Page 1

luxurious NorThwesT elegaNce Truly a Northwest Masterpiece From the moment you enter this single owner, Pacwest custom built 3 Suite home, you will be struck by the vaulted entry, beam work and gorgeous use of natural stone. A very livable open floor plan design, enjoy the Master, second Suite, Office and Formal Dining on the main level. This beautiful mountain home is enough to realize why Bend, Oregon is known as “God’s Country.”

61474 Weinhard Court Tetherow - Bend OR Offered at $2,380 3 Suites / 1 Powder / Bonus Room / 2 Stories 4538 Sq Ft on .55 Acre • • • • •

Alternating 4” & 6” hand scraped hickory floors Custom carved, distressed cabinetry & custom built-in buffet Covered BBQ area off kitchen w/ built-in stone bar facing course Sunken hot tub w/ built-in mahogany bench & privacy wall Views of the Sisters, Broken Top, Mt Bachelor & Mt Jefferson

Located on the 16th hole of the award winning Tetherow Golf course.

The Ladd Group Cascade Sotheby’s International Realty 650 SW Bond Street, Suite 100 Bend, OR 97702 www.Erin.BendPropertySource.com Brian Ladd & Erin Martin 541.213.9480 Erin@BendPropertySource.com

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office Is Independently Owned And Operated. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully.


Massive stone fireplace with stone matching that both inside & out.

Gas range set in brick niche w/ hand-carved stone mantel.

Inspired Living - Outdoors & Inside Upstairs is a third Suite and spacious Game Room with wrap around deck boasting Cascade Mountain views. Also enjoy a large rear patio with a sunken hot tub and golf views of the 16th fairway. Truly an inspiring, must see home on one of Tetherow’s most quiet streets in a cul-de-sac.

South-facing, stone walled, paver entry courtyard.

Custom built-in buffet & beautiful use of heavy timber trusses.


61451 Hackleman Court Features • • • • • • • • • • • • • • • • •

Located on the 16th hole of the award winning Tetherow Golf course Views of the Three Sisters, Broken Top, Mt Bachelor, and Mt. Jefferson South-facing, stone walled, paver entry courtyard Covered BBQ area off kitchen with built-in stone eating bar facing the golf course Large mahogany deck w/ a variety of covered and uncovered spaces Sunken hot tub w/ built-in mahogany bench and privacy wall Master suite w/ coffered ceiling and his and hers walk-in-closets Master bath w/ soaking tub and curved glass block tile shower Gas range set in brick niche w/ hand-carved stone mantel Upper floor game room with a built-in wet bar Upper floor paver deck provides mountain and golf course views Massive stone fireplace Alternating 4” & 6” hand scraped hickory floors Custom carved, distressed cabinetry Custom built-in buffet Heavy timber trusses 100+ wine room niche under stairs


Property Profile

A partnership beyond expectations.

6XEMHFW3URSHUW\ 61474 Weinhard Court _%HQG_252

&XVWRPHU6HUYLFH  &XVWRPHU6HUYLFH#:HVWHUQ7LWOHFRP This report is provided “as is� without warranty of any kind, either express or implied, including without limitations any warantees of merchantability or fitness for a particular purpose. There is no representation of warranty that this information is complete or free from error, and the provider does not assume, and expressly disclaims, any liability to any person or entity for loss or damage caused by errors or omissions in this report. The information contained in the report is delivered to you from Ticor Title Company and is obtained from sources deemed reliable, but is not guaranteed and is subject to verification by consumer.


Deschutes County Parcel Information

Parcel Information

Assessment Information

Parcel #: 260717 Tax Lot: 181112BD01800 Record Type: Recreation

Market Value Land:

$288,880.00

Market Value Impr:

$1,737,290.00

Market Value Total:

$2,026,170.00

Assessed Value:

$934,390.00

Site Address: 61474 Weinhard Ct Bend OR 97702 - 3551

Tax Information

Owner: James L & Darlene Allison Trust

Levy Code Area: 1-017

Owner Address: 18012 Sterling Dr

Levy Rate: 15.3708

Surprise AZ 85374

Tax Year: 2017

Twn/Range/Section: 18S / 11E / 12 / NW

Annual Tax: $14,428.60

Parcel Size: 0.55 Acres (23,958 SqFt) Plat/Subdivision: Tetherow Ph 1

Legal

Lot: 106

TETHEROW PHASE 1 Lot: 106

Block: Census Tract/Block: 001400 / 1070 Waterfront:

Land County Land Use: 818 - Recreation - Residential zone

Land Use Std: 163 - Two story

Zoning: UAR10 - Urban Area Reserve 10 Acre Min Watershed: North Unit Diversion Dam-Deschutes River

Neighborhood: 001 School District: 1 Bend - La Pine School District

Improvement Year Built: 2009 1st Floor: 3,658 SqFt 2nd Floor: 880 SqFt

Finished Area: 4,538 SqFt Attic Finished Area: 0 SqFt

Bathrooms: 3.5

Bsmt Finished Area: 0 SqFt

FirePlace: 2

Bedrooms: 3 Full/Half Baths: 3 / 1

Garage: 1,483 SqFt

Carport:

Transfer Information Rec. Date 11/9/2007

Sale Price: $515,000.00

Owner: JAMES, L & DARLENE ALLISON TRUST Orig. Loan Amt: Finance Type:

Doc Num: 0000058992

Doc Type: Warranty Deed

Grantor: TD CASCADE HIGHLANDS LLC Title Co: WESTERN TITLE & ESCROW

Loan Type:

Lender:

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.


Bend, OR 97702

Western Title's Market Report

Single-Family Homes

Western Title & Escrow - Oregon

Mon Aug 06 2018 This week the median list price for Bend, OR 97702 is $539,000 with the market action index hovering around 37. This is less than last month's market action index of 39. Inventory has held steady at or around 321.

Real-Time Market Profile Median List Price

$539,000

Market Action Index

Per Square Foot

$245

The Market Action Index answers the question "How's the Market?" by measuring the current rate of

Days on Market

79

Price Decreased

41%

Price Increased

4%

Relisted

8%

Inventory

321

Median House Rent

$1,950

Most Expensive

$15,000,000

Least Expensive

$149,000

Market Action Index Slight Seller's Advantage

37

sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today  Last Month

0

37

100

Slight Seller's Advantage The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Median List Price $575K $550K $525K $500K $475K $450K $425K

$400K

WhileAug the 2015 median price Dec in this zip code hasn’t much in the we 2016 are relatively close the market’s Aug high-water mark. Watch for persistent downward in the 2015 Apr moved 2016 Auglast 2016few weeks, Dec Apr to 2017 2017 Dec 2017 Apr 2018 shift Aug 2018 Market Action Index into the Buyer’s zone as a leading indicator of the price strength subsiding.

Avg 7-Day

Avg 90-Day

Market Segments Each segment below represents approximately 25% of the market ordered by price. Median Price

Sq. Ft.

Lot Size

Beds

Bath

Age

New

Absorbed

DOM

$1,195,000

3,311

0.25 - 0.5 acre

4

3

14

2

2

143

$629,900

2,581

0.25 - 0.5 acre

4

2

16

11

1

58

$473,900

2,027

4,500 - 6,500 sqft

3

2

13

10

9

58

$365,000

1,811

4,500 - 6,500 sqft

3

2

12

12

18

56

Copyright © 2018 Altos Research, Inc. (https://www.altos.re)


Deschutes County Property Information Report Date: 8/6/2018 12:36:22 PM

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:

JAMES L & DARLENE ALLISON TRUST

Map and Taxlot: 181112BD01800

JAMES L & DARLENE ALLISON TRUST

Account: Tax Status:

260717 Assessable

18012 STERLING DR

Situs Address:

61474 WEINHARD CT, BEND, OR 97702

SURPRISE, AZ 85374 Valuation

Property Taxes

Real Market Values as of Jan. 1, 2017

Current Tax Year: $14,428.57

Land

$288,880

Tax Code Area:

Structures

$1,737,290

Total

$2,026,170

1017

Assessment Subdivision: TETHEROW PHASE 1

Current Assessed Values:

Lot:

Maximum Assessed

$934,390

Block:

Assessed Value

$934,390

Assessor Acres: 0.55 Property Class: 818 -- RESORT

Veterans Exemption

106

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

Amount

Year

DEPT OF FORESTRY FIRE PATROL TIMBER

18.75

2018

DEPT OF FORESTRY SURCHARGE

47.50

2018

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 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 $262,580 $625,590 $888,170

2014 - 2015 $219,730 $857,060 $1,076,790

2015 - 2016 $262,680 $1,414,150 $1,676,830

2016 - 2017 $288,880 $1,654,560 $1,943,440

2017 - 2018 $288,880 $1,737,290 $2,026,170

$830,210 $830,210 $0

$855,110 $855,110 $0

$880,760 $880,760 $0

$907,180 $907,180 $0

$934,390 $934,390 $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

2017

11-15-2017

PAYMENT

11-15-2017

11-15-2017

2017

11-15-2017

IMPOSED

10-13-2017

11-15-2017

2016

11-15-2016

PAYMENT

11-18-2016

11-15-2016

2016

11-15-2016

IMPOSED

10-13-2016

11-15-2016

2015

11-15-2015

PAYMENT

11-18-2015

11-15-2015

2015

11-15-2015

IMPOSED

10-14-2015

11-15-2015

Amount Received

Tax Due

Discount Amount

Interest Charged

Refund Interest

$13,995.71 ($14,428.57)

$432.86

$0.00

$0.00

$14,428.57 $0.00

$0.00

$0.00

$0.00

$13,338.08 ($13,750.60)

$412.52

$0.00

$0.00

$13,750.60 $0.00

$0.00

$0.00

$0.00

$12,963.22 ($13,364.14)

$400.92

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00 Total:

$0.00 Total:

$0.00 Total:

$13,364.14 $0.00

Sales History Sale Amount

Sale Date

Seller

Buyer

10/30/2007

TD CASCADE HIGHLANDS LLC

ALLISON, JAMES L & DARLENE TTEES

Recording Instrument

Sale Type

26-NEW CONSTRUCTION OR 2007-58992 NEW PROPERTY

$515,000

Structures Stat Class/Description

Improvement Description

163 - RESIDENCE: Two story

SF from plans; int best est.

Code Area

Year Built Total Sq Ft

1017

Floor Description FIRST FLOOR

2009

Sq Ft 3,658

4,538

Type of Heating HEAT PUMP/MINI SPLIT

Rooms Living

Dining

Kitchen

Nook

Great

Family

Bed

Full Bath

Half Bath

Bonus

Utility

Den

Other

0

1

1

1

1

0

2

2

1

0

1

1

0

Floor Description SECOND FLOOR

Sq Ft 880

Type of Heating HEAT PUMP/MINI SPLIT

Rooms Living

Dining

Kitchen

Nook

Great

Family

Bed

Full Bath

Half Bath

Bonus

Utility

Den

Other

0

0

0

0

0

0

1

1

0

1

0

0

0

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


Floor Description GARAGE-Attached-Finished

Sq Ft 1,483

Type of Heating HEAT PUMP/MINI SPLIT

Improvement Inventory AUTOMATIC DOOR OPENER

2

LAVATORY

6

BAR SINK

2

RECESSED LIGHTING

1

BATHTUB W/TILE SHWR

1

ROOF - GABLE

CARPET

1

ROOF CVR - CONC/CLAY TILE

CONC. TILE - ROOF COVER

1,483

1 3,658

SHOWER WDOOR, TILE

2

D.I. RANGE

1

SIDING - LAP

1

DRYWALL

2

SIDING - STONE

1

SOAKING TUB

1

FOUNDATION - CONCRETE

3,658

GAS FIREPLACE

2

SPA 8X8X3

1

HALF BATH

1

TILE FLOOR

1

HARDWOOD FLOOR

1

TOILET

3

VAULTED CEILING

1

WATER HEATER WINDOWS - DOUBLE/THERMAL PANE WINDOWS - SKYLIGHTS

1

WINDOWS - WOOD

1

HEAT PUMP/MINI SPLIT

3,658

HEAT PUMP/MINI SPLIT

440

HF/DW/GD/MW

1

KITCHEN SINK

1

LAUNDRY TUB

1

1 1

Accessory Description DECKS-EXCELLENT

Sq Ft 2,038

CONCRETE-PAVING

Quantity

84

PAVERS

3,396

ROOF EXT. AVERAGE

765

Land Characteristics Land Description

Acres

Resort

0.55

Land Classification

Ownership Name Type

Name

Ownership Type

OWNER

JAMES L & DARLENE ALLISON TRUST,

OWNER

REPRESENTATIVE

ALLISON, JAMESL

OWNER AS TRUSTEE

REPRESENTATIVE

ALLISON, DARLENE

OWNER AS TRUSTEE

Ownership Percentage 100.00%

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

Service Providers Please contact districts to confirm. Category

Name

Phone

Address

COUNTY SERVICES

DESCHUTES COUNTY 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

CASCADE MIDDLE SCHOOL

(541) 355-7000

19619 MOUNTAINEER WAY, BEND, OR 97702

POLICE SERVICES FIRE DISTRICT SCHOOL DISTRICT ELEMENTARY SCHOOL ATTENDANCE AREA MIDDLE SCHOOL ATTENDANCE AREA

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


HIGH SCHOOL ATTENDANCE SUMMIT HIGH SCHOOL AREA EDUCATION SERVICE TAX HIGH DESERT EDUCATION SERVICE DISTRICT DISTRICT CENTRAL OREGON COMMUNITY COLLEGE TAX DISTRICT COLLEGE PARK & RECREATION BEND PARK & RECREATION DISTRICT DISTRICT GARBAGE & RECYCLING CASCADE DISPOSAL SERVICE

(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

(541) 389-7275

799 SW COLUMBIA ST, BEND, OR 97702

(541) 382-6660

1300 SE WILSON AVE, BEND, OR 97702

Development Summary Planning Jursidiction: Urban Growth Boundary: Urban Reserve Area:

Deschutes County

County Zone

Description

No

UAR10

URBAN AREA RESERVE - 10 ACRE MINIMUM

Bend

DR

DESTINATION RESORT COMBINING ZONE

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 Permits Permit ID

Permit Type

Applicant

Application Date

Status

247-B68571

Building

JAMES L & DARLENE ALLISON TRUST

06/16/2009

Finaled

247-E104352

Electrical

JAMES L & DARLENE ALLISON TRUST

06/16/2009

Finaled

247-E104353

Electrical

JAMES L & DARLENE ALLISON TRUST

06/16/2009

Finaled

247-M42782

Mechanical

JAMES L & DARLENE ALLISON TRUST

06/16/2009

Finaled

247-P35419

Plumbing

JAMES L & DARLENE ALLISON TRUST

06/16/2009

Finaled

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 6-Aug-2018 JAMES L & DARLENE ALLISON TRUST

Tax Account # Account Status Roll Type Situs Address

260717 A Real 61474 WEINHARD CT BEND 97702

Lender Name Loan Number 1017 Property ID Interest To Aug 6, 2018

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

$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)

Original Due $14,428.57 $13,750.60 $13,364.14 $12,960.45 $12,383.81 $12,094.10 $11,815.70 $7,163.95 $3,316.74 $3,204.49

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: LEGAL:

1017 181112-BD-01800 818 61474 WEINHARD CT BEND TETHEROW PHASE 1 106

JAMES L & DARLENE ALLISON TRUST ALLISON, JAMES L & DARLENE TTEES 18012 STERLING DR SURPRISE, AZ 85374 VALUES: REAL MARKET (RMV) LAND STRUCTURES TOTAL RMV

LAST YEAR

THIS YEAR

288,880 1,654,560 1,943,440

288,880 1,737,290 2,026,170

MAXIMUM ASSESSED VALUE

907,180

934,390

TOTAL ASSESSED VALUE

907,180

934,390

EXEMPTIONS NET TAXABLE:

0 907,180

0 934,390

13,750.60

14,428.57

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:

4,451.53 90.08 579.70 5,121.31

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:

1,166.40 513.91 953.08 1,308.15 20.93 338.06 1,342.34 186.88 1,365.14 7,194.89

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:

66.25 154.73 691.17 677.43 410.10 112.69 2,112.37

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

PAYMENT OPTIONS 3% Option 2% Option 13,995.71 9,426.67

13,995.71

ACCOUNT NO: 260717

4,809.52 14,236.19

2017 - 2018 TAX ( Before Discount ) Trimester Option 4,809.53 4,809.52 4,809.52 14,428.57

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

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

14,428.57

Discount

Tear Here

DESCHUTES COUNTY REAL Date Due

Amount

Date Due

ACCOUNT NO. 260717 Amount

Date Due

Amount

11/15/17 11/15/17

13,995.71 9,426.67

11/15/17

4,809.53

3% 2% 0%

05/15/18

4,809.52

05/15/18

4,809.52

DISCOUNT IS LOST & INTEREST APPLIES AFTER DUE DATE

02/15/18

4,809.52

Mailing address change on back Enter Payment Amount

MAKE PAYMENT TO: 4214 - 002125 - 1399571 JAMES L & DARLENE ALLISON TRUST ALLISON, JAMES L & DARLENE TTEES 18012 STERLING DR SURPRISE, AZ 85374

13,995.71

$

DESCHUTES COUNTY TAX COLLECTOR

09100002607170000480953000094266700013995716 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 - Dial Road Map

Deschutes County GIS

Map and Taxlot: 181112BD01800

Deschutes County Property Information Report, page 8 (For Report Disclaimer see page 1)


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

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541.548.7449 888.522.1130 800.510.5886 541.382.1161 541.548.7449 800.776.7263

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

541.382.5551 800.285.2330 888.777.2454 855.754.7027 541.389.1514

Bend La Pine Prineville Redmond Sisters Sunriver Madras

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Garbage/Recycling

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

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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!


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Harvest Park

.R O.B

Archie Briggs Canyon

KIRKALDY CT. (NO PUBLIC PARKING)

 

tes hu il sc Tra De er Riv





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

WELCOME TO THE BEND URBAN TRAILS SYSTEM! 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

Road with Bike Lane Road

Footbridge



School

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

Parking

 Mt. Bike Trail

Restroom

Dam

D

Off-Leash Dog Area



Loop Trail Tumalo Creek Trail

Trailhead

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.

SH EV LI N

PA R

K

RD

Shevlin

Parking Lot



 Parking  Trailhead  Restroom

Approx. 1 Mile Covered Bridge

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



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

Fremont Meadows



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

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



 Commons

Road Footbridge

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.

Aspen Hall

JOHNSON RD.

Park District Boundary

Undeveloped Parkland State Park

River Canal

Park

RD .

.

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.


AWBREY REACH

MT. T WA AS

RIVER RUN REACH

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SE OU ERH

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Park & Rec. District Office

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Private trails, open to public

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GALVE GA V S STON O

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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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TRAIL CONTINUES

DESCHUTES RIVER FLOWS SOUTH TO NORTH

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River Rim Park Cinder Cone Natural Areaa

 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.

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PIONEER REACH

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OLD MILL REACH

SOUTH CANYON REACH



NEWPORT NEWPO NE W ORT

This reach passes through the oldest and most established sections of Bend. The trail isnâ&#x20AC;&#x2122;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 difďŹ culty 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 â&#x20AC;&#x153;crossed oarsâ&#x20AC;? symbols on the map.

Pioneer ee 

PIONEER REACH

WATER TRAIL

 The boardwalk here offers a view of Central Oregon Irrigation Districtâ&#x20AC;&#x2122;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 COIDâ&#x20AC;&#x201D;please stay on the designated trail.

Parrk rk î°? Park

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 ďŹ&#x201A;at. It runs between the river and a high canyon wall, and passes through the Riverâ&#x20AC;&#x2122;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 ďŹ sh 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 ďŹ&#x201A;ows 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 WildďŹ&#x201A;ower 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, Millerâ&#x20AC;&#x2122;s Landing Park was a holding area for the Miller Lumber Company in the early 1900â&#x20AC;&#x2122;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.

N D R

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 Bendâ&#x20AC;&#x2122;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 Bendâ&#x20AC;&#x2122;s early sense of community spirit.

HIX O

The Bend Park & Recreation District, along with the City of Bend and private land owners, is working toward implementing the communityâ&#x20AC;&#x2122;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 ďŹ ve reaches, deďŹ ned 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 ďŹ&#x201A;oats on Mirror Pond.

BEND RIVER PRO PROMENADE PR R

5,9(5¡6 6 EDGE GOLF F COURSE S

AAwb Aw wbrey ey Viillla VVil lage llag agge ge Par PPa ark ar

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 Bendâ&#x20AC;&#x2122;s founding and early history.

SH EVL IN

Arch ie Can Briggs yon Traiil

RD. NAM PUT

  

FOR FUN, FOR FRIENDS, FOR HEALTH, FOR LIFE!â&#x201E;˘

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 Sawyer y Uplands Up plaands Parkk

POINTS OF INTEREST ALONG THE DESCHUTES RIVER TRAIL

3RD ST. T

Arch e BBriggs Archie C yo Canyon

KIRKALDY CT. (NO PUBLIC UB BLI PARKING) KIN

. RD EY RIL B. O.B

tes hu il sc Tra De ver Ri

Haarvves Har H esst Parkk

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 LS 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 â&#x20AC;&#x153;rest stopsâ&#x20AC;? 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 ďŹ res 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.

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

DESCHUTES RIVER TRAIL SYSTEM

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MAP LEGEND Paved Trail Natural Trail

Road with Bike Lane Road

Gravel Trail

Canal

Road/Sidewalk Trail Connection

River



Park

Footbridge

Undeveloped Parkland

Parking

School

Restroom

Park District Boundary

Trailhead

Off-Leash

D Dog Area

Non-Motorized Boat Launch Dam

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River Hazard




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/sZ^>E,K/^  ĞŶĚŚĂƐĂƚŽƚĂůŽĨϭ͕ϳϯϱĂĐƌĞƐnjŽŶĞĚ ĨŽƌŝŶĚƵƐƚƌŝĂůƵƐĞ͕ϳϬϱĂĐƌĞƐnjŽŶĞĚ ĨŽƌŵŝdžĞĚƵƐĞ͕ĂŶĚ ϭ͕ϲϱϳĨŽƌĐŽŵŵĞƌĐŝĂůƵƐĞ͘dŚĞŝƚLJŝƐƵŶĚĞƌŐŽŝŶŐĂŶhƌďĂŶ'ƌŽǁƚŚŽƵŶĚĂƌLJ;h'ͿĞdžƉĂŶƐŝŽŶ ƉƌŽĐĞƐƐƚŚĂƚǁŝůůďƌŝŶŐĂĚĚŝƚŝŽŶĂůƉƌŽƉĞƌƚLJŝŶƚŽƚŚĞĐŝƚLJďŽƵŶĚĂƌLJ͘dŚĞƉƌŽĐĞƐƐŝƐŽŶŐŽŝŶŐĂŶĚ ƐŝŐŶŝĨŝĐĂŶƚŶĞǁĐŽŶƐƚƌƵĐƚŝŽŶǁŝůůďĞůŝŵŝƚĞĚƵŶƚŝůƚŚĞƉƌŽĐĞƐƐĂŶĚŶĞǁŐƌŽǁƚŚďŽƵŶĚĂƌLJĂƌĞĨŝŶĂů͘  /ŶĚƵƐƚƌŝĂů͗ĞŶĚŽĨĨĞƌƐĂŵŝdžŽĨŝŶĚƵƐƚƌŝĂůďƵŝůĚŝŶŐƐĂŶĚůĂŶĚƚŽƐƵŝƚďƵƐŝŶĞƐƐŶĞĞĚƐŽĨĂůůƚLJƉĞƐ͘&ƌŽŵůŝŐŚƚĂŶĚŚĞĂǀLJŝŶĚƵƐƚƌŝĂůƵƐĞŝŶ ũƵƐƚĂĨĞǁƚŚŽƵƐĂŶĚƐƋƵĂƌĞĨĞĞƚƚŽũƵƐƚƵŶĚĞƌϴϬ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŝŶĂƐŝŶŐůĞ͕ĞdžŝƐƚŝŶŐĨĂĐŝůŝƚLJ͕ŝŶĚƵƐƚƌŝĂůƐƉĂĐĞƚŽƚĂůƐϰ͘ϮŵŝůůŝŽŶƐƋƵĂƌĞ ĨĞĞƚ͕ŽĨǁŚŝĐŚϯ͘ϰйǁĂƐǀĂĐĂŶƚŝŶƉƌŝůϮϬϭϲ͘DĂŶLJƐƉĂĐĞƐĂƌĞƚƵƌŶŬĞLJƉƌŽƉĞƌƚŝĞƐ͘  ŽŵŵĞƌĐŝĂů͗ĨƚĞƌƐŝŐŶŝĨŝĐĂŶƚďƵŝůĚŝŶŐŽǀĞƌƚŚĞƉĂƐƚĚĞĐĂĚĞ͕ĞŶĚďŽĂƐƚƐĂŶŝŵƉƌĞƐƐŝǀĞŵŝdžŽĨŽĨĨŝĐĞƐƉĂĐĞ͕ĨƌŽŵĐůĂƐƐƚŽĐůĂƐƐ͘ ǀĂŝůĂďůĞƐƉĂĐĞĂƐŽĨƉƌŝůϮϬϭϲ͕ǁĂƐϭϱϲ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨĐŽŵŵĞƌĐŝĂůƐƉĂĐĞĂǀĂŝůĂďůĞ͕ƌĞĨůĞĐƚŝŶŐĂǀĂĐĂŶĐLJƌĂƚĞŽĨϲ͘ϯй͘dŽƚĂů ĐŽŵŵĞƌĐŝĂůƐƉĂĐĞŝƐŶĞĂƌůLJϮ͘ϱŵŝůůŝŽŶƐƋƵĂƌĞĨĞĞƚ͘  ZĞƚĂŝů͗dŽƚĂůƌĞƚĂŝůƐƉĂĐĞŝŶĞŶĚŝƐŶĞĂƌůLJϰ͘ϱŵŝůůŝŽŶƐƋƵĂƌĞĨĞĞƚ͕ǁŝƚŚϰ͘ϳйǀĂĐĂŶƚŝŶƉƌŝůϮϬϭϲ͘ĞŶĚŽĨĨĞƌƐƐĞǀĞƌĂůŚŝŐŚͲƚƌĂĨĨŝĐ ƐŚŽƉƉŝŶŐĚŝƐƚƌŝĐƚƐŝŶĐůƵĚŝŶŐŽǁŶƚŽǁŶĞŶĚ͕KůĚDŝůůŝƐƚƌŝĐƚ͕ĂƐĐĂĚĞsŝůůĂŐĞ^ŚŽƉƉŝŶŐĞŶƚĞƌ͕ĞŶĚZŝǀĞƌWƌŽŵĞŶĂĚĞ͕ĞŶĚ&ĂĐƚŽͲ ƌLJ^ƚŽƌĞƐ͕ĂŶĚŵŽƌĞ͘ 





  KǁŽƌŬƐƚŽDKs͕^dZd͕ĂŶĚ'ZKtǀŝďƌĂŶƚďƵƐŝŶĞƐƐĚŝǀĞƌƐŝƚLJĂŶĚĞĐŽŶŽŵŝĐƉƌŽƐƉĞƌŝƚLJĂůůĂĐƌŽƐƐĞŶƚƌĂůKƌĞŐŽŶ͘   



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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


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



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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

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 ^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  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

WĞƌŵŝƚĐƚŝǀŝƚLJŝŶĞŶĚ 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 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

ϮϬϭϱ  ΨϮϯϰ Ψϯ͕ϬϬϬ Ψϭϰϯ Ψϯ͕ϯϳϳ

й 'ƌŽǁƚŚ ϮϬϭϰͲϭϱ Ͳϭ͘Ϯϳй ϭϭ͘ϴϲй Ϭ͘ϬϬй ϭϬ͘Ϯϱй

^ŽƵƌĐĞ͗&/^ƵŵŵĂƌLJŽĨĞƉŽƐŝƚƐĂƐŽĨϲͬϯϬĨŽƌĞĂĐŚLJĞĂƌ͘

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

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

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



 



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 

^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 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 

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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 /ŶƐĞǀĞƌĂůƌĞĐĞŶƚLJĞĂƌƐ͕ĞŶĚ͛ƐǁĂƚĞƌŚĂƐƌĂŶŬĞĚĂŵŽŶŐƚŚĞďĞƐƚŝŶƚŚĞĐŽƵŶƚƌLJŝŶŝŶĚĞƉĞŶĚͲ ĞŶƚƋƵĂůŝƚLJƚĞƐƚƐ͘dŚĞŝƚLJ͛ƐƐLJƐƚĞŵŝŶĐůƵĚĞƐĂǁĂƚĞƌƐŚĞĚ;ĐŽůůĞĐƚĞĚĨƌŽŵĂĚŝǀĞƌƐŝŽŶϭϯŵŝůĞƐ ĨƌŽŵƚŚĞŝƚLJůŝŵŝƚƐĂŶĚƐƵƉƉůĞŵĞŶƚĞĚďLJĂĚŝǀĞƌƐŝŽŶŽĨŶĂƚƵƌĂůƐƉƌŝŶŐĨůŽǁƐĨƌŽŵƚŚĞdƵŵĂͲ ůŽƌĞĞŬďĂƐŝŶͿĂŶĚĚĞĞƉĂƋƵŝĨĞƌǁĞůůƐ;ϵŐƌŽƵŶĚǁĂƚĞƌĨĂĐŝůŝƚŝĞƐĐŽŶƐŝƐƚŝŶŐŽĨϮϱǁĞůůƐǁŝƚŚ ďĞƚǁĞĞŶϰϬϬĂŶĚϭϬϬϬĨĞĞƚĚĞĞƉͿ͘ŶŶƵĂůƐŶŽǁŵĞůƚĂŶĚƉƌĞĐŝƉŝƚĂƚŝŽŶĐŽŶƚƌŝďƵƚĞĂŶĂǀĞƌĂŐĞ ƌĞĐŚĂƌŐĞŽĨϯϴϬϬĐƵďŝĐĨĞĞƚƉĞƌƐĞĐŽŶĚĂŶŶƵĂůůLJ͕ĂďŽƵƚϮ͘ϰďŝůůŝŽŶŐĂůůŽŶƐƉĞƌĚĂLJ͘/ŶĂĚĚŝͲ ƚŝŽŶƚŽƚŚĞŝƚLJŽĨĞŶĚ͕ƚǁŽŽƚŚĞƌǁĂƚĞƌƉƌŽǀŝĚĞƌƐƐĞƌǀĞƉŽƚĂďůĞǁĂƚĞƌƚŽĐƵƐƚŽŵĞƌƐŝŶ ĂƌĞĂƐĂĚũĂĐĞŶƚƚŽƚŚĞŝƚLJ͛ƐƐLJƐƚĞŵʹZŽĂƚƐtĂƚĞƌ^LJƐƚĞŵĂŶĚǀŝŽŶtĂƚĞƌŽŵƉĂŶLJ͘   ĞŶĚ͛ƐǁĂƐƚĞǁĂƚĞƌƐLJƐƚĞŵƵƚŝůŝnjĞƐƚŚĞůĂƚĞƐƚƚĞĐŚŶŽůŽŐLJĨŽƌƚŚĞůĞĂƐƚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚ ĂŶĚŐƌĞĂƚĞƐƚƐĂǀŝŶŐƐƚŽƌĞƐŝĚĞŶƚƐĂŶĚďƵƐŝŶĞƐƐĞƐ͘dŚĞŵŽŶƚŚůLJĨŝdžĞĚƌĂƚĞĨŽƌƐĞǁĞƌƐĞƌǀŝĐĞŝŶ ƚŚĞĞŶĚĂƌĞĂŝƐΨϯϮ͘Ϯϰ͕ƉůƵƐΨϯ͘ϯϴƉĞƌϭϬϬĐƵďŝĐĨĞĞƚ͘

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

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^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 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 

DĞĚŝĂ 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 ͻtŝĚĞƌĂŶŐĞŽĨďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚĂŶĚĂƐƐŝƐƚĂŶĐĞ͗ŝŶĐĞŶƚŝǀĞƉƌŽŐƌĂŵƐ͕ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚĨŽƌ ĐŽŶƐƵůƚĂƚŝŽŶͬĐŽĂĐŚŝŶŐ͕ĐŽŶŶĞĐƚŝŽŶƐƚŽĐĂƉŝƚĂů͕ŚĞůƉĨŝŶĚŝŶŐƐƉĂĐĞ ĞŶƚƌĂůKƌĞŐŽŶ;KͿ ͻĚǀŽĐĂĐLJĨŽƌďƵƐŝŶĞƐƐǁŝƚŚĐŝƚLJ͕ĐŽƵŶƚLJĂŶĚƐƚĂƚĞŐŽǀĞƌŶŵĞŶƚ ϱϰϭͲϯϴϴͲϯϮϯϲͮǁǁǁ͘ĞĚĐŽŝŶĨŽ͘ĐŽŵ  ͻEĞƚǁŽƌŬŝŶŐĂŶĚĞĚƵĐĂƚŝŽŶĂůĞǀĞŶƚƐ ,,ŝŐŚĞƐĞƌƚŶƚĞƌƉƌŝƐĞŽŶƐŽƌƚŝƵŵ ͻ>ĞĂŶƚƌĂŝŶŝŶŐĂŶĚƌĞƐŽƵƌĐĞƐĨŽƌĐŽŶƚŝŶƵŽƵƐŝŵƉƌŽǀĞŵĞŶƚ͕ƉƌŝŵĂƌŝůLJĨŽƌ ϱϰϭͲϯϴϴͲϯϮϯϲdžϭͮǁǁǁ͘ŚŝĚĞĐ͘ŽƌŐ ŵĂŶƵĨĂĐƚƵƌŝŶŐĂŶĚŽĨĨŝĐĞƉƌŽĐĞƐƐĞƐ ,ZƐƐŽĐŝĂƚŝŽŶŽĨĞŶƚƌĂůKƌĞŐŽŶ ͻEĞƚǁŽƌŬŝŶŐĂŶĚƚƌĂŝŶŝŶŐŽŶ,ZͲƌĞůĂƚĞĚƚŽƉŝĐƐ ϱϰϭͲϯϴϮͲϲϵϰϲͮǁǁǁ͘,ZĞŶƚƌĂůKƌĞŐŽŶ͘ŽƌŐ KƉƉŽƌƚƵŶŝƚLJ<ŶŽĐŬƐ ͻ^ƚƌĂƚĞŐLJΘĚŝƐĐƵƐƐŝŽŶĨŽƌĂĨŽƌďƵƐŝŶĞƐƐŽǁŶĞƌƐ͕ĞdžĞĐƐ͕ĂŶĚŬĞLJĞŵƉůŽLJĞĞƐ ͻŽŶĨŝĚĞŶƚŝĂůƉĞĞƌͲƚŽͲƉĞĞƌƉƌŽďůĞŵƐŽůǀŝŶŐ ϱϰϭͲϯϭϴͲϰϲϱϬͮǁǁǁ͘ŽƉƉͲŬŶŽĐŬƐ͘ŽƌŐ  



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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

ͻZĞĐƌƵŝƚŵĞŶƚĂŶĚŚŝƌŝŶŐƐĞƌǀŝĐĞƐĨŽƌĞŵƉůŽLJĞƌƐ ͻ:ŽďƐĞĞŬĞƌƐĞƌǀŝĐĞƐĂŶĚƌĞƐŽƵƌĐĞƐ ͻtŽƌŬĨŽƌĐĞĚĂƚĂ͕ƐƚĂƚĞĂŶĚƌĞŐŝŽŶĂůĞĐŽŶŽŵŝĐĚĂƚĂ

 EdZ>KZ'KEh^/E^^'/E^t/d,K  &ŽƵŶĚĞĚŝŶϭϵϴϭ͕KŝƐĂŶŽŶͲƉƌŽĨŝƚĐŽƌƉŽƌĂƚŝŽŶƐƵƉƉŽƌƚĞĚďLJƉƌŝǀĂƚĞĂŶĚƉƵďůŝĐŵĞŵďĞƌƐĂŶĚ ƐƚĂŬĞŚŽůĚĞƌƐ͘KƵƌŵŝƐƐŝŽŶŝƐ ƚŽ ĐƌĞĂƚĞ Ă ĚŝǀĞƌƐŝĨŝĞĚůŽĐĂůĞĐŽŶŽŵLJ ĂŶĚĂƐƚƌŽŶŐďĂƐĞ ŽĨ ŵŝĚĚůĞͲ ĐůĂƐƐũŽďƐŝŶĞŶƚƌĂůKƌĞŐŽŶ͘dŽĚŽƚŚŝƐ͕ǁĞĨŽĐƵƐŽŶŚĞůƉŝŶŐĐŽŵƉĂŶŝĞƐĚŽƚŚĞĨŽůůŽǁŝŶŐ͗  DŽǀĞ͘tĞŐƵŝĚĞĞŵƉůŽLJĞƌƐŽƵƚƐŝĚĞƚŚĞƌĞŐŝŽŶƚŚƌŽƵŐŚƚŚĞƌĞůŽĐĂƚŝŽŶƉƌŽĐĞƐƐĂƐĂƌĞƐŽƵƌĐĞĨŽƌ ƌĞŐŝŽŶĂůĚĂƚĂ͕ŝŶĐĞŶƚŝǀĞƐ͕ƚĂůĞŶƚ͕ƐŝƚĞƐĞůĞĐƚŝŽŶ͕ĂŶĚŵŽƌĞ͘  ^ƚĂƌƚ͘tĞ ŵĞŶƚŽƌĂŶĚ ĂĚǀŝƐĞƐĐĂůĂďůĞLJŽƵŶŐ ĐŽŵƉĂŶŝĞƐ ĨƌŽŵĐŽŶĐĞƉƚƚŽ ĞdžŝƚŽŶŝƐƐƵĞƐƐƵĐŚĂƐ ĂĐĐĞƐƐƚŽĐĂƉŝƚĂů͕ĐƌŝƚŝĐĂůĞdžƉĞƌƚŝƐĞ͕ĂŶĚƐƚƌĂƚĞŐLJ͘  'ƌŽǁ͘tĞŚĞůƉůŽĐĂůƚƌĂĚĞĚͲƐĞĐƚŽƌĐŽŵƉĂŶŝĞƐĞdžƉĂŶĚďLJĨŝŶĚŝŶŐƐƵƉƉůŝĞƌƐ͕ ǁŽƌŬĨŽƌĐĞƐŽƵƌĐŝŶŐ͕ ƉĞƌŵŝƚƚŝŶŐ͕ĂŶĚŝŶĐĞŶƚŝǀĞƐ͘  /Ŷ ĂĚĚŝƚŝŽŶ͕K ǁŽƌŬƐ ƚŽŝŵƉƌŽǀĞ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ ďƵƐŝŶĞƐƐĐůŝŵĂƚĞďLJŝŶĨůƵĞŶĐŝŶŐƐƚĂƚĞ ůĞŐŝƐůĂͲ ƚŝŽŶĂŶĚůŽĐĂůƉŽůŝĐLJŵĂŬŝŶŐ͕ŝŵƉƌŽǀŝŶŐŽƵƌƚƌĂŶƐƉŽƌƚĂƚŝŽŶĂŶĚŝŶĨŽƌŵĂƚŝŽŶůŝŶŬƐƚŽƚŚĞƌĞƐƚŽĨ ƚŚĞǁŽƌůĚ;ĂŝƌƐĞƌǀŝĐĞ͕ƚĞůĞĐŽŵͿĂŶĚĐĂƚĂůLJnjŝŶŐŽƚŚĞƌĐƌŝƚŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞŽƌĐŽŵŵƵŶŝƚLJĚĞǀĞůͲ ŽƉŵĞŶƚŶĞĞĚĞĚĨŽƌƐƵĐĐĞƐƐĨƵůďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚ͘

&KZDKZ/E&KZDd/KE͕W>^KEdd͗   <ŝƉĂƌƌĞƚƚ ĞŶĚƌĞĂŝƌĞĐƚŽƌ WŚŽŶĞ͗ϱϰϭͲϯϴϴͲϯϮϯϲdž͘ϰͮϴϬϬͲϯϰϮͲϰϭϯϱ ŬŝƉΛĞĚĐŽŝŶĨŽ͘ĐŽŵ

ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚĨŽƌĞŶƚƌĂůKƌĞŐŽŶ;KͿ ϳϬϱ^tŽŶŶĞƚƚtĂLJ͕^ƵŝƚĞϭϬϬϬ ĞŶĚ͕KZϵϳϳϬϮ WŚŽŶĞ͗ϱϰϭͲϯϴϴͲϯϮϯϲͮϴϬϬͲϯϰϮͲϰϭϯϱ ǁǁǁ͘ĞĚĐŽŝŶĨŽ͘ĐŽŵ 

 



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61474 Weinhard Ct - E-Book  

From the moment you enter this single owner, Pacwest custom built 3 Suite home, you will be struck by the vaulted entry, beam work & gorgeou...

61474 Weinhard Ct - E-Book  

From the moment you enter this single owner, Pacwest custom built 3 Suite home, you will be struck by the vaulted entry, beam work & gorgeou...