Page 1

62708 Mt. Thielsen Drive

Presented by:

Pete Van Deusen 541-480-3538 petevandeusen@kw.com www.beckpropertygroup.com


Property Description Unique custom home in Three Pines! This open floor plan is light and bright with attention to detail around every corner. Property has extensive landscaping, trellis, composite decking, custom railings, privacy panel fencing and hot tub. Interior features custom barn wood flooring, solid surface counters, mosaic tile shower, heated floors, custom cabinetry, Jenn Air stainless appliances and a Lopi wood burning stove. A must see!


Features


Features List Exterior:            

Established community with common area with access to Shevlin Park Extensive landscaping Trellis Metal and cable railings Privacy panel fencing Composite decking Hardi plank siding Composite and metal roofing Invisible dog fence Concrete patios French doors Oversized garage doors with openers 900 sq. ft.

Interior:                     

Barn wood hardwood floors (to be refinished for new owner) Office/den Knotty alder doors Metal railings Wood windows Walk in shower with Italian mosaic tile Heated tile floors (master bathroom) Solid surface counter tops Custom cabinetry and built ins Jenn Air stainless steel appliances Butler’s pantry Ceiling fan Security system Lopi wood burning stove Copper sink in powder room Theater room wired for home entertainment center Central vacuum (two hoses) Unique lighting Timer and outlets for Christmas lighting Oversized garage with lots of storage (shelving included) Forced air HVAC (natural gas)


Maps


Parcel ID: 254088 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.


Property Summary


Deschutes County Parcel Information

Parcel Information

Assessment Information

Parcel #: 254088 Tax Lot: 171126AA02100 Record Type: Residential

Market Value Land:

$162,130.00

Market Value Impr:

$497,550.00

Market Value Total:

$659,680.00

Assessed Value:

$477,500.00

Site Address: 62708 Mt Thielsen Dr Bend OR 97703 - 5792 Owner: Thorgeirsson, Linda & Seidel, Michael W

Tax Information Levy Code Area: 1-001

Owner Address: 62708 Mt Thielsen Dr

Levy Rate: 15.5166

Bend OR 97703 - 5792

Tax Year: 2017

Twn/Range/Section: 17S / 11E / 26 / NE

Annual Tax: $7,409.18

Parcel Size: 0.23 Acres (10,019 SqFt)

Legal

Plat/Subdivision: Three Pines Pud Ph 7 8 9 And 10 Lot: 62

THREE PINES PUD PHASES 7 8 9 AND 10 Lot: 62

Block: Census Tract/Block: 001300 / 1047 Waterfront:

Land County Land Use: 101 - Residential - Improved (typical of class) Zoning: RS - Residential Standard Density

Land Use Std: RSFR - SINGLE FAMILY RESIDENCE Neighborhood: 001

Watershed: Tumalo Creek

School District: 1 Bend - La Pine School District

Improvement Year Built: 2015

Finished Area: 2,894 SqFt

1st Floor: 1,910 SqFt

Bedrooms: 3

Attic Finished Area: 0 SqFt

2nd Floor: 0 SqFt

Bathrooms: 2.5

Bsmt Finished Area: 984 SqFt

FirePlace: 1

Full/Half Baths: 2 / 1

Garage: 900 SqFt

Carport: 0 SqFt

Transfer Information Loan Date: 12/7/2017 Loan Type: Rec. Date: 10/7/2014

Loan Amt: $280,440.00 Finance Type: Sale Price:

Buyer: THORGEIRSSON,LINDA Loan Date: 10/6/2014

Sale Price:

Doc Num: 0000048782

Doc Type: Trust DeedDeed of Trust

Lender: BOFI FED'L BK Doc Num: 0000033553

Doc Type: Quit Claim

Seller: THORGEIRSSON,LINDA Doc Num: 2014-33553

Doc Type: BARGAIN & SALE

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: 3/16/2018 11:29:21 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 THORGEIRSSON, LINDA & SEIDEL, MICHAEL W Map and Taxlot: 171126AA02100

Ownership Mailing Address:

Mailing Name:

THORGEIRSSON, LINDA & SEIDEL, MICHAEL W 62708 MT THIELSEN DR

Account: Tax Status:

254088 Assessable

Situs Address:

62708 MT THIELSEN DR, BEND, OR 97703

BEND, OR 97703 Valuation

Property Taxes

Real Market Values as of Jan. 1, 2017

Current Tax Year: $7,409.18 Tax Code Area:

1001

Assessment

Land

$162,130

Structures

$497,550

Total

$659,680

Current Assessed Values:

Subdivision: THREE PINES PUD PHASES 7 8 9 AND 10

Maximum Assessed

$477,500

Block:

Assessed Value

$477,500

Assessor Acres: 0.23 Property Class: 101 -- RESIDENTIAL

Veterans Exemption

Lot:

62

Warnings, Notations, and Special Assessments Review of digital records maintained by the Deschutes County Assessor’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 $133,680 $0 $133,680

2014 - 2015 $121,650 $0 $121,650

2015 - 2016 $141,110 $0 $141,110

2016 - 2017 $162,130 $497,550 $659,680

2017 - 2018 $162,130 $497,550 $659,680

$140,950 $133,680 $0

$140,950 $121,650 $0

$140,950 $140,950 $0

$463,600 $463,600 $0

$477,500 $477,500 $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

11-14-2017

11-14-2017

$7,186.90

($7,409.18)

$222.28

$0.00

$0.00

2017

11-15-2017

IMPOSED

10-13-2017

11-15-2017

$0.00 Total:

$7,409.18 $0.00

$0.00

$0.00

$0.00

2016

11-15-2016

PAYMENT

11-14-2016

11-14-2016

$6,853.71

($7,065.68)

$211.97

$0.00

$0.00

2016

11-15-2016

IMPOSED

10-13-2016

11-15-2016

$0.00 Total:

$7,065.68 $0.00

$0.00

$0.00

$0.00

2015

11-15-2015

PAYMENT

11-16-2015

11-15-2015

$2,029.92

($2,092.70)

$62.78

$0.00

$0.00

2015

11-15-2015

IMPOSED

10-14-2015

11-15-2015

$0.00 Total:

$2,092.70 $0.00

$0.00

$0.00

$0.00

Sales History Sale Date

Seller

Buyer

10/06/2014

THORGEIRSSON, LINDA

THORGEIRSSON, LINDA & SEIDEL, MICHAEL W

04/29/2013

JIVANJEE ARCHITECT PC

THORGEIRSSON, LINDA

02/28/2007

THREE PINES DEVELOPMENT JIVANJEE ARCHITECT PC LLC

Sale Amount $0 $95,750 $0

Recording Instrument

Sale Type

08-GRANTOR/GRANTEE ARE 2014-33553 THE SAME 24-CONFIRMED SALE NOT 2013-17926 USABLE IN RATIO STUDY 06-GRANTEE IS RELATED/FRIENDS/BUSINES 2007-12327 S ASSOCIATES

Structures Stat Class/Description

Improvement Description

152 - RESIDENCE: One story with basement

SF per plans, interior best estimate

Floor Description FIRST FLOOR Rooms

Code Area 1001 Sq Ft 1,910

Inventory

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

Year Built Total Sq Ft 2015

2,894

Type of Heating


LIVING ROOMS

1

DINING ROOMS

1

KITCHENS

1

BEDROOMS

1

BATHROOMS

1.5

FIREPLACES

1

DENS

1

OTHER ROOMS

1

Floor Description BASEMENT Rooms BEDROOMS

2

BATHROOMS

1

BONUS ROOMS

1

UTILITY ROOMS

1

Sq Ft 984

Type of Heating

Sq Ft 900

Type of Heating

Inventory

Floor Description GARAGE Rooms BATHROOMS

0

Inventory AUTOMATIC DOOR OPENER

2

COMP HVY - ROOF COVER

Accessory Description

Sq Ft

CONCRETE-PAVING

1,585

DECK COVER - GOOD

900

Quantity

480

Land Characteristics Land Description

Acres

Urban Lot

0.23

Land Classification

Ownership Ownership Percentage

Name Type

Name

Ownership Type

OWNER

THORGEIRSSON, LINDA

OWNER

100.00%

OWNER

SEIDEL, MICHAELW

OWNER

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

SCHOOL DISTRICT ELEMENTARY SCHOOL ATTENDANCE AREA MIDDLE SCHOOL ATTENDANCE AREA HIGH SCHOOL ATTENDANCE AREA EDUCATION SERVICE TAX DISTRICT

BEND - LA PINE SCHOOL DISTRICT WILLIAM E. MILLER ELEMENTARY SCHOOL

(541) 355-1000

520 NW WALL ST, BEND, OR 97703

(541) 355-2500

300 NW CROSBY DR, BEND, OR 97701

PACIFIC CREST MIDDLE SCHOOL

(541) 355-7800

3030 NW ELWOOD LANE, BEND, OR 97703

SUMMIT HIGH SCHOOL

(541) 355-4000

2855 NW CLEARWATER DR, BEND, OR 97703

HIGH DESERT EDUCATION SERVICE DISTRICT

(541) 693-5600

145 SE SALMON AVE, REDMOND, OR 97756

Deschutes County Property Information Report, page 3 (For Report Disclaimer see page 1)


COLLEGE TAX DISTRICT PARK & RECREATION DISTRICT GARBAGE & RECYCLING SERVICE

CENTRAL OREGON COMMUNITY COLLEGE

(541) 383-7700

2600 NW COLLEGE WAY, BEND, OR 97703

BEND PARK & RECREATION DISTRICT (541) 389-7275

799 SW COLUMBIA ST, BEND, OR 97702

BEND GARBAGE & RECYCLING

20835 NE MONTANA WAY, BEND, OR 97709

(541) 382 - 2263

Development Summary Planning Jursidiction: Urban Growth Boundary:

Bend

Jurisdiction

City Zoning Description

Bend

Bend

RS

Urban Reserve Area:

No

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

RESIDENTIAL STANDARD DENSITY BEND UGB


STATEMENT OF TAX ACCOUNT DESCHUTES COUNTY TAX COLLECTOR DESCHUTES SERVICES BUILDING BEND OR 97703 (541) 388-6540 16-Mar-2018 THORGEIRSSON, LINDA & SEIDEL, MICHAEL W 62708 MT THIELSEN DR BEND, OR 97703 Tax Account # Account Status Roll Type Situs Address

254088 A Real 62708 MT THIELSEN DR BEND 97703

Lender Name LTS - BANK OF INTERNET Loan Number 1001 Property ID Interest To Mar 16, 2018

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

Tax Type 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

Deschutes County Property Information Report, page 5 (For Report Disclaimer see page 1)

Or iginal Due $7,409.18 $7,065.68 $2,092.70 $1,804.72 $1,969.72 $1,773.71 $1,501.69 $1,956.88 $2,097.59 $2,026.75 $1,931.13

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


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 171126-AA-02100 101 62708 MT THIELSEN DR BEND THREE PINES PUD PHASES 7 8 62

THORGEIRSSON, LINDA & SEIDEL, MICHAEL W 62708 MT THIELSEN DR BEND, OR 97703 VALUES: REAL MARKET (RMV) LAND STRUCTURES TOTAL RMV

LAST YEAR

THIS YEAR

162,130 497,550 659,680

162,130 497,550 659,680

MAXIMUM ASSESSED VALUE

463,600

477,500

TOTAL ASSESSED VALUE

463,600

477,500

EXEMPTIONS NET TAXABLE:

0 463,600

0 477,500

TOTAL PROPERTY TAX:

7,065.68

7,409.18

ACCOUNT NO: 254088

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

2,251.27 45.60 293.19 2,590.06

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:

589.90 259.95 482.04 10.65 170.99 1,324.78 95.50 43.50 16.24 694.52 3,688.07

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:

85.42 79.07 353.21 346.19 209.57 57.59 1,131.05

This is your copy and not a bill if your mortgage company is responsible for paying your taxes. This statement was sent to: BANK OF INTERNET 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 4,840.66 7,186.90

7,186.90

2,469.73 7,310.39

2017 - 2018 TAX ( Befor e Discount ) Tr imester Option 2,469.73 2,469.73 2,469.72 7,409.18

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

PLEASE RETURN THIS PORTION WITH YOUR PAYMENT

2017 - 2018PROPERTY TAXES PAYMENT OPTIONS Full Payment Enclosed or 2/3 Payment Enclosed or 1/3 Payment Enclosed

Discount

Date Due

Amount

Date Due

05/15/18

2,469.73

05/15/18

2,469.72

DISCOUNT IS LOST & INTEREST APPLIES AFTER DUE DATE

ACCOUNT NO. 254088 Amount

02/15/18

Date Due

2,469.73

Amount

11/15/17 11/15/17

7,186.90 4,840.66

11/15/17

2,469.73

Mailing address change on back Enter Payment Amount

MAKE PAYMENT TO: 4210 - 019883 - 718690 THORGEIRSSON, LINDA & SEIDEL, MICHAEL W 62708 MT THIELSEN DR BEND, OR 97703

7,186.90 Tear Her e

DESCHUTES COUNTY REAL

3% 2% 0%

7,409.18

$

DESCHUTES COUNTY TAX COLLECTOR

0 9Disclaimer 1 0 0 0 0see 2 5page 4 0 81)8 0 0 0 0 2 4 6 9 7 3 0 0 0 0 4 8 4 0 6 6 0 0 0 0 7 1 8 6 9 0 6 Deschutes County Property Information Report, page 6 (For Report


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


Property Disclosures


Zoning


Neighborhood Information


     

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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

rail sT

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

. RD



Cascade Middle School



Central Oregon Canal Trail

rT ra

Tra

DESCHUTES MKT. RD.

HAMBY RD.

Gardenside Park

Hansen Park

Larkspur Park

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River Canyon Park

Last boat takeout before Class IV whitewater below

Elk Meadow Elementary

Hollygrape Park

Sun Meadow Park

Approx. 1 Mile



FERGUSON RD.

RE Jewell Elementary School

BEND PARKWAY

Pine Ridge Elementary

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3RD ST.



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 High Desert Middle School

Wildflower Park

15TH ST.

River Rim Park

Pinewood Natural Area

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Alpine Park

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

Bend Senior Center

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Kiwanis Park

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Blakely Park

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BEAR CREEK RD.

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District Office

 Bear Creek

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9TH ST.

E. Park & AV Recreation

Jaycee Park

BEND PARKWAY

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Old Mill District

Les Schwab Amphitheater

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Park Services Center

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Pilot Butte Park

 Bend High School

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Deschutes River Trail

Columbia Park

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Pilot Butte Middle School

Juniper Elementary

27TH ST.

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Larkspur Trail



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Overturf Park

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Marshall High School

Pacific Park

 Buckingham Elementary

Mt. View Park Al Moody Park

OLNEY

Highland School

Westside Village School

Pioneer Park

Ensworth Elementary

Hollinshead Park D

Orchard Park

15TH ST.





Sunset View Park

Stover Park

3RD ST.

NEWPORT

WALL ST.

PORTLAND

Compass Park

Summit High School

NW 12TH.

Lewis & Clark Park

Mt. View High School

Riverview Park

First St. Rapids Park

D Hillside II Park

Elementary School

N DR.

SUMMIT DR.

 High Lakes

M Miller Elementary Elem SSchool



MA

27TH ST.

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BOND ST.

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Mirada Park

Canal Row Park

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COCC & OSU Cascades Campus

Discovery Trail

BEND RIVER PROMENADE

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D Pine Nursery Park

HAMBY RD.

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Quail Park

Covered Bridge

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Sylvan Park

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YEOMAN RD.



Lava Ridges Natural Area

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Archie Briggs Canyon

KIRKALDY CT. (NO PUBLIC PARKING)





97

Lava Ridge Elementary School

Cascade Village Shopping Center

(Gopher Gulch: Future Park No Public Access)

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

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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

RD .

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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.

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OLD MILL REACH

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

Arch ie Can Briggs yon Traili

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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

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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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ĞŶĚͶKƌĞŐŽŶ͛ƐůĂƌŐĞƐƚĐŝƚLJĞĂƐƚŽĨƚŚĞĂƐĐĂĚĞƐͲͲŝƐƚŚĞĐŽŵŵĞƌĐŝĂů͕ƌĞĐƌĞĂƚŝŽŶĂů͕ƐŽĐŝĂů͕ĂŶĚŝŶŶŽǀĂͲ ƚŝŽŶŚƵďŽĨĞŶƚƌĂůKƌĞŐŽŶ͕ĐŽŵďŝŶŝŶŐďŝŐͲĐŝƚLJĂŵĞŶŝƚŝĞƐ;Ăƌƚ͕ĐƵůƚƵƌĞ͕ĨŝŶĞĚŝŶŝŶŐ͕ĂŶĚŵĞĚŝĐĂůĨĂĐŝůŝƚŝĞƐͿ ǁŝƚŚƐŵĂůůͲƚŽǁŶůŝǀŝŶŐ;ƐŚŽƌƚĐŽŵŵƵƚĞƐ͕ƌĞĂůŶĞŝŐŚďŽƌŚŽŽĚƐ͕ĂŶĚůŽǁĞƌĐŽƐƚƐŽĨůŝǀŝŶŐͿ͕ĂůůǁƌĂƉƉĞĚ ŝŶƐĐĞŶĞƌLJ͕ƐƵŶƐŚŝŶĞ͕ĂŶĚLJĞĂƌͲƌŽƵŶĚĨƵŶ͘  ĞŶĚ͛ƐĞĐŽŶŽŵLJŝƐĚĞĨŝŶĞĚďLJĚLJŶĂŵŝƐŵ͕ĞŶƚƌĞƉƌĞŶĞƵƌƐŚŝƉ͕ĂŶĚĚŝǀĞƌƐĞďƵƐŝŶĞƐƐĞƐƚŚĂƚƐƉĂŶŵĂŶLJ ƐĞĐƚŽƌƐ͘ DĂŶƵĨĂĐƚƵƌŝŶŐͶůŽŶŐ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ ĞĐŽŶŽŵŝĐ ĐŽƌĞͲͲŶŽǁ ƐŚĂƌĞƐ ƚŚĞ ůŝŵĞůŝŐŚƚ ǁŝƚŚ ƐŽĨƚǁĂƌĞ ĂŶĚ ŚŝŐŚ ƚĞĐŚ͕ ĐƌĂĨƚ ďƌĞǁŝŶŐ͕ ďŝŽƐĐŝĞŶĐĞ͕ ƌĞĐƌĞĂƚŝŽŶĂů ƉƌŽĚƵĐƚƐ͕ ĂǀŝĂƚŝŽŶͲƌĞůĂƚĞĚ ĞŶƚĞƌƉƌŝƐĞƐ͕ ĚŝƐƚŝůůŝŶŐ ŽƉĞƌĂƚŝŽŶƐ͕ ĨŽŽĚ ƉƌŽĚƵĐƚŝŽŶ͕ ĂŶĚ͕ ŽĨ ĐŽƵƌƐĞ͕ ƚŽƵƌŝƐŵ͘ ĚĚ ŝŶ ĞŶĚ͛Ɛ ƐŬŝůůĞĚ ǁŽƌŬĨŽƌĐĞ͕ ĂƚƚƌĂĐƚŝǀĞ ŝŶĐĞŶƚŝǀĞ ƉĂĐŬĂŐĞƐ͕ ĐŽŵƉĞƚŝƚŝǀĞ ƚĂdž ĞŶǀŝƌŽŶŵĞŶƚ͕ ƌŽďƵƐƚ ŝŶĨƌĂͲ ƐƚƌƵĐƚƵƌĞ ĂŶĚLJŽƵ͛ǀĞŐŽƚƵŶƌŝǀĂůĞĚƋƵĂůŝƚLJŽĨ ůŝĨĞ ĂŶĚďƵƐŝŶĞƐƐŽƉƉŽƌƚƵŶŝƚLJ͘Ɛ ĂƌĞƐƵůƚ͕ƚŚĞ ĞŶĚͲZĞĚŵŽŶĚ D^ ǁĂƐ ĐƌŽǁŶĞĚ ƚŚĞ DŝůŬĞŶ /ŶƐƚŝƚƵƚĞΖƐ Ηηϭ h͘^͘ ĞƐƚͲWĞƌĨŽƌŵŝŶŐ ^ŵĂůůŝƚLJΗĨŽƌϮϬϭϲ͘  dŚŝƐ ĞŶĚĐŽŶŽŵŝĐ WƌŽĨŝůĞ͕ ǁŝƚŚ ŝƚƐ ŬĞLJ ďƵƐŝŶĞƐƐĚĞŵŽŐƌĂƉŚŝĐƐ͕ƐŚŽǁƐ ǁŚLJ ĞŶĚŝƐĂ ϭ ƉƌĞŵŝĞƌĚĞƐƚŝŶĂƚŝŽŶĨŽƌŵŽǀŝŶŐ͕ƐƚĂƌƚŝŶŐ͕ŽƌŐƌŽǁŝŶŐĂďƵƐŝŶĞƐƐ͘    

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ĞŶĚŚĂƐĂƚŽƚĂůŽĨϭ͕ϳϯϱĂĐƌĞƐnjŽŶĞĚ ĨŽƌŝŶĚƵƐƚƌŝĂůƵƐĞ͕ϳϬϱĂĐƌĞƐnjŽŶĞĚ ĨŽƌŵŝdžĞĚƵƐĞ͕ĂŶĚ ϭ͕ϲϱϳĨŽƌĐŽŵŵĞƌĐŝĂůƵƐĞ͘dŚĞŝƚLJŝƐƵŶĚĞƌŐŽŝŶŐĂŶhƌďĂŶ'ƌŽǁƚŚŽƵŶĚĂƌLJ;h'ͿĞdžƉĂŶƐŝŽŶ ƉƌŽĐĞƐƐƚŚĂƚǁŝůůďƌŝŶŐĂĚĚŝƚŝŽŶĂůƉƌŽƉĞƌƚLJŝŶƚŽƚŚĞĐŝƚLJďŽƵŶĚĂƌLJ͘dŚĞƉƌŽĐĞƐƐŝƐŽŶŐŽŝŶŐĂŶĚ ƐŝŐŶŝĨŝĐĂŶƚŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶǁŝůůďĞůŝŵŝƚĞĚƵŶƚŝůƚŚĞƉƌŽĐĞƐƐĂŶĚŶĞǁŐƌŽǁƚŚďŽƵŶĚĂƌLJĂƌĞĨŝŶĂů͘

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dKWDW>KzZ^

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

 

  

WĂŐĞϱ





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  

 

WĂŐĞϳ





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^͘

,Kh^/E'K^d^

ǀĞƌĂŐĞDŽŶƚŚůLJZĞŶƚ

dŚĞĞŶƚƌĂůKƌĞŐŽŶƌĞŶƚĂůŵĂƌŬĞƚĐŽŶƚŝŶƵĞƐƚŽ ĨĂĐĞŚĞŝŐŚƚĞŶĞĚĚĞŵĂŶĚŝŶƚŚĞŵŝĚƐƚŽĨĐŽŶͲ ƐƚƌĂŝŶĞĚƐƵƉƉůLJ͘ĐĐŽƌĚŝŶŐƚŽƚŚĞĞŶƚƌĂůKƌĞͲ ŐŽŶZĞŶƚĂůKǁŶĞƌƐƐƐŽĐŝĂƚŝŽŶ͕ĐƵƌƌĞŶƚǀĂĐĂŶĐLJƌĂƚĞƐŚĂǀĞƐŚƌƵŶŬƚŽϭ͘ϬϰйĂƐŽĨϮϬϭϲ͕ĚŽǁŶƐƵďƐƚĂŶƚŝĂůůLJĨƌŽŵϭϮ͘ϰйŝŶϮϬϬϵ͘  dŚĞŚŝŐŚĚĞŵĂŶĚŚĂƐĞdžĞƌƚĞĚƉƌĞƐƐƵƌĞŽŶƉƌŝĐĞƐĂŶĚĂŐƌŽǁŝŶŐŝŶƚĞƌĞƐƚŝŶŵƵůƚŝͲĨĂŵŝůLJƌĞƐŝĚĞŶƚŝĂůĐŽŶƐƚƌƵĐƚŝŽŶ͕ƉĂƌƚŝĐƵůĂƌůLJŝŶĞŶĚĂŶĚ ZĞĚŵŽŶĚ͘/ŶƚŚĞůĂƐƚLJĞĂƌ͕ƚǁŽĂŶĚƚŚƌĞĞďĞĚƌŽŽŵƌĞŶƚĂůŚŽƵƐĞƐŝŶĐƌĞĂƐĞĚŵŽƌĞŽŶĂƉĞƌĐĞŶƚĂŐĞďĂƐŝƐƚŚĂŶĂƉĂƌƚŵĞŶƚƐĂŶĚĚƵƉůĞdžĞƐ͘ ϮϬϭϲĂǀĞƌĂŐĞƌĞŶƚƉƌŝĐĞƐĨŽƌĂƚŚƌĞĞďĞĚƌŽŽŵŚŽŵĞǁĞƌĞƵƉƐůŝŐŚƚůLJĨƌŽŵϮϬϭϱŝŶĂůůďƵƚŽŶĞĞŶƚƌĂůKƌĞŐŽŶĐŽŵŵƵŶŝƚLJ͘KƵƌĞdžƉĞĐƚĂƚŝŽŶ ŝƐƚŚĂƚϮϬϭϳĂŶŶƵĂůƌĞŶƚĂůĨŝŐƵƌĞƐǁŝůůďĞƵƉƐŚĂƌƉůLJŝŶĞŶĚ͕ZĞĚŵŽŶĚ͕WƌŝŶĞǀŝůůĞ͕ĂŶĚ^ŝƐƚĞƌƐĂŵŝĚƐƚƐƚƌŽŶŐŝŶͲŵŝŐƌĂƚŝŽŶĂŶĚŶĞĂƌƌĞĐŽƌĚ ůŽǁǀĂĐĂŶĐŝĞƐ͘

,ŽŵĞWƌŝĐĞƐ

ƐǁŝƚŚŵƵĐŚŽĨƚŚĞĐŽƵŶƚƌLJ͕ƌĞƐŝĚĞŶƚŝĂůƉƌŽƉĞƌƚLJƉƌŝĐĞƐƉĞĂŬĞĚƚŽĂůůͲƚŝŵĞŚŝŐŚƐŝŶϮϬϬϲͲϮϬϬϳĂŶĚĚĞĐůŝŶĞĚŝŶǀĂůƵĞďLJĂƐŵƵĐŚĂƐ ϰϬйŝŶƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌƐ͘WƌŝĐĞƐŚĂǀĞƌĞďŽƵŶĚĞĚƐƵďƐƚĂŶƚŝĂůůLJ͖ďŽƚŚŵĞĚŝĂŶĂŶĚĂǀĞƌĂŐĞŚŽŵĞƉƌŝĐĞƐŝŶĐƌĞĂƐĞĚŝŶϮϬϭϳĂĐƌŽƐƐƚŚĞ ƌĞŐŝŽŶĂŶĚĂƌĞĐƵƌƌĞŶƚůLJĂƚŽƌĂďŽǀĞĂůůͲƚŝŵĞŚŝŐŚƐ͘;EŽƚĞ͗WƌŝĐĞƐŝŶ^ƵŶƌŝǀĞƌĂŶĚ^ŝƐƚĞƌƐŝŶĐůƵĚĞĂŚŝŐŚĞƌƉĞƌĐĞŶƚĂŐĞŽĨŚŝŐŚͲĞŶĚ ŚŽŵĞƐĂŶĚŚŽŵĞƐŽŶĂĐƌĞĂŐĞƚŚĂŶĐŽŵƉĂƌĂďůĞƉƌŝĐĞƐŝŶĞŶĚŽƌZĞĚŵŽŶĚͿ͘ 



DĞĚŝĂŶZĞƐŝĚĞŶƚŝĂů,ŽŵĞ^ĂůĞƐWƌŝĐĞŽŵƉĂƌŝƐŽŶ

ϳϬϬ͕ϬϬϬ

ƌŽŽŬŽƵŶƚLJ

ϲϬϬ͕ϬϬϬ

ĞŶĚ

ϱϬϬ͕ϬϬϬ

ZĞĚŵŽŶĚ

ϰϬϬ͕ϬϬϬ

>ĂWŝŶĞ

ϯϬϬ͕ϬϬϬ

^ŝƐƚĞƌƐ

ϮϬϬ͕ϬϬϬ

^ƵŶƌŝǀĞƌ

ϭϬϬ͕ϬϬϬ

:ĞĨĨĞƌƐŽŶŽƵŶƚLJ h͘^͘

Ϭ

 



 



WĂŐĞϴ





8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


ƵŝůĚŝŶŐWĞƌŵŝƚƐ

WĞƌŵŝƚĐƚŝǀŝƚLJŝŶĞŶĚ

 dŚĞ ƉĂƐƚ LJĞĂƌ ŝŶĚŝĐĂƚĞƐ ĐŽŶƚŝŶƵŝŶŐ ƉŽƐŝƚŝǀĞ ƚƌĞŶĚƐ ŝŶ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ĂŶĚ ďƵŝůĚŝŶŐ ĂĐƚŝǀŝƚLJ͕ ĂůƚŚŽƵŐŚ ƐůŝŐŚƚůLJ ůĞƐƐ ƚŚĂŶ ϮϬϭϰ ŝŶ ƚŽƚĂůǀĂůƵĂƚŝŽŶ͘EĞǁƌĞƐŝĚĞŶƚŝĂůĂĐƚŝǀŝƚLJŚĂƐƐƵƌƉĂƐƐĞĚϮϬϬϳŶƵŵͲ ďĞƌƐ͕ǁŚŝůĞƌĞŵŽĚĞůĂŶĚŶĞǁĂĚĚŝƚŝŽŶƉĞƌŵŝƚƐŚĂǀĞĚƌŽƉƉĞĚŽĨĨ͘ ŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůĂĐƚŝǀŝƚLJŝŶĞŶĚĐŽŶƚŝŶƵĞƐƚŽŝŶĐƌĞĂƐĞ ĚƵĞ ƚŽ ĚĞŵĂŶĚ ĨŽƌ ƉƌŽƉĞƌƚLJ ĂŶĚ ďƵŝůĚŝŶŐ ƐƉĂĐĞ͘ tŚŝůĞ ŶĞǁ ĐŽŵŵĞƌĐŝĂů Ɛƚŝůů ƐŝŐŶŝĨŝĐĂŶƚůLJ ůĂŐƐ ϮϬϬϳ ŚŝŐŚƐ͕ ƌĞŵŽĚĞůƐ ĂŶĚ ŶĞǁ ĂĚĚŝƚŝŽŶƐĂƌĞƵƉďLJϭϳϰйĨƌŽŵϮϬϭϰ͘;dĂďůĞ^ŽƵƌĐĞ͗ŝƚLJŽĨĞŶĚͿ  dĂdžZĂƚĞƐ

zĞĂƌ

EĞǁ ZĞƐŝĚĞŶƚŝĂů

ZĞƐŝĚĞŶƚŝĂů

EĞǁ

ŽŵŵĞƌĐŝĂů

ƌĞŵŽĚĞůƐ͕ ƌĞŵŽĚĞůƐ͕ ŽŵŵĞƌĐŝĂů ĂĚĚŝƚŝŽŶƐ ĂĚĚŝƚŝŽŶƐ Ϯϲϵ

dŽƚĂů sĂůƵĂƚŝŽŶ

ϮϬϬϲ

ϭϳϵϬ

ϮϵϬ

ϴϳ

Ψϰϲϴ͕ϰϲϬ͕ϱϬϬ

ϮϬϬϳ

ϵϳϲ

ϱϭϵ

ϭϰϵ

ϯϬϭ

ΨϭϴϬ͕ϲϳϲ͕ϰϱϬ

ϮϬϬϴ

ϰϯϮ

ϰϰϴ

ϲϯ

ϯϬϮ

ΨϮϴϰ͕Ϭϲϴ͕ϭϴϭ

ϮϬϬϵ

ϮϮϰ

Ϯϱϭ

Ϯϱ

ϭϴϴ

Ψϳϯ͕ϵϲϲ͕ϲϰϳ

ϮϬϭϬ

Ϯϯϳ

Ϯϱϳ

Ϯϯ

ϭϵϲ

Ψϲϵ͕Ϭϭϳ͕ϴϱϵ

ϮϬϭϭ

ϯϯϳ

ϯϲϬ

ϭϭ

ϮϮϵ

ΨϭϬϮ͕ϰϵϰ͕ϵϳϲ

ϮϬϭϮ

ϱϱϭ

ϱϴϮ

ϭϬ

ϮϮϯ

ΨϮϬϳ͕ϯϰϲ͕ϯϮϰ

ϮϬϭϯ

ϵϬϱ

ϭϯϰϮ

ϭϲ

Ϯϭϯ

ΨϮϴϰ͕ϱϮϲ͕ϭϮϭ

ĨƚĞƌ ƉĂƐƐĂŐĞ ŽĨ DĞĂƐƵƌĞ ϱϬ ŝŶ ϭϵϵϳ͕ KƌĞŐŽŶ ƚĂdž ƌĂƚĞƐ ǁĞƌĞ ϮϬϭϰ ϵϯϴ ϭϳϳϳ Ϯϳ Ϯϰϳ Ψϭ͕ϭϭϳ͕ϲϭϲ͕ϱϴϱ ƉĞŐŐĞĚĂƚϵϬйŽĨϭϵϵϱƌĞĂůŵĂƌŬĞƚǀĂůƵĞƐ͕ǁŝƚŚĂŶĂůůŽǁĂďůĞϯй ϮϬϭϱ ϭϬϮϬ ϭϵϯ ϯϲ ϲϳϴ ΨϵϲϬ͕ϲϴϴ͕ϲϬϮ ŝŶĐƌĞĂƐĞĞĂĐŚLJĞĂƌ͘/ŶϮϬϭϱͬϭϲ͕ŶĞǁƉƌŽƉĞƌƚLJĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐ ƚŽƉƌŽƉĞƌƚLJĂƌĞƚĂdžĞĚĂƚĂǀĂůƵĞƌĂƚŝŽŽĨϴϬ͘ϴйĨŽƌŝŶĚƵƐƚƌŝĂůĂŶĚĐŽŵŵĞƌĐŝĂůƉƌŽƉĞƌƚLJ͘ƐĂƌĞƐƵůƚ͕ƚŚĞĐƵƌƌĞŶƚĞĨĨĞĐƚŝǀĞƉƌŽƉĞƌƚLJƚĂdž ƌĂƚĞŝŶĞŶĚĨŽƌĂƐƐĞƐƐĞĚƉƌŽƉĞƌƚLJŝƐϭ͘ϮϯϯйĨŽƌŝŶĚƵƐƚƌŝĂůĂŶĚĐŽŵŵĞƌĐŝĂů͘dŚĞŝƚLJŽĨĞŶĚ͕ǁŝƚŚĂŵŝůůĂŐĞƌĂƚĞŽĨϭϱ͘ϯϯ͕ŽĨĨĞƌƐŽŶĞ ŽĨƚŚĞůŽǁĞƐƚƉƌŽƉĞƌƚLJƚĂdžƌĂƚĞƐŝŶƚŚĞƌĞŐŝŽŶĂŶĚ͕ŽǀĞƌĂůů͕ĞŶĚ͛ƐƉƌŽƉĞƌƚLJƚĂdžƌĂƚĞƐŚĂǀĞƌĞŵĂŝŶĞĚƌĞůĂƚŝǀĞůLJƐƚĂďůĞŽǀĞƌƚŚĞƉĂƐƚ ĚĞĐĂĚĞ͘

&/EE/>/E^d/dhd/KE^ &ŽƵƌƚĞĞŶĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ͕ǁŝƚŚϯϰƌĞƚĂŝůďƌĂŶĐŚůŽĐĂƚŝŽŶƐĂƌĞƌĞƉƌĞƐĞŶƚĞĚŝŶĞŶĚǁŚŝůĞŝŶĞƐĐŚƵƚĞƐŽƵŶƚLJƚŚĞƌĞĂƌĞϱϬďƌĂŶĐŚĞƐ͘ dŚĞĞŶĚ&/ŝŶƐƚŝƚƵƚŝŽŶƐĂŶĚĂĐĐŽƵŶƚĨŽƌƐŽŵĞƚŚƌĞĞͲƋƵĂƌƚĞƌƐŽĨĞƐĐŚƵƚĞƐŽƵŶƚLJ͛ƐΨϯďŝůůŝŽŶĚĞƉŽƐŝƚďĂƐĞ͘  ĂŶŬƐ͕^ĂǀŝŶŐƐƐƐŽĐŝĂƚŝŽŶƐ͕ĂŶĚƌĞĚŝƚhŶŝŽŶƐ &ŝŶĂŶĐŝĂů/ŶƐƚŝƚƵƚŝŽŶƐĞƉŽƐŝƚƐŝŶĞŶƚƌĂůKƌĞŐŽŶ ŝŶĞŶƚƌĂůKƌĞŐŽŶ;ĂƐŽĨƉƌŝůϮϬϭϲͿ ;ŝŶŵŝůůŝŽŶƐͿ

ŽƵŶƚLJ ƌŽŽŬ ĞƐĐŚƵƚĞƐ :ĞĨĨĞƌƐŽŶ dŽƚĂů

ϮϬϬϴ

ϮϬϭϮ

ΨϮϳϬ ΨϮϬϲ Ψϭ͕ϲϮϯ ΨϮ͕ϯϱϭ Ψϭϯϯ Ψϭϯϵ ΨϮ͕ϲϳϴ ΨϮ͕ϲϵϲ

ϮϬϭϯ

ϮϬϭϰ

ΨϮϬϱ ΨϮ͕ϰϱϬ Ψϭϰϲ ΨϮ͕ϴϬϭ

ΨϮϯϳ ΨϮ͕ϲϴϮ Ψϭϰϯ Ψϯ͕Ϭϲϯ

^ŽƵƌĐĞ͗&/^ƵŵŵĂƌLJŽĨĞƉŽƐŝƚƐĂƐŽĨϲͬϯϬĨŽƌĞĂĐŚLJĞĂƌ͘

ϮϬϭϱ  ΨϮϯϰ Ψϯ͕ϬϬϬ Ψϭϰϯ Ψϯ͕ϯϳϳ

й 'ƌŽǁƚŚ ϮϬϭϰͲϭϱ Ͳϭ͘Ϯϳй ϭϭ͘ϴϲй Ϭ͘ϬϬй ϭϬ͘Ϯϱй

KŶWŽŝŶƚŽŵŵ͘ƌĞĚŝƚhŶŝŽŶ KƌĞŐŽŶŝĂŶƐƌĞĚŝƚhŶŝŽŶ ^>KŽŵŵ͘ƌĞĚŝƚhŶŝŽŶ ^ƵŵŵŝƚĂŶŬ h͘^͘ĂŶŬ hŵƉƋƵĂĂŶŬ tĂƐŚŝŶŐƚŽŶ&ĞĚĞƌĂůĂŶŬ tĞůůƐ&ĂƌŐŽĂŶŬ

6RXUFH)',&('&2%XVLQHVV5HVHDUFK





ĂŶŬŽĨŵĞƌŝĐĂ ŚĂƐĞĂŶŬ ŽůƵŵďŝĂĂŶŬ &ŝƌƐƚ/ŶƚĞƌƐƚĂƚĞĂŶŬ ,ŝŐŚĞƐĞƌƚĂŶŬ DŝĚKƌĞŐŽŶƌĞĚŝƚhŶŝŽŶ EŽƌƚŚǁĞƐƚŽŵŵ͘ƌĞĚŝƚhŶŝŽŶ EŽƌƚŚǁĞƐƚ&ĂƌŵƌĞĚŝƚ^ĞƌǀŝĐĞƐ

 

WĂŐĞϵ





8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


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 



 

WĂŐĞϭϭ





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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OREGON

REPORT CARD

2016-17

William E Miller Elementary 300 NW Crosby Dr Bend, OR 97701 (541) 355-2500 www.bend.k12.or.us/MILLER

DISTRICT Bend-LaPine Administrative SD 1 SUPERINTENDENT Shay Mikalson PRINCIPAL Jen Healy GRADES SERVED K-5

For more report card measures, including detailed demographic information, visit www.oregon.gov/ode/reports-and-data

FROM THE PRINCIPAL

Dear Parents and Community Members, To support the learning and development of every child in a manner that is consistent with our district’s vision for a broader definition of student success, schools are engaging in design work that emphasizes academic excellence, qualities of thriving learners, and indicators of future readiness. Highlights from the previous school year and focal points of our continuous school improvement efforts include: · We strive for excellence in academics first and foremost at Miller Elementary. We focus on two things; our teachers’ strong understanding of the standards and our students’ ability to communicate their learning of these standards as articulate speakers, precise writers and safe users of technology.

· We also want to instill in our students a sense of community and self-awareness. We offer students social and emotional learning opportunities as well as group projects to improve our school and the greater community. · Finally, we understand the need to ready our students for future endeavors. Classroom work includes opportunities to work creativity, think critically, collaborate constructively and communicate effectively. Please contact me if you have any questions or concerns. We look forward to working with you this school year. Thank you, Principal

|

Jen Healy

SCHOOL PROFILE

STUDENTS

ENROLLMENT 2016-17 K-3 4-5 6-8 MEDIAN CLASS SIZE Self-Contained Departmentalized

School

26.5 --

630 SELECTED DEMOGRAPHICS 404 Economically Disadvantaged 226 Students with Disabilities -Ever English Learner Oregon Different Languages Spoken 24.0 Regular Attenders -Mobile Students

IMMUNIZATION RATES Percent of students with all required vaccines: 90 Percent of students without all required vaccines: 10 When data are unavailable or to protect student confidentiality: * refers to groups of less than 6 students. <5 indicates that a percentage is less than 5%.

12% 6% * 4 90.9% 9.6%

American Indian/Alaska Native, 0% Asian, 1% Black/African American, 0% Hispanic/Latino, 3% Multi-Racial, 2% Native Hawaiian/Pacific Islander, 0% White, 94% 0%

20%

40%

60%

80%

100%

(The percent without required vaccines includes students with medical exemptions, nonmedical exemptions, no immunization records, or up-to-date but incomplete immunization records. Visit http://www.healthoregon.org/immdata for more information.) >95 indicates that a percentage is greater than 95%. *** refers to a school that offers lunch at no charge to all students.

The Oregon Department of Education (ODE) will not assign summative, overall ratings to schools on the 2016-17 report cards given the upcoming implementation of the Every Student Succeeds Act (ESSA) in 2017-18. However, the ODE will report indicator ratings (e.g., achievement, growth, graduation, etc.) for each school and student group on the 2016-17 Report Card (RC) Rating Details reports. These reports are accessible at http://www.oregon.gov/ode/schools-anddistricts/reportcards. For more information about ESSA and the redesign of the school and district report cards, please visit http://www.oregon.gov/ode/rules-and-policies/ESSA.


OREGON

REPORT CARD

2016-17

William E Miller Elementary

DISTRICT Bend-LaPine Administrative SD 1 SUPERINTENDENT Shay Mikalson PRINCIPAL Jen Healy GRADES SERVED K-5

300 NW Crosby Dr Bend, OR 97701 (541) 355-2500 www.bend.k12.or.us/MILLER

PROGRESS

ARE STUDENTS MAKING ADEQUATE GAINS OVER TIME?

Performance of students enrolled in the school for a full academic year SCHOOL PERFORMANCE Did at least 95% of the students at this school take required assessments? Yes Participation rate criteria are in place to ensure schools test all eligible students. The Smarter Balanced and 2014-15 was the first operational year of the alternate new English language arts and mathematics School Performance (%) assessments have assessments. four performance 2013-14 2014-15 2015-16 levels where levels 3 English Language Arts (Administered statewide in grades: 3-8, 11) and 4 are meeting the standard for 74.7 83.2 Levels 3 & 4 school and district 18.8 10.7 accountability. Level 2 6.5 6.2 Level 1 See report cards from previous years to view historical OAKS performance data.

For more report card measures, including detailed demographic information, visit www.oregon.gov/ode/reports-and-data

Mathematics

No, Interpret Results with Caution

School Oregon Performance (%) Performance (%) 2016-17 2016-17

Like-School Average (%) 2016-17

79.1 15.7 5.2

49.6 21.4 29.1

76.2 14.5 9.3

74.2 20.1 5.7

43.6 27.6 28.8

70.1 19.8 10.2

(Administered statewide in grades: 3-8, 11) 79.2 16.7 4.1

Levels 3 & 4 Level 2 Level 1

Science (OAKS)

76.5 18.2 5.3

(Administered statewide in Grades: 5, 8, 11)

Exceeded Met Did not meet

91.3

32.0 59.2 8.7

89.5

Visit www.oregon.gov/ode/reports-and-data for additional assessment results.

37.9 51.6 10.5

93.0

36.0 57.0 7.0

85.6

18.9 66.7 14.4

66.0

14.9 51.1 34.0

87.9

27.8 60.1 12.1

*, <5, and >95 are displayed when the data must be suppressed to protect student confidentiality.

OUTCOMES FOR KEY STUDENT GROUPS AT THIS SCHOOL COMPARED TO THE SAME GROUPS STATEWIDE STUDENT GROUP OUTCOMES

School Oregon Like-School Performance Performance Average (%) (%) (%)

American Indian/Alaska Native

Economically Disadvantaged Eng. Lang. Arts

Mathematics

Science

63.3 51.7 70.0

37.5 31.6 55.0

53.3 46.5 74.8

26.0 23.0 37.1

46.3 44.2 46.7

Ever English Learners Eng. Lang. Arts

Mathematics

Science

* * *

Mathematics

Science

Mathematics

Science

40.0 50.0 *

23.4 21.1 38.9

48.1 42.9 65.5

* * *

22.4 19.7 32.9

* * *

Mathematics

Science

Science

* * *

30.4 26.6 48.8

64.7 47.1 *

* * *

68.5 66.7 73.8

85.4 81.9 88.4

Mathematics

Science

29.0 20.2 40.9

62.3 43.4 53.3

46.2 69.2 *

30.9 25.8 44.5

66.7 55.9 78.0

75.0 62.5 *

54.7 47.5 71.7

73.3 70.5 89.3

Mathematics

Science

>95 >95 >95

Mathematics

Science

>95 >95 >95

Eng. Lang. Arts

Mathematics

Science

Science

* * *

33.8 26.6 43.8

>95 >95 *

Eng. Lang. Arts

81.3 74.8 86.1

56.6 50.2 75.0

76.9 70.9 88.8

Mathematics

Science

Eng. Lang. Arts

Mathematics

78.8 67.9 75.0

54.1 42.2 64.4

81.5 69.4 86.4

Science

79.4 79.6 94.0

45.2 44.9 67.4

71.1 70.7 89.3

Male

Multi-Racial 94.8 95.0 97.7

Mathematics

Female

* * *

Eng. Lang. Arts

Eng. Lang. Arts

Eng. Lang. Arts

White

Eng. Lang. Arts

Hispanic/Latino

Talented and Gifted Eng. Lang. Arts

Mathematics

Black/African American

Migrant Eng. Lang. Arts

Eng. Lang. Arts

School Oregon Like-School Performance Performance Average (%) (%) (%)

Native Hawaiian/Pacific Islander

Asian

Students with Disabilities Eng. Lang. Arts

School Oregon Like-School Performance Performance Average (%) (%) (%)

Eng. Lang. Arts

Mathematics

Science

*, <5, and >95 are displayed when the data must be suppressed to protect student confidentiality.


OREGON

REPORT CARD

2016-17

William E Miller Elementary 300 NW Crosby Dr Bend, OR 97701 (541) 355-2500 www.bend.k12.or.us/MILLER

DISTRICT Bend-LaPine Administrative SD 1 SUPERINTENDENT Shay Mikalson PRINCIPAL Jen Healy GRADES SERVED K-5

For more report card measures, including detailed demographic information, visit www.oregon.gov/ode/reports-and-data

CURRICULUM & LEARNING ENVIRONMENT WHAT IS THIS SCHOOL DOING TO IMPROVE STUDENT LEARNING AND TO PREPARE STUDENTS FOR THE FUTURE?

SCHOOL READINESS

ACADEMIC SUPPORT

· 90% of students surveyed rated Miller a very safe school · 85% of students surveyed rated Miller a place where adults care

· Half-time School Psychologist · Assistant Principal with School Psychologist/Counseling background · Stop Walk Talk anti-bullying Program · Social Emotional Learning class once/week · Community Builder students

· ELD (English Language Development) program for students who’s first language is not English

ACADEMIC ENRICHMENT

· Talented & gifted (TAG) program · Enrichment for students in reading, writing and math through small groups

· Special Education program for students with disabilities · Academic intervention for students needing support in reading, writing or math

EXTRACURRICULAR ACTIVITIES/ AFTER SCHOOL PROGRAMS

· Parks and Recreation Programs before and after school · Parks and Recreation Programs on School Improvement Wednesdays

· Miller on the Run – a running program during lunch recess

Data and information in the Curriculum and Learning Environment section were provided by local schools and districts, and were not verified by the Oregon Department of Education.


OREGON

REPORT CARD

2016-17

Pacific Crest Middle School 3030 NW Elwood Lane Bend, OR 97701 (541) 355-7800 www.bend.k12.or.us

DISTRICT Bend-LaPine Administrative SD 1 SUPERINTENDENT Shay Mikalson PRINCIPAL Chris Boyd GRADES SERVED 6-8

For more report card measures, including detailed demographic information, visit www.oregon.gov/ode/reports-and-data

FROM THE PRINCIPAL

Dear Parents and Community Members, To support the learning and development of every child in a manner that is consistent with our districtâ&#x20AC;&#x2122;s vision for a broader definition of student success, schools are engaging in design work that emphasizes academic excellence, qualities of thriving learners, and indicators of future readiness. Highlights from the previous school year and focal points of our continuous school improvement efforts include: ? Continuous efforts to make learning relevant by integrating content from multiple subject areas through project-based learning ? Field study in our local community

? Integration of social emotional structures such as mindfulness breathing and lessons around empathy ? Teaching Up and Differentiated Instruction Please contact me if you have any questions or concerns. We look forward to working with you this school year. Thank you, Principal

|

Chris Boyd

SCHOOL PROFILE

STUDENTS

ENROLLMENT 2016-17 MEDIAN CLASS SIZE English Language Arts Mathematics Science Social Studies Self-Contained

School

59.0 28.0 59.5 59.5 --

718 SELECTED DEMOGRAPHICS Economically Disadvantaged Oregon Students with Disabilities 24.0 Ever English Learner 24.0 26.0 Different Languages Spoken 26.0 Regular Attenders -Mobile Students

IMMUNIZATION RATES Percent of students with all required vaccines: 92 Percent of students without all required vaccines: 8 When data are unavailable or to protect student confidentiality: * refers to groups of less than 6 students. <5 indicates that a percentage is less than 5%.

10% 5% <5% 9 78.5% 9.6%

American Indian/Alaska Native, 0% Asian, 1% Black/African American, 1% Hispanic/Latino, 3% Multi-Racial, 3% Native Hawaiian/Pacific Islander, 0% White, 91% 0%

20%

40%

60%

80%

100%

(The percent without required vaccines includes students with medical exemptions, nonmedical exemptions, no immunization records, or up-to-date but incomplete immunization records. Visit http://www.healthoregon.org/immdata for more information.) >95 indicates that a percentage is greater than 95%. *** refers to a school that offers lunch at no charge to all students.

The Oregon Department of Education (ODE) will not assign summative, overall ratings to schools on the 2016-17 report cards given the upcoming implementation of the Every Student Succeeds Act (ESSA) in 2017-18. However, the ODE will report indicator ratings (e.g., achievement, growth, graduation, etc.) for each school and student group on the 2016-17 Report Card (RC) Rating Details reports. These reports are accessible at http://www.oregon.gov/ode/schools-anddistricts/reportcards. For more information about ESSA and the redesign of the school and district report cards, please visit http://www.oregon.gov/ode/rules-and-policies/ESSA.


OREGON

REPORT CARD

2016-17

Pacific Crest Middle School 3030 NW Elwood Lane Bend, OR 97701 (541) 355-7800 www.bend.k12.or.us

PROGRESS

DISTRICT Bend-LaPine Administrative SD 1 SUPERINTENDENT Shay Mikalson PRINCIPAL Chris Boyd GRADES SERVED 6-8

ARE STUDENTS MAKING ADEQUATE GAINS OVER TIME?

Performance of students enrolled in the school for a full academic year SCHOOL PERFORMANCE Did at least 95% of the students at this school take required assessments? Yes Participation rate criteria are in place to ensure schools test all eligible students. The Smarter Balanced and 2014-15 was the first operational year of the alternate new English language arts and mathematics School Performance (%) assessments have assessments. four performance 2013-14 2014-15 2015-16 levels where levels 3 English Language Arts (Administered statewide in grades: 3-8, 11) and 4 are meeting the standard for * 82.3 Levels 3 & 4 school and district * 14.9 accountability. Level 2 * 2.8 Level 1 See report cards from previous years to view historical OAKS performance data.

For more report card measures, including detailed demographic information, visit www.oregon.gov/ode/reports-and-data

Mathematics

No, Interpret Results with Caution

School Oregon Performance (%) Performance (%) 2016-17 2016-17

Like-School Average (%) 2016-17

74.1 17.1 8.7

55.2 23.9 20.9

73.7 16.3 10.0

65.2 22.7 12.1

41.9 26.6 31.5

63.2 21.6 15.2

(Administered statewide in grades: 3-8, 11) * * *

Levels 3 & 4 Level 2 Level 1

Science

62.1 25.9 12.0

(Administered statewide in Grades: 5, 8, 11)

Exceeded Met Did not meet

*

* * *

Visit www.oregon.gov/ode/reports-and-data for additional assessment results.

* * *

*

82.3

18.3 64.0 17.7

82.0

13.6 68.4 18.0

62.8

11.5 51.3 37.2

81.8

23.8 58.0 18.2

*, <5, and >95 are displayed when the data must be suppressed to protect student confidentiality.

OUTCOMES FOR KEY STUDENT GROUPS AT THIS SCHOOL COMPARED TO THE SAME GROUPS STATEWIDE STUDENT GROUP OUTCOMES

School Oregon Like-School Performance Performance Average (%) (%) (%)

American Indian/Alaska Native

Economically Disadvantaged Eng. Lang. Arts

Mathematics

Science

59.6 52.8 82.4

42.3 28.4 51.0

50.5 38.9 64.8

35.8 24.5 37.1

51.9 41.6 53.8

Ever English Learners Eng. Lang. Arts

Mathematics

Science

25.0 * *

Mathematics

Science

Mathematics

Science

20.0 11.5 50.0

18.6 13.8 30.1

30.6 24.4 47.1

* * *

31.2 20.1 31.7

42.4 43.8 80.0

Mathematics

Science

Science

* * *

35.6 26.1 49.1

50.9 32.1 66.7

* * *

75.2 68.9 69.5

84.5 78.5 87.4

Mathematics

Science

33.4 19.2 34.3

50.4 34.2 60.0

65.2 55.0 71.4

38.7 24.8 42.0

57.9 49.0 64.9

80.0 53.3 62.5

59.3 45.1 67.7

79.5 66.7 86.2

Mathematics

Science

>95 94.9 >95

Mathematics

Science

>95 >95 >95

Eng. Lang. Arts

Mathematics

Science

Science

* * *

38.8 27.2 41.9

65.4 57.7 66.7

Eng. Lang. Arts

75.0 66.2 82.9

60.9 47.5 70.9

74.7 64.1 83.2

Mathematics

Science

Eng. Lang. Arts

Mathematics

82.8 68.5 80.4

61.5 42.7 60.8

79.5 64.2 80.6

Science

66.5 62.4 83.5

49.2 41.2 64.7

68.2 62.3 82.9

Male

Multi-Racial 95.4 94.1 97.5

Mathematics

Female

* * *

Eng. Lang. Arts

Eng. Lang. Arts

Eng. Lang. Arts

White

Eng. Lang. Arts

Hispanic/Latino

Talented and Gifted Eng. Lang. Arts

Mathematics

Black/African American

Migrant Eng. Lang. Arts

Eng. Lang. Arts

School Oregon Like-School Performance Performance Average (%) (%) (%)

Native Hawaiian/Pacific Islander

Asian

Students with Disabilities Eng. Lang. Arts

School Oregon Like-School Performance Performance Average (%) (%) (%)

Eng. Lang. Arts

Mathematics

Science

*, <5, and >95 are displayed when the data must be suppressed to protect student confidentiality.


OREGON

REPORT CARD

2016-17

Pacific Crest Middle School 3030 NW Elwood Lane Bend, OR 97701 (541) 355-7800 www.bend.k12.or.us

DISTRICT Bend-LaPine Administrative SD 1 SUPERINTENDENT Shay Mikalson PRINCIPAL Chris Boyd GRADES SERVED 6-8

For more report card measures, including detailed demographic information, visit www.oregon.gov/ode/reports-and-data

CURRICULUM & LEARNING ENVIRONMENT WHAT IS THIS SCHOOL DOING TO IMPROVE STUDENT LEARNING AND TO PREPARE STUDENTS FOR THE FUTURE?

SCHOOL READINESS

ACADEMIC SUPPORT

Students at Pacific Crest engage in a social emotional learning curriculum from MindUp. The purpose of this program is to build student allies that support the emotional growth and personal safety of each student, staff, and community member.

Students receive academic support through push-in and co-teaching models. Pacific Crest Middle School is also home to the High Functioning Autism Program within the district.

ACADEMIC ENRICHMENT Pacific Crest Middle School clusters students

into learning communities that are comprised of a science teacher and a humanities teacher. Grade level communities focus on relationship building, content integration, and project-based learning. In addition to grade level communities, students participate in world languages (French, Japanese, and Spanish), year-long Design (3DCAD and Studio Art), and year-long music (Band, Orchestra, and Choir).

CAREER & TECHNICAL Students engage in learning activities that include EDUCATION design, Computer Aided Drafting (CAD), and 3-D

printing to solve complex problems in a class called Design and Modeling. Students design, prototype, and test ideas to solve real-world problems.

EXTRACURRICULAR ACTIVITIES/ AFTER SCHOOL PROGRAMS

路 Pacific Crest Middle School offers the following after school sports programs; Cross Country, Volleyball, Football, Wrestling, and Track and Field路 路 PCMS also partners with Bend Parks and Recreation during the winter for both girls and boy basketball.

路 Activities and Clubs include: Art Club, Robotics, Yearbook, MUSE Club as well as flexible lunch-time clubs that are student generated.

Data and information in the Curriculum and Learning Environment section were provided by local schools and districts, and were not verified by the Oregon Department of Education.


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62708 Mt. Thielsen Drive Bend, Oregon 97703  
62708 Mt. Thielsen Drive Bend, Oregon 97703