Loading...
HomeMy WebLinkAboutTB Agenda Dec. 12, 2018dKtEK&s/Z'/> Z'h>ZdKtEKZDd/E'ϲ͗ϯϬWD ĞĐĞŵďĞƌϭϮ͕ϮϬϭϵ ϲ͗ϯϬWD>>dKtEKZZ'h>ZDd/E'dKKZZ ͘WWZKsD/Ehd^ ͲϭƌĂĨƚŽĨdŽǁŶŽĂƌĚZĞŐƵůĂƌDĞĞƚŝŶŐDŝŶƵƚĞƐĚĂƚĞĚEŽǀ͘ϭϰ͕ϮϬϭϵ dŽǁŶŽĂƌĚDĞĞƚŝŶŐDŝŶƵƚĞƐĂƚĞĚϭϭͲϭϰͲϮϬϭϵ;ƌĂĨƚͿ ͘hd,KZ/d/KEdKWz/>>^ Ͳϭ'ĞŶĞƌĂůĨƵŶĚďƐƚƌĂĐƚŽĨƵĚŝƚĞĚsŽƵĐŚĞƌƐͲ'ĞŶĞƌĂů&ƵŶĚϭϭͲϭϵ ͲϮ,ŝŐŚǁĂLJ&ƵŶĚďƐƚƌĂĐƚŽĨƵĚŝƚĞĚsŽƵĐŚĞƌƐͲ,ŝŐŚǁĂLJ&ƵŶĚϭϭͲϭϵ Ͳϯ^ĞǁĞƌŝƐƚƌŝĐƚηϭďƐƚƌĂĐƚŽĨƵĚŝƚĞĚsŽƵĐŚĞƌƐͲ^ĞǁĞƌŝƐƚƌŝĐƚηϭ&ƵŶĚϭϭͲϭϵ ͲϰtĂƚĞƌŝƐƚƌŝĐƚηϭďƐƚƌĂĐƚŽĨƵĚŝƚĞĚsŽƵĐŚĞƌƐͲtĂƚĞƌŝƐƚƌŝĐƚηϭ&ƵŶĚϭϭͲϭϵ ͘DKEd,>zZWKZd^ ͲϭdŽǁŶ^ƵƉĞƌǀŝƐŽƌ͛ƐDŽŶƚŚůLJZĞƉŽƌƚ ^ƵƉĞƌǀŝƐŽƌƐDŽŶƚŚůLJZĞƉŽƌƚĨŽƌϭϭͲϮϬϭϵůŽŶŐĨŽƌŵ ŚĞĐŬZĞƉŽƌƚϭϮͬϭϮͬϮϬϭϵ ŽŶƐŽůŝĚĂƚĞĚZĞƐĞƌǀĞƐƌĞĂŬĚŽǁŶϭϮͬϭϮͬϭϵ ͲϮdŽǁŶůĞƌŬ͛ƐDŽŶƚŚůLJZĞƉŽƌƚ dŽǁŶůĞƌŬΖƐDŽŶƚŚůLJZĞƉŽƌƚϭϭͲϭϵ Ͳϯ^ĞǁĞƌŝƐƚƌŝĐƚ͛ƐKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚ ĂŵĚĞŶsŝƌŐŝůDŽŶƚŚůLJϭϮ͘ϭϵ ĂŵĚĞŶͲsŝƌŐŝůDKZ ĂŵĚĞŶͲĚŵƌ^ƵďŵŝƐƐŝŽŶ ͲϰtĂƚĞƌŝƐƚƌŝĐƚ͛ƐKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚ tϮKƉĞƌĂƚŽƌƐZĞƉŽƌƚϭϮͲϭϵ ͲϱŶŝŵĂůŽŶƚƌŽůKĨĨŝĐĞƌ͛ƐZĞƉŽƌƚ ͲϲŽĚĞŶĨŽƌĐĞŵĞŶƚKĨĨŝĐĞƌ͛ƐZĞƉŽƌƚ ŽĚĞKĨĨŝĐĞƌZĞƉŽƌƚϭϭͲϭϵ ͲϳŽƵŶƚLJ>ĞŐŝƐůĂƚŽƌ͛ƐZĞƉŽƌƚ &RUWODQG&RXQW\/HJLVODWRU V5HSRUW ͲϴsŝƌŐŝůzŽƵƚŚŽŵŵŝƐƐŝŽŶZĞƉŽƌƚ Ͳϵ,ŽƉĞ>ĂŬĞKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚ ͲϭϬ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚZĞƉŽƌƚ ,ŝŐŚǁĂLJĞƉĂƌƚŵĞŶƚĚŝĞƐĞůƌĞƉŽƌƚ;ϬϬϯͿ ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚƐDŽŶƚŚůLJZĞƉŽƌƚ;ϬϬϯͿ ,ŝŐŚǁĂLJ>ĂƌŐĞdƌƵĐŬ^ƉĞŶĚŝŶŐϮϬϭϵ ,ŝŐŚǁĂLJ&ƵĞůZĞŝŵďƵƌƐĞŵĞŶƚZĞƉŽƌƚ ,ŝŐŚǁĂLJĞƉĂƌƚŵĞŶƚŐĂƐƌĞƉŽƌƚ;ϬϬϯͿ ͘K>h^/E^^ Ͳϭ^ĐŚŽŽůƵŝůĚŝŶŐhƉĚĂƚĞ 'ŽǀĞƌŶŽƌƵŽŵŽĨƌŽŵDƌ͘,ŽŽƐĞ ͲϮZĞǀŝĞǁĂŶĚhƉĚĂƚĞdŽǁŶ͛ƐŽŶŝŶŐ>Ăǁ sŝƌŐŝůŽŶŝŶŐ>ĂǁhƉĚĂƚĞ&ĞďƌƵĂƌLJϮϬϭϵϭϮͲϲͲϭϵ ͲϯhƉŐƌĂĚĞdŽǁŶ͛Ɛ^ĞƌǀĞƌĂŶĚWƵƌĐŚĂƐĞŶĞǁŽŵƉƵƚĞƌƐ /dͲdKsͲEĞǁ^ĞƌǀĞƌƐƚŝŵĂƚĞ ͲϰdĞůĞŵĞƚƌLJ>ŝŶĞĨŽƌtĂƚĞƌdĂŶŬ dĞůĞŵĞƚƌLJ>ŝŶĞYƵŽƚĞ ͲϱŝƐĐƵƐƐŝŽŶŽŶhƉŐƌĂĚŝŶŐƚŚĞƉŚŽŶĞƐLJƐƚĞŵ ͲϲƉƉƌŽǀĞƌĞƉĂŝƌƐƚŽdŽǁŶ,Ăůů Ͳϳ'dD,/Ͳ,ĞĂůƚŚĂƌĞŽŶƐŽƌƚŝƵŵ>ĞƚƚĞƌͲDĂŝůĞĚ ͘Eth^/E^^ ͲϭtĂƚĞƌĂŶĚ^ĞǁĞƌ>ĂƚĞ&ĞĞŽŶĐĞƌŶ ͲϮ^ĞƚƚŚĞĚĂƚĞĨŽƌƚŚĞϮϬϮϬKƌŐĂŶŝnjĂƚŝŽŶĂůDĞĞƚŝŶŐΘƚŚĞĨŝƌƐƚŵĞĞƚŝŶŐŽĨϮϬϮϬ ͲϯZĞƐŽůƵƚŝŽŶƌĞĂƚŝŶŐĂtŽƌŬĞƌΖƐŽŵƉĞŶƐĂƚŝŽŶZĞƐĞƌǀĞ&ƵŶĚ ZĞƐŽůƵƚŝŽŶƚŽƌĞĂƚĞtŽƌŬĞƌƐŽŵƉĞŶƐĂƚŝŽŶZĞƐĞƌǀĞ&ƵŶĚ ͲϰƉƉƌŽǀĞϮϬϮϬDsŽŶƚƌĂĐƚ ϮϬϮϬDsŽŶƚƌĂĐƚ '͘:KhZEZ'h>ZdKtEKZDd/E' sŝƌŐŝůdŽǁŶŽĂƌĚDĞĞƚŝŶŐEŽǀĞŵďĞƌϭϰ͕ϮϬϭϵ ϭͮW Ă Ő Ğ dKtEK&s/Z'/>Z'h>ZDd/E'     EŽǀĞŵďĞƌϭϰ͕ϮϬϭϵ WZ^Ed͗^ƵƉĞƌǀŝƐŽƌ:ŽŚŶ<ĂŵŝŶƐŬŝ͕ĞƉƵƚLJ^ƵƉĞƌǀŝƐŽƌ:ĞƌĞŵĞ^ƚŝůĞƐ͕ŽĂƌĚDĞŵďĞƌƐƌŝĐ^ŶŽǁ͕DĂƚƚĞŶŶŝƐƚŽŶ͕'ĂƌLJWĞůƚŽŶ͕ ƚƚŽƌŶĞLJĨŽƌƚŚĞdŽǁŶWĂƚ^ŶLJĚĞƌ͕dŽǁŶůĞƌŬͬŽůůĞĐƚŽƌůĂŶĞsĂŶŽŶƐĞů͕ĂǀŝĚŽŝƐŚĂŵĚĞŶ'ƌŽƵƉ͕,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ ƌŝƚƚDŽƌƐĞ͕^ĂŶĚLJWƌŝĐĞŽƌƚůĂŶĚŽƵŶƚLJ>ĞŐŝƐůĂƚŽƌ͕tĞƐ<ƌLJŐĞƌ,ŽƉĞ>ĂŬĞWĂƌŬͬ'ƌĞĞŬWĞĂŬ͕DĂĐŬΘ^LJůǀŝĂŽŽŬ͕dĞƌŝWĞůƚŽŶ͕ ůĂLJƚŽŶDŽŽƌĞ͕^ĂƌĂ^ŝƌŝŽƐ ϲ͗ϯϬ WDʹd,Z'h>ZDd/E't^>>dKKZZ ^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝĐĂůůĞĚƚŚĞŵĞĞƚŝŶŐƚŽŽƌĚĞƌ͕ĨŽůůŽǁĞĚďLJƚŚĞƐĂůƵƚĞƚŽƚŚĞĨůĂŐ͘ Z^K>hd/KEηϭϵͲϬϵϭWWZKs>K&D/Ehd^ ƌĂĨƚŽĨƚŚĞZĞŐƵůĂƌdŽǁŶŽĂƌĚDĞĞƚŝŶŐDŝŶƵƚĞƐĚĂƚĞĚKĐƚŽďĞƌϭϬ͕ϮϬϭϵ͗DĞŵďĞƌ ^ƚŝůĞƐ ŵŽǀĞĚƚŽĂƉƉƌŽǀĞƚŚĞŵŝŶƵƚĞƐĨŽƌKĐƚ͘ ϭϬ͕ ϮϬϭϵ ƌĞŐƵůĂƌ dŽǁŶ ŽĂƌĚ DĞĞƚŝŶŐ DŝŶƵƚĞƐ͘  DĞŵďĞƌ ^ŶŽǁ ƐĞĐŽŶĚĞĚ ƚŚĞ ŵŽƚŝŽŶ͘ sŽƚĞ͗ LJĞƐͲDĞŵďĞƌƐ WĞůƚŽŶ͕ ^ŶŽǁ͕ ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ƌĂĨƚŽĨƚŚĞWƵďůŝĐƵĚŐĞƚ,ĞĂƌŝŶŐĚĂƚĞĚEŽǀĞŵďĞƌϳ͕ϮϬϭϵ͗DĞŵďĞƌ ^ƚŝůĞƐ ŵŽǀĞĚƚŽĂƉƉƌŽǀĞƚŚĞŵŝŶƵƚĞƐĨŽƌEŽǀ͘ϳƚŚ͕ϮϬϭϵ dŽǁŶŽĂƌĚƵĚŐĞƚ,ĂƌŝŶŐDŝŶƵƚĞƐ͘DĞŵďĞƌĞŶŶŝƐƚŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐ ĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ͘ Z^K>hd/KEηϭϵͲϬϵϮhd,KZ/d/KEdKWz/>>^ 'EZ>&hE&KZKdKZϮϬϭϵEhDZϬϭϭ͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽĂƉƉƌŽǀĞƉĂLJŵĞŶƚŽĨƚŚĞ'ĞŶĞƌĂů&ƵŶĚ͛ƐĂƵĚŝƚĞĚ ǀŽƵĐŚĞƌƐŶƵŵďĞƌĞĚϮϵϯͲϯϮϴŝŶƚŚĞĂŵŽƵŶƚŽĨΨϭϴ͕ϲϵϳ͘Ϯϭ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕ ^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ,/',tz&hE&KZKdKZϮϬϭϵEhDZϬϭϭ͗DĞŵďĞƌĞŶŶŝƐƚŽŶ ŵŽǀĞĚƚŽĂƉƉƌŽǀĞƉĂLJŵĞŶƚŽĨƚŚĞ,ŝŐŚǁĂLJ&ƵŶĚĂƵĚŝƚĞĚ ǀŽƵĐŚĞƌƐŶƵŵďĞƌĞĚϭϭϳϵͲϭϮϬϱŝŶƚŚĞĂŵŽƵŶƚŽĨΨϮϳ͕ϭϳϱ͘Ϭϰ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕ ^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ^tZ/^dZ/dηϭ&hE&KZKdKZϮϬϭϵEhDZϬϭϭ͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽĂƉƉƌŽǀĞƉĂLJŵĞŶƚŽĨƚŚĞ^ĞǁĞƌŝƐƚƌŝĐƚ ηϭĂƵĚŝƚĞĚǀŽƵĐŚĞƌ͛ƐŶƵŵďĞƌĞĚϮϭϬϱͲϮϭϮϮŝŶƚŚĞĂŵŽƵŶƚŽĨΨϮϱ͕ϳϴϱ͘ϭϲ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐ WĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞdŚĞLJƋƵĞƐƚŝŽŶĞĚ tdZ/^dZ/dηϭ&hE&KZKdKZϮϬϭϵEhDZϬϭϭ͗DĞŵďĞƌĞŶŶŝƐƚŽŶŵŽǀĞĚƚŽĂƉƉƌŽǀĞƉĂLJŵĞŶƚŽĨƚŚĞtĂƚĞƌŝƐƚƌŝĐƚ ηϭĂƵĚŝƚĞĚǀŽƵĐŚĞƌƐϯϬϱϱͲϯϬϲϭŝŶƚŚĞĂŵŽƵŶƚŽĨΨϰ͕ϳϵϲ͘ϱϴ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕ ^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ DKEd,>zZWKZd^  ^hWZs/^KZ͛^DKEd,>zZWKZd&KZKdKZϮϬϭϵ>KE'&KZD͗DĞŵďĞƌ^ƚŝůĞƐŵŽǀĞĚƚŽĂĐĐĞƉƚƚŚĞ^ƵƉĞƌǀŝƐŽƌ͛ƐDŽŶƚŚůLJ ZĞƉŽƌƚŝŶůŽŶŐĨŽƌŵĨŽƌKĐƚŽďĞƌϮϬϭϵ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ ^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐ ĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐʹEŽŶĞ dKtE>Z<͛^DKEd,>zZWKZd&KZKdKZϮϬϭϵ͗DĞŵďĞƌ ^ƚŝůĞƐŵŽǀĞĚƚŽĂĐĐĞƉƚƚŚĞdŽǁŶůĞƌŬƐDŽŶƚŚůLJZĞƉŽƌƚĨŽƌ KĐƚŽďĞƌϮϬϭϵ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ^tZ/^dZ/dKWZd/KE^ZWKZd͗ĂǀĞŽŝƐŚǁĂƐƉƌĞƐĞŶƚĨƌŽŵƚŚĞĂŵĚĞŶ'ƌŽƵƉ͘^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝĂƐŬĞĚŽŝƐŚŝĨƚŚĞ ŶĞǁƉƵŵƉŚĂĚďĞĞŶŝŶƐƚĂůůĞĚLJĞƚ͘ŽŝƐŚƐĂŝĚƚŚĂƚŚĂĚŶŽƚďĞĂďůĞƚŽĚŽƐŽLJĞƚ͕ĂƐŝƚŚĂƐďĞĞŶƚŽŽĐŽůĚ͘,ĞƐĂŝĚƚŚĂƚƚŚĞLJĂƌĞŐŽŝŶŐƚŽ ĂƚƚĞŵƉƚŝƚƚŽŵŽƌƌŽǁ͘dŚĞŶĞǁƚĂŶŬŚĂƐďĞĞŶŝŶƐƚĂůůĞĚĂŶĚŽŝƐŚƚŚŝŶŬƐŝƚ͛ůůďĞƵƉĂŶĚƌƵŶŶŝŶŐďLJdƵĞƐĚĂLJ͘,ĞƐĂŝĚƚŚĂƚŝƚ͛ƐŝŶƚŚĞ ŐƌŽƵŶĚĂŶĚƚŚĞŚŽůĞƐĂƌĞƉƌĞƉĂƌĞĚ͕ďƵƚǁŝƚŚĂůůƚŚĞƌĂŝŶĂŶĚƐŶŽǁŝƚŚĂƐƐĞƚƚŚĞŵďĂĐŬĂďŝƚ͘DĞŵďĞƌWĞůƚŽŶƐĂŝĚŚĞ͛ƐŐŽŝŶŐƚŽƐƚŽƉ ĚŽǁŶĂŶĚĐŚĞĐŬŝƚŽƵƚ͘DĞŵďĞƌ ^ƚŝůĞƐŵŽǀĞĚƚŽĂĐĐĞƉƚƚŚĞ^ĞǁĞƌŝƐƚƌŝĐƚƐZĞƉŽƌƚ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲ DĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ sŝƌŐŝůdŽǁŶŽĂƌĚDĞĞƚŝŶŐEŽǀĞŵďĞƌϭϰ͕ϮϬϭϵ ϮͮW Ă Ő Ğ tdZ /^dZ/d KWZd/KE^ ZWKZd͗   ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĨƌŽŵ tϮKƉĞƌĂƚŽƌ͛Ɛ ǁĂƐ ŶŽƚ ĂďůĞ ƚŽ ďĞ ƉƌĞƐĞŶƚ ƚŚŝƐ ŵŽŶƚŚ͘ dŚĞLJ ƐƵďŵŝƚƚĞĚĂǁƌŝƚƚĞŶƌĞƉŽƌƚ͘DĞŵďĞƌ^ƚŝůĞƐŵŽǀĞĚƚŽĂĐĐĞƉƚƚŚĞtĂƚĞƌŝƐƚƌŝĐƚƐZĞƉŽƌƚ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗ LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ E/D> KEdZK> K&&/Z͛^ ZWKZd͗ DĞŵďĞƌ ^ƚŝůĞƐ ŵŽǀĞĚ ƚŽ ĂĐĐĞƉƚ ƚŚĞ ŶŝŵĂů ŽŶƚƌŽů KĨĨŝĐĞƌ͛Ɛ ZĞƉŽƌƚ͘ DĞŵďĞƌ ^ŶŽǁ ƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ KE&KZDEdEKE/E'K&&/Z^ZWKZd͗ǁƌŝƚƚĞŶƌĞƉŽƌƚǁĂƐƐƵďŵŝƚƚĞĚďLJŽĚĞĂŶĚŽŶŝŶŐKĨĨŝĐĞƌ<ĞǀŝŶDĐDĂŚŽŶ͘ DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽĂĐĐĞƉƚƚŚĞŽĚĞĂŶĚŽŶŝŶŐKĨĨŝĐĞƌƐƌĞƉŽƌƚ͘dŚĞŵŽƚŝŽŶǁĂƐƐĞĐŽŶĚĞĚDĞŵďĞƌ ^ŶŽǁ͘sŽƚĞ͗LJĞƐͲ DĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ KhEdz>'/^>dKZ͛^ZWKZd͗ŽƵŶƚLJ>ĞŐŝƐůĂƚŽƌ^ĂŶĚLJWƌŝĐĞƐƵďŵŝƚƚĞĚĂǁƌŝƚƚĞŶƌĞƉŽƌƚĂŶĚǁĂƐƉƌĞƐĞŶƚ͘ĞƉƵƚLJ^ƵƉĞƌǀŝƐŽƌ ^ƚŝůĞƐĂƐŬĞĚŚŽǁƚŚĞĐŽƵŶƚLJďƵĚŐĞƚƉůĂŶŶŝŶŐǁĂƐŐŽŝŶŐ͘WƌŝĐĞƐĂŝĚƚŚĂƚŝƚŚĂƐďĞĞŶƌĞǀŝƐĞĚĂŶĚŝƚǁŝůůďĞǀŽƚĞĚŽŶŶĞdžƚdŚƵƌƐĚĂLJ ŶŝŐŚƚ͘WƌŝĐĞƐĂŝĚƚŚĂƚƚŚĞLJŐŽƚŝƚƵŶĚĞƌƚŚĞƚĂdžĐĂƉĂůŝƚƚůĞŽǀĞƌϮй͘^ŚĞƐĂŝĚƚŚĞƌĞǁĞƌĞŵĂŶLJĐƵƚƐĂŶĚŵĂŶLJŽĨƚŚĞŵƐŚĞǁŽƵůĚŶ͛ƚ ŚĂǀĞƐƵƉƉŽƌƚĞĚŝŶƚŚĞƉĂƐƚ͕ďƵƚƐŚĞŝƐƐƵƉƉŽƌƚŝŶŐƚŚŝƐLJĞĂƌďĞĐĂƵƐĞƐŚĞŚĂƐŚĞĂƌĚŵŽƌĞƉĞŽƉůĞƐĂLJƚŚĞLJĐĂŶ͛ƚĂĨĨŽƌĚƚŽƉĂLJŚŝŐŚĞƌ ƚĂdžĞƐ͘^ŚĞƐĂŝĚƚŚĞƌĞĂƌĞŵĂŶLJŝƚĞŵƐĂŶĚƐĞƌǀŝĐĞƐƚŚĂƚƉĞŽƉůĞǁĂŶƚ͕ďƵƚŵŽƌĞƉĞŽƉůĞǁĂŶƚůŽǁĞƌƚĂdžĞƐ͘<ĂŵŝŶƐŬŝĂƐŬĞĚĂďŽƵƚƚŚĞ ƐŽůĂƌƉƌŽũĞĐƚ͘WƌŝĐĞƐĂŝĚƚŚĂƚŝƚŚĂƐďĞĞŶǀŽƚĞĚĚŽǁŶƚǁŝĐĞĂŶĚƐŚĞĚŽĞƐŶ͛ƚƵŶĚĞƌƐƚĂŶĚǁŚLJ͘^ŚĞƐĂŝĚƐŽŵĞƉĞŽƉůĞĚŽŶ͛ƚďĞůŝĞǀĞŝŶ ƐŽůĂƌ͕ƐŽŵĞĚŽŶ͛ƚůŝŬĞƚŚĞĐŽŵƉĂŶLJ͕ƐŽŵĞǁĂŶƚĞĚŵŽƌĞŵŽŶĞLJĂŶĚƐŽŵĞĚŝĚŶ͛ƚůŝŬĞƵƐŝŶŐĂĐŽŵƉĂŶLJĨƌŽŵŽƵƚƐŝĚĞŽĨEĞǁzŽƌŬ ^ƚĂƚĞ͘^ŚĞĚŽĞƐŶ͛ƚŬŶŽǁǁŚĂƚĞůƐĞƚŚĞLJĐŽƵůĚĚŽƚŽŐĞŶĞƌĂƚĞŝŶĐŽŵĞ͘^ƚŝůĞƐĂƐŬĞĚŝĨŝƚǁŽƵůĚďĞĂĚŝĨĨĞƌĞŶƚŽƵƚĐŽŵĞ͕ŝĨƚŚĞLJǁĞŶƚ ǁŝƚŚĂŶŽƚŚĞƌĐŽŵƉĂŶLJ͘WƌŝĐĞǁĂƐŶ͛ƚƐƵƌĞ͘^ŚĞƐĂŝĚƚŚĞƉƌŽũĞĐƚŚĂƐďĞĞŶƐĐĂůĞĚďĂĐŬďĞĐĂƵƐĞƚŚĞĐŽƵŶƚLJǁŽƵůĚŚĂǀĞŚĂĚƚŽƵƉŐƌĂĚĞ ƚŚĞĞůĞĐƚƌŝĐĂůůŝŶĞƐ͘^ŚĞƐĂŝĚƚŚĞĐŽŵƉĂŶLJƚŚĞLJǁĞƌĞŐŽŝŶŐǁŝƚŚǁĂƐǀĞƚƚĞĚĂŶĚĐĂŵĞŚŝŐŚůLJƌĞĐŽŵŵĞŶĚĞĚ͘^ƚŝůĞƐǁĂŶƚĞĚƚŽŬŶŽǁ ŚŽǁƚŚĞĐŽƵŶƚLJďƵĚŐĞƚƐĨŽƌƐƚƵĚŝĞƐ͘WƌŝĐĞƐĂŝĚƚŚĂƚŝƚĚĞƉĞŶĚƐŽŶǁŚĞƌĞƚŚĞƐƚƵĚLJŝƐďĞŝŶŐĚŽŶĞ͘>ŝŬĞĨŽƌŝŶƐƚĂŶĐĞƚŚĞŽƉŝŽŝĚƐƐƚƵĚLJ ǁŽƵůĚĐŽŵĞŽƵƚŽĨƚŚĞ,ĞĂůƚŚĚĞƉĂƌƚŵĞŶƚůŝŶĞ͕ďƵƚƚŚĞLJŚĂǀĞĂŐƵĂƌĂŶƚĞĞĚŐƌĂŶƚĨŽƌƚŚĂƚƐƚƵĚLJĨŽƌƚŚƌĞĞLJĞĂƌƐ͘^ŚĞĚŽĞƐŶ͛ƚŬŶŽǁ ǁŚĂƚƚŚĞƐƚĂƚĞǁŝůůĚŽĂĨƚĞƌƚŚĂƚ͘ƵƚƐŚĞĨĞĞůƐŝƚ͛ƐǁŽƌƚŚĂƚƌLJ͕ŵĂLJďĞŝƚǁŝůůŚĞůƉƵƐ͘WƌŝĐĞƐĂŝĚƐŚĞŚĂƐŚĞĂƌĚŵĂŶLJƉŽƐŝƚŝǀĞ ĐŽŵŵĞŶƚƐĂďŽƵƚƚŚĞsŝƌŐŝůdƌĂŶƐĨĞƌ^ƚĂƚŝŽŶĂŶĚĂďŽƵƚŽEĞůƐŽŶ͘^ŚĞƐĂŝĚƚŚĂƚƚŚĞƚŽǁŶŽĨsŝƌŐŝůŝƐĐŽůůĞĐƚŝŶŐŵŽƌĞŐůĂƐƐƚŚĂŶĂůůƚŚĞ ŽƚŚĞƌƚŽǁŶŝŶƚŚĞĐŽƵŶƚLJĐŽŵďŝŶĞĚĂŶĚƚŚŝƐŝƐƐĂǀŝŶŐƚŚĞĐŽƵŶƚLJŵŽŶĞLJ͘DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽĂĐĐĞƉƚƚŚĞŽƵŶƚLJ>ĞŐŝƐůĂƚŽƌƐ ƌĞƉŽƌƚ͘dŚĞŵŽƚŝŽŶǁĂƐƐĞĐŽŶĚĞĚDĞŵďĞƌ^ŶŽǁsŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ ,KW><KWZd/KE^ZWKZd͗tĞƐ<ƌLJŐĞƌǁĂƐƉƌĞƐĞŶƚĂŶĚŚĞƐĂŝĚƚŚĂƚƚŚĞEŽƌĚŝĐĐĞŶƚĞƌǁŝůůŽƉĞŶĂƐƐŽŽŶĂƐƚŚĞǁĞĂƚŚĞƌ ƉĞƌŵŝƚƐ͘DĞŵďĞƌ^ƚŝůĞƐĂƐŬĞĚŝĨƚŚĞďƌŝĚŐĞǁŝůůŚŽůĚƵƉƚŚŝƐǁŝŶƚĞƌ͘tĞƐƚŚŝŶŬƐŝƚƐŽŬ͘DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽĂĐĐĞƉƚƚŚĞ,ŽƉĞ >ĂŬĞKƉĞƌĂƚŝŽŶƐŽƌĂůƌĞƉŽƌƚ͘dŚĞŵŽƚŝŽŶǁĂƐƐĞĐŽŶĚĞĚDĞŵďĞƌ^ŶŽǁ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ <ĂŵŝŶƐŬŝ͘EĂLJƐͲEŽŶĞ s/Z'/>zKhd,KDD/^^/KEZWKZd͗EŽƌĞƉƌĞƐĞŶƚĂƚŝǀĞĨƌŽŵƚŚĞzŽƵƚŚŽŵŵŝƐƐŝŽŶǁĂƐƉƌĞƐĞŶƚƚŚŝƐŵŽŶƚŚĂŶĚŶŽƌĞƉŽƌƚǁĂƐ ƐƵďŵŝƚƚĞĚ͘ ,/',tzWd͘^hWZ/EdEEd^ZWKZd͗,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚƌŝƚƚDŽƌƐĞǁĂƐƉƌĞƐĞŶƚĂŶĚƐƵďŵŝƚƚĞĚĂǁƌŝƚƚĞŶƌĞƉŽƌƚ͘ DŽƌƐĞƐĂŝĚƚŚĂƚƚŚĞLJĂƌĞŽŶtŝŶƚĞƌŚŽƵƌƐĂŶĚƚŚĂƚƚŚĞƐŶŽǁĐŽŵŝŶŐĞĂƌůLJƚŚŝƐƐĞĂƐŽŶ͘,ĞƐĂŝĚĂůůƚŚĞ^ĞĂƐŽŶĂůƌŽĂĚƐŚĂǀĞďĞĞŶ ƉŽƐƚĞĚ͘,ĞǁŝůůƉƌĞƉĂƌĞĂůĞŐĂůŶŽƚŝĐĞĂŶĚŚĞǁŝůůƐƵďŵŝƚŝƚƚŽƚŚĞŽƌƚůĂŶĚ^ƚĂŶĚĂƌĚĂŶĚƉŽƐƚŝƚĂƚƚŚĞdŽǁŶ,Ăůů͘DĞŵďĞƌWĞůƚŽŶ ǁĂŶƚĞĚƚŽŬŶŽǁŝĨĂůůƚŚĞƉůŽǁƐǁĞƌĞƌĞĂĚLJƚŽŐŽ͍DŽƌƐĞƐĂŝĚLJĞƐ͘DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽĂĐĐĞƉƚƚŚĞ,ŝŐŚǁĂLJ^ƵƉĞƌǀŝƐŽƌ ƌĞƉŽƌƚ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ͘ K>h^/E^^ W>EE/E'EdZ/E/E'KEdKtE͛^KE/E'͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞLJǁŽƵůĚůŝŬĞƚŽƐĞƚƵƉĂƚƌĂŝŶŝŶŐŽĨƚŚĞdŽǁŶƐ ŽŶŝŶŐůĂǁĨŽƌŵĞŵďĞƌƐŽĨƚŚĞWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽĂƌĚ͘ƚƚŽƌŶĞLJ^ŶLJĚĞƌƐĂŝĚƚŚĂƚŚĞǁŽƵůĚƚĞĂĐŚƚŚĞĐůĂƐƐĂŶĚŝƚǁŽƵůĚďĞĂ ĐŽŵďŝŶĂƚŝŽŶŽĨŽŶůŝŶĞƚƌĂŝŶŝŶŐĂƐǁĞůůĂƐĐůĂƐƐƌŽŽŵƚƌĂŝŶŝŶŐ͘ĐŽƉLJŽĨƚŚĞƉƌŽƉŽƐĞĚĂŐĞŶĚĂŝƐĂƚƚĂĐŚĞĚƚŽƚŚĞŽŶůŝŶĞĂŐĞŶĚĂ͕ƚŚĞ ƚƌĂŝŶŝŶŐŝƐƐĞƚĨŽƌEŽǀ͘ϮϱƚŚĂƚϳƉŵ͘dŚĞŵĂŝŶƌĞĂƐŽŶĨŽƌƚŚĞƚƌĂŝŶŝŶŐŝƐƚŽŐŽŽǀĞƌŽƵƌůŽĐĂůnjŽŶŝŶŐůĂǁĂŶĚ^ŶLJĚĞƌŝƐŐŽŝŶŐƚŽƌĞǀŝĞǁ ƐŽŵĞƚŚŝŶŐƐĂŶĚŐŽŝŶŐƚŽƐƚĂƌƚƵƉŐƌĂĚŝŶŐƚŚĞnjŽŶŝŶŐůĂǁ͕ŚĞŝƐůŽŽŬŝŶŐĨŽƌƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘ sŝƌŐŝůdŽǁŶŽĂƌĚDĞĞƚŝŶŐEŽǀĞŵďĞƌϭϰ͕ϮϬϭϵ ϯͮW Ă Ő Ğ ^,KK>h/>/E'hWd͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŚĞƐƉŽŬĞƚŽƚŚĞƐĐŚŽŽůƚǁŽǁĞĞŬƐĂŐŽ͘dŚĞLJĂƌĞƚĂůŬŝŶŐƚŽƚŚĞĚŽƌŵŝƚŽƌLJ ĂƵƚŚŽƌŝƚLJĂŶĚƚŚĞ/Z^ŽŶǁŚĂƚ͕ŝĨĂŶLJƚŚŝŶŐƚŚĞLJĐĂŶĚŽ͘,ĞƐĂŝĚƚŚĞLJĂƌĞƐƚŝůůŝŶůŝŵďŽ͘<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ,ŽŽƐĞƐĞŶƚĂ ůĞƚƚĞƌƚŽƚŚĞ'ŽǀĞƌŶŽƌ͘,ĞƐĂŝĚŝƚŝƐŽŶĨŝůĞǁŝƚŚƚŚĞdŽǁŶůĞƌŬ͘^ƚŝůĞƐƐĂŝĚƚŚĂƚ,ŽŽƐĞŝƐĂƐŬŝŶŐĨŽƌĂƐƐŝƐƚĂŶĐĞĨƌŽŵƚŚĞ'ŽǀĞƌŶŽƌ ƌĞŐĂƌĚŝŶŐƚŚĞĞŵƉƚLJƐĐŚŽŽůďƵŝůĚŝŶŐƐ͘ Eth^/E^^ Z^K>hd/KEηϭϵͲϬϵϯKWdd,ϮϬϮϬdKtEh'd͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƚŽǁŶďƵĚŐĞƚŝƐŐŽŝŶŐƵƉ͘Ϭϴ„ƉĞƌ ƚŚŽƵƐĂŶĚďĞĐĂƵƐĞŽĨƚŚĞƌĂŝƐĞŝŶƚŚĞĐŽƐƚŽĨƐĂůƚĂŶĚƐĂŶĚ͘,ĞƐĂŝĚƚŚĂƚŶŽĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐŐŽƚƌĂŝƐĞƐ͕ŽŶůLJƐŽŵĞŽĨƚŚĞŚŽƵƌůLJ ĞŵƉůŽLJĞĞƐ͘DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽĂƉƉƌŽǀĞƚŚĞϮϬϮϬdŽǁŶƵĚŐĞƚĂƐƉƌĞƐĞŶƚĞĚ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗ LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ Z^K>hd/KEηϭϵͲϬϵϰWWZKs'EZdKZKEdZdt/d,WEEWKtZ^z^dD^͗DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽĂƉƉƌŽǀĞƚŚĞ 'ĞŶĞƌĂƚŽƌŽŶƚƌĂĐƚǁŝƚŚWĞŶŶWŽǁĞƌ^LJƐƚĞŵƐĨŽƌƚŚĞsŝƌŐŝů^ĞǁĂŐĞdƌĞĂƚŵĞŶƚWůĂŶƚ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗ LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ Z^K>hd/KEηϭϵͲϬϵϱZWWK/Ed:D^DhZW,zdKd,KZK&^^^^DEdZs/t͗DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽĂƉƉƌŽǀĞ ƌĞĂƉƉŽŝŶƚ:ĂŵĞƐDƵƌƉŚLJƚŽĂŶŽƚŚĞƌĨŝǀĞͲLJĞĂƌƚĞƌŵŽŶƚŚĞŽĂƌĚŽĨƐƐĞƐƐŵĞŶƚZĞǀŝĞǁ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗ LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ͘ /^h^^/KEKEd,dKtE͛^&^,h>&KZW>EE/E'EKE/E'͗dŚŝƐŝƚĞŵǁŝůůďĞĚŝƐĐƵƐƐĞĚƚŚĂƚƚŚĞŶĞdžƚƚŽǁŶďŽĂƌĚ ŵĞĞƚŝŶŐ͘ Z^K>hd/KEηϭϵͲϬϵϲWWZKstKZ<Z͛^KDWE^d/KEW>E͗DĞŵďĞƌ^ƚŝůĞƐƐĂŝĚƚŚĞLJŐŽƚĂĐŽƉLJŽĨƚŚĞĐŽŶƚƌĂĐƚĨƌŽŵĂŝůĞLJ WůĂĐĞŝŶƐƵƌĂŶĐĞĨŽƌǁŽƌŬĞƌƐĐŽŵƉĞŶƐĂƚŝŽŶŝŶƐƵƌĂŶĐĞ͘dŚĞƉŽůŝĐLJŝƐƚŚƌŽƵŐŚWĞƌŵĂŝŶƐƵƌĂŶĐĞĂŶĚŝƐĨŽƌƚŚŝƌƚĞĞŶŵŽŶƚŚƐ͘ůůƚŽǁŶ ĞŵƉůŽLJĞĞƐĂŶĚƚŚĞsŝƌŐŝů&ŝƌĞĞƉĂƌƚŵĞŶƚŝƐĐŽǀĞƌĞĚĨŽƌΨϯϲ͕ϵϲϱĂŶĚƚŚĞƉŽůŝĐLJǁŝůůďĞŐŝŶŽŶĞĐϭƐƚ͘DĞŵďĞƌ^ƚŝůĞƐŵĂĚĞĂŵŽƚŝŽŶ ƚŽĂƉƉƌŽǀĞƚŚĞϭϯͲŵŽŶƚŚƉůĂŶǁŝƚŚWĞƌŵĂŝŶƚŚĞŵŽƵŶƚŽĨΨϯϲ͕ϵϲϱƚŚƌŽƵŐŚWĞƌŵĂ͘DĞŵďĞƌĞŶŶŝƐƚŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ͘ŽŵŵƵŶŝƚLJŵĞŵďĞƌdĞƌŝWĞůƚŽŶĂƐŬĞĚŝĨƚŚĞƚŽǁŶ ǁŝůůďĞĂĐĐƌƵŝŶŐĂƉĞŶĂůƚLJĨƌŽŵƚŚĞĐŽƵŶƚLJĨŽƌŐĞƚƚŝŶŐŽƵƚŽĨƚŚĞŝƌƉůĂŶ͍^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚŚĞŚĂƐŶ͛ƚŚĞĂƌĚĂŶLJƚŚŝŶŐĨƌŽŵ ƚŚĞŵ͘DĞŵďĞƌĞŶŶŝƐƚŽŶƐĂŝĚǁĞĂƌĞƚĂŬŝŶŐŽƵƌĐůĂŝŵƐǁŝƚŚƵƐ͘ĞƉƵƚLJ^ƵƉĞƌǀŝƐŽƌ^ƚŝůĞƐƐĂŝĚƚŚĂƚƚŚĞsŝůůĂŐĞŽĨ,ŽŵĞƌĚŝĚƚŚĞƐĂŵĞ ƚŚŝŶŐĂŶĚƚŚĞLJƐĞƚĂƉƌĞĐĞĚĞŶĐĞ͘ WZKWK^K'E^h^͗dŽǁŶůĞƌŬsĂŶŽŶƐĞůǁĂŶƚĞĚƚŽŬŶŽǁŝĨƚŚĞďŽĂƌĚǁĂƐĂůƌŝŐŚƚǁŝƚŚƉƵƚƚŝŶŐĂĚŽŐĐĞŶƐƵƐŶŽƚŝĐĞŝŶƚŚĞ ƚĂdžďŝůůƐƚŽƐĂǀĞƚŚĞƚŽǁŶŵŽŶĞLJŽŶƉŽƐƚĂŐĞ͘^ŚĞŝƐŐŽŝŶŐƚŽĐŚĞĐŬǁŝƚŚƚŚĞEĞǁzŽƌŬƐƚĂƚĞdĂdžƐƐŽĐŝĂƚŝŽŶƚŽŵĂŬĞƐƵƌĞƚŚĞƌĞĂƌĞ ŶŽƌƵůĞƐĂŐĂŝŶƐƚƚŚĂƚƚƚŽƌŶĞLJ^ŶLJĚĞƌĚŝĚŶ͛ƚƚŚŝŶŬƚŚĞƌĞǁĞƌĞĂŶLJƌƵůĞƐĂŐĂŝŶƐƚŝƚ͘^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚŝƚǁĂƐĂůƌŝŐŚƚǁŝƚŚƚŚĞ ďŽĂƌĚƚŽĚŽƐŽ͘ 'Z<W<D/EdEEh/>/E'>^͗tĞƐ<ƌLJŐĞƌůŽŽŬĞĚŽǀĞƌƚŚĞϮϬϮϬůĞĂƐĞĂŶĚƐĂŝĚĞǀĞƌLJƚŚŝŶŐůŽŽŬĞĚĂůƌŝŐŚƚĞdžĐĞƉƚƚŚĂƚ ƚŚĞƌĞƐŚŽƵůĚďĞĂŶĂĚĚƌĞƐƐĐŚĂŶŐĞĂŶĚƚŚĞƉĂLJŵĞŶƚƐǁŝůůďĞŵŽŶƚŚůLJ͘^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞďŽĂƌĚĚŝĚŶ͛ƚŚĂǀĞƚŽǀŽƚĞ ŽŶŝƚ͕ĂƐŝƚǁĂƐĚĞĐŝĚĞĚĂƚďƵĚŐĞƚƚŝŵĞ͘ WWZKsZ/dZWhZ,^/E'WZKhZ^͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝǁĂŶƚĞĚƚŽŵĂŬĞŝƚĐůĞĂƌǁŚŽŚĂƐĂƵƚŚŽƌŝƚLJƚŽŚĂǀĞĂĐƌĞĚŝƚ ĐĂƌĚ͘,ĞƐĂŝĚƚŚĂƚtĂůŵĂƌƚƐĞŶƚĂďŽƵƚϮϬĐƌĞĚŝƚĐĂƌĚƐ͘,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚƌŝƚƚDŽƌƐĞƐĂŝĚƚŚĂƚƚŚĞŐƵLJƐĂƚƚŚĞŐĂƌĂŐĞƵƐĞƚŚĞ ĐĂƌĚƚŽƉƵƌĐŚĂƐĞĐůŽƚŚĞƐ͘,ĞƐĂŝĚƚŚĞLJŚĂǀĞƐĞǀĞŶĐĂƌĚƐĂƚƚŚĞŐĂƌĂŐĞ͘ĞƉƵƚLJ^ƵƉĞƌǀŝƐŽƌ^ƚŝůĞƐƐĂŝĚƚŚĂƚƚŚĞŽŵƉƚƌŽůůĞƌǁŽƵůĚŶŽƚ ďĞƉůĞĂƐĞĚǁŝƚŚƚŚĂƚƐĞƚƵƉ͘^ƚŝůĞƐǁŽƵůĚůŝŬĞƚŽƐĞĞDŽƌƐĞŚĂǀĞŽŶĞĂŶĚŚĞǁŽƵůĚďĞĂĐĐŽƵŶƚĂďůĞŽŶǁŚĂƚŝƐƐƉĞŶƚ͘^ƚŝůĞƐƐĂŝĚŚĞ͛Ě ůŝŬĞƚŽƐĞĞDŽƌƐĞĂŶĚ<ĂŵŝŶƐŬŝŚĂǀĞŽŶĞ͘^ƚŝůĞƐƐĂŝĚƚŚĂƚƚŚĞũĂŶŝƚŽƌƐŚŽƵůĚŶ͛ƚďĞƉƵƌĐŚĂƐŝŶŐĂŶLJƚŚŝŶŐǁŝƚŚŽƵƚƉĞƌŵŝƐƐŝŽŶ͘DĞŵďĞƌ ^ƚŝůĞƐŵĂĚĞĂŵŽƚŝŽŶƚŽŚĂǀĞŽŶĞtĂůŵĂƌƚƌĞĚŝƚĐĂƌĚĂƚƚŚĞŚŝŐŚŐĂƌĂŐĞĂŶĚŽŶĞĂƚƚŚĞƚŽǁŶŚĂůůƚŽďĞƐŝŐŶĞĚŽƵƚǁŚĞŶƵƐĞ͘ DĞŵďĞƌĞŶŶŝƐƚŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ͘ sŝƌŐŝůdŽǁŶŽĂƌĚDĞĞƚŝŶŐEŽǀĞŵďĞƌϭϰ͕ϮϬϭϵ ϰͮW Ă Ő Ğ Zs/tEhWddKtE͛^KE/E'>t͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƚŽǁŶŝƐŝŶƚŚĞƉƌŽĐĞƐƐŽĨƵƉĚĂƚŝŶŐƚŚĞůŽĐĂůnjŽŶŝŶŐ ůĂǁ͘dŚĞƌĞŝƐŐŽŝŶŐƚŽďĞĂƚƌĂŝŶŝŶŐŵĞĞƚŝŶŐŚĞůĚŽŶEŽǀ͘ϮϱƚŚĂƚϳ͗ϬϬWDĂŶĚĂŶLJŽŶĞŝŶƚĞƌĞƐƚĞĚŝƐǁĞůĐŽŵĞƚŽĂƚƚĞŶĚ͘ƚƚŽƌŶĞLJ ^ŶLJĚĞƌŝƐƚĞĂĐŚŝŶŐƚŚĞĐůĂƐƐĂŶĚŚĞƐĂŝĚƚŚŝƐŝƐŶŽƚĂƐŝƚƵĂƚŝŽŶǁŚĞƌĞƉĞŽƉůĞƐŚŽǁƵƉ͕ŝƚ͛ƐŐŽŝŶŐƚŽďĞǀĞƌLJŝŶƚĞƌĂĐƚŝǀĞ͘,ĞǁŝůůďĞ ƐĞŶĚŝŶŐŽƵƚĂůŽƚŽĨŝŶĨŽƌŵĂƚŝŽŶƉƌŝŽƌǁŝƚŚůŝŶŬƐƚŚĂƚƉĂƌƚŝĐŝƉĂŶƚƐŶĞĞĚƚŽůŽŽŬŽǀĞƌ͘,ĞƐĂŝĚŵŽƐƚŽĨƚŚĞǁŽƌŬǁŝůůďĞĚŽŶĞĂƚŚŽŵĞ͘ ,ĞŚĂƐƐƚĂƌƚĞĚĚŝƐƚƌŝďƵƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶĂŶĚƚŚĞƌĞŝƐĂůŽƚƚŽďĞĚŽŶĞďĞĨŽƌĞEŽǀ͘Ϯϱ ƚŚ͘ĞƉƵƚLJ^ƵƉĞƌǀŝƐŽƌ^ƚŝůĞƐƐĂŝĚƚŚĂƚŽŶĐĞƚŚĞ njŽŶŝŶŐůĂǁŝƐƵƉĚĂƚĞĚƚŚĞƌĞǁŝůůďĞĂƉƵďůŝĐŚĞĂƌŝŶŐŚĞůĚŝŶƚŚĞƐƉƌŝŶŐ͘,ĞƐĂŝĚƚŚĂƚƚŚĞƌĞĂƌĞƐŽŵĞǁĞĂŬŶĞƐƐĞƐŝŶƚŚĞůĂǁĂŶĚƚŚĞƌĞ ĂƌĞƐŽŵĞƚŚŝŶŐƐƚŚĂƚƐŚŽƵůĚďĞƚĂŬĞŶŽƵƚĂŶĚƚŚĞůĂǁĐŽŶƐŽůŝĚĂƚĞĚ͘^ŶLJĚĞƌƐĂŝĚŚĞĨĞĞůƐƚŚĞƌĞŝƐĂůŽƚƚŚĂƚĐĂŶďĞƚĂŬĞŶŽƵƚďĂƐĞĚŽŶ ĂŵŽĚĞůƚŚĂƚƚŚĞĐŽƵŶƚLJƉĂŶŶŝŶŐƉƵƚŽƵƚŝŶϮϬϬϳ͘ŽŵŵƵŶŝƚLJŵĞŵďĞƌdĞƌŝWĞůƚŽŶĂƐŬĞĚŝĨƚŚŝƐǁŽƵůĚďĞĂƚŝŵĞǁŚĞŶƌĞƐŝĚĞŶƚƐ ĐŽŵĞǁŝƚŚƐƉĞĐŝĨŝĐŝƐƐƵĞƐ͘^ŶLJĚĞƌƐĂŝĚŶŽ͕ƚŚŝƐŝƐĂůŽƚŵŽƌĞŝŶǀŽůǀĞĚ͘,ĞƐĂŝĚƚŚĂƚŝĨƐŚĞŚĂƐĂŶŝƐƐƵĞǁŝƚŚĂƉĂƌƚŝĐƵůĂƌƉƌŽƉĞƌƚLJƐŚĞ ƐŚŽƵůĚŵĞĞƚǁŝƚŚ<ĞǀŝŶDĐDĂŚŽŶ͘^ŶLJĚĞƌƐĂŝĚƚŚŝƐŚĂƐƚŽĚŽŵŽƌĞǁŝƚŚƚŚĞůĞŐĂůĂƐƉĞĐƚƐŽĨƚŚĞůĂǁ͘^ƚŝůĞƐƐĂŝĚƚŚŝƐŝƐŵŽƌĞĨŽƌ WůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽĂƌĚŵĞŵďĞƌƐ͕ďƵƚĂŐĂŝŶĂŶLJŽŶĞĐĂŶĂƚƚĞŶĚ͘dŽǁŶůĞƌŬsĂŶŽŶƐĞůƐĂŝĚƚŚĂƚŝĨĂŶLJŽŶĞǁŝƐŚĞƐƚŽĂƚƚĞŶĚƚŽ ŐŝǀĞƌŚĞƌƚŚĞŝƌͲŵĂŝůĂŶĚƐŚĞǁŝůůĨŽƌǁĂƌĚƚŚŝƐŝŶĨŽƌŵĂƚŝŽŶŽŶƚŽƚŚĞŵ͘ Z^K>hd/KEηϭϵͲϬϵϳWWZKs^yh>,Z^^DEdWK>/z͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞ^ĞdžƵĂů,ĂƌĂƐƐŵĞŶƚWŽůŝĐLJŚĂƐ ďĞĞŶ ƵƉĚĂƚĞĚ͘DĞŵďĞƌ ^ƚŝůĞƐ ŵŽƚŝŽŶĞĚ ƚŽ ĂƉƉƌŽǀĞ ƚŚĞ dŽǁŶ͛Ɛ ^ĞdžƵĂů ,ĂƌĂƐƐŵĞŶƚ WŽůŝĐLJ ĂƐ ƉƌĞƐĞŶƚĞĚ͘  DĞŵďĞƌ ĞŶŶŝƐƚŽŶ ƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ Z^K>hd/KEηϭϵͲϬϵϴhWdZ^K>hd/KEKE^/>sZKϮϱϬϬW/<hWdZh<WhZ,^͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞ ďŽĂƌĚŶĞĞĚƐƚŽƌĞǀŝƐĞŚŽǁƚŚĞLJǀŽƚĞĚůĂƐƚŵŽŶƚŚ͘dŚĞLJĂƉƉƌŽǀĞĚĂϮϬϭϵƚƌƵĐŬ͕ďƵƚƚŚĞLJĐŽƵůĚŶ͛ƚŐĞƚĂϮϬϭϵ͕ƐŽƚŚĞLJŶĞĞĚƚŽĂŵĞŶĚ ŝƚƚŽĂϮϬϮϬƚƌƵĐŬ͘dŚĞƉƌŝĐĞĚŝĨĨĞƌĞŶĐĞŝƐΨϭϰϬϬŵŽƌĞĨŽƌĂƚŽƚĂůƐƚĂƚĞďŝĚƉƌŝĐĞŽĨηϯϮ͕ϵϮϰ͘Ϯϱ͘DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽĂƉƉƌŽǀĞ ĐŚĂŶŐŝŶŐƚŚĞƚƌƵĐŬĨƌŽŵĂϮϬϭϵƚŽĂϮϬϮϬ^ŝůǀĞƌĂĚŽϮϱϬϬƉŝĐŬƵƉŝŶƚŚĞƐƚĂƚĞďŝĚĂŵŽƵŶƚŽĨΨϯϮ͕ϵϮϰ͘Ϯϱ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚ ƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ Z^K>hd/KEηϭϵͲϬϵϵWhZ,^^EZKy&KZ,/',tzWZdDEdKE^dd/͗/ƚǁĂƐĂƐŬĞĚŽĨDŽƌƐĞŝĨŚĞǁĂƐ ŐŽŝŶŐƚŽƐĞůůƚŚĞǁŽŽĚŽŶĞŽŶƵĐƚŝŽŶƐ/ŶƚĞƌŶĂƚŝŽŶĂů͘DŽƌƐĞƐĂŝĚƚŚĂƚŝƚ͛ƐŶŽƚŐŽŽĚĂŶLJŵŽƌĞĂŶĚƚŚĂƚƚŚĞLJǁŽƵůĚƵƐĞŝƚĨŽƌƉĂƌƚƐ͘ DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽĂƉƉƌŽǀĞƚŚĞƉƵƌĐŚĂƐĞŽĨĂŶĞǁtĞƐƚĞƌŶdŽƌŶĂĚŽƐĂŶĚĞƌĨŽƌƚŚĞŚŝŐŚǁĂLJĚĞƉĂƌƚŵĞŶƚŝŶƚŚĞƐƚĂƚĞďŝĚ ĂŵŽƵŶƚŽĨΨϲϯϬϲ͘ϬϬŝŶĐůƵĚŝŶŐŝŶƐƚĂůůĂƚŝŽŶD/ŝŶƵďƵƌŶ͘dŚĞŵŽŶĞLJǁŝůůďĞŽƵƚŽĨƚŚĞϮϬϭϵďƵĚŐĞƚ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞ ŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ͘ hW'ZdKtE͛^^ZsZEWhZ,^EtKDWhdZ^͗dŚĞďŽĂƌĚǁĂƐƵŶĐĞƌƚĂŝŶŽŶƚŚĞƉƌŝĐĞ͘DĞŵďĞƌĞŶŶŝƐƚŽŶƚŚŽƵŐŚƚ ƚŚĂƚƚŚĞƉƌŝĐĞǁĂƐĞdžĐĞƐƐŝǀĞ͘,ĞƐĂŝĚƚŚĂƚŚĞǁĂƐŐŽŝŶŐƚŽŝŶƋƵŝƌĞĂƌŽƵŶĚƚŽƐĞĞŝĨƚŚĞƉƌŝĐĞǁĂƐƌĞĂƐŽŶĂďůĞ͘dŚŝƐŝƚĞŵǁĂƐƚĂďůĞĚ ƵŶƚŝůŶĞdžƚŵŽŶƚŚ͘ d>DdZz>/E&KZtdZdE<͗dŚĞĞůĞĐƚƌŝĐůŝŶĞǁĂƐƵƚƚŚĂƚŐŽĞƐƚŽƚŚĞǁĂƚĞƌƚĂŶŬ͘dŚĞƌĞǁĂƐƐŽŵĞĚŝƐĐƵƐƐŝŽŶĂďŽƵƚ ŝŶƐƚĂůůŝŶŐƐŽůĂƌƉĂŶĞůƐŝŶƐƚĞĂĚŽĨĚŝŐŐŝŶŐĂƚƌĞŶĐŚƚŚĂƚǁŝůůĐŽƐƚΨϰϬ͕ϬϬϬ͘ĞƉƵƚLJ^ƵƉĞƌǀŝƐŽƌ^ƚŝůĞƐƐĂŝĚƚŚĂƚEĂƚŝŽŶĂů'ƌŝĚŵĂĚĞƚŚĞ ŵŝƐƚĂŬĞ ĂŶĚ ĞdžƉŽƐĞĚ ƚŚĞ ƉŽǁĞƌůŝŶĞ ďĞĐĂƵƐĞ ƚŚĞ ůŝŶĞ ƌĂŶ ƚŚƌŽƵŐŚ ƐŽŵĞŽŶĞ͛Ɛ ƉƌŽƉĞƌƚLJ ĂŶĚ ŶŽ ŽŶĞ ŬŶĞǁ ŝƚ͘ ,Ğ ƐĂŝĚ ƚŚĂƚ ƚŚĞ ŚŽŵĞŽǁŶĞƌƐŚĂǀĞďĞĞŶƉĂƚŝĞŶƚ͕ďƵƚŝƚŶĞĞĚƐƚŽďĞĨŝdžĞĚ͘dŚĞLJĚŝƐĐƵƐƐĞĚƚŚĞŝĚĞĂŽĨĂdĞůĞŵĞƚƌLJůŝŶĞƚŚĂƚǁŽƵůĚĐĂƐƚĂƌŽƵŶĚΨϰϬϬϬ͘ dŚĞďŽĂƌĚŝƐĞŶƚĞƌƚĂŝŶŝŶŐƚŚĂƚŝĚĞĂ͘ /^h^^/KEKEhW'Z/E'd,W,KE^z^dD͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚǁŚĞŶŚĞĨŝƌƐƚĐĂŵĞŽŶďŽĂƌĚ͕ƚŚĞLJƵƉĚĂƚĞĚƚŚĞ ƉŚŽŶĞƐLJƐƚĞŵ͕ďƵƚŶŽǁƚŚĞLJĂƌĞϭϮLJĞĂƌƐŽůĚĂŶĚƚŚĞLJĂƌĞĂŶƚŝƋƵĂƚĞĚ͘,ĞǁŽƵůĚůŝŬĞƚŽŐĞƚĂƉƌŝĐĞĨƌŽŵ,ĂĨĞůĞƚŽƐĞĞŚŽǁŵƵĐŚŝƚ ǁŽƵůĚĐŽƐƚƚŽƵƉĚĂƚĞƚŚĞƐLJƐƚĞŵ͘,ĞƐĂŝĚǁŚĞŶƚŚĞƚŽǁŶŚĂůůĞdžƉĂŶĚĞĚ͕ƚŚĞLJŚĂĚƚŽŐĞƚƵƐĞĚƉŚŽŶĞƐ͕ďĞĐĂƵƐĞƚŚĞĐƵƌƌĞŶƚƉŚŽŶĞ ƐLJƐƚĞŵŝƐŶ͛ƚďĞŝŶŐŵĂĚĞĂŶLJŵŽƌĞ͘ /^h^^/KEKEZKK&dd,,/',tz'Z'͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƌŽŽĨĂƚƚŚĞŚŝŐŚǁĂLJŐĂƌĂŐĞŶĞĞĚƐƚŽďĞ ƌĞƉůĂĐĞĚĂŶĚƚŚĞŝƚŝƐůŽŶŐŽǀĞƌĚƵĞ͘,ĞƐĂŝĚƚŚĂƚůĂƐƚLJĞĂƌƚŚĞLJŐŽƚĂƉƌŝĐĞŽĨΨϴϲ͕ϬϬϬ͕ďƵƚǁŚĞŶƚŚĞLJĐĂŵĞŝŶƚŽĚŽŝƚƚŚĞƉƌŝĐĞ ũƵŵƉĞĚƵƉƚŽΨϭϮϬƚŚŽƵƐĂŶĚ͕ƐŽƚŚĞLJĚŝĚŶ͛ƚĚŽŝƚ͘,ŽǁĞǀĞƌ͕ŚĞƐĂŝĚƚŚĂƚŝƚŶĞĞĚƐƚŽŐĞƚŝƚĨŝdžĞĚ͘ WWZKsZW/Z^dKdKtE,>>͗dŚĞƌĞĂƌĞƐŽŵĞƉĂƌƚƐŽĨƚŚĞsŝƌŐŝůdŽǁŶ,ĂůůƚŚĂƚŶĞĞĚƉƌĞƉůĂĐŝŶŐ͘^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚ ŚĞƐŽĨĨŝƚƐŽŶƚŚĞǁĞƐƚĞŶĚĂƌĞĐŽŵŝŶŐŽĨĨ͘ĞƉƵƚLJ^ƵƉĞƌǀŝƐŽƌ^ƚŝůĞƐƐĂŝĚƚŚĂƚŚĞǁŝůůŐĞƚƐŽŵĞƉƌŝĐĞƐƚŽŐĞƚŝƚĨŝdžĞĚ͘ sŝƌŐŝůdŽǁŶŽĂƌĚDĞĞƚŝŶŐEŽǀĞŵďĞƌϭϰ͕ϮϬϭϵ ϱͮW Ă Ő Ğ Z^K>hd/KEηϭϵͲϬϭϬϬWWZKstdZΘ^tZZͲ>szϮϬϮϬ͗DĞŵďĞƌ^ŶŽǁĂƐŬĞĚǁŚLJƚŚĞƌĞǁĞƌĞĚƵƉůŝĐĂƚĞƉƌŽƉĞƌƚŝĞƐŽŶƚŚĞ ƌĞͲůĞǀLJ͘/ƚǁĂƐŵĞŶƚŝŽŶĞĚƚŚĂƚƚŚĞƚǁŽƉƌŽƉĞƌƚŝĞƐǁĞƌĞĚŝĨĨĞƌĞŶƚƵŶŝƚƐŽǁŶĞĚďLJƚŚĞƐĂŵĞƉĞƌƐŽŶ͘DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽ ĂƉƉƌŽǀĞƚŚĞtĂƚĞƌĂŶĚ^ĞǁĞƌZĞͲ>ĞǀLJĂƐƉƌĞƐĞŶƚĞĚ͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ Z^K>hd/KEηϭϵͲϭϬϭWWZKs,>d,ZKE^KZd/hD/E^hZE&KZϮϬϮϬ͗DĞŵďĞƌ^ŶŽǁŝƐƚŚĞdŽǁŶƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽŶ ƚŚĞ,ĞĂůƚŚŽŶƐŽƌƚŝƵŵďŽĂƌĚ͘^ŶŽǁƐĂŝĚƚŚĂƚƚŚĞƚŽǁŶŶĞĞĚƐƚŽƌĞůĂLJƚŽƚŚĞĐŽŶƐŽƌƚŝƵŵ͕ŝĨǁĞǁŝƐŚƚŽƌĞŵĂŝŶŝŶƚŚĞĐŽŶƐŽƌƚŝƵŵŝŶ ƚŚĞLJĞĂƌϮϬϮϬ͘^ŶŽǁƐĂŝĚƚŚĂƚƚŚŝƐŶĞĞĚƐƚŽďĞƌĞǀŝĞǁĞĚĞǀĞƌLJĨŝǀĞLJĞĂƌƐ͘^ŶŽǁƐĂŝĚƚŚĂƚŚĞƚŚŝŶŬƐĞǀĞƌLJƚŚŝŶŐůŽŽŬƐĨŝŶĞĂƐŝƚŝƐ͕ďƵƚ ƚŚĞLJŶĞĞĚƚŽŝŶĨŽƌŵƚŚĞŵǁĞĂƉƉƌŽǀĞƐƚĂLJŝŶŐŽŶ͘^ŶŽǁƐĂŝĚƚŚĂƚƚŚĞƌĞǁŝůůďĞĂϱйŝŶĐƌĞĂƐĞŝŶƉƌŝĐĞŝŶϮϬϮϬ͘DĞŵďĞƌ^ƚŝůĞƐ ŵŽƚŝŽŶĞĚ ƚŽ ƐƚĂLJ ŝŶ ƚŚĞ 'ƌĞĂƚĞƌ dŽŵƉŬŝŶƐ ĐŽƵŶƚLJ ,ĞĂůƚŚĐĂƌĞ ŽŶƐŽƌƚŝƵŵ ǁŝƚŚŽƵƚ ĂŶLJ ĐŚĂŶŐĞƐ ĨŽƌ ƚŚĞ LJĞĂƌ ϮϬϮϬ͘  DĞŵďĞƌ ĞŶŶŝƐƚŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ͘ ϭϵͬϮϬ^^EKtW>Kt/E'Θ^E/E''ZDEd͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞ^ĐŚŽŽůĚŝƐƚƌŝĐƚǁŝůůďĞƚĂŬŝŶŐĐĂƌĞŽĨƚŚĞ ƉůŽǁŝŶŐĂŶĚƐĂŶĚŝŶŐƚŚĞŵƐĞůǀĞƐƚŚŝƐƐĞĂƐŽŶ͘^ƚŝůĞƐƐĂŝĚƚŚĞƌĞǁĂƐŵŽŶĞLJƉƵƚŝŶƉƵƚŵŽŶĞLJŝŶƚŚĞƌĞǀĞŶƵĞƐŝĚĞŽĨƚŚĞďƵĚŐĞƚĨŽƌƚŚŝƐ ĂŶĚƚŚĞLJǁŝůůŶĞĞĚƚŽŬĞĞƉƚŚŝƐŝŶŵŝŶĚŝŶϮϬϮϬ͘ Z^K>hd/KEηϭϵͲϭϬϮdKtEh'dDEDEd^^K&Kd͘ϯϭ͕ϮϬϭϵ͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƌĞĂƌĞƐŽŵĞĐŚĂŶŐĞƐ ŝŶƚŚĞ'ĞŶĞƌĂůĨƵŶĚ͕tĂƚĞƌŝƐƚƌŝĐƚηϭĂŶĚ^ĞǁĞƌŝƐƚƌŝĐƚηϭ͘DĞŵďĞƌ^ƚŝůĞƐŵŽƚŝŽŶĞĚƚŽĂƉƉƌŽǀĞƚŚĞϮϬϭϵďƵĚŐĞƚĂŵĞŶĚŵĞŶƚƐĂƐ ŽĨKĐƚ͘ϯϭ͕ϮϬϭϵĂƐƉƌĞƐĞŶƚĞĚ͘DĞŵďĞƌWĞůƚŽŶƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ <ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ KEd/Eh/^/^^/KE >dZ/^hW>zKEdZd͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƚŽǁŶƐĞůĞĐƚƌŝĐŝƚLJĐŽŶƚƌĂĐƚǁŝƚŚŝƌĞĐƚŶĞƌŐLJŝƐĞdžƉŝƌŝŶŐƚŚĞĞŶĚŽĨ ƚŚŝƐLJĞĂƌ͘,ĞŝƐŐŽŝŶŐƚŽƐŚŽƉĂƌŽƵŶĚƚŽƚƌLJĂŶĚĨŝŶĚƚŚĞďĞƐƚƉƌŝĐĞĂŶĚƐĞĞŝĨŚĞĐĂŶƐĂǀĞƚŚĞƚŽǁŶƐŽŵĞŵŽŶĞLJ͘ ZKZ/^ZKhEdKtE͗^ƵƉĞƌǀŝƐŽƌ<ĂŵŝŶƐŬŝƐĂŝĚƚŚĂƚƚŚĞƌĞǁĞƌĞϵƉůĂĐĞƐƚŚĂƚǁĞƌĞďƌŽŬĞŶŝŶƚŽĂƌŽƵŶĚƚŽǁŶ͘,ĞƐĂŝĚƚŚĞLJŐŽƚ ŝŶƚŽŚŝƐƚƌƵĐŬ͘^ĂŶĚLJWƌŝĐĞƐĂŝĚƚŚĂƚƚŚĞLJŐŽƚŝŶƚŽŚĞƌƚƌƵĐŬƚŽŽ͘dŚĞƐŚĞƌŝĨĨƐĂƌĞůŽŽŬŝŶŐŝŶƚŽŝƚ͘dŚĞLJĂƌĞŐŽŝŶŐƚŽĐŚĞĐŬƚŚĞĐĂŵĞƌĂƐ ĂƚƚŚĞƐĐŚŽŽů͘ dZh< &ZKD /EdZEd/KE>͗ ,ŝŐŚǁĂLJ ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ ƌŝƚƚ DŽƌƐĞ ƐĂŝĚ ƚŚĂƚ ŝĨ ƚŚĞLJ ĂƌĞ ŐŽŝŶŐ ƚŽ ŽƌĚĞƌ ƚŚĞ ƚƌƵĐŬ ĨƌŽŵ /ŶƚĞƌŶĂƚŝŽŶĂů͕ŚĞŶĞĞĚƐƚŽƉƌŽǀŝĚĞƚŚĞŵĂǀŽƵĐŚĞƌ͕ďƵƚŚĞŚĂƐŶ͛ƚĨŝŐƵƌĞĚŽƵƚƚŚĞďŽdžLJĞƚ͕ŚĞŝƐƐƚŝůůƐŚŽƉƉŝŶŐĨŽƌďŽdž͘,ĞƐĂŝĚŝƚƚĂŬĞƐ ĂƚůĞĂƐƚƐŝdžŵŽŶƚŚƐƚŽďƵŝůĚƚŚĞƚƌƵĐŬ͘,ĞŝƐůŽŽŬŝŶŐĂƚĂϮ͘ϱͲƚŽŶϱϭϱ͘,ĞƐĂŝĚƚŚĞŶƵŵďĞƌƐŽŶƚŚĞĐŚĂƐĞĂŶĚŚĞŝƐƉŝŐŐLJďĂĐŬŝŶŐŽŶ ŽƚŚĞƌƚŽǁŶƐ͘,ĞƐĂŝĚŚĞǁŽƵůĚŶĞĞĚƚŚĞǀŽƵĐŚĞƌŶĞdžƚŵŽŶƚŚ͘,ĞǁŝůůŚĂǀĞĂƚŽƚĂůďŝůůŝŶĐůƵĚŝŶŐƚŚĞďŽdžďLJŶĞdžƚŵŽŶƚŚ͘,ĞƐĂŝĚƚŚĞLJ ĐƵƚƚŚĞĐŚĂƐƐĞƚŽƐŝnjĞĨŽƌƚŚĞďŽdž͘,ĞƐĂŝĚƚŚĂƚƚŚĞƉƌŝĐĞŽĨƚŚĞƚƌƵĐŬƐŚŽƵůĚŶ͛ƚĐŚĂŶŐĞ͘ĞƉƵƚLJ^ƵƉĞƌǀŝƐŽƌ^ƚŝůĞƐƐĂŝĚƚŚĂƚƚŚĞLJŶĞĞĚ ƚŽƐĞĞĂůůƚŚĞŶƵŵďĞƌƐďĞĨŽƌĞƚŚĞLJĐĂŶŵŽǀĞĨŽƌǁĂƌĚ͘DŽƌƐĞƐĂŝĚŚĞŚĂƐĂůůƚŚĞŶƵŵďĞƌƐǁŝƚŚƚŚĞŽƌŝŐŝŶĂůďŽdž͕ďƵƚŚĞƚŚŝŶŬƐŚĞĐĂŶ ŐĞƚŝƚĨŽƌůĞƐƐǁŝƚŚĂƐŵĂůůĞƌďŽdž͘,ĞƐĂLJƐŚĞŚĂƐƚŚĞƉƌŝĐĞŽĨƚŚĞďŽdžŝƐŽƵƚƚŽďŝĚ͘DŽƌƐĞƐĂŝĚƚŚĂƚŚĞŝƐŐŽŝŶŐƚŽƐŝƚǁŝƚŚƚŚĞƌĞƉ͘ ^ƚŝůĞƐƐĂŝĚƚŚĂƚƚŚĞLJǁŝůůŶĞĞĚƚŽďŽŶĚĨŽƌƚŚĞƚƌƵĐŬĂŶĚƚŚĞLJŶĞĞĚƚŽƐĞĞĂůůƚŚĞŶƵŵďĞƌƐĂŶĚƚŚĞLJŶĞĞĚƚŽƐĞĞŶĞĞĚƚŽƐĞĞĂůůƚŚĞ ƉĂƉĞƌǁŽƌŬ͘ ^dZd>/',d^Z^d/>>EKd&hEd/KE/E'͗^ĂŶĚLJWƌŝĐĞƐĂŝĚƚŚĂƚƚŚĞƌĞĂƌĞƐƚŝůůƐŽŵĞƐƚƌĞĞƚůŝŐŚƚƐƚŚĂƚĂƌĞŶ͛ƚǁŽƌŬŝŶŐƉƌŽƉĞƌůLJ͘ ^ŚĞƐĂŝĚƚŚĞƚŽǁŶŵŝŐŚƚĐŽŶƐŝĚĞƌƌĞƉůĂĐŝŶŐƚŚĞŵ͘^ŚĞƐĂŝĚƚŚĞƌĞŝƐŐƌĂŶƚŵŽŶĞLJĂǀĂŝůĂďůĞƚŽĚŽƚŚĂƚ͘^ƚŝůĞƐƐĂŝĚƚŚĂƚŚĞǁŽƌŬĞĚŽŶ ƚŚŝƐůĂƐƚLJĞĂƌ͘,ĞƚĂůŬĞĚƚŽdŽŵƉŬŝŶƐŽƵŶƚLJ͘ůůƚŚĞůŝŐŚƚƐǁĞƌĞƐǁŝƚĐŚĞĚŝŶƚŚĂƚĐŽƵŶƚLJ͘,ĞƐĂŝĚŚĞǁĂŶƚĞĚƚŽƉŝŐŐLJďĂĐŬŽŶǁŚĂƚ ƚŚĞLJĚŝĚ͘WƌŝĐĞĂƐŬĞĚŝĨƚŚĞLJƚĂůŬĞĚƚŽƚŚĞŝƚLJŽĨŽƌƚůĂŶĚ͘dŚĞĐŝƚLJĂĚŵŝŶŝƐƚƌĂƚŽƌDĂĐŬŽŽŬǁĂƐƉƌĞƐĞŶƚĂŶĚŚĞƐĂŝĚƚŚĂƚƚŚĞLJĂƌĞ ƌĞƉůĂĐŝŶŐĂůůƚŚĞůŝŐŚƚƐǁŝƚŚ>͛Ɛ͘/ƚǁĂƐŵĞŶƚŝŽŶĞĚƚŚĂƚƚŚĞƌĞǁĂƐĂůĞƚƚĞƌǁƌŝƚƚĞŶƚŽƚŚĞĞĚŝƚŽƌŝŶƚŚĞŽƌƚůĂŶĚ^ƚĂŶĚĂƌĚƐĂLJŝŶŐŚŽǁ ŵƵĐŚŝƚŝƐĂĐƚƵĂůůLJĐŽƐƚŝŶŐ͘ŽŽŬƐĂŝĚƚŚĞƌĞǁĂƐŶŽǁĂLJƚŚĂƚƉĞƌƐŽŶĐŽƵůĚŬŶŽǁƚŚĂƚŝŶĨŽƌŵĂƚŝŽŶ͕ĂƐŚĞǁŽƵůĚŚĂǀĞďĞĞŶƚŚĞŽŶĞƚŽ ƚĂůŬƚŽĂŶĚŶŽŽŶĞƐƉŽŬĞƚŽŚŝŵ͘dŚĞĐŝƚLJďŝůůĨŽƌƐƚƌĞĞƚůŝŐŚƚŝŶŐĞůĞĐƚƌŝĐŝƚLJǁĂƐΨϯϴϳ͕ϬϬϬĂLJĞĂƌ͘,ĞǁĂƐŐůĂĚƚŽƐĞĞƉĞŽƉůĞďĞŝŶŐ ƉƌŽĂĐƚŝǀĞ͘^ĂƌĂ^ŝƌŽŝƐƐĂŝĚǁŚLJďŽƚŚĞƌǁŝƚŚƐƚƌĞĞƚůŝŐŚƚƐ͘^ŚĞƐĂŝĚƚŚĂƚƚŽǁŶŝƐŶŽƚƐƵƉĞƌǁĂůŬĂďůĞ͘^ƚŝůĞƐƐĂŝĚƚŚĞƌĞĂƌĞŵĂŶLJĂƌĞĂƐŽĨ ƚŚĞƚŽǁŶǁŚĞƌĞƚŚĞƌĞĂƌĞƐƚƌĞĞƚůŝŐŚƚƐ͘,ĞƐĂŝĚƚŚĞƌĞĂƌĞƐŽŵĞŝŶDĞƐƐĞŶŐĞƌǀŝůůĞ͘,ĞƐĂŝĚƚŚĞLJŚĂǀĞƚŚĞŵĨŽƌƐĂĨĞƚLJƌĞĂƐŽŶƐ͘WƌŝĐĞ ƐĂŝĚŵĂŶLJŽĨƚŚĞŵĂƌĞŝŶĂŶĚŽƵƚ͕ďƵƚƚŚĞƚŽǁŶƐƚŝůůƉĂLJƐĨŽƌƚŚĞŵ͘ sŝƌŐŝůdŽǁŶŽĂƌĚDĞĞƚŝŶŐEŽǀĞŵďĞƌϭϰ͕ϮϬϭϵ ϲͮW Ă Ő Ğ KE^/Z:K/E/E'E>dZ/KE^KZd/hD͗DĂĐŬŽŽŬƐĂŝĚƚŚĂƚƚŚĞƚŽǁŶŵŝŐŚƚǁĂŶƚƚŽůŽŽŬĂƚƚŚĞŵŽĚĞůƚŚĂƚƚŚĞEŽƌƚŚ ĐŽƵŶƚLJŚĂƐ͘,ĞƐĂŝĚƚŚĂƚŵĂŶLJƚŽǁŶƐŚĂǀĞĂĐŽŶƐŽƌƚŝƵŵ͘,ĞƐĂŝĚƚŚĂƚǁĞŵĂLJďĞĂďůĞƚŽĚŽƚŚĂƚĚŽǁŶŚĞƌĞ͘,ĞƐĂŝĚƚŚĂƚƚŚĞƌĞĂƌĞ ŵĂŶLJŵŽĚĞůƐƚŚĂƚĐĂŶďĞĨŽůůŽǁĞĚ͘,ĞƐĂŝĚǁĞŵŝŐŚƚǁĂŶƚƚŽƌĞĂĐŚŽƵƚƚŽƚŚĞĞŶƚƌĂůEĞǁzŽƌŬZĞŐŝŽŶĂůďŽĂƌĚ͘,ĞƐĂŝĚƌŝŐŚƚŶŽǁ ƚŚĞƚŽǁŶŝƐƌĞŶƚŝŶŐƚŚĞƉŽůĞƐĂŶĚĐƌŽǁŶŚĞĂĚƐĂŶĚǁĞǁŝůůďĞƌĞŶƚŝŶŐƚŚĞŵĨŽƌĞǀĞƌ͘,ĞƐĂŝĚǁĞĐŽƵůĚŚĂǀĞŚĂĚƚŚĞŵƉĂŝĚƐĞǀĞƌĂů ƚŝŵĞƐŽǀĞƌ͘dŚĞ^ŽĚŝƵŵďƵůďƐĂƌĞǀĞƌLJĞdžƉĞŶƐŝǀĞƚŽƌƵŶ͘,ĞƐĂŝĚƚŚĂƚǁĞŵĂLJďĞĂďůĞƚŽũŽŝŶǁŝƚŚƐŝƐƚĞƌƚŽǁŶƐƚŽƚĞĂŵƵƉ͘ tŝƚŚŶŽĨƵƌƚŚĞƌďƵƐŝŶĞƐƐƚŽĚŝƐĐƵƐƐ͕DĞŵďĞƌ^ƚŝůĞƐŵŽǀĞĚƚŽĂĚũŽƵƌŶƚŚĞŵĞĞƚŝŶŐĂƚϳ͗ϮϬWD͘DĞŵďĞƌ^ŶŽǁƐĞĐŽŶĚĞĚƚŚĞDŽƚŝŽŶ͘ sŽƚĞ͗LJĞƐͲDĞŵďĞƌƐWĞůƚŽŶ͕^ŶŽǁ͕ĞŶŶŝƐƚŽŶ͕^ƚŝůĞƐĂŶĚ<ĂŵŝŶƐŬŝ͘EĂLJƐ͗EŽŶĞ ZĞƐƉĞĐƚĨƵůůLJ^ƵďŵŝƚƚĞĚďLJ͕ ůĂŶĞsĂŶŽŶƐĞů sŝƌŐŝůdŽǁŶůĞƌŬ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ĞĐĞŵďĞƌϵ͕ϮϬϭϵ Dƌ͘:ŽŚŶ<ĂŵŝŶƐŬŝ dŽǁŶŽĨsŝƌŐŝů^ƵƉĞƌǀŝƐŽƌ ϭϭϳϲŚƵƌĐŚ^ƚƌĞĞƚ ŽƌƚůĂŶĚ͕EzϭϯϬϰϱ ZĞ͗EŽǀĞŵďĞƌKƉĞƌĂƚŝŽŶƐZĞƉŽƌƚĨŽƌƚŚĞdŽǁŶtĂƚĞƌ^LJƐƚĞŵ Dƌ͘<ĂŵŝŶƐŬŝĂŶĚsŝƌŐŝůdŽǁŶŽĂƌĚDĞŵďĞƌƐ͕ ůůǁĂƚĞƌƐĂŵƉůĞƐĨŽƌƚŚĞŵŽŶƚŚĐĂŵĞďĂĐŬŶŽƌŵĂů͘ tĞŚĂǀĞƐƉŽŬĞŶǁŝƚŚ^ĐĂĚĂƚĞŬĂŶĚƌĞĐĞŝǀĞĚĂƋƵŽƚĞƚŽŝŶƐƚĂůůĂƐŽůĂƌƉĂŶĞůĂƚƚŚĞǁĂƚĞƌƚĂŶŬ͘ dŚŝƐǁŽƵůĚƉƌŽǀŝĚĞƚŚĞƉŽǁĞƌƚŽƚŚĞƚĂŶŬƵƚŝůŝƚŝĞƐŝŶƐƚĞĂĚŽĨƌĞĚŽŝŶŐƚŚĞƉŽǁĞƌůŝŶĞƐƚŚĂƚǁĞƌĞ ĚĂŵĂŐĞĚŽǀĞƌƚŚĞƐƵŵŵĞƌ͘         ^ŝŶĐĞƌĞůLJ͕         :ĞŶĂĞtŝƚŚĞLJ >'/^>dKZZWKZd&KZDZϮϬϮϬ dŚĞϮϬϮϬŽƌƚůĂŶĚŽƵŶƚLJďƵĚŐĞƚǁĂƐĂĚŽƉƚĞĚ͘DĂŶLJƌĞĚƵĐƚŝŽŶƐǁĞƌĞŵĂĚĞƚŽƌĞĚƵĐĞƚŚĞƚĞŶƚĂƚŝǀĞďƵĚŐĞƚ͖ŵĂŶLJ ǁĞƌĞĐƵƚƐƚŚĂƚ/ǁŽƵůĚŶΖƚŚĂǀĞƐƵƉƉŽƌƚĞĚŝŶŽƌĚŝŶĂƌLJƚŝŵĞƐͲƚŚĞƐĞĂƌĞŶŽƚŽƌĚŝŶĂƌLJĨŝŶĂŶĐŝĂůƚŝŵĞƐ͘/ŚĞĂƌĚĨƌŽŵƚŚŽƐĞ ǁŝƚŚŚĞĂƌƚĨĞůƚĂƉƉĞĂůƐĨŽƌĚŝĨĨĞƌĞŶƚƉƌŽŐƌĂŵƐ͘Ƶƚ/ĂůƐŽŚĞĂƌĚůŽƵĚĂŶĚĐůĞĂƌĂŶĚŽǀĞƌĂŶĚŽǀĞƌƚŚĂƚƚĂdžĞƐŶĞĞĚƚŽďĞĂƐ ůŽǁĂƐƉŽƐƐŝďůĞ͘/ƐƵƉƉŽƌƚĞĚƚŚĞƌĞĚƵĐƚŝŽŶƐĂŶĚƚŚĞďƵĚŐĞƚ͘dŚĞƚĂdžƌĂƚĞĨŽƌ,ĂƌĨŽƌĚŝƐĞƐƚŝŵĂƚĞĚĂĚĞĐƌĞĂƐĞŽĨ͘ϮϰŽƌ ϭϲ͘ϮϱƚĂdžƌĂƚĞƉĞƌϭϬϬϬĂŶĚĨŽƌsŝƌŐŝůĂŶŝŶĐƌĞĂƐĞŽĨ͘ϭϭŽƌϭϰ͘ϰϲƉĞƌϭϬϬϬ͘ dǁŽƌĞƐŽůƵƚŝŽŶƐǁĞƌĞƉĂƐƐĞĚ͗ĨŝƌƐƚƌĂŝƐŝŶŐƚŚĞĐŽŶƐƚŝƚƵƚŝŽŶĂůƚĂdžůŝŵŝƚƚŽϮйŝŶĐƌĞĂƐĞŽĨƚŚĞƚĂdžƌĂƚĞƚŚƵƐĂǀĞƌƚŝŶŐ ƉŽƐƐŝďůĞůŽƐƐŝŶƐƚĂƚĞĨƵŶĚŝŶŐ͘^ĞĐŽŶĚǁĂƐĂůŽĐĂůůĂǁŽǀĞƌƌŝĚŝŶŐƚŚĞƚĂdžůĞǀLJůŝŵŝƚĨŽƌĨŝƐĐĂůLJĞĂƌϮϬϮϬ͘/ƚŝƐŶŽƚĂŶƚŝĐŝƉĂƚĞĚ ƚŚĂƚƚŚĞůĞƐƐƚŚĂŶϮйŝŶĐƌĞĂƐĞǁĂƐŽǀĞƌƚŚĂƚďƵƚƚŚŝƐŝƐũƵƐƚĂŶŝŶƐƵƌĂŶĐĞƉŽůŝĐLJũƵƐƚŝŶĐĂƐĞƚŚĞƐƚĂƚĞĐŚĂŶŐĞƐ ĐĂůĐƵůĂƚŝŽŶƐ͘ ^ĞŵŝͲĂŶŶƵĂůDŽƌƚŐĂŐĞƚĂdžĚŝƐƚƌŝďƵƚŝŽŶǁĂƐĂƉƉƌŽǀĞĚ͘,ĂƌĨŽƌĚǁŝůůƌĞĐĞŝǀĞΨϴ͕ϴϳϮ͘ϬϬĂŶĚsŝƌŐŝůΨϭϰ͕ϲϮϰ͘ϳϴ͘ ĚĚŝƚŝŽŶĂůůLJ͕ƚŚŝƌĚƋƵĂƌƚĞƌƐĂůĞƐƚĂdžĚŝƐƚƌŝďƵƚŝŽŶǁĂƐĂƉƉƌŽǀĞĚ͘,ĂƌĨŽƌĚŶĞƚĚŝƐƚƌŝďƵƚŝŽŶĂĨƚĞƌƚĂdžĐƌĞĚŝƚŝƐΨϳϵ͕ϳϮϵ͘ϴϬĂŶĚ sŝƌŐŝůŝƐΨϮϭϲ͕ϰϵϵ͘ϴϰ͘ dŚĂŶŬLJŽƵĞǀĞƌLJŽŶĞĨŽƌƚŚĞŚŽŶŽƌŽĨƌĞƉƌĞƐĞŶƚŝŶŐLJŽƵĂŐĂŝŶĂƐLJŽƵƌĐŽƵŶƚLJůĞŐŝƐůĂƚŽƌ͘/ƚΖƐŵĞĂŶƐƐŽŵƵĐŚ͘/ĞŶũŽLJ ǁŽƌŬŝŶŐǁŝƚŚĂŶĚĨŽƌLJŽƵ͘ƐĂůǁĂLJƐƉůĞĂƐĞŬĞĞƉƚŚĞůŝŶĞƐŽĨĐŽŵŵƵŶŝĐĂƚŝŽŶŽƉĞŶ͘tŝƚŚƚŚĂƚŝƐƚŚĞƌĞĂŶLJƚŚŝŶŐ/ƐŚŽƵůĚ ďĞĂǁĂƌĞŽĨŽƌĚŽŝŶŐ͍ /ŚŽƉĞLJŽƵĂůůŚĂĚĂǁŽŶĚĞƌĨƵůƚŚĂŶŬƐŐŝǀŝŶŐĂŶĚ/ǁŝƐŚLJŽƵĂǀĞƌLJDĞƌƌLJŚƌŝƐƚŵĂƐ͘ůƐŽĂŚĞĂůƚŚLJ͕ŚĂƉƉLJŶĞǁLJĞĂƌ͊ dŚŽƵŐŚƚĨŽƌƚŚĞŵŽŶƚŚĨƌŽŵŚĂƌůŝĞƌŽǁŶ͗ dŚĞƐŵŝůĞŽŶŵLJĨĂĐĞĚŽĞƐŶΖƚŵĞĂŶŵLJůŝĨĞŝƐƉĞƌĨĞĐƚ͘/ƚŵĞĂŶƐ/ĂƉƉƌĞĐŝĂƚĞǁŚĂƚ/ŚĂǀĞĂŶĚǁŚĂƚ/ŚĂǀĞďĞĞŶďůĞƐƐĞĚ ǁŝƚŚ͘/ĐŚŽŽƐĞƚŽďĞŚĂƉƉLJ͘ ^ĂŶĚLJWƌŝĐĞ ϭϭϴϵŚƵƌĐŚ^ƚƌĞĞƚ͕ŽƌƚůĂŶĚ͕EzϭϯϬϰϱ ĞůůŽƌƚĞdžƚϰϮϯͲϭϬϭϵWŚŽŶĞϴϯϱͲϲϳϭϭ ƐĂŶĚLJƉƌŝĐĞΛĨƌŽŶƚŝĞƌŶĞƚ͘ŶĞƚ /^> ,ŝŐŚǁĂLJĞƉĂƌƚŵĞŶƚ &ŝƌĞĞƉĂƌƚŵĞŶƚ dKd> ZĞĐŽƌĚĞĚhƐĞĚ ϭ͕ϰϯϲ͘ϴ ŐĂůůŽŶƐ ϯϮ͘ϳ ŐĂůůŽŶƐ ϭ͕ϰϲϵ͘ϱ ŐĂůůŽŶƐ ĐƚƵĂůŽĚŽŵĞƚĞƌƌĞĂĚŝŶŐ ϭ͕ϰϰϮ͘ϱ ŐĂůůŽŶƐ ϯϮ͘ϴ ŐĂůůŽŶƐ ϭ͕ϰϳϱ͘ϯ ŐĂůůŽŶƐ ŝĨĨĞƌĞŶĐĞŽĨ Ͳϱ͘ϳ ŐĂůůŽŶƐ ͲϬ͘ϭ ŐĂůůŽŶƐ Ͳϱ͘ϴ ŐĂůůŽŶƐ ^ƚĂƌƚŝŶŐKĚŽŵĞƚĞƌ KŶϭϭͬϭϭͬϮϬϭϵͲ ϭϯϭ͕ϰϱϮ͘Ϯ KŶϭϭͬϭϭͬϮϬϭϵͲ ϯ͕ϴϮϮ͘ϲ ŶĚŝŶŐKĚŽŵĞƚĞƌ KŶϭϮͬϭϬͬϮϬϭϵͲ ϭϯϮ͕ϴϵϰ͘ϳ KŶϭϮͬϭϬͬϮϬϭϵͲ ϯ͕ϴϱϱ͘ϰ dŽǁŶ,ŝŐŚǁĂLJ^ƵƉĞƌŝŶƚĞŶĚĞŶƚƐDŽŶƚŚůLJZĞƉŽƌƚ EŽǀĞŵďĞƌŚĂƐĐŽŵĞĂŶĚŐŽŶĞĂŶĚŝƚǁĂƐĂŝŶƚĞƌĞƐƚŝŶŐŵŽŶƚŚƚŽƐĂLJƚŚĞůĞĂƐƚ͘tĞǁĞŶƚ ƚŚƌŽƵŐŚĂůŽƚŽĨƐĂŶĚĂŶĚƐĂůƚďĞĐĂƵƐĞŽĨƚŚĞŝĐĞďƵƚŚĂĚŶŽĂĐĐŝĚĞŶƚƐĂŶĚŽŶůLJĂĨĞǁ ĐŽŵƉůĂŝŶƚƐǁŚŝĐŚŝƐŐŽŽĚ͘EŽǁƚŚĞďĂĚŶĞǁƐƚŚĞƐŶŽǁƐƚŽƌŵŽŶƚŚĞĨŝƌƐƚŽĨĞĐĞŵďĞƌǁĂƐ ĂŶĚ ĞdžƉĞŶƐŝǀĞŽŶĞĨŽƌƚŚĞŚŝŐŚǁĂLJĚĞƉĂƌƚŵĞŶƚĨŝƌƐƚƚŚĞϮϬϭϮŝŶƚĞƌŶĂƚŝŽŶĂůǁĞŶƚĚŽǁŶǁŝƚŚĂ ďĞůŝĞǀĞĚƚŽďĞƚƵƌďŽƉƌŽďůĞŵƚŚĂƚĂĨƚĞƌŶŽŽŶƚŚĞϬϳŝŶƚĞƌŶĂƚŝŽŶĂůƐƉƌƵŶŐĂůĞĂŬŝŶƚŚĞƌĂĚŝĂƚŽƌ ĂŶĚĂŝƌĐŽŽůĞƌ͘ŽƚŚƚƌƵĐŬƐǁĞƌĞƚĂŬĞŶƚŽĐĂƐŬĞLJƐƚŚĞϬϳŝƐďĂĐŬĂŶĚƚŚĞϭϮƐŚŽƵůĚŚŽƉĞĨƵůůLJďĞ ďĂĐŬďLJDŽŶĚĂLJƚŚĞϭϲƚŚ͘ůůŝŶĂůůŝƚƐƐƚŝůůĂƉŽƐŝƚŝǀĞŵŽŶƚŚďĞĐĂƵƐĞŶŽŽŶĞŐŽƚŚƵƌƚŽƌŚĂĚĂŶLJ ĂĐĐŝĚĞŶƚƐ͘hƉĚĂƚĞŽĨƚŚĞŶĞǁƚƌĂŶƐĨĞƌƐƚĂƚŝŽŶƉŝĐŬƵƉŝƚŝƐďĞŝŶŐďƵŝůƚƚŚŝƐŵŽŶƚŚĂŶĚǁĞƐŚŽƵůĚ ŚĂǀĞŝƚďLJƚŚĞŵŝĚĚůĞŽĨ:ĂŶƵĂƌLJ͘ ƌŝƚƚDŽƌƐĞ dŽǁŶŽĨsŝƌŐŝů ,ŝŐŚǁĂLJ^ƵƉƚ͘ dƌƵĐŬŽƐƚtŽƌŬƐŚĞĞƚ ϮϬϬϳ/ŶƚĞƌŶĂƚŝŽŶĂů ϮϬϭϮ/ŶƚĞƌŶĂƚŝŽŶĂů ϮϬϭϱtĞƐƚĞƌŶƐƚĂƌ ϮϬϭϴtĞƐƚĞƌŶƐƚĂƌ ŽůƵŵŶϭ ϭϲ͕Ϭϲϴ͘ϯϱΨϰ͕ϳϳϵ͘ϭϲΨϯϮϱ͘ϲϵΨͲΨϮϬϭϳŽƐƚ Ϯ͕Ϭϯϭ͘ϰϵ ϭ͕ϬϱϮ͘ϴϲΨϮ͕ϮϱϬ͘ϵϯΨϰϵϮ͘ϱϴΨ:ĂŶƵĂƌLJ ϮϬϳ͘ϱϰ ϳϳϴ͘ϴϬΨ&ĞďƌƵĂƌLJ ϭϭϱ͘ϱϰ DĂƌĐŚ ϭϬ͕ϳϴϲ͘ϱϯ Ɖƌŝů DĂLJ :ƵŶĞ :ƵůLJ ƵŐƵƐƚ ^ĞƉƚĞŵďĞƌ KĐƚŽďĞƌ EŽǀĞŵďĞƌ ĞĐĞŵďĞƌ ϮϬϭϴŽƐƚ Ϯϵ͕ϮϬϵ͘ϰϱΨϱ͕ϴϯϮ͘ϬϮΨϮ͕ϱϳϲ͘ϲϮΨϭ͕Ϯϳϭ͘ϯϴΨdŽƚĂů dƌƵĐŬŽƐƚtŽƌŬƐŚĞĞƚ ϭdŽŶƵŵƉ ϭϰ^ŝůǀĞƌĂĚŽ ϭϯ/ŶƚĞƌŶĂƚŝŽŶĂůd͘^ϭϱ^ŝůĞǀĞƌĂĚŽd͘^ Ϯ͕ϳϳϬ͘ϭϴΨϭ͕ϭϮϱ͘ϲϳΨϮ͕ϰϬϳ͘ϮϲΨͲΨ ϰϮϴ͘ϬϲΨϵϵϱ͘ϯϯΨϭϬ͕ϲϳϱ͘ϯϵΨͲΨ ϲϭϬ͘ϬϲΨϱϮϳ͘ϱϬΨ ϯ͕ϴϬϴ͘ϯϬΨϮ͕ϲϰϴ͘ϱϬΨϭϯ͕ϬϴϮ͘ϲϱΨ &ƵĞůZĞŝŵďƵƌƐĞŵĞŶƚ &ŝƌĞĞƉĂƌƚŵĞŶƚͲŝĞƐĞůͲϱϴϱ͘ϲŐĂůůŽŶƐ    'ĂƐŽůŝŶĞͲϴϰϲ͘ϰŐĂůůŽŶƐ dƌĂŶƐĨĞƌ^ƚĂƚŝŽŶͲŝĞƐĞůͲϮ͕ϬϱϮ͘ϳŐĂůůŽŶƐ    'ĂƐŽůŝŶĞͲϭ͕Ϭϲϴ͘ϰŐĂůůŽŶƐ 'ĂƐŽůŝŶĞ ,ŝŐŚǁĂLJĞƉĂƌƚŵĞŶƚ &ŝƌĞĞƉĂƌƚŵĞŶƚ dKd> ZĞĐŽƌĚĞĚhƐĞĚ ϱϰϴ͘Ϯ ŐĂůůŽŶƐ ϱϭ͘ϱ ŐĂůůŽŶƐ ϱϵϵ͘ϳŐĂůůŽŶƐ ĐƚƵĂůŽĚŽŵĞƚĞƌƌĞĂĚŝŶŐ ϱϰϴ͘ϯ ŐĂůůŽŶƐ ϱϭ͘ϱ ŐĂůůŽŶƐ ϱϵϵ͘ϴ ŐĂůůŽŶƐ ŝĨĨĞƌĞŶĐĞŽĨ ͲϬ͘ϭ ŐĂůůŽŶƐ ͲϬ͘Ϭ ŐĂůůŽŶƐ ͲϬ͘ϭŐĂůůŽŶƐ ^ƚĂƌƚŝŶŐKĚŽŵĞƚĞƌ KŶϭϭͬϭϭͬϮϬϭϵͲ ϰϬ͕ϴϭϰ͘Ϯ KŶϭϭͬϭϭͬϮϬϭϵͲ Ϯ͕ϱϱϮ͘ϱ ŶĚŝŶŐKĚŽŵĞƚĞƌ KŶϭϮͬϭϬͬϮϬϭϵͲ ϰϭ͕ϯϲϮ͘ϱ KŶϭϮͬϭϬͬϮϬϭϵͲ Ϯ͕ϲϬϰ͘Ϭ  7RZQRI9LUJLO=RQLQJ /DZ$QQRWDWHG $GRSWHG)HEUXDU\ /DVW$PHQGHG)HEUXDU\ 1RWH7KLVXQRIILFLDODQQRWDWHGYHUVLRQKDVEHHQSUHSDUHGE\WKHWRZQFRXQVHO¶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±$*5,&8/785$/5(6,'(17,$/&216(59$7,21',675,&7  6(&7,21 ,17(17  6(&7,21 3(50,77('86(6  6(&7,21 3(50,77('86(668%-(&7726,7(3/$1$33529$/ 6(&7,21 $&&(6625<86(6  6(&7,21 86(63(50,77(':,7+$&21',7,21$/86(3(50,7)5207+(3/$11,1*%2$5' 6(&7,21 0,1,080'5,9(:$<63$&,1* 6(&7,21 &200(5&,$/',675,&7  6(&7,21 ,17(17  6(&7,21 3(50,77('86(668%-(&7726,7(3/$15(9,(: 6(&7,21 $&&(6625<86(6  6(&7,21 86(63(50,77(':,7+$&21',7,21$/3(50,7)5207+(3/$11,1*%2$5' 6(&7,21 /,*+7,1'8675,$/',675,&7  6(&7,21 ,17(17  6(&7,21 3(50,77('86(668%-(&7726,7(3/$15(9,(: 6(&7,21 $&&(6625<86(6  6(&7,21 86(63(50,77(':,7+$&21',7,21$/86(3(50,7)5207+(3/$11,1*%2$5' 6(&7,21 3/$11('81,7'(9(/230(17  6(&7,21 385326( 6(&7,21 '(9(/230(17*8,'(/,1(6 67$1'$5'6  6(&7,21 352&('85(6)25$33/,&$7,21)2538' 6(&7,21 38'35(/,0,1$5<0$67(53/$1&217(176 6(&7,21 38'),1$//(9(/$33/,&$7,21  6(&7,21 72:15(9,(:2)38'$33/,&$7,21  6(&7,21 $33529$/2)38'35(/,0,1$5<0$67(53/$1  6(&7,21 ())(&72)=21,1*&+$1*(621$33529('38'3/$16  6(&7,21 $0(1'0(1767238'3/$16 6(&7,21 $48,)(53527(&7,21',675,&7  6(&7,21 385326( 6(&7,21 6&23( 6(&7,21 (67$%/,6+0(17$1''(/,1($7,212)$1$48,)(53527(&7,21',675,&7  6(&7,21 '(6,*1$7,212)$&5,7,&$/(19,5210(17$/$5($ 6(&7,21 3(50,77('86(6  6(&7,21 121&21)250,1*86(6  6(&7,21 352+,%,7('86(6$1'$&7,9,7,(6  LY 6(&7,21 5(675,&7('86(6$1'$&7,9,7,(6 6(&7,21 63(&,$/3(50,765(48,5(' 6(&7,21 $33/,&$7,21  6(&7,21 352&('85(6+($5,1* 6(&7,21 ,668$1&( 6(&7,21 &+$1*(,186(2)2:1(56+,3  6(&7,21 =21,1*6&+('8/(6  $57,&/(9,5(*8/$7,216$33/,&$%/(72$//=21,1*',675,&76  6(&7,21 35,1&,3$/%8,/',1*6  6(&7,21 3(50,66,%/(6758&785(6:,7+,10,1,0805(48,5('6,'(255($56(7%$&.6  6(&7,21 $&&(6672,03529('675((7  6(&7,21 &/($59,6,21$7,17(56(&7,21  6(&7,21 :,'(1,1*2)5,*+72):$< 6(&7,21 /276,17:2',675,&76 6(&7,21 %('$1'%5($.)$67  6(&7,21 75$9(/75$,/(56  6(&7,21 5(67$85$1767$9(516 6(&7,21 +20(2&&83$7,21  6(&7,21 +27(/6$1'027(/6  6(&7,21 .(11(/6  6(&7,21 '803,1*2):$67(0$7(5,$/ 6(&7,21 0,1,1* 6(&7,21 287'2256725$*(2)0$7(5,$/6$1'(48,30(17  6(&7,21 321'6  6(&7,21 )(1&(6:$//6$1'27+(56758&785$/6&5((1,1*(/(0(176 6(&7,21 7(0325$5<86(6$1'6758&785(6  6(&7,21 6:,00,1*322/6 6(&7,21 0$18)$&785('+20(6'28%/(81,7 0$18)$&785('+20(3$5.6 6(&7,21 325&+(6'(&.6  6(&7,21 &$03*5281'6  6(&7,21 52$'6,'(67$1'6  6(&7,21 '5,9(,1)$&,/,7,(6  6(&7,21 027259(+,&/()8(/,1*6(59,&(6$/(6255(3$,5(67$%/,6+0(176 6(&7,21 :$5(+286($1'',675,%87,21)$&,/,7,(6  6(&7,21 :,1'32:(5)$&,/,7,(6  6(&7,21 (9(17&(17(5  $57,&/(9,,121&21)250,1*86(6%8,/',1*6$1'/276 6(&7,21 121&21)250,1*86(6%8,/',1*6$1'/276  6(&7,21 121&21)250,1*/276  $57,&/(9,,,/$1'6&$3,1*6&5((1,1* %8))(55(*8/$7,216  6(&7,21 ,17(17  6(&7,21 *(1(5$/5(48,5(0(176  6(&7,21 %8))(5$5($/$1'6&$3,1* 6(&7,21 3$5.,1*$5($/$1'6&$3,1* 6(&7,21 /$1'6&$3,1*3/$1  Y $57,&/(,;2))675((73$5.,1*$1'/2$',1*5(*8/$7,216  6(&7,21 ,17(17  6(&7,21 $33/,&$%,/,7< 6(&7,21 /2&$7,212)5(48,5('63$&(6  6(&7,21 121&21)250,1*3$5.,1*$1'/2$',1* 6(&7,21 2))675((73$5.,1*$1'/2$',1*67$1'$5'6%<86$*( 6(&7,21 '(6,*167$1'$5'6)252))675((73$5.,1*63$&(6  6(&7,21 '(6,*167$1'$5'6)25/2$',1*63$&(6  $57,&/(;6,*15(*8/$7,216  6(&7,21 ,17(17  6(&7,21 $33/,&$%,/,7< 6(&7,21 *(1(5$/5(*8/$7,216  6(&7,21 /2&$7,21 6(&7,21 3(50,77('6,*16,1$//',675,&76  6(&7,21 3(50,77('6,*16,15(6,'(17,$/=21,1*',675,&76  6(&7,21 3(50,77('%86,1(66,'(17,),&$7,216,*16,1&200(5&,$/ ,1'8675,$/',675,&76 6(&7,21 $33/,&$7,21)253(50,7)((6,668$1&( $57,&/(;,7(/(&20081,&$7,21)$&,/,7,(6  6(&7,21 385326( 6(&7,21 6,7(3/$15(9,(:$1'&21',7,21$/3(50,7  6(&7,21 *(1(5$/&5,7(5,$ 6(&7,21 &2/2&$7,21 6(&7,21 ',0(16,21$/67$1'$5'6  6(&7,21 /,*+7,1*$1'0$5.,1* 6(&7,21 $33($5$1&($1'%8))(5,1* 6(&7,21 $&&(66$1'3$5.,1* 6(&7,21 6(&85,7< 6(&7,21 (1*,1((5,1*$1'0$,17(1$1&( 6(&7,21 5(029$/ 6(&7,21 $33/,&$7,21  6(&7,21 $33/,&$7,21)(( 6(&7,21 0$,17(1$1&( 6(&7,21 (;(037('7(/(&20081,&$7,21)$&,/,7,(6  6(&7,21 7,0(/,0,76  6(&7,21 0,6&(//$1(286 6(&7,21 ',675,&76:+(5($//2:(' $57,&/(;,,5(6,'(17,$/&/867(5'(9(/230(176  6(&7,21 &/867(5'(9(/230(176  $57,&/(;,,,6,7(3/$15(9,(: 6(&7,21 ,17(17  6(&7,21 $33/,&$%,/,7< 6(&7,21 6.(7&+3/$1&21)(5(1&( 6(&7,21 35(/,0,1$5<6,7(3/$1$33/,&$7,21 6(&7,21 3/$11,1*%2$5'5(9,(:2)35(/,0,1$5<6,7(3/$1  6(&7,21 3/$11,1*%2$5'$&7,212135(/,0,1$5<6,7(3/$1  YL 6(&7,21 ),1$/6,7(3/$15(9,(:352&('85( 6(&7,21 5()(55$/72&2817<3/$11,1*%2$5',)$33/,&$%/( 6(&7,21 3/$11,1*%2$5'$&7,2121),1$/6,7(3/$1  6(&7,21 5(,0%856$%/(&2676  6(&7,21 /(77(52)&5(',7  6(&7,21 ,163(&7,212),03529(0(176 $57,&/(;,9&21',7,21$/3(50,76  6(&7,21 385326( 6(&7,21 $'0,1,675$7,21 6(&7,21 352&('85( 6(&7,21 ),1',1*6 $57,&/(;9$&&(660$1$*(0(17  6(&7,21 ,17(17  6(&7,21 $33/,&$%,/,7< 6(&7,21 *(1(5$/5(48,5(0(176  6(&7,21 $&&(667268%',9,'('/$1'6$1'3+$6(')8//%8,/'287$1'08/7,2:1(5 '(9(/230(173/$16 6(&7,21 6,*+7',67$1&(6$1'6,*+7',67$1&(35(6(59$7,21  6(&7,21 '5,9(:$<63$&,1*67$1'$5'6  6(&7,21 675((7$1'6,*1$/63$&,1* 6(&7,21 5(48,5('0,7,*$7,212)75$)),&,03$&76  $57,&/(;9,:,1'(1(5*<&219(56,216<67(06  6(&7,21 3(50,765(48,5(' 6(&7,21 $33/,&$%,/,7< 6(&7,21 &5($7,212):,1'29(5/$<=21(6  6(&7,21 $33/,&$7,216)25:,1'(1(5*<&219(56,216<67(06 6(&7,21 $33/,&$7,215(9,(:352&(66  6(&7,21 67$1'$5'6)25:(&6  6(&7,21 5(48,5('6$)(7<0($685(6  6(&7,21 75$)),&5287( 6(&7,21 12,6(67$1'$5'6)25:,1'(1(5*<&219(56,216<67(06 6(&7,21 6(7%$&.67$1'$5'6)25:,1'(1(5*<&219(56,216<67(06  6(&7,21 ,668$1&(2)63(&,$/86(3(50,76  6(&7,21 $%$7(0(17  6(&7,21 /,0,7$7,21621$33529$/6($6(0(1762172:13523(57< 6(&7,21 3(50,75(92&$7,21 6(&7,21 :,1'0($685(0(1772:(56 6(&7,21 :,1'6,7($66(660(17 6(&7,21 $33/,&$7,216)25:,1'0($685(0(1772:(56  6(&7,21 67$1'$5'6)25:,1'0($685(0(1772:(56  6(&7,21 $33/,&$7,215(9,(:352&(66)25:,1'0($685(0(1772:(56  6(&7,2160$//:,1'(1(5*<&219(56,216<67(06  6(&7,21385326($1',17(17  6(&7,21$33/,&$7,216  6(&7,21$33/,&$7,215(9,(:352&(66  6(&7,21'(9(/230(1767$1'$5'6  YLL 6(&7,2167$1'$5'6  6(&7,21$%$1'210(172)86( 6(&7,210,6&(//$1(286 $57,&/(;9,62/$5&2//(&7256 ,167$//$7,216)250,1256<67(06  6(&7,21 62/$5&2//(&7256$1',167$//$7,216)250,1256<67(06  6(&7,21 62/$5&2//(&7256$1',167$//$7,216)250$-256<67(062562/$5 )$506 6(&7,21 5(&/$0$7,21%21' 6(&7,21 $33/,&$7,21)((6  7DEOHRI)LJXUHV 7$%/(86(6&+('8/(,15(6,'(17,$/$1'$*5,&8/785$/',675,&76  7$%/(86(6&+('8/()25&200(5&,$/$1',1'8675,$/',675,&76  7$%/('(9(/230(1767$1'$5'66&+('8/()255(6,'(17,$/$1'$*5,&8/785$/',675,&76  7$%/('(9(/230(1767$1'$5'66&+('8/(&200(5&,$/$1',1'8675,$/',675,&76   $57,&/(,=21,1* ,17(17$33/,&$%,/,7<$1''(),1,7,216 6(&7,217LWOH 7KHVHUHJXODWLRQVVKDOOFRQVWLWXWHDQGEHNQRZQDV³7KH=RQLQJ/DZRI WKH7RZQRI9LUJLO´1HZ<RUNKHUHWRIRUHNQRZQDVWKH³9LUJLO=RQLQJ /DZ´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³'ZHOOLQJ0XOWLIDPLO\´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¶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³$´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†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†PDQG†QRIWKH*HQHUDO0XQLFLSDO/DZ WKHDSSOLFDWLRQVKDOODOVREHVXEPLWWHGWRWKH&RXQW\3ODQQLQJ%RDUG & 3URFHGXUHVIRUFRQGLWLRQDOXVHSHUPLW$OODSSOLFDWLRQVIRUFRQGLWLRQDO XVHSHUPLWVVKDOOEHPDGHWRWKH&RGH(QIRUFHPHQWRIILFH7KH&RGH (QIRUFHPHQW2IILFHUDIWHUGHWHUPLQLQJWKDWDQDSSOLFDWLRQLVLQSURSHU IRUPVKDOOWUDQVPLWWKHDSSOLFDWLRQDQGDOOVXSSRUWLQJGRFXPHQWVWR WKH3ODQQLQJ%RDUGIRUDFWLRQWKHUHRQ:KHUHDSSOLFDEOHXQGHU† PDQG†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¶VILQGLQJVPXVWHVWDEOLVKWKDWHDFKRIWKH IROORZLQJFULWHULDLVVDWLVILHG  7KHODQG LQTXHVWLRQFDQQRWUHDOL]HDUHDVRQDEOHUHWXUQLIXVHG RQO\IRUDSHUPLWWHGXVHLQWKH]RQLQJGLVWULFW$SRWHQWLDOIRU LQFUHDVHGSURILWE\DOORZLQJDSURKLELWHGXVHLVQRWWREH  FRQVLGHUHG  7KHXVHWREHDXWKRUL]HGE\WKHYDULDQFHPXVWQRWKDYHWKH SRWHQWLDOWRVXEVWDQWLDOO\DOWHUWKHHVVHQWLDOFKDUDFWHURIWKH QHLJKERUKRRG  7KHXVHWREHDXWKRUL]HGE\WKHYDULDQFHPXVWQRWEH FRQWUDGLFWRU\RUUXQFRXQWHUWRWKHVSLULWDQGLQWHQWRIWKH =RQLQJ'LVWULFWRU=RQLQJ/DZLWVHOI % 8VH9DULDQFH3URFHGXUH8VHYDULDQFHVVKDOOEHJUDQWHGRQO\E\WKH SURFHGXUHHVWDEOLVKHGLQ6HFWLRQ 6(&7,213URFHGXUHVIRU*UDQWLQJD9DULDQFH $ $OODSSOLFDWLRQVIRUYDULDQFHVVKDOOEHLQZULWLQJRQIRUPVHVWDEOLVKHG E\WKH7RZQ7KH\DUHDYDLODEOHIURPWKH&RGH(QIRUFHPHQW 2IILFHU RUWKH7RZQ&OHUN % (YHU\DSSOLFDWLRQVKDOOUHIHUWRWKHVSHFLILFVHFWLRQRUVHFWLRQVRIWKH ODZLQYROYHGDQGVKDOOVWDWHLQGHWDLOZK\WKHDSSOLFDQWEHOLHYHVWKH YDULDQFHVKRXOGEHJUDQWHG & 8SRQUHFHLSWRIWKHFRPSOHWHGDSSOLFDWLRQWKH=%$VKDOO  6FKHGXOHDSXEOLFKHDULQJ  $GYHUWLVHLQWKHRIILFLDOQHZVSDSHURIWKH7RZQDQRWLFHRIWKH SXEOLFKHDULQJDVGHVFULEHGLQ6HFWLRQ  5HIHUWKHDSSOLFDWLRQWRWKH&RXQW\3ODQQLQJ%RDUGDVUHTXLUHG E\*HQHUDO0XQLFLSDO/DZ6HFWLRQ  'HWHUPLQHZKHWKHURUQRWWKH6WDWH(QYLURQPHQWDO4XDOLW\ 5HYLHZ$FWQHHGVWREHIROORZHGDQGLIVRPDNHFHUWDLQWKH SURSHUSDSHUVDUHVXEPLWWHGDQGUHYLHZHG ' :LWKLQIRUW\ILYH  GD\VRIWKHSXEOLFKHDULQJWKH=%$VKDOOUHQGHU DGHFLVLRQ,IWKHPDWWHUZDVUHIHUUHGWRWKH&RXQW\3ODQQLQJ%RDUGD FRS\RIWKH=%$¶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¶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¶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±$JULFXOWXUDO5HVLGHQWLDO&RQVHUYDWLRQ'LVWULFW 6(&7,21,QWHQW 7KHSXUSRVHRIWKH$5&$JULFXOWXUDO5HVLGHQWLDO&RQVHUYDWLRQ'LVWULFWLV WRPDLQWDLQDQGSURYLGHODQGDUHDZLWKLQWKH7RZQIRUUHVLGHQWLDO GHYHORSPHQWDWDGHQVLW\RIGZHOOLQJXQLWVDFUHZKHUHSXEOLFZDWHU DQGRUVHZHUVDUHQRWDYDLODEOHLQRUGHUWRSUHVHUYHDJULFXOWXUDO RSHUDWLRQVDVZHOODVUXUDORSHQVSDFHVZKLFKGHILQHWKHFKDUDFWHURI 9LUJLO7KLVGLVWULFWLVFUHDWHGWRHQFRXUDJHWKHSUHVHUYDWLRQRIRSHQ VSDFHDQG QDWXUDOIHDWXUHVZKLOHDFFRPPRGDWLQJWKHFRH[LVWHQFHRI UHVLGHQWLDODJULFXOWXUDODQGRWKHUODQGEDVHGRSHUDWLRQV 6(&7,213HUPLWWHG8VHV $ 6LQJOHIDPLO\GZHOOLQJ % 7ZRIDPLO\GZHOOLQJ & $JULFXOWXUDORUIDUPLQJRSHUDWLRQ ' 0DQXIDFWXUHG+RPHVGRXEOHXQLW 6(&7,213HUPLWWHG8VHV6XEMHFWWR6LWH3ODQ$SSURYDO $ 'D\FDUHIDFLOLW\ORFDWHGLQDSULYDWHGZHOOLQJDQGUHJXODWHGE\6HFWLRQ RIWKH6RFLDO6HUYLFHV/DZRIWKH6WDWHRI1HZ<RUN  % 5RDGVLGHVWDQGIRUWKHVDOHRISURGXFHSULPDULO\JURZQRQWKH SUHPLVHVVXEMHFWWRWKHUHTXLUHPHQWVRI6HFWLRQDQGWKHVLWHSODQ UHYLHZUHTXLUHPHQWVRI$UWLFOH;,,, 6(&7,21$FFHVVRU\8VHV $ 1RQFRPPHUFLDOJDUGHQLQJDQGKRUWLFXOWXUDOLQFOXGLQJJUHHQKRXVH % 7RROKRXVHVKHGDQGVLPLODUEXLOGLQJIRUVWRUDJHRIGRPHVWLF VXSSOLHVDQGQRQFRPPHUFLDOUHFUHDWLRQDOHTXLSPHQW & *DUDJHRUFDUSRUWIRUOLFHQVHGDQGRSHUDEOHSDVVHQJHUFDUVDQG WUXFNV ' 3DUNLQJLQDFFRUGDQFHZLWK$UWLFOH,; ( 6LJQDJHLQDFFRUGDQFHZLWK$UWLFOH; 6(&7,218VHVSHUPLWWHGZLWKD&RQGLWLRQDO8VH3HUPLWIURPWKH 3ODQQLQJ%RDUG $ 3XEOLFXVHVXFKDVDSODFHRIZRUVKLSSDUNRUVFKRRO % 3XEOLFXWLOLW\ & &DPSJURXQG ' 0LQLQJRSHUDWLRQ ( %HGDQGEUHDNIDVW ) .HHSLQJRIOLYHVWRFNRQORWVRIOHVVWKDQDFUHV * .HQQHODQLPDOERDUGLQJ + 0DQXIDFWXUHG KRPHVGRXEOHXQLW , 0DQXIDFWXUHGKRPHVVLQJOHXQLWDVDFFHVVRU\IRUWKHHPSOR\HGKHOS RIDQDJULFXOWXUDOXVH - +RPHRFFXSDWLRQ . (YHQW&HQWHU / 6PDOO6HUYLFH&RQWUDFWRU &RPPHQW>3@'HOHWHGE\//RI &RPPHQW>3@$GGHGE\//RI QXPEHULQJVFKHPHLVRII +ZDVGHOHWHG  6(&7,210LQLPXP'ULYHZD\6SDFLQJ 7KHPLQLPXPGLVWDQFHEHWZHHQGULYHZD\VZKHWKHURQWKHVDPHSDUFHORU DGMDFHQWSDUFHOVKDOOEHDVVSHFLILHGLQWKHDFFHVVPDQDJHPHQW VWDQGDUGVRI$UWLFOH;9 6(&7,21&RPPHUFLDO'LVWULFW 6(&7,21,QWHQW 7KHLQWHQWRIWKH&RPPHUFLDO'LVWULFWLVWRSURYLGHFRQYHQLHQWO\ORFDWHG DUHDVRIPRGHUDWHO\LQWHQVHFRPPHUFLDOXVHVORFDWHGLQIUHHVWDQGLQJ EXLOGLQJVPXOWLWHQDQWEXLOGLQJVDQGQHLJKERUKRRGVKRSSLQJFHQWHUV &RPPHUFLDO'LVWULFWVDUHH[SHFWHGWRDFFRPPRGDWHDUDQJHRIORFDODQG QDWLRQDOO\NQRZQEXVLQHVVHVZLWKORFDORUUHJLRQDOFOLHQWHOH6XLWDEOH ORFDWLRQVDUHJHQHUDOO\HDVLO\DFFHVVLEOHIURPPDMRUURDGV 3DUFHOEXLOGLQJFRQGLWLRQVLQFOXGLQJEXLOGLQJW\SHDQGVL]HORWVL]H DGMDFHQWXVHVDQGDYDLODELOLW\RISDUNLQJPD\YDU\ZLGHO\ZLWKLQWKH GLVWULFW6XFKFRQGLWLRQVPD\OLPLWWKHGHYHORSPHQWUHGHYHORSPHQW RSWLRQVIRUDSDUWLFXODUVLWH8VHVLQWKH&RPPHUFLDO'LVWULFWVKRXOG SURYLGHDQDSSHDOLQJSHGHVWULDQHQYLURQPHQWLQFOXGLQJOLQNDJHVWRRWKHU XVHVZKLOHDFFRPPRGDWLQJPRWRUYHKLFOHV 6(&7,213HUPLWWHG8VHV6XEMHFWWR6LWH3ODQ5HYLHZ $ 3URIHVVLRQDORIILFHV % %XVLQHVV6HUYLFHV & 5HWDLOVDOHV ' ,QGRRUFRPPHUFLDOIDFLOLWLHVRFFXS\LQJOHVVWKDQIRUW\WKRXVDQG  VTXDUHIHHWRIEXLOGLQJDUHDLQDFRPSOHWHO\HQFORVHG EXLOGLQJ ( 'D\FDUHFHQWHUVDVGHILQHGE\VHFWLRQRIWKH6RFLDO6HUYLFHV /DZRIWKH6WDWHRI1HZ<RUN ) 0L[HGXVHVWUXFWXUHVFRPELQLQJSHUPLWWHGFRPPHUFLDOXVH V RQWKH ILUVWIORRURUVWUHHWVLGH RIDEXLOGLQJDQGUHVLGHQWLDOXVHRQWKHXSSHU IORRU V RUWRWKHUHDURIWKHEXLOGLQJ * 2QO\DJULFXOWXUDORUIDUPLQJRSHUDWLRQVLQODZIXOH[LVWHQFHDVRIWKH GDWHRIDGRSWLRQRIWKHVH UHJXODWLRQV VKDOOEHDOORZHGWRFRQWLQXHDQG VKDOOEHFRQVLGHUHGDSHUPLWWHGRUFRQIRUPLQJXVHVVXEMHFWWRWKH  UHJXODWLRQVRIWKH$JULFXOWXUDO5HVLGHQWLDO&RQVHUYDWLRQ'LVWULFW + 3XEOLFXVHVXFKDVDSODFHRIZRUVKLSDSDUNRUDVFKRRO 6(&7,21$FFHVVRU\8VHV $ 6LJQVLQDFFRUGDQFHZLWK$UWLFOH; % 3DUNLQJLQDFFRUGDQFHZLWK$UWLFOH,; & *DUDJHRURWKHUDFFHVVRU\EXLOGLQJQHFHVVDU\WRVWRUHPDWHULDOV YHKLFOHVRUHTXLSPHQWUHODWHGWRWKHODZIXOSULQFLSDOXVHRIWKH SURSHUW\ 6(&7,218VHV3HUPLWWHG ZLWKD&RQGLWLRQDO3HUPLWIURPWKH3ODQQLQJ %RDUG $ %HGDQG%UHDNIDVW % 5HVWDXUDQW7DYHUQ & 5HVLGHQWLDOFDUHIDFLOLW\ ' 2XWGRRUFRPPHUFLDOUHFUHDWLRQIDFLOLW\ ( $FFHVVRU\RXWGRRUVDOHVRUVWRUDJHRIJRRGVPDWHULDOVRUHTXLSPHQW ) 0RYLH7KHDWHU * 3XEOLFXWLOLW\ + 'ULYHLQIDFLOLW\IRUXVHVSHUPLWWHGLQWKLV'LVWULFW , +RWHOPRWHO - 2XWSDWLHQWKHDOWKFHQWHU . 0RWRUYHKLFOHVHUYLFHVWDWLRQRUVDOHVUHSDLURUZDVKLQJ HVWDEOLVKPHQW / )XHOVWDWLRQ 0 :DUHKRXVHDQGGLVWULEXWLRQIDFLOLWLHVSURYLGHGWKDWDGHTXDWHDUHDVIRU IOHHWSDUNLQJVKDOOEHSURYLGHG 1 )XQHUDOKRPH  6(&7,21/LJKW,QGXVWULDO'LVWULFW 6(&7,21,QWHQW 7KHLQWHQWRIWKH/LJKW,QGXVWULDO'LVWULFWLVWRLGHQWLI\DQGVHWDVLGHDUHDV RI9LUJLOZKLFKDUHPRVWDSSURSULDWHIRUOLJKWLQGXVWULDOUHODWHGXVHV $FFRPPRGDWLRQRIQHZOLJKWLQGXVWULDOXVHVLVLQWHQGHGWRPDLQWDLQD EDODQFHGWD[EDVHDQGSURYLGHHPSOR\PHQWRSSRUWXQLWLHVIRUORFDO UHVLGHQWV6XLWDEOHORFDWLRQVIRULQGXVWULDOXVHVDUHHDVLO\DFFHVVLEOHIURP VWDWHKLJKZD\VDQG DUHDSSURSULDWHO\EXIIHUHGIURPUHVLGHQWLDODQG FRPPHUFLDOXVHV 6(&7,213HUPLWWHG8VHV6XEMHFWWR6LWH3ODQ5HYLHZ $ 5HVHDUFKDQGGHYHORSPHQWIDFLOLWLHV % 6HUYLFHLQGXVWULHVRIWKHW\SHWKDWSURYLGHVHUYLFHWRRWKHULQGXVWULHV UDWKHUWKDQWKHQHHGVRI WKHUHWDLOFXVWRPHUV & (TXLSPHQWUHQWDORUPLQLVWRUDJHHVWDEOLVKPHQWVLQYROYLQJQRRXWGRRU VWRUDJHRIPDWHULDOVRUHTXLSPHQW ' 3URGXFWLRQSURFHVVLQJDQGDVVHPEO\RSHUDWLRQV SURYLGHGWKDWVXFK XVHVDUHFRQGXFWHGHQWLUHO\ZLWKLQDQHQFORVHGEXLOGLQJ ( 2QO\DJULFXOWXUDORUIDUPLQJRSHUDWLRQLQODZIXOH[LVWHQFHDVRIWKH GDWHRIDGRSWLRQRIWKHVHUHJXODWLRQVVKDOOEHDOORZHGWRFRQWLQXHDQG VKDOOEHFRQVLGHUHGDVSHUPLWWHGRUFRQIRUPLQJXVHVVXEMHFWWRWKH UHJXODWLRQVRIWKH$JULFXOWXUDO5HVLGHQWLDO&RQVHUYDWLRQ'LVWULFW ) :DUHKRXVHVDQGGLVWULEXWLRQIDFLOLWLHVOLPLWHGWRZKROHVDOHWUDGH SURYLGHGWKDWDGHTXDWHDUHDVIRUIOHHWSDUNLQJVKDOOEHSURYLGHG 6(&7,21$FFHVVRU\8VHV $ 6LJQVLQDFFRUGDQFHZLWK$UWLFOH; % 3DUNLQJLQDFFRUGDQFHZLWK$UWLFOH,; & *DUDJHRURWKHUDFFHVVRU\EXLOGLQJVZKLFKDUHQHFHVVDU\WRVWRUH PDWHULDOVYHKLFOHVRUHTXLSPHQWUHODWHGWRWKHODZIXOSULQFLSDOXVHRI WKHSURSHUW\ ' $FFHVVRU\XVHSURYLGLQJIRRGUHFUHDWLRQRUGD\FDUHVHUYLFHVWR HPSOR\HHVRIDODZIXOSULQFLSDOXVH  6(&7,218VHVSHUPLWWHGZLWKD&RQGLWLRQDO8VH3HUPLWIURPWKH 3ODQQLQJ%RDUG $ 'D\FDUHFHQWHU % 3XEOLFXWLOLW\ & +RWHOPRWHO ' 5HVWDXUDQWWDYHUQ ( 0RWRUYHKLFOHVDOHVRUUHSDLUIDFLOLW\ ) 3ULYDWHODQGLQJVWULSRUKHOLSRUW6XFKIDFLOLWLHVPXVWFRQIRUPWRDOO )HGHUDO$YLDWLRQ$GPLQLVWUDWLRQUHJXODWLRQVDQGVWDQGDUGV * 2XWGRRUVWRUDJHRI JRRGVPDWHULDOVRUHTXLSPHQW 6(&7,213ODQQHG8QLW'HYHORSPHQW 6(&7,213XUSRVH ,WLVWKHLQWHQWRIWKLVVHFWLRQWRSHUPLWWKHHVWDEOLVKPHQWRIPL[HGXVH GHYHORSPHQWVHQWLWOHG³3ODQQHG8QLW'HYHORSPHQW´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´  HTXDOVRQHKXQGUHGIHHW ¶ SURYLGLQJDJUDSKLFGHVFULSWLRQRIWKH QHLJKERUKRRGLQZKLFKWKHWUDFWOLHVLQFOXGLQJURDGVXWLOLWLHVDQGRWKHU SXEOLFIDFLOLWLHVH[LVWLQJEXLOGLQJVDQGVWUXFWXUHV7KHUHVKDOODOVREH DVWDWHPHQWDQGRUSODQDVWRWKHJHQHUDOLPSDFWRIWKHSURSRVHG38' XSRQWKHDUHDLQGLFDWLQJKRZWKH38'UHODWHV WRVXUURXQGLQJ SURSHUWLHVDQGZKDWPHDVXUHVZLOOEHWDNHQWRFUHDWHDSSURSULDWH WUDQVLWLRQVDQGDFFHVVIURPWKHVXEMHFWSURSHUW\WRDEXWWLQJSXEOLF SURSHUWLHVRURWKHUQHLJKERULQJWUDFWV LIDSSOLFDEOH  % $FRQFHSWXDOVLWHSODQGUDZQWRDVFDOHRIQRWOHVVWKDQRQHLQFK ´  HTXDOLQJILIW\IHHW ¶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¶  FRQWRXULQWHUYDOVDQGGRFXPHQWDQWLFLSDWHGTXDQWLWLHVRIUXQ RIILQUHODWLRQWRH[LVWLQJUXQRIIFKDUDFWHULVWLFV*HQHUDO VWDWHPHQWVFRQFHUQLQJVWRUPZDWHUPDQDJHPHQWWHFKQLTXHV VKDOODOVREH VXEPLWWHGZLWKWKHDSSOLFDWLRQ  7KHSODQVKDOOFOHDUO\VKRZ38'ERXQGDULHVQRUWKDUURZ GDWHVFDOHOHJHQGWKHWLWOH³3UHOLPLQDU\0DVWHU3ODQ3ODQQHG 8QLW'HYHORSPHQW´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¶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±DQGWKH7RZQ¶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¶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¶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±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¶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¶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¶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¶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¶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¶VUHYLHZ VKDOOEHOLPLWHGWRWKHSODQQLQJGHVLJQDQGOD\RXW FRQVLGHUDWLRQVLQYROYHGZLWKSURMHFWUHYLHZRUVXFKRWKHU LVVXHVDVPD\EHVSHFLILFDOO\UHIHUUHGE\WKH7RZQ%RDUG  7KH7RZQ%RDUGZLOOUHYLHZWKH3ODQQLQJ%RDUG¶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³VLJQ´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¶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¶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³)&&´ WKH)HGHUDO$YLDWLRQ$GPLQLVWUDWLRQ KHUHLQDIWHUWKH³)$$´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¶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±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³6(45´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³,(((´  DQGWKH$PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWH ³$16,´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¶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¶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¶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¶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¶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¶VFRQGLWLRQVDQGWHUPVRIDSSURYDO 6(&7,21([HPSWHG7HOHFRPPXQLFDWLRQ)DFLOLWLHV 7KHIROORZLQJWHOHFRPPXQLFDWLRQIDFLOLWLHVDUHH[HPSWHGIURPWKLVDUWLFOH $ )LUHSROLFHDQGRWKHUHPHUJHQF\GLVSDWFKWHOHFRPPXQLFDWLRQ IDFLOLWLHV % 1RQEXVLQHVVWHOHYLVLRQRUUDGLRUHFHSWLRQSULYDWHFLWL]HQEDQG DPDWHXUUDGLRDQGRWKHUVLPLODUFRPPXQLFDWLRQV\VWHPVXWLOL]LQJD WRZHUDQGDQWHQQDZKLFKGRQRWH[FHHGIHHWDERYHWKHJURXQGLI RULJLQDWLQJIURPWKHJURXQGRUZKLFKGRQRWH[FHHGIHHWDERYHWKH DYHUDJHURRIOLQHLIRULJLQDWLQJRQWKHURRI³1RQEXVLQHVV´VKDOO PHDQDXVHIRUZKLFKPRQH\SURSHUW\RUVRPHWKLQJRIYDOXHLVQRW FKDUJHGHDUQHGRUUHFHLYHGE\WKHRZQHURSHUDWRUOHVVHHRU SHUVRQ V LQFRQWURORIWKHWHOHFRPPXQLFDWLRQIDFLOLW\ & &RPPXQLFDWLRQV\VWHPVXWLOL]LQJDWRZHUDQGDQWHQQDZKLFKDUHRQ WKHURRIRIDQDJULFXOWXUDOQRQUHVLGHQWLDOEXLOGLQJLQWKH7RZQZKLFK GRQRWH[FHHGILIW\  IHHWDERYHWKHDYHUDJHURRIOLQH 6(&7,217LPH/LPLWV 2QFHDQDSSOLFDWLRQLVDSSURYHGE\WKH3ODQQLQJ%RDUGXQGHUWKLV$UWLFOH WKHDSSOLFDQWVKDOOREWDLQDEXLOGLQJSHUPLWZLWKLQVL[  PRQWKVRIWKH DSSURYDODQGWKHSURMHFWVKDOOEHFRPSOHWHGZLWKLQVL[  PRQWKVRIWKH LVVXDQFHRIWKHEXLOGLQJSHUPLW  6(&7,210LVFHOODQHRXV $ $Q\VSHFLDOSHUPLWRUVLWHSODQDSSURYDOJUDQWHGKHUHXQGHUVKDOOEH YDOLGRQO\IRUWKHGLPHQVLRQVDQGQXPEHURIVWUXFWXUHVIRUWKH WHOHFRPPXQLFDWLRQIDFLOLW\FRQWDLQHGLQWKHRULJLQDODSSOLFDWLRQDVVR DSSURYHG$Q\VXEVHTXHQWFKDQJHVRUPRGLILFDWLRQVVKDOOUHTXLUHD QHZDSSOLFDWLRQIROORZLQJWKHSURFHGXUHVVHWIRUWKLQWKLV$UWLFOHDQG HOVHZKHUHLQWKH=RQLQJ/DZ % ,QFRQVLGHULQJWKHDSSOLFDWLRQWKH3ODQQLQJ%RDUGLIWKHDSSOLFDWLRQLV JUDQWHGPD\LPSRVHVXFKUHDVRQDEOHFRQGLWLRQVDVWKH%RDUGPD\ GHHPQHFHVVDU\WRPLQLPL]HDQ\DGYHUVHLPSDFWVRIWKHIDFLOLW\RULWV FRQVWUXFWLRQRUWRDVVXUHFRQWLQXHGFRPSOLDQFHZLWKWKLV$UWLFOHDQG WKH=RQLQJ/DZ 6(&7,21'LVWULFWV:KHUH$OORZHG 7HOHFRPPXQLFDWLRQIDFLOLWLHVDUHDOORZHGLQDOO]RQLQJGLVWULFWVRIWKH7RZQ SXUVXDQWWRWKHUHTXLUHPHQWVRIWKLV$UWLFOHDQGRWKHUSURYLVLRQVRI WKH =RQLQJ/DZ  $57,&/(;,,5(6,'(17,$/&/867(5'(9(/230(176 6(&7,21&OXVWHU'HYHORSPHQWV $ ,17(17 7KHSXUSRVHRIWKLVGHYHORSPHQWDSSURDFKLVWRSURPRWH QHLJKERUKRRGUHVLGHQWLDOGHYHORSPHQWZKLFKRIIHUVYDULHW\LQORWVL]H FRQILJXUDWLRQWRSRJUDSK\DQGDIIRUGDELOLW\7KLVGHYHORSPHQW DOWHUQDWLYHVKDOOUHVXOWLQGHVLJQDQGGHYHORSPHQWZKLFKSURPRWHVWKH PRVWDSSURSULDWHXVHRIWKHODQGIDFLOLWDWHVWKHDGHTXDWHDQG HFRQRPLFDOSURYLVLRQRIVWUHHWVDQGXWLOLWLHVDQGSUHVHUYHVWKHQDWXUDO DQGVFHQLFTXDOLWLHVRIRSHQODQG % $87+25,7< $XWKRUL]DWLRQLVKHUHE\JUDQWHGWRWKH3ODQQLQJ%RDUGSXUVXDQWWR†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¶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†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¤GHYLDWLRQVIURPWKH VWDQGDUGVIRUXVHVJHQHUDWLQJOHVVWKDQSHDNKRXUWULSVDQG UHVHUYHVWKHULJKWWRUHTXLUHSURIHVVLRQDOMXVWLILFDWLRQDWWKH DSSOLFDQW¶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¶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†DQGPDQG  WRDGMRLQLQJ7RZQVXQGHU7RZQ/DZ †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†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† $ DQG† % LIWKH:(&6LVQRWUHSDLUHGRU PDGHRSHUDWLRQDORUEURXJKWLQWRSHUPLWFRPSOLDQFHDIWHUVDLGQRWLFH WKH7RZQPD\DIWHUDSXEOLFPHHWLQJDWZKLFKWKHRSHUDWRURURZQHU VKDOOEHJLYHQRSSRUWXQLW\WREHKHDUGDQGSUHVHQWHYLGHQFHLQFOXGLQJ DSODQWRFRPHLQWRFRPSOLDQFH  RUGHUHLWKHUUHPHGLDODFWLRQZLWKLQ DSDUWLFXODUWLPHIUDPHRU  RUGHUUHYRFDWLRQRIWKH:LQG(QHUJ\ 3HUPLWIRUWKH:(&6DQGUHTXLUHWKHUHPRYDORIWKH:(&6ZLWKLQ GD\V,IWKH:(&6LVQRWUHPRYHGWKH7RZQ%RDUGVKDOOKDYHWKH ULJKWWRXVHWKHVHFXULW\SRVWHGDVSDUWRIWKH'HFRPPLVVLRQ3ODQWR UHPRYHWKH:(&6 6(&7,21 :LQG0HDVXUHPHQW7RZHUV 6(&7,21:LQG6LWH$VVHVVPHQW 7KH7RZQ%RDUGDFNQRZOHGJHVWKDWSULRUWRFRQVWUXFWLRQRID:(&6DQ DVVHVVPHQWLVW\SLFDOO\QHHGHGWRGHWHUPLQHORFDOZLQGVSHHGVDQGWKH IHDVLELOLW\RIXVLQJSDUWLFXODUVLWHV,QVWDOODWLRQRI:LQG0HDVXUHPHQW 7RZHUVDOVRNQRZQDVDQHPRPHWHU 0HW WRZHUVVKDOOEHSHUPLWWHGDV 6SHFLDO8VHVEXWVKDOOQRWEHOLPLWHGWRWKRVHDUHDVGHOLQHDWHGDV:LQG 2YHUOD\'LVWULFWV $ $VDFRQGLWLRQRIWKHSHUPLWIRUWKH0HWWRZHUDOOGDWDFROOHFWHGVKDOO EHWXUQHGRYHUWRWKH7RZQRQGHPDQGDWDQ\WLPHZKHQVR UHTXHVWHGE\WKH7RZQ%RDUG % ,QDGGLWLRQFRQWLQXRXVVRXQGUHFRUGLQJVVKDOOEHFROOHFWHGLQ DFFRUGDQFHZLWK†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†DQGPDQG  WRDGMRLQLQJ7RZQVXQGHU7RZQ/DZ †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†DQGPDQG  WRDGMRLQLQJ7RZQVXQGHU7RZQ/DZ †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†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Š6WDQGDUG&25(),1R0HG1R&$/0XOWL/DQJXDJH :LQGRZV6HUYHUŠ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