HomeMy WebLinkAboutFalse Pass Unga Man Creek Hydro Feasibility Study Final Report - June 2022 - REF Grant 7014035
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŽǀĞƌƉŚŽƚŽŐƌĂƉŚ͗ KďůŝƋƵĞĂĞƌŝĂůǀŝĞǁůŽŽŬŝŶŐǁĞƐƚŽĨƚŚĞĐŽŶĨůƵĞŶĐĞŽĨƚŚĞƐŽƵƚŚĂŶĚŶŽƌƚŚ
ĨŽƌŬƐŽĨhŶŐĂDĂŶƌĞĞŬ;ĂƚůĞĨƚĂŶĚƌŝŐŚƚŝŶƉŚŽƚŽŐƌĂƉŚ͕ƌĞƐƉĞĐƚŝǀĞůLJͿ͘
ŽƵƌƚĞƐLJŽĨŽďŚƌŝƐƚĞŶƐĞŶŽĨ>ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶ͕>>͘ƵŐƵƐƚϮϱ͕
ϮϬϭϱ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚŝ
y hd/s ^hDDZz
/ŶϮϬϭϲĂŶĚϮϬϭϳ͕ƚŚĞůĞƵƚŝĂŶƐWƌŝďŝůŽĨ/ƐůĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚƐƐŽĐŝĂƚŝŽŶ;W/Ϳ
ŚŝƌĞĚ>ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶ͕>>;>^ͿĂŶĚWŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘;WŽůĂƌĐŽŶƐƵůƚͿƚŽƉĞƌĨŽƌŵ
ĨĞĂƐŝďŝůŝƚLJͲůĞǀĞůƐƚƵĚŝĞƐŽĨĂƉƌŽƉŽƐĞĚŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚŽŶhŶŐĂDĂŶƌĞĞŬŶĞĂƌƚŚĞŝƚLJŽĨ
&ĂůƐĞWĂƐƐ͕ůĂƐŬĂ;ŝƚLJͿ͘/ŶϮϬϭϵ͕ƚŚĞŝƚLJĂƐƐƵŵĞĚƚŚĞW/ ƐƚƵĚLJ ĂŶĚ ĞdžƉĂŶĚĞĚ
WŽůĂƌĐŽŶƐƵůƚ͛Ɛ ƐĐŽƉĞ ƚŽ ŝŶĐůƵĚĞ ĂĚĚŝƚŝŽŶĂů ŚLJĚƌŽůŽŐLJ͕ ĂŶĂůLJƐŝƐ͕ ĂŶĚ ƌĞƉŽƌƚŝŶŐ͘ dŚŝƐ ƌĞƉŽƌƚ
ƉƌĞƐĞŶƚƐƚŚĞĨŝŶĚŝŶŐƐŽĨƚŚĞĨĞĂƐŝďŝůŝƚLJͲůĞǀĞůƐƚƵĚŝĞƐĐŽŶĚƵĐƚĞĚĨƌŽŵϮϬϭϲƚŚƌŽƵŐŚϮϬϮϭ͕ĂŶĚ
ŵĂŬĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨƵƌƚŚĞƌĂĐƚŝŽŶďĂƐĞĚƵƉŽŶƚŚĞƐƚƵĚLJĨŝŶĚŝŶŐƐ͘
dŚĞĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJĚĞƐĐƌŝďĞĚŝŶƚŚŝƐƌĞƉŽƌƚĨŝŶĚƐƚŚĂƚĂƌƵŶͲŽĨͲƌŝǀĞƌŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚŽŶ
hŶŐĂDĂŶƌĞĞŬŝƐĨĞĂƐŝďůĞĨƌŽŵƚĞĐŚŶŝĐĂů͕ƌĞŐƵůĂƚŽƌLJ͕ĂŶĚĞĐŽŶŽŵŝĐƐƚĂŶĚƉŽŝŶƚƐ͘ŶŝŶƐƚĂůůĞĚ
ĐĂƉĂĐŝƚLJŝŶƚŚĞƌĂŶŐĞŽĨϭϬϬƚŽϰϬϬŬŝůŽǁĂƚƚƐ;ŬtͿŵĂLJďĞƉƌĂĐƚŝĐĂů͕ĂŶĚĂϭϴϬͲŬtƉƌŽũĞĐƚŝƐ
ƌĞĐŽŵŵĞŶĚĞĚƚŽďĞƐƚͲƐĞƌǀĞƚŚĞŝƚLJĞůĞĐƚƌŝĐƵƚŝůŝƚLJ͘
dŚĞƌĞĐŽŵŵĞŶĚĞĚϭϴϬŬtƉƌŽũĞĐƚǁŝůůŚĂǀĞĂĚĞƐŝŐŶĨůŽǁŽĨϮϭĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚ͕ǁŚŝĐŚŝƐ
ĐŽŶǀĞLJĞĚĨƌŽŵĂĚŝǀĞƌƐŝŽŶĂŶĚŝŶƚĂŬĞƐƚƌƵĐƚƵƌĞĂƚƌŝǀĞƌŵŝůĞϭ͘ϰϮĚŽǁŶƚŽĂŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞ
ŶĞĂƌƌŝǀĞƌŵŝůĞϬ͘ϱϬǀŝĂĂϯϮͲŝŶĐŚĚŝĂŵĞƚĞƌ͕ϰ͕ϰϬϬͲĨŽŽƚůŽŶŐŚŝŐŚͲĚĞŶƐŝƚLJƉŽůLJĞƚŚLJůĞŶĞ;,W Ϳ
ƉĞŶƐƚŽĐŬ͘dŽƚĂůŐƌŽƐƐŚĞĂĚŝƐϭϲϭĨĞĞƚ͕ĂŶĚŶĞƚŽƉĞƌĂƚŝŶŐŚĞĂĚĂƚĨƵůůĨůŽǁŝƐϭϱϭĨĞĞƚ͘dŚĞ
ŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞǁŝůůĐŽŶŶĞĐƚƚŽƚŚĞƵƚŝůŝƚLJ͛ƐĞdžŝƐƚŝŶŐĞůĞĐƚƌŝĐĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵǀŝĂĂϯ͕ϭϬϬͲ
ĨŽŽƚͲůŽŶŐ ďƵƌŝĞĚ ƉŽǁĞƌ ĐĂďůĞ͘ dŚĞ ƉƌŽũĞĐƚ ŝŶĐůƵĚĞƐ ϰ͕ϰϬϬ ĨĞĞƚŽĨŶĞǁƌŽĂĚƐ͘dŚĞ
ƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚůĂLJŽƵƚŝƐƐŚŽǁŶŽŶ&ŝŐƵƌĞ ^Ͳϭ͘
dĂďůĞ ^Ͳϭ dĞĐŚŶŝĐĂů^ƵŵŵĂƌLJŽĨZĞĐŽŵŵĞŶĚĞĚϭϴϬͲŬtWƌŽũĞĐƚ
WZK: d& dhZ s>h
WƌŽũĞĐƚĞƐŝŐŶ&ůŽǁ ϮϭĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚ
EŽƌŵĂů,ĞĂĚǁĂƚĞƌ ůĞǀĂƚŝŽŶ ϮϮϴĨĞĞƚ
EŽƌŵĂůdĂŝůǁĂƚĞƌ ůĞǀĂƚŝŽŶ ϲϳĨĞĞƚ
'ƌŽƐƐWƌŽũĞĐƚ,ĞĂĚ ϭϲϭĨĞĞƚ
WĞŶƐƚŽĐŬ ϰ͕ϰϬϬĨĞĞƚŽĨϯϮͲŝŶĐŚ,W
EĞƚWƌŽũĞĐƚ,ĞĂĚĂƚ&Ƶůů&ůŽǁ ϭϱϭĨĞĞƚ
dƵƌďŝŶĞdLJƉĞ ^ŝŶŐůĞƌŽƐƐĨůŽǁdƵƌďŝŶĞ
/ŶƐƚĂůůĞĚ'ĞŶĞƌĂƚŝŶŐĂƉĂĐŝƚLJ ϭϴϬŬŝůŽǁĂƚƚƐ
WůĂŶƚĂƉĂĐŝƚLJ&ĂĐƚŽƌ ϳϮй
WƌŝŵĂƌLJWŽǁĞƌ>ŝŶĞƐ ϯ͕ϰϬϬĨĞĞƚ
ŽŵŵƵŶŝĐĂƚŝŽŶƐ>ŝŶĞƐ ϵ͕ϳϬϬĨĞĞƚ
ĐĐĞƐƐdƌĂŝůƐ ϰ͕ϰϬϬĨĞĞƚ
dŽƚĂůĂŶŶƵĂůƵƚŝůŝƚLJůŽĂĚŵĞƚďLJŚLJĚƌŽƉůĂŶƚ;ŬŝůŽǁĂƚƚͲŚŽƵƌƐ͕ŬǁŚͿ ϱϵϭ͕ϬϬϬŬtŚ;ϴϯйͿ
dŽƚĂůĂŶŶƵĂůƵƚŝůŝƚLJůŽĂĚŵĞƚďLJĚŝĞƐĞůƉůĂŶƚ ϭϭϵ͕ϬϬϬŬtŚ;ϭϳйͿ
dŽƚĂůhƚŝůŝƚLJ>ŽĂĚĂƚ'ĞŶĞƌĂƚŝŽŶ ϳϭϬ͕ϬϬϬŬtŚ
džĐĞƐƐŚLJĚƌŽŽƵƚƉƵƚĂǀĂŝůĂďůĞĨŽƌĚŝƐƉĂƚĐŚĂďůĞƐĞƌǀŝĐĞƐ ϯϵϬ͕ϬϬϬŬtŚ
džĐĞƐƐŚLJĚƌŽŽƵƚƉƵƚĚŝƐƉĂƚĐŚĞĚƚŽŝŶƚĞƌƌƵƉƚŝďůĞůŽĂĚƐ ϯϯϮ͕ϬϬϬŬtŚ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚŝŝ
/ŶĂŶĂǀĞƌĂŐĞLJĞĂƌ͕ƚŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚŝƐĞƐƚŝŵĂƚĞĚƚŽƐƵƉƉůLJϴϯйŽĨ&ĂůƐĞWĂƐƐ͛ĂŶŶƵĂů
ĞůĞĐƚƌŝĐĚĞŵĂŶĚ͕ƌĞĚƵĐŝŶŐĞůĞĐƚƌŝĐƵƚŝůŝƚLJĨƵĞůĐŽŶƐƵŵƉƚŝŽŶďLJϰϳ͕ϯϬϬŐĂůůŽŶƐĂŶŶƵĂůůLJ͘ƚĂŶ
ĞƐƚŝŵĂƚĞĚĨƵĞůĐŽƐƚŽĨΨϯ͘ϬϴƉĞƌŐĂůůŽŶŝŶϮϬϮϲ͕ƚŚĞƉƌŽũĞĐƚǁŽƵůĚƌĞĚƵĐĞƵƚŝůŝƚLJĨƵĞůĞdžƉĞŶƐĞƐ
ďLJΨϭϰϱ͕ϴϬϬŝŶŝƚƐĨŝƌƐƚLJĞĂƌŽĨŽƉĞƌĂƚŝŽŶ͘dŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚĐĂŶĂůƐŽĚŝƐƉůĂĐĞĂŶ
ĞƐƚŝŵĂƚĞĚϴ͕ϲϬϬŐĂůůŽŶƐĂŶŶƵĂůůLJŽĨŚĞĂƚŝŶŐĨƵĞůƵƐĞĚƚŽŚĞĂƚĐŽŵŵƵŶŝƚLJďƵŝůĚŝŶŐƐƚŚƌŽƵŐŚƚŚĞ
ŝŶƐƚĂůůĂƚŝŽŶŽĨĚŝƐƉĂƚĐŚĂďůĞĞŶĞƌŐLJƐĞƌǀŝĐĞƐ͘
dŚĞƉƌŽũĞĐƚŚĂƐĂŶĞƐƚŝŵĂƚĞĚŝŶƐƚĂůůĞĚĐŽƐƚŽĨΨϱ͘ϬϴŵŝůůŝŽŶŝŶϮϬϮϮĚŽůůĂƌƐ͘dŚŝƐŝŶĐůƵĚĞƐ
ĞƐƚŝŵĂƚĞĚĐŽƐƚƐĨƌŽŵĨŝŶĂůĚĞƐŝŐŶĂŶĚƉĞƌŵŝƚƚŝŶŐƚŚƌŽƵŐŚĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĐŽŵŵŝƐƐŝŽŶŝŶŐǁŝƚŚ
ĂϮϱйĐŽŶƚŝŶŐĞŶĐLJ͘ ĐŽŶŽŵŝĐĂŶĂůLJƐŝƐŽĨƚŚĞƉƌŽũĞĐƚŝŶĚŝĐĂƚĞƐŝƚŚĂƐĂďĞŶĞĨŝƚͲĐŽƐƚƌĂƚŝŽŽĨϭ͘ϭϱ
ĐŽŵƉĂƌĞĚƚŽĐŽŶƚŝŶƵĞĚƌĞůŝĂŶĐĞŽŶƚŚĞĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚ͘dŚŝƐĂŶĂůLJƐŝƐŝŶĐůƵĚĞƐƵƚŝůŝnjĂƚŝŽŶŽĨ
ĞdžĐĞƐƐŚLJĚƌŽĞŶĞƌŐLJƚŽƉƌŽǀŝĚĞŝŶƚĞƌƌƵƉƚŝďůĞŚĞĂƚŝŶŐƐLJƐƚĞŵƐĨŽƌĐŽŵŵƵŶŝƚLJďƵŝůĚŝŶŐƐŽŶĂ
ĚŝƐƉĂƚĐŚĂďůĞďĂƐŝƐ͘
dŚŝƐĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJŝŶĐůƵĚĞĚŵƵůƚŝͲLJĞĂƌŚLJĚƌŽůŽŐLJĂŶĚĨŝƐŚĞƌŝĞƐƐƚƵĚŝĞƐƚŽĐŚĂƌĂĐƚĞƌŝnjĞƚŚĞ
hŶŐĂDĂŶƌĞĞŬƌĞƐŽƵƌĐĞ͘WƌŽũĞĐƚƉĞƌĨŽƌŵĂŶĐĞĞƐƚŝŵĂƚĞƐĂƌĞďĂƐĞĚŽŶϯ͘ϱLJĞĂƌƐŽĨƐŝƚĞͲ
ƐƉĞĐŝĨŝĐŚLJĚƌŽůŽŐLJǁŝƚŚĂϯϭͲLJĞĂƌƌĞĐŽƌĚĞdžƚĞŶƐŝŽŶƵƐŝŶŐĂĐŽƌƌĞůĂƚŝŽŶ;ZϮсϬ͘ϲϴͿƚŽZƵƐƐĞůů
ƌĞĞŬ͕ůŽĐĂƚĞĚϰϬŵŝůĞƐƚŽƚŚĞŶŽƌƚŚĞĂƐƚŝŶŽůĚĂLJ͕ůĂƐŬĂ͘
>^ ĐŽŶĚƵĐƚĞĚ ĨŝƐŚĞƌŝĞƐ ƐƵƌǀĞLJƐ ŝŶ ϮϬϭϱ͕ ϮϬϭϲ͕ ĂŶĚ ϮϬϭϳ ƚŽ ĐŚĂƌĂĐƚĞƌŝnjĞ ƚŚĞ ƉƌĞƐĞŶĐĞ͕
ĂďƵŶĚĂŶĐĞ͕ĂŶĚůŽĐĂƚŝŽŶŽĨĨŝƐŚƐƉĞĐŝĞƐĂŶĚŚĂďŝƚĂƚŝŶhŶŐĂDĂŶƌĞĞŬ͘&ŝƐŚĞƌŝĞƐƐƵƌǀĞLJƐĐŽƉĞ
ĂŶĚŵĞƚŚŽĚŽůŽŐLJǁĞƌĞĐŽŽƌĚŝŶĂƚĞĚǁŝƚŚŚĂďŝƚĂƚƐƚĂĨĨĂƚƚŚĞůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚĂŶĚ
'ĂŵĞ ;&'Ϳ ĂŶĚ ƐƵƌǀĞLJ ĨŝŶĚŝŶŐƐ ǁĞƌĞ ƐŚĂƌĞĚ ǁŝƚŚ &' ŚĂďŝƚĂƚ ƐƚĂĨĨ ŝŶ ĨĂůů ϮϬϭϳ͘ dŚĞ
ƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚůĂLJŽƵƚŝŶĐŽƌƉŽƌĂƚĞƐĂůůƉƌĞůŝŵŝŶĂƌLJƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƉƌŽǀŝĚĞĚďLJ&'
ŚĂďŝƚĂƚƐƚĂĨĨďĂƐĞĚŽŶƌĞǀŝĞǁŽĨĚƌĂĨƚůĂLJŽƵƚƐĂŶĚĨŝƐŚĞƌŝĞƐƐƵƌǀĞLJĨŝŶĚŝŶŐƐ͘
ĂƐĞĚŽŶƚŚĞĨŝŶĚŝŶŐƐŝŶƚŚŝƐƐƚƵĚLJ͕ĐŽŶƚŝŶƵĞĚĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐƉƌŽũĞĐƚŝƐǁĂƌƌĂŶƚĞĚ͘hŶĚĞƌ
ƌĞĂƐŽŶĂďůĞƉĞƌŵŝƚƚŝŶŐĂŶĚĨŝŶĂŶĐŝŶŐƐĐŚĞĚƵůĞƐ͕ƉƌŽũĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶĐŽƵůĚĐŽŵŵĞŶĐĞŝŶϮϬϮϱ͘
dŚĞĨŽůůŽǁŝŶŐĂĐƚŝŽŶƐĂƌĞƌĞĐŽŵŵĞŶĚĞĚƚŽĂĚǀĂŶĐĞƚŚŝƐƉƌŽũĞĐƚ͘
;ϭͿŽŶƚŝŶƵĞĐŽůůĞĐƚŝŶŐŚLJĚƌŽůŽŐLJĚĂƚĂƚŚƌŽƵŐŚƚŚĞƉĞƌŵŝƚƚŝŶŐƉƌŽĐĞƐƐƚŽŝŵƉƌŽǀĞƌĞƐŽƵƌĐĞ
ĐŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶĂŶĚƉƌŽũĞĐƚƉĞƌĨŽƌŵĂŶĐĞĞƐƚŝŵĂƚĞƐ͘
;ϮͿ/ĚĞŶƚŝĨLJĂŶĚƋƵĂŶƚŝĨLJƉƌŽƐƉĞĐƚŝǀĞŝŶƚĞƌƌƵƉƚŝďůĞůŽĂĚƐǁŝƚŚŝŶƚŚĞĐŽŵŵƵŶŝƚLJ͘ŽŵŵŝƚƚĞĚ
ůŽĂĚƐĂƚƚŚĞƉƌŽĐĞƐƐŝŶŐƉůĂŶƚƐŵĂLJũƵƐƚŝĨLJĂůĂƌŐĞƌŝŶƐƚĂůůĞĚĐĂƉĂĐŝƚLJŝŵƉƌŽǀŝŶŐŽǀĞƌĂůů
ƉƌŽũĞĐƚĞĐŽŶŽŵŝĐƐ͘
;ϯͿ/ŶŝƚŝĂƚĞƚŚĞƉĞƌŵŝƚƚŝŶŐƉƌŽĐĞƐƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘<ĞLJƉĞƌŵŝƚƚŝŶŐĂĐƚŝǀŝƚŝĞƐŝŶĐůƵĚĞůĂŶĚƵƐĞ
ŶĞŐŽƚŝĂƚŝŽŶƐ͕ĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌƚŚĞƉƌŽũĞĐƚŝƐƵŶĚĞƌƚŚĞũƵƌŝƐĚŝĐƚŝŽŶŽĨƚŚĞ&ĞĚĞƌĂů
ŶĞƌŐLJ ZĞŐƵůĂƚŽƌLJ ŽŵŵŝƐƐŝŽŶ͕ ĂŶĚ ĐŽŶƚŝŶƵŝŶŐ ĚŝĂůŽŐ ǁŝƚŚ ƚŚĞ &' ƌĞŐĂƌĚŝŶŐ ĨŝƐŚ
ŚĂďŝƚĂƚ ƉĞƌŵŝƚ ĐŽŶĚŝƚŝŽŶƐ͘ KƵƚƐƚĂŶĚŝŶŐ ƌĞƐŽƵƌĐĞ ƋƵĞƐƚŝŽŶƐ ƐŚŽƵ ůĚ ďĞ ŝĚĞŶƚŝĨŝĞĚ ƐŽ
ĂĚĚŝƚŝŽŶĂůĨŝĞůĚƐƚƵĚŝĞƐĐĂŶďĞŝŶŝƚŝĂƚĞĚ͘
;ϰͿĚǀĂŶĐĞĚĞƐŝŐŶƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚŝŝŝ
&ŝŐƵƌĞ ^Ͳϭ ZĞĐŽŵŵĞŶĚĞĚ,LJĚƌŽWƌŽũĞĐƚ>ĂLJŽƵƚ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚŝǀ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚǀ
Z WKZdWhZWK^ ͕>/D/dd/KE^͕EKWzZ/',dEKd/
WƵƌƉŽƐĞŽĨƚŚŝƐZĞƉŽƌƚ
ĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJŝƐƚŚĞƐĞĐŽŶĚƐƚĂŐĞŽĨƐĐƌĞĞŶŝŶŐĨŽƌĂƉŽƚĞŶƚŝĂůŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚ͕ĂŶĚ
ƌĞƉƌĞƐĞŶƚƐĂĐŽŵƉƌĞŚĞŶƐŝǀĞƌĞǀŝĞǁŽĨƌĞůĞǀĂŶƚĨĂĐƚŽƌƐƚŚĂƚƉĞƌƚĂŝŶƚŽƚŚĞƚĞĐŚŶŝĐĂů͕ĞĐŽŶŽŵŝĐ͕
ĞŶǀŝƌŽŶŵĞŶƚĂů͕ĂŶĚƉŽůŝƚŝĐĂůǀŝĂďŝůŝƚLJŽĨĚĞǀĞůŽƉŝŶŐĂŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚĂƚĂŐŝǀĞŶƐŝƚĞŽƌĨŽƌ
ĂŐŝǀĞŶƉŽǁĞƌŶĞĞĚ͘ĞƉĞŶĚŝŶŐŽŶƚŚĞĂǀĂŝůĂďůĞďƵĚŐĞƚĂŶĚƚŚĞƋƵĂůŝƚLJŽĨĞdžŝƐƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͕
ƚŚĞĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJŵĂLJŝŶĐůƵĚĞĨŝĞůĚĚĂƚĂĐŽůůĞĐƚŝŽŶĨŽƌŬĞLJŝŶĨŽƌŵĂƚŝŽŶŶĞĐĞƐƐĂƌLJƚŽĐŽŵƉůĞƚĞ
ĂƚĞĐŚŶŝĐĂů͕ĞĐŽŶŽŵŝĐ͕ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůƌĞǀŝĞǁŽĨƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͘
dŚŝƐĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJƉƌŽǀŝĚĞƐƚŚĞŝƚLJŽĨ&ĂůƐĞWĂƐƐ;ŝƚLJͿĂŶŝŶͲĚĞƉƚŚĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞŽǀĞƌĂůů
ĨĞĂƐŝďŝůŝƚLJ ŽĨ Ă ŚLJĚƌŽĞůĞĐƚƌŝĐ ƉƌŽũĞĐƚ Ăƚ hŶŐĂ DĂŶ ƌĞĞŬ͕ ĂŶĚ ƉƌŽǀŝĚĞƐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞ
ĂĚǀĂŶƚĂŐĞƐĂŶĚĚŝƐĂĚǀĂŶƚĂŐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚǀĂƌŝŽƵƐƉƌŽũĞĐƚƐŝƚĞƐĂŶĚĐŽŶĨŝŐƵƌĂƚŝŽŶƐ͘dŚŝƐ
ŝŶĨŽƌŵĂƚŝŽŶ ŝƐ ŝŶƚĞŶĚĞĚ ĨŽƌ ƵƐĞ ďLJ ƚŚĞ ŝƚLJ ƚŽ ĚĞĐŝĚĞ ǁŚĞƚŚĞƌ ƚŽ ƉƌŽĐĞĞĚ ǁŝƚŚ ƉƌŽũĞĐƚ
ĚĞǀĞůŽƉŵĞŶƚ͘
>ŝŵŝƚĂƚŝŽŶƐ
/ŶĐŽŶĚƵĐƚŝŶŐŽƵƌĂŶĂůLJƐŝƐĂŶĚĨŽƌŵŝŶŐƚŚĞŽƉŝŶŝŽŶƐĂŶĚƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐƐƵŵŵĂƌŝnjĞĚŝŶƚŚŝƐ
ƌĞƉŽƌƚ͕ WŽůĂƌĐŽŶƐƵůƚ ŚĂƐ ƌĞůŝĞĚ ŽŶ ŝŶĨŽƌŵĂƚŝŽŶ ƉƌŽǀŝĚĞĚ ďLJ ŽƚŚĞƌƐ͕ ĂŶĚ ŚĂƐ ĂƐƐƵŵĞĚ ƚŚŝƐ
ŝŶĨŽƌŵĂƚŝŽŶŝƐĐŽŵƉůĞƚĞĂŶĚĐŽƌƌĞĐƚ͘ůƐŽ͕WŽůĂƌĐŽŶƐƵůƚŚĂƐŵĂĚĞĐĞƌƚĂŝŶĂƐƐƵŵƉƚŝŽŶƐǁŝƚŚ
ƌĞŐĂƌĚƚŽĨƵƚƵƌĞĞǀĞŶƚƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘WŽůĂƌĐŽŶƐƵůƚĚŽĞƐŶŽƚŐƵĂƌĂŶƚĞĞƚŚĞ
ĂĐĐƵƌĂĐLJŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶ͕ĚĂƚĂ͕ŽƌŽƉŝŶŝŽŶƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ͘dŚĞŵĞƚŚŽĚŽůŽŐŝĞƐĞŵƉůŽLJĞĚ
ƚŽƉĞƌĨŽƌŵƚŚĞĂŶĂůLJƐŝƐĂŶĚĂƌƌŝǀĞĂƚƚŚĞĐŽŶĐůƵƐŝŽŶƐŝŶƚŚŝƐƌĞƉŽƌƚĨŽůůŽǁŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ
ŝŶĚƵƐƚƌLJƉƌĂĐƚŝĐĞĨŽƌƚŚŝƐůĞǀĞůŽĨƐƚƵĚLJ͘tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƐƐƵŵƉƚŝŽŶƐĂŶĚŵĞƚŚŽĚŽůŽŐŝĞƐ
ƵƐĞĚĂƌĞƌĞĂƐŽŶĂďůĞĂŶĚĂƉƉƌŽƉƌŝĂƚĞĨŽƌŵĞĞƚŝŶŐƚŚĞŽďũĞĐƚŝǀĞƐŽĨƚŚŝƐƐƚƵĚLJ͘&ƵƚƵƌĞĞǀĞŶƚƐ
ĂŶĚŝŶĨŽƌŵĂƚŝŽŶŵĂLJƌĞƐƵůƚŝŶŽƵƚĐŽŵĞƐŵĂƚĞƌŝĂůůLJĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚŽƐĞƉƌŽũĞĐƚĞĚŝŶƚŚŝƐƐƚƵĚLJ͘
^ƵĐŚĞǀĞŶƚƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͕ĨƵƚƵƌĞĞŶĞƌŐLJĚĞŵĂŶĚ͕ƐƵƉƉůLJ͕ĂŶĚ
ĐŽƐƚ ŝŶ &ĂůƐĞ WĂƐƐ͖ ĂĐƚƵĂů ƐŝƚĞ ĐŽŶĚŝƚŝŽŶƐ ƐƵĐŚ ĂƐ ŽǁŶĞƌƐŚŝƉ͕ ƚŽƉŽŐƌĂƉŚLJ͕ ŚLJĚƌŽůŽŐLJ͕ ĂŶĚ
ŐĞŽůŽŐLJ͖ĨƵƚƵƌĞƚƌĞŶĚƐŝŶůŽĐĂůĐŽŶƐƚƌƵĐƚŝŽŶ͕ŵĂƚĞƌŝĂů͕ĂŶĚůĂďŽƌĐŽƐƚƐ͖ĂŶĚŶĂƚŝŽŶĂů͕ƐƚĂƚĞ͕Žƌ
ůŽĐĂůƉŽůŝĐŝĞƐƚŚĂƚŵĂLJĂĨĨĞĐƚĂƐƉĞĐƚƐŽĨƚŚĞƉƌŽũĞĐƚ͘
dŚĞĐŽŶƚĞŶƚƐĂŶĚĨŝŶĚŝŶŐƐŽĨƚŚŝƐƌĞƉŽƌƚĂƌĞůŝŵŝƚĞĚƚŽƉŽƚĞŶƚŝĂůĚĞǀĞůŽƉŵĞŶƚŽĨĂŚLJĚƌŽĞůĞĐƚƌŝĐ
ƉƌŽũĞĐƚĂƚhŶŐĂDĂŶƌĞĞŬďLJƚŚĞŝƚLJ͕ĂŶĚĂƌĞƐƵŝƚĂďůĞŽŶůLJĨŽƌƚŚŝƐŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘ŶLJƵƐĞ
ŽĨ ƚŚŝƐ ƌĞƉŽƌƚ ĂŶĚ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ĐŽŶƚĂŝŶĞĚ ƚŚĞƌĞŝŶ ĐŽŶƐƚŝƚƵƚĞ Ɛ ĂŐƌĞĞŵĞŶƚ ƚŚĂƚ ;ϭͿ
WŽůĂƌĐŽŶƐƵůƚŵĂŬĞƐŶŽǁĂƌƌĂŶƚLJ͕ĞdžƉƌĞƐƐŽƌŝŵƉůŝĞĚ͕ƌĞůĂƚŝŶŐƚŽƚŚŝƐƌĞƉŽƌƚĂŶĚŝƚƐĐŽŶƚĞŶƚƐ͕;ϮͿ
ƚŚĞƵƐĞƌĂĐĐĞƉƚƐƐŽůĞƌŝƐŬŽĨĂŶLJƐƵĐŚƵƐĞ͕ĂŶĚ;ϯͿƚŚĞƵƐĞƌǁĂŝǀĞƐĂŶLJĐůĂŝŵĨŽƌĚĂŵĂŐĞƐŽĨĂŶLJ
ŬŝŶĚĂŐĂŝŶƐƚWŽůĂƌĐŽŶƐƵůƚ͘dŚĞďĞŶĞĨŝƚŽĨƐƵĐŚǁĂŝǀĞƌƐ͕ƌĞůĞĂƐĞƐ͕ĂŶĚůŝŵŝƚĂƚŝŽŶƐŽĨůŝĂďŝůŝƚLJ
ĞdžƚĞŶĚƚŽWŽůĂƌĐŽŶƐƵůƚ͕ŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕ŽǁŶĞƌƐ͕ĞŵƉůŽLJĞĞƐ͕ĂŶĚĂŐĞŶƚƐ͘
ŽƉLJƌŝŐŚƚ
dŚŝƐƌĞƉŽƌƚŝƐĐŽƉLJƌŝŐŚƚͲƉƌŽƚĞĐƚĞĚďLJWŽůĂƌĐŽŶƐƵůƚĂŶĚŵĂLJŶŽƚďĞƌĞƉƌŽĚƵĐĞĚŝŶǁŚŽůĞŽƌƉĂƌƚ
ǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨWŽůĂƌĐŽŶƐƵůƚ͘dŚĞŝƚLJŚĂƐƚŚĞƌŝŐŚƚƚŽƌĞƉƌŽĚƵĐĞĂŶĚƵƐĞ
ƚŚŝƐƌĞƉŽƌƚĨŽƌƉƵƌƉŽƐĞƐƌĞůĂƚĞĚƚŽŚLJĚƌŽĞůĞĐƚƌŝĐĚĞǀĞůŽƉŵĞŶƚŽĨhŶŐĂDĂŶƌĞĞŬŝŶĐůƵĚŝŶŐ͕
ǁŝƚŚŽƵƚůŝŵŝƚĂƚŝŽŶ͕ƚŚĞƌŝŐŚƚƚŽĚĞůŝǀĞƌƚŚŝƐƌĞƉŽƌƚƚŽƌĞŐƵůĂƚŽƌLJĂŶĚĨƵŶĚŝŶŐĞŶƚŝƚŝĞƐŝŶƐƵƉƉŽƌƚ
ŽĨ͕ŽƌŝŶƌĞƐƉŽŶƐĞƚŽ͕ƚŚĞŝƌŝŶƋƵŝƌŝĞƐĂŶĚƉƌŽĐĞĞĚŝŶŐƐ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚǀŝ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚǀŝŝ
d> K&KEd Ed^
y hd/s ^hDDZz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘/
ZKEzD^Ed ZD/EK>K'z͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘s/
ϭ͘Ϭ/EdZKhd/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭ
ϭ͘ϭWZK: dhd,KZ/d/KEEWhZWK^ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭ
ϭ͘ϮWZK: d s>hd/KEWZK ^^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭ
ϭ͘ϯhZZ EdEWZ s/Kh^>K>,zZKWKt Z^dh/ ^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ
Ϯ͘ϬKDDhE/dzWZK&/> ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
Ϯ͘ϭKDDhE/dzKs Zs/ t͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
Ϯ͘Ϯ y/^d/E' E Z'z^z^d D ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
ϯ͘ϬZ KDD E WZK: d͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭ
ϯ͘ϭ ^Z/Wd/KEK&WZK: d& dhZ ^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ
ϯ͘ϮZ ^KhZ ^Z/Wd/KE ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ
ϰ͘Ϭ KEKD/E>z^/^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬ
ϰ͘ϭK^d ^d/Dd &KZZ KDD E WZK: d ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ
ϰ͘Ϯ KEKD/ s>hd/KEK&Z KDD E WZK: d ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ
ϰ͘ϯ^ E^/d/s/dzE>z^/^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ
ϱ͘ϬKE>h^/KE^EZ KDD Ed/KE^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϰ
ϲ͘ϬZ & Z E ^ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϲ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚǀŝŝŝ
WW E/ ^
WW E/yʹ WZK: dDW^
WW E/yʹ ^/d W,KdK'ZW,^
WW E/yʹ ,zZK>K'zZ WKZd
WW E/yʹ Z ^KhZ dEE>z^/^
͘ϭ DĂdžŝŵƵŵWƌŽďĂďůĞ&ůŽŽĚ ƐƚŝŵĂƚĞ
͘Ϯ &ůŽŽĚ,ĂnjĂƌĚŽŶƐŝĚĞƌĂƚŝŽŶƐ
͘ϯ ƌĞĞŬĂƐŝŶŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚ'ĞŽŵŽƌƉŚŽůŽŐLJ
͘ϰ 'ĞŽƚĞĐŚŶŝĐĂůŽŶƐŝĚĞƌĂƚŝŽŶƐ
WW E/y ʹ Es/ZKED Ed>KE^/ Zd/KE^
͘ϭ ĂƌůLJŐĞŶĐLJŽŶƐƵůƚĂƚŝŽŶƐ
͘ϭ͘ϭ h͘^͘&ŝƐŚĂŶĚtŝůĚůŝĨĞ^ĞƌǀŝĐĞ/WĂZĞƐƵůƚƐ
͘ϭ͘Ϯ ůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚĂŶĚ'ĂŵĞŽŶƐƵůƚĂƚŝŽŶƐ
͘Ϯ tŝůĚůŝĨĞ
͘ϯ &ŝƐŚĞƌŝĞƐ
͘ϰ tĂƚĞƌĂŶĚŝƌYƵĂůŝƚLJ
͘ϱ tĞƚůĂŶĚĂŶĚWƌŽƚĞĐƚĞĚƌĞĂƐ
͘ϲ ƌĐŚĂĞŽůŽŐŝĐĂůĂŶĚ,ŝƐƚŽƌŝĐĂůZĞƐŽƵƌĐĞƐ
͘ϳ >ĂŶĚĞǀĞůŽƉŵĞŶƚŽŶƐŝĚĞƌĂƚŝŽŶƐ
͘ϴ dĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚǀŝĂƚŝŽŶŽŶƐŝĚĞƌĂƚŝŽŶƐ
͘ϵ sŝƐƵĂůĂŶĚĞƐƚŚĞƚŝĐZĞƐŽƵƌĐĞƐ
͘ϭϬ DŝƚŝŐĂƚŝŽŶDĞĂƐƵƌĞƐ
WW E/y&ʹ W ZD/dd/E'/E&KZDd/KE
&͘ϭ &ĞĚĞƌĂůWĞƌŵŝƚƐ
&͘Ϯ ^ƚĂƚĞŽĨůĂƐŬĂWĞƌŵŝƚƐ
&͘ϯ>ŽĐĂůWĞƌŵŝƚƐ
&͘ϰ KƚŚĞƌWĞƌŵŝƚƐĂŶĚƵƚŚŽƌŝnjĂƚŝŽŶƐ
WW E/y'ʹ K^d ^d/Dd ^E KEKD/E>z^/^
'͘ϭ WƌŽũĞĐƚŽƐƚ ƐƚŝŵĂƚĞ
'͘Ϯ ĐŽŶŽŵŝĐŶĂůLJƐŝƐĂŶĚƐƐƵŵƉƚŝŽŶƐ
WW E/y,ʹ d ,E/>E>z^/^
,͘ϭ ,LJĚƌŽWƌŽũĞĐƚŶĂůLJƐŝƐ
,͘Ϯ ,LJĚƌŽWƌŽũĞĐƚDŽĚĞůŝŶŐ
WW E/y/ʹZ&dZ WKZdZ s/ tKDD Ed^EZ ^WKE^ ^
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚŝdž
>/^dK&&/'hZ ^
&ŝŐƵƌĞ ^ͲϭZĞĐŽŵŵĞŶĚĞĚ,LJĚƌŽWƌŽũĞĐƚ>ĂLJŽƵƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ŝŝŝ
&ŝŐƵƌĞϭͲϭ&ĞĂƐŝďŝůŝƚLJ ǀĂůƵĂƚŝŽŶWƌŽĐĞƐƐ&ůŽǁĐŚĂƌƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯ
&ŝŐƵƌĞϮͲϭZĞĐĞŶƚŶŶƵĂů ůĞĐƚƌŝĐhƚŝůŝƚLJ ŶĞƌŐLJ'ĞŶĞƌĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲ
&ŝŐƵƌĞϮͲϮZĞĐĞŶƚ ůĞĐƚƌŝĐhƚŝůŝƚLJĂŶĚ ůĞĐƚƌŝĐŝƚLJŽƐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
&ŝŐƵƌĞϯͲϭdLJƉŝĐĂů,LJĚƌŽWƌŽũĞĐƚWĞƌĨŽƌŵĂŶĐĞĂŶĚhƚŝůŝnjĂƚŝŽŶ͕ZĞĐŽŵŵĞŶĚĞĚ
WƌŽũĞĐƚ;ϮϬϬϭ,LJĚƌŽůŽŐLJͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
&ŝŐƵƌĞϯͲϮ&ůŽǁƵƌĂƚŝŽŶƵƌǀĞƐĂƚWƌŽƉŽƐĞĚŝǀĞƌƐŝŽŶ^ŝƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ
&ŝŐƵƌĞϱͲϭWƌŽƉŽƐĞĚWƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚ^ĐŚĞĚƵůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ
&ŝŐƵƌĞͲϭWƌŽũĞĐƚKǀĞƌǀŝĞǁĂŶĚ>ŽĐĂƚŝŽŶDĂƉ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮ
&ŝŐƵƌĞͲϮDĂƉŽĨZĞĐŽŵŵĞŶĚĞĚhŶŐĂDĂŶƌĞĞŬ,LJĚƌŽWƌŽũĞĐƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϯ
&ŝŐƵƌĞͲϯWůĂŶĞƚĂŝůŽĨŝǀĞƌƐŝŽŶ^ŝƚĞĨŽƌZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϰ
&ŝŐƵƌĞͲϰWůĂŶĞƚĂŝůŽĨWŽǁĞƌŚŽƵƐĞ^ŝƚĞĨŽƌZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϱ
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dĂďůĞϮͲϭ džŝƐƚŝŶŐhƚŝůŝƚLJ'ĞŶĞƌĂƚŝŽŶ ƋƵŝƉŵĞŶƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱ
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dĂďůĞϮͲϯ,ŝƐƚŽƌŝĐWŽƉƵůĂƚŝŽŶĂƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴ
dĂďůĞϮͲϰWĂƌƚŝĂů&ĂůƐĞWĂƐƐ>ĂƌŐĞƵŝůĚŝŶŐ/ŶǀĞŶƚŽƌLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵ
dĂďůĞϯͲϭdĞĐŚŶŝĐĂů^ƵŵŵĂƌLJŽĨZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
dĂďůĞϰͲϭĂƐĞĂƐĞƐƐƵŵƉƚŝŽŶƐhƐĞĚĨŽƌ ĐŽŶŽŵŝĐŶĂůLJƐŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ
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WŚŽƚŽŐƌĂƉŚͲϰhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϬ͘ϱϱ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϰ
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ĐĨƐ ĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚ
ĐŽĂŶĚĂĞĨĨĞĐƚ
dŚĞ ƚĞŶĚĞŶĐLJ ŽĨ Ă ŵŽǀŝŶŐ ĨůƵŝĚ ƚŽ ƐƚĂLJ ĂƚƚĂĐŚĞĚ ƚŽ Ă ƐŵŽŽƚŚůLJ ĐŽŶǀĞdž ƐŽůŝĚ
ŽďƐƚƌƵĐƚŝŽŶ͘ĐŽŵŵŽŶĞdžĂŵƉůĞŝƐƚŚĞǁĂLJĂƐƚƌĞĂŵŽĨǁĂƚĞƌ͕ĂƐĨƌŽŵĂĨĂƵĐĞƚ͕
ǁŝůůǁƌĂƉĂƌŽƵŶĚĂĐLJůŝŶĚƌŝĐĂůŽďũĞĐƚŚĞůĚƵŶĚĞƌƚŚĞĨĂƵĐĞƚ;ƐƵĐŚĂƐƚŚĞďĂƌƌĞůŽĨ
ĂĚƌŝŶŬŝŶŐŐůĂƐƐͿ͘
ĚŝƐƉĂƚĐŚĂďůĞĞŶĞƌŐLJ͕ƐĞƌǀŝĐĞ
^ĞĞŝŶƚĞƌƌƵƉƚŝďůĞĞŶĞƌŐLJ͕ŝŶƚĞƌƌƵƉƚŝďůĞƐĞƌǀŝĐĞ͘
Z ŝǀŝƐŝŽŶŽĨŽŵŵƵŶŝƚLJĂŶĚZĞŐŝŽŶĂůĨĨĂŝƌƐ;ŽƌŐĂŶŝnjĞĚƵŶĚĞƌ Ϳ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚǀŝŝ
D ƵĂŶĞDŝůůĞƌΘƐƐŽĐŝĂƚĞƐ͕/ŶĐ͘
Z ĚŝŵĞŶƐŝŽŶƌĂƚŝŽ͕ŽƌĚĞƐŝŐŶƌĂƚŝŽ͘ĞƐŝŐŶĂƚŽƌĨŽƌƚŚĞǁĂůůƚŚŝĐŬŶĞƐƐŽĨ,W ƉŝƉĞ͘
dD ĚŝŐŝƚĂůƚĞƌƌĂŝŶŵŽĚĞů
WE ĞƌƚŝĨŝĐĂƚĞŽĨWƵďůŝĐŽŶǀĞŶŝĞŶĐĞĂŶĚEĞĐĞƐƐŝƚLJ
ŝƚLJ ŝƚLJŽĨ&ĂůƐĞWĂƐƐ͕ůĂƐŬĂ
ĚŝƐĐŚĂƌŐĞ ƐLJŶŽŶLJŵĨŽƌƐƚƌĞĂŵĨůŽǁ͘&ůŽǁĂŶĚĚŝƐĐŚĂƌŐĞĂƌĞƵƐĞĚŝŶƚĞƌĐŚĂŶŐĞĂďůLJŚĞƌĞŝŶ͘
ĞŶǀŝƌŽŶŵĞŶƚĂůĂƚƚƌŝďƵƚĞƐ͘dŚĞƚĞƌŵ͞ĞŶǀŝƌŽŶŵĞŶƚĂůĂƚƚƌŝďƵƚĞƐ͟ŝƐƵƐĞĚďLJƚŚĞ
ƵƚŝůŝƚLJŝŶĚƵƐƚƌLJƚŽĚĞƐĐƌŝďĞƚŚĞĚĞƐŝƌĂďůĞĂƐƉĞĐƚƐŽĨĞůĞĐƚƌŝĐŝƚLJƚŚĂƚĂƌĞŐĞŶĞƌĂƚĞĚ
ĨƌŽŵ ĞŶǀŝƌŽŶŵĞŶƚĂůůLJ ďĞŶŝŐŶ ĂŶĚͬŽƌ ƌĞŶĞǁĂďůĞ ƐŽƵƌĐĞƐ͘ ŶǀŝƌŽŶŵĞŶƚĂů
ĂƚƚƌŝďƵƚĞƐĂƌĞƚƌĂĐŬĞĚ͕ŵĂƌŬĞƚĞĚ͕ďŽƵŐŚƚ͕ĂŶĚƐŽůĚƐĞƉĂƌĂƚĞůLJĨƌŽŵƚŚĞƉŚLJƐŝĐĂů
ĞŶĞƌŐLJ͘^ĞƉĂƌĂƚŝŶŐƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůĂƚƚƌŝďƵƚĞƐĨƌŽŵƚŚĞƉŚLJƐŝĐĂůĞŶĞƌŐLJĂůůŽǁƐ
ĐƵƐƚŽŵĞƌƐŽƌƌĂƚĞƉĂLJĞƌƐƚŽĞůĞĐƚƚŽďƵLJƐƵƐƚĂŝŶĂďůĞŽƌ͞ŐƌĞĞŶ͟ĞŶĞƌŐLJĞǀĞŶŝĨŝƚŝƐ
ƉŚLJƐŝĐĂůůLJƵŶĂǀĂŝůĂďůĞĨƌŽŵƚŚĞŝƌĞůĞĐƚƌŝĐƵƚŝůŝƚLJ͘
ĞdžĐĞƐƐƉŽǁĞƌ͕ĞŶĞƌŐLJ͕ĞůĞĐƚƌŝĐŝƚLJ
ůĞĐƚƌŝĐŝƚLJŐĞŶĞƌĂƚĞĚďLJƚŚĞŚLJĚƌŽƉƌŽũĞĐƚŝŶĞdžĐĞƐƐŽĨƚŚĞƵƚŝůŝƚLJ͛ƐĐƵƌƌĞŶƚůŽĂĚ͘
džĐĞƐƐĞŶĞƌŐLJĐĂŶďĞĚŝƌĞĐƚĞĚƚŽŽŶĞŽƌŵŽƌĞĚŝƐƉĂƚĐŚĂďůĞůŽĂĚƐ;ƐƵĐŚĂƐĞůĞĐƚƌŝĐ
ŚĞĂƚͿ ĂŶĚ ŵĂLJ Žƌ ŵĂLJ ŶŽƚ ŚĂǀĞ ĞĐŽŶŽŵŝĐ ǀĂůƵĞ ĚĞƉĞŶĚŝŶŐ ŽŶ ǁŚĞŶŝƚ ŝƐ
ĂǀĂŝůĂďůĞĂŶĚŚŽǁŝƚŝƐƵƐĞĚ͘ƚƚŝŵĞƐǁŚĞŶƚŚĞƌĞŝƐŶŽďĞŶĞĨŝĐŝĂůƵƐĞĨŽƌĞdžĐĞƐƐ
ĞŶĞƌŐLJ͕ǁĂƚĞƌĨůŽǁŝŶƚŽƚŚĞƚƵƌďŝŶĞĐĂŶďĞƌĞĚƵĐĞĚƐŽƚŚĂƚůŝƚƚůĞƚŽŶŽĞdžĐĞƐƐ
ĞŶĞƌŐLJŝƐŐĞŶĞƌĂƚĞĚ͘
& &ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ
& Z &ĞĚĞƌĂů ŶĞƌŐLJZĞŐƵůĂƚŽƌLJŽŵŵŝƐƐŝŽŶ
Ĩƚ ĨŽŽƚ͕ĨĞĞƚ
'D ŐĞŶĞƌĂƚŝŽŶ ĚŝƐƉĂƚĐŚ ŵŽĚĞů͘ ŵŽĚĞů ƵƐĞĚ ƚŽ ĞǀĂůƵĂƚĞ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ
ŽƵƚƉƵƚŽĨƉƌŽƉŽƐĞĚĞůĞĐƚƌŝĐŐĞŶĞƌĂƚŝŽŶĐŽŶĨŝŐƵƌĂƚŝŽŶƐ;ĚŝĞƐĞůĂŶĚŚLJĚƌŽͿ͘
,W ŚŝŐŚͲĚĞŶƐŝƚLJƉŽůLJĞƚŚLJůĞŶĞ
ŝŶ͘ ŝŶĐŚ͕ŝŶĐŚĞƐ
ŝŶƚĞƌƌƵƉƚŝďůĞƉŽǁĞƌ͕ĞŶĞƌŐLJ͕ĞůĞĐƚƌŝĐŝƚLJ͕ůŽĂĚ͕ĚĞŵĂŶĚ
ůĞĐƚƌŝĐŝƚLJƚŚĂƚŝƐŐĞŶĞƌĂƚĞĚďLJƚŚĞŚLJĚƌŽŐĞŶĞƌĂƚŽƌ;ƐͿŝŶĞdžĐĞƐƐ ŽĨ ƐLJƐƚĞŵ
ĚĞŵĂŶĚ ;ƐĞĞ ĞdžĐĞƐƐ ƉŽǁĞƌͿ ĂŶĚ ĚŝƐƉĂƚĐŚĞĚ ƚŽ ĐƵƐƚŽŵĞƌƐ ŽŶ Ă ƐƉĞĐŝĂů
ŝŶƚĞƌƌƵƉƚŝďůĞďĂƐŝƐ͘hƚŝůŝƚLJŐĞŶĞƌĂƚŝŽŶĂŶĚĚŝƐƉĂƚĐŚŽĨŝŶƚĞƌƌƵƉƚŝďůĞĞůĞĐƚƌŝĐŝƚLJ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚǀŝŝŝ
ƐƚĂƌƚƐĂŶĚƐƚŽƉƐǁŝƚŚŽƵƚŶŽƚŝĐĞďĂƐĞĚŽŶǁĂƚĞƌĂǀĂŝůĂďŝůŝƚLJĂŶĚŽƚŚĞƌĐƌŝƚĞƌŝĂ͘
/ŶƚĞƌƌƵƉƚŝďůĞĞŶĞƌŐLJŝƐĂůƐŽĐĂůůĞĚ͞ĚŝƐƉĂƚĐŚĂďůĞĞŶĞƌŐLJ͟ŝŶƐŽŵĞĚŽĐƵŵĞŶƚƐ͘
ŝŶƚĞƌƌƵƉƚŝďůĞĞůĞĐƚƌŝĐŚĞĂƚŝŶŐƐĞƌǀŝĐĞ;ĚŝƐƉĂƚĐŚĂďůĞƐĞƌǀŝĐĞͿ
ƐƉĞĐŝĂůŵĞƚĞƌĞĚĞůĞĐƚƌŝĐƐĞƌǀŝĐĞƚŚĂƚƉƌŽǀŝĚĞƐĞŶĞƌŐLJĨŽƌƐƉĂĐĞŚĞĂƚŝŶŐ͕ǁĂƚĞƌ
ŚĞĂƚŝŶŐ͕ŽƌƐŝŵŝůĂƌƉƵƌƉŽƐĞƐ͘ ůĞĐƚƌŝĐŝƚLJŝƐŵĂĚĞĂǀĂŝůĂďůĞƚŽƚŚĞƐĞƌǀŝĐĞŽŶůLJ
ǁŚĞŶƚŚĞƌĞŝƐĞdžĐĞƐƐŚLJĚƌŽ;ŽƌŽƚŚĞƌůŽǁͲĐŽƐƚͿĞůĞĐƚƌŝĐŝƚLJŐĞŶĞƌĂƚŝŽŶĐĂƉĂĐŝƚLJ
ĂǀĂŝůĂďůĞ͘dŚĞƐĞƌǀŝĐĞŝƐĂƵƚŽŵĂƚŝĐĂůůLJƚƵƌŶĞĚŽĨĨďLJƚŚĞƵƚŝůŝƚLJĂƚƚŝŵĞƐǁŚĞŶ
ƵƚŝůŝƚLJ ĚĞŵĂŶĚ ŝƐ ŚŝŐŚ ĞŶŽƵŐŚ ƚŽ ƌĞƋƵŝƌĞ ŽƉĞƌĂƚŝŽŶ ŽĨ ŵŽƌĞ ĞdžƉĞŶƐŝǀĞ
ŐĞŶĞƌĂƚŽƌƐ͘ĞĐĂƵƐĞƚŚĞƐĞƌǀŝĐĞŝƐŝŶƚĞƌƌƵƉƚŝďůĞǁŝƚŚŽƵƚŶŽƚŝĐĞ͕ŝƚŝƐŽŶůLJƐƵŝƚĂďůĞ
ĨŽƌĐĞƌƚĂŝŶƵƐĞƐ͕ĂŶĚĂŶLJŝŵƉŽƌƚĂŶƚƵƐĞƐǁŝůůƌĞƋƵŝƌĞĂďĂĐŬƵƉƐLJƐƚĞŵ͘^ƉĂĐĞ
ŚĞĂƚŝŶŐ ĂŶĚ ǁĂƚĞƌ ŚĞĂƚŝŶŐ ĂƌĞ ĐŽŵŵŽŶ ƵƐĞƐ ďĞĐĂƵƐĞ Ă ďƵŝůĚŝŶŐ͛ƐĞdžŝƐƚŝŶŐ
ƐLJƐƚĞŵƐĐĂŶƐĞƌǀĞĂƐďĂĐŬƵƉĂƚŵŽĚĞƐƚŽƌŶŽĐŽƐƚ͘dŚĞŝŶƚĞƌƌƵƉƚŝďůĞƐLJƐƚĞŵĐĂŶ
ƚĂŬĞŵĂŶLJĨŽƌŵƐ͕ĂŶĚĐĂŶďĞŝŶƚĞŐƌĂƚĞĚǁŝƚŚĂďƵŝůĚŝŶŐ͛ƐĞdžŝƐƚŝŶŐŵĞĐŚĂŶŝĐĂů
ƐLJƐƚĞŵƐ;ĂŶĞůĞĐƚƌŝĐďŽŝůĞƌŝŶƐƚĂůůĞĚďĞĨŽƌĞĂŶŽŝůͲĨŝƌĞĚďŽŝůĞƌ͕ĨŽƌĞdžĂŵƉůĞͿ͕ŽƌĂƐ
ĂŶŝŶĚĞƉĞŶĚĞŶƚƐƵƉƉůĞŵĞŶƚĂůƐLJƐƚĞŵ;ĂŶĞůĞĐƚƌŝĐďĂƐĞďŽĂƌĚŚĞĂƚĞƌŝŶƐƚĂůůĞĚŝŶĂ
ďƵŝůĚŝŶŐǁŝƚŚĂŶĞdžŝƐƚŝŶŐdŽLJŽƐƚŽǀĞ͕ĨŽƌĞdžĂŵƉůĞͿ͘
/^ Z /ŶƐƚŝƚƵƚĞŽĨ^ŽĐŝĂůĂŶĚ ĐŽŶŽŵŝĐZĞƐĞĂƌĐŚ;hŶŝǀĞƌƐŝƚLJŽĨůĂƐŬĂŶĐŚŽƌĂŐĞͿ
/^&Z ŝŶͲƐƚƌĞĂŵĨůŽǁƌĞƐĞƌǀĂƚŝŽŶ͘ŵŝŶŝŵƵŵĂŵŽƵŶƚŽĨĨůŽǁƚŚĂƚŵƵƐƚďĞůĞĨƚŝŶĂ
ƌŝǀĞƌŽƌƐƚƌĞĂŵĚƵƌŝŶŐĂůůŽƌĐĞƌƚĂŝŶƚŝŵĞƐŽĨƚŚĞLJĞĂƌ͘
Ŭs ŬŝůŽǀŽůƚ͕Žƌϭ͕ϬϬϬǀŽůƚƐ
Ŭs ŬŝůŽǀŽůƚͲĂŵƉĞƌĞ
Ŭt ŬŝůŽǁĂƚƚ͕ Žƌ ϭ͕ϬϬϬ ǁĂƚƚƐ͘ KŶĞ Ŭt ŝƐ ƚŚĞ ƉŽǁĞƌ ĐŽŶƐƵŵĞĚ ďLJ ƚĞŶ ϭϬϬͲǁĂƚƚ
ŝŶĐĂŶĚĞƐĐĞŶƚůŝŐŚƚďƵůďƐ͘
ŬtŚ ŬŝůŽǁĂƚƚͲŚŽƵƌ͘dŚĞƋƵĂŶƚŝƚLJŽĨĞŶĞƌŐLJĞƋƵĂůƚŽŽŶĞŬŝůŽǁĂƚƚ;ŬtͿĞdžƉĞŶĚĞĚĨŽƌ
ŽŶĞŚŽƵƌ͘
>^ >ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶ͕>>
ŵŝ ŵŝůĞ͕ŵŝůĞƐ
EZ > EĂƚŝŽŶĂůZĞŶĞǁĂďůĞ ŶĞƌŐLJ>ĂďŽƌĂƚŽƌLJ
Ed^ EŽƌƚŚĞƌŶdĞĐŚŶŝĐĂů^ĞƌǀŝĐĞƐ
KΘD ŽƉĞƌĂƚŝŽŶƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ
KDZΘZ ŽƉĞƌĂƚŝŶŐ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ƌĞƉĂŝƌ͕ĂŶĚƌĞƉůĂĐĞŵĞŶƚ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚŝdž
W WŽǁĞƌŽƐƚ ƋƵĂůŝnjĂƚŝŽŶ;ƉƌŽŐƌĂŵͿ
WŽůĂƌĐŽŶƐƵůƚ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
YϱϬϬ ĨůŽŽĚĞǀĞŶƚǁŝƚŚĂϬ͘ϮƉĞƌĐĞŶƚ;ϭŝŶϱϬϬͿĐŚĂŶĐĞŽĨŽĐĐƵƌƌŝŶŐŝŶĂŶLJŐŝǀĞŶLJĞĂƌ͘
ƌŝǀĞƌͲůĞĨƚ͕ƌŝǀĞƌͲƌŝŐŚƚ
^ŝĚĞƐŽĨĂǁĂƚĞƌǁĂLJůŽŽŬŝŶŐŝŶƚŚĞĚŝƌĞĐƚŝŽŶŽĨǁĂƚĞƌĨůŽǁ͘
ZD ƌŝǀĞƌŵŝůĞ
ZW^ ƌĞŶĞǁĂďůĞƉŽƌƚĨŽůŝŽƐƚĂŶĚĂƌĚ͘ŵĂŶĚĂƚĞĨŽƌĂŶĞůĞĐƚƌŝĐƵƚŝůŝƚLJŽƌŽƚŚĞƌĚĞĨŝŶĞĚ
ƌĞŐŝŽŶƚŽƐŽƵƌĐĞĂĐĞƌƚĂŝŶĂŵŽƵŶƚŽĨĞŶĞƌŐLJŐĞŶĞƌĂƚĞĚĨƌŽŵƌĞŶĞǁĂďůĞƐŽƵƌĐĞƐ͘
ƐƉĂĐĞŚĞĂƚŝŶŐ,ĞĂƚŝŶŐ ŽĨ ďƵŝůĚŝŶŐƐ͘ DĂLJ ĂůƐŽ ŝŶĐůƵĚĞ ǁĂƚĞƌ ŚĞĂƚŝŶŐĨŽƌĚŽŵĞƐƚŝĐƵƐĞ͕
ĚĞƉĞŶĚŝŶŐŽŶƚŚĞƐƉĞĐŝĨŝĐĐŽŶƚĞdžƚĂŶĚĂƉƉůŝĐĂƚŝŽŶ͘
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:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭ
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ŚŝƌĞĚ>ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶ͕>>;>^ͿĂŶĚWŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘;WŽůĂƌĐŽŶƐƵůƚͿƚŽƉĞƌĨŽƌŵ
ĨĞĂƐŝďŝůŝƚLJͲůĞǀĞůƐƚƵĚŝĞƐŽĨĂŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚŽŶhŶŐĂDĂŶƌĞĞŬŶĞĂƌƚŚĞŝƚLJŽĨ&ĂůƐĞ
WĂƐƐ͕ůĂƐŬĂ;ŝƚLJͿ͘WƌŽŐƌĞƐƐƌĞƉŽƌƚƐĚŽĐƵŵĞŶƚŝŶŐƚŚĞƐĞĞĨĨŽƌƚƐǁĞƌĞŝƐƐƵĞĚĂŶŶƵĂůůLJ͘/ŶϮϬϭϵ͕
ƚŚĞŝƚLJĂƐƐƵŵĞĚƚŚĞW/ƐƚƵĚLJĂŶĚĞdžƉĂŶĚĞĚWŽůĂƌĐŽŶƐƵůƚ͛ƐƐĐŽƉĞƚŽŝŶĐůƵĚĞĂĚĚŝƚŝŽŶĂů
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ĂŶĚŵĂŬĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌĨƵƌƚŚĞƌĂĐƚŝŽŶďĂƐĞĚƵƉŽŶƚŚĞƐƚƵĚLJĨŝŶĚŝŶŐƐ͘
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WƌŝŵĞƉŽǁĞƌĚĞŵĂŶĚ
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ŽůĚ ĂLJ͕ &ĂůƐĞ WĂƐƐ͕ ĂŶĚ EĞůƐŽŶ >ĂŐŽŽŶ͘ /Ŷ &ĂůƐĞ WĂƐƐ͕ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ ƌĞĐŽŵŵĞŶĚĞĚ
ĞdžƉĂŶƐŝŽŶŽĨƚŚĞĞdžŝƐƚŝŶŐǁĂƐƚĞŚĞĂƚƐLJƐƚĞŵĂƚƚŚĞĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚ͕ŝŶƐƚĂůůĂƚŝŽŶŽĨƚǁŽϭϬ
ŬŝůŽǁĂƚƚ;ŬtͿƚŝůƚͲƵƉǁŝŶĚƚƵƌďŝŶĞƐ͕ĂŶĚĨƵƌƚŚĞƌƐƚƵĚLJŽĨŚLJĚƌŽƉŽǁĞƌƉŽƚĞŶƚŝĂůĂƚtĂƚĞƌĨĂůů
ƌĞĞŬ ĂŶĚ hŶŐĂ DĂŶ ƌĞĞŬ͘ dŚĞ ƐƚƵĚLJ ŽŶůLJ ŝŶĐůƵĚĞĚ ƌĞǀŝĞǁ ŽĨ ĞdžŝƐƚŝŶŐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĂŶĚ
ƌĞĐŽŵŵĞŶĚĞĚŚLJĚƌŽůŽŐŝĐƐƚƵĚŝĞƐĂƚďŽƚŚĐƌĞĞŬƐƚŽĐŚĂƌĂĐƚĞƌŝnjĞƚŚĞŝƌƌĞƐŽƵƌĐĞƉŽƚĞŶƚŝĂů͘ϯ
ϭ͘ϯ͘ϰϮϬϭϱ,LJĚƌŽZĞĐŽŶŶĂŝƐƐĂŶĐĞ^ƚƵĚLJ
/ŶϮϬϭϱ͕W/ŚŝƌĞĚ>^ƚŽƉĞƌĨŽƌŵĂƌĞĐŽŶŶĂŝƐƐĂŶĐĞƐƚƵĚLJŽĨůŽĐĂůŚLJĚƌŽƉŽǁĞƌƌĞƐŽƵƌĐĞƐĨŽƌ
&ĂůƐĞWĂƐƐ͘>^ĂŶĂůLJnjĞĚƚǁŽůŽĐĂůƐƚƌĞĂŵƐ͕tĂƚĞƌĨĂůůƌĞĞŬƐŽƵƚŚŽĨƚŚĞĐŽŵŵƵŶŝƚLJĂŶĚhŶŐĂ
DĂŶƌĞĞŬƚŽƚŚĞŶŽƌƚŚŽĨƚŚĞĐŽŵŵƵŶŝƚLJ͘dŚĞƐƚƵĚLJĐŽŶĐůƵĚĞĚƚŚĂƚĂŶĂƉƉƌŽdžŝŵĂƚĞůLJϭϮϱŬt
ƌƵŶͲŽĨͲƌŝǀĞƌŚLJĚƌŽƉƌŽũĞĐƚŽŶhŶŐĂDĂŶƌĞĞŬĂƉƉĞĂƌĞĚǀŝĂďůĞĂŶĚǁĂƌƌĂŶƚĞĚĨƵƌƚŚĞƌƐƚƵĚLJ͘
dŚŝƐ ƐƚƵĚLJ ĞƐƚŝŵĂƚĞĚ ƚŚĞ ƉƌŽũĞĐƚ ĐŽƵůĚ ƐƵƉƉůLJ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϴϲй ŽĨ ƚŚĞ ĞůĞĐƚƌŝĐ ƵƚŝůŝƚLJ͛Ɛ
ĞůĞĐƚƌŝĐŝƚLJĚĞŵĂŶĚĂƚŐĞŶĞƌĂƚŝŽŶ͘dŚĞƐƚƵĚLJŝŶĐůƵĚĞĚŝŶŝƚŝĂůĨŝƐŚĞƌŝĞƐƐƵƌǀĞLJƐŽĨďŽƚŚĐƌĞĞŬƐĂŶĚ
ŝŶƐƚĂůůĂƚŝŽŶŽĨƐƚƌĞĂŵŐĂƵŐŝŶŐƐƚĂƚŝŽŶƐŽŶhŶŐĂDĂŶƌĞĞŬƚŽďĞŐŝŶĐŽůůĞĐƚŝŽŶŽĨƐŝƚĞͲƐƉĞĐŝĨŝĐ
ŚLJĚƌŽůŽŐLJĚĂƚĂ͘WŽůĂƌĐŽŶƐƵůƚĐŽŶƚƌŝďƵƚĞĚƚĞĐŚŶŝĐĂůĂŶĚĐŽƐƚŐƵŝĚĂŶĐĞŽŶƚŚĞŚLJĚƌŽƉƌŽũĞĐƚ͘ϰ
ϭ͘ϯ͘ϱƵƌƌĞŶƚ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ
/Ŷ ϮϬϭϲ ĂŶĚ ϮϬϭϳ͕ WŽůĂƌĐŽŶƐƵůƚ ĂŶĚ >^ ǁĞƌĞ ŚŝƌĞĚ ďLJ W/ ƚŽĐŽŶĚƵĐƚ ĨĞĂƐŝďŝůŝƚLJͲůĞǀĞů
ƐƚƵĚŝĞƐĂƚhŶŐĂDĂŶƌĞĞŬƚŽĐŚĂƌĂĐƚĞƌŝnjĞŝƚƐŚLJĚƌŽƉŽǁĞƌƉŽƚĞŶƚŝĂůĂŶĚĨĞĂƐŝďŝůŝƚLJ͘dŚĞŝƚLJ
ĂƐƐƵŵĞĚƚŚĞƐƚƵĚLJŝŶϮϬϭϵĂŶĚĂĚĚĞĚƐĐŽƉĞĨŽƌĂĚĚŝƚŝŽŶĂůŚLJĚƌŽůŽŐLJ͕ĂŶĂůLJƐŝƐ͕ĂŶĚƌĞƉŽƌƚŝŶŐ͘
&ŝĞůĚƐƚƵĚŝĞƐǁĞƌĞĐŽŶĚƵĐƚĞĚĨƌŽŵϮϬϭϲƚŽϮϬϮϭ͕ĂŶĚŝŶĐůƵĚĞĚ͗
Ɣ&ŝƐŚĞƌŝĞƐ ƐƵƌǀĞLJƐ ŝŶ ƵŐƵƐƚ ϮϬϭϲ ĂŶĚ ƵŐƵƐƚ ϮϬϭϳ ƚŽ ĐŚĂƌĂĐƚĞƌŝnjĞ ƚŚĞ ĞdžƚĞŶƚ ĂŶĚ
ƉƌŽĚƵĐƚŝǀŝƚLJŽĨĨŝƐŚĞƌŝĞƐƌĞƐŽƵƌĐĞƐĂƚhŶŐĂDĂŶƌĞĞŬ͘ZĞƉŽƌƚƐĂƌĞŝŶƉƉĞŶĚŝdž ͘
ƔŚLJĚƌŽůŽŐLJƐƚƵĚLJĐŽŶĚƵĐƚĞĚĨƌŽŵϮϬϭϱƚŚƌŽƵŐŚϮϬϮϭƚŽĐŚĂƌĂĐƚĞƌŝnjĞhŶŐĂDĂŶƌĞĞŬ
ŚLJĚƌŽůŽŐLJ͘'ĂƵŐŝŶŐƐƚĂƚŝŽŶƐǁĞƌĞŝŶƐƚĂůůĞĚĂƚƚŚĞďƌŝĚŐĞĂŶĚŽŶƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚ
ĨŽƌŬƐƚŽĐŚĂƌĂĐƚĞƌŝnjĞŚLJĚƌŽůŽŐLJŽŶƚŚĞƐĞŵĂũŽƌƚƌŝďƵƚĂƌŝĞƐ͘ZĞƉŽƌƚŝƐŝŶƉƉĞŶĚŝdž͘
ƔĞƌŝĂů ƉŚŽƚŽŐƌĂŵŵĞƚƌŝĐ ŝŵĂŐĞƌLJ ĐŽůůĞĐƚŝŽŶ ĂŶĚ ƚŽƉŽŐƌĂƉŚŝĐ ŵĂƉƉŝŶŐ ǁŝƚŚ ůŝŵŝƚĞĚ
ŐƌŽƵŶĚͲďĂƐĞĚƌĞĨĞƌĞŶĐĞĞůĞǀĂƚŝŽŶƐƚĂƚŝŽŶƐƚŽĐŚĂƌĂĐƚĞƌŝnjĞƐŝƚĞƚŽƉŽŐƌĂƉŚLJ͘
ƔtĞƚůĂŶĚƐŵĂƉƉŝŶŐƚŽƐƵƉƉŽƌƚƉƌĞůŝŵŝŶĂƌLJƉƌŽũĞĐƚůĂLJŽƵƚƐ͘
Ɣ&ŝĞůĚƌĞĐŽŶŶĂŝƐƐĂŶĐĞƚŽƌĞǀŝĞǁƐŝƚĞƚĞƌƌĂŝŶĂŶĚƐƵƌĨŝĐŝĂůŐĞŽƚĞĐŚŶŝĐĂůĐŽŶĚŝƚŝŽŶƐ͘
ϯ z ϮϬϭϬĂƚƉĂŐĞƐϮϰƚŽϰϬ͘
ϰ >^ϮϬϭϱ͕WŽůĂƌĐŽŶƐƵůƚϮϬϭϱĂĂŶĚϮϬϭϱď͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϰ
Ϯ͘ϬKDDhE/dzWZK&/>
Ϯ͘ϭKDDhE/dzKs Zs/ t
dŚĞŝƚLJŽĨ&ĂůƐĞWĂƐƐŝƐĂŶŝŶĐŽƌƉŽƌĂƚĞĚϮŶĚĐůĂƐƐĐŝƚLJůŽĐĂƚĞĚŝŶƚŚĞůĞƵƚŝĂŶ/ƐůĂŶĚƐŽŶƚŚĞĞĂƐƚ
ƐŚŽƌĞŽĨhŶŝŵĂŬ/ƐůĂŶĚĂůŽŶŐ/ƐĂŶŽƚƐŬŝ^ƚƌĂŝƚ͘/ƚŝƐůŽĐĂƚĞĚǁŝƚŚŝŶdŽǁŶƐŚŝƉϲϭ^ŽƵƚŚ͕ZĂŶŐĞϵϰ
tĞƐƚŽĨƚŚĞ^ĞǁĂƌĚDĞƌŝĚŝĂŶ͘/ƚƐŐĞŽŐƌĂƉŚŝĐĐŽŽƌĚŝŶĂƚĞƐĂƌĞϱϰ͘ϴϱŶŽƌƚŚĂŶĚϭϲϯ͘ϰϭǁĞƐƚ͘
dŚĞ ĐŽŵŵƵŶŝƚLJ ĂŶĚ ƉƌŽũĞĐƚ ƐŝƚĞ ĂƌĞ ďŽƚŚ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ h͘^͘ 'ĞŽůŽŐŝĐĂů ^ƵƌǀĞLJ ;h^'^Ϳ
ƋƵĂĚƌĂŶŐůĞŵĂƉ&ĂůƐĞWĂƐƐͲϱ͘dŚĞŝƚLJŝƐĂƉƉƌŽdžŝŵĂƚĞůLJϲϲϬŵŝůĞƐƐŽƵƚŚǁĞƐƚŽĨŶĐŚŽƌĂŐĞ͕
ϭϰϬŵŝůĞƐŶŽƌƚŚĞĂƐƚŽĨƵƚĐŚ,ĂƌďŽƌ͕ĂŶĚϰϬŵŝůĞƐƐŽƵƚŚǁĞƐƚŽĨŽůĚĂLJ͘dŚĞĐŽŵŵƵŶŝƚLJĐĂŶ
ďĞĂĐĐĞƐƐĞĚďLJĂŝƌŽƌǁĂƚĞƌĂŶĚŝƐƐĞƌǀĞĚďLJƚŚĞůĂƐŬĂDĂƌŝŶĞ,ŝŐŚǁĂLJ^LJƐƚĞŵ͘&ĂůƐĞWĂƐƐŝƐ
ůŽĐĂƚĞĚŝŶƚŚĞůĞƵƚŝĂŶ/ƐůĂŶĚƐZĞĐŽƌĚŝŶŐŝƐƚƌŝĐƚĂŶĚƚŚĞůĞƵƚŝĂŶƐ ĂƐƚŽƌŽƵŐŚ^ĐŚŽŽůŝƐƚƌŝĐƚ͘
&ĂůƐĞWĂƐƐůŝĞƐŝŶƚŚĞŵĂƌŝƚŝŵĞĐůŝŵĂƚĞnjŽŶĞ͘dLJƉŝĐĂůƚĞŵƉĞƌĂƚƵƌĞƐƌĂŶŐĞĨƌŽŵϭϭƚŽϱϱ&ĂŶĚ
ĂŶŶƵĂůƐŶŽǁĨĂůůĂǀĞƌĂŐĞƐϱϲŝŶĐŚĞƐǁŝƚŚƚŽƚĂůĂŶŶƵĂůƉƌĞĐŝƉŝƚĂƚŝŽŶŽĨϯϯŝŶĐŚĞƐ͘&ŽŐŝƐĐŽŵŵŽŶ
ŝŶƚŚĞƐƵŵŵĞƌŵŽŶƚŚƐĂŶĚǁŝŶĚLJĐŽŶĚŝƚŝŽŶƐƉƌĞǀĂŝůLJĞĂƌͲƌŽƵŶĚ͘dŚĞĨƌĞĞnjŝŶŐŝŶĚĞdžĨŽƌ&ĂůƐĞ
WĂƐƐŝƐĂďŽƵƚϱϬϬ&ͲĚĂLJƐ͕ĂŶĚŵĂŶLJĨƌĞĞnjĞͲƚŚĂǁĐLJĐůĞƐŽĐĐƵƌĞĂĐŚǁŝŶƚĞƌ͘ϱ
dŚĞ ĐƵƌƌĞŶƚ ƉŽƉƵůĂƚŝŽŶ ŽĨ &ĂůƐĞ WĂƐƐ ŝƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϯϵϳ͘ DĂŶLJ ƌĞƐŝĚĞŶƚƐ ŚĂǀĞ ƐĞĂƐŽŶĂů
ĞŵƉůŽLJŵĞŶƚ ŝŶ ĐŽŵŵĞƌĐŝĂů ĨŝƐŚĞƌŝĞƐ Žƌ ŝŶ ƚŚĞ ůŽĐĂů ƚŽƵƌŝƐŵ ŝŶĚƵƐƚƌLJ͘ ^ƵďƐŝƐƚĞŶĐĞ ŝƐ ĂŶ
ŝŵƉŽƌƚĂŶƚĞůĞŵĞŶƚŝŶƚŚĞůŽĐĂůĞĐŽŶŽŵLJĂŶĚĐƵůƚƵƌĞ͘&ĂůƐĞWĂƐƐŚĂƐĂĨĞĚĞƌĂůůLJƌĞĐŽŐŶŝnjĞĚ
ůĂƐŬĂEĂƚŝǀĞƚƌŝďĞ͕ŽƌŐĂŶŝnjĞĚĂƐƚŚĞ&ĂůƐĞWĂƐƐdƌŝďĂůŽƵŶĐŝůĂŶĚǁŚŝĐŚŝƐĂŵĞŵďĞƌŽĨƚŚĞ
ůĞƵƚŝĂŶWƌŝďŝůŽĨ/ƐůĂŶĚƐƐƐŽĐŝĂƚŝŽŶ;W/Ϳ͘
DŽƐƚŽĨƚŚĞŚŽƵƐĞƐŝŶ&ĂůƐĞWĂƐƐĂƌĞĨƵůůLJƉůƵŵďĞĚĂŶĚƵƚŝůŝnjĞĂŵƵŶŝĐŝƉĂůǁĂƚĞƌƐLJƐƚĞŵĂŶĚŽŶͲ
ƐŝƚĞƐĞƉƚŝĐƐLJƐƚĞŵƐ͘tĂƚĞƌ͕ĞůĞĐƚƌŝĐ͕ĂŶĚƐŽůŝĚǁĂƐƚĞƵƚŝůŝƚLJƐĞƌǀŝĐĞƐĂƌĞƉƌŽǀŝĚĞĚďLJƚŚĞŝƚLJ͘ϲ
Ϯ͘Ϯ y/^d/E' E Z'z^z^d D
Ϯ͘Ϯ͘ϭŽŵŵƵŶŝƚLJ ŶĞƌŐLJKǀĞƌǀŝĞǁ
&ĂůƐĞWĂƐƐŚĂƐĂŶŝƐůĂŶĚĞĚĞůĞĐƚƌŝĐĂůƐLJƐƚĞŵǁŝƚŚŶŽƚƌĂŶƐŵŝƐƐŝŽŶŝŶƚĞƌĐŽŶŶĞĐƚŝŽŶƐƚŽŽƚŚĞƌ
ĐŽŵŵƵŶŝƚŝĞƐ͘dŚĞĐŽŵŵƵŶŝƚLJĐƵƌƌĞŶƚůLJƌĞůŝĞƐϭϬϬйŽŶĚŝĞƐĞůͲĨŝƌĞĚŐĞŶĞƌĂƚŝŽŶĨŽƌĞůĞĐƚƌŝĐŝƚLJ͘
ŝĞƐĞůĂŶĚŽƚŚĞƌƉĞƚƌŽůĞƵŵĨƵĞůƐĂƌĞĚĞůŝǀĞƌĞĚďLJďĂƌŐĞƐĞǀĞƌĂůƚŝŵĞƐĂŶŶƵĂůůLJ͘
Ϯ͘Ϯ͘Ϯ ůĞĐƚƌŝĐhƚŝůŝƚLJKƌŐĂŶŝnjĂƚŝŽŶ
ůĞĐƚƌŝĐ ƐĞƌǀŝĐĞ ŝŶ &ĂůƐĞ WĂƐƐ ŝƐ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ŝƚLJ ĂƐ ĂƵƚŚŽƌŝnjĞĚ ďLJ ĞƌƚŝĨŝĐĂƚĞ ŽĨ WƵďůŝĐ
ŽŶǀĞŶŝĞŶĐĞĂŶĚEĞĐĞƐƐŝƚLJ;WEͿEŽ͘ϰϰϮ͕ǁŚŝĐŚĂůůŽǁƐƚŚĞŝƚLJƚŽŽƉĞƌĂƚĞĂƉƵďůŝĐƵƚŝůŝƚLJĨŽƌ
ϱ ĚĂƉƚĞĚĨƌŽŵ'ŽůĚĞƌϮϬϭϰ͘
ϲ ůůŝŶĨŽƌŵĂƚŝŽŶǁĂƐĐŽŵƉůŝĞĚĨƌŽŵƚŚĞ ĐŽŵŵƵŶŝƚLJƉƌŽĨŝůĞĨŽƌ&ĂůƐĞWĂƐƐ;ZϮϬϮϮͿ͘dŚĞĐƵƌƌĞŶƚ
ƉŽƉƵůĂƚŝŽŶĞƐƚŝŵĂƚĞŵĂLJŝŶĐůƵĚĞƐĞĂƐŽŶĂůƉůĂŶƚǁŽƌŬĞƌƐ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϱ
ƉƌŽǀŝĚŝŶŐĞůĞĐƚƌŝĐƐĞƌǀŝĐĞƐŝŶĂŶĚĂƌŽƵŶĚ&ĂůƐĞWĂƐƐ͘dŚĞWEǁĂƐŝƐƐƵĞĚŝŶϭϵϵϯďLJƚŚĞůĂƐŬĂ
WƵďůŝĐ hƚŝůŝƚŝĞƐ ŽŵŵŝƐƐŝŽŶ͕ ;ƉƌĞĚĞĐĞƐƐŽƌ ĂŐĞŶĐLJ ƚŽ ƚŚĞ ZĞŐƵůĂƚŽƌLJ ŽŵŵŝƐƐŝŽŶ ŽĨ ůĂƐŬĂͿ͕
ǁŚŝĐŚŚĂƐĞdžĞŵƉƚĞĚƚŚĞŝƚLJĨƌŽŵƌĂƚĞƌĞŐƵůĂƚŝŽŶƉƵƌƐƵĂŶƚƚŽƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚĞdžĐĞƉƚŝŽŶ
ŝŶĐůƵĚĞĚŝŶůĂƐŬĂ^ƚĂƚƵƚĞϰϮ͘Ϭϱ͘ϳϭϭ;ďͿ͘ϳdŚĞŝƚLJƵƚŝůŝƚLJƉĂƌƚŝĐŝƉĂƚĞƐŝŶƚŚĞƐƚĂƚĞ͛ƐWŽǁĞƌŽƐƚ
ƋƵĂůŝnjĂƚŝŽŶ;W ͿƉƌŽŐƌĂŵ͘dŚŝƐƉƌŽŐƌĂŵƉƌŽǀŝĚĞƐůŝŵŝƚĞĚĞůĞĐƚƌŝĐƌĂƚĞƐƵďƐŝĚLJƚŽƌĞƐŝĚĞŶƚŝĂů
ĂŶĚĐŽŵŵƵŶŝƚLJĨĂĐŝůŝƚLJĐƵƐƚŽŵĞƌƐƐĞƌǀĞĚďLJĞůŝŐŝďůĞƌƵƌĂůůĂƐŬĂƵƚŝůŝƚŝĞƐ͘
Ϯ͘Ϯ͘ϯ'ĞŶĞƌĂƚŝŽŶ^LJƐƚĞŵ
dŚĞ &ĂůƐĞ WĂƐƐ ĚŝĞƐĞů ƉŽǁĞƌ ƉůĂŶƚ ŚĂƐ ƚŚƌĞĞ ĚŝĞƐĞů ŐĞŶĞƌĂƚŽƌƐ ĐŽŶƚƌŽůůĞĚ ďLJ ĂƵƚŽŵĂƚŝĐ
ƉĂƌĂůůĞůŝŶŐ ƐǁŝƚĐŚŐĞĂƌ ĨƵƌŶŝƐŚĞĚ ďLJ ƚŚĞ ůĂƐŬĂ ŶĞƌŐLJ ƵƚŚŽƌŝƚLJ ; Ϳ ŝŶ ϮϬϬϰ͘ dŚĞ ƉůĂŶƚ
ŐĞŶĞƌĂƚĞƐĂƚϰϴϬǀŽůƚƐ;sͿƚŚƌĞĞͲƉŚĂƐĞ͕ǁŚŝĐŚŝƐƐƚĞƉƉĞĚƵƉƚŽϳ͕ϮϬϬsĨŽƌĚŝƐƚƌŝďƵƚŝŽŶǁŝƚŚ
ƚŚƌĞĞƐŝŶŐůĞͲƉŚĂƐĞϳϱŬŝůŽǀŽůƚͲĂŵƉ;ŬsͿƚƌĂŶƐĨŽƌŵĞƌƐ͘/ŶƐƚĂůůĞĚŐĞŶĞƌĂƚŝŽŶĞƋƵŝƉŵĞŶƚŝƐůŝƐƚĞĚ
ŝŶdĂďůĞϮͲϭ͘
dŚĞĚŝĞƐĞůƉůĂŶƚŝƐĨŝƚƚĞĚǁŝƚŚĂǁĂƐƚĞŚĞĂƚƐLJƐƚĞŵƚŚĂƚƉƌŽǀŝĚĞƐŚĞĂƚƚŽƚŚĞĂĚũĂĐĞŶƚĐŝƚLJƐŚŽƉ
ǁĂƌĞŚŽƵƐĞ͘dŚĞƌĞŝƐĂůƐŽĂŶĂďĂŶĚŽŶĞĚǁĂƐƚĞŚĞĂƚůŽŽƉƚŽƚŚĞƐĐŚŽŽů͘WƌŝŽƌĐŽŶƐƵůƚĂŶƚƐŚĂǀĞ
ƐƉĞĐƵůĂƚĞĚƚŚĂƚƚŚĞƐĐŚŽŽůǁĂƐƚĞŚĞĂƚůŽŽƉŶĞǀĞƌǁŽƌŬĞĚƉƌŽƉĞƌůLJďĞĐĂƵƐĞƚŚĞůŽŽƉǁĂƐƚŽŽ
ůŽŶŐ ĂŶĚ ƚŚĞ ƉŝƉŝŶŐ ǁĂƐ ŶŽƚ ƉƌŽƉĞƌůLJ ŝŶƐƵůĂƚĞĚ͕ ƌĞƐƵůƚŝŶŐ ŝŶ ĞdžĐĞƐƐŝǀĞ ŚĞĂƚ ůŽƐƐ ƚŽ ƚŚĞ
ĞŶǀŝƌŽŶŵĞŶƚ͘ϴ
dĂďůĞϮͲϭ džŝƐƚŝŶŐhƚŝůŝƚLJ'ĞŶĞƌĂƚŝŽŶ ƋƵŝƉŵĞŶƚ
EŽ͘ ƋƵŝƉŵĞŶƚ WƌŝŵĞWŽǁĞƌ;ŬtͿ ŽŵŵŝƐƐŝŽŶĞĚĂƚĞ
ϭ :ŽŚŶĞĞƌĞϲϬϲϴ ϮϬϱŬt ϮϬϮϮ;ƐĐŚĞĚƵůĞĚͿ
Ϯ :ŽŚŶĞĞƌĞϲϬϴϭ ϭϳϱŬt E
ϯ :ŽŚŶĞĞƌĞϲϬϴϭ ϭϮϱŬt E
E͗ŶŽƚĂǀĂŝůĂďůĞ͘
Ϯ͘Ϯ͘ϰ ůĞĐƚƌŝĐĂůŝƐƚƌŝďƵƚŝŽŶ^LJƐƚĞŵ
dŚĞŝƚLJ͛ƐĞůĞĐƚƌŝĐĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵĐŽŶƐŝƐƚƐŽĨĂϳ͘ϮͬϭϮ͘ϰϳŬŝůŽǀŽůƚ;ŬsͿŐƌŽƵŶĚĞĚǁLJĞƚŚƌĞĞͲ
ƉŚĂƐĞ ďƵƌŝĞĚ ĐĂďůĞ ƐLJƐƚĞŵ͘ ĂďůĞ ŝŶ ƚŚĞ ŽůĚĞƌ ƉŽƌƚŝŽŶƐ ŽĨ ƚŽǁŶ ŝƐ ƐŝŶŐůĞ ƉŚĂƐĞ ǁŝƚŚ ηϮ
ŵĞƌŝĐĂŶtŝƌĞ'ĂƵŐĞ;t'ͿĐŽƉƉĞƌĐŽŶĚƵĐƚŽƌĂŶĚƵŶũĂĐŬĞƚĞĚĐŽŶĐĞŶƚƌŝĐŶĞƵƚƌĂů͘ĂďůŝŶŐŝŶ
ƚŚĞŶŽƌƚŚƉŽƌƚŝŽŶŽĨƚŽǁŶ͕ŽƵƚƚŽƚŚĞĞƌŝŶŐWĂĐŝĨŝĐ^ĞĂĨŽŽĚƐͬdƌŝĚĞŶƚĂŶĚ^ŝůǀĞƌĂLJ&ŝƐŚWůĂŶƚƐ
ĂŶĚƉŽŝŶƚŽĨŝŶƚĞƌĐŽŶŶĞĐƚŽĨĂŚLJĚƌŽƉƌŽũĞĐƚĂƚhŶŐĂDĂŶ͕ŝƐŶĞǁĞƌƚŚƌĞĞƉŚĂƐĞĐĂďůĞǁŝƚŚϭͬϬ
t'ĐŽƉƉĞƌĐŽŶĚƵĐƚŽƌĂŶĚũĂĐŬĞƚĞĚĐŽŶĐĞŶƚƌŝĐŶĞƵƚƌĂů͘dŚĞƐLJƐƚĞŵƚŽƉŽůŽŐLJŝƐƉƌĞĚŽŵŝŶĂƚĞůLJ
ƌĂĚŝĂůǁŝƚŚůŝŵŝƚĞĚůŽŽƉĨĞĞĚ͘ϵ
ϳdŚĞĐĞƌƚŝĨŝĐĂƚĞĂŶĚĞdžĞŵƉƚŝŽŶǁĞƌĞŐƌĂŶƚĞĚŝŶZĞŐƵůĂƚŽƌLJĐŽŵŵŝƐƐŝŽŶŽĨůĂƐŬĂĚŽĐŬĞƚhͲϴϵͲϬϭϬ͕KƌĚĞƌηϮ͘
ϴ/ŶĨŽƌŵĂƚŝŽŶĐŽŶĚĞŶƐĞĚĨƌŽŵ,ŽďůĞƚϮϬϮϮĂŶĚz ϮϬϭϬĂƚƉĂŐĞƐϮϰƚŽϰϬ͘
ϵ/ŶĨŽƌŵĂƚŝŽŶĐŽŶĚĞŶƐĞĚĨƌŽŵ,ŽďůĞƚϮϬϮϮĂŶĚz ϮϬϭϬĂƚƉĂŐĞƐϮϰƚŽϰϬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϲ
Ϯ͘Ϯ͘ϱWůĂŶŶĞĚhƉŐƌĂĚĞƐĂŶĚDĂŝŶƚĞŶĂŶĐĞ
/ŶϮϬϮϮƚŚĞŝƚLJŝƐĐŽŵƉůĞƚŝŶŐƵƉŐƌĂĚĞƐƚŽƚŚĞĚŝĞƐĞůƉůĂŶƚĐŽŽůŝŶŐƐLJƐƚĞŵƚŽŝŶĐƌĞĂƐĞĐĂƉĂĐŝƚLJ
ƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞŶĞǁϮϬϱŬtŐĞŶĞƌĂƚŽƌĂŶĚƚŽĐŽƌƌĞĐƚĞdžŝƐƚŝŶŐĚĞĨŝĐŝĞŶĐŝĞƐŝŶƚŚĞƌĂĚŝĂƚŽƌ
ĐŽŶƚƌŽůƐ͘EŽŽƚŚĞƌƵƉŐƌĂĚĞƐƚŽƚŚĞĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚŽƌĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵĂŶĚĐƵƌƌĞŶƚůLJ
ƉůĂŶŶĞĚ͘dŚĞŝƚLJƉĞƌĨŽƌŵƐƌŽƵƚŝŶĞƉƌĞǀĞŶƚĂƚŝǀĞŵĂŝŶƚĞŶĂŶĐĞŽŶƚŚĞĚŝĞƐĞůƉůĂŶƚ͕ŝŶĐůƵĚŝŶŐ
ĞŶŐŝŶĞŽǀĞƌŚĂƵůƐŽŶĂŶĂŶŶƵĂůďĂƐŝƐ͕ĐLJĐůŝŶŐƚŚƌŽƵŐŚƚŚĞŐĞŶƐĞƚƐďĂƐĞĚŽŶƌƵŶͲƚŝŵĞĂŶĚŶĞĞĚ͘ϭϬ
Ϯ͘Ϯ͘ϲ džŝƐƚŝŶŐ>ŽĂĚWƌŽĨŝůĞ
dŽƚĂůƐLJƐƚĞŵĞůĞĐƚƌŝĐĂůĚĞŵĂŶĚĨŽƌĨŝƐĐĂůLJĞĂƌƐϮϬϭϭƚŚƌŽƵŐŚϮϬϮϭŝƐƉƌĞƐĞŶƚĞĚŽŶ&ŝŐƵƌĞϮͲϭ
ĂŶĚŝŶdĂďůĞϮͲϮ͘ĞŵĂŶĚŚĂƐĨůƵĐƚƵĂƚĞĚĨƌŽŵĂƉƉƌŽdžŝŵĂƚĞůLJϰϱϬ͕ϬϬϬƚŽϴϬϬ͕ϬϬϬŬtŚĂŶŶƵĂůůLJ
ĂƚŐĞŶĞƌĂƚŝŽŶŽǀĞƌƚŚĞƉĂƐƚĚĞĐĂĚĞ͕ǁŝƚŚĚĞŵĂŶĚĐŽŶƐŝƐƚĞŶƚůLJŝŶƚŚĞϲϬϬ͕ϬϬϬƚŽϴϬϬ͕ϬϬϬŬtŚ
ƌĂŶŐĞĨŽƌƚŚĞƉĂƐƚĨŝǀĞLJĞĂƌƐ͘
&ŝŐƵƌĞϮͲϭ ZĞĐĞŶƚŶŶƵĂů ůĞĐƚƌŝĐhƚŝůŝƚLJ ŶĞƌŐLJ'ĞŶĞƌĂƚŝŽŶ
ϭϬ,ŽďůĞƚϮϬϮϮ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϳ
dĂďůĞϮͲϮ ZĞĐĞŶƚ ůĞĐƚƌŝĐ^LJƐƚĞŵ^ƚĂƚŝƐƚŝĐƐ
WĂƌĂŵĞƚĞƌ&zϮϬϭϭ &zϮϬϭϮ &zϮϬϭϯ &zϮϬϭϰ &zϮϬϭϱ &zϮϬϭϲ &zϮϬϭϳ &zϮϬϭϴ &zϮϬϭϵ &zϮϬϮϬ &zϮϬϮϭ
ŬtŚ'ĞŶĞƌĂƚĞĚϰϰϴ͕ϲϭϱ ϱϯϮ͕ϭϮϳ ϳϬϲ͕Ϭϯϳ ϳϳϴ͕ϱϱϵ ϲϳϮ͕Ϭϵϱ ϱϵϱ͕ϱϰϭ ϲϲϴ͕ϵϭϰ ϲϰϭ͕ϵϴϵ ϳϮϮ͕ϰϴϮ ϴϭϰ͕ϱϵϴ ϲϵϳ͕ϳϳϳ
ŬtŚĨŽƌ^ƚĂƚŝŽŶ^ĞƌǀŝĐĞ
;йŽĨƚŽƚĂůŐĞŶĞƌĂƚŝŽŶͿEϰϯ͕ϬϮϬ
ϴ͘ϭй
ϰϮ͕ϲϰϵ
ϲ͘Ϭй
ϱϵ͕ϭϴϱ
ϳ͘ϲй
ϯϴ͕ϳϮϮ
ϱ͘ϴй
ϰϮ͕ϭϰϴ
ϳ͘ϭй
ϰϭ͕ϳϲϰ
ϲ͘Ϯй
ϰϬ͕ϰϲϲ
ϲ͘ϯй
ϰϳ͕ϰϳϯ
ϲ͘ϲй
ϰϭ͕ϱϮϵ
ϱ͘ϭй
ϯϯ͕ϲϭϱ
ϰ͘ϴй
ŬtŚ^ŽůĚϰϬϬ͕ϮϰϮ ϯϵϳ͕ϵϴϱ ϱϳϵ͕ϰϱϯ ϲϲϰ͕Ϯϳϯ ϱϲϭ͕ϳϱϮ ϰϳϱ͕ϭϯϲ ϱϯϱ͕ϵϮϴ ϱϯϭ͕ϲϬϭ ϲϬϮ͕ϰϰϳ ϲϰϮ͕ϵϵϬ ϱϵϴ͕ϱϰϯ
^LJƐƚĞŵ>ŽƐƐĞƐ
;ϭʹ;ƐŽůĚнƐƚĂƚŝŽŶƐĞƌǀŝĐĞͿͬŐĞŶĞƌĂƚĞĚͿϭ͘ϴϳй ϭϳ͘ϭϮй ϭϭ͘ϴϵй ϳ͘Ϭϴй ϭϬ͘ϲϲй ϭϯ͘ϭϰй ϭϯ͘ϲϰй ϭϬ͘ϴϵй ϭϬ͘Ϭϰй ϭϱ͘ϵϳй ϵ͘ϰϬй
&ƵĞůhƐĞĚ;ŐĂůůŽŶƐͿϰϯ͕Ϯϭϭ ϰϲ͕ϴϵϲ ϱϯ͕ϭϱϯ ϱϰ͕Ϭϲϭ ϱϰ͕ϰϰϯ ϱϭ͕ϭϳϮ ϱϲ͕ϯϬϬ ϰϴ͕ϲϭϯ ϱϵ͕ϮϬϰϲϴ͕ϯϰϬ ϰϳ͕ϲϭϳ
'ĞŶĞƌĂƚŝŽŶ ĨĨŝĐŝĞŶĐLJ
;ŬtŚͬŐĂůůŽŶͿϭϬ͘ϯϴ ϭϭ͘ϯϱ ϭϯ͘Ϯϴ ϭϰ͘ϰϬ ϭϮ͘ϯϰ ϭϭ͘ϲϰ ϭϭ͘ϴϴ ϭϯ͘Ϯϭ ϭϮ͘ϮϬ ϭϭ͘ϵϮ ϭϰ͘ϲϱ
&ƵĞůWƌŝĐĞ;ĨŝƐĐĂůLJĞĂƌĂǀĞƌĂŐĞͿΨϯ͘ϭϮ Ψϯ͘ϰϰ Ψϯ͘ϱϳ Ψϰ͘Ϭϯ Ψϯ͘ϲϴ Ψϯ͘ϭϯ ΨϮ͘Ϯϰ Ψϯ͘ϱϳ ΨϮ͘Ϭϭ Ψϭ͘ϳϭ Ψϭ͘ϲϯ
dŽƚĂů&ƵĞů džƉĞŶƐĞΨϭϯϰ͕ϵϳϰ Ψϭϲϭ͕ϭϵϬ Ψϭϴϵ͕ϲϴϯ ΨϮϭϳ͕ϴϬϭ ΨϮϬϬ͕ϯϱϬ ΨϭϲϬ͕Ϭϲϲ ΨϭϮϲ͕ϮϬϬ Ψϭϳϯ͕ϰϬϳ Ψϭϭϵ͕ϬϮϱ Ψϭϭϲ͕ϵϰϮ Ψϳϳ͕ϱϬϭ
dŽƚĂůEŽŶͲĨƵĞů džƉĞŶƐĞΨϮϵ͕ϰϮϯ Ψϱϳ͕Ϯϵϲ Ψϯϴ͕ϮϮϮ ΨϴϮ͕ϳϮϬ ΨϮϱ͕ϰϳϰ Ψϭϱ͕ϲϯϱ Ψϱϯ͕ϯϱϰ Ψϲϵ͕ϭϲϭ Ψϭϳϭ͕ϱϮϭ Ψϭϴϳ͕ϴϯϳ ΨϭϮϲ͕ϳϲϴ
dŽƚĂůhƚŝůŝƚLJ džƉĞŶƐĞΨϭϲϰ͕ϯϵϳ ΨϮϭϴ͕ϰϴϲ ΨϮϮϳ͕ϵϬϱ ΨϯϬϬ͕ϱϮϭ ΨϮϮϱ͕ϴϮϰ Ψϭϳϱ͕ϳϬϭ Ψϭϳϵ͕ϱϱϰ ΨϮϰϮ͕ϱϲϴ ΨϮϵϬ͕ϱϰϲ ΨϯϬϰ͕ϳϳϵ ΨϮϬϰ͕Ϯϲϵ
ůĞĐƚƌŝĐŝƚLJŽƐƚƉĞƌŬtŚΨϬ͘ϰϭ ΨϬ͘ϱϱ ΨϬ͘ϯϵ ΨϬ͘ϰϱ ΨϬ͘ϰϬ ΨϬ͘ϯϳ ΨϬ͘ϯϰ ΨϬ͘ϰϲ ΨϬ͘ϰϴ ΨϬ͘ϰϳ ΨϬ͘ϯϰ
hƚŝůŝƚLJZĂƚĞ;ΨͬŬtŚͿΨϬ͘ϱϴ ΨϬ͘ϰϮ ΨϬ͘ϰϮ ΨϬ͘ϰϮ ΨϬ͘ϰϮ ΨϬ͘ϰϰ ΨϬ͘ϰϮ ΨϬ͘ϰϯ ΨϬ͘ϰϵ ΨϬ͘ϲϮ ΨϬ͘ϲϮ
ZĞƐŝĚĞŶƚŝĂůZĂƚĞǁŝƚŚW
;ΨͬŬtŚ͕ĂŶŶƵĂůĂǀĞƌĂŐĞͿΨϬ͘ϯϱ ΨϬ͘ϭϴ ΨϬ͘ϭϱ ΨϬ͘ϭϰ ΨϬ͘ϭϱ ΨϬ͘Ϯϯ ΨϬ͘Ϯϳ ΨϬ͘ϯϭ ΨϬ͘ϭϵ ΨϬ͘ϯϯ E
EKd ^͗
&ŝƐĐĂůLJĞĂƌƌƵŵƐĨƌŽŵ:ƵůLJϭŽĨƚŚĞƉƌĞĐĞĚŝŶŐLJĞĂƌƚŽ:ƵŶĞϯϬŽĨƚŚĞƐƚĂƚĞĚLJĞĂƌ͘
ůůĚĂƚĂĂƌĞĐŽŵƉŝůĞĚĨƌŽŵŵŽŶƚŚůLJWŽǁĞƌŽƐƚ ƋƵĂůŝnjĂƚŝŽŶWƌŽŐƌĂŵƌĞĐŽƌĚƐƉƌŽǀŝĚĞĚďLJƚŚĞůĂƐŬĂ ŶĞƌŐLJƵƚŚŽƌŝƚLJĂŶĚͬŽƌƵƚŝůŝƚLJƌĞƉŽƌƚƐƉƌŽǀŝĚĞĚďLJƚŚĞŝƚLJŽĨ&ĂůƐĞWĂƐƐ͘
ŬtŚ ŬŝůŽǁĂƚƚͲŚŽƵƌ
E ŶŽƚĂǀĂŝůĂďůĞ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϴ
Ϯ͘Ϯ͘ϳWƌŽũĞĐƚĞĚ&ƵƚƵƌĞ>ŽĂĚWƌŽĨŝůĞ
ŽŵŵƵŶŝƚLJĞůĞĐƚƌŝĐĂůĚĞŵĂŶĚŝƐĂĨƵŶĐƚŝŽŶŽĨƉŽƉƵůĂƚŝŽŶ͕ĞůĞĐƚƌ ŝĐŝƚLJĐŽƐƚ͕ĂǀĂŝůĂďůĞŝŶĐŽŵĞ͕ĂŶĚ
ŽƚŚĞƌĨĂĐƚŽƌƐ͘ŽŵŵĞƌĐŝĂů͕ŝŶĚƵƐƚƌŝĂů͕ĂŶĚƚƌĂŶƐŝĞŶƚůŽĂĚƐĐĂŶĂůƐŽďĞŵĂũŽƌĨĂĐƚŽƌƐŝŶƚŽƚĂů
ĞůĞĐƚƌŝĐĂůĚĞŵĂŶĚ͘
dŚĞƌĞĂƌĞƚŚƌĞĞĨŝƐŚƉƌŽĐĞƐƐŝŶŐƉůĂŶƚƐŝŶ&ĂůƐĞWĂƐƐ͗ƚŚĞƐŚƵƚƚĞƌĞĚWĞƚĞƌWĂŶƉůĂŶƚ͕ƚŚĞdƌŝĚĞŶƚ
^ĞĂĨŽŽĚƐWůĂŶƚ͕ĂŶĚƚŚĞ^ŝůǀĞƌĂLJWůĂŶƚ͘dŚĞdƌŝĚĞŶƚĂŶĚ^ŝůǀĞƌĂLJƉůĂŶƚƐďŽƚŚƐĞůĨͲŐĞŶĞƌĂƚĞ
ĚƵƌŝŶŐƚŚĞƉƌŽĐĞƐƐŝŶŐƐĞĂƐŽŶƐ͕ďƵƚĂůůƚŚƌĞĞƉůĂŶƚƐƌĞĐĞŝǀĞŽĨĨͲƐĞĂƐŽŶŚŽƵƐĞŬĞĞƉŝŶŐŽƌLJĞĂƌͲ
ƌŽƵŶĚƉĞƌŝƉŚĞƌĂůƉŽǁĞƌĨƌŽŵƚŚĞŝƚLJƵƚŝůŝƚLJ͘
Ϯ͘Ϯ͘ϴ>ŽĂĚ'ƌŽǁƚŚ
&ŽƌƉƌŽũĞĐƚĞǀĂůƵĂƚŝŽŶƉƵƌƉŽƐĞƐ͕ƚŚĞĨƵƚƵƌĞƵƚŝůŝƚLJůŽĂĚĂƚŐĞŶĞƌĂƚŝŽŶŝƐĂƐƐƵŵĞĚƚŽďĞϳϭϬ͕ϬϬϬ
ŬtŚĂŶŶƵĂůůLJ͘dŚŝƐǀĂůƵĞŝƐƚŚĞĂǀĞƌĂŐĞĨŽƌƚŚĞƉĂƐƚĨŝǀĞĨŝƐĐĂůLJĞĂƌƐ;ϮϬϭϳƚŽϮϬϮϭͿ͘dŚŝƐůŽĂĚŝƐ
ĂƐƐƵŵĞĚƚŽďĞĨůĂƚŽǀĞƌƚŚĞϱϬͲLJĞĂƌƉůĂŶŶŝŶŐůŝĨĞŽĨƚŚĞƉƌŽũĞĐƚ͘^ĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐĚĞƐĐƌŝďĞĚŝŶ
^ĞĐƚŝŽŶϰ͘ϯŽĨƚŚŝƐƌĞƉŽƌƚŝƐƵƐĞĚƚŽĞǀĂůƵĂƚĞƉƌŽũĞĐƚƉĞƌĨŽƌŵĂŶĐĞ ƵŶĚĞƌ ůŽĂĚ ŐƌŽǁƚŚ ĂŶĚ
ƌĞĚƵĐƚŝŽŶƐĐĞŶĂƌŝŽƐ͘
Ϯ͘Ϯ͘ϵWŽƉƵůĂƚŝŽŶ
dŚĞƉŽƉƵůĂƚŝŽŶŽĨ&ĂůƐĞWĂƐƐŚĂƐĨůƵĐƚƵĂƚĞĚĨƌŽŵĂƉƉƌŽdžŝŵĂƚĞůLJϰϬƚŽϴϬŽǀĞƌƚŚĞƉĂƐƚĐĞŶƚƵƌLJ
ĂŶĚŝƐƉƌĞƐĞŶƚĞĚŝŶdĂďůĞϮͲϯ͘dŚĞƌĞŝƐĂƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵdžŽĨƐĞǀĞƌĂůŚƵŶĚƌĞĚƐĞĂƐŽŶĂůǁŽƌŬĞƌƐ
ĚƵƌŝŶŐƚŚĞƐƵŵŵĞƌŵŽŶƚŚƐƚŽƐƚĂĨĨƚŚĞƉƌŽĐĞƐƐŝŶŐƉůĂŶƚƐ͘
&ƵƚƵƌĞƉŽƉƵůĂƚŝŽŶŝŶ&ĂůƐĞWĂƐƐŝƐĂƐƐƵŵĞĚƚŽƐƚĂLJǁŝƚŚŝŶƚŚĞŚŝƐƚŽƌŝĐƌĂŶŐĞĂŶĚŝƐĞdžƉĞĐƚĞĚƚŽ
ďĞŝŶĨůƵĞŶĐĞĚďLJĨƵƚƵƌĞĚĞŵŽŐƌĂƉŚŝĐƚƌĞŶĚƐĂŶĚůŽĐĂůĞĐŽŶŽŵŝĐŽƉƉŽƌƚƵŶŝƚŝĞƐ͘
dĂďůĞϮͲϯ ,ŝƐƚŽƌŝĐWŽƉƵůĂƚŝŽŶĂƚĂ
zĞĂƌ WŽƉƵůĂƚŝŽŶ
ϭ
ϭϵϯϬ ϱϵ
ϭϵϰϬ ϴϴ
ϭϵϱϬ ϰϮ
ϭϵϲϬ ϰϭ
ϭϵϳϬ ϲϮ
ϭϵϴϬ ϳϬ
ϭϵϵϬ ϲϴ
ϮϬϬϬ ϲϰ
ϮϬϭϬ ϯϱ
ϮϬϮϬ ϯϵϳ
Ϯ
&ƵƚƵƌĞWƌŽũĞĐƚŝŽŶ ϰϬƚŽϰϬϬ
Ϯ
;ϭͿWŽƉƵůĂƚŝŽŶĚĂƚĂŝƐĨƌŽŵZϮϬϮϮ͘
;ϮͿϮϬϮϬƉŽƉƵůĂƚŝŽŶŵĂLJŝŶĐůƵĚĞƐĞĂƐŽŶĂůǁŽƌŬĞƌƐ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϵ
Ϯ͘Ϯ͘ϭϬWƵďůŝĐƵŝůĚŝŶŐƐ
dŚĞ ŝƚLJ͛Ɛ ůĂƌŐĞ ďƵŝůĚŝŶŐ ŝŶǀĞŶƚŽƌLJ ŝƐ Ă ƉŽƚĞŶƚŝĂů ŵĂƌŬĞƚ ĨŽƌ ĞdžĐĞƐƐ ĞŶĞƌŐLJ ĨƌŽŵ ƚŚĞ ŚLJĚƌŽ
ƉƌŽũĞĐƚďLJĂĚĚŝŶŐĚŝƐƉĂƚĐŚĂďůĞĞůĞĐƚƌŝĐŚĞĂƚŝŶŐƐĞƌǀŝĐĞƐƚŽƚŚĞƐĞďƵŝůĚŝŶŐƐƚŽŽĨĨƐĞƚĨƵĞůƵƐĞĚďLJ
ƚŚĞŝƌĞdžŝƐƚŝŶŐŚĞĂƚŝŶŐƐLJƐƚĞŵƐ͘>ĂƌŐĞƉƵďůŝĐͬĐŽŵŵĞƌĐŝĂůďƵŝůĚŝŶŐƐŝŶ&ĂůƐĞWĂƐƐĂƌĞƐƵŵŵĂƌŝnjĞĚ
ŝŶdĂďůĞϮͲϰ͘
tŚŝůĞďƵŝůĚŝŶŐͲƐƉĞĐŝĨŝĐĂŶĂůLJƐŝƐŽĨƉŽƚĞŶƚŝĂůĚŝƐƉĂƚĐŚĂďůĞĞŶĞƌŐLJƐĞƌǀŝĐĞƐŝƐďĞLJŽŶĚƚŚĞƐĐŽƉĞŽĨ
ƚŚĞĐƵƌƌĞŶƚƐƚƵĚLJ͕ĂŐĞŶĞƌĂůŝnjĞĚĂŶĂůLJƐŝƐǁĂƐƉĞƌĨŽƌŵĞĚƚŽĐŚĂƌĂĐƚĞƌŝnjĞƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĂŶĚ
ďĞŶĞĨŝƚ ŽĨ ĚŝƐƉĂƚĐŚĂďůĞ ĞŶĞƌŐLJ ƐĞƌǀŝĐĞƐ ƵƚŝůŝnjŝŶŐ ĞdžĐĞƐƐ ŚLJĚƌŽŽƵƚƉƵƚ͘ ƐƐƵŵƉƚŝŽŶƐ ĂƌĞ
ĚŝƐĐƵƐƐĞĚŝŶƉƉĞŶĚŝdž,͘
dĂďůĞϮͲϰ WĂƌƚŝĂů&ĂůƐĞWĂƐƐ>ĂƌŐĞƵŝůĚŝŶŐ/ŶǀĞŶƚŽƌLJ
>ĂƌŐĞƵŝůĚŝŶŐƉƉƌŽdžŝŵĂƚĞ
^ƋƵĂƌĞ&ŽŽƚĂŐĞ
&ĂůƐĞWĂƐƐ^ĐŚŽŽů ϭϬ͕ϵϯϵƐƋƵĂƌĞĨĞĞƚ
dƌŝĚĞŶƚWƌŽĐĞƐƐŝŶŐWůĂŶƚŽŵƉůĞdž;ďƵŶŬŚŽƵƐĞ͕ŵĂŝŶƉůĂŶƚďƵŝůĚŝŶŐ͕ǁĂƌĞŚŽƵƐĞƐ͕ĞƚĐ͘Ϳ Ϯϰ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚ
^ŝůǀĞƌĂLJWƌŽĐĞƐƐŝŶŐWůĂŶƚŽŵƉůĞdž;ďƵŶŬŚŽƵƐĞ͕ŵĂŝŶƉůĂŶƚďƵŝůĚŝŶŐ͕ǁĂƌĞŚŽƵƐĞƐ͕ĞƚĐ͘Ϳ ϵϱ͕ϴϬϬƐƋƵĂƌĞĨĞĞƚ
>ŝďƌĂƌLJͬWŽƐƚKĨĨŝĐĞ Ϯ͕ϰϯϮƐƋƵĂƌĞĨĞĞƚ
ŝƚLJKĨĨŝĐĞͬZĞĐƌĞĂƚŝŽŶĞŶƚĞƌ Ϯ͕ϰϯϮƐƋƵĂƌĞĨĞĞƚ
WƵďůŝĐ^ĂĨĞƚLJͬůŝŶŝĐƵŝůĚŝŶŐ ϰ͕ϳϭϲƐƋƵĂƌĞĨĞĞƚ
ŝƚLJ^ŚŽƉͬŝĞƐĞůWůĂŶƚ ϲ͕ϭϮϬƐƋƵĂƌĞĨĞĞƚ
/ƐĂŶŽƚƐŬŝ'ƌŽĐĞƌLJ^ƚŽƌĞͬ>ŝƋƵŽƌ^ƚŽƌĞ ϯ͕ϮϬϬƐƋƵĂƌĞĨĞĞƚ
dŽƚĂůŽĨďŽǀĞƵŝůĚŝŶŐƐ ϭϰϵ͕ϲϯϵƐƋƵĂƌĞĨĞĞƚ
ĂƚĂĐŽŶĚĞŶƐĞĚĨƌŽŵ ϮϬϭϲ͘ ƐƚŝŵĂƚĞƐĚĞƐŝŐŶĂƚĞĚďLJ͚Ε͛ĚĞƌŝǀĞĚĨƌŽŵĂĞƌŝĂůŝŵĂŐĞƌLJ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭϬ
Ϯ͘Ϯ͘ϭϭ ŶĞƌŐLJDĂƌŬĞƚ
ŶĞƌŐLJĨƌŽŵĂůŽĐĂůŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚǁŝůůďĞĨĞĚŝŶƚŽƚŚĞŝƚLJĞůĞĐƚƌŝĐƐLJƐƚĞŵƚŽŽĨĨƐĞƚƚŚĞ
ŶĞĞĚ ĨŽƌ ĚŝĞƐĞůͲĨŝƌĞĚ ĞůĞĐƚƌŝĐŝƚLJ ŐĞŶĞƌĂƚŝŽŶ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞŚLJĚƌŽĞůĞĐƚƌŝĐ ƉƌŽũĞĐƚ ǁŝůů ŽĨƚĞŶ
ŐĞŶĞƌĂƚĞĞŶĞƌŐLJŝŶĞdžĐĞƐƐŽĨĞůĞĐƚƌŝĐĂůĚĞŵĂŶĚ͘/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƚŚŝƐĞdžĐĞƐƐĞŶĞƌŐLJďĞ
ŵĂĚĞĂǀĂŝůĂďůĞŽŶĂĚŝƐƉĂƚĐŚĂďůĞďĂƐŝƐƚŽŽĨĨƐĞƚŽƚŚĞƌůŽĐĂůĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶĨŽƌƐƉĂĐĞĂŶĚ
ǁĂƚĞƌŚĞĂƚŝŶŐ͘
ZĞĐĞŶƚĨƵĞů͕ŶŽŶͲĨƵĞůĂŶĚƚŽƚĂůĞůĞĐƚƌŝĐŝƚLJĐŽƐƚƐŝŶ&ĂůƐĞWĂƐƐĂƌĞƉƌĞƐĞŶƚĞĚŽŶ&ŝŐƵƌĞϮͲϮ͘
&ŝŐƵƌĞϮͲϮ ZĞĐĞŶƚ ůĞĐƚƌŝĐhƚŝůŝƚLJĂŶĚ ůĞĐƚƌŝĐŝƚLJŽƐƚƐ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭϭ
ϯ͘ϬZ KDD E WZK: d
dŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚŝƐĂƌƵŶͲŽĨͲƌŝǀĞƌŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚŽŶhŶŐĂDĂŶƌĞĞŬǁŝƚŚĂŶ
ŝŶƚĂŬĞĂƚZDϭ͘ϰϮĂŶĚĂƉŽǁĞƌŚŽƵƐĞĂƚZDϬ͘ϱϬ͘dŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚŚĂƐĂϰ͕ϰϬϬͲĨŽŽƚͲ
ůŽŶŐ͕ ϯϮͲŝŶĐŚͲĚŝĂŵĞƚĞƌ ďƵƌŝĞĚ ŚŝŐŚͲĚĞŶƐŝƚLJ ƉŽůLJĞƚŚLJůĞŶĞ ;,W ͿƉĞŶƐƚŽĐŬ͕ ĚĞǀĞůŽƉŝŶŐ ƚŽƚĂů
ŐƌŽƐƐŚĞĂĚŽĨϭϲϭĨĞĞƚĂŶĚŶĞƚŚĞĂĚĂƚĨƵůůĨůŽǁŽĨϭϱϭĨĞĞƚ͘dŚĞƌĞĐŽŵŵĞŶĚĞĚĚĞƐŝŐŶĨůŽǁŝƐ
ϮϭĐĨƐĨŽƌĂŶŝŶƐƚĂůůĞĚŐĞŶĞƌĂƚŝŶŐĐĂƉĂĐŝƚLJŽĨϭϴϬŬt͘dĞĐŚŶŝĐĂůĚĞƚĂŝůƐŽĨƚŚĞƌĞĐŽŵŵĞŶĚĞĚ
ƉƌŽũĞĐƚĂƌĞůŝƐƚĞĚŝŶdĂďůĞϯͲϭ͘dŚĞĐŽŶĐĞƉƚƐĨŽƌŵĂũŽƌĐŽŵƉŽŶĞŶƚƐĂƌĞĚĞƐĐƌŝďĞĚŝŶ^ĞĐƚŝŽŶϯ͘ϭ͘
/ŶĂŶĂǀĞƌĂŐĞLJĞĂƌ͕ƚŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚǁŝůůƐƵƉƉůLJϴϯƉĞƌĐĞŶƚŽĨƚŚĞƵƚŝůŝƚLJ͛ƐĂŶŶƵĂů
ĞŶĞƌŐLJĚĞŵĂŶĚĂƚŐĞŶĞƌĂƚŝŽŶĂŶĚĂůůŽǁƚŚĞĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚƚŽďĞƚƵƌŶĞĚŽĨĨϳϱƉĞƌĐĞŶƚŽĨ
ƚŚĞƚŝŵĞ͘ĂŝůLJƉĞƌĨŽƌŵĂŶĐĞĨŽƌĂƚLJƉŝĐĂůLJĞĂƌ;ϮϬϬϭͿŝƐƐŚŽǁŶŝŶ&ŝŐƵƌĞϯͲϭ͘ŝƐƉĂƚĐŚĂďůĞ
ĞdžĐĞƐƐĞŶĞƌŐLJĨƌŽŵƚŚĞƉƌŽũĞĐƚĐĂŶĚŝƐƉůĂĐĞĂŶĞƐƚŝŵĂƚĞĚϴ͕ϲϬϬŐĂůůŽŶƐŽĨĂŶŶƵĂůŚĞĂƚŝŶŐĨƵĞů
ĚĞŵĂŶĚŝŶĐŽŵŵƵŶŝƚLJďƵŝůĚŝŶŐƐ͘WĞƌĨŽƌŵĂŶĐĞĞdžƚƌĞŵĞƐŽǀĞƌƚŚĞϯϭͲLJĞĂƌŚLJĚƌŽůŽŐLJƌĞĐŽƌĚ
ƌĂŶŐĞĨƌŽŵƐƵƉƉůLJŝŶŐϲϲƉĞƌĐĞŶƚŽĨĚĞŵĂŶĚ;ϭϵϵϲͿƚŽƐƵƉƉůLJŝŶŐϵϵƉĞƌĐĞŶƚŽĨĚĞŵĂŶĚ;ϮϬϭϵͿ͘
ůůĐŽŶĐĞƉƚƵĂůĚĞƐŝŐŶĞůĞŵĞŶƚƐĂƌĞƐƵďũĞĐƚƚŽƌĞĨŝŶĞŵĞŶƚĂƐƉĞƌŵŝƚĐŽŶĚŝƚŝŽŶƐďĞĐŽŵĞŬŶŽǁŶ͕
ĂĚĚŝƚŝŽŶĂůƐŝƚĞŝŶĨŽƌŵĂƚŝŽŶŝƐĐŽůůĞĐƚĞĚ͕ĂŶĚƉƌŽũĞĐƚĚĞƐŝŐŶƐĂƌĞĂĚǀĂŶĐĞĚ͘
&ŝŐƵƌĞϯͲϭ dLJƉŝĐĂů,LJĚƌŽWƌŽũĞĐƚWĞƌĨŽƌŵĂŶĐĞĂŶĚhƚŝůŝnjĂƚŝŽŶ͕ZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ
;ϮϬϬϭ,LJĚƌŽůŽŐLJͿ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭϮ
dĂďůĞϯͲϭ dĞĐŚŶŝĐĂů^ƵŵŵĂƌLJŽĨZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ
WZK: d& dhZ ^s>h
ĐĐĞƐƐdƌĂŝůƐ ϰ͕ϰϬϬĨĞĞƚ
WƌŝŵĂƌLJWŽǁĞƌ>ŝŶĞƐ ϯ͕ϭϬϬĨĞĞƚ
ŽŵŵƵŶŝĐĂƚŝŽŶƐ>ŝŶĞƐ ϵ͕ϳϬϬĨĞĞƚ
ĂƐŝŶƌĞĂďŽǀĞŝǀĞƌƐŝŽŶ^ŝƚĞ;ƐƋƵĂƌĞŵŝůĞƐͿ Ϯ͘ϳϲƐƋƵĂƌĞŵŝůĞƐ
DĞĂŶŶŶƵĂů&ůŽǁ;ĐĨƐͿ ϮϰĐĨƐ
DŝŶŝŵƵŵ&ůŽǁ;ĐĨƐͿΕϯĐĨƐ;ĂǀĞƌĂŐĞĂŶŶƵĂůŵŝŶŝŵƵŵĨůŽǁͿ
ΕϬĐĨƐ;ĞdžƚƌĞŵĞŵŝŶŝŵƵŵĨůŽǁͿ
WůĂŶƚĞƐŝŐŶ&ůŽǁ;ĐĨƐͿ ϮϭĐĨƐ
ƐƐƵŵĞĚ/ŶͲ^ƚƌĞĂŵ&ůŽǁZĞƐĞƌǀĂƚŝŽŶ;/^&ZͿ ϬĐĨƐ
/ŶƚĂŬĞ,ĞĂĚǁĂƚĞƌ ůĞǀĂƚŝŽŶ;ĨƚͿ ϮϮϴĨĞĞƚ
WŽǁĞƌŚŽƵƐĞ&ŝŶŝƐŚĞĚ&ůŽŽƌ ůĞǀĂƚŝŽŶ;ĨƚͿ ϳϱĨĞĞƚ
EŽƌŵĂůdĂŝůǁĂƚĞƌ ůĞǀĂƚŝŽŶ;ĨƚͿ ϲϳĨĞĞƚ
'ƌŽƐƐ,ĞĂĚ;ĨƚͿ ϭϲϭĨĞĞƚ
WŝƉĞůŝŶĞ>ĞŶŐƚŚ;ĨƚͿͬŝĂŵĞƚĞƌ;ŝŶͿ ϰ͕ϰϬϬĨĞĞƚŽĨϯϮͲŝŶĐŚ,W
EĞƚ,ĞĂĚĂƚ&Ƶůů&ůŽǁ;ĨƚͿ ϭϱϭĨĞĞƚ
dLJƉĞŽĨdƵƌďŝŶĞ ^ŝŶŐůĞƌŽƐƐĨůŽǁdƵƌďŝŶĞ
;ϭͿ
DŝŶŝŵƵŵWŽǁĞƌ'ĞŶĞƌĂƚŝŽŶ;ŬtͿ ΕϭϱŬt
;ϭͿ
/ŶƐƚĂůůĞĚĂƉĂĐŝƚLJ;ŬtͿ ϭϴϬŬt
WůĂŶƚĂƉĂĐŝƚLJ&ĂĐƚŽƌ;ϮͿ ϳϯй
ŝǀĞƌƐŝŽŶ^ƚƌƵĐƚƵƌĞ,ĞŝŐŚƚ;ĨƚͿ ΕϭϵĨĞĞƚ
ǀĂŝůĂďůĞ^ƚŽƌĂŐĞsŽůƵŵĞ ŶŽŶĞ
^d/Dd dzW/>EEh>W Z&KZDE K&Z KDD E ,zZKWZK: d;ϯͿ
dŽƚĂů džŝƐƚŝŶŐŶŶƵĂů&ĂůƐĞWĂƐƐ>ŽĂĚ ϳϭϬ͕ϬϬϬŬtŚ
&ĂůƐĞWĂƐƐhƚŝůŝƚLJĞŵĂŶĚ^ƵƉƉůŝĞĚďLJŝĞƐĞů ϭϭϵ͕ϬϬϬŬtŚ;ϭϲ͘ϴйͿ
&ĂůƐĞWĂƐƐhƚŝůŝƚLJĞŵĂŶĚ^ƵƉƉůŝĞĚďLJ,LJĚƌŽ ϱϵϭ͕ϬϬϬŬtŚ;ϴϯ͘ϮйͿ
dŽƚĂůŶŶƵĂů,LJĚƌŽ ŶĞƌŐLJ'ĞŶĞƌĂƚŝŽŶ ϭ͕ϭϰϰ͕ϬϬϬŬtŚ
,LJĚƌŽKƵƚƉƵƚƵƐĞĚƚŽ^ƵƉƉůLJ džŝƐƚŝŶŐ&ĂůƐĞWĂƐƐ>ŽĂĚ ϱϵϭ͕ϬϬϬŬtŚ
,LJĚƌŽKƵƚƉƵƚƵƐĞĚĨŽƌ,LJĚƌŽ^ƚĂƚŝŽŶ^ĞƌǀŝĐĞĂŶĚ&ƌĞƋƵĞŶĐLJŽŶƚƌŽů;ĚŝĞƐĞůƐͲŽĨĨͿ ϭϲϰ͕ϬϬϬŬtŚ
'ƌŽƐƐ džĐĞƐƐ ŶĞƌŐLJǀĂŝůĂďůĞĨƌŽŵ,LJĚƌŽ;ϰͿ ϯϵϬ͕ϬϬϬŬtŚ
'ƌŽƐƐ džĐĞƐƐ,LJĚƌŽ ŶĞƌŐLJŝƐƉĂƚĐŚĞĚƚŽ
ŽŵŵƵŶŝƚLJƵŝůĚŝŶŐƐĨŽƌ,ĞĂƚŝŶŐƉƉůŝĐĂƚŝŽŶƐϯϯϮ͕ϬϬϬŬtŚ
'ƌŽƐƐZĞŵĂŝŶŝŶŐ džĐĞƐƐ ŶĞƌŐLJǀĂŝůĂďůĞĨƌŽŵ,LJĚƌŽ ϱϴ͕ϬϬϬŬtŚ
EKd ^͗
;ϭͿ dŚĞƚƵƌďŝŶĞĐŽŶĨŝŐƵƌĂƚŝŽŶĐŽŶƐŝĚĞƌĞĚŝŶƚŚŝƐƐƚƵĚLJŝƐĂƐŝŶŐůĞĐƌŽƐƐĨůŽǁƚƵƌďŝŶĞ͕ǁŚŝĐŚƚLJƉŝĐĂůůLJŚĂƐĂŵŝŶŝŵƵŵŽƉĞƌĂƚŝŶŐ
ƚŚƌĞƐŚŽůĚŽĨĂďƵƚϭϬƚŽϮϱйŽĨĨƵůůĚĞƐŝŐŶĨůŽǁĚĞƉĞŶĚŝŶŐŽŶǀĞŶĚŽƌĂŶĚĚĞƐŝŐŶĚĞƚĂŝůƐ͘
;ϮͿ dŚĞĂŵŽƵŶƚŽĨĞŶĞƌŐLJƚŚĞƉƌŽũĞĐƚĐĂŶƉƌŽĚƵĐĞǁŝƚŚĂǀĂŝůĂďůĞǁĂƚĞƌĚŝǀŝĚĞĚďLJƚŚĞĂŵŽƵŶƚŽĨĞŶĞƌŐLJƚŚĞƉƌŽũĞĐƚĐŽƵůĚ
ƉƌŽĚƵĐĞŽƉĞƌĂƚŝŶŐĂƚϭϬϬйŽƵƚƉƵƚLJĞĂƌͲƌŽƵŶĚ͘
;ϯͿ ƐƚŝŵĂƚĞĚĂŶŶƵĂůƉĞƌĨŽƌŵĂŶĐĞŝƐďĂƐĞĚŽŶĂƐƐƵŵĞĚƵƚŝůŝƚLJůŽĂĚĞƋƵŝǀĂůĞŶƚƚŽϳϭϬ͕ϬϬϬŬtŚǁŝƚŚƚŚĞĞdžŝƐƚŝŶŐƐLJƐƚĞŵ͕ĂŶĚ
ĂǀĞƌĂŐĞĂŶŶƵĂůŚLJĚƌŽƉůĂŶƚƉĞƌĨŽƌŵĂŶĐĞŽǀĞƌϯϭLJĞĂƌƐďĂƐĞĚŽŶƚŚĞĞdžƚĞŶĚĞĚŚLJĚƌŽůŽŐLJƌĞĐŽƌĚ͘
;ϰͿ ͞'ƌŽƐƐĞdžĐĞƐƐĞŶĞƌŐLJ͟ŵĞĂŶƐƚŚŝƐŝƐƚŚĞĞŶĞƌŐLJŐĞŶĞƌĂƚĞĚĂƚƚŚĞŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞ͕ďĞĨŽƌĞƐLJƐƚĞŵůŽƐƐĞƐĂƌĞƐƵďƚƌĂĐƚĞĚ͘
ĐĨƐĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚ ,W ŚŝŐŚͲĚĞŶƐŝƚLJƉŽůLJĞƚŚLJůĞŶĞ ŬtŚŬŝůŽǁĂƚƚͲŚŽƵƌ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭϯ
ϯ͘ϭ ^Z/Wd/KEK&WZK: d& dhZ ^
dŚĞĚĞƐĐƌŝƉƚŝŽŶƐŽĨƉƌŽũĞĐƚĨĞĂƚƵƌĞƐŝŶƚŚŝƐƐĞĐƚŝŽŶĂƌĞĐŽŶĐĞƉƚƵĂůĂŶĚĂƌĞďĂƐĞĚƵƉŽŶƌĞǀŝĞǁŽĨ
ĐƵƌƌĞŶƚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƐŝƚĞĐŽŶĚŝƚŝŽŶƐ͕ĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐ͕ůŽŐŝƐƚŝĐĂůĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕ůŽŶŐͲ
ƚĞƌŵŵĂŝŶƚĞŶĂŶĐĞĂŶĚŽƉĞƌĂƚŝŽŶĂůĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕ĂŶĚƌĞůĂƚĞĚĨĂĐƚŽƌƐ͘/ŶŵĂŶLJĐĂƐĞƐ͕ƚŚĞƌĞ
ĂƌĞŵƵůƚŝƉůĞǀĂůŝĚĐŽŶƐƚƌƵĐƚŝŽŶŵĞƚŚŽĚƐŽƌĚĞƐŝŐŶĚĞĐŝƐŝŽŶƐƉŽƐƐŝďůĞ͘/ŶƚŚĞƐĞĐĂƐĞƐ͕ĚĞĐŝƐŝŽŶƐ
ǁŝůů ďĞ ŵĂĚĞ ŝŶ ĨƵƚƵƌĞ ƉŚĂƐĞƐ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ĂƐ ĂĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĞŶǀŝƌŽŶŵĞŶƚĂů͕
ƌĞŐƵůĂƚŽƌLJ͕ĂŶĚƚĞĐŚŶŝĐĂůĐŽŶƐƚƌĂŝŶƚƐďĞĐŽŵĞƐĂǀĂŝůĂďůĞ͘
ϯ͘ϭ͘ϭĐĐĞƐƐ
ĐĐĞƐƐĨƌŽŵƚŚĞŝƚLJƚŽƚŚĞŚLJĚƌŽƉƌŽũĞĐƚƐŝƚĞǁŝůůďĞǀŝĂƚŚĞĞdžŝƐƚŝŶŐůĂŶĚĨŝůůƌŽĂĚĂŶĚǀĞŚŝĐůĞ
ďƌŝĚŐĞĂĐƌŽƐƐhŶŐĂDĂŶƌĞĞŬ͘dŚĞŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞǁŝůůďĞĂĚũĂĐĞŶƚƚŽƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞ
ƌŽĂĚďƌŝĚŐĞ͕ĂĐĐĞƐƐĞĚǀŝĂĂŶĞǁĚƌŝǀĞǁĂLJŽĨĨƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞƌŽĂĚ͘dŚĞŚLJĚƌŽĚŝǀĞƌƐŝŽŶƐŝƚĞ
ǁŝůůďĞĂĐĐĞƐƐĞĚǀŝĂĂŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶƌŽĂĚĞdžƚĞŶĚŝŶŐǁĞƐƚĨƌŽŵƚŚĞĞdžŝƐƚŝŶŐƌŽĂĚƵƉƚŚĞhŶŐĂ
DĂŶƌĞĞŬǀĂůůĞLJĂƉƉƌŽdžŝŵĂƚĞůLJϰ͕ϯϬϬĨĞĞƚƚŽƚŚĞĚŝǀĞƌƐŝŽŶƐŝƚĞ͘dŚĞƌĞĂƌĞŶŽƐŝŐŶŝĨŝĐĂŶƚŬŶŽǁŶ
ĐŽŶƐƚƌĂŝŶƚƐƌĞŐĂƌĚŝŶŐƚŚĞĨŝŶĂůĂůŝŐŶŵĞŶƚŽĨƚŚŝƐƌŽĂĚ͘
dŚĞƐĞĂĐĐĞƐƐĐŽƌƌŝĚŽƌƐĂƌĞĂĚĞƋƵĂƚĞĨŽƌĂůůƉƌŽũĞĐƚĂĐƚŝǀŝƚŝĞƐŝŶĐůƵĚŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͕ŽƉĞƌĂƚŝŽŶƐ͕
ĂŶĚŵĂŝŶƚĞŶĂŶĐĞ͘,ĞĂǀLJĞƋƵŝƉŵĞŶƚƵƐĞŽĨƚŚĞƌŽĂĚďƌŝĚŐĞŽǀĞƌhŶŐĂDĂŶƌĞĞŬƐŚŽƵůĚďĞ
ĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚƐƌĂƚĞĚƚƌĂĨĨŝĐĐĂƉĂĐŝƚLJĂŶĚƵƐĞƚŚĞĞdžŝƐƚŝŶŐĂĚũĂĐĞŶƚĐƌĞĞŬĨŽƌĚĂƐĂƉƉƌŽƉƌŝĂƚĞ͘
ϯ͘ϭ͘ϮWŽǁĞƌ>ŝŶĞ
dŚĞĞdžŝƐƚŝŶŐϳ͘ϮͬϭϮ͘ϰϳŬsƚŚƌĞĞƉŚĂƐĞƵŶĚĞƌŐƌŽƵŶĚĚŝƐƚƌŝďƵƚŝŽŶĐŝƌĐƵŝƚƚŚĂƚƐĞƌǀĞƐƚŚĞ^ŝůǀĞƌ
ĂLJ &ŝƐŚ WƌŽĐĞƐƐŝŶŐ WůĂŶƚ ǁŽƵůĚ ďĞ ĞdžƚĞŶĚĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϯ͕ϭϬϬ ĨĞĞƚ ƚŽ ƚŚĞ ŶĞǁ ŚLJĚƌŽ
ƉŽǁĞƌŚŽƵƐĞůŽĐĂƚŝŽŶ͘dŚĞƉŽǁĞƌĞdžƚĞŶƐŝŽŶǁŽƵůĚƉĂƌĂůůĞůƚŚĞĞdžŝƐƚŝŶŐůĂŶĚĨŝůůĂĐĐĞƐƐƌŽĂĚĂŶĚ
ĐƌŽƐƐŝŶĚƵĐƚŽŶƚŚĞůĂŶĚĨŝůůĂĐĐĞƐƐƌŽĂĚďƌŝĚŐĞ͘
dŚĞƌĞǁŝůůĂůƐŽďĞĂƐĞĐŽŶĚĂƌLJƉŽǁĞƌĚŝƐƚƌŝďƵƚŝŽŶĐŝƌĐƵŝƚƌƵŶŶŝŶŐĨƌŽŵƚŚĞŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞ
ƵƉ ƚŽ ƚŚĞ ĚŝǀĞƌƐŝŽŶ ƐƚƌƵĐƚƵƌĞ ƚŽ ƉŽǁĞƌ ĞƋƵŝƉŵĞŶƚ Ăƚ ƚŚĞ ĚŝǀĞƌƐŝŽŶ͘ dŚŝƐ ǁŝůů ďĞ ĂŶ
ĂƉƉƌŽdžŝŵĂƚĞůLJϰ͕ϰϬϬĨŽŽƚůŽŶŐƵŶĚĞƌŐƌŽƵŶĚĐŝƌĐƵŝƚŝŶƐƚĂůůĞĚĂůŽŶŐƚŚĞĚŝǀĞƌƐŝŽŶĂĐĐĞƐƐƌŽĂĚ͘
dŚĞƉƌŝŵĂƌLJĚŝƐƚƌŝďƵƚŝŽŶĞdžƚĞŶƐŝŽŶƚŽƚŚĞŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞĐĂŶďĞĞŝƚŚĞƌƵŶĚĞƌŐƌŽƵŶĚŽƌ
ŽǀĞƌŚĞĂĚ͘dŚĞƵƚŝůŝƚLJ͛ƐĞdžŝƐƚŝŶŐĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵŝƐĞŶƚŝƌĞůLJƵŶĚĞƌŐƌŽƵŶĚ͕ĂŶĚƚŚĞƚĞƌƌĂŝŶ
ĂůŽŶŐ ƚŚĞ ƉŽǁĞƌ ůŝŶĞ ƌŽƵƚĞ ĂƉƉĞĂƌƐ ƐƵŝƚĂďůĞ ĨŽƌ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ĂŶ ƵŶĚĞƌŐƌŽƵŶĚ ůŝŶĞ͘
hŶĚĞƌŐƌŽƵŶĚĐŽŶƐƚƌƵĐƚŝŽŶŝƐĂƐƐƵŵĞĚ͘
ϯ͘ϭ͘ϯŽŶƚƌŽůƐĂŶĚ^LJƐƚĞŵ/ŶƚĞŐƌĂƚŝŽŶ
dŚĞŚLJĚƌŽƉƌŽũĞĐƚǁŝůůŚĂǀĞĂŶĞǁĚĞĚŝĐĂƚĞĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐĐŝƌĐƵŝƚƌƵŶŶŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJ
ϵ͕ϳϬϬĨĞĞƚďĞƚǁĞĞŶƚŚĞŚLJĚƌŽĂŶĚĚŝĞƐĞůƉŽǁĞƌŚŽƵƐĞƐƚŽĐŽŽƌĚŝŶĂƚĞŽƉĞƌĂƚŝŽŶƐĂŶĚĂůůŽǁ
ƌĞŵŽƚĞŵŽŶŝƚŽƌŝŶŐĂŶĚŽƉĞƌĂƚŝŽŶŽĨƚŚĞŚLJĚƌŽƉƌŽũĞĐƚ͘dŚŝƐĐŽŶƚƌŽůĐŝƌĐƵŝƚǁŝůůďĞĐŽͲůŽĐĂƚĞĚ
ǁŝƚŚŶĞǁĂŶĚĞdžŝƐƚŝŶŐƵŶĚĞƌŐƌŽƵŶĚƵƚŝůŝƚŝĞƐ͘dŚĞƌĞǁŝůůĂůƐŽďĞĂĚĞĚŝĐĂƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJ
ϰ͕ϰϬϬĨŽŽƚůŽŶŐĐŽŵŵƵŶŝĐĂƚŝŽŶƐĐŝƌĐƵŝƚŝŶƐƚĂůůĞĚŝŶƚŚĞĂĐĐĞƐƐƌŽĂĚĐŽƌƌŝĚŽƌďĞƚǁĞĞŶƚŚĞŚLJĚƌŽ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭϰ
ƉŽǁĞƌŚŽƵƐĞĂŶĚĚŝǀĞƌƐŝŽŶ͘dŚŝƐĐŝƌĐƵŝƚǁŝůůƉƌŽǀŝĚĞƚŚĞŚLJĚƌŽĐŽŶƚƌŽůƐŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞ
ŝŶƚĂŬĞƐƚĂƚƵƐ͕ŝŶĐůƵĚŝŶŐĂǀĂŝůĂďŝůŝƚLJŽĨǁĂƚĞƌĨŽƌƉŽǁĞƌŐĞŶĞƌĂƚŝŽŶ͘/ƚǁŝůůĂůƐŽƐƵƉƉŽƌƚƌĞŵŽƚĞ
ŽƉĞƌĂƚŝŽŶŽĨŐĂƚĞƐĂŶĚĂƉƉĂƌĂƚƵƐĂƚƚŚĞŝŶƚĂŬĞ͕ĂƐǁĞůůĂƐƌĞŵŽƚĞŵŽŶŝƚŽƌŝŶŐŽĨƚŚĞŝŶƚĂŬĞ͘
dŚĞƐǁŝƚĐŚŐĞĂƌĂƚďŽƚŚƉŽǁĞƌŚŽƵƐĞƐǁŝůůďĞŝŶƚĞŐƌĂƚĞĚƚŽƐƵƉƉŽƌƚĂƵƚŽŵĂƚŝĐŽƉĞƌĂƚŝŽŶŽĨďŽƚŚ
ƉůĂŶƚƐ͘dŚĞĞdžŝƐƚŝŶŐĚŝĞƐĞůƐǁŝƚĐŚŐĞĂƌǁŝůůďĞƵƉŐƌĂĚĞĚĂƐŶĞĞĚĞĚǁŝƚŚĂŶĞǁŵĂƐƚĞƌĐŽŶƚƌŽůůĞƌ
ƚŽĐŽŽƌĚŝŶĂƚĞĚŝƐƉĂƚĐŚŽĨŚLJĚƌŽĂŶĚĚŝĞƐĞůŐĞŶĞƌĂƚŽƌƐĂŶĚƐƵƉƉŽƌƚĂƵƚŽŵĂƚŝĐƉĂƌĂůůĞůůŝŶŐŽĨĂůů
ƵŶŝƚƐ͘hŶĚĞƌŶŽƌŵĂůŽƉĞƌĂƚŝŽŶ͕ƚŚĞŚLJĚƌŽƉůĂŶƚǁŝůůĐĂƌƌLJƚŚĞĨƵůůƐLJƐƚĞŵůŽĂĚĂŶĚƚŚĞĚŝĞƐĞů
ĞŶŐŝŶĞƐǁŝůůďĞƚƵƌŶĞĚŽĨĨŝŶƐƚĂŶĚďLJŵŽĚĞ͘ƐƐLJƐƚĞŵůŽĂĚĂƉƉƌŽĂĐŚĞƐƚŚĞĂǀĂŝůĂďůĞĐĂƉĂĐŝƚLJ
ŽĨƚŚĞŚLJĚƌŽ͕ƚŚĞƐǁŝƚĐŚŐĞĂƌǁŝůůĂĐƚŝǀĂƚĞĂĚŝĞƐĞůĞŶŐŝŶĞƚŽƉĂƌĂůůĞůǁŝƚŚƚŚĞŚLJĚƌŽ͘dŚĞĚŝĞƐĞů
ĞŶŐŝŶĞǁŝůůďĞƐĞƚĂƚĂďĂƐĞůŽĂĚƚŽŵĂŝŶƚĂŝŶƌĞĂƐŽŶĂďůĞĨƵĞůĞĨĨŝĐŝĞŶĐLJĂŶĚĂǀŽŝĚǁĞƚͲƐƚĂĐŬŝŶŐ
ŽƌŽƚŚĞƌĂĚǀĞƌƐĞŽƉĞƌĂƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͘
KŶĐĞƚŚŝƐƉƌŽũĞĐƚŝƐƐĂŶĐƚŝŽŶĞĚďLJƚŚĞŝƚLJ͕ƌĞǀŝĞǁŽĨƚŚĞŽƉƚŝŵĂůŐĞŶĞƌĂƚŝŶŐĐĂƉĂĐŝƚLJŽĨƚŚĞ
ĚŝĞƐĞůŐĞŶĞƌĂƚŽƌƐŝƐǁĂƌƌĂŶƚĞĚƚŽŽƉƚŝŵŝnjĞĞĨĨŝĐŝĞŶĐLJĨŽƌďŽƚŚƐƚĂŶĚͲĂůŽŶĞ ŽƉĞƌĂƚŝŽŶ ĂŶĚ
ƉĂƌĂůůĞůŝŶŐǁŝƚŚƚŚĞŚLJĚƌŽƉůĂŶƚ͘/ƚŵĂLJďĞĐŽƐƚͲĞĨĨĞĐƚŝǀĞƚŽƌĞƉůĂĐĞƐŽŵĞŐĞŶĞƌĂƚŽƌƐǁŝƚŚ
ƐŵĂůůĞƌŽƌůĂƌŐĞƌƵŶŝƚƐ͘dŚŝƐĐĂŶďĞĐŽŽƌĚŝŶĂƚĞĚǁŝƚŚƉůĂŶŶĞĚĚŝĞƐĞůƉůĂŶƚƵƉŐƌĂĚĞƐ͕ŽǀĞƌŚĂƵůƐ͕
ĂŶĚͬŽƌŵĂĐŚŝŶĞƌĞƚŝƌĞŵĞŶƚƐĐŚĞĚƵůĞƐ͘
tŝƚŚƚŚŝƐƉƌŽũĞĐƚ͕ƚŚĞƵƚŝůŝƚLJ͛ƐĚŝĞƐĞůŐĞŶĞƌĂƚŽƌƐǁŝůůďĞƚƵƌŶĞĚŽĨĨĂďŽƵƚϯͬϰƚŚƐŽĨƚŚĞƚŝŵĞ͘
dŚŝƐ ǁŝůů ĞdžƚĞŶĚ ƚŚĞ ůŝĨĞ ŽĨ ƚŚĞ ĚŝĞƐĞůƐ͕ ƌĞĚƵĐĞ ƚŚĞ ĨƌĞƋƵĞŶĐLJŽĨ ĚŝĞƐĞů ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ
ŽǀĞƌŚĂƵůƐ͕ƌĞĚƵĐĞƵƐĂŐĞŽĨĐŽŶƐƵŵĂďůĞƐ͕ĂŶĚĐŽŶƐĞƌǀĞĨƵĞů͘dŚĞĞdžŝƐƚŝŶŐǁĂƐƚĞŚĞĂƚƐLJƐƚĞŵ
ƚŚĂƚƐĞƌǀĞƐƚŚĞƐŚŽƉĨƌŽŵƚŚĞĚŝĞƐĞůƉŽǁĞƌŚŽƵƐĞĐĂŶďĞĨŝƚƚĞĚǁŝƚŚĂŶŝŶƚĞƌƌƵƉƚŝďůĞĞůĞĐƚƌŝĐ
ŚĞĂƚŝŶŐƐLJƐƚĞŵƚŽŬĞĞƉƚŚĞƐƚĂŶĚďLJĚŝĞƐĞůŐĞŶĞƌĂƚŽƌƐĞƚ;ƐͿǁĂƌŵĂŶĚƚŽĐŽŶƚŝŶƵĞƉƌŽǀŝĚŝŶŐ
ŚĞĂƚƚŽƚŚĞƐŚŽƉ͘
/ŶƚĞƌƌƵƉƚŝďůĞĞůĞĐƚƌŝĐŚĞĂƚŝŶŐƐĞƌǀŝĐĞƐĐĂŶďĞŝŵƉůĞŵĞŶƚĞĚŝŶĂŶƵŵďĞƌŽĨǁĂLJƐ͘dŚŝƐƐƚƵĚLJ
ĂƐƐƵŵĞƐƚŚĂƚďƵŝůĚŝŶŐƐĂƌĞĨŝƚƚĞĚǁŝƚŚĂƐĞĐŽŶĚĞůĞĐƚƌŝĐŵĞƚĞƌƚŚĂƚŝŶĐůƵĚĞƐĂƐƉĞĐŝĂůƌĞůĂLJ
ĐŽŶƚƌŽůůĞĚ ďLJ ƚŚĞ ŚLJĚƌŽ ƉůĂŶƚ ƐǁŝƚĐŚŐĞĂƌ͘ dŚĞ ƐǁŝƚĐŚŐĞĂƌ ŝŶĐƌĞŵĞŶƚĂůůLJ ĞŶĂďůĞƐ ƚŚĞƐĞ
ŝŶƚĞƌƌƵƉƚŝďůĞŵĞƚĞƌƐǁŚĞŶƚŚĞŚLJĚƌŽŚĂƐĞdžĐĞƐƐŐĞŶĞƌĂƚŝŶŐĐĂƉĂĐŝƚLJƵŶƚŝůŝŶƚĞƌƌƵƉƚŝďůĞƐĞƌǀŝĐĞƐ
ĂƌĞƵƐŝŶŐĂůůŽĨƚŚĞĂǀĂŝůĂďůĞĞdžĐĞƐƐĞŶĞƌŐLJ͘dŚŝƐŝƐĂĚLJŶĂŵŝĐƉƌŽĐĞƐƐ͕ĂƐƚŽƚĂůŚLJĚƌŽŐĞŶĞƌĂƚŝŽŶ
ĂŶĚƵƚŝůŝƚLJůŽĂĚĂƌĞĐŽŶƐƚĂŶƚůLJĐŚĂŶŐŝŶŐ͕ĂŶĚĂŶLJŐŝǀĞŶŝŶƚĞƌƌƵƉƚŝďůĞŵĞƚĞƌŵĂLJŽƌŵĂLJŶŽƚŚĂǀĞ
ůŽĂĚƐƚƵƌŶĞĚŽŶǁŚĞŶŝƚŝƐĂĐƚŝǀĂƚĞĚďLJƚŚĞŚLJĚƌŽƉůĂŶƚƐǁŝƚĐŚŐĞĂƌ͘ůŽĂĚďĂŶŬǁŽƵůĚĂůƐŽďĞ
ŝŶƐƚĂůůĞĚĂƚƚŚĞŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞƚŽĂůůŽǁƚŚĞŚLJĚƌŽĐŽŶƚƌŽůůĞƌƚŽƌĞŐƵůĂƚĞƐLJƐƚĞŵǀŽůƚĂŐĞĂŶĚ
ĨƌĞƋƵĞŶĐLJŝŶĚĞƉĞŶĚĞŶƚůLJŽĨŝŶƚĞƌƌƵƉƚŝďůĞƐĞƌǀŝĐĞƐ͘
ŽŵŵƵŶŝĐĂƚŝŽŶƐďĞƚǁĞĞŶƚŚĞŚLJĚƌŽƉůĂŶƚƐǁŝƚĐŚŐĞĂƌĂŶĚŝŶƚĞƌƌƵƉƚŝďůĞŵĞƚĞƌƐĐĂŶƵƐĞƐĞǀĞƌĂů
ĚŝĨĨĞƌĞŶƚ ĨŽƌŵƐ͕ ƐƵĐŚ ĂƐ ŝŶƚĞƌŶĞƚ͕ ƌĂĚŝŽ ůŝŶŬ͕ ĚĞĚŝĐĂƚĞĚ ǁŝƌĞ͕ƉŽǁĞƌ ůŝŶĞ ĐĂƌƌŝĞƌ͕ Žƌ ŐƌŝĚ
ĨƌĞƋƵĞŶĐLJŵŽĚƵůĂƚŝŽŶ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭϱ
ϯ͘ϭ͘ϰŝǀĞƌƐŝŽŶĂŶĚ/ŶƚĂŬĞ^ƚƌƵĐƚƵƌĞƐ
ŝǀĞƌƐŝŽŶ^ƚƌƵĐƚƵƌĞ
dŚĞƉƌŽũĞĐƚĚŝǀĞƌƐŝŽŶƐŝƚĞŝƐĂƚZDϭ͘ϰϮ͕ũƵƐƚƵƉƐƚƌĞĂŵŽĨƚŚĞŵŽƵƚŚŽĨƚŚĞĞĂƐƚĨŽƌŬƚƌŝďƵƚĂƌLJ͘
dŚŝƐ ƐŝƚĞ ĐŽŶƐŝƐƚƐ ŽĨ ƚLJƉŝĐĂů ĂůůƵǀŝƵŵ ;ďŽƵůĚĞƌƐ ƚŽ ŐƌĂǀĞůƐͿ Ăƚ ƚŚĞ ƐƵƌĨĂĐĞ ǁŝƚŚ ŶŽ ďĞĚƌŽĐŬ
ĞdžƉŽƐƵƌĞƐ͘EŽƐƵďƐƵƌĨĂĐĞŐĞŽƚĞĐŚŶŝĐĂůŝŶǀĞƐƚŝŐĂƚŝŽŶƐŚĂǀĞďĞĞŶĐŽŶĚƵĐƚĞĚ͘&ŽƵŶĚĂƚŝŽŶŽŶ
ƵŶĐŽŶƐŽůŝĚĂƚĞĚĂůůƵǀŝĂůĚĞƉŽƐŝƚƐŽƌƐƚƌƵĐƚƵƌĂůůLJƐŝŵŝůĂƌŵĂƚĞƌŝĂůŝƐĂƐƐƵŵĞĚ͘
dŚĞĚŝǀĞƌƐŝŽŶƐƚƌƵĐƚƵƌĞŝƐĐŽŶĐĞƉƚƵĂůŝnjĞĚĂƐĂĐŽŵďŝŶĂƚŝŽŶƐŚĞĞƚƉŝůĞ͕ƌĞŝŶĨŽƌĐĞĚĐŽŶĐƌĞƚĞ͕ĂŶĚ
ŐƌĂǀŝƚLJ ĞĂƌƚŚĞŶ Ĩŝůů ĚŝǀĞƌƐŝŽŶ ƐƚƌƵĐƚƵƌĞ ĂƐ ƐŚŽǁŶ ŝŶ &ŝŐƵƌĞ Ͳϯ͘dŚĞĞdžŝƐƚŝŶŐĐƌĞĞŬƚŚĂůǁĞŐ
ĞůĞǀĂƚŝŽŶĂƚƚŚĞƐŝƚĞŝƐĂƉƉƌŽdžŝŵĂƚĞůLJϮϮϭĨĞĞƚ͘dŚĞŝŶƚĂŬĞƐĐƌĞĞŶǁŝůůďĞĂƉƉƌŽdžŝŵĂƚĞůLJϭϱĨĞĞƚ
ǁŝĚĞďLJϮϯϬĨŽŽƚƐŝůůĞůĞǀĂƚŝŽŶ͕ǁŝƚŚĂϮϬĨŽŽƚǁŝĚĞŵĂŝŶƐƉŝůůǁĂLJĂƚϮϯϬ͘ϴϯĨŽŽƚĞůĞǀĂƚŝŽŶĂŶĚ
ϱϬͲĨŽŽƚǁŝĚĞĨůŽŽĚƐƉŝůůǁĂLJĂƚϮϯϯ͘ϬĨŽŽƚĞůĞǀĂƚŝŽŶ͘ůůƐƉŝůů ǁĂLJƐǁŝůůďĞƵŶĐŽŶƚƌŽůůĞĚ͘dŚĞ
ƉƌĞůŝŵŝŶĂƌLJĞƐƚŝŵĂƚĞĚĚĞƐŝŐŶĨůŽŽĚ;YϱϬϬĞƐƚŝŵĂƚĞͿŽĨϮ͕ϬϬϬĐĨƐǁŝůůƌĞƐƵůƚŝŶĂĚĞƐŝŐŶĨůŽŽĚ
ĞůĞǀĂƚŝŽŶ ŽĨ ĂƉƉƌŽdžŝŵĂƚĞůLJ Ϯϯϱ͘ϱ ĨŽŽƚ ĞůĞǀĂƚŝŽŶ ďĞŚŝŶĚ ƚŚĞ ĚŝǀĞƌƐŝŽŶ ƐƚƌƵĐƚƵƌĞ͘ ĂƌƚŚĞŶ
ǁŝŶŐǁĂůůƐ ǁŝƚŚ Ă ĐƌĞƐƚ ĞůĞǀĂƚŝŽŶ ŽĨ ϮϰϬ ĨĞĞƚ ǁŝůů ĞdžƚĞŶĚ ĨƌŽŵ ƚŚĞ ƐƉŝůůǁĂLJ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ
ĚŝǀĞƌƐŝŽŶ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϮϬϬ ĨĞĞƚ ƚŽ ƚŚĞ ŶŽƌƚŚ ĂŶĚ ϱϬ ĨĞĞƚ ƚŽ ƚŚĞ ƐŽƵƚŚ ƚŽ ŝŶƚĞƌƐĞĐƚ ǁŝƚŚ
ĂĚũĂĐĞŶƚŶĂƚƵƌĂůƚĞƌƌĂŝŶ͘
DĂŝŶĂŶĚĨůŽŽĚƐƉŝůůǁĂLJƐĞĐƚŝŽŶƐǁŝůůďĞĐŽŶƐƚƌƵĐƚĞĚŽĨƐŚĞĞƚƉŝůĞĐƵƚŽĨĨǁĂůůƐǁŝƚŚĂĐŽŶĐƌĞƚĞ
ĂƉƌŽŶŽŶƚŚĞĚŽǁŶƐƚƌĞĂŵƐŝĚĞĂŶĚŐƌĂĚĞĚƌŝƉͲƌĂƉƉůĂĐĞĚĂůŽŶŐƚŚĞƵƉƐƚƌĞĂŵĂŶĚĚŽǁŶƐƚƌĞĂŵ
ĨĂĐĞƐĨŽƌĞŶĞƌŐLJĚŝƐƐŝƉĂƚŝŽŶĂŶĚůĂƚĞƌĂůƐƵƉƉŽƌƚŽĨƚŚĞƐŚĞĞƚƉŝůĞǁĂůů͘
ŝǀĞƌƐŝŽŶ ǁŝŶŐǁĂůů ĚŝŬĞƐ ǁŝůů ďĞ ďƵŝůƚ ĨƌŽŵ ůŽĐĂů ďĂŶŬͲƌƵŶ ŵĂƚĞƌŝĂů͘ Ŷ ŝŵƉĞƌǀŝŽƵƐ ůŝŶĞƌ
ŵĂƚĞƌŝĂů ǁŝůů ďĞ ŝŶƚĞŐƌĂƚĞĚ ŝŶƚŽ ƚŚĞ ƵƉƐƚƌĞĂŵ ĨĂĐĞ ŽĨ ƚŚĞ ǁŝŶŐǁĂůů ĚŝŬĞ ƚŽ ƉƌĞǀĞŶƚ ƉŝƉŝŶŐ
ĞƌŽƐŝŽŶĚƵƌŝŶŐŚŝŐŚǁĂƚĞƌĞǀĞŶƚƐ͘dŚĞƵƉƐƚƌĞĂŵĨĂĐĞĂŶĚŽƚŚĞƌĂƌĞĂƐĞdžƉŽƐĞĚƚŽĨůŽŽĚǁĂƚĞƌƐ
ǁŝůůďĞĂƌŵŽƌĞĚǁŝƚŚŐƌĂĚĞĚƌŝƉƌĂƉƚŽƉƌĞǀĞŶƚĞƌŽƐŝŽŶŽĨƚŚĞǁŝŶŐǁĂůůƐ͘
/ŶƚĂŬĞ^ƚƌƵĐƚƵƌĞ
dŚĞŝŶƚĂŬĞŝƐĐŽŶĐĞƉƚƵĂůŝnjĞĚƚŽƵƚŝůŝnjĞĂĐŽĂŶĚĂͲƚLJƉĞŝŶƚĂŬĞƐĐƌĞĞŶǁŝƚŚĂŶĂƉƉƌŽdžŝŵĂƚĞůLJϭϴͲ
ŝŶĐŚůŽŶŐďLJϭϱĨŽŽƚǁŝĚĞĨůĂƚƉůĂƚĞƐĐƌĞĞŶƐĞƚĂƚϰϱĚĞŐƌĞĞƐ͘tĞĚŐĞǁŝƌĞƐƉĂĐŝŶŐǁŝůůďĞƐĞƚƚŽ
ƉƌĞǀĞŶƚĂĚŵŝƚƚĂŶĐĞŽĨĨŝƐŚĂŶĚĚĞůĞƚĞƌŝŽƵƐĚĞďƌŝƐ͕ƚĞŶƚĂƚŝǀĞůLJĂƚϬ͘ϭŝŶĐŚ͘dŚĞĐŽĂŶĚĂƐĐƌĞĞŶŝƐ
ůĂƌŐĞůLJƐĞůĨĐůĞĂŶŝŶŐ͕ƌĞĚƵĐŝŶŐŝŶƚĂŬĞŵĂŝŶƚĞŶĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞŝŶƚĂŬĞƐĐƌĞĞŶǁŝůůďĞƐĞƚ
ŝŶĂƐŚĞĞƚƉŝůĞĂŶĚĐŽŶĐƌĞƚĞƐƚƌƵĐƚƵƌĞƚŚĂƚĨŽƌŵƐĂŶŝŶƚĂŬĞŐĂůůĞƌLJďĞŶĞĂƚŚƚŚĞƐĐƌĞĞŶ͘dŚŝƐ
ŐĂůůĞƌLJ ǁŝůů ƉƌŽǀŝĚĞ Ă ƋƵŝĞƐĐĞŶƚ ƉŽŽů ĨŽƌ ĨŝŶĞͲŐƌĂŝŶĞĚ ƐĞĚŝŵĞŶƚ ƚŽ ƐĞƚƚůĞ ŽƵƚ ŽĨ ƚŚĞ ǁĂƚĞƌ
ĐŽůƵŵŶ͕ĂŶĚǁŝůůĂůƐŽƉƌŽǀŝĚĞǁĂƚĞƌƐƚŽƌĂŐĞĨŽƌƉůĂŶƚƌĞŐƵůĂƚŝŽŶĞƋƵŝǀĂůĞŶƚƚŽĂƉƉƌŽdžŝŵĂƚĞůLJ
ĨŝǀĞŵŝŶƵƚĞƐŽĨƉƌŽũĞĐƚĨůŽǁ͘
dŚĞŝŶƚĂŬĞƐƚƌƵĐƚƵƌĞǁŝůůƌĞĐĞŝǀĞƌĂǁǁĂƚĞƌĂŶĚĚĞďƌŝƐĨƌŽŵƚŚĞĚŝǀĞƌƐŝŽŶŝŵƉŽƵŶĚŵĞŶƚĂŶĚ
ĚŝƌĞĐƚƚŚŝƐĨůŽǁŽǀĞƌƚŚĞĐŽĂŶĚĂƐĐƌĞĞŶ͘dŚŝƐƐĐƌĞĞŶǁŝůůĨŝůƚĞƌƌŽĐŬƐ͕ŐƌĂǀĞů͕ĂŶĚƉůĂŶƚŵĂƚƚĞƌ
ŽƵƚ ŽĨ ƚŚĞ ǁĂƚĞƌ͕ ǁŝƚŚ ĨŝůƚĞƌĞĚ ǁĂƚĞƌ ĐŽůůĞĐƚŝŶŐ ŝŶ ƚŚĞ ŝŶƚĂŬĞŐĂůůĞƌLJ ďĞŶĞĂƚŚ ƚŚŝƐ ƐĐƌĞĞŶ͘
&ŝůƚĞƌĞĚĚĞďƌŝƐǁŝůůďĞĨůƵƐŚĞĚŽĨĨƚŚĞƐĐƌĞĞŶĂŶĚďĂĐŬƚŽhŶŐĂDĂŶƌĞĞŬďLJĂĐƚŝŽŶŽĨĞdžĐĞƐƐ
ǁĂƚĞƌĨůŽǁŝŶŐŽǀĞƌƚŚĞƐĐƌĞĞŶ͘&ŝůƚĞƌĞĚǁĂƚĞƌǁŝůůĨůŽǁďLJŐƌĂǀŝƚLJĨƌŽŵƚŚĞŐĂůůĞƌLJŝŶƚŽƚŚĞ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭϲ
ƉĞŶƐƚŽĐŬĂŶĚƚŽƚŚĞƉŽǁĞƌŚŽƵƐĞ͘dŚĞŶŽƌŵĂůŚĞĂĚǁĂƚĞƌĞůĞǀĂƚŝŽŶŝŶƚŚĞŝŶƚĂŬĞŐĂůůĞƌLJǁŝůůďĞ
ĂƉƉƌŽdžŝŵĂƚĞůLJϮϮϴĨĞĞƚ͘
ŽƚŚƚŚĞĚŝǀĞƌƐŝŽŶƐƚƌƵĐƚƵƌĞĂŶĚŝŶƚĂŬĞŐĂůůĞƌLJǁŝůůďĞĨŝƚƚĞĚǁŝƚŚŐĂƚĞƐƚŽĨůƵƐŚŽƵƚĂĐĐƵŵƵůĂƚĞĚ
ƐĞĚŝŵĞŶƚƐĂŶĚĚĞďƌŝƐĨƌŽŵƚŚĞŝŵƉŽƵŶĚŵĞŶƚĂŶĚŝŶƚĂŬĞŐĂůůĞƌLJŽŶĂŶĂƐͲŶĞĞĚĞĚďĂƐŝƐ͘
ϯ͘ϭ͘ϱWĞŶƐƚŽĐŬ
dŚĞƉĞŶƐƚŽĐŬǁŝůůďĞĂϯϮͲŝŶĐŚͲĚŝĂŵĞƚĞƌ,W ƉŝƉĞďƵƌŝĞĚĂůŽŶŐƚŚĞƉƌŽũĞĐƚĂĐĐĞƐƐƌŽĂĚ͘dŚĞ
ŽǀĞƌĂůůƉĞŶƐƚŽĐŬůĞŶŐƚŚǁŝůůďĞϰ͕ϰϬϬĨĞĞƚ͘ƚƚŚĞĨƵůůĚĞƐŝŐŶĨůŽǁŽĨϮϭĐĨƐ͕ŚĞĂĚůŽƐƐĞƐĂůŽŶŐ
ƚŚĞƉĞŶƐƚŽĐŬǁŝůůďĞĂƉƉƌŽdžŝŵĂƚĞůLJϭϬĨĞĞƚ͘dŚĞƉĞŶƐƚŽĐŬĐĂŶďĞZϮϲ,W ƉŝƉĞǁŝƚŚĂ
ŶŽŵŝŶĂůƉƌĞƐƐƵƌĞƌĂƚŝŶŐŽĨϴϬƉƐŝ͘
dŚĞƉĞŶƐƚŽĐŬǁŝůůďĞĨŝƚƚĞĚǁŝƚŚĂŶŝŶƚĂŬĞŐƌĂƚĞĂƚƚŚĞŝŶůĞƚŝŶƐŝĚĞƚŚĞŝŶƚĂŬĞŐĂůůĞƌLJƚŽƉƌĞǀĞŶƚ
ĂĚŵŝƚƚĂŶĐĞŽĨůĂƌŐĞĚĞďƌŝƐĂŶĚĂůƐŽǁŝƚŚĂďƵƚƚĞƌĨůLJŝƐŽůĂƚŝŽŶǀĂůǀĞĂŶĚĂŝƌƌĞůŝĞĨǀĞŶƚŶĞĂƌƚŚĞ
ŝŶƚĂŬĞ͘dŚĞĐŽŶĐĞƉƚƵĂůƉĞŶƐƚŽĐŬĂůŝŐŶŵĞŶƚĚŽĞƐŶŽƚƌĞƋƵŝƌĞĂŶLJĂŝƌƌĞůŝĞĨǀĂůǀĞƐ͕ĚƌĂŝŶǀĂůǀĞƐ͕
ŽƌĨĂďƌŝĐĂƚĞĚĨŝƚƚŝŶŐƐ͘WŽǁĞƌĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐǁŝůůďĞďƵƌŝĞĚĂůŽŶŐƚŚĞƐĂŵĞƌŽƵƚĞĂƐƚŚĞ
ƉĞŶƐƚŽĐŬƚŽŽƉĞƌĂƚĞĂŶĚĐŽŶƚƌŽůĞƋƵŝƉŵĞŶƚŽŶƚŚĞŝŶƚĂŬĞĂŶĚĚŝǀĞƌƐŝŽŶƐƚƌƵĐƚƵƌĞƐ͘
ϯ͘ϭ͘ϲWŽǁĞƌŚŽƵƐĞ
dŚĞƉŽǁĞƌŚŽƵƐĞǁŝůůďĞůŽĐĂƚĞĚŶĞĂƌƚŚĞƌŝǀĞƌͲůĞĨƚďĂŶŬĂƚZDϬ͘ϱϬ͕ũƵƐƚĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞ
ůĂŶĚĨŝůůƌŽĂĚďƌŝĚŐĞ͕ĂŶĚǁŝůůďĞĂŶĂƉƉƌŽdžŝŵĂƚĞůLJϮϬͲďLJϯϬͲĨŽŽƚďƵŝůĚŝŶŐǁŝƚŚϭϬͲĨŽŽƚĐĞŝůŝŶŐƐ
;ƐĞĞ&ŝŐƵƌĞͲϰͿ͘dŚĞďƵŝůĚŝŶŐǁŝůůŝŶĐůƵĚĞĂŶŽǀĞƌŚĞĂĚŐĂŶƚƌLJďĞĂŵƚŽŵŽǀĞƚŚĞƚƵƌďŝŶĞĂŶĚ
ŐĞŶĞƌĂƚŽƌ͘ dŚĞ ƉŽǁĞƌŚŽƵƐĞ ǁŝůů ŚŽƵƐĞ ƚŚĞ ƚƵƌďŝŶĞ͕ ŐĞŶĞƌĂƚŽƌ͕ ƐǁŝƚĐŚŐĞĂƌ͕ ĂŶĚ ĂƐƐŽĐŝĂƚĞĚ
ĐŽŶƚƌŽůƐLJƐƚĞŵƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘dŚĞƚƵƌďŝŶĞǁŝůůďĞĂƐŝŶŐůĞĐƌŽƐƐĨůŽǁͲƚLJƉĞƚƵƌďŝŶĞ͕ĂŶĚƚŚĞ
ŐĞŶĞƌĂƚŽƌ ǁŝůů ďĞ Ă ƚŚƌĞĞͲƉŚĂƐĞ ƐLJŶĐŚƌŽŶŽƵƐ ŵĂĐŚŝŶĞ͘ &ŝŶŝƐŚĞĚĨůŽŽƌ ĞůĞǀĂƚŝŽŶ ŝŶ ƚŚĞ
ƉŽǁĞƌŚŽƵƐĞǁŝůůďĞϳϱĨĞĞƚ͘dŚĞƚĂŝůƌĂĐĞĨŝŶŝƐŚĞĚĨůŽŽƌďĞŶĞĂƚŚƚŚĞƉŽǁĞƌŚŽƵƐĞǁŝůůďĞϲϱĨĞĞƚ͘
dŚĞŶŽƌŵĂůƚĂŝůǁĂƚĞƌĞůĞǀĂƚŝŽŶǁŝůůďĞĂƉƉƌŽdžŝŵĂƚĞůLJϲϳĨĞĞƚ͕ƌĞƐƵůƚŝŶŐŝŶĂŐƌŽƐƐƉƌŽũĞĐƚŚĞĂĚ
ŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭϲϭĨĞĞƚĂŶĚĂŶĞƚŽƉĞƌĂƚŝŶŐŚĞĂĚĂƚĨƵůůĚĞƐŝŐŶĨůŽǁŽĨĂďŽƵƚϭϱϭĨĞĞƚ͘
dŚĞŚLJĚƌŽĞůĞĐƚƌŝĐŐĞŶĞƌĂƚŽƌǁŝůůďĞĂƚŚƌĞĞͲƉŚĂƐĞϰϴϬͲsƐLJŶĐŚƌŽŶŽƵƐŵĂĐŚŝŶĞ͘/ƚǁŝůůŶŽƌŵĂůůLJ
ďĞƚŚĞƐŽůĞŐĞŶĞƌĂƚŝŽŶƐŽƵƌĐĞĨŽƌƚŚĞƵƚŝůŝƚLJďƵƚǁŝůůĂůƐŽďĞĐĂƉĂďůĞŽĨƉĂƌĂůůĞůŝŶŐǁŝƚŚƚŚĞ
ĚŝĞƐĞůŐĞŶĞƌĂƚŽƌƐǁŚĞŶŶĞĞĚĞĚ͘ƉĂĚͲŵŽƵŶƚĞĚƚƌĂŶƐĨŽƌŵĞƌǁŝůůďĞůŽĐĂƚĞĚŽƵƚƐŝĚĞƚŚĞŚLJĚƌŽ
ƉŽǁĞƌŚŽƵƐĞƚŽƐƚĞƉƚŚĞǀŽůƚĂŐĞƵƉƚŽϳ͘ϮͬϭϮ͘ϰϳŬsĨŽƌĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞĞdžŝƐƚŝŶŐĞůĞĐƚƌŝĐ
ƐLJƐƚĞŵ͘ŵĂŶƵĂůĚŝƐĐŽŶŶĞĐƚĂŶĚĨƵƐĞǁŝůůďĞůŽĐĂƚĞĚĂƚƚŚĞŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞ͕ĞŶĂďůŝŶŐƚŚĞ
ŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞƚŽďĞŝƐŽůĂƚĞĚĨƌŽŵƚŚĞĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵĨŽƌŵĂŝŶƚĞŶĂŶĐĞĂŶĚƌĞƉĂŝƌ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭϳ
ϯ͘ϮZ ^KhZ ^Z/Wd/KE
dŚĞƌĞƐŽƵƌĐĞĐŽŶƐŝĚĞƌĞĚŝŶƚŚŝƐƐƚƵĚLJŝƐhŶŐĂDĂŶƌĞĞŬ͕ůŽĐĂƚĞĚŽŶĞŵŝůĞŶŽƌƚŚŽĨ&ĂůƐĞWĂƐƐ
ŶĞĂƌƚŚĞŶŽƌƚŚĞŶƚƌĂŶĐĞƚŽ/ƐĂŶŽƚƐŬŝ^ƚƌĂŝƚ;&ŝŐƵƌĞƐͲϭĂŶĚͲϮĂŶĚWŚŽƚŽŐƌĂƉŚͲϭͿ͘
ϯ͘Ϯ͘ϭ,LJĚƌŽůŽŐLJ
ŶŶƵĂůƉƌĞĐŝƉŝƚĂƚŝŽŶĂŵŽƵŶƚƐǀĂƌLJƐŝŐŶŝĨŝĐĂŶƚůLJďĞƚǁĞĞŶƚŚĞWĂĐŝĨŝĐKĐĞĂŶĂŶĚĞƌŝŶŐ^ĞĂƐŝĚĞƐ
ŽĨhŶŝŵĂŬ/ƐůĂŶĚ͕ǁŝƚŚĂŶŶƵĂůƉƌĞĐŝƉŝƚĂƚŝŽŶŽĨϴϬнŝŶĐŚĞƐŽĐĐƵƌƌŝŶŐŽŶƚŚĞWĂĐŝĨŝĐƐŝĚĞĂŶĚůĞƐƐ
ƚŚĂŶϰϬŝŶĐŚĞƐŽŶƚŚĞĞƌŝŶŐ^ĞĂƐŝĚĞŽĨƚŚĞŝƐůĂŶĚ͕ũƵƐƚϯϬŵŝůĞƐĂǁĂLJ͘ϭϭƵĞƚŽƚŚŝƐƌĂƉŝĚůLJ
ĐŚĂŶŐŝŶŐĐůŝŵĂƚŝĐƌĞŐŝŵĞ͕ƐŝŐŶŝĨŝĐĂŶƚǀĂƌŝĂƚŝŽŶƐĞdžŝƐƚŝŶůŽĐĂůƉƌĞĐŝƉŝƚĂƚŝŽŶƉĂƚƚĞƌŶƐ͕ĚƵĞƚŽƚŚĞ
ŝŶĨůƵĞŶĐĞƐŽĨĞůĞǀĂƚŝŽŶ͕ůŽĐĂůĂůƉŝŶĞƚŽƉŽŐƌĂƉŚLJ͕ďĂƐŝŶŽƌŝĞŶƚĂƚŝŽŶ͕ƐƉĞĐŝĨŝĐƐƚŽƌŵƚƌĂĐŬƐ͕ĂŶĚ
ƐŝŵŝůĂƌŽƌŽŐƌĂƉŚŝĐĨĂĐƚŽƌƐ͘DĞĂŶŵŝŶŝŵƵŵ:ĂŶƵĂƌLJƚĞŵƉĞƌĂƚƵƌĞĂĐƌŽƐƐƚŚĞŝƐůĂŶĚŝƐнϮϲ&͘ϭϮ
EŽƉƌŝŽƌŚLJĚƌŽůŽŐLJŝŶĨŽƌŵĂƚŝŽŶŝƐŬŶŽǁŶƚŽĞdžŝƐƚĨŽƌhŶŐĂDĂŶƌĞĞŬŽƌŽƚŚĞƌŶĞĂƌďLJĐƌĞĞŬƐ͘
dŚĞŶĞĂƌĞƐƚĐƌĞĞŬǁŝƚŚďŽƚŚĐƵƌƌĞŶƚĂŶĚůŽŶŐͲƚĞƌŵŚLJĚƌŽůŽŐLJĚĂƚĂŝƐZƵƐƐĞůůƌĞĞŬ͕ϰϬŵŝůĞƐƚŽ
ƚŚĞŶŽƌƚŚĞĂƐƚŝŶŽůĚĂLJ͘
dŽ ĐŚĂƌĂĐƚĞƌŝnjĞ ƚŚĞ ŚLJĚƌŽůŽŐLJ ƌĞƐŽƵƌĐĞ ĨŽƌ ƚŚŝƐ ƉƌŽũĞĐƚ͕ ƐƚƌĞĂŵ ŐĂƵŐŝŶŐ ƐƚĂƚŝŽŶƐ ǁĞƌĞ
ĞƐƚĂďůŝƐŚĞĚŽŶƚŚĞŵĂŝŶƐƚĞŵŽĨhŶŐĂDĂŶƌĞĞŬŝŶϮϬϭϱĂŶĚĂƚƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĨŽƌŬƐŝŶ
ϮϬϭϲ͘dŚĞϯ͘ϱLJĞĂƌƐŽĨŚLJĚƌŽůŽŐLJĚĂƚĂĨƌŽŵƚŚĞƐĞƐƚĂƚŝŽŶƐŚĂǀĞďĞĞŶƵƐĞĚƚŽĐƌĞĂƚĞĂŶϯϭͲLJĞĂƌ
ĞdžƚĞŶĚĞĚƌĞĐŽƌĚŽĨhŶŐĂDĂŶŚLJĚƌŽůŽŐLJƚŚƌŽƵŐŚĐŽƌƌĞůĂƚŝŽŶ;ZϮсϬ͘ϲϴͿǁŝƚŚZƵƐƐĞůůƌĞĞŬ͘
ĚĞƚĂŝůĞĚŚLJĚƌŽůŽŐLJƌĞƉŽƌƚŝƐŝŶĐůƵĚĞĚǁŝƚŚƉƉĞŶĚŝdžŽĨƚŚŝƐƌĞƉŽƌƚ͘
ƚƚŚĞƉƌŽƉŽƐĞĚĚŝǀĞƌƐŝŽŶƐŝƚĞ͕hŶŐĂDĂŶƌĞĞŬŚĂƐĂǀĞƌĂŐĞĂŶŶƵĂůĨůŽǁŽĨϮϰĐƵďŝĐĨĞĞƚƉĞƌ
ƐĞĐŽŶĚ;ĐĨƐͿ͘ZĞƐŽƵƌĐĞĐĂƉĂĐŝƚLJĨĂĐƚŽƌĨŽƌƚŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚ͕ǁŝƚŚŶŽŝŶͲƐƚƌĞĂŵĨůŽǁ
ƌĞƐĞƌǀĂƚŝŽŶ͕ŝƐϳϯƉĞƌĐĞŶƚ͘&ŝŐƵƌĞϯͲϮƉƌĞƐĞŶƚƐƚŚĞĨůŽǁĚƵƌĂƚŝŽŶĐƵƌǀĞĨŽƌhŶŐĂDĂŶƌĞĞŬĂƚ
ƚŚĞ ƉƌŽƉŽƐĞĚ ĚŝǀĞƌƐŝŽŶ ƐŝƚĞ͘ &ŝŐƵƌĞ ϯͲϮ ƐŚŽǁƐ ĐƵƌǀĞƐ ďĂƐĞĚ ŽŶƚŚĞ ĂĐƚƵĂů ŚLJĚƌŽůŽŐLJ ĚĂƚĂ
ĐŽůůĞĐƚĞĚ Ăƚ ƚŚĞ ƐŽƵƚŚ ĨŽƌŬ ŐĂƵŐŝŶŐ ƐƚĂƚŝŽŶ ĂŶĚ ďĂƐĞĚ ŽŶ ƚŚĞ ϯϭͲLJĞĂƌ ĞdžƚĞŶĚĞĚ ŚLJĚƌŽůŽŐLJ
ƌĞĐŽƌĚ͘dŚĞƌĞĐĞŶƚƉĞƌŝŽĚŽĨƌĞĐŽƌĚĨŽƌƚŚĞŚLJĚƌŽůŽŐLJƐƚƵĚLJĞdžƉĞƌŝĞŶĐĞĚŚŝŐŚĞƌĨůŽǁƐƚŚĂŶƚŚĞ
ůŽŶŐĞƌƉĞƌŝŽĚŽĨƌĞĐŽƌĚĂƚZƵƐƐĞůůƌĞĞŬ͘,LJĚƌŽůŽŐLJďĂƐĞĚŽŶƚŚĞůŽŶŐĞƌĞdžƚĞŶĚĞĚƌĞĐŽƌĚŝƐ
ƵƐĞĚĨŽƌƉƌŽũĞĐƚĞǀĂůƵĂƚŝŽŶ͘DŽƌĞŝŶĨŽƌŵĂƚŝŽŶŝƐĂǀĂŝůĂďůĞŝŶƚŚĞƉƉĞŶĚŝdžŚLJĚƌŽůŽŐLJƌĞƉŽƌƚ͘
hŶŐĂ DĂŶ ƌĞĞŬ ĞdžŚŝďŝƚƐ ĞǀŝĚĞŶĐĞ ŽĨ ĂĐƚŝǀĞ ŵĞĂŶĚĞƌ͕ ƐŝŐŶŝĨŝĐĂŶƚďĞĚůŽĂĚƚƌĂŶƐƉŽƌƚ͕ĂŶĚ
ƐŝŐŶŝĨŝĐĂŶƚĨůŽŽĚĞǀĞŶƚƐƚŚƌŽƵŐŚƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƌĞĂĐŚ͘DĞĂŶĚĞƌůŝŵŝƚƐĂƌĞŐĞŶĞƌĂůůLJǁĞůů
ĚĞĨŝŶĞĚďLJƐŝŐŶŝĨŝĐĂŶƚĐƵƚďĂŶŬƐŽƌƚŽƉŽŐƌĂƉŚLJƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƌĞĂĐŚ͘ƌĞĞŬ
ďĂƐŝŶĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚŐĞŽŵŽƌƉŚŽůŽŐLJĂƌĞĚŝƐĐƵƐƐĞĚŝŶƉƉĞŶĚŝdž͘ϯ͘
ϭϭ /ŶƚĞƌƉƌĞƚĞĚĨƌŽŵWůĂƚĞϮ͕h^'^ϮϬϬϯ͘
ϭϮ /ŶƚĞƌƉƌĞƚĞĚĨƌŽŵWůĂƚĞϭ͕h^'^ϮϬϬϯ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭϴ
&ŝŐƵƌĞϯͲϮ &ůŽǁƵƌĂƚŝŽŶƵƌǀĞƐĂƚWƌŽƉŽƐĞĚŝǀĞƌƐŝŽŶ^ŝƚĞ
EŽƚĞϭ͗ĞƌŽĨůŽǁĨƌŽŵϵϬƚŽϭϬϬйŽĨƚŚĞƚŝŵĞŝƐĂŶĂƌƚŝĨĂĐƚŽĨƚŚĞƌĞĐŽƌĚĞdžƚĞŶƐŝŽŶĐŽƌƌĞůĂƚŝŽŶƚŽZƵƐƐĞůůƌĞĞŬ͘
^ĐĂƚƚĞƌŝŶƚŚĞĐŽƌƌĞůĂƚŝŽŶĚĂƚĂƌĞƐƵůƚƐŝŶƐŽŵĞŶŽŶͲnjĞƌŽZƵƐƐĞůůƌĞĞŬĨůŽǁƐŵĂƉƉŝŶŐƚŽnjĞƌŽĨůŽǁĂƚhŶŐĂDĂŶ
ƌĞĞŬ͘^ĞĞŚLJĚƌŽůŽŐLJƌĞƉŽƌƚŝŶƉƉĞŶĚŝdžĨŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐ&ŝŐƵƌĞϯͲϭϭ;ĐŽƌƌĞůĂƚŝŽŶĚĂƚĂƐĐĂƚƚĞƌ
ƉůŽƚͿ͘
ϯ͘Ϯ͘ϮdŽƉŽŐƌĂƉŚLJ
dŽƉŽŐƌĂƉŚLJ;&ŝŐƵƌĞƐͲϮ͕Ͳϯ͕ĂŶĚͲϰͿŽĨƚŚĞƉƌŽũĞĐƚĂƌĞĂǁĂƐŽďƚĂŝŶĞĚďLJ>^ŝŶϮϬϭϲĂŶĚ
ϮϬϭϳƵƐŝŶŐĚƌŽŶĞŝŵĂŐĞƌLJĂŶĚƉŚŽƚŽŐƌĂŵŵĞƚƌŝĐŵĞƚŚŽĚƐƚŽŐĞŶĞƌĂƚĞĂĚŝŐŝƚĂůƐƵƌĨĂĐĞŵŽĚĞů͘
'ƌŽƵŶĚĐŽŶƚƌŽůƉŽŝŶƚƐĂŶĚǀĞŐĞƚĂƚŝŽŶĐĂŶŽƉLJĚĂƚĂǁĞƌĞĐŽůůĞĐƚĞĚĂůŽŶŐƚŚĞĐƌĞĞŬĐŽƌƌŝĚŽƌƚŽ
ĐĂůŝďƌĂƚĞ ƚŚĞ ŵŽĚĞů ĂŶĚ ĐƌĞĂƚĞ ĂŶ ĂƉƉƌŽdžŝŵĂƚĞ ĚŝŐŝƚĂů ƚĞƌƌĂŝŶ ŵŽĚĞů ;dDͿ͘ dD
ƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨďĂƌĞĞĂƌƚŚƚŽƉŽŐƌĂƉŚLJŝƐĞdžĐĞůůĞŶƚĂůŽŶŐƚŚĞďĂƌƌĞŶĐƌĞĞŬĐŽƌƌŝĚŽƌĂŶĚŽƚŚĞƌ
ĂƌĞĂƐǀŽŝĚŽĨǀĞŐĞƚĂƚŝŽŶ͕ĂŶĚĨĂŝƌƚŽŐŽŽĚŝŶǀĞŐĞƚĂƚĞĚĂƌĞĂƐ͘
ϯ͘Ϯ͘ϯ'ĞŽƚĞĐŚŶŝĐĂůKďƐĞƌǀĂƚŝŽŶƐ
hŶŝŵĂŬ/ƐůĂŶĚŝƐŽĨǀŽůĐĂŶŝĐŽƌŝŐŝŶĂŶĚŚĂƐďĞĞŶƐƵďũĞĐƚƚŽĞdžƚ ĞŶƐŝǀĞŐůĂĐŝĂƚŝŽŶ͘ϭϯ^ƵƌĨŝĐŝĂů
ŐĞŽůŽŐLJǁŝƚŚŝŶƚŚĞĨŽŽƚƉƌŝŶƚŽĨƚŚĞƌĞĐŽŵŵĞŶĚĞĚŚLJĚƌŽƉƌŽũĞĐƚĐŽŶƐŝƐƚƐŽĨƵŶĐŽŶƐŽůŝĚĂƚĞĚ
ĂůůƵǀŝƵŵĂŶĚƉŽƐƐŝďůLJǀŽůĐĂŶŝĐĚĞƉŽƐŝƚƐŐƌĂĚŝŶŐĨƌŽŵďŽƵůĚĞƌƐƚŚƌŽƵŐŚĐŽďďůĞƐĂŶĚŐƌĂǀĞůƐ
ĚŽǁŶƚŽĨŝŶĞͲŐƌĂŝŶĞĚŵĂƚĞƌŝĂů;WŚŽƚŽŐƌĂƉŚƐͲϯƚŚƌŽƵŐŚͲϭϬĂŶĚͲϭϮͿ͘^ŽŵĞĐƌĞĞŬĐƵƚďĂŶŬƐ
ƐŚŽǁǁĞůůͲƐƚƌĂƚŝĨŝĞĚĚĞƉŽƐŝƚƐ;WŚŽƚŽŐƌĂƉŚƐͲϯ͕Ͳϳ͕ĂŶĚͲϭϮͿƚŚĂƚƐƵŐŐĞƐƚƚŚĞǀĂůůĞLJĨůŽŽƌ
ƚŽƉŽŐƌĂƉŚLJŵĂLJƉĂƌƚůLJďĞƚŚĞƌĞƐƵůƚŽĨŐůĂĐŝŽĨůƵǀŝĂůĂŶĚͬŽƌǀŽůĐĂŶŝĐĚĞƉŽƐŝƚŝŽŶĂůƉƌŽĐĞƐƐĞƐ͘
EŽĐŽŵƉĞƚĞŶƚďĞĚƌŽĐŬĞdžƉŽƐƵƌĞƐǁĞƌĞŽďƐĞƌǀĞĚŝŶƚŚĞƉƌŽũĞĐƚĨŽŽƚƉƌŝŶƚ ĚƵƌŝŶŐ ĨŝĞůĚ
ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĨŽƌ ƚŚŝƐ ƉƌŽũĞĐƚ͘ WƌŽũĞĐƚ ƐƚƌƵĐƚƵƌĞƐ ĐĂŶ ĞdžƉĞĐƚƚŽďĞĨŽƵŶĚĞĚŝŶůŽĐĂů
ƵŶĐŽŶƐŽůŝĚĂƚĞĚŵĂƚĞƌŝĂů͘DŽƌĞŝŶĨŽƌŵĂƚŝŽŶŽŶƐŝƚĞŐĞŽůŽŐLJĂŶĚŬŶŽǁŶŐĞŽƚĞĐŚŶŝĐĂůĐŽŶĚŝƚŝŽŶƐ
ĂƌĞƉƌŽǀŝĚĞĚŝŶƉƉĞŶĚŝdžĂƚ^ĞĐƚŝŽŶ͘ϰ͘
ϭϯ h^'^ϭϵϵϳ͘
EŽƚĞϭ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϭϵ
ϯ͘Ϯ͘ϰ&ŝƐŚĞƌŝĞƐZĞƐŽƵƌĐĞƐ
hŶŐĂDĂŶƌĞĞŬŝƐůŝƐƚĞĚďLJƚŚĞůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚĂŶĚ'ĂŵĞ;&'ͿĂƐĂŶĂĚƌŽŵŽƵƐ
ĨŝƐŚŚĂďŝƚĂƚĨŽƌĐŚƵŵ͕ƉŝŶŬ͕ĐŽŚŽĂŶĚƐŽĐŬĞLJĞƐĂůŵŽŶ͘ϭϰ&ŝĞůĚƐƵƌǀĞLJƐŝŶϮϬϭϱ͕ϮϬϭϲ͕ĂŶĚϮϬϭϳ
ďLJ>^ĨŽƌƚŚŝƐƉƌŽũĞĐƚĐŚĂƌĂĐƚĞƌŝnjĞĚĂŶĚƋƵĂŶƚŝĨŝĞĚƚŚĞƉƌĞƐĞŶĐĞ͕ĂďƵŶĚĂŶĐĞ͕ĂŶĚŚĂďŝƚĂƚŽĨ
ĂŶĂĚƌŽŵŽƵƐĨŝƐŚŝŶƚŚĞĐƌĞĞŬ͘^ƚƵĚŝĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞĐƌĞĞŬŝƐŝŵƉŽƌƚĂŶƚŚĂďŝƚĂƚĨŽƌƉŝŶŬĂŶĚ
ĐŚƵŵƐĂůŵŽŶ͕ďƵƚŶŽƚĨŽƌƐŽĐŬĞLJĞŽƌĐŽŚŽ͘ϵϯƉĞƌĐĞŶƚŽĨĂůůƉŽƚĞŶƚŝĂůƐƉĂǁŶŝŶŐŚĂďŝƚĂƚŽŶ
hŶŐĂDĂŶƌĞĞŬ͕ŝŶĐůƵĚŝŶŐĞƐƐĞŶƚŝĂůůLJĂůůŚŝŐŚͲǀĂůƵĞŚĂďŝƚĂƚ͕ŝƐůŽĐĂƚĞĚĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞƌŽĂĚ
ďƌŝĚŐĞ ;ZD Ϭ͘ϱϱͿ ĂŶĚ ƉƌŽũĞĐƚ ƚĂŝůƌĂĐĞ ;ZD Ϭ͘ϱϬͿ͕ ĂŶĚ ǁŝůů ŶŽƚ ďĞ ĂĨĨĞĐƚĞĚ ďLJ ƉƌŽũĞĐƚ
ŽƉĞƌĂƚŝŽŶƐ͘ϭϱdŚĞĐƌĞĞŬŝƐŶŽƚĐŽŶƐŝĚĞƌĞĚƚŽďĞƐŝŐŶŝĨŝĐĂŶƚĨŽƌƐƉŽƌƚŽƌĐŽŵŵĞƌĐŝĂůĨŝƐŚĞƌŝĞƐ͘
WŽůĂƌĐŽŶƐƵůƚĂŶĚ>^ĐŽŶƐƵůƚĞĚǁŝƚŚ&'ŝŶĚĞƐŝŐŶŽĨĨŝĞůĚƐƚƵĚŝĞƐĂŶĚƉƌŽũĞĐƚůĂLJŽƵƚƐ͘dŚĞ
ƉƌŽƉŽƐĞĚƉƌŽũĞĐƚůĂLJŽƵƚƌĞĨůĞĐƚƐƉƌĞůŝŵŝŶĂƌLJ&'ŐƵŝĚĂŶĐĞďĂƐĞĚŽŶĨŝƐŚĞƌŝĞƐƐƵƌǀĞLJƌĞƐƵůƚƐ
ĂŶĚ ŚLJĚƌŽůŽŐLJ ĚĂƚĂ ĐŽůůĞĐƚĞĚ ƚŚƌŽƵŐŚ ϮϬϭϳ͘ &ŝƐŚĞƌŝĞƐ ƐƵƌǀĞLJ ƌĞƉŽƌƚƐ͕ &' ĐŽŶǀĞƌƐĂƚŝŽŶ
ƌĞĐŽƌĚƐ͕ĂŶĚƌĞůĂƚĞĚŝŶĨŽƌŵĂƚŝŽŶŝƐŝŶĐůƵĚĞĚŝŶƉƉĞŶĚŝdž ͘EĞ ŐŽƚŝĂƚŝŶŐƌĞĂƐŽŶĂďůĞĨŝƐŚŚĂďŝƚĂƚ
ƉĞƌŵŝƚ ĐŽŶĚŝƚŝŽŶƐ ĂƉƉƌŽƉƌŝĂƚĞ ĨŽƌ ŚĂďŝƚĂƚ ƉƌŽƚĞĐƚŝŽŶ ǁŝůů ďĞ ŝŵƉŽƌƚĂŶƚ ƚŽ ƌĞĂůŝnjŝŶŐ ƚŚĞ ĨƵůů
ďĞŶĞĨŝƚƐŽĨƚŚŝƐƉƌŽũĞĐƚ͘
ϭϰ hŶŐĂ DĂŶ ƌĞĞŬ ŝƐ ůŝƐƚĞĚ ŝŶ ƚŚĞ ƚůĂƐ ĂŶĚ ĂƚĂůŽŐ ŽĨ tĂƚĞƌƐ /ŵƉŽƌƚĂŶƚ ƚŽ ƚŚĞ ^ƉĂǁŶŝŶŐ͕ ZĞĂƌŝŶŐ͕ ĂŶĚ
DŝŐƌĂƚŝŽŶŽĨŶĂĚƌŽŵŽƵƐ&ŝƐŚĞƐ͕ŵĂŝŶƚĂŝŶĞĚďLJƚŚĞůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚĂŶĚ'ĂŵĞ͘
ϭϱ >^ϮϬϭϱ͕>^ϮϬϭϲ͕>^ϮϬϭϳ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϮϬ
ϰ͘Ϭ KEKD/E>z^/^
dŽĞǀĂůƵĂƚĞƚŚĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐŽĨƚŚĞŚLJĚƌŽƉƌŽũĞĐƚ͕ĂĐŽŵƉĂƌĂƚŝǀĞĂŶĂůLJƐŝƐǁĂƐƉĞƌĨŽƌŵĞĚ
ďĞƚǁĞĞŶĂŚLJĚƌŽƉƌŽũĞĐƚĂŶĚĨƵƚƵƌĞĚŝĞƐĞůŐĞŶĞƌĂƚŝŽŶĐŽƐƚƐǁŝƚŚŽƵƚĂŚLJĚƌŽƉƌŽũĞĐƚ͘ĂƐĞĚŽŶ
ƚŚŝƐ ĂŶĂůLJƐŝƐ͕ ƚŚĞ ŚLJĚƌŽ ƉƌŽũĞĐƚ ŝƐ Ă ůŽǁĞƌͲĐŽƐƚ ƉŽǁĞƌ ƐƵƉƉůLJ ŽƉƚŝŽŶ ĨŽƌ &ĂůƐĞ WĂƐƐ ƚŚĂŶ
ĐŽŶƚŝŶƵĞĚƉƵƌĐŚĂƐĞĂŶĚĐŽŶƐƵŵƉƚŝŽŶŽĨĚŝĞƐĞůĨƵĞů͕ĞƐƉĞĐŝĂůůLJŝĨƚŚĞŚLJĚƌŽƉƌŽũĞĐƚ͛ƐĞdžĐĞƐƐ
ĞŶĞƌŐLJŝƐƵƐĞĚĨŽƌƐƉĂĐĞŚĞĂƚŝŶŐŽŶĂŶŝŶƚĞƌƌƵƉƚŝďůĞďĂƐŝƐ͘&ŝƚƚŝŶŐďƵŝůĚŝŶŐƐĨŽƌŝŶƚĞƌƌƵƉƚŝďůĞ
ĞůĞĐƚƌŝĐŚĞĂƚŝŶŐƐĞƌǀŝĐĞƐŝƐƌĞĐŽŵŵĞŶĚĞĚƚŽďĞĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞŚLJĚƌŽƉƌŽũĞĐƚŝŶŽƌĚĞƌƚŽ
ƌĞĂůŝnjĞƚŚĞĨƵůůƉƌŽũĞĐƚďĞŶĞĨŝƚƐ͘
Ŷ ĞĐŽŶŽŵŝĐ ĂŶĂůLJƐŝƐ ůŽŽŬŝŶŐ ĨŽƌǁĂƌĚ ϱϬ LJĞĂƌƐ ŝŶ ƚŝŵĞ ďLJ ŶĞĐĞƐƐŝƚLJ ŵĂŬĞƐ ƐŝŐŶŝĨŝĐĂŶƚ
ĂƐƐƵŵƉƚŝŽŶƐ͘ ^ĞĐƚŝŽŶ ϰ͘ϯ ŝŶĐůƵĚĞƐ Ă ƐĞŶƐŝƚŝǀŝƚLJ ĂŶĂůLJƐŝƐ ƚŚĂƚĞdžƉůŽƌĞƐƚŚĞŝŵƉĂĐƚƐŽĨŬĞLJ
ĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚĨŽƌƚŚĞĞĐŽŶŽŵŝĐĂŶĂůLJƐŝƐ͘
ϰ͘ϭK^d ^d/Dd &KZZ KDD E WZK: d
dŚĞƚŽƚĂůŝŶƐƚĂůůĞĚĐŽƐƚŽĨƚŚĞƉƌŽũĞĐƚŝƐΨϱ͘ϬϴŵŝůůŝŽŶŝŶϮϬϮϮĚŽůůĂƌƐ͘dŚŝƐŝŶĐůƵĚĞƐĐŽƐƚƐĨƌŽŵ
ƉĞƌŵŝƚƚŝŶŐ ĂŶĚ ĚĞƐŝŐŶ ƚŚƌŽƵŐŚ ƉƌŽũĞĐƚ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĐŽŵŵŝƐƐŝŽŶŝŶŐ͘ĚĞƚĂŝůĞĚĐŽƐƚ
ĞƐƚŝŵĂƚĞŝƐƉƌŽǀŝĚĞĚŝŶƉƉĞŶĚŝdž'͘dŚŝƐĐŽƐƚĞƐƚŝŵĂƚĞĂƐƐƵŵĞƐƚŚĞĐŽŵŵƵŶŝƚLJĐŽŶƚƌĂĐƚƐǁŝƚŚ
ĂƋƵĂůŝĨŝĞĚĐŽŶƐƚƌƵĐƚŝŽŶĨŝƌŵƚŽďƵŝůĚƚŚĞƉƌŽũĞĐƚ͘
ϰ͘Ϯ KEKD/ s>hd/KEK&Z KDD E WZK: d
dŚĞĞĐŽŶŽŵŝĐĂŶĂůLJƐŝƐŽĨƚŚĞŚLJĚƌŽƉƌŽũĞĐƚǁĂƐƉĞƌĨŽƌŵĞĚŽŶĂƌĞůĂƚŝǀĞďĂƐŝƐ͕ƵƐŝŶŐĐŽŶƚŝŶƵĞĚ
ŽƉĞƌĂƚŝŽŶŽĨƚŚĞĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚĂƐƚŚĞƌĞĨĞƌĞŶĐĞĐĂƐĞ͘ ƐƚŝŵĂƚĞƐŽĨŵĂũŽƌĚŝĨĨĞƌĞŶƚŝĂůĐŽƐƚƐ
ǁĞƌĞĚĞǀĞůŽƉĞĚĨŽƌƚŚĞĂŶĂůLJƐŝƐ͕ǁŚŝĐŚŝŶĐůƵĚĞĚ͗
ϭͿ ŶŶƵĂůĐŽƐƚƐĨŽƌŚLJĚƌŽƉƌŽũĞĐƚŽƉĞƌĂƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞ͕
ϮͿ ŶŶƵĂůƐĂǀŝŶŐƐĨƌŽŵƌĞĚƵĐĞĚĨƵĞůƵƐĂŐĞ͕ŽƉĞƌĂƚŝŽŶƐ͕ĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐĂƚƚŚĞ
ĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚ͕
ϯͿ ŶŶƵĂůƐĂǀŝŶŐƐĨŽƌƌĞĚƵĐĞĚŚĞĂƚŝŶŐĨƵĞůƵƐĂŐĞƚŚƌƵĚŝƐƉĂƚĐŚĂďůĞĞŶĞƌŐLJƐĞƌǀŝĐĞƐ͕ĂŶĚ
ϰͿ ĂƉŝƚĂůĐŽƐƚƐŽĨƚŚĞŚLJĚƌŽƉƌŽũĞĐƚ͘
ůůŽĨƚŚĞƐĞĞdžƉĞŶƐĞŝƚĞŵƐǁĞƌĞĐŽŶƐŝĚĞƌĞĚŽǀĞƌƚŚĞϱϬͲLJĞĂƌůŝĨĞ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ͕ ĂŶĚ ƚŚĞŶ
ĐŽŶǀĞƌƚĞĚƚŽƉƌĞƐĞŶƚǀĂůƵĞĂŵŽƵŶƚƐ͘dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞƉƌŽũĞĐƚ͛ƐďĞŶĞĨŝƚƐĂŶĚĐŽƐƚƐ
;ƌĞůĂƚŝǀĞƚŽĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚͿǁĞƌĞƚŚĞŶĐŽŵƉĂƌĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞ
ƉƌŽũĞĐƚ͛ƐĞƐƚŝŵĂƚĞĚďĞŶĞĨŝƚͲĐŽƐƚƌĂƚŝŽ͘dŚĞĞůĞĐƚƌŝĐƵƚŝůŝƚLJ͛ƐŐĞŶĞƌĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞĐŽƐƚƐĂƌĞ
ĂƐƐƵŵĞĚƚŽďĞĐŽŶƐƚĂŶƚĨŽƌďŽƚŚĐĂƐĞƐ͕ĂŶĚƐŽǁĞƌĞŶŽƚĐŽŶƐŝĚĞƌĞĚ͘^ŝŵŝůĂƌůLJ͕ƚŚĞĚŝĞƐĞůƉŽǁĞƌ
ƉůĂŶƚǁŝůůďĞŶĞĞĚĞĚĨŽƌďŽƚŚĐĂƐĞƐ͕ƐŽĞdžƉĞŶĚŝƚƵƌĞƐĨŽƌƚŚĞĚŝĞƐĞůƉůĂŶƚďĞLJŽŶĚKΘDĂŶĚĨƵĞů
ƐĂǀŝŶŐƐ ĂƌĞ ĂůƐŽ ŶŽƚ ĐŽŶƐŝĚĞƌĞĚ͘ DĂũŽƌ ĂƐƐƵŵƉƚŝŽŶƐ ƵƐĞĚ ŝŶ ƚŚĞ ĞĐŽŶŽŵŝĐ ĂŶĂůLJƐŝƐ ŽĨ ƚŚĞ
ƉƌŽũĞĐƚĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶdĂďůĞϰͲϭ͘dŚĞƐĞĂƐƐƵŵƉƚŝŽŶƐĂƌĞĚŝƐĐƵƐƐĞĚŝŶŐƌĞĂƚĞƌĚĞƚĂŝůŝŶ
ƉƉĞŶĚŝdž'͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϮϭ
dĂďůĞϰͲϭ ĂƐĞĂƐĞƐƐƵŵƉƚŝŽŶƐhƐĞĚĨŽƌ ĐŽŶŽŵŝĐŶĂůLJƐŝƐ
hƚŝůŝƚLJƐƐƵŵƉƚŝŽŶƐ sĂůƵĞ
ŶŶƵĂů ůĞĐƚƌŝĐĞŵĂŶĚ ϳϭϬ͕ϬϬϬŬŝůŽǁĂƚƚͲŚŽƵƌƐ
;ϭͿ
ŝĞƐĞůWŽǁĞƌWůĂŶƚ&ƵĞů ĨĨŝĐŝĞŶĐLJ ϭϮ͘ϱŬtŚŐĞŶĞƌĂƚĞĚƉĞƌŐĂůůŽŶ;ϭͿ
ŶŶƵĂůhƚŝůŝƚLJ&ƵĞůhƐĂŐĞĨŽƌ ůĞĐƚƌŝĐŝƚLJ'ĞŶĞƌĂƚŝŽŶ ϱϲ͕ϴϬϬŐĂůůŽŶƐ;ϭͿ
WĞƌ'ĂůůŽŶ&ƵĞůŽƐƚƚŽhƚŝůŝƚLJ Ψϯ͘ϬϲƉĞƌŐĂůůŽŶ
;ϮͿ
dŽƚĂůŶŶƵĂůhƚŝůŝƚLJ&ƵĞůŽƐƚƐ Ψϭϳϯ͕ϴϬϬ
hƚŝůŝƚLJ>ŽĂĚ'ƌŽǁƚŚWƌŽũĞĐƚŝŽŶƐ &ůĂƚĂƚĐƵƌƌĞŶƚůŽĂĚůĞǀĞů
;ϰͿ
ĐŽŶŽŵŝĐDŽĚĞůƐƐƵŵƉƚŝŽŶƐ
,LJĚƌŽWƌŽũĞĐƚ^ĂůǀĂŐĞsĂůƵĞ;zĞĂƌϱϬͿ ΨϬ
;ϰͿ
ŽŶƐƚƌƵĐƚŝŽŶĂŶĚŽŵŵŝƐƐŝŽŶŝŶŐzĞĂƌ ϮϬϮϲ
;ϰͿ
WƌŽũĞĐƚ&ŝŶĂŶĐŝŶŐ ĞďƚĨŝŶĂŶĐŝŶŐ͕'ƌĂŶƚĨŝŶĂŶĐŝŶŐ
;ϱͿ
ĞďƚƚĞƌŵ ϯϬLJĞĂƌƐ
;ϰͿ
ĞďƚŝŶƚĞƌĞƐƚƌĂƚĞ ϱй
;ϲͿ
ZĞĂůĚŝƐĐŽƵŶƚƌĂƚĞ ϯй
;ϰͿ
;ϭͿ ƉƉƌŽdžŝŵĂƚĞĂŶŶƵĂůĂǀĞƌĂŐĞĨŽƌƚŚĞƵƚŝůŝƚLJĨƌŽŵϮϬϭϲƚŽϮϬϮϭ͕ĂƐĚĞƚĞƌŵŝŶĞĚĨƌŽŵW ƉƌŽŐƌĂŵĂŶĚƵƚŝůŝƚLJƌĞĐŽƌĚƐ͘
;ϮͿ ϮϬϮϮĨƵĞůĐŽƐƚĂƐĞƐƚŝŵĂƚĞĚďLJƚŚĞůĂƐŬĂ ŶĞƌŐLJƵƚŚŽƌŝƚLJ; ϮϬϮϭͿ͘
;ϰͿ ƐƐƵŵĞĚǀĂůƵĞĨŽƌĂŶĂůLJƐŝƐ͘^ĞĞĂůƐŽƉƉĞŶĚŝdž'ŶĂƌƌĂƚŝǀĞ͘
;ϱͿ dŚĞĞĐŽŶŽŵŝĐĂŶĂůLJƐŝƐĨŽƌŐƌĂŶƚͲĨŝŶĂŶĐĞĚƉƌŽũĞĐƚƵƐĞĚƚŚĞĞĐŽŶŽŵŝĐŵŽĚĞůĚĞǀĞůŽƉĞĚĨŽƌƚŚĞ ͛ƐZĞŶĞǁĂďůĞ ŶĞƌŐLJ
'ƌĂŶƚWƌŽŐƌĂŵ;ZŽƵŶĚϭϰǀĞƌƐŝŽŶ͕ƌĞůĞĂƐĞĚEŽǀĞŵďĞƌϮϬϮϭͿ; ͕ϮϬϮϭͿ͘
;ϲͿ ƐƐƵŵĞĚŝŶƚĞƌĞƐƚƌĂƚĞŝƐďĂƐĞĚŽŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞĨŽƌƚŚĞWŽǁĞƌWƌŽũĞĐƚ&ƵŶĚĂĚŵŝŶŝƐƚĞƌĞĚďLJƚŚĞůĂƐŬĂ ŶĞƌŐLJ
ƵƚŚŽƌŝƚLJĂƐŽĨƉƌŝůϭϭ͕ϮϬϮϮ͘
dǁŽĨŝŶĂŶĐŝŶŐĂůƚĞƌŶĂƚŝǀĞƐǁĞƌĞĞǀĂůƵĂƚĞĚĨŽƌƚŚĞƉƌŽũĞĐƚ͛ƐĐĂƉŝƚĂůĐŽƐƚƐ͗;ϭͿĚĞďƚĨŝŶĂŶĐŝŶŐĂŶĚ
;ϮͿŐƌĂŶƚĨŝŶĂŶĐŝŶŐ͘ϭϲdĂďůĞϰͲϮƐƵŵŵĂƌŝnjĞƐƚŚĞƉƌĞƐĞŶƚͲǀĂůƵĞĐŽƐƚƐ͕ƉƌĞƐĞŶƚͲǀĂůƵĞƐĂǀŝŶŐƐ͕ĂŶĚ
Z ĨŽƌ ƚŚĞ ƌĞĐŽŵŵĞŶĚĞĚ ƉƌŽũĞĐƚ ĨŽƌ ďŽƚŚ ĚĞďƚͲ ĂŶĚ ŐƌĂŶƚͲďĂƐĞĚĨŝŶĂŶĐŝŶŐ͘dĂďůĞϰͲϮ
ĂƐƐƵŵĞƐƚŚĂƚϴϱйŽĨƚŚĞŐƌŽƐƐĂǀĂŝůĂďůĞĞdžĐĞƐƐŚLJĚƌŽĞŶĞƌŐLJŝƐĚŝƌĞĐƚĞĚƚŽĚŝƐƉĂƚĐŚĂďůĞĞŶĞƌŐLJ
ƐĞƌǀŝĐĞƐƚŽƌĞĚƵĐĞŚĞĂƚŝŶŐĨƵĞůĚĞŵĂŶĚŝŶĐŽŵŵƵŶŝƚLJďƵŝůĚŝŶŐƐ͘
dĂďůĞϰͲϮ ^ƵŵŵĂƌLJŽĨ ĐŽŶŽŵŝĐĂƚĂĨŽƌZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ
WĂƌĂŵĞƚĞƌ sĂůƵĞ
KEKD/ s>hd/KEK& dͲ&/EE WZK: d;ZĞůĂƚŝǀĞƚŽĐŽŶƚŝŶƵĞĚĚŝĞƐĞůŐĞŶĞƌĂƚŝŽŶͿ
WƌĞƐĞŶƚsĂůƵĞKĨWƌŽũĞĐƚĞŶĞĨŝƚƐ Ψϱ͕ϲϭϳ͕ϬϬϬ
WƌĞƐĞŶƚsĂůƵĞKĨWƌŽũĞĐƚŽƐƚƐ Ψϲ͕ϭϮϭ͕ϬϬϬ
E &/dͲK^dZd/K; dͲ&/EE WZK: dͿ Ϭ͘ϵϮ
KEKD/ s>hd/KEK&'ZEdͲ&/EE WZK: d;ZĞůĂƚŝǀĞƚŽĐŽŶƚŝŶƵĞĚĚŝĞƐĞůŐĞŶĞƌĂƚŝŽŶͿ
WƌĞƐĞŶƚsĂůƵĞKĨWƌŽũĞĐƚĞŶĞĨŝƚƐ Ψϱ͕ϲϳϱ͕ϬϬϬ
WƌĞƐĞŶƚsĂůƵĞKĨWƌŽũĞĐƚŽƐƚƐ Ψϰ͕ϵϯϮ͕ϬϬϬ
E &/dͲK^dZd/K;'ZEdͲ&/EE WZK: dͿ ϭ͘ϭϱ
WůĞĂƐĞƐĞĞƉƉĞŶĚŝdž'ĨŽƌĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶƚŚĞĞĐŽŶŽŵŝĐĂŶĂůLJƐŝƐ͘
ϭϲ dŚĞŐƌĂŶƚͲĨŝŶĂŶĐĞĚƐĐĞŶĂƌŝŽŝƐĚĞǀĞůŽƉĞĚƵƐŝŶŐƚŚĞĞĐŽŶŽŵŝĐŵŽĚĞůƵƐĞĚďLJ ƚŽĞǀĂůƵĂƚĞĂƉƉůŝĐĂƚŝŽŶƐƚŽ
ƚŚĞZĞŶĞǁĂďůĞ ŶĞƌŐLJ'ƌĂŶƚWƌŽŐƌĂŵ; ϮϬϮϭͿ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϮϮ
ϰ͘ϯ^ E^/d/s/dzE>z^/^
ƐĞŶƐŝƚŝǀŝƚLJ ĂŶĂůLJƐŝƐ ǁĂƐ ƉĞƌĨŽƌŵĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ŚŽǁ ƐĞŶƐŝƚŝǀĞƚŚĞĞĐŽŶŽŵŝĐĂŶĂůLJƐŝƐ
ĐŽŶĐůƵƐŝŽŶƐ ĂƌĞ ƚŽ ǀĂƌŝĂƚŝŽŶƐ ŝŶ ĂƐƐƵŵƉƚŝŽŶƐ ĂŶĚ ŝŶƉƵƚ ƉĂƌĂŵĞƚĞ ƌƐ͘ dŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ĂŶĚ
ŝŶƉƵƚƐƌĞǀŝĞǁĞĚĂŶĚƚŚĞƌĞƐƵůƚƐĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶdĂďůĞϰͲϯĨŽƌĂŐƌĂŶƚͲĨŝŶĂŶĐĞĚƉƌŽũĞĐƚ͘&Žƌ
ĞĂĐŚǀĂƌŝĂďůĞ͕ƚŚĞŝŶƉƵƚƌĂŶŐĞĐŽŶƐŝĚĞƌĞĚ͕ƌĞƐƵůƚŝŶŐƌĂŶŐĞŽĨZ͕ĂŶĚǀĂůƵĞƚŚĂƚƌĞƐƵůƚƐŝŶĂ
ZŽĨϭ͘ϬϬĂƌĞƉƌĞƐĞŶƚĞĚ͘'ĞŶĞƌĂůůLJ͕ƚŚĞZŽĨĂĚĞďƚͲĨŝŶĂŶĐĞĚƉƌŽũĞĐƚŝƐůŽǁĞƌƚŚĂŶĨŽƌĂ
ŐƌĂŶƚͲĨŝŶĂŶĐĞĚƉƌŽũĞĐƚĨŽƌĂŐŝǀĞŶƐĞƚŽĨĐŽŶĚŝƚŝŽŶƐĚƵĞƚŽŝŶƚĞƌĞƐƚŽǁĞĚŽŶƚŚĞĐĂƉŝƚĂůĚĞďƚ͘
dĂďůĞϰͲϯ ^ĞŶƐŝƚŝǀŝƚLJŶĂůLJƐŝƐZĞƐƵůƚƐ;'ƌĂŶƚͲ&ŝŶĂŶĐĞĚWƌŽũĞĐƚͿ
WĂƌĂŵĞƚĞƌĂƐĞĂƐĞsĂůƵĞ
;ZŽĨϭ͘ϭϱͿ
ZĂŶŐĞ
ŽŶƐŝĚĞƌĞĚ
ZĂŶŐĞŽĨ
ZĞƐƵůƚŝŶŐZ
sĂůƵĞĨŽƌZŽĨ
ϭ͘ϬϬ
/ŶƐƚĂůůĞĚŽƐƚ Ψϱ͕ϬϴϬ͕ϬϬϬ
ϲ͘ϯϱƚŽϯ͘ϴϭŵŝůůŝŽŶ
;нͬͲϮϱйͿϬ͘ϵϬʹϭ͘ϱϳΨϱ͕ϳϱϬ͕ϬϬϬ
;нϭϯйͿ
^LJƐƚĞŵůŽĂĚĂŶĚ
'ƌŽǁƚŚƚƌĞŶĚ;ϮͿ
ϳϭϬ͕ϬϬϬŬtŚ
;EŽŐƌŽǁƚŚͿ
ϯϱϬ͕ϬϬϬƚŽϭ͕Ϭϲϱ͕ϬϬϬŬtŚ
;нͬͲϱϬйͿϬ͘ϳϳʹϭ͘ϰϭ ʹϮϱй
/ŶͲ^ƚƌĞĂŵ&ůŽǁ
ZĞƐĞƌǀĂƚŝŽŶ;/^&ZͿEŽŶĞ ϭϬƚŽϬĐĨƐ Ϭ͘ϵϱʹϭ͘ϭϱ ϳĐĨƐ
/ŶĐƌĞŵĞŶƚĂůŶŶƵĂů
KƉĞƌĂƚŝŽŶƐŽƐƚƐΨϮϱ͕ϯϬϬͬLJĞĂƌ нϮϬϬйƚŽͲϱϬй ϭ͘Ϭϯʹϭ͘Ϯϭ
нϮϯϱй
;ΨϲϬ͕ϬϬϬͬLJĞĂƌͿ
ŽƐƚŽĨ&ƵĞů;ϯͿΨϯ͘ϬϴƉĞƌŐĂůůŽŶ
;ϮϬϮϲͿͲϱϬйƚŽнϮϬϬй Ϭ͘ϳϬʹϮ͘Ϭϱ
ʹϭϳй
;ΨϮ͘ϱϳŝŶϮϬϮϲͿ
WĞƌĐĞŶƚhƚŝůŝnjĂƚŝŽŶ
ŽĨ džĐĞƐƐ ŶĞƌŐLJϴϱй ϬйƚŽϭϬϬй ϭ͘Ϭϭʹϭ͘ϭϳ E
ŶǀŝƌŽŶŵĞŶƚĂů
ƚƚƌŝďƵƚĞƐ^ĂůĞƐ
WƌŝĐĞ
ΨϬ͘ϬϬƉĞƌŬtŚ ΨϬ͘ϬϬƚŽΨϬ͘ϬϯƉĞƌŬtŚ ϭ͘ϭϱʹϭ͘Ϯϯ E
EKd ^͗
;ϭͿdŚĞĨĞĂƐŝďŝůŝƚLJͲůĞǀĞůƉƌŽũĞĐƚĐŽƐƚĞƐƚŝŵĂƚĞĂůƌĞĂĚLJŝŶĐůƵĚĞƐĂϮϱйĐŽŶƚŝŶŐĞŶĐLJ͘
;ϮͿ>ŽĂĚŐƌŽǁƚŚĐĂƐĞƐĂƐƐƵŵĞĂĐŽŶƐƚĂŶƚůŽĂĚŽǀĞƌƚŚĞƉƌŽũĞĐƚ͛ƐĞĐŽŶŽŵŝĐůŝĨĞĂƚƚŚĞƐƚĂƚĞĚƉĞƌĐĞŶƚĂŐĞŽĨĞdžŝƐƚŝŶŐĂŶŶƵĂůůŽĂĚ͘
;ϯͿZĂŶŐĞŽĨĨƵĞůĐŽƐƚƐŝƐĂƉƉůŝĞĚƚŽďŽƚŚƉŽǁĞƌƉůĂŶƚĨƵĞůĂŶĚŚĞĂƚŝŶŐĨƵĞů͘^ŝŶĐĞƚŚĞ ĨƵĞůƉƌŝĐĞƉƌŽũĞĐƚŝŽŶƐǁĞƌĞƉƵďůŝƐŚĞĚ
ŝŶEŽǀĞŵďĞƌϮϬϮϭ͕ĐƌƵĚĞŽŝůƉƌŝĐĞƐŚĂǀĞŝŶĐƌĞĂƐĞĚΕϮϱйĨƌŽŵΕΨϴϬƚŽΕΨϭϬϬƉĞƌďĂƌƌĞů͘
Z ďĞŶĞĨŝƚͲĐŽƐƚƌĂƚŝŽ
ĐĨƐ ĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚ
E EŽƚĂƉƉůŝĐĂďůĞďĞĐĂƵƐĞǀĂƌŝĂƚŝŽŶƐŝŶƚŚĞƉĂƌĂŵĞƚĞƌĐĂŶŶŽƚƌĞƐƵůƚŝŶĂZŽĨϭŽƌůĞƐƐ͘
ĂƐĞĚŽŶƚŚŝƐĂŶĂůLJƐŝƐ͕ƚŚĞƉƌŽũĞĐƚĞĐŽŶŽŵŝĐƐĂƌĞŵŽƐƚƐĞŶƐŝƚŝǀĞƚŽƚŚĞĨŽůůŽǁŝŶŐƉĂƌĂŵĞƚĞƌƐ͗
;ϭͿ ŽƐƚŽĨĨƵĞů͕
;ϮͿ /ŶͲƐƚƌĞĂŵĨůŽǁƌĞƐĞƌǀĂƚŝŽŶƐ;/^&ZƐͿ͕ĂŶĚ
;ϯͿ /ŶƐƚĂůůĞĚĐŽƐƚ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϮϯ
ŽƐƚŽĨ&ƵĞů
dŚĞƉƌŽũĞĐƚ͛ƐďĞŶĞĨŝƚƐĂƌĞƐĞŶƐŝƚŝǀĞƚŽƚŚĞƉƌŝĐĞŽĨĨƵĞů͘dŚĞŝƚLJŚĂƐǀĞƌLJůŝƚƚůĞĐŽŶƚƌŽůŽǀĞƌƚŚĞ
ůŽŶŐƚĞƌŵƉƌŝĐĞŽĨĨƵĞů͘,ŝƐƚŽƌLJƐŚŽǁƐĨƵĞůƉƌŝĐĞƐĂƌĞǀŽůĂƚŝůĞĂŶĚǁŝůůǀĂƌLJĨƌŽŵΨϭϬƚŽϭϱϬƉĞƌ
ďĂƌƌĞů ŽĨ ĐƌƵĚĞ ďĂƐĞĚ ŽŶ ĐƵƌƌĞŶƚ ŐĞŽƉŽůŝƚŝĐĂů ĂŶĚ ŐůŽďĂů ŝŶĚƵƐƚ ƌLJ ĞǀĞŶƚƐ͘ dŚŝƐ ǀŽůĂƚŝůŝƚLJ ŝƐ
ĐŽŵƉŽƵŶĚĞĚŝŶƌƵƌĂůůĂƐŬĂĚƵĞƚŽůŝŵŝƚĞĚĚĞůŝǀĞƌLJĂŶĚůŽŐŝƐƚŝĐŽƉƚŝŽŶƐ͕ǁŚŝĐŚŵĂŐŶŝĨŝĞƐƚŚĞ
ƉƌŝĐĞǀŽůĂƚŝůŝƚLJŝŶŚĞƌĞŶƚŝŶŐůŽďĂůĐƌƵĚĞŽŝůŵĂƌŬĞƚƐ͘
/ŶͲ^ƚƌĞĂŵ&ůŽǁZĞƐĞƌǀĂƚŝŽŶƐ;/^&ZƐͿ
/^&ZƐĞƐƐĞŶƚŝĂůůLJĚĞƉƌŝǀĞƚŚĞŚLJĚƌŽƉƌŽũĞĐƚŽĨ͚ĨƵĞů͕͛ŝŵƉĂŝƌŝŶŐŝƚƐĂďŝůŝƚLJƚŽƉƌŽĚƵĐĞĞŶĞƌŐLJ͘
/^&ZƐ ǁŝůů ƉƌŽůŽŶŐ ƉƌŽũĞĐƚ ĚŽǁŶ ƚŝŵĞ ĚƵƌŝŶŐ ůŽǁ ĨůŽǁ ƉĞƌŝŽĚƐ͕ ĂŶĚ ǁŝůů Ăƚ ƚŝŵĞƐ ĐƵƌƚĂŝů
ŐĞŶĞƌĂƚŝŽŶǁŚĞŶ ƚŚĞ ƉƌŽũĞĐƚ ŝƐ ĂďůĞ ƚŽ ŽƉĞƌĂƚĞ͘ dŚŝƐ ǁŝůů ŝŶĐƌĞĂƐĞƚŚĞƌƵŶͲƚŝŵĞĨŽƌĚŝĞƐĞů
ŐĞŶĞƌĂƚŽƌƐ͕ƌĞĚƵĐŝŶŐKΘDĐŽƐƚƐĂǀŝŶŐƐĨƌŽŵƚŚĞƉƌŽũĞĐƚĂƐǁĞůůĂƐƌĞĚƵĐŝŶŐĨƵĞůƐĂǀŝŶŐƐ͘
tŚĞƌĞ ƉŽƐƐŝďůĞ͕ ƉĞƌŵŝƚƚŝŶŐ ƐŚŽƵůĚ ĞdžƉůŽƌĞ ĂůƚĞƌŶĂƚŝǀĞƐ ƚŽ /^&ZƐƐƵĐŚĂƐĂůƚĞƌŶĂƚĞƉůĂŶƚ
ĐŽŶĨŝŐƵƌĂƚŝŽŶƐŽƌŽĨĨͲƐŝƚĞĐŽŵƉĞŶƐĂƚŽƌLJŚĂďŝƚĂƚŝŶůŝĞƵŽĨ/^&ZƐ͘
/ŶƐƚĂůůĞĚŽƐƚ
ŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚŽǀĞƌƌƵŶƐŽŶƐŵĂůůŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚƐĐĂŶƐŝŐŶŝĨŝĐĂŶƚůLJƌĞĚƵĐĞƚŚĞƉƌŽũĞĐƚ͛Ɛ
ďĞŶĞĨŝƚƐ͘WƌŽƉĞƌƉƌŽũĞĐƚĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŵĂŶĂŐĞŵĞŶƚĂƌĞďŽƚŚŬĞLJƚŽĂƐƵĐĐĞƐƐĨƵůŽŶͲ
ďƵĚŐĞƚƉƌŽũĞĐƚ͘ŶĂĚĂƉƚŝǀĞĚĞƐŝŐŶƚŚĂƚĐĂŶƋƵŝĐŬůLJĂĚĚƌĞƐƐĐŚĂŶŐŝŶŐĨŝĞůĚĐŽŶĚŝƚŝŽŶƐƵƐŝŶŐŽŶͲ
ƐŝƚĞ ŵĂƚĞƌŝĂůƐ͕ ĞƋƵŝƉŵĞŶƚ͕ ĂŶĚ ůĂďŽƌ ǁŝůů ŚĞůƉ ƚŽ ĐŽŶƚƌŽů ĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽƐƚƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕
ƐĞůĞĐƚŝŶŐĂĐŽŶƚƌĂĐƚŽƌǁŝƚŚďŽƚŚůŽĐĂůĞdžƉĞƌŝĞŶĐĞĂŶĚƐŵĂůůŚLJĚƌŽĞdžƉĞƌŝĞŶĐĞǁŝůůŚĞůƉĂǀŽŝĚ
ƉƌŽďůĞŵƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘hƐŝŶŐĨŽƌĐĞͲĂĐĐŽƵŶƚĐŽŶƐƚƌƵĐƚŝŽŶǁŝƚŚĂĐĂƉĂďůĞƐƵƉĞƌŝŶƚĞŶĚĞŶƚ
ŝŶƐƚĞĂĚŽĨĂĐŽŶƚƌĂĐƚŽƌĨŽƌĂůůŽƌƉĂƌƚƐŽĨƚŚĞƉƌŽũĞĐƚĐĂŶĂůƐŽďĞĂŐŽŽĚƐƚƌĂƚĞŐLJƚŽŚĞůƉƚŚĞ
ĐŽŶƚƌŽůĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐ͘
ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞĐŚĂůůĞŶŐŝŶŐůŽŐŝƐƚŝĐƐĂŶĚŚŝŐŚƚƌĂŶƐƉŽƌƚĂƚŝŽŶĐŽƐƚƐŽĨƌĞŵŽƚĞůĂƐŬĂƉƌŽũĞĐƚƐ
ŵĞĂŶƚŚĂƚƐŝŐŶŝĨŝĐĂŶƚĂƚƚĞŶƚŝŽŶƐŚŽƵůĚďĞƉĂŝĚƚŽĞĂƌůLJƉůĂŶŶŝŶŐĨŽƌƚŚĞƉƌŽũĞĐƚ͘>ĂƐƚͲŵŝŶƵƚĞ
ƐŚŝƉƉŝŶŐ ŽĨ ŵŝŶŽƌ ŵĂƚĞƌŝĂůƐ ĚƵĞ ƚŽ ŝŶĐŽŵƉůĞƚĞ ŵĂƚĞƌŝĂů ƚĂŬĞͲŽĨĨƐ͕ ĞdžƚĞŶĚĞĚ ůĞĂƐĞ ƚĞƌŵƐ ŽĨ
ŝŵƉŽƌƚĞĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ĞƋƵŝƉŵĞŶƚ ĚƵĞ ƚŽ ƉŽŽƌ ƉůĂŶŶŝŶŐ Žƌ ƵŶĨŽƌĞƐĞĞŶ ƐŝƚĞ ĐŽŶĚŝƚŝŽŶƐ͕ ĂŶĚ
ƐŝŵŝůĂƌĨĂĐƚŽƌƐĐĂŶƌĂƉŝĚůLJŝŶĐƌĞĂƐĞƉƌŽũĞĐƚĐŽƐƚƐ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϮϰ
ϱ͘ϬKE>h^/KE^EZ KDD Ed/KE^
dŚĞƌƵŶͲŽĨͲƌŝǀĞƌŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚŽŶhŶŐĂDĂŶƌĞĞŬƌĞĐŽŵŵĞŶĚĞĚŝŶƚŚŝƐƌĞƉŽƌƚǁŝůů
ƐƵƉƉůLJϴϯйŽĨ&ĂůƐĞWĂƐƐ͛ĞdžŝƐƚŝŶŐĞůĞĐƚƌŝĐĂůĚĞŵĂŶĚŝŶĂŶĂǀĞƌĂŐĞǁĂƚĞƌLJĞĂƌ͘ĚĚŝƚŝŽŶĂůůLJ͕ŝƚ
ǁŝůůĚŝƐƉůĂĐĞϴ͕ϲϬϬŐĂůůŽŶƐĂŶŶƵĂůůLJŽĨŚĞĂƚŝŶŐĨƵĞůƵƐĞĚƚŽŚĞĂƚĐŽŵŵƵŶŝƚLJďƵŝůĚŝŶŐƐ͘
ƚĂŶĞƐƚŝŵĂƚĞĚŝŶƐƚĂůůĞĚĐŽƐƚŽĨΨϱ͘ϬϴŵŝůůŝŽŶ͕ƚŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚŚĂƐĂŶĞƐƚŝŵĂƚĞĚZ
ŽĨϭ͘ϭϱĐŽŵƉĂƌĞĚƚŽĐŽŶƚŝŶƵĞĚƌĞůŝĂŶĐĞŽŶĚŝĞƐĞůĨƵĞůĨŽƌĞůĞĐƚƌŝĐŝƚLJŐĞŶĞƌĂƚŝŽŶ͘dŚŝƐŝŶĐůƵĚĞƐ
ƚŚĞƐŝŐŶŝĨŝĐĂŶƚƐƉĂĐĞŚĞĂƚŝŶŐďĞŶĞĨŝƚƐƚŚĞƉƌŽũĞĐƚŝƐĐĂƉĂďůĞŽĨƐƵƉƉůLJŝŶŐƚŽƚŚĞĐŽŵŵƵŶŝƚLJ͘
dŚĞƐĞĨŝŶĚŝŶŐƐĂƌĞďĂƐĞĚŽŶŶŽ/^&ZďĞŝŶŐŶĞĐĞƐƐĂƌLJƚŽŵĂŝŶƚĂŝŶĨŝƐŚŚĂďŝƚĂƚŝŶƚŚĞƉƌŽũĞĐƚ
ďLJƉĂƐƐƌĞĂĐŚ͘dŚŝƐŝƐďĂƐĞĚŽŶƉƌĞůŝŵŝŶĂƌLJĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚ&'ŚĂďŝƚĂƚƉĞƌƐŽŶŶĞů͘Ŷ/^&Z
ǁŝůůƐŝŐŶŝĨŝĐĂŶƚůLJƌĞĚƵĐĞƉƌŽũĞĐƚďĞŶĞĨŝƚƐ͕ĂŶĚĐůŽƐĞĂƚƚĞŶƚŝŽŶƚŽƚŚŝƐŵĂƚƚĞƌŝƐǁĂƌƌĂŶƚĞĚĚƵƌŝŶŐ
ƚŚĞƉĞƌŵŝƚŶĞŐŽƚŝĂƚŝŽŶƉƌŽĐĞƐƐ͘ƐĂƉƉƌŽƉƌŝĂƚĞ͕ƉĞƌŵŝƚŶĞŐŽƚŝĂƚŝŽŶƐǁŝƚŚƚŚĞ&'ƐŚŽƵůĚ
ĞdžƉůŽƌĞĐŽŵƉĞŶƐĂƚŽƌLJĂŶĂĚƌŽŵŽƵƐŚĂďŝƚĂƚĂƐŵŝƚŝŐĂƚŝŽŶĨŽƌƌĞĚƵĐĞĚĨůŽǁƐŝŶƚŚĞďLJƉĂƐƐƌĞĂĐŚ
ŝŶůŝĞƵŽĨ/^&ZƐ͘
ĂƐĞĚŽŶƚŚĞĨŝŶĚŝŶŐƐŽĨƚŚŝƐƐƚƵĚLJ͕ĐŽŶƚŝŶƵĞĚĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽũĞĐƚŝƐǁĂƌƌĂŶƚĞĚĂƐƚŚĞ
ƉƌŽũĞĐƚĐĂŶƉƌŽǀŝĚĞĂƐŝŐŶŝĨŝĐĂŶƚůŽŶŐͲƚĞƌŵďĞŶĞĨŝƚƚŽ&ĂůƐĞWĂƐƐ͘dŚĞŶĞdžƚŵĂũŽƌƐƚĞƉƐƚŽ
ĚĞǀĞůŽƉƚŚĞƉƌŽũĞĐƚĂƌĞ͗
;ϭͿ/ŶŝƚŝĂƚĞƚŚĞƉĞƌŵŝƚƚŝŶŐƉƌŽĐĞƐƐĨŽƌƚŚĞƉƌŽũĞĐƚ͘
;ĂͿWƌĞƉĂƌĞĂŶĚĨŝůĞĂĞĐůĂƌĂƚŝŽŶŽĨ/ŶƚĞŶƚŝŽŶǁŝƚŚƚŚĞ&ĞĚĞƌĂů ŶĞƌŐLJ ZĞŐƵůĂƚŽƌLJ
ŽŵŵŝƐƐŝŽŶ;& ZͿƚŽĚĞƚĞƌŵŝŶĞŝĨƚŚĞƉƌŽũĞĐƚĨĂůůƐƵŶĚĞƌ& ZũƵƌŝƐĚŝĐƚŝŽŶ͘dŚŝƐǁŝůů
ŝŶĨůƵĞŶĐĞƚŚĞĐŽƵƌƐĞŽĨƉĞƌŵŝƚƚŝŶŐĨŽƌƚŚĞƉƌŽũĞĐƚĂŶĚǁŝůůĂůƐŽĞĨĨĞĐƚƚŚĞƉƌŽũĞĐƚ͛Ɛ
ůŝĨĞͲĐLJĐůĞĐŽƐƚƐ͕ǁŝƚŚ& ZũƵƌŝƐĚŝĐƚŝŽŶďĞŝŶŐĂĚǀĞƌƐĞƚŽƚŚĞŝƚLJŽŶďŽƚŚĐƌŝƚĞƌŝĂ͘
WƌĞůŝŵŝŶĂƌLJĂŶĂůLJƐŝƐƐƵŐŐĞƐƚƐƚŚĞƉƌŽũĞĐƚĚŽĞƐŶŽƚĨĂůůƵŶĚĞƌ& ZũƵƌŝƐĚŝĐƚŝŽŶ͘
;ďͿŽŶƚŝŶƵĞ ĐŽŶƐƵůƚĂƚŝŽŶƐ ǁŝƚŚ &' ƌĞŐĂƌĚŝŶŐ ĐŽŶĚŝƚŝŽŶƐ ĂƐƐŽĐ ŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ĨŝƐŚ
ŚĂďŝƚĂƚƉĞƌŵŝƚ͘KƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌŽĨĨͲƐŝƚĞŵŝƚŝŐĂƚŝŽŶ͕ĂŶĚŽŶͲƐŝƚĞŵŝƚŝŐĂƚŝŽŶǁŝƚŚŝŶ
ƚŚĞ ƉƌŽũĞĐƚ ĂƌĞĂ͕ ƐŚŽƵůĚ ďĞ ĚŝƐĐƵƐƐĞĚ ǁŝƚŚ &' ƉĞƌƐŽŶŶĞů ƚŽ ŵĂdžŝŵŝnjĞ ƉƌŽũĞĐƚ
ďĞŶĞĨŝƚƐ͘
;ĐͿƉƉůLJĨŽƌŽƚŚĞƌƌĞƋƵŝƌĞĚƉĞƌŵŝƚƐĂŶĚĂƵƚŚŽƌŝnjĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐůĂŶĚĂƵƚŚŽƌŝnjĂƚŝŽŶ
ĨƌŽŵ/ƐĂŶŽƚƐŬŝŽƌƉŽƌĂƚŝŽŶ͕h^ ǁĞƚůĂŶĚƐƉĞƌŵŝƚ͕ůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂů
ZĞƐŽƵƌĐĞƐ;EZͿǁĂƚĞƌƌŝŐŚƚƐƉĞƌŵŝƚ͕EZĚĂŵƐĂĨĞƚLJũƵƌŝƐĚŝĐƚŝŽŶƌĞǀŝĞǁ͕^ƚĂƚĞ
&ŝƌĞDĂƌƐŚĂůůůŝĨĞƐĂĨĞƚLJƉůĂŶƌĞǀŝĞǁ͕ĂŶĚůŽĐĂůƉĞƌŵŝƚƐĂƐƌĞƋƵŝƌĞĚ͘
;ϮͿŽŶƚŝŶƵĞĐŽůůĞĐƚŝŶŐŚLJĚƌŽůŽŐLJĚĂƚĂĂƚhŶŐĂDĂŶƌĞĞŬƚŽĂĨĨŝƌŵƉƌŽũĞĐƚƉĞƌĨŽƌŵĂŶĐĞ
ĨŝŶĚŝŶŐƐĂŶĚƐƵƉƉŽƌƚƉĞƌŵŝƚƚŝŶŐĞĨĨŽƌƚƐ͘ŽŶƚŝŶƵĞͬŝŶŝƚŝĂƚĞŽƚŚĞƌƌĞƐŽƵƌĐĞƐƚƵĚŝĞƐƚŽ
ƐƵƉƉŽƌƚƉĞƌŵŝƚƚŝŶŐĂŶĚĚĞƐŝŐŶĞĨĨŽƌƚƐ͘
;ϯͿŽŵƉůĞƚĞĚĞƐŝŐŶŽĨƚŚĞƉƌŽũĞĐƚ͕ǁŚŝĐŚǁŝůůŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗
;ĂͿ&ŝŶĂůŝnjĞ ƉƌŽũĞĐƚ ĐĂƉĂĐŝƚLJ ŽŶĐĞ ƉĞƌŵŝƚ ĐŽŶĚŝƚŝŽŶƐ ĂƌĞ ŬŶŽǁŶ͕ĂĚĚŝƚŝŽŶĂůƐŝƚĞ
ŝŶĨŽƌŵĂƚŝŽŶŝƐĂǀĂŝůĂďůĞ͕ĂŶĚƐƉĞĐŝĨŝĐĚŝƐƉĂƚĐŚĂďůĞĞŶĞƌŐLJůŽĂĚƐĂƌĞŝĚĞŶƚŝĨŝĞĚ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϮϱ
;ďͿDŽƌĞĚĞƚĂŝůĞĚĂŶĂůLJƐŝƐŽĨĞdžŝƐƚŝŶŐƐƉĂĐĞŚĞĂƚŝŶŐĚĞŵĂŶĚŝŶĐŽŵŵƵŶŝƚLJďƵŝůĚŝŶŐƐƚŽ
ƌĞĨŝŶĞƚŚĞƋƵĂŶƚŝƚLJŽĨĞdžĐĞƐƐŚLJĚƌŽĞŶĞƌŐLJƚŚĂƚĐĂŶďĞĚŝƐƉĂƚĐŚĞĚƚŽƐƉĂĐĞŚĞĂƚŝŶŐ
ůŽĂĚƐĂŶĚƚŚĞĞdžƚĞŶƚŽĨƵƉŐƌĂĚĞƐŶĞĞĚĞĚƚŽŝŵƉůĞŵĞŶƚĞůĞĐƚƌŝĐŚĞĂƚŝŶŐƐĞƌǀŝĐĞƐ͘
;ĐͿZĞǀŝĞǁ ĞdžŝƐƚŝŶŐ ĚŝĞƐĞů ƉůĂŶƚ ĐŽŶƚƌŽůƐ ƚŽ ŝĚĞŶƚŝĨLJ ƐƉĞĐŝĨŝĐ ƵƉŐƌĂĚĞƐ ŶĞĐĞƐƐĂƌLJ ƚŽ
ŝŶƚĞŐƌĂƚĞƉůĂŶƚƐ͘
;ĚͿĞƐŝŐŶŽĨŚLJĚƌŽƉƌŽũĞĐƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨŽƌďŝĚĚŽĐƵŵĞŶƚƐ͘
dĂďůĞϱͲϭƉƌŽǀŝĚĞƐĂŶƚŝĐŝƉĂƚĞĚĨƵƚƵƌĞƉƌŽũĞĐƚƐĐŚĞĚƵůĞĂŶĚŵŝůĞƐƚŽŶĞƐ͘dŚĞĂƐƐƵŵĞĚƐƚĂƌƚĚĂƚĞ
ĨŽƌĨƵƚƵƌĞƉƌŽũĞĐƚĞĨĨŽƌƚƐŝƐ^ĞƉƚĞŵďĞƌϭ͕ϮϬϮϮ͕ĂŶĚĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶŝƐƐƵŵŵĞƌϮϬϮϱ͘
&ŝŐƵƌĞϱͲϭ WƌŽƉŽƐĞĚWƌŽũĞĐƚĞǀĞůŽƉŵĞŶƚ^ĐŚĞĚƵůĞ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϮϲ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϮϳ
ϲ͘ϬZ & Z E ^
ϮϬϭϲ͘ ůĂƐŬĂ ŶĞƌŐLJƵƚŚŽƌŝƚLJ; Ϳ͘ZĞŵŽƚĞůĂƐŬĂŽŵŵƵŶŝƚŝĞƐ ŶĞƌŐLJ
ĨĨŝĐŝĞŶĐLJ;Z ͿŽŵƉĞƚŝƚŝŽŶ͘WŚĂƐĞ//^ƵŵŵĂƌLJĂŶĚ^ƚƌĂƚĞŐŝĐ ŶĞƌŐLJ
ĨĨŝĐŝĞŶĐLJWůĂŶ͘&ĂůƐĞWĂƐƐ͘ƵŐƵƐƚϮϮ͕ϮϬϭϲ͘ŶĐŚŽƌĂŐĞ͕<͘
ϮϬϮϭ͘ ͘ZĞŶĞǁĂďůĞ ŶĞƌŐLJ&ƵŶĚZŽƵŶĚϭϰ͘ ĐŽŶŽŵŝĐ ǀĂůƵĂƚŝŽŶDŽĚĞů
;džůƐdžĨŝůĞͿ͘EŽǀĞŵďĞƌϮϬϮϭ͘ŶĐŚŽƌĂŐĞ͕<͘
sKϮϬϭϳ͘ ůĂƐŬĂsŽůĐĂŶŽKďƐĞƌǀĂƚŽƌLJ͘tĞďƐŝƚĞĂĐĐĞƐƐĞĚ^ĞƉƚĞŵďĞƌϮϬ͕ϮϬϭϳ͘
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĂǀŽ͘ĂůĂƐŬĂ͘ĞĚƵͬǀŽůĐĂŶŽĞƐͬ
ZϮϬϮϮ͘ ůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨŽŵŵĞƌĐĞ͕ŽŵŵƵŶŝƚLJ͕ĂŶĚ ĐŽŶŽŵŝĐ
ĞǀĞůŽƉŵĞŶƚ͕ŝǀŝƐŝŽŶŽĨŽŵŵƵŶŝƚLJĂŶĚZĞŐŝŽŶĂůĨĨĂŝƌƐ;ZͿ͘tĞď
ƐŝƚĞ͗ŚƚƚƉ͗ͬͬǁǁǁ͘ĐŽŵŵĞƌĐĞ͘ƐƚĂƚĞ͘ĂŬ͘ƵƐĨŽƌ&ĂůƐĞWĂƐƐ͕ĂĐĐĞƐƐĞĚ&ĞďƌƵĂƌLJ
ϮϬϮϮ͘
DϮϬϬϰ͘ ƵĂŶĞ DŝůůĞƌ Θ ƐƐŽĐŝĂƚĞƐ͘ 'ĞŽƚĞĐŚŶŝĐĂů džƉůŽƌĂƚŝŽŶ͕ WƌŽƉŽƐĞĚ ^ŽůŝĚ
tĂƐƚĞ>ĂŶĚĨŝůů͕&ĂůƐĞWĂƐƐůĂƐŬĂ͘DΘ:ŽďEŽ͘ϰϬϴϲ͘Ϭϰϳ͘DĂƌĐŚϯϬ͕
ϮϬϬϰ͘ŶĐŚŽƌĂŐĞ͕<͘
'ŽůĚĞƌϮϬϭϰ͘ 'ŽůĚĞƌƐƐŽĐŝĂƚĞƐ͕/ŶĐ͘'ĞŽƚĞĐŚŶŝĐĂůZĞĐŽŶŶĂŝƐƐĂŶĐĞĨŽƌtŝŶĚdƵƌďŝŶĞ
&ĞĂƐŝďŝůŝƚLJ͕&ŝŶĂů͘&ĂůƐĞWĂƐƐ͕ůĂƐŬĂ͘WƌŽũĞĐƚͬĞůŝǀĞƌĂďůĞϭϮϯͲϵϱϴϮϰ͘Ϭϭ͘
:ƵŶĞϮ͕ϮϬϭϰ͘ŶĐŚŽƌĂŐĞ͕<͘
,ZϮϬϬϳ͘ ,Z͕/ŶĐ͘&ĂůƐĞWĂƐƐ>ĂŶĚĨŝůůĐĐĞƐƐZŽĂĚ͕,LJĚƌŽůŽŐLJĂŶĚ,LJĚƌĂƵůŝĐ^ƚƵĚLJ͕
&ŝŶĂůƌĂĨƚ͘DĂLJϮϬϬϳ͘ŶĐŚŽƌĂŐĞ͕<͘
,ŽďůĞƚϮϬϮϮ͘ ,ŽďůĞƚ͕EŝŬŬŝ͘DĂLJŽƌ͕&ĂůƐĞWĂƐƐ͘WĞƌƐŽŶĂůĐŽŵŵƵŶŝĐĂƚŝŽŶĂůƐŽǁŝƚŚ
WƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌƉĂƌƚŝĐŝƉĂƚŝŶŐ͘:ĂŶƵĂƌLJϮϬϮϮ͘&ĂůƐĞWĂƐƐ͕<͘
>^ϮϬϭϱ͘ >ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶ͕>>;>^Ϳ͘&ĂůƐĞWĂƐƐ,LJĚƌŽĞůĞĐƚƌŝĐWŽƚĞŶƚŝĂůϮϬϭϱ
ZĞĐŽŶŶĂŝƐƐĂŶĐĞZĞƉŽƌƚ;ŝŶĐůƵĚĞĚWŽůĂƌĐŽŶƐƵůƚϮϬϭϱĂĂŶĚϮϬϭϱďĂƐ
ĂƚƚĂĐŚŵĞŶƚƐͿ͘^ĞƉƚĞŵďĞƌϵ͕ϮϬϭϱ͘'ƵƐƚĂǀƵƐ͕<͘
>^ϮϬϭϲ͘ >^ĂŶĚWŽůĂƌĐŽŶƐƵůƚ͘&ĂůƐĞWĂƐƐ,LJĚƌŽĞůĞĐƚƌŝĐWŽƚĞŶƚŝĂůĂƚhŶŐĂDĂŶ
ƌĞĞŬ͘ϮϬϭϲ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJWƌŽŐƌĞƐƐZĞƉŽƌƚ͘ĞĐĞŵďĞƌϮϬϭϲ͘
'ƵƐƚĂǀƵƐ͕<ĂŶĚŶĐŚŽƌĂŐĞ͕<͘
>^ϮϬϭϳ͘ >^͘&ĂůƐĞWĂƐƐ&ŝĞůĚZĞƉŽƌƚĨŽƌƵŐƵƐƚϮϮͲϮϯ͕ϮϬϭϳ͘ĞƐĐƌŝďĞƐĨŝƐŚĞƌŝĞƐ
ƐƵƌǀĞLJƐĂŶĚĨŝŶĚŝŶŐƐ͕ĚƌŽŶĞŵĂƉƉŝŶŐƌĞƐƵůƚƐ͘ƵŐƵƐƚϮϬϭϳ͘'ƵƐƚĂǀƵƐ͕<͘
EZ >ϮϬϬϰ͘ EĂƚŝŽŶĂůZĞŶĞǁĂďůĞ ŶĞƌŐLJ>ĂďŽƌĂƚŽƌLJ͘dŚĞůĂƐŬĂsŝůůĂŐĞ ůĞĐƚƌŝĐ>ŽĂĚ
ĂůĐƵůĂƚŽƌ͘EZ >ͬdWͲϱϬϬͲϯϱϴϮϰ͘^ĞƉƚĞŵďĞƌϮϬϬϰ͘'ŽůĚĞŶ͕K͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚϮϴ
Ed^ϭϵϴϮ͘ EŽƌƚŚĞƌŶdĞĐŚŶŝĐĂů^ĞƌǀŝĐĞƐΘsĂŶ'ƵůŝŬĂŶĚƐƐŽĐŝĂƚĞƐ͘ZĞĐŽŶŶĂŝƐƐĂŶĐĞ
^ƚƵĚLJŽĨ ŶĞƌŐLJZĞƋƵŝƌĞŵĞŶƚƐĂŶĚůƚĞƌŶĂƚŝǀĞƐĨŽƌƚŚĞǀŝůůĂŐĞƐŽĨŶŝĂŬ͕
ƚŬĂ͕ŚĞĨŽƌŶĂŬ͕ŚŝŐŶŝŬ>ĂŬĞ͕ŽůĚĂLJ͕&ĂůƐĞWĂƐƐ͕,ŽŽƉĞƌĂLJ͕/ǀĂŶŽĨ
ĂLJ͕<ŽƚůŝŬ͕>ŽǁĞƌĂŶĚhƉƉĞƌ<ĂůƐŬĂŐ͕DĞŬŽƌLJƵŬ͕EĞǁƚŽŬ͕EŝŐŚƚŵƵƚĞ͕
EŝŬŽůƐŬŝ͕^ƚ͘'ĞŽƌŐĞ͕^ƚ͘DĂƌLJ͛Ɛ͕^ƚ͘WĂƵů͕dŽŬƐŽŽŬĂLJ͕ĂŶĚdƵŶƵŶĂŬ͘:ƵůLJ
ϭϵϴϮ͘ŶĐŚŽƌĂŐĞ͕<͘
WŽůĂƌĐŽŶƐƵůƚϮϬϭϱĂ͘ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘;WŽůĂƌĐŽŶƐƵůƚͿ͘WƌĞůŝŵŝŶĂƌLJ,LJĚƌŽůŽŐLJ ƐƚŝŵĂƚĞ
ĨŽƌ,LJĚƌŽƉŽǁĞƌĞǀĞůŽƉŵĞŶƚĂƚhŶŐĂDĂŶĂŶĚtĂƚĞƌĨĂůůƌĞĞŬƐŶĞĂƌ
&ĂůƐĞWĂƐƐ͕ůĂƐŬĂ͘^ĞƉƚĞŵďĞƌϮϬϭϱ͘ŶĐŚŽƌĂŐĞ͕<͘
WŽůĂƌĐŽŶƐƵůƚϮϬϭϱď͘ WŽůĂƌĐŽŶƐƵůƚ͘WƌĞůŝŵŝŶĂƌLJWƌŽũĞĐƚWĞƌĨŽƌŵĂŶĐĞĂŶĚĞǀĞůŽƉŵĞŶƚŽƐƚ
ƐƚŝŵĂƚĞƐĨŽƌhŶŐĂDĂŶƌĞĞŬ,LJĚƌŽŶĞĂƌ&ĂůƐĞWĂƐƐ͕ůĂƐŬĂ͘^ĞƉƚĞŵďĞƌ
ϮϬϭϱ͘ŶĐŚŽƌĂŐĞ͕<͘
WŽůĂƌĐŽŶƐƵůƚϮϬϮϭ͘ WŽůĂƌĐŽŶƐƵůƚ͘,LJĚƌŽůŽŐLJZĞƉŽƌƚĨŽƌhŶŐĂDĂŶƌĞĞŬŶĞĂƌ&ĂůƐĞWĂƐƐ͕
ůĂƐŬĂ͘ĞĐĞŵďĞƌϮϬϮϭ͘ŶĐŚŽƌĂŐĞ͕<͘
h^ ϭϵϴϬ͘ h͘^͘ƌŵLJŽƌƉƐŽĨ ŶŐŝŶĞĞƌƐ͕ůĂƐŬĂŝƐƚƌŝĐƚ;h^ Ϳ͘ZĞŐŝŽŶĂů/ŶǀĞŶƚŽƌLJ
ĂŶĚZĞĐŽŶŶĂŝƐƐĂŶĐĞ^ƚƵĚLJĨŽƌ^ŵĂůů,LJĚƌŽƉŽǁĞƌWƌŽũĞĐƚƐ͘ůĞƵƚŝĂŶ
/ƐůĂŶĚƐ͕ůĂƐŬĂWĞŶŝŶƐƵůĂ͕<ŽĚŝĂŬ/ƐůĂŶĚ͕ůĂƐŬĂ͘sŽůƵŵĞ//͗ŽŵŵƵŶŝƚLJ
,LJĚƌŽƉŽǁĞƌZĞƉŽƌƚƐ͘KĐƚŽďĞƌϭϵϴϬ͘ŶĐŚŽƌĂŐĞ͕<͘
z ϮϬϭϬ͘ zŽƵƌůĞĂŶ ŶĞƌŐLJ͕>>;z Ϳ͘ZĞŶĞǁĂďůĞ ŶĞƌŐLJZĞƐŽƵƌĐĞƐƐĞƐƐŵĞŶƚĨŽƌ
ƚŚĞŽŵŵƵŶŝƚŝĞƐŽĨŽůĚĂLJ͕&ĂůƐĞWĂƐƐ͕ĂŶĚEĞůƐŽŶ>ĂŐŽŽŶ͘DĂLJϮϬϭϬ͘
ŶĐŚŽƌĂŐĞ͕<͘
h^&t^ϮϬϮϮ͘ h͘^͘ &ŝƐŚ ĂŶĚ tŝůĚůŝĨĞ ^ĞƌǀŝĐĞ ;h^&t^Ϳ͘ /ŶĨŽƌŵĂƚŝŽŶ WůĂŶŶŝŶŐ ĂŶĚ
ŽŶƐƵůƚĂƚŝŽŶ ;/WĂͿ tĞď WŽƌƚĂů͘ ^ƉĞĐŝĞƐ ůŝƐƚ ŐĞŶĞƌĂƚĞĚ ƉƵƌƐƵĂŶƚ ƚŽ
ƉƌŽũĞĐƚĐŽĚĞϮϬϮϮͲϬϬϯϰϭϮϲ͘ƉƌŝůϮϬϮϮ͘ŶĐŚŽƌĂŐĞ͕<͘
h^'^ϭϵϵϳ͘ h͘^͘'ĞŽůŽŐŝĐĂů^ƵƌǀĞLJ;h^'^Ϳ͘ZĞǀŝƐĞĚ'ĞŽůŽŐŝĐDĂƉŽĨƚŚĞŽůĚĂLJĂŶĚ
&ĂůƐĞ WĂƐƐYƵĂĚƌĂŶŐůĞƐ͕ ůĂƐŬĂ WĞŶŝŶƐƵůĂ͘ KƉĞŶ &ŝůĞ ZĞƉŽƌƚ ϵϳͲϬϴϲϲ͘
ϭϵϵϳ͘
h^'^ϮϬϬϯ͘ h^'^͘ ƐƚŝŵĂƚŝŶŐƚŚĞDĂŐŶŝƚƵĚĞĂŶĚ&ƌĞƋƵĞŶĐLJŽĨWĞĂŬ^ƚƌĞĂŵĨůŽǁƐĨŽƌ
hŶŐĂŐĞĚ^ŝƚĞƐŽŶ^ƚƌĞĂŵƐŝŶůĂƐŬĂĂŶĚŽŶƚĞƌŵŝŶŽƵƐĂƐŝŶƐŝŶĂŶĂĚĂ͗
tĂƚĞƌͲZĞƐŽƵƌĐĞƐ/ŶǀĞƐƚŝŐĂƚŝŽŶƐZĞƉŽƌƚϮϬϬϯͲϰϭϴϴ͘LJƵƌƌĂŶ͕:ĂŶĞƚ,͖͘
DĞLJĞƌ͕ĂǀŝĚ&͖͘ĂŶĚdĂƐŬĞƌ͕'ĂƌLJ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
WW E/yʹWZK: dDW^
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϭ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϮ
&ŝŐƵƌĞͲϭ WƌŽũĞĐƚKǀĞƌǀŝĞǁĂŶĚ>ŽĐĂƚŝŽŶDĂƉ
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ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϯ
&ŝŐƵƌĞͲϮ DĂƉŽĨZĞĐŽŵŵĞŶĚĞĚhŶŐĂDĂŶƌĞĞŬ,LJĚƌŽWƌŽũĞĐƚ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϰ
&ŝŐƵƌĞͲϯ WůĂŶĞƚĂŝůŽĨŝǀĞƌƐŝŽŶ^ŝƚĞĨŽƌZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϱ
&ŝŐƵƌĞͲϰ WůĂŶĞƚĂŝůŽĨWŽǁĞƌŚŽƵƐĞ^ŝƚĞĨŽƌZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
WW E/yʹ^/d W,KdK'ZW,^
WŚŽƚŽŐƌĂƉŚ dŝƚůĞ WĂŐĞEŽƐ͘
WŚŽƚŽŐƌĂƉŚͲϭKďůŝƋƵĞĞƌŝĂůsŝĞǁŽĨhŶŐĂDĂŶƌĞĞŬ>ŽŽŬŝŶŐ^ŽƵƚŚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮ
WŚŽƚŽŐƌĂƉŚͲϮsŝĞǁƚŽǁĂƌĚƐhŶŐĂDĂŶsĂůůĞLJĨƌŽŵ&ĂůƐĞWĂƐƐ&ŝƐŚWƌŽĐĞƐƐŝŶŐWůĂŶƚƐ͘͘͘͘͘͘͘Ͳϯ
WŚŽƚŽŐƌĂƉŚͲϯhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϬ͘ϰϱ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϯ
WŚŽƚŽŐƌĂƉŚͲϰhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϬ͘ϱϱ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϰ
WŚŽƚŽŐƌĂƉŚͲϱhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϬ͘ϳϱ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϰ
WŚŽƚŽŐƌĂƉŚͲϲhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϬ͘ϵϱ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϱ
WŚŽƚŽŐƌĂƉŚͲϳhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϭ͘ϯϱ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϱ
WŚŽƚŽŐƌĂƉŚͲϴEŽƌƚŚΘ^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬŽŶĨůƵĞŶĐĞĂƚZŝǀĞƌDŝůĞϭ͘ϲ͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϲ
WŚŽƚŽŐƌĂƉŚͲϵ^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϭ͘ϳϱ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϲ
WŚŽƚŽŐƌĂƉŚͲϭϬ^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϭ͘ϴϬ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϳ
WŚŽƚŽŐƌĂƉŚͲϭϭ^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϭ͘ϴϱ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϳ
WŚŽƚŽŐƌĂƉŚͲϭϮEŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϭ͘ϲϱ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϴ
WŚŽƚŽŐƌĂƉŚͲϭϯKďůŝƋƵĞsŝĞǁŽĨEŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƐŝŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϴ
WŚŽƚŽŐƌĂƉŚͲϭϰdƌŝďƵƚĂƌLJtĂƚĞƌĨĂůůŽŶEŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂďŽǀĞZŝǀĞƌDŝůĞϮ͘ϭ͘͘͘Ͳϵ
WŚŽƚŽŐƌĂƉŚͲϭϱEŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂďŽǀĞZŝǀĞƌDŝůĞϮ͘ϭ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϵ
WŚŽƚŽŐƌĂƉŚͲϭϲEŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂďŽǀĞZŝǀĞƌDŝůĞϮ͘ϭ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϬ
WŚŽƚŽŐƌĂƉŚͲϭϳdƌŝďƵƚĂƌLJtĂƚĞƌĨĂůůŽŶEŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂďŽǀĞZŝǀĞƌDŝůĞϮ͘ϭ͘ͲϭϬ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϭ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϮ
WŚŽƚŽŐƌĂƉŚͲϭ KďůŝƋƵĞĞƌŝĂůsŝĞǁŽĨhŶŐĂDĂŶƌĞĞŬ>ŽŽŬŝŶŐ^ŽƵƚŚ
KďůŝƋƵĞĂĞƌŝĂůǀŝĞǁůŽŽŬŝŶŐƐŽƵƚŚŽǀĞƌŵĂŝŶƐƚĞŵŽĨhŶŐĂDĂŶƌĞĞŬĨƌŽŵƚŝĚĞǁĂƚĞƌƵƉƚŽƌŝǀĞƌ
ŵŝůĞϭ͘ϴ͘dŚĞĂƉƉƌŽdžŝŵĂƚĞůŽĐĂƚŝŽŶƐŽĨƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĨĞĂƚƵƌĞƐĂƌĞƐŚŽǁŶ͘
>ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶ͕ƵŐƵƐƚϮϬϭϱ͘
ZŝǀĞƌŵŝůĞϭ͘ϲ͗
^ŽƵƚŚͬEŽƌƚŚ&ŽƌŬ
ŽŶĨůƵĞŶĐĞ
>ĂŶĚĨŝůů
ZŝǀĞƌŵŝůĞϭ͘ϰ͗
ĂƐƚ&ŽƌŬDŽƵƚŚ
^ŽƵƚŚ&ŽƌŬĂƐŝŶ ĂƐƚ&ŽƌŬĂƐŝŶ/ƐĂŶŽƚƐŬŝ^ƚƌĂŝƚ
ZŝǀĞƌŵŝůĞϭ͘ϰϮ
,LJĚƌŽĚŝǀĞƌƐŝŽŶƐŝƚĞ
ZŝǀĞƌŵŝůĞϬ͘ϱϱ
,LJĚƌŽƉŽǁĞƌŚŽƵƐĞƐŝƚĞ
&ŝƐŚƉƌŽĐĞƐƐŝŶŐƉůĂŶƚƐ͘
^ƚĂƌƚƉƌŽũĞĐƚĞůĞĐƚƌŝĐĞdžƚĞŶƐŝŽŶ͘
&ĂůƐĞWĂƐƐŽŵŵƵŶŝƚLJ
;ďĞŚŝŶĚƌŝĚŐĞͿ
DĂŝŶůĂŶĚůĂƐŬĂ
hE/D</^>E
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϯ
WŚŽƚŽŐƌĂƉŚͲϮ sŝĞǁƚŽǁĂƌĚƐhŶŐĂDĂŶsĂůůĞLJĨƌŽŵ&ĂůƐĞWĂƐƐ&ŝƐŚWƌŽĐĞƐƐŝŶŐWůĂŶƚƐ
WŚŽƚŽŐƌĂƉŚͲϯ hŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϬ͘ϰϱ
>ĂŶĚĨŝůůĂĐĐĞƐƐƌŽĂĚůŽŽŬŝŶŐŶŽƌƚŚͲŶŽƌƚŚǁĞƐƚ
ĨƌŽŵŶĞĂƌƚŚĞĨŝƐŚƉƌŽĐĞƐƐŝŶŐƉůĂŶƚƐ͘ ůĞĐƚƌŝĐĂŶĚ
ĐŽŵŵƵŶŝĐĂƚŝŽŶĞdžƚĞŶƐŝŽŶƐǁŽƵůĚĨŽůůŽǁƚŚŝƐ
ƌŽƵƚĞƚŽƚŚĞŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞƐŝƚĞ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϲ͘
dLJƉŝĐĂůƌŝǀĞƌͲůĞĨƚĐƵƚďĂŶŬĂŶĚĨůŽŽĚƉůĂŝŶͬĐƌĞĞŬ
ďĞĚŵŽƌƉŚŽůŽŐLJĨŽƌƌĞĂĐŚĚŽǁŶƐƚƌĞĂŵŽĨƌŽĂĚ
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WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϳ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϰ
WŚŽƚŽŐƌĂƉŚͲϰ hŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϬ͘ϱϱ
WŚŽƚŽŐƌĂƉŚͲϱ hŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϬ͘ϳϱ
dLJƉŝĐĂůŵĂŝŶƐƚĞŵhŶŐĂDĂŶ ƌĞĞŬŵŽƌƉŚŽůŽŐLJũƵƐƚ
ďĞůŽǁƌŽĂĚďƌŝĚŐĞ͕ůŽŽŬŝŶŐĚŽǁŶƐƚƌĞĂŵ͘ƌŝĚŐĞ
ŐĂƵŐŝŶŐƐƚĂƚŝŽŶǀŝƐŝďůĞŝŶĨŽƌĞŐƌŽƵŶĚ͘WƌŽƉŽƐĞĚƚĂŝůƌĂĐĞ
ĚŝƐĐŚĂƌŐĞůŽĐĂƚŝŽŶŝƐŝŶƚŚŝƐǀŝĐŝŶŝƚLJ͘ZŝǀĞƌŵŝůĞϬ͘ϱϱ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϳ͘
dLJƉŝĐĂůŵĂŝŶƐƚĞŵhŶŐĂDĂŶƌĞĞŬŵŽƌƉŚŽůŽŐLJ
ŝŶƌĞĂĐŚĂďŽǀĞƌŽĂĚďƌŝĚŐĞ͕ůŽŽŬŝŶŐƵƉƐƚƌĞĂŵ͘
ZŝǀĞƌŵŝůĞϬ͘ϳϱ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϲ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϱ
WŚŽƚŽŐƌĂƉŚͲϲ hŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϬ͘ϵϱ
WŚŽƚŽŐƌĂƉŚͲϳ hŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϭ͘ϯϱ
dLJƉŝĐĂůŵĂŝŶƐƚĞŵhŶŐĂDĂŶƌĞĞŬŵŽƌƉŚŽůŽŐLJ
ŝŶƌĞĂĐŚĂďŽǀĞƌŽĂĚďƌŝĚŐĞ͕ůŽŽŬŝŶŐĚŽǁŶƐƚƌĞĂŵ͘
EŽƚĞďƌŽĂĚĐŽďďůĞďĂƌĂŶĚƌŝǀĞƌͲůĞĨƚĐƵƚďĂŶŬ͘
ZŝǀĞƌŵŝůĞϬ͘ϵϱ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϲ͘
ZŝǀĞƌͲƌŝŐŚƚĐƵƚďĂŶŬŶĞĂƌƌŝǀĞƌŵŝůĞϭ͘ϯϱ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϲ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϲ
WŚŽƚŽŐƌĂƉŚͲϴ EŽƌƚŚΘ^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬŽŶĨůƵĞŶĐĞĂƚZŝǀĞƌDŝůĞϭ͘ϲ
WŚŽƚŽŐƌĂƉŚͲϵ ^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϭ͘ϳϱ
ŽŶĨůƵĞŶĐĞŽĨŶŽƌƚŚĂŶĚƐŽƵƚŚĨŽƌŬƐ͕ůŽŽŬŝŶŐ
ƵƉƐƚƌĞĂŵ͘dLJƉŝĐĂůĐƌĞĞŬďĞĚŵŽƌƉŚŽůŽŐLJĨŽƌƚŚŝƐ
ƌĞĂĐŚ͘ZŝǀĞƌŵŝůĞϭ͘ϲ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϳ͘
dLJƉŝĐĂůĐƌĞĞŬƐƵďƐƚƌĂƚĞŽŶƐŽƵƚŚĨŽƌŬhŶŐĂDĂŶ
ĂďŽǀĞƚŚĞŐĂƵŐŝŶŐƐƚĂƚŝŽŶ͘ZŝǀĞƌŵŝůĞϭ͘ϳϱ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϲ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϳ
WŚŽƚŽŐƌĂƉŚͲϭϬ ^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϭ͘ϴϬ
WŚŽƚŽŐƌĂƉŚͲϭϭ ^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϭ͘ϴϱ
džƉŽƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐƚƌĂƚƵŵĨŽƌŵŝŶŐƐŽƵƚŚ
ĨŽƌŬĐƌĞĞŬďĞĚ͘&ŽƌĞŐƌŽƵŶĚďŽƵůĚĞƌƐĂƌĞ
ƉĞƌĐŚĞĚŽŶĐŽŶƐŽůŝĚĂƚĞĚƐƚƌĂƚƵŵ͘ZŝǀĞƌŵŝůĞϭ͘ϴ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϳ͘
ŽŶƐŽůŝĚĂƚĞĚĐŽŶŐůŽŵĞƌĂƚĞƐƚƌĂƚƵŵ
ŽƵƚĐƌŽƉƉŝŶŐĂƚƐŽƵƚŚĨŽƌŬƌŝǀĞƌͲƌŝŐŚƚďĂŶŬ͘
ZŝǀĞƌŵŝůĞϭ͘ϴϱ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϳ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϴ
WŚŽƚŽŐƌĂƉŚͲϭϮ EŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƚZŝǀĞƌDŝůĞϭ͘ϲϱ
WŚŽƚŽŐƌĂƉŚͲϭϯ KďůŝƋƵĞsŝĞǁŽĨEŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƐŝŶ
EŽƌƚŚĨŽƌŬŐĂƵŐŝŶŐƐƚĂƚŝŽŶĂŶĚƚLJƉŝĐĂů
ĐƌĞĞŬďĞĚƐƵďƐƚƌĂƚĞ͕ůŽŽŬŝŶŐƵƉƐƚƌĞĂŵ͘
ZŝǀĞƌŵŝůĞϭ͘ϲϱ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϲ͘
KďůŝƋƵĞǀŝĞǁŽĨEŽƌƚŚĨŽƌŬhŶŐĂDĂŶ ƌĞĞŬ
ďĂƐŝŶůŽŽŬŝŶŐŶŽƌƚŚǁĞƐƚ͘ƉƌŽŵŝŶĞŶƚƌŽĐŬ
ŽƵƚĐƌŽƉƉŝŶŐŽŶƚŚĞŶŽƌƚŚĨŽƌŬŽĨhŶŐĂDĂŶ
ƌĞĞŬŝƐǀŝƐŝďůĞŝŶƚŚĞŵŝĚĚůĞŐƌŽƵŶĚĂďŽǀĞ
ƌŝǀĞƌŵŝůĞϮ͘ϭ͘
WŽůĂƌĐŽŶƐƵůƚ͕ƵŐƵƐƚϮϬϭϲ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϵ
WŚŽƚŽŐƌĂƉŚͲϭϰ dƌŝďƵƚĂƌLJtĂƚĞƌĨĂůůŽŶEŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂďŽǀĞZŝǀĞƌDŝůĞϮ͘ϭ
WŚŽƚŽŐƌĂƉŚͲϭϱ EŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂďŽǀĞZŝǀĞƌDŝůĞϮ͘ϭ
WƌŽŵŝŶĞŶƚƌŽĐŬŽƵƚĐƌŽƉƐŝŶŶŽƌƚŚĨŽƌŬ
ƚƌŝďƵƚĂƌLJŚĞĂĚǁĂƚĞƌƐĂďŽǀĞƌŝǀĞƌŵŝůĞϮ͘ϭ͘
>ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶ͕ƵŐƵƐƚϮϬϭϳ͘
tĂƚĞƌĨĂůůŽǀĞƌĂƉƌŽŵŝŶĞŶƚƌŽĐŬ
ŽƵƚĐƌŽƉƉŝŶŐŽŶĂŶŽƌƚŚĨŽƌŬ
ƚƌŝďƵƚĂƌLJĂďŽǀĞƌŝǀĞƌŵŝůĞϮ͘ϭ͘
>ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶ͕ƵŐƵƐƚϮϬϭϳ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϭϬ
WŚŽƚŽŐƌĂƉŚͲϭϲ EŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂďŽǀĞZŝǀĞƌDŝůĞϮ͘ϭ
WŚŽƚŽŐƌĂƉŚͲϭϳ dƌŝďƵƚĂƌLJtĂƚĞƌĨĂůůŽŶEŽƌƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂďŽǀĞZŝǀĞƌDŝůĞϮ͘ϭ
^ƚĞĞƉƐƚƌĞĂŵŐƌĂĚŝĞŶƚĂŶĚƚLJƉŝĐĂů
ƐƵďƐƚƌĂƚĞĂůŽŶŐŶŽƌƚŚĨŽƌŬƚƌŝďƵƚĂƌLJ
ŚĞĂĚǁĂƚĞƌƐĂďŽǀĞƌŝǀĞƌŵŝůĞϮ͘ϭ͘
>ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶ͕ƵŐƵƐƚϮϬϭϳ͘
WƌŽŵŝŶĞŶƚƌŽĐŬŽƵƚĐƌŽƉƐĂŶĚǁĂƚĞƌĨĂůůŝŶ
ŶŽƌƚŚĨŽƌŬƚƌŝďƵƚĂƌLJŚĞĂĚǁĂƚĞƌƐĂďŽǀĞ
ƌŝǀĞƌŵŝůĞϮ͘ϭ͘
>ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶ͕ƵŐƵƐƚϮϬϭϳ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
WW E/yʹ,zZK>K'zZ WKZd
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϭ
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͗ WƌŽũĞĐƚ&ŝůĞ
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hŶŐĂDĂŶƌĞĞŬŝƐƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶďLJƚŚĞŝƚLJŽĨ&ĂůƐĞWĂƐƐ ;ŝƚLJͿ ĨŽƌ ŚLJĚƌŽƉŽǁĞƌ
ĚĞǀĞůŽƉŵĞŶƚƚŽƉƌŽǀŝĚĞĞůĞĐƚƌŝĐŝƚLJƚŽƚŚĞĐŽŵŵƵŶŝƚLJŽĨ&ĂůƐĞWĂƐƐ͘/ŶϮϬϭϱ͕ŽďŚƌŝƐƚĞŶĞŶ
ǁŝƚŚ>ŝǀŝŶŐ^LJƐƚĞŵƐĞƐŝŐŶĐŽŵƉůĞƚĞĚĂƌĞĐŽŶŶĂŝƐƐĂŶĐĞƐƚŽĚLJŽĨůŽĐĂůŚLJĚƌŽƉŽǁĞƌƌĞƐŽƵƌĐĞƐ
ĨŽƌ&ĂůƐĞWĂƐƐ͕ǁŚŝĐŚŝŶĐůƵĚĞĚŝŶƐƚĂůůĂƚŝŽŶŽĨĂƐƚƌĞĂŵŐĂƵŐĞŽŶhŶŐĂDĂŶƌĞĞŬĂƚƚŚĞƌŽĂĚ
ďƌŝĚŐĞ͘ WŽůĂƌĐŽŶƐƵůƚ ǁĂƐ ĐŽŶƚƌĂĐƚĞĚ ŝŶ ϮϬϭϲ͕ ϮϬϭϳ͕ ĂŶĚ ϮϬϮϬ ƚŽ ĐŽŶĚƵĐƚ ĨĞĂƐŝďŝůŝƚLJͲůĞǀĞů
ŝŶǀĞƐƚŝŐĂƚŝŽŶƐŽĨƚŚĞhŶŐĂDĂŶƌĞĞŬŚLJĚƌŽƉŽǁĞƌƌĞƐŽƵƌĐĞ͕ŝŶĐůƵĚŝŶŐĂŶĞdžƉĂŶĚĞĚŚLJĚƌŽůŽŐLJ
ƐƚƵĚLJƚŽŐĂƵŐĞĨůŽǁƐŽŶƚŚĞƐŽƵƚŚĂŶĚŶŽƌƚŚĨŽƌŬƐŽĨhŶŐĂDĂŶƌĞĞŬĂŶĚĂŶĂůLJƐŝƐƚŽĞǀĂůƵĂƚĞ
ĚĞǀĞůŽƉĂůŽŶŐͲƚĞƌŵŚLJĚƌŽůŽŐLJŵŽĚĞůƚŽƐƵƉƉŽƌƚŚLJĚƌŽƉŽǁĞƌĨĞĂƐŝďŝůŝƚLJĂƐƐĞƐƐŵĞŶƚ͘
dŚŝƐůĞƚƚĞƌƌĞƉŽƌƚƐƵŵŵĂƌŝnjĞƐhŶŐĂDĂŶƌĞĞŬŚLJĚƌŽůŽŐLJĂƐƌĞŐĂƌĚƐŚLJĚƌŽƉŽǁĞƌƉŽƚĞŶƚŝĂů
ďĂƐĞĚŽŶĨŝĞůĚƐƚƵĚŝĞƐĂŶĚĂŶĂůLJƐŝƐĨƌŽŵϮϬϭϱƚŽĐƵƌƌĞŶƚ͘^ƉĞĐŝĨŝĐĂůůLJ͕ƚŚŝƐĚŽĐƵŵĞŶƚ͗
ϭ͘ ^ƵŵŵĂƌŝnjĞƐ ƚŚĞ ŐĂƵŐŝŶŐ ƐƚĂƚŝŽŶ ŝŶƐƚĂůůĂƚŝŽŶƐ͕ ĂǀĂŝůĂďůĞ ĚĂƚĂ͕ ĂŶĚ ŝŶƚĞƌŝŵ ŚLJĚƌŽůŽŐLJ
ĂŶĂůLJƐŝƐŽĨhŶŐĂDĂŶƌĞĞŬďĂƐĞĚŽŶĚĂƚĂĐŽůůĞĐƚĞĚƚŽĚĂƚĞ͘
Ϯ͘ ^ƵŵŵĂƌŝnjĞƐŚLJĚƌŽůŽŐŝĐĂůƌĞĐŽƌĚĞdžƚĞŶƐŝŽŶƐƵƐŝŶŐĂĐŽƌƌĞůĂƚŝŽŶƚŽƚŚĞůŽŶŐͲƚĞƌŵh^'^
ŐĂƵŐŝŶŐƐƚĂƚŝŽŶĂƚZƵƐƐĞůůƌĞĞŬŝŶŽůĚĂLJ͕<͘
ϯ͘ ^ƵŵŵĂƌŝnjĞƐĞƐƚŝŵĂƚĞĚĨůŽŽĚĨƌĞƋƵĞŶĐLJĂŶĚŵĂŐŶŝƚƵĚĞƐ͕ĂŶĚĂƉƉĂƌĞŶƚĨůŽŽĚĞǀĞŶƚƐŽŶ
hŶŐĂDĂŶƌĞĞŬ͘
ϰ͘ ^ƵƉĞƌĐĞĚĞƐƉƌŝŽƌŚLJĚƌŽůŽŐLJƌĞƉŽƌƚƐĨŽƌƚŚŝƐƐŝƚĞ͘ůůƌĞůĞǀĂŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ŚĂƐ ďĞĞŶ
ĐĂƌƌŝĞĚĨŽƌǁĂƌĚŝŶƚŽƚŚŝƐĚŽĐƵŵĞŶƚĂŶĚƵƉĚĂƚĞĚǁŝƚŚĐƵƌƌĞŶƚĂŶĂůLJƐŝƐĂƐĂƉƉƌŽƉƌŝĂƚĞ͘
ŶĂůLJƐŝƐŝŶĚŝĐĂƚĞƐĂĐůĞĂƌĐŽƌƌĞůĂƚŝŽŶďĞƚǁĞĞŶƐŽƵƚŚĨŽƌŬhŶŐĂDĂŶƌĞĞŬĂŶĚZƵƐƐĞůůƌĞĞŬŝŶ
ŽůĚĂLJ͘ŵŽĚĞůĚĞǀĞůŽƉĞĚƚŽƉƌĞĚŝĐƚƐŽƵƚŚĨŽƌŬhŶŐĂDĂŶƌĞĞŬďĂƐĞĚŽŶZƵƐƐĞůůƌĞĞŬ
ĨůŽǁĂĐŚŝĞǀĞƐĂĐŽĞĨĨŝĐŝĞŶƚŽĨĚĞƚĞƌŵŝŶĂƚŝŽŶ;ZϮͿŽĨϬ͘ϲϴĨŽƌƚŚĞĂǀĂŝůĂďůĞĂƉƉƌŽdžŝŵĂƚĞůLJϯ͘ϱ
LJĞĂƌƐŽĨĐŽŵŵŽŶƌĞĐŽƌĚ͘ϭdŚĞƐŽƵƚŚĨŽƌŬŵŽĚĞůŝƐƵƐĞĚƚŽĚĞǀĞůŽƉĂŶĞdžƚĞŶĚĞĚŚLJĚƌŽůŽŐLJ
ƌĞĐŽƌĚĨŽƌƚŚĞƐŽƵƚŚĨŽƌŬďĂƐĞĚŽŶϯϭĨƵůůǁĂƚĞƌͲLJĞĂƌƐŽĨŚLJĚƌŽůŽŐLJĚĂƚĂĂƚZƵƐƐĞůůƌĞĞŬ͘
džŝƐƚŝŶŐŚLJĚƌŽůŽŐLJĚĂƚĂĂƌĞƐƵĨĨŝĐŝĞŶƚƚŽĨŽƌŵĐŽŶĐůƵƐŝŽŶƐƌĞŐĂƌĚŝŶŐĨĞĂƐŝďŝůŝƚLJŽĨǀĂƌŝŽƵƐŚLJĚƌŽ
ƉƌŽũĞĐƚƐŝŶƚŚĞhŶŐĂDĂŶƌĞĞŬďĂƐŝŶ͘/ĨƚŚĞĐŽŵŵƵŶŝƚLJĚĞĐŝĚĞƐ ƚŽ ĐŽŶƚŝŶƵĞ ƉƌŽũĞĐƚ
ĚĞǀĞůŽƉŵĞŶƚ͕ŝƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚŐĂƵŐŝŶŐĐŽŶƚŝŶƵĞŝŶŽƌĚĞƌƚŽ ďĞƚƚĞƌ ŐƵŝĚĞ ƚŚĞ
ĚĞǀĞůŽƉŵĞŶƚƉƌŽĐĞƐƐ͘&ƵƚƵƌĞŚLJĚƌŽůŽŐLJƐƚƵĚLJĚĞƐŝŐŶƐŚŽƵůĚďĞŐƵŝĚĞĚďLJƐƉĞĐŝĨŝĐƌĞƐŽƵƌĐĞ
ƋƵĞƐƚŝŽŶƐƚŚĂƚǁŝůůŶĞĞĚƚŽďĞĂĚĚƌĞƐƐĞĚƚŽƐĞĐƵƌĞƉƌŽũĞĐƚƉĞƌŵŝƚƐĂŶĚĂƉƉƌŽǀĂůƐ͘
ϭ ŽĞĨĨŝĐŝĞŶƚŽĨĚĞƚĞƌŵŝŶĂƚŝŽŶ;Z
ϮͿŝƐĂŵĂƚŚĞŵĂƚŝĐĂůŵĞĂƐƵƌĞŽĨŚŽǁĐůŽƐĞůLJƚǁŽĚĂƚĂƐĞƚƐŵĂƚĐŚ͘ǀĂůƵĞŽĨ
njĞƌŽŝŶĚŝĐĂƚĞƐƚŚĞƌĞŝƐŶŽƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚŚĞƚǁŽĚĂƚĂƐĞƚƐ͕ĂŶĚĂǀĂůƵĞŽĨŽŶĞŝŶĚŝĐĂƚĞƐƚŚĞƚǁŽĚĂƚĂƐĞƚƐ
ĂƌĞĐŽŵƉůĞƚĞůLJĐŽƌƌĞůĂƚĞĚ͘/ŶŐĞŶĞƌĂůƚĞƌŵƐ͕ĨŽƌůĂƐŬĂŚLJĚƌŽůŽŐLJƌĞŐƌĞƐƐŝŽŶĂŶĂůLJƐĞƐ͕ǀĂůƵĞƐĂďŽǀĞϬ͘ϳϬĂƌĞ
ĐŽŶƐŝĚĞƌĞĚŐŽŽĚĂŶĚǀĂůƵĞƐďĞůŽǁϬ͘ϰϬĂƌĞĐŽŶƐŝĚĞƌĞĚƉŽŽƌ͘^ŝŵŝůĂƌŵŽĚĞůƐĐŽƵůĚďĞĚĞǀĞůŽƉĞĚĨŽƌƚŚĞďƌŝĚŐĞ
ĂŶĚŶŽƌƚŚĨŽƌŬƐƚĂƚŝŽŶƐ͘
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,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϮK&Ϯϳ
Ϯ͘Ϭ s/>> ,zZK>K'zd
dŚĞƌĞĂƌĞŶŽŬŶŽǁŶŚLJĚƌŽůŽŐLJĚĂƚĂĨŽƌhŶŐĂDĂŶƌĞĞŬƉƌŝŽƌƚŽƚŚĞŽƵƚƐĞƚŽĨƚŚŝƐƐƚƵĚLJŝŶ
ƵŐƵƐƚϮϬϭϱ͘Ϯ&ŽƵƌŐĂƵŐŝŶŐƐƚĂƚŝŽŶƐǁĞƌĞŝŶƐƚĂůůĞĚĂƚhŶŐĂDĂŶƌĞĞŬĨŽƌƚŚŝƐƐƚƵĚLJ͗
ϭ͘ ƐƚĂƚŝŽŶĂƚƚŚĞƌŽĂĚďƌŝĚŐĞ͕
Ϯ͘ ƐƚĂƚŝŽŶĂƉƉƌŽdžŝŵĂƚĞůLJЬͲŵŝůĞƵƉƐƚƌĞĂŵŽĨƚŚĞďƌŝĚŐĞ͕
ϯ͘ ƐƚĂƚŝŽŶŽŶƚŚĞŶŽƌƚŚĨŽƌŬ͕ĂŶĚ
ϰ͘ ƐƚĂƚŝŽŶŽŶƚŚĞƐŽƵƚŚĨŽƌŬ͘
dŚĞďƌŝĚŐĞƐŝƚĞǁĂƐŚĞĂǀŝůLJĚĂŵĂŐĞĚďLJĂĨůŽŽĚĞǀĞŶƚ:ƵŶĞϮϴ͕ϮϬϭϵĂŶĚǁĂƐƌĞŵŽǀĞĚĨƌŽŵ
ƐĞƌǀŝĐĞ͘dŚĞƐƚĂƚŝŽŶũƵƐƚƵƉƐƚƌĞĂŵŽĨƚŚĞďƌŝĚŐĞǁĂƐƌĞŵŽǀĞĚĨƌŽŵƐĞƌǀŝĐĞŝŶϮϬϭϲĂŶĚĚŝĚŶŽƚ
LJŝĞůĚƵƐĞĨƵůĚĂƚĂ͘dŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĨŽƌŬƐƚĂƚŝŽŶƐǁĞƌĞƐƚŝůůŝŶǁŽƌŬŝŶŐŽƌĚĞƌŽŶDĂƌĐŚϭϬ͕
ϮϬϮϭ͘'ĂƵŐŝŶŐƐƚĂƚŝŽŶůŽĐĂƚŝŽŶƐĂŶĚƌĞĐŽƌĚƐĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶ&ŝŐƵƌĞϮͲϭ͕&ŝŐƵƌĞϮͲϮ͕ĂŶĚ
dĂďůĞϮͲϭ͘dŚĞŝŶƐƚĂůůĂƚŝŽŶƐĂƌĞĚĞƐĐƌŝďĞĚŝŶĚĞƚĂŝůŝŶ^ĞĐƚŝŽŶϱ͘Ϭ͘
ƉƉƌŽdžŝŵĂƚĞůLJϮ͘ϴLJĞĂƌƐŽĨŚLJĚƌŽůŽŐLJĚĂƚĂŚĂǀĞďĞĞŶĐŽůůĞĐƚĞĚĂƚƚŚĞďƌŝĚŐĞŐĂƵŐŝŶŐƐƚĂƚŝŽŶ͕
Ϯ͘ϱLJĞĂƌƐĂƚƚŚĞŶŽƌƚŚĨŽƌŬŐĂƵŐŝŶŐƐƚĂƚŝŽŶ͕ĂŶĚϯ͘ϱLJĞĂƌƐĂƚƚŚĞƐŽƵƚŚĨŽƌŬŐĂƵŐŝŶŐƐƚĂƚŝŽŶ͘
&ůŽǁŵĞĂƐƵƌĞŵĞŶƚƐŽŶhŶŐĂDĂŶƌĞĞŬĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶdĂďůĞϮͲϮ͘,LJĚƌŽŐƌĂƉŚƐ͕ƐƚĂŐĞͲ
ĚŝƐĐŚĂƌŐĞƌĂƚŝŶŐĐƵƌǀĞƐ͕ĂŶĚĨůŽǁĚƵƌĂƚŝŽŶĐƵƌǀĞƐĨŽƌĂůůĂĐƚŝǀĞŐĂƵŐŝŶŐƐƚĂƚŝŽŶƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶ
ƚŚŝƐŵĞŵŽ͘ƌĞĐŽƌĚĞdžƚĞŶƐŝŽŶ͕ŚLJĚƌŽůŽŐLJŵŽĚĞů͕ĂŶĚƐƚĂƚŝƐƚŝĐƐĂƌĞĂůƐŽƉƌĞƐĞŶƚĞĚ͘
&ŝŐƵƌĞϮͲϭ͗,LJĚƌŽůŽŐLJWĞƌŝŽĚŽĨZĞĐŽƌĚĨŽƌhŶŐĂDĂŶƌĞĞŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶƐ
Ϯ ŚLJĚƌŽůŽŐLJĂŶĚŚLJĚƌĂƵůŝĐƐƚƵĚLJƌĞƉŽƌƚǁĂƐĐŽŵƉůĞƚĞĚĨŽƌĚĞƐŝŐŶŽĨƚŚĞůĂŶĚĨŝůůĂĐĐĞƐƐƌŽĂĚďƌŝĚŐĞ͘dŚŝƐƐƚƵĚLJ
ĚĞǀĞůŽƉĞĚĨůŽŽĚŵĂŐŶŝƚƵĚĞĞƐƚŝŵĂƚĞƐďƵƚĚŝĚŶŽƚŝŶĐůƵĚĞĂŶLJƐƚƌĞĂŵŐĂƵŐŝŶŐĂƚhŶŐĂDĂŶƌĞĞŬ;,ZϮϬϬϳͿ͘
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϯK&Ϯϳ
dĂďůĞϮͲϭ͗^ƵŵŵĂƌLJŽĨ,LJĚƌŽůŽŐLJĂƚĂĨŽƌhŶŐĂDĂŶƌĞĞŬ
>ŽĐĂƚŝŽŶ;ϭͿ
ĂƐŝŶ^ŝnjĞ
;ƐƋƵĂƌĞ
ŵŝůĞƐͿ;ϭͿ
^ŝƚĞ
ůĞǀĂƚŝŽŶ
;ĨƚͿ;ϮͿ
>ĂƚŝƚƵĚĞ;ϮͿ >ŽŶŐŝƚƵĚĞ;ϮͿ ZĞĐŽƌĚ
ĞŐŝŶĂƚĞ
ZĞĐŽƌĚ
ŶĚ
ĂƚĞ
EƵŵďĞƌ
ŽĨĂŝůLJ
ZĞĐŽƌĚƐ
ƌŝĚŐĞ'ĂƵŐŝŶŐ
^ƚĂƚŝŽŶ;ZDϬ͘ϲϭͿϯ͘ϲϲ ϳϬ ϱϰϱϮ͘ϰ͛ ϭϲϯϮϱ͘Ϭ͛
ϴͬϮϲͬϮϬϭϱ ϳͬϭϴͬϮϬϭϳϭ͕ϬϬϮ
;Ϯ͘ϳϱLJƌƐͿ
ϳϭй;ϰͿ
ϴͬϮϮͬϮϬϭϳ ϯͬϮϯͬϮϬϭϴ
ϰͬϱͬϮϬϭϵ ϳͬϴͬϮϬϭϵ
;ϯͿ
hƉƉĞƌ'ĂƵŐŝŶŐ
^ƚĂƚŝŽŶ;ZDϬ͘ϳϱͿϯ͘ϱϵ ϴϭ ϱϰϱϮ͘ϰ͛ ϭϲϯϮϱ͘Ϯ͛ ϴͬϮϳͬϮϬϭϱ ϴͬϭϲͬϮϬϭϲ E
;ϱͿ
EŽƌƚŚ&ŽƌŬ
'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
;ZDϭ͘ϲϱͿ
ϭ͘ϯϴ Ϯϳϳ ϱϰϱϮ͘ϯ͛ ϭϲϯϮϲ͘ϯ͛
ϴͬϭϲͬϮϬϭϲ ϳͬϭϮͬϮϬϭϳ
ϵϭϵ;ϲͿ
;Ϯ͘ϱϮLJƌƐͿ
ϱϱй;ϰͿ
ϴͬϮϮͬϮϬϭϳ ϯͬϮϯͬϮϬϭϴ
ϵͬϵͬϮϬϭϴ ϵͬϭϳͬϮϬϭϵ
ϯͬϭϬͬϮϬϮϭ EŽƚĞϲ͘
^ŽƵƚŚ&ŽƌŬ
'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
;ZDϭ͘ϲϱͿ
ϭ͘ϮϬ Ϯϳϵ ϱϰϱϮ͘ϯ͛ ϭϲϯϮϲ͘ϯ͛
ϴͬϭϳͬϮϬϭϲ ϯͬϭϱͬϮϬϭϳ
ϭ͕Ϯϳϴ;ϲͿ
;ϯ͘ϱϭLJƌƐͿ
ϳϳй;ϰͿ
ϴͬϮϯͬϮϬϭϳ ϵͬϭϭͬϮϬϭϴ
ϭϭͬϮϭͬϮϬϭϴ ϭϬͬϱͬϮϬϮϬ
ϯͬϭϬͬϮϬϮϭ EŽƚĞϲ͘
ZƵƐƐĞůůƌĞĞŬŶĞĂƌ
ŽůĚĂLJ;h^'^
ηϭϱϮϵϳϲϭϬͿ
ϯϬ͘ϵ ϳ͘ϲϱ ϱϱϭϬ͘ϳ͛ ϭϲϮϰϭ͘ϯ͛
ϭϬͬϭͬϭϵϴϭ ϭϮͬϯϭͬϭϵϴϲϭϭ͕ϯϮϯ;ϳͿ
;ϯϭ͘ϬLJƌƐͿϭϬͬϭͬϭϵϵϱ ϵͬϯϬͬϮϬϮϭ
;ϳͿ
ďďƌĞǀŝĂƚŝŽŶƐĂŶĚEŽƚĞƐ
Ĩƚ͗ ĨĞĞƚ h^'^͗ h͘^͘'ĞŽůŽŐŝĐĂů^ƵƌǀĞLJ
E͗ ŶŽƚĂƉƉůŝĐĂďůĞ LJƌƐ͗ LJĞĂƌƐ
ZD͗ƌŝǀĞƌŵŝůĞ͘ŝƐƚĂŶĐĞŝŶŵŝůĞƐĂůŽŶŐƚŚĞŵĂŝŶĐŚĂŶŶĞůƵƉƐƚƌĞĂŵĨƌŽŵƚŝĚĞǁĂƚĞƌ͘
;ϭͿhŶŐĂDĂŶƌĞĞŬƌŝǀĞƌŵŝůĞĂŐĞŝƐĨŽƌƚŚĞŵĂŝŶĐŚĂŶŶĞůŵĞĂŶĚĞƌŵĂƉƉĞĚĨƌŽŵĨŝĞůĚĚĂƚĂĐŽůůĞĐƚĞĚƚŚĞǁĞĞŬŽĨƵŐƵƐƚϭϱƚŚ͕
ϮϬϭϲ͘ĂƐŝŶĂƌĞĂƐĂƌĞĐĂůĐƵůĂƚĞĚĨƌŽŵƉƌŽũĞĐƚĞůĞǀĂƚŝŽŶŵŽĚĞůĂŶĚŵĂŝŶĐŚĂŶŶĞůŵĞĂŶĚĞƌ͘
;ϮͿ'ĂƵŐŝŶŐƐƚĂƚŝŽŶůŽĐĂƚŝŽŶƐĂŶĚĞůĞǀĂƚŝŽŶƐĂƌĞĂƉƉƌŽdžŝŵĂƚĞ͕ĂŶĚďĂƐĞĚŽŶƚŚĞƉƌŽũĞĐƚĞůĞǀĂƚŝŽŶŵŽĚĞů͘
;ϯͿ^ƚĂƚŝŽŶǁĂƐĚĞƐƚƌŽLJĞĚďLJĂĨůŽŽĚŝŶ:ƵŶĞϮϬϭϵĂŶĚŝƐŶŽůŽŶŐĞƌŝŶƐĞƌǀŝĐĞ͘
;ϰͿWĞƌĐĞŶƚĂŐĞŝŶĚŝĐĂƚĞƐƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞŽǀĞƌĂůůƐƚĂƚŝŽŶƌĞĐŽƌĚĨŽƌǁŚŝĐŚƚŚĞƐƚĂƚŝŽŶƉƌŽĚƵĐĞĚŚLJĚƌŽůŽŐLJĚĂƚĂ͘
;ϱͿ^ƚĂƚŝŽŶĚŝĚŶŽƚLJŝĞůĚƵƐĞĨƵůŚLJĚƌŽůŽŐLJĚĂƚĂ͘^ĞĞƐƚĂƚŝŽŶŶĂƌƌĂƚŝǀĞŝŶ^ĞĐƚŝŽŶϱ͘ϬŽĨƚŚŝƐƌĞƉŽƌƚ͘
;ϲͿ&ŽƌŐĂƵŐŝŶŐƐƚĂƚŝŽŶƐƐƚŝůůŝŶƐĞƌǀŝĐĞ͕͞ ŶĚĂƚĞ͟ĂŶĚ͞EƵŵďĞƌŽĨĂŝůLJZĞĐŽƌĚƐ͟ďŽƚŚƌĞƉƌĞƐĞŶƚƌĞĐŽƌĚƐƚŚƌŽƵŐŚƚŚĞŵŽƐƚ
ƌĞĐĞŶƚĚŽǁŶůŽĂĚŽŶDĂƌĐŚϭϬ͕ϮϬϮϭ͘'ĂƵŐŝŶŐƐƚĂƚŝŽŶǁĂƐƐƚŝůůŝŶǁŽƌŬŝŶŐŽƌĚĞƌĂƚƚŝŵĞŽĨŵŽƐƚƌĞĐĞŶƚĚŽǁŶůŽĂĚ͘
;ϳͿZƵƐƐĞůůƌĞĞŬƌĞĐŽƌĚĞŶĚĚĂƚĞĂŶĚƌĞĐŽƌĚĐŽƵŶƚƌĞĨůĞĐƚĂǀĂŝůĂďůĞĚĂƚĂƚŚƌŽƵŐŚƚŚĞĞŶĚŽĨƚŚĞŵŽƐƚƌĞĐĞŶƚǁĂƚĞƌLJĞĂƌ͘dŚĞ
ƐƚĂƚŝŽŶƌĞŵĂŝŶƐŝŶƐĞƌǀŝĐĞ͘
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϰK&Ϯϳ
&ŝŐƵƌĞϮͲϭ͗hŶŐĂDĂŶƌĞĞŬĂƐŝŶĂŶĚ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶƐ
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϱK&Ϯϳ
dĂďůĞϮͲϮ͗^ƵŵŵĂƌLJŽĨhŶŐĂDĂŶƌĞĞŬ&ůŽǁDĞĂƐƵƌĞŵĞŶƚƐ
DĞĂƐƵƌĞŵĞŶƚ
>ŽĐĂƚŝŽŶĂƚĞͬdŝŵĞϭWĂƌƚLJDĞĂƐƵƌĞĚ
&ůŽǁ;ĐĨƐͿϮ
^ƚĂŐĞ
ZĞĂĚŝŶŐ;ĨƚͿ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϴͬϮϱͬϮϬϭϱϭϴϯϱŚ EZ ϳ͘ϴ E
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϴͬϮϲͬϮϬϭϱϭϮϭϮŚ EZ ϲ͘Ϯ нϬ͘ϲϬ;K^^Ϳ
ϯ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϴͬϮϳͬϮϬϭϱϭϱϰϱŚ EZ ϲ͘ϱ нϬ͘ϱϴ;K^^Ϳ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϭͬϭϴͬϮϬϭϲϭϲϬϬŚ EZ ϭϲ͘ϲ нϬ͘ϵϴ;K^^Ϳ
ϯ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϯͬϵͬϮϬϭϲϭϱϱϬŚ EZ ϭϵ͘ϲ нϬ͘ϲϵ;K^^Ϳ
ϯ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϴͬϭϱͬϮϬϭϲϭϵϯϬŚ :͘'ƌŽǀĞƐ͕͘ƌŽďŶŝĐĂ Ϯϯ͘Ϯ нϭ͘ϬϮ;K^^Ϳ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϴͬϭϴͬϮϬϭϲϭϴϰϱŚ :͘'ƌŽǀĞƐ͕͘ƌŽďŶŝĐĂ ϭϵ͘ϳ нϬ͘ϵϯ;K^^Ϳ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϲͬϱͬϮϬϭϳϭϲϰϱŚ ͘^ƚĞǁĂƌƚ Ϯϳ͘ϵ нϬ͘ϳϬ;K^^Ϳ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϳͬϭϮͬϮϬϭϳϭϳϭϱŚ ͘^ƚĞǁĂƌƚ ϭϲ͘ϭ нϬ͘Ϯϰ;K^^Ϳ
ϯ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϴͬϮϮͬϮϬϭϳϭϮϯϬŚ :͘'ƌŽǀĞƐ͕͘ƌŽďŶŝĐĂ ϭϭ͘Ϯ нϬ͘ϭϬ;K^^Ϳϯ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϯͬϮϯͬϮϬϭϴϭϰϭϱŚ ͘^ƚĞǁĂƌƚ ϰϭ͘ϴ нϬ͘ϱϭ;K^^Ϳ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϵͬϵͬϮϬϭϴϮϬϬϬŚ ͘^ƚĞǁĂƌƚ ϴ͘ϵ нϬ͘ϭϮ;K^^Ϳ
ƌŝĚŐĞ^ƚĂƚŝŽŶ ϰͬϭϬͬϮϬϭϵϭϰϯϱŚ ͘^ƚĞǁĂƌƚ Ϯϰ͘Ϯ нϬ͘Ϯϳ;K^^Ϳ
hƉƉĞƌ^ƚĂƚŝŽŶ ϴͬϮϳͬϮϬϭϲϭϰϭϬŚ EZ ϴ͘ϳ E
hƉƉĞƌ^ƚĂƚŝŽŶ ϯͬϵͬϮϬϭϲϭϱϱϬŚ EZ ϭϯ͘ϲ нϬ͘ϴϬ;K^^Ϳ
EŽƌƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϴͬϭϲͬϮϬϭϲϭϱϰϱŚ ͘^ƚĞǁĂƌƚ͕:͘'ƌŽǀĞƐ ϳ͘ϲ нϬ͘ϰϮ;K^^Ϳ
EŽƌƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϲͬϱͬϮϬϭϳϭϰϰϱŚ ͘^ƚĞǁĂƌƚ ϴ͘ϰ ͲϬ͘ϯϬ;K^^Ϳ
ϯ
EŽƌƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϳͬϭϮͬϮϬϭϳϭϲϭϱŚ ͘^ƚĞǁĂƌƚ Ϯ͘ϭ ͲϬ͘ϴϭ;K^^Ϳ
ϯ
EŽƌƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϴͬϮϮͬϮϬϭϳϭϱϬϬŚ :͘'ƌŽǀĞƐ͕͘^ƚĞǁĂƌƚ Ϯ͘Ϯ ͲϬ͘ϴϴ;K^^Ϳ
EŽƌƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϯͬϮϯͬϮϬϭϴϭϮϰϬŚ ͘^ƚĞǁĂƌƚ ϭϬ͘ϴ ͲϬ͘ϲϯ;K^^Ϳ
ϯ
EŽƌƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϵͬϵͬϮϬϭϴϭϳϰϱŚ ͘^ƚĞǁĂƌƚ Ϯ͘ϲ ͲϬ͘ϵϬ;K^^Ϳ
ϰ
EŽƌƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϰͬϵͬϮϬϭϵϭϱϭϱŚ ͘^ƚĞǁĂƌƚ ϱ͘ϴ ͲϬ͘ϲϱ;K^^Ϳ
ϯ
EŽƌƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϳͬϭϭͬϮϬϭϵϭϱϬϱŚ ͘^ƚĞǁĂƌƚ Ϯ͘ϳ нϬ͘Ϯϱ;K^^Ϳ
ϯ
EŽƌƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϯͬϭϬͬϮϬϮϭϭϰϯϱŚ ͘^ƚĞǁĂƌƚ ϴ͘ϲ ͲϬ͘ϯϬ;K^^Ϳ
^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϴͬϭϲͬϮϬϭϲϭϳϭϱŚ ͘ŚƌŝƐƚĞŶƐĞŶ͕:͘'ƌŽǀĞƐ ϭϭ͘ϭ E
^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϲͬϱͬϮϬϭϳϭϱϯϬŚ ͘^ƚĞǁĂƌƚ ϭϵ͘ϲ ͲϬ͘ϭϲ;ZWϮͿ
^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϳͬϭϮͬϮϬϭϳϭϳϯϬŚ ͘^ƚĞǁĂƌƚ ϵ͘ϱ ͲϬ͘ϲϰ;ZWϮͿ
^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϴͬϮϮͬϮϬϭϳϭϴϯϬŚ :͘'ƌŽǀĞƐ͕͘ƌŽďŶŝĐĂ ϲ͘ϱ ͲϬ͘ϵϳ;ZWϮͿ
^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϯͬϮϯͬϮϬϭϴϭϯϮϱŚ ͘^ƚĞǁĂƌƚ ϭϮ͘ϯ ͲϬ͘ϴϯ;ZWϮͿ
ϰ
^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϵͬϵͬϮϬϭϴϭϴϬϬŚ ͘^ƚĞǁĂƌƚ ϯ͘ϳ Ͳϭ͘Ϭϵ;ZWϮͿ
^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϰͬϵͬϮϬϭϵϭϱϱϱŚ ͘^ƚĞǁĂƌƚ ϭϭ͘ϰ ͲϬ͘ϴϭ;ZWϮͿ
^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϳͬϭϭͬϮϬϭϵϭϱϰϱŚ ͘^ƚĞǁĂƌƚ ϳ͘ϴ ͲϬ͘ϴϵ;ZWϮͿ
ϯ
^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶ ϯͬϭϬͬϮϬϮϭϭϲϯϬŚ ͘^ƚĞǁĂƌƚ ϭϱ͘ϳ ͲϬ͘ϳϱ;ZWϮͿ
ďďƌĞǀŝĂƚŝŽŶƐĂŶĚŶŽƚĞƐ͗
ĐĨƐ͗ĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚ EZ͗EŽƚƌĞĐŽƌĚĞĚ͘
E͗EŽĚĂƚƵŵƐĞƚĂƚƚŝŵĞŽĨŵĞĂƐƵƌĞŵĞŶƚ͘ K^^͗KƵƚƐŝĚĞƐƚĂĨĨĚĂƚƵŵ͘
W&͗ WŽŝŶƚŽĨnjĞƌŽĨůŽǁ͘>ŽǁĞƐƚĞůĞǀĂƚŝŽŶŽĨƚŚĞĐƌĞĞŬďĞĚĂůŽŶŐƚŚĞŽƵƚůĞƚĐŽŶƚƌŽůĨĞĂƚƵƌĞĂƚƚŚĞŐĂƵŐŝŶŐƐŝƚĞ͘
ZĞƉƌĞƐĞŶƚƐƚŚĞĂƉƉƌŽdžŝŵĂƚĞǁĂƚĞƌƐƚĂŐĞĂƚǁŚŝĐŚŶŽǁĂƚĞƌǁŽƵůĚďĞĨůŽǁŝŶŐŝŶƚŚĞĐƌĞĞŬ͘
ZWϮ͗ZĞĨĞƌĞŶĐĞWŽŝŶƚηϮсϬĨĞĞƚĚĂƚƵŵ͘
ϭ͘ ůůƚŝŵĞƐĂƌĞůŽĐĂů;ůĂƐŬĂ^ƚĂŶĚĂƌĚͿƚŝŵĞ͘
Ϯ͘ ůůĨůŽǁŵĞĂƐƵƌĞŵĞŶƚƐƚĂŬĞŶƵƐŝŶŐƚŚĞǀĞůŽĐŝƚLJͲĂƌĞĂŵĞƚŚŽĚ;h^'^ϮϬϭϬͿ͘tĂƚĞƌǀĞůŽĐŝƚLJŵĞĂƐƵƌĞŵĞŶƚƐƚĂŬĞŶǁŝƚŚĂ
'ůŽďĂůtĂƚĞƌ&WϭϭϭĐƵƌƌĞŶƚǀĞůŽĐŝƚLJŵĞƚĞƌ͘
ϯ͘ DĂŶƵĂůK^^ƌĞĂĚŝŶŐŶŽƚƌĞĐŽƌĚĞĚŽƌƵƐĞĚ͘sĂůƵĞŝƐƚŚĞůŽŐŐĞĚǁĂƚĞƌƐƵƌĨĂĐĞĞůĞǀĂƚŝŽŶŝŶK^^ͬZWϮĚĂƚƵŵ͘
ϰ͘ DĂŶƵĂůƐƚĂŐĞĞůĞǀĂƚŝŽŶĞƐƚŝŵĂƚĞĚĨƌŽŵƐŝƚĞƉŚŽƚŽŐƌĂƉŚƐ͘
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϲK&Ϯϳ
ϯ͘Ϭ hE'DEZ <,zZK>K'zdEE>z^/^
ǀĂŝůĂďůĞ ŚLJĚƌŽůŽŐLJ ĚĂƚĂ ĂŶĚ ĂŶĂůLJƐŝƐ ĨŽƌ ƚŚĞ ƚŚƌĞĞ ŐĂƵŐŝŶŐ ƐƚĂƚŝŽŶƐ ĂƌĞ ĚŝƐĐƵƐƐĞĚ ŝŶ ƚŚĞ
ĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶƐ͘dĂďƵůĂƌĚĂŝůLJĚĂƚĂĂƌĞƉƌĞƐĞŶƚĞĚŝŶƚƚĂĐŚŵĞŶƚϭƚŽƚŚŝƐƌĞƉŽƌƚ͘
ϯ͘ϭ hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽůŽŐLJĂƚĂʹƌŝĚŐĞ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
&ŝŐƵƌĞϯͲϭƉƌĞƐĞŶƚƐƚŚĞĂǀĂŝůĂďůĞƐƚĂŐĞĂŶĚƚĞŵƉĞƌĂƚƵƌĞƌĞĐŽƌĚĂƚƚŚĞďƌŝĚŐĞŐĂƵŐŝŶŐƐƚĂƚŝŽŶ͘
ZĂǁůŽŐŐĞĚƐƚĂŐĞ;KƵƚƐŝĚĞ^ƚĂĨĨ;K^^ͿĚĂƚƵŵϯ͕ŵĂŐĞŶƚĂůŝŶĞͿŚĂƐďĞĞŶĂĚũƵƐƚĞĚƚŽƉŽŝŶƚŽĨnjĞƌŽ
ĨůŽǁ;W&ͿĚĂƚƵŵϰ;ŚĞĂǀLJďůĂĐŬůŝŶĞͿďĂƐĞĚŽŶƌĞǀŝĞǁŽĨƚŚĞƐƚĂŐĞƌĞĐŽƌĚĂŶĚƐŝƚĞ
ŵĞĂƐƵƌĞŵĞŶƚƐ͘tĂƚĞƌƚĞŵƉĞƌĂƚƵƌĞ;ďůƵĞůŝŶĞͿĂŶĚĂŝƌƚĞŵƉĞƌĂƚƵƌĞ;ƌĞĚůŝŶĞͿĂƌĞĂůƐŽƐŚŽǁŶ͘
&ŝŐƵƌĞϯͲϭ͗^ƚĂŐĞZĞĐŽƌĚĂƚhŶŐĂDĂŶƌĞĞŬƌŝĚŐĞ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
&ŝŐƵƌĞ ϯͲϮ ƉƌĞƐĞŶƚƐ ƚŚĞ ƌĂƚŝŶŐ ĐƵƌǀĞ ĨŽƌ ƚŚĞ ďƌŝĚŐĞ ŐĂƵŐŝŶŐ ƐƚĂƚŝŽŶ͘ dŚŝƐ ĐƵƌǀĞ ŚĂƐ ďĞĞŶ
ƵƉĚĂƚĞĚĨƌŽŵƉƌŝŽƌƌĞƉŽƌƚƐƚŽƌĞĨůĞĐƚĂĚĚŝƚŝŽŶĂůĚĂƚĂĐŽůůĞĐƚĞĚĂƚƚŚĞƐŝƚĞ͕ĂŶĚŝƐĐŽŶƐŝĚĞƌĞĚ
ƌĞůŝĂďůĞĨƌŽŵĂƉƉƌŽdžŝŵĂƚĞůLJϯƚŽϴϬĐĨƐ͕ǁŚŝĐŚŝƐϱϬйƚŽϮϬϬйŽĨŵĞĂƐƵƌĞĚĨůŽǁƐ͘dŚĞĐƵƌǀĞŝƐ
ƌĞƉŽƌƚĞĚŝŶƚŚĞW&ĚĂƚƵŵ͕ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞďůĂĐŬůŝŶĞŝŶ&ŝŐƵƌĞϯͲϭ͘
&ŝŐƵƌĞϯͲϯƉƌĞƐĞŶƚƐƚŚĞŚLJĚƌŽŐƌĂƉŚĨŽƌƚŚĞďƌŝĚŐĞƐŝƚĞ͘
ϯ dŚĞŽƵƚƐŝĚĞƐƚĂĨĨĚĂƚƵŵŝƐƚŚĞƉŚLJƐŝĐĂůƐƚĂĨĨďŽĂƌĚŝŶƐƚĂůůĞĚĂƚƚŚĞƐŝƚĞ͘
ϰ dŚĞƉŽŝŶƚŽĨnjĞƌŽĨůŽǁĚĂƚƵŵŝƐƚŚĞǁĂƚĞƌƐƚĂŐĞĂƚǁŚŝĐŚƚŚĞƌĞǁŽƵůĚďĞŶŽĨůŽǁŝŶƚŚĞĐƌĞĞŬ͘dŚŝƐŝƐŐĞŶĞƌĂůůLJ
ƚŚĞĚĞĞƉĞƐƚƉŽŝŶƚŽĨƚŚĞĐƌĞĞŬĂƚĂŐŝǀĞŶůŽĐĂƚŝŽŶ͘dŚĞƉŽŝŶƚŽĨnjĞƌŽĨůŽǁĚĂƚƵŵƚLJƉŝĐĂůůLJĐŚĂŶŐĞƐŽǀĞƌƚŝŵĞ
ƌĞůĂƚŝǀĞƚŽŽƚŚĞƌĚĂƚƵŵƐĂƐƚŚĞĐƌĞĞŬďĞĚĐŚĂŶŐĞƐ͘
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D ZϮϬϮϭ W' ϳK&Ϯϳ
&ŝŐƵƌĞϯͲϮ͗^ƚĂŐĞͲŝƐĐŚĂƌŐĞZĂƚŝŶŐƵƌǀĞĨŽƌhŶŐĂDĂŶƌĞĞŬƌŝĚŐĞ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
&ŝŐƵƌĞϯͲϯ͗,LJĚƌŽŐƌĂƉŚĨŽƌhŶŐĂDĂŶƌĞĞŬƌŝĚŐĞ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
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D ZϮϬϮϭ W' ϴK&Ϯϳ
ϯ͘Ϯ hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽůŽŐLJĂƚĂʹ^ŽƵƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
&ŝŐƵƌĞϯͲϰƉƌĞƐĞŶƚƐƚŚĞĂǀĂŝůĂďůĞƐƚĂŐĞĂŶĚƚĞŵƉĞƌĂƚƵƌĞƌĞĐŽƌĚĂƚƚŚĞƐŽƵƚŚĨŽƌŬŐĂƵŐŝŶŐƐƚĂƚŝŽŶ͘
ǀĂŝůĂďůĞĚĂƚĂĂƌĞĂŶĂůLJnjĞĚƚŽĚĞǀĞůŽƉĂƌĂƚŝŶŐĐƵƌǀĞĨŽƌƚŚĞƐŝƚĞ;&ŝŐƵƌĞϯͲϱͿĂŶĚĞƐƚŝŵĂƚĞĚ
ƌĂƚŝŶŐĐƵƌǀĞƐŚŝĨƚƐĚƵĞƚŽƐĐŽƵƌĞǀĞŶƚƐ͘dŚĞƌĞƐƵůƚŝŶŐŚLJĚƌŽŐƌĂƉŚŝƐƉƌĞƐĞŶƚĞĚĂƐ&ŝŐƵƌĞϯͲϲ͘
dŚĞŚLJĚƌŽŐƌĂƉŚŝŶ&ŝŐƵƌĞϯͲϲŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂůůĐƵƌƌĞŶƚůLJĂǀĂŝůĂďůĞƐŝƚĞŝŶĨŽƌŵĂƚŝŽŶ͕ďƵƚĚƵĞ
ƚŽƚŚĞĂƉƉĂƌĞŶƚŶƵŵďĞƌĂŶĚĨƌĞƋƵĞŶĐLJŽĨƐƚƌĞĂŵďĞĚƐĐŽƵƌĞǀĞŶƚƐ͕ƚŚĞƌĞŝƐƐŽŵĞƵŶĐĞƌƚĂŝŶƚLJ
ŝŶ ƚŚĞ ĂĐĐƵƌĂĐLJ ŽĨ ƚŚĞ ƌĞƐƵůƚĂŶƚ ŚLJĚƌŽŐƌĂƉŚ͘ dŚĞ ŚLJĚƌŽŐƌĂƉŚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƌĞůŝĂďůĞ ĨƌŽŵ
ĂƉƉƌŽdžŝŵĂƚĞůLJϯƚŽϰϬĐĨƐ͕ǁŚŝĐŚŝƐϱϬйƚŽϮϬϬйŽĨŵĞĂƐƵƌĞĚĨůŽǁƐ͘
&ŝŐƵƌĞϯͲϰ͗^ƚĂŐĞZĞĐŽƌĚĂƚhŶŐĂDĂŶƌĞĞŬ^ŽƵƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
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,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϵK&Ϯϳ
&ŝŐƵƌĞϯͲϱ͗^ƚĂŐĞͲŝƐĐŚĂƌŐĞZĂƚŝŶŐƵƌǀĞĨŽƌhŶŐĂDĂŶƌĞĞŬ^ŽƵƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
&ŝŐƵƌĞϯͲϲ͗,LJĚƌŽŐƌĂƉŚĨŽƌhŶŐĂDĂŶƌĞĞŬ^ŽƵƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
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D ZϮϬϮϭ W' ϭϬK&Ϯϳ
ϯ͘ϯ hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽůŽŐLJĂƚĂʹEŽƌƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
&ŝŐƵƌĞϯͲϳƉƌĞƐĞŶƚƐƚŚĞĂǀĂŝůĂďůĞƐƚĂŐĞĂŶĚƚĞŵƉĞƌĂƚƵƌĞƌĞĐŽƌĚĂƚƚŚĞŶŽƌƚŚĨŽƌŬŐĂƵŐŝŶŐƐƚĂƚŝŽŶ͘
ǀĂŝůĂďůĞĚĂƚĂĂƌĞĂŶĂůLJnjĞĚƚŽĚĞǀĞůŽƉĂƌĂƚŝŶŐĐƵƌǀĞĨŽƌƚŚĞƐŝƚĞ;&ŝŐƵƌĞϯͲϴͿĂŶĚĞƐƚŝŵĂƚĞĚ
ƌĂƚŝŶŐĐƵƌǀĞƐŚŝĨƚƐĚƵĞƚŽƐĐŽƵƌĞǀĞŶƚƐ͘dŚĞƌĞƐƵůƚŝŶŐŚLJĚƌŽŐƌĂƉŚŝƐƉƌĞƐĞŶƚĞĚĂƐ&ŝŐƵƌĞϯͲϵ͘
dŚĞŚLJĚƌŽŐƌĂƉŚŝŶ&ŝŐƵƌĞϯͲϵŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂůůĐƵƌƌĞŶƚůLJĂǀĂŝůĂďůĞƐŝƚĞŝŶĨŽƌŵĂƚŝŽŶ͕ďƵƚĚƵĞ
ƚŽƚŚĞƐŝŐŶŝĨŝĐĂŶƚĨĂĐƚŝŽŶŽĨĞƐƚŝŵĂƚĞĚƌĞĂĚŝŶŐƐĂŶĚĂƉƉĂƌĞŶƚƐƚƌĞĂŵďĞĚĐŚĂŶŐĞƐ͕ƚŚĞƌĞŝƐƐŽŵĞ
ƵŶĐĞƌƚĂŝŶƚLJŝŶƚŚĞĂĐĐƵƌĂĐLJŽĨƚŚĞƌĞƐƵůƚĂŶƚŚLJĚƌŽŐƌĂƉŚ͘dŚĞŚLJĚƌŽŐƌĂƉŚŝƐĐŽŶƐŝĚĞƌĞĚƌĞůŝĂďůĞ
ĨƌŽŵĂƉƉƌŽdžŝŵĂƚĞůLJϭƚŽϮϬĐĨƐ͕ǁŚŝĐŚŝƐϱϬйƚŽϮϬϬйŽĨŵĞĂƐƵƌĞĚĨůŽǁƐ͘
&ŝŐƵƌĞϯͲϳ͗^ƚĂŐĞZĞĐŽƌĚĂƚhŶŐĂDĂŶƌĞĞŬEŽƌƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
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,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϭϭK&Ϯϳ
&ŝŐƵƌĞϯͲϴ͗^ƚĂŐĞͲŝƐĐŚĂƌŐĞZĂƚŝŶŐƵƌǀĞĨŽƌhŶŐĂDĂŶƌĞĞŬEŽƌƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
&ŝŐƵƌĞϯͲϵ͗,LJĚƌŽŐƌĂƉŚĨŽƌhŶŐĂDĂŶƌĞĞŬEŽƌƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
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,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϭϮK&Ϯϳ
ϯ͘ϰ hŶŐĂDĂŶƌĞĞŬZĞĐŽƌĚ džƚĞŶƐŝŽŶ;^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶͿ
'ĞŶĞƌĂůůLJ͕ĂŵŝŶŝŵƵŵŽĨϱƚŽϭϬLJĞĂƌƐŽĨƐŝƚĞͲƐƉĞĐŝĨŝĐŚLJĚƌŽůŽŐLJĚĂƚĂŝƐŶĞĞĚĞĚƚŽŵĂŬĞǁĞůůͲ
ŝŶĨŽƌŵĞĚĚĞĐŝƐŝŽŶƐĨŽƌŚLJĚƌŽĞůĞĐƚƌŝĐĚĞǀĞůŽƉŵĞŶƚ͘,ŽǁĞǀĞƌ͕ŝĨĂŶĞĂƌďLJƐƚƌĞĂŵŽƌƌŝǀĞƌŚĂƐĂ
ŐĂƵŐŝŶŐƐƚĂƚŝŽŶǁŝƚŚĂůŽŶŐͲƚĞƌŵƌĞĐŽƌĚ͕ĂŶĚƚŚĂƚƌĞĐŽƌĚĐŽƌƌĞůĂƚĞƐǁĞůůǁŝƚŚƚŚĞĂǀĂŝůĂďůĞ
ƌĞĐŽƌĚĂƚƚŚĞƐƵďũĞĐƚƐƚƌĞĂŵ͕ƚŚĞůŽŶŐĞƌƌĞĐŽƌĚĐĂŶďĞƵƐĞĚƚŽĞdžƚĞŶĚƚŚĞƐŚŽƌƚĞƌƌĞĐŽƌĚ
ƚŚƌŽƵŐŚĂƌĞŐƌĞƐƐŝŽŶĂŶĂůLJƐŝƐ͘dŚŝƐƉƌŽǀŝĚĞƐŚŝŐŚĞƌͲĐŽŶĨŝĚĞŶĐĞĞƐƚŝŵĂƚĞƐŽĨůŽŶŐͲƚĞƌŵŚLJĚƌŽ
ƉƌŽũĞĐƚƉĞƌĨŽƌŵĂŶĐĞƚŚĂŶŝƐƉŽƐƐŝďůĞďLJŽŶůLJĐŽŶƐŝĚĞƌŝŶŐƚŚĞƐŽƵƚŚĨŽƌŬƌĞĐŽƌĚ͘
dŚĞŽŶůLJŬŶŽǁŶƐƚƌĞĂŵƐƵŝƚĂďůĞĨŽƌƌĞŐƌĞƐƐŝŽŶĂŶĂůLJƐŝƐĨŽƌhŶŐĂDĂŶƌĞĞŬŝƐZƵƐƐĞůůƌĞĞŬ͕
ůŽĐĂƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJϰϬŵŝůĞƐƚŽƚŚĞŶŽƌƚŚĞĂƐƚŝŶŽůĚĂLJ͘,LJĚƌŽůŽŐLJĚĂƚĂĨŽƌZƵƐƐĞůůƌĞĞŬ
ŝƐƐƵŵŵĂƌŝnjĞĚĂƚƚŚĞďŽƚƚŽŵŽĨdĂďůĞϮͲϭ͘ZĞĐŽƌĚĞdžƚĞŶƐŝŽŶĨŽĐƵƐĞĚŽŶƚŚĞ^ŽƵƚŚ&ŽƌŬhŶŐĂ
DĂŶ ƌĞĞŬ ŐĂƵŐŝŶŐ ƐƚĂƚŝŽŶ ďĞĐĂƵƐĞ ;ϭͿ ŝƚ ŚĂƐ ƚŚĞ ůŽŶŐĞƐƚ ƉĞƌŝŽĚ ŽĨ ƌĞĐŽƌĚ ĨŽƌ ƌĞŐƌĞƐƐŝŽŶ
ĂŶĂůLJƐŝƐĂŶĚ;ϮͿŝƚĂƉƉĞĂƌƐƚŽďĞƚŚĞďĞƐƚŚLJĚƌŽƉŽǁĞƌƌĞƐŽƵƌĐĞŝŶ ƚŚĞ hŶŐĂ DĂŶ ďĂƐŝŶ͘
,LJĚƌŽŐƌĂƉŚƐĨŽƌƚŚĞĐŽŵŵŽŶƉĞƌŝŽĚŽĨƌĞĐŽƌĚĂƚ^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂŶĚZƵƐƐĞůůƌĞĞŬ
ĂƌĞƐŚŽǁŶŽŶ&ŝŐƵƌĞϯͲϭϬ͘&ůŽǁĂƚďŽƚŚĐƌĞĞŬƐŚĂƐďĞĞŶŶŽƌŵĂůŝnjĞĚďLJƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞďĂƐŝŶ
ĂƌĞĂƐƚŽĂŝĚŝŶǀŝƐƵĂůĐŽŵƉĂƌŝƐŽŶŽĨƚŚĞŚLJĚƌŽŐƌĂƉŚƐ͘
&ŝŐƵƌĞϯͲϭϬ͗^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶĂŶĚZƵƐƐĞůůƌĞĞŬ,LJĚƌŽŐƌĂƉŚƐĨŽƌŽŵŵŽŶWĞƌŝŽĚŽĨZĞĐŽƌĚ
dŚĞƌĞŝƐĂŵŽĚĞƌĂƚĞƐŝŵƉůĞůŝŶĞĂƌĐŽƌƌĞůĂƚŝŽŶ;ZϮсϬ͘ϰϳͿĨŽƌƚŚĞĨƵůůƉĞƌŝŽĚŽĨĐŽŵŵŽŶƌĞĐŽƌĚ
ďĞƚǁĞĞŶƚŚĞƐĞƚǁŽĐƌĞĞŬƐ͘ZĞǀŝĞǁŽĨƚŚĞŚLJĚƌŽŐƌĂƉŚ;&ŝŐƵƌĞϯͲϭϬͿŝŶĚŝĐĂƚĞƐĚŝƐƚŝŶĐƚƐĞĂƐŽŶĂů
ƚƌĞŶĚƐŝŶƚŚĞƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƐŽƵƚŚĨŽƌŬhŶŐĂDĂŶĂŶĚZƵƐƐĞůůƌĞĞŬƐƚŚĂƚƌĞƉĞĂƚƐŝŶƚŚĞ
ϰ͘ϲLJĞĂƌƐŽĨĐŽŵŵŽŶƌĞĐŽƌĚ͘ZĞŐƌĞƐƐŝŽŶĂŶĂůLJƐŝƐŝƐƉĞƌĨŽƌŵĞĚďLJƐĞĂƐŽŶ͕ĂŶĚĂĐŽŵƉŽƐŝƚĞ
ŚLJĚƌŽůŽŐLJŵŽĚĞůĨŽƌhŶŐĂDĂŶƌĞĞŬŝƐĚĞǀĞůŽƉĞĚƵƐŝŶŐƐĞĂƐŽŶĂůŵŽĚĞůƐǁŝƚŚĂĐŽƌƌĞůĂƚŝŽŶŽĨ
ZϮсϬ͘ϲϴ͘dŚĞƌĞƐƵůƚĂŶƚƐĞĂƐŽŶĂůĂŶĚŽǀĞƌĂůůŚLJĚƌŽůŽŐLJŵŽĚĞůƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶdĂďůĞϯͲϭ͘
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D ZϮϬϮϭ W' ϭϯK&Ϯϳ
dĂďůĞϯͲϭ͗,LJĚƌŽůŽŐŝĐZĞĐŽƌĚ džƚĞŶƐŝŽŶĨŽƌ^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬhƐŝŶŐ^ĞĂƐŽŶĂů
ZĞŐƌĞƐƐŝŽŶŶĂůLJƐŝƐǁŝƚŚZƵƐƐĞůůƌĞĞŬ
WĞƌŝŽĚŽĨZĞĐŽƌĚŶĂůLJnjĞĚDŽĚĞůϭ͕Ϯ
&h>>W Z/KK&KDDKEZ KZ
;ϭ͕ϮϴϭĚĂLJƐŽĨĚĂƚĂ͕ϴͬϭϳͬϮϬϭϲƚŽϭϬͬϱͬϮϬϮϬͿ
YƵƐсϬ͘ϬϮϮdžYƌнϱ͘Ϯϳ
;ĨŽƌƌĞĨĞƌĞŶĐĞ͕ŶŽƚƵƐĞĚŝŶƐƚƵĚLJͿ
tŝŶƚĞƌ;ϯϰϰĚĂLJƐŝŶĐŽŵŵŽŶƌĞĐŽƌĚͿ
;:ĂŶƵĂƌLJϭƚŽDĂƌĐŚϯϭͿ
Yƌфϭϱϱ͗YƵƐƐсϬ͘ϬϱϭdžYƌʹϱ
Yƌхϭϱϱ͗YƵƐƐсϱ͘ϳdžůŶ;YƌʹϭϯϬͿʹϭϲ͘Ϭ
^ƉƌŝŶŐ;ϮϮϴĚĂLJƐŝŶĐŽŵŵŽŶƌĞĐŽƌĚͿ
;ƉƌŝůϭƚŽ:ƵŶĞϭϱͿ
Yƌфϭϱϱ͗YƵƐƐсϬ͘ϭϰϱdžYƌʹϭϱ
Yƌхϭϱϱ͗YƵƐƐсϲ͘ϮdžůŶ;YƌʹϭϯϬͿʹϭϮ͘ϱ
^ƵŵŵĞƌ;ϯϴϱĚĂLJƐŝŶĐŽŵŵŽŶƌĞĐŽƌĚͿ
;:ƵŶĞϭϲƚŽ^ĞƉƚĞŵďĞƌϯϬͿ
Yƌфϭϱϱ͗YƵƐƐсϬ͘ϬϴϳdžYƌʹϭϬ
Yƌхϭϱϱ͗YƵƐƐсϱ͘ϰdžůŶ;YƌʹϭϯϬͿʹϭϰ͘ϱ
&Ăůů;ϯϮϰĚĂLJƐŝŶĐŽŵŵŽŶƌĞĐŽƌĚͿ
;KĐƚŽďĞƌϭƚŽĞĐĞŵďĞƌϯϭͿ
Yƌфϭϱϱ͗YƵƐƐсϬ͘ϬϴϳdžYƌʹϭϬ
Yƌхϭϱϱ͗YƵƐƐсϱ͘ϱdžůŶ;YƌʹϭϯϬͿʹϭϰ͘Ϭ
&/E>^Khd,&KZ<,zZK>K'zDK > YƵƐсYƵƐƐ
YƵƐ͗ &ŝŶĂůŵŽĚĞůĨůŽǁĂƚhŶŐĂDĂŶƌĞĞŬƐŽƵƚŚĨŽƌŬŐĂƵŐŝŶŐƐƚĂƚŝŽŶŝŶĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚ͘
YƵƐƐ͗ ^ĞĂƐŽŶĂůŵŽĚĞůĨůŽǁĂƚhŶŐĂDĂŶƌĞĞŬƐŽƵƚŚĨŽƌŬŐĂƵŐŝŶŐƐƚĂƚŝŽŶŝŶĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚ͘
Yƌ͗ &ůŽǁĂƚZƵƐƐĞůůƌĞĞŬh^'^ŐĂƵŐŝŶŐƐƚĂƚŝŽŶŝŶĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚ͘
EŽƚĞϭ͗ dƌĂŶƐŝƚŝŽŶƐďĞƚǁĞĞŶƐĞĂƐŽŶĂůŵŽĚĞůƐĂƌĞƐŵŽŽƚŚĞĚďLJůŝŶĞĂƌƌĂŵƉŝŶŐŽǀĞƌĂϭϱͲĚĂLJƉĞƌŝŽĚ͘
EŽƚĞϮ͗ŵŝŶŝŵƵŵŵŽĚĞůŽƵƚƉƵƚŽĨϬ͘ϮĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚǁĂƐĞƐƚĂďůŝƐŚĞĚďĂƐĞĚŽŶŽďƐĞƌǀĞĚŵŝŶŝŵƵŵĨůŽǁƐ
ŝŶƐŽƵƚŚĨŽƌŬhŶŐĂDĂŶƌĞĞŬ͘
&ŝŐƵƌĞϯͲϭϭƉƌĞƐĞŶƚƐĐŽŶĐƵƌƌĞŶƚĚĂƚĂ;ďůƵĞĚŽƚƐͿĨŽƌĂĐƚƵĂůƐŽƵƚŚĨŽƌŬhŶŐĂDĂŶƌĞĞŬ;ďŽƚƚŽŵ
ĂdžŝƐͿĂŶĚŚLJĚƌŽůŽŐLJŵŽĚĞůďĂƐĞĚŽŶZƵƐƐĞůůƌĞĞŬĨůŽǁ;ƐŝĚĞĂdžŝƐͿ͘
&ŝŐƵƌĞϯͲϭϭ͗ZĞŐƌĞƐƐŝŽŶŶĂůLJƐŝƐZĞƐƵůƚƐĂŶĚ,LJĚƌŽůŽŐLJDŽĚĞů
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϭϰK&Ϯϳ
h^ &KZWZK: dE>z^/^
dŚĞĞdžƚĞŶĚĞĚƌĞĐŽƌĚĨŽƌƐŽƵƚŚĨŽƌŬhŶŐĂDĂŶƌĞĞŬďĂƐĞĚŽŶƚŚĞZƵƐƐĞůůƌĞĞŬŐĂƵŐĞŝŶĐůƵĚĞƐ
ϯϭǁĂƚĞƌLJĞĂƌƐĨƌŽŵϭϵϴϭƚŽϭϵϴϲĂŶĚϭϵϵϱƚŚƌŽƵŐŚϮϬϮϭ͘&ŝŐƵƌĞϯͲϭϮƉƌĞƐĞŶƚƐŚLJĚƌŽůŽŐLJ
ƐƚĂƚŝƐƚŝĐƐĨŽƌƐŽƵƚŚĨŽƌŬhŶŐĂDĂŶƌĞĞŬďĂƐĞĚŽŶƚŚĞĞdžƚĞŶĚĞĚƌĞĐŽƌĚ͘
&ŝŐƵƌĞϯͲϭϮ͗hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽůŽŐLJ^ƚĂƚŝƐƚŝĐƐ;ĂƐĞĚŽŶ džƚĞŶĚĞĚZĞĐŽƌĚͿ
&ŝŐƵƌĞϯͲϭϯƉƌĞƐĞŶƚƐĨůŽǁĚƵƌĂƚŝŽŶĐƵƌǀĞƐĨŽƌƐŽƵƚŚĨŽƌŬhŶŐĂDĂŶƌĞĞŬďĂƐĞĚŽŶďŽƚŚƚŚĞ
ĂĐƚƵĂůƉĞƌŝŽĚŽĨƌĞĐŽƌĚ;ůŝŐŚƚůŝŶĞͿĂŶĚƚŚĞĞdžƚĞŶĚĞĚƌĞĐŽƌĚ;ĚĂƌŬůŝŶĞͿ͘dŚĞĞdžƚĞŶĚĞĚƌĞĐŽƌĚ
ůŝŶĞŝƐƵŶŝǀĞƌƐĂůůLJůŽǁĞƌƚŚĂŶƚŚĞĂĐƚƵĂůƌĞĐŽƌĚůŝŶĞ͕ŝŶĚŝĐĂƚŝŶŐƚŚĂƚĨůŽǁƐŝŶƚŚĞϮϬϭϲƚŽϮϬϮϬ
ƉĞƌŝŽĚǁĞƌĞƐůŝŐŚƚůLJŚŝŐŚĞƌƚŚĂŶŽǀĞƌƚŚĞůŽŶŐĞƌϭϵϴϭͲϭϵϴϲ͕ϭϵϵϱͲϮϬϮϭƉĞƌŝŽĚŽĨƌĞĐŽƌĚ͘&ŝŐƵƌĞ
ϯͲϭϰĐŽŵƉĂƌĞƐƚŚĞĞdžƚĞŶĚĞĚƌĞĐŽƌĚĂŶĚƐŽƵƚŚĨŽƌŬƉĞƌŝŽĚŽĨƌĞĐŽƌĚĂƚZƵƐƐĞůůƌĞĞŬ͕ĂŶĚƐŚŽǁƐ
ƚŚŝƐƐĂŵĞƚƌĞŶĚ͕ĐŽŶĨŝƌŵŝŶŐƚŚĂƚƚŚĞƐŽƵƚŚĨŽƌŬĞdžƚĞŶĚĞĚƌĞĐŽƌĚŵŽĚĞůŝƐƉƌŽƉĞƌůLJĂĚũƵƐƚŝŶŐƚŚĞ
ĂĐƚƵĂůƐŝƚĞƌĞĐŽƌĚƚŽƌĞƉƌĞƐĞŶƚůŽŶŐĞƌͲƚĞƌŵŚLJĚƌŽůŽŐLJĐŽŶĚŝƚŝŽŶƐĂƚZƵƐƐĞůůƌĞĞŬ͘
&ŝŐƵƌĞϯͲϭϯ͗hŶŐĂDĂŶƌĞĞŬ&ůŽǁƵƌĂƚŝŽŶƵƌǀĞƐ
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϭϱK&Ϯϳ
ϯͲϭϰZƵƐƐĞůůƌĞĞŬ&ůŽǁƵƌĂƚŝŽŶƵƌǀĞƐ
ϯ͘ϱ hŶŐĂDĂŶƌĞĞŬ^ƵďďĂƐŝŶ,LJĚƌŽůŽŐLJ
dŚĞƉĞƌŝŽĚŽĨƌĞĐŽƌĚĂƚƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĨŽƌŬŐĂƵŐŝŶŐƐƚĂƚŝŽŶƐŝƐƚŽŽƐŚŽƌƚ;Ϯ͘ϱĂŶĚϯ͘ϱLJĞĂƌƐ͕
ƌĞƐƉĞĐƚŝǀĞůLJͿ ƚŽ ĨŽƌŵ ĚĞĨŝŶŝƚŝǀĞ ĐŽŶĐůƵƐŝŽŶƐ ĂďŽƵƚ ƐƵďďĂƐŝŶ ŚLJĚƌŽůŽŐLJ ŽŶ ƚŚĞƐĞ ƚƌŝďƵƚĂƌŝĞƐ͘
ǀĂŝůĂďůĞĚĂƚĂĚŽĞƐƐƵŐŐĞƐƚƚŚĂƚƚŚĞŶŽƌƚŚĨŽƌŬŝƐ͚ĨůĂƐŚŝĞƌ͛ƚŚĂŶƚŚĞƐŽƵƚŚĨŽƌŬ͕ĞdžƉĞƌŝĞŶĐŝŶŐ
ƌĞůĂƚŝǀĞůLJŚŝŐŚĞƌƉĞĂŬĨůŽǁƐĂŶĚůŽǁĞƌďĂƐĞĨůŽǁƐƚŚĂŶƚŚĞƐŽƵƚŚĨŽƌŬ͘/ƚŝƐƵŶŬŶŽǁŶŝĨƚŚŝƐ
ĞĨĨĞĐƚ͕ ŝĨ ƌĞĂů͕ ŝŶĚŝĐĂƚĞƐ ĚŝĨĨĞƌĞŶƚ ďĂƐŝŶ ŚLJĚƌŽůŽŐLJ Žƌ ŝƐ ĂŶ ĂƌƚŝĨĂĐƚ ŽĨ ĚŝĨĨĞƌĞŶƚ ŚLJƉŽƌŚĞŝĐ
ĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞƚǁŽŐĂŐŝŶŐƐƚĂƚŝŽŶƐ͘
ϯ͘ϲ ,LJĚƌŽůŽŐLJDŽĚĞůĨŽƌ,LJĚƌŽWƌŽũĞĐƚŶĂůLJƐŝƐ
dŚĞŚLJĚƌŽůŽŐLJŵŽĚĞůĚĞǀĞůŽƉĞĚĨŽƌƚŚĞ^ŽƵƚŚĨŽƌŬŐĂƵŐŝŶŐƐƚĂƚŝŽŶŝƐƚŚĞďĂƐŝƐĨŽƌĞƐƚŝŵĂƚŝŶŐƚŚĞ
ƉĞƌĨŽƌŵĂŶĐĞŽĨǀĂƌŝŽƵƐŚLJĚƌŽƉƌŽũĞĐƚŽƉƚŝŽŶƐǁŝƚŚŝŶƚŚĞƐŽƵƚŚĨŽƌŬhŶŐĂDĂŶƌĞĞŬďĂƐŝŶ͘
^ŝŵŝůĂƌŵŽĚĞůƐĐŽƵůĚďĞĚĞǀĞůŽƉĞĚďĂƐĞĚŽŶƚŚĞŝŶĚŝǀŝĚƵĂůƌĞĐŽƌĚƐĂƚƚŚĞďƌŝĚŐĞĂŶĚŶŽƌƚŚĨŽƌŬ
ƐƚĂƚŝŽŶƐ͕ďƵƚƚŚĞƐŽƵƚŚĨŽƌŬŐĂŐŝŶŐƐƚĂƚŝŽŶŚĂƐƚŚĞůŽŶŐĞƐƚƉĞƌŝŽĚŽĨƌĞĐŽƌĚŽĨƚŚĞƚŚƌĞĞƐƚĂƚŝŽŶƐ
ĚĞƉůŽLJĞĚĨŽƌƚŚŝƐƐƚƵĚLJ͘
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϭϲK&Ϯϳ
ϰ͘Ϭ &>KK&Z Yh EzED'E/dh ^d/Dd ^
dŚĞ h^'^ ŚĂƐ ƉƵďůŝƐŚĞĚ ĂůŐŽƌŝƚŚŵƐ ƚŽ ĞƐƚŝŵĂƚĞ ĨůŽŽĚ ĨƌĞƋƵĞŶĐLJ ĂŶĚ ŵĂŐŶŝƚƵĚĞ ĨŽƌ ůĂƐŬĂ
ƐƚƌĞĂŵƐ͘ϱdŚŝƐĂůůŽǁƐĚĞǀĞůŽƉŵĞŶƚŽĨĐƌĞĚŝďůĞĞƐƚŝŵĂƚĞƐƐƵŝƚĂďůĞĨŽƌƉůĂŶŶŝŶŐƉƵƌƉŽƐĞƐĂƚ
ůŽĐĂƚŝŽŶƐ ůĂĐŬŝŶŐ ĂĚĞƋƵĂƚĞ ƐŝƚĞͲƐƉĞĐŝĨŝĐ ĚĂƚĂ͘
ϲ dĂďůĞ ϰͲϭ ƐƵŵŵĂƌŝnjĞƐ ĞƐƚŝŵĂƚĞĚ ĨůŽŽĚ
ĨƌĞƋƵĞŶĐŝĞƐĂŶĚŵĂŐŶŝƚƵĚĞƐĐĂůĐƵůĂƚĞĚƉĞƌh^'^ŵĞƚŚŽĚƐĨŽƌƚŚĞƚŚƌĞĞĂĐƚŝǀĞŐĂƵŐŝŶŐƐƚĂƚŝŽŶƐ
ŽŶhŶŐĂDĂŶƌĞĞŬĂŶĚĂůƐŽĂƚZƵƐƐĞůůƌĞĞŬ͘
dĂďůĞϰͲϭ͗ ƐƚŝŵĂƚĞĚ&ůŽŽĚ&ƌĞƋƵĞŶĐLJĂŶĚDĂŐŶŝƚƵĚĞĂƚhŶŐĂDĂŶĂŶĚZƵƐƐĞůůƌĞĞŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶƐ
&ůŽŽĚZĞĐƵƌƌĞŶĐĞ
/ŶƚĞƌǀĂů;zĞĂƌƐͿ
ƐƚŝŵĂƚĞĚ&ůŽŽĚDĂŐŶŝƚƵĚĞƐĂƚhŶŐĂDĂŶƌĞĞŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶƐϭ
ƌŝĚŐĞ^ƚĂƚŝŽŶEŽƌƚŚ&ŽƌŬ^ƚĂƚŝŽŶ^ŽƵƚŚ&ŽƌŬ^ƚĂƚŝŽŶ
ϮzĞĂƌƐ ϰϬϬ ϭϳϬ ϭϱϬ
ϱzĞĂƌƐ ϱϵϬ ϮϲϬ ϮϯϬ
ϭϬzĞĂƌƐ ϳϯϬ ϯϮϬ ϮϴϬ
ϮϱzĞĂƌƐ ϵϬϬ ϯϵϬ ϯϱϬ
ϱϬzĞĂƌƐ ϭ͕ϬϯϬ ϰϱϬ ϰϬϬ
ϭϬϬzĞĂƌƐ ϭ͕ϭϲϬ;ϭ͕ϱϬϬͿ
Ϯ ϱϭϬ ϰϱϬ
ϮϬϬzĞĂƌƐ ϭ͕ϯϬϬ ϱϳϬ ϱϭϬ
ϱϬϬzĞĂƌƐ ϭ͕ϰϴϬ;Ϯ͕ϬϬϬͿ
Ϯ ϲϱϬ ϱϴϬ
ϭ͘ ϱйĂŶĚϵϱйĐŽŶĨŝĚĞŶĐĞĨůŽǁƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƐĞĞƐƚŝŵĂƚĞƐĂƌĞĂƉƉƌŽdžŝŵĂƚĞůLJϱϬйůŽǁĞƌĂŶĚϴϬƚŽ
ϭϬϬйŚŝŐŚĞƌƚŚĂŶƚŚĞƐƚĂƚĞĚǀĂůƵĞ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ĂůĐƵůĂƚĞĚƵƐŝŶŐŵĞƚŚŽĚƐŝŶh^'^ϮϬϬϯ͘DĞƚŚŽĚƐŝŶ
h^'^ϮϬϭϲŐĞŶĞƌĂůůLJƉƌŽĚƵĐĞůŽǁĞƌĨůŽŽĚĞƐƚŝŵĂƚĞƐ͘
Ϯ͘ &ůŽŽĚŵĂŐŶŝƚƵĚĞƐƵƐĞĚĨŽƌĚĞƐŝŐŶŽĨůĂŶĚĨŝůůĂĐĐĞƐƐƌŽĂĚďƌŝĚŐĞŽǀĞƌhŶŐĂDĂŶƌĞĞŬ;,ZϮϬϬϳͿ͘
ϱ h^'^ϮϬϬϯ͘
ϲ dŚĞŵŝŶŝŵƵŵŚLJĚƌŽůŽŐLJƌĞĐŽƌĚĨŽƌƐŝƚĞͲƐƉĞĐŝĨŝĐĨůŽŽĚĨƌĞƋƵĞŶĐLJĂŶĂůLJƐŝƐŝƐƚĞŶLJĞĂƌƐ;h^'^ϮϬϭϴͿ͘ƐƵŝƚĂďůĞ
ƉĞƌŝŽĚŽĨƌĞĐŽƌĚĨŽƌƐŝƚĞͲƐƉĞĐŝĨŝĐĨůŽŽĚĨƌĞƋƵĞŶĐLJĂŶĂůLJƐŝƐĚŽĞƐŶŽƚLJĞƚĞdžŝƐƚĂƚhŶŐĂDĂŶƌĞĞŬ͘
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϭϳK&Ϯϳ
ϱ͘Ϭ ^dZ D'h' ^dd/KE/E&KZDd/KE
ϱ͘ϭ ƌŝĚŐĞ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ;ŝƐĐŽŶƚŝŶƵĞĚ^ƚĂƚŝŽŶͿ
dŚĞďƌŝĚŐĞŐĂƵŐŝŶŐƐƚĂƚŝŽŶǁĂƐŝŶƐƚĂůůĞĚŽŶƵŐƵƐƚϮϳ͕ϮϬϭϱŝŵŵĞĚŝĂƚĞůLJĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞ
ůĂŶĚĨŝůůĂĐĐĞƐƐƌŽĂĚďƌŝĚŐĞŽǀĞƌhŶŐĂDĂŶƌĞĞŬĂƚZDϬ͘ϲϭ͘/ƚǁĂƐĚĞƐƚƌŽLJĞĚďLJĂĨůŽŽĚĞǀĞŶƚ
ŽŶ:ƵŶĞϮϲ͕ϮϬϭϵĂŶĚƌĞŵŽǀĞĚĨƌŽŵƐĞƌǀŝĐĞ:ƵůLJϴ͕ϮϬϭϵ͘dŚŝƐƐƚĂƚŝŽŶŚĂƐŶŽƚďĞĞŶƌĞƐƚŽƌĞĚƚŽ
ƐĞƌǀŝĐĞ͘
dŚĞ ƐƚĂƚŝŽŶ ƐŝƚĞ ǁĂƐ ƐĞůĞĐƚĞĚ ďĂƐĞĚ ŽŶ ƉƌŽdžŝŵŝƚLJ ƚŽ ƚŚĞ ďƌŝĚŐĞĨŽƌ ĞĂƐĞ ŽĨ ĚŽǁŶůŽĂĚ ĂŶĚ
ŵĂŝŶƚĞŶĂŶĐĞ͕ĂŶĚƉƌĞƐĞŶĐĞŽĨĂůĂƌŐĞďŽƵůĚĞƌ͕ƉŽŽů͕ĂŶĚŐŽŽĚƉŽŽůŽƵƚůĞƚĐŽŶƚƌŽů;WŚŽƚŽŐƌĂƉŚ
ϱͲϭͿ͘dŚĞƐŝƚĞǁĂƐĞdžƉĞĐƚĞĚƚŽďĞŵŽƌĞƐƚĂďůĞƚŚĂŶĂĚũĂĐĞŶƚƌĞĂĐŚĞƐŽĨhŶŐĂDĂŶƌĞĞŬĚƵĞƚŽ
ƚŚĞďƌŝĚŐĞĂďƵƚŵĞŶƚƌŝƉͲƌĂƉŚĞůƉŝŶŐƚŽĐŽŶƚƌŽůƐƚƌĞĂŵŵĞĂŶĚĞƌƐ͘
dŚĞƐƚĂƚŝŽŶĐŽŶƐŝƐƚĞĚŽĨĂƚŚƌĞĞͲŝŶĐŚƉůĂƐƚŝĐƐƚŝůůŝŶŐƚƵďĞŵŽƵŶƚĞĚǁŝƚŚĂůƵŵŝŶƵŵŚĂƌĚǁĂƌĞĂŶĚ
ƌŽĐŬďŽůƚƐƚŽĂůĂƌŐĞďŽƵůĚĞƌĞŵďĞĚĚĞĚŝŶƚŚĞĐƌĞĞŬďĞĚƌŝǀĞƌͲůĞĨƚŽĨƚŚĞƚŚĂůǁĞŐ͘dŚĞƐƚŝůůŝŶŐ
ƚƵďĞǁĂƐůŽĐĂƚĞĚŝŶĂƐŚĂůůŽǁƉŽŽůůŽĐĂƚĞĚŝŶƚŚĞĞĚĚLJŽĨƚŚĞďŽƵůĚĞƌ͘dŚĞƐƚĂƚŝŽŶǁĂƐĨŝƚƚĞĚ
ǁŝƚŚĂŽƵƚƐŝĚĞƐƚĂĨĨ;K^^ͿďŽĂƌĚƌƵůĞĚŝŶĨĞĞƚůŽĐĂƚĞĚŝŶƚŚĞůĞĞŽĨƚŚĞďŽƵůĚĞƌ͘
^ƚĂƚŝŽŶŚĂƌĚǁĂƌĞĐŽŶƐŝƐƚĞĚŽĨƚǁŽ,ŽďŽhϮϬƐĞƌŝĞƐƐĞĂůĞĚƉƌĞƐƐƵƌĞƚƌĂŶƐĚƵĐĞƌͬĚĂƚĂůŽŐŐĞƌƐ
ŵĂŶƵĨĂĐƚƵƌĞĚďLJKŶƐĞƚŽŵƉƵƚĞƌŽƌƉŽƌĂƚŝŽŶ;KŶƐĞƚͿ͘KŶĞ;^EϭϬϳϲϲϭϭϳͿǁĂƐŝŶƐƚĂůůĞĚŝŶƚŚĞ
ƐƚŝůůŝŶŐƚƵďĞĂŶĚǁĂƐƉƌŽŐƌĂŵŵĞĚƚŽůŽŐĂďƐŽůƵƚĞƉƌĞƐƐƵƌĞ;ĂƚŵŽƐƉŚĞƌĞнǁĂƚĞƌĐŽůƵŵŶͿĂŶĚ
ǁĂƚĞƌƚĞŵƉĞƌĂƚƵƌĞĂƚϯϬͲŵŝŶƵƚĞŝŶƚĞƌǀĂůƐ͘dŚĞůŽŐŐĞƌǁĂƐĨŝƚƚĞĚŝŶĂWsĞŶĐůŽƐƵƌĞǁŝƚŚŝŶƚŚĞ
ƐƚŝůůŝŶŐƚƵďĞƚŽƉƌĞǀĞŶƚǀĞƌƚŝĐĂůŵŽǀĞŵĞŶƚ͘dŚĞƐĞĐŽŶĚ;^EϭϬϳϲϲϭϭϴͿǁĂƐůŽĐĂƚĞĚŽŶƚŚĞ
ďƌŝĚŐĞĂĚũĂĐĞŶƚƚŽƚŚĞŐĂƵŐŝŶŐƐƚĂƚŝŽŶĂŶĚĂůƐŽŵĞĂƐƵƌĞĚĂďƐŽůƵƚĞƉƌĞƐƐƵƌĞ;ĂƚŵŽƐƉŚĞƌĞͿĂŶĚ
Ăŝƌ ƚĞŵƉĞƌĂƚƵƌĞ Ăƚ ϯϬͲŵŝŶƵƚĞ ŝŶƚĞƌǀĂůƐ͘ tĂƚĞƌ ƐƚĂŐĞ ǁĂƐ ĐĂůĐƵůĂƚĞĚ ďLJ ƐƵďƚƌĂĐƚŝŶŐ ƚŚĞ
ĂƚŵŽƐƉŚĞƌŝĐůŽŐŐĞƌĨƌŽŵƚŚĞǁĂƚĞƌůŽŐŐĞƌ͘ƉƉƌŽdžŝŵĂƚĞůLJϱйŽĨƐƚĂŐĞƌĞĂĚŝŶŐƐŝŶƚŚĞƉĞƌŝŽĚŽĨ
ƌĞĐŽƌĚĂƚƚŚŝƐƐƚĂƚŝŽŶŚĂǀĞďĞĞŶĞƐƚŝŵĂƚĞĚĚƵĞƚŽŝĐĞĞĨĨĞĐƚƐ͕ƐĞŶƐŽƌŵĂůĨƵŶĐƚŝŽŶ͕ŽƌŽƚŚĞƌ
ŝŶǀĂůŝĚĚĂƚĂ͘
KƵƚůĞƚĐŽŶƚƌŽůĂƚƚŚŝƐŐĂƵŐŝŶŐƐƚĂƚŝŽŶŝƐƚŚĞŶĂƚƵƌĂůĐŽďďůĞͲĂƌŵŽƌĞĚĐƌĞĞŬƚŚĂůǁĞŐĂƵŐŵĞŶƚĞĚ
ďLJĂůŝŶĞŽĨďŽƵůĚĞƌƐĂŶĚĐŽďďůĞƐĞdžƚĞŶĚŝŶŐŝŶƚŽƚŚĞĐƌĞĞŬĨƌŽŵƚŚĞƌŝǀĞƌͲůĞĨƚďĂŶŬ;WŚŽƚŽŐƌĂƉŚ
ϱͲϭͿ͘dŚĞŽƵƚůĞƚĐŽŶƚƌŽůǁĂƐƐŚŝĨƚĞĚƐĞǀĞƌĂůƚŝŵĞƐĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨƚŚĞƐƚƵĚLJĚƵƌŝŶŐŚŝŐŚ
ǁĂƚĞƌĞǀĞŶƚƐ͘dŚĞƐƚĂƚŝŽŶƌĂƚŝŶŐĐƵƌǀĞǁĂƐĂĚũƵƐƚĞĚĂĐĐŽƌĚŝŶŐůLJďĂƐĞĚŽŶƐƵďƐĞƋƵĞŶƚƐŝƚĞ
ŵĞĂƐƵƌĞŵĞŶƚƐ͕ĨůŽǁŵĞĂƐƵƌĞŵĞŶƚƐ͕ĂŶĚͬŽƌďLJƌĞǀŝĞǁŽĨƚŚĞƐƚĂŐĞƌĞĐŽƌĚ͘
DĂŶƵĂůƐƚĂŐĞƌĞĂĚŝŶŐƐĂŶĚůŽŐŐĞĚǁĂƚĞƌĚĞƉƚŚƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞŐĂƵŐŝŶŐƐƚĂƚŝŽŶĂŶĚŚĂƌĚǁĂƌĞ
ǁĂƐƐƚĂďůĞĂŶĚŽƉĞƌĂƚŝŶŐƉƌŽƉĞƌůLJĨŽƌƚŚĞƉĞƌŝŽĚŽĨƌĞĐŽƌĚ͕ǁŝƚŚŶŽƐŝŐŶŝĨŝĐĂŶƚĚŝƐĐƌĞƉĂŶĐŝĞƐŽƌ
ƐĞŶƐŽƌĚƌŝĨƚĂƉƉĂƌĞŶƚŝŶƚŚĞƐƚĂŐĞƌĞĐŽƌĚ͘'ĂƉƐŝŶƚŚĞƉĞƌŝŽĚŽĨƌĞĐŽƌĚĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶdĂďůĞ
ϱͲϭ͘
dĂďůĞϱͲϭ͗ƌŝĚŐĞ'ĂŐŝŶŐ^ƚĂƚŝŽŶWĞƌŝŽĚŽĨZĞĐŽƌĚ^ƵŵŵĂƌLJ
ĂƚĞZĂŶŐĞ ZĞĐŽƌĚ^ƵŵŵĂƌLJ EŽƚĞƐ
ϴͬϮϲͬϮϬϭϱƚŽϳͬϭϴͬϮϬϭϳ;ϲϵϮĚĂLJƐͿ ZĞĐŽƌĚĐŽŵƉůĞƚĞ͘ ^ƚĂƚŝŽŶŝŶƐƚĂůůĞĚϴͬϮϲͬϮϬϭϱ͘
ϳͬϭϴͬϮϬϭϳƚŽϴͬϮϮͬϮϬϭϳ;ϯϱĚĂLJƐͿ EŽĚĂƚĂ͘ ĂƚĂůŽƐƐĚƵĞƚŽĚŽǁŶůŽĂĚĞƌƌŽƌƐ͘
ϴͬϮϮͬϮϬϭϳƚŽϯͬϮϯͬϮϬϭϴ;ϮϭϯĚĂLJƐͿ ZĞĐŽƌĚĐŽŵƉůĞƚĞ͘
ϯͬϮϯͬϮϬϭϴƚŽϰͬϱͬϮϬϭϵ;ϯϳϴĚĂLJƐͿ EŽĚĂƚĂ͘ >ŽŐŐĞƌƐůŽƐƚŽƌĚĞƐƚƌŽLJĞĚ͘
ϰͬϱͬϮϬϭϵƚŽϳͬϰͬϮϬϭϵ;ϵϬĚĂLJƐͿ ZĞĐŽƌĚĐŽŵƉůĞƚĞ͘ ^ƚĂƚŝŽŶĚĂŵĂŐĞĚďLJĨůŽŽĚ͕ŶŽƚƌĞƐƚŽƌĞĚ͘
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,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϭϴK&Ϯϳ
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/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϭϵK&Ϯϳ
WŚŽƚŽŐƌĂƉŚϱͲϭ͗ƌŝĚŐĞ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ>ŽŽŬŝŶŐhƉƐƚƌĞĂŵ;ϴͬϭϴͬϮϬϭϲͿ
WŚŽƚŽŐƌĂƉŚϱͲϮ͗ƌŝĚŐĞ'ĂƵŐŝŶŐ
^ƚĂƚŝŽŶ>ŽŽŬŝŶŐhƉƐƚƌĞĂŵĨƚĞƌ&ůŽŽĚ
ĂŵĂŐĞ;ϳͬϯͬϮϬϭϵͿ
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϮϬK&Ϯϳ
ϱ͘Ϯ hƉƉĞƌ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ;ŝƐĐŽŶƚŝŶƵĞĚ^ƚĂƚŝŽŶͿ
dŚĞƵƉƉĞƌŐĂƵŐŝŶŐƐƚĂƚŝŽŶǁĂƐŝŶƐƚĂůůĞĚŽŶƵŐƵƐƚϮϳ͕ϮϬϭϱĂƉƉƌŽdžŝŵĂƚĞůLJϭͬϰͲŵŝůĞƵƉƐƚƌĞĂŵ
ŽĨƚŚĞůĂŶĚĨŝůůƌŽĂĚďƌŝĚŐĞŽǀĞƌhŶŐĂDĂŶƌĞĞŬ͘dŚĞƐƚĂƚŝŽŶƐŝƚĞǁĂƐŝŶƚĞŶĚĞĚƚŽďĞůŽĐĂƚĞĚ
ĨĂƌƚŚĞƌƵƉƐƚƌĞĂŵƚŽŵĞĂƐƵƌĞƐƚƌĞĂŵĨůŽǁŵŽƌĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƉƌŽƐƉĞĐƚŝǀĞŚLJĚƌŽŝŶƚĂŬĞƐŝƚĞƐ
ďƵƚǁĂƐŝŶƐƚĂůůĞĚĨĂƌƚŚĞƌĚŽǁŶƐƚƌĞĂŵƚŚĂŶƉůĂŶŶĞĚ͘
ĞƚĂŝůƐ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ŝŶƐƚƌƵŵĞŶƚĂƚŝŽŶ ǁĞƌĞ ŐĞŶĞƌĂůůLJ ƐŝŵŝůĂƌƚŽƚŚŽƐĞŽĨƚŚĞďƌŝĚŐĞ
ƐƚĂƚŝŽŶ͕ĂŶĚĂƌĞŶŽƚĚĞƐĐƌŝďĞĚŝŶĚĞƚĂŝů͘dŚĞƐƚĂƚŝŽŶǁĂƐĚĞĐŽŵŵŝƐƐŝŽŶĞĚƵŐƵƐƚϭϲ͕ϮϬϭϲĂŶĚ
ƉĂƌƚƐǁĞƌĞƌĞĐLJĐůĞĚĨŽƌƚŚĞŶŽƌƚŚĨŽƌŬŐĂƵŐŝŶŐƐƚĂƚŝŽŶ͘ŽƚŚůŽŐŐĞƌƐĂƌĞ,ŽďŽhϮϬƐ͕ƚŚĞǁĂƚĞƌ
ůŽŐŐĞƌŝƐ^EϭϬϳϲϲϭϭϲĂŶĚƚŚĞďĂƌŽŵĞƚƌŝĐůŽŐŐĞƌŝƐ^EϭϬϳϲϲϭϭϵ͘dŚĞŬŶŽǁŶĂǀĂŝůĂďůĞƌĞĐŽƌĚ
ĨŽƌƚŚŝƐƐƚĂƚŝŽŶŝƐƵŐƵƐƚϮϳ͕ϮϬϭϱϭϳϯϬŚƚŽ:ƵůLJϭϭ͕ϮϬϭϲϭϱϬϬŚ;ǁĂƚĞƌůŽŐŐĞƌͿĂŶĚƵŐƵƐƚϮϳ͕
ϮϬϭϱϭϳϯϬŚƚŽƵŐƵƐƚϭϱ͕ϮϬϭϲϮϮϬϬŚ;ďĂƌŽŵĞƚƌŝĐůŽŐŐĞƌͿ͘dŚŝƐĚĂƚĂŚĂƐŶŽƚďĞĞŶĂŶĂůLJnjĞĚ͘
ϱ͘ϯ EŽƌƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ;ƵƌƌĞŶƚ^ƚĂƚŝŽŶͿ
dŚĞ ŶŽƌƚŚ ĨŽƌŬ ŐĂƵŐŝŶŐ ƐƚĂƚŝŽŶ ǁĂƐ ŝŶƐƚĂůůĞĚ ŽŶ ƵŐƵƐƚ ϭϲ͕ ϮϬϭϲ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϰϬϬ ĨĞĞƚ
ƵƉƐƚƌĞĂŵŽĨƚŚĞĐŽŶĨůƵĞŶĐĞďĞƚǁĞĞŶƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĨŽƌŬƐŽĨhŶŐĂDĂŶƌĞĞŬ;ZDϭ͘ϲϱͿ͘
dŚĞƐƚĂƚŝŽŶǁĂƐƐƚŝůůŝŶŐŽŽĚǁŽƌŬŝŶŐŽƌĚĞƌĂƐŽĨƚŚĞŵŽƐƚƌĞĐĞŶƚĚŽǁŶůŽĂĚŝŶDĂƌĐŚϮϬϮϭ͘
dŚĞƐƚĂƚŝŽŶƐŝƚĞǁĂƐƐĞůĞĐƚĞĚƚŽĐŽůůĞĐƚŚLJĚƌŽůŽŐLJŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞŶŽƌƚŚĨŽƌŬŽĨhŶŐĂDĂŶ
ƌĞĞŬ͘dŚĞƐƉĞĐŝĨŝĐƐŝƚĞǁĂƐƐĞůĞĐƚĞĚďĂƐĞĚŽŶƚŚĞƉƌĞƐĞŶĐĞŽĨĂůĂƌŐĞďŽƵůĚĞƌ͕ƉŽŽů͕ĂŶĚƉŽŽů
ŽƵƚůĞƚ ĐŽŶƚƌŽů ;WŚŽƚŽŐƌĂƉŚ ϱͲϯͿ͘ dŚĞ ƐŝƚĞ ŝƐ ůŽĐĂƚĞĚ ŽŶ ĂŶ ĞdžƚĞŶƐŝǀĞ ĂŶĚ ƌĞĐĞŶƚůLJ ĂĐƚŝǀĞ
ĨůŽŽĚƉůĂŝŶ;WŚŽƚŽŐƌĂƉŚϱͲϰͿ͕ƐƵŐŐĞƐƚŝŶŐƚŚĂƚƚŚĞŐĂƵŐŝŶŐƐƚĂƚŝŽŶĂŶĚƐŝƚĞŝƐƐƵƐĐĞƉƚŝďůĞƚŽĨƵƚƵƌĞ
ĐŚĂŶŶĞůƐŚŝĨƚŝŶŐĂŶĚͬŽƌĐŽŵƉůĞƚĞĚĞƐƚƌƵĐƚŝŽŶ͘
dŚĞƐƚĂƚŝŽŶĐŽŶƐŝƐƚƐŽĨĂƚŚƌĞĞͲŝŶĐŚƉůĂƐƚŝĐƐƚŝůůŝŶŐƚƵďĞŵŽƵŶƚĞĚǁŝƚŚĂůƵŵŝŶƵŵŚĂƌĚǁĂƌĞĂŶĚ
ƌŽĐŬďŽůƚƐƚŽĂƌĞůĂƚŝǀĞůLJůĂƌŐĞďŽƵůĚĞƌĞŵďĞĚĚĞĚŝŶƚŚĞĐƌĞĞŬďĞĚƌŝǀĞƌͲƌŝŐŚƚŽĨƚŚĞƚŚĂůǁĞŐ͘
dŚĞƐƚŝůůŝŶŐƚƵďĞŝƐůŽĐĂƚĞĚŝŶĂŶĞĚĚLJƉŽŽůĂĚũĂĐĞŶƚƚŽƚŚĞďŽ ƵůĚĞƌ͘KƵƚůĞƚĐŽŶƚƌŽůŝƐĂŶĂƚƵƌĂů
ůŝŶĞŽĨďŽƵůĚĞƌƐĂŶĚĐŽďďůĞƐůŽĐĂƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJϮLJĂƌĚƐĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞŝŶƐƚĂůůĂƚŝŽŶ͘dŚĞ
ƐƚĂƚŝŽŶŝƐĨŝƚƚĞĚǁŝƚŚĂŶK^^ďŽĂƌĚƌƵůĞĚŝŶĚĞĐŝŵĂůĨĞĞƚůŽĐĂƚĞĚƌŽƵŐŚůLJƉĂƌĂůůĞůǁŝƚŚƚŚĞŵĂŝŶ
ĨůŽǁŽĨǁĂƚĞƌĂĚũĂĐĞŶƚƚŽƚŚĞďŽƵůĚĞƌ͘Ъ͟ƌŽĐŬďŽůƚǁĂƐƐĞƚŽŶƚŚĞďĂĐŬƐŝĚĞŽĨƚŚĞďŽƵůĚĞƌ
ĨƌŽŵƚŚĞK^^ďŽĂƌĚĂƐĂŶŝŶĚĞƉĞŶĚĞŶƚĚĂƚƵŵƌĞĨĞƌĞŶĐĞƉŽŝŶƚ;ZWϭͿ͘/ŶƵŐƵƐƚϮϬϭϳ͕ďĞĚƐĐŽƵƌ
ŚĂĚůĞĨƚZWϭĚƌLJĂƚůŽǁĨůŽǁƐ͕ƐŽĂЬ͟ƌŽĐŬďŽůƚ;ZWϮͿǁĂƐƐĞƚŝŶƚŚĞďŽƵůĚĞƌũƵƐƚĚŽǁŶƐƚƌĞĂŵŽĨ
ƚŚĞƐƚŝůůŝŶŐƚƵďĞ͘
dĂďůĞϱͲϮ͗ZĞĨĞƌĞŶĐĞWŽŝŶƚƐĂƚEŽƌƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
EĂŵĞ ĞƐĐƌŝƉƚŝŽŶ ůĞǀĂƚŝŽŶŝŶK^^ĂƚƵŵ
ZWϭЪ͟ƌŽĐŬďŽůƚŽŶŽƉƉŽƐŝƚĞƐŝĚĞŽĨďŽƵůĚĞƌĨƌŽŵK^^ďŽĂƌĚ
DĞĂƐƵƌĞƚŽƚŽƉŽĨďŽůƚ͘нϭ͘ϬϰнͬϬ͘ϬϮĨĞĞƚ
ZWϮЬ͟ƌŽĐŬďŽůƚĂĚũĂĐĞŶƚƚŽĂŶĚŝŵŵĞĚŝĂƚĞůLJĚŽǁŶƐƚƌĞĂŵŽĨK^^
ďŽĂƌĚ͘DĞĂƐƵƌĞƚŽƚŽƉŽĨĚŽƵďůĞŶƵƚ͘нϬ͘ϰϳнͬͲϬ͘ϬϭĨĞĞƚ
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϮϭK&Ϯϳ
KƌŝŐŝŶĂůƐƚĂƚŝŽŶŚĂƌĚǁĂƌĞǁĂƐĂƐŝŶŐůĞDŽĚĞůDyϮϬϬϭǁĂƚĞƌůĞǀĞůůŽŐŐĞƌŵĂŶƵĨĂĐƚƵƌĞĚďLJ
KŶƐĞƚ;^EϮϬϭϵϬϵϬϲͿĂŶĚĐŽŶĨŝŐƵƌĞĚƚŽůŽŐĚĂƚĂĞǀĞƌLJϭϱŵŝŶƵƚĞƐ͘dŚŝƐŚĂƌĚǁĂƌĞĐŽŶƐŝƐƚƐŽĨ
ƚǁŽĂďƐŽůƵƚĞƉƌĞƐƐƵƌĞƚƌĂŶƐĚƵĐĞƌƐ;ǁĂƚĞƌĂŶĚĂƚŵŽƐƉŚĞƌĞƐĞŶƐŽƌƐͿĐŽŶŶĞĐƚĞĚǀŝĂĐĂďůĞ͘dŚĞ
ĂƚŵŽƐƉŚĞƌŝĐ ƚƌĂŶƐĚƵĐĞƌ ŝƐ ŝŶƚĞŐƌĂƚĞĚ ǁŝƚŚ ƚŚĞ ĚĂƚĂ ůŽŐŐĞƌ ĂŶĚ ĂůƐŽ ŚĂƐ ůƵĞƚŽŽƚŚ
ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ ĞŶĂďůŝŶŐ ƌĞŵŽƚĞ ĚŽǁŶůŽĂĚ ;ǁŝƚŚŝŶ ΕϯϬ ĨŽŽƚ ƉƌŽdžŝŵŝƚLJ ƚŽ ƚŚĞ ƐƚĂƚŝŽŶͿ ǀŝĂ
ƐŵĂƌƚƉŚŽŶĞŽƌŽƚŚĞƌďůƵĞƚŽŽƚŚͲĐĂƉĂďůĞĚĞǀŝĐĞƌƵŶŶŝŶŐƚŚĞ,ŽďŽDŽďŝůĞŝŶƚĞƌĨĂĐĞƐŽĨƚǁĂƌĞ͘
dŚĞ ŽƌŝŐŝŶĂů Dy ϮϬϬϭ ůŽŐŐĞĚ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶƚĞƌǀĂůƐ ŽĨ ŶŽ Žƌ ŝŶǀĂůŝĚ ĚĂƚĂ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ
EŽǀĞŵďĞƌϰ͕ϮϬϭϲƚŚƌŽƵŐŚ:ƵŶĞϭϮ͕ϮϬϭϳ͘dŚĞƐĞŵĂLJŝŶƉĂƌƚďĞĚƵĞƚŽĞdžƉŽƐƵƌĞƚŽďĞůŽǁͲ
ĨƌĞĞnjŝŶŐĐŽŶĚŝƚŝŽŶƐ͕ĂůƚŚŽƵŐŚƚŚĞŐĂƉƐƉĞƌƐŝƐƚǁĞůůĂĨƚĞƌƚŚĞĞŶĚŽĨĨƌĞĞnjŝŶŐƚĞŵƉĞƌĂƚƵƌĞƐŝŶ
ƐƉƌŝŶŐϮϬϭϳ͘ZĞǀŝĞǁŽĨƚŚĞƐƚĂŐĞƌĞĐŽƌĚƐƵŐŐĞƐƚƐƚŚĞƐƚĂŐĞĚĂƚĂŝƐĂĐĐƵƌĂƚĞĨŽƌƚŝŵĞƐǁŚĞŶƚŚĞ
ŚĂƌĚǁĂƌĞǁĂƐŽƉĞƌĂƚŝŶŐŶŽƌŵĂůůLJ͘dŚĞůŽŐŐĞƌƐƚŽƉƉĞĚƌĞĐŽƌĚŝŶŐĚĂƚĂĨŽƌƵŶŬŶŽǁŶƌĞĂƐŽŶƐŽŶ
:ƵůLJϭϳ͕ϮϬϭϳ͘
KŶƵŐƵƐƚϮϮ͕ϮϬϭϳƚŚŝƐŚĂƌĚǁĂƌĞǁĂƐƌĞƉůĂĐĞĚǁŝƚŚŶĞǁDyϮϬϬϭŚĂƌĚǁĂƌĞĂůƐŽůŽŐŐŝŶŐĚĂƚĂ
ĂƚϭϱͲŵŝŶƵƚĞŝŶƚĞƌǀĂůƐ͘dŚŝƐŶĞǁŚĂƌĚǁĂƌĞƌĞŵĂŝŶƐŝŶƐĞƌǀŝĐĞĂƐŽĨƚŚĞŵŽƐƚƌĞĐĞŶƚĚŽǁŶůŽĂĚ͘
dŚĞƐƚĂŐĞƌĞĐŽƌĚĨƌŽŵƚŚŝƐŶĞǁŚĂƌĚǁĂƌĞĂůƐŽŝŶĐůƵĚĞƐŶƵŵĞƌŽƵƐĞƉŝƐŽĚĞƐŽĨŝŶǀĂůŝĚŽƌĂƚLJƉŝĐĂů
ƐƚĂŐĞƌĞĂĚŝŶŐƐ͕ǁŝƚŚĞĂĐŚĞƉŝƐŽĚĞƚLJƉŝĐĂůůLJďĞŝŶŐĂďŽƵƚĂĚĂLJůŽŶŐďƵƚŝŶƐĞǀĞƌĂůŝŶƐƚĂŶĐĞƐ
ůĂƐƚŝŶŐĨŽƌƐĞǀĞƌĂůĚĂLJƐ͘dŚĞƐĞĞƉŝƐŽĚĞƐŐĞŶĞƌĂůůLJĐŽŝŶĐŝĚĞǁŝƚŚŚŝŐŚĨůŽǁĞǀĞŶƚƐ͕ĂŶĚŝƚŝƐ
ƵŶĐůĞĂƌǁŚĞƚŚĞƌƚŚĞLJƌĞƉƌĞƐĞŶƚĂŶƵŶƐƚĂďůĞĨůŽǁƌĞŐŝŵĞŽƌŵĂůĨƵŶĐƚŝŽŶŝŶŐĞƋƵŝƉŵĞŶƚƵŶĚĞƌ
ŚŝŐŚǁĂƚĞƌĐŽŶĚŝƚŝŽŶƐ͘/ŶŵŽƐƚŝŶƐƚĂŶĐĞƐ͕ǀĂůŝĚƐƚĂŐĞŚĂƐďĞĞŶŝŶƚĞƌƉŽůĂƚĞĚĨƌŽŵĂĚũĂĐĞŶƚ
ĂƉƉĂƌĞŶƚǀĂůŝĚĚĂƚĂ͘
/ŶƚŽƚĂů͕ϭϲйŽĨƚŚĞƐƚĂŐĞƌĞĂĚŝŶŐƐůŽŐŐĞĚĂƚƚŚŝƐƐŝƚĞŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨƌĞĐŽƌĚŚĂǀĞďĞĞŶ
ĞƐƚŝŵĂƚĞĚĚƵĞƚŽƐƵƐƉĞĐƚŽƌŵŝƐƐŝŶŐĚĂƚĂ͘
KƵƚůĞƚĐŽŶƚƌŽůĂƚƚŚŝƐŐĂƵŐŝŶŐƐƚĂƚŝŽŶŝƐƚŚĞŶĂƚƵƌĂůĐŽďďůĞͲĂƌŵŽƌĞĚĐƌĞĞŬďĞĚ͘;WŚŽƚŽŐƌĂƉŚϱͲ
ϯͿ͘dŚĞŽƵƚůĞƚĐŽŶƚƌŽůƐŚŝĨƚĞĚƐĞǀĞƌĂůƚŝŵĞƐĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨƚŚĞƐƚƵĚLJĚƵƌŝŶŐŚŝŐŚǁĂƚĞƌ
ĞǀĞŶƚƐ͘dŚĞƐƚĂƚŝŽŶƌĂƚŝŶŐĐƵƌǀĞǁĂƐĂĚũƵƐƚĞĚĂĐĐŽƌĚŝŶŐůLJďĂƐĞĚ ŽŶ ƐƵďƐĞƋƵĞŶƚ ƐŝƚĞ
ŵĞĂƐƵƌĞŵĞŶƚƐ͕ĨůŽǁŵĞĂƐƵƌĞŵĞŶƚƐ͕ĂŶĚͬŽƌďLJƌĞǀŝĞǁŽĨƚŚĞƐƚĂŐĞƌĞĐŽƌĚ͘
ƵƌŝŶŐƚŚĞƵŐƵƐƚϮϮ͕ϮϬϭϳƐŝƚĞǀŝƐŝƚƚŚĞƐƚŝůůŝŶŐƚƵďĞŚŽƵƐŝŶŐƚŚĞWdǁĂƐŵŽǀĞĚĚŽǁŶϳ͘ϱ
ŝŶĐŚĞƐ;Ϭ͘ϲϯĨĞĞƚͿƚŽŬĞĞƉƚŚĞWdƐƵďŵĞƌŐĞĚĚƵƌŝŶŐůŽǁĨůŽǁƐ͘dŚĞK^^ďŽĂƌĚǁĂƐŶŽƚŵŽǀĞĚ͘
'ĂƉƐŝŶƚŚĞƉĞƌŝŽĚŽĨƌĞĐŽƌĚĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶdĂďůĞϱͲϯ͘
dĂďůĞϱͲϯ͗EŽƌƚŚ&ŽƌŬ'ĂŐŝŶŐ^ƚĂƚŝŽŶWĞƌŝŽĚŽĨZĞĐŽƌĚ^ƵŵŵĂƌLJ
ĂƚĞZĂŶŐĞ ZĞĐŽƌĚ^ƵŵŵĂƌLJ EŽƚĞƐ
ϴͬϭϲͬϮϬϭϲƚŽϳͬϭϮͬϮϬϭϳ;ϯϯϬĚĂLJƐͿ ZĞĐŽƌĚĐŽŵƉůĞƚĞ͘
^ƚĂƚŝŽŶŝŶƐƚĂůůĞĚϴͬϭϲͬϮϬϭϲ͘^ŝŐŶŝĨŝĐĂŶƚŐĂƉƐ
ϭϭͬϰͬϮϭϲƚŽϲͬϭϮͬϮϬϭϳ͘
ϳͬϭϮͬϮϬϭϳƚŽϴͬϮϮͬϮϬϭϳ;ϰϭĚĂLJƐͿ EŽĚĂƚĂ͘ ĂƚĂůŽƐƐĚƵĞƚŽŚĂƌĚǁĂƌĞĨĂŝůƵƌĞ͘
ϴͬϮϮͬϮϬϭϳƚŽϯͬϮϯͬϮϬϭϴ;ϮϭϯĚĂLJƐͿ ZĞĐŽƌĚĐŽŵƉůĞƚĞ͘ EĞǁŚĂƌĚǁĂƌĞŝŶƐƚĂůůĞĚ͘
ϯͬϮϯͬϮϬϭϴƚŽϵͬϵͬϮϬϭϴ;ϭϳϬĚĂLJƐͿ EŽĚĂƚĂ͘ hŶŬŶŽǁŶĞƌƌŽƌ͘
ϵͬϵͬϮϬϭϴƚŽϵͬϭϳͬϮϬϭϵ;ϯϳϯĚĂLJƐͿ ZĞĐŽƌĚĐŽŵƉůĞƚĞ͘
ϵͬϭϳͬϮϬϭϵƚŽϯͬϭϬͬϮϬϮϭ;ϱϰϬĚĂLJƐͿ EŽĚĂƚĂ͘ DĞŵŽƌLJŽǀĞƌƌƵŶ͘
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϮϮK&Ϯϳ
WŚŽƚŽŐƌĂƉŚϱͲϯ͗EŽƌƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
WŚŽƚŽŐƌĂƉŚϱͲϰ͗ƌĞĞŬDŽƌƉŚŽůŽŐLJŝŶsŝĐŝŶŝƚLJŽĨEŽƌƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϮϯK&Ϯϳ
WŚŽƚŽŐƌĂƉŚϱͲϱ͗KƵƚůĞƚŽŶƚƌŽůĂƚEŽƌƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ;ƵŐƵƐƚϮϮ͕ϮϬϭϳͿ
ϱ͘ϯ ^ŽƵƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶ;ƵƌƌĞŶƚ^ƚĂƚŝŽŶͿ
dŚĞ ƐŽƵƚŚ ĨŽƌŬ ŐĂƵŐŝŶŐ ƐƚĂƚŝŽŶ ǁĂƐ ŝŶƐƚĂůůĞĚ ŽŶ ƵŐƵƐƚ ϭϳ͕ ϮϬϭϲ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϮϬϬ ĨĞĞƚ
ƵƉƐƚƌĞĂŵŽĨƚŚĞĐŽŶĨůƵĞŶĐĞďĞƚǁĞĞŶƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĨŽƌŬƐŽĨhŶŐĂDĂŶƌĞĞŬ͘dŚĞƐƚĂƚŝŽŶ
ǁĂƐƐƚŝůůŝŶŐŽŽĚǁŽƌŬŝŶŐŽƌĚĞƌĂƐŽĨƚŚĞŵŽƐƚƌĞĐĞŶƚĚŽǁŶůŽĂĚŝŶDĂƌĐŚϮϬϮϭ͘
dŚĞƐƚĂƚŝŽŶƐŝƚĞǁĂƐƐĞůĞĐƚĞĚƚŽĐŽůůĞĐƚŚLJĚƌŽůŽŐLJŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƐŽƵƚŚĨŽƌŬŽĨhŶŐĂDĂŶ
ƌĞĞŬ͘dŚĞƐƉĞĐŝĨŝĐƐŝƚĞǁĂƐƐĞůĞĐƚĞĚďĂƐĞĚŽŶƉƌĞƐĞŶĐĞŽĨĂůĂƌŐĞďŽƵůĚĞƌ͕ƉŽŽů͕ĂŶĚŐŽŽĚƉŽŽů
ŽƵƚůĞƚĐŽŶƚƌŽů;WŚŽƚŽŐƌĂƉŚϱͲϲͿ͘^ŽƵƚŚ&ŽƌŬhŶŐĂDĂŶƌĞĞŬĂƚƚŚĞŐĂƵŐŝŶŐƐƚĂƚŝŽŶŝƐŝŶĐŝƐĞĚ
ĂƉƉƌŽdžŝŵĂƚĞůLJ ĨŽƵƌ ƚŽ Ɛŝdž ĨĞĞƚ ŝŶƚŽ ƚŚĞ ŐĞŶĞƌĂů ǀĂůůĞLJ ĨůŽŽƌ ĂŶĚ ĨůŽŽĚ ƉůĂŝŶ͘ &ůŽŽĚ ƉůĂŝŶ
ǀĞŐĞƚĂƚŝŽŶŝŶĚŝĐĂƚĞƐƚŚĞƐŽƵƚŚĨŽƌŬŚĂƐďĞĞŶŐĞŶĞƌĂůůLJƐƚĂďůĞŝŶƚŚŝƐŝŶĐŝƐĞĚĐŚĂŶŶĞůĨŽƌĂŶ
ĞƐƚŝŵĂƚĞĚϮϬLJĞĂƌƐ͘
dŚĞƐƚĂƚŝŽŶĐŽŶƐŝƐƚƐŽĨĂƚŚƌĞĞͲŝŶĐŚƉůĂƐƚŝĐƐƚŝůůŝŶŐƚƵďĞŵŽƵŶƚĞĚǁŝƚŚĂůƵŵŝŶƵŵŚĂƌĚǁĂƌĞĂŶĚ
ƌŽĐŬďŽůƚƐƚŽĂůĂƌŐĞďŽƵůĚĞƌĞŵďĞĚĚĞĚŝŶƚŚĞƌŝǀĞƌͲƌŝŐŚƚĐƌĞĞŬďĂŶŬ͘dŚĞƐƚŝůůŝŶŐƚƵďĞŝƐůŽĐĂƚĞĚ
ŝŶĂƉŽŽůůŽĐĂƚĞĚŝŶƚŚĞĞĚĚLJŽĨƚŚĞďŽƵůĚĞƌ͘KƵƚůĞƚĐŽŶƚƌŽůŝƐĂŶĂƚƵƌĂůůŝŶĞŽĨďŽƵůĚĞƌƐĂŶĚ
ĐŽďďůĞƐůŽĐĂƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJϮLJĂƌĚƐĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞŝŶƐƚĂůůĂƚŝŽŶ͘
ƵƌŝŶŐƚŚĞƵŐƵƐƚϮϬϭϲŝŶƐƚĂůůĂƚŝŽŶ͕ƚǁŽƐŚĂůůŽǁЪͲŝŶĐŚŚŽůĞƐǁĞƌĞĚƌŝůůĞĚŝŶƚŚĞƌŽĐŬĂƐǀĞƌƚŝĐĂů
ĚĂƚƵŵƌĞĨĞƌĞŶĐĞŵĂƌŬƐ;ZWϭĂŶĚZWϮͿĨŽƌŵĂŶƵĂůůLJŵĞĂƐƵƌŝŶŐǁĂƚĞƌƐƚĂŐĞ͘KŶƵŐƵƐƚϮϮ͕
ϮϬϭϳ͕ĂЬ͟ƌŽĐŬďŽůƚǁĂƐŝŶƐƚĂůůĞĚĂƐZWϯ͕ĂĚũĂĐĞŶƚƚŽZWϮ͘dŚĞƚŽƉŽĨƚŚĞĚŽƵďůĞŶƵƚŽŶƚŚĞ
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϮϰK&Ϯϳ
ďŽůƚŝƐƚŚĞƌĞĨĞƌĞŶĐĞƉŽŝŶƚĨŽƌZWϯ͕ĂŶĚŝƐĂƚƚŚĞƐĂŵĞĞůĞǀĂƚŝŽŶĂƐZWϮ͘ŶK^^ďŽĂƌĚǁĂƐĂůƐŽ
ŝŶƐƚĂůůĞĚĂƚƚŚĞƐŝƚĞĨŽƌŵĂŶƵĂůƐƚĂŐĞƌĞĂĚŝŶŐƐ;WŚŽƚŽŐƌĂƉŚϱͲϴͿ͕ĂůƚŚŽƵŐŚƚŚŝƐK^^ďŽĂƌĚǁĂƐ
ĨŽƵŶĚƉĂƌƚŝĂůůLJĚĞƐƚƌŽLJĞĚ;ƐƵƐƉĞĐƚĞĚďĞĂƌĂĐƚŝǀŝƚLJͿŝŶDĂƌĐŚϮϬϭϴ͘
KƌŝŐŝŶĂůƐƚĂƚŝŽŶŚĂƌĚǁĂƌĞǁĂƐĂƐŝŶŐůĞDŽĚĞůDyϮϬϬϭǁĂƚĞƌůĞǀĞůůŽŐŐĞƌŵĂŶƵĨĂĐƚƵƌĞĚďLJ
KŶƐĞƚ;^EϭϬϵϰϰϭϮϲͿ͕ƚŚĞƐĂŵĞŵĂŬĞͬŵŽĚĞůĂƐŝŶƐƚĂůůĞĚĂƚƚŚĞŶŽƌƚŚĨŽƌŬƐƚĂƚŝŽŶĚĞƐĐƌŝďĞĚŝŶ
^ĞĐƚŝŽŶϱ͘Ϯ͘dŚŝƐŚĂƌĚǁĂƌĞĨĂŝůĞĚŽŶDĂƌĐŚϭϱ͕ϮϬϭϳĂŶĚǁĂƐƌĞĐŽǀĞƌĞĚŽŶ:ƵŶĞϱ͕ϮϬϭϳǁŝƚŚ
ďĞĂƌďŝƚĞŵĂƌŬƐďƵƚĐŽƵůĚŶŽƚďĞĚŽǁŶůŽĂĚĞĚ͘
dŚĞhϮϬůŽŐŐĞƌƐĨƌŽŵƚŚĞĚŝƐĐŽŶƚŝŶƵĞĚ͞ƵƉƉĞƌ͟ŐĂƵŐŝŶŐƐƚĂƚŝŽŶǁĞƌĞŝŶƐƚĂůůĞĚĂƚƚŚŝƐƐƚĂƚŝŽŶŽŶ
ƵŐƵƐƚϮϯ͕ϮϬϭϳ͘dŚĞǁĂƚĞƌůŽŐŐĞƌŝƐ^EϭϬϳϲϲϭϭϲĂŶĚƚŚĞďĂƌŽŵĞƚƌŝĐůŽŐŐĞƌŝƐ^EϭϬϳϲϲϭϭϵ͘
ůůůŽŐŐĞƌƐĂƚƚŚŝƐƐƚĂƚŝŽŶŚĂǀĞďĞĞŶƉƌŽŐƌĂŵŵĞĚƚŽƌĞĐŽƌĚĚĂƚĂĂƚĂŶϭϱͲŵŝŶƵƚĞŝŶƚĞƌǀĂů͘
ƉƉƌŽdžŝŵĂƚĞůLJ ϭϮй ŽĨ ƐƚĂŐĞ ƌĞĂĚŝŶŐƐ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ƌĞĐŽƌĚ ĂƚƚŚŝƐ ƐƚĂƚŝŽŶ ŚĂǀĞ ďĞĞŶ
ĞƐƚŝŵĂƚĞĚĚƵĞƚŽŝĐĞĞĨĨĞĐƚƐ͕ƐĞŶƐŽƌŵĂůĨƵŶĐƚŝŽŶ͕ŽƌŽƚŚĞƌĞƉŝƐŽĚĞƐŽĨŝŶǀĂůŝĚĚĂƚĂ͘
KƵƚůĞƚĐŽŶƚƌŽůĂƚƚŚŝƐŐĂƵŐŝŶŐƐƚĂƚŝŽŶŝƐƚŚĞŶĂƚƵƌĂůĐŽďďůĞͲĂƌŵŽƌĞĚĐƌĞĞŬďĞĚ͘;WŚŽƚŽŐƌĂƉŚƐϱͲ
ϲ͕ϱͲϳ͕ϱͲϴͿ͘dŚĞŽƵƚůĞƚĐŽŶƚƌŽůƐŚŝĨƚĞĚƐĞǀĞƌĂůƚŝŵĞƐĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨƚŚĞƐƚƵĚLJĚƵƌŝŶŐŚŝŐŚ
ǁĂƚĞƌĞǀĞŶƚƐ͘dŚĞƐƚĂƚŝŽŶƌĂƚŝŶŐĐƵƌǀĞǁĂƐĂĚũƵƐƚĞĚďĂƐĞĚŽŶƐƵďƐĞƋƵĞŶƚƐŝƚĞŵĞĂƐƵƌĞŵĞŶƚƐ͕
ĨůŽǁŵĞĂƐƵƌĞŵĞŶƚƐ͕ĂŶĚͬŽƌďLJƌĞǀŝĞǁŽĨƚŚĞƐƚĂŐĞƌĞĐŽƌĚ͘'ĂƉƐŝŶƚŚĞƉĞƌŝŽĚŽĨƌĞĐŽƌĚĂƌĞ
ƐƵŵŵĂƌŝnjĞĚŝŶdĂďůĞϱͲϰ͘
dĂďůĞϱͲϰ͗^ŽƵƚŚ&ŽƌŬ'ĂŐŝŶŐ^ƚĂƚŝŽŶWĞƌŝŽĚŽĨZĞĐŽƌĚ^ƵŵŵĂƌLJ
ĂƚĞZĂŶŐĞ ZĞĐŽƌĚ^ƵŵŵĂƌLJ EŽƚĞƐ
ϴͬϭϳͬϮϬϭϲƚŽϯͬϭϱͬϮϬϭϳ;ϮϬϬĚĂLJƐͿ ZĞĐŽƌĚĐŽŵƉůĞƚĞ͘ ^ƚĂƚŝŽŶŝŶƐƚĂůůĞĚϴͬϭϳͬϮϬϭϲ͘
ϯͬϭϱͬϮϬϭϳƚŽϴͬϮϮͬϮϬϭϳ;ϭϳϬĚĂLJƐͿ EŽĚĂƚĂ͘ ĂƚĂůŽƐƐĚƵĞƚŽŚĂƌĚǁĂƌĞĞƌƌŽƌ͘
ϴͬϮϮͬϮϬϭϳƚŽϵͬϭϭͬϮϬϭϴ;ϯϴϱĚĂLJƐͿ ZĞĐŽƌĚĐŽŵƉůĞƚĞ͘
ϵͬϭϭͬϮϬϭϴƚŽϭϭͬϮϭͬϮϬϭϴ;ϳϭĚĂLJƐͿ EŽĚĂƚĂ͘ hŶŬŶŽǁŶĞƌƌŽƌ͘
ϭϭͬϮϭͬϮϬϭϴƚŽϭϬͬϱͬϮϬϮϬ;ϲϴϰĚĂLJƐͿ ZĞĐŽƌĚĐŽŵƉůĞƚĞ͘
WŚŽƚŽŐƌĂƉŚϱͲϲ͗^ŽƵƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶKƵƚůĞƚŽŶƚƌŽů>ŽŽŬŝŶŐŽǁŶƐƚƌĞĂŵ;ƵŐ͘ϭϳ͕ϮϬϭϲͿ
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϮϱK&Ϯϳ
WŚŽƚŽŐƌĂƉŚϱͲϳ͗^ŽƵƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶKƵƚůĞƚŽŶƚƌŽů>ŽŽŬŝŶŐhƉƐƚƌĞĂŵ;:ƵŶĞϱ͕ϮϬϭϳͿ
WŚŽƚŽŐƌĂƉŚϱͲϴ͗^ŽƵƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶKƵƚůĞƚŽŶƚƌŽů>ŽŽŬŝŶŐŽǁŶƐƚƌĞĂŵ;ƵŐƵƐƚϮϮ͕ϮϬϭϳͿ
'h'/E'
^dd/KE
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϮϲK&Ϯϳ
WŚŽƚŽŐƌĂƉŚϱͲϴ͗^ŽƵƚŚ&ŽƌŬ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶK^^͕ZWϭ͕ZWϮ͕ĂŶĚZWϯ;ƵŐƵƐƚϮϯ͕ϮϬϭϳͿ
ZWϭŝƐЪͲŝŶĐŚĚƌŝůůŚŽůĞ
ŝŶƌŽĐŬ͘DĞĂƐƵƌĞ
ĨƌŽŵƚŽƉŽĨŚŽůĞ
;ƐĞĞĚĞƚĂŝůĂƚƌŝŐŚƚͿ͘
ZWϯŝƐƚŽƉŽĨĚŽƵďůĞŶƵƚŽŶЬ͟ďŽůƚ͘
ZWϮŝƐЪͲŝŶĐŚĚƌŝůůŚŽůĞŝŶƌŽĐŬ͘
DĞĂƐƵƌĞĨƌŽŵƚŽƉŽĨŚŽůĞ͘
;ƐĞĞĚĞƚĂŝůĂďŽǀĞͿ͘
hd/KE͊͊͊dŚĞƌĞĂƌĞƚǁŽ
ĚƌŝůůŚŽůĞƐŽŶƚŚŝƐƌŽĐŬĨĂĐĞ͊
ZWϮŝƐƚŚĞĚĞĞƉĞƌŚŽůĞĂƚ
ƵƉƉĞƌůĞĨƚ͘
ZĞĚĐŝƌĐůĞĚĞŶŽƚĞƐZWϭʹĂƚ
ĞŶĚŽĨĨůŽǁƉƌŽďĞƐŚĂĨƚ͘
^Khd,&KZ<s Zd/>dhD^
ZWϭснϱ͘ϰϴнͬͲϬ͘ϬϭŝŶK^^ĚĂƚƵŵ͘
ZWϮснϱ͘ϱϭнͬͲϬ͘ϬϭŝŶK^^ĚĂƚƵŵ͘
ZWϯснϱ͘ϱϭнͬͲϬ͘ϬϭŝŶK^^ĚĂƚƵŵ͘
ZWϯ͘
ZĞĚĐŝƌĐůĞĚĞŶŽƚĞƐZWϮ͘
/dzK&&>^ W^^͕>^<
,zZK>K'zZ WKZd&KZhE'DEZ <E Z&>^ W^^͕<WK>ZKE^h>d>^<͕/E͘
D ZϮϬϮϭ W' ϮϳK&Ϯϳ
Z & Z E ^
,ZϮϬϬϳ͘&ĂůƐĞWĂƐƐ>ĂŶĚĨŝůůĐĐĞƐƐZŽĂĚ͕,LJĚƌŽůŽŐLJĂŶĚ,LJĚƌĂƵůŝĐ^ƚƵĚLJ͕&ŝŶĂůƌĂĨƚ͘,Z͕
/ŶĐ͘ŶĐŚŽƌĂŐĞ͕<͘DĂLJϮϬϬϳ͘
h^'^ϮϬϬϯ͘ ƐƚŝŵĂƚŝŶŐƚŚĞDĂŐŶŝƚƵĚĞĂŶĚ&ƌĞƋƵĞŶĐLJŽĨWĞĂŬ^ƚƌĞĂŵĨůŽǁƐĨŽƌhŶŐĂŐĞĚ^ŝƚĞƐ
ŽŶ^ƚƌĞĂŵƐŝŶůĂƐŬĂĂŶĚŽŶƚĞƌŵŝŶŽƵƐĂƐŝŶƐŝŶĂŶĂĚĂ͘:ĂŶĞƚ,͘ƵƌƌĂŶ͕ĂǀŝĚ
&͘DĞLJĞƌ͕ĂŶĚ'ĂƌLJ͘dĂƐŬĞƌ͘tĂƚĞƌͲZĞƐŽƵƌĐĞƐ/ŶǀĞƐƚŝŐĂƚŝŽŶƐZĞƉŽƌƚ;tZ/ZͿϬϯͲ
ϰϭϴϴ͘ĞƉĂƌƚŵĞŶƚŽĨƚŚĞ/ŶƚĞƌŝŽƌ͕h͘^͘'ĞŽůŽŐŝĐĂů^ƵƌǀĞLJ͘ŶĐŚŽƌĂŐĞ͕<͘ϮϬϬϯ͘
h^'^ϮϬϭϬ͘ŝƐĐŚĂƌŐĞDĞĂƐƵƌĞŵĞŶƚƐĂƚ'ĂƵŐŝŶŐ^ƚĂƚŝŽŶƐ͘ŚĂƉƚĞƌϴŽĨŽŽŬϯ͕^ĞĐƚŝŽŶ͘
dĞĐŚŶŝƋƵĞƐĂŶĚ DĞƚŚŽĚƐ ϯͲϴ͘ ͘ WŚŝů dƵƌŶŝƉƐĞĞĚ ĂŶĚ sĞƌŶŽŶ ͘ ^ĂƵĞƌ͘ h͘^͘
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hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
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͘ϭ DĂdžŝŵƵŵWƌŽďĂďůĞ&ůŽŽĚ ƐƚŝŵĂƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮ
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͘ϯ ƌĞĞŬĂƐŝŶŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚ'ĞŽŵŽƌƉŚŽůŽŐLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ͳϯ
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hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϭ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
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hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϮ
͘ϭ Dy/DhDWZK> &>KK ^d/Dd
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ϭ͘ƌĞĞŬŵĞĂŶĚĞƌ͘hŶŐĂDĂŶƌĞĞŬĂďŽǀĞ͕ƚŚƌŽƵŐŚŽƵƚ͕ĂŶĚďĞůŽǁƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚƌĞĂĐŚ
ĞdžŚŝďŝƚƐĂĐƚŝǀĞŵĞĂŶĚĞƌƐǁŝƚŚŝŶĂŐĞŶĞƌĂůůLJǁĞůůĚĞĨŝŶĞĚĨůŽŽĚĐŽƌƌŝĚŽƌĂůŽŶŐƚŚĞǀĂůůĞLJĨůŽŽƌ͘
dŚĞŵĂŝŶĐƌĞĞŬĐŚĂŶŶĞůĐĂŶďĞĞdžƉĞĐƚĞĚƚŽƐŚŝĨƚĂŶLJǁŚĞƌĞǁŝƚŚŝŶƚŚĞĐŽƌƌŝĚŽƌĚƵƌŝŶŐƚŚĞůŝĨĞŽĨ
ƚŚĞƉƌŽũĞĐƚ͘^ŽŵĞůŽŶŐƚĞƌŵĞdžƉĂŶƐŝŽŶŽĨƚŚŝƐĐŽƌƌŝĚŽƌĐĂŶĂůƐŽďĞĞdžƉĞĐƚĞĚ͕ĂƐƚŚĞĐƌĞĞŬ
ĞƌŽĚĞƐŝƚƐĐƵƚďĂŶŬƐŽǀĞƌƚŝŵĞ͘
ϭĂ͘ dŚĞĚŝǀĞƌƐŝŽŶƐƚƌƵĐƚƵƌĞǁŝůůŶĞĞĚƚŽďĞĚĞƐŝŐŶĞĚĂŶĚďƵŝůƚƐŽŝƚĐĂŶ͚ŝŶƚĞƌĐĞƉƚ͛ƚŚĞĐƌĞĞŬ
ĂŶLJǁŚĞƌĞǁŝƚŚŝŶŝƚƐĨůŽŽĚĐŽƌƌŝĚŽƌĂŶĚĚŝƌĞĐƚĨůŽǁƚŽƚŚĞƉƌŽũĞĐƚŝŶƚĂŬĞĂŶĚƐƉŝůůǁĂLJƐ͘dŚŝƐŵĂLJ
ƌĞƐƵůƚ ŝŶ ƚŚĞ ĐƌĞĞŬ ĨůŽǁŝŶŐ ƉĂƌĂůůĞů ƚŽ ƚŚĞ ĚŝǀĞƌƐŝŽŶ ǁŝŶŐǁĂůůƐĨƌŽŵĂǀĂƌŝĂďůĞƉŽŝŶƚŽĨ
ŝŶƚĞƌĐĞƉƚŝŽŶƚŽƚŚĞƐƉŝůůǁĂLJƐ͕ĂŶĚƚŚĞǁŝŶŐǁĂůůƐǁŝůůŶĞĞĚƚŽďĞĚĞƐŝŐŶĞĚĨŽƌƚŚŝƐ͘
ϭď͘ dŽƚŚĞĞdžƚĞŶƚƉƌĂĐƚŝĐĂů͕ƚŚĞƉƌŽũĞĐƚĂĐĐĞƐƐƌŽĂĚĂŶĚƵƚŝůŝƚLJĐŽƌƌŝĚŽƌŚĂƐďĞĞŶůŽĐĂƚĞĚ
ŽƵƚƐŝĚĞŽĨƚŚĞĨůŽŽĚĐŽƌƌŝĚŽƌĂŶĚƐĞƚďĂĐŬĨƌŽŵĞdžŝƐƚŝŶŐĐƵƚďĂŶŬƐƚŽƌĞĚƵĐĞĞdžƉŽƐƵƌĞƚŽƚŚĞƐĞ
ŚĂnjĂƌĚƐ͘dŚĞĨŝƌƐƚϮϬϬƚŽϯϬϬĨĞĞƚŽĨƚŚĞĂĐĐĞƐƐƌŽĂĚĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞĚŝǀĞƌƐŝŽŶƐŝƚĞŵĂLJďĞ
ůŽĐĂƚĞĚǁŝƚŚŝŶŽƌƉƌŽdžŝŵĂƚĞƚŽƚŚĞĨůŽŽĚĐŽƌƌŝĚŽƌ͘WŽƌƚŝŽŶƐŽĨƚŚĞƌŽĂĚƉƌŝƐŵƐƵƐĐĞƉƚŝďůĞƚŽ
ĨůŽŽĚŝŶŐŽƌĞƌŽƐŝŽŶƐŚŽƵůĚďĞĂƌŵŽƌĞĚƚŽƉƌĞǀĞŶƚĚĂŵĂŐĞ͘
ϭĐ͘ dŚĞƉŽǁĞƌŚŽƵƐĞƐŝƚĞŝƐƐŚŝĞůĚĞĚĨƌŽŵĐƌĞĞŬŵĞĂŶĚĞƌďLJƚŚĞůĂŶĚĨŝůůƌŽĂĚƉƌŝƐŵĂŶĚ
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ĐƌĞĞŬŵĞĂŶĚĞƌŝƐĐŽŶƐƚƌĂŝŶĞĚďLJƚŚĞƌŽĂĚďƌŝĚŐĞũƵƐƚƵƉƐƚƌĞĂŵ͕ƚŚĞƌĞŝƐůŝŵŝƚĞĚƌŝƐŬŽĨƚŚĞ
ƉƌŽũĞĐƚƚĂŝůƌĂĐĞďĞĐŽŵŝŶŐƐƚƌĂŶĚĞĚďLJŶĂƚƵƌĂůĐƌĞĞŬŵĞĂŶĚĞƌŝŶŐ͘
Ϯ͘ƌĞĞŬďĞĚůŽĂĚ͘ƵƌŝŶŐŚŝŐŚĨůŽǁĞǀĞŶƚƐ͕hŶŐĂDĂŶƌĞĞŬĐĂŶďĞĞdžƉĞĐƚĞĚƚŽƚƌĂŶƐƉŽƌƚ
ƐŝŐŶŝĨŝĐĂŶƚďĞĚůŽĂĚĚŽǁŶƐƚƌĞĂŵ͘dŚŝƐďĞĚůŽĂĚǁŝůůďĞĐĂƉƚƵƌĞĚďĞŚŝŶĚƚŚĞĚŝǀĞƌƐŝŽŶƐƚƌƵĐƚƵƌĞ
ƵŶƚŝů ƚŚĞ ŝŵƉŽƵŶĚŵĞŶƚ ŝƐ ĨŝůůĞĚ͘ dŚŝƐ ŝƐ ĞdžƉĞĐƚĞĚ͕ ĂŶĚ ƚŚĞ ŝŶƚĂŬĞ ĂŶĚ ĚŝǀĞƌƐŝŽŶ ƐƉŝůůǁĂLJƐ
ĐŽŶĐĞƉƚƵĂůĚĞƐŝŐŶƐĐĂŶŽƉĞƌĂƚĞǁŝƚŚƚŚĞĚŝǀĞƌƐŝŽŶƐƚƌƵĐƚƵƌĞĨŝůůĞĚǁŝƚŚƐĞĚŝŵĞŶƚĂŶĚƉĂƐƐŝŶŐ
ƐĞĚŝŵĞŶƚŽǀĞƌƚŚĞŵŝŶƚŽƚŚĞďLJƉĂƐƐƌĞĂĐŚŽĨƚŚĞƉƌŽũĞĐƚ͘
ϯ͘DŝŶŽƌĚƌĂŝŶĂŐĞƐ͘dŚĞƉƌŽũĞĐƚĂĐĐĞƐƐƌŽĂĚĂŶĚƵƚŝůŝƚLJĐŽƌƌŝĚŽƌĐƌŽƐƐĞƐƐĞǀĞƌĂůƐŵĂůůĚƌĂŝŶĂŐĞƐ
ĂůŽŶŐƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞhŶŐĂDĂŶďĂƐŝŶ͘dŚĞƐĞŚĂǀĞŶŽƚďĞĞŶƌĞǀŝĞǁĞĚŝŶĚĞƚĂŝůĨŽƌĨůŽŽĚ
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hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
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͘ϯ Z <ED:KZdZ/hdZz' KDKZW,K>K'zt/d,/E^dhzZ
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ƚƌŝďƵƚĂƌŝĞƐĞĂĐŚŽĨǁŚŝĐŚŝƐϭƚŽϮŵŝůĞƐůŽŶŐ͘dŚĞĐƌĞĞŬĚƌĂŝŶƐĂŶĞĂƐƚͲŶŽƌƚŚĞĂƐƚĨĂĐŝŶŐďĂƐŝŶ
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ŽŶĂŐĞŶĞƌĂůůLJĞĂƐƚͲǁĞƐƚĂdžŝƐĂŶĚŵĞĂƐƵƌŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϮ͘ϱŵŝůĞƐůŽŶŐďLJϭ͘ϱŵŝůĞƐǁŝĚĞ͘/ƚ
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ϭ͕ϭϬϬƚŽϮ͕ϴϬϬĨĞĞƚ͕ǁŝƚŚƚŚĞŚŝŐŚĞƐƚƉĞĂŬƐĂůŽŶŐƚŚĞƐŽƵƚŚǁĞƐƚƉĞƌŝŵĞƚĞƌŽĨƚŚĞďĂƐŝŶ͘dŚĞ
ůŽǁĞƐƚĞůĞǀĂƚŝŽŶŝŶƚŚĞďĂƐŝŶŝƐƐĞĂůĞǀĞůĂůŽŶŐƚŚĞĞĂƐƚďĂƐŝŶƉĞƌŝŵĞƚĞƌĂƚƚŚĞĐƌĞĞŬ͛ƐŵŽƵƚŚ͘
ƉƉƌŽdžŝŵĂƚĞůLJЬŽĨƚŚĞďĂƐŝŶĂƌĞĂ͕ĂůŽŶŐƚŚĞǀĂůůĞLJĨůŽŽƌĂŶĚůŽǁĞƌ ŵŽƵŶƚĂŝŶ ƐůŽƉĞƐ͕ ŝƐ
ǀĞŐĞƚĂƚĞĚďLJĚĞĐŝĚƵŽƵƐďƌƵƐŚĂŶĚƐŚƌƵďƐ͘ŽŵŝŶĂŶƚďƌƵƐŚƐƉĞĐŝĞƐŝŶĐůƵĚĞǁŝůůŽǁƐ͕ĂůĚĞƌƐ͕ĂŶĚ
ƐĂůŵŽŶďĞƌƌLJ͘dŚĞǀĞŐĞƚĂƚŝŽŶůŝŶĞŽĐĐƵƌƐĂƚϳϬϬƚŽϭ͕ϬϬϬĨŽŽƚĞůĞǀĂƚŝŽŶ͕ĚĞƉĞŶĚŝŶŐŽŶůŽĐĂů
ƚĞƌƌĂŝŶĐŽŶĚŝƚŝŽŶƐ͘ƉƉƌŽdžŝŵĂƚĞůLJвŽĨƚŚĞďĂƐŝŶĂƌĞĂŝƐĂůƉŝŶĞƚĞƌƌĂŝŶůŽĐĂƚĞĚĂďŽǀĞƚŚĞďƌƵƐŚ
ůŝŶĞ͕ĂŶĚĐŽŶƐŝƐƚƐŽĨƚƵŶĚƌĂŽƌďĂƌƌĞŶŐƌŽƵŶĚ͘dŚĞƌĞĂƌĞŶŽƐŝŐŶŝĨŝĐĂŶƚŐůĂĐŝĞƌƐŽƌůĂŬĞƐŝŶƚŚĞ
ďĂƐŝŶ͘ džŝƐƚŝŶŐĚĞǀĞůŽƉŵĞŶƚǁŝƚŚŝŶƚŚĞďĂƐŝŶĐŽŶƐŝƐƚƐŽĨĂŐƌĂǀĞůĂĐĐĞƐƐƌŽĂĚ͕ƌŽĂĚďƌŝĚŐĞĂƚ
ƌŝǀĞƌŵŝůĞ;ZDϬ͘ϱϱͿ͕ĂŶĚƐŽůŝĚǁĂƐƚĞůĂŶĚĨŝůů͘ůůŽĨƚŚĞƐĞĂƌĞůŽĐĂƚĞĚŽŶƚŚĞĐƌĞĞŬ͛ƐĂůůƵǀŝĂůĨĂŶ͘
hŶŐĂDĂŶƌĞĞŬ͛ƐŚĞĂĚǁĂƚĞƌƐĂƌĞƚŚƌĞĞƵŶŶĂŵĞĚĂůƉŝŶĞƚƌŝďƵƚĂƌŝĞƐůŽĐĂƚĞĚŽŶƚŚĞǁĞƐƚĂŶĚ
ƐŽƵƚŚƉŽƌƚŝŽŶƐŽĨƚŚĞďĂƐŝŶ;&ŝŐƵƌĞͲϭͿ͘dŚĞƐĞĂƌĞĐĂůůĞĚƚŚĞŶŽƌƚŚ͕ƐŽƵƚŚ͕ĂŶĚĞĂƐƚĨŽƌŬƐŝŶƚŚŝƐ
ƐƚƵĚLJ͘ZĞƐƉĞĐƚŝǀĞďĂƐŝŶĂƌĞĂƐĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶdĂďůĞͲϭ͘dŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĨŽƌŬƐĚƌĂŝŶ
ƉƌĞĚŽŵŝŶĂƚĞůLJĂůƉŝŶĞƚĞƌƌĂŝŶŝŶƚŚĞǁĞƐƚϮͬϯƌĚŽĨƚŚĞďĂƐŝŶĂŶĚĐŽŵďŝŶĞĚĐŽŵƉƌŝƐĞϲϵйŽĨƚŚĞ
ƚŽƚĂůďĂƐŝŶĂƌĞĂ͘dŚĞĐŽŶĨůƵĞŶĐĞŽĨƚŚĞƐĞƚǁŽĐƌĞĞŬƐŝƐŽŶƚŚĞŵĂŝŶǀĂůůĞLJĨůŽŽƌĂƚƌŝǀĞƌŵŝůĞ
;ZDͿϭ͘ϲ͘dŚĞĞĂƐƚĨŽƌŬĚƌĂŝŶƐĂƐŵĂůůĞƌƐƵďďĂƐŝŶƚŚĂƚŝƐƌŽƵŐŚůLJŚĂůĨĂůƉŝŶĞĂŶĚŚĂůĨǀĞŐĞƚĂƚĞĚ
ĨŽŽƚŚŝůůƐ͘/ƚũŽŝŶƐƚŚĞŵĂŝŶƐƚĞŵĂƚZDϭ͘ϰ͘^ƵďďĂƐŝŶĂƌĞĂĚŝƌĞĐƚůLJƚƌŝďƵƚĂƌLJƚŽƚŚĞŵĂŝŶƐƚĞŵ
ĐŽŶƐŝƐƚƐŵŽƐƚůLJŽĨǀĞŐĞƚĂƚĞĚǀĂůůĞLJĨůŽŽƌĂŶĚǀĂůůĞLJƐŝĚĞƐůŽƉĞƐ͕ǁŝƚŚůŝŵŝƚĞĚĂůƉŝŶĞĂƌĞĂĂůŽŶŐ
ƚŚĞ ŶŽƌƚŚĞƌůLJ ƉĞƌŝƉŚĞƌLJ ŽĨ ƚŚĞ ĚƌĂŝŶĂŐĞ ďĂƐŝŶ͘ ƌĞĞŬ ĂŶĚ ƚƌŝďƵƚĂƌLJ ŐĞŽŵŽƌƉŚŽůŽŐLJ ŝŶ ƚŚĞ
ƉƌŽũĞĐƚǀŝĐŝŶŝƚLJĂƌĞĚĞƐĐƌŝďĞĚŝŶĚĞƚĂŝůŝŶ^ĞĐƚŝŽŶ͘ϯ͘Ϯ͘
dĂďůĞͲϭ hŶŐĂDĂŶƌĞĞŬ^ƵďͲĂƐŝŶƌĞĂƐ
^ƵďͲĂƐŝŶ^ƵďͲĂƐŝŶƌĞĂ
;ƐƋƵĂƌĞŵŝůĞƐͿ
WĞƌĐĞŶƚĂŐĞŽĨ
dŽƚĂůĂƐŝŶ
EŽƌƚŚĨŽƌŬƚƌŝďƵƚĂƌLJ ϭ͘ϯϵ ϯϳй
^ŽƵƚŚĨŽƌŬƚƌŝďƵƚĂƌLJ ϭ͘ϮϬ ϯϮй
ĂƐƚĨŽƌŬƚƌŝďƵƚĂƌLJ Ϭ͘ϰϯ ϭϭй
dƌŝďƵƚĂƌLJƚŽŵĂŝŶƐƚĞŵ͕ĞĂƐƚĨŽƌŬĐŽŶĨůƵĞŶĐĞƚŽƚŝĚĞǁĂƚĞƌ Ϭ͘ϳϲϮϬй
dŽƚĂůhŶŐĂDĂŶƌĞĞŬĚƌĂŝŶĂŐĞďĂƐŝŶĂƌĞĂ ϯ͘ϳϴ ϭϬϬй
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϰ
͘ϯ͘Ϯ ƌĞĞŬĂŶĚdƌŝďƵƚĂƌLJ'ĞŽŵŽƌƉŚŽůŽŐLJ
ƐƚŚĞŵĂŝŶƐƚĞŵŽĨhŶŐĂDĂŶƌĞĞŬĂƐĐĞŶĚƐĨƌŽŵƚŝĚĞǁĂƚĞƌƵƉƚŽƚŚĞŶŽƌƚŚͬƐŽƵƚŚĐŽŶĨůƵĞŶĐĞ
ĂƚZDϭ͘ϲ͕ƚŚĞƐƚƌĞĂŵďĞĚŐƌĂĚŝĞŶƚƉƌŽŐƌĞƐƐŝǀĞůLJƐƚĞĞƉĞŶƐ͘EĞĂƌ ƚŝĚĞǁĂƚĞƌ ;ZD Ϭ͘ϬͿ ƚŚĞ
ŐƌĂĚŝĞŶƚŝƐϭ͘ϱƉĞƌĐĞŶƚ͕ĂƚƚŚĞƌŽĂĚďƌŝĚŐĞ;ZDϬ͘ϱͿƚŚĞŐƌĂĚŝĞŶƚŝƐϮ͘ϱƉĞƌĐĞŶƚ͕ĂŶĚĂƚƚŚĞŶŽƌƚŚ
ͬƐŽƵƚŚĨŽƌŬĐŽŶĨůƵĞŶĐĞ;ZDϭ͘ϲͿƚŚĞŐƌĂĚŝĞŶƚŝƐϱƉĞƌĐĞŶƚ͘&ƌŽŵZDϬ͘ϱϱƚŽƚŝĚĞǁĂƚĞƌ͕ƚŚĞ
ŵĂŝŶƐƚĞŵĨůŽǁƐĚŽǁŶŝƚƐĂůůƵǀŝĂůĨĂŶ͘/ŶƚŚŝƐƌĞĂĐŚ͕ƚŚĞĐƌĞĞŬĂĐƚŝǀĞůLJŵĞĂŶĚĞƌƐǁŝƚŚŝŶĂ
ĨůŽŽĚƉůĂŝŶƚŚĂƚŝƐϯϬƚŽϮϱϬĨĞĞƚǁŝĚĞ͕ǁŝƚŚĂĐƚŝǀĞĨŝǀĞƚŽƚĞŶƉůƵƐĨŽŽƚƚĂůůĐƵƚďĂŶŬƐƚLJƉŝĐĂůůLJ
ƉƌĞƐĞŶƚĂůŽŶŐďŽƚŚƐŝĚĞƐŽĨƚŚĞĨůŽŽĚƉůĂŝŶ͘
&ƌŽŵZDϬ͘ϱϱƵƉƐƚƌĞĂŵƚŽZDϭ͘ϰ͕ƚŚĞĐƌĞĞŬĨůŽǁƐĚŽǁŶƚŚĞϰϬϬͲĨŽŽƚǁŝĚĞŵĂŝŶǀĂůůĞLJĨůŽŽƌ
ĂŶĚŝƐĐŽŶĨŝŶĞĚďLJƚŽƉŽŐƌĂƉŚLJƚŽƚŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞǀĂůůĞLJĨůŽŽƌ͘hŶŐĂDĂŶƌĞĞŬŵĞĂŶĚĞƌƐ
ǁŝƚŚŝŶĂϱϬƚŽϭϬϬĨŽŽƚǁŝĚĞĂĐƚŝǀĞĨůŽŽĚƉůĂŝŶĐŽƌƌŝĚŽƌƚŚƌŽƵŐŚƚŚŝƐƌĞĂĐŚ͘dŚŝƐĐŽƌƌŝĚŽƌŝƐ
ďŽƵŶĚĞĚďLJƚŚĞǀĂůůĞLJƐŝĚĞǁĂůůŽƌůŽĐĂůĐƵƚďĂŶŬƐĂůŽŶŐƌŝǀĞƌͲƌŝŐŚƚ;ƐŽƵƚŚďĂŶŬͿ͘ƚƚŚĞƚŚƌĞĞ
ůŽĐĂƚŝŽŶƐǁŚĞƌĞŝƚŝƐƉŝŶŶĞĚĂŐĂŝŶƐƚƚŚĞƐŽƵƚŚǀĂůůĞLJǁĂůů͕ƚŚĞĐƌĞĞŬŚĂƐĐƌĞĂƚĞĚĂĐƚŝǀĞĐƵƚďĂŶŬƐ
ϭϬƐŽĨĨĞĞƚƚĂůů͘dŚĞĐƌĞĞŬŝƐƚLJƉŝĐĂůůLJďŽƵŶĚĞĚďLJůŽĐĂůĐƵƚďĂŶŬƐĨŝǀĞƚŽƚĞŶƉůƵƐĨĞĞƚƚĂůůĂůŽŶŐ
ƌŝǀĞƌůĞĨƚ;ŶŽƌƚŚďĂŶŬͿƚŚƌŽƵŐŚƚŚŝƐƌĞĂĐŚ͘
ďŽǀĞZDϭ͘ϰ͕ƚŚĞĐƌĞĞŬƐŚŝĨƚƐƚŽƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞǀĂůůĞLJĨůŽŽƌ͕ĂŶĚƚŚĞŶŽƌƚŚĨŽƌŬƌĞŵĂŝŶƐ
ŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞǀĂůůĞLJƵƉƐƚƌĞĂŵƚŽƚŚĞǀĂůůĞLJŚĞĂĚǁĂůůĂƚZDϮ͘ϭ͘ƌĞĞŬŵŽƌƉŚŽůŽŐLJ͕
ŝŶĐůƵĚŝŶŐ ƚŚĞ ŵĞĂŶĚĞƌŝŶŐ ĐŚĂƌĂĐƚĞƌ ĂŶĚ ƉƌĞƐĞŶĐĞ ŽĨ ĂŶ ĂĐƚŝǀĞůLJƐĐŽƵƌĞĚ ĂŶĚ ĚĞŐƌĂĚĞĚ
ĨůŽŽĚƉůĂŝŶĐŽƌƌŝĚŽƌ͕ĂƌĞƐŝŵŝůĂƌƚŽĐŽŶĚŝƚŝŽŶƐĚŽǁŶƐƚƌĞĂŵŽĨZDϭ͘ϰ͘
dŚĞĐŚĂŶŶĞůƐŚŝĨƚĨƌŽŵƚŚĞŶŽƌƚŚƚŽƚŚĞƐŽƵƚŚƐŝĚĞŽĨƚŚĞǀĂůůĞLJĨůŽŽƌĂƚZDϭ͘ϰĂƉƉĞĂƌƐƚŽďĞ
ĚƵĞƚŽĂŶĂůůƵǀŝĂůĐŽŶĞĨƌŽŵĂŵŝŶŽƌůĞĨƚͲůĂƚĞƌĂůƚƌŝďƵƚĂƌLJĂƚƚŚŝƐůŽĐĂƚŝŽŶƚŚĂƚƐŚƵŶƚƐƚŚĞĐƌĞĞŬ
ƚŽƚŚĞƐŽƵƚŚ;ƌŝŐŚƚͿ͘ŽǁŶƐƚƌĞĂŵƚĞƌƌĂŝŶŽŶƚŚĞŶŽƌƚŚƐŝĚĞŽĨƚŚĞǀĂůůĞLJŝƐŐĞŶĞƌĂůůLJŚŝŐŚĞƌƚŚĂŶ
ƚŚĞƐŽƵƚŚƐŝĚĞ͕ƉĞƌŚĂƉƐĚƵĞƚŽŐƌĞĂƚĞƌĚĞƉŽƐŝƚŝŽŶƌĂƚĞƐŽĨĂůůƵǀŝĂůͬĐŽůůƵǀŝĂůŵĂƚĞƌŝĂůĨƌŽŵƚŚĞ
ƚĂůůĞƌŵŽƵŶƚĂŝŶƐůŽƉĞƐĂůŽŶŐƚŚŝƐƐŝĚĞŽĨƚŚĞǀĂůůĞLJ͘
&ƌŽŵŝƚƐĐŽŶĨůƵĞŶĐĞĂƚZDϭ͘ϰ͕ƚŚĞĞĂƐƚĨŽƌŬƐƚĞĞƉůLJĂƐĐĞŶĚƐƚŚĞ ƐŽƵƚŚ ǀĂůůĞLJ ǁĂůů͕ ǁŝƚŚ
ŐƌĂĚŝĞŶƚƐĞdžĐĞĞĚŝŶŐϮϬƉĞƌĐĞŶƚƐƚĂƌƚŝŶŐũƵƐƚϭϱϬĨĞĞƚƵƉƐƚƌĞĂŵŽĨŝƚƐĐŽŶĨůƵĞŶĐĞǁŝƚŚƚŚĞŵĂŝŶ
ƐƚĞŵ͘dŚĞĞĂƐƚĨŽƌŬŐĞŶĞƌĂůůLJŵĂŝŶƚĂŝŶƐŐƌĂĚŝĞŶƚƐƐƚĞĞƉĞƌƚŚĂŶϭϬƉĞƌĐĞŶƚƚŽŝƚƐŚĞĂĚǁĂƚĞƌƐ͘
ĂƐƚĨŽƌŬŐĞŽŵŽƌƉŚŽůŽŐLJǁĂƐŶŽƚŽďƐĞƌǀĞĚĚƵƌŝŶŐĨŝĞůĚǁŽƌŬĨŽƌƚŚŝƐƉƌŽũĞĐƚ͘
ďŽǀĞŝƚƐŵŽƵƚŚĂƚZDϭ͘ϲ͕ƚŚĞƐŽƵƚŚĨŽƌŬƐƚĂLJƐŽŶƚŚĞŵĂŝŶǀĂůůĞLJĨůŽŽƌĨŽƌĂďŽƵƚЬŵŝůĞĂƚĂ
ŐƌĂĚŝĞŶƚŽĨϳ͘ϱƉĞƌĐĞŶƚ͕ƚŚĞŶĂƐĐĞŶĚƐƚŽƚŚĞĂůƉŝŶĞǀŝĂĂŶŝŶĐŝƐĞĚƌĂǀŝŶĞĂƚĂŐƌĂĚŝĞŶƚŽĨϭϮн
ƉĞƌĐĞŶƚ͘dŚĞƐŽƵƚŚĨŽƌŬďŝĨƵƌĐĂƚĞƐŝŶƚŽƐĞǀĞƌĂůŚĞĂĚǁĂƚĞƌƚƌŝďƵƚĂƌŝĞƐĂƚZDϮ͘ϴ͘
ƌĞĞŬŐĞŽŵŽƌƉŚŽůŽŐLJƵƉƚŽZDϮ͘ϮŝƐŵŽƐƚůLJĂĐŽŶƚŝŶƵŽƵƐĐĂƐĐĂĚĞͲƉŽŽůƐĞƋƵĞŶĐĞ͕ǁŝƚŚƚŚƌĞĞͲ
ƚŽƐŝdžͲĨŽŽƚƚĂůůĐĂƐĐĂĚĞƐĨŽƌŵĞĚďLJũƵŵďůĞƐŽĨůĂƌŐĞďŽƵůĚĞƌĂŶĚƉƌĞǀĂŝůŝŶŐůĂƌŐĞƐƵďƐƚƌĂƚĞŽĨ
ĐŽďďůĞƐĂŶĚďŽƵůĚĞƌƐ͘ džƉŽƐƵƌĞƐŽĨĐŽŶƐŽůŝĚĂƚĞĚŵĂƚĞƌŝĂůŝŶƚŚĞĐƌĞĞŬďĞĚĂŶĚƌŝǀĞƌͲƌŝŐŚƚďĂŶŬ
ŶĞĂƌZDϭ͘ϴĂƌĞŝƐŽůĂƚĞĚŝŶƐƚĂŶĐĞƐƵƉƚŽZDϮ͘Ϯ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϱ
ďŽǀĞŝƚƐŵŽƵƚŚĂƚZDϭ͘ϲ͕ƚŚĞŶŽƌƚŚĨŽƌŬƐƚĂLJƐŽŶƚŚĞŵĂŝŶǀĂůůĞLJĨůŽŽƌĨŽƌĂďŽƵƚЪŵŝůĞƚŽZD
Ϯ͘ϭĂƚĂŐƌĂĚŝĞŶƚŽĨϴƉĞƌĐĞŶƚ͕ƚŚĞŶĂƐĐĞŶĚƐƚŚĞǀĂůůĞLJŚĞĂĚǁĂůůĂƚŐƌĂĚŝĞŶƚƐĞdžĐĞĞĚŝŶŐϮϬ
ƉĞƌĐĞŶƚ ĂŶĚ ƉƌŽŐƌĞƐƐŝǀĞůLJ ďŝĨƵƌĐĂƚĞƐ ŝŶƚŽ ƐĞǀĞƌĂů ƐŵĂůů ŚĞĂĚǁĂƚĞƌƚƌŝďƵƚĂƌŝĞƐ͘ƌĞĞŬ
ŐĞŽŵŽƌƉŚŽůŽŐLJƵƉƚŽZDϮ͘ϭŝƐƐŝŵŝůĂƌƚŽƚŚĞŵĂŝŶƐƚĞŵƌĞĂĐŚĂďŽǀĞZDϭ͘ϰ͘
͘ϰ ' Kd ,E/>KE^/ Zd/KE^
͘ϰ͘ϭ 'ĞŽůŽŐŝĐ^ĞƚƚŝŶŐ
&ĂůƐĞWĂƐƐŝƐůŽĐĂƚĞĚŽŶhŶŝŵĂŬ/ƐůĂŶĚ͕ƚŚĞĨŝƌƐƚŽĨƚŚĞŵĂũŽƌůĞƵƚŝĂŶ/ƐůĂŶĚƐĂƚƚŚĞǁĞƐƚĞƌŶĞŶĚ
ŽĨƚŚĞůĂƐŬĂWĞŶŝŶƐƵůĂ͘hŶŝŵĂŬ/ƐůĂŶĚŝƐƉĂƌƚŽĨƚŚĞ ĂƐƚͲůĞƵƚŝĂŶsŽůĐĂŶŝĐƌĐ͕ĐŽŶƐŝƐƚŝŶŐŽĨĂ
ĐŚĂŝŶŽĨǀŽůĐĂŶŝĐŝƐůĂŶĚƐůŽĐĂƚĞĚĂůŽŶŐƚŚĞĐƌĞƐƚŽĨĂƐƵďŵĂƌŝŶĞƌŝĚŐĞ͘dŚĞĂĚũĂĐĞŶƚůĞƵƚŝĂŶ
dƌĞŶĐŚŝƐŽŶĞŽĨƚŚĞǁŽƌůĚ͛ƐŵŽƐƚĂĐƚŝǀĞƚĞĐƚŽŶŝĐƉůĂƚĞďŽƵŶĚĂƌLJnjŽŶĞƐ͕ǁŚĞƌĞƚŚĞWĂĐŝĨŝĐWůĂƚĞ
ŝƐƐƵďĚƵĐƚŝŶŐƵŶĚĞƌƚŚĞEŽƌƚŚŵĞƌŝĐĂŶWůĂƚĞ͘dŚŝƐĨĂƵůƚnjŽŶĞŐĞŶĞƌĂƚĞƐŐƌĞĂƚĞĂƌƚŚƋƵĂŬĞƐ͕
ŝŶĐůƵĚŝŶŐ͗
Dϴ͘Ϯ;ϮϬϮϭͿ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϮϬϬŵŝůĞƐĞĂƐƚŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘
Dϳ͘Ϭ;ϭϵϵϭͿ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϳϱŵŝůĞƐĞĂƐƚͲƐŽƵƚŚĞĂƐƚŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘
Dϴ͘ϲ;ϭϵϰϲͿ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϱϬŵŝůĞƐƐŽƵƚŚŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘
Dϴ͘ϯ;ϭϵϯϴͿ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϮϬϬŵŝůĞƐĞĂƐƚŽĨƚŚĞƉƌŽũĞĐƚƐŝƚĞ͘
dŚĞĂƌĞĂŝƐŶŽƚĞĚĨŽƌŝƚƐŵŝdžŽĨƌĞĐĞŶƚǀŽůĐĂŶŝĐƚĞƌƌĂŝŶĂŶĚWůĞŝƐƚŽĐĞŶĞŐůĂĐŝĂůĨĞĂƚƵƌĞƐ͘dŚĞ
ůĂŶĚƐĐĂƉĞŝƐŐĞŶĞƌĂůůLJƌƵŐŐĞĚĂŶĚƐƚĞĞƉ͕ƚŚĞƌĞƐƵůƚŽĨǀŽůĐĂŶŝĐĂĐƚŝǀŝƚLJ͕ĞdžƚĞŶƐŝǀĞŐůĂĐŝĂƚŝŽŶ͕ĂŶĚ
ƐƵďƐĞƋƵĞŶƚŐůĂĐŝĂůĞƌŽƐŝŽŶ͘dŚĞƌĞĂƌĞƐĞǀĞŶŚŝƐƚŽƌŝĐĂůůLJĂĐƚŝǀĞǀŽůĐĂŶŽĞƐǁŝƚŚŝŶĂϭϬϬͲŵŝůĞ
ƌĂĚŝƵƐŽĨƚŚĞƐŝƚĞ͕ǁŝƚŚ^ŚŝƐŚĂůĚŝŶsŽůĐĂŶŽďĞŝŶŐƚŚĞĐůŽƐĞƐƚ͕ůŽĐĂƚĞĚŶĞĂƌƚŚĞĐĞŶƚĞƌŽĨhŶŝŵĂŬ
/ƐůĂŶĚĂƉƉƌŽdžŝŵĂƚĞůLJϮϰŵŝůĞƐǁĞƐƚŽĨƚŚĞƐŝƚĞ͘ϭϳ
ZŽƵŶĚdŽƉsŽůĐĂŶŽŝƐƚŚĞĐůŽƐĞƐƚǀŽůĐĂŶŽƚŽƚŚĞƉƌŽũĞĐƚƐŝƚĞ;ĂƉƉƌŽdžŝŵĂƚĞůLJϭϬŵŝůĞƐƚŽƚŚĞ
ǁĞƐƚͲƐŽƵƚŚǁĞƐƚͿĂŶĚŚĂƐďĞĞŶĂĐƚŝǀĞŝŶƚŚĞ,ŽůŽĐĞŶĞ;Εϴ͕ϬϬϬLJĞĂƌƐĂŐŽͿďƵƚŶŽƚŝŶŚŝƐƚŽƌŝĐĂů
ƚŝŵĞ͘KƚŚĞƌŶĞĂƌďLJǀŽůĐĂŶŽĞƐŽŶhŶŝŵĂŬ/ƐůĂŶĚŝŶĐůƵĚĞhŶŝŵĂŬĂŶĚ/ƐĂŶŽƚƐŬŝ͘ϭϴ
&ŝŐƵƌĞͲϭƉƌĞƐĞŶƚƐĂŶŝŶƐĞƚŽĨƚŚĞh^'^͛ƌĞŐŝŽŶĂůŐĞŽůŽŐŝĐŵĂƉĨŽƌƚŚĞƉƌŽũĞĐƚĂƌĞĂ͘'ĞŽůŽŐŝĐ
ŵĂƉƵŶŝƚƐŽĐĐƵƌƌŝŶŐǁŝƚŚŝŶƚŚĞhŶŐĂDĂŶƌĞĞŬďĂƐŝŶŝŶĐůƵĚĞ͗
ͲYĂĨ͗ůůƵǀŝĂůĨĂŶĚĞƉŽƐŝƚƐ;YƵĂƚĞƌŶĂƌLJͿ͘
ͲYdǀ͗sŽůĐĂŶŝĐƌŽĐŬƐ;YƵĂƚĞƌŶĂƌLJĂŶĚWůŝŽĐĞŶĞͿ͘
ϭϳ ĚĂƉƚĞĚĨƌŽŵŶĂƌƌĂƚŝǀĞŝŶ'ŽůĚĞƌϮϬϭϰ͘
ϭϴ sKϮϬϭϳ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϲ
&ŝŐƵƌĞͲϭ 'ĞŽůŽŐŝĐDĂƉĞƚĂŝůŽĨƚŚĞWƌŽũĞĐƚƌĞĂ
ĞƚĂŝůĨƌŽŵWůĂƚĞϭ͕h^'^ϭϵϵϳ͘
͘ϰ͘Ϯ ĞĚƌŽĐŬ'ĞŽůŽŐLJ
dŚĞƌĞ ĂƌĞ ŶŽ ŬŶŽǁŶ ďĞĚƌŽĐŬ ĞdžƉŽƐƵƌĞƐ ŝŶ ƚŚĞ ƉƌŽƉŽƐĞĚ ƉƌŽũĞĐƚ ĨŽŽƚƉƌŝŶƚ͕ ĂŶĚ ďĞĚƌŽĐŬ ŝƐ
ĂƐƐƵŵĞĚƚŽŶŽƚďĞĂǀĂŝůĂďůĞĨŽƌƉƌŽũĞĐƚĞŶŐŝŶĞĞƌŝŶŐĚĞƐŝŐŶ͘
džƉŽƐƵƌĞƐŽĨĂĐŽŶƐŽůŝĚĂƚĞĚƐƚƌĂƚƵŵƚŚĂƚŵĂLJďĞĂǀŽůĐĂŶŝĐĐŽŶŐůŽŵĞƌĂƚĞŽĐĐƵƌĂůŽŶŐƚŚĞ
ƐŽƵƚŚĨŽƌŬĂƚZDϭ͘ϴϬƚŽZDϭ͘ϴϱ;WŚŽƚŽŐƌĂƉŚƐͲϳ͕ͲϭϬ͕ĂŶĚͲϭϭͿ͘tŚĞƌĞĞdžƉŽƐĞĚƚŽĨůŽǁŝŶŐ
ǁĂƚĞƌ ƚŚĞƐĞ ŵĂƚĞƌŝĂůƐ ƌĞƚĂƌĚ ĞƌŽƐŝŽŶ͕ ďƵƚ ĚĞĐŽŵƉŽƐĞ ŝŶƚŽ Ă ĨŝŶĞͲŐƌĂŝŶĞĚ ŵĂƚĞƌŝĂů ǁŝƚŚ
ĞŵďĞĚĚĞĚĂŐŐƌĞŐĂƚĞƐ͘^ŝŵŝůĂƌƐƚƌĂƚƵŵŵĂLJďĞĞdžƉŽƐĞĚŝŶƌŝǀĞƌͲƌŝŐŚƚ;ƐŽƵƚŚďĂŶŬͿĐƵƚďĂŶŬƐ
ĂůŽŶŐ ƚŚĞ ŵĂŝŶ ƐƚĞŵ ŽĨ hŶŐĂ DĂŶ ƌĞĞŬ͘ DŽƌĞ ĐŽŵƉĞƚĞŶƚ ƌŽĐŬ ŽƵƚĐƌŽƉƐ ŽĐĐƵƌ ŽŶ ƚŚĞ
ŵŽƵŶƚĂŝŶƐůŽƉĞƐŝŶƚŚĞŶŽƌƚŚĨŽƌŬďĂƐŝŶƵƉƐƚƌĞĂŵŽĨZDϮ͘ϭ͘dŚĞƐĞŝŶĐůƵĚĞǁŚĂƚŵĂLJďĞ
ďĂƐĂůƚŝĐĨŽƌŵĂƚŝŽŶƐ;WŚŽƚŽŐƌĂƉŚͲϭϰͿŽƌŽƚŚĞƌǀŽůĐĂŶŝĐƌŽĐŬŽƵƚĐƌŽƉƉŝŶŐƐ;WŚŽƚŽŐƌĂƉŚƐͲϭϯ͕
ͲϭϱĂŶĚͲϭϳͿ͘
͘ϰ͘ϯ ^ƵƌĨŝĐŝĂů'ĞŽůŽŐLJ
^ƵƌĨŝĐŝĂůŐĞŽůŽŐLJŝŶƚŚĞƉƌŽũĞĐƚĨŽŽƚƉƌŝŶƚŝƐĂƐƐƵŵĞĚƚŽďĞƉƌĞĚŽŵŝŶĂƚĞůLJĂůůƵǀŝƵŵ͘dŚĞĂĐƚŝǀĞ
ĐƌĞĞŬ ĨůŽŽĚ ĐŽƌƌŝĚŽƌ ĞdžŚŝďŝƚƐ ĂďƵŶĚĂŶƚ ďŽƵůĚĞƌƐ͕ ĐŽďďůĞƐ͕ ĂŶĚ ŐƌĂǀĞůƐ͘&ƌĞƐŚĐƵƚďĂŶŬ
ĞdžƉŽƐƵƌĞƐ;WŚŽƚŽŐƌĂƉŚƐͲϯ͕Ͳϲ͕ĂŶĚͲϳͿĂůŽŶŐƚŚĞĐƌĞĞŬĐŽƌƌŝĚŽƌŝŶĚŝĐĂƚĞƚŚĂƚůĞƐƐĚŝƐƚƵƌďĞĚ
ĚĞƉŽƐŝƚƐŽŶƚŚĞǀĂůůĞLJĨůŽŽƌŵĂLJŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚĨƌĂĐƚŝŽŶŽĨƐĂŶĚĂŶĚƐŝůƚ͘
hŶŐĂDĂŶƌĞĞŬĂƐŝŶ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚͲϳ
ŝŐŚƚƚĞƐƚďŽƌŝŶŐƐƚŽϮϬнĨĞĞƚĐŽŵƉůĞƚĞĚĨŽƌƚŚĞůĂŶĚĨŝůůƌŽĂĚŽŶƚŚĞĐƌĞĞŬƐ͛ĂůůƵǀŝĂůĨĂŶƌĞǀĞĂůĞĚ
ƐƵďƐƵƌĨĂĐĞĐŽŶĚŝƚŝŽŶƐĐŽŶƐŝƐƚŝŶŐŽĨůĂLJĞƌƐŽĨƐŝůƚLJƐĂŶĚ͕ƐĂŶĚĂŶĚŐƌĂǀĞůƐ͕ĂŶĚŐƌĂǀĞůůLJƐĂŶĚƐ
ǁŝƚŚƚƌĂĐĞƐŽĨƐŝůƚ͕ǁŝƚŚŶƵŵĞƌŽƵƐĐŽďďůĞƐĂŶĚďŽƵůĚĞƌƐƚŚƌŽƵŐŚŽƵƚ͘ϭϵ
dĞƐƚƉŝƚƐĨŽƌƚŚĞůĂŶĚĨŝůůĚĞǀĞůŽƉŵĞŶƚĂŶĚĨŽƌĂĨŽƌŵĞƌůLJƉƌŽƉŽƐĞĚǁŝŶĚƚƵƌďŝŶĞĂƚƚŚĞůĂŶĚĨŝůů
ƌĞǀĞĂůĞĚƐŝŵŝůĂƌƐƵďƐƵƌĨĂĐĞĐŽŶĚŝƚŝŽŶƐ͗ůĂLJĞƌƐŽĨƐĂŶĚLJƐŝůƚ͕ƐŝůƚLJƐĂŶĚ͕ƐĂŶĚ͕ĂŶĚƐŝůƚ͕ǁŝƚŚŐƌĂǀĞů
ĂŶĚĐŽďďůĞŝŶĐůƵƐŝŽŶƐ͘^ŽŵĞŽĨƚŚĞƵƉƉĞƌůĂLJĞƌƐŽĨƐŝůƚĐŽƵůĚŚĂǀĞďĞĞŶǀŽůĐĂŶŝĐĂƐŚ͘ϮϬ
dŚĞƌĞůĂƚŝǀĞůLJŵŝůĚŵĂƌŝƚŝŵĞĐůŝŵĂƚĞŝŶ&ĂůƐĞWĂƐƐŵĂŬĞƐŝŶĐŝĚĞŶĐĞŽĨƉĞƌŵĂĨƌŽƐƚŝŶƚŚĞƉƌŽũĞĐƚ
ĂƌĞĂƵŶůŝŬĞůLJ͘
͘ϰ͘ϯ 'ĞŽƚĞĐŚŶŝĐĂůZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ
dŚĞƐƉĂƚŝĂůĞdžƚĞŶƚĂŶĚĚĞƉƚŚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚƌĂƚƵŵŽďƐĞƌǀĞĚĂƌŽƵŶĚZDϭ͘ϴŽŶƚŚĞƐŽƵƚŚ
ĨŽƌŬǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĨŽŽƚƉƌŝŶƚŝƐƵŶŬŶŽǁŶ͘/ĨŝƚŝƐƉƌĞƐĞŶƚĂƚƐŚĂůůŽǁĚĞƉƚŚĂƚƚŚĞĚŝǀĞƌƐŝŽŶ
ƐŝƚĞ͕ ŝƚ ŵĂLJ ƵƐĞĨƵů ŝŶ ĨĂĐŝůŝƚĂƚŝŶŐ ĐƵƚŽĨĨ ŽĨ ƐƵďƐƵƌĨĂĐĞ ĨůŽǁ ďĞŶĞĂƚŚ ƚŚĞ ĚŝǀĞƌƐŝŽŶ ƐƚƌƵĐƚƵƌĞ͘
&ŽƵŶĚĂƚŝŽŶĚĞƐŝŐŶĨŽƌƉƌŽũĞĐƚƐƚƌƵĐƚƵƌĞƐŝƐůŝŬĞůLJƚŽďĞƐŝŵŝůĂƌŝĨĨŽƵŶĚĞĚŝŶƚŚŝƐŵĂƚĞƌŝĂůŽƌŝŶ
ƵŶĐŽŶƐŽůŝĚĂƚĞĚĂůůƵǀŝƵŵ͘
dĞƐƚƉŝƚƐŽƌďŽƌŝŶŐƐĂƌĞƌĞĐŽŵŵĞŶĚĞĚƚŽǀĞƌŝĨLJƐƵďƐƵƌĨĂĐĞĐŽŶĚŝƚŝŽŶƐƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽũĞĐƚ
ĨŽŽƚƉƌŝŶƚƉƌŝŽƌƚŽĨŝŶĂůĚĞƐŝŐŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶ͕ǁŝƚŚǀĞƌŝĨŝĐĂƚŝŽŶŽĨƐƵďƐƵƌĨĂĐĞĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞ
ƉŽǁĞƌŚŽƵƐĞƐŝƚĞĂŶĚĚŝǀĞƌƐŝŽŶƐŝƚĞďĞŝŶŐƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚ͘
ϭϵ ,ZϮϬϬϳ͘
ϮϬ DϮϬϬϰ͕'ŽůĚĞƌϮϬϭϰ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
WW E/y ʹ Es/ZKED Ed>KE^/ Zd/KE^
^ĞĐƚŝŽŶ dŝƚůĞ WĂŐĞEŽƐ͘
͘ϭ Z>z' EzKE^h>dd/KE^ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ
͘Ϯt/>>/& ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
͘ϯ&/^, Z/ ^ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
͘ϰtd ZE/ZYh>/dz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
͘ϱt d>EEWZKd d Z ^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
͘ϲZ, K>K'/>E,/^dKZ/>Z ^KhZ ^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
͘ϳ>E s >KWD EdKE^/ Zd/KE^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
͘ϴd > KDDhE/d/KE^Es/d/KEKE^/ Zd/KE^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
͘ϵs/^h>E ^d, d/Z ^KhZ ^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
͘ϭϬD/d/'d/KED ^hZ ^ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
ƚƚĂĐŚŵĞŶƚ Ͳϭ /WĂ^ƉĞĐŝĞƐ>ŝƐƚ
ƚƚĂĐŚŵĞŶƚ ͲϮ &'DĞĞƚŝŶŐZĞĐŽƌĚƐ
Ͳ :ƵůLJϱ͕ϮϬϭϳŽŶǀĞƌƐĂƚŝŽŶZĞĐŽƌĚ;&'ŽŵŵĞƌĐŝĂů&ŝƐŚͿ
Ͳ :ƵůLJϱ͕ϮϬϭϳŽŶǀĞƌƐĂƚŝŽŶZĞĐŽƌĚ;&'^ƉŽƌƚ&ŝƐŚͿ
Ͳ :ƵůLJϳ͕ϮϬϭϳŽŶǀĞƌƐĂƚŝŽŶZĞĐŽƌĚ;&',ĂďŝƚĂƚͿ
Ͳ ^ĞƉƚĞŵďĞƌϭϵ͕ϮϬϭϳŽŶǀĞƌƐĂƚŝŽŶZĞĐŽƌĚ;&',ĂďŝƚĂƚͿ
ƚƚĂĐŚŵĞŶƚ Ͳϯ &ŝƐŚĞƌŝĞƐ^ƵƌǀĞLJZĞƉŽƌƚƐΘ^ĞůĞĐƚWƌŝŽƌ,LJĚƌŽ^ƚƵĚLJZĞƉŽƌƚƐ
Ͳ ϮϬϭϱ&ĂůƐĞWĂƐƐ,LJĚƌŽĞůĞĐƚƌŝĐWŽƚĞŶƚŝĂůZĞĐŽŶŶĂŝƐƐĂŶĐĞZĞƉŽƌƚ;>^ϮϬϭϱͿ
Ͳ ϮϬϭϲ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJWƌŽŐƌĞƐƐZĞƉŽƌƚ;>^ϮϬϭϲͿ
Ͳ ϮϬϭϳhŶŐĂDĂŶƌĞĞŬ&ŝƐŚĞƌŝĞƐ^ƵƌǀĞLJ&ŝĞůĚZĞƉŽƌƚ;>^ϮϬϭϳͿ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ Ͳϭ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ ͲϮ
͘ϭ Z>z' EzKE^h>dd/KE^
͘ϭ͘ϭ h͘^͘&ŝƐŚĂŶĚtŝůĚůŝĨĞ^ĞƌǀŝĐĞͲdŚƌĞĂƚĞŶĞĚĂŶĚ ŶĚĂŶŐĞƌĞĚ^ƉĞĐŝĞƐ
dŚĞh͘^͘&ŝƐŚĂŶĚtŝůĚůŝĨĞ^ĞƌǀŝĐĞĂŶĚEĂƚŝŽŶĂůDĂƌŝŶĞ&ŝƐŚĞƌŝĞƐ^ĞƌǀŝĐĞǁĞƌĞĐŽŶƚĂĐƚĞĚƵƐŝŶŐ
ƚŚĞ/WĂƉŽƌƚĂůĂďŽƵƚƚŚŝƐƉƌŽũĞĐƚ͘ϮϭdŚĞƉƌŽũĞĐƚĂƌĞĂŝƐŶŽƚůŝƐƚĞĚĂƐĐƌŝƚŝĐĂůŚĂďŝƚĂƚĨŽƌĂŶLJ
ƚŚƌĞĂƚĞŶĞĚ͕ĞŶĚĂŶŐĞƌĞĚ͕ŽƌĐĂŶĚŝĚĂƚĞƐƉĞĐŝĞƐ͘
dŚĞƌĞĂƌĞŶŽĨĞĚĞƌĂůƌĞĨƵŐĞůĂŶĚƐŽƌĨŝƐŚŚĂƚĐŚĞƌŝĞƐǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚĨŽŽƚƉƌŝŶƚ͘
dŚĞůĞƵƚŝĂŶƚĞƌŶŝƐĂŝƌĚŽĨŽŶƐĞƌǀĂƚŝŽŶŽŶĐĞƌŶƚŚĂƚŝƐĞdžƉĞĐƚĞĚƚŽďĞƉƌĞƐĞŶƚŝŶƚŚĞƉƌŽũĞĐƚ
ĂƌĞĂ͘dŚŝƐƐƉĞĐŝĞƐĐĂŶďĞĞdžƉĞĐƚĞĚƚŽďĞƉƌĞƐĞŶƚĚƵƌŝŶŐŝƚƐďƌĞĞĚŝŶŐƐĞĂƐŽŶ͕DĂLJϭƚŽƵŐƵƐƚ
ϯϭ͕ǁŝƚŚŐƌĞĂƚĞƐƚƉƌŽďĂďŝůŝƚLJŽĨƉƌĞƐĞŶĐĞŝŶůĂƚĞ:ƵŶĞ͘
KƚŚĞƌƉƌŽƚĞĐƚĞĚƐƉĞĐŝĞƐůŝŬĞůLJƚŽŽĐĐƵƌŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂŝŶĐůƵĚĞĞĂŐůĞƐĂŶĚŵŝŐƌĂƚŽƌLJďŝƌĚƐ͘
͘ϭ͘Ϯ ůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚĂŶĚ'ĂŵĞʹ&ŝƐŚ,ĂďŝƚĂƚ
ĞĐĂƵƐĞƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚǁŽƵůĚƉĂƌƚŝĂůůLJĚĞǁĂƚĞƌĂŶĂĚƌŽŵŽƵƐĂŶĚƌĞƐŝĚĞŶƚĨŝƐŚŚĂďŝƚĂƚ
ǁŝƚŚŝŶhŶŐĂDĂŶƌĞĞŬ͕WŽůĂƌĐŽŶƐƵůƚĐŽŶƐƵůƚĞĚǁŝƚŚ&'ĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞĨĞĂƐŝďŝůŝƚLJ
ƐƚƵĚLJƚŽƐĐŽƉĞŽƵƚƚŚĞƌĞƐŽƵƌĐĞƐƚƵĚŝĞƐĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůƌĞƐƚƌŝĐƚŝŽŶƐƚŚĂƚǁŽƵůĚĂƉƉůLJƚŽƚŚĞ
ƉƌŽũĞĐƚƚŽƉƌŽƚĞĐƚĨŝƐŚŚĂďŝƚĂƚ͘
ĂƌůLJ/Ŷ:ƵůLJϮϬϭϳWŽůĂƌĐŽŶƐƵůƚĂŶĚ>^ĐŽŶƐƵůƚĞĚǁŝƚŚƉĞƌƐŽŶŶĞůĂƚ&'͛Ɛ^ƉŽƌƚ&ŝƐŚĂŶĚ
ŽŵŵĞƌĐŝĂů &ŝƐŚ ĚŝǀŝƐŝŽŶƐ ƚŽ ĂƐƐĞƐƐ ƚŚĞ ĨƵŶĐƚŝŽŶĂů ŝŵƉŽƌƚĂŶĐĞ Ž ĨhŶŐĂDĂŶƌĞĞŬ͘ŽƚŚ
ĂĚǀŝƐĞĚƚŚĞĐƌĞĞŬŝƐŶŽƚĐŽŶƐŝĚĞƌĞĚƚŽďĞĂƐŝŐŶŝĨŝĐĂŶƚƐƉŽƌƚŽƌĐŽŵŵĞƌĐŝĂůĨŝƐŚƌĞƐŽƵƌĐĞ͘tĞ
ĂůƐŽŵĞƚǁŝƚŚ&',ĂďŝƚĂƚŝǀŝƐŝŽŶƉĞƌƐŽŶŶĞůƚŽƌĞǀŝĞǁĨŝƐŚĞƌŝĞƐƐƵƌǀĞLJĚĞƐŝŐŶĂŶĚŽǀĞƌĂůů
ƉƌŽũĞĐƚŐŽĂůƐĂŶĚĨŝƐŚŚĂďŝƚĂƚƋƵĞƐƚŝŽŶƐ͘
WŽůĂƌĐŽŶƐƵůƚĂŶĚ>^ĂŐĂŝŶŵĞƚǁŝƚŚ&',ĂďŝƚĂƚƉĞƌƐŽŶŶĞůŝŶ^ĞƉƚĞŵďĞƌϮϬϭϳƚŽƌĞǀŝĞǁĨŝĞůĚ
ĨŝŶĚŝŶŐƐ͘&'͛ƐƉƌĞůŝŵŝŶĂƌLJŐƵŝĚĂŶĐĞĨŽƌƚŚĞƉƌŽũĞĐƚĨŽůůŽǁƐ͗
ͲdŚĞƉŽǁĞƌŚŽƵƐĞĂŶĚƚĂŝůƌĂĐĞƐŚŽƵůĚďĞůŽĐĂƚĞĚŶĞĂƌŽƌĂďŽǀĞZDϬ͘ϱϱƚŽĂǀŽŝĚŝŵƉĂĐƚƐ
ƚŽƚŚĞƉƌŽĚƵĐƚŝǀĞŚĂďŝƚĂƚĚŽǁŶƐƚƌĞĂŵŽĨZDϬ͘ϱϱ͘
ͲdƌŝďƵƚĂƌLJĨůŽǁƐĨƌŽŵƚŚĞĞĂƐƚĨŽƌŬĂŶĚŽƚŚĞƌŝŶĐƌĞŵĞŶƚĂůĨůŽǁƐĂůŽŶŐƚŚĞďLJƉĂƐƐƌĞĂĐŚ
ŵĂLJďĞĂĚĞƋƵĂƚĞĨŽƌŚĂďŝƚĂƚďĞƚǁĞĞŶZDϬ͘ϱϱĂŶĚZDϭ͘ϰ͘ŶŝŶͲƐƚƌĞĂŵ ĨůŽǁ
ƌĞƐĞƌǀĂƚŝŽŶŵĂLJďĞǁĂƌƌĂŶƚĞĚĚĞƉĞŶĚŝŶŐŽŶĨŝŶĂůŚLJĚƌŽůŽŐLJƐƚƵĚLJƌĞƐƵůƚƐ͘
ͲĐŽĂŶĚĂͲƚLJƉĞŝŶƚĂŬĞƐĐƌĞĞŶŝƐůŝŬĞůLJĂĚĞƋƵĂƚĞĨŽƌĨŝƐŚƐĐƌĞĞŶŝŶŐ͘
ͲhƉƐƚƌĞĂŵĨŝƐŚƉĂƐƐĂŐĞƉƌŽǀŝƐŝŽŶƐŵĂLJŶŽƚďĞŶĞĐĞƐƐĂƌLJĂƚƚŚĞĚŝǀĞƌƐŝŽŶ ƐƚƌƵĐƚƵƌĞ
ĚĞƉĞŶĚŝŶŐŽŶĨŝŶĂůůŽĐĂƚŝŽŶ͘
dŚĞƐĞ ƉƌĞůŝŵŝŶĂƌLJ ĨŝŶĚŝŶŐƐ ƌĞƉƌĞƐĞŶƚ ĨĞĞĚďĂĐŬ ĨƌŽŵ ĂŐĞŶĐLJ ƉĞƌƐŽŶŶĞů Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ
ĐŽŶƐƵůƚĂƚŝŽŶƐ ŝŶ ϮϬϭϳ͕ ĂŶĚ ĂƌĞ ŶŽƚ ďŝŶĚŝŶŐ ƵƉŽŶ &'͘ ůů ŽĨ ƚŚŝƐ ŐƵŝĚĂŶĐĞ ŚĂƐ ďĞĞŶ
Ϯϭh^&t^ϮϬϮϮ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ Ͳϯ
ŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚůĂLJŽƵƚĂŶĚĐŽŶĨŝŐƵƌĂƚŝŽŶ͘&'ŵĞĞƚŝŶŐƌĞĐŽƌĚƐĂƌĞ
ŝŶĐůƵĚĞĚĂƐĂƚƚĂĐŚŵĞŶƚƐƚŽƉƉĞŶĚŝdž ͘
͘Ϯ t/>>/&
dŚĞƉƌŽũĞĐƚĚŽĞƐŶŽƚƐŝŐŶŝĨŝĐĂŶƚůLJĂĨĨĞĐƚƵƉůĂŶĚŚĂďŝƚĂƚĂƌĞĂƐ͕ƐŽŶŽƐŝŐŶŝĨŝĐĂŶƚǁŝůĚůŝĨĞŝŵƉĂĐƚƐ
ĂƌĞĞdžƉĞĐƚĞĚ͘
ƌŽǁŶďĞĂƌƐĂƌĞĂďƵŶĚĂŶƚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂĂŶĚƉĞƌƐŽŶŶĞůĂĐƚŝǀŝƚŝĞƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚ
ŽƉĞƌĂƚŝŽŶƐƐŚŽƵůĚƵƚŝůŝnjĞďĞƐƚƉƌĂĐƚŝĐĞƐƚŽĂǀŽŝĚĂŶĚŵĂŶĂŐĞŚƵŵĂŶͲďĞĂƌĞŶĐŽƵŶƚĞƌƐ͘
͘ϯ &/^, Z/ ^
͘ϯ͘ϭ ŶĂĚƌŽŵŽƵƐ,ĂďŝƚĂƚ
hŶŐĂDĂŶƌĞĞŬŝƐůŝƐƚĞĚďLJƚŚĞ&'ĂƐĂŶĂĚƌŽŵŽƵƐĨŝƐŚŚĂďŝƚĂƚĨŽƌĐŚƵŵ͕ƉŝŶŬ͕ĐŽŚŽĂŶĚ
ƐŽĐŬĞLJĞƐĂůŵŽŶ͘ϮϮ&ŝĞůĚƐƵƌǀĞLJƐĐŽŵƉůĞƚĞĚŝŶƚŚĞƐƵŵŵĞƌƐŽĨϮϬϭϱ͕ϮϬϭϲ͕ĂŶĚϮϬϭϳĨŽƌƚŚŝƐ
ƉƌŽũĞĐƚ ďLJ >^ ĐŚĂƌĂĐƚĞƌŝnjĞĚ ĂŶĚ ƋƵĂŶƚŝĨŝĞĚ ƚŚĞ ƉƌĞƐĞŶĐĞ͕ ĂďƵŶĚĂŶĐĞ͕ ĂŶĚ ŚĂďŝƚĂƚ ŽĨ
ĂŶĂĚƌŽŵŽƵƐĨŝƐŚŝŶƚŚĞĐƌĞĞŬ͘&ŽŽƚĐŽƵŶƚƐĐŽŶĚƵĐƚĞĚŝŶϮϬϭϲĚŽĐƵŵĞŶƚĞĚƉŝŶŬƐ͕ĐŚƵŵ͕ĂŶĚ
ƐŽĐŬĞLJĞƐĂůŵŽŶŝŶhŶŐĂDĂŶ͘DŝŶŶŽǁƚƌĂƉƉŝŶŐŝŶƵŐƵƐƚϮϬϭϲĂŶĚƵŐƵƐƚϮϬϭϳ;ZDϬ͘ϬƚŽ
ϭ͘ϬͿĐĂƉƚƵƌĞĚƚǁŽĐŽŚŽĨƌLJĂŶĚϭϯϮƌĞƐŝĚĞŶƚŽůůLJsĂƌĚĞŶ͘
dŚĞĐƌĞĞŬŝƐƚLJƉŝĐĂůŚĂďŝƚĂƚĨŽƌƉŝŶŬĂŶĚĐŚƵŵ͕ďƵƚŝƐĂƚLJƉŝĐĂůŚĂďŝƚĂƚĨŽƌĞŝƚŚĞƌĐŽŚŽŽƌƐŽĐŬĞLJĞ͘
dŚĞĐŽŶĐůƵƐŝŽŶĨƌŽŵĂǀĂŝůĂďůĞĚĂƚĂŝƐƚŚĂƚƚŚĞĐƌĞĞŬŝƐŝŵƉŽƌƚĂŶƚŚĂďŝƚĂƚĨŽƌƉŝŶŬĂŶĚĐŚƵŵďƵƚ
ƉƌĞƐĞŶĐĞŽĨƐŽĐŬĞLJĞĂŶĚĐŽŚŽƌĞƉƌĞƐĞŶƚƐƚƌĂLJŝŶĚŝǀŝĚƵĂůƐĨƌŽŵŽƚŚĞƌƐƚƌĞĂŵƐĂŶĚƚŚĞĐƌĞĞŬŝƐ
ŶŽƚŝŵƉŽƌƚĂŶƚŚĂďŝƚĂƚĨŽƌƚŚĞƐĞƐƉĞĐŝĞƐ͘Ϯϯ
&ŝƐŚĞƌŝĞƐƐƵƌǀĞLJƐĐŽŶĨŝƌŵĞĚƉŝŶŬƐĂůŵŽŶƉƌĞƐĞŶĐĞĨƌŽŵƚŝĚĞǁĂƚĞƌƵƉƚŽŶĂƚƵƌĂůďĂƌƌŝĞƌƐĂƚZD
ϭ͘ϵϱ;ŶŽƌƚŚĨŽƌŬͿĂŶĚZDϭ͘ϴϱ;ƐŽƵƚŚĨŽƌŬͿ͘&ŽŽƚƐƵƌǀĞLJŽĨƚŚĞĨƵůůŚĂďŝƚĂƚƌĞĂĐŚŽŶƵŐƵƐƚϮϮͲ
Ϯϯ͕ϮϬϭϳĞŶƵŵĞƌĂƚĞĚϲ͕ϲϳϵƉŝŶŬƐ͕ϯϬĐŚƵŵ͕ĂŶĚϯƐŽĐŬĞLJĞ͘WŝŶŬĚĞŶƐŝƚŝĞƐĂďŽǀĞZDϬ͘ϱϱǁĞƌĞ
ĂďŽƵƚŚĂůĨƚŚŽƐĞŽďƐĞƌǀĞĚĚŽǁŶƐƚƌĞĂŵŽĨZDϬ͘ϱϱ͕ďƵƚĚŝƐƚƌŝďƵƚŝŽŶǁĂƐŽƚŚĞƌǁŝƐĞŐĞŶĞƌĂůůLJ
ƵŶŝĨŽƌŵ͘
ƚŽƚĂůŽĨϭ͕ϴϱϬƐƋƵĂƌĞŵĞƚĞƌƐ;ϭϵ͕ϵϬϬƐƋƵĂƌĞĨĞĞƚͿŽĨƉŽƚĞŶƚŝĂůƐƉĂǁŶŝŶŐŚĂďŝƚĂƚǁĂƐŵĂƉƉĞĚ
ŝŶƚŚĞhŶŐĂDĂŶďĂƐŝŶĨƌŽŵƚŝĚĞǁĂƚĞƌƵƉƚŽĂŶĂĚƌŽŵŽƵƐďĂƌƌŝĞƌƐĚƵƌŝŶŐϮϬϭϳƐƵƌǀĞLJƐ͘ϴϮ
ƉĞƌĐĞŶƚŽĨĂůůƐƉĂǁŶŝŶŐŚĂďŝƚĂƚŝŶƚŚĞƐLJƐƚĞŵŝƐůŽĐĂƚĞĚĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞ&ĂůƐĞWĂƐƐ>ĂŶĚĨŝůů
;ďĞůŽǁZDϬ͘ϯͿ͕ĂŶĚϵϯƉĞƌĐĞŶƚŽĨĂůůŚĂďŝƚĂƚŝƐůŽĐĂƚĞĚĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞƌŽĂĚďƌŝĚŐĞ;ďĞůŽǁ
ZDϬ͘ϱϱͿ͘dŚĞƐƉĂǁŶŝŶŐŚĂďŝƚĂƚƵƉƐƚƌĞĂŵŽĨZDϬ͘ϱϱŝƐŵĂƌŐŝŶĂůĚƵĞƚŽƐŚĂůůŽǁƐƵďƐƚƌĂƚĞ
ĚĞƉƚŚ;ŐĞŶĞƌĂůůLJĂďŽƵƚƐŝdžŝŶĐŚĞƐͿĂŶĚƉƌĞǀĂŝůŝŶŐƵŶƐƚĂďůĞƐƚƌĞĂŵďĞĚ͘
&ŝĞůĚƌĞƉŽƌƚƐĂƌĞŝŶĐůƵĚĞĚĂƐĂƚƚĂĐŚŵĞŶƚƐƚŽƉƉĞŶĚŝdž ͘
ϮϮ hŶŐĂ DĂŶ ƌĞĞŬ ŝƐ ůŝƐƚĞĚ ŝŶ ƚŚĞ ƚůĂƐ ĂŶĚ ĂƚĂůŽŐ ŽĨ tĂƚĞƌƐ /ŵƉŽƌƚĂŶƚ ƚŽ ƚŚĞ ^ƉĂǁŶŝŶŐ͕ ZĞĂƌŝŶŐ͕ ĂŶĚ
DŝŐƌĂƚŝŽŶŽĨŶĂĚƌŽŵŽƵƐ&ŝƐŚĞƐ͕ŵĂŝŶƚĂŝŶĞĚďLJƚŚĞůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚĂŶĚ'ĂŵĞ͘
Ϯϯ >^ϮϬϭϱ͕>^ϮϬϭϲ͕>^ϮϬϭϳ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ Ͳϰ
͘ϯ͘Ϯ ZĞƐŝĚĞŶƚ,ĂďŝƚĂƚ
ZĞƐŝĚĞŶƚŽůůLJsĂƌĚĞŶĂƌĞƉƌĞƐĞŶƚƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽƉŽƐĞĚďLJƉĂƐƐƌĞĂĐŚŽĨhŶŐĂDĂŶƌĞĞŬ͘
EŽĂĚĚŝƚŝŽŶĂůĐŽŵƉĞŶƐĂƚŝŽŶŚĂƐďĞĞŶƉƌŽƉŽƐĞĚŽƌĂƉƉĞĂƌƐǁĂƌƌĂŶƚĞĚĨŽƌŝŵƉĂĐƚƐƚŽƌĞƐŝĚĞŶƚ
ŽůůLJsĂƌĚĞŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŝƐƉƌŽũĞĐƚ͘
&ŝŐƵƌĞ Ͳϭ ƐƚŝŵĂƚĞĚhŶŐĂDĂŶƌĞĞŬ&ůŽǁĂƚZDϭ͘ϰ;ĞůŽǁŝǀĞƌƐŝŽŶ^ŝƚĞͿ
͘ϰ td ZE/ZYh>/dz
dŚĞƉƌŽũĞĐƚǁŝůůŶŽƚŶĞŐĂƚŝǀĞůLJŝŵƉĂĐƚǁĂƚĞƌŽƌĂŝƌƋƵĂůŝƚLJ͘LJƌĞĚƵĐŝŶŐĚŝĞƐĞůĐŽŵďƵƐƚŝŽŶŝŶ
&ĂůƐĞWĂƐƐ͕ƚŚĞƉƌŽũĞĐƚǁŝůůŝŵƉƌŽǀĞůŽĐĂůĂŝƌƋƵĂůŝƚLJ͘LJƌĞĚƵĐŝŶŐƚŚĞĂŵŽƵŶƚŽĨĨƵĞůƐŚŝƉƉĞĚƚŽ
&ĂůƐĞWĂƐƐĨŽƌƉŽǁĞƌŐĞŶĞƌĂƚŝŽŶ͕ƚŚĞƉƌŽũĞĐƚǁŝůůĂůƐŽŝŶĐƌĞŵĞŶƚĂůůLJƌĞĚƵĐĞƚŚĞƌŝƐŬŽĨĨƵĞůƐƉŝůůƐ
ƚŚĂƚĐŽƵůĚĚĞŐƌĂĚĞǁĂƚĞƌƋƵĂůŝƚLJ͘
͘ϱ t d>EEWZKd d Z ^
dŚĞĚŝǀĞƌƐŝŽŶĂŶĚŝŶƚĂŬĞƐƚƌƵĐƚƵƌĞƐĂƌĞďLJŶĞĐĞƐƐŝƚLJůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞŽƌĚŝŶĂƌLJŚŝŐŚǁĂƚĞƌ
ŵĂƌŬŽĨhŶŐĂDĂŶƌĞĞŬ͘dŚĞĐƌĞĞŬďĞĚĂƚƚŚĞƉƌŽƉŽƐĞĚĚŝǀĞƌƐŝŽŶƐƚƌƵĐƚƵƌĞŝƐĐŽĂƌƐĞĂůůƵǀŝƵŵ
ĐŽŶƐŝƐƚŝŶŐŽĨďŽƵůĚĞƌƐ͕ĐŽďďůĞƐ͕ĂŶĚŐƌĂǀĞůƐ͘
dŚĞĂĐĐĞƐƐͬƉĞŶƐƚŽĐŬĐŽƌƌŝĚŽƌƉĂƐƐĞƐŶĞĂƌĂǁĞƚůĂŶĚĂƌĞĂďƵƚĚŽĞƐŶŽƚŝŵƉĂĐƚƚŚĞǁĞƚůĂŶĚ͘
͘ϲ Z, K>K'/>E,/^dKZ/>Z ^KhZ ^
EŽĂƌĐŚĞŽůŽŐŝĐĂůŽƌŚŝƐƚŽƌŝĐĂůƌĞƐŽƵƌĐĞƐĂƌĞŬŶŽǁŶƚŽĞdžŝƐƚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂ͘ŶĂƌĐŚĞŽůŽŐŝĐĂů
ƐƵƌǀĞLJŚĂƐŶŽƚďĞĞŶĐŽŵƉůĞƚĞĚ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ Ͳϱ
͘ϳ >E s >KWD EdKE^/ Zd/KE^
dŚĞƉƌŽƉŽƐĞĚĂĐĐĞƐƐƌŽĂĚƚŽƚŚĞŝŶƚĂŬĞƐŝƚĞǁŝůůƉƌŽǀŝĚĞŝŵƉƌŽǀĞĚǀĞŚŝĐƵůĂƌĂĐĐĞƐƐƵƉhŶŐĂ
DĂŶǀĂůůĞLJ͘dŚĞƉƌŽƉŽƐĞĚƉŽǁĞƌůŝŶĞƌŽƵƚĞǁŝůůĞdžƚĞŶĚĞůĞĐƚƌŝĐƐĞƌǀŝĐĞƚŽƚŚĞůĂŶĚĨŝůůĂŶĚhŶŐĂ
DĂŶǀĂůůĞLJǀŝĐŝŶŝƚLJ͘dŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐǁŽƵůĚŚĞůƉƚŽƌĞĚƵĐĞƚŚĞĐŽƐƚŽĨĚĞǀĞůŽƉŝŶŐƚŚĞƐĞ
ůĂŶĚƐŝŶƚŚĞĨƵƚƵƌĞ͘^ŽŵĞŽĨƚŚŝƐůĂŶĚŵĂLJďĞƐƵďũĞĐƚƚŽĨůŽŽĚŚĂnjĂƌĚƐĨƌŽŵhŶŐĂDĂŶƌĞĞŬ͘
EŽĚĞǀĞůŽƉŵĞŶƚƉƌŽƉŽƐĂůƐĨŽƌƚŚĞƐĞůĂŶĚƐĂƌĞŬŶŽǁŶ͘
͘ϴ d > KDDhE/d/KE^Es/d/KEKE^/ Zd/KE^
dŚĞƉƌŽũĞĐƚǁŝůůŶŽƚĂĨĨĞĐƚƚĞůĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐŽƌĂǀŝĂƚŝŽŶ͘
͘ϵ s/^h>E ^d, d/Z ^KhZ ^
dŚĞ ƉƌŽũĞĐƚ ǁŝůů ŶŽƚ ďĞ ƉƌŽŵŝŶĞŶƚůLJ ǀŝƐŝďůĞ ĨƌŽŵ ƉŽƉƵůĂƌ ǀĂŶƚĂŐĞ ƉŽŝŶƚƐ ŽŶ ƚŚĞ ŐƌŽƵŶĚ
ƐƵƌƌŽƵŶĚŝŶŐ&ĂůƐĞWĂƐƐ͘dŚĞŽŶůLJǀĂŶƚĂŐĞƉŽŝŶƚĨƌŽŵǁŚŝĐŚƚŚĞƉƌŽũĞĐƚǁŝůůŐĞŶĞƌĂůůLJďĞǀŝƐŝďůĞ
ŝƐĨƌŽŵƚŚĞĂŝƌ͘
͘ϭϬ D/d/'d/KED ^hZ ^
ĂƐĞĚŽŶĐƵƌƌĞŶƚŝŶĨŽƌŵĂƚŝŽŶ͕ƚŚŝƐƉƌŽũĞĐƚŝƐĞdžƉĞĐƚĞĚƚŽŝŵƉĂĐƚŶŽǁĞƚůĂŶĚƐĂŶĚŝŵƉĂĐƚǁĂƚĞƌƐ
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April 20, 2022
United States Department of the Interior
FISH AND WILDLIFE SERVICE
Anchorage Fish & Wildlife Field Office
4700 Blm Road
Anchorage, AK 99507
Phone: (907) 271-2888 Fax: (907) 271-2786
In Reply Refer To:
Project Code: 2022-0034126
Project Name: Unga Man Creek Hydro
Subject: List of threatened and endangered species that may occur in your proposed project
location or may be affected by your proposed project
To Whom It May Concern:
The enclosed species list identifies threatened, endangered, and proposed species, designated
critical habitat, and some candidate species that may occur within the boundary of your proposed
project and/or may be affected by your proposed project. The species list fulfills the requirements
of the U.S. Fish and Wildlife Service (Service) under section 7(c) of the Endangered Species Act
(Act) of 1973, as amended (16 U.S.C. 1531 et seq.). Please note that candidate species are not
included on this list. We encourage you to visit the following website to learn more about
candidate species in your area:
http://www.fws.gov/alaska/fisheries/fieldoffice/anchorage/endangered/
candidate_conservation.htm
New information based on updated surveys, changes in the abundance and distribution of
species, changed habitat conditions, or other factors could change this list. Please feel free to
contact us if you need more current information or assistance regarding the potential impacts to
federally proposed, listed, and candidate species and federally designated and proposed critical
habitat. Please note that under 50 CFR 402.12(e) of the regulations implementing section 7 of the
Act, the accuracy of this species list should be verified after 90 days. This verification can be
completed formally or informally as desired. The Service recommends that verification be
completed by visiting the ECOS-IPaC website at regular intervals during project planning and
implementation for updates to species lists and information. An updated list may be requested
through the ECOS-IPaC system by completing the same process used to receive the enclosed list.
Endangered Species: The purpose of the Act is to provide a means whereby threatened and
endangered species and the ecosystems upon which they depend may be conserved. Under
sections 7(a)(1) and 7(a)(2) of the Act and its implementing regulations (50 CFR 402 et seq.),
Federal agencies are required to utilize their authorities to carry out programs for the
conservation of threatened and endangered species and to determine whether projects may affect
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threatened and endangered species and/or designated critical habitat.
A Biological Assessment is required for construction projects (or other undertakings having
similar physical impacts) that are major Federal actions significantly affecting the quality of the
human environment as defined in the National Environmental Policy Act (42 U.S.C. 4332(2)
(c)). For projects other than major construction activities, the Service suggests that a biological
evaluation similar to a Biological Assessment be prepared to determine whether the project may
affect listed or proposed species and/or designated or proposed critical habitat. Recommended
contents of a Biological Assessment are described at 50 CFR 402.12.
If a Federal agency determines, based on the Biological Assessment or biological evaluation, that
listed species and/or designated critical habitat may be affected by the proposed project, the
agency is required to consult with the Service pursuant to 50 CFR 402. In addition, the Service
recommends that candidate species, proposed species and proposed critical habitat be addressed
within the consultation. More information on the regulations and procedures for section 7
consultation, including the role of permit or license applicants, can be found in the "Endangered
Species Consultation Handbook" at:
http://www.fws.gov/endangered/esa-library/pdf/TOC-GLOS.PDF
Migratory Birds: In addition to responsibilities to protect threatened and endangered species
under the Endangered Species Act (ESA), there are additional responsibilities under the
Migratory Bird Treaty Act (MBTA) and the Bald and Golden Eagle Protection Act (BGEPA) to
protect native birds from project-related impacts. Any activity, intentional or unintentional,
resulting in take of migratory birds, including eagles, is prohibited unless otherwise permitted by
the U.S. Fish and Wildlife Service (50 C.F.R. Sec. 10.12 and 16 U.S.C. Sec. 668(a)). For more
information regarding these Acts see:
https://www.fws.gov/birds/policies-and-regulations.php
The MBTA has no provision for allowing take of migratory birds that may be unintentionally
killed or injured by otherwise lawful activities. It is the responsibility of the project proponent to
comply with these Acts by identifying potential impacts to migratory birds and eagles within
applicable NEPA documents (when there is a Federal nexus) or a Bird/Eagle Conservation Plan
(when there is no Federal nexus). Proponents should implement conservation measures to avoid
or minimize the production of project-related stressors or minimize the exposure of birds and
their resources to the project-related stressors. For more information on avian stressors and
recommended conservation measures see:
https://www.fws.gov/birds/bird-enthusiasts/threats-to-birds.php
In addition to MBTA and BGEPA, Executive Order 13186: Responsibilities of Federal Agencies
to Protect Migratory Birds, obligates all Federal agencies that engage in or authorize activities
that might affect migratory birds, to minimize those effects and encourage conservation measures
that will improve bird populations. Executive Order 13186 provides for the protection of both
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migratory birds and migratory bird habitat. For information regarding the implementation of
Executive Order 13186, please visit https://www.fws.gov/birds/policies-and-regulations/
executive-orders/e0-13186.php.
Please be aware that bald and golden eagles are protected under the Bald and Golden Eagle
Protection Act (16 U.S.C. 668 et seq.), and projects affecting these species may require
development of an eagle conservation plan (http://www.fws.gov/windenergy/
eagle_guidance.html). Additionally, wind energy projects should follow the wind energy
guidelines (http://www.fws.gov/windenergy/) for minimizing impacts to migratory birds and
bats.
Guidance for minimizing impacts to migratory birds for projects including communications
towers (e.g., cellular, digital television, radio, and emergency broadcast) can be found at:
http://www.fws.gov/migratorybirds/CurrentBirdIssues/Hazards/towers/towers.htm
http://www.towerkill.com
http://www.fws.gov/migratorybirds/CurrentBirdIssues/Hazards/towers/comtow.html
We appreciate your concern for threatened and endangered species. The Service encourages
Federal agencies to include conservation of threatened and endangered species into their project
planning to further the purposes of the Act. Please include the Consultation Tracking Number in
the header of this letter with any request for consultation or correspondence about your project
that you submit to our office.
Attachment(s):
Official Species List
USFWS National Wildlife Refuges and Fish Hatcheries
Migratory Birds
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Official Species List
This list is provided pursuant to Section 7 of the Endangered Species Act, and fulfills the
requirement for Federal agencies to "request of the Secretary of the Interior information whether
any species which is listed or proposed to be listed may be present in the area of a proposed
action".
This species list is provided by:
Anchorage Fish & Wildlife Field Office
4700 Blm Road
Anchorage, AK 99507
(907) 271-2888
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Project Summary
Project Code: 2022-0034126
Event Code: None
Project Name: Unga Man Creek Hydro
Project Type: Power Gen - Hydropower - Non-FERC
Project Description: Feasibility stage, studying a Run of River hydro on Unga Man Creek from
RM 1.42 to RM 0.55.
Project Location:
Approximate location of the project can be viewed in Google Maps: https://
www.google.com/maps/@54.8722114,-163.42659056335506,14z
Counties: Aleutians East County, Alaska
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1.
Endangered Species Act Species
There is a total of 0 threatened, endangered, or candidate species on this species list.
Species on this list should be considered in an effects analysis for your project and could include
species that exist in another geographic area. For example, certain fish may appear on the species
list because a project could affect downstream species.
IPaC does not display listed species or critical habitats under the sole jurisdiction of NOAA
Fisheries , as USFWS does not have the authority to speak on behalf of NOAA and the
Department of Commerce.
See the "Critical habitats" section below for those critical habitats that lie wholly or partially
within your project area under this office's jurisdiction. Please contact the designated FWS office
if you have questions.
NOAA Fisheries, also known as the National Marine Fisheries Service (NMFS), is an
office of the National Oceanic and Atmospheric Administration within the Department of
Commerce.
Critical habitats
THERE ARE NO CRITICAL HABITATS WITHIN YOUR PROJECT AREA UNDER THIS OFFICE'S
JURISDICTION.
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USFWS National Wildlife Refuge Lands And Fish
Hatcheries
Any activity proposed on lands managed by the National Wildlife Refuge system must undergo a
'Compatibility Determination' conducted by the Refuge. Please contact the individual Refuges to
discuss any questions or concerns.
THERE ARE NO REFUGE LANDS OR FISH HATCHERIES WITHIN YOUR PROJECT AREA.
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Migratory Birds
Certain birds are protected under the Migratory Bird Treaty Act and the Bald and Golden Eagle
Protection Act .
Any person or organization who plans or conducts activities that may result in impacts to
migratory birds, eagles, and their habitats should follow appropriate regulations and consider
implementing appropriate conservation measures, as described below.
The Migratory Birds Treaty Act of 1918.
The Bald and Golden Eagle Protection Act of 1940.
50 C.F.R. Sec. 10.12 and 16 U.S.C. Sec. 668(a)
The birds listed below are birds of particular concern either because they occur on the USFWS
Birds of Conservation Concern (BCC) list or warrant special attention in your project location.
To learn more about the levels of concern for birds on your list and how this list is generated, see
the FAQ below. This is not a list of every bird you may find in this location, nor a guarantee that
every bird on this list will be found in your project area. To see exact locations of where birders
and the general public have sighted birds in and around your project area, visit the E-bird data
mapping tool (Tip: enter your location, desired date range and a species on your list). For
projects that occur off the Atlantic Coast, additional maps and models detailing the relative
occurrence and abundance of bird species on your list are available. Links to additional
information about Atlantic Coast birds, and other important information about your migratory
bird list, including how to properly interpret and use your migratory bird report, can be found
below.
For guidance on when to schedule activities or implement avoidance and minimization measures
to reduce impacts to migratory birds on your list, click on the PROBABILITY OF PRESENCE
SUMMARY at the top of your list to see when these birds are most likely to be present and
breeding in your project area.
NAME BREEDING SEASON
Aleutian Tern Sterna aleutica
This is a Bird of Conservation Concern (BCC) throughout its range in the
continental USA and Alaska.
https://ecos.fws.gov/ecp/species/9599
Breeds May 1 to Aug 31
Probability Of Presence Summary
The graphs below provide our best understanding of when birds of concern are most likely to be
present in your project area. This information can be used to tailor and schedule your project
activities to avoid or minimize impacts to birds. Please make sure you read and understand the
FAQ "Proper Interpretation and Use of Your Migratory Bird Report" before using or attempting
to interpret this report.
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no data survey effort breeding season probability of presence
Probability of Presence ()
Each green bar represents the bird's relative probability of presence in the 10km grid cell(s) your
project overlaps during a particular week of the year. (A year is represented as 12 4-week
months.) A taller bar indicates a higher probability of species presence. The survey effort (see
below) can be used to establish a level of confidence in the presence score. One can have higher
confidence in the presence score if the corresponding survey effort is also high.
How is the probability of presence score calculated? The calculation is done in three steps:
The probability of presence for each week is calculated as the number of survey events in
the week where the species was detected divided by the total number of survey events for
that week. For example, if in week 12 there were 20 survey events and the Spotted Towhee
was found in 5 of them, the probability of presence of the Spotted Towhee in week 12 is
0.25.
To properly present the pattern of presence across the year, the relative probability of
presence is calculated. This is the probability of presence divided by the maximum
probability of presence across all weeks. For example, imagine the probability of presence
in week 20 for the Spotted Towhee is 0.05, and that the probability of presence at week 12
(0.25) is the maximum of any week of the year. The relative probability of presence on
week 12 is 0.25/0.25 = 1; at week 20 it is 0.05/0.25 = 0.2.
The relative probability of presence calculated in the previous step undergoes a statistical
conversion so that all possible values fall between 0 and 10, inclusive. This is the
probability of presence score.
Breeding Season ()
Yellow bars denote a very liberal estimate of the time-frame inside which the bird breeds across
its entire range. If there are no yellow bars shown for a bird, it does not breed in your project
area.
Survey Effort ()
Vertical black lines superimposed on probability of presence bars indicate the number of surveys
performed for that species in the 10km grid cell(s) your project area overlaps. The number of
surveys is expressed as a range, for example, 33 to 64 surveys.
No Data ()
A week is marked as having no data if there were no survey events for that week.
Survey Timeframe
Surveys from only the last 10 years are used in order to ensure delivery of currently relevant
information. The exception to this is areas off the Atlantic coast, where bird returns are based on
all years of available data, since data in these areas is currently much more sparse.
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SPECIES JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Aleutian Tern
BCC Rangewide
(CON)
Additional information can be found using the following links:
Birds of Conservation Concern https://www.fws.gov/program/migratory-birds/species
Measures for avoiding and minimizing impacts to birds https://www.fws.gov/library/
collections/avoiding-and-minimizing-incidental-take-migratory-birds
Nationwide conservation measures for birds https://www.fws.gov/sites/default/files/
documents/nationwide-standard-conservation-measures.pdf
Migratory Birds FAQ
Tell me more about conservation measures I can implement to avoid or minimize impacts
to migratory birds.
Nationwide Conservation Measures describes measures that can help avoid and minimize
impacts to all birds at any location year round. Implementation of these measures is particularly
important when birds are most likely to occur in the project area. When birds may be breeding in
the area, identifying the locations of any active nests and avoiding their destruction is a very
helpful impact minimization measure. To see when birds are most likely to occur and be breeding
in your project area, view the Probability of Presence Summary. Additional measures or permits
may be advisable depending on the type of activity you are conducting and the type of
infrastructure or bird species present on your project site.
What does IPaC use to generate the migratory birds potentially occurring in my specified
location?
The Migratory Bird Resource List is comprised of USFWS Birds of Conservation Concern
(BCC) and other species that may warrant special attention in your project location.
The migratory bird list generated for your project is derived from data provided by the Avian
Knowledge Network (AKN). The AKN data is based on a growing collection of survey, banding,
and citizen science datasets and is queried and filtered to return a list of those birds reported as
occurring in the 10km grid cell(s) which your project intersects, and that have been identified as
warranting special attention because they are a BCC species in that area, an eagle (Eagle Act
requirements may apply), or a species that has a particular vulnerability to offshore activities or
development.
Again, the Migratory Bird Resource list includes only a subset of birds that may occur in your
project area. It is not representative of all birds that may occur in your project area. To get a list
of all birds potentially present in your project area, please visit the AKN Phenology Tool.
What does IPaC use to generate the probability of presence graphs for the migratory birds
potentially occurring in my specified location?
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The probability of presence graphs associated with your migratory bird list are based on data
provided by the Avian Knowledge Network (AKN). This data is derived from a growing
collection of survey, banding, and citizen science datasets .
Probability of presence data is continuously being updated as new and better information
becomes available. To learn more about how the probability of presence graphs are produced and
how to interpret them, go the Probability of Presence Summary and then click on the "Tell me
about these graphs" link.
How do I know if a bird is breeding, wintering, migrating or present year-round in my
project area?
To see what part of a particular bird's range your project area falls within (i.e. breeding,
wintering, migrating or year-round), you may refer to the following resources: The Cornell Lab
of Ornithology All About Birds Bird Guide, or (if you are unsuccessful in locating the bird of
interest there), the Cornell Lab of Ornithology Neotropical Birds guide. If a bird on your
migratory bird species list has a breeding season associated with it, if that bird does occur in your
project area, there may be nests present at some point within the timeframe specified. If "Breeds
elsewhere" is indicated, then the bird likely does not breed in your project area.
What are the levels of concern for migratory birds?
Migratory birds delivered through IPaC fall into the following distinct categories of concern:
"BCC Rangewide" birds are Birds of Conservation Concern (BCC) that are of concern
throughout their range anywhere within the USA (including Hawaii, the Pacific Islands,
Puerto Rico, and the Virgin Islands);
"BCC - BCR" birds are BCCs that are of concern only in particular Bird Conservation
Regions (BCRs) in the continental USA; and
"Non-BCC - Vulnerable" birds are not BCC species in your project area, but appear on
your list either because of the Eagle Act requirements (for eagles) or (for non-eagles)
potential susceptibilities in offshore areas from certain types of development or activities
(e.g. offshore energy development or longline fishing).
Although it is important to try to avoid and minimize impacts to all birds, efforts should be made,
in particular, to avoid and minimize impacts to the birds on this list, especially eagles and BCC
species of rangewide concern. For more information on conservation measures you can
implement to help avoid and minimize migratory bird impacts and requirements for eagles,
please see the FAQs for these topics.
Details about birds that are potentially affected by offshore projects
For additional details about the relative occurrence and abundance of both individual bird species
and groups of bird species within your project area off the Atlantic Coast, please visit the
Northeast Ocean Data Portal. The Portal also offers data and information about other taxa besides
birds that may be helpful to you in your project review. Alternately, you may download the bird
model results files underlying the portal maps through the NOAA NCCOS Integrative Statistical
Modeling and Predictive Mapping of Marine Bird Distributions and Abundance on the Atlantic
Outer Continental Shelf project webpage.
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Bird tracking data can also provide additional details about occurrence and habitat use
throughout the year, including migration. Models relying on survey data may not include this
information. For additional information on marine bird tracking data, see the Diving Bird Study
and the nanotag studies or contact Caleb Spiegel or Pam Loring.
What if I have eagles on my list?
If your project has the potential to disturb or kill eagles, you may need to obtain a permit to avoid
violating the Eagle Act should such impacts occur.
Proper Interpretation and Use of Your Migratory Bird Report
The migratory bird list generated is not a list of all birds in your project area, only a subset of
birds of priority concern. To learn more about how your list is generated, and see options for
identifying what other birds may be in your project area, please see the FAQ "What does IPaC
use to generate the migratory birds potentially occurring in my specified location". Please be
aware this report provides the "probability of presence" of birds within the 10 km grid cell(s) that
overlap your project; not your exact project footprint. On the graphs provided, please also look
carefully at the survey effort (indicated by the black vertical bar) and for the existence of the "no
data" indicator (a red horizontal bar). A high survey effort is the key component. If the survey
effort is high, then the probability of presence score can be viewed as more dependable. In
contrast, a low survey effort bar or no data bar means a lack of data and, therefore, a lack of
certainty about presence of the species. This list is not perfect; it is simply a starting point for
identifying what birds of concern have the potential to be in your project area, when they might
be there, and if they might be breeding (which means nests might be present). The list helps you
know what to look for to confirm presence, and helps guide you in knowing when to implement
conservation measures to avoid or minimize potential impacts from your project activities,
should presence be confirmed. To learn more about conservation measures, visit the FAQ "Tell
me about conservation measures I can implement to avoid or minimize impacts to migratory
birds" at the bottom of your migratory bird trust resources page.
04/20/2022 6
IPaC User Contact Information
Agency: False Pass city
Name: Joel Groves
Address: 1503 West 33rd Avenue #310
City: Anchorage
State: AK
Zip: 99503
Email joel@polarconsult.net
Phone: 9072582420
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aLiving Systems DesignFalse Pass Hydro Recon: 20150910
False Pass Hydroelectric Potential
2015 Reconnaissance Report
Prepared for the City of False Pass & APICDA
by: Bob Christensen
20150910
Cover 2. Newly installed stream gage at Unga Man Creek bridge
Cover 1. Unga Man Creek seen from north valley Wall
iLiving Systems DesignFalse Pass Hydro Recon: 20150910
List of Figures .......................................................................................................ii
Background ..........................................................................................................1
Introduction ......................................................................................................................................................1
False Pass, Alaska .............................................................................................................................................1
Current Electrical Generation ......................................................................................................................1
Previous Reports .............................................................................................................................................2
Field Reconnaisance Site Selection ...........................................................................................................2
Waterfall Creek ....................................................................................................3
Location & Land Status..................................................................................................................................3
Geology ..............................................................................................................................................................3
Hydrology ..........................................................................................................................................................3
Fish & Wildlife ...................................................................................................................................................3
Waterfall Creek Summary .............................................................................................................................4
Unga Man Creek...................................................................................................4
Location & Land Status..................................................................................................................................4
Geology ..............................................................................................................................................................4
Hydrology ..........................................................................................................................................................4
Fish & Wildlife ...................................................................................................................................................5
Unga Man Creek Summary ..........................................................................................................................6
Preliminary Design ..............................................................................................6
Overview ............................................................................................................................................................6
Access ..................................................................................................................................................................6
Intake Site and Penstock ...............................................................................................................................7
Powerhouse Site ..............................................................................................................................................7
Transmission .....................................................................................................................................................7
Cost Estimate ....................................................................................................................................................8
Economic Analysis ..........................................................................................................................................8
Conclusion ............................................................................................................8
Summary ............................................................................................................................................................8
Recommendations .........................................................................................................................................8
TABLE OF CONTENTS
iiLiving Systems DesignFalse Pass Hydro Recon: 20150910
Cover 1. Unga Man Creek seen from north valley Wall ......................................................................a
Cover 2. Newly installed stream gage at Unga Man Creek bridge .................................................a
Figure 1. The community of False Palse Global Location Map ........................................................1
Figure 2. Google Earth view of the False Pass Village .........................................................................1
Figure 3. General land status near False Pass, AK. ................................................................................2
Figure 4. False Pass area geology. ..............................................................................................................3
Figure 5. Waterfall Creek seen from Drone at 255’ ..............................................................................3
Figure 6. Small cascade and pool in Waterfall Creek ..........................................................................3
Figure 7. View of Unga Man Creek fromr Drone at 204’ ....................................................................4
Figure 8. View of Unga Man Creek relationship to APICDA fish processing plant ....................4
Figure 9. Stream gage installed near bridge over Unga Man Creek ..............................................5
Figure 10. Stream gage installation locations. .......................................................................................5
Figure 11. Minnow trapping just downstream of the bridge ...........................................................5
Figure 12. Panorama of Unga Man Creek ...............................................................................................6
Figure 13. Preliminary design ......................................................................................................................7
Figure 14. Cost estimate table from Polar Consult Memo .................................................................8
Figure 15. Training City of False Pass Staff ...............................................................................................8
LIST OF FIGURES
Page 1Living Systems DesignFalse Pass Hydro Recon: 20150910
BACKGROUND
INTRODUCTION
Living Systems Design was contracted by the City of False Pass and APICDA to install stream gages
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that included City and APICDA staff was conducted August 24-28 to survey two potential hydro-
power sites and install stream gages in the locations that appeared most feasible for Hydro-power
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tional research conducted for baseline reconnaisance.
FALSE PASS, ALASKA
The community of False Pass is located at the east-
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the Alaskan Peninsula. It is an isolated coastal
village that is only accessible by boat and plane
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The landscape surrounding the community is
mountainous and spectacular in its beauty with
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to the South. The climate is sub-polar maritime
with cool summers and relatively mild winters.
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are common. Sea ice has been known to extend
into the area in colder winters.
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variety of services.
CURRENT ELECTRICAL GENERATION
Electricy is currently provided by diesel genera-
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produces their own power through diesel gen-
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Energy costs in the village are relatively high,
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years. This extremely high rate is typical of ru-
ral Alaskan communities whose primary source
of electricity is diesel generation. The City has
opted to ease the impact of high electric rates on
its residents by providing an annual subsidy of
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Unimak island, the very first in the Aleutian chain.
Figure 2. Google Earth view of the False Pass Village.
Airport Village
Harbor
Fish
Plant
Roundtop Mt.
Unga Man
Valley
Ferry
Dock
Page 2Living Systems DesignFalse Pass Hydro Recon: 20150910
PREVIOUS REPORTS
The community of False Pass has been actively seeking alternative energy solutions to provide
greater energy security to the community and reduce the costs of energy to its residents and
businesses. Hydo-power has been noted in most of the reports as potentially feasible. Both wind
and tidal have also been looked at and have provided mixed results in terms of feasibility thus far.
Four reports were reviewed as part of this reconaissance effort:
• A report was written in 1982 that described hydroelectric generation opportunities near False
Pass as not economically feasible. This is not surprising given that the cost of diesel at that
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communities in the area and summarized options for wind, tidal and hydro in False Pass.
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technologies are more mature and straight forward in terms of operation and maintenance.
)RUK\GURWZRFUHHNVZHUHORRNHGDW 8QJD0DQ&UHHNDQG:DWHUIDOO &UHHN %RWK VLWHV
were noted by the authors as worth further investigation with an emphasis on establishing
DQDQQXDOUHFRUGRIÀRZWRGHWHUPLQHHFRQRPLFIHDVLELOLW\ 5HQHZDEOH (QHUJ\ 5HVRXUFH
$VVHVVPHQWIRUWKH&RPPXQLWLHVRI&ROG%D\)DOVH3DVVDQG1HOVRQ/DJRRQ
•$PHPRWR$($GDWHG)HEUXDU\ZDVUHYLHZHGWKDWORRNHGDWWZRGHVLJQRSWLRQVLQWKH
8QJD0DQ&UHHNZDWHUVKHG7KHDXWKRUXVHGJDJLQJGDWDIURP5XVVHO&UHHNLQQHDUE\&ROG
%D\WRHVWLPDWHHQHUJ\DYDLODELOLW\IRUWZR8QJD0DQ&UHHNRSWLRQVDWFDSDEOHRISURYLGLQJ
N:,WZDVUHFRPPHQGHGWRGHYHORSDÀRZUHFRUGDQGDVVHVVDTXDWLFKDELWDWIRUWKLV
V\VWHPDVWKHQH[WORJLFDOVWHSLQUHFRQQDLVDQFH )DOVH3DVV+\GUR5HYLHZ)HEUXDU\
•$QLQLWLDOVWXG\RIZLQGHQHUJ\ZDVUHSRUWHGRQLQ-XO\RI 7KLV UHSRUW FRQ¿UPHG
observations in previous reconaissance work on wind power for False Pass and concluded
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EHFDXVHRIORFDOWXUEXOHQFH )DOVH3DVV:LQG
(QHUJ\)HDVLELOLW\5HSRUW
FIELD RECONNAISANCE SITE SELECTION
7KHUHSRUWVQRWHGDERYHLGHQWL¿HGDQXPEHURIOR-
cations for Hydro-power potential near False Pass.
Two of the sites mentioned are located within the
$OHXWLDQV3HQLQVXOD1DWLRQDO:LOGOLIH5HIXJH%DVHG
on desk mapping exerises, these sites did not ap-
SHDUWRRIIHUXQLTXHSRZHUSRWHQWLDODQGZHUHFRQ -
sidered lower priority options because of the dif-
¿FXOW\H[SHFWHGLQREWDLQLQJSHUPLWVQHFHVVDU\IRU
construction and operation.
Two of the sites noted in previous reports exist on
False Pass Village Corporation land (Isanotski Cor-
SRUDWLRQ :DWHUIDOO&UHHNDQG8QJD0DQ&UHHN
The Isanotski Corporation has expressed interest
in developing power production resources in the
SDVW1HLWKHURIWKHVHVWUHDPVDUHFXUUHQWO\OLVWHG
DVDQDGURPRXVLQWKH$')*$QDGURPRXV:DWHUV
&DWDORJ $:&
*LYHQWKHVHEDVHOLQHFRQGLWLRQVZHFKRVHWRIRFXV
RXUUHFRQQDLVVDQFH¿HOGVXUYH\VRQ:DWHUIDOODQG
8QJD0DQ&UHHNVFigure 3. General land status near False Pass, AK.
Page 3Living Systems DesignFalse Pass Hydro Recon: 20150910
WATERFALL CREEK
LOCATION & LAND STATUS
:DWHUIDOO &UHHN FDVFDGHV WR VDOWZDWHU MXVW
miles south of the False Pass airport. The land is
owned by the Isanotski Corporation. The lower
sections of the creek are easily accessible via a
VKRUWZDONGRZQWKHEHDFK DWORZWLGH IURPWKH
end of the False Pass airport.
GEOLOGY
Like most of the area surrounding False Pass,
:DWHUIDOO&UHHNEDVLQLVPDSSHGDV4WY9ROFD-
QLFV VHH¿JXUH 8QOLNHPRVWQHDUE\EDVLQV
WKH:DWHUIDOO&UHHNEDVLQDSSHDUVWREHSULPDULO\
bedrock in composition. Small patches of gravel
were noted in a few pool tails in the mainly bed-
rock control channel type.
HYDROLOGY
:DWHUIDOO&UHHNKDVDEDVLQDUHDRIDSSUR[LPDWH-
O\VTXDUHPLOHVWKDWGUDZVIURPDSHDNHO-
HYDWLRQRIIHHW$¿HOGLQYHVWLJDWLRQRI:D-
terfall Creek conducted in support of the Baker
report used the bucket method to record a dis-
FKDUJHLQ-DQXDU\RIFIV2XU¿HOGFUHZ
DOVRXVHGWKHEXFNHWPHWKRGDQGUHFRUGHGDÀRZ
RIDSSUR[LPDWHO\ FIVRQ %DVHGRQ
the the complete lack of snow pack available to
SURYLGHUXQRIIGXULQJRXU¿HOGLQYHVWLJDWLRQLWDS-
SHDUVOLNHO\WKDW:DWHUIDOO&UHHNLVDWOHDVWSDU-
tially spring-fed.
FISH & WILDLIFE
:DWHUIDOO&UHHNLVQRWPDSSHGDVDQDQDGURPRXV
VWUHDPLQWKH$:&2XUVLWHVXUYH\FRQ¿UPHGD
EDUULHUWR¿VKSDVVDJH WKHIDOOV LVDFHUWDLQW\DW
the intertidal zone. It is possible that the stream
FRQWDLQV UHVLGHQW ¿VK EXW ZH GLG QRW WUDS WKH
VWUHDPWRPDNHDGHWHUPLQLDWLRQ2XUIRRWVXU-
veys found spawning substrate and pool habitat
IRUSRWHQWLDOUHVLGHQW¿VKWREHH[WUHPHO\OLPLWHG
7KHDUHDVXUURXQGLQJ:DWHUIDOO&UHHNLVFRYHUHG
by Salmonberry thickets and alder shrubland
patches. A variety of birds and mammals like-
ly use the area as foraging and cover habitat.
Although impacts from construction and plant
operation would be associated with developing
Hydro-power at this site it is not believed that
WKH\ZRXOGEHVLJQL¿FDQWHQRXJKWRUHTXLUHPLWL-
gatory action with proper environmental design.
Figure 4. False Pass area geology.
Figure 5. Waterfall Creek seen from drone at 255’ el-
evation above sea level.
Figure 6. Small cascade and pool in Waterfall Creek.
Page 4Living Systems DesignFalse Pass Hydro Recon: 20150910
WATERFALL CREEK SUMMARY
$FFRUGLQJWRFDOFXODWLRQVSURYLGHGLQWKH%DNHUUHSRUWSRZHUSRWHQWLDOIRU:DWHUIDOO&UHHNLVOLNHO\
OLPLWHGWRDSSUR[LPDWHO\N:K2XULQYHVWLJDWLRQVFRQ¿UPWKLVUDQJH*LYHQWKHOLPLWHGSRZHU
SRWHQWLDODQGSRWHQWLDOGLI¿FXOW\LQGHYHORSLQJDFFHVVWRDQLQWDNHVLWHWKURXJKUXJJHGEHGURFN
WRSRJUDSK\ZHFRQFOXGHGWKDW:DWHIDOO&UHHNZRXOGQRWEHFDSDEOHRIKDYLQJDVLJQ¿FDQWSRVL-
tive impact on energy security or costs for the community of False Pass. The site may be suitable
IRUDVPDOORIIJULGGHYHORSPHQWRIVRPHNLQG HJ¿VKLQJORGJH DVORQJDVWKHV\VWHPFRXOGEH
designed without the necessity of road access to the intake structure.
UNGA MAN CREEK
LOCATION & LAND STATUS
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QRUWKRIWKHFRPPXQLW\)DOVH3DVV ¶´1
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northern portion of the community road system.
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Isanotski Corporation, with the uppermost por-
WLRQV PDQDJHG E\ WKH $OHXWLDQV 3HQLQVXOD 1D-
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creek are easily accessible via the road system,
including a bridge with provides access to the
FRPPXQLW\GXPSMXVWQRUWKRIWKHFUHHN
GEOLOGY
Like most of the area surrounding False Pass,
8QJD0DQ&UHHNEDVLQLVPDSSHGDV4WY9ROFD-
nics. The watershed includes a number of highly
active alluvial fans, including the mainstem of
8QJD0DQ&UHHNDQGWKHWZRSULPDU\WULEXWDU-
ies. Substrate between the lower extent of our
VXUYH\ EHJLQQQLQJDWWKHEULGJH DQGLQFOXGLQJ
approximately 1 mile upstream included sand,
gravel, cobble and boulder with the surveyed
reaches dominated by gravel and cobble and the
upper reaches dominated by cobble and gravel.
1RH[SRVHGEHGURFNZDVLGHQWL¿LHGLQRUQHDUWKH
channel for the entire survey length.
HYDROLOGY
8QJD0DQ&UHHNKDVDEDVLQDUHDRIDSSUR[L-
PDWHO\ VTXDUHPLOHVWKDWGUDZVIURPDSHDN
HOHYDWLRQRIIHHW$¿HOGLQYHVWLJDWLRQRI
8QJD0DQ&UHHNFRQGXFWHGLQVXSSRUWRIWKH
Baker report used the Drogue method to record
DGLVFKDUJHLQ-DQXDU\RIDSSUR[LPDWHO\
FIV2XU¿HOGFUHZXVHGD*OREDO:DWHU6\VWHPV
³)ORZ3UREH´WRUHFRUGIRXUPDQXDOGLVFKDUJHPHDVXUHPHQWVLQ8Q JD0DQ&UHHNRYHUWKHFRXUVHRI
RXU¿HOGVXUYH\WKDWUDQJHGIURPFIVWRFIV&RQYHUVDWL RQVZLWKDQXPEHURIORFDOUHVLGHQWV
the historically low snow accumulations from the previous winter and the the lack of precipitation
SUHFHGLQJWKHWLPLQJRIRXU¿HOGWULSVXJJHVWWKDWWKHWKHÀRZVZHUHFRUGHGVKRXOGLQGLFDWHDQDS -
SUR[LPDWHORZÀRZIRUWKHZDWHUVKHGGXULQJWKH6XPPHUPRQWKV
Figure 7. View of Unga Man Creek watershed taken
by drone at 204 feet above sea level.
Figure 8. View of Unga Man Creek relationship to
APICDA fish processing plant and North end of town.
Page 5Living Systems DesignFalse Pass Hydro Recon: 20150910
A memo assembled by Polar Consult in support of
this reconnaissance report calculated an estimat-
HGDQQXDOUDQJHRIÀRZIURPFIVIRU8QJD
0DQ&UHHNEDVHGRQWKH86*6UHFRUGSURYLGHG
at Russel Creek in nearby Cold Bay (see attach-
PHQW ,WZDVHPSKDVL]HGLQWKLVUHSRUWWKDWWKH
ÀRZVDW5XVVHO&UHHNSURYLGHRQO\DYHU\URXJK
HVWLPDWHRIÀRZVLQWKH8QJD0DQZDWHUVKHGEXW
that these were the best data available for recon-
naissance.
The City and APICDA recognize the importance
RIHVWDEOLVKLQJDQHPSHULFDOUHFRUGRIÀRZIRU
8QJD0DQ&UHHNDVDFULWLFDOVWHSLQGHWHUPLQLQJ
Hydro-power feasibility and upon their initiative
we installed two stream gages to begin that pro-
FHVV7KH¿UVWVLWHZDVORFDWHGMXVWGRZQVWUHDP
RIWKHEULGJHWKDWFURVVHV8QJD0DQ&UHHNDQG
the second site was located approximately .2
PLOHVXSVWUHDPRIWKHEULGJHVLWH VHH¿JXUH
Site selection was fairly challenging because of
the lack of bedrock anywhere within the sur-
veyed channel length and the limited availability
of stable pool features. The size of the substrate
within the channel and the bankfull width of the
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times. Large Boulders were used for anchoring
ERWKJDJHV 6HH¿JXUH 6WDLQOHVV+RER:DWHU
Loggers were installed in stilling wells along with
staff gages. Each station also includes its own
barometric correction logger. City of False Pass
VWDIIZHUHWUDLQHGLQXVLQJWKH*OREDO:DWHU6\V-
WHPVÀRZSUREHIRUPDQXDOGLVFKDUJHPHDVXUH-
PHQWVDQGWKH\ZLOOEHGRLQJWKH¿HOGZRUNQHF-
essary to establish a rating curve for interpreting
the water logger data.
FISH & WILDLIFE
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VWUHDPLQWKH$:&KRZHYHURXUVLWHVXUYH\HQ-
FRXQWHUHGDSSUR[LPDWHO\SLQNVDOPRQRYHU
the course of the surveyed stream length. The
Pinks were noted as attempting to spawn but no
UHGVZHUHLGHQWL¿HG7KHVL]HRIWKHVXEVWUDWHLQ
the sureyed length may be prohibitive to much
success for Pink salmon spawning. It is worth
QRWLQJWKDWZDVDYHU\ELJ3LQNVDOPRQ\HDU
with the third largest catch ever recorded.
Five minnow traps were set in pools encounted
along the survey length and were baited with
VDOPRQHJJV7KHWUDSVVRDNHGIRU¿YHKRXUVDQG
QRMXYHQLOHRUUHVLGHQW¿VKZHUHFDXJKW
Figure 9. Stream gage installed near bridge over Unga
Man Creek. Aluminum angle was cut and bolted to a
large boulder and provided a mounting structure for
a stilling well and staff gage.
Figure 10. Stream gage installation locations.
Figure 11. Minnow trapping just downstream of the
bridge. Note spawned out Pink salmon in the back-kk
ground.
Page 6Living Systems DesignFalse Pass Hydro Recon: 20150910
The area surrounding Unga Creek is covered by Salmonberry thickets and alder shrubland patch-
es. A variety of birds and mammals likely use the area as foraging and cover habitat. Although
impacts from construction and plant operation would be associated with developing Hydro-power
DWWKLVVLWHLWLVQRWEHOLHYHGWKDWWKH\ZRXOGEHVLJQL¿FDQWHQRXJKWRUHTXLUHPLWLJDWRU\DFWLRQZLWK
proper environmental design.
UNGA MAN CREEK SUMMARY
$FFRUGLQJWRFDOFXODWLRQVSURYLGHGLQWKH%DNHUUHSRUWSRZHUSRWHQWLDOIRU8QJD0DQ&UHHNPD\
DYHUDJH N:K2XULQYHVWLJDWLRQVZRXOGVXJJHVWWKDWWKHK\GURORJ\RIWKLVEDVLQFRXOGH[FHHG
WKLVHVWLPDWH0XFKZLOOGHSHQGRQDGGLWLRQDO¿HOGZRUNWRGHWHUPLQHWKHQDWXUHRI8QJD0DQ
&UHHN¶VDTXDWLFHFRORJ\GHYHORSLQJDORFDOUHFRUGRIÀRZDQGGHWHUPLQLQJWKHGHWDLOVRIDQHYHQ-
WXDOSURMHFWGHVLJQ7KDWKDYLQJEHHQVDLGWKHUHVXOWVRISUHYLRXVVWXGLHVDQGWKH¿HOGUHFRQQDLV-
VDQFHVXPPDUL]HGKHUHVXJJHVWWKDW8QJD0DQ&UHHNFRXOGPHHWWK HFRPPXQLWLHVHQHUJ\GHPDQG
IRUPRVWRIWKH\HDUDQGSURYLGHRQHRIWKHEHVWRSWLRQVLGHQWL¿HGIRUFRPPXQLW\HQHUJ\WRGDWH
PRELIMINARY DESIGN
OVERVIEW
$UXQRIWKHULYHUGHVLJQIRU+\GURSRZHUDSSHDUVWREHZRUWKIXUWKHULQYHVWLJDWLRQDW8QJD0DQ
&UHHN$UHODWLYHO\HDV\WRDFFHVVLQWDNHVLWHZDVLGHQWL¿HGDWIHHWDERYHVHDOHYHOMXVWGRZQ -
VWUHDPRIWKHFRQÀXHQFHRIWKHWZRPDMRUWULEXWDULHVWKDWZRXOGSURYLGHDFROOHFWLRQSRLQWIRUWKH
PDMRULW\RIWKHÀRZZLWKLQWKHZDWHUVKHG$SRZHUKRXVHVLWHFRXOGEHHDVLO\ORFDWHGGRZQVORSHRI
WKHFRPPXQLW\GXPSDWDSSUR[LPDWHO\IHHWDERYHVHDOHYHO7KLVGHVLJQZRXOGSURYLGHDJURVV
KHDGRIIHHW VHH¿JXUH
ACCESS
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crosses the creek and has already been roughed in to the powerhouse site noted above. Access
to the intake site noted in this preliminary design could be constructed over what appears to be
relatively easy road building conditions with limted to no bedrock cutting necessary and a mild and
PRVWO\FRQVLVWHQWJUDGLHQWRYHUDOOXYLDODQGFROOXYLDOGHSRVLWV2QHVPDOOZHWDOQGDUHDZRXOGQHHG
to be crossed and designed for as well as numerous steeper gradient ephemeral streams.
Figure 12. Panorama of Unga Man Creek taken from the North side of the valley looking South across the pre-
liminary desgin project area described below.
Page 7Living Systems DesignFalse Pass Hydro Recon: 20150910
INTAKE SITE AND PENSTOCK
7KHLQWDNHVLWHLGHQWL¿HGIRUWKLVSUHOLPLQDU\GHVLJQZDVVHOHFWHGDWDQDWXUDOFKDQQHOQDUURZLQJ
MXVWGRZQVWUDPRIWKHFRQÀXHQFHRIWKHWZRPDMRUWULEXWDULHVWR8QJD0DQ&UHHN7KLVVLWHZRXOG
provide an access point that would support a penstock route that would rapidly exit the active
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site would necessitate a design that could be anchored in alluvial sediments of cobble and boulder
DQGPD\UHTXLUHVRPHFKDQQHOVWDELO]DWLRQXSVWUHDPWRNHHSKLJKÀRZHYHQWVIURPPRYLQJWKH
FKDQQHODURXQGWKHLQWDNHVLWH7KLVVLWHZRXOGDOVRQHHGWREHGHVLJQHGWRZLWKVWDQGKLJKÀRZ
HYHQWVDQGWUDQVSRUWUHODWLYHO\ODUJHTXDQWLHVDQGVL]HVRIEHGORDG2IDOORIWKHLQIUDVWUXFWXUHLQ-
cluded in this preliminary design, the intake structure looks to be the most challenging.
POWERHOUSE SITE
A powerhouse site could be located downslope of the community dump in a location that would
VXSSRUWHDV\FRQVWUXFWLRQRIDWDLOUDFHUHWXUQRIWKHZDWHUDSSUR[LPDWHO\IHHWLQHOHYDWLRQDERYH
where the creek meets saltwater.
TRANSMISSION
A transmission line from the powerhouse could be run back over the bridge and along the existing
URDGIRUDSSUR[LPDWHO\IHHWWRFRQQHFWWRWKHFRPPXQLW\JULG
Figure 13. Preliminary design for Unga Man Creek run of the river Hydro-power project.
IIIInnnntttttaaaakIIIIInnnnnntttnnttttttannnntttttttaaaaatttaaaakkkkkeeeekkkkkeeekkkkkeeeeeekkkkkeeee
PPPPoooowwwweeerrrr hhhooouuusePPPPoPPPPooooowwPPPoooowwwweeoowwwwweeeewwweerrrrrrr---rr--hhhouuusoooouuuuseeseRRRoaddd& PPPPeeeennnnssssttRRRRoooRoaRooadoaaddd &add& P&PPPPPPeeeeePPPPPPeeeeeenPPPPPeeeeeeeennnnnssssseennsssssttttttoooooooccccckkkkkknnnnsssssstttttnnnnssssssssttttoooosstttttttttoooooooccccttttoooooooccccckkoooccccckkkkkkckkkkTTTTrannssmmm onTTTTTTrraTrrarannssmmmiisssiisssissssioniionn
UUUUnnggggaa MMMMaaaannnn WWWWaaattterrrrshhhheddUUUUnnnggggaaaa MMMMMaaaaaannnnn WWWWaaaaaattttteeerrrsssshhhheeeddddWWWWaaaatWWaaattttteeaatttteeeeteerrrrsrrrssssrsssshhhheeddddeeeeddddeddd
Page 8Living Systems DesignFalse Pass Hydro Recon: 20150910
COST ESTIMATE
3RODU&RQVXOWSUHSDUHGDSURMHFWSHUIRUPDQFHDQGGHVLJQFRVWHVWLPDWHPHPRLQVXSSRUWRIWKLV
reconnaissance report that included an estimated costs for feasibility, design, permitting, and
construction shown below.
ECONOMIC ANALYSIS
8VLQJWKHHVWLPDWHGFRVWVLQFOXGHGLQWKHWDEOHDERYHWKH$($(FRQRPLF0RGHOZRUNVKHHWZDV
XVHGWRGHYHORSDQLQSXWWREHQH¿WUDWLRRI1.82.
CONCLUSION
SUMMARY
Based on the information provided in this rec-
onaissance effort, a run of the river Hydro-power
SURMHFWORRNVWREHDYLDEOHRSWLRQIRUJUHDWO\HQ-
hancing community energy security and afford-
DELOW\:RUNLQJZLWK3RODU&RQVXOWDSUHOLPLQDU\
SURMHFW GHVLJQ VHH DWWDFKPHQW LV HVWLPDWHG
WRVXSSRUWDGHVLJQFDSDFLW\RIN:ZKLFK
would meet approximately 86% of the False Pass
Utility load.
RECOMMENDATIONS
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the existing stations, we recommend the instal-
lation of an additional station closer to the pro-
spective intake site included in the preliminary
GHVLJQ*LYHQWKHDOOXYLDOQDWXUHRIWKH8QJD0DQ
Creek basin, including what appears to be a very
substantial hyporheic zone, it may be possible
to access more water than is indicated by the
stream gaging stations near the bridge.
It is also clear that addtional geotechnical surveys could provide important design criteria for the
intake site.
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TXHVWLRQRIZKHWKHUDZDWHUUHVHUYDWLRQZRXOGEHQHFHVVDU\IRUPDLQWDLQLQJ¿VKKDELWDW
Figure 15. Training City of False Pass staff to conduct
manual flow measurements for establishing the rat-tt
ing curve for stream gages in Unga Man Creek.
Figure 14. Cost estimate table from Polar Consult Memo (see attached).
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
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aPolarconsult & Living Systems DesignFalse Pass Hydro Feasibility: 20161125
False Pass Hydroelectric Potential at
Unga Man Creek
2016 Feasibility Study Progress Report
Prepared for the City of False Pass &
The Aleutian Pribilof Islands Community Development Association (APICDA)
by: Joel Groves of Polarconsult & Bob Christensen of Living Systems Design
20161215
Cover 2. Stream gage at Unga Man Creek bridge
Cover 1. Unga Man Creek seen from north valley wall
iPolarconsult & Living Systems DesignFalse Pass Hydro Feasibility: 20161125
List of Figures .......................................................................................................ii
Executive Summary ............................................................................................iii
Background ..........................................................................................................1
Introduction ......................................................................................................................................................1
False Pass, Alaska .............................................................................................................................................1
Current Electrical Generation ......................................................................................................................2
Previous Reports .............................................................................................................................................3
Unga Man Creek...................................................................................................4
Location & Land Status..................................................................................................................................4
Geology ..............................................................................................................................................................4
Hydrology ..........................................................................................................................................................5
Topography & Vegetation ............................................................................................................................6
Fish & Wildlife ...................................................................................................................................................8
Preliminary Design ............................................................................................10
Hydropower Resource Considered ..........................................................................................................10
General Project Considerations .................................................................................................................11
Description of Preferred Project Configuration ...................................................................................12
Conclusion ..........................................................................................................16
Summary ...........................................................................................................................................................16
Recommendations ........................................................................................................................................17
TABLE OF CONTENTS
iiPolarconsult & Living Systems DesignFalse Pass Hydro Feasibility: 20161125
Cover 1. Unga Man Creek seen from north valley wall .......................................................................a
Cover 2. Stream gage at Unga Man Creek bridge ................................................................................a
Executive Summary 1. Typical aerial of Unga man Creek braid taken from drone ..................iv
Figure 1. The community of False Pass is located on Unimak Island. ............................................1
Figure 2. Google Earth view of the False Pass Village. ........................................................................1
Figure 3. Summary of utility statistics ......................................................................................................2
Figure 4. Drone’s eye view of Bering Pacific Seafoods plant. ...........................................................2
Figure 5. General land status near False Pass, AK. ................................................................................4
Figure 6. False Pass area geology. ..............................................................................................................4
Figure 7. Stream gage installation locations. ........................................................................................5
Figure 8 New logger installed in upper reaches of Unga Man Creek ...........................................5
Figure 9. Flow records for Unga Man Creek and Russell Creek basins ..........................................6
Figure 10. Panoramic photo of the upper reaches of Unga Man Creek .......................................6
Figure 11. Terrain and ortho imagery data collected via drone in 2016 field trip. .....................7
Figure 12. Draft Vegetation Classification draped over digital surface model ...........................8
Figure 13. Salmon foot count graph. .......................................................................................................8
Figure 14. Dominant substrates by reach. ..............................................................................................9
Figure 15. Example gravel and cobble mix from lower reach. .........................................................9
Figure 16. Example cobble and boulder mix from middle reach. ..................................................9
Figure 17. Example boulder and cobble mix from upper reaches. ................................................9
Figure 18. Setting minnow traps for resident & juvenile fish .........................................................10
Figure 19. Study area ....................................................................................................................................10
Figure 20. Estimated design parameters. ...............................................................................................13
Figure 21. Recommended project configuration ................................................................................14
LIST OF FIGURES
Page iiiPolarconsult & Living Systems DesignFalse Pass Hydro Feasibility 20161125
EXECUTIVE SUMMARY
This Feasibility Study Progress Report provides an update on the resource data collection, analysis,
DQGSUHOLPLQDU\¿QGLQJVWRGDWHIRUK\GURSRZHUGHYHORSPHQWSRWHQWLDODW8QJD0DQ&UHHNIRUWKH
FRPPXQLW\RI)DOVH3DVV6LQFHWKH5HFRQQDLVVDQFH6WXG\ZDVLVVXHGLQIDOOWKHIROORZLQJ
has occurred:
•&RQGXFWHGDGGLWLRQDO¿VKVXUYH\VDW8QJD0DQ&UHHNLQWRFRQWLQXHEXLOGLQJUHFRUGRI
DQDGURPRXVDQGUHVLGHQW¿VKSUHVHQFHDQGDEXQGDQFH
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Executive Summary 1. Typical aerial of Unga man Creek braid taken from drone
Page 1Polarconsult & Living Systems DesignFalse Pass Hydro Feasibility 20161125
BACKGROUND
INTRODUCTION
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Feasibility investigations conducted in
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environmental impacts, permitting re
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The landscape surrounding the com
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residents participate in the commercial
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Figure 2. Google Earth view of the False Pass Village.
Airport Village
Harbor
Fish
Plant
Roundtop Mt.
Unga Man
Valley
Ferry
Dock
-
land on the Aleutian Island chain.
False Pass
Page 2Polarconsult & Living Systems DesignFalse Pass Hydro Feasibility 20161125
CURRENT ELECTRICAL GENERATION
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Electricity cost in False Pass is high by most
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Figure 3. Summary of utility statistics
Figure 4. Drone’s eye view of Unga Man Creek Bridge and
road back to Bering Pacific Seafoods plant.
Fish Plant
Unga Man Creek
Page 3Polarconsult & Living Systems DesignFalse Pass Hydro Feasibility 20161125
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PREVIOUS REPORTS
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tions to provide greater energy security
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assessment:
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described hydroelectric generation
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Page 4Polarconsult & Living Systems DesignFalse Pass Hydro Feasibility 20161125
UNGA MAN CREEK
LOCATION & LAND STATUS
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Figure 5. General land status near False Pass, AK.
Page 5Polarconsult & Living Systems DesignFalse Pass Hydro Feasibility 20161125
HYDROLOGY
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Figure 10. Panoramic photo of the upper reaches of Unga Man Creek; North fork at right, South fork at left.
Figure 9. Flow records for Unga Man Creek and Russell Creek basins
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Figure 13. Salmon foot count graph.
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FFalse Pass Field Report for 20170822-23
Fisheries
We arrived the morning of August 22nd, 2017 to survey Unga Man Creek near False Pass. For fisheries,
the objectives for this trip were:
1. Identify barriers to adult salmon passage in the Unga Man Creek system
2. Describe the distribution of adult salmon during the typical peak of the pink run;
3. Trap for resident and juvenile salmonids in the potential bypass reach;
4. Map the distribution of suitable spawning habitat; and
5. Map the distribution of “Macro-pools”.
Barriers to Fish Passage
Unga Man Creek was surveyed from tidewater to geologically fixed barriers to adult fish movement in
the North Fork and South Fork tributaries. Two types of barriers were observed: boulder cascades and
bedrock falls. Boulder cascades with a slope > 5 degrees over > 25 meters appear to limit 99.99% of
adult salmon movement in both the North and South Forks. Bedrock falls were identified in the North
Fork upstream of the first barrier cascades. Only one fish was observed above the barrier cascades
identified on the map below. Zero fish were observed above the barrier cascades in the South Fork.
Salmon Distribution
Adult salmon foot counts were conducted on 8/22 and 8/23 that included the entirety of adult
anadromous habitat. A total of 30 Chum, 3 Sockeye and 6,679 pinks were counted. Foot counts were
summarized for every 100 meters of creek length to assess patterns in distribution. In general, fish
densities were two times higher below the bridge than above the bridge but were otherwise fairly
evenly distributed throughout the anadromous reaches (See map below).
Minnow Trapping
10 minnow traps baited with salmon eggs were set in pool habitat and along banks upstream and
downstream of the Unga Man Creek bridge in similar locations as last year. Traps were left soaking for 6-
8 hours. Catch numbers were drastically lower than was documented last summer. A total of only 6
dollies were captured and released this year compared to 132 last year. No Coho fry were captured this
year. We speculate that the abundance of pink salmon eggs left in the stream by bear predation made
our baited traps less attractive than they were during the low pink runs last year.
Potential Spawning Habitat
Potential spawning habitat was identified as predominantly gravel substrate of at least 6 inches in depth
and a minimum of one square meter in surface area. For areas less than 10 square meters, patches were
aggregated into single points once at least 10 square meters had been surveyed in a given reach.
A total of approximately 1,850 square meters of potential spawning habitat was surveyed in the
anadromous reaches of the Unga Man Creek main stem, South Fork and North Fork. The largest
individual bed was 400 square meters, which occurred in the lowermost reach of the creek. 1,727 of the
total 1,853 square meters (93%) of potential spawning habitat was observed downstream of the Unga
Man Creek bridge. 1,517 of the total 1,853 square meters (82%) of potential spawning habitat was
observed downstream of the False Pass dump (see map below).
Macro-pools
“Macro-pools” were identified using the residual pool depth method described in Special Publication
No. 13-04; A User Guide for Performing Stream Habitat Surveys in Southeast Alaska.
Summary of the method is as follows:
1. Pool width or length must be at least 10% the average channel bed width; and,
2. “Residual pool depth” (i.e. maximum pool depth – depth at riffle crest) is equal to or greater
than the average channel bed width)*(0.01)) + 0.15 m.
Unique average channel bed widths were established for the reach downstream of the Unga Man Creek
(10 meters), between the Unga Man Creek and the primary fork (8 meters), on the north fork (6 meters)
and on the south fork (5 meters).
A total of 156 square meters of macro pool habitat was identified in the adult anadromous reaches of
Unga Man Creek. 44% of this total occurred below the Unga Man Creek bridge. Most of the larger pools
were associated with large mid-channel boulders or occurred as plunge pools. Larger cut-bank pools
were identified in the lowermost reaches.
Additional Notes
We were able to add high resolution ortho imagery acquired via drone flights that includes several
hundred meters of the South Fork beyond what was mapped last summer.
Spawning gravels identified above the bridge should be considered marginal if depth of deposition is
taken into consideration. We used a minimum depth of 6” as a cutoff for spawning area designation and
most of the patches of suitable substrate above the bridge barely made this cutoff.
Salmon eggs were observed on the bottom of several pools and at creek margins especially upstream of
the bridge. They appear to be leftovers from bear predation.
The primary fork in Unga Man Creek. North fork to the right, south fork to the left.
The two maps above summarize the data collected during the 2017 field survey for fisheries. The top
map highlight the location of barriers to fish passage (pink crosses). All but the upper three barriers in
the North Fork are cascades of > 5 degrees in slope and > 25 meters in length. Small cascades in the
nearby vicinity were noted to stop most fish passage before reaching these more significant barriers.
The top map also includes the results of the adult salmon foot counts. Each red dot represents 150-350
fish over 100 meters of stream length, each yellow dot represents 50-150 fish over 100 meters of stream
length and each blue dot represents 1-50 fish over 100 meters of stream length.
The lower map displays the results of the salmon spawning habitat surveys. Each red dot indicates 101 -
400 square meters, each yellow dot 11-99 square meters and each blue dot 10 square meters
cumulative over 100 meters of stream length. The bottom map also includes the location and relative
sizes of macro-pools. Green crosses indicate pools that range from 13-25 square meters, purple crosses
indicate pools that range from 6-12 square meters and white crosses indicate pools that range from 1-5
square meters in surface area.
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
WW E/y&ʹW ZD/dd/E'/E&KZDd/KE
^ĞĐƚŝŽŶ dŝƚůĞ WĂŐĞEŽƐ͘
&͘ϭ &ĞĚĞƌĂůWĞƌŵŝƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘&ͲϮ
&͘Ϯ ^ƚĂƚĞŽĨůĂƐŬĂWĞƌŵŝƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘&Ͳϯ
&͘ϯ >ŽĐĂůWĞƌŵŝƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘&Ͳϰ
&͘ϰ KƚŚĞƌWĞƌŵŝƚƐĂŶĚƵƚŚŽƌŝnjĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘&Ͳϰ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ&Ͳϭ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ&ͲϮ
&͘ϭ & Z>W ZD/d^
&͘ϭ͘ϭ &ĞĚĞƌĂů ŶĞƌŐLJZĞŐƵůĂƚŽƌLJŽŵŵŝƐƐŝŽŶ;& ZͿ
dŚĞ&ĞĚĞƌĂů ŶĞƌŐLJZĞŐƵůĂƚŽƌLJŽŵŵŝƐƐŝŽŶ;& ZͿŚĂƐũƵƌŝƐĚŝĐƚŝŽŶŽǀĞƌŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚƐ
ƚŚĂƚŵĞĞƚĐĞƌƚĂŝŶĐƌŝƚĞƌŝĂ͘'ĞŶĞƌĂůůLJ͕ƚŚĞƐĞĐƌŝƚĞƌŝĂŝŶĐůƵĚĞ͗
;ϭͿ dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚŽŶŶĂǀŝŐĂďůĞǁĂƚĞƌƐ͕
;ϮͿ dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚŽŶĨĞĚĞƌĂůůĂŶĚ͕
;ϯͿ dŚĞƉƌŽũĞĐƚĂĨĨĞĐƚƐŝŶƚĞƌƐƚĂƚĞĐŽŵŵĞƌĐĞ͕Žƌ
;ϰͿ dŚĞƉƌŽũĞĐƚŝƐƉĂƌƚŽĨĂŶŝŶƚĞƌƐƚĂƚĞĞůĞĐƚƌŝĐĂůŐƌŝĚ͘
EŽŶĞ ŽĨ ƚŚĞ ŝŶĨŽƌŵĂƚŝŽŶ ŝĚĞŶƚŝĨŝĞĚ ďLJ ƚŚŝƐ ƐƚƵĚLJ ŝŶĚŝĐĂƚĞƐ ƚŚĞƉƌŽũĞĐƚ ŵĞĞƚƐ ĂŶLJ ŽĨ ƚŚĞƐĞ
ĐƌŝƚĞƌŝĂ͘ dŚĞ ƉƌŽũĞĐƚ ďLJƉĂƐƐ ƌĞĂĐŚ ĚŽĞƐ ƐƵƉƉŽƌƚ ƉŝŶŬ ĂŶĚ ĐŚƵŵƐĂůŵŽŶ͕ ďƵƚ ƚŚĞ ƉŽƚĞŶƚŝĂů
ŝŵƉĂĐƚƚŽƚŚĞƐĞĨŝƐŚŝƐŶŽƚĞdžƉĞĐƚĞĚƚŽĐŽŶƐƚŝƚƵƚĞĂƐŝŐŶŝĨŝĐĂŶƚƉŽƚĞŶƚŝĂůŝŵƉĂĐƚƚŽĂĐŽŵŵĞƌĐŝĂů
ĨŝƐŚĞƌLJĂŶĚƚŚĞƌĞďLJƚŽŝŶƚĞƌƐƚĂƚĞĐŽŵŵĞƌĐĞ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞƉƌŽũĞĐƚƐŚŽƵůĚŶŽƚĨĂůůƵŶĚĞƌ
& Z ũƵƌŝƐĚŝĐƚŝŽŶ͘ ĞĐůĂƌĂƚŝŽŶ ŽĨ /ŶƚĞŶƚŝŽŶ ǁŝůů ŶĞĞĚ ƚŽ ďĞĨŝůĞĚǁŝƚŚƚŚĞ& ZŝŶƚŚĞ
ƉĞƌŵŝƚƚŝŶŐƉŚĂƐĞŽĨƚŚĞƉƌŽũĞĐƚƚŽĚĞƚĞƌŵŝŶĞũƵƌŝƐĚŝĐƚŝŽŶ͘
&͘ϭ͘ϯ h͘^͘ƌŵLJŽƌƉƐŽĨ ŶŐŝŶĞĞƌƐ;h^ ͿWĞƌŵŝƚƐ
dŚĞ ĚŝǀĞƌƐŝŽŶ ƐƚƌƵĐƚƵƌĞ͕ ŝŶƚĂŬĞ ƐƚƌƵĐƚƵƌĞ͕ ƚĂŝůƌĂĐĞ͕ ĂŶĚ ŽƚŚĞƌĨĞĂƚƵƌĞƐ ŽĨ ƚŚĞ ƌĞĐŽŵŵĞŶĚĞĚ
ƉƌŽũĞĐƚǁŝůůďĞůŽĐĂƚĞĚǁŝƚŚŝŶǁĂƚĞƌƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͖ƚŚĞƌĞĨŽƌĞ͕ƉĞƌŵŝƚƐĨƌŽŵƚŚĞh^
ǁŝůů ďĞƌĞƋƵŝƌĞĚ͘ dŚĞ ƚŽƚĂů ĂĐƌĞĂŐĞ ŽĨ ƚŚĞƐĞ ŝŵƉĂĐƚƐ ŝƐĞdžƉĞĐƚĞĚ ƚŽ ďĞ ĐŽŵƉĂƚŝďůĞ ǁŝƚŚĂ
EĂƚŝŽŶǁŝĚĞ WĞƌŵŝƚ͕ ƐƵĐŚ ĂƐ ηϭϳ ĨŽƌ ŚLJĚƌŽ ƉƌŽũĞĐƚƐ͕ ηϯϵ ĨŽƌ ĐŽŵŵĞƌĐŝĂů ĂŶĚ ŝŶƐƚŝƚƵƚŝŽŶĂů
ĚĞǀĞůŽƉŵĞŶƚƐ͕ŽƌŽƚŚĞƌƐ͘/ĨƚŚĞƉƌŽũĞĐƚĐĂŶŶŽƚďĞƉĞƌŵŝƚƚĞĚƵŶĚĞƌĂEĂƚŝŽŶǁŝĚĞWĞƌŵŝƚ͕ĂŶ
ŝŶĚŝǀŝĚƵĂůƉĞƌŵŝƚǁŝůůŶĞĞĚƚŽďĞŽďƚĂŝŶĞĚŝŶƐƚĞĂĚ͘
&͘ϭ͘ϰ h͘^͘ ŶǀŝƌŽŶŵĞŶƚĂůWƌŽƚĞĐƚŝŽŶŐĞŶĐLJ
ƐƚŽƌŵǁĂƚĞƌƉŽůůƵƚŝŽŶƉƌĞǀĞŶƚŝŽŶƉůĂŶǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ͘
&͘ϭ͘ϱ &ĞĚĞƌĂůǀŝĂƚŝŽŶĚŵŝŶŝƐƚƌĂƚŝŽŶ;&Ϳ
dŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚǁŝůůŶŽƚŚĂǀĞĂŶLJĨĞĂƚƵƌĞƐůŝŬĞůLJƚŽƉƌĞƐĞŶƚĂŚĂnjĂƌĚƚŽĂǀŝĂƚŝŽŶ͘dŚĞ
ƉƌŽũĞĐƚ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ĨĂůů ŽƵƚƐŝĚĞ ƚŚĞ ĚŝƐƚĂŶĐĞ ƚŚƌĞƐŚŽůĚ ĨŽƌ& ŽďƐƚƌƵĐƚŝŽŶ ĞǀĂůƵĂƚŝŽŶ
ƌĞƋƵŝƌĞŵĞŶƚƐ͘DŽƌĞĚĞƚĂŝůĞĚƌĞǀŝĞǁŝƐǁĂƌƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞƉĞƌŵŝƚƚŝŶŐ ƉŚĂƐĞ ŽĨ ƉƌŽũĞĐƚ
ĚĞǀĞůŽƉŵĞŶƚ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ&Ͳϯ
&ŝŐƵƌĞ&Ͳϭ &KďƐƚƌƵĐƚŝŽŶ ǀĂůƵĂƚŝŽŶͬŝƌƉŽƌƚƐŝƌƐƉĂĐĞŶĂůLJƐŝƐdŽŽůZĞƐƵůƚƐ
&͘Ϯ ^dd K&>^<W ZD/d^
&͘Ϯ͘ϭ ůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ;EZͿWĞƌŵŝƚƐ
&͘Ϯ͘ϭ͘ϭ ŽĂƐƚĂůŽŶĞŽŶƐŝƐƚĞŶĐLJZĞǀŝĞǁ
dŚĞ^ƚĂƚĞŽĨůĂƐŬĂĚŽĞƐŶŽƚĐƵƌƌĞŶƚůLJŚĂǀĞĂŽĂƐƚĂůŽŶĞDĂŶĂŐĞŵĞŶƚWƌŽŐƌĂŵ͘
&͘Ϯ͘ϭ͘Ϯ >ĂŶĚƵƚŚŽƌŝnjĂƚŝŽŶƐ
EŽŶĞŽĨƚŚĞƉƌŽũĞĐƚĂƌĞĂŝƐŽŶƐƚĂƚĞůĂŶĚ͘
&͘Ϯ͘ϭ͘ϯ dŝĚĞůĂŶĚƐWĞƌŵŝƚƐ
EŽƚŝĚĞůĂŶĚƐƉĞƌŵŝƚƐĂƌĞŶĞĞĚĞĚĨŽƌƚŚĞƉƌŽũĞĐƚ͘
&͘Ϯ͘ϭ͘ϰ DĂƚĞƌŝĂů^ĂůĞŐƌĞĞŵĞŶƚ
EŽƚĂƉƉůŝĐĂďůĞ͘DĂƚĞƌŝĂůƐŽƵƌĐĞƐůŝŬĞůLJƚŽďĞƵƐĞĚĨŽƌƚŚŝƐƉƌŽũĞĐƚĂƌĞŶŽƚƐƚĂƚĞͲŽǁŶĞĚ͘
&͘Ϯ͘ϭ͘ϱ tĂƚĞƌhƐĞWĞƌŵŝƚͬtĂƚĞƌZŝŐŚƚƐ
dŚĞƉƌŽũĞĐƚǁŝůůŶĞĞĚƚŽŽďƚĂŝŶǁĂƚĞƌƌŝŐŚƚƐĨƌŽŵƚŚĞEZ͘
&͘Ϯ͘ϭ͘ϲ Ăŵ^ĂĨĞƚLJ:ƵƌŝƐĚŝĐƚŝŽŶĂůĞƚĞƌŵŝŶĂƚŝŽŶ
dŚĞƉƌŽũĞĐƚǁŝůůŶĞĞĚƚŽĐŽŵƉůĞƚĞĂĚĂŵƐĂĨĞƚLJƉƌŽŐƌĂŵũƵƌŝƐĚŝĐƚŝŽŶĂůĨŽƌŵ͘dŚĞĚŝǀĞƌƐŝŽŶ
ƐƚƌƵĐƚƵƌĞŝƐĞdžƉĞĐƚĞĚƚŽŶŽƚĨĂůůƵŶĚĞƌEZĚĂŵƐĂĨĞƚLJƉƌŽŐƌĂŵũƵƌŝƐĚŝĐƚŝŽŶ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ&Ͳϰ
&͘Ϯ͘Ϯ ůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚĂŶĚ'ĂŵĞWĞƌŵŝƚƐ
&͘Ϯ͘Ϯ͘ϭ &ŝƐŚ,ĂďŝƚĂƚWĞƌŵŝƚ
dŚĞƉƌŽũĞĐƚǁŝůůŶĞĞĚƚŽŽďƚĂŝŶĂĨŝƐŚŚĂďŝƚĂƚƉĞƌŵŝƚĨƌŽŵƚŚĞ&'͘dŚĞĨŝƐŚŚĂďŝƚĂƚƉĞƌŵŝƚǁŝůů
ŝŶĐůƵĚĞ ŝŶͲƐƚƌĞĂŵ ĨůŽǁ ƌĞƐĞƌǀĂƚŝŽŶƐ ;ŝĨ ĂŶLJͿ͕ ŵŝƚŝŐĂƚŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ƌĞƐƚƌŝĐƚŝŽŶƐ ŽŶ
ĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐŶĞĂƌĂŶĚďĞůŽǁƚŚĞŽƌĚŝŶĂƌLJŚŝŐŚǁĂƚĞƌŵĂƌŬŽĨhŶŐĂDĂŶƌĞĞŬ͕ĂŶĚ
ĂƵƚŚŽƌŝnjĂƚŝŽŶ ĨŽƌ ŝŶͲǁĂƚĞƌ ǁŽƌŬ ĂůŽŶŐ hŶŐĂ DĂŶ ƌĞĞŬ ĨŽƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ŽŶͲŐŽŝŶŐ
ŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƉƌŽũĞĐƚ͘
&͘Ϯ͘ϯ ůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨdƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚWƵďůŝĐ&ĂĐŝůŝƚŝĞƐ;KdΘW&ͿWĞƌŵŝƚƐ
dŚĞ ůĂŶĚĨŝůů ĂĐĐĞƐƐ ƌŽĂĚ ǁĂƐ ďƵŝůƚ ďLJ KdΘW& ďƵƚ ŝƐ ŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ ŝƚLJ ĂŶĚ ĐƌŽƐƐĞƐ
/ƐĂŶŽƚƐŬŝŽƌƉŽƌĂƚŝŽŶůĂŶĚ͘ŽŽƌĚŝŶĂƚŝŽŶǁŝůůďĞƌĞƋƵŝƌĞĚǁŝƚŚƚŚĞƐĞĞŶƚŝƚŝĞƐƚŽĚĞĨŝŶĞĚƌŝǀĞǁĂLJ
ƉĞƌŵŝƚĂŶĚƵƚŝůŝƚLJĞĂƐĞŵĞŶƚƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚŝƐƉƌŽũĞĐƚ͘
&͘Ϯ͘ϰ ůĂƐŬĂĞƉĂƌƚŵĞŶƚŽĨ ŶǀŝƌŽŶŵĞŶƚĂůŽŶƐĞƌǀĂƚŝŽŶ; ͿWĞƌŵŝƚƐ
&͘Ϯ͘ϰ͘ϭ tĂƐƚĞǁĂƚĞƌŽƌWŽƚĂďůĞtĂƚĞƌWĞƌŵŝƚƐ
EŽƚĂƉƉůŝĐĂďůĞ͘
&͘Ϯ͘ϰ͘Ϯ ^ŽůŝĚtĂƐƚĞŝƐƉŽƐĂůWĞƌŵŝƚ
EŽƚĂƉƉůŝĐĂďůĞ͘
&͘Ϯ͘ϰ͘ϯ ŝƌYƵĂůŝƚLJWĞƌŵŝƚĂŶĚƵůŬ&ƵĞůWĞƌŵŝƚ
EŽƚĂƉƉůŝĐĂďůĞ͘
&͘ϯ >K>W ZD/d^
dŚĞ ƉƌŽũĞĐƚ ŝƐ ůŽĐĂƚĞĚ ǁŝƚŚŝŶ ƚŚĞ ůĞƵƚŝĂŶƐ ĂƐƚ ŽƌŽƵŐŚ͘ ĚĞǀĞůŽƉŵĞŶƚ ƉĞƌŵŝƚ ŵĂLJ ďĞ
ƌĞƋƵŝƌĞĚĨƌŽŵƚŚĞůĞƵƚŝĂŶƐ ĂƐƚŽƌŽƵŐŚĨŽƌƚŚĞƉƌŽũĞĐƚĨŽƌďŽƌƌŽǁƉŝƚƐƚŚĂƚŵĂLJďĞ
ŽƉƉŽƌƚƵŶŝƐƚŝĐĂůůLJĚĞǀĞůŽƉĞĚǁŝƚŚŝŶƚŚĞƉƌŽũĞĐƚĨŽŽƚƉƌŝŶƚƚŽƐŽƵƌĐĞŵĂƚĞƌŝĂůĨŽƌƌŽĂĚ͕ƐŝƚĞƉĂĚ͕
ĂŶĚͬŽƌĚŝǀĞƌƐŝŽŶƐƚƌƵĐƚƵƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͘
&͘ϰ Kd, ZW ZD/d^Ehd,KZ/d/KE^
&͘ϰ͘ϭ DĂƚĞƌŝĂů^ĂůĞƐ
>ŽĐĂůůLJƐŽƵƌĐĞĚĂŐŐƌĞŐĂƚĞŵĂƚĞƌŝĂůĨŽƌƚŚĞƉƌŽũĞĐƚǁŝůůŶĞĞĚƚŽďĞƉƵƌĐŚĂƐĞĚĨƌŽŵƚŚĞůĞƵƚ
ŽƌƉŽƌĂƚŝŽŶ͘ džŝƐƚŝŶŐůŽĐĂůƋƵĂƌƌŝĞƐŽƌŽŶͲƐŝƚĞďŽƌƌŽǁƉŝƚƐĂƌĞůŝŬĞůLJƐƵŝƚĂďůĞŵĂƚĞƌŝĂůƐŽƵƌĐĞƐ
ĨŽƌ ƌŽĂĚ ďƵŝůĚŝŶŐ ĂŶĚ ƌĞůĂƚĞĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ǁŽƌŬ ĨŽƌ ƚŚŝƐ ƉƌŽũĞĐƚ͘ZŝƉƌĂƉŵĂLJŶĞĞĚƚŽďĞ
ŝŵƉŽƌƚĞĚĚĞƉĞŶĚŝŶŐŽŶƐƵŝƚĂďŝůŝƚLJŽĨůŽĐĂůůLJĂǀĂŝůĂďůĞŵĂƚĞƌŝĂůƐ͘
&͘ϰ͘Ϯ ^ŝƚĞĐĐĞƐƐ
WƌŽƉĞƌƚLJ ƌŝŐŚƚƐ ĨŽƌ ƚŚĞ ƉƌŽũĞĐƚ ĨŽŽƚƉƌŝŶƚ ǁŝůů ŶĞĞĚ ƚŽ ďĞ ƐĞĐƵƌĞĚ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ůĞĂƐĞƐ͕
ĞĂƐĞŵĞŶƚƐ͕ĂŶĚƌŝŐŚƚŽĨǁĂLJƐĂƐĂƉƉƌŽƉƌŝĂƚĞ͘dŚĞůĂŶĚŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂŝƐŽǁŶĞĚďLJƚŚĞ
/ƐĂŶŽƚƐŬŝŽƌƉŽƌĂƚŝŽŶ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ&Ͳϱ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
WW E/y'ʹK^d ^d/Dd ^E KEKD/E>z^/^
^ĞĐƚŝŽŶ dŝƚůĞ WĂŐĞEŽƐ͘
'͘ϭ WƌŽũĞĐƚŽƐƚ ƐƚŝŵĂƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 'ͲϮ
'͘Ϯ ĐŽŶŽŵŝĐŶĂůLJƐŝƐĂŶĚƐƐƵŵƉƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 'ͲϮ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ'Ͳϭ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ'ͲϮ
'͘ϭ WZK: dK^d ^d/Dd
dŚĞƚŽƚĂůĞƐƚŝŵĂƚĞĚŝŶƐƚĂůůĞĚĐŽƐƚŽĨƚŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚŝƐƉƌĞƐĞŶƚĞĚŝŶdĂďůĞ'Ͳϭ͘dŚĞ
ĞƐƚŝŵĂƚĞĚĐŽƐƚƐŝŶdĂďůĞ'ͲϭĂƐƐƵŵĞƚŚĞƉƌŽũĞĐƚŝƐĐŽŶƚƌĂĐƚĞĚŽƵƚĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞƉƌŽũĞĐƚ
ĐŽƐƚĞƐƚŝŵĂƚĞǁĂƐĚĞǀĞůŽƉĞĚƵƐŝŶŐĞƐƚŝŵĂƚĞĚŵĂƚĞƌŝĂůƐĂŶĚƋƵĂŶƚŝƚŝĞƐĂŶĚŶĞĐĞƐƐĂƌLJůĂďŽƌ
ĞĨĨŽƌƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ůĞĂƐĞ ĚƵƌĂƚŝŽŶƐ ĨŽƌ ƚŚĞ ĐŽŶĐĞƉƚƵĂů ĚĞƐŝŐŶƐĚĞƐĐƌŝďĞĚŝŶƚŚĞƌĞƉŽƌƚ
ŶĂƌƌĂƚŝǀĞ͘
dĂďůĞ'Ͳϭ ŽƐƚ ƐƚŝŵĂƚĞĨŽƌZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ
ŽƐƚ/ƚĞŵŽƐƚ ƐƚŝŵĂƚĞ
;ϮϬϮϮΨͿ
WZ ͲKE^dZhd/KEK^d^; ^/'E͕W ZD/dd/E'Ϳ Ψϯϳϱ͕ϬϬϬ
/Z dKE^dZhd/KEK^d^
^ŚŝƉƉŝŶŐͬDŽďŝůŝnjĂƚŝŽŶͬ ƋƵŝƉŵĞŶƚ ΨϰϴϬ͕ϬϬϬ
ĐĐĞƐƐZŽĂĚƐĂŶĚdƌĂŝůƐ ΨϰϰϬ͕ϬϬϬ
WŽǁĞƌĂŶĚŽŵŵƵŶŝĐĂƚŝŽŶƐ>ŝŶĞƐ ΨϮϭϵ͕ϬϬϬ
ŝǀĞƌƐŝŽŶĂŶĚ/ŶƚĂŬĞ^ƚƌƵĐƚƵƌĞƐ ΨϱϬϴ͕ϬϬϬ
WĞŶƐƚŽĐŬ Ψϲϲϲ͕ϬϬϬ
WŽǁĞƌŚŽƵƐĞ ΨϳϬϴ͕ϬϬϬ
ƵŝůĚŝŶŐŽŶǀĞƌƐŝŽŶƐĨŽƌ/ŶƚĞƌƌƵƉƚŝďůĞ ůĞĐƚƌŝĐ,ĞĂƚŝŶŐ^ĞƌǀŝĐĞ ΨϮϬϬ͕ϬϬϬ
dKd>/Z dKE^dZhd/KEK^d^ Ψϯ͕ϮϮϭ͕ϬϬϬ
ŽŶƐƚƌƵĐƚŝŽŶŽŶƚŝŶŐĞŶĐLJ;ϮϱйͿ Ψϳϱϱ͕ϬϬϬ
ŽŶƚƌĂĐƚŽƌWƌŽĨŝƚ;ϭϱйͿ Ψϰϱϯ͕ϬϬϬ
ŽŶƐƚƌƵĐƚŝŽŶDĂŶĂŐĞŵĞŶƚͬĚŵŝŶŝƐƚƌĂƚŝŽŶ Ψϭϯϴ͕ϬϬϬ
ŽŶƐƚƌƵĐƚŝŽŶ/ŶƐƉĞĐƚŝŽŶͬ ŶŐŝŶĞĞƌŝŶŐ Ψϭϯϴ͕ϬϬϬ
dKd>KE^dZhd/KEK^d Ψϰ͕ϳϬϱ͕ϬϬϬ
^d/Dd dKd>/E^d>> K^d Ψϱ͕ϬϴϬ͕ϬϬϬ
'͘Ϯ KEKD/E>z^/^E^^hDWd/KE^
dĂďůĞ 'ͲϮ ƉƌĞƐĞŶƚƐ ƚŚĞ ůŝĨĞͲĐLJĐůĞ ĞĐŽŶŽŵŝĐ ĂŶĂůLJƐŝƐ ŽĨ ƚŚĞ ďĞŶĞĨŝƚƐ ĂŶĚ ĐŽƐƚƐ ŽĨ ƚŚĞ
ƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚ͘ƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶĚĞǀĞůŽƉŝŶŐƚŚĞĞĐŽŶŽŵŝĐĂŶĂůLJƐŝƐƐƵŵŵĂƌŝnjĞĚŝŶ
dĂďůĞ'ͲϮĂƌĞĚĞƐĐƌŝďĞĚŝŶƚŚŝƐƐĞĐƚŝŽŶ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ'Ͳϯ
dĂďůĞ'ͲϮ ĐŽŶŽŵŝĐŶĂůLJƐŝƐŽĨZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ
EKd ^͗ ůůĚŽůůĂƌǀĂůƵĞƐĂƌĞŝŶϮϬϮϮĚŽůůĂƌƐ͘ůůƉƌĞƐĞŶƚǀĂůƵĞĐĂůĐƵůĂƚŝŽŶƐĂƐƐƵŵĞƚŚĞƉƌŽũĞĐƚ͛ƐĨŝƌƐƚLJĞĂƌŽĨŽƉĞƌĂƚŝŽŶƐŝƐϮϬϮϰ
ĂŶĚĂƌĞƉƌĞƐĞŶƚĞĚĂƐϮϬϮϮĚŽůůĂƌƐ͘
;ϭͿ &ƵƚƵƌĞƉƌŝĐĞƐĨŽƌƉŽǁĞƌƉůĂŶƚĂŶĚŚĞĂƚŝŶŐĨƵĞůŝŶ&ĂůƐĞWĂƐƐƵƐĞƚŚĞĨƵĞůƉƌŝĐĞƉƌŽũĞĐƚŝŽŶƐƵƐĞĚďLJƚŚĞůĂƐŬĂ ŶĞƌŐLJ
ƵƚŚŽƌŝƚLJ; ϮϬϮϭͿ͘
;ϮͿ 'ƌŽƐƐĞdžĐĞƐƐĞŶĞƌŐLJŝƐƚŚĞĞŶĞƌŐLJŐĞŶĞƌĂƚĞĚĂƚƚŚĞƉŽǁĞƌŚŽƵƐĞďĞĨŽƌĞƐLJƐƚĞŵůŽƐƐĞƐĂƌĞƐƵďƚƌĂĐƚĞĚ͘
;ϯͿ ĂƉŝƚĂůĐŽƐƚĞƐƚŝŵĂƚĞŝŶĐůƵĚĞƐĂďƵĚŐĞƚĨŽƌƌĞƚƌŽĨŝƚƚŝŶŐďƵŝůĚŝŶŐĞůĞĐƚƌŝĐĂůĂŶĚŵĞĐŚĂŶŝĐĂůƐLJƐƚĞŵƐƚŽƌĞĐĞŝǀĞŝŶƚĞƌƌƵƉƚŝďůĞ
ĞůĞĐƚƌŝĐŚĞĂƚŝŶŐƐĞƌǀŝĐĞ͘
;ϰͿ dŚĞďĞŶĞĨŝƚƐ͕ĐŽƐƚƐ͕ĂŶĚďĞŶĞĨŝƚͲĐŽƐƚƌĂƚŝŽĨŽƌĂŐƌĂŶƚĨŝŶĂŶĐĞĚƉƌŽũĞĐƚĂƌĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĞĐŽŶŽŵŝĐŵŽĚĞůĚĞǀĞůŽƉĞĚ
ĨŽƌƚŚĞ ͛ƐZĞŶĞǁĂďůĞ ŶĞƌŐLJ'ƌĂŶƚWƌŽŐƌĂŵZŽƵŶĚϭϰ; ϮϬϮϭͿ͘
WĂƌĂŵĞƚĞƌ
ZĞĐŽŵŵĞŶĚĞĚ
WƌŽũĞĐƚ
;ϭϴϬŬtͿ
KEKD/ s>hd/KEK& dͲ&/EE WZK: d;ZĞůĂƚŝǀĞƚŽĐŽŶƚŝŶƵĞĚĚŝĞƐĞůŐĞŶĞƌĂƚŝŽŶͿ
WZK: d E &/d^
dŽƚĂůŶŶƵĂůhƚŝůŝƚLJ>ŽĂĚ^ƵƉƉůŝĞĚďLJ,LJĚƌŽ ϱϵϭ͕ϬϬϬŬtŚ
ZĞƐƵůƚŝŶŐZĞĚƵĐƚŝŽŶŝŶhƚŝůŝƚLJ&ƵĞůWƵƌĐŚĂƐĞƐ;ϱͿ ϰϳ͕ϯϬϬŐĂůůŽŶƐ
ŶŶƵĂůsĂůƵĞŽĨ^ĂǀŝŶŐƐĨƌŽŵZĞĚƵĐĞĚWŽǁĞƌWůĂŶƚ&ƵĞůhƐĞ;ĨŝƌƐƚLJĞĂƌŽĨŽƉĞƌĂƚŝŽŶͿ;ϭͿ Ψϭϰϱ͕ϳϬϬ
ŶŶƵĂůsĂůƵĞŽĨ^ĂǀŝŶŐƐĨƌŽŵǀŽŝĚĞĚŝĞƐĞůWůĂŶƚKƉĞƌĂƚŝŶŐĂŶĚDĂŝŶƚĞŶĂŶĐĞŽƐƚƐ Ψϰϲ͕ϭϬϬ
^ĂůǀĂŐĞsĂůƵĞ;ĂƚLJĞĂƌϱϬͿ ΨϬ
WƌĞƐĞŶƚsĂůƵĞŽĨWŽǁĞƌWůĂŶƚKΘDĂŶĚ&ƵĞů^ĂǀŝŶŐƐKǀĞƌϱϬzĞĂƌƐ Ψϰ͕ϵϯϱ͕ϬϬϬ
'ƌŽƐƐ džĐĞƐƐ,LJĚƌŽ ŶĞƌŐLJŝƐƉĂƚĐŚĞĚƚŽ/ŶƚĞƌƌƵƉƚŝďůĞ ůĞĐƚƌŝĐ,ĞĂƚŝŶŐ^ĞƌǀŝĐĞƐ;ϮͿ ϯϯϮ͕ϬϬϬŬtŚ
ZĞƐƵůƚŝŶŐZĞĚƵĐƚŝŽŶŝŶ,ĞĂƚŝŶŐ&ƵĞůWƵƌĐŚĂƐĞƐ ϴ͕ϲϬϬŐĂůůŽŶƐ
ŶŶƵĂůsĂůƵĞŽĨ^ĂǀŝŶŐƐĨƌŽŵZĞĚƵĐĞĚ,ĞĂƚŝŶŐ&ƵĞůhƐĞ;ĨŝƌƐƚLJĞĂƌŽĨŽƉĞƌĂƚŝŽŶͿ;ϭͿ ΨϮϲ͕ϱϬϬ
WƌĞƐĞŶƚsĂůƵĞŽĨ,ĞĂƚŝŶŐ&ƵĞů^ĂǀŝŶŐƐKǀĞƌϱϬzĞĂƌƐ ΨϲϴϮ͕ϬϬϬ
WZ ^ Eds>h K&WZK: d E &/d^ Ψϱ͕ϲϭϳ͕ϬϬϬ
WZK: dK^d^
ƐƚŝŵĂƚĞĚdŽƚĂů/ŶƐƚĂůůĞĚŽƐƚŽĨWƌŽũĞĐƚ;ƐƚƵĚLJ͕ƉĞƌŵŝƚƚŝŶŐ͕ĚĞƐŝŐŶ͕ĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶͿ;ϯͿ Ψϱ͕ϬϴϬ͕ϬϬϬ
ŽŶƚƌŝďƵƚĞĚĂƉŝƚĂů;ϮϬйŽĨƉƌŽũĞĐƚĐŽƐƚͿ Ψϵϰϭ͕ϬϬϬ
&ŝŶĂŶĐĞĚWƌŽũĞĐƚŽƐƚ;ϴϬйŽĨĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚͿ Ψϯ͕ϳϲϰ͕ϬϬϬ
ŶŶƵĂůŽƐƚŽĨĞďƚ^ĞƌǀŝĐŝŶŐ;ĨŽƌϯϬLJĞĂƌƐͿ ΨϮϯϭ͕ϬϬϬ
ƐƚŝŵĂƚĞĚŶŶƵĂůKƉĞƌĂƚŝŶŐΘDĂŝŶƚĞŶĂŶĐĞŽƐƚĨŽƌ,LJĚƌŽWůĂŶƚ;ĨŽƌϱϬLJĞĂƌƐͿ ΨϮϱ͕ϯϬϬ
WZ ^ Eds>h K&WZK: dK^d^ Ψϲ͕ϭϮϭ͕ϬϬϬ
E &/dͲK^dZd/K;ĞďƚͲ&ŝŶĂŶĐĞĚWƌŽũĞĐƚͿ Ϭ͘ϵϮ
KEKD/ s>hd/KEK&'ZEdͲ&/EE WZK: d;ZĞůĂƚŝǀĞƚŽĐŽŶƚŝŶƵĞĚĚŝĞƐĞůŐĞŶĞƌĂƚŝŽŶͿ
WZ ^ Eds>h K&WZK: d E &/d^;ϰͿΨϱ͕ϲϳϱ͕ϬϬϬ
WZ ^ Eds>h K&WZK: dK^d^;ϰͿΨϰ͕ϵϯϮ͕ϬϬϬ
E &/dͲK^dZd/K;'ƌĂŶƚͲ&ŝŶĂŶĐĞĚWƌŽũĞĐƚͿ;ϰͿϭ͘ϭϱ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ'Ͳϰ
'͘Ϯ͘ϭ ƐƚŝŵĂƚĞĚŶŶƵĂůWƌŽũĞĐƚŽƐƚƐ
'͘Ϯ͘ϭ͘ϭ 'ĞŶĞƌĂů͕ĚŵŝŶŝƐƚƌĂƚŝǀĞ͕KƉĞƌĂƚŝŽŶ͕ĂŶĚDĂŝŶƚĞŶĂŶĐĞ džƉĞŶƐĞƐ
dLJƉŝĐĂůŐĞŶĞƌĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞĐŽƐƚƐĨŽƌĂŶĞůĞĐƚƌŝĐƵƚŝůŝƚLJůŝŬĞ&ĂůƐĞWĂƐƐĐŽǀĞƌƐĂĐƚŝǀŝƚŝĞƐ
ƐƵĐŚĂƐŵĞƚĞƌƌĞĂĚŝŶŐ͕ĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞ͕ŵĂŶĂŐŝŶŐƚŚĞƵƚŝůŝƚLJ͛ƐďƵƐŝŶĞƐƐĂĨĨĂŝƌƐ͕ĞƚĐ͘dŚĞƐĞ
ĐŽƐƚƐǁŝůůŶŽƚƐŝŐŶŝĨŝĐĂŶƚůLJĐŚĂŶŐĞŝĨƚŚĞŵĞĂŶƐŽĨĞŶĞƌŐLJŐĞŶĞƌĂƚŝŽŶĐŚĂŶŐĞƐĨƌŽŵĚŝĞƐĞůƚŽ
ŚLJĚƌŽŽƌĂĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞƚǁŽ͘
dLJƉŝĐĂůŶŽŶͲĨƵĞůKΘDĞdžƉĞŶƐĞƐĨŽƌĂŶĞůĞĐƚƌŝĐƵƚŝůŝƚLJůŝŬĞ&ĂůƐĞWĂƐƐŝŶĐůƵĚĞƐƚŚĞĐŽƐƚƐŽĨůƵďĞ
ŽŝůƐ͕ĨŝůƚĞƌƐ͕ĂŶĚŽƚŚĞƌĐŽŶƐƵŵĂďůĞƐĨŽƌƚŚĞĚŝĞƐĞůŐĞŶĞƌĂƚŽƌƐ͕ŵĂŝŶƚĞŶĂŶĐĞůĂďŽƌ͕ĂŶĚƐŝŵŝůĂƌ
ĐŽƐƚƐƚŚĂƚĂƌĞŐĞŶĞƌĂůůLJƌĞůĂƚĞĚƚŽƚŚĞƌƵŶŶŝŶŐƚŝŵĞŽĨƚŚĞĚŝĞƐĞůĞŶŐŝŶĞƐ͘ƐŝŐŶŝĨŝĐĂŶƚƉŽƌƚŝŽŶ
ŽĨ ƚŚĞƐĞ ĐŽƐƚƐ ǁŝůů ďĞ ĂǀŽŝĚĞĚ ǁŝƚŚ ƚŚĞ ƌĞĐŽŵŵĞŶĚĞĚ ŚLJĚƌŽ ƉƌŽũĞĐƚ͘dŚĞƐĞƐĂǀŝŶŐƐĂƌĞ
ĞƐƚŝŵĂƚĞĚĂƚΨϰϲ͕ϭϬϬĂŶŶƵĂůůLJ͘
dŚĞŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚǁŝůůŚĂǀĞĂĚĚŝƚŝŽŶĂůKΘDĐŽƐƚƐ͘dŚŝƐŝŶĐůƵĚĞƐĂĚĚŝƚŝŽŶĂůůĂďŽƌĐŽƐƚƐ
ĨŽƌŵŽŶŝƚŽƌŝŶŐĂŶĚŵĂŝŶƚĂŝŶŝŶŐƚŚĞŚLJĚƌŽƐLJƐƚĞŵƐĂƐǁĞůůĂƐĚŝƌĞĐƚĞdžƉĞŶƐĞƐĨŽƌƉĂƌƚƐĂŶĚ
ĐŽŶƐƵŵĂďůĞƐ͘ŶŶƵĂůKΘDĐŽƐƚƐĨŽƌƚŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚĂƌĞĞƐƚŝŵĂƚĞĚĂƚΨϮϱ͕ϬϬϬƉĞƌ
LJĞĂƌ͘ dŚŝƐ ǁŝůů ŝŶĐůƵĚĞ ĂĐƚŝǀŝƚŝĞƐ ƐƵĐŚ ĂƐ ƉůĂŶƚ ŝŶƐƉĞĐƚŝŽŶƐ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ ƌŽƵƚŝŶĞ ƉĂƌƚƐ
ƌĞƉůĂĐĞŵĞŶƚ͕ĂŶĚƚƌĂŝůŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐ͘
'͘Ϯ͘ϭ͘Ϯ ZĞƉĂŝƌĂŶĚZĞƉůĂĐĞŵĞŶƚĂŶĚ^ĂůǀĂŐĞsĂůƵĞ
DŽƐƚŽĨƚŚĞŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚƐLJƐƚĞŵƐĂŶĚĐŽŵƉŽŶĞŶƚƐŚĂǀĞĂǀĞƌLJůŽŶŐƵƐĞĨƵůůŝĨĞ͘dŚĞ
ŝŶƚĂŬĞ͕ƉĞŶƐƚŽĐŬ͕ƉŽǁĞƌŚŽƵƐĞ͕ƐǁŝƚĐŚŐĞĂƌ͕ƚƵƌďŝŶĞͬŐĞŶĞƌĂƚŽƌ͕ĂŶĚƉŽǁĞƌůŝŶĞĂůůĂƌĞĞdžƉĞĐƚĞĚ
ƚŽŚĂǀĞƵƐĞĨƵůůŝǀĞƐŽĨϯϬƚŽϱϬLJĞĂƌƐŽƌŵŽƌĞ͘^ŽŵĞĐŽŵƉŽŶĞŶƚƐǁŝůůƌĞƋƵŝƌĞƉĞƌŝŽĚŝĐƌĞƉĂŝƌŽƌ
ƌĞƉůĂĐĞŵĞŶƚ͘ŽŵƉŽŶĞŶƚƐƐƵĐŚĂƐƉƵŵƉƐ͕ĂĐƚƵĂƚŽƌƐ͕ƐŽŵĞĐŽŶƚƌŽůƐLJƐƚĞŵĐŽŵƉŽŶĞŶƚƐĂŶĚ
ƐĞŶƐŽƌƐ͕ĂŶĚďĞĂƌŝŶŐƐĂƌĞĂƐƐƵŵĞĚƚŽŚĂǀĞĂƵƐĞĨƵůůŝĨĞŽĨϱƚŽϭϬLJĞĂƌƐ͘dŚĞǁĂƚĞƌƚƵƌďŝŶĞŵĂLJ
ŶĞĞĚĂŶŽǀĞƌŚĂƵůĂĨƚĞƌĂďŽƵƚϭϱƚŽϮϱLJĞĂƌƐ͘ŶĞdžƉĞŶƐĞŚĂƐŶŽƚďĞĞŶĂůůŽĐĂƚĞĚĨŽƌƌĞƉĂŝƌĂŶĚ
ƌĞƉůĂĐĞŵĞŶƚ ŝƚĞŵƐ͘ dŚŝƐ ĞĐŽŶŽŵŝĐ ĂŶĂůLJƐŝƐ ĂƐƐƵŵĞƐ ƚŚĂƚ ƚŚĞ ƉƌĞƐĞŶƚ ǁŽƌƚŚ ŽĨ ƌĞƉĂŝƌ ĂŶĚ
ƌĞƉůĂĐĞŵĞŶƚĞdžƉĞŶƐĞƐŝƐĞƋƵĂůƚŽƚŚĞƉƌĞƐĞŶƚǁŽƌƚŚŽĨƚŚĞƉůĂŶƚ͛ƐƐĂůǀĂŐĞǀĂůƵĞĂƚƚŚĞĞŶĚŽĨ
ŝƚƐƵƐĞĨƵůůŝĨĞƐŽƚŚĞƐĞĨŝŶĂŶĐŝĂůƚĞƌŵƐĐĂŶĐĞůĞĂĐŚŽƚŚĞƌĂŶĚĂƌĞŶĞŐůĞĐƚĞĚŝŶƚŚŝƐĂŶĂůLJƐŝƐ͘
/ŶƌĞĂůŝƚLJ͕ŶĞŝƚŚĞƌŝƚĞŵŝƐnjĞƌŽĂƐƌĞƉĂŝƌĂŶĚƌĞƉůĂĐĞŵĞŶƚĞdžƉĞŶƐĞƐǁŝůůŽĐĐƵƌ͕ĂŶĚƚŚĞƉůĂŶƚ
ƐŚŽƵůĚďĞĂďůĞƚŽŽƉĞƌĂƚĞŝŶƉĞƌƉĞƚƵŝƚLJŝĨƉƌŽƉĞƌůLJŵĂŝŶƚĂŝŶĞĚ͘dŚĞŝƚLJƐŚŽƵůĚƉƌĞƉĂƌĞĂ
ďƵƐŝŶĞƐƐƉůĂŶďĞĨŽƌĞĐŽŶƐƚƌƵĐƚŝŽŶƚŽĞƐƚŝŵĂƚĞƌĞƉĂŝƌĂŶĚƌĞƉůĂĐĞŵĞŶƚĐŽƐƚƐĂŶĚƚŝŵŝŶŐĂŶĚ
ĞƐƚĂďůŝƐŚ Ă ƐŝŶŬŝŶŐ ĨƵŶĚ ƚŽ ƉĂLJ ƚŚĞƐĞ ĞdžƉĞŶƐĞƐ ĂƐ ƚŚĞLJĂƌĞ ŝŶĐƵƌƌĞĚ͘ ůĞĐƚƌŝĐ ƌĂƚĞƐ ƐŚŽƵůĚ
ŝŶĐůƵĚĞƌĞǀĞŶƵĞƐƚŽŝŶŝƚŝĂůŝnjĞĂŶĚŵĂŝŶƚĂŝŶƚŚĞĨƵŶĚŽǀĞƌƚŚĞƉƌŽũĞĐƚůŝĨĞ͘
'͘Ϯ͘ϭ͘ϯ dĂdžĞƐ
ĞĐĂƵƐĞƚŚĞŝƚLJŝƐĂůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͕ŶŽƚĂdžůŝĂďŝůŝƚLJŝƐĐŽŶƐŝĚĞƌĞĚ͘
'͘Ϯ͘ϭ͘ϰ /ŶƐƵƌĂŶĐĞ
/ƚŝƐĂƐƐƵŵĞĚƚŚĂƚƚŚĞŝƚLJ͛ƐĞdžŝƐƚŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐǁŝůůďĞĂĚĞƋƵĂƚĞĨŽƌƚŚĞŚLJĚƌŽĞůĞĐƚƌŝĐ
ƉƌŽũĞĐƚ͘EŽĂĚĚŝƚŝŽŶĂůĂŶŶƵĂůĐŽƐƚƐĂƌĞĂůůŽĐĂƚĞĚĨŽƌŝŶƐƵƌĂŶĐĞ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ'Ͳϱ
'͘Ϯ͘ϭ͘ϱ &ŝŶĂŶĐŝŶŐ
dǁŽĨŝŶĂŶĐŝŶŐŽƉƚŝŽŶƐĂƌĞĐŽŶƐŝĚĞƌĞĚĨŽƌƚŚĞƉƌŽũĞĐƚ͗;ϭͿĚĞďƚĨŝŶĂŶĐŝŶŐĂŶĚ;ϮͿŐƌĂŶƚĨŝŶĂŶĐŝŶŐ͘
ĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞƐĞŵĞƚŚŽĚƐŵĂLJĂůƐŽďĞƵƐĞĚ͘
Ğďƚ&ŝŶĂŶĐŝŶŐ
&ŽƌĚĞďƚĨŝŶĂŶĐŝŶŐ͕ϴϬйŽĨƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚŽĨƚŚĞƉƌŽũĞĐƚŝƐĂƐƐƵŵĞĚƚŽďĞĨŝŶĂŶĐĞĚĨŽƌĂ
ϯϬͲLJĞĂƌ ƚĞƌŵ Ăƚ ϱй ŝŶƚĞƌĞƐƚ͘ >ŽĂŶ ŽƌŝŐŝŶĂƚŝŽŶ ĐŽƐƚƐ ŽĨ ϯй ĂƌĞĂƐƐƵŵĞĚ ĨŽƌ ŝƚĞŵƐ ƐƵĐŚ ĂƐ
ĂƉƉůŝĐĂƚŝŽŶĨĞĞƐĂŶĚůŽĂŶŐƵĂƌĂŶƚĞĞĨĞĞƐ͘^ƚĂƚĞŽƌĨĞĚĞƌĂůůŽĂŶƉƌŽŐƌĂŵƐĐĂŶůŽǁĞƌƚŚĞŝƚLJ͛Ɛ
ďŽƌƌŽǁŝŶŐĐŽƐƚƐĨŽƌƚŚĞƉƌŽũĞĐƚďĞůŽǁŵĂƌŬĞƚƌĂƚĞƐ͕ǁŚŝĐŚǁŽƵůĚƌĞĚƵĐĞĂŶŶƵĂůĚĞďƚƉĂLJŵĞŶƚƐ
ŽŶƚŚĞƉƌŽũĞĐƚ͘
'ƌĂŶƚ&ŝŶĂŶĐŝŶŐ
^ƚĂƚĞŽƌĨĞĚĞƌĂůŐƌĂŶƚƐĐĂŶŚĞůƉƌĞĚƵĐĞƚŚĞĂŵŽƵŶƚŽĨĐĂƉŝƚĂůƚŚĞŝƚLJŶĞĞĚƐƚŽďŽƌƌŽǁĨŽƌƚŚĞ
ƉƌŽũĞĐƚ͘ ZƐ ĨŽƌ Ă ĨƵůůLJͲŐƌĂŶƚ ĨŝŶĂŶĐĞĚ ƉƌŽũĞĐƚ ĂƌĞ ĚĞǀĞůŽƉĞĚ ƵƐŝŶŐ ƚŚĞ ĞĐŽŶŽŵŝĐ ŵŽĚĞů
ĚĞǀĞůŽƉĞĚĨŽƌƚŚĞůĂƐŬĂ ŶĞƌŐLJƵƚŚŽƌŝƚLJ͛Ɛ; ͛ƐͿZĞŶĞǁĂďůĞ ŶĞƌŐLJ'ƌĂŶƚWƌŽŐƌĂŵ͘
'͘Ϯ͘Ϯ ƐƚŝŵĂƚĞĚWƌŽũĞĐƚZĞǀĞŶƵĞƐĂŶĚ^ĂǀŝŶŐƐ
'͘Ϯ͘Ϯ͘ϭ ŝƌĞĐƚ&ƵĞůŝƐƉůĂĐĞŵĞŶƚ
dŚĞƌĞĐŽŵŵĞŶĚĞĚŚLJĚƌŽƉƌŽũĞĐƚǁŝůůƐŝŐŶŝĨŝĐĂŶƚůLJƌĞĚƵĐĞƚŚĞĂŵŽƵŶƚŽĨĚŝĞƐĞůĨƵĞůƚŚĞŝƚLJ
ĐŽŶƐƵŵĞƐ ĨŽƌ ĞůĞĐƚƌŝĐŝƚLJ ŐĞŶĞƌĂƚŝŽŶ͘ &ƵĞů ƐĂǀŝŶŐƐ ĂƌĞ ĐĂůĐƵůĂƚĞĚ ƵƐŝŶŐ ƌĞĐĞŶƚ ŽƉĞƌĂƚŝŶŐ
ĞĨĨŝĐŝĞŶĐLJĂŶĚĨƵĞůĐŽƐƚƐĨŽƌƚŚĞŝƚLJ͛ƐĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚŽĨϭϮ͘ϱŬtŚƉĞƌŐĂůůŽŶ͕ĂŶĚƚŚĞĨƵƚƵƌĞ
ĨƵĞůƉƌŝĐĞĨŽƌĞĐĂƐƚĨŽƌ&ĂůƐĞWĂƐƐƵƐĞĚďLJƚŚĞ ͕ǁŚŝĐŚƐƚĂƌƚƐĂƚΨϯ͘ϬϲƉĞƌŐĂůůŽŶŝŶϮϬϮϲ͘Ϯϱ
'͘Ϯ͘Ϯ͘Ϯ džĐĞƐƐ ŶĞƌŐLJ
/ŶĂĚĚŝƚŝŽŶƚŽƌĞĚƵĐŝŶŐĚŝĞƐĞůĨƵĞůƵƐĂŐĞĂƚƚŚĞƉŽǁĞƌƉůĂŶƚ͕ƚŚĞƌĞĐŽŵŵĞŶĚĞĚŚLJĚƌŽƉƌŽũĞĐƚ
ĂůƐŽŐĞŶĞƌĂƚĞƐĂƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚŽĨĞdžĐĞƐƐĞŶĞƌŐLJƚŚĂƚŝƐĂǀĂŝůĂďůĞŽŶĂŶŝŶƚĞƌƌƵƉƚŝďůĞďĂƐŝƐ͘
dŚŝƐ ƐƚƵĚLJ ĂƐƐƵŵĞƐ ƚŚŝƐ ĞŶĞƌŐLJ ŝƐ ĚŝƐƉĂƚĐŚĞĚ ŽŶ ĂŶ ŝŶƚĞƌƌƵƉƚŝďůĞ ďĂƐŝƐ ƚŽ ƐƉĂĐĞ ŚĞĂƚŝŶŐ
ĂƉƉůŝĐĂƚŝŽŶƐŝŶĐŽŵŵƵŶŝƚLJďƵŝůĚŝŶŐƐ͘
dŚĞĞĐŽŶŽŵŝĐŵŽĚĞůĨŽƌĚŝƐƉĂƚĐŚŽĨƚŚŝƐĞdžĐĞƐƐĞŶĞƌŐLJĂƐƐƵŵĞƐƚŚĂƚĂůůŽĨƚŚĞŐƌŽƐƐĂǀĂŝůĂďůĞ
ĞdžĐĞƐƐĞŶĞƌŐLJĂĨƚĞƌŵĞĞƚŝŶŐƐLJƐƚĞŵĚĞŵĂŶĚ͕ŚLJĚƌŽƐƚĂƚŝŽŶƐĞƌǀŝĐĞĂŶĚƚŚĞŚLJĚƌŽůŽĂĚŐŽǀĞƌŶŽƌ
ƐLJƐƚĞŵŝƐĂǀĂŝůĂďůĞĨŽƌĚŝƐƉĂƚĐŚƚŽŝŶƚĞƌƌƵƉƚŝďůĞŚĞĂƚŝŶŐůŽĂĚƐ͘DĞƚĞƌĞĚĞŶĞƌŐLJĂƐƐƵŵĞĚϭϮй
ĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵůŽƐƐĞƐĂŶĚƚŚĂƚϴϱйŽĨĂǀĂŝůĂďůĞĞŶĞƌŐLJŝƐĂĐƚƵĂůůLJĚŝƐƉĂƚĐŚĞĚƚŽŚĞĂƚŝŶŐ
ůŽĂĚƐ͘ dŚƵƐ ŽĨ ƚŚĞ ϯϵϬ͕ϬϬϬ ŐƌŽƐƐ ĂǀĂŝůĂďůĞ ĞŶĞƌŐLJ ĨƌŽŵ ƚŚĞ ŚLJĚƌŽ ƉůĂŶƚ͕ Ϯϵϭ͕ϬϬϬ ŬtŚ ŝƐ
ĂƐƐƵŵĞĚƚŽďĞŵĞƚĞƌĞĚƚŽĚŝƐƉĂƚĐŚĂďůĞĞŶĞƌŐLJƐLJƐƚĞŵƐĂŶŶƵĂůůLJ͘dŚŝƐĞŶĞƌŐLJŝƐĂƐƐƵŵĞĚƚŽ
Ϯϱ ůĂƐŬĂ&ƵĞůWƌŝĐĞWƌŽũĞĐƚŝŽŶƐϮϬϭϮͲϮϬϯϱ͘/^ ZtŽƌŬŝŶŐWĂƉĞƌϮϬϭϮ͘ϭĂŶĚDŝĐƌŽƐŽĨƚ džĐĞů^ƉƌĞĂĚƐŚĞĞƚWƌŝĐĞ
DŽĚĞůĂŶĚZĞŶĞǁĂďůĞ ŶĞƌŐLJ'ƌĂŶƚ&ƵŶĚZŽƵŶĚϭϰ ĐŽŶŽŵŝĐ ǀĂůƵĂƚŝŽŶDŽĚĞů; ϮϬϮϭͿ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ'Ͳϲ
ĚŝƐƉůĂĐĞ ĨƵĞů Žŝů ďƵƌŶĞĚ ŝŶ ŵĞĐŚĂŶŝĐĂů ŚĞĂƚŝŶŐ ƐLJƐƚĞŵƐ ǁŝƚŚ ĂŶĂǀĞƌĂŐĞ ĞĨĨŝĐŝĞŶĐLJ ŽĨ ϴϰй͕
ƌĞƐƵůƚŝŶŐŝŶĂŶĞƚƌĞĚƵĐƚŝŽŶŝŶŚĞĂƚŝŶŐĨƵĞůĐŽŶƐƵŵƉƚŝŽŶŽĨϴ͕ϲϬϬŐĂůůŽŶƐĂŶŶƵĂůůLJ͘
'͘Ϯ͘Ϯ͘ϯ ŶǀŝƌŽŶŵĞŶƚĂůƚƚƌŝďƵƚĞƐ
dŚĞĞŶǀŝƌŽŶŵĞŶƚĂůĂƚƚƌŝďƵƚĞƐ; ͿŽĨƚŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚĐĂŶďĞŵĂƌŬĞƚĞĚŶĂƚŝŽŶǁŝĚĞƚŽ
ĞĂƌŶƚŚĞŝƚLJĂĚĚŝƚŝŽŶĂůƌĞǀĞŶƵĞ͘dŚĞƉƌŽũĞĐƚ͛Ɛ ƐǁŽƵůĚďĞƐŽůĚŽŶƚŚĞǀŽůƵŶƚĂƌLJŵĂƌŬĞƚ͕
ǁŚĞƌĞƉƌŝĐŝŶŐĨŽƌ ƐǀĂƌŝĞƐ͘WƌŝĐĞƐǁĞƌĞĂƐŚŝŐŚĂƐΨϬ͘ϬϮƉĞƌŬtŚďĞĨŽƌĞƚŚĞĨŝŶĂŶĐŝĂůĐƌŝƐŝƐŽĨ
ϮϬϬϴ͘^ŝŶĐĞϮϬϬϴ͕ƉƌŝĐĞƐŽŶƚŚĞǀŽůƵŶƚĂƌLJŵĂƌŬĞƚŚĂǀĞǀĂƌŝĞĚ͘
&Žƌ ƐĞǀĞƌĂů LJĞĂƌƐ͕ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ ĂŶ ĞĨĨŽƌƚ Ăƚ ƚŚĞ ĨĞĚĞƌĂů ůĞǀĞů ƚŽ ŝŵƉůĞŵĞŶƚ ŵĂŶĚĂƚŽƌLJ
ƉƵƌĐŚĂƐĞ ŽĨ Ɛ͕ ƚŚƌŽƵŐŚ ĐƌĞĂƚŝŽŶ ŽĨ Ă ƌĞŶĞǁĂďůĞ ƉŽƌƚĨŽůŝŽ ƐƚĂŶĚĂƌĚ ;ZW^Ϳ͘ /Ŷ ůĂƚĞ ϮϬϮϭ͕
ůĂƐŬĂ͛ƐŐŽǀĞƌŶŽƌŝŶƚƌŽĚƵĐĞĚĂďŝůůƚŽĞƐƚĂďůŝƐŚĂZW^ŽŶƚŚĞĞůĞĐƚƌŝĐƵƚŝůŝƚŝĞƐƐĞƌǀŝŶŐƚŚĞZĂŝůďĞůƚ͘
ƚƚŚĞƚŝŵĞƚŚŝƐƌĞƉŽƌƚŝƐǁƌŝƚƚĞŶ͕ŶĞŝƚŚĞƌĨĞĚĞƌĂůŽƌŝŶͲƐƚĂƚĞZW^ŚĂƐďĞĞŶĞƐƚĂďůŝƐŚĞĚ͘
tŚĞƚŚĞƌ ƐĨƌŽŵƚŚŝƐƉƌŽũĞĐƚǁŽƵůĚďĞĞůŝŐŝďůĞĨŽƌĂĨĞĚĞƌĂůŽƌŝŶͲƐƚĂƚĞZW^͕ĂŶĚǁŚĂƚƚŚĞŝƌ
ǀĂůƵĂƚŝŽŶŵĂLJďĞƌĞŵĂŝŶƐƵŶŬŶŽǁŶ͘dŚĞŝƚLJƐŚŽƵůĚĐŽŶƚŝŶƵĞƚŽŵŽŶŝƚŽƌƚŚĞƐĞĞĨĨŽƌƚƐĂŶĚŝĨ
ĞŝƚŚĞƌZW^ŝƐŝŵƉůĞŵĞŶƚĞĚ͕ĐŽŶƐŝĚĞƌƚŚĞŝŵƉĂĐƚƐŽĨ ƐĂůĞƐŽŶƉƌŽũĞĐƚĞĐŽŶŽŵŝĐƐ͘
tŚŝůĞ Ɛ ĨƌŽŵ ƚŚĞ ƉƌŽũĞĐƚ ƐŽůĚ ŽŶ ǀŽůƵŶƚĂƌLJ ŵĂƌŬĞƚƐ ĂƌĞ ĂŶ ĂĚĚŝƚŝŽŶĂů ƉŽƚĞŶƚŝĂů ƌĞǀĞŶƵĞ
ƐƚƌĞĂŵĨŽƌƚŚĞŝƚLJ͕ƚŚĞĐŽƐƚƚŽ͞ĐĞƌƚŝĨLJ͟ƚŚĞƉƌŽũĞĐƚƚŽƐĞůů ƐĐŽƵůĚĞdžĐĞĞĚƚŚĞƌĞǀĞŶƵĞĨƌŽŵ
ƐĂůĞŽĨƚŚĞ Ɛ͘ĐĐŽƌĚŝŶŐůLJ͕ŶŽƌĞǀĞŶƵĞĨƌŽŵ ƐŝƐĂƐƐƵŵĞĚŝŶƚŚĞĞĐŽŶŽŵŝĐĞǀĂůƵĂƚŝŽŶ͘
'͘Ϯ͘Ϯ͘ϰ /ŶĚŝƌĞĐƚĂŶĚEŽŶŵŽŶĞƚĂƌLJĞŶĞĨŝƚƐ
dŚĞƌĞĐŽŵŵĞŶĚĞĚŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚŽĨĨĞƌƐƐŝŐŶŝĨŝĐĂŶƚŝŶĚŝƌĞĐƚĂŶĚŶŽŶŵŽŶĞƚĂƌLJďĞŶĞĨŝƚƐŝŶ
ĂĚĚŝƚŝŽŶƚŽĚŝƌĞĐƚĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐ͘dŚĞƐĞŽƚŚĞƌďĞŶĞĨŝƚƐŝŶĐůƵĚĞ͗
ƔZĞĚƵĐĞĚĂŝƌƉŽůůƵƚŝŽŶ;ŶŝƚƌŽŐĞŶŽdžŝĚĞEKdž͕ƐƵůĨƵƌŽdžŝĚĞ^Kdž͕ ƉĂƌƚŝĐƵůĂƚĞƐ͕ ĂŶĚ
ŚLJĚƌŽĐĂƌďŽŶƐͿĚƵĞƚŽĚĞĐƌĞĂƐĞĚŽƉĞƌĂƚŝŽŶŽĨƚŚĞĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚ͘
ƔZĞĚƵĐĞĚŶŽŝƐĞŝŶ&ĂůƐĞWĂƐƐǁŚĞŶƚŚĞĚŝĞƐĞůƉůĂŶƚŝƐƚƵƌŶĞĚŽĨĨ͘
ƔZĞĚƵĐĞĚƌŝƐŬŽĨŽŝůƐƉŝůůƐĚƵĞƚŽĚĞĐƌĞĂƐĞĚƚŚƌŽƵŐŚƉƵƚĂŶĚŚĂŶĚůŝŶŐŽĨĨƵĞů͘
ƔDŽƌĞƐƚĂďůĞĞŶĞƌŐLJƉƌŝĐĞƐ͘tŝƚŚĂŚLJĚƌŽƉůĂŶƚ͕ƚŚĞŝƚLJ͛ƐĞůĞĐƚƌŝĐŝƚLJƌĂƚĞƐǁŝůůďĞŵŽƌĞ
ŝŶƐƵůĂƚĞĚĨƌŽŵǀŽůĂƚŝůĞǁŽƌůĚŽŝůƉƌŝĐĞƐ͘
Ɣ^ĞĐŽŶĚĂƌLJďĞŶĞĨŝƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĂǀĂŝůĂďŝůŝƚLJŽĨƉůĞŶƚŝĨƵůŚLJĚƌŽĞůĞĐƚƌŝĐŝƚLJǁŝƚŚĂƐƚĂďůĞ
ƉƌŝĐĞ͘dŚŝƐǁŝůůŝŶĐƌĞĂƐĞƚŚĞĂĨĨŽƌĚĂďŝůŝƚLJŽĨůŝǀŝŶŐĂŶĚĚŽŝŶŐďƵƐŝŶĞƐƐŝŶ&ĂůƐĞWĂƐƐĂŶĚ
ǁŝůůŚĞůƉƚŽŝŶĐƌĞĂƐĞƚŚĞůŽŶŐͲƚĞƌŵǀŝĂďŝůŝƚLJŽĨƚŚĞĐŽŵŵƵŶŝƚLJ͘ŶĞdžĂŵƉůĞŽĨƐƵĐŚĂ
ƐĞĐŽŶĚĂƌLJďĞŶĞĨŝƚŝƐĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƉŽƉƵůĂƚŝŽŶŽĨƐĐŚŽŽůͲĂŐĞĐŚŝůĚƌĞŶ͕ŚĞůƉŝŶŐƚŚĞ
ĐŽŵŵƵŶŝƚLJ ƚŽ ŬĞĞƉ ƚŚĞ ƐĐŚŽŽů ŽƉĞŶ ĂŶĚ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ƐĐŚŽŽů ĞŶƌŽůůŵĞŶƚ ĞdžĐĞĞĚƐ
ĚŝƐƚƌŝĐƚĂŶĚƐƚĂƚĞƚŚƌĞƐŚŽůĚƐĨŽƌƐƚĂƚĞĨƵŶĚŝŶŐLJĞĂƌͲƚŽͲLJĞĂƌ͘
Ɣ ĐŽŶŽŵŝĐ ŵƵůƚŝƉůŝĞƌƐ ĚƵĞ ƚŽ ƚŚĞ ĨĂĐƚ ƚŚĂƚ Ă ŐƌĞĂƚĞƌ ƉĞƌĐĞŶƚĂŐĞŽĨ ĞůĞĐƚƌŝĐ ƵƚŝůŝƚLJ
ƌĞǀĞŶƵĞƐǁŝůůďĞƌĞƚĂŝŶĞĚŝŶƚŚĞůŽĐĂůĐŽŵŵƵŶŝƚLJĨŽƌůĂďŽƌŝŶƐƚĞĂĚŽĨƉĂLJŝŶŐĞdžƚĞƌŶĂů
ĞŶƚŝƚŝĞƐƐƵĐŚĂƐĨƵĞůƉƌŽĚƵĐĞƌƐĂŶĚƐƵƉƉůŝĞƌƐ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ'Ͳϳ
Ɣ>ŽĐĂůƚƌĂŝŶŝŶŐĂŶĚĞdžƉĞƌŝĞŶĐĞǁŝƚŚƐŵĂůůŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚƐ͘dŽƚŚĞĞdžƚĞŶƚƚŚĂƚůŽĐĂů
ƌĞƐŝĚĞŶƚƐĐŚŽŽƐĞƚŽďĞŝŶǀŽůǀĞĚŝŶĐŽŶƐƚƌƵĐƚŝŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ĂŶĚŽƉĞƌĂƚŝŽŶŽĨƚŚĞ
ŚLJĚƌŽĞůĞĐƚƌŝĐƉƌŽũĞĐƚ͕ƚŚĞLJǁŝůůůĞĂƌŶĂƵŶŝƋƵĞƐĞƚŽĨƐŬŝůůƐ͘dŚĞƐĞƐŬŝůůƐǁŝůůďĞĐŽŵĞ
ŝŶĐƌĞĂƐŝŶŐůLJƵƐĞĨƵůĂƐůĂƐŬĂĐŽŶƚŝŶƵĞƐƚŽĚĞǀĞůŽƉŝƚƐůŽĐĂůŚLJĚƌŽĞůĞĐƚƌŝĐƌĞƐŽƵƌĐĞƐ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ
WW E/y,ʹd ,E/>E>z^/^
^ĞĐƚŝŽŶ dŝƚůĞ WĂŐĞEŽƐ͘
,͘ϭ ,LJĚƌŽWƌŽũĞĐƚŶĂůLJƐŝƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ,ͲϮ
,͘Ϯ ,LJĚƌŽWƌŽũĞĐƚDŽĚĞůŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ,Ͳϯ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ,Ͳϭ
dŚŝƐƉĂŐĞŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ,ͲϮ
,͘ϭ ,zZKWZK: dE>z^/^
,͘ϭ͘ϭ ůƚĞƌŶĂƚŝǀĞƐŽŶƐŝĚĞƌĞĚ
/Ŷ ŝĚĞŶƚŝĨLJŝŶŐ ƚŚĞ ƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚ͕ WŽůĂƌĐŽŶƐƵůƚ ĞǀĂůƵĂƚĞĚƐĞǀĞƌĂů ƉƌŽƐƉĞĐƚŝǀĞƌƵŶͲŽĨͲ
ƌŝǀĞƌƉƌŽũĞĐƚĐŽŶĨŝŐƵƌĂƚŝŽŶƐŽŶhŶŐĂDĂŶƌĞĞŬǁŝƚŚĚŝǀĞƌƐŝŽŶƐŝƚĞƐŽŶƚŚĞŵĂŝŶƐƚĞŵĨƌŽŵZD
ϭ͘ϰƵƉƐƚƌĞĂŵƚŽZDϮ͘ϭŽŶƚŚĞŶŽƌƚŚĨŽƌŬĂŶĚZDϮ͘ϳϱŽŶƚŚĞƐŽƵƚŚĨŽƌŬ͕ĂŶĚƉŽǁĞƌŚŽƵƐĞƐŝƚĞƐ
ĨƌŽŵZDϬ͘ϮĚŽǁŶƐƚƌĞĂŵŽĨƚŚĞůĂŶĚĨŝůůƵƉƐƚƌĞĂŵƚŽZDϭ͘ϳŽŶƚŚĞŶŽƌƚŚĂŶĚƐŽƵƚŚĨŽƌŬƐ͘
WƌŽũĞĐƚƐŝŶƚŚĞĨĂƌƵƉƐƚƌĞĂŵƌĞĂĐŚĞƐŽĨƚŚĞďĂƐŝŶĂƌĞƌĞůĂƚŝǀĞůLJŵŽƌĞĐŽƐƚůLJĚƵĞƚŽƚŚĞŝŶĐƌĞĂƐĞĚ
ůĞŶŐƚŚŽĨĂĐĐĞƐƐƌŽĂĚĂŶĚƉŽǁĞƌůŝŶĞƌĞƋƵŝƌĞĚ͘ƐƚŚĞƐĞƉƌŽũĞĐƚƐƌƵŶŝŶƚŽƚŚĞĂůƉŝŶĞ͕ƚŚĞLJĂůƐŽ
ĨĂĐĞĚĞĐƌĞĂƐŝŶŐǁĂƚĞƌƌĞƐŽƵƌĐĞĂǀĂŝůĂďŝůŝƚLJĂŶĚŵŽƌĞƌƵŐŐĞĚƚĞƌƌĂŝŶ͕ǁŚŝĐŚĂĚǀĞƌƐĞůLJĞĨĨĞĐƚ
ƉƌŽũĞĐƚƉĞƌĨŽƌŵĂŶĐĞĂŶĚĞĐŽŶŽŵŝĐƐ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞƐĞƵƉƐƚƌĞĂŵƉƌŽũĞĐƚĐŽŶĨŝŐƵƌĂƚŝŽŶƐĂůƐŽ
ƉƌŽǀŝĚĞŚŝŐŚĞƌŚĞĂĚ͕ďƵƚƚŚŝƐĂĚǀĂŶƚĂŐĞĚŽĞƐŶŽƚĐŽƵŶƚĞƌƚŚĞŽƚŚĞƌĨĂĐƚŽƌƐ͘
WƌŽũĞĐƚƐŝŶƚŚĞůŽǁĞƌƌĞĂĐŚĞƐŽĨƚŚĞďĂƐŝŶŝŶĐƌĞĂƐŝŶŐůLJĐŽŶĨůŝĐƚǁŝƚŚƐĂůŵŽŶŚĂďŝƚĂƚ͕ĂŶĚĐŽƵůĚ
ďĞƐƵďũĞĐƚƚŽŽĚŝŽƵƐŝŶͲƐƚƌĞĂŵĨůŽǁƌĞƐĞƌǀĂƚŝŽŶƐĂŶĚͬŽƌŽƉĞƌĂƚŝŶŐĐŽŶƐƚƌĂŝŶƚƐƚŽŵŝƚŝŐĂƚĞĨŽƌ
ŝŵƉĂĐƚƐƚŽĨŝƐŚŚĂďŝƚĂƚ͘dŚĞƐĞƉƌŽũĞĐƚƐĂůƐŽĨĂĐĞŝŶĐƌĞŵĞŶƚĂůůLJŚŝŐŚĞƌĐŽƐƚƐĨŽƌůŽŶŐĞƌƉĞŶƐƚŽĐŬƐ
ĚƵĞƚŽƚŚĞůŽǁĞƌĐƌĞĞŬŐƌĂĚŝĞŶƚ͕ĂŶĚĂŐĂŝŶůŽŶŐĞƌƉŽǁĞƌůŝŶĞĞdžƚĞŶƐŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͘
dŚĞ ƌĞĐŽŵŵĞŶĚĞĚ ƉƌŽũĞĐƚ ůĂLJŽƵƚ ƐĞĞŬƐ ƚŽ ŽƉƚŝŵŝnjĞ ĨŽƌ ƚŚĞ ĂďŽǀĞĂŶĚ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ ĂŶĚ
ĂĐŚŝĞǀĞƐ ŐŽŽĚ ƉƌŽũĞĐƚ ƉĞƌĨŽƌŵĂŶĐĞ͕ ŐŽŽĚ ĞĐŽŶŽŵŝĐƐ͕ ĂŶĚ ŐŽŽĚ ĐŽŵƉĂƚŝďŝůŝƚLJ ǁŝƚŚ ĞdžŝƐƚŝŶŐ
ĞŶǀŝƌŽŶŵĞŶƚĂůƌĞƐŽƵƌĐĞƐ͘
,͘ϭ͘Ϯ /ŶƐƚĂůůĞĚĂƉĂĐŝƚLJ
hŶĚĞƌƐŝnjŝŶŐƚŚĞŚLJĚƌŽƉƌŽũĞĐƚǁŽƵůĚƐĂĐƌŝĨŝĐĞĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽƐƵƉƉŽƌƚĨƵƚƵƌĞŐƌŽǁƚŚŽĨƚŚĞ
ĐŽŵŵƵŶŝƚLJĂƚŵŽĚĞƐƚŝŶĐƌĞŵĞŶƚĂůĐĂƉŝƚĂůĞdžƉĞŶƐĞ͘KǀĞƌƐŝnjŝŶŐƚŚĞŚLJĚƌŽƉƌŽũĞĐƚǁŽƵůĚƌĞƐƵůƚ
ŝŶƵŶŶĞĐĞƐƐĂƌLJĐĂƉŝƚĂůĞdžƉĞŶƐĞǁŝƚŚŶŽďĞŶĞĨŝƚƚŽƚŚĞĐŽŵŵƵŶŝƚLJĂŶĚĐŽƵůĚĂůƐŽďƵƌĚĞŶƚŚĞ
ĐŽŵŵƵŶŝƚLJǁŝƚŚŝŶĐƌĞĂƐĞĚKΘDĞdžƉĞŶƐĞƐŽǀĞƌƚŚĞƉƌŽũĞĐƚůŝĨĞ͘dŚĞĐŚĂůůĞŶŐĞŝŶƐĞůĞĐƚŝŶŐƚŚĞ
ƉƌŽũĞĐƚĐĂƉĂĐŝƚLJŝƐƚŽǁĞŝŐŚƚŚĞƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶƐƚŽĂƌƌŝǀĞĂƚĂŶŽƉƚŝŵĂůƉƌŽũĞĐƚĐĂƉĂĐŝƚLJ͘
dŚĞŽƉƚŝŵĂůŝŶƐƚĂůůĞĚĐĂƉĂĐŝƚLJŽĨƚŚĞŚLJĚƌŽƉƌŽũĞĐƚŝƐŶŽƚǁĞůůͲĚĞĨŝŶĞĚďLJƌĞƐŽƵƌĐĞĂǀĂŝůĂďŝůŝƚLJŽƌ
ŚŝƐƚŽƌŝĐ ƵƚŝůŝƚLJ ůŽĂĚ ƚƌĞŶĚƐ͘ dŚĞ ƌĞĐŽŵŵĞŶĚĞĚ ĐĂƉĂĐŝƚLJ ŽĨ ϭϴϬŬt ƉƌŽǀŝĚĞƐ ŐŽŽĚ ƉƌŽũĞĐƚ
ƉĞƌĨŽƌŵĂŶĐĞ;ŵĂdžŝŵŝnjĞĚŝĞƐĞůƐͲŽĨĨŽƉĞƌĂƚŝŽŶĂŶĚƌĞĚƵĐƚŝŽŶŝŶĚŝĞƐĞůĨƵĞůĐŽŶƐƵŵƉƚŝŽŶͿďĂƐĞĚ
ŽŶĂǀĂŝůĂďůĞŚŝƐƚŽƌŝĐƵƚŝůŝƚLJůŽĂĚĚĂƚĂ͘
&ŽƌƚŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚůĂLJŽƵƚ͕hŶŐĂDĂŶƌĞĞŬĐŽƵůĚƐƵƐƚĂŝŶĂƉƌŽũĞĐƚǁŝƚŚĂŶŝŶƐƚĂůůĞĚ
ĐĂƉĂĐŝƚLJƵƉƚŽĂƉƉƌŽdžŝŵĂƚĞůLJϰϬϬŬt͘dŚĞƌĞŵĂLJďĞŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽƐĞƌǀĞůĂƌŐĞĚŝƐƉĂƚĐŚĂďůĞ
ůŽĂĚƐĂƚƚŚĞƚǁŽĂĐƚŝǀĞĨŝƐŚƉƌŽĐĞƐƐŝŶŐƉůĂŶƚƐ͘^ƵĐŚůŽĂĚƐĐŽƵůĚũƵƐƚŝĨLJĂůĂƌŐĞƌŝŶƐƚĂůůĞĚĐĂƉĂĐŝƚLJ
ƚŚĂƚĐŽƵůĚŝŵƉƌŽǀĞŽǀĞƌĂůůƉƌŽũĞĐƚĞĐŽŶŽŵŝĐƐ͘&ƵƚƵƌĞƌĞǀŝĞǁŽĨƚŚŝƐŽƉƉŽƌƚƵŶŝƚLJŝƐǁĂƌƌĂŶƚĞĚ͘
dŚĞĞĐŽŶŽŵŝĐĂŶĂůLJƐŝƐƉƌĞƐĞŶƚĞĚŝŶ^ĞĐƚŝŽŶϰĂŶĚƉƉĞŶĚŝdž'ŽĨƚŚŝƐƌĞƉŽƌƚŝĚĞŶƚŝĨLJĂϭϴϬͲŬt
ƉƌŽũĞĐƚĂƐƚŚĞŵŽƐƚĞĐŽŶŽŵŝĐĐŽŶĨŝŐƵƌĂƚŝŽŶ͕ĂŶĚƚŚĞƚĞĐŚŶŝĐĂůĚĞƐĐƌŝƉƚŝŽŶƉƌĞƐĞŶƚĞĚŝŶƚŚŝƐ
ƐĞĐƚŝŽŶŝƐĨŽƌĂƉƌŽũĞĐƚŽĨƚŚŝƐƐŝnjĞ͘dŚĞĂĐƚƵĂůŝŶƐƚĂůůĞĚĐĂƉĂĐŝƚLJŽĨƚŚĞƉƌŽũĞĐƚ͕ůŝŬĞůLJǁŝƚŚŝŶƚŚĞ
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ,Ͳϯ
ϭϬϬƚŽϰϬϬŬtƌĂŶŐĞ͕ƐŚŽƵůĚďĞĨŝŶĂůŝnjĞĚŽŶĐĞƉĞƌŵŝƚĐŽŶĚŝƚŝŽŶƐĂƌĞŬŶŽǁŶĂŶĚĚŝƐĐƌĞƚŝŽŶĂƌLJ
ůŽĂĚƐ͕ƉƌŽũĞĐƚĚĞƐŝŐŶƐĂŶĚĐŽƐƚĞƐƚŝŵĂƚĞƐĂƌĞŵŽƌĞĂĚǀĂŶĐĞĚ͘
tŝƚŚƚŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚ͕&ĂůƐĞWĂƐƐŚĂƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽĚŝƐƉůĂĐĞĂƐŝŐŶŝĨŝĐĂŶƚƉŽƌƚŝŽŶ
ŽĨŝƚƐŚĞĂƚŝŶŐĨƵĞůƵƐĂŐĞďLJƵƐŝŶŐŚLJĚƌŽƉƌŽũĞĐƚĐĂƉĂĐŝƚLJƚŽĚŝƐƉĂƚĐŚĞŶĞƌŐLJƚŽĐŽŵŵƵŶŝƚLJ
ďƵŝůĚŝŶŐƐĨŽƌŚĞĂƚŝŶŐƉƵƌƉŽƐĞƐŽŶĂŶŝŶƚĞƌƌƵƉƚŝďůĞďĂƐŝƐ͘dŚĞƌĞĐŽŵŵĞŶĚĞĚƉƌŽũĞĐƚŝŶĐůƵĚĞƐ
ƉƌŽǀŝƐŝŽŶƐ ƚŽ ƐƵƉƉůLJ Ɛŝdž ĐŽŵŵƵŶŝƚLJ ďƵŝůĚŝŶŐƐ ǁŝƚŚ ĚŝƐƉĂƚĐŚĂďůĞĞŶĞƌŐLJ ƐĞƌǀŝĐĞƐ ƚŽ ƌĞĚƵĐĞ
ŚĞĂƚŝŶŐŽŝůĚĞŵĂŶĚďLJĂƉƉƌŽdžŝŵĂƚĞůLJϴ͕ϲϬϬŐĂůůŽŶƐƉĞƌLJĞĂƌ͘dŚŝƐǁŝůůƌĞƋƵŝƌĞƌĞĨŝƚƚŝŶŐƚŚĞƐĞ
ďƵŝůĚŝŶŐƐǁŝƚŚĂĚĚŝƚŝŽŶĂůĞůĞĐƚƌŝĐƐĞƌǀŝĐĞƐƚŚĂƚĐĂŶďĞŝŶƚĞƌƌƵƉƚĞĚǁŚĞŶŶĞĞĚĞĚƚŽƉƌŝŽƌŝƚŝnjĞ
ŚLJĚƌŽŐĞŶĞƌĂƚŝŽŶĐĂƉĂĐŝƚLJƚŽǁĂƌĚŵĞĞƚŝŶŐĞůĞĐƚƌŝĐƵƚŝůŝƚLJŶĞĞĚƐ͘dŚŝƐǁŝůůĂǀŽŝĚƵŶŶĞĐĞƐƐĂƌLJ
ŽƉĞƌĂƚŝŽŶŽĨƚŚĞĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚƚŽƉƌŽǀŝĚĞŚĞĂƚ͘
,͘Ϯ ,zZKWZK: dDK >/E'
dŚĞƉƌŝŵĂƌLJĂŶĂůLJƚŝĐĂůƚŽŽůƵƐĞĚƚŽĞǀĂůƵĂƚĞǀĂƌŝŽƵƐŚLJĚƌŽƉƌŽũĞĐƚĐŽŶĨŝŐƵƌĂƚŝŽŶƐĂŶĚůŽĂĚĐĂƐĞƐ
ĨŽƌƚŚŝƐĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJŝƐĂŐĞŶĞƌĂƚŝŽŶĚŝƐƉĂƚĐŚŵŽĚĞů;'DͿ͘'DƚĂŬĞƐŝŶƚŚĞƚĞĐŚŶŝĐĂů
ƉĂƌĂŵĞƚĞƌƐŽĨƚŚĞƉƌŽƉŽƐĞĚŐĞŶĞƌĂƚŝŽŶƐLJƐƚĞŵƐ;ďŽƚŚŚLJĚƌŽĂŶĚĚŝĞƐĞůͿ͕ƌĞƐŽƵƌĐĞĂǀĂŝůĂďŝůŝƚLJ͕
ĂŶĚƵƚŝůŝƚLJůŽĂĚƐ͕ĂŶĚƚŚĞŶƐŝŵƵůĂƚĞƐŽƉĞƌĂƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚŝŶƚĞŐƌĂƚĞĚƐLJƐƚĞŵƚŽĚĞƚĞƌŵŝŶĞ
ŚŽǁĂŐŝǀĞŶŚLJĚƌŽƉƌŽũĞĐƚĐŽŶĨŝŐƵƌĂƚŝŽŶƉĞƌĨŽƌŵƐ͘
,͘Ϯ͘ϭ 'ĞŶĞƌĂƚŝŽŶŝƐƉĂƚĐŚDŽĚĞů;'DͿ
dŚĞ'DĚĞǀĞůŽƉĞĚĨŽƌƚŚŝƐĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJƌƵŶƐĂƚĂŽŶĞͲĚĂLJƚŝŵĞƐƚĞƉĂŶĚŝƐƵƐĞĚƚŽĂƐƐĞƐƐ
ƐĞĂƐŽŶĂůĂŶĚĂŶŶƵĂůǀĂƌŝĂƚŝŽŶƐŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨǀĂƌŝŽƵƐƉƌŽũĞĐƚĐŽŶĨŝŐƵƌĂƚŝŽŶƐ͘ƚĞĂĐŚ
ƚŝŵĞƐƚĞƉ͕ƚŚĞŵŽĚĞůĞǀĂůƵĂƚĞƐ;ϭͿƵƚŝůŝƚLJůŽĂĚĂŶĚ;ϮͿĂǀĂŝůĂďůĞǁĂƚĞƌŝŶhŶŐĂDĂŶƌĞĞŬ͘/Ĩ
ƚŚĞƌĞŝƐƐƵĨĨŝĐŝĞŶƚǁĂƚĞƌƚŽƐƵƉƉůLJĂůůŽĨƚŚĞƵƚŝůŝƚLJůŽĂĚ͕ƚŚĞŚLJĚƌŽŐĞŶĞƌĂƚŽƌŝƐĚŝƐƉĂƚĐŚĞĚƚŽ
ŵĞĞƚϭϬϬйŽĨůŽĂĚ͘/ĨĂĚĚŝƚŝŽŶĂůǁĂƚĞƌĂŶĚŐĞŶĞƌĂƚŝŶŐĐĂƉĂĐŝƚLJĂƌĞĂǀĂŝůĂďůĞ͕ƚŚŝƐĂĚĚŝƚŝŽŶĂů
ĞŶĞƌŐLJŝƐŵĂĚĞĂǀĂŝůĂďůĞƚŽĚŝƐƉĂƚĐŚĂďůĞůŽĂĚƐ͘/ĨƚŚĞƌĞŝƐŝŶƐƵĨĨŝĐŝĞŶƚǁĂƚĞƌƚŽƐƵƉƉůLJĂůůŽĨƚŚĞ
ƵƚŝůŝƚLJůŽĂĚ͕ƚŚĞĚŝĞƐĞůƉŽǁĞƌƉůĂŶƚŝƐĚŝƐƉĂƚĐŚĞĚƚŽƐƵƉƉůLJĂůůŽƌĂƉŽƌƚŝŽŶŽĨƚŚĞƵƚŝůŝƚLJůŽĂĚ͕
ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƐĂĨĞŽƉĞƌĂƚŝŶŐůŝŵŝƚƐĨŽƌƚŚĞĚŝĞƐĞůŐĞŶĞƌĂƚŽƌƐ͘ƚƚŚĞŶĞdžƚƚŝŵĞƐƚĞƉ͕ƚŚŝƐ
ĂŶĂůLJƐŝƐŝƐƌĞƉĞĂƚĞĚ͘/ĨŚLJĚƌŽŽƵƚƉƵƚĂŶĚƵƚŝůŝƚLJůŽĂĚĂƌĞĐůŽƐĞůLJŵĂƚĐŚĞĚ͕ĂƐƐƵŵƉƚŝŽŶƐŝŶdĂďůĞ
,ͲϭĂƌĞĂƉƉůŝĞĚƚŽĂƉƉƌŽdžŝŵĂƚĞƉůĂŶƚƉĞƌĨŽƌŵĂŶĐĞĂƐǁĂƚĞƌĂǀĂŝůĂďŝůŝƚLJĂŶĚůŽĂĚǀĂƌLJƚŚƌŽƵŐŚ
ƚŚĞĚĂLJ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ,Ͳϰ
dĂďůĞ,Ͳϭ /ŶƚƌĂͲĂLJŝĞƐĞů'ĞŶĞƌĂƚŽƌŝƐƉĂƚĐŚƐƐƵŵƉƚŝŽŶƐ
ĂƐĞ ĞƐĐƌŝƉƚŝŽŶ
,ŽƵƌƐƉĞƌĂLJŽĨ
ŝĞƐĞůKƉĞƌĂƚŝŽŶ
WĞƌĐĞŶƚ
ŽĨdŝŵĞϯ
ϭǀĂŝůĂďůĞŚLJĚƌŽŽƵƚƉƵƚƉůƵƐŐŽǀĞƌŶŽƌĚĞĂĚďĂŶĚŝƐ
ŐƌĞĂƚĞƌƚŚĂŶƵƚŝůŝƚLJƉĞĂŬĚĂŝůLJĚĞŵĂŶĚ͘ϭ͕ϮϬ ϲϲй
ϮǀĂŝůĂďůĞŚLJĚƌŽŽƵƚƉƵƚŝƐŐƌĞĂƚĞƌƚŚĂŶƵƚŝůŝƚLJƉĞĂŬĚĂŝůLJ
ĚĞŵĂŶĚ;ďƵƚŶŽƚŐƌĞĂƚĞƌƚŚĂŶŐŽǀĞƌŶŽƌĚĞĂĚďĂŶĚͿ͘ϭ ϭй
ϯǀĂŝůĂďůĞŚLJĚƌŽŽƵƚƉƵƚƉůƵƐŐŽǀĞƌŶŽƌĚĞĂĚďĂŶĚŝƐ
ďĞƚǁĞĞŶĂǀĞƌĂŐĞĂŶĚƉĞĂŬƵƚŝůŝƚLJĚĂŝůLJĚĞŵĂŶĚ͘ϰ ϰй
ϰ
ǀĂŝůĂďůĞŚLJĚƌŽŽƵƚƉƵƚƉůƵƐŐŽǀĞƌŶŽƌĚĞĂĚďĂŶĚŝƐ
ďĞƚǁĞĞŶϮͬϯƌĚƐŽĨĂǀĞƌĂŐĞƵƚŝůŝƚLJĚĂŝůLJĚĞŵĂŶĚĂŶĚ
ĂǀĞƌĂŐĞƵƚŝůŝƚLJĚĂŝůLJĚĞŵĂŶĚ͘
ϴ ϯй
ϱǀĂŝůĂďůĞŚLJĚƌŽŽƵƚƉƵƚƉůƵƐŐŽǀĞƌŶŽƌĚĞĂĚďĂŶĚŝƐůĞƐƐ
ƚŚĂŶϮͬϯƌĚƐŽĨĂǀĞƌĂŐĞƵƚŝůŝƚLJĚĂŝůLJĚĞŵĂŶĚ͘Ϯϰ Ϯϲй
ϭ͘DŽĚĞůĂƐƐƵŵĞƐĂŐŽǀĞƌŶŽƌĚĞĂĚďĂŶĚŽĨϱйŽĨƵƚŝůŝƚLJůŽĂĚ͘
Ϯ͘ǀĞƌĂŐĞĂŶĚƉĞĂŬĚĂŝůLJůŽĂĚĞƐƚŝŵĂƚĞĚƵƐŝŶŐEZ >ϮϬϬϮ͘
ϯ͘ĂƐĞĚŽŶϯϭͲLJĞĂƌŵŽĚĞůƌƵŶƵƐŝŶŐĞdžƚĞŶĚĞĚŚLJĚƌŽůŽŐLJƌĞĐŽƌĚ͘
dŚĞŵŽĚĞůĂƐƐƵŵĞƐĂƐŝŶŐůĞĐƌŽƐƐĨůŽǁƚƵƌďŝŶĞŝƐŝŶƐƚĂůůĞĚĂƚƚŚĞŚLJĚƌŽƉŽǁĞƌŚŽƵƐĞ͘tŚĞŶ
ƵƚŝůŝƚLJůŽĂĚĚƌŽƉƐďĞůŽǁƚŚĞŵŝŶŝŵƵŵŽƉĞƌĂƚŝŶŐƚŚƌĞƐŚŽůĚŽĨƚŚĞƚƵƌďŝŶĞ͕ŝŶƚĞƌƌƵƉƚŝďůĞůŽĂĚƐŽƌ
ĂĚƵŵƉůŽĂĚĂƚƚŚĞƉŽǁĞƌŚŽƵƐĞĂƌĞĞŶĞƌŐŝnjĞĚƚŽŝŶĐƌĞĂƐĞůŽĂĚĂŶĚĐŽŶƚŝŶƵĞƚƵƌďŝŶĞŽƉĞƌĂƚŝŽŶ͘
tŚĞŶƚŚĞƌĞŝƐŝŶƐƵĨĨŝĐŝĞŶƚǁĂƚĞƌƚŽŽƉĞƌĂƚĞƚŚĞƚƵƌďŝŶĞĂƚŵŝŶŝŵƵŵůĞǀĞůƐ͕ƚŚĞŵŽĚĞůƐŚƵƚƐƚŚĞ
ŚLJĚƌŽƉƌŽũĞĐƚĚŽǁŶĂŶĚƚŚĞƵƚŝůŝƚLJŽƉĞƌĂƚĞƐŝŶĚŝĞƐĞůƐͲŽŶůLJŵŽĚĞ͘
dŚĞ'DĂůƐŽŵŽŶŝƚŽƌƐƵƚŝůŝƚLJůŽĂĚĂŶĚŚLJĚƌŽƉůĂŶƚĂǀĂŝůĂďŝůŝƚLJĨŽƌŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĚŝƐƉĂƚĐŚ
ƵŶƵƐĞĚŚLJĚƌŽƉůĂŶƚĐĂƉĂĐŝƚLJƚŽĚŝƐƉĂƚĐŚĂďůĞůŽĂĚƐ͘dŽĂĐĐƵƌĂƚĞůLJĞǀĂůƵĂƚĞƚŚĞƐĞŽƉƉŽƌƚƵŶŝƚŝĞƐ͕
ŐĞŶĞƌĂůŝnjĞĚďƵŝůĚŝŶŐŚĞĂƚŝŶŐĚĞŵĂŶĚ;ĐŽŶƐŝĚĞƌŝŶŐƚLJƉŝĐĂůďƵŝůĚŝŶŐƚŚĞƌŵĂůĞŶǀĞůŽƉƉƌŽƉĞƌƚŝĞƐ
ĂŶĚůŽĐĂůĐůŝŵĂƚĞĚĂƚĂͿǁĂƐŝŶƉƵƚƚŽƚŚĞŵŽĚĞůƚŽĞƐƚŝŵĂƚĞŚŽǁŵƵĐŚĞdžĐĞƐƐŚLJĚƌŽĞŶĞƌŐLJ
ĐŽƵůĚďĞƵƐĞĚĨŽƌŚĞĂƚŝŶŐďƵŝůĚŝŶŐƐĂŶĚŚŽǁŵƵĐŚŽĨĂďƵŝůĚŝŶŐƐ͛ƚŽƚĂůĞŶĞƌŐLJƌĞƋƵŝƌĞŵĞŶƚƐ
ĐŽƵůĚďĞƐĞƌǀĞĚďLJŝŶƚĞƌƌƵƉƚŝďůĞĞůĞĐƚƌŝĐŚĞĂƚŝŶŐƐĞƌǀŝĐĞƐ͘
,͘Ϯ͘Ϯ DŽĚĞůZĞƐƵůƚƐ
&ŝŐƵƌĞ ,Ͳϭ ƐŚŽǁƐ ƚŚĞ ĂŶŶƵĂů ǀĂƌŝĂƚŝŽŶƐ ŝŶ ŚLJĚƌŽ ƉĞƌĨŽƌŵĂŶĐĞ ŽǀĞƌ ƚŚĞ ϯϭͲLJĞĂƌ ĞdžƚĞŶĚĞĚ
ŚLJĚƌŽůŽŐLJƌĞĐŽƌĚ͘hƚŝůŝƚLJůŽĂĚǁĂƐŚĞůĚĐŽŶƐƚĂŶƚĨƌŽŵLJĞĂƌͲƚŽͲLJĞĂƌĨŽƌƚŚŝƐĂŶĂůLJƐŝƐ͘dĂďůĞ,ͲϮ
ƐƵŵŵĂƌŝnjĞƐƚŚĞŵŝŶŝŵƵŵ͕ĂǀĞƌĂŐĞ͕ĂŶĚŵĂdžŝŵƵŵĂŵŽƵŶƚŽĨĂŶŶƵĂůƵƚŝůŝƚLJůŽĂĚƐƵƉƉůŝĞĚďLJ
ƚŚĞ ŚLJĚƌŽ ƉůĂŶƚ ďĂƐĞĚ ŽŶ ƚŚĞ ĞdžƚĞŶĚĞĚ ƌĞĐŽƌĚ ŚLJĚƌŽůŽŐLJ ĂŶĚ 'DŽƵƚƉƵƚƐ͘ dŚĞ ǁŽƌƐƚ
ƉĞƌĨŽƌŵĂŶĐĞLJĞĂƌ;ŵŽƐƚĚŝĞƐĞůͲĨŝƌĞĚĞŶĞƌŐLJͿǁĂƐŝŶϭϵϵϵĂŶĚƚŚĞďĞƐƚLJĞĂƌ;ůĞĂƐƚĚŝĞƐĞůͲĨŝƌĞĚ
ĞŶĞƌŐLJͿǁĂƐϮϬϭϵ͘ϮϬϬϭǁĂƐĂŶĂǀĞƌĂŐĞLJĞĂƌ͘
ŝƚLJŽĨ&ĂůƐĞWĂƐƐ
hŶŐĂDĂŶƌĞĞŬ,LJĚƌŽĞůĞĐƚƌŝĐ&ĞĂƐŝďŝůŝƚLJ^ƚƵĚLJ WŽůĂƌĐŽŶƐƵůƚůĂƐŬĂ͕/ŶĐ͘
:ƵŶĞϮϬϮϮʹ&ŝŶĂůZĞƉŽƌƚ,Ͳϱ
dĂďůĞ,ͲϮ džƉĞĐƚĞĚZĂŶŐĞŽĨŶŶƵĂůWĞƌĨŽƌŵĂŶĐĞĨŽƌZĞĐŽŵŵĞŶĚĞĚWƌŽũĞĐƚ
džƉĞĐƚĞĚŶŶƵĂů,LJĚƌŽ'ĞŶĞƌĂƚŝŽŶ;ϭͿ
ŶĞƌŐLJWĞƌĨŽƌŵĂŶĐĞWĂƌĂŵĞƚĞƌDŝŶŝŵƵŵ
;ϭϵϵϵͿ
ǀĞƌĂŐĞ
;ϮϬϬϭͿ
DĂdžŝŵƵŵ
;ϮϬϭϵͿ
dŽƚĂůŶŶƵĂůhƚŝůŝƚLJ>ŽĂĚ^ƵƉƉůŝĞĚďLJŝĞƐĞů;ŬtŚͿ
;ŝĞƐĞůĂƐйŽĨƚŽƚĂůƐƵƉƉůLJͿ
ϮϰϮ͕ϬϬϬ
;ϯϰ͘ϭйͿ
ϭϭϵ͕ϬϬϬ
;ϭϲ͘ϴйͿ
ϭϬ͕ϬϬϬ
;ϭ͘ϰйͿ
dŽƚĂůŶŶƵĂůhƚŝůŝƚLJ>ŽĂĚ^ƵƉƉůŝĞĚďLJ,LJĚƌŽ;ŬtŚͿ
;,LJĚƌŽĂƐйŽĨƚŽƚĂůƐƵƉƉůLJͿ
ϰϲϴ͕ϬϬϬ
;ϲϱ͘ϵйͿ
ϱϵϭ͕ϬϬϬ
;ϴϯ͘ϮйͿ
ϳϬϬ͕ϬϬϬ
;ϵϴ͘ϲйͿ
dŽƚĂůŶŶƵĂůhƚŝůŝƚLJ>ŽĂĚ;ŬtŚĂƚ'ĞŶĞƌĂƚŝŽŶͿ ϳϭϬ͕ϬϬϬ ϳϭϬ͕ϬϬϬ ϳϭϬ͕ϬϬϬ
dŽƚĂů,LJĚƌŽ ŶĞƌŐLJŝƐƉĂƚĐŚĞĚƚŽ^ƵƉƉůLJhƚŝůŝƚLJ>ŽĂĚ ϰϲϴ͕ϬϬϬ ϱϵϭ͕ϬϬϬ ϳϬϬ͕ϬϬϬ
dŽƚĂů,LJĚƌŽ ŶĞƌŐLJĨŽƌ^ƚĂƚŝŽŶ^ĞƌǀŝĐĞĂŶĚ>ŽĂĚ'ŽǀĞƌŶŽƌ ϭϯϱ͕ϬϬϬ ϭϲϰ͕ϬϬϬ ϭϴϭ͕ϬϬϬ
dŽƚĂů'ƌŽƐƐŶŶƵĂů džĐĞƐƐ,LJĚƌŽ ŶĞƌŐLJǀĂŝůĂďůĞ;ŬtŚͿ;ϮͿ ϭϯϵ͕ϬϬϬ ϯϵϬ͕ϬϬϬ ϲϭϬ͕ϬϬϬ
'ƌŽƐƐ džĐĞƐƐ,LJĚƌŽ ŶĞƌŐLJŝƐƉĂƚĐŚĞĚƚŽ/ŶƚĞƌƌƵƉƚŝďůĞ
,ĞĂƚŝŶŐ^ĞƌǀŝĐĞƐ;ŬtŚͿϭϭϴ͕ϬϬϬ ϯϯϮ͕ϬϬϬ ϱϭϵ͕ϬϬϬ
ZĞŵĂŝŶŝŶŐ džĐĞƐƐ,LJĚƌŽ ŶĞƌŐLJ;ŬtŚͿ Ϯϭ͕ϬϬϬ ϱϴ͕ϬϬϬ ϵϭ͕ϬϬϬ
dŽƚĂůŶŶƵĂů,LJĚƌŽ'ĞŶĞƌĂƚŝŽŶ;ŬtŚͿ
;WĞƌĐĞŶƚŽĨĂǀĞƌĂŐĞLJĞĂƌͿ
ϳϰϮ͕ϬϬϬ
;ϲϱйͿ
ϭ͕ϭϰϰ͕ϬϬϬ
;ϭϬϬйͿ
ϭ͕ϰϵϭ͕ϬϬϬ
;ϭϯϬйͿ
EKd ^͗
;ϭͿhƚŝůŝƚLJůŽĂĚŝƐƵŶŝĨŽƌŵĨŽƌĂůůLJĞĂƌƐŝŶƚŚĞƐŝŵƵůĂƚŝŽŶ͕ďƵƚǁĂƚĞƌĂǀĂŝůĂďŝůŝƚLJŝŶhŶŐĂDĂŶƌĞĞŬŝƐďĂƐĞĚŽŶƚŚĞĞdžƚĞŶĚĞĚ
ŚLJĚƌŽůŽŐŝĐĂůƌĞĐŽƌĚ͕ĂŶĚǀĂƌŝĞƐĨƌŽŵLJĞĂƌƚŽLJĞĂƌ͘dŚĞLJĞĂƌƐŝŶƉĂƌĞŶƚŚĞƐĞƐƌĞĨůĞĐƚƚŚĞĐĂůĞŶĚĂƌLJĞĂƌĨŽƌƚŚĞƌĞƉŽƌƚĞĚ
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