Page 1

20 449 B RENTWOOD A VENUE B END, O REGON 9 770 2 Jaynee Beck Principal Broker CRS,GRI,ABR Cell Phone: 541-480-0988 beck@dukewarner.com


Property Description Great SE location close to schools and shopping. Beautiful cherrywood floors, solar tube, nice open floor plan, corner fireplace. Private side yard. All bedrooms and laundry upstairs.


Features


?0449 Brentwood Feotures List New corpet just instolled in the living room qnd stoirs

Beoutiful cherrywood f loors in the dining room ond kitchen Corner gas fireploce in living room with rock surround Ceiling fon in living room

Solor tube in the dining room odds noturol light Powder room with pedestol sinks ond tile f loors

Kitchen hos roised tile bor, pontry ond knotty older cobinets Wood foux blinds throughout ond hunter douglos occording blind on slider.

Moster suite hos walk in closet, double sinks ond wolk in shower with gloss door 2 odditionol bedrooms ond o guest both upstoirs

Upstoirs loundry Nice f enced sideyord with covered potio ond gotes on both ends. Covered

front porch ond tile entry

Reor entry double cor ottoched ga?sge with oPener


Maps


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Copyright Š 2008, All Rights Reserved Courtesy of:

Date: 6/14/2018

O Disclaimer: This map was created from digital databases provided by the Deschutes County GIS. Western Title & Escrow Co. has provided this information as a courtesy and assumes no liability for errors, omissions, or the positional accuracy of the data, and does not waranty the fitness of this product for any particular purpose. Created for the original recipient, not for further distribution.

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Sources: Esri, HERE, DeLorme, USGS, Intermap, increment P Corp., NRCAN, Esri Japan, METI, Esri China (Hong Kong), Esri (Thailand), MapmyIndia, Š OpenStreetMap contributors, and the GIS User Community Copyright Š 2008, All Rights Reserved Courtesy of:

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Legend Disclaimer: This map was created from digital databases provided by the Deschutes County GIS. Western Title & Escrow Co. has provided this information as a courtesy and assumes no liability for errors, omissions, or the positional accuracy of the data, and does not waranty the fitness of this product for any particular purpose. Created for the original recipient, not for further distribution.

Subject Property Railroad


Taxlot Map

181209-BC-01317

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Copyright Š 2008, All Rights Reserved Courtesy of:

Date: 6/14/2018

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Legend Disclaimer: This map was created from digital databases provided by the Deschutes County GIS. Western Title & Escrow Co. has provided this information as a courtesy and assumes no liability for errors, omissions, or the positional accuracy of the data, and does not waranty the fitness of this product for any particular purpose. Created for the original recipient, not for further distribution.

Subject Property Sections

280


Street Map

Deschutes County, OR

181209-BC-01317

Sources: Esri, HERE, DeLorme, USGS, Intermap, increment P Corp., NRCAN, Esri Japan, METI, Esri China (Hong Kong), Esri (Thailand), MapmyIndia, Š OpenStreetMap contributors, and the GIS User Community Copyright Š 2008, All Rights Reserved Courtesy of:

Date: 6/14/2018

O Disclaimer: This map was created from digital databases provided by the Deschutes County GIS. Western Title & Escrow Co. has provided this information as a courtesy and assumes no liability for errors, omissions, or the positional accuracy of the data, and does not waranty the fitness of this product for any particular purpose. Created for the original recipient, not for further distribution.

0

140

280

560

840

1,120

Feet

Legend Subject Property


Property Summary


Deschutes County Parcel Information

Parcel Information

Assessment Information

Parcel #: 249557 Tax Lot: 181209BC01317 Record Type: Residential

Market Value Land:

$81,660.00

Market Value Impr:

$200,670.00

Market Value Total:

$282,330.00

Assessed Value:

$193,820.00

Site Address: 20449 Brentwood Ave Bend OR 97702 - 3289

Tax Information

Owner: Webb, Carol Lynn

Levy Code Area: 1-001

Owner Address: 20449 Brentwood Ave

Levy Rate: 15.5166

Bend OR 97702 - 3289

Tax Year: 2017

Twn/Range/Section: 18S / 12E / 09 / NW

Annual Tax: $3,007.43

Parcel Size: 0.08 Acres (3,485 SqFt)

Legal

Plat/Subdivision: Brentwood Lot: 33

BRENTWOOD Lot: 33

Block: Census Tract/Block: 002000 / 2024 Waterfront:

Land County Land Use: 101 - Residential - Improved (typical of class) Zoning: RM - Residential Medium Density

Land Use Std: RSFR - SINGLE FAMILY RESIDENCE Neighborhood: 005

Watershed: North Unit Diversion Dam-Deschutes River

School District: 1 Bend - La Pine School District

Improvement Year Built: 2006

Finished Area: 1,559 SqFt

1st Floor: 736 SqFt

Attic Finished Area: 0 SqFt

2nd Floor: 823 SqFt

Bsmt Finished Area: 0 SqFt

FirePlace: 1

Bedrooms: 3 Bathrooms: 2.5 Full/Half Baths: 2 / 1

Garage: 524 SqFt

Carport:

Transfer Information Loan Date: 8/20/2015 Loan Type: Variable

Loan Amt: $137,900.00 Finance Type:

Rec. Date 7/21/2006

Sale Price: $304,900.00

Owner: WEBB, CAROL LYNN

Doc Type: Trust DeedDeed of Trust

Lender: QUICKEN LNS Doc Num: 0000050018

Doc Type: Warranty Deed

Grantor: PAHLISCH HOMES INC

Orig. Loan Amt: $127,500.00 Finance Type: Fixed

Doc Num: 0000034464

Title Co: AMERITITLE Loan Type:

Lender: SECURITY NATIONAL MORTGAGE CO

Sentry Dynamics, Inc. and its customers make no representations, warranties or conditions, express or implied, as to the accuracy or completeness of information contained in this report.


Deschutes County Property Information Report Date: 6/14/2018 11:26:00 AM

Disclaimer The information and maps presented in this report are provided for your convenience. Every reasonable effort has been made to assure the accuracy of the data and associated maps. Deschutes County makes no warranty, representation or guarantee as to the content, sequence, accuracy, timeliness or completeness of any of the data provided herein. Deschutes County explicitly disclaims any representations and warranties, including, without limitation, the implied warranties of merchantability and fitness for a particular purpose. Deschutes County shall assume no liability for any errors, omissions, or inaccuracies in the information provided regardless of how caused. Deschutes County assumes no liability for any decisions made or actions taken or not taken by the user of this information or data furnished hereunder.

Account Summary Account Information Mailing Name:

Ownership Mailing Address:

WEBB, CAROL LYNN

WEBB, CAROL LYNN

Map and Taxlot: 181209BC01317 Account: Tax Status: Situs Address:

20449 BRENTWOOD AVE

249557 Assessable 20449 BRENTWOOD AVE, BEND, OR 97702

BEND, OR 97702 Valuation Real Market Values as of Jan. 1, 2017

Property Taxes Current Tax Year: $3,007.43 Tax Code Area:

1001

Assessment

Land

$81,660

Structures

$200,670

Total

$282,330

Current Assessed Values:

Subdivision: BRENTWOOD

Maximum Assessed

$193,820

Block:

Assessed Value

$193,820

Assessor Acres: 0.08 Property Class: 101 -- RESIDENTIAL

Veterans Exemption

Lot:

33

Warnings, Notations, and Special Assessments Review of digital records maintained by the Deschutes County Assessorâ&#x20AC;&#x2122;s Office, Tax Office, Finance Office, and the Community Development Department indicates that there are no special tax, assessment or property development related notations associated with this account. However, independent verification of the presence of other Deschutes County tax, assessment, development, and additional property related considerations is recommended. Confirmation is commonly provided by title companies, real estate agents, developers, engineering and surveying firms, and other parties who are involved in property transactions or property development. In addition, County departments may be contacted directly to discuss the information.

Valuation History All values are as of January 1 of each year. Real Market Value - Land Real Market Value - Structures Total Real Market Value

Tax year is July 1st through June 30th of each year.

2013 - 2014 $46,600 $110,550 $157,150

2014 - 2015 $61,160 $147,030 $208,190

2015 - 2016 $70,150 $170,550 $240,700

2016 - 2017 $74,060 $180,780 $254,840

2017 - 2018 $81,660 $200,670 $282,330

$177,380 $157,150 $0

$177,380 $177,380 $0

$182,700 $182,700 $0

$188,180 $188,180 $0

$193,820 $193,820 $0

Maximum Assessed Value Total Assessed Value Veterans Exemption

Deschutes County Property Information Report, page 1


Tax Payment History Year

Date Due

Transaction Type

Transaction Date

As Of Date

Amount Received

Tax Due

Discount Amount

Interest Charged

Refund Interest

2017

11-15-2017

PAYMENT

11-09-2017

11-09-2017

$2,917.21

($3,007.43)

$90.22

$0.00

$0.00

2017

11-15-2017

IMPOSED

10-13-2017

11-15-2017

$0.00 Total:

$3,007.43 $0.00

$0.00

$0.00

$0.00

2016

11-15-2016

PAYMENT

11-15-2016

11-14-2016

$2,782.03

($2,868.07)

$86.04

$0.00

$0.00

2016

11-15-2016

IMPOSED

10-13-2016

11-15-2016

$0.00 Total:

$2,868.07 $0.00

$0.00

$0.00

$0.00

2015

11-15-2015

PAYMENT

11-12-2015

11-12-2015

$2,704.91

($2,788.57)

$83.66

$0.00

$0.00

2015

11-15-2015

IMPOSED

10-14-2015

11-15-2015

$0.00 Total:

$2,788.57 $0.00

$0.00

$0.00

$0.00

Sales History Sale Date

Seller

Buyer

Sale Amount

07/17/2006

PAHLISCH HOMES INC,

WEBB, CAROL LYNN

$304,900

08/25/2005

PAHLISCH HOMES INC,

PAHLISCH HOMES INC,

$0

08/12/2005

NEUMANN, KENT ET AL

ELK HORN DEVELOPMENT LLC (CB)

$0

08/12/2005

BEND DEVELOPMENT LLC

ELK HORN DEVELOPMENT LLC (CB)

$0

Recording Instrument

Sale Type 33-CONFIRMED SALE 06-GRANTEE IS RELATED/FRIENDS/BUSINES S ASSOCIATES 09-TRADE OR EXCHANGE OF PROPERTIES 06-GRANTEE IS RELATED/FRIENDS/BUSINES S ASSOCIATES

2006-50018 2005-56684 2005-56685 2005-55785

Structures Stat Class/Description

Improvement Description

143 - RESIDENCE: Two story

Sf per plan; Int. best est.

Floor Description FIRST FLOOR Rooms

Deschutes County Property Information Report, page 2 (For Report Disclaimer see page 1)

Code Area

Year Built

Total Sq Ft

1001

2006

1,559

Sq Ft 736

Type of Heating FORCED AIR HEAT & COOLING


Living

Dining

Kitchen

Nook

Great

Family

Bed

Full Bath

Half Bath

Bonus

Utility

Den

Other

0

0

1

1

1

0

0

0

1

0

0

0

0

Floor Description

Sq Ft

SECOND FLOOR

823

Type of Heating FORCED AIR HEAT & COOLING

Rooms Living

Dining

Kitchen

Nook

Great

Family

Bed

Full Bath

Half Bath

Bonus

Utility

Den

Other

0

0

0

0

0

0

3

2

0

0

1

0

0

Floor Description

Sq Ft

GARAGE

524

Type of Heating FORCED AIR HEAT & COOLING

Improvement Inventory AUTOMATIC DOOR OPENER

1

RAISED HEARTH

1

CARPET

1

RECESSED LIGHTING

1

ROOF - GABLE

1

COMP HVY - ROOF COVER

524

D.I. RANGE

1

ROOF CVR - COMP HEAVY

DRYWALL

1

SHOWER W/DOOR, FIBERGLASS

736 1

FORCED AIR HEAT & COOLING

736

SIDING - BOARD & BAT

1

FORCED AIR HEAT & COOLING

412

SIDING - LAP

1

FOUNDATION - CONCRETE

736

SIDING - STONE TRIM

1

FULL BATH

1

TILE FLOOR

1

GAS FIREPLACE

1

TOILET

1

HALF BATH

1

VINYL FLOOR

1

HARDWOOD FLOOR

1

1

HF/DW/GD/MW

1

KITCHEN SINK

1

WATER HEATER WINDOWS - DOUBLE/THERMAL PANE WINDOWS - VINYL

LAVATORY

1

1 1

Accessory Description CONCRETE-PAVING

Sq Ft 203

ASPHALT-PAVING

180

ROOF EXT. AVERAGE

32

Quantity

Land Characteristics Land Description

Acres

Urban Lot

0.08

Land Classification

Ownership Name Type

Name

Ownership Type

OWNER

WEBB, CAROLLYNN

OWNER

Ownership Percentage 100.00%

Related Accounts Related accounts apply to a property that may be on one map and tax lot but due to billing have more than one account. This occurs when a property is in multiple tax code areas. In other cases there may be business personal property or a manufactured home on this property that is not in the same ownership as the land. No Related Accounts found.

Service Providers Please contact districts to confirm. Category

Name

Phone

Address

COUNTY SERVICES

DESCHUTES COUNTY

(541) 388-6570

1300 NW WALL ST, BEND, OR 97703

CITY SERVICES

CITY OF BEND

(541) 388-5505

710 NW WALL ST, BEND, OR 97703

POLICE SERVICES

CITY OF BEND POLICE DEPARTMENT

(541) 322-2960

555 NE 15TH ST, BEND, OR 97701

Deschutes County Property Information Report, page 4 (For Report Disclaimer see page 1)


SCHOOL DISTRICT ELEMENTARY SCHOOL ATTENDANCE AREA MIDDLE SCHOOL ATTENDANCE AREA HIGH SCHOOL ATTENDANCE AREA EDUCATION SERVICE TAX DISTRICT COLLEGE TAX DISTRICT PARK & RECREATION DISTRICT LIVESTOCK DISTRICT IRRIGATION DISTRICT GARBAGE & RECYCLING SERVICE

BEND - LA PINE SCHOOL DISTRICT

(541) 355-1000

520 NW WALL ST, BEND, OR 97703

SILVER RAIL ELEMENTARY SCHOOL

(541) 355-2900

61530 STONE CREEK LANE, BEND, OR 97702

HIGH DESERT MIDDLE SCHOOL

(541) 355-7200

61000 DIAMONDBACK LN, BEND, OR 97702

BEND HIGH SCHOOL

(541) 355-3700

230 NE 6TH ST , BEND, OR 97701

(541) 693-5600

145 SE SALMON AVE, REDMOND, OR 97756

(541) 383-7700

2600 NW COLLEGE WAY, BEND, OR 97703

HIGH DESERT EDUCATION SERVICE DISTRICT CENTRAL OREGON COMMUNITY COLLEGE

BEND PARK & RECREATION DISTRICT (541) 389-7275 DESCHUTES COUNTY LIVESTOCK DISTRICT NUMBER 2 ARNOLD IRRIGATION DISTRICT CASCADE DISPOSAL

799 SW COLUMBIA ST, BEND, OR 97702

(541) 388-6623

1300 NW WALL ST, BEND, OR 97703

(541) 382-7664

19604 BUCK CANYON RD, BEND, OR 97702

(541) 382-6660

1300 SE WILSON AVE, BEND, OR 97702

Development Summary Planning Jursidiction: Urban Growth Boundary:

Bend

Jurisdiction

City Zoning Description

Bend

Bend

RM

Urban Reserve Area:

No

RESIDENTIAL MEDIUM DENSITY - BEND UGB

City of Bend Permits Permit ID

Permit Type

Application Date

Status

5-7774

Building

Applicant

10/05/2005

5-7665

Building

10/04/2005

5-9124

Electrical

11/28/2005

APPROVED ALL FINALS RECEIVED APPROVED

Deschutes County Property Information Report, page 6 (For Report Disclaimer see page 1)


STATEMENT OF TAX ACCOUNT DESCHUTES COUNTY TAX COLLECTOR DESCHUTES SERVICES BUILDING BEND OR 97703 (541) 388-6540 14-Jun-2018 WEBB, CAROL LYNN 20449 BRENTWOOD AVE BEND, OR 97702 Tax Account # Account Status Roll Type Situs Address

249557 A Real 20449 BRENTWOOD AVE BEND 97702

Lender Name CLG - QUICKEN LOANS Loan Number 1001 Property ID Interest To Jun 14, 2018

Tax Summar y Tax Year 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

Tax Type ADVALOREM ADVALOREM ADVALOREM ADVALOREM ADVALOREM ADVALOREM ADVALOREM ADVALOREM ADVALOREM ADVALOREM ADVALOREM ADVALOREM Total

Total Due

Cur r ent Due

Inter est Due

Discount Available

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$0.00

$0.00

$0.00

$0.00

Deschutes County Property Information Report, page 7 (For Report Disclaimer see page 1)

Or iginal Due $3,007.43 $2,868.07 $2,788.57 $2,706.46 $2,315.56 $2,039.24 $2,158.74 $2,341.81 $2,639.72 $2,550.55 $2,430.22 $1,297.95

Due Date Nov 15, 2017 Nov 15, 2016 Nov 15, 2015 Nov 15, 2014 Nov 15, 2013 Nov 15, 2012 Nov 15, 2011 Nov 15, 2010 Nov 15, 2009 Nov 15, 2008 Nov 15, 2007 Nov 15, 2006


REAL PROPERTY TAX STATEMENT J ULY 1, 2017 TO J UNE 30, 2018 DESCHUTES COUNTY, OREGON 1300 NW WALL ST., SUITE 200 BEND OR 97703

PROPERTY DESCRIPTION CODE: MAP: CLASS: SITUS: LEGAL:

1001 181209-BC-01317 101 20449 BRENTWOOD AVE BEND BRENTWOOD 33

WEBB, CAROL LYNN 20449 BRENTWOOD AVE BEND, OR 97702 VALUES: REAL MARKET (RMV) LAND STRUCTURES TOTAL RMV

LAST YEAR

THIS YEAR

74,060 180,780 254,840

81,660 200,670 282,330

MAXIMUM ASSESSED VALUE

188,180

193,820

TOTAL ASSESSED VALUE

188,180

193,820

EXEMPTIONS NET TAXABLE:

0 188,180

0 193,820

TOTAL PROPERTY TAX:

2,868.07

3,007.43

ACCOUNT NO: 249557

SCHOOL DISTRICT #1 HIGH DESERT ESD C O C C EDUCATION TOTAL:

913.80 18.51 119.01 1,051.32

DESCHUTES COUNTY COUNTY LIBRARY COUNTYWIDE LAW ENFORCEMENT COUNTY EXTENSION/4H 9-1-1 CITY OF BEND CITY OF BEND LOCAL OPTION 2014 BEND JUNIPER RIDGE URBAN RENEWAL MURPHY CROSSING URBAN RENEWAL BEND METRO PARK & RECREATION GENERAL GOVT TOTAL:

239.45 105.52 195.66 4.32 69.41 537.73 38.76 17.66 6.59 281.91 1,497.01

CITY OF BEND BOND BEND METRO PARK AND REC BOND SCHOOL #1 BOND 2007 SCHOOL #1 BOND 2013 SCHOOL #1 BOND 2017 C O C C BOND BONDS - OTHER TOTAL:

34.67 32.10 143.37 140.52 85.07 23.37 459.10

This is your copy and not a bill if your mortgage company is responsible for paying your taxes. This statement was sent to: QUICKEN LOANS Lender Reference #:

ASSESSMENT QUESTIONS TAX QUESTIONS

Date Due 11/15/17 02/15/18 05/15/18 Total

(541) 388-6508 (541) 388-6540

PAYMENT OPTIONS 3% Option 2% Option 1,964.85 2,917.21 1,002.48 2,967.33

2,917.21

2017 - 2018 TAX ( Befor e Discount ) Tr imester Option 1,002.48 1,002.48 1,002.47 3,007.43

TOTAL DUE (After Discount and Pr e-payments) Tear Her e

PLEASE RETURN THIS PORTION WITH YOUR PAYMENT

2017 - 2018PROPERTY TAXES PAYMENT OPTIONS

Discount

Full Payment Enclosed or 2/3 Payment Enclosed or 1/3 Payment Enclosed

Date Due

Amount

Date Due

05/15/18

1,002.48

05/15/18

1,002.47

DISCOUNT IS LOST & INTEREST APPLIES AFTER DUE DATE

ACCOUNT NO. 249557 Amount

02/15/18

Date Due

1,002.48

Amount

11/15/17 11/15/17

2,917.21 1,964.85

11/15/17

1,002.48

Mailing address change on back Enter Payment Amount

MAKE PAYMENT TO: 4210 - 015598 - 291721 WEBB, CAROL LYNN 20449 BRENTWOOD AVE BEND, OR 97702

2,917.21 Tear Her e

DESCHUTES COUNTY REAL

3% 2% 0%

3,007.43

$

DESCHUTES COUNTY TAX COLLECTOR

0 9Disclaimer 1 0 0 0 0see 2 4page 9 5 51)7 0 0 0 0 1 0 0 2 4 8 0 0 0 0 1 9 6 4 8 5 0 0 0 0 2 9 1 7 2 1 9 Deschutes County Property Information Report, page 8 (For Report


Property Disclosures


g

FROI4 :THE UPs STORE

FRX

";!:9_3Ff

N0.

Jul. a9 2ALg Ae:sAAn P 2

i916773e,494

SELLER'S PROPERW DISGLOSURE STATEMENT Property Address

INSTRUCTIONS TO THE SELLER

1 2 3

,l Please complgte the followlng form, do not teave any epaces blank. Pleaee refer to tho line numberis) of the guestion(s) whcn you provlde your explanallon(s). tf you are not clairniqrg 'bn exclusion or rBfuslng lo provido the form under oRS 10s.425 {4), you strould daie and sign each page of this disclosure $lEtEmenl and each ittdchment,

4 5 6

7

I I

10 11

12 13 14 15

16 1T 1E

19

20

Tha sellsr b a court apoointsb {chefiLonly oqEI

21

This sate or trâ&#x201A;¬nsfar tr by il gfu"rnm"nt"t agonoy.

22 23

I

recaiver

I

personal representaliva

n ftgea I

conservator

f, guaroian

$lgnatura(*) ol Seller{*) Claiming'Eticlusion

soller--

i ;

!i

Carol Wsbb

Dare

-

24

Slgnatum(s) of Buyer(s) Aoknowtdajhs Seller'e Glaim

25

Buyor

26

I

ll

:l

Dale

_._

* Buyer

't

IF YOU DID

Date

Seller

CLAIM AN EXCLUSTON lN SFCTTON 1,

you

, MUST F|LL

---

Date

r'

--_.---._

ouT THts sEcTloN.

27

z8 2S

30 31

32 33

34 35 36

020

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FRX

FROI'1 : THE UPS STORE

H

Jul.

Nil. :9t6773F;A94

Ag 2A!A AA:51C14 P 3

SELLER'S PROPERTY DISCLOSURE STATEMENT

Properly Address

37

38 39 40 41

FOR A MORE COMPREHEN$IVE EXAMINATION OF THE SPECTFIC CONDITION OF TilIS PROPERry, AUYER IS ADVISED TO OETAIN AND PAY FoR rHE sERvlcEs orrA sPEclALlsT TQ rHE PRoPERTv oN BUkR's eEuALF tNcLUDtNG, FoR 3.YlLlil!? EXAMPLE' oNE oR MoRE.:oF THE FoLLowtNG; ARCr-trECTs, 'NsPEcT ENG,NEERS, pLUMBEis, ELEcrRrgANs, RooFER$, ENVIRONMENTAL INSPECTQnA nUrlOtruC lN$pgcToRS, CERTIFIED tdue rruSpecToRs, oR pESTAND DRy RoT tNsp€CToRS, Seller is ffi is not occupying rhe droperly,

I

I. SELLER'S REPRESENTATIONS 42

43

4

The fullowlng are ropresentaUons mads by lhe seller and are nctths repnEsetrlallons olany financlal lnstifulion lhat may have mede or may make a loan perhining to the pmperly, or that lnay have or take a securlly intoBst in th6 properly, or any real e$tate lic6n6€e er4aged by tie seller or the buyer,

45

'lf you mtrlr yo* on it€ml

46

'I.TITLE

47

A-

48

51

'8. 'c' 'D.

52 53

s6

'E. 'F'G.

s7 58 59 60 61 B2

a

copy or €xptaln on an attachsd 6heet

Do you have logal aulhority to sell tho I

'H' '1, 'J. 'K. "L.

63

#",

pttpertlp

ls Jille to the pmpedy subtecl.to any af ltte

foltowtng:

fl ves'

Irintrightorrelueal Ibiition ILeaseorrentalasreernent l:loftertisthE flLiross1gte ls

lhe pnpefty boins rrans,{eired an unlawtutly ostahllshad unit

of

land?...-,..,

AE lhora any tghts

i

1-1v".'

o{ way; iasenraats, ,ican$es, acce$e

/inllatbrs or

clalms that mey allect your iiterest tn the proporly?

,......,,,,.,........

Antheraanyagreen"ntigllontmainlonancpof

anaasamantarrightof way?,,,,.-......

Are {hare

Unknown

unrnown

/nro

[J

unknown

ffio l] Unknown ;v.*- frfu Er"*".",,

|]l Voe'

any govenmontal atudies, deslgnalions, zoning ovedays,$oryoyc

ornoticesthatwoulaare&deproperty?

Arethercanypondinsoreflsltnsgovemmontal a$sessr?6rfsagainsitheproperty?....",,, Are lhan any zoning vtolaihis or nonconfarmlng usos?,.,.....,....

lJvru. ffio

lJunknown

Ives. l(No fl Unknown I vee' Btrto f..luntnown lsthereaboundarysurueirtcirthopopeny? fJ;"e'flruo [unknown Arelhonanycr,wnants,oondldonlrosttlctonsarpfivalessso$srnBntslrrataftoctllvplll2nr.tfi flVes. INo lJUnknown lsthe Fropeny subJect Io agtlspeclal tax a$$ossmorf or tax t$dlmant thal may result in levy of addlltonal

64

ZWATER

a5

A.

gxis it

:

the propedy ls

sotd?,,,,....-...,,,

; "rr- fro fl Unknown

i

86

Ll ottrer

67

1J v*s' Ivas

6S

69 70

71

l-lno I ffio I

! vos' / Ho l-l Unrnown

Are lhere any enuoaehmiate, boundary agreen6r,fs, boundery disputas or rccent boundaty changes?

5.4

55

', bttech rl ii i. ;

49 50

t:

urlth

,s

Thie lorm her basn

,""&lfir-* soner*

Dale-

by Jayneg Beck purguantto a Forrns Llc€oge Agruomsntu,ilh oregon Ro{l EstFb Formn, LLc.

r-

LINES WTH THIS SYMBOL Copyrlght Oregon Roel Eshtre Fofrns, No portion may be reproduced

ASIGNATUREANO DATE www,olpfonline.com pemiesion of Onegon Real Eatate Fornrs, LLC

20'8

'/vithout

PrEduced

flunttnown flfrua

--.--_-

licon*o fpr

,f,1

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d*o f]unrnowr fJu

located

Seller

{tto fl unknown

dfl i t

l,l

Dy

2jologlx tg070 Filllln Mlls nan{, F|eoor, Mirtigsn agOZS

Buycr lnlliAls

Dele OREF O2O Pege 2 ol ?

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FROM :THE UPs STORE

lEr *H

9,

72 73

75

nat, E a lhefe any wtitlen agrosfients for

'cl

ls

lhero

d)

lf the source of wator ls from a woll or spring, have you had any ot the following ln thelpast 12 montlrs?

77

flnowlest llBacteriatest

'el

78

[JYes'

"

i

.j tmgailon '

(2) tl sny exlstt has the i(O7Wn waler becn used during lhe tast fivo-yeer poiot!?...,....

04

'

(3)

"ny

[1wate{ri}nrr or []ottrer flghts forthe property?..,,.,...

them a warcr nghd cirtilioate

or

87

17-' Has

68

(3) ls ihe outdoor

a back ftow valvg

A.

91

B.

92

c.

bein installed?

I

g public or corndunity sewage sysleft ?.,..........,,..

94 (4)

97

(s)

u Uiknown

Yes flYes"

Ey'nro

It'to

!

unknown

f_lUnrnown

_

[run

llunknown fllr.rl

ffv"s l_l I'to lJ Unkno*n l4vo tJr,to ] unrnown vfin flruo fJ unt<nown

fJNA

ffv*r llno

[J unknown

lne

E|t.ro

Unknown

[Jrua

l__|Yes l{ruo

Dunkttown

lJrun

nt* -;

[_j Unknown

nl(n

l]

lLtcn

[

rue

i

93

s6

CN.

I

lhe property? ,.,.,..

(3)

r_J Unknown

[,

oporable?

ls tho property connected

95

Inl

I

(1) ls there an outdoor sprinkler system for tho property?

80

gK,

f]vos' Sruo

other writtan svidence Evaitable?

86

3. $EWAGE $YSTEM

{_lunrnawn

l-l

I

;

Outdoor sprlnkler system

09

f*lvos pfruo

flnl

r

83

c.

llunknonn

llv*

(1) Are there

85

f,unrtnown

:

82

ls

flNo

lJv".'ffr.ro

nYes'

lreatlent systemg lor the property?

flleas"d [owned

J

nCrromlcatconl€nbtest

Ats thera any wat;r soutve plumbing problems or nasded ropalrs?........

(3) Are there any water

B.

a shared wafar soufte?

an egsgm;fi taeotded or unrecorded) lor your accass lo or maintananco of thi watcr soutce? .-...,,,,,,,..

78

81

A9 ZAte Ag:514N P 4

rsgg!__02o2__._

'ff

74

60

Jut.

i9L6713FlA94

SELLER'S PROPERW DISCLOSURE STATEMENT

Prepedy Address

79

NO.

llvee

l-lves" l*|tto

flYes flves

ald a r€por1 lssued?

g8

lJHo i-lr,ro

!

I I I

unknown unknown

[fi{(

unknown

U)tA

Unknown

lJl.r(r

We

99

(6)

100

(7)

101

(8) ls a seruice contracl

102

(9) Are atl componenF of the

sand filtor of an aerobic unit?

103

"D.

Arc lhere any sewage

104

F

Doss your sewagg syGtem

105

Sellar

Mtrriknown l-l

flYes

fjdnknown

LJtqo

N,q

IJruN

fltto

mainienance required fol the system?

fJves tddo*no*n []Nn lJYes l-lHo [f6nknown lJHn l-lYce' l-1u9f nown r-JNA flno |\Jdnknown l_l ttn

located 0n the property?

/t""

on-site pumplng to another level? ..,..,........,...

o^rffi).t-..-

Thig form hae been licemed

llvos Iltvo

ffi'

seter

rololy by Jayneo Bmk pur*uantlu s Fornrs Llcenft Agroomeni with

for

}-

I

guyer

LINES WTI.I THIS SYMBOL ASIGNATUREAND DATE Copydght Oregon Roal Eslaie Forms, 2018 wwworefonlina.com No portion may bo repmduoed without expnsss permission ol Oregon Rsal E3tals Form6, LLC

Date..---.-*- * Real Estale Forms, LLC. '.--.-.-_ Deta

oREF o2o Paga 3 of 7

l:l rt

Prcrlueddlh i

1ltFofltl(! i i

lrf:ittl.{l[

'18070

finlon

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FROI"I : THE UPs STORE

Et

Jul.

NO. :9L5773P,a94

Ag 2A18 A8:524N P 5

SELLER'S PROPERTY DISCLOSURE STATEMENT PrQperty Address 20449 Brenrwo

if ;-go

n

d. 9_rssqL_gzlg

2_

106 107 108

dv"" fl r,to [unknown

109

Dtto llUnrtnown l]veu UNo fJunknown lyes ZNo [unknown EfYes

110

111

112 113

iA-

114 115

Hastherooftsat<ed?,..,......),.

flVos, ytn fUnknown LlYes Uru-o Iunt<nown

lf yes, has lt been repalred?"i........,.....,......

B.

116 117

118 119

c.

120

D.

121

E,

7?2

Are lhers any additipns, cbnverslons or rernodeling?

Arelhsrssmokealarmgol,cbtectors?..... Aretiersc0rbonrnonoxideilarme?....ls there a woodstovo or fireplaco lnsert included in ths salo?,.....

123

'll yes, whal ls the make?t. " 'lf yes,wasltinstattodwitha,pormlt?...,.....

124

*lf

125

126

.F

yes, is

{EPA) or

a

certilicatrbn radellrssue d

fiB

Depadment

}f

environ,,,entat euatity (DEe) aflixed ta

ArE

ar other mot$turc contililois ilspeclaty n rha

'lf

H. L

1-1

lt?....,

lherc any molsture pdblbms, arcas of water penetration, ntildew

basement)?.

lJ

$Wanr?

odors

lorherea6umppumponthegroporty?...

136

., (1)Aro0rereprobtornswithtiomareriqts? (2) Are the materiats coverbdiby a warrqnhf .,.,,....... (3) Have lho malerials boen inspocted? ,......" .......,,,..

157

{4) Have there ever beon

134 135

ves'

[_] t

,to

llVe"' $(o I v"r' X 1-/ru0

I

unltno,nn

lda

IUnknown

f-.1 unknown ,t yes, oxplaln on attached shoet the lrequsncy snd sxtenl of problem and any insurance elsims, repairs or reftediation done,

or

133

lilsd for thesg materials by you or by previous owners?..

138

lfyes, when?

139

Was money received?

140

-

Are lhero any mat€riale usbO iin lne construcilon ot ths slruclure lhat are havs besn lhe subjoot cf airohll. olass aclon suit, soltlemant or tiugation? ...............,,,..." lf yes, what are lhe materidts?

13.2

l]unknowr

flyes lt'Dd l]rn*o*n n,{[iH€B dNo I unknown Hl)v'-tx , g6 l*" Unxno,nn ffi

".,""'....-......----.--.

...,......

Haspcstanddryra'sruauitllvholehouse'inspxtionbeendonewithinthsla#tht

128 't29 131

... ;ffu= ntyr

by ths Unlted Stales rnvfonmsntat ptutectian Agency

127

130

f-]rua

Uves L6o fiunknown lfyes,wasabuildingpermltrequired?.,...........,.,,...". Llyes flrrro Iun*nown f$n lfves,wasabuitdingpermiti:rrtelneo?.............,,....... Llyes nNo Iunmown [frfi.A lfyes,waellnalinspectiorioirhneO?........ .. l]yes LJNo [rn*no*n ffi

$eller

-

This form hel boon llcanted tor

uj" lo,u,,

Dare

11-M.,

fJun*nown

t

flvae M" fl unknown l-lvos fltto

l_luntnown ffNn

llYes lJtto

flunknown

f,yes I No I unt norn /ne flYes llno llunrnown ffin llYes UNo fJunr<no*n [fNR

* ",u,,

ffin

by Jaynee Beck pursurnt ro a Forms Lrcense Agr€oment rylth

*

Buyer

Eststo Forns, LLC, Dato OREF O2O Page 4 ot 7

I

ilDFomS by zlplo{ir 10U/r) Flll*rr Miln Rosd, F6roi Mtcrtlisn t

ffiR

Dete

LINFS WITH THIS sYMBoL neqJIile n SIGNATURE AND DATE copytight Or€gon Real Estale Fo-r, {lC 2018 www.orafonline,com No portion may be repmduaed without:bxiress permission of Oregon R€sl Estab Forms. LLC

ri t rDduEod slt't

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FRX

FRCI'1 : THE UPS STORE

ls.I

Ju].

NO. i9L67V3AA94

Ag ZALa AB:524N P 5

SELLER'S PROPERTY DISCLOSURE STATETVIENT PopertyAtldress 141

(6) were any of the materials repaired or

replaced?

i.. J

vos fl ruo f l unt<nown l!ffi

142

6, OWELLING SYSTEMSAND FIXTURE$

't43 144

lf the following systems or lixtures drolincluOeO in the purchage price, are they in good working ordar on the dale this form ia signed by A. Electical syotem, including*iring, switches, ouilels and service,.........^_.

145

B,

Plumbing sy6lem, including pipes, fauceb, flxtures and toitets,..,..,.

146

c.

Water hsater trantt ..,..,,.,...,..1..

147

D.

148

E.

149

F.

150

G.

151

H.

Mv*t

Ur,to

1t'ves

fJ

(2) Cooling syotems

unknown Unknown

tro

l]

fJ

No

I'J Unknown

dvu*

llNn fl ruo n unknown lJ un It'to Lldrrknotn l{ffa

l.llYes (1) Heatlng systame,

!

[tr{." ll

Heatlng and cooling

152

r.ro

r*4,

l_l

l-lrua

f-l unknown

r,ro

I Unknown [ffes I untnown -$(. llves f.l unknown fJ no

llrua

Itto

[]run

{

154 r. 155 J" thet are or have been the

157

lf

of a rec€ll, class action satflerhent or other

lltigatione?,.

yer, whal prcducn

158

('l) Are there pmblorne

159

(2) ls tho pnoduc't coveod

160

(3) Has tho produr-t basn

161

(4) Have claims b€en filed fer;this product by you or by previous ownerc?........,.,.,....".,-,-._

162

Urun

lf yes, whan?

_

I ves n tG il

Untnown

ilYes lltto Iunrnown [Hl(n flYes ljruo llunrnown ffiA Lly6s i]ruo nunmown ffi l-lv* |lruo llunrnown {lfxA

,

163

(5) Was money recelveOZ .-......,..,...,

llvee

164

lltlo

l-lunknorn

(6) Were any of the materidls or products fepairsd or replaced?

Ives {lNo

L.lUnknown

165

7. COMIYION INTEREST

166

A.

ls thero a Home Ownar$'

187

Name of Assoclation or

168

Conlact Porson

169

E.

175

176

Nc

.-t

per [JfMonth

$

lire lharo any pending or D"

ffie

-/ ffie

Entitv

Regular periodlc

173 174

or ethor goveming

Address B.

't71 '172

0il

in the systerns and firtures

156

170

Selle4

unknown

fQryes

l-Jnreg

153

l]

spoclal assossments?

.-..,,,,,,.

Phone Number

f]vear i]ottror

Ar€ there shgrd'commg;g

or.;blttl maintenanco agreemgnt for lacilitias llke walls, fonces,

poolq tennls cotrrts,

othor areas coowned ln undivlded interost with others?.._

flYes.

V6

[unknown

Q(."

Dr.ro

flunknown

or other goveming entily a parly to

ls the Home O{i,ners'

ot

lves nt6

unsatisfi 6d Jodgment?..-.,........-

o*,'fl!t_. - serer

Soll€r

[]untnown

l-Jrun

Dale

---_ Thla furm hns bsan licenrod

I

for u80

LINES WITH THIS SYMEOL + Copyright Orogon Real Eolate Fonno, No porllon may ba napmrjucod without Ptsdu4d

-

by Jaynes Beck pureuenl lo a Fomg Llcsn3a Agreemontwlth Orogon fioal Estats Forms, LLC.

I

A SIGNATURE AND DATE www.orefonllne.com permisslon ol Orogon Reel Estab Forme. LLC

Buyer lnltlals

20'18

ArFonD@

iil

b,

zitlogx

18070 l-.itcen Mlto

Ro!d. FRB6r. Mtchi$gn

dllolti w

t

Date OREF OZO Paoe 5 ol 7

zrfl qgii iqm

llg9 Dmirsd


FRON :THE UPS STORE

FCX

-

Jul, a9 2A!8

N0, :9t6773AA94

Z8:5241'l P ?

SELLER'S PROPERTY DISCLOSURE STATEMENT

PropenyAddress

177 F.

't78

k

the property in violatioh of recorded covonants, condilions and rsstriclions or in violalion of other bylaws or governing ruros, whether r€cordsd or

179 8. SEtsMtc 180 A. Was lhe horrse constudeO,O"for" 1gT4? ,,.,,....,... 181

not?..."- lJ yes

lf yegr has the houso been bolted to itg foundalion?

182 g.€ENERAL 183 A, Are there

probrems with seiling, soir, stsnding waier or .rrainage on property the or,n the imrn"Jiate aroa? Does the property contatn

'lB4

185 B. 186 c-

fifi?

there any marerrar damagb to ihe property or any of rhe slructurs($) fom lim. wind. floods, beach movernonls, eadhquake, expansive roils or landstides?..-..-. le rhe prcperty in a oasign#a re

187

188 D189 E-

g0 'F 191 192 G. 93 H. 194 195 l. 1

floodptain?

le the properry in a dostgnat;d erde or orher georogic hazard Nas any podian of ke pror$ir teor, testod or rrsaled for €sbe$los. formaytehyde,rsdon gaq

zono?........,-..,.

lead'based paint, molct. fuglbr clwmicel stomgatan&s orcolfamin atod sa!! or wator?,,,..... AretrareanybnlcsorunCerirolndstongot^anks(e.g.sepriqctrernical,tuul,etc.)ontheprnpe*f Has ttrc property sver boen dsed as an iltegs1

1

1S6 197

..,,.........,

6ru, manufacluring or dlstributlon site?

......

yes,wasacertiricateofFifnossrssuefl?."....,,,.......,,. Has th€ property been claisiiad as {oresiland-u.ban interfece? 'rf

10. FuLL DTSCLoSURE

nVSrr-dnisl

Ato thote any otner mataial deleols affeating this propefty

"A.

ar

a pmspacllve buyer

1s9

200

should

f.J

IYes ft*4o

[J

Unknown

Uves

fl

unknown

flruo

l_]yes Uf\"

!

unknown

[ ves

fuhlo

iJ

Unt<nown

1veu

drvo

I

Unknown

l]jves l_lve.

lJ Unknown u^ro lJ Un*nown lyfrNo

;l vu"* /wo

flyes

tl Unknown

Fr(o [J unknown

Ves [f[f,fo Llyes. flno L]

n Unknown r-1 Unknown t.J

flyes ffio n Unknown

its veluo that

about?,,,,,.. lrves, des*ibe *re oerea onlaft"ched "h;;;;;r;;il;;;;;;;;"o. remodiatlon?

198

Unrnown flrun

f{r.ro

khow

llvee, orrh.

lt'nro

probrom and any rnsurance craims, rsparrs or

VFRIFICATION

2$ 2O2

203 244

The bregolng answers and sttaci€d of thls 3btemenl ltue

{if any) are complete and qoresg

lo he best of mylour knowledge and llws have rocelved a oopy agenb to deliver a copy of this disclosure stalefient lo all prospective buy€rg ot the proporty or

thelr

Seltsr

(-

Dato

II. BUYER'S ACKNOWLEDGMENT: 205 206 207 208 209

210 211

A. B.

As buye(s), t/we acknowtedn. InJ Ou,, ,o ou, diligent attention tq any materlal defocts that are known lo me/u6 or can be known by me/us by utillzing dlllgent rfisntlon and observation, Each buyer acknowledges ancludderstanOc that tho dlsclosuree sel fonll in lhis statement and in afiy am€ndments to tht$ staiamsnt are mado only by lhe reller and arglncil ths ropresentrolions of any linancial inetltution that may have nrade or may makg a loan peflaining to lhe prop€tty, Ofthat may have oriake A security lr)lerest in lhe propo(y. or ol any real estaie licenoee engaged by the sBilet Or buyer- A financial ins{tullon or real ettgte licenserj lslnot uound by and has no liabillty with rospgct [o any roprg6eniation, mi$represantauon, omission, ermr or inacculacy contalnod ln anohor prirrty's digclo6ure stot€ment r€qulred by this ssclior or any am€ndment to lhe disclosur€ .taiemont,

ii

Thla iorm hes been llsensed fior uie bonty by Jaynee Becl pupuant to a Folmi Lioenso Agroo,hent with Oregon Resl Ertate Formc, LLC.

ll

LINES WTH THIS SYMBOL ts REQU|RE A SIGNATURE AND DATE Copyright oregon Real E€lsts rorms. LLO 2018 wlilw.orefonlin8"corn No porllen may be rsprodueed wlrhout lxf ross parmission of Oregon Rgat Estrale Formu, LLc Prudsced

Buyer lnhleli

Dato OREF O2O Pege 6 of 7

Il !r ,i

$rtr lpFrrrltD by flplof,lx l807n Fheen Mib Rmd, FEzlr, Mlchtgnn 480A0

ll

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2014t PfiIllqld


FROI,I

T

FAX NO.

THE UPs STORE

G}

i9t6773AA94

Jul.

A9 z@t8 A8:53RN P

I

SELLER'S PROPERTY DISCLOSURE STATEMENT Properly Addr€ss

a@sangT70?

212 c. Buyer (which tarm lnclurtesi all paraons signlng the "Buye/s Acknowledgment' portion of lhis clisclogure sbt€ment bBlow) hereby 213 acknowlsdges receipt of a copy ot thls disclosure stbtament (including attachments. if any) bearing *ellers signature{s).DtsclosuREs, lF 214 ANY, CONTAINEP IN THIS FORM ARE PROVIDED BY THE SELLER ON THE BASIS OF SELLER,S

215

OF THE PROPERTY

Ar THE TliliE

!f

ACTUAL KNOWLEDGE OSct-osURE. tF THE SET LER HAS FTLLED OuT sEcTtON z oF TH|S FORM, you. THE gUyER,

216 HAVE FIVE BUSINESS DAYS FROM THE SELLER',S DELTVERY oF THls D'scLosuRE STATEMENT rQ REVOKE YOUR OFFER By DELIVERING YouR SEPARATEiSI,GNED wRlrTEN sTATEMENT oF REVocATIoN To rHE SELLER DtsAppRovtN6 THE sELtER,s

217 218

DISCLOSURE UNLFSS YOU WAIVE THIS RIGHT AT OR PRIOR TO ENTFRING INTO A SALE AGREEMENT.

219

BuYER HEREBY AcKruowr-eodei RECEIP? oF A

copy oF

?24

Buyer

_

2?1

Agenl receiving dloclgsure slatemsnt on buyer! behalf to sign and daie:

Date

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Zoning


Zoning Map

181209-BC-01317

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UP

RD

Deschutes County, OR

AL

SE AARON WAY

DEL COCO CT

RM

BROSTERHOUS RD

BRENTWOOD AVE

TRAP CT

KA R C

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Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AEX, Getmapping, Aerogrid, IGN, IGP, swisstopo, and the GIS User Community Copyright © 2008, All Rights Reserved Courtesy of:

Date: 6/14/2018

O Disclaimer: This map was created from digital databases provided by the Deschutes County GIS. Western Title & Escrow Co. has provided this information as a courtesy and assumes no liability for errors, omissions, or the positional accuracy of the data, and does not waranty the fitness of this product for any particular purpose. Created for the original recipient, not for further distribution.

0

35

70

140

210

Feet

Legend Subject Property

280


CCR,s


Neighborhood


Brought to you by:

A partnership beyond expectations.

Western Title & Escrow Company

Western Title & Escrow Company 360 SW Bond Street, Suite 100 Bend, OR 97702 Tel: (541) 389-5751 Fax: (541) 330-1242

WesternTitle.com

A Guide to Local Services in Central Oregon


Central Oregon Local Services Electricity Central Electric Co-op Midstate Electric Paciic Power Underground Utilities Locator

Cable TV 541.548.2144 541.536.2126 888.221.7070 800.332.2344 or 811

Gas AmeriGas Cascade Natural Gas CoEnergy Ferrell Gas Northern Energy Suburban Propane

541.548.7449 888.522.1130 800.510.5886 541.382.1161 541.548.7449 800.776.7263

541.382.2855 541.382.5342 541.388.5515 541.447.5627 541.923.7765 541.475.2344 541.389.1255 541.536.1432 541.593.4197 541.593.2902 541.475.3849

Telephone AT&T Bend Broadband BendTel Cascade Telecommunications CenturyLink Central Oregon Communications Unicom Crestview Cable

541.382.5551 800.285.2330 888.777.2454 855.754.7027 541.389.1514

Bend La Pine Prineville Redmond Sisters Sunriver Madras

541.382.2263 541.382.6660 541.548.4984 541.447.5208 541.382.6660 541.536.1194 541.475.2071

Public Schools/Colleges

Garbage/Recycling

Water Agate Water Systems Avion Water Company City of Bend City of Prineville City of Redmond City of Madras Laidlaw Water District City of La Pine Sunriver Utilities LLC Water Wonderland Deschutes Valley Water

Bend Broadband Crestview Cable Direct TV - Satellite Service Dish Network Para-Tech Sattelite

Public Libraries

800.288.2020 541.382.5551 541.389.4020 541.388.5158 866.963.6665 541.647.1225 800.342.6922 800.285.2330

Bend Garbage & Recycling Cascade Disposal High Country Disposal Prineville Disposal Sun Country Disposal Wilderness Garbage Madras Sanitary

DMV Bend Prineville Redmond Madras

541.388.6322 541.447.7855 541.548.0140 541.475.3382

Irrigation Districts Arnold Irrigation Central Oregon Irrigation Ochoco Irrigation Roats Water System Swalley Irrigation Tumalo Irrigation North Unit Irrigation

541.382.7664 541.548.6047 541.447.6449 541.382.3029 541.388.0658 541.382.3053 541.475.3625

Hospitals Bend Surgery Center Pioneer Memorial Hospital Prineville St. Charles Medical Center Bend St. Charles Medical Center Redmond St. Charles Medical Center Madras

541.318.0858 541.447.6254 541.382.4321 541.548.8131 541.475.3882

Western Title & Escrow Company

541.617.7050 541.312.1090 541.447.7978 541.312.1050 541.312.1070 541.312.1080 541.475.3351

Bend/La Pine School District Crook County School District Redmond School District Sisters School District Central Oregon Comm. College OSU - Cascades Campus Jeferson County School District Culver School District

541.355.1000 541.447.5664 541.923.5437 541.549.8521 541.383.7700 541.322.3100 541.475.6192 541.546.2541

Chamber of Commerce 541.382.3221 541.536.9771 541.447.6304 541.923.5191 541.549.0251 541.593.8149 541.475.2350

Bend La Pine Prineville Redmond Sisters Sunriver Madras

City Government City of Bend City of La Pine City of Prineville City of Redmond City of Sisters City of Madras

WesternTitle.com

541.388.5505 541.536.1432 541.447.5627 541.923.7710 541.549.6022 541.475.2344


http://www.mtbachelor.com/winter/crosscountry/trail_map/xc_trailmap.jpg

6/27/2012

Page 1 of 1


Mountain Information With nearly 3,700 acres of lift-accessible terrain, you won’t want to pass up a trip to the ski resort with the highest skiable elevation in all of Oregon and Washington! Mt. Bachelor, located on the eastern flanks of Oregon’s Central Cascades, is known for its light, dry snow, diverse terrain, family-friendliness and long seasons. The Season

Mountain Topography

Hours: 9:00 a.m. to 4:00 p.m. daily during the regular winter

Summit: 9,065 feet

season. Spring, summer and fall hours vary. West Village Base: 6,300 feet Season: November to late May Northwest Express Base: 5,700 feet Snowphone: 541-382-7888 or visit mobile site Vertical Drop*: 3,365 feet

m.mtbachelor.com

Acres of Terrain: 3,683 acres accessible by lift with 1,600 acres groomed daily * Mt. Bachelor calculates the total vertical drop from the Summit at 9,065 feet to the base elevation at the Northwest Express lift which is 5,700 feet.

Trail Stats Number of Runs: 88 | Average Maximum Base Depth: 150-200" | Average Snowfall: 462" Lift Facilities

Alpine Terrain Rating

Cross-Country Terrain

x

7 Express Quads

x

15% Green-Novice

More than a dozen trails, 56 km machine-

x

3 Triple Chairlifts

x

25% Blue-Intermediate

groomed and track-set nightly.

x

2 Magic Carpets

x

35% Black-Advanced

x

2 Tubing Lifts

x

25% Double Black-Expert

x

5% Green-Beginner

x

69% Blue-Intermediate

x

26% Black-Expert

Bill Healy founded Mt. Bachelor Ski Area December 19, 1958 with a rope tow and a single lift. Mt. Bachelor has since grown to be one of the largest ski resorts in the U.S. The resort boasts a wide variety of terrain. Guests can ski or ride 360 degrees off the summit, hike the adjoining cinder cone for a thrilling run down, or, ski the trees to find that great cache of powder!

Not only is Mt. Bachelor a great place for expert skiers and riders to get that burn, it is also a fantastic place to learn a snow sport or take the family for an exciting day out. Carrousel, our free beginners lift, offers an easy ride up and gentle slope down. There are also numerous lesson packages to choose from; check out our link to snow sport services.

Conveniently located just 22 miles west of Bend, Mt. Bachelor’s season is one of the longest in the Northwest, usually starting in November by Thanksgiving and lasting well into May. Surrounded by the tall hemlocks and pines of the Deschutes National Forest and breathtaking views of the Three Sisters and other Cascade peaks, you are sure to enjoy that mountain experience you seek at Mt. Bachelor!


 Tumalo State Park (Day Use Area)

BEND URBAN TRAIL SYSTEM

Juniper Ridge

20

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Miller’s Landing

Juniper Swim & Fitness Center

Pilot Butte State Park

 Juniper Park 

 OldGymBend

FRANKLIN AVE.

Private trails, open to public

WILSON AVE.

Genna Stadium

Skyline Park

Farewell Bend Woodriver Park Park

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Cascade Middle School



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RE Jewell Elementary School

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Wildflower Park

15TH ST.

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For information on US Forest Service Trails, call Bend Fort Rock Ranger Station at 541-383-4000.

Bend Senior Center

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Pacific Park

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Westside Village School

Pioneer Park

Ensworth Elementary

Hollinshead Park D

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15TH ST.





Sunset View Park

Stover Park

3RD ST.

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WALL ST.

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Compass Park

Summit High School

NW 12TH.

Lewis & Clark Park

Mt. View High School

Riverview Park

First St. Rapids Park

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Cascade Village Shopping Center

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SEE SHEVLIN PARK INSET

Sky View Middle School

COOLEY

High Desert Park

Cinder Cone Natural Area

KNOTT RD.

97 CH IN A

Paved Trail Natural Trail Gravel Trail

Road with Bike Lane Road River Canal



Park District Boundary

Undeveloped Parkland

Footbridge

State Park School

Off-Leash Dog Area

 Mt. Bike Trail

Restroom

Loop Trail Tumalo Creek Trail

Trailhead

The Bend Urban Trails System, developed and managed jointly by the Bend Park & Recreation District and the City of Bend, connects our community and encourages recreation and non-motorized transportation. Trails in the system traverse many different landscapes, including established parks, natural forested areas, and urban areas both sparsely and densely developed. The Urban Trails System currently includes approximately 63 developed miles, with more trails under development each year. The Bend Park & Recreation District is committed to increasing and improving the primary and connector trail routes as rights-of-way and funding opportunities become available.

BEND URBAN TRAIL OPPORTUNITIES

by climbing the trail to the summit of Pilot Butte or can proceed north from the park on a paved trail to Neff Road.

COYNER TRAIL The Coyner Trail extends approximately 1.4 miles between Juniper Park and the Larkspur Trail. The section west of 15th St. to Juniper Park is paved to an accessible grade, while the segment east of 15th St. is a natural surface trail on easement that will be upgraded once the property develops.

CASCADE HIGHLANDS TRAIL Good for mountain bikers and walkers alike, this trail begins at Overturf Park on 17th St. and travels west up and over Overturf Butte through the Skyliner Summit neighborhood to the roundabout at Mt. Washington Dr. It then continues west through Cascade Highlands, before connecting to the Forest Service Phil’s Trail system. 4.6 miles in total length, the trail provides a mix of paved and unpaved surfaces.

LARKSPUR TRAIL

CENTRAL OREGON CANAL TRAIL

The Larkspur Trail extends 4.1 miles between Pilot Butte Middle School and Larkspur Park, passing through Pinewood Natural Area and Pilot Butte State Park. Both Pilot Butte and Larkspur parks have ample parking and restroom facilities. Walkers can add an additional mile

From Blakely Park, the trail follows along the west side of Brookswood Blvd. and then heads southwest through Central Oregon Irrigation District (COID) property to an intersection with the Deschutes River Trail. At this point trail users can go either up or down stream along the

river. Or, from Blakely Park, trail users can cross to the east side of Brookswood Blvd. and head south to the Central Oregon Canal and take the ditch-road east along the canal to American Lane where the COID trail currently ends. Total trail distance is 3.5 miles from Reed Market Rd. to the Deschutes River.

TRAIL ACCESSIBILITY It is the goal of Bend Park & Recreation District to provide trail access for all. However, not all existing trail segments have been evaluated nor are all trails intended to be fully accessible routes. The trails on this map may present obstacles, running slopes, cross slopes, narrow tread widths and unstable surfaces, making them inaccessible for some users. Trails at Farewell Bend, Riverbend, Pioneer and Pine Nursery parks offer the best access for visitors with mobility aids. Updated information about the condition and accessibility of trails is available by calling 541-389-7275. It is the trail user’s responsibility to determine if trail difficulty is appropriate for his or her skill level.

PA R

K

RD

Shevlin

Parking Lot



 Parking  Trailhead  Restroom

Approx. 1 Mile Covered Bridge

SHEVLIN PARK TRAILS Shevlin Park is Bend’s largest park encompassing 603 acres in a natural setting. The park offers many different types of trails and provides for a variety of recreational experiences. Tumalo Creek flows through the length of the park.

Shevlin Park is home to the most diverse old growth forest at this elevation in the region and an abundance of animal life. This includes migratory birds, deer, elk, bear and the occasional cougar. Parking is available at the park entrance on Shevlin Park Road and at Shevlin Commons, and picnic sites are dispersed throughout the park. Restrooms are located at the entrance and at the south end. Dogs must be on-leash on all Shevlin Park trails. Loop Trail: This 6-mile trail follows the rim of the canyon, runs through old growth ponderosa pine, includes a few short, steep hills and crosses Tumalo Creek twice.

Fremont Meadows



Tumalo Creek Trail: This 2.5-mile trail follows the creek upstream from the park entrance to the southern end of the park, where it joins the Deschutes National Forest trail system. Mountain Bike Trail: This is a preferred route for mountain bikes, but is open to walkers as well. The trail follows along the canyon on the west side of the park, and links with the Forest Service Mrazek Trail. Riders may also take the east road out to the Forest Service trail system.

OFF-LEASH DOG PARKS Bend has seven areas for people to recreate with their dogs off-leash. Unless otherwise indicated, dogs must be leashed on trails and in parks.

SH EV LI N

 Commons

Road Footbridge

WELCOME TO THE BEND URBAN TRAILS SYSTEM!

Parking

Dam

D

Aspen Hall

JOHNSON RD.

Park

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Road/Sidewalk Trail Connection

HA T

SHEVLIN PARK

MAP LEGEND

To USFS Trails

Accessibility: The road running through the middle of Shevlin Park is paved and can accommodate most ability levels. The trail system covers a variety of unimproved surfaces. The Shevlin Commons parking lot provides access to a 0.3-mile asphalt path that allows those with physical challenges to view the park and the Cascade mountain range from the east rim of Tumalo Creek canyon.


MT. T WA AS

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Once the site of two large ponderosa pine lumber mills, today the Old Mill reach is a mix of river parks, trails and the Shops at the Old Mill District (see inset). Trails exist on both sides of the river in addition to an extensive private trail system throughout the Old Mill District. Three footbridges connect trail legs on either side of the river, providing convenient walking loops. On the east side, the trails are paved from the Shops at the Old Mill District to the upper end of Farewell Bend Park at the Bill Healy Bridge. The trail on the west side offers a mix of paved and unpaved surfaces. Farewell Bend and Riverbend parks provide boat landings for paddlers using the Deschutes River water trail.

P c Pacific Pacif Park PPark Pa

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SOUTH CANYON REACH

 Mt. Bachelor Village Resort, in partnership with Brooks Resources and the High Desert Museum, has provided a series of interpretative signs along this section of trail which describe the native habitat, foliage, and other points of interest.

This reach passes through the oldest and most established sections of Bend. The trail isn’t always along the river, sometimes following sidewalks through neighborhoods and downtown. The trail passes through beautiful Drake Park on Mirror Pond and ends at McKay Park and Colorado Street. There are several footbridges along the way offering opportunities to cross the river. Access the trail from any of the adjacent parks. Boat landings at McKay, Drake, Harmon and Brooks parks provide water trail access.

The Deschutes River corridor provides for both land and water-based trail opportunities. The water trail allows paddlers to enjoy the river and connect to parks and other destinations along its bank. Access points and boat landings are available at several locations along the water trail. Be aware that the river difficulty changes dramatically from gentle moving water to Class 4 rapids above the Bill Healy Bridge. Floating the section above the Healy Bridge is recommended only for expert boaters. The Colorado Street, Bend Hydro and Tumalo Irrigation dams require mandatory portaging. il Tra FLOATING THE RIVER ne i p Al Floating is popular from Riverbend Park at Columbia Street (across from Farewell Bend Park) to Drake Park on Riverside Blvd. Be cautious. The current is stronger above the Colorado R. YD Street dam than it appears. Watch for the warning signs and UR NT exit the river on the left above the Colorado Street Alpine pine CE l rai bridge. Floaters must leave the river and portage around the dam. The Parkk Park dT oa Ride-the-River shuttle operates between these two parks throughout the lR u a summer season. For a schedule visit the Cascades East Transit H website at cascadeseasttransit.com or call 541-385-8680. For non-motorized boat launch sites, look for the “crossed oars” symbols on the map.

Pioneer ee

Parrk rk  Park

PIONEER REACH

WATER TRAIL

 The boardwalk here offers a view of Central Oregon Irrigation District’s Hydro site, where irrigation water is dropped back to the river through two turbines, generating electrical power. The public has access to this trail section thanks to an agreement with COID—please stay on the designated trail.

EA TE R

This section of river trail is located on the west bank of the river over the Tumalo irrigation canal pipe. The wide trail surface is unpaved and relatively flat. It runs between the river and a high canyon wall, and passes through the River’s Edge golf course and adjacent neighborhoods. A newer section of the trail located on the east bank connects Pioneer Park to Revere Avenue. Boat landings at First Street Rapids Park and Riverview Park provide water trail access. There are several wetlands in this reach, inhabited by songbirds, trumpeter swans, otter and beaver. Osprey frequently nest and fish here.

This reach has trail sections on both sides of the river, connected by a footbridge approximately 1.5 miles upstream of the Farewell Bend Park bridge. The river flows fast here through a beautiful canyon, cascading over rocks and logs. WEST SIDE: The trail on the west side of the river passes through Mt. Bachelor Village. Bicycles are not allowed on this section of the river trail, but there is an alternative mountain bike route that connects the Bill Healy Bridge to the Haul Road Trail along Century Drive. EAST SIDE: The east side trail at the northern end of this reach is unpaved, narrow and rocky in places. The trail continues to the South Canyon Footbridge and crosses to the west side to loop back to town. Users can choose to divert up to Brookswood Blvd. on a side trail that originates just upstream of the COID power plant and short timber bridge. At Brookswood, the trail follows the sidewalk through various neighborhoods before reaching Wildflower Park then ultimately River Rim Park.

 Farewell Bend Park honors the history of the logging industry at this site with two interpretive signs. Additional signs along the boardwalk explain a riparian restoration project and other steps being made to care for the health of our river and its ecosystem. The park includes a playground and restrooms.

First ir t St St. St. Rapids pd P k Park Pa

RIVER RUN REACH

Look for this symbol along the Deschutes River Trail:

N DR.

 Located across the Deschutes River from McKay Park, Miller’s Landing Park was a holding area for the Miller Lumber Company in the early 1900’s. As the newest riverfront park, it will be open in summer 2013.  Across the river from Farewell Bend Park is Riverbend Park, a popular site for events, river access and picnicking.

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This northernmost section of the Deschutes River Trail is constructed on top of the buried Tumalo irrigation canal. It has an unpaved surface and includes a few moderate hills. Along the middle stretch of this reach, the river drops into a deep canyon, but the trail stays high on the canyon wall, offering spectacular views of the river below and of the Three Sisters in the distance. A steep climb up the Archie Briggs Canyon Trail connects to Mt. Washington Drive. Visitors can best access the trail from Sawyer Park. There is limited on-street parking at Sawyer Uplands Park with a connecting route down to the river trail.

 McKay Park is the site of the Oregon Trunk Railroad. An interpretive sign in the park describes Bend’s early railroad history.

Dessch tes Deschutes Riverr Trail Tra l

HINGTO

AWBREY REACH

 This Drake Park interpretive sign (located directly in front of the public restrooms) describes Bend’s early sense of community spirit.

BEND RIVER PRO PROMENADE PR R

5,9(5·6 6 EDGE GOLF F COURSE S

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The Bend Park & Recreation District, along with the City of Bend and private land owners, is working toward implementing the community’s vision for an uninterrupted river trail. The trail will parallel the Deschutes River running through the heart of Bend. Once fully completed, the 19 mile trail will extend from Tumalo State Park to Meadow Camp with further connections to Sunriver. This map shows only existing trails and access points open to public use. The map also shows the river as a water trail and access points to it. Trail users should respect private property and sensitive riparian areas by staying on the trail. The river trail is divided into five reaches, defined by the surrounding landscape character.

 Located across the foot bridge from Drake Park, Pageant Park was named to commemorate the Bend Water Pageant, a favorite community event that ran from 1933-1965. An interpretive sign describes the event highlight, the launch of large, lighted floats on Mirror Pond.

  

AWBREY REACH

WELCOME TO THE DESCHUTES RIVER TRAIL!

 The historic Rademacher House and plaza overlook Mirror Pond and Drake Park, with the Three Sisters visible in the background. This site includes a sign interpreting Bend’s founding and early history.

3RD ST. T

RD.

Sawyer y Uplands Up plaands Parkk

POINTS OF INTEREST ALONG THE DESCHUTES RIVER TRAIL  Sawyer Park offers the opportunity to spot a variety of birds and wildlife and is included in the Oregon Cascade Birding Trail system.

Sawyer wyer er Parkk

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KIRKALDY CT. (NO PUBLIC UB BLI PARKING) KIN

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Discover the Bend Urban Trails System.

Discover natural landscapes, wildlife, and scenic byways. Discover exceptional places to exercise, cycle, play, relax, or commute.

B E N D U R BA N TR A I L S M A P

Please help keep the trail experience safe and pleasant for all users:

TRAIL USE REGULATIONS

Please do not walk along the river bank.

 Some sections of the trail are on private property. Please stay on the designated trail.

 Areas along the river are sensitive wildlife habitat.

 Motorized vehicles are not allowed on the trails.

 Bicyclists are not allowed on some sections of the trails. Please observe pedestrian-only trail sections.

 City ordinances require that dogs must be on leash at all times within the city limits (except at designated off-leash areas) and their waste properly removed. Dog “rest stops” along the trails provide you with disposal bags and trash cans.

 Do not litter. Trash cans are located throughout the park system.  No camping, drinking alcohol, smoking or fires allowed.

ADOPT A PARK OR TRAIL

The Adopt a Trail and Adopt a Park programs give community groups, families and individuals an opportunity to keep our parks and trails beautiful and fun for all. Adopters help with litter clean up, special projects and reporting concerns to the district. For more information on these programs call the Bend Park and Recreation District at 541-389-7275.

The Bend Urban Trail System and the Deschutes River Trail are managed by the Bend Park & Recreation District. To report trail concerns, call Park Services Dept. at 541-388-5435. After business hours and on weekends call 541-410-3319.

© Bend Park and Recreation District, All Rights Reserved, 2013

DESCHUTES RIVER TRAIL SYSTEM

((Gopher (Go G Goph Gop ophe pher herr G Gul ulch: ul u FFuture utu ttur ure Park ure Parrkk No Pu No PPublic Publ Pub ubli blicicc Acc AAc Access) cc

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Wildflower Wildf ildfl dflflowe wer PPark ark ak

MAP LEGEND Paved Trail Natural Trail

Road with Bike Lane Road

Gravel Trail

Canal

Road/Sidewalk Trail Connection

River



Park

Footbridge

Undeveloped Parkland

Parking

School

Restroom

Park District Boundary

Trailhead

Off-Leash

D Dog Area

Non-Motorized Boat Launch Dam

River Hazard


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ĐĐŽƌĚŝŶŐƚŽƚŚĞKƌĞŐŽŶŵƉůŽLJŵĞŶƚĞƉĂƌƚŵĞŶƚ͕ϴϭйŽĨKƌĞŐŽŶĨŝƌŵƐŚĂǀĞŶŝŶĞŽƌĨĞǁĞƌĞŵƉůŽLJĞĞƐ͘,ŽǁĞǀĞƌ͕ƚŚŽƐĞĨŝƌŵƐĂĐͲ ĐŽƵŶƚĨŽƌŽŶůLJϭϱ͘ϱйŽĨKƌĞŐŽŶũŽďƐ͘EĞĂƌůLJϱϬйŽĨĂůůKƌĞŐŽŶũŽďƐĂƌĞǁŝƚŚŝŶƚŚĞϭ͘ϳйŽĨKƌĞŐŽŶĨŝƌŵƐǁŝƚŚϭϬϬŽƌŵŽƌĞĞŵƉůŽLJͲ ĞĞƐ͘LJĐŽŶƚƌĂƐƚ͕ϴϰйŽĨĞƐĐŚƵƚĞƐŽƵŶƚLJĨŝƌŵƐŚĂǀĞĨĞǁĞƌƚŚĂŶϵĞŵƉůŽLJĞĞƐĂŶĚƚŚĞƐĞƐŵĂůůĨŝƌŵƐĂĐĐŽƵŶƚĨŽƌŶĞĂƌůLJŽŶĞͲƋƵĂƌƚĞƌ ŽĨ ĞƐĐŚƵƚĞƐ ŽƵŶƚLJ͛Ɛ ũŽďƐ͘ ŝŐ ĨŝƌŵƐ ;ϭϬϬ Žƌ ŵŽƌĞĞŵƉůŽLJĞĞƐͿŽŶůLJƉƌŽǀŝĚĞĂďŽƵƚŽŶĞͲƚŚŝƌĚ ŽĨũŽďƐ͘  ĐĐŽƌĚŝŶŐ ƚŽ ĂŵŽŶ ZƵŶďĞƌŐ͕ ƚŚĞ ^ƚĂƚĞ͛Ɛ ZĞͲ ŐŝŽŶĂů ĐŽŶŽŵŝƐƚ ĨŽƌ ĞŶƚƌĂů KƌĞŐŽŶ͕ ƚŚĞƐĞ ĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƐƚĂƚĞ ĂŶĚ ůŽĐĂů ĐŽŵƉŽƐŝͲ ƚŝŽŶ ůŝŬĞůLJ ƐƚĞŵ ĨƌŽŵ ŝŶĚƵƐƚƌLJ ĐůƵƐƚĞƌƐ ŝŶ ĞŶͲ ƚƌĂů KƌĞŐŽŶ ƚŚĂƚ ĨĂǀŽƌ ƐŵĂůůĞƌ Ĩŝƌŵ ƐŝnjĞƐ͕ ƐƵĐŚ ĂƐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ƌĞĂů ĞƐƚĂƚĞ͕ ůŽĚŐŝŶŐ͕ ĂŶĚ ĨŽŽĚ ƐĞƌǀŝĐĞƐ͕ ĂŶĚ ďLJ ŝŶŶŽǀĂƚŝǀĞ ĨŝƌŵƐ ƉƌŽĚƵĐŝŶŐ ŶŝĐŚĞͲŵĂƌŬĞƚƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ  ^ĞĐƚŽƌƐǁŝƚŚƚŚĞůĂƌŐĞƐƚĞŵƉůŽLJŵĞŶƚŶƵŵďĞƌƐ ŝŶ ĞŶĚ ŝŶĐůƵĚĞ ŚĞĂůƚŚĐĂƌĞ͕ ƚŽƵƌŝƐŵͲĨŽĐƵƐĞĚ ďƵƐŝŶĞƐƐĞƐ͕ ůŽĐĂů ĐŝƚLJ ĂŶĚ ĐŽƵŶƚLJ ŐŽǀĞƌŶŵĞŶƚ͕ ƚŚĞƐĐŚŽŽůĚŝƐƚƌŝĐƚ͕ĂŶĚůĂƌŐĞƌĞƚĂŝůĞƌƐ͘  ^ŽŵĞŽĨƚŚĞŬĞLJ͕ŐƌŽǁŝŶŐ͕ƚƌĂĚĞĚͲƐĞĐƚŽƌŝŶĚƵƐͲ ƚƌŝĞƐŝŶĞŶĚŝŶĐůƵĚĞ͗  ƒŝŽƐĐŝĞŶĐĞ;ĞŶĚZĞƐĞĂƌĐŚ͕^ƵƚĞƌƌĂ͕WĂͲ ƚŚĞŽŶͿ ƒǀŝĂƚŝŽŶĂŶĚĂĞƌŽƐƉĂĐĞ;ƉŝĐ͕>ĞĂĚŝŶŐ ĚŐĞͿ ƒKƵƚĚŽŽƌZĞĐƌĞĂƚŝŽŶƋƵŝƉŵĞŶƚĂŶĚƉͲ ƉĂƌĞů;EŽƐůĞƌ͕,LJĚƌŽĨůĂƐŬ͕ZƵĨĨǁĞĂƌͿ ƒ^ŽĨƚǁĂƌĞ;'ϱ͕EĂǀŝƐ͕'>^ŽůƵƚŝŽŶƐͿ ƒ^ƉĞĐŝĂůƚLJŵĂŶƵĨĂĐƚƵƌŝŶŐ;:ĞůĚͲtĞŶ͕ĞƌͲ ƚĂŝŶdĞĞĚͿ ƒŽƌƉŽƌĂƚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĂŶĚďĂĐŬŽĨĨŝĐĞ ĐĞŶƚĞƌƐ;/y͕EĂǀŝƐ͕>ĞƐ^ĐŚǁĂďͿ ƒƌĞǁŝŶŐĂŶĚŝƐƚŝůůŝŶŐ;ĞƐĐŚƵƚĞƐƌĞǁĞƌLJ͕ ƚůĂƐ͕ϭϬĂƌƌĞůͿ

  





 

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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


t'/E&KZDd/KE ĞůŽǁ ĂƌĞ ĂǀĞƌĂŐĞ ŚŽƵƌůLJ ǁĂŐĞƐ ŝŶKƌĞŐŽŶ͕tĂƐŚŝŶŐƚŽŶ͕ĂŶĚ ĂůŝĨŽƌŶŝĂ ĨŽƌ Ă ďƌŽĂĚ ĂƌƌĂLJ ŽĨŽĐĐƵƉĂƚŝŽŶƐ͘ĂůŝĨŽƌŶŝĂĂŶĚ tĂƐŚŝŶŐƚŽŶ ǁĂŐĞƐƌŽƵƚŝŶĞůLJƌƵŶĂƐŵƵĐŚĂƐϮϬйŚŝŐŚĞƌƚŚĂŶƚŚŽƐĞŝŶKƌĞŐŽŶ͘ĞŶƚƌĂůKƌĞŐŽŶǁĂŐĞƐƚLJƉŝĐĂůůLJƌƵŶϭϬйƚŽϮϬйďĞůŽǁƚŚĞƐƚĂƚĞǁŝĚĞ ĂǀĞƌĂŐĞƐ͕ǁŚŝĐŚĂƌĞĚƌŝǀĞŶďLJWŽƌƚůĂŶĚŵĞƚƌŽĂƌĞĂǁĂŐĞƐ͘/ŶƌĞĐĞŶƚLJĞĂƌƐ͕ĞŶƚƌĂůKƌĞŐŽŶǁĂŐĞƐŝŶĐĞƌƚĂŝŶƚĞĐŚŶŝĐĂůŽĐĐƵƉĂƚŝŽŶƐĂƌĞŽŶ ƉĂƌǁŝƚŚŽƌĞdžĐĞĞĚƐƚĂƚĞǁŝĚĞĂǀĞƌĂŐĞƐ͘



ŽǀĞƌĞĚĞŵƉůŽLJŵĞŶƚΘƉĂLJƌŽůů 

 

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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


ŽǀĞƌĞĚ ĞŵƉůŽLJŵĞŶƚ ƉĂLJƌŽůů ŝƐ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂǀĞƌĂŐĞ ǁĂŐĞ ĨŽƌ ĞĂĐŚ ŽĨ KƌĞŐŽŶΖƐ ϯϲ ĐŽƵŶƚŝĞƐ͘ ĞůŽǁ ĂƌĞ ƚŚĞ ŶƵŵďĞƌ ŽĨ ďƵƐŝŶĞƐƐĞƐƚĂďůŝƐŚŵĞŶƚƐ;ƵŶŝƚƐͿ͕ ĞŵƉůŽLJŵĞŶƚ͕ƉĂLJƌŽůů͕ĂŶĚĂǀĞƌĂŐĞƉĂLJŝŶ ĞƐĐŚƵƚĞƐŽƵŶƚLJĂŶĚƚŚĞdƌŝͲŽƵŶƚLJƌĞŐŝŽŶ͘ĞƐĐŚƵƚĞƐ ŽƵŶƚLJĞŵƉůŽLJŵĞŶƚŝŶϮϬϭϱƐƚŽŽĚĂƚϳϮ͕ϰϱϭĞŵƉůŽLJĞĞƐ͕ƵƉŶĞĂƌůLJϳ͘ϱйĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌĂŶĚĂďŽǀĞƚŚĞƉƌĞͲƌĞĐĞƐƐŝŽŶƉĞĂŬŝŶ ϮϬϬϳŽĨϲϵ͕ϯϮϳ͘WĂLJƌŽůůĂůƐŽŝŶĐƌĞĂƐĞĚ͕ĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůLJ͕ďLJϭϮй͕ĂƐĚŝĚĂǀĞƌĂŐĞǁĂŐĞ;ϯ͘ϳйͿ͘  



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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


  /ŶĞĐĞŵďĞƌϮϬϭϲ͕ƚŚĞĞŶĚͲZĞĚŵŽŶĚD^ƌĂŶŬĞĚηϭŽŶDŝůŬĞŶ/ŶƐƚŝƚƵƚĞ͛ƐůŝƐƚŽĨĞƐƚWĞƌĨŽƌŵŝŶŐ^ŵĂůůŝƚŝĞƐ͘͞ĞŶĚͲZĞĚŵŽŶĚ ŚĂƐďĞĞŶĂďůĞƚŽĐŽŶƚŝŶƵĂůůLJĚŝǀĞƌƐŝĨLJŝƚƐĞĐŽŶŽŵLJ͕ǁŝƚŚƐĞǀĞŶŚŝŐŚͲƚĞĐŚŝŶĚƵƐƚƌŝĞƐĐŽŶĐĞŶƚƌĂƚĞĚŝŶƚŚĞŵĞƚƌŽ͘dŚĞĐĞŶƚƌĂůKƌĞŐŽŶ ĞĐŽŶŽŵLJŝƐǀŝďƌĂŶƚĂŶĚŚĂƐďĞĞŶĂďůĞƚŽĚŝǀĞƌƐŝĨLJŝƚƐĞĐŽŶŽŵŝĐďĂƐĞǁŝƚŚŶĞǁǁĂǀĞƐŽĨŝŶŶŽǀĂƚŝŽŶ͘͟;DŝůŬĞŶ/ŶƐƚŝƚƵƚĞͿ /ŶĂĚĚŝƚŝŽŶ͕ĂŶŝŶĐƌĞĂƐŝŶŐůĞǀĞůŽĨƐƚĂƌƚƵƉĂĐƚŝǀŝƚLJŝƐďĞŝŶŐƐĞĞŶŝŶĞŶƚƌĂůKƌĞŐŽŶ͘EƵŵĞƌŽƵƐŝŶĚƵƐƚƌLJĐůƵƐƚĞƌƐĂƌĞĐŽĂůĞƐĐŝŶŐŝŶƐƵĐŚ ĂƌĞĂƐĂƐŚŝŐŚƚĞĐŚŶŽůŽŐLJ͕ďŝŽƐĐŝĞŶĐĞ͕ŽƵƚĚŽŽƌƌĞĐƌĞĂƚŝŽŶΘĐŽŶƐƵŵĞƌŐŽŽĚƐ͕ĂŶĚďƌĞǁŝŶŐΘĚŝƐƚŝůůŝŶŐ͘dŚŝƐĂĐƚŝǀŝƚLJŝƐĚƌŝǀĞŶďŽƚŚďLJ ĞŶƚƌĞƉƌĞŶĞƵƌƐƌĞůŽĐĂƚŝŶŐƚŽƚŚĞƌĞŐŝŽŶĂŶĚůŽĐĂůĞŶƚƌĞƉƌĞŶĞƵƌƐĞŵďĂƌŬŝŶŐŽŶƚŚĞŝƌŽǁŶĞŶƚĞƌƉƌŝƐĞƐ͘dŚĞƌĞŐŝŽŶŝƐůĂƌŐĞĞŶŽƵŐŚƚŽ ƐƵƉƉŽƌƚƚŚĞƌĞƐŽƵƌĐĞƐĂŶĚĂĐĐĞƐƐƚŽĐĂƉŝƚĂůƚŚĂƚŚĞůƉŶĞǁĞŶƚƌĞƉƌĞŶĞƵƌƐŐĞƚƐƚĂƌƚĞĚ͕ǁŚŝůĞƐƚŝůůďĞŝŶŐƐŵĂůůĞŶŽƵŐŚƚŚĂƚƚŚŽƐĞƌĞͲ ƐŽƵƌĐĞƐĂƌĞŝŶƚĞƌĐŽŶŶĞĐƚĞĚƚŽƐƵƉƉŽƌƚďƵƐŝŶĞƐƐĞƐĂƐƚŚĞLJŐƌŽǁ͘hŶŝƋƵĞƚŽĞŶƚƌĂůKƌĞŐŽŶĂƌĞƚŚĞŶƵŵĞƌŽƵƐĐŽŵŵƵŶŝƚLJƌĞƐŽƵƌĐĞƐ ĂŶĚĂƐƐĞƚƐƚŚĂƚĂƌĞĂǀĂŝůĂďůĞ͘ĨĞǁŽĨƚŚĞƐĞĂƐƐĞƚƐŵĂŶĂŐĞĚďLJKŝŶĐůƵĚĞƚŚĞĞŶƚƌĂůKƌĞŐŽŶWƵďdĂůŬ͕^ƚĂďůĞŽĨdžƉĞƌƚƐĂŶĚƚŚĞ ĞŶĚsĞŶƚƵƌĞŽŶĨĞƌĞŶĐĞ;sͿ͘  ^ƚĂďůĞŽĨdžƉĞƌƚƐ;^KͿŝƐĂƐĞĂƌĐŚĂďůĞĚĂƚĂďĂƐĞŽĨŵŽƌĞ ƚŚĂŶϭϯϬĞdžƉĞƌƚƐĨƌŽŵŵƵůƚŝƉůĞŝŶĚƵƐƚƌŝĞƐĂŶĚĚŝƐĐŝƉůŝŶĞƐ͘dŚĞƐĞĞdžƉĞƌƚƐ ǀŽůƵŶƚĞĞƌŝŶŵĞŶƚŽƌŝŶŐLJŽƵŶŐůĞĂĚĞƌƐĂŶĚŚĞůƉŝŶŐĞŶƚƌĞƉƌĞŶĞƵƌƐĨŝůůƐŬŝůůƐŐĂƉƐ͘ǀĞƌLJŶĞǁďƵƐŝŶĞƐƐŝƐůŝŬĞĂƉƵnjnjůĞǁŝƚŚĐĞƌƚĂŝŶƉŝĞĐͲ ĞƐŵŝƐƐŝŶŐ͘dŚĞ^KŚĞůƉƐƉƌŽǀŝĚĞƚŚĞŵŝƐƐŝŶŐƉŝĞĐĞƐĂŶĚŝŶĐƌĞĂƐĞƚŚĞƉƌŽďĂďŝůŝƚLJŽĨƐƵĐĐĞƐƐ͘  ĞŶƚƌĂůKƌĞŐŽŶWƵďdĂůŬŝƐĂŵŽŶƚŚůLJŚĂƉƉLJŚŽƵƌŚĞůĚĂƚDĐDĞŶĂŵŝŶƐŝŶŽǁŶƚŽǁŶĞŶĚ͘ dŚĞƐĞĞǀĞŶƚƐĂƌĞĂƐŚŽǁĐĂƐĞĨŽƌĞŶƚƌĞƉƌĞŶĞƵƌƐƚŽƉŝƚĐŚƚŚĞŝƌďƵƐŝŶĞƐƐŝĚĞĂƐ͕ĂŶĚĨŽƌƉƌĞǀŝŽƵƐůLJ ƐŚŽǁĐĂƐĞĚďƵƐŝŶĞƐƐĞƐƚŽƉƌŽǀŝĚĞĂŶƵƉĚĂƚĞŽŶƚŚĞŝƌƉƌŽŐƌĞƐƐ͘<ĞLJŶŽƚĞƐƉĞĂŬĞƌƐĂƌĞďƌŽƵŐŚƚŝŶ ƚŽĂĚĚĂŶĞĚƵĐĂƚŝŽŶĂůĐŽŵƉŽŶĞŶƚƚŽƚŚĞĞǀĞŶƚ͘ƐƵĐĐĞƐƐĨƵůƉŝƚĐŚŝƐĂŶŝŶƚĞŐƌĂůĐŽŵƉŽŶĞŶƚŽĨ ƐĞĐƵƌŝŶŐĨƵŶĚŝŶŐ͕ĂŶĚWƵďdĂůŬŽĨĨĞƌƐĂƉůĂƚĨŽƌŵĨŽƌĞŵĞƌŐŝŶŐďƵƐŝŶĞƐƐĞƐƚŽƉƌĂĐƚŝĐĞĂŶĚƉĞƌĨĞĐƚ ƚŚĞƉŝƚĐŚǁŝƚŚĐŽĂĐŚŝŶŐƐĞƐƐŝŽŶƐĐŽŶĚƵĐƚĞĚďLJKƉƌŝŽƌƚŽƚŚĞĞǀĞŶƚ͘dŚĞĞǀĞŶƚŚĂƐŵŽƌĞƚŚĂŶ ĚŽƵďůĞĚƐŝŶĐĞ&zϮϬϭϰƚŽŽǀĞƌϮ͕ϬϬϬŝŶ&zϮϬϭϳ͘ ĞŶĚsĞŶƚƵƌĞŽŶĨĞƌĞŶĐĞŝƐƚŚĞůĂƌŐĞƐƚĂŶŐĞůĐŽŶĨĞƌĞŶĐĞŝŶƚŚĞtĞƐƚĂŶĚŚĂƐďĞĐŽŵĞĂŵĂƌƋƵĞĞ ƚŚ ĞǀĞŶƚĨŽƌƚŚĞĞŶƚƌĞƉƌĞŶĞƵƌŝĂůĐŽŵŵƵŶŝƚLJ͘EŽǁŝŶŝƚƐϭϰ LJĞĂƌ͕ƚŚŝƐĂŶŶƵĂůĞǀĞŶƚƚĂŬĞƐƉůĂĐĞĞĂĐŚ KĐƚŽďĞƌ͘ϮϬϭϲǁĂƐĂƉŝǀŽƚĂůLJĞĂƌĨŽƌƚŚĞĐŽŶĨĞƌĞŶĐĞ͕ǁŝƚŚŶĞĂƌůLJΨϰDŝŶĨƵŶĚŝŶŐŝŶǀĞƐƚĞĚŝŶƚĞŶ ĐŽŵƉĂŶŝĞƐ͕ĂŶĚŽǀĞƌϲϬϬĂƚƚĞŶĚĞĞƐŝŶĐůƵĚŝŶŐŝŶǀĞƐƚŽƌƐ͕ĞŶƚƌĞƉƌĞŶĞƵƌƐ͕ƐĞƌǀŝĐĞ͕ƉƌŽĨĞƐƐŝŽŶĂůƐ͕ƐƚƵͲ ĚĞŶƚƐ͕ĂŶĚŵŽƌĞ͘

 

  

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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


K^d^K&K/E'h^/E^^/EE ƐĞŶƚƌĂůKƌĞŐŽŶ͛ƐĐŽŵŵĞƌĐŝĂůŚƵď͕ĞŶĚŽĨĨĞƌƐĂĚŝǀĞƌƐĞŵŝdžŽĨďƵŝůĚŝŶŐƐĂŶĚůĂŶĚĨŽƌŝŶĚƵƐƚƌŝĂů͕ĐŽŵŵĞƌĐŝĂů͕ĂŶĚƌĞƚĂŝůƵƐĞ͘dŚĞ ĐŚĂƌƚƐŚŽǁƐƚŚĞĐŽƐƚƌĂŶŐĞƐĂďƵƐŝŶĞƐƐĐĂŶĞdžƉĞĐƚǁŚĞŶĚĞǀĞůŽƉŝŶŐĂŶĞǁŽƌĞdžŝƐƚŝŶŐďƵŝůĚŝŶŐŝŶĞŶĚ͘  >ŽĐĂůƵƐŝŶĞƐƐŽƐƚƐŝŶĞŶĚ ƐŝŶŵĂŶLJůŽĐĂƚŝŽŶƐ͕ĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŵĂŝŶƚĂŝŶŝŶŐĂŶĚƵƉŐƌĂĚŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂƌĞ ƌĞĐŽƵƉĞĚ ŝŶ ĞŶĚ ǀŝĂ ƉĞƌŵŝƚƚŝŶŐ ĨĞĞƐ ĂŶĚ ƐLJƐƚĞŵ /ŶĚƵƐƚƌŝĂůůĂŶĚĐŽƐƚƐ͗Ψϳ͘ϬϬͬ^&ƚŽΨϭϰ͘ϬϬͬ^&ŝŶĐŝƚLJůŝŵŝƚƐ ĚĞǀĞůŽƉŵĞŶƚ ĐŚĂƌŐĞƐ ;^ƐͿ͘ &Žƌ ĞdžŝƐƚŝŶŐ ďƵŝůĚŝŶŐƐ͕ ƚŚĞƐĞ ĨĞĞƐ ŚĂǀĞ ŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐ͗ΨϴϬƚŽΨϭϱϬͬ^& ŽĨƚĞŶ ĂůƌĞĂĚLJ ďĞĞŶ ƉĂŝĚ ĂŶĚ Ă ŶĞǁ ďƵƐŝŶĞƐƐ ƚĞŶĂŶƚ ǁŽƵůĚ ŶŽƚ ŝŶĐƵƌ >ĞĂƐŝŶŐĐŽƐƚƐ;ĂƐƐƵŵĞƐďĂƐĞƌĞŶƚĞdžĐůƵĚŝŶŐEEEĐŽƐƚƐͿ͗ ĐŚĂƌŐĞƐ͘dŚĞŝƚLJŽĨĞŶĚŚĂƐĚĞĚŝĐĂƚĞĚƐƚĂĨĨƚŽŚĞůƉĐŽŵƉĂŶŝĞƐĂŶĚ x /ŶĚƵƐƚƌŝĂů͗ΨϬ͘ϱϱƚŽΨϭ͘ϬϬͬ^& ĚĞǀĞůŽƉĞƌƐŶĂǀŝŐĂƚĞƚŚĞĂƉƉůŝĐĂƚŝŽŶĂŶĚďƵŝůĚŝŶŐƉƌŽĐĞƐƐƋƵŝĐŬůLJĂŶĚ x ŽŵŵĞƌĐŝĂů͗Ψϭ͘ϬϬͲΨϮ͘ϯϱͬ^& ĞĨĨŝĐŝĞŶƚůLJ͘ dŚĞ ŝƚLJ ĞǀĞŶ ŽĨĨĞƌƐ ĨŝŶĂŶĐŝŶŐ ƉƌŽŐƌĂŵƐ ƚŽ ƉĂLJ ĨĞĞƐ ŽǀĞƌ x ZĞƚĂŝů͗Ψϭ͘ϬϬͲΨϯ͘ϬϬͬ^& ƚŝŵĞŝŶƐƚĞĂĚŽĨĂůůƵƉĨƌŽŶƚ͘  ƵƐŝŶĞƐƐƌĞŐŝƐƚƌĂƚŝŽŶĨĞĞ͗ΨϱϬƉĞƌLJĞĂƌƚŚƌŽƵŐŚŝƚLJŽĨĞŶĚ  ^ŽƵƌĐĞ͗ŽŵƉĂƐƐŽŵŵĞƌĐŝĂůZĞĂůƐƚĂƚĞ^ĞƌǀŝĐĞƐ͕:ƵůLJϮϬϭϳ

K^d^K&K/E'h^/E^^/EKZ'KE

 ^ŽƵƌĐĞƐ͗dĂdž&ŽƵŶĚĂƚŝŽŶ͕KƌĞŐŽŶŵƉůŽLJŵĞŶƚĞƉĂƌƚŵĞŶƚ͕tĂƐŚŝŶŐƚŽŶ^ƚĂƚĞŵƉůŽLJŵĞŶƚ^ĞĐƵƌŝƚLJĞƉĂƌƚŵĞŶƚ͕ĂůŝĨŽƌŶŝĂŵƉůŽLJŵĞŶƚĞǀĞůŽƉͲ ŵĞŶƚĞƉĂƌƚŵĞŶƚ͕h^ŶĞƌŐLJ/ŶĨŽƌŵĂƚŝŽŶƐƐŽĐŝĂƚŝŽŶ͕ŵƉůŽLJĞƌ,ĞĂůƚŚĞŶĞĨŝƚƐ^ƵƌǀĞLJ͕WƌĞŵŝƵŵƌĂƚĞƌĂŶŬŝŶŐŝŶĚĞdž͕KƌĞŐŽŶ/ŶƐƵƌĂŶĐĞŝǀŝƐŝŽŶ͘ 

 &ŽƌƐŽŵĞƚŝŵĞ͕KƌĞŐŽŶŚĂƐďĞĞŶĂĐŽƐƚͲĐŽŵƉĞƚŝƚŝǀĞůŽĐĂƚŝŽŶĨŽƌďƵƐŝŶĞƐƐ͘ŽŶƚƌŝďƵƚŝŶŐƚŽƚŚĞƌĂŶŬŝŶŐƐŝƐƚŚĞĨĂĐƚƚŚĂƚKƌĞŐŽŶŚĂƐŶŽ ƐĂůĞƐƚĂdž͕ŶŽŝŶǀĞŶƚŽƌLJƚĂdž͕ĂƐŝŶŐůĞƐĂůĞƐĨĂĐƚŽƌƚŚĂƚďĞŶĞĨŝƚƐůĂƌŐĞĞŵƉůŽLJĞƌƐǁŝƚŚŵƵůƚŝƉůĞŽƉĞƌĂƚŝŽŶƐ͕ĂŶĚĂŶĂĨĨŽƌĚĂďůĞƉƌŽƉĞƌƚLJƚĂdž ƐLJƐƚĞŵͶĂůůďĂůĂŶĐĞĚǁŝƚŚĂƚƌĞŵĞŶĚŽƵƐƋƵĂůŝƚLJŽĨůŝĨĞ͘  WĞƌŚĂƉƐŽŶĞŽĨƚŚĞŐƌĞĂƚĞƐƚĂƐƐĞƚƐŝŶKƌĞŐŽŶŝƐƚŚĞƐƚƌƵĐƚƵƌĞŽĨŚŽǁĐŽƌƉŽƌĂƚŝŽŶƐĂƌĞƚĂdžĞĚ͕ŬŶŽǁŶĂƐƚŚĞ^ŝŶŐůĞ^ĂůĞƐ&ĂĐƚŽƌ͘dŚĞ ƚĂdžƌĂƚĞŽŶĐŽƌƉŽƌĂƚĞŝŶĐŽŵĞŽĨĨŝƌŵƐĚŽŝŶŐďƵƐŝŶĞƐƐŝŶƚŚĞƐƚĂƚĞŝƐƚŚĞŐƌĞĂƚĞƌŽĨĂŵŝŶŝŵƵŵƚĂdžďĂƐĞĚŽŶƌĞůĂƚŝǀĞKƌĞŐŽŶƐĂůĞƐ 

 

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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2




;ΨϭϱϬͲΨϭϬϬ͕ϬϬϬ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϬ͘ϭйŽĨƐĂůĞƐďLJĞŶƚŝƚLJͿŽƌĂŶŝŶĐŽŵĞͲďĂƐĞĚůĞǀLJŽĨϲ͘ϲйŽŶƚĂdžĂďůĞŝŶĐŽŵĞƵƉƚŽΨϭŵŝůůŝŽŶĂŶĚ ϳ͘ϲйĂďŽǀĞƚŚĂƚ͘ZĞůĂƚŝǀĞKƌĞŐŽŶƐĂůĞƐĂƌĞƌĞƐƉŽŶƐŝďůĞϭϬϬйŝŶĚĞƚĞƌŵŝŶŝŶŐh͘^͘ĐŽƌƉŽƌĂƚĞŝŶĐŽŵĞƚĂdžĂďůĞŝŶKƌĞŐŽŶ͘dŚŝƐƐŝŶŐůĞ ŝŶƚĞƌƐƚĂƚĞĨĂĐƚŽƌƐƚĂŶĚƐŝŶĐŽŶƚƌĂƐƚƚŽƐƚĂƚĞƐƚŚĂƚĂůƐŽƵƐĞĨĂĐƚŽƌƐĨŽƌƉƌŽƉĞƌƚLJĂŶĚƉĂLJƌŽůůƚŽĂƉƉŽƌƚŝŽŶƚĂdžĂďůĞŝŶĐŽŵĞ͘/ƚŝƐĂĚǀĂŶƚĂͲ ŐĞŽƵƐƚŽĂďƵƐŝŶĞƐƐŚĞĂĚƋƵĂƌƚĞƌĞĚŽƌƉƌŽĚƵĐŝŶŐƚĂŶŐŝďůĞŐŽŽĚƐŝŶKƌĞŐŽŶ͕ďƵƚƐĞůůŝŶŐƉƌŽĚƵĐƚƐƚŚƌŽƵŐŚŽƵƚƚŚĞĐŽƵŶƚƌLJ͕ŽƌƚŚĞ ǁŽƌůĚ͕ǁŚĞƌĞŝƚĂůƐŽŽƉĞƌĂƚĞƐ͕ďĞĐĂƵƐĞŝƚƐKƌĞŐŽŶďƵƐŝŶĞƐƐƚĂdžůŝĂďŝůŝƚLJŝƐƉƌŽƉŽƌƚŝŽŶĂůŽŶůLJƚŽŝƚƐKƌĞŐŽŶĐƵƐƚŽŵĞƌďĂƐĞ͕ĂŶĚƚŚĂƚ ůŝĂďŝůŝƚLJĚŽĞƐŶŽƚŐƌŽǁĚŝƌĞĐƚůLJĂƐĂƌĞƐƵůƚŽĨŐƌĞĂƚĞƌŝŶǀĞƐƚŵĞŶƚŽƌĞŵƉůŽLJŵĞŶƚŝŶKƌĞŐŽŶ͘  ,ŽǁƚŚĞƐŝŶŐůĞƐĂůĞƐĨĂĐƚŽƌǁŽƌŬƐ͗ /ŶŝƚƐKƌĞŐŽŶƚĂdžƌĞƚƵƌŶ͕ƚŚĞďƵƐŝŶĞƐƐƚĂŬĞƐƚŚĞƌĂƚŝŽŽĨKƌĞŐŽŶƐĂůĞƐƚŽƚŽƚĂůh͘^͘ƐĂůĞƐĂŶĚĂƉƉůŝĞƐƚŚĂƚƌĂƚŝŽƚŽŝƚƐĐŽŶƐŽůŝĚĂƚĞĚĨĞĚͲ ĞƌĂůŝŶĐŽŵĞ͘dŚĞƌĞƐƵůƚŝƐKƌĞŐŽŶƚĂdžĂďůĞŝŶĐŽŵĞ͘KƌĞŐŽŶƐĂůĞƐĂƌĞďĂƐĞĚŽŶǁŚĞƌĞƚŚĞŐƌĞĂƚĞƌĐŽƐƚŽĨƉĞƌĨŽƌŵĂŶĐĞŽĐĐƵƌƐĨŽƌŝŶͲ ƚĂŶŐŝďůĞƐĂůĞƐ͘/ŶƚŚĞĐĂƐĞŽĨƚĂŶŐŝďůĞŐŽŽĚƐ͕KƌĞŐŽŶƐĂůĞƐŝŶĐůƵĚĞƚŚĞƚŚƌŽǁďĂĐŬŽĨƐĂůĞƐƚŽĐƵƐƚŽŵĞƌƐǁŚĞƌĞƚŚĞĞŶƚŝƚLJǁŽƵůĚŶŽƚ ŽƚŚĞƌǁŝƐĞďĞƚĂdžĂďůĞ͘;^ŽƵƌĐĞ͗ƵƐŝŶĞƐƐKƌĞŐŽŶͿ  dŚŝƐƚĂdžƉŽůŝĐLJŝƐĂŵĂũŽƌƌĞĂƐŽŶǁŚLJKƌĞŐŽŶŝƐŚŽŵĞƚŽ/ŶƚĞů͛ƐůĂƌŐĞƐƚŐůŽďĂůĞŵƉůŽLJŵĞŶƚĂŶĚĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚ͘^ŝŶŐůĞƐĂůĞƐĨĂĐƚŽƌ ƉůĂLJƐĂŶŝŵƉŽƌƚĂŶƚƌŽůĞĨŽƌEŝŬĞ͕ŽůƵŵďŝĂ^ƉŽƌƚƐǁĞĂƌ͕<ĞĞŶ͕ĂŶĚŽƚŚĞƌŽƵƚĚŽŽƌŐĞĂƌĂŶĚĂƉƉĂƌĞůŵĂŶƵĨĂĐƚƵƌĞƌƐ͛ĐŽŶƚŝŶƵĞĚŐƌŽǁƚŚ ŽĨŚĞĂĚƋƵĂƌƚĞƌƐ͕ZΘĂŶĚǁĂƌĞŚŽƵƐĞŽƉĞƌĂƚŝŽŶƐ͘  dŚĞƚĂďůĞďĞůŽǁĐŽŵƉĂƌĞƐĐŽƐƚƐĨŽƌĂŵĂŶƵĨĂĐƚƵƌŝŶŐĐŽŵƉĂŶLJǁŝƚŚϮϬĞŵƉůŽLJĞĞƐŝŶKƌĞŐŽŶ͕ĂůŝĨŽƌŶŝĂ͕/ĚĂŚŽ͕ĂŶĚtĂƐŚŝŶŐƚŽŶ͘dŚŝƐ ĞdžĂŵƉůĞĚŽĞƐŶŽƚĨĂĐƚŽƌŽƌŝŶĐůƵĚĞĐŽƐƚƐĂǀŝŶŐƐŽĨĨĞƌĞĚďLJŝŶĐĞŶƚŝǀĞƉƌŽŐƌĂŵƐ͘KƌĞŐŽŶŽĨĨĞƌƐŵŽƌĞŝŶĐĞŶƚŝǀĞƉƌŽŐƌĂŵƐƚŽƚƌĂĚĞĚͲ ƐĞĐƚŽƌďƵƐŝŶĞƐƐĞƐ;ĐŽŵƉĂŶŝĞƐƚŚĂƚƐĞůůƉƌŽĚƵĐƚƐŽƌƐĞƌǀŝĐĞƐŽƵƚƐŝĚĞŽĨƚŚĞĂƌĞĂͿ͕ƚŚĂŶtĂƐŚŝŶŐƚŽŶĂŶĚĂůŝĨŽƌŶŝĂĐŽŵďŝŶĞĚ͘ƚƚĞŵƉƚͲ ŝŶŐƚŽƵŶĚĞƌƐƚĂŶĚĂůůĐŽƐƚĨĂĐƚŽƌƐŝŶĚŝĨĨĞƌĞŶƚƐƚĂƚĞƐĂŶĚŚŽǁƚŚŽƐĞŝŵƉĂĐƚLJŽƵƌƐƉĞĐŝĨŝĐďƵƐŝŶĞƐƐĐĂŶďĞĂĚĂƵŶƚŝŶŐƚĂƐŬ͘^ŽŵĞĐŽƐƚ ĨĂĐƚŽƌƐƐƵĐŚĂƐƚŚĞĞĨĨŝĐŝĞŶĐLJĂŶĚĂƉƉƌŽĂĐŚŽĨƌĞŐƵůĂƚŽƌLJŽǀĞƌƐŝŐŚƚ;ŝ͘Ğ͘ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĨĞĚĞƌĂůWƌƵůĞƐͿĐĂŶďĞĚƌĂŵĂƚŝĐĂůůLJ ĚŝĨĨĞƌĞŶƚĨƌŽŵƐƚĂƚĞƚŽƐƚĂƚĞ͕ďƵƚǀŝƌƚƵĂůůLJŝŵƉŽƐƐŝďůĞƚŽƉůĂĐĞĂĚŽůůĂƌǀĂůƵĞŽŶĨŽƌĐŽŵƉĂƌŝƐŽŶƉƵƌƉŽƐĞƐ͘ 

tŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶ/ŶƐƵƌĂŶĐĞ

ĐĐŽƌĚŝŶŐ ƚŽ KƌĞŐŽŶ ĞƉĂƌƚŵĞŶƚ ŽĨ ŽŶƐƵŵĞƌ ^ĞƌǀŝĐĞƐ͕ ǁŽƌŬĞƌ ƌĚ ĐŽŵƉĞŶƐĂƚŝŽŶĐŽƐƚƐ͕ĂůƌĞĂĚLJĂŵŽŶŐƚŚĞůŽǁĞƐƚŝŶƚŚĞŶĂƚŝŽŶ;ϰϯ  ŽƵƚ ŽĨ ϱϭ ũƵƌŝƐĚŝĐƚŝŽŶƐͿ͕ ǁŝůů ĚƌŽƉ ŝŶ ϮϬϭϲ͕ ĨŽƌ ƚŚĞ ƚŚŝƌĚͲƐƚƌĂŝŐŚƚ LJĞĂƌ͕ ďLJ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ϱ͘ϯ ƉĞƌĐĞŶƚ͘ >ŽǁĞƌ ĂǀĞƌĂŐĞ ĐŽƐƚƐ ĨŽƌ ůŽƐƚ ǁĂŐĞƐĂŶĚŵĞĚŝĐĂůƚƌĞĂƚŵĞŶƚƐĂƌĞĚƌŝǀŝŶŐĂĚĞĐƌĞĂƐĞŝŶƚŚĞƉƵƌĞ ƉƌĞŵŝƵŵ͘ ;ŵƉůŽLJĞƌƐ ƐĞĞ ƚŚŝƐ ĐŚĂŶŐĞ ǁŚĞŶ ƚŚĞŝƌ ƉŽůŝĐLJ ƌĞŶĞǁƐ͘Ϳ WƵƌĞ ƉƌĞŵŝƵŵ ƌĞĨůĞĐƚƐ ŽŶůLJ Ă ƉŽƌƚŝŽŶ ŽĨ ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐŽƐƚƐ͕ ďƵƚ ŝƐ ƚŚĞ ŬĞLJ ĨĂĐƚŽƌ ďĞŚŝŶĚ ĂŶŶƵĂů ĐŽƐƚ ĐŚĂŶŐĞƐ͘ dŚĞ ĚĞͲ ĐƌĞĂƐĞ ŝƐ ĂŶ ĂǀĞƌĂŐĞ͕ ƐŽ ĂŶ ŝŶĚŝǀŝĚƵĂů ĞŵƉůŽLJĞƌ ŵĂLJ ƐĞĞ Ă ůĂƌŐĞƌ ĚĞĐƌĞĂƐĞ͕ ŶŽ ĐŚĂŶŐĞ͕ Žƌ ĞǀĞŶ ĂŶ ŝŶĐƌĞĂƐĞ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ĞŵͲ ƉůŽLJĞƌ͛ƐŽǁŶŝŶĚƵƐƚƌLJ͕ĐůĂŝŵƐĞdžƉĞƌŝĞŶĐĞ͕ĂŶĚƉĂLJƌŽůů͘ 

DW>KzDEddZE^ KƌĞŐŽŶĐŽŶƚŝŶƵĞƐƚŽƐĞĞƐƚĞĂĚLJŝŵƉƌŽǀĞŵĞŶƚŝŶ ŝƚƐĞĐŽŶŽŵLJ͕ƉĂƌƚŝĐƵůĂƌůLJĂƐĞŵƉůŽLJŵĞŶƚ ƐƚƌĞŶŐƚŚĞŶƐĂŶĚŝƐƉƌŽũĞĐƚĞĚƚŽĐŽŶƚŝŶƵĞŐƌŽǁͲ ŝŶŐ͘/ŶƚŚĞDĂƌĐŚϮϬϭϱKƌĞŐŽŶĐŽŶŽŵŝĐĂŶĚ ZĞǀĞŶƵĞ&ŽƌĞĐĂƐƚ͕ƚŚĞĂƵƚŚŽƌƐŶŽƚĞĚ͞tŚŝůĞƚŚĞ ŶĂƚŝŽŶ͛ƐůĂďŽƌŵĂƌŬĞƚĂĐĐĞůĞƌĂƚŝŽŶďĞŐĂŶŽŶůLJ ƌĞĐĞŶƚůLJ͕KƌĞŐŽŶ͛ƐƌĞĐŽǀĞƌLJƉŝĐŬĞĚƵƉĐŽŶƐŝĚĞƌͲ ĂďůLJŝŶϮϬϭϯ͘dŚĞƐƚƌŽŶŐĞƌƉĂĐĞŽĨŐƌŽǁƚŚǁĂƐ ŵĂŝŶƚĂŝŶĞĚƚŚƌŽƵŐŚŽƵƚϮϬϭϰĂŶĚŝƐĞdžƉĞĐƚĞĚƚŽ ĐŽŶƚŝŶƵĞƚŚŝƐLJĞĂƌĂŶĚŶĞdžƚďĞĨŽƌĞĚĞͲ ŵŽŐƌĂƉŚŝĐƐǁĞŝŐŚŽŶůŽŶŐĞƌͲƌƵŶŐƌŽǁƚŚ͘dŽĚĂLJ͕ KƌĞŐŽŶƐƚŝůůůĂŐƐƚŚĞƚLJƉŝĐĂůƐƚĂƚĞƌĞůĂƚŝǀĞƚŽƉƌĞͲ 'ƌĞĂƚZĞĐĞƐƐŝŽŶůĞǀĞůƐ͘,ŽǁĞǀĞƌ͕KƌĞŐŽŶŚĂƐƌĞŐĂŝŶĞĚŝƚƐƚƌĂĚŝƚŝŽŶĂůŐƌŽǁƚŚĂĚǀĂŶƚĂŐĞŝŶĞdžƉĂŶƐŝŽŶĂŶĚŝƐŵĂŬŝŶŐƵƉůŽƐƚŐƌŽƵŶĚ͘ DŽƌĞŝŵƉŽƌƚĂŶƚůLJ͕ƐŝŐŶƐŽĨĂĚĞĞƉĞƌůĂďŽƌŵĂƌŬĞƚƌĞĐŽǀĞƌLJĂƌĞĞǀŝĚĞŶƚŝŶƚŚĞƐƚĂƚĞ͘͟;KƌĞŐŽŶKĨĨŝĐĞŽĨĐŽŶŽŵŝĐŶĂůLJƐŝƐͿ  

 

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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


&ƌŽŵϮϬϭϰƚŽϮϬϭϱ͕ũŽďƐŝŶƚŚĞŶĂƚŝŽŶĚĞͲ ĐƌĞĂƐĞĚďLJĂƌĂƚĞŽĨϮ͘ϯϰй͘KƌĞŐŽŶŽƵƚƉĂĐĞĚ ƚŚĞŶĂƚŝŽŶ͛ƐũŽďŐƌŽǁƚŚĂŶĚĞƐĐŚƵƚĞƐŽƵŶƚLJ ŐƌĞǁĂƚƚŚƌĞĞƚŝŵĞƐƚŚĞŶĂƚŝŽŶĂůĂǀĞƌĂŐĞ͘dŚĞ ƚŚ ĞŶĚͬZĞĚŵŽŶĚD^ŝƐϭͬϳ ƚŚĞƐŝnjĞŽĨƚŚĞ ^ĂůĞŵ͕DĞĚĨŽƌĚ͕ŽƌǀĂůůŝƐ͕ĂŶĚƵŐĞŶĞD^Ɛ ĐŽŵďŝŶĞĚ͕LJĞƚŝƚĐƌĞĂƚĞĚŶĞĂƌůLJƚŚĞƐĂŵĞŶƵŵͲ ďĞƌŽĨũŽďƐ͘  ĞƐƉŝƚĞƚŚĞĨĂĐƚƚŚĂƚKƌĞŐŽŶ͛ƐƵŶĞŵƉůŽLJŵĞŶƚ ƌĂƚĞŚĂƐŚŝƐƚŽƌŝĐĂůůLJĞdžĐĞĞĚĞĚƚŚĞŶĂƚŝŽŶĂůƌĂƚĞ ;ĞdžĂĐĞƌďĂƚĞĚŝŶĞŶƚƌĂůKƌĞŐŽŶďLJƉŽƉƵůĂƚŝŽŶ ŝŶͲŵŝŐƌĂƚŝŽŶƚĞŶĚŝŶŐƚŽĞdžĐĞĞĚũŽďĐƌĞĂƚŝŽŶͿ͕ ƵŶĞŵƉůŽLJŵĞŶƚƌĂƚĞƐŝŶƚŚĞƌĞŐŝŽŶŚĂǀĞďĞĞŶ ĚĞĐůŝŶŝŶŐĂĨƚĞƌƚŚĞŵŽƐƚƌĞĐĞŶƚƌĞĐĞƐƐŝŽŶ͘ƐŽĨ DĂƌĐŚϮϬϭϲ͕ĞƐĐŚƵƚĞƐŽƵŶƚLJ͛ƐƵŶĞŵƉůŽLJͲ ŵĞŶƚƌĂƚĞĚƌŽƉƉĞĚďĞůŽǁϱƉĞƌĐĞŶƚ;ϰ͘ϴйͿĨŽƌ ƚŚĞĨŝƌƐƚƚŝŵĞƐŝŶĐĞ:ƵŶĞϮϬϬϳ͘ 

ŵƉůŽLJŵĞŶƚ'ĂŝŶƐϮϬϭϰƚŽϮϬϭϱ ;ŽǀĞƌĞĚĞŵƉůŽLJĞĞƐďLJƉĂLJƌŽůůͿ ƌĞĂ

ϮϬϭϱ

ĞŶĚͬĞƐĐŚƵƚĞƐŽƵŶƚLJD^ KƌĞŐŽŶ h͘^͘ǀĞƌĂŐĞ

ϮϬϭϲ

'ĂŝŶͬ>ŽƐƐ йŚĂŶŐĞ

ϳϮ͕ϰϯϮ

ϳϲ͕ϲϱϴ

ϰ͕ϮϮϲ

ϱ͘ϴϯй

ϭ͕ϳϴϳ͕ϯϵϴ

ϭ͕ϴϰϬ͕ϵϴϬ

ϯ͘ϬϬй

ϭϯϵ͕ϰϵϭ͕ϲϵϵ

ϭϰϭ͕ϴϲϲ͕ϰϰϵ

ϱϯ͕ϱϴϮ Ϯ͕ϯϳϰ͕ϳϱϬ

ϭ͘ϳϬй

^ŽƵƌĐĞ͗KƌĞŐŽŶŵƉůŽLJŵĞŶƚĞƉĂƌƚŵĞŶƚ͖YtΘ>^W^͘

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WKWh>d/KE'ZKtd,

 KƌĞŐŽŶ͛ƐƉŽƉƵůĂƚŝŽŶŐƌŽǁƚŚŽĨϭ͘ϱϲйĨƌŽŵϮϬϭϱƚŽϮϬϭϲǁĂƐĂŐĂŝŶĚŽŵŝŶĂƚĞĚďLJŶĞƚŵŝŐƌĂƚŝŽŶ;ŵŽǀĞƌƐͲŝŶŽƵƚƉĂĐĞĚŵŽǀĞƌƐͲŽƵƚͿ͘ ^ŝŵŝůĂƌůLJ͕ďƵƚĞǀĞŶŵŽƌĞĚƌĂŵĂƚŝĐ͕ŝŶͲŵŝŐƌĂƚŝŽŶƚƌĞŶĚƐƉƌĞǀĂŝůŝŶƚŚĞdƌŝͲŽƵŶƚLJĂƌĞĂ͘ĞƐĐŚƵƚĞƐŽƵŶƚLJĞdžƉĞƌŝĞŶĐĞĚƚŚĞůĂƌŐĞƐƚLJĞĂƌͲ ƚŚ ŽǀĞƌͲLJĞĂƌƉĞƌĐĞŶƚĂŐĞŐĂŝŶ;ϯ͘ϱйͿ͕ŵĂŬŝŶŐŝƚƚŚĞĨĂƐƚĞƐƚŐƌŽǁŝŶŐĐŽƵŶƚLJŝŶKƌĞŐŽŶ͘/ŶϮϬϭϲ͕ŝƚǁĂƐƚŚĞϲ ĨĂƐƚĞƐƚŐƌŽǁŝŶŐĐŽƵŶƚLJŝŶƚŚĞ h͘^͘ĨƚĞƌĞdžĐĞƉƚŝŽŶĂůůLJƌĂƉŝĚŐƌŽǁƚŚďĞƚǁĞĞŶϭϵϵϬĂŶĚϮϬϭϬ͕ĞŶĚĐŽŶƚŝŶƵĞƐƚŽŐƌŽǁ͕ĂůďĞŝƚĂďŝƚŵŽƌĞƐůŽǁůLJ͘&ƌŽŵϮϬϭϱƚŽϮϬϭϲ͕ ĞŶĚŐƌĞǁďLJϮ͘ϳй͕ƐƚŝůůŽƵƚƉĂĐŝŶŐƐƚĂƚĞǁŝĚĞŐƌŽǁƚŚ͘

          ŶĚŵŽƌĞŐƌŽǁƚŚŝƐŝŶƚŚĞĐĂƌĚƐ͘/ŶDĂƌĐŚϮϬϭϱ͕WŽƌƚůĂŶĚ ^ƚĂƚĞhŶŝǀĞƌƐŝƚLJ;W^hͿ͛ƐKƌĞŐŽŶWŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚWƌŽͲ ŐƌĂŵƌĞůĞĂƐĞĚĂƉŽƉƵůĂƚŝŽŶĨŽƌĞĐĂƐƚĨŽƌƚŚĞƚƌŝͲĐŽƵŶƚLJŽĨ ĂŶĞƐƚŝŵĂƚĞĚϰϭϲ͕ϳϲϰƉĞŽƉůĞďLJϮϬϲϱʹƚŚĞĨŝƌƐƚŽĨŝƚƐŬŝŶĚ ŝŶŵĂŶLJLJĞĂƌƐ͘ĞƐĐŚƵƚĞƐŽƵŶƚLJ͕ƚŚĞĨĂƐƚĞƐƚŐƌŽǁŝŶŐ ĐŽƵŶƚLJŝŶƚŚĞƐƚĂƚĞ͕ǁŝůůďĞŚŽŵĞƚŽĂďŽƵƚϯϱϳ͕ϯϰϱƉĞŽƉůĞ ŝŶϮϬϲϱ͖ϭϵϰ͕ϳϵϯŽĨƚŚĞŵǁŝůůďĞŝŶŐƌĞĂƚĞƌĞŶĚ͕ƵƉϭϮϳй ĨƌŽŵƚŚĞĐƵƌƌĞŶƚƉŽƉƵůĂƚŝŽŶ͘

WŽƉƵůĂƚŝŽŶWƌŽũĞĐƚŝŽŶƐϮϬϭϱͲϮϬϲϱ ƌĞĂ ϮϬϭϱ ϮϬϮϱ ϮϬϯϱ ϮϬϰϱ ϮϬϱϱ ϮϬϲϱ KƌĞŐŽŶ ϰ͕ϬϬϭ͕ϲϬϬ      dƌŝͲŽƵŶƚLJdŽƚĂů Ϯϭϰ͕ϱϰϳ Ϯϱϴ͕ϴϵϵ ϯϬϬ͕ϵϮϲ ϯϰϬ͕ϳϯϵ ϯϳϵ͕Ϯϯϳ ϰϭϲ͕ϳϲϰ ƌŽŽŬŽƵŶƚLJ Ϯϭ͕ϭϯϱ ϮϮ͕ϰϬϰ Ϯϯ͕ϵϭϲ Ϯϰ͕ϵϲϮ Ϯϱ͕ϰϱϳ Ϯϱ͕ϲϰϬ WƌŝŶĞǀŝůůĞh' ϭϭ͕Ϯϱϲ ϭϭ͕ϵϯϱ ϭϮ͕ϴϰϱ ϭϯ͕ϰϳϮ ϭϯ͕ϱϵϯ ϭϯ͕ϯϴϯ KƵƚƐŝĚĞh' ϵ͕ϴϳϵ ϭϬ͕ϰϳϬ ϭϭ͕Ϭϳϭ ϭϭ͕ϰϴϵ ϭϭ͕ϴϲϰ ϭϮ͕Ϯϱϳ ĞƐĐŚƵƚĞƐŽƵŶͲ ϭϳϬ͕ϲϬϲ ϮϭϬ͕ϴϮϲ Ϯϰϵ͕Ϭϯϳ Ϯϴϱ͕ϵϬϴ ϯϮϮ͕Ϭϰϱ ϯϱϳ͕ϯϰϱ ƚLJ ĞŶĚh' ϴϱ͕ϳϯϳ ϭϬϵ͕ϱϰϲ ϭϯϮ͕ϮϬϵ ϭϱϰ͕ϳϭϵ ϭϳϲ͕ϬϬϯ ϭϵϰ͕ϳϵϯ >ĂWŝŶĞh' ϭ͕ϲϴϳ Ϯ͕Ϯϲϯ ϯ͕Ϭϭϰ ϯ͕ϴϳϮ ϰ͕ϴϭϲ ϱ͘ϴϯϲ ^ŝƐƚĞƌƐh' Ϯ͕ϯϭϱ ϯ͕ϰϯϭ ϰ͕ϯϳϱ ϱ͕ϯϮϬ ϲ͕Ϯϲϲ ϳ͕ϮϭϮ ZĞĚŵŽŶĚ Ϯϳ͕ϳϭϱ ϯϯ͕ϮϴϮ ϯϵ͕ϴϭϮ ϰϳ͕ϭϲϳ ϱϱ͕ϯϳϯ ϲϰ͕ϳϴϱ KƵƚƐŝĚĞh'Ɛ ϱϯ͕ϭϱϭ ϲϮ͕ϯϬϱ ϲϵ͕ϲϮϳ ϳϰ͕ϴϯϬ ϳϵ͕ϱϴϳ ϴϰ͕ϳϭϵ :ĞĨĨĞƌƐŽŶŽƵŶƚLJ ϮϮ͕ϴϬϲ Ϯϱ͕ϲϲϵ Ϯϳ͕ϵϳϯ Ϯϵ͕ϴϲϵ ϯϭ͕ϳϯϱ ϯϯ͕ϳϳϵ DĂĚƌĂƐ ϳ͕ϰϴϰ ϴ͕ϳϬϬ ϵ͕ϴϭϱ ϭϬ͕ϴϲϳ ϭϭ͕ϴϯϮ ϭϮ͕ϳϰϵ

hd/KE 

WƵďůŝĐ^ĐŚŽŽůƐ ƌĂǁŝŶŐ ƐƚƵĚĞŶƚƐ ĨƌŽŵ ŵŽƌĞ ƚŚĂŶ ϭ͕ϲϬϬ ƐƋƵĂƌĞ ŵŝůĞƐ͕ ƚŚĞ ĞŶĚͲ>Ă WŝŶĞ ŝƐƚƌŝĐƚ ŝŶĐůƵĚĞƐ ĞŶĚ͕ ^ƵŶƌŝǀĞƌ͕ ĂŶĚ >Ă WŝŶĞ͘ Ɛ KƌĞŐŽŶ͛Ɛ ƐĞǀĞŶƚŚͲůĂƌŐĞƐƚ KƌĞŐŽŶ ƐĐŚŽŽů ĚŝƐƚƌŝĐƚ͕ ĞŶĚͲ>Ă WŝŶĞ ĞŵƉůŽLJƐ ϭ͕ϳϵϳ ƐƚĂĨĨĂŶĚ ƐĞƌǀĞƐ ŽǀĞƌ ϭϳ͕ϱϯϰ ƐƚƵĚĞŶƚƐ ǁŚŽ ĂƚƚĞŶĚ ϯϭ ƐĐŚŽŽůƐ͗ ϭϵ ĞůĞͲ ŵĞŶƚĂƌLJ ;ŝŶĐůƵĚŝŶŐ ƚŚƌĞĞ ŵĂŐŶĞƚ ƐĐŚŽŽůƐ ĂŶĚ ŽŶĞ ĐŚĂƌƚĞƌ ƐĐŚŽŽůͿ͕ ƐĞǀĞŶ ŵŝĚĚůĞƐĐŚŽŽůƐ;ŝŶĐůƵĚŝŶŐŽŶĞĂůƚĞƌŶĂƚŝǀĞƐĐŚŽŽůͿ͕ĂŶĚĨŝǀĞŚŝŐŚ ƐĐŚŽŽůƐ͘  ŽŵƉĂƌĞĚ ƚŽϰ͘ϱй ŐƌŽǁƚŚŝŶ ƐƚĂƚĞǁŝĚĞ ĞŶƌŽůůŵĞŶƚ͕ ĞŶĚͲ>Ă WŝŶĞŚĂƐ ŐƌŽǁŶŶĞĂƌůLJϮϲйŽǀĞƌƚŚĞƉĂƐƚϭϮLJĞĂƌƐͶŵŽƌĞƚŚĂŶĂŶLJŽƚŚĞƌƐĐŚŽŽů ĚŝƐƚƌŝĐƚ͘  

 

WĂŐĞϭϬ





8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


Ɛ ĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞ͕ ŝƐƚƌŝĐƚ ƐƚƵĚĞŶƚƐ ŽƵƚƉĞƌĨŽƌŵĞĚ͕ ŽŶ Ă ƉĞƌĐĞŶƚĂŐĞ ďĂƐŝƐ͕ ƐƚƵĚĞŶƚƐ ϮϬϭϲǀĞƌĂŐĞ^d^ĐŽƌĞƐ ƐƚĂƚĞǁŝĚĞ ŝŶ ŶĞĂƌůLJ ĞǀĞƌLJ ĂĐĂĚĞŵŝĐ ŵĞĂƐƵƌĞ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ ϮϬϭϰͲϭϱ KƌĞŐŽŶ ZĞƉŽƌƚ ĂƌĚ͘^ŝŶĐĞϮϬϬϬ͕ ƐƚƵĚĞŶƚƐŝŶĞŶĚͲ>ĂWŝŶĞ^ĐŚŽŽůƐŚĂǀĞĐŽŶƐŝƐƚĞŶƚůLJ ƐĐŽƌĞĚŚŝŐŚĞƌŽŶ ĞŶĚͲ>ĂWŝŶĞ ϭϲϭϰ ^dƚĞƐƚƐƚŚĂŶƚŚĞŝƌƉĞĞƌƐŶĂƚŝŽŶǁŝĚĞ͘/ŶϮϬϭϱ͕ƚŚĞĚŝƐƚƌŝĐƚĂǀĞƌĂŐĞǁĂƐϭϬϴƉŽŝŶƚƐŚŝŐŚͲ tĂƐŚŝŶŐƚŽŶ ϭϰϴϴ ĞƌƚŚĂŶƚŚĞŶĂƚŝŽŶĂůĂǀĞƌĂŐĞ͕ĂŶĚϱϮƉŽŝŶƚƐĂďŽǀĞƚŚĞ ƐƚĂƚĞĂǀĞƌĂŐĞ͘ĐĐŽƌĚŝŶŐƚŽƚŚĞ ϭϱϰϱ ϮϬϭϯͲϮϬϭϰ^ƚĂƚĞ^ĐŚŽŽůZĞƉŽƌƚĂƌĚ͕ϴϲйŽĨŝƐƚƌŝĐƚƐĐŚŽŽůƐƌĞĐĞŝǀĞĚŽǀĞƌĂůůƌĂƚŝŶŐƐŽĨϰ KƌĞŐŽŶ Žƌϱ͕ǁŝƚŚϮϱйƌĂƚĞĚŝŶƚŚĞƚŽƉϭϬŽĨKƌĞŐŽŶƐĐŚŽŽůƐ͘/ŶƚŚĞϮϬϭϰͲϭϱƐĐŚŽŽůLJĞĂƌϵϲ͘ϰй ĂůŝĨŽƌŶŝĂ ϭϰϳϲ ŽĨĐůĂƐƐĞƐǁĞƌĞƚĂƵŐŚƚďLJ͞ŚŝŐŚůLJƋƵĂůŝĨŝĞĚƚĞĂĐŚĞƌƐ͘͟KŶƚŽƉŽĨƚŚĂƚ͕ĨŝǀĞŵĂƚŚĂŶĚƐĐŝͲ ϭϰϴϰ ĞŶĐĞ ƚĞĂĐŚĞƌƐ ǁŽŶ WƌĞƐŝĚĞŶƚŝĂů ĂǁĂƌĚƐĂŶĚ ƚŚĞ ŐƌĂĚƵĂƚŝŶŐĐůĂƐƐ ŽĨ ϮϬϭϱ ĞĂƌŶĞĚ ŵŽƌĞ h͘^͘ǀĞƌĂŐĞ ƚŚĂŶ Ψϴ ŵŝůůŝŽŶ ŝŶ ƐĐŚŽůĂƌƐŚŝƉƐ͘ &ŝŶĂůůLJ͕ ĞŶĚ ^ĞŶŝŽƌ ,ŝŐŚ ^ĐŚŽŽů ŽĨĨĞƌƐ ƚŚĞ ƉƌĞƐƚŝŐŝŽƵƐ ^ŽƵƌĐĞƐ͗ŽůůĞŐĞŽĂƌĚΘĞŶĚͲ>ĂWŝŶĞ^ĐŚŽŽů /ŶƚĞƌŶĂƚŝŽŶĂůĂĐĐĂůĂƵƌĞĂƚĞWƌŽŐƌĂŵͶĂĐƵƌƌŝĐƵůƵŵƌĞĐŽŐŶŝnjĞĚĂƌŽƵŶĚƚŚĞǁŽƌůĚĨŽƌŝƚƐ ŝƐƚƌŝĐƚ ƋƵĂůŝƚLJĂŶĚƌŝŐŽƌ͘  &ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĞŶĚͲ>ĂWŝŶĞ^ĐŚŽŽůŝƐƚƌŝĐƚ͕ǀŝƐŝƚǁǁǁ͘ďĞŶĚŬϭϮ͘Žƌ͘ƵƐ͘  ^ĞůĞĐƚWƌŝǀĂƚĞ^ĐŚŽŽůƐŝŶĞŶĚ WƌŝǀĂƚĞ^ĐŚŽŽůƐ 

ĞŶĚŚĂƐϭϴƉƌŝǀĂƚĞƐĐŚŽŽůƐƚŚĂƚƐĞƌǀĞĂƌĞĂLJŽƵƚŚŽĨĂůů ĂŐĞƐ͘^ŝdžŽĨƚŚĞƐĞƐĐŚŽŽůƐĂƌĞĨĂŝƚŚͲďĂƐĞĚĂŶĚƚǁŽ͕:Ăƌ: ĂŶĚEĞǁ>ĞĂĨĐĂĚĞŵLJ͕ĂƌĞƚŚĞƌĂƉĞƵƚŝĐƐĐŚŽŽůƐĨŽƌĂƚͲƌŝƐŬ LJŽƵƚŚ͘tŚŝůĞĂĚŝǀĞƌƐĞĂƌƌĂLJŽĨƉƌŝǀĂƚĞƐĐŚŽŽůƐĂŶĚŵĞƚŚŽĚƐ ŽĨĞĚƵĐĂƚŝŽŶĞdžŝƐƚŝŶĞŶƚƌĂůKƌĞŐŽŶ͕ŵŽƐƚŶŽƚĂďůĞŐŝǀĞŶ ƚŚĞŝƌůĂƌŐĞƌƐƚƵĚĞŶƚƉŽƉƵůĂƚŝŽŶƐĂŶĚǁŝĚĞƐƉƌĞĂĚƌĞƉƵƚĂƚŝŽŶ ĂƌĞdƌŝŶŝƚLJ>ƵƚŚĞƌĂŶ^ĐŚŽŽů͕^ĞǀĞŶWĞĂŬƐ^ĐŚŽŽů͕^ƚ͘&ƌĂŶĐŝƐ ŽĨƐƐŝƐŝ͕ĂŶĚĂƐĐĂĚĞƐĐĂĚĞŵLJ͕ůŝƐƚĞĚŝŶƚŚĞĂĚũĂĐĞŶƚƚĂͲ ďůĞ͘&ŽƌŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƉƌŝǀĂƚĞƐĐŚŽŽůƐŝŶĞŶĚ͕ ƉůĞĂƐĞƌĞĨĞƌƚŽǁǁǁ͘ƉƌŝǀĂƚĞƐĐŚŽŽůƌĞǀŝĞǁ͘ĐŽŵ͘ 

 ĞŶƚƌĂůKƌĞŐŽŶŽŵŵƵŶŝƚLJŽůůĞŐĞ

^ĐŚŽŽů

>ŽĐĂƚŝŽŶͬWŚŽŶĞη

EƵŵďĞƌŽĨ ƐƚƵĚĞŶƚƐ

dƌŝŶŝƚLJ>ƵƚŚĞƌĂŶ^ĐŚŽŽů;WƌĞ<ͲϭϮͿ ϮϱϱϬEƵƚůĞƌDĂƌŬĞƚZĚ͘ ǁǁǁ͘ƐĂŝŶƚƐ͘ŽƌŐ ϱϰϭ͘ϯϴϮ͘ϭϴϯϮ

ϯϮϭ

^ĞǀĞŶWĞĂŬƐ^ĐŚŽŽů;WƌĞ<ͲϴͿ ǁǁǁ͘ƐĞǀĞŶƉĞĂŬƐƐĐŚŽŽů͘ŽƌŐ

ϭϵϲϲϬDŽƵŶƚĂŝŶĞĞƌtĂLJ ϱϰϭ͘ϯϴϮ͘ϳϳϱϱ

Ϯϴϳ

^ƚ͘&ƌĂŶĐŝƐŽĨƐƐŝƐŝ;<ͲϵͿ ǁǁǁ͘ƐĂŝŶƚĨƌĂŶĐŝƐƐĐŚŽŽů͘ŶĞƚ

ϮϰϱϬEϮϳƚŚ^ƚ͘ ϱϰϭ͘ϯϴϮ͘ϰϳϬϭ

Ϯϱϱ

ĂƐĐĂĚĞƐĐĂĚĞŵLJ;WƌĞ<ͲϭϮͿ ǁǁǁ͘ĐĂƐĐĂĚĞƐĂĐĂĚĞŵLJ͘ŽƌŐ

ϭϵϴϲϬdƵŵĂůŽZĞƐĞƌǀŽŝƌZĚ͘ ϱϰϭ͘ϯϴϮ͘Ϭϲϵϵ

ϭϲϮ

^ŽƵƌĐĞ͗KZĞƐĞĂƌĐŚ

ĞŶƚƌĂůKƌĞŐŽŶŽŵŵƵŶŝƚLJŽůůĞŐĞ;KͿŽƉĞƌĂƚĞƐĐĂŵƉƵƐĞƐŝŶĞŶĚ͕ZĞĚŵŽŶĚ͕DĂĚƌĂƐ͕ĂŶĚWƌŝŶĞǀŝůůĞ͘ &ŽƵŶĚĞĚŝŶϭϵϰϵ͕K;ǁǁǁ͘ĐŽĐĐ͘ĞĚƵͿŝƐKƌĞŐŽŶ͛ƐĨŝƌƐƚĂŶĚŽůĚĞƐƚĐŽŵŵƵŶŝƚLJĐŽůůĞŐĞ͘KŽĨĨĞƌƐƚǁŽͲ LJĞĂƌĂƐƐŽĐŝĂƚĞĚĞŐƌĞĞƐ͕ƚƌĂŶƐĨĞƌͬůŽǁĞƌĚŝǀŝƐŝŽŶƉƌŽŐƌĂŵƐ͕ĐĂƌĞĞƌĂŶĚƚĞĐŚŶŝĐĂůĞĚƵĐĂƚŝŽŶĚĞŐƌĞĞƐĂŶĚĐĞƌͲ ƚŝĨŝĐĂƚĞƐ͕ĚĞǀĞůŽƉŵĞŶƚĂůĐŽƵƌƐĞƐ͕ĐŽŶƚŝŶƵŝŶŐĞĚƵĐĂƚŝŽŶĂŶĚĐŽŵŵƵŶŝƚLJůĞĂƌŶŝŶŐĐůĂƐƐĞƐ͕ŝŶĚƵƐƚƌLJͲƐƉĞĐŝĨŝĐ ƚƌĂŝŶŝŶŐƉƌŽŐƌĂŵƐ͕ĂŶĚďƵƐŝŶĞƐƐŵĂŶĂŐĞŵĞŶƚĂƐƐŝƐƚĂŶĐĞ͘dŚĞKŝƐƚƌŝĐƚĐŽǀĞƌƐĂϭϬ͕ϬϬϬͲƐƋƵĂƌĞͲŵŝůĞ ĂƌĞĂƚŚĂƚĞŶĐŽŵƉĂƐƐĞƐĂůůŽĨƌŽŽŬ͕ĞƐĐŚƵƚĞƐ͕ĂŶĚ:ĞĨĨĞƌƐŽŶĐŽƵŶƚŝĞƐ͕ƚŚĞƐŽƵƚŚĞƌŶƉĂƌƚŽĨtĂƐĐŽ͕ĂŶĚƚŚĞ ŶŽƌƚŚĞƌŶƉŽƌƚŝŽŶƐŽĨ<ůĂŵĂƚŚĂŶĚ>ĂŬĞŽƵŶƚŝĞƐ͘ƐĞǀĞŶͲŵĞŵďĞƌďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐŐŽǀĞƌŶƐƚŚĞŽůůĞŐĞ͕ ǁŝƚŚŵĞŵďĞƌƐŽĨƚŚĂƚďŽĂƌĚĞůĞĐƚĞĚĨƌŽŵŐĞŽŐƌĂƉŚŝĐnjŽŶĞƐŝŶƚŚĞŝƐƚƌŝĐƚ͘  dŚĞϮϬϭͲĂĐƌĞĞŶĚĐĂŵƉƵƐŝŶĐůƵĚĞƐϮϲďƵŝůĚŝŶŐƐƚŽƚĂůŝŶŐϱϳϱ͕ϬϬϬƐƋ͘Ĩƚ͘ƵŶĚĞƌƌŽŽĨ͘dŚĞŶĞǁĞƐƚďƵŝůĚŝŶŐƐĂƌĞƚŚĞ:ƵŶŐĞƌƐƵůŝŶĂƌLJ ĞŶƚĞƌ͕ŽƉĞŶĞĚŝŶϮϬϭϭĂŶĚĨƵŶĚĞĚƉƌŝŵĂƌŝůLJďLJƉƌŝǀĂƚĞĚŽŶĂƚŝŽŶƐ͕ĂŶĚƚŚĞ,ĞĂůƚŚĂƌĞĞƌƐĞŶƚĞƌĂŶĚ^ĐŝĞŶĐĞĞŶƚĞƌ͕ĨƵŶĚĞĚďLJĂ ǀŽƚĞƌͲĂƉƉƌŽǀĞĚďŽŶĚŵĞĂƐƵƌĞ͕ďŽƚŚŽƉĞŶĞĚŝŶĨĂůůϮϬϭϮ͘  dŚĞ^ŵĂůůƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚĞŶƚĞƌ;^Ϳ͕ŽƉĞƌĂƚĞĚďLJ K͕ƉƌŽǀŝĚĞƐĂĐƚŝǀĞƐƵƉƉŽƌƚĨŽƌĞŶƚƌĂůKƌĞŐŽŶ͛ƐƐŵĂůůďƵƐŝͲ ŶĞƐƐĞƐ͘^ƉƌŽǀŝĚĞƐƉƌŽŐƌĂŵƐƐƵĐŚĂƐĐŽƵŶƐĞůŝŶŐĂŶĚŵĂƌŬĞƚ ƌĞƐĞĂƌĐŚĂƐƐŝƐƚĂŶĐĞĨŽƌĞŶƚƌĞƉƌĞŶĞƵƌƐĂƚƚŚĞĞĂƌůŝĞƐƚƐƚĂŐĞƐŽĨ ĚĞǀĞůŽƉŵĞŶƚ͘K͛ƐŽŶƚŝŶƵŝŶŐĚƵĐĂƚŝŽŶĚĞƉĂƌƚŵĞŶƚĚĞůŝǀĞƌƐ ŝŶĚƵƐƚƌLJͲƐƉĞĐŝĨŝĐĐŽƵƌƐĞƐĂŶĚǁŽƌŬƐŚŽƉƐƚĂŝůŽƌĞĚƚŽďƵƐŝŶĞƐƐĂŶĚ ŝŶĚƵƐƚƌLJ͛ƐĐŚĂŶŐŝŶŐŶĞĞĚƐ͘ 

K͛ƐƵƐŝŶĞƐƐĂŶĚŵƉůŽLJĞĞĞǀĞůŽƉŵĞŶƚĚĞƉĂƌƚŵĞŶƚĚĞůŝǀĞƌ ŝŶĚƵƐƚƌLJͲƐƉĞĐŝĨŝĐĐŽƵƌƐĞƐĂŶĚǁŽƌŬƐŚŽƉƐƚĂŝůŽƌĞĚƚŽďƵƐŝŶĞƐƐĞƐ ĐŚĂŶŐŝŶŐŶĞĞĚƐ͘dŚĞŽůůĞŐĞĂůƐŽŽĨĨĞƌƐĂǁŝĚĞƌĂŶŐĞŽĨĐŽŶƚŝŶƵͲ ŝŶŐĞĚƵĐĂƚŝŽŶĨŽƌƉĞƌƐŽŶĂůĂŶĚƉƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚ͘ 



 

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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


dŚĞKZĞĚŵŽŶĚĂŵƉƵƐƐŝƚƐŽŶϮϱͲĂĐƌĞƐŶĞĂƌƚŚĞZĞĚŵŽŶĚŝƌƉŽƌƚŝŶĐůƵĚŝŶŐĨŽƵƌďƵŝůĚŝŶŐƐƐĞƌǀŝŶŐƐƚƵĚĞŶƚƐǁŝƚŚĂǀĂƌŝĞƚLJŽĨ ĐĂƌĞĞƌƉƌŽŐƌĂŵƐ͕ĞĚƵĐĂƚŝŽŶĂůŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ĂŶĚƚƌĂŶƐĨĞƌĞůŝŐŝďůĞĐůĂƐƐĞƐ͘dŚŝƐƉĂƐƚLJĞĂƌ͕ĂƉƉƌŽdžŝŵĂƚĞůLJϮ͕ϰϬϬƐƚƵĚĞŶƚƐĞŶƌŽůůĞĚŝŶ ŽŶĞŽƌŵŽƌĞĐƌĞĚŝƚĐůĂƐƐĞƐŝŶZĞĚŵŽŶĚ͘/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞǁŝĚĞƌĂŶŐĞŽĨƐĞƌǀŝĐĞƐĂŶĚĐŽůůĞŐĞĐŽƵƌƐĞƐŽĨĨĞƌĞĚ͕K͛ƐZĞĚŵŽŶĚ ĂŵƉƵƐŝƐŚŽŵĞƚŽƚŚĞƌĞŐŝŽŶ͛ƐDĂŶƵĨĂĐƚƵƌŝŶŐĂŶĚƉƉůŝĞĚdĞĐŚŶŽůŽŐLJĞŶƚĞƌ͕ĂϮϲ͕ϬϬϬƐƋ͘Ĩƚ͘ƚĞĐŚŶŝĐĂůƚƌĂŝŶŝŶŐĨĂĐŝůŝƚLJǁŝƚŚĐĞƌƚŝĨŝͲ ĐĂƚĞĂŶĚĚĞŐƌĞĞƉƌŽŐƌĂŵƐƌĞĂĚLJŝŶŐƐƚƵĚĞŶƚƐĨŽƌũŽďƐŝŶƚŚĞŵĂŶƵĨĂĐƚƵƌŝŶŐĨŝĞůĚ͘ZĞĚŵŽŶĚŝƐĂůƐŽŚŽŵĞƚŽK͛ƐsĞƚĞƌŝŶĂƌLJdĞĐŚͲ ŶŝĐŝĂŶƉƌŽŐƌĂŵ͘ 

dŚĞKƌĞŐŝŽŶĂůdĞĐŚŶŽůŽŐLJĚƵĐĂƚŝŽŶĞŶƚĞƌŽĨĨĞƌƐĐůĂƐƐĞƐĨŽƌ ĞŶƚƌĂůKƌĞŐŽŶ͛ƐďƵƐŝŶĞƐƐĂŶĚǁŽƌŬĨŽƌĐĞƉŽƉƵůĂƚŝŽŶĂƚƚŚĞZĞĚͲ ŵŽŶĚĂŵƉƵƐ͘dŚŝƐϯϰ͕ϬϬϬƐƋ͘Ĩƚ͘ĨĂĐŝůŝƚLJ͕ƉůĂŶŶĞĚĂŶĚĚĞǀĞůŽƉĞĚ ǁŝƚŚŝŶĚƵƐƚƌLJƉĂƌƚŝĐŝƉĂƚŝŽŶ͕ŝƐŚŽŵĞƚŽĂƚǁŽͲLJĞĂƌĚĞŐƌĞĞŽƉƚŝŽŶŝŶ ƵƚŽŵŽƚŝǀĞdĞĐŚŶŽůŽŐLJŝŶůĞĐƚƌŽŶŝĐƐĂŶĚŝĂŐŶŽƐƚŝĐƐ;dͿ͘&Žƌ ŵŽƌĞŝŶĨŽƌŵĂƚŝŽŶ͗ǁǁǁ͘ĐŽĐĐ͘ĞĚƵͬƌĞĚŵŽŶĚŽƌϱϰϭͲϱϬϰͲϮϵϬϬ͘ 

 ŶƌŽůůŵĞŶƚĂƚKŚĂƐŝŶĐƌĞĂƐĞĚĚƌĂŵĂƚŝĐĂůůLJŽǀĞƌƚŚĞLJĞĂƌƐ͕ĚŽƵďůŝŶŐŝŶƚŚĞůĂƐƚĨĞǁ KdĞĐŚŶŽůŽŐLJĚƵĐĂƚŝŽŶĞŶƚĞƌŝŶZĞĚŵŽŶĚ LJĞĂƌƐĂƐŝŶĐƌĞĂƐŝŶŐŶƵŵďĞƌƐŽĨĂƌĞĂƌĞƐŝĚĞŶƚƐƚƵƌŶĞĚƚŽƚŚĞŽůůĞŐĞĨŽƌĞĚƵĐĂƚŝŽŶĂŶĚ ƚƌĂŝŶŝŶŐĂĨƚĞƌƚŚĞĞĐŽŶŽŵŝĐĚŽǁŶƚƵƌŶ͘ƌĞĐŽƌĚŶƵŵďĞƌŽĨƐƚƵĚĞŶƚƐŚĂǀĞďĞĞŶĞĂƌŶŝŶŐĐĞƌƚŝĨŝĐĂƚĞƐĂŶĚĚĞŐƌĞĞƐ͕ƚŚĞŶƚƌĂŶƐĨĞƌƌŝŶŐƚŽ ĨŽƵƌͲLJĞĂƌĐŽůůĞŐĞƐĂŶĚƵŶŝǀĞƌƐŝƚŝĞƐŽƌŵŽǀŝŶŐŝŶƚŽũŽďƐůŽĐĂůůLJƵƐŝŶŐƐŬŝůůƐůĞĂƌŶĞĚŝŶƚŚĞĐĂƌĞĞƌĂŶĚƚĞĐŚŶŝĐĂůĞĚƵĐĂƚŝŽŶƉƌŽŐƌĂŵƐ͘ 

KƌĞŐŽŶ^ƚĂƚĞhŶŝǀĞƌƐŝƚLJͲĂƐĐĂĚĞƐ 

tŝƚŚĂĐĂŵƉƵƐƐŽŶĞǁƚŚĞƉĂŝŶƚŝƐƐƚŝůůĚƌLJŝŶŐ͕ƚŚĞŝƌĨŝƌƐƚϭ͕ϮϬϬƐƚƵĚĞŶƚƐ͕ϯ͕ϬϬϬ ĂůƵŵŶŝ͕ĂŶĚĐŽŵŵƵŶŝƚLJƐƵƉƉŽƌƚĞƌƐĂƌĞƌĞĂůŝnjŝŶŐĂϯϬͲLJĞĂƌ͕ŐƌĂƐƐƌŽŽƚƐĞĨĨŽƌƚƚŽďƌŝŶŐ ĂĨŽƵƌͲLJĞĂƌƵŶŝǀĞƌƐŝƚLJƚŽĞŶƚƌĂůKƌĞŐŽŶ͘  K^hͲĂƐĐĂĚĞƐŽƉĞŶĞĚŝƚƐϭϬͲĂĐƌĞĐĂŵƉƵƐŝŶĞŶĚĂƚƚŚĞƐƚĂƌƚŽĨ ϮϬϭϲ͛ƐĨĂůůƚĞƌŵ͘>ŽĐĂƚĞĚŝŶƚŚĞŚĞĂƌƚŽĨĞŶƚƌĂůKƌĞŐŽŶ͕ĂǀĂƐƚŶĂƚƵͲ ƌĂůůĂďŽƌĂƚŽƌLJ͕K^hͲĂƐĐĂĚĞƐŽĨĨĞƌƐϭϲƵŶĚĞƌŐƌĂĚƵĂƚĞĂŶĚĨŽƵƌ ŐƌĂĚƵĂƚĞĚĞŐƌĞĞƐ͕ŝŶĐůƵĚŝŶŐƐŝŐŶĂƚƵƌĞƉƌŽŐƌĂŵƐŝŶŶĞƌŐLJ^LJƐƚĞŵƐ ŶŐŝŶĞĞƌŝŶŐ͕dŽƵƌŝƐŵ͕ĂŶĚKƵƚĚŽŽƌ>ĞĂĚĞƌƐŚŝƉ͕ĂŶĚ,ŽƐƉŝƚĂůŝƚLJ DĂŶĂŐĞŵĞŶƚ͘ 

dŚĞŶĞƌŐLJ^LJƐƚĞŵƐŶŐŝŶĞĞƌŝŶŐDĂŶĂŐĞŵĞŶƚƉƌŽŐƌĂŵŝƐƵŶŝƋƵĞŝŶ ƚŚĞƐƚĂƚĞ͕ƉƌĞƉĂƌŝŶŐŐƌĂĚƵĂƚĞƐĨŽƌĂďƌŽĂĚƌĂŶŐĞŽĨĐĂƌĞĞƌƐŝŶƚŚĞ ĞŶĞƌŐLJŝŶĚƵƐƚƌLJ͘dŚĞŽŵƉƵƚĞƌ^ĐŝĞŶĐĞĚĞŐƌĞĞǁĂƐĚĞǀĞůŽƉĞĚǁŝƚŚ ĐŽŶƐŝĚĞƌĂďůĞŝŶĚƵƐƚƌLJŝŶƉƵƚĨƌŽŵŵĂŶLJŽĨƚŚĞƌĞŐŝŽŶ͛ƐƐŽĨƚǁĂƌĞ ĨŝƌŵƐ͘K^hͲĂƐĐĂĚĞƐŝƐŶŽǁŽĨĨĞƌŝŶŐĂŶĞdžĞĐƵƚŝǀĞůĞĂĚĞƌƐŚŝƉD ƉƌŽŐƌĂŵƚŚƌŽƵŐŚK^h͛ƐŽůůĞŐĞŽĨƵƐŝŶĞƐƐ͘dŚĞDƚĂŬĞƐĂďŽƵƚ ƚǁŽLJĞĂƌƐĂŶĚŝƐĚĞůŝǀĞƌĞĚŝŶĂŚLJďƌŝĚĨŽƌŵĂƚ͕ďůĞŶĚŝŶŐĨĂĐĞͲƚŽͲĨĂĐĞǁŝƚŚŽŶůŝŶĞƐĞƐƐŝŽŶƐĂŶĚŝƐĚĞƐŝŐŶĞĚĨŽƌďƵƐLJƉƌŽĨĞƐƐŝŽŶĂůƐ͘dŚĞ ƵŶŝǀĞƌƐŝƚLJĂůƐŽĂŝŵƐƚŽůĂƵŶĐŚĂĚĚŝƚŝŽŶĂůDƉƌŽŐƌĂŵƐ͘  K^hͲĂƐĐĂĚĞƐ͛ĞŶƌŽůůŵĞŶƚŝƐƐůĂƚĞĚƚŽŐƌŽǁƚŽϯ͕ϬϬϬͲϱ͕ϬϬϬƐƚƵĚĞŶƚƐďLJϮϬϮϱƚŽŵĞĞƚƐƚĂƚĞĞĚƵĐĂƚŝŽŶĂůĂƚƚĂŝŶŵĞŶƚŐŽĂů͘dŚĞĐĂŵƉƵƐ ǁŝůůƐĞƌǀĞƐƚƵĚĞŶƚƐĨƌŽŵĞǀĞƌLJǁŚĞƌĞ͕ŝŶĐůƵĚŝŶŐŽƵƌďĂĐŬLJĂƌĚƚŽĂĐƌŽƐƐƚŚĞŐůŽďĞ͘ 

ĚĚŝƚŝŽŶĂůŽůůĞŐĞƐĂŶĚhŶŝǀĞƌƐŝƚŝĞƐ

KƚŚĞƌĂĐĐƌĞĚŝƚĞĚĂĐĂĚĞŵŝĐŝŶƐƚŝƚƵƚŝŽŶƐŝŶĞŶƚƌĂůKƌĞŐŽŶ͕ƚLJƉŝĐĂůůLJĐŽŵďŝŶŝŶŐĞǀĞŶŝŶŐĂŶĚŽĐĐĂƐŝŽŶĂůǁĞĞŬĞŶĚĐůĂƐƐĞƐŝŶĐŽŶũƵŶĐͲ ƚŝŽŶǁŝƚŚĚŝƐƚĂŶĐĞůĞĂƌŶŝŶŐ͕ŝŶĐůƵĚĞ͗ ƒ ĂƐƚĞƌŶKƌĞŐŽŶhŶŝǀĞƌƐŝƚLJŝǀŝƐŝŽŶŽĨŝƐƚĂŶĐĞĚƵĐĂƚŝŽŶ;ϱϰϭͲϯϴϱͲϭϭϯϳͿ ƒ 'ĞŽƌŐĞ&ŽdžhŶŝǀĞƌƐŝƚLJ;ϭͲϴϬϬͲϲϯϭͲϬϵϮϭͿ ƒ >ŝŶĨŝĞůĚŽůůĞŐĞͲĞŶƚƌĂůKƌĞŐŽŶĞŶƚĞƌ;ϱϰϭͲϯϴϴͲϮϵϴϲͿ ƒ KƌĞŐŽŶ/ŶƐƚŝƚƵƚĞŽĨdĞĐŚŶŽůŽŐLJ͕ĂĐŚĞůŽƌ͛ƐĚĞŐƌĞĞŝŶKƉĞƌĂƚŝŽŶƐDĂŶĂŐĞŵĞŶƚ͕ǀŝĂK ƒ hŶŝǀĞƌƐŝƚLJŽĨKƌĞŐŽŶ͕džĞĐƵƚŝǀĞD;ϱϬϯͲϮϳϲͲϯϲϮϮͿ 







 

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ĂƌƌŝĞƌƐΘWƌŽǀŝĚĞƌƐ tŝƌĞůĞƐƐ/ŶƚĞƌŶĞƚ ĂďůĞ ZĞƐĞůůĞƌƐΘ/ŶƚĞŐƌĂƚŽƌƐ dĞůĞƉŚŽŶĞ/ŶƚĞƌĐŽŶŶĞĐƚ ĞůůƵůĂƌ

 ůĞĐƚƌŝĐŝƚLJ

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EĂƚƵƌĂů'ĂƐ

       

ǀĞƌĂŐĞϮϬϭϲůĞĐƚƌŝĐŝƚLJZĂƚĞƐ ;ŝŶĐĞŶƚƐ͕ƉĞƌŬǁŚͿ ^ĞƌǀŝĐĞůĂƐƐ

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ϲ͘ϳϱ

ϭϮ͘Ϭϳ

ϲ͘ϭϲ

ϭϬ͘ϯϳ

ϭϱ͘ϭϱ

ϴ͘ϴϳ

ŽŵŵĞƌĐŝĂů

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EĂƚƵƌĂůŐĂƐŝƐǁŝĚĞůLJĂǀĂŝůĂďůĞƚŚƌŽƵŐŚŽƵƚĞŶƚƌĂůKƌĞŐŽŶĂŶĚŝƐƵƉƉůŝĞĚ ďLJ ĂƐĐĂĚĞ EĂƚƵƌĂů 'ĂƐ ŽƌƉŽƌĂƚŝŽŶ ;E'͖ ϴϴϴͲϱϮϮͲϭϭϯϬͿ͘ dƌĂŶƐŵŝƐͲ ƐŝŽŶƚŽƚŚĞƌĞŐŝŽŶŝƐƉƌŽǀŝĚĞĚďLJϯϲĂŶĚϰϮͲŝŶĐŚŚŝŐŚͲĐĂƉĂĐŝƚLJůŝŶĞƐƚŚĂƚ ƌƵŶĨƌŽŵĂŶĂĚĂƚŽƐŽƵƚŚĞƌŶĂůŝĨŽƌŶŝĂ͘,ĞĂĚƋƵĂƌƚĞƌĞĚŝŶ<ĞŶŶĞǁŝĐŬ͕ tĂƐŚŝŶŐƚŽŶ͕E'ƐĞƌǀĞƐŵŽƌĞƚŚĂŶϰϲ͕ϬϬϬůŽĐĂůŝŶĚƵƐƚƌŝĂů͕ĐŽŵŵĞƌĐŝĂů͕ ĂŶĚƌĞƐŝĚĞŶƚŝĂůĐƵƐƚŽŵĞƌƐ ĨƌŽŵ Ă ƌĞŐŝŽŶĂůŽƉĞƌĂƚŝŽŶƐďĂƐĞ ŝŶ ĞŶĚ͘ WŽͲ ƚĞŶƚŝĂů ƵƐĞƌƐ ĨŽƌ ƚŚĞ >ĂƌŐĞ sŽůƵŵĞ ƌĂƚĞ ƐŚŽƵůĚ ĐŽŶƚĂĐƚ K ĨŽƌ ĂĚĚŝͲ ƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞŝƌƉŽƚĞŶƚŝĂůƵƐĂŐĞĐŽŶĚŝƚŝŽŶƐ͘  

tĂƚĞƌĂŶĚ^ĞǁĞƌ

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tĂƚĞƌZĂƚĞƐŝŶĞŶĚ

DĞƚĞƌ ƐŝnjĞ Ϭ͘ϳϱΗ ϭΗ ϭ͘ϱΗ ϮΗ ϯΗ ϰΗ ϲΗ ϭϮΗ

DŽŶƚŚůLJ &ŝdžĞĚZĂƚĞ ΨϮϮ͘ϬϮ ΨϮϱ͘ϯϯ Ψϯϯ͘ϱϮ Ψϰϯ͘ϯϴ Ψϲϵ͘ϳϯ Ψϵϵ͘ϯϯ Ψϭϴϭ͘ϱϯ ΨϱϯϬ͘ϭϵ

ZĂƚĞƉĞƌϭϬϬ ĐƵĨƚ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ

^ŽƵƌĐĞŝƚLJŽĨĞŶĚhƚŝůŝƚŝĞƐ͘

  

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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


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dŽƉͲƋƵĂůŝƚLJ ŚĞĂůƚŚ ĐĂƌĞ ŝƐ ŽŶĞ ŽĨ ĞŶƚƌĂů KƌĞŐŽŶ͛Ɛ ĐƌŽǁŶ ũĞǁĞůƐ͘ ĞŶƚƌĂů KƌĞŐŽŶ ŚĂƐ Ă ĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůLJ ůĂƌŐĞ ĐŽŶĐĞŶƚƌĂƚŝŽŶ ŽĨ ǁŽƌůĚͲĐůĂƐƐ ƉŚLJƐŝͲ ĐŝĂŶƐ ĂŶĚ ƐƉĞĐŝĂůŝƐƚƐ͕ ĂƚƚƌĂĐƚĞĚ ƚŽ ƚŚĞ ĂƌĞĂ ĨŽƌ ƋƵĂůŝƚLJͲŽĨͲůŝĨĞ ƌĞĂƐŽŶƐ͘ ŶĚ ƚŚĞƌĞŐŝŽŶ͛ƐƌĞƐĞĂƌĐŚĂŶĚĐĂƌĞŝŶĐĂƌĚŝŽůŽŐLJĂŶĚŽƌƚŚŽƉĞĚŝĐƐĂƌĞĂŵŽŶŐƚŚĞ ďĞƐƚŝŶƚŚĞŶĂƚŝŽŶ͘ dŚĞ ůĂƌŐĞƐƚ ƉƌŽǀŝĚĞƌŽĨ ŵĞĚŝĐĂů ĐĂƌĞŝŶ ĞŶƚƌĂů KƌĞŐŽŶ͕ ^ƚ͘ ŚĂƌůĞƐ ,ĞĂůƚŚ ^LJƐƚĞŵ ;^,^Ϳ ŽǁŶƐ ĂŶĚ ŽƉĞƌĂƚĞƐ ŵĞĚŝĐĂů ĐĞŶƚĞƌƐ ŝŶ ĞŶĚ͕ ZĞĚŵŽŶĚ͕ DĂĚƌĂƐ͕ĂŶĚWƌŝŶĞǀŝůůĞĂŶĚĞŵƉůŽLJƐŵŽƌĞƚŚĂŶϭϮϬŵĞĚŝĐĂůƉƌŽǀŝĚĞƌƐ͘dŚĞ ĞŶĚŚŽƐƉŝƚĂůŝƐKƌĞŐŽŶΖƐŽŶůLJ>ĞǀĞů//dƌĂƵŵĂĞŶƚĞƌĞĂƐƚŽĨƚŚĞĂƐĐĂĚĞƐ͕ ƌĞĨůĞĐƚŝŶŐƚŚĞ^LJƐƚĞŵ͛ƐϯϮ͕ϬϬϬͲƐƋƵĂƌĞͲŵŝůĞĐĂƚĐŚŵĞŶƚĂƌĞĂƚŚĂƚĞdžƚĞŶĚƐƚŽ ĂƐƚĞƌŶKƌĞŐŽŶ͘^,^ĂůƐŽŽǁŶƐĨĂŵŝůLJĐĂƌĞĐůŝŶŝĐƐŝŶĞŶĚ͕WƌŝŶĞǀŝůůĞ͕ZĞĚͲ ŵŽŶĚ͕ĂŶĚ^ŝƐƚĞƌƐ͘

EĞǁ^ƚ͘ŚĂƌůĞƐĞŶĚĂŶĐĞƌĞŶƚĞƌ

^ƚ͘ŚĂƌůĞƐDĞĚŝĐĂůĞŶƚĞƌŝŶĞŶĚŝƐĂĨƵůůLJĂĐĐƌĞĚŝƚĞĚ͕ϮϲϭͲďĞĚŚŽƐƉŝƚĂůǁŝƚŚŵŽƌĞƚŚĂŶϮ͕ϬϬϬ ŵĞĚŝĐĂůƐƚĂĨĨĂŶĚĞŵƉůŽLJĞĞƐ͘^ĞƌǀŝĐĞƐŝŶĐůƵĚĞϮϰͲŚŽƵƌĞŵĞƌŐĞŶĐLJĐĂƌĞ͕ŝŶƚĞŶƐŝǀĞͬĐĂƌĚŝĂĐĐĂƌĞ͕ƉŚLJƐŝĐĂů͕ƌĞƐƉŝƌĂƚŽƌLJĂŶĚŶƵƚƌŝƚŝŽŶĂů ƚŚĞƌĂƉLJ͕ƌĂĚŝŽůŽŐLJ͕ƐƵƌŐĞƌLJĂŶĚĂŶŽŶͲĐĂŵƉƵƐƌĞŚĂďŝůŝƚĂƚŝŽŶĐĞŶƚĞƌ͘/ŶĂĚĚŝƚŝŽŶ͕^ƚ͘ŚĂƌůĞƐDĞĚŝĐĂůĞŶƚĞƌŽĨĨĞƌƐƋƵĂůŝƚLJĐĂƌĞƐĞƌͲ ǀŝĐĞƐŝŶĐůƵĚŝŶŐĐĂŶĐĞƌĐĂƌĞ͕ĐĂƌĚŝŽůŽŐLJ͕ŶĞƵƌŽůŽŐLJ͕ŽƌƚŚŽƉĞĚŝĐƐ͕ƐƚƌŽŬĞĐĂƌĞ͕ĂŶĚǁĞŝŐŚƚůŽƐƐƐƵƌŐĞƌLJ͘,ŝŐŚͲƚĞĐŚůĞĂĚŝŶŐͲĞĚŐĞƐĞƌǀŝĐĞƐ ĂƌĞĂůƐŽƉƌĞƐĞŶƚŝŶ^ƚ͘ŚĂƌůĞƐ͛ƚĞůĞŵĞĚŝĐŝŶĞĂŶĚĚĂsŝŶĐŝ^ƵƌŐĞƌLJƉƌŽŐƌĂŵƐ͘ ĞŶĚDĞŵŽƌŝĂůůŝŶŝĐŚĂƐƐĞǀĞŶůŽĐĂƚŝŽŶƐĂŶĚĞŵƉůŽLJƐŵŽƌĞƚŚĂŶϭϬϬƉƌŽǀŝĚĞƌƐĂĐƌŽƐƐϯϬƐƉĞĐŝĂůƚŝĞƐŝŶĐůƵĚŝŶŐƵƌŐĞŶƚĐĂƌĞ͕ƉƌŝŵĂƌLJ ĐĂƌĞ͕ƐƉĞĐŝĂůƚLJĐĂƌĞ͕ĚĞƌŵĂƚŽůŽŐLJ͕ƐůĞĞƉĚŝƐŽƌĚĞƌƐ͕ŝŵĂŐŝŶŐĂŶĚĐůŝŶŝĐĂůƐĞƌǀŝĐĞƐ͘DŝƐƚŚĞůĂƌŐĞƐƚŵƵůƚŝͲƐƉĞĐŝĂůƚLJŐƌŽƵƉŝŶĞŶƚƌĂů KƌĞŐŽŶĂŶĚƉƌŽǀŝĚĞƐƋƵĂůŝƚLJ͕ĐŽŶǀĞŶŝĞŶƚŚĞĂůƚŚĐĂƌĞ͘ ,ŝŐŚ>ĂŬĞƐ,ĞĂůƚŚĂƌĞŝƐƉĂƌƚŽĨĂŶĞƚǁŽƌŬŽĨĐŽŵƉĂŶŝĞƐĐĂůůĞĚWƌĂdžŝƐDĞĚŝĐĂů'ƌŽƵƉ͕ŝŶĚĞƉĞŶĚĞŶƚƉƌŽǀŝĚĞƌƐǁŚŽĂƌĞĚĞĚŝĐĂƚĞĚƚŽ ĂĐĐĞƐƐŝďůĞ͕ƋƵĂůŝƚLJĐĂƌĞ͕ǀĂůƵŝŶŐƌĞůĂƚŝŽŶƐŚŝƉƐŽǀĞƌǀŽůƵŵĞ͘,ŝŐŚ>ĂŬĞƐ,ĞĂůƚŚĂƌĞŚĂƐůŽĐĂƚŝŽŶƐŝŶĞŶĚ͛ƐhƉƉĞƌDŝůůĂŶĚŽŶƚŚĞĂƐƚ ^ŝĚĞ͕ĂƐǁĞůůĂƐŝŶ ^ŝƐƚĞƌƐ͘ &ĂŵŝůLJŵĞĚŝĐŝŶĞŝƐĂƚƚŚĞŚĞĂƌƚŽĨƚŚĞ,ŝŐŚ>ĂŬĞƐƉƌĂĐƚŝĐĞ͕ǁŚŝůĞƉƌĂĐƚŝƚŝŽŶĞƌƐƉƌŽǀŝĚĞ ǁƌĂƉĂƌŽƵŶĚĐĂƌĞ ƚŚĂƚŝŶĐůƵĚĞƐƉĞĚŝĂƚƌŝĐƐ͕ƐĂŵĞĚĂLJĐĂƌĞ͕ǁŽŵĞŶ͛ƐŚĞĂůƚŚ͕ƉƌĞǀĞŶƚŝǀĞĐĂƌĞ͕ŐĞƌŝĂƚƌŝĐƐ͕ĂŶĚƐƉŽƌƚƐŵĞĚŝĐŝŶĞ͘ ŶŽŶͲƉƌŽĨŝƚŚĞĂůƚŚĐĂƌĞŽƌŐĂŶŝnjĂƚŝŽŶ͕DŽƐĂŝĐDĞĚŝĐĂůŽƉĞƌĂƚĞƐϭϭĨĂĐŝůŝƚŝĞƐĂĐƌŽƐƐĞŶƚƌĂůKƌĞŐŽŶ͕ŝŶĐůƵĚŝŶŐĂƉƌŝŵĂƌLJĐĂƌĞĐůŝŶŝĐ͘/ƚ ĂůƐŽƌƵŶƐĂŵŽďŝůĞĐůŝŶŝĐ͘dŚĞŽƌŐĂŶŝnjĂƚŝŽŶƐĞƌǀĞƐƚŚĞŝŶƐƵƌĞĚĂŶĚƵŶŝŶƐƵƌĞĚƌĞŐĂƌĚůĞƐƐŽĨĂŐĞ͕ĞƚŚŶŝĐŝƚLJ͕ŽƌŝŶĐŽŵĞ͕ĂŶĚďĞůŝĞǀĞƐŝŶ ƚƌĞĂƚŝŶŐƚŚĞǁŚŽůĞƉĂƚŝĞŶƚďLJĂĚĚƌĞƐƐŝŶŐƉŚLJƐŝĐĂů͕ĞŵŽƚŝŽŶĂů͕ƐŽĐŝĂů͕ĂŶĚĐƵůƚƵƌĂůŶĞĞĚƐ͘ 

&ŝƌĞΘŵĞƌŐĞŶĐLJ^ĞƌǀŝĐĞƐ ĞŶĚ&ŝƌĞΘZĞƐĐƵĞƉƌŽǀŝĚĞƐĨŝƌĞĂŶĚĞŵĞƌŐĞŶĐLJŵĞĚŝĐĂůƐĞƌǀŝĐĞƐŝŶĐůƵĚŝŶŐĂĚǀĂŶĐĞĚůŝĨĞƐƵƉƉŽƌƚĂŶĚƚƌĂŶƐƉŽƌƚƐĞƌǀŝĐĞƐ͕ϮϰŚŽƵƌƐ ƉĞƌĚĂLJ͘ĞŶĚ&ŝƌĞΘZĞƐĐƵĞŽƉĞƌĂƚĞƐϱĨŝƌĞƐƚĂƚŝŽŶƐ͕ƉƌŽǀŝĚĞƐϭϲϰƐƋƵĂƌĞŵŝůĞƐŽĨĨŝƌĞĐŽǀĞƌĂŐĞ͕ĂŶĚƉƌŽǀŝĚĞƐŵŽƌĞƚŚĂŶϭ͕ϰϱϬ ƐƋƵĂƌĞŵŝůĞƐŽĨĂŵďƵůĂŶĐĞƐĞƌǀŝĐĞĂƌĞĂ͘dŚŝƐƐĞƌǀŝĐĞŝƐƉƌŽǀŝĚĞĚďLJϲϴĐĂƌĞĞƌĨŝƌĞĨŝŐŚƚĞƌƐĂŶĚƉĂƌĂŵĞĚŝĐƐ͘dŚĞĐƵƌƌĞŶƚ/^K&ŝƌĞ^ĞƌͲ ǀŝĐĞZĂƚŝŶŐŝƐϰ͘ŝƌ>ŝŶŬĂŶĚ>ŝĨĞ&ůŝŐŚƚŽĨKƌĞŐŽŶƉƌŽǀŝĚĞŝŵŵĞĚŝĂƚĞƌĞƐƉŽŶƐĞŚĞůŝĐŽƉƚĞƌĂŶĚĨŝdžĞĚͲǁŝŶŐĂŝƌĂŵďƵůĂŶĐĞƐĞƌǀŝĐĞ ƚŚƌŽƵŐŚŽƵƚĞŶƚƌĂůKƌĞŐŽŶ͘dŚĞƐĞƐĞƌǀŝĐĞƐĂƌĞƐƵƉƉŽƌƚĞĚďLJůĞǀĞů//ĂŶĚůĞǀĞů///ŚŽƐƉŝƚĂůƚƌĂƵŵĂĐĞŶƚĞƌƐ͘ 

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ƒ WƌŝŶƚ͗dŚĞƵůůĞƚŝŶŝƐƚŚĞĚŽŵŝŶĂŶƚĚĂŝůLJŶĞǁƐƉĂƉĞƌǁŚŝůĞůŽĐĂůƉĂƉĞƌƐĐŽǀĞƌDĂĚƌĂƐ͕ZĞĚŵŽŶĚ͕WƌŝŶĞǀŝůůĞ͕^ŝƐƚĞƌƐ͕ĂŶĚ>ĂWŝŶĞ͘ ĂƐĐĂĚĞƵƐŝŶĞƐƐEĞǁƐ͕ĂďŝͲǁĞĞŬůLJďƵƐŝŶĞƐƐƉƵďůŝĐĂƚŝŽŶ͕ϭϴϱϵ͕KƌĞŐŽŶ͛ƐĨŝƌƐƚĐƵůƚƵƌĂůŵĂŐĂnjŝŶĞ͕ĂŶĚdŚĞ^ŽƵƌĐĞ͕ĂŶĂůƚĞƌŶĂƚŝǀĞ ǁĞĞŬůLJŶĞǁƐƉĂƉĞƌ͕ƌŽƵŶĚŽƵƚƚŚĞƉƌŝŶƚŶĞǁƐŽƉƚŝŽŶƐ͘  ƒ ZĂĚŝŽ͗dŚƌĞĞƉƌŝǀĂƚĞůLJͲŚĞůĚĐŽŵƉĂŶŝĞƐ;,ŽƌŝnjŽŶƌŽĂĚĐĂƐƚŝŶŐ'ƌŽƵƉ͕ĞŶĚZĂĚŝŽ'ƌŽƵƉ͕ĂŶĚŽŵďŝŶĞĚŽŵŵƵŶŝĐĂƚŝŽŶƐͿĐŽůůĞĐƚŝǀĞůLJ ŽǁŶϭϱƌĂĚŝŽƐƚĂƚŝŽŶƐƉůƵƐƚŚĞƌĞĂƌĞƚǁŽŝŶĚĞƉĞŶĚĞŶƚŽƉĞƌĂƚŽƌƐ͘^ƉĂŶŝƐŚůĂŶŐƵĂŐĞƐƚĂƚŝŽŶ͕ZĂĚŝŽ>ĂƌŽŶĐĂ͕ĂĚĚƌĞƐƐĞƐƚŚĞƌĞŐŝŽŶ͛Ɛ >ĂƚŝŶŽƉŽƉƵůĂƚŝŽŶ͘  ƒ dĞůĞǀŝƐŝŽŶ͗<dsdsϮϭŝƐƚŚĞEĂĨĨŝůŝĂƚĞ͕<K,dsϱϭŝƐƚŚĞĂĨĨŝůŝĂƚĞ͕<&yKdsϯϵŝƐƚŚĞ&ŽdžĂĨĨŝůŝĂƚĞ͕<EdsϳŝƐƚŚĞ^ ĂĨĨŝůŝĂƚĞ͕ĂŶĚ<KdsϭϭŝƐƚŚĞW^ƐƚĂƚŝŽŶ͘ĞŶĚƌŽĂĚďĂŶĚĂŝƌƐůŽĐĂůŽƌŝŐŝŶĂůƉƌŽŐƌĂŵŵŝŶŐƚŚƌŽƵŐŚKdsϭϭ͕ŝƚƐĐŽŵŵƵŶŝƚLJ ĐĂďůĞĐŚĂŶŶĞů͕ǁŚŝĐŚƉƌŽǀŝĚĞƐŝŶͲĚĞƉƚŚůŽĐĂůŶĞǁƐ͕ƐƉŽƌƚƐ͕ĂŶĚŝŶĨŽƌŵĂƚŝŽŶ͘

  

WĂŐĞϭϰ





8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


WZ<^ΘZZd/KE  ŚƵď ŽĨ ƌĞĐƌĞĂƚŝŽŶ ŝŶ ƚŚĞ EŽƌƚŚǁĞƐƚ͕ ĞŶĚ͛Ɛ ďŽƵŶƚŝĨƵů ŽƵƚĚŽŽƌ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĂŶĚ ĐƵůƚƵƌĞ ŵĂŬĞ ŝƚ Ă ĚĞƐƚŝŶĂƚŝŽŶ ĨŽƌ ĨĂŵŝůŝĞƐ ĂŶĚ ŽƵƚĚŽŽƌĞŶƚŚƵƐŝĂƐƚƐ͘dŚĞĞŶĚWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶŝƐƚƌŝĐƚŵĂŝŶƚĂŝŶϴϭƉĂƌŬƐŝŶƚŚĞĐŝƚLJ͘>ŽĐĂƚĞĚŽŶŽǀĞƌϮ͕ϱϬϬĂĐƌĞƐƚŚĞƐĞƉĂƌŬƐ ŝŶĐůƵĚĞϲϱŵŝůĞƐŽĨǁĂůŬŝŶŐĂŶĚďŝŬŝŶŐƚƌĂŝůƐ͘/ŶĐůƵĚŝŶŐďŽŶĚƉƌŽũĞĐƚƐĂŶĚƌĞŐƵůĂƌůLJƐĐŚĞĚƵůĞĚĂĚĚŝƚŝŽŶƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐ͕ƚŚĞƌĞĂƌĞ ŵŽƌĞƚŚĂŶĂĚŽnjĞŶŵĂũŽƌƉĂƌŬĂŶĚƚƌĂŝůƉƌŽũĞĐƚƐŝŶƚŚĞǁŽƌŬƐ͘dŚĞĞŶĚWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶŝƐƚƌŝĐƚĂůƐŽĐŽŶĚƵĐƚŵŽƌĞƚŚĂŶϭ͕ϬϬϬ ƌĞĐƌĞĂƚŝŽŶĂůƉƌŽŐƌĂŵƐĂŶŶƵĂůůLJ͕ƉƌŽǀŝĚŝŶŐƐƉŽƌƚƐĂŶĚĂĐƚŝǀŝƚŝĞƐĨŽƌƉĞŽƉůĞŽĨĂůůĂŐĞƐ͘dŚĞĚŝƐƚƌŝĐƚ͛ƐƚǁŽŵĂŝŶĨĂĐŝůŝƚŝĞƐ͕:ƵŶŝƉĞƌ^ǁŝŵ ĂŶĚ&ŝƚŶĞƐƐĞŶƚĞƌĂŶĚƚŚĞĞŶĚ^ĞŶŝŽƌĞŶƚĞƌŽĨĨĞƌĂĚŝǀĞƌƐĞƐĐŚĞĚƵůĞŽĨĐůĂƐƐĞƐĂŶĚƌĞĐƌĞĂƚŝŽŶĂůŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ĞŶĚƉĂƌŬƐĂŶĚ ĨĂĐŝůŝƚŝĞƐĂƌĞŚŽŵĞƚŽŵĂŶLJĐŽŵŵƵŶŝƚLJĞǀĞŶƚƐƐƵĐŚĂƐƚŚĞĞŶĚWĞƚWĂƌĂĚĞ͕ĂLJŽĨWůĂLJ͕ĂŶĚĂǁŝĚĞĂƌƌĂLJŽĨůŽĐĂůĐŽŶĐĞƌƚƐ͘  tŝƚŚŽǀĞƌϮ͘ϱŵŝůůŝŽŶĂĐƌĞƐŽĨƉƵďůŝĐůĂŶĚĂŶĚŽƉĞŶƐƉĂĐĞŝŶĞŶƚƌĂůKƌĞŐŽŶ͕ŽƵƚĚŽŽƌƌĞĐƌĞĂƚŝŽŶŝƐƚƐĨƌŽŵďĞŐŝŶŶĞƌƚŽƉƌŽĨĞƐƐŝŽŶĂů ĨŝŶĚŽƵƚƐƚĂŶĚŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌŚŝŬŝŶŐ͕ďŝŬŝŶŐ͕ƐŬŝŝŶŐ;ĐƌŽƐƐĐŽƵŶƚƌLJĂŶĚĚŽǁŶŚŝůůͿ͕ǁĂƚĞƌƐŬŝŝŶŐ͕ŐŽůĨŝŶŐ͕ŬĂLJĂŬŝŶŐ͕ǁŚŝƚĞǁĂƚĞƌƌĂĨƚͲ ŝŶŐ͕ƌŽĐŬĐůŝŵďŝŶŐ͕ŵŽƵŶƚĂŝŶĞĞƌŝŶŐ͕ĨůLJͲĨŝƐŚŝŶŐ͕ŚƵŶƚŝŶŐ͕ĐĂŵƉŝŶŐ͕ĂŶĚŚŽƌƐĞďĂĐŬƌŝĚŝŶŐ͘  :ƵƐƚϮϬŵŝŶƵƚĞƐŽƵƚƐŝĚĞŽĨĞŶĚ͕DŽƵŶƚĂĐŚĞůŽƌ^ŬŝZĞƐŽƌƚŝƐĂǁŽƌůĚͲƌĞŶŽǁŶĞĚǁŝŶƚĞƌƐƉŽƌƚƐǁŽŶĚĞƌůĂŶĚ͘KĨĨĞƌŝŶŐϯ͕ϲϴϯĂĐƌĞƐŽĨ ƚĞƌƌĂŝŶĂŶĚϳϭƌƵŶƐĨŽƌĂůůƐŬŝůůůĞǀĞůƐ͕DŽƵŶƚĂĐŚĞůŽƌŝƐĨĂŵŽƵƐĨŽƌŝƚƐĚƌLJƐŶŽǁĂŶĚďůƵĞƐŬŝĞƐ͘/ƚŚĂƐďĞĞŶƌĂƚĞĚĂdŽƉϯϬ>ŝƐƚƌĞƐŽƌƚ ďLJ^ŬŝDĂŐĂnjŝŶĞĂŶĚĨƌĞƋƵĞŶƚůLJŚŽƐƚƐŶĂƚŝŽŶĂůͲůĞǀĞůĞǀĞŶƚƐ͘&ŽƌǁĂƌŵĞƌǁĞĂƚŚĞƌƐƉŽƌƚƐĞŶƚŚƵƐŝĂƐƚƐ͕ĞŶĚŝƐŽĨƚĞŶƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ ͞WĂůŵ^ƉƌŝŶŐƐŽĨƚŚĞEŽƌƚŚ͟ĂŶĚŝƐŚŽŵĞƚŽĨŽƵƌŽĨ'ŽůĨŝŐĞƐƚ͛ƐdŽƉϮϬϬŐŽůĨĐŽƵƌƐĞƐ͘tŝƚŚƐŝdžŚŝŐŚůLJĂĐĐůĂŝŵĞĚŐŽůĨƌĞƐŽƌƚƐĂŶĚϯϬ ĐŽƵƌƐĞƐǁŝƚŚŝŶĂƐŚŽƌƚĚŝƐƚĂŶĐĞĨƌŽŵĞŶĚ͕ƚŚĞĂƌĞĂŝƐĂŚĂǀĞŶĨŽƌŐŽůĨĞƌƐŽĨĂůůůĞǀĞůƐ͘ 

dZE^WKZdd/KE 

ŽŵŵĞƌĐŝĂůŝƌ͕'ĞŶĞƌĂůǀŝĂƚŝŽŶ͕ĂŶĚ&ƌĞŝŐŚƚ^ĞƌǀŝĐĞƐ

ŽŵŵĞƌĐŝĂůŝƌƉŽƌƚ ZĞĚŵŽŶĚDƵŶŝĐŝƉĂůŝƌƉŽƌƚ;ZD͖ǁǁǁ͘ĨůLJƌĚŵ͘ĐŽŵͿƉƌŽǀŝĚĞƐĚĂŝůLJĐŽŵŵĞƌĐŝĂůĂŝƌƐĞƌǀŝĐĞƚŽĞŶǀĞƌ͕>ŽƐŶŐĞůĞƐ͕WŚŽĞŶŝdž;ďĞŐŝŶŶŝŶŐ :ƵŶĞϮϬϭϲͿWŽƌƚůĂŶĚ͕^Ăůƚ>ĂŬĞŝƚLJ͕^ĂŶ&ƌĂŶĐŝƐĐŽ͕ĂŶĚ^ĞĂƚƚůĞǀŝĂĨŽƵƌĐĂƌƌŝĞƌƐ;ůĂƐŬĂ͕ŵĞƌŝĐĂŶ͕ĞůƚĂ͕ĂŶĚhŶŝƚĞĚͿĨƌŽŵŝƚƐƐůĞĞŬŵŽĚͲ ĞƌŶƚĞƌŵŝŶĂů͘ƐƐŚŽǁŶďĞůŽǁ͕ƚŚĞŶƵŵďĞƌŽĨĞŶƉůĂŶĞŵĞŶƚƐƌĞĂĐŚĞĚϮϴϴ͕ϳϮϰŝŶϮϬϭϱ͘  dŚĞŝƌƉŽƌƚŝƐĂůƐŽŚŽŵĞƚŽƚŚĞh^&ŽƌĞƐƚ^ĞƌǀŝĐĞZĞĚŵŽŶĚŝƌĞŶƚĞƌ͕ĂƐĐĂĚĞǀŝĂƚŝŽŶDĂŶĂŐĞŵĞŶƚ͕>ŝĨĞ&ůŝŐŚƚ͕ƵƚůĞƌǀŝĂƚŝŽŶ͕ >ĞƐ^ĐŚǁĂď͕ŽŶŶĞǀŝůůĞWŽǁĞƌ͕ZŶƚĞƌƉƌŝƐĞƐ͕>ĂŶĐĂŝƌ͕ĂŶĚ,ĞŶĚĞƌƐŽŶǀŝĂƚŝŽŶ͘ZDĂůƐŽƉƌŽǀŝĚĞƐĂŝƌĐĂƌŐŽƐĞƌǀŝĐĞƐĂŶĚŚŽƐƚƐŐĞŶͲ ĞƌĂůĂǀŝĂƚŝŽŶƚƌĂĨĨŝĐ͕ŝŶĐůƵĚŝŶŐĞdžƚĞŶƐŝǀĞĐŽƌƉŽƌĂƚĞĂŶĚďƵƐŝŶĞƐƐƚƌĂǀĞů͘&ĞĚdž͕hŶŝƚĞĚWĂƌĐĞů^ĞƌǀŝĐĞ͕ĂŶĚƚŚĞh^W^ƉƌŽǀŝĚĞĂŝƌĨƌĞŝŐŚƚĂŶĚ ƉĂĐŬĂŐĞĞdžƉƌĞƐƐƐĞƌǀŝĐĞƐ͘  dŚĞĞŶĚDƵŶŝĐŝƉĂůŝƌƉŽƌƚ͕ŽǁŶĞĚĂŶĚŵĂŶĂŐĞĚďLJƚŚĞŝƚLJŽĨĞŶĚ͕ŝƐůŽĐĂƚĞĚũƵƐƚŽƵƚƐŝĚĞƚŚĞĞŶĚĐŝƚLJůŝŵŝƚƐŝŶĞƐĐŚƵƚĞƐŽƵŶƚLJ͘ dŚĞϰϭϱͲĂĐƌĞĂŝƌƉŽƌƚŚĂƐĂƐŝŶŐůĞϱ͕ϮϬϬͲĨŽŽƚƌƵŶǁĂLJǁŝƚŚƉĂƌĂůůĞůĨƵůůͲůĞŶŐƚŚƚĂdžŝǁĂLJƐŽŶƚŚĞĞĂƐƚĂŶĚǁĞƐƚƐŝĚĞƐĂƐǁĞůůĂƐĂǀĞƌƚŝĐĂů ƚĂŬĞŽĨĨŚĞůŝƉŽƌƚǁŝƚŚŝƚƐŽǁŶĚĞĚŝĐĂƚĞĚĂŝƌƐƉĂĐĞĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ƚŽƚĂůŽĨϳϳƐĞƉĂƌĂƚĞƐƚƌƵĐƚƵƌĞƐƌĞƐŝĚĞĂƚƚŚĞĂŝƌƉŽƌƚ͕ϭϱĐŝƚLJͲŽǁŶĞĚ ĂŶĚϲϮƉƌŝǀĂƚĞůLJŽǁŶĞĚǁŝƚŚŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶŽĐĐƵƌƌŝŶŐ͘dŚĞƌĞĂƌĞĐƵƌƌĞŶƚůLJϭϱďƵƐŝŶĞƐƐĞƐůŽĐĂƚĞĚĂƚƚŚĞĂŝƌƉŽƌƚ͘ŝƌĐƌĂĨƚŵĂŶƵĨĂĐƚƵƌͲ ŝŶŐ͕ĂŝƌĐƌĂĨƚƉĂƌƚƐŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ĨŝdžĞĚǁŝŶŐĂŶĚŚĞůŝĐŽƉƚĞƌĨůŝŐŚƚƚƌĂŝŶŝŶŐĐŽŵƉƌŝƐĞƚŚĞŐƌĞĂƚĞƐƚĐŽŵŵĞƌĐŝĂůĂĐƚŝǀŝƚLJĂƚƚŚĞĂŝƌƉŽƌƚ͘dŚĞ



 

WĂŐĞϭϱ





8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


ĂŝƌƉŽƌƚƐƵƉƉŽƌƚƐŽǀĞƌϰϬϬũŽďƐĂŶĚĚŝƐƚƌŝďƵƚĞƐĂƉƉƌŽdžŝŵĂƚĞůLJΨϭϳŵŝůůŝŽŶŝŶƉĂLJƌŽůůĨƌŽŵĂŝƌƉŽƌƚďƵƐŝŶĞƐƐĞƐ͘dŚĞƌĞŝƐĂǀĂŝůĂďůĞƌĞĂĚLJƚŽ ďƵŝůĚĚŝƌƚĂƚƚŚĞĂŝƌƉŽƌƚĨŽƌďƵƐŝŶĞƐƐĞƐǁŝƚŚĂŶĂǀŝĂƚŝŽŶĨŽĐƵƐ͘

DŽƚŽƌ&ƌĞŝŐŚƚ h^,ŝŐŚǁĂLJϵϳƉĂƐƐĞƐƚŚƌŽƵŐŚĞŶĚĂŶĚŝƐĂŵĂũŽƌŶŽƌƚŚͲƐŽƵƚŚĨƌĞŝŐŚƚ ƌŽƵƚĞ͕ĐŽŶŶĞĐƚŝŶŐĂůŝĨŽƌŶŝĂĂŶĚtĂƐŚŝŶŐƚŽŶ͘,ŝŐŚǁĂLJ ϵϳ ĞĂƐƚͲǁĞƐƚĐŽŶŶĞĐƚŝŽŶƐĂƌĞŵĂĚĞǀŝĂ/Ͳϴϰ͕ũŽŝŶŝŶŐWŽƌƚůĂŶĚƚŽŽŝƐĞĂŶĚƉŽŝŶƚƐĞĂƐƚ͘^ƚĂƚĞ,ŝŐŚǁĂLJϮϬĂůƐŽƉĂƐƐĞƐƚŚƌŽƵŐŚĞŶĚŽĨĨĞƌͲ ŝŶŐ ĂŶ ĞĂƐƚ ĂŶĚ ǁĞƐƚ ƌŽƵƚĞ ĂĐƌŽƐƐ ƚŚĞ ƐƚĂƚĞ͘ dŚĞƌĞ ĂƌĞ ĞŝŐŚƚ ƌĞŐŝŽŶĂů ƚƌƵĐŬŝŶŐ ĨŝƌŵƐ ďĂƐĞĚ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ ĂŶĚ ĨŝǀĞ ŶĂƚŝŽŶǁŝĚĞ ůŽŶŐͲŚĂƵůĐĂƌƌŝĞƌƐƐĞƌǀŝŶŐƚŚĞĂƌĞĂ͘DŽƚŽƌĨƌĞŝŐŚƚŝŵƉŽƌƚƐĐĂŶĞdžĐĞĞĚĞdžƉŽƌƚƐ͕ƌĞƐƵůƚŝŶŐŝŶĂƚƚƌĂĐƚŝǀĞĨƌĞŝŐŚƚƌĂƚĞƐĨŽƌƐŚŝƉƉŝŶŐĨƌŽŵ ĞŶƚƌĂůKƌĞŐŽŶ͘



ZĂŝů^ĞƌǀŝĐĞƐ ƵƌůŝŶŐƚŽŶEŽƌƚŚĞƌŶͶ^ĂŶƚĂ&Ğ;E^&ͿĂŶĚhŶŝŽŶWĂĐŝĨŝĐƌĂŝůǁĂLJƐƉƌŽǀŝĚĞĞŶĚĚŝƌĞĐƚƐŚŝƉƉŝŶŐƚŽĂŶLJŵĂƌŬĞƚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ ĂŶĂĚĂ͕ĂŶĚDĞdžŝĐŽ͘DƵůƚŝŵŽĚĂůĨƌĞŝŐŚƚůŽĂĚŝŶŐĂŶĚŽĨĨůŽĂĚŝŶŐĂƌĞƉƌŽǀŝĚĞĚďLJƚŚĞWƌŝŶĞǀŝůůĞZĂŝůǁĂLJ&ƌĞŝŐŚƚĞƉŽƚ ;ǁǁǁ͘ĐŝƚLJŽĨƉƌŝŶĞǀŝůůĞƌĂŝůǁĂLJ͘ĐŽŵͿĂƚŝƚƐĨĂĐŝůŝƚLJŽƵƚƐŝĚĞWƌŝŶĞǀŝůůĞ͘ 

KDDhdd/D

ƌŝǀĞƚŝŵĞƐŝŶĞŶƚƌĂůKƌĞŐŽŶĂƌĞǀĞƌLJŵĂŶĂŐĞĂďůĞ͘DŽƐƚĞŶĚƌĞƐŝĚĞŶƚƐĂůƐŽ ǁŽƌŬŝŶĞŶĚĂŶĚĐĂŶĐŽƵŶƚŽŶĂĐŽŵŵƵƚĞƚŚĂƚĚŽĞƐŶ͛ƚĞdžĐĞĞĚϭϱŵŝŶƵƚĞƐ͘  ,ŽǁĞǀĞƌ͕ƚŚĞdƌŝͲŽƵŶƚLJĂƌĞĂǁŽƌŬĨŽƌĐĞŝƐƌĞŐŝŽŶĂůŝŶŶĂƚƵƌĞ͕ĂŶĚĨŽƌƚŚŽƐĞ ĞŶĚǁŚŽǁŽƌŬŝŶZĞĚŵŽŶĚ͕ƚŚĞĚƌŝǀĞŝƐƵŶĚĞƌϯϬŵŝŶƵƚĞƐ͘ĐĐŽƌĚŝŶŐƚŽh͘^͘ ϮϬϭϬĞŶƐƵƐŝŶĨŽƌŵĂƚŝŽŶ͕ĐŽŵŵƵƚĞƚŝŵĞŝƐƵŶĚĞƌϮϬŵŝŶƵƚĞƐĨŽƌĞƐĐŚƵƚĞƐ ŽƵŶƚLJƌĞƐŝĚĞŶƚƐĂŶĚũƵƐƚŽǀĞƌϮϬŵŝŶƵƚĞƐĨŽƌƌŽŽŬĂŶĚ:ĞĨĨĞƌƐŽŶŽƵŶƚLJ ƌĞƐŝĚĞŶƚƐ͘dŚĂƚ͛ƐƌĞĂƐŽŶĂďůĞŐŝǀĞŶƚŚĞŵŽƌĞƌƵƌĂůŶĂƚƵƌĞĂŶĚƐŵĂůůĞƌƉŽƉƵůĂͲ ƚŝŽŶƐŽĨƚŚĞůĂƚƚĞƌƚǁŽĐŽƵŶƚŝĞƐ͘

 Z/s/E'/^dE^&ZKDE

 tŝƚŚ,ǁLJϵϳƌƵŶŶŝŶŐŶŽƌƚŚƚŽƐŽƵƚŚĂŶĚ,ǁLJϮϬƌƵŶŶŝŶŐĞĂƐƚƚŽǁĞƐƚƚŚƌŽƵŐŚ ĞŶĚ͕ƚƌĂǀĞůĚŝƐƚĂŶĐĞƐƚŽŽƚŚĞƌƉŽŝŶƚƐŝŶĞŶƚƌĂůKƌĞŐŽŶĂƌĞĞĨĨŝĐŝĞŶƚ͕ƚLJƉŝĐĂůůLJ ŶŽŵŽƌĞƚŚĂŶϯϬƚŽϰϬŵŝŶƵƚĞƐŝŶĂŶLJĚŝƌĞĐƚŝŽŶ͘ŶĚWŽƌƚůĂŶĚŝƐĂŶĞĂƐLJƚŚƌĞĞͲ ŚŽƵƌƚƌŝƉ͘KƚŚĞƌŵĂũŽƌtĞƐƚŽĂƐƚĐŝƚŝĞƐͶ^ĞĂƚƚůĞ͕ŽŝƐĞĂŶĚ^ĂŶ&ƌĂŶĐŝƐĐŽͶĂƌĞ ĂůůǁŝƚŚŝŶĂĚĂLJ͛ƐĚƌŝǀĞ͘

 dKWK'ZW,zΘ>/Dd 

^ĞƚŝŶƚŚĞŚĞĂƌƚŽĨKƌĞŐŽŶ͛Ɛ,ŝŐŚĞƐĞƌƚ͕ĞŶĚĞŶũŽLJƐƐŽŵĞŽĨƚŚĞƐƵŶŶŝĞƐƚǁĞĂƚŚĞƌŝŶƚŚĞWĂĐŝĨŝĐEŽƌƚŚǁĞƐƚ͘ZĞĐĞŝǀŝŶŐĂŶĂŶŶƵĂů ĂǀĞƌĂŐĞŽĨϭϭ͘ϳŝŶĐŚĞƐŽĨƉƌĞĐŝƉŝƚĂƚŝŽŶƉĞƌLJĞĂƌ͕ĞŶĚ͛ƐĐůŝŵĂƚĞƚLJƉŝĐĂůůLJĐŽŶƐŝƐƚƐŽĨƐƵŶŶLJĚĂLJƐ͕ůŽǁŚƵŵŝĚŝƚLJ͕ĂŶĚĐŽŽůŶŝŐŚƚƐƚŚĂƚ ĂƌĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐŽĨŝƚƐϯϲϮϯ͛ŚŝŐŚĚĞƐĞƌƚŵŽƵŶƚĂŝŶůŽĐĂůĞ͘^ƵŵŵĞƌƚĞŵƉĞƌĂƚƵƌĞƐĂǀĞƌĂŐĞĂŚŝŐŚŽĨϴϬΣ&ĂŚƌĞŶŚĞŝƚĂŶĚĂůŽǁŽĨϰϭΣ͘ tŝŶƚĞƌƚĞŵƉĞƌĂƚƵƌĞƐƌĂŶŐĞĨƌŽŵĂŶĂǀĞƌĂŐĞŚŝŐŚŽĨϰϲΣƚŽĂŶĂǀĞƌĂŐĞůŽǁŽĨϮϭΣ͘WƌĞĐŝƉŝƚĂƚŝŽŶ͕ŵŽƐƚůLJŝŶƚŚĞĨŽƌŵŽĨƐŶŽǁ͕ŝƐĐŽŶĐĞŶͲ ƚƌĂƚĞĚďĞƚǁĞĞŶEŽǀĞŵďĞƌĂŶĚDĂƌĐŚ͘  ŝƚLJůĞǀĂƚŝŽŶ ^ĞƌǀŝŶŐĂƐƚŚĞĚƌĂŵĂƚŝĐďĂĐŬĚƌŽƉĨŽƌĞŶƚƌĂůKƌĞŐŽŶ͕ ƚŚĞ ĂƐĐĂĚĞ DŽƵŶƚĂŝŶƐ Ɛŝƚ ũƵƐƚ ϯϬ ŵŝůĞƐ ǁĞƐƚ ŽĨ >ĂWŝŶĞ ϰϯϬϬ͛ ĞŶĚ͘ dŚŝƐ ŵŽƵŶƚĂŝŶ ƌĂŶŐĞ ƌĞĐĞŝǀĞƐ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ^ƵŶƌŝǀĞƌ ϰϭϬϬ͛ ŽǀĞƌ ϭϮϬŝŶĐŚĞƐŽĨƉƌĞĐŝƉŝƚĂƚŝŽŶ ĂŶŶƵĂůůLJ ĂŶĚƐŚĞůƚĞƌƐ ĞŶĚ ϯϲϮϯ͛ ƚŚĞ ĞŶĚ ĂƌĞĂ ĨƌŽŵ ŵƵĐŚ ŽĨ ƚŚĞ ŵŽŝƐƚƵƌĞ ƚƌĂǀĞůŝŶŐ ^ŝƐƚĞƌƐ ϯϮϬϬ͛ ĞĂƐƚ͘ ZƵŶŽĨĨ ĨƌŽŵ ƚŚĞ ĂƐĐĂĚĞƐ ĨĞĞĚƐ ŵĂŶLJ ůĂŬĞƐ ĂŶĚ ƌĞƐĞƌǀŽŝƌƐ ĂƌŽƵŶĚ ĞŶƚƌĂů KƌĞŐŽŶ ĂŶĚ ĂůůŽǁƐ ĨŽƌ ĂŶ ZĞĚŵŽŶĚ ϯϬϳϳ͛ ĂďƵŶĚĂŶĐĞ ŽĨ ĨƌĞƐŚ ǁĂƚĞƌ ŝŶ ƚŚĞ ĞŶĚ ĂƌĞĂ͘ >ŽĐĂů ĂƐͲ WƌŝŶĞǀŝůůĞ Ϯϴϲϴ͛ ĐĂĚĞ ƉĞĂŬƐ ƐƵĐŚ ĂƐ DŽƵŶƚ ĂĐŚĞůŽƌ͕ ƚŚĞ dŚƌĞĞ ^ŝƐƚĞƌƐ͕ DĂĚƌĂƐ ϮϮϰϮ͛ ĂŶĚ ,ŽŽĚŽŽ ƵƚƚĞ ŽĨĨĞƌ ĂŵƉůĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ŚŝŬŝŶŐ ĂŶĚƐŶŽǁƐƉŽƌƚƐ͘ tĂƌŵ^ƉƌŝŶŐƐ ϭϱϳϱ͛  

 

WĂŐĞϭϲ





8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


 ĞŶĚ͕KƌĞŐŽŶtĞĂƚŚĞƌWƌŽĨŝůĞ  ǀĞƌĂŐĞ,ŝŐŚ;Σ&Ϳ ǀĞƌĂŐĞ>Žǁ;Σ&Ϳ DĞĂŶ;Σ&Ϳ ǀĞƌĂŐĞWƌĞĐŝƉŝƚĂƚŝŽŶ;ŝŶĐŚĞƐͿ

:ĂŶ ϰϭΣ ϮϰΣ ϯϯΣ ϭ͘ϱ

&Ğď ϰϰΣ ϮϰΣ ϯϰΣ ϭ͘ϭ

DĂƌ ϱϭΣ ϮϴΣ ϯϵΣ Ϭ͘ϴ

Ɖƌ ϱϳΣ ϯϬΣ ϰϰΣ Ϭ͘ϴ

DĂLJ ϲϱΣ ϯϲΣ ϱϭΣ Ϭ͘ϵ

:ƵŶ ϳϮΣ ϰϮΣ ϱϳΣ Ϭ͘ϳ

:Ƶů ϴϮΣ ϰϳΣ ϲϱΣ Ϭ͘ϲ

ƵŐ ϴϭΣ ϰϲΣ ϲϰΣ Ϭ͘ϱ

^ĞƉ ϳϰΣ ϰϬΣ ϱϳΣ Ϭ͘ϰ

KĐƚ ϲϮΣ ϯϯΣ ϰϳΣ Ϭ͘ϲ

EŽǀ ϰϳΣ ϮϴΣ ϯϴΣ ϭ͘ϰ

ĞĐ ϯϵΣ ϮϯΣ ϯϭΣ Ϯ͘Ϯ

^ŽƵƌĐĞ͗h͘^͘ůŝŵĂƚĞĂƚĂ

h^/E^^Z^KhZ^ 

>ŝƐƚĞĚďĞůŽǁŝƐĂƐĂŵƉůŝŶŐŽĨƚŚĞďƌŽĂĚǀĂƌŝĞƚLJŽĨďƵƐŝŶĞƐƐƐƵƉƉŽƌƚŽƌŐĂŶŝnjĂƚŝŽŶƐƐĞƌǀŝŶŐĞŶĚĂŶĚĞŶƚƌĂůKƌĞŐŽŶ͘DŽƌĞƌĞƐŽƵƌĐĞƐ ĂƌĞĂǀĂŝůĂďůĞ͖ĐŽŶƚĂĐƚKĨŽƌĂĐŽŵƉůĞƚĞůŝƐƚŽƌĨŽƌĐƵƐƚŽŵŝnjĞĚĂƐƐŝƐƚĂŶĐĞ͘  KƌŐĂŶŝnjĂƚŝŽŶ ZĞƐŽƵƌĐĞƐ ďŝůŝƚƌĞĞ ͻĚǀŽĐĂĐLJ͕ƚƌĂŝŶŝŶŐĂŶĚũŽďƉůĂĐĞŵĞŶƚĨŽƌƉĞŽƉůĞǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐůŽŽŬŝŶŐ ϱϰϭͲϯϴϴͲϴϭϬϯͮǁǁǁ͘ĂďŝůŝƚƌĞĞ͘ŽƌŐ ĨŽƌĞŵƉůŽLJŵĞŶƚ ĞŶĚϮϬϯϬ ͻsŝƐŝŽŶŝŶŐĂŶĚĐŽŵŵƵŶŝƚLJŝŶǀŽůǀĞŵĞŶƚĨŽƌĞŶĚ͛ƐĨƵƚƵƌĞ ϱϰϭͲϰϮϬͲϴϲϬϯͮǁǁǁ͘ďĞŶĚϮϬϯϬ͘ŽƌŐ ĞŶĚŚĂŵďĞƌŽĨŽŵŵĞƌĐĞ ͻEĞƚǁŽƌŬŝŶŐ͕ŵĂƌŬĞƚŝŶŐ͕ŝŶĨŽƌŵĂƚŝŽŶĂŶĚĞĚƵĐĂƚŝŽŶĨŽƌďƵƐŝŶĞƐƐĞƐ ϱϰϭͲϯϴϮͲϯϮϮϭͮǁǁǁ͘ďĞŶĚĐŚĂŵďĞƌ͘ŽƌŐ ĞŶĚŝŽƐĐŝĞŶĐĞŽŶƐŽƌƚŝƵŵ ͻ EĞƚǁŽƌŬŝŶŐĂŶĚĞĚƵĐĂƚŝŽŶĨŽƌďŝŽƐĐŝĞŶĐĞďƵƐŝŶĞƐƐĞƐ ǁǁǁ͘ďĞŶĚďŝŽ͘ŽƌŐ ƵƐŝŶĞƐƐKƌĞŐŽŶ ͻ^ƚĂƚĞĂƐƐŝƐƚĂŶĐĞǁŝƚŚŝŶĐĞŶƚŝǀĞƐ͕ĐĂƉŝƚĂů͕ŽǀĞƌƐĞĂƐŵĂƌŬĞƚŝŶŐ͕ĂŶĚĞdžƉŽƌƚ ϱϰϭͲϯϭϴͲϳϵϮϯͮǁǁǁ͘ŽƌĞŐŽŶϰďŝnj͘ĐŽŵ ĂƐƐŝƐƚĂŶĐĞ ĞŶƚƌĂůKƌĞŐŽŶŽŵŵƵŶŝƚLJŽůůĞŐĞ ϱϰϭͲϯϴϯͲϳϳϬϬͮǁǁǁ͘ĐŽĐĐ͘ĞĚƵ ĞŶƚƌĂůKƌĞŐŽŶ/ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů ŽƵŶĐŝů ϱϰϭͲϱϬϰͲϯϯϬϲͮǁǁǁ͘ĐŽŝĐ͘ŽƌŐ ŝƚLJŽĨĞŶĚ ϱϰϭͲϯϴϴͲϱϱϮϵͮǁǁǁ͘Đŝ͘ďĞŶĚ͘Žƌ͘ƵƐ ŝƚLJůƵďŽĨĞŶƚƌĂůKƌĞŐŽŶ ϱϰϭͲϲϯϯͲϳϭϲϯͮǁǁǁ͘ĐŝƚLJĐůƵďĐŽ͘ĐŽŵ ŽŶŶĞĐƚt ϱϰϭͲϯϱϬͲϵϭϯϱͮǁǁǁ͘ĐŽŶŶĞĐƚǁ͘ŽƌŐ ĞƐĐŚƵƚĞƐŽƵŶƚLJ ϱϰϭͲϯϴϴͲϲϱϴϰͮǁǁǁ͘ĚĞƐĐŚƵƚĞƐ͘ŽƌŐ

ͻdǁŽͲLJĞĂƌĂƐƐŽĐŝĂƚĞĚĞŐƌĞĞƉƌŽŐƌĂŵƐ ͻdĞĐŚŶŝĐĂůĂŶĚĐƵƐƚŽŵŝnjĞĚƚƌĂŝŶŝŶŐ͕ĐŽŶƚŝŶƵŝŶŐĞĚ͘ĂŶĚƉƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚ ͻŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚƐĞƌǀŝĐĞƐ ͻtŽƌŬĨŽƌĐĞƐŬŝůůƐƚƌĂŝŶŝŶŐ ͻƵƐŝŶĞƐƐůŽĂŶƐĂŶĚŐƌĂŶƚƐ ͻƵƐŝŶĞƐƐĂĚǀŽĐĂĐLJǁŝƚŚĐŝƚLJŐŽǀĞƌŶŵĞŶƚ ͻWůĂŶŶŝŶŐĂŶĚĚĞǀĞůŽƉŵĞŶƚƐĞƌǀŝĐĞƐ ͻŽŵŵƵŶŝƚLJĨŽƌĂŽŶďƵƐŝŶĞƐƐĂŶĚĐŝǀŝĐŝƐƐƵĞƐ  ͻWƌŽĨĞƐƐŝŽŶĂůĂŶĚƉĞƌƐŽŶĂůŐƌŽǁƚŚŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌǁŽŵĞŶ ͻ:ŽďͲĐƌĞĂƚŝŽŶŝŶĐĞŶƚŝǀĞƉƌŽŐƌĂŵŝŶƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚK ͻWůĂŶŶŝŶŐĂŶĚĚĞǀĞůŽƉŵĞŶƚƐĞƌǀŝĐĞƐ

ĞƐĐŚƵƚĞƐ>ŝďƌĂƌLJ ͻƵƐŝŶĞƐƐŝŶĨŽƌŵĂƚŝŽŶĂŶĚƌĞƐĞĂƌĐŚ ϱϰϭͲϲϭϳͲϳϬϴϳͮǁǁǁ͘ĚĞƐĐŚƵƚĞƐůŝďƌĂƌLJ͘ŽƌŐ ͻŽŵƉƵƚĞƌƐĂŶĚŵĞĞƚŝŶŐƐƉĂĐĞĂƚŶŽĐŚĂƌŐĞ ŽǁŶƚŽǁŶĞŶĚƵƐŝŶĞƐƐƐƐŽĐ͘ ͻDĂƌŬĞƚŝŶŐĂŶĚƉƌŽŵŽƚŝŽŶŽĨĚŽǁŶƚŽǁŶďƵƐŝŶĞƐƐĞƐ ϱϰϭͲϳϴϴͲϯϲϮϴͮǁǁǁ͘ĚŽǁŶƚŽǁŶďĞŶĚ͘ŽƌŐ ͻŽŵŵƵŶŝƚLJĞǀĞŶƚƐ;ƌƚtĂůŬ͕ŚƌŝƐƚŵĂƐdƌĞĞ>ŝŐŚƚŝŶŐͿ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚĨŽƌ ͻtŝĚĞƌĂŶŐĞŽĨďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚĂŶĚĂƐƐŝƐƚĂŶĐĞ͗ŝŶĐĞŶƚŝǀĞƉƌŽŐƌĂŵƐ͕ ĐŽŶƐƵůƚĂƚŝŽŶͬĐŽĂĐŚŝŶŐ͕ĐŽŶŶĞĐƚŝŽŶƐƚŽĐĂƉŝƚĂů͕ŚĞůƉĨŝŶĚŝŶŐƐƉĂĐĞ ĞŶƚƌĂůKƌĞŐŽŶ;KͿ ͻĚǀŽĐĂĐLJĨŽƌďƵƐŝŶĞƐƐǁŝƚŚĐŝƚLJ͕ĐŽƵŶƚLJĂŶĚƐƚĂƚĞŐŽǀĞƌŶŵĞŶƚ ϱϰϭͲϯϴϴͲϯϮϯϲͮǁǁǁ͘ĞĚĐŽŝŶĨŽ͘ĐŽŵ ͻEĞƚǁŽƌŬŝŶŐĂŶĚĞĚƵĐĂƚŝŽŶĂůĞǀĞŶƚƐ  ,,ŝŐŚĞƐĞƌƚŶƚĞƌƉƌŝƐĞŽŶƐŽƌƚŝƵŵ ͻ>ĞĂŶƚƌĂŝŶŝŶŐĂŶĚƌĞƐŽƵƌĐĞƐĨŽƌĐŽŶƚŝŶƵŽƵƐŝŵƉƌŽǀĞŵĞŶƚ͕ƉƌŝŵĂƌŝůLJĨŽƌ ϱϰϭͲϯϴϴͲϯϮϯϲdžϭͮǁǁǁ͘ŚŝĚĞĐ͘ŽƌŐ ŵĂŶƵĨĂĐƚƵƌŝŶŐĂŶĚŽĨĨŝĐĞƉƌŽĐĞƐƐĞƐ ,ZƐƐŽĐŝĂƚŝŽŶŽĨĞŶƚƌĂůKƌĞŐŽŶ ͻEĞƚǁŽƌŬŝŶŐĂŶĚƚƌĂŝŶŝŶŐŽŶ,ZͲƌĞůĂƚĞĚƚŽƉŝĐƐ ϱϰϭͲϯϴϮͲϲϵϰϲͮǁǁǁ͘,ZĞŶƚƌĂůKƌĞŐŽŶ͘ŽƌŐ KƉƉŽƌƚƵŶŝƚLJ<ŶŽĐŬƐ ͻ^ƚƌĂƚĞŐLJΘĚŝƐĐƵƐƐŝŽŶĨŽƌĂĨŽƌďƵƐŝŶĞƐƐŽǁŶĞƌƐ͕ĞdžĞĐƐ͕ĂŶĚŬĞLJĞŵƉůŽLJĞĞƐ ͻŽŶĨŝĚĞŶƚŝĂůƉĞĞƌͲƚŽͲƉĞĞƌƉƌŽďůĞŵƐŽůǀŝŶŐ ϱϰϭͲϯϭϴͲϰϲϱϬͮǁǁǁ͘ŽƉƉͲŬŶŽĐŬƐ͘ŽƌŐ



 

WĂŐĞϭϳ





8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


KƌĞŐŽŶŵƉůŽLJĞƌŽƵŶĐŝůĞŶƚƌĂů ϱϰϭͲϰϬϴͲϰϱϱϳͮ ǁǁǁ͘ŽƌĞŐŽŶ͘ŐŽǀͬDW>KzͬK KƌĞŐŽŶDĂŶƵĨ͘džƚĞŶƐŝŽŶWĂƌƚŶĞƌƐŚŝƉ ϱϰϭͲϯϱϬͲϳϰϮϵͮǁǁǁ͘ŽŵĞƉ͘ŽƌŐ

ͻ>ŝĂŝƐŽŶďĞƚǁĞĞŶĞŵƉůŽLJĞƌƐĂŶĚƚŚĞKƌĞŐŽŶŵƉůŽLJŵĞŶƚĞƉĂƌƚŵĞŶƚ ͻŵƉůŽLJĞƌĞĚƵĐĂƚŝŽŶĂďŽƵƚǁŽƌŬƉůĂĐĞŝƐƐƵĞƐ ͻ>ŝŶŬďĞƚǁĞĞŶďƵƐŝŶĞƐƐ͕ĞĚƵĐĂƚŝŽŶ͕ŐŽǀĞƌŶŵĞŶƚ͕ĂŶĚƚŚĞǁŽƌŬĨŽƌĐĞ ͻdƌĂŝŶŝŶŐĨŽƌŵĂŶƵĨĂĐƚƵƌĞƌƐĂŶĚŽƚŚĞƌďƵƐŝŶĞƐƐĞƐŝŶůĞĂĚĞƌƐŚŝƉ͕ǁŽƌŬĨŽƌĐĞ ĞŶŐĂŐĞŵĞŶƚ͕ĂŶĚůĞĂŶŵĂŶƵĨĂĐƚƵƌŝŶŐƉƌŝŶĐŝƉůĞƐ

KƌĞŐŽŶ^ƚĂƚĞhŶŝǀĞƌƐŝƚLJͲĂƐĐĂĚĞƐ ϱϰϭͲϯϮϮͲϯϭϬϬͮǁǁǁ͘ŽƐƵĐĂƐĐĂĚĞƐ͘ĞĚƵ

ͻhŶĚĞƌŐƌĂĚƵĂƚĞĂŶĚŐƌĂĚƵĂƚĞĚĞŐƌĞĞƉƌŽŐƌĂŵƐŝŶǁŝĚĞƌĂŶŐĞŽĨĨŝĞůĚƐ

^ŵĂůůƵƐŝŶĞƐƐĞǀĞůŽƉŵĞŶƚĞŶƚĞƌ ϱϰϭͲϯϴϯͲϳϮϵϬͮǁǁǁ͘ĐŽĐĐ͘ĞĚƵͬƐďĚĐ

ͻEŽĐŽƐƚ͕ĐŽŶĨŝĚĞŶƚŝĂůďƵƐŝŶĞƐƐĂĚǀŝĐĞĨŽƌĞŶƚƌĞƉƌĞŶĞƵƌƐ͕ƐŵĂůůďƵƐŝŶĞƐƐĞƐ ͻůĂƐƐĞƐĂŶĚƌĞƐŽƵƌĐĞƐŝŶŝŶƚĞƌŶĂƚŝŽŶĂůƚƌĂĚĞ͕ŐŽǀĞƌŶŵĞŶƚĐŽŶƚƌĂĐƚŝŶŐ͕ĂŶĚ ŵŽƌĞ ^ĞƌǀŝĐĞŽƌƉƐŽĨZĞƚŝƌĞĚdžĞĐƵƚŝǀĞƐ ͻEŽĐŽƐƚďƵƐŝŶĞƐƐĞĚƵĐĂƚŝŽŶĂŶĚŵĞŶƚŽƌƐŚŝƉ͕ƉĂŝƌŝŶŐƌĞƚŝƌĞĚĞdžĞĐƵƚŝǀĞƐ ϱϰϭͲϯϭϲͲϬϲϲϮͮǁǁǁ͘ĐĞŶƚƌĂůŽƌĞŐŽŶ͘ƐĐŽƌĞ͘ŽƌŐ ǁŝƚŚďƵƐŝŶĞƐƐŽǁŶĞƌƐĂŶĚĨŽƵŶĚĞƌƐ ͻDĂŶLJǀĂůƵĂďůĞƚĞŵƉůĂƚĞƐĂŶĚƚŽŽůƐŽŶŶĂƚŝŽŶĂůǁĞďƐŝƚĞ dĞĐŚůůŝĂŶĐĞ ͻDĞĞƚͲhƉŐƌŽƵƉƐ͕ĞǀĞŶƚƐ͕ĂŶĚĞĚƵĐĂƚŝŽŶĨŽƌƚĞĐŚƉƌŽĨĞƐƐŝŽŶĂůƐ ϱϰϭͲϲϯϵͲϭϱϴϭͮǁǁǁ͘ƚĞĐŚĂůůŝĂŶĐĞĐŽ͘ŽƌŐ ͻ>ŝŶŬďĞƚǁĞĞŶƚĞĐŚĞŶƚƌĞƉƌĞŶĞƵƌƐĂŶĚĐŽŵŵƵŶŝƚLJƐƚĂƌƚƵƉƌĞƐŽƵƌĐĞƐ ͻ>ŽǁͲĐŽƐƚŽĨĨŝĐĞƐƉĂĐĞƚŚĂƚĨŽƐƚĞƌƐĐŽůůĂďŽƌĂƚŝŽŶďĞƚǁĞĞŶƚĞŶĂŶƚƐ sŽĐĂƚŝŽŶĂůZĞŚĂď ͻŵƉůŽLJŵĞŶƚƐĞƌǀŝĐĞƐĂŶĚĂĚǀŽĐĂĐLJĨŽƌƉĞŽƉůĞǁŝƚŚĚŝƐĂďŝůŝƚŝĞƐ ϱϰϭͲϯϴϴͲϲϯϯϲͮǁǁǁ͘ŽƌĞŐŽŶ͘ŐŽǀͬĚŚƐͬǀƌ ͻ&ƌĞĞĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚďƵƐŝŶĞƐƐĞƐĂďŽƵƚĞŵƉůŽLJŵĞŶƚŶĞĞĚƐ tŽƌŬƐŽƵƌĐĞĞŶĚ ;KƌĞŐŽŶŵƉůŽLJŵĞŶƚĞƉĂƌƚŵĞŶƚͿ ϱϰϭͲϯϴϴͲϲϬϳϱͮǁǁǁ͘ǁŽƌŬƐŽƵƌĐĞŽƌĞŐŽŶ͘ŽƌŐ

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