18780macalpineloop by Bend Oregon Real Estate

18780 Macalpine Loop Bend, OR 97702 $2,575,000

Sandy Kohlmoos BROKER l GRI, CRS

CELL: 541.408.4309 OFFICE: 541.383.7600

650 SW BOND STREET BEND, OR 97702 sandy.kohlmoos@cascadesir.com www.cascadesothebysrealty.com/broker/sandykohlmoos/ www.bestbendhomes.com

John Kohlmoos BROKER CELL: 541.480.8131 OFFICE: 541.383.7600 650 SW BOND STREET BEND, OR 97702 john.kohlmoos@cascadesir.com www.cascadesothebysrealty.com/broker/johnkohlmoos/ www.bestbendhomes.com

PROPERTY FEATURES 4 Bedroom l 6 Bathroom l 6637 Sq Ft l 10.11 Acres $2,575,000 GENERAL STRUCTURE FEATURES: • Insulated concrete form walls with timber frame construction (ICF) • Maintenance free masonry stucco with extensive use of Montana Moss stone • Pest resistant Cedar soffits and fascia • Entire perimeter of home sealed with concrete • Passive solar design with radiant in-floor heat • High efficiency heat pumps • High efficiency boiler (95%) with superstore hot water storage and a recirculating pump, this ensures instant and endless hot water for all fixtures • Lifebreath heat recovery ventilator ensures high quality air through all seasons • Attic fan in vaulted roof • Awning windows and four ceiling fans keeps fresh air circulating in the home • Interior walls and floors are insulated for sound suppression • Prewired and plumbed for future hot tub and/or pool • Control4 electronic system includes existing wall mounted TVs (Samsung 65" & Sony 60"), speakers, CD-music storage for 300 albums, and remote controls (including central heat and security) • Apex security system with interior cameras and flood lights that illuminate the entire surrounding areas • Interior fire sprinkler system INTERIOR HOUSE FEATURES: • Tumbled travertine flooring throughout the main level • Extensive rustic cherry cabinets, doors, moldings, wainscoting, and built-ins • Montana Moss rock fireplaces and wood burning insert in the living room • Remodeled kitchen that opens up to the family room with a breakfast nook • Granite and Okite kitchen counters • Silestone permanently sealed and impervious to bacteria • Buit-in and plumbed espresso maching and dacor range with pot filler

PROPERTY FEATURES CONTINUED INTERIOR HOUSE FEATURES: • Lockable beverage center, warming drawer, microwave, refrigerator, and trash compactor • Master suite on the main level, expanded with sitting area and fireplace • Covered deck with gas off of the master suite • Steam shower with digital controls, body sprays & wand in the master • Large soaking tub in the master with granite and solid counter tops throughout • Locking gun cabinet in the master suite • Three bedroom suites • Bonus room with additional bathroom • Covered deck off the bonus room with views of Mt. Bachelor • Extra bar area upstairs with sink and refrigerator with an ice maker • Extra laundry area upstairs • Flex room with built-ins that can be used as a craft room, exercise room, etc EXTERIOR HOUSE FEATURES: • Trex maintenance free decking • Wood garage doors with openers and keyless entry pad • Extensive landscaping in the 2-acre builing envelope with a sprinkler system, paved sidewalk, and decks • Fenced and gated grass area for pets • Wired for an outdoor kitchen • 10 acres, fenced on two sides • Detached garage for a guest house, tennis court, pool, etc. • 3,000 gallon cistern COMMUNITY FEATURES: • Gated community with 24-hour patrols • Trout filled community lake • Borders 1.6 million acre Deschutes National Forest with extensive trails, including Phil's Trail mountain biking system

LIST KIT

Deschutes County Parcel Information

Parcel Information

Assessment Information

Parcel #: 246190 Tax Lot: 181102C000900 Record Type: Unknown Site Address: 18780 MacAlpine Loop Bend OR 97702

Market Value Land:

$509,920

Market Value Impr:

$830,090

Market Value Total:

$1,340,010

Assessed Value:

$681,110

Tax Information

Owner: Cutler, Ronald Et Al

Levy Code Area: 1-017

Owner Address: 18780 MacAlpine Loop Bend, OR 97702

Levy Rate: 15.3708

Twn/Range/Section: T: 18S R: 11E S: 02 Q: SW

Tax Year: 2017

Parcel Size: 5.00 Acres (217,800 SqFt)

Annual Tax: $10,536.30

Plat/Subdivision: Highlands At Broken Top Ph 2 Lot: 30

Legal HIGHLANDS AT BROKEN TOP PHASE 2 30

Block: Census Tract/Block: 001400/1062 Waterfront:

Land County Land Use: 401 - Tract - Improved (typical of class) Zoning: UAR10 - Urban Area Reserve 10 acre Min

Land Use Std: RSFR - SINGLE FAMILY RESIDENCE Neighborhood:

Watershed: North Unit Diversion Dam-Deschutes River School District: 1 Bend - La Pine School District

Improvement - 163 Two story Year Built: 2007

Finished Area: 5,409 SqFt

Bedrooms: 4

1st Floor: 3,294 SqFt

Attic Finished 0 SqFt Area:

Bathrooms: 3.50

2nd Floor: 2,115 SqFt

Bsmt Finished 0 SqFt Area:

Full/Half Baths: 3 / 1

FirePlace: 3

Garage: 848 SqFt

Carport: 0 SqFt

Transfer Information Rec. Date: 1/3/2017

Sale Price: $2,374,000.00

Doc Num: 0000000033

Orig. Loan Amt: Loan Type:

Finance Type:

Lender:

Doc Type: Warranty Deed

Deschutes County Parcel Information

Parcel Information

Assessment Information

Parcel #: 263621 Tax Lot: 181102C000900 Record Type: Unknown Site Address: 18780 MacAlpine Loop Bend OR 97702

Market Value Land:

$379,080

Market Value Impr:

Market Value Total:

$379,080

Assessed Value:

$212,200

Tax Information

Owner: Cutler, Ronald Et Al

Levy Code Area: 1-016

Owner Address: 18780 MacAlpine Loop Bend, OR 97702

Levy Rate: 13.7342

Twn/Range/Section: T: 18S R: 11E S: 02 Q: SW

Tax Year: 2017

Parcel Size: 5.11 Acres (222,592 SqFt)

Annual Tax: $2,914.38

Plat/Subdivision: Highlands At Broken Top Ph 2 Lot:

Legal HIGHLANDS AT BROKEN TOP PHASE 2 30

Block: Census Tract/Block: 001400/1062 Waterfront:

Land County Land Use: 401 - Tract - Improved (typical of class) Zoning: UAR10 - Urban Area Reserve 10 acre Min

Land Use Std: RSFR - SINGLE FAMILY RESIDENCE Neighborhood:

Watershed: North Unit Diversion Dam-Deschutes River School District: 1 Bend - La Pine School District

Improvement - 163 Two story Year Built: 0

Finished Area: 0 SqFt

Bedrooms: 0

1st Floor: 0 SqFt

Attic Finished 0 SqFt Area:

Bathrooms: 0.00

2nd Floor: 0 SqFt

Bsmt Finished 0 SqFt Area:

Full/Half Baths: 0 / 0

FirePlace: 0

Garage: 0 SqFt

Carport: 0 SqFt

Transfer Information Rec. Date: 12/15/2016

Sale Price: $2,374,000.00

Doc Num: 2017-33

Doc Type: WARRANTY DEED

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: 12/28/2017 10:02:06 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

Ownership

Mailing Name:

Mailing Address:

CUTLER, RONALD ET AL

Map and Taxlot: 181102C000900

CUTLER, RONALD ET AL

Account: Tax Status:

18780 MACALPINE LOOP

Situs Address:

246190 Assessable 18780 MACALPINE LOOP, BEND, OR 97702

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

Property Taxes Current Tax Year: $10,536.32 Tax Code Area:

1017

Assessment

Land

$509,920

Structures

$830,090

Total

$1,340,010

Subdivision: HIGHLANDS AT BROKEN TOP PHASE 2

Current Assessed Values:

Lot:

Maximum Assessed

$681,110

Block:

Assessed Value

$681,110

Assessor Acres: 5.00 Property Class: 401 -- TRACT

Veterans Exemption

Warnings, Notations, and Special Assessments Assessor's Office Special Assessments

Amount

Year

DEPT OF FORESTRY FIRE PATROL TIMBER

19.62

2018

DEPT OF FORESTRY SURCHARGE

47.50

2018

Review of digital records maintained by the Deschutes County Assessorâ&#x20AC;&#x2122;s Office, Tax Office, Finance Office, and the Community Development Department indicates that there are County tax, assessment, or property development related notations associated with this account and that have been identified above. Independent verification of the presence of additional Deschutes County tax, assessment, development, and other 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 $293,700 $830,090 $1,123,790

2014 - 2015 $346,120 $830,090 $1,176,210

2015 - 2016 $311,010 $830,090 $1,141,100

2016 - 2017 $335,740 $830,090 $1,165,830

2017 - 2018 $509,920 $830,090 $1,340,010

$605,180 $605,180 $0

$623,330 $623,330 $0

$642,020 $642,020 $0

$661,280 $661,280 $0

$681,110 $681,110 $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

11-07-2017

2017

11-15-2017

IMPOSED

10-13-2017

11-15-2017

$10,220.23 ($10,536.32) $0.00 Total:

$10,536.32 $0.00

$316.09

$0.00

2016

11-15-2016

PAYMENT

01-05-2017

$6,696.12

($6,696.12)

$0.00

2016

11-15-2016

PAYMENT

11-04-2016

$3,348.06

($3,348.06)

$0.00

2016

11-15-2016

IMPOSED

10-13-2016

11-15-2016

$0.00 Total:

$10,044.18 $0.00

$0.00

2015

11-15-2015

PAYMENT

2015

11-15-2015

IMPOSED

11-11-2015

$9,469.42

($9,762.29)

$292.87

$0.00

10-14-2015

11-15-2015

$0.00 Total:

$9,762.29 $0.00

$0.00

Sales History Sale Date

Seller

Buyer

12/15/2016

WARTA FAMILY TRUST

11/10/2014

WARTA, JOHN & GEORGIANA

CUTLER, RONALD ET AL WARTA, JOHN & GEORGIANA TTEES

11/10/2014

WARTA FAMILY TRUST

WARTA, JOHN & GEORGIANA

10/10/2011

WARTA, JOHN & GEORGIANA

WARTA, JOHN & GEORGIANA TTEES

10/10/2011

WARTA FAMILY TRUST

WARTA, JOHN & GEORGIANA

07/09/2011

FISHEL, DAVID C & ANGELA F

WARTA, JOHN & GEORGIANA TTEES

12/13/2004

CASCADE HIGHLANDS LLC

FISHEL, DAVID C & ANGELA F

Sale Amount

Recording Instrument

Sale Type

$2,374,000 30-UNCONFIRMED SALE 2017-33 08-GRANTOR/GRANTEE ARE $0 2014-38707 THE SAME 08-GRANTOR/GRANTEE ARE $0 2014-38583 THE SAME 08-GRANTOR/GRANTEE ARE $0 2011-36366 THE SAME 08-GRANTOR/GRANTEE ARE $0 2011-36203 THE SAME 31-LENDER/DISTRESS/SHORT $1,252,000 SALE 2011-24364 CONFIRMED/UNCONFIRMED $522,500 30-UNCONFIRMED SALE 2004-75134

Structures Stat Class/Description

Improvement Description

163 - RESIDENCE: Two story

144 sf addtn in 2011 w/added roof ext & pavers. SQ FT PER PLANS.

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

Code Area 1017 Sq Ft

Year Built Total Sq Ft 2007

5,409

Type of Heating

Floor Description FIRST FLOOR Rooms KITCHENS

NOOKS

GREAT ROOMS

FAMILY ROOMS

Sq Ft 3,294

Type of Heating

Sq Ft 2,115

Type of Heating

Sq Ft 848

Type of Heating

Inventory

BEDROOMS

BATHROOMS

1.5

FIREPLACES

UTILITY ROOMS

OTHER ROOMS

Floor Description SECOND FLOOR Rooms BEDROOMS

Inventory

BONUS ROOMS

OTHER ROOMS

Floor Description GARAGE Rooms

Inventory CONC. TILE - ROOF COVER

848

AUTOMATIC DOOR OPENER

Accessory Description

Sq Ft

DECKS-GOOD

Quantity

240

ASPHALT-PAVING

6,300

PAVERS

4,404

ROOF EXT. GOOD

782

Land Characteristics Land Description

Acres

Urban Tract

5.00

Land Classification

Ownership Name Type

Name

Ownership Type

OWNER

CUTLER, RONALD

OWNER

VERTEFEUILLE-CUTLER, JEAN

OWNER

Ownership Percentage

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. Account ID

Owner Name

Record Type

263621

CUTLER, RONALD ET AL

Real Property

Service Providers Please contact districts to confirm. Category

Name

Phone

Address

COUNTY SERVICES

(541) 388-6570

1300 NW WALL ST, BEND, OR 97703

(541) 693-6911

63333 HIGHWAY 20 WEST, BEND, OR 97703

FIRE DISTRICT

DESCHUTES COUNTY DESCHUTES COUNTY SHERIFF'S OFFICE BEND RURAL FIRE

(541) 318-0459

1212 SW SIMPSON AVE, BEND, OR 97702

SCHOOL DISTRICT

BEND - LA PINE SCHOOL DISTRICT

(541) 355-1000

520 NW WALL ST, BEND, OR 97703

POLICE SERVICES

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

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

WILLIAM E. MILLER ELEMENTARY SCHOOL

(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

(541) 693-5600

145 SE SALMON AVE, REDMOND, OR 97756

(541) 383-7700

2600 NW COLLEGE WAY, BEND, OR 97703

HIGH DESERT EDUCATION SERVICE DISTRICT CENTRAL OREGON COMMUNITY COLLEGE

BEND PARK & RECREATION DISTRICT (541) 389-7275

799 SW COLUMBIA ST, BEND, OR 97702

CASCADE DISPOSAL

1300 SE WILSON AVE, BEND, OR 97702

(541) 382-6660

Development Summary Planning Jursidiction: Urban Growth Boundary:

Deschutes County

County Zone

Description

UAR10

URBAN AREA RESERVE - 10 ACRE MINIMUM

Urban Reserve Area:

Bend

County Development Details Wetland (National or Local): Conservation Easement:

Not Within a Mapped Wetland

FEMA 100 Year Flood Plain: TDC/PRC Restrictive Covenant: Ground Snow Load:

Not Within 100 Year Flood Plain

No Conservation Easement Recorded No TDC/PRC Restrictive Covenant Found 25 #/sq. ft.

Deschutes County Permits Permit ID

Permit Type

Applicant

Application Date

Status

247-B70673

Building

WARTA FAMILY TRUST

08/24/2011

Finaled

247-B64417

Building

FISHEL,DAVID C

01/29/2007

Finaled

247-E108940

Electrical

WARTA FAMILY TRUST

08/24/2011

Finaled

247-E102106

Electrical

FISHEL,DAVID C

08/12/2008

Finaled

247-E95152

Electrical

FISHEL,DAVID C

01/29/2007

Finaled

247-E95153

Electrical

FISHEL,DAVID C

01/29/2007

Finaled

247-FS21755

Feasibility

CASCADE HIGHLANDS LLC

04/12/2004

Finaled

247-M45895

Mechanical

WARTA FAMILY TRUST

08/24/2011

Finaled

247-M38247

Mechanical

FISHEL,DAVID C

01/29/2007

Finaled

247-P32245

Plumbing

FISHEL,DAVID C

01/29/2007

Finaled

247-S61789

Septic

WARTA FAMILY TRUST

08/24/2011

Finaled

247-S59474

Septic

FISHEL,DAVID C

06/20/2008

Finaled

247-S57406

Septic

FISHEL,DAVID C

01/29/2007

Expired

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

STATEMENT OF TAX ACCOUNT DESCHUTES COUNTY TAX COLLECTOR DESCHUTES SERVICES BUILDING BEND OR 97703 (541) 388-6540 28-Dec-2017 CUTLER, RONALD ET AL 18780 MACALPINE LOOP BEND, OR 97702 Tax Account # Account Status Roll Type Situs Address

246190 A Real 18780 MACALPINE LOOP BEND 97702

Lender Name Loan Number 1017 Property ID Interest To Dec 28, 2017

Tax Summary Tax Year 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

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

Total Due

Current Due

Interest 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

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

Original Due $10,536.32 $10,044.18 $9,762.29 $9,465.44 $9,124.89 $8,834.00 $7,977.63 $7,861.87 $7,563.34 $4,148.03 $4,175.90 $3,880.57 $3,788.69

Due Date Nov 15, 2017 Nov 15, 2016 Nov 15, 2015 Nov 15, 2014 Nov 15, 2013 Nov 15, 2012 Nov 15, 2011 Nov 15, 2010 Nov 15, 2009 Nov 15, 2008 Nov 15, 2007 Nov 15, 2006 Nov 15, 2005

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

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

1017 181102-C0-00900 401 18780 MACALPINE LOOP BEND HIGHLANDS AT BROKEN TOP PHA 30

CUTLER, RONALD ET AL 18780 MACALPINE LOOP BEND, OR 97702 VALUES: REAL MARKET (RMV) LAND STRUCTURES TOTAL RMV

LAST YEAR

THIS YEAR

335,740 830,090 1,165,830

509,920 830,090 1,340,010

MAXIMUM ASSESSED VALUE

661,280

681,110

TOTAL ASSESSED VALUE

661,280

681,110

EXEMPTIONS NET TAXABLE:

0 661,280

0 681,110

10,044.18

10,536.32

TOTAL PROPERTY TAX:

ASSESSMENT QUESTIONS TAX QUESTIONS

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

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

3,244.88 65.66 422.56 3,733.10

DESCHUTES COUNTY COUNTY LIBRARY COUNTYWIDE LAW ENFORCEMENT RURAL LAW ENFORCEMENT COUNTY EXTENSION/4H 9-1-1 RURAL FIRE DISTRICT #2 RURAL FIRE DISTRICT #2 LOCAL OPTION BEND METRO PARK & RECREATION GENERAL GOVT TOTAL:

850.23 374.61 694.73 953.55 15.26 246.43 978.48 136.22 995.10 5,244.61

DEPT OF FORESTRY FIRE PATROL 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:

67.12 112.79 503.82 493.80 298.94 82.14 1,558.61

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

PAYMENT OPTIONS 3% Option 2% Option 10,220.23 6,883.73

10,220.23

ACCOUNT NO: 246190

3,512.11 10,395.84

2017 - 2018 TAX ( Before Discount ) Trimester Option 3,512.11 3,512.11 3,512.10 10,536.32

TOTAL DUE (After Discount and Pre-payments) Tear Here

PLEASE RETURN THIS PORTION WITH YOUR PAYMENT

2017 - 2018PROPERTY TAXES PAYMENT OPTIONS

Discount

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

Date Due

Amount

Date Due

05/15/18

3,512.11

05/15/18

3,512.10

DISCOUNT IS LOST & INTEREST APPLIES AFTER DUE DATE

ACCOUNT NO. 246190 Amount

02/15/18

Date Due

Amount

11/15/17 11/15/17

10,220.23 6,883.73

11/15/17

3,512.11

Mailing address change on back Enter Payment Amount

MAKE PAYMENT TO: 4214 - 021911 - 1022023 CUTLER, RONALD ET AL 18780 MACALPINE LOOP BEND, OR 97702

10,220.23 Tear Here

DESCHUTES COUNTY REAL

3% 2% 0%

10,536.32

DESCHUTES COUNTY TAX COLLECTOR

09100002461900000351211000068837300010220234 Deschutes County Property Information Report, page 6 (For Report Disclaimer see page 1)

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

Deschutes County Property Information Report Date: 12/28/2017 10:05:47 AM

Account Summary Account Information

Ownership

Mailing Name:

Mailing Address:

CUTLER, RONALD ET AL

Map and Taxlot: 181102C000900

CUTLER, RONALD ET AL

Account: Tax Status:

263621 Assessable

18780 MACALPINE LOOP

Situs Address:

**NO SITUS ADDRESS**

BEND, OR 97702 Valuation

Property Taxes

Real Market Values as of Jan. 1, 2017

Current Tax Year: $2,914.38

Land

$379,080

Tax Code Area:

Structures

Total

$379,080

1016

Assessment Subdivision:

Current Assessed Values:

Lot:

Maximum Assessed

$212,200

Block:

Assessed Value

$212,200

Assessor Acres: 5.11 Property Class: 401 -- TRACT

Veterans Exemption

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

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

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

2013 - 2014 $260,300 $0 $260,300

2014 - 2015 $267,880 $0 $267,880

2015 - 2016 $277,990 $0 $277,990

2016 - 2017 $303,260 $0 $303,260

2017 - 2018 $379,080 $0 $379,080

$188,550 $188,550 $0

$194,200 $194,200 $0

$200,020 $200,020 $0

$206,020 $206,020 $0

$212,200 $212,200 $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

11-07-2017

$2,914.38

($3,001.81)

$87.43

$0.00

2017

11-15-2017

IMPOSED

10-13-2017

11-15-2017

$0.00 Total:

$2,914.38 ($87.43)

$0.00

2016

11-15-2016

PAYMENT

01-05-2017

$1,847.02

($1,847.02)

$0.00

2016

11-15-2016

PAYMENT

11-04-2016

$923.52

($923.52)

$0.00

2016

11-15-2016

IMPOSED

10-13-2016

11-15-2016

$0.00 Total:

$2,770.54 $0.00

$0.00

2015

11-15-2015

PAYMENT

11-11-2015

$2,611.80

($2,692.58)

$80.78

$0.00

2015

11-15-2015

IMPOSED

10-14-2015

11-15-2015

$0.00 Total:

$2,692.58 $0.00

$0.00

Sales History Sale Date

Seller

Buyer

12/15/2016

WARTA FAMILY TRUST

11/10/2014

WARTA, JOHN & GEORGIANA

CUTLER, RONALD ET AL WARTA, JOHN & GEORGIANA TTEES

11/10/2014

WARTA FAMILY TRUST

WARTA, JOHN & GEORGIANA

10/10/2011

WARTA, JOHN & GEORGIANA

WARTA, JOHN & GEORGIANA TTEES

10/10/2011

WARTA FAMILY TRUST

WARTA, JOHN & GEORGIANA

07/09/2011

FISHEL, DAVID C & ANGELA F

WARTA, JOHN & GEORGIANA TTEES

Structures No Structures Found.

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

Sale Amount

Sale Type

Recording Instrument

Land Characteristics Land Description

Acres

Urban Tract

5.11

Land Classification

Ownership Name Type

Name

Ownership Type

OWNER

CUTLER, RONALD

OWNER

VERTEFEUILLE-CUTLER, JEAN

OWNER

Ownership Percentage

Owner Name

Record Type

246190

CUTLER, RONALD ET AL

Real Property

Service Providers Please contact districts to confirm. Category

Name

Phone

Address

COUNTY SERVICES

DESCHUTES COUNTY DESCHUTES COUNTY SHERIFF'S OFFICE BEND RURAL FIRE

(541) 388-6570

1300 NW WALL ST, BEND, OR 97703

(541) 693-6911

63333 HIGHWAY 20 WEST, BEND, OR 97703

(541) 318-0459

1212 SW SIMPSON AVE, BEND, OR 97702

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

(541) 693-5600

145 SE SALMON AVE, REDMOND, OR 97756

(541) 383-7700

2600 NW COLLEGE WAY, BEND, OR 97703

POLICE SERVICES FIRE DISTRICT SCHOOL DISTRICT ELEMENTARY SCHOOL ATTENDANCE AREA MIDDLE SCHOOL ATTENDANCE AREA HIGH SCHOOL ATTENDANCE AREA EDUCATION SERVICE TAX DISTRICT COLLEGE TAX DISTRICT PARK & RECREATION DISTRICT GARBAGE & RECYCLING SERVICE

HIGH DESERT EDUCATION SERVICE DISTRICT CENTRAL OREGON COMMUNITY COLLEGE

BEND PARK & RECREATION DISTRICT (541) 389-7275

799 SW COLUMBIA ST, BEND, OR 97702

CASCADE DISPOSAL

1300 SE WILSON AVE, BEND, OR 97702

(541) 382-6660

Development Summary Planning Jursidiction: Urban Growth Boundary:

Deschutes County

County Zone

Description

UAR10

URBAN AREA RESERVE - 10 ACRE MINIMUM

Urban Reserve Area:

Bend

County Development Details Wetland (National or Local):

Not Within a Mapped Wetland

Conservation Easement: FEMA 100 Year Flood Plain:

No Conservation Easement Recorded

TDC/PRC Restrictive Covenant: Ground Snow Load:

No TDC/PRC Restrictive Covenant Found

Not Within 100 Year Flood Plain

25 #/sq. ft.

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

263621 A Real

Lender Name Loan Number 1016 Property ID Interest To Dec 28, 2017

Tax Summary Tax Year 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

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

Total Due

Current Due

Interest Due

Discount Available

($87.43) $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

($87.43)

$0.00

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

Original Due $2,914.38 $2,770.54 $2,692.58 $2,610.53 $2,551.43 $2,450.96 $2,413.11 $2,333.49 $2,288.18 $2,209.04

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

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

PROPERTY DESCRIPTION CODE: MAP: CLASS: SITUS:

1016 181102-C0-00900 401

CUTLER, RONALD ET AL 18780 MACALPINE LOOP BEND, OR 97702 VALUES: REAL MARKET (RMV) LAND STRUCTURES TOTAL RMV

LAST YEAR

THIS YEAR

303,260 0 303,260

379,080

MAXIMUM ASSESSED VALUE

206,020

212,200

TOTAL ASSESSED VALUE

206,020

212,200

EXEMPTIONS NET TAXABLE:

0 206,020

0 212,200

TOTAL PROPERTY TAX:

2,770.54

2,914.38

ASSESSMENT QUESTIONS TAX QUESTIONS

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

ACCOUNT NO: 263621

1,010.94 20.46 131.65 1,163.05

DESCHUTES COUNTY COUNTY LIBRARY COUNTYWIDE LAW ENFORCEMENT RURAL LAW ENFORCEMENT COUNTY EXTENSION/4H 9-1-1 BEND METRO PARK & RECREATION GENERAL GOVT TOTAL:

264.89 116.71 216.44 297.08 4.75 76.77 310.02 1,286.66

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:

35.14 156.96 153.85 93.13 25.59 464.67

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

PAYMENT OPTIONS 3% Option 2% Option 2,826.95 1,904.06

2,826.95

379,080

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

971.46 2,875.52

2017 - 2018 TAX ( Before Discount ) Trimester Option 971.46 971.46 971.46 2,914.38

TOTAL DUE (After Discount and Pre-payments) Tear Here

PLEASE RETURN THIS PORTION WITH YOUR PAYMENT

2017 - 2018PROPERTY TAXES PAYMENT OPTIONS

Discount

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

Date Due

Amount

Date Due

05/15/18

971.46

05/15/18

971.46

DISCOUNT IS LOST & INTEREST APPLIES AFTER DUE DATE

ACCOUNT NO. 263621 Amount

02/15/18

Date Due

971.46

Amount

11/15/17 11/15/17

2,826.95 1,904.06

11/15/17

971.46

Mailing address change on back Enter Payment Amount

MAKE PAYMENT TO: 4214 - 021912 - 282695 CUTLER, RONALD ET AL 18780 MACALPINE LOOP BEND, OR 97702

2,826.95 Tear Here

DESCHUTES COUNTY REAL

3% 2% 0%

2,914.38

DESCHUTES COUNTY TAX COLLECTOR

09100002636210000097146000019040600002826954 Deschutes County Property Information Report, page 5 (For Report Disclaimer see page 1)

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

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SELLERâ&#x20AC;&#x2122;S PROPERTY DISCLOSURE

MAPS

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Deschutes County, OR

OR EL OO P

Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AEX, Getmapping, Aerogrid, IGN, IGP, swisstopo, and the GIS User Community

Date: 12/28/2017

O Disclaimer:

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

140

280

560

840

1,120

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Legend Subject Property

Locator Map

Deschutes County, OR

181102-C0-00900

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Date: 12/28/2017

O Disclaimer:

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11,400

17,100

22,800

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Legend Subject Property Railroad

181102-C0-00900

Deschutes County, OR

06214

00400

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06205

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Taxlot Map

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Date: 12/28/2017

O Disclaimer:

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Date: 12/28/2017

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360

720

1,440

2,160

2,880

Feet

Legend Subject Property

WELL I N F O R M AT I O N

Water Supply Well Report (1) Owner

Well Number:

Name: CASCADE HIGHLANDS Street: 61999 BROKEN TOP DR Ctty: BEND

State:OR

Other:

0 Special Standards: Depth of completed well: Amount:

Fr0!!!__.I2...__

o.oo

8.00

79.00

How was seal placed? Back fill placed from: Filter pack from:

Type:

Sacks/lbs.. 66

370.0

Other:

-12.00

532.00

Longttude: 121'22'53"

Block:

Material: Size:

.188

Date: 06 / 07 / 2004

Date:

(11) Water Bearing Zones

Depth at which water was first found: From 495.00

To 532.00

est flow 40.00

(12) Well Log Material

SAND PUMICE

PUMICE BROWN

swl 370

496.00 II.

Ground Elevation:

3836 II. from

0.00

8.00

8.00 68.00

69.00 100.00

BASALT CLAY SEAMS CONGLOMERATE

160.00

160.00 225.00

CONGLOMERATE

296.00

BASALT LAVA GRAY SOFT

LAVA HARD

Csng/ -------------------------- Shoe Shoe BASALT CLAY SEAMS Liner Diameter From To �· . Mtrl Weld Thrd . at used_ 8.00 1.00 79.00 .250 s X 6.00

167197

Subdivision: THE HIGHLANDS Street Address of Well (or nearest address): NON ASSIGNED LOT #30

BASALT BLACK CINDERS

(6) Casing I Liner L

Start Card#

Lot: 30

Tax Lot 100

Feel below land surface:

532.0011.

Mtrl ___ From __ To CE 0.00 79.00

532.00

Section: 2 NWSW

Artesian Pressure:

Seal ---·---�------------

79.00

70678

Latttude: 44'2'34" Range: 11.00 E

(10) Static Water Level

0Auger

O Irrigation D1njeetion

(5) Bore Hole Construction

12.00

Well ID Tag# L

MAP, with location identified, must be attached.

(4) Proposed Use [Kl Domestic 0 Communtty O Industrial 0Livestock 0Thermal

Zip Code: 97702

0 Cable

Other:

O 6-1 8 -2 0 Q.I

(9) Location of Hole by legal description

0 Alter (Repair)

0 Abandonment

(3) Drill Method [Kl Rotary Air 0 Rotary Mud

Diameter

Received Date:

County: DESC Township: 18.00 s

(2)rH'fe of Work X New O Alter (Recondttion)

0 Explosives Used: Hole

DESC

(as required by ORS 537.765) Instructions for comoletina this reoort are on the last oaae of this form

00eepening

00 U f

Ut:SI,;

STATE OF OREGON

100.00 136.00

225.00 250.00

495.00

swl ·-

135.00

250.00

296.00

495.00 532.00

370

(7) Perforation I Screens

Perforations: Mlrl From s 512.00 Screens: Mtrl From

Csr,g/ ---To Widlh �ight #Slots Dia. VeSize Lnr Method 532.00 0.13 3.00 216 6.00 L MACHINE To

(8) Well Tests

J:�Yield A 40.00

Unils G

S Size #Slots

Dia. VpSize �_Gauge

(Minimum testing lime Is one hour) Drawdown

Temperature of Waler: 50F Was water analysis done? by whom?

Stem at 530.00

Oodor

D Colored

other:

0Too Little

Dale Completed: 06 / 07 / 2004

(unbonded) Water Well Constructor Certification: I certify that the work I perform on the construction, alteration, or abandonmenl of this well is In compliance with Oregon well construction standards. Materials used and Information reported above are true to the best knowledge and belief. Signed by: THOMAS R PECK WWC#:758

Depth of artesian flow:

Did any strata contain water unsuitable for use?

0Muddy

Date Started: 06 / 0412004

Duration 1.00

Osalty

(bonded) Water Well Constructor Certification: I accept responsibilty for the constuction, alteration, or abandonment work performed on this well during the conslructlon dates reported above. All work performed during this time is in compliance with Oregon well construction standards. This report is true to the best of my knowledge and belief. Signed by: JACK ABBAS WWC#: 1720

SEPTIC I N F O R M AT I O N

ABE JONES SEPTIC SERVICE INC. PO Box 7155 Bend Oregon 97708 P:(541)382-7761 !7:(541)317-2875 DEQ Lie. 35223 abejonesseptic@gmail.com

ITEM

SEPTIC TANK INSPECTION

DATE 10/28/2016

Invoice INVOICE# 38265

AMOUNT

DESCRIPTION

PUMP CONCRETE 1500 GALLON TANK. BAFFLES PRESENT. PASS. WATER TEST GOOD. SYSTEM IN GOOD WORKING ORDER AS OF 10128/16.

350.00 150.00

Please write invoice number on check Payment due upon receipt

Balance Due

$500.00

ADDITIONAL I N F O R M AT I O N

•aa mamraWDe,, A'l"Blt.OKW'il'OP TENTATIVE LOT 30

LOT AREA: 10,11 AC, BUILDING ENVELOPE AREAi 2,0 AC, =87,025 8Q,FT.

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SCHOOL I N F O R M AT I O N

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

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%

OREGON

REPORT CARD

2016-17

Summit High School 2855 NW Clearwater Dr Bend, OR 97701 (541) 355-4000 www.bend.k12.or.us/SHS

DISTRICT Bend-LaPine Administrative SD 1 SUPERINTENDENT Shay Mikalson PRINCIPAL Alice DeWittie GRADES SERVED 9-12

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,

look forward to working with you this school year.

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: · 85% of students continued to post-secondary · Growth of AP Test participation · Growth of student participation in community service Please contact me if you have any questions or concerns. We

Thank you, Principal

Alice DeWittie

SCHOOL PROFILE

STUDENTS

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

School

27.0 29.0 29.0 31.0 --

1,473 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: 94 Percent of students without all required vaccines: 6 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%.

16% 9% <5% 12 70.6% 9.3%

American Indian/Alaska Native, 0% Asian, 1% Black/African American, 1% Hispanic/Latino, 6% Multi-Racial, 3% Native Hawaiian/Pacific Islander, 0% White, 88% 0%

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60%

80%

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/s Z^ > E ,K/ ^ ĞŶĚ ŚĂƐ Ă ƚŽƚĂů ŽĨ ϭ͕ϳϯϱ ĂĐƌĞƐ ǌŽŶĞĚ ĨŽƌ ŝŶĚƵƐƚƌŝĂů ƵƐĞ͕ ϳϬϱ ĂĐƌĞƐ ǌŽŶĞĚ ĨŽƌ ŵŝǆĞĚ ƵƐĞ͕ ĂŶĚ ϭ͕ϲϱϳ ĨŽƌ ĐŽŵŵĞƌĐŝĂů ƵƐĞ͘ dŚĞ ŝƚǇ ŝƐ ƵŶĚĞƌŐŽŝŶŐ ĂŶ hƌďĂŶ 'ƌŽǁƚŚ ŽƵŶĚĂƌǇ ;h' Ϳ ĞǆƉĂŶƐŝŽŶ ƉƌŽĐĞƐƐ ƚŚĂƚ ǁŝůů ďƌŝŶŐ ĂĚĚŝƚŝŽŶĂů ƉƌŽƉĞƌƚǇ ŝŶƚŽ ƚŚĞ ĐŝƚǇ ďŽƵŶĚĂƌǇ͘ dŚĞ ƉƌŽĐĞƐƐ ŝƐ ŽŶŐŽŝŶŐ ĂŶĚ ƐŝŐŶŝĨŝĐĂŶƚ ŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ ǁŝůů ďĞ ůŝŵŝƚĞĚ ƵŶƚŝů ƚŚĞ ƉƌŽĐĞƐƐ ĂŶĚ ŶĞǁ ŐƌŽǁƚŚ ďŽƵŶĚĂƌǇ ĂƌĞ ĨŝŶĂů͘ /ŶĚƵƐƚƌŝĂů͗ ĞŶĚ ŽĨĨĞƌƐ Ă ŵŝǆ ŽĨ ŝŶĚƵƐƚƌŝĂů ďƵŝůĚŝŶŐƐ ĂŶĚ ůĂŶĚ ƚŽ ƐƵŝƚ ďƵƐŝŶĞƐƐ ŶĞĞĚƐ ŽĨ Ăůů ƚǇƉĞƐ͘ &ƌŽŵ ůŝŐŚƚ ĂŶĚ ŚĞĂǀǇ ŝŶĚƵƐƚƌŝĂů ƵƐĞ ŝŶ ũƵƐƚ Ă ĨĞǁ ƚŚŽƵƐĂŶĚ ƐƋƵĂƌĞ ĨĞĞƚ ƚŽ ũƵƐƚ ƵŶĚĞƌ ϴϬ͕ϬϬϬ ƐƋƵĂƌĞ ĨĞĞƚ ŝŶ Ă ƐŝŶŐůĞ͕ ĞǆŝƐƚŝŶŐ ĨĂĐŝůŝƚǇ͕ ŝŶĚƵƐƚƌŝĂů ƐƉĂĐĞ ƚŽƚĂůƐ ϰ͘Ϯ ŵŝůůŝŽŶ ƐƋƵĂƌĞ ĨĞĞƚ͕ ŽĨ ǁŚŝĐŚ ϯ͘ϰй ǁĂƐ ǀĂĐĂŶƚ ŝŶ Ɖƌŝů ϮϬϭϲ͘ DĂŶǇ ƐƉĂĐĞƐ ĂƌĞ ƚƵƌŶŬĞǇ ƉƌŽƉĞƌƚŝĞƐ͘ ŽŵŵĞƌĐŝĂů͗ ĨƚĞƌ ƐŝŐŶŝĨŝĐĂŶƚ ďƵŝůĚŝŶŐ ŽǀĞƌ ƚŚĞ ƉĂƐƚ ĚĞĐĂĚĞ͕ ĞŶĚ ďŽĂƐƚƐ ĂŶ ŝŵƉƌĞƐƐŝǀĞ ŵŝǆ ŽĨ ŽĨĨŝĐĞ ƐƉĂĐĞ͕ ĨƌŽŵ ĐůĂƐƐ ƚŽ ĐůĂƐƐ ͘ ǀĂŝůĂďůĞ ƐƉĂĐĞ ĂƐ ŽĨ Ɖƌŝů ϮϬϭϲ͕ ǁĂƐ ϭϱϲ͕ϬϬϬ ƐƋƵĂƌĞ ĨĞĞƚ ŽĨ ĐŽŵŵĞƌĐŝĂů ƐƉĂĐĞ ĂǀĂŝůĂďůĞ͕ ƌĞĨůĞĐƚŝŶŐ Ă ǀĂĐĂŶĐǇ ƌĂƚĞ ŽĨ ϲ͘ϯй͘ dŽƚĂů ĐŽŵŵĞƌĐŝĂů ƐƉĂĐĞ ŝƐ ŶĞĂƌůǇ Ϯ͘ϱ ŵŝůůŝŽŶ ƐƋƵĂƌĞ ĨĞĞƚ͘ ZĞƚĂŝů͗ dŽƚĂů ƌĞƚĂŝů ƐƉĂĐĞ ŝŶ ĞŶĚ ŝƐ ŶĞĂƌůǇ ϰ͘ϱ ŵŝůůŝŽŶ ƐƋƵĂƌĞ ĨĞĞƚ͕ ǁŝƚŚ ϰ͘ϳй ǀĂĐĂŶƚ ŝŶ Ɖƌŝů ϮϬϭϲ͘ ĞŶĚ ŽĨĨĞƌƐ ƐĞǀĞƌĂů ŚŝŐŚͲƚƌĂĨĨŝĐ ƐŚŽƉƉŝŶŐ ĚŝƐƚƌŝĐƚƐ ŝŶĐůƵĚŝŶŐ ŽǁŶƚŽǁŶ ĞŶĚ͕ KůĚ Dŝůů ŝƐƚƌŝĐƚ͕ ĂƐĐĂĚĞ sŝůůĂŐĞ ^ŚŽƉƉŝŶŐ ĞŶƚĞƌ͕ ĞŶĚ ZŝǀĞƌ WƌŽŵĞŶĂĚĞ͕ ĞŶĚ &ĂĐƚŽͲ ƌǇ ^ƚŽƌĞƐ͕ ĂŶĚ ŵŽƌĞ͘

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WĂŐĞ ϭ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

dKW DW>Kz Z^ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ KƌĞŐŽŶ ŵƉůŽǇŵĞŶƚ ĞƉĂƌƚŵĞŶƚ͕ ϴϭй ŽĨ KƌĞŐŽŶ ĨŝƌŵƐ ŚĂǀĞ ŶŝŶĞ Žƌ ĨĞǁĞƌ ĞŵƉůŽǇĞĞƐ͘ ,ŽǁĞǀĞƌ͕ ƚŚŽƐĞ ĨŝƌŵƐ ĂĐͲ ĐŽƵŶƚ ĨŽƌ ŽŶůǇ ϭϱ͘ϱй ŽĨ KƌĞŐŽŶ ũŽďƐ͘ EĞĂƌůǇ ϱϬй ŽĨ Ăůů KƌĞŐŽŶ ũŽďƐ ĂƌĞ ǁŝƚŚŝŶ ƚŚĞ ϭ͘ϳй ŽĨ KƌĞŐŽŶ ĨŝƌŵƐ ǁŝƚŚ ϭϬϬ Žƌ ŵŽƌĞ ĞŵƉůŽǇͲ ĞĞƐ͘ Ǉ ĐŽŶƚƌĂƐƚ͕ ϴϰй ŽĨ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ ĨŝƌŵƐ ŚĂǀĞ ĨĞǁĞƌ ƚŚĂŶ ϵ ĞŵƉůŽǇĞĞƐ ĂŶĚ ƚŚĞƐĞ ƐŵĂůů ĨŝƌŵƐ ĂĐĐŽƵŶƚ ĨŽƌ ŶĞĂƌůǇ ŽŶĞͲƋƵĂƌƚĞƌ ŽĨ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ͛Ɛ ũŽďƐ͘ ŝŐ ĨŝƌŵƐ ;ϭϬϬ Žƌ ŵŽƌĞ ĞŵƉůŽǇĞĞƐͿ ŽŶůǇ ƉƌŽǀŝĚĞ ĂďŽƵƚ ŽŶĞͲƚŚŝƌĚ ŽĨ ũŽďƐ͘ 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 ŶŝĐŚĞͲŵĂƌŬĞƚ ƉƌŽĚƵĐƚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ^ĞĐƚŽƌƐ ǁŝƚŚ ƚŚĞ ůĂƌŐĞƐƚ ĞŵƉůŽǇŵĞŶƚ ŶƵŵďĞƌƐ ŝŶ ĞŶĚ ŝŶĐůƵĚĞ ŚĞĂůƚŚĐĂƌĞ͕ ƚŽƵƌŝƐŵͲĨŽĐƵƐĞĚ ďƵƐŝŶĞƐƐĞƐ͕ ůŽĐĂů ĐŝƚǇ ĂŶĚ ĐŽƵŶƚǇ ŐŽǀĞƌŶŵĞŶƚ͕ ƚŚĞ ƐĐŚŽŽů ĚŝƐƚƌŝĐƚ͕ ĂŶĚ ůĂƌŐĞ ƌĞƚĂŝůĞƌƐ͘ ^ŽŵĞ ŽĨ ƚŚĞ ŬĞǇ͕ ŐƌŽǁŝŶŐ͕ ƚƌĂĚĞĚͲƐĞĐƚŽƌ ŝŶĚƵƐͲ ƚƌŝĞƐ ŝŶ ĞŶĚ ŝŶĐůƵĚĞ͗ ŝŽƐĐŝĞŶĐĞ ; ĞŶĚ ZĞƐĞĂƌĐŚ͕ ^ƵƚĞƌƌĂ͕ WĂͲ ƚŚĞŽŶͿ ǀŝĂƚŝŽŶ ĂŶĚ ĂĞƌŽƐƉĂĐĞ ; ƉŝĐ͕ >ĞĂĚŝŶŐ ĚŐĞͿ KƵƚĚŽŽƌ ZĞĐƌĞĂƚŝŽŶ ƋƵŝƉŵĞŶƚ ĂŶĚ ƉͲ ƉĂƌĞů ;EŽƐůĞƌ͕ ,ǇĚƌŽĨůĂƐŬ͕ ZƵĨĨǁĞĂƌͿ ^ŽĨƚǁĂƌĞ ;'ϱ͕ EĂǀŝƐ͕ '> ^ŽůƵƚŝŽŶƐͿ ^ƉĞĐŝĂůƚǇ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ;:ĞůĚͲtĞŶ͕ ĞƌͲ ƚĂŝŶdĞĞĚͿ ŽƌƉŽƌĂƚĞ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĂŶĚ ďĂĐŬ ŽĨĨŝĐĞ ĐĞŶƚĞƌƐ ;/ y͕ EĂǀŝƐ͕ >ĞƐ ^ĐŚǁĂďͿ ƌĞǁŝŶŐ ĂŶĚ ŝƐƚŝůůŝŶŐ ; ĞƐĐŚƵƚĞƐ ƌĞǁĞƌǇ͕ ƚůĂƐ͕ ϭϬ ĂƌƌĞůͿ

WĂŐĞ Ϯ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

t ' /E&KZD d/KE ĞůŽǁ ĂƌĞ ĂǀĞƌĂŐĞ ŚŽƵƌůǇ ǁĂŐĞƐ ŝŶ KƌĞŐŽŶ͕ tĂƐŚŝŶŐƚŽŶ͕ ĂŶĚ ĂůŝĨŽƌŶŝĂ ĨŽƌ Ă ďƌŽĂĚ ĂƌƌĂǇ ŽĨ ŽĐĐƵƉĂƚŝŽŶƐ͘ ĂůŝĨŽƌŶŝĂ ĂŶĚ tĂƐŚŝŶŐƚŽŶ ǁĂŐĞƐ ƌŽƵƚŝŶĞůǇ ƌƵŶ ĂƐ ŵƵĐŚ ĂƐ ϮϬй ŚŝŐŚĞƌ ƚŚĂŶ ƚŚŽƐĞ ŝŶ KƌĞŐŽŶ͘ ĞŶƚƌĂů KƌĞŐŽŶ ǁĂŐĞƐ ƚǇƉŝĐĂůůǇ ƌƵŶ ϭϬй ƚŽ ϮϬй ďĞůŽǁ ƚŚĞ ƐƚĂƚĞǁŝĚĞ ĂǀĞƌĂŐĞƐ͕ ǁŚŝĐŚ ĂƌĞ ĚƌŝǀĞŶ ďǇ WŽƌƚůĂŶĚ ŵĞƚƌŽ ĂƌĞĂ ǁĂŐĞƐ͘ /Ŷ ƌĞĐĞŶƚ ǇĞĂƌƐ͕ ĞŶƚƌĂů KƌĞŐŽŶ ǁĂŐĞƐ ŝŶ ĐĞƌƚĂŝŶ ƚĞĐŚŶŝĐĂů ŽĐĐƵƉĂƚŝŽŶƐ ĂƌĞ ŽŶ ƉĂƌ ǁŝƚŚ Žƌ ĞǆĐĞĞĚ ƐƚĂƚĞǁŝĚĞ ĂǀĞƌĂŐĞƐ͘

ŽǀĞƌĞĚ ĞŵƉůŽǇŵĞŶƚ Θ ƉĂǇƌŽůů

WĂŐĞ ϯ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

ŽǀĞƌĞĚ ĞŵƉůŽǇŵĞŶƚ ƉĂǇƌŽůů ŝƐ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂǀĞƌĂŐĞ ǁĂŐĞ ĨŽƌ ĞĂĐŚ ŽĨ KƌĞŐŽŶΖƐ ϯϲ ĐŽƵŶƚŝĞƐ͘ ĞůŽǁ ĂƌĞ ƚŚĞ ŶƵŵďĞƌ ŽĨ ďƵƐŝŶĞƐƐ ĞƐƚĂďůŝƐŚŵĞŶƚƐ ;ƵŶŝƚƐͿ͕ ĞŵƉůŽǇŵĞŶƚ͕ ƉĂǇƌŽůů͕ ĂŶĚ ĂǀĞƌĂŐĞ ƉĂǇ ŝŶ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ ĂŶĚ ƚŚĞ dƌŝͲ ŽƵŶƚǇ ƌĞŐŝŽŶ͘ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ ĞŵƉůŽǇŵĞŶƚ ŝŶ ϮϬϭϱ ƐƚŽŽĚ Ăƚ ϳϮ͕ϰϱϭ ĞŵƉůŽǇĞĞƐ͕ ƵƉ ŶĞĂƌůǇ ϳ͘ϱй ĨƌŽŵ ƚŚĞ ƉƌĞǀŝŽƵƐ ǇĞĂƌ ĂŶĚ ĂďŽǀĞ ƚŚĞ ƉƌĞͲƌĞĐĞƐƐŝŽŶ ƉĞĂŬ ŝŶ ϮϬϬϳ ŽĨ ϲϵ͕ϯϮϳ͘ WĂǇƌŽůů ĂůƐŽ ŝŶĐƌĞĂƐĞĚ͕ ĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞůǇ͕ ďǇ ϭϮй͕ ĂƐ ĚŝĚ ĂǀĞƌĂŐĞ ǁĂŐĞ ;ϯ͘ϳйͿ͘

/E h^dZz D/y

WĂŐĞ ϰ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

/Ŷ ĞĐĞŵďĞƌ ϮϬϭϲ͕ ƚŚĞ ĞŶĚͲZĞĚŵŽŶĚ D^ ƌĂŶŬĞĚ ηϭ ŽŶ DŝůŬĞŶ /ŶƐƚŝƚƵƚĞ͛Ɛ ůŝƐƚ ŽĨ ĞƐƚ WĞƌĨŽƌŵŝŶŐ ^ŵĂůů ŝƚŝĞƐ͘ ͞ ĞŶĚͲZĞĚŵŽŶĚ ŚĂƐ ďĞĞŶ ĂďůĞ ƚŽ ĐŽŶƚŝŶƵĂůůǇ ĚŝǀĞƌƐŝĨǇ ŝƚƐ ĞĐŽŶŽŵǇ͕ ǁŝƚŚ ƐĞǀĞŶ ŚŝŐŚͲƚĞĐŚ ŝŶĚƵƐƚƌŝĞƐ ĐŽŶĐĞŶƚƌĂƚĞĚ ŝŶ ƚŚĞ ŵĞƚƌŽ͘ dŚĞ ĐĞŶƚƌĂů KƌĞŐŽŶ ĞĐŽŶŽŵǇ ŝƐ ǀŝďƌĂŶƚ ĂŶĚ ŚĂƐ ďĞĞŶ ĂďůĞ ƚŽ ĚŝǀĞƌƐŝĨǇ ŝƚƐ ĞĐŽŶŽŵŝĐ ďĂƐĞ ǁŝƚŚ ŶĞǁ ǁĂǀĞƐ ŽĨ ŝŶŶŽǀĂƚŝŽŶ͘͟ ;DŝůŬĞŶ /ŶƐƚŝƚƵƚĞͿ /Ŷ ĂĚĚŝƚŝŽŶ͕ ĂŶ ŝŶĐƌĞĂƐŝŶŐ ůĞǀĞů ŽĨ ƐƚĂƌƚƵƉ ĂĐƚŝǀŝƚǇ ŝƐ ďĞŝŶŐ ƐĞĞŶ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ͘ EƵŵĞƌŽƵƐ ŝŶĚƵƐƚƌǇ ĐůƵƐƚĞƌƐ ĂƌĞ ĐŽĂůĞƐĐŝŶŐ ŝŶ ƐƵĐŚ ĂƌĞĂƐ ĂƐ ŚŝŐŚ ƚĞĐŚŶŽůŽŐǇ͕ ďŝŽƐĐŝĞŶĐĞ͕ ŽƵƚĚŽŽƌ ƌĞĐƌĞĂƚŝŽŶ Θ ĐŽŶƐƵŵĞƌ ŐŽŽĚƐ͕ ĂŶĚ ďƌĞǁŝŶŐ Θ ĚŝƐƚŝůůŝŶŐ͘ dŚŝƐ ĂĐƚŝǀŝƚǇ ŝƐ ĚƌŝǀĞŶ ďŽƚŚ ďǇ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ƌĞůŽĐĂƚŝŶŐ ƚŽ ƚŚĞ ƌĞŐŝŽŶ ĂŶĚ ůŽĐĂů ĞŶƚƌĞƉƌĞŶĞƵƌƐ ĞŵďĂƌŬŝŶŐ ŽŶ ƚŚĞŝƌ ŽǁŶ ĞŶƚĞƌƉƌŝƐĞƐ͘ dŚĞ ƌĞŐŝŽŶ ŝƐ ůĂƌŐĞ ĞŶŽƵŐŚ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĂĐĐĞƐƐ ƚŽ ĐĂƉŝƚĂů ƚŚĂƚ ŚĞůƉ ŶĞǁ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ŐĞƚ ƐƚĂƌƚĞĚ͕ ǁŚŝůĞ Ɛƚŝůů ďĞŝŶŐ ƐŵĂůů ĞŶŽƵŐŚ ƚŚĂƚ ƚŚŽƐĞ ƌĞͲ ƐŽƵƌĐĞƐ ĂƌĞ ŝŶƚĞƌĐŽŶŶĞĐƚĞĚ ƚŽ ƐƵƉƉŽƌƚ ďƵƐŝŶĞƐƐĞƐ ĂƐ ƚŚĞǇ ŐƌŽǁ͘ hŶŝƋƵĞ ƚŽ ĞŶƚƌĂů KƌĞŐŽŶ ĂƌĞ ƚŚĞ ŶƵŵĞƌŽƵƐ ĐŽŵŵƵŶŝƚǇ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ĂǀĂŝůĂďůĞ͘ ĨĞǁ ŽĨ ƚŚĞƐĞ ĂƐƐĞƚƐ ŵĂŶĂŐĞĚ ďǇ K ŝŶĐůƵĚĞ ƚŚĞ ĞŶƚƌĂů KƌĞŐŽŶ WƵďdĂůŬ͕ ^ƚĂďůĞ ŽĨ ǆƉĞƌƚƐ ĂŶĚ ƚŚĞ ĞŶĚ sĞŶƚƵƌĞ ŽŶĨĞƌĞŶĐĞ ; s Ϳ͘ ^ƚĂďůĞ ŽĨ ǆƉĞƌƚƐ ;^K Ϳ ŝƐ Ă ƐĞĂƌĐŚĂďůĞ ĚĂƚĂďĂƐĞ ŽĨ ŵŽƌĞ ƚŚĂŶ ϭϯϬ ĞǆƉĞƌƚƐ ĨƌŽŵ ŵƵůƚŝƉůĞ ŝŶĚƵƐƚƌŝĞƐ ĂŶĚ ĚŝƐĐŝƉůŝŶĞƐ͘ dŚĞƐĞ ĞǆƉĞƌƚƐ ǀŽůƵŶƚĞĞƌ ŝŶ ŵĞŶƚŽƌŝŶŐ ǇŽƵŶŐ ůĞĂĚĞƌƐ ĂŶĚ ŚĞůƉŝŶŐ ĞŶƚƌĞƉƌĞŶĞƵƌƐ Ĩŝůů ƐŬŝůůƐ ŐĂƉƐ͘ ǀĞƌǇ ŶĞǁ ďƵƐŝŶĞƐƐ ŝƐ ůŝŬĞ Ă ƉƵǌǌůĞ ǁŝƚŚ ĐĞƌƚĂŝŶ ƉŝĞĐͲ ĞƐ ŵŝƐƐŝŶŐ͘ dŚĞ ^K ŚĞůƉƐ ƉƌŽǀŝĚĞ ƚŚĞ ŵŝƐƐŝŶŐ ƉŝĞĐĞƐ ĂŶĚ ŝŶĐƌĞĂƐĞ ƚŚĞ ƉƌŽďĂďŝůŝƚǇ ŽĨ ƐƵĐĐĞƐƐ͘ ĞŶƚƌĂů KƌĞŐŽŶ WƵďdĂůŬ ŝƐ Ă ŵŽŶƚŚůǇ ŚĂƉƉǇ ŚŽƵƌ ŚĞůĚ Ăƚ DĐDĞŶĂŵŝŶƐ ŝŶ ŽǁŶƚŽǁŶ ĞŶĚ͘ dŚĞƐĞ ĞǀĞŶƚƐ ĂƌĞ Ă ƐŚŽǁĐĂƐĞ ĨŽƌ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ƚŽ ƉŝƚĐŚ ƚŚĞŝƌ ďƵƐŝŶĞƐƐ ŝĚĞĂƐ͕ ĂŶĚ ĨŽƌ ƉƌĞǀŝŽƵƐůǇ ƐŚŽǁĐĂƐĞĚ ďƵƐŝŶĞƐƐĞƐ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ƵƉĚĂƚĞ ŽŶ ƚŚĞŝƌ ƉƌŽŐƌĞƐƐ͘ <ĞǇŶŽƚĞ ƐƉĞĂŬĞƌƐ ĂƌĞ ďƌŽƵŐŚƚ ŝŶ ƚŽ ĂĚĚ ĂŶ ĞĚƵĐĂƚŝŽŶĂů ĐŽŵƉŽŶĞŶƚ ƚŽ ƚŚĞ ĞǀĞŶƚ͘ ƐƵĐĐĞƐƐĨƵů ƉŝƚĐŚ ŝƐ ĂŶ ŝŶƚĞŐƌĂů ĐŽŵƉŽŶĞŶƚ ŽĨ ƐĞĐƵƌŝŶŐ ĨƵŶĚŝŶŐ͕ ĂŶĚ WƵďdĂůŬ ŽĨĨĞƌƐ Ă ƉůĂƚĨŽƌŵ ĨŽƌ ĞŵĞƌŐŝŶŐ ďƵƐŝŶĞƐƐĞƐ ƚŽ ƉƌĂĐƚŝĐĞ ĂŶĚ ƉĞƌĨĞĐƚ ƚŚĞ ƉŝƚĐŚ ǁŝƚŚ ĐŽĂĐŚŝŶŐ ƐĞƐƐŝŽŶƐ ĐŽŶĚƵĐƚĞĚ ďǇ K ƉƌŝŽƌ ƚŽ ƚŚĞ ĞǀĞŶƚ͘ dŚĞ ĞǀĞŶƚ ŚĂƐ ŵŽƌĞ ƚŚĂŶ ĚŽƵďůĞĚ ƐŝŶĐĞ &z ϮϬϭϰ ƚŽ ŽǀĞƌ Ϯ͕ϬϬϬ ŝŶ &z ϮϬϭϳ͘ ĞŶĚ sĞŶƚƵƌĞ ŽŶĨĞƌĞŶĐĞ ŝƐ ƚŚĞ ůĂƌŐĞƐƚ ĂŶŐĞů ĐŽŶĨĞƌĞŶĐĞ ŝŶ ƚŚĞ tĞƐƚ ĂŶĚ ŚĂƐ ďĞĐŽŵĞ Ă ŵĂƌƋƵĞĞ ƚŚ ĞǀĞŶƚ ĨŽƌ ƚŚĞ ĞŶƚƌĞƉƌĞŶĞƵƌŝĂů ĐŽŵŵƵŶŝƚǇ͘ EŽǁ ŝŶ ŝƚƐ ϭϰ ǇĞĂƌ͕ ƚŚŝƐ ĂŶŶƵĂů ĞǀĞŶƚ ƚĂŬĞƐ ƉůĂĐĞ ĞĂĐŚ KĐƚŽďĞƌ͘ ϮϬϭϲ ǁĂƐ Ă ƉŝǀŽƚĂů ǇĞĂƌ ĨŽƌ ƚŚĞ ĐŽŶĨĞƌĞŶĐĞ͕ ǁŝƚŚ ŶĞĂƌůǇ ΨϰD ŝŶ ĨƵŶĚŝŶŐ ŝŶǀĞƐƚĞĚ ŝŶ ƚĞŶ ĐŽŵƉĂŶŝĞƐ͕ ĂŶĚ ŽǀĞƌ ϲϬϬ ĂƚƚĞŶĚĞĞƐ ŝŶĐůƵĚŝŶŐ ŝŶǀĞƐƚŽƌƐ͕ ĞŶƚƌĞƉƌĞŶĞƵƌƐ͕ ƐĞƌǀŝĐĞ͕ ƉƌŽĨĞƐƐŝŽŶĂůƐ͕ ƐƚƵͲ ĚĞŶƚƐ͕ ĂŶĚ ŵŽƌĞ͘

WĂŐĞ ϱ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

K^d^ K& K/E' h^/E ^^ /E E Ɛ ĞŶƚƌĂů KƌĞŐŽŶ͛Ɛ ĐŽŵŵĞƌĐŝĂů ŚƵď͕ ĞŶĚ ŽĨĨĞƌƐ Ă ĚŝǀĞƌƐĞ ŵŝǆ ŽĨ ďƵŝůĚŝŶŐƐ ĂŶĚ ůĂŶĚ ĨŽƌ ŝŶĚƵƐƚƌŝĂů͕ ĐŽŵŵĞƌĐŝĂů͕ ĂŶĚ ƌĞƚĂŝů ƵƐĞ͘ dŚĞ ĐŚĂƌƚ ƐŚŽǁƐ ƚŚĞ ĐŽƐƚ ƌĂŶŐĞƐ Ă ďƵƐŝŶĞƐƐ ĐĂŶ ĞǆƉĞĐƚ ǁŚĞŶ ĚĞǀĞůŽƉŝŶŐ Ă ŶĞǁ Žƌ ĞǆŝƐƚŝŶŐ ďƵŝůĚŝŶŐ ŝŶ ĞŶĚ͘ >ŽĐĂů ƵƐŝŶĞƐƐ ŽƐƚƐ ŝŶ ĞŶĚ Ɛ ŝŶ ŵĂŶǇ ůŽĐĂƚŝŽŶƐ͕ ĐŽƐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŵĂŝŶƚĂŝŶŝŶŐ ĂŶĚ ƵƉŐƌĂĚŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂƌĞ ƌĞĐŽƵƉĞĚ ŝŶ ĞŶĚ ǀŝĂ ƉĞƌŵŝƚƚŝŶŐ ĨĞĞƐ ĂŶĚ ƐǇƐƚĞŵ /ŶĚƵƐƚƌŝĂů ůĂŶĚ ĐŽƐƚƐ͗ Ψϳ͘ϬϬͬ^& ƚŽ Ψϭϰ͘ϬϬͬ^& ŝŶ ĐŝƚǇ ůŝŵŝƚƐ ĚĞǀĞůŽƉŵĞŶƚ ĐŚĂƌŐĞƐ ;^ ƐͿ͘ &Žƌ ĞǆŝƐƚŝŶŐ ďƵŝůĚŝŶŐƐ͕ ƚŚĞƐĞ ĨĞĞƐ ŚĂǀĞ ŽŶƐƚƌƵĐƚŝŽŶ ĐŽƐƚƐ͗ ΨϴϬ ƚŽ ΨϭϱϬͬ^& ŽĨƚĞŶ ĂůƌĞĂĚǇ ďĞĞŶ ƉĂŝĚ ĂŶĚ Ă ŶĞǁ ďƵƐŝŶĞƐƐ ƚĞŶĂŶƚ ǁŽƵůĚ ŶŽƚ ŝŶĐƵƌ >ĞĂƐŝŶŐ ĐŽƐƚƐ ;ĂƐƐƵŵĞƐ ďĂƐĞ ƌĞŶƚ ĞǆĐůƵĚŝŶŐ EEE ĐŽƐƚƐͿ͗ ĐŚĂƌŐĞƐ͘ dŚĞ ŝƚǇ ŽĨ ĞŶĚ ŚĂƐ ĚĞĚŝĐĂƚĞĚ ƐƚĂĨĨ ƚŽ ŚĞůƉ ĐŽŵƉĂŶŝĞƐ ĂŶĚ x /ŶĚƵƐƚƌŝĂů͗ ΨϬ͘ϱϱ ƚŽ Ψϭ͘ϬϬͬ^& ĚĞǀĞůŽƉĞƌƐ ŶĂǀŝŐĂƚĞ ƚŚĞ ĂƉƉůŝĐĂƚŝŽŶ ĂŶĚ ďƵŝůĚŝŶŐ ƉƌŽĐĞƐƐ ƋƵŝĐŬůǇ ĂŶĚ x ŽŵŵĞƌĐŝĂů͗ Ψϭ͘ϬϬͲΨϮ͘ϯϱͬ^& ĞĨĨŝĐŝĞŶƚůǇ͘ dŚĞ ŝƚǇ ĞǀĞŶ ŽĨĨĞƌƐ ĨŝŶĂŶĐŝŶŐ ƉƌŽŐƌĂŵƐ ƚŽ ƉĂǇ ĨĞĞƐ ŽǀĞƌ x ZĞƚĂŝů͗ Ψϭ͘ϬϬͲΨϯ͘ϬϬͬ^& ƚŝŵĞ ŝŶƐƚĞĂĚ ŽĨ Ăůů ƵƉ ĨƌŽŶƚ͘ ƵƐŝŶĞƐƐ ƌĞŐŝƐƚƌĂƚŝŽŶ ĨĞĞ͗ ΨϱϬ ƉĞƌ ǇĞĂƌ ƚŚƌŽƵŐŚ ŝƚǇ ŽĨ ĞŶĚ ^ŽƵƌĐĞ͗ ŽŵƉĂƐƐ ŽŵŵĞƌĐŝĂů ZĞĂů ƐƚĂƚĞ ^ĞƌǀŝĐĞƐ͕ :ƵůǇ ϮϬϭϳ

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

^ŽƵƌĐĞƐ͗ dĂǆ &ŽƵŶĚĂƚŝŽŶ͕ KƌĞŐŽŶ ŵƉůŽǇŵĞŶƚ ĞƉĂƌƚŵĞŶƚ͕ tĂƐŚŝŶŐƚŽŶ ^ƚĂƚĞ ŵƉůŽǇŵĞŶƚ ^ĞĐƵƌŝƚǇ ĞƉĂƌƚŵĞŶƚ͕ ĂůŝĨŽƌŶŝĂ ŵƉůŽǇŵĞŶƚ ĞǀĞůŽƉͲ ŵĞŶƚ ĞƉĂƌƚŵĞŶƚ͕ h^ ŶĞƌŐǇ /ŶĨŽƌŵĂƚŝŽŶ ƐƐŽĐŝĂƚŝŽŶ͕ ŵƉůŽǇĞƌ ,ĞĂůƚŚ ĞŶĞĨŝƚƐ ^ƵƌǀĞǇ͕ WƌĞŵŝƵŵ ƌĂƚĞ ƌĂŶŬŝŶŐ ŝŶĚĞǆ͕ KƌĞŐŽŶ /ŶƐƵƌĂŶĐĞ ŝǀŝƐŝŽŶ͘

&Žƌ ƐŽŵĞ ƚŝŵĞ͕ KƌĞŐŽŶ ŚĂƐ ďĞĞŶ Ă ĐŽƐƚͲĐŽŵƉĞƚŝƚŝǀĞ ůŽĐĂƚŝŽŶ ĨŽƌ ďƵƐŝŶĞƐƐ͘ ŽŶƚƌŝďƵƚŝŶŐ ƚŽ ƚŚĞ ƌĂŶŬŝŶŐƐ ŝƐ ƚŚĞ ĨĂĐƚ ƚŚĂƚ KƌĞŐŽŶ ŚĂƐ ŶŽ ƐĂůĞƐ ƚĂǆ͕ ŶŽ ŝŶǀĞŶƚŽƌǇ ƚĂǆ͕ Ă ƐŝŶŐůĞ ƐĂůĞƐ ĨĂĐƚŽƌ ƚŚĂƚ ďĞŶĞĨŝƚƐ ůĂƌŐĞ ĞŵƉůŽǇĞƌƐ ǁŝƚŚ ŵƵůƚŝƉůĞ ŽƉĞƌĂƚŝŽŶƐ͕ ĂŶĚ ĂŶ ĂĨĨŽƌĚĂďůĞ ƉƌŽƉĞƌƚǇ ƚĂǆ ƐǇƐƚĞŵͶĂůů ďĂůĂŶĐĞĚ ǁŝƚŚ Ă ƚƌĞŵĞŶĚŽƵƐ ƋƵĂůŝƚǇ ŽĨ ůŝĨĞ͘ WĞƌŚĂƉƐ ŽŶĞ ŽĨ ƚŚĞ ŐƌĞĂƚĞƐƚ ĂƐƐĞƚƐ ŝŶ KƌĞŐŽŶ ŝƐ ƚŚĞ ƐƚƌƵĐƚƵƌĞ ŽĨ ŚŽǁ ĐŽƌƉŽƌĂƚŝŽŶƐ ĂƌĞ ƚĂǆĞĚ͕ ŬŶŽǁŶ ĂƐ ƚŚĞ ^ŝŶŐůĞ ^ĂůĞƐ &ĂĐƚŽƌ͘ dŚĞ ƚĂǆ ƌĂƚĞ ŽŶ ĐŽƌƉŽƌĂƚĞ ŝŶĐŽŵĞ ŽĨ ĨŝƌŵƐ ĚŽŝŶŐ ďƵƐŝŶĞƐƐ ŝŶ ƚŚĞ ƐƚĂƚĞ ŝƐ ƚŚĞ ŐƌĞĂƚĞƌ ŽĨ Ă ŵŝŶŝŵƵŵ ƚĂǆ ďĂƐĞĚ ŽŶ ƌĞůĂƚŝǀĞ KƌĞŐŽŶ ƐĂůĞƐ

WĂŐĞ ϲ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

;ΨϭϱϬͲΨϭϬϬ͕ϬϬϬ͕ ĂƉƉƌŽǆŝŵĂƚĞůǇ Ϭ͘ϭй ŽĨ ƐĂůĞƐ ďǇ ĞŶƚŝƚǇͿ Žƌ ĂŶ ŝŶĐŽŵĞͲďĂƐĞĚ ůĞǀǇ ŽĨ ϲ͘ϲй ŽŶ ƚĂǆĂďůĞ ŝŶĐŽŵĞ ƵƉ ƚŽ Ψϭ ŵŝůůŝŽŶ ĂŶĚ ϳ͘ϲй ĂďŽǀĞ ƚŚĂƚ͘ ZĞůĂƚŝǀĞ KƌĞŐŽŶ ƐĂůĞƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ϭϬϬй ŝŶ ĚĞƚĞƌŵŝŶŝŶŐ h͘^͘ ĐŽƌƉŽƌĂƚĞ ŝŶĐŽŵĞ ƚĂǆĂďůĞ ŝŶ KƌĞŐŽŶ͘ dŚŝƐ ƐŝŶŐůĞ ŝŶƚĞƌƐƚĂƚĞ ĨĂĐƚŽƌ ƐƚĂŶĚƐ ŝŶ ĐŽŶƚƌĂƐƚ ƚŽ ƐƚĂƚĞƐ ƚŚĂƚ ĂůƐŽ ƵƐĞ ĨĂĐƚŽƌƐ ĨŽƌ ƉƌŽƉĞƌƚǇ ĂŶĚ ƉĂǇƌŽůů ƚŽ ĂƉƉŽƌƚŝŽŶ ƚĂǆĂďůĞ ŝŶĐŽŵĞ͘ /ƚ ŝƐ ĂĚǀĂŶƚĂͲ ŐĞŽƵƐ ƚŽ Ă ďƵƐŝŶĞƐƐ ŚĞĂĚƋƵĂƌƚĞƌĞĚ Žƌ ƉƌŽĚƵĐŝŶŐ ƚĂŶŐŝďůĞ ŐŽŽĚƐ ŝŶ KƌĞŐŽŶ͕ ďƵƚ ƐĞůůŝŶŐ ƉƌŽĚƵĐƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŽƵŶƚƌǇ͕ Žƌ ƚŚĞ ǁŽƌůĚ͕ ǁŚĞƌĞ ŝƚ ĂůƐŽ ŽƉĞƌĂƚĞƐ͕ ďĞĐĂƵƐĞ ŝƚƐ KƌĞŐŽŶ ďƵƐŝŶĞƐƐ ƚĂǆ ůŝĂďŝůŝƚǇ ŝƐ ƉƌŽƉŽƌƚŝŽŶĂů ŽŶůǇ ƚŽ ŝƚƐ KƌĞŐŽŶ ĐƵƐƚŽŵĞƌ ďĂƐĞ͕ ĂŶĚ ƚŚĂƚ ůŝĂďŝůŝƚǇ ĚŽĞƐ ŶŽƚ ŐƌŽǁ ĚŝƌĞĐƚůǇ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ŐƌĞĂƚĞƌ ŝŶǀĞƐƚŵĞŶƚ Žƌ ĞŵƉůŽǇŵĞŶƚ ŝŶ KƌĞŐŽŶ͘ ,Žǁ ƚŚĞ ƐŝŶŐůĞ ƐĂůĞƐ ĨĂĐƚŽƌ ǁŽƌŬƐ͗ /Ŷ ŝƚƐ KƌĞŐŽŶ ƚĂǆ ƌĞƚƵƌŶ͕ ƚŚĞ ďƵƐŝŶĞƐƐ ƚĂŬĞƐ ƚŚĞ ƌĂƚŝŽ ŽĨ KƌĞŐŽŶ ƐĂůĞƐ ƚŽ ƚŽƚĂů h͘^͘ ƐĂůĞƐ ĂŶĚ ĂƉƉůŝĞƐ ƚŚĂƚ ƌĂƚŝŽ ƚŽ ŝƚƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĨĞĚͲ ĞƌĂů ŝŶĐŽŵĞ͘ dŚĞ ƌĞƐƵůƚ ŝƐ KƌĞŐŽŶ ƚĂǆĂďůĞ ŝŶĐŽŵĞ͘ KƌĞŐŽŶ ƐĂůĞƐ ĂƌĞ ďĂƐĞĚ ŽŶ ǁŚĞƌĞ ƚŚĞ ŐƌĞĂƚĞƌ ĐŽƐƚ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ŽĐĐƵƌƐ ĨŽƌ ŝŶͲ ƚĂŶŐŝďůĞ ƐĂůĞƐ͘ /Ŷ ƚŚĞ ĐĂƐĞ ŽĨ ƚĂŶŐŝďůĞ ŐŽŽĚƐ͕ KƌĞŐŽŶ ƐĂůĞƐ ŝŶĐůƵĚĞ ƚŚĞ ƚŚƌŽǁďĂĐŬ ŽĨ ƐĂůĞƐ ƚŽ ĐƵƐƚŽŵĞƌƐ ǁŚĞƌĞ ƚŚĞ ĞŶƚŝƚǇ ǁŽƵůĚ ŶŽƚ ŽƚŚĞƌǁŝƐĞ ďĞ ƚĂǆĂďůĞ͘ ;^ŽƵƌĐĞ͗ ƵƐŝŶĞƐƐ KƌĞŐŽŶͿ dŚŝƐ ƚĂǆ ƉŽůŝĐǇ ŝƐ Ă ŵĂũŽƌ ƌĞĂƐŽŶ ǁŚǇ KƌĞŐŽŶ ŝƐ ŚŽŵĞ ƚŽ /ŶƚĞů͛Ɛ ůĂƌŐĞƐƚ ŐůŽďĂů ĞŵƉůŽǇŵĞŶƚ ĂŶĚ ĐĂƉŝƚĂů ŝŶǀĞƐƚŵĞŶƚ͘ ^ŝŶŐůĞ ƐĂůĞƐ ĨĂĐƚŽƌ ƉůĂǇƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ƌŽůĞ ĨŽƌ EŝŬĞ͕ ŽůƵŵďŝĂ ^ƉŽƌƚƐǁĞĂƌ͕ <ĞĞŶ͕ ĂŶĚ ŽƚŚĞƌ ŽƵƚĚŽŽƌ ŐĞĂƌ ĂŶĚ ĂƉƉĂƌĞů ŵĂŶƵĨĂĐƚƵƌĞƌƐ͛ ĐŽŶƚŝŶƵĞĚ ŐƌŽǁƚŚ ŽĨ ŚĞĂĚƋƵĂƌƚĞƌƐ͕ ZΘ ĂŶĚ ǁĂƌĞŚŽƵƐĞ ŽƉĞƌĂƚŝŽŶƐ͘ dŚĞ ƚĂďůĞ ďĞůŽǁ ĐŽŵƉĂƌĞƐ ĐŽƐƚƐ ĨŽƌ Ă ŵĂŶƵĨĂĐƚƵƌŝŶŐ ĐŽŵƉĂŶǇ ǁŝƚŚ ϮϬ ĞŵƉůŽǇĞĞƐ ŝŶ KƌĞŐŽŶ͕ ĂůŝĨŽƌŶŝĂ͕ /ĚĂŚŽ͕ ĂŶĚ tĂƐŚŝŶŐƚŽŶ͘ dŚŝƐ ĞǆĂŵƉůĞ ĚŽĞƐ ŶŽƚ ĨĂĐƚŽƌ Žƌ ŝŶĐůƵĚĞ ĐŽƐƚ ƐĂǀŝŶŐƐ ŽĨĨĞƌĞĚ ďǇ ŝŶĐĞŶƚŝǀĞ ƉƌŽŐƌĂŵƐ͘ KƌĞŐŽŶ ŽĨĨĞƌƐ ŵŽƌĞ ŝŶĐĞŶƚŝǀĞ ƉƌŽŐƌĂŵƐ ƚŽ ƚƌĂĚĞĚͲ ƐĞĐƚŽƌ ďƵƐŝŶĞƐƐĞƐ ;ĐŽŵƉĂŶŝĞƐ ƚŚĂƚ ƐĞůů ƉƌŽĚƵĐƚƐ Žƌ ƐĞƌǀŝĐĞƐ ŽƵƚƐŝĚĞ ŽĨ ƚŚĞ ĂƌĞĂͿ͕ ƚŚĂŶ tĂƐŚŝŶŐƚŽŶ ĂŶĚ ĂůŝĨŽƌŶŝĂ ĐŽŵďŝŶĞĚ͘ ƚƚĞŵƉƚͲ ŝŶŐ ƚŽ ƵŶĚĞƌƐƚĂŶĚ Ăůů ĐŽƐƚ ĨĂĐƚŽƌƐ ŝŶ ĚŝĨĨĞƌĞŶƚ ƐƚĂƚĞƐ ĂŶĚ ŚŽǁ ƚŚŽƐĞ ŝŵƉĂĐƚ ǇŽƵƌ ƐƉĞĐŝĨŝĐ ďƵƐŝŶĞƐƐ ĐĂŶ ďĞ Ă ĚĂƵŶƚŝŶŐ ƚĂƐŬ͘ ^ŽŵĞ ĐŽƐƚ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ƚŚĞ ĞĨĨŝĐŝĞŶĐǇ ĂŶĚ ĂƉƉƌŽĂĐŚ ŽĨ ƌĞŐƵůĂƚŽƌǇ ŽǀĞƌƐŝŐŚƚ ;ŝ͘Ğ͘ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĨĞĚĞƌĂů W ƌƵůĞƐͿ ĐĂŶ ďĞ ĚƌĂŵĂƚŝĐĂůůǇ ĚŝĨĨĞƌĞŶƚ ĨƌŽŵ ƐƚĂƚĞ ƚŽ ƐƚĂƚĞ͕ ďƵƚ ǀŝƌƚƵĂůůǇ ŝŵƉŽƐƐŝďůĞ ƚŽ ƉůĂĐĞ Ă ĚŽůůĂƌ ǀĂůƵĞ ŽŶ ĨŽƌ ĐŽŵƉĂƌŝƐŽŶ ƉƵƌƉŽƐĞƐ͘

tŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶ /ŶƐƵƌĂŶĐĞ ĐĐŽƌĚŝŶŐ ƚŽ KƌĞŐŽŶ ĞƉĂƌƚŵĞŶƚ ŽĨ ŽŶƐƵŵĞƌ ^ĞƌǀŝĐĞƐ͕ ǁŽƌŬĞƌ ƌĚ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐŽƐƚƐ͕ ĂůƌĞĂĚǇ ĂŵŽŶŐ ƚŚĞ ůŽǁĞƐƚ ŝŶ ƚŚĞ ŶĂƚŝŽŶ ;ϰϯ ŽƵƚ ŽĨ ϱϭ ũƵƌŝƐĚŝĐƚŝŽŶƐͿ͕ ǁŝůů ĚƌŽƉ ŝŶ ϮϬϭϲ͕ ĨŽƌ ƚŚĞ ƚŚŝƌĚͲƐƚƌĂŝŐŚƚ ǇĞĂƌ͕ ďǇ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ϱ͘ϯ ƉĞƌĐĞŶƚ͘ >ŽǁĞƌ ĂǀĞƌĂŐĞ ĐŽƐƚƐ ĨŽƌ ůŽƐƚ ǁĂŐĞƐ ĂŶĚ ŵĞĚŝĐĂů ƚƌĞĂƚŵĞŶƚƐ ĂƌĞ ĚƌŝǀŝŶŐ Ă ĚĞĐƌĞĂƐĞ ŝŶ ƚŚĞ ƉƵƌĞ 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 ƉůŽǇĞƌ͛Ɛ ŽǁŶ ŝŶĚƵƐƚƌǇ͕ ĐůĂŝŵƐ ĞǆƉĞƌŝĞŶĐĞ͕ ĂŶĚ ƉĂǇƌŽůů͘

DW>KzD Ed dZ E ^ KƌĞŐŽŶ ĐŽŶƚŝŶƵĞƐ ƚŽ ƐĞĞ ƐƚĞĂĚǇ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ŝƚƐ ĞĐŽŶŽŵǇ͕ ƉĂƌƚŝĐƵůĂƌůǇ ĂƐ ĞŵƉůŽǇŵĞŶƚ ƐƚƌĞŶŐƚŚĞŶƐ ĂŶĚ ŝƐ ƉƌŽũĞĐƚĞĚ ƚŽ ĐŽŶƚŝŶƵĞ ŐƌŽǁͲ ŝŶŐ͘ /Ŷ ƚŚĞ DĂƌĐŚ ϮϬϭϱ KƌĞŐŽŶ ĐŽŶŽŵŝĐ ĂŶĚ ZĞǀĞŶƵĞ &ŽƌĞĐĂƐƚ͕ ƚŚĞ ĂƵƚŚŽƌƐ ŶŽƚĞĚ ͞tŚŝůĞ ƚŚĞ ŶĂƚŝŽŶ͛Ɛ ůĂďŽƌ ŵĂƌŬĞƚ ĂĐĐĞůĞƌĂƚŝŽŶ ďĞŐĂŶ ŽŶůǇ ƌĞĐĞŶƚůǇ͕ KƌĞŐŽŶ͛Ɛ ƌĞĐŽǀĞƌǇ ƉŝĐŬĞĚ ƵƉ ĐŽŶƐŝĚĞƌͲ ĂďůǇ ŝŶ ϮϬϭϯ͘ dŚĞ ƐƚƌŽŶŐĞƌ ƉĂĐĞ ŽĨ ŐƌŽǁƚŚ ǁĂƐ ŵĂŝŶƚĂŝŶĞĚ ƚŚƌŽƵŐŚŽƵƚ ϮϬϭϰ ĂŶĚ ŝƐ ĞǆƉĞĐƚĞĚ ƚŽ ĐŽŶƚŝŶƵĞ ƚŚŝƐ ǇĞĂƌ ĂŶĚ ŶĞǆƚ ďĞĨŽƌĞ ĚĞͲ ŵŽŐƌĂƉŚŝĐƐ ǁĞŝŐŚ ŽŶ ůŽŶŐĞƌͲƌƵŶ ŐƌŽǁƚŚ͘ dŽĚĂǇ͕ KƌĞŐŽŶ Ɛƚŝůů ůĂŐƐ ƚŚĞ ƚǇƉŝĐĂů ƐƚĂƚĞ ƌĞůĂƚŝǀĞ ƚŽ ƉƌĞͲ 'ƌĞĂƚ ZĞĐĞƐƐŝŽŶ ůĞǀĞůƐ͘ ,ŽǁĞǀĞƌ͕ KƌĞŐŽŶ ŚĂƐ ƌĞŐĂŝŶĞĚ ŝƚƐ ƚƌĂĚŝƚŝŽŶĂů ŐƌŽǁƚŚ ĂĚǀĂŶƚĂŐĞ ŝŶ ĞǆƉĂŶƐŝŽŶ ĂŶĚ ŝƐ ŵĂŬŝŶŐ ƵƉ ůŽƐƚ ŐƌŽƵŶĚ͘ DŽƌĞ ŝŵƉŽƌƚĂŶƚůǇ͕ ƐŝŐŶƐ ŽĨ Ă ĚĞĞƉĞƌ ůĂďŽƌ ŵĂƌŬĞƚ ƌĞĐŽǀĞƌǇ ĂƌĞ ĞǀŝĚĞŶƚ ŝŶ ƚŚĞ ƐƚĂƚĞ͘͟ ;KƌĞŐŽŶ KĨĨŝĐĞ ŽĨ ĐŽŶŽŵŝĐ ŶĂůǇƐŝƐͿ

WĂŐĞ ϳ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

&ƌŽŵ ϮϬϭϰ ƚŽ ϮϬϭϱ͕ ũŽďƐ ŝŶ ƚŚĞ ŶĂƚŝŽŶ ĚĞͲ ĐƌĞĂƐĞĚ ďǇ Ă ƌĂƚĞ ŽĨ Ϯ͘ϯϰй͘ KƌĞŐŽŶ ŽƵƚƉĂĐĞĚ ƚŚĞ ŶĂƚŝŽŶ͛Ɛ ũŽď ŐƌŽǁƚŚ ĂŶĚ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ ŐƌĞǁ Ăƚ ƚŚƌĞĞ ƚŝŵĞƐ ƚŚĞ ŶĂƚŝŽŶĂů ĂǀĞƌĂŐĞ͘ dŚĞ ƚŚ ĞŶĚͬZĞĚŵŽŶĚ D^ ŝƐ ϭͬϳ ƚŚĞ ƐŝǌĞ ŽĨ ƚŚĞ ^ĂůĞŵ͕ DĞĚĨŽƌĚ͕ ŽƌǀĂůůŝƐ͕ ĂŶĚ ƵŐĞŶĞ D^ Ɛ ĐŽŵďŝŶĞĚ͕ ǇĞƚ ŝƚ ĐƌĞĂƚĞĚ ŶĞĂƌůǇ ƚŚĞ ƐĂŵĞ ŶƵŵͲ ďĞƌ ŽĨ ũŽďƐ͘ ĞƐƉŝƚĞ ƚŚĞ ĨĂĐƚ ƚŚĂƚ KƌĞŐŽŶ͛Ɛ ƵŶĞŵƉůŽǇŵĞŶƚ ƌĂƚĞ ŚĂƐ ŚŝƐƚŽƌŝĐĂůůǇ ĞǆĐĞĞĚĞĚ ƚŚĞ ŶĂƚŝŽŶĂů ƌĂƚĞ ;ĞǆĂĐĞƌďĂƚĞĚ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ ďǇ ƉŽƉƵůĂƚŝŽŶ ŝŶͲŵŝŐƌĂƚŝŽŶ ƚĞŶĚŝŶŐ ƚŽ ĞǆĐĞĞĚ ũŽď ĐƌĞĂƚŝŽŶͿ͕ ƵŶĞŵƉůŽǇŵĞŶƚ ƌĂƚĞƐ ŝŶ ƚŚĞ ƌĞŐŝŽŶ ŚĂǀĞ ďĞĞŶ ĚĞĐůŝŶŝŶŐ ĂĨƚĞƌ ƚŚĞ ŵŽƐƚ ƌĞĐĞŶƚ ƌĞĐĞƐƐŝŽŶ͘ Ɛ ŽĨ DĂƌĐŚ ϮϬϭϲ͕ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ͛Ɛ ƵŶĞŵƉůŽǇͲ ŵĞŶƚ ƌĂƚĞ ĚƌŽƉƉĞĚ ďĞůŽǁ ϱ ƉĞƌĐĞŶƚ ;ϰ͘ϴйͿ ĨŽƌ ƚŚĞ ĨŝƌƐƚ ƚŝŵĞ ƐŝŶĐĞ :ƵŶĞ ϮϬϬϳ͘

ŵƉůŽǇŵĞŶƚ 'ĂŝŶƐ ϮϬϭϰ ƚŽ ϮϬϭϱ ; ŽǀĞƌĞĚ ĞŵƉůŽǇĞĞƐ ďǇ ƉĂǇƌŽůůͿ ƌĞĂ

ϮϬϭϱ

ĞŶĚͬ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ D^ KƌĞŐŽŶ h͘^͘ ǀĞƌĂŐĞ

ϮϬϭϲ

'ĂŝŶͬ>ŽƐƐ й ŚĂŶŐĞ

ϳϮ͕ϰϯϮ

ϳϲ͕ϲϱϴ

ϰ͕ϮϮϲ

ϱ͘ϴϯй

ϭ͕ϳϴϳ͕ϯϵϴ

ϭ͕ϴϰϬ͕ϵϴϬ

ϯ͘ϬϬй

ϭϯϵ͕ϰϵϭ͕ϲϵϵ

ϭϰϭ͕ϴϲϲ͕ϰϰϵ

ϱϯ͕ϱϴϮ Ϯ͕ϯϳϰ͕ϳϱϬ

ϭ͘ϳϬй

^ŽƵƌĐĞ͗ KƌĞŐŽŶ ŵƉůŽǇŵĞŶƚ ĞƉĂƌƚŵĞŶƚ͖ Y t Θ >^ W^͘

,Kh^/E' K^d^ ǀĞƌĂŐĞ DŽŶƚŚůǇ ZĞŶƚ dŚĞ ĞŶƚƌĂů KƌĞŐŽŶ ƌĞŶƚĂů ŵĂƌŬĞƚ ĐŽŶƚŝŶƵĞƐ ƚŽ ĨĂĐĞ ŚĞŝŐŚƚĞŶĞĚ ĚĞŵĂŶĚ ŝŶ ƚŚĞ ŵŝĚƐƚ ŽĨ ĐŽŶͲ ƐƚƌĂŝŶĞĚ ƐƵƉƉůǇ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĞŶƚƌĂů KƌĞͲ ŐŽŶ ZĞŶƚĂů KǁŶĞƌƐ ƐƐŽĐŝĂƚŝŽŶ͕ ĐƵƌƌĞŶƚ ǀĂĐĂŶĐǇ ƌĂƚĞƐ ŚĂǀĞ ƐŚƌƵŶŬ ƚŽ ϭ͘Ϭϰй ĂƐ ŽĨ ϮϬϭϲ͕ ĚŽǁŶ ƐƵďƐƚĂŶƚŝĂůůǇ ĨƌŽŵ ϭϮ͘ϰй ŝŶ ϮϬϬϵ͘ dŚĞ ŚŝŐŚ ĚĞŵĂŶĚ ŚĂƐ ĞǆĞƌƚĞĚ ƉƌĞƐƐƵƌĞ ŽŶ ƉƌŝĐĞƐ ĂŶĚ Ă ŐƌŽǁŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ŵƵůƚŝͲĨĂŵŝůǇ ƌĞƐŝĚĞŶƚŝĂů ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ƉĂƌƚŝĐƵůĂƌůǇ ŝŶ ĞŶĚ ĂŶĚ ZĞĚŵŽŶĚ͘ /Ŷ ƚŚĞ ůĂƐƚ ǇĞĂƌ͕ ƚǁŽ ĂŶĚ ƚŚƌĞĞ ďĞĚƌŽŽŵ ƌĞŶƚĂů ŚŽƵƐĞƐ ŝŶĐƌĞĂƐĞĚ ŵŽƌĞ ŽŶ Ă ƉĞƌĐĞŶƚĂŐĞ ďĂƐŝƐ ƚŚĂŶ ĂƉĂƌƚŵĞŶƚƐ ĂŶĚ ĚƵƉůĞǆĞƐ͘ ϮϬϭϲ ĂǀĞƌĂŐĞ ƌĞŶƚ ƉƌŝĐĞƐ ĨŽƌ Ă ƚŚƌĞĞ ďĞĚƌŽŽŵ ŚŽŵĞ ǁĞƌĞ ƵƉ ƐůŝŐŚƚůǇ ĨƌŽŵ ϮϬϭϱ ŝŶ Ăůů ďƵƚ ŽŶĞ ĞŶƚƌĂů KƌĞŐŽŶ ĐŽŵŵƵŶŝƚǇ͘ KƵƌ ĞǆƉĞĐƚĂƚŝŽŶ ŝƐ ƚŚĂƚ ϮϬϭϳ ĂŶŶƵĂů ƌĞŶƚĂů ĨŝŐƵƌĞƐ ǁŝůů ďĞ ƵƉ ƐŚĂƌƉůǇ ŝŶ ĞŶĚ͕ ZĞĚŵŽŶĚ͕ WƌŝŶĞǀŝůůĞ͕ ĂŶĚ ^ŝƐƚĞƌƐ ĂŵŝĚƐƚ ƐƚƌŽŶŐ ŝŶͲŵŝŐƌĂƚŝŽŶ ĂŶĚ ŶĞĂƌ ƌĞĐŽƌĚ ůŽǁ ǀĂĐĂŶĐŝĞƐ͘

,ŽŵĞ WƌŝĐĞƐ Ɛ ǁŝƚŚ ŵƵĐŚ ŽĨ ƚŚĞ ĐŽƵŶƚƌǇ͕ ƌĞƐŝĚĞŶƚŝĂů ƉƌŽƉĞƌƚǇ ƉƌŝĐĞƐ ƉĞĂŬĞĚ ƚŽ ĂůůͲƚŝŵĞ ŚŝŐŚƐ ŝŶ ϮϬϬϲͲ ϮϬϬϳ ĂŶĚ ĚĞĐůŝŶĞĚ ŝŶ ǀĂůƵĞ ďǇ ĂƐ ŵƵĐŚ ĂƐ ϰϬй ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ǇĞĂƌƐ͘ WƌŝĐĞƐ ŚĂǀĞ ƌĞďŽƵŶĚĞĚ ƐƵďƐƚĂŶƚŝĂůůǇ͖ ďŽƚŚ ŵĞĚŝĂŶ ĂŶĚ ĂǀĞƌĂŐĞ ŚŽŵĞ ƉƌŝĐĞƐ ŝŶĐƌĞĂƐĞĚ ŝŶ ϮϬϭϳ ĂĐƌŽƐƐ ƚŚĞ ƌĞŐŝŽŶ ĂŶĚ ĂƌĞ ĐƵƌƌĞŶƚůǇ Ăƚ Žƌ ĂďŽǀĞ ĂůůͲƚŝŵĞ ŚŝŐŚƐ͘ ;EŽƚĞ͗ WƌŝĐĞƐ ŝŶ ^ƵŶƌŝǀĞƌ ĂŶĚ ^ŝƐƚĞƌƐ ŝŶĐůƵĚĞ Ă ŚŝŐŚĞƌ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ŚŝŐŚͲĞŶĚ ŚŽŵĞƐ ĂŶĚ ŚŽŵĞƐ ŽŶ ĂĐƌĞĂŐĞ ƚŚĂŶ ĐŽŵƉĂƌĂďůĞ ƉƌŝĐĞƐ ŝŶ ĞŶĚ Žƌ ZĞĚŵŽŶĚͿ͘

DĞĚŝĂŶ ZĞƐŝĚĞŶƚŝĂů ,ŽŵĞ ^ĂůĞƐ WƌŝĐĞ ŽŵƉĂƌŝƐŽŶ ϳϬϬ͕ϬϬϬ

ƌŽŽŬ ŽƵŶƚǇ

ϲϬϬ͕ϬϬϬ

ĞŶĚ

ϱϬϬ͕ϬϬϬ

ZĞĚŵŽŶĚ

ϰϬϬ͕ϬϬϬ

>Ă WŝŶĞ

ϯϬϬ͕ϬϬϬ

^ŝƐƚĞƌƐ

ϮϬϬ͕ϬϬϬ

^ƵŶƌŝǀĞƌ

ϭϬϬ͕ϬϬϬ

:ĞĨĨĞƌƐŽŶ ŽƵŶƚǇ h͘^͘

WĂŐĞ ϴ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

ƵŝůĚŝŶŐ WĞƌŵŝƚƐ dŚĞ ƉĂƐƚ ǇĞĂƌ ŝŶĚŝĐĂƚĞƐ ĐŽŶƚŝŶƵŝŶŐ ƉŽƐŝƚŝǀĞ ƚƌĞŶĚƐ ŝŶ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ĂŶĚ ďƵŝůĚŝŶŐ ĂĐƚŝǀŝƚǇ͕ ĂůƚŚŽƵŐŚ ƐůŝŐŚƚůǇ ůĞƐƐ ƚŚĂŶ ϮϬϭϰ ŝŶ ƚŽƚĂů ǀĂůƵĂƚŝŽŶ͘ EĞǁ ƌĞƐŝĚĞŶƚŝĂů ĂĐƚŝǀŝƚǇ ŚĂƐ ƐƵƌƉĂƐƐĞĚ ϮϬϬϳ ŶƵŵͲ ďĞƌƐ͕ ǁŚŝůĞ ƌĞŵŽĚĞů ĂŶĚ ŶĞǁ ĂĚĚŝƚŝŽŶ ƉĞƌŵŝƚƐ ŚĂǀĞ ĚƌŽƉƉĞĚ ŽĨĨ͘ ŽŵŵĞƌĐŝĂů ĂŶĚ ŝŶĚƵƐƚƌŝĂů ĂĐƚŝǀŝƚǇ ŝŶ ĞŶĚ ĐŽŶƚŝŶƵĞƐ ƚŽ ŝŶĐƌĞĂƐĞ ĚƵĞ ƚŽ ĚĞŵĂŶĚ ĨŽƌ ƉƌŽƉĞƌƚǇ ĂŶĚ ďƵŝůĚŝŶŐ ƐƉĂĐĞ͘ tŚŝůĞ ŶĞǁ ĐŽŵŵĞƌĐŝĂů Ɛƚŝůů ƐŝŐŶŝĨŝĐĂŶƚůǇ ůĂŐƐ ϮϬϬϳ ŚŝŐŚƐ͕ ƌĞŵŽĚĞůƐ ĂŶĚ ŶĞǁ ĂĚĚŝƚŝŽŶƐ ĂƌĞ ƵƉ ďǇ ϭϳϰй ĨƌŽŵ ϮϬϭϰ͘ ;dĂďůĞ ^ŽƵƌĐĞ͗ ŝƚǇ ŽĨ ĞŶĚͿ dĂǆ ZĂƚĞƐ

WĞƌŵŝƚ ĐƚŝǀŝƚǇ ŝŶ ĞŶĚ EĞǁ zĞĂƌ 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 ƉĞŐŐĞĚ Ăƚ ϵϬй ŽĨ ϭϵϵϱ ƌĞĂů ŵĂƌŬĞƚ ǀĂůƵĞƐ͕ ǁŝƚŚ ĂŶ ĂůůŽǁĂďůĞ ϯй ϮϬϭϱ ϭϬϮϬ ϭϵϯ ϯϲ ϲϳϴ ΨϵϲϬ͕ϲϴϴ͕ϲϬϮ ŝŶĐƌĞĂƐĞ ĞĂĐŚ ǇĞĂƌ͘ /Ŷ ϮϬϭϱͬϭϲ͕ ŶĞǁ ƉƌŽƉĞƌƚǇ ĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚƐ ƚŽ ƉƌŽƉĞƌƚǇ ĂƌĞ ƚĂǆĞĚ Ăƚ Ă ǀĂůƵĞ ƌĂƚŝŽ ŽĨ ϴϬ͘ϴй ĨŽƌ ŝŶĚƵƐƚƌŝĂů ĂŶĚ ĐŽŵŵĞƌĐŝĂů ƉƌŽƉĞƌƚǇ͘ Ɛ Ă ƌĞƐƵůƚ͕ ƚŚĞ ĐƵƌƌĞŶƚ ĞĨĨĞĐƚŝǀĞ ƉƌŽƉĞƌƚǇ ƚĂǆ ƌĂƚĞ ŝŶ ĞŶĚ ĨŽƌ ĂƐƐĞƐƐĞĚ ƉƌŽƉĞƌƚǇ ŝƐ ϭ͘Ϯϯϯй ĨŽƌ ŝŶĚƵƐƚƌŝĂů ĂŶĚ ĐŽŵŵĞƌĐŝĂů͘ dŚĞ ŝƚǇ ŽĨ ĞŶĚ͕ ǁŝƚŚ Ă ŵŝůůĂŐĞ ƌĂƚĞ ŽĨ ϭϱ͘ϯϯ͕ ŽĨĨĞƌƐ ŽŶĞ ŽĨ ƚŚĞ ůŽǁĞƐƚ ƉƌŽƉĞƌƚǇ ƚĂǆ ƌĂƚĞƐ ŝŶ ƚŚĞ ƌĞŐŝŽŶ ĂŶĚ͕ ŽǀĞƌĂůů͕ ĞŶĚ͛Ɛ ƉƌŽƉĞƌƚǇ ƚĂǆ ƌĂƚĞƐ ŚĂǀĞ ƌĞŵĂŝŶĞĚ ƌĞůĂƚŝǀĞůǇ ƐƚĂďůĞ ŽǀĞƌ ƚŚĞ ƉĂƐƚ ĚĞĐĂĚĞ͘

&/E E / > /E^d/dhd/KE^ &ŽƵƌƚĞĞŶ ĨŝŶĂŶĐŝĂů ŝŶƐƚŝƚƵƚŝŽŶƐ͕ ǁŝƚŚ ϯϰ ƌĞƚĂŝů ďƌĂŶĐŚ ůŽĐĂƚŝŽŶƐ ĂƌĞ ƌĞƉƌĞƐĞŶƚĞĚ ŝŶ ĞŶĚ ǁŚŝůĞ ŝŶ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ ƚŚĞƌĞ ĂƌĞ ϱϬ ďƌĂŶĐŚĞƐ͘ dŚĞ ĞŶĚ & / ŝŶƐƚŝƚƵƚŝŽŶƐ ĂŶĚ ĂĐĐŽƵŶƚ ĨŽƌ ƐŽŵĞ ƚŚƌĞĞͲƋƵĂƌƚĞƌƐ ŽĨ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ͛Ɛ Ψϯ ďŝůůŝŽŶ ĚĞƉŽƐŝƚ ďĂƐĞ͘ ĂŶŬƐ͕ ^ĂǀŝŶŐƐ ƐƐŽĐŝĂƚŝŽŶƐ͕ ĂŶĚ ƌĞĚŝƚ hŶŝŽŶƐ &ŝŶĂŶĐŝĂů /ŶƐƚŝƚƵƚŝŽŶƐ ĞƉŽƐŝƚƐ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ ;ĂƐ ŽĨ Ɖƌŝů ϮϬϭϲͿ ;ŝŶ ŵŝůůŝŽŶƐͿ

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

ϮϬϭϱ ΨϮϯϰ Ψϯ͕ϬϬϬ Ψϭϰϯ Ψϯ͕ϯϳϳ

й 'ƌŽǁƚŚ ϮϬϭϰͲϭϱ Ͳϭ͘Ϯϳй ϭϭ͘ϴϲй Ϭ͘ϬϬй ϭϬ͘Ϯϱй

^ŽƵƌĐĞ͗ & / ^ƵŵŵĂƌǇ ŽĨ ĞƉŽƐŝƚƐ ĂƐ ŽĨ ϲͬϯϬ ĨŽƌ ĞĂĐŚ ǇĞĂƌ͘

ĂŶŬ ŽĨ ŵĞƌŝĐĂ ŚĂƐĞ ĂŶŬ ŽůƵŵďŝĂ ĂŶŬ &ŝƌƐƚ /ŶƚĞƌƐƚĂƚĞ ĂŶŬ ,ŝŐŚ ĞƐĞƌƚ ĂŶŬ DŝĚ KƌĞŐŽŶ ƌĞĚŝƚ hŶŝŽŶ EŽƌƚŚǁĞƐƚ Žŵŵ͘ ƌĞĚŝƚ hŶŝŽŶ EŽƌƚŚǁĞƐƚ &Ăƌŵ ƌĞĚŝƚ ^ĞƌǀŝĐĞƐ

KŶWŽŝŶƚ Žŵŵ͘ ƌĞĚŝƚ hŶŝŽŶ KƌĞŐŽŶŝĂŶƐ ƌĞĚŝƚ hŶŝŽŶ ^ > K Žŵŵ͘ ƌĞĚŝƚ hŶŝŽŶ ^Ƶŵŵŝƚ ĂŶŬ h͘^͘ ĂŶŬ hŵƉƋƵĂ ĂŶŬ tĂƐŚŝŶŐƚŽŶ &ĞĚĞƌĂů ĂŶŬ tĞůůƐ &ĂƌŐŽ ĂŶŬ

6RXUFH )',& ('&2 %XVLQHVV 5HVHDUFK

WĂŐĞ ϵ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

WKWh> d/KE 'ZKtd, KƌĞŐŽŶ͛Ɛ ƉŽƉƵůĂƚŝŽŶ ŐƌŽǁƚŚ ŽĨ ϭ͘ϱϲй ĨƌŽŵ ϮϬϭϱ ƚŽ ϮϬϭϲ ǁĂƐ ĂŐĂŝŶ ĚŽŵŝŶĂƚĞĚ ďǇ ŶĞƚ ŵŝŐƌĂƚŝŽŶ ;ŵŽǀĞƌƐͲŝŶ ŽƵƚƉĂĐĞĚ ŵŽǀĞƌƐͲŽƵƚͿ͘ ^ŝŵŝůĂƌůǇ͕ ďƵƚ ĞǀĞŶ ŵŽƌĞ ĚƌĂŵĂƚŝĐ͕ ŝŶͲŵŝŐƌĂƚŝŽŶ ƚƌĞŶĚƐ ƉƌĞǀĂŝů ŝŶ ƚŚĞ dƌŝͲ ŽƵŶƚǇ ĂƌĞĂ͘ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ ĞǆƉĞƌŝĞŶĐĞĚ ƚŚĞ ůĂƌŐĞƐƚ ǇĞĂƌͲ ƚŚ ŽǀĞƌͲǇĞĂƌ ƉĞƌĐĞŶƚĂŐĞ ŐĂŝŶ ;ϯ͘ϱйͿ͕ ŵĂŬŝŶŐ ŝƚ ƚŚĞ ĨĂƐƚĞƐƚ ŐƌŽǁŝŶŐ ĐŽƵŶƚǇ ŝŶ KƌĞŐŽŶ͘ /Ŷ ϮϬϭϲ͕ ŝƚ ǁĂƐ ƚŚĞ ϲ ĨĂƐƚĞƐƚ ŐƌŽǁŝŶŐ ĐŽƵŶƚǇ ŝŶ ƚŚĞ h͘^͘ ĨƚĞƌ ĞǆĐĞƉƚŝŽŶĂůůǇ ƌĂƉŝĚ ŐƌŽǁƚŚ ďĞƚǁĞĞŶ ϭϵϵϬ ĂŶĚ ϮϬϭϬ͕ ĞŶĚ ĐŽŶƚŝŶƵĞƐ ƚŽ ŐƌŽǁ͕ ĂůďĞŝƚ Ă ďŝƚ ŵŽƌĞ ƐůŽǁůǇ͘ &ƌŽŵ ϮϬϭϱ ƚŽ ϮϬϭϲ͕ ĞŶĚ ŐƌĞǁ ďǇ Ϯ͘ϳй͕ Ɛƚŝůů ŽƵƚƉĂĐŝŶŐ ƐƚĂƚĞǁŝĚĞ ŐƌŽǁƚŚ͘

ŶĚ ŵŽƌĞ ŐƌŽǁƚŚ ŝƐ ŝŶ ƚŚĞ ĐĂƌĚƐ͘ /Ŷ DĂƌĐŚ ϮϬϭϱ͕ WŽƌƚůĂŶĚ ^ƚĂƚĞ hŶŝǀĞƌƐŝƚǇ ;W^hͿ͛Ɛ KƌĞŐŽŶ WŽƉƵůĂƚŝŽŶ &ŽƌĞĐĂƐƚ WƌŽͲ ŐƌĂŵ ƌĞůĞĂƐĞĚ Ă ƉŽƉƵůĂƚŝŽŶ ĨŽƌĞĐĂƐƚ ĨŽƌ ƚŚĞ ƚƌŝͲĐŽƵŶƚǇ ŽĨ ĂŶ ĞƐƚŝŵĂƚĞĚ ϰϭϲ͕ϳϲϰ ƉĞŽƉůĞ ďǇ ϮϬϲϱ ʹ ƚŚĞ ĨŝƌƐƚ ŽĨ ŝƚƐ ŬŝŶĚ ŝŶ ŵĂŶǇ ǇĞĂƌƐ͘ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ͕ ƚŚĞ ĨĂƐƚĞƐƚ ŐƌŽǁŝŶŐ ĐŽƵŶƚǇ ŝŶ ƚŚĞ ƐƚĂƚĞ͕ ǁŝůů ďĞ ŚŽŵĞ ƚŽ ĂďŽƵƚ ϯϱϳ͕ϯϰϱ ƉĞŽƉůĞ ŝŶ ϮϬϲϱ͖ ϭϵϰ͕ϳϵϯ ŽĨ ƚŚĞŵ ǁŝůů ďĞ ŝŶ ŐƌĞĂƚĞƌ ĞŶĚ͕ ƵƉ ϭϮϳй ĨƌŽŵ ƚŚĞ ĐƵƌƌĞŶƚ ƉŽƉƵůĂƚŝŽŶ͘

WŽƉƵůĂƚŝŽŶ WƌŽũĞĐƚŝŽŶƐ ϮϬϭϱͲϮϬϲϱ ƌĞĂ ϮϬϭϱ ϮϬϮϱ ϮϬϯϱ ϮϬϰϱ ϮϬϱϱ ϮϬϲϱ KƌĞŐŽŶ ϰ͕ϬϬϭ͕ϲϬϬ dƌŝͲ ŽƵŶƚǇ dŽƚĂů Ϯϭϰ͕ϱϰϳ Ϯϱϴ͕ϴϵϵ ϯϬϬ͕ϵϮϲ ϯϰϬ͕ϳϯϵ ϯϳϵ͕Ϯϯϳ ϰϭϲ͕ϳϲϰ ƌŽŽŬ ŽƵŶƚǇ Ϯϭ͕ϭϯϱ ϮϮ͕ϰϬϰ Ϯϯ͕ϵϭϲ Ϯϰ͕ϵϲϮ Ϯϱ͕ϰϱϳ Ϯϱ͕ϲϰϬ WƌŝŶĞǀŝůůĞ h' ϭϭ͕Ϯϱϲ ϭϭ͕ϵϯϱ ϭϮ͕ϴϰϱ ϭϯ͕ϰϳϮ ϭϯ͕ϱϵϯ ϭϯ͕ϯϴϯ KƵƚƐŝĚĞ h' ϵ͕ϴϳϵ ϭϬ͕ϰϳϬ ϭϭ͕Ϭϳϭ ϭϭ͕ϰϴϵ ϭϭ͕ϴϲϰ ϭϮ͕Ϯϱϳ ĞƐĐŚƵƚĞƐ ŽƵŶͲ ϭϳϬ͕ϲϬϲ ϮϭϬ͕ϴϮϲ Ϯϰϵ͕Ϭϯϳ Ϯϴϱ͕ϵϬϴ ϯϮϮ͕Ϭϰϱ ϯϱϳ͕ϯϰϱ ƚǇ ĞŶĚ h' ϴϱ͕ϳϯϳ ϭϬϵ͕ϱϰϲ ϭϯϮ͕ϮϬϵ ϭϱϰ͕ϳϭϵ ϭϳϲ͕ϬϬϯ ϭϵϰ͕ϳϵϯ >Ă WŝŶĞ h' ϭ͕ϲϴϳ Ϯ͕Ϯϲϯ ϯ͕Ϭϭϰ ϯ͕ϴϳϮ ϰ͕ϴϭϲ ϱ͘ϴϯϲ ^ŝƐƚĞƌƐ h' Ϯ͕ϯϭϱ ϯ͕ϰϯϭ ϰ͕ϯϳϱ ϱ͕ϯϮϬ ϲ͕Ϯϲϲ ϳ͕ϮϭϮ ZĞĚŵŽŶĚ Ϯϳ͕ϳϭϱ ϯϯ͕ϮϴϮ ϯϵ͕ϴϭϮ ϰϳ͕ϭϲϳ ϱϱ͕ϯϳϯ ϲϰ͕ϳϴϱ KƵƚƐŝĚĞ h' Ɛ ϱϯ͕ϭϱϭ ϲϮ͕ϯϬϱ ϲϵ͕ϲϮϳ ϳϰ͕ϴϯϬ ϳϵ͕ϱϴϳ ϴϰ͕ϳϭϵ :ĞĨĨĞƌƐŽŶ ŽƵŶƚǇ ϮϮ͕ϴϬϲ Ϯϱ͕ϲϲϵ Ϯϳ͕ϵϳϯ Ϯϵ͕ϴϲϵ ϯϭ͕ϳϯϱ ϯϯ͕ϳϳϵ DĂĚƌĂƐ ϳ͕ϰϴϰ ϴ͕ϳϬϬ ϵ͕ϴϭϱ ϭϬ͕ϴϲϳ ϭϭ͕ϴϯϮ ϭϮ͕ϳϰϵ

h d/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 ƐƚĂĨĨ ĂŶĚ ƐĞƌǀĞƐ ŽǀĞƌ ϭϳ͕ϱϯϰ ƐƚƵĚĞŶƚƐ ǁŚŽ ĂƚƚĞŶĚ ϯϭ ƐĐŚŽŽůƐ͗ ϭϵ ĞůĞͲ ŵĞŶƚĂƌǇ ;ŝŶĐůƵĚŝŶŐ ƚŚƌĞĞ ŵĂŐŶĞƚ ƐĐŚŽŽůƐ ĂŶĚ ŽŶĞ ĐŚĂƌƚĞƌ ƐĐŚŽŽůͿ͕ ƐĞǀĞŶ ŵŝĚĚůĞ ƐĐŚŽŽůƐ ;ŝŶĐůƵĚŝŶŐ ŽŶĞ ĂůƚĞƌŶĂƚŝǀĞ ƐĐŚŽŽůͿ͕ ĂŶĚ ĨŝǀĞ ŚŝŐŚ ƐĐŚŽŽůƐ͘ ŽŵƉĂƌĞĚ ƚŽ ϰ͘ϱй ŐƌŽǁƚŚ ŝŶ ƐƚĂƚĞǁŝĚĞ ĞŶƌŽůůŵĞŶƚ͕ ĞŶĚͲ>Ă WŝŶĞ ŚĂƐ ŐƌŽǁŶ ŶĞĂƌůǇ Ϯϲй ŽǀĞƌ ƚŚĞ ƉĂƐƚ ϭϮ ǇĞĂƌƐͶŵŽƌĞ ƚŚĂŶ ĂŶǇ ŽƚŚĞƌ ƐĐŚŽŽů ĚŝƐƚƌŝĐƚ͘

WĂŐĞ ϭϬ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

Ɛ ĨŽƌ ƉĞƌĨŽƌŵĂŶĐĞ͕ ŝƐƚƌŝĐƚ ƐƚƵĚĞŶƚƐ ŽƵƚƉĞƌĨŽƌŵĞĚ͕ ŽŶ Ă ƉĞƌĐĞŶƚĂŐĞ ďĂƐŝƐ͕ ƐƚƵĚĞŶƚƐ ϮϬϭϲ ǀĞƌĂŐĞ ^ d ^ĐŽƌĞƐ ƐƚĂƚĞǁŝĚĞ ŝŶ ŶĞĂƌůǇ ĞǀĞƌǇ ĂĐĂĚĞŵŝĐ ŵĞĂƐƵƌĞ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ ϮϬϭϰͲϭϱ KƌĞŐŽŶ ZĞƉŽƌƚ ĂƌĚ͘ ^ŝŶĐĞ ϮϬϬϬ͕ ƐƚƵĚĞŶƚƐ ŝŶ ĞŶĚͲ>Ă WŝŶĞ ^ĐŚŽŽůƐ ŚĂǀĞ ĐŽŶƐŝƐƚĞŶƚůǇ ƐĐŽƌĞĚ ŚŝŐŚĞƌ ŽŶ ĞŶĚͲ>Ă WŝŶĞ ϭϲϭϰ ^ d ƚĞƐƚƐ ƚŚĂŶ ƚŚĞŝƌ ƉĞĞƌƐ ŶĂƚŝŽŶǁŝĚĞ͘ /Ŷ ϮϬϭϱ͕ ƚŚĞ ĚŝƐƚƌŝĐƚ ĂǀĞƌĂŐĞ ǁĂƐ ϭϬϴ ƉŽŝŶƚƐ ŚŝŐŚͲ tĂƐŚŝŶŐƚŽŶ ϭϰϴϴ Ğƌ ƚŚĂŶ ƚŚĞ ŶĂƚŝŽŶĂů ĂǀĞƌĂŐĞ͕ ĂŶĚ ϱϮ ƉŽŝŶƚƐ ĂďŽǀĞ ƚŚĞ ƐƚĂƚĞ ĂǀĞƌĂŐĞ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ϭϱϰϱ ϮϬϭϯͲϮϬϭϰ ^ƚĂƚĞ ^ĐŚŽŽů ZĞƉŽƌƚ ĂƌĚ͕ ϴϲй ŽĨ ŝƐƚƌŝĐƚ ƐĐŚŽŽůƐ ƌĞĐĞŝǀĞĚ ŽǀĞƌĂůů ƌĂƚŝŶŐƐ ŽĨ ϰ KƌĞŐŽŶ Žƌ ϱ͕ ǁŝƚŚ Ϯϱй ƌĂƚĞĚ ŝŶ ƚŚĞ ƚŽƉ ϭϬ ŽĨ KƌĞŐŽŶ ƐĐŚŽŽůƐ͘ /Ŷ ƚŚĞ ϮϬϭϰͲϭϱ ƐĐŚŽŽů ǇĞĂƌ ϵϲ͘ϰй ĂůŝĨŽƌŶŝĂ ϭϰϳϲ ŽĨ ĐůĂƐƐĞƐ ǁĞƌĞ ƚĂƵŐŚƚ ďǇ ͞ŚŝŐŚůǇ ƋƵĂůŝĨŝĞĚ ƚĞĂĐŚĞƌƐ͘͟ KŶ ƚŽƉ ŽĨ ƚŚĂƚ͕ ĨŝǀĞ ŵĂƚŚ ĂŶĚ ƐĐŝͲ ϭϰϴϰ ĞŶĐĞ ƚĞĂĐŚĞƌƐ ǁŽŶ WƌĞƐŝĚĞŶƚŝĂů ĂǁĂƌĚƐ ĂŶĚ ƚŚĞ ŐƌĂĚƵĂƚŝŶŐ ĐůĂƐƐ ŽĨ ϮϬϭϱ ĞĂƌŶĞĚ ŵŽƌĞ h͘^͘ ǀĞƌĂŐĞ ƚŚĂŶ Ψϴ ŵŝůůŝŽŶ ŝŶ ƐĐŚŽůĂƌƐŚŝƉƐ͘ &ŝŶĂůůǇ͕ ĞŶĚ ^ĞŶŝŽƌ ,ŝŐŚ ^ĐŚŽŽů ŽĨĨĞƌƐ ƚŚĞ ƉƌĞƐƚŝŐŝŽƵƐ ^ŽƵƌĐĞƐ͗ ŽůůĞŐĞ ŽĂƌĚ Θ ĞŶĚͲ>Ă WŝŶĞ ^ĐŚŽŽů /ŶƚĞƌŶĂƚŝŽŶĂů ĂĐĐĂůĂƵƌĞĂƚĞ WƌŽŐƌĂŵͶĂ ĐƵƌƌŝĐƵůƵŵ ƌĞĐŽŐŶŝǌĞĚ ĂƌŽƵŶĚ ƚŚĞ ǁŽƌůĚ ĨŽƌ ŝƚƐ ŝƐƚƌŝĐƚ ƋƵĂůŝƚǇ ĂŶĚ ƌŝŐŽƌ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ ĞŶĚͲ>Ă WŝŶĞ ^ĐŚŽŽů ŝƐƚƌŝĐƚ͕ ǀŝƐŝƚ ǁǁǁ͘ďĞŶĚŬϭϮ͘Žƌ͘ƵƐ͘ ^ĞůĞĐƚ WƌŝǀĂƚĞ ^ĐŚŽŽůƐ ŝŶ ĞŶĚ WƌŝǀĂƚĞ ^ĐŚŽŽůƐ

ĞŶĚ ŚĂƐ ϭϴ ƉƌŝǀĂƚĞ ƐĐŚŽŽůƐ ƚŚĂƚ ƐĞƌǀĞ ĂƌĞĂ ǇŽƵƚŚ ŽĨ Ăůů ĂŐĞƐ͘ ^ŝǆ ŽĨ ƚŚĞƐĞ ƐĐŚŽŽůƐ ĂƌĞ ĨĂŝƚŚͲďĂƐĞĚ ĂŶĚ ƚǁŽ͕ : Ăƌ : ĂŶĚ EĞǁ >ĞĂĨ ĐĂĚĞŵǇ͕ ĂƌĞ ƚŚĞƌĂƉĞƵƚŝĐ ƐĐŚŽŽůƐ ĨŽƌ ĂƚͲƌŝƐŬ ǇŽƵƚŚ͘ tŚŝůĞ Ă ĚŝǀĞƌƐĞ ĂƌƌĂǇ ŽĨ ƉƌŝǀĂƚĞ ƐĐŚŽŽůƐ ĂŶĚ ŵĞƚŚŽĚƐ ŽĨ ĞĚƵĐĂƚŝŽŶ ĞǆŝƐƚ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ͕ ŵŽƐƚ ŶŽƚĂďůĞ ŐŝǀĞŶ ƚŚĞŝƌ ůĂƌŐĞƌ ƐƚƵĚĞŶƚ ƉŽƉƵůĂƚŝŽŶƐ ĂŶĚ ǁŝĚĞƐƉƌĞĂĚ ƌĞƉƵƚĂƚŝŽŶ ĂƌĞ dƌŝŶŝƚǇ >ƵƚŚĞƌĂŶ ^ĐŚŽŽů͕ ^ĞǀĞŶ WĞĂŬƐ ^ĐŚŽŽů͕ ^ƚ͘ &ƌĂŶĐŝƐ ŽĨ ƐƐŝƐŝ͕ ĂŶĚ ĂƐĐĂĚĞƐ ĐĂĚĞŵǇ͕ ůŝƐƚĞĚ ŝŶ ƚŚĞ ĂĚũĂĐĞŶƚ ƚĂͲ ďůĞ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐ ƉƌŝǀĂƚĞ ƐĐŚŽŽůƐ ŝŶ ĞŶĚ͕ ƉůĞĂƐĞ ƌĞĨĞƌ ƚŽ ǁǁǁ͘ƉƌŝǀĂƚĞƐĐŚŽŽůƌĞǀŝĞǁ͘ĐŽŵ͘

^ĐŚŽŽů

>ŽĐĂƚŝŽŶͬWŚŽŶĞ η

EƵŵďĞƌ ŽĨ ƐƚƵĚĞŶƚƐ

dƌŝŶŝƚǇ >ƵƚŚĞƌĂŶ ^ĐŚŽŽů ;WƌĞ <ͲϭϮͿ ϮϱϱϬ E ƵƚůĞƌ DĂƌŬĞƚ ZĚ͘ ǁǁǁ͘ƐĂŝŶƚƐ͘ŽƌŐ ϱϰϭ͘ϯϴϮ͘ϭϴϯϮ

ϯϮϭ

^ĞǀĞŶ WĞĂŬƐ ^ĐŚŽŽů ;WƌĞ <ͲϴͿ ǁǁǁ͘ƐĞǀĞŶƉĞĂŬƐƐĐŚŽŽů͘ŽƌŐ

ϭϵϲϲϬ DŽƵŶƚĂŝŶĞĞƌ tĂǇ ϱϰϭ͘ϯϴϮ͘ϳϳϱϱ

Ϯϴϳ

^ƚ͘ &ƌĂŶĐŝƐ ŽĨ ƐƐŝƐŝ ;<ͲϵͿ ǁǁǁ͘ƐĂŝŶƚĨƌĂŶĐŝƐƐĐŚŽŽů͘ŶĞƚ

ϮϰϱϬ E ϮϳƚŚ ^ƚ͘ ϱϰϭ͘ϯϴϮ͘ϰϳϬϭ

Ϯϱϱ

ĂƐĐĂĚĞƐ ĐĂĚĞŵǇ ;WƌĞ <ͲϭϮͿ ǁǁǁ͘ĐĂƐĐĂĚĞƐĂĐĂĚĞŵǇ͘ŽƌŐ

ϭϵϴϲϬ dƵŵĂůŽ ZĞƐĞƌǀŽŝƌ ZĚ͘ ϱϰϭ͘ϯϴϮ͘Ϭϲϵϵ

ϭϲϮ

^ŽƵƌĐĞ͗ K ZĞƐĞĂƌĐŚ

ĞŶƚƌĂů KƌĞŐŽŶ ŽŵŵƵŶŝƚǇ ŽůůĞŐĞ ĞŶƚƌĂů KƌĞŐŽŶ ŽŵŵƵŶŝƚǇ ŽůůĞŐĞ ; K Ϳ ŽƉĞƌĂƚĞƐ ĐĂŵƉƵƐĞƐ ŝŶ ĞŶĚ͕ ZĞĚŵŽŶĚ͕ DĂĚƌĂƐ͕ ĂŶĚ WƌŝŶĞǀŝůůĞ͘ &ŽƵŶĚĞĚ ŝŶ ϭϵϰϵ͕ K ;ǁǁǁ͘ĐŽĐĐ͘ĞĚƵͿ ŝƐ KƌĞŐŽŶ͛Ɛ ĨŝƌƐƚ ĂŶĚ ŽůĚĞƐƚ ĐŽŵŵƵŶŝƚǇ ĐŽůůĞŐĞ͘ K ŽĨĨĞƌƐ ƚǁŽͲ ǇĞĂƌ ĂƐƐŽĐŝĂƚĞ ĚĞŐƌĞĞƐ͕ ƚƌĂŶƐĨĞƌͬůŽǁĞƌ ĚŝǀŝƐŝŽŶ ƉƌŽŐƌĂŵƐ͕ ĐĂƌĞĞƌ ĂŶĚ ƚĞĐŚŶŝĐĂů ĞĚƵĐĂƚŝŽŶ ĚĞŐƌĞĞƐ ĂŶĚ ĐĞƌͲ ƚŝĨŝĐĂƚĞƐ͕ ĚĞǀĞůŽƉŵĞŶƚĂů ĐŽƵƌƐĞƐ͕ ĐŽŶƚŝŶƵŝŶŐ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĐŽŵŵƵŶŝƚǇ ůĞĂƌŶŝŶŐ ĐůĂƐƐĞƐ͕ ŝŶĚƵƐƚƌǇͲƐƉĞĐŝĨŝĐ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵƐ͕ ĂŶĚ ďƵƐŝŶĞƐƐ ŵĂŶĂŐĞŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ͘ dŚĞ K ŝƐƚƌŝĐƚ ĐŽǀĞƌƐ Ă ϭϬ͕ϬϬϬͲƐƋƵĂƌĞͲŵŝůĞ ĂƌĞĂ ƚŚĂƚ ĞŶĐŽŵƉĂƐƐĞƐ Ăůů ŽĨ ƌŽŽŬ͕ ĞƐĐŚƵƚĞƐ͕ ĂŶĚ :ĞĨĨĞƌƐŽŶ ĐŽƵŶƚŝĞƐ͕ ƚŚĞ ƐŽƵƚŚĞƌŶ ƉĂƌƚ ŽĨ tĂƐĐŽ͕ ĂŶĚ ƚŚĞ ŶŽƌƚŚĞƌŶ ƉŽƌƚŝŽŶƐ ŽĨ <ůĂŵĂƚŚ ĂŶĚ >ĂŬĞ ŽƵŶƚŝĞƐ͘ ƐĞǀĞŶͲŵĞŵďĞƌ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŐŽǀĞƌŶƐ ƚŚĞ ŽůůĞŐĞ͕ ǁŝƚŚ ŵĞŵďĞƌƐ ŽĨ ƚŚĂƚ ďŽĂƌĚ ĞůĞĐƚĞĚ ĨƌŽŵ ŐĞŽŐƌĂƉŚŝĐ ǌŽŶĞƐ ŝŶ ƚŚĞ ŝƐƚƌŝĐƚ͘ dŚĞ ϮϬϭͲĂĐƌĞ ĞŶĚ ĐĂŵƉƵƐ ŝŶĐůƵĚĞƐ Ϯϲ ďƵŝůĚŝŶŐƐ ƚŽƚĂůŝŶŐ ϱϳϱ͕ϬϬϬ ƐƋ͘ Ĩƚ͘ ƵŶĚĞƌ ƌŽŽĨ͘ dŚĞ ŶĞǁĞƐƚ ďƵŝůĚŝŶŐƐ ĂƌĞ ƚŚĞ :ƵŶŐĞƌƐ ƵůŝŶĂƌǇ ĞŶƚĞƌ͕ ŽƉĞŶĞĚ ŝŶ ϮϬϭϭ ĂŶĚ ĨƵŶĚĞĚ ƉƌŝŵĂƌŝůǇ ďǇ ƉƌŝǀĂƚĞ ĚŽŶĂƚŝŽŶƐ͕ ĂŶĚ ƚŚĞ ,ĞĂůƚŚ ĂƌĞĞƌƐ ĞŶƚĞƌ ĂŶĚ ^ĐŝĞŶĐĞ ĞŶƚĞƌ͕ ĨƵŶĚĞĚ ďǇ Ă ǀŽƚĞƌͲĂƉƉƌŽǀĞĚ ďŽŶĚ ŵĞĂƐƵƌĞ͕ ďŽƚŚ ŽƉĞŶĞĚ ŝŶ ĨĂůů ϮϬϭϮ͘ dŚĞ ^ŵĂůů ƵƐŝŶĞƐƐ ĞǀĞůŽƉŵĞŶƚ ĞŶƚĞƌ ;^ Ϳ͕ ŽƉĞƌĂƚĞĚ ďǇ K ͕ ƉƌŽǀŝĚĞƐ ĂĐƚŝǀĞ ƐƵƉƉŽƌƚ ĨŽƌ ĞŶƚƌĂů KƌĞŐŽŶ͛Ɛ ƐŵĂůů ďƵƐŝͲ ŶĞƐƐĞƐ͘ ^ ƉƌŽǀŝĚĞƐ ƉƌŽŐƌĂŵƐ ƐƵĐŚ ĂƐ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ŵĂƌŬĞƚ ƌĞƐĞĂƌĐŚ ĂƐƐŝƐƚĂŶĐĞ ĨŽƌ ĞŶƚƌĞƉƌĞŶĞƵƌƐ Ăƚ ƚŚĞ ĞĂƌůŝĞƐƚ ƐƚĂŐĞƐ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ͘ K ͛Ɛ ŽŶƚŝŶƵŝŶŐ ĚƵĐĂƚŝŽŶ ĚĞƉĂƌƚŵĞŶƚ ĚĞůŝǀĞƌƐ ŝŶĚƵƐƚƌǇͲƐƉĞĐŝĨŝĐ ĐŽƵƌƐĞƐ ĂŶĚ ǁŽƌŬƐŚŽƉƐ ƚĂŝůŽƌĞĚ ƚŽ ďƵƐŝŶĞƐƐ ĂŶĚ ŝŶĚƵƐƚƌǇ͛Ɛ ĐŚĂŶŐŝŶŐ ŶĞĞĚƐ͘

K ͛Ɛ ƵƐŝŶĞƐƐ ĂŶĚ ŵƉůŽǇĞĞ ĞǀĞůŽƉŵĞŶƚ ĚĞƉĂƌƚŵĞŶƚ ĚĞůŝǀĞƌ ŝŶĚƵƐƚƌǇͲƐƉĞĐŝĨŝĐ ĐŽƵƌƐĞƐ ĂŶĚ ǁŽƌŬƐŚŽƉƐ ƚĂŝůŽƌĞĚ ƚŽ ďƵƐŝŶĞƐƐĞƐ ĐŚĂŶŐŝŶŐ ŶĞĞĚƐ͘ dŚĞ ŽůůĞŐĞ ĂůƐŽ ŽĨĨĞƌƐ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĐŽŶƚŝŶƵͲ ŝŶŐ ĞĚƵĐĂƚŝŽŶ ĨŽƌ ƉĞƌƐŽŶĂů ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ͘

WĂŐĞ ϭϭ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

dŚĞ K ZĞĚŵŽŶĚ ĂŵƉƵƐ ƐŝƚƐ ŽŶ ϮϱͲĂĐƌĞƐ ŶĞĂƌ ƚŚĞ ZĞĚŵŽŶĚ ŝƌƉŽƌƚ ŝŶĐůƵĚŝŶŐ ĨŽƵƌ ďƵŝůĚŝŶŐƐ ƐĞƌǀŝŶŐ ƐƚƵĚĞŶƚƐ ǁŝƚŚ Ă ǀĂƌŝĞƚǇ ŽĨ ĐĂƌĞĞƌ ƉƌŽŐƌĂŵƐ͕ ĞĚƵĐĂƚŝŽŶĂů ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ ĂŶĚ ƚƌĂŶƐĨĞƌ ĞůŝŐŝďůĞ ĐůĂƐƐĞƐ͘ dŚŝƐ ƉĂƐƚ ǇĞĂƌ͕ ĂƉƉƌŽǆŝŵĂƚĞůǇ Ϯ͕ϰϬϬ ƐƚƵĚĞŶƚƐ ĞŶƌŽůůĞĚ ŝŶ ŽŶĞ Žƌ ŵŽƌĞ ĐƌĞĚŝƚ ĐůĂƐƐĞƐ ŝŶ ZĞĚŵŽŶĚ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ǁŝĚĞ ƌĂŶŐĞ ŽĨ ƐĞƌǀŝĐĞƐ ĂŶĚ ĐŽůůĞŐĞ ĐŽƵƌƐĞƐ ŽĨĨĞƌĞĚ͕ K ͛Ɛ ZĞĚŵŽŶĚ ĂŵƉƵƐ ŝƐ ŚŽŵĞ ƚŽ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ DĂŶƵĨĂĐƚƵƌŝŶŐ ĂŶĚ ƉƉůŝĞĚ dĞĐŚŶŽůŽŐǇ ĞŶƚĞƌ͕ Ă Ϯϲ͕ϬϬϬ ƐƋ͘ Ĩƚ͘ ƚĞĐŚŶŝĐĂů ƚƌĂŝŶŝŶŐ ĨĂĐŝůŝƚǇ ǁŝƚŚ ĐĞƌƚŝĨŝͲ ĐĂƚĞ ĂŶĚ ĚĞŐƌĞĞ ƉƌŽŐƌĂŵƐ ƌĞĂĚǇŝŶŐ ƐƚƵĚĞŶƚƐ ĨŽƌ ũŽďƐ ŝŶ ƚŚĞ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ĨŝĞůĚ͘ ZĞĚŵŽŶĚ ŝƐ ĂůƐŽ ŚŽŵĞ ƚŽ K ͛Ɛ sĞƚĞƌŝŶĂƌǇ dĞĐŚͲ ŶŝĐŝĂŶ ƉƌŽŐƌĂŵ͘

dŚĞ K ƌĞŐŝŽŶĂů dĞĐŚŶŽůŽŐǇ ĚƵĐĂƚŝŽŶ ĞŶƚĞƌ ŽĨĨĞƌƐ ĐůĂƐƐĞƐ ĨŽƌ ĞŶƚƌĂů KƌĞŐŽŶ͛Ɛ ďƵƐŝŶĞƐƐ ĂŶĚ ǁŽƌŬĨŽƌĐĞ ƉŽƉƵůĂƚŝŽŶ Ăƚ ƚŚĞ ZĞĚͲ ŵŽŶĚ ĂŵƉƵƐ͘ dŚŝƐ ϯϰ͕ϬϬϬ ƐƋ͘ Ĩƚ͘ ĨĂĐŝůŝƚǇ͕ ƉůĂŶŶĞĚ ĂŶĚ ĚĞǀĞůŽƉĞĚ ǁŝƚŚ ŝŶĚƵƐƚƌǇ ƉĂƌƚŝĐŝƉĂƚŝŽŶ͕ ŝƐ ŚŽŵĞ ƚŽ Ă ƚǁŽͲǇĞĂƌ ĚĞŐƌĞĞ ŽƉƚŝŽŶ ŝŶ ƵƚŽŵŽƚŝǀĞ dĞĐŚŶŽůŽŐǇ ŝŶ ůĞĐƚƌŽŶŝĐƐ ĂŶĚ ŝĂŐŶŽƐƚŝĐƐ ;d Ϳ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ͗ ǁǁǁ͘ĐŽĐĐ͘ĞĚƵͬƌĞĚŵŽŶĚ Žƌ ϱϰϭͲϱϬϰͲϮϵϬϬ͘

ŶƌŽůůŵĞŶƚ Ăƚ K ŚĂƐ ŝŶĐƌĞĂƐĞĚ ĚƌĂŵĂƚŝĐĂůůǇ ŽǀĞƌ ƚŚĞ ǇĞĂƌƐ͕ ĚŽƵďůŝŶŐ ŝŶ ƚŚĞ ůĂƐƚ ĨĞǁ K dĞĐŚŶŽůŽŐǇ ĚƵĐĂƚŝŽŶ ĞŶƚĞƌ ŝŶ ZĞĚŵŽŶĚ ǇĞĂƌƐ ĂƐ ŝŶĐƌĞĂƐŝŶŐ ŶƵŵďĞƌƐ ŽĨ ĂƌĞĂ ƌĞƐŝĚĞŶƚƐ ƚƵƌŶĞĚ ƚŽ ƚŚĞ ŽůůĞŐĞ ĨŽƌ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ƚƌĂŝŶŝŶŐ ĂĨƚĞƌ ƚŚĞ ĞĐŽŶŽŵŝĐ ĚŽǁŶƚƵƌŶ͘ ƌĞĐŽƌĚ ŶƵŵďĞƌ ŽĨ ƐƚƵĚĞŶƚƐ ŚĂǀĞ ďĞĞŶ ĞĂƌŶŝŶŐ ĐĞƌƚŝĨŝĐĂƚĞƐ ĂŶĚ ĚĞŐƌĞĞƐ͕ ƚŚĞŶ ƚƌĂŶƐĨĞƌƌŝŶŐ ƚŽ ĨŽƵƌͲǇĞĂƌ ĐŽůůĞŐĞƐ ĂŶĚ ƵŶŝǀĞƌƐŝƚŝĞƐ Žƌ ŵŽǀŝŶŐ ŝŶƚŽ ũŽďƐ ůŽĐĂůůǇ ƵƐŝŶŐ ƐŬŝůůƐ ůĞĂƌŶĞĚ ŝŶ ƚŚĞ ĐĂƌĞĞƌ ĂŶĚ ƚĞĐŚŶŝĐĂů ĞĚƵĐĂƚŝŽŶ ƉƌŽŐƌĂŵƐ͘

KƌĞŐŽŶ ^ƚĂƚĞ hŶŝǀĞƌƐŝƚǇͲ ĂƐĐĂĚĞƐ tŝƚŚ Ă ĐĂŵƉƵƐ ƐŽ ŶĞǁ ƚŚĞ ƉĂŝŶƚ ŝƐ Ɛƚŝůů ĚƌǇŝŶŐ͕ ƚŚĞŝƌ ĨŝƌƐƚ ϭ͕ϮϬϬ ƐƚƵĚĞŶƚƐ͕ ϯ͕ϬϬϬ ĂůƵŵŶŝ͕ ĂŶĚ ĐŽŵŵƵŶŝƚǇ ƐƵƉƉŽƌƚĞƌƐ ĂƌĞ ƌĞĂůŝǌŝŶŐ Ă ϯϬͲǇĞĂƌ͕ ŐƌĂƐƐƌŽŽƚƐ ĞĨĨŽƌƚ ƚŽ ďƌŝŶŐ Ă ĨŽƵƌͲǇĞĂƌ ƵŶŝǀĞƌƐŝƚǇ ƚŽ ĞŶƚƌĂů KƌĞŐŽŶ͘ K^hͲ ĂƐĐĂĚĞƐ ŽƉĞŶĞĚ ŝƚƐ ϭϬͲĂĐƌĞ ĐĂŵƉƵƐ ŝŶ ĞŶĚ Ăƚ ƚŚĞ ƐƚĂƌƚ ŽĨ ϮϬϭϲ͛Ɛ ĨĂůů ƚĞƌŵ͘ >ŽĐĂƚĞĚ ŝŶ ƚŚĞ ŚĞĂƌƚ ŽĨ ĞŶƚƌĂů KƌĞŐŽŶ͕ Ă ǀĂƐƚ ŶĂƚƵͲ ƌĂů ůĂďŽƌĂƚŽƌǇ͕ K^hͲ ĂƐĐĂĚĞƐ ŽĨĨĞƌƐ ϭϲ ƵŶĚĞƌŐƌĂĚƵĂƚĞ ĂŶĚ ĨŽƵƌ ŐƌĂĚƵĂƚĞ ĚĞŐƌĞĞƐ͕ ŝŶĐůƵĚŝŶŐ ƐŝŐŶĂƚƵƌĞ ƉƌŽŐƌĂŵƐ ŝŶ ŶĞƌŐǇ ^ǇƐƚĞŵƐ ŶŐŝŶĞĞƌŝŶŐ͕ dŽƵƌŝƐŵ͕ ĂŶĚ KƵƚĚŽŽƌ >ĞĂĚĞƌƐŚŝƉ͕ ĂŶĚ ,ŽƐƉŝƚĂůŝƚǇ DĂŶĂŐĞŵĞŶƚ͘

dŚĞ ŶĞƌŐǇ ^ǇƐƚĞŵƐ ŶŐŝŶĞĞƌŝŶŐ DĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵ ŝƐ ƵŶŝƋƵĞ ŝŶ ƚŚĞ ƐƚĂƚĞ͕ ƉƌĞƉĂƌŝŶŐ ŐƌĂĚƵĂƚĞƐ ĨŽƌ Ă ďƌŽĂĚ ƌĂŶŐĞ ŽĨ ĐĂƌĞĞƌƐ ŝŶ ƚŚĞ ĞŶĞƌŐǇ ŝŶĚƵƐƚƌǇ͘ dŚĞ ŽŵƉƵƚĞƌ ^ĐŝĞŶĐĞ ĚĞŐƌĞĞ ǁĂƐ ĚĞǀĞůŽƉĞĚ ǁŝƚŚ ĐŽŶƐŝĚĞƌĂďůĞ ŝŶĚƵƐƚƌǇ ŝŶƉƵƚ ĨƌŽŵ ŵĂŶǇ ŽĨ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ ƐŽĨƚǁĂƌĞ ĨŝƌŵƐ͘ K^hͲ ĂƐĐĂĚĞƐ ŝƐ ŶŽǁ ŽĨĨĞƌŝŶŐ ĂŶ ĞǆĞĐƵƚŝǀĞ ůĞĂĚĞƌƐŚŝƉ D ƉƌŽŐƌĂŵ ƚŚƌŽƵŐŚ K^h͛Ɛ ŽůůĞŐĞ ŽĨ ƵƐŝŶĞƐƐ͘ dŚĞ D ƚĂŬĞƐ ĂďŽƵƚ ƚǁŽ ǇĞĂƌƐ ĂŶĚ ŝƐ ĚĞůŝǀĞƌĞĚ ŝŶ Ă ŚǇďƌŝĚ ĨŽƌŵĂƚ͕ ďůĞŶĚŝŶŐ ĨĂĐĞͲƚŽͲĨĂĐĞ ǁŝƚŚ ŽŶůŝŶĞ ƐĞƐƐŝŽŶƐ ĂŶĚ ŝƐ ĚĞƐŝŐŶĞĚ ĨŽƌ ďƵƐǇ ƉƌŽĨĞƐƐŝŽŶĂůƐ͘ dŚĞ ƵŶŝǀĞƌƐŝƚǇ ĂůƐŽ ĂŝŵƐ ƚŽ ůĂƵŶĐŚ ĂĚĚŝƚŝŽŶĂů D ƉƌŽŐƌĂŵƐ͘ K^hͲ ĂƐĐĂĚĞƐ͛ ĞŶƌŽůůŵĞŶƚ ŝƐ ƐůĂƚĞĚ ƚŽ ŐƌŽǁ ƚŽ ϯ͕ϬϬϬͲϱ͕ϬϬϬ ƐƚƵĚĞŶƚƐ ďǇ ϮϬϮϱ ƚŽ ŵĞĞƚ ƐƚĂƚĞ ĞĚƵĐĂƚŝŽŶĂů ĂƚƚĂŝŶŵĞŶƚ ŐŽĂů͘ dŚĞ ĐĂŵƉƵƐ ǁŝůů ƐĞƌǀĞ ƐƚƵĚĞŶƚƐ ĨƌŽŵ ĞǀĞƌǇǁŚĞƌĞ͕ ŝŶĐůƵĚŝŶŐ ŽƵƌ ďĂĐŬǇĂƌĚ ƚŽ ĂĐƌŽƐƐ ƚŚĞ ŐůŽďĞ͘

ĚĚŝƚŝŽŶĂů ŽůůĞŐĞƐ ĂŶĚ hŶŝǀĞƌƐŝƚŝĞƐ KƚŚĞƌ ĂĐĐƌĞĚŝƚĞĚ ĂĐĂĚĞŵŝĐ ŝŶƐƚŝƚƵƚŝŽŶƐ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ͕ ƚǇƉŝĐĂůůǇ ĐŽŵďŝŶŝŶŐ ĞǀĞŶŝŶŐ ĂŶĚ ŽĐĐĂƐŝŽŶĂů ǁĞĞŬĞŶĚ ĐůĂƐƐĞƐ ŝŶ ĐŽŶũƵŶĐͲ ƚŝŽŶ ǁŝƚŚ ĚŝƐƚĂŶĐĞ ůĞĂƌŶŝŶŐ͕ ŝŶĐůƵĚĞ͗ ĂƐƚĞƌŶ KƌĞŐŽŶ hŶŝǀĞƌƐŝƚǇ ŝǀŝƐŝŽŶ ŽĨ ŝƐƚĂŶĐĞ ĚƵĐĂƚŝŽŶ ;ϱϰϭͲϯϴϱͲϭϭϯϳͿ 'ĞŽƌŐĞ &Žǆ hŶŝǀĞƌƐŝƚǇ ;ϭͲϴϬϬͲϲϯϭͲϬϵϮϭͿ >ŝŶĨŝĞůĚ ŽůůĞŐĞ Ͳ ĞŶƚƌĂů KƌĞŐŽŶ ĞŶƚĞƌ ;ϱϰϭͲϯϴϴͲϮϵϴϲͿ KƌĞŐŽŶ /ŶƐƚŝƚƵƚĞ ŽĨ dĞĐŚŶŽůŽŐǇ͕ ĂĐŚĞůŽƌ͛Ɛ ĚĞŐƌĞĞ ŝŶ KƉĞƌĂƚŝŽŶƐ DĂŶĂŐĞŵĞŶƚ͕ ǀŝĂ K hŶŝǀĞƌƐŝƚǇ ŽĨ KƌĞŐŽŶ͕ ǆĞĐƵƚŝǀĞ D ;ϱϬϯͲϮϳϲͲϯϲϮϮͿ

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^ŽƵƌĐĞ͗ h͘^͘ ŶĞƌŐǇ /ŶĨŽƌŵĂƚŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶ DĂƌĐŚ ϮϬϭϳ ĚĂƚĂ͘

EĂƚƵƌĂů ŐĂƐ ŝƐ ǁŝĚĞůǇ ĂǀĂŝůĂďůĞ ƚŚƌŽƵŐŚŽƵƚ ĞŶƚƌĂů KƌĞŐŽŶ ĂŶĚ ŝ ƐƵƉƉůŝĞĚ ďǇ ĂƐĐĂĚĞ EĂƚƵƌĂů 'ĂƐ ŽƌƉŽƌĂƚŝŽŶ ; E' ͖ ϴϴϴͲϱϮϮͲϭϭϯϬͿ͘ dƌĂŶƐŵŝƐͲ ƐŝŽŶ ƚŽ ƚŚĞ ƌĞŐŝŽŶ ŝƐ ƉƌŽǀŝĚĞĚ ďǇ ϯϲ ĂŶĚ ϰϮͲŝŶĐŚ ŚŝŐŚͲĐĂƉĂĐŝƚǇ ůŝŶĞƐ ƚŚĂƚ ƌƵŶ ĨƌŽŵ ĂŶĂĚĂ ƚŽ ƐŽƵƚŚĞƌŶ ĂůŝĨŽƌŶŝĂ͘ ,ĞĂĚƋƵĂƌƚĞƌĞĚ ŝŶ <ĞŶŶĞǁŝĐŬ͕ tĂƐŚŝŶŐƚŽŶ͕ E' ƐĞƌǀĞƐ ŵŽƌĞ ƚŚĂŶ ϰϲ͕ϬϬϬ ůŽĐĂů ŝŶĚƵƐƚƌŝĂů͕ ĐŽŵŵĞƌĐŝĂů͕ ĂŶĚ ƌĞƐŝĚĞŶƚŝĂů ĐƵƐƚŽŵĞƌƐ ĨƌŽŵ Ă ƌĞŐŝŽŶĂů ŽƉĞƌĂƚŝŽŶƐ ďĂƐĞ ŝŶ ĞŶĚ͘ WŽͲ ƚĞŶƚŝĂů ƵƐĞƌƐ ĨŽƌ ƚŚĞ >ĂƌŐĞ sŽůƵŵĞ ƌĂƚĞ ƐŚŽƵůĚ ĐŽŶƚĂĐƚ K ĨŽƌ ĂĚĚŝͲ ƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞŝƌ ƉŽƚĞŶƚŝĂů ƵƐĂŐĞ ĐŽŶĚŝƚŝŽŶƐ͘

tĂƚĞƌ ĂŶĚ ^ĞǁĞƌ /Ŷ ƐĞǀĞƌĂů ƌĞĐĞŶƚ ǇĞĂƌƐ͕ ĞŶĚ͛Ɛ ǁĂƚĞƌ ŚĂƐ ƌĂŶŬĞĚ ĂŵŽŶŐ ƚŚĞ ďĞƐƚ ŝŶ ƚŚĞ ĐŽƵŶƚƌǇ ŝŶ ŝŶĚĞƉĞŶĚͲ ĞŶƚ ƋƵĂůŝƚǇ ƚĞƐƚƐ͘ dŚĞ ŝƚǇ͛Ɛ ƐǇƐƚĞŵ ŝŶĐůƵĚĞƐ Ă ǁĂƚĞƌƐŚĞĚ ;ĐŽůůĞĐƚĞĚ ĨƌŽŵ Ă ĚŝǀĞƌƐŝŽŶ ϭϯ ŵŝůĞƐ ĨƌŽŵ ƚŚĞ ŝƚǇ ůŝŵŝƚƐ ĂŶĚ ƐƵƉƉůĞŵĞŶƚĞĚ ďǇ Ă ĚŝǀĞƌƐŝŽŶ ŽĨ ŶĂƚƵƌĂů ƐƉƌŝŶŐ ĨůŽǁƐ ĨƌŽŵ ƚŚĞ dƵŵĂͲ ůŽ ƌĞĞŬ ďĂƐŝŶͿ ĂŶĚ ĚĞĞƉ ĂƋƵŝĨĞƌ ǁĞůůƐ ;ϵ ŐƌŽƵŶĚǁĂƚĞƌ ĨĂĐŝůŝƚŝĞƐ ĐŽŶƐŝƐƚŝŶŐ ŽĨ Ϯϱ ǁĞůůƐ ǁŝƚŚ ďĞƚǁĞĞŶ ϰϬϬ ĂŶĚ ϭϬϬϬ ĨĞĞƚ ĚĞĞƉͿ͘ ŶŶƵĂů ƐŶŽǁŵĞůƚ ĂŶĚ ƉƌĞĐŝƉŝƚĂƚŝŽŶ ĐŽŶƚƌŝďƵƚĞ ĂŶ ĂǀĞƌĂŐĞ ƌĞĐŚĂƌŐĞ ŽĨ ϯϴϬϬ ĐƵďŝĐ ĨĞĞƚ ƉĞƌ ƐĞĐŽŶĚ ĂŶŶƵĂůůǇ͕ ĂďŽƵƚ Ϯ͘ϰ ďŝůůŝŽŶ ŐĂůůŽŶƐ ƉĞƌ ĚĂǇ͘ /Ŷ ĂĚĚŝͲ ƚŝŽŶ ƚŽ ƚŚĞ ŝƚǇ ŽĨ ĞŶĚ͕ ƚǁŽ ŽƚŚĞƌ ǁĂƚĞƌ ƉƌŽǀŝĚĞƌƐ ƐĞƌǀĞ ƉŽƚĂďůĞ ǁĂƚĞƌ ƚŽ ĐƵƐƚŽŵĞƌƐ ŝŶ ĂƌĞĂƐ ĂĚũĂĐĞŶƚ ƚŽ ƚŚĞ ŝƚǇ͛Ɛ ƐǇƐƚĞŵ ʹ ZŽĂƚƐ tĂƚĞƌ ^ǇƐƚĞŵ ĂŶĚ ǀŝŽŶ tĂƚĞƌ ŽŵƉĂŶǇ͘ ĞŶĚ͛Ɛ ǁĂƐƚĞǁĂƚĞƌ ƐǇƐƚĞŵ ƵƚŝůŝǌĞƐ ƚŚĞ ůĂƚĞƐƚ ƚĞĐŚŶŽůŽŐǇ ĨŽƌ ƚŚĞ ůĞĂƐƚ ĞŶǀŝƌŽŶŵĞŶƚĂů ŝŵƉĂĐƚ ĂŶĚ ŐƌĞĂƚĞƐƚ ƐĂǀŝŶŐƐ ƚŽ ƌĞƐŝĚĞŶƚƐ ĂŶĚ ďƵƐŝŶĞƐƐĞƐ͘ dŚĞ ŵŽŶƚŚůǇ ĨŝǆĞĚ ƌĂƚĞ ĨŽƌ ƐĞǁĞƌ ƐĞƌǀŝĐĞ ŝŶ ƚŚĞ ĞŶĚ ĂƌĞĂ ŝƐ ΨϯϮ͘Ϯϰ͕ ƉůƵƐ Ψϯ͘ϯϴ ƉĞƌ ϭϬϬ ĐƵďŝĐ ĨĞĞƚ͘

tĂƚĞƌ ZĂƚĞƐ ŝŶ ĞŶĚ DĞƚĞƌ ƐŝǌĞ Ϭ͘ϳϱΗ ϭΗ ϭ͘ϱΗ ϮΗ ϯΗ ϰΗ ϲΗ ϭϮΗ

DŽŶƚŚůǇ &ŝǆĞĚ ZĂƚĞ ΨϮϮ͘ϬϮ ΨϮϱ͘ϯϯ Ψϯϯ͘ϱϮ Ψϰϯ͘ϯϴ Ψϲϵ͘ϳϯ Ψϵϵ͘ϯϯ Ψϭϴϭ͘ϱϯ ΨϱϯϬ͘ϭϵ

ZĂƚĞ ƉĞƌ ϭϬϬ ĐƵ Ĩƚ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ Ψϭ͘ϴϮ

^ŽƵƌĐĞ ŝƚǇ ŽĨ ĞŶĚ hƚŝůŝƚŝĞƐ͘

WĂŐĞ ϭϯ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

^ Zs/ ^ ,ĞĂůƚŚ ^ĞƌǀŝĐĞƐ 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 ƚŚĞ ƌĞŐŝŽŶ͛Ɛ ƌĞƐĞĂƌĐŚ ĂŶĚ ĐĂƌĞ ŝŶ ĐĂƌĚŝŽůŽŐǇ ĂŶĚ ŽƌƚŚŽƉĞĚŝĐƐ ĂƌĞ ĂŵŽŶŐ ƚŚĞ ďĞƐƚ ŝŶ ƚŚĞ ŶĂƚŝŽŶ͘ dŚĞ ůĂƌŐĞƐƚ ƉƌŽǀŝĚĞƌ ŽĨ ŵĞĚŝĐĂů ĐĂƌĞ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ͕ ^ƚ͘ ŚĂƌůĞƐ ,ĞĂůƚŚ ^ǇƐƚĞŵ ;^ ,^Ϳ ŽǁŶƐ ĂŶĚ ŽƉĞƌĂƚĞƐ ŵĞĚŝĐĂů ĐĞŶƚĞƌƐ ŝŶ ĞŶĚ͕ ZĞĚŵŽŶĚ͕ DĂĚƌĂƐ͕ ĂŶĚ WƌŝŶĞǀŝůůĞ ĂŶĚ ĞŵƉůŽǇƐ ŵŽƌĞ ƚŚĂŶ ϭϮϬ ŵĞĚŝĐĂů ƉƌŽǀŝĚĞƌƐ͘ dŚĞ ĞŶĚ ŚŽƐƉŝƚĂů ŝƐ KƌĞŐŽŶΖƐ ŽŶůǇ >ĞǀĞů // dƌĂƵŵĂ ĞŶƚĞƌ ĞĂƐƚ ŽĨ ƚŚĞ ĂƐĐĂĚĞƐ͕ ƌĞĨůĞĐƚŝŶŐ ƚŚĞ ^ǇƐƚĞŵ͛Ɛ ϯϮ͕ϬϬϬͲƐƋƵĂƌĞͲŵŝůĞ ĐĂƚĐŚŵĞŶƚ ĂƌĞĂ ƚŚĂƚ ĞǆƚĞŶĚƐ ƚŽ ĂƐƚĞƌŶ KƌĞŐŽŶ͘ ^ ,^ ĂůƐŽ ŽǁŶƐ ĨĂŵŝůǇ ĐĂƌĞ ĐůŝŶŝĐƐ ŝŶ ĞŶĚ͕ WƌŝŶĞǀŝůůĞ͕ ZĞĚͲ ŵŽŶĚ͕ ĂŶĚ ^ŝƐƚĞƌƐ͘

EĞǁ ^ƚ͘ ŚĂƌůĞƐ ĞŶĚ ĂŶĐĞƌ ĞŶƚĞƌ

^ƚ͘ ŚĂƌůĞƐ DĞĚŝĐĂů ĞŶƚĞƌ ŝŶ ĞŶĚ ŝƐ Ă ĨƵůůǇ ĂĐĐƌĞĚŝƚĞĚ͕ ϮϲϭͲďĞĚ ŚŽƐƉŝƚĂů ǁŝƚŚ ŵŽƌĞ ƚŚĂŶ Ϯ͕ϬϬϬ ŵĞĚŝĐĂů ƐƚĂĨĨ ĂŶĚ ĞŵƉůŽǇĞĞƐ͘ ^ĞƌǀŝĐĞƐ ŝŶĐůƵĚĞ ϮϰͲŚŽƵƌ ĞŵĞƌŐĞŶĐǇ ĐĂƌĞ͕ ŝŶƚĞŶƐŝǀĞͬĐĂƌĚŝĂĐ ĐĂƌĞ͕ ƉŚǇƐŝĐĂů͕ ƌĞƐƉŝƌĂƚŽƌǇ ĂŶĚ ŶƵƚƌŝƚŝŽŶĂů ƚŚĞƌĂƉǇ͕ ƌĂĚŝŽůŽŐǇ͕ ƐƵƌŐĞƌǇ ĂŶĚ ĂŶ ŽŶͲĐĂŵƉƵƐ ƌĞŚĂďŝůŝƚĂƚŝŽŶ ĐĞŶƚĞƌ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ^ƚ͘ ŚĂƌůĞƐ DĞĚŝĐĂů ĞŶƚĞƌ ŽĨĨĞƌƐ ƋƵĂůŝƚǇ ĐĂƌĞ ƐĞƌͲ ǀŝĐĞƐ ŝŶĐůƵĚŝŶŐ ĐĂŶĐĞƌ ĐĂƌĞ͕ ĐĂƌĚŝŽůŽŐǇ͕ ŶĞƵƌŽůŽŐǇ͕ ŽƌƚŚŽƉĞĚŝĐƐ͕ ƐƚƌŽŬĞ ĐĂƌĞ͕ ĂŶĚ ǁĞŝŐŚƚ ůŽƐƐ ƐƵƌŐĞƌǇ͘ ,ŝŐŚͲƚĞĐŚ ůĞĂĚŝŶŐͲĞĚŐĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ĂůƐŽ ƉƌĞƐĞŶƚ ŝŶ ^ƚ͘ ŚĂƌůĞƐ͛ ƚĞůĞŵĞĚŝĐŝŶĞ ĂŶĚ ĚĂ sŝŶĐŝ ^ƵƌŐĞƌǇ ƉƌŽŐƌĂŵƐ͘ ĞŶĚ DĞŵŽƌŝĂů ůŝŶŝĐ ŚĂƐ ƐĞǀĞŶ ůŽĐĂƚŝŽŶƐ ĂŶĚ ĞŵƉůŽǇƐ ŵŽƌĞ ƚŚĂŶ ϭϬϬ ƉƌŽǀŝĚĞƌƐ ĂĐƌŽƐƐ ϯϬ ƐƉĞĐŝĂůƚŝĞƐ ŝŶĐůƵĚŝŶŐ ƵƌŐĞŶƚ ĐĂƌĞ͕ ƉƌŝŵĂƌǇ ĐĂƌĞ͕ ƐƉĞĐŝĂůƚǇ ĐĂƌĞ͕ ĚĞƌŵĂƚŽůŽŐǇ͕ ƐůĞĞƉ ĚŝƐŽƌĚĞƌƐ͕ ŝŵĂŐŝŶŐ ĂŶĚ ĐůŝŶŝĐĂů ƐĞƌǀŝĐĞƐ͘ D ŝƐ ƚŚĞ ůĂƌŐĞƐƚ ŵƵůƚŝͲƐƉĞĐŝĂůƚǇ ŐƌŽƵƉ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ ĂŶĚ ƉƌŽǀŝĚĞƐ ƋƵĂůŝƚǇ͕ ĐŽŶǀĞŶŝĞŶƚ ŚĞĂůƚŚĐĂƌĞ͘ ,ŝŐŚ >ĂŬĞƐ ,ĞĂůƚŚ ĂƌĞ ŝƐ ƉĂƌƚ ŽĨ Ă ŶĞƚǁŽƌŬ ŽĨ ĐŽŵƉĂŶŝĞƐ ĐĂůůĞĚ WƌĂǆŝƐ DĞĚŝĐĂů 'ƌŽƵƉ͕ ŝŶĚĞƉĞŶĚĞŶƚ ƉƌŽǀŝĚĞƌƐ ǁŚŽ ĂƌĞ ĚĞĚŝĐĂƚĞĚ ƚŽ ĂĐĐĞƐƐŝďůĞ͕ ƋƵĂůŝƚǇ ĐĂƌĞ͕ ǀĂůƵŝŶŐ ƌĞůĂƚŝŽŶƐŚŝƉƐ ŽǀĞƌ ǀŽůƵŵĞ͘ ,ŝŐŚ >ĂŬĞƐ ,ĞĂůƚŚ ĂƌĞ ŚĂƐ ůŽĐĂƚŝŽŶƐ ŝŶ ĞŶĚ͛Ɛ hƉƉĞƌ Dŝůů ĂŶĚ ŽŶ ƚŚĞ ĂƐƚ ^ŝĚĞ͕ ĂƐ ǁĞůů ĂƐ ŝŶ ^ŝƐƚĞƌƐ͘ &ĂŵŝůǇ ŵĞĚŝĐŝŶĞ ŝƐ Ăƚ ƚŚĞ ŚĞĂƌƚ ŽĨ ƚŚĞ ,ŝŐŚ >ĂŬĞƐ ƉƌĂĐƚŝĐĞ͕ ǁŚŝůĞ ƉƌĂĐƚŝƚŝŽŶĞƌƐ ƉƌŽǀŝĚĞ ǁƌĂƉĂƌŽƵŶĚ ĐĂƌĞ ƚŚĂƚ ŝŶĐůƵĚĞƐ ƉĞĚŝĂƚƌŝĐƐ͕ ƐĂŵĞ ĚĂǇ ĐĂƌĞ͕ ǁŽŵĞŶ͛Ɛ ŚĞĂůƚŚ͕ ƉƌĞǀĞŶƚŝǀĞ ĐĂƌĞ͕ ŐĞƌŝĂƚƌŝĐƐ͕ ĂŶĚ ƐƉŽƌƚƐ ŵĞĚŝĐŝŶĞ͘ ŶŽŶͲƉƌŽĨŝƚ ŚĞĂůƚŚĐĂƌĞ ŽƌŐĂŶŝǌĂƚŝŽŶ͕ DŽƐĂŝĐ DĞĚŝĐĂů ŽƉĞƌĂƚĞƐ ϭϭ ĨĂĐŝůŝƚŝĞƐ ĂĐƌŽƐƐ ĞŶƚƌĂů KƌĞŐŽŶ͕ ŝŶĐůƵĚŝŶŐ Ă ƉƌŝŵĂƌǇ ĐĂƌĞ ĐůŝŶŝĐ͘ /ƚ ĂůƐŽ ƌƵŶƐ Ă ŵŽďŝůĞ ĐůŝŶŝĐ͘ dŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶ ƐĞƌǀĞƐ ƚŚĞ ŝŶƐƵƌĞĚ ĂŶĚ ƵŶŝŶƐƵƌĞĚ ƌĞŐĂƌĚůĞƐƐ ŽĨ ĂŐĞ͕ ĞƚŚŶŝĐŝƚǇ͕ Žƌ ŝŶĐŽŵĞ͕ ĂŶĚ ďĞůŝĞǀĞƐ ŝŶ ƚƌĞĂƚŝŶŐ ƚŚĞ ǁŚŽůĞ ƉĂƚŝĞŶƚ ďǇ ĂĚĚƌĞƐƐŝŶŐ ƉŚǇƐŝĐĂů͕ ĞŵŽƚŝŽŶĂů͕ ƐŽĐŝĂů͕ ĂŶĚ ĐƵůƚƵƌĂů ŶĞĞĚƐ͘

&ŝƌĞ Θ ŵĞƌŐĞŶĐǇ ^ĞƌǀŝĐĞƐ ĞŶĚ &ŝƌĞ Θ ZĞƐĐƵĞ ƉƌŽǀŝĚĞƐ ĨŝƌĞ ĂŶĚ ĞŵĞƌŐĞŶĐǇ ŵĞĚŝĐĂů ƐĞƌǀŝĐĞƐ ŝŶĐůƵĚŝŶŐ ĂĚǀĂŶĐĞĚ ůŝĨĞ ƐƵƉƉŽƌƚ ĂŶĚ ƚƌĂŶƐƉŽƌƚ ƐĞƌǀŝĐĞƐ͕ Ϯϰ ŚŽƵƌƐ ƉĞƌ ĚĂǇ͘ ĞŶĚ &ŝƌĞ Θ ZĞƐĐƵĞ ŽƉĞƌĂƚĞƐ ϱ ĨŝƌĞ ƐƚĂƚŝŽŶƐ͕ ƉƌŽǀŝĚĞƐ ϭϲϰ ƐƋƵĂƌĞ ŵŝůĞƐ ŽĨ ĨŝƌĞ ĐŽǀĞƌĂŐĞ͕ ĂŶĚ ƉƌŽǀŝĚĞƐ ŵŽƌĞ ƚŚĂŶ ϭ͕ϰϱϬ ƐƋƵĂƌĞ ŵŝůĞƐ ŽĨ ĂŵďƵůĂŶĐĞ ƐĞƌǀŝĐĞ ĂƌĞĂ͘ dŚŝƐ ƐĞƌǀŝĐĞ ŝƐ ƉƌŽǀŝĚĞĚ ďǇ ϲϴ ĐĂƌĞĞƌ ĨŝƌĞĨŝŐŚƚĞƌƐ ĂŶĚ ƉĂƌĂŵĞĚŝĐƐ͘ dŚĞ ĐƵƌƌĞŶƚ /^K &ŝƌĞ ^ĞƌͲ ǀŝĐĞ ZĂƚŝŶŐ ŝƐ ϰ͘ ŝƌ>ŝŶŬ ĂŶĚ >ŝĨĞ &ůŝŐŚƚ ŽĨ KƌĞŐŽŶ ƉƌŽǀŝĚĞ ŝŵŵĞĚŝĂƚĞ ƌĞƐƉŽŶƐĞ ŚĞůŝĐŽƉƚĞƌ ĂŶĚ ĨŝǆĞĚͲǁŝŶŐ Ăŝƌ ĂŵďƵůĂŶĐĞ ƐĞƌǀŝĐĞ ƚŚƌŽƵŐŚŽƵƚ ĞŶƚƌĂů KƌĞŐŽŶ͘ dŚĞƐĞ ƐĞƌǀŝĐĞƐ ĂƌĞ ƐƵƉƉŽƌƚĞĚ ďǇ ůĞǀĞů // ĂŶĚ ůĞǀĞů /// ŚŽƐƉŝƚĂů ƚƌĂƵŵĂ ĐĞŶƚĞƌƐ͘

DĞĚŝĂ WƌŝŶƚ͗ dŚĞ ƵůůĞƚŝŶ ŝƐ ƚŚĞ ĚŽŵŝŶĂŶƚ ĚĂŝůǇ ŶĞǁƐƉĂƉĞƌ ǁŚŝůĞ ůŽĐĂů ƉĂƉĞƌƐ ĐŽǀĞƌ DĂĚƌĂƐ͕ ZĞĚŵŽŶĚ͕ WƌŝŶĞǀŝůůĞ͕ ^ŝƐƚĞƌƐ͕ ĂŶĚ >Ă WŝŶĞ͘ ĂƐĐĂĚĞ ƵƐŝŶĞƐƐ EĞǁƐ͕ Ă ďŝͲǁĞĞŬůǇ ďƵƐŝŶĞƐƐ ƉƵďůŝĐĂƚŝŽŶ͕ ϭϴϱϵ͕ KƌĞŐŽŶ͛Ɛ ĨŝƌƐƚ ĐƵůƚƵƌĂů ŵĂŐĂǌŝŶĞ͕ ĂŶĚ dŚĞ ^ŽƵƌĐĞ͕ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ǁĞĞŬůǇ ŶĞǁƐƉĂƉĞƌ͕ ƌŽƵŶĚ ŽƵƚ ƚŚĞ ƉƌŝŶƚ ŶĞǁƐ ŽƉƚŝŽŶƐ͘ ZĂĚŝŽ͗ dŚƌĞĞ ƉƌŝǀĂƚĞůǇͲŚĞůĚ ĐŽŵƉĂŶŝĞƐ ;,ŽƌŝǌŽŶ ƌŽĂĚĐĂƐƚŝŶŐ 'ƌŽƵƉ͕ ĞŶĚ ZĂĚŝŽ 'ƌŽƵƉ͕ ĂŶĚ ŽŵďŝŶĞĚ ŽŵŵƵŶŝĐĂƚŝŽŶƐͿ ĐŽůůĞĐƚŝǀĞůǇ ŽǁŶ ϭϱ ƌĂĚŝŽ ƐƚĂƚŝŽŶƐ ƉůƵƐ ƚŚĞƌĞ ĂƌĞ ƚǁŽ ŝŶĚĞƉĞŶĚĞŶƚ ŽƉĞƌĂƚŽƌƐ͘ ^ƉĂŶŝƐŚ ůĂŶŐƵĂŐĞ ƐƚĂƚŝŽŶ͕ ZĂĚŝŽ >Ă ƌŽŶĐĂ͕ ĂĚĚƌĞƐƐĞƐ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ >ĂƚŝŶŽ ƉŽƉƵůĂƚŝŽŶ͘ dĞůĞǀŝƐŝŽŶ͗ <ds ds Ϯϭ ŝƐ ƚŚĞ E ĂĨĨŝůŝĂƚĞ͕ <K, ds ϱϭ ŝƐ ƚŚĞ ĂĨĨŝůŝĂƚĞ͕ <&yK ds ϯϵ ŝƐ ƚŚĞ &Žǆ ĂĨĨŝůŝĂƚĞ͕ < E ds ϳ ŝƐ ƚŚĞ ^ ĂĨĨŝůŝĂƚĞ͕ ĂŶĚ <K ds ϭϭ ŝƐ ƚŚĞ W ^ ƐƚĂƚŝŽŶ͘ ĞŶĚ ƌŽĂĚďĂŶĚ ĂŝƌƐ ůŽĐĂů ŽƌŝŐŝŶĂů ƉƌŽŐƌĂŵŵŝŶŐ ƚŚƌŽƵŐŚ Kds ϭϭ͕ ŝƚƐ ĐŽŵŵƵŶŝƚǇ ĐĂďůĞ ĐŚĂŶŶĞů͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ŝŶͲĚĞƉƚŚ ůŽĐĂů ŶĞǁƐ͕ ƐƉŽƌƚƐ͕ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ͘

WĂŐĞ ϭϰ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

W Z<^ Θ Z Z d/KE ŚƵď ŽĨ ƌĞĐƌĞĂƚŝŽŶ ŝŶ ƚŚĞ EŽƌƚŚǁĞƐƚ͕ ĞŶĚ͛Ɛ ďŽƵŶƚŝĨƵů ŽƵƚĚŽŽƌ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĂŶĚ ĐƵůƚƵƌĞ ŵĂŬĞ ŝƚ Ă ĚĞƐƚŝŶĂƚŝŽŶ ĨŽƌ ĨĂŵŝůŝĞƐ ĂŶĚ ŽƵƚĚŽŽƌ ĞŶƚŚƵƐŝĂƐƚƐ͘ dŚĞ ĞŶĚ WĂƌŬ ĂŶĚ ZĞĐƌĞĂƚŝŽŶ ŝƐƚƌŝĐƚ ŵĂŝŶƚĂŝŶ ϴϭ ƉĂƌŬƐ ŝŶ ƚŚĞ ĐŝƚǇ͘ >ŽĐĂƚĞĚ ŽŶ ŽǀĞƌ Ϯ͕ϱϬϬ ĂĐƌĞƐ ƚŚĞƐĞ ƉĂƌŬƐ ŝŶĐůƵĚĞ ϲϱ ŵŝůĞƐ ŽĨ ǁĂůŬŝŶŐ ĂŶĚ ďŝŬŝŶŐ ƚƌĂŝůƐ͘ /ŶĐůƵĚŝŶŐ ďŽŶĚ ƉƌŽũĞĐƚƐ ĂŶĚ ƌĞŐƵůĂƌůǇ ƐĐŚĞĚƵůĞĚ ĂĚĚŝƚŝŽŶƐ ĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚƐ͕ ƚŚĞƌĞ ĂƌĞ ŵŽƌĞ ƚŚĂŶ Ă ĚŽǌĞŶ ŵĂũŽƌ ƉĂƌŬ ĂŶĚ ƚƌĂŝů ƉƌŽũĞĐƚƐ ŝŶ ƚŚĞ ǁŽƌŬƐ͘ dŚĞ ĞŶĚ WĂƌŬ ĂŶĚ ZĞĐƌĞĂƚŝŽŶ ŝƐƚƌŝĐƚ ĂůƐŽ ĐŽŶĚƵĐƚ ŵŽƌĞ ƚŚĂŶ ϭ͕ϬϬϬ ƌĞĐƌĞĂƚŝŽŶĂů ƉƌŽŐƌĂŵƐ ĂŶŶƵĂůůǇ͕ ƉƌŽǀŝĚŝŶŐ ƐƉŽƌƚƐ ĂŶĚ ĂĐƚŝǀŝƚŝĞƐ ĨŽƌ ƉĞŽƉůĞ ŽĨ Ăůů ĂŐĞƐ͘ dŚĞ ĚŝƐƚƌŝĐƚ͛Ɛ ƚǁŽ ŵĂŝŶ ĨĂĐŝůŝƚŝĞƐ͕ :ƵŶŝƉĞƌ ^ǁŝŵ ĂŶĚ &ŝƚŶĞƐƐ ĞŶƚĞƌ ĂŶĚ ƚŚĞ ĞŶĚ ^ĞŶŝŽƌ ĞŶƚĞƌ ŽĨĨĞƌ Ă ĚŝǀĞƌƐĞ ƐĐŚĞĚƵůĞ ŽĨ ĐůĂƐƐĞƐ ĂŶĚ ƌĞĐƌĞĂƚŝŽŶĂů ŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ ĞŶĚ ƉĂƌŬƐ ĂŶĚ ĨĂĐŝůŝƚŝĞƐ ĂƌĞ ŚŽŵĞ ƚŽ ŵĂŶǇ ĐŽŵŵƵŶŝƚǇ ĞǀĞŶƚƐ ƐƵĐŚ ĂƐ ƚŚĞ ĞŶĚ WĞƚ WĂƌĂĚĞ͕ ĂǇ ŽĨ WůĂǇ͕ ĂŶĚ Ă ǁŝĚĞ ĂƌƌĂǇ ŽĨ ůŽĐĂů ĐŽŶĐĞƌƚƐ͘ tŝƚŚ ŽǀĞƌ Ϯ͘ϱ ŵŝůůŝŽŶ ĂĐƌĞƐ ŽĨ ƉƵďůŝĐ ůĂŶĚ ĂŶĚ ŽƉĞŶ ƐƉĂĐĞ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ͕ ŽƵƚĚŽŽƌ ƌĞĐƌĞĂƚŝŽŶŝƐƚƐ ĨƌŽŵ ďĞŐŝŶŶĞƌ ƚŽ ƉƌŽĨĞƐƐŝŽŶĂů ĨŝŶĚ ŽƵƚƐƚĂŶĚŝŶŐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ŚŝŬŝŶŐ͕ ďŝŬŝŶŐ͕ ƐŬŝŝŶŐ ;ĐƌŽƐƐ ĐŽƵŶƚƌǇ ĂŶĚ ĚŽǁŶŚŝůůͿ͕ ǁĂƚĞƌƐŬŝŝŶŐ͕ ŐŽůĨŝŶŐ͕ ŬĂǇĂŬŝŶŐ͕ ǁŚŝƚĞǁĂƚĞƌ ƌĂĨƚͲ ŝŶŐ͕ ƌŽĐŬ ĐůŝŵďŝŶŐ͕ ŵŽƵŶƚĂŝŶĞĞƌŝŶŐ͕ ĨůǇͲĨŝƐŚŝŶŐ͕ ŚƵŶƚŝŶŐ͕ ĐĂŵƉŝŶŐ͕ ĂŶĚ ŚŽƌƐĞďĂĐŬ ƌŝĚŝŶŐ͘ :ƵƐƚ ϮϬ ŵŝŶƵƚĞƐ ŽƵƚƐŝĚĞ ŽĨ ĞŶĚ͕ DŽƵŶƚ ĂĐŚĞůŽƌ ^Ŭŝ ZĞƐŽƌƚ ŝƐ Ă ǁŽƌůĚͲƌĞŶŽǁŶĞĚ ǁŝŶƚĞƌ ƐƉŽƌƚƐ ǁŽŶĚĞƌůĂŶĚ͘ KĨĨĞƌŝŶŐ ϯ͕ϲϴϯ ĂĐƌĞƐ ŽĨ ƚĞƌƌĂŝŶ ĂŶĚ ϳϭ ƌƵŶƐ ĨŽƌ Ăůů ƐŬŝůů ůĞǀĞůƐ͕ DŽƵŶƚ ĂĐŚĞůŽƌ ŝƐ ĨĂŵŽƵƐ ĨŽƌ ŝƚƐ ĚƌǇ ƐŶŽǁ ĂŶĚ ďůƵĞ ƐŬŝĞƐ͘ /ƚ ŚĂƐ ďĞĞŶ ƌĂƚĞĚ Ă dŽƉ ϯϬ >ŝƐƚ ƌĞƐŽƌƚ ďǇ ^Ŭŝ DĂŐĂǌŝŶĞ ĂŶĚ ĨƌĞƋƵĞŶƚůǇ ŚŽƐƚƐ ŶĂƚŝŽŶĂůͲůĞǀĞů ĞǀĞŶƚƐ͘ &Žƌ ǁĂƌŵĞƌ ǁĞĂƚŚĞƌ ƐƉŽƌƚƐ ĞŶƚŚƵƐŝĂƐƚƐ͕ ĞŶĚ ŝƐ ŽĨƚĞŶ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ƚŚĞ ͞WĂůŵ ^ƉƌŝŶŐƐ ŽĨ ƚŚĞ EŽƌƚŚ͟ ĂŶĚ ŝƐ ŚŽŵĞ ƚŽ ĨŽƵƌ ŽĨ 'ŽůĨ ŝŐĞƐƚ͛Ɛ dŽƉ ϮϬϬ ŐŽůĨ ĐŽƵƌƐĞƐ͘ tŝƚŚ Ɛŝǆ ŚŝŐŚůǇ ĂĐĐůĂŝŵĞĚ ŐŽůĨ ƌĞƐŽƌƚƐ ĂŶĚ ϯϬ ĐŽƵƌƐĞƐ ǁŝƚŚŝŶ Ă ƐŚŽƌƚ ĚŝƐƚĂŶĐĞ ĨƌŽŵ ĞŶĚ͕ ƚŚĞ ĂƌĞĂ ŝƐ Ă ŚĂǀĞŶ ĨŽƌ ŐŽůĨĞƌƐ ŽĨ Ăůů ůĞǀĞůƐ͘

dZ E^WKZd d/KE

ŽŵŵĞƌĐŝĂů ŝƌ͕ 'ĞŶĞƌĂů ǀŝĂƚŝŽŶ͕ ĂŶĚ &ƌĞŝŐŚƚ ^ĞƌǀŝĐĞƐ

ŽŵŵĞƌĐŝĂů ŝƌƉŽƌƚ ZĞĚŵŽŶĚ DƵŶŝĐŝƉĂů ŝƌƉŽƌƚ ;Z D͖ ǁǁǁ͘ĨůǇƌĚŵ͘ĐŽŵͿ ƉƌŽǀŝĚĞƐ ĚĂŝůǇ ĐŽŵŵĞƌĐŝĂů Ăŝƌ ƐĞƌǀŝĐĞ ƚŽ ĞŶǀĞƌ͕ >ŽƐ ŶŐĞůĞƐ͕ WŚŽĞŶŝǆ ;ďĞŐŝŶŶŝŶŐ :ƵŶĞ ϮϬϭϲͿ WŽƌƚůĂŶĚ͕ ^Ăůƚ >ĂŬĞ ŝƚǇ͕ ^ĂŶ &ƌĂŶĐŝƐĐŽ͕ ĂŶĚ ^ĞĂƚƚůĞ ǀŝĂ ĨŽƵƌ ĐĂƌƌŝĞƌƐ ; ůĂƐŬĂ͕ ŵĞƌŝĐĂŶ͕ ĞůƚĂ͕ ĂŶĚ hŶŝƚĞĚͿ ĨƌŽŵ ŝƚƐ ƐůĞĞŬ ŵŽĚͲ ĞƌŶ ƚĞƌŵŝŶĂů͘ Ɛ ƐŚŽǁŶ ďĞůŽǁ͕ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĞŶƉůĂŶĞŵĞŶƚƐ ƌĞĂĐŚĞĚ Ϯϴϴ͕ϳϮϰ ŝŶ ϮϬϭϱ͘ dŚĞ ŝƌƉŽƌƚ ŝƐ ĂůƐŽ ŚŽŵĞ ƚŽ ƚŚĞ h^ &ŽƌĞƐƚ ^ĞƌǀŝĐĞ ZĞĚŵŽŶĚ ŝƌ ĞŶƚĞƌ͕ ĂƐĐĂĚĞ ǀŝĂƚŝŽŶ DĂŶĂŐĞŵĞŶƚ͕ >ŝĨĞ &ůŝŐŚƚ͕ ƵƚůĞƌ ǀŝĂƚŝŽŶ͕ >ĞƐ ^ĐŚǁĂď͕ ŽŶŶĞǀŝůůĞ WŽǁĞƌ͕ Z ŶƚĞƌƉƌŝƐĞƐ͕ >ĂŶĐĂŝƌ͕ ĂŶĚ ,ĞŶĚĞƌƐŽŶ ǀŝĂƚŝŽŶ͘ Z D ĂůƐŽ ƉƌŽǀŝĚĞƐ Ăŝƌ ĐĂƌŐŽ ƐĞƌǀŝĐĞƐ ĂŶĚ ŚŽƐƚƐ ŐĞŶͲ ĞƌĂů ĂǀŝĂƚŝŽŶ ƚƌĂĨĨŝĐ͕ ŝŶĐůƵĚŝŶŐ ĞǆƚĞŶƐŝǀĞ ĐŽƌƉŽƌĂƚĞ ĂŶĚ ďƵƐŝŶĞƐƐ ƚƌĂǀĞů͘ &ĞĚ ǆ͕ hŶŝƚĞĚ WĂƌĐĞů ^ĞƌǀŝĐĞ͕ ĂŶĚ ƚŚĞ h^W^ ƉƌŽǀŝĚĞ Ăŝƌ ĨƌĞŝŐŚƚ ĂŶĚ ƉĂĐŬĂŐĞ ĞǆƉƌĞƐƐ ƐĞƌǀŝĐĞƐ͘ dŚĞ ĞŶĚ DƵŶŝĐŝƉĂů ŝƌƉŽƌƚ͕ ŽǁŶĞĚ ĂŶĚ ŵĂŶĂŐĞĚ ďǇ ƚŚĞ ŝƚǇ ŽĨ ĞŶĚ͕ ŝƐ ůŽĐĂƚĞĚ ũƵƐƚ ŽƵƚƐŝĚĞ ƚŚĞ ĞŶĚ ĐŝƚǇ ůŝŵŝƚƐ ŝŶ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ͘ dŚĞ ϰϭϱͲĂĐƌĞ ĂŝƌƉŽƌƚ ŚĂƐ Ă ƐŝŶŐůĞ ϱ͕ϮϬϬͲĨŽŽƚ ƌƵŶǁĂǇ ǁŝƚŚ ƉĂƌĂůůĞů ĨƵůůͲůĞŶŐƚŚ ƚĂǆŝǁĂǇƐ ŽŶ ƚŚĞ ĞĂƐƚ ĂŶĚ ǁĞƐƚ ƐŝĚĞƐ ĂƐ ǁĞůů ĂƐ Ă ǀĞƌƚŝĐĂů ƚĂŬĞŽĨĨ ŚĞůŝƉŽƌƚ ǁŝƚŚ ŝƚƐ ŽǁŶ ĚĞĚŝĐĂƚĞĚ ĂŝƌƐƉĂĐĞ ĂŶĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ƚŽƚĂů ŽĨ ϳϳ ƐĞƉĂƌĂƚĞ ƐƚƌƵĐƚƵƌĞƐ ƌĞƐŝĚĞ Ăƚ ƚŚĞ ĂŝƌƉŽƌƚ͕ ϭϱ ĐŝƚǇͲŽǁŶĞĚ ĂŶĚ ϲϮ ƉƌŝǀĂƚĞůǇ ŽǁŶĞĚ ǁŝƚŚ ŶĞǁ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĐĐƵƌƌŝŶŐ͘ dŚĞƌĞ ĂƌĞ ĐƵƌƌĞŶƚůǇ ϭϱ ďƵƐŝŶĞƐƐĞƐ ůŽĐĂƚĞĚ Ăƚ ƚŚĞ ĂŝƌƉŽƌƚ͘ ŝƌĐƌĂĨƚ ŵĂŶƵĨĂĐƚƵƌͲ ŝŶŐ͕ ĂŝƌĐƌĂĨƚ ƉĂƌƚƐ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ ĨŝǆĞĚ ǁŝŶŐ ĂŶĚ ŚĞůŝĐŽƉƚĞƌ ĨůŝŐŚƚ ƚƌĂŝŶŝŶŐ ĐŽŵƉƌŝƐĞ ƚŚĞ ŐƌĞĂƚĞƐƚ ĐŽŵŵĞƌĐŝĂů ĂĐƚŝǀŝƚǇ Ăƚ ƚŚĞ ĂŝƌƉŽƌƚ͘ dŚĞ

WĂŐĞ ϭϱ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

ĂŝƌƉŽƌƚ ƐƵƉƉŽƌƚƐ ŽǀĞƌ ϰϬϬ ũŽďƐ ĂŶĚ ĚŝƐƚƌŝďƵƚĞƐ ĂƉƉƌŽǆŝŵĂƚĞůǇ Ψϭϳ ŵŝůůŝŽŶ ŝŶ ƉĂǇƌŽůů ĨƌŽŵ ĂŝƌƉŽƌƚ ďƵƐŝŶĞƐƐĞƐ͘ dŚĞƌĞ ŝƐ ĂǀĂŝůĂďůĞ ƌĞĂĚǇ ƚŽ ďƵŝůĚ Ěŝƌƚ Ăƚ ƚŚĞ ĂŝƌƉŽƌƚ ĨŽƌ ďƵƐŝŶĞƐƐĞƐ ǁŝƚŚ ĂŶ ĂǀŝĂƚŝŽŶ ĨŽĐƵƐ͘

DŽƚŽƌ &ƌĞŝŐŚƚ h^ ,ŝŐŚǁĂǇ ϵϳ ƉĂƐƐĞƐ ƚŚƌŽƵŐŚ ĞŶĚ ĂŶĚ ŝƐ Ă ŵĂũŽƌ ŶŽƌƚŚͲƐŽƵƚŚ ĨƌĞŝŐŚƚ ƌŽƵƚĞ͕ ĐŽŶŶĞĐƚŝŶŐ ĂůŝĨŽƌŶŝĂ ĂŶĚ tĂƐŚŝŶŐƚŽŶ͘ ,ŝŐŚǁĂǇ ϵϳ ĞĂƐƚͲǁĞƐƚ ĐŽŶŶĞĐƚŝŽŶƐ ĂƌĞ ŵĂĚĞ ǀŝĂ /Ͳϴϰ͕ ũŽŝŶŝŶŐ WŽƌƚůĂŶĚ ƚŽ ŽŝƐĞ ĂŶĚ ƉŽŝŶƚƐ ĞĂƐƚ͘ ^ƚĂƚĞ ,ŝŐŚǁĂǇ ϮϬ ĂůƐŽ ƉĂƐƐĞƐ ƚŚƌŽƵŐŚ ĞŶĚ ŽĨĨĞƌͲ ŝŶŐ ĂŶ ĞĂƐƚ ĂŶĚ ǁĞƐƚ ƌŽƵƚĞ ĂĐƌŽƐƐ ƚŚĞ ƐƚĂƚĞ͘ dŚĞƌĞ ĂƌĞ ĞŝŐŚƚ ƌĞŐŝŽŶĂů ƚƌƵĐŬŝŶŐ ĨŝƌŵƐ ďĂƐĞĚ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ ĂŶĚ ĨŝǀĞ ŶĂƚŝŽŶǁŝĚĞ ůŽŶŐͲŚĂƵů ĐĂƌƌŝĞƌƐ ƐĞƌǀŝŶŐ ƚŚĞ ĂƌĞĂ͘ DŽƚŽƌ ĨƌĞŝŐŚƚ ŝŵƉŽƌƚƐ ĐĂŶ ĞǆĐĞĞĚ ĞǆƉŽƌƚƐ͕ ƌĞƐƵůƚŝŶŐ ŝŶ ĂƚƚƌĂĐƚŝǀĞ ĨƌĞŝŐŚƚ ƌĂƚĞƐ ĨŽƌ ƐŚŝƉƉŝŶŐ ĨƌŽŵ ĞŶƚƌĂů KƌĞŐŽŶ͘

ZĂŝů ^ĞƌǀŝĐĞƐ ƵƌůŝŶŐƚŽŶ EŽƌƚŚĞƌŶͶ^ĂŶƚĂ &Ğ ; E^&Ϳ ĂŶĚ hŶŝŽŶ WĂĐŝĨŝĐ ƌĂŝůǁĂǇƐ ƉƌŽǀŝĚĞ ĞŶĚ ĚŝƌĞĐƚ ƐŚŝƉƉŝŶŐ ƚŽ ĂŶǇ ŵĂƌŬĞƚ ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͕ ĂŶĂĚĂ͕ ĂŶĚ DĞǆŝĐŽ͘ DƵůƚŝŵŽĚĂů ĨƌĞŝŐŚƚ ůŽĂĚŝŶŐ ĂŶĚ ŽĨĨůŽĂĚŝŶŐ ĂƌĞ ƉƌŽǀŝĚĞĚ ďǇ ƚŚĞ WƌŝŶĞǀŝůůĞ ZĂŝůǁĂǇ &ƌĞŝŐŚƚ ĞƉŽƚ ;ǁǁǁ͘ĐŝƚǇŽĨƉƌŝŶĞǀŝůůĞƌĂŝůǁĂǇ͘ĐŽŵͿ Ăƚ ŝƚƐ ĨĂĐŝůŝƚǇ ŽƵƚƐŝĚĞ WƌŝŶĞǀŝůůĞ͘

KDDhd d/D ƌŝǀĞ ƚŝŵĞƐ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ ĂƌĞ ǀĞƌǇ ŵĂŶĂŐĞĂďůĞ͘ DŽƐƚ ĞŶĚ ƌĞƐŝĚĞŶƚƐ ĂůƐŽ ǁŽƌŬ ŝŶ ĞŶĚ ĂŶĚ ĐĂŶ ĐŽƵŶƚ ŽŶ Ă ĐŽŵŵƵƚĞ ƚŚĂƚ ĚŽĞƐŶ͛ƚ ĞǆĐĞĞĚ ϭϱ ŵŝŶƵƚĞƐ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ dƌŝͲ ŽƵŶƚǇ ĂƌĞĂ ǁŽƌŬĨŽƌĐĞ ŝƐ ƌĞŐŝŽŶĂů ŝŶ ŶĂƚƵƌĞ͕ ĂŶĚ ĨŽƌ ƚŚŽƐĞ ĞŶĚ ǁŚŽ ǁŽƌŬ ŝŶ ZĞĚŵŽŶĚ͕ ƚŚĞ ĚƌŝǀĞ ŝƐ ƵŶĚĞƌ ϯϬ ŵŝŶƵƚĞƐ͘ ĐĐŽƌĚŝŶŐ ƚŽ h͘^͘ ϮϬϭϬ ĞŶƐƵƐ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĐŽŵŵƵƚĞ ƚŝŵĞ ŝƐ ƵŶĚĞƌ ϮϬ ŵŝŶƵƚĞƐ ĨŽƌ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ ƌĞƐŝĚĞŶƚƐ ĂŶĚ ũƵƐƚ ŽǀĞƌ ϮϬ ŵŝŶƵƚĞƐ ĨŽƌ ƌŽŽŬ ĂŶĚ :ĞĨĨĞƌƐŽŶ ŽƵŶƚǇ ƌĞƐŝĚĞŶƚƐ͘ dŚĂƚ͛Ɛ ƌĞĂƐŽŶĂďůĞ ŐŝǀĞŶ ƚŚĞ ŵŽƌĞ ƌƵƌĂů ŶĂƚƵƌĞ ĂŶĚ ƐŵĂůůĞƌ ƉŽƉƵůĂͲ ƚŝŽŶƐ ŽĨ ƚŚĞ ůĂƚƚĞƌ ƚǁŽ ĐŽƵŶƚŝĞƐ͘

Z/s/E' /^d E ^ &ZKD E tŝƚŚ ,ǁǇ ϵϳ ƌƵŶŶŝŶŐ ŶŽƌƚŚ ƚŽ ƐŽƵƚŚ ĂŶĚ ,ǁǇ ϮϬ ƌƵŶŶŝŶŐ ĞĂƐƚ ƚŽ ǁĞƐƚ ƚŚƌŽƵŐŚ ĞŶĚ͕ ƚƌĂǀĞů ĚŝƐƚĂŶĐĞƐ ƚŽ ŽƚŚĞƌ ƉŽŝŶƚƐ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ ĂƌĞ ĞĨĨŝĐŝĞŶƚ͕ ƚǇƉŝĐĂůůǇ ŶŽ ŵŽƌĞ ƚŚĂŶ ϯϬ ƚŽ ϰϬ ŵŝŶƵƚĞƐ ŝŶ ĂŶǇ ĚŝƌĞĐƚŝŽŶ͘ ŶĚ WŽƌƚůĂŶĚ ŝƐ ĂŶ ĞĂƐǇ ƚŚƌĞĞͲ ŚŽƵƌ ƚƌŝƉ͘ KƚŚĞƌ ŵĂũŽƌ tĞƐƚ ŽĂƐƚ ĐŝƚŝĞƐͶ^ĞĂƚƚůĞ͕ ŽŝƐĞ ĂŶĚ ^ĂŶ &ƌĂŶĐŝƐĐŽͶĂƌĞ Ăůů ǁŝƚŚŝŶ Ă ĚĂǇ͛Ɛ ĚƌŝǀĞ͘

dKWK'Z W,z Θ >/D d

^Ğƚ ŝŶ ƚŚĞ ŚĞĂƌƚ ŽĨ KƌĞŐŽŶ͛Ɛ ,ŝŐŚ ĞƐĞƌƚ͕ ĞŶĚ ĞŶũŽǇƐ ƐŽŵĞ ŽĨ ƚŚĞ ƐƵŶŶŝĞƐƚ ǁĞĂƚŚĞƌ ŝŶ ƚŚĞ WĂĐŝĨŝĐ EŽƌƚŚǁĞƐƚ͘ ZĞĐĞŝǀŝŶŐ ĂŶ ĂŶŶƵĂů ĂǀĞƌĂŐĞ ŽĨ ϭϭ͘ϳ ŝŶĐŚĞƐ ŽĨ ƉƌĞĐŝƉŝƚĂƚŝŽŶ ƉĞƌ ǇĞĂƌ͕ ĞŶĚ͛Ɛ ĐůŝŵĂƚĞ ƚǇƉŝĐĂůůǇ ĐŽŶƐŝƐƚƐ ŽĨ ƐƵŶŶǇ ĚĂǇƐ͕ ůŽǁ ŚƵŵŝĚŝƚǇ͕ ĂŶĚ ĐŽŽů ŶŝŐŚƚƐ ƚŚĂƚ ĂƌĞ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐ ŽĨ ŝƚƐ ϯϲϮϯ͛ ŚŝŐŚ ĚĞƐĞƌƚ ŵŽƵŶƚĂŝŶ ůŽĐĂůĞ͘ ^ƵŵŵĞƌ ƚĞŵƉĞƌĂƚƵƌĞƐ ĂǀĞƌĂŐĞ Ă ŚŝŐŚ ŽĨ ϴϬΣ &ĂŚƌĞŶŚĞŝƚ ĂŶĚ Ă ůŽǁ ŽĨ ϰϭΣ͘ tŝŶƚĞƌ ƚĞŵƉĞƌĂƚƵƌĞƐ ƌĂŶŐĞ ĨƌŽŵ ĂŶ ĂǀĞƌĂŐĞ ŚŝŐŚ ŽĨ ϰϲΣ ƚŽ ĂŶ ĂǀĞƌĂŐĞ ůŽǁ ŽĨ ϮϭΣ͘ WƌĞĐŝƉŝƚĂƚŝŽŶ͕ ŵŽƐƚůǇ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ƐŶŽǁ͕ ŝƐ ĐŽŶĐĞŶͲ ƚƌĂƚĞĚ ďĞƚǁĞĞŶ EŽǀĞŵďĞƌ ĂŶĚ DĂƌĐŚ͘ ŝƚǇ ůĞǀĂƚŝŽŶ ^ĞƌǀŝŶŐ ĂƐ ƚŚĞ ĚƌĂŵĂƚŝĐ ďĂĐŬĚƌŽƉ ĨŽƌ ĞŶƚƌĂů KƌĞŐŽŶ͕ ƚŚĞ ĂƐĐĂĚĞ DŽƵŶƚĂŝŶƐ Ɛŝƚ ũƵƐƚ ϯϬ ŵŝůĞƐ ǁĞƐƚ ŽĨ >Ă WŝŶĞ ϰϯϬϬ͛ ĞŶĚ͘ dŚŝƐ ŵŽƵŶƚĂŝŶ ƌĂŶŐĞ ƌĞĐĞŝǀĞƐ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ^ƵŶƌŝǀĞƌ ϰϭϬϬ͛ ŽǀĞƌ ϭϮϬ ŝŶĐŚĞƐ ŽĨ ƉƌĞĐŝƉŝƚĂƚŝŽŶ ĂŶŶƵĂůůǇ ĂŶĚ ƐŚĞůƚĞƌƐ 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 ĂŶĚ ƐŶŽǁ ƐƉŽƌƚƐ͘ tĂƌŵ ^ƉƌŝŶŐƐ ϭϱϳϱ͛

WĂŐĞ ϭϲ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

ĞŶĚ͕ KƌĞŐŽŶ tĞĂƚŚĞƌ WƌŽĨŝůĞ ǀĞƌĂŐĞ ,ŝŐŚ ;Σ&Ϳ ǀĞƌĂŐĞ >Žǁ ;Σ&Ϳ DĞĂŶ ;Σ&Ϳ ǀĞƌĂŐĞ WƌĞĐŝƉŝƚĂƚŝŽŶ ;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

^ŽƵƌĐĞ͗ h͘^͘ ůŝŵĂƚĞ ĂƚĂ

h^/E ^^ Z ^KhZ ^ >ŝƐƚĞĚ ďĞůŽǁ ŝƐ Ă ƐĂŵƉůŝŶŐ ŽĨ ƚŚĞ ďƌŽĂĚ ǀĂƌŝĞƚǇ ŽĨ ďƵƐŝŶĞƐƐ ƐƵƉƉŽƌƚ ŽƌŐĂŶŝǌĂƚŝŽŶƐ ƐĞƌǀŝŶŐ ĞŶĚ ĂŶĚ ĞŶƚƌĂů KƌĞŐŽŶ͘ DŽƌĞ ƌĞƐŽƵƌĐĞƐ ĂƌĞ ĂǀĂŝůĂďůĞ͖ ĐŽŶƚĂĐƚ K ĨŽƌ Ă ĐŽŵƉůĞƚĞ ůŝƐƚ Žƌ ĨŽƌ ĐƵƐƚŽŵŝǌĞĚ ĂƐƐŝƐƚĂŶĐĞ͘ KƌŐĂŶŝǌĂƚŝŽŶ ZĞƐŽƵƌĐĞƐ ďŝůŝƚƌĞĞ ͻ ĚǀŽĐĂĐǇ͕ ƚƌĂŝŶŝŶŐ ĂŶĚ ũŽď ƉůĂĐĞŵĞŶƚ ĨŽƌ ƉĞŽƉůĞ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ ůŽŽŬŝŶŐ ϱϰϭͲϯϴϴͲϴϭϬϯ ͮ ǁǁǁ͘ĂďŝůŝƚƌĞĞ͘ŽƌŐ ĨŽƌ ĞŵƉůŽǇŵĞŶƚ ĞŶĚ ϮϬϯϬ ͻ sŝƐŝŽŶŝŶŐ ĂŶĚ ĐŽŵŵƵŶŝƚǇ ŝŶǀŽůǀĞŵĞŶƚ ĨŽƌ ĞŶĚ͛Ɛ ĨƵƚƵƌĞ ϱϰϭͲϰϮϬͲϴϲϬϯͮ ǁǁǁ͘ďĞŶĚϮϬϯϬ͘ŽƌŐ ĞŶĚ ŚĂŵďĞƌ ŽĨ ŽŵŵĞƌĐĞ ͻ EĞƚǁŽƌŬŝŶŐ͕ ŵĂƌŬĞƚŝŶŐ͕ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĨŽƌ ďƵƐŝŶĞƐƐĞƐ ϱϰϭͲϯϴϮͲϯϮϮϭ ͮ ǁǁǁ͘ďĞŶĚĐŚĂŵďĞƌ͘ŽƌŐ ĞŶĚ ŝŽƐĐŝĞŶĐĞ ŽŶƐŽƌƚŝƵŵ ͻ EĞƚǁŽƌŬŝŶŐ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĨŽƌ ďŝŽƐĐŝĞŶĐĞ ďƵƐŝŶĞƐƐĞƐ ǁǁǁ͘ďĞŶĚďŝŽ͘ŽƌŐ ƵƐŝŶĞƐƐ KƌĞŐŽŶ ͻ ^ƚĂƚĞ ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚ ŝŶĐĞŶƚŝǀĞƐ͕ ĐĂƉŝƚĂů͕ ŽǀĞƌƐĞĂƐ ŵĂƌŬĞƚŝŶŐ͕ ĂŶĚ ĞǆƉŽƌƚ ϱϰϭͲϯϭϴͲϳϵϮϯ ͮ ǁǁǁ͘ŽƌĞŐŽŶϰďŝǌ͘ĐŽŵ ĂƐƐŝƐƚĂŶĐĞ ĞŶƚƌĂů KƌĞŐŽŶ ŽŵŵƵŶŝƚǇ ŽůůĞŐĞ ϱϰϭͲϯϴϯͲϳϳϬϬ ͮ ǁǁǁ͘ĐŽĐĐ͘ĞĚƵ ĞŶƚƌĂů KƌĞŐŽŶ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů ŽƵŶĐŝů ϱϰϭͲϱϬϰͲϯϯϬϲ ͮ ǁǁǁ͘ĐŽŝĐ͘ŽƌŐ ŝƚǇ ŽĨ ĞŶĚ ϱϰϭͲϯϴϴͲϱϱϮϵ ͮ ǁǁǁ͘Đŝ͘ďĞŶĚ͘Žƌ͘ƵƐ ŝƚǇ ůƵď ŽĨ ĞŶƚƌĂů KƌĞŐŽŶ ϱϰϭͲϲϯϯͲϳϭϲϯ ͮ ǁǁǁ͘ĐŝƚǇĐůƵďĐŽ͘ĐŽŵ ŽŶŶĞĐƚt ϱϰϭͲϯϱϬͲϵϭϯϱ ͮ ǁǁǁ͘ĐŽŶŶĞĐƚǁ͘ŽƌŐ ĞƐĐŚƵƚĞƐ ŽƵŶƚǇ ϱϰϭͲϯϴϴͲϲϱϴϰ ͮ ǁǁǁ͘ĚĞƐĐŚƵƚĞƐ͘ŽƌŐ

ͻ dǁŽͲǇĞĂƌ ĂƐƐŽĐŝĂƚĞ ĚĞŐƌĞĞ ƉƌŽŐƌĂŵƐ ͻ dĞĐŚŶŝĐĂů ĂŶĚ ĐƵƐƚŽŵŝǌĞĚ ƚƌĂŝŶŝŶŐ͕ ĐŽŶƚŝŶƵŝŶŐ ĞĚ͘ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ ͻ ŽŵŵƵŶŝƚǇ ĚĞǀĞůŽƉŵĞŶƚ ƐĞƌǀŝĐĞƐ ͻ tŽƌŬĨŽƌĐĞ ƐŬŝůůƐ ƚƌĂŝŶŝŶŐ ͻ ƵƐŝŶĞƐƐ ůŽĂŶƐ ĂŶĚ ŐƌĂŶƚƐ ͻ ƵƐŝŶĞƐƐ ĂĚǀŽĐĂĐǇ ǁŝƚŚ ĐŝƚǇ ŐŽǀĞƌŶŵĞŶƚ ͻ WůĂŶŶŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ƐĞƌǀŝĐĞƐ ͻ ŽŵŵƵŶŝƚǇ ĨŽƌĂ ŽŶ ďƵƐŝŶĞƐƐ ĂŶĚ ĐŝǀŝĐ ŝƐƐƵĞƐ ͻ WƌŽĨĞƐƐŝŽŶĂů ĂŶĚ ƉĞƌƐŽŶĂů ŐƌŽǁƚŚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ǁŽŵĞŶ ͻ :ŽďͲĐƌĞĂƚŝŽŶ ŝŶĐĞŶƚŝǀĞ ƉƌŽŐƌĂŵ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ K ͻ WůĂŶŶŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ƐĞƌǀŝĐĞƐ

ĞƐĐŚƵƚĞƐ >ŝďƌĂƌǇ ͻ ƵƐŝŶĞƐƐ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƌĞƐĞĂƌĐŚ ϱϰϭͲϲϭϳͲϳϬϴϳ ͮ ǁǁǁ͘ĚĞƐĐŚƵƚĞƐůŝďƌĂƌǇ͘ŽƌŐ ͻ ŽŵƉƵƚĞƌƐ ĂŶĚ ŵĞĞƚŝŶŐ ƐƉĂĐĞ Ăƚ ŶŽ ĐŚĂƌŐĞ ŽǁŶƚŽǁŶ ĞŶĚ ƵƐŝŶĞƐƐ ƐƐŽĐ͘ ͻ DĂƌŬĞƚŝŶŐ ĂŶĚ ƉƌŽŵŽƚŝŽŶ ŽĨ ĚŽǁŶƚŽǁŶ ďƵƐŝŶĞƐƐĞƐ ϱϰϭͲϳϴϴͲϯϲϮϴ ͮ ǁǁǁ͘ĚŽǁŶƚŽǁŶďĞŶĚ͘ŽƌŐ ͻ ŽŵŵƵŶŝƚǇ ĞǀĞŶƚƐ ; ƌƚ tĂůŬ͕ ŚƌŝƐƚŵĂƐ dƌĞĞ >ŝŐŚƚŝŶŐͿ ͻ tŝĚĞ ƌĂŶŐĞ ŽĨ ďƵƐŝŶĞƐƐ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĂƐƐŝƐƚĂŶĐĞ͗ ŝŶĐĞŶƚŝǀĞ ƉƌŽŐƌĂŵƐ͕ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĨŽƌ ĐŽŶƐƵůƚĂƚŝŽŶͬĐŽĂĐŚŝŶŐ͕ ĐŽŶŶĞĐƚŝŽŶƐ ƚŽ ĐĂƉŝƚĂů͕ ŚĞůƉ ĨŝŶĚŝŶŐ ƐƉĂĐĞ ĞŶƚƌĂů KƌĞŐŽŶ ; KͿ ͻ ĚǀŽĐĂĐǇ ĨŽƌ ďƵƐŝŶĞƐƐ ǁŝƚŚ ĐŝƚǇ͕ ĐŽƵŶƚǇ ĂŶĚ ƐƚĂƚĞ ŐŽǀĞƌŶŵĞŶƚ ϱϰϭͲϯϴϴͲϯϮϯϲ ͮ ǁǁǁ͘ĞĚĐŽŝŶĨŽ͘ĐŽŵ ͻ EĞƚǁŽƌŬŝŶŐ ĂŶĚ ĞĚƵĐĂƚŝŽŶĂů ĞǀĞŶƚƐ , ,ŝŐŚ ĞƐĞƌƚ ŶƚĞƌƉƌŝƐĞ ŽŶƐŽƌƚŝƵŵ ͻ >ĞĂŶ ƚƌĂŝŶŝŶŐ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ĨŽƌ ĐŽŶƚŝŶƵŽƵƐ ŝŵƉƌŽǀĞŵĞŶƚ͕ ƉƌŝŵĂƌŝůǇ ĨŽƌ ϱϰϭͲϯϴϴͲϯϮϯϲ ǆ ϭ ͮ ǁǁǁ͘ŚŝĚĞĐ͘ŽƌŐ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ĂŶĚ ŽĨĨŝĐĞ ƉƌŽĐĞƐƐĞƐ ,Z ƐƐŽĐŝĂƚŝŽŶ ŽĨ ĞŶƚƌĂů KƌĞŐŽŶ ͻ EĞƚǁŽƌŬŝŶŐ ĂŶĚ ƚƌĂŝŶŝŶŐ ŽŶ ,ZͲƌĞůĂƚĞĚ ƚŽƉŝĐƐ ϱϰϭͲϯϴϮͲϲϵϰϲ ͮ ǁǁǁ͘,Z ĞŶƚƌĂůKƌĞŐŽŶ͘ŽƌŐ KƉƉŽƌƚƵŶŝƚǇ <ŶŽĐŬƐ ͻ ^ƚƌĂƚĞŐǇ Θ ĚŝƐĐƵƐƐŝŽŶ ĨŽƌĂ ĨŽƌ ďƵƐŝŶĞƐƐ ŽǁŶĞƌƐ͕ ĞǆĞĐƐ͕ ĂŶĚ ŬĞǇ ĞŵƉůŽǇĞĞƐ ͻ ŽŶĨŝĚĞŶƚŝĂů ƉĞĞƌͲƚŽͲƉĞĞƌ ƉƌŽďůĞŵ ƐŽůǀŝŶŐ ϱϰϭͲϯϭϴͲϰϲϱϬ ͮ ǁǁǁ͘ŽƉƉͲŬŶŽĐŬƐ͘ŽƌŐ

WĂŐĞ ϭϳ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2

KƌĞŐŽŶ ŵƉůŽǇĞƌ ŽƵŶĐŝů ĞŶƚƌĂů ϱϰϭͲϰϬϴͲϰϱϱϳ ͮ ǁǁǁ͘ŽƌĞŐŽŶ͘ŐŽǀͬ DW>KzͬK KƌĞŐŽŶ DĂŶƵĨ͘ ǆƚĞŶƐŝŽŶ WĂƌƚŶĞƌƐŚŝƉ ϱϰϭͲϯϱϬͲϳϰϮϵ ͮ ǁǁǁ͘ŽŵĞƉ͘ŽƌŐ

ͻ >ŝĂŝƐŽŶ ďĞƚǁĞĞŶ ĞŵƉůŽǇĞƌƐ ĂŶĚ ƚŚĞ KƌĞŐŽŶ ŵƉůŽǇŵĞŶƚ ĞƉĂƌƚŵĞŶƚ ͻ ŵƉůŽǇĞƌ ĞĚƵĐĂƚŝŽŶ ĂďŽƵƚ ǁŽƌŬƉůĂĐĞ ŝƐƐƵĞƐ ͻ >ŝŶŬ ďĞƚǁĞĞŶ ďƵƐŝŶĞƐƐ͕ ĞĚƵĐĂƚŝŽŶ͕ ŐŽǀĞƌŶŵĞŶƚ͕ ĂŶĚ ƚŚĞ ǁŽƌŬĨŽƌĐĞ ͻ dƌĂŝŶŝŶŐ ĨŽƌ ŵĂŶƵĨĂĐƚƵƌĞƌƐ ĂŶĚ ŽƚŚĞƌ ďƵƐŝŶĞƐƐĞƐ ŝŶ ůĞĂĚĞƌƐŚŝƉ͕ ǁŽƌŬĨŽƌĐĞ ĞŶŐĂŐĞŵĞŶƚ͕ ĂŶĚ ůĞĂŶ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ƉƌŝŶĐŝƉůĞƐ

KƌĞŐŽŶ ^ƚĂƚĞ hŶŝǀĞƌƐŝƚǇͲ ĂƐĐĂĚĞƐ ϱϰϭͲϯϮϮͲϯϭϬϬ ͮ ǁǁǁ͘ŽƐƵĐĂƐĐĂĚĞƐ͘ĞĚƵ

ͻ hŶĚĞƌŐƌĂĚƵĂƚĞ ĂŶĚ ŐƌĂĚƵĂƚĞ ĚĞŐƌĞĞ ƉƌŽŐƌĂŵƐ ŝŶ ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĨŝĞůĚƐ

^ŵĂůů ƵƐŝŶĞƐƐ ĞǀĞůŽƉŵĞŶƚ ĞŶƚĞƌ ϱϰϭͲϯϴϯͲϳϮϵϬ ͮ ǁǁǁ͘ĐŽĐĐ͘ĞĚƵͬƐďĚĐ

ͻ EŽ ĐŽƐƚ͕ ĐŽŶĨŝĚĞŶƚŝĂů ďƵƐŝŶĞƐƐ ĂĚǀŝĐĞ ĨŽƌ ĞŶƚƌĞƉƌĞŶĞƵƌƐ͕ ƐŵĂůů ďƵƐŝŶĞƐƐĞƐ ͻ ůĂƐƐĞƐ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ŝŶ ŝŶƚĞƌŶĂƚŝŽŶĂů ƚƌĂĚĞ͕ ŐŽǀĞƌŶŵĞŶƚ ĐŽŶƚƌĂĐƚŝŶŐ͕ ĂŶĚ ŵŽƌĞ ^ĞƌǀŝĐĞ ŽƌƉƐ ŽĨ ZĞƚŝƌĞĚ ǆĞĐƵƚŝǀĞƐ ͻ EŽ ĐŽƐƚ ďƵƐŝŶĞƐƐ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ŵĞŶƚŽƌƐŚŝƉ͕ ƉĂŝƌŝŶŐ ƌĞƚŝƌĞĚ ĞǆĞĐƵƚŝǀĞƐ ϱϰϭͲϯϭϲͲϬϲϲϮ ͮ ǁǁǁ͘ĐĞŶƚƌĂůŽƌĞŐŽŶ͘ƐĐŽƌĞ͘ŽƌŐ ǁŝƚŚ ďƵƐŝŶĞƐƐ ŽǁŶĞƌƐ ĂŶĚ ĨŽƵŶĚĞƌƐ ͻ DĂŶǇ ǀĂůƵĂďůĞ ƚĞŵƉůĂƚĞƐ ĂŶĚ ƚŽŽůƐ ŽŶ ŶĂƚŝŽŶĂů ǁĞďƐŝƚĞ dĞĐŚ ůůŝĂŶĐĞ ͻ DĞĞƚͲhƉ ŐƌŽƵƉƐ͕ ĞǀĞŶƚƐ͕ ĂŶĚ ĞĚƵĐĂƚŝŽŶ ĨŽƌ ƚĞĐŚ ƉƌŽĨĞƐƐŝŽŶĂůƐ ϱϰϭͲϲϯϵͲϭϱϴϭ ͮ ǁǁǁ͘ƚĞĐŚĂůůŝĂŶĐĞĐŽ͘ŽƌŐ ͻ >ŝŶŬ ďĞƚǁĞĞŶ ƚĞĐŚ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ĂŶĚ ĐŽŵŵƵŶŝƚǇ ƐƚĂƌƚƵƉ ƌĞƐŽƵƌĐĞƐ ͻ >ŽǁͲĐŽƐƚ ŽĨĨŝĐĞ ƐƉĂĐĞ ƚŚĂƚ ĨŽƐƚĞƌƐ ĐŽůůĂďŽƌĂƚŝŽŶ ďĞƚǁĞĞŶ ƚĞŶĂŶƚƐ sŽĐĂƚŝŽŶĂů ZĞŚĂď ͻ ŵƉůŽǇŵĞŶƚ ƐĞƌǀŝĐĞƐ ĂŶĚ ĂĚǀŽĐĂĐǇ ĨŽƌ ƉĞŽƉůĞ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐ ϱϰϭͲϯϴϴͲϲϯϯϲ ͮ ǁǁǁ͘ŽƌĞŐŽŶ͘ŐŽǀͬĚŚƐͬǀƌ ͻ &ƌĞĞ ĐŽŶƐƵůƚĂƚŝŽŶ ǁŝƚŚ ďƵƐŝŶĞƐƐĞƐ ĂďŽƵƚ ĞŵƉůŽǇŵĞŶƚ ŶĞĞĚƐ tŽƌŬƐŽƵƌĐĞ ĞŶĚ ;KƌĞŐŽŶ ŵƉůŽǇŵĞŶƚ ĞƉĂƌƚŵĞŶƚͿ ϱϰϭͲϯϴϴͲϲϬϳϱ ͮ ǁǁǁ͘ǁŽƌŬƐŽƵƌĐĞŽƌĞŐŽŶ͘ŽƌŐ

ͻ ZĞĐƌƵŝƚŵĞŶƚ ĂŶĚ ŚŝƌŝŶŐ ƐĞƌǀŝĐĞƐ ĨŽƌ ĞŵƉůŽǇĞƌƐ ͻ :Žď ƐĞĞŬĞƌ ƐĞƌǀŝĐĞƐ ĂŶĚ ƌĞƐŽƵƌĐĞƐ ͻ tŽƌŬĨŽƌĐĞ ĚĂƚĂ͕ ƐƚĂƚĞ ĂŶĚ ƌĞŐŝŽŶĂů ĞĐŽŶŽŵŝĐ ĚĂƚĂ

EdZ > KZ 'KE h^/E ^^ '/E^ t/d, K &ŽƵŶĚĞĚ ŝŶ ϭϵϴϭ͕ K ŝƐ Ă ŶŽŶͲƉƌŽĨŝƚ ĐŽƌƉŽƌĂƚŝŽŶ ƐƵƉƉŽƌƚĞĚ ďǇ ƉƌŝǀĂƚĞ ĂŶĚ ƉƵďůŝĐ ŵĞŵďĞƌƐ ĂŶĚ ƐƚĂŬĞŚŽůĚĞƌƐ͘ KƵƌ ŵŝƐƐŝŽŶ ŝƐ ƚŽ ĐƌĞĂƚĞ Ă ĚŝǀĞƌƐŝĨŝĞĚ ůŽĐĂů ĞĐŽŶŽŵǇ ĂŶĚ Ă ƐƚƌŽŶŐ ďĂƐĞ ŽĨ ŵŝĚĚůĞͲ ĐůĂƐƐ ũŽďƐ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ͘ dŽ ĚŽ ƚŚŝƐ͕ ǁĞ ĨŽĐƵƐ ŽŶ ŚĞůƉŝŶŐ ĐŽŵƉĂŶŝĞƐ ĚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ DŽǀĞ͘ tĞ ŐƵŝĚĞ ĞŵƉůŽǇĞƌƐ ŽƵƚƐŝĚĞ ƚŚĞ ƌĞŐŝŽŶ ƚŚƌŽƵŐŚ ƚŚĞ ƌĞůŽĐĂƚŝŽŶ ƉƌŽĐĞƐƐ ĂƐ Ă ƌĞƐŽƵƌĐĞ ĨŽƌ ƌĞŐŝŽŶĂů ĚĂƚĂ͕ ŝŶĐĞŶƚŝǀĞƐ͕ ƚĂůĞŶƚ͕ ƐŝƚĞ ƐĞůĞĐƚŝŽŶ͕ ĂŶĚ ŵŽƌĞ͘ ^ƚĂƌƚ͘ tĞ ŵĞŶƚŽƌ ĂŶĚ ĂĚǀŝƐĞ ƐĐĂůĂďůĞ ǇŽƵŶŐ ĐŽŵƉĂŶŝĞƐ ĨƌŽŵ ĐŽŶĐĞƉƚ ƚŽ Ğǆŝƚ ŽŶ ŝƐƐƵĞƐ ƐƵĐŚ ĂƐ ĂĐĐĞƐƐ ƚŽ ĐĂƉŝƚĂů͕ ĐƌŝƚŝĐĂů ĞǆƉĞƌƚŝƐĞ͕ ĂŶĚ ƐƚƌĂƚĞŐǇ͘ 'ƌŽǁ͘ tĞ ŚĞůƉ ůŽĐĂů ƚƌĂĚĞĚͲƐĞĐƚŽƌ ĐŽŵƉĂŶŝĞƐ ĞǆƉĂŶĚ ďǇ ĨŝŶĚŝŶŐ ƐƵƉƉůŝĞƌƐ͕ ǁŽƌŬĨŽƌĐĞ ƐŽƵƌĐŝŶŐ͕ ƉĞƌŵŝƚƚŝŶŐ͕ ĂŶĚ ŝŶĐĞŶƚŝǀĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ K ǁŽƌŬƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ ďƵƐŝŶĞƐƐ ĐůŝŵĂƚĞ ďǇ ŝŶĨůƵĞŶĐŝŶŐ ƐƚĂƚĞ ůĞŐŝƐůĂͲ ƚŝŽŶ ĂŶĚ ůŽĐĂů ƉŽůŝĐǇ ŵĂŬŝŶŐ͕ ŝŵƉƌŽǀŝŶŐ ŽƵƌ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ůŝŶŬƐ ƚŽ ƚŚĞ ƌĞƐƚ ŽĨ ƚŚĞ ǁŽƌůĚ ;Ăŝƌ ƐĞƌǀŝĐĞ͕ ƚĞůĞĐŽŵͿ ĂŶĚ ĐĂƚĂůǇǌŝŶŐ ŽƚŚĞƌ ĐƌŝƚŝĐĂů ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ Žƌ ĐŽŵŵƵŶŝƚǇ ĚĞǀĞůͲ ŽƉŵĞŶƚ ŶĞĞĚĞĚ ĨŽƌ ƐƵĐĐĞƐƐĨƵů ďƵƐŝŶĞƐƐ ĚĞǀĞůŽƉŵĞŶƚ͘

&KZ DKZ /E&KZD d/KE͕ W> ^ KEd d͗ <ŝƉ ĂƌƌĞƚƚ ĞŶĚ ƌĞĂ ŝƌĞĐƚŽƌ WŚŽŶĞ͗ ϱϰϭͲϯϴϴͲϯϮϯϲ ǆ͘ϰ ͮ ϴϬϬͲϯϰϮͲϰϭϯϱ ŬŝƉΛĞĚĐŽŝŶĨŽ͘ĐŽŵ

ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ĨŽƌ ĞŶƚƌĂů KƌĞŐŽŶ ; KͿ ϳϬϱ ^t ŽŶŶĞƚƚ tĂǇ͕ ^ƵŝƚĞ ϭϬϬϬ ĞŶĚ͕ KZ ϵϳϳϬϮ WŚŽŶĞ͗ ϱϰϭͲϯϴϴͲϯϮϯϲ ͮ ϴϬϬͲϯϰϮͲϰϭϯϱ ǁǁǁ͘ĞĚĐŽŝŶĨŽ͘ĐŽŵ

WĂŐĞ ϭϴ

8SGDWHG %HQG 3URILOH &RS\ULJKW ('&2