HomeMy WebLinkAboutAgenda 07_SD-21-13_255 Kennedy Dr_OBrien_PP_Phases
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CITY OF SOUTH BURLINGTON
DEVELOPMENT REVIEW BOARD
SD‐21‐13_255 Kennedy Dr_OBrien_PP_Phases_2021‐05‐
04.docx
DEPARTMENT OF PLANNING & ZONING
Report preparation date: April 28, 2021
Plans received: March 16, 2021
255 Kennedy Drive
Preliminary Plat Application #SD‐20‐13
Meeting date: May 4, 2021
Owner/Applicant
O’Brien Farm Road, LLC
1855 Williston Road
South Burlington, VT 05403
Engineer
Krebs & Lansing Consulting Engineers, Inc.
164 Main Street
Colchester VT 05446
Property Information
Tax Parcel 0970‐00255
Residential 12, Commercial 1‐LR, and Residential 1‐PRD Zoning Districts
Traffic Overlay District T‐1 and T3, Transit Overlay District
39.16 acres
Location Map
#SD‐21‐13
Staff Comments
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PROJECT DESCRIPTION
Preliminary plat application #SD‐21‐13 of O’Brien Farm Road, LLC to amend a previously approved
preliminary plat for the second phase of a previously approved master plan of up to 458 dwelling units
and up to 45,000 sf of office space. The amendment consists of allowing the final plat submission to be
submitted in six sub‐phases, 255 Kennedy Drive.
PERMIT HISTORY
The Project received master plan approval in 2016 (#MP‐16‐03). Staff considers the proposed
preliminary plat amendment does not trigger any of the criterion for master plan amendment.
This phase of the project received preliminary plat approval on November 12, 2020 (#SD‐20‐16). That
approval included 390 units in six (6) multifamily buildings and a 1,100‐sf accessory structure. LDR
15.08C(3) requires submission of the related final plat within twelve months of the preliminary plat
approval or the preliminary plat approval (and by extension, the sketch plan) is considered to be expired
and must be resubmitted.
The applicant has determined that they would prefer an extended timeline for submission of a portion
of the project approved in preliminary plat #SD‐20‐16, as allowed under 15.08C(2). This application is to
add “sections,” or phases, to the previously approved preliminary plat in order to allow what the
applicant considers a more favorable timeline for final plat application submission.
CONTEXT
#SD‐20‐16 preliminarily approved the following buildings.
Lot # # of Units Commercial SF Max Height (# of
habitable stories)
10 44 0 55’ (4)
11 44 0 56’ (4)
12 48 (inclusionary) 0 62’ (4)
13 118 3,500 58’ (4)
14 33 0 52’ (3)
15 103 0 57’ (4)
It also included the following condition pertaining to phasing:
The applicant must obtain a zoning permit for the building containing the inclusionary units no
later than the fourth building, but may obtain a zoning permit for the fifth building while the
inclusionary building is under construction. The applicant must receive a certificate of
occupancy for the building containing the inclusionary units prior to issuance of a zoning
permit for the sixth and final building.
Only the standards affected by this request are discussed below. Staff considers other elements of the
preliminary plat approval to be unchanged by this request.
COMMENTS
#SD‐21‐13
Staff Comments
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Development Review Planner Marla Keene and Administrative Officer Dalila Hall (“Staff”) have reviewed
the plans submitted on April 7, 2020 and offer the following comments.
A) 15.08 APPROVAL PROCEDURE
15.08C(2) The final plat may be submitted in sections in accordance with the preliminary plat and/or
Master Plan approval for the property so that it shall only include the phase of the approved
preliminary plat that the applicant proposes to record and develop at that time.
The applicant has submitted a phasing plan which represents five building phases and two infrastructure
phases. The building phases include each building as an individual phase, with the buildings on Lots 13
and 15 as one combined phase. The infrastructure phases are identified as follows.
Two Brothers Drive (from O’Brien Farm Road to Kennedy Drive) Phase – Simultaneous with first
Final Plat phase
O’Brien Farm Road (from Two Brothers Drive to Old Farm Road) Phase – Simultaneous with Lot
13 & 15 Phase
The applicant has requested the following final plat sequencing be allowed.
1. Final Plat Initial Phase: within eighteen months from this permit amendment. Can be one or
more phases.
2. Final Plat Subsequent Phase: Within four years from this permit amendment, must file for an
additional building not included in the initial phase. This requirement may be extended up to six
years if the initial phase contains more than two buildings, such that only three buildings remain
to be filed for final plat by the fourth year.
3. Final Plat Remaining Phases: Within six years from this permit amendment, applicant must
submit for all six proposed buildings, unless additional amendments to the project timeline are
requested by Applicant and granted by the Development Review Board.
Staff supports the applicant’s proposal to submit final plats for each of the five proposed phases
individually rather than requiring the entire project area to be finalized with one permit, but notes the
following topics pertaining to timeline.
As noted above, it is standard to require a final plat within 12‐months of preliminary plat. Staff
considers there is no justification to allow 18‐months.
Any approved site plan must be followed within 6‐months by a complete application for the
related zoning permit, with the option for a 1‐year extension if the circumstances of the
approval are unchanged. Site plan approval is integrated into the final plat approval in the case
of a PUD. Taking into consideration a minimum of two month timeline for final plat review and
approval, there is 20 months between final plat application and construction to begin.
Therefore the applicant has 18 months to begin construction on any approved final plat.
Staff considers the applicant’s final clause, “unless additional amendments to the project
timeline are requested by Applicant and granted by the Development Review Board,” to be
unnecessary. Amendments due to changed circumstances may always be applied for, and
amendments without cause should not be permitted.
1. Staff recommends the Board discuss the applicant’s proposed timeline. Additional impacts of the
applicant’s proposal are described below.
#SD‐21‐13
Staff Comments
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B) 18.01 INCLUSIONARY ZONING
18.01 requires 15% of approved rental dwelling units subject to this application to be inclusionary. The
applicant is then allotted one additional market rate dwelling unit for each required inclusionary rental
unit as an offset. #SD‐20‐16 approved 392 units, of which 49 will be inclusionary. It also required the
applicant to propose and commit to a specific number of units at final plat, which number may differ
from the approved unit count by no more than 5%.
The Board accepted the applicant’s proposal to include all inclusionary units with the building on Lot 12,
but did not restrict them from including additional market rate units within the same building.
(2) Inclusionary units required under this section shall be:
(a) Constructed on site, unless off‐site construction is approved under Subsection (E)(1)(b) (Off‐Site
Construction) of this Article. No changes affecting this criterion are proposed.
(b) Integrated into the overall project layout and similar in architectural style and outward
appearance to market rate units in the proposed development.
(i) to (iii) No changes affecting these criteria are proposed.
(iv) Inclusionary units may differ from market rate units with regard to both interior amenities
and amount of Habitable Area. However, the minimum Habitable Area of inclusionary units
shall be 450 square feet for studios, 650 square feet for 1‐bedroom units, 900 square feet
for 2‐bedroom units and 1,200 square feet for three (3) or more bedrooms. If the average
(mean) area of the Habitable Area of the market rate units is less than the minimum area
required for the Habitable Area of inclusionary units, then the Habitable Area of the
inclusionary units shall be no less than 90% of the average (mean) Habitable Area of the
market rate units.
In #SD‐20‐16, the Board found the applicant must demonstrate compliance with this criterion as
part of the final plat application. With the applicant’s proposal to submit each building as its own
phase, Staff considers the applicant loses the ability to take advantage of the last sentence of this
criterion because the average Habitable Area of the market rate units will not be known at the
time of the application for the inclusionary units. Staff therefore recommends the Board require
the applicant to meet the minimum Habitable Area listed in this criterion without allowing a
reduction for smaller market rate units.
(v) to (vi) No changes affecting these criteria are proposed.
(vii) The average (mean) number of bedrooms in the inclusionary units shall be no fewer than
the average number of bedrooms in the market rate units. For projects involving 50 or more
dwelling units, the applicant shall provide a revised estimate to the Administrative Officer
at each interval of 50 dwelling units; the revised estimate shall account for the differences
in estimates vs. actuals for the units permitted to date and shall apply to inclusionary units
for which the Administrative Officer has not issued a zoning permit.
On September 15, 2020, Champlain Housing Trust, on behalf of the applicant, testified that they
were going to build predominantly larger inclusionary units on Lot 12, while the market rate units
on the other lots would be one and two bedroom units. With a single final plat application,
compliance with this criterion could easily have been demonstrated: If all buildings were
approved in the same final plat, then the bedroom count for all units would be known and the
number of bedrooms in the inclusionary units would be no fewer than the average number of
#SD‐21‐13
Staff Comments
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bedrooms in the market rate units. With the proposed amendment, if the final plat containing
the inclusionary units is approved before the market rate buildings, Staff considers this criterion
could result in the Board approving the inclusionary units with fewer bedrooms than the mean
bedrooms in market rate units. Staff has been made aware that the applicant no longer intends
to contract with Champlain Housing Trust to construct or manage the inclusionary units.
2. Staff reached out to the Affordable Housing Committee for suggestions on how to ensure
compliance with this criterion. The Affordable Housing Committee reviewed the question at their
regular meeting on April 27 and recommended that the Board require the applicant to commit to
having the average number of bedrooms in the building on Lot 12 to be two. This recommendation
is based on the assumption that the market rate units are unlikely to have more than two
bedrooms. Staff recommends the Board discuss what condition to include to ensure compliance
with this criterion.
(c) Constructed and made available for occupancy concurrently with market rate units. The
applicant shall provide a proposed phasing plan demonstrating concurrent development and
occupancy of the market rate units and the inclusionary units. The Development Review Board may
attach conditions necessary to assure compliance with this section and may, based on
documentation from a financial institution denying financing or on physical site constraints,
approve a plan allowing non‐concurrent construction of the inclusionary units.
The inclusionary units are proposed on Lot 12. In SD‐20‐16, the Board found the applicant must obtain
a zoning permit for the building containing the inclusionary units no later than the fourth principal
building, the applicant may obtain a zoning permit for the fifth principal building while the inclusionary
building is under construction, and the applicant must receive a certificate of occupancy for the
building containing the inclusionary units prior to issuance of a zoning permit for the sixth principal
building. Staff considers this finding can stand as written. If the applicant modifies their proposal to
construct all the required inclusionary units in the building on Lot 12 by including some inclusionary
units in a different final plat application, Staff considers this condition may also be reevaluated.
C) 15.18 PLANNED UNIT DEVELOPMENT STANDARDS
(3) The project incorporates access, circulation and traffic management strategies sufficient to prevent
unreasonable congestion of adjacent roads. In making this finding the DRB may rely on the findings
of a traffic study submitted by the applicant, and the findings of any technical review by City staff
or consultants.
The master plan found that traffic impacts should be evaluated for each phase of the project. The
applicant has submitted a traffic impact memo prepared by Lamoureux & Dickinson dated 2/5/2020 which
concludes the phase that is the subject of this application (phase 2) will generate 146 fewer trips than
were estimated in the 2016 Traffic Impact Study (TIS), from 315 trips to 169 trips. The 2016 TIS concluded
that a signal was warranted at the intersection of the new street proposed by the project (now referred
to as Two Brothers Drive) and Kennedy Drive. This signal was proposed to include a new left turn lane on
Kennedy Drive as well as right and left turn lanes on Generations Way onto Kennedy Drive. The 2016 TIS
assumed phase 2 generates approximately half of the trips at that new intersection.
In #SD‐20‐16, the Board found the applicant must provide an updated traffic study at final plat which
provides recommendations on whether the proposed intersection configuration is still appropriate, taking
into consideration both the signal warrant and the additional lanes at each leg of the intersection. The
proposed improvements should be configured to allow for expansion if anticipated to be necessary with
#SD‐21‐13
Staff Comments
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future phases of the O’Brien development. For example, if a turn lane will be necessary in the future,
signal mast arms should be installed in a location to accommodate the future turn lane.
Staff considers this finding to still be applicable and recommends the Board modify the finding to require
the updated traffic study with the required analysis at the time of the first final plat application.
(9) Roads, utilities, sidewalks, recreation paths, and lighting are designed in a manner that is consistent
with City utility and roadway plans and maintenance standards, absent a specific agreement with
the applicant related to maintenance that has been approved by the City Council. For Transect Zone
subdivisions, this standard shall only apply to the location and type of roads, recreation paths, and
sidewalks.
The Board and applicant spent significant energy on this criterion in #SD‐20‐16, providing the following
specific finding for the roadway design.
The Board … finds that the applicant must revise the streetscape design to propose a roadway cross
section and provide supporting testimony demonstrating that the proposal provides a safe urban
environment accommodating all users. Such design shall balance the following goals.
a) an appropriately urban setting, including an activated street
b) transition from recreation path and detached homes
c) non‐vehicular connectivity through the project area, including for people who live between
Two Brothers Drive and Eldridge Street and people who live on the far side of Kennedy Drive,
and those who may live in the future phase of the O’Brien development.
d) slow speeds
e) roadway maintenance
The Board acknowledges that the best solution may involve a different combination of on‐road
lanes, separated paths, and sidewalks than is currently proposed, but that the modifications should
take place within the approved rights‐of‐way.
The applicant must provide their proposed plans to the Bike & Ped committee for review and
comment. If possible, the applicant should meet with the Bike & Ped committee prior to final plat
application. The design of the roadway cross section through the project area shall be reviewed at
final plat.
Because of the necessary interconnectedness of the design of the two roadways, Staff considers that the
roadway design for both O’Brien Farm Road and Two Brothers Drive should both be required with the first
final plat application, rather than at separate stages as requested by the applicant. Staff considers the
applicant may request a phased construction schedule for the roads as part of the final plat application
that includes their design, but that the roads should be constructed no later than the first building on
each.
3. Staff recommends the Board confirm this assessment.
(11) The project’s design incorporates strategies that minimize site disturbance and integrate
structures, landscaping, natural hydrologic functions, and other techniques to generate less runoff
from developed land and to infiltrate rainfall into underlying soils and groundwater as close as
possible to where it hits the ground. For Transect Zone subdivisions, this standard shall apply only
to the location of natural resources identified in Article XII of these Regulations.
#SD‐21‐13
Staff Comments
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Stormwater from the approved preliminary plat area is proposed to be treated in two gravel wetlands
along Kennedy Drive; it is not treated on a lot‐by‐lot basis. The City Stormwater Section provided a
number of comments pertaining to the proposed stormwater management system. Since the stormwater
management system is required for multiple lots, Staff recommends the Board include a condition
requiring the comments of the City Stormwater Section be addressed as part of the first final plat
application.
D) SITE PLAN REVIEW STANDARDS
14.06B Relationship of Proposed Structures to the Site
(2) Parking
Parking minimums are addressed in 13.01. 0.75 spaces are required per dwelling unit for studio and
one‐bedroom units, and 1.5 spaces per dwelling unit for units with two bedrooms and above. In
addition, 0.75 spaces are required for every 4 units, as long as no more than one parking spaces is
reserved per dwelling unit. The purpose of the additional 0.75 spaces is to accommodate guest parking.
Based on a provided table of dwelling units, which has not been adjusted to account for the additional
two units proposed since the application was submitted, the applicant is preliminarily required to
provide 466 spaces. They have provided 320 covered parking spaces, 263 spaces in surface lots, and 42
on‐street parking spaces, for a total of 625 spaces.
Required minimum spaces: 466
Provided garage spaces: 320
Provided surface spaces: 263 (includes 23 spaces on Lot 17)
Total provided off‐street spaces: 583
Provided on‐street spaces: 42
Total provided spaces: 625
Staff recommends the Board include a condition requiring the minimum required parking spaces for each
final plat application be included with each application. Additional spaces beyond the minimum may be
applied to the next final plat application.
14.07 Specific Review Standards
D. Landscaping and Screening Requirements. See Article 13, Section 13.06 Landscaping,
Screening, and Street Trees.
Staff recommends the Board include a condition requiring the minimum required landscaping for each
final plat application be included with each application. Additional landscaping beyond the minimum may
be applied to the next final plat application.
RECOMMENDATION
Staff recommends the Board discuss the project with the applicant and close the hearing.
VIA ELECTRONIC MAIL
March 4, 2021
South Burlington Development Review Board
C/O Ms. Marla Keene, Development Review Planner
City of South Burlington
575 Dorset Street
South Burlington, VT 05403
Re: Preliminary Plat Amendment Request: Hillside at O’Brien Farm Master Planned Community SD-20-16
Dear Board Members:
As you know O’Brien Farm Road, LLC (“Applicant,”) was issued Preliminary Plat Permit # SD-20-16 on
November 12, 2020, (the “Permit”), for the construction of six multi-family buildings with a total of 342 dwelling
units of which 48 are proposed as inclusionary units, and an automatic offset of 48 additional market rate units,
for a total of 390 dwelling units and underground parking, and an 1,100 square foot accessory structure
(together, the “Project”). Subsequent to the issuance of the Permit, Applicant and City Staff discussed the
Applicant’s desire to phase the Final Plat submission such that Applicant can apply for Final Plat in stages that
align with proposed construction. As you know, each of the buildings outlined in this plan will take roughly one
year to construct and if built sequentially, it would be expected that full construction could take up to six years.
During that time the Applicant may wish to amend certain aspects of the plan such as the unit mix or layout,
even the parking proposed (if transit becomes more prevalent or conditions change). For this reason, it makes
sense to propose final plat shortly before construction and not many years prior.
In discussing the desire to phase the final plat submission with staff, Applicant reviewed Section
15.08(C)(2) of the zoning regulations which states:
“The final plat application may be submitted in sections in accordance with the preliminary plat and/or
master plan approval for the property so that it shall only include the phase of the approved preliminary plat that
the applicant proposes to record and develop at that time.”
As outlined, the Board as part of a preliminary plat approval may provide for a framework where smaller
sections of a large project can be permitted at final plat in phases. In order to provide for this phasing, Applicant
understands that an amendment to the Permit must be requested and this letter makes that request.
Attached as Exhibit 002 is a Project Phasing Plan. The Applicant seeks to amend its Permit to include this
plan, and to also include a framework for the submission of final plat that would allow for each designated
phase to be filed for independently or together if so desired by the Applicant. As outlined in the phasing plan
the Two Brothers Drive roadway would be required to be completely understood at the first phase. The O’Brien
Farm Road roadway would be required if either “Lot 13 and Lot 15” phase is applied for, or if “Lot 11 Phase” is
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applied for. Otherwise, each phase would be self-contained and review of final plat limited to the area
designated on the phasing plan.
Applicant currently intends to file Lot 13 and Lot 15 phase as its first final plat. This would therefore
require the O’Brien Farm Road Phase, as well as the Two Brothers Phase to be simultaneously filed. However,
Applicant is currently seeking financing approvals that may alter this plan, therefore a more flexible phasing plan
is requested in this application, as outlined below. Applicant would request the following timeline be approved
for submission of these final plats:
1. Final Plat Initial Phase: Within eighteen months from this permit amendment. Can be one or more
phases.
2. Final Plat Subsequent Phase: Within four years from this permit amendment, must file for an additional
building not included in the initial phase. This requirement may be extended up to six years if the initial
phase contains more than two buildings, such that only three buildings remain to be filed for final plat
by the fourth year.
3. Final Plat Remaining Phases: Within six years from this permit amendment, applicant must submit for all
six proposed buildings, unless additional amendments to the project timeline are requested by Applicant
and granted by the Development Review Board.
Given our initial conversations with staff we are hopeful that this amendment will have their support
but we are of course open to discussing the specifics of the phasing proposed and the reasoning behind our
request. We appreciate the Board and staff considering this request and recognizing that the construction of
390 dwellings is a multi-year endeavor. Having the ability to stagger the permitting in line with construction
intervals will allow the Applicant to produce a better project, more efficiently, which can adapt over time to
market conditions while preserving the security of the current regulatory environment under which the initial
investment in infrastructure will be made. We look forward to discussing this amendment with the board.
Thank you.
Sincerely,
Andrew Gill, Director of Development
Enclosures
LOCATION MAP
HILLSIDE @ O'BRIEN FARM - LOTS 10-15
South Burlington, Vermont
SITE
Lot 10Area = 0.9 ac
HILLSIDE @O'BRIEN FARM
OWNER AND APPLICANT:
ISSUED FOR PERMIT REVIEWNOT FOR CONSTRUCTION
PROPERTY INFORMATION:
PH-1
FINAL PLATPHASINGSUMMARY
Old Farm Road and Kennedy Drive,South Burlington, Vermont
O'BRIEN BROTHERS1855 WILLISTON ROADSOUTH BURLINGTON, VT 05403
LOTS 10-15
164 Main Street, Suite 201 P: (802) 878-0375Colchester, Vermont 05446email@krebsandlansing.comRevised Lot 14Area = 1.1 ac
Revised Lot 12Area = 1.6 ac
Revised Lot 13Area = 2.1 ac
Revised Lot 15Area = 2.3 ac
Revised Lot 17Area = 4.3 ac
Revised Lot 16Area = 7.3 ac
Revised Lot 11Area = 1.2 ac
GravelWetland #1
Gravel Wetland #2
8 Spaces (3 new)3 New Spaces
3 New Spaces
7 Spaces (2 new)
10 Spaces (5 new)
11 New Spaces
29 Parking Spaces
32 Parking Spaces
43 Parking Spaces
12 Parking Spaces
20 Parking Spaces
68 Parking Spaces
59 Parking Spaces
Proposed 33 Unit Building33 Garage Spaces
Proposed48 Unit Building40 Garage Spaces
Proposed 118 Unit Building101 Garage Spaces
Proposed 103 Unit Building82 Garage Spaces
Proposed 44 Unit Building33 Garage Spaces
Proposed 44 Unit Building33 Garage Spaces
New BikeRack
New BikeRack
New BikeRack
New BikeRack
New BikeRack
New BikeRack
SnowStorage
SnowStorage
SnowStorage
SnowStorage
SnowStorage
SnowStorage
SnowStorage
SnowStorage
SnowStorage
SnowStorage
Trash/Recycling
Trash/Recycling
Trash/Recycling
New MailBuildingand Trash/Recycling
Stoneretainingwall
Stoneretainingwall
5 New Spaces
NewSidewalkconnection
Refer to ExistingTree Location Planfor tree types andsizes
Brick veneerscreen wall
Brickveneerscreen wall
Top wall372.5
Top wall376.5
Future Gravel Wetland
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ŶĞdžƚƉŚĂƐĞŽĨĂƉƌĞǀŝŽƵƐůLJĂƉƉƌŽǀĞĚŵĂƐƚĞƌƉůĂŶĨŽƌƵƉƚŽϰϱϴĚǁĞůůŝŶŐƵŶŝƚƐĂŶĚƵƉƚŽϰϱ͕ϬϬϬƐĨ
ŽĨŽĨĨŝĐĞƐƉĂĐĞ͘dŚĞƉŚĂƐĞĐŽŶƐŝƐƚƐŽĨƐŝdž;ϲͿĨŽƵƌƐƚŽƌLJŵƵůƚŝͲĨĂŵŝůLJƌĞƐŝĚĞŶƚŝĂůďƵŝůĚŝŶŐƐǁŝƚŚĂ
ƚŽƚĂůŽĨϯϰϮĚǁĞůůŝŶŐƵŶŝƚƐ͕ŽĨǁŚŝĐŚϰϴĂƌĞƉƌŽƉŽƐĞĚŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐ͕ĂŶĚĂŶĂƵƚŽŵĂƚŝĐŽĨĨƐĞƚ
ŽĨϰϴĂĚĚŝƚŝŽŶĂůŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐ͕ĨŽƌĂƚŽƚĂůŽĨϯϵϬĚǁĞůůŝŶŐƵŶŝƚƐĂŶĚƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐ͕
ĂŶĚĂϭ͕ϭϬϬͲƐĨĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞ͕Ϯϱϱ<ĞŶŶĞĚLJƌŝǀĞ͘
Ϯ͘ dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚŝŶƚŚĞZĞƐŝĚĞŶƚŝĂůϭϮ͕ŽŵŵĞƌĐŝĂůϭͲ>Z͕ĂŶĚZĞƐŝĚĞŶƚŝĂůϭͲWZŽŶŝŶŐ
ŝƐƚƌŝĐƚƐ͘dŚĞƉƌŽũĞĐƚĂůƐŽůŝĞƐŝŶdƌĂĨĨŝĐKǀĞƌůĂLJŝƐƚƌŝĐƚƐŽŶĞϭĂŶĚŽŶĞϯĂƐǁĞůůĂƐƚŚĞdƌĂŶƐŝƚ
KǀĞƌůĂLJŝƐƚƌŝĐƚ͘dŚĞƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽƉĞƌƚLJƚŚĂƚŝƐƚŚĞƐƵďũĞĐƚŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶĐƌŽƐƐĞƐĂůů
ƚŚƌĞĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚƐƚŚŽƵŐŚƚŚĞŵĂũŽƌŝƚLJŝƐŝŶƚŚĞZĞƐŝĚĞŶƚŝĂůϭϮĚŝƐƚƌŝĐƚ͘
ϯ͘ dŚĞŽǁŶĞƌƐŽĨƌĞĐŽƌĚŽĨƚŚĞƐƵďũĞĐƚƉƌŽƉĞƌƚLJŝƐK͛ƌŝĞŶ&ĂƌŵZŽĂĚ͕>>
ϰ͘ dŚĞĂƉƉůŝĐĂƚŝŽŶǁĂƐƌĞĐĞŝǀĞĚŽŶƉƌŝůϳ͕ϮϬϮϬ͘
ϱ͘ dŚĞƉůĂŶƐƐƵďŵŝƚƚĞĚĐŽŶƐŝƐƚŽĨĨŽůůŽǁŝŶŐƐƵďŵŝƐƐŝŽŶĞůĞŵĞŶƚƐ͘KŶůLJƚŚĞŵŽƐƚƌĞĐĞŶƚƐƵďŵŝƐƐŝŽŶ
ŝƐůŝƐƚĞĚ͖ŵĂƚĞƌŝĂůƐƚŚĂƚǁĞƌĞĚŝƌĞĐƚůLJƐƵƉĞƌƐĞĚĞĚĂƌĞŽŵŝƚƚĞĚ͘
ĞƐĐƌŝƉƚŝŽŶWƌĞƉĂƌĞĚLJ ĂƚĞ
ďƵƚƚĞƌ>ŝƐƚhŶŬŶŽǁŶϮͬϮϰͬϮϬϮϬ
ĞƌŝĂůZĞŶĚĞƌŝŶŐhŶŬŶŽǁŶhŶĚĂƚĞĚ
ƌĐŚŝƚĞĐƚƵƌĂůZĞŶĚĞƌŝŶŐƐ͕ϲƉĂŐĞƐ^ĞƐŝŐŶϯͬϭϯͬϮϬϮϬ
Ƶƚͬ&ŝůůZĞƉŽƌƚhŶŬŶŽǁŶϮͬϮϱͬϮϬϮϬ
džŝƐƚŝŶŐdƌĞĞ>ŽĐĂƚŝŽŶWůĂŶ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϯͬϰͬϮϬϮϬ
&ůŽŽƌWůĂƚĞƐWŚĂƐĞKŶĞDƵůƚŝĨĂŵŝůLJKΖƌŝĞŶ&ĂƌŵƐ ^ĞƐŝŐŶϮͬϮϳͬϮϬϮϬ
,ŝůůƐŝĚĞĂƚKΖƌŝĞŶ&ĂƌŵŵĞŶŝƚLJƌĞĂƐ/ŵĂŐĞ^ŚĞĞƚ tĂŐŶĞƌ,ŽĚŐƐŽŶ ϳͬϭͬϮϬϮϬ
,ŝůůƐŝĚĞĂƚKΖƌŝĞŶ&ĂƌŵŵĞŶŝƚLJĞĐŬŽŶĐĞƉƚ tĂŐŶĞƌ,ŽĚŐƐŽŶ ϴͬϮϴͬϮϬϮϬ
η^ͲϮϬͲϭϲ
Ϯ
ϮŽĨϮϱ
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,ŝůůƐŝĚĞĂƚKΖƌŝĞŶ&ĂƌŵDĞĂĚŽǁĂŶĚ'ĂƌĂŐĞ
^ĐƌĞĞŶŝŶŐ/ŵĂŐĞ^ŚĞĞƚtĂŐŶĞƌ,ŽĚŐƐŽŶ ϳͬϭͬϮϬϮϬ
,ŝůůƐŝĚĞĂƚKΖƌŝĞŶ&ĂƌŵWƌŽƉŽƐĞĚWĂƌŬŝŶŐŶĂůLJƐŝƐ KΖƌŝĞŶƌŽƚŚĞƌƐ hŶĚĂƚĞĚ
>ĞƚƚĞƌŽĨǁĂƐƚĞǁĂƚĞƌĨůŽǁƐ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϮͬϮϰͬϮϬϮϬ
>ĞƚƚĞƌ͗KΖƌŝĞŶ,ŽŵĞ&ĂƌŵWhͲWŚĂƐĞϭ>ĂŵŽƵƌĞƵdžΘ
ŝĐŬŝŶƐŽŶϮͬϱͬϮϬϮϬ
>ĞƚƚĞƌ͗WƌĞůŝŵŝŶĂƌLJWůĂƚZĞǀŝĞǁ͗,ŝůůƐŝĚĞĂƚKΖƌŝĞŶ
&ĂƌŵDƵůƚŝĨĂŵŝůLJƉĂƌƚŵĞŶƚWƌŽũĞĐƚ^ƵƉƉůĞŵĞŶƚĂůKΖƌŝĞŶƌŽƚŚĞƌƐ ϵͬϭͬϮϬϮϬ
>ŽƚƐϭϬͲϭϱŽŶĐĞƉƚWůĂŶŝĂŐƌĂŵƐΘ ůĞǀĂƚŝŽŶƐ ^ĞƐŝŐŶϵͬϭͬϮϬϮϬ
DĂƐƚĞƌWůĂŶ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϮͬϲͬϮϬϮϬ
KΖƌŝĞŶ&ĂƌŵƐWŚĂƐĞ/DƵůƚŝͲ&ĂŵŝůLJ ŶƚƌLJĞƚĂŝůWůĂŶ tĂŐŶĞƌ,ŽĚŐƐŽŶ ϮͬϭϭͬϮϬϮϬ
KΖƌŝĞŶ&ĂƌŵƐWŚĂƐĞ/DƵůƚŝͲ&ĂŵŝůLJ&ŽƵƌŽƌŶĞƌƐ
ĞƚĂŝůWůĂŶtĂŐŶĞƌ,ŽĚŐƐŽŶ ϮͬϭϭͬϮϬϮϬ
KΖƌŝĞŶ&ĂƌŵƐ^ŝƚĞ>ŝŐŚƚŝŶŐ͕ϯƉĂŐĞƐ'ƌĞĞŶDŽƵŶƚĂŝŶ
ůĞĐƚƌŝĐ^ƵƉƉůLJϮͬϭϭͬϮϬϮϬ
WƌĞůŝŵŝŶĂƌLJtĂƚĞƌůůŽĐĂƚŝŽŶ^ŽƵƚŚƵƌůŝŶŐƚŽŶ
tĂƚĞƌĞƉĂƌƚŵĞŶƚϮͬϮϲͬϮϬϮϬ
^ŚĞĞƚͲϭKǀĞƌĂůů^ŝƚĞWůĂŶ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϯͬϲͬϮϬϮϬ
^ŚĞĞƚͲϭKǀĞƌĂůů^ŝƚĞWůĂŶĂŶŶŽƚĂƚĞĚǁŝƚŚƉĂƌĐĞů
ĂĚũƵƐƚŵĞŶƚƐ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϮͬϵͬϮϬϮϬ
^ŚĞĞƚͲϭŽŶŝŶŐWůĂŶ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϴͬϮϳͬϮϬϮϬ
^ŚĞĞƚͲϮ^ŝƚĞWůĂŶĂŶŶŽƚĂƚĞĚǁŝƚŚďŝŬĞƉĂƌŬŝŶŐ <ƌĞďƐΘ>ĂŶƐŝŶŐϯͬϲͬϮϬϮϬ
^ŚĞĞƚͲϮ^ŝƚĞWůĂŶĂŶŶŽƚĂƚĞĚǁŝƚŚƐĞƚďĂĐŬƐ <ƌĞďƐΘ>ĂŶƐŝŶŐ ϯͬϲͬϮϬϮϬ
^ŚĞĞƚͲϮƚŽͲϱ^ŝƚĞWůĂŶ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϯͬϲͬϮϬϮϬ
^ŚĞĞƚͲϲ^ŝƚĞWůĂŶΘWƌŽĨŝůĞ<ƌĞďƐΘ>ĂŶƐŝŶŐϯͬϲͬϮϬϮϬ
^ŚĞĞƚͲϳ^ŝƚĞWůĂŶ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϯͬϲͬϮϬϮϬ
^ŚĞĞƚ>ϭϬϬ>ĂŶĚƐĐĂƉĞWůĂŶWƌĞůŝŵŝŶĂƌLJWůĂƚtĂŐŶĞƌ,ŽĚŐƐŽŶ ϮͬϭϭͬϮϬϮϬ
^ŚĞĞƚ>Ϯ͘ϬWůĂŶƚŝŶŐĞƚĂŝůƐtĂŐŶĞƌ,ŽĚŐƐŽŶϮͬϮϱͬϮϬϮϬ
^ŚĞĞƚW>ͲϭWƌĞůŝŵŝŶĂƌLJWůĂƚ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϴͬϮϳͬϮϬϮϬ
^ŚĞĞƚyͲϭ džŝƐƚŝŶŐŽŶĚŝƚŝŽŶƐWůĂŶ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϭͬϮϰͬϮϬϮϬ
^ŚĞĞƚƐͲϭƚŽͲϭϮŝǀŝůĞƚĂŝůƐ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϯͬϲͬϮϬϮϬ
^ŚĞĞƚƐ>ϬϬϭͲ>ϬϬϰŽŶĐĞƉƚƵĂů^ŝƚĞWůĂŶtĂŐŶĞƌ,ŽĚŐƐŽŶ ϲͬϮϱͬϮϬϮϬ
^ŝƚĞ>ŝŐŚƚŝŶŐƵƚ^ŚĞĞƚƐ͕ϰƉĂŐĞƐ,ƵďďĞůůKƵƚĚŽŽƌ
>ŝŐŚƚŝŶŐhŶĚĂƚĞĚ
^ŝƚĞWůĂŶƌĞŶĚĞƌŝŶŐƐ͕ϴƉĂŐĞƐ>ŝŶĐŽůŶƌŽǁŶ hŶĚĂƚĞĚ
^ƚŽƌŵǁĂƚĞƌŽŵƉƵƚĂƚŝŽŶƐ͕ϭϵϰƉĂŐĞƐ<ƌĞďƐΘ>ĂŶƐŝŶŐ ϯͬϲͬϮϬϮϬ
dĂďůĞ͗ƵŝůĚŝŶŐ,ĞŝŐŚƚ͕&ŽŽƚĂŐĞĂŶĚhŶŝƚƌĞĂŬĚŽǁŶ KΖƌŝĞŶƌŽƚŚĞƌƐ ϴͬϯϭͬϮϬϮϬ
dĂďůĞ͗>ŽƚŽǀĞƌĂŐĞĂůĐƵůĂƚŝŽŶƐĂŶĚ^ĞƚďĂĐŬƐ KΖƌŝĞŶƌŽƚŚĞƌƐϴͬϯϭͬϮϬϮϬ
dƌĂƐŚŽŵƉĂĐƚŽƌƵdžŝůŝĂƌLJƵŝůĚŝŶŐƌĐŚŝƚĞĐƚƵƌĂůƐ ^ĞƐŝŐŶϯͬϭϯͬϮϬϮϬ
ϲ͘ dŚĞŽĂƌĚƌĞǀŝĞǁĞĚƐŬĞƚĐŚƉůĂŶĂƉƉůŝĐĂƚŝŽŶη^ͲϭϴͲϯϰĨŽƌƚŚŝƐƉƌŽũĞĐƚŽŶ&ĞďƌƵĂƌLJϱ͕ϮϬϭϵ͘
ϳ͘ dŚĞWƌŽũĞĐƚƌĞĐĞŝǀĞĚŵĂƐƚĞƌƉůĂŶĂƉƉƌŽǀĂůŝŶϮϬϭϲ;ηDWͲϭϲͲϬϯͿ͘dŚĞWƌŽũĞĐƚŝƐĐŽŶĐƵƌƌĞŶƚůLJ
η^ͲϮϬͲϭϲ
ϯ
ϯŽĨϮϱ
ƐĞĞŬŝŶŐDĂƐƚĞƌWůĂŶĂŵĞŶĚŵĞŶƚ;ηDWͲϮϬͲϬϭͿĂƐƌĞƋƵŝƌĞĚŝŶ>Z^ĞĐƚŝŽŶϭϱ͘Ϭϳ͘
ϴ͘ dŚĞƉƌŝŽƌƉŚĂƐĞĂƉƉƌŽǀĞĚϭϭϴƵŶŝƚƐŝŶƐŝŶŐůĞĨĂŵŝůLJĂŶĚƚǁŽͲĨĂŵŝůLJŚŽŵĞƐ͘dŚŝƐĂƉƉůŝĐĂƚŝŽŶ
ŝŶĐůƵĚĞƐϯϵϬƵŶŝƚƐ͕ĨŽƌĂƚŽƚĂůŽĨϱϬϴƵŶŝƚƐ͘dŚŝƐĂƉƉůŝĐĂƚŝŽŶĂůƐŽŝŶĐůƵĚĞƐϯ͕ϱϬϬƐƋƵĂƌĞĨĞĞƚŽĨ
ŽĨĨŝĐĞƐƉĂĐĞůŽĐĂƚĞĚŝŶŽŶĞŽĨƚŚĞŵƵůƚŝĨĂŵŝůLJďƵŝůĚŝŶŐƐ͘
Ϳ KE/E'/^dZ/dΘ/D E^/KE>Z Yh/Z D Ed^
ZϭϮŝƐƚƌŝĐƚZĞƋƵŝƌĞĚWƌŽƉŽƐĞĚ
DŝŶ͘>Žƚ^ŝnjĞ͕DƵůƚŝĨĂŵŝůLJϲ͕ϬϬϬƐĨͬƵŶŝƚ DŝŶϬ͘ϵϯĂĐƌĞƐ
DĂdž͘ƵŝůĚŝŶŐŽǀĞƌĂŐĞϰϬйϮϭй
DĂdž͘KǀĞƌĂůůŽǀĞƌĂŐĞϲϬйϰϱй
ΛDŝŶ͘&ƌŽŶƚ^ĞƚďĂĐŬ ϲĨƚͬϮϬĨƚ sĂƌŝĞƐ͕^ĞĞĚŝƐĐƵƐƐŝŽŶ
DŝŶ͘^ŝĚĞ^ĞƚďĂĐŬϭϬĨƚϭϬĨƚ
DŝŶ͘ZĞĂƌ^ĞƚďĂĐŬϯϬĨƚDĞƚ
DĂdž͘&ƌŽŶƚ^ĞƚďĂĐŬŽǀĞƌĂŐĞϯϬйhŶŬŶŽǁŶ͕^ĞĞĚŝƐĐƵƐƐŝŽŶ
Λ,ĞŝŐŚƚ;ĨůĂƚƌŽŽĨͿϯϱĨƚ͘ sĂƌŝĞƐ͕^ĞĞĚŝƐĐƵƐƐŝŽŶ
^ƚĂŶĚĂƌĚŵĞƚ
ΛǁĂŝǀĞƌƌĞƋƵĞƐƚĞĚ͕ƐĞĞďĞůŽǁ
>Žƚ^ŝnjĞ
dŚĞĂƉƉůŝĐĂŶƚŚĂƐƉƌŽƉŽƐŝŶŐƚŽƌĞĐŽŶĨŝŐƵƌĞƚŚĞƉƌĞǀŝŽƵƐůLJĂƉƉƌŽǀĞĚƉƌŽƉĞƌƚLJďŽƵŶĚĂƌŝĞƐĂƐƐŚŽǁŶŽŶƉůĂŶ
ƐŚĞĞƚW>Ͳϭ͘dŚĞŝŶǀŽůǀĞĚůŽƚƐĂƌĞůŽƚƐϭϬͲϭϱĂŶĚϭϳ͕ƚŚŽƵŐŚŽŶůLJůŽƚƐϭϭͲϭϱĂŶĚϭϳĂƌĞƉƌŽƉŽƐĞĚƚŽďĞ
ŵŽĚŝĨŝĞĚ͘ůůůŽƚƐĂƌĞƉƌŽƉŽƐĞĚƚŽďĞĂďŽǀĞƚŚĞŵŝŶŝŵƵŵůŽƚƐŝnjĞĨŽƌƚŚĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚ͘
>ŽƚŽǀĞƌĂŐĞ
dŚĞŵĂƐƚĞƌƉůĂŶĂƉƉƌŽǀĞĚŵĂdžŝŵƵŵŽǀĞƌĂůůĐŽǀĞƌĂŐĞŽĨϱϬй͕ĂŶĚĂŵĂdžŝŵƵŵďƵŝůĚŝŶŐĐŽǀĞƌĂŐĞŽĨϯϱй͘
ϭϱ͘ϬϮ;ϰͿ;ďͿƉƌŽŚŝďŝƚƐƚŚĞůŽƚĐŽǀĞƌĂŐĞŝŶĞĂĐŚnjŽŶŝŶŐĚŝƐƚƌŝĐƚĨƌŽŵĞdžĐĞĞĚŝŶŐƚŚĞŵĂdžŝŵƵŵĂůůŽǁĂďůĞŝŶ
ƚŚĂƚnjŽŶŝŶŐĚŝƐƚƌŝĐƚ͘ŽǀĞƌĂŐĞƐĨŽƌƚŚĞŝŶǀŽůǀĞĚnjŽŶŝŶŐĚŝƐƚƌŝĐƚƐĂƌĞĂƐĨŽůůŽǁƐ͘
ŝƐƚƌŝĐƚ DĂdž>ŽƚŽǀĞƌĂŐĞ WƌŽǀŝĚĞĚ>Žƚ
ŽǀĞƌĂŐĞ
DĂdžƵŝůĚŝŶŐ
ŽǀĞƌĂŐĞ
WƌŽǀŝĚĞĚƵŝůĚŝŶŐ
ŽǀĞƌĂŐĞ
ZϭϮϲϬйϰϱ͘ϬйϰϬйϮϭ͘Ϭй
ϭͲ>Z ϳϬйϲϮ͘ϴйϰϬйϯϱ͘ϳй
ZϭͲWZ ϮϱйϭϮ͘ϭйϭϱйϭϬ͘ϳй
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞZϭϮnjŽŶŝŶŐĚŝƐƚƌŝĐƚŵĂLJďĞĂƉƉůŝĞĚƚŽƚŚĞŝŶǀŽůǀĞĚĂƌĞĂǁŝƚŚŝŶƚŚĞ
ZϭͲWZnjŽŶŝŶŐĚŝƐƚƌŝĐƚĂƐĂůůŽǁĞĚƵŶĚĞƌϯ͘Ϭϯ^Ɖůŝƚ>ŽƚƐ͘
ƌŝǀĞǁĂLJĂŶĚƌŽĂĚĐŽǀĞƌĂŐĞŽĨĨƌŽŶƚƐĞƚďĂĐŬƐ;ϲĨƚ͕ƐĞĞĚŝƐĐƵƐƐŝŽŶďĞůŽǁͿŝƐůŝŵŝƚĞĚƚŽϯϬй͘dŚĞĂƉƉůŝĐĂŶƚŚĂƐ
ŶŽƚƉƌŽǀŝĚĞĚĂĐĂůĐƵůĂƚŝŽŶŽĨƚŚŝƐĐŽǀĞƌĂŐĞďƵƚƚŚŝƐĐƌŝƚĞƌŝŽŶĂƉƉĞĂƌƐƚŽďĞŵĞƚ͘
^ĞƚďĂĐŬƐ
dŚĞŵĂƐƚĞƌƉůĂŶĂƉƉƌŽǀĞĚĂĨƌŽŶƚƐĞƚďĂĐŬǁĂŝǀĞƌƚŽϲĨĞĞƚĨŽƌďƵŝůĚŝŶŐŐƌĞĂƚĞƌƚŚĂŶŽƌĞƋƵĂůƚŽĨŝǀĞƐƚŽƌŝĞƐ
ĂŶĚϮϬĨĞĞƚĨŽƌďƵŝůĚŝŶŐƐůĞƐƐƚŚĂŶĨŝǀĞƐƚŽƌŝĞƐ͘EŽǁĂŝǀĞƌǁĂƐŐƌĂŶƚĞĚĨŽƌƐŝĚĞƐĞƚďĂĐŬƐ;ϭϬĨƚŝŶƚŚĞZϭϮĂŶĚ
ϭͲ>ZͿŽƌƌĞĂƌƐĞƚďĂĐŬƐ;ϯϬĨƚŝŶƚŚĞZϭϮĂŶĚϭͲ>ZͿ͘ůůŝŶǀŽůǀĞĚƉĂƌĐĞůƐŚĂǀĞƚǁŽĨƌŽŶƚƐĂŶĚƚǁŽƐŝĚĞƐ͕ǁŝƚŚ
ƚŚĞĞdžĐĞƉƚŝŽŶŽĨ>ŽƚϭϬǁŚŝĐŚŚĂƐƚŚƌĞĞĨƌŽŶƚƐĂŶĚŽŶĞƐŝĚĞ͘
&ŝǀĞďƵŝůĚŝŶŐƐǁŝůůŚĂǀĞĨŽƵƌŚĂďŝƚĂďůĞƐƚŽƌŝĞƐ͕ĂŶĚŽŶĞůĞǀĞůŽĨƐƵďƐƵƌĨĂĐĞ͕ŽƌƉĂƌƚŝĂůůLJƐƵďƐƵƌĨĂĐĞ͕ƉĂƌŬŝŶŐ͘
dŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϰǁŝůůŚĂǀĞƚŚƌĞĞŚĂďŝƚĂďůĞƐƚŽƌŝĞƐĂŶĚŽŶĞůĞǀĞůŽĨƐƵďƐƵƌĨĂĐĞƉĂƌŬŝŶŐ͘dŚĞĚĞĨŝŶŝƚŝŽŶ
η^ͲϮϬͲϭϲ
ϰ
ϰŽĨϮϱ
ŽĨ͞ƐƚŽƌLJ͟ĚĞĨŝŶĞƐĂƉĂƌŬŝŶŐůĞǀĞůĂƐĂƐƚŽƌLJŝĨƚŚĞůĞǀĞůĂďŽǀĞŝƐĂŶĂǀĞƌĂŐĞŽĨϰͲĨĞĞƚĂďŽǀĞĂǀĞƌĂŐĞ
ƉƌĞĐŽŶƐƚƌƵĐƚŝŽŶŐƌĂĚĞŽƌƚŚĞƉĂƌŬŝŶŐůĞǀĞůŝƐĞdžƉŽƐĞĚŵŽƌĞƚŚĂŶϭϮĨĞĞƚĂƚĂŶLJƉŽŝŶƚ͘ĂƐĞĚŽŶĐĂůĐƵůĂƚŝŽŶƐ
ƉƌŽǀŝĚĞĚďLJƚŚĞĂƉƉůŝĐĂŶƚ͕ƚŚĞϲͲĨŽŽƚĨƌŽŶƚƐĞƚďĂĐŬĂƉƉůŝĞƐƚŽƚŚĞďƵŝůĚŝŶŐƐŽŶůŽƚƐϭϬͲϭϯĂŶĚůŽƚϭϱ͕ǁŚŝůĞĂ
ϮϬͲĨŽŽƚĨƌŽŶƚƐĞƚďĂĐŬĂƉƉůŝĞƐƚŽƚŚĞďƵŝůĚŝŶŐŽŶůŽƚϭϰ͘
dŚĞĂƉƉůŝĐĂŶƚŚĂƐƉƌŽǀŝĚĞĚĂŶĞdžŚŝďŝƚƐŚŽǁŝŶŐƚŚĞƉƌŽǀŝĚĞĚƐĞƚďĂĐŬƐĨŽƌĂůůƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐƐ͘dŚĞďƵŝůĚŝŶŐƐ
ŽŶůŽƚƐϭϬͲϭϯĂŶĚϭϱŵĞĞƚƚŚĞƌĞƋƵŝƌĞĚƐĞƚďĂĐŬƐ͘dŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϰŝƐƐĞƚďĂĐŬϭϬ͘ϴĨĞĞƚĨƌŽŵdǁŽ
ƌŽƚŚĞƌƐƌŝǀĞ͕ĂŶĚƌĞƋƵŝƌĞƐĂǁĂŝǀĞƌŽĨƚŚĞƌĞƋƵŝƌĞĚϮϬͲĨŽŽƚŵŝŶŝŵƵŵƐĞƚďĂĐŬ͘ĂƐĞĚŽŶƚŚĞƉƌŽƉŽƐĞĚ
ďƵŝůĚŝŶŐ͛ƐŝŶƚĞŐƌĂƚŝŽŶŝŶƚŽƚŚĞƉƌŽũĞĐƚĂŶĚƉƌĞůŝŵŝŶĂƌLJĚĞƐŝŐŶŽĨŝƚƐƐƚƌĞĞƚƉƌĞƐĞŶĐĞ͕ƚŚĞŽĂƌĚŐƌĂŶƚƐĂǁĂŝǀĞƌ
ŽĨƚŚĞďƵŝůĚŝŶŐƐĞƚďĂĐŬŽŶ>ŽƚϭϰĨƌŽŵϮϬĨĞĞƚƚŽϲĨĞĞƚ͘
dŚĞƌĞŝƐĂŶĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞƉƌŽƉŽƐĞĚŽŶ>Žƚϭϯ͘dŚĞŵŝŶŝŵƵŵƐĞƚďĂĐŬĨŽƌĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞƐŝƐϱĨĞĞƚ͘
ϴĨĞĞƚŝƐƉƌŽǀŝĚĞĚ͘
,ĞŝŐŚƚ
ĂƐĞĚ ŽŶ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ŽĨ ŚŝŐŚ ƋƵĂůŝƚLJ͕ ǀĂƌŝĞĚ ĂŶĚ ĐŽŵƉůĞŵĞŶƚĂƌLJ ĂƌĐŚŝƚĞĐƚƵƌĞ ĨŽƌ Ăůů ďƵŝůĚŝŶŐƐ ĂŶĚ
ůĂŶĚƐĐĂƉŝŶŐ͕ƚŚĞŽĂƌĚƉƌĞůŝŵŝŶĂƌŝůLJŐƌĂŶƚƐƚŚĞĨŽůůŽǁŝŶŐŵĂdžŝŵƵŵŚĞŝŐŚƚƐ͕ĂƐǁĂŝǀĞƌƐĨƌŽŵƚŚĞϯϱͲĨŽŽƚ
ŵĂdžŝŵƵŵĨŽƌĞĂĐŚŽĨƚŚĞŝŶǀŽůǀĞĚůŽƚƐ͘
>Žƚ DĂdž,ĞŝŐŚƚ
;ĨƚͿ
ϭϬ ϱϱ
ϭϭ ϱϲ
ϭϮ ϲϮ
ϭϯ ϱϴ
ϭϰ ϱϮ
ϭϱ ϱϳ
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĚĞŵŽŶƐƚƌĂƚĞƚŚĞŚĞŝŐŚƚŽĨƚŚĞĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞŽŶ>ŽƚϭϯŝƐŶŽ
ŐƌĞĂƚĞƌƚŚĂŶϭϱĨĞĞƚĂƚƚŚĞŶĞdžƚƐƚĂŐĞŽĨƌĞǀŝĞǁ͘
Ϳ ϭϴ͘Ϭϭ/E>h^/KEZzKE/E'
ƚƚŚŝƐƉƌĞůŝŵŝŶĂƌLJƉůĂƚůĞǀĞů͕ƚŚĞŽĂƌĚŚĂƐƉƌĞƉĂƌĞĚĨŝŶĚŝŶŐƐŽŶƚŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞƉƌŽƉŽƐĞĚ
ŝŶĐůƵƐŝŽŶĂƌLJŚŽƵƐŝŶŐ͕ďƵƚĚĞĨĞƌƐĨŝŶĚŝŶŐƐŽŶŚŽǁƚŚĞƌĞƋƵŝƌĞĚƉĞƌĐĞŶƚĂŐĞƐĂƌĞĂƚƚĂŝŶĞĚƚŽĨŝŶĂůƉůĂƚ͘
dŚŝƐŝƐďĞĐĂƵƐĞƚŚĞĂƉƉůŝĐĂŶƚŚĂƐŝŶĚŝĐĂƚĞĚƚŚĂƚƚŚĞLJĂƌĞƵŶĐĞƌƚĂŝŶĂďŽƵƚƚŚĞƚŽƚĂůƉƌŽƉŽƐĞĚŶƵŵďĞƌŽĨ
ƵŶŝƚƐ͘
hŶĚĞƌϭϴ͘Ϭϭ͕ϭϱйŽĨĂƉƉƌŽǀĞĚƌĞŶƚĂůĚǁĞůůŝŶŐƵŶŝƚƐƐƵďũĞĐƚƚŽƚŚŝƐĂƉƉůŝĐĂƚŝŽŶŵƵƐƚďĞŝŶĐůƵƐŝŽŶĂƌLJ͘dŚĞ
ĂƉƉůŝĐĂŶƚŝƐƚŚĞŶĂůůŽƚƚĞĚŽŶĞĂĚĚŝƚŝŽŶĂůŵĂƌŬĞƚƌĂƚĞĚǁĞůůŝŶŐƵŶŝƚĨŽƌĞĂĐŚƌĞƋƵŝƌĞĚŝŶĐůƵƐŝŽŶĂƌLJƌĞŶƚĂů
ƵŶŝƚĂƐĂŶŽĨĨƐĞƚ͘dŚĞĂƉƉůŝĐĂŶƚŝŶƚŚĞŝƌĐŽǀĞƌŵĞŵŽŽĨϵͬϭͬϮϬϮϬŚĂƐŝŶĚŝĐĂƚĞĚƚŚĞLJŶŽǁĂŶƚŝĐŝƉĂƚĞ
ĐŽŶƐƚƌƵĐƚŝŶŐϯϵϮƵŶŝƚƐ͕ŽĨǁŚŝĐŚϰϵǁŝůůďĞŝŶĐůƵƐŝŽŶĂƌLJ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽƉŽƐĞĂŶĚ
ĐŽŵŵŝƚƚŽĂƐƉĞĐŝĨŝĐŶƵŵďĞƌŽĨƵŶŝƚƐĂƚĨŝŶĂůƉůĂƚ͕ǁŚŝĐŚŶƵŵďĞƌŵĂLJĚŝĨĨĞƌĨƌŽŵƚŚĞĐƵƌƌĞŶƚůLJƉƌŽƉŽƐĞĚ
ƵŶŝƚĐŽƵŶƚďLJŶŽŵŽƌĞƚŚĂŶϱй͘
;ϮͿ /ŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐƐĞĐƚŝŽŶƐŚĂůůďĞ͗
;ĂͿ ŽŶƐƚƌƵĐƚĞĚŽŶƐŝƚĞ͕ƵŶůĞƐƐŽĨĨͲƐŝƚĞĐŽŶƐƚƌƵĐƚŝŽŶŝƐĂƉƉƌŽǀĞĚƵŶĚĞƌ^ƵďƐĞĐƚŝŽŶ; Ϳ;ϭͿ;ďͿ
;KĨĨͲ^ŝƚĞŽŶƐƚƌƵĐƚŝŽŶͿŽĨƚŚŝƐƌƚŝĐůĞ͘
dŚĞĂƉƉůŝĐĂŶƚŝƐƉƌŽƉŽƐŝŶŐƚŽĐŽŶƐƚƌƵĐƚƵŶŝƚƐŽŶƐŝƚĞ͘
;ďͿ /ŶƚĞŐƌĂƚĞĚŝŶƚŽƚŚĞŽǀĞƌĂůůƉƌŽũĞĐƚůĂLJŽƵƚĂŶĚƐŝŵŝůĂƌŝŶĂƌĐŚŝƚĞĐƚƵƌĂůƐƚLJůĞĂŶĚŽƵƚǁĂƌĚ
ĂƉƉĞĂƌĂŶĐĞƚŽŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐŝŶƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͘
η^ͲϮϬͲϭϲ
ϱ
ϱŽĨϮϱ
;ŝͿ /ŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐƐŚĂůůďĞƉŚLJƐŝĐĂůůLJŝŶƚĞŐƌĂƚĞĚŝŶƚŽĂŶĚĐŽŵƉůĞŵĞŶƚƚŚĞŽǀĞƌĂůů
ůĂLJŽƵƚ͕ƐĐĂůĞ͕ĂŶĚŵĂƐƐŝŶŐŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͖ƚŚŝƐĐƌŝƚĞƌŝŽŶŵĂLJďĞĂĐŚŝĞǀĞĚŝŶ
ĂƐŝŶŐůĞďƵŝůĚŝŶŐŽƌŵƵůƚŝƉůĞďƵŝůĚŝŶŐƐ͘
dŚĞĂƉƉůŝĐĂŶƚƉƌŽǀŝĚĞĚƚŚĞĨŽůůŽǁŝŶŐƐƵƉƉůĞŵĞŶƚĂůƚĞƐƚŝŵŽŶLJŽŶƚŚŝƐĐƌŝƚĞƌŝŽŶ͗
ƉƉůŝĐĂŶƚĚŝƐĐƵƐƐĞĚƚŚŝƐĂƚůĞŶŐƚŚǁŝƚŚƚŚĞŽĂƌĚ͘dŚĞƐƉĞĐŝĨŝĐƚĞdžƚŽĨƚŚĞƌĞŐƵůĂƚŝŽŶƐ
ǀĞƌLJĐůĞĂƌůLJƐƚĂƚĞƐ͗͞/ŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐƐŚĂůůďĞƉŚLJƐŝĐĂůůLJŝŶƚĞŐƌĂƚĞĚŝŶƚŽĂŶĚ
ĐŽŵƉůĞŵĞŶƚƚŚĞŽǀĞƌĂůůůĂLJŽƵƚ͕ƐĐĂůĞ͕ĂŶĚŵĂƐƐŝŶŐŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͖ƚŚŝƐ
ĐƌŝƚĞƌŝŽŶŵĂLJďĞĂĐŚŝĞǀĞĚŝŶĂƐŝŶŐůĞďƵŝůĚŝŶŐ͟;ĞŵƉŚĂƐŝƐĂĚĚĞĚͿ͘ƐƐƚĂƚĞĚŚĞƌĞ͕ƚŚĞ
ŝŶƚĞŐƌĂƚŝŽŶŽĨƚŚĞŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐĐĂŶďĞĂĐŚŝĞǀĞĚŝŶĂƐŝŶŐůĞďƵŝůĚŝŶŐ͘ƐĚŝƐĐƵƐƐĞĚĂƚ
ƚŚĞŚĞĂƌŝŶŐ͕ĂŶĚǀĞƌŝĨŝĞĚďLJŵĞŵďĞƌƐŽĨƚŚĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĐŽŵŵŝƚƚĞĞŝŶ
ĂƚƚĞŶĚĂŶĐĞ͕ƚŚĞŝŶƚĞŶƚŝŽŶŽĨƚŚŝƐƐƉĞĐŝĨŝĐůĂŶŐƵĂŐĞǁĂƐƚŽĂůůŽǁĨŽƌƚŚĞŝŶĐůƵƐŝŽŶĂƌLJ
ĐŽŵƉŽŶĞŶƚƐŽĨƉƌŽũĞĐƚƐƚŽďĞďƵŝůƚďLJŶŽŶͲƉƌŽĨŝƚĂŶĚŽƚŚĞƌůŽǁͲŝŶĐŽŵĞĨŽĐƵƐĞĚŚŽƵƐŝŶŐ
ĚĞǀĞůŽƉĞƌƐ͕ĂƐƉƌŽƉŽƐĞĚŝŶƚŚŝƐWƌŽũĞĐƚ͘ůŝŬĞůLJďĞŶĞĨŝƚŽĨƚŚŝƐƉƌŽƉŽƐĂůŝƐƚŚĂƚƚŚĞ
ƉƌŽƉŽƐĞĚŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐŵĂLJĂĐŚŝĞǀĞĂĚĞĞƉĞƌĂĨĨŽƌĚĂďŝůŝƚLJƚŚĂŶƚŚĞLJŽƚŚĞƌǁŝƐĞ
ǁŽƵůĚ͕ŝĨŵŝdžĞĚŝŶƚŽĞĂĐŚŵĂƌŬĞƚͲƌĂƚĞďƵŝůĚŝŶŐ͕ĚƵĞƚŽƚŚĞĨŝŶĂŶĐŝŶŐŵĞĐŚĂŶŝƐŵƐ͘
ƉƉůŝĐĂŶƚĂůƐŽŶŽƚĞĚƚŚĂƚƚŚŝƐďƵŝůĚŝŶŐŝƐƉƌŽŵŝŶĞŶƚŝŶƚŚĞƉƌŽũĞĐƚ͕ŽĐĐƵƉLJŝŶŐŽŶĞŽĨƚŚĞ
ĨŽƵƌĐŽƌŶĞƌƐŽĨƚŚĞŵĂũŽƌŝŶƚĞƌƐĞĐƚŝŽŶƉƌŽƉŽƐĞĚ͕ĚŝƌĞĐƚůLJĂĐƌŽƐƐƚŚĞƐƚƌĞĞƚĂŶĚŝŶďĞƚǁĞĞŶ
ƚǁŽŽƚŚĞƌŵĂƌŬĞƚƌĂƚĞďƵŝůĚŝŶŐƐ͘/ƚŝƐĐĞƌƚĂŝŶůLJŝŶƚĞŐƌĂƚĞĚŝŶƚŚĞĨĂďƌŝĐŽĨƚŚĞƉůĂŶĂƐŝƚŝƐ
ĂĐĞŶƚƌĂůĞůĞŵĞŶƚŽĨƚŚĞƉůĂŶĂŶĚŽŶĞŽĨƚŚĞŵŽƐƚƉƌŽŵŝŶĞŶƚďƵŝůĚŝŶŐƐŝŶƚŚĞƉůĂŶ͘
ƉƉůŝĐĂŶƚďĞůŝĞǀĞƐƚŚĞďŽĂƌĚǁĂƐƐĂƚŝƐĨŝĞĚƚŚŝƐĐƌŝƚĞƌŝŽŶǁĂƐŵĞƚ͕ĂŶĚƐŽŶŽĂĚĚŝƚŝŽŶĂů
ŝŶĨŽƌŵĂƚŝŽŶŝƐƉƌŽǀŝĚĞĚŚĞƌĞ͘
WƌŽǀŝƐŝŽŶŽĨƚŚĞƵŶŝƚƐŝŶĂƐŝŶŐůĞďƵŝůĚŝŶŐŵĞĞƚƐƚŚŝƐĐƌŝƚĞƌŝŽŶƉƌŽǀŝĚĞĚƚŚĞLJĂƌĞŝŶƚĞŐƌĂƚĞĚŝŶƚŽ
ĂŶĚĐŽŵƉůĞŵĞŶƚƚŚĞŽǀĞƌĂůůůĂLJŽƵƚ͕ƐĐĂůĞĂŶĚŵĂƐƐŝŶŐŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚ͕ďƵƚƚŚŝƐ
ĐƌŝƚĞƌŝŽŶĚŽĞƐŶŽƚƌĞƐƚƌŝĐƚƚŚĞŽĂƌĚĨƌŽŵƌĞƋƵŝƌŝŶŐƚŚĞƐŝŶŐůĞďƵŝůĚŝŶŐƚŽĐŽŶƚĂŝŶĂŵŝdžƚƵƌĞŽĨ
ŝŶĐůƵƐŝŽŶĂƌLJĂŶĚŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐŽƌĨƌŽŵƌĞƋƵŝƌŝŶŐŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐƚŽďĞůŽĐĂƚĞĚǁŝƚŚŝŶ
ŽƚŚĞƌďƵŝůĚŝŶŐƐ͘
EŽƚǁŝƚŚƐƚĂŶĚŝŶŐ͕ƚŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵĂLJƉƌŽǀŝĚĞĂůůŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐǁŝƚŚŝŶƚŚĞ
ďƵŝůĚŝŶŐŽŶ>ŽƚϭϮĂŶĚŵĂLJĞůĞĐƚƚŽŶŽƚƉƌŽǀŝĚĞĂŶLJŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐǁŝƚŚŝŶƚŚĞďƵŝůĚŝŶŐŽŶ
>ŽƚϭϮ͘
;ŝŝͿ /ŶĐůƵƐŝŽŶĂƌLJ ƵŶŝƚƐ ƐŚĂůů ďĞ ĐŽŶƐƚƌƵĐƚĞĚ ǁŝƚŚ ƚŚĞ ƐĂŵĞ ĞdžƚĞƌŝŽƌŵĂƚĞƌŝĂůƐ ĂŶĚ
ĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƐŝŐŶĚĞƚĂŝůƐƋƵĂůŝƚLJŽĨƚŚŽƐĞŽĨƚŚĞŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘
,ŽǁĞǀĞƌ͕ƚŚĞĞdžƚĞƌŝŽƌĚŝŵĞŶƐŝŽŶƐŽĨƚŚĞŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐŵĂLJĚŝĨĨĞƌĨƌŽŵƚŚŽƐĞŽĨƚŚĞ
ŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐĐƌŝƚĞƌŝŽŶƉƌĞůŝŵŝŶĂƌŝůLJŵĞƚ͘
;ŝŝŝͿ /ŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐƐŚĂůůďĞŶŽůĞƐƐĞŶĞƌŐLJĞĨĨŝĐŝĞŶƚƚŚĂŶŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐ͖
dŚĞŽĂƌĚĨŝŶĚƐƉƌŽǀŝƐŝŽŶŽĨƚŚĞ ^ĐĞƌƚŝĨŝĐĂƚĞǁŝůůĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐ
ĐƌŝƚĞƌŝŽŶ͘dŚĞ ^ĐĞƌƚŝĨŝĐĂƚĞŵƵƐƚďĞƉƌŽǀŝĚĞĚƉƌŝŽƌƚŽŝƐƐƵĂŶĐĞŽĨĂĐĞƌƚŝĨŝĐĂƚĞŽĨŽĐĐƵƉĂŶĐLJ
ĨŽƌƚŚĞďƵŝůĚŝŶŐ͘
;ŝǀͿ /ŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐŵĂLJĚŝĨĨĞƌĨƌŽŵŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐǁŝƚŚƌĞŐĂƌĚƚŽďŽƚŚŝŶƚĞƌŝŽƌ
ĂŵĞŶŝƚŝĞƐĂŶĚĂŵŽƵŶƚŽĨ,ĂďŝƚĂďůĞƌĞĂ͘,ŽǁĞǀĞƌ͕ƚŚĞŵŝŶŝŵƵŵ,ĂďŝƚĂďůĞƌĞĂ
ŽĨŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐƐŚĂůůďĞϰϱϬƐƋƵĂƌĞĨĞĞƚĨŽƌƐƚƵĚŝŽƐ͕ϲϱϬƐƋƵĂƌĞĨĞĞƚĨŽƌϭͲ
ďĞĚƌŽŽŵƵŶŝƚƐ͕ϵϬϬƐƋƵĂƌĞĨĞĞƚĨŽƌϮͲďĞĚƌŽŽŵƵŶŝƚƐĂŶĚϭ͕ϮϬϬƐƋƵĂƌĞĨĞĞƚĨŽƌƚŚƌĞĞ
;ϯͿŽƌŵŽƌĞďĞĚƌŽŽŵƐ͘/ĨƚŚĞĂǀĞƌĂŐĞ;ŵĞĂŶͿĂƌĞĂŽĨƚŚĞ,ĂďŝƚĂďůĞƌĞĂŽĨƚŚĞ
ŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐŝƐůĞƐƐƚŚĂŶƚŚĞŵŝŶŝŵƵŵĂƌĞĂƌĞƋƵŝƌĞĚĨŽƌƚŚĞ,ĂďŝƚĂďůĞƌĞĂŽĨ
η^ͲϮϬͲϭϲ
ϲ
ϲŽĨϮϱ
ŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐ͕ƚŚĞŶƚŚĞ,ĂďŝƚĂďůĞƌĞĂŽĨƚŚĞŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐƐŚĂůůďĞŶŽůĞƐƐ
ƚŚĂŶϵϬйŽĨƚŚĞĂǀĞƌĂŐĞ;ŵĞĂŶͿ,ĂďŝƚĂďůĞƌĞĂŽĨƚŚĞŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐĐƌŝƚĞƌŝŽŶĂƐƉĂƌƚŽĨƚŚĞ
ĨŝŶĂůƉůĂƚĂƉƉůŝĐĂƚŝŽŶ͘
;ǀͿ /ŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐĚĞǀĞůŽƉĞĚĂƐƉĂƌƚŽĨĂŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚŽĨƉƌĞĚŽŵŝŶĂŶƚůLJ
ŵĂƌŬĞƚ ƌĂƚĞ ĚƵƉůĞdžĞƐ ĂŶĚͬŽƌ ŵƵůƚŝͲĨĂŵŝůLJ ĚǁĞůůŝŶŐƐ ŵĂLJ ďĞ ŽĨ ǀĂƌŝĞĚ ƚLJƉĞƐ͘
/ŶĐůƵƐŝŽŶĂƌLJ ƵŶŝƚƐ ĚĞǀĞůŽƉĞĚ ĂƐ ƉĂƌƚ ŽĨ Ă ƉƌĞĚŽŵŝŶĂŶƚůLJͲƐŝŶŐůĞͲĨĂŵŝůLJ ŚŽƵƐŝŶŐ
ĚĞǀĞůŽƉŵĞŶƚŵĂLJďĞĂĐĐŽŵŵŽĚĂƚĞĚŝŶďƵŝůĚŝŶŐƐĐŽŶƚĂŝŶŝŶŐƵƉƚŽĨŽƵƌ;ϰͿĚǁĞůůŝŶŐ
ƵŶŝƚƐƚŚĂƚŚĂǀĞƚŚĞĂƉƉĞĂƌĂŶĐĞŽĨƐŝŶŐůĞĨĂŵŝůLJŚŽŵĞƐƚŚƌŽƵŐŚƚŚĞŝƌƐĐĂůĞ͕ŵĂƐƐŝŶŐ͕
ĂŶĚĂƌĐŚŝƚĞĐƚƵƌĂůƐƚLJůĞ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐĐƌŝƚĞƌŝŽŶŵĞƚ͘
;ǀŝͿ dŚĞƌĞƐŚĂůůďĞŶŽŝŶĚŝĐĂƚŝŽŶƐĨƌŽŵĐŽŵŵŽŶĂƌĞĂƐƚŚĂƚƚŚĞƐĞƵŶŝƚƐĂƌĞŝŶĐůƵƐŝŽŶĂƌLJ
ƵŶŝƚƐ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐĐƌŝƚĞƌŝŽŶƉƌĞůŝŵŝŶĂƌŝůLJŵĞƚ͘
;ǀŝŝͿ dŚĞĂǀĞƌĂŐĞ;ŵĞĂŶͿŶƵŵďĞƌŽĨďĞĚƌŽŽŵƐŝŶƚŚĞŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐƐŚĂůůďĞŶŽĨĞǁĞƌ
ƚŚĂŶ ƚŚĞ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ďĞĚƌŽŽŵƐ ŝŶ ƚŚĞ ŵĂƌŬĞƚ ƌĂƚĞ ƵŶŝƚƐ͘&Žƌ ƉƌŽũĞĐƚƐ
ŝŶǀŽůǀŝŶŐϱϬŽƌŵŽƌĞĚǁĞůůŝŶŐƵŶŝƚƐ͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂƌĞǀŝƐĞĚĞƐƚŝŵĂƚĞ
ƚŽƚŚĞĚŵŝŶŝƐƚƌĂƚŝǀĞKĨĨŝĐĞƌĂƚĞĂĐŚŝŶƚĞƌǀĂůŽĨϱϬĚǁĞůůŝŶŐƵŶŝƚƐ͖ƚŚĞƌĞǀŝƐĞĚ
ĞƐƚŝŵĂƚĞƐŚĂůůĂĐĐŽƵŶƚĨŽƌƚŚĞĚŝĨĨĞƌĞŶĐĞƐŝŶĞƐƚŝŵĂƚĞƐǀƐ͘ĂĐƚƵĂůƐĨŽƌƚŚĞƵŶŝƚƐ
ƉĞƌŵŝƚƚĞĚƚŽĚĂƚĞĂŶĚƐŚĂůůĂƉƉůLJƚŽŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐĨŽƌǁŚŝĐŚƚŚĞĚŵŝŶŝƐƚƌĂƚŝǀĞ
KĨĨŝĐĞƌŚĂƐŶŽƚŝƐƐƵĞĚĂnjŽŶŝŶŐƉĞƌŵŝƚ͘
ƐŶŽƚĞĚĂďŽǀĞ͕ƚŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽƉŽƐĞĂŶĚĐŽŵŵŝƚƚŽĂƐƉĞĐŝĨŝĐŶƵŵďĞƌ
ŽĨƵŶŝƚƐĂƚĨŝŶĂůƉůĂƚ͕ǁŚŝĐŚŶƵŵďĞƌŵĂLJĚŝĨĨĞƌĨƌŽŵƚŚĞĐƵƌƌĞŶƚůLJƉƌŽƉŽƐĞĚƵŶŝƚĐŽƵŶƚďLJŶŽ
ŵŽƌĞƚŚĂŶϱй͘
;ǀŝŝŝͿ hŶĨŝŶŝƐŚĞĚ ƐƉĂĐĞ ǁŝƚŚŝŶ ĂŶ /ŶĐůƵƐŝŽŶĂƌLJ KǁŶĞƌƐŚŝƉ hŶŝƚ ƚŚĂƚ ŝƐŶŽƚ ŝŶŝƚŝĂůůLJ
ĐŽŶƐƚƌƵĐƚĞĚĂƐďĞĚƌŽŽŵ͕ďƵƚǁŚŝĐŚĐĂŶďĞĐŽŶǀĞƌƚĞĚƚŽƐƵĐŚ͕ŵĂLJĐŽƵŶƚĂƐĂ
ďĞĚƌŽŽŵ͘EŽŵŽƌĞƚŚĂŶŽŶĞ;ϭͿďĞĚƌŽŽŵƉĞƌŝŶĐůƵƐŝŽŶĂƌLJŽǁŶĞƌƐŚŝƉƵŶŝƚŵĂLJďĞ
ĐŽƵŶƚĞĚŝŶƚŚŝƐŵĂŶŶĞƌ͘
dŚĞĂƉƉůŝĐĂŶƚŝƐŶŽƚƉƌŽƉŽƐŝŶŐƚŽƵƐĞƚŚŝƐƉƌŽǀŝƐŝŽŶ͘
;ĐͿ ŽŶƐƚƌƵĐƚĞĚĂŶĚŵĂĚĞĂǀĂŝůĂďůĞĨŽƌŽĐĐƵƉĂŶĐLJĐŽŶĐƵƌƌĞŶƚůLJǁŝƚŚŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐ͘
dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂƉƌŽƉŽƐĞĚƉŚĂƐŝŶŐƉůĂŶĚĞŵŽŶƐƚƌĂƚŝŶŐĐŽŶĐƵƌƌĞŶƚĚĞǀĞůŽƉŵĞŶƚ
ĂŶĚŽĐĐƵƉĂŶĐLJŽĨƚŚĞŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐĂŶĚƚŚĞŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐ͘dŚĞĞǀĞůŽƉŵĞŶƚZĞǀŝĞǁ
ŽĂƌĚŵĂLJĂƚƚĂĐŚĐŽŶĚŝƚŝŽŶƐŶĞĐĞƐƐĂƌLJƚŽĂƐƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐƐĞĐƚŝŽŶĂŶĚŵĂLJ͕ďĂƐĞĚ
ŽŶĚŽĐƵŵĞŶƚĂƚŝŽŶĨƌŽŵĂĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶĚĞŶLJŝŶŐĨŝŶĂŶĐŝŶŐŽƌŽŶƉŚLJƐŝĐĂůƐŝƚĞĐŽŶƐƚƌĂŝŶƚƐ͕
ĂƉƉƌŽǀĞĂƉůĂŶĂůůŽǁŝŶŐŶŽŶͲĐŽŶĐƵƌƌĞŶƚĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐ͘
dŚĞŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐĂƌĞƉƌŽƉŽƐĞĚŽŶ>ŽƚϭϮ͘dŚĞĂƉƉůŝĐĂŶƚƉƌŽǀŝĚĞĚƚŚĞĨŽůůŽǁŝŶŐƚĞƐƚŝŵŽŶLJ
ŽŶƚŚŝƐĐƌŝƚĞƌŝŽŶ
dŚĞƉƉůŝĐĂŶƚŝƐƉƌŽƉŽƐŝŶŐĂƉŚĂƐĞĚƉƌŽũĞĐƚ͘dŚĞŝŶŝƚŝĂůƉŚĂƐĞƉƌŽƉŽƐĞĚǁŽƵůĚƐĞĞ
ĚĞǀĞůŽƉŵĞŶƚŽĨ>ŽƚϭϯĂŶĚ>ŽƚϭϱƐŝŵƵůƚĂŶĞŽƵƐůLJǁŝƚŚƚŚĞŵĂƌŬĞƚƌĂƚĞĂƉĂƌƚŵĞŶƚƐ
ŽƵƚůŝŶĞĚ͘^ƵďƐĞƋƵĞŶƚƉŚĂƐĞƐǁŝůůƐĞĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƌĞŵĂŝŶŝŶŐŵĂƌŬĞƚƌĂƚĞĂŶĚ
ŝŶĐůƵƐŝŽŶĂƌLJĂƉĂƌƚŵĞŶƚƐ͘dŚĞƉƉůŝĐĂŶƚŚĂƐƉĂƌƚŶĞƌĞĚǁŝƚŚĂŶŽŶͲƉƌŽĨŝƚǁŚŽƌĞůŝĞƐŽŶ
ĨƵŶĚŝŶŐĐLJĐůĞƐĂŶĚƐƵďƐŝĚŝĞƐĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞŝŶĐůƵƐŝŽŶĂƌLJĂƉĂƌƚŵĞŶƚƐ͘'ŝǀĞŶƚŚŝƐ͕
ƚŚĞLJĂƌĞƵŶĂďůĞƚŽƉƌŽǀŝĚĞĂĨŝƌŵĚĂƚĞĨŽƌŽĐĐƵƉĂŶĐLJĂŶĚĐŽŵƉůĞƚŝŽŶŽĨƚŚĂƚĐŽŵƉŽŶĞŶƚ
ǁŚŝĐŚĚĞƉĞŶĚƐŽŶĂǀĂŝůĂďŝůŝƚLJŽĨƐƵďƐŝĚŝĞƐ͘ƉƉůŝĐĂŶƚŝƐǁŝůůŝŶŐƚŽĂĐĐĞƉƚĂĐŽŶĚŝƚŝŽŶƚŚĂƚ
η^ͲϮϬͲϭϲ
ϳ
ϳŽĨϮϱ
ǁŽƵůĚƌĞƐƚƌŝĐƚĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞĨŝŶĂůŵĂƌŬĞƚƌĂƚĞďƵŝůĚŝŶŐƵŶƚŝůƚŚĞŝŶĐůƵƐŝŽŶĂƌLJ
ĐŽŵƉŽŶĞŶƚŝƐĐŽŵƉůĞƚĞĚ͕ĂŶĚďĞůŝĞǀĞƐƚŚĂƚǁŽƵůĚƐĂƚŝƐĨLJƚŚŝƐĐƌŝƚĞƌŝŽŶ͘dŚŝƐǁĂƐ
ƐƵŐŐĞƐƚĞĚďLJƚŚĞŽĂƌĚĂƚŽƵƌŵĞĞƚŝŶŐĂƐĂŶĂůƚĞƌŶĂƚŝǀĞ͕ĂŶĚǁĞǁŽƵůĚďĞƐƵƉƉŽƌƚŝǀĞŽĨ
ƚŚĂƚ͘ŚĂŵƉůĂŝŶ,ŽƵƐŝŶŐdƌƵƐƚŝƐĂůƐŽĂďůĞƚŽƉƌŽǀŝĚĞĐůĂƌŝƚLJŽŶƚŚĞŝƌƉƌŽĐĞƐƐĂŶĚŐŽĂůƐ
ĨŽƌƚŚĞƉĂƌĐĞů͕ĂŶĚĞǀĞŶĂůĞƚƚĞƌĐŽŶĨŝƌŵŝŶŐƚŚĞŝƌŝŶƚĞŶƚƚŽĚĞǀĞůŽƉƚŚĞƉĂƌĐĞů͕ŝĨ
ŶĞĐĞƐƐĂƌLJ͘/ŶĐƵƌƌĞŶƚƉůĂŶŶŝŶŐ͕ƉƉůŝĐĂŶƚĞdžƉĞĐƚƐƚŽďĞŐŝŶŝƚƐĨŝƌƐƚƉŚĂƐĞŽĨĐŽŶƐƚƌƵĐƚŝŽŶ
ŝŶϮϬϮϮ͕ĂŶĚĐŽŵƉůĞƚĞƚŚĞƉŚĂƐĞŝŶϮϬϮϰ͘ŚĂŵƉůĂŝŶ,ŽƵƐŝŶŐdƌƵƐƚǁŽƵůĚĂŶƚŝĐŝƉĂƚĞ
ŐĞƚƚŝŶŐĨƵŶĚŝŶŐůŝŬĞůLJďĞƚǁĞĞŶϮϬϮϮͲϮϬϮϰĂƐĚŝƐĐƵƐƐĞĚƐŽĨĂƌ͘'ŝǀĞŶƚŚŝƐ͕ŝƚǁŽƵůĚƐĞĞŵ
ƚŚĞďƵŝůĚŝŶŐǁŝůůůŝŬĞůLJďĞďƵŝůƚĐŽŶĐƵƌƌĞŶƚůLJ͕ƚŚŽƵŐŚƚŚĞĨƵŶĚŝŶŐŝƐŶŽƚĐŽŶĨŝƌŵĞĚ͕ĂŶĚƐŽ
ĂĐŽŶĚŝƚŝŽŶƚŽƚŚĂƚĞŶĚǁŽƵůĚŶŽƚďĞǁŽƌŬĂďůĞ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŽďƚĂŝŶĂnjŽŶŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞďƵŝůĚŝŶŐĐŽŶƚĂŝŶŝŶŐƚŚĞ
ŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐŶŽůĂƚĞƌƚŚĂŶƚŚĞĨŽƵƌƚŚƉƌŝŶĐŝƉĂůďƵŝůĚŝŶŐ͘dŚĞĂƉƉůŝĐĂŶƚŵĂLJŽďƚĂŝŶĂnjŽŶŝŶŐ
ƉĞƌŵŝƚĨŽƌƚŚĞĨŝĨƚŚƉƌŝŶĐŝƉĂůďƵŝůĚŝŶŐǁŚŝůĞƚŚĞŝŶĐůƵƐŝŽŶĂƌLJďƵŝůĚŝŶŐŝƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞ
ĂƉƉůŝĐĂŶƚŵƵƐƚƌĞĐĞŝǀĞĂĐĞƌƚŝĨŝĐĂƚĞŽĨŽĐĐƵƉĂŶĐLJĨŽƌƚŚĞďƵŝůĚŝŶŐĐŽŶƚĂŝŶŝŶŐƚŚĞŝŶĐůƵƐŝŽŶĂƌLJ
ƵŶŝƚƐƉƌŝŽƌƚŽŝƐƐƵĂŶĐĞŽĨĂnjŽŶŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞƐŝdžƚŚƉƌŝŶĐŝƉĂůďƵŝůĚŝŶŐ͘/ĨƚŚĞĂƉƉůŝĐĂŶƚ
ŵŽĚŝĨŝĞƐƚŚĞŝƌƉƌŽƉŽƐĂůƚŽĐŽŶƐƚƌƵĐƚĂůůƚŚĞƌĞƋƵŝƌĞĚŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐŝŶƚŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϮ
ĂƚĨŝŶĂůƉůĂƚ͕ƚŚŝƐĐŽŶĚŝƚŝŽŶƐŚĂůůĂůƐŽďĞƌĞĞǀĂůƵĂƚĞĚ͘
Ϳ W>EE hE/d s >KWD Ed^dEZ^
;ϭͿ ^ƵĨĨŝĐŝĞŶƚǁĂƚĞƌƐƵƉƉůLJĂŶĚǁĂƐƚĞǁĂƚĞƌĚŝƐƉŽƐĂůĐĂƉĂĐŝƚLJŝƐĂǀĂŝůĂďůĞƚŽŵĞĞƚƚŚĞŶĞĞĚƐŽĨƚŚĞ
ƉƌŽũĞĐƚŝŶĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞ^ƚĂƚĞĂŶĚŝƚLJƌĞƋƵŝƌĞŵĞŶƚƐ͕ĂƐĞǀŝĚĞŶĐĞĚďLJĂŝƚLJ
ǁĂƚĞƌĂůůŽĐĂƚŝŽŶ͕ŝƚLJǁĂƐƚĞǁĂƚĞƌĂůůŽĐĂƚŝŽŶ͕ĂŶĚͬŽƌsĞƌŵŽŶƚtĂƚĞƌĂŶĚtĂƐƚĞǁĂƚĞƌWĞƌŵŝƚ
ĨƌŽŵƚŚĞĞƉĂƌƚŵĞŶƚŽĨ ŶǀŝƌŽŶŵĞŶƚĂůŽŶƐĞƌǀĂƚŝŽŶ͘
dŚĞĂƉƉůŝĐĂŶƚŚĂƐƌĞĐĞŝǀĞĚƉƌĞůŝŵŝŶĂƌLJǁĂƚĞƌĂůůŽĐĂƚŝŽŶ͕ĂŶĚŚĂƐƉƌŽǀŝĚĞĚĂŶĞƐƚŝŵĂƚĞŽĨ
ǁĂƐƚĞǁĂƚĞƌĨůŽǁƐ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĂƉƉůLJĨŽƌĂŶĚŽďƚĂŝŶƉƌĞůŝŵŝŶĂƌLJ
ǁĂƐƚĞǁĂƚĞƌĂůůŽĐĂƚŝŽŶƉƌŝŽƌƚŽĂƉƉůLJŝŶŐĨŽƌĨŝŶĂůƉůĂƚ͘
dŚĞ^ŽƵƚŚƵƌůŝŶŐƚŽŶtĂƚĞƌĞƉĂƌƚŵĞŶƚƌĞǀŝĞǁĞĚƚŚĞƉƌŽǀŝĚĞĚƉůĂŶƐŽŶƉƌŝůϮϴ͕ϮϬϮϬĂŶĚŽĨĨĞƌƐ
ƚŚĞĨŽůůŽǁŝŶŐĐŽŵŵĞŶƚƐ͘
'ĞŶĞƌĂů͗
͞ůůǁĂƚĞƌůŝŶĞƐĂŶĚĂƉƉƵƌƚĞŶĂŶĐĞƐƐŚĂůůďĞŝŶƐƚĂůůĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŚĂŵƉůĂŝŶ
tĂƚĞƌŝƐƚƌŝĐƚ^ƉĞĐŝĨŝĐĂƚŝŽŶƐĂŶĚĞƚĂŝůƐĨŽƌƚŚĞ/ŶƐƚĂůůĂƚŝŽŶŽĨtĂƚĞƌ>ŝŶĞƐĂŶĚ
ƉƉƵƌƚĞŶĂŶĐĞƐ͕ĐƵƌƌĞŶƚĞĚŝƚŝŽŶ͕ŚĞŶĐĞĨŽƌƚŚt^ƉĞĐŝĨŝĐĂƚŝŽŶƐ͘͟
ůůƵĐƚŝůĞ/ƌŽŶƉŝƉĞ͕ŚLJĚƌĂŶƚďĂƌƌĞů͕ĂŶĚĨŝƚƚŝŶŐƐĨŽƌŶĞǁǁĂƚĞƌůŝŶĞƐĂŶĚĂƉƉƵƌƚĞŶĂŶĐĞƐƐŚĂůů
ďĞŝŶƐƚĂůůĞĚǁŝƚŚsͲŝŽ ŶŚĂŶĐĞĚWŽůLJĞƚŚLJůĞŶĞWŝƉĞĞŶĐĂƐĞŵĞŶƚ͘^ĞĞt^ƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌ
ĚĞƚĂŝůƐ͘
dŚĞƉƌŽũĞĐƚƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚ͕ĐŽŵƉůĞƚĞĚ͕ŵĂŝŶƚĂŝŶĞĚ͕ĂŶĚŽƉĞƌĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ
ƚŚĞĂƉƉƌŽǀĞĚƉůĂŶƐ͘EŽĐŚĂŶŐĞƐƐŚĂůůďĞŵĂĚĞŝŶƚŚĞƉƌŽũĞĐƚǁŝƚŚŽƵƚƚŚĞǁƌŝƚƚĞŶĂƉƉƌŽǀĂůŽĨ
ƚŚĞĂƉƉƌŽƉƌŝĂƚĞtŝǀŝƐŝŽŶ͘
tŚĞŶ Ă ƉŝƉĞ ŵĂƚĞƌŝĂů ŝƐ ƐƉĞĐŝĨŝĐĂůůLJ ŶŽƚĞĚ ŽŶ ƚŚĞ ĂƉƉƌŽǀĞĚ ƉƌŽũĞĐƚ ĚƌĂǁŝŶŐƐ͕ ƚŚĞ
ĐŽŶƚƌĂĐƚŽƌͬĚĞǀĞůŽƉĞƌƐŚĂůůŶŽƚŚĂǀĞƚŚĞŽƉƚŝŽŶŽĨƵƚŝůŝnjŝŶŐĂŶLJŽƚŚĞƌƉŝƉĞŵĂƚĞƌŝĂů͘
^ŚĞĞƚͲϰ
ůůŝŶĚŝǀŝĚƵĂůďƵŝůĚŝŶŐĨŝƌĞƐĞƌǀŝĐĞůŝŶĞƐƐŚĂůůďĞƚĂƉƉĞĚĚŝƌĞĐƚůLJŝŶƚŽƚŚĞǁĂƚĞƌŵĂŝŶ͘DƵůƚŝƉůĞ
ďƵŝůĚŝŶŐĨŝƌĞƐĞƌǀŝĐĞƐƐŚĂůůŶŽƚďĞƐŚĂƌĞĚĨƌŽŵĂƐŝŶŐůĞƚĂƉ͘
ůůďƵŝůĚŝŶŐĨŝƌĞƐĞƌǀŝĐĞƐƐŚĂůůŚĂǀĞĂƐĞƉĂƌĂƚĞĚŽŵĞƐƚŝĐǁĂƚĞƌƐĞƌǀŝĐĞƐŚƵƚŽĨĨŽƵƚƐŝĚĞƚŚĞ
η^ͲϮϬͲϭϲ
ϴ
ϴŽĨϮϱ
ďƵŝůĚŝŶŐ͕ǁŝƚŚƚŚĞŽƵƚƐŝĚĞƐŚƵƚŽĨĨƉůĂĐĞĚŝŶĂŶĂĐĐĞƐƐŝďůĞůŽĐĂƚŝŽŶ͘dŚĞĚŽŵĞƐƚŝĐǁĂƚĞƌ
ƐĞƌǀŝĐĞůŝŶĞŵĂLJďĞƚĂƉƉĞĚŽĨĨƚŚĞĨŝƌĞƐĞƌǀŝĐĞůŝŶĞ͘dŚĞĚŽŵĞƐƚŝĐƐĞƌǀŝĐĞůŝŶĞƐŚĂůůďĞƐŝnjĞĚ
ĂĐĐŽƌĚŝŶŐƚŽƵƐĂŐĞĚĞŵĂŶĚƐ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŝŶĐŽƌƉŽƌĂƚĞƚŚĞĐŽŵŵĞŶƚƐŽĨƚŚĞ^ŽƵƚŚƵƌůŝŶŐƚŽŶtĂƚĞƌ
ĞƉĂƌƚŵĞŶƚŝŶƚŽƚŚĞŝƌƉůĂŶƐĂƚĨŝŶĂůƉůĂƚ͘
;ϮͿ ^ƵĨĨŝĐŝĞŶƚ ŐƌĂĚŝŶŐ ĂŶĚ ĞƌŽƐŝŽŶ ĐŽŶƚƌŽůƐ ǁŝůů ďĞ ƵƚŝůŝnjĞĚ ĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĂĨƚĞƌ
ĐŽŶƐƚƌƵĐƚŝŽŶƚŽƉƌĞǀĞŶƚƐŽŝůĞƌŽƐŝŽŶĂŶĚƌƵŶŽĨĨĨƌŽŵĐƌĞĂƚŝŶŐƵŶŚĞĂůƚŚLJŽƌĚĂŶŐĞƌŽƵƐĐŽŶĚŝƚŝŽŶƐ
ŽŶƚŚĞƐƵďũĞĐƚƉƌŽƉĞƌƚLJĂŶĚĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘/ŶŵĂŬŝŶŐƚŚŝƐĨŝŶĚŝŶŐ͕ƚŚĞZŵĂLJƌĞůLJŽŶ
ĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞƉƌŽũĞĐƚǁŝůůďĞĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞ'ĞŶĞƌĂůWĞƌŵŝƚĨŽƌŽŶƐƚƌƵĐƚŝŽŶŝƐƐƵĞĚďLJ
ƚŚĞsĞƌŵŽŶƚĞƉĂƌƚŵĞŶƚŽĨ ŶǀŝƌŽŶŵĞŶƚĂůŽŶƐĞƌǀĂƚŝŽŶ͘
ŶĞƌŽƐŝŽŶƉƌĞǀĞŶƚŝŽŶĂŶĚƐĞĚŝŵĞŶƚĐŽŶƚƌŽůƉůĂŶŝƐĂƌĞƋƵŝƌĞŵĞŶƚŽĨĨŝŶĂůƉůĂƚ͘dŚĞŽĂƌĚǁŝůů
ƌĞǀŝĞǁƚŚŝƐĐƌŝƚĞƌŝŽŶĂƚƚŚĂƚƐƚĂŐĞ͘
;ϯͿ dŚĞƉƌŽũĞĐƚŝŶĐŽƌƉŽƌĂƚĞƐĂĐĐĞƐƐ͕ĐŝƌĐƵůĂƚŝŽŶĂŶĚƚƌĂĨĨŝĐŵĂŶĂŐĞŵĞŶƚƐƚƌĂƚĞŐŝĞƐƐƵĨĨŝĐŝĞŶƚƚŽ
ƉƌĞǀĞŶƚƵŶƌĞĂƐŽŶĂďůĞĐŽŶŐĞƐƚŝŽŶŽĨĂĚũĂĐĞŶƚƌŽĂĚƐ͘/ŶŵĂŬŝŶŐƚŚŝƐĨŝŶĚŝŶŐƚŚĞZŵĂLJƌĞůLJŽŶ
ƚŚĞĨŝŶĚŝŶŐƐŽĨĂƚƌĂĨĨŝĐƐƚƵĚLJƐƵďŵŝƚƚĞĚďLJƚŚĞĂƉƉůŝĐĂŶƚ͕ĂŶĚƚŚĞĨŝŶĚŝŶŐƐŽĨĂŶLJƚĞĐŚŶŝĐĂů
ƌĞǀŝĞǁďLJŝƚLJƐƚĂĨĨŽƌĐŽŶƐƵůƚĂŶƚƐ͘
dŚĞŵĂƐƚĞƌƉůĂŶĨŽƵŶĚƚŚĂƚƚƌĂĨĨŝĐŝŵƉĂĐƚƐƐŚŽƵůĚďĞĞǀĂůƵĂƚĞĚĨŽƌĞĂĐŚƉŚĂƐĞŽĨƚŚĞƉƌŽũĞĐƚ͘dŚĞ
ĂƉƉůŝĐĂŶƚ ŚĂƐ ƐƵďŵŝƚƚĞĚ Ă ƚƌĂĨĨŝĐ ŝŵƉĂĐƚ ŵĞŵŽ ƉƌĞƉĂƌĞĚ ďLJ >ĂŵŽƵƌĞƵdž Θ ŝĐŬŝŶƐŽŶ ĚĂƚĞĚ
ϮͬϱͬϮϬϮϬǁŚŝĐŚĐŽŶĐůƵĚĞƐƚŚĞƉŚĂƐĞƚŚĂƚŝƐƚŚĞƐƵďũĞĐƚŽĨƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ;ƉŚĂƐĞϮͿǁŝůůŐĞŶĞƌĂƚĞ
ϭϰϲĨĞǁĞƌƚƌŝƉƐƚŚĂŶǁĞƌĞĞƐƚŝŵĂƚĞĚŝŶƚŚĞϮϬϭϲdƌĂĨĨŝĐ/ŵƉĂĐƚ^ƚƵĚLJ;d/^Ϳ͕ĨƌŽŵϯϭϱƚƌŝƉƐƚŽϭϲϵ
ƚƌŝƉƐ͘dŚĞϮϬϭϲd/^ĐŽŶĐůƵĚĞĚƚŚĂƚĂƐŝŐŶĂůǁĂƐǁĂƌƌĂŶƚĞĚĂƚƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶŽĨƚŚĞŶĞǁƐƚƌĞĞƚ
ƉƌŽƉŽƐĞĚďLJƚŚĞƉƌŽũĞĐƚ;ŶŽǁƌĞĨĞƌƌĞĚƚŽĂƐdǁŽƌŽƚŚĞƌƐƌŝǀĞͿĂŶĚ<ĞŶŶĞĚLJƌŝǀĞ͘dŚŝƐƐŝŐŶĂů
ǁĂƐƉƌŽƉŽƐĞĚƚŽŝŶĐůƵĚĞĂŶĞǁůĞĨƚƚƵƌŶůĂŶĞŽŶ<ĞŶŶĞĚLJƌŝǀĞĂƐǁĞůůĂƐƌŝŐŚƚĂŶĚůĞĨƚƚƵƌŶůĂŶĞƐ
ŽŶ'ĞŶĞƌĂƚŝŽŶƐtĂLJŽŶƚŽ<ĞŶŶĞĚLJƌŝǀĞ͘dŚĞϮϬϭϲd/^ĂƐƐƵŵĞĚƉŚĂƐĞϮŐĞŶĞƌĂƚĞƐĂƉƉƌŽdžŝŵĂƚĞůLJ
ŚĂůĨŽĨƚŚĞƚƌŝƉƐĂƚƚŚĂƚŶĞǁŝŶƚĞƌƐĞĐƚŝŽŶ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽǀŝĚĞĂŶƵƉĚĂƚĞĚƚƌĂĨĨŝĐƐƚƵĚLJĂƚĨŝŶĂůƉůĂƚǁŚŝĐŚƉƌŽǀŝĚĞƐ
ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽŶǁŚĞƚŚĞƌƚŚĞƉƌŽƉŽƐĞĚŝŶƚĞƌƐĞĐƚŝŽŶĐŽŶĨŝŐƵƌĂƚŝŽŶŝƐƐƚŝůůĂƉƉƌŽƉƌŝĂƚĞ͕ƚĂŬŝŶŐ
ŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶďŽƚŚƚŚĞƐŝŐŶĂůǁĂƌƌĂŶƚĂŶĚƚŚĞĂĚĚŝƚŝŽŶĂůůĂŶĞƐĂƚĞĂĐŚůĞŐŽĨƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶ͘
dŚĞƉƌŽƉŽƐĞĚŝŵƉƌŽǀĞŵĞŶƚƐƐŚŽƵůĚďĞĐŽŶĨŝŐƵƌĞĚƚŽĂůůŽǁĨŽƌĞdžƉĂŶƐŝŽŶŝĨĂŶƚŝĐŝƉĂƚĞĚƚŽďĞ
ŶĞĐĞƐƐĂƌLJǁŝƚŚĨƵƚƵƌĞƉŚĂƐĞƐŽĨƚŚĞK͛ƌŝĞŶĚĞǀĞůŽƉŵĞŶƚ͘&ŽƌĞdžĂŵƉůĞ͕ŝĨĂƚƵƌŶůĂŶĞǁŝůůďĞ
ŶĞĐĞƐƐĂƌLJŝŶƚŚĞĨƵƚƵƌĞ͕ƐŝŐŶĂůŵĂƐƚĂƌŵƐƐŚŽƵůĚďĞŝŶƐƚĂůůĞĚŝŶĂůŽĐĂƚŝŽŶƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞ
ĨƵƚƵƌĞƚƵƌŶůĂŶĞ͘
;ϰͿ dŚĞƉƌŽũĞĐƚ͛ƐĚĞƐŝŐŶƌĞƐƉĞĐƚƐĂŶĚǁŝůůƉƌŽǀŝĚĞƐƵŝƚĂďůĞƉƌŽƚĞĐƚŝŽŶƚŽǁĞƚůĂŶĚƐ͕ƐƚƌĞĂŵƐ͕ǁŝůĚůŝĨĞ
ŚĂďŝƚĂƚĂƐŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞKƉĞŶ^ƉĂĐĞ^ƚƌĂƚĞŐLJ͕ĂŶĚĂŶLJƵŶŝƋƵĞŶĂƚƵƌĂůĨĞĂƚƵƌĞƐŽŶƚŚĞƐŝƚĞ͘/Ŷ
ŵĂŬŝŶŐƚŚŝƐĨŝŶĚŝŶŐƚŚĞZƐŚĂůůƵƚŝůŝnjĞƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƌƚŝĐůĞϭϮŽĨƚŚĞƐĞZĞŐƵůĂƚŝŽŶƐƌĞůĂƚĞĚ
ƚŽǁĞƚůĂŶĚƐĂŶĚƐƚƌĞĂŵďƵĨĨĞƌƐ͕ĂŶĚŵĂLJƐĞĞŬĐŽŵŵĞŶƚĨƌŽŵƚŚĞEĂƚƵƌĂůZĞƐŽƵƌĐĞƐŽŵŵŝƚƚĞĞ
ǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉƌŽũĞĐƚ͛ƐŝŵƉĂĐƚŽŶŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐ͘
tĞƚůĂŶĚŝŵƉĂĐƚƐǁĞƌĞĂƉƉƌŽǀĞĚĂƐƉĂƌƚŽĨƚŚĞŵĂƐƚĞƌƉůĂŶ͘EŽĐŚĂŶŐĞƐƚŽƚŚĞĂƉƉƌŽǀĞĚŝŵƉĂĐƚƐ
ĂƌĞƉƌŽƉŽƐĞĚ͘
;ϱͿ dŚĞƉƌŽũĞĐƚŝƐĚĞƐŝŐŶĞĚƚŽďĞǀŝƐƵĂůůLJĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚƉĂƚƚĞƌŶƐŝŶƚŚĞ
ĂƌĞĂ͕ĂƐƐƉĞĐŝĨŝĞĚŝŶƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂŶĚƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚ;ƐͿŝŶǁŚŝĐŚ
ŝƚŝƐůŽĐĂƚĞĚ͘&ŽƌdƌĂŶƐĞĐƚŽŶĞƐƵďĚŝǀŝƐŝŽŶƐ͕ƚŚŝƐƐƚĂŶĚĂƌĚƐŚĂůůĂƉƉůLJŽŶůLJƚŽƚŚĞůŽĐĂƚŝŽŶŽĨůŽƚ
ůŝŶĞƐ͕ƐƚƌĞĞƚƐĂŶĚƐƚƌĞĞƚƚLJƉĞƐ͕ĂŶĚŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƌƚŝĐůĞy//ŽĨƚŚĞƐĞZĞŐƵůĂƚŝŽŶƐ͘
η^ͲϮϬͲϭϲ
ϵ
ϵŽĨϮϱ
sŝƐƵĂůĐŽŵƉĂƚŝďŝůŝƚLJŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĨƵƌƚŚĞƌĚŝƐĐƵƐƐĞĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚ^ŝƚĞ
WůĂŶZĞǀŝĞǁ^ƚĂŶĚĂƌĚƐϭϰ͘ϬϲĂŶĚϭϰ͘Ϭϲ͘dŚĞŽĂƌĚƉƌĞůŝŵŝŶĂƌŝůLJĨŝŶĚƐƚŚĞƉƌŽũĞĐƚĐŽŶƐŝƐƚĞŶƚ
ǁŝƚŚƚŚĞƉůĂŶŶĞĚĚĞǀĞůŽƉŵĞŶƚƉĂƚƚĞƌŶƐƐƉĞĐŝĨŝĞĚŝŶƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂŶĚŝŶƚŚĞƉƵƌƉŽƐĞ
ŽĨƚŚĞZͲϭϮnjŽŶŝŶŐĚŝƐƚƌŝĐƚ͘
;ϲͿ KƉĞŶƐƉĂĐĞĂƌĞĂƐŽŶƚŚĞƐŝƚĞŚĂǀĞďĞĞŶůŽĐĂƚĞĚŝŶƐƵĐŚĂǁĂLJĂƐƚŽŵĂdžŝŵŝnjĞŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌ
ĐƌĞĂƚŝŶŐĐŽŶƚŝŐƵŽƵƐŽƉĞŶƐƉĂĐĞƐďĞƚǁĞĞŶĂĚũŽŝŶŝŶŐƉĂƌĐĞůƐĂŶĚͬŽƌƐƚƌĞĂŵďƵĨĨĞƌĂƌĞĂƐ͘&Žƌ
dƌĂŶƐĞĐƚŽŶĞƐƵďĚŝǀŝƐŝŽŶƐ͕ƚŚŝƐƐƚĂŶĚĂƌĚƐŚĂůůĂƉƉůLJŽŶůLJƚŽƚŚĞůŽĐĂƚŝŽŶŽĨŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐ
ŝĚĞŶƚŝĨŝĞĚŝŶƌƚŝĐůĞy//ŽĨƚŚĞƐĞZĞŐƵůĂƚŝŽŶƐĂŶĚƉƌŽƉŽƐĞĚŽƉĞŶƐƉĂĐĞƐƚŽďĞĚĞĚŝĐĂƚĞĚƚŽƚŚĞ
ŝƚLJŽĨ^ŽƵƚŚƵƌůŝŶŐƚŽŶ͘
dŚĞůŽĐĂƚŝŽŶĂŶĚĂƌĞĂŽĨƉĞƌŵĂŶĞŶƚŽƉĞŶƐƉĂĐĞƐǁĂƐĂƉƉƌŽǀĞĚĂƚƚŚĞŵĂƐƚĞƌƉůĂŶůĞǀĞůďƵƚƚŚĞ
ĚĞƐŝŐŶŽĨŽƉĞŶƐƉĂĐĞǁĂƐŶŽƚ͘ƚƚŚĞƐŬĞƚĐŚƉůĂŶŵĞĞƚŝŶŐŽŶƚŚŝƐƉŚĂƐĞ͕ƚŚĞŽĂƌĚŚĂĚĂƌŽďƵƐƚ
ĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞƉƌŽŐƌĂŵŵŝŶŐŽĨŽŶͲƐŝƚĞŽƉĞŶƐƉĂĐĞƐƚŽďĞŝŶĐůƵĚĞĚŝŶƚŚŝƐĂƌĞĂ͕ĂƐŬŝŶŐƚŚĂƚƚŚĞ
ĂƉƉůŝĐĂŶƚƉƌŽǀŝĚĞƐŵĂůůƵƐĞĂďůĞŽƉĞŶƐƉĂĐĞƐĨŽƌĞĂĐŚďƵŝůĚŝŶŐ͘dŚĞĂƉƉůŝĐĂŶƚŚĂƐƉƌŽǀŝĚĞĚ
ůĂŶĚƐĐĂƉŝŶŐƐŬĞƚĐŚĞƐƐŚŽǁŝŶŐĂƉƌŽƉŽƐĞĚŽƉĞŶƐƉĂĐĞĨŽƌĞĂĐŚůŽƚĐŽŶƐŝƐƚŝŶŐŽĨĂƉĂǀĞĚƉĂƚŝŽĂƌĞĂ
ǁŝƚŚƐĞĂƚŝŶŐ͕ŐĂƐŐƌŝůůĂŶĚĨŝƌĞƉŝƚ͘KƚŚĞƌŶŽŶͲƉĂƌƚŝĐŝƉĂƚŽƌLJŽƉĞŶƐƉĂĐĞƐŝŶƚŚĞƉƌŽũĞĐƚĂƌĞĂŝŶĐůƵĚĞ
ƚǁŽƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĞĂƚƵƌĞƐŶĞĂƌ<ĞŶŶĞĚLJƌŝǀĞ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚ
ŵŽĚŝĨLJƚŚĞŝƌƉůĂŶƐĂƚĨŝŶĂůƉůĂƚƚŽƉƌŽǀŝĚĞĐůĞĂƌĂĐĐĞƐƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐĨƌŽŵ>ŽƚϭϮ;ĂŶĚƚŚĞƌĞĨŽƌĞ
ƚŚĞƌĞƐƚŽĨƚŚĞŵƵůƚŝĨĂŵŝůLJĂƌĞĂͿŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞĂůƌĞĂĚLJͲƉƌŽƉŽƐĞĚĂĐĐĞƐƐĨƌŽŵ>ŽƚϭϰƚŽƚŚĞ
ĞdžŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌƉĂƌŬůŽŽƉǁĞƐƚŽĨ>Žƚϭϰ͕ĂŶĚĐŽŵƉůĞƚĞƚŚĞĚĞƐŝŐŶŽĨŽŶͲƐŝƚĞŽƉĞŶƐƉĂĐĞƐ
ŝŶĐůƵĚŝŶŐĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞƉĂƌŬƐŝŶƚŚĞƉĞŶĚŝŶŐŵĂƐƚĞƌƉůĂŶƚŽƚŚĞĞĂƐƚ͘
;ϳͿ dŚĞůĂLJŽƵƚŽĨĂƐƵďĚŝǀŝƐŝŽŶŽƌWhŚĂƐďĞĞŶƌĞǀŝĞǁĞĚďLJƚŚĞ&ŝƌĞŚŝĞĨŽƌŚŝƐĚĞƐŝŐŶĞĞƚŽŝŶƐƵƌĞ
ƚŚĂƚĂĚĞƋƵĂƚĞĨŝƌĞƉƌŽƚĞĐƚŝŽŶĐĂŶďĞƉƌŽǀŝĚĞĚ͕ǁŝƚŚƚŚĞƐƚĂŶĚĂƌĚƐĨŽƌĂƉƉƌŽǀĂůŝŶĐůƵĚŝŶŐ͕ďƵƚ
ŶŽƚďĞůŝŵŝƚĞĚƚŽ͕ŵŝŶŝŵƵŵĚŝƐƚĂŶĐĞďĞƚǁĞĞŶƐƚƌƵĐƚƵƌĞƐ͕ƐƚƌĞĞƚǁŝĚƚŚ͕ǀĞŚŝĐƵůĂƌĂĐĐĞƐƐĨƌŽŵ
ƚǁŽĚŝƌĞĐƚŝŽŶƐǁŚĞƌĞƉŽƐƐŝďůĞ͕ůŽŽƉŝŶŐŽĨǁĂƚĞƌůŝŶĞƐ͕ǁĂƚĞƌĨůŽǁĂŶĚƉƌĞƐƐƵƌĞ͕ĂŶĚŶƵŵďĞƌĂŶĚ
ůŽĐĂƚŝŽŶŽĨŚLJĚƌĂŶƚƐ͘ůůĂƐƉĞĐƚƐŽĨĨŝƌĞƉƌŽƚĞĐƚŝŽŶƐLJƐƚĞŵƐƐŚĂůůďĞĚĞƐŝŐŶĞĚĂŶĚŝŶƐƚĂůůĞĚŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞĐŽĚĞƐŝŶĂůůĂƌĞĂƐƐĞƌǀĞĚďLJŵƵŶŝĐŝƉĂůǁĂƚĞƌ͘dŚŝƐƐƚĂŶĚĂƌĚƐŚĂůůŶŽƚ
ĂƉƉůLJƚŽdƌĂŶƐĞĐƚŽŶĞƐƵďĚŝǀŝƐŝŽŶƐ͘
dŚĞ&ŝƌĞŚŝĞĨŚĂƐŶŽƚLJĞƚƌĞǀŝĞǁĞĚƚŚĞƉůĂŶƐ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐĐƌŝƚĞƌŝŽŶƐŚĂůůďĞƌĞǀŝĞǁĞĚĂƚ
ĨŝŶĂůƉůĂƚ͘
;ϴͿ ZŽĂĚƐ͕ƌĞĐƌĞĂƚŝŽŶƉĂƚŚƐ͕ƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐ͕ƐŝĚĞǁĂůŬƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ƵƚŝůŝƚLJůŝŶĞƐĂŶĚůŝŐŚƚŝŶŐ
ŚĂǀĞďĞĞŶĚĞƐŝŐŶĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚŝƐĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞĞdžƚĞŶƐŝŽŶŽĨƐƵĐŚƐĞƌǀŝĐĞƐĂŶĚ
ŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŽĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘&ŽƌdƌĂŶƐĞĐƚŽŶĞƐƵďĚŝǀŝƐŝŽŶƐ͕ƚŚŝƐƐƚĂŶĚĂƌĚƐŚĂůůŽŶůLJ
ĂƉƉůLJƚŽƚŚĞůŽĐĂƚŝŽŶĂŶĚƚLJƉĞŽĨƌŽĂĚƐ͕ƌĞĐƌĞĂƚŝŽŶƉĂƚŚƐ͕ĂŶĚƐŝĚĞǁĂůŬƐ͘
^ĞĞĐƌŝƚĞƌŝŽŶϵďĞůŽǁĨŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐŽŵŵĞŶƚƐ͘^ĞĞĐƌŝƚĞƌŝŽŶϭϭďĞůŽǁĨŽƌĐŽŵŵĞŶƚƐƌĞůĂƚĞĚ
ƚŽƐƚŽƌŵǁĂƚĞƌ͘dŚĞŽĂƌĚĨŝŶĚƐůŝŐŚƚŝŶŐĂŶĚĚĞƚĂŝůĞĚƵƚŝůŝƚLJůŝŶĞĚĞƐŝŐŶƐŚĂůůďĞƌĞǀŝĞǁĞĚĂƚĨŝŶĂů
ƉůĂƚ͘
;ϵͿ ZŽĂĚƐ͕ƵƚŝůŝƚŝĞƐ͕ƐŝĚĞǁĂůŬƐ͕ƌĞĐƌĞĂƚŝŽŶƉĂƚŚƐ͕ĂŶĚůŝŐŚƚŝŶŐĂƌĞĚĞƐŝŐŶĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚŝƐ
ĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚLJƵƚŝůŝƚLJĂŶĚƌŽĂĚǁĂLJƉůĂŶƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞƐƚĂŶĚĂƌĚƐ͕ĂďƐĞŶƚĂƐƉĞĐŝĨŝĐ
ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞĂƉƉůŝĐĂŶƚƌĞůĂƚĞĚƚŽŵĂŝŶƚĞŶĂŶĐĞƚŚĂƚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞŝƚLJ
ŽƵŶĐŝů͘&ŽƌdƌĂŶƐĞĐƚŽŶĞƐƵďĚŝǀŝƐŝŽŶƐ͕ƚŚŝƐƐƚĂŶĚĂƌĚƐŚĂůůŽŶůLJĂƉƉůLJƚŽƚŚĞůŽĐĂƚŝŽŶĂŶĚƚLJƉĞ
ŽĨƌŽĂĚƐ͕ƌĞĐƌĞĂƚŝŽŶƉĂƚŚƐ͕ĂŶĚƐŝĚĞǁĂůŬƐ͘
dŚĞƌŽĂĚǁĂLJĂůŝŐŶŵĞŶƚǁĂƐĂƉƉƌŽǀĞĚĂƚƚŚĞŵĂƐƚĞƌƉůĂŶůĞǀĞů͕ƚŚŽƵŐŚƌĞǀŝĞǁŽĨƚŚŝƐĐƌŝƚĞƌŝŽŶ
ǁĂƐĚĞĨĞƌƌĞĚƚŽŝŶĚŝǀŝĚƵĂůƉŚĂƐĞƐ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞƉƌŽƉŽƐĞĚƌŽĂĚǁĂLJĐƌŽƐƐƐĞĐƚŝŽŶƐĂŶĚ
ƐŝĚĞǁĂůŬƐŵƵƐƚďĞĐŽŶƐŝĚĞƌĞĚĂƚƚŚŝƐƐƚĂŐĞŽĨƌĞǀŝĞǁ͘
ϭϱ͘ϭϮƉĞƌƚĂŝŶƐƚŽƌŽĂĚǁĂLJŐĞŽŵĞƚƌLJ͕ĐƌŽƐƐƐĞĐƚŝŽŶ͕ĂŶĚƐŝĚĞǁĂůŬƐ͘hŶůĞƐƐŵŽĚŝĨŝĐĂƚŝŽŶƐĂƌĞ
η^ͲϮϬͲϭϲ
ϭϬ
ϭϬŽĨϮϱ
ĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŝŶĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚŚĞŝƌĞĐƚŽƌŽĨWƵďůŝĐtŽƌŬƐ͕ŝƚLJƐƚĂŶĚĂƌĚƐƌĞƋƵŝƌĞ
ĂƚůĞĂƐƚĂϱͲĨŽŽƚŐƌĂƐƐƐƚƌŝƉďĞƚǁĞĞŶƚŚĞƌŽĂĚǁĂLJĂŶĚƚŚĞƐŝĚĞǁĂůŬ;>Zϭϱ͘ϭϮD;ϮͿͿ͕ǁŚŝĐŚ
ƐĞƌǀĞƐĂƐĂůŽĐĂƚŝŽŶĨŽƌƐƚƌĞĞƚƚƌĞĞƐĂƐǁĞůůĂƐƌĞŵŽǀĞĚƐŶŽǁ͘^ƚĂŶĚĂƌĚƌĞĐƌĞĂƚŝŽŶƉĂƚŚǁŝĚƚŚŝƐ
ϭϬͲĨƚĂŶĚƐƚĂŶĚĂƌĚƐŝĚĞǁĂůŬǁŝĚƚŚŝƐϱͲĨĞĞƚ͘
dŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨƌĞĂƐŽŶƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽǀŝĚĞŵƵůƚŝŵŽĚĂůĐŽŶŶĞĐƚŝǀŝƚLJďĞƚǁĞĞŶ
K͛ƌŝĞŶ&ĂƌŵZŽĂĚĂŶĚ<ĞŶŶĞĚLJƌŝǀĞĂůŽŶŐdǁŽƌŽƚŚĞƌƐƌŝǀĞ͕ĂŶĚĂůŽŶŐK͛ƌŝĞŶ&ĂƌŵZŽĂĚ͕
ŝŶĐůƵĚŝŶŐĐŽŶŶĞĐƚŝǀŝƚLJĨŽƌϯϵϮƵŶŝƚƐƉƌŽƉŽƐĞĚŝŶƚŚŝƐƉŚĂƐĞŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞƵŶŝƚƐ
ĐŽŶƐƚƌƵĐƚĞĚŝŶWŚĂƐĞ/ŽĨƚŚĞƉƌŽũĞĐƚ;ƚŚĞ͞,ŝůůƐŝĚĞ͟ĂƌĞĂͿ͕ƌĞƐŝĚĞŶƚƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚƐŽƵƚƐŝĚĞ
ŽĨƚŚĞK͛ƌŝĞŶƉƌŽũĞĐƚĂƌĞĂŽŶ<ĞŶŶĞĚLJƌŝǀĞďĞƚǁĞĞŶ ůĚƌŝĚŐĞ^ƚƌĞĞƚĂŶĚ<ŝŵďĂůůǀĞ͕ĂŶĚƚŚĞ
ĨƵƚƵƌĞƉƌŽƉŽƐĂůĨŽƌϰϭϱƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐĂŶĚƵƉƚŽϭ͕Ϯϴϱ͕ϬϬϬƐĨŽĨĐŽŵŵĞƌĐŝĂůƐƉĂĐĞŽŶĞŝƚŚĞƌ
ƐŝĚĞŽĨKůĚ&ĂƌŵZŽĂĚ͘dŚĞƐĞƵƐĞƌƐǁŽƵůĚĂĐĐĞƐƐƉŽŝŶƚƐǁĞƐƚƚŚƌŽƵŐŚƚŚŝƐĚĞǀĞůŽƉŵĞŶƚĂŶĚǀŝĂ
<ĞŶŶĞĚLJƌŝǀĞ͘
KŶK͛ƌŝĞŶ&ĂƌŵZŽĂĚĂŶĚĂƉŽƌƚŝŽŶŽĨdǁŽƌŽƚŚĞƌƐƌŝǀĞ͕ƚŚĞĂƉƉůŝĐĂŶƚŝƐƉƌŽƉŽƐŝŶŐƚŽĐŽŶƚŝŶƵĞ
ƚŚĞWŚĂƐĞϭĚƌŝǀĞǁŝĚƚŚƚŚƌŽƵŐŚƚŚĞƉƌŽũĞĐƚĂƌĞĂ͕ďƵƚŝƐƉƌŽƉŽƐŝŶŐƚŽĚŝĨĨĞƌĨƌŽŵƚŚĞWŚĂƐĞϭĐƌŽƐƐ
ƐĞĐƚŝŽŶŝŶƚŚĞĨŽůůŽǁŝŶŐǁĂLJƐ͘
x ĂĚĚƉĂƌĂůůĞůƉĂƌŬŝŶŐŽŶŽŶĞŽƌďŽƚŚƐŝĚĞƐ͕
x ůŽĐĂƚĞƚŚĞƐŝĚĞǁĂůŬĚŝƌĞĐƚůLJĂŐĂŝŶƐƚƚŚĞƉĂƌĂůůĞůƉĂƌŬŝŶŐŽŶƚŚĞĞĂƐƚƐŝĚĞŽĨƚŚĞƌŽĂĚ͕
x ǁŝĚĞŶƚŚĞƌĞĐƉĂƚŚĂŶĚůŽĐĂƚĞŝƚĚŝƌĞĐƚůLJĂŐĂŝŶƐƚƚŚĞƉĂƌĂůůĞůƉĂƌŬŝŶŐŽŶƚŚĞǁĞƐƚƐŝĚĞŽĨƚŚĞ
ƌŽĂĚ͕ĂŶĚ
x ŝŶƚĞƌƐƉĞƌƐĞƚƌĞĞǁĞůůƐǁŝƚŚŝŶƚŚĞƌĞĐƉĂƚŚ͘
KŶdǁŽƌŽƚŚĞƌƐƌŝǀĞ͕ƚŚĞĂƉƉůŝĐĂŶƚŝƐƉƌŽƉŽƐŝŶŐĂĐŽŶĐƌĞƚĞƐŝĚĞǁĂůŬŽŶĞĂĐŚƐŝĚĞŽĨƚŚĞ
ƌŽĂĚǁĂLJĂŶĚĂŶŽŶͲƌŽĂĚďŝŬĞůĂŶĞŽŶƚŚĞƵƉŚŝůůƐŝĚĞŽĨƚŚĞƌŽĂĚǁĂLJ͘
dŚĞĂƉƉůŝĐĂŶƚŚĂƐƚĞƐƚŝĨŝĞĚƚŚĂƚƚŚĞLJďĞůŝĞǀĞƚŚĞŝƚLJƐƚĂŶĚĂƌĚƐƌĞƐƵůƚŝŶĂƐƵďƵƌďĂŶŶĞŝŐŚďŽƌŚŽŽĚ
ĨĞĞů͕ ǁŚŝĐŚ ŝƐ ŝŶĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƵƌďĂŶ ĚĞƐŝŐŶ ƚŚĞLJ ĂƌĞ ƚƌLJŝŶŐ ƚŽ ĂĐŚŝĞǀĞ ĂŶĚ ǁŚŝĐŚ ƚŚĞ
ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶƐƵƉƉŽƌƚƐ͘dŚĞŽĂƌĚĐŽŶĐƵƌƐǁŝƚŚƚŚĞĂƉƉůŝĐĂŶƚ͛ƐĂƐƐĞƌƚŝŽŶĂŶĚĂƉƉƌŽĂĐŚ
ĂŶĚƚŚĞƌĞĨŽƌĞŝŶŽƌĚĞƌƚŽĂĐŚŝĞǀĞƚŚŝƐ͕ĨŝŶĚƐƚŚĂƚƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƌĞǀŝƐĞƚŚĞƐƚƌĞĞƚƐĐĂƉĞĚĞƐŝŐŶ
ƚŽƉƌŽƉŽƐĞĂƌŽĂĚǁĂLJĐƌŽƐƐƐĞĐƚŝŽŶĂŶĚƉƌŽǀŝĚĞƐƵƉƉŽƌƚŝŶŐƚĞƐƚŝŵŽŶLJĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĂƚƚŚĞ
ƉƌŽƉŽƐĂůƉƌŽǀŝĚĞƐĂƐĂĨĞƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚĂĐĐŽŵŵŽĚĂƚŝŶŐĂůůƵƐĞƌƐ͘^ƵĐŚĚĞƐŝŐŶƐŚĂůůďĂůĂŶĐĞ
ƚŚĞĨŽůůŽǁŝŶŐŐŽĂůƐ͘
ĂͿ ĂŶĂƉƉƌŽƉƌŝĂƚĞůLJƵƌďĂŶƐĞƚƚŝŶŐ͕ŝŶĐůƵĚŝŶŐĂŶĂĐƚŝǀĂƚĞĚƐƚƌĞĞƚ
ďͿ ƚƌĂŶƐŝƚŝŽŶĨƌŽŵƌĞĐƌĞĂƚŝŽŶƉĂƚŚĂŶĚĚĞƚĂĐŚĞĚŚŽŵĞƐ
ĐͿ ŶŽŶͲǀĞŚŝĐƵůĂƌ ĐŽŶŶĞĐƚŝǀŝƚLJ ƚŚƌŽƵŐŚ ƚŚĞ ƉƌŽũĞĐƚ ĂƌĞĂ͕ ŝŶĐůƵĚŝŶŐĨŽƌ ƉĞŽƉůĞ ǁŚŽ ůŝǀĞ
ďĞƚǁĞĞŶdǁŽƌŽƚŚĞƌƐƌŝǀĞĂŶĚ ůĚƌŝĚŐĞ^ƚƌĞĞƚĂŶĚƉĞŽƉůĞǁŚŽůŝǀĞŽŶƚŚĞĨĂƌƐŝĚĞŽĨ
<ĞŶŶĞĚLJƌŝǀĞ͕ĂŶĚƚŚŽƐĞǁŚŽŵĂLJůŝǀĞŝŶƚŚĞĨƵƚƵƌĞƉŚĂƐĞŽĨƚŚĞK͛ƌŝĞŶĚĞǀĞůŽƉŵĞŶƚ͘
ĚͿ ƐůŽǁƐƉĞĞĚƐ
ĞͿ ƌŽĂĚǁĂLJŵĂŝŶƚĞŶĂŶĐĞ
dŚĞŽĂƌĚĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚƚŚĞďĞƐƚƐŽůƵƚŝŽŶŵĂLJŝŶǀŽůǀĞĂĚŝĨĨĞƌĞŶƚĐŽŵďŝŶĂƚŝŽŶŽĨŽŶͲƌŽĂĚ
ůĂŶĞƐ͕ƐĞƉĂƌĂƚĞĚƉĂƚŚƐ͕ĂŶĚƐŝĚĞǁĂůŬƐƚŚĂŶŝƐĐƵƌƌĞŶƚůLJƉƌŽƉŽƐĞĚ͕ďƵƚƚŚĂƚƚŚĞŵŽĚŝĨŝĐĂƚŝŽŶƐ
ƐŚŽƵůĚƚĂŬĞƉůĂĐĞǁŝƚŚŝŶƚŚĞĂƉƉƌŽǀĞĚƌŝŐŚƚƐͲŽĨͲǁĂLJ͘
dŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽǀŝĚĞƚŚĞŝƌƉƌŽƉŽƐĞĚƉůĂŶƐƚŽƚŚĞŝŬĞΘWĞĚĐŽŵŵŝƚƚĞĞĨŽƌƌĞǀŝĞǁĂŶĚ
ĐŽŵŵĞŶƚ͘/ĨƉŽƐƐŝďůĞ͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚŵĞĞƚǁŝƚŚƚŚĞŝŬĞΘWĞĚĐŽŵŵŝƚƚĞĞƉƌŝŽƌƚŽĨŝŶĂů
ƉůĂƚĂƉƉůŝĐĂƚŝŽŶ͘dŚĞĚĞƐŝŐŶŽĨƚŚĞƌŽĂĚǁĂLJĐƌŽƐƐƐĞĐƚŝŽŶƚŚƌŽƵŐŚƚŚĞƉƌŽũĞĐƚĂƌĞĂƐŚĂůůďĞ
ƌĞǀŝĞǁĞĚĂƚĨŝŶĂůƉůĂƚ͘
η^ͲϮϬͲϭϲ
ϭϭ
ϭϭŽĨϮϱ
;ϭϬͿ dŚĞƉƌŽũĞĐƚŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŐŽĂůƐĂŶĚŽďũĞĐƚŝǀĞƐŽĨƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĨŽƌƚŚĞ
ĂĨĨĞĐƚĞĚĚŝƐƚƌŝĐƚ;ƐͿ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐWƌŽũĞĐƚŵĞĞƚƐƚŚĞŐŽĂůƐŽĨEŽƌƚŚǁĞƐƚYƵĂĚƌĂŶƚKďũĞĐƚŝǀĞƐĂŶĚ^ƚƌĂƚĞŐŝĞƐĂƐ
ƚŚĞLJƉĞƌƚĂŝŶƚŽĂĐĐĞƐƐƚŽŶĞŝŐŚďŽƌŚŽŽĚƉĂƌŬƐĂŶĚĞƐƚĂďůŝƐŚŝŶŐĂĐŽŵŵƵŶŝƚLJǀŝƐŝŽŶĨŽƌƚŚĞĨƵƚƵƌĞ
ŽĨƚŚŝƐĂƌĞĂ͕ĂŶĚĨŝŶĚƐƚŚŝƐĐƌŝƚĞƌŝŽŶŵĞƚ͘
;ϭϭͿ dŚĞ ƉƌŽũĞĐƚ͛Ɛ ĚĞƐŝŐŶ ŝŶĐŽƌƉŽƌĂƚĞƐ ƐƚƌĂƚĞŐŝĞƐ ƚŚĂƚ ŵŝŶŝŵŝnjĞ ƐŝƚĞĚŝƐƚƵƌďĂŶĐĞĂŶĚŝŶƚĞŐƌĂƚĞ
ƐƚƌƵĐƚƵƌĞƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ŶĂƚƵƌĂůŚLJĚƌŽůŽŐŝĐĨƵŶĐƚŝŽŶƐ͕ĂŶĚŽƚŚĞƌƚĞĐŚŶŝƋƵĞƐƚŽŐĞŶĞƌĂƚĞůĞƐƐ
ƌƵŶŽĨĨĨƌŽŵĚĞǀĞůŽƉĞĚůĂŶĚĂŶĚƚŽŝŶĨŝůƚƌĂƚĞƌĂŝŶĨĂůůŝŶƚŽƵŶĚĞƌůLJŝŶŐƐŽŝůƐĂŶĚŐƌŽƵŶĚǁĂƚĞƌĂƐ
ĐůŽƐĞĂƐƉŽƐƐŝďůĞƚŽǁŚĞƌĞŝƚŚŝƚƐƚŚĞŐƌŽƵŶĚ͘&ŽƌdƌĂŶƐĞĐƚŽŶĞƐƵďĚŝǀŝƐŝŽŶƐ͕ƚŚŝƐƐƚĂŶĚĂƌĚƐŚĂůů
ĂƉƉůLJŽŶůLJƚŽƚŚĞůŽĐĂƚŝŽŶŽĨŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐŝĚĞŶƚŝĨŝĞĚŝŶƌƚŝĐůĞy//ŽĨƚŚĞƐĞZĞŐƵůĂƚŝŽŶƐ͘
^ƚĂĨĨĐŽŶƐŝĚĞƌƐƚŚĂƚƚŚĞWƌŽũĞĐƚƚƌŝŐŐĞƌƐƚŚĞ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚ^ƚĂŶĚĂƌĚƐŽĨ^ĞĐƚŝŽŶϭϮ͘Ϭϯ͘
dŚĞƐƐŝƐƚĂŶƚ^ƚŽƌŵǁĂƚĞƌ^ƵƉĞƌŝŶƚĞŶĚĞŶƚƌĞǀŝĞǁĞĚƚŚĞĂƉƉůŝĐĂƚŝŽŶŽŶDĂLJϲ͕ϮϬϮϬĂŶĚŽĨĨĞƌƐƚŚĞ
ĨŽůůŽǁŝŶŐĐŽŵŵĞŶƚƐ͘
ϭ͘ dŚŝƐƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚŝŶƚŚĞWŽƚĂƐŚƌŽŽŬǁĂƚĞƌƐŚĞĚ͘dŚŝƐǁĂƚĞƌƐŚĞĚŝƐůŝƐƚĞĚĂƐƐƚŽƌŵǁĂƚĞƌ
ŝŵƉĂŝƌĞĚďLJƚŚĞ^ƚĂƚĞŽĨsĞƌŵŽŶƚĞƉĂƌƚŵĞŶƚŽĨ ŶǀŝƌŽŶŵĞŶƚĂůŽŶƐĞƌǀĂƚŝŽŶ; Ϳ͘ůƐŽ͕
ƚŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐƚŽĐƌĞĂƚĞŵŽƌĞƚŚĂŶϭĂĐƌĞŽĨŝŵƉĞƌǀŝŽƵƐĂƌĞĂĂŶĚĚŝƐƚƵƌďŐƌĞĂƚĞƌƚŚĂŶ
ϭĂĐƌĞŽĨůĂŶĚ͘/ƚǁŝůůƚŚĞƌĞĨŽƌĞƌĞƋƵŝƌĞĂƐƚŽƌŵǁĂƚĞƌƉĞƌŵŝƚĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶƉĞƌŵŝƚĨƌŽŵ
ƚŚĞsĞƌŵŽŶƚ ^ƚŽƌŵǁĂƚĞƌŝǀŝƐŝŽŶ͘dŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚĂĐƋƵŝƌĞƚŚĞƐĞƉĞƌŵŝƚƐďĞĨŽƌĞ
ƐƚĂƌƚŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶ͘
Ϯ͘ KŶ^ŚĞĞƚͲϳ͗ZĞǀŝƐĞƚŚĞ^ƚŽƌŵǁĂƚĞƌ^LJƐƚĞŵDĂŝŶƚĞŶĂŶĐĞ^ĐŚĞĚƵůĞƚŽŝŶĐůƵĚĞůĂŶŐƵĂŐĞ
ƐƉĞĐŝĨŝĐƚŽƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨŐƌĂǀĞůǁĞƚůĂŶĚƐ͘
ϯ͘ KŶ^ŚĞĞƚͲϴ͗dŚĞƌĞĂƌĞϲ͟Ăƌ'ƵĂƌĚƐďƵƌŝĞĚŝŶƚŚĞŐƌĂǀĞůǁĞƚůĂŶĚ͘,ĂƐƚŚŝƐĚĞƐŝŐŶďĞĞŶ
ƐƵĐĐĞƐƐĨƵůůLJďĞĞŶŝŶƐƚĂůůĞĚĞůƐĞǁŚĞƌĞ͕ǁŝƚŚŽƵƚĂŶLJŝƐƐƵĞŽĨĐůŽŐŐŝŶŐ͍
ϰ͘ KŶ^ŚĞĞƚͲϵ͗^ƉĞĐŝĨLJƚŚĞĞůĞǀĂƚŝŽŶŽĨƚŚĞϭ͘Ϭ͟ŽƌŝĨŝĐĞŝŶƚŚĞϰ͟ĐĂƉŽĨKƵƚůĞƚ^ƚƌƵĐƚƵƌĞ͕ĂƐ
ƚŚĞĞůĞǀĂƚŝŽŶŝƐŶŽƚůŽĐĂƚĞĚĂƚƚŚĞŝŶǀĞƌƚŽĨƚŚĞϰ͟WsƉŝƉĞ͕ĂƐŝƚŝƐŝŶKƵƚůĞƚ^ƚƌƵĐƚƵƌĞ͘
ůƚĞƌŶĂƚŝǀĞůLJ͕ƚŚĞϰ͟WsƉŝƉĞĐŽƵůĚďĞƌĞǀŝƐĞĚƚŽĂŶŝŶǀĞƌƚĞůĞǀĂƚŝŽŶĞƋƵĂůƚŽƚŚĞϭ͟ŽƌŝĨŝĐĞ͘
ϱ͘ >ĂŶĚƐĐĂƉĞŽŶĐĞƉƚƐŚĞĞƚƐĂƌĞƋƵŝƚĞŐĞŶĞƌĂů͘WƌŽǀŝĚĞŵŽƌĞĚĞƚĂŝůĞĚůĂŶĚƐĐĂƉŝŶŐƉůĂŶƐ
ĂƌŽƵŶĚƚŚĞŐƌĂǀĞůǁĞƚůĂŶĚƐŝŶĂĨƵƚƵƌĞĂƉƉůŝĐĂƚŝŽŶƚŽĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞsĞƌŵŽŶƚ
^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚDĂŶƵĂů͘
ϲ͘ KŶ^ŚĞĞƚͲϳ͗dŚŝƐƉůĂŶůĂĐŬƐĚĞƚĂŝůŽŶŚŽǁƌƵŶŽĨĨŝƐĐŽůůĞĐƚĞĚĨƌŽŵƚŚĞƐƵďƐƵƌĨĂĐĞŽĨ'ƌĂǀĞů
tĞƚůĂŶĚηϮĞůůηϮĂŶĚƌŽƵƚĞĚƚŽKƵƚůĞƚ^ƚƌƵĐƚƵƌĞ͕ǁŝƚŚŽƵƚďLJƉĂƐƐŝŶŐƚƌĞĂƚŵĞŶƚ͘
ϳ͘ /ŶƚŚĞ^ƚŽƌŵǁĂƚĞƌĂůĐƵůĂƚŝŽŶƐŶĂƌƌĂƚŝǀĞ͕ŝƚŶŽƚĞƐƚŚĂƚŚĂůĨŽĨƚŚĞƐŽŝůƐǁĞƌĞŵŽĚĞůĞĚĂƐ͟͞
ƐŽŝůƐ͕ƌĂƚŚĞƌƚŚĂŶ͟͞ƐŽŝůƐ͕ĚƵĞƚŽƚŚĞƉƌĞƐĞŶĐĞŽĨŐƌŽƵŶĚǁĂƚĞƌϯ͛ďĞůŽǁƚŚĞƐƵƌĨĂĐĞ͘WůĞĂƐĞ
ƉƌŽǀŝĚĞƌĞĨĞƌĞŶĐĞƚŽĂŶLJůŝƚĞƌĂƚƵƌĞƚŚĂƚďĂĐŬƐƚŚŝƐŵĞƚŚŽĚ͘ZĞǀŝƐŝŶŐƚŚĞ͟͞ƐŽŝůƐƚŽďĞ
ŵŽĚĞůĞĚĂƐ͟͞ƐŽŝůƐŝŶƚŚĞ^ƚĂŶĚĂƌĚŽŵƉůŝĂŶĐĞtŽƌŬŬƌĞƐƵůƚƐŝŶƚŚĞWƌĞͲĞǀĞůŽƉŵĞŶƚ
ϭϬϬͲzĞĂƌ^ƚŽƌŵƉĞĂŬƌƵŶŽĨĨƌĂƚĞƚŽďĞĐůŽƐĞƌƚŽϲ͘ϰĐĨƐ͕ƌĂƚŚĞƌƚŚĂŶϭϴ͘ϬϵĐĨƐĂƐŵŽĚĞůĞĚďLJ
ƚŚĞĂƉƉůŝĐĂŶƚ͘/ƐƚŚĞŝŶĐƌĞĂƐĞĚƌƵŶŽĨĨĨƌŽŵƚŚĞƐŝƚĞĂĐƚƵĂůůLJƚŚĞƌĞƐƵůƚŽĨƐƚĞĞƉƐůŽƉĞƐĂŶĚŶŽƚ
ŐƌŽƵŶĚǁĂƚĞƌϯ͛ďĞůŽǁƚŚĞƐƵƌĨĂĐĞ͍/ƐƚŚĞƐůŽƉĞĂůƌĞĂĚLJĂĐĐŽƵŶƚĞĚĨŽƌŝŶƚŚĞƐŚŽƌƚĞƌƚŝŵĞŽĨ
ĐŽŶĐĞŶƚƌĂƚŝŽŶ͍
ϴ͘ dŚĞƉƌŽũĞĐƚƉƌŽƉŽƐĞƐŝŶĨŝůƚƌĂƚŝŽŶƚƌĞŶĐŚĞƐĂƚĂĚĞƉƚŚůŽǁĞƌƚŚĂŶƚŚĞƐĞĂƐŽŶĂůŚŝŐŚ
ŐƌŽƵŶĚǁĂƚĞƌƚĂďůĞĚĞƐĐƌŝďĞĚďLJƚŚĞĂƉƉůŝĐĂŶƚŝŶƚŚĞƉƌĞǀŝŽƵƐĐŽŵŵĞŶƚ͘/ĨŝŶĨŝůƚƌĂƚŝŽŶŚĂƐ
ďĞĞŶĚĞƚĞƌŵŝŶĞĚƚŽďĞŝŶĨĞĂƐŝďůĞĚƵĞƚŽĂŚŝŐŚŐƌŽƵŶĚǁĂƚĞƌƚĂďůĞ͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚ
ƌĞŵŽǀĞĂŶLJƉƌŽƉŽƐĞĚŝŶĨŝůƚƌĂƚŝŽŶƚƌĞŶĐŚĞƐƚŚĂƚŚĂǀĞŶŽƚďĞĞŶĐŽŶƐƚƌƵĐƚĞĚLJĞƚĂŶĚƌĞŵŽǀĞ
ƚŚĞŵĨƌŽŵƚŚĞŵŽĚĞůŝŶŐ͘
η^ͲϮϬͲϭϲ
ϭϮ
ϭϮŽĨϮϱ
ϵ͘ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƐĞĐƚŝŽŶϭϮ͘Ϭϯ͘;ϭͿŽĨƚŚĞŝƚLJ͛Ɛ>ĂŶĚĞǀĞůŽƉŵĞŶƚZĞŐƵůĂƚŝŽŶƐ;>ZƐͿ͕
ƉůĞĂƐĞŝŶĐůƵĚĞƐƵďͲǁĂƚĞƌƐŚĞĚďŽƵŶĚĂƌŝĞƐĂŶĚĚƌĂŝŶĂŐĞĂƌĞĂĚĞůŝŶĞĂƚŝŽŶƐĨŽƌĂůůƐƚŽƌŵǁĂƚĞƌ
ƚƌĞĂƚŵĞŶƚƉƌĂĐƚŝĐĞƐ͘
ϭϬ͘ WůĞĂƐĞƉƌŽǀŝĚĞŝŶĨŽƌŵĂƚŝŽŶƚŽĚĞƚĞƌŵŝŶĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƐĞĐƚŝŽŶϭϮ͘Ϭϯ͘ ;ϯͿŽĨƚŚĞŝƚLJ͛Ɛ
>ZƐ͘
ϭϭ͘ /ŶĂĨƵƚƵƌĞĂƉƉůŝĐĂƚŝŽŶ͕ƉůĞĂƐĞƉƌŽǀŝĚĞƚŚĞ,LJĚƌŽĨŝůĞĨŽƌƌĞǀŝĞǁ͘
ϭϮ͘ dŚĞZƐŚŽƵůĚŝŶĐůƵĚĞĂĐŽŶĚŝƚŝŽŶƌĞƋƵŝƌŝŶŐƚŚĞĂƉƉůŝĐĂŶƚƚŽƌĞŐƵůĂƌůLJŵĂŝŶƚĂŝŶĂůů
ƐƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚĐŽŶǀĞLJĂŶĐĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĂĚĚƌĞƐƐƚŚĞƐƐŝƐƚĂŶƚ^ƚŽƌŵǁĂƚĞƌ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ͛Ɛ
ĐŽŵŵĞŶƚƐĂƐƉĂƌƚŽĨƚŚĞĨŝŶĂůƉůĂƚĂƉƉůŝĐĂƚŝŽŶ͘
Ϳ ^/d W>EZ s/ t^dEZ^
ϭϰ͘Ϭϲ'ĞŶĞƌĂůZĞǀŝĞǁ^ƚĂŶĚĂƌĚƐ
͘ ZĞůĂƚŝŽŶƐŚŝƉŽĨWƌŽƉŽƐĞĚĞǀĞůŽƉŵĞŶƚƚŽƚŚĞŝƚLJŽĨ^ŽƵƚŚƵƌůŝŶŐƚŽŶŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘
ƵĞĂƚƚĞŶƚŝŽŶďLJƚŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚďĞŐŝǀĞŶƚŽƚŚĞŐŽĂůƐĂŶĚŽďũĞĐƚŝǀĞƐĂŶĚƚŚĞƐƚĂƚĞĚůĂŶĚƵƐĞ
ƉŽůŝĐŝĞƐĨŽƌƚŚĞŝƚLJŽĨ^ŽƵƚŚƵƌůŝŶŐƚŽŶĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘
^ĞĞĂďŽǀĞĨŽƌĂĚŝƐĐƵƐƐŝŽŶŽĨƚŚĞWƌŽũĞĐƚ͛ƐĐŽŶĨŽƌŵĂŶĐĞǁŝƚŚƚŚĞŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶ͘
͘ ZĞůĂƚŝŽŶƐŚŝƉŽĨWƌŽƉŽƐĞĚ^ƚƌƵĐƚƵƌĞƐƚŽƚŚĞ^ŝƚĞ͘
;ϭͿ dŚĞƐŝƚĞƐŚĂůůďĞƉůĂŶŶĞĚƚŽĂĐĐŽŵƉůŝƐŚĂĚĞƐŝƌĂďůĞƚƌĂŶƐŝƚŝŽŶĨƌŽŵƐƚƌƵĐƚƵƌĞƚŽƐŝƚĞ͕
ĨƌŽŵƐƚƌƵĐƚƵƌĞƚŽƐƚƌƵĐƚƵƌĞ͕ĂŶĚƚŽƉƌŽǀŝĚĞĨŽƌĂĚĞƋƵĂƚĞƉůĂŶƚŝŶŐ͕ƐĂĨĞƉĞĚĞƐƚƌŝĂŶŵŽǀĞŵĞŶƚ͕
ĂŶĚĂĚĞƋƵĂƚĞƉĂƌŬŝŶŐĂƌĞĂƐ͘
^ĞĞĚŝƐĐƵƐƐŝŽŶƵŶĚĞƌϭϰ͘Ϭϲ;ϭͿĂŶĚ;ϮͿďĞůŽǁ͘
;ϮͿWĂƌŬŝŶŐ
;ĂͿWĂƌŬŝŶŐƐŚĂůůďĞůŽĐĂƚĞĚƚŽƚŚĞƌĞĂƌŽƌƐŝĚĞƐŽĨďƵŝůĚŝŶŐƐ͘ŶLJƐŝĚĞŽĨĂďƵŝůĚŝŶŐĨĂĐŝŶŐĂ
ƉƵďůŝĐƐƚƌĞĞƚƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĂĨƌŽŶƚƐŝĚĞŽĨĂďƵŝůĚŝŶŐĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐ
ƐƵďƐĞĐƚŝŽŶ͘
;ďͿʹ;ĐͿEŽƚĂƉƉůŝĐĂďůĞ
;ĚͿ&ŽƌƚŚƌŽƵŐŚůŽƚƐ͕ƉĂƌŬŝŶŐƐŚĂůůďĞůŽĐĂƚĞĚƚŽƚŚĞƐŝĚĞŽĨƚŚĞďƵŝůĚŝŶŐ;ƐͿŽƌƚŽƚŚĞĨƌŽŶƚŽĨ
ƚŚĞďƵŝůĚŝŶŐĂĚũĂĐĞŶƚƚŽƚŚĞƉƵďůŝĐƐƚƌĞĞƚǁŝƚŚƚŚĞůŽǁĞƐƚĂǀĞƌĂŐĞĚĂŝůLJǀŽůƵŵĞŽĨƚƌĂĨĨŝĐ͘
ůů>ŽƚƐ͗WĂƌŬŝŶŐŵŝŶŝŵƵŵĂƌĞĂĚĚƌĞƐƐĞĚŝŶϭϯ͘Ϭϭ͘Ϭ͘ϳϱƐƉĂĐĞƐĂƌĞƌĞƋƵŝƌĞĚƉĞƌĚǁĞůůŝŶŐ
ƵŶŝƚĨŽƌƐƚƵĚŝŽĂŶĚŽŶĞͲďĞĚƌŽŽŵƵŶŝƚƐ͕ĂŶĚϭ͘ϱƐƉĂĐĞƐƉĞƌĚǁĞůůŝŶŐƵŶŝƚĨŽƌƵŶŝƚƐǁŝƚŚƚǁŽ
ďĞĚƌŽŽŵƐĂŶĚĂďŽǀĞ͘/ŶĂĚĚŝƚŝŽŶ͕Ϭ͘ϳϱƐƉĂĐĞƐĂƌĞƌĞƋƵŝƌĞĚĨŽƌĞǀĞƌLJϰƵŶŝƚƐ͕ĂƐůŽŶŐĂƐŶŽ
ŵŽƌĞƚŚĂŶŽŶĞƉĂƌŬŝŶŐƐƉĂĐĞƐŝƐƌĞƐĞƌǀĞĚƉĞƌĚǁĞůůŝŶŐƵŶŝƚ͘dŚĞƉƵƌƉŽƐĞŽĨƚŚĞĂĚĚŝƚŝŽŶĂů
Ϭ͘ϳϱƐƉĂĐĞƐŝƐƚŽĂĐĐŽŵŵŽĚĂƚĞŐƵĞƐƚƉĂƌŬŝŶŐ͘ĂƐĞĚŽŶĂƉƌŽǀŝĚĞĚƚĂďůĞŽĨĚǁĞůůŝŶŐƵŶŝƚƐ͕
ǁŚŝĐŚŚĂƐŶŽƚďĞĞŶĂĚũƵƐƚĞĚƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞĂĚĚŝƚŝŽŶĂůƚǁŽƵŶŝƚƐƉƌŽƉŽƐĞĚƐŝŶĐĞƚŚĞ
ĂƉƉůŝĐĂƚŝŽŶǁĂƐƐƵďŵŝƚƚĞĚ͕ƚŚĞĂƉƉůŝĐĂŶƚŝƐƉƌĞůŝŵŝŶĂƌŝůLJƌĞƋƵŝƌĞĚƚŽƉƌŽǀŝĚĞϰϲϲƐƉĂĐĞƐ͘
dŚĞLJŚĂǀĞƉƌŽǀŝĚĞĚϯϮϬĐŽǀĞƌĞĚƉĂƌŬŝŶŐƐƉĂĐĞƐ͕ϮϲϯƐƉĂĐĞƐŝŶƐƵƌĨĂĐĞůŽƚƐ͕ĂŶĚϰϮŽŶͲƐƚƌĞĞƚ
ƉĂƌŬŝŶŐƐƉĂĐĞƐ͕ĨŽƌĂƚŽƚĂůŽĨϲϮϱƐƉĂĐĞƐ͘
ZĞƋƵŝƌĞĚŵŝŶŝŵƵŵƐƉĂĐĞƐ͗ϰϲϲ
WƌŽǀŝĚĞĚŐĂƌĂŐĞƐƉĂĐĞƐ͗ϯϮϬ
WƌŽǀŝĚĞĚƐƵƌĨĂĐĞƐƉĂĐĞƐ͗Ϯϲϯ;ŝŶĐůƵĚĞƐϮϯƐƉĂĐĞƐŽŶ>ŽƚϭϳͿ
dŽƚĂůƉƌŽǀŝĚĞĚŽĨĨͲƐƚƌĞĞƚƐƉĂĐĞƐ͗ϱϴϯ
η^ͲϮϬͲϭϲ
ϭϯ
ϭϯŽĨϮϱ
WƌŽǀŝĚĞĚŽŶͲƐƚƌĞĞƚƐƉĂĐĞƐ͗ϰϮ
dŽƚĂůƉƌŽǀŝĚĞĚƐƉĂĐĞƐ͗ϲϮϱ
dŚĞĂƉƉůŝĐĂŶƚŚĂƐƌĞƋƵĞƐƚĞĚĂǁĂŝǀĞƌĨŽƌƐŽŵĞƉĂƌŬŝŶŐƐƉĂĐĞƐǁŝƚŚŝŶƐƵďƐƵƌĨĂĐĞŐĂƌĂŐĞƐƚŽ
ϭϴ͛džϴ͛ƌĂƚŚĞƌƚŚĂŶϭϴ͛džϵ͛͘dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐǁĂŝǀĞƌƚŽďĞĂĐĐĞƉƚĂďůĞ͘ƌŝǀĞĂŝƐůĞƐŵƵƐƚďĞ
Ϯϰ͛ǁŝĚĞ͕ŽƌϮϮ͛ǁŝĚĞŝŶƚŚĞĐĂƐĞŽĨƐŝŶŐůĞůŽĂĚĞĚƉĂƌŬŝŶŐĂŝƐůĞƐ͘
>ŽƚϭϮ
dǁŽƐƉĂĐĞƐŽŶ>ŽƚϭϮĂƌĞůŽĐĂƚĞĚƚŽƚŚĞĨƌŽŶƚŽĨƚŚĞďƵŝůĚŝŶŐŽŶK͛ƌŝĞŶ&ĂƌŵZŽĂĚ͘dŚĞ
ŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƌĞŵŽǀĞƚŚŽƐĞƐƉĂĐĞƐ͘
>Žƚϭϱ
dǁŽƐƉĂĐĞƐŽŶ>ŽƚϭϱĂƌĞůŽĐĂƚĞĚƚŽƚŚĞĨƌŽŶƚŽĨƚŚĞďƵŝůĚŝŶŐŽŶdǁŽƌŽƚŚĞƌƐƌŝǀĞ͘dŚĞ
ŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƌĞŵŽǀĞƚŚŽƐĞƐƉĂĐĞƐ͘
>Žƚϭϳ
&ŝĨƚLJͲĨŝǀĞ;ϱϱͿŽĨƚŚĞƉƌŽǀŝĚĞĚƉĂƌŬŝŶŐƐƉĂĐĞƐĂƌĞƉƌŽƉŽƐĞĚƚŽďĞůŽĐĂƚĞĚĨƵůůLJŽƌƉĂƌƚŝĂůůLJ
ŽƵƚƐŝĚĞŽĨƚŚĞĂƉƉƌŽǀĞĚŵĂƐƚĞƌƉůĂŶĂŶĚWhĂƌĞĂŽŶ>Žƚϭϳ͘KĨƚŚŽƐĞ͕ƚŚŝƌƚLJŽŶĞ;ϯϭͿĂƌĞ
ƉƌŽƉŽƐĞĚƚŽďĞŽŶĂƉĂƌŬŝŶŐůŽƚƚŚĂƚďĞŐŝŶƐŽŶ>Žƚϭϯ͕ĂŶĚƚŚĞƌĞŵĂŝŶŝŶŐƚǁĞŶƚLJĨŽƵƌ;ϮϰͿ
ĂƌĞƉƌŽƉŽƐĞĚƚŽďĞŽŶĂĚƌŝǀĞǁĂLJƚŽůŽƚϭϳǁŚŝĐŚĂůƐŽĐŽŶŶĞĐƚƐƚŽ>ŽƚƐϭϯĂŶĚϭϱ͘dŚĞ
ŽĂƌĚĨŝŶĚƐƚŚĂƚƚŚĞĂƉƉůŝĐĂŶƚŵĂLJŶŽƚĐŽŶƐƚƌƵĐƚĂŶLJŽĨƚŚĞƉĂƌŬŝŶŐŽƌŽƚŚĞƌŝŵƉƌŽǀĞŵĞŶƚƐ
ŽŶ>ŽƚϭϳǁŝƚŚŽƵƚĂƐĞƉĂƌĂƚĞĐŽŶĚŝƚŝŽŶĂůƵƐĞĂƉƉƌŽǀĂůĨŽƌƚŚĂƚůŽƚ͘dŚĞŽĂƌĚĨƵƌƚŚĞƌĨŝŶĚƐ
ƚŚĂƚƐŝŶĐĞƚŚĞĂƉƉůŝĐĂŶƚŚĂƐƉƌŽǀŝĚĞĚŵŽƌĞƚŚĂŶƚŚĞŵŝŶŝŵƵŵŶƵŵďĞƌŽĨƌĞƋƵŝƌĞĚƉĂƌŬŝŶŐ
ƐƉĂĐĞƐ͕ĐŽŶĚŝƚŝŽŶĂůĂƉƉƌŽǀĂůĨŽƌƉĂƌŬŝŶŐŽŶ>ŽƚϭϳŝƐŶŽƚĂƉƌĞƌĞƋƵŝƐŝƚĞĨŽƌĂƉƉƌŽǀĂůŽĨƚŚĞ
ƉƌŽƉŽƐĞĚƉƌŽũĞĐƚ͕ƚŚŽƵŐŚŵŝŶŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞƉƌŽƉŽƐĞĚƉĂƌŬŝŶŐǁŽƵůĚďĞƌĞƋƵŝƌĞĚŝŶ
ŽƌĚĞƌƚŽĐƌĞĂƚĞĨƵŶĐƚŝŽŶĂůŝŶƚĞƌŶĂůƉĂƌŬŝŶŐůŽƚĐŝƌĐƵůĂƚŝŽŶ͘
;ϯͿtŝƚŚŽƵƚƌĞƐƚƌŝĐƚŝŶŐƚŚĞƉĞƌŵŝƐƐŝďůĞůŝŵŝƚƐŽĨƚŚĞĂƉƉůŝĐĂďůĞnjŽŶŝŶŐĚŝƐƚƌŝĐƚ͕ƚŚĞŚĞŝŐŚƚĂŶĚ
ƐĐĂůĞŽĨĞĂĐŚďƵŝůĚŝŶŐƐŚĂůůďĞĐŽŵƉĂƚŝďůĞǁŝƚŚŝƚƐƐŝƚĞĂŶĚĞdžŝƐƚŝŶŐŽƌĂŶƚŝĐŝƉĂƚĞĚĂĚũŽŝŶŝŶŐ
ďƵŝůĚŝŶŐƐ͘
ZĞƋƵĞƐƚĞĚŚĞŝŐŚƚǁĂŝǀĞƌƐĂƌĞĂĚĚƌĞƐƐĞĚƵŶĚĞƌĚŝŵĞŶƐŝŽŶĂůƐƚĂŶĚĂƌĚƐĂďŽǀĞ͘^ĞĞĚŝƐĐƵƐƐŝŽŶŽĨ
ĐŽŵƉĂƚŝďŝůŝƚLJƵŶĚĞƌϭϰ͘Ϭϲ;ϭͿĂŶĚ;ϮͿďĞůŽǁ͘
͘ ZĞůĂƚŝŽŶƐŚŝƉŽĨ^ƚƌƵĐƚƵƌĞƐĂŶĚ^ŝƚĞƚŽĚũŽŝŶŝŶŐƌĞĂ͘
;ϭͿ dŚĞĞǀĞůŽƉŵĞŶƚZĞǀŝĞǁŽĂƌĚƐŚĂůůĞŶĐŽƵƌĂŐĞƚŚĞƵƐĞŽĨĂĐŽŵďŝŶĂƚŝŽŶŽĨĐŽŵŵŽŶ
ŵĂƚĞƌŝĂůƐĂŶĚĂƌĐŚŝƚĞĐƚƵƌĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ;Ğ͘Ő͕͘ƌŚLJƚŚŵ͕ĐŽůŽƌ͕ƚĞdžƚƵƌĞ͕ĨŽƌŵŽƌĚĞƚĂŝůŝŶŐͿ͕
ůĂŶĚƐĐĂƉŝŶŐ͕ďƵĨĨĞƌƐ͕ƐĐƌĞĞŶƐĂŶĚǀŝƐƵĂůŝŶƚĞƌƌƵƉƚŝŽŶƐƚŽĐƌĞĂƚĞĂƚƚƌĂĐƚŝǀĞƚƌĂŶƐŝƚŝŽŶƐďĞƚǁĞĞŶ
ďƵŝůĚŝŶŐƐŽĨĚŝĨĨĞƌĞŶƚĂƌĐŚŝƚĞĐƚƵƌĂůƐƚLJůĞƐ͘
ůůďƵŝůĚŝŶŐƐĂƌĞƉƌŽƉŽƐĞĚƚŽŚĂǀĞƚŚĞƐĂŵĞĂƌĐŚŝƚĞĐƚƵƌĂůƐƚLJůĞ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐĐƌŝƚĞƌŝŽŶ
ŵĞƚ͘
;ϮͿ WƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞƐƐŚĂůůďĞƌĞůĂƚĞĚŚĂƌŵŽŶŝŽƵƐůLJƚŽƚŚĞŵƐĞůǀĞƐ͕ƚŚĞƚĞƌƌĂŝŶĂŶĚƚŽ
ĞdžŝƐƚŝŶŐďƵŝůĚŝŶŐƐĂŶĚƌŽĂĚƐŝŶƚŚĞǀŝĐŝŶŝƚLJƚŚĂƚŚĂǀĞĂǀŝƐƵĂůƌĞůĂƚŝŽŶƐŚŝƉƚŽƚŚĞƉƌŽƉŽƐĞĚ
ƐƚƌƵĐƚƵƌĞƐ͘
&ŝŶĚŝŶŐƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞĐŽŵƉůŝĂŶĐĞŽĨĞĂĐŚůŽƚǁŝƚŚƚŚŝƐĐƌŝƚĞƌŝŽŶĂŶĚƚŚĞĐƌŝƚĞƌŝĂŽĨϭϰ͘Ϭϲ
ĂŶĚϭϰ͘ϬϲĨŽůůŽǁƐ͘
ůů>ŽƚƐ
dŚĞĂƉƉůŝĐĂŶƚ͛ƐŝŶŝƚŝĂůƐƵďŵŝƐƐŝŽŶƌĞƉƌĞƐĞŶƚĞĚďƵŝůĚŝŶŐƐǁŝƚŚƚŚĞƐĂŵĞĂƌĐŚŝƚĞĐƚƵƌĞĂƐŽŶĞ
η^ͲϮϬͲϭϲ
ϭϰ
ϭϰŽĨϮϱ
ĂŶŽƚŚĞƌ͕ĞŶƚƌLJƚŽǁĞƌƐĂƚĂůůƐŝdžďƵŝůĚŝŶŐƐ͕ĂŶĚƉĂƌŬŝŶŐŐĂƌĂŐĞƐĂůŽŶŐĂƚůĞĂƐƚŽŶĞƐƚƌĞĞƚĨĂĐŝŶŐ
ĨĂĕĂĚĞĨŽƌĞĂĐŚďƵŝůĚŝŶŐ͘ƵƌŝŶŐƚŚĞŚĞĂƌŝŶŐƐ͕ƚŚĞĂƉƉůŝĐĂŶƚƉƌŽǀŝĚĞĚƐƵƉƉůĞŵĞŶƚĂůƚĞƐƚŝŵŽŶLJ
ĂŶĚĞdžŚŝďŝƚƐƚŽƌĞƐƉŽŶĚƚŽŽĂƌĚĨĞĞĚďĂĐŬŽŶƚŚŝƐĂŶĚƚŚĞĐƌŝƚĞƌŝĂŽĨϭϰ͘ϬϲĂŶĚϭϰ͘Ϭϲ͘dŚŝƐ
ƚĞƐƚŝŵŽŶLJŝŶĚŝĐĂƚĞĚƚŚĞĂƉƉůŝĐĂŶƚ͛ƐĂƉƉƌŽĂĐŚƚŽĐƌĞĂƚŝŶŐĂŶĂƚƚƌĂĐƚŝǀĞĂŶĚĂĐƚŝǀĂƚĞĚƐƚƌĞĞƚ
ƉƌĞƐĞŶĐĞĨŽƌĞĂĐŚďƵŝůĚŝŶŐďLJĐƌĞĂƚŝŶŐĂŶĞŶŐĂŐŝŶŐƐƚƌĞĞƚƉƌĞƐĞŶĐĞ͘dŚŝƐǁĂƐƉƌŽƉŽƐĞĚƚŽďĞ
ĚŽŶĞƚŚƌŽƵŐŚŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞďƵŝůĚŝŶŐƐĂŶĚƐƵƌƌŽƵŶĚŝŶŐƐƚƌĞĞƚƐĐĂƉĞ͕ƚŽŝŶĐůƵĚĞƚŚĞ
ĨŽůůŽǁŝŶŐ͘
x Ă͞ƚŚĞŵĞĂŶĚǀĂƌŝĂƚŝŽŶ͟ĂƉƉƌŽĂĐŚƚŽƚŚĞĞŶƚƌLJƚŽǁĞƌƐ͕ǁŝƚŚƐŝŵŝůĂƌĞdžƚĞƌŝŽƌĂƌĐŚŝƚĞĐƚƵƌĞ
ďƵƚĚŝĨĨĞƌŝŶŐŝŶƚĞƌŝŽƌƚƌĞĂƚŵĞŶƚƐǀŝƐŝďůĞƚŚƌŽƵŐŚƚŚĞƚŽǁĞƌǁŝŶĚŽǁƐ͘
x ƐůĂƚƚĞĚǀĞŶƚŝůĂƚŝŽŶĂŶĚĚĞĐŽƌĂƚŝǀĞŝŶƐĞƌƚƐƚŽƐĐƌĞĞŶƐƚƌĞĞƚͲůĞǀĞůŐĂƌĂŐĞŽƉĞŶŝŶŐƐ
x ĂŶĞŶƚƌĂŶĐĞŝŶƚŽƐƚƌĞĞƚůĞǀĞůĐŽŵŵŽŶƐƉĂĐĞŶĞĂƌƚŚĞĐĞŶƚĞƌŽĨƚŚĞŐĂƌĂŐĞǁŚĞƌĞŝƚĨĂĐĞƐ
ŽŶĂƐƚƌĞĞƚ
x ůĂŶĚƐĐĂƉĞĂƌĐŚŝƚĞĐƚƵƌĂůĞůĞŵĞŶƚƐŝŶĐůƵĚŝŶŐƐĞĂƚŝŶŐ͕ŝŶĨŽƌŵĂƚŝŽŶŬŝŽƐŬƐ
x ǀĞŐĞƚĂƚŝŽŶƚŽŝŶĐůƵĚĞƚƌĞĞƐ͕ŐƌĂƐƐĞƐĂŶĚƉůĂŶƚĞƌƐ
x ĐŽŵƉůŝŵĞŶƚĂƌLJĞŶƚƌĂŶĐĞƐĂƚƚŚĞŵĂŝŶĨŽƵƌͲǁĂLJŝŶƚĞƌƐĞĐƚŝŽŶƚŽŝŶĐůƵĚĞƐŚŽƌƚƚĞƌŵ
ďŝĐLJĐůĞƉĂƌŬŝŶŐ͕ĨůƵƐŚŐƌĂŶŝƚĞĐƵƌďŝŶŐ͕ƐĞĂƚǁĂůůƐ͕ƌĂŝƐĞĚƉůĂŶƚŝŶŐďĞĚƐ͕ďĞŶĐŚƐĞĂƚŝŶŐ͕
ĂŶĚůĂŶĚƐĐĂƉŝŶŐ
x ŝŶƚĞƌŝŽƌĐŽŵŵŽŶƐƉĂĐĞƐ
x ǁĂůŬǁĂLJƐ͕ŝŶĐůƵĚŝŶŐƐƵƐƉĞŶĚĞĚĚĞĐŬƐĂŶĚďŽĂƌĚǁĂůŬƐĂůŽŶŐ<ĞŶŶĞĚLJƌŝǀĞ
tŚĞƌĞƉĂƌŬŝŶŐŐĂƌĂŐĞƐŵĂŬĞƵƉƚŚĞƐƚƌĞĞƚͲůĞǀĞůĨĂĕĂĚĞ͕ƚŚĞĂƉƉůŝĐĂŶƚŚĂƐƉƌŽƉŽƐĞĚĂƐŵĂůů
ĐŽŵŵŽŶƌŽŽŵ͕ĂƉƉƌŽdžŝŵĂƚĞůLJƚŚĞƐŝnjĞŽĨϭ͘ϱƉĂƌŬŝŶŐƐƉĂĐĞƐ͕ǁŝƚŚƐƚƌĞĞƚͲůĞǀĞůĞŶƚƌLJ͕ŽŶĞĂĐŚ
ĨĂĕĂĚĞ͘
WĂƌƚŝĐƵůĂƌĂƚƚĞŶƚŝŽŶƐŚĂůůďĞŐŝǀĞŶƚŽƐĐƌĞĞŶŝŶŐƉĂƌŬŝŶŐŐĂƌĂŐĞƐǁŚĞƌĞĂĚũĂĐĞŶƚƚŽĚĞƐŝŐŶĂƚĞĚ
ĐŽŵŵƵŶŝƚLJƐƉĂĐĞƐ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚĂƚƚŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƉƌŽǀŝĚĞĂĚĞƚĂŝůĞĚůĂŶĚƐĐĂƉŝŶŐ
ͬŚĂƌĚƐĐĂƉĞƉůĂŶĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĂƚƉĂƌŬŝŶŐŐĂƌĂŐĞƐĂƌĞƐĐƌĞĞŶĞĚǁŚĞƌĞĂĚũĂĐĞŶƚƚŽĐŽŵŵƵŶŝƚLJ
ƐƉĂĐĞƐĂƐƉĂƌƚŽĨƚŚĞ&ŝŶĂůWůĂƚĂƉƉůŝĐĂƚŝŽŶ͘
ĂƐĞĚŽŶƚŚĞƉƌŽǀŝĚĞĚƐƵƉƉůĞŵĞŶƚĂůĞdžŚŝďŝƚƐ͕ƚŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƌĐŚŝƚĞĐƚƵƌĞĂŶĚĐŽŵŵŽŶ
ĚĞƐŝŐŶĨĞĂƚƵƌĞƐĂƌĞĐŽŵƉůĞŵĞŶƚĂƌLJƚŚƌŽƵŐŚŽƵƚĂŶĚƚŚĂƚƉƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞƐǁŝůůƌĞƐƉŽŶĚƚŽ
ƚŚĞƚĞƌƌĂŝŶĂŶĚƉƌŽǀŝĚĞĂƐƵĨĨŝĐŝĞŶƚƐƚƌĞĞƚƉƌĞƐĞŶĐĞŝĨƚŚĞƉƌĞƐĞŶƚĞĚŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞ
ŝŶƚĞŐƌĂƚĞĚŝŶƚŽƚŚĞĚĞƐŝŐŶ͘dŚĞŽĂƌĚƚŚĞƌĞĨŽƌĞĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚ͛ƐƚĞƐƚŝŵŽŶLJƉƌĞůŝŵŝŶĂƌŝůLJ
ĐŽŵƉůŝĂŶƚǁŝƚŚƚŚĞƐĞĐƌŝƚĞƌŝĂ͘
>ŽƚϭϬ
dŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϬŝƐƉƌŽƉŽƐĞĚƚŽŚĂǀĞĨŽƵƌŚĂďŝƚĂďůĞƐƚŽƌŝĞƐĂŶĚŽŶĞƉĂƌŬŝŶŐƐƚŽƌLJ͘dŚĞ
ƉĂƌŬŝŶŐƐƚŽƌLJƌĞƉƌĞƐĞŶƚƐƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞƐƚƌĞĞƚͲĨĂĐŝŶŐĨĂĕĂĚĞŽŶK͛ƌŝĞŶ&ĂƌŵZŽĂĚ͕ǁŝƚŚ
ƚǁŽĞŶƚƌLJĚŽŽƌƐŽŶƚŚĞĞŶĚŶĞĂƌĞƐƚdǁŽƌŽƚŚĞƌƐƌŝǀĞƌĞƉƌĞƐĞŶƚŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϮϬйŽĨƚŚĞ
ĨĂĕĂĚĞ͕ĂŶĚĂŶĞŶƚƌLJĚŽŽƌŝŶƚŽĐŽŵŵŽŶƐƉĂĐĞŶĞĂƌƚŚĞĐĞŶƚĞƌŽĨƚŚĞďƵŝůĚŝŶŐ͘dƵƌŶŝŶŐƌŝŐŚƚ
ŽŶƚŽdǁŽƌŽƚŚĞƌƐƌŝǀĞƚŚĞƌĞŝƐĂĐŽƌŶĞƌĞŶƚƌLJƚŽǁĞƌǁŝƚŚƚǁŽŐƌŽƵƉƐŽĨƚŚƌĞĞƐƚŽƌĞĨƌŽŶƚ
ǁŝŶĚŽǁƐĐŽŵƉƌŝƐŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJϰϬйŽĨƚŚĞĨĂĐĂĚĞďĞĨŽƌĞƚŚĞďƵŝůĚŝŶŐƚƌĂŶƐŝƚŝŽŶƐďĂĐŬŝŶƚŽ
ƉĂƌŬŝŶŐĂƐŐƌĂĚĞƐůŽƉĞƐƵƉ͘dƵƌŶŝŶŐƌŝŐŚƚĂŐĂŝŶƚŽĐŽŶƚŝŶƵĞŽŶdǁŽƌŽƚŚĞƌƐƌŝǀĞƚŚĞƉĂƌŬŝŶŐ
ƐƚŽƌLJŝƐďĞůŽǁŐƌĂĚĞĂŶĚƚŚĞƐƚƌĞĞƚͲĨĂĐŝŶŐĨĂĕĂĚĞŝƐŵĂĚĞƵƉŽĨǁŝŶĚŽǁƐƚŽŝŶĚŝǀŝĚƵĂůƵŶŝƚƐ͘
^ŽŵĞǁŝŶĚŽǁƐŚĂǀĞƐŚĂůůŽǁďĂůĐŽŶŝĞƐ͘dŚŝƐĨĂĕĂĚĞŝƐůŽǁĞƌƚŚĂŶdǁŽƌŽƚŚĞƌƐĚƌŝǀĞďLJϴͲĨĞĞƚ
ĂŶĚŝƐƐĞƉĂƌĂƚĞĚĨƌŽŵƚŚĞƌŽĂĚƌŝŐŚƚŽĨǁĂLJďLJϳϳĨĞĞƚ͕ŝŶĐůƵƐŝǀĞŽĨĂĚŽƵďůĞͲůŽĂĚĞĚƉĂƌŬŝŶŐ
ĂƌĞĂ͘dŚĞŽŶůLJƉĞĚĞƐƚƌŝĂŶďƵŝůĚŝŶŐĞŶƚƌĂŶĐĞƐĂƌĞŽŶK͛ƌŝĞŶ&ĂƌŵZŽĂĚ͘dŚĞƌĞĂƌĞϰϰƵŶŝƚƐ
ƉƌŽƉŽƐĞĚŝŶƚŚĞďƵŝůĚŝŶŐ͕ĂŶĚϯϯŐĂƌĂŐĞƉĂƌŬŝŶŐƐƉĂĐĞƐ͕ǁŝƚŚϮϵƉĂƌŬŝŶŐƐƉĂĐĞƐƚŽƚŚĞƌĞĂƌŽĨƚŚĞ
ďƵŝůĚŝŶŐ͘ĐĐĞƐƐƚŽƐŽůŝĚǁĂƐƚĞĚŝƐƉŽƐĂůŝƐĞŝƚŚĞƌƚŚƌŽƵŐŚƚŚĞŐĂƌĂŐĞĚŽŽƌƐŽƌǀŝĂĂƐŝĚĞǁĂůŬ
ĨƌŽŵƚŚĞĞŶƚƌLJƚŽǁĞƌƚŽƚŚĞĨĂƌĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ͘
η^ͲϮϬͲϭϲ
ϭϱ
ϭϱŽĨϮϱ
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞƉůĂĐĞŵĞŶƚŽĨďƵŝůĚŝŶŐĂŶĚƉĂƌŬŝŶŐĂƌĞĂƐŽŶƚŚĞůŽƚƚŽďĞĂƉƉƌŽƉƌŝĂƚĞ͘
/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞĂďŽǀĞͲŵĞŶƚŝŽŶĞĚĨŝŶĚŝŶŐƐŽŶƚŚĞƐĞĐƌŝƚĞƌŝĂĂƉƉůŝĐĂďůĞƚŽĂůůůŽƚƐ͕ƚŚĞŽĂƌĚ
ĨŝŶĚƐĂƉƉůŝĐĂŶƚŵƵƐƚĚĞŵŽŶƐƚƌĂƚĞĂƚĨŝŶĂůƉůĂƚƚŚĂƚƚŚĞĚĞƐŝŐŶŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚůĂŶĚƐĐĂƉŝŶŐŽŶ
>ŽƚϭϬƉƌŽǀŝĚĞƐĂŶĂƉƉƌŽƉƌŝĂƚĞƚƌĂŶƐŝƚŝŽŶĨƌŽŵƚŚĞƐŝŶŐůĞĨĂŵŝůLJĂŶĚĚƵƉůĞdžĂƌĞĂƚŽƚŚĞ
ƐŽƵƚŚǁĞƐƚƚŽƚŚĞŵƵůƚŝĨĂŵŝůLJĂƌĞĂ͕ĂŶĚƚŚĂƚƚŚĞƐƚƌĞĞƚůĞǀĞůŐĂƌĂŐĞƉƌĞƐĞŶƚƐĂŚĂƌŵŽŶŝŽƵƐ
ƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚƚŚĞƌĞƐŝĚĞŶƚŝĂůĐŚĂƌĂĐƚĞƌŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘
>Žƚϭϭ
dŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϭŝƐƉƌŽƉŽƐĞĚƚŽŚĂǀĞĨŽƵƌŚĂďŝƚĂďůĞƐƚŽƌŝĞƐĂŶĚŽŶĞƉĂƌŬŝŶŐƐƚŽƌLJ͘dŚĞ
ŶŽƌƚŚǁĞƐƚĞůĞǀĂƚŝŽŶ͕ĨƌŽŶƚŝŶŐŽŶK͛ƌŝĞŶ&ĂƌŵZŽĂĚ͕ŝƐŵĂĚĞƵƉŽĨƉĂƌŬŝŶŐƐƚŽƌLJĨŽƌƌŽƵŐŚůLJ
ϴϬйŽĨŝƚƐůĞŶŐƚŚǁŝƚŚĂŶĞŶƚƌLJŝŶƚŽĂƐŵĂůůĐŽŵŵŽŶƐƉĂĐĞŶĞĂƌƚŚĞĐĞŶƚĞƌĂŶĚƚǁŽĞŶƚƌLJĚŽŽƌƐ
ŶĞĂƌƚŚĞĞŶĚŶĞĂƌĞƐƚdǁŽƌŽƚŚĞƌƐƌŝǀĞ͘dƵƌŶŝŶŐƚŚĞĐŽƌŶĞƌƚŽƚŚĞƐŽƵƚŚǁĞƐƚĞůĞǀĂƚŝŽŶŽŶdǁŽ
ƌŽƚŚĞƌƐƌŝǀĞ͕ƚŚĞƐƚƌĞĞƚůĞǀĞůĨĂĕĂĚĞŝƐŵĂĚĞƵƉŽĨϰϬйĞŶƚƌLJƚŽǁĞƌĂŶĚϲϬйƉĂƌŬŝŶŐƐƚŽƌLJ͘
dŚĞƵƉƉĞƌƐƚŽƌLJĂƌĐŚŝƚĞĐƚƵƌĞŝƐƚŚĞƐĂŵĞĂƐƚŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϬ͘ƚŚĞůŽǁĞƌƉĂƌŬŝŶŐƐƚŽƌLJŝƐ
njĞƌŽƚŽƐŝdžĨĞĞƚŚŝŐŚĞƌƚŚĂŶƚŚĞĂĚũŽŝŶŝŶŐƌŽĂĚǁĂLJ͘dŚĞƌĞŝƐĂƉƌŽƉŽƐĞĚƐŝĚĞǁĂůŬĂůŽŶŐďŽƚŚ
ƐƚƌĞĞƚĨĂĐŝŶŐĨĂĐĂĚĞƐ͕ĂƐǁĞůůĂƐĂůŽŶŐƚŚĞůŽŶŐĨĂĕĂĚĞǁŚŝĐŚĨĂĐĞƐƚŚĞƉĂƌŬŝŶŐŽŶƚŚĞůŽƚ͘dŚĞ
ƉĂƌŬŝŶŐŐĂƌĂŐĞĞŶƚƌĂŶĐĞŝƐůŽĐĂƚĞĚŽŶƚŚĞŶŽƌƚŚĞĂƐƚĞŶĚŽĨƚŚĞďƵŝůĚŝŶŐ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞƉůĂĐĞŵĞŶƚŽĨďƵŝůĚŝŶŐĂŶĚƉĂƌŬŝŶŐĂƌĞĂƐŽŶƚŚĞůŽƚƚŽďĞĂƉƉƌŽƉƌŝĂƚĞ͘
>ŽƚϭϮ
dŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϮŝƐƉƌŽƉŽƐĞĚƚŽŚĂǀĞĨŽƵƌŚĂďŝƚĂďůĞƐƚŽƌŝĞƐĂŶĚŽŶĞƉĂƌŬŝŶŐƐƚŽƌLJ͘dŚŝƐ
ďƵŝůĚŝŶŐŝƐƉƌŽƉŽƐĞĚƚŽĐŽŶƚĂŝŶĂůůŝŶĐůƵƐŝŽŶĂƌLJŚŽƵƐŝŶŐƵŶŝƚƐĨŽƌƚŚŝƐƉŚĂƐĞŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ
;ƉƌĞůŝŵŝŶĂƌŝůLJϰϳƚŽϰϵƵŶŝƚƐͿ͘
dŚĞŶŽƌƚŚĞĂƐƚĞůĞǀĂƚŝŽŶ͕ĨƌŽŶƚŝŶŐŽŶdǁŽƌŽƚŚĞƌƐƌŝǀĞ͕ŝƐŵĂĚĞƵƉŽĨƉĂƌŬŝŶŐƐƚŽƌLJĨŽƌƌŽƵŐŚůLJ
ϱϬйŽĨŝƚƐůĞŶŐƚŚǁŝƚŚĂŶĞŶƚƌLJŝŶƚŽĂƐŵĂůůĐŽŵŵŽŶƐƉĂĐĞŶĞĂƌƚŚĞĐĞŶƚĞƌ͕ĂŶĚƚŚĞŐƌĂĚĞƌŝƐŝŶŐ
ƚŽƚŚĞĨŝƌƐƚŚĂďŝƚĂďůĞůĞǀĞůĂƚƚŚĞĞĂƐƚĞƌŶĞŶĚŽĨƚŚĞĨĂĕĂĚĞ͘dŚĞĞĂƐƚĞƌŶĞŶĚŽĨƚŚĞĨĂĕĂĚĞŚĂƐ
ƚǁŽĚŽŽƌƐ͕ŝŶĐůƵĚŝŶŐƚŚĞĞŶƚƌLJƚŽǁĞƌ͘dƵƌŶŝŶŐƚŚĞĐŽƌŶĞƌŽŶƚŽK͛ƌŝĞŶ&ĂƌŵZŽĂĚ͕ƚŚĞĨĂĕĂĚĞ
ĐŽŶƐŝƐƚƐŽĨƚŚĞĞŶƚƌLJƚŽǁĞƌĂŶĚǁŝŶĚŽǁƐƚŽƵŶŝƚƐ͘dŚĞƌĞĂƉƉĞĂƌƐƚŽďĞĂƐŝĚĞǁĂůŬďĞƚǁĞĞŶƚŚĞ
ďƵŝůĚŝŶŐĂŶĚƚŚĞƐƚƌĞĞƚŽŶƚŚĞK͛ƌŝĞŶ&ĂƌŵZŽĂĚĨĂĕĂĚĞ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞƌĞĐƌĞĂƚŝŽŶƉĂƚŚ
ĂůŽŶŐK͛ƌŝĞŶ&ĂƌŵZŽĂĚ͘WĂƌŬŝŶŐŝƐůŽĐĂƚĞĚƚŽƚŚĞƐŽƵƚŚǁĞƐƚĂŶĚŝƐĂĐĐĞƐƐĞĚǀŝĂK͛ƌŝĞŶ&Ăƌŵ
ZŽĂĚ͘
>Žƚϭϯ
dŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϯŝƐƉƌŽƉŽƐĞĚƚŽŚĂǀĞĨŽƵƌŚĂďŝƚĂďůĞƐƚŽƌŝĞƐĂŶĚŽŶĞƉĂƌŬŝŶŐƐƚŽƌLJ͕ĂŶĚ
ĐŽŶƚĂŝŶϭϭϴƵŶŝƚƐ͘dŚĞƉĂƌŬŝŶŐƐƚŽƌLJŝŶĐůƵĚĞƐĂƉƉƌŽdžŝŵĂƚĞůLJϮϬйŽĨŝƚƐĂƌĞĂĂƐĂĐƚŝǀĞƐƉĂĐĞŝŶ
ƚŚĞĨŽƌŵŽĨĂůĞĂƐŝŶŐŽĨĨŝĐĞ͕ĚŽŐƐĂůŽŶ͕͞ƐƉĞĞĚƐŚŽƉ͕͟ĂŶĚďŝŬĞƐƚŽƌĂŐĞƌŽŽŵ͘
dŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞĞŶƚƌĂŶĐĞŝƐƉƌŽƉŽƐĞĚƚŽďĞůŽĐĂƚĞĚŶĞĂƌƚŚĞƌĞĂƌŽĨƚŚĞƐŝƚĞŝŶǁŚĂƚƚŚĞ
ŽĂƌĚĨŝŶĚƐƚŽďĞĂŶĂƉƉƌŽƉƌŝĂƚĞůŽĐĂƚŝŽŶ͘
dŚĞƐŽƵƚŚĞĂƐƚĨĂĕĂĚĞĂůŽŶŐK͛ƌŝĞŶ&ĂƌŵZŽĂĚŝƐƉƌŽƉŽƐĞĚƚŽĐŽŶƐŝƐƚŽĨƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐ͘dŚĞ
ĨŝƌƐƚͲĨůŽŽƌĞůĞǀĂƚŝŽŶŝƐƉƌŽƉŽƐĞĚƚŽďĞƚǁŽĨĞĞƚĂďŽǀĞƚŽƐŝdžĨĞĞƚďĞůŽǁƚŚĞĂĚũĂĐĞŶƚƌŽĂĚǁĂLJ͘
ĂƐĞĚŽŶŐƌĂĚĞ͕ƚŚĞĂƉƉůŝĐĂŶƚŝƐŽŶůLJƉƌŽƉŽƐŝŶŐƚǁŽĞŶƚƌĂŶĐĞƐĂůŽŶŐK͛ƌŝĞŶ&ĂƌŵZŽĂĚ͕ŽŶĞ
ŝŶƚŽƚŚĞĞŶƚƌLJƚŽǁĞƌĂŶĚƚŚĞŽƚŚĞƌĂďŽƵƚϮͬϯŽĨƚŚĞǁĂLJĚŽǁŶƚŚĞĨĂĕĂĚĞ͘
dŚĞƐŽƵƚŚǁĞƐƚĞůĞǀĂƚŝŽŶĂůŽŶŐdǁŽƌŽƚŚĞƌƐƌŝǀĞĐŽŶƐŝƐƚƐŽĨĂŶĞŶƚƌLJƚŽǁĞƌĂƚƚŚĞǁĞƐƚĐŽƌŶĞƌ͕
ĂŶĚƚŚĞŶŐƌĂĚĞĚƌŽƉƐĂǁĂLJƚŽƚŚĞůĞĂƐŝŶŐŽĨĨŝĐĞ͘dŚĞƐƉĂĐĞŝŶďĞƚǁĞĞŶĐŽŶƐŝƐƚƐŽĨŽƉĞŶŝŶŐƐŝŶƚŽ
ƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞ͘dŚĞďƵŝůĚŝŶŐŝƐůŽĐĂƚĞĚŵŽƌĞƚŚĂŶϮϬĨĞĞƚĨƌŽŵƚŚĞďĂĐŬŽĨƐŝĚĞǁĂůŬĂůŽŶŐ
ƚŚŝƐďůĂŶŬǁĂůů͘dŚĞŽĂƌĚĨŝŶĚƐƚŚĂƚƚŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚƉůĂĐĞƉĂƌƚŝĐƵůĂƌĞŵƉŚĂƐŝƐŽŶƉƌŽǀŝĚŝŶŐ
ĂǀŝƐƵĂůŽƌĨƵŶĐƚŝŽŶĂůƚƌĂŶƐŝƚŝŽŶĂůŽŶŐƚŚŝƐĨĂĕĂĚĞ͘
η^ͲϮϬͲϭϲ
ϭϲ
ϭϲŽĨϮϱ
dŚĞĨŝƌƐƚĨůŽŽƌŽĨƚŚŝƐďƵŝůĚŝŶŐĐŽŶƐŝƐƚƐŽĨϮϳƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐ͕ƚǁŽ͞ĐŽŵŵƵŶŝƚLJƌŽŽŵƐ͕͟ĂŶ
ƵŶŝĚĞŶƚŝĨŝĞĚĂŵĞŶŝƚLJƐƉĂĐĞ͕ĂŶĚĂůŽďďLJ͘hƉƉĞƌƐƚŽƌŝĞƐĂƌĞĨƵůůLJƉƌŽŐƌĂŵŵĞĚǁŝƚŚƌĞƐŝĚĞŶƚŝĂů
ƵŶŝƚƐ͘dŚĞŽƵƚĚŽŽƌƉŽƌƚŝŽŶŽĨƚŚĞhͲƐŚĂƉĞĚďƵŝůĚŝŶŐǁĂƐŽƌŝŐŝŶĂůůLJƉƌŽƉŽƐĞĚƚŽĐŽŶƚĂŝŶĂ
ůŽƵŶŐĞ͕ŐĂŵĞƐĂƌĞĂ͕YƉĂǀŝůŝŽŶĂŶĚƉŽŽů͘dŚĞƉŽŽůŝƐŶŽůŽŶŐĞƌďĞŝŶŐƉƌŽƉŽƐĞĚĂŶĚŵƵƐƚďĞ
ƌĞŵŽǀĞĚĨƌŽŵƚŚĞƉƌŽũĞĐƚƉůĂŶƐ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐƵďŵŝƚĂĚĞƚĂŝůĞĚƉƌŽƉŽƐĂůĨŽƌƚŚŝƐĞdžƚĞƌŝŽƌƐƉĂĐĞĂƐƉĂƌƚŽĨ
ƚŚĞ&ŝŶĂůWůĂƚĂƉƉůŝĐĂƚŝŽŶ͘
>Žƚϭϰ
dŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϰŝƐƉƌŽƉŽƐĞĚƚŽŚĂǀĞƚŚƌĞĞŚĂďŝƚĂďůĞƐƚŽƌŝĞƐĂŶĚŽŶĞƉĂƌŬŝŶŐƐƚŽƌLJ͘dŚĞ
ƉĂƌŬŝŶŐƐƚŽƌLJƌĞƉƌĞƐĞŶƚƐƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞƐƚƌĞĞƚͲĨĂĐŝŶŐĨĂĕĂĚĞŽŶ<ĞŶŶĞĚLJƌŝǀĞ͕ǁŝƚŚĂĚŽŽƌ
ĂŶĚŽƵƚĚŽŽƌĐŽŵŵŽŶĂƌĞĂŽŶƚŚĞǁĞƐƚĞŶĚŽĨƚŚĞĨĂĕĂĚĞ͘dŚĞĨĂĕĂĚĞĨĂĐŝŶŐdǁŽƌŽƚŚĞƌƐƌŝǀĞ
ŝƐŵĂĚĞƵƉŽĨŚĂůĨƉĂƌŬŝŶŐƐƚŽƌLJĂŶĚŚĂůĨĞŶƚƌĂŶĐĞƚŽǁĞƌ͘^ƵƌĨĂĐĞƉĂƌŬŝŶŐŝƐůŽĐĂƚĞĚƚŽƚŚĞƐŝĚĞ
ĂůŽŶŐƚŚĞĞŶƚƌĂŶĐĞĚƌŝǀĞ͕ǁŝƚŚĂƐŵĂůůĐŽŵŵŽŶƐƉĂĐĞĞŶƚƌĂŶĐĞŶĞĂƌƚŚĞĐĞŶƚĞƌ͘KŶůLJŽŶĞ
ĞdžƚĞƌŝŽƌĞŶƚƌĂŶĐĞŝƐƉƌŽƉŽƐĞĚĂƚƚŚĞĞŶƚƌĂŶĐĞƚŽǁĞƌ͕ůŽĐĂƚĞĚĂƚƚŚĞďƵŝůĚŝŶŐ͛ƐƵƉŚŝůůĐŽƌŶĞƌŽŶ
dǁŽƌŽƚŚĞƌƐƌŝǀĞ͘dŚĞƌĞĂƌĞϯϯƵŶŝƚƐƉƌŽƉŽƐĞĚŝŶƚŚĞďƵŝůĚŝŶŐ͕ǁŝƚŚϯϯŐĂƌĂŐĞƉĂƌŬŝŶŐƐƉĂĐĞƐ͕
ĂŶĚϭϮƐƉĂĐĞƐĂůŽŶŐƚŚĞĞŶƚƌĂŶĐĞĚƌŝǀĞƐŚĂƌĞĚǁŝƚŚƚŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϮ͘dŚĞƉƌŽǀŝĚĞĚ
ƌĞŶĚĞƌŝŶŐƐŝŶĐŽƌƌĞĐƚůLJĚĞƉŝĐƚƵŶŝƚƐĂƚŐƌĂĚĞĨĂĐŝŶŐ<ĞŶŶĞĚLJƌŝǀĞ͘dŚĞĨŝŶŝƐŚĞĚĨůŽŽƌŽĨƚŚĞ
ŐĂƌĂŐĞŝƐƉƌŽƉŽƐĞĚƚŽďĞĂƚĂƉƉƌŽdžŝŵĂƚĞůLJƚŚĞƐĂŵĞĞůĞǀĂƚŝŽŶĂƐ<ĞŶŶĞĚLJƌŝǀĞ͕ƐŽŝƚǁŝůůďĞ
ĨƵůůLJǀŝƐŝďůĞĨƌŽŵƚŚĂƚůŽĐĂƚŝŽŶŝĨŶŽƚƐĐƌĞĞŶĞĚŽƌŽƚŚĞƌǁŝƐĞƚƌĞĂƚĞĚ͘dŚĞƌŽŽĨŽĨƚŚĞďƵŝůĚŝŶŐǁŝůů
ďĞŵŽƌĞƚŚĂŶϲϬĨĞĞƚĂďŽǀĞƚŚĞĞdžŝƐƚŝŶŐƐŝĚĞǁĂůŬŽŶ<ĞŶŶĞĚLJƌŝǀĞ͘dŚĞĂƉƉůŝĐĂŶƚ͛ƐĐŽǀĞƌůĞƚƚĞƌ
ĚŝƐĐƵƐƐĞƐĂŶĞŶŐĂŐŝŶŐƐƚƌĞĞƚƉƌĞƐĞŶĐĞƚŽ<ĞŶŶĞĚLJƌŝǀĞ͘dŚĞĂƌĐŚŝƚĞĐƚƵƌĂůĞůĞǀĂƚŝŽŶƐƐŚŽǁ
ŵŽƌĞďƵŝůĚŝŶŐƐƚĞƉďĂĐŬƐĂŶĚƉƌŽƚƌƵƐŝŽŶƐĂůŽŶŐ<ĞŶŶĞĚLJƌŝǀĞƚŚĂŶĂƌĞƉƌĞƐĞŶƚŝŶƚŚĞ
ĂƌĐŚŝƚĞĐƚƵƌĂůƉůĂŶƐ͘
tŚŝůĞƚŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚ͛ƐƚĞƐƚŝŵŽŶLJĐŽŶĐĞƉƚƵĂůůLJĐŽŵƉůŝĂŶƚǁŝƚŚƚŚĞƐĞĐƌŝƚĞƌŝĂ͕ƚŚĞ
ŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĚĞŵŽŶƐƚƌĂƚĞĂƚĨŝŶĂůƉůĂƚƚŚĂƚƚŚĞĚĞƐŝŐŶŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚ
ůĂŶĚƐĐĂƉŝŶŐŽŶ>ŽƚϭϰƉƌŽǀŝĚĞƐĂŶĂƉƉƌŽƉƌŝĂƚĞƚƌĂŶƐŝƚŝŽŶĨƌŽŵƚŚĞǁŽŽĚĞĚĂƌĞĂƚŽƚŚĞ
ƐŽƵƚŚǁĞƐƚƚŽƚŚĞĚĞǀĞůŽƉĞĚWƌŽũĞĐƚĂƌĞĂ͕ƚŚĂƚƚŚĞŐĂƌĂŐĞŝƐĂƉƉƌŽƉƌŝĂƚĞůLJƐĐƌĞĞŶĞĚ͕ĂŶĚƚŚĂƚ
ůŝŐŚƚŝŶŐŝƐƐŚŝĞůĚĞĚĨƌŽŵďĞŝŶŐĂŶƵŝƐĂŶĐĞŽŶ<ĞŶŶĞĚLJƌŝǀĞ͘
>Žƚϭϱ
dŚĞďƵŝůĚŝŶŐŽŶ>ŽƚϭϱŝƐƉƌŽƉŽƐĞĚƚŽŚĂǀĞĨŽƵƌŚĂďŝƚĂďůĞƐƚŽƌŝĞƐĂŶĚŽŶĞƉĂƌŬŝŶŐƐƚŽƌLJ͘dŚĞ
ƉĂƌŬŝŶŐƐƚŽƌLJƌĞƉƌĞƐĞŶƚƐƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞƐƚƌĞĞƚͲĨĂĐŝŶŐĨĂĕĂĚĞŽŶ<ĞŶŶĞĚLJƌŝǀĞǁŝƚŚĂŶĞŶƚƌLJ
ƚŽǁĞƌŶĞĂƌƚŚĞďƵŝůĚŝŶŐĚŽŐůĞŐ͕ǁŚŝůĞƚŚĞĨĂĕĂĚĞĨĂĐŝŶŐdǁŽƌŽƚŚĞƌƐƌŝǀĞŝƐŵĂĚĞƵƉŽĨĂŶ
ĞŶƚƌLJƚŽǁĞƌĂŶĚƉĂƌŬŝŶŐŐĂƌĂŐĞĞŶƚƌĂŶĐĞ͘dŚĞ<ĞŶŶĞĚLJƌŝǀĞĨĂĕĂĚĞŝƐƉƌŽƉŽƐĞĚƚŽďĞĨƌŽŶƚĞĚ
ďLJĂďŽĂƌĚǁĂůŬĐŽŶŶĞĐƚŝŶŐƚŚĞƚǁŽĞŶƚƌLJƚŽǁĞƌƐ͘dŚĞŐĂƌĂŐĞĞŶƚƌĂŶĐĞĂŶĚĞŶƚƌLJƚŽǁĞƌĂƌĞ
ĂƉƉƌŽdžŝŵĂƚĞůLJϰͲĨĞĞƚŚŝŐŚĞƌŝŶĞůĞǀĂƚŝŽŶƚŚĂŶƚŚĞĂĚũŽŝŶŝŶŐdǁŽƌŽƚŚĞƌƐƌŝǀĞ͘dŚŝƐďƵŝůĚŝŶŐŝƐ
ĂŐĂƚĞǁĂLJ͘/ŶƌĞƐƉŽŶƐĞƚŽŽĂƌĚĨĞĞĚďĂĐŬƌĞƋƵŝƌŝŶŐĂŶĞŶŚĂŶĐĞĚƐƚƌĞĞƚƉƌĞƐĞŶĐĞ͕ƚŚĞĂƉƉůŝĐĂŶƚ
ŚĂƐƉƌŽǀŝĚĞĚĞdžŚŝďŝƚƐƐŚŽǁŝŶŐĂŵŽĚŝĨŝĞĚƉĂƌŬŝŶŐŐĂƌĂŐĞĞŶƚƌĂŶĐĞĚŝƌĞĐƚůLJŽĨĨdǁŽƌŽƚŚĞƌƐ
ƌŝǀĞŝŶŽƌĚĞƌƚŽĂĐĐŽŵŵŽĚĂƚĞĂůĂƌŐĞŚĂƌĚƐĐĂƉĞƉůĂnjĂŝŶƚŚĞŽƌŝŐŝŶĂůůLJƉƌŽƉŽƐĞĚŐĂƌĂŐĞ
ĞŶƚƌĂŶĐĞůŽĐĂƚŝŽŶ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐŵŽĚŝĨŝĐĂƚŝŽŶŵƵƐƚďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞƉůĂŶƐĂƚƚŚĞ
ŶĞdžƚƐƚĂŐĞŽĨƌĞǀŝĞǁ͘
/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞĞŶƚƌLJƚŽǁĞƌŽŶdǁŽƌŽƚŚĞƌƐƌŝǀĞ͕ƉĞĚĞƐƚƌŝĂŶĞŶƚƌĂŶĐĞƐĂƌĞƉƌŽƉŽƐĞĚĂƚƚŚĞ
ũŽŐŝŶƚŚĞďƵŝůĚŝŶŐŽŶ<ĞŶŶĞĚLJƌŝǀĞĂŶĚĨƌŽŵƚŚĞĂĚũŽŝŶŝŶŐƐƵƌĨĂĐĞůŽƚ͘dŚĞďƵŝůĚŝŶŐŝƐ
ƉƌŽƉŽƐĞĚƚŽŚĂǀĞϭϬϯƵŶŝƚƐ͕ǁŝƚŚϴϮŐĂƌĂŐĞƉĂƌŬŝŶŐƐƉĂĐĞƐĂŶĚϵϳƉĂƌŬŝŶŐƐƉĂĐĞƐŝŶƚŚĞůŽƚ
ƐŚĂƌĞĚǁŝƚŚĂĚũĂĐĞŶƚ>Žƚϭϯ͘dŚĞĂƌĐŚŝƚĞĐƚƵƌĂůĞůĞǀĂƚŝŽŶƐƐŚŽǁďƵŝůĚŝŶŐďƌĞĂŬƐĂůŽŶŐ<ĞŶŶĞĚLJ
ƌŝǀĞ͕ďƵƚƚŚĞƐĞďƵŝůĚŝŶŐďƌĞĂŬƐĚŽŶŽƚĂƉƉĞĂƌƉƌĞƐĞŶƚŝŶƚŚĞĂƌĐŚŝƚĞĐƚƵƌĂůƉůĂŶƐ͘
η^ͲϮϬͲϭϲ
ϭϳ
ϭϳŽĨϮϱ
dŚĞĂƉƉůŝĐĂŶƚ͛ƐĐŽǀĞƌůĞƚƚĞƌĚŝƐĐƵƐƐĞƐĂŶĞŶŐĂŐŝŶŐƐƚƌĞĞƚƉƌĞƐĞŶĐĞƚŽ<ĞŶŶĞĚLJƌŝǀĞ͘>ŝŬĞŽŶ>Žƚ
ϭϰ͕ƚŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĚĞŵŽŶƐƚƌĂƚĞĂƚĨŝŶĂůƉůĂƚƚŚĂƚƚŚĞĚĞƐŝŐŶŽĨƚŚĞďƵŝůĚŝŶŐ
ĂŶĚůĂŶĚƐĐĂƉŝŶŐŽŶ>ŽƚϭϱƉƌŽǀŝĚĞƐĂŶĂƚƚƌĂĐƚŝǀĞƐƚƌĞĞƚƉƌĞƐĞŶĐĞĂŶĚƚŚĂƚŐĂƌĂŐĞůŝŐŚƚŝŶŐŝƐ
ƐŚŝĞůĚĞĚĨƌŽŵďĞŝŶŐĂŶƵŝƐĂŶĐĞŽŶ<ĞŶŶĞĚLJƌŝǀĞ͘
ϭϰ͘Ϭϳ^ƉĞĐŝĨŝĐZĞǀŝĞǁ^ƚĂŶĚĂƌĚƐ
/ŶĂůůŽŶŝŶŐŝƐƚƌŝĐƚƐĂŶĚƚŚĞŝƚLJĞŶƚĞƌ&ŽƌŵĂƐĞĚŽĚĞƐŝƐƚƌŝĐƚ͕ƚŚĞĨŽůůŽǁŝŶŐƐƚĂŶĚĂƌĚƐƐŚĂůů
ĂƉƉůLJ͗
͘ ĐĐĞƐƐƚŽďƵƚƚŝŶŐWƌŽƉĞƌƚŝĞƐ͘dŚĞƌĞƐĞƌǀĂƚŝŽŶŽĨůĂŶĚŵĂLJďĞƌĞƋƵŝƌĞĚŽŶĂŶLJůŽƚĨŽƌƉƌŽǀŝƐŝŽŶ
ŽĨĂĐĐĞƐƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐǁŚĞŶĞǀĞƌƐƵĐŚĂĐĐĞƐƐŝƐĚĞĞŵĞĚŶĞĐĞƐƐĂƌLJƚŽƌĞĚƵĐĞĐƵƌďĐƵƚƐŽŶƚŽ
ĂŶĂƌƚĞƌŝĂůŽƌĐŽůůĞĐƚŽƌƐƚƌĞĞƚ͕ƚŽƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůĂĐĐĞƐƐĨŽƌĞŵĞƌŐĞŶĐLJŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͕ŽƌƚŽ
ŝŵƉƌŽǀĞŐĞŶĞƌĂůĂĐĐĞƐƐĂŶĚĐŝƌĐƵůĂƚŝŽŶŝŶƚŚĞĂƌĞĂ͘
>ŽƚϭϬ͗dŚĞŽĂƌĚĨŝŶĚƐƚŚĂƚŶŽĂĚĚŝƚŝŽŶĂůůĂŶĚŝƐŶĞĞĚĞĚƚŽƐƵƉƉŽƌƚĂĐĐĞƐƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐ͘
>Žƚϭϭͬ>Žƚϭϲ͗dŚĞƌĞŝƐĂƉůĂĐĞŚŽůĚĞƌĐƵƌďĐƵƚƚŽ>ŽƚϭϲĂƉƉƌŽdžŝŵĂƚĞůLJϴϬĨĞĞƚĨƌŽŵƚŚĞĐƵƌďĐƵƚĨŽƌ>Žƚ
ϭϭŽŶK͛ƌŝĞŶ&ĂƌŵZŽĂĚ͘ƐŚĂƌĞĚĐƵƌďĐƵƚŝƐƉƌĞĨĞƌƌĞĚ͘dŚĞŽĂƌĚĨŝŶĚƐƉƌŽƉŽƐĞĚĚƌŝǀĞǁĂLJĨŽƌ>Žƚϭϭ
ƐƵƉƉŽƌƚƐĂƐŚĂƌĞĚĚƌŝǀĞǁĂLJĂŶĚƚŚĞƌĞĨŽƌĞƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƌĞŵŽǀĞƚŚĞĂĚĚŝƚŝŽŶĂůĐƵƌďĐƵƚĨŽƌ>Žƚϭϲ
ĨƌŽŵƚŚĞƉůĂŶƐ͕ƚŚŽƵŐŚƚŚŝƐŵĂLJďĞƌĞĐŽŶƐŝĚĞƌĞĚĂƚƚŚĞƚŝŵĞ>ŽƚϭϲŝƐƉƌŽƉŽƐĞĚĨŽƌĚĞǀĞůŽƉŵĞŶƚ͘dŚĞ
ŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽǀŝĚĞĂĐƌŽƐƐůŽƚĞĂƐĞŵĞŶƚďĞƚǁĞĞŶ>ŽƚƐϭϭĂŶĚϭϲ͘
>ŽƚϭϮ͗dŚĞŽĂƌĚĨŝŶĚƐƚŚĂƚŶŽĂĚĚŝƚŝŽŶĂůůĂŶĚŝƐŶĞĞĚĞĚƚŽƐƵƉƉŽƌƚĂĐĐĞƐƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐ͘
>Žƚϭϯ͗dŚĞĂƉƉůŝĐĂŶƚŚĂƐĐŽŶĐƵƌƌĞŶƚůLJĂƉƉůŝĞĚĨŽƌŵĂƐƚĞƌƉůĂŶĂŵĞŶĚŵĞŶƚDWͲϮϬͲϬϭƚŽŵŽĚŝĨLJƚŚĞ
ďŽƵŶĚĂƌLJŽĨ>ŽƚϭϯƚŽĂůůŽǁĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞ͘ƐĚŝƐĐƵƐƐĞĚ
ĂďŽǀĞ͕ƚŚĞĂƉƉůŝĐĂŶƚŝƐƉƌŽƉŽƐŝŶŐƚŽůŽĐĂƚĞĂƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚŽĨƉĂƌŬŝŶŐĨŽƌ>ŽƚϭϯŽŶƚŚĞĂĚũĂĐĞŶƚ>Žƚ
ϭϳ͕ǁŚŝĐŚƚŚĞŽĂƌĚĨŝŶĚƐǁŝůůďĞƌĞǀŝĞǁĞĚƐĞƉĂƌĂƚĞůLJ͘dŚĞŽĂƌĚĨŝŶĚƐŶŽĂĚĚŝƚŝŽŶĂůůĂŶĚŝƐŶĞĞĚƚŽ
ƐƵƉƉŽƌƚĂĐĐĞƐƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐ͘
>Žƚϭϰ͗dŚĞŽĂƌĚĨŝŶĚƐƚŚĂƚŶŽĂĚĚŝƚŝŽŶĂůůĂŶĚŝƐŶĞĞĚĞĚƚŽƐƵƉƉŽƌƚĂĐĐĞƐƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐ͘
>Žƚϭϱ͗ƐĨŽƌ>Žƚϭϯ͕ƚŚĞĂƉƉůŝĐĂŶƚŚĂƐĐŽŶĐƵƌƌĞŶƚůLJĂƉƉůŝĞĚĨŽƌŵĂƐƚĞƌƉůĂŶĂŵĞŶĚŵĞŶƚDWͲϮϬͲϬϭƚŽ
ŵŽĚŝĨLJƚŚĞďŽƵŶĚĂƌLJŽĨ>ŽƚϭϱƚŽĂůůŽǁĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞ͘Ɛ
ĚŝƐĐƵƐƐĞĚĂďŽǀĞ͕ƚŚĞĂƉƉůŝĐĂŶƚŝƐƉƌŽƉŽƐŝŶŐƚŽůŽĐĂƚĞĂƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚŽĨƉĂƌŬŝŶŐĨŽƌ>ŽƚϭϱŽŶƚŚĞ
ĂĚũĂĐĞŶƚ>Žƚϭϳ͕ǁŚŝĐŚƚŚĞŽĂƌĚĨŝŶĚƐǁŝůůďĞƌĞǀŝĞǁĞĚƐĞƉĂƌĂƚĞůLJ͘dŚĞŽĂƌĚĨŝŶĚƐŶŽĂĚĚŝƚŝŽŶĂůůĂŶĚŝƐ
ŶĞĞĚƚŽƐƵƉƉŽƌƚĂĐĐĞƐƐƚŽĂďƵƚƚŝŶŐƉƌŽƉĞƌƚŝĞƐ͘
͘ hƚŝůŝƚLJ^ĞƌǀŝĐĞƐ͘ ůĞĐƚƌŝĐ͕ƚĞůĞƉŚŽŶĞĂŶĚŽƚŚĞƌǁŝƌĞͲƐĞƌǀĞĚƵƚŝůŝƚLJůŝŶĞƐĂŶĚƐĞƌǀŝĐĞĐŽŶŶĞĐƚŝŽŶƐ
ƐŚĂůůďĞƵŶĚĞƌŐƌŽƵŶĚŝŶƐŽĨĂƌĂƐĨĞĂƐŝďůĞĂŶĚƐƵďũĞĐƚƚŽƐƚĂƚĞƉƵďůŝĐƵƚŝůŝƚŝĞƐƌĞŐƵůĂƚŝŽŶƐ͘ŶLJƵƚŝůŝƚLJ
ŝŶƐƚĂůůĂƚŝŽŶƐƌĞŵĂŝŶŝŶŐĂďŽǀĞŐƌŽƵŶĚƐŚĂůůďĞůŽĐĂƚĞĚƐŽĂƐƚŽŚĂǀĞĂŚĂƌŵŽŶŝŽƵƐƌĞůĂƚŝŽŶƚŽ
ŶĞŝŐŚďŽƌŝŶŐƉƌŽƉĞƌƚŝĞƐĂŶĚƚŽƚŚĞƐŝƚĞ͘^ƚĂŶĚĂƌĚƐŽĨ^ĞĐƚŝŽŶϭϱ͘ϭϯ͕hƚŝůŝƚLJ^ĞƌǀŝĐĞƐ͕ƐŚĂůůĂůƐŽďĞŵĞƚ͘
hƚŝůŝƚLJĐŽŶŶĞĐƚŝŽŶƐĂƌĞƉƌŽƉŽƐĞĚƚŽďĞƵŶĚĞƌŐƌŽƵŶĚƚŚƌŽƵŐŚŽƵƚƚŚŝƐƉŚĂƐĞ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐ
ĐƌŝƚĞƌŝŽŶŵĞƚ͘
͘ ŝƐƉŽƐĂůŽĨtĂƐƚĞƐ͘ůůĚƵŵƉƐƚĞƌƐĂŶĚŽƚŚĞƌĨĂĐŝůŝƚŝĞƐƚŽŚĂŶĚůĞƐŽůŝĚǁĂƐƚĞ͕ŝŶĐůƵĚŝŶŐ
ĐŽŵƉůŝĂŶĐĞǁŝƚŚĂŶLJƌĞĐLJĐůŝŶŐ͕ĐŽŵƉŽƐƚŝŶŐ͕ŽƌŽƚŚĞƌƌĞƋƵŝƌĞŵĞŶƚƐ͕ƐŚĂůůďĞĂĐĐĞƐƐŝďůĞ͕ƐĞĐƵƌĞĂŶĚ
ƉƌŽƉĞƌůLJƐĐƌĞĞŶĞĚǁŝƚŚŽƉĂƋƵĞĨĞŶĐŝŶŐƚŽĞŶƐƵƌĞƚŚĂƚƚƌĂƐŚĂŶĚĚĞďƌŝƐĚŽŶŽƚĞƐĐĂƉĞƚŚĞĞŶĐůŽƐƵƌĞ;ƐͿ͘
^ŵĂůůƌĞĐĞƉƚĂĐůĞƐŝŶƚĞŶĚĞĚĨŽƌƵƐĞďLJŚŽƵƐĞŚŽůĚƐŽƌƚŚĞƉƵďůŝĐ;ŝ͘Ğ͕͘ŶŽŶͲĚƵŵƉƐƚĞƌ͕ŶŽŶͲůĂƌŐĞĚƌƵŵͿ
ƐŚĂůůŶŽƚďĞƌĞƋƵŝƌĞĚƚŽďĞĨĞŶĐĞĚŽƌƐĐƌĞĞŶĞĚ͘
>ŽƚϭϬ͗ĐĐĞƐƐƚŽƐŽůŝĚǁĂƐƚĞĚŝƐƉŽƐĂůŝƐĞŝƚŚĞƌƚŚƌŽƵŐŚƚŚĞŐĂƌĂŐĞĚŽŽƌƐ͕ǁŚŝĐŚĚŽŶŽƚŝŶĐůƵĚĞ
ĚĞĚŝĐĂƚĞĚƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ͕ŽƌǀŝĂĂƐŝĚĞǁĂůŬĨƌŽŵƚŚĞĞŶƚƌLJƚŽǁĞƌƚŽƚŚĞĨĂƌĐŽƌŶĞƌŽĨƚŚĞďƵŝůĚŝŶŐ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŝŵƉƌŽǀĞƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞƐŽůŝĚǁĂƐƚĞĚŝƐƉŽƐĂůĂƌĞĂĂƚƚŚĞ
η^ͲϮϬͲϭϲ
ϭϴ
ϭϴŽĨϮϱ
ŶĞdžƚƐƚĂŐĞŽĨƌĞǀŝĞǁ͘
>Žƚϭϭ͗dŽĂůĞƐƐĞƌĚĞŐƌĞĞƚŚĂŶ>ŽƚϭϬ͕ĂĐĐĞƐƐƚŽƚŚĞƐŽůŝĚǁĂƐƚĞĚŝƐƉŽƐĂůĂƌĞĂŝƐŶŽƚƐĞƌǀĞĚďLJĂ
ƐŝĚĞǁĂůŬ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŝŵƉƌŽǀĞƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞƐŽůŝĚǁĂƐƚĞĚŝƐƉŽƐĂůĂƌĞĂ
ĂƚƚŚĞŶĞdžƚƐƚĂŐĞŽĨƌĞǀŝĞǁ͘
>ŽƚϭϮ͗dŚĞƐŽůŝĚǁĂƐƚĞĚŝƐƉŽƐĂůĂƌĞĂĨŽƌ>ŽƚϭϮŝƐƉƌŽƉŽƐĞĚƚŽďĞƐŚĂƌĞĚǁŝƚŚ>Žƚϭϰ͘dŚĞŽĂƌĚĨŝŶĚƐ
ƚŚŝƐĐƌŝƚĞƌŝŽŶŵĞƚ͘
>Žƚϭϯ͗^ŽůŝĚǁĂƐƚĞĚŝƐƉŽƐĂůĨŽƌ>ŽƚƐϭϯĂŶĚϭϱŝƐƉƌŽƉŽƐĞĚƚŽďĞŝŶĂŶĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞǁŚŝĐŚǁŝůůďĞ
ƐŚĂƌĞĚǁŝƚŚĂŶĂƐͲLJĞƚƵŶĚĞƚĞƌŵŝŶĞĚƵƐĞ͕ƉŽƚĞŶƚŝĂůůLJƚŽŝŶĐůƵĚĞŵĂŝůŽƌďŝĐLJĐůĞƐƚŽƌĂŐĞ͘dŚĞŽĂƌĚĨŝŶĚƐ
ƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŝŵƉƌŽǀĞƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞĂƚƚŚĞŶĞdžƚƐƚĂŐĞŽĨƌĞǀŝĞǁ͘
>Žƚϭϰ͗^ŽůŝĚǁĂƐƚĞĚŝƐƉŽƐĂůŝƐŶĞĂƌƚŚĞƌĞĂƌŽĨƚŚĞƐŝƚĞĂŶĚŝƐƐŚĂƌĞĚďĞƚǁĞĞŶ>ŽƚƐϭϮĂŶĚϭϰ͘dŚĞŽĂƌĚ
ĨŝŶĚƐƚŚŝƐĐƌŝƚĞƌŝŽŶŵĞƚ͘
>Žƚϭϱ͗^ŽůŝĚǁĂƐƚĞĚŝƐƉŽƐĂůŝƐƉƌŽƉŽƐĞĚŝŶĂŶĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞƐŚĂƌĞĚǁŝƚŚ>Žƚϭϯ͘dŚĞŽĂƌĚĨŝŶĚƐ
ƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŝŵƉƌŽǀĞƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞĂƚƚŚĞŶĞdžƚƐƚĂŐĞŽĨƌĞǀŝĞǁ͘
͘ >ĂŶĚƐĐĂƉŝŶŐĂŶĚ^ĐƌĞĞŶŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ͘^ĞĞƌƚŝĐůĞϭϯ͕^ĞĐƚŝŽŶϭϯ͘Ϭϲ>ĂŶĚƐĐĂƉŝŶŐ͕
^ĐƌĞĞŶŝŶŐ͕ĂŶĚ^ƚƌĞĞƚdƌĞĞƐ͘
dŚĞĂƉƉůŝĐĂŶƚĞƐƚŝŵĂƚĞƐďƵŝůĚŝŶŐĐŽƐƚƚŽďĞĂƉƉƌŽdžŝŵĂƚĞůLJΨϲϲ͕ϬϬϬ͕ϬϬϬ͕ƌĞƐƵůƚŝŶŐŝŶĂƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵ
ůĂŶĚƐĐĂƉŝŶŐǀĂůƵĞŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϲϲϳ͕ϱϬϬ͘dŚĞĂƉƉůŝĐĂŶƚŚĂƐŶŽƚLJĞƚƉƌĞƉĂƌĞĚĂĚĞƚĂŝůĞĚ
ůĂŶĚƐĐĂƉŝŶŐƉůĂŶ͘dŚĞƌĞĨŽƌĞ͕ŽĂƌĚĨŝŶĚŝŶŐƐĂƌĞďĂƐĞĚŽŶƚŚĞƉƌŽǀŝĚĞĚŐĞŶĞƌĂůůĂŶĚƐĐĂƉŝŶŐĐŽŶĐĞƉƚ
ƉůĂŶƐ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽǀŝĚĞĨƵůůůĂŶĚƐĐĂƉŝŶŐƉůĂŶƐ͕ŝŶĐůƵĚŝŶŐĐŝǀŝĐƐƉĂĐĞƐĂŶĚŽƉĞŶ
ƐƉĂĐĞƐ͕ĂƚƚŚĞŶĞdžƚƐƚĂŐĞŽĨƌĞǀŝĞǁ͘'ĞŶĞƌĂůĨŝŶĚŝŶŐƐĂƌĞĂƐĨŽůůŽǁƐ͘
>ĂŶĚƐĐĂƉŝŶŐǁŝƚŚŝŶƚŚĞĚĞǀĞůŽƉĞĚĂƌĞĂƐƐŚŽƵůĚĐĞůĞďƌĂƚĞƚŚĞƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚƌĂƚŚĞƌƚŚĂŶĂƚƚĞŵƉƚƚŽ
ƐĐƌĞĞŶŝƚ͘^ƉĂĐĞƐƐŚŽƵůĚďĞĚĞƐŝŐŶĞĚƚŽďĞƵƐĞĂďůĞƌĂƚŚĞƌƚŚĂŶĚĞĐŽƌĂƚŝǀĞ͘
ĚĞŶƐĞůLJƉůĂŶƚĞĚďƵĨĨĞƌďĞƚǁĞĞŶƚŚĞƐƚƌĞĞƚĂŶĚƚŚĞďƵŝůĚŝŶŐƐǁŽƵůĚĚĞƚƌĂĐƚĨƌŽŵĂŶĞŝŐŚďŽƌŚŽŽĚĨĞĞů
ĂŶĚƚŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƵƐĞůĂŶĚƐĐĂƉŝŶŐƚŽĐŽŵƉůĞŵĞŶƚĂŶĚĞŶŚĂŶĐĞĂƌĐŚŝƚĞĐƚƵƌĞĂŶĚ
ůĂLJŽƵƚ͕ƌĂƚŚĞƌƚŚĂŶƚŽƐĐƌĞĞŶŽƌŚŝĚĞ͘
dŚĞƌĞƐŚŽƵůĚďĞĂďĂůĂŶĐĞďĞƚǁĞĞŶůĂŶĚƐĐĂƉĞĚĂƌĞĂƐĂŶĚƐŚĂĚĞĚŽƉĞŶĂƌĞĂƐƚŽĂůůŽǁĨŽƌƐŵĂůů
ŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌŽƵƚĚŽŽƌĞŶũŽLJŵĞŶƚ͘tŚĞƌĞŶŽƚŽƚŚĞƌǁŝƐĞŶĞĐĞƐƐĂƌLJ͕ƚŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚ
ƐŚŽƵůĚĞdžƉĂŶĚƵƐĞĂďůĞŽƉĞŶƐƉĂĐĞďLJƉƌŽǀŝĚŝŶŐƐƚƌĂƚĞŐŝĐĂůůLJƉůĂĐĞĚƐŚĂĚĞƚƌĞĞƐŝŶůŝĞƵŽĨĚĞŶƐĞŚĞĚŐĞƐ͘
EĞĐĞƐƐŝƚLJŵĂLJŽĐĐƵƌŝŶƚŚĞĐĂƐĞŽĨƐƉĞĐŝĨŝĐƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐŽƌƌĞƐƚƌŝĐƚĞĚĂĐĐĞƐƐĂƌĞĂƐůŝŬĞ
ƚƌĂŶƐĨŽƌŵĞƌƐŽƌǀĂƵůƚƐ͕ŽƌƚŽĐƌĞĂƚĞĂƐŵĂůůďƵĨĨĞƌďĞƚǁĞĞŶŽƉĞŶƐƉĂĐĞƐĂŶĚƉƌŝǀĂƚĞƌĞƐŝĚĞŶĐĞƐ͘
džŝƐƚŝŶŐƚƌĞĞƐĂƌĞƉƌŽƉŽƐĞĚƚŽďĞƌĞƚĂŝŶĞĚŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨtĞƚůĂŶĚ͞ ͟ĂŶĚǁĞƐƚŽĨ>ŽƚƐϭϮΘϭϰ͕ŝŶĐůƵĚŝŶŐ
ĂůŽŶŐ<ĞŶŶĞĚLJƌŝǀĞ͘dŚĞŵĂƐƚĞƌƉůĂŶĂƉƉƌŽǀĞĚƚŚĞŐĞŶĞƌĂůŝŵƉĂĐƚƐƚŽƚŚĞƐĞĂƌĞĂƐ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚĞ
ĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽǀŝĚĞĂƉůĂŶƐŚŽǁŝŶŐƉƌŽƚĞĐƚŝŽŶĨŽƌƚŚĞƐĞƚƌĞĞƐƚŽƌĞŵĂŝŶĂƚĨŝŶĂůƉůĂƚ͘^ƵĐŚŝŶĨŽƌŵĂƚŝŽŶ
ĐĂŶďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞƌĞƋƵŝƌĞĚĞƌŽƐŝŽŶƉƌĞǀĞŶƚŝŽŶĂŶĚƐĞĚŝŵĞŶƚĐŽŶƚƌŽůƉůĂŶƐ͘
^ĞĐƚŝŽŶϭϯ͘ϬϲŽĨƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚZĞŐƵůĂƚŝŽŶƐĂĚĚƌĞƐƐĞƐůĂŶĚƐĐĂƉŝŶŐŽĨƉĂƌŬŝŶŐĂƌĞĂƐĂƐĨŽůůŽǁƐ͘
;ϭͿ ůůŽĨĨͲƐƚƌĞĞƚƉĂƌŬŝŶŐĂƌĞĂƐƐŚĂůůďĞůĂŶĚƐĐĂƉĞĚĂƌŽƵŶĚƚŚĞƉĞƌŝŵĞƚĞƌŽĨƚŚĞůŽƚǁŝƚŚƚƌĞĞƐ͕
ƐŚƌƵďƐĂŶĚŽƚŚĞƌƉůĂŶƚƐ͘WĞƌŝŵĞƚĞƌƉůĂŶƚŝŶŐƐŚĂůůďĞƐĞƚďĂĐŬĨƌŽŵƚŚĞĐƵƌďƐƵĨĨŝĐŝĞŶƚůLJƚŽ
ĂůůŽǁĨŽƌƐŶŽǁƐƚŽƌĂŐĞ͘dŚĞƉƵƌƉŽƐĞŽĨƉĞƌŝŵĞƚĞƌƉůĂŶƚŝŶŐƐŚĂůůďĞƚŽŵŝƚŝŐĂƚĞƚŚĞǀŝĞǁŽĨƚŚĞ
ƉĂƌŬŝŶŐůŽƚĨƌŽŵƚŚĞƉƵďůŝĐǁĂLJĂŶĚĨƌŽŵĂĚũĂĐĞŶƚƵƐĞƐĂŶĚƉƌŽƉĞƌƚŝĞƐ͕ĂŶĚƚŽƉƌŽǀŝĚĞƐŚĂĚĞ
ĂŶĚĐĂŶŽƉLJĨŽƌƚŚĞƉĂƌŬŝŶŐůŽƚ͘/ŶƐŽŵĞƐŝƚƵĂƚŝŽŶƐŝƚŵĂLJďĞŶĞĐĞƐƐĂƌLJďŽƚŚĨŽƌƐƵƌǀĞŝůůĂŶĐĞ
ƉƵƌƉŽƐĞƐĂŶĚĨŽƌƚŚĞƉĞƌĐĞƉƚŝŽŶŽĨƐĂĨĞƚLJƚŽŝŶƐƚĂůůƚŚĞƐŝnjĞĂŶĚƚLJƉĞŽĨƉůĂŶƚƐƚŚĂƚůĞĂǀĞǀŝƐƵĂů
ĂĐĐĞƐƐďĞƚǁĞĞŶƚŚĞƉĂƌŬŝŶŐůŽƚƚŽƚŚĞƉƵďůŝĐǁĂLJŽƌŽƚŚĞƌƉĞĚĞƐƚƌŝĂŶĂƌĞĂƐ͘
η^ͲϮϬͲϭϲ
ϭϵ
ϭϵŽĨϮϱ
>ŽƚϭϬ͗dŚŽƵŐŚƚŚĞƐƵƌĨĂĐĞƉĂƌŬŝŶŐŝƐƉƌŽƉŽƐĞĚƚŽďĞůŽĐĂƚĞĚŝŶĂŶĂůůŽǁĂďůĞĂƌĞĂ͕ƚŚŝƐĐƌŝƚĞƌŝŽŶŝƐ
ƉĂƌƚŝĐƵůĂƌůLJŝŵƉŽƌƚĂŶƚĨŽƌƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞůŽƚĨƌŽŶƚŝŶŐŽŶdǁŽƌŽƚŚĞƌƐƌŝǀĞ͘dŚĞƉĂƌŬŝŶŐůŽƚ
ŝƐůŽĐĂƚĞĚĂƉƉƌŽdžŝŵĂƚĞůLJĞŝŐŚƚ;ϴͿĨĞĞƚďĞůŽǁƚŚĞĂĚũŽŝŶŝŶŐƌŽĂĚǁĂLJ͘dŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚƚĂŬĞ
ƚŚĞĐŚĂŶŐĞŝŶĞůĞǀĂƚŝŽŶŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶǁŚĞŶĐŽŶƐŝĚĞƌŝŶŐƉůĂŶƐĨŽƌƚŚŝƐďƵĨĨĞƌ͘
>ŽƚƐϭϭͲϭϯ͗dŚĞĐŽŶĐĞƉƚƵĂůůĂŶĚƐĐĂƉŝŶŐƉůĂŶƉƌĞůŝŵŝŶĂƌŝůLJƐƵƉƉŽƌƚƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐ
ĐƌŝƚĞƌŝŽŶ͕ǁŝƚŚƌĞŵŽǀĂůŽĨĚŝƐĂůůŽǁĞĚƉĂƌŬŝŶŐƐƉĂĐĞƐĚŝƐĐƵƐƐĞĚĂďŽǀĞ͘dŚĞŽĂƌĚǁŝůůƌĞǀŝĞǁƚŚŝƐ
ĐƌŝƚĞƌŝŽŶŝŶŵŽƌĞĚĞƚĂŝůĂƚĨŝŶĂůƉůĂƚ͘
>Žƚϭϰ͗dŚĞƐƵƌĨĂĐĞƉĂƌŬŝŶŐŽŶ>ŽƚϭϰŝƐůŽĐĂƚĞĚƌĞůĂƚŝǀĞůLJŶĞĂƌƚŽƚŚĞƐƚƌĞĞƚĂŶĚŝƚŵĂLJďĞĚŝĨĨŝĐƵůƚ
ƚŽŵĞĞƚƚŚŝƐƐƚĂŶĚĂƌĚǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐƐŝŐŚƚĚŝƐƚĂŶĐĞďŽƚŚŝŶĂŶĚŽƵƚŽĨƚŚĞĚƌŝǀĞǁĂLJ͘dŚĞĨŝŶĂů
ůĂŶĚƐĐĂƉŝŶŐƉůĂŶƐŚŽƵůĚƚĂŬĞŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĂƚĞŶƚĞƌŝŶŐĐĂƌƐŶĞĞĚƚŽďĞĂďůĞƚŽƐĞĞŝĨĂĐĂƌ
ŝƐƉƵůůŝŶŐŽƵƚŽĨƚŚĞĨŝƌƐƚƐƉĂĐĞ͕ĂŶĚĞdžŝƚŝŶŐĐĂƌƐŶĞĞĚƚŽďĞĂďůĞƚŽƐĞĞŽŶĐŽŵŝŶŐƚƌĂĨĨŝĐ͘
>Žƚϭϱ͗dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐĐƌŝƚĞƌŝŽŶĂƚĨŝŶĂů
ƉůĂƚ͘
;ϮͿ /ŶƉĂƌŬŝŶŐĂƌĞĂƐĐŽŶƚĂŝŶŝŶŐƚǁĞŶƚLJͲĞŝŐŚƚ;ϮϴͿŽƌŵŽƌĞĐŽŶƚŝŐƵŽƵƐƉĂƌŬŝŶŐƐƉĂĐĞƐĂŶĚͬŽƌŝŶ
ƉĂƌŬŝŶŐůŽƚƐǁŝƚŚŵŽƌĞƚŚĂŶĂƐŝŶŐůĞĐŝƌĐƵůĂƚŝŽŶůĂŶĞ͕ĂƚůĞĂƐƚƚĞŶƉĞƌĐĞŶƚ;ϭϬйͿŽĨƚŚĞŝŶƚĞƌŝŽƌ
ŽĨƚŚĞƉĂƌŬŝŶŐůŽƚƐŚĂůůďĞůĂŶĚƐĐĂƉĞĚŝƐůĂŶĚƐƉůĂŶƚĞĚǁŝƚŚƚƌĞĞƐ͕ƐŚƌƵďƐĂŶĚŽƚŚĞƌƉůĂŶƚƐ͘^ƵĐŚ
ƌĞƋƵŝƌĞŵĞŶƚƐŚĂůůŶŽƚĂƉƉůLJƚŽƐƚƌƵĐƚƵƌĞĚƉĂƌŬŝŶŐŽƌďĞůŽǁͲŐƌŽƵŶĚƉĂƌŬŝŶŐ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƚŽŵĞĞƚƚŚŝƐĐƌŝƚĞƌŝŽŶĨŽƌĞĂĐŚƉĂƌŬŝŶŐůŽƚƌĂƚŚĞƌƚŚĂŶŽǀĞƌĂůů͕
ĂŶĚƚŽĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐĐƌŝƚĞƌŝŽŶĂƚƚŚĞŶĞdžƚƐƚĂŐĞŽĨƌĞǀŝĞǁ͘
;ϯͿ ůůŝŶƚĞƌŝŽƌĂŶĚƉĞƌŝŵĞƚĞƌƉůĂŶƚŝŶŐƐŚĂůůďĞƉƌŽƚĞĐƚĞĚďLJĐƵƌďŝŶŐƵŶůĞƐƐƐƉĞĐŝĨŝĐĂůůLJĚĞƐŝŐŶĞĚĂƐ
ĂĐŽůůĞĐƚŝŽŶĂŶĚƚƌĞĂƚŵĞŶƚĂƌĞĂĨŽƌŵĂŶĂŐĞŵĞŶƚŽĨƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĂƐƉĞƌϭϯ͘Ϭϲ;Ϳ;ϱͿ;ĐͿ
ďĞůŽǁ͘/ŶƚĞƌŝŽƌƉůĂŶƚĞĚŝƐůĂŶĚƐƐŚĂůůŚĂǀĞĂŵŝŶŝŵƵŵĚŝŵĞŶƐŝŽŶŽĨƐŝdž;ϲͿĨĞĞƚŽŶĂŶLJŽŶĞƐŝĚĞ͕
ĂŶĚ ƐŚĂůů ŚĂǀĞ Ă ŵŝŶŝŵƵŵ ƐƋƵĂƌĞĨŽŽƚĂŐĞ ŽĨ ƐŝdžƚLJ ;ϲϬͿ ƐƋƵĂƌĞ ĨĞĞƚ͘ >ĂƌŐĞ ŝƐůĂŶĚƐ ĂƌĞ
ĞŶĐŽƵƌĂŐĞĚ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐĐƌŝƚĞƌŝŽŶĂƉƉĞĂƌƐƚŽďĞƉƌĞůŝŵŝŶĂƌŝůLJŵĞƚ͘
;ϰͿ >ĂŶĚƐĐĂƉŝŶŐZĞƋƵŝƌĞŵĞŶƚƐ
;ĂͿ >ĂŶĚƐĐĂƉŝŶŐƐŚĂůůŝŶĐůƵĚĞĂǀĂƌŝĞƚLJŽĨƚƌĞĞƐ͕ƐŚƌƵďƐ͕ŐƌĂƐƐĞƐĂŶĚŐƌŽƵŶĚĐŽǀĞƌƐ͘ůů
ƉůĂŶƚŝŶŐƐŚĂůůďĞƐƉĞĐŝĞƐŚĂƌĚLJĨŽƌƚŚĞƌĞŐŝŽŶĂŶĚ͕ŝĨůŽĐĂƚĞĚŝŶĂƌĞĂƐƌĞĐĞŝǀŝŶŐƌŽĂĚƌƵŶŽĨĨŽƌ
ƐĂůƚƐƉƌĂLJ͕ƐŚĂůůďĞƐĂůƚͲƚŽůĞƌĂŶƚ͘
;ďͿ ƚ ůĞĂƐƚ ŽŶĞ ;ϭͿ ŵĂũŽƌ ĚĞĐŝĚƵŽƵƐ ƐŚĂĚĞ ƚƌĞĞ ƐŚĂůů ďĞ ƉƌŽǀŝĚĞĚ ǁŝƚŚŝŶ Žƌ ŶĞĂƌ ƚŚĞ
ƉĞƌŝŵĞƚĞƌŽĨĞĂĐŚƉĂƌŬŝŶŐĂƌĞĂ͕ĨŽƌĞǀĞƌLJĨŝǀĞ;ϱͿƉĂƌŬŝŶŐƐƉĂĐĞƐ͘dŚĞƚƌĞĞƐƐŚĂůůďĞƉůĂĐĞĚĞǀĞŶůLJ
ƚŚƌŽƵŐŚŽƵƚƚŚĞƉĂƌŬŝŶŐůŽƚƚŽƉƌŽǀŝĚĞƐŚĂĚĞĂŶĚƌĞĚƵĐĞŐůĂƌĞ͘dƌĞĞƐƐŚĂůůďĞƉůĂĐĞĚĂŵŝŶŝŵƵŵ
ŽĨƚŚŝƌƚLJ;ϯϬͿĨĞĞƚĂƉĂƌƚ͘
;ĐͿ dƌĞĞƐƐŚĂůůŚĂǀĞĂĐĂůŝƉĞƌĞƋƵĂůƚŽŽƌŐƌĞĂƚĞƌƚŚĂŶƚǁŽĂŶĚŽŶĞͲŚĂůĨ;ϮЪͿŝŶĐŚĞƐǁŚĞŶ
ŵĞĂƐƵƌĞĚŽŶƚŚĞƚƌĞĞƐƚĞŵ͕Ɛŝdž;ϲͿŝŶĐŚĞƐĂďŽǀĞƚŚĞƌŽŽƚďĂůů͘
;ĚͿ tŚĞƌĞŵŽƌĞƚŚĂŶƚĞŶ;ϭϬͿƚƌĞĞƐĂƌĞŝŶƐƚĂůůĞĚ͕ĂŵŝdžŽĨƐƉĞĐŝĞƐŝƐĞŶĐŽƵƌĂŐĞĚ͖ƚŚĞƐƉĞĐŝĞƐ
ƐŚŽƵůĚďĞŐƌŽƵƉĞĚŽƌůŽĐĂƚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚƌĞŝŶĨŽƌĐĞƐƚŚĞĚĞƐŝŐŶĂŶĚůĂLJŽƵƚŽĨƚŚĞƉĂƌŬŝŶŐ
ůŽƚĂŶĚƚŚĞƐŝƚĞ͘
;ĞͿ Eͬ
ĚĞƚĂŝůĞĚůĂŶĚƐĐĂƉŝŶŐƉůĂŶŝƐƌĞƋƵŝƌĞĚĂƚĨŝŶĂůƉůĂƚ͘dŚĞŽĂƌĚǁŝůůƌĞǀŝĞǁƚŚĞƐĞĐƌŝƚĞƌŝĂĂƚƚŚĂƚ
ƐƚĂŐĞ͘
;ϱͿWůĂŶƚŝŶŐ/ƐůĂŶĚƐ
η^ͲϮϬͲϭϲ
ϮϬ
ϮϬŽĨϮϱ
;ĂͿ ƵƌďĞĚƉůĂŶƚŝŶŐŝƐůĂŶĚƐƐŚĂůůďĞĚĞƐŝŐŶĞĚĂŶĚĂƌƌĂŶŐĞĚƚŽĚĞĨŝŶĞŵĂũŽƌĐŝƌĐƵůĂƚŝŽŶ
ĂŝƐůĞƐ͕ĞŶƚƌĂŶĐĞƐĂŶĚĞdžŝƚƐ͕ƉƌŽǀŝĚĞǀĞŐĞƚĂƚŝǀĞĨŽĐĂůƉŽŝŶƚƐ͕ƉƌŽǀŝĚĞƐŚĂĚĞĂŶĚĐĂŶŽƉLJ͕ĂŶĚ
ďƌĞĂŬƵƉůĂƌŐĞĞdžƉĂŶƐĞƐŽĨĂƐƉŚĂůƚƉĂǀĞŵĞŶƚ͘ůůŝƐůĂŶĚƐƐŚĂůůďĞƉůĂŶƚĞĚǁŝƚŚƚƌĞĞƐ͕ƐŚƌƵďƐ͕
ŐƌĂƐƐĞƐĂŶĚŐƌŽƵŶĚĐŽǀĞƌƐ͘WůĂŶƚŵĂƚĞƌŝĂůƐũƵĚŐĞĚƚŽďĞŝŶĂƉƉƌŽƉƌŝĂƚĞďLJƚŚĞĞǀĞůŽƉŵĞŶƚ
ZĞǀŝĞǁŽĂƌĚǁŝůůŶŽƚďĞĂƉƉƌŽǀĞĚ͘
;ďͿ ƵƌďƐŽĨƐƵĐŚŝƐůĂŶĚƐƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚŽĨĐŽŶĐƌĞƚĞŽƌƐƚŽŶĞĂŶĚƐŚĂůůďĞĚĞƐŝŐŶĞĚƚŽ
ĨĂĐŝůŝƚĂƚĞƐƵƌĨĂĐĞĚƌĂŝŶĂŐĞĂŶĚƉƌĞǀĞŶƚǀĞŚŝĐůĞƐĨƌŽŵŽǀĞƌůĂƉƉŝŶŐƐŝĚĞǁĂůŬƐĂŶĚĚĂŵĂŐŝŶŐƚŚĞ
ƉůĂŶƚƐ͘^ĞĐƚŝŽŶƐŽĨĚƌŽƉĐƵƌďĂƌĞƉĞƌŵŝƚƚĞĚŝĨƚŚĞŝƌƉƵƌƉŽƐĞŝƐƚŽĂůůŽǁƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĨƌŽŵ
ƚŚĞĂĚũĂĐĞŶƚƉĂƌŬŝŶŐĂƌĞĂƚŽƌĞĂĐŚƐƚŽƌŵǁĂƚĞƌĐŽůůĞĐƚŝŽŶĂŶĚŵĂŶĂŐĞŵĞŶƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘
;ĐͿ /ƐůĂŶĚƐĂƌĞƐƚƌŽŶŐůLJĞŶĐŽƵƌĂŐĞĚƚŽďĞŐƌĂĚĞĚĂŶĚƉůĂŶƚĞĚƚŽƐĞƌǀĞĂƐĐŽůůĞĐƚŝŽŶĂŶĚ
ƚƌĞĂƚŵĞŶƚĂƌĞĂƐĨŽƌƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ͘/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚƐĞĐƚŝŽŶƐŽĨĚƌŽƉĐƵƌď
ŶŽŐƌĞĂƚĞƌƚŚĂŶĨŝǀĞĨĞĞƚŝŶůĞŶŐƚŚďĞŝŶƐƚĂůůĞĚƚŽĂůůŽǁƐƚŽƌŵǁĂƚĞƌƚŽĨůŽǁŽĨĨƚŚĞƉĂǀĞĚ
ƉĂƌŬŝŶŐůŽƚĂŶĚŽŶƚŽƚŚĞŝƐůĂŶĚĨŽƌƚƌĞĂƚŵĞŶƚ͘ƚƚŚĞZ͛ƐĚŝƐĐƌĞƚŝŽŶ͕ĐƵƌďůĞƐƐƉĂƌŬŝŶŐĂƌĞĂƐ
ĂŶĚƉůĂŶƚŝŶŐŝƐůĂŶĚƐŵĂLJďĞĂůůŽǁĞĚǁŚĞƌĞƚŚĞƐĞĂƌĞƐƉĞĐŝĨŝĐĂůůLJĚĞƐŝŐŶĞĚĨŽƌƐƚŽƌŵǁĂƚĞƌ
ŵĂŶĂŐĞŵĞŶƚ͘,ŽǁĞǀĞƌ͕ĞŶĚƐĂŶĚĐŽƌŶĞƌƐŽĨƐƵĐŚĂƌĞĂƐŵƵƐƚďĞƉƌŽƚĞĐƚĞĚǁŝƚŚĐƵƌďŝŶŐƚŽ
ƉƌĞǀĞŶƚĐĂƌƐĨƌŽŵĚƌŝǀŝŶŐŽǀĞƌŽƌƉĂƌŬŝŶŐŽŶƉůĂŶƚĞĚĂƌĞĂƐ͘
dŚĞŽĂƌĚǁŝůůĐŽŶƐŝĚĞƌƚŚĞƐĞĐƌŝƚĞƌŝĂĂƚĨŝŶĂůƉůĂƚ͘
;ϲͿ^ŶŽǁƐƚŽƌĂŐĞĂƌĞĂƐŵƵƐƚďĞƐƉĞĐŝĨŝĞĚĂŶĚůŽĐĂƚĞĚŝŶĂŶĂƌĞĂƚŚĂƚŵŝŶŝŵŝnjĞƐƚŚĞƉŽƚĞŶƚŝĂůĨŽƌ
ĞƌŽƐŝŽŶĂŶĚĐŽŶƚĂŵŝŶĂƚĞĚƌƵŶŽĨĨŝŶƚŽĂŶLJĂĚũĂĐĞŶƚŽƌŶĞĂƌďLJƐƵƌĨĂĐĞǁĂƚĞƌƐ͘
dŚĞŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽǀŝĚĞĂƐŶŽǁƐƚŽƌĂŐĞŽƌƌĞŵŽǀĂůƉůĂŶĨŽƌƚŚĞǁŚŽůĞƉƌŽũĞĐƚĂƚ
ƚŚĞŶĞdžƚƐƚĂŐĞŽĨƌĞǀŝĞǁ͘
͘ DŽĚŝĨŝĐĂƚŝŽŶŽĨ^ƚĂŶĚĂƌĚƐ͘ džĐĞƉƚǁŝƚŚŝŶƚŚĞŝƚLJĞŶƚĞƌ&ŽƌŵĂƐĞĚŽĚĞŝƐƚƌŝĐƚ͕ǁŚĞƌĞƚŚĞ
ůŝŵŝƚĂƚŝŽŶƐŽĨĂƐŝƚĞŵĂLJĐĂƵƐĞƵŶƵƐƵĂůŚĂƌĚƐŚŝƉŝŶĐŽŵƉůLJŝŶŐǁŝƚŚĂŶLJŽĨƚŚĞƐƚĂŶĚĂƌĚƐĂďŽǀĞĂŶĚ
ǁĂŝǀĞƌƚŚĞƌĞĨƌŽŵǁŝůůŶŽƚĞŶĚĂŶŐĞƌƚŚĞƉƵďůŝĐŚĞĂůƚŚ͕ƐĂĨĞƚLJŽƌǁĞůĨĂƌĞ͕ƚŚĞĞǀĞůŽƉŵĞŶƚZĞǀŝĞǁ
ŽĂƌĚŵĂLJŵŽĚŝĨLJƐƵĐŚƐƚĂŶĚĂƌĚƐĂƐůŽŶŐĂƐƚŚĞŐĞŶĞƌĂůŽďũĞĐƚŝǀĞƐŽĨƌƚŝĐůĞϭϰĂŶĚƚŚĞŝƚLJΖƐ
ŽŵƉƌĞŚĞŶƐŝǀĞWůĂŶĂƌĞŵĞƚ͘,ŽǁĞǀĞƌ͕ŝŶŶŽĐĂƐĞƐŚĂůůƚŚĞZƉĞƌŵŝƚƚŚĞůŽĐĂƚŝŽŶŽĨĂŶĞǁƐƚƌƵĐƚƵƌĞ
ůĞƐƐƚŚĂŶĨŝǀĞ;ϱͿĨĞĞƚĨƌŽŵĂŶLJƉƌŽƉĞƌƚLJďŽƵŶĚĂƌLJĂŶĚŝŶŶŽĐĂƐĞƐŚĂůůďĞƚŚĞZĂůůŽǁůĂŶĚ
ĚĞǀĞůŽƉŵĞŶƚĐƌĞĂƚŝŶŐĂƚŽƚĂůƐŝƚĞĐŽǀĞƌĂŐĞĞdžĐĞĞĚŝŶŐƚŚĞĂůůŽǁĂďůĞůŝŵŝƚĨŽƌƚŚĞĂƉƉůŝĐĂďůĞnjŽŶŝŶŐ
ĚŝƐƚƌŝĐƚŝŶƚŚĞĐĂƐĞŽĨŶĞǁĚĞǀĞůŽƉŵĞŶƚ͕ŽƌŝŶĐƌĞĂƐŝŶŐƚŚĞĐŽǀĞƌĂŐĞŽŶƐŝƚĞƐǁŚĞƌĞƚŚĞƉƌĞͲĞdžŝƐƚŝŶŐ
ĐŽŶĚŝƚŝŽŶĞdžĐĞĞĚƐƚŚĞĂƉƉůŝĐĂďůĞůŝŵŝƚ͘
dŚĞĂƉƉůŝĐĂŶƚ͛ƐƌĞƋƵĞƐƚĞĚǁĂŝǀĞƌƐ͕ďĞLJŽŶĚƚŚŽƐĞǁŚŝĐŚǁĞƌĞŝƐƐƵĞĚĂƚƚŚĞŵĂƐƚĞƌƉůĂŶůĞǀĞů͕ĂƌĞ
ĚŝƐĐƵƐƐĞĚĞůƐĞǁŚĞƌĞŝŶƚŚŝƐĚŽĐƵŵĞŶƚ͘
&͘ >Žǁ/ŵƉĂĐƚĞǀĞůŽƉŵĞŶƚ͘dŚĞƵƐĞŽĨůŽǁŝŵƉĂĐƚƐŝƚĞĚĞƐŝŐŶƐƚƌĂƚĞŐŝĞƐƚŚĂƚŵŝŶŝŵŝnjĞƐŝƚĞ
ĚŝƐƚƵƌďĂŶĐĞ͕ĂŶĚƚŚĂƚŝŶƚĞŐƌĂƚĞƐƚƌƵĐƚƵƌĞƐ͕ůĂŶĚƐĐĂƉŝŶŐ͕ŶĂƚƵƌĂůŚLJĚƌŽůŽŐŝĐĨƵŶĐƚŝŽŶƐ͕ĂŶĚǀĂƌŝŽƵƐ
ŽƚŚĞƌƚĞĐŚŶŝƋƵĞƐƚŽŵŝŶŝŵŝnjĞƌƵŶŽĨĨĨƌŽŵŝŵƉĞƌǀŝŽƵƐƐƵƌĨĂĐĞƐĂŶĚƚŽŝŶĨŝůƚƌĂƚĞƉƌĞĐŝƉŝƚĂƚŝŽŶŝŶƚŽ
ƵŶĚĞƌůLJŝŶŐƐŽŝůƐĂŶĚŐƌŽƵŶĚǁĂƚĞƌĂƐĐůŽƐĞĂƐŝƐƌĞĂƐŽŶĂďůĞƉƌĂĐƚŝĐĂďůĞƚŽǁŚĞƌĞŝƚŚŝƚƐƚŚĞŐƌŽƵŶĚ͕ŝƐ
ƌĞƋƵŝƌĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞƐƚĂŶĚĂƌĚƐĐŽŶƚĂŝŶĞĚǁŝƚŚŝŶƌƚŝĐůĞϭϮ͘
^ƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŝƐĂĚĚƌĞƐƐĞĚĂďŽǀĞƵŶĚĞƌWhƐƚĂŶĚĂƌĚϭϭ͘
'͘ ^ƚĂŶĚĂƌĚƐĨŽƌZŽĂĚǁĂLJƐ͕WĂƌŬŝŶŐĂŶĚŝƌĐƵůĂƚŝŽŶ͘^ƚĂŶĚĂƌĚƐŽĨ^ĞĐƚŝŽŶϭϱ͘ϭϮ^ƚĂŶĚĂƌĚƐĨŽƌ
ZŽĂĚǁĂLJƐ͕WĂƌŬŝŶŐ͕ĂŶĚŝƌĐƵůĂƚŝŽŶƐŚĂůůďĞŵĞƚ͘
^ĞĞĚŝƐĐƵƐƐŝŽŶƵŶĚĞƌWhĐƌŝƚĞƌŝŽŶϵĂďŽǀĞ͘
Ϳ Kd, Z
η^ͲϮϬͲϭϲ
Ϯϭ
ϮϭŽĨϮϱ
>ŝŐŚƚŝŶŐ
^ĞĐƚŝŽŶϭϯ͘ϬϳŽĨƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚZĞŐƵůĂƚŝŽŶƐĂĚĚƌĞƐƐĞƐĞdžƚĞƌŝŽƌůŝŐŚƚŝŶŐĂƐĨŽůůŽǁƐ͘
;ϱͿ 'ĞŶĞƌĂůZĞƋƵŝƌĞŵĞŶƚƐ͘ůůĞdžƚĞƌŝŽƌůŝŐŚƚŝŶŐĨŽƌĂůůƵƐĞƐŝŶĂůůĚŝƐƚƌŝĐƚƐĞdžĐĞƉƚĨŽƌŽŶĞͲĨĂŵŝůLJ
ĂŶĚƚǁŽͲĨĂŵŝůLJƵƐĞƐƐŚĂůůďĞŽĨƐƵĐŚĂƚLJƉĞĂŶĚůŽĐĂƚŝŽŶĂŶĚƐŚĂůůŚĂǀĞƐƵĐŚƐŚŝĞůĚŝŶŐĂƐ
ǁŝůůĚŝƌĞĐƚƚŚĞůŝŐŚƚĚŽǁŶǁĂƌĚĂŶĚǁŝůůƉƌĞǀĞŶƚƚŚĞƐŽƵƌĐĞŽĨůŝŐŚƚĨƌŽŵďĞŝŶŐǀŝƐŝďůĞĨƌŽŵ
ĂŶLJĂĚũĂĐĞŶƚƌĞƐŝĚĞŶƚŝĂůƉƌŽƉĞƌƚLJŽƌƐƚƌĞĞƚ͘>ŝŐŚƚĨŝdžƚƵƌĞƐƚŚĂƚĂƌĞŐĞŶĞƌĂůůLJĂĐĐĞƉƚĂďůĞĂƌĞ
ŝůůƵƐƚƌĂƚĞĚŝŶƉƉĞŶĚŝdž͘͞^ŽƵƌĐĞŽĨůŝŐŚƚ͟ƐŚĂůůďĞĚĞĞŵĞĚƚŽŝŶĐůƵĚĞĂŶLJƚƌĂŶƐƉĂƌĞŶƚŽƌ
ƚƌĂŶƐůƵĐĞŶƚůŝŐŚƚŝŶŐƚŚĂƚŝƐĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞůŝŐŚƚŝŶŐĨŝdžƚƵƌĞ;ƐͿ͘^ŝƚĞŝůůƵŵŝŶĂƚŝŽŶĨŽƌ
ƵŶĐŽǀĞƌĞĚĂƌĞĂƐƐŚĂůůďĞĞǀĞŶůLJĚŝƐƚƌŝďƵƚĞĚ͘tŚĞƌĞĨĞĂƐŝďůĞ͕ĞŶĞƌŐLJĞĨĨŝĐŝĞŶƚůŝŐŚƚŝŶŐŝƐ
ĞŶĐŽƵƌĂŐĞĚ͘
;ϲͿ ^ƉĞĐŝĨŝĐZĞƋƵŝƌĞŵĞŶƚƐĨŽƌWĂƌŬŝŶŐƌĞĂƐ͘>ŝŐŚƚƐŽƵƌĐĞƐƐŚĂůůĐŽŵƉůLJǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗
Ă͘ dŚĞŶƵŵďĞƌĂŶĚƐƉĂĐŝŶŐŽĨƌĞƋƵŝƌĞĚůŝŐŚƚƉŽůĞƐƚĂŶĚĂƌĚƐŝŶĂƉĂƌŬŝŶŐĂƌĞĂŽƌůŽƚ
ƐŚĂůůďĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞƚLJƉĞŽĨĨŝdžƚƵƌĞ͕ŚĞŝŐŚƚŽĨƉŽůĞ͕ŶƵŵďĞƌŽĨĨŝdžƚƵƌĞƐ
ŽŶƚŚĞƉŽůĞ͕ĂŶĚƚŚĞĚĞƐŝƌĞĚůŝŐŚƚŝŶŐůĞǀĞů͘hŶůĞƐƐƚŚĞĂƉƉůŝĐĂŶƚĐĂŶĚĞŵŽŶƐƚƌĂƚĞĂ
ƌĞĂƐŽŶĂďůĞĂůƚĞƌŶĂƚŝǀĞ͕ůŝŐŚƚŝŶŐƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĞǀĞŶůLJĚŝƐƚƌŝďƵƚĞĚŝĨƚŚĞůŝŐŚƚ
ĨŝdžƚƵƌĞƐĂƌĞƉůĂĐĞĚĂƚŝŶƚĞƌǀĂůƐƚŚĂƚĞƋƵĂůĨŽƵƌƚŝŵĞƐƚŚĞŵŽƵŶƚŝŶŐŚĞŝŐŚƚ͘
ď͘ WŽůĞƉůĂĐĞŵĞŶƚ͕ŵŽƵŶƚŝŶŐŚĞŝŐŚƚ͕ĂŶĚĨŝdžƚƵƌĞĚĞƐŝŐŶƐŚĂůůƐĞƌǀĞƚŽŵŝŶŝŵŝnjĞ
ůŝŐŚƚŝŶŐĨƌŽŵďĞĐŽŵŝŶŐĂŶƵŝƐĂŶĐĞ͘ůůůŝŐŚƚƐŽƵƌĐĞƐƐŚĂůůďĞĂƌƌĂŶŐĞĚƐŽĂƐƚŽ
ƌĞĨůĞĐƚĂǁĂLJĨƌŽŵĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͘ůůůŝŐŚƚƐŽƵƌĐĞƐƐŚĂůůďĞƐŚŝĞůĚĞĚŽƌ
ƉŽƐŝƚŝŽŶĞĚƐŽĂƐƚŽƉƌĞǀĞŶƚŐůĂƌĞĨƌŽŵďĞĐŽŵŝŶŐĂŚĂnjĂƌĚŽƌĂŶƵŝƐĂŶĐĞ͕ŽƌŚĂǀŝŶŐ
ĂŶĞŐĂƚŝǀĞŝŵƉĂĐƚŽŶƐŝƚĞƵƐĞƌƐ͕ĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ͕ŽƌƚŚĞƚƌĂǀĞůŝŶŐƉƵďůŝĐ͘
džĐĞƐƐŝǀĞƐƉŝůůŽǀĞƌŽĨůŝŐŚƚƚŽŶĞĂƌďLJƉƌŽƉĞƌƚŝĞƐƐŚĂůůďĞĂǀŽŝĚĞĚ͘'ůĂƌĞƐŚĂůůďĞ
ŵŝŶŝŵŝnjĞĚƚŽĚƌŝǀĞƌƐŽŶĂĚũĂĐĞŶƚƐƚƌĞĞƚƐ͘
Đ͘ WŽůĞƐƐŚĂůůďĞƌƵƐƚƉƌŽŽĨŵĞƚĂů͕ĐĂƐƚŝƌŽŶ͕ĨŝďĞƌŐůĂƐƐ͕ĨŝŶŝƐŚĞĚǁŽŽĚŽƌƐŝŵŝůĂƌ
ƐƚƌƵĐƚƵƌĂůŵĂƚĞƌŝĂů͕ǁŝƚŚĂĚĞĐŽƌĂƚŝǀĞƐƵƌĨĂĐĞŽƌĨŝŶŝƐŚ͘
Ě͘ WŽůĞƐŝŶƉĞĚĞƐƚƌŝĂŶĂƌĞĂƐƐŚĂůůŶŽƚďĞŐƌĞĂƚĞƌƚŚĂŶϯϬĨĞĞƚŝŶŚĞŝŐŚƚĂŶĚƐŚĂůů
ƵƚŝůŝnjĞƵŶĚĞƌŐƌŽƵŶĚǁŝƌŝŶŐ͘
Ğ͘ WŽůĞƐŝŶĂůůŽƚŚĞƌĂƌĞĂƐƐŚĂůůŶŽƚĞdžĐĞĞĚƚŚŝƌƚLJ;ϯϬͿĨĞĞƚŝŶŚĞŝŐŚƚ͕ĂŶĚƐŚĂůůƵƚŝůŝnjĞ
ƵŶĚĞƌŐƌŽƵŶĚǁŝƌŝŶŐ͘
Ĩ͘ >ŝŐŚƚƐŽƵƌĐĞƐŽŶƐƚƌƵĐƚƵƌĞƐƐŚĂůůŶŽƚĞdžĐĞĞĚƚŚŝƌƚLJ;ϯϬͿĨĞĞƚ͕ŽƌƚŚĞŚĞŝŐŚƚŽĨƚŚĞ
ƐƚƌƵĐƚƵƌĞ͕ǁŚŝĐŚĞǀĞƌŝƐůĞƐƐ͘ džƚĞƌŝŽƌůŝŐŚƚŝŶŐĨŽƌƉĂƌŬŝŶŐŐĂƌĂŐĞƐĂŶĚƐƚƌƵĐƚƵƌĞƐ
ƐŚĂůůďĞŵŽƵŶƚĞĚŶŽŚŝŐŚĞƌƚŚĂŶƚŚĞƌŽŽĨŽĨƚŚĞƐƚƌƵĐƚƵƌĞ͘
dŚĞĂƉƉůŝĐĂŶƚŝƐƉƌŽƉŽƐŝŶŐϮϬͲĨƚŚŝŐŚŵĞƚĂůůŝŐŚƚƉŽůĞƐŝŶƚŚĞƉĂƌŬŝŶŐĂƌĞĂƐ͕ĂŶĚůŝŐŚƚĨŝdžƚƵƌĞƐ
ĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚLJƐƚĂŶĚĂƌĚƐŽŶƚŚĞƌŽĂĚǁĂLJƐ͘dŚĞLJŚĂǀĞƉƌŽǀŝĚĞĚĂƉŚŽƚŽŵĞƚƌŝĐĚƌĂǁŝŶŐ
ŝŶĚŝĐĂƚŝŶŐĂŶĂǀĞƌĂŐĞŽĨϭ͘ϬϲĨŽŽƚͲĐĂŶĚůĞƐ͕ďƵƚŚĂǀĞŝŶĐůƵĚĞĚƚŚĞĂƌĞĂƐŽĨƚŚĞƐƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚ
ƉƌĂĐƚŝĐĞƐ͕ŝŶǁŚŝĐŚŶŽůŝŐŚƚƐĂƌĞƉƌŽƉŽƐĞĚĂŶĚǁŚŝĐŚĂƌĞƐŚŝĞůĚĞĚĨƌŽŵƚŚĞůŝŐŚƚĞĚĂƌĞĂƐďLJƚŚĞ
ƉƌŽƉŽƐĞĚďƵŝůĚŝŶŐƐ͕ŝŶƚŚĞŝƌĐĂůĐƵůĂƚŝŽŶ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚĂƚƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƐƵďŵŝƚĂƚƚŚĞŶĞdžƚ
ƐƚĂŐĞŽĨƌĞǀŝĞǁĂŶƵƉĚĂƚĞĚƉŚŽƚŽŵĞƚƌŝĐƉůĂŶ͕ŽŵŝƚƚŝŶŐĂƌĞĂƐŽƵƚƐŝĚĞŽĨƚŚĞŵƵůƚŝĨĂŵŝůLJ
ĚĞǀĞůŽƉŵĞŶƚƉĂƌĐĞůƐ͕ĂŶĚŽƵƚƐŝĚĞƚŚĞƐƚŽƌŵǁĂƚĞƌĂƌĞĂƐǁŝƚŚŝŶƚŚĞŵƵůƚŝĨĂŵŝůLJĚĞǀĞůŽƉŵĞŶƚ
ƉĂƌĐĞůƐ͕ĨƌŽŵƚŚĞĐĂůĐƵůĂƚŝŽŶŽĨĂǀĞƌĂŐĞŝůůƵŵŝŶĂƚŝŽŶ͘dŚĞƵƉĚĂƚĞĚƉůĂŶŵƵƐƚĂůƐŽƉƌŽǀŝĚĞĂƐŵĂůůĞƌ
ŐƌŝĚƐƉĂĐŝŶŐƚŽĂůůŽǁĞǀĂůƵĂƚŝŽŶŽĨƐƉŝůůŽǀĞƌďĞLJŽŶĚƉƌŽƉĞƌƚLJůŝŶĞƐ͘
ŝĐLJĐůĞWĂƌŬŝŶŐ
dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐĐƌŝƚĞƌŝŽŶƐŚĂůůďĞĞǀĂůƵĂƚĞĚŽŶĂůŽƚďLJůŽƚďĂƐŝƐ͘DŝŶŝŵƵŵƌĞƋƵŝƌĞĚďŝĐLJĐůĞ
ƐƉĂĐĞƐďĂƐĞĚŽŶƚŚĞƉƌĞůŝŵŝŶĂƌLJƵŶŝƚĐŽƵŶƚƐĂƌĞĂƐĨŽůůŽǁƐ͘
η^ͲϮϬͲϭϲ
ϮϮ
ϮϮŽĨϮϱ
>Žƚ ηŽĨ
hŶŝƚƐ
^&
ŽŵŵĞƌĐŝĂů
ZĞƋƵŝƌĞĚ
ƐŚŽƌƚ
ƚĞƌŵ
ƐƉĂĐĞƐ
ZĞƋƵŝƌĞĚ
>ŽŶŐ
dĞƌŵ
^ƉĂĐĞƐ
ZĞƋƵŝƌĞĚ
ůŽƚŚĞƐ
>ŽĐŬĞƌƐ
ϭϬϰϰϬ ϱ ϰϰ Ϭ
ϭϭϰϰϬ ϱ ϰϰ Ϭ
ϭϮϰϴϬ ϱ ϰϴ Ϭ
ϭϯϭϭϴ ϯ͕ϱϬϬ ϭϯ ϭϭϵ ϭ
ϭϰϯϯϬ ϰ ϯϯ Ϭ
ϭϱϭϬϯϬ ϭϭ ϭϬϯ Ϭ
^ŚŽƌƚdĞƌŵŝĐLJĐůĞWĂƌŬŝŶŐ
dŚĞĂƉƉůŝĐĂŶƚŚĂƐƉƌŽƉŽƐĞĚĂŐƌŽƵƉŽĨĨŝǀĞďŝĐLJĐůĞƌĂĐŬƐŶĞĂƌƚŚĞĞŶƚƌĂŶĐĞƚŽĞĂĐŚďƵŝůĚŝŶŐ͘dŚĞ
ŽĂƌĚĨŝŶĚƐƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĚĞŵŽŶƐƚƌĂƚĞƚŚĂƚƚŚĞƌĂĐŬƐƐƵƉƉŽƌƚƚǁŽďŝĐLJĐůĞƐĞĂĐŚŝŶĂĐĐŽƌĚĂŶĐĞ
ǁŝƚŚƚŚĞƐƚĂŶĚĂƌĚƐŽĨϭϯ͘ϭϰ;ϮͿ͕ĂŶĚŵĞĞƚƚŚĞŵŝŶŝŵƵŵƐƉĂĐŝŶŐĂŶĚůŽĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐŽĨ
ϭϯ͘ϭϰ;ϮͿĂŶĚƉƉĞŶĚŝdž'͕ŝŶĐůƵĚŝŶŐĚŝƐƚƌŝďƵƚŝŽŶĂƌŽƵŶĚƉƌŝŶĐŝƉĂůĞŶƚƌĂŶĐĞƐ͕ĂƚĨŝŶĂůƉůĂƚ͘
>ŽŶŐdĞƌŵŝŬĞ^ƚŽƌĂŐĞ
dŚĞƉƌŽǀŝĚĞĚĂƌĐŚŝƚĞĐƚƵƌĂůƉůĂŶƐƐŚŽǁďŝĐLJĐůĞƐƚŽƌĂŐĞŝŶƚŚĞƉĂƌŬŝŶŐŐĂƌĂŐĞƐ͕ďƵƚŝƚŝƐŶŽƚĐůĞĂƌ
ǁŚĞƚŚĞƌƚŚĞƐĞƐƚŽƌĂŐĞĂƌĞĂƐǁŝůůŵĞĞƚƚŚĞŵŝŶŝŵƵŵƌĞƋƵŝƌĞĚŶƵŵďĞƌŽĨƐƉĂĐĞƐ͘dŚĞŽĂƌĚĨŝŶĚƐ
ƚŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽǀŝĚĞĚĞƚĂŝůƐŽŶƚŚĞƐĞƐƚŽƌĂŐĞĂƌĞĂƐĂƐƉĂƌƚŽĨƚŚĞ&ŝŶĂůWůĂƚ͕ŝŶĐůƵĚŝŶŐ
ĚĞŵŽŶƐƚƌĂƚŝŽŶŽĨŚŽǁƚŚĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵŶƵŵďĞƌƐǁŝůůďĞƉƌŽǀŝĚĞĚ͘&ŽƌƐŽŵĞďƵŝůĚŝŶŐƐƚŚĞƌĞ
ĂƌĞĨĞǁĞƌƉĂƌŬŝŶŐŐĂƌĂŐĞƐƉĂĐĞƐƚŚĂŶƚŚĞƌĞĂƌĞƵŶŝƚƐŝŶƚŚĞďƵŝůĚŝŶŐƐƚŚĞƌĞĨŽƌĞŽŶĞůŽŶŐͲƚĞƌŵƐƉĂĐĞ
ƉĞƌƉĂƌŬŝŶŐƐƚĂůůǁŝůůŶŽƚŵĞĞƚƚŚĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵƐ͘
dƌĂĨĨŝĐKǀĞƌůĂLJŝƐƚƌŝĐƚ
dŚĞƉƌŽũĞĐƚŝƐůŽĐĂƚĞĚǁŝƚŚƚŚĞƚƌĂĨĨŝĐŽǀĞƌůĂLJĚŝƐƚƌŝĐƚŽŶĞϯ͘dŚĞŵĂƐƚĞƌƉůĂŶŚĂƐĂƚŽƚĂůĂƌĞĂŽĨϯϵ͘ϭϲ
ĂĐƌĞƐ;ϯϵ͘ϳϲĂĐƌĞƐƉĞŶĚŝŶŐĂƉƉƌŽǀĂůŽĨDWͲϮϬͲϬϭͿĂŶĚƚŚĞƌĞĨŽƌĞŚĂƐĂƚƌĂĨĨŝĐďƵĚŐĞƚŽĨϭϳϲϮ;ŽƌϭϳϴϵͿ
ǀĞŚŝĐůĞƚƌŝƉƐƉĞƌWDƉĞĂŬŚŽƵƌ͘dŚĞƉƌŽũĞĐƚ͛Ɛd/^ĞƐƚŝŵĂƚĞƐĨƵůůďƵŝůĚŽĨƚŚĞƉƌŽũĞĐƚǁŝůůŐĞŶĞƌĂƚĞϰϮϴƚƌŝƉƐ͕
ƌĞǀŝƐĞĚƚŽϮϴϮƚƌŝƉƐďĂƐĞĚŽŶƚŚĞϮͬϱͬϮϬϮϬƚƌĂĨĨŝĐŵĞŵŽ͘dŚĞŽĂƌĚĨŝŶĚƐƚŚŝƐĐƌŝƚĞƌŝŽŶŵĞƚ͘
ŶĞƌŐLJ^ƚĂŶĚĂƌĚƐ
ůůŶĞǁďƵŝůĚŝŶŐƐĂƌĞƐƵďũĞĐƚƚŽƚŚĞ^ƚƌĞƚĐŚ ŶĞƌŐLJŽĚĞƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϯ͘ϭϱ͗ZĞƐŝĚĞŶƚŝĂůĂŶĚ
ŽŵŵĞƌĐŝĂůƵŝůĚŝŶŐ ŶĞƌŐLJ^ƚĂŶĚĂƌĚƐŽĨƚŚĞ>ZƐ͘
/^/KE
DŽƚŝŽŶďLJDĂƚƚŽƚĂ͕ƐĞĐŽŶĚĞĚďLJĂǁŶWŚŝůŝďĞƌƚ͕ƚŽĂƉƉƌŽǀĞƉƌĞůŝŵŝŶĂƌLJƉůĂƚĂƉƉůŝĐĂƚŝŽŶη^ͲϮϬͲϭϲŽĨ
K͛ƌŝĞŶ&ĂƌŵZŽĂĚ͕>>͕ƐƵďũĞĐƚƚŽƚŚĞĨŽůůŽǁŝŶŐĐŽŶĚŝƚŝŽŶƐ͗
ϭ͘ ůůƉƌĞǀŝŽƵƐĂƉƉƌŽǀĂůƐĂŶĚƐƚŝƉƵůĂƚŝŽŶƐǁŝůůƌĞŵĂŝŶŝŶĨƵůůĞĨĨĞĐƚĞdžĐĞƉƚĂƐĂŵĞŶĚĞĚŚĞƌĞŝŶ͘
Ϯ͘ dŚŝƐƉƌŽũĞĐƚŵƵƐƚďĞĐŽŵƉůĞƚĞĚĂƐƐŚŽǁŶŽŶƚŚĞƉůĂƚƐƵďŵŝƚƚĞĚďLJƚŚĞĂƉƉůŝĐĂŶƚĂŶĚŽŶĨŝůĞŝŶƚŚĞ
^ŽƵƚŚƵƌůŝŶŐƚŽŶĞƉĂƌƚŵĞŶƚŽĨWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐ͘
ϯ͘ dŚĞƌĞƐŚĂůůďĞŶŽƵƐĞŽĨŚĞƌďŝĐŝĚĞƐ͕ƉĞƐƚŝĐŝĚĞƐ͕ĂŶĚͬŽƌŶŽŶͲŽƌŐĂŶŝĐĨĞƌƚŝůŝnjĞƌƐǁŝƚŚŝŶĞŝƚŚĞƌƚŚĞ
ǁĞƚůĂŶĚƐŽƌƚŚĞĂƐƐŽĐŝĂƚĞĚďƵĨĨĞƌƐ͘WƌŝŽƌƚŽŝƐƐƵĂŶĐĞŽĨĂnjŽŶŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞĨŝƌƐƚďƵŝůĚŝŶŐŽŶƚŚĞ
ƉƌŽƉĞƌƚLJ͕ƚŚĞĂƉƉůŝĐĂŶƚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƌĞĐŽƌĚĂ͞EŽƚŝĐĞŽĨŽŶĚŝƚŝŽŶƐ͟ƚŽƚŚŝƐĞĨĨĞĐƚǁŚŝĐŚŚĂƐ
ďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞŝƚLJƚƚŽƌŶĞLJ͘
η^ͲϮϬͲϭϲ
Ϯϯ
ϮϯŽĨϮϱ
ϰ͘ dŚĞƌĞǁŝůůďĞŶŽŵŽǁŝŶŐǁŝƚŚŝŶϱϬĨĞĞƚŽĨƚŚĞǁĞƚůĂŶĚƐŶŽƌĐĂŶƚŚĞǁĞƚůĂŶĚďƵĨĨĞƌƐďĞƚƵƌŶĞĚŝŶƚŽ
ůĂǁŶ͘ƌƵƐŚͲŚŽŐŐŝŶŐǁŝůůďĞĂůůŽǁĞĚŶŽŵŽƌĞƚŚĂŶƚŚƌĞĞ;ϯͿƚŝŵĞƐƉĞƌLJĞĂƌ͘WƌŝŽƌƚŽŝƐƐƵĂŶĐĞŽĨĂ
njŽŶŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞĨŝƌƐƚďƵŝůĚŝŶŐŽŶƚŚĞƉƌŽƉĞƌƚLJ͕ƚŚĞĂƉƉůŝĐĂŶƚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƌĞĐŽƌĚĂ
͞EŽƚŝĐĞŽĨŽŶĚŝƚŝŽŶƐ͟ƚŽƚŚŝƐĞĨĨĞĐƚǁŚŝĐŚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJƚŚĞŝƚLJƚƚŽƌŶĞLJ͘
ϱ͘ dŚĞƉůĂŶƐŵƵƐƚďĞƌĞǀŝƐĞĚƚŽƐŚŽǁƚŚĞĐŚĂŶŐĞƐďĞůŽǁƉƌŝŽƌƚŽĨŝŶĂůƉůĂƚƐƵďŵŝƐƐŝŽŶ͘
Ă͘ ŝŶĐŽƌƉŽƌĂƚĞƚŚĞĐŽŵŵĞŶƚƐŽĨƚŚĞ^ŽƵƚŚƵƌůŝŶŐƚŽŶtĂƚĞƌĞƉĂƌƚŵĞŶƚ
ď͘ ƐŚŽǁƉƌŽƚĞĐƚŝŽŶĨŽƌƚƌĞĞƐƚŽƌĞŵĂŝŶĂƚĨŝŶĂůƉůĂƚ͘^ƵĐŚŝŶĨŽƌŵĂƚŝŽŶĐĂŶďĞŝŶĐŽƌƉŽƌĂƚĞĚ
ŝŶƚŽƚŚĞƌĞƋƵŝƌĞĚĞƌŽƐŝŽŶƉƌĞǀĞŶƚŝŽŶĂŶĚƐĞĚŝŵĞŶƚĐŽŶƚƌŽůƉůĂŶƐ͘
Đ͘ ƉƌŽǀŝĚĞĐůĞĂƌĂĐĐĞƐƐĨŽƌƉĞĚĞƐƚƌŝĂŶƐŶŽƚƌĞƐŝĚŝŶŐŝŶƵŝůĚŝŶŐϭϰƚŽƚŚĞĞdžŝƐƚŝŶŐƐƚŽƌŵǁĂƚĞƌ
ƉĂƌŬůŽŽƉǁĞƐƚŽĨƵŝůĚŝŶŐϭϰ
Ě͘ ĨƵƌƚŚĞƌƚŚĞĚĞƐŝŐŶŽĨŽŶͲƐŝƚĞŽƉĞŶƐƉĂĐĞƐŝŶĐůƵĚŝŶŐĐŽŶŶĞĐƚŝŽŶƚŽƚŚĞƉĂƌŬƐŝŶƚŚĞƉĞŶĚŝŶŐ
ŵĂƐƚĞƌƉůĂŶƚŽƚŚĞĞĂƐƚ͘
Ğ͘ ŝŶĐŽƌƉŽƌĂƚĞƚŚĞĐŽŵŵĞŶƚƐŽĨƚŚĞ^ŽƵƚŚƵƌůŝŶŐƚŽŶ^ƚŽƌŵǁĂƚĞƌ^ĞĐƚŝŽŶ
Ĩ͘ ƌĞŵŽǀĞƚǁŽƉĂƌŬŝŶŐƐƉĂĐĞƐƚŽƚŚĞĨƌŽŶƚŽĨƚŚĞďƵŝůĚŝŶŐŽŶK͛ƌŝĞŶ&ĂƌŵZŽĂĚŽŶ>ŽƚϭϮ
Ő͘ ƌĞŵŽǀĞƚǁŽƉĂƌŬŝŶŐƐƉĂĐĞƐƚŽƚŚĞĨƌŽŶƚŽĨƚŚĞďƵŝůĚŝŶŐŽŶdǁŽƌŽƚŚĞƌƐƌŝǀĞŽŶ>Žƚϭϱ
Ś͘ ƌĞŵŽǀĞƚŚĞĂĚĚŝƚŝŽŶĂůĐƵƌďĐƵƚĨŽƌ>Žƚϭϲ
ŝ͘ ƵƉĚĂƚĞĂůůƉůĂŶƐŚĞĞƚƐƚŽƌĞĨůĞĐƚŵŽƐƚĐƵƌƌĞŶƚĚĞƐŝŐŶƉƌŽǀŝĚĞĚŽŶŝŶĚŝǀŝĚƵĂůƐŚĞĞƚƐ
ũ͘ ƉƌŽǀŝĚĞƉĞĚĞƐƚƌŝĂŶĂĐĐĞƐƐƚŽƚŚĞƐŽůŝĚǁĂƐƚĞĚŝƐƉŽƐĂůĂƌĞĂƐĨŽƌ>ŽƚƐϭϬ͕ϭϭ͕ϭϯ͕ĂŶĚϭϱ͘
Ŭ͘ ƐŚŽǁƐŶŽǁƐƚŽƌĂŐĞĂƌĞĂƐ
ů͘ ŽŶƉŚŽƚŽŵĞƚƌŝĐƉůĂŶ͕ŽŵŝƚĂƌĞĂƐŽƵƚƐŝĚĞŽĨƚŚĞůŽƚƐĂŶĚƚŚĞƐƚŽƌŵǁĂƚĞƌĂƌĞĂƐǁŝƚŚŝŶƚŚĞ
ůŽƚƐ͕ĂŶĚƉƌŽǀŝĚĞĂƐŵĂůůĞƌŐƌŝĚƐƉĂĐŝŶŐƚŽĂůůŽǁĞǀĂůƵĂƚŝŽŶŽĨƐƉŝůůŽǀĞƌďĞLJŽŶĚƉƌŽƉĞƌƚLJ
ůŝŶĞƐ
ŵ͘ ƉƌŽǀŝĚĞĂĚĞƚĂŝůĞĚůĂŶĚƐĐĂƉŝŶŐͬŚĂƌĚƐĐĂƉĞƉůĂŶĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĂƚƉĂƌŬŝŶŐŐĂƌĂŐĞƐĂƌĞ
ƐĐƌĞĞŶĞĚǁŚĞƌĞĂĚũĂĐĞŶƚƚŽĐŽŵŵƵŶŝƚLJƐƉĂĐĞƐ
Ŷ͘ ƌĞŵŽǀĞƉŽŽůŽŶ>ŽƚϭϯĨƌŽŵƉƌŽũĞĐƚƉůĂŶƐ
ϲ͘ dŚĞĨŝŶĂůƉůĂƚƐƵďŵŝƐƐŝŽŶŵƵƐƚŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͘
Ă͘ ŽĐƵŵĞŶƚĂƚŝŽŶŽĨĂŶLJƌĞƋƵŝƌĞĚŽĨĨͲƐŝƚĞĞĂƐĞŵĞŶƚƐ͘tŚĞƌĞƚŚĞĞĂƐĞŵĞŶƚǁŝůůďĞ
ĐŽŶǀĞLJĞĚƚŽƚŚĞŝƚLJ͕ƚŚĞĞĂƐĞŵĞŶƚŵƵƐƚďĞŝŶĐůƵĚĞĚŝŶƚŚĞŝƌƌĞǀŽĐĂďůĞŽĨĨĞƌŽĨ
ĚĞĚŝĐĂƚŝŽŶĨŽƌƚŚĞƐƚƌĞĞƚ͘
ď͘ ĞƌƚŝĨŝĐĂƚĞŽĨdŝƚůĞƐŚŽǁŝŶŐƚŚĞŽǁŶĞƌƐŚŝƉŽĨĂůůƉƌŽƉĞƌƚLJĂŶĚĞĂƐĞŵĞŶƚƐƚŽďĞĚĞĚŝĐĂƚĞĚ
ŽƌĂĐƋƵŝƌĞĚďLJƚŚĞŝƚLJ͕ƚŽďĞĂƉƉƌŽǀĞĚďLJƚŚĞŝƚLJƚƚŽƌŶĞLJƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ
ŵLJůĂƌ͘ůůƉƌŽƉŽƐĞĚůĞŐĂůĚŽĐƵŵĞŶƚƐƉƵƌƉŽƌƚŝŶŐƚŽĐŽŶǀĞLJƉƌŽƉĞƌƚLJŽƌĞĂƐĞŵĞŶƚƐƚŽ
ƚŚĞŝƚLJƐŚĂůůĂůƐŽĂĐĐŽŵƉĂŶLJƚŚĞĨŝŶĂůƉůĂƚĂƉƉůŝĐĂƚŝŽŶ͕ĂŶĚďĞĂƉƉƌŽǀĞĚďLJƚŚĞŝƚLJ
ƚƚŽƌŶĞLJ͘
Đ͘ ŚĞŝŐŚƚŽĨĂĐĐĞƐƐŽƌLJƐƚƌƵĐƚƵƌĞŽŶ>ŽƚϭϯĐĂůĐƵůĂƚĞĚĂƐƌĞƋƵŝƌĞĚŝŶƚŚĞ>Z
Ě͘ ĨŝŶĂůƉƌŽƉŽƐĞĚŶƵŵďĞƌŽĨŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐ͕ǁŚŝĐŚŵĂLJĚŝĨĨĞƌĨƌŽŵƚŚĞĐƵƌƌĞŶƚůLJ
ƉƌŽƉŽƐĞĚϰϵŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐďLJŶŽŵŽƌĞƚŚĂŶϱй
Ğ͘ ĚĞŵŽŶƐƚƌĂƚŝŽŶƚŚĂƚŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐŵĞĞƚŵŝŶŝŵƵŵƐŝnjĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚŚĂǀĞ
ĐŽŵƉĂƌĂďůĞĂŵĞŶŝƚŝĞƐƚŽŵĂƌŬĞƚƌĂƚĞƵŶŝƚƐ
η^ͲϮϬͲϭϲ
Ϯϰ
ϮϰŽĨϮϱ
Ĩ͘ ĂŶƵƉĚĂƚĞĚƚƌĂĨĨŝĐƐƚƵĚLJĂƚĨŝŶĂůƉůĂƚǁŚŝĐŚƉƌŽǀŝĚĞƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽŶǁŚĞƚŚĞƌƚŚĞ
ƉƌŽƉŽƐĞĚŝŶƚĞƌƐĞĐƚŝŽŶĐŽŶĨŝŐƵƌĂƚŝŽŶŝƐƐƚŝůůĂƉƉƌŽƉƌŝĂƚĞ͕ƚĂŬŝŶŐŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶďŽƚŚ
ƚŚĞƐŝŐŶĂůǁĂƌƌĂŶƚĂŶĚƚŚĞĂĚĚŝƚŝŽŶĂůůĂŶĞƐĂƚĞĂĐŚůĞŐŽĨƚŚĞŝŶƚĞƌƐĞĐƚŝŽŶ͘
Ő͘ ĚĞŵŽŶƐƚƌĂƚŝŽŶƚŚĂƚƚŚĞĚĞƐŝŐŶŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚůĂŶĚƐĐĂƉŝŶŐŽŶ>ŽƚϭϬƉƌŽǀŝĚĞƐĂŶ
ĂƉƉƌŽƉƌŝĂƚĞƚƌĂŶƐŝƚŝŽŶĨƌŽŵƚŚĞƐŝŶŐůĞĨĂŵŝůLJĂŶĚĚƵƉůĞdžĂƌĞĂƚŽƚŚĞƐŽƵƚŚǁĞƐƚƚŽƚŚĞ
ŵƵůƚŝĨĂŵŝůLJĂƌĞĂ͕ĂŶĚƚŚĂƚƚŚĞƐƚƌĞĞƚůĞǀĞůŐĂƌĂŐĞƉƌĞƐĞŶƚƐĂŚĂƌŵŽŶŝŽƵƐƌĞůĂƚŝŽŶƐŚŝƉ
ǁŝƚŚƚŚĞƌĞƐŝĚĞŶƚŝĂůĐŚĂƌĂĐƚĞƌŽĨƚŚĞŶĞŝŐŚďŽƌŚŽŽĚ͘
Ś͘ ĚĞƚĂŝůĞĚƉƌŽƉŽƐĂůĨŽƌĞdžƚĞƌŝŽƌƵƉƉĞƌůĞǀĞůŽƉĞŶƐƉĂĐĞŽŶ>Žƚϭϯ
ŝ͘ ĚĞŵŽŶƐƚƌĂƚŝŽŶƚŚĂƚƚŚĞĚĞƐŝŐŶŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚůĂŶĚƐĐĂƉŝŶŐŽŶ>ŽƚϭϰƉƌŽǀŝĚĞƐĂŶ
ĂƉƉƌŽƉƌŝĂƚĞƚƌĂŶƐŝƚŝŽŶĨƌŽŵƚŚĞǁŽŽĚĞĚĂƌĞĂƚŽƚŚĞƐŽƵƚŚǁĞƐƚƚŽƚŚĞĚĞǀĞůŽƉĞĚWƌŽũĞĐƚ
ĂƌĞĂ͕ƚŚĂƚƚŚĞŐĂƌĂŐĞŝƐĂƉƉƌŽƉƌŝĂƚĞůLJƐĐƌĞĞŶĞĚ͕ĂŶĚƚŚĂƚůŝŐŚƚŝŶŐŝƐƐŚŝĞůĚĞĚĨƌŽŵďĞŝŶŐ
ĂŶƵŝƐĂŶĐĞŽŶ<ĞŶŶĞĚLJƌŝǀĞ
ũ͘ ĚĞŵŽŶƐƚƌĂƚŝŽŶƚŚĂƚƚŚĞĚĞƐŝŐŶŽĨƚŚĞďƵŝůĚŝŶŐĂŶĚůĂŶĚƐĐĂƉŝŶŐŽŶ>ŽƚϭϱƉƌŽǀŝĚĞƐĂŶ
ĂƚƚƌĂĐƚŝǀĞƐƚƌĞĞƚƉƌĞƐĞŶĐĞĂŶĚƚŚĂƚŐĂƌĂŐĞůŝŐŚƚŝŶŐŝƐƐŚŝĞůĚĞĚĨƌŽŵďĞŝŶŐĂŶƵŝƐĂŶĐĞŽŶ
<ĞŶŶĞĚLJƌŝǀĞ͘
Ŭ͘ ĐƌŽƐƐůŽƚĞĂƐĞŵĞŶƚďĞƚǁĞĞŶ>ŽƚƐϭϭĂŶĚϭϲ
ů͘ ůĂŶĚƐĐĂƉŝŶŐƉůĂŶƐ͕ŝŶĐůƵĚŝŶŐĐŝǀŝĐƐƉĂĐĞƐĂŶĚŽƉĞŶƐƉĂĐĞƐ
ŵ͘ ĚĞŵŽŶƐƚƌĂƚŝŽŶƚŚĂƚƐŚŽƌƚͲƚĞƌŵďŝĐLJĐůĞƉĂƌŬŝŶŐŵĞĞƚƐƚŚĞƐƚĂŶĚĂƌĚƐŽĨϭϯ͘ϭϰ;ϮͿ
Ŷ͘ ĚĞƚĂŝůƐŽĨůŽŶŐͲƚĞƌŵďŝĐLJĐůĞƉĂƌŬŝŶŐŝŶĐůƵĚŝŶŐĚĞŵŽŶƐƚƌĂƚŝŽŶŽĨŚŽǁƚŚĞƌĞƋƵŝƌĞĚ
ŵŝŶŝŵƵŵŶƵŵďĞƌƐǁŝůůďĞƉƌŽǀŝĚĞĚ
ϳ͘ dŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĐŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞ&ŝƌĞŚŝĞĨƚŽĂƐƐƵƌĞĞŵĞƌŐĞŶĐLJǀĞŚŝĐůĞĂĐĐĞƐƐƉƌŝŽƌƚŽĨŝŶĂů
ƉůĂƚĂƉƉƌŽǀĂů͘
ϴ͘ dŚĞĂƉƉůŝĐĂŶƚŵƵƐƚĚĞŵŽŶƐƚƌĂƚĞƚŚĞLJŚĂǀĞŽďƚĂŝŶĞĚƚŚĞŝƌƐƚĂƚĞǁĞƚůĂŶĚƉĞƌŵŝƚƉƌŝŽƌƚŽŝƐƐƵĂŶĐĞŽĨ
ƚŚĞĨŝƌƐƚnjŽŶŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞWƌŽũĞĐƚ͘
ϵ͘ dŚĞĨŽůůŽǁŝŶŐǁĂŝǀĞƌƐŽĨ>ĂŶĚĞǀĞůŽƉŵĞŶƚZĞŐƵůĂƚŝŽŶƐƚĂŶĚĂƌĚƐĂƌĞƉƌĞůŝŵŝŶĂƌŝůLJŐƌĂŶƚĞĚŝŶ
ĐŽŶũƵŶĐƚŝŽŶǁŝƚŚĂƉƉƌŽǀĂůĂƐƉĂƌƚŽĨDWͲϮϬͲϬϭ͗
Ă͘ &ƌŽŶƚƐĞƚďĂĐŬǁĂŝǀĞƌĨŽƌ>ŽƚϭϰĨƌŽŵϮϬĨĞĞƚƚŽϲĨĞĞƚ
ď͘ ƉĂƌŬŝŶŐƐƉĂĐĞĚŝŵĞŶƐŝŽŶŝŶƐƵďƐƵƌĨĂĐĞŐĂƌĂŐĞƐĨƌŽŵϭϴ͛džϵ͛ƚŽϭϴ͛džϴ͕͛ƉƌŽǀŝĚĞĚĚƌŝǀĞĂŝƐůĞƐ
ĂƌĞϮϰ͛ǁŝĚĞŽƌϮϮ͛ǁŝĚĞŝŶƚŚĞĐĂƐĞŽĨƐŝŶŐůĞůŽĂĚĞĚƉĂƌŬŝŶŐĂŝƐůĞƐ
ϭϬ͘ dŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞZϭϮnjŽŶŝŶŐĚŝƐƚƌŝĐƚŵĂLJďĞĂƉƉůŝĞĚƚŽƚŚĞŝŶǀŽůǀĞĚĂƌĞĂǁŝƚŚŝŶƚŚĞZϭͲWZ
njŽŶŝŶŐĚŝƐƚƌŝĐƚĂƐĂůůŽǁĞĚƵŶĚĞƌϯ͘Ϭϯ^Ɖůŝƚ>ŽƚƐ͘
ϭϭ͘ dŚĞĂƉƉůŝĐĂŶƚŵƵƐƚŽďƚĂŝŶĂnjŽŶŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞďƵŝůĚŝŶŐĐŽŶƚĂŝŶŝŶŐƚŚĞŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐŶŽůĂƚĞƌ
ƚŚĂŶƚŚĞĨŽƵƌƚŚďƵŝůĚŝŶŐ͕ďƵƚŵĂLJŽďƚĂŝŶĂnjŽŶŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞĨŝĨƚŚďƵŝůĚŝŶŐǁŚŝůĞƚŚĞŝŶĐůƵƐŝŽŶĂƌLJ
ďƵŝůĚŝŶŐŝƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƌĞĐĞŝǀĞĂĐĞƌƚŝĨŝĐĂƚĞŽĨŽĐĐƵƉĂŶĐLJĨŽƌƚŚĞďƵŝůĚŝŶŐ
ĐŽŶƚĂŝŶŝŶŐƚŚĞŝŶĐůƵƐŝŽŶĂƌLJƵŶŝƚƐƉƌŝŽƌƚŽŝƐƐƵĂŶĐĞŽĨĂnjŽŶŝŶŐƉĞƌŵŝƚĨŽƌƚŚĞƐŝdžƚŚĂŶĚĨŝŶĂůďƵŝůĚŝŶŐ͘
ϭϮ͘ dŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƌĞǀŝƐĞƚŚĞƐƚƌĞĞƚƐĐĂƉĞĚĞƐŝŐŶƚŽƉƌŽƉŽƐĞĂƌŽĂĚǁĂLJĐƌŽƐƐƐĞĐƚŝŽŶĂŶĚƉƌŽǀŝĚĞ
ƐƵƉƉŽƌƚŝŶŐƚĞƐƚŝŵŽŶLJĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĂƚƚŚĞƉƌŽƉŽƐĂůƉƌŽǀŝĚĞƐĂƐĂĨĞƵƌďĂŶĞŶǀŝƌŽŶŵĞŶƚ
ĂĐĐŽŵŵŽĚĂƚŝŶŐĂůůƵƐĞƌƐ͘dŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƉƌŽǀŝĚĞƚŚĞŝƌƉƌŽƉŽƐĞĚƉůĂŶƐƚŽƚŚĞŝŬĞΘWĞĚ
ĐŽŵŵŝƚƚĞĞĨŽƌƌĞǀŝĞǁĂŶĚĐŽŵŵĞŶƚ͘/ĨƉŽƐƐŝďůĞ͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚŵĞĞƚǁŝƚŚƚŚĞŝŬĞΘWĞĚ
ĐŽŵŵŝƚƚĞĞƉƌŝŽƌƚŽĨŝŶĂůƉůĂƚĂƉƉůŝĐĂƚŝŽŶ͘
η^ͲϮϬͲϭϲ
Ϯϱ
ϮϱŽĨϮϱ
ϭϯ͘ dŚĞĂƉƉůŝĐĂŶƚŵĂLJŶŽƚĐŽŶƐƚƌƵĐƚĂŶLJŽĨƚŚĞƉĂƌŬŝŶŐŽƌŽƚŚĞƌŝŵƉƌŽǀĞŵĞŶƚƐŽŶ>ŽƚϭϳǁŝƚŚŽƵƚ
ƐĞƉĂƌĂƚĞĐŽŶĚŝƚŝŽŶĂůƵƐĞĂƉƉƌŽǀĂůĨŽƌƚŚĂƚůŽƚ͘
ϭϰ͘ WĂƌŬŝŶŐůŽƚŝŶƚĞƌŝŽƌůĂŶĚƐĐĂƉŝŶŐƐŚĂůůďĞŵĞĂƐƵƌĞĚĨŽƌĞĂĐŚƉĂƌŬŝŶŐůŽƚƌĂƚŚĞƌƚŚĂŶŽǀĞƌĂůů͘
ϭϱ͘ WƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϭϱ͘ϭϯ; ͿŽĨƚŚĞ>ĂŶĚĞǀĞůŽƉŵĞŶƚZĞŐƵůĂƚŝŽŶƐ͕ĂŶLJŶĞǁƵƚŝůŝƚLJůŝŶĞƐ͕ƐĞƌǀŝĐĞƐ͕
ĂŶĚƐĞƌǀŝĐĞŵŽĚŝĨŝĐĂƚŝŽŶƐŵƵƐƚďĞƵŶĚĞƌŐƌŽƵŶĚ͘
ϭϲ͘ dŚĞƉƌŽƉŽƐĞĚƉƌŽũĞĐƚŵƵƐƚĂĚŚĞƌĞƚŽƐƚĂŶĚĂƌĚƐĨŽƌĞƌŽƐŝŽŶĐŽŶƚƌŽůĂƐƐĞƚĨŽƌƚŚŝŶ^ĞĐƚŝŽŶϭϲ͘ϬϯŽĨ
ƚŚĞ^ŽƵƚŚƵƌůŝŶŐƚŽŶ>ĂŶĚĞǀĞůŽƉŵĞŶƚZĞŐƵůĂƚŝŽŶƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŐƌĂĚŝŶŐƉůĂŶŵƵƐƚŵĞĞƚƚŚĞ
ƐƚĂŶĚĂƌĚƐƐĞƚĨŽƌƚŚŝŶ^ĞĐƚŝŽŶϭϲ͘ϬϰŽĨƚŚĞ^ŽƵƚŚƵƌůŝŶŐƚŽŶ>ĂŶĚĞǀĞůŽƉŵĞŶƚZĞŐƵůĂƚŝŽŶƐ͘
ϭϳ͘ dŚĞĨŝŶĂůƉůĂƚĂƉƉůŝĐĂƚŝŽŶŵƵƐƚďĞƐƵďŵŝƚƚĞĚǁŝƚŚŝŶϭϮŵŽŶƚŚƐĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚŝƐĚĞĐŝƐŝŽŶ͘
ϭϴ͘ dŚĞĂƉƉůŝĐĂŶƚŵƵƐƚƌĞŐƵůĂƌůLJŵĂŝŶƚĂŝŶĂůůƐƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚĂŶĚĐŽŶǀĞLJĂŶĐĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘
DĂƌŬĞŚƌ zĞĂEĂLJ ďƐƚĂŝŶ EŽƚWƌĞƐĞŶƚ
DĂƚƚŽƚĂ zĞĂEĂLJ ďƐƚĂŝŶ EŽƚWƌĞƐĞŶƚ
:ŝŵ>ĂŶŐĂŶ zĞĂEĂLJ ďƐƚĂŝŶ EŽƚWƌĞƐĞŶƚ
ĂǁŶWŚŝůŝďĞƌƚ zĞĂEĂLJ ďƐƚĂŝŶ EŽƚWƌĞƐĞŶƚ
ůŝƐƐĂWŽƌƚŵĂŶ zĞĂEĂLJ ďƐƚĂŝŶ EŽƚWƌĞƐĞŶƚ
ƌŝĂŶ^ƵůůŝǀĂŶ zĞĂEĂLJ ďƐƚĂŝŶ EŽƚWƌĞƐĞŶƚ
:ŽŚŶtŝůŬŝŶŐ zĞĂEĂLJ ďƐƚĂŝŶ EŽƚWƌĞƐĞŶƚ
DŽƚŝŽŶĐĂƌƌŝĞĚďLJĂǀŽƚĞŽĨϳʹϬʹϬ͘
^ŝŐŶĞĚƚŚŝƐͺͺͺͺĚĂLJŽĨEŽǀĞŵďĞƌ͕ϮϬϮϬ͕ďLJ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
DĂƚƚŽƚĂ͕ŚĂŝƌ
WůĞĂƐĞŶŽƚĞ͗ŶĂƉƉĞĂůŽĨƚŚŝƐĚĞĐŝƐŝŽŶŵĂLJďĞƚĂŬĞŶďLJĨŝůŝŶŐ͕ǁŝƚŚŝŶϯϬĚĂLJƐŽĨƚŚĞĚĂƚĞŽĨƚŚŝƐ
ĚĞĐŝƐŝŽŶ͕ĂŶŽƚŝĐĞŽĨĂƉƉĞĂůĂŶĚƚŚĞƌĞƋƵŝƌĞĚĨĞĞďLJĐĞƌƚŝĨŝĞĚŵĂŝůƚŽƚŚĞ^ƵƉĞƌŝŽƌŽƵƌƚ͕ ŶǀŝƌŽŶŵĞŶƚĂů
ŝǀŝƐŝŽŶ͘^ĞĞs͘Z͘ ͘͘W͘ϱ;ďͿ͘ĐŽƉLJŽĨƚŚĞŶŽƚŝĐĞŽĨĂƉƉĞĂůŵƵƐƚĂůƐŽďĞŵĂŝůĞĚƚŽƚŚĞŝƚLJŽĨ^ŽƵƚŚ
ƵƌůŝŶŐƚŽŶWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐĞƉĂƌƚŵĞŶƚĂƚϱϳϱŽƌƐĞƚ^ƚƌĞĞƚ͕^ŽƵƚŚƵƌůŝŶŐƚŽŶ͕sdϬϱϰϬϯ͘^ĞĞ
s͘Z͘ ͘͘W͘ϱ;ďͿ;ϰͿ;Ϳ͘WůĞĂƐĞĐŽŶƚĂĐƚƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂůŝǀŝƐŝŽŶĂƚϴϬϮͲϴϮϴͲϭϲϲϬŽƌ
ŚƚƚƉ͗ͬͬǀĞƌŵŽŶƚũƵĚŝĐŝĂƌLJ͘ŽƌŐͬ'dͬĞŶǀŝƌŽŶŵĞŶƚĂůͬĚĞĨĂƵůƚ͘ĂƐƉdžĨŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶŽŶĨŝůŝŶŐ
ƌĞƋƵŝƌĞŵĞŶƚƐ͕ĚĞĂĚůŝŶĞƐ͕ĨĞĞƐĂŶĚŵĂŝůŝŶŐĂĚĚƌĞƐƐ͘
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