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6XEMHFW3URSHUW\ 19189 Mt Shasta Dr_%HQG_253

&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.


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Aerial Map

171126-AA-02500

Deschutes County, OR

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

Copyright Š 2008, All Rights Reserved Courtesy of:

Date: 1/18/2018

O Disclaimer:

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

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160


Locator Map

Deschutes County, OR

171126-AA-02500

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

Copyright Š 2008, All Rights Reserved Courtesy of:

Date: 1/18/2018

O Disclaimer:

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

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Deschutes County, OR

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Copyright Š 2008, All Rights Reserved Courtesy of:

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Date: 1/18/2018

0

50

100

200 Feet

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.

300

Legend Subject Property Sections

400


Street Map

Deschutes County, OR

171126-AA-02500

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

Copyright Š 2008, All Rights Reserved Courtesy of:

Date: 1/18/2018

O Disclaimer:

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

0

212.5 425

850

1,275

1,700

Feet

Legend Subject Property


Zoning Map

171126-AA-02500

Deschutes County, OR EH NW M AM AD R

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Copyright © 2008, All Rights Reserved Courtesy of:

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

Date: 1/18/2018

0

50

100

200 Feet

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.

300

Legend Subject Property

400


     

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

6/27/2012

Page 1 of 1


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

Mountain Topography

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

Summit: 9,065 feet

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

m.mtbachelor.com

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

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

Alpine Terrain Rating

Cross-Country Terrain

x

7 Express Quads

x

15% Green-Novice

More than a dozen trails, 56 km machine-

x

3 Triple Chairlifts

x

25% Blue-Intermediate

groomed and track-set nightly.

x

2 Magic Carpets

x

35% Black-Advanced

x

2 Tubing Lifts

x

25% Double Black-Expert

x

5% Green-Beginner

x

69% Blue-Intermediate

x

26% Black-Expert

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

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

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


 Tumalo State Park (Day Use Area)

BEND URBAN TRAIL SYSTEM

Juniper Ridge

20

. RD

DESCHUTES MKT. RD. PURCELL BLVD.

Pil Ca ot B na ut l T te ra il

HAMBY RD.

BEND PARKWAY

9TH ST.

15TH ST.



Kiwanis Park

REED MKT.

Bend Senior Center

Central Oregon Canal Trail

27TH ST. 27TH ST.

Elementary

BEAR CREEK RD.

Larkspur Trail

9TH ST.

WILSON AVE.

Genna Stadium

 Bear Creek

Ponderosa  Park D

Blakely Park

Pinewood Natural Area Gardenside Park

Hansen Park

Larkspur Park



rT ra Ri

ve te hu

. BL VD

Hollygrape Park

Elk Meadow Elementary

3RD ST.

Approx. 1 Mile



FERGUSON RD.

RE Jewell Elementary School

BEND PARKWAY

River Canyon Park

Sun Meadow Park

OO W



D

Pine Ridge Park Pine Ridge Elementary

Last boat takeout before Class IV whitewater below

Foxborough Park

sc De



KS

Ha

il Tra ad

o

R ul

POWERS RD.

s

R. YD UR NT CE

Alpine Park



High Desert Middle School

Wildflower Park

15TH ST.

River Rim Park

20

il



Tra

Alp





Bend High School

Jaycee Park



Pilot Butte Park

AMERICAN LN.

CH AN ER IN YL SK





il

ine

Private trails, open to public

Riverbend Park D

District Office



METO LIUS DR .

h Tet

E. Park & AV Recreation

Farewell Bend Woodriver Park Park



il Tra

Old Mill District

Les Schwab Amphitheater



Skyline Park

Cascade Middle School

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

DO

RA

LO

CO

FRANKLIN AVE.

Coyner Trail

Simpson Site

Park Services Center

Providence Park Pilot Butte State Park

ARIZONA ST.

McKay Park SIMPSON

D



NEFF RD.

Pilot Butte Middle School

Juniper Elementary

 Juniper Park 

 OldGymBend

Miller’s Landing

Big Sky Park

St. Charles Medical Center

GREENWOOD

ST .

rail sT

w ero

Amity Creek School

Columbia Park





Buckingham Elementary

Mt. View Park





OLNEY

Marshall High School

Pacific Park

Ensworth Elementary

Al Moody Park

Juniper Swim & Fitness Center

WALL ST.

D

Pioneer Park

Brooks Park

OO

Ca

Hig



Mt. View High School

Hollinshead Park D

Orchard Park

3RD ST.

Deschutes River Trail

GALVESTON

Overturf Park



Drake Park

BR

de



Harmon Park

nd

hla

P to US hil’s Trailh ead Forest Servi : ce Tr ails

rail dT

en

Trail

a sc

First St. Rapids Park



Highland School

Westside Village School

14TH ST.



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nd West Be



Sunset View Park

MT. WASHINGTON DR.

To USFS Trails

RD

MA

Stover Park

3RD ST.

NEWPORT

tB

s We

ER

Riverview Park

BEND PARKWAY

PORTLAND

Compass Park



NW 12TH.

Lewis & Clark Park

Elementary School

N DR.

SUMMIT DR.

D Hillside II Park

Summit High School

3RD ST.

INGTO

BOND ST.

JOHNSON OH RD.

Arch ie Can Briggs yon Trail

MT. WA SH

Summit Park

 High Lakes

Miller M Elementary Elem SSchool

Mirada Park

RK

Hillside I Park

Fremont Meadows

Pine Nursery Park

Canal Row Park

.

ET

D



HAMBY RD.

MT .W AS HIN GT ON







YEOMAN RD.



Lava Ridges Natural Area

TL

BU

COCC & OSU Cascades Campus

Discovery Trail

BEND RIVER PROMENADE

5,9(5·6 EDGE GOLF COURSE

Awbrey Village Park

Quail Park

Covered Bridge



BO ND

RD .

Shevlin Park

Ponderosa Elementary

EMPIRE AVE.

Sawyer Park Sawyer Uplands Park

Sylvan Park

DR .

PA RK

Boyd Park

D.

  

Rock Ridge Park

YR ILE

RD. NAM PUT

Aspen Aspe en Hall e H

SH EV LIN N

97

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

Riverview RRi ivve ver iew eeww PPark Pa arkk





SE OU ERH

WILSON AVE

MBIA

DR

COLU

Les Schwab Ampitheater

ST.

Park & Rec. District Office

Riverbend Park 

ND

R

C

Woodriver Wo oodr ood ddrrivi Pa Park Blakely lakely Pa Park aark

POW

Private ttrails, P o open to p public c

D

ST

BO

 



REED

Farewell Bend Park 

MAR

KET

RD

LOOP â&#x20AC;&#x201C; 1.0 Mi Woodriver Park POWERHOUSE SHORTCUT MILL DISTRICT LOOP MILL A LOOP â&#x20AC;&#x201C; 1.1 Mi ALTERNATE ROUTE Blakely 2.4 mi Park CENTENNIAL LOOP 1.33 Mi

Ri ve rT ra il

  

BO ND ST.

DR



Cascadee Middle dl School cho

A D R

F

FFarewell arewell Bend Bend Pa k Park

MILL

N

 

Skyline Park rkk

î°?

SIMPSO

O M Old Mill D ric District

UF

Riverbend erb P Pa Par District D Dis isstrict rict O Officce Park D 

McKay Park

EA TE

. ark rkk & VE Park Recreation RRecre ecr ation OA

INSET

BL

D RA LO CO

Les Schwaaabb Amphitheater eaater eater

ARIZONA ARIZ O S ST T.

TH

Simpson SSimp Si iimpson m mpps psson sooonn Site te

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Private trails, open to public

ARIZONA

OL OR ADO AVE

OLD MILL DISTRICT

ST .

Millerâ&#x20AC;&#x2122;s M llerâ&#x20AC;&#x2122;s e s LLanding La nddingg

McKay cK y Park Parkk

OLD MILL REACH

G

O Bend Ben en  Old Gym

WALL W L S ST.

Amityy Cr Am Creekk Schoool SSchool

CColumb a Columbia Park a

SOUTH CANYON REACH

P c Pacific Pacif Park PPark Pa

Drake Dr D ake k  Par Park ark

GALVE GA V S STON O

14 14TH 4 H ST ST.

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.

 ge Pine Ridge

E Elementary Elemen t y

BL VD .



OO KS W OO D

Pine n RRidge idge d Park ar

Approx. 1 Mile

BR



De

sc

hu

te

s

POW PO WER ERS R

TRAIL CONTINUES

DESCHUTES RIVER FLOWS SOUTH TO NORTH

River CCanyon anyo Park ark

Last bo boat at takeout before fo ore Class IV whitewater wh hii h below

î°?

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.

BO ND

PIONEER REACH

î°?



Harmon H Harm a mon Park rk

Village lag School ho

Brooks oks ok k Parrk PPark rk

H ghlandd Highland Hi Sch l School

BOND O D ST. S

 Westts Westside

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

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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

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Discover the Bend Urban Trails System.

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

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

  



 



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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


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



ŽǀĞƌĞĚĞŵƉůŽLJŵĞŶƚΘƉĂLJƌŽůů  



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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


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



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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


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



 





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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


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

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

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

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



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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2




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

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

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



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8SGDWHG%HQG3URILOH ‹&RS\ULJKW('&2


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

ŵƉůŽLJŵĞŶƚ'ĂŝŶƐϮϬϭϰƚŽϮϬϭϱ ;ŽǀĞƌĞĚĞŵƉůŽLJĞĞƐďLJƉĂLJƌŽůůͿ ƌĞĂ

ϮϬϭϱ

ĞŶĚͬĞƐĐŚƵƚĞƐŽƵŶƚLJD^ KƌĞŐŽŶ h͘^͘ǀĞƌĂŐĞ

ϮϬϭϲ

'ĂŝŶͬ>ŽƐƐ йŚĂŶŐĞ

ϳϮ͕ϰϯϮ

ϳϲ͕ϲϱϴ

ϰ͕ϮϮϲ

ϱ͘ϴϯй

ϭ͕ϳϴϳ͕ϯϵϴ

ϭ͕ϴϰϬ͕ϵϴϬ

ϯ͘ϬϬй

ϭϯϵ͕ϰϵϭ͕ϲϵϵ

ϭϰϭ͕ϴϲϲ͕ϰϰϵ

ϱϯ͕ϱϴϮ Ϯ͕ϯϳϰ͕ϳϱϬ

ϭ͘ϳϬй

^ŽƵƌĐĞ͗KƌĞŐŽŶŵƉůŽLJŵĞŶƚĞƉĂƌƚŵĞŶƚ͖YtΘ>^W^͘

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,ŽŵĞWƌŝĐĞƐ ƐǁŝƚŚŵƵĐŚŽĨƚŚĞĐŽƵŶƚƌLJ͕ƌĞƐŝĚĞŶƚŝĂůƉƌŽƉĞƌƚLJƉƌŝĐĞƐƉĞĂŬĞĚƚŽĂůůͲƚŝŵĞŚŝŐŚƐŝŶϮϬϬϲͲϮϬϬϳĂŶĚĚĞĐůŝŶĞĚŝŶǀĂůƵĞďLJĂƐŵƵĐŚĂƐ ϰϬйŝŶƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌƐ͘WƌŝĐĞƐŚĂǀĞƌĞďŽƵŶĚĞĚƐƵďƐƚĂŶƚŝĂůůLJ͖ďŽƚŚŵĞĚŝĂŶĂŶĚĂǀĞƌĂŐĞŚŽŵĞƉƌŝĐĞƐŝŶĐƌĞĂƐĞĚŝŶϮϬϭϳĂĐƌŽƐƐƚŚĞ ƌĞŐŝŽŶĂŶĚĂƌĞĐƵƌƌĞŶƚůLJĂƚŽƌĂďŽǀĞĂůůͲƚŝŵĞŚŝŐŚƐ͘;EŽƚĞ͗WƌŝĐĞƐŝŶ^ƵŶƌŝǀĞƌĂŶĚ^ŝƐƚĞƌƐŝŶĐůƵĚĞĂŚŝŐŚĞƌƉĞƌĐĞŶƚĂŐĞŽĨŚŝŐŚͲĞŶĚ ŚŽŵĞƐĂŶĚŚŽŵĞƐŽŶĂĐƌĞĂŐĞƚŚĂŶĐŽŵƉĂƌĂďůĞƉƌŝĐĞƐŝŶĞŶĚŽƌZĞĚŵŽŶĚͿ͘ 



DĞĚŝĂŶZĞƐŝĚĞŶƚŝĂů,ŽŵĞ^ĂůĞƐWƌŝĐĞŽŵƉĂƌŝƐŽŶ ϳϬϬ͕ϬϬϬ

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WĞƌŵŝƚĐƚŝǀŝƚLJŝŶĞŶĚ EĞǁ zĞĂƌ ZĞƐŝĚĞŶƚŝĂů

ZĞƐŝĚĞŶƚŝĂů

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ŽŵŵĞƌĐŝĂů

ƌĞŵŽĚĞůƐ͕ ƌĞŵŽĚĞůƐ͕ ŽŵŵĞƌĐŝĂů ĂĚĚŝƚŝŽŶƐ ĂĚĚŝƚŝŽŶƐ Ϯϲϵ

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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

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ΨϮϳϬ ΨϮϬϲ Ψϭ͕ϲϮϯ ΨϮ͕ϯϱϭ Ψϭϯϯ Ψϭϯϵ ΨϮ͕ϲϳϴ ΨϮ͕ϲϵϲ

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ΨϮϯϳ ΨϮ͕ϲϴϮ Ψϭϰϯ Ψϯ͕Ϭϲϯ

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

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

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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 

 



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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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