƐ ůĂŝŵƐŽƐƚĂŶĚZŝƐŬƐƐĞƐƐŵĞŶƚ ŚŽƵƐĞ&ŝŶĂŶĐŝĂůŶĂůLJƐƚƐ /ŶƚĞƌŶĂƚŝŽŶĂůdžƉŽƐƵƌĞŶĂůLJƐŝƐ ĂŶĚhŶĚĞƌǁƌŝƚĞƌƐEĂƚŝŽŶǁŝĚĞ   $&XVWRPL]HG:HOO &RPSHWLWLYH3ULFH WƌĞĚŝĐƚŝǀĞDŽĚĞůŝŶŐ dƌĞŶĚDŝƚŝŐĂƚŝŽŶ ĞŶĐŚŵĂƌŬŝŶŐ Ͳ ϭϬϬн/Ŷ ƒƒƒƒƒƒƒƒƒ   ,QGXVWU\EHQFKPDUNHGGDWD _ 3URWHFWWKHFOLHQWIURPRYHU FKDQJHLQVSHFLILFVWRSORVV HQVXUHVPRVWFRPSHWLWLYH 6WRS/RVV%HQFKPDUNLQJ SUHPLXPIRUDSSURSULDWH %HQFKPDUNLQJ$QDO\VLVWR0DQDJH5LVN7ROHUDQFH UHGXFWLRQLQ ,PSDFWDQG%HQHILWV  (%GRFXPHQW 86,·VSURSULHWDU\WRROEHQFKPDUNVFOLHQW·VVWRSORVVFRYHUDJHWR   (%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFX PHQW(%GRFXPHQW %ULDQ0RH$XJXVWNOHYHO 3UHVHQWUDQJHRIRSWLRQVWRFOLHQWDQGDOORZWKHPWRVHOHFWWKH VSHFLILFVWRSORVVGHGXFWLEOHWKDWEHVWVXLWVWKHLUEXVLQHVVQHHGV ,GHQWLI\WKHDSSURSULDWHUDQJHRIVSHFLILFVWRSORVVGHGXFWLEOH 81'(5:5,7,1* $1$/<7,&6 RSWLRQVEDVHGRQWKHFOLHQW·VVSHFLILFGHPRJUDSKLFV KŶĞWĂŐĞƌ (VWLPDWHWKH6WRS/RVV3UHPLXPV3(30 3URSULHWDU\  ʹ ŽŶĨŝĚĞŶƚŝĂůΘWƌŽƉƌŝĞƚĂƌLJ 86,,QVXUDQFH6HUYLFHV$OOULJKWVUHVHUYHG ‹86,,QVXUDQFH6HUYLFHV$OOULJKWVUHVHUYHG  ‹ ƒƒƒ LGHQWLDO 3URSULHWDU\86,&RQILGHQWLDO 3URSULHWDU\86,&RQILGHQWLDO 3URSULHWDU\86,&RQILGHQWLDO 3URSULHWDU\86,&RQILGHQWLDO 3URSULHWDU\86,&RQILGHQWLDO 3URSULHWDU\86,&RQILGHQWLDO 3 URSULHWDU\ ƒƒƒƒƒ UHQHZDOFDOFXODWLRQV VSHFLILFFODLPODVHUV 5HGXFHDJJUHJDWH ,QWHJUDWHUHGXFHGFODLPIRUHFDVWLQWR DQGDGYLVH 1HJRWLDWH 3URYLGHUHDOLVWLF 5HPRYHRUOLPLW FODLPIXQGLQJ LQVXUHUV H[SHFWDWLRQV FODLPOLDELOLW\ FOLHQW ZLWK 81'(5:5,7,1* $1$/<7,&6 ƒƒƒƒ 'LUHFWRUDQG 86,0HGLFDO $QDO\WLFV SUREDELOLW\DQG FODLPV!RI (QJDJH &DOFXODWH86, SRROLQJSRLQW 'ULVNVFRUHV VSHFLILF+LJK'ROODU&ODLP5HYLHZ 7HDP FRQWLQXHG 5HYLHZDOO WUHDWPHQW (YDOXDWH KŶĞWĂŐĞƌ FRVWRI ƒƒƒ 2EWDLQIURP RQFODLPDQW JURXSLQIR FRQWLQXHG HOLJLELOLW\ 5HWXUQWRZRUN FLUFXPVWDQFHV VWDWXV OLPLWLQJ DJHGLYRUFH 2WKHUNQRZQ  ʹ 5HWLUHPHQW GHSHQGHQW 3HUPDQHQW &KDQJHLQ 0HGLFDUH ŽŶĨŝĚĞŶƚŝĂůΘWƌŽƉƌŝĞƚĂƌLJ GLVDELOLW\ HOLJLELOLW\ 86,,QVXUDQFH6HUYLFHV$OOULJKWVUHVHUYHG ƒƒƒƒƒ ‹86,,QVXUDQFH6HUYLFHV$OOULJKWVUHVHUYHG IURP&DUULHU73$ 5HTXHVW/DUJH &ODLPV5HSRUW FKDQJHVE\ GHVFULSWLRQ SURFHGXUH FRGHDQG 'LDJQRVLV DQGSDLG  FRYHUHG 3URYLGHU &ODLPDQW 6HUYLFH QDPH %LOOHG 'DWHV ƒƒƒƒ  ‹ HIIHFWLYHLQYHVWPHQWVLQKHDOWKFDUH  3DUWQHUVZLWK\RXWRFUHDWHURDGPDSVWRD  _ +DVDGHHSXQGHUVWDQGLQJRIWKHKHDOWKFDUHHQYLURQPHQW /HYHUDJHVFOLQLFDOKHDOWKDQGSDWLHQWFDUHSHUVSHFWLYHV &ODLPV$QDO\WLFV0D[LPL]H52, 3URPRWHVKHDOWKOLWHUDF\DQGHIIHFWLYHFRPPXQLFDWLRQ KHDOWKLHUPRUHSURGXFWLYHZRUNIRUFH )XOOVSHFWUXP 0DQDJHPHQW +DVFOLQLFDOVWDIIDQDO\]LQJGDWD RI+HDOWK 6ROXWLRQV  ,GHQWLILHVFRVW DQGZHOOQHVV 2XUWHDP ƒƒƒƒƒƒ   _ &+$3&RUH+HDOWK$FWLRQ3ODQ   _ &+$3&RUH+HDOWK$FWLRQ3ODQ   EĞƚǁŽƌŬ^ƚĞĞƌĂŐĞĂŶĚĚƵĐĂƚŝŽŶƚŚƌŽƵŐŚĂĚŵŝŶŝƐƚƌĂƚŽƌĞŶƐƵƌĞŵĞŵďĞƌƐĂƌĞĂǁĂƌĞŽĨ ǁŝŶ͟ŽƉƉŽƌƚƵŶŝƚLJĨŽƌůŽĐĂůĞŵƉůŽLJĞƌƐ͕ƚŚĞŝƌĞŵƉůŽLJĞĞƐĂŶĚKůŵƐƚĞĚ _ ĞŵƉůŽLJĞƌ͛ƐŽǀĞƌĂůůŚĞĂůƚŚĐĂƌĞƐƉĞŶĚĂƚ ĂĨĨŽƌĚĂďůĞĨŽƌĞŵƉůŽLJĞĞƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐƚŽƐĞĞŬƉƌŝŵĂƌLJĂŶĚƐĞĐŽŶĚĂƌLJĐĂƌĞĂƚ dŚĞƐĞĐŽŶƚƌĂĐƚƐƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůĨůĞdžŝďŝůŝƚLJƚŽƚŚĞƉůĂŶĂŶĚƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂů ŵĂŶĂŶĚĞƐƚĂďůŝƐŚĞƐĂĚŝƌĞĐƚ ƉŽĐŬĞƚĐŽƐƚƐ KDǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐŽƉĞŶĂĐĐĞƐƐƚŽƚĞƌƚŝĂƌLJĂŶĚƋƵĂƚĞƌŶĂƌLJĐĂƌĞ͘ Ͳ ŽĨ KDŐƌŽǁƐƚŚĞĚŝƐĐŽƵŶƚƐŽŶKD͛ƐĐŚĂƌŐĞƐǁŝůůŐƌŽǁĂƐǁĞůů͘ Ͳ DĞĚŝĐĂůĞŶƚĞƌƚŚƌŽƵŐŚďĞŶĞĨŝƚĚĞƐŝŐŶŽƉƚŝŽŶƐƚŚĂƚŬĞĞƉŽƵƚ (VWDEOLVK'LUHFWWR3URYLGHU&RQWUDFWV ƚƌĂŶƐƉĂƌĞŶĐLJƚŚĂƚĚŽĞƐŶŽƚĞdžŝƐƚŝŶƚŽĚĂLJ͛ƐĞŶǀŝƌŽŶŵĞŶƚ͘ ƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚĂƉƌŽǀŝĚĞƌĂŶĚĞŵƉůŽLJĞƌ͛ƐŚĞĂůƚŚƉůĂŶ͘ ĞĨĨĞĐƚŝǀĞƉƌŽǀŝĚĞƌĨŽƌƚŚĞŝƌĐŽŶĚŝƚŝŽŶ͘ Ͳ ŝƌĞĐƚƚŽWƌŽǀŝĚĞƌŽŶƚƌĂĐƚƌĞŵŽǀĞƐƚŚĞŵŝĚĚůĞ  dŚĞďĂƐŝĐƉƌĞŵŝƐĞ͗ƐƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨĂŶ ƉƌĞƐĐƌŝƉƚŝŽŶĚƌƵŐĐŽƐƚƐ tŚĂƚŝƐĂŝƌĞĐƚŽŶƚƌĂĐƚ͍ tŚĂƚĂƌĞƚŚĞďĞŶĞĨŝƚƐ͍ Ͳ ǁŝŶ Ͳ ƚŚĞŵŽƐƚĐŽƐƚ Ͳ ƌĞĂƚĞƐ͞ǁŝŶ ^ĂǀŝŶŐƐŽŶ ʹʹʹʹʹʹ ƒƒ 5HGXFLQJ&ODLPV%\5HPRYLQJ%DUULHUVWR&DUH  LPSURYHVDGKHUHQFHWRFKURQLF (VWLPDWHGQHWHPSOR\HUVDYLQJV SURJUDPHVSHFLDOO\WKRVHZLWK 223H[SHQVHIRUSULPDU\FDUH FRQGLWLRQFDUHPDQDJHPHQW VDWLVIDFWLRQZLWKWKHEHQHILW (OLPLQDWHDYHUDJHPHPEHU FRVWSULPDU\ 5HPRYDORIEDUULHUVWRFDUH  _ +'+3VGXHWRLQFUHDVHG UDQJHIURPWR ,PSURYHGHPSOR\HH ,PSDFWDQG%HQHILWV   DFFHVVWRORZ SRFNHW 223 FRVWVIRUPHPEHUV  86,HYDOXDWHV'LUHFW3ULPDU\&DUHPRGHOVWRLPSURYH  RI FDUH ƒƒƒƒ WHUPUHODWLRQVKLSV UHODWLRQVKLSEHWZHHQSDWLHQWDQGSURYLGHUWRHOLPLQDWHJDSVLQFDUH +LJK223H[SHQVHVPD\GLVFRXUDJHPHPEHUVIURPVHHNLQJUHJXODU FDUH EH\RQG´IUHHµSUHYHQWLYHFDUH GXHWRILQDQFLDOOLPLWDWLRQV 0DQ\SK\VLFLDQVKDYHIDLOHGWRIXOO\DGRSWDQLQWHUDFWLYHYLUWXDO 86,HYDOXDWHVWKHILQDQFLDOLPSDFWRIIL[HGFRVWLQYHVWPHQWDQG &KURQLFPHGLFDOFRQGLWLRQVUHTXLUHDQDFWLYHDQGHQJDJHG VHUYLFHPRGHO 'LUHFW3ULPDU\&DUH  SODWIRUPZKLOHWHOHPHGLFLQHGRHVQ·WIDFLOLWDWHORQJ  RI  DFFHVVDQGUHGXFHRXW  IRU  FRPSDUHLWWRWKHWUDGLWLRQDO332IHH KŶĞWĂŐĞƌ &$5(,17(59(17,21 EHWZHHQSDWLHQWVDQGSK\VLFLDQV  ʹ ŽŶĨŝĚĞŶƚŝĂůΘWƌŽƉƌŝĞƚĂƌLJ 86,,QVXUDQFH6HUYLFHV$OOULJKWVUHVHUYHG ‹86,,QVXUDQFH6HUYLFHV$OOULJKWVUHVHUYHG  ƒƒƒƒ ‹ +56(59,&(6  &XVWRPL]HG(PSOR\HH&RPPXQLFDWLRQV   PDQDJHUWLPHDQGUHVRXUFHV FRPPXQLFDWLRQGRFXPHQWV DQGFRPSOLDQFHHOHPHQWRI ,PSURYHGHQJDJHPHQWZLWK ,PSURYHGTXDOLW\DFFXUDF\  (PSOR\HH%HQHILWV&RPPXQLFDWLRQ 86,FUHDWHVFRPSUHKHQVLYHWDLORUHGHPSOR\HHPDWHULDOVWRFRPPXQLFDWHSODQ _ LQPDQDJLQJHPSOR\HH 6DPSOH'LJLWDO3RVWFDUG 6LJQLILFDQWO\UHGXFH+5 7DLORUHG&RPPXQLFDWLRQWR(QJDJH(PSOR\HHV 6DPSOH%HQHILW*XLGH URXQGWDUJHWHG ,PSDFWDQG%HQHILWV FRPPXQLFDWLRQV FRPPXQLFDWLRQ  (%GRFXPHQW   (%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFXPHQW(%GRFX PHQW(%GRFXPHQW %ULDQ0RH$XJXVW6,&RQILGHQWLDO 3URSULHWDU\86,&RQILGHQWLDO 3URSULHWDU\  \HDU ƒƒƒƒƒ LQIRUPDWLRQDQGEHQHILWHGXFDWLRQ 0DWHULDOVPD\EHEUDQGHGZLWKFRUSRUDWHORJRVFRORUVDQGPHVVDJLQJ ,QFOXGHIHGHUDODQGORFDOGLVFORVXUHVHJ&2%5$)0/$DQGRWKHU UHODWHGHGXFDWLRQDOFRQWHQWZHELQDUVYLGHRVDQG 0DWHULDOVLQFOXGHEHQHILWJXLGHVSRVWFDUGVIO\HUVSRVWHUVFXVWRP &RPPXQLFDWLRQVFDQEHGHOLYHUHGHOHFWURQLFDOO\GLJLWDOO\DQG DQG(GXFDWLRQ KŶĞWĂŐĞƌ WUDQVODWLRQVHUYLFHVDUHDYDLODEOH +56(59,&(6 GHPDQGSUHVHQWDWLRQV  ʹ ŽŶĨŝĚĞŶƚŝĂůΘWƌŽƉƌŝĞƚĂƌLJ 86,,QVXUDQFH6HUYLFHV$OOULJKWVUHVHUYHG UHTXLUHGQRWLFHV  PDLOHUVEHQHILW ‹86,,QVXUDQFH6HUYLFHV$OOULJKWVUHVHUYHG  RQ  ‹ ƒƒƒƒ   ^KWK&^Zs/^  tĞďĞůŝĞǀĞŽƵƌĨƵůůͲƐĞƌǀŝĐĞĐƵůƚƵƌĞ͕ƚĞĂŵͲŽƌŝĞŶƚĞĚĂƉƉƌŽĂĐŚ͕ĂŶĚƐĞƌǀŝĐĞĚĞůŝǀĞƌLJƉƌŽĐĞƐƐĂůůŽǁƵƐƚŽƐƚĂŶĚŽƵƚ ĨƌŽŵŽƵƌĐŽŵƉĞƚŝƚŽƌƐĂŶĚĂƌĞƚŚĞŝĚĞĂůŵŽĚĞůĨŽƌLJŽƵƌĐŽŵƉĂŶLJ͛ƐĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐŶĞĞĚƐ͘dŚĞĂďŝůŝƚLJƚŽ ĚĞǀĞůŽƉĂƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚƚŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌĂŶĚďĞĐŽŵĞĂŶŝŶǀĂůƵĂďůĞƌĞƐŽƵƌĐĞƚŽLJŽƵƌŚƵŵĂŶƌĞƐŽƵƌĐĞƐ ĂŶĚĨŝŶĂŶĐĞĚĞƉĂƌƚŵĞŶƚƐŝƐĚƌŝǀĞŶďLJƚŚĞƐƚƌĞŶŐƚŚŽĨŽƵƌĐŽŵƉƌĞŚĞŶƐŝǀĞŶŶƵĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ͘dŚĞĨŽůůŽǁŝŶŐ ŝƐĂƐƚĂƚĞŵĞŶƚŽĨh^/͛Ɛ^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ͘  h^/ŽŶƐƵůƚŝŶŐ&ĞĞ ϭϬͬϭͬϮϰͲϭϮͬϯϭͬϮϰ Ψϵ͘ϮϱWĞƌŵƉůŽLJĞĞWĞƌDŽŶƚŚ;ĂƉƉƌŽdžŝŵĂƚĞůLJΨϮϱ͕ϬϬϬͿĂĚŵŝŶŝƐƚĞƌĞĚƚŚƌŽƵŐŚDĞĚŝĐĂ x  ĂŶƉƉŽŝŶƚh^/ĂƐŽŶƐƵůƚĂŶƚĂŶLJƚŝŵĞƉƌŝŽƌƚŽϭϬͬϭ x  EĞŐŽƚŝĂƚĞĂŶĚZĞǀŝĞǁϭͬϭͬϮϱDĞĚŝĐĂZĞŶĞǁĂů x  ƐƚĂďůŝƐŚĚĂƚĂĨĞĞĚĐŽŶŶĞĐƚŝŽŶǁŝƚŚDĞĚŝĐĂͬh^/;ϵϬͲϭϮϬĚĂLJůĞĂĚƚŝŵĞͿ x  R<ĞLJĐŽŵƉŽŶĞŶƚƚŽďĞŐŝŶƉůĂŶĂŶĂůLJƐŝƐϮϬϮϱ  WĂƌƚŝĐŝƉĂƚĞŝŶĞŶĞĨŝƚ&Ăŝƌ x  R h^/ƐŽĨƚŝŶƚƌŽĚƵĐƚŝŽŶƚŽĞŵƉůŽLJĞĞƐ  R͞tŚLJdŚĞŝƚLJŽĨZŽĐŚĞƐƚĞƌŚŝƌĞĚh^/͟  R^ƚƌĂƚĞŐŝĐƉůĂŶŶŝŶŐĂŶĚŝŶŝƚŝĂƚŝǀĞƐŝŶϮϬϮϱĂŶĚďĞLJŽŶĚ   ϭͬϭͬϮϱͲKŶŐŽŝŶŐ ΨϭϬWĞƌŵƉůŽLJĞĞWĞƌDŽŶƚŚ&ĞĞĂĚŵŝŶŝƐƚĞƌĞĚƚŚƌŽƵŐŚDĞĚŝĐĂ x  ^ĞĞŶŶƵĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐĨŽƌĂŶŶƵĂůĐŽŶƐƵůƚŝŶŐĂŶĚƉůĂŶŶŝŶŐ x    h^/ŶŶƵĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ  WƌŽŐƌĂŵƐĞƌǀŝĐĞ ĐƚŝŽŶĚĞƚĂŝůƐ  ŵĂŶĂŐĞŵĞŶƚ  ŶŶƵĂů^ĞƌǀŝĐĞƐ /ŶĐŽŽƉĞƌĂƚŝŽŶǁŝƚŚLJŽƵƌ,ƵŵĂŶZĞƐŽƵƌĐĞƚĞĂŵ͕ǁĞǁŝůůĚĞǀĞůŽƉĂŶĂŶŶƵĂůƐĞƌǀŝĐĞƐƚŝŵĞůŝŶĞƚŚĂƚ dŝŵĞůŝŶĞ ǁŝůůƐĞƌǀĞĂƐŽƵƌƌŽĂĚŵĂƉƚŽĞŶƐƵƌĞĂŐƌĞĞĚƵƉŽŶŐŽĂůƐĂƌĞĂĐŚŝĞǀĞĚ͕ĚĞĂĚůŝŶĞƐĂƌĞŵĞƚ͕ĂŶĚ  ĚŝĂůŽŐƵĞŝƐŽŶŐŽŝŶŐ͘  ĐĐŽƵŶƚ ŶƐƵƌĞƉƌŽŵƉƚĂŶĚƚŝŵĞůLJƌĞƐƉŽŶƐĞƐƚŽYƵĂůŝƚLJĂƐƐƵƌĂŶĐĞƌĞǀŝĞǁ  ƒƒ ŵĂŶĂŐĞŵĞŶƚ ĂůůƉŚŽŶĞĐĂůůƐĂŶĚĞŵĂŝůƐ͘  ĞǀĞůŽƉĂŶĚŵŽŶŝƚŽƌƉĞƌĨŽƌŵĂŶĐĞ  ƒ WƌŽĂĐƚŝǀĞŵĂŶĂŐĞŵĞŶƚŽĨĂĚĚŝƚŝŽŶĂůŐƵĂƌĂŶƚĞĞƐ͘  ƒ ƐĞƌǀŝĐĞƐ  ůĂŝŵƐĂŶĚĐŽǀĞƌĂŐĞĂƐƐŝƐƚĂŶĐĞ͘  ƒ WƌŽǀŝĚĞĂŶŶƵĂůĂŶĚŽƉĞŶĞŶƌŽůůŵĞŶƚ  ƒ ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚĂůůƐĞƌǀŝĐĞƉĂƌƚŶĞƌƐ  ƒ ƐĞƌǀŝĐĞĐĂůĞŶĚĂƌ͘    ϭϲ WĂŐĞŽĨ      h^/ŶŶƵĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ  WƌŽŐƌĂŵƐĞƌǀŝĐĞ ĐƚŝŽŶĚĞƚĂŝůƐ  ŵĂŶĂŐĞŵĞŶƚ  WůĂŶĚĞƐŝŐŶŝŶƚĞƌƉƌĞƚĂƚŝŽŶWƌŽƚĞĐƚĐůŝĞŶƚĨƌŽŵ,/WƉƌŝǀĂĐLJĞdžƉŽƐƵƌĞ͘  ƒƒ &ƵŶĚŝŶŐĂŶĚďŝůůŝŶŐŝƐƐƵĞƐĚŵŝŶŝƐƚƌĂƚŝǀĞƚƌŽƵďůĞƐŚŽŽƚŝŶŐ  ƒƒ >ĞŐŝƐůĂƚŝǀĞŝŶƚĞƌƉƌĞƚĂƚŝŽŶ;KZ͕K>͕ƐƐŝƐƚǁŝƚŚŝŶĨŽƌŵĂůĞŵƉůŽLJĞĞ  ƒƒ ,/W͕&ĂŵŝůLJ>ĞĂǀĞ͕ͿĐŽŵŵƵŶŝĐĂƚŝŽŶƐ  WůĂŶŵĂŶĂŐĞŵĞŶƚ DŽŶƚŚůLJĞdžƉĞƌŝĞŶĐĞƌĞǀŝĞǁͬĐůĂŝŵƐŶŶƵĂůƌĞŶĞǁĂůƉůĂŶŶŝŶŐ  ƒƒ ƐĞƌǀŝĐĞƐŝŶĐůƵĚŝŶŐ͗ ĚŽǁŶůŽĂĚƐ  ŶŶƵĂů^ƚĞǁĂƌĚƐŚŝƉDĞĞƚŝŶŐ  ƒ YƵĂƌƚĞƌůLJĂŶĚͬŽƌDŝĚLJĞĂƌŵĞĞƚŝŶŐƐ  ƒ  ĞƚĞƌŵŝŶĞƐŚŽƌƚĂŶĚ hŶĐŽǀĞƌďĞŶĞĨŝƚƐƉŚŝůŽƐŽƉŚLJ͘ĚǀŝƐĞŽŶEĂƚŝŽŶĂůĂŶĚ>ŽĐĂůDĂƌŬĞƚƉůĂĐĞ  ƒƒ ůŽŶŐͲƚĞƌŵƉƌŽŐƌĂŵ ƚƌĞŶĚƐ͘  ĞǀĞůŽƉƉůĂŶŝŵƉůĞŵĞŶƚĂƚŝŽŶƐƚƌĂƚĞŐLJ͘  ƒ ŐŽĂůƐĂŶĚƐƚƌĂƚĞŐLJ ŝƐĐƵƐƐĂŶŶƵĂůŽďũĞĐƚŝǀĞƐĂŶĚĚĞƚĞƌŵŝŶĞ  ƒ ĞŶĐŚŵĂƌŬƉůĂŶƐĂŐĂŝŶƐƚůŽĐĂůĂŶĚ  ƒ ĚĞǀĞůŽƉŵĞŶƚ  ŝŶŝƚŝĂƚŝǀĞƐĨŽƌƚŚĞƵƉĐŽŵŝŶŐLJĞĂƌ͘  ŝŶĚƵƐƚƌLJƉĞĞƌƐĂŶĚŵĂƌŬĞƚƚƌĞŶĚƐ  ĞǀĞůŽƉĂŶŶƵĂůďƵĚŐĞƚƐ͘  ƒ ZĞǀŝĞǁƉĂƐƚƉůĂŶĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͘  ƒ ƌĞĂƚĞƐƚƌĂƚĞŐŝĐƉůĂŶĚĞƐŝŐŶ͘  ƒ ZĞǀŝĞǁƉůĂŶƉĞƌĨŽƌŵĂŶĐĞĂŶĚĚŝƐĐƵƐƐ  ƒ ĂůƚĞƌŶĂƚŝǀĞĚĞƐŝŐŶƐtĞůůŶĞƐƐͬWŽƉƵůĂƚŝŽŶ,ĞĂůƚŚDĂŶĂŐĞŵĞŶƚ  ƒ ĂƌƌŝĞƌŶĞŐŽƚŝĂƚŝŽŶƐ ƐƚĂďůŝƐŚƌĞŶĞǁĂůĂĐƚŝŽŶƉůĂŶǁŽƌŬDĂŶĂŐĞƐƚŽƉůŽƐƐŝŶƚĞŐƌŝƚLJ͘  ƒƒ ĂŶĚƌĞŶĞǁĂů ƐƚĞƉƐĂŶĚĂƐƐŽĐŝĂƚĞĚƚŝŵĞůŝŶĞ͘  ZĞǀŝĞǁŽĨƉůĂŶĐŽŶƚƌĂĐƚƐ  ƒ ĂƌƌŝĞƌƉůĂŶƐƉĞĐŝĨŝĐĂƚŝŽŶƐƵƉͲůŽĂĚ͘  ƒ ZĞǀŝĞǁŽĨŬůĞƚƐĂŶĚǁĞďĐŽŶƚĞŶƚ  ƒ EĞƚǁŽƌŬĂŶĂůLJƐŝƐ  ƒ /ŵƉůĞŵĞŶƚĂƚŝŽŶƐƵƉƉŽƌƚ  ƒ EĞŐŽƚŝĂƚĞƉůĂŶƌƵŶͲŽƵƚƉƌŽĐĞƐƐŝŶŐ  ƒ ŝŶĚĐŽǀĞƌĂŐĞŽĨƐĞůĞĐƚĞĚŝŶƐƵƌĞƌƐ  ƒ sĞŶĚŽƌƌĞůĂƚŝŽŶƐ ŽŽƌĚŝŶĂƚĞĂůůĐŽŵŵƵŶŝĐĂƚŝŽŶďĞƚǁĞĞŶ^ĞƌǀĞĂƐĐůŝĞŶƚĂĚǀŽĐĂƚĞ͘  ƒƒ ĐůŝĞŶƚĂŶĚǀĞŶĚŽƌ͘  džƉĞĚŝƚĞĐĂƌƌŝĞƌĐŽŵƉůĂŝŶƚƌĞƐŽůƵƚŝŽŶ͘  ƒ WƌŽǀŝĚĞŐƵŝĚĂŶĐĞĚƵƌŝŶŐǀĞŶĚŽƌ  ƒ ,ŽƐƚǀĞŶĚŽƌĐĂůůƐĂƐŶĞĞĚĞĚ͘  ƒ ƐĞůĞĐƚŝŽŶ͘  tŽƌŬǁŝƚŚƚŚĞƉŽŝŶƚƐŽůƵƚŝŽŶƐǀĞŶĚŽƌƐ  ƒ DĂŶĂŐĞŵĞŶƚŽĨƐĞƌǀŝĐĞƌĞƉƌĞƐĞŶƚĂƚŝŽŶ  ƒ ĐŚŽƐĞŶďLJůŝĞŶƚ &ŝŶĂŶĐŝĂů ^ƚŽƉ>ŽƐƐĚĞĚƵĐƚŝďůĞĂŶĚĂƚƚĂĐŚŵĞŶƚ ŽŵƉƌĞŚĞŶƐŝǀĞhŶĚĞƌǁƌŝƚŝŶŐŶĂůLJƐŝƐ  ƒ ƒ DĂŶĂŐĞŵĞŶƚ ĂŶĂůLJƐŝƐ͘ ĞǀĞůŽƉďƵĚŐĞƚƉƌŽũĞĐƚŝŽŶƐ͘  ƒ ,ĞĂůƚŚĐĂƌĞƌĞĨŽƌŵŵŽĚĞůŝŶŐ  ƒ DŽŶŝƚŽƌͬĐŽŵŵƵŶŝĐĂƚĞďƵĚŐĞƚ  ƒ ǀĂƌŝĂŶĐĞƐ͘h^/^ƚŽƉůŽƐƐĂŶĚƉĂŶĞůĐĂƌƌŝĞƌĂŶĂůLJƐŝƐ͘  ƒ ŽŶƚƌŝďƵƚŝŽŶŵŽĚĞůŝŶŐEĞƚǁŽƌŬĚŝƐĐŽƵŶƚĂŶĂůLJƐŝƐ  ƒƒ KZƌĂƚĞĚĞǀĞůŽƉŵĞŶƚůƚĞƌŶĂƚŝǀĞĨƵŶĚŝŶŐĂŶĂůLJƐŝƐ;ŝŶĐůƵĚŝŶŐƵƐĞŽĨ  ƒƒ ŐƌŽƵƉĐĂƉƚŝǀĞĨŽƌƐƵƉƉůĞŵĞŶƚĂůďĞŶĞĨŝƚƐͿ  DŝĚͲzĞĂƌƌĞŶĞǁĂůĂŶĂůLJƐŝƐĂŶĚ  ƒ ƉƌŽũĞĐƚŝŽŶĂůĐƵůĂƚĞŝŶĐƵƌƌĞĚďƵƚŶŽƚƌĞƉŽƌƚĞĚ;/EZͿ  ƒ  ĐůĂŝŵƐůŝĂďŝůŝƚŝĞƐǁŚĞŶĂƉƉůŝĐĂďůĞ͘  ƌĞĂƚĞĐŽŶƚƌŝďƵƚŝŽŶƐƚƌĂƚĞŐLJĂƉƉĞŶĚŝĐĞƐĂŶĚ  ƒ ĂŶĂůLJƐŝƐ͘   ůĂŝŵƐZĞǀŝĞǁĂŶĚ DŽŶƚŚůLJͬYƵĂƌƚĞƌůLJƌĞǀŝĞǁĂŶĚĐůĂŝŵ/ĚĞŶƚŝĨLJŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽŝŵƉĂĐƚĐůĂŝŵƐĂŶĚ  ƒƒ ŶĂůLJƐŝƐ ƌĞƉŽƌƚŝŶŐƉƌŽũĞĐƚƐĂŶZK/ĨŽƌĞĂĐŚŽƉƉŽƌƚƵŶŝƚLJ͘  ϯ͗ĂƚĂƌŝǀĞƐĞĐŝƐŝŽŶƐͲWƌŽƉƌŝĞƚĂƌLJ  ƒ ĚĂƚĂĂŶĂůLJƚŝĐƐƚŽŽůƚŚĂƚŝĚĞŶƚŝĨŝĞƐ   Ϯϲ WĂŐĞŽĨ      h^/ŶŶƵĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ  WƌŽŐƌĂŵƐĞƌǀŝĐĞ ĐƚŝŽŶĚĞƚĂŝůƐ  ŵĂŶĂŐĞŵĞŶƚ  ƉƌŝŵĂƌLJĐŽƐƚĚƌŝǀĞƌƐĂŶĚĐŽƐƚƐĂǀŝŶŐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͘  ĞŶĐŚŵĂƌŬŝŶŐ ŶŶƵĂůďĞŶĐŚŵĂƌŬŝŶŐƐƚƵĚLJŽĨ^ƚƵĚLJŽĨĂůůĞŵƉůŽLJĞĞďĞŶĞĨŝƚŽĨĨĞƌŝŶŐƐ͘  ƒƒ ĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ͘  /ŶĐůƵĚĞƐŽƚŚĞƌŝƚĞŵƐůŝŬĞWdKĂŶĚƌĞůĞǀĂŶƚ  ƒ ĞĐŝƐŝŽŶƐƵƉƉŽƌƚƚŽŽůƐĨŽƌƌĞŶĞǁĂůƚŽƉŝĐƐŽĨƚŚĞĞƌĂ͘  ƒ ĞǀĂůƵĂƚŝŽŶ͘ ŵƉůŽLJĞĞ ƵŝůĚĐŽŵƉƌĞŚĞŶƐŝǀĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞǀĞůŽƉĐƵƐƚŽŵŝnjĞĚǀŝĚĞŽƐ͘  ƒƒ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƐƚƌĂƚĞŐLJďĂƐĞĚŽŶ;EĞǁh^/ůŝĞŶƚͿ  h^/ĞŶĞĨŝƚZĞƐŽƵƌĐĞĞŶƚĞƌ͕ĂǀĂŝůĂďůĞƚŽ  ƒ ďƵĚŐĞƚ  ĞŵƉůŽLJĞĞƐĂŶĚƚŚĞŝƌĚĞƉĞŶĚĞŶƚƐƚŚƌŽƵŐŚŽƵƚ WƌŽǀŝĚĞŽƉĞŶĞŶƌŽůůŵĞŶƚĐŽŽƌĚŝŶĂƚŝŽŶƚŚĞLJĞĂƌĨŽƌĂĚǀŝĐĞĂŶĚĂĚǀŽĐĂĐLJ͘  ƒ ĂŶĚƐƵƉƉŽƌƚĂŶĚĂƚƚĞŶĚĞŵƉůŽLJĞĞ h^/DŽďŝůĞƉƉ  ƒ  ŵĞĞƚŝŶŐƐ͘  ƌĞĂƚĞKƉĞŶŶƌŽůůŵĞŶƚ'ƵŝĚĞ  ƒ WDƌĞǀŝĞǁĂŶĚ ůŝĞŶƚ^ƉĞĐŝĨŝĐWŚĂƌŵĂĐLJdƌĞŶĚĂŶĚWƌŽƉƌŝĞƚĂƌLJWĂƐƐͲdŚƌŽƵŐŚWŚĂƌŵĂĐLJWƌŽŐƌĂŵ  ƒƒ ĐŽŶƚƌĂĐƚŶĞŐŽƚŝĂƚŝŽŶ ĞŶĐŚŵĂƌŬŶĂůLJƐŝƐʹh^/ůĞĂƌKƉƚŝŽŶƐZdžǀĞƌĂŐĞ^ĐƌŝƉƚWƌŝĐĞ  WƌŽŐƌĂŵ  WĞƌĨŽƌŵĂŶĐĞŶĂůLJƐŝƐ  ƒ ZdžWƌŽŐƌĂŵDĂŶĂŐĞŵĞŶƚ^ƚƌĂƚĞŐŝĞƐ  ƒ h^/ƉƌŽǀŝĚĞƐĂƐĞǀĞŶͲƉŽŝŶƚĐŽŶƚƌĂĐƚ  ƒ ƌĞǀŝĞǁƚŽĨĂĐŝůŝƚĂƚĞŶĞŐŽƚŝĂƚŝŽŶŽĨ^ƉĞĐŝĂůƚLJWƌŽŐƌĂŵZĞǀŝĞǁ  ƒ ĨĂǀŽƌĂďůĞƚĞƌŵƐĂŶĚƉƌŝĐŝŶŐ͘/ŶĐůƵĚŝŶŐ  ďƵƚŶŽƚůŝŵŝƚĞĚƚŽƌĞďĂƚĞƚĞƌŵƐ͕tW ĚŝƐĐŽƵŶƚƐĂŶĚďƌĂŶĚĚĞĨŝŶŝƚŝŽŶ͘  WŽƉƵůĂƚŝŽŶ,ĞĂůƚŚ ĞǀĞůŽƉŽǀĞƌĂůůƉƌŽŐƌĂŵĚĞƐŝŐŶ͕ǀŝƐŝŽŶ͕/ŶƚĞŐƌĂƚĞǁŝƚŚďĞŶĞĨŝƚƐĚĞƐŝŐŶ;Ğ͘Ő͕͘  ƒƒ DĂŶĂŐĞŵĞŶƚĂŶĚ ŵƵůƚŝͲLJĞĂƌƐƚƌĂƚĞŐLJ͕ĂŶĚƐƚƌƵĐƚƵƌĞ͘ĚĞĚƵĐƚŝďůĞƐ͕ƉƌĞŵŝƵŵĚŝĨĨĞƌĞŶƚŝĂůƐ͕  ǁĞůůŶĞƐƐƉƌŽŐƌĂŵƐ ĐŽŶƚƌŝďƵƚŝŽŶƐ͕,ZĚĞƉŽƐŝƚƐͿ  ƌĞĂƚĞĂŶĂŶŶƵĂůĐĂůĞŶĚĂƌŽĨĞǀĞŶƚƐ  ƒ ĂŶĚĂĐƚŝǀŝƚŝĞƐ͘ĞůŝǀĞƌĞŵƉůŽLJĞĞĞĚƵĐĂƚŝŽŶĂŶĚ  ƒ ĐŽŵŵƵŶŝĐĂƚŝŽŶ͘  /ŶƚĞŐƌĂƚĞǁŝƚŚĞdžŝƐƚŝŶŐƉůĂŶƐĂŶĚ  ƒ ǀĞŶĚŽƌƐ͘>ĞǀĞƌĂŐĞĐĂƌƌŝĞƌƉƌŽŐƌĂŵƐĂŶĚƌĞƐŽƵƌĐĞƐ  ƒ ǁŚĞŶĂƉƉƌŽƉƌŝĂƚĞ;Ğ͘Ő͕͘ŚĞĂůƚŚĐŽĂĐŚŝŶŐ͕ ĞǀĞůŽƉĚĞĨŝŶĞĚŵĞƚƌŝĐƐĂŶĚƚĂƌŐĞƚƐƚŽ  ƒ ĚŝƐĞĂƐĞŵĂŶĂŐĞŵĞŶƚ͕ƋƵĂůŝƚLJƉƌŽǀŝĚĞƌ ŵĞĂƐƵƌĞƐƵĐĐĞƐƐ͘  ŶĞƚǁŽƌŬƐ͕ĞƚĐ͘Ϳ  ĞƚĞƌŵŝŶĞŝŶĐĞŶƚŝǀĞĚĞƐŝŐŶ;ĂĐƚŝǀŝƚLJͲ  ƒ >ĂLJĞƌĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐĨƌŽŵŚĞĂůƚŚ  ƒ ďĂƐĞĚ͕ƌĞƐƵůƚƐͲďĂƐĞĚŽƌĂĐŽŵďŝŶĂƚŝŽŶͿ ŽƌŐĂŶŝnjĂƚŝŽŶƐͬǁĞůůŶĞƐƐǀĞŶĚŽƌƐ  ƚŽĚƌŝǀĞŚĞĂůƚŚLJďĞŚĂǀŝŽƌƐĂŶĚͬŽƌ ŽƵƚĐŽŵĞƐtĞůůŶĞƐƐƉƌŽŐƌĂŵǁŝůůďĞĚĞƐŝŐŶĞĚǁŝƚŚK>  ƒ ĂŶĚĐŽŵƉůŝĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶŵŝŶĚ  ŽŵƉůŝĂŶĐĞDĂƚƚĞƌƐ &ƌĞƋƵĞŶƚĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĞŐŝƐůĂƚŝǀĞ,/WƉƌŝǀĂĐLJŝŶƚĞƌƉƌĞƚĂƚŝŽŶ  ƒƒ ƵƉĚĂƚĞƐ  ZĞƉŽƌƚŝŶŐĂŶĚĚŝƐĐůŽƐƵƌĞŐƵŝĚĂŶĐĞ  ƒ ŵƉůŽLJĞĞĂŶĚĞŵƉůŽLJĞƌ  ƒ ůŝŐŝďŝůŝƚLJĚĞĨŝŶŝƚŝŽŶƐĂŶĚŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ  ƒ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ  ƌĞƋƵŝƌĞŵĞŶƚƐ  ŽŵƉůŝĂŶĐĞƵƉĚĂƚĞƐ  ƒ džƚƌĂͲƚĞƌƌŝƚŽƌŝĂůƐƚĂƚĞŵŽŶŝƚŽƌŝŶŐ  ƒ h^/,ĞĂůƚŚĂƌĞZĞĨŽƌŵĂŶĚZŝƐŬ  ƒ ,ŽƐƚǁĞďŝŶĂƌƐĂŶĚƐĞŵŝŶĂƌƐŽŶĐŽŵƉůŝĂŶĐĞ  ƒ DŽĚĞůŝŶŐdŽŽů  ŝƐƐƵĞƐ    ϯϲ WĂŐĞŽĨ    h^/ŶŶƵĂů^ĐŽƉĞŽĨ^ĞƌǀŝĐĞƐ  WƌŽŐƌĂŵƐĞƌǀŝĐĞ ĐƚŝŽŶĚĞƚĂŝůƐ  ŵĂŶĂŐĞŵĞŶƚ  ŶŶƵĂůŽŵƉůŝĂŶĐĞZĞǀŝĞǁ  ƒ ǀĂůƵĂƚŝŽŶŽĨ^WƐ͕^Ɛ͕ĂŶĚǁƌĂƉ  ƒ ĚŽĐƵŵĞŶƚƐ͘  &ŽƌŵƐϱϱϬϬĨŽƌŚĞĂůƚŚĂŶĚǁĞůĨĂƌĞ  ƒ ƉůĂŶƐǁŝůůďĞƉƌĞƉĂƌĞĚĨŽƌůŝĞŶƚ͛Ɛ ƐŝŐŶĂƚƵƌĞĂŶĚƚŚĞŶĨŝůĞĚďLJh^/  ,ZdĞĐŚŶŽůŽŐLJ ƐƐŝƐƚĂŶĐĞǁŝƚŚŵĂƚĐŚŝŶŐLJŽƵƌŶĞĞĚƐ,D͕ĞŶĞĨŝƚĚŵŝŶŝƐƚƌĂƚŝŽŶ͕WĂLJƌŽůů͕  ƒƒ ŽŶƐƵůƚŝŶŐ ǁŝƚŚƚŚĞĂƉƉƌŽƉƌŝĂƚĞƚĞĐŚŶŽůŽŐŝĐĂůƉƉůŝĐĂŶƚdƌĂĐŬŝŶŐ͕ĞƚĐ͙ ƐŽůƵƚŝŽŶƐ͘  ǀĂůƵĂƚĞƚŚĞŵĂƌŬĞƚĂŶĚĂƐƐŝƐƚŝŶƚŚĞ  ƒ ƐĞůĞĐƚŝŽŶƉƌŽĐĞƐƐ  sĞŶĚŽƌĂŶĚĐĂƌƌŝĞƌ WƌĞǀŝĞǁĂůůƐĞƌǀŝĐĞĐĂůůƐ͘^ĐƌĞĞŶŶĞǁƉƌŽĚƵĐƚŝŶƚƌŽĚƵĐƚŝŽŶƐ  ƒƒ ƐĂůĞƐĂŶĚƐĞƌǀŝĐĞ DŽŶŝƚŽƌĐĂƌƌŝĞƌĨŝŶĂŶĐŝĂůƐƚĂŶĚŝŶŐ͘ƌƌĂŶŐĞƉƌĞƐĞŶƚĂƚŝŽŶƐƚŽĐůŝĞŶƚĚĞĐŝƐŝŽŶ  ƒƒ ĐĂůůƐ  ŵĂŬĞƌƐ͘  DŽŶŝƚŽƌĐĂƌƌŝĞƌŽǁŶĞƌƐŚŝƉĂŶĚ  ƒ h^/ǁŝůůŝŶĨŽƌŵůŝĞŶƚŽĨĂŶLJĐŚĂŶŐĞŽĨ ĐŽƌƉŽƌĂƚĞĚŝƌĞĐƚŝŽŶ  ƒ  ĐŽŶƚƌŽůŽĨŝƚƐǀĞŶĚŽƌƐĂƐŝƚďĞĐŽŵĞƐĂǁĂƌĞŽĨ ƐĂŵĞ  'ůŽďĂůďĞŶĞĨŝƚƐ 'ůŽďĂůŶĞƚǁŽƌŬŵĂŶĂŐĞŵĞŶƚĞŶĐŚŵĂƌŬŝŶŐ  ƒƒ ĞŶĞĨŝƚƐƐĞƐƐŵĞŶƚŶĂůLJƐŝƐŽĨĨŽƌĐŽƵŶƚƌLJƌĞƋƵŝƌĞŵĞŶƚƐ  ƒƒ     ĚĚŝƚŝŽŶĂů,ƵŵĂŶZĞƐŽƵƌĐĞ^ƵƉƉŽƌƚ͕  ;ĂĚĚŝƚŝŽŶĂůĨĞĞƐŵĂLJĂƉƉůLJͿ ,ƵŵĂŶƌĞƐŽƵƌĐĞŚŽƚůŝŶĞ ŽŶƐƵůƚŝŶŐŽŶĂŶLJĞŵƉůŽLJĞĞƌĞůĂƚĞĚŝƐƐƵĞ  ƒ ŵƉůŽLJŵĞŶƚůĂǁĐŽŶƐƵůƚŝŶŐ ^ƚĂĨĨĞĚǁŝƚŚĞŵƉůŽLJŵĞŶƚůĂǁĂƚƚŽƌŶĞLJƐ  ƒ WƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚ ,ĂŶĚŬƌĞǀŝĞǁƐ͕ĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚŵĂŝŶƚĞŶĂŶĐĞ  ƒ :ŽďĚĞƐĐƌŝƉƚŝŽŶƐ  ƒ ĨĨŝƌŵĂƚŝǀĞĐƚŝŽŶWůĂŶƐ  ƒ ŶĚŵŽƌĞ͙  ƒ DĂŶĂŐĞŵĞŶƚƚƌĂŝŶŝŶŐ >ĞĂĚĞƌƐŚŝƉ  ƒ ŝƐĐŝƉůŝŶĞĂŶĚĐŽĂĐŚŝŶŐ  ƒ /ŶƚĞƌǀŝĞǁŝŶŐ  ƒ ƵƐƚŽŵŝnjĂďůĞŽƉƚŝŽŶƐ  ƒ     ϰϲ WĂŐĞŽĨ      dŚŝƌĚƉĂƌƚLJƐŽůƵƚŝŽŶƐ LJǁĂǀĞ LJǁĂǀĞŽĨĨĞƌƐĂŶŽŶůŝŶĞ,Z>ŝďƌĂƌLJǁŚŝĐŚŚĂƐƐƚĞƉͲďLJͲƐƚĞƉŐƵŝĚĞƐĨŽƌĨĞĚĞƌĂůĂŶĚƐƚĂƚĞůĂǁ  ĐŽŵƉůŝĂŶĐĞ͕KZ͕&D>ĂŶĚƚŚŽƵƐĂŶĚƐŽĨŝŶǀĂůƵĂďůĞƚĞŵƉůĂƚĞƐ͕ĨŽƌŵƐ͕ŐƵŝĚĞƐ͕ĂŶĚŽŶůŝŶĞ ƚŽŽůƐ͘  &ŽƌŵϱϱϬϬĨŝůŝŶŐĨŽƌ h^/ŚĂƐĂƉƌĞĨĞƌƌĞĚĞdžƚĞƌŶĂůƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚtƌĂŶŐůĞ͕>>͘tƌĂŶŐůĞŽĨĨĞƌƐĂĨƵůůƐƚĂĨĨŽĨ ŐƌŽƵƉƐǁŝƚŚϭϬϬн ĞŵƉůŽLJĞĞďĞŶĞĨŝƚĐŽŶƐƵůƚĂŶƚƐǁŚŽŚĂǀĞŽǀĞƌϱϱLJĞĂƌƐŽĨĐŽŵďŝŶĞĚĞdžƉĞƌŝĞŶĐĞĂŶĚŝŶĚƵƐƚƌLJ ƉĂƌƚŝĐŝƉĂŶƚƐ ŬŶŽǁůĞĚŐĞ͘    dŚŝƌĚƉĂƌƚLJƐŽůƵƚŝŽŶƐʹŵƉůŽLJĞĞďĞŶĞĨŝƚƐĂĚŵŝŶŝƐƚƌĂƚŝǀĞĂŶĚĚĂƚĂŵĂŶĂŐĞŵĞŶƚƐŽůƵƚŝŽŶƐ  ;^ĞƌǀŝĐĞƐƌĞƋƵŝƌĞĂŶĂĚĚŝƚŝŽŶĂůĨĞĞ͘WůĞĂƐĞĐŽŶƐƵůƚLJŽƵƌh^/ƚĞĂŵĨŽƌĚĞƚĂŝůƐ͘Ϳ  ,^ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ h^/ǁŽƌŬƐǁŝƚŚŽƵƌĐůŝĞŶƚƐƚŽŝĚĞŶƚŝĨLJƚŚŝƌĚͲƉĂƌƚLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐǁŚŽƉƌŽǀŝĚĞ,^  ĂĚŵŝŶŝƐƚƌĂƚŝŽŶƐĞƌǀŝĐĞƐ͘dŚŝƐŝƐĂŵŽƌĞĐŽƐƚͲĞĨĨĞĐƚŝǀĞǁĂLJĨŽƌŵŽƐƚŽĨŽƵƌĐůŝĞŶƚƐƚŽǁŽƌŬ ǁŝƚŚƋƵĂůŝĨŝĞĚ,^ĂĚŵŝŶŝƐƚƌĂƚŝŽŶƐƉĞĐŝĂůŝƐƚƐ͕ĂƐƚŚĂƚŝƐƚŚĞŝƌĐŽƌĞƉƌĂĐƚŝĐĞ͘/ƚĂůůŽǁƐh^/ƚŽ ďĞƐƚƐĞƌǀĞƚŚĞŶĞĞĚƐŽĨŽƵƌĐůŝĞŶƚƐĂƐƚŚĞƌĞŝƐŶŽŝŶŚĞƌĞŶƚĐŽŶĨůŝĐƚŽĨŝŶƚĞƌĞƐƚŝŶ ĚĞƚĞƌŵŝŶŝŶŐǁŚŝĐŚƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƚŽƐĞůĞĐƚ͘  tĞǁŽƌŬǁŝƚŚĐůŝĞŶƚƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞďĞƐƚƐŽůƵƚŝŽŶƚŽŵĞĞƚLJŽƵƌ,^ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŶĞĞĚƐ͘  KZĂĚŵŝŶŝƐƚƌĂƚŝŽŶ h^/ǁŽƌŬƐǁŝƚŚŽƵƌĐůŝĞŶƚƐƚŽŝĚĞŶƚŝĨLJƚŚŝƌĚƉĂƌƚLJƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐǁŚŽƉƌŽǀŝĚĞKZ  ĚŵŝŶŝƐƚƌĂƚŝŽŶƐĞƌǀŝĐĞƐ͘dŚŝƐŝƐĂŵŽƌĞĐŽƐƚͲĞĨĨĞĐƚŝǀĞǁĂLJĨŽƌŵŽƐƚŽĨŽƵƌĐůŝĞŶƚƐƚŽǁŽƌŬ ǁŝƚŚƋƵĂůŝĨŝĞĚKZĂĚŵŝŶŝƐƚƌĂƚŝŽŶƐƉĞĐŝĂůŝƐƚƐ͕ĂƐƚŚĂƚŝƐƚŚĞŝƌĐŽƌĞƉƌĂĐƚŝĐĞ͘KƵƌ ŵƉůŽLJĞĞĞŶĞĨŝƚƐŽŵƉůŝĂŶĐĞWƌĂĐƚŝĐĞŚĂƐƉƌĞƉĂƌĞĚĂǀĂƌŝĞƚLJŽĨƌĞůĂƚĞĚŵĂƚĞƌŝĂůƐĂŶĚ ŚĂƐƐŝŐŶŝĨŝĐĂŶƚĞdžƉĞƌŝĞŶĐĞŝŶĂƐƐŝƐƚŝŶŐĐůŝĞŶƚƐ;ŝŶƚŚĞŝƌĐĂƉĂĐŝƚLJĂƐƐƉŽŶƐŽƌƐŽĨŐƌŽƵƉŚĞĂůƚŚ ƉůĂŶƐͿǁŝƚŚŵĞĞƚŝŶŐKZĂĚŵŝŶŝƐƚƌĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͘    dŚŝƌĚƉĂƌƚLJƐŽůƵƚŝŽŶƐʹKŶůŝŶĞĞŶƌŽůůŵĞŶƚƐŽůƵƚŝŽŶƐ  ;^ĞƌǀŝĐĞƐŵĂLJƌĞƋƵŝƌĞĂŶĂĚĚŝƚŝŽŶĂůĨĞĞ͘WůĞĂƐĞĐŽŶƐƵůƚLJŽƵƌh^/ƚĞĂŵĨŽƌĚĞƚĂŝůƐ͘Ϳ  KŶůŝŶĞďĞŶĞĨŝƚƐ h^/ŚĂƐŶĞŐŽƚŝĂƚĞĚƉƌŝĐŝŶŐǁŝƚŚƐĞǀĞƌĂůŽŶůŝŶĞĞŶƌŽůůŵĞŶƚƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌƐ͕ŵĂŶLJŽĨ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶĂŶĚ ǁŚŽŵĂůƐŽƉƌŽǀŝĚĞŶŽŶͲĞŶƌŽůůŵĞŶƚĞŵƉůŽLJĞĞǁĞďƐŝƚĞƉŽƌƚĂůƐ͘  ĞŶƌŽůůŵĞŶƚ  KŶůŝŶĞĞŶƌŽůůŵĞŶƚƵƚŝůŝnjĞƐĂŶĞĂƐLJͲƚŽͲƵƐĞǁĞďͲďĂƐĞĚƐLJƐƚĞŵǁŝƚŚĚŝƌĞĐƚĨĞĞĚƐƚŽƚŚĞ ĐĂƌƌŝĞƌƐ͘/ŶĂĚĚŝƚŝŽŶƚŽĞůŝŵŝŶĂƚŝŶŐƚŚĞŚĂƐƐůĞŽĨƉĂƉĞƌĞŶƌŽůůŵĞŶƚ͕ŽŶůŝŶĞĞŶƌŽůůŵĞŶƚĐĂŶ ŚĞůƉĂĚĚƌĞƐƐŶŽƚŽŶůLJŝŶŝƚŝĂůĂŶĚĂŶŶƵĂůĞŶƌŽůůŵĞŶƚ͕ďƵƚĂůƐŽůŝĨĞĞǀĞŶƚĞŶƌŽůůŵĞŶƚĂƐǁĞůů͘ KŶůŝŶĞĞŶƌŽůůŵĞŶƚŐŝǀĞƐĐůŝĞŶƚƐƚŚĞĂďŝůŝƚLJƚŽƚƌĂĐŬƉĂƌƚŝĐŝƉĂŶƚĞŶƌŽůůŵĞŶƚďĂƐĞĚŽŶ ƐĞǀĞƌĂůĐƌŝƚĞƌŝĂĂŶĚƚŽƌƵŶǀĂƌŝŽƵƐƌĞƉŽƌƚƐ͘  dŽƚĂůsĂůƵĞ^ƚĂƚĞŵĞŶƚƐĞŶĞĨŝƚ^ƚĂƚĞŵĞŶƚƐ;ƐŽŵĞƚŝŵĞƐƌĞĨĞƌƌĞĚƚŽĂƐ͞dŽƚĂůsĂůƵĞ^ƚĂƚĞŵĞŶƚƐ͟Žƌ͞dŽƚĂů  ZĞǁĂƌĚƐ^ƚĂƚĞŵĞŶƚƐ͟ͿĂƌĞĞĨĨĞĐƚŝǀĞĂŶĚŝŵƉŽƌƚĂŶƚĐŽŵŵƵŶŝĐĂƚŝŽŶƚŽŽůƐƚŚĂƚĞĚƵĐĂƚĞ ;dŚŝƌĚƉĂƌƚLJͿ  ĞŵƉůŽLJĞĞƐĂďŽƵƚƚŚĞƚŽƚĂůǀĂůƵĞŽĨƚŚĞŝƌĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚďĞŶĞĨŝƚƐƉĂĐŬĂŐĞ͘  tĞǁŽƌŬǁŝƚŚĐƵƐƚŽŵĞƌƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞďĞƐƚƐŽůƵƚŝŽŶƚŽŵĞĞƚLJŽƵƌƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶ ƐƚĂƚĞŵĞŶƚŶĞĞĚƐ͘     ϱϲ WĂŐĞŽĨ      džĐůƵƐŝǀĞŽƐƚŽŶƚƌŽůWƌŽŐƌĂŵʹ/ŶĐƌĞĂƐĞĞŵƉůŽLJĞĞƐĂƚŝƐĨĂĐƚŝŽŶĂŶĚƌĞĚƵĐĞŚĞĂůƚŚƉůĂŶĐŽƐƚƐ͕;ĚĞůŝǀĞƌĞĚ ƚŚƌŽƵŐŚĂƚŚŝƌĚƉĂƌƚLJͿ͘  E/,ĞĂůƚŚĐĂƌĞ  h^/ŚĂƐƉĂƌƚŶĞƌĞĚǁŝƚŚE/,ĞĂůƚŚĐĂƌĞƚŽĚĞůŝǀĞƌƉƌŝŵĂƌLJĐĂƌĞƐĞƌǀŝĐĞƐƚŽŵĞŵďĞƌƐĂƚ ƚŚĞŝƌŚŽŵĞ͕ŽĨĨŝĐĞŽƌǀŝƌƚƵĂůůLJ͘ xŶŶƵĂůWŚLJƐŝĐĂůƐ  x ZŽƵƚŝŶĞĐĂƌĞŶĞĞĚƐ  x>ĂďƐĂŶĚŝŵĂŐŝŶŐ  x ϭϬϬнĐƵƚĞDĞĚŝĐĂƚŝŽŶƐΘϰϬϬнŚƌŽŶŝĐDĞĚŝĐĂƚŝŽŶƐ  x DĞŶƚĂůŚĞĂůƚŚƚŚĞƌĂƉLJ  x WŚLJƐŝĐĂůƚŚĞƌĂƉLJ   WƌŽdžŝŵĂů,ĞĂůƚŚ  h^/ŚĂƐƉĂƌƚŶĞƌĞĚǁŝƚŚWƌŽdžŝŵĂů,ĞĂůƚŚƚŽŚĞůƉŵĞŵďĞƌƐĨŝŶĚƚŚĞŚŝŐŚĞƐƚƋƵĂůŝƚLJĂŶĚ ŵŽƐƚĞĐŽŶŽŵŝĐĂůŵĞĚŝĐĂůƉƌŽǀŝĚĞƌƐ͘ x&ŽĐƵƐŽŶŚŝŐŚĐŽƐƚƐĐůĂŝŵƐ͕;ŵƵƐĐƵůŽƐŬĞůĞƚĂů͕ĐĂŶĐĞƌ͕ƉƌĞŐŶĂŶĐŝĞƐ͕ƐƉĞĐŝĂůƚLJ  ŵĞĚŝĐĂƚŝŽŶƐ͕ĐĂŶĐĞƌ͕ĞƚĐ͘͘͘͘Ϳ x dŚĞƌĞĂƌĞƚLJƉŝĐĂůůLJϭϱĐůĂŝŵƐƉĞƌϭϬϬĞŵƉůŽLJĞĞƐƚŚĂƚĐŽƵůĚďĞƌĞĚŝƌĞĐƚĞĚƉĞƌ  LJĞĂƌǁŝƚŚĂŶĂǀĞƌĂŐĞƐĂǀŝŶŐƐŽĨΨϭϬ͕ϬϬϬƉĞƌĞǀĞŶƚ͘    ϲϲ WĂŐĞŽĨ    *. () * 0109&  .         !"#   $ 83*%       ! !  '.        !"  ! !  %  :    /        !          ! 7             " " !      &       ;(    &     &        &  4 " &       &     4 "%:       & !   " "                     !         % ! 0*!- ! #, #   < $  = ">! '   !#,   !4 5(62/87,21 $SSURYLQJWKH$VVHVVPHQW,QWHUHVW5DWHIRU'HYHORSPHQW&KDUJHV :+(5($65HVROXWLRQ1RDGRSWHGRQ$XJXVW *%0 () * "    ! 0 5(62/87,21 $FFHSWLQJ'RQDWLRQVIURP7RQ\ 1DGLQH*RHUJHQDQG'UV-D\GL 6WHYHQ)XQNWRWKH 5RFKHVWHU3ROLFH'HSDUWPHQW :+(5($6WKH&LW\RI5RFKHVWHU0LQQHVRWDLVJHQHUDOO\DXWKRUL]HGWRDFFHSWGRQDWLRQVRIUHDO DQGSHUVRQDOSURSHUW\SXUVXDQWWR0LQQHVRWD6WDWXWHV6HFWLRQIRUWKHEHQHILWRILWV FLWL]HQVDQGLVVSHFLILFDOO\DXWKRUL]HGWRDFFHSWJLIWVDQGEHTXHVWVIRUWKHEHQHILWRIUHFUHDWLRQDO VHUYLFHVSXUVXDQWWR0LQQHVRWD6WDWXWHV6HFWLRQ 6HDORIWKH&LW\RI 5RFKHVWHU0LQQHVRWD  */0 () *               ! 4     4 33 $%      &  !      !4         5(62/87,21 $SSURYLQJ*UDQW$SSOLFDWLRQIRUD&RQGLWLRQV$VVHVVPHQWRI+LVWRULF6WRQH:DOORQ &LW\3URSHUW\ :+(5($6WKHVWRQHZDOOORFDWHGRQWKHQRUWKVLGHRIWKH%ORFNRI6L[WHHQ6WUHHW6: LVOLVWHGRQWKH1DWLRQDO5HJLVWHURI+LVWRULF3ODFHV DVSDUWRIWKHDGMDFHQWKLVWRULF³7RRJRRG %DUQ´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†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‹–›‘ˆ‘ Ї•–‡”  ‡‰‹‘ƒŽ’‘”–•Ƭ‡ ”‡ƒ–‹‘‘’އš  ȋȌ   ”‘Œ‡ –‘Ǥʹͺ͹Ͳ  ‡“—‡•–ˆ‘”—ƒŽ‹ˆ‹ ƒ–‹‘•ȋ Ȍˆ‘”‘•–”— –‹‘  ƒƒ‰‡”‡”˜‹ ‡•   ^ĞƉƚĞŵďĞƌϮϰ͕ϮϬϮϰ           ,,1752'8&7,21  7KH&LW\RI5RFKHVWHU &LW\ LVVHHNLQJWKHVHUYLFHVRID&RQVWUXFWLRQ0DQDJHUDW5LVN &0$5  IRUWKH5RFKHVWHU6SRUWVDQG5HFUHDWLRQ&RPSOH[ 565& 3URMHFW1R-OXGHGLQ6HFWLRQ9  6WHS3UHGHVLJQ6HUYLFHV   3URMHFW&RVW(VWLPDWLQJDQG6FKHGXOH6XSSRUW 7LPHOLQHLV2FWREHU±'HFHPEHU x  $WWHQGSURMHFWGHVLJQPHHWLQJV x  %HDUHVRXUFHWRWKHSURMHFWWHDPIRUFRVWHVWLPDWLQJGXULQJSURJUDPPLQJDQGHYDOXDWLRQ x  SURFHVV 3URYLGHFRVWLQSXWWRWKH$(WHDPDQG2ZQHUGXULQJWKHLQLWLDOSURJUDPPLQJSKDVHDQGVXEPLW x  DZHOOYHWWHGFRVWHVWLPDWHDWWKHFRQFOXVLRQRISURJUDPPLQJUHYLHZFRVWHVWLPDWHVZLWKWKH $(DQGSURMHFWWHDP:RUNZLWKWKH$(WHDPDQG2ZQHUWRSURYLGHYDOXHHQJLQHHULQJ VHUYLFHVDVQHFHVVDU\ 3URYLGHDPLOHVWRQHFRQVWUXFWLRQVFKHGXOH x     6WHS3UH&RQVWUXFWLRQ6HUYLFHV  -DQXDU\±-DQXDU\ x  3URYLGHFRVWLQSXWWRWKH'HVLJQ7HDPGXULQJWKH6'''DQG&'SKDVHVRIWKHGHVLJQ x  6XEPLWDZHOOYHWWHGFRVWHVWLPDWHDWWKHFRQFOXVLRQRIWKH6'SKDVHDQGWKH''SKDVH UHYLHZFRVWHVWLPDWHVZLWKWKH'HVLJQ7HDPDQGSURMHFWWHDP:RUNZLWKWKH'HVLJQ7HDP DQG2ZQHUWRSURYLGHYDOXHHQJLQHHULQJVHUYLFHVDVQHFHVVDU\ &0$5IRUHVWLPDWHVRIWKH&RVWRIWKH:RUNSHU([KLELW&FRPPHQWVLQDQG x  3URYLGHD*03SDFNDJHWRLQFOXGHOLVWLQJRI''GRFXPHQWVDFULWLFDOSDWKVFKHGXOHDQGD x  ZULWWHQQDUUDWLYHZKLFKLQFOXGHVFODULILFDWLRQVH[FOXVLRQVDOORZDQFHVDQGDSSOLFDEOHXQLW SULFLQJDQGSHU([KLELW&RIWKHFRQWUDFW 2ZQHUWRUHYLHZ&0$5¶V''*03HVWLPDWHV,IUHYLVLRQVWRWKH&'GRFXPHQWVDUHUHTXLUHGWR x  FRPSO\ZLWKWKHEXGJHW&0$5DQG'HVLJQ7HDPZLOOPDNHUHTXLUHGUHYLVLRQVXQWLOWKH&' GRFXPHQWVDUHLQFRQIRUPLW\ZLWKWKH2ZQHU¶VEXGJHW  6WHS&RQVWUXFWLRQ6HUYLFHV $XJXVW±$XJXVWFHSWXDOSULFLQJDQG SUHFRQVWUXFWLRQGXULQJ6WHS DQGFRQVWUXFWLRQVHUYLFHVDQGGD\WRGD\FRQVWUXFWLRQ PDQDJHPHQWGXULQJ6WHS  7KH&LW\PD\DOVREHXWLOL]HWKHVHUYLFHVRIDQ2ZQHU¶V5HSUHVHQWDWLYHWRSURYLGHDGGLWLRQDO H[SHUWLVHDQGVXSSRUWIRU&LW\VWDII $GHVLJQ5)3KDVEHHQLVVXHGDQGWKHVHOHFWLRQRIWKH'HVLJQ7HDPZLOOEHPDGHLQ2FWREHU 7KH&0$5ZLOOZRUNYHU\FORVHO\ZLWKWKHVXFFHVVIXOGHVLJQILUPWRSURYLGHLQSXWLQWR  FRQVWUXFWDELOLW\YDOXHHQJLQHHULQJDQGFRVWHVWLPDWLQJGXULQJWKHGHVLJQSURFHVV 7KH&0$5ZLOOEHH[SHFWHGWRFROODERUDWHZLWKWKH2ZQHU2ZQHU¶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¶V5HSUHVHQWDWLYHIRUSD\PHQW &0$5VKDOOSUHSDUHDQGVXEPLWDOOFHUWLILHGSD\UROOGRFXPHQWDWLRQIRUWKHSUHYLRXV PRQWKZLWKWKHFXUUHQWPRQWK¶VDSSOLFDWLRQIRUSD\PHQW 7KH:%(0%(SURJUHVVUHSRUWVKRXOGEHVXEPLWWHGPRQWKO\ZLWKHDFKDSSOLFDWLRQIRU SD\PHQWDORQJZLWKWKHXSWRGDWHVWDWXVRIWKHZRUNIRUFHSDUWLFLSDWLRQSHUFHQWDJHV 7KH&05VKDOOXWLOL]HWKH2ZQHU¶VLGHQWLILHGWUDFNLQJSURFHGXUHVDQGVRIWZDUHIRU FHUWLILHGSD\UROODQGXWLOL]DWLRQWUDFNLQJ 5HYLHZDQGFHUWLILFDWLRQRIDOOVXEFRQWUDFWRUFKDQJHRUGHUUHTXHVWVSULRUWRVXEPLWWDOWR WKH2ZQHU¶V5HSUHVHQWDWLYHIRUUHYLHZ &0$5DQGSHUWLQHQWVXEFRQWUDFWRUVWRZRUNZLWKWKH2ZQHU¶VFRPPLVVLRQLQJDJHQW WRFRPSOHWHWKHFRPPLVVLRQLQJIRUWKHSURMHFW7KH2ZQHU¶VFRPPLVVLRQLQJSODQZLOO EHFRPPXQLFDWHGWRWKH&0$5SULRUWRHVWDEOLVKPHQWRIWKH*03 &RPSOHWHD&RQVWUXFWLRQ0DQDJHUSUHSXQFKOLVWZLWKDOOWUDGHVLQDGYDQFHRI WKH2ZQHU¶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±$XJXVWRMHFW LIUHTXHVWHG  LY3URYLGHDOHWWHUIURPWKHUHVSRQGHQW¶VLQVXUDQFHFRPSDQ\VWDWLQJWKDWWKH UHVSRQGHQWZLOOEHDEOHWRSURYLGHJHQHUDOOLDELOLW\LQVXUDQFHIRUWKH SURMHFWWKDWPHHWVRUH[FHHGVWKH&LW\RI5RFKHVWHU¶VLQVXUDQFH ([KLELW% UHTXLUHPHQWVOLVWHGLQ   F5HOHYDQW&RPSDQ\([SHULHQFH L/LVWSURMHFWVPRVWUHOHYDQWWRWKLVSURMHFW LL5HOHYDQWSURMHFWVVKRXOGLQFOXGH\HDUFRPSOHWHGVTXDUHIRRWDJHILQDO FRQVWUXFWLRQYDOXHDQGDFOLHQWUHIHUHQFH G.H\3HUVRQQHO L2UJDQL]DWLRQDO&KDUW±,QFOXGHDOONH\SHUVRQQHO LL3UHFRQVWUXFWLRQ3KDVH±,QGLFDWHWKHWHDPOHDGHUIRUGD\WRGD\ FRPPXQLFDWLRQ SURMHFWLQYROYHPHQW LLL&RQVWUXFWLRQ3KDVH±,QGLFDWHWKHWHDPOHDGHUIRUGD\WRGD\ FRPPXQLFDWLRQ SURMHFWLQYROYHPHQW LY&RQVWUXFWLRQ3KDVH±,QGLFDWHWKHWHDPOHDGHUIRUILHOGDGPLQLVWUDWLRQDQG VLWHSUHVHQFH Y5HOHYDQWH[SHULHQFHIRUOHDGSHUVRQQHOGLUHFWO\LQYROYHGZLWKWKHSURMHFW 3URYLGHUHVXPHVIRUNH\SHUVRQQHO /LVWSURMHFWVPRVWUHOHYDQWWRWKLVSURMHFWFRPSOHWHGE\\RXU VHOHFWHGSURMHFWOHDGSHUVRQQHO,QFOXGH\HDUFRPSOHWHGVTXDUH IRRWDJHILQDOFRQVWUXFWLRQYDOXHDQGFOLHQWUHIHUHQFH YL:ULWWHQSHUPLVVLRQVKDOOEHUHTXLUHGWRFKDQJHSURMHFWOHDGSHUVRQQHO DIWHUWKHFRQWUDFWDZDUGDVSDUWRIWKH&RQWUDFW$JUHHPHQW H3URMHFW$SSURDFK L3URYLGH\RXUILUP¶VDSSURDFKIRUSUHFRQVWUXFWLRQVHUYLFHV'LVFXVV VSHFLILFDOO\\RXUDSSURDFKWRWKH*XDUDQWHHG0D[LPXP3ULFH *03  SURFHVVIRUWKLVSURMHFW LL3URYLGH\RXUILUP¶VDSSURDFKWRFRQVWUXFWLRQSKDVHVHUYLFHV'LVFXVV \RXUILUP¶VDELOLW\DQGH[SHULHQFHPDQDJLQJDVSRUWVDQGUHFUHDWLRQ FRQVWUXFWLRQSURMHFW LLL3URYLGH\RXUDSSURDFKWRVXFFHVVIXOO\HVWLPDWLQJPDQDJLQJDQG LPSOHPHQWLQJWKHJHRWKHUPDODQGPHFKDQLFDOHOHFWULFDODVSHFWVRIWKLV SURMHFW LY3URYLGHWKHWRSULVNVIRUWKLVSURMHFW5LVNVVKRXOGGHPRQVWUDWHWKH &05¶VOHYHORISURMHFWXQGHUVWDQGLQJDQGEHVSHFLILFWRWKLVSURMHFW Y3URYLGHDOLVWRIUHTXLUHPHQWVH[SHFWDWLRQVIRUWKH&LW\RI5RFKHVWHUWR PDNHWKLVFRQVWUXFWLRQSURFHVVVXFFHVVIXODQGPHHWWKHREMHFWLYHVRIWKLV 5)3,WHPVVKRXOGEHOLVWHGZLWKDQWLFLSDWHGGXHGDWHV  I([KLELW&&RPPHQWV5HGOLQHV  J6LWH&RPPHQWV      %5HVSRQVH6XEPLWWDO D+DUG&RSLHV  ±'HOLYHUWR  WK &LW\RI5RFKHVWHU6WUHHW6( 5RFKHVWHU01$WWQ6FRW5DPVH\  E(OHFWURQLFFRSLHV±'HOLYHUWR  6FRW5DPVH\±VUDPVH\#URFKHVWHUPQJRY  ,;6(/(&7,21352&(66  7KH&05ZLOOEHVHOHFWHGIRUWKLVSURMHFWEDVHGXSRQDPXOWLSOHVWHSSURFHVVDGPLQLVWHUHGE\D VHOHFWLRQFRPPLWWHHDSSRLQWHGE\WKH&LW\RI5RFKHVWHU 5HTXHVWIRU4XDOLILFDWLRQ 5)4  ±7KH5)4ZLOOEHDTXDOLILFDWLRQVEDVHGSURFHVVWKDWZLOOEH XWLOL]HGWRGHWHUPLQHDVKRUWOLVWRIUHFLSLHQWVWRUHFHLYHDIXWXUH5HTXHVWIRU3URSRVDO 5)3  7KHHYDOXDWLRQRIWKH5)4ZLOOEHPDGHEDVHGXSRQILQDQFLDOVWDQGLQJFRPSDQ\H[SHULHQFH SURSRVHGWHDPH[SHULHQFHDQGVDIHW\UHFRUG 5HTXHVWIRU3URSRVDO 5)3  ±7KH5)3ZLOOLQYLWHVKRUWOLVWHGILUPVWRVXEPLWDSURMHFW VFKHGXOHVWDIILQJFRVWVJHQHUDOFRQGLWLRQVFRVWVSUHFRQVWUXFWLRQIHHVDQGFRQVWUXFWLRQIHHV ,QWHUYLHZV ±8SRQFRPSOHWLRQRIWKH5)3UHVSRQVHVKRUWOLVWHGILUPVZLOOEHLQWHUYLHZHGE\WKH VHOHFWLRQFRPPLWWHHWREHFRPHIDPLOLDUZLWKNH\SHUVRQQHOXQGHUVWDQGWKHSURMHFWDSSURDFK FODULI\FRVWSURSRVDOVDQGGHWHUPLQHHDFKILUP¶VDELOLW\WRPHHWWKHSURMHFWJRDOVDQGREMHFWLYHV  ;6(/(&7,21&5,7(5,$IRU5)3  $FRPPLWWHHVHOHFWHGE\WKH&LW\ZLOOEHUHVSRQVLEOHIRUHYDOXDWLQJWKHSURSRVDOVZKLFKWKH\ EHOLHYHZLOOUHVXOWLQWKHPRVWTXDOLILHGSURMHFWWHDPWRSURYLGHWKHSURIHVVLRQDO&05VHUYLFHVIRU WKLVSURMHFW7KHVHOHFWLRQFULWHULDZLOOEHEDVHGXSRQWKHIROORZLQJ &RQVWUXFWLRQ0DQDJHPHQWDW5LVN([SHULHQFH 5HVSRQGHQW¶VDELOLW\WRGHPRQVWUDWHH[SHULHQFHDQGVXFFHVVIXOFRPSOHWLRQRI&RQVWUXFWLRQ 0DQDJHPHQWDW5LVNSURMHFWV ([SHUWLVHDQG([SHULHQFHRI.H\3HUVRQQHO 5HVSRQGHQW¶VDELOLW\WRGHPRQVWUDWHWKHH[SHUWLVHDQGH[SHULHQFHRISHUVRQQHOWKDWDUH VSHFLILFDOO\SURSRVHGDQGLQYROYHGIRUWKLVSURMHFW6SHFLDOHPSKDVLVWREHSURYLGHGIRUWKHGD\ WRGD\&05FRQWDFWVIRUWKH&LW\RI5RFKHVWHUDQGQRWVHQLRUOHYHOPDUNHWLQJVSHFLDOLVWV 3URMHFW$SSURDFK  7KHUHVSRQGHQW¶VDELOLW\WRFOHDUO\FRPPXQLFDWHWKHPHWKRGRORJ\ZRUNSODQ*03SURFHVVDQG DELOLW\WRFROODERUDWHZLWKDOOSURMHFWWHDPPHPEHUVWRPHHWWKHSURMHFWREMHFWLYHV 5HQHZDEOH(QHUJ\DQG0HFKDQLFDO(OHFWULFDO 7KHJHRWKHUPDOUHQHZDEOHHQHUJ\DQGPHFKDQLFDOHOHFWULFDOV\VWHPVZLOOEHWKHRQHRIWKH PRVWWHFKQLFDODVSHFWVWRWKLVSURMHFW7KHUHVSRQGHQW¶VDELOLW\WRPDQDJHSUHFRQVWUXFWLRQFRVW HVWLPDWLQJSURFXUHPHQWRIJHRWKHUPDODQGRYHUDOOV\VWHPVLPSOHPHQWDWLRQFKHFNRXW 3URMHFW6FKHGXOH 7KHUHVSRQGHQW¶VDELOLW\WRGHPRQVWUDWHWKHWHFKQLFDOH[SHUWLVHSODQQLQJPHWKRGRORJ\DQG H[HFXWLRQUHTXLUHGWRPHHWWKHVFKHGXOHUHTXLUHPHQWV 3URMHFW)HH 7KHUHVSRQGHQWVRYHUDOOIHHFRPSHWLWLYHQHVVIRUWKHSURSRVHGVHUYLFHVRIIHUHGWRWKH&LW\RI 5RFKHVWHUDSSURDFKWRJHQHUDOFRQGLWLRQVWUDQVSDUHQF\RIIHHVDQGFRQWLQJHQF\VWUDWHJ\ 7RWDO3RLQWV$YDLODEOH  ;,)8785(5)3,17(59,(:)250$7  $,QWHUYLHZ2XWOLQH D,QWHUYLHZVZLOOEHFRQGXFWHGZLWKWKHVKRUWOLVWHGILUPVRQO\7KHIRUPDWIRU WKHLQWHUYLHZZLOOEHDVOLVWHGEHORZ E0LQXWH,QWHUYLHZ 0LQXWHVRI3UHVHQWDWLRQ±0LQXWHVRI4 $  ([SHULHQFH 4XDOLILFDWLRQV±0LQXWHV 3URMHFW$SSURDFK±0LQXWHV *033URFHVVDQG&RQWLQJHQF\±0LQXWHV *HRWKHUPDO0HFKDQLFDO6\VWHP0LQXWHV &ULWLFDO3URMHFW&RQVLGHUDWLRQV±0LQXWHV 4XHVWLRQ $QVZHU±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¶VTXDOLILFDWLRQVDQGOHDUQLQJPRUHDERXW\RXUUHVSHFWLYH ILUP¶VDSSURDFKWRWKLVH[FLWLQJSURMHFW  (QFORVXUHV ([KLELW$3RWHQWLDO6LWH/RFDWLRQV ([KLELW%±&LW\RI5RFKHVWHU,QVXUDQFH5HTXLUHPHQWV ([KLELW&±$ $    ([KLELW$         (QFORVXUHV  ([KLELW$                                             ([KLELW%   &LW\RI5RFKHVWHU¶VLQVXUDQFHUHTXLUHPHQWV                ([KLELW&   $6WDQGDUG)RUPRI$JUHHPHQWEHWZHHQ2ZQHUDQG&RQVWUXFWLRQ0DQDJHUDQGUHODWHG $ ([KLELW%  /ŶƐƵƌĂŶĐĞ^ƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌŝƚLJŽŶƚƌĂĐƚƐ  ŽŶƚƌĂĐƚŽƌƐŚĂůůŶŽƚĐŽŵŵĞŶĐĞǁŽƌŬƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚƵŶƚŝůŝƚŚĂƐŽďƚĂŝŶĞĚĂůůƚŚĞŝŶƐƵƌĂŶĐĞĚĞƐĐƌŝďĞĚďĞůŽǁ ĂŶĚƚŚĞŝƚLJŚĂƐĂƉƉƌŽǀĞĚƐƵĐŚŝŶƐƵƌĂŶĐĞ͘  ŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶƐƵĐŚŝŶƐƵƌĂŶĐĞŝŶĨŽƌĐĞĂŶĚĞĨĨĞĐƚƚŚƌŽƵŐŚŽƵƚƚŚĞƚĞƌŵŽĨƚŚĞĐŽŶƚƌĂĐƚ͘  ŽŶƚƌĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶĂŶĚĨƵƌŶŝƐŚƐĂƚŝƐĨĂĐƚŽƌLJĞǀŝĚĞŶĐĞŽĨƚŚĞĨŽůůŽǁŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͗  ϭ͘tŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ džĐĞƉƚĂƐƉƌŽǀŝĚĞĚďĞůŽǁ͕ŽŶƚƌĂĐƚŽƌŵƵƐƚƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂ ƚŝŽŶŝŶƐƵƌĂŶĐĞĨŽƌĂůůŝƚƐĞŵƉůŽLJĞĞƐĂŶĚ͕ŝŶ ĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚ͕ŽŶƚƌĂĐƚŽƌǁŝůůƌĞƋƵŝƌĞƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƚŽƉƌŽǀŝĚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶ ŝŶƐƵƌĂŶĐĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͕ŝŶĐůƵĚŝŶŐŽǀĞƌĂŐĞ͕ ŵŝŶŝŵƵŵ ŵƉůŽLJĞƌ͛Ɛ>ŝĂďŝůŝƚLJ͘/ŶƐƵƌĂŶĐĞůŝŵŝƚƐĂƌĞĂƐĨŽůůŽǁƐ͗  ΨϱϬϬ͕ϬϬϬʹŽĚŝůLJ/ŶũƵƌLJďLJŝƐĞĂƐĞƉĞƌĞŵƉůŽLJĞĞ ΨϱϬϬ͕ϬϬϬʹŽĚŝůLJ/ŶũƵƌLJďLJŝƐĞĂƐĞĂŐŐƌĞŐĂƚĞ ΨϱϬϬ͕ϬϬϬʹŽĚŝůLJ/ŶũƵƌLJďLJĐĐŝĚĞŶƚ  /ĨDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞϭϳϲ͘ϬϰϭĞdžĞŵƉƚƐŽŶƚƌĂĐƚŽƌĨƌŽŵtŽƌŬĞ ƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞŽƌŝĨƚŚĞŽŶƚƌĂĐƚŽƌŚĂƐ ŶŽĞŵƉůŽLJĞĞƐŝŶƚŚĞŝƚLJ͕ŽŶƚƌĂĐƚŽƌŵƵƐƚƉƌŽǀŝĚĞĂǁƌŝƚƚĞŶƐƚĂƚĞŵĞŶƚ͕ƐŝŐŶĞĚďLJĂŶĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ ŝŶĚŝĐĂƚŝŶŐƚŚĞƋƵĂůŝĨLJŝŶŐĞdžĞŵƉƚŝŽŶƚŚĂƚĞdžĐůƵĚĞƐŽŶƚƌĂĐƚŽƌĨƌŽŵƚŚĞDŝŶŶĞƐŽƚĂtŽƌŬĞƌƐ͛ŽŵƉ ĞŶƐĂƚŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ͘  /ĨĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨƚŚĞĐŽŶƚƌĂĐƚƚŚĞŽŶƚƌĂĐƚŽƌďĞĐŽŵĞƐĞůŝŐŝďůĞĨŽƌtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶ͕ƚŚĞŽŶƚƌĂĐƚŽƌ ŵƵƐƚĐŽŵƉůLJǁŝƚŚƚŚĞtŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŚĞƌĞŝŶĂŶĚƉƌŽǀŝĚĞƚŚĞŝƚLJǁŝƚŚĂ ĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞ͘  Ϯ͘ŽŵŵĞƌĐŝĂů'ĞŶĞƌĂů>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ŽŶƚƌĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐŝƚĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌďŽĚŝůLJŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐ ƐŝĐŬŶĞƐƐŽƌĚŝƐĞĂƐĞ͕ĚĞĂƚŚ͕ĂŶĚĨŽƌĐĂƌĞĂŶĚůŽƐƐŽĨƐĞƌǀŝĐĞƐĂƐǁĞůůĂƐĨƌŽŵĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJĚĂŵĂŐĞ͕ŝŶĐůƵĚŝŶŐ ůŽƐƐŽĨƵƐĞǁŚŝĐŚŵĂLJĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚĞŽŶƚƌĂĐƚǁŚĞƚŚĞƌƚŚĞŽƉĞƌĂƚŝŽŶƐĂƌĞďLJƚŚĞŽŶƚƌĂĐƚŽƌŽƌ ďLJĂƐƵďĐŽŶƚƌĂĐƚŽƌŽƌďLJĂŶLJŽŶĞĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJĞŵƉůŽLJĞĚďLJƚŚĞŽŶƚƌĂĐƚŽƌƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚ͘/ŶƐƵƌĂŶĐĞ ŵŝŶŝŵƵŵ ůŝŵŝƚƐĂƌĞĂƐĨŽůůŽǁƐ͗  Ψϭ͕ϬϬϬ͕ϬϬϬʹƉĞƌŽĐĐƵƌƌĞŶĐĞ ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞʹWƌŽĚƵĐƚƐͬŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ  dŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚĂůůďĞŝŶĐůƵĚĞĚ͗ WƌĞŵŝƐĞƐĂŶĚKƉĞƌĂƚŝŽŶƐŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJĂŵĂŐĞ WĞƌƐŽŶĂůĂŶĚĚǀĞƌƚŝƐŝŶŐ/ŶũƵƌLJ ůĂŶŬĞƚŽŶƚƌĂĐƚƵĂů>ŝĂďŝůŝƚLJ WƌŽĚƵĐƚƐĂŶĚŽŵƉůĞƚĞĚKƉĞƌĂƚŝŽŶƐ>ŝĂďŝůŝƚLJ  ŝƚLJŵƵƐƚďĞŶĂŵĞĚĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚ͘  ϯ͘ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ ŽŶƚƌĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞƉƌŽƚĞĐƚŝŶŐŝƚĨƌŽŵĐůĂŝŵƐĨŽƌĚĂŵĂŐĞƐĨŽƌďŽĚŝůLJŝŶũƵƌLJĂƐǁĞůůĂƐĨƌŽŵ ĐůĂŝŵƐĨŽƌƉƌŽƉĞƌƚLJĚĂŵĂŐĞƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞŽǁŶĞƌƐŚŝƉ͕ŽƉĞƌĂƚŝŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞŽƌƵƐĞŽĨĂůůĂƵƚŽƐǁŚŝĐŚŵĂLJ ĂƌŝƐĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚ͕ĂŶĚŝŶĐĂƐĞĂŶLJǁŽƌŬŝƐƐƵďĐŽŶƚƌĂĐƚĞĚƚŚĞĐŽŶƚƌĂĐƚŽƌǁŝůůƌĞƋƵŝƌĞƚŚĞ ŵŝŶŝŵƵŵ ƐƵďĐŽŶƚƌĂĐƚŽƌƚŽŵĂŝŶƚĂŝŶŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞ͘/ŶƐƵƌĂŶĐĞůŝŵŝƚƐĂƌĞĂƐĨŽůůŽǁƐ͗      Ψϭ͕ϬϬϬ͕ϬϬϬʹƉĞƌŽĐĐƵƌƌĞŶĐĞŽŵďŝŶĞĚ^ŝŶŐůĞ>ŝŵŝƚĨŽƌŽĚŝůLJ/ŶũƵƌLJĂŶĚWƌŽƉĞƌƚLJ ĂŵĂŐĞ  /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞƌĂŐĞƐƐŚŽƵůĚďĞŝŶĐůƵĚĞĚ͗ KǁŶĞĚ͕,ŝƌĞĚ͕ĂŶĚEŽŶͲŽǁŶĞĚƵƚŽŵŽďŝůĞƐ͘  ϰ͘WƌŽĨĞƐƐŝŽŶĂůͬdĞĐŚŶŝĐĂů;ƌƌŽƌƐĂŶĚKŵŝƐƐŝŽŶƐͿ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞ dŚŝƐƉŽůŝĐLJǁŝůůƉƌŽǀŝĚĞĐŽǀĞƌĂŐĞĨŽƌĂůůĐůĂŝŵƐƚŚĞĐŽŶƚƌĂĐƚŽƌŵĂLJďĞĐŽŵĞůĞŐĂůůLJŽďůŝŐĂƚĞĚƚŽƉĂLJƌĞƐƵůƚŝŶŐĨƌŽŵ ĂŶ LJĂĐƚƵĂůŽƌĂůůĞŐĞĚŶĞŐůŝŐĞŶƚĂĐƚ͕ĞƌƌŽƌ͕ŽƌŽŵŝƐƐŝŽŶƌĞůĂƚĞĚƚŽŽŶƚƌĂĐƚŽƌ͛ƐƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐƌĞƋƵŝƌĞĚƵŶĚĞƌ ƚŚĞĐŽŶƚƌĂĐƚ͘  ŵŝŶŝŵƵŵ ŽŶƚƌĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚƚŽĐĂƌƌLJƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚƐ͗  Ψϭ͕ϬϬϬ͕ϬϬϬʹƉĞƌĐůĂŝŵŽƌĞǀĞŶƚ ΨϮ͕ϬϬϬ͕ϬϬϬʹĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ  ŶLJĚĞĚƵĐƚŝďůĞǁŝůůďĞƚŚĞƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞŽŶƚƌĂĐƚŽƌĂŶĚŵĂLJŶŽƚĞdžĐĞĞĚΨϱϬ͕ϬϬϬǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶ ĂƉƉƌŽǀĂůŽĨƚŚĞŝƚLJ͘/ĨƚŚĞŽŶƚƌĂĐƚŽƌĚĞƐŝƌĞƐĂƵƚŚŽƌŝƚLJĨƌŽŵƚŚĞŝƚLJƚŽŚĂǀĞĂĚĞĚƵĐƚŝďůĞŝŶĂŚŝŐŚĞƌĂŵŽƵŶƚ͕ƚŚĞ ŽŶƚƌĂĐƚŽƌƐŚĂůůƐŽƌĞƋƵĞƐƚŝŶǁƌŝƚŝŶŐ͕ƐƉĞĐŝĨLJŝŶŐƚŚĞĂŵŽƵŶƚŽĨƚŚĞĚĞƐŝƌĞĚĚĞĚƵĐƚŝďůĞĂŶĚƉƌŽǀŝĚŝŶŐĨŝŶĂŶĐŝĂů ĚŽĐƵŵĞŶƚĂƚŝŽŶďLJƐƵďŵŝƚƚŝŶŐƚŚĞŵŽƐƚĐƵƌƌĞŶƚĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐŽƚŚĂƚƚŚĞŝƚLJĐĂŶĂƐĐĞƌƚĂŝŶƚŚĞ ĂďŝůŝƚLJŽĨƚŚĞŽŶƚƌĂĐƚŽƌƚŽĐŽǀĞƌƚŚĞĚĞĚƵĐƚŝďůĞĨƌŽŵŝƚƐŽǁŶƌĞƐŽƵƌĐĞƐ͘  dŚĞƌĞƚƌŽĂĐƚŝǀĞŽƌƉƌŝŽƌĂĐƚƐĚĂƚĞŽĨƐƵĐŚĐŽǀĞƌĂŐĞƐŚĂůůŶŽƚďĞĂĨƚĞƌƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚŝƐŽŶƚƌĂĐƚĂŶĚ ŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶƐƵĐŚŝŶƐƵƌĂŶĐĞĨŽƌĂƉĞƌŝŽĚŽĨĂƚůĞĂƐƚƚŚƌĞĞ;ϯͿLJĞĂƌƐ͕ĨŽůůŽǁŝŶŐĐŽŵƉůĞƚŝŽŶŽĨƚŚĞǁŽƌŬ͘ /ĨƐƵĐŚŝŶƐƵƌĂŶĐĞŝƐĚŝƐĐŽŶƚŝŶƵĞĚ͕ĞdžƚĞŶĚĞĚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĐŽǀĞƌĂŐĞŵƵƐƚďĞŽďƚĂŝŶĞĚďLJŽŶƚƌĂĐƚŽƌƚŽĨƵůĨŝůůƚŚŝƐ ƌĞƋƵŝƌĞŵĞŶƚ͘  ϱ͘ĚĚŝƚŝŽŶĂů/ŶƐƵƌĂŶĐĞŽŶĚŝƚŝŽŶƐ xŽŶƚƌĂĐƚŽƌ͛ƐƉŽůŝĐŝĞƐƐŚĂůůďĞƉƌŝŵĂƌLJŝŶƐƵƌĂŶĐĞƚŽĂŶLJŽƚŚĞƌǀĂůŝĚĂŶĚĐŽůůĞĐƚŝďůĞŝŶƐƵƌĂŶĐĞĂǀĂŝůĂďůĞƚŽ  ƚŚĞŝƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽĂŶLJĐůĂŝŵĂƌŝƐŝŶŐŽƵƚŽĨŽŶƚƌĂĐƚŽƌ͛ƐƉĞƌĨŽƌŵĂŶĐĞƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚ͘ xŽŶƚƌĂĐƚŽƌ͛ƐƉŽůŝĐŝĞƐĂŶĚĞƌƚŝĨŝĐĂƚĞŽĨ/ŶƐƵƌĂŶĐĞƐŚĂůůĐŽŶƚĂŝŶĂƉƌŽǀŝƐŝŽŶƚŚĂƚĐŽǀĞƌĂŐĞĂĨĨŽƌĚĞĚƵŶĚĞƌ  ƚŚĞƉŽůŝĐŝĞƐƐŚĂůůŶŽƚďĞĐĂŶĐĞůůĞĚǁŝƚŚŽ ƵƚĂƚůĞĂƐƚƚŚŝƌƚLJ;ϯϬͿĚĂLJƐ͛ĂĚǀĂŶĐĞĚǁƌŝƚƚĞŶŶŽƚŝĐĞƚŽƚŚĞŝƚLJ͕Žƌ ƚĞŶ;ϭϬͿĚĂLJƐ͛ǁƌŝƚƚĞŶŶŽƚŝĐĞĨŽƌŶŽŶ ͲƉĂLJŵĞŶƚŽĨƉƌĞŵŝƵŵ͘ xŽŶƚƌĂĐƚŽƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƉĂLJŵĞŶƚŽĨŽŶƚƌĂĐƚƌĞůĂƚĞĚŝŶƐƵƌĂŶĐĞƉƌĞŵŝƵŵƐĂŶĚĚĞĚƵĐƚŝďůĞƐ͘  x/ĨŽŶƚƌĂĐƚŽƌŝƐƐĞůĨͲŝŶƐƵƌĞĚ͕ĂĞƌƚŝĨŝĐĂƚĞŽĨ^ĞůĨͲ/ŶƐƵƌĂŶĐĞŵƵƐƚďĞĂƚƚĂĐŚĞĚ͘  xŽŶƚƌĂĐƚŽƌ͛ƐƉŽůŝĐŝĞƐƐŚĂůůŝŶĐůƵĚĞůĞŐĂůĚĞĨĞŶƐĞĨĞĞƐŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐůŝĂďŝůŝƚLJƉŽůŝĐLJůŝŵŝƚƐ͕ǁŝƚŚƚŚĞ  ĞdžĐĞƉƚŝŽŶŽĨƚŚĞƉƌŽĨĞƐƐŝŽŶĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞ͘ xŽŶƚƌĂĐƚŽƌƐŚĂůůŽďƚĂŝŶŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐĨƌŽŵŝŶ ƐƵƌĂŶĐĞĐŽŵƉĂŶŝĞƐŚĂǀŝŶŐĂŶ͞D^d͟ƌĂƚŝŶŐŽĨͲ  ;ŵŝŶƵƐͿ͖&ŝŶĂŶĐŝĂů^ŝnjĞĂƚĞŐŽƌLJ;&^Ϳs//ŽƌďĞƚƚĞƌ͕ĂŶĚĂƵƚŚŽƌŝnjĞĚƚŽĚŽďƵƐŝŶĞƐƐŝŶƚŚĞ^ƚĂƚĞŽĨ DŝŶŶĞƐŽƚĂ͖ĂŶĚ xŶhŵďƌĞůůĂŽƌdžĐĞƐƐ>ŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƉŽůŝĐLJŵĂLJďĞƵƐĞĚƚŽƐƵƉƉůĞŵĞŶƚƚŚĞŽŶƚƌĂĐƚŽƌ͛ƐƉŽůŝĐLJůŝŵŝƚƐ  ŽŶĂĨŽůůŽǁͲĨŽƌŵďĂƐŝƐƚŽƐĂƚŝƐĨLJƚŚĞĨƵůůƉŽůŝĐLJůŝŵŝƚƐƌĞƋƵŝƌĞĚďLJƚŚĞŽŶƚƌĂĐƚ͘ x dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŝŵŵĞĚŝĂƚĞůLJƚĞƌŵŝŶĂƚĞƚŚĞĐŽŶƚƌĂĐƚŝĨƚŚĞŽŶƚƌĂĐƚŽƌŝƐŶŽƚŝŶĐŽŵƉůŝĂŶĐĞ  ǁŝƚŚƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĞƚĂŝŶƐĂůůƌŝŐŚƚƐƚŽƉƵƌƐƵĞĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐĂŐĂŝŶƐƚƚŚĞ ĐŽŶƚƌĂĐƚŽƌ͘ xůůŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐŵƵƐƚďĞŽƉĞŶƚŽŝŶƐƉĞĐƚŝŽŶďLJƚŚĞŝƚLJ͕ĂŶĚĐŽƉŝĞƐŽĨƉŽůŝĐŝĞƐŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽ  ƚŚĞŝƚLJ͛ƐĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƵƉŽŶǁƌŝƚƚĞŶƌĞƋƵĞƐƚ͘ x dŚĞŽŶƚƌĂĐƚŽƌŝƐƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚĂĞƌƚŝĨŝĐĂƚĞƐŽĨ/ŶƐƵƌĂŶĐĞĂĐĐĞƉƚĂďůĞƚŽƚŚĞŝƚLJĂƐĞǀŝĚĞŶĐĞŽĨƚŚĞ  ƌĞƋƵŝƌĞĚŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ x dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŵŽĚŝĨLJƚŚĞŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂƉĂƌƚŝĐƵůĂƌƉƌŽũĞĐƚ͘      Š $,$'RFXPHQW$± Š 6WDQGDUG)RUPRI$JUHHPHQW%HWZHHQ2ZQHUDQG&RQVWUXFWLRQ 0DQDJHUDV&RQVWUXFWRU ZKHUHWKHEDVLVRISD\PHQWLVWKH &RVWRIWKH:RUN3OXVD)HHZLWKD  *XDUDQWHHG0D[LPXP3ULFH  $*5((0(17PDGHDVRIWKH©ªGD\RI©ªLQWKH\HDU©ª $'',7,216$1''(/(7,216 7KHDXWKRURIWKLVGRFXPHQW [[222,1010,352,1045][7][,I,][Times New Roman]] ,QZRUGV [[352,1010,588,1045][7][,I,][Times New Roman]]LQGLFDWHGD\PRQWK [[589,1010,597,1045][7][,I,][Times New Roman]] [[597,1010,605,1045][7][,I,][Times New Roman]] [[604,1010,727,1045][7][,I ,][Times New Roman]]DQG\HDU [[727,1010,735,1045][7][,I,][Times New Roman]] KDVDGGHGLQIRUPDWLRQ  QHHGHGIRULWVFRPSOHWLRQ %(7:((1WKH2ZQHU 7KHDXWKRUPD\DOVRKDYH UHYLVHGWKHWH[WRIWKH [[222,1114,316,1149][7][,I,][Times New Roman]] 1DPH [[316,1114,562,1149][7][,I,][Times New Roman]]OHJDOVWDWXVDGGUHVV [[562,1114,570,1149][7][,I,][Times New Roman]] [[569,1114,577,1149][7][,I,][Times New Roman]] [[576,1114,840,1149][7][,I,] [Times New Roman]]DQGRWKHULQIRUPDWLRQ [[838,1114,851,1149][7][,I,][Times New Roman]] [[851,1114,859,1149][7][,I,][Times New Roman]] RULJLQDO$,$VWDQGDUGIRUP  $Q$GGLWLRQVDQG'HOHWLRQV ©&LW\RI5RFKHVWHUª©ª 5HSRUWWKDWQRWHVDGGHG WK ©6WUHHW6(ª LQIRUPDWLRQDVZHOODV UHYLVLRQVWRWKHVWDQGDUG ©5RFKHVWHU01ª IRUPWH[WLVDYDLODEOHIURP ©OHWLRQ ©ª RUPRGLILFDWLRQ ©ª $,$'RFXPHQW$Œ±  7$%/(2)$57,&/(6  ,1,7,$/,1)250$7,21  *(1(5$/3529,6,216  &216758&7,210$1$*(5·65(63216,%,/,7,(6  2:1(5·65(63216,%,/,7,(6  &203(16$7,21$1'3$<0(176)2535(&216758&7,213+$6(6(59,&(6  &203(16$7,21)25&216758&7,213+$6(6(59,&(6  † 7KH2ZQHU¶VEXGJHWIRUWKH*XDUDQWHHG0D[LPXP3ULFHDVGHILQHGLQ$UWLFOH [[228,2527,883,2563][7][,I,][Times New Roman]] 3URYLGHWRWDODQGLINQRZQDOLQHLWHPEUHDNGRZQ [[885,2527,893,2563][7][,I,][Times New Roman]]   $,$'RFXPHQW$±&RS\ULJKW‹DQG$OOULJKWVUHVHUYHG³7KH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV´³$PHULFDQ ,QVWLWXWHRI$UFKLWHFWV´³$,$´WKH$,$/RJRDQG³$,$&RQWUDFW'RFXPHQWV´DUHWUDGHPDUNVRI7KH$PHULFDQ,QVWLWXWHRI$UFKL WHFWV7KLV  GUDIWZDVSURGXFHGDW  ©7KH2ZQHU¶VEXGJHWIRUFRQVWUXFWLRQLV>LQVHUW@7KLVEXGJHWPD\YDU\BBBZLWKRXWDQ\DGMXVWPHQWWRWKH )RUPDWWHG+LJKOLJKW SURMHFWVWDIILQJSODQª )RUPDWWHG+LJKOLJKW  † 7KH2ZQHU¶VDQWLFLSDWHGGHVLJQDQGFRQVWUXFWLRQPLOHVWRQHGDWHV )RUPDWWHG+LJKOLJKW   'HVLJQSKDVHPLOHVWRQHGDWHVLIDQ\  ©'HVLJQFRPSOHWLRQBBBBBBBª   &RQVWUXFWLRQFRPPHQFHPHQWGDWH  ©ª   6XEVWDQWLDO&RPSOHWLRQGDWHRUGDWHV  ©ª   2WKHUPLOHVWRQHGDWHV  ©ª  † 7KH2ZQHU¶VUHTXLUHPHQWVIRUDFFHOHUDWHGRUIDVWWUDFNVFKHGXOLQJRUSKDVHGFRQVWUXFWLRQDUHVHWIRUWKEHORZ [[228,1393,563,1429][7][,I,][Times New Roman]] ,GHQWLI\DQ\UHTXLUHPHQWV [[559,1393,653,1429][7][,I,][Times New Roman]]IRUIDVW [[652,1393,662,1429][7][,I,][Times New Roman]] [[663,1393,1177,1429][7][,I,][Times New Roman]]WUDFNVFKHGXOLQJRUSK DVHGFRQVWUXFWLRQ [[1179,1393,1187,1429][7][,I,][Times New Roman]]  ©ª  † 7KH2ZQHU¶VDQWLFLSDWHG6XVWDLQDEOH2EMHFWLYHIRUWKH3URMHFW [[228,1570,241,1606][7][,I,][Times New Roman]] [[237,1570,1225,1606][7][,,][FEF1A19578C]],GHQWLI\DQGGHVFULEHWKH2ZQHU¶V6XVWDLQDEOH2EMHFWLYHIRUWKH3URMHFWLIDQ\ [[1229,1570,1237,1606][7][,I,][Times New Roman]]  ©ª  † ,IWKH2ZQHULGHQWLILHVD6XVWDLQDEOH2EMHFWLYHSULRUWRFRPPHQFHPHQWRIWKH:RUNWKH2ZQHUDQG &RQVWUXFWLRQ0DQDJHUVKDOOHQGHDYRUWRGHILQHWKHWHUPVFRQGLWLRQVDQGVHUYLFHVUHODWHGWRWKH2 ZQHU¶V6XVWDLQ DEOH REMHFWLYHDQGPD\FRPSOHWHDQGLQFRUSRUDWH$,$'RFXPHQW(Œ±6XVWDLQDEOH3URMHFWV([KLELW&RQVWUXFWLRQ &RPPHQWHG>0:@ 5HYLHZRQSURMHFWE\SURMHFWEDVLV 0DQDJHUDV&RQVWUXFWRU(GLWLRQLQWRWKLV$JUHHPHQWWRGHILQHWKHWHUPVFRQGLWLRQVDQGVHUYLFHVUHODWHGWRWKH2ZQHU¶V LIWKHUHLVDVXVWDLQDELOLW\REMHFWLYH 6XVWDLQDEOH2EMHFWLYH,I(±LVLQFRUSRUDWHGLQWRWKLVDJUHHPHQWWKH2ZQHUDQG&RQVWUXFWLRQ0DQDJHUVKDOO 'HOHWHG VKDOO LQFRUSRUDWHWKHFRPSOHWHG(±LQWRWKHDJUHHPHQWVZLWKWKHFRQVXOWDQWVDQGFRQWUDFWRUVSHUIRUPLQJVHUYLFHVRU :RUNLQDQ\ZD\DVVRFLDWHGZLWKWKH6XVWDLQDEOH2EMHFWLYH  †   † 7KHSHUVRQVRUHQWLWLHVLQDGGLWLRQWRWKH2ZQHU¶VUHSUHVHQWDWLYHZKRDUHUHTXLUHGWRUHYLHZWKH&RQVWUXFWLRQ 0DQDJHU¶VVXEPLWWDOVWRWKH2ZQHUDUHDVIROORZV [[228,717,605,753][7][,I,][Times New Roman]] /LVWQDPHDGGUHVVDQGRWKHU [[606,717,705,753][7][,I,][Times New Roman]]FRQWDFW [[705,717,867,753][7][,I,][Times New Roman]]LQIRUPDWLRQ [[869,717,877,753][7][,I,][Times New Roman]]  ©7%'ª  † 7KH2ZQHUVKDOOUHWDLQWKHIROORZLQJFRQVXOWDQWVDQGFRQWUDFWRUV [[228,895,1031,931][7][,I,][Times New Roman]] /LVWQDPHOHJDOVWDWXVDGGUHVVDQGRWKHUFRQWDFWLQIRUPDWLRQ [[1034,895,1042,931][7][,I,][Times New Roman]]   *HRWHFKQLFDO(QJLQHHU  ©ª©ª ©ª ©ª ©ª ©ª   'HOHWHG &LYLO(QJLQHHUˆ  2WKHULIDQ\ ˆ [[412,1321,1417,1357][7][,I,][Times New Roman]] /LVWDQ\RWKHUFRQVXOWDQWVUHWDLQHGE\WKH2ZQHUVXFKDVD3URMHFWRU3URJUDP [[1416,1321,1533,1357][7][,I,][Times New Roman]]0DQDJHU [[1532,1321,1549,1357][7][,I,][Times New Roman]] [[1550,1321,1558,1357][7][,I,][Times New Roman]] ©ª©ªˆ ©ªˆ  ©ªˆ ©©>LQVHUWDVDSSOLFDEOH@0(3&RPPLVVLRQLQJ$JHQW ©ªˆ ([WHULRU(QYHORSH&RPPLVVLRQLQJ$JHQW ©ªˆ ,QGHSHQGHQW0DWHULDOV7HVWLQJ$JHQWª 'HOHWHG   † 7KH$UFKLWHFW¶VUHSUHVHQWDWLYH &RPPHQWHG>-3@ 3OHDVHDGGFRPPLVVLRQLQJDJHQWDQG [[228,1570,874,1606][7][,I,][Times New Roman]] /LVWQDPHDGGUHVVDQGRWKHUFRQWDFWLQIRUPDWLRQ [[877,1570,885,1606][7][,I,][Times New Roman]] LQGHSHQGHQWPDWHULDOVWHVWLQJDJHQF\3OHDVHSODFH1$E\  FLYLO ©ª ©ª ©ª ©ª ©ª ©ª  † 7KH&RQVWUXFWLRQ0DQDJHULGHQWLILHVWKHIROORZLQJUHSUHVHQWDWLYHLQDFFRUGDQFHZLWK$UWLFOH [[228,1926,469,1962][7][,I,][Times New Roman]] /LVWQDPHDGGUHVV [[471,1926,486,1962][7][,I,][Times New Roman]] [[487,1926,614,1962][7][,I,][Times New Roman]]DQGRWKHU [[614,1926,712,1962][7][,I,][Times New Roman]]FRQWDFW [[713,1926,875,1962 ][7][,I,][Times New Roman]]LQIRUPDWLRQ [[877,1926,885,1962][7][,I,][Times New Roman]]  ©ª ©ª ©ª ©ª ©ª ©ª  † 7KH2ZQHU¶VUHTXLUHPHQWVIRUWKH&RQVWUXFWLRQ0DQDJHU¶VVWDIILQJSODQIRU3UHFRQVWUXFWLRQ6HUYLFHVDV UHTXLUHGXQGHU6HFWLRQ &RPPHQWHG>-3@ /LVWVWDIILQJSODQDJUHHGXSRQKHUH [[228,2316,429,2352][7][,I,][Times New Roman]] /LVWDQ\2ZQHU [[430,2316,440,2352][7][,I,][Times New Roman]] [[440,2316,1145,2352][7][,I,][Times New Roman]]VSHFLILFUHTXLUHPHQWVWREHLQFOXGHGLQWKHVWDIILQJSODQ [[1146,2316,1154,2352][7][,I,][Times New Roman]] DQGUHPRYHUHIHUHQFHWR5)3  'HOHWHG ©3UHFRQVWUXFWLRQSKDVHVHUYLFHVDVVSHFLILFDOO\RXWOLQHGLQWKH5HTXHVWIRU3URSRVDODQGDVRXWOLQHGLQWKLV$JUHHPHQW VXEFRQWUDFWRU ª &RPPHQWHG>0:@ ,IWKHUHDUH,5$RURWKHU  SURFXUHPHQWUHTXLUHPHQWVLGHQWLI\WKHPKHUH † 7KH2ZQHU¶VUHTXLUHPHQWVIRU&RQVWUXFWLRQ0DQDJHU¶VSURFXUHPHQWRI6XEFRQWUDFWRU V IRUWKHSHUIRUPDQFHRI &RPPHQWHG>-35@ WKH:RUNVKDOOLQFRUSRUDWH&RQVWUXFWLRQ0DQDJHU¶VGHVFULEHGVXEFRQWUDFWRUSURFXUHPHQWSURFHVVVXEPLWWHGLQUHVSRQVH/HW¶VLQFRUSRUDWHWKH&LW\([KLELWV KHUHIRUVWDQGDUGSURMHFWVIROORZHGE\,5$ZLWKDFKHDW WRWKH3URMHFW5)3DQGFRPSO\ZLWK0LQQHVRWD6WDWXWHV6HFWLRQ´³$PHULFDQ ,QVWLWXWHRI$UFKLWHFWV´³$,$´WKH$,$/RJRDQG³$,$&RQWUDFW'RFXPHQWV´DUHWUDGHPDUNVRI7KH$PHULFDQ,QVWLWXWHRI$UFKL WHFWV7KLV  GUDIWZDVSURGXFHGDW   ©ª  † 2WKHU,QLWLDO,QIRUPDWLRQRQZKLFKWKLV$JUHHPHQWLVEDVHG  ©>OLVWVWDIILQJSODQKHUH@ª &RPPHQWHG>0:@ ,UHFRPPHQGLQVHUWLQJVSHFLILF  SRUWLRQVRI5)4DQG5)3UDWKHUWKDQJHQHUDOUHIHUHQFH †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†5HODWLRQVKLSRIWKH3DUWLHV 7KH&RQVWUXFWLRQ0DQDJHUDFFHSWVWKHUHODWLRQVKLSRIWUXVWDQGFRQILGHQFHHVWDEOLVKHGE\WKLV$JUHHPHQWDQGFRYHQDQWV ZLWKWKH2ZQHUWRFRRSHUDWHZLWKWKH$UFKLWHFWDQGH[HUFLVHWKH&RQVWUXFWLRQ0DQDJHU¶VVNLOODQGMXGJPHQWLQ IXUWKHULQJWKHLQWHUHVWVRIWKH2ZQHUWRIXUQLVKHIILFLHQWFRQVWUXFWLRQDGPLQLVWUDWLRQPDQDJHPHQWVHUYLFHVDQG VXSHUYLVLRQWRIXUQLVKDWDOOWLPHVDQDGHTXDWHVXSSO\RIZRUNHUVDQGPDWHULDOVDQGWRSHUIRUPWKH:RUNLQDQ H[SHGLWLRXVDQGHFRQRPLFDOPDQQHUFRQVLVWHQWZLWKWKH2ZQHU¶VLQWHUHVWV7KH2ZQHUDJUHHVWRIXUQLVKRUDSSURYHLQD WLPHO\PDQQHULQIRUPDWLRQUHTXLUHGE\WKH&RQVWUXFWLRQ0DQDJHUDQGWRPDNHSD\PHQWVWRWKH&RQVWUXFWLRQ0DQDJHU LQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWV  †*HQHUDO&RQGLWLRQV † )RUWKH3UHFRQVWUXFWLRQ3KDVH$,$'RFXPHQW$Œ±VLQFRUSRUDWHGKHUHLQE\UHIHUHQFH7KHWHUP³&RQWUDFWRU´DVXVHGLQ$±  †3UHFRQVWUXFWLRQ3KDVH †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«DVSDUWRIWKHJXDUDQWHHG QRQFRQIRUPLW\GLVFRYHUHGE\RUPDGHNQRZQWRWKH&RQVWUXFWLRQ0DQDJHUDVDUHTXHVWIRULQIRUPDWLRQLQVXFKIRUPDV PD[LPXPSULFH7KH&RQVWUXFWLRQ0DQDJHUVKDOOFRPSOHWH  WKH$UFKLWHFWPD\UHTXLUH FRPSUHKHQVLYHHVWLPDWHVDWWKHFRQFHSWXDOVFKHPDWLF  GHVLJQGHYHORSPHQWDQG&RQVWUXFWLRQ'RFXPHQW † 7KH&RQVWUXFWLRQ0DQDJHUVKDOOSURYLGHDSUHOLPLQDU\HYDOXDWLRQRIWKH2ZQHU¶VSURJUDPVFKHGXOHDQG SKDVHVRIGHVLJQ FRQVWUXFWLRQEXGJHWUHTXLUHPHQWVHDFKLQWHUPVRIWKHRWKHU  †&RQVXOWDWLRQ † 7KH&RQVWUXFWLRQ0DQDJHUVKDOOVFKHGXOHDQGFRQGXFWPHHWLQJVZLWKWKH$UFKLWHFWDQG2ZQHUWRGLVFXVVVXFK PDWWHUVDVSURFHGXUHVSURJUHVVFRRUGLQDWLRQDQGVFKHGXOLQJRIWKH:RUN  †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† 7KH&RQVWUXFWLRQ0DQDJHUVKDOODVVLVWWKH2ZQHUDQG$UFKLWHFWLQHVWDEOLVKLQJSURWRFROVIRUWKHGHYHORSPHQW 'HOHWHG EXLOGLQJLQIRUPDWLRQPRGHOLQJDQGGLJLWDOGDWD XVHWUDQVPLVVLRQDQGH[FKDQJHRIGLJLWDOGDWD SURWRFROVIRUWKH3URMHFWXVLQJ$,$'RFXPHQW(Œ± %XLOGLQJ,QIRUPDWLRQ0RGHOLQJDQG'LJLWDO'DWD  ([KLELWWRHVWDEOLVKWKH †3URMHFW6FKHGXOH :KHQ3URMHFWUHTXLUHPHQWVKDYHEHHQVXIILFLHQWO\LGHQWLILHGWKH&RQVWUXFWLRQ0DQDJHUVKDOOSUHSDUHDQGXSGDWHRQD 'HOHWHG LQ6HFWLRQ PRQWKO\EDVLVRUDWDQRWKHULQWHUYDODJUHHGWRE\2ZQHUDQG&RQVWUXFWLRQ0DQDJHUD3URMHFWVFKHGXOHIRUWKH 'HOHWHG SHULRGLFDOO\ $UFKLWHFW¶VUHYLHZDQGWKH2ZQHU¶VDFFHSWDQFH7KH&RQVWUXFWLRQ0DQDJHUVKDOOREWDLQWKH$UFKLWHFW¶VDSSURYDOIRUWKH SRUWLRQRIWKH3URMHFWVFKHGXOHUHODWLQJWRWKHSHUIRUPDQFHRIWKH$UFKLWHFW¶VVHUYLFHV7KH3URMHFWVFKHGXOHVKDOO &RPPHQWHG>-3@ 0RQWKO\VFKHGXOHXSGDWHVIURP FRRUGLQDWHDQGLQWHJUDWHWKH&RQVWUXFWLRQ0DQDJHU¶VVHUYLFHVWKH$UFKLWHFW¶VVHUYLFHVRWKHU2ZQHUFRQVXOWDQWV¶ SUHFRQVWUXFWLRQWKURXJKFRQVWUXFWLRQ VHUYLFHVDQGWKH2ZQHU¶VUHVSRQVLELOLWLHVDQGLGHQWLI\LWHPVWKDWDIIHFWWKH3URMHFW¶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†3KDVHG&RQVWUXFWLRQ &RPPHQWHG>-35@ «VXIILFLHQWO\LGHQWLILHGWKH 7KH&RQVWUXFWLRQ0DQDJHULQFRQVXOWDWLRQZLWKWKH$UFKLWHFWVKDOOSURYLGHUHFRPPHQGDWLRQVZLWKUHJDUGWR &RQVWUXFWLRQ0DQDJHUVKDOOSUHSDUHDSURMHFWVFKHGXOHDQG DFFHOHUDWHGRUIDVWWUDFNVFKHGXOLQJSURFXUHPHQWDQGVHTXHQFLQJIRUSKDVHGFRQVWUXFWLRQ7KH&RQVWUXFWLRQ0DQDJHU XSGDWHLWPRQWKO\IRUWKH$UFKLWHFWVUHYLHZDQGDFFHSWDQFH VKDOOWDNHLQWRFRQVLGHUDWLRQFRVWUHGXFWLRQVFRVWLQIRUPDWLRQFRQVWUXFWDELOLW\SURYLVLRQVIRUWHPSRUDU\IDFLOLWLHVDQG 3OHDVHQRWHLVVWUXFNEHORZ SURFXUHPHQWDQGFRQVWUXFWLRQVFKHGXOLQJLVVXHV  †&RVW(VWLPDWHV † %DVHGRQWKHSUHOLPLQDU\GHVLJQDQGRWKHUGHVLJQFULWHULDSUHSDUHGE\WKH$UFKLWHFWWKH&RQVWUXFWLRQ0DQDJHU VKDOOSUHSDUHIRUWKH$UFKLWHFW¶VUHYLHZDQGWKH2ZQHU¶VDSSURYDOSUHOLPLQDU\HVWLPDWHVRIWKH&RVWRIWKH:RUNRUWKH FRVWRISURJUDPUHTXLUHPHQWVXVLQJDUHDYROXPHRUVLPLODUFRQFHSWXDOHVWLPDWLQJWHFKQLTXHV,IWKH$UFKLWHFWRU &RQVWUXFWLRQ0DQDJHUVXJJHVWVDOWHUQDWLYHPDWHULDOVDQGV\VWHPVWKH&RQVWUXFWLRQ0DQDJHUVKDOOSURYLGHFRVW HYDOXDWLRQVRIWKRVHDOWHUQDWLYHPDWHULDOVDQGV\VWHPV  † $VWKH$UFKLWHFWSURJUHVVHVZLWKWKHSUHSDUDWLRQRIWKH6FKHPDWLF'HVLJQ'HVLJQ'HYHORSPHQWDQG &RQVWUXFWLRQ'RFXPHQWVWKH&RQVWUXFWLRQ0DQDJHUVKDOOSUHSDUHDQGXSGDWHDWWKHFRQFOXVLRQRIFRQFHSWXDOGHVLJQ  $,$'RFXPHQW$±&RS\ULJKW‹DQG$OOULJKWVUHVHUYHG³7KH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV´³$PHULFDQ ,QVWLWXWHRI$UFKLWHFWV´³$,$´WKH$,$/RJRDQG³$,$&RQWUDFW'RFXPHQWV´DUHWUDGHPDUNVRI7KH$PHULFDQ,QVWLWXWHRI$UFKL WHFWV7KLV  GUDIWZDVSURGXFHGDW  VFKHPDWLFGHVLJQGHVLJQGHYHORSPHQW&RQVWUXFWLRQGRFXPHQWVDQGDWRWKHUDSSURSULDWHLQWHUYDOVDJUHHGWRE\WKH &RPPHQWHG>0:@ 0D\QHHGWRGHILQHDSSURSULDWH 2ZQHU&RQVWUXFWLRQ0DQDJHUDQG$UFKLWHFWDQHVWLPDWHRIWKH&RVWRIWKH:RUNZLWKLQFUHDVLQJGHWDLODQGUHILQHPHQW ’”‹ ‡‡• ƒŽƒ–‹‘ǡƒ†ƒ”‡– ‘†‹–‹‘•ǡ LQWHUYDOVEDVHGRQSURMHFWVFRSHDQGVFKHGXOH 7KH&RQVWUXFWLRQ0DQDJHUVKDOOLQFOXGHLQWKHHVWLPDWHWKRVHFRVWVWRDOORZIRUWKHIXUWKHUGHYHORSPHQWRIWKHGHVLJQ &RPPHQWHG>-35@ &RQFHSWXDO6'''DQG XQWLOVXFKWLPHDVWKH2ZQHUDQG&RQVWUXFWLRQ0DQDJHUDJUHHRQD &' *XDUDQWHHG0D[LPXP3ULFHIRUWKH:RUN7KHHVWLPDWHVKDOOEHSURYLGHGIRUWKH$UFKLWHFW¶VUHYLHZDQGWKH2ZQHU¶V &RPPHQWHG>-35@ DSSURYDO7KH&RQVWUXFWLRQ0DQDJHUVKDOOLQIRUPWKH2ZQHUDQG$UFKLWHFWLQWKHHYHQWWKDWWKHHVWLPDWHRIWKH&RVWRI «DQGXSGDWHDFRPSUHKHQVLYH FRVWHVWLPDWHIRUWKH&RVWRI:RUNDWWKHFRQFOXVLRQRI WKH:RUNH[FHHGVWKHODWHVWDSSURYHG3URMHFWEXGJHWDQGPDNHUHFRPPHQGDWLRQVIRUFRUUHFWLYHDFWLRQ FRQFHSWXDOGHVLJQVFKHPDWLFGHVLJQGHVLJQGHYHORSPHQW  DQG&RQVWUXFWLRQGRFXPHQWVZLWKLQFUHDVLQJGHWDLODQG † ,IWKH$UFKLWHFWLVSURYLGLQJFRVWHVWLPDWLQJVHUYLFHVDVD6XSSOHPHQWDO6HUYLFHDQGDGLVFUHSDQF\H[LVWV UHILQHPHQW EHWZHHQWKH&RQVWU XFWLRQ0DQDJHU¶VFRVWHVWLPDWHVDQGWKH$UFKLWHFW¶VFRVWHVWLPDWHVWKH&RQVWUXFWLRQ0DQDJHUDQG WKH$UFKLWHFWVKDOOZRUNWRJHWKHUWRUHFRQFLOHWKHFRVWHVWLPDWHV  †† 7KH&RQVWUXFWLRQ0DQDJHUVKDOOSURYLGHDVWDIILQJSODQIRU3UHFRQVWUXFWLRQ3KDVHV HUYLFHVIRUWKH2ZQHU¶V UHYLHZDQGDSSURYDO  † ,IWKH2ZQHULGHQWLILHGD6XVWDLQDEOH2EMHFWLYHLQ$UWLFOHWKH&RQVWUXFWLRQ0DQDJHUVKDOOIXOILOOLWV 3UHFRQVWUXFWLRQ3KDVHUHVSRQVLELOLWLHVLQDFFRUGDQFHZLWKWKHDJUHHGXSRQWHUPVFRQGLWLRQVDQGVHUYLFHVUHODWHGWRWKH 2ZQHU¶V6XVWDLQDEOH2EMHFWLYH 'HOHWHG DVUHTXLUHGLQ$,$'RFXPHQW(Œ±  6XVWDLQDEOH3URMHFWV([KLELW&RQVWUXFWLRQ0DQDJHUDV &RQVWUXFWRU(GLWLRQDWWDFKHGWRWKLV$JUHHPHQW †6XEFRQWUDFWRUVDQG6XSSOLHUV † ,IWKH2ZQHUKDVSURYLGHGUHTXLUHPHQWVIRUVXEFRQWUDFWRUSURFXUHPHQWLQVHFWLRQWKH&RQVWUXFWLRQ 0DQDJHUVKDOOSURYLGHDVXEFRQWUDFWLQJSODQDGGUHVVLQJWKH2ZQHU¶VUHTXLUHPHQWVIRUWKH2ZQHU¶VUHYLHZDQG DSSURYDO  † 7KH&RQVWUXFWLRQ0DQDJHUVKDOOGHYHORSELGGHUV¶LQWHUHVWLQWKH3URMHFWLQDFFRUGDQFHZLWKWKH SUHTXDOLILFDWLRQUHTXLUHPHQWVGHYHORSHGZLWKWKH2ZQHUDQGLQDFFRUGDQFHZLWK0LQQHVRWD6WDWXWHV6HFWLRQWKH &RPPHQWHG>-35@ &RQVWUXFWLRQ0DQDJHUPD\ &RQVWUXFWLRQ0DQDJHUVKDOOLQFOXGHDQ\FDWHJRU\RI6HOI3HUIRUP:RUNDVDVHSDUDWHOXPSVXPOLQHLWHPLQLWV*03 SHUIRUPZRUNFDWHJRUL]HGDV³*HQHUDO&RQGLWLRQV´LI DQGVFKHGXOHRIYDOXHV WKH³6HOI3HUIRUP/XPS6XP´ 7KH6HOI3HUIRUP/XPS6XPVKDOOEHWUHDWHGDVD6XEFRQWUDFW FRPSOHWHGDWWKHDJUHHGXSRQODERUUDWHVLQ([KLELW;DQG &RVWXQGHU6HFWLRQ   †3URFXUHPHQW 7KH&RQVWUXFWLRQ0DQDJHUVKDOOSUHSDUHIRUWKH$UFKLWHFW¶VUHYLHZDQGWKH2ZQHU¶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†&RPSOLDQFHZLWK/DZV 7KH&RQVWUXFWLRQ0DQDJHUVKDOOFRPSO\ZLWKDSSOLFDEOHODZVVWDWXWHVRUGLQDQFHVFRGHVUXOHVDQGUHJXODWLRQVDQG ODZIXORUGHUVRISXEOLFDXWKRULWLHVDSSOLFDEOHWRLWVSHUIRUPDQFHXQGHUWKLV&RQWUDFWDQGZLWKHTXDOHPSOR\PHQW RSSRUWXQLW\SURJUDPVDQGRWKHUSURJUDPVDVPD\EHUHTXLUHGE\JRYHUQPHQWDOTXDVLJRYHUQPHQWDODXWKRULWLHV 'HOHWHG DQG LQFOXGLQJIXQGLQJVRXUFHV  †2WKHU3UHFRQVWUXFWLRQ6HUYLFHV ,QVHUWDGHVFULSWLRQRIDQ\RWKHU3UHFRQVWUXFWLRQ3KDVHVHUYLFHVWREHSURYLGHGE\WKH&RQVWUXFWLRQ0DQDJHURU UHIHUHQFHDQH[KLELWDWWDFKHGWRWKLVGRFXPHQW [[228,1285,241,1321][7][,I,][Times New Roman]] [[238,1285,690,1321][7][,I,][Times New Roman]]'HVFULEHDQ\RWKHU3UHFRQVWUXFWLRQ [[689,1285,786,1321][7][,I,][Times New Roman]]3KDVHV [[785,1285,986,1321][7][,I,][Times New Roman]]HUYLFHVVXFKDV  [[985,1285,1109,1321][7][,I,][Times New Roman]]SURYLGLQJ [[1108,1285,1116,1321][7][,I,][Times New Roman]] [[1116,1285,1394,1321][7][,I,][Times New Roman]]FDVKIORZSURMHFWLRQV [[1396,1285,1709,1 321][7][,I,][Times New Roman]]GHYHORSPHQWRIDSURMHFW [[228,1321,1266,1357][7][,I,][Times New Roman]]LQIRUPDWLRQPDQDJHPHQWV\VWHPHDUO\VHOHFWLRQRUSURFXUHPHQWRIVXEFRQWUDFWRUV [[1268,1321,1321,1357][7][,I,][Times New Roman]]HWF [[1322,1321,1330,1357][7][,I,][Times New Roman]]  ©ª  †*XDUDQWHHG0D[LPXP3ULFH3URSRVDO † $WDWLPHWREHPXWXDOO\DJUHHGXSRQE\WKH2ZQHUDQGWKH&RQVWUXFWLRQ0DQDJHUWKH&RQVWUXFWLRQ0DQDJHU VKDOOSUHSDUHD*XDUDQWHHG0D[LPXP3ULFHSURSRVDOIRUWKH2ZQHU¶VDQG$UFKLWHFW¶VUHYLHZDQGWKH2ZQHU¶V DFFHSWDQFH7KH*XDUDQWHHG0D[LPXP3ULFHLQWKHSURSRVDOVKDOOEHWKHVXPRIWKH&RQVWUXFWLRQ0DQDJHU¶VHVWLPDWHRI WKH&RVWRIWKH:RUNWKH&RQVWUXFWLRQ0DQDJHU¶VFRQWLQJHQF\GHVFULEHGLQ6HFWLRQDQGWKH&RQVWUXFWLRQ 0DQDJHU¶V)HHGHVFULEHGLQ6HFWLRQ  † 7RWKHH[WHQWWKDWWKH&RQWUDFW'RFXPHQWVDUHDQWLFLSDWHGWRUHTXLUHIXUWKHUGHYHORSPHQWWKH*XDUDQWHHG 0D[LPXP3ULFHLQFOXGHVWKHFRVWVDWWULEXWDEOHWRVXFKIXUWKHUGHYHORSPHQWFRQVLVWHQWZLWKWKH&RQWUDFW'RFXPHQWVDQG UHDVRQDEO\LQIHUDEOHWKHUHIURP6XFKIXUWKHUGHYHORSPHQWGRHVQRWLQFOXGHFKDQJHVLQVFRSHV\VWHPVNLQGVDQGTXDOLW\ RIPDWHULDOVILQLVKHVRUHTXLSPHQWDOORIZKLFKLIUHTXLUHGVKDOOEHLQFRUSRUDWHGE\&KDQJH2UGHU  †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¶V FRQWLQJHQF\VHWIRUWKLQ6HFWLRQDQGWKH&RQVWUXFWLRQ0DQDJHU¶V)HH  7KHDQWLFLSDWHGGDWHRI6XEVWDQWLDO&RPSOHWLRQXSRQZKLFKWKHSURSRVHG*XDUDQWHHG0D[LPXP3ULFHLV EDVHGDQG &RPPHQWHG>-3@ &0¶VXVHZLWKRZQHUDSSURYDORI  $GDWHE\ZKLFKWKH2ZQHUPXVWDFFHSWWKH*XDUDQWHHG0D[LPXP3ULFH FRQWLQJHQF\H[SHQGLWXUH'HOHWHH[FOXVLYH'LVFXVV  VWDIILQJSODQLQFUHDVHVDVZHOO † ,QSUHSDULQJWKH&RQVWUXFWLRQ0DQDJHU¶V*XDUDQWHHG0D[LPXP3ULFHSURSRVDOWKH&RQVWUXFWLRQ0DQDJHUVKDOO LQFOXGHDFRQWLQJHQF\IRUWKH&RQVWUXFWLRQ0DQDJHU¶VXVHWRFRYHUWKRVHFRVWVWKDWDUHLQFOXGHGLQWKH*XDUDQWHHG &RPPHQWHG>-35@ «LQD&KDQJH2UGHU7KH 0D[LPXP3ULFHEXWQRWRWKHUZLVHDOORFDWHGWRDQRWKHUOLQHLWHPRULQFOXGHGLQD&KDQJH2UGHU7KHFRQWLQJHQF\FDQQRW FRQWLQJHQF\FDQQRWEHXWLOL]HGXQOHVVDSSURYHGLQZULWLQJE\ EHXWLOL]HGXQOHVVDSSURYHGLQZULWLQJE\WKH2ZQHU WKH2ZQHU',6&866  'HOHWHG H[FOXVLYH † 7KH&RQVWUXFWLRQ0DQDJHUVKDOOPHHWZLWKWKH2ZQHUDQG$UFKLWHFWWRUHYLHZWKH*XDUDQWHHG0D[LPXP3ULFH &RPPHQWHG>0:@ &RQVLGHURQSURMHFWE\SURMHFW SURSRVDO,QWKHHYHQWWKDWWKH2ZQHURU$UFKLWHFWGLVFRYHUDQ\LQFRQVLVWHQFLHVRULQDFFXUDFLHVLQWKHLQIRUPDWLRQ EDVLVWRZKDWH[WHQW SHUFHQWDJHDPRXQWDOO 2ZQHUKDVWR DSSURYHXVHRIFRQWLQJHQF\  $,$'RFXPHQW$±&RS\ULJKW‹DQG$OOULJKWVUHVHUYHG³7KH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV´³$PHULFDQ ,QVWLWXWHRI$UFKLWHFWV´³$,$´WKH$,$/RJRDQG³$,$&RQWUDFW'RFXPHQWV´DUHWUDGHPDUNVRI7KH$PHULFDQ,QVWLWXWHRI$UFKL WHFWV7KLV  GUDIWZDVSURGXFHGDW  SUHVHQWHGWKH\VKDOOSURPSWO\QRWLI\WKH&RQVWUXFWLRQ0DQDJHUZKRVKDOOPDNHDSSURSULDWHDGMXVWPHQWVWRWKH *XDUDQWHHG0D[LPXP3ULFHSURSRVDOLWVEDVLVRUERWK  †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†)RUSXUSRVHVRI6HFWLRQRI$±  †&RVW&RQWURO 7KH&RQVWUXFWLRQ0DQDJHUVKDOOGHYHORSDV\VWHPRIFRVWFRQWUROIRUWKH:RUNLQFOXGLQJUHJXODUPRQLWRULQJRIDFWXDO FRVWVIRUDFWLYLWLHVLQSURJUHVVDQGHVWLPDWHVIRUXQFRPSOHWHGWDVNVDQGSURSRVHGFKDQJHV7KH&RQVWUXFWLRQ0DQDJHU VKDOOLGHQWLI\YDULDQFHVEHWZHHQDFWXDODQGHVWLPDWHGFRVWVDQGUHSRUWWKHYDULDQFHVWRWKH2ZQHUDQG$UFKLWHFWDQG VKDOOSURYLGHWKLVLQIRUPDWLRQLQLWVPRQWKO\UHSRUWVWRWKH2ZQHUDQG$UFKLWHFWLQDFFRUGDQFHZLWK6HFWLRQ DERYH  $57,&/(2:1(5·65(63216,%,/,7,(6 †,QIRUPDWLRQDQG6HUYLFHV5HTXLUHGRIWKH2ZQHU † 7KH2ZQHUVKDOOHVWDEOLVKDQGSHULRGLFDOO\XSGDWHWKH2ZQHU¶VEXGJHWIRUWKH3URMHFWLQFOXGLQJ  WKHEXGJHW 'HOHWHG †7KH2ZQHUVKDOOSURYLGHLQIRUPDWLRQZLWK IRUWKH&RVWRIWKH:RUNDVGHILQHGLQ$UWLFOH$PHQGPHQWWKH&RQVWUXFWLRQ0DQDJHUPD\ ZLWKUHDVRQDEOHSURPSWQHVVDI WHUUHFHLYLQJWKH&RQVWUXFWLRQ0DQDJHU¶VZULWWHQUHTXHVWIRUVXFKLQIRUPDWLRQRUVHUYLFHV UHTXHVWLQZULWLQJWKDWWKH2ZQHUSURYLGHUHDVRQDEOH 6XEMHFWWRZULWWHQGLVFODLPHURUTXDOLILFDWLRQIURPWKH2ZQHUDVWRDFFXUDF\WKH&RQVWUXFWLRQ0DQDJHUVKDOOEHHQWLWOHG HYLGHQFHWKDWWKH2ZQHUKDVPDGHILQDQFLDODUUDQJHPHQWVWR WRUHO\RQWKHDFFXUDF\RILQIRUPDWLRQDQGVHUYLFHVIXUQLVKHGE\WKH2ZQHUEXWVKDOOH[HUFLVHSURSHUSUHFDXWLRQV IXOILOOWKH2ZQHU¶VREOLJDWLRQVXQGHUWKH&RQWUDFW$IWHU UHODWLQJWRWKHVDIHSHUIRUPDQFHRIWKH:RUN H[HFXWLRQRIWKH*XDUDQWHHG0D[LPXP3ULFH$PHQGPHQW  WKH&RQVWUXFWLRQ0DQDJHUPD\UHTXHVWVXFKLQIRUPDWLRQDV † 7KH2ZQHUVKDOOIXUQLVKWHVWVLQVSHFWLRQVDQGUHSRUWVUHTXLUHGE\ODZDQGDVRWKHUZLVHDJUHHGWRE\WKH VHWIRUWKLQ$URMHFW 'HOHWHG  EHQFKPDUN2ZQHUVKDOOSURYLGHXWLOLW\ORFDWLRQLQIRUPDWLRQLQLWVSRVVHVVLRQEXWPDNHVQRUHSUHVHQWDWLRQDVWRWKH DFFXUDF\RIXWLOLW\ORFDWLRQLQIRUPDWLRQXQOHVVRSHUDWHGE\2ZQHU&RPPHQWHG>-3@ &RQVLGHUVRIWHQLQJRZQHU  UHTXLUHPHQWDQGPDNHDYDLODEOHXSRQUHTXHVWRUVRPHWKLQJ VLPLODU † 7KH2ZQHUZKHQVXFKVHUYLFHVDUHUHTXHVWHGVKDOOIXUQLVKVHUYLFHVRIJHRWHFKQLFDOHQJLQHHUVZKLFKPD\ LQFOXGHWHVWERULQJVWHVWSLWVGHWHUPLQDWLRQVRIVRLOEHDULQJYDOXHVSHUFRODWLRQWHVWVHYDOXDWLRQVRIKD]DUGRXV 'HOHWHG 7KH PDWHULDOVVHLVPLFHYDOXDWLRQJURXQGFRUURVLRQWHVWVDQGUHVLVWLYLW\WHVWVLQFOXGLQJQHFHVVDU\RSHUDWLRQVIRUDQWLFLSDWLQJ 'HOHWHG  VXEVRLOFRQGLWLRQVZLWKZULWWHQUHSRUWVDQGDSSURSULDWHUHFRPPHQGDWLRQV 'HOHWHG   † 'XULQJWKH&RQVWUXFWLRQ3KDVHWKH2ZQHUVKDOOIXUQLVKLQIRUPDWLRQRUVHUYLFHVUHTXLUHGRIWKH2ZQHUE\WKH 'HOHWHG VKDOO &RQWUDFW'RFXPHQWVZLWKUHDVRQDEOHSURPSWQHVV7KH2ZQHUVKDOODOVRIXUQLVKDQ\RWKHULQIRUPDWLRQRUVHUYLFHVXQGHU &RPPHQWHG>-3@ /HW¶VUHYLHZWKLVOLVWDQGPDNH WKH2ZQHU¶VFRQWURODQGUHOHYDQWWRWKH&RQVWUXFWLRQ0DQDJHU¶VSHUIRUPDQFHRIWKH:RUNZLWKUHDVRQDEOHSURPSWQHVV FRQVLVWHQWZLWK$UFKLWHFWDJUHHPHQW DIWHUUHFHLYLQJWKH&RQVWUXFWLRQ0DQDJHU¶VZULWWHQUHTXHVWIRUVXFKLQIRUPDWLRQRUVHUYLFHV  'HOHWHG  † ,IWKH2ZQHULGHQWLILHGD6XVWDLQDEOH2EMHFWLYHLQ$UWLFOHWKH2ZQHUVKDOOIXOILOOLWVUHVSRQVLELOLWLHVDVUHTXLUHG 'HOHWHG  LQ$,$'RFXPHQW(Œ±6XVWDLQDEOH3URMHFWV([KLELW&RQVWUXFWLRQ0DQDJHUDV&RQVWUXFWRU(GLWLRQDWWDFKHG 'HOHWHG  WRWKLV$JUHHPHQW  †2ZQHU·V'HVLJQDWHG5HSUHVHQWDWLYH 7KH2ZQHUVKDOOLGHQWLI\DUHSUHVHQWDWLYHDXWKRUL]HGWRDFWRQEHKDOIRIWKH2ZQHUZLWKUHVSHFWWRWKH3URMHFW7KH 2ZQHU¶VUHSUHVHQWDWLYHVKDOOUHQGHUGHFLVLRQVSURPSWO\DQGIXUQLVKLQIRUPDWLRQH[SHGLWLRXVO\VRDVWRDYRLG XQUHDVRQDEOHGHOD\LQWKHVHUYLFHVRU:RUNRIWKH&RQVWUXFWLRQ0DQDJHU7KH2ZQHU¶VUHSUHVHQWDWLYHVKDOOKDYHWKH H[WHQWRIDQGOLPLWDWLRQRQDXWKRULW\DVVHWIRUWKLQ6HFWLRQRIWKH$  2ZQHU¶VJRYHUQLQJERG\SULRUWRFRPPXQLFDWLQJDGHFLVLRQWRWKH&RQVWUXFWLRQ0DQDJHU([FHSWDVRWKHUZLVHSURYLGHG LQ6HFWLRQRI$±DQQHGIURPBBBBBBBBBBBWKURXJKBBBBBBBBBBBBª  † 7KHKRXUO\ELOOLQJUDWHVIRU3UHFRQVWUXFWLRQ3KDVHVHUYLFHVRIWKH&RQVWUXFWLRQ0DQDJHUDQGWKH&RQVWUXFWLRQ 0DQDJHU¶V&RQVXOWDQWVDQG6XEFRQWUDFWRUVLIDQ\DUHVHWIRUWKEHORZ [[228,1605,1175,1641][7][,I,][Times New Roman]] ,IDSSOLFDEOHDWWDFKDQH[KLELWRIKRXUO\ELOOLQJUDWHVRULQVHUWWKHPEHORZ [[1178,1605,1186,1641][7][,I,][Times New Roman]]  ©LQVHUWDVDSSOLFDEOHRUXVHELOOLQJUDWHVH[KLELWCª )RUPDWWHG+LJKOLJKW  )RUPDWWHG+LJKOLJKW ,QGLYLGXDORU3RVLWLRQ5DWH   † +RXUO\ELOOLQJUDWHVIRU3UHFRQVWUXFWLRQ3KDVHVHUYLFHVLQFOXGHDOOFRVWVWREHSDLGRULQFXUUHGE\WKH  &RQVWUXFWLRQ0DQDJHUDVUHTXLUHGE\ODZRUFROOHFWLYHEDUJDLQLQJDJUHHPHQWVIRUWD[HVLQVXUDQFHFRQWULEXWLRQV DVVHVVPHQWVDQGEHQHILWVDQGIRUSHUVRQQHOQRWFRYHUHGE\FROOHFWLYHEDUJDLQLQJDJUHHPHQWVFXVWRPDU\EHQHILWVVXFK DVVLFNOHDYHPHGLFDODQGKHDOWKEHQHILWVKROLGD\VYDFDWLRQVDQGSHQVLRQVDQGVKDOOUHPDLQXQFKDQJHGXQOHVVWKH SDUWLHVH[HFXWHD0RGLILFDWLRQ  † ,IWKH3UHFRQVWUXFWLRQ3KDVHVHUYLFHVFRYHUHGE\WKLV$JUHHPHQWKDYHQRWEHHQFRPSOHWHGZLWKLQ©ª ©ª  &RPPHQWHG>0:@ ,GHQWLI\DSSURSULDWHOHQJWKRIWLPH PRQWKVRIWKHGDWHRIWKLV$JUHHPHQWWKURXJKQRIDXOWRIWKH&RQVWUXFWLRQ0DQDJHUWKH&RQVWUXFWLRQ0DQDJHU¶V RQSURMHFWE\SURMHFWEDVLV FRPSHQVDWLRQIRU3UHFRQVWUXFWLRQ3KDVHVHUYLFHVVKDOOEHHTXLWDEO\DGMXVWHG  †3D\PHQWV † 8QOHVVRWKHUZLVHDJUHHGSD\PHQWVIRUVHUYLFHVVKDOOEHPDGHPRQWKO\LQSURSRUWLRQWRVHUYLFHVSHUIRUPHG  † 3D\PHQWVDUHGXHDQGSD\DEOHXSRQSUHVHQWDWLRQRIWKH&RQVWUXFWLRQ0DQDJHU¶VLQYRLFH3XUVXDQWWRWKH3URPSW 3D\PHQWRI/RFDO*RYHUQPHQW%LOOV0LQQHVRWD6WDWXWHV6HFWLRQIDWWKHOHJDOUDWHSUHYDLOLQJIURPWLPHWRWLPHDWWKHSULQFLSDOSODFHRIEXVLQHVV RIWKH&RQVWUXFWLRQ0DQDJHU [[228,2494,915,2530][7][,I,][Times New Roman]] ,QVHUWUDWHRIPRQWKO\RUDQQXDOLQWHUHVWDJUHHGXSRQ [[918,2494,926,2530][7][,I,][Times New Roman]]  ©ª©SHUDQQXPª   $,$'RFXPHQW$±&RS\ULJKW‹DQG$OOULJKWVUHVHUYHG³7KH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV´³$PHULFDQ ,QVWLWXWHRI$UFKLWHFWV´³$,$´WKH$,$/RJRDQG³$,$&RQWUDFW'RFXPHQWV´DUHWUDGHPDUNVRI7KH$PHULFDQ,QVWLWXWHRI$UFKL WHFWV7KLV  GUDIWZDVSURGXFHGDW  $57,&/(&203(16$7,21)25&216758&7,213+$6(6(59,&(6 †&RQWUDFW6XP † 7KH2ZQHUVKDOOSD\WKH&RQVWUXFWLRQ0DQDJHUWKH&RQWUDFW6XPLQFXUUHQWIXQGVIRUWKH&RQVWUXFWLRQ 0DQDJHU¶VSHUIRUPDQFHRIWKH&RQWUDFWDIWHUH[HFXWLRQRIWKH*XDUDQWHHG0D[LPXP3ULFH$PHQGPHQW7KH&RQWUDFW &RPPHQWHG>-3@ 7KHIHHIRUFRQVWUXFWLRQSKDVH 6XPLVWKH&RVWRIWKH:RUNDVGHILQHGLQ$UWLFOHHFWVSHFLILF PRUHUHTXLUHGVWDIILQJ,QWKHHYHQWWKDWVWDIILQJSODQFKDQJHVDUHUHTXLUHGWKHKRXUVIRUHDFKVWDIIPHPEHUZLOOEH LWHPVWRLQVHUWKHUH QHJRWLDWHGDQGZLOOEHDSSOLHGWRWKHUDWHVOLVWHGLQ([KLELW;ª &RPPHQWHG>-35@  7KHIHHVOLVWHGLQVHFWLRQ † /LPLWDWLRQVLIDQ\RQD6XEFRQWUDFWRU¶VRYHUKHDGDQGSURILWIRULQFUHDVHVLQWKHFR VWRILWVSRUWLRQRIWKH:RUNVKDOOEHLQFOXVLYHRIRIILFHRYHUKHDGQRWVSHFLILFDOO\OLVWHGLQ WKHVWDIILQJSODQWKHVLWHRIILFHDQGDVVRFLDWHGRIILFH  H[SHQVHVWRROVDQGHTXLSPHQWYDOXHGDWOHVVWKDQ ©IRUODERUDQGPDWHULDOFRPSOHWHGRUSXUFKDVHGGLUHFWO\E\WKH6XEFRQWUDFWRUDQGIRUZRUNWKDWLVFRPSOHWHG FHOOSKRQHVODSWRSVWDEOHWVVXSHULQWHQGHQWWUXFNDQG E\6XE&RQWUDFWRUVª DVVRFLDWHGPDLQWHQDQFHVXSHULQWHQGHQWWRROVGDWD  SURFHVVLQJSRVWDJHVRIWZDUHSURMHFWPDQDJHPHQWSODWIRUP † 5HQWDOUDWHVIRU&RQVWUXFWLRQ0DQDJHURZQHGHTXLSPHQWVKDOOQRWH[FHHG©ªSHUFHQW ©BBBª RIWKH IHHVHOHFWURQLFSD\PHQWV\VWHPVOHJDOIHHVDVVRFLDWHGZLWK VWDQGDUGUHQWDOUDWHSDLGDWWKHSODFHRIWKH3URMHFW FRQWUDFWQHJRWLDWLRQRUVLPLODUFKDUJHVWRWKRVHOLVWHGDERYH  1RDGGLWLRQDOSHUFHQWDJHEDVHGIHHVZLOOEHFRQVLGHUHGRWKHU † /LTXLGDWHGGDPDJHVLIDQ\ WKDQJHQHUDOOLDELOLW\DQGERQGFRVWV [[228,1677,973,1713][7][,I,][Times New Roman]] ,QVHUWWHUPVDQGFRQGLWLRQVIRUOLTXLGDWHGGDPDJHVLIDQ\ [[975,1677,983,1713][7][,I,][Times New Roman]]  5HLPEXUVDEOHH[SHQVHVDUHWREHSURYLGHGDWFRVWVZLWK  LQYRLFHEDFNXSSURYLGHGZLWKHDFKSD\PHQWDSSOLFDWLRQWR ©1$ª IDFLOLWDWHWKHFRPSOHWLRQRIWKH:RUN5HLPEXUVDEOH  H[SHQVHVLQFOXGHVXFKLWHPVDVWHPSRUDU\WRLOHWVGXPSVWHUV †PLJKWUHVXOWLQDFKDQJHWRWKH&RQWUDFW [[1638,1854,1690,1890][7][,I,][Times New Roman]]6XP [[1691,1854,1708,1890][7][,I,][Times New Roman]] [[1708,1854,1716,1890][7][,I,][Times New Roman]] IRUWRROVYDOXHGDWPRUHWKDQVQRZUHPRYDOZDWHU  SXPSLQJWHPSRUDU\VDIHW\SURYLVLRQVVDIHW\VXSSOLHV ©7KHIHHVOLVWHGLQVHFWLRQVKDOOEHLQFOXVLYHRIRIILFHRYHUKHDGQRWVSHFLILFDOO\OLVWHGLQWKHVWDIILQJSODQWKHVLWH WHPSRUDU\HQFORVXUHVWHPSRUDU\HOHFWULFFRQVXPSWLRQ RIILFHDQGDVVRFLDWHGRIILFHH[SHQVHVWRROVDQGHTXLSPHQWYDOXHGDWOHVVWKDQFHOOSKRQHVODSWRSVWDEOHWV WHPSRUDU\ZDWHUFRQVXPSWLRQWHPSRUDU\QDWXUDOJDVRU VXSHULQWHQGHQWWUXFNDQGDVVRFLDWHGPDLQWHQDQFHVXSHULQWHQGHQWWRROVGDWDSURFHVVLQJSRVWDJHVRIWZDUHSURMHFWSURSDQHFRQVXPSWLRQWHPSRUDU\KHDWLQJRUFRROLQJ HTXLSPHQWWHPSRUDU\GHKXPLGLILFDWLRQWHPSRUDU\ PDQDJHPHQWSODWIRUPIHHVHOHFWURQLFSD\PHQWV\VWHPVOHJDOIHHVDVVRFLDWHGZLWKFRQWUDFWQHJRWLDWLRQRUVLPLODU YHQWLODWLRQKRLVWLQJHTXLSPHQWVFDIIROGV\VWHPVVHFXULW\ FKDUJHVWRWKRVHOLVWHGDERYH1RDGGLWLRQDOSHUFHQWDJHEDVHGIHHVZLOOEHFRQVLGHUHGRWKHUWKDQJHQHUDOOLDELOLW\DQG DQGVXUYHLOODQFHSURYLVLRQVZHEFDPHUDVWHPSRUDU\ ERQGFRVWV IHQFLQJWHPSRUDU\URDGVWUDIILFFRQWUROGHYLFHVSHUPLWWLQJ  FRVWV3,)FKDUJHVHURVLRQFRQWUROPHDVXUHVRUVLPLODULWHPV 5HLPEXUVDEOHH[SHQVHVDUHWREHSURYLGHGDWFRVWVZLWKLQYRLFHEDFNXSSURYLGHGZLWKHDFKSD\PHQWDSSOLFDWLRQWR WRIDFLOLWDWHWKHZRUN,IDIRUHPDQLVQHHGHGRQWKHSURMHFW IDFLOLWDWHWKHFRPSOHWLRQRIWKH:RUN5HLPEXUVDEOHH[SHQVHVLQFOXGHVXFKLWHPVDVWHPSRUDU\WRLOHWVGXPSVWHUV WKLVLQGLYLGXDOVKRXOGEHLQFOXGHGLQWKHOXPSVXPIRUWKH LQWHULPFOHDQLQJILQDOFOHDQLQJWRROVDQGHTXLSPHQWUHQWDOVIRUWRROVYDOXHGDWPRUHWKDQVQRZUHPRYDOZDWHU VWDIILQJSODQ SXPSLQJWHPSRUDU\VDIHW\SURYLVLRQVVDIHW\VXSSOLHVWHPSRUDU\HQFORVXUHVWHPSRUDU\HOHFWULFFRQVXPSWLRQ  WHPSRUDU\ZDWHUFRQVXPSWLRQWHPSRUDU\QDWXUDOJDVRUSURSDQHFRQVXPSWLRQWHPSRUDU\KHDWLQJRUFRROLQJHTXLSPHQW 7KHDJUHHGXSRQHTXLSPHQWUHQWDOUDWHVIRUWRROVDQG HTXLSPHQWJUHDWHUWKDQLQYDOXHDUHDWWDFKHGWRWKLV WHPSRUDU\GHKXPLGLILFDWLRQWHPSRUDU\YHQWLODWLRQKRLVWLQJHTXLSPHQWVFDIIROGV\VWHPVVHFXULW\DQGVXUYHLOODQFH DJUHHPHQWDV([KLELW; SURYLVLRQVZHEFDPHUDVWHPSRUDU\IHQFLQJWHPSRUDU\URDGVWUDIILFFRQWUROGHYLFHVSHUPLWWLQJFRVWV3,)FKDUJHV  HURVLRQFRQWUROPHDVXUHVRUVLPLODULWHPVWRIDFLOLWDWHWKHZRUN,IDIRUHPDQLVQHHGHGRQWKHSURMHFWWKLVLQGLYLGXDO 7KHIHHSHUFHQWDJHIRUJHQHUDOOLDELOLW\WREHDSSOLHGWRWKH VKRXOGEHLQFOXGHGLQWKHOXPSVXPIRUWKHVWDIILQJSODQ &RVWRIWKH:RUNLV;   7KHDJUHHGXSRQHTXLSPHQWUHQWDOUDWHVIRUWRROVDQGHTXLSPHQWJUHDWHUWKDQLQYDOXHDUHDWWDFKHGWRWKLV 7KHIHHSHUFHQWDJHIRUSD\PHQWDQGSHUIRUPDQFHERQGVIRU DJUHHPHQWDV([KLELW; WKH:RUNRIWKLVFRQWUDFWLV;  )RUPDWWHG+LJKOLJKW  $,$'RFXPHQW$±&RS\ULJKW‹DQG$OOULJKWVUHVHUYHG³7KH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV´³$PHULFDQ ,QVWLWXWHRI$UFKLWHFWV´³$,$´WKH$,$/RJRDQG³$,$&RQWUDFW'RFXPHQWV´DUHWUDGHPDUNVRI7KH$PHULFDQ,QVWLWXWHRI$UFKL WHFWV7KLV  GUDIWZDVSURGXFHGDW  7KHIHHSHUFHQWDJHIRUJHQHUDOOLDELOLW\WREHDSSOLHGWRWKH&RVWRIWKH:RUNLV; )RUPDWWHG+LJKOLJKW  7KHIHHSHUFHQWDJHIRUSD\PHQWDQGSHUIRUPDQFHERQGVIRUWKH:RUNRIWKLVFRQWUDFWLV; )RUPDWWHG+LJKOLJKW  ª  †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³*03´ ZLOOEHHVWDEOLVKHGDW'HVLJQ'HYHORSPHQWDQGWKHQUH HVWDEOLVKHGDIWHUDZDUGRIELGVIRUWKHFRQVWUXFWLRQ3URMHFWDQGDGGHGWRWKLV&RQWUDFWDV([KLELW$ 'HOHWHG ˆ †&KDQJHVLQWKH:RUN † 7KH2ZQHUPD\ZLWKRXWLQYDOLGDWLQJWKH&RQWUDFWRUGHUFKDQJHVLQWKH:RUNZLWKLQWKHJHQHUDOVFRSHRIWKH &RQWUDFWFRQVLVWLQJRIDGGLWLRQVGHOHWLRQVRURWKHUUHYLVLRQV7KH2ZQHUVKDOOLVVXHVXFKFKDQJHVLQZULWLQJ7KH &RQVWUXFWLRQ0DQDJHUPD\EHHQWLWOHGWRDQHTXLWDEOHDGMXVWPHQWLQWKH&RQWUDFW7LPHDVDUHVXOWRIFKDQJHVLQWKH :RUN  † 7KH$UFKLWHFWPD\RUGHUPLQRUFKDQJHVLQWKH:RUNDVSURYLGHGLQ$UWLFOHLQHGLQDFFRUGDQFHZLWK $UWLFOH  [[520,611,1074,647][7][,I,][Times New Roman]]&RQVWUXFWLRQ0DQDJHUDW5LVN)HH6XPPDU\ :RUNSHU([KLELWB&±7KLVLQFOXGHVODERUSURYLGHGIURPDQ\ORFDWLRQDV &RPPHQWHG>0:@ ([KLELWVWREHUHYLHZHGDQG ORQJDVLWLVGLUHFWO\UHODWHGWRWKH3URMHFW OHWWHULQJFRQIRUPHGRQDSHUFRQWUDFWEDVLV  &RPPHQWHG>-3HGUDWHVIRUODERUFRVWVLQOLHXRIDFWXDOFRVWVDUHSURYLGHGLQWKLV$JUHHPHQWWKHUDWHVVKDOOUHPDLQ XQFKDQJHGWKURXJKRXWWKHGXUDWLRQRIWKLV$JUHHPHQWXQOHVVWKHSDUWLHVH[HFXWHD0RGLILFDWLRQ  †  †KWVDULVLQJIURPUHTXLUHPHQWVRIWKH &RQWUDFW'RFXPHQWVSD\PHQWVPDGHLQDFFRUGDQFHZLWKOHJDOMXGJPHQWVDJDLQVWWKH&RQVWUXFWLRQ0DQDJHUUHVXOWLQJ IURPVXFKVXLWVRUFODLPVDQGSD\PHQWVRIVHWWOHPHQWVPDGHZLWKWKH2ZQHU¶VF RQVHQWXQOHVVWKH&RQVWUXFWLRQ 0DQDJHUKDGUHDVRQWREHOLHYHWKDWWKHUHTXLUHGGHVLJQSURFHVVRUSURGXFWZDVDQLQIULQJHPHQWRIDFRS\ULJKWRUD SDWHQWDQGWKH&RQVWUXFWLRQ0DQDJHUIDLOHGWRSURPSWO\IXUQLVKVXFKLQIRUPDWLRQWRWKH$UFKLWHFWDVUHTXLUHGE\$UWLFOH RI$,$'RFXPHQW$±  †VWUXFWLRQ0DQDJHU  †  $57,&/(',6&281765(%$7(6$1'5()81'6 †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† $PRXQWVWKDWDFFUXHWRWKH2ZQHULQDFFRUGDQFHZLWKWKHSURYLVLRQVRI6HFWLRQVKDOOEHFUHGLWHGWRWKH2ZQHU DVDGHGXFWLRQIURPWKH&RVWRIWKH:RUN  $57,&/(68%&2175$&76$1'27+(5$*5((0(176 † &RQVWUXFWLRQ0DQDJHUVKDOOHQWHULQWR6XEFRQWUDFWVDQGRWKHUDJUHHPHQWVQHFHVVDU\WRSHUIRUPWKH:RUNUHTXLUHG LQWKH&RQWUDFW'RFXPHQWVSXUVXDQWWR0LQQHVRWD6WDWXWHV6HFWLRQUFKLWHFWRUDSSURYDORUREMHFWLRQE\WKH2ZQHUVKDOOQRWUHOLHYHWKH&RQVWUXFWLRQ0DQDJHURILWV &RQVWUXFWLRQ0DQDJHU¶VOLVWRISURSRVHGVXEFRQWUDFWRUVDQG VXSSOLHUVLQFRQVXOWDWLRQZLWKWKH$UFKLWHFWDQGVXEMHFWWR UHVSRQVLELOLW\WRSHUIRUPWKH:RUNLQDFFRUGDQFHZLWKWKH&RQWUDFW'RFXPHQWV7KH&RQVWUXFWLRQ0DQDJHUVKDOOQRWEH 6HFWLRQWRREMHFWWRDQ\VXEFRQWUDFWRURUVXSSOLHU UHTXLUHGWRFRQWUDFWZLWKDQ\RQHWRZKRPWKH&RQVWUXFWLRQ0DQDJHUKDVUHDVRQDEOHREMHFWLRQ  † :KHQDVSHFLILFVXEFRQWUDFWRURUVXSSOLHU  LVUHFRPPHQGHGWRWKH2ZQHUE\WKH&RQVWUXFWLRQ0DQDJHU  LV TXDOLILHGWRSHUIRUPWKDWSRUWLRQRIWKH:RUNDQG  KDVVXEPLWWHGDELGWKDWFRQIRUPVWRWKHUHTXLUHPHQWVRIWKH &RQWUDFW'RFXPHQWVZLWKRXWUHVHUYDWLRQVRUH[FHSWLRQVEXWWKH2ZQHUUHTXLUHVWKDWDQRWKHUELGEHDFFHSWHGWKHQWKH &RQVWUXFWLRQ0DQDJHUPD\UHTXLUHWKDWD&KDQJH2UGHUEHLVVXHGWRDGMXVWWKH*XDUDQWHHG0D[LPXP3ULFHE\WKH GLIIHUHQFHEHWZHHQWKHELGRIWKHSHUVRQRUHQWLW\UHFRPPHQGHGWRWKH2ZQHUE\WKH&RQVWUXFWLRQ0DQDJHUDQGWKH DPRXQWRIWKHVXEFRQWUDFWRURWKHUDJUHHPHQWDFWXDOO\VLJQHGZLWKWKHSHUVRQRUHQWLW\GHVLJQDWHGE\WKH2ZQHU  † 6XEFRQWUDFWVRURWKHUDJUHHPHQWVVKDOOFRQIRUPWRWKHDSSOLFDEOHSD\PHQWSURYLVLRQVRIWKLV$JUHHPHQWDQGVKDOO QRWEHDZDUGHGRQWKHEDVLVRIFRVWSOXVDIHHZLWKRXWWKH2ZQHU¶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¶V DXGLWRUVVKDOOGXULQJUHJXODUEXVLQHVVKRXUVDQGXSRQUHDVRQDEOHQRWLFHEHDIIRUGHGDFFHVVWRDQGVKDOOEHSHUPLWWHGWR DXGLWDQGFRS\WKH&RQVWUXFWLRQ0DQDJHU¶VUHFRUGVDQGDFFRXQWVLQFOXGLQJFRPSOHWHGRFXPHQWDWLRQVXSSRUWLQJ DFFRXQWLQJHQWULHVERRNVMREFRVWUHSRUWVFRUUHVSRQGHQFHLQVWUXFWLRQVGUDZLQJVUHFHLSWVVXEFRQWUDFWV 6XEFRQWUDFWRU¶VSURSRVDOV6XEFRQWUDFWRU¶VLQYRLFHVSXUFKDVHRUGHUVYRXFKHUVPHPRUDQGDDQGRWKHUGDWDUHODWLQJWR WKLV&RQWUDFW7KH&RQVWUXFWLRQ0DQDJHUVKDOOSUHVHUYHWKHVHUHFRUGVIRUDSHULRGRIVL[  \HDUVDIWHUILQDOSD\PHQWRU 'HOHWHG WKUHH IRUVXFKORQJHUSHULRGDVPD\EHUHTXLUHGE\ODZ  $57,&/(3$<0(176)25&216758&7,213+$6(6(59,&(6 †3URJUHVV3D\PHQWV † %DVHGXSRQ$SSOLFDWLRQVIRU3D\PHQWVXEPLWWHGWRWKH$UFKLWHFWE\WKH&RQVWUXFWLRQ0DQDJHUDQG&HUWLILFDWHV IRU3D\PHQWLVVXHGE\WKH$UFKLWHFWWKH2ZQHUVKDOOPDNHSURJUHVVSD\PHQWVRQDFFRXQWRIWKH&RQWUDFW6XPWRWKH &RQVWUXFWLRQ0DQDJHUDVSURYLGHGEHORZDQGHOVHZKHUHLQWKH&RQWUDFW'RFXPHQWV  † 7KHSHULRGFRYHUHGE\HDFK$SSOLFDWLRQIRU3D\PHQWVKDOOEHRQHFDOHQGDUPRQWKHQGLQJRQWKHODVWGD\RIWKH PRQWKRUDVIROORZV  $,$'RFXPHQW$±&RS\ULJKW‹DQG$OOULJKWVUHVHUYHG³7KH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV´³$PHULFDQ ,QVWLWXWHRI$UFKLWHFWV´³$,$´WKH$,$/RJRDQG³$,$&RQWUDFW'RFXPHQWV´DUHWUDGHPDUNVRI7KH$PHULFDQ,QVWLWXWHRI$UFKL WHFWV7KLV    ©1$ª  † 2ZQHUSD\PHQWREOLJDWLRQVVKDOOEHJRYHUQHGE\WKH3URPSW3D\PHQW$FW 'HOHWHG 3URYLGHGWKDWDQ$SSOLFDWLRQIRU3D\PHQWLV [[228,753,1251,789][7][,I,][Times New Roman]] )HGHUDOVWDWHRUORFDOODZVPD\UHTXLUHSD\PHQWZLWKLQDFHUWDLQSHULRGRIWLPH [[1253,753,1261,789][7][,I,][Times New Roman]] UHFHLYHGE\WKH$UFKLWHFWQRWODWHUWKDQWKH©ªGD\RID PRQWKWKH2ZQHUVKDOOPDNHSD\PHQWRIWKHDPRXQW  FHUWLILHGWRWKH&RQVWUXFWLRQ0DQDJHUQRWODWHUWKDQWKH©ª † :LWKHDFK$SSOLFDWLRQIRU3D\PHQWWKH&RQVWUXFWLRQ0DQDJHUVKDOOVXEPLWSD\UROOVSHWW\FDVKDFFRXQWVUHFHLSWHG GD\RIWKH©ªPRQWK,IDQ$SSOLFDWLRQIRU3D\PHQWLV LQYRLFHVRULQYRLFHVZLWKFKHFNYRXFKHUVDWWDFKHGDQGDQ\RWKHUHYLGHQFHUHTXLUHGE\WKH2ZQHURU$UFKLWHFWWRGHPRQVWUDWH UHFHLYHGE\WKH$UFKLWHFWDIWHUWKHDSSOLFDWLRQGDWHIL[HG WKDWSD\PHQWVDOUHDG\PDGHE\WKH&RQVWUXFWLRQ0DQDJHURQDFFRXQWRIWKH&RVWRIWKH:RUNHTXDORUH[FHHGSURJUHVV DERYHSD\PHQWRIWKHDPRXQWFHUWLILHGVKDOOEHPDGHE\WKH SD\PHQWVDOUHDG\UHFHLYHGE\WKH&RQVWUXFWLRQ0DQDJHUSOXVSD\UROOVIRUWKHSHULRGFRYHUHGE\WKHSUHVHQW$SSOLFDWLRQIRU 2ZQHUQRWODWHUWKDQ©ª ©ª GD\VDIWHUWKH$UFKLWHFW 3D\PHQWOHVVWKDWSRUWLRQRIWKHSURJUHVVSD\PHQWVDWWULEXWDEOHWRWKH&RQVWUXFWLRQ0DQDJHU¶V)HH UHFHLYHVWKH$SSOLFDWLRQIRU3D\PHQW  † (DFK$SSOLFDWLRQIRU3D\PHQWVKDOOEHEDVHGRQWKHPRVWUHFHQWVFKHGXOHRIYDOXHVVXEPLWWHGE\WKH &RQVWUXFWLRQ0DQDJHULQDFFRUGDQFHZLWKWKH&RQWUDFW'RFXPHQWV7KHVFKHGXOHRIYDOXHVVKDOODOORFDWHWKHHQWLUH *XDUDQWHHG0D[LPXP3ULFHDPRQJ  WKHYDULRXVSRUWLRQVRIWKH:RUN  DQ\FRQWLQJHQF\IRUFRVWVWKDWDUH LQFOXGHGLQWKH*XDUDQWHHG0D[LPXP3ULFHEXWQRWRWKHUZLVHDOORFDWHGWRDQRWKHUOLQHLWHPRULQFOXGHGLQD&KDQJH 2UGHUDQG  WKH&RQVWUXFWLRQ0DQDJHU¶V)HH  † 7KHVFKHGXOHRIYDOXHVVKDOOEHSUHSDUHGLQVXFKIRUPDQGVXSSRUWHGE\VXFKGDWDWRVXEVWDQWLDWHLWVDFFXUDF\ DVWKH$UFKLWHFWPD\UHTXLUH7KHVFKHGXOHRIYDOXHVVKDOOEHXVHGDVDEDVLVIRUUHYLHZLQJWKH&RQVWUXFWLRQ0DQDJHU¶V $SSOLFDWLRQVIRU3D\PHQW  † 7KHDOORFDWLRQRIWKH*XDUDQWHHG0D[LPXP3ULFHXQGHUWKLV6HFWLRQVKDOOQRWFRQVWLWXWHDVHSDUDWH JXDUDQWHHGPD[LPXPSULFHIRUWKH&RVWRIWKH:RUNRIHDFKLQGLYLGXDOOLQHLWHPLQWKHVFKHGXOHRIYDOXHV  † :KHQWKH&RQVWUXFWLRQ0DQDJHUDOORFDWHVFRVWVIURPDFRQWLQJHQF\WRDQRWKHUOLQHLWHPLQWKHVFKHGXOHRI YDOXHVWKH&RQVWUXFWLRQ0DQDJHUVKDOOVXEPLWVXSSRUWLQJGRFXPHQWDWLRQWRWKH$UFKLWHFW  †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†HFRPSOHWHGFRQVWUXFWLRQRULIDSSURYHG LQZULWLQJLQDGYDQFHE\WKH2ZQHUVXLWDEO\VWRUHGRIIWKHVLWHDWDORFDWLRQDJUHHGXSRQLQZULWLQJ  7KDWSRUWLRQRI&RQVWUXFWLRQ&KDQJH'LUHFWLYH VWKDWWKH$UFKLWHFWGHWHUPLQHVLQWKH$UFKLWHFW¶V SURIHVVLRQDOMXGJPHQWWREHUHDVRQDEO\MXVWLILHGDQG  7KH&RQVWUXFWLRQ0DQDJHU¶V)HHFRPSXWHGXSRQWKH&RVWRIWKH:RUNGHVFULEHGLQWKHSUHFHGLQJ 6HFWLRQV   7KHDPRXQWLIDQ\IRU:RUNWKDWUHPDLQVXQFRUUHFWHGDQGIRUZKLFKWKH$UFKLWHFWKDVSUHYLRXVO\ ZLWKKHOGD&HUWLILFDWHIRU3D\PHQWDVSURYLGHGLQ$UWLFOHRI$,$'RFXPHQW$±oman]] ,IWKHUHWDLQDJHHVWDEOLVKHGLQ6HFWLRQLVWREHPRGLILHGSULRUWR6XEVWDQWLDO&RPSOHWLRQRIWKHHQWLUH:RUN [[228,1570,724,1606][7][,I,][Times New Roman]]LQVHUWSURYLVLRQVIRUVXFKPRGLILFDWLRQ [[725,1570,733,1606][7][,I,][Times New Roman]]  ©1RQHª  † 8SRQ6XEVWDQWLDO&RPSOHWLRQRIWKH:RUNWKH&RQVWUXFWLRQ0DQDJHUPD\VXEPLWDQ$SSOLFDWLRQIRU'HOHWHG ([FHSWDVVHWIRUWKLQWKLV6HFWLRQXSRQ 3D\PHQWWKDWLQFOXGHVWKHUHWDLQDJHZLWKKHOGIURPSULRU$SSOLFDWLRQVIRU3D\PHQWSXUVXDQWWRWKLV6HFWLRQ 'HOHWHG 7KH$SSOLFDWLRQIRU3D\PHQWVXEPLWWHGDW ,QVHUWDQ\RWKHUFRQGLWLRQVIRUUHOHDVHRIUHWDLQDJHVXFKDVXSRQFRPSOHWLRQRIWKH2ZQHU¶VDXGLWDQGUHFRQFLOLDWLRQ 6XEVWDQWLDO&RPSOHWLRQVKDOOQRWLQFOXGHUHWDLQDJHDV [[228,1819,588,1855][7][,I,][Times New Roman]]XSRQ6XEVWDQWLDO&RPSOHWLRQ [[589,1819,606,1855][7][,I,][Times New Roman]] [[607,1819,615,1855][7][,I,][Times New Roman]] IROORZV  ©3XUVXDQWWR0LQQHVRWD6WDWXWHV6HFWLRQD\ DQ\DPRXQWVZLWKKHOGXQGHUFODXVH  DIWHUVXEPLVVLRQRIDOOILQDOSDSHUZRUNDVGHWHUPLQHGE\2ZQHUª  † ,IILQDOFRPSOHWLRQRIWKH:RUNLVPDWHULDOO\GHOD\HGWKURXJKQRIDXOWRIWKH&RQVWUXFWLRQ0DQDJHUWKH2ZQHU VKDOOSD\WKH&RQVWUXFWLRQ0DQDJHUDQ\DGGLWLRQDODPRXQWVLQDFFRUGDQFHZLWK$UWLFOHRI$,$'RFXPHQW$±  † ,QWDNLQJDFWLRQRQWKH&RQVWUXFWLRQ0DQDJHU¶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¶V DXGLWRUVDFWLQJLQWKHVROHLQWHUHVWRIWKH2ZQHU  †)LQDO3D\PHQW † )LQDOSD\PHQWVKDOOEHPDGHE\WKH2ZQHUWRWKH&RQVWUXFWLRQ0DQDJHUQRWPRUHWKDQWKLUW\  GD\VDIWHU'HOHWHG FRQVWLWXWLQJWKHHQWLUHXQSDLGEDODQFHRIWKH WKHGDWHWKDWDOORIWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW &RQWUDFW6XP  WKH&RQWUDFWKDVEHHQIXOO\SHUIRUPHGE\WKH&RQVWUXFWLRQ0DQDJHUH[FHSWIRUWKH&RQVWUXFWLRQ 'HOHWHG ZKHQ 0DQDJHU¶VUHVSRQVLELOLW\WRFRUUHFWQRQFRQIRUPLQJ:RUNDVSURYLGHGLQ6HFWLRQRI$Œ±FWLRQ0DQDJHUKDVDVVHPEOHGDQGSURYLGHGWRWKH2ZQHULQDERXQGFRPSLODWLRQDOO 'HOHWHG DQGDILQDO$SSOLFDWLRQIRU3D\PHQWDQG ZDUUDQWLHVDQGRSHUDWLRQVPDQXDOVDSSOLFDEOHWRWKH3URMHFWDQG 'HOHWHG  WKH&RQVWUXFWLRQ0DQDJHUKDVGHOLYHUHGWRWKH$UFKLWHFWDFRPSOHWHVHWRIUHGOLQHGUHFRUGGUDZLQJV LQDFFRUGDQFHZLWK6HFWLRQ LQGLFDWLQJFKDQJHVWRWKH&RQVWUXFWLRQ'RFXPHQWVGXULQJFRQVWUXFWLRQ  † :LWKLQGD\VRIWKH2ZQHU¶VUHFHLSWRIWKH&RQVWUXFWLRQ0DQDJHU¶VILQDODFFRXQWLQJIRUWKH&RVWRIWKH :RUNWKH2ZQHUVKDOOFRQGXFWDQDXGLWRIWKH&RVWRIWKH:RUNRUQRWLI\WKH$UFKLWHFWWKDWLWZLOOQRWFRQGXFWDQDXGLW  † ,IWKH2ZQHUFRQGXFWVDQDXGLWRIWKH&RVWRIWKH:RUNWKH2ZQHUVKDOOZLWKLQGD\VDIWHUFRPSOHWLRQRI WKHDXGLWVXEPLWDZULWWHQUHSRUWEDVHGXSRQWKHDXGLWRUV¶ILQGLQJVWRWKH$UFKLWHFW  † :LWKLQVHYHQGD\VDIWHUUHFHLSWRIWKHZULWWHQUHSRUWGHVFULEHGLQ6HFWLRQRUUHFHLSWRIQRWLFHWKDWWKH 2ZQHUZLOOQRWFRQGXFWDQDXGLWDQGSURYLGHGWKDWWKHRWKHUFRQGLWLRQVRI6HFWLRQKDYHEHHQPHWWKH$UFKLWHFW ZLOOHLWKHULVVXHWRWKH2ZQHUDILQDO&HUWLILFDWHIRU3D\PHQWZLWKDFRS\WRWKH&RQVWUXFWLRQ0DQDJHURUQRWLI\WKH &RQVWUXFWLRQ0DQDJHUDQG2ZQHULQZULWLQJRIWKH$UFKLWHFW¶VUHDVRQVIRUZLWKKR OGLQJDFHUWLILFDWHDVSURYLGHGLQ $UWLFOHRI$,$'RFXPHQW$±VKDOOEHPDGHE\WKH&RQVWUXFWLRQ0DQDJHUZLWKLQGD\VDIWHUWKH &RQVWUXFWLRQ0DQDJ HU¶VUHFHLSWRIDFRS\RIWKH$UFKLWHFW¶VILQDO&HUWLILFDWHIRU3D\PHQW)DLOXUHWRUHTXHVWPHGLDWLRQ ZLWKLQWKLVGD\SHULRGVKDOOUHVXOWLQWKHVXEVWDQWLDWHGDPRXQWUHSRUWHGE\WKH2ZQHU¶VDXGLWRUVEHFRPLQJELQGLQJRQ WKH&RQVWUXFWLRQ0DQDJHU3HQGLQJDILQDOUHVROXWLRQRIWKHGLVSXWHGDPRXQWWKH2ZQHUVKDOOSD\WKH&RQVWUXFWLRQ 0DQDJHUWKHDPRXQWFHUWLILHGLQWKH$UFKLWHFW¶VILQDO&HUWLILFDWHIRU3D\PHQW  † 7KH2ZQHU¶VILQDOSD\PHQWWRWKH&RQVWUXFWLRQ0DQDJHUVKDOOEHPDGHQRODWHUWKDQGD\VDIWHUWKHLVVXDQFH RIWKH$UFKLWHFW¶VILQDO&HUWLILFDWHIRU3D\PHQWRUDVIROORZV  ©ª  † ,IVXEVHTXHQWWRILQDOSD\PHQWDQGDWWKH2ZQHU¶VUHTXHVWWKH&RQVWUXFWLRQ0DQDJHULQFXUVFRVWVGHVFULEHG LQ6HFWLRQV  3ULFH,IDGMXVWPHQWVWRWKH&RQWUDFW6XPDUHSURYLGHGIRULQ6HFWLRQRI$,$'RFXPHQW$±  † 3ULRUWRWKHH[HFXWLRQRIWKH*XDUDQWHHG0D[LPXP3ULFH$PHQGPHQWWKH2ZQHUPD\WHUPLQDWHWKLV $JUHHPHQWXSRQQRWOHVVWKDQVHYHQGD\V¶ZULWWHQQRWLFHWRWKH&RQVWUXFWLRQ0DQDJHUIRUWKH2ZQHU¶VFRQYHQLHQFHDQG ZLWKRXWFDXVHDQGWKH&RQVWUXFWLRQ0DQDJHUPD\WHUPLQDWHWKLV$JUHHPHQWXSRQQRWOHVVWKDQVHYHQGD\V¶ZULWWHQ QRWLFHWRWKH2ZQHUIRUWKHUHDVRQVVHWIRUWKLQ$UWLFOHRI$±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†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†7HUPLQDWLRQRU6XVSHQVLRQ)ROORZLQJ([HFXWLRQRIWKH*XDUDQWHHG0D[LPXP3ULFH$PHQGPHQW †7HUPLQDWLRQ 7KH&RQWUDFWPD\EHWHUPLQDWHGE\WKH2ZQHURUWKH&RQVWUXFWLRQ0DQDJHUDVSURYLGHGLQ$UWLFOHRI$,$'RFXPHQW $±RI$,$'RFXPHQW$±  †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†7HUPLQDWLRQE\WKH2ZQHUIRU&RQYHQLHQFH ,IWKH2ZQHUWHUPLQDWHVWKH&RQWUDFWIRUFRQYHQLHQFHLQDFFRUGDQFHZLWK$UWLFOHRI$,$'RFXPHQW$±UHIHUHQFHLVPDGHLQWKLV $JUHHPHQWWRDSURYLVLRQRI$,$'RFXPHQW$±  †3UHYDLOLQJ:DJHDQG$SSUHQWLFHVKLS5HTXLUHPHQWV  &RPPHQWHG>0:@ 5HYLHZDQGFRQIRUPH[KLELWVRQD  SURMHFWE\SURMHFWEDVLV †6WDWHDQGIHGHUDO SUHYDLOLQJZDJHUDWHVDUHDSSOLFDEOHWRWKLV3URMHFW&RQVWUXFWLRQ0DQDJHUVKDOODQGVKDOO )RUPDWWHG.HHSZLWKQH[W UHTXLUHDOO6XEFRQWUDFWRUVWRFRPSO\ZLWKWKHZDJHDQGKRXUVWDQGDUGVLVVXHGE\WKH0LQQHVRWD'HSDUWPHQWRI/DERU [[1599,753,1671,789][7][,I,][Times New Roman]]HWVHT DQG,QGXVWU\ ³0Q'/,´ SXUVXDQWWRWKH0LQQHVRWD3UHYDLOLQJ:DJH$FW0LQQHVRWD6WDWXWHV6HFWLRQ([KLELW) WKH³)HGHUDO3UHYDLOLQJ:DJH &RPPHQWHG>0:@ &RQILUPH[KLELWVDQGLGHQWLI\ 'HFLVLRQ´ $FRS\RIWKH)HGHUDO3UHYDLOLQJ:DJH'HFLVLRQLVDWWDFKHGKHUHWRDV([KLELW) DSSURSULDWHO\IRUHDFKDJUHHPHQW  )RUPDWWHG+LJKOLJKW † 7KH&RQVWUXFWLRQ0DQDJHUVKDOODQGVKDOOSD\DOOFRYHUHGZRUNHUVZHHNO\DQGUHTXLUHDOO6XEFRQWUDFWRUV WRVXEPLWFHUWLILHGSD\UROOLQWRWKH&LW\RI5RFKHV WHU¶VZHEEDVHGUHSRUWLQJV\VWHP/&3WUDFNHUE\WKHIRXUWHHQWK WK  GD\RIHDFKPRQWKIROORZLQJDQ\PRQWKLQZKLFKODERUZDVSHUIRUPHGLQFOXGLQJDOOLQIRUPDWLRQUHIHUHQFHGLQ([KLELW )RUPDWWHG+LJKOLJKW )7KH&RQVWUXFWLRQ0DQDJHUPXVWSRVWDQRWLFHDWWKHMREVLWHWKDWDOOODERUHUVDQGPHFKDQLFVDUHWREHSDLGWKH SUHYDLOLQJZDJHVLQDFFRUGDQFHZLWKWKH6WDWHDQG)HGHUDO3UHYDLOLQJ:DJH'HFLVLRQVDQGWKH6WDWHDQG)HGHUDO 3UHYDLOLQJ:DJH'HFLVLRQVPXVWDOVREHSRVWHGDWWKHMREVLWHLQDKLJKO\YLVLEOHDQGVDIHDUHDVRWKDWDOODIIHFWHG SHUVRQVKDYHFOHDUDFFHVVWRWKHLQIRUPDWLRQ&RQVWUXFWLRQ0DQDJHUDQGDOO6XEFRQWUDFWRUVVKDOOEHUHTXLUHGWR PDLQWDLQSD\UROOUHFRUGVIRUDOOODERUHUVDQGPHFKDQLFVHPSOR\HGLQWKH:RUNIRUVL[  \HDUVDIWHU)LQDO&RPSOHWLRQ RIWKH3URMHFW7KH&RQVWUXFWLRQ0DQDJHULVUHVSRQVLEOHIRULQFRUSRUDWLQJWKHWHUPVDQGUHTXLUHPHQWVVHWIRUWKLQWKLV VHFWLRQLQWRDOO6XEFRQWUDFWV  †:RUNIRUFH3DUWLFLSDWLRQ*RDOV 7KH&RQVWUXFWLRQ0DQDJHUDQGLWV6XEFRQWUDFWRUVVKDOOVXEPLWD:RUNIRUFH  3DUWLFLSDWLRQ3ODQSXUVXDQWWR([KLELW)ZLWKUHVSHFWWRWKH3URMHFW¶VZRUNIRUFHSDUWLFLSDWLRQJRDOV7KHPLQLPXP )RUPDWWHG+LJKOLJKW HPSOR\PHQWJRDOVIRU&RQWUDFWRUDQGDQ\VXEFRQWUDFWRUYHQGRUVKDOOEHDVIROORZVBBRIWKHWRWDO3URMHFW )RUPDWWHG+LJKOLJKW FRQVWUXFWLRQKRXUVDUHWREHSHUIRUPHGE\IHPDOHVBBBE\PLQRULW\ZRUNHUV7KH&RQVWUXFWLRQ0DQDJHUDQGDOO 6XEFRQWUDFWRUVZLOOUHSRUWZRUNIRUFHSDUWLFLSDWLRQWKURXJKFHUWLILHGSD\UROOHQWHUHGLQWRWKH&LW\RI5 RFKHVWHU¶VZHE &RPPHQWHG>:(@ PD\EHGLIIHUHQWRQHDFKSURMHFW EDVHGUHSRUWLQJV\VWHP/&3WUDFNHUDQGZLWKWKHGRFXPHQWVUHIHUHQFHGLQ([KLELW*7KH&RQVWUXFWLRQ0DQDJHUDQGLWV )RUPDWWHG+LJKOLJKW 6XEFRQWUDFWRUVVKDOOPDLQWDLQWKHDSSURSULDWHUHFRUGVWRGRFXPHQWWKHLUJRRGIDLWKHIIRUWVWRFRPSO\ZLWKWKLV6HFWLRQ DQGSURGXFHVXFKUHFRUGVLIDXGLWHG )RUPDWWHG+LJKOLJKW  †7DUJHWHG%XVLQHVV8WLOL]DWLRQ*RDOV 7KH&RQVWUXFWLRQ0DQDJHULWV6XEFRQWUDFWRUVDQGVXSSOLHUVPXVW PDNHEHVWFRPPHUFLDOHIIRUWVWRFRPSO\ZLWKWKH7DUJHWHG%XVLQHVV8WLOL]DWLRQ*RDOV ³7%*RDOV´ SXUVXDQWWR([KLELW )RUPDWWHG+LJKOLJKW +7KH7%*RDOIRUWKH3URMHFWLVBBRIWKHWRWDOFRQVWUXFWLRQYDOXHRIWKH3URMHFW7KH&RQVWUXFWLRQ0DQDJHUDQGDOO &RPPHQWHG>0:@ 0D\EHGLIIHUHQWRQHDFKSURMHFW 6XEFRQWUDFWRUVZLOOUHSRUW7%XWLOL]DWLRQXVLQJWKHIRUPVLQFOXGHGZLWK([KLELW+7KH&RQVWUXFWLRQ0DQDJHUDQGLWV 6XEFRQWUDFWRUVVKDOOPDLQWDLQWKHDSSURSULDWHUHFRUGVWRGRFXPHQWWKHLUJRRGIDLWKHIIRUWVWRFRPSO\ZLWK6HFWLRQ )RUPDWWHG+LJKOLJKW DQGSURGXFHVXFKUHFRUGVLIDXGLWHG )RUPDWWHG+LJKOLJKW   †6XFFHVVRUVDQG$VVLJQV † 7KH2ZQHUDQG&RQVWUXFWLRQ0DQDJHUUHVSHFWLYHO\ELQGWKHPVHOYHVWKHLUSDUWQHUVVXFFHVVRUVDVVLJQVDQG OHJDOUHSUHVHQWDWLYHVWRFRYHQDQWVDJUHHPHQWVDQGREOLJDWLRQVFRQWDLQHGLQWKH&RQWUDFW'RFXPHQWV([FHSWDV SURYLGHGLQ6HFWLRQRIWKLV$JUHHPHQWDQGLQ6HFWLRQRI$±DW  † 7KH2ZQHUPD\ZLWKRXWFRQVHQWRIWKH&RQVWUXFWLRQ0DQDJHUDVVLJQWKH&RQWUDFWWRDOHQGHUSURYLGLQJ FRQVWUXFWLRQILQDQFLQJIRUWKH3URMHFWLIWKHOHQGHUDVVXPHVWKH2ZQHU¶VULJKWVDQGREOLJDWLRQVXQGHUWKH&RQWUDFW 'RFXPHQWV7KH&RQVWUXFWLRQ0DQDJHUVKDOOH[HFXWHDOOFRQVHQWVUHDVRQDEO\UHTXLUHGWRIDFLOLWDWHWKHDVVLJQPHQW  †,QVXUDQFHDQG%RQGV ,QVXUDQFHDQGERQGVSURYLGHGIRUWKLV3URMHFWVKDOOEHGHVFULEHGLQWKLV$UWLFOH([KLELW%WRWKLV&RQWUDFWDQGLQ $UWLFOHRIWKH$±URYLGH QDUURZHUFRYHUDJHWKDQWKHSULPDU\SROLF\7KHH[FHVVSROLF\VKDOOQRWUHTXLUHWKHH[KDXVWLRQRIWKHXQGHUO\LQJOLPLWV RQO\WKURXJKWKHDFWXDOSD\PHQWE\WKHXQGHUO\LQJLQVXUHUV  † :RUNHUV¶&RPSHQVDWLRQDWVWDWXWRU\OLPLWVDQG(PSOR\HUV/LDELOLW\ZLWKSROLF\OLPLWVQRWOHVVWKDQ©)LYH +XQGUHG7KRXVDQGª ©ª HDFKDFFLGHQW©)LYH+XQGUHG7KRXVDQGª ©ª HDFKHPSOR\HHDQG© 2QH0LOOLRQª ©ª SROLF\OLPLW  † 3URIHVVLRQDO/LDELOLW\FRYHULQJQHJOLJHQWDFWVHUURUVDQGRPLVVLRQVLQWKHSHUIRUPDQFHRISURIHVVLRQDO VHUYLFHVZLWKSROLF\OLPLWVRIQRWOHVVWKDQ©2QH0LOOLRQª ©ª SHUFODLPDQG©7ZR0LOOLRQª © ª LQWKHDJJUHJDWH  †2WKHU,QVXUDQFH  [[228,1925,1018,1961][7][,I,][Times New Roman]] /LVWEHORZDQ\RWKHULQVXUDQFHFRYHUDJHWREHSURYLGHGE\WKH [[1019,1925,1301,1961][7][,I,][Times New Roman]]&RQVWUXFWLRQ0DQDJHU [[1302,1925,1310,1961][7][,I,][Times New Roman]] [[1309,1925,1639,1961][7][,I,][Times New Roman]]DQGDQ\DSSOLFDEOHOLPLWV [[1640,1925,1648,1961][7][,I,][Times New Roman]]  &RYHUDJH/LPLWV 7%'  †DLQWDLQLQVXUDQFHDVVHWIRUWKLQ$,$'RFXPHQW$Œ±6WDQGDUG)RUPRI$JUHHPHQW%HWZHHQ 2ZQHUDQG&RQVWUXFWLRQ0DQDJHUDV&RQVWUXFWRUZKHUHWKHEDVLVRISD\PHQWLVWKH&RVWRIWKH:RUN3OXVD)HHZLWKD *XDUDQWHHG0D[LPXP3ULFH([KLELW%,QVXUDQFHDQG%RQGVDQGHOVHZKHUHLQWKH&RQWUDFW'RFXPHQWV   $,$'RFXPHQW$±&RS\ULJKW‹DQG$OOULJKWVUHVHUYHG³7KH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV´³$PHULFDQ ,QVWLWXWHRI$UFKLWHFWV´³$,$´WKH$,$/RJRDQG³$,$&RQWUDFW'RFXPHQWV´DUHWUDGHPDUNVRI7KH$PHULFDQ,QVWLWXWHRI$UFKL WHFWV7KLV  GUDIWZDVSURGXFHGDW  † 7KH&RQVWUXFWLRQ0DQDJHUVKDOOSURYLGHERQGVDVVHWIRUWKLQ$,$'RFXPHQW$Œ±([KLELW%DQG HOVHZKHUHLQWKH&RQWUDFW'RFXPHQWV  † 1RWLFHLQHOHFWURQLFIRUPDWSXUVXDQWWR$UWLFOHRI$,$'RFXPHQW$±V$JUHHPHQW PD\EHDPHQGHGRQO\E\ZULWWHQLQVWUXPHQWVLJQHGE\ERWK2ZQHUDQG&RQVWUXFWLRQ0DQDJHU  † 7KHIROORZLQJGRFXPHQWVFRPSULVHWKH$JUHHPHQW  $,$'RFXPHQW$Œ±6WDQGDUG)RUPRI$JUHHPHQW%HWZHHQ2ZQHUDQG&RQVWUXFWLRQ0DQDJHU DV&RQVWUXFWRUZKHUHWKHEDVLVRISD\PHQWLVWKH&RVWRIWKH:RUN3OXVD)HHZLWKD*XDUDQWHHG 0D[LPXP3ULFHDVPRGLILHG  $,$'RFXPHQW$Œ([KLELW$*XDUDQWHHG0D[LPXP3ULFH$PHQGPHQWLIH[HFXWHG &RPPHQWHG>-3@ ([KLELW&+RXUO\5DWHV  $,$'RFXPHQW$Œ±([KLELW%,QVXUDQFHDQG%RQGV ([KLELW'(TXLSPHQW5HQWDO6FKHGXOH  $,$'RFXPHQW$Œ±  VDPSOHIRUPVWKH&RQVWUXFWLRQ0DQDJHU¶VELGRUSURSRVDOSRUWLRQVRI$GGHQGDUHODWLQJWRELGGLQJRU [[409,646,1490,682][7][,I,][Times New Roman]]SURSRVDOUHTXLUHPHQWVDQGRWKHULQIRUPDWLRQIXUQLVKHGE\WKH2ZQHULQDQWLFLSDWLRQR [[1487,646,1724,682][7][,I,][Times New Roman]]IUHFHLYLQJELGVRU [[409,681,1637,717][7][,I,][Times New Roman]]SURSRVDOVDUHQRWSDUWRIWKH&RQWUDFW'RFXPHQWVXQOHVVHQXPHUDWHGLQWKLV$JUHHPHQW$Q\VXFK [[412,717,1477,753][7][,I,][Times New Roman]]GRFXPHQWVVKRXOGEHOLVWHGKHUHRQO\LILQWHQGHGWREHSDUWRIWKH&RQWUDFW'RFXPHQWV [[1478,717,1495,753][7][,I,][Times New Roman]] [[1496,717,1504,753][7][,I,][Times New Roman]]  © ([KLELW$>UHVHUYHGIRU*03$PHQGPHQW@ ([KLELW%±$,$'RFXPHQW$([KLELW%±,QVXUDQFHDQG%RQGV >LQVHUWDOORWKHUH[KLELWVUHIHUHQFHGDERYHLQFOXGLQJSUHYDLOLQJZDJHZRUNIRUFHSDUWLFLSDWLRQJRDOV )RUPDWWHG+LJKOLJKW WDUJHWHGEXVLQHVVJRDOVHWF@ª   7KLV$JUHHPHQWLVHQWHUHGLQWRDVRIWKHGD\DQG\HDUILUVWZULWWHQDERYH &RPPHQWHG>-3@ $GGFOHUN    2:1(5[[366,1189,505,1225][7][,I,][Times New Roman]] 6LJQDWXUH [[1034,1189,1377,1225][7][,,][FEFE8D64BA6]]&216758&7,210$1$*(5 [[1384,1189,1524,1225][7][,I,][Times New Roman]] 6LJQDWXUH  ©ª©ª©ª©ª [[262,1279,559,1315][7][,I,][Times New Roman]] 3ULQWHGQDPHDQGWLWOH [[560,1279,568,1315][7][,I,][Times New Roman]] [[961,1279,969,1315][7][,I,][Times New Roman]] [[1034,1279,1331,1315][7][,I,][Times New Roman]] 3ULQWHGQDPHDQGWLWOH [[1332,1279,1340,1315][7][,I,][Times New Roman]] )RUPDWWHG7DEOH  2:1(5[[369,1362,508,1398][7][,I,][Times New Roman]] 6LJQDWXUH  ©ª©&LW\&OHUNª [[265,1435,562,1471][7][,I,][Times New Roman]] 3ULQWHGQDPHDQGWLWOH [[562,1435,570,1471][7][,I,][Times New Roman]] [[262,1471,270,1507][7][,I,][Times New Roman]] [[961,1471,969,1507][7][,I,][Times New Roman]] [[1034,1471,1042,1507][7][,I,][Times New Roman]]   $,$'RFXPHQW$±&RS\ULJKW‹DQG$OOULJKWVUHVHUYHG³7KH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV´³$PHULFDQ ,QVWLWXWHRI$UFKLWHFWV´³$,$´WKH$,$/RJRDQG³$,$&RQWUDFW'RFXPHQWV´DUHWUDGHPDUNVRI7KH$PHULFDQ,QVWLWXWHRI$UFKL WHFWV7KLV  Š $,$'RFXPHQW$±  7(50,1$7,21256863(16,212)7+(&2175$&7  &/$,06$1'',6387(6   $,$'RFXPHQW$±  ,1'(;$UFKLWHFW¶V$XWKRULW\WR5HMHFW:RUN 7RSLFVDQGQXPEHUVLQEROGDUH6HFWLRQKHDGLQJV  $UFKLWHFW¶V&RS\ULJKW    &HUWLILFDWHVIRU3D\PHQW &RQFHDOHGRU8QNQRZQ&RQGLWLRQV  WUDFW'RFXPHQWV 'HILQLWLRQRI   &RQWUDFW6XP &RPPHQFHPHQWRIWKH:RUN&RQGLWLRQV5HODWLQJWR   &RQWUDFWRU¶V(PSOR\HHV'DPDJHWR&RQVWUXFWLRQRI2ZQHURU6HSDUDWH &RQWUDFWRUV  &RQWUDFWRU¶V/LDELOLW\,QVXUDQFH'DPDJHWRWKH:RUN   &RQWUDFWRU¶V5HODWLRQVKLSZLWK6HSDUDWH&RQWUDFWRUV'DPDJHV&ODLPVIRU DQG2ZQHU¶V)RUFHV  ,QVXUDQFH3URSHUW\ ([WHQVLRQVRI7LPH     0LQRU&KDQJHVLQWKH:RUN2ZQHU¶V5LJKWWR&DUU\2XWWKH:RUN  3D\PHQWV3URJUHVV  2:1(5  3$<0(176$1'&203/(7,21 2ZQHU 'HILQLWLRQRI 3D\PHQWVWR6XEFRQWUDFWRUV 2ZQHU(YLGHQFHRI)LQDQFLDO$UUDQJHPHQWV  3URJUHVVDQG&RPSOHWLRQ6FKHGXOHRI9DOXHV   3URJUHVV3D\PHQWV 6FKHGXOHV&RQVWUXFWLRQ   3URMHFW 'HILQLWLRQRI6HSDUDWH&RQWUDFWVDQG&RQWUDFWRUV    6XEVWLWXWLRQVRI0DWHULDOV7LPH/LPLWV +( &2175$&7 :ULWWHQ&RQVHQW    $57,&/(*(1(5$/3529,6,216 †%DVLF'HILQLWLRQV †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¶VELGRU SURSRVDORUSRUWLRQVRI$GGHQGDUHODWLQJWRELGGLQJRUSURSRVDOUHTXLUHPHQWV  †7KH&RQWUDFW 7KH&RQWUDFW'RFXPHQWVIRUPWKH&RQWUDFWIRU&RQVWUXFWLRQ7KH&RQWUDFWUHSUHVHQWVWKHHQWLUHDQGLQWHJUDWHG DJUHHPHQWEHWZHHQWKHSDUWLHVKHUHWRDQGVXSHUVHGHVSULRUQHJRWLDWLRQVUHSUHVHQWDWLRQVRUDJUHHPHQWVHLWKHU ZULWWHQRURUDO7KH&RQWUDFWPD\EHDPHQGHGRUPRGLILHGRQO\E\D0RGLILFDWLRQ7KH&RQWUDFW'RFXPHQWVVKDOO QRWEHFRQVWUXHGWRFUHDWHDFRQWUDFWXDOUHODWLRQVKLSRIDQ\NLQG  EHWZHHQWKH&RQWUDFWRUDQGWKH$UFKLWHFWRUWKH $UFKLWHFW¶VFRQVXOWDQWV  EHWZHHQWKH2ZQHUDQGD6XEFRQWUDFWRURUD6XEVXEFRQWUDFWRU  EHWZHHQWKH2ZQHU DQGWKH$UFKLWHFWRUWKH$UFKLWHFW¶VFRQVXOWDQWVRU  EHWZHHQDQ\SHUVRQVRUHQWLWLHVRWKHUWKDQWKH2ZQHUDQGWKH &RQWUDFWRU7KH$UFKLWHFWVKDOOKRZHYHUEHHQWLWOHGWRSHUIRUPDQFHDQGHQIRUFHPHQWRIREOLJDWLRQVXQGHUWKH &RQWUDFWLQWHQGHGWRIDFLOLWDWHSHUIRUPDQFHRIWKH$UFKLWHFW¶VGXWLHV 'HOHWHG ˆ †7KH&RQWUDFWRU 7KHWHUP³&RQWUDFWRU´PHDQVWKH&RQVWUXFWLRQ0DQDJHUDV&RQVWUXFWRUSXUVXDQWWRWKH$6WDQGDUG)RUP $JUHHPHQW%HWZHHQ2ZQHUDQG&RQVWUXFWLRQ0DQDJHUDV&RQVWUXFWRUDVPRGLILHG  †7KH:RUN 'HOHWHG  7KHWHUP³:RUN´PHDQVWKHFRQVWUXFWLRQDQGVHUYLFHVUHTXLUHGE\WKH&RQWUDFW'RFXPHQWVZKHWKHUFRPSOHWHGRU SDUWLDOO\FRPSOHWHGDQGLQFOXGHVDOORWKHUODERUPDWHULDOVHTXLSPHQWDQGVHUYLFHVSURYLGHGRUWREHSURYLGHGE\ WKH&RQWUDFWRUWRIXOILOOWKH&RQWUDFWRU¶VREOLJDWLRQV7KH:RUNPD\FRQVWLWXWHWKHZKROHRUDSDUWRIWKH3URMHFW  †7KH3URMHFW 'HOHWHG  7KH3URMHFWLVWKHWRWDOFRQVWUXFWLRQRIZKLFKWKH:RUNSHUIRUPHGXQGHUWKH&RQWUDFW'RFXPHQWVPD\EHWKHZKROH RUDSDUWDQGZKLFKPD\LQFOXGHFRQVWUXFWLRQE\WKH2ZQHUDQGE\6HSDUDWH&RQWUDFWRUV  †7KH'UDZLQJV 'HOHWHG  7KH'UDZLQJVDUHWKHJUDSKLFDQGSLFWRULDOSRUWLRQVRIWKH&RQWUDFW'RFXPHQWVVKRZLQJWKHGHVLJQORFDWLRQDQG GLPHQVLRQVRIWKH:RUNJHQHUDOO\LQFOXGLQJSODQVHOHYDWLRQVVHFWLRQVGHWDLOVVFKHGXOHVDQGGLDJUDPV  †QHURU&RQWUDFWRUDQG VKDOOQRWEHOLDEOHIRUUHVXOWVRILQWHUSUHWDWLRQVRUGHFLVLRQVUHQGHUHGLQJRRGIDLWK  †&RUUHODWLRQDQG,QWHQWRIWKH&RQWUDFW'RFXPHQWV † 7KHLQWHQWRIWKH&RQWUDFW'RFXPHQWVLVWRLQFOXGHDOOLWHPVQHFHVVDU\IRUWKHSURSHUH[HFXWLRQDQG FRPSOHWLRQRIWKH:RUNE\WKH&RQWUDFWRU7KH&RQWUDFW'RFXPHQWVDUHFRPSOHPHQWDU\DQGZKDWLVUHTXLUHGE\  $,$'RFXPHQW$±  RQHVKDOOEHDVELQGLQJDVLIUHTXLUHGE\DOOSHUIRUPDQFHE\WKH&RQWUDFWRUVKDOOEHUHTXLUHGRQO\WRWKHH[WHQW FRQVLVWHQWZLWKWKH&RQWUDFW'RFXPHQWVDQGUHDVRQDEO\LQIHUDEOHIURPWKHPDVEHLQJQHFHVVDU\WRSURGXFHWKH LQGLFDWHGUHVXOWV &RPPHQWHG>-3@ &RQVLGHUDGGLQJSURYLVLRQVXFKDV  ZKHQFRQIOLFWLQJLQIRUPDWLRQLVSUHVHQWWKHPRUHFRVWO\ZLOO † 7KHLQYDOLGLW\RIDQ\SURYLVLRQRIWKH&RQWUDFW'RFXPHQWVVKDOOQRWLQYDOLGDWHWKH&RQWUDFWRULWVUHPDLQLQJ DSSO\RUVLPLODUODQJXDJH" SURYLVLRQV,ILWLVGHWHUPLQHGWKDWDQ\SURYLVLRQRIWKH&RQWUDFW'RFXPHQWVYLRODWHVDQ\ODZRULVRWKHUZLVHLQYDOLG &RPPHQWHG>0:5@ 1RWVXUHLIFRVWLVDSSURSULDWH RUXQHQIRUFHDEOHWKHQWKDWSURYLVLRQVKDOOEHUHYLVHGWRWKHH[WHQWQHFHVVDU\WRPDNHWKDWSURYLVLRQOHJDODQG IDFWRU",VQ¶WTXDOLW\PRVWLPSRUWDQW":KLOHRIWHQFRUUHODWHG HQIRUFHDEOH,QVXFKFDVHWKH&RQWUDFW'RFXPHQWVVKDOOEHFRQVWUXHGWRWKHIXOOHVWH[WHQWSHUPLWWHGE\ODZWRJLYH WRFRVW,GRQ¶WNQRZLIWKDWVKRXOGEHWKHHPSKDVLV HIIHFWWRWKHSDUWLHV¶LQWHQWLRQVDQGSXUSRVHVLQH[HFXWLQJWKH&RQWUDFW  † 2UJDQL]DWLRQRIWKH6SHFLILFDWLRQVLQWRGLYLVLRQVVHFWLRQVDQGDUWLFOHVDQGDUUDQJHPHQWRI'UDZLQJVVKDOO QRWFRQWUROWKH&RQWUDFWRULQGLYLGLQJWKH:RUNDPRQJ6XEFRQWUDFWRUVRULQHVWDEOLVKLQJWKHH[WHQWRI:RUNWREH SHUIRUPHGE\DQ\WUDGH  † 8QOHVVRWKHUZLVHVWDWHGLQWKH&RQWUDFW'RFXPHQWVZRUGVWKDWKDYHZHOONQRZQWHFKQLFDORUFRQVWUXFWLRQ LQGXVWU\PHDQLQJVDUHXVHGLQWKH&RQWUDFW'RFXPHQWVLQDFFRUGDQFHZLWKVXFKUHFRJQL]HGPHDQLQJV  †&DSLWDOL]DWLRQ 7HUPVFDSLWDOL]HGLQWKHVH*HQHUDO&RQGLWLRQVLQFOXGHWKRVHWKDWDUH  VSHFLILFDOO\GHILQHG  WKHWLWOHVRI QXPEHUHGDUWLFOHVRU  WKHWLWOHVRIRWKHUGRFXPHQWVSXEOLVKHGE\WKH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV  †,QWHUSUHWDWLRQ ,QWKHLQWHUHVWRIEUHYLW\WKH&RQWUDFW'RFXPHQWVIUHTXHQWO\RPLWPRGLI\LQJZRUGVVXFKDV³DOO´DQG³DQ\´DQG DUWLFOHVVXFKDV³WKH´DQG³DQ´EXWWKHIDFWWKDWDPRGLILHURUDQDUWLFOHLVDEVHQWIURPRQHVWDWHPHQWDQGDSSHDUVLQ DQRWKHULVQRWLQWHQGHGWRDIIHFWWKHLQWHUSUHWDWLRQRIHLWKHUVWDWHPHQW  †2ZQHUVKLSDQG8VHRI'UDZLQJV6SHFLILFDWLRQVDQG2WKHU,QVWUXPHQWVRI6HUYLFH † 6XEMHFWWRWKH$JUHHPHQWEHWZHHQ2ZQHUDQG$UFKLWHFWWKH$UFKLWHFWDQGWKH$UFKLWHFW¶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¶VRU $UFKLWHFW¶VFRQVXOWDQWV¶UHVHUYHGULJKWV  † 7KH&RQWUDFWRU6XEFRQWUDFWRUV6XEVXEFRQWUDFWRUVDQGVXSSOLHUVDUHDXWKRUL]HGWRXVHDQGUHSURGXFHWKH ,QVWUXPHQWVRI6HUYLFHSURYLGHGWRWKHPVXEMHFWWRDQ\SURWRFROVHVWDEOLVKHGSXUVXDQWWR6HFWLRQVPDLOE\ FRXULHURUE\HOHFWURQLFWUDQVPLVVLRQLIDPHWKRGIRUHOHFWURQLFWUDQVPLVVLRQLVVHWIRUWKLQWKH$JUHHPHQW  † 1RWLFHRI&ODLPVDVSURYLGHGLQ6HFWLRQVKDOOEHSURYLGHGLQZULWLQJDQGVKDOOEHGHHPHGWRKDYHEHHQ GXO\VHUYHGRQO\LIGHOLYHUHGWRWKHGHVLJQDWHGUHSUHVHQWDWLYHRIWKHSDUW\WRZKRPWKHQRWLFHLVDGGUHVVHGE\ FHUWLILHGRUUHJLVWHUHGPDLORUE\FRXULHUSURYLGLQJSURRIRIGHOLYHU\  †  †%XLOGLQJ,QIRUPDWLRQ0RGHOV8VHDQG5HOLDQFH $Q\XVHRIRUUHOLDQFHRQDOORUDSRUWLRQRIDEXLOGLQJLQIRUPDWLRQPRGHOZLWKRXWDJUHHPHQWWRSURWRFROV JRYHUQLQJWKHXVHRIDQGUHOLDQFHRQWKHLQIRUPDWLRQFRQWDLQHGLQWKHPRGHODQGZLWKRXWKDYLQJWKRVHSURWRFROVVHW IRUWKLQ$,$'RFXPHQW(Œ±%XLOGLQJ,QIRUPDWLRQ0RGHOLQJDQG'LJLWDO'DWD([KLELWVKDOOEHDWWKH &RPPHQWHG>-3@ 6XJJHVWRQO\VWULNLQJWKHUHIHUHQFHWR XVLQJRUUHO\LQJSDUW\¶VVROHULVNDQGZLWKRXWOLDELOLW\WRWKHRWKHUSDUW\DQGLW VFRQWUDFWRUVRUFRQVXOWDQWVWKHDXWKRUV (DQG*DQGOHDYHWKHUHVWRIWKHSDUDJUDSK RIRUFRQWULEXWRUVWRWKHEXLOGLQJLQIRUPDWLRQPRGHODQGHDFKRIWKHLUDJHQWVDQGHPSOR\HHV 'HOHWHG DQGWKHUHTXLVLWH$,$'RFXPHQW*Œ±  3URMHFW%XLOGLQJ,QIRUPDWLRQ0RGHOLQJ3URWRFRO)RUP $57,&/(2:1(5 †*HQHUDO † 7KH2ZQHULVWKHSHUVRQRUHQWLW\LGHQWLILHGDVVXFKLQWKH$JUHHPHQWDQGLVUHIHUUHGWRWKURXJKRXWWKH &RQWUDFW'RFXPHQWVDVLIVLQJXODULQQXPEHU7KH2ZQHUVKDOOLGHQWLI\DUHSUHVHQWDWLYHDXWKRUL]HGWRDFWRQWKH 2ZQHU¶VEHKDOIRQO\ZLWKUHVSHFWWRVSHFLILFPDWWHUVGHOHJDWHGWRWKHUHSUHVHQWDWLYHLQZULWLQJE\WKH2ZQHU¶V JRYHUQ LQJERG\([FHSWDVH[SUHVVO\GHOHJDWHGE\WKH2ZQHU¶VJRYHUQLQJERG\WKH2ZQHU¶VUHSUHVHQWDWLYHKDVQR DXWKRULW\WRDJUHHWRDQ\DGMXVWPHQWVLQWKH&RQWUDFW6XPRU&RQWUDFW7LPH([FHSWDVRWKHUZLVHSURYLGHGLQ 'HOHWHG GHVLJQDWHLQZULWLQJDUHSUHVHQWDWLYHZKRVKDOO 6HFWLRQWKH$UFKLWHFWGRHVQRWKDYHVXFKDXWKRULW\ KDYHH[SUHVVDXWKRULW\WRELQGWKH2ZQHUZLWKUHVSHFWWRDOO PDWWHUVUHTXLULQJWKH2ZQHU¶VDSSURYDORUDXWKRUL]DWLRQ  †(YLGHQFHRIWKH2ZQHU·V)LQDQFLDO$UUDQJHPHQWV &RPPHQWHG>0:5@ ,WKLQNWKH&0FDQDGGUHVVWKDW † 3ULRUWRFRPPHQFHPHQWRIWKH:RUNDQGXSRQZULWWHQUHTXHVWE\WKH&RQWUDFWRUWKH2ZQHUVKDOOIXUQLVKWR LQLWVVXEFRQWUDFWVLILWZRXOGOLNHWR WKH&RQWUDFWRUUHDVRQDEOHHYLGHQFHWKDWWKH2ZQHUKDVPDGHILQDQFLDODUUDQJHPHQWVWRIXOILOOWKH2ZQHU¶V 'HOHWHG 7KHWHUP REOLJDWLRQVXQGHUWKH&RQWUDFW7KH&RQWUDFWRUVKDOOKDYHQRREOLJDWLRQWRFRPPHQFHWKH:RUNXQWLOWKH2ZQHU 'HOHWHG SURYLGHVVXFKHYLGHQFH,IFRPPHQFHPHQWRIWKH:RUNLVGHOD\HGXQGHUWKLV6HFWLRQWKH&RQWUDFW7LPHVKDOO ³2ZQHU´PHDQVWKH2ZQHURUWKH2ZQHU¶V EHH[WHQGHGDSSURSULDWHO\DXWKRUL]HGUHSUHVHQWDWLYHˆ ˆ  †7KH2ZQHUVKDOOIXUQLVKWRWKH&RQWUDFWRUZLWKLQ † )ROORZLQJFRPPHQFHPHQWRIWKH:RUNDQGXSRQZULWWHQUHTXHVWE\WKH&RQWUDFWRUWKH2ZQHUVKDOOIXUQLVK ILIWHHQGD\VDIWHUUHFHLSWRIDZULWWHQUHTXHVWLQIRUPDWLRQ WRWKH&RQWUDFWRUUHDVRQDEOHHYLGHQFHWKDWWKH2ZQHUKDVPDGHILQDQFLDODUUDQJHPHQWVWRIXOILOOWKH2ZQHU¶V QHFHVVDU\DQGUHOHYDQWIRUWKH&RQWUDFWRUWRHYDOXDWHJLYH REOLJDWLRQVXQGHUWKH&RQWUDFWRQO\LI  WKH2ZQHUIDLOVWRPDNHSD\PHQWVWRWKH&RQWUDFWRUDVWKH&RQWUDFW QRWLFHRIRUHQIRUFHPHFKDQLF¶VOLHQULJKWV6XFK 'RFX PHQWVUHTXLUH  WKH&RQWUDFWRULGHQWLILHVLQZULWLQJDUHDVRQDEOHFRQFHUQUHJDUGLQJWKH2ZQHU¶VDELOLW\WR LQIRUPDWLRQVKDOOLQFOXGHDFRUUHFWVWDWHPHQWRIWKHUHFRUG PDNHSD\PHQWZKHQGXHRU  DFKDQJHLQWKH:RUNPDWHULDOO\FKDQJHVWKH&RQWUDFW6XP,IWKH2ZQHUIDLOVWR OHJDOWLWOHWRWKHSURSHUW\RQZKLFKWKH3URMHFWLVORFDWHG SURYLGHVXFKHYLGHQFHDVUHTXLUHGZLWKLQIRXUWHHQGD\VRIWKH&RQWUDFWRU¶VUHTXHVWWKH&RQWUDFWRUPD\ XVXDOO\UHIHUUHGWRDVWKHVLWHDQGWKH2ZQHU¶VLQWHUHVW LPPHGLDWHO\VWRSWKH:RUNDQGLQWKDWHYHQWVKDOOQRWLI\WKH2ZQHUWKDWWKH:RUNKDVVWRSSHG+RZHYHULIWKH WKHUHLQ UHTXHVWLVPDGHEHFDXVHDFKDQJHLQWKH:RUNPDWHULDOO\FKDQJHVWKH&RQWUDFW6XPXQGHU  DERYHWKH&RQWUDFWRU PD\LPPHGLDWHO\VWRSRQO\WKDWSRUWLRQRIWKH:RUNDIIHFWHGE\WKHFKDQJHXQWLOUHDVRQDEOHHYLGHQFHLVSURYLGHG,I WKH:RUNLVVWRSSHGXQGHUWKLV6HFWLRQWKH&RQWUDFW7LPHVKDOOEHH[WHQGHGDSSURSULDWHO\DQGWKH&RQWUDFW 6XPVKDOOEHLQFUHDVHGE\WKHDPRXQWRIWKH&RQWUDFWRU¶VUHDVRQDEOHFRVWVRIVKXWGRZQGHOD\DQGVWDUWXSSOXV LQWHUHVWDVSURYLGHGLQWKH&RQWUDFW'RFXPHQWV  † $IWHUWKH2ZQHUIXUQLVKHVHYLGHQFHRIILQDQFLDODUUDQJHPHQWVXQGHUWKLV6HFWLRQWKH2ZQHUVKDOOQRW PDWHULDOO\YDU\VXFKILQDQFLDODUUDQJHPHQWVZLWKRXWSULRUQRWLFHWRWKH&RQWUDFWRU  † :KHUHWKH2ZQHUKDVGHVLJQDWHGLQIRUPDWLRQIXUQLVKHGXQGHUWKLV6HFWLRQDV³FRQILGHQWLDO´WKH &RQWUDFWRUVKDOONHHSWKHLQIRUPDWLRQFRQILGHQWLDODQGVKDOOQRWGLVFORVHLWWRDQ\RWKHUSHUVRQ+RZHYHUWKH &RQWUDFWRUPD\GLVFORVH³FRQILGHQWLDO´LQIRUPDWLRQDIWHUVHYHQ YHG³7KH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV´³$PHULFDQ,QVWLWXWHRI$UFKLWHFWV´³$,$´WKH$,$/RJRDQG³$,$&RQW UDFW  'RFXPHQWV´DUHWUDGHPDUNVRI7KH$PHULFDQ,QVWLWXWHRI$UFKLWHFWV7KLVGUDIWZDVSURGXFHGDW(7RQXQGHU2UGHU 1RZKLFKH[SLUHVRQLVQRWIRUUHVDOHLVOLFHQVHGIRURQHWLPHXVHRQO\DQGPD\RQO\EHXVHGLQDFFRUGDQFHZLWK Š WKH$,$&RQWUDFW'RFXPHQWV7HUPVRI6HUYLFH7RUHSRUWFRS\ULJKWYLRODWLRQVHPDLOGRFLQIR#DLDFRQWUDFWVFRP 8VHU1RWHV       † ,IWKHHPSOR\PHQWRIWKH$UFKLWHFWWHUPLQDWHVWKH2ZQHUVKDOOHPSOR\DVXFFHVVRUWRZKRPWKH&RQWUDFWRU KDVQRUHDVRQDEOHREMHFWLRQDQGZKRVHVWDWXVXQGHUWKH&RQWUDFW'RFXPHQWVVKDOOEHWKDWRIWKH$UFKLWHFW  †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† 7KH2ZQHUVKDOOIXUQLVKLQIRUPDWLRQRUVHUYLFHVUHTXLUHGRIWKH2ZQHUE\WKH&RQWUDFW'RFXPHQWVZLWK UHDVRQDEOHSURPSWQHVV7KH2ZQHUVKDOODOVRIXUQLVKDQ\RWKHULQIRU PDWLRQRUVHUYLFHVXQGHUWKH2ZQHU¶VFRQWURO DQGUHOHYDQWWRWKH&RQWUDFWRU¶VSHUIRUPDQFHRIWKH:RUNZLWKUHDVRQDEOHSURPSWQHVVDIWHUUHFHLYLQJWKH &RQWUDFWRU¶VZULWWHQUHTXHVWIRUVXFKLQIRUPDWLRQRUVHUYLFHV  † 8QOHVVRWKHUZLVHSURYLGHGLQWKH&RQWUDFW'RFXPHQWVWKH2ZQHUVKDOOIXUQLVKWRWKH&RQWUDFWRURQHFRS\RI WKH&RQWUDFW'RFXPHQWVIRUSXUSRVHVRIPDNLQJUHSURGXFWLRQVSXUVXDQWWR6HFWLRQ,IDJUHHGXSRQEHWZHHQWKH &RPPHQWHG>-3@ 7KLVPHDQVHOHFWURQLFRUKDUGFRS\ 2ZQHUDQG&RQWUDFWRUHOHFWURQLFFRSLHVPD\EHGHHPHGWRVDWLVI\WKLVSURYLVLRQ FRUUHFWMXVWPDNLQJVXUHWKLVLVQ¶WWKHROGVFKRROSUDFWLFHRI  SURYLGLQJRQHKDUGFRS\VHWRISODQVWRWKHFRQWUDFWRU †2ZQHU·V5LJKWWR6WRSWKH:RUN &RPPHQWHG>0:UHSHDWHGO\IDLOVWRFDUU\RXW:RUNLQDFFRUGDQFHZLWKWKH&RQWUDFW'RFXPHQWVWKH &RPPHQWHG>-35@ /HW¶VMXVWFKDQJHWKMVWRRQH 2ZQHUPD\LVVXHDZULWWHQRUGHUWRWKH&RQWUDFWRUWRVWRSWKH:RUNRUDQ\SRUWLRQWKHUHRIXQWLOWKHFDXVHIRUVXFK HOHFWURQLFFRS\RIWKH&RQWUDFW'RFXPHQWV RUGHUKDVEHHQHOLPLQDWHGKRZHYHUWKHULJKWRIWKH2ZQHUWRVWRSWKH:RUNVKDOOQRWJLYHULVHWRDGXW\RQWKHSDUW RIWKH2ZQHUWRH[HUFLVHWKLVULJKWIRUWKHEHQHILWRIWKH&RQWUDFWRURUDQ\RWKHUSHUVRQRUHQWLW\H[FHSWWRWKHH[WHQW UHTXLUHGE\6HFWLRQ  †2ZQHU·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¶VH[SHQVHVDQGFRPSHQVDWLRQIRUWKH$UFKLWHFW¶VDGGLWLRQDOVHUYLFHV PDGHQHFHVVDU\E\VXFKGHIDXOWQHJOHFWRUIDLOXUH,IFXUUHQWDQGIXWXUHSD\PHQWVDUHQRWVXIILFLHQWWRFRYHUVXFK DPRXQWVWKH&RQWUDFWRUVKDOOSD\WKHGLIIHUHQFHWRWKH2ZQHU,IWKH&RQWUDFWRUGLVDJUHHVZLWKWKHDFWLRQVRIWKH 2ZQHURUWKH$UFKLWHFWRUWKHDPRXQWVFODLPHGDVFRVWVWRWKH2ZQHUWKH&RQWUDFWRUPD\ILOHD&ODLPSXUVXDQWWR $UWLFOH  $57,&/(&2175$&725 †*HQHUDO † 7KH&RQWUDFWRULVWKHSHUVRQRUHQWLW\LGHQWLILHGDVVXFKLQWKH$JUHHPHQWDQGLVUHIHUUHGWRWKURXJKRXWWKH &RQWUDFW'RFXPHQWVDVLIVLQJXODULQQXPEHU7KH&RQWUDFWRUVKDOOEHODZIXOO\OLFHQVHGLIUHTXLUHGLQWKH MXULVGLFWLRQZKHUHWKH3URMHFWLVORFDWHG7KH&RQWUDFWRUVKDOOGHVLJQDWHLQZULWLQJDUHSUHVHQWDWLYHZKRVKDOOKDYH H[SUHVVDXWKRULW\WRELQGWKH&RQWUDFWRUZLWKUHVSHFWWRDOOPDWWHUVXQGHUWKLV&RQWUDFW7KHWHUP³&RQWUDFWRU´PHDQV WKH&RQWUDFWRURUWKH&RQWUDFWRU¶VDXWKRUL]HGUHSUHVHQWDWLYH  † 7KH&RQWUDFWRUVKDOOSHUIRUPWKH:RUNLQDFFRUGDQFHZLWKWKH&RQWUDFW'RFXPHQWV  † 7KH&RQWUDFWRUVKDOOQRWEHUHOLHYHGRILWVREOLJDWLRQVWRSHUIRUPWKH:RUNLQDFFRUGDQFHZLWKWKH&RQWUDFW 'RFXPHQWVHLWKHUE\DFWLYLWLHVRUGXWLHVRIWKH$UFKLWHFWLQWKH$UFKLWHFW¶VDGPLQLVWUDWLRQRIWKH&RQWUDFWRUE\WHVWV LQVSHFWLRQVRUDSSURYDOVUHTXLUHGRUSHUIRUPHGE\SHUVRQVRUHQWLWLHVRWKHUWKDQWKH&RQWUDFWRU  †5HYLHZRI&RQWUDFW'RFXPHQWVDQG)LHOG&RQGLWLRQVE\&RQWUDFWRU † %\H[HFXWLQJWKH&RQWUDFWWKH&RQWUDFWRUUHSUHVHQWVWKDWWKH&RQWUDFWRUKDVUHYLHZHGDQGXQGHUVWDQGVWKH &RQWUDFW'RFXPHQWVKDVYLVLWHGWKH6LWHDQGLVIDPLOLDUZLWKORFDOFRQGLWLRQVXQGHUZKLFKWKH:RUNLVWREH  $,$'RFXPHQW$±  SHUIRUPHGKDVFRUUHODWHGSHUVRQDOREVHUYDWLRQVZLWKWKHUHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWVDQGKDVQRWLILHG WKH$UFKLWHFWRIDQGREWDLQHGFODULILFDWLRQRIDQ\GLVFUHSDQFLHVZKLFKKDYHEHFRPHDSSDUHQWGXULQJWKHELGGLQJRU SURSRVDOSHULRG 'HOHWHG ([HFXWLRQRIWKH&RQWUDFWE\WKH&RQWUDFWRULVD  UHSUHVHQWDWLRQWKDWWKH&RQWUDFWRUKDVYLVLWHGWKHVLWH EHFRPHJHQHUDOO\IDPLOLDUZLWKORFDOFRQGLWLRQVXQGHUZKLFK † %HFDXVHWKH&RQWUDFW'RFXPHQWVDUHFRPSOHPHQWDU\WKH&RQWUDFWRUVKDOOEHIRUHVWDUWLQJHDFKSRUWLRQRIWKH WKH:RUNLVWREHSHUIRUPHGDQGFRUUHODWHGSHUVRQDO :RUNFDUHIXOO\VWXG\DQGFRPSDUHWKHYDULRXV&RQWUDFW'RFXPHQWVUHODWLYHWRWKDWSRUWLRQRIWKH:RUNDVZHOODV REVHUYDWLRQVZLWKUHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWV WKHLQIRUPDWLRQIXUQLVKHGE\WKH2ZQHUSXUVXDQWWR6HFWLRQVKDOOWDNHILHOGPHDVXUHPHQWVRIDQ\H[LVWLQJ FRQGLWLRQVUHODWHGWRWKDWSRUWLRQRIWKH:RUNDQGVKDOOREVHUYHDQ\FRQGLWLRQVDWWKHVLWHDIIHFWLQJLW7KHVH REOLJDWLRQVDUHIRUWKHSXUSRVHRIIDFLOLWDWLQJFRRUGLQDWLRQDQGFRQVWUXFWLRQE\WKH&RQWUDFWRUDQGDUHQRWIRUWKH SXUSRVHRIGLVFRYHULQJHUURUVRPLVVLRQVRULQFRQVLVWHQFLHVLQWKH&RQWUDFW'RFXPHQWVKRZHYHUWKH&RQWUDFWRU VKDOOSURPSWO\UHSRUWWRWKH$UFKLWHFWDQ\HUURUVLQFRQVLVWHQFLHVRURPLVVLRQVGLVFRYHUHGE\RUPDGHNQRZQWRWKH &RQWUDFWRUDVDUHTXHVWIRULQIRUPDWLRQLQVXFKIRUPDVWKH$UFKLWHFWPD\UHTXLUH,WLVUHFRJQL]HGWKDWWKH &RQWUDFWRU¶VUHYLHZLVPDGHLQWKH&RQWUDFWRU¶VFDSDFLW\DVDFRQWUDFWRUDQGQRWDVDOLFHQVHGGHVLJQSURIHVVLRQDO XQOHVVRWKHUZLVHVSHFLILFDOO\SURYLGHGLQWKH&RQWUDFW'RFXPHQWV  † 7KH&RQWUDFWRULVQRWUHTXLUHGWRDVFHUWDLQWKDWWKH&RQWUDFW'RFXPHQWVDUHLQDFFRUGDQFHZLWKDSSOLFDEOH ODZVVWDWXWHVRUGLQDQFHVFRGHVUXOHVDQGUHJXODWLRQVRUODZIXORUGHUVRISXEOLFDXWKRULWLHVEXWWKH&RQWUDFWRU VKDOOSURPSWO\UHSRUWWRWKH$UFKLWHFWDQ\QRQFRQIRUPLW\GLVFRYHUHGE\RUPDGHNQRZQWRWKH&RQWUDFWRUDVD UHTXHVWIRULQIRUPDWLRQLQVXFKIRUPDVWKH$UFKLWHFWPD\UHTXLUH  † 7KH&RQWUDFWRUPXVWPDNHIUHTXHQWLQVSHFWLRQVGXULQJWKHSURJUHVVRIWKH:RUNWRFRQILUPWKDW:RUN SUHYLRXVO\SHUIRUPHGE\WKH6XEFRQWUDFWRUVLVLQFRPSOLDQFHZLWKWKH&RQWUDFW'RFXPHQWVDQGDSSOLFDEOHODZVDQG UHJXODWLRQVEHDULQJRQWKHSHUIRUPDQFHRIWKH:RUNDQGWKDWSRUWLRQRI:RUNSUHYLRXVO\SHUIRUPHGE\WKH 6XEFRQWUDFWRUVRUE\RWKHUVDUHLQSURSHUFRQGLWLRQWRUHFHLYHVXEVHTXHQW:RUN  † ,IWKH&RQWUDFWRUEHOLHYHVWKDWDQ\SRUWLRQVRIWKH&RQWUDFW'RFXPHQWVGRQRWFRPSO\ZLWKDSSOLFDEOHODZV VWDWXWHVRUGLQDQFHVEXLOGLQJFRGHVDQGUXOHVDQGUHJXODWLRQVRUDQ\RUGHUVE\FRGHHQIRUFHPHQWRIILFLDOVRUWKH 2ZQHURULWVGHVLJQHHVDFWLQJLQWKHFDSDFLW\RIEXLOGLQJFRGHLQVSHFWRUVWKH&RQWUDFWRUPXVWSURPSWO\QRWLI\WKH $UFKLWHFWRIWKHQRQFRPSOLDQFHDQGUHTXHVWGLUHFWLRQEHIRUHSURFHHGLQJZLWKWKHDIIHFWHG:RUN   † ,IWKH6XEFRQWUDFWRUVSHUIRUPDQ\:RUNLQYROYLQJDQDSSDUHQWHUURULQFRQVLVWHQF\DPELJXLW\FRQVWUXFWLRQ LPSUDFWLFDOLW\RPLVVLRQRUFRGHYLRODWLRQLQWKH&RQWUDFW'RFXPHQWVRIZKLFKWKH&RQWUDFWRULVDZDUHRUZKLFK FRXOGUHDVRQDEO\KDYHEHHQGLVFRYHUHGE\WKHUHYLHZUHTXLUHGE\6HFWLRQZLWKRXWSURPSWZULWWHQQRWLFHWRWKH 2ZQHUDQGWKH$UFKLWHFWDQGUHTXHVWIRUFRUUHFWLRQFODULILFDWLRQRUDGGLWLRQDOLQIRUPDWLRQDVDSSURSULDWHWKH 6XEFRQWUDFWRUVGRVRDWWKHLURZQULVNDQGH[SHQVHDQGDOOFODLPVUHODWLQJWKHUHDIWHUDUHVSHFLILFDOO\ZDLYHG   †EOLJDWLRQV,IWKH&RQWUDFWRUSHUIRUPVWKRVHREOLJDWLRQVWKH&RQWUDFWRUVKDOOQRWEH 'HOHWHG RU OLDEOHWRWKH2ZQHURU$UFKLWHFWIRUGDPDJHVUHVXOWLQJIURPHUURUVLQFRQVLVWHQFLHVRURPLVVLRQVLQWKH&RQWUDFW 'HOHWHG VXEMHFWWR6HFWLRQ  VKDOOHYDOXDWHWKHSURSRVHGDOWHUQDWLYHVROHO\IRUFRQIRUPDQFHZLWKWKHGHVLJQLQWHQWIRUWKHFRPSOHWHGFRQVWUXFWLRQ 8QOHVVWKH$UFKLWHFWREMHFWVWRWKH&RQWUDFWRU¶VSURSRVHGDOWHUQDWLYHWKH&RQWUDFWRUVKDOOSHUIRUPWKH:RUNXVLQJ LWVDOWHUQDWLYHPHDQVPHWKRGVWHFKQLTXHVVHTXHQFHVRUSURFHGXUHV  † 7KH&RQWUDFWRUVKDOOEHUHVSRQVLEOHWRWKH2ZQHUIRUDFWVDQGRPLVVLRQVRIWKH&RQWUDFWRU¶VHPSOR\HHV 6XEFRQWUDFWRUVDQGWKHLUDJHQWVDQGHPSOR\HHVDQGRWKHUSHUVRQVRUHQWLWLHVSHUIRUPLQJSRUWLRQVRIWKH:RUNIRURU RQEHKDOIRIWKH&RQWUDFWRURUDQ\RILWV6XEFRQWUDFWRUV  † 7KH&RQWUDFWRUVKDOOEHUHVSRQVLEOHIRULQVSHFWLRQRISRUWLRQVRI:RUNDOUHDG\SHUIRUPHGWRGHWHUPLQHWKDW VXFKSRUWLRQVDUHLQSURSHUFRQGLWLRQWRUHFHLYHVXEVHTXHQW:RUN  †/DERUDQG0DWHULDOV † 8QOHVVRWKHUZLVHSURYLGHGLQWKH&RQWUDFW'RFXPHQWVWKH&RQWUDFWRUVKDOOSURYLGHDQGSD\IRUODERU PDWHULDOVHTXLSPHQWWRROVFRQVWUXFWLRQHTXLSPHQWDQGPDFKLQHU\ZDWHUKHDWXWLOLWLHVWUDQVSRUWDWLRQDQGRWKHU IDFLOLWLHVDQGVHUYLFHVQHFHVVDU\IRUSURSHUH[HFXWLRQDQGFRPSOHWLRQRIWKH:RUNZKHWKHUWHPSRUDU\RUSHUPDQHQW DQGZKHWKHURUQRWLQFRUSRUDWHGRUWREHLQFRUSRUDWHGLQWKH:RUN  † ([FHSWLQWKHFDVHRIPLQRUFKDQJHVLQWKH:RUNDSSURYHGE\WKH$UFKLWHFWLQDFFRUGDQFHZLWK 6HFWLRQRURUGHUHGE\WKH$UFKLWHFWLQDFFRUGDQFHZLWK6HFWLRQWZLOOEHRIJRRGTXDOLW\DQGQHZXQOHVVWKH&RQWUDFW'RFXPHQWVUHTXLUHRUSHUPLWRWKHUZLVH7KH &RQWUDFWRUIXUWKHUZDUUDQWVWKDWWKH:RUNZLOOFRQIRUPWRWKHUHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWVDQGZLOOEH IUHHIURPGHIHFWVH[FHSWIRUWKRVHLQKHUHQWLQWKHTXDOLW\RIWKH:RUNWKH&RQWUDFW'RFXPHQWVUHTXLUHRUSHUPLW :RUNPDWHULDOVRUHTXLSPHQWQRWFRQIRU PLQJWRWKHVHUHTXLUHPHQWVPD\EHFRQVLGHUHGGHIHFWLYH7KH&RQWUDFWRU¶V ZDUUDQW\H[FOXGHVUHPHG\IRUGDPDJHRUGHIHFWFDXVHGE\DEXVHDOWHUDWLRQVWRWKH:RUNQRWH[HFXWHGE\WKH &RQWUDFWRULPSURSHURULQVXIILFLHQWPDLQWHQDQFHLPSURSHURSHUDWLRQRUQRUPDOZHDUDQGWHDUDQGQRUPDOXVDJH,I UHTXLUHGE\WKH$UFKLWHFWWKH&RQWUDFWRUVKDOOIXUQLVKVDWLVIDFWRU\HYLGHQFHDVWRWKHNLQGDQGTXDOLW\RIPDWHULDOV DQGHTXLSPHQW  † $OOPDWHULDOHTXLSPHQWRURWKHUVSHFLDOZDUUDQWLHVUHTXLUHGE\WKH&RQWUDFW'RFXPHQWVVKDOOEHLVVXHGLQ WKHQDPHRIWKH2ZQHURUVKDOOEHWUDQVIHUDEOHWRWKH2ZQHUDQGVKDOOFRPPHQFHLQDFFRUGDQFHZLWK6HFWLRQ  † 7KH&RQWUDFWRU¶VJHQHUDOZDUUDQW\DQGDQ\DGGLWLRQDORUVSHFLDOZDUUDQWLHVDUHQRWOLPLWHGE\WKH &RQWUDFWRU¶VREOLJDWLRQVWRUHTXLUHWKH6XEFRQWUDFWRUVWRFRUUHFWGHIHFWLYHRUQRQFRQIRUPLQJ:RUNDVSURYLGHGLQ $UWLFOHQRUDUHWKH\OLPLWHGE\DQ\RWKHUUHPHGLHVSURYLGHGLQWKH&RQWUDFW'RFXPHQWV7KH&RQWUDFWRUVKDOO DOVREHOLDEOHIRUDQ\GDPDJHWRSURSHUW\RUSHUVRQV LQFOXGLQJGHDWK LQFOXGLQJFRQVHTXHQWLDODQGGLUHFWGDPDJHVWR 2ZQHUUHODWLQJWRDQ\EUHDFKRIWKH&RQWUDFWRU¶VJHQHUDOZDUUDQW\RUDQ\DGGLWLRQDORUVSHFLDOZ DUUDQWLHVXQGHUWKH &RQWUDFW'RFXPHQWV  † 7KH&RQWUDFWRUPXVWIXUQLVKDOOVSHFLDOZDUUDQWLHVXQGHUWKH&RQWUDFW'RFXPHQWVWRWKH2ZQHUQRODWHUWKDQ 6XEVWDQWLDO&RPSOHWLRQ7KH2ZQHUPD\UHTXLUHDGGLWLRQDOVSHFLDOZDUUDQWLHVLQFRQQHFWLRQZLWKWKHDSSURYDORI ³2U(TXDOV´RU6XEVWLWXWLRQV$OORZDQFHLWHPV:RUNWKDWLVGHIHFWLYHRUQRQFRQIRUPLQJRUWKHDFFHSWDQFHRI QRQFRQIRUPLQJ:RUNSXUVXDQWWR$UWLFOH   †7D[HV 7KH&RQWUDFWRUVKDOOSD\VDOHVFRQVXPHUXVHDQGVLPLODUWD[HVIRUWKH:RUNSURYLGHGE\WKH&RQWUDFWRUWKDWDUH OHJDOO\HQDFWHGZKHQELGVDUHUHFHLYHGRUQHJRWLDWLRQVFRQFOXGHGZKHWKHURUQRW\HWHIIHFWLYHRUPHUHO\VFKHGXOHG WRJRLQWRHIIHFW  $,$'RFXPHQW$±   †HVWKDWWKHFRQGLWLRQVDWWKHVLWHDUHQRWPDWHULDOO\GLIIHUHQWIURP WKRVHLQGLFDWHGLQWKH&RQWUDFW'RFXPHQWVDQGWKDWQRFKDQJHLQWKHWHUPVRIWKH&RQWUDFWLVMXVWLILHGWKH$UFKLWHFW VKDOOSURPSWO\QRWLI\WKH2ZQHUDQG&RQWUDFWRUVWDWLQJWKHUHDVRQV,IHLWKHUSDUW\GLVSXWHVWKH$UFKLWHFW¶V GHWHUPLQDWLRQRUUHFRPPHQGDWLRQWKDWSDUW\PD\VXEPLWD&ODLPDVSURYLGHGLQ$UWLFOH  †  †6XSHULQWHQGHQW † 7KH&RQWUDFWRUVKDOOHPSOR\DFRPSHWHQWVXSHULQWHQGHQWDQGQHFHVVDU\DVVLVWDQWVZKRVKDOOEHLQDWWHQGDQFH DWWKH3URMHFWVLWHGXULQJSHUIRUPDQFHRIWKH:RUN7KHVXSHULQWHQGHQWVKDOOUHSUHVHQWWKH&RQWUDFWRUDQG FRPPXQLFDWLRQVJLYHQWRWKHVXSHULQWHQGHQWVKDOOEHDVELQGLQJDVLIJLYHQWRWKH&RQWUDFWRU7KH6XSHULQWHQGHQW PXVWSURYLGHKLVRUKHUHPDLODGGUHVVDQGFHOOSKRQHQXPEHUWR2ZQHUDQG$UFKLWHFWDQGPXVWEHDYDLODEOHWREH FRQWDFWHGGXULQJDOOEXVLQHVVKRXUVDQGRXWVLGHRIEXVLQHVVKRXUVLQWKHHYHQWRIDQHPHUJHQF\  † 7KH&RQWUDFWRUDVVRRQDVSUDFWLFDEOHDIWHUDZDUGRIWKH&RQWUDFWVKDOOQRWLI\WKH2ZQHUDQG$UFKLWHFWRI WKHQDPHDQGTXDOLILFDWLRQVRIDSURSRVHGVXSHULQWHQGHQW:LWKLQGD\VRIUHFHLSWRIWKHLQIRUPDWLRQWKH$UFKLWHFW PD\QRWLI\WKH&RQWUDFWRUVWDWLQJZKHWKHUWKH2ZQHURUWKH$UFKLWHFW  KDVUHDVRQDEOHREMHFWLRQWRWKHSURSRVHG VXSHULQWHQGHQWRU  UHTXLUHVDGGLWLRQDOWLPHIRUUHYLHZ)DLOXUHRIWKH$UFKLWHFWWRSURYLGHQRWLFHZLWKLQWKHGD\ &RPPHQWHG>-3@ 'RZHQHHGWRVSHOORXWZKDWLWHPV SHULRGVKDOOFRQVWLWXWHQRWLFHRIQRUHDVRQDEOHREMHFWLRQ FRQVWLWXWHDUHDVRQDEOHREMHFWLRQ"  † 7KH&RQWUDFWRUVKDOOQRWHPSOR\DSURSRVHGVXSHULQWHQGHQWWRZKRPWKH2ZQHURU$UFKLWHFWKDVPDGH UHDVRQDEOHDQGWLPHO\REMHFWLRQ7KH&RQWUDFWRUVKDOOQRWFKDQJHWKHVXSHULQWHQGHQWZLWKRXWWKH2ZQHU¶VFRQVHQW ZKLFKVKDOOQRWXQUHDVRQDEO\EHZLWKKHOGRUGHOD\HG  †&RQWUDFWRU·V&RQVWUXFWLRQDQG6XEPLWWDO6FKHGXOHV † 7KH&RQWUDFWRUSURPSWO\DIWHUEHLQJDZDUGHGWKH&RQWUDFWVKDOOVXEPLWIRUWKH2ZQHU¶VDQG$UFKLWHFW¶V LQIRUPDWLRQD&RQWUDFWRU¶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† 7KH&RQWUDFWRUSURPSWO\DIWHUEHLQJDZDUGHGWKH&RQWUDFWDQGWKHUHDIWHUDVQHFHVVDU\WRPDLQWDLQDFXUUHQW VXEPLWWDOVFKHGXOHZLWKLQWHQ  GD\VRIH[HFXWLRQRIWKH&RQWUDFWVKDOOVXEPLWDVXEPLWWDOVFKHGXOHIRUWKH 2ZQHU¶VDQG$UFKLWHFW¶VDSSURYDO7KH2ZQHU¶VDQG$UFKLWHFW¶VDSSURYDOVKDOOQRWEHXQUHDVRQDEO\GHOD\HGRU ZLWKKHOG7KHVXEPLWWDOV FKHGXOHVKDOO  EHFRRUGLQDWHGZLWKWKH&RQWUDFWRU¶VFRQVWUXFWLRQVFKHGXOHDQG  DOORZ WKH$UFKLWHFWUHDVRQDEOHWLPHWRUHYLHZVXEPLWWDOV,IWKH&RQWUDFWRUIDLOVWRVXEPLWDVXEPLWWDOVFKHGXOHRUIDLOVWR SURYLGH$VXEPLWWDOVLQDFFRUGDQFHZLWKWKHDSSURYHGVXEPLWWDOVFKHGXOHWKH&RQWUDFWRUVKDOOQRWEHHQWLWOHGWRDQ\ &RPPHQWHG>-3@ $UFKLWHFWUHDVRQDEOHWLPH« LQFUHDVHLQ&RQWUDFW6XPRUH[WHQVLRQRI&RQWUDFW7LPHEDVHGRQWKHWLPHUHTXLUHGIRUUHYLHZRIVXEPLWWDOV EXVLQHVVGD\VVWDQGDUGIRUKLJKSULRULW\VXEPLWWDOV  &RPPHQWHG>-35@ ,IZHGHILQHLWKHUHPDNHVXUHLW † 7KH&RQWUDFWRUVKDOOSHUIRUPWKH:RUNLQJHQHUDODFFRUGDQFHZLWKWKHPRVWUHFHQWVFKHGXOHVVXEPLWWHGWR LVWUDQVIHUUHGWR%WRPDWFK WKH2ZQHUDQG$UFKLWHFW &RPPHQWHG>-35@  «VXEPLWWDOV7KH$UFKLWHFW VKDOODSSURYHVXEPLWWDOVLQZRUNLQJGD\VXQOHVVLQGLFDWHG †'RFXPHQWVDQG6DPSOHVDWWKH6LWH RWKHUZLVHLQZULWLQJDQGDJUHHGXSRQE\WKH2ZQHU 7KH&RQWUDFWRUVKDOOPDNHDYDLODEOHDWWKH3URMHFWVLWHWKH&RQWUDFW'RFXPHQWVLQFOXGLQJ&KDQJH2UGHUV &RQVWUXFWLRQ&KDQJH'LUHFWLYHVDQGRWKHU0RGLILFDWLRQVLQJRRGRUGHUDQGPDUNHGFXUUHQWO\WRLQGLFDWHILHOG &RPPHQWHG>-3ZLWK Š WKH$,$&RQWUDFW'RFXPHQWV7HUPVRI6HUYLFH7RUHSRUWFRS\ULJKWYLRODWLRQVHPDLOGRFLQIR#DLDFRQWUDFWVFRP 8VHU1RWHV      † 6KRS'UDZLQJV3URGXFW'DWD6DPSOHVDQGVLPLODUVXEPLWWDOVDUHQRW&RQWUDFW'RFXPHQWV7KHLUSXUSRVH LVWRGHPRQVWUDWHKRZWKH&RQWUDFWRUSURSRVHVWRFRQIRUPWRWKHLQIRUPDWLRQJLYHQDQGWKHGHVLJQFRQFHSWH[SUHVVHG LQWKH&RQWUDFW'RFXPHQWVIRUWKRVHSRUWLRQVRIWKH:RUNIRUZKLFKWKH&RQWUDFW'RFXPHQWVUHTXLUHVXEPLWWDOV 5HYLHZE\WKH$UFKLWHFWLVVXEMHFWWRWKHOLPLWDWLRQVRI6HFWLRQRUUHFWDWLWVFRVWDQGZLWKRXWDQ\DGMXVWPHQWLQ&RQWUDFW7LPH DQ\:RUNWKHFRUUHFWLRQRIZKLFKLVUHTXLUHGGXHWRWKH&RQWUDFWRU¶VIDLOXUHWRREWDLQDSSURYDORIDVXEPLWWDO UHTXLUHGWRKDYHEHHQREWDLQHGSULRUWRSURFHHGLQJZLWKWKH:RUNLQFOXGLQJEXWQRWOLPLWHGWRFRUUHFWLRQRIDQ\ FRQIOLFWVLQWKH:RUNUHVXOWLQJIURPVXFKIDLOXUH  † 7KH:RUNVKDOOEHLQDFFRUGDQFHZLWKDSSURYHGVXEPLWWDOVH[FHSWWKDWWKH&RQWUDFWRUVKDOOQRWEHUHOLHYHG &RPPHQWHG>-3@ 7KLVODQJXDJHLVUHDOO\DUFKLWHFW RIUHVSRQVLELOLW\IRUGHYLDWLRQVIURPWKHUHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWVE\WKH$UFKLWHFW¶VDSSURYDORI IDYRUDEOHRQVXEPLWWDOV«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¶VDSSURYDOWKHUHRI &RPPHQWHG>-35@ 2.  † 7KH&RQWUDFWRUVKDOOGLUHFWVSHFLILFDWWHQWLRQLQZULWLQJRURQUHVXEPLWWHG6KRS'UDZLQJV3URGXFW'DWD 6DPSOHVRUVLPLODUVXEPLWWDOVWRUHYLVLRQVRWKHUWKDQWKRVHUHTXHVWHGE\WKH$UFKLWHFWRQSUHYLRXVVXEPLWWDOV,QWKH DEVHQFHRIVXFKQRWLFHWKH$UFKLWHFW¶VDSSURYDORIDUHVXEPLVVLRQVKDOOQRWDSSO\WRVXFKUHYLVLRQV  † 7KH&RQWUDFWRUVKDOOQRWEHUHTXLUHGWRSURYLGHSURIHVVLRQDOVHUYLFHVWKDWFRQVWLWXWHWKHSUDFWLFHRI DUFKLWHFWXUHRUHQJLQHHULQJXQOHVVVXFKVHUYLFHVDUHVSHFLILFDOO\UHTXLUHGE\WKH&RQWUDFW'RFXPHQWVIRUDSRUWLRQRI WKH:RUNRUXQOHVVWKH&RQWUDFWRUQHHGVWRSURYLGHVXFKVHUYLFHVLQRUGHUWRFDUU\RXWWKH&RQWUDFWRU¶V UHVSRQVLELOLWLHVIRUFRQVWUXFWLRQPHDQVPHWKRGVWHFKQLTXHVVHTXHQFHVDQGSURFHGXUHV7KH&RQWUDFWRUVKDOOQRWEH UHTXLUHGWRSURYLGHSURIHVVLRQDOVHUYLFHVLQYLRODWLRQRIDSSOLFDEOHODZ  †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¶WWKDWLQWKH$([KLELW :RUNGHVLJQHGRUFHUWLILHGE\VXFKSURIHVVLRQDOLISUHSDUHGE\RWKHUVVKDOOEHDUVXFKSURIHVVLRQDO¶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±  DSSURSULDWHDFWLRQRQVXEPLWWDOVRQO\IRUWKHOLPLWHGSXUSRVHRIFKHFNLQJIRUFRQIRUPDQFHZLWKLQIRUPDWLRQJLYHQ DQGWKHGHVLJQFRQFHSWH[SUHVVHGLQWKH&RQWUDFW'RFXPHQWV  † ,IWKH&RQWUDFW'RFXPHQWVUHTXLUHWKH&RQWUDFWRU¶VGHVLJQSURIHVVLRQDOWRFHUWLI\WKDWWKH:RUNKDVEHHQ SHUIRUPHGLQDFFRUGDQFHZLWKWKHGHVLJQFULWHULDWKH&RQWUDFWRUVKDOOIXUQLVKVXFKFHUWLILFDWLRQVWRWKH$UFKLWHFWDW WKHWLPHDQGLQWKHIRUPVSHFLILHGE\WKH$UFKLWHFW  †8VHRI6LWH † 7KH&RQWUDFWRUVKDOOFRQILQHRSHUDWLRQVDWWKHVLWHWRDUHDVSHUPLWWHGE\DSSOLFDEOHODZVVWDWXWHV RUGLQDQFHVFRGHVUXOHVDQGUHJXODWLRQVODZIXORUGHUVRISXEOLFDXWKRULWLHVDQGWKH&RQWUDFW'RFXPHQWVDQGVKDOO QRWXQUHDVRQDEO\HQFXPEHUWKHVLWHZLWKPDWHULDOVRUHTXLSPHQW  † 7KH&RQWUDFWRUVKDOOFRRUGLQDWHWKH&RQWUDFWRU¶VRSHUDWLRQVZLWKDQGVHFXUHWKHDSSURYDORIWKH2ZQHUDQG $UFKLWHFWEHIRUHXVLQJDQ\SRUWLRQRIWKHVLWH &RPPHQWHG>-3@ $UFKLWHFWRU2ZQHUDSSURYDO"  †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†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†&OHDQLQJ8S †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¶WRROVFRQVWUXFWLR QHTXLSPHQWPDFKLQHU\DQGVXUSOXVPDWHULDOVIURPDQG DERXWWKH3URMHFW 'HOHWHG 7KH&RQWUDFWRUVKDOONHHSWKHSUHPLVHVDQG  VXUURXQGLQJDUHDIUHHIURPDFFXPXODWLRQRIZDVWHPDWHULDOV DQGUXEELVKFDXVHGE\RSHUDWLRQVXQGHUWKH&RQWUDFW$W † ,IWKH&RQWUDFWRUIDLOVWRFOHDQXSDVSURYLGHGLQWKH&RQWUDFW'RFXPHQWVWKH2ZQHUPD\GRVRDQGWKH FRPSOHWLRQRIWKH:RUNWKH&RQWUDFWRUVKDOOUHPRYHZDVWH 2ZQHUVKDOOEHHQWLWOHGWRUHLPEXUVHPHQWIURPWKH&RQWUDFWRU PDWHULDOVUXEELVKWKH&RQWUDFWRU¶VWRROVFRQVWUXFWLRQ  HTXLSPHQWPDFKLQHU\DQGVXUSOXVPDWHULDOVIURPDQGDERXW †$FFHVVWR:RUN WKH3URMHFW 7KH&RQWUDFWRUVKDOOSURYLGHWKH2ZQHUDQG$UFKLWHFWZLWKDFFHVVWRWKH:RUNLQSUHSDUDWLRQDQGSURJUHVVZKHUHYHU ORFDWHG  †WHV      'UDZLQJV6SHFLILFDWLRQVRURWKHUGRFXPHQWVSUHSDUHGE\WKH2ZQHURU$UFKLWHFW+RZHYHULIDQLQIULQJHPHQWRID FRS\ULJKWRUSDWHQWLVGLVFRYHUHGE\RUPDGHNQRZQWRWKH&RQWUDFWRUWKH&RQWUDFWRUVKDOOEHUHVSRQVLEOHIRUWKH ORVVXQOHVVWKHLQIRUPDWLRQLVSURPSWO\IXUQLVKHGWRWKH$UFKLWHFW  †,QGHPQLILFDWLRQ † 7RWKHIXOOHVWH[WHQWSHUPLWWHGE\ODZWKH&RQWUDFWRUVKDOOLQGHPQLI\GHIHQGDQGKROGKDUPOHVVWKH 2ZQHU$UFKLWHFW$UFKLWHFW¶VFRQVXOWDQWVDQGDJHQWVDQGHPSOR\HHVRIDQ\RIWKHPIURPDQGDJDLQVWFODLPV GDPDJHVORV VHVDQGH[SHQVHVLQFOXGLQJEXWQRWOLPLWHGWRDWWRUQH\V¶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† ,QFODLPVDJDLQVWDQ\SHUVRQRUHQWLW\LQGHPQLILHGXQGHUWKLV6HFWLRQE\DQHPSOR\HHRIWKH &RQWUDFWRUD6XEFRQWUDFWRUDQ\RQHGLUHFWO\RULQGLUHFWO\HPSOR\HGE\WKHPRUDQ\RQHIRUZKRVHDFWVWKH\PD\EH OLDEOHWKHLQGHPQLILFDWLRQREOLJDWLRQXQGHU6HFWLRQVKDOOQRWEHOLPLWHGE\DOLPLWDWLRQRQDPRXQWRUW\SHRI GDPDJHVFRPSHQVDWLRQRUEHQHILWVSD\DEOHE\RUIRUWKH&RQWUDFWRURUD6XEFRQWUDFWRUXQGHUZRUNHUV¶ FRPSHQVDWLRQDFWVGLVDELOLW\EHQHILWDFWVRURWKHUHPSOR\HHEHQHILWDFWV  †3UHYDLOLQJ:DJH &RPPHQWHG>:0(@ ,QFOXGHIRUSURMHFWVWKDWXVHVWDWH &RQWUDFWRUDJUHHVWKDWDOOODERUHUVRUPHFKDQLFVZRUNLQJRQWKH3URMHFWVKDOOUHFHLYHDWOHDVWWKHSUHYDLOLQJZDJHUDWH IXQGLQJ [[939,1460,1012,1496][7][,I,][Times New Roman]]HWVHT LQDFFRUGDQFHZLWK0LQQHVRWD6WDWXWHV6HFWLRQWHQWSURYLGHGLQWKH&RQWUDFW 'RFXPHQWV  †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†&RPPXQLFDWLRQV 7KH2ZQHUDQG&RQWUDFWRUVKDOOLQFOXGHWKH$UFKLWHFWLQDOOFRPPXQLFDWLRQVWKDWUHODWHWRRUDIIHFWWKH$UFKLWHFW¶V VHUYLFHVRUSURIHVVLRQDOUHVSRQVLELOLWLHV7KH2ZQHUVKDOOSURPSWO\QRWLI\WKH$UFKLWHFWRIWKHVXEVWDQFHRIDQ\ GLUHFWFRPPXQLFDWLRQVEHWZHHQWKH2ZQHUDQGWKH&RQWUDFWRURWKHUZLVHUHODWLQJWRWKH3URMHFW&RPPXQLFDWLRQVE\ DQGZLWKWKH$UFKLWHFW¶VFRQVXOWDQWVVKDOOEHWKURXJKWKH$UFKLWHFW&RPPXQLFDWLRQVE\DQGZLWK6XEFRQWUDFWRUVDQG VXSSOLHUVVKDOOEHWKURXJKWKH&RQWUDFWRU&RPPXQLFDWLRQVE\DQGZLWK6HSDUDWH&RQWUDFWRUVVKDOOEHWKURXJKWKH 2ZQHU7KH&RQWUDFW'RFXPHQWVPD\VSHFLI\RWKHUFRPPXQLFDWLRQSURWRFROV  † %DVHGRQWKH$UFKLWHFW¶VHYDOXDWLRQVRIWKH&RQWUDFWRU¶V$SSOLFDWLRQVIRU3D\PHQWWKH$UFKLWHFWZLO OUHYLHZ DQGFHUWLI\WKHDPRXQWVGXHWKH&RQWUDFWRUDQGZLOOLVVXH&HUWLILFDWHVIRU3D\PHQWLQVXFKDPRXQWV  †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†U¶VVXEPLWWDOV VXFKDV6KRS'UDZLQJV3URGXFW'DWDDQG6DPSOHVEXWRQO\IRUWKHOLPLWHGSXUSRVHRIFKHFNLQJIRUFRQIRUPDQFH ZLWKLQ IRUPDWLRQJLYHQDQGWKHGHVLJQFRQFHSWH[SUHVVHGLQWKH&RQWUDFW'RFXPHQWV7KH$UFKLWHFW¶VDFWLRQZLOOEH WDNHQLQDFFRUGDQFHZLWKWKHVXEPLWWDOVFKHGXOHDSSURYHGE\WKH$UFKLWHFWRULQWKHDEVHQFHRIDQDSSURYHG VXEPLWWDOVFKHGXOHZLWKUHDVRQDEOHSURPS WQHVVZKLOHDOORZLQJVXIILFLHQWWLPHLQWKH$UFKLWHFW¶VSURIHVVLRQDO MXGJPHQWWRSHUPLWDGHTXDWHUHYLHZ5HYLHZRIVXFKVXEPLWWDOVLVQRWFRQGXFWHGIRUWKHSXUSRVHRIGHWHUPLQLQJWKH &RPPHQWHG>-3@ GD\VXQOHVVDUFKLWHFWUHTXHVWV DFFXUDF\DQGFRPSOHWHQHVVRIRWKHUGHWDLOVVXFKDVGLPHQVLRQVDQGTXDQWLWLHVRUIRUVXEVWDQWLDWLQJLQVWUXFWLRQVIRU PRUHWLPHDWWKHRQVHWRIWKHSURMHFW LQVWDOODWLRQRUSHUIRUPDQFHRIHTXLSPHQWRUV\VWHPVDOORIZKLFKUHPDLQWKHUHVSRQVLELOLW\RIWKH&RQWUDFWRUDV &RPPHQWHG>-35@ RULQWKHDEVFHQVHRID UHTXLUHGE\WKH&RQWUDFW'RFXPHQWV7KH$UFKLWHFW¶VUHYLHZRIWKH&RQWUDFWRU¶VVXEPLWWD OVVKDOOQRWUHOLHYHWKH VXEPLWWDOVFKHGXOHZLWKLQZRUNLQJGD\VXQOHVVDGGLWLRQDO &RQWUDFWRURIWKHREOLJDWLRQVXQGHU6HFWLRQVDQG7KH$UFKLWHFW¶VUHYLHZVKDOOQRWFRQVWLWXWHDSSURYDO WLPHLVUHTXHVWHGLQZULWLQJIURPWKH2ZQHU RIVDIHW\SUHFDXWLRQVRURIDQ\FRQVWUXFWLRQPHDQVPHWKRGVWHFKQLTXHVVHTXHQFHVRUSURFHGXUHV7KH$UFKLWHFW¶V &RPPHQWHG>-35@ 0LFKHOOHWRSXWLQDUFKLWHFW DSSURYDORIDVSHFLILFLWHPVKDOOQRWLQGLFDWHDSSURYDORIDQDVVHPEO\RIZKLFKWKHLWHPLVDFRPSRQHQW DJUHHPHQWRQO\  † 7KH$UFKLWHFWZLOOSUHSDUH&KDQJH2UGHUVDQG&RQVWUXFWLRQ&KDQJH'LUHFWLYHVDQGPD\RUGHUPLQRU &RPPHQWHG>-3@ 7KLVOLQHKHUHUHOLHYHVWKHDUFKLWHFW FKDQJHVLQWKH:RUNDVSURYLGHGLQ6HFWLRQWRUWRFRPSOHWHWKHZRUNDFFRUGLQJWRWKHVXEPLWWDO  UHYLHZVXQOHVV,PLVVHGVRPHWKLQJ6KRXOGQ¶WEHDEOHWR KDYHLWERWKZD\V † 7KH$UFKLWHFWZLOOFRQGXFWLQVSHFWLRQVWRGHWHUPLQHWKHGDWHRUGDWHVRI6XEVWDQWLDO&RPSOHWLRQDQGWKHGDWH RIILQDOFRPSOHWLRQLVVXH&HUWLILFDWHVRI6XEVWDQWLDO&RPSOHWLRQSXUVXDQWWR6HFWLRQUHFHLYHDQGIRUZDUGWRWKH 2ZQHUIRUWKH2ZQHU¶VUHYLH ZDQGUHFRUGVZULWWHQZDUUDQWLHVDQGUHODWHGGRFXPHQWVUHTXLUHGE\WKH&RQWUDFWDQG DVVHPEOHGE\WKH&RQWUDFWRUSXUVXDQWWR6HFWLRQDQGLVVXHDILQDO&HUWLILFDWHIRU3D\PHQWSXUVXDQWWR 6HFWLRQ  † ,IWKH2ZQHUDQG$UFKLWHFWDJUHHWKH$UFKLWHFWZLOOSURYLGHRQHRUPRUH3URMHFWUHSUHVHQWDWLYHVWRDVVLVWLQ FDUU\LQJRXWWKH$UFKLWHFW¶VUHVSRQVLELOLWLHVDWWKHVLWH7KH2ZQHUVKDOOQRWLI\WKH&RQWUDFWRURIDQ\FKDQJHLQWKH &RPPHQWHG>-3@ 6KRXOGQ¶WWKLVEHWKHDUFKLW HFW GXWLHVUHVSRQVLELOLWLHVDQGOLPLWDWLRQVRIDXWKRULW\RIWKH3URMHFWUHSUHVHQWDWLYHV UHSUHVHQDWDWLYHOLVWHGLQWKHDJUHHPHQWRULVLW2.IRULWWREH  VRPHRQHHOVHGHFLVLRQSRLQW † 7KH$UFKLWHFWZLOOLQWHUSUHWDQGGHFLGHPDWWHUVFRQFHUQLQJSHUIRUPDQFHXQGHUDQGUHTXLUHPHQWVRIWKH &RQWUDFW'RFXPHQWVRQZULWWHQUHTXHVWRIHLWKHUWKH2ZQHURU&RQWUDFWRU7KH$UFKLWHFW¶VUHVSRQVHWRVXFKUHTXHVWV ZLOOEHPDGHLQZULWLQJZLWKLQDQ\WLPHOLPLWVDJUHHGXSRQRURWKHUZLVHZLWKUHDVRQDEOHSURPSWQHVV  † ,QWHUSUHWDWLRQVDQGGHFLVLRQVRIWKH$UFKLWHFWZLOOEHFRQVLVWHQWZLWKWKHLQWHQWRIDQGUHDVRQDEO\LQIHUDEOH IURPWKH&RQWUDFW'RFXPHQWVDQGZLOOEHLQZULWLQJRULQWKHIRUPRIGUDZLQJV:KHQPDNLQJVXFKLQWHUSUHWDWLRQV DQGGHFLVLRQVWKH$UFKLWHFWZLOOHQGHDYRUWRVHFXUHIDLWKIXOSHUIRUPDQFHE\ERWK2ZQHUDQG&RQWUDFWRUZLOOQRW VKRZSDUWLDOLW\WRHLWKHUDQGZLOOQRWEHOLDEOHIRUUHVXOWVRILQWHUSUHWDWLRQVRUGHFLVLRQVUHQGHUHGLQJRRGIDLWK  $,$'RFXPHQW$±   † 7KH$UFKLWHFW¶VGHFLVLRQVRQPDWWHUVUHODWLQJWRDHVWKHWLFHIIHFWZLOOEHILQDOLIFRQVLVWHQWZLWKWKHLQWHQW H[SUHVVHGLQWKH&RQWUDFW'RFXPHQWV  † 7KH$UFKLWHFWZLOOUHYLHZDQGUHVSRQGWRUHTXHVWVIRULQIRUPDWLRQDERXWWKH&RQWUDFW'RFXPHQWV7KH $UFKLWHFW¶VUHVSRQVHWRVXFKUHTXHVWVZLOOEHPDGHLQZULWLQJZLWKLQDQ\WLPHOLPLWVDJUHHGXSRQRURWKHUZLVHZLWK UHDVRQDEOHSURPSWQHVV,IDSSURSULDWHWKH$UFKLWHFWZLOOSUHSDUHDQGLVVXHVXSSOHPHQWDO'UDZLQJVDQG &RPPHQWHG>-3@ &RQVLGHUGD\VIRUUHVSRQVHVXQOHVV 6SHFLILFDWLRQVLQUHVSRQVHWRWKHUHTXHVWVIRULQIRUPDWLRQ VSHFLILFDOO\UHTXHVWHGLQZULWLQJ  &RPPHQWHG>-35@ ZLWKLQZRUNLQJGD\VRUOHVV $57,&/(68%&2175$&7256 XQOHVVDGGLWLRQDOWLPHLVUHTXHVWHGWRWKH2ZQHUDQGDJUHHG †'HILQLWLRQV WRLQZULWLQJ † $6XEFRQWUDFWRULVDSHUVRQRUHQWLW\ZKRKDVDGLUHFWFRQWUDFWZLWKWKH&RQWUDFWRUWRSHUIRUPDSRUWLRQRI &RPPHQWHG>-35@ 0LFKHOOHWRSXWLQ%RQO\ WKH:RUNDWWKHVLWH7KHWHUP³6XEFRQWUDFWRU´LVUHIHUUHGWRWKURXJKRXWWKH&RQWUDFW'RFXPHQWVDVLIVLQJXODULQ QXPEHUDQGPHDQVD6XEFRQWUDFWRURUDQDXWKRUL]HGUHSUHVHQWDWLYHRIWKH6XEFRQWUDFWRU7KHWHUP³6XEFRQWUDFWRU´ GRHVQRWLQFOXGHD6HSDUDWH&RQWUDFWRURUWKHVXEFRQWUDFWRUVRID6HSDUDWH&RQWUDFWRU  † $6XEVXEFRQWUDFWRULVDSHUVRQRUHQWLW\ZKRKDVDGLUHFWRULQGLUHFWFRQWUDFWZLWKD6XEFRQWUDFWRUWR SHUIRUPDSRUWLRQRIWKH:RUNDWWKHVLWH7KHWHUP³6XEVXEFRQWUDFWRU´LVUHIHUUHGWRWKURXJKRXWWKH&RQWUDFW 'RFXPHQWVDVLIVLQJXODULQQXPEHUDQGPHDQVD6XEVXEFRQWUDFWRURUDQDXWKRUL]HGUHSUHVHQWDWLYHRIWKH6XE VXEFRQWUDFWRU  †$ZDUGRI6XEFRQWUDFWVDQG2WKHU&RQWUDFWVIRU3RUWLRQVRIWKH:RUN † $ZDUGRI6XEFRQWUDFWVRURWKHUFRQWUDFWVIRUWUDGHZRUNIRUWKHSURMHFWVKDOOEHSURFXUHGLQDFFRUGDQFHZLWK'HOHWHG 8QOHVVRWKHUZLVHVWDWHGLQWKH&RQWUDFW 0LQQHVRWD6WDWXWHV6HFWLRQSUDFWLFDEOHDIWHU DZDUGRIWKH&RQWUDFWVKDOOQRWLI\WKH2ZQHUDQG$UFKLWHFW  RIWKHSHUVRQVRUHQWLWLHVSURSRVHGIRUHDFKSULQFLSDOSRUWLRQ † 7KH&RQWUDFWRUVKDOOQRWFRQWUDFWZLWKDSURSRVHGSHUVRQRUHQWLW\WRZKRPWKH2ZQHURU$UFKLWHFWKDVPDGH RIWKH:RUNLQFOXGLQJWKRVHZKRDUHWRIXUQLVKPDWHULDOVRU UHDVRQDEOHDQGWLPHO\REMHFWLRQ7KH&RQWUDFWRUVKDOOQRWEHUHTXLUHGWRFRQWUDFWZLWKDQ\RQHWRZKRPWKH HTXLSPHQWIDEULFDWHGWRDVSHFLDOGHVLJQ:LWKLQGD\VRI &RQWUDFWRUKDVPDGHUHDVRQDEOHREMHFWLRQ$Q\REMHFWLRQE\2ZQHU$UFKLWHFWRU&RQWUDFWRUPXVWQRWEHFRQWUDU\WR UHFHLSWRIWKHLQIRUPDWLRQWKH$UFKLWHFWPD\QRWLI\WKH WKHUHTXLUHPHQWVRI0LQQHVRWD6WDWXWHV6HFWLRQD6XEFRQWUDFWRUSHUVRQRUHQWLW\IRURQHSUHYLRXVO\VHOHFWHGLIWKH2ZQHU FDQEHGHDOWZLWKWKURXJKWKHFULWHULDXVHGWRSUHTXDO RU$UFKLWHFWPDNHVUHDVRQDEOHREMHFWLRQWRVXFKVXEVWLWXWLRQ &RPPHQWHG>-35   †&RQWLQJHQW$VVLJQPHQWRI6XEFRQWUDFWV † (DFKVXEFRQWUDFWDJUHHPHQWIRUDSRUWLRQRIWKH:RUNLVDVVLJQHGE\WKH&RQWUDFWRUWRWKH2ZQHUSURYLGHG WKDW  DVVLJQPHQWLVHIIHFWLYHRQO\DIWHUWHUPLQDWLRQRIWKH&RQWUDFWE\WKH2ZQHUIRUFDXVHSXUVXDQWWR 6HFWLRQDQGRQO\IRUWKRVHVXEFRQWUDFWDJUHHPHQWVWKDWWKH2ZQHUDFFHSWVE\QRWLI\LQJWKH 6XEFRQWUDFWRUDQG&RQWUDFWRUDQG  DVVLJQPHQWLVVXEMHFWWRWKHSULRUULJKWVRIWKHVXUHW\LIDQ\REOLJDWHGXQGHUERQGUHODWLQJWRWKH &RQWUDFW  :KHQWKH2ZQHUDFFHSWVWKHDVVLJQPHQWRIDVXEFRQWUDFWDJUHHPHQWWKH2ZQHUDVVXPHVWKH&RQWUDFWRU¶VULJKWVDQG REOLJDWLRQVXQGHUWKHVXEFRQWUDFW  † 8SRQVXFKDVVLJQPHQWLIWKH:RUNKDVEHHQVXVSHQGHGIRUPRUHWKDQGD\VWKH6XEFRQWUDFWRU¶V FRPSHQVDWLRQVKDOOEHHTXLWDEO\DGMXVWHGIRULQFUHDVHVLQFRVWUHVXOWLQJIURPWKHVXVSHQVLRQ  † 8SRQDVVLJQPHQWWRWKH2ZQHUXQGHUWKLV6HFWLRQWKH2ZQHUPD\IXUWKHUDVVLJQWKHVXEFRQWUDFWWRD VXFFHVVRUFRQWUDFWRURURWKHUHQWLW\,IWKH2ZQHUDVVLJQVWKHVXEFRQWUDFWWRDVXFFHVVRUFRQWUDFWRURURWKHUHQWLW\ WKH2ZQHUVKDOOQHYHUWKHOHVVUHPDLQOHJDOO\UHVSRQVLEOHIRUDOORIWKHVXFFHVVRUFRQWUDFWRU¶VREOLJDWLRQVXQGHUWKH VXEFRQWUDFW  $57,&/(&216758&7,21%<2:1(525%<6(3$5$7(&2175$&7256 †2ZQHU·V5LJKWWR3HUIRUP&RQVWUXFWL RQDQGWR$ZDUG6HSDUDWH&RQWUDFWV † 7KHWHUP³6HSDUDWH&RQWUDFWRU V ´VKDOOPHDQRWKHUFRQWUDFWRUVUHWDLQHGE\WKH2ZQHUXQGHUVHSDUDWH DJUHHPHQWV7KH2ZQHUUHVHUYHVWKHULJKWWRSHUIRUPFRQVWUXFWLRQRURSHUDWLRQVUHODWHGWRWKH3URMHFWZLWKWKH 2Z QHU¶VRZQIRUFHVDQGZLWK6HSDUDWH&RQWUDFWRUVUHWDLQHGXQGHU&RQGLWLRQVRIWKH&RQWUDFWVXEVWDQWLDOO\VLPLODU WRWKRVHRIWKLV&RQWUDFWLQFOXGLQJWKRVHSURYLVLRQVRIWKH&RQGLWLRQVRIWKH&RQWUDFWUHODWHGWRLQVXUDQFHDQG ZDLYHURIVXEURJDWLRQ  † :KHQVHSDUDWHFRQWUDFWVDUHDZDUGHGIRUGLIIHUHQWSRUWLRQVRIWKH3URMHFWRURWKHUFRQVWUXFWLRQRURSHUDWLRQV RQWKHVLWHWKHWHUP³&RQWUDFWRU´LQWKH&RQWUDFW'RFXPHQWVLQHDFKFDVHVKDOOPHDQWKH&RQWUDFWRUZKRH[HFXWHV HDFKVHSDUDWH2ZQHU&RQWUDFWRU$JUHHPHQW  † 7KH2ZQHUVKDOOSURYLGHIRUFRRUGLQDWLRQRIWKHDFWLYLWLHVRIWKH2ZQHU¶VRZQIRUFHVDQGRIHDFK6HSDUDWH &RQWUDFWRUZLWKWKH:RUNRIWKH&RQWUDFWRUZKRVKDOOFRRSHUDWHZLWKWKHP7KH&RQWUDFWRUVKDOOSDUWLFLSDWHZLWK DQ\6HSDUDWH&RQWUDFWRUVDQGWKH2ZQHULQUHYLHZLQJWKHLUFRQVWUXFWLRQVFKHGXOHV7KH&RQWUDFWRUVKDOOPDNHDQ\ UHYLVLRQVWRLWVFRQVWUXFWLRQVFKHGXOHGHHPHGQHFHVVDU\DIWHUDMRLQWUHYLHZDQGPXWXDODJUHHPHQW7KHFRQVWUXFWLRQ VFKHGXOHVVKDOOWKHQFRQVWLWXWHWKHVFKHGXOHVWREHXVHGE\WKH&RQWUDFWRU6HSDUDWH&RQWUDFWRUVDQGWKH2ZQHUXQWLO VXEVHTXHQWO\UHYLVHG  † 8QOHVVRWKHUZLVHSURYLGHGLQWKH&RQWUDFW'RFXPHQWVZKHQWKH2ZQHUSHUIRUPVFRQVWUXFWLRQRURSHUDWLRQV UHODWHGWRWKH3URMHFWZLWKWKH2ZQHU¶VRZQIRUFHVRUZLWK6HSDUDWH&RQWUDFWRUVWKH2ZQHURULWV6HSDUDWH &RQWUDFWRUVVKDOOKDYHWKHVDPHREOLJDWLRQVDQGULJKWVWKDWWKH&RQWUDFWRUKDVXQGHUWKH&RQGLWLRQVRIWKH&RQWUDFW LQFOXGLQJZLWKRXWH[FOXGLQJRWKHUVWKRVHVWDWHGLQ$UWLFOHWKLV$UWLFOHDQG$UWLFOHVDQG  †0XWXDO5HVSRQVLELOLW\ † 7KH&RQWUDFWRUVKDOODIIRUGWKH2ZQHUDQG6HSDUDWH&RQWUDFWRUVUHDVRQDEOHRSSRUWXQLW\IRULQWURGXFWLRQDQG VWRUDJHRIWKHLUPDWHULDOVDQGHTXLSPHQWDQGSHUIRUPDQFHRIWKHLUDFWLYLWLHVDQGVKDOOFRQQHFWDQGFRRUGLQDWHWKH &RQWUDFWRU¶VFRQVWUXFWLRQDQGRSHUDWLRQVZLWKWKHLUVDVUHTXLUHGE\WKH&RQWUDFW'RFXPHQWV  † ,ISDUWRIWKH&RQWUDFWRU¶V:RUNGHSHQGVIRUSURSHUH[HFXWLRQRUUHVXOWVXSRQFRQVWUXFWLRQRURSHUDWLRQVE\ WKH2ZQHURUD6HSDUDWH&RQWUDFWRUWKH&RQWUDFWRUVKDOOSULRUWRSURFHHGLQJZLWKWKDWSRUWLRQRIWKH:RUN SURPSWO\QRWLI\WKH$UFKLWHFWRIDSSDUHQWGLVFUHSDQFLHVRUGHIHFWVLQWKHFRQVWUXFWLRQRURSHUDWLRQVE\WKH2ZQHURU 6HSDUDWH&RQWUDFWRUWKDWZRXOGUHQGHULWXQVXLWDEOHIRUSURSHUH[HFXWLRQDQGUHVXOWVRIWKH&RQWUDFWRU¶V:RUN )DLOXUHRIWKH&RQWUDFWRUWRQRWLI\WKH$UFKLWHFWRIDSSDUHQWGLVFUHSDQFLHVRUGHIHFWVSULRUWRSURFHHGLQJZLWKWKH :RUNVKDOOFRQVWLWXWHDQDFNQRZOHGJPHQWWKDWWKH2ZQHU¶VRU6HSDUDWH&RQWUDFWRU¶VFRPSOHWHGRUSDUWLDOO\ FRPSOHWHGFRQVWUXFWLRQLVILWDQGSURSHUWRUHFHLYHWKH&RQWUDFWRU¶V:RU N7KH&RQWUDFWRUVKDOOQRWEHUHVSRQVLEOH  $,$'RFXPHQW$±  IRUGLVFUHSDQFLHVRUGHIHFWVLQWKHFRQVWUXFWLRQRURSHUDWLRQVE\WKH2ZQHURU6HSDUDWH&RQWUDFWRUWKDWDUHQRW DSSDUHQW  † 7KH&RQWUDFWRUVKDOOUHLPEXUVHWKH2ZQHUIRUFRVWVWKH2ZQHULQFXUVWKDWDUHSD\DEOHWRD6HSDUDWH &RQWUDFWRUEHFDXVHRIWKH&RQWUDFWRU¶VGHOD\VLPSURSHUO\WLPHGDFWLYLWLHVRUGHIHFWLYHFRQVWUXFWLRQ7KH2ZQHU VKDOOEHUHVSRQVLEOHWRWKH&RQWUDFWRUIRUFRVWVWKH&RQWUDFWRULQFXUVEHFDXVHRID6HSDUDWH&RQWUDFWRU¶VGHOD\V &RPPHQWHG>-3@ &RQVLGHUUHTXLUHPHQWWRPDNH LPSURSHUO\WLPHGDFWLYLWLHVGDPDJHWRWKH:RUNRUGHIHFWLYHFRQVWUXFWLRQ FRQWUDFWRU¶VSODFHDFWLYLWLHVRIRWKHU2ZQHUFRQWUDFWVLQWKHLU  RZQUHVSHFWLYHVFKHGXOHVVRWKH2ZQHUXQGHUVWDQGVWKH †DFWLYLWLHVWKDWWKH&RQWUDFWRULVUHO\LQJXSRQDQGE\ZKDW 7KH&RQWUDFWRUVKDOOSURPSWO\UHPHG\GDPDJHWKDWWKH&RQWUDFWRUZURQJIXOO\FDXVHVWRFRPSOHWHGRU WLPHIUDPH SDUWLDOO\FRPSOHWHGFRQVWUXFWLRQRUWRSURSHUW\RIWKH2ZQHURU6HSDUDWH&RQWUDFWRUDVSURYLGHGLQ6HFWLRQ  &RPPHQWHG>-35@ «FRQVWUXFWLRQVRORQJDVWKH † 7KH2ZQHUDQGHDFK6HSDUDWH&RQWUDFWRUVKDOOKDYHWKHVDPHUHVSRQVLELOLWLHVIRUFXWWLQJDQGSDWFKLQJDVDUH 2ZQHU¶VFRQWUDFWRUVDFWLYLWLHVDUHLQFOXGHGDWWKHDSSURSULDWH GHVFULEHGIRUWKH&RQWUDFWRULQ6HFWLRQ GXUDWLRQLQWKH&RQWUDFWRU¶VFRQVWUXFWLRQVFKHGXOH  †2ZQHU·V5LJKWWR&OHDQ8S ,IDGLVSXWHDULVHVDPRQJWKH&RQWUDFWRU6HSDUDWH&RQWUDFWRUVDQGWKH2ZQHUDVWRWKHUHVSRQVLELOLW\XQGHUWKHLU UHVSHFWLYHFRQWUDFWVIRUPDLQWDLQLQJWKHSUHPLVHVDQGVXUURXQGLQJDUHDIUHHIURPZDVWHPDWHULDOVDQGUXEELVKWKH 2ZQHUPD\FOHDQXSDQGWKH$UFKLWHFWZLOODOORFDWHWKHFRVWDPRQJWKRVHUHVSRQVLEOH  $57,&/(DQGHOVHZKHUHLQWKH&RQWUDFW'RFXPHQWV  †  UHTXHVWIRUD&KDQJH2UGHURU&RQWUDFW$PHQGPHQWSURYLGLQJIRUDQDSSURSULDWHDGMXVWPHQWLQWKH&RQWUDFW6XPRU &RQWUDFW7LPHRUERWKIRUIXUWKHUDFWLRQE\WKH2ZQHU1RVXFKFKDQJHLVHIIHFWLYHXQWLOWKH2ZQHUDQG$UFKLWHFW VLJQWKH&KDQJH2UGHU &RPPHQWHG>-3@ 2ZQHUDQGDUFKLWHFW«SOHDVHQRWH  IRUIXWXUHSURMHFWVDVVRPHWKHFRQWUDFWRUDQGRZQHUDUHWKH †RVHSHUIRUPLQJWKH:RUNDWWULEXWDEOHWRWKHFKDQJHLQFOXGLQJLQFDVHRIDQLQFUHDVHLQWKH&RQWUDFW6XPDQ DPRXQWIRURYHUKHDGDQGSURILWDVVHWIRUWKLQWKH$JUHHPHQWRULIQRVXFKDPRXQWLVVHWIRUWKLQWKH$JUHHPHQWD UHDVRQDEOHDPRXQW,QVXFKFDVHDQGDOVRXQGHU6HFWLRQ  †KRUL]HGDGMXVWPHQWVDOORWWHGLQ WKH&RQWUDFW'RFXPHQWVIRU6XEVWDQWLDO&RPSOHWLRQRIWKH:RUN  † 7KHGDWHRIFRPPHQFHPHQWRIWKH:RUNLVWKHGDWHHVWDEOLVKHGLQWKH$JUHHPHQW  † 7KHGDWHRI6XEVWDQWLDO&RPSOHWLRQLVWKHGDWHFHUWLILHGE\WKH$UFKLWHFWLQDFFRUGDQFHZLWK6HFWLRQ  † 7KHWHUP³GD\´DVXVHGLQWKH&RQWUDFW'RFXPHQWVVKD OOPHDQFDOHQGDUGD\XQOHVVRWKHUZLVHVSHFLILFDOO\ GHILQHG  †3URJUHVVDQG&RPSOHWLRQ † 7LPHOLPLWVVWDWHGLQWKH&RQWUDFW'RFXPHQWVDUHRIWKHHVVHQFHRIWKH&RQWUDFW%\H[HFXWLQJWKH $JUHHPHQWWKH&RQWUDFWRUFRQILUPVWKDWWKH&RQWUDFW7LPHLVDUHDVRQDEOHSHULRGIRUSHUIRUPLQJWKH:RUN  † 7KH&RQWUDFWRUVKDOOQRWNQRZLQJO\H[FHSWE\DJUHHPHQWRULQVWUXFWLRQRIWKH2ZQHULQZULWLQJFRPPHQFH WKH:RUNSULRUWRWKHHIIHFWLYHGDWHRILQVXUDQFHUHTXLUHGWREHIXUQLVKHGE\WKH&RQWUDFWRUDQG2ZQHU  † 7KH&RQWUDFWRUVKDOOSURFHHGH[SHGLWLRXVO\ZLWKDGHTXDWHIRUFHVDQGVKDOODFKLHYH6XEVWDQWLDO&RPSOHWLRQ ZLWKLQWKH&RQWUDFW7LPH  † 7KH&RQWUDFWRUPXVWFRQIRUPWRWKHPRVWUHFHQWO\VXEPLWWHGVFKHGXOH7KH&RQWUDFWRUPXVWFDXVHWKH &RPPHQWHG>-3@ 7KHWHUPSURJUHVVVFKHGXOHLVQRW 6XEFRQWUDFWRU¶VWRFRPSOHWHWKHLQGLFDWHG:RUNRUDFKLHYHWKHUHTXLUHGSHUFHQWDJHRIFRPSOHWLRQDVDSSOLFDEOH XVHGDQ\ZKHUHHOVHWKDW,DPDZDUH ZLWKLQDQ\LQWHULPFRPSOHWLRQGDWHVHVWDEOLVKHGLQWKHPRVWUHFHQWO\DSSURYHG3URJUHVV6FKHGXOH &RPPHQWHG>0:5@ &KDQJHGWRVFKHGXOH  † 7KH&RQWUDFWRUPXVWPDLQWDLQDWWKH6LWHDYDLODEOHWRWKH2ZQHUDQGWKH$UFKLWHFWIRUWKHLUUHIHUHQFHGXULQJ WKHSURJUHVVRIWKH:RUNDFRS\RIWKHVFKHGXOHDQGDQ\DSSURYHGUHYLVLRQVWKHUHWR7KH&RQWUDFWRUPXVWNHHS FXUUHQWUHFRUGVRIDQGPDUNRQDFRS\RIWKHDSSURYHG6FKHGXOHWKHDFWXDOFRPPHQFHPHQWGDWHSURJUHVVDQG FRPSOHWLRQGDWHRIHDFKVFKHGXOHGDFWLYLW\LQGLFDWHGRQWKH3URJUHVV6FKHGXOH  † 7KH&RQWUDFWRUUHSUHVHQWVWKDWLWVELGLQFOXGHVDOOFRVWVRYHUKHDGDQGSURILWZKLFKPD\EHLQFXUUHG WKURXJKRXWWKH&RQWUDFW7LPHDQGWKHSHULRGEHWZHHQ6XEVWDQWLDODQGILQDO&RPSOHWLRQ$FFRUGLQJO\WKH&RQWUDFWRU PD\QRWPDNHDQ\FODLPIRUGHOD\GDPDJHVEDVHGLQZKROHRULQSDUWRQWKHSUHPLVHWKDWWKH6XEFRQWUDFWRUV¶ZRXOG KDYHFRPSOHWHGWKH:RUNSULRUWRWKHH[SLUDWLRQRIWKH&RQWUDFW7LPHEXWIRUDQ\FODLPHGGHOD\   $,$'RFXPHQW$±  †XSRSSRUWXQLW\IRUGHOD\FODLPV  † 7KLV6HFWLRQGRHVQRWSUHFOXGHUHFRYHU\RIGDPDJHVIRUGHOD\E\HLWKHUSDUW\XQGHURWKHUSURYLVLRQVRI &RPPHQWHG>-35@ ,ZRXOGUHPRYHXQXVXDOGHOD\LQ WKH&RQWUDFW'RFXPHQWV GHOLYHULHVWKDWLVWKHUH¶VWRPDQDJH  $57,&/(3$<0(176$1'&203/(7,21 †&RQWUDFW6XP † 7KH&RQWUDFW6XPLVVWDWHGLQWKH$JUHHPHQWDQGLQFOXGLQJDXWKRUL]HGDGMXVWPHQWVLVWKHWRWDODPRXQW SD\DEOHE\WKH2ZQHUWRWKH&RQWUDFWRUIRUSHUIRUPDQFHRIWKH:RUNXQGHUWKH&RQWUDFW'RFXPHQWV  † ,IXQLWSULFHVDUHVWDWHGLQWKH&RQWUDFW'RFXPHQWVRUVXEVHTXHQWO\DJUHHGXSRQDQGLITXDQWLWLHVRULJLQDOO\ FRQWHPSODWHGDUHPDWHULDOO\FKDQJHGVRWKDWDSSOLFDWLRQRIVXFKXQLWSULFHVWRWKHDFWXDOTXDQWLWLHVFDXVHVVXEVWDQWLDO LQHTXLW\WRWKH2ZQHURU&RQWUDFWRUWKHDSSOLFDEOHXQLWSULFHVVKDOOEHHTXLWDEO\DGMXVWHG  †6FKHGXOHRI9DOXHV :KHUHWKH&RQWUDFWLVEDVHGRQDVWLSXODWHGVXPRU*XDUDQWHHG0D[LPXP3ULFHWKH&RQWUDFWRUVKDOOVXEPLWD VFKHGXOHRIYDOXHVWRWKH$UFKLWHFWEHIRUHWKHILUVW$SSOLFDWLRQIRU3D\PHQWDOORFDWLQJWKHHQWLUH&RQWUDFW6XPWR WKHYDULRXVSRUWLRQVRIWKH:RUN7KHVFKHGXOHRIYDOXHVVKDOOEHSUHSDUHGLQWKHIRUPDQGVXSSRUWHGE\WKHGDWDWR VXEVWDQWLDWHLWVDFFXUDF\UHTXLUHGE\WKH$UFKLWHFW7KLVVFKHGXOHXQOHVVREMHFWHGWRE\WKH$UFKLWHFWVKDOOEHXVHG DVDEDVLVIRUUHYLHZLQJWKH&RQWUDFWRU¶V$SSOLFDWLRQVIRU3D\PHQW$Q\FKDQJHVWRWKHVFKHGXOHRIYDOXHVVKDOOEH &RPPHQWHG>-3@ 6FKHGXOHRIYDOXHVWRLQFOXGH VXEPLWWHGWRWKH$UFKLWHFWDQGVXSSRUWHGE\VXFKGDWDWRVXEVWDQWLDWHLWVDFFXUDF\DVWKH$UFKLWHFWPD\UHTXLUHDQG FRQWLQJHQF\YDOXH" XQOHVVREMHFWHGWRE\WKH$UFKLWHFWVKDOOEHXVHGDVDEDVLVIRUUHYLHZLQJWKH&RQWUDFWRU¶VVXEVHTXHQW$SSOLFDWLRQV &RPPHQWHG>-35@ DSSOLFDWLRQVIRUSD\PHQWDQG IRU3D\PHQW VKDOOLQFOXGHWKHFXUUHQWFRQWLQJHQF\YDOXH  †$SSOLFDWLRQVIRU3D\PHQW † $WOHDVWWHQGD\VEHIRUHWKHGDWHHVWDEOLVKHGIRUHDFKSURJUHVVSD\PHQWWKH&RQWUDFWRUVKDOOVXEPLWWRWKH $UFKLWHFWDQLWHPL]HG$SSOLFDWLRQIRU3D\PHQWSUHSDUHGLQDFFRUGDQFHZLWKWKHVFKHGXOHRIYDOXHVLIUHTXLUHGXQGHU 6HFWLRQIRUFRPSOHWHGSRUWLRQVRIWKH:RUN7KHDSSOLFDWLRQVKDOOEHQRWDUL]HGLIUHTXLUHGDQGVXSSRUWHGE\DOO GDWDVXEVWDQWLDWLQJWKH&RQWUDFWRU¶VULJKWWRSD\PHQWWKDWWKH2ZQHURU$UFKLWHFWUHTXLUHVXFKDVFRSLHVRI UHTXLVLWLRQVDQGUHOHDVHVDQGZDLYHUVRIOLHQVIURP6XEFRQWUDFWRUVDQGVXSSOLHUVDQGVKDOOUHIOHFWUHWDLQDJHLI SURYLGHGIRULQWKH&RQWUDFW'RFXPHQWV  † $VSURYLGHGLQ6HFWLRQ  † $SSOLFDWLRQVIRU3D\PHQWVKDOOQRWLQFOXGHUHTXHVWVIRUSD\PHQWIRUSRUWLRQVRIWKH:RUNIRUZKLFKWKH &RQWUDFWRUGRHVQRWLQWHQGWRSD\D6XEFRQWUDFWRURUVXSSOLHUXQOHVVVXFK:RUNKDVEHHQSHUIRUPHGE\RWKHUV ZKRPWKH&RQWUDFWRULQWHQGVWRSD\7KH&RQWUDFWRU¶VSD\PHQWVWR6XEFRQWUDFWRUVPXVWFRPSO\ZLWKWKHDSSOLFDEOH SURYLVLRQVRI0LQQHVRWD6WDWXWHV6HFWLRQOHDSSURYHGE\WKH2ZQHU(DFK$SSOLFDWLRQIRU3D\PHQW PXVWEHFRQVLVWHQWZLWKWKHDSSURYHG6FKHGXOHRI9DOXHV,QRUGHUWRH[SHGLWHWKHUHYLHZDQGDSSURYDORI $SSOLFDWLRQVIRU3D\PHQWWKH&RQWUDFWRUPD\VXEPLWWRDQGUHYLHZZLWKWKH2ZQHUDGUDIW$SSOLFDWLRQIRU3D\PHQW DWDSURJUHVVPHHWLQJSULRUWRVXEPLWWLQJDIRUPDO$SSOLFDWLRQIRU3D\PHQW  † 7KHIRUPRI$SSOLFDWLRQIRU3D\PHQWPXVWEH$,$'RFXPHQW*  SURYLGHGLQ6HFWLRQRU  ZLWKKROGFHUWLILFDWLRQRIWKHHQWLUH$SSOLFDWLRQIRU3D\PHQWDQGQRWLI\WKH &RQWUDFWRUDQG2ZQHURIWKH$UFKLWHFW¶VUHDVRQIRUZLWKKROGLQJFHUWLILFDWLRQLQZKROHDVSURYLGHGLQ6HFWLRQ  † 7KHLVVXDQFHRID&HUWLILFDWHIRU3D\PHQWZLOOFRQVWLWXWHDUHSUHVHQWDWLRQE\WKH$UFKLWHFWWRWKH2ZQHU EDVHGRQWKH$UFKLWHFW¶VHYDOXDWLRQRIWKH:RUNDQGWKHGDWDLQWKH$SSOLFDWLRQIRU3D\PHQWWKDWWRWKHEHVWRIWKH $UFKLWHFW¶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¶VULJKWWR SD\PHQWRU  PDGHH[DPLQDWLRQWRDVFHUWDLQKRZRUIRUZKDWSXUSRVHWKH&RQWUDFWRUKDVXVHGPRQH\SUHYLRXVO\ SDLGRQDFFRXQWRIWKH&RQWUDFW6XP  †'HFLVLRQVWR:LWKKROG&HUWLILFDWLRQ † 7KH$UFKLWHFWPD\ZLWKKROGD&HUWLILFDWHIRU3D\PHQWLQZKROHRULQSDUWWRWKHH[WHQWUHDVRQDEO\QHFHVVDU\ WRSURWHFWWKH2ZQHULILQWKH$UFKLWHFW¶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¶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† ,IWKH$UFKLWHFWZLWKKROGVFHUWLILFDWLRQIRUSD\PHQWXQGHU6HFWLRQWKH2ZQHUPD\DWLWVVROHRSWLRQ LVVXHMRLQWFKHFNVWRWKH&RQWUDFWRUDQGWRDQ\6XEFRQWUDFWRURUVXSSOLHUWRZKRPWKH&RQWUDFWRUIDLOHGWRPDNH SD\PHQWIRU:RUNSURSHUO\SHUIRUPHGRUPDWHULDORUHTXLSPHQWVXLWDEO\GHOLYHUHG,IWKH2ZQHUPDNHVSD\PHQWVE\ MRLQWFKHFNWKH2ZQHUVKDOOQRWLI\WKH$UFKLWHFWDQGWKH&RQWUDFWRUVKDOOUHIOHFWVXFKSD\PHQWRQLWVQH[W $SSOLFDWLRQIRU3D\PHQW  †3URJUHVV3D\PHQWV † $IWHUWKH$UFKLWHFWKDVLVVXHGD&HUWLILFDWHIRU3D\PHQWWKH2ZQHUVKDOOPDNHSD\PHQWLQWKHPDQQHUDQG ZLWKLQWKHWLPHSURYLGHGLQWKH&RQWUDFW'RFXPHQWVDQGVKDOOVRQRWLI\WKH$UFKLWHFW   $,$'RFXPHQW$±  † 7KH&RQWUDFWRUVKDOOSD\HDFK6XEFRQWUDFWRULQDFFRUGDQFHZLWKWKH3URPSW3D\PHQW$FWDIWHUUHFHLSWRI 'HOHWHG QRODWHUWKDQVHYHQGD\V SD\PHQWIURPWKH2ZQHUWKHDPRXQWWRZKLFKWKH6XEFRQWUDFWRULVHQWLWOHGUHIOHFWLQJSHUFHQWDJHVDFWXDOO\UHWDLQHG IURPS D\PHQWVWRWKH&RQWUDFWRURQDFFRXQWRIWKH6XEFRQWUDFWRU¶VSRUWLRQRIWKH:RUN7KH&RQWUDFWRUVKDOOE\ DSSURSULDWHDJUHHPHQWZLWKHDFK6XEFRQWUDFWRUUHTXLUHHDFK6XEFRQWUDFWRUWRPDNHSD\PHQWVWR6XEVXEFRQWUDFWRUV LQDVLPLODUPDQQHU  † 7KH$UFKLWHFWZLOORQUHTXHVWIXUQLVKWRD6XEFRQWUDFWRULISUDFWLFDEOHLQIRUPDWLRQUHJDUGLQJSHUFHQWDJHV RIFRPSOHWLRQRUDPRXQWVDSSOLHGIRUE\WKH&RQWUDFWRUDQGDFWLRQWDNHQWKHUHRQE\WKH$UFKLWHFWDQG2ZQHURQ DFFRXQWRISRUWLRQVRIWKH:RUNGRQHE\VXFK6XEFRQWUDFWRU  † 7KH2ZQHUKDVWKHULJKWWRUHTXHVWZULWWHQHYLGHQFHIURPWKH&RQWUDFWRUWKDWWKH&RQWUDFWRUKDVSURSHUO\ SDLG6XEFRQWUDFWRUVDQGVXSSOLHUVDPRXQWVSDLGE\WKH2ZQHUWRWKH&RQWUDFWRUIRUVXEFRQWUDFWHG:RUN,IWKH &RQWUDFWRUIDLOVWRIXUQLVKVXFKHYLGHQFHZLWKLQVHYHQGD\VWKH2ZQHUVKDOOKDYHWKHULJKWWRFRQWDFW6XEFRQWUDFWRUV DQGVXSSOLHUVWRDVFHUWDLQZKHWKHUWKH\KDYHEHHQSURSHUO\SDLG1HLWKHUWKH2ZQHUQRU$UFKLWHFWVKDOOKDYHDQ REOLJDWLRQWRSD\RUWRVHHWRWKHSD\PHQWRIPRQH\WRD6XEFRQWUDFWRURUVXSSOLHUH[FHSWDVPD\RWKHUZLVHEH UHTXLUHGE\ODZ  † 7KH&RQWUDFWRU¶VSD\PHQWVWRVXSSOLHUVVKDOOEHWUHDWHGLQDPDQQHUVLPLODUWRWKDWSURYLGHGLQ6HFWLRQV DQG  † $&HUWLILFDWHIRU3D\PHQWDSURJUHVVSD\PHQWRUSDUWLDORUHQWLUHXVHRURFFXSDQF\RIWKH3URMHFWE\WKH 2ZQHUVKDOOQRWFRQVWLWXWHDFFHSWDQFHRI:RUNQRWLQDFFRUGDQFHZLWKWKH&RQWUDFW'RFXPHQWV  †IRUWKRVH6XEFRQWUDFWRUVRUVXSSOLHUVZKRSHUIRUPHG:RUNRUIXUQLVKHGPDWHULDOVRUERWK XQGHUFRQWUDFWZLWKWKH&RQWUDFWRUIRUZKLFKSD\PHQWZDVPDGHE\WKH2ZQHU1RWKLQJFRQWDLQHGKHUHLQVKDOO UHTXLUHPRQH\WREHSODFHGLQDVHSDUDWHDFFRXQWDQGQRWFRPPLQJOHGZLWKPRQH\RIWKH&RQWUDFWRUFUHDWHDQ\ ILGXFLDU\OLDELOLW\RUWRUWOLDELOLW\RQWKHSDUWRIWKH&RQWUDFWRUIRUEUHDFKRIWUXVWRUHQWLWOHDQ\SHUVRQRUHQWLW\WRDQ DZDUGRISXQLWLYHGDPDJHVDJDLQVWWKH&RQWUDFWRUIRUEUHDFKRIWKHUHTXLUHPHQWVRIWKLVSURYLVLRQ  † 7KH&RQWUDFWRUVKDOOSURYLGHSD\PHQWDQGSHUIRUPDQFHERQGVDVUHTXLUHGE\ODZ3URYLGHGWKH2ZQHUKDV IXOILOOHGLWVSD\PHQWREOLJDWLRQVXQGHUWKH&RQWUDFW'RFXPHQWVWKH&RQWUDFWRUVKDOOGHIHQGDQGLQGHPQLI\WKH 2ZQHUIURPDOOORVVOLDELOLW\GDPDJHRUH[SHQVHLQFOXGLQJUHDVRQDEOHDWWRUQH\¶VIHHVDQGOLWLJ DWLRQH[SHQVHV DULVLQJRXWRIDQ\OLHQFODLPRURWKHUFODLPIRUSD\PHQWE\DQ\6XEFRQWUDFWRURUVXSSOLHURIDQ\WLHU8SRQUHFHLSWRI QRWLFHRIDOLHQFODLPRURWKHUFODLPIRUSD\PHQWWKH2ZQHUVKDOOQRWLI\WKH&RQWUDFWRU,IDSSURYHGE\WKH &RPPHQWHG>-3UNXQWLOSD\PHQWRIWKHDPRXQWRZLQJKDVEHHQUHFHLYHG7KH&RQWUDFW7LPHVKDOOEHH[WHQGHG 'HOHWHG ZLWKLQVHYHQGD\VDIWHUWKHGDWHHVWDEOLVKHGLQWKH DSSURSULDWHO\DQGWKH&RQWUDFW6XPVKDOOEHLQFUHDVHGE\WKHDPRXQWRIWKH&RQWUDFWRU¶VUHDVRQDEOHFRVWVRI &RQWUDFW'RFXPHQWVWKHDPRXQWFHUWLILHGE\WKH$UFKLWHFWRU VKXWGRZQGHOD\DQGVWDUWXSSOXVLQWHUHVWDVSURYLGHGIRULQWKH&RQWUDFW'RFXPHQWV  †6XEVWDQWLDO&RPSOHWLRQ † 6XEVWDQWLDO&RPSOHWLRQLVWKHVWDJHLQWKHSURJUHVVRIWKH:RUNZKHQWKH:RUNRUGHVLJQDWHGSRUWLRQWKHUHRI LVVXIILFLHQWO\FRPSOHWHLQDFFRUGDQFHZLWKWKH&RQWUDFW'RFXPHQWVVRWKDWWKH2ZQHUFDQRFFXS\RUXWLOL]HWKH &RPPHQWHG>-3ULJKWYLRODWLRQVHPDLOGRFLQIR#DLDFRQWUDFWVFRP 8VHU1RWHV      † 8SRQUHFHLSWRIWKH&RQWUDFWRU¶VOL VWWKH$UFKLWHFWZLOOPDNHDQLQVSHFWLRQWRGHWHUPLQHZKHWKHUWKH:RUNRU GHVLJQDWHGSRUWLRQWKHUHRILVVXEVWDQWLDOO\FRPSOHWH,IWKH$UFKLWHFW¶VLQVSHFWLRQGLVFORVHVDQ\LWHPZKHWKHURUQRW LQFOXGHGRQWKH&RQWUDFWRU¶VOLVWZKLFKLVQRWVXIILFLHQWO\F RPSOHWHLQDFFRUGDQFHZLWKWKH&RQWUDFW'RFXPHQWVVR WKDWWKH2ZQHUFDQRFFXS\RUXWLOL]HWKH:RUNRUGHVLJQDWHGSRUWLRQWKHUHRIIRULWVLQWHQGHGXVHWKH&RQWUDFWRU VKDOOEHIRUHLVVXDQFHRIWKH&HUWLILFDWHRI6XEVWDQWLDO&RPSOHWLRQFRPSOHWHRUFRUUHFWVXFKLWHPXSRQQRWLILFDWLRQ E\WKH$UFKLWHFW,QVXFKFDVHWKH&RQWUDFWRUVKDOOWKHQVXEPLWDUHTXHVWIRUDQRWKHULQVSHFWLRQE\WKH$UFKLWHFWWR GHWHUPLQH6XEVWDQWLDO&RPSOHWLRQ  † :KHQWKH:RUNRUGHVLJQDWHGSRUWLRQWKHUHRILVVXEVWDQWLDOO\FRPSOHWHWKH$UFKLWHFWZLOOSUHSDUHD &HUWLILFDWHRI6XEVWDQWLDO&RPSOHWLRQWKDWVKDOOHVWDEOLVKWKHGDWHRI6XEVWDQWLDO&RPSOHWLRQHVWDEOLVK UHVSRQVLELOLWLHVRIWKH2ZQHUDQG&RQWUDFWRUIRUVHFXULW\PDLQWHQDQFHKHDWXWLOLWLHVGDPDJHWRWKH:RUNDQG LQVXUDQFHDQGIL[WKHWLPHZLWKLQZKLFKWKH&RQWUDFWRUVKDOOILQLVKDOOLWHPVRQWKHOLVWDFFRPSDQ\LQJWKH &RPPHQWHG>-3KH&RQWUDFW'RFXPHQWV  †3DUWLDO2FFXSDQF\RU8VH †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† ,PPHGLDWHO\SULRUWRVXFKSDUWLDORFFXSDQF\RUXVHWKH2ZQHU&RQWUDFWRUDQG$UFKLWHFWVKDOOMRLQWO\ LQVSHFWWKHDUHDWREHRFFXSLHGRUSRUWLRQRIWKH:RUNWREHXVHGLQRUGHUWRGHWHUPLQHDQGUHFRUGWKHFRQGLWLRQRI WKH:RUN  † 8QOHVVRWKHUZLVHDJUHHGXSRQSDUWLDORFFXSDQF\RUXVHRIDSRUWLRQRUSRUWLRQVRIWKH:RUNVKDOOQRW FRQVWLWXWHDFFHSWDQFHRI:RUNQRWFRPSO\LQJZLWKWKHUHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWV  †)LQDO&RPSOHWLRQDQG)LQDO3D\PHQW † 8SRQUHFHLSWRIWKH&RQWUDFWRU¶VQRWLFHWKDWWKH:RUNLVUHDG\IRUILQDOLQVSHFWLRQDQGDFFHSWDQFHDQGXSRQ UHFHLSWRIDILQDO$SSOLFDWLRQIRU3D\PHQWWKH$UFKLWHFWZLOOSURPSWO\PDNHVXFKLQVSHFWLRQ:KHQWKH$UFKLWHFW ILQGVWKH:RUNDFFHSWDEOHXQGHUWKH&RQWUDFW'RFXPHQWVDQGWKH&RQWUDFWIXOO\SHUIRUPHGWKH$UFKLWHFWZLOO SURPSWO\LVVXHDILQDO&HUWLILFDWHIRU3D\PHQWVWDWLQJWKDWWRWKHEHVWRIWKH$UFKLWHFW¶VNQRZOHGJHLQIRUPDWLRQDQG EHOLHIDQGRQWKHEDVLVRIWKH$UFKLWHFW¶VRQVLWHYLVLWVDQGLQVSHFWLRQVWKH:RUNKDVEHHQFRPSOHWHGLQDFFRUGDQFH ZLWKWKH&RQWUDFW'RFXPHQWVDQGWKDWWKHHQWLUHEDODQFHIRXQGWREHGXHWKH&RQWUDFWRUDQGQRWHGLQWKHILQDO &HUWLILFDWHLVGXHDQGSD\DEOH7KH$UFKLWHFW¶VILQDO&HUWLILFDWHIRU3D\PHQWZLOOFRQVWLWXWHDIXUWKHUUHSUHVHQWDWLRQ WKDWFRQGLWLRQVOLVWHGLQ6HFWLRQDVSUHFHGHQWWRWKH&RQWUDFWRU¶VEHLQJHQWLWOHGWRILQDOSD\PHQWKDYHEHHQ IXOILOOHG  † 1HLWKHUILQDOSD\PHQWQRUDQ\UHPDLQLQJUHWDLQHGSHUFHQWDJHVKDOOEHFRPHGXHXQWLOWKH&RQWUDFWRUVXEPLWV WRWKH$UFKLWHFW  DQDIILGDYLWWKDWSD\UROOVELOOVIRUPDWHULDOVDQGHTXLSPHQWDQGRWKHULQGHEWHGQHVVFRQQHFWHG ZLWKWKH:RUNIRUZKLFKWKH2ZQH URUWKH2ZQHU¶VSURSHUW\PLJKWEHUHVSRQVLEOHRUHQFXPEHUHG OHVVDPRXQWV ZLWKKHOGE\2ZQHU KDYHEHHQSDLGRURWKHUZLVHVDWLVILHGLQFOXGLQJEXWQRWOLPLWHGWRFRPSOHWHG,&IRUPV   DFHUWLILFDWHHYLGHQFLQJWKDWLQVXUDQFHUHTXLUHGE\WKH&RQWUDFW'RFXPHQWVWRUHPDLQLQIRUFHDIWHUILQDOSD\PHQWLV FXUUHQWO\LQHIIHFW  DZULWWHQVWDWHPHQWWKDWWKH&RQWUDFWRUNQRZVRIQRUHDVRQWKDWWKHLQVXUDQFHZLOOQRWEH  $,$'RFXPHQW$±LDFRQWUDFWVFRP 8VHU1RWHV      UHQHZDEOHWRFRYHUWKHSHULRGUHTXLUHGE\WKH&RQWUDFW'RFXPHQWV  FRQVHQWRIVXUHW\LIDQ\WRILQDOSD\PHQW  GRFXPHQWDWLRQRIDQ\VSHFLDOZDUUDQWLHVVXFKDVPDQXIDFWXUHUV¶ZDUUDQWLHVRUVSHFLILF6XEFRQWUDFWRUZDUUDQWLHV 'HOHWHG   DFRPSOHWHVHWRIUHGOLQHGDVEXLOWGUDZLQJVLQGLFDWLQJFKDQJHVWRWKH&RQVWUXFWLRQ'RFXPHQWVGXULQJ 'HOHWHG DQG FRQVWUXFWLRQDQG OO\FRPSOHWHGDQGDFFHSWHGVKDOOEHVXEPLWWHGE\WKH&RQWUDFWRUWRWKH$UFKLWHFWSULRUWR FHUWLILFDWLRQRIVXFKSD\PHQW6XFKSD\PHQWVKDOOEHPDGHXQGHUWHUPVDQGFRQGLWLRQVJRYHUQLQJILQDOSD\PHQW H[FHSWWKDWLWVKDOOQRWFRQVWLWXWHDZDLYHURI&ODLPV  † 7KHPDNLQJRIILQDOSD\PHQWVKDOOFRQVWLWXWHDZDLYHURI&ODLPVE\WKH2ZQHUH[FHSWWKRVHDULVLQJIURP  OLHQV&ODLPVVHFXULW\LQWHUHVWVRUHQFXPEUDQFHVDULVLQJRXWRIWKH&RQWUDFWDQGXQVHWWOHG  IDLOXUHRIWKH:RUNWRFRPSO\ZLWKWKHUHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWV  WHUPVRIVSHFLDOZDUUDQWLHVUHTXLUHGE\WKH&RQWUDFW'RFXPHQWVRU  DXGLWVSHUIRUPHGE\WKH2ZQHULISHUPLWWHGE\WKH&RQWUDFW'RFXPHQWVDIWHUILQDOSD\PHQW  † $FFHSWDQFHRIILQDOSD\PHQWE\WKH&RQWUDFWRUD6XEFRQWUDFWRURUDVXSSOLHUVKDOOFRQVWLWXWHDZDLYHURI FODLPVE\WKDWSD\HHH[FHSWWKRVHSUHYLRXVO\PDGHLQZULWLQJDQGLGHQWLILHGE\WKDWSD\HHDVXQVHWWOHGDWWKHWLPHRI ILQDO$SSOLFDWLRQIRU3D\PHQW  † :KHQWKH&RQWUDFWRUKDVFRPSOHWHGRUFRUUHFWHGDOOLWHPVRQWKHILQDO3XQFK/LVWDQGFRQVLGHUVWKDWWKH :RUNLVFRPSOHWHDQGUHDG\IRUILQDODFFHSWDQFHWKH&RQWUDFWRUPXVWJLYHZULWWHQQRWLFHWRWKH2ZQHUDQGWKH $UFKLWHFWDQGUHTXHVWDILQDOLQVSHFWLRQRIWKH:RUNDVSURYLG HGLQ6HFWLRQ7KH&RQWUDFWRU¶VQRWLFHDQG UHTXHVWIRUDILQDOLQVSHFWLRQPXVWEHDFFRPSDQLHGE\DILQDO$SSOLFDWLRQIRU3D\PHQWDQGWKH6XEPLWWDOVUHTXLUHG E\6HFWLRQ  †VRIWKH&RQWUDFW'RFXPHQWV 7KH$UFKLWHFWZLOOSURPSWO\QRWLI\WKH&RQWUDFWRULIWKH2ZQHURU$UFKLWHFWGRHVQRWFRQFXUWKDWWKH:RUNLVILQDOO\ FRPSOHWH,QVXFKFDVHWKH&RQWUDFWRUPXVWEHDUWKHFRVWRIDQ\QHFHVVDU\DGGLWLRQDOSURIHVVLRQDOVHUYLFHVRIWKH 2ZQHURU$UFKLWHFWXQWLOWKH:RUNLVGHWHUPLQHGWREHILQDOO\FRPSOHWH  $57,&/(3527(&7,212)3(56216$1'3523(57< †6DIHW\3UHFDXWLRQVDQG3URJUDPV 7KH&RQWUDFWRUVKDOOEHUHVSRQVLEOHIRULQLWLDWLQJPDLQWDLQLQJDQGVXSHUYLVLQJDOOVDIHW\SUHFDXWLRQVDQGSURJUDPV LQFRQQHFWLRQZLWKWKHSHUIRUPDQFHRIWKH&RQWUDFW  †6DIHW\RI3HUVRQVDQG3URSHUW\ † 7KH&RQWUDFWRUVKDOOWDNHUHDVRQDEOHSUHFDXWLRQVIRUVDIHW\RIDQGVKDOOSURYLGHUHDVRQDEOHSURWHFWLRQWR SUHYHQWGDPDJHLQMXU\RUORVVWR  HPSOR\HHVRQWKH:RUNDQGRWKHUSHUVRQVZKRPD\EHDIIHFWHGWKHUHE\  $,$'RFXPHQW$±   WKH:RUNDQGPDWHULDOVDQGHTXLSPHQWWREHLQFRUSRUDWHGWKHUHLQZKHWKHULQVWRUDJHRQRURIIWKH VLWHXQGHUFDUHFXVWRG\RUFRQWURORIWKH&RQWUDFWRUD6XEFRQWUDFWRURUD6XEVXEFRQWUDFWRUDQG  RWKHUSURSHUW\DWWKHVLWHRUDGMDFHQWWKHUHWRVXFKDVWUHHVVKUXEVODZQVZDONVSDYHPHQWV URDGZD\VVWUXFWXUHVDQGXWLOLWLHVQRWGHVLJQDWHGIRUUHPRYDOUHORFDWLRQRUUHSODFHPHQWLQWKHFRXUVH RIFRQVWUXFWLRQ  † 7KH&RQWUDFWRUVKDOOFRPSO\ZLWKDQGJLYHQRWLFHVUHTXLUHGE\DSSOLFDEOHODZVVWDWXWHVRUGLQDQFHVFRGHV UXOHVDQGUHJXODWLRQVDQGODZIXORUGHUVRISXEOLFDXWKRULWLHVEHDULQJRQVDIHW\RISHUVRQVRUSURSHUW\RUWKHLU SURWHFWLRQIURPGDPDJHLQMXU\RUORVV  † 7KH&RQWUDFWRUVKDOOLPSOHPHQWHUHFWDQGPDLQWDLQDVUHTXLUHGE\H[LVWLQJFRQGLWLRQVDQGSHUIRUPDQFHRI WKH&RQWUDFWUHDVRQDEOHVDIHJXDUGVIRUVDIHW\DQGSURWHFWLRQLQFOXGLQJSRVWLQJGDQJHUVLJQVDQGRWKHUZDUQLQJV DJDLQVWKD]DUGVSURPXOJDWLQJVDIHW\UHJXODWLRQVDQGQRWLI\LQJWKHRZQHUVDQGXVHUVRIDGMDFHQWVLWHVDQGXWLOLWLHVRI WKHVDIHJXDUGV  † :KHQXVHRUVWRUDJHRIH[SORVLYHVRURWKHUKD]DUGRXVPDWHULDOVRUHTXLSPHQWRUXQXVXDOPHWKRGVDUH QHFHVVDU\IRUH[HFXWLRQRIWKH:RUNWKH&RQWUDFWRUVKDOOH[HUFLVHXWPRVWFDUHDQGFDUU\RQVXFKDFWLYLWLHVXQGHU VXSHUYLVLRQRISURSHUO\TXDOLILHGSHUVRQQHO  †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¶VREOLJDWLRQVXQGHU6HFWLRQ  † 7KH&RQWUDFWRUVKDOOGHVLJQDWHDUHVSRQVLEOHPHPEHURIWKH&RQWUDFWRU¶VRUJDQL]DWLRQDWWKHVLWHZKRVHGXW\ VKDOOEHWKHSUHYHQWLR QRIDFFLGHQWV7KLVSHUVRQVKDOOEHWKH&RQWUDFWRU¶VVXSHULQWHQGHQWXQOHVVRWKHUZLVH GHVLJQDWHGE\WKH&RQWUDFWRULQZULWLQJWRWKH2ZQHUDQG$UFKLWHFW  †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† 8SRQUHFHLSWRIWKH&RQWUDFWRU¶VQRWLFHWKH2ZQHUVKDOOREWDLQWKHVHUYLFHVRIDOLFHQVHGODER UDWRU\WR YHULI\WKHSUHVHQFHRUDEVHQFHRIWKHPDWHULDORUVXEVWDQFHUHSRUWHGE\WKH&RQWUDFWRUDQGLQWKHHYHQWVXFKPDWHULDO RUVXEVWDQFHLVIRXQGWREHSUHVHQWWRFDXVHLWWREHUHQGHUHGKDUPOHVV8QOHVVRWKHUZLVHUHTXLUHGE\WKH&RQWUDFW 'RFXPHQWVWKH2ZQHUVKDOOIXUQLVKLQZULWLQJWRWKH&RQWUDFWRUDQG$UFKLWHFWWKHQDPHVDQGTXDOLILFDWLRQVRI  $,$'RFXPHQW$±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¶VUHDVRQDEOHDGGLWLRQDOFRVWV RIVKXWGRZQGHOD\DQGVWDUWXS  † 7RWKHIXOOHVWH[WHQWSHUPLWWHGE\ODZWKH2ZQHUVKDOOLQGHPQLI\DQGKROGKDUPOHVVWKH&RQWUDFWRU 6XEFRQWUDFWRUV$UFKLWHFW$UFKLWHFW¶VFRQVXOWDQWVDQGDJHQWVDQGHPSOR\HHVRIDQ\RIWKHPIURPDQGDJDLQVW FODLPVGDPDJHVORVVHVDQGH[SHQVHVLQFOXGLQJEXWQRWOLPLWHGWRDWWRUQH\V¶IHHVDULVLQJRXWRIRUUHVXOWLQJIURP SHUIRUPDQFHRIWKH:RUNRQ2ZQHU¶VS URSHUW\LILQIDFWWKHPDWHULDORUVXEVWDQFHSUHVHQWVWKHULVNRIERGLO\LQMXU\ 'HOHWHG LQWKHDIIHFWHGDUHD RUGHDWKDVGHVFULEHGLQ6HFWLRQDQGKDVQRWEHHQUHQGHUHGKDUPOHVVSURYLGHGWKDWVXFKFODLPGDPDJHORVV RUH[SHQVHLVDWWULEXWDEOHWRERGLO\LQMXU\VLFNQHVVGLVHDVHRUGHDWKRUWRLQMXU\WRRUGHVWUXFWLRQRIWDQJLEOH SURSHUW\ RWKHUWKDQWKH:RUNLWVHOI H[FHSWWRWKHH[WHQWWKDWVXFKGDPDJHORVVRUH[SHQVHLVGXHWRWKHIDXOWRU QHJOLJHQFHRIWKHSDUW\VHHNLQJLQGHPQLW\  † 7KH2ZQHUVKDOOQRWEHUHVSRQVLEOHXQGHUWKLV6HFWLRQIRUKD]DUGRXVPDWHULDOVRUVXEVWDQFHVWKH &RQWUDFWRUEULQJVWRWKHVLWHXQOHVVVXFKPDWHULDOVRUVXEVWDQFHVDUHUHTXLUHGE\WKH&RQWUDFW'RFXPHQWV7KH 2ZQHUVKDOOEHUHVSRQVLEOHIRUKD]DUGRXVPDWHULDOVRUVXEVWDQFHVUHTXLUHGE\WKH&RQWUDFW'RFXPHQWVH[FHSWWRWKH H[WHQWRIWKH&RQWUDFWRU¶VIDXOWRUQHJOLJHQFHLQWKHXVHDQGKDQ GOLQJRIVXFKPDWHULDOVRUVXEVWDQFHV  † 7KH&RQWUDFWRUVKDOOUHLPEXUVHWKH2ZQHUIRUWKHFRVWDQGH[SHQVHWKH2ZQHULQFXUV  IRUUHPHGLDWLRQRI KD]DUGRXVPDWHULDOVRUVXEVWDQFHVWKH&RQWUDFWRUEULQJVWRWKHVLWHDQGQHJOLJHQWO\KDQGOHVRU  ZKHUHWKH &RQWUDFWRUIDLOVWRSHUIRUPLWVREOLJDWLRQVXQGHU6HFWLRQH[FHSWWRWKHH[WHQWWKDWWKHFRVWDQGH[SHQVHDUH GXHWRWKH2ZQHU¶VIDXOWRUQHJOLJHQFH  † ,IZLWKRXWQHJOLJHQFHRQWKHSDUWRIWKH&RQWUDFWRUWKH&RQWUDFWRULVKHOGOLDEOHE\DJRYHUQPHQWDJHQF\ IRUWKHFRVWRIUHPHGLDWLRQRIDKD]DUGRXVPDWHULDORUVXEVWDQFHVROHO\E\UHDVRQRISHUIRUPLQJ:RUNDVUHTXLUHGE\ WKH&RQWUDFW'RFXPHQWVWKH2ZQHUVKDOOUHLPEXUVHWKH&RQWUDFWRUIRUDOOFRVWDQGH[SHQVHWKHUHE\LQFXUUHG  †(PHUJHQFLHV ,QDQHPHUJHQF\DIIHFWLQJVDIHW\RISHUVRQVRUSURSHUW\WKH&RQ WUDFWRUVKDOODFWDWWKH&RQWUDFWRU¶VGLVFUHWLRQWR SUHYHQWWKUHDWHQHGGDPDJHLQMXU\RUORVV$GGLWLRQDOFRPSHQVDWLRQRUH[WHQVLRQRIWLPHFODLPHGE\WKH&RQWUDFWRU RQDFFRXQWRIDQHPHUJHQF\VKDOOEHGHWHUPLQHGDVSURYLGHGLQ$UWLFOHDQG$UWLFOHDVRWKHUZLVHGHVFULEHGLQWKH&RQWUDFW'RFXPHQWV  † 7KHLQVXUDQFHUHTXLUHGE\6HFWLRQVKDOOEHZULWWHQIRUQRWOHVVWKDQOLPLWVRIOLDELOLW\VSHFLILHGLQWKH &RQWUDFW'RFXPHQWVRUUHTXLUHGE\ODZZKLFKHYHUFRYHUDJHLVJUHDWHU&RYHUDJHVZKHWKHUZULWWHQRQDQ RFFXUUHQFHRUFODLPVPDGHEDVLVVKDOOQDPHWKH2ZQHUDQG$UFKLWHFWDVDGGLWLRQDOLQVXUHGVDQGVKDOOEH PDLQWDLQHGZLWKRXWLQWHUUXSWLRQIURPWKHGDWHRIFRPPHQFHPHQWRIWKH:RUNXQWLOWKHGDWHRIILQDOSD\PHQWWKURXJK WKHFRPSOHWHGRSHUDWLRQVSHULRG&RPSOHWHGRSHUDWLRQVVKDOOEHWKHSHULRGZLWKLQZKLFKDQ\FODLPVPD\EHEURXJKW IRUGDPDJHVDULVLQJRXWRIWKH3URMHFW:RUN  † 7KH&RQWUDFWRUVKDOOSURYLGHVXUHW\ERQGVRIWKHW\SHVIRUVXFKSHQDOVXPVDQGVXEMHFWWRVXFKWHUPVDQG 'HOHWHG  FRQGLWLRQVDVUHTXLUHGE\WKH&RQWUDFW'RFXPHQWV7KH&RQWUDFWRUVKDOOSXUFKDVHDQGPDLQWDLQWKHUHTXLUHGERQGV  $,$'RFXPHQW$±  IURPDFRPSDQ\RUFRPSDQLHVODZIXOO\DXWKRUL]HGWRLVVXHVXUHW\ERQGVLQWKHMXULVGLFWLRQZKHUHWKH3URMHFWLV ORFDWHG  † 8SRQWKHUHTXHVWRIDQ\SHUVRQRUHQWLW\DSSHDULQJWREHDSRWHQWLDOEHQHILFLDU\RIERQGVFRYHULQJSD\PHQW 'HOHWHG  RIREOLJDWLRQVDULVLQJXQGHUWKH&RQWUDFWWKH&RQWUDFWRUVKDOOSURPSWO\IXUQLVKDFRS\RIWKHERQGVRUVKDOO DXWKRUL]HDFRS\WREHIXUQLVKHG &RPPHQWHG>-3@ ,VWKHGRXEOHOD\HUVRIERQGLQJ  ODQJXDJHVXJJHVWHGIRUWKLVVHFWLRQDVZHOO †1RWLFHRI&DQFHOODWLRQRU([SLUDWLRQRI&RQWUDFWRU·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†2ZQHU·V,QVXUDQFH † 7KH2ZQHUVKDOOSXUFKDVHDQGPDLQWDLQLQVXUDQFHRIWKHW\SHVDQGOLPLWVRIOLDELOLW\FRQWDLQLQJWKH HQGRUVHPHQWVDQGVXEMHFWWRWKHWHUPVDQGFRQGLWLRQVDVGHVFULEHGLQWKH$JUHHPHQWRUHOVHZKHUHLQWKH&RQWUDFW 'RFXPHQWV7KH2ZQHUVKDOOSXUFKDVHDQGPDLQWDLQWKHUHTXLUHGLQVXUDQFHIURPDQLQVXUDQFHFRPSDQ\RULQVXUDQFH FRPSDQLHVODZIXOO\DXWKRUL]HGWRLVVXHLQVXUDQFHLQWKHMXULVGLFWLRQZKHUHWKH3URMHFWLVORFDWHG &RPPHQWHG>-3@ :KHUHLVEXLOGHU¶VULVNLQVXUDQFH  GLVFXVVHGLVWKDWLQWKH$RULVWKDWZKDWLVPHDQWE\ †)DLOXUHWR3XUFKDVH5HTXLUHG3URSHUW\,QVXUDQFH ,IWKH2ZQHUIDLOVWRSXUFKDVHDQGPDLQWDLQWKHUHTXLUHG ³SURSHUW\LQVXUDQFH´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†1RWLFHRI&DQFHOODWLRQRU([SLUDWLRQRI2ZQHU·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†:DLYHUVRI6XEURJDWLRQ † 7KH2ZQHUDQG&RQWUDFWRUZDLYHDOOULJKWVDJDLQVW  HDFKRWKHUDQGDQ\RIWKHLUVXEFRQWUDFWRUVVXE VXEFRQWUDFWRUVDJHQWVDQGHPSOR\HHVHDFKRIWKHRWKHU  WKH$UFKLWHFWDQG$UFKLWHFW¶VFRQVXOWDQWVDQG   6HSDUDWH&RQWUDFWRUVLIDQ\DQGDQ\RIWKHLUVXEFRQWUDFWRUVVXEVXEFRQWUDFWRUVDJHQWVDQGHPSOR\HHVIRU GDPDJHVFDXVHGE\ILUHRURWKHUFDXVHVRIORVVWRWKHH[WHQWWKRVHORVVHVDUHFRYHUHGE\SURSHUW\LQVXUDQFHUHTXLUHG E\WKH$JUHHPHQWRURWKHUSURSHUW\LQVXUDQFHDSSOLFDEOHWRWKH3URMHFWH[FHSWVXFKULJKWVDVWKH\KDYHWRSURFHHGV RIVXFKLQVXUDQFH7KH2ZQHURU&RQWUDFWRUDVDSSURSULDWHVKDOOUHTXLUHVLPLODUZULWWHQZDLYHUVLQIDYRURIWKH LQGLYLGXDOVDQGHQWLWLHVLGHQWLILHGDERYHIURPWKH$UFKLWHFW$UFKLWHFW¶VFRQVXOWDQWV6HSDUDWH&RQWUDFWRUV VXEFRQWUDFWRUVDQGVXEVXEFRQWUDFWRUV7KHSROLFLHVRILQVXUDQFHSXUFKDVHGDQGPDLQWDLQHGE\HDFKSHUVRQRUHQWLW\ DJUHHLQJWRZDLYHFODLPVSXUVXDQWWRWKLVVHFWLRQVKDOOQRWSURKLELWWKLVZDLYHURIVXEURJDWLRQ7KLVZDLYHURI VXEURJDWLRQVKDOOEHHIIHFWLYHDVWRDSHUVRQRUHQWLW\  HYHQWKRXJKWKDWSHUVRQRUHQWLW\ZRXOGRWKHUZLVHKDYHD  $,$'RFXPHQW$±XQGHU2UGHU 1RZKLFKH[SLUHVRQLVQRWIRUUHVDOHLVOLFHQVHGIRURQHWLPHXVHRQO\DQGPD\RQO\EHXVHGLQDFFRUGDQFHZLWK Š WKH$,$&RQWUDFW'RFXPHQWV7HUPVRI6HUYLFH7RUHSRUWFRS\ULJKWYLRODWLRQVHPDLOGRFLQIR#DLDFRQWUDFWVFRP 8VHU1RWHV      GXW\RILQGHPQLILFDWLRQFRQWUDFWXDORURWKHUZLVH  HYHQWKRXJKWKDWSHUVRQRUHQWLW\GLGQRWSD\WKHLQVXUDQFH SUHPLXPGLUHFWO\RULQGLUHFWO\RU  ZKHWKHURUQRWWKHSHUVRQRUHQWLW\KDGDQLQVXUDEOHLQWHUHVWLQWKHGDPDJHG SURSHUW\  † 1RWZLWKVWDQGLQJWKHDERYH2ZQHUGRHVQRWZDLYHLWVULJKWWRVXEURJDWHDJDLQVW  &RQWUDFWRUDQ\RILWV 6XEFRQWUDFWRUVVXE6XEFRQWUDFWRUVDJHQWVRUHPSOR\HHVIRUGDPDJHVFDXVHGWRQRQ3URMHFWUHODWHGSURSHUW\UHDORU SHUVRQDORUERWKDWRUDGMDFHQWWRWKHVLWHRIWKH3URMHFWFDXVHGE\WKHQHJOLJHQWLQWHQWLRQDORURWKHUZLOOIXODFWRU RPLVVLRQRIWKH&RQWUDFWRUDQ\RILWV6XEFRQWUDFWRUVVXE6XEFRQWUDFWRUVDJHQWVRUHPSOR\HHVRUDJDLQVW  WKH $UFKLWHFWRU$UFKLWHFW¶VFRQVXOWDQWLIDQ\IRUGDP DJHVFDXVHGWRQRQ3URMHFWUHODWHGSURSHUW\UHDORUSHUVRQDORU ERWKDWRUDGMDFHQWWRWKHVLWHRIWKH3URMHFWFDXVHGE\WKHQHJOLJHQWLQWHQWLRQDORURWKHUZLOOIXODFWRURPLVVLRQRI WKH$UFKLWHFWRU$UFKLWHFW¶VFRQVXOWDQWVLIDQ\  †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†/RVVRI8VH%XVLQHVV,QWHUUXSWLRQDQG  'HOD\LQ&RPSOHWLRQ,QVXUDQFHˆ †$GMXVWPHQWDQG6HWWOHPHQWRI,QVXUHG/RVV 7KH2ZQHUDWWKH2ZQHU¶VRSWLRQPD\SXUFKDVHDQG PDLQWDLQLQVXUDQFHWKDWZLOOSURWHFWWKH2ZQHUDJDLQVWORVVRI † $ORVVLQVXUHGXQGHUWKHSURSHUW\LQVXUDQFHUHTXLUHGE\WKH$JUHHPHQWVKDOOEHDGMXVWHGE\WKH2ZQHUDV XVHRIWKH2ZQHU¶VSURSHUW\RUWKHLQDELOLW\WRFRQGXFW ILGXFLDU\DQGPDGHSD\DEOHWRWKH2ZQHUDVILGXFLDU\IRUWKHLQVXUHGVDVWKHLULQWHUHVWVPD\DSSHDUVXEMHFWWR QRUPDORSHUDWLRQVGXHWRILUHRURWKHUFDXVHVRIORVV7KH UHTXLUHPHQWVRIDQ\DSSOLFDEOHPRUWJDJHHFODXVHDQGRI6HFWLRQ7KH2ZQHUVKDOOSD\WKH$UFKLWHFWDQG 2ZQHUZDLYHVDOOULJKWVRIDFWLRQDJDLQVWWKH&RQWUDFWRUDQG &RQWUDFWRUWKHLUMXVWVKDUHVRILQVXUDQFHSURFHHGVUHFHLYHGE\WKH2ZQHUDQGE\DSSURSULDWHDJUHHPHQWVWKH $UFKLWHFWIRUORVVRIXVHRIWKH2ZQHU¶VSURSHUW\GXHWRILUH $UFKLWHFWDQG&RQWUDFWRUVKDOOPDNHSD\PHQWVWRWKHLUFRQVXOWDQWVDQG6XEFRQWUDFWRUVLQVLPLODUPDQQHU RURWKHUKD]DUGVKRZHYHUFDXVHG  'HOHWHG  †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†8QFRYHULQJRI:RUN † ,IDSRUWLRQRIWKH:RUNLVFRYH UHGFRQWUDU\WRWKH$UFKLWHFW¶VUHTXHVWRUWRUHTXLUHPHQWVVSHFLILFDOO\ H[SUHVVHGLQWKH&RQWUDFW'RFXPHQWVLWPXVWLIUHTXHVWHGLQZULWLQJE\WKH$UFKLWHFWEHXQFRYHUHGIRUWKH $UFKLWHFW¶VH[DPLQDWLRQDQGEHUHSODFHGDWWKH&RQWUDFWRU¶VH[SHQVHZLWKRXWFKDQJHLQWKH&RQWUDFW7LPH  † ,IDSRUWLRQRIWKH:RUNKDVEHHQFRYHUHGWKDWWKH$UFKLWHFWKDVQRWVSHFLILFDOO\UHTXHVWHGWRH[DPLQHSULRU WRLWVEHLQJFRYHUHGWKH$UFKLWHFWPD\UHTXHVWWRVHHVXFK:RUNDQGLWVKDOOEHXQFRYHUHGE\WKH&RQWUDFWRU,IVXFK :RUNLVLQDFFRUGDQFHZLWKWKH&RQWUDFW'RFXPHQWVWKH&RQWUDFWRUVKDOOEHHQWLWOHGWRDQHTXLWDEOHDGMXVWPHQWWR WKH&RQWUDFW6XPDQG&RQWUDFW7LPHDVPD\EHDSSURSULDWH,IVXFK:RUNLVQRWLQDFFRUGDQFHZLWKWKH&RQWUDFW 'RFXPHQWVWKHFRVWVRIXQFRYHULQJWKH:RUNDQGWKHFRVWRIFRUUHFWLRQVKDOOEHDWWKH&RQWUDFWRU¶VH[SHQVH  †&RUUHFWLRQRI:RUN †%HIRUH6XEVWDQWLDO&RPSOHWLRQ 7KH&RQWUDFWRUVKDOOSURPSWO\FRUUHFW:RUNUHMHFWHGE\WKH$UFKLWHFWRUIDLOLQJWRFRQIRUPWRWKHUHTXLUHPHQWVRI WKH&RQWUDFW'RFXPHQWVGLVFRYHUHGEHIRUH6XEVWDQWLDO&RPSOHWLRQDQGZKHWKHURUQRWIDEULFDWHGLQVWDOOHGRU  $,$'RFXPHQW$±    FRPSOHWHG&RVWVRIFRUUHFWLQJVXFKUHMHFWHG:RUNLQFOXGLQJDGGLWLRQDOWHVWLQJDQGLQVSHFWLRQVWKHFRVWRI XQFRYHULQJDQGUHSODFHPHQWDQGFRPSHQVDWLRQIRUWKH$UFKLWHFW¶VVHUYLFHVDQGH[SHQVHVPDGHQHFHVVDU\WKHUHE\ VKDOOEHDWWKH&RQWUDFWRU¶VH[SHQVH  †$IWHU6XEVWDQWLDO&RPSOHWLRQ † ,QDGGLWLRQWRWKH&RQWUDFWRU¶VREOLJDWLRQVXQGHU6HFWLRQLIZLWKLQRQH\HDUDIWHUWKHGDWHRI 6XEVWDQWLDO&RPSOHWLRQRIWKH:RUNRUGHVLJQDWHGSRUWLRQWKHUHRIRUDIWHUWKHGDWHIRUFRPPHQFHPHQWRIZDUUDQWLHV HVWDEOLVKHGXQGHU6HFWLRQRUE\WHUPVRIDQ\DSSOLFDEOHVSHFLDOZDUUDQW\UHTXLUHGE\WKH&RQWUDFW'RFXPHQWV DQ\RIWKH:RUNLVIRXQGWREHQRWLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWVWKH&RQWUDFWRU VKDOOFRUUHFWLWSURPSWO\DIWHUUHFHLSWRIQRWLFHIURPWKH2ZQHUWRGRVRXQOHVVWKH2ZQHUKDVSUHYLRXVO\JLYHQWKH &RQWUDFWRUDZULWWHQDFFHSWDQFHRIVXFKFRQGLWLRQ7KH2ZQHUVKDOOJLYHVXFKQRWLFHSURPSWO\DIWHUGLVFRYHU\RIWKH FRQGLWLRQ,IWKH&RQWUDFWRUIDLOVWRFRUUHFWQRQFRQIRUPLQJ:RUNZLWKLQDUHDVRQDEOHWLPHGXULQJWKDWSHULRGDIWHU 'HOHWHG 'XULQJWKHRQH\HDUSHULRGIRUFRUUHFWLRQRI UHFHLSWRIQRWLFHIURPWKH2ZQHURU$UFKLWHFWWKH2ZQHUPD\FRUUHFWLWLQDFFRUGDQFHZLWK6HFWLRQ :RUNLIWKH2ZQHUIDLOVWRQRWLI\WKH&RQWUDFWRUDQGJLYH WKH&RQWUDFWRUDQRSSRUWXQLW\WRPDNHWKHFRUUHFWLRQWKH  2ZQHUZDLYHVWKHULJKWVWRUHTXLUHFRUUHFWLRQE\WKH † 7KHRQH\HDUSHULRGIRUFRUUHFWLRQRI:RUNVKDOOEHH[WHQGHGZLWKUHVSHFWWRSRUWLRQVRI:RUNILUVW &RQWUDFWRUDQGWRPDNHDFODLPIRUEUHDFKRIZDUUDQW\ SHUIRUPHGDIWHU6XEVWDQWLDO&RPSOHWLRQE\WKHSHULRGRIWLPHEHWZHHQ6XEVWDQWLDO&RPSOHWLRQDQGWKHDFWXDO FRPSOHWLRQRIWKDWSRUWLRQRIWKH:RUN  † :LWKUHVSHFWWRDQ\FRUUHFWLYHZRUNSHUIRUPHGGXULQJWKH&RUUHFWLRQ3HULRGWKH&RUUHFWLRQ3HULRGIRU WKDWFRUUHFWLYHZRUNVKDOOEHH[WHQGHGIRURQH  \HDUIURPWKHGDWHWKH&RUUHFWLYH:RUNZDVFRPSOHWHG 'HOHWHG 7KHRQH\HDUSHULRGIRUFRUUHFWLRQRI:RUNVKDOO  QRWEHH[WHQGHGE\FRUUHFWLYH:RUNSHUIRUPHGE\WKH &RQWUDFWRUSXUVXDQWWRWKLV6HFWLRQ † 7KH&RQWUDFWRUVKDOOUHPRYHIURPWKHVLWHSRUWLRQVRIWKH:RUNWKDWDUHQRWLQDFFRUGDQFHZLWKWKH UHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWVDQGDUHQHLWKHUFRUUHFWHGE\WKH&RQWUDFWRUQRUDFFHSWHGE\WKH2ZQHU  † 7KH&RQWUDFWRUVKDOOEHDUWKHFRVWRIFRUUHFWLQJGHVWUR\HGRUGDPDJHGFRQVWUXFWLRQRIWKH2ZQHURU 6HSDUDWH&RQWUDFWRUVZKHWKHUFRPSOHWHGRUSDUWLDOO\FRPSOHWHGFDXVHGE\WKH&RQWUDFWRU¶VFRUUHFWLRQRUUHPRYDORI :RUNWKDWLVQRWLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWV  † 1RWKLQJFRQWDLQHGLQWKLV6HFWLRQVKDOOEHFRQVWUXHGWRHVWDEOLVKDSHULRGRIOLPLWDWLRQZLWKUHVSHFWWR RWKHUREOLJDWLRQVWKH&RQWUDFWRUKDVXQGHUWKH&RQWUDFW'RFXPHQWV(VWDEOLVKPHQWRIWKHRQH\HDUSHULRGIRU FRUUHFWLRQRI:RUNDVGHVFULEHGLQ6HFWLRQUHODWHVRQO\WRWKHVSHFLILFREOLJDWLRQRIWKH&RQWUDFWRUWRFRUUHFW WKH:RUNDQGKDVQRUHODWLRQVKLSWRWKHWLPHZLWKLQZKLFKWKHREOLJDWLRQWRFRPSO\ZLWKWKH&RQWUDFW'RFXPHQWV PD\EHVRXJKWWREHHQIRUFHGQRUWRWKHWLPHZLWKLQZKLFKSURFHHGLQJVPD\EHFRPPHQFHGWRHVWDEOLVKWKH &RQWUDFWRU¶VOLDELOLW\ZLWKUHVSHFWWRWKH&RQWUDFWRU¶VREOLJDWLRQVRWKHUWKDQVSHFLILFDOO\WRFRUUHFWWKH:RUN  †$FFHSWDQFHRI1RQFRQIRUPLQJ:RUN ,IWKH2ZQHUSUHIHUVWRDFFHSW:RUNWKDWLVQRWLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWVWKH 2ZQHUPD\GRVRLQVWHDGRIUHTXLULQJLWVUHPRYDODQGFRUUHFWLRQLQZKLFKFDVHWKH&RQWUDFW6XPZLOOEHUHGXFHGDV DSSURSULDWHDQGHTXLWDEOH6XFKDGMXVWPHQWVKDOOEHHIIHFWHGZKHWKHURUQRWILQDOSD\PHQWKDVEHHQPDGH  $57,&/(0,6&(//$1(2863529,6,216 †*RYHUQLQJ/DZ 7KH&RQWUDFWVKDOOEHJRYHUQHGE\WKHODZRIWKHSODFHZKHUHWKH3URMHFWLVORFDWHGH[FOXGLQJWKDWMXULVGLFWLRQ¶V FKRLFHRIODZUXOHV 'HOHWHG ,IWKHSDUWLHVKDYHVHOHFWHGDUELWUDWLRQDVWKH  PHWKRGRIELQGLQJGLVSXWHUHVROXWLRQWKH)HGHUDO$UELWUDWLRQ $FWVKDOOJRYHUQ6HFWLRQ †6XFFHVVRUVDQG$VVLJQV † 7KH2ZQHUDQG&RQWUDFWRUUHVSHFWLYHO\ELQGWKHPVHOYHVWKHLUSDUWQHUVVXFFHVVRUVDVVLJQVDQGOHJDO UHSUHVHQWDWLYHVWRFRYHQDQWVDJUHHPHQWVDQGREOLJDWLRQVFRQWDLQHGLQWKH&RQWUDFW'RFXPHQWV([FHSWDVSURYLGHG LQ6HFWLRQQHLWKHUSDUW\WRWKH&RQWUDFWVKDOODVVLJQWKH&RQWUDFWDVDZKROHZLWKRXWZULWWHQFRQVHQWRIWKH RWKHU,IHLWKHUSDUW\DWWHPSWVWRPDNHDQDVVLJQPHQWZLWKRXWVXFKFRQVHQWWKDWSDUW\VKDOOQHYHUWKHOHVVUHPDLQ OHJDOO\UHVSRQVLEOHIRUDOOREOLJDWLRQVXQGHUWKH&RQWUDFW  † 7KH2ZQHUPD\ZLWKRXWFRQVHQWRIWKH&RQWUDFWRUDVVLJQWKH&RQWUDFWWRDOHQGHUSURYLGLQJFRQVWUXFWLRQ ILQDQFLQJIRUWKH3URMHFWLIWKHOHQGHUDVVXPHVWKH2ZQHU¶VULJKWVDQGREOLJDWLRQVXQGHUWKH&RQWUDFW'RFXPHQWV 7KH&RQWUDFWRUVKDOOH[HFXWHDOOFRQVHQWVUHDVRQDEO\UHTXLUHGWRIDFLOLWDWHWKHDVVLJQPHQW   $,$'RFXPHQW$±  †5LJKWVDQG5HPHGLHV † 'XWLHVDQGREOLJDWLRQVLPSRVHGE\WKH&RQWUDFW'RFXPHQWVDQGULJKWVDQGUHPHGLHVDYDLODEOHWKHUHXQGHU VKDOOEHLQDGGLWLRQWRDQGQRWDOLPLWDWLRQRIGXWLHVREOLJDWLRQVULJKWVDQGUHPHGLHVRWKHUZLVHLPSRVHGRUDYDLODEOH E\ODZ  † 1RDFWLRQRUIDLOXUHWRDFWE\WKH2ZQHU$UFKLWHFWRU&RQWUDFWRUVKDOOFRQVWLWXWHDZDLYHURIDULJKWRUGXW\ DIIRUGHGWKHPXQGHUWKH&RQWUDFWQRUVKDOOVXFKDFWLRQRUIDLOXUHWRDFWFRQVWLWXWHDSSURYDORIRUDFTXLHVFHQFHLQD EUHDFKWKHUHXQGHUH[FHSWDVPD\EHVSHFLILFDOO\DJUHHGXSRQLQZULWLQJ  †7HVWVDQG,QVSHFWLRQV †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†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¶VH[SHQVH  † ,ISURFHGXUHVIRUWHVWLQJLQVSHFWLRQRUDSSURYDOXQGHU6HFWLRQVDQGUHYHDOIDLOXUHRIWKH SRUWLRQVRIWKH:RUNWRFRPSO\ZLWKUHTXLUHPHQWVHVWDEOLVKHGE\WKH&RQWUDFW'RFXPHQWVDOOFRVWVPDGHQHFHVVDU\ E\VXFKIDLOXUHLQFOXGLQJWKRVHRIUHSHDWHGSURFHGXUHVDQGFRPSHQVDWLRQIRUWKH$UFKLWHFW¶VVHUYLFHVDQGH[SHQVHV VKDOOEHDWWKH&RQWUDFWRU¶VH[SHQVH  † 5HTXLUHGFHUWLILFDWHVRIWHVWLQJLQVSHFWLRQRUDSSURYDOVKDOOXQOHVVRWKHUZLVHUHTXLUHGE\WKH&RQWUDFW 'RFXPHQWVEHVHFXUHGE\WKH&RQWUDFWRUDQGSURPSWO\GHOLYHUHGWRWKH$UFKLWHFW  † ,IWKH$UFKLWHFWLVWRREVHUYHWHVWVLQVSHFWLRQVRUDSSURYDOVUHTXLUHGE\WKH&RQWUDFW'RFXPHQWVWKH $UFKLWHFWZLOOGRVRSURPSWO\DQGZKHUHSUDFWLFDEOHDWWKHQRUPDOSODFHRIWHVWLQJ  † 7HVWVRULQVSHFWLRQVFRQGXFWHGSXUVXDQWWRWKH&RQWUDFW'RFXPHQWVVKDOOEHPDGHSURPSWO\WRDYRLG XQUHDVRQDEOHGHOD\LQWKH:RUN  †,QWHUHVW $OOSD\PHQWVWRWKH&RQWUDFWRUVKDOOEHJRYHUQHGE\WKH3URPSW3D\PHQW$FWSURYLGHGKRZHYHUWKDWWKHLQWHUHVW UDWHIRUSD\PHQWVGXHEXWXQSDLGVKDOOEHIRXUSHUFHQW  SHUDQQXP'HOHWHG 3D\PHQWVGXHDQGXQSDLGXQGHUWKH&RQWUDFW  'RFXPHQWVVKDOOEHDULQWHUHVWIURPWKHGDWHSD\PHQWLVGXH DWWKHUDWHWKHSDUWLHVDJUHHXSRQLQZULWLQJRULQWKHDEVHQFH †5HFRUG.HHSLQJ ³$YDLODELOLW\DQG5HWHQWLRQ WKHUHRIDWWKHOHJDOUDWHSUHYDLOLQJIURPWLPHWRWLPHDWWKH 3XUVXDQWWR0LQQHVRWD6WDWXWHV6HFWLRQ&VXEG&RQWUDFWRUDJUHHVWKDWWKHERRNVUHFRUGVGRFXPHQWVDQG SODFHZKHUHWKH3URMHFWLVORFDWHG DFFRXQWLQJSURFHGXUHVDQGSUDFWLFHVRI&RQWUDFWRUWKDWDUHUHOHYDQWWRWKH&RQWUDFWRUWUDQVDFWLRQDUHVXEMHFWWR H[DPLQDWLRQE\WKH2ZQHUDQGWKHVWDWHDXGLWRUIRUDPLQLPXPRIVL[  \HDUV&RQWUDFWRUVKDOOPDLQWDLQVXFK UHFRUGVIRUDPLQLPXPRIVL[  \HDUVDIWHUILQDOSD\PHQW  †  DSSO\WR&RQWUDFWRU&RQWUDFWRUGRHVQRWKDYHDGXW\WRSURYLGHDFFHVVWRSXEOLFGDWDWRWKHSXEOLFLIWKHSXEOLF GDWDDUHDYDLODEOHIURPWKH2ZQHUH[FHSWDVUHTXLUHGE\WKHWHUPVRIWKLVFRQWUDFW   †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†7HUPLQDWLRQE\WKH&RQWUDFWRU †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ˆ  7KH2ZQHUKDVIDLOHGWRIXUQLVKWRWKH&RQWUDFWRU †UHDVRQDEOHHYLGHQFHDVUHTXLUHGE\6HFWLRQ 7KH&RQWUDFWRUPD\WHUPLQDWHWKH&RQWUDFWLIWKURXJKQRDFWRUIDXOWRIWKH&RQWUDFWRUD6XEFRQWUDFWRUD 6XEVXEFRQWUDFWRUWKHLUDJHQWVRUHPSOR\HHVRUDQ\RWKHUSHUVRQVRUHQWLWLHVSHUIRUPLQJSRUWLRQVRIWKH:RUN UHSHDWHGVXVSHQVLRQVGHOD\VRULQWHUUXSWLRQVRIWKHHQWLUH:RUNE\WKH2ZQHUDVGHVFULEHGLQ6HFWLRQ FRQVWLWXWHLQWKHDJJUHJDWHPRUHWKDQSHUFHQWRIWKHWRWDOQXPEHURIGD\VVFKHGXOHGIRUFRPSOHWLRQRUGD\V LQDQ\GD\SHULRGZKLFKHYHULVOHVV  † ,IRQHRIWKHUHDVRQVGHVFULEHGLQ6HFWLRQRUH[LVWVWKH&RQWUDFWRUPD\XSRQVHYHQGD\V¶ QRWLFHWRWKH2ZQHUDQG$UFKLWHFWWHUPLQDWHWKH&RQWUDFWDQGUHFRYHUIURPWKH2ZQHUSD\PHQWIRU:RUNH[HFXWHG 'HOHWHG DVZHOODVUHDVRQDEOHRYHUKHDGDQGSURILWRQ  :RUNQRWH[HFXWHGDQGFRVWVLQFXUUHGE\UHDVRQRIVXFK WHUPLQDWLRQ † ,IWKH:RUNLVVWRSSHGIRUDSHULRGRIFRQVHFXWLYHGD\VWKURXJKQRDFWRUIDXOWRIWKH&RQWUDFWRUD 6XEFRQWUDFWRUD6XEVXEFRQWUDFWRURUWKHLUDJHQWVRUHPSOR\HHVRUDQ\RWKHUSHUVRQVRUHQWLWLHVSHUIRUPLQJ SRUWLRQVRIWKH:RUNEHFDXVHWKH2ZQHUKDVUHSHDWHGO\IDLOHGWRIXOILOOWKH2ZQH U¶VREOLJDWLRQVXQGHUWKH&RQWUDFW 'RFXPHQWVZLWKUHVSHFWWRPDWWHUVLPSRUWDQWWRWKHSURJUHVVRIWKH:RUNWKH&RQWUDFWRUPD\XSRQVHYHQDGGLWLRQDO GD\V¶QRWLFHWRWKH2ZQHUDQGWKH$UFKLWHFWWHUPLQDWHWKH&RQWUDFWDQGUHFRYHUIURPWKH2ZQHUDVSURYLGHGLQ 6HFWLRQ  †7HUPLQDWLRQE\WKH2ZQHUIRU&DXVH † 7KH2ZQHUPD\WHUPLQDWHWKH&RQWUDFWLIWKH&RQWUDFWRU  UHSHDWHGO\UHIXVHVRUIDLOVWRVXSSO\HQRXJKSURSHUO\VNLOOHGZRUNHUVRUSURSHUPDWHULDOV  IDLOVWRPDNHSD\PHQWWR6XEFRQWUDFWRUVRUVXSSOLHUVLQDFFRUGDQFHZLWKWKHUHVSHFWLYHDJUHHPHQWV EHWZHHQWKH&RQWUDFWRUDQGWKH6XEFRQWUDFWRUVRUVXSSOLHUV  UHSHDWHGO\GLVUHJDUGVDSSOLFDEOHODZVVWDWXWHVRUGLQDQFHVFRGHVUXOHVDQGUHJXODWLRQVRUODZIXO RUGHUVRIDSXEOLFDXWKRULW\RU  RWKHUZLVHLVJXLOW\RIVXEVWDQWLDOEUHDFKRIDSURYLVLRQRIWKH&RQWUDFW'RFXPHQWV  † :KHQDQ\RIWKHUHDVRQVGHVFULEHGLQ6HFWLRQH[LVWWKH2ZQHUPD\ZLWKRXWSUHMXGLFHWRDQ\RWKHU 'HOHWHG DQGXSRQFHUWLILFDWLRQE\WKH$UFKLWHFWWKDW ULJKWVRUUHPHGLHVRIWKH2ZQHUDQGDIWHUJLYLQJWKH&RQWUDFWRUDQGWKH&RQWUDFWRU¶VVXUHW\LIDQ\VHYHQGD\V¶ VXIILFLHQWFDXVHH[LVWVWRMXVWLI\VXFKDFWLRQ QRWLFHWHUPLQDWHHPSOR\PHQWRIWKH&RQWUDFWRUDQGPD\VXEMHFWWRDQ\SULRUULJKWVRIWKHVXUHW\  ([FOXGHWKH&RQWUDFWRUIURPWKHVLWHDQGWDNHSRVVHVVLRQRIDOOPDWHULDOVHTXLSPHQWWRROVDQG FRQVWUXFWLRQHTXLSPHQWDQGPDFKLQHU\WKHUHRQRZQHGE\WKH&RQWUDFWRU  $FFHSWDVVLJQPHQWRIVXEFRQWUDFWVSXUVXDQWWR6HFWLRQDQG  $,$'RFXPHQW$±   )LQLVKWKH:RUNE\ZKDWHYHUUHDVRQDEOHPHWKRGWKH2ZQHUPD\GHHPH[SHGLHQW8SRQZULWWHQ UHTXHVWRIWKH&RQWUDFWRUWKH2ZQHUVKDOOIXUQLVKWRWKH&RQWUDFWRUDGHWDLOHGDFFRXQWLQJRIWKHFRVWV LQFXUUHGE\WKH2ZQHULQILQLVKLQJWKH:RUN  † :KHQWKH2ZQHUWHUPLQDWHVWKH&RQWUDFWIRURQHRIWKHUHDVRQVVWDWHGLQ6HFWLRQWKH&RQWUDFWRUVKDOO QRWEHHQWLWOHGWRUHFHLYHIXUWKHUSD\PHQWXQWLOWKH:RUNLVILQLVKHG  † ,IWKHXQSDLGEDODQFHRIWKH&RQWUDFW6XPH[FHHGVFRVWVRIILQLVKLQJWKH:RUNLQFOXGLQJFRPSHQVDWLRQIRU WKH$UFKLWHFW¶VVHUYLFHVDQGH[SHQVHVPDGHQHFHVVDU\WKHUHE\DQGRWKHUGDPDJHVLQFXUUHGE\WKH2ZQHUDQGQRW H[SUHVVO\ZDLYHGVXFKH[FHVVVKDOOEHSDLGWRWKH&RQWUDFWRU,IVXFKFRVWVDQGGDPDJHVH[FHHGWKHXQSDLGEDODQFH WKH&RQWUDFWRUVKDOOSD\WKHGLIIHUHQFHWRWKH2ZQHU7KHDPRXQWWREHSDLGWRWKH&RQWUDFWRURU2ZQHUDVWKHFDVH PD\EHVKDOOEHFHUWLILHGE\WKH,QLWLDO'HFLVLRQ0DNHUXSRQDSSOLFDWLRQDQGWKLVREOLJDWLRQIRUSD\PHQWVKDOO VXUYLYHWHUPLQDWLRQRIWKH&RQWUDFW  †6XVSHQVLRQE\WKH2ZQHUIRU&RQYHQLHQFH † 7KH2ZQHUPD\ZLWKRXWFDXVHRUGHUWKH&RQWUDFWRULQZULWLQJWRVXVSHQGGHOD\RULQWHUUXSWWKH:RUNLQ ZKROHRULQSDUWIRUVXFKSHULRGRIWLPHDVWKH2ZQHUPD\GHWHUPLQH  † 7KH&RQWUDFW6XPDQG&RQWUDFW7LPHVKDOOEHDGMXVWHGIRULQFUHDVHVLQWKHFRVWDQGWLPHFDXVHGE\ VXVSHQVLRQGHOD\RULQWHUUXSWLRQXQGHU6HFWLRQ1RDGMXVWPHQWVKDOOEHPDGHWRWKHH[WHQW'HOHWHG $GMXVWPHQWRIWKH&RQWUDFW6XPVKDOOLQFOXGH  WKDWSHUIRUPDQFHLVZDVRUZRXOGKDYHEHHQVRVXVSHQGHGGHOD\HGRULQWHUUXSWHGE\DQRWKHUFDXVH SURILW IRUZKLFKWKH&RQWUDFWRULVUHVSRQVLEOHRU  WKDWDQHTXLWDEOHDGMXVWPHQWLVPDGHRUGHQLHGXQGHUDQRWKHUSURYLVLRQRIWKH&RQWUDFW  †7HUPLQDWLRQE\WKH2ZQHUIRU&RQYHQLHQFH † 7KH2ZQHUPD\DWDQ\WLPHWHUPLQDWHWKH&RQWUDFWIRUWKH2ZQHU¶VFRQYHQLHQFHDQGZLWKRXWFDXVH  † 8SRQUHFHLSWRIQRWLFHIURPWKH2ZQHURIVXFKWHUPLQDWLRQIRUWKH2ZQHU¶VFRQYHQLHQFHWKH&RQWUDFWRU VKDOO  FHDVHRSHUDWLRQVDVGLUHFWHGE\WKH2ZQHULQWKHQRWLFH  WDNHDFWLRQVQHFHVVDU\RUWKDWWKH2ZQHUPD\GLUHFWIRUWKHSURWHFWLRQDQGSUHVHUYDWLRQRIWKH:RUN DQG  H[FHSWIRU:RUNGLUHFWHGWREHSHUIRUPHGSULRUWRWKHHIIHFWLYHGDWHRIWHUPLQDWLRQVWDWHGLQWKH QRWLFHWHUPLQDWHDOOH[LVWLQJVXEFRQWUDFWVDQGSXUFKDVHRUGHUVDQGHQWHULQWRQRIXUWKHUVXEFRQWUDFWV DQGSXUFKDVHRUGHUV  † ,QFDVHRIVXFKWHUPLQDWLRQIRUWKH2 ZQHU¶VFRQYHQLHQFHWKH2ZQHUVKDOOSD\WKH&RQWUDFWRUIRU:RUN SURSHUO\H[HFXWHGFRVWVLQFXUUHGE\UHDVRQRIWKHWHUPLQDWLRQLQFOXGLQJFRVWVDWWULEXWDEOHWRWHUPLQDWLRQRI 6XEFRQWUDFWVDQGWKHWHUPLQDWLRQIHHLIDQ\VHWIRUWKLQWKH$JUHHPHQW  †125,*+7726723:25.)251213$<0(17 † 7KH&RQWUDFWRUKDVQRULJKWWRVWRS:RUNRILWV6XEFRQWUDFWRUVRUDOORZWKHPWRVWRS:RUNDVD FRQVHTXHQFHRIQRQSD\PHQW,QWKHHYHQWRIDQ\GLVDJUHHPHQWEHWZHHQWKH&RQWUDFWRUDQG2ZQHULQYROYLQJWKH &RQW UDFWRU¶VHQWLWOHPHQWWRSD\PHQWWKH&RQWUDFWRU¶VRQO\UHPHG\LVWRILOHD&ODLPLQDFFRUGDQFHZLWK$UWLFOH 7KH&RQWUDFWRUPXVWGLOLJHQWO\SURFHHGZLWKWKH:RUNSHQGLQJUHVROXWLRQRIWKH&ODLP,IKRZHYHUDQ$SSOLFDWLRQ IRU3D\PHQWKDVEHHQDSSURYHGIRUSD\PHQWE\WKH2ZQHUDQGWKH2ZQHUIDLOVWRPDNHSD\PHQWZLWKLQVL[W\   GD\VRIWKHDSSURYDOIRUSD\PHQWE\WKH2ZQHUWKH&RQWUDFWRUPD\XSRQWHQ  GD\VZULWWHQQRWLFHWRWKH2ZQHU VWRSZRUNLISD\PHQWLVQRWPDGHE\WKH2ZQHUZLWKLQWHQ  GD\VIROORZLQJWKHQRWLFH  $57,&/(&/$,06$1'',6387(6 †&ODLPV †'HILQLWLRQ $&ODLPLVDGHPDQGRUDVVHUWLRQE\&RQWUDFWRUVHHNLQJDVDPDWWHURIULJKWSD\PHQWRIPRQH\DFKDQJHLQWKH 'HOHWHG RQHRIWKHSDUWLHV &RQWUDFW7LPHRURWKHUUHOLHIZLWKUHVSHFWWRWKHWHUPVRIWKH&RQWUDFW7KHUHVSRQVLELOLW\WRVXEVWDQWLDWH&ODLPV 'HOHWHG 7KHWHUP³&ODLP´DOVRLQFOXGHVRWKHUGLVSXWHVDQG VKDOOUHVWZLWKWKH&RQWUDFWRU7KLV6HFWLRQGRHVQRWUHTXLUHWKH2ZQHUWRILOHD&ODLPLQRUGHUWRLPSRVH PDWWHUVLQTXHVWLRQEHWZHHQWKH2ZQHUDQG&RQWUDFWRU OLTXLGDWHGGDPDJHVLQDFFRUGDQFHZLWKWKH&RQWUDFW'RFXPHQWV1RWKLQJLQWKLVSDUDJUDSKLVLQWHQGHGWR DULVLQJRXWRIRUUHODWLQJWRWKH&RQWUDFW DSSO\WRRULQDQ\ZD\OLPLWWKH2ZQHU¶VULJKWWRPDNH&ODLPVUHODWHGWRRUDULVLQJRXWRIWKH&RQWUDFW 'HOHWHG SDUW\PDNLQJWKH&ODLP  $,$'RFXPHQW$±   †7LPH/LPLWVRQ&ODLPV 7KH2ZQHUDQG&RQWUDFWRUVKDOOFRPPHQFHDOOFDXVHVRIDFWLRQDJDLQVWWKHRWKHUDQGDULVLQJRXWRIRUUHODWHGWRWKH 'HOHWHG &ODLPVDQG &RQWUDFWZKHWKHULQFRQWUDFWWRUWEUHDFKRIZDUUDQW\RURWKHUZLVHLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRIWKH ELQGLQJGLVSXWHUHVROXWLRQPHWKRGVHOHFWHGLQWKH$JUHHPHQWDQGZLWKLQWKHWLPHSHULRGVSHFLILHGE\DSSOLFDEOHODZ'HOHWHG EXWLQDQ\FDVHQRWPRUHWKDQ\HDUVDIWHUWKH  GDWHRI6XEVWDQWLDO&RPSOHWLRQRIWKH:RUN7KH2ZQHUDQG &RQWUDFWRUZDLYHDOO&ODLPVDQGFDXVHVRIDFWLRQQRW †1RWLFHRI&ODLPV FRPPHQFHGLQDFFRUGDQFHZLWKWKLV6HFWLRQ †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† &ODLPVE\HLWKHUWKH2ZQHURU&RQWUDFWRUZKHUHWKHFRQGLWLRQJLYLQJULVHWRWKH&ODLPLVILUVWGLVFRYHUHG DIWHUH[SLUDWLRQRIWKHSHULRGIRUFRUUHFWLRQRIWKH:RUNVHWIRUWKLQ6HFWLRQVKDOOEHLQLWLDWHGE\QRWLFHWRWKH&RPPHQWHG>-3@ ,VWKHUHDQDGYDQWDJHWROLPLWWKLV RWKHUSDUW\,QVXFKHYHQWQRGHFLVLRQE\WKH,QLWLDO'HFLVLRQ0DNHULVUHTXLUHG ODQJXDJHWRFRQWUDFWRU"  &RPPHQWHG>0:5@ <HV2ZQHUGRHVQRWKDYHWR †&RQWLQXLQJ&RQWUDFW3HUIRUPDQFH SURYLGHQRWLFHZLQGD\V † 3HQGLQJILQDOUHVROXWLRQRID&ODLPH[FHSWDVRWKHUZLVHDJUHHGLQZULWLQJRUDVSURYLGHGLQ6HFWLRQˆ † ,IDGYHUVHZHDWKHUFRQGLWLRQVDUHWKHEDVLVIRUD&ODLPIRUDGGLWLRQDOWLPHVXFK&ODLPVKDOOEH GDPDJHVLQFXUUHGE\WKH2ZQHUIRUUHQWDOH[SHQVHVIRU ORVVHVRIXVHLQFRPHSURILWILQDQFLQJEXVLQHVVDQG GRFXPHQWHGE\GDWDVXEVWDQWLDWLQJWKDWZHDWKHUFRQGLWLRQVZHUHDEQRUPDOIRUWKHSHULRGRIWLPHFRXOGQRWKDYH UHSXWDWLRQDQGIRUORVVRIPDQDJHPHQWRUHPSOR\HH EHHQUHDVRQDEO\DQWLFLSDWHGDQGKDGDQDGYHUVHHIIHFWRQWKHVFKHGXOHGFRQVWUXFWLRQ SURGXFWLYLW\RURIWKHVHUYLFHVRIVXFKSHUVRQVDQGˆ  GDPDJHVLQFXUUHGE\WKH&RQWUDFWRUIRUSULQFLSDORIILFH †,QLWLDO'HFLVLRQ H[SHQVHVLQFOXGLQJWKHFRPSHQVDWLRQRISHUVRQQHOVWDWLRQHG † &ODLPVE\WKH&RQWUDFWRUH[FOXGLQJWKRVHZKHUHWKHFRQGLWLRQJLYLQJULVHWRWKH&ODLPLVILUVWGLVFRYHUHG WKHUHIRUORVVHVRIILQDQFLQJEXVLQHVVDQGUHSXWDWLRQDQG DIWHUH[SLUDWLRQRIWKHSHULRGIRUFRUUHFWLRQRIWKH:RUNVHWIRUWKLQ6HFWLRQRUDULVLQJXQGHU6HFWLRQV IRUORVVRISURILWH[FHSW DQGVKDOOEHUHIHUUHGWRWKH,QLWLDO'HFLVLRQ0DNHUIRULQLWLDOGHFLVLRQ7KH$UFKLWHFWZLOOVHUYHDVWKH 'HOHWHG DQWLFLSDWHGSURILWDULVLQJGLUHFWO\IURPWKH:RUNˆ ,QLWLDO'HFLVLRQ0DNHUXQOHVVRWKHUZLVHLQGLFDWHGLQWKH$JUHHPHQW([FHSWIRUWKRVH&ODLPVH[FOXGHGE\WKLV ˆ 6HFWLRQDQLQLWLDOGHFLVLRQVKDOOEHUHTXLUHGDVDFRQGLWLRQSUHFHGHQWWRELQGLQJGLVSXWHUHVROXWLRQRIDQ\ 7KLVPXWXDOZDLYHULVDSSOLFDEOHZLWKRXWOLPLWDWLRQWRDOO &ODLP,IDQLQLWLDOGHFLVLRQKDVQRWEHHQUHQGHUHGZLWKLQGD\VDIWHUWKH&ODLPKDVEHHQUHIHUUHGWRWKH,QLWLDO FRQVHTXHQWLDOGDPDJHVGXHWRHLWKHUSDUW\¶VWHUPLQDWLRQLQ 'HFLVLRQ0DNHUWKHSDUW\DVVHUWLQJWKH&ODLPPD\GHPDQGPHGLDWLRQDQGELQGLQJGLVSXWHUHVROXWLRQZLWKRXWD DFFRUGDQFHZLWK$UWLFOH1RWKLQJFRQWDLQHGLQWKLV GHFLVLRQKDYLQJEHHQUHQGHUHG8QOHVVWKH,QLWLDO'HFLVLRQ0DNHUDQGDOODIIHFWHGSDUWLHVDJUHHWKH,QLWLDO'HFLVLRQ 6HFWLRQGLVSXWHVEHWZHHQWKH&RQWUDFWRUDQGSHUVRQVRUHQWLWLHVRWKHUWKDQWKH2ZQHU OLTXLGDWHGGDPDJHVZKHQDSSOLFDEOHLQDFFRUGDQFHZLWKWKH  UHTXLUHPHQWVRIWKH&RQWUDFW'RFXPHQWVˆ †ˆ 7KH,QLWLDO'HFLVLRQ0DNHUZLOOUHYLHZ&ODLPVE\WKH&RQWUDFWRUDQGZLWKLQWHQGD\VRIWKHUHFHLSWRID &ODLPWDNHRQHRUPRUHRIWKHIROORZLQJDFWLRQV  UHTXHVWDGGLWLRQDOVXSSRUWLQJGDWDIURPWKH&RQWUDFWRURUD 'HOHWHG PHGLDWLRQ UHVSRQVHZLWKVXSSRUWLQJGDWDIURPWKHRWKHUSDUW\  UHMHFWWKH&ODLPLQZKROHRULQSDUW  DSSURYHWKH&ODLP 'HOHWHG FODLPDQW  $,$'RFXPHQW$±   VXJJHVWDFRPSURPLVHRU  DGYLVHWKHSDUWLHVWKDWWKH,QLWLDO'HFLVLRQ0DNHULVXQDEOHWRUHVROYHWKH&ODLPLI 'HOHWHG WKH,QLWLDO'HFLVLRQ0DNHUODFNVVXIILFLHQWLQIRUPDWLRQWRHYDOXDWHWKHPHULWVRIWKH&ODLPRULIWKH,QLWLDO'HFLVLRQ (LWKHUSDUW\PD\ILOHIRUPHGLDWLRQRIDQLQLWLDO GHFLVLRQDWDQ\WLPHVXEMHFWWRWKHWHUPVRI6HFWLRQ 0DNHUFRQFOXGHVWKDWLQWKH,QLWLDO'HFLVLRQ0DNHU¶VVROHGLVFUHWLRQLWZRXOGEHLQDSSURSULDWHIRUWKH,QLWLDO 'HFLVLRQ0DNHUWRUHVROYHWKH&ODLP 'HOHWHG †(LWKHUSDUW\PD\ZLWKLQGD\VIURP  WKHGDWHRIUHFHLSWRIDQLQLWLDOGHFLVLRQGHPDQGLQZULWLQJ † ,QHYDOXDWLQJ&ODLPVWKH,QLWLDO'HFLVLRQ0DNHUPD\EXWVKDOOQRWEHREOLJDWHGWRFRQVXOWZLWKRUVHHN WKDWWKHRWKHUSDUW\ILOHIRUPHGLDWLRQ,IVXFKDGHPDQGLV LQIRUPDWLRQIURPHLWKHUSDUW\RUIURPSHUVRQVZLWKVSHFLDONQRZOHGJHRUH[SHUWLVHZKRPD\DVVLVWWKH,QLWLDO PDGHDQGWKHSDUW\UHFHLYLQJWKHGHPDQGIDLOVWRILOHIRU 'HFLVLRQ0DNHULQUHQGHULQJDGHFLVLRQ7KH,QLWLDO'HFLVLRQ0DNHUPD\UHTXHVWWKH2ZQHUWRDXWKRUL]HUHWHQWLRQRI PHGLDWLRQZLWKLQGD\VDIWHUUHFHLSWWKHUHRIWKHQERWK SDUWLHVZDLYHWKHLUULJKWVWRPHGLDWHRUSXUVXHELQGLQJ VXFKSHUVRQVDWWK H2ZQHU¶VH[SHQVH GLVSXWHUHVROXWLRQSURFHHGLQJVZLWKUHVSHFWWRWKHLQLWLDO  GHFLVLRQˆ † ,IWKH,QLWLDO'HFLVLRQ0DNHUUHTXHVWVDSDUW\WRSURYLGHDUHVSRQVHWRD&ODLPRUWRIXUQLVKDGGLWLRQDO ˆ VXSSRUWLQJGDWDVXFKSDUW\VKDOOUHVSRQGZLWKLQWHQGD\VDIWHUUHFHLSWRIWKHUHTXHVWDQGVKDOOHLWKHU  SURYLGHD †RUVXSSRUWLQJGDWDLIDQ\WKH,QLWLDO'HFLVLRQ0DNHUZLOOHLWKHUUHMHFWRUDSSURYHWKH&ODLP DSRVVLELOLW\RID&RQWUDFWRU¶VGHIDXOWWKH2ZQHUPD\EXWLV LQZKROHRULQSDUW QRWREOLJDWHGWRQRWLI\WKHVXUHW\DQGUHTXHVWWKHVXUHW\¶V  DVVLVWDQFHLQUHVROYLQJWKHFRQWURYHUV\ˆ ˆ † 7KH,QLWLDO'HFLVLRQ0DNHUZLOOUHQGHUDQLQLWLDOGHFLVLRQDSSURYLQJRUUHMHFWLQJWKH&ODLPRULQGLFDWLQJ †,ID&ODLPUHODWHVWRRULVWKHVXEMHFWRIDPHFKDQLF¶V WKDWWKH,QLWLDO'HFLVLRQ0DNHULVXQDEOHWRUHVROYHWKH&ODLP7KLVLQLWLDOGHFLVLRQVKDOO  EHLQZULWLQJ  VWDWH OLHQWKHSDUW\DVVHUWLQJVXFK&ODLPPD\SURFHHGLQ WKHUHDVRQVWKHUHIRUDQG  QRWLI\WKHSDUWLHVDQGWKH$UFKLWHFWLIWKH$UFKLWHFWLVQRWVHUYLQJDVWKH,QLWLDO'HFLVLRQ DFFRUGDQFHZLWKDSSOLFDEOHODZWRFRPSO\ZLWKWKHOLHQ 0DNHURIDQ\FKDQJHLQWKH&RQWUDFW6XPRU&RQWUDFW7LPHRUERWK7KHLQLWLDOGHFLVLRQVKDOOEHILQDODQGELQGLQJ QRWLFHRUILOLQJGHDGOLQHVˆ RQWKHSDUWLHVEXWVXEMHFWWRPHGLDWLRQDQGLIWKHSDUWLHVIDLOWRUHVROYHWKHLUGLVSXWHWKURXJKPHGLDWLRQWRELQGLQJ ˆ GLVSXWHUHVROXWLRQ 'HOHWHG &ODLPVGLVSXWHVRURWKHUPDWWHUVLQFRQWURYHUV\  DULVLQJRXWRIRUUHODWHGWRWKH&RQWUDFWH[FHSWWKRVHZDLYHG † ,QWKHHYHQWRIDFODLPDJDLQVWWKH&RQWUDFWRUWKH2ZQHUPD\EXWLVQRWREOLJDWHGWRQRWLI\WKHVXUHW\LI DVSURYLGHGIRULQ6HFWLRQVDQGHHRWKHUZLVHVKDOOEHDGPLQLVWHUHGE\WKH$PHULFDQ WRPHGLDWLRQ0HGLDWLRQLVQRWDFRQGLWLRQSUHFHGHQWWRFRPPHQFLQJOLWLJDWLRQEXWLIOLWLJDWLRQLVFRPPHQFHGWKH $UELWUDWLRQ$VVRFLDWLRQLQDFFRUGDQFHZLWKLWV&RQVWUXFWLRQ SDUWLHVDJUHHWRPHGLDWHEHIRUHDQ\GLVSRVLWLYHPRWLRQVRUWULDO7 KHSDUWLHVVKDOOVKDUHHTXDOO\WKHPHGLDWRU¶VIHH ,QGXVWU\0HGLDWLRQ3URFHGXUHVLQHIIHFWRQWKHGDWHRIWKH DQGDQ\ILOLQJIHHV0HGLDWLRQVKDOOEHKHOGLQWKHSODFHZKHUHWKH3URMHFWLVORFDWHGXQOHVVDQRWKHUORFDWLRQLV $JUHHPHQW$UHTXHVWIRUPHGLDWLRQVKDOOEHPDGHLQ PXWXDOO\DJUHHGXSRQ$JUHHPHQWVUHDFKHGLQPHGLDWLRQDQGUDWLILHGE\WKH2ZQHU¶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ˆ ˆ †(LWKHUSDUW\PD\ZLWKLQGD\VIURPWKHGDWHWKDW PHGLDWLRQKDVEHHQFRQFOXGHGZLWKRXWUHVROXWLRQRIWKH GLVSXWHRUGD\VDIWHUPHGLDWLRQKDVEHHQGHPDQGHG ZLWKRXWUHVROXWLRQRIWKHGLVSXWHGHPDQGLQZULWLQJWKDWWKH RWKHUSDUW\ILOHIRUELQGLQJGLVSXWHUHVROXWLRQ,IVXFKD GHPDQGLVPDGHDQGWKHSDUW\UHFHLYLQJWKHGHPDQGIDLOVWR ILOHIRUELQGLQJGLVSXWHUHVROXWLRQZLWKLQGD\VDIWHU UHFHLSWWKHUHRIWKHQERWKSDUWLHVZDLYHWKHLUULJKWVWRELQGLQJ GLVSXWHUHVROXWLRQSURFHHGLQJVZLWKUHVSHFWWRWKHLQLWLDO GHFLVLRQˆ ˆ †7KHSDUWLHVVKDOOVKDUHWKHPHGLDWRU¶VIHHDQGDQ\ ILOLQJIHHVHTXDOO\7KHPHGLDWLRQVKDOOEHKHOGLQWKHSODFH ZKHUHWKH3URMHFWLVORFDWHGXQOHVVDQRWKHUORFDWLRQLV PXWXDOO\DJUHHGXSRQ$JUHHPHQWVUHDFKHGLQPHGLDWLRQ   $,$'RFXPHQW$± *-2 () * "  '&  &#% $  #+,%+&%- .                      ;    $    $ 4   $    3 3          +   1     $$ $     . $!&'  #!4"        *./ () * " "#& +&% ,-#,"& % +&  #+  '& ' !         $          #&'  #4!5 /         $  &,7<2)52&+(67(50,11(627$ )2502)&2175$&7 7+,6$*5((0(17PDGHDQGVLJQHGWKLVBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBB E\DQGEHWZHHQWKH&LW\RI5RFKHVWHU0LQQHVRWDKHUHLQDIWHUFDOOHGWKH2ZQHUDQG .REDOO¶V3RXUHG:DOOV,QF32%R[5RFKHVWHU01 KHUHLQDIWHUFDOOHGWKH &RQWUDFWRU7+,6$*5((0(17:,71(66(7+WKDWWKH2ZQHUDQGWKH&RQWUDFWRUIRU WKHFRQVLGHUDWLRQKHUHLQDIWHUVWDWHGDJUHHDVIROORZV $57,&/(,7KH&RQWUDFWRUKHUHE\FRYHQDQWVDQGDJUHHVWRSHUIRUPDQGH[HFXWH DOOWKHSURYLVLRQVRIWKHSODQVDQGVSHFLILFDWLRQVSUHSDUHGE\WKH&LW\(QJLQHHURI5RFKHVWHU 0LQQHVRWDIRU 3URIHVVLRQDO6HUYLFHV&RQWUDFWRUIRU2Q&DOOVQRZDQGLFHUHPRYDORQ VLGHZDONVLQWKH&LW\RI5RFKHVWHUIURP1RYHPEHUWR-XQHRQG 3D\PHQW%RQGIRU/DERUDQG0DWHULDO LIQHHGHG :RUNHUV&RPSHQVDWLRQ,QVXUDQFH&HUWLILFDWH &RQWUDFWRU¶V6XSSOHPHQWDO5HVSRQVLEOH&RQWUDFWRU&HUWLILFDWH :)RUP &RUSRUDWH$FNQRZOHGJHPHQW  2Q&DOOVQRZDQGLFHUHPRYDORQVLGHZDONVLQWKH&LW\RI5RFKHVWHUIURP 1RYHPEHUWR-XQH “Íæīôϙ͐ϙϳϙ˜IJĖťϙ„ŘĖèôŜϙ ϙ ϙϙ„ŘĖèôϙŕôŘϙ˜IJĖťϙæƅϙ‹IJĺſϙ‹ôÍŜĺIJ ϙ “ÍŜħϙ˜IJĖťϙ͑͏͑͒ϱ͓͑ϙ͑͏͓͑ϱ͑͏͔͑ϙ͑͏͔͑ϱ͑͏͕͑ϙ͑͏͕͑ϱ͑͏͖͑ϙ ϙϙϙ щ͔͗ϙщ͕͏ϙщ͕͑ϙ ϙϙ щ͕͑ϙ aĺæĖīĖƏÍťĖĺIJ„ôŘϙ„ÍŘèôī ϙϙϙ ‡ôıĺŽôϙŜIJĺſϙ „ôŘϙ[ĖIJôÍŘϙ щ͏ϟ͕͔ϙщ͏ϟ͖͏ϙщ͏ϟ͖͔ϙ щ͏ϟ͖͔ϙϯϙ[>ϙ ЭϙĖèôϙċŘĺıϙ ϙ >ĺĺťϙϼ[>Ͻ ϙ ŜĖîôſÍīħ ϙϙϙ ‡ôıĺŽôϙŜIJĺſϙ ЭϙĖèôϙċŘĺıϙ щ͓͕ϙщ͔͏ϙщ͔͓ϙ ϙ щ͔͓ϙ (Íèē ŕôîôŜťŘĖÍIJϙ ϙ ŘÍıŕ ϙϙϙ ‹ÍIJîϯŜÍīťϙ „ôŘϙ[ĖIJôÍŘϙ щ͏ϟ͓͔ϙщ͏ϟ͔͔ϙщ͏ϟ͕͏ϙ щ͏ϟ͕͏ϙ ŜĖîôſÍīħϙĺŘϙ >ĺĺťϙϼ[>Ͻϙ ŘÍıŕϙ ϙ  5(62/87,21 $ZDUGLQJ&RQWUDFWIRU2Q&DOO6LGHZDON6QRZ5HPRYDO6HUYLFHV :+(5($6&LW\RI5RFKHVWHU2UGLQDQFHUHTXLUHVSURSHUW\RZQHUVWRUHPRYHVQRZ IURPVLGHZDONVDEXWWLQJWKHLUSURSHUW\ZLWKLQKRXUVDIWHUVQRZIDOO :+(5($6WKH&LW\RI5RFKHVWHUPXVWKDYHDPHDQVWRUHPRYHVQRZIURPVLGHZDONVWKDW DUHLQYLRODWLRQRI2UGLQDQFHZKHQSURSHUW\RZQHUVIDLOWRGRVR 12:7+(5()25(%(,75(62/9('E\WKH&RPPRQ&RXQFLORIWKH&LW\RI5RFKHVWHU .REDOO¶V3RXUHG:DOOV,QF2Q&DOO 0LQQHVRWDWKDWWKH&LW\DZDUGVD&RQWUDFWWRIRU  6LGHZDON6QRZ5HPRYDO6HUYLFHVIRUWKH&LW\RI5RFKHVWHU HIIHFWLYH1RYHPEHU ±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³&LW\´ DQG *ULIILQ&RQVWUXFWLRQ D0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ KHUHLQDIWHUUHIHUUHGWRDV2ZQHU DQG &R,QF***,QF D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³&RQWUDFWRU´ DQGD GED*&XEHG 0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³'HVLJQ(QJLQHHU´ DQGWRJHWKHU WKH2ZQHU&RQWUDFWRUDQG'HVLJQ(QJLQHHUVKDOOKHUHLQDIWHUFROOHFWLYHO\EHUHIHUUHGWRDVWKH3DUWLHV XQGHUWKHJHQHUDOWHUPVDQGFRQGLWLRQVRIWKLV&RQWUDFW  :,71(66(7+7+$7:+(5($6  2ZQHURZQVDQGLVVHHNLQJWRIXUWKHUGHYHORSPHQWUHDOSURSHUW\EHLQJSODWWHGDVD SRUWLRQRI.DGOHF)LUVW$GGLWLRQLQWKH&LW\RI5RFKHVWHU2OPVWHG&RXQW\0LQQHVRWD KHUHLQDIWHUUHIHUUHGWRDVWKH³ 3URSHUW\´  2ZQHULVUHTXHVWLQJSHUPLVVLRQWRDWLWVRZQH[SHQVHFRQVWUXFWFHUWDLQSXEOLF LQIUDVWUXFWXUHRUSHUIRUPRWKHUSULYDWHZRUNZLWKLQWKHSXEOLFULJKWRIZD\RUSXEOLF HDVHPHQWVO\LQJZLWKLQRUDEXWWLQJWKH3URSHUW\FRQVLVWHQWZLWKWKHDSSURYHGSODQVDQG ³:DWHUPDLQ VSHFLILFDWLRQVWKHUHRISUHSDUHGE\'HVLJQ(QJLQHHUJHQHUDOO\UHIHUUHGWRDV +\GUDQWWR6HUYH7RP.DGOHF.,$±-´ WKHSODQVKHHWGHSLFWHGIRUUHIHUHQFH DVDWWDFKHG([KLELWµ$¶DQGKHUHLQDIWHUUHIHUUHGWRDVWKH³ 3URMHFW´  &LW\LVZLOOLQJWRJUDQW2ZQHUSHUPLVVLRQWRSHUIRUPWKHSXEOLFLPSURYHPHQWVZRUNIRUWKH 3URMHFWXWLOL]LQJ&RQWUDFWRUDWLWVRZQFRVWDQGH[SHQVH XQOHVVRWKHUZLVHVSHFLILFDOO\ QRWHGKHUHLQ DQGVXEMHFWWRWKHWHUPVDQGFRQGLWLRQVKHUHLQLQFOXGLQJIXOOFRPSOLDQFH ZLWKWKHDSSURYHG&LYLO&RQVWUXFWLRQ3ODQVIRUWKH3URMHFW KHUHLQDIWHU3URMHFW3ODQV DQG DGKHUHQFHWRWKH&LW\¶V6WDQGDUG'HVLJQ6SHFLILFDWLRQV  12:7+(5()25(LWLVKHUHE\PXWXDOO\DJUHHGEHWZHHQ&LW\DQG3DUWLHVDVIROORZV  2:1(5¶663(&,),&2%/,*$7,216 , -DVRQ.DSSHUV*&XEHG D 2ZQHU¶VUHSUHVHQWDWLYHZLOOVHUYHDV3URMHFW0DQDJHU IRUWKH3URMHFW7KH3URMHFW0DQDJHULVUHVSRQVLEOHIRUDOOFRRUGLQDWLRQRIWKHZRUN HOHPHQWVLQFOXGLQJ3URMHFWFORVHRXW &KRVHQ E 2ZQHUKDVE\VHSDUDWHGRFXPHQWUHWDLQHGWKHSURIHVVLRQDOVHUYLFHVRI 9DOOH\7HVWLQJ,QF D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHU³*HRWHFKQLFDO 3URIHVVLRQDO´ WRSUHSDUHD*HRWHFKQLFDO5HSRUW KHUHLQDIWHU³ 5HSRUW´ IRUWKH3URMHFW 2ZQHULVREOLJDWHGWRPDNHWKHUHVXOWVRIVDLG5HSRUWDYDLODEOHWRWKH&LW\DQGLWV GHVLJQHHVIRUWKHSXUSRVHRIHYDOXDWLQJWKHGHVLJQRIWKH3URMHFWHOHPHQWV F 2ZQHUVKDOORYHUVHHWKH&RQWUDFWRU¶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³ 2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU´ KDVEHHQUHWDLQHGE\&LW\WKURXJKDVHSDUDWH DUUDQJHPHQWWRSHUIRUPFRQVWUXFWLRQREVHUYDWLRQDQGRYHUVLJKWIRUWKH3URMHFW &RQFXUUHQWZLWK2ZQHU¶VH[HFXWLRQRIWKLV&RQWUDFW2ZQHU¶VUHSUHVHQWDWLYHVKDOOSD\ W(QJLQHHU¶VGXWLHV2ZQHUVKDOO FRPPXQLFDWHGLUHFWO\ZLWKWKH&LW\(QJLQHHURUKLVKHUGHVLJQHHWRUHVROYHDQ\ FRQFHUQV I &HUWDLQ'HYHORSPHQW&KDUJHVDSSOLFDEOHWRWKH3URMHFWZHUHLQYRLFHGDW2ZQHU¶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¶V REOLJDWLRQVVHWIRUWKLQWKLV&RQWUDFWPD\EHXVHGDVDEDVLVIRUGHQ\LQJ2ZQHUWKH RSSRUWXQLW\WRSHUIRUPRWKHUSURMHFWVZLWKLQWKH&LW\ L 8QOHVVDOOSXEOLFGUDLQDJH XWLOLW\HDVHPHQWVDQGULJKWRIZD\KDYHSUHYLRXVO\EHHQ GHGLFDWHGIRUDOOSXEOLFLQIUDVWUXFWXUHIRUWKH3URMHFW2ZQHUVKDOOGHGLFDWHDOO HDVHPHQWVDWQRFRVWWR&LW\FRQFXUUHQWZLWKH[HFXWLRQRIWKLV&RQWUDFWE\2ZQHU 2ZQHUVKDOOSURYLGH&LW\DOHJDOGHVFULSWLRQDQGH[KLELWGUDZLQJ SUHSDUHGE\D TXDOLILHGSURIHVVLRQDO IRUVDLGHDVHPHQWVDQGVKDOOSD\&LW\DVWDQGDUGGRFXPHQW SUHSDUDWLRQDQGUHFRUGLQJIHH &2175$&725¶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¶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¶VSD\PHQWWR&RQWUDFWRUIRU DOO3URMHFWZRUNHOHPHQWVSHUIRUPHGE\&RQWUDFWRUXQGHUWKHWHUPVRIWKLV DQGPD\QRWODWHUFODLPWKH&LW\KDVYLRODWHG0LQQ6WDW† &RQWUDFW LVLQHIIHFWIRUZRUNHUV¶FRPSHQVDWLRQ,QWKHHYHQWWKDWDOORUD SRUWLRQRIWKHZRUNFRQWHPSODWHGE\WKLV&RQWUDFWVKDOOEHGRQHE\&RQWUDFWRU WKURXJKVXEFRQWUDFWRUVLWVKDOOEHWKHUHVSRQVLELOLW\RI&RQWUDFWRUWR GHWHUPLQHDQGUHTXLUHWKDWVXFKVXEFRQWUDFWRUVPDLQWDLQDXWRPRELOHDQG ZRUNHU¶VFRPSHQVDWLRQLQVXUDQFHDVVHWIRUWKDERYHDQGWKDWFHUWLILFDWHVWR WKLVHIIHFWDUHILOHGZLWKWKH&LW\&OHUN&RQWUDFWRUVKDOODOVRHQVXUHWKDWLWV VXEFRQWUDFWRUVDUHDZDUHRIDQGDELGHE\WKHSURYLVLRQVRIWKLV&RQWUDFW ,QVSHFWLRQVDQG$SSURYDOVUHTXLUHPHQWV$OOSROLFLHVRILQVXUDQFHVKDOOEH HQGRUVHGLQGLFDWLQJWKDWLQWKHHYHQWRIFDQFHOODWLRQRUWHUPLQDWLRQRIDQ\ LQVXUDQFHDERYHGHVFULEHG&LW\RI5RFKHVWHULVWRUHFHLYHWKLUW\GD\V¶ZULWWHQ QRWLFHRIWKHLQVXUDQFHFRPSDQ\¶VLQWHQWLRQWRFDQFHORUWHUPLQDWH,IDQ\ LQVXUDQFHFHUWLILFDWHLQGLFDWHVWKHSROLF\VKDOOH[SLUHSULRUWRWKHHQGRIWKH PDLQWHQDQFHSHULRG&RQWUDFWRUVKDOOSURYLGHDQHZFHUWLILFDWHSULRUWRWKH H[SLUDWLRQGDWHLQGLFDWHGRQWKHRULJLQDOFHUWLILFDWHDQGLQDQ\HYHQWVKDOO PDLQWDLQLQVXUDQFHGXULQJVXFKPDLQWHQDQFHSHULRG  )DLOXUHWRGRHYHU\WKLQJUHTXLUHGE\WKLV&RQWUDFWPD\EHXVHGDVDEDVLVIRU GHQ\LQJ&RQWUDFWRUWKHRSSRUWXQLW\WRFRQVWUXFWRWKHUSXEOLFLPSURYHPHQW SURMHFWVZLWKLQWKH&LW\       '(6,*1(1*,1((5¶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³&RQWUDFW 'RFXPHQWV´ ZKLFKDUHPDGHDSDUWKHUHRIWRWKHVDPHH[WHQWDVLIIXOO\VHWIRUWK KHUHLQFRQVLVWRIWKLV&RQWUDFWWKHDSSURYHGSODQVDQGVSHFLILFDWLRQVDQGWKH&LW\ RI5RFKHVWHU¶V6WDQGDUGVIRU6WUHHWDQG8WLOLW\&RQVWUXFWLRQLQHIIHFWRQWKHGDWHILUVW ZULWWHQDERYHDOORIZKLFKDUHLQFRUSRUDWHGKHUHLQE\UHIHUHQFH:RUNVKDOOQRW FRPPHQFHRQWKH3URMHFWXQWLOWKHFLYLOFRQVWUXFWLRQSODQVDQG*UDGLQJ3ODQVKDYH EHHQDSSURYHGDQGWKHDSSURYHGSODQVDQGVSHFLILFDWLRQVIRUWKH3URMHFWDUHRQILOH ZLWKWKH&LW\(QJLQHHU$QRQVLWHPHHWLQJEHWZHHQWKH2ZQHU&RQWUDFWRU'HVLJQ (QJLQHHU2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDQGWKH&LW\¶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¶V $FFHSWDQFHRIWKHZRUNVKDOOEHPHPRULDOL]HGE\WKH&LW\(QJLQHHU¶VH[HFXWLRQRID VHSDUDWH&LW\$FFHSWDQFH DQH[DPSOH$FFHSWDQFHLVSURYLGHGIRUUHIHUHQFHRQWKH DWWDFKHG([KLELW &LW\(QJLQHHUPD\DFFHSWWKH2ZQHU¶V'HVLJQ(QJLQHHU¶VRU &RQWUDFWRU¶VZRUNLQGHSHQGHQWRIWKHFRPSOHWLRQRIWKHUHPDLQLQJDUWLHV¶REOLJDWLRQV 121$&&(37$1&( 9,,2ZQHUDQGRU&RQWUDFWRUZLWKLQGD\VDIWHUUHFHLYLQJ QRWLFHIURPWKH&LW\RULWVDJHQWWKDWWKH3URMHFWRUDSRUWLRQWKHUHRIKDVQRWEHHQ FRQVWUXFWHGLQDFFRUGDQFHZLWK&LW\VSHFLILFDWLRQVRUKDVQRWEHHQDFFHSWHGRUWKDW DZDUUDQW\FODLPLVEHLQJPDGHVKDOOSHUIRUPVXFKZRUNLGHQWLILHGDVQHHGLQJ FRPSOHWLRQRUFRUUHFWLRQZLWKLQDVFKHGXOHDSSURYHGE\WKH&LW\ ,1'(3(1'(17&2175$&725 9,,,,WLVH[SUHVVO\XQGHUVWRRGDQGDJUHHGE\DOO 3DUWLHVWKDW2ZQHU&RQWUDFWRU'HVLJQ(QJLQHHUDQG2EVHUYDWLRQ 2YHUVLJKW (QJLQHHUDUHLQGHSHQGHQWFRQWUDFWRUVDQGDOOSHUVRQVHPSOR\HGE\VDLG3DUWLHVLQ WKHSHUIRUPDQFHRIDQ\ZRUNRUVHUYLFHVUHTXLUHGRUSURYLGHGIRUKHUHLQVKDOOQRWEH FRQVLGHUHGHPSOR\HHVRIWKH&LW\IRUDQ\SXUSRVHZKDWVRHYHULQFOXGLQJEXWQRW OLPLWHGWRZRUNHU¶VFRPSHQVDWLRQFRYHUDJHXQHPSOR\PHQWLQVXUDQFHEHQHILWV    VRFLDOVHFXULW\FRYHUDJHUHWLUHPHQWPHPEHUVKLSRUFUHGLWDQGDQ\DQGDOOVXFK FODLPVDQGDQ\DFWRURPLVVLRQRQWKHSDUWRIDQ\SDUW\¶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¶VIHHV &RQWUDFWRUDJUHHVWRGHIHQGLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\LWVRIILFLDOV RIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVRIZKDWVRHYHUQDWXUH UHVXOWLQJIURPRUDULVLQJRXWRIWKHQHJOLJHQWRURWKHUZLVHWRUWLRXVDFWLYLWLHVRIWKH &RQWUDFWRURULWVVXEFRQWUDFWRUVDJHQWVRUHPSOR\HHVXQGHUWKLV&RQWUDFW7KH &RQWUDFWRUDJUHHVWRGHIHQGDQGSD\DOOFRVWVLQGHIHQGLQJWKHVHFODLPVLQFOXGLQJ DWWRUQH\¶VIHHV 'HVLJQ(QJLQHHUDJUHHVWRLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\LWVRIILFLDOVRIILFHUV DJHQWVDQGHPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVUHVXOWLQJIURPRUDULVLQJRXW RIWKHQHJOLJHQWDFWLYLWLHVRI7KH'HVLJQ(QJLQHHURULWVVXEFRQWUDFWRUVDJHQWVRU HPSOR\HHVXQGHUWKLV&RQWUDFW7KH'HVLJQ(QJLQHHUDJUHHVWRUHLPEXUVHDOOFRVWV RIWKHVHFODLPVLQFOXGLQJDWWRUQH\¶VIHH :$,9(5 ;,,7KHIDLOXUHRIWKH&LW\WRHQIRUFHDQ\SURYLVLRQVRIWKLV&RQWUDFWVKDOOQRW FRQVWLWXWHDZDLYHUE\WKH&LW\RIWKDWRUDQ\RWKHUSURYLVLRQ 0(5*(5&/$86( ;,,,7KLV&RQWUDFWFRQVWLWXWHVWKHILQDOH[SUHVVLRQRIWKH3DUWLHV¶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¶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rial]]IRUXPQRQFRQYHQLHQV [[2182,1905,2259,1957][11][,,][Arial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rial]]>6LJQDWXUH3DJHV)ROORZ@ [[1521,2745,1534,2798][11][,I,][Arial]]     ,,1:,71(66:+(5(2)WKHUHVSHFWLYH3DUWLHVKHUHWRKDYHFDXVHGWKLV&RQWUDFWWREHGXO\ H[HFXWHGRQWKHGD\DQG\HDUKHUHLQDERYHVHWIRUWK   &,7<  &,7<2)52&+(67(50,11(627$  D0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ    %<BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB .LP1RUWRQ 0D\RU  'DWHGBBBBBBBBBBBBBBBBBBBBBBBBBB       $77(67BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB .HOO\.*HLVWOHU &LW\&OHUN 2OPVWHG&RXQW\0LQQHVRWD H[RIILFLRQRWDU\SXEOLF 0\WHUPLVLQGHWHUPLQDWH 6HH0LQQ6WDW† D       'DWHGBBBBBBBBBBBBBBBBBBBBBBBBBB             2:1(5  &'//& D0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\  %\BBBBBBBBBBBBBBBBBBBBBBBBBB  ,WVBBBBBBBBBBBBBBBBBBBBBBBBBB   67$7(2)0,11(627$   VV &2817<2)2/067('   7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVBBBBBGD\RIBBBBBBBBBBB &'//& E\BBBBBBBBBBBBBBBBBWKHBBBBBBBBBBBBBBBBBRID0LQQHVRWDOLPLWHG OLDELOLW\FRPSDQ\DQGZKRLVSHUVRQDOO\NQRZQE\PHWREHWKHSHUVRQZKRH[HFXWHGWKHIRUHJRLQJ LQVWUXPHQWDQGDFNQRZOHGJHGWKDWKHVKHH[HFXWHGWKHVDPHDVKLVKHUIUHHDFWDQGGHHGDQGRQ EHKDOIRIWKHFRPSDQ\    BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RWDU\3XEOLF             $&.12:/('*(0(172)/,0,7('/,$%,/,7< &203$1<$87+25,=$7,216,*1$785()252:1(5   67$7(2)BBBBBBBBBBBBBBBBBBBB &2817<2)BBBBBBBBBBBBBBBBBB   2QWKLVBBBBBBBBBBBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBBEHIRUHPH DSSHDUHGBBBBBBBBBBBBBBBBBBBBBBBBBWRPHSHUVRQDOO\NQRZQZKREHLQJE\PHGXO\  1DPHRI2IILFHU  VZRUQGLGVD\WKDWKHVKHLVWKHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBRI  7LWOH  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  1DPHRI&RPSDQ\  $GGUHVV  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBDOLPLWHGOLDELOLW\FRPSDQ\ZKRKDV  &LW\ 6WDWH  =LS&RGH  LQGLFDWHGWKHKHVKHLVDXWKRUL]HGXQGHUWKHDUWLFOHVRIRUJDQL]DWLRQRURSHUDWLQJDJUHHPHQW WRH[HFXWHWKHDWWDFKHGLQVWUXPHQWIRUDQGRQEHKDOIRIWKHOLPLWHGOLDELOLW\FRPSDQ\DQG WKDWKHVKHKHUHE\H[HFXWHVVDLGLQVWUXPHQWIRUDQGRQEHKDOIRIWKHOLPLWHGOLDELOLW\ FRPSDQ\    1RWDU\3XEOLF  &RXQW\  0\&RPPLVVLRQ([SLUHV                &2175$&725  *ULIILQ&RQVWUXFWLRQ&R,QF  D0LQQHVRWDFRUSRUDWLRQ  %\BBBBBBBBBBBBBBBBBBBBBBBBBBBB  ,WVBBBBBBBBBBBBBBBBBBBBBBBBBBB    67$7(2)0,11(627$   VV &2817<2)2/067('   7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVBBBGD\RIBBBBBBBBBBB *ULIILQ E\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHBBBBBBBBBBBBBBBBBBBBBBBBBBRI &RQVWUXFWLRQ&R,QF D0LQQHVRWDFRUSRUDWLRQDQGZKRLVSHUVRQDOO\NQRZQE\PHWREHWKH SHUVRQZKRH[HFXWHGWKHIRUHJRLQJLQVWUXPHQWDQGDFNQRZOHGJHGWKDWKHVKHH[HFXWHGWKHVDPH DVKLVKHUIUHHDFWDQGGHHGDQGRQEHKDOIRIWKHFRUSRUDWLRQ   BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RWDU\3XEOLF    $&.12:/('*(0(172)&25325$7,21 $87+25,=$7,216,*1$785()25&2175$&725   67$7(2)BBBBBBBBBBBBBBBBBBBB &2817<2)BBBBBBBBBBBBBBBBBB   2QWKLVBBBBBBBBBBBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBBEHIRUHPH DSSHDUHGBBBBBBBBBBBBBBBBBBBBBBBBBWRPHSHUVRQDOO\NQRZQZKREHLQJ  1DPHRI2IILFHU  E\PHGXO\VZRUQGLGVD\WKDWKHVKHLVWKHBBBBBBBBBBBBBBBBBBBBBBBBBRI BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  1DPHRI&RUSRUDWLRQ  $GGUHVV  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBDFRUSRUDWLRQDQGWKDWVDLG  &LW\ 6WDWH  =LS&RGH  LQVWUXPHQWZDVH[HFXWHGRQEHKDOIRIVDLGFRUSRUDWLRQE\DXWKRULW\RILWV%RDUG RI'LUHFWRUVDQGWKDWVDLGBBBBBBBBBBBBBBBBBBBBBBBBBDFNQRZOHGJHGH[HFXWLRQ  1DPHRI2IILFHU  RIVDLGLQVWUXPHQWWREHWKHIUHHDFWDQGGHHGRIVDLGFRUSRUDWLRQ      1RWDU\3XEOLF  &RXQW\  0\&RPPLVVLRQ([SLUHV              '(6,*1(1*,1((5  ***,QF  GED*&XEHG D0LQQHVRWDFRUSRUDWLRQ   %\BBBBBBBBBBBBBBBBBBBBBBBBBBBB  ,WVBBBBBBBBBBBBBBBBBBBBBBBBBBBBB   67$7(2)0,11(627$   VV &2817<2)BBBBBBBBBBBBB   7KHIRUHJRLQJLQVWUXPHQWZDVDFNQRZOHGJHGEHIRUHPHWKLVBBBGD\RIBBBBBBBBBBBBB *** E\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHBBBBBBBBBBBBBBBBBBBBBBBBBBRI ,QFGED*&XEHG D0LQQHVRWDFRUSRUDWLRQDQGZKRLVSHUVRQDOO\NQRZQE\PHWREHWKHSHUVRQ ZKRH[HFXWHGWKHIRUHJRLQJLQVWUXPHQWDQGDFNQRZOHGJHGWKDWKHVKHH[HFXWHGWKHVDPHDVKLVKHU IUHHDFWDQGGHHGDQGRQEHKDOIRIWKHFRUSRUDWLRQ   BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RWDU\3XEOLF   7KLVGRFXPHQWZDVGUDIWHGE\ 5RFKHVWHU3XEOLF:RUNV :HVW5LYHU3DUNZD\1:6XLWH 5RFKHVWHU01         $&.12:/('*(0(172)&25325$7,21 $87+25,=$7,216,*1$785()25'(6,*1(1*,1((5   67$7(2)BBBBBBBBBBBBBBBBBBBB &2817<2)BBBBBBBBBBBBBBBBBB   2QWKLVBBBBBBBBBBBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBBEHIRUHPH DSSHDUHGBBBBBBBBBBBBBBBBBBBBBBBBBWRPHSHUVRQDOO\NQRZQZKREHLQJ  1DPHRI2IILFHU  E\PHGXO\VZRUQGLGVD\WKDWKHVKHLVWKHBBBBBBBBBBBBBBBBBBBBBBBBBRI BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  1DPHRI&RUSRUDWLRQ  $GGUHVV  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBDFRUSRUDWLRQDQGWKDWVDLG  &LW\ 6WDWH  =LS&RGH  LQVWUXPHQWZDVH[HFXWHGRQEHKDOIRIVDLGFRUSRUDWLRQE\DXWKRULW\RILWV%RDUG RI'LUHFWRUVDQGWKDWVDLGBBBBBBBBBBBBBBBBBBBBBBBBBDFNQRZOHGJHGH[HFXWLRQ  1DPHRI2IILFHU  RIVDLGLQVWUXPHQWWREHWKHIUHHDFWDQGGHHGRIVDLGFRUSRUDWLRQ      1RWDU\3XEOLF  &RXQW\  0\&RPPLVVLRQ([SLUHV     (;+,%,7$ 5HIHUHQFHGUDZLQJVRI&LW\2ZQHU&RQWUDFW &RQVWUXFWLRQ3ODQ6HW&RYHU6KHHWDQG'HYHORSDEOH$UHDIRU-         (;+,%,7% %ODQN([DPSOHRI(QJLQHHU¶V&HUWLILFDWLRQRI$FFHSWDQFH                             (52 &' ( %*, " $3                  !-++#,2,2&#+'*2- ƒ  '27-$-!&#12#0'27*#0)  -!&#12#0    #,",#+'*2-7-30',"'4'"3*-3,!'*+#+ #0±$',"2&#'0#+'*""0#11#1-,2&# ƒ &LW\¶VZHEVLWHXQGHU'27-3,!'*±-3,!'*#+ #01 #,",#+'*2-2&#$3**-3,!'*2!'27!-3,!'*0-!&#12#0+,%-4 ƒ  4XHVWLRQV"&RQWDFWWKH&LW\&OHUN¶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¶VEDUULHUVDQGSULRULWLHV $QQXDO$FWLRQ3ODQ &RQVROLGDWHG3ODQ   3URYLGH2SSRUWXQLWLHVIRUUDFLDOO\DQGHWKQLFDOO\LQFOXVLYHKRXVLQJSDWWHUQV RYHUFRPHDQ\LPSHGLPHQWVRUEDUULHUVWRIDLUKRXVLQJLGHQWLILHGGXULQJWKHLU 5RFKHVWHUPXVWWDNHDFWLRQWRDGGUHVVDQ\LGHQWLILHGLPSHGLPHQWVE\ +8'UHTXLUHVDOOJUDQWHHVWRLGHQWLI\DVWUDWHJ\IRUWKHLUFRPPXQLW\WR ,GHQWLI\VWUXFWXUDODQGV\VWHPDWLFEDUULHUVWRIDLUKRXVLQJFKRLFH 3URPRWLQJ)DLU+RXVLQJIRUDOO3URWHFWHG&ODVVHV $QDO\VLVRI,PSHGLPHQWVWR)DLU+RXVLQJ&KRLFH 3ODQQLQJ'RFXPHQWV 3URPRWH$'$DFFHVVLEOHKRXVLQJ QHHGVDVVHVVPHQWRXWUHDFK   'HYHORSFXOWXUDOO\DSSURSULDWHRXWUHDFKPDWHULDOVLQFOXGLQJ6RPDOLDQDQG+LVSDQLF /,0,7(')$,5+286,1*('8&$7,21$1'$:$5(1(66 HGXFDWLRQPXVWEHFRQWLQXRXVDQGSUHVHQWHGLQDFRQWH[WWKDWLVUHODWLYHWRWKHFXUUHQW $VWKH&LW\FRQWLQXHVWRH[SDQGZLWKDQLQFUHDVLQJO\GLYHUVHSRSXODWLRQIDLUKRXVLQJ )XQGDQGSURPRWH)DLU+RXVLQJ(GXFDWLRQDQG+RXVLQJ&RXQVHOLQJZLWK&'%*  6HHNSXEOLFDQGSULYDWHSDUWQHUVWRGLVVHPLQDWHIDLUKRXVLQJLQIRUPDWLRQ 'HYHORSRXWUHDFKPDWHULDOVWRHGXFDWHRQ/DQGORUG7HQDQW5LJKWVDQG ([SDQG)DLU+RXVLQJ(GXFDWLRQDQG2XWUHDFK ,PSHGLPHQWV  5(&200(1'$7,216 FRPPXQLW\FRQFHUQV 5HVSRQVLELOLWLHV ,1&20081,7< &RPPXQLWLHV ,03(',0(17     FRPPXQLW\GHYHORSPHQWDIIRUGDEOHKRXVLQJKRPHOHVVQHHGVDQGSULRULWLHV(YHU\\HDU+8'UHTXLUHVDSODQWKDWGHWDLOVSURMHFWVDQGDFWLYLWLHVSURSRVHG $VDUHFLSLHQWRIIHGHUDOJUDQWIXQGVWKH&LW\LVUHTXLUHGE\+8'WRSURGXFH WRPHHWWKHVWUDWHJLFQHHGVDQGJRDOVLGHQWLILHGLQWKH&RQVROLGDWHG3ODQ 7KHVHSODQVVHUYHDVWKHDSSOLFDWLRQIRUIXQGLQJIRUWKH&LW\¶V&RPPXQLW\ <HDU6WUDWHJLF3ODQNQRZQDVWKH&RQVROLGDWHG3ODQWRLGHQWLI\ 3ODQQLQJ'RFXPHQWV 'HYHORSPHQW%ORFN*UDQW $118$/$&7,213/$1 &2162/,'$7('3/$1 RIWKH&LW\  D     :H KHUH ŝƚLJ͛ƐƌĞƋƵĞƐƚĂŶĚƐƵďŵŝƐƐŝŽŶŽĨ DUH ƌĞǀŝƐŝŽŶƐͬĞĚŝƚƐŵĂĚĞƵƉŽŶƚŚĞ ƚŚĞĨŝŶĂůĚƌĂĨƚĨŽƌŝƚLJĂƉƉƌŽǀĂů͘ WƌĞƐĞŶƚĂƚŝŽŶͬƉƉƌŽǀĂů WŚĂƐĞdŚƌĞĞŝŶĐůƵĚĞƐ W,^d,Z &ŝŶĂůƌĂĨƚ ƐƚĂŬĞŚŽůĚĞƌĨĞĞĚďĂĐŬĐŽŵƉŝůĂƚŝŽŶ͕ ĂƚĂŶĂůLJƐŝƐͬŽĐƵŵĞŶƚƌĂĨƚŝŶŐ ĂŶĂůLJƐŝƐ͕ĂŶĚĚŽĐƵŵĞŶƚĚƌĂĨƚŝŶŐ͘ WŚĂƐĞdǁŽŝŶĐůƵĚĞƐĚĂƚĂĂŶĚ W,^dtK ŶĂůLJƐŝƐ 3ODQQLQJ3URFHVV WŚĂƐĞKŶĞĞŶƐƵƌĞƐĂŶŝŶĐůƵƐŝǀĞ͕ ĂƚĂŽůůĞĐƚŝŽŶĂŶĚ/ŶƚĞƌǀŝĞǁƐ ƉĂƌƚŝĐŝƉĂƚŽƌLJƉƌŽĐĞƐƐĨŽƌƚŚĞ ŽŵŵƵŶŝƚLJ/ŶƉƵƚĐƚŝǀŝƚŝĞƐ ůĂƌŐĞĂŶĚ ŝŶĐůƵĚĞƐĞdžƚĞŶƐŝǀĞƉƵďůŝĐ W,^KEƉĂƌƚŝĐŝƉĂƚŝŽŶ͘ Ͳ Ăƚ Ͳ ƐƚĂŬĞŚŽůĚĞƌƐ   3XEOLF,QIUDVWUXFWXUHDQG,PSURYHPHQWV $)),50$7,9(/<)857+(5,1*)$,5 )DFLOLW\DFTXLVLWLRQRUUHKDELOLWDWLRQ +286,1*&20081,7< 3XEOLF)DFLOLW\,PSURYHPHQWV )DLUKRXVLQJDFWLYLWLHV '(9(/230(17 +286,1*  6WUDWHJLF3ULRULWLHV 121 ‡‡‡‡ $&&(667238%/,&6(59,&(6 +RPHOHVVVHUYLFHV RSHUDWLRQV +RPH5HSDLUIRU+RPHRZQHUV $&&(6672$))25'$%/( +RPHRZQHUVKLS$VVLVWDQFH :RUNIRUFHGHYHORSPHQW 5HQWDO5HKDELOLWDWLRQ 'LVDELOLW\VHUYLFHV <RXWKVHUYLFHV 7UDQVSRUWDWLRQ +286,1* ‡‡‡    )XQGLQJ5HFRPPHQGDWLRQV ,QIUDVWUXFWXUH >@  $GPLQLVWUDWLRQ >@     &RXQFLOWRFRQVLGHUEHIRUHWKHLU 5RFKHVWHU&RPPXQLW\'HYHORSPHQW  $Q\SDUW\ZKRZLVKHVWRVSHDNDERXWWKHSURSRVHGDFWLYLWLHVUHFRPPHQGHGIRUWKH &RQVROLGDWHG3ODQ $FWLRQ3ODQDQGZLOOEHLQFOXGHGLQ YLDPDLOHPDLORUKDQGGHOLYHU\WR LQ WRQRRQ  &RQVROLGDWHG3ODQLVHQFRXUDJHGWRGRVRQRZ FODVVURRP%DW'HYHORSPHQW6HUYLFHV,QIUDVWUXFWXUH&HQWHU '6,&  IURP 69(1%<6(1,25$'0,1,675$7,9($1$/<67 EVYHQE\#URFKHVWHUPQJRY WK 7XHVGD\6HSWHPEHU :HVW5LYHU3DUNZD\1:6XLWH 5RFKHVWHU&LW\ &RPPXQLW\'HYHORSPHQW'HSDUWPHQW 0RQGD\1RYHPEHU $OOZULWWHQFRPPHQWVPXVWEHUHFHLYHGDWWKH&LW\RI 5RFKHVWHU01 &LW\RI5RFKHVWHU 3XEOLF&RPPHQWV (PDLO $OOSXEOLFFRPPHQWVZLOOEHSURYLGHGWRWKH   2SHQKRXVHWRJDWKHUFRPPHQWV  3KRQH   3ODQ $FWLRQ &RQVROLGDWHG &LW\6XEPLWV 3ODQWR+8' 6SULQJ )LQDO $OORFDWLRQWRWKH 'D\3XEOLF LIQHFHVVDU\  &RPPHQWRQ )LQDO+8' &LW\   $QQRXQFHPHQW +8' $OORFDWLRQ 6SULQJ 3ODQ$SSURYDO 3ODQ $FWLRQ &RQVROLGDWHG 1RYHPEHU  7LPHOLQH (VWLPDWHGIXQGLQJ )XQGLQJ $XJXVW $SSURYDO  48(67,216&200(176 + () *    3 ) ""  )(  (    "  (  , (   -  (  ,     "(   (../ (    "(   ./$ (    -  (    ( )   ( "" %(  -  !" WŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϵϱϬ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ &Ădž͗ϱϬϳͲϯϮϴͲϮϰϬϭ ϰϬϬϭtZŝǀĞƌWĂƌŬǁĂLJEt͕^ƵŝƚĞϭϬϬ ŵĂŝů͗ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭͲϳϬϵϬ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ϮϮϬϮϰͲϬϮϯW>d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¶V LQVKRUWDJHRIDIIRUGDEOHVLQJOHIDPLO\GZHOOLQJXQLWV7KHSURSRVHG ORZGHQVLW\GHYHORSPHQWLVFRPSDWLEOHZLWKWKHVXUURXQGLQJVLQJOHIDPLO\UHVLGHQWLDO QHLJKERUKRRGZKLFKLVORFDWHGZLWKLQWKH5]RQLQJGLVWULFW7KH&RPPRQ&RXQFLO DSSURYHGD=RQH&KDQJHUHTXHVWIURPWKHDSSOLFDQWWRUH]RQHWKHSURSHUW\IURP5 0L[HG6LQJOH)DPLO\WR5/RZ'HQVLW\6PDOO/RW7KLVDSSOLFDWLRQZDVDSSURYHGLQ 7KH5/RZ'HQVLW\6PDOO/RWGLVWULFWLVFRPSDWLEOHZLWKWKHXQGHUO\LQJODQGXVH FODVVLILFDWLRQRI/RZ'HQVLW\5HVLGHQWLDO7KHSURSRVHG)LQDO3ODWLVFRPSOLDQWZLWKWKH DVVRFLDWHGODQGXVHDQG]RQLQJGLVWULFWDQGPDWFKHVWKHSUHYLRXVO\DSSURYHG0DMRU/DQG 6XEGLYLVLRQ   '(9(/230(175(9,(: /DQG8VH=RQLQJ7KHXQGHUO\LQJ/DQG8VHGHVLJQDWLRQIRUWKLVDUHDLV/RZ'HQVLW\ 5HVLGHQWLDOZKLFKLVFRPSDWLEOHZLWKWKHSURSRVHG)LQDO3ODW 7KLVVLWHLVFXUUHQWO\]RQHG5 6LQJOH)DPLO\6PDOO/RW  6WUHHWVDQG$FFHVV $Q,QGLYLGXDO6LWH'HYHORSPHQW$JUHHPHQWZDVDSSURYHGDQG H[HFXWHGE\WKH&RPPRQ&RXQFLORQ6HSWHPEHU7KLV DJUHHPHQWRXWOLQHVWKHUHVSRQVLELOLWLHVRIWKHGHYHORSHUDQGFLW\ WK IRUIXWXUHSXEOLFLPSURYHPHQWDORQJ$YH6: 7UDIILF,PSDFW5HSRUW 7,5 'HWHUPLQDWLRQKDVEHHQVLJQHGE\WKH &LW\(QJLQHHUQRWLQJWKHVXEMHFWGHYHORSPHQWLVH[HPSWIURPD WUDIILFUHSRUWDVWKHQXPEHURIWULSVJHQHUDWHGE\WKHGHYHORSPHQW LVEHORZWKHWKUHVKROGUHTXLUHPHQWIRUVXEPLVVLRQRIDUHSRUW *UDGLQJ 6WRUPZDWHU &LYLO3ODQV 6WRUPZDWHU0DQDJHPHQW3ODQKDYHEHHQVXEPLWWHG 0DQDJHPHQW DQGDSSURYHG  ϯϮϬϮϰͲϬϮϯW>d  :HWODQGV'HFRUDK 7KH2OPVWHG&RXQW\3ODQQLQJ'HSDUWPHQW /*8 KDVDSSURYHG WKHDSSOLFDQW¶V'HFRUDK(GJHUHSRUWDQGDSSURYHGWKH (GJH)ORRGSODLQ DSSOLFDWLRQIRUWKHVXEMHFWVLWH ͘ 3XEOLF)DFLOLWLHV 3UHVHQWO\SXEOLFIDFLOLWLHVH[LVWWRVHUYLFHWKHVLWH:DWHUDQG VHZHUOLQHPDLQVDUHERWKFXUUHQWO\ORFDWHGRQWK6WUHHW6: IURQWLQJWKHVL[ORWV'HYHORSPHQWRIHDFKLQGLYLGXDOORWLVVXEMHFW WRD3ODQW,QYHVWPHQW)HH 3,) WKDWZLOOEHFDOFXODWHGDQG FROOHFWHGWKURXJKWKH%XLOGLQJ3HUPLWUHYLHZDQGDSSURYDO SURFHVVIRUHDFKGZHOOLQJ 8WLOLWLHV 3UHVHQWO\SXEOLFIDFLOLWLHVH[LVWWRVHUYLFHWKHVLWH,IFRQQHFWHGWR WKH0DLQ/HYHO:DWHU6\VWHP6WDWLFZDWHUSUHVVXUHVZLOOUDQJH  IURPI,][Arial]] &2 [[1152,2339,1370,2396][12][B,I,][Arial]]03/(7( [[1370,2339,1384,2396][12][,,][Arial]] 3ULRUWRVXEPLWWDORIWKH)LQDO3ODWWKHDSSOLFDQWVKDOOUHYLVHWKHFRQVWUXFWLRQSODQV WRWKHVDWLVIDFWLRQRI538:DWHU[[1191,2491,1386,2548][12][B,I,][Arial]] &203/ [[1387,2491,1499,2548][12][B,I,][Arial]](7( [[1500,2491,1514,2548][12][,,][Arial]]  3ULRUWRUHFRUGDWLRQRIWKH)LQDO3ODWWKHDSSOLFDQWVKDOOPHHWWKHLUERXOHYDUGWUHH DQGSDUNODQGREOLJDWLRQ[[997,2663,1682,2720][12][B,I,][Arial]] &21',7,212)$33529$/ [[1683,2663,1697,2720][12][,,][Arial]]  3ULRUWRUHFRUGDWLRQRIWKH)LQDO3ODWH[HFXWLRQRID&LW\SUHSDUHG&RQWULEXWLRQ $JUHHPHQWLVUHTXLUHG6DLGDJUHHPHQWZLOOPHPRULDOL]HWHUPVDQGFRQGLWLRQV  ϰϮϬϮϰͲϬϮϯW>d  UHODWHGWRIXWXUHUG$YHQXH6:DQGWK6WUHHW6:REOLJDWLRQVDQGREOLJDWLRQV IRUIXWXUHSHGHVWULDQIDFLOLWLHVDORQJVDLGIURQWDJH[[1556,364,1864,421][12][B,I,][Arial]] &203/(7( [[1865,364,1879,421][12][,,][Arial]]   3ULRUWRUHFRUGDWLRQRIWKH)LQDO3ODWDFURVVDFFHVVDJUHHPHQWHDVHPHQWDQGD VKDUHGPDLQWHQDQFHDJUHHPHQWDQGSULYDWHXWLOLW\HDVHPHQWLVUHTXLUHGIRUDFFHVV DQGIRUWKHVKDUHGXWLOLW\VHUYLFHVVHUYLQJWKHVL[ORWVLQWKHGHYHORSPHQW [[454,689,633,746][12][B,I,][Arial]] &21', [[631,689,1138,746][12][B,I,][Arial]]7,212)$33529$/ [[1140,689,1154,746][12][,,][Arial]]  7KHH[LVWLQJGULYHDSSURDFKHVDEXWWLQJWK6WUHHW6:DQGWKHGULYHDSSURDFK H[FHVVELWXPLQRXVDEXWWLQJUG$YHQXH6:VKDOOEHUHPRYHGDQGWKHERXOHYDUG DQGWKHWXUIUHHVWDEOLVKHGFRQFXUUHQWZLWKGHYHORSPHQW[[1846,955,1976,1012][12][B,I,][Arial]] &21 [[1973,955,2259,1012][12][B,I,][Arial]]',7,212) [[453,1012,670,1069][12][B,I,][Arial]]$33529 [[662,1012,746,1069][12][B,I,][Arial]]$/ [[747,1012,761,1069][12][,,][Arial]]  &ŝŶĂůWůĂƚηϮϬϮϰͲϬϮϯW>d͕ďLJWĞĂŬĞƐŝŐŶĂŶĚŽŶƐƚƌƵĐƚŝŽŶ͕ ƚŽďĞŬŶŽǁŶĂƐKĂŬZŝĚŐĞsŝůůĂƐ͕ĨŽƌƚŚĞƐƵďĚŝǀŝƐŝŽŶŽĨϭ͘Ϯϱ ĂĐƌĞƐŝŶƚŽϲƌĞƐŝĚĞŶƚŝĂůůŽƚƐ͘dŚĞƐŝƚĞŝƐůŽĐĂƚĞĚĂƚƚŚĞŶŽƌƚŚĞĂƐƚ ĐŽƌŶĞƌŽĨϯƌĚǀĞŶƵĞ^tĂŶĚϮϬƚŚ^ƚƌĞĞƚ^t͘ W/E͗ϬϬϴϰϮϱ EŽƚŝĨƌĞĂ͗ϰϬϬΖ tĂƌĚϭ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¶V,QIRUPDWLRQ/HWWHUGDWHGIRUPRUH  LQIRUPDWLRQ      $03DJHRI      72&RPPXQLW\'HYHORSPHQW :HVW5LYHU3DUNZD\1:6XLWH 5RFKHVWHU01      ),5('(3$570(17 )D[                           ^ŝŶĐĞƌĞůLJ͕  :ĂƐŽŶ&ŝĨĞ ƐƐŝƐƚĂŶƚ&ŝƌĞDĂƌƐŚĂů                 WK6WUHHW6(67(5RFKHVWHU01   52&+(67(53$5.$1'5(&5($7,21 '(3$570(175()(55$/&200(176)250   '$7( 6HSWHPEHU  72 &RPPXQLW\'HYHORSPHQW  5( 2DN5LGJH9LOODV &'3ODW   $FUHDJHRISODW«««««««««««««««««««DFUHV 1XPEHURIGZHOOLQJXQLWV««««««««««««««QHZXQLWV 'HQVLW\IDFWRU«««««««««««««««««««« 'HGLFDWLRQ«««««««««««««««««««««DFUHV )DLUPDUNHWYDOXHRIODQG«««««««««««««««  3$5.'(',&$7,215(48,5(0(176  $VODQGVXEGLYLVLRQLVRFFXUULQJIRUUHVLGHQWLDOSXUSRVHVWKH3DUNODQG'HGLFDWLRQ x 2UGLQDQFHLVDSSOLFDEOH7KLVDUHDLVFXUUHQWO\VHUYHGE\*RRG6KHSKHUG3DUNWRWKH ZHVWDQG0HDGRZ3DUNWRWKHHDVW7KHUHIRUHGHGLFDWLRQUHTXLUHPHQWVVKRXOGEHPHW YLDFDVKLQOLHXRIODQG3D\PHQWLQWKHDPRXQWRI DFUHV DFUH   VKDOOEHSDLGSULRUWRUHFRUGDWLRQRIWKHILQDOSODW  x %28/(9$5'75((5(48,5(0(176  %RXOHYDUG7UHHVDUHUHTXLUHGDORQJSXEOLFVWUHHWVDW¶RQFHQWHU3ULRUWRSODQWLQJ  x ERXOHYDUGWUHHVDWUHHSODQWLQJSHUPLW IUHH LVUHTXLUHGSHUWKHERXOHYDUGWUHHRUGLQDQFH $VSDUWRIWKHSHUPLWSURFHVV)RUHVWU\VWDIIZLOOUHYLHZWKHODQGVFDSHSODQIRUVSHFLHV ORFDWLRQDOFULWHULDDQGVLWHFRQGLWLRQV$ERXOHYDUGWUHHSODQWLQJLQIRUPDWLRQVKHHWLV DYDLODEOHWKURXJKWKH)RUHVWU\'LYLVLRQDW         ZZZURFKHVWHUPQJRY &HUWLILFDWHRI ĚŵŝŶŝƐƚƌĂƚŝǀĞ ,QVSHFWLRQV 2FFXSDQF\ %XLOGLQJ 'HYHORSPHQW :ƵĚŝĐŝĂů $JUHHPHQW 'ĞŶĞƌĂůůLJ Ͳ YƵĂƐŝ ĚŵŝŶŝƐƚƌĂƚŝǀĞ %XLOGLQJ 3HUPLW 0DMRU/DQG 6XEGLYLVLRQ :ƵĚŝĐŝĂů Ͳ YƵĂƐŝ :ƵĚŝĐŝĂů )LQDO3ODW Ͳ YƵĂƐŝ 1HLJKERUKRRG ,QIRUPDWLRQ ĚŵŝŶŝƐƚƌĂƚŝǀĞ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†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³2DN5LGJH9LOODV´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ŚŽŶĞ͗ϱϬϳͲϯϮϴͲϮϵϱϬ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂ &Ădž͗ϱϬϳͲϯϮϴͲϮϰϬϭ ϰϬϬϭtZŝǀĞƌWĂƌŬǁĂLJEt͕^ƵŝƚĞϭϬϬ ŵĂŝů͗ŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭͲϳϬϵϬ   3ODQQLQJ&RPPLVVLRQ6HSWHPEHU 3UHSDUHGE\ 5RFKHVWHU&RPPXQLW\'HYHORSPHQW 5HTXHVW 9DFDWLRQ&'9$&E\WRYDFDWHDSRUWLRQRIDIRRWXWLOLW\ HDVHPHQWRQ/RW%ORFN%DPEHU5LGJH)RXUWK6XEGLYLVLRQ /RFDWLRQ 6XEMHFWHDVHPHQWLVORFDWHGDWWKHVWUXFWXUH$QHZ8(HDVHPHQWDUHDZLOOEHHVWDEOLVKHGRQWKH DGMRLQLQJSURSHUW\FRQFXUUHQWO\ZLWKWKHUHVROXWLRQIRUYDFDWLQJWKHVXEMHFWHDVHPHQW DUHD7KHGRFXPHQWJUDQWLQJWKHQHZHDVHPHQWKDVEHHQH[HFXWHGE\WKHDGMRLQLQJ RZQHUDQGVXEPLWWHGWR3XEOLF:RUNV6LQFHWKHUHDUHQRXWLOLWLHVLQWKHYDFDWLRQDUHD DQGEHFDXVHD¶8(FRUULGRUZLOOUHPDLQWKHHDVHPHQWDUHDVRXJKWWREHYDFDWHGLVQR ORQJHUQHHGHG3OHDVHVHHWKHH[KLELWRQWKHIROORZLQJSDJHVKRZLQJWKHRYHUODSRIWKH VWUXFWXUHXSRQWKHH[LVWLQJHDVHPHQW  ϮϮϬϮϰͲϬϬϱs    9$&$7,213(7,7,215(9,(: 8QGHUWKHSURYLVLRQVRI6HFWLRQ.F&RXQFLOVKDOODSSURYHD3XEOLF8WLOLW\ (DVHPHQW9DFDWLRQLILWGHWHUPLQHVWKHDSSOLFDWLRQFRPSOLHVZLWKWKHIROORZLQJFULWHULD D7KHYDFDWLRQRIWKHSXEOLFXWLOLW\HDVHPHQWLVLQWKHSXEOLFLQWHUHVWDQGZLOOFRQIHU DSXEOLFEHQHILWRQWKH&LW\ 9DFDWLQJWKHHDVHPHQWZKHUHWKHVWUXFWXUHRYHUODSVLVLQWKHSXEOLFLQWHUHVW7KH $SSOLFDQWKDVZRUNHGZLWKWKHDGMRLQLQJRZQHURQWKHZHVW  sĂĐĂƚŝŽŶWĞƚŝƚŝŽŶηϮϬϮϰͲϬϬϱs͕ďLJ,ƵŵĂLJŽƵŶŬŚƚĞƌ͕ƚŽ ǀĂĐĂƚĞĂƉŽƌƚŝŽŶŽĨĂϭϬͲĨŽŽƚƵƚŝůŝƚLJĞĂƐĞŵĞŶƚŽŶ>Žƚϯϲ͕Ždžϯ͕ ĂŵďĞƌZŝĚŐĞ&ŽƵƌƚŚ^ƵďĚŝǀŝƐŝŽŶ͘dŚĞƐŝƌĞŝƐůŽĐĂƚĞĚĂƚϭϳϮϴ :ƵŶŝƉĞƌ>ĂŶĞ^t͘ EŽƚŝĨƌĞĂ͗ϰϬϬΖ tĂƌĚϭ W/E͗ϬϱϮϯϴϱ    $XJXVW 9$&$7,21(;+,%,7 3$572)/27%/2&.%$0%(55,'*()2857+68%' &,7<2)52&+(67(52/067('&2817<0,11(627$ %($5,1*6  1257+ %($5,1*6$5(%$6('217+( 2/067('&2817<&225',1$7( 6<67(0 1$'$'-8670(17 6&$/( ,1)((7 '(127(6$)281',52102180(17 8( 87,/,7<($6(0(17 3$572)(;,67,1*87,/,7<($6(0(17 1:/,1(2)3$5&(/%/2&.%$0%(55,'*(7+68%' 72%(9$&$7(' 6,'(/,1(2)(;,67,1*87,/,7<($6(0(17$6&5($7(' %<%$0%(55,'*(7+68%',9,6,21 9$&$7,21/,1('$7$ 6(*0(17/(1*7+',5(&7,21 /6ƒ :  /6ƒ ( /1ƒ : 1ƒ ( / /1ƒ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rial]] 3DJH $XJXVW 3DJH )LQDO$8$5  $XJXVW  3DJH )LQDO$8$5  $XJXVW 3URMHFW'HVFULSWLRQ   7KH$8$5VWXG\DUHDLVORFDWHGZLWKLQWKHGRZQWRZQ0HGLFDO,QVWLWXWLRQDO&DPSXV6SHFLDO 'LVWULFWZLWKLQFHQWUDO5RFKHVWHU7KHRYHUDOOFDPSXVLQFOXGHVPRUHWKDQEXLOGLQJVWKDWVHUYH ¶V 0D\R&OLQLFLQSDWLHQWDQGRXWSDWLHQWPHGLFDOFDUHUHVHDUFKHGXFDWLRQDQGPHGLFDOVXSSRUW 0D\R¶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¶VULVNRIIORRGLQJWKHVWXG\DUHDKDVD PRGHUDWHULVNRIIORRGLQJGHVSLWHLQFUHDVHV  LQH[WUHPHUDLQIDOOHYHQWV+RZHYHUGXHWRORFDOLQIRUPDWLRQZHNQRZWKDWWKLVDUHD H[SHULHQFHVPRGHUDWHDQGVHYHUHORFDOL]HGIORRGLQJVRWKLV$8$5ZLOOLGHQWLI\SRWHQWLDO PLWLJDWLRQPHDVXUHV  &RROLQJ'HJUHH'D\V 'HJUHHGD\VDUHEDVHGRQWKHDVVXPSWLRQWKDWZKHQWKHRXWVLGHWHPSHUDWXUHLVƒ) KHDWLQJRUFRROLQJLVQRWQHHGHGWREHFRPIRUWDEOHDVGHILQHGE\WKH1DWLRQDO:HDWKHU 6HUYLFH'HJUHHGD\VDUHWKHGLIIHUHQFHEHWZHHQWKHGDLO\WHPSHUDWXUHPHDQDQGƒ),I WKHWHPSHUDWXUHPHDQLVDERYHƒ)LVVXEWUDFWHGIURPWKHPHDQDQGWKHUHVXOWLVWKH FRROLQJGHJUHHGD\V)RUH[DPSOHLIWKHPHDQWHPSHUDWXUHRYHUDKRXUSHULRGLVx ,QFUHDVHGDQQXDO IULWWLQJWRUHGXFHELUG VXUURXQGLQJDUHD 3URMHFW'HVLJQ WHPSHUDWXUHV VWULNHVDQGSURYLGHKHDW LQFOXGLQJFKDQJLQJ x ,QFUHDVHGIUHH]H UHGXFWLRQ FOLPDWH]RQHV WKDZF\FOHV x %XLOGLQJVKHOOVFRXOGEH WHPSHUDWXUHWUHQGVDQG x 0HGLXPXUEDQKHDW HQHUJ\HIILFLHQW SRWHQWLDOIRUH[WHQGHG LVODQGHIIHFW x 3URSRVHGFOLPDWHVPDUW KHDWZDYHV WUHHSODQWLQJVDQG ODQGVFDSLQJZLOOUHGXFH UXQRIIDQGPLWLJDWHXUEDQ KHDWLVODQGHIIHFW    $YDLODEOHDWKWWSVULVNIDFWRUFRPFLW\URFKHVWHUPQ $XJXVW 7KHODQGXVHZLOOQRW EHFKDQJLQJVLQFHWKH FXUUHQWDQGSURSRVHG x ,QFUHDVHGDQQXDO XVHZLOOERWKEHSXEOLF SUHFLSLWDWLRQDQGPRUH x KHDOWKIDFLOLWLHV 'HVLJQRIWKHVLWHDQG IUHTXHQWKHDY\UDLQIDOO KRZHYHUWKHIRRWSULQW VWRUPZDWHUPDQDJHPHQW HYHQWV DPRXQWRILPSHUYLRXV IDFLOLWLHVZLOOPHHW&LW\  VXUIDFHDQGLPSDFWRQ VWRUPZDWHUUHTXLUHPHQWV x /DQG8VH 7KHVWXG\DUHDLVQRW ZLQGGULYHQUDLQZLOOEH ZKLFKDUHGHVLJQHGWR ZLWKLQIORRGSODLQDUHDV FKDQJLQJ7KHORFDWLRQ UHGXFHWKHULVNRIIORRGLQJLQ DQGWKHUHIRUHQRULVNV RIWKHSURMHFWLVQRW WKH$8$5VWXG\DUHD DUHLGHQWLILHGZLWK ZLWKLQIORRGSODLQDUHDV  LQFUHDVHGIORRGLQJ DQGWKHUHIRUHQRULVNV HYHQWV DUHLGHQWLILHGZLWK LQFUHDVHGIORRGLQJ HYHQWV 'XHWRJHQHUDOFOLPDWHWUHQGV x 'HYHORSHUVZLOOFRQVLGHU DFURVVWKHVWDWHZDWHU XVLQJQDWLYHSODQWVDQG SHUHQQLDOVIRUODQGVFDSLQJ UHVRXUFHVLQWKHJHQHUDO DQGVWRUPZDWHUIHDWXUHVZLOO SURMHFWDUHDPD\EHFRPH DEVRUEZDWHUDQGUHGXFH ZDUPHUPRUHSROOXWHGDQG WKHZDWHUGHPDQGIRU FKDQJHLQYROXPHGXHWR LUULJDWLRQ &XUUHQW0LQQHVRWDLQFUHDVHGWHPSHUDWXUHVDQG x 6WRUPZDWHU%03VZLOOEH FOLPDWHWUHQGVDQGUXQRII7KHUHPD\EHPRUH GHVLJQHGWRZHDWKHUD DQWLFLSDWHGFOLPDWHHYDSRUDWLRQDQGZDWHU :DWHU \HDUVWRUPHYHQWLQ FKDQJHLQWKHJHQHUDODYDLODEOHZKHQLWUDLQVOHDGLQJ 5HVRXUFHV DFFRUGDQFHZLWK&LW\ ORFDWLRQRIWKHSURMHFWWRDQLQFUHDVHLQWKHIORRG :DWHUVKHGUHTXLUHPHQWVDV PD\LQIOXHQFHZDWHUSRWHQWLDO,WLVSURMHFWHGWKDW WKHSURSHUW\LVGHYHORSHG UHVRXUFHVWKHUHZLOOEHPRUHVHYHUH x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rial]]6WDWH [[1325,437,1337,485][10][B,I,][Arial]] ±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rial]]5HJLRQDO&RXQW\/RFDO [[1511,324,1523,372][10][B,I,][Arial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¶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rial]]'RZQWRZQ)ULQJH [[935,1642,947,1689][10][,,][Arial]] [[947,1642,2243,1689][10][,,][Arial]]ODQGXVHGHVLJQDWLRQDOORZVIRUDPL[RIXVHVWKDWSURYLGHVDWUDQV LWLRQ EHWZHHQPRUHLQWHQVLYHEXVLQHVVRULHQWHGODQGXVHVDQGOHVVLQWHQVLYHUHVLGHQWLDOODQG XVHV7KHW\SHVRIGHYHORSPHQWDOORZHGZLWKLQWKLVODQGXVHDUHDLQFOXGHVPHGLXPWRKLJK GHQVLW\UHVLGHQWLDOORGJLQJSURIHVVLRQDORIILFHVUHVWDXUDQWVDQGLQVWLWXWLRQDOXVHV7KLVODQG XVHRYHUOD\VWKHQRUWKHDVWSRUWLRQRIWKH$8$5VWXG\DUHDERUGHULQJRQHLWKHUVLGHRID 0HGLFDO&DPSXVODQGXVH  7KH[[612,1977,1338,2025][10][,I,][Arial]]0L[HG8VH7UDQVLW6XSSRUWLYH&RUULGRUV [[1338,1977,1350,2024][10][,,][Arial]] [[1350,1977,1923,2024][10][,,][Arial]]DOORZIRUGHYHORSPHQWRIWUDQVLW [[1925,1977,1939,2024][10][,,][Arial]] [[1938,1977,2140,2024][10][,,][Arial]]VXSSRUWLYH GHQVLWLHVRIFRPPHUFLDOUHVLGHQWLDODQGHPSOR\PHQWXVHV7KLVGHVLJQDWLRQLVDSSOLHGDORQJ 5RFKHVWHU¶VEXVLHVWZLGHVWDQGPRVWSURPLQHQWVWUHHWVWKDWVHUYHWKHFLW\¶VPDMRU GHYHORSPHQWGHVWLQDWLRQV:LWKLQWKH$8$5VWXG\DUHDWKLVODQGXVHGHVLJQDWLRQLVSUHVHQW DORQJH[LVWLQJVWUHHWVLQWKHVRXWKZHVWFRUQHURIWKHVWXG\DUHD  7KH[[612,2263,1180,2311][10][,I,][Arial]]7UDGLWLRQDO&RUH1HLJKERUKRRG [[1178,2263,1190,2310][10][,,][Arial]] [[1190,2263,2191,2310][10][,,][Arial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±± 6PDOOHUDUHDVRI0;')50L[HGXVH'RZQWRZQ)ULQJH0;712'0L[HG8VH7UDQVLW 2ULHQWHG1RGH5+LJK'HQVLW\5HVLGHQWLDODQG5;/RZ'HQVLW\5HVLGHQWLDO,QILOODUH )LJXUH DOVRSUHVHQW 7KLV]RQLQJLVLQWHQGHGWRSURYLGHIRUWKHKLJKHVWLQWHQVLW\RI GHYHORSPHQWZLWKLQWKHFLW\7KH0HGLFDOVXEGLVWULFW 0;'0(' LVLQWHQGHGIRUPHGLFDO SXEOLFXVHVZLWKLQWKHDUHDRI6W0DU\¶V+RVSLWDO IDFLOLWLHVSXEOLFDQGVHPLDQGPHGLFDO FDPSXV7KH'RZQWRZQ)ULQJHVXEGLVWULFWLVLQWHQGHGWRLQFOXGHGHYHORSPHQWWKDWLV QHFHVVDU\WRVXSSRUWRUHQKDQFHWKH&HQWUDO%XVLQHVVVXEGLVWULFW  7KLVDUHDRI5RFKHVWHULVZLWKLQWKH0D\R&OLQLF¶V0HGLFDO,QVWLWXWLRQDO&DPSXV6SHFLDO 'LVWULFW$\HDUSODQIRUWKLV6SHFLDO'LVWULFWRXWOLQHVWKHYLVLRQIRUWKLVDUHDDQGZDV UHFHQWO\XSGDWHG 6HSWHPEHU   7KHUHLVQR)(0$PDSSHGIORRGSODLQZLWKLQWKHVWXG\DUHD ),503DQHOV $XJXVW  3DJH )LQDO$8$5   $XJXVW    &RPSDWLELOLW\ZLWK3ODQV  7KH&LW\RI5RFKHVWHU¶V FRPSUHKHQVLYHSODQFRPSOLHVZLWKWKHUHTXLUHPHQWVVHWIRUWKLQ 0LQQHVRWD5XOHVSDUWVXESDUW7KHSURSRVHGUHGHYHORSPHQWZLWKLQWKHVWXG\DUHD LVFRPSDWLEOHZLWKWKHH[LVWLQJDQGSODQQHGODQGXVHVIRUWKHDUHDDQGLVDOVRFRPSDWLEOHZLWKWKH 0D\R&OLQLF¶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x *RRGVXUIDFHGUDLQDJHZLOOEHPDLQWDLQHGWKURXJKRXWFRQVWUXFWLRQVRWKDWWKHVLWHLVQRW YXOQHUDEOHWRSRQGLQJGXULQJRUDIWHUDUDLQIDOO,IZDWHUHQWHUVH[FDYDWLRQVLWVKRXOGEH SURPSWO\UHPRYHGSULRUWRIXUWKHUFRQVWUXFWLRQDFWLYLWLHV8QGHUQRFLUFXPVWDQFHVVKRXOG ILOORUFRQFUHWHEHSODFHGLQWRVWDQGLQJZDWHU x 7RPDLQWDLQFRQVWUXFWLRQVDIHW\DOOH[FDYDWLRQVZLOOFRPSO\ZLWKWKHUHTXLUHPHQWVRI 26+$&)53DUW6XESDUW3³([FDYDWLRQVDQG7UHQFKHV´  x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¶%ULHQ2SHQ/RRS*HRWKHUPDO6\VWHP)HDVLELOLW\6WXG\ WKUHH538PXQLFLSDOVXSSO\ZHOOVDUHORFDWHGZLWKLQIWRIWKHVWXG\DUHD7KHVHZHOOV LQFOXGH538ZHOOVDQG  x :HOOLVORFDWHGaIWVRXWKRIWKHVLWHDQGLVFRPSOHWHGLQWKH3UDLULH'X &KLHQDQG-RUGDQ$TXLIHUV x :HOOLVORFDWHGaIWQRUWKHDVWRIWKHVLWHDQGLVFRPSOHWHGLQWKH-RUGDQ 7XQQHO&LW\DQG:RQHZRF$TXLIHUV x :HOOLVORFDWHGaIWZHVWRIWKHVLWHDQGLVFRPSOHWHGLQWKH-RUGDQ7XQQHO &LW\:RQHZRFDQG0W6LPRQ$TXLIHUV  'HWDLOVRIVHOHFWHGSULYDWHZHOOVORFDWHGZLWKLQ¶RIWKH VWXG\DUHDDUHLQFOXGHGLQWKH $SSHQGL[$ WDEOHEHORZDQGLQ     13'(6&RQVWUXFWLRQ6WRUPZDWHU3HUPLW 3DJH )LQDO$8$5   $XJXVW )URPWKH6DODV2¶%ULHQ2SHQ/RRS*HRWKHUPDO6\VWHP )HDVLELOLW\6WXG\  ³2QHZHOO G\DUHDLVGHSLFWHGZLWKLQ7KH V\VWHPFRQYH\VIORZYLDJUDYLW\VHZHUOLQHVWRWKH:DWHU5HFODPDWLRQ3ODQW :53 ZKLFK GLVFKDUJHVWUHDWHGHIIOXHQWWRWKH6RXWK)RUNRIWKH=XPEUR5LYHU$VRI-XQHWKH 5RFKHVWHU:53KDVDUDWHGGU\ZHDWKHUIORZFDSDFLW\RIPLOOLRQJDOORQVSHUGD\ PJG  DQGDQDYHUDJHZHWZHDWKHUIORZFDSDFLW\RIPLOOLRQJDOORQVRIZDVWHZDWHUSHUGD\ FXUUHQWO\WUHDWLQJDSSUR[LPDWHO\PLOOLRQJDOORQVRIZDVWHZDWHUSHUGD\RQDQDQQXDO DYHUDJHEDVLV  3DJH )LQDO$8$5   $XJXVW  3DJH )LQDO$8$5   $XJXVW  7KHHVWLPDWHGZDVWHZDWHUIORZVIRUWKHSURSRVHGEXLOGLQJVZLWKLQWKHGHYHORSPHQWDUHDV IROORZV  x %XLOGLQJ *3' *3'Z $XJXVW 7KHSURSRVHG%XLOGLQJKDVDYDLODEOHDGMDFHQWLQIUDVWUXFWXUHIRUFRQQHFWLRQDVGLVFXVVHG ZLWKWKH&LW\RI5RFKHVWHU7KHHVWLPDWHG´VDQLWDU\VHZHUVHUYLFHFDQFRQQHFWWR WKH H[LVWLQJ´SXEOLFVDQLWDU\VHZHUPDLQORFDWHGZLWKLQ:HVW&HQWHU6WUHHW   7KHSURSRVHG383([SDQVLRQEXLOGLQJKDVDYDLODEOHDGMDFHQWLQIUDVWUXFWXUHIRUFRQQHFWLRQDV GLVFXVVHGZLWKWKH&LW\RI5RFKHVWHU7KHHVWLPDWHG´VDQLWDU\VHZHUDQGWKHHVWLPDWHG´ VDQLWDU\VHZHUVHUYLFHVFDQFRQQHFWWRWKHH[LVWLQJSXEOLFVDQLWDU\VHZHUPDLQVORFDWHGLQ 7KLUG6WUHHW1:DQGWKHSUHYLRXVO\YDFDWHG6HFRQG$YHQXH1:)XUWKHUFRRUGLQDWLRQRI VHUYLFHFRQQHFWLRQVZLOORFFXURQFHWKHZDVWHZDWHUURXWLQJLVFRQILUPHGIRU%XLOGLQJDQG %XLOGLQJ   :DVWHZDWHU'LVFKDUJHWR6XUIDFH:DWHU ,IWKHZDVWHZDWHUGLVFKDUJHLVWRDVXEVXUIDFH VHZDJHWUHDWPHQWV\VWHP 6676 GHVFULEHWKHV\VWHPXVHGWKHGHVLJQIORZDQG VXLWDELOLW\RIVLWHFRQGLWLRQVIRUVXFKDV\VWHP   1RWDSSOLFDEOH1RVXEVXUIDFHVHZDJHWUHDWPHQWV\VWHPV 6676 DUHDQWLFLSDWHGZLWKLQWKH $8$5VWXG\DUHDIRUWKHSURSRVHGGHYHORSPHQWVFHQDULR   ,IWKHZDVWHZDWHUGLVFKDUJHLVWRVXUIDFHZDWHULGHQWLI\WKHZDVWHZDWHUWUHDWPHQW PHWKRGVGLVFKDUJHSRLQWVDQGSURSRVHGHIIOXHQWOLPLWDWLRQVWRPLWLJDWLRQLPSDFWV 'LVFXVVDQ\HIIHFWVWRVXUIDFHRUJURXQGZDWHUIURPZDVWHZDWHUGLVFKDUJHV  1RWDSSOLFDEOH1RZDVWHZDWHUGLVFKDUJHWRVXUIDFHZDWHUVLVDQWLFLSDWHGIRUWKHSURSRVHG GHYHORSPHQWVFHQDULR  LL6WRUPZDWHU'HVFULEHWKHTXDQWLW\DQGTXDOLW\RIVWRUPZDWHUUXQRIIDWWKHVLWHSULRU WRDQGSRVWFRQVWUXFWLRQ,QFOXGHWKHURXWHVDQGUHFHLYLQJZDWHUERGLHVIRUUXQRII IURPWKHVLWH PDMRUGRZQVWUHDPZDWHUERGLHVDVZHOODVWKHLPPHGLDWHUHFHLYLQJ ZDWHUV 'LVFXVVDQ\HQYLURQPHQWDOHIIHFWVIURPVWRUPZDWHUGLVFKDUJHV'HVFULEH VWRUPZDWHUSROOXWLRQSUHYHQWLRQSODQVLQFOXGLQJWHPSRUDU\DQGSHUPDQHQWUXQRII FRQWUROVDQGSRWHQWLDO%03VLWHORFDWLRQVWRPDQDJHRUWUHDWVWRUPZDWHUUXQRII ,GHQWLI\VSHFLILFHURVLRQFRQWUROVHGLPHQWDWLRQFRQWURORUVWDELOL]DWLRQPHDVXUHV WRDGGUHVVVRLOOLPLWDWLRQVGXULQJDQGDIWHUSURMHFWFRQVWUXFWLRQ  ([LVWLQJ&RQGLWLRQ 7KHVWXG\DUHDWRWDOVDSSUR[LPDWHO\ $XJXVW  3DJH )LQDO$8$5  $XJXVW  3URSRVHG&RQGLWLRQV $VVXPHGSURSRVHGFRQGLWLRQVZLOOUHVXOWLQDWRWDOQHZDQGUHFRQVWUXFWHGLPSHUYLRXV FRYHUDJHRIDSSUR[LPDWHO\DFUHVDFUHVRIWKLVLVUHFRQVWUXFWHGZLWKLQWKH52: UGWK DQGDFUHVLVORFDWHGRQSULYDWHSDUFHOVDQGYDFDWHGDQG$YH6:7KHUHLVQR LQFUHDVHRILPSHUYLRXVZLWKLQWKH52:EXWWKHUHZLOOEHDDFUHLQFUHDVHRQWKH SULYDWHSDUFHOVDFUHVRIWKHVWXG\DUHDZLOOGUDLQWR&DVFDGH&UHHNDQGDFUHV WR6LOYHU/DNH=XPEUR5LYHU3URSRVHGGLVFKDUJHUDWHVIRUDOOVLWHVVKDOOQRWH[FHHG H[LVWLQJFRQGLWLRQV:DWHUTXDOLW\WUHDWPHQWZKLFKLVHTXLYDOHQWWRLQFKRYHUDOOQHZ DQGUHFRQVWUXFWHGLPSHUYLRXVDUHDVZLOOEHUHTXLUHG*HRWHFKQLFDOVWXGLHVDQGSURSRVHG GHVLJQVSURKLELWWKHXVHRILQILOWUDWLRQGXHWRSUR[LPLW\WREHGURFNXQVXLWDEOHVRLOVDQG EXLOGLQJIRXQGDWLRQV)LOWUDWLRQSUDFWLFHVZLOOEHXWLOL]HGWRPHHWWKHVWRUPZDWHU UHTXLUHPHQWV7KHH[DFWQDWXUHRIWKHILOWUDWLRQGHYLFHVZLOOYDU\IURPRQHVLWHWRDQRWKHU EXWXQGHUJURXQGVDQGILOWHUVZLWKSUHWUHDWPHQWZLOOEHSURYLGHGDVWKHSULPDU\GHYLFHV 3UHWUHDWPHQWZLOOEHSURYLGHGLQYDULRXVZD\VDVZHOO0DQXIDFWXUHGGHYLFHVVXFKDV K\GURG\QDPLFVHSDUDWRUVFDQEHXVHGDVWKHSULPDU\SUHWUHDWPHQWGHYLFHZLWKVPDOO VHWWOLQJIRUHED\VDVVHFRQGDU\7KLVQRWRQO\LQFUHDVHVWKHHIILFLHQF\RIWKHVDQGILOWHUV EXWDOVRUHGXFHVWKHRYHUDOORSHUDWLRQDQGPDLQWHQDQFHHIIRUWV  :KHUHIHDVLEOHDERYHJUDGHUDLQJDUGHQVZLOOEHLPSOHPHQWHGWRSURYLGHVRPHZDWHU TXDOLW\EHQHILW3UHWUHDWPHQWWRWKHVHIHDWXUHVZRXOGLQFOXGHVXPSHGDQGRUVFUHHQHG LQOHWGHYLFHV  7KHUHGHYHORSPHQWVFHQDULRZLOOXWLOL]HDFRPPRQSODQRIGHYHORSPHQWDSSURDFKIRU VWRUPZDWHUPDQDJHPHQWZKHUHE\VWRUPZDWHUIRUDOORIWKHGHYHORSPHQWSDUFHOVLV FRQVLGHUHGUDWKHUWKDQEHLQJOLPLWHGWRHDFKLQGLYLGXDOSDUFHO(DFKSURMHFWZLWKLQWKH FRPPRQSODQZLOOWLHLQWRH[LVWLQJSXEOLFVWRUPVHZHULQIUDVWUXFWXUH'XHWRWKHKLJKO\ GHYHORSHGH[LVWLQJFRQGLWLRQVSHDNGLVFKDUJHUDWHVZLOOEHPDQDJHGDQGRUUHGXFHG ZKHQFRPSDUHGWRWKHH[LVWLQJFRQGLWLRQVE\VLPSO\WUHDWLQJWKHUHTXLUHGZDWHUTXDOLW\ YROXPH0RVWVLWHVZLOOSURYLGHRQVLWHWUHDWPHQWEXWZKHUHWKDWLVQRWIHDVLEOH0D\R &OLQLFZLOOLGHQWLI\DUHDVWRRYHUVL]H%03VWRSURYLGHWKHUHTXLUHGZDWHUTXDOLW\YROXPH WKHVHORFDWLRQVFRXOGEHRXWVLGHRIWKHVWXG\DUHD7KHVHRIIVLWHWUHDWPHQWIDFLOLWLHVZLOO EHZLWKLQWKHVDPHZDWHUVKHGDQGEHQHILWWKHVDPHZDWHUFRXUVH([LVWLQJRXWIDOOVLQWR &DVFDGH&UHHNRU6LOYHU/DNH=XPEUR5LYHUDUHQRWSODQQHGWREHGLVWXUEHGE\SURMHFWV RFFXUULQJDVSDUWRIUHGHYHORSPHQWRIWKLVVWXG\DUHDDQGQRQHZRXWIDOOVDUHSURSRVHG $GHFUHDVHLQSHDNGLVFKDUJHUDWHVLVH[SHFWHGLQWKHSURSRVHGFRQGLWLRQVLPSURYLQJWKH RXWIDOOFRQGLWLRQV  7KH1DWLRQDO3ROOXWLRQ'LVFKDUJH(OLPLQDWLRQ6\VWHP 13'(6 SHUPLWUHTXLUHPHQWVZLOO EHDGKHUHGWRDQGFRQVWUXFWLRQEHVWPDQDJHPHQWSUDFWLFHVZLOOEHLPSOHPHQWHGVXFKDV VLOWIHQFHDQGHURVLRQFRQWUROEODQNHW7KHLPSDLUPHQWVWR&DVFDGH&UHHNDQG6LOYHU /DNH=XPEUR5LYHUZLOOUHTXLUHDGGLWLRQDO%03VIRXQGLQLWHPVDQGRIWKH 13'(6SHUPLW     3DJH )LQDO$8$5   $XJXVW LLL:DWHU$SSURSULDWLRQ'HVFULEHLIWKHSURMHFWSURSRVHVWRDSSURSULDWHVXUIDFHRU JURXQGZDWHU LQFOXGLQJGHZDWHULQJ 'HVFULEHWKHVRXUFHTXDQWLW\GXUDWLRQXVH DQGSXUSRVHRIWKHZDWHUXVHDQGLID'15ZDWHUDSSURSULDWLRQSHUPLWLVUHTXLUHG 'HVFULEHDQ\ZHOODEDQGRQPHQW,IFRQQHFWLQJWRDQH[LVWLQJPXQLFLSDOZDWHU VXSSO\LGHQWLI\WKHZHOOVWREHXVHGDVDZDWHUVRXUFHDQGDQ\HIIHFWVRQRU UHTXLUHGH[SDQVLRQRIPXQLFLSDOZDWHULQIUDVWUXFWXUH'LVFXVVHQYLURQPHQWDO HIIHFWVIURPZDWHUDSSURSULDWLRQLQFOXGLQJDQDVVHVVPHQWRIWKHZDWHUUHVRXUFHV DYDLODEOHIRUDSSURSULDWLRQ,GHQWLI\DQ\PHDVXUHVWRDYRLGPLQLPL]HRUPLWLJDWH HQYLURQPHQWDOHIIHFWVIURPWKHZDWHUDSSURSULDWLRQ [[454,737,466,785][10][,I,][Arial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x XVLQJORZIORZWRLOHWVXULQDOVDQGVKRZHUFRPSRQHQWV x UHFLUFXODWLRQSXPSVWKDWDOORZIRUKRWZDWHUWREHVHUYHGTXLFNO\ x XWLOL]HVPDOOLQVWDQWDQHRXVZDWHUKHDWHUVDWIL[WXUHVWKDWDUHDJUHDWHUGLVWDQFH IURPWKHFHQWUDOZDWHUKHDWHU  7KHSURSRVHG%XLOGLQJKDVDYDLODEOHDGMDFHQWLQIUDVWUXFWXUHIRUFRQQHFWLRQDV ´ GLVFXVVHGZLWK538:757KHHVWLPDWHGWZRZDWHUVHUYLFHVFDQFRQQHFWWRWKH ´SXEOLF H[LVWLQJZDWHUPDLQVORFDWHGZLWKLQ:HVW&HQWHU6WUHHWDQG6HYHQWK$YHQXH 1:  )RUWKHSURSRVHG%XLOGLQJVDQGVRPHH[LVWLQJLQIUDVWUXFWXUHZLOOQHHGWREHXSJUDGHG WRDFFRPPRGDWHWKHSURSRVHGZDWHUGHPDQGV/RRSLQJRIWKHH[LVWLQJV\VWHPWR PDLQWDLQDGHTXDWHSUHVVXUHVZLOOEHUHTXLUHG3URSRVHGGHVLJQVZLOOFRQWLQXHWREH HYDOXDWHGZLWKWKH538:75  7KHSURSRVHG%XLOGLQJLVQRWH[SHFWHGWRUHTXLUHZDWHUVHUYLFH  7KHSURSRVHG383([SDQVLRQEXLOGLQJKDVDYDLODEOHDGMDFHQWLQIUDVWUXFWXUHIRU ´ZDWHUVHUYLFHV FRQQHFWLRQDVGLVFXVVHGZLWKWKH538:757KHHVWLPDWHGWZRFDQ ´ ´ FRQQHFWWRWKHH[LVWLQJSXEOLFZDWHUPDLQVORFDWHGLQ7KLUG$YHQXH1:DQG7KLUG 6WUHHW1:0LWLJDWLRQPHDVXUHVEHLQJFRQVLGHUHGLQWKHGHVLJQRIWKLVIDFLOLW\WRUHGXFH ZDWHUGHPDQGLQFOXGHV x XVLQJWZRVWDJHUHYHUVHRVPRVLV 52 VNLGVWRLQFUHDVHWKHTXDOLW\RISHUPHDWH YVFRQFHQWUDWHFRPSDUHGWRVLQJOHVWDJH52VNLGV x XVLQJYDULRXVZDWHUWUHDWPHQWHTXLSPHQW HJFRQGHQVDWHSROLVKHUVVRIWHQHUV FDUERQILOWHUVFDUWULGJHILOWHUV52VNLGVDQGGHJDVVLILHUVNLGV WRLPSURYHERLOHU ZDWHUTXDOLW\EH\RQGLQGXVWU\VWDQGDUGZKLFKZLOOUHGXFHERLOHUEORZGRZQ UHTXLUHG x SODFLQJVRIWHQHUVXSVWUHDPRIWKH52WRUHGXFHEDFNZDVK x GLUHFWLQJ52VNLGUHMHFWWRDUHFODLPZDWHUWDQNZKHUHLWFDQEHGLOXWHGZLWKFLW\ ZDWHUWRDFFHSWDEOHFRQGXFWLYLW\DQGXWLOL]HGIRU R EORZGRZQGLVFKDUJHWHPSHULQJZDWHU R FRROLQJWRZHUPDNHXSZDWHU x XVLQJFORVHGORRSFRROLQJIRUSURFHVVHTXLSPHQWLQVWHDGRIRSHQORRSDQG x FRROLQJWRZHUFKHPLFDOWUHDWPHQWWRPDLQWDLQDKLJKHU&R&UHGXFLQJEORZGRZQ DQGPDNHXSZDWHUXVDJH  *URXQGZDWHU *HRWHFKQLFDOVWXGLHVQRWHGSHUFKHGJURXQGZDWHURQWRSRIWKHGRORVWRQHEHGURFNZKLFK FDQDIIHFWH[FDYDWLRQVDQGFRQVWUXFWLRQ&RQVWUXFWLRQGHZDWHULQJLIQHHGHGZLOOUHTXLUH DSHUPLWIURPWKH'15  0D\RLVSURSRVLQJWRXWLOL]HDQRSHQORRSJHRWKHUPDOV\VWHP*HRWKHUPDOV\VWHPVXVH WKHHDUWK¶VKHDWWRFLUFXODWHJURXQGZDWHUWRKHDWRUFRRODEXLOGLQJ¶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x DTXLIHUFKDUDFWHULVWLFV LHWUDQVPLVVLYLW\JURXQGZDWHUIORZGLUHFWLRQ JURXQGZDWHUWHPSHUDWXUHHWF  x SRWHQWLDO]RQHRILQIOXHQFHXQGHURSHUDWLQJFRQGLWLRQV LHVLPXOWDQHRXVSXPSLQJ DQGLQMHFWLRQWRWKHVDPHDTXLIHU  x WKHUPDOPRGHOOLQJDQG x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rial]] 1RRWKHUVXUIDFHZDWHUVH[LVWZLWKLQWKHVWXG\DUHDDQGDOWHUQDWLRQVWRDGMDFHQW VXUIDFHZDWHUVLQFOXGLQJ6LOYHU/DNHWKH=XPEUR5LYHUDQG&DVFDGH&UHHNDUHQRW DQWLFLSDWHGZLWKUHGHYHORSPHQW'HYHORSPHQWRIWKHVFHQDULRZLOOLQFUHDVH LPSHUYLRXVVXUIDFHVZLWKLQWKHVWXG\DUHD6WRUPZDWHU%03VZLOOEHLPSOHPHQWHGDV GLVFXVVHGLQ6HFWLRQ LL 1RH[LVWLQJRXWIDOOVWR6LOYHU/DNH=XPEUR5LYHURU &DVFDGH&UHHNZLOOEHDOWHUHGDQGQRQHZRXWIDOOVDUHSURSRVHG6WRUPZDWHU%03V LPSOHPHQWHGZLWKLQWKHVWXG\DUHDDUHDQWLFLSDWHGWRPLWLJDWHIRUDQ\SRWHQWLDOLPSDFW WRWKRVHZDWHUERGLHV1RVHFRQGDU\LPSDFWVDUHH[SHFWHG7KHSURSRVHGVWRUPZDWHU %03VDUHH[SHFWHGWREHXQGHUJURXQGGHWHQWLRQV\VWHPVZLWKILOWUDWLRQDQGRUDERYH JURXQGILOWUDWLRQEDVLQV%RWKZLOOSURYLGHDEHQHILWWRZDWHUTXDOLW\DQGUHGXFWLRQVLQ SHDNGLVFKDUJHUDWHV   0LWLJDWLRQ3ODQ  6DQLWDU\6HZHU x ([LVWLQJLQIUDVWUXFWXUHZLOOQHHGWREHXSJUDGHGWRDFFRPPRGDWHWKHSURSRVHGZDVWHZDWHU IORZV x ([LVWLQJXSVWUHDPZDVWHZDWHUIORZVRIWKHSURSRVHG%XLOGLQJVDQGZLOOQHHGWREH UHURXWHG  6WRUPZDWHU x :DWHUTXDOLW\WUHDWPHQWLVUHTXLUHGIRUWKHHQWLUHVLWHSHU&LW\UHTXLUHPHQWV x 3URYLGHZDWHUTXDOLW\WUHDWPHQWHTXLYDOHQWWRLQFKRYHUDOOQHZDQGUHFRQVWUXFWHG LPSHUYLRXVDUHDV x 2EWDLQD1DWLRQDO3ROOXWLRQ'LVFKDUJH(OLPLQDWLRQ6\VWHP 13'(6 FRQVWUXFWLRQVWRUPZDWHU SHUPLWIRUSURMHFWVWKDWH[FHHGDFUHRIGLVWXUEDQFH x $GKHUHWR13'(6FRQVWUXFWLRQVWRUPZDWHUSHUPLWUHTXLUHPHQWVDQGLPSOHPHQWFRQVWUXFWLRQ EHVWPDQDJHPHQWSUDFWLFHVVXFKDVVLOWIHQFHDQGHURVLRQFRQWUROEODQNHW x ,QFRUSRUDWHJUHHQLQIUDVWUXFWXUHRSWLRQVLQWRGHVLJQZKHUHIHDVLEOH  :DWHU6XSSO\ x 6RPHH[LVWLQJLQIUDVWUXFWXUHZLOOOLNHO\QHHGWREHXSJUDGHGWRDFFRPPRGDWHWKHSURSRVHG ZDWHUGHPDQGV R /RRSLQJRIWKHH[LVWLQJV\VWHPWRPDLQWDLQDGHTXDWHSUHVVXUHVZLOOEHUHTXLUHG x 0LWLJDWLRQPHDVXUHVEHLQJFRQVLGHUHGWRUHGXFHWKHZDWHUVXSSO\UHTXLUHPHQWVRIWKH PHGLFDOLQVWLWXWLRQDOIDFLOLWLHVLQWKHVWXG\DUHDLQFOXGH R XVLQJORZIORZWRLOHWVXULQDOVDQGVKRZHUFRPSRQHQWV R UHFLUFXODWLRQSXPSVWKDWDOORZIRUKRWZDWHUWREHVHUYHGTXLFNO\ R XWLOL]HVPDOOLQVWDQWDQHRXVZDWHUKHDWHUVDWIL[WXUHVWKDWDUHDJUHDWHUGLVWDQFHIURP WKHFHQWUDOZDWHUKHDWHU x 0LWLJDWLRQPHDVXUHVEHLQJFRQVLGHUHGLQWKHGHVLJQRIWKH383H[SDQVLRQIDFLOLW\WRUHGXFH 3DJH )LQDO$8$5   $XJXVW ZDWHUGHPDQGLQFOXGHV R XVLQJWZRVWDJHUHYHUVHRVPRVLV 52 VNLGVWRLQFUHDVHWKHTXDOLW\RISHUPHDWHYV FRQFHQWUDWHFRPSDUHGWRVLQJOHVWDJH52VNLGV R XVLQJYDULRXVZDWHUWUHDWPHQWHTXLSPHQW HJFRQGHQVDWHSROLVKHUVVRIWHQHUV FDUERQILOWHUVFDUWULGJHILOWHUV52VNLGVDQGGHJDVVLILHUVNLGV WRLPSURYHERLOHU ZDWHUTXDOLW\EH\RQGLQGXVWU\VWDQGDUGZKLFKZLOOUHGXFHERLOHUEORZGRZQUHTXLUHG R SODFLQJVRIWHQHUVXSVWUHDPRIWKH52WRUHGXFHEDFNZDVK R GLUHFWLQJ52VNLGUHMHFWWRDUHFODLPZDWHUWDQNZKHUHLWFDQEHGLOXWHGZLWKFLW\ZDWHU WRDFFHSWDEOHFRQGXFWLYLW\DQGXWLOL]HGIRU R EORZGRZQGLVFKDUJHWHPSHULQJZDWHU R FRROLQJWRZHUPDNHXSZDWHU R XVLQJFORVHGORRSFRROLQJIRUSURFHVVHTXLSPHQWLQVWHDGRIRSHQORRSDQG R FRROLQJWRZHUFKHPLFDOWUHDWPHQWWRPDLQWDLQDKLJKHU&R&UHGXFLQJEORZGRZQDQG PDNHXSZDWHUXVDJH  6XUIDFH:DWHU x 3URYLGHDGGLWLRQDOFRQVWUXFWLRQUHODWHG%03VIRXQGLQLWHPVDQGRIWKH13'(6 SHUPLW  *URXQGZDWHU x &RQVWUXFWLRQGHZDWHULQJLIUHTXLUHGZLOOUHTXLUHDSHUPLWIURPWKH'15 x 6XEPLWD3UHOLPLQDU\:HOO&RQVWUXFWLRQ$VVHVVPHQWWRWKH'15 x $EDQGRQDQGVHDOXQXVHGZHOOVXVLQJDOLFHQVHGFRQWUDFWRU x 2EWDLQD'HSDUWPHQWRI+HDOWKSHUPLWIRULQVWDOODWLRQRIWKHJHRWKHUPDOV\VWHP x 2EWDLQD:DWHU$SSURSULDWLRQSHUPLWIURPWKH'15WRRSHUDWHWKHJHRWKHUPDOV\VWHP x 7KHFXUUHQWWHVWGULOOLQJSURJUDPUHVXOWVZLOOEHHYDOXDWHGIRUDGGLWLRQDOSRWHQWLDOHIIHFWVDQG FRRUGLQDWHGZLWKWKH'15 x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¶VKLVWRULFDOFRPPHUFLDODQGLQGXVWULDOSURSHUW\ XVDJH7KHUHIRUHWKH5$3ZLOOLQFOXGHD&RQVWUXFWLRQ&RQWLQJHQF\3ODQ &&3 GHWDLOLQJ SURFHGXUHVDQGSURWRFROVWRPDQDJHSUHYLRXVO\XQLGHQWLILHGHQYLURQPHQWDOFRQGLWLRQVWKDWDUH HQFRXQWHUHGGXULQJFRQVWUXFWLRQDFWLYLWLHV7KHVHFRQGLWLRQVPD\LQFOXGHEXWDUHQRWOLPLWHGWR HOHYDWHGVRLOYDSRUUHDGLQJVDEDQGRQHG867VEXULHGGUXPVWUDQVIRUPHUVGHEULVDVKDQG DVEHVWRVFRQWDLQLQJZDVWHPDWHULDO  3URMHFW5HODWHG*HQHUDWLRQ6WRUDJHRI6ROLG:DVWHV'HVFULEHVROLGZDVWHV JHQHUDWHGVWRUHGGXULQJFRQVWUXFWLRQDQGRURSHUDWLRQRIWKHSURMHFW,QGLFDWHPHWKRGRI GLVSRVDO'LVFXVVSRWHQWLDOHQYLURQPHQWDOHIIHFWVIURPVROLGZDVWHKDQGOLQJVWRUDJHDQG GLVSRVDO,GHQWLI\PHDVXUHVWRDYRLGPLQLPL]HRUPLWLJDWHDGYHUVHHIIHFWVIURPWKH JHQHUDWLRQVWRUDJHRIVROLGZDVWHLQFOXGLQJVRXUFHUHGXFWLRQDQGUHF\FOLQJ [[529,1213,541,1261][10][,I,][Arial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rial]] &KHPLFDOVKD]DUGRXVPDWHULDOVXVHGDQGRUVWRUHGGXULQJFRQVWUXFWLRQPD\LQFOXGHSHWUROHXP SURGXFWV HJJDVROLQHGLHVHOHTXLSPHQWYHKLFOHOXEULFDQWVHWF DGKHVLYHVV\QWKHWLFDQG QDWXUDOUHVLQVVROYHQWVSRO\PHUERQGLQJDJHQWVDQGVXUIDFHVHDOHUV7HPSRUDU\IXHOLQJWDQNV IRUFRQVWUXFWLRQHTXLSPHQWZLOOOLNHO\EHVWDJHGDWPXOWLSOHORFDWLRQV7KHQXPEHUORFDWLRQDQG VL]HRISODQQHGWHPSRUDU\WDQNVIRUFRQVWUXFWLRQDUHXQNQRZQDWWKLVWLPHKRZHYHUWKHORFDWLRQ DQGXVHRIWHPSRUDU\VWRUDJHWDQNVZLOOFRPSO\ZLWKVWDWHDQGORFDOUXOHVDQGUHJXODWLRQV $FFLGHQWDOVSLOOVRUUHOHDVHVRISHWUROHXPKD]DUGRXVPDWHULDOVGXULQJFRQVWUXFWLRQZLOOEH SURPSWO\FRQWDLQHGUHSRUWHGWRWKH0LQQHVRWD'XW\2IILFHUDVDSSOLFDEOHDQGUHFRYHUHG LHWKH VSLOOHGPDWHULDOZLOOEHFOHDQHGXSDQGFRUUHVSRQGLQJZDVWHVZLOOEHGLVSRVHGDSSURSULDWHO\     2OPVWHG&RXQW\6ROLG:DVWH0DQDJHPHQW3ODQ 3DJH )LQDO$8$5   $XJXVW  'XULQJRSHUDWLRQWKHIRXUSURSRVHG0HGLFDO,QVWLWXWLRQDOEXLOGLQJVZLOOOLNHO\LQFOXGHWKHXVH DQGRUVWRUDJHRIFOHDQLQJDQGGLVLQIHFWLQJDJHQWVVWHULODQWVODWH[DQGFRPPRQODERUDWRU\ FKHPLFDOVDQGUHDJHQWV HJDFHWRQHK\GURFKORULFDFLGEHQ]\OFKORULGH 7KHSURSRVHGHOHFWULF JHQHUDWLQJIDFLOLW\ZLOOOLNHO\LQFOXGHWKHVWRUDJHDQGXVHRIFKHPLFDOVKD]DUGRXVPDWHULDOV QHFHVVDU\IRUSURGXFLQJFKLOOHGZDWHUVWHDPQRUPDOSRZHUDQGHVVHQWLDOSRZHU'LHVHOIXHO $67VPD\EHQHHGHGIRUHPHUJHQF\JHQHUDWRUVDWWKHSURSRVHG0HGLFDO,QVWLWXWLRQDOEXLOGLQJV DQG(OHFWULF*HQHUDWLQJ)DFLOLW\7KHVSHFLILFORFDWLRQRIWKHVHWDQNVZLOOEHGHWHUPLQHGDVGHVLJQ SURJUHVVHVDQGWKHORFDWLRQDQGXVHRISURSRVHGVWRUDJHWDQNVZLOOFRPSO\ZLWKVWDWHDQGORFDO UXOHVDQGUHJXODWLRQV:KLOHLQRSHUDWLRQWKHSURSRVHGQHZIDFLOLWLHVZLOOPDLQWDLQKD]DUGRXV PDWHULDOVSLOOSUHYHQWLRQSODQVDQGRXWOLQHWKHVWDQGDUGPHWKRGVWRIROORZLQWKHHYHQWDVSLOORU UHOHDVHRFFXUV  3URMHFW5HODWHG*HQHUDWLRQ6WRUDJHRI+D]DUGRXV:DVWHV'HVFULEHKD]DUGRXVZDVWHV JHQHUDWHGVWRUHGGXULQJFRQVWUXFWLRQDQGRURSHUDWLRQRIWKHSURMHFW,QGLFDWHPHWKRGRI GLVSRVDO'LVFXVVSRWHQWLDOHQYLURQPHQWDOHIIHFWVIURPKD]DUGRXVZDVWHKDQGOLQJ VWRUDJHDQGGLVSRVDO,GHQWLI\PHDVXUHVWRDYRLGPLQLPL]HRUPLWLJDWHDGYHUVHHIIHFWV IURPWKHJHQHUDWLRQVWRUDJHRIKD]DUGRXVZDVWHVLQFOXGLQJVRXUFHUHGXFWLRQDQG UHF\FOLQJ [[529,1213,541,1261][10][,I,][Arial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x $5HVSRQVH$FWLRQ3ODQ 5$3 VKRXOGEHGHYHORSHGSULRUWRFRQVWUXFWLRQ x '52LPSDFWHGVRLODQGJURXQGZDWHUPD\UHTXLUHVSHFLDOPDQDJHPHQW5HIHUWR-DQXDU\ (QYLURQPHQWDO&RQWDPLQDWLRQ5HYLHZ0HPRUDQGXP x $&RQVWUXFWLRQ&RQWLQJHQF\3ODQ &&3 GHWDLOLQJSURFHGXUHVDQGSURWRFROVWRPDQDJH SUHYLRXVO\XQLGHQWLILHGHQYLURQPHQWDOFRQGLWLRQVWKDWDUHHQFRXQWHUHGGXULQJFRQVWUXFWLRQ DFWLYLWLHVVKRXOGEHGHYHORSHGSULRUWRFRQVWUXFWLRQ x &RQVWUXFWLRQUHODWHGZDVWHZLOOEHUHF\FOHGRUGLVSRVHGRIDWDSSURYHGIDFLOLWLHVDV DSSURSULDWH x 6ROLGZDVWHJHQHUDWLRQDQGGLVSRVDOGXULQJFRQVWUXFWLRQDQGRSHUDWLRQZLOOFRPSO\ZLWK DSSOLFDEOHODZVUXOHVDQGRUGLQDQFHVUHODWHGWRWKHPDQDJHPHQWRIVROLGZDVWHV x 5HF\FOLQJZLOOEHFRPSOHWHGLQDFFRUGDQFHZLWKWKH5HF\FOLQJ/DZ 0LQQHVRWD 6WDWXWHV&KDSWHU$LQFOXGLQJEXWQRWOLPLWHGWR6HFWLRQV$DQG$  x :KLOHLQRSHUDWLRQWKHSURSRVHGQHZIDFLOLWLHVZLOOPDLQWDLQKD]DUGRXVPDWHULDOVSLOO SUHYHQWLRQSODQVDQGRXWOLQHWKHVWDQGDUGPHWKRGVWRIROORZLQWKHHYHQWDVSLOORUUHOHDVH RFFXUV x %RWKGXULQJFRQVWUXFWLRQDQGRSHUDWLRQWKHSURSRVHGIDFLOLWLHVZLOOFRPSO\ZLWKWKH +D]DUGRXV:DVWH0DQDJHPHQW +:0 3URJUDPRXWOLQHGLQWKH2OPVWHG &RXQW\6ROLG:DVWH0DQDJHPHQW3ODQ x $Q\KD]DUGRXVZDVWHJHQHUDWHGGXULQJFRQVWUXFWLRQZLOOEHKDQGOHGDQGGLVSRVHGRILQ DFFRUGDQFHZLWKVWDWHDQGORFDOUHJXODWLRQV x ,ISUHYLRXVO\LGHQWLILHGDVEHVWRVFRQWDLQLQJPDWHULDOZLOOEHGLVWXUEHGGXULQJEXLOGLQJ UHQRYDWLRQDQGRUGHPROLWLRQDFWLYLWLHVWKH03&$DQG0LQQHVRWD'HSDUWPHQWRI+HDOWK 0'+ ZLOOEHQRWLILHGDQGWKH$&0ZLOOEHDEDWHGE\DQ0'+FHUWLILHGDVEHVWRV FRQWUDFWRU x 8QLYHUVDOZDVWHVXFKDVIOXRUHVFHQWEXOEVEDOODVWVPHUFXU\WKHUPRVWDWVDQGHOHFWURQLF ZDVWHZLOOEHGLVSRVHGDQGRUUHF\FOHGWRWKHH[WHQWIHDVLEOHSULRUWRDQ\EXLOGLQJ GHPROLWLRQRUUHQRYDWLRQ 7KH0D\R¶VH[LVWLQJ/DUJH+D]DUGRXV:DVWH*HQHUDWRUOLFHQVHZLOOEHUHYLHZHGDQG x  XSGDWHGDVQHFHVVDU\ x ,IQHFHVVDU\DIRUPDOKD]DUGRXVZDVWHPLQLPL]DWLRQSURJUDPZLOOEHSXWLQSODFHWRKHOS UHGXFHWKHYROXPHDQGWR[LFLW\RIZDVWHJHQHUDWHG x 'LVSRVDORIKD]DUGRXVZDVWHGXULQJRSHUDWLRQZLOOEHFRPSOHWHGLQDFFRUGDQFHZLWKVWDWH DQGORFDOUHJXODWLRQV x $Q\LQIHFWLRXVZDVWHJHQHUDWHGDWWKHSURSRVHG0HGLFDO,QVWLWXWLRQDOEXLOGLQJVZLOOEH KDQGOHGDQGGLVSRVHGRILQDFFRUGDQFHZLWK03&$*XLGDQFH'RFXPHQWZVZ ,QIHFWLRXV:DVWH0DQDJHPHQW*XLGDQFHIRU*HQHUDWRUV   )LVK:LOGOLIH3ODQW&RPPXQLWLHVDQG6HQVLWLYH(FRORJLFDO5HVRXUFHV  5DUH)HDWXUHV   )LVKDQG:LOGOLIH5HVRXUFHV [[454,2468,466,2516][10][,I,][Arial]] [[453,2515,2189,2563][10][,I,][Arial]]$8$5*XLGDQFH7KHGHVFULSWLRQRIILVKDQGZLOGOLIHUHVRXUFHVVKRXOGEHUHODWHGWRWKHKDELWDW [[454,2563,972,2611][10][,I,][Arial]]W\SHVGHSLFWHGRQWKHFRYHU [[974,2563,1124,2611][10][,I,][Arial]]W\SHVRI [[1119,2563,1131,2611][10][,I,][Arial]] [[1130,2563,1232,2611][10][,I,][Arial]]PDSV [[1232,2563,1750,2611][10][,I,][Arial]]$Q\GLIIHUHQFHVLQLPSDFWV [[1751,2563,2167,2611][10][,I,][Arial]]EHWZHHQGHYHORSPHQW [[454,2611,1364,2659][10][,I,][Arial]]VFHQDULRVVKRXOGEHKLJKOLJKWHGLQWKHGLVFXVVLRQ [[1365,2611,1377,2659][10][,I,][Arial]]  7KHVWXG\DUHDLVORFDWHGZLWKLQDKLJKO\GHYHORSHGDUHDRI5RFKHVWHUDQGOLWWOHKDELWDWLV DYDLODEOHIRUZLOGOLIH7KHQHDUHVWZDWHUUHVRXUFHVDYDLODEOHLQFOXGHWKH=XPEUR5LYHU DSSUR[LPDWHO\PLOHVHDVWDQG&DVFDGH&UHHNDSSUR[LPDWHO\PLOHVQRUWKZHVW:LOGOLIH VSHFLHVWKDWPD\RFFXUZLWKLQWKHVWXG\DUHDLQFOXGHWKRVHNQRZQWRXVHKXPDQGLVWXUEHG KDELWDWVVXFKDVWKHKRXVHVSDUURZ [[1144,2898,1494,2946][10][,I,][Arial]]3DVVHUGRPHVWLFXV [[1494,2898,1531,2945][10][,,][Arial]]  [[1531,2898,1744,2945][10][,,][Arial]]URFNSLJHRQ [[1745,2898,1757,2945][10][,,][Arial]] [[1756,2898,1770,2945][10][,,][Arial]] [[1770,2898,2017,2946][10][,I,][Arial]]&ROXPEDOLYLD [[2018,2898,2136,2945][10][,,][Arial]] DQG UDFFRRQ [[627,2944,875,2992][10][,I,][Arial]]3URF\RQORWRU [[872,2944,908,2991][10][,,][Arial]]  [[909,2944,921,2991][10][,,][Arial]] [[920,2944,932,2991][10][,,][Arial]]  3DJH )LQDO$8$5   $XJXVW &XUUHQWODQGFRYHUZLWKLQWKHVWXG\DUHDLVHQWLUHO\GHYHORSHGDQGSUHGRPLQDWHO\LPSHUYLRXV7KH GHYHORSPHQWVFHQDULRZLOOUHSODFHH[LVWLQJLPSHUYLRXVVWUXFWXUHVZLWKRWKHULPSHUYLRXVVWUXFWXUHV 9HJHWDWLRQLVOLPLWHGWRERXOHYDUGWUHHVDQGUDLQJDUGHQSODQWLQJV/DQGFRYHULQWKHSURSRVHG GHYHORSPHQWVFHQDULRZLOOEHVLPLODUWRWKHH[LVWLQJODQGFRYHUDQGZLOOSURYLGHVLPLODUKDELWDWIRU ZLOGOLIH  5DUH)HDWXUHV [[454,641,466,689][10][,I,][Arial]] $IRUPDO1'15 &RUUHVSRQGHQFH0&( 1DWXUDO+HULWDJH,QYHQWRU\ 1+, UHSRUW WKH'15¶VUHVSRQVHLVLQFOXGHGLQ $SSHQGL[% KDVEHHQUHTXHVWHGDQG:6%DOVRUHYLHZHGWKH 01'151+,GDWD /LFHQVH$JUHHPHQW-DQXDU\ 7KLVLQIRUPDWLRQLQGLFDWHV WKHUHDUHPXOWLSOHUHFRUGVRIWKHVSHFLDOFRQFHUQSHUHJULQHIDOFRQ [[1674,832,1983,880][10][,I,][Arial]])DOFRSHUHJULQXV [[1982,832,2142,879][10][,,][Arial]] 2]DUN PLQQRZ [[622,880,919,928][10][,I,][Arial]]1RWURSLVQXELOXV [[919,880,1255,927][10][,,][Arial]] EODFNUHGKRUVH [[1255,880,1673,928][10][,I,][Arial]]0R[RVWRPDGXTXHVKHL [[1671,880,2033,927][10][,,][Arial]] FUHHNKHHOVSOLWWHU [[468,928,669,976][10][,I,][Arial]]/DVPLJRQD [[670,928,682,975][10][,,][Arial]] [[682,928,884,976][10][,I,][Arial]]FRPSUHVVD [[885,928,1519,975][10][,,][Arial]] VWDWHWKUHDWHQHGHOOLSVHPXVVHO [[1519,928,1816,976][10][,I,][Arial]]9HQXVWDFRQFKD [[1817,928,2033,976][10][,I,][Arial]]HOOLSVLIRUPLV [[2033,928,2172,975][10][,,][Arial]] IOXWHG [[2173,928,2187,975][10][,,][Arial]] VKHOOPXVVHO [[708,975,1056,1023][10][,I,][Arial]]/DVPLJRQDFRVWDWD [[1056,975,1092,1022][10][,,][Arial]]  [[1093,975,1373,1022][10][,,][Arial]]HONWRHPXVVHO [[1371,975,1780,1023][10][,I,][Arial]]$OLVPLGRQWDPDUJLQDWD [[1781,975,2095,1022][10][,,][Arial]] HGLEOHYDOHULDQ [[468,1023,762,1071][10][,I,][Arial]]9DOHULDQDHGXOLV [[762,1023,774,1070][10][,,][Arial]] [[774,1023,855,1070][10][,,][Arial]]YDU [[855,1023,959,1071][10][,I,][Arial]]FLOLDWD [[961,1023,998,1070] [10][,,][Arial]]  [[999,1023,1822,1070][10][,,][Arial]]DQGWKHZDWFKOLVWUXVW\SDWFKHGEXPEOHEHH [[1822,1023,2093,1071][10][,I,][Arial]]%RPEXVDIILQLV [[2094,1023,2108,1070][10][,,][Arial]] [[2108,1023,2120,1070][10][,,][Arial]] [[2119,1023,2237,1070][10][,,][Arial]]ZLWKLQ WKHYLFLQLW\RIWKHVWXG\DUHDRUZLWKLQDRQHPLOHUDGLXVDURXQGWKHVWXG\DUHD  7KH86)LVKDQG:LOGOLIH6HUYLFH 86):6 ,QIRUPDWLRQIRU3ODQQLQJDQG&RQVXOWDWLRQ ,3D&  VHUYLFHLQGLFDWHGWKDWWKHIHGHUDOO\HQGDQJHUHGQRUWKHUQORQJHDUHGEDW 1/(%[[1917,1213,2048,1261][10][,I,][Arial]]0\RWLV [[454,1261,721,1309][10][,I,][Arial]]VHSWHQWULRQDOLV [[721,1261,735,1308][10][,,][Arial]] [[735,1261,747,1308][10][,,][Arial]] [[747,1261,815,1308][10][,,][Arial]]DQG [[815,1261,827,1308][10][,,][Arial]] [[827,1261,1328,1308][10][,,][Arial]]UXVW\SDWFKHGEXPEOHEHH [[1329,1261,2010,1 308][10][,,][Arial]]SURSRVHGHQGDQJHUHGWULFRORUHGEDW [[2010,1261,2215,1309][10][,I,][Arial]]3HULP\RWLV [[454,1309,629,1357][10][,I,][Arial]]VXEIODYXV [[629,1309,1482,1356][10][,,][Arial]] H[SHULPHQWDOSRSXODWLRQRIZKRRSLQJFUDQH [[1483,1309,1778,1357][10][,I,][Arial]]*UXVDPHULFDQD [[1778,1309,1814,1356][10][,,][Arial]]  [[1815,1309,2239,1356][10][,,][Arial]]DQGFDQGLGDWHVSHFLHV IRUOLVWLQJPRQDUFKEXWWHUIO\ [[979,1357,1307,1405][10][,I,][Arial]]'DQDXVSOH[LSSXV [[1307,1357,1864,1404][10][,,][Arial]] PD\RFFXUZLWKLQRUQHDUWKH [[1865,1357,2058,1404][10][,,][Arial]]VWXG\DUHD [[2059,1357,2071,1404][10][,,][Arial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¶WVSUHDGWKURXJKFRQVWUXFWLRQ SUDFWLFHVDQGSODQWLQJGLVWXUEHGDUHDVZLWKQDWLYHZHHGIUHHVHHGPL[HV  ,QDGGLWLRQWRWKHVSHFLDOVWDWXVVSHFLHVOLVWHGDERYHUHGHYHORSPHQWZLWKLQWKHVWXG\DUHDZLOO DOVRFRQVLGHUWKHSRWHQWLDOIRULPSDFWVWRELUGVGXHWRZLQGRZVWULNHV%LUGVFDQQRWVHHFOHDURU UHIOHFWLYHJODVVDQGWKHUHIRUHPD\WU\WRIO\WKURXJKZLQGRZVHLWKHUEHFDXVHWKH\VHHUHIOHFWLRQV RIKDELWDWLQWKHZLQGRZ HJFORXGVWUHHVHWF RUWKH\VHHZKDWWKH\WKLQNLVKDELWDWRQWKH LQVLGH HJSRWWHGSODQWV $WQLJKWOLJKWVLQVLGHEXLOGLQJVFDQDOVRDWWUDFWELUGVDQGUHVXOWLQ FROOLVLRQV&ROOLVLRQVZLWKJODVVRIWHQUHVXOWLQHLWKHULQMXU\RUIDWDOLW\,WLVDQWLFLSDWHGWKDWVRPHRI WKHEXLOGLQJDUFKLWHFWXUHZLOOLQFOXGHODUJHDUHDVRIJODVVZLQGRZV,QWKHVHEXLOGLQJVGHVLJQ FRQVLGHUDWLRQVZLOOLQFOXGHHOHPHQWVWKDWPLQLPL]HWKHSRWHQWLDOIRUELUGVWULNHVE\PDNLQJWKH JODVVPRUHYLVLEOHWRELUGV7KHVHHOHPHQWVPD\LQFOXGHXVLQJXOWUDYLROHW 89 SDWWHUQHGJODVVRU IULWWHGJODVV,QDGGLWLRQWRPLQLPL]LQJELUGVWULNHVIULWWHGJODVVFDQDOVRSURYLGHHQHUJ\VDYLQJVE\ SURYLGLQJVRPHVKDGLQJWRWKHLQWHULRURIWKHEXLOGLQJ [[305,2501,317,2549][10][B,I,][Arial]] 0LWLJDWLRQ3ODQ  9DULRXVPLWLJDWLRQPHDVXUHVPD\EHLQFRUSRUDWHGLQWRGHVLJQWRDYRLGPLQLPL]HRUPLWLJDWHWKH SRWHQWLDOIRUHIIHFWVWRZLOGOLIHLQFOXGLQJ  x )ROORZFXUUHQW86):6JXLGHOLQHVIRUWUHHUHPRYDOWRDYRLGLPSDFWVWR1/(% x 3ODQWQDWLYHZHHGIUHHVSHFLHVLQUHYHJHWDWHGDUHDVZKHUHGHHPHGDSSURSULDWH x ,QFRUSRUDWHSROOLQDWRUVSHFLHVLQWRODQGVFDSHGSODQWLQJDUHDVZKHUHGHHPHG DSSURSULDWH 3DJH )LQDO$8$5   $XJXVW x ,QYDVLYHVSHFLHVZLOOEHFRQWUROOHGGXULQJVLWHFRQVWUXFWLRQE\LQVSHFWLQJDQG GHFRQWDPLQDWLQJHTXLSPHQWZKHQPRYLQJEHWZHHQVLWHV x 8WLOL]HZLOGOLIHIULHQGO\HURVLRQFRQWUROEODQNHWWRDYRLGHQWDQJOHPHQWZKHUHGHHPHG DSSURSULDWH x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rial]] [[454,1041,466,1089][10][,I,][Arial]] 7KH$8$5VWXG\DUHDZDVUHYLHZHGIRUWKHSRWHQWLDOIRUKLVWRULFRUDUFKHRORJLFDOUHVRXUFHVXVLQJ DYDULHW\RIGDWDLQFOXGLQJGDWDIURPWKH6WDWH+LVWRULF3UHVHUYDWLRQ2IILFH 6+32 DQG0LQQHVRWD ,QGLDQ$IIDLUV&RXQFLO 0,$& DVZHOODVSULRUVWXGLHVFRQGXFWHGIRUWKHDUHD 0D\R&OLQLF 5RFKHVWHU&DPSXV$Q$VVHVVPHQWRI&XOWXUDO5HVRXUFHV 9ROXPHV,DQG,, 7KH016+32¶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¶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x &RQVWUXFWDOLQHDUSDUNWKDWKRQRUVWKH/RXUGHV+LJK6FKRROVLWH x 'HWHUPLQHWHPSRUDU\DQGSHUPDQHQWORFDWLRQIRU:LOOLDP:0D\RVWDWXHDQGFRRUGLQDWH ZLWK5RFKHVWHU+HULWDJH3UHVHUYDWLRQ&RPPLVVLRQLIQHFHVVDU\ x 'HYHORSXQDQWLFLSDWHGGLVFRYHULHVSODQ   9LVXDO   6FHQLFYLHZVRUYLVWDVPD\LQFOXGHVSHFWDFXODUYLHZLQJSRLQWVDORQJODNHVULYHUVRU EOXIIVYLUJLQWLPEHUWUDFWVSUDLULHUHPQDQWVJHRORJLFDOIHDWXUHVZDWHUIDOOVVSHFLPHQ WUHHVRUSORWVRIZLOGIORZHUV'HVFULEHDQ\SURMHFWUHODWHGYLVXDOHIIHFWVVXFKDVYDSRU SOXPHVRUJODUHIURPLQWHQVHOLJKWV'LVFXVVWKHSRWHQWLDOYLVXDOHIIHFWVIURPWKHSURMHFW ,GHQWLI\DQ\PHDVXUHVWRDYRLGPLQLPL]HRUPLWLJDWHYLVXDOHIIHFWV [[454,1518,466,1566][10][,I,][Arial]] 7KHUHDUHQRVFHQLFYLHZVRUYLVWDVZLWKLQRUQHDUWKHVWXG\DUHD6LWHOLJKWLQJXQGHUHDFK VFHQDULRZLOOEHFRQVLVWHQWZLWKWKH&LW\RI5RFKHVWHURUGLQDQFHV$OLJKWLQJSODQZLOOEH GHYHORSHGDQGVXEPLWWHGWRWKH&LW\RI5RFKHVWHUGXULQJWKHVLWHSODQQLQJUHYLHZDQGDSSURYDO VWDJH  0LWLJDWLRQ3ODQ  x $OLJKWLQJSODQZLOOEHGHYHORSHGDQGVXEPLWWHGWRWKH&LW\RI5RFKHVWHUGXULQJWKHVLWH SODQQLQJUHYLHZDQGDSSURYDOVWDJH    $XJXVW  'HVFULEHWKHHIIHFWRIWKHSURMHFW¶VWUDIILFJHQHUDWLRQRQDLUHPLVVLRQV 9HKLFOH(PLVVLRQV 'LVFXVVWKHSURMHFW¶VYHKLFOH UHODWHGHPLVVLRQVHIIHFWRQDLUTXDOLW\,GHQWLI\PHDVXUHV HJWUDIILFRSHUDWLRQDOLPSURYHPHQWVGLHVHOLGOLQJPLQLPL]DWLRQSODQ WKDWZLOOEHWDNHQWR PLQLPL]HRUPLWLJDWHYHKLFOHUHODWHGHPLVVLRQV [[454,583,466,631][10][,I,][Arial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¶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rial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x 'XULQJFRQVWUXFWLRQFRQWUROGXVWE\ZDWHULQJVSULQNOLQJRUFDOFLXPFKORULGHDSSOLFDWLRQV DVQHFHVVDU\ x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¶V [[489,355,525,403][10][,I,][Arial]] [[526,355,538,403][10][,I,][Arial]] [[585,355,748,403][10][,I,][Arial]]'HVFULEH [[749,355,761,403][10][,I,][Arial]] [[761,355,829,403][10][,I,][Arial]]DQ\ [[827,355,839,403][10][,I,][Arial]] [[839,355,1016,403][10][,I,][Arial]]PLWLJDWLRQ [[1017,355,1029,403][10][,I,][Arial]] [[1028,355,1232,403][10][,I,][Arial]]FRQVLGHUHG [[1230,355,1242,403][10][,I,][Arial]] [[1242,355,1484,403][10][ ,I,][Arial]]WRUHGXFHWKH [[1485,355,1497,403][10][,I,][Arial]] [[1649,355,1661,403][10][,I,][Arial]] [[1660,355,1755,403][10][,I,][Arial]]*+* [[1754,355,1766,403][10][,I,][Arial]] [[1766,355,1960,403][10][,I,][Arial]]HPLVVLRQV [[1960,355,1972,403][10][,I,][Arial]]  7KH0D\R&OLQLFKDVLPSOHPHQWHGFRPSUHKHQVLYHVXVWDLQDELOLW\LQLWLDWLYHVIRULWVEXLOGLQJV IRFXVLQJRQHQHUJ\HIILFLHQF\ZDVWHUHGXFWLRQDQGJUHHQFRQVWUXFWLRQSUDFWLFHV7KHVHHIIRUWV LQFOXGHUHWURILWWLQJH[LVWLQJVWUXFWXUHVZLWKHQHUJ\HIILFLHQWV\VWHPVWRPHHW(8,WDUJHWVXWLOL]LQJ UHQHZDEOHHQHUJ\VRXUFHVDQGDGKHULQJWR/(('VWDQGDUGVIRUQHZFRQVWUXFWLRQV7KHFOLQLF DOVRHPSKDVL]HVZDWHUFRQVHUYDWLRQVXVWDLQDEOHODQGVFDSLQJDQGWKHXVHRIHFRIULHQGO\ PDWHULDOVGHPRQVWUDWLQJDFRPPLWPHQWWRUHGXFLQJLWVHQYLURQPHQWDOIRRWSULQWZKLOHSURPRWLQJD KHDOWKLHUPRUHVXVWDLQDEOHIXWXUH'XULQJWKLVSKDVHLQVLWHSODQQLQJSODQVDUHFRQFHSWOHYHO H[SORUDWLRQDQGGHYHORSPHQWRISRWHQWLDOPLWLJDWLRQSUDFWLFHVLVGHSHQGHQWRQIXUWKHU GHYHORSPHQWSODQQLQJDQGGHVLJQ7KHIROORZLQJDUHSRWHQWLDOGHVLJQVWUDWHJLHVDQGVXVWDLQDELOLW\ PHDVXUHVWKDWZLOOEHFRQVLGHUHGIRUWKHSURSRVHGGHYHORSPHQWWRUHGXFHHPLVVLRQVWKHSURMHFW SURSRVHUVDOUHDG\SODQWRLQFRUSRUDWHVRPHRIWKHVHPHDVXUHV x ,QFOXGHHQHUJ\HIILFLHQWDSSOLDQFHVHTXLSPHQWDQGOLJKWLQJ x 8WLOL]HHQHUJ\HIILFLHQWEXLOGLQJVKHOOV x ,PSOHPHQWZDVWHEHVWPDQDJHPHQWSUDFWLFHVUHF\FOHDQGFRPSRVWDSSURSULDWH PDWHULDOZKHQDSSOLFDEOH x 2QVLWHQDWLYHODQGVFDSLQJWRUHGXFHSRWDEOHZDWHUDQGSHVWLFLGHXVHDORQJZLWKWKH LQFOXVLRQRIDGGLWLRQDOJUHHQVSDFHVWUHHVDQGWUHHWUHQFKHVWRLPSURYHORFDODLU TXDOLW\DEVRUEJUHHQKRXVHJDVHPLVVLRQVDQGUHGXFHORFDOXUEDQKHDWLVODQGHIIHFW x 3URYLGHRQVLWHHOHFWULFYHKLFOHFKDUJLQJLQIUDVWUXFWXUHLQSDUNLQJVWUXFWXUHV x 6HWWLQJ0D\R(QHUJ\8VH,QWHQVLW\ (8, WDUJHWVIRUEXLOGLQJV x 6HHN/(('&HUWLILFDWLRQIRUEXLOGLQJV x &RQVWUXFWDJHRWKHUPDORSHQORRSV\VWHPWRKHDWFRROEXLOGLQJV ,PSOHPHQWDWLRQRIWKHDERYHVWUDWHJLHVZLOOEHHYDOXDWHGRQDFDVHE\FDVHEDVLVEDVHGRQ IHDVLELOLW\VFKHGXOHFRGHUHTXLUHPHQWVDQGVWDNHKROGHUSUHIHUHQFHV  [[479,1916,515,1964][10][,I,][Arial]] [[516,1916,528,1964][10][,I,][Arial]] [[585,1916,1925,1964][10][,I,][Arial]]'HVFULEHDQGTXDQWLI\UHGXFWLRQVIURPVHOHFWHGPLWLJDWLRQLISURSRVHGWR SURMHFW¶V*+* [[585,1964,780,2012][10][,I,][Arial]]UHGXFHWKH [[782,1964,794,2012][10][,I,][Arial]] [[784,1964,803,2012][10][,I,][Arial]] [[1053,1964,1065,2012][10][,I,][Arial]] [[1064,1964,1406,2012][10][, I,][Arial]]HPLVVLRQV([SODLQ [[1407,1964,1419,2012][10][,I,][Arial]] [[1418,1964,1493,2012][10][,I,][Arial]]ZK\ [[1492,1964,1504,2012][10][,I,][Arial]] [[1504,1964,1562,2012][10][,I,][Arial]]WKH [[1561,1964,1573,2012][10][,I,][Arial]] [[1572,1964,1727,2012][10][,I,][Arial]]VHOHFWHG [[1725,1964,1737,2012][10][,I,][Arial]] [[1737,1964,1914,2012][10][,I,][Arial]]PLWLJDWLRQ [[1914,1964,1926,2 012][10][,I,][Arial]] [[1926,1964,2011,2012][10][,I,][Arial]]ZDV [[585,2012,764,2060][10][,I,][Arial]]SUHIHUUHG [[766,2012,778,2060][10][,I,][Arial]]  *HRWKHUPDOLVDPLWLJDWLRQPHDVXUHEHLQJFRQVLGHUHGZLWKWKLVSURMHFWDQGLVDUHOLDEOHORFDO VRXUFHRIUHQHZDEOHHQHUJ\DQGSURGXFHVRQO\DERXWRQHVL[WKRIWKHFDUERQGLR[LGHRIDQDWXUDO ²²  JDVSRZHUSODQWDQGOLWWOHLIDQ\QLWURXVR[LGHRUVXOIXUGLR[LGH 'XHWRWKHKLJKOHYHOQDWXUHRIWKLVDQDO\VLVDQGXQFHUWDLQW\RIDQ\VSHFLILFIXWXUHLPSOHPHQWDWLRQ RWKHUTXDQWLILFDWLRQRIUHGXFWLRQVLVQ¶WDYDLODEOHDWWKLVWLPH RIPLWLJDWLRQPHDVXUHV  [[468,2512,504,2560][10][,I,][Arial]] [[505,2512,517,2560][10][,I,][Arial]] [[585,2512,2120,2560][10][,I,][Arial]]4XDQWLI\WKHSURSRVHGSURMHFWVSUHGLFWHGQHWOLIHWLPH*+*HPLVVLRQV WRWDOWRQVRI [[585,2559,700,2607][10][,I,][Arial]]\HDUV [[701,2559,713,2607][10][,I,][Arial]] [[713,2559,2140,2607][10][,I,][Arial]]DQGKRZWKRVHSUHGLFWHGHPLVVLRQVPD\DIIHFWDFKLHYHPHQWRIWKH0LQQHVRWD [[585,2607,673,2655][10][,I,][Arial]]1H[W [[671,2607,683,2655][10][,I,][Arial]] [[683,2607,887,2655][10][,I,][Arial]]*HQHUDWLRQ [[888,2607,900,2655][10][,I,][Arial]] [[900,2607,1345,2655][10][,I,][ Arial]](QHUJ\$FWJRDOVDQGRU [[1342,2607,1354,2655][10][,I,][Arial]] [[1353,2607,1451,2655][10][,I,][Arial]]RWKHU [[1447,2607,1459,2655][10][,I,][Arial]] [[1459,2607,1553,2655][10][,I,][Arial]]PR UH [[1553,2607,1565,2655][10][,I,][Arial]] [[1565,2607,1824,2655][10][,I,][Arial]]VWULQJHQWVWDWH [[1824,2607,1836,2655][10][,I,][Arial]] [[1836,2607,1972,2655][10][,I,][Arial]]RUORFDO [[1969,2607,1981,2655][10][,I,][Arial]] [[1980,2607,2076,2655][10][,I,][Arial]]*+* [[2075,2607,2087,2655][10][,I,][Arial]] [[585,2655,755,2703][10][,I,][Arial]]UHGXFWLRQ [[756,2655,768,2703][10][,I,][Arial]] [[768,2655,878,2703][10][,I,][Arial]]JRDOV [[878,2655,890,2703][10][,I,][Arial]]  0LQQHVRWD¶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¶VSUHGLFWHGQHW*+*HPLVVLRQVRYHUWKHSURMHFW¶V $SSHQGL[& WDEOHVSUHVHQWHGLQ OLIHVSDQ FRPSDUHGWRQREXLOGFRQGLWLRQV DUHHVWLPDWHGDW&2HPHWULFWRQVSHU\HDU ZLWKDUHGXFWLRQRI*+*HPLVVLRQVHVWLPDWHGDWNJ&2HSHUVTXDUHIRRWRIEXLOGLQJDUHDSHU 7DEOHQWSUDFWLFDEOH7KHSURSRVHGSURMHFWZLOOEHEXLOWLQFRPSOLDQFHZLWKVWDWH UHJXODWLRQVDQGFLW\EXLOGLQJFRGHV  1RLVH   'HVFULEHVRXUFHVFKDUDFWHULVWLFVGXUDWLRQTXDQWLWLHVDQGLQWHQVLW\RIQRLVHJHQHUDWHG GXULQJSURMHFWFRQVWUXFWLRQDQGRSHUDWLRQ'LVFXVVWKHHIIHFWRIQRLVHLQWKHYLFLQLW\RIWKH SURMHFWLQFOXGLQJ H[LVWLQJQRLVHOHYHOVVRXUFHVLQWKHDUHD QHDUE\VHQVLWLYH UHFHSWRUV FRQIRUPDQFHWRVWDWHQRLVHVWDQGDUGVDQG TXDOLW\RIOLIH,GHQWLI\ PHDVXUHVWKDWZLOOEHWDNHQWRPLQLPL]HRUPLWLJDWHWKHHIIHFWVRIQRLVH [[454,2638,466,2686][10][,I,][Arial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¶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x QG6W1:DQGQG$YH1: x :&HQWHU6WDQGQG$YH1: x QG6W6:DQGQG$YH6: x QG6W1:DQGUG$YH1: x VW6W1:DQGUG$YH1: x :&HQWHU6WDQGUG$YH1: x UG$YH6:DQG3DUNLQJ(QWUDQFH x VW6W6:DQGUG$YH6: x QG6W6:UG$YH6: x QG6W1:WK$YH1: x VW6W1:WK$YH1: x :&HQWHU6WWK$YH1: x WK$YH1:3DUNLQJH[LW x VW6W6:WK$YH6: x QG6W6:WK$YH6: x QG6W6:WK$YH6: x 'URSRII3DUNLQJ x VW6W6:WK$YH6: x QG6W6:WK$YH6: x %URDGZD\$YH6:&HQWHU6W x WK$YH6::&HQWHU6W x WK$YH1:QG6W1: x WK$YH1:&LYLF&HQWHU'U1: x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¶VOHWWHURI 5RFKHVWHUGXULQJWKHGHYHORSPHQWDQGUHYLHZRIWKHWUDIILFDQDO\VLV7KH FRQGLWLRQDODSSURYDORIWKHWUDIILFDQDO\VLVLQFOXGHVWKHIROORZLQJPLWLJDWLRQVIRUWKHILQDOFRQGLWLRQ DIWHUSURMHFWFRQVWUXFWLRQLVFRPSOHWH x $VVWUHHWVDUHUHFRQVWUXFWHGXSGDWHWKHVWUHHWVFDSHWRPHHWGHVLJQJXLGHOLQHVDQG FRQYHUWRQVWUHHWELF\FOHODQHVWRRIIVWUHHWSURWHFWHGF\FOHWUDFNV x WK &RQVWUXFWFXUEH[WHQVLRQVLQWKHQRUWKHDVWDQGVRXWKHDVWFRUQHUVRIWKHLQWHUVHFWLRQRI VW $YHQXH1:DQG6WUHHW1: x WK $QDO\]HWUDIILFRQ6WUHHW6:WRGHWHUPLQHWUDIILFLPSDFWVDQGQHHGVIRUDQ\DGGLWLRQDO UGWKWK PLWLJDWLRQDWWKHLQWHUVHFWLRQVZLWK$YHQXH6:$YHQXH6:DQG$YHQXH6: x QGWK &RPSOHWHDQ,QWHUVHFWLRQ&RQWURO(YDOXDWLRQIRUWKHLQWHUVHFWLRQRI6WUHHW1:DQG $YHQXH1:DQGFRQVWUXFWWKHUHFRPPHQGHGPLWLJDWLRQ$URXQGDERXWRUDQRWKHUIRUPRI WUDIILFFRQWUROPD\EHUHFRPPHQGHGLQVWHDGRIWKHVLJQDODQDO\]HGLQWKHWUDIILFVWXG\ x WK $QDO\]HIXWXUHWUDIILFDWWKHLQWHUVHFWLRQRI&LYLF&HQWHU'ULYHDQG$YHQXH1:WR GHWHUPLQHZKHQWKHVHFRQGQRUWKERXQGOHIWWXUQODQHSURSRVHGLQWKHWUDIILFVWXG\ZLOOEH QHHGHGDQGHQVXUHWKDWWKLVPLWLJDWLRQPHHWV6WDWH$LGVWDQGDUGV x QG 5HGHVLJQ$YHQXH6:WRSULRULWL]HSHGHVWULDQDQGELF\FOHPRYHPHQW  x QG &RQVWUXFWDWZRZD\RIIVWUHHWF\FOHWUDFNRQ:HVW&HQWHU6WUHHWEHWZHHQ$YHQXH WK DQG$YHQXH x 2SHQWKHJURXQGIORRUOREE\RIWKHQHZKRVSLWDOWRDOORZSXEOLFSHGHVWULDQWUDYHOZKHUH UGWK $YHQXH6:DQG$YHQXH6:DUHSURSRVHGWREHYDFDWHG  7KLVPLWLJDWLRQQHHGVWREHYHWWHGLQGHWDLOZLWKWKH&LW\RI5RFKHVWHUDQGRWKHUVWDNHKROGHUVWR GHWHUPLQHWKHPRVWDSSURSULDWHDOWHUQDWHURXWHEDVHGRQVDIHW\DYDLODEOHVSDFHDQG FRQIRUPDQFHWRWKH&LW\RI5RFKHVWHU¶V$FWLYH7UDQVSRUWDWLRQ3ODQ   7KHPLWLJDWLRQVSURSRVHGIRUWKHLQWHULPFRQGLWLRQGXULQJFRQVWUXFWLRQDUH x &RPSOHWHDQ,QWHUVHFWLRQ&RQWURO(YDOXDWLRQIRUWKHLQWHUVHFWLRQRI:HVW&HQWHU6WUHHW WK DQG$YHQXHDQGFRQVWUXFWWKHUHFRPPHQGHGPLWLJDWLRQ$URXQGDERXWRUDQRWKHUIRUP RIWUDIILFFRQWUROPD\EHUHFRPPHQGHGLQVWHDGRIWKHVLJQDODQDO\]HGLQWKHWUDIILFVWXG\ 7KHUHFRPPHQGHGLQWHUVHFWLRQFRQWUROZLOOUHPDLQLQSODFHDIWHUFRQVWUXFWLRQLVFRPSOHWH DVPLWLJDWLRQZLOODOVREHQHHGHGDWWKLVLQWHUVHFWLRQLQWKHILQDOFRQGLWLRQ x QGQG 0RGLI\WKHWUDIILFVLJQDODW6WUHHW6:DQG$YHQXH6:WRLQFOXGHVLJQDOLQGLFDWLRQV IRUWKHQHZVRXWKERXQGDSSURDFK0RGLI\WKHVLJQDODJDLQDIWHUFRQVWUXFWLRQLVFRPSOHWH x QG 8SGDWHWKHFRRUGLQDWHGVLJQDOWLPLQJDORQJWKH6WUHHW6:FRUULGRU x UG 8SGDWHWKHVLJQDOWLPLQJDWWKHLQWHUVHFWLRQVRI:HVW&HQWHU6WUHHWZLWK$YHQXHDQG WK $YHQXH x WK 0RGLI\WKHSDYHPHQWPDUNLQJRQ:HVW&HQWHU6WUHHWIURPZHVWRI$YHQXHWRWKHHDVW UG WKURXJKWKHLQWHUVHFWLRQZLWK$YHQXHWRUHPRYHWKHSDUNLQJODQHDGGDGHGLFDWHG WKUG HDVWERXQGWKURXJKODQHDW$YHQXH6:DGGDGHGLFDWHGHDVWERXQGOHIWWXUQODQHDW UGWK $YHQXH6:DQGPRYHWKHELNHODQHWRWKHFXUEEHWZHHQ$YHQXH6:DQG$YHQXH 6:0RGLI\WKHSDYHPHQWPDUNLQJVDJDLQDIWHUFRQVWUXFWLRQLVFRPSOHWH  3DJH )LQDO$8$5   $XJXVW &XPXODWLYH3RWHQWLDO(IIHFWV  [[454,364,466,412][10][,I,][Arial]] [[454,412,2256,460][10][,I,][Arial]]%HFDXVHWKH$8$5SURFHVVE\LWVQDWXUHLVLQWHQGHGWRGHDOZLWKFXPXODWLYHSRWHQWLDOHIIHFWVIURP [[454,460,2203,508][10][,I,][Arial]]DOOIXWXUHGHYHORSPHQWVZLWKLQWKH$8$5DUHDLWLVSUHVXPHGWKDWWKHUHVSRQVHVWRDOOLWHPVRQ [[454,508,1640,556][10][,I,][Arial]]WKH($:IRUPDXWRPDWLFDOO\HQFRPSDVVWKHLPSDFWVIURPDOODQWL [[1639,508,2240,556][10][,I,][Arial]]FLSDWHGGHYHORSPHQWVZLWKLQWKH [[453,555,675,603][10][,I,][Arial]]$8$5DUHD [[675,555,687,603][10][,I,][Arial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rial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y   &/'hZ^              87,/,7< 538 6833/< %XUQVDQG0F'RQQHOO ,1$&7,9(538:(//6 0DVWHUSODQ3+2SHQ 3803,1*5$7( JSP '5$)7 52&+(67(538%/,&52&+(67(538%/,&0D\R&OLQLF'RZQWRZQ 0,11(627$81,48( /RRS)HDVLELOLW\6WXG\ )LUVW6WUHHW6:&52666(&7,21 (QJLQHHULQJ,QF6,7(:(//$1' 121&20081,7< 87,/,7<:(//1R &52666(&7,21 38%/,&6833/< 5RFKHVWHU01 /2&$7,216 :(//180%(5 /(*(1' 678'<$5($ $ :(//6:(//6 352-(&7 ),*85( &/,(17  ^`7,7/(  IW   *5281':$7(5/(9(/ :(//:,7+12:$7(5 /(9(/3803,1*'$7$ 0DVWHUSODQ3K2SHQ/RRS 3803,1*5$7( JSP :$7(5021,725,1* 52&+(67(538%/,& 0,11(627$81,48( '5$)7 0D\R&OLQLF'RZQWRZQ 6833/<:(//12 &52666(&7,21 )LUVW6WUHHW6: %XUQVDQG0F'RQQHOO *5281':$7(5 *(2/2*,&$/ )HDVLELOLW\6WXG\ '5$)7 :(//6&5((1 5RFKHVWHU01 (QJLQHHULQJ,QF 87,/,7< 538 /(*(1' )/2:3$7+ $48,7$5' 076,021 :(//12 $$ $ :(// 352-(&7  ^` ),*85( &/,(17  7,7/(    :(//:,7+12:$7(5 /(9(/3803,1*'$7$ 0DVWHUSODQ3K2SHQ/RRS 3803,1*5$7( JSP :$7(5021,725,1* 52&+(67(538%/,& 0,11(627$81,48( '5$)7 0D\R&OLQLF'RZQWRZQ 6833/<:(//12 &52666(&7,21 )LUVW6WUHHW6: %XUQVDQG0F'RQQHOO *(2/2*,&$/ )HDVLELOLW\6WXG\ 5RFKHVWHU01 (QJLQHHULQJ,QF 87,/,7< 538 /(*(1' $48,7$5' :(//12 %% $ :(// 352-(&7  ^` ),*85( &/,(17  7,7/( (/(9$7,21 IHHW % 6RXWK           WWE/y   tdZt>>ZKZ^                 ZK,^dZWh>/hd/>/dz t>>ZKZ^       0LQQHVRWD8QLTXH:HOO1XPEHU 0,11(627$'(3$570(172)+($/7+ 2OPVWHG &RXQW\ (QWU\'DWH  :(//$1'%25,1*5(3257 5RFKHVWHU  4XDG 8SGDWH'DWH /DZUHQFH)RUPDWLRQ /RFDWHGE\ 0LQQHVRWD'HSDUWPHQWRI+HDOWK 5HPDUNV /RFDWH0HWKRG *36'LIIHUHQWLDOO\&RUUHFWHG PHWHUV *$00$/2**('%<0*6 0LQQHVRWD8QLTXH:HOO1XPEHU 0,11(627$'(3$570(172)+($/7+ 2OPVWHG &RXQW\ (QWU\'DWH  :(//$1'%25,1*5(3257 5RFKHVWHU  4XDG 8SGDWH'DWH  [[992,224,1549,272][10][,I,][Times New Roman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imes New Roman]]0LQQHVRWD6WDWXWHV&KDSWHU & 4XDG,' 5HFHLYHG'DWH :HOO1DPH7RZQVKLS5DQJH'LU6HFWLRQ6XEVHFWLRQ:HOO'HSWK'HSWK&RPSOHWHG'DWH:HOO&RPSOHWHG 52&+(67(5=RQH0HWHUV 6\VWHP;<  0LQQHVRWD8QLTXH:HOO1XPEHU 0,11(627$'(3$570(172)+($/7+ 2OPVWHG &RXQW\ (QWU\'DWH  :(//$1'%25,1*5(3257 5RFKHVWHU  4XDG 8SGDWH'DWH  [[992,224,1549,272][10][,I,][Times New Roman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imes New Roman]]0LQQHVRWD6WDWXWHV&KDSWHU & 4XDG,' 5HFHLYHG'DWH :HOO1DPH7RZQVKLS5DQJH'LU6HFWLRQ6XEVHFWLRQ:HOO'HSWK'HSWK&RPSOHWHG'DWH:HOO&RPSOHWHG 52&+(67(5:%%%&$&IWIW IW(OHY0HWKRG'ULOO0HWKRG (OHYDWLRQ&DEOH7RRO 'ULOO)OXLG &$/&)520)227&2817<'(0 $GGUHVV8VH6WDWXV $FWLYH SXEOLFVXSSO\FRPPXQLW\ :HOO+\GURIUDFWXUHG" &RQWDFW52&+(67(501 <HV )URP 1R 7R :HOO52&+(67(501 &DVLQJ7\SH-RLQW 6WHSGRZQ ; 'ULYH6KRH"<HV1R 6WUDWLJUDSK\,QIRUPDWLRQ$ERYH%HORZ *HRORJLFDO0DWHULDO)URP7R IW &RORU+DUGQHVV &DVLQJ'LDPHWHU:HLJKW+ROH'LDPHWHU ),//RXV )LUVW%HGURFN $TXLIHU 3UDLULH'X&KLHQ*URXS3UDLULH'X&KLHQ /DVW6WUDW'HSWKWR%HGURFN IW 0W6LPRQ6DQGVWRQH 0LQQHVRWD8QLTXH:HOO1XPEHU 0,11(627$'(3$570(172)+($/7+ 2OPVWHG &RXQW\ (QWU\'DWH  :(//$1'%25,1*5(3257 5RFKHVWHU  4XDG 8SGDWH'DWH  [[992,224,1549,272][10][,I,][Times New Roman]]0LQQHVRWD6WDWXWHV&KDSWHU & 4XDG,' 5HFHLYHG'DWH :HOO1DPH7RZQVKLS5DQJH'LU6HFWLRQ6XEVHFWLRQ:HOO'HSWK'HSWK&RPSOHWHG'DWH:HOO&RPSOHWHG 52&+(67(5:'%'&&%IWIW'X&KLHQ*URXS3UDLULH'X&KLHQ /DVW6WUDW'HSWKWR%HGURFN IW (DX&ODLUH)RUPDWLRQ /RFDWHGE\ 0LQQHVRWD'HSDUWPHQWRI+HDOWK 5HPDUNV /RFDWH0HWKRG *36'LIIHUHQWLDOO\&RUUHFWHG PHWHUV *$00$/2**('  0LQQHVRWD8QLTXH:HOO1XPEHU 0,11(627$'(3$570(172)+($/7+ 2OPVWHG &RXQW\ (QWU\'DWH  :(//$1'%25,1*5(3257 5RFKHVWHU  4XDG 8SGDWH'DWH  [[992,224,1549,272][10][,I,][Times New Roman]]0LQQHVRWD6WDWXWHV&KDSWHU & 4XDG,' 5HFHLYHG'DWH :HOO1DPH7RZQVKLS5DQJH'LU6HFWLRQ6XEVHFWLRQ:HOO'HSWK'HSWK&RPSOHWHG'DWH:HOO&RPSOHWHG 52&+(67(5QRWVHDOHGZHOO V " <HV1R 6+$/( /,0(52&.*5((1 9DULDQFH 6$1'52&. 6+$/( <HV :DVDYDULDQFHJUDQWHGIURPWKH0'+IRUWKLVZHOO" 1R 6$1'52&. 0LQQHVRWD8QLTXH:HOO1XPEHU 0,11(627$'(3$570(172)+($/7+ 2OPVWHG &RXQW\ (QWU\'DWH  :(//$1'%25,1*5(3257 5RFKHVWHU  /DVW6WUDW'HSWKWR%HGURFN IW (DX&ODLUH)RUPDWLRQ /RFDWHGE\ 2OPVWHG&W\ 5HPDUNV /RFDWH0HWKRG 'LJLWL]DWLRQ 6FUHHQ 0DS   PHWHUVRU 0*6122/'3$12 8701$'=RQH0HWHUV 6\VWHP;<  0LQQHVRWD8QLTXH:HOO1XPEHU 0,11(627$'(3$570(172)+($/7+ 2OPVWHG &RXQW\ (QWU\'DWH  :(//$1'%25,1*5(3257 5RFKHVWHU  4XDG 8SGDWH'DWH  [[992,224,1549,272][10][,I,][Times New Roman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imes New Roman]]0LQQHVRWD6WDWXWHV&KDSWHU ' 4XDG,' 5HFHLYHG'DWH :HOO1DPH7RZQVKLS5DQJH'LU6HFWLRQ6XEVHFWLRQ:HOO'HSWK'HSWK&RPSOHWHG'DWH:HOO&RPSOHWHG 52&+(67(5:&''''%%HGURFN IW 6W/DZUHQFH)RUPDWLRQ           WZ/sdt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imes New Roman]]0LQQHVRWD6WDWXWHV&KDSWHU & 4XDG,' 5HFHLYHG'DWH :HOO1DPH7RZQVKLS5DQJH'LU6HFWLRQ6XEVHFWLRQ:HOO'HSWK'HSWK&RPSOHWHG'DWH:HOO&RPSOHWHG 67$8))(5 ,QIRUPDWLRQIURP $QJOHG'ULOO+ROH :HOO&RQWUDFWRU .H\V:HOO&R /LFHQVHH%XVLQHVV/LFRU5HJ1R1DPHRI'ULOOHU  0LQQHVRWD:HOO,QGH[5HSRUW 3ULQWHGRQ  +( 0LQQHVRWD8QLTXH:HOO1XPEHU 0,11(627$'(3$570(172)+($/7+ 2OPVWHG &RXQW\ (QWU\'DWH =RQH0HWHUV 6\VWHP;<  0LQQHVRWD8QLTXH:HOO1XPEHU 0,11(627$'(3$570(172)+($/7+ 2OPVWHG &RXQW\ (QWU\'DWH  :(//$1'%25,1*5(3257 5RFKHVWHU  4XDG 8SGDWH'DWH  [[992,227,1551,275][10][,I,][Times New Roman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imes New Roman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imes New Roman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ϭϲϭ^ƚ͘ŶƚŚŽŶLJǀĞ͕^ƵŝƚĞϵϭϵ^ĂŝŶƚWĂƵů͕DEϱϱϭϬϯ  D/͘ƵůƚƵƌĂůƌĞƐŽƵƌĐĞƐΛƐƚĂƚĞ͘ŵŶ͘ƵƐ ĂƚĞ͗ ϬϱͬϭϱͬϮϬϮϰ  ůůŝŽƚDŽŚůĞƌ  ŝƚLJŽĨZŽĐŚĞƐƚĞƌ  ϱϬϳ͘ϯϮϴ͘Ϯϵϰϭ ĐŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ  <ĂƌůŽƌƌŝŐĂŶ DĂLJŽůŝŶŝĐ ϱϬϳ͘Ϯϴϰ͘ϮϯϴϮ ĐŽƌƌŝŐĂŶ͘ŬĂƌůΛŵĂLJŽ͘ĞĚƵ  WƌŽũĞĐƚEĂŵĞ͗ ŽůĚ͘&ŽƌǁĂƌĚ͘ ^ƵďŵŝƚƚĞƌ͛Ɛ hŶďŽƵŶĚ͘/Ŷ WƌŽũĞĐƚ/͗ ZŽĐŚĞƐƚĞƌ <ŶŽǁŶŽƌ^ƵƐƉĞĐƚĞĚĞŵĞƚĞƌŝĞƐ տ WůĂƚƚĞĚĞŵĞƚĞƌŝĞƐ տ hŶƉůĂƚƚĞĚĞŵĞƚĞƌŝĞƐ տ ƵƌŝĂů&ŝůĞ տ  ƵƚŚĞŶƚŝĐĂƚĞĚƵƌŝĂů EŽƚĞƐͬŽŵŵĞŶƚƐ dŚĂŶŬLJŽƵĨŽƌƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽĐŽŵŵĞŶƚŽŶƚŚĞĂďŽǀĞůŝƐƚĞĚƉƌŽũĞĐƚ͘/ŚĂǀĞƌĞǀŝĞǁĞĚƚŚŝƐƉƌŽũĞĐƚ ƉƵƌƐƵĂŶƚƚŽƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŐŝǀĞŶƚŽƚŚĞDŝŶŶĞƐŽƚĂ/ŶĚŝĂŶĨĨĂŝƌƐŽƵŶĐŝůďLJƚŚĞWƌŝǀĂƚĞĞŵĞƚĞƌŝĞƐĐƚ ;D^ϯϬϳ͘ϬϴͿ͕ĂŶĚƚŚĞDŝŶŶĞƐŽƚĂ&ŝĞůĚƌĐŚĂĞŽůŽŐLJĐƚ;D^ϭϯϴ͘ϯϭͲ͘ϰϭͿ͘dŚĞƌĞĂƌĞŶŽŬŶŽǁŶŽƌƐƵƐƉĞĐƚĞĚ ďƵƌŝĂůƐŝƚĞƐƚŚĂƚŵĂLJďĞĂĨĨĞĐƚĞĚďLJƚŚŝƐƉƌŽũĞĐƚ͘WůĞĂƐĞŚĂǀĞĂŶƵŶĂŶƚŝĐŝƉĂƚĞĚĚŝƐĐŽǀĞƌLJƉůĂŶŝŶƉůĂĐĞ͘ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ >ĞƚƚĞƌϭ  ց EŽƚƉƉůŝĐĂďůĞ ց EŽŽŶĐĞƌŶƐ տ DŽŶŝƚŽƌŝŶŐ տ ǀŽŝĚĂŶĐĞ տ WŚĂƐĞ/Ăʹ>ŝƚĞƌĂƚƵƌĞZĞǀŝĞǁ տ WŚĂƐĞ/ʹZĞĐŽŶŶĂŝƐƐĂŶĐĞƐƵƌǀĞLJ տ WŚĂƐĞ//ʹǀĂůƵĂƚŝŽŶ տ WŚĂƐĞ///ʹĂƚĂZĞĐŽǀĞƌLJ տ KƚŚĞƌ /ĨLJŽƵƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶŽƌŚĂǀĞƋƵĞƐƚŝŽŶƐ͕ĐŽŵŵĞŶƚƐ͕ŽƌĐŽŶĐĞƌŶƐƉůĞĂƐĞĐŽŶƚĂĐƚŽƵƌŽĨĨŝĐĞ͘ ^ŝŶĐĞƌĞůLJ͕ >ŝůůLJ'ĞƌĂŐŚƚLJ ƵůƚƵƌĂůZĞƐŽƵƌĐĞDĂŶĂŐĞƌ D/ ϭϲϭZŽŶĚŽǀĞŶƵĞ͕^ƚĞ͘ϵϭϵ ^ĂŝŶƚWĂƵůDEϱϱϭϬϯ ϲϱϭͲϱϯϵͲϮϮϬϮ ůŝůůLJ͘ŐĞƌĂŐŚƚLJΛƐƚĂƚĞ͘ŵŶ͘ƵƐ >ĞƚƚĞƌϮ    ϙ  8QLWHG6WDWHV'HSDUWPHQWRIWKH,QWHULRU ),6+$1':,/'/,)(6(59,&( 0LQQHVRWD:LVFRQVLQ(FRORJLFDO6HUYLFHV)LHOG2IILFH $PHULFDQ%OYG(DVW %ORRPLQJWRQ01 3KRQH  VOLVWVDQGLQIRUPDWLRQ$QXSGDWHGOLVWPD\EH UHTXHVWHGWKURXJKWKH,3D&V\VWHPE\FRPSOHWLQJWKHVDPHSURFHVVXVHGWRUHFHLYHWKHHQFORVHGOLVW  &RQVXOWDWLRQ7HFKQLFDO$VVLVWDQFH  3OHDVHUHIHUWRUHIHUWRRXU6HFWLRQ 3URMHFWFRGH 0LQQHVRWD:LVFRQVLQ)HGHUDO(QGDQJHUHG :HUHFRPPHQGUXQQLQJWKHSURMHFW LILWTXDOLILHV WKURXJKRXU 6SHFLHV'HWHUPLQDWLRQ.H\ 0LQQHVRWD:LVFRQVLQ 'NH\ $GHPRQVWUDWLRQYLGHRVKRZLQJKRZWR DFFHVVDQGXVHWKHGHWHUPLQDWLRQNH\LVDYDLODEOH3OHDVHQRWHWKDWWKH0LQQHVRWD:LVFRQVLQ'NH\LVWKHWKLUG RSWLRQRIDYDLODEOHGNH\V'NH\VDUHWRROVWRKHOS)HGHUDODJHQFLHVDQGRWKHUSURMHFWSURSRQHQWVGHWHUPLQH LIWKHLUSURSRVHGDFWLRQKDVWKHSRWHQWLDOWRDGYHUVHO\DIIHFWIHGHUDOO\OLVWHGVSHFLHVDQGGHVLJQDWHGFULWLFDO KDELWDW7KH0LQQHVRWD:LVFRQVLQ'NH\LQFOXGHVDVWUXFWXUHGVHWRITXHVWLRQVWKDWDVVLVWVDSURMHFWSURSRQHQW LQGHWHUPLQLQJZKHWKHUDSURSRVHGSURMHFWTXDOLILHVIRUDFHUWDLQSUHGHWHUPLQHGFRQVXOWDWLRQRXWFRPHIRUDOO IHGHUDOO\OLVWHGVSHFLHVIRXQGLQ0LQQHVRWDDQG:LVFRQVLQ H[FHSWIRUWKHQRUWKHUQORQJHDUHGEDWVHHEHORZ  ZKLFKLQFOXGHVGHWHUPLQDWLRQVRI²QRHIIHFW³RU²PD\DIIHFWQRWOLNHO\WRDGYHUVHO\DIIHFW,QHDFKFDVHWKH 6HUYLFHKDVFRPSLOHGDQGDQDO\]HGWKHEHVWDYDLODEOHLQIRUPDWLRQRQWKHVSHFLHVµELRORJ\DQGWKHLPSDFWVRI FHUWDLQDFWLYLWLHVWRVXSSRUWWKHVHGHWHUPLQDWLRQV  ,I\RXUFRPSOHWHGGNH\RXWSXWOHWWHUVKRZVD1R(IIHFW 1( GHWHUPLQDWLRQIRUDOOOLVWHGVSHFLHVSULQW\RXU ,3D&RXWSXWOHWWHUIRU\RXUILOHVWRGRFXPHQW\RXUFRPSOLDQFHZLWKWKH(QGDQJHUHG6SHFLHV$FW  )RU)HGHUDOSURMHFWVZLWKD²1RW/LNHO\WR$GYHUVHO\$IIHFW³ 1/$$ GHWHUPLQDWLRQRXUFRQFXUUHQFHEHFRPHV YDOLGLI\RXGRQRWKHDURWKHUZLVHIURPXVDIWHUDGD\UHYLHZSHULRGDVLQGLFDWHGLQ\RXUOHWWHU  ,I\RXUGNH\RXWSXWOHWWHULQGLFDWHVDGGLWLRQDOFRRUGLQDWLRQZLWKWKH0LQQHVRWD:LVFRQVLQ(FRORJLFDO6HUYLFHV )LHOG2IILFHLVQHFHVVDU\ LH\RXJHWD²0D\$IIHFW³GHWHUPLQDWLRQ \RXZLOOEHSURYLGHGDGGLWLRQDO JXLGDQFHRQFRQWDFWLQJWKH6HUYLFHWRFRQWLQXH(6$FRRUGLQDWLRQRXWVLGHRIWKHNH\(6$FRPSOLDQFHFDQQRW EHFRQFOXGHGXVLQJWKHNH\IRU²0D\$IIHFW³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•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Ƒ ,QGLYLGXDOWUHHVWKDWDUHJUHDWHUWKDQIHHWIURPIRUHVWHGRUZRRGHGDUHDV Ƒ 7UHHVIRXQGLQKLJKO\GHYHORSHGXUEDQDUHDV HJVWUHHWWUHHVGRZQWRZQDUHDV  Ƒ $SXUHVWDQGRIOHVVWKDQLQFKGEKWUHHVWKDWDUHQRWPL[HGZLWKODUJHUWUHHVDQG Ƒ $PRQRFXOWXUHVWDQGRIVKUXEE\YHJHWDWLRQZLWKQRSRWHQWLDOURRVWWUHHV  ,I,3D&UHWXUQVDUHVXOWWKDWQRUWKHUQORQJHDUHGEDWVDUHSRWHQWLDOO\SUHVHQWLQWKHDFWLRQDUHDRIWKHSURSRVHG PD\DIIHFW,) SURMHFWSURMHFWSURSRQHQWVFDQFRQFOXGHWKHSURSRVHGDFWLYLWLHVWKLVVSHFLHVRQHRUPRUHRIWKH IROORZLQJDFWLYLWLHVDUHSURSRVHG Ƒ &OHDULQJRUGLVWXUELQJVXLWDEOHURRVWLQJKDELWDWDVGHILQHGDERYHDWDQ\WLPHRI\HDU Ƒ $Q\DFWLYLW\LQRUQHDUWKHHQWUDQFHWRDFDYHRUPLQH Ƒ 0LQLQJGHHSH[FDYDWLRQRUXQGHUJURXQGZRUNZLWKLQPLOHVRIDFDYHRUPLQH Ƒ &RQVWUXFWLRQRIRQHRUPRUHZLQGWXUELQHVRU Ƒ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µVVSHFLHVOLVW WKHIHGHUDOSURMHFWXVHUZLOOEHGLUHFWHGWRHLWKHUWKHUDQJHZLGHQRUWKHUQORQJHDUHGEDW'NH\RUWKH)HGHUDO +LJKZD\V$GPLQLVWUDWLRQ)HGHUDO5DLOZD\V$GPLQLVWUDWLRQDQG)HGHUDO7UDQVLW$GPLQLVWUDWLRQ,QGLDQDEDW 1RUWKHUQORQJHDUHGEDW'NH\GHSHQGLQJRQWKHW\SHRISURMHFWDQGIHGHUDODJHQF\LQYROYHPHQW6LPLODUWR WKH0LQQHVRWD:LVFRQVLQ'NH\WKHVHGNH\VKHOSVWRGHWHUPLQHLISURKLELWHGWDNHPLJKWRFFXUDQGLIQRWZLOO JHQHUDWHDQDXWRPDWHGYHULILFDWLRQOHWWHU  3OHDVHQRWH2Q1RYHPEHUWKH6HUYLFHSXEOLVKHGDSURSRVDOILQDOUXOHWRUHFODVVLI\WKHQRUWKHUQ ORQJHDUHGEDWDVHQGDQJHUHGXQGHUWKH(QGDQJHUHG6SHFLHV$FW2Q-DQXDU\WKH6HUYLFHSXEOLVKHGD GD\H[WHQVLRQIRUWKHILQDOUHFODVVLILFDWLRQUXOHLQWKH)HGHUDO5HJLVWHUPRYLQJWKHHIIHFWLYHOLVWLQJGDWH IURP-DQXDU\WR0DUFK7KLVH[WHQVLRQZLOOSURYLGHVWDNHKROGHUVDQGWKHSXEOLFWLPHWR SUHYLHZLQWHULPJXLGDQFHDQGFRQVXOWDWLRQWRROVEHIRUHWKHUXOHEHFRPHVHIIHFWLYH:KHQDYDLODEOHWKHWRROV ZLOOEHDYDLODEOHRQWKH6HUYLFHµ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µ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Ƒ 2IILFLDO6SHFLHV/LVW Ƒ 86):61DWLRQDO:LOGOLIH5HIXJHVDQG)LVK+DWFKHULHV Ƒ%DOG *ROGHQ(DJOHV Ƒ 0LJUDWRU\%LUGV Ƒ:HWODQGV RI  3URMHFWFRGH 2)),&,$/63(&,(6/,67 7KLVOLVWLVSURYLGHGSXUVXDQWWR6HFWLRQ 3URMHFWFRGH 352-(&76800$5< 3URMHFW&RGH 3URMHFW1DPH0D\R8QERXQG$8$5 3URMHFW7\SH&RPPHUFLDO'HYHORSPHQW 3URMHFW'HVFULSWLRQ,QGXVWULDO5HGHYHORSPHQW3URMHFW 3URMHFW/RFDWLRQ 7KHDSSUR[LPDWHORFDWLRQRIWKHSURMHFWFDQEHYLHZHGLQ*RRJOH0DSVKWWSV ZZZJRRJOHFRPPDSV#] &RXQWLHV2OPVWHG&RXQW\0LQQHVRWD 3URMHFWFRGH (1'$1*(5('63(&,(6$&763(&,(6 7KHUHLVDWRWDORIWKUHDWHQHGHQGDQJHUHGRUFDQGLGDWHVSHFLHVRQWKLVVSHFLHVOLVW 6SHFLHVRQWKLVOLVWVKRXOGEHFRQVLGHUHGLQDQHIIHFWVDQDO\VLVIRU\RXUSURMHFWDQGFRXOGLQFOXGH VSHFLHVWKDWH[LVWLQDQRWKHUJHRJUDSKLFDUHD)RUH[DPSOHFHUWDLQILVKPD\DSSHDURQWKHVSHFLHV OLVWEHFDXVHDSURMHFWFRXOGDIIHFWGRZQVWUHDPVSHFLHV ,3D&GRHVQRWGLVSOD\OLVWHGVSHFLHVRUFULWLFDOKDELWDWVXQGHUWKHVROHMXULVGLFWLRQRI12$$  )LVKHULHVDV86):6GRHVQRWKDYHWKHDXWKRULW\WRVSHDNRQEHKDOIRI12$$DQGWKH 'HSDUWPHQWRI&RPPHUFH 6HHWKH&ULWLFDOKDELWDWVVHFWLRQEHORZIRUWKRVHFULWLFDOKDELWDWVWKDWOLHZKROO\RUSDUWLDOO\ ZLWKLQ\RXUSURMHFWDUHDXQGHUWKLVRIILFH VMXULVGLFWLRQ3OHDVHFRQWDFWWKHGHVLJQDWHG):6RIILFH LI\RXKDYHTXHVWLRQV 12$$)LVKHULHVDOVRNQRZQDVWKH1DWLRQDO0DULQH)LVKHULHV6HUYLFH 10)6 LVDQ RIILFHRIWKH1DWLRQDO2FHDQLFDQG$WPRVSKHULF$GPLQLVWUDWLRQZLWKLQWKH'HSDUWPHQWRI &RPPHUFH 0$00$/6 1$0(67$786 1RUWKHUQ/RQJHDUHG%DW0\RWLVVHSWHQWULRQDOLV(QGDQJHUHG 1RFULWLFDOKDELWDWKDVEHHQGHVLJQDWHGIRUWKLVVSHFLHV 6SHFLHVSURILOHKWWSVHFRVIZVJRYHFSVSHFLHV 7ULFRORUHG%DW3HULP\RWLVVXEIODYXV 3URSRVHG (QGDQJHUHG 1RFULWLFDOKDELWDWKDVEHHQGHVLJQDWHGIRUWKLVVSHFLHV 6SHFLHVSURILOHKWWSVHFRVIZVJRYHFSVSHFLHV %,5'6 1$0(67$786 :KRRSLQJ&UDQH*UXVDPHULFDQD([SHULPHQWDO 3RSXODWLRQ 3RSXODWLRQ86$ $/$5&2)/*$,',/,1,$.</$0,0106021& 102+6&71879$:,:9ZHVWHUQKDOIRI:< 1RQ 1RFULWLFDOKDELWDWKDVEHHQGHVLJQDWHGIRUWKLVVSHFLHV (VVHQWLDO 6SHFLHVSURILOHKWWSVHFRVIZVJRYHFSVSHFLHV 3URMHFWFRGH ,16(&76 1$0(67$786 0RQDUFK%XWWHUIO\'DQDXVSOH[LSSXV&DQGLGDWH 1RFULWLFDOKDELWDWKDVEHHQGHVLJQDWHGIRUWKLVVSHFLHV 6SHFLHVSURILOHKWWSVHFRVIZVJRYHFSVSHFLHV 3URMHFWFRGH )RUJXLGDQFHRQZKHQWRVFKHGXOHDFWLYLWLHVRULPSOHPHQWDYRLGDQFHDQGPLQLPL]DWLRQPHDVXUHV WRUHGXFHLPSDFWVWRPLJUDWRU\ELUGVRQ\RXUOLVWVHHWKH352%$%,/,7<2)35(6(1&( 6800$5<EHORZWRVHHZKHQWKHVHELUGVDUHPRVWOLNHO\WREHSUHVHQWDQGEUHHGLQJLQ\RXU SURMHFWDUHD 1$0(%5((',1*6($621 %DOG(DJOH+DOLDHHWXVOHXFRFHSKDOXV%UHHGV2FWWR $XJ 7KLVLVQRWD%LUGRI&RQVHUYDWLRQ&RQFHUQ %&& LQWKLVDUHDEXWZDUUDQWVDWWHQWLRQ EHFDXVHRIWKH(DJOH$FWRUIRUSRWHQWLDOVXVFHSWLELOLWLHVLQRIIVKRUHDUHDVIURPFHUWDLQ W\SHVRIGHYHORSPHQWRUDFWLYLWLHV KWWSVHFRVIZVJRYHFSVSHFLHV 352%$%,/,7<2)35(6(1&(6800$5< 7KHJUDSKVEHORZSURYLGHRXUEHVWXQGHUVWDQGLQJRIZKHQELUGVRIFRQFHUQDUHPRVWOLNHO\WREH SUHVHQWLQ\RXUSURMHFWDUHD7KLVLQIRUPDWLRQFDQEHXVHGWRWDLORUDQGVFKHGXOH\RXUSURMHFW DFWLYLWLHVWRDYRLGRUPLQLPL]HLPSDFWVWRELUGV3OHDVHPDNHVXUH\RXUHDG6XSSOHPHQWDO ,QIRUPDWLRQRQ0LJUDWRU\%LUGVDQG(DJOHVVSHFLILFDOO\WKH)$4VHFWLRQWLWOHG3URSHU ,QWHUSUHWDWLRQDQG8VHRI<RXU0LJUDWRU\%LUG5HSRUWEHIRUHXVLQJRUDWWHPSWLQJWRLQWHUSUHW WKLVUHSRUW 3UREDELOLW\RI3UHVHQFH  *UHHQEDUVWKHELUG VUHODWLYHSUREDELOLW\RISUHVHQFHLQWKHNPJULGFHOO V \RXUSURMHFW RYHUODSVGXULQJWKDWZHHNRIWKH\HDU %UHHGLQJ6HDVRQ  <HOORZEDUVOLEHUDOHVWLPDWHRIWKHWLPHIUDPHLQVLGHZKLFKWKHELUGEUHHGVDFURVVLWVHQWLUH UDQJH 6XUYH\(IIRUW  9HUWLFDOEODFNOLQHVWKHQXPEHURIVXUYH\VSHUIRUPHGIRUWKDWVSHFLHVLQWKHNPJULGFHOO V  \RXUSURMHFWDUHDRYHUODSV 1R'DWD  $ZHHNLVPDUNHGDVKDYLQJQRGDWDLIWKHUHZHUHQRVXUYH\HYHQWVIRUWKDWZHHN SUREDELOLW\RISUHVHQFHEUHHGLQJVHDVRQVXUYH\HIIRUWQRGDWD 63(&,(6-$1)(%0$5$350$<-81-8/$8*6(32&7129'(& %DOG(DJOH 1RQ%&& 9XOQHUDEOH RI  3URMHFWFRGH $GGLWLRQDOLQIRUPDWLRQFDQEHIRXQGXVLQJWKHIROORZLQJOLQNV Ƒ(DJOH0DQDJHPHQWKWWSVZZZIZVJRYSURJUDPHDJOHPDQDJHPHQW Ƒ 0HDVXUHVIRUDYRLGLQJDQGPLQLPL]LQJLPSDFWVWRELUGVKWWSVZZZIZVJRYOLEUDU\ FROOHFWLRQVDYRLGLQJDQGPLQLPL]LQJLQFLGHQWDOWDNHPLJUDWRU\ELUGV Ƒ 1DWLRQZLGHFRQVHUYDWLRQPHDVXUHVIRUELUGVKWWSVZZZIZVJRYVLWHVGHIDXOWILOHV GRFXPHQWVQDWLRQZLGHVWDQGDUGFRQVHUYDWLRQPHDVXUHVSGI Ƒ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Ƒ(DJOH0DQDJHPHQWKWWSVZZZIZVJRYSURJUDPHDJOHPDQDJHPHQW Ƒ 0HDVXUHVIRUDYRLGLQJDQGPLQLPL]LQJLPSDFWVWRELUGVKWWSVZZZIZVJRYOLEUDU\ FROOHFWLRQVDYRLGLQJDQGPLQLPL]LQJLQFLGHQWDOWDNHPLJUDWRU\ELUGV Ƒ 1DWLRQZLGHFRQVHUYDWLRQPHDVXUHVIRUELUGVKWWSVZZZIZVJRYVLWHVGHIDXOWILOHV GRFXPHQWVQDWLRQZLGHVWDQGDUGFRQVHUYDWLRQPHDVXUHVSGI Ƒ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ŵŝƚƚĞĚͲŶĞƌŐLJ^ƚĂƌWŽƌƚĨŽůŝŽDĂŶĂŐĞƌĚŽĞƐŶŽƚĐĂůĐƵůĂƚĞƉĂƌŬŝŶŐƐƚƌƵĐƚƵƌĞĞŶĞƌŐLJƵƐĞKŵŝƚƚĞĚͲŶĞƌŐLJ^ƚĂƌWŽƌƚĨŽůŝŽDĂŶĂŐĞƌĚŽĞƐŶŽƚĐĂůĐƵůĂƚĞƉĂƌŬŝŶŐƐƚƌƵĐƚƵƌĞĞŶĞƌŐLJƵƐĞ ŶĞƌŐLJhƐĞ;^ƵŵŵĂƌLJƐŚĞĞƚͿ džĐůƵĚĞͲƵƌŶƐΘDĐŽŶŶĞůůĂŶĂůLJƐŝƐĂĐĐŽƵŶƚƐĨŽƌ','ĞŵŝƐƐŝŽŶƐ͘džĐůƵĚĞͲƵƌŶƐΘDĐŽŶŶĞůůĂŶĂůLJƐŝƐĂĐĐŽƵŶƚƐĨŽƌ','ĞŵŝƐƐŝŽŶƐ͘ ƐƐƵŵĞůĞĐƚƌŝĐŝƚLJͬWŽǁĞƌ^ƚĂƚŝŽŶĞŶĞƌŐLJƵƐĞ ƐƐƵŵĞDĞĚŝĐĂůKĨĨŝĐĞĞŶĞƌŐLJƵƐĞ ƐƐƵŵĞ<ͲϭϮĞŶĞƌŐLJƵƐĞ ,ŽƐƉŝƚĂů,ŽƐƉŝƚĂů,ŽƐƉŝƚĂů ƐƐƵŵĞŽŵŵĞƌĐŝĂůǁĂƐƚĞŐĞŶĞƌĂƚŝŽŶ ƐƐƵŵĞŶĞŐůŝŐŝďůĞǁĂƐƚĞŐĞŶĞƌĂƚŝŽŶƐƐƵŵĞŶĞŐůŝŐŝďůĞǁĂƐƚĞŐĞŶĞƌĂƚŝŽŶƐƐƵŵĞŶĞŐůŝŐŝďůĞǁĂƐƚĞŐĞŶĞƌĂƚŝŽŶ ƐƐƵŵĞKĨĨŝĐĞǁĂƐƚĞŐĞŶĞƌĂƚŝŽŶ tĂƐƚĞ'ĞŶĞƌĂƚŝŽŶƐŚĞĞƚ ,ŽƐƉŝƚĂů,ŽƐƉŝƚĂů,ŽƐƉŝƚĂů WƌĞǀŝŽƵƐůLJĂƐĐŚŽŽů͕ǀĂĐĂŶƚĨŽƌƚŚĞůĂƐƚϭϬLJĞĂƌƐ͘ƐƐƵŵĞďƵŝůĚŝŶŐŝƐƐƚŝůůŵĂŝŶƚĂŝŶĞĚ͘ >ŽŐŝƐƚŝĐƐĨŽƌŚŽƐƉŝƚĂůŝŶĐůƵĚŝŶŐƉŚĂƌŵĂĐLJ͕ůŝŶĞŶƐ͕ĂŶĚƐƚĞƌŝůĞƉƌŽĐĞƐƐŝŶŐ hƐĞ ,ŽƐƉŝƚĂů͕ƉƌŝŵĂƌLJŝŶͲƉĂƚŝĞŶƚĐůŝŶŝĐƐƉĂĐĞ,ŽƐƉŝƚĂů͕ƉƌŝŵĂƌLJŝŶͲƉĂƚŝĞŶƚĐůŝŶŝĐƐƉĂĐĞ hƚŝůŝƚLJƉůĂŶƚͲĞůĞĐƚƌŝĐŐĞŶĞƌĂƚŝŽŶhƚŝůŝƚLJƉůĂŶƚͲĞůĞĐƚƌŝĐŐĞŶĞƌĂƚŝŽŶ ůĞĐƚƌŝĐĂůĞƋƵŝƉŵĞŶƚ '^&ĞdžĐƵĚĞƐƉĂƌŬŝŶŐ WĂƌŬŝŶŐWĂƌŬŝŶŐ ','Ez>^/^^^hDWd/KE^ Ϯϯϲ͕ϴϰϲϭϮϬ͕ϴϬϮϰϱϬ͕ϬϬϬϭ͕ϰϬϬ͕ϬϬϬϭϭϱ͕ϬϬϬϱ͕ϬϬϬ ϯϯ͕ϳϱϵϵϬ͕ϬϬϬ ͲͲ '^&          WƌŽƉŽƐĞĚ^ǁŝƚĐŚŐĞĂƌƵŝůĚŝŶŐ;>ŽƚϮϲͿ WƌŽƉŽƐĞĚtĞƐƚ>ŽŐŝƐƚŝĐƐĞŶƚĞƌ ƵŝůĚŝŶŐ WƌŽƉŽƐĞĚĂŵŽŶ^ŝƚĞ WƌŽƉŽƐĞĚKnjŵƵŶ^ŝƚĞ džŝƐƚŝŶŐĂŵŽŶ^ŝƚĞ džŝƐƚŝŶŐKnjŵƵŶ^ŝƚĞ džŝƐƚŝŶŐ>ŽƵƌĚĞƐ,^ džŝƐƚŝŶŐ>ŽƚϮϲ WƌŽƉŽƐĞĚWhW džŝƐƚŝŶŐWhW SRUWIRULVQRW\HWDYDLODEOH %XVLQHVVWUDYHODQGHPSOR\HHFRPPXWHSDVVHQJHUFDUV (PLVVLRQ6RXUFHVDQG&RQYHUVLRQ)DFWRUV  DQG1  (PLVVLRQ6RXUFHVDQG&RQYHUVLRQ)DFWRUV LQWRQQHV0:K&+ (PLVVLRQ)DFWRUVDQG&RQYHUVLRQV *OREDO:DUPLQJ3RWHQWLDO \HDUGDWD KWWSVZZZHSDJRYHJULG 5HIHUHQFHV86(3$  ;FHOSURYLGHV&2 ;FHO(QHUJ\HOHFWULFLW\ &RQYHUVLRQ)DFWRUV  (JDVROLQH dŚĞƌŵƐͬŬƚƵ  %GLHVHO ŬtŚͬŬƚƵ 1RWHV $&' %    EŽͲƵŝůĚϮϬϰϱ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ͕DĂLJŽhŶďŽƵŶĚhZ Ύ^ĞĞΖtĂƐƚĞ'ĞŶĞƌĂƚŝŽŶ͘ΖƐƐƵŵĞƐϮ͕ϱϬϬƐƋĨƚƉĞƌďĞĚ;Ϭ͘ϬϬϬϰďĞĚƐƉĞƌƐƋĨƚͿ͘ hŶŝƚƐ ďĞĚƐ ƐƋĨƚƐƋĨƚƐƋĨƚ ϵϱϭϮϬ͕ϴϬϮ YƵĂŶƚŝƚLJ  ͲͲ      ůĞĐƚƌŝĐŝƚLJͬWŽǁĞƌ^ƚĂƚŝŽŶ WƌŽũĞĐƚŽŵƉŽŶĞŶƚƐ DĞĚŝĐĂůKĨĨŝĐĞ hƐĞ ,ŽƐƉŝƚĂůΎ ^ĐŚŽŽů hƐĞƐ͗  ϯϮ͘ϲй Ϭ͘Ϭйϭ͘ϴйϭϬϬй ϯϬ͘ϯйϯϱ͘ϯй WĞƌĐĞŶƚŽĨ dŽƚĂů',' ŽŶŝŶ Ɖ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬĐůŝŵĂƚĞůĞĂĚĞƌƐŚŝƉͬƐĐŽƉĞͲϭͲĂŶĚͲƐĐŽƉĞͲϮͲ ŽŶŝŶĚŝƌĞĐƚůLJŝŵƉĂĐƚƐŝŶŝƚƐǀĂůƵĞĐŚĂŝŶ͘^ĐŽƉĞϯ ĞŵŝƐƐŝŽŶƐŝŶĐůƵĚĞĂůůƐŽƵƌĐĞƐŶŽƚǁŝƚŚŝŶĂŶŽƌŐĂŶŝnjĂƚŝŽŶ͛ƐƐĐŽƉĞϭĂŶĚϮďŽƵŶĚĂƌLJ͘dŚĞƐĐŽƉĞϯĞŵŝƐƐŝŽŶƐĨŽƌŽŶĞŽƌŐĂŶŝnjĂƚŝŽŶĂƌĞƚŚĞƐĐŽƉĞϭĂŶĚϮĞŵŝƐƐŝŽŶƐŽĨĂŶŽƚŚĞƌŽƌŐĂŶŝnjĂƚŝŽŶ͘^ĐŽƉĞϯ ĞŵŝƐƐŝŽŶƐ͕ĂůƐŽƌĞĨĞƌƌĞĚƚŽĂƐǀĂůƵĞĐŚĂŝŶĞŵŝƐƐŝŽŶƐ͕ŽĨƚĞŶƌĞƉƌĞƐĞŶƚƚŚĞŵĂũŽƌŝƚLJŽĨĂŶŽƌŐĂŶŝnjĂƚŝŽŶ͛ƐƚŽƚĂů','ĞŵŝƐƐŝŽŶƐ͘͟;W͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬĐůŝŵĂƚĞůĞĂĚĞƌƐŚŝƉͬƐĐŽƉĞͲϯͲŝŶǀĞŶƚŽƌLJͲ Ɵ ŽŶ;Ğ͘Ő͕͘ĞŵŝƐƐŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĨƵĞůĐŽŵďƵƐ ',';ŬŐͬƐƋ͘ ϲ͘ϰϲϮ͘ϬϬ Ϭ͘ϯϲ ϴ͘ϯϳϭ͘ϯϳ ϲ͘Ϭϭ ϵ͘ϱϲ ϳ͘Ϭϭϭϵ͘ϴ ͲͲͲͲ   Ĩƚ͘Ϳ   Ϯ͕Ϯϲϰ ϳ͕Ϭϵϰ Ϯ͕ϯϭϭ Ϯ͕ϭϰϴϬ͘ϰϮ͕ϱϬϱ ϭ͕ϵϴϮϭϲϲ ϭϮϵ Ϯϰϭ ;ƚŽŶŶĞƐͿ ͲͲ ','   ͲͲ      ϭϮϭϰ͕ϯϯϭsDdϬ͘ϰϰϭ͘ϱϴϲ͘ϵϴϳ͘ϲϰ Ϭ͘ϯϱϬ͘ϮϲϬ͘ϭϲϭϬ͘ϳϰ ϯϯ͘ϯϳ ϭϵ͘ϭϭ ŵŝƐƐŝŽŶ &ĂĐƚŽƌƐ     Ɵ ŽŶ͕ďƵƚƚŚĂƚƚŚĞŽƌŐĂŶŝnjĂ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞŶĞƌŐLJƐƚĂƌ͘ŐŽǀͬďƵŝůĚŝŶŐƐͬƌĞƐŽƵƌĐĞƐͺĂƵĚŝĞŶĐĞͬƐĞƌǀŝĐĞͺƉƌŽĚƵĐƚͺƉƌŽǀŝĚĞƌƐͬĐŽŵŵĞƌĐŝĂůͺŶĞǁͺĐŽŶƐƚƌƵĐƚŝŽŶͬƚĂƌŐĞƚͺĨŝŶĚĞƌ W^ŝŵƉůŝĨŝĞĚ','ŵŝƐƐŝŽŶƐĂůĐƵůĂƚŽƌ;ΗƚŚĞĂůĐƵůĂƚŽƌΗͿ͕ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬĞŶĞƌŐLJͬŐƌĞĞŶŚŽƵƐĞͲŐĂƐͲĞƋƵŝǀĂůĞŶĐŝĞƐͲĐĂůĐƵůĂƚŽƌ ^ŝƚĞŶĞƌŐLJhƐĞ /ŶĚĞdž;ŬƚƵͬƐƋ͘ Ɵ ϯϰ͘ϴϭϭϯ͘ϴϮϯ͘ϴ ϭϱϳ͘ϵϮϱ͘ϵϭϱ͘ϱ ϲϱ͘ϮϮϲ͘ϭ ^ĐŽƉĞϭ͗͞^ĐŽƉĞϭĞŵŝƐƐŝŽŶƐĂƌĞĚŝƌĞĐƚŐƌĞĞŶŚŽƵƐĞ;','ͿĞŵŝƐƐŝŽŶƐƚŚĂƚŽĐĐƵƌĨƌŽŵƐŽƵƌĐĞƐƚŚĂƚĂƌĞĐŽŶƚƌŽůůĞĚŽƌŽǁŶĞĚďLJĂŶŽƌŐĂŶŝnjĂ Ʃ   ^ĐŽƉĞϮ͗͞^ĐŽƉĞϮĞŵŝƐƐŝŽŶƐĂƌĞŝŶĚŝƌĞĐƚ','ĞŵŝƐƐŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƉƵƌĐŚĂƐĞŽĨĞůĞĐƚƌŝĐŝƚLJ͕ƐƚĞĂŵ͕ŚĞĂƚ͕ŽƌĐŽŽůŝŶŐ͘͟;W͕Ś   Ĩƚ͘Ϳ ƚŽŶƐŽĨǁĂƐƚĞ Ɵ ŶŐŽƌŐĂŶŝnjĂ ϭƚŚĞƌŵƐ ŐĂůůŽŶƐ ďŽŝůĞƌƐ͕ĨƵƌŶĂĐĞƐ͕ǀĞŚŝĐůĞƐͿ͘͟;W͕ŚƚƚƉ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬĐůŝŵĂƚĞůĞĂĚĞƌƐŚŝƉͬƐĐŽƉĞͲϭͲĂŶĚͲƐĐŽƉĞͲϮͲŝŶǀĞŶƚŽƌLJͲŐƵŝĚĂŶĐĞͿ ^ŽƵƌĐĞ;ŝƉŽĚĞ͗ϱϱϵϬϮͿ͗h^WŶĞƌŐLJ^ƚĂƌWŽƌƚĨŽůŝŽDĂŶĂŐĞƌdĂƌŐĞƚ&ŝŶĚĞƌ͘ZĞĨĞƌƚŽŶĞƌŐLJ&ŝŶĚĞƌƐŚĞĞƚ͘ ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ ŵŽƵŶƚhŶŝƚƐ ŬtŚ Ɵ ĞƐĨƌŽŵĂƐƐĞƚƐŶŽƚŽǁŶĞĚŽƌĐŽŶƚƌŽůůĞĚďLJƚŚĞƌĞƉŽƌ Ϯϯϲ͕ϴϰϲ ϯϱϳ͕ϲϰϴϰϬ Ϯϯϲ͕ϴϰϲ ϯϱϳ͕ϲϰϴϯϵϬ ϭϮϬ͕ϴϬϮϭϮϬ͕ϴϬϮ  ͲͲͲͲ          ZĞĨĞƌƚŽƚŚĞƐŚĞĞƚΗDŽďŝůĞƋƵŝƉŵĞŶƚ͘ΗsDdсǀĞƌĂŐĞĂŝůLJsĞŚŝĐůĞDŝůĞƐdƌĂǀĞůĞĚ͘ EŽƚĞƐΎΎ ^ŽƵƌĐĞ ĂƚĂϭΘϮ ϯϯϯϯϯϯϯϯϮ EŽͲƵŝůĚϮϬϰϱ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ͕DĂLJŽhŶďŽƵŶĚhZ ^ĐŽƉĞΎ ϭϮ ϯ &ŽƌĂŶĞdžƉůĂŶĂƚŝŽŶŽĨŵŝƐƐŝŽŶƐƐĐŽƉĞƐ͕ƉůĞĂƐĞƌĞĨĞƌĞŶĐĞƚŚĞĨŽůůŽǁŝŶŐ͗ hƐĞƐĂŶĚƉƌŽũĞĐƚĂǀĞƌĂŐĞĚĂŝůLJǀĞŚŝĐůĞŵŝůĞƐƚƌĂǀĞůĞĚ;sDdͿ͗ ŽŵďƵƐƚŝŽŶ͕ƐƚĂƚŝŽŶĂƌLJĞƋƵŝƉŵĞŶƚ͕ŶĂƚƵƌĂůŐĂƐ;ƚŚĞƌŵƐͬƐƋ͘ ŽŵďƵƐƚŝŽŶĂƌĞĂ;ĚŝĞƐĞů͕ďĂĐŬͲƵƉŐĞŶĞƌĂƚŽƌƐ͕','ŬŐͬŐĂů͘Ϳ KƉĞƌĂƚŝŽŶĂůĞŵŝƐƐŝŽŶƐ͕ŵŽďŝůĞĞƋƵŝƉŵĞŶƚ͕ĂĨƚĞƌƉƌŽũĞĐƚŝƐ Ɵ ǀŝ Ɵ ^ĐŽƉĞϯ͗͞^ĐŽƉĞϯĞŵŝƐƐŝŽŶƐĂƌĞƚŚĞƌĞƐƵůƚŽĨĂĐ KĨĨͲƐŝƚĞĞůĞĐƚƌŝĐŝƚLJ͕yĐĞůϮϬϮϭ;','ŬŐͬƐƋ͘Ĩƚ͘Ϳ ŵŝƐƐŝŽŶ^ŽƵƌĐĞ ůĞĐƚƌŝĐŝƚLJͬWŽǁĞƌ^ƚĂƚŝŽŶůĞĐƚƌŝĐŝƚLJͬWŽǁĞƌ^ƚĂƚŝŽŶ KĨĨͲƐŝƚĞǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚ dŽƚĂůĞŵŝƐƐŝŽŶƐ;ƚŽŶŶĞƐͿ DĞĚŝĐĂůKĨĨŝĐĞDĞĚŝĐĂůKĨĨŝĐĞ ΎΎĂƚĂ^ŽƵƌĐĞEŽƚĞƐ͗ ŝŶǀĞŶƚŽƌLJͲŐƵŝĚĂŶĐĞͿ ^ƵďƚŽƚĂů^ƵďƚŽƚĂů ,ŽƐƉŝƚĂů,ŽƐƉŝƚĂů ^ĐŚŽŽů^ĐŚŽŽů ŽƉĞƌĂƚŝŽŶĂů ŐƵŝĚĂŶĐĞͿ Ύ^ĐŽƉĞ͗ Ĩƚͬ͘LJƌ͘Ϳ͗ ϭϮϯ  ͻͻͻ  ƉĞƌƐƋ͘Ĩƚ͘ƉĞƌ ^ŽƵƌĐĞ͗dĂďůĞϮϭ͕ΗdĂƌŐĞƚĞĚ^ƚĂƚĞǁŝĚĞtĂƐƚĞŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶ^ƚƵĚLJ͗tĂƐƚĞŝƐƉŽƐĂůĂŶĚŝǀĞƌƐŝŽŶ&ŝŶĚŝŶŐƐĨŽƌ^ĞůĞĐƚĞĚ/ŶĚƵƐƚƌLJ'ƌŽƵƉƐ͕ϮϬϬϲ͘ DŽĚĞů;tZDͿ͕KƌŐĂŶŝĐDĂƚĞƌŝĂůƐŚĂƉƚĞƌƐ͕ΗdžŚŝďŝƚϭͲϭϬ͕h͘^͘ŶǀŝƌŽŶŵĞŶƚĂůWƌŽƚĞĐƚŝŽŶŐĞŶĐLJKĨĨŝĐĞŽĨZĞƐŽƵƌĐĞŽŶƐĞƌǀĂƚŝŽŶĂŶĚZĞĐŽǀĞƌLJ͕ ^ŽƵƌĐĞĨŽƌĞŵŝƐƐŝŽŶƐĨƌŽŵƚŚĞ,ĞŶŶĞƉŝŶŶĞƌŐLJZĞĐŽǀĞƌLJĞŶƚĞƌ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĐĂ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĂŝƌͬƉĞƌŵŝƚƚĞĚͲĨĂĐŝůŝƚLJͲĂŝƌͲĞŵŝƐƐŝŽŶƐͲĚĂƚĂ͘^ŽƵƌĐĞ ϭ͘Ϭ ϭ͘ϭϬ͘ϴ tĂƐƚĞ;ŬŐ ^ŽƵƌĐĞĨŽƌĞŵŝƐƐŝŽŶĨĂĐƚŽƌĨŽƌůĂŶĚĨŝůůĞĚǁĂƐƚĞ͗ΗŽĐƵŵĞŶƚĂƚŝŽŶĨŽƌ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶĂŶĚŶĞƌŐLJ&ĂĐƚŽƌƐhƐĞĚŝŶƚŚĞtĂƐƚĞZĞĚƵĐƚŝŽŶ ^ŽƵƌĐĞĨŽƌĞƐƚŝŵĂƚĞŽĨŐƌŽƐƐƐƋƵĂƌĞĨĞĞƚ;'^&ͿƉĞƌƐƚĂĨĨĞĚŚŽƐƉŝƚĂůďĞĚ;Ϯ͕ϱϬϬ'^&ͬďĞĚͿ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ďĚĐŶĞƚǁŽƌŬ͘ĐŽŵͬŽǀĞƌƐŝnjĞĚͲŚĞĂůƚŚĐĂƌĞͲ Ͳ  ĨŽƌƚŽŶƐƉƌŽĐĞƐƐĞĚďLJƚŚĞ,Z͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĐĂ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬǁĂƐƚĞͬƌĞƉŽƌƚͲϮϬϭϵͲƐĐŽƌĞͲƉƌŽŐƌĂŵƐ͘ƐƐƵŵĞKůŵƐƚĞĚŽƵŶƚLJtdŚĂƐƐŝŵŝůĂƌ LJƌ͘Ϳ &ĞďƌƵĂƌLJϮϬϭϲ͘ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬǁĂƌŵͬĚŽĐƵŵĞŶƚĂƚŝŽŶͲĐŚĂƉƚĞƌƐͲŐƌĞĞŶŚŽƵƐĞͲŐĂƐͲĞŵŝƐƐŝŽŶͲĞŶĞƌŐLJͲĂŶĚͲĞĐŽŶŽŵŝĐͲĨĂĐƚŽƌƐͲƵƐĞĚͲǁĂƐƚĞ ϯϵϬ ƐƋ͘Ĩƚ͘ϭϬϮ͕ϰϰϬƚŽŶƐϬ͘ϱϰϰ ďĞĚƐϮϱϭ͕ϮϭϵƐƋ͘Ĩƚ͘ϯϱϯ͕ϲϱϵƚŽŶƐϬ͘ϱϮϭϮϱ^ƵďƚŽƚĂůĞŵŝƐƐŝŽŶƐ;ƚŽŶŶĞƐͿϭϮϵ  ŵŽƵŶƚƐ ƐƋ͘Ĩƚ͘Ͳ tĂƐƚĞ   ^ŽƵƌĐĞĨŽƌŚŽƐƉŝƚĂůǁĂƐƚĞŐĞŶĞƌĂƚŝŽŶƉĞƌƐƚĂĨĨĞĚďĞĚ;ϭϲůďͬďĞĚͬĚĂLJсϳ͘ϮϲŬŐͬďĞĚͬĚĂLJͿ͖ŽŵŵĞƌĐŝĂů;Ϭ͘ϬϬϲůďͬƐƋĨƚͬĚĂLJͿ͗ ŵŝƐƐŝŽŶ&ĂĐƚŽƌ ;ƚŽŶŶĞƐͬƚŽŶͿ ŚƚƚƉƐ͗ͬͬƉƵďůŝĐ͘ƚĂďůĞĂƵ͘ĐŽŵͬĂƉƉͬƉƌŽĨŝůĞͬŵƉĐĂ͘ĚĂƚĂ͘ƐĞƌǀŝĐĞƐͬǀŝnjͬ^KZKǀĞƌǀŝĞǁͬ^KZKǀĞƌǀŝĞǁ ^ŽƵƌĐĞ͗ΗϮϬϮϮ^KZZWKZd͕ΗKůŵƐƚĞĚŽƵŶƚLJϮϬϮϮǁĂƐƚĞŐĞŶĞƌĂƚŝŽŶ͕DWĂƚĂ^ĞƌǀŝĐĞƐ͕ ĂƚĂ^ŽƵƌĐĞŵŽƵŶƚhŶŝƚƐ ,ŽƐƉŝƚĂů;ŬŐΛϳ͘ϮϲŬŐͬďĞĚͬĚĂLJͿϳ͕ϴϵϱ>ĂŶĚĨŝůůĞĚǁĂƐƚĞ͕ϭ͘ϴй;ƚŽŶƐͿĂŶĚĞŵŝƐƐŝŽŶĨĂĐƚŽƌϰ͕ϱ͕ϲϳtĂƐƚĞƚŽĞŶĞƌŐLJ͕ϲϭ͘ϵй;ƚŽŶƐͿĂŶĚĞŵŝƐƐŝŽŶĨĂĐƚŽƌϰ͕ϱ͕ϲϮϰϭ ^ƵďƚŽƚĂůƐ;ŬŐͿϯϱϳ͕ϲϰϴ KĨĨŝĐĞƐ;ŬŐΛϬ͘ϴϰϴŬŐͬƐƋ͘Ĩƚͬ͘LJƌ͘ͿϮϭϮϬ͕ϴϬϮ ŽŵŵĞƌĐŝĂů;ŬŐΛϬ͘ϵϵϯŬŐͬƐƋ͘Ĩƚͬ͘LJƌ͘ͿϴͲ EŽͲƵŝůĚϮϬϰϱ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ͕DĂLJŽhŶďŽƵŶĚhZ ŚƚƚƉƐ͗ͬͬǁǁǁϮ͘ĐĂůƌĞĐLJĐůĞ͘ĐĂ͘ŐŽǀͬtĂƐƚĞŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶͬ'ĞŶĞƌĂůͬZĂƚĞƐ ŚƚƚƉƐ͗ͬͬǁǁǁϮ͘ĐĂůƌĞĐLJĐůĞ͘ĐĂ͘ŐŽǀͬWƵďůŝĐĂƚŝŽŶƐͬĞƚĂŝůƐͬϭϭϴϰ ŚŽǁͲĚŝĚͲǁĞͲŐĞƚͲŚĞƌĞͲĂŶĚͲŚŽǁͲĚŽͲǁĞͲƌŝŐŚƚͲƐŝnjĞ ^ŽůŝĚtĂƐƚĞ'ĞŶĞƌĂƚŝŽŶ ĞŵŝƐƐŝŽŶĨĂĐƚŽƌ͘ tĂƐƚĞ'ĞŶĞƌĂƚŝŽŶ tĂƐƚĞ;ƚŽŶƐͿ EŽƚĞƐ͗ hƐĞƐ͗ ϰ ϱϲϳϴ Ϯ EŽͲƵŝůĚϮϬϰϱ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ͕DĂLJŽhŶďŽƵŶĚhZ ĂĐŬƵƉ'ĞŶĞƌĂƚŽƌ&ƵĞůŽŶƐƵŵƉƚŝŽŶ ŝĞƐĞů 'ĞŶĞƌĂƚŽƌ ŽŶƐƵŵƉƚŝŽŶ ƵŝůĚŝŶŐ ^ŝnjĞ',';ŬŐͿ  ^ŝnjĞ;ŬtͿ  ;ŐĂů͘Ϳ ůůhƐĞƐ;ƐƋ͘Ĩƚ͘Ϳϯϱϳ͕ϲϰϴϭ͕ϴϯϴϰϬϰϮϲ dŽƚĂůϰϬϰϮϲ EŽƚĞƐ͗ ĂĐŬƵƉŐĞŶĞƌĂƚŽƌ͗ƐƐƵŵĞϱϬŬtнϱtƉĞƌƐƋ͘Ĩƚ͘;ƐŽƵƌĐĞ͗ ϭ ŚƚƚƉƐ͗ͬͬǁŽŽĚƐƚŽĐŬƉŽǁĞƌ͘ĐŽŵͬďůŽŐͬŚŽǁͲƚŽͲƐŝnjĞͲĂͲŐĞŶĞƌĂƚŽƌͲĨŽƌͲĐŽŵŵĞƌĐŝĂůͲďƵŝůĚŝŶŐͬͿ͘ ŝĞƐĞůĐŽŶƐƵŵƉƚŝŽŶƉĞƌŚŽƵƌĨƌŽŵĐŚĂƌƚďĞůŽǁ͘DŽŶƚŚůLJƚĞƐƚŝŶŐĨŽƌϯϬŵŝŶƵƚĞƐ;ƐŽƵƌĐĞ͗ Ϯ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŚĞĂůƚŚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĨĂĐŝůŝƚŝĞƐͬƌĞŐƵůĂƚŝŽŶͬĞŶŐŝŶĞĞƌŝŶŐͬĚŽĐƐͬůƐĐŐĞŶƐĞƚƐ͘ƉĚĨͿ ^ŽƵƌĐĞ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƵƐƉĞŐůŽďĂů͘ĐŽŵͬƉĂŐĞƐͬƌĞƐŽƵƌĐĞƐ  EŽͲƵŝůĚϮϬϰϱ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ͕DĂLJŽhŶďŽƵŶĚhZ ǀĞƌĂŐĞĚĂŝůLJǀĞŚŝĐůĞŵŝůĞƐƚƌĂǀĞůĞĚ;sDdͿŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞƐŝƚĞ ĂƚĞŐŽƌLJ sDd',';ŬŐͿ sDdϭϰ͕ϯϯϭϮ͕ϯϭϬ͕ϲϳϯ   ϭϰ͕ϯϯϭ ϭ͕ϴϰϭϭ͕ϭϯϯϯ͕Ϯϭϰϯ͕ϯϮϯ ϮϳϬϮϵϮϭϯϴϭ͕ϲϱϱϵϳϰϲϳϭ ϴϭϵϮ  sDd ;ƚŽƚĂůͿ     sDd ϭϬϱϯ͘ϱϴϰϱϭϯϮϭϰ͘ϱ ŝƌĞĐƚŝŽŶϭϯϯϮϮ͘ϱ dKd> ϯϯϮ͘ϰϰϴϲ͘ϲϭϭϲ͘ϲϭϰϵ͘ϬϭϰϮ͘ϲϴϵϵ͘ϭϳϱϲ͘ϭϰϯϱ͘ϳϱϯϴ͘ϯϯϮϵ͘ϭϯϰϮ͘ϰϱϲϳ͘ϭϱϲϱ͘ϰ ϭϱϮ͘ϵϳϴϳ͘ϱ ϳϬ͘Ϭϲϴ͘ϭ Ϭ͘ϲϭ͘ϭ dƌŝƉƐϵ ϭϬϰϬϲ ĂŝůLJϱϳϳϯ dƌŝƉƐϴ ĂŝůLJϱϳϭϬ ϴϲϮϱϵϰϴϱ dƌŝƉƐϳ ϭϯϵϬϬ ĂŝůLJϮϵϴϳϯϱϱϰϮϬϱϲϮϵϯϰϴϮϱϮ dƌŝƉƐϲ ϭϬϰϵϭ ϮϵϱϴϯϱϰϭϮϭϮϴϮϲϰϭ ĂŝůLJ dƌŝƉƐϱ ϭϬϰϰϯ ϯϭϳϰϯϬϯϮϮϲϱϮϱϱϱϭϯϯϬϳϴϱϬϭ ĂŝůLJϮϭϱϵϲϭϲϵϯϱϮϱ dƌŝƉƐϰ ϭϬϰϮϳ ĂŝůLJϯϯϲϯϰϳϱϭϯϬϵϮϮϰϬϳϮϵϬϰϱϱϱϭϮϵϰϲϮϵϵϲϴϰϴϳ ϯϮϮϵϲϭϲϵ dƌŝƉƐϯ ϭϬϵϬϬ ĂŝůLJϯϬϲϮϰϰϲϯϮϯϴϴϱϬϳϭϱϭϳϰϮϭϬϬϮϬϳϲϮϵϵϬϮϵϵϴϳϱϬϬ ϯϱϬϵϯϯϯϵϮϬϱϵ dƌŝƉƐϮ ϰϲϮϭϯϱϳϰϭϵϰϭϭϵϳϮϮϳϱϰϮϰϲϮϮϬϯϰϮϰϯϯϮϭϯϲϱϮϯϴϮϲϳϰϮϴϯϳϮϱϬϮϳϯϱϴϮϴϯϬ ĂŝůLJϭϳϲϱϮϲϰϱϮϱϳϱ dƌŝƉƐϭ ϭϱϲϭϮϰϭϰϰϲϬϲϯϰϲϮϮϮϱϲϮϬϰϰϮϭϴϬϮϳϳϯϮϰϳϳϮϬϲϴϮϰϳϭϱϲϯϬϮϲϳϰϮϴϯϰϮϳϭϳϮϰϳϮϳϯϱϰ ĂŝůLJϮϮϯϵϮϵϬϱϲϴϵϱ ϭϳϯϬ ŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮ ŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮ WĂƌƚŝƚŝŽŶƐŝƌĞĐƚŝŽŶ EŽͲƵŝůĚŽŶĚŝƚŝŽŶƐͲsDdĂůĐƵůĂƚŝŽŶ ϰϮϮϭϳϯϴϭ ϵϱϱϵ >ĞŶŐƚŚ;ŵŝͿ ^ĞŐŵĞŶƚ Ϭ͘ϭϯϲϬ͘ϬϯϯϬ͘ϬϳϭϬ͘ϬϯϭϬ͘ϮϰϲϬ͘ϭϴϲϬ͘ϭϯϯϬ͘Ϭϯϴ Ϭ͘ϮϬϱϬ͘ϭϵϱϬ͘ϯϲϵϬ͘ϯϲϵ >ĞŶŐƚŚ;ĨƚͿ ^ĞŐŵĞŶƚ ϰd,sEhϭϵϱϬ ϭϯϬϬϭ^d^dZd^tϭϬϴϬϭϬϯϬϭϵϱϬ ϳd,sEhϳϬϬ ϳϮϬϮE^dZdEtϭϳϱϭ^d^dZdEtͲ^dϭϲϱϵϴϬϮEsEhϮϬϬ ϯϳϱ ϭ^d^dZdEtͲt^d EdZ^dZdt ϯZ^dZdEt ϮE^dZd^t ϲd,sEhϯZsEh ^ĞŐŵĞŶƚ  hŶŝƚƐ Ύ^ĞĞΖtĂƐƚĞ'ĞŶĞƌĂƚŝŽŶ͘ΖƐƐƵŵĞƐϮ͕ϱϬϬƐƋĨƚƉĞƌďĞĚ;Ϭ͘ϬϬϬϰďĞĚƐƉĞƌƐƋĨƚͿ͘ &ƵůůͲƵŝůĚ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ͕DĂLJŽhŶďŽƵŶĚhZ ďĞĚƐ ƐƋĨƚƐƋĨƚƐƋĨƚ ϭϭϱ͕ϬϬϬ ϳϰϬϱ͕ϬϬϬ YƵĂŶƚŝƚLJ Ͳ         ůĞĐƚƌŝĐŝƚLJͬWŽǁĞƌ^ƚĂƚŝŽŶ WƌŽũĞĐƚŽŵƉŽŶĞŶƚƐ DĞĚŝĐĂůKĨĨŝĐĞ hƐĞ ,ŽƐƉŝƚĂůΎ ^ĐŚŽŽů hƐĞƐ͗  ϱ͘ϮйϬ͘ϬйϮ͘ϭйϭϬϬй ϰϮ͘ϴйϰϵ͘ϵй WĞƌĐĞŶƚŽĨ dŽƚĂů',' ŽŶŝŶ Ɖ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬĐůŝŵĂƚĞůĞĂĚĞƌƐŚŝƉͬƐĐŽƉĞͲϭͲĂŶĚͲƐĐŽƉĞͲϮͲ ŽŶŝŶĚŝƌĞĐƚůLJŝŵƉĂĐƚƐŝŶŝƚƐǀĂůƵĞĐŚĂŝŶ͘^ĐŽƉĞϯ ĞŵŝƐƐŝŽŶƐŝŶĐůƵĚĞĂůůƐŽƵƌĐĞƐŶŽƚǁŝƚŚŝŶĂŶŽƌŐĂŶŝnjĂƚŝŽŶ͛ƐƐĐŽƉĞϭĂŶĚϮďŽƵŶĚĂƌLJ͘dŚĞƐĐŽƉĞϯĞŵŝƐƐŝŽŶƐĨŽƌŽŶĞŽƌŐĂŶŝnjĂƚŝŽŶĂƌĞƚŚĞƐĐŽƉĞϭĂŶĚϮĞŵŝƐƐŝŽŶƐŽĨĂŶŽƚŚĞƌŽƌŐĂŶŝnjĂƚŝŽŶ͘^ĐŽƉĞϯ ĞŵŝƐƐŝŽŶƐ͕ĂůƐŽƌĞĨĞƌƌĞĚƚŽĂƐǀĂůƵĞĐŚĂŝŶĞŵŝƐƐŝŽŶƐ͕ŽĨƚĞŶƌĞƉƌĞƐĞŶƚƚŚĞŵĂũŽƌŝƚLJŽĨĂŶŽƌŐĂŶŝnjĂƚŝŽŶ͛ƐƚŽƚĂů','ĞŵŝƐƐŝŽŶƐ͘͟;W͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬĐůŝŵĂƚĞůĞĂĚĞƌƐŚŝƉͬƐĐŽƉĞͲϯͲŝŶǀĞŶƚŽƌLJͲ Ɵ ŽŶ;Ğ͘Ő͕͘ĞŵŝƐƐŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĨƵĞůĐŽŵďƵƐ ',';ŬŐͬƐƋ͘ Ϭ͘ϵϴ ϳ͘ϵϳϵ͘ϯϬϭϴ͘ϲ ϴ͘ϯϳϭ͘ϴϱϵ͘ϱϲϱ͘ϰϳϮ͘ϭϵ Ϭ͘ϯϵ Ϭ͘ϴϮ ͲͲ   Ĩƚ͘Ϳ   ϭ͕ϵϮϰ ϭϱ͕ϰϴϰϰ ϭϱ͕ϳϬϬϮ ϭϳ͕ϲϴϰϲϯϬ ϭϴ͕ϯϮϰ ϳϱϵϯϲ͕ϳϬϵ ϮϭϮϭϭ ;ƚŽŶŶĞƐͿ   Ͳ  ','    Ͳ      ϭϮϭϭ͕ϵϯϮsDdϬ͘ϰϰϭ͘ϱϴϲ͘ϵϴϳ͘ϲϰ Ϭ͘ϯϱϬ͘ϮϲϬ͘ϭϲϭϬ͘ϳϰ ϯϯ͘ϯϳ ϭϵ͘ϭϭ ŵŝƐƐŝŽŶ &ĂĐƚŽƌƐ     Ɵ ŽŶ͕ďƵƚƚŚĂƚƚŚĞŽƌŐĂŶŝnjĂ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞŶĞƌŐLJƐƚĂƌ͘ŐŽǀͬďƵŝůĚŝŶŐƐͬƌĞƐŽƵƌĐĞƐͺĂƵĚŝĞŶĐĞͬƐĞƌǀŝĐĞͺƉƌŽĚƵĐƚͺƉƌŽǀŝĚĞƌƐͬĐŽŵŵĞƌĐŝĂůͺŶĞǁͺĐŽŶƐƚƌƵĐƚŝŽŶͬƚĂƌŐĞƚͺĨŝŶĚĞƌ W^ŝŵƉůŝĨŝĞĚ','ŵŝƐƐŝŽŶƐĂůĐƵůĂƚŽƌ;ΗƚŚĞĂůĐƵůĂƚŽƌΗͿ͕ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬĞŶĞƌŐLJͬŐƌĞĞŶŚŽƵƐĞͲŐĂƐͲĞƋƵŝǀĂůĞŶĐŝĞƐͲĐĂůĐƵůĂƚŽƌ ^ŝƚĞŶĞƌŐLJhƐĞ /ŶĚĞdž;ŬƚƵͬƐƋ͘ Ɵ ϯϰ͘ϴϭϭϯ͘ϴϮϯ͘ϴ ϭϱϳ͘ϵϮϱ͘ϵϭϱ͘ϱ ϲϱ͘ϮϮϲ͘ϭ ^ĐŽƉĞϭ͗͞^ĐŽƉĞϭĞŵŝƐƐŝŽŶƐĂƌĞĚŝƌĞĐƚŐƌĞĞŶŚŽƵƐĞ;','ͿĞŵŝƐƐŝŽŶƐƚŚĂƚŽĐĐƵƌĨƌŽŵƐŽƵƌĐĞƐƚŚĂƚĂƌĞĐŽŶƚƌŽůůĞĚŽƌŽǁŶĞĚďLJĂŶŽƌŐĂŶŝnjĂ Ʃ   ^ĐŽƉĞϮ͗͞^ĐŽƉĞϮĞŵŝƐƐŝŽŶƐĂƌĞŝŶĚŝƌĞĐƚ','ĞŵŝƐƐŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƉƵƌĐŚĂƐĞŽĨĞůĞĐƚƌŝĐŝƚLJ͕ƐƚĞĂŵ͕ŚĞĂƚ͕ŽƌĐŽŽůŝŶŐ͘͟;W͕Ś   Ĩƚ͘Ϳ ƚŽŶƐŽĨǁĂƐƚĞ Ɵ ŶŐŽƌŐĂŶŝnjĂ ϭƚŚĞƌŵƐ ŐĂůůŽŶƐ ďŽŝůĞƌƐ͕ĨƵƌŶĂĐĞƐ͕ǀĞŚŝĐůĞƐͿ͘͟;W͕ŚƚƚƉ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬĐůŝŵĂƚĞůĞĂĚĞƌƐŚŝƉͬƐĐŽƉĞͲϭͲĂŶĚͲƐĐŽƉĞͲϮͲŝŶǀĞŶƚŽƌLJͲŐƵŝĚĂŶĐĞͿ ^ŽƵƌĐĞ;ŝƉŽĚĞ͗ϱϱϵϬϮͿ͗h^WŶĞƌŐLJ^ƚĂƌWŽƌƚĨŽůŝŽDĂŶĂŐĞƌdĂƌŐĞƚ&ŝŶĚĞƌ͘ZĞĨĞƌƚŽŶĞƌŐLJ&ŝŶĚĞƌƐŚĞĞƚ͘ ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ƐƋ͘Ĩƚ͘ ŵŽƵŶƚhŶŝƚƐ ŬtŚ Ɵ ĞƐĨƌŽŵĂƐƐĞƚƐŶŽƚŽǁŶĞĚŽƌĐŽŶƚƌŽůůĞĚďLJƚŚĞƌĞƉŽƌ ϭ͕ϴϱϬ͕ϬϬϬϭ͕ϴϱϬ͕ϬϬϬ ϭϭϱ͕ϬϬϬϱ͕ϬϬϬ ϭ͕ϵϳϬ͕ϬϬϬ ϭϭϱ͕ϬϬϬϱ͕ϬϬϬ ϭ͕ϵϳϬ͕ϬϬϬ Ϯϭϰ Ϯ͕Ϯϴϵ ͲͲ          ZĞĨĞƌƚŽƚŚĞƐŚĞĞƚΗDŽďŝůĞƋƵŝƉŵĞŶƚ͘ΗsDdсǀĞƌĂŐĞĂŝůLJsĞŚŝĐůĞDŝůĞƐdƌĂǀĞůĞĚ͘       EŽƚĞƐΎΎ ^ŽƵƌĐĞ ĂƚĂϭΘϮ ϯϯϯϯϯϯϯϯϮ ^ĐŽƉĞΎ &ƵůůͲƵŝůĚ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ͕DĂLJŽhŶďŽƵŶĚhZ ϭϮ ϯ &ŽƌĂŶĞdžƉůĂŶĂƚŝŽŶŽĨŵŝƐƐŝŽŶƐƐĐŽƉĞƐ͕ƉůĞĂƐĞƌĞĨĞƌĞŶĐĞƚŚĞĨŽůůŽǁŝŶŐ͗ hƐĞƐĂŶĚƉƌŽũĞĐƚĂǀĞƌĂŐĞĚĂŝůLJǀĞŚŝĐůĞŵŝůĞƐƚƌĂǀĞůĞĚ;sDdͿ͗ ŽŵďƵƐƚŝŽŶ͕ƐƚĂƚŝŽŶĂƌLJĞƋƵŝƉŵĞŶƚ͕ŶĂƚƵƌĂůŐĂƐ;ƚŚĞƌŵƐͬƐƋ͘ ŽŵďƵƐƚŝŽŶĂƌĞĂ;ĚŝĞƐĞů͕ďĂĐŬͲƵƉŐĞŶĞƌĂƚŽƌƐ͕','ŬŐͬŐĂů͘Ϳ KƉĞƌĂƚŝŽŶĂůĞŵŝƐƐŝŽŶƐ͕ŵŽďŝůĞĞƋƵŝƉŵĞŶƚ͕ĂĨƚĞƌƉƌŽũĞĐƚŝƐ Ɵ ǀŝ Ɵ ^ĐŽƉĞϯ͗͞^ĐŽƉĞϯĞŵŝƐƐŝŽŶƐĂƌĞƚŚĞƌĞƐƵůƚŽĨĂĐ KĨĨͲƐŝƚĞĞůĞĐƚƌŝĐŝƚLJ͕yĐĞůϮϬϮϭ;','ŬŐͬƐƋ͘Ĩƚ͘Ϳ ŵŝƐƐŝŽŶ^ŽƵƌĐĞ ůĞĐƚƌŝĐŝƚLJͬWŽǁĞƌ^ƚĂƚŝŽŶůĞĐƚƌŝĐŝƚLJͬWŽǁĞƌ^ƚĂƚŝŽŶ KĨĨͲƐŝƚĞǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚ dŽƚĂůĞŵŝƐƐŝŽŶƐ;ƚŽŶŶĞƐͿ DĞĚŝĐĂůKĨĨŝĐĞDĞĚŝĐĂůKĨĨŝĐĞ ΎΎĂƚĂ^ŽƵƌĐĞEŽƚĞƐ͗ ŝŶǀĞŶƚŽƌLJͲŐƵŝĚĂŶĐĞͿ ^ƵďƚŽƚĂů^ƵďƚŽƚĂů ,ŽƐƉŝƚĂů,ŽƐƉŝƚĂů ^ĐŚŽŽů^ĐŚŽŽů ŽƉĞƌĂƚŝŽŶĂů ŐƵŝĚĂŶĐĞͿ Ύ^ĐŽƉĞ͗ Ĩƚͬ͘LJƌ͘Ϳ͗ ϭϮϯ  ͻͻͻ  ƉĞƌƐƋ͘Ĩƚ͘ƉĞƌ ^ŽƵƌĐĞ͗dĂďůĞϮϭ͕ΗdĂƌŐĞƚĞĚ^ƚĂƚĞǁŝĚĞtĂƐƚĞŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶ^ƚƵĚLJ͗tĂƐƚĞŝƐƉŽƐĂůĂŶĚŝǀĞƌƐŝŽŶ&ŝŶĚŝŶŐƐĨŽƌ^ĞůĞĐƚĞĚ/ŶĚƵƐƚƌLJ'ƌŽƵƉƐ͕ϮϬϬϲ͘ DŽĚĞů;tZDͿ͕KƌŐĂŶŝĐDĂƚĞƌŝĂůƐŚĂƉƚĞƌƐ͕ΗdžŚŝďŝƚϭͲϭϬ͕h͘^͘ŶǀŝƌŽŶŵĞŶƚĂůWƌŽƚĞĐƚŝŽŶŐĞŶĐLJKĨĨŝĐĞŽĨZĞƐŽƵƌĐĞŽŶƐĞƌǀĂƚŝŽŶĂŶĚZĞĐŽǀĞƌLJ͕ ^ŽƵƌĐĞĨŽƌĞŵŝƐƐŝŽŶƐĨƌŽŵƚŚĞ,ĞŶŶĞƉŝŶŶĞƌŐLJZĞĐŽǀĞƌLJĞŶƚĞƌ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĐĂ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĂŝƌͬƉĞƌŵŝƚƚĞĚͲĨĂĐŝůŝƚLJͲĂŝƌͲĞŵŝƐƐŝŽŶƐͲĚĂƚĂ͘^ŽƵƌĐĞ ϭ͘Ϭ ϭ͘ϭϭ͘ϭ tĂƐƚĞ;ŬŐ ^ŽƵƌĐĞĨŽƌĞŵŝƐƐŝŽŶĨĂĐƚŽƌĨŽƌůĂŶĚĨŝůůĞĚǁĂƐƚĞ͗ΗŽĐƵŵĞŶƚĂƚŝŽŶĨŽƌ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶĂŶĚŶĞƌŐLJ&ĂĐƚŽƌƐhƐĞĚŝŶƚŚĞtĂƐƚĞZĞĚƵĐƚŝŽŶ ^ŽƵƌĐĞĨŽƌĞƐƚŝŵĂƚĞŽĨŐƌŽƐƐƐƋƵĂƌĞĨĞĞƚ;'^&ͿƉĞƌƐƚĂĨĨĞĚŚŽƐƉŝƚĂůďĞĚ;Ϯ͕ϱϬϬ'^&ͬďĞĚͿ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ďĚĐŶĞƚǁŽƌŬ͘ĐŽŵͬŽǀĞƌƐŝnjĞĚͲŚĞĂůƚŚĐĂƌĞͲ Ͳ  ĨŽƌƚŽŶƐƉƌŽĐĞƐƐĞĚďLJƚŚĞ,Z͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƉĐĂ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬǁĂƐƚĞͬƌĞƉŽƌƚͲϮϬϭϵͲƐĐŽƌĞͲƉƌŽŐƌĂŵƐ͘ƐƐƵŵĞKůŵƐƚĞĚŽƵŶƚLJtdŚĂƐƐŝŵŝůĂƌ LJƌ͘Ϳ &ĞďƌƵĂƌLJϮϬϭϲ͘ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĞƉĂ͘ŐŽǀͬǁĂƌŵͬĚŽĐƵŵĞŶƚĂƚŝŽŶͲĐŚĂƉƚĞƌƐͲŐƌĞĞŶŚŽƵƐĞͲŐĂƐͲĞŵŝƐƐŝŽŶͲĞŶĞƌŐLJͲĂŶĚͲĞĐŽŶŽŵŝĐͲĨĂĐƚŽƌƐͲƵƐĞĚͲǁĂƐƚĞ ďĞĚƐϭ͕ϵϲϮ͕ϮϲϵƐƋ͘Ĩƚ͘ϭϭϰ͕ϭϵϱƐƋ͘Ĩƚ͘Ϯ͕Ϭϳϲ͕ϰϲϰϮ͕ϮϴϵϬ͘ϱϮϳϯϳ^ƵďƚŽƚĂůĞŵŝƐƐŝŽŶƐ;ƚŽŶŶĞƐͿϳϱϵ Ϭ͘ϱϰϮϮ ŵŽƵŶƚƐ ƐƋ͘Ĩƚ͘Ͳ tĂƐƚĞ     ^ŽƵƌĐĞĨŽƌŚŽƐƉŝƚĂůǁĂƐƚĞŐĞŶĞƌĂƚŝŽŶƉĞƌƐƚĂĨĨĞĚďĞĚ;ϭϲůďͬďĞĚͬĚĂLJсϳ͘ϮϲŬŐͬďĞĚͬĚĂLJͿ͖ŽŵŵĞƌĐŝĂů;Ϭ͘ϬϬϲůďͬƐƋĨƚͬĚĂLJͿ͗ ŵŝƐƐŝŽŶ&ĂĐƚŽƌ ;ƚŽŶŶĞƐͬƚŽŶͿ ŚƚƚƉƐ͗ͬͬƉƵďůŝĐ͘ƚĂďůĞĂƵ͘ĐŽŵͬĂƉƉͬƉƌŽĨŝůĞͬŵƉĐĂ͘ĚĂƚĂ͘ƐĞƌǀŝĐĞƐͬǀŝnjͬ^KZKǀĞƌǀŝĞǁͬ^KZKǀĞƌǀŝĞǁ ^ŽƵƌĐĞ͗ΗϮϬϮϮ^KZZWKZd͕ΗKůŵƐƚĞĚŽƵŶƚLJϮϬϮϮǁĂƐƚĞŐĞŶĞƌĂƚŝŽŶ͕DWĂƚĂ^ĞƌǀŝĐĞƐ͕ ĂƚĂ^ŽƵƌĐĞŵŽƵŶƚhŶŝƚƐ ŽŵŵĞƌĐŝĂů;ŬŐΛϬ͘ϵϵϯŬŐͬƐƋ͘Ĩƚͬ͘LJƌ͘Ϳϴϭϭϱ͕ϬϬϬ ,ŽƐƉŝƚĂů;ŬŐΛϳ͘ϮϲŬŐͬďĞĚͬĚĂLJͿϳ͕ϴϳϰϬ >ĂŶĚĨŝůůĞĚǁĂƐƚĞ͕ϭ͘ϴй;ƚŽŶƐͿĂŶĚĞŵŝƐƐŝŽŶĨĂĐƚŽƌϰ͕ϱ͕ϲϰϭtĂƐƚĞƚŽĞŶĞƌŐLJ͕ϲϭ͘ϵй;ƚŽŶƐͿĂŶĚĞŵŝƐƐŝŽŶĨĂĐƚŽƌϰ͕ϱ͕ϲϭ͕ϰϭϳ ^ƵďƚŽƚĂůƐ;ŬŐͿϭ͕ϵϲϱ͕ϬϬϬ KĨĨŝĐĞƐ;ŬŐΛϬ͘ϴϰϴŬŐͬƐƋ͘Ĩƚͬ͘LJƌ͘ͿϮͲ ŚƚƚƉƐ͗ͬͬǁǁǁϮ͘ĐĂůƌĞĐLJĐůĞ͘ĐĂ͘ŐŽǀͬtĂƐƚĞŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶͬ'ĞŶĞƌĂůͬZĂƚĞƐ &ƵůůͲƵŝůĚ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ͕DĂLJŽhŶďŽƵŶĚhZ ŚƚƚƉƐ͗ͬͬǁǁǁϮ͘ĐĂůƌĞĐLJĐůĞ͘ĐĂ͘ŐŽǀͬWƵďůŝĐĂƚŝŽŶƐͬĞƚĂŝůƐͬϭϭϴϰ ŚŽǁͲĚŝĚͲǁĞͲŐĞƚͲŚĞƌĞͲĂŶĚͲŚŽǁͲĚŽͲǁĞͲƌŝŐŚƚͲƐŝnjĞ ^ŽůŝĚtĂƐƚĞ'ĞŶĞƌĂƚŝŽŶ ĞŵŝƐƐŝŽŶĨĂĐƚŽƌ͘ tĂƐƚĞ'ĞŶĞƌĂƚŝŽŶ tĂƐƚĞ;ƚŽŶƐͿ EŽƚĞƐ͗ hƐĞƐ͗ ϰ ϱϲϳϴ Ϯ &ƵůůͲƵŝůĚ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ͕DĂLJŽhŶďŽƵŶĚhZ ĂĐŬƵƉ'ĞŶĞƌĂƚŽƌ&ƵĞůŽŶƐƵŵƉƚŝŽŶ ŝĞƐĞů 'ĞŶĞƌĂƚŽƌ ŽŶƐƵŵƉƚŝŽŶ ƵŝůĚŝŶŐ ^ŝnjĞ',';ŬŐͿ  ^ŝnjĞ;ŬtͿ  ;ŐĂů͘Ϳ ůůhƐĞƐ;ƐƋ͘Ĩƚ͘Ϳϭ͕ϵϳϬ͕ϬϬϬϵ͕ϵϬϬϮϭϰϮ͕Ϯϵϲ dŽƚĂůϮϭϰϮ͕Ϯϵϲ EŽƚĞƐ͗ ĂĐŬƵƉŐĞŶĞƌĂƚŽƌ͗ƐƐƵŵĞϱϬŬtнϱtƉĞƌƐƋ͘Ĩƚ͘;ƐŽƵƌĐĞ͗ ϭ ŚƚƚƉƐ͗ͬͬǁŽŽĚƐƚŽĐŬƉŽǁĞƌ͘ĐŽŵͬďůŽŐͬŚŽǁͲƚŽͲƐŝnjĞͲĂͲŐĞŶĞƌĂƚŽƌͲĨŽƌͲĐŽŵŵĞƌĐŝĂůͲďƵŝůĚŝŶŐͬͿ͘ ŝĞƐĞůĐŽŶƐƵŵƉƚŝŽŶƉĞƌŚŽƵƌĨƌŽŵĐŚĂƌƚďĞůŽǁ͘DŽŶƚŚůLJƚĞƐƚŝŶŐĨŽƌϯϬŵŝŶƵƚĞƐ;ƐŽƵƌĐĞ͗ Ϯ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ŚĞĂůƚŚ͘ƐƚĂƚĞ͘ŵŶ͘ƵƐͬĨĂĐŝůŝƚŝĞƐͬƌĞŐƵůĂƚŝŽŶͬĞŶŐŝŶĞĞƌŝŶŐͬĚŽĐƐͬůƐĐŐĞŶƐĞƚƐ͘ƉĚĨͿ ^ŽƵƌĐĞ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƵƐƉĞŐůŽďĂů͘ĐŽŵͬƉĂŐĞƐͬƌĞƐŽƵƌĐĞƐ  &ƵůůͲƵŝůĚ'ƌĞĞŶŚŽƵƐĞ'ĂƐŵŝƐƐŝŽŶƐ͕DĂLJŽhŶďŽƵŶĚhZ ǀĞƌĂŐĞĚĂŝůLJǀĞŚŝĐůĞŵŝůĞƐƚƌĂǀĞůĞĚ;sDdͿŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞƐŝƚĞ ĂƚĞŐŽƌLJ sDd',';ŬŐͿ sDdϭϭ͕ϵϯϮϭ͕ϵϮϯ͕ϴϲϳ   ϯZ^dZdEtϳϮϬϬ͘ϭϯϲϰϳϱϲϭ^d^dZdEtͲ^dϭϲϱϬ͘ϬϯϭϭϭϮϳEdZ^dZdtϭϯϬϬϬ͘Ϯϰϲϵϭ͕ϳϬϰϮE^dZd^tϵϴϬϬ͘ϭϴϲϱϮ͕ϲϴϲϳd,sEhϳϬϬϬ͘ϭϯϯϯϴϲϬϭϵϰϬ͘ϵϭ͕ϵϰϭϭϲϭϰ͘ϵϭ͕ϲϭϱ ϮE^dZdEtϭϳϱϬ͘ϬϯϯϮϮϱϵϭ^d^dZdEtͲt^dϯϳϱϬ͘ϬϳϭϮϮϵϯϭ^d^dZd^tϰϬϬϬ͘ϬϳϲϯϮϯϴϲd,sEhϭϬϯϬϬ͘ϭϵϱϱϭ͕ϰϱϮϮEsEhϮϬϬϬ͘ϬϯϴϭϮ ϭϭ͕ϵϯϮ  sDd ;ƚŽƚĂůͿ     sDd ϭϯϰϲ͘Ϭ ϭϯϰϬ͘ϭ dKd> ϯϭϱ͘ϳϭϯϰ͘ϲϭϰϱ͘ϲϭϰϳ͘ϳϴϳϭ͘ϰϭϮϭ͘ϰϰϯϲ͘ϬϳϮϮ͘ϰ ϰϯϵ͘ϵϭϮϰ͘ϯϴϯϮ͘ϱϭϭϲ͘ϮϰϮϰ͘ϭϳϮϵ͘Ϯ ϰϰ͘ϵϴϮ͘ϭ Ϭ͘ϲ ϭ͘Ϯ dƌŝƉƐϵ ĂŝůLJ ϯϲϭϳ ϯϱϳϱ dƌŝƉƐϴ ĂŝůLJ ϯϱϳϲϯϱϯϳ dƌŝƉƐϳ ĂŝůLJ ϯϱϱϰ ϯϭϴϱ dƌŝƉƐϲ ĂŝůLJ ϯϱϮϰ ϯϯϮϱϭϬϭϭϴϴϭϮϳϳϳϬϮϳϳϯϰϲϴϳϰϲϳϰϰϲϯϳϱϮϰϴϰϲϳϯϬϴϮϳϳϴϯϰϭϳϭϰϲ dƌŝƉƐϱ ĂŝůLJ ϯϳϮϲϰϱϮϰ ϯϵϱϵϲϱϰϵϳϬϵϱϰϰϵϱ dƌŝƉƐϰ ĂŝůLJ ϰϭϴϰϯϳϴϳϰϬϮϳϯϴϯϳ ϯϬϯϴϲϱϰϵϳϬϵϱϯϵϴϴ dƌŝƉƐϯ ĂŝůLJ ϰϭϴϲϳϱϯϬϯϲϮϲϯϴϯϳ ϮϳϮϵϯϴϵϱϯϵϱϴϭϰϴϴϭϲϭϯϲϵϳϮϯϱϲϱϰϬϯϭ dƌŝƉƐϮ ĂŝůLJ ϯϴϯϰϮϬϰϳϭϱϱϬϭϱϵϬϳϳϯϲ ϭϴϲϯϮϱϰϱϰϬϴϭϭϴϵϱϮϲϮϮϮϳϰϯϳϭϱϴϯϱϲϱϯϱϳϭϯϬϲϱϯϭϬϭ dƌŝƉƐϭ ĂŝůLJ ϭϲϯϬϯϲϲϲϮϮϬϰϭϰϯϳϮϲϯϰϮϳϰϳϭϲϬϲϳϳϯϲϳϵϰϬϯϬϰϲ ϮϮϳϵϰϬϰϯϮϭϭϮϮϲϮϴϭϱϲϱϮϳϯϱϮϯϵϵϯϮϴϯ ϯϮϭϱ ϯZsEhϭϯϬϬϬ͘ϮϰϲϲŝƌĞĐƚŝŽŶϭ ϰd,sEhϭϯϬϬϬ͘ϮϰϲϲŝƌĞĐƚŝŽŶϭ ŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮ ŝƌĞĐƚŝŽŶϭŝƌĞĐƚŝŽŶϮ WĂƌƚŝƚŝŽŶƐŝƌĞĐƚŝŽŶ &ƵůůͲƵŝůĚŽŶĚŝƚŝŽŶƐͲsDdĂůĐƵůĂƚŝŽŶ >ĞŶŐƚŚ;ŵŝͿ ^ĞŐŵĞŶƚ >ĞŶŐƚŚ;ĨƚͿ ^ĞŐŵĞŶƚ ^ĞŐŵĞŶƚ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± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ± >  >!@ @ ± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ±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¶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ϭƐƚƌŽĂĚǁĂLJ ϭƐƚƌŽĂĚǁĂLJ ϱƚŚϯƌĚΘϰƚŚϮŶĚ ϱƚŚϯƌĚΘϰƚŚϮŶĚ ϮϬϰϱWZ:ϮϬϰϱWZ: ϮϬϰϱZ&ϮϬϰϱZ& ϮϬϭϴ ϮϬϭϴ ϲƚŚ ϲƚŚ ϳƚŚ ϳƚŚ ϮϱϬϬϬϮϬϬϬϬϭϱϬϬϬϭϬϬϬϬ ϱϬϬϬ ϱϬϬϬϬ ϮϱϬϬϬϮϬϬϬϬϭϱϬϬϬϭϬϬϬϬϬ    Et EtϯƌĚ EtϮŶĚ ^tĞŶƚĞƌϭƐƚ WZ: ϮϬϰϱ Z& ϮϬϰϱ ϮϬϭϴ ^tϭƐƚ ^tϮŶĚ ϯƌĚ ϭϲϬϬϬϭϰϬϬϬϭϮϬϬϬϭϬϬϬϬϬ ϴϬϬϬϲϬϬϬϰϬϬϬϮϬϬϬ      ϯϱ ϲ ϯϱ ϲ   R W \  N D SDUZ D VHFVHF  H  R; Y W $ GUL  Q Z 0 ))  R GR LQJW 2  V  Z '523 Y OR PR V  VHFVHF V  W DU 9* DU F W  / V $ Q $  \ KH 5 KH Z ( W *(1   URP Q KH H Z H I P P WL WL  I  S I R X II  S  GURS R X SLFN   SN RF L U S G  ϭϭϰ ϳϯϮϮϲϭϭϵ ϯϱϯϰϬϭϭϲ ϭϬϵ ϵϬ                                    >!@ @ ± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ± >    >!@ @ ± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ± >  >!@ @ ± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ± >   >!@ @ ± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ± >  >!@ @ ± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ± >  >!@ @ ± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ± >  >!@ @ ± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ± >    >!@ @ ± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ± >  >!@ @ ± > @ ± > &RORXUFRGHEDVHGRQ'HJUHHRI6DWXUDWLRQ @ ± >              %,.(:$/. 75$16,7  &$5322/  6+$5( 02'(  027259(+,&/(  %,.(:$/. &$5322/    2&,9,& 5 ( 17 17 < 0$ ( ( 510 & 5 ( 17 ( *29 ( & . &/,1,& /'3$5 2 6 5 < 0$ ( 2/', ( ), 6  < 5 ( &29 . :$/ 6 ', 7+$9( &(17(567 1'67 7+677+67 6287+:(67 &,9,&&(17(5'5 +,6725,& .87=.<3$5. 7+$9(  6 3,7$/ < 70$5 &/,1,& 6 2 + 6 .XW]N\ 3DUN 7+$9(                 $ /HYHORI 6HUYLFH /26&/26%/26%/26%/26&/26&/26&/26&/26&/26%/26%/26&/26&/26&/26&/26& $  /26 VHFː +9@    '(0$1' )/2:6 HKLFOH0RYHPHQW3HUIRUPDQFH RWDO YHKK    $ /HYHORI 6HUYLFH /26'/26'/26'/26'/26&/26&/26'/26&/26'/26'/26'/26'/26'/26&/26%/26&/26& VHF  $ /HYHORI 6HUYLFH /26'/26%/26%/26'/26(/26)/26(/26%/26%/26(/26)/26(/26( $$$$  /26/26/26/26 VHF +9@   $ /HYHORI 6HUYLFH /26&/26%/26%/26&/26&/26&/26%/26%/26&/26%/26%/26% $$$$$  /26/26/26/26/26 VHF   '(0$1' )/2:6 HKLFOH0RYHPHQW3HUIRUPDQFH RWDO YHKK     $ /HYHORI 6HUYLFH /26'/26'/26'/26'/26'/26'/26'/26'/26&/26&/26&/26&/26&/26&/26&/26&/26' VHF )/2:6 HKLFOH0RYHPHQW3HUIRUPDQFH RWDO YHKK   $ /HYHORI 6HUYLFH /26&/26&/26&/26&/26'/26'/26'/26'/26'/26'/26'/26'/26&/26&/26&/26&/26' VHF 'HOD\  U YH $ YF 6DWQ  '(0$1' )/2:6 HKLFOH0RYHPHQW3HUIRUPDQFH RWDO YHKK   $ /HYHORI 6HUYLFH /26'/26'/26'/26'/26&/26&/26&/26&/26&/26&/26&/26&/26& $$$$  /26/26/26/26 VHF 'HOD\  U YH $ YF 6DWQ 'HJ +9@   '(0$1' )/2:6 HKLFOH0RYHPHQW3HUIRUPDQFH RWDO YHKK       7  > YHKK +9@ 92/80(6   7 ,138 YH1: YH1: RWDO YHKK  RWDO YHKK     7  > YHKK +9@ 92/80(6    7 ,138 YH1: YH1: RWDO YHKK  UIRUPDQFH RWDO YHKK                      :ƵůLJϭϲ͕ϮϬϮϰ  ůůŝŽƚDŽŚůĞƌ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂLJEŽƌƚŚǁĞƐƚ͕^ƵŝƚĞϭϬϬ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ ĐŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀ  Z͗DĂLJŽůŝŶŝĐŽůĚ&ŽƌǁĂƌĚhŶďŽƵŶĚʹůƚĞƌŶĂƚŝǀĞhƌďĂŶƌĞĂǁŝĚĞZĞǀŝĞǁ  ĞĂƌ͗ůůŝŽƚDŽŚůĞƌ  dŚĂŶŬLJŽƵĨŽƌƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚŽŶƚŚĞůƚĞƌŶĂƚŝǀĞhƌďĂŶƌĞĂǁŝĚĞZĞǀŝĞǁ ;hZͿĨŽƌƚŚĞDĂLJŽůŝŶŝĐŽůĚ&ŽƌǁĂƌĚhŶďŽƵŶĚƉƌŽũĞĐƚ;WƌŽũĞĐƚͿůŽĐĂƚĞĚŝŶZŽĐŚĞƐƚĞƌ͕KůŵƐƚĞĂĚ ŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ͘dŚĞWƌŽũĞĐƚĐŽŶƐŝƐƚƐŽĨDĂLJŽůŝŶŝĐƉƌŽƉŽƐŝŶŐƚŽƌĞĚĞǀĞůŽƉƚŚĞĂƌĞĂǁŝƚŚ ĂƉƉƌŽdžŝŵĂƚĞůLJϭ͕ϵϳϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨŵĞĚŝĐĂůŝŶƐƚŝƚƵƚŝŽŶĂůĂŶĚϵϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨĞůĞĐƚƌŝĐ ŐĞŶĞƌĂƚŝŶŐůĂŶĚƵƐĞƐ͘ZĞŐĂƌĚŝŶŐŵĂƚƚĞƌƐĨŽƌǁŚŝĐŚƚŚĞDŝŶŶĞƐŽƚĂWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐLJ;DWͿŚĂƐ ƌĞŐƵůĂƚŽƌLJƌĞƐƉŽŶƐŝďŝůŝƚLJĂŶĚŽƚŚĞƌŝŶƚĞƌĞƐƚƐ͕ƚŚĞDWƐƚĂĨĨŚĂƐƚŚĞĨŽůůŽǁŝŶŐĐŽŵŵĞŶƚƐĨŽƌLJŽƵƌ ĐŽŶƐŝĚĞƌĂƚŝŽŶ͘  tĂƐƚĞǁĂƚĞƌ dŚĞhZŝŶĚŝĐĂƚĞƐƚŚĂƚƚŚĞĞƐƚŝŵĂƚĞĚǁĂƐƚĞǁĂƚĞƌĨůŽǁĨŽƌƵŝůĚŝŶŐϭŝƐƚŽďĞĨŝŶĂůŝnjĞĚ͘Ŷ x  ĞƐƚŝŵĂƚĞŽĨǁĂƐƚĞǁĂƚĞƌĨůŽǁĨŽƌƵŝůĚŝŶŐϭƐŚŽƵůĚďĞŝĚĞŶƚŝĨŝĞĚƐŽƚŚĂƚƚŚĞĞƐƚŝŵĂƚĞĚ ǁĂƐƚĞǁĂƚĞƌĨůŽǁĨŽƌƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚĂƚĨƵůůďƵŝůĚŝƐƉƌŽǀŝĚĞĚ͘ tĞĂƉƉƌĞĐŝĂƚĞƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽƌĞǀŝĞǁƚŚŝƐWƌŽũĞĐƚ͘WůĞĂƐĞďĞĂǁĂƌĞƚŚĂƚƚŚŝƐůĞƚƚĞƌĚŽĞƐŶŽƚ ĐŽŶƐƚŝƚƵƚĞĂƉƉƌŽǀĂůďLJƚŚĞDWŽĨĂŶLJŽƌĂůůĞůĞŵĞŶƚƐŽĨƚŚĞWƌŽũĞĐƚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƉĞŶĚŝŶŐŽƌ  ĨƵƚƵƌĞƉĞƌŵŝƚĂĐƚŝŽŶƐďLJƚŚĞDW͘hůƚŝŵĂƚĞůLJ͕ŝƚŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞWƌŽũĞĐƚƉƌŽƉŽƐĞƌƚŽƐĞĐƵƌĞ ĂŶLJƌĞƋƵŝƌĞĚƉĞƌŵŝƚƐĂŶĚƚŽĐŽŵƉůLJǁŝƚŚĂŶLJƌĞƋƵŝƐŝƚĞƉĞƌŵŝƚĐŽŶĚŝƚŝŽŶƐ͘/ĨLJŽƵŚĂǀĞĂŶLJƋƵĞƐƚŝŽŶƐ ĐŽŶĐĞƌŶŝŶŐŽƵƌƌĞǀŝĞǁŽĨƚŚŝƐhZ͕ƉůĞĂƐĞĐŽŶƚĂĐƚŵĞďLJĞŵĂŝůĂƚŚƌŝƐ͘'ƌĞĞŶΛƐƚĂƚĞ͘ŵŶ͘ƵƐŽƌďLJ ƚĞůĞƉŚŽŶĞĂƚϱϬϳͲϰϳϲͲϰϮϱϴ͘  ^ŝŶĐĞƌĞůLJ͕  &KULV*UHHQ dŚŝƐĚŽĐƵŵĞŶƚŚĂƐďĞĞŶĞůĞĐƚƌŽŶŝĐĂůůLJƐŝŐŶĞĚ͘  ŚƌŝƐ'ƌĞĞŶ WƌŽũĞĐƚDĂŶĂŐĞƌ ŶǀŝƌŽŶŵĞŶƚĂůZĞǀŝĞǁhŶŝƚ ZĞƐŽƵƌĐĞDĂŶĂŐĞŵĞŶƚĂŶĚƐƐŝƐƚĂŶĐĞŝǀŝƐŝŽŶ  '͗ƌƐ  ĐĐ͗ĂŶĂƌĚ͕DW  ůůŝŽƚDŽŚůĞƌ WĂŐĞϮ :ƵůLJϭϲ͕ϮϬϮϰ <ŝƌƐƚĞŶŝĞƚĞƌŵĂŶ͕DW ĂƌŽŶ,ŝŶnj͕DW ƌĂŶĚŽŶ^ŵŝƚŚ͕DW :ĞĨĨĞƌLJ,ĞĚŵĂŶ͕DW ŽůŝŶŽLJƐĞŶ͕DW ĞĞƉĂĚĞůǁŝƐ͕DW :ƵůŝĞ,ĞŶĚĞƌƐŽŶ͕DW ĂǀŝĚ^ĂŚůŝ͕DW tĂLJŶĞŽƌĚƐ͕DW   ŝǀŝƐŝŽŶŽĨĐŽůŽŐŝĐĂůĂŶĚtĂƚĞƌZĞƐŽƵƌĐĞƐdƌĂŶƐŵŝƚƚĞĚďLJŵĂŝů ZĞŐŝŽŶϯ,ĞĂĚƋƵĂƌƚĞƌƐ ϭϮϬϬtĂƌŶĞƌZŽĂĚ ^ĂŝŶƚWĂƵů͕DEϱϱϭϬϲ  :ƵůLJϭϴ͕ϮϬϮϰ  ůůŝŽƚDŽŚůĞƌ͕WůĂŶŶĞƌ ŝƚLJŽĨZŽĐŚĞƐƚĞƌ ϰϬϬϭtĞƐƚZŝǀĞƌWĂƌŬǁĂLJEt͕^ƵŝƚĞϭϬϬ ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϭ  ĞĂƌůůŝŽƚDŽŚůĞƌ͕ dŚĂŶŬLJŽƵĨŽƌƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽƌĞǀŝĞǁƚŚĞŽůĚ͘&ŽƌǁĂƌĚ͘hŶďŽƵŶĚ͘/ŶZŽĐŚĞƐƚĞƌƌĂĨƚůƚĞƌŶĂƚŝǀĞ hƌďĂŶƌĞĂǁŝĚĞZĞǀŝĞǁ;hZͿŝŶKůŵƐƚĞĚŽƵŶƚLJ͘dŚĞEZƌĞƐƉĞĐƚĨƵůůLJƐƵďŵŝƚƐƚŚĞĨŽůůŽǁŝŶŐ ĐŽŵŵĞŶƚƐĨŽƌLJŽƵƌĐŽŶƐŝĚĞƌĂƚŝŽŶ͗  ϭ͘WĂŐĞϮϰ͕^ĞĐƚŝŽŶϭϮ͘ŝ͕^ƵƌĨĂĐĞtĂƚĞƌĂŶĚ'ƌŽƵŶĚǁĂƚĞƌ&ĞĂƚƵƌĞƐ͗dŚŝƐƐĞĐƚŝŽŶƐƚĂƚĞƐƚŚĂƚ ĂƐĐĂĚĞƌĞĞŬ͕^ŝůǀĞƌ>ĂŬĞĂŶĚƚŚĞƵŵďƌŽZŝǀĞƌĂƌĞůŝƐƚĞĚĂƐŝŵƉĂŝƌĞĚĨŽƌǁĂƚĞƌƋƵĂůŝƚLJ͕ďƵƚ ĚŽĞƐŶŽƚƐƉĞĐŝĨLJǁŚĂƚƚŚĞŝŵƉĂŝƌŵĞŶƚƐĂƌĞ͕;ƚŚŝƐŝƐůĂƚĞƌŵĞŶƚŝŽŶĞĚŽŶƉĂŐĞϮϴͿ͘dŚĞƐĞĐƚŝŽŶ ĐŽŶƚŝŶƵĞƐƚŽŶŽƚĞƚŚĂƚĂĚĚŝƚŝŽŶĂůĐŽŶƐƚƌƵĐƚŝŽŶDWƐŝŶƐĞĐƚŝŽŶƐϮϯ͘ϵĂŶĚϮϯ͘ϭϬŽĨƚŚĞEW^ ĐŽŶƐƚƌƵĐƚŝŽŶƐƚŽƌŵǁĂƚĞƌƉĞƌŵŝƚǁŝůůďĞŝŵƉůĞŵĞŶƚĞĚƚŽŵŝŶŝŵŝnjĞƚŚĞƉƌŽũĞĐƚŝŵƉĂĐƚƐĚƵƌŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶŽŶůLJ͕ďƵƚƚŚŝƐƉĞƌŵŝƚŝƐŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞƉƉĞŶĚŝdž͘tŚĂƚŝƐƚŚĞƉƌŽũĞĐƚ͛ƐůŽŶŐͲ ƚĞƌŵƉŽƐƚƉƌŽũĞĐƚŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐƚŽƉƌĞǀĞŶƚŝŵƉĂĐƚƐƚŽƚƵƌďŝĚŝƚLJ͕ŽƌŝŶǀĞƌƚĞďƌĂƚĞƐ͍  Ϯ͘WĂŐĞϯϬ͕^ĞĐƚŝŽŶϭϮ͘ϯ͘ŝŝ͕WƌŽũĞĐƚĨĨĞĐƚƐ͕^ƚŽƌŵǁĂƚĞƌͬWƌŽƉŽƐĞĚŽŶĚŝƚŝŽŶƐ͗dŚŝƐƐĞĐƚŝŽŶƐƚĂƚĞƐ͕ ͞DŽƐƚƐŝƚĞƐǁŝůůƉƌŽǀŝĚĞŽŶƐŝƚĞƚƌĞĂƚŵĞŶƚ͕ďƵƚǁŚĞƌĞƚŚĂƚŝƐŶŽƚĨĞĂƐŝďůĞDĂLJŽůŝŶŝĐǁŝůůŝĚĞŶƚŝĨLJ ĂƌĞĂƐƚŽŽǀĞƌƐŝnjĞDWƐƚŽƉƌŽǀŝĚĞƚŚĞƌĞƋƵŝƌĞĚǁĂƚĞƌƋƵĂůŝƚLJǀŽůƵŵĞ͖ƚŚĞƐĞůŽĐĂƚŝŽŶƐĐŽƵůĚďĞ ŽƵƚƐŝĚĞŽĨƚŚĞƐƚƵĚLJĂƌĞĂ͘͟/ƚŝƐŶŽƚĐůĞĂƌŝĨƚŚĞĂůƚĞƌŶĂƚŝǀĞůŽĐĂƚŝŽŶƐŽĨƚƌĞĂƚŵĞŶƚǁŽƵůĚďĞ ƉƌŽǀŝĚĞĚǁŝƚŚŝŶƚŚĞƐĂŵĞǁĂƚĞƌƐŚĞĚŽƌďĞŶĞĨŝƚƚŚĞƐĂŵĞǁĂƚĞƌƌĞƐŽƵƌĐĞƐŽƌĚƌĂŝŶĂŐĞĂƌĞĂ͍ WůĞĂƐĞƉƌŽǀŝĚĞŵŽƌĞĚĞƚĂŝůƐ͘  ϯ͘WĂŐĞϯϬ͕^ĞĐƚŝŽŶϭϮ͘ϯ͘ŝŝŝ͕tĂƚĞƌƉƉƌŽƉƌŝĂƚŝŽŶ͕tĂƚĞƌƐƵƉƉůLJ͗  Ă͘dŚŝƐƐĞĐƚŝŽŶŶŽƚĞƐƚŚĂƚƚŚĞĂƌĞĂŝƐƐĞƌǀĞĚďLJZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚŝĞƐďƵƚĚŽĞƐŶŽƚ ŝŶĚŝĐĂƚĞŚŽǁŵƵĐŚĂĚĚŝƚŝŽŶĂůǁĂƚĞƌƵƐĂŐĞŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͘dŚĞ ƌĞƉŽƌƚŶŽƚĞƐƚŚĞŐĞŽƚŚĞƌŵĂůƐLJƐƚĞŵǁŝůůŐĞŶĞƌĂƚĞϮϯϰ͕ϬϬϬ͕ϬϬϬŐĂůůŽŶƐ͘/ƐƚŚŝƐƚŚĞ ǀŽůƵŵĞŽĨǁĂƚĞƌƌĞƋƵŝƌĞĚƚŽƐƵƉƉůLJƚŚĞĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĂůƵŶĚĞƌƚŚĞĨƵůůďƵŝůĚ ƐĐĞŶĂƌŝŽ͍tŝůůĂĚĚŝƚŝŽŶĂůƌĞƐŽƵƌĐĞƐďĞƌĞƋƵŝƌĞĚĨƌŽŵŽƚŚĞƌǁĂƚĞƌƐƵƉƉůLJǁĞůůƐƚŽ ĂƵŐŵĞŶƚƚŚĞŐĞŽƚŚĞƌŵĂůǁĂƚĞƌƐƵƉƉůLJƐŽƵƌĐĞƐ͍/ĨƐŽ͕ǁŚĂƚĂƌĞƚŚŽƐĞĚĞƚĂŝůƐ͍tŚĂƚĂƌĞ ƚŚĞƉƌŽƉŽƐĞĚĂĚĚŝƚŝŽŶĂůĚĞŵĂŶĚƐ͍WůĞĂƐĞĚĞƐĐƌŝďĞƚŚĞǁĂƚĞƌŶĞĞĚƐĨŽƌƚŚŝƐƉƌŽƉŽƐĂů͘ ϭ    ϰ͘WĂŐĞϯϬͲϯϯ͕^ĞĐƚŝŽŶϭϮ͘ϯ͘ŝŝŝ͕tĂƚĞƌƉƉƌŽƉƌŝĂƚŝŽŶ͕'ƌŽƵŶĚǁĂƚĞƌ͗ ƋƵŝĨĞƌƐŽƵƌĐĞŝƐŝŵƉŽƌƚĂŶƚĨŽƌƚŚŝƐƉŽƚĞŶƚŝĂůƉƌŽũĞĐƚ͘/ŶƉƌĞǀŝŽƵƐĚŝƐĐƵƐƐŝŽŶƐ͕EZŚĂƐ  Ă͘ ĂĚǀŝƐĞĚƉƌŽũĞĐƚĐŽŶƐƵůƚĂŶƚƐƚŚĂƚƚŚĞDŽƵŶƚ^ŝŵŽŶͲ,ŝŶĐŬůĞLJĂƋƵŝĨĞƌĐĂŶŶŽƚďĞƵƐĞĚĨŽƌ ŐĞŽƚŚĞƌŵĂů͕ĂƐƚŚĞDƚ͘^ŝŵŽŶŝƐƌĞƐƚƌŝĐƚĞĚƚŽƉŽƚĂďůĞǁĂƚĞƌƵƐĞƐŽŶůLJ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƌĞ ĂƌĞƉŽƚĞŶƚŝĂůĐŽŶĐĞƌŶƐǁŝƚŚƵƐŝŶŐƚŚĞ:ŽƌĚĂŶĂƋƵŝĨĞƌĨŽƌŐĞŽƚŚĞƌŵĂůŽƌĨŽƌĨƵƚƵƌĞǁĂƚĞƌ ƐƵƉƉůLJĨŽƌŵƵůƚŝƉůĞƌĞĂƐŽŶƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͗ƉŽƚĞŶƚŝĂůĚƌŝŶŬŝŶŐǁĂƚĞƌ ŝŵƉĂĐƚƐ͕ĨƵƚƵƌĞĂƋƵŝĨĞƌƐƵƐƚĂŝŶĂďŝůŝƚLJĂŶĚƐƵƌĨĂĐĞǁĂƚĞƌĨĞĂƚƵƌĞŝŵƉĂĐƚƐ͘dŚĞ tŽŶĞǁŽĐͬdƵŶŶĞůŝƚLJŵĂLJďĞĂŵŽƌĞƐƵŝƚĂďůĞĂůƚĞƌŶĂƚŝǀĞĨŽƌƉƌŽũĞĐƚƉƌŽƉŽƐĞƌƚŽ ĞǀĂůƵĂƚĞĂŶĚĐŽŶƐŝĚĞƌ͘dŚĞhZĚŽĞƐŶŽƚĞůĂďŽƌĂƚĞǁŚLJƚŚĞtŽŶĞǁŽĐͬdƵŶŶĞůŝƚLJ ĂƋƵŝĨĞƌǁŽƵůĚŶŽƚLJŝĞůĚƚŚĞƌĞƐƵůƚƐŶĞĐĞƐƐĂƌLJ͕ŶŽƌĚŽĞƐŝƚĞdžƉůĂŝŶŚŽǁƚŚŝƐƉƌŽƉŽƐĂů ĐŽƵůĚŵŽǀĞĨŽƌǁĂƌĚǁŝƚŚŽƵƚĂŐĞŽƚŚĞƌŵĂůƐLJƐƚĞŵŽƌĐŽŶƐŝĚĞƌŽƚŚĞƌĂůƚĞƌŶĂƚŝǀĞƐ ǁŝƚŚŽƵƚŐĞŽƚŚĞƌŵĂů͘WůĞĂƐĞĐŽŶƐŝĚĞƌŽƚŚĞƌĂůƚĞƌŶĂƚŝǀĞǁĂƚĞƌƐƵƉƉůLJƐŽƵƌĐĞƐĂƐƚŚĞ ƉƌŽũĞĐƚĚĞƐŝŐŶŵŽǀĞƐĨŽƌǁĂƌĚ͘   ď͘'ĞŽƚŚĞƌŵĂůŝƐĚŝƐĐƵƐƐĞĚĂƐĂŶĂůƚĞƌŶĂƚŝǀĞǁĂƚĞƌƐƵƉƉůLJƐŽƵƌĐĞ͕ŚŽǁĞǀĞƌ͕ŝƚ͛ƐŶŽƚĂ ĐĞƌƚĂŝŶƚŚĂƚƚŚŝƐƐLJƐƚĞŵǁŽƵůĚďĞĂƉƉƌŽǀĞĚďLJƚŚĞEZŽƌD,͘DŝŶŶĞƐŽƚĂ^ƚĂƚƵĞƐ ϭϬϯ/͘ϲϮϭĐƵƌƌĞŶƚůLJĚŽĞƐŶŽƚĂůůŽǁůĂƌŐĞƌŐƌŽƵŶĚǁĂƚĞƌƚŚĞƌŵĂůĞdžĐŚĂŶŐĞĚĞǀŝĐĞƐLJƐƚĞŵƐ ǁŚĞƌĞǁĂƚĞƌƵƐĞĞdžĐĞĞĚƐхϱϬŐƉŵ͘tĂƚĞƌƉƉƌŽƉƌŝĂƚŝŽŶWĞƌŵŝƚǁŽƵůĚďĞƌĞƋƵŝƌĞĚ ĨƌŽŵƚŚĞEZĨŽƌŐƌŽƵŶĚǁĂƚĞƌƵƐĞŝŶǀŽůƵŵĞƐĞdžĐĞĞĚŝŶŐϭϬ͕ϬϬϬŐĂůůŽŶƐƉĞƌĚĂLJ͕ŽƌŽŶĞ ŵŝůůŝŽŶŐĂůůŽŶƐƉĞƌLJĞĂƌ͘dŚĞEZtĂƚĞƌƉƉƌŽƉƌŝĂƚŝŽŶWĞƌŵŝƚŵĂLJďĞŝƐƐƵĞĚ͕ĚĞŶŝĞĚ͕Žƌ ŝƐƐƵĞĚǁŝƚŚĐŽŶĚŝƚŝŽŶƐĚĞƉĞŶĚŝŶŐƵƉŽŶƚŚĞƉƌŽƉŽƐĂůĂŶĚŚŽǁŝƚĂůŝŐŶƐǁŝƚŚĂƉƉůŝĐĂďůĞ ƐƚĂƚĞƌƵůĞƐĂŶĚƐƚĂƚƵƚĞƐ͘WůĞĂƐĞďĞĂĚǀŝƐĞĚƚŚĞEZƉƌŽǀŝĚĞĚĂWƌĞůŝŵŝŶĂƌLJtĞůů ŽŶƐƚƌƵĐƚŝŽŶƐƐĞƐƐŵĞŶƚ;WtͿŚŝŐŚƌŝƐŬůĞƚƚĞƌƚŽDĂLJŽůŝŶŝĐŽŶƉƌŝůϭϱ͕ϮϬϮϰ͕ĨŽƌ ƚŚĞŝƌƉƌŽƉŽƐĂůƚŽŝŶƐƚĂůůĂŶĞǁǁĞůůƚŽƵƐĞŐƌŽƵŶĚǁĂƚĞƌĨŽƌĂůĂƌŐĞŐƌŽƵŶĚǁĂƚĞƌƚŚĞƌŵĂů ĞdžĐŚĂŶŐĞƐLJƐƚĞŵƚŚĂƚĞdžĐĞĞĚƐϱϬŐƉŵ͘EZŶŽƚĞĚƚŚĞƉƌŽƉŽƐĞĚůĂƌŐĞŐƌŽƵŶĚǁĂƚĞƌ ƚŚĞƌŵĂůĞdžĐŚĂŶŐĞƐLJƐƚĞŵĐĂŶŶŽƚďĞĂƉƉƌŽǀĞĚďLJƚŚĞEZƵŶƚŝůĂĨƚĞƌƚŚĞƐLJƐƚĞŵŚĂƐ ƌĞĐĞŝǀĞĚĂƉĞƌŵŝƚĨƌŽŵƚŚĞD,͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞEZĂůƐŽŝĚĞŶƚŝĨŝĞĚƚŚĞƐĞĐƵŵƵůĂƚŝǀĞ ƉŽƚĞŶƚŝĂůĞĨĨĞĐƚƐ;ZĞůĂƚĞƐĂůƐŽƚŽWĂŐĞϱϰ͕^ĞĐƚŝŽŶϮϭ͕ƵŵƵůĂƚŝǀĞĨĨĞĐƚƐͿĨƌŽŵƚŚĞ ŐĞŽƚŚĞƌŵĂůƉƌŽƉŽƐĂůƚŚĂƚŵĂLJƉŽƚĞŶƚŝĂůůLJŝŵƉĂĐƚŽƚŚĞƌŐƌŽƵŶĚǁĂƚĞƌƵƐĞƌƐĂŶĚƚŚĞ ĨŽůůŽǁŝŶŐƉŽƚĞŶƚŝĂůůLJƐŝŐŶŝĨŝĐĂŶƚƌĞƐŽƵƌĐĞŝŵƉĂĐƚƐ͗  ŝ͘&ŝǀĞĐĂůĐĂƌĞŽƵƐĨĞŶƐĂƌĞůŽĐĂƚĞĚďĞƚǁĞĞŶϮ͘ϵϲŵŝůĞƐĂŶĚϰ͘ϱϳŵŝůĞƐĨƌŽŵƚŚĞ ƉƌŽƉŽƐĞĚǁĞůůƐƐŝƚĞ͕ĂŶĚĐŽƵůĚďĞŝŵƉĂĐƚĞĚĚĞƉĞŶĚŝŶŐŽŶƚŚĞĂƋƵŝĨĞƌƵƐĞĚĨŽƌ ƚŚĞŐĞŽƚŚĞƌŵĂůƐLJƐƚĞŵ͘^ƚĂƚĞ>ĂǁƐƚĂƚĞƐƚŚĂƚĂĐĂůĐĂƌĞŽƵƐĨĞŶŵĂLJŶŽƚďĞĨŝůůĞĚ͕ ĚƌĂŝŶĞĚ͕ŽƌŽƚŚĞƌǁŝƐĞŽďǀŝŽƵƐůLJĚĞŐƌĂĚĞĚ͘  ŝŝ͘dŚĞƵŵďƌŽZŝǀĞƌ͕ĂƐĐĂĚĞƌĞĞŬ͕^ŝůǀĞƌƌĞĞŬ͕ĂŶĚĞĂƌƌĞĞŬĂƌĞůŽĐĂƚĞĚ ďĞƚǁĞĞŶϬ͘ϮϳŵŝůĞƐĂŶĚϬ͘ϵϭŵŝůĞƐĨƌŽŵƚŚĞƐŝƚĞŽĨƚŚĞƉƌŽƉŽƐĞĚǁĞůůƐ͘  ŝŝŝ͘ŝŐŚƚZŽĐŚĞƐƚĞƌWƵďůŝĐhƚŝůŝƚLJƉƵďůŝĐǁĂƚĞƌƐƵƉƉůLJǁĞůůƐĂƌĞůŽĐĂƚĞĚďĞƚǁĞĞŶϬ͘ϱϭ ŵŝůĞƐĂŶĚϭ͘ϯϵŵŝůĞƐĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚƐŝƚĞŽĨƚŚĞƉƌŽƉŽƐĞĚǁĞůůƐ͘/ĨƚŚĞ ŐƌŽƵŶĚǁĂƚĞƌƚŚĞƌŵĂůĞdžĐŚĂŶŐĞƐLJƐƚĞŵĚĞƉƌŝǀĞƐƚŚĞĚŽŵĞƐƚŝĐŽƌŵƵŶŝĐŝƉĂů ǁĂƚĞƌƐƵƉƉůLJǁĞůůƐŽĨƚŚĞŝƌĂďŝůŝƚLJƚŽƉƌŽĚƵĐĞǁĂƚĞƌ͕ƚŚĞĂƉƉƌŽƉƌŝĂƚŝŽŶŵƵƐƚƐƚŽƉ ƵŶƚŝůƚŚĞǁĞůůƉƌŽƉŽƐĞƌŚĂƐƌĞͲĞƐƚĂďůŝƐŚĞĚƚŚĞĚŽŵĞƐƚŝĐǁĂƚĞƌƐƵƉƉůLJ͘  ŝǀ͘DŝŶŶĞƐŽƚĂWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐLJƐƵƉĞƌĨƵŶĚƐŝƚĞ;&ƌĂŶŬůŝŶ^ƚĂƚŝŽŶ^ĞĐƚŝŽŶ ^ZϬϬϬϭϰϳϲͿŝƐůŽĐĂƚĞĚϬ͘ϮϰŵŝůĞƐĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚǁĞůůƐŝƚĞƐ͘WůĞĂƐĞĐŽŶƚĂĐƚ Ϯ   ƚŚĞDŝŶŶĞƐŽƚĂWŽůůƵƚŝŽŶŽŶƚƌŽůŐĞŶĐLJƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌLJŽƵƌƉƌŽƉŽƐĞĚ ĂƉƉƌŽƉƌŝĂƚŝŽŶǁŝůůĂĚǀĞƌƐĞůLJŝŵƉĂĐƚƚŚĞƉŽůůƵƚŝŽŶ͘  ǀ͘dŚƌĞĞĨŝƐŚƐƚĂƚĞƐƉĞĐŝĞƐŽĨĐŽŶĐĞƌŶĞdžŝƐƚǁŝƚŚŝŶϬ͘ϱϬŵŝůĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚǁĞůů ƐŝƚĞƐ͘  ǀŝ͘dŚĞ'ŽƌĚŽŶzĞĂŐĞƌtŝůĚůŝĨĞDĂŶĂŐĞŵĞŶƚƌĞĂŝƐůŽĐĂƚĞĚǁŝƚŚŝŶϭ͘ϭϬŵŝůĞƐŽĨƚŚĞ ƉƌŽƉŽƐĞĚǁĞůůƐŝƚĞƐ͘ /ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚĞƉƌŽũĞĐƚĐŽŶĚƵĐƚĂŶĂƋƵŝĨĞƌƚĞƐƚĂŶĚŝŶƐƚĂůůĂĚĚŝƚŝŽŶĂů ŵŽŶŝƚŽƌŝŶŐǁĞůůƐƚŽĞǀĂůƵĂƚĞƉŽƚĞŶƚŝĂůĞĨĨĞĐƚƐĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚŐĞŽƚŚĞƌŵĂůƐLJƐƚĞŵ͘  Đ͘tŚĂƚƌĞƐŽƵƌĐĞƐǁŽƵůĚďĞŝŵƉĂĐƚĞĚƐŚŽƵůĚƚŚĞŐĞŽƚŚĞƌŵĂůƐLJƐƚĞŵĨĂŝů͍  Ě͘dĞƐƚƉƵŵƉŝŶŐŝƐĞdžĞŵƉƚĨƌŽŵĂƉĞƌŵŝƚĂƐĚĞƐĐƌŝďĞĚŝŶDEZƵůĞϲϭϭϱ͘ϬϲϮϬ͘,ŽǁĞǀĞƌ͕ ĂĨƚĞƌƚŚĞƚĞƐƚƉƵŵƉŝŶŐŝƐĐŽŵƉůĞƚĞĚ͕ŝĨƚŚŽƐĞǁĞůůƐĐŽŶƚŝŶƵĞƚŽƌĞŵŽǀĞǁĂƚĞƌĨƌŽŵƚŚĞ ĂƋƵŝĨĞƌĂŶĚĂƌĞĂŶƚŝĐŝƉĂƚĞĚƚŽďĞƵƐĞĚĨŽƌůŽŶŐͲƚĞƌŵĂƉƉƌŽƉƌŝĂƚŝŽŶ͕ƚŚĞŶƚŚĞƉƌŽƉŽƐĞƌ ǁŝůůŶĞĞĚƚŽƌĞƋƵĞƐƚĂWƌĞůŝŵŝŶĂƌLJtĞůůŽŶƐƚƌƵĐƚŝŽŶƐƐĞƐƐŵĞŶƚ;WtͿƚŚƌŽƵŐŚƚŚĞ DŝŶŶĞƐŽƚĂWĞƌŵŝƚƚŝŶŐĂŶĚZĞƉŽƌƚŝŶŐ^LJƐƚĞŵ;DWZ^Ϳ͘  ŝ͘ƵƌŝŶŐƚĞƐƚƉƵŵƉŝŶŐǁĞĞŶĐŽƵƌĂŐĞƚŚĞƉƌŽƉŽƐĞƌƚŽĐŽůůĞĐƚĂŶĚƐĂǀĞǁĂƚĞƌůĞǀĞů ĚĂƚĂĨƌŽŵƉƵŵƉŝŶŐƚŚĞǁĞůůƐĂŶĚĨƌŽŵŶĞĂƌďLJǁĂƚĞƌůĞǀĞůŽďƐĞƌǀĂƚŝŽŶǁĞůůƐ͘dŚĞ EZŽĨƚĞŶƌĞƋƵĞƐƚƐƉƵŵƉŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͕ǁŚŝĐŚĐĂŶďĞǀĞƌLJŚĞůƉĨƵůǁŚĞŶ ĂƐƐĞƐƐŝŶŐƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƐ͘  Ğ͘dŚĞhZĚŽĞƐŶŽƚĂĚĚƌĞƐƐƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƐĨƌŽŵůŽŶŐͲƚĞƌŵƚŚĞƌŵĂůŽƌĐŚĞŵŝĐĂů ĐŚĂŶŐĞƐƚŽƚŚĞĂƋƵŝĨĞƌďĞĐĂƵƐĞŽĨƚŚĞŐĞŽƚŚĞƌŵĂůƐLJƐƚĞŵ͘  ϱ͘WĂŐĞϯϱ͕^ĞĐƚŝŽŶϭϮ͘ϯ͘ŝǀ͘Ϯ͕KƚŚĞƌƐƵƌĨĂĐĞǁĂƚĞƌƐ͗  Ă͘WůĞĂƐĞŶŽƚĞƚŚĂƚǁŚŝůĞŶŽĞdžŝƐƚŝŶŐŽƵƚĨĂůůƐǁŝůůďĞĂůƚĞƌĞĚ͕ƚŚĞƌĞŝƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽ ƌĞĚƵĐĞƉĞĂŬĨůŽǁƐĨƌŽŵƚŚŝƐŵĂƐƐŝǀĞƌĞĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚLJ͘dŚĞEZƐƚƌŽŶŐůLJ ĞŶĐŽƵƌĂŐĞƐƚŚĞĚĞǀĞůŽƉŵĞŶƚĚĞƐŝŐŶƚŽĐŽŶƐŝĚĞƌŚŽǁĞdžŝƐƚŝŶŐŽƵƚĨĂůůƐƚŚĂƚǁŝůůďĞ ƵƚŝůŝnjĞĚĨŽƌƐƚŽƌŵǁĂƚĞƌĨƌŽŵƚŚŝƐĚĞǀĞůŽƉŵĞŶƚĐĂŶďĞƌĞĚĞƐŝŐŶĞĚŽƌĞŶŚĂŶĐĞĚƚŽ ŝŶĐŽƌƉŽƌĂƚĞƐƚŝůůŝŶŐͲďĂƐŝŶƐ͕ƐƵƌŐĞͲďĂƐŝŶƐ͕ĞŶĞƌŐLJĚŝƐƐŝƉĂƚŽƌƐ͕ŽƌŽƚŚĞƌĚĞǀŝƐĞƚŽŵŝŶŝŵŝnjĞ ĚŝƐƚƵƌďĂŶĐĞĂŶĚĞƌŽƐŝŽŶŽĨŶĂƚƵƌĂůƐŚŽƌĞůŝŶĞĂŶĚďĞĚƌĞƐƵůƚŝŶŐĨƌŽŵƉĞĂŬĨůŽǁƐ͘/ƚŝƐ ƉƌĞĨĞƌƌĞĚƚŚĂƚƐƚŽƌŵǁĂƚĞƌĨŝƌƐƚĚŝƐĐŚĂƌŐĞƐƚŽƐƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉŽŶĚƐ͕ĂƌƚŝĨŝĐŝĂů ƐƚŝůůŝŶŐŽƌƐĞĚŝŵĞŶƚĂƚŝŽŶďĂƐŝŶƐŽƌŽƚŚĞƌĚĞǀŝĐĞƐĨŽƌĞŶƚƌĂƉŵĞŶƚŽĨĨůŽĂƚŝŶŐƚƌĂƐŚ͕ůŝƚƚůĞƌ͕ ƐĂŶĚ͕Ɛŝůƚ͕ĚĞďƌŝƐ͕ĂŶĚŽƌŐĂŶŝĐŵĂƚƚĞƌƉƌŝŽƌƚŽĚŝƐĐŚĂƌŐĞƚŽƉƵďůŝĐǁĂƚĞƌƐ͘tĞĞŶĐŽƵƌĂŐĞ ŵĂdžŝŵŝnjŝŶŐƵƐĞŽĨŶĂƚƵƌĂůŽƌĂƌƚŝĨŝĐŝĂůƉŽŶĚŝŶŐĂƌĞĂƐƚŽƉƌŽǀŝĚĞǁĂƚĞƌƌĞƚĞŶƚŝŽŶĂŶĚ ƐƚŽƌĂŐĞĨŽƌƚŚĞƌĞĚƵĐƚŝŽŶŽĨƉĞĂŬĨůŽǁƐŝŶƚŽƉƵďůŝĐǁĂƚĞƌƐǁŚĞƌĞĨĞĂƐŝďůĞ͘  ď͘WůĞĂƐĞĐŽŶƐŝĚĞƌƌĂŝŶŐĂƌĚĞŶƐ͕ƌŽĐŬďƵƌƌŝƚŽƐ͕ƚŚĞƌŵĂůĐŽŽůĞƌƐ͕ƐƚŽƌŵĐĞƉƚŽƌƐ͕ŽƌŽƚŚĞƌ ƵƌďĂŶŽƌŐƌĞĞŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞďĞƐƚŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐƚŚĂƚŬĞĞƉŝŶŵŝŶĚƚŚĞ ƚĞŵƉĞƌĂƚƵƌĞŽĨƚŚĞǁĂƚĞƌďĞĨŽƌĞĚŝƐĐŚĂƌŐŝŶŐƚŽƉƵďůŝĐǁĂƚĞƌƐ͘dŚĞƵƐĞŽĨƚŚĞƌŵĂů ĐŽŽůĞƌƐĂůůŽǁƐƐƚŽƌŵǁĂƚĞƌƚŽŝŶĨŝůƚƌĂƚĞƚŚƌŽƵŐŚƐŽŝůŵĞĚŝĂďĞĨŽƌĞĚŝƐĐŚĂƌŐŝŶŐƚŽƚŚĞ ƌŝǀĞƌ͕ƌĞĚƵĐĞƐǁĂƚĞƌƚĞŵƉĞƌĂƚƵƌĞƐďĞĨŽƌĞĞŶƚĞƌŝŶŐƚŚĞƉƵďůŝĐǁĂƚĞƌƐ͕ƌĞƚĂŝŶƐǁĂƚĞƌŽŶ ƚŚĞůĂŶĚƐĐĂƉĞ͕ƉƌŽǀŝĚĞƐĞŶĞƌŐLJĚŝƐƐŝƉĂƚŝŽŶ͕ƌĞĚƵĐĞƐĞƌŽƐŝŽŶ͕ĂŶĚĚĞĐƌĞĂƐĞƐƚŚĞƌŵĂů ŝŵƉĂĐƚƐ͘  ϲ͘WĂŐĞϯϳ͕^ĞĐƚŝŽŶϭϯŽŶƚĂŵŝŶĂƚŝŽŶͬ,ĂnjĂƌĚŽƵƐDĂƚĞƌŝĂůƐͬtĂƐƚĞƐ ϯ    Ă͘,ŽǁǁŝůůƚŚĞĞdžŝƐƚŝŶŐĐŽŶƚĂŵŝŶĂƚĞĚĂƌĞĂƐďĞŝŵƉĂĐƚĞĚďLJƚŚĞƉƌŽƉŽƐĞĚŐĞŽƚŚĞƌŵĂů ƐLJƐƚĞŵĂŶĚŶĞĂƌďLJƐƵƌĨĂĐĞǁĂƚĞƌĨĞĂƚƵƌĞƐ͍  ď͘tŚĞŶĨĞĂƐŝďůĞ͕ŝƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚĞƵƐĞŽĨŶĂƚƵƌĂůŽƌĂƌƚŝĨŝĐŝĂůƉŽŶĚŝŶŐĂƌĞĂƐďĞ ŵĂdžŝŵŝnjĞĚƚŽƉƌŽǀŝĚĞǁĂƚĞƌƌĞƚĞŶƚŝŽŶĂŶĚƐƚŽƌĂŐĞĨŽƌƚŚĞƌĞĚƵĐƚŝŽŶŽĨƉĞĂŬĨůŽǁƐŝŶƚŽ ƉƵďůŝĐǁĂƚĞƌƐ͘tŚĂƚŵĞĂƐƵƌĞƐǁŝůůďĞŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽũĞĐƚĚĞƐŝŐŶ͍  Đ͘WůĞĂƐĞĐŽŶƐŝĚĞƌƌĂŝŶŐĂƌĚĞŶƐ͕ƌŽĐŬďƵƌƌŝƚŽƐ͕ƚŚĞƌŵĂůĐŽŽůĞƌƐ͕ƐƚŽƌŵĐĞƉƚŽƌƐ͕ŽƌŽƚŚĞƌ ƵƌďĂŶŽƌŐƌĞĞŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞďĞƐƚŵĂŶĂŐĞŵĞŶƚƉƌĂĐƚŝĐĞƐƚŚĂƚŬĞĞƉŝŶŵŝŶĚƚŚĞ ƚĞŵƉĞƌĂƚƵƌĞŽĨƚŚĞǁĂƚĞƌďĞĨŽƌĞĚŝƐĐŚĂƌŐŝŶŐƚŽƉƵďůŝĐǁĂƚĞƌƐ͘dŚĞƵƐĞŽĨƚŚĞƌŵĂů ĐŽŽůĞƌƐĂůůŽǁƐƐƚŽƌŵǁĂƚĞƌƚŽŝŶĨŝůƚƌĂƚĞƚŚƌŽƵŐŚƐŽŝůŵĞĚŝĂďĞĨŽƌĞĚŝƐĐŚĂƌŐŝŶŐƚŽƚŚĞ ƌŝǀĞƌ͕ƌĞĚƵĐĞƐǁĂƚĞƌƚĞŵƉĞƌĂƚƵƌĞƐďĞĨŽƌĞĞŶƚĞƌŝŶŐƚŚĞƉƵďůŝĐǁĂƚĞƌƐ͕ƌĞƚĂŝŶƐǁĂƚĞƌŽŶ ƚŚĞůĂŶĚƐĐĂƉĞ͕ƉƌŽǀŝĚĞƐĞŶĞƌŐLJĚŝƐƐŝƉĂƚŝŽŶ͕ƌĞĚƵĐĞƐĞƌŽƐŝŽŶ͕ĂŶĚĚĞĐƌĞĂƐĞƐƚŚĞƌŵĂů ŝŵƉĂĐƚƐ͘ dŚĂŶŬLJŽƵĂŐĂŝŶĨŽƌƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽƌĞǀŝĞǁƚŚŝƐĚŽĐƵŵĞŶƚ͘WůĞĂƐĞůĞƚŵĞŬŶŽǁŝĨLJŽƵŚĂǀĞĂŶLJ ƋƵĞƐƚŝŽŶƐ͘  ^ŝŶĐĞƌĞůLJ͕  DĞůŝƐƐĂŽůůŝŶƐ ZĞŐŝŽŶĂůŶǀŝƌŽŶŵĞŶƚĂůƐƐĞƐƐŵĞŶƚĐŽůŽŐŝƐƚͮĐŽůŽŐŝĐĂůĂŶĚtĂƚĞƌZĞƐŽƵƌĐĞƐ DŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ WŚŽŶĞ͗ϲϱϭͲϮϱϵͲϱϳϱϱ ŵĂŝů͗ŵĞůŝƐƐĂ͘ĐŽůůŝŶƐΛƐƚĂƚĞ͘ŵŶ͘ƵƐ ͗<ĂƌůŽƌƌŝŐĂŶ͕ŶǀŝƌŽŶŵĞŶƚĂůŽŵƉůŝĂŶĐĞŽŽƌĚŝŶĂƚŽƌ͕DĂLJŽůŝŶŝĐ ƋƵĂůKƉƉŽƌƚƵŶŝƚLJŵƉůŽLJĞƌ ϰ   "‡>“ώ˜‡ώϱώ@(b´ώiaa(b“‹ώb"ώ‡(‹„ib‹(‹ @(b´“i„Iiaa(b“‡(‹„ib‹( “ēôώ˜‡ώĖIJîĖèÍťôŜώťēÍťώťēôώôŜťĖıÍťôîώſÍŜťôſÍťôŘώċīĺſώċĺŘώıôώſÍťôŘŜēôîώĺŘώæôIJôċĖťώťēôώŜÍıôώſÍťôŘώŘôŜĺŪŘèôŜώĺŘώ ĺIJîĖťĖĺIJŜîŘÍĖIJÍČôώÍŘôÍϦώ„īôÍŜôώŕŘĺŽĖîôώıĺŘôώîôťÍĖīŜϟώ “ēôώČôĺťēôŘıÍīώŜƅŜťôıώſĖīīώIJĺťώŪťĖīĖƏôώ‡„˜ώſÍťôŘϟώIťώſĖīīώēÍŽôώĖťŜώĺſIJώŜŪŕŕīƅώÍIJîώ “ēĖŜώŜôèťĖĺIJώIJĺťôŜώťēÍťώťēôώÍŘôÍώĖŜώŜôŘŽôîώæƅώ‡ĺèēôŜťôŘώ„ŪæīĖèώ˜ťĖīĖťĖôŜώæŪťώîĺôŜώIJĺťώĖIJîĖèÍťôώēĺſώŘôϱĖIJĤôèťĖĺIJώſôīīŜώÍIJîώŕĖŕĖIJČϟ ıŪèēώÍîîĖťĖĺIJÍīώſÍťôŘώŪŜÍČôώĖŜώŘôŗŪĖŘôîώċĺŘώťēôώŕŘĺŕĺŜôîώŕŘĺĤôèťϟώ“ēôώŘôŕĺŘťώIJĺťôŜώťēôώČôĺťēôŘıÍīώ ŜƅŜťôıώſĖīīώČôIJôŘÍťôώ͓͑͒Ϡ͏͏͏Ϡ͏͏͏ώČÍīīĺIJŜϟώIŜώťēĖŜώťēôώŽĺīŪıôώĺċώſÍťôŘώŘôŗŪĖŘôîώťĺώŜŪŕŕīƅώťēôώ“ēôώ͓͑͒Ϡ͏͏͏Ϡ͏͏͏ώČÍīϯƅŘώĖŜώċĺŘώťēôώċŪīīώæŪĖīîĺŪťώĺċώťēôώŜèôIJÍŘĖĺώôŽÍīŪÍťôîώĖIJώťēôώ îôŽôīĺŕıôIJťώŕŘĺŕĺŜÍīώŪIJîôŘώťēôώċŪīīώæŪĖīîώŜèôIJÍŘĖĺϦώ®ĖīīώÍîîĖťĖĺIJÍīώŘôŜĺŪŘèôŜώæôώŘôŗŪĖŘôîώċŘĺıώ˜‡ϟώīīώČŘĺŪIJîώſÍťôŘώŕŪıŕôîώċŘĺıώťēôώŜŪŕŕīƅώſôīīŜώſĖīīώæôώŘôťŪŘIJôîώťĺώťēôώ ĺťēôŘώſÍťôŘώŜŪŕŕīƅώſôīīŜώťĺώÍŪČıôIJťώťēôώČôĺťēôŘıÍīώſÍťôŘώŜŪŕŕīƅώŜĺŪŘèôŜϦώIċώŜĺϠώſēÍťώÍŘôώťēĺŜôώŜÍıôώÍŗŪĖċôŘώŽĖÍώťēôώŘôϱĖIJĤôèťĖĺIJώſôīīŜώÍIJîώťēôŘôċĺŘôώťēôώĺŕôIJώīĺĺŕώŜƅŜťôıώĖŜώ îôťÍĖīŜϦώ®ēÍťώÍŘôώťēôώŕŘĺŕĺŜôîώÍîîĖťĖĺIJÍīώîôıÍIJîŜϦώ„īôÍŜôώîôŜèŘĖæôώťēôώſÍťôŘώIJôôîŜώċĺŘώťēĖŜώîôŜĖČIJôîώÍŜώÍώIJĺIJϱèĺIJŜŪıŕťĖŽôώŪŜôώĺċώČŘĺŪIJîſÍťôŘϟώ“ēôώIJôôîώċĺŘώÍîîĖťĖĺIJÍīώ ŕŘĺŕĺŜÍīϟώſÍťôŘώŜŪŕŕīƅώèĺIJŜŪŕťĖĺIJώċŘĺıώťēôώıŪIJĖèĖŕÍīώſÍťôŘώŜŪŕŕīƅώċĺŘώÍIJƅώċŪťŪŘôώaÍƅĺώ ċÍèĖīĖťĖôŜώſĖīīώæôώîôťôŘıĖIJôîώîŪŘĖIJČώċĖIJÍīώîôŜĖČIJώĺċώťēĺŜôώċÍèĖīĖťĖôŜϟώ "ŪŘĖIJČώťēôώťôŜťώſôīīώîŘĖīīĖIJČώŕēÍŜôϠώÍώŕŘôīĖıĖIJÍŘƅώŜŪŕŕīƅώŕŪıŕĖIJČώťôŜťώſÍŜώîĺIJôώ ĺIJώťēôώ„ŘÍĖŘĖôώîŪώēĖôIJώÍŗŪĖċôŘϢώťôŜťώŘôŜŪīťŜώÍŘôώŕôIJîĖIJČϟώîîĖťĖĺIJÍīīƅϠώťēôώ ®ĺIJôſĺèϯ“ŪIJIJôīώĖťƅώÍŗŪĖċôŘώſÍŜώIJĺťώèĺIJŜĖîôŘôîώťĺώæôώÍώċôÍŜĖæīôώŜĺŪŘèôώĺċώ ſÍťôŘώċĺŘώťēôώĺŕôIJώīĺĺŕώŜƅŜťôıώĖIJώťēôώċôÍŜĖæĖīĖťƅώŜťŪîƅώèĺıŕīôťôîώċĺŘώťēôώŕŘĺĤôèťώ ŗŪĖċôŘώŜĺŪŘèôώĖŜώĖıŕĺŘťÍIJťώċĺŘώťēĖŜώŕĺťôIJťĖÍīώŕŘĺĤôèťϟώIIJώŕŘôŽĖĺŪŜώîĖŜèŪŜŜĖĺIJŜϠώ"b‡ώēÍŜώÍîŽĖŜôîώ îŪôώťĺώīĺſώƅĖôīîŜώċŘĺıώŕŘôŽĖĺŪŜώ‡„˜ώŕŪıŕĖIJČώťôŜťŜϟ ŕŘĺĤôèťώèĺIJŜŪīťÍIJťŜώťēÍťώťēôώaĺŪIJťώ‹ĖıĺIJϱFĖIJèħīôƅώÍŗŪĖċôŘώèÍIJIJĺťώæôώŪŜôîώċĺŘώČôĺťēôŘıÍīϠώÍŜώťēôώ aťϟώ‹ĖıĺIJώĖŜώŘôŜťŘĖèťôîώťĺώŕĺťÍæīôώſÍťôŘώŪŜôŜώĺIJīƅϟώIIJώÍîîĖťĖĺIJϠώťēôŘôώÍŘôώŕĺťôIJťĖÍīώèĺIJèôŘIJŜώſĖťēώ IJώÍŗŪĖċôŘώťôŜťώĖŜώæôĖIJČώèĺIJîŪèťôîϠώſĖťēώÍώŜôťώĺċώĖIJŜťÍīīôîώťôŜťώſôīīŜώϼĺIJôώŜŪŕŕīƅώ ŪŜĖIJČώťēôώVĺŘîÍIJώÍŗŪĖċôŘώċĺŘώČôĺťēôŘıÍīώĺŘώċĺŘώċŪťŪŘôώſÍťôŘώŜŪŕŕīƅώċĺŘώıŪīťĖŕīôώŘôÍŜĺIJŜϠώĖIJèīŪîĖIJČώ ÍIJîώĺIJôώĖIJĤôèťĖĺIJώſôīīϽώÍŜώſôīīώÍŜώĺæŜôŘŽÍťĖĺIJώċŘĺıώÍώŜôŕÍŘÍťôώıĺIJĖťĺŘĖIJČώſôīīϟώ æŪťώIJĺťώīĖıĖťôîώťĺϡώŕĺťôIJťĖÍīώîŘĖIJħĖIJČώſÍťôŘώĖıŕÍèťŜϠώċŪťŪŘôώÍŗŪĖċôŘώŜŪŜťÍĖIJÍæĖīĖťƅώÍIJîώŜŪŘċÍèôώſÍťôŘώ “ēôώŘôŜŪīťŜώĺċώťēôώÍŗŪĖċôŘώťôŜťώſĖīīώîôťôŘıĖIJôώťēôώēƅîŘÍŪīĖèώèēÍŘÍèťôŘĖŜťĖèŜώĺċώťēôώ ċôÍťŪŘôώĖıŕÍèťŜϟώ“ēôώ®ĺIJôſĺèϯ“ŪIJIJôīώĖťƅώıÍƅώæôώÍώıĺŘôώŜŪĖťÍæīôώÍīťôŘIJÍťĖŽôώċĺŘώŕŘĺĤôèťώ VĺŘîÍIJώŗŪĖċôŘϠώĖIJèīŪîĖIJČώƏĺIJôώĺċώĖIJċīŪôIJèôώÍIJîώĺċώťēôώŜŪŕŕīƅώÍIJîώĖIJĤôèťĖĺIJώſôīīŜϟώ ŕŘĺŕĺŜôŘώťĺώôŽÍīŪÍťôώÍIJîώèĺIJŜĖîôŘϟώ“ēôώ˜‡ώîĺôŜώIJĺťώôīÍæĺŘÍťôώſēƅώťēôώ®ĺIJôſĺèϯ“ŪIJIJôīώĖťƅώ “ēôώŘôŜŪīťŜώſĖīīώæôώîôťÍĖīôîώĖIJώÍώŜŪııÍŘƅώŘôŕĺŘťώÍIJîώèĖŘèŪīÍťôîώċĺŘώŘôŽĖôſϠώ ÍŗŪĖċôŘώſĺŪīîώIJĺťώƅĖôīîώťēôώŘôŜŪīťŜώIJôèôŜŜÍŘƅϠώIJĺŘώîĺôŜώĖťώôƄŕīÍĖIJώēĺſώťēĖŜώŕŘĺŕĺŜÍīώèĺŪīîώıĺŽôώ ĖIJèīŪîĖIJČώťĺώťēôώ"b‡ϟ ċĺŘſÍŘîώſĖťēĺŪťώÍώČôĺťēôŘıÍīώŜƅŜťôıώĺŘώèĺIJŜĖîôŘώĺťēôŘώÍīťôŘIJÍťĖŽôŜώſĖťēĺŪťώČôĺťēôŘıÍīϟώ„īôÍŜôώ èĺIJŜĖîôŘώĺťēôŘώÍīťôŘIJÍťĖŽôώſÍťôŘώŜŪŕŕīƅώŜĺŪŘèôŜώÍŜώťēôώŕŘĺĤôèťώîôŜĖČIJώıĺŽôŜώċĺŘſÍŘîϟώ ®ÍťôŘώŕŕŘĺŕŘĖÍťĖĺIJϯ®ÍťôŘώ ‹Ūŕŕīƅ iIJώaÍƅώ͖͑Ϡώ͑͏͓͑ώ@ĺŽϟώ®ÍīƏώŜĖČIJôîώĖIJťĺώīÍſώÍIJώŪŕîÍťôîώŜťÍťŪťôώĺċώ͐͏͒͐ϟ͕͑͐ώťēÍťώ ÍīīĺſŜώ@“("ŜώČŘôÍťôŘώťēÍIJώ͔͏ώČŕıϟ “ēôώÍŗŪĖċôŘώťôŜťώĖŜώæôĖIJČώèĺIJîŪèťôîώťēÍťώſĖīīώĖîôIJťĖċƅώťēôώƏĺIJôώĺċώĖIJċīŪôIJèôώťēôώ ŕĺťôIJťĖÍīώĖıŕÍèťŜώťĺώťēôώŘôŜĺŪŘèôŜώĺŪťīĖIJôîώēôŘôϟώ“ēôώŜŪııÍŘƅώŘôŕĺŘťώċŘĺıώťēĖŜώ ťôŜťĖIJČώſĖīīώæôώèĖŘèŪīÍťôîώċĺŘώŘôŽĖôſϠώĖIJèīŪîĖIJČώťĺώ"b‡ϟώIċώŕĺťôIJťĖÍīώċĺŘώĖıŕÍèťώĖŜώ ĖîôIJťĖċĖôîϠώťēôώČôĺťēôŘıÍīώîôŜĖČIJώſĖīīώæôώıĺîĖċĖôîϟ abώ"ôŕÍŘťıôIJťώĺċώbÍťŪŘÍīώ‡ôŜĺŪŘèôŜ “ēôώĺŕôIJώīĺĺŕώŜƅŜťôıώſĖīīώæôώèĺIJťĖIJŪĺŪŜīƅώıĺIJĖťĺŘôîώÍIJîώŘĺŪťĖIJôīƅώıÍĖIJťÍĖIJôîώ ®ēÍťώŘôŜĺŪŘèôŜώſĺŪīîώæôώĖıŕÍèťôîώŜēĺŪīîώťēôώČôĺťēôŘıÍīώŜƅŜťôıώċÍĖīϦώ ťĺώŕŘôŽôIJťώŜƅŜťôıώċÍĖīŪŘôŜϟ “ôŜťώŕŪıŕĖIJČώĖŜώôƄôıŕťώċŘĺıώÍώŕôŘıĖťώÍŜώîôŜèŘĖæôîώĖIJώabώ‡Ūīôώ͕͔͐͐ϟ͏͕͑͏ϟώFĺſôŽôŘϠώÍċťôŘώťēôώťôŜťώ ŕŪıŕĖIJČώĖŜώèĺıŕīôťôîϠώĖċώťēĺŜôώſôīīŜώèĺIJťĖIJŪôώťĺώŘôıĺŽôώſÍťôŘώċŘĺıώťēôώÍŗŪĖċôŘώÍIJîώÍŘôώ ÍIJťĖèĖŕÍťôîώťĺώæôώŪŜôîώċĺŘώīĺIJČϱťôŘıώÍŕŕŘĺŕŘĖÍťĖĺIJϠώťēôIJώťēôώŕŘĺŕĺŜôŘώſĖīīώIJôôîώťĺώŘôŗŪôŜťώÍώ „ŘôīĖıĖIJÍŘƅώ®ôīīώĺIJŜťŘŪèťĖĺIJώŜŜôŜŜıôIJťώϼ„®ϽώťēŘĺŪČēώťēôώaĖIJIJôŜĺťÍώ„ôŘıĖťťĖIJČώÍIJîώ bĺťôîϟώīīώIJôèôŜŜÍŘƅώŕôŘıĖťŜώÍIJîώÍŕŕŘĺŽÍīŜώſĖīīώæôώĺæťÍĖIJôîώċĺŘώťēôώČôĺťēôŘıÍīώ ‡ôŕĺŘťĖIJČώ‹ƅŜťôıώϼa„‡‹Ͻϟώ ŜƅŜťôıϟ Ėϟώ"ŪŘĖIJČώťôŜťώŕŪıŕĖIJČώſôώôIJèĺŪŘÍČôώťēôώŕŘĺŕĺŜôŘώťĺώèĺīīôèťώÍIJîώŜÍŽôώſÍťôŘώīôŽôīώîÍťÍώċŘĺıώ ŕŪıŕĖIJČώťēôώſôīīŜώÍIJîώċŘĺıώIJôÍŘæƅώſÍťôŘώīôŽôīώĺæŜôŘŽÍťĖĺIJώſôīīŜϟώ“ēôώ"b‡ώĺċťôIJώŘôŗŪôŜťŜώ ŕŪıŕĖIJČώĖIJċĺŘıÍťĖĺIJϠώſēĖèēώèÍIJώæôώŽôŘƅώēôīŕċŪīώſēôIJώÍŜŜôŜŜĖIJČώŕĺťôIJťĖÍīώĖıŕÍèťŜϟώ [ĺIJČώťôŘıώťēôŘıÍīώĖıŕÍèťŜώÍŘôώŕīÍIJIJôîώťĺώæôώıĖťĖČÍťôîώŽĖÍώŪťĖīĖƏĖIJČώťēĖŜώ ČôĺťēôŘıÍīώŜƅŜťôıώĖIJώÍώIJôťώƏôŘĺώťēôŘıÍīώèÍŕÍèĖťƅϠώıôÍIJĖIJČώťēôώæťŪϯŜώťēÍťώÍŘôώ ŕŪťώĖIJťĺώťēôώÍŗŪĖċôŘώîŪŘĖIJČώťēôώŜŪııôŘώÍŘôώŕīÍIJIJôîώťĺώæôώôƄťŘÍèťôîώîŪŘĖIJČώťēôώ ēôÍťĖIJČώŜôÍŜĺIJϟώ“ēôώŕŘĺĤôèťώēÍŜώŘôťÍĖIJôîώÍώČôĺώèēôıĖŜťώťĺώŕŘĺŽĖîôώÍώ “ēôώ˜‡ώîĺôŜώIJĺťώÍîîŘôŜŜώťēôώŕĺťôIJťĖÍīώĖıŕÍèťŜώċŘĺıώīĺIJČϱťôŘıώťēôŘıÍīώĺŘώèēôıĖèÍīώèēÍIJČôŜώťĺώ ČôĺèēôıĖèÍīώôŽÍīŪÍťĖĺIJώĺċώŕĺťôIJťĖÍīώťôıŕôŘÍťŪŘôώèēÍIJČôŜώĖIJώťôēώÍŗŪĖċôŘώîŪôώťĺώ ťēôώÍŗŪĖċôŘώæôèÍŪŜôώĺċώťēôώČôĺťēôŘıÍīώŜƅŜťôıϟώ ťēôώŜƅŜťôıώĺŕôŘÍťĖĺIJϟ  "‡>“ώ˜‡ώϱώ@(b´ώiaa(b“‹ώb"ώ‡(‹„ib‹(‹ @(b´“i„Iiaa(b“‡(‹„ib‹( „īôÍŜôώIJĺťôώťēÍťώſēĖīôώIJĺώôƄĖŜťĖIJČώĺŪťċÍīīŜώſĖīīώæôώÍīťôŘôîϠώťēôŘôώĖŜώÍIJώĺŕŕĺŘťŪIJĖťƅώťĺώŘôîŪèôώŕôÍħώ ċīĺſŜώċŘĺıώťēĖŜώıÍŜŜĖŽôώŘôîôŽôīĺŕıôIJťώĺŕŕĺŘťŪIJĖťƅϟώ“ēôώ"b‡ώŜťŘĺIJČīƅώôIJèĺŪŘÍČôŜώťēôώ "ôŜèŘĖŕťĖĺIJώēÍŜώæôôIJώôƄŕÍIJîôîώťĺώIJĺťôώťēÍťώŪIJîôŘČŘĺŪIJîώîôťôIJťĖĺIJώŜƅŜťôıŜώſĖīīώ îôŽôīĺŕıôIJťώîôŜĖČIJώťĺώèĺIJŜĖîôŘώēĺſώôƄĖŜťĖIJČώĺŪťċÍīīŜώťēÍťώſĖīīώæôώŪťĖīĖƏôîώċĺŘώŜťĺŘıſÍťôŘώċŘĺıώťēĖŜώ ŕŘĺŽĖîôώťŘôÍťıôIJťώÍIJîώŘÍťôώèĺIJťŘĺīϟώIJƅώĺċċŜĖťôώŘôŜώæôċĺŘôώôIJťôŘĖIJČώťēôώŕŪæīĖèώ ſÍťôŘŜϠώŘôťÍĖIJŜώſÍťôŘώĺIJώťēôώīÍIJîŜèÍŕôϠώŕŘĺŽĖîôŜώôIJôŘČƅώîĖŜŜĖŕÍťĖĺIJϠώŘôîŪèôŜώôŘĺŜĖĺIJϠώÍIJîώ îôèŘôÍŜôŜώťēôŘıÍīώĖıŕÍèťŜϟ “ēôώĖIJťôIJťώĺċώťēôώČôĺťēôŘıÍīώŕĺŘťĖĺIJώĺċώťēôώŕŘĺĤôèťώĖŜώťĺώIJĺťώĖıŕÍèťώèĺIJťÍıĖIJÍťôîώ ÍŘôÍŜώŽĖÍώèĺIJŜťŘŪèťĖIJČώťēôώŜŪŕŕīƅώÍIJîώĖIJĤôèťĖĺIJώſôīīŜώĖIJώÍèèĺŘîÍIJèôώſĖťēώabώ ‹ťÍťŪťôŜϠώſēĖèēώĖIJèīŪîôŜώÍIJώĖIJIJôŘώÍIJîώĺŪťôŘώèÍŜĖIJČώſĖťēώċŪīīώČŘĺŪťĖIJČϟώIJÍīƅŜĖŜώĺċώ FĺſώſĖīīώťēôώôƄĖŜťĖIJČώèĺIJťÍıĖIJÍťôîώÍŘôÍŜώæôώĖıŕÍèťôîώæƅώťēôώŕŘĺŕĺŜôîώČôĺťēôŘıÍīώŜƅŜťôıώÍIJîώ ťēôώƏĺIJôώĺċώĖIJċīŪôIJèôώċŘĺıώťēôώťôŜťώŕŪıŕĖIJČώŕŘĺČŘÍıώſĖīīώÍĖîώĖIJώĖîôIJťĖċƅĖIJČώÍIJƅώ IJôÍŘæƅώŜŪŘċÍèôώſÍťôŘώċôÍťŪŘôŜϦώ èĺIJťÍıĖIJÍťôîώÍŘôÍŜώťēÍťώIJôôîώċŪŘťēôŘώŜťŪîƅϟ “ēôώŕŘĺŕĺŜôîώŜťĺŘıſÍťôŘώ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³3URMHFW´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¶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†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