12880 cornett lp hb by kimmieneff

12880 SW Cornett Loop Powell Butte, OR 97753

The attached document copies are furnished as accommodations by AmeriTitle. The company makes no representations as to effect, sufficiency, completeness or any other matters that might be referred to or implied therein. Should you have questions regarding impacts of said documents, you should consult independent counsel.

PARCEL DETAILS Parcel ID: 1514010000502 Related Tax Accounts: 785 Subdivision: Lot / Block:

GENERAL INFORMATION Taxpayer Mailing: GRIFFIN FAMILY TRUST 12880 SW CORNETT LOOP POWELL BUTTE, OR 97753

Location: County: CROOK, OREGON Map / Taxlot: 15140100 / 00502 Lat / Lon: 44.29335492 / -121.00423682 Situs Addresses:

Owners: (3) GRIFFIN FAMILY TRUST GRIFFIN SALLY L CO-TRUSTEE GRIFFIN WILLIS G CO-TRUSTEE

12880 SW CORNETT LOOP, POWELL BUTTE, 97753

ASSESSMENT SUMMARY Calculated Acres: Assessed Acres: RM Land: RM Impr: RM Total: Total AV: Taxes:

20.15 (877,873 sf) 20.09 (875,120 sf) $32,020 $409,470 $441,490 $333,208 $4,215

Zoning: EFU3 - COUNTY - Exclusive Farm Use

Land Use: 551 - EFU ZONED IMPROVED

Improvement Totals: SqFt: 3329 Bedrooms: 4

Full Baths: 2.0

Half Baths: 1

IMPROVEMENTS Code ATTGAR DWELL IRRIGATE MACHINE MACHINE MACHINE MACHINE MISC MISC MISC MISC MISC MISC SHEDGP SMALL

Description

SqFt

Year Built

RESIDENCE: Attached Garage RESIDENCE: Dwelling MISC: Irrigation MISC: Machine Shed MISC: Machine Shed MISC: Machine Shed MISC: Machine Shed MISC: Miscellaneous MISC: Miscellaneous MISC: Miscellaneous MISC: Miscellaneous MISC: Miscellaneous MISC: Miscellaneous MISC: General Purpose Shed FARM BLDG: Hobby Stable

624 3329 1 144 288 468 1440 1156 129 165 366 1129 432 900 816

1998 1998 0 0 0 0 2005 0 2000 2000 2000 2000 2009 0 2009

Beds Baths (F/H) Floor Types 4

2/1

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

RECENT TRANSACTIONS Date 05/24/2010 02/08/2010 01/08/2010 05/20/2005 05/17/2005

Ref # 240879 238998 238478 200015 199875

Prepared by AmeriTitle on: 05/16/2018 Data Updated: 03/07/2018

Type Price Seller BARGAIN & $0 BARGAIN & $0 BARGAIN & $0 BARGAIN & $0 WARRANTY $575,000 CULLIS, RICHARD A & Created for the original recipient only, not for further distribution Disclaimer: This report was created from digital databases provided by the Crook County GIS. AmeriTitle has provided this information as a courtesy and assumes no liability for errors, omissions, or accuracy of the data, and does not warranty the fitness of this product for any particular purpose.

Buyer

Crook County Property Summary Report Report Date: 5/16/2018 10:00:29 AM

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

Account Summary Account Information Mailing Name:

Ownership Mailing Address:

GRIFFIN FAMILY TRUST

Map and Taxlot: 15140100-00502-00785 Account:

785

12880 SW CORNETT LOOP

Tax Status:

Taxable 12880 SW CORNETT LOOP POWELL BUTTE, OR 97753

POWELL BUTTE, OR 97753

Situs Address:

Valuation Real Market Values as of Jan. 1,

Property Taxes Current Tax Year: 2017 Tax Code Area:

Assessment

$32,020

Structures

$409,470

Total

$441,490

Current Assessed Values:

Subdivision: Lot:

Land

Block: 0 Assessor Acres: 20.09 Property Class: 551

Maximum Assessed

$320,598

Assessed Value

$333,208

Veterans Exemption

$0.00

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

Description

DEFD

Remarks ATL

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

Property Information Report, page 1

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

2013 - 2014 $27,830 $310,860 $338,690

2014 - 2015 $30,050 $335,920 $365,970

2015 - 2016 $30,850 $370,400 $401,250

2016 - 2017 $31,660 $384,820 $416,480

2017 - 2018 $32,020 $409,470 $441,490

$297,127 $296,697 $0

$305,912 $305,482 $0

$314,944 $314,514 $0

$324,250 $323,820 $0

$333,638 $333,208 $0

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

Tax Payment History Year

Date Due

Transaction Type

Transaction Date

As Of Date

Amount Received

Tax Due

Discount Amount

Interest Charged

Refund Interest

2017

11/15/2017

IMPOSED

11/15/2017

$0.00

$4,215.35

$0.00

2017

11/15/2017

PAYMENT

10/26/2017

11/15/2017

$4,088.89 Total:

($4,215.35) $0.00

$126.46

$0.00

2016

11/15/2016

2016

11/15/2016

IMPOSED

11/15/2016

$0.00

$4,025.73

$0.00

PAYMENT

11/01/2016

11/15/2016

$3,904.96 Total:

($4,025.73) $0.00

$120.77

$0.00

2015

11/15/2015

2015

11/15/2015

IMPOSED

11/15/2015

$0.00

$3,851.85

$0.00

PAYMENT

11/02/2015

11/15/2015

$3,736.29 Total:

($3,851.85) $0.00

$115.56

$0.00

2014

11/15/2014

IMPOSED

11/15/2014

$0.00

$3,690.25

$0.00

2014

11/15/2014

PAYMENT

11/04/2014

11/15/2014

$3,579.54 Total:

($3,690.25) $0.00

$110.71

$0.00

2013

11/15/2013

IMPOSED

11/15/2013

$0.00

$3,686.46

$0.00

2013

11/15/2013

PAYMENT

11/05/2013

11/15/2013

$3,575.87 Total:

($3,686.46) $0.00

$110.59

$0.00

2012

11/15/2012

PAYMENT

01/03/2013

11/15/2012

$2,301.16

($2,301.16)

$0.00

2012

11/15/2012

IMPOSED

11/15/2012

$0.00

$3,451.74

$0.00

2012

11/15/2012

PAYMENT

11/07/2012

11/15/2012

$1,150.58 Total:

($1,150.58) $0.00

$0.00

2011

11/15/2011

IMPOSED

11/15/2011

$0.00

$3,041.27

$0.00

2011

11/15/2011

PAYMENT

11/10/2011

11/15/2011

$2,950.03 Total:

($3,041.27) $0.00

$91.24

$0.00

2010

11/15/2010

PAYMENT

11/18/2010

11/15/2010

$3,210.37

($3,317.32)

$106.95

$0.00

2010

11/15/2010

IMPOSED

11/15/2010

$0.00

$3,309.66

$0.00

2010

11/15/2010

IMPOSED

11/15/2010

$0.00

$255.23

$0.00

2010

11/15/2010

PAYMENT

10/12/2010

11/15/2010

$247.57 Total:

($247.57) $0.00

$0.00

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

Year

Date Due

Transaction Type

Transaction Date

As Of Date

Amount Received

Tax Due

Discount Amount

Interest Charged

Refund Interest

2009

11/15/2009

PAYMENT

05/04/2010

11/15/2009

$1,041.32

($1,041.32)

$0.00

2009

11/15/2009

PAYMENT

02/03/2010

11/15/2009

$1,041.32

($1,041.32)

$0.00

2009

11/15/2009

IMPOSED

11/15/2009

$0.00

$3,123.97

$0.00

2009

11/15/2009

PAYMENT

11/03/2009

11/15/2009

$1,041.33 Total:

($1,041.33) $0.00

$0.00

2008

11/15/2008

PAYMENT

05/04/2009

11/15/2008

$1,037.01

($1,037.01)

$0.00

2008

11/15/2008

PAYMENT

02/03/2009

11/15/2008

$1,037.01

($1,037.01)

$0.00

2008

11/15/2008

IMPOSED

11/15/2008

$0.00

$3,111.02

$0.00

2008

11/15/2008

PAYMENT

11/03/2008

11/15/2008

$1,037.00 Total:

($1,037.00) $0.00

$0.00

2007

11/15/2007

PAYMENT

05/02/2008

11/15/2007

$979.84

($979.84)

$0.00

2007

11/15/2007

PAYMENT

02/01/2008

11/15/2007

$979.84

($979.84)

$0.00

2007

11/15/2007

PAYMENT

11/21/2007

11/15/2007

$979.85

($979.85)

$0.00

2007

11/15/2007

IMPOSED

11/15/2007

$0.00 Total:

$2,939.53 $0.00

$0.00

Sales History Sale Amount

Sale Date Seller

Buyer

06/01/1987

UNDETERMINED GRANTOR NAME

08/11/1997 05/14/2003

WISE, YVONNE MARIE LUNDQUIST, ROBERT WAYNE & PAMELA M BAXTER, DONALD J JR & TERRI L

% WISE, DONALD E. & YVONNE M. LUNDQUIST, ROBERT W &

05/17/2005

CULLIS, RICHARD A &

03/20/1998

Sale Type

Recording

$54,500

REAL ESTATE CONTRACT

083613

PAMELA M BAXTER, DONALD J JR & TERRI L CULLIS, RICHARD A &

$80,500

WARRANTY DEED

135722

$118,000

WARRANTY DEED

139801

$459,000

WARRANTY DEED

180121

GRIFFIN, SALLY &

$575,000

WARRANTY DEED

199875

Structures Stat Class/Description

Improvement Description

- : MISC WDDK

MISC WDDK

Code Area

Year Built

Eff Year Built

Total Sq Ft

2000

1156

Accessories Improvement Type

Sq Ft

Irrigation

Hobby Stables

816

Machine Shed

144

Machine Shed

144

Machine Shed

144

Machine Shed

288

Machine Shed

468

General Purpose Building

900

Machine Shed

1440

Land Characteristics Land Description

Acres

91 - SHS Calculation (Market)

1.00

Land Classification

11 - Farm (Market)

9.20

VA 2 class 2 (Powell Butte)

11 - Farm (Market)

3.91

VA 2 class 3 (Powell Butte)

11 - Farm (Market)

2.38

VA 2 class 5 (Powell Butte)

16 - Specially Assessed OSD

0.00

VA 2 class OSD (Powell Butte)

11 - Farm (Market)

2.09

VA 2 class 72 (Powell Butte)

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

18 - Yard Improvements

0.00

11 - Farm (Market)

1.51

VA 2 class 61CW (Powell Butte)

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.

Ownership Name Type

Name

Owner

GRIFFIN FAMILY TRUST,

Ownership Type

Taxpayer

GRIFFIN FAMILY TRUST,

Owner

GRIFFIN SALLY L CO-TRUSTEE

Owner

GRIFFIN WILLIS G CO-TRUSTEE

Percentage 100.00% 100.00% 100.00% 100.00%

400.00%

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

0 50'

450'

N O I IT

PARCEL 1

420'

S 89º37'12" E 459.98' 450'

T R PA

1045.03' N 00º36'22" E

N 00º47'21" E

873.86'

873.50' (872')

N 00º50'47" E

CS 96-1521

600

22.01 AC 20'

1322.54'

O 6" ' 78 6' 0 2. º 2 20 42 S

8.75 AC

S 89º40'45" E 459.11'

13'

206.45'

0 0 57.

RA NT CE

CS 2742

S 87º00'08" E 73.25' S 4 66 6º .4 05 5 ' '1 1

20.09 AC

501

C ANAL

N 00º36'25" E

S 00 547.30'

5' 3" E 0.5 '5 11 6º39 3 S

12.08 AC

502

500

900'

909.10'

0 100.00'

0 99.94'

N 89º52'02" W

448.00' S 00º50'47" W

PARCEL 3

40'

N 00º07'45" E

CENTRAL

O R E G ON

420'

0 4 07

S 89º52'15" E 909.93'

S 89º52'44" E 420.04'

AT L P

17.36 AC

THIS MAP WAS PREPARED FOR ASSESSMENT PURPOSE ONLY

200

400

600

800 Feet

SECTION 1 T.15S. R.14E. W.M. CROOK COUNTY

15S14E01

1" = 400'

Cancelled 101 201 202 701 802

39.63

LOT 2

39.88

LOT 1

2387.95'

RD)

ON ITI T R PA

(CORNET

2624.94'

200

39.38

LOT 3

2627.76'

39.13

LOT 4

S 89º51'11" E

2684.02'

233.38 AC

200

77.93 AC

300

1758.92'

1325.52'

40'

2639.92'

36 SEE MAP 14S S 89º59' 14E W

HOUSTON LAKE

AT PL

200

43'

0 N 00º05'20" W

- - 881.00' - -

937.

°E N 19

1320.16' N 00º05'20" W

SEE MAP 15S 15E 06

9" E º15'3

128'

N 20

N 00º18'56" E

B SU

354.83'

1341.77'

S 07º49'13"

288.36' N89º47'41"W 547.91'

702 800 26.45 AC

0 0

695.14'

W 30'

0 693.20'

S00°32'14"W

S 89º47'56" E

50'

POR PAR 2

RD 982.18'

1007.00'

N 00º21'42" W

S 00º31'47" W

0 0

LOWER HOUSTON LAKE

' 48.67

S 13º 25'13" 228.14 W '

5 7-2

60.69 '

74.32' 60.48' S 03º36'43" E

39.68 96.68' ' N 85º31'38" E

S 00º30'26" E 65.86'

0 20 1280.95'

0 0

0 '

HOUSTON

H NC

S 89º51'22" W 131.56'

POR PAR 2

S89º56'37"W

578.32'

0 0

N 89º48'47" W

E ILL

1321.83'

T IO GA

RI IR

N 00º47'21" E

E 103.04'

AT PL

S 19 140'° W

0 285'

285'

0 968' M/L

968'

AL ICT

CAN

C AN

675.31' S 00º36'22" W 547.30'

N 00º36'25" E 206.45'

N 00º07'45" E

0 99.94'

0 100.00'

0 0

40'

IRRIGATIO

675.44'

S 00º39'07" W

N 00º47'21" E

873.86'

N 00º36'22" E

79.50 CH = 5247'

CORNETT

DISTR

ICT

C ANAL

CANAL

1321.19' S 00º30'06" W

873.50'

S 6 79.3 0º1 8' 4'4 1"

40' 136.

N 00º50'47" E

º3 E "E 5 '54" 32.83' 25 '06 N 85º11'49 .40 " E 170.47' º42 2' ' RIG N 6091.4 CANAL AT DISTRIC T IO N

03'

EV IN

CS 3959

118.

N IO

0 0

(872')

0 50'

56 º2 21 7'3 2.9 1" 2' E

0 0 0

IT RT PA

0º 44 01'52 .67 "E '

600

-07 12 20

S6 3'

0 0

" 8' 6'06 2.7 º2 20 42 S

450'

1259.92'

702 50.35 AC

PARCEL 1

S 89º37'12" E 459.98' 450'

420'

73 .4

1322.54'

1045.03'

22.01 AC

647.37'

O R E G ON

448.00' S 00º50'47" W

L RA

S 82º40' E 300'

N 89º47'41" W 82.27'

RA NT CE

57.1

5' 3" E 0.5 '5 11 6º39 3 S

C ANAL

S 87º00'08" E 73.25' S 4 66 6º0 .4 5' 5'1 1

8.75 AC

40'

CS 2742

CS 96-1521

450' M/L

N89°52'07"W

S 89º40'45" E

20'

AT PL

275'

- - 500.00 - -

909.10'

20.09 AC

459.11'

20 '

20'

0 0

900'

502

IS D

PARCEL 3

N 89º52'02" W

CENTRAL

0 7-4

501

129.00' N89°52'04"W

1332.06'

40.30 AC

0 20

S 89º52'15" E 909.93'

12.08 AC

1308.62'

AT PL

17.36 AC

N 89º54'30" E

801

10.00 AC

0 0

402

500

PARCEL 2 664.22'

N 89º52'04" W

RT PA

ON ITI

PARCEL 1

420'

S00°36'25"W

674.55'

85.58 AC

S 00º36' W

2.00 AC

450'

140'

0 673.82'

10.29 AC

1332.03'

700

602

S 89º43'21" E

601

644.40'

1326.87'

401

RT PA

1327.35'

S 89º55'29" E

400 9.97 AC 30'

S 89º44'16" E

400

663.69'

N 82º40' W 275'

1308.11'

S 89º55'59" E

SEE MAP 15S 14E 02

PAR 2

150'

PARCEL 1

200

644.61'

6.82 AC

CS 237

300

S 89º52'44" E 420.04'

174.80'

100

20'

N 00º45'48" E

N 00º48'17" E

N 89º43'26" W

-11 90

SEE MAP 15S 14E 12

LAKE

Revised: MA 03/05/2013

15S14E01

OREGON

REPORT CARD

2016-17

Crook County High School 1100 SE Lynn Blvd Prineville, OR 97754 (541) 416-6900 cchs.crookcounty.k12.or.us/

DISTRICT Crook County SD SUPERINTENDENT Duane Yecha PRINCIPAL Michelle Jonas GRADES SERVED 9-12

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

FROM THE PRINCIPAL

Dear Parents and Community Members, Dear Parents and Community Members, At Crook County High School our dedicated staff strives to ensure that all students graduate Career and College Ready. Our core courses are rigorous and we provide the greatest variety of elective and CTE courses of any high school in Central Oregon. Many of our students graduate from Crook County High School with college credits through AP and College Now courses. Achievements from the 2016-17 school-year include: *87.6% of freshmen students are considered on track to graduate, well above the state average. *Crook County High School graduation rates of 89.5% compared to the state’s 74.8%. Crook County High School will continue to support our students by: *Continuing to implement AVID (Advancement Via Individual Determination) and creating a culture of College Readiness.

*Continuing to provide interventions that help prepare students to meet their Essential Skills. *Providing weekly enrichment for students during Extended Learning Options. Remember, parents play a vital role in their child’s education. You can help your student by monitoring homework, attendance, grades and progress towards graduation through our new online Family Link System. Thank you for partnering with us in your child’s education.

Thank you, Principal

Michelle Jonas

SCHOOL PROFILE

STUDENTS

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

School

26.0 21.5 23.5 27.5 --

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

IMMUNIZATION RATES Percent of students with all required vaccines: 98 Percent of students without all required vaccines: 2 When data are unavailable or to protect student confidentiality: * refers to groups of less than 6 students. <5 indicates that a percentage is less than 5%.

46% 14% 9% 5 81.5% 17.6%

American Indian/Alaska Native, 2% Asian, 1% Black/African American, 1% Hispanic/Latino, 13% Multi-Racial, 7% Native Hawaiian/Pacific Islander, 0% White, 77% 0%

20%

40%

60%

80%

100%

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

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

OREGON

REPORT CARD

2016-17

Crook County High School 1100 SE Lynn Blvd Prineville, OR 97754 (541) 416-6900 cchs.crookcounty.k12.or.us/

PROGRESS

DISTRICT Crook County SD SUPERINTENDENT Duane Yecha PRINCIPAL Michelle Jonas GRADES SERVED 9-12

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

ARE STUDENTS MAKING ADEQUATE GAINS OVER TIME?

Performance of students enrolled in the school for a full academic year SCHOOL PERFORMANCE Did at least 95% of the students at this school take required assessments? Yes Participation rate criteria are in place to ensure schools test all eligible students. The Smarter Balanced and 2014-15 was the first operational year of the alternate new English language arts and mathematics School Performance (%) assessments have assessments. four performance 2013-14 2014-15 2015-16 levels where levels 3 English Language Arts (Administered statewide in grades: 3-8, 11) and 4 are meeting the standard for 68.6 80.1 Levels 3 & 4 school and district 25.6 13.9 accountability. Level 2 5.8 6.0 Level 1 See report cards from previous years to view historical OAKS performance data.

Mathematics

26.9 28.8 44.2

71.3

8.3 63.1 28.7

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

FRESHMEN ON-TRACK TO GRADUATE

Like-School Average (%) 2016-17

63.6 20.6 15.8

71.1 16.9 12.0

74.6 16.4 9.0

33.1 28.3 38.6

28.0 31.1 40.9

35.3 27.3 37.4

38.1 30.8 31.1

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

Exceeded Met Did not meet

OUTCOMES

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

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

Levels 3 & 4 Level 2 Level 1

Science

No, Interpret Results with Caution

73.1

7.5 65.6 26.9

78.5

8.7 69.8 21.5

69.5

2.4 67.1 30.5

57.8

8.0 49.8 42.2

61.9

6.7 55.2 38.1

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

WHAT ARE STUDENTS ACHIEVING IN HIGH SCHOOL?

School Performance (%) 2013-14 2014-15 2015-16

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

Like-School Average (%) 2016-17

Students who earned 25% of the credits required for a regular diploma by the end of their freshman year. 76.6

Freshmen on track to graduate within 4 years

81.9

92.5

School Performance (%) 2012-13 2013-14 2014-15

Note: Graduation methodology changed in 2013-14.

87.6

83.4

School Oregon Performance (%) Performance (%) 2015-16 2015-16

GRADUATION Students earning a standard diploma within four years of entering high school. RATE Overall graduation rate 59.0 48.4 85.1 89.5

74.8

79.5

Like-School Average (%) 2015-16

78.3

COMPLETION Students earning a regular, modified, extended, or adult high school diploma or completing a GED within five RATE years of entering high school. Overall completion rate

DROPOUT RATE

CONTINUING EDUCATION

88.1

88.3

86.8

91.9

81.9

85.6

0.2

3.9

3.1

Students who dropped out during the school year and did not re-enroll. Overall dropout rate

0.5

0.7

1.6

School Performance (%) 2011-12 2012-13 2013-14

Students continuing their education after high school. Students who enrolled in a community college or four-year school within 16 months of graduation

53.9

48.3

41.2

School Oregon Performance (%) Performance (%) 2014-15 2014-15

51.0

57.4

Like-School Average (%) 2014-15

54.2

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

OREGON

REPORT CARD

2016-17

Crook County High School 1100 SE Lynn Blvd Prineville, OR 97754 (541) 416-6900 cchs.crookcounty.k12.or.us/

DISTRICT Crook County SD SUPERINTENDENT Duane Yecha PRINCIPAL Michelle Jonas GRADES SERVED 9-12

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

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

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

Economically Disadvantaged 82.4 75.8 On Track 89.9 68.1 Graduation 90.2 76.8 Completion 0.0 4.2 Dropout

70.4 71.0 80.1 3.6

American Indian/Alaska Native * 70.3 On Track 75.0 56.4 Graduation 66.7 Completion 100.0 0.0 9.1 Dropout

74.1 68.3 82.1 4.7

Native Hawaiian/Pacific Islander * 76.1 On Track -70.1 Graduation -73.6 Completion -5.5 Dropout

76.5 90.0 71.4 3.4

Ever English Learners 85.7 On Track 83.3 Graduation Completion 100.0 Dropout 1.5

78.7 71.1 75.6 4.0

72.9 79.5 79.9 3.3

Asian On Track Graduation Completion Dropout

>95 88.0 91.9 1.3

91.1 83.1 90.4 0.7

White On Track Graduation Completion Dropout

87.8 91.7 93.2 0.2

85.3 76.6 83.9 3.6

80.5 78.5 86.1 3.0

Students with Disabilities On Track 69.0 69.5 Graduation 81.5 55.5 Completion 83.3 64.9 Dropout 0.8 5.7

67.7 57.2 64.3 4.3

Black/African American On Track * 75.6 Graduation -66.1 Completion -72.2 Dropout -6.3

65.8 81.5 81.8 2.4

Female On Track Graduation Completion Dropout

>95 90.1 91.7 0.3

86.5 78.4 84.6 3.4

83.6 83.4 88.8 2.6

Migrant On Track Graduation Completion Dropout

Male On Track Graduation Completion Dropout

79.2 88.9 92.2 0.2

80.4 71.4 79.4 4.5

75.9 73.4 82.5 3.6

* --0.0

* 100.0 100.0 0.0

76.1 68.9 73.8 4.0

63.2 76.5 82.6 2.5

Hispanic/Latino On Track 87.5 Graduation 76.9 Completion 100.0 Dropout 0.8

77.3 69.4 76.5 4.6

74.3 77.9 83.3 3.3

Talented and Gifted On Track >95 Graduation 100.0 Completion 100.0 Dropout 0.0

>95 92.7 96.8 0.6

>95 92.4 96.1 0.9

Multi-Racial On Track Graduation Completion Dropout

83.6 74.4 81.3 4.1

81.0 78.4 85.5 3.8

92.9 100.0 69.2 0.0

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

On-Track data are based on the 2016-17 school year; all other data are based on the 2015-16 school year. See previous page for outcome definitions.

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

SCHOOL READINESS

Counseling Link Crew Physical Education School-based health clinic PBIS

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

OREGON

REPORT CARD

2016-17

Crook County High School 1100 SE Lynn Blvd Prineville, OR 97754 (541) 416-6900 cchs.crookcounty.k12.or.us/

DISTRICT Crook County SD SUPERINTENDENT Duane Yecha PRINCIPAL Michelle Jonas GRADES SERVED 9-12

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

CURRICULUM & LEARNING ENVIRONMENT CONTINUED . . . ACADEMIC SUPPORT AVID Academic Academy/Core subject support Peer Tutoring Read 180 Writing Workshop Reading Workshop Math Support

CAREER & TECHNICAL EDUCATION Agriculture Business Culinary Arts Natural Resources Health Occupations Manufacturing and Engineering

ACADEMIC ENRICHMENT World Language Courses Spanish Honors and Dual-Enrollment Courses Advanced Placement and Dual enrollment Math, English, Social Studies, Foreign Language, CTE Special Programs Talented and Gifted Career and Technical Education

EXTRACURRICULAR ACTIVITIES 18 Interscholastic Sports 4 Service Clubs 8 Theatrical Shows Leadership Drama Band Choir

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

OREGON

REPORT CARD

2016-17

Powell Butte Community Charter DISTRICT Crook County SD SUPERINTENDENT Duane Yecha School PRINCIPAL Jennifer Berry-O'Shea 13650 SW Hwy 126 Powell Butte, OR 97753 (541) 548-1166 www.powellbuttecharterschool.org

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

GRADES SERVED K-8

FROM THE PRINCIPAL

Dear Parents and Community Members, This annual report card issued by the Oregon Department of Education offers an overview of Powell Butte Community Charter School's growth and achievement in the 2016-17 school year. School growth is focused on student achievement scores in Reading, Math and Science. This data helps our students, their teachers and you understand more about our strengths and areas of improvement so learning gaps can be addressed. PBCCS is a proud community school with quality educators who are working hard to meet the needs of ALL learners. PBCCS is working towards ensuring that the adopted English Language Arts and Math curriculum are aligned with our rigorous standards, as well as the Smarter Balanced assessment. The teaching staff works to implement instructional practices that are effective for a wide variety of learners, reinforce literacy across content areas and create opportunities for additional support in reading and enrichment opportunities. While PBCCS continues to show consistent achievement, there are some areas identified for improvement. In the coming year the staff will continue to work on improving our math, reading and writing programs. PBCCS is

committed to professional development, curriculum alignment, implementing new tools and strategies for remediation and enrichment, meaningful data collection and analysis to improve student achievement. PBCCS will continue to integrate a place-based approach in all subject areas to provide students with authentic and meaningful learning opportunities rooted in our community and tied directly to the curriculum. We invite our parents and community members to be actively involved with our school. The success of our students at PBCCS is directly related to the effort of parents, staff, students and the community working together to ensure all students can reach their greatest potential. We will continue to strive for academic excellence, while working to improve our instruction in ways that impact student growth and achievement. At PBCCS we are committed to providing every student with a joyful, creative, supportive and loving learning community, so that they may grow and be their best selves! Thank you, Principal

Jennifer Berry-O'Shea

SCHOOL PROFILE

STUDENTS

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

School

21.0 --

186 SELECTED DEMOGRAPHICS 81 Economically Disadvantaged 46 Students with Disabilities 59 Ever English Learner Oregon Different Languages Spoken 24.0 Regular Attenders -Mobile Students

IMMUNIZATION RATES Percent of students with all required vaccines: 93 Percent of students without all required vaccines: 7 When data are unavailable or to protect student confidentiality: * refers to groups of less than 6 students. <5 indicates that a percentage is less than 5%.

27% 17% * 3 87.3% 6.2%

American Indian/Alaska Native, 2% Asian, 0% Black/African American, 1% Hispanic/Latino, 4% Multi-Racial, 3% Native Hawaiian/Pacific Islander, 0% White, 90% 0%

20%

40%

60%

80%

100%

OREGON

REPORT CARD

2016-17

PROGRESS

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

GRADES SERVED K-8

ARE STUDENTS MAKING ADEQUATE GAINS OVER TIME?

Performance of students enrolled in the school for a full academic year SCHOOL PERFORMANCE Did at least 95% of the students at this school take required assessments? Yes Participation rate criteria are in place to ensure schools test all eligible students. The Smarter Balanced and 2014-15 was the first operational year of the alternate new English language arts and mathematics School Performance (%) assessments have assessments. four performance 2013-14 2014-15 2015-16 levels where levels 3 English Language Arts (Administered statewide in grades: 3-8, 11) and 4 are meeting the standard for 61.9 63.9 Levels 3 & 4 school and district 19.8 25.4 accountability. Level 2 18.3 10.7 Level 1 See report cards from previous years to view historical OAKS performance data.

Mathematics

No, Interpret Results with Caution

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

Like-School Average (%) 2016-17

61.1 24.8 14.2

52.3 22.6 25.1

70.6 17.6 11.7

33.0 43.8 23.2

42.8 27.1 30.1

61.6 24.9 13.6

(Administered statewide in grades: 3-8, 11) 31.7 38.1 30.2

Levels 3 & 4 Level 2 Level 1

Science (OAKS)

31.1 39.3 29.5

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

Exceeded Met Did not meet

90.7

11.6 79.1 9.3

74.3

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

5.7 68.6 25.7

69.0

9.5 59.5 31.0

87.8

19.5 68.3 12.2

64.5

13.3 51.2 35.5

84.5

23.1 61.5 15.5

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

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

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

Economically Disadvantaged Eng. Lang. Arts

Mathematics

Science

39.3 29.6 72.7

American Indian/Alaska Native

39.7 30.1 53.2

49.1 37.4 69.8

30.8 23.7 37.1

45.7 43.5 48.7

Ever English Learners Eng. Lang. Arts

Mathematics

Science

* * *

Mathematics

Science

Mathematics

Science

5.6 <5 87.5

21.1 17.6 34.9

46.6 36.9 66.9

* * *

26.6 19.9 32.4

33.3 <5 *

Mathematics

Science

* * *

33.0 26.3 48.9

61.9 66.7 83.3

* * *

71.9 67.8 71.9

80.4 80.0 79.6

Mathematics

Science

31.1 19.8 37.8

25.6 26.8 53.3

50.0 16.7 *

34.6 25.3 43.4

60.2 47.4 73.3

* * *

56.9 46.4 69.9

70.4 59.8 76.8

Mathematics

Science

* * *

Mathematics

Science

>95 >95 >95

Eng. Lang. Arts

Mathematics

Science

* * *

36.3 26.9 42.9

57.1 57.1 *

Eng. Lang. Arts

61.0 36.4 86.5

58.7 48.9 73.0

71.9 62.5 87.2

Mathematics

Science

Eng. Lang. Arts

Mathematics

73.1 27.5 90.0

57.7 42.4 62.8

76.9 61.1 82.8

Science

50.8 37.7 85.7

47.2 43.1 66.1

64.8 62.0 86.1

Male

Multi-Racial 95.1 94.5 97.6

Mathematics

Female

* * *

Eng. Lang. Arts

White

Eng. Lang. Arts

Hispanic/Latino

Talented and Gifted Eng. Lang. Arts

Mathematics

Black/African American

Migrant Eng. Lang. Arts

Eng. Lang. Arts

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

Native Hawaiian/Pacific Islander

Asian

Students with Disabilities Eng. Lang. Arts

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

Eng. Lang. Arts

Mathematics

Science

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

OREGON

REPORT CARD

2016-17

GRADES SERVED K-8

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

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

SCHOOL READINESS

ACADEMIC SUPPORT

EXTRACURRICULAR ACTIVITIES/ AFTER SCHOOL PROGRAMS

Positive Behavioral Interventions and Supports (PBIS) Vision and Hearing Screening Kindergarten Conferences Daily morning meeting Social/emotional learning curriculum

Special Education English Language Learners Response to Intervention Positive Behavior Intervention Support System Educational Technology Instructional Support Staff

Physical education Healthy lunch program

ACADEMIC ENRICHMENT

Art Music Physical Education Place Based Field Work TAG Leadership Technology Drama Foreign Language

After school activities Family events Musical performances Learning fairs

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

Designed by Canada's premier golf course architect Mr. Bill Robinson, the course which crosses the Crooked River 4 times, winds through rolling mounds, 10 ponds and 66 bunkers. Meadow Lakes is a player friendly course with generous fairways, huge greens (6,700 sq. ft. average) and 4 sets of tees. The course plays from 5,155 to 6,731 yards with a course rating of 71.7 and a slope of 125. Meadow Lakes has been host to the 1998 OGA Mid-Amateur Championship, 1999 OGA Public Links Championship and the 2002 OGA Team Championship.

History In 1988, the City of Prineville was facing fines of up to $25,000 per day if it did not find a way to dispose of the wastewater that was being dumped into the Crooked River . Since the city did not have enough money to build a new water-treatment center, the EPA suggested spraying the wastewater over a 400 acre alfalfa field. The mayor, City Manager and City Council decided to build a golf course that would dispose of the wastewater. Meadow Lakes Golf Course is now a fully functional 18-hole championship golf course and waste-water disposal site. The water is disposed of through irrigation and the 10 evaporation ponds that double as water hazards for local golfers. What was initially a huge problem, has turned into a financial and environmental success. Meadow Lakes has been featured in many national publications, and received the inaugural Golf Digest Environmental Leaders Golf Award. Many other golf courses have been modeled after the project completed by the City of Prineville . Meadow Lakes is an active municipal golf course that has hosted two Oregon Amateur State Championships, including the 1998 Oregon MidAmateur Championship. Word has certainly gotten out that this wastewater treatment facility is also a great golf course. Golfers come from all over the Pacific Northwest to play the golf course that they have read and heard so much about. The challenging and enjoyable layout, designed by Bill Robinson, keeps the golfers coming back. Set on the beautiful desert highlands of sunny Central Oregon , amidst sparkling blue ponds, rockrimmed buttes and green meadows, Meadow Lakes features a championship course, a beautiful clubhouse, and a friendly staff eager to make your round of golf an extraordinary experience. Meadow Lakes has been featured in the USA Golf Journal and is one of the first-ever recipients of Golf Digest's National Environmental Leaders Award.

300 SW Meadow Lakes Drive Prineville, Oregon 97754 541.447.7113

Crook County Parks and Recreation Crook County Parks and Recreation District coordinates many of the events and indoor/outdoor recreation programs throughout the year. Many of the parks have covered areas, amphitheater, and baseball fields are by reservation only. Horseshoe pits, shuffleboard, volleyball courts, basketball courts, bocce ball are available at select parks. A few of the parks and events by the Crook County Parks and Recreation District are listed below:

Ochoco Lake Campground 11700 NE Ochoco Hwy Prineville, OR 97754 Operated by Crook County Parks and Recreation District, Ochoco Lake Campground is open seasonally from April 1 through approximately October 31 each year, depending on weather. Located just seven miles east of Prineville on Highway 26 (11700 NE Ochoco Hwy), Ochoco Lake Campground is situated right on the shores of Ochoco Lake. There are 22 self-contained camping spaces available on a first-come first-served basis (limit six people per site, including children), payable by cash, check or Visa/Mastercard. Sites are up to 50 feet long, there are no pull-throughs.

Crooked River Park 1377 S. Main St Prineville, Oregon 97754 This is the largest park, a 30-acre site that the District owns and operates. Facilities at the park include an outdoor amphitheater for theatrical and small music shows. The park also includes Riverside #1 and #2 fields and the Les Schwab #1 and #2 fields that are used by Crook County Little League. Other facilities at the park include five soccer fields, an outdoor volleyball court, a two-sided covered picnic area with handicap accessible restrooms, a concession booth and two children's playground areas. The park also has excellent river access to the Crooked River for fishing and swimming. Crooked River Park hosts the week long Boy Scout Campout, the Les Schwab BBQ, weddings, receptions and car shows.

Crook County Fishing Derby at Ochoco Reservoir It's a great morning of local fishing competition regardless of weather conditions. Fishing is open to anglers of all ages, with fishing from either shoreline or boat. Anglers are responsible for knowing current fishing regulations from the 2013 synopsis applicable to Ochoco Lake. The morning kicks off at Ochoco Lake Campground. Bring your personal fishing gear, and wear cold weather attire. Complimentary snacks, hot coffee, and hot chocolate provided to all anglers. Register early as the registration fee goes up if you register the morning of the derby. For more information on dates and registration please contact the Crook County Parks and Recreation office at 541.447.1209

The Prineville Farmers' Market is in its 7th year of service to the Central Oregon community of Prineville. A small market made up of devoted producers mostly from the local area. Our market is held each Saturday, 8:30 a.m. to 12:30 p.m., from June 16th to October 6th at the Downtown Plaza on 3rd Street. Our main goal is to provide an avenue for local growers to get their products into the hands of local consumers. As a high desert community, Prineville has a shorter growing season than other parts of the state. It is our mission to educate consumers about what types of crops are grown in the local area, and when they are available.

Crook County is home to many beautiful features including Deschutes and Ochoco National Forests, Ochoco Reservoir and together with the Crooked River National Grasslands, encompass just over 2.5 million acres of Central Oregon.. Alpine forests and lush meadows, sparkling lakes and scenic rivers, and open prairies within the spectacular snow capped volcanic peaks of the Cascade Mountain Range to the west and high desert to the east. For more information please contact Crook County Parks and Recreation District. For More Information: 398 NE Fairview St | Prineville, Oregon 97754 | 541.447.1209 | 541.447.9894

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ƐƚĂďůŝƐŚĞĚ ŝŶ ϭϴϲϴ͕ WƌŝŶĞǀŝůůĞ ŝƐ ƚŚĞ ŽůĚĞƐƚ ĐŽŵŵƵŶŝƚǇ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ ĂŶĚ ŽŶĞ ŽĨ ƚŚĞ ^ƚĂƚĞ͛Ɛ ĨŝƌƐƚ ŝŶĐŽƌƉŽƌĂƚĞĚ ĐŝƚŝĞƐ͘ WƌŝŶĞǀŝůůĞ͛Ɛ ĞĐŽŶŽŵŝĐ ŽƌŝŐŝŶƐ ĂƌĞ ƚŝĞĚ ƚŽ ƚŚĞ ůĂŶĚ ŝŶ ĂŐƌŝĐƵůƚƵƌĞ͕ ĨŽƌĞƐƚ ƉƌŽĚƵĐƚƐ͕ ƚŚĞ ƌĂŝůƌŽĂĚ͕ ĂŶĚ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͘ sŝƐŝƚ WƌŝŶĞǀŝůůĞ ĂŶĚ ƐƵƌƌŽƵŶĚŝŶŐ ĂƌĞĂƐ ŝŶ ƌŽŽŬ ŽƵŶƚǇ ĂŶĚ ǇŽƵΖůů ĚŝƐĐŽǀĞƌ ƚŚĞ ŚĞƌŝƚĂŐĞ ŽĨ Ă ĨƌŽŶƚŝĞƌ ƚŽǁŶ͕ ƚŚĞ ŝĚĞĂůƐ ŽĨ ƚŚĞ ĂƌĞĂΖƐ ĨĂŵŝůǇ ĨŽĐƵƐ͕ ĂŶĚ ƚŚĞ ƉƌŝĚĞ ŽĨ Ă ĐŽŵŵƵŶŝƚǇ ĚĞĚŝĐĂƚĞĚ ƚŽ ƉƌŽŐƌĞƐƐ͘ ŽŵŵƵŶŝƚǇ ůĞĂĚĞƌƐ ĂƌĞ ƵŶŝƚĞĚ ŝŶ ƚŚĞŝƌ ĞĨĨŽƌƚƐ ƚŽ ŐƌŽǁ ĂŶĚ ĚŝǀĞƌƐŝĨǇ ƌŽŽŬ ŽƵŶƚǇ͛Ɛ ĞĐŽŶŽŵŝĐ ďĂƐĞ͕ ĂƐƐƵƌŝŶŐ ůŽŶŐͲƚĞƌŵ ĞĐŽŶŽŵŝĐ ǀŝƚĂůŝƚǇ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ƌĞƐŝĚĞŶƚƐ ǁŝƚŚ ĨĂŵŝůǇͲǁĂŐĞ ũŽďƐ͘ ŽƚŚ ƉƉůĞ ĂŶĚ &ĂĐĞďŽŽŬ ŚĂǀĞ ĚĂƚĂ ĐĞŶƚĞƌƐ ůŽĐĂƚĞĚ ŝŶ ƌŽŽŬ ŽƵŶƚǇ ĂŶĚ ŚĂǀĞ ŚĞůƉĞĚ ƚŽ ƌĞƐŚĂƉĞ ƚŚĞ ďƵƐŝŶĞƐƐ ĐůŝŵĂƚĞ ďǇ ĂĚĚŝŶŐ Ă ŵĂũŽƌ ŚŝŐŚ ƚĞĐŚ ƉƌĞƐĞŶĐĞ͘ &ĂĐĞďŽŽŬ ŚĂƐ ďƵŝůƚ ŽŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ĞŶĞƌŐǇͲĞĨĨŝĐŝĞŶƚ ĚĂƚĂ ĐĞŶƚĞƌƐ ŽĨ ŝƚƐ ŬŝŶĚ ŝŶ ƚŚĞ ǁŽƌůĚ͘ /Ŷ ƚĞƌŵƐ ŽĨ ĨƵƚƵƌĞ ŐƌŽǁƚŚ͕ WƌŝŶĞǀŝůůĞ ŝƐ ǁĞůů ƉƌĞƉĂƌĞĚ ǁŝƚŚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝŶ ƉůĂĐĞ ĨŽƌ ǁĂƚĞƌ ĂŶĚ ǁĂƐƚĞǁĂƚĞƌ ƚŽ ƐƵƉƉŽƌƚ ŐƌŽǁƚŚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĨŽƌ ĚĞĐĂĚĞƐ ƚŽ ĐŽŵĞ͘ WƌŝŶĞǀŝůůĞ ĂůƐŽ ŽĨĨĞƌƐ ŝŶĞǆƉĞŶƐŝǀĞ ŝŶĚƵƐƚƌŝĂů ůĂŶĚ͕ ƐŽŵĞ ŽĨ ƚŚĞ ůŽǁĞƐƚͲƉƌŝĐĞĚ ŝŶ ƚŚĞ ƌĞŐŝŽŶ͘

ZKK< KhEdz͛^ dKW DW>Kz Z^ Θ /E h^dZ/ ^ ĐĐŽƌĚŝŶŐ ƚŽ KƌͲ ĞŐŽŶ ŵƉůŽǇŵĞŶƚ ĞƉĂƌƚŵĞŶƚ ;K Ϳ͕ ŽǀĞƌ ϳϱй ŽĨ ƉƌŝǀĂƚĞ ďƵƐŝͲ ŶĞƐƐĞƐ ŝŶ ƚŚĞ ƐƚĂƚĞ ŚĂĚ ŶŝŶĞ Žƌ ĨĞǁĞƌ ĞŵƉůŽǇͲ ĞĞƐ͕ ǁŚŝůĞ ƚŚĞ ĂǀĞƌĂŐĞ Ĩŝƌŵ ĞŵƉůŽǇĞĚ ϭϱ ƉĞŽƉůĞ͘ ^ŵĂůůĞƌ ĐŽŵƉĂŶŝĞƐ ĂƌĞ ŵŽƌĞ ĐƌƵĐŝĂů ŝŶ ƌƵƌĂů ĐŽƵŶͲ ƚŝĞƐ ĂŶĚ ŝƚ͛Ɛ ĨĂŝƌ ƚŽ ƐĂǇ ƚŚĂƚ ƌŽŽŬ ŽƵŶƚǇ͛Ɛ ďƵƐŝŶĞƐƐ ĞŶǀŝƌŽŶŵĞŶƚ ŝƐ ĐŽŵƉƌŝƐĞĚ ƉƌŝŵĂƌŝůǇ ŽĨ ƐŵĂůů ĞŵͲ ƉůŽǇĞƌƐ͕ ǁŝƚŚ Ă ĨĞǁ ŶŽƚĂďůĞ ĞǆĐĞƉƚŝŽŶƐ ƐƵĐŚ ĂƐ >ĞƐ ^ĐŚǁĂď ĂŶĚ ŽŶƚĂĐƚ /ŶĚƵƐƚƌŝĞƐ͘ /Ŷ ƌŽŽŬ ŽƵŶƚǇ͕ ǁŽŽĚ ƉƌŽĚƵĐƚƐ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ŚĂƐ ŚŝƐƚŽƌŝĐĂůůǇ ďĞĞŶ ƚŚĞ ĚŽŵŝŶĂŶƚ ŝŶĚƵƐƚƌǇ͕ ĂůƚŚŽƵŐŚ ƐƚĞĂĚǇ ĚŝͲ ǀĞƌƐŝĨŝĐĂƚŝŽŶ ŝƐ ƵŶĚĞƌǁĂǇ͘ KƵƚƐŝĚĞ ŽĨ ƚƌĂĚŝƚŝŽŶĂů ƚŽƉ ƉƵďůŝĐ ĞŵƉůŽǇĞƌƐ ƐƵĐŚ ĂƐ ƚŚĞ ĐŝƚǇ͕ ĐŽƵŶƚǇ͕ ĂŶĚ ƐĐŚŽŽů ĚŝƐƚƌŝĐƚ͕ ƚŚĞ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĚƵƐƚƌǇ ĐůƵƐͲ ƚĞƌƐ ŝŶ ƚŚĞ ĐŽƵŶƚǇ ĂƌĞ͗ tŽŽĚ ƉƌŽĚƵĐƚƐ ĂƚĂ ĐĞŶƚĞƌƐ tĂƌĞŚŽƵƐĞ ĂŶĚ dƌĂŶƐƉŽƌƚĂƚŝŽŶ dƌƵĐŬŝŶŐ ,ĞĂůƚŚĐĂƌĞ 'ŽǀĞƌŶŵĞŶƚ ůĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ŐƌŝĐƵůƚƵƌĞ

^ŽƵƌĐĞ͗ K ZĞƐĞĂƌĐŚ͕ Ɖƌŝů ϮϬϭϳ

tŚŝůĞ ŶŽƚ ůŝƐƚĞĚ͕ ĂŐƌŝĐƵůƚƵƌĞ ŝƐ Ă ŵĂũŽƌ ŝŶĚƵƐƚƌǇ ŝŶ ƌŽŽŬ ŽƵŶƚǇ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĞŶƐƵƐ ŽĨ ŐƌŝĐƵůƚƵƌĞ͕ ǁŚŝĐŚ ŝƐ ĐŽŶĚƵĐƚĞĚ ĞǀĞƌǇ ĨŝǀĞ ǇĞĂƌƐ͕ ƚŚĞ ϮϬϭϮ ŵĂƌŬĞƚ ǀĂůƵĞ ŽĨ ƉƌŽĚƵĐƚƐ ƐŽůĚ ĞǆĐĞĞĚĞĚ ΨϰϮ ŵŝůůŝŽŶ͖ ϲϴй ŽĨ ǁŚŝĐŚ ǁĂƐ ůŝǀĞƐƚŽĐŬ ĂŶĚ ϯϮй ĐƌŽƉƐ͘

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϭ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

s Z ' t ' ^ &KZ ^ > d K hW d/KE^

dŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞ ĂǀĞƌĂŐĞ ŚŽƵƌůǇ ǁĂŐĞƐ ŝŶ KƌĞŐŽŶ͕ tĂƐŚŝŶŐƚŽŶ͕ ĂŶĚ ĂůŝĨŽƌŶŝĂ͘ ĞŶƚƌĂů KƌĞŐŽŶ ǁĂŐĞƐ ĂƌĞ ƚǇƉŝĐĂůůǇ ďĞůŽǁ ƚŚŽƐĞ ŽĨ KƌĞŐŽŶ͕ ŽĨƚĞŶ ϭϬ ƚŽ ϮϬй͘ tĂŐĞƐ ŝŶ tĂƐŚŝŶŐƚŽŶ ĂƌĞ ƚǇƉŝĐĂůůǇ ŚŝŐŚĞƌ ƚŚĂŶ KƌĞŐŽŶ ǁŚŝůĞ ĂůŝĨŽƌŶŝĂ ǁĂŐĞƐ ƌŽƵƚŝŶĞůǇ ƌƵŶ Ăƚ ůĞĂƐƚ ϮϬй ŚŝŐŚĞƌ ƚŚĂŶ ƚŚŽƐĞ ŝŶ KƌĞŐŽŶ͗

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ Ϯ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

Ks Z DW>KzD Ed Θ W zZK>> &URRN &RXQW\

,QGXVWU\ 7RWDO DOO RZQHUVKLSV 7RWDO SULYDWH FRYHUDJH 1DWXUDO UHVRXUFHV DQG PLQLQJ &RQVWUXFWLRQ 0DQXIDFWXULQJ 7UDGH WUDQVSRUWDWLRQ DQG XWLOLWLHV ,QIRUPDWLRQ )LQDQFLDO DFWLYLWLHV 3URIHVVLRQDO DQG EXVLQHVV VHUYLFHV (GXFDWLRQ DQG KHDOWK VHUYLFHV /HLVXUH DQG KRVSLWDOLW\ 2WKHU VHUYLFHV 7RWDO DOO JRYHUQPHQW 7RWDO IHGHUDO JRYHUQPHQW 7RWDO VWDWH JRYHUQPHQW 7RWDO ORFDO JRYHUQPHQW

(PSOR\HHV

^ŽƵƌĐĞ͗ KƌĞŐŽŶ ŵƉůŽǇŵĞŶƚ ĞƉĂƌƚŵĞŶƚ YƵĂůŝƚǇ/ŶĨŽ͘ŽƌŐ /E h^dZz D/y

3D\UROO

$YJ $QQXDO :DJH

ĞůŽǁ ŝƐ ƚŚĞ ĞŵƉůŽǇŵĞŶƚ ďǇ ƐĞĐƚŽƌ͕ ƉĂǇƌŽůů͕ ĂŶĚ ĂǀĞƌĂŐĞ ĂŶŶƵĂů ƉĂǇ ĨŽƌ ƌŽŽŬ ŽƵŶƚǇ͘ ǀͲ ĞƌĂŐĞ ĂŶŶƵĂů ƉĂǇ ŝƐ ƚŚĞ ƚŽƚĂů ŽĨ Ăůů ĐŽǀĞƌĞĚ ǁĂŐĞƐ ƉĂŝĚ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ ĚŝǀŝĚĞĚ ďǇ ƚŚĞ ŵŽŶƚŚůǇ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ũŽďƐ ĚƵƌŝŶŐ ƚŚĞ ǇĞĂƌ͘ ŽǀĞƌĞĚ ĞŵƉůŽǇŵĞŶƚ ƌĞĨĞƌƐ ƚŽ ũŽďƐ ƚŚĂƚ ĂƌĞ ĞůŝŐŝďůĞ ĨŽƌ ƵŶĞŵƉůŽǇŵĞŶƚ ŝŶƐƵƌĂŶĐĞ͕ ƐŽ ŝƚ ŝƐ Ă ŐŽŽĚ ďĂƌŽŵĞƚĞƌ ŽĨ ǁĂŐĞ ĂŶĚ ƐĞĐƚŽƌ ƚƌĞŶĚƐ͘ EŽƚĞ ƚŚĂƚ ǁŚŝůĞ ŵŽƐƚ ĞŵƉůŽǇĞĞƐ ĂƌĞ ĐŽǀĞƌĞĚ͕ ŶŽƚĂďůĞ ĞǆĐĞƉƚŝŽŶƐ ŝŶĐůƵĚĞ ƚŚĞ ƐĞůĨͲĞŵƉůŽǇĞĚ͕ ƚŚŽƐĞ ǁŚŽ ǁŽƌŬ ƐŽůĞůǇ ŽŶ ĐŽŵŵŝƐƐŝŽŶ͕ ĂŶĚ ƐŽŵĞ ĂŐƌŝĐƵůƚƵƌĂů ǁŽƌŬĞƌƐ͘ ZĞůĂƚŝǀĞ ƚŽ ůĂƐƚ ǇĞĂƌ ;ϮϬϭϱ ĚĂƚĂͿ͕ Ăůů ŵĞĂƐƵƌĞͲ ŵĞŶƚƐͶƚŚĞ ŶƵŵďĞƌ ŽĨ ŝŶĚŝǀŝĚƵĂůƐ ĞŵƉůŽǇĞĚ͕ ƚŚĞ ĂƐƐŽĐŝĂƚĞĚ ƉĂǇƌŽůů͕ ĂŶĚ ĂǀĞƌĂŐĞ ĂŶŶƵĂů ƉĂǇͶŝŶĐƌĞĂƐĞĚ ĂĐƌŽƐƐ ƚŚĞ ďŽĂƌĚ͕ ĚĞŵŽŶƐƚƌĂƚͲ ŝŶŐ Ă ďƌŽĂĚ ƌĞƚƵƌŶ ƚŽ Ă ŚĞĂůƚŚŝĞƌ ĞĐŽŶŽŵǇ͘

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϯ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

h^/E ^^ K^d^ KƌĞŐŽŶ ŚĂƐ ĂĐŚŝĞǀĞĚ ŶĂƚŝŽŶĂů ƐƚĂƚƵƐ ĨŽƌ ďĞŝŶŐ Ă ĐŽƐƚ ĐŽŵƉĞƚŝƚŝǀĞ ůŽĐĂƚŝŽŶ ĨŽƌ ďƵƐŝŶĞƐƐ͘ dŚĞ ƚĂďůĞ ďĞůŽǁ ĐŽŵƉĂƌĞƐ ƚŚĞ ĐŽƐƚ ŽĨ ĚŽŝŶŐ ďƵƐŝŶĞƐƐ ŝŶ KƌĞŐŽŶ͕ tĂƐŚŝŶŐƚŽŶ͕ ĂŶĚ ĂůŝĨŽƌŶŝĂ͘ DĂũŽƌ ĐŽŶƚƌŝďƵƚŝŶŐ ĨĂĐƚŽƌƐ ƚŽ ƚŚĞ KƌĞŐŽŶ ĂĚǀĂŶƚĂŐĞ ĂƌĞ ŶŽ ƐĂůĞƐ ƚĂǆ͕ ŶŽ ŝŶǀĞŶƚŽƌǇ ƚĂǆ͕ ĂŶ ĂĨĨŽƌĚĂďůĞ ƉƌŽƉĞƌƚǇ ƚĂǆ ƐǇƐƚĞŵ͕ ĂŶĚ ĂĨĨŽƌĚĂďůĞ ůĂďŽƌ ĐŽƐƚƐ͘ ǀĞƌĂŐĞ ŝŶĚƵƐƚƌŝĂů͕ ĐŽŵŵĞƌĐŝĂů͕ ĂŶĚ ƌĞƐŝĚĞŶƚŝĂů ƉŽǁĞƌ ĐŽƐƚƐ ĂƌĞ ŶĞĂƌůǇ ŚĂůĨ ƚŚŽƐĞ ŝŶ ĂůŝĨŽƌŶŝĂ ĂŶĚ ŽŶ ĂǀĞƌĂŐĞ Ϯϱй ďĞůŽǁ ŶĂƚŝŽŶĂů ĂǀĞƌĂŐĞƐ͘

dĂǆ &ŽƵŶĚĂƚŝŽŶ͕ ƵƌĞĂƵ ŽĨ >ĂďŽƌ ^ƚĂƚŝƐƚŝĐƐ͕ KƌĞŐŽŶ ŵƉůŽǇŵĞŶƚ ĞƉĂƌƚŵĞŶƚ͕ tĂƐŚŝŶŐƚŽŶ ^ƚĂƚĞ ŵƉůŽǇŵĞŶƚ ^ĞĐƵƌŝƚǇ ĞƉĂƌƚŵĞŶƚ͕ ĂůŝĨŽƌŶŝĂ ŵƉůŽǇŵĞŶƚ ĞͲ ǀĞůŽƉŵĞŶƚ ĞƉĂƌƚŵĞŶƚ͕ h^ ŶĞƌŐǇ /ŶĨŽƌŵĂƚŝŽŶ ƐƐŽĐ͕͘ ŵƉůŽǇĞƌ ,ĞĂůƚŚ ĞŶĞĨŝƚƐ ^ƵƌǀĞǇ͕ KƌĞŐŽŶ /ŶƐƵƌĂŶĐĞ ŝǀŝƐŝŽŶ͕ EĂƚŝŽŶĂů ŽŶĨĞƌĞŶĐĞ ŽĨ ^ƚĂƚĞ >ĞŐŝƐůĂƚƵƌĞƐ

^ŝŶŐůĞ ^ĂůĞƐ &ĂĐƚŽƌ

WĞƌŚĂƉƐ ŽŶĞ ŽĨ ƚŚĞ ŐƌĞĂƚĞƐƚ ĂƐƐĞƚƐ ŝŶ KƌĞŐŽŶ ŝƐ ƚŚĞ ƐƚƌƵĐƚƵƌĞ ŽĨ ŚŽǁ ĐŽƌƉŽƌĂƚŝŽŶƐ ĂƌĞ ƚĂǆĞĚ͕ ŬŶŽǁŶ ĂƐ ƚŚĞ ^ŝŶŐůĞ ^ĂůĞƐ &ĂĐƚŽƌ͘ dŚĞ ƚĂǆ ƌĂƚĞ ŽŶ ĐŽƌƉŽƌĂƚĞ ŝŶĐŽŵĞ ŽĨ ĨŝƌŵƐ ĚŽŝŶŐ ďƵƐŝŶĞƐƐ ŝŶ ƚŚĞ ƐƚĂƚĞ ŝƐ ƚŚĞ ŐƌĞĂƚĞƌ ŽĨ Ă ŵŝŶŝŵƵŵ ďĂƐĞĚ ŽŶ ƌĞůĂƚŝǀĞ KƌĞŐŽŶ ƐĂůĞƐ ;ΨϭϱϬͲΨϭϬϬ͕ϬϬϬ͕ ĂƉƉƌŽǆŝŵĂƚĞůǇ Ϭ͘ϭй ŽĨ ƐĂůĞƐ ďǇ ƚŚĞ ĞŶƚŝƚǇͿ Žƌ ĂŶ ŝŶĐŽŵĞͲďĂƐĞĚ ůĞǀǇ ŽĨ ϲ͘ϲй ŽŶ ĂŵŽƵŶƚƐ ƵƉ ƚŽ Ψϭ ŵŝůůŝŽŶ ĂŶĚ ϳ͘ϲй ĂďŽǀĞ ƚŚĂƚ͘ ZĞůĂƚŝǀĞ KƌĞŐŽŶ ƐĂůĞƐ ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ϭϬϬй ŝŶ ĚĞƚĞƌŵŝŶŝŶŐ h͘^͘ ĐŽƌƉŽƌĂƚĞ ŝŶĐŽŵĞ ƚĂǆĂďůĞ ŝŶ KƌĞŐŽŶ͘ dŚŝƐ ƐŝŶŐůĞ ŝŶƚĞƌƐƚĂƚĞ ĨĂĐƚŽƌ ƐƚĂŶĚƐ ŝŶ ĐŽŶƚƌĂƐƚ ƚŽ ƐƚĂƚĞƐ ƚŚĂƚ ĂůƐŽ ƵƐĞ ĨĂĐƚŽƌƐ ĨŽƌ ƉƌŽƉĞƌƚǇ ĂŶĚ ƉĂǇƌŽůů ƚŽ ĂƉƉŽƌƚŝŽŶ ƚĂǆĂďůĞ ŝŶĐŽŵĞ͘ /ƚ ŝƐ ĂĚǀĂŶƚĂͲ ŐĞŽƵƐ ƚŽ Ă ďƵƐŝŶĞƐƐ ŚĞĂĚƋƵĂƌƚĞƌĞĚ Žƌ ƉƌŽĚƵĐŝŶŐ ƚĂŶŐŝďůĞ ŐŽŽĚƐ ŝŶ KƌĞŐŽŶ ;ĂŶĚ ƐĞůůŝŶŐ ƉƌŽĚƵĐƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŽƵŶƚǇ͕ Žƌ ƚŚĞ ǁŽƌůĚ͕ ǁŚĞƌĞ ŝƚ ĂůƐŽ ŽƉĞƌĂƚĞƐͿ ďĞĐĂƵƐĞ ŝƚƐ ďƵƐŝŶĞƐƐ KƌĞŐŽŶ ƚĂǆ ůŝĂďŝůŝƚǇ ŝƐ ƉƌŽƉŽƌƚŝŽŶĂů ŽŶůǇ ƚŽ ŝƚƐ KƌĞŐŽŶ ĐƵƐƚŽŵĞƌ ďĂƐĞ͕ ĂŶĚ ƚŚĂƚ ůŝĂďŝůŝƚǇ ĚŽĞƐ ŶŽƚ ŐƌŽǁ ĚŝƌĞĐƚůǇ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ŐƌĞĂƚĞƌ ŝŶǀĞƐƚŵĞŶƚ Žƌ ĞŵƉůŽǇŵĞŶƚ ŝŶ KƌĞŐŽŶ͘ ,Žǁ ƚŚĞ ƐŝŶŐůĞ ƐĂůĞƐ ĨĂĐƚŽƌ ǁŽƌŬƐ /Ŷ ŝƚƐ KƌĞŐŽŶ ƚĂǆ ƌĞƚƵƌŶ͕ ƚŚĞ ďƵƐŝŶĞƐƐ ƚĂŬĞƐ ƚŚĞ ƌĂƚŝŽ ƚŽ ŝƚƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĨĞĚĞƌĂů ŝŶĐŽŵĞ͘ dŚĞ ƌĞƐƵůƚ ŝƐ KƌĞŐŽŶ ƚĂǆĂďůĞ ŝŶĐŽŵĞ͘ KƌĞŐŽŶ ƐĂůĞƐ ĂƌĞ ďĂƐĞĚ ŽŶ ǁŚĞƌĞ ƚŚĞ ŐƌĞĂƚĞƌ ĐŽƐƚ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ŽĐĐƵƌƐ ĨŽƌ ƚĂŶŐŝďůĞ ƐĂůĞƐ͘ /Ŷ ƚŚĞ ĐĂƐĞ ŽĨ ƚĂŶŐŝďůĞ ŐŽŽĚƐ͕ KƌͲ ĞŐŽŶ ƐĂůĞƐ ŝŶĐůƵĚĞ ƚŚĞ ƚŚƌŽǁďĂĐŬ ŽĨ ƐĂůĞƐ ƚŽ ĐƵƐƚŽŵĞƌƐ ǁŚĞƌĞ ƚŚĞ ĞŶƚŝƚǇ ǁŽƵůĚ ŶŽƚ ŽƚŚĞƌǁŝƐĞ ďĞ ƚĂǆĂďůĞ͘ ;^ŽƵƌĐĞ͗ ƵƐŝŶĞƐƐ KƌĞŐŽŶͿ dŚŝƐ ƚĂǆ ƉŽůŝĐǇ ŝƐ Ă ŵĂũŽƌ ƌĞĂƐŽŶ ǁŚǇ KƌĞŐŽŶ ŝƐ ŚŽŵĞ ƚŽ /ŶƚĞů͛Ɛ ůĂƌŐĞƐƚ ŐůŽďĂů ĞŵƉůŽǇŵĞŶƚ ĂŶĚ ĐĂƉŝƚĂů ŝŶǀĞƐƚŵĞŶƚ͘ dŚĞ ƐŝŶŐůĞ ƐĂůĞƐ ĨĂĐƚŽƌ ĂůƐŽ ƉůĂǇƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ƌŽůĞ ĨŽƌ EŝŬĞ͕ ŽůƵŵďŝĂ ^ƉŽƌƚƐǁĞĂƌ͕ <ĞĞŶ͕ ĂŶĚ ŽƚŚĞƌ ŽƵƚĚŽŽƌ ŐĞĂƌ ĂŶĚ ĂƉƉĂƌĞů ŵĂŶƵĨĂĐͲ ƚƵƌĞƌƐ͛ ĐŽŶƚŝŶƵĞĚ ŐƌŽǁƚŚ ŽĨ ŚĞĂĚƋƵĂƌƚĞƌƐ͕ ZΘ ͕ ĂŶĚ ǁĂƌĞŚŽƵƐĞ ŽƉĞƌĂƚŝŽŶƐ͘

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϰ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

KƌĞŐŽŶ ŽĨĨĞƌƐ ŵŽƌĞ ŝŶĐĞŶƚŝǀĞ ƉƌŽŐƌĂŵƐ ƚŽ ƚƌĂĚĞĚͲƐĞĐƚŽƌ ďƵƐŝŶĞƐƐĞƐ ;ĐŽŵƉĂŶŝĞƐ ƚŚĂƚ ƐĞůů ƉƌŽĚƵĐƚƐ Žƌ ƐĞƌǀŝĐĞƐ ŽƵƚƐŝĚĞ ŽĨ ƚŚĞ ĂƌĞĂͿ ƚŚĂŶ tĂƐŚŝŶŐƚŽŶ Žƌ ĂůŝĨŽƌŶŝĂ ĐŽŵďŝŶĞĚ͘ ƚƚĞŵƉƚŝŶŐ ƚŽ ƵŶĚĞƌƐƚĂŶĚ Ăůů ĐŽƐƚ ĨĂĐƚŽƌƐ ŝŶ ĚŝĨĨĞƌĞŶƚ ƐƚĂƚĞƐ ĂŶĚ ŚŽǁ ƚŚŽƐĞ ŝŵƉĂĐƚ ǇŽƵƌ ƐƉĞĐŝĨŝĐ ďƵƐŝŶĞƐƐ ĐĂŶ ďĞ Ă ĚĂƵŶƚŝŶŐ ƚĂƐŬ͘ ^ŽŵĞ ĐŽƐƚ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ƚŚĞ ĞĨĨŝĐŝĞŶĐǇ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ƌĞŐƵůĂƚŽƌǇ ŽǀĞƌƐŝŐŚƚ ;ŝ͘Ğ͘ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ĨĞĚĞƌĂů W ƌƵůĞƐͿ ĐĂŶ ďĞ ĚƌĂŵĂƚŝĐĂůůǇ ĚŝĨĨĞƌĞŶƚ ĨƌŽŵ ƐƚĂƚĞ ƚŽ ƐƚĂƚĞ͕ ďƵƚ ǀŝƌƚƵĂůůǇ ŝŵƉŽƐƐŝďůĞ ƚŽ ƉůĂĐĞ Ă ĚŽůůĂƌ ǀĂůƵĞ ŽŶ ĨŽƌ ĐŽŵƉĂƌŝƐŽŶ ƉƵƌƉŽƐĞƐ

tŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶ /ŶƐƵƌĂŶĐĞ

$FFRUGLQJ WR WKH :RUNHUV¶ &RPSHQVDWLRQ 'LYLVLRQ RI 2UHJRQ 26+$ 2UHJRQ ZRUN HUV¶ FRPSHQVDWLRQ FRVWV ZLOO GURS IRU WKH WK VWUDLJKW \HDU LQ DQG DUH EHORZ WKH QDWLRQDO PHDQ

DW>KzD Ed dZ E ^

ƚŚ

tŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ ĐŽƐƚƐ ŝŶ KƌĞŐŽŶ ĂƌĞ ƚŚĞ ϳ ůŽǁĞƐƚ ŝŶ ƚŚĞ ĐŽƵŶƚƌǇ ĂŶĚ ĂƌĞ ŚŝŐŚůǇ ĨĂǀŽƌĂďůĞ ĐŽŵͲ ƉĂƌĞĚ ƚŽ ŽƚŚĞƌ ƐƚĂƚĞƐ͘ dŚĞ ͞ƉƵƌĞ ƉƌĞŵŝƵŵ͟ ŝƐ ƚŚĞ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƉƌĞŵŝƵŵ ĞŵƉůŽǇĞƌƐ ƉĂǇ ŝŶƐƵƌĞƌƐ ƚŽ ĐŽǀĞƌ ĂŶƚŝĐŝƉĂƚĞĚ ĐůĂŝŵƐ ĐŽƐƚƐ ĨŽƌ ũŽďͲƌĞůĂƚĞĚ ŝŶũƵƌŝĞƐ ĂŶĚ ĚĞĂƚŚƐ͘ ^ƚĂƚĞ ŽĨĨŝĐŝĂůƐ ĂƚƚƌŝďƵƚĞ ƚŚĞ ĚĞĐƌĞĂƐĞ ƚŽ Ă ĨŽĐƵƐ ŽŶ ŝŵƉƌŽǀŝŶŐ ǁŽƌŬĞƌ ƐĂĨĞƚǇ͕ ŐĞƚƚŝŶŐ ŝŶũƵƌĞĚ ǁŽƌŬĞƌƐ ƚƌĞĂƚĞĚ ĂŶĚ ďĂĐŬ ŽŶ ƚŚĞ ũŽď ƋƵŝĐŬůǇ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŝŶŝƚŝĂů ŝŵƉĂĐƚ ŽĨ ŵĞĚŝĐĂů ĐŽƐƚ ĐŽŶƚƌŽů ƐƚƌĂƚĞͲ ŐŝĞƐ͘ dŚĞ ͞ƉƵƌĞ ƉƌĞŵŝƵŵ͟ ƌĂƚĞ ŚĂƐ ĞŝƚŚĞƌ ƌĞŵĂŝŶĞĚ ƚŚĞ ƐĂŵĞ Žƌ ĚĞĐƌĞĂƐĞĚ ĨŽƌ Ϯϯ ŽĨ ƚŚĞ ƉĂƐƚ Ϯϱ ǇĞĂƌƐ͘ ƚ Ψϭ͘Ϯϴ͕ ŝƚ͛Ɛ ĐƵƌƌĞŶƚůǇ ƚŚĞ ůŽǁĞƐƚ ŝƚ ŚĂƐ ďĞĞŶ ŝŶ ƚŚĞ ůĂƐƚ ϮϬ ǇĞĂƌƐ͕ ŵĂŬŝŶŐ ƚŚŝƐ ĐŽƐƚ ĂŵŽŶŐ ƚŚĞ ůŽǁĞƐƚ ŝŶ ƚŚĞ ĐŽƵŶƚƌǇ ĨŽƌ ĞŵƉůŽǇĞƌƐ͘ &Žƌ ŵĂŶƵĨĂĐƚƵƌĞƌƐ ŝŶ ƉůĂĐĞƐ ůŝŬĞ ĂůŝĨŽƌŶŝĂ͕ ƚŚĞ ĐŽƐƚ ƐĂǀŝŶŐƐ ŽĨ ǁŽƌŬĞƌƐ͛ ĐŽŵƉĞŶƐĂƚŝŽŶ ŝŶƐƵƌĂŶĐĞ ŝŶ KƌĞͲ ŐŽŶ ĐĂŶ ďĞ ƐƵďƐƚĂŶƚŝĂů͘ ǀĞŶ Ă ĐŽŵƉĂŶǇ ǁŝƚŚ ϱϬ ĞŵƉůŽǇĞĞƐ ĐĂŶ ƌĞĂůŝǌĞ Ă ƐŝǆͲĨŝŐƵƌĞ ĂŶŶƵĂů ƐĂǀŝŶŐƐ ďĂƐĞĚ ŽŶ ƚŚŝƐ ŽŶĞ ĐŽƐƚ ĨĂĐƚŽƌ ĂůŽŶĞ͘

hŶĞŵƉůŽǇŵĞŶƚ ƚƌĞŶĚ dŚŝƐ ĐŚĂƌƚ ƉƌŽǀŝĚĞƐ Ă ĨŝǀĞͲǇĞĂƌ ƉĞƌƐƉĞĐƚŝǀĞ ŽŶ ƵŶĞŵƉůŽǇͲ ŵĞŶƚ ŝŶ ƚŚĞ dƌŝͲ ŽƵŶƚǇ ĂƌĞĂ͘ ^ŝŶĐĞ ĞĂƌůǇ ϮϬϭϭ͕ ƵŶĞŵƉůŽǇͲ ŵĞŶƚ ƌĂƚĞƐ ŚĂǀĞ ďĞĞŶ ƌĞĚƵĐĞĚ ƐŝŐŶŝĨŝĐĂŶƚůǇ͘ ƌŽŽŬ ŽƵŶƚǇ͛Ɛ ĨĞůů ƚŽ ϱ͘ϱй͕ ƚŚĞ ůŽǁĞƐƚ ƌĂƚĞ ƐŝŶĐĞ :ƵŶĞ ϮϬϬϴ͘ ĞĐĂƵƐĞ ŽĨ ĞŶƚƌĂů KƌĞŐŽŶ͛Ɛ ĐŽŶƚŝŶƵĞĚ ŝŶͲŵŝŐƌĂƚŝŽŶ͕ ũŽď ĐƌĞĂƚŝŽŶ ƚǇƉŝĐĂůůǇ ůĂŐƐ ƉŽƉƵůĂƚŝŽŶ ŐƌŽǁƚŚ͕ Ă ƌĞĂƐŽŶ ǁŚǇ ŚŝƐƚŽƌŝĐĂůůǇ͕ ƌŽŽŬ ŽƵŶƚǇ͛Ɛ ƵŶĞŵƉůŽǇŵĞŶƚ ƌĂƚĞ ƚƌĂĐŬƐ ŚŝŐŚĞƌ ƚŚĂŶ ƚŚĞ ŶĂƚŝŽŶĂů ƌĂƚĞ͘

,Kh^/E' ͬ Z > ^d d

ǀĞƌĂŐĞ DŽŶƚŚůǇ ZĞŶƚ dŚĞ ĞŶƚƌĂů KƌĞŐŽŶ ƌĞŶƚĂů ŵĂƌŬĞƚ ĐŽŶƚŝŶƵĞƐ ƚŽ ĨĂĐĞ ŚĞŝŐŚƚĞŶĞĚ ĚĞŵĂŶĚ ŝŶ ƚŚĞ ŵŝĚƐƚ ŽĨ ĐŽŶͲ ƐƚƌĂŝŶĞĚ ƐƵƉƉůǇ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĞŶƚƌĂů KƌĞŐŽŶ ZĞŶƚĂů KǁŶĞƌƐ ƐƐŽĐŝĂƚŝŽŶ ; KZK Ϳ͕ ƚŚĞ ŽǀĞƌĂůů ǀĂĐĂŶĐǇ ƌĂƚĞ ŝƐ ϭ͘ϱϬй ;ĂƐ ŽĨ DĂǇ ϮϬϭϲͿ͕ ĚŽǁŶ ĨƌŽŵ ϭϮ͘ϰй ŝŶ ϮϬϬϵ͘ dŚĞ ŚŝŐŚ ĚĞŵĂŶĚ ŚĂƐ ĞǆĞƌƚĞĚ ƉƌĞƐƐƵƌĞ ŽŶ ƉƌŝĐĞƐ ĂŶĚ Ă ŐƌŽǁŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ŵƵůƚŝͲĨĂŵŝůǇ ƌĞƐŝĚĞŶƚŝĂů ĐŽŶƐƚƌƵĐƚŝŽŶ͘ /Ŷ ƚŚĞ ůĂƐƚ ǇĞĂƌ͕ ƚǁŽ ĂŶĚ ƚŚƌĞĞ ďĞĚͲ ƌŽŽŵ ƌĞŶƚĂů ŚŽƵƐĞƐ ŝŶĐƌĞĂƐĞĚ ŵŽƌĞ ŽŶ Ă ƉĞƌĐĞŶƚĂŐĞ

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϱ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

ďĂƐŝƐ ƚŚĂŶ ĂƉĂƌƚŵĞŶƚƐ ĂŶĚ ĚƵƉůĞǆĞƐ͘ ϮϬϭϲ ĂǀĞƌĂŐĞ ƌĞŶƚ ƉƌŝĐĞƐ ĨŽƌ ƚŚƌĞĞ ďĞĚƌŽŽŵ ŚŽŵĞƐ ǁĞƌĞ ƵƉ ƐůŝŐŚƚůǇ ĨƌŽŵ ϮϬϭϱ ŝŶ ŶĞĂƌůǇ Ăůů ĞŶƚƌĂů KƌĞŐŽŶ ĐŽŵŵƵŶŝƚŝĞƐ͘ KƵƌ ĞǆƉĞĐƚĂƚŝŽŶ ŝƐ ƚŚĂƚ ϮϬϭϳ ĂŶŶƵĂů ƌĞŶƚĂů ĨŝŐƵƌĞƐ ǁŝůů ďĞ ƵƉ ƐŚĂƌƉůǇ ŝŶ ŵŽƐƚ ĞŶƚƌĂů KƌĞŐŽŶ ĐŽŵŵƵŶŝͲ ƚŝĞƐ ĂŵŝĚƐƚ ƐƚƌŽŶŐ ŝŶͲŵŝŐƌĂƚŝŽŶ ĂŶĚ ŶĞĂƌ ƌĞĐŽƌĚ ůŽǁ ǀĂĐĂŶĐŝĞƐ͘

,ŽŵĞ WƌŝĐĞƐ Ɛ ǁŝƚŚ ŵƵĐŚ ŽĨ ƚŚĞ ƌĞƐƚ ŽĨ ƚŚĞ ĐŽƵŶƚƌǇ͕ ƌĞƐŝĚĞŶƚŝĂů ƉƌŽƉĞƌƚǇ ƉƌŝĐĞƐ ƉĞĂŬĞĚ ƚŽ ĂůůͲƚŝŵĞ ŚŝŐŚƐ ŝŶ ϮϬϬϳ ĂŶĚ ĚĞĐůŝŶĞĚ ŝŶ ǀĂůƵĞ ďǇ ĂƐ ŵƵĐŚ ĂƐ ϰϬй ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ǇĞĂƌƐ͘ WƌŝĐͲ ĞƐ ŚĂǀĞ ƌĞďŽƵŶĚĞĚ ƐƵďƐƚĂŶƚŝĂůůǇ͖ ďŽƚŚ ŵĞĚŝĂŶ ĂŶĚ ĂǀĞƌĂŐĞ ŚŽŵĞ ƉƌŝĐĞƐ ŝŶĐƌĞĂƐĞĚ ŝŶ ϮϬϭϲ ĂĐƌŽƐƐ ƚŚĞ ƌĞŐŝŽŶ͕ ĂŶĚ ĂƌĞ ĐƵƌƌĞŶƚůǇ Ăƚ Žƌ ĂďŽǀĞ ĂůůͲƚŝŵĞ ŚŝŐŚƐ͘

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϲ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

ŽŵŵĞƌĐŝĂů ĂŶĚ ŝŶĚƵƐƚƌŝĂů ƌĞĂů ĞƐƚĂƚĞ ŵĂƌŬĞƚ ƚƌĞŶĚƐ ĞŶƚƌĂů KƌĞŐŽŶ͛Ɛ ĐŽŵŵĞƌĐŝĂů ƌĞĂů ĞƐƚĂƚĞ ŵĂƌŬĞƚ ŝƐ ŵĂƌŬĞĚ ďǇ ƐƵďƐƚĂŶƚŝĂů ƉŽƐŝƚŝǀĞ ĂďƐŽƌƉƚŝŽŶ ƚƌĞŶĚƐ͘ /Ŷ ƚŚĞŝƌ ƋƵĂƌƚĞƌůǇ WK/Ed^ ƌĞͲ ƉŽƌƚ͕ ŽŵƉĂƐƐ ŽŵŵĞƌĐŝĂů ZĞĂů ƐƚĂƚĞ ŽďƐĞƌǀĞƐ ƚŚĂƚ ϮϬϭϰ ŵĂƌŬĞĚ ƚŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞĐĞƐƐŝŽŶ ĨŽƌ ƚŚĞ ŽĨĨŝĐĞ ŵĂƌŬĞƚ͘ ZĞƚĂŝů ĂŶĚ ŽĨĨŝĐĞ ƐĞĐƚŽƌƐ ĂƌĞ ĞǆƉĞƌŝĞŶĐŝŶŐ ƐƚƌŽŶŐ ŐƌŽǁƚŚ ĂŶĚ ůŽǁ ǀĂĐĂŶĐǇ ƌĂƚĞƐ͘ ƵŝůĚŝŶŐ ĂĐƚŝǀŝƚǇ ŝƐ ƐƚĞĂĚŝůǇ ŝŶĐƌĞĂƐŝŶŐ ƚŚƌŽƵŐŚŽƵƚ ĞŶƚƌĂů KƌĞŐŽŶ͘ ƵƌƌĞŶƚ ĚĞŵĂŶĚ ĨŽƌ ƌĞƐŝĚĞŶƚŝĂů ƌĞĂů ĞƐƚĂƚĞ ŝƐ ŽƵƚƉĂĐŝŶŐ ƚŚĞ ĂǀĂŝůĂďůĞ ƐƵƉƉůǇ ŽĨ ƉƌŽƉĞƌƚŝĞƐ͘ Ɛ Ă ƌĞƐƵůƚ͕ ƚŚĞ ŶƵŵďĞƌ ŽĨ ďƵŝůĚŝŶŐ ƉĞƌŵŝƚƐ ŝƐƐƵĞĚ ŝƐ ŝŶĐƌĞĂƐŝŶŐ ƌĂƉŝĚůǇ ĂŶĚ ŚŽŵĞ ƉƌŝĐĞƐ ĂƌĞ ĐůŝŵďŝŶŐ͘

WĞƌŵŝƚ ĐƚŝǀŝƚǇ ŝŶ ƌŽŽŬ ŽƵŶƚǇ

ƵŝůĚŝŶŐ WĞƌŵŝƚƐ

ZĞƐŝĚĞŶƚŝĂů ďƵŝůĚŝŶŐ ĂĐƚŝǀŝƚǇ ŝŶ ƌŽŽŬ ŽƵŶƚǇ ŚĂƐ ŶŽƚ ǇĞƚ ĂƉͲ ƉƌŽĂĐŚĞĚ ƚŚĞ ŚŝŐŚͲǁĂƚĞƌ ŵĂƌŬ ŽĨ ϮϬϬϲ ďƵƚ ŚĂƐ ƐĞĞŶ Ă ƐŝŐŶŝĨŝĐĂŶƚ ƌĞďŽƵŶĚ ŝŶ ϮϬϭϱ ĂŶĚ ϮϬϭϲ͘ ŽŵŵĞƌĐŝĂů ĂŶĚ ŝŶĚƵƐƚƌŝĂů ƉĞƌŵŝƚ ĂĐƚŝǀŝͲ ƚǇ ƐŚŽǁĞĚ ƌĞŶĞǁĞĚ ǀŝƚĂůŝƚǇ ŝŶ ϮϬϭϰ ǁŝƚŚ ϴϵ ƉĞƌŵŝƚƐ͕ ƚŚĞ ŚŝŐŚĞƐƚ ŶƵŵďĞƌ ŝŶ ƚŚĞ ůĂƐƚ ĚĞĐĂĚĞ͕ ĂŶĚ ŚĂƐ ƌĞŵĂŝŶĞĚ ƐƚƌŽŶŐ ƚŚƌŽƵŐŚ ϮϬϭϱ ĂŶĚ ϮϬϭϲ͘

ϮϬϬϲ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ

>ĂŶĚ ĐŽƐƚƐ ĂŶĚ ůĞĂƐĞ ƌĂƚĞƐ

ZĞƐŝĚĞŶƚŝĂů ϰϱϯ Ϯϯϯ ϭϬϭ ϭϵ ϰϰ ϯϯ Ϯϯ ϲϯ ϵϯ ϭϭϱ ϭϲϰ

ŽŵŵĞƌĐŝĂůͬ /ŶĚƵƐƚƌŝĂů ϰϲ ϯϵ ϱϵ ϭϳ ϲ ϭϴ ϭϬ ϯϭ ϴϵ ϳϳ ϲϯ

dŽƚĂů sĂůƵĂƚŝŽŶ Ψϳϲ͕ϬϵϬ͕ϯϴϲ Ψϯϵ͕ϭϳϵ͕ϱϳϬ ΨϮϲ͕ϳϳϲ͕ϳϬϮ Ψϭϴ͕ϯϵϮ͕Ϯϳϱ Ψϱϯ͕ϴϵϬ͕ϯϲϱ Ψϯϭ͕ϰϬϯ͕ϲϴϮ Ψϯϴ͕Ϯϳϭ͕Ϭϲϱ ΨϮϬ͕Ϯϲϳ͕ϴϵϱ Ψϱϵ͕ϵϯϰ͕ϵϲϳ Ψϭϯϴ͕ϳϬϬ͕ϴϮϯ ΨϭϮϴ͕ϰϵϬ͕ϵϱϰ

>ĂŶĚ ĐŽƐƚƐ ŝŶ ƌŽŽŬ ŽƵŶƚǇ ĂƌĞ ƌĞďŽƵŶĚŝŶŐ ĂĨƚĞƌ ƐĞĞŝŶŐ ƐŝŐŶŝĨŝĐĂŶƚ ǀĂůƵĞ ƌĞĚƵĐƚŝŽŶƐ ŝŶ ƚŚĞ ƉĂƐƚ ĨĞǁ ǇĞĂƌƐ͘ WƌŝŶĞǀŝůůĞ ĂŶĚ ƌŽŽŬ ŽƵŶƚǇ ĂƌĞ ŬŶŽǁŶ ĨŽƌ ĨĂƐƚͲƚƌĂĐŬ ƉĞƌŵŝƚƚŝŶŐ͕ ĨůĞǆŝďŝůŝƚǇ͕ ĂŶĚ ĐŽŵŵŽŶ ƐĞŶƐĞ ƉůĂŶŶŝŶŐ ĂŶĚ ƉĞƌŵŝƚƚŝŶŐ ĨĞĞƐ͘ dŚŝƐ ŵĂŬĞƐ ƌŽŽŬ ŽƵŶƚǇ ŽŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ĐŽƐƚͲĞĨĨĞĐƚŝǀĞ ĂƌĞĂƐ ƚŽ ĚĞǀĞůŽƉ ĂŶĚͬŽƌ ďƵŝůĚ ŝŶ ĞŶƚƌĂů KƌĞͲ ^ŽƵƌĐĞ͗ ƌŽŽŬ ŽƵŶƚǇ ƵŝůĚŝŶŐ ĞƉĂƌƚŵĞŶƚ ŐŽŶ͘ WƌŝŶĞǀŝůůĞ ĂůƐŽ ďŽĂƐƚƐ ƐĞǀĞƌĂů ŝŵƉŽƌƚĂŶƚ ƚĂǆ ŝŶĐĞŶƚŝǀĞƐ ƚŽ ŚĞůƉ ďƵƐŝŶĞƐƐĞƐ ǁŝƚŚ ƌĞůŽͲ ĐĂƚŝŽŶ ĂŶĚ ĞǆƉĂŶƐŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ŶƚĞƌͲ ƉƌŝƐĞ ŽŶĞ͕ ZƵƌĂů ZĞͲ ŶĞǁĂďůĞ ŶĞƌŐǇ ŽŶĞ͕ ĂŶĚ ƚŚĞ >ŽŶŐͲƚĞƌŵ ŶͲ ƚĞƌƉƌŝƐĞ ŽŶĞ͕ ǁŚŝĐŚ ĐĂŶ ƉƌŽǀŝĚĞ ƵƉ ƚŽ ϭϱͲ ǇĞĂƌƐ ŽĨ ϭϬϬй ƉƌŽƉĞƌͲ ƚǇ ƚĂǆ ĞǆĞŵƉƚŝŽŶ ŽŶ ŶĞǁ ƉĞƌƐŽŶĂů ĂŶĚ ƌĞĂů ƉƌŽƉĞƌƚǇ ŝŶǀĞƐƚŵĞŶƚƐ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ƚŚĞƐĞ ƉƌŽŐƌĂŵƐ͕ ĐŽŶƚĂĐƚ K͛Ɛ WƌŝŶĞǀŝůůĞ ŽĨĨŝĐĞ Ăƚ ϱϰϭͲϮϯϯͲϮϬϭϱ͘

zĞĂƌ

ZĞĂů DĂƌŬĞƚ sĂůƵĞ

ŝƚǇ ŽĨ WƌŝŶĞǀŝůůĞ ϮϬϭϭͬϭϮ Ψϴϯϱ͕Ϯϰϲ͕Ϯϵϳ ϮϬϭϮͬϭϯ Ψϱϰϲ͕ϭϭϬ͕ϵϴϬ ϮϬϭϯͬϭϰ Ψϱϵϲ͕ϲϱϵ͕Ϭϲϭ ϮϬϭϰͲϭϱ Ψϲϱϭ͕Ϭϳϳ͕Ϭϯϱ ϮϬϭϱͲϭϲ Ψϲϵϴ͕ϭϰϯ͕ϰϰϲ ϮϬϭϲͲϭϳ Ψϳϴϰ͕ϰϲϰ͕ϳϬϭ ƌŽŽŬ ŽƵŶƚǇ ϮϬϭϭͬϭϮ Ψϭ͕ϳϲϬ͕Ϯϱϱ͕ϳϰϳ ϮϬϭϮͬϭϯ Ψϭ͕ϳϬϭ͕ϱϴϬ͕ϰϱϬ ϮϬϭϯͬϭϰ Ψϭ͕ϴϬϲ͕ϴϵϱ͕ϲϱϭ ϮϬϭϰͲϭϱ ΨϮ͕Ϭϴϴ͕ϮϮϵ͕ϰϱϴ ϮϬϭϱͲϭϲ ΨϮ͕Ϯϳϯ͕ϴϰϰ͕ϴϳϰ ϮϬϭϲͲϭϳ ΨϮ͕ϱϰϭ͕ϮϳϮ͕ϯϴϮ

ƐƐĞƐƐĞĚ sĂůƵĂƚŝŽŶ

dĂǆ ZĂƚĞΎ ;ƉĞƌ ΨϭϬϬϬͿ

Ψϱϰϭ͕ϴϭϰ͕ϴϱϭ ΨϱϮϮ͕Ϭϭϰ͕ϭϭϬ Ψϱϱϳ͕ϯϯϭ͕ϯϮϴ Ψϱϵϰ͕ϵϭϯ͕ϯϵϳ ΨϲϮϭ͕ϰϭϮ͕ϳϲϬ Ψϲϱϵ͕ϳϮϬ͕ϳϱϭ

Ψϭϲ͘ϱϯ Ψϭϲ͘ϰϮ Ψϭϱ͘ϵϵ Ψϭϱ͘ϵϵ Ψϭϲ͘ϭϮ Ψϭϲ͘ϯϰϮϴ

Ψϭ͕ϱϰϭ͕ϴϱϱ͕ϵϬϯ Ψϭ͕ϱϮϳ͕Ϭϲϵ͕ϯϲϱ Ψϭ͕ϲϬϳ͕ϲϱϰ͕ϲϱϰ Ψϭ͕ϳϰϯ͕ϴϮϴ͕ϱϮϳ Ψϭ͕ϴϰϱ͕ϴϯϵ͕ϴϲϯ Ψϭ͕ϵϱϭ͕ϯϴϰ͕ϲϭϯ

Ψϭϯ͘ϱϭ Ψϭϯ͘ϱϭ Ψϭϯ͘ϱϮ Ψϭϯ͘ϱϮ Ψϭϯ͘ϲϭ Ψϭϯ͘ϴϬ

sĂůƵĂƚŝŽŶ ĞƚĂŝů Θ WƌŽƉĞƌƚǇ dĂǆĂƚŝŽŶ ƐƐĞƐƐĞĚ ǀĂůƵĂƚŝŽŶƐ ĨŽƌ ďŽƚŚ ƚŚĞ ŝƚǇ ŽĨ WƌŝŶĞǀŝůůĞ ĂŶĚ ƌŽŽŬ ŽƵŶƚǇ ǁĞƌĞ ĚĞĐůŝŶŝŶŐ ĂĨƚĞƌ Ă ŚŝŐŚ ŝŶ ϮϬϬϵͬϭϬ͕ ďƵƚ ŚĂǀĞ ŶŽǁ ƌĞďŽƵŶĚĞĚ ĂŶĚ ƐƵƌƉĂƐƐĞĚ ƚŚĞ ǀĂůƵĞƐ ŝŶ ƚŚŽƐĞ ǇĞĂƌƐ͘ ĨƚĞƌ ƚŚĞ ƉĂƐƐĂŐĞ ŽĨ DĞĂƐƵƌĞ ϱϬ ŝŶ ϭϵϵϳ͕ KƌĞŐŽŶ ƚĂǆ ƌĂƚĞƐ ǁĞƌĞ ƉĞŐŐĞĚ Ăƚ ϵϬй ŽĨ ϭϵϵϱ ƌĞĂů ŵĂƌͲ ŬĞƚ ǀĂůƵĞƐ͕ ǁŝƚŚ ĂŶ ĂůůŽǁĂďůĞ ϯй ŝŶĐƌĞĂƐĞ ĞĂĐŚ ǇĞĂƌ͘ EĞǁ ĚĞǀĞůŽƉŵĞŶƚ ĂůƐŽ ĨĂĐƚŽƌƐ ŝŶƚŽ ƚŚŝƐ ƚŚƌĞĞ ƉĞƌĐĞŶƚ ŝŶĐƌĞĂƐĞ ĐĂƉ ƐƵĐŚ ƚŚĂƚ ĨĂƐƚĞƌͲŐƌŽǁŝŶŐ ĐŽŵŵƵŶŝƚŝĞƐ ĐĂŶ ŚĂǀĞ ůŽǁĞƌ ĞĨĨĞĐƚŝǀĞ ƚĂǆ ƌĂƚĞƐ ŽŶ Ăůů ƉƌŽƉĞƌƚǇ͘ dŚŝƐ ĐŚĂŶŐĞ ĨĂĐƚŽƌ͕ ĐĂůůĞĚ ƚŚĞ ŚĂŶŐĞ WƌŽƉĞƌƚǇ ZĂƚĞ ; WZͿ͕ ĂĚũƵƐƚƐ ĂŶŶƵĂůůǇ͘ dŚĞ ŝƚǇ ŽĨ WƌŝŶĞǀŝůůĞ͛Ɛ ŽǀĞƌĂůů ƉƌŽƉĞƌƚǇ ƚĂǆĂƚŝŽŶ ƌĂƚĞƐ ŚĂǀĞ ƌĞŵĂŝŶĞĚ ǀĞƌǇ ƐƚĂďůĞ ŽǀĞƌ ƚŚĞ ƉĂƐƚ ĚĞĐĂĚĞ͘

^ŽƵƌĐĞ͗ ƌŽŽŬ ŽƵŶƚǇ ƐƐĞƐƐŽƌ͕ ΎWƌŝŶĞǀŝůůĞ ƚĂǆ ƌĂƚĞͲ ŵŽƐƚ ĐŽŵŵŽŶ

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϳ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

s >h d/KE^

&ŝŶĂŶĐŝĂů /ŶƐƚŝƚƵƚŝŽŶƐ /Ŷ ƌŽŽŬ ŽƵŶƚǇ͕ ƚŚĞƌĞ ĂƌĞ ƐĞǀĞŶ ĨŝŶĂŶĐŝĂů ŝŶƐƚŝƚƵƚŝŽŶƐ ;ĨŝǀĞ ďĂŶŬƐ ĂŶĚ ƚǁŽ ĐƌĞĚŝƚ ƵŶŝŽŶƐͿ͘ /Ŷ ůĂƚĞ ϮϬϭϮ͕ ^ĞĂƚƚůĞͲ ďĂƐĞĚ tĂƐŚŝŶŐƚŽŶ &ĞĚĞƌĂů ĂĐƋƵŝƌĞĚ ^ŽƵƚŚ sĂůůĞǇ ĂŶŬ Θ dƌƵƐƚ ĐŽŶǀĞƌƚŝŶŐ ŝƚƐ ŽŶĞ ďƌĂŶĐŚ ůŽĐĂƚĞĚ ŝŶ ƌŽŽŬ ŽƵŶƚǇ͘ ZĞĐĞŶƚůǇ͕ &ŝƌƐƚ /ŶƚĞƌƐƚĂƚĞ ĂŶŬ ƉƵƌĐŚĂƐĞĚ ĂŶŬ ŽĨ ƚŚĞ ĂƐĐĂĚĞƐ͘

ĂŶŬƐ ĂŶĚ ƌĞĚŝƚ hŶŝŽŶƐ ŝŶ ƌŽŽŬ ŽƵŶƚǇ ;ĂƐ ŽĨ ^ĞƉƚ͘ ϮϬϭϳͿ &ŝƌƐƚ /ŶƚĞƌƐƚĂƚĞ ĂŶŬ

^ŽƵƚŚ sĂůůĞǇ ĂŶŬ Θ dƌƵƐƚ

:WDŽƌŐĂŶ ŚĂƐĞ ĂŶŬ

h͘^͘ ĂŶŬ

DŝĚ KƌĞŐŽŶ ƌĞĚŝƚ hŶŝŽŶ

tĂƐŚŝŶŐƚŽŶ &ĞĚĞƌĂů

KƌĞŐŽŶŝĂŶƐ ƌĞĚŝƚ hŶŝŽŶ

tĞůůƐ &ĂƌŐŽ ĂŶŬ

^ŽƵƌĐĞƐ͗ & / ^ƵŵŵĂƌǇ ŽĨ ĞƉŽƐŝƚƐ͕ K ƵƐŝŶĞƐƐ ZĞƐĞĂƌĐŚ ϮϬϭϳ

&ŝŶĂŶĐŝĂů /ŶƐƚŝƚƵƚŝŽŶ ĞƉŽƐŝƚƐ ŝŶ ƌŽŽŬ ŽƵŶƚǇͬ ĞŶƚƌĂů KƌĞŐŽŶ

ĞƉŽƐŝƚƐ

;ŝŶ ŵŝůůŝŽŶƐͿ

dŚĞ ƚŽƚĂů ĚĞƉŽƐŝƚ ďĂƐĞ ĨŽƌ & / ͲŝŶƐƵƌĞĚ ŝŶƐƚŝƚƵƚŝŽŶƐ ĂƐ ŝŶ ƚŚĞ ƚƌŝͲĐŽƵŶƚǇ ƌĞŐŝŽŶ ǁĂƐ Ψϯ͘ϰϮϳ ďŝůůŝŽŶ͘ /Ŷ ƌŽŽŬ ŽƵŶƚǇ͕ ƚŚĞ ƚŽƚĂů ǁĂƐ ŶĞĂƌůǇ ΨϮϳϳ ŵŝůůŝŽŶ ĂƐ ŽĨ :ƵŶĞ ϯϬ͕ ϮϬϭϳ͕ ƚŚĞ ŵŽƐƚ ĐƵƌƌĞŶƚ ĚĂƚĂ ĂǀĂŝůĂďůĞ͘

h d/KE

ŽƵŶƚǇ

ϮϬϬϴ

ϮϬϭϮ

ϮϬϭϱ

ϮϬϭϳ

й 'ƌŽǁƚŚ ϮϬϭϱͲϭϳ

ƌŽŽŬ ŽƵŶƚǇ

ΨϭϮϯ

ΨϮϲϭ

ΨϮϯϰ

ΨϮϳϳ

ϭϴй

ΨϮ͕ϲϳϴ

Ψϯ͕ϯϳϳ

ϯ͕ϰϮϳ

ϭ͘ϱй

dƌŝͲ ŽƵŶƚǇ dŽƚĂů Ψϭ͕ϯϳϵ

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

WƵďůŝĐ ^ĐŚŽŽůƐ

^ĐŚŽŽů

ŶƌŽůůŵĞŶƚ

dŚĞ ƌŽŽŬ ŽƵŶƚǇ ^ĐŚŽŽů ŝƐƚƌŝĐƚ ŽƉĞƌĂƚĞƐ ĨŝǀĞ ĞůĞŵĞŶƚĂƌǇ ƐĐŚŽŽůƐ͕ ŽŶĞ WĂƵůŝŶĂ ;<ͲϴͿ ĐŚĂƌƚĞƌƐ ƐĐŚŽŽů ;WŽǁĞůů ƵƚƚĞͿ͕ ŽŶĞ ŵŝĚĚůĞ ƐĐŚŽŽů͕ ŽŶĞ ŚŝŐŚ ƐĐŚŽŽů͕ ĂŶĚ ŽŶĞ WŽǁĞůů ƵƚƚĞ ;<ͲϴͿ ŚĂƌƚĞƌ ĂůƚĞƌŶĂƚŝǀĞ ŚŝŐŚ ƐĐŚŽŽů͘ /Ŷ DĂǇ ŽĨ ϮϬϭϯ ǀŽƚĞƌƐ ƉĂƐƐĞĚ Ă ΨϯϬ ŵŝůůŝŽŶ ďŽŶĚ ƚŽ ĂƌŶĞƐ ƵƚƚĞ ;<ͲϱͿ ĐŽŶƐƚƌƵĐƚ Ă ŶĞǁ ĞůĞŵĞŶƚĂƌǇ ƐĐŚŽŽů ĂŶĚ ƉƌŽǀŝĚĞ ƵƉŐƌĂĚĞƐ ƚŽ ĞǆŝƐƚŝŶŐ ŝŶĨƌĂͲ ƌŽŽŬĞĚ ZŝǀĞƌ ;<ͲϱͿ ƐƚƌƵĐƚƵƌĞ͘ dŚĞ ŶĞǁ ĂƌŶĞƐ ƵƚƚĞ ůĞŵĞŶƚĂƌǇ ŽƉĞŶĞĚ ŝŶ ϮϬϭϱ͘ ƌŽƚŚĞƌƐ ;<ͲϱͿ ƌŽŽŬ ŽƵŶƚǇ DŝĚĚůĞ WƌŽǀŝĚŝŶŐ ĂŶ ĂůƚĞƌŶĂƚŝǀĞ ƚŽ ƐƚĂŶĚĂƌĚ ƉƵďůŝĐ ƐĐŚŽŽů ĞĚƵĐĂƚŝŽŶ͕ ƚŚĞ WŽǁĞůů ƌŽŽŬ ŽƵŶƚǇ ,ŝŐŚ ƵƚƚĞ ŚĂƌƚĞƌ ^ĐŚŽŽů ŐŝǀĞƐ ƉĞƌƐŽŶĂů ĂŶĚ ĐŽŵŵƵŶŝƚǇ ŽƌŝĞŶƚĞĚ ĞĚƵĐĂƚŝŽŶ ƚŽ WŝŽŶĞĞƌ ,ŝŐŚ ^ĐŚŽŽů ĂŶĚ ĂůƚĞƌŶĂƚŝǀĞ ĂƌĞĂ ĞůĞŵĞŶƚĂƌǇ ĂŶĚ ŵŝĚĚůĞ ƐĐŚŽŽů ƐƚƵĚĞŶƚƐ͘ dŚĞ ŚŝŐŚ ƐĐŚŽŽů ŽĨĨĞƌƐ Ă ǀĂͲ ƉƌŽŐƌĂŵƐ ƌŝĞƚǇ ŽĨ ĚƵĂůͲĞŶƌŽůůŵĞŶƚ ĂŶĚ W ĐŽƵƌƐĞƐ ƚŚĂƚ ƉƌŽǀŝĚĞ ƐƚƵĚĞŶƚƐ ǁŝƚŚ ƚŚĞ dŽƚĂů ŶƌŽůůŵĞŶƚ ŽƉƉŽƌƚƵŶŝƚǇ ƚŽ ĞĂƌŶ ĐŽůůĞŐĞ ĐƌĞĚŝƚ ǁŚŝůĞ Ɛƚŝůů ĞŶƌŽůůĞĚ ŝŶ ŚŝŐŚ ƐĐŚŽŽů͘ dŚĞ ^ŽƵƌĐĞ͗ ƌŽŽŬ ŽƵŶƚǇ ^ĐŚŽŽů ŝƐƚƌŝĐƚ ŝƐƚƌŝĐƚ ĂůƐŽ ŽĨĨĞƌƐ ƉƌŽĨĞƐƐŝŽŶĂů ƚĞĐŚŶŝĐĂů ƉƌŽŐƌĂŵƐ͕ ĨŝŶĞ ĂƌƚƐ͕ ĂŶĚ ĨŽƌĞŝŐŶ ůĂŶŐƵĂŐĞ ƉƌŽŐƌĂŵƐ͘ &Žƌ ĂĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ͕ ĐĂůů ϱϰϭͲϰϰϳͲϱϲϲϰ Žƌ ǀŝƐŝƚ ǁǁǁ͘ĐƌŽŽŬĐŽƵŶƚǇ͘ŬϭϮ͘Žƌ͘ƵƐ͘

ϮϬ ϭϴϰ ϲϱϯ ϲϮϵ ϴ ϱϴϮ ϳϰϴ ϭϮϮ Ϯϵϯϲ

WƌŝǀĂƚĞ ^ĐŚŽŽůƐ

,ŝŐŚ ĞƐĞƌƚ ŚƌŝƐƚŝĂŶ ĐĂĚĞŵǇ ;ĨŽƌŵĞƌůǇ ƌŽŽŬ ŽƵŶƚǇ ŚƌŝƐƚŝĂŶ ^ĐŚŽŽůͿ ŝƐ Ă ƉƌŝǀĂƚĞ͕ ƉƌĞͲƐĐŚŽŽů ƚŚƌƵ ϴƚŚ ŐƌĂĚĞ ŚƌŝƐƚŝĂŶ ^ĐŚŽŽů ůŽĐĂƚĞĚ ŝŶ WƌŝŶĞǀŝůůĞ͘ ,ŝŐŚ ĞƐĞƌƚ ŚƌŝƐƚŝĂŶ ĐĂĚĞŵǇ ǁĂƐ ĨŽƵŶĚĞĚ ŝŶ ϭϵϵϰ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĐĂůů ϱϰϭͲϰϭϲͲϬϭϭϰ͘

ĞŵĂŶĚ ĨŽƌ ,ŝŐŚĞƌ ĚƵĐĂƚŝŽŶ

dŚĞ ƉŽƉƵůĂĐĞ ŽĨ ĞŶƚƌĂů KƌĞŐŽŶ ŚĂƐ Ă ƐƚƌŽŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ƉƵƌƐƵŝŶŐ ŚŝŐŚĞƌ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ŝŵƉƌŽǀŝŶŐ ƚŚĞŝƌ ǀŽĐĂƚŝŽŶĂů ƐŬŝůůƐ͘ dŚĞ ůĂƐƚ ƐĞǀĞƌĂů ǇĞĂƌƐ͕ ĚĞŵĂŶĚ ĨŽƌ ŚŝŐŚĞƌ ĞĚƵĐĂƚŝŽŶ ŚĂƐ ďĞĞŶ ĚƌŝǀĞŶ ďǇ ƐĞǀĞƌĂů ĨŽƌĐĞƐ͗ ĞŶƚƌĂů KƌĞŐŽŶ͛Ɛ ŐƌŽǁŝŶŐ ƉŽƉƵůĂƚŝŽŶ ďĂƐĞ͕ Ă ƌĞĐŽǀĞƌǇ ĨƌŽŵ ƚŚĞ ŶĂƚŝŽŶĂů ĞĐŽŶŽŵŝĐ ƌĞĐĞƐƐŝŽŶ͕ ĂŶĚ ũŽď ƚƌĂŝŶŝŶŐ ĂŶĚ ƌĞͲƚƌĂŝŶŝŶŐ͘ ĚĚŝƚŝŽŶĂůůǇ͕ K^hͲ ĂƐĐĂĚĞƐ ĂŵƉƵƐ ŝƐ ŐĂŝŶŝŶŐ ŝŶ ƌĞƉƵƚĂƚŝŽŶ͕ ĂƚƚƌĂĐƚŝŶŐ ŵŽƌĞ ƐƚƵĚĞŶƚƐ͕ ĂŶĚ ĞǆƉĂŶĚŝŶŐ ŝƚƐ ƉƌŽŐƌĂŵ ŽĨĨĞƌŝŶŐƐ͘ K ǁŽƌŬƐ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ĞŶƚƌĂů KƌĞŐŽŶ ŽŵŵƵŶŝƚǇ ŽůůĞŐĞ ; K Ϳ ĂŶĚ K^hͲ ĂƐĐĂĚĞƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƉƌŽŐƌĂŵ ŽĨĨĞƌͲ ŝŶŐƐ ĂůŝŐŶ ǁŝƚŚ ďƵƐŝŶĞƐƐ ŶĞĞĚƐ͘ ŽƚŚ ŝŶƐƚŝƚƵƚŝŽŶƐ ŚĂǀĞ ƚŽƉ ůĞĂĚĞƌƐ ƚŚĂƚ ƐĞƌǀĞ ĂƐ ŝƌĞĐƚŽƌƐ ŽŶ K͛Ɛ ŽĂƌĚ͘

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϴ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

ĞŶƚƌĂů KƌĞŐŽŶ ŽŵŵƵŶŝƚǇ ŽůůĞŐĞ ; K Ϳ

ĞŶƚƌĂů KƌĞŐŽŶ ŽŵŵƵŶŝƚǇ ŽůůĞŐĞ ŽƉĞƌĂƚĞƐ ĐĂŵƉƵƐĞƐ ŝŶ ĞŶĚ͕ ZĞĚŵŽŶĚ͕ DĂĚƌĂƐ͕ ĂŶĚ WƌŝŶĞǀŝůůĞ͘ &ŽƵŶĚĞĚ ŝŶ ϭϵϰϵ͕ K ;ǁǁǁ͘ĐŽĐĐ͘ĞĚƵͿ ŝƐ KƌĞŐŽŶ͛Ɛ ĨŝƌƐƚ ĂŶĚ ĐŽŶƐĞƋƵĞŶƚůǇ ŽůĚĞƐƚ ĐŽŵŵƵŶŝƚǇ ĐŽůůĞŐĞ͘ dŚĞ ŽůůĞŐĞ ŽĨĨĞƌƐ ƚǁŽͲǇĞĂƌ ĂƐƐŽĐŝĂƚĞ ĚĞŐƌĞĞƐ͕ ƚƌĂŶƐĨĞƌͬůŽǁĞƌ ĚŝǀŝƐŝŽŶ ƉƌŽŐƌĂŵƐ͕ ĐĂƌĞĞƌ ĂŶĚ ƚĞĐŚŶŝĐĂů ĞĚƵĐĂƚŝŽŶ ĚĞͲ ŐƌĞĞƐ ĂŶĚ ĐĞƌƚŝĨŝĐĂƚĞƐ͕ ĚĞǀĞůŽƉŵĞŶƚĂů ĐŽƵƌƐĞƐ͕ ĐŽŶƚŝŶƵŝŶŐ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ĐŽŵŵƵŶŝƚǇ ůĞĂƌŶŝŶŐ ĐůĂƐƐĞƐ͕ ŝŶĚƵƐƚƌǇͲƐƉĞĐŝĨŝĐ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵƐ ĂŶĚ ďƵƐŝŶĞƐƐ ŵĂŶĂŐĞŵĞŶƚ ĂƐƐŝƐƚĂŶĐĞ͘ dŚĞ K ŝƐƚƌŝĐƚ ĐŽǀĞƌƐ Ă ϭϬ͕ϬϬϬͲƐƋƵĂƌĞͲŵŝůĞ ĂƌĞĂ ƚŚĂƚ ĞŶĐŽŵƉĂƐƐĞƐ Ăůů ŽĨ ƌŽŽŬ͕ ĞƐĐŚƵƚĞƐ͕ ĂŶĚ :ĞĨĨĞƌƐŽŶ ĐŽƵŶƚŝĞƐ͕ ƚŚĞ ƐŽƵƚŚĞƌŶ ƉĂƌƚ ŽĨ tĂƐĐŽ͕ ĂŶĚ ƚŚĞ ŶŽƌƚŚĞƌŶ ƉŽƌƚŝŽŶƐ ŽĨ <ůĂŵĂƚŚ ĂŶĚ >ĂŬĞ ŽƵŶƚŝĞƐ͘ ƐĞǀĞŶͲŵĞŵďĞƌ ďŽĂƌĚ ŽĨ ĚŝƌĞĐͲ ƚŽƌƐ ŐŽǀĞƌŶƐ ƚŚĞ ŽůůĞŐĞ͕ ǁŝƚŚ ŵĞŵďĞƌƐ ŽĨ ƚŚĂƚ ďŽĂƌĚ ĞůĞĐƚĞĚ ĨƌŽŵ ŐĞŽŐƌĂƉŚŝĐ ǌŽŶĞƐ ŝŶ ƚŚĞ ŝƐƚƌŝĐƚ͘ dŚĞ ϮϬϭͲĂĐƌĞ ĞŶĚ ĐĂŵƉƵƐ ŝŶĐůƵĚĞƐ Ϯϲ ďƵŝůĚŝŶŐƐ ǁŝƚŚ Ă ƚŽƚĂů ŽĨ ϱϳϱ͕ϬϬϬ ƐƋƵĂƌĞ ĨĞĞƚ ƵŶĚĞƌ ƌŽŽĨ͘ dŚĞ ŶĞǁĞƐƚ ďƵŝůĚŝŶŐƐ ĂƌĞ ƚŚĞ :ƵŶŐĞƌƐ ƵůŝŶĂƌǇ ĞŶƚĞƌ͕ ĨƵŶĚĞĚ ƉƌŝŵĂƌŝůǇ ďǇ ƉƌŝǀĂƚĞ ĚŽŶĂƚŝŽŶƐ ĂŶĚ ŽƉĞŶĞĚ ŝŶ ϮϬϭϭ͖ ĂŶĚ ƚŚĞ ,ĞĂůƚŚ ĂƌĞĞƌƐ ĞŶƚĞƌ ĂŶĚ ^ĐŝĞŶĐĞ ĞŶƚĞƌ͕ ĨƵŶĚĞĚ ďǇ Ă ǀŽƚĞƌͲĂƉƉƌŽǀĞĚ ďŽŶĚ ŵĞĂƐƵƌĞ ĂŶĚ ŽƉĞŶĞĚ ŝŶ ĨĂůů ϮϬϭϮ ͘ dŚĞ ^ŵĂůů ƵƐŝŶĞƐƐ ĞǀĞůŽƉŵĞŶƚ ĞŶƚĞƌ ;^ Ϳ ŽƉĞƌĂƚĞĚ ďǇ K ƉƌŽǀŝĚĞƐ ĂĐƚŝǀĞ ƐƵƉƉŽƌƚ ĨŽƌ ĞŶƚƌĂů KƌĞŐŽŶ͛Ɛ ƐŵĂůů ďƵƐŝŶĞƐƐĞƐ͘ ^ ƉƌŽǀŝĚĞƐ ƉƌŽŐƌĂŵƐ ƐƵĐŚ ĂƐ ĐŽƵŶƐĞůŝŶŐ ĂŶĚ ŵĂƌŬĞƚ ƌĞƐĞĂƌĐŚ ĂƐƐŝƐͲ ƚĂŶĐĞ ĨŽƌ ĞŶƚƌĞƉƌĞŶĞƵƌƐ Ăƚ ƚŚĞ ĞĂƌůŝĞƐƚ ƐƚĂŐĞƐ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ͘ K ͛Ɛ ŽŶƚŝŶƵŝŶŐ ĚƵĐĂƚŝŽŶ ĚĞƉĂƌƚŵĞŶƚ ĚĞůŝǀĞƌƐ ŝŶĚƵƐƚƌǇͲƐƉĞĐŝĨŝĐ ĐŽƵƌƐĞƐ ĂŶĚ ǁŽƌŬƐŚŽƉƐ ƚĂŝůŽƌĞĚ ƚŽ ďƵƐŝŶĞƐƐ ĂŶĚ ŝŶĚƵƐƚƌǇ͛Ɛ ĐŚĂŶŐŝŶŐ ŶĞĞĚƐ͘ dŚĞ ŽůůĞŐĞ ĂůƐŽ ŽĨĨĞƌƐ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĐŽŶƚŝŶƵŝŶŐ ĞĚƵĐĂƚŝŽŶ ĨŽƌ ƉĞƌƐŽŶĂů ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ͘ K ͛Ɛ ƵƐŝŶĞƐƐ ĂŶĚ ŵƉůŽǇĞĞ ĞǀĞůŽƉŵĞŶƚ ĚĞƉĂƌƚŵĞŶƚ ĚĞůŝǀĞƌƐ ŝŶĚƵƐƚƌǇͲƐƉĞĐŝĨŝĐ ĐŽƵƌƐĞƐ ĂŶĚ ǁŽƌŬƐŚŽƉƐ ƚĂŝůŽƌĞĚ ƚŽ ďƵƐŝͲ ŶĞƐƐ ĂŶĚ ŝŶĚƵƐƚƌǇ͛Ɛ ĐŚĂŶŐŝŶŐ ŶĞĞĚƐ͘ dŚĞ ŽůůĞŐĞ ĂůƐŽ ŽĨĨĞƌƐ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĐŽŶƚŝŶƵŝŶŐ ĞĚƵĐĂƚŝŽŶ ĨŽƌ ƉĞƌƐŽŶĂů ĂŶĚ ƉƌŽĨĞƐƐŝŽŶͲ Ăů ĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ K ZĞĚŵŽŶĚ ĂŵƉƵƐ ƐŝƚƐ ŽŶ ϮϱͲĂĐƌĞƐ ŶĞĂƌ ƚŚĞ ZĞĚŵŽŶĚ ŝƌƉŽƌƚ ĂŶĚ ŝŶĐůƵĚĞƐ ĨŽƵƌ ďƵŝůĚŝŶŐƐ ƚŽ ƐĞƌǀĞ ƐƚƵĚĞŶƚƐ ǁŝƚŚ Ă ǀĂƌŝĞƚǇ ŽĨ ĐĂƌĞĞƌ ƉƌŽŐƌĂŵƐ͕ ĞĚƵĐĂƚŝŽŶĂů ŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ ĂŶĚ ƚƌĂŶƐĨĞƌ ĞůŝŐŝďůĞ ĐůĂƐƐĞƐ͘ dŚŝƐ ƉĂƐƚ ǇĞĂƌ͕ ĂƉƉƌŽǆŝŵĂƚĞůǇ Ϯ͕ϰϬϬ ƐƚƵͲ ĚĞŶƚƐ ĞŶƌŽůůĞĚ ŝŶ ŽŶĞ Žƌ ŵŽƌĞ ĐƌĞĚŝƚ ĐůĂƐƐĞƐ ŝŶ ZĞĚŵŽŶĚ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ǁŝĚĞ ƌĂŶŐĞ ŽĨ ƐĞƌǀŝĐĞƐ ĂŶĚ ĐŽůůĞŐĞ ĐŽƵƌƐĞƐ ŽĨĨĞƌĞĚ ƚŽ ƐƚƵĚĞŶƚƐ͕ K ͛Ɛ ZĞĚŵŽŶĚ ĂŵƉƵƐ ŝƐ ŚŽŵĞ ƚŽ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ DĂŶƵĨĂĐƚƵƌŝŶŐ ĂŶĚ ƉƉůŝĞĚ dĞĐŚŶŽůŽŐǇ ĞŶƚĞƌ͕ Ă Ϯϲ͕ϬϬϬͲ ƐƋƵĂƌĞͲĨŽŽƚ ƚĞĐŚŶŝĐĂů ƚƌĂŝŶŝŶŐ ĨĂĐŝůŝƚǇ ǁŝƚŚ ĐĞƌƚŝĨŝĐĂƚĞ ĂŶĚ ĚĞŐƌĞĞ ƉƌŽŐƌĂŵƐ ƌĞĂĚǇŝŶŐ ƐƚƵĚĞŶƚƐ ĨŽƌ ũŽďƐ ŝŶ ƚŚĞ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ĨŝĞůĚ͘ ZĞĚŵŽŶĚ ŝƐ ĂůƐŽ ŚŽŵĞ ƚŽ K ͛Ɛ sĞƚĞƌŝŶĂƌǇ dĞĐŚŶŝĐŝĂŶ ƉƌŽŐƌĂŵ͘ dŚĞ K ƌĞŐŝŽŶĂů dĞĐŚŶŽůŽŐǇ ĚƵĐĂƚŝŽŶ ĞŶƚĞƌ ŽĨĨĞƌƐ ĐůĂƐƐĞƐ ĨŽƌ ĞŶƚƌĂů KƌĞŐŽŶ͛Ɛ ďƵƐŝŶĞƐƐ ĂŶĚ ǁŽƌŬĨŽƌĐĞ ƉŽƉƵůĂƚŝŽŶ Ăƚ ƚŚĞ ZĞĚŵŽŶĚ ĂŵƉƵƐ͘ dŚŝƐ ϯϰ͕ϬϬϬͲƐƋƵĂƌĞͲĨŽŽƚ ĨĂĐŝůŝƚǇ͕ ƉůĂŶŶĞĚ ĂŶĚ ĚĞǀĞůŽƉĞĚ ǁŝƚŚ ŝŶĚƵƐƚƌǇ ƉĂƌƚŝĐŝƉĂƚŝŽŶ͕ ŝƐ ŚŽŵĞ ƚŽ Ă ƚǁŽͲǇĞĂƌ ĚĞͲ ŐƌĞĞ ŽƉƚŝŽŶ ŝŶ ƵƚŽŵŽƚŝǀĞ dĞĐŚŶŽůŽŐǇ ŝŶ ůĞĐƚƌŽŶŝĐƐ ĂŶĚ ŝĂŐͲ ŶŽƐƚŝĐƐ ;d Ϳ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ͗ǁǁǁ͘ĐŽĐĐ͘ĞĚƵͬƌĞĚŵŽŶĚ Žƌ ϱϰϭͲϱϬϰͲϮϵϬϬ͘ K dĞĐŚŶŽůŽŐǇ ĚƵĐĂƚŝŽŶ ĞŶƚĞƌ ŝŶ ZĞĚŵŽŶĚ ŶƌŽůůŵĞŶƚ Ăƚ K ŚĂƐ ŝŶĐƌĞĂƐĞĚ ĚƌĂŵĂƚŝĐĂůůǇ ŽǀĞƌ ƚŚĞ ǇĞĂƌƐ͕ ĚŽƵďůŝŶŐ ŝŶ ƚŚĞ ůĂƐƚ ĨĞǁ ǇĞĂƌƐ ĂƐ ŝŶĐƌĞĂƐŝŶŐ ŶƵŵďĞƌƐ ŽĨ ĂƌĞĂ ƌĞƐŝĚĞŶƚƐ ƚƵƌŶĞĚ ƚŽ ƚŚĞ ŽůůĞŐĞ ĨŽƌ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ƚƌĂŝŶŝŶŐ ĂĨƚĞƌ ƚŚĞ ĞĐŽŶŽŵŝĐ ĚŽǁŶƚƵƌŶ͘ ƌĞĐŽƌĚ ŶƵŵďĞƌ ŽĨ ƐƚƵĚĞŶƚƐ ŚĂǀĞ ďĞĞŶ ĞĂƌŶŝŶŐ ĐĞƌƚŝĨŝĐĂƚĞƐ ĂŶĚ ĚĞŐƌĞĞƐ͕ ƚŚĞŶ ƚƌĂŶƐĨĞƌƌŝŶŐ ƚŽ ĨŽƵƌͲǇĞĂƌ ĐŽůůĞŐĞƐ ĂŶĚ ƵŶŝǀĞƌƐŝƚŝĞƐ Žƌ ŵŽǀŝŶŐ ŝŶƚŽ ũŽďƐ ůŽĐĂůůǇ ƵƐŝŶŐ ƐŬŝůůƐ ůĞĂƌŶĞĚ ŝŶ ƚŚĞ ĐĂƌĞĞƌ ĂŶĚ ƚĞĐŚŶŝĐĂů ĞĚƵĐĂƚŝŽŶ ƉƌŽŐƌĂŵƐ͘

KƉĞŶ ĂŵƉƵƐ ʹ ƌŽŽŬ ŽƵŶƚǇ dŚĞ K ƌŽŽŬ ŽƵŶƚǇ KƉĞŶ ĂŵƉƵƐ ďĞŐĂŶ ĂƐ Ă ĐŽůůĂďŽƌĂƚŝǀĞ ƉĂƌƚŶĞƌƐŚŝƉ ďĞƚǁĞĞŶ ƌŽŽŬ ŽƵŶƚǇ͕ K ͕ ĂŶĚ K^h KƉĞŶ ĂŵƉƵƐͲ ƌŽŽŬ ŽƵŶƚǇ͘ dŚĞ ĐĂŵƉƵƐ ŝƐ ŶŽǁ ŽƉĞƌĂƚĞĚ ďǇ K ĂŶĚ ŽĨĨĞƌƐ ĐŽƵƌƐĞƐ ŝŶ ƵƐŝŶĞƐƐ͕ ŐĞŶĞƌĂů ĞĚƵĐĂƚŝŽŶ ƌĞƋƵŝƌĞŵĞŶƚƐ ůĞĂĚŝŶŐ ƚŽ ƚŚĞ Kd͕ ' ƉƌĞƉĂƌĂƚŝŽŶ͕ ĂŶĚ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ƉĞƌƐŽŶĂů ĞŶƌŝĐŚŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͘ KƉĞŶĞĚ ŝŶ ϮϬϭϭ͕ ƚŚĞ ĐĂŵƉƵƐ ǁĂƐ ĨƵŶĚĞĚ ďǇ Ă ĞƉĂƌƚŵĞŶƚ ŽĨ >ĂďŽƌ ŐƌĂŶƚ ƚŽ ƌŽŽŬ ŽƵŶƚǇ ĂŶĚ Ă ďŽŶĚ ŵĞĂƐƵƌĞ ĨŽƌ K ƉĂƐƐĞĚ ďǇ ůŽĐĂů ǀŽƚĞƌƐ͘ /ƚ ŝƐ ďƵŝůƚ ŽŶ ůĂŶĚ ĚŽŶĂƚĞĚ ďǇ ƌŽŽŬ ŽƵŶƚǇ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ͗ ŚƚƚƉ͗ͬͬǁǁǁ͘ĐŽĐĐ͘ĞĚƵͬƉƌŝŶĞǀŝůůĞ

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϵ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

KƌĞŐŽŶ ^ƚĂƚĞ hŶŝǀĞƌƐŝƚǇ ʹ ĂƐĐĂĚĞƐ

tŝƚŚ Ă ĐĂŵƉƵƐ ƐŽ ŶĞǁ ƚŚĞ ƉĂŝŶƚ ŝƐ Ɛƚŝůů ĚƌǇŝŶŐ͕ ƚŚĞŝƌ ĨŝƌƐƚ ϭ͕ϮϬϬ ƐƚƵĚĞŶƚƐ͕ ϯ͕ϬϬϬ ĂůƵŵŶŝ͕ ĂŶĚ ĐŽŵŵƵŶŝƚǇ ƐƵƉƉŽƌƚĞƌƐ ĂƌĞ ƌĞĂůŝǌŝŶŐ Ă ϯϬͲǇĞĂƌ͕ ŐƌĂƐƐƌŽŽƚƐ ĞĨĨŽƌƚ ƚŽ ďƌŝŶŐ Ă ĨŽƵƌͲǇĞĂƌ ƵŶŝǀĞƌƐŝƚǇ ƚŽ ĞŶƚƌĂů KƌĞŐŽŶ͘ K^hͲ ĂƐĐĂĚĞƐ ŽƉĞŶĞĚ ŝƚƐ ϭϬͲĂĐƌĞ ĐĂŵƉƵƐ ŝŶ ĞŶĚ Ăƚ ƚŚĞ ƐƚĂƌƚ ŽĨ ƚŚĞ ĨĂůů ƚĞƌŵ ŝŶ ϮϬϭϲ͘ >ŽĐĂƚĞĚ ŝŶ ƚŚĞ ŚĞĂƌƚ ŽĨ ĞŶƚƌĂů KƌĞŐŽŶ͕ Ă ǀĂƐƚ ŶĂƚƵƌĂů ůĂďŽƌĂƚŽƌǇ͕ K^hͲ ĂƐĐĂĚĞƐ ŽĨĨĞƌƐ ϭϲ ƵŶĚĞƌŐƌĂĚƵĂƚĞ ĂŶĚ ĨŽƵƌ ŐƌĂĚƵĂƚĞ ĚĞŐƌĞĞƐ͕ ŝŶĐůƵĚŝŶŐ ƐŝŐŶĂƚƵƌĞ ƉƌŽŐƌĂŵƐ ŝŶ ĞŶĞƌŐǇ ƐǇƐƚĞŵƐ ĞŶŐŝŶĞĞƌŝŶŐ͕ ƚŽƵƌŝƐŵ ĂŶĚ ŽƵƚĚŽŽƌ ůĞĂĚĞƌƐŚŝƉ͕ ĂŶĚ ŚŽƐƉŝƚĂůŝƚǇ ŵĂŶĂŐĞŵĞŶƚ͘ dŚĞ ŶĞƌŐǇ ^ǇƐƚĞŵƐ ŶŐŝŶĞĞƌŝŶŐ DĂŶĂŐĞŵĞŶƚ ƉƌŽŐƌĂŵ ŝƐ ƵŶŝƋƵĞ ŝŶ ƚŚĞ ƐƚĂƚĞ͕ ƉƌĞƉĂƌŝŶŐ ŐƌĂĚƵĂƚĞƐ ĨŽƌ Ă ďƌŽĂĚ ƌĂŶŐĞ ŽĨ ĐĂͲ ƌĞĞƌƐ ŝŶ ƚŚĞ ĞŶĞƌŐǇ ŝŶĚƵƐƚƌǇ͘ dŚĞ ŽŵƉƵƚĞƌ ^ĐŝĞŶĐĞ ĚĞŐƌĞĞ ǁĂƐ ĚĞǀĞůŽƉĞĚ ǁŝƚŚ ĐŽŶƐŝĚĞƌĂďůĞ ŝŶĚƵƐƚƌǇ ŝŶƉƵƚ ĨƌŽŵ ŵĂŶǇ ŽĨ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ ƐŽĨƚǁĂƌĞ ĨŝƌŵƐ͘ K^hͲ ĂƐĐĂĚĞƐ ŝƐ ŶŽǁ ŽĨĨĞƌŝŶŐ ĂŶ ĞǆĞĐƵƚŝǀĞ ůĞĂĚĞƌƐŚŝƉ D ƉƌŽŐƌĂŵ ƚŚƌŽƵŐŚ K^h͛Ɛ ŽůůĞŐĞ ŽĨ ƵƐŝŶĞƐƐ͘ dŚĞ D ƚĂŬĞƐ ĂďŽƵƚ ƚǁŽ ǇĞĂƌƐ ĂŶĚ ŝƐ ĚĞůŝǀĞƌĞĚ ŝŶ Ă ŚǇďƌŝĚ ĨŽƌŵĂƚ͕ ďůĞŶĚŝŶŐ ĨĂĐĞͲƚŽͲĨĂĐĞ ǁŝƚŚ ŽŶůŝŶĞ ƐĞƐͲ ƐŝŽŶƐ ĂŶĚ ŝƐ ĚĞƐŝŐŶĞĚ ĨŽƌ ďƵƐǇ ƉƌŽĨĞƐƐŝŽŶĂůƐ͘ dŚĞ ƵŶŝǀĞƌƐŝƚǇ ĂůƐŽ ĂŝŵƐ ƚŽ ůĂƵŶĐŚ ĂĚĚŝƚŝŽŶĂů D ƉƌŽŐƌĂŵƐ͘ K^hͲ ĂƐĐĂĚĞƐ͛ ĞŶƌŽůůŵĞŶƚ ŝƐ ƐůĂƚĞĚ ƚŽ ŐƌŽǁ ƚŽ ϯ͕ϬϬϬ ƚŽ ϱ͕ϬϬϬ ƐƚƵĚĞŶƚƐ ďǇ ϮϬϮϱ ƚŽ ŵĞĞƚ ƐƚĂƚĞ ĞĚƵĐĂƚŝŽŶĂů ĂƚƚĂŝŶŵĞŶƚ ŐŽĂůƐ͕ dŚĞ ĐĂŵƉƵƐ ǁŝůů ƐĞƌǀĞ ƐƚƵĚĞŶƚƐ ĨƌŽŵ ĞŶƚƌĂů KƌĞŐŽŶ͕ ĂƐ ǁĞůů ĂƐ KƌĞŐŽŶ͕ ƚŚĞ h͘^͕͘ ĂŶĚ ŝŶƚĞƌŶĂƚŝŽŶĂů ĚĞƐƚŝŶĂͲ ƚŝŽŶƐ͘

hd/>/d/ ^ ^ Zs/E' ZKK< KhEdz DŽŶƚŚůǇ ^ĞǁĞƌ ZĂƚĞƐ ŝŶ ƌŽŽŬ ŽƵŶƚǇ ůĂƐƐŝĨŝĐĂƚŝŽŶ ZĞƐŝĚĞŶƚŝĂů 'ĞŶĞƌĂů ^ĞƌǀŝĐĞ >ĂƌŐĞ ŽŵŵĞƌĐŝĂů

^ŽƵƌĐĞ͗ ŝƚǇ ŽĨ WƌŝŶĞǀŝůůĞ

^ĞǁĞƌ ZĂƚĞƐ

DŽŶƚŚůǇ EĞǁ hƐĞƌ ^ĞǁĞƌ ƌĂƚĞƐ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ďǇ ŵĂũŽƌ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͖ ŝŶĚƵƐƚƌŝĂů ƵƐĞƌƐ ƐŚŽƵůĚ ĐŽŶͲ &ŝǆĞĚ ZĂƚĞ ĞƉŽƐŝƚͬ&ĞĞ ƚĂĐƚ K ĂƐ ƌĂƚĞƐ ǀĂƌǇ ďǇ ĐĂƐĞ͘ EŽƚĞ ƚŚĂƚ WŽǁĞůů ƵƚƚĞ͕ :ƵŶŝƉĞƌ ĂŶǇŽŶ͕ ĂŶĚ Ψϱϯ͘ϳϯ ΨϭϬϬ ƚŚĞ ŽƚŚĞƌ ƵŶŝŶĐŽƌƉŽƌĂƚĞĚ ĂƌĞĂƐ ŽĨ ƌŽŽŬ ŽƵŶƚǇ ĂƌĞ ĚĞƉĞŶĚĞŶƚ ŽŶ ǁĞůů ǁĂƚĞƌ Ψϱϯ͘ϳϯ ΨϭϬϬ ĂŶĚ ƐĞƉƚŝĐ ƐǇƐƚĞŵƐ͘ &Žƌ ŝŶĨŽƌŵĂƚŝŽŶ͕ ĐŽŶƚĂĐƚ ƌŽŽŬ ŽƵŶƚǇ ŶǀŝƌŽŶŵĞŶƚĂů Ψϭϯϭ͘ϰϳΎ ΨϭϬϬ

tĂƚĞƌ ^ǇƐƚĞŵ Θ ZĂƚĞƐ

,ĞĂůƚŚ ĞƉƚ͘ Ăƚ ϱϰϭͲϰϰϳͲϴϭϱϱ͘

dŚĞ ŝƚǇ ŽĨ WƌŝŶĞǀŝůůĞ tĂƚĞƌ ^ǇƐƚĞŵ ĐŽŶƐŝƐƚƐ ŽĨ ϭϮ ĚĞĞƉ ǁĞůůƐ ǁŝƚŚ Ă ƚŽƚĂů ƉƵŵƉŝŶŐ ĐĂƉĂĐŝƚǇ ŽĨ ϱ͘ϲ ŵŝůůŝŽŶ ŐĂůůŽŶƐ ƉĞƌ ĚĂǇ ŽĨ ĚŽŵĞƐƚŝĐ ǁĂƚĞƌ͘ dŚĞ ŝƚǇ ŚĂƐ Ɛŝǆ ƐƚŽƌĂŐĞ ƚĂŶŬƐ ǁŝƚŚ Ă ƚŽƚĂů ĐĂƉĂĐŝƚǇ ŽĨ ϱ͘ϱ ŵŝůůŝŽŶ ŐĂůůŽŶƐ͘ dŚĞƌĞ ĂƌĞ ĐƵƌƌĞŶƚůǇ ĂďŽƵƚ ϰ͕ϬϬϬ ǁĂƚĞƌ ƐĞƌǀŝĐĞ ĐŽŶŶĞĐƚŝŽŶƐ ŽĨ ǁŚŝĐŚ ϴϱй ĂƌĞ ƌĞƐŝĚĞŶƚŝĂů͘ dŚĞ ŵŽŶƚŚůǇ ƌĂƚĞ ŝŶĐůƵĚĞƐ Ă ĨŝǆĞĚ ĐŚĂƌŐĞ ďĂƐĞĚ ŽŶ ŵĞƚĞƌ ƐŝǌĞ ƉĞƌ ŵŽŶƚŚ͘ &ŝƌƐƚ ƚŝŵĞ ƌĞƐŝĚĞŶƚŝĂů ĂŶĚ ĐŽŵŵĞƌͲ ĐŝĂů ĐƵƐƚŽŵĞƌƐ ĂƌĞ ĐŚĂƌŐĞĚ Ă ĚĞƉŽƐŝƚ ŽĨ ΨϰϬ͘ϬϬ͘ ŽŵŵĞƌĐŝĂů ĂŶĚ ŝŶĚƵƐƚƌŝĂů ĐƵƐƚŽŵͲ ĞƌƐ ƉĂǇ ƚŚĞ ĂĐƚƵĂů ĐŽƐƚ ŽĨ ƚŚĞ ŵĞƚĞƌ͕ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ǁĂƚĞƌ ĐŽŶŶĞĐƚŝŽŶ ĨĞĞ͘

EĂƚƵƌĂů 'ĂƐ

DŽŶƚŚůǇ tĂƚĞƌ ZĂƚĞƐ ŝŶ ƌŽŽŬ ŽƵŶƚǇ

DĞƚĞƌ в͟ ϭ͟ ϭ Ъ͟ Ϯ͟ ϯ͟ ϰ͟ ϲ͟

ZĞƐŝĚĞŶƚŝĂů ŽŵŵĞƌĐŝĂů Ψϭϴ͘Ϯϲ ΨϮϳ͘ϴϭ ΨϮϭ͘ϴϱ Ψϯϰ͘ϭϱ Ψϯϴ͘ϭϮ ΨϴϬ͘ϮϮ Ψϱϴ͘ϵϵ Ψϭϭϵ͘ϭϰ Ψϴϭ͘Ϭϭ ΨϮϮϮ͘ϯϳ Ψϵϱ͘Ϯϵ Ψϯϳϯ͘Ϯϳ ΨϭϴϮ͘ϲϳ Ψϲϵϴ͘ϴϰ ^ŽƵƌĐĞ͗ ŝƚǇ ŽĨ WƌŝŶĞǀŝůůĞ

EĂƚƵƌĂů 'ĂƐ ZĂƚĞƐ EĂƚƵƌĂů ŐĂƐ ŝƐ ǁŝĚĞůǇ ĂǀĂŝůĂďůĞ ƚŚƌŽƵŐŚŽƵƚ ĞŶƚƌĂů KƌĞŐŽŶ ĂŶĚ ŝƐ ĞůŝǀĞƌǇ ŚĂƌŐĞͬ ƐƵƉƉůŝĞĚ ďǇ ĂƐĐĂĚĞ EĂƚƵƌĂů 'ĂƐ ŽƌƉŽƌĂƚŝŽŶ ; E' ͖ ϴϴϴͲϱϮϮͲ ĂƐĞ ŽƐƚͬ hƐĞƌ dŚĞƌŵ ŚĂƌŐĞ dŚĞƌŵ ϭϭϯϬͿ͘ ,ĞĂĚƋƵĂƌƚĞƌĞĚ ŝŶ <ĞŶŶĞǁŝĐŬ tĂƐŚŝŶŐƚŽŶ͕ E' ƐĞƌǀĞƐ ŵŽƌĞ ƚŚĂŶ ϰϲ͕ϬϬϬ ůŽĐĂů ŝŶĚƵƐƚƌŝĂů͕ ĐŽŵŵĞƌĐŝĂů ĂŶĚ ƌĞƐŝĚĞŶƚŝĂů ĐƵƐͲ ŽŵŵĞƌĐŝĂů Ψϰ͘ϬϬ ΨϬ͘ϲϮϰ ΨϬ͘ϮϲϮ ƚŽŵĞƌƐ ĨƌŽŵ Ă ƌĞŐŝŽŶĂů ŽƉĞƌĂƚŝŽŶƐ ďĂƐĞ ŝŶ ĞŶĚ͘ /ŶĚƵƐƚƌŝĂů ΨϭϮ͘ϬϬ ΨϬ͘ϱϱϯ ΨϬ͘ϮϬϲ >ĂƌŐĞ sŽůƵŵĞʹ'ĞŶĞƌĂůΎ /ŶĐůƵĚĞĚ ΨϬ͘ϱϭϯ ΨϬ͘ϭϲϲ WŽƚĞŶƚŝĂů ƵƐĞƌƐ ĨŽƌ ƚŚĞ >ĂƌŐĞ sŽůƵŵĞʹ'ĞŶĞƌĂů ^ĞƌǀŝĐĞ ƌĂƚĞ ƐŚŽƵůĚ ΎZĞƋƵŝƌĞƐ ƐƉĞĐŝĨŝĐ ĐŽŶƚƌĂĐƚ ĂŶĚ ƵƐĂŐĞ ĐŽŶĚŝƚŝŽŶƐ͖ ϭ ƚŚĞƌŵ с ϭ͕ϬϬϬ dhƐ͘ ^ŽƵƌĐĞ͗ ǁǁǁ͘ĐŶŐĐ͘ĐŽŵ &Ğď͘ ϮϬϭϳ ĐŽŶƚĂĐƚ K ĨŽƌ ĂĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞŝƌ ƉŽƚĞŶƚŝĂů ƵƐͲ ĂŐĞ ĐŽŶĚŝƚŝŽŶƐ͘ dƌĂŶƐŵŝƐƐŝŽŶ ƚŽ ƚŚĞ ƌĞŐŝŽŶ ŝƐ ƉƌŽǀŝĚĞĚ ďǇ ϯϲ ĂŶĚ ϰϮͲŝŶĐŚ ŚŝŐŚ ĐĂƉĂĐŝƚǇ ůŝŶĞƐ ƚŚĂƚ ƌƵŶ ĨƌŽŵ ĂŶĂĚĂ ƚŽ ƐŽƵƚŚĞƌŶ ĂůŝĨŽƌŶŝĂ͘

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϭϬ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

ůĞĐƚƌŝĐ ŽŵƉĂŶŝĞƐ

ǀĞƌĂŐĞ ϮϬϭϲ ůĞĐƚƌŝĐŝƚǇ ZĂƚĞƐ ;ŝŶ ĐĞŶƚƐ͕ ƉĞƌ ŬtŚͿ

WĂĐŝĨŝĐ WŽǁĞƌ ;WW>Ϳ͕ ϴϴϴͲϮϮϭͲϳϬϳϬ ĞŶƚƌĂů ůĞĐƚƌŝĐ ŽŽƉĞƌĂƚŝǀĞ ; Ϳ͕ ϱϰϭͲϱϰϴͲϮϭϰϰ

^ĞƌǀŝĐĞ ůĂƐƐ /ŶĚƵƐƚƌŝĂů ŽŵŵĞƌĐŝĂů

&Žƌ Ăůů ƐĞĐƚŽƌƐ͕ KƌĞŐŽŶ͛Ɛ ĞůĞĐƚƌŝĐĂů ƌĂƚĞƐ ĂƌĞ ǁĞůů ďĞůŽǁ ƚŚĞ ŶĂƚŝŽŶĂů ĂǀĞƌĂŐĞ͘ &Žƌ ŝŶĚƵƐƚƌŝĂů ĐƵƐƚŽŵĞƌƐ͕ ĞŶƚƌĂů KƌĞŐŽŶ ƉƌŽǀŝĚĞƌƐ ŽĨĨĞƌ ƌĂƚĞƐ ƵƉ ƚŽ ŶĞĂƌůǇ ϭϲй ďĞůŽǁ ƚŚĞ h͘^͘ ĂǀĞƌĂŐĞ ĂŶĚ ŽǀĞƌ ϱϬй ďĞůŽǁ ƚŚŽƐĞ ŝŶ ŶĞŝŐŚďŽƌŝŶŐ ĂůŝĨŽƌͲ

h͘^͘ ϲ͘ϳϱ ϭϬ͘ϯϳ

ϭϮ͘Ϭϳ ϭϱ͘ϭϱ

KZ ϲ͘ϭϲ ϴ͘ϴϳ

^ŽƵƌĐĞ͗ h͘^͘ ŶĞƌŐǇ /ŶĨŽƌŵĂƚŝŽŶ ĚŵŝŶŝƐƚƌĂƚŝŽŶ DĂƌĐŚ ϮϬϭϳ ĚĂƚĂ͘

ŶŝĂ͘ dŚĞ ƌĞŐŝŽŶ ŝƐ ƉƌŝŵĂƌŝůǇ ƐĞƌǀĞĚ ďǇ ŽŶĞ ŽĨ ƚŚĞ ůĂƌŐĞƐƚ ĂŶĚ ŵŽƐƚ ƌŽďƵƐƚ ƚƌĂŶƐŵŝƐƐŝŽŶ ƐǇƐƚĞŵƐ ŝŶ ƚŚĞ ĐŽƵŶƚƌǇ ƚŚĂƚ ŝƐ ŽƉĞƌĂƚĞĚ ďǇ ƚŚĞ ŽŶŶĞǀŝůůĞ WŽǁĞƌ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ; W Ϳ͕ Ă ĨĞĚĞƌĂů ĚĞƉĂƌƚŵĞŶƚ͘ W ŝƐ ƚŚĞ ƐŽƵƌĐĞ ŽĨ ŵŽƐƚ ƉŽǁĞƌ ŐĞŶĞƌĂƚŝŽŶ ĨŽƌ ͕ ĂůƚŚŽƵŐŚ ƚŚĞƌĞ ĂƌĞ Ă ŶƵŵďĞƌ ŽĨ ƐŵĂůůĞƌͲ ƐĐĂůĞ ƌĞŶĞǁĂďůĞ ĞŶĞƌŐǇ ƉƌŽĚƵĐƚŝŽŶ ĨĂĐŝůŝƚŝĞƐ ǁŝƚŚŝŶ ƚŚĞ ƌĞŐŝŽŶ͕ ŝŶĐůƵĚŝŶŐ ŚǇĚƌŽ ĂŶĚ ƐŽůĂƌ͘ ^z^d D s >KWD Ed , Z' ^ ;^ ƐͿ tŚŝůĞ ŵŽƐƚ ĐŽŵŵƵŶŝƚŝĞƐ ĂĐƌŽƐƐ ĞŶƚƌĂů KƌĞŐŽŶ ĂƌĞ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞŝƌ ^ Ɛ͕ ƚŚĞ WƌŝŶĞǀŝůůĞ ŝƚǇ ŽƵŶĐŝů ƐůĂƐŚĞĚ ǁĂƐƚĞǁĂƚĞƌ ^ Ɛ ŝŶ ŚĂůĨ ďǇ ĂĚŽƉƚŝŶŐ Ă ŶĞǁ ǁĞƚůĂŶĚ ƚƌĞĂƚŵĞŶƚ ĨĂĐŝůŝƚǇ͘ ĞƐŝĚĞƐ ƐĂǀŝŶŐ ŵŽŶĞǇ ĂŶĚ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞ ŝƚǇ͛Ɛ ĐĂƉĂĐŝƚǇ ƚŽ ĚĞĂů ǁŝƚŚ ǁĂƐƚĞǁĂƚĞƌ͕ ƚŚĞ ƉƌŽũĞĐƚ ĂůƐŽ ƐĞƌǀĞƐ ĂƐ Ă ĐŽŵŵƵŶŝƚǇ ƉĂƌŬ ǁŝƚŚ ƚƌĂŝůƐ ĂŶĚ ďŝƌĚ ǁĂƚĐŚŝŶŐ ŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ dŚŝƐ ƉƌŽũĞĐƚ ƐŚŝŶĞƐ Ă ůŝŐŚƚ ŽŶ ƚŚĞ ŝƚǇ͛Ɛ ďƵƐŝŶĞƐƐͲĨƌŝĞŶĚůǇ ĂƉƉƌŽĂĐŚ ƚŽ ĚĞǀĞůŽƉŵĞŶƚ ďǇ ĐƵƚƚŝŶŐ ƚŚĞ ǁĂƐƚĞǁĂƚĞƌ ^ Ɛ ŽŶ Ă ƐŝŶŐůĞͲĨĂŵŝůǇ ŚŽŵĞ ĨƌŽŵ Ψϵ͕ϭϰϳ ƚŽ Ă ĐƵƌƌĞŶƚ ƌĂƚĞ ŽĨ Ψϰ͕ϲϮϱ͘ϲϴ͘

d > KDDhE/ d/KE dĞůĞĐŽŵ ZĞƐŽƵƌĐĞƐ ŝŶ ƌŽŽŬ ŽƵŶƚǇ

Ƶŝůƚ ůĂƌŐĞůǇ ŽǀĞƌ ƚŚĞ ůĂƐƚ ĚĞĐĂĚĞ͕ ĞŶƚƌĂů KƌĞŐŽŶ͛Ɛ ƚĞůĞĐŽŵŵƵŶŝͲ ĞŶĚ ƌŽĂĚďĂŶĚ͕ ĞŶƚƵƌǇ >ŝŶŬ͕ ĐĂƚŝŽŶƐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝƐ ŽŶĞ ŽĨ ƚŚĞ EŽƌƚŚǁĞƐƚ͛Ɛ ŵŽƐƚ ƚĞĐŚŶŽůŽŐŝͲ ĂƌƌŝĞƌƐ Θ WƌŽǀŝĚĞƌƐ >^ EĞƚǁŽƌŬƐ͕ YƵĂŶƚƵŵ ŽŵŵƵŶŝͲ ĐĂůůǇ ĂĚǀĂŶĐĞĚ͕ ŵĞĞƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ĐĂƉĂĐŝƚǇ͕ ƌĞĚƵŶĚĂŶĐǇ͕ ĐĂƚŝŽŶƐ͕ ůĞĐƚƌŝĐ >ŝŐŚƚǁĂǀĞ ĂŶĚ ƌĞůŝĂďŝůŝƚǇ͘ dŚĞ ƌĞŐŝŽŶ ŚĂƐ ŚŝŐŚͲĞŶĚ ĚĂƚĂ ƐĞƌǀŝĐĞƐ ƚǇƉŝĐĂůůǇ ŽĨͲ tŝƌĞůĞƐƐ /ŶƚĞƌŶĞƚ ĞŶƚƵƌǇ >ŝŶŬ ĨĞƌĞĚ ŽŶůǇ ŝŶ ůĂƌŐĞ ŵĞƚƌŽ ĂƌĞĂƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞƌŶĞƚ ƌĂƚĞƐ ƵƉ ƚŽ ϭϬ ĂďůĞ ĞŶĚ ƌŽĂĚďĂŶĚ͕ ŝƌĞĐds ' ͘ ^ĞǀĞƌĂů ůŽĐĂů ƉƌŽǀŝĚĞƌƐ ĨŽĐƵƐ ƉƵƌĞůǇ ŽŶ ƚŚĞ ĐŽŵŵĞƌĐŝĂů ŵĂƌͲ ZĞƐĞůůĞƌƐ Θ /ŶƚĞŐƌĂͲ /ŶƚĞŐƌĂ dĞůĞĐŽŵ ;ŝŶƚĞƌŶĞƚ Θ ǀŽŝĐĞͿ ŬĞƚ͘ ƚŽƌƐ dĞůĞƉŚŽŶĞ /ŶƚĞƌĐŽŶͲ Đƚ ĂƐĐĂĚĞƐ͕ ĂƐĐĂĚĞdĞů ^ĞƌǀŝĐĞƐ ĂƌĞ ĚĞůŝǀĞƌĞĚ ĂĐƌŽƐƐ Ă ŶƵŵďĞƌ ŽĨ ĂĐĐĞƐƐ ŽƉƚŝŽŶƐ ŝŶĐůƵĚŝŶŐ ŶĞĐƚ dΘd͕ ^ƉƌŝŶƚ͕ dͲDŽďŝůĞ͕ h^ ĞůůƵͲ ůĂŶĚůŝŶĞ ;ĐŽƉƉĞƌͿ͕ ŚŝŐŚͲƐƉĞĞĚ ĨŝďĞƌ ŽƉƚŝĐƐ͕ ĂŶĚ ǁŝƌĞůĞƐƐ ;tŝ&ŝ͕ tŝͲ ĞůůƵůĂƌ ůĂƌ͕ sĞƌŝǌŽŶ DĂǆ͕ ĂŶĚ ƐĞĐƵƌĞ ŵŝĐƌŽǁĂǀĞͿ͘ DĂŶǇ ƉƌŽǀŝĚĞƌƐ ŽĨĨĞƌ ^>͕ /^ E͕ ^ŽƵƌĐĞ͗ K ZĞƐĞĂƌĐŚ &ƌĂŵĞ ZĞůĂǇ͕ dD͕ ĂŶĚ DĞƚƌŽ ƚŚĞƌŶĞƚ ƐĞƌǀŝĐĞƐ͕ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ƚƌĂĚŝƚŝŽŶĂů ŚŝŐŚ ĐĂƉĂĐŝƚǇ d D ƐĞƌǀŝĐĞƐ ;dϭ͕ dϯ͕ K ǆͿ͘ ůů >ŽĐĂů ǆĐŚĂŶŐĞ ĂƌƌŝĞƌ ĐĞŶƚƌĂů ŽĨĨŝĐĞƐ ƵƐĞ ĚŝŐŝƚĂů ĞůĞĐƚƌŽŶŝĐ ƐǁŝƚĐŚĞƐ ĂŶĚ ƚŚĞ ĞŶƚŝƌĞ ƐǇƐƚĞŵ ŝƐ ŽŶ Ă ƌĞĚƵŶĚĂŶƚ͕ ƐĞůĨͲŚĞĂůŝŶŐ ĨŝďĞƌͲŽƉƚŝĐ ŶĞƚǁŽƌŬ͘

,K^W/d > Θ D Z' E z ^ Zs/ ^ ,ŽƐƉŝƚĂů ^ĞƌǀŝĐĞƐ ^ƚ͘ ŚĂƌůĞƐ ,ĞĂůƚŚ ^ǇƐƚĞŵ ;^ ,^Ϳ ŝƐ Ă ƉƌŝǀĂƚĞ͕ ŶŽŶƉƌŽĨŝƚ ŽƌŐĂŶŝǌĂƚŝŽŶ ƚŚĂƚ ƉƌŽǀŝĚĞƐ Ă ĨƵůů ƌĂŶŐĞ ŽĨ ƋƵĂůŝƚǇ͕ ĞǀŝĚĞŶĐĞͲďĂƐĞĚ ŚĞĂůƚŚ ĐĂƌĞ ƐĞƌǀŝĐĞƐ ǁŝƚŚŝŶ Ă ϯϮ͕ϬϬϬͲƐƋƵĂƌĞͲŵŝůĞ ĂƌĞĂ ŝŶ ĞŶƚƌĂů ĂŶĚ ĂƐƚĞƌŶ KƌĞŐŽŶ͘ dŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶ ŝƐ ŬŶŽǁŶ ĨŽƌ ŝƚƐ ĐŽŵͲ ƉĂƐƐŝŽŶ͕ ǁĞůůŶĞƐƐ ĨŽĐƵƐ͕ ĂŶĚ ŝƐ ŶĂƚŝŽŶĂůůǇ ƌĞĐŽŐŶŝǌĞĚ ĨŽƌ ƋƵĂůŝƚǇ͘ ^ ,^ ŽǁŶƐ ĂŶĚ ŽƉĞƌĂƚĞƐ ŵĞĚŝĐĂů ĐĞŶƚĞƌƐ ŝŶ ĞŶĚ͕ ZĞĚŵŽŶĚ͕ DĂĚƌĂƐ͕ ĂŶĚ WƌŝŶĞǀŝůůĞ͕ ĂƐ ǁĞůů ĂƐ ĨĂŵŝůǇ ĐĂƌĞ ĐůŝŶŝĐƐ ƚŚƌŽƵŐŚŽƵƚ ĞŶƚƌĂů KƌĞŐŽŶ͘ /Ŷ Ɖƌŝů ϮϬϭϯ͕ ^ ,^ ĚŝƌĞĐƚŽƌƐ ĂƉƉƌŽǀĞĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ Ă ŶĞǁ͕ ƐƚĂƚĞͲŽĨͲƚŚĞͲĂƌƚ ΨϯϬ ŵŝůůŝŽŶ ŚŽƐƉŝƚĂů ŝŶ WƌŝŶĞǀŝůůĞ ƚŚĂƚ ŚĂƐ ďĞĞŶ ĐŽŶƐƚƌƵĐƚĞĚ Ăƚ ƚŚĞ ĨŽƌŵĞƌ KĐŚŽĐŽ >ƵŵďĞƌ ƐŝƚĞ͘ dŚĞ ŶĞǁ ĨĂĐŝůŝƚǇ ŽƉĞŶĞĚ ŝŶ ^ĞƉƚĞŵďĞƌ ŽĨ ϮϬϭϱ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ͗ ϱϰϭͲ ϰϰϳͲϲϮϱϰ Žƌ ǁǁǁ͘ƐƚĐŚĂƌůĞƐŚĞĂůƚŚĐĂƌĞ͘ŽƌŐ͘

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϭϭ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

&ŝƌĞ Θ ŵĞƌŐĞŶĐǇ ^ĞƌǀŝĐĞƐ ƌŽŽŬ ŽƵŶƚǇ &ŝƌĞ ĂŶĚ ZĞƐĐƵĞ ; &ZͿ͕ ŽƌŝŐŝŶĂůůǇ ĐŚĂƌƚĞƌĞĚ ĂƐ ƚŚĞ WƌŝŶĞǀŝůůĞ sŽůƵŶƚĞĞƌ &ŝƌĞ ŽŵƉĂŶǇ ŝŶ ϭϴϴϮ͕ ŝƐ ĞŶƚƌĂů KƌĞͲ ŐŽŶ͛Ɛ ŽůĚĞƐƚ ĨŝƌĞ ĚĞƉĂƌƚŵĞŶƚ͘ &ŝƌƐƚ ƐƚĂƌƚĞĚ ƚŽ ƉƌŽƚĞĐƚ ƚŚĞ ƐŵĂůů ďƵƚ ŐƌŽǁŝŶŐ ůŽŐŐŝŶŐ ĐŽŵŵƵŶŝƚǇ ŽĨ WƌŝŶĞǀŝůůĞ͕ ƚŚĞ ĂůůͲǀŽůƵŶƚĞĞƌ͕ ƚƵƌŶĞĚ ĐŽŵďŝŶĂƚŝŽŶ ĚĞƉĂƌƚŵĞŶƚ͕ ŶŽǁ ƉƌŽƚĞĐƚƐ Ă &ŝƌĞ ŝƐƚƌŝĐƚ ŽĨ ϰϱϬ ƐƋƵĂƌĞ ŵŝůĞƐ͕ ǁŚŝĐŚ ŝƐ ĚŝǀŝĚĞĚ ŝŶƚŽ ƚŚƌĞĞ ŐĞŽŐƌĂƉŚŝĐĂůůǇ ĚŝƐƚŝŶĐƚ ƌĞƐƉŽŶƐĞ ĂƌĞĂƐ͖ WƌŝŶĞǀŝůůĞ ϭϮϬϭ͕ WŽǁĞůů ƵƚƚĞ ϭϮϬϮ͕ ĂŶĚ :ƵŶŝƉĞƌ ĂŶǇŽŶ ϭϮϬϯ͘ ǆƚĞŶĚŝŶŐ ďĞǇŽŶĚ ƚŚĞ ďŽƌĚĞƌƐ ŽĨ ƚŚĞ &ŝƌĞ ŝƐƚƌŝĐƚ͕ &Z ĂůƐŽ ƉƌŽǀŝĚĞƐ D^ ƌĞƐƉŽŶƐĞ ƚŽ ĂŶ ĂŵďƵůĂŶĐĞ ƐĞƌǀŝĐĞ ĂƌĞĂ ŽĨ ϯ͕ϬϬϬ ƐƋƵĂƌĞ ŵŝůĞƐ͘ /ƚƐ ƌĂŶŬƐ ĐŽŶƐŝƐƚ ŽĨ ϱϭ ĨŝƌĞͲ ĨŝŐŚƚĞƌƐ͕ ŵŽƐƚ ŽĨ ǁŚŽŵ ĂƌĞ ĞŝƚŚĞƌ DdƐ Žƌ WĂƌĂŵĞĚŝĐƐ͘ &Z ƐƵƉƉŽƌƚƐ Ă ĐŽŵŵƵŶŝƚǇ ŽĨ ƌŽƵŐŚůǇ ϭϵ͕ϬϬϬ ƌĞƐŝĚĞŶƚƐ͕ ǁŝƚŚ ŵŽƌĞ ƚŚĂŶ ŚĂůĨ ůŝǀŝŶŐ ŽƵƚƐŝĚĞ ƚŚĞ ĐŝƚǇ ůŝŵŝƚƐ ŽĨ WƌŝŶĞǀŝůůĞ͘ &Z ŚĂƐ Ă ůŽŶŐ ƚƌĂĚŝƚŝŽŶ ŽĨ ƐƵƉƉŽƌƚŝŶŐ ĂŶĚ ƉƌŽƚĞĐƚŝŶŐ ƚŚĞ ĐŽŵŵƵŶŝƚǇ ĂŶĚ ƐƚƌŝǀĞƐ ƚŽ ĐŽŶƚŝŶƵĞ ƚŚŝƐ ŝŶƚŽ ƚŚĞ ĨƵƚƵƌĞ͘ DĞƚƌŽ ǀŝĂƚŝŽŶ͕ /ŶĐ͘ ĂŶĚ DĞĚͲdƌĂŶƐ ŽƌƉŽƌĂƚŝŽŶ ƉƌŽǀŝĚĞ ĞŵĞƌŐĞŶĐǇ Ăŝƌ ĂŵďƵůĂŶĐĞ ƐĞƌǀŝĐĞ ĨŽƌ ĞŶƚƌĂů ĂŶĚ ĂƐƚĞƌŶ KƌĞŐŽŶ͕ ĂĨƚĞƌ ƚŚĞ ƐĂůĞ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞ ďǇ ^ƚ͘ ŚĂƌůĞƐ ŝŶ Ɖƌŝů ϮϬϭϮ͘ tŝƚŚ ďĂƐĞƐ ŝŶ ĞŶĚ ĂŶĚ >Ă 'ƌĂŶĚĞ͕ ƚŚƌĞĞ ĂŝƌĐƌĂĨƚ ƌĞƐƉŽŶĚ Ϯϰͬϳ ƚŽ ŵĞĚŝĐĂů ĐƌŝͲ ƐĞƐ ŝŶ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ ŵŽƐƚ ƌĞŵŽƚĞ ĂƌĞĂƐ͕ ĨůǇŝŶŐ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ĨŽƵƌ ůŝĨĞƐĂǀŝŶŐ ŵŝƐƐŝŽŶƐ ĞǀĞƌǇ ĚĂǇ͘ dŚĞǇ ƐƵƉƉŽƌƚ >ĞǀĞů //͕ ///͕ ĂŶĚ /s ŚŽƐƉŝƚĂů ƚƌĂƵŵĂ ƐĞƌǀŝĐĞƐ͘

dZ s > /^d E ^ Θ d/D ^

ŝƐƚĂŶĐĞ ĨƌŽŵ WƌŝŶĞǀŝůůĞ͕ KƌĞŐŽŶ

ƌŝǀŝŶŐ ĚŝƐƚĂŶĐĞƐ ĨƌŽŵ WƌŝŶĞǀŝůůĞ ,ŝŐŚǁĂǇ Ϯϲ͕ ǁŚŝĐŚ ŐĞŶĞƌĂůůǇ ƌƵŶƐ ŝŶ ĂŶ ĞĂƐƚͲǁĞƐƚ ĚŝƌĞĐƚŝŽŶ͕ ƉĂƐƐĞƐ ĚŝƌĞĐƚůǇ ƚŚƌŽƵŐŚ WƌŝŶĞǀŝůůĞ͘ ƌŽŽŬ ŽƵŶƚǇ ĂůƐŽ ŚĂƐ Ă ƐƚƌĂŝŐŚƚĨŽƌǁĂƌĚ ĐŽŶͲ ŶĞĐƚŝŽŶ ƚŽ ,ŝŐŚǁĂǇ ϮϬ͕ ĂďŽƵƚ ϯϬ ŵŝůĞƐ ƚŽ ƚŚĞ ƐŽƵƚŚ͕ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ĞĂƐƚͲ ǁĞƐƚ ĂĐĐĞƐƐ ƚŽ ƵƌŶƐ ĂŶĚ KŶƚĂƌŝŽ͕ KƌĞŐŽŶ͖ ŽŝƐĞ͕ /ĚĂŚŽ͕ ĂŶĚ ƉŽŝŶƚƐ ďĞͲ ǇŽŶĚ͘ dŽ ƌĞĂĐŚ ,ŝŐŚǁĂǇ ϵϳ͕ ƌŽŽŬ ŽƵŶƚǇ ƌĞƐŝĚĞŶƚƐ ĐĂŶ ƚƌĂǀĞů ƚŽ ĞŝƚŚĞƌ ĞŶĚ Žƌ ZĞĚŵŽŶĚ ;ƐĞĞ ƚĂďůĞ ƚŽ ƚŚĞ ƌŝŐŚƚͿ͘ WŽƌƚůĂŶĚ ŝƐ ĂŶ ĞĂƐǇ ƚŚƌĞĞͲŚŽƵƌ ƚƌŝƉ ĂŶĚ ŽƚŚĞƌ ŵĂũŽƌ tĞƐƚ ŽĂƐƚ ĐŝƚŝĞƐͶ^ĞĂƚƚůĞ͕ ŽŝƐĞ ĂŶĚ ^ĂŶ &ƌĂŶĐŝƐĐŽͶ ĂƌĞ Ăůů ĂĐĐĞƐƐĞĚ ǁŝƚŚŝŶ Ă ĚĂǇ͛Ɛ ĚƌŝǀĞ͘

ŝƚǇ

^ƚĂƚĞ DŝůĞƐ

ZĞĚŵŽŶĚ DĂĚƌĂƐ ĞŶĚ WŽƌƚůĂŶĚ ^ĞĂƚƚůĞ ŽŝƐĞ ^ĂŶ &ƌĂŶĐŝƐĐŽ >ŽƐ ŶŐĞůĞƐ

^ŽƵƌĐĞ͗ DĂƉYƵĞƐƚ

KZ KZ KZ KZ t /

ƌŝǀĞ dŝŵĞ ,ŽƵƌƐ DŝŶƵƚĞƐ

ϭϳ Ϭ ŚŽƵƌƐ ϯϬ Ϭ ŚŽƵƌƐ ϯϲ Ϭ ŚŽƵƌƐ ϭϰϱ ϯ ŚŽƵƌƐ ϯϭϭ ϱ ŚŽƵƌƐ ϯϮϯ ϲ ŚŽƵƌƐ ϱϬϳ ϵ ŚŽƵƌƐ ϴϯϴ ϭϯ ŚŽƵƌƐ

ϮϬ ŵŝŶƵƚĞƐ ϯϵ ŵŝŶƵƚĞƐ ϰϳ ŵŝŶƵƚĞƐ ϯ ŵŝŶƵƚĞƐ ϰϮ ŵŝŶƵƚĞƐ ϯϯ ŵŝŶƵƚĞƐ Ϭ ŵŝŶƵƚĞƐ ϰϴ ŵŝŶƵƚĞƐ

ŽŵŵƵƚĞ ƚŝŵĞƐ ǀĞƌĂŐŝŶŐ ũƵƐƚ ϮϬ ŵŝŶƵƚĞƐ͕ ĚƌŝǀĞ ƚŝŵĞƐ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ ĂƌĞ ǀĞƌǇ ŵĂŶͲ ĂŐĞĂďůĞ͘ tŝƚŚ Ă ƚƌƵůǇ ƌĞŐŝŽŶĂů ǁŽƌŬĨŽƌĐĞ͕ ŝƚ ŝƐ ŶŽƚ ƵŶƵƐƵĂů ĨŽƌ ƌĞƐŝĚĞŶƚƐ ƚŽ ĚƌŝǀĞ ĨƌŽŵ DĂĚƌĂƐ͕ ZĞĚŵŽŶĚ͕ Žƌ ĞŶĚ ƚŽ WƌŝŶĞǀŝůůĞ ĨŽƌ ǁŽƌŬ Žƌ ǀŝĐĞ ǀĞƌƐĂ͘ EĞǁ ƌĞƐŝĚĞŶƚƐ ƚĞŶĚ ƚŽ ƐĞůĞĐƚ ƚŚĞŝƌ ĚĞƐŝƌĞĚ ĐŽŵŵƵŶŝƚǇ ďĂƐĞĚ ŽŶ ŝƚƐ ůŝĨĞͲ ƐƚǇůĞ ĂŶĚ ĐŽƐƚ͕ ĂŶĚ ƚŚĞŶ ĨŝŶĚ ǁŽƌŬ ŝŶ ƚŚĞ ƌĞŐŝŽŶ͘ tŚŝůĞ ĂǀĞƌĂŐĞ ĚƌŝǀĞ ƚŝŵĞ ŝƐ ƐůŝŐŚƚůǇ ůŽŶŐĞƌ ĨŽƌ ƌŽŽŬ ŽƵŶƚǇ ƌĞƐŝĚĞŶƚƐ ;ƵŶĚĞƌƐƚĂŶĚĂďůĞ ŐŝǀĞŶ ƚŚĞŝƌ ŵŽƌĞ ƌƵƌĂů ŶĂƚƵƌĞͿ͕ ƚŚĞ ĐŽŵŵƵƚĞ ĨŽƌ ƚŚŽƐĞ ǁŚŽ ůŝǀĞ ĂŶĚ ǁŽƌŬ ŝŶ WƌŝŶĞǀŝůůĞ ŝƐ ŶĞŐůŝŐŝďůĞ͘

dZ E^WKZd d/KE DŽƚŽƌ &ƌĞŝŐŚƚ

WƌŝŶĞǀŝůůĞ ŝƐ ƐĞƌǀĞĚ ďǇ ƚǁŽ ƐƚĂƚĞ ŚŝŐŚǁĂǇƐ ǁŚŝĐŚ ŝŶƚĞƌƐĞĐƚ Ăƚ ƚŚĞ ŝƚǇ͛Ɛ ǁĞƐƚ ĞŶƚƌĂŶĐĞ͘ ,ǁǇ Ϯϲ ƉƌŽǀŝĚĞƐ Ă ĐƌŝƚŝĐĂů ǁĞƐƚͲĞĂƐƚ ůŝŶŬ ďĞƚǁĞĞŶ WƌŝŶĞǀŝůůĞ ĂŶĚ WŽƌƚůĂŶĚ ǁŚŝůĞ ,ŝŐŚǁĂǇ ϭϮϲ ĐŽŶŶĞĐƚƐ WƌŝŶĞǀŝůůĞ ƚŽ ZĞĚŵŽŶĚ͕ ƚŚĞ ZĞĚŵŽŶĚ ŝƌƉŽƌƚ͕ ĂŶĚ ƚŚĞ ,ǁǇ ϵϳ ĐŽƌƌŝĚŽƌ͘ WƌŝŶĞǀŝůůĞ ĂůƐŽ ŚĂƐ Ă ŚŝŐŚ ĐŽŶĐĞŶƚƌĂƚŝŽŶ ŽĨ ƚƌƵĐŬŝŶŐ ĐŽŵƉĂŶŝĞƐ͕ ǁŝƚŚ Ă ƚŽƚĂů ŽĨ ƐĞǀĞŶ ƐĞƌǀŝŶŐ ĞŶƚƌĂů KƌĞŐŽŶ ĂŶĚ ďĞͲ ǇŽŶĚ͘

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϭϮ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

ŽŵŵĞƌĐŝĂů ŝƌ Θ &ƌĞŝŐŚƚ ^ĞƌǀŝĐĞƐ

ZĞĚŵŽŶĚ DƵŶŝĐŝƉĂů ŝƌƉŽƌƚ ;Z D͖ ǁǁǁ͘ĨůǇƌĚŵ͘ĐŽŵͿ ƉƌŽǀŝĚĞƐ ĐŽŵŵĞƌĐŝĂů Ăŝƌ ƐĞƌǀŝĐĞ ǁŝƚŚ Ϯϯ ĨůŝŐŚƚƐ ĚĂŝůǇ ƚŽ ĞŶǀĞƌ͕ >ŽƐ ŶŐĞůĞƐ͕ WŽƌƚůĂŶĚ͕ ^Ăůƚ >ĂŬĞ ŝƚǇ͕ ^ĂŶ &ƌĂŶĐŝƐĐŽ͕ ĂŶĚ ^ĞĂƚƚůĞ ǀŝĂ ĨŽƵƌ ĐĂƌƌŝĞƌƐ ; ůĂƐŬĂ͕ ŵĞƌŝĐĂŶ͕ ĞůƚĂ͕ ĂŶĚ hŶŝƚĞĚͿ͘ ŽŶƐŝĚĞƌĂďůĞ ŝŶǀĞƐƚͲ ŵĞŶƚ ŚĂƐ ďĞĞŶ ŵĂĚĞ Ăƚ Z D ŝŶ ƌĞĐĞŶƚ ǇĞĂƌƐ ŝŶĐůƵĚŝŶŐ Ă ΨϰϬ ŵŝůůŝŽŶ ƚĞƌŵŝŶĂů ĞǆƉĂŶƐŝŽŶ͕ ĞǆƉĂŶĚĞĚ ƉĂƐƐĞŶŐĞƌ ƉĂƌŬŝŶŐ ;ƚŽ ŽǀĞƌ ϭ͕ϬϬϬ ƉůĂĐĞƐͿ ĂŶĚ ƚĂƌŵĂĐ ĂŶĚ ƌƵŶǁĂǇ ƌĞĐŽŶƐƚƌƵĐƚŝŽŶ͘

dŚĞ ŝƌƉŽƌƚ ŝƐ ŚŽŵĞ ƚŽ ƚŚĞ h^ &ŽƌĞƐƚ ^ĞƌǀŝĐĞ ZĞĚŵŽŶĚ ŝƌ ĞŶƚĞƌ͕ ĂƐĐĂĚĞ ǀŝĂƚŝŽŶ DĂŶĂŐĞŵĞŶƚ͕ >ŝĨĞ &ůŝŐŚƚ͕ ƵƚůĞƌ ǀŝĂͲ ƚŝŽŶ͕ >ĞƐ ^ĐŚǁĂď͕ ŽŶŶĞǀŝůůĞ WŽǁĞƌ͕ Z ŶƚĞƌƉƌŝƐĞƐ͕ >ĂŶĐĂŝƌ͕ ĂŶĚ ,ĞŶĚĞƌƐŽŶ ǀŝĂƚŝŽŶ͘ Z D ĂůƐŽ ƉƌŽǀŝĚĞƐ Ăŝƌ ĐĂƌŐŽ ƐĞƌǀŝĐĞƐ ĂŶĚ ŚŽƐƚƐ ŐĞŶĞƌĂů ĂǀŝĂƚŝŽŶ ƚƌĂĨĨŝĐ͕ ŝŶĐůƵĚŝŶŐ ĞǆƚĞŶƐŝǀĞ ĐŽƌƉŽƌĂƚĞ ĂŶĚ ďƵƐŝŶĞƐƐ ƚƌĂǀĞů͘ &ĞĚ ǆ͕ hŶŝƚĞĚ WĂƌĐĞů ^ĞƌǀŝĐĞ͕ ĂŶĚ ƚŚĞ h^W^ ƉƌŽǀŝĚĞ Ăŝƌ ĨƌĞŝŐŚƚ ĂŶĚ ƉĂĐŬĂŐĞ ĞǆƉƌĞƐƐ ƐĞƌǀŝĐĞƐ͘

'ĞŶĞƌĂů ǀŝĂƚŝŽŶ

dŚĞ WƌŝŶĞǀŝůůĞͬ ƌŽŽŬ ŽƵŶƚǇ ŝƌƉŽƌƚ ŝƐ ůŽĐĂƚĞĚ ƚŚƌĞĞ ŵŝůĞƐ ƐŽƵƚŚǁĞƐƚ ŽĨ ƚŚĞ ĐŝƚǇ͘ WƌŝŶĞǀŝůůĞ ŚĂƐ ƚǁŽ ǁĞůůͲŵĂŝŶƚĂŝŶĞĚ͕ ůŝŐŚƚĞĚ͕ ŝŶƚĞƌƐĞĐƚŝŶŐ ĂƐƉŚĂůƚ ƌƵŶǁĂǇƐ ƚŚĂƚ ĂƌĞ ĂďůĞ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ƐŵĂůů ĂŝƌĐƌĂĨƚ ĂŶĚ ĐŽƌƉŽƌĂƚĞ ũĞƚƐ͘ dŚĞ ƉƌŝŵĂƌǇ ƌƵŶǁĂǇ ŝƐ ϱ͕ϳϱϭ ĨĞĞƚ ŝŶ ůĞŶŐƚŚ͕ ϳϱ ǁŝĚĞ͕ ĂŶĚ ĞƋƵŝƉƉĞĚ ǁŝƚŚ 'W^ ŝŶƐƚƌƵŵĞŶƚ ĂƉƉƌŽĂĐŚĞƐ͘ dŚĞ ĐƌŽƐƐǁŝŶĚ ƌƵŶǁĂǇ ŝƐ ϰ͕Ϭϱϰ ĨĞĞƚ ůŽŶŐ ĂŶĚ ϰϬ ĨĞĞƚ ǁŝĚĞ͘ dŚĞ ƚĞƌŵŝŶĂů ŝƐ ŽƉĞŶ ϳ ĚĂǇƐ Ă ǁĞĞŬ͕ ϴĂŵͲϱƉŵ͘ WŝůŽƚƐ ŚĂǀĞ ϮϰͲŚŽƵƌ ĂĐĐĞƐƐ ƚŽ ƌĞƐƚƌŽŽŵƐ͕ ƐŶĂĐŬƐ͕ ĂŶĚ Ă ĨůŝŐŚƚ ƉůĂŶŶŝŶŐ ƌŽŽŵ ǁŝƚŚ ĐŽŵƉƵƚĞƌ ĂŶĚ tŝͲ&ŝ ĂĐĐĞƐƐ͘ ^ĞƌǀŝĐĞƐ ŝŶĐůƵĚĞ ĨƵĞů ;:ĞƚͲ Θ ϭϬϬ>>Ϳ͕ ƉĂƌŬŝŶŐ ;ƚŝĞ ĚŽǁŶƐͿ͕ ůŽƵŶŐĞͬ ƉůĂŶŶŝŶŐ ƌŽŽŵ͕ ďĂƚŚƌŽŽŵƐ ǁŝƚŚ ƐŚŽǁĞƌ ŝŶ ůĂĚŝĞƐ ƌŽŽŵ͕ ĐŽƵƌƚĞƐǇ ĐĂƌƐ͕ ĂŶĚ ƚǁŽ ŽŶͲĨŝĞůĚ ŵĂŝŶƚĞŶĂŶĐĞ ĨĂĐŝůŝƚŝĞƐ ǁŝƚŚ ĨůŝŐŚƚ ŝŶƐƚƌƵĐƚŝŽŶ͘ dŚĞƌĞ ĂƌĞ ĐƵƌƌĞŶƚůǇ ĞŝŐŚƚ ďƵƐŝŶĞƐƐĞƐ ŽƉĞƌĂƚŝŶŐ Ăƚ ƚŚĞ ĂŝƌƉŽƌƚ ŝŶĐůƵĚŝŶŐ ƌŝĐŬƐŽŶ ŝƌ ƌĂŶĞ ĂŶĚ ,ŝůůƐďŽƌŽ ǀŝĂƚŝŽŶ͘ /Ŷ &ĞďƌƵĂƌǇ ϮϬϭϯ͕ ,ŝůůƐďŽƌŽ ǀŝĂƚŝŽŶ ďĞŐĂŶ ƵƐŝŶŐ ƚŚĞ WƌŝŶĞǀŝůůĞ ͬ ƌŽŽŬ ŽƵŶƚǇ ĂŝƌƉŽƌƚ ĂƐ Ă ĨůŝŐŚƚ ƚƌĂŝŶŝŶŐ ĐĞŶƚĞƌ ĨŽƌ ŝŶƚĞƌŶĂƚŝŽŶĂů ƐƚƵĚĞŶƚƐ͘ ,ŝůůƐďŽƌŽ ƉŝĐŬĞĚ WƌŝŶĞǀŝůůĞ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ ĨĂǀŽƌĂďůĞ ǁĞĂƚŚĞƌ ĐŽŶĚŝƚŝŽŶƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ƚŚĞ ĂŝƌƉŽƌƚ ĂŶĚ ĐŽŵŵƵŶŝƚǇ ƉƌŽǀŝĚĞ͘ dŚĞƐĞ ƉƌŝŵĂƌǇ ĨůŝŐŚƚ ƐƚƵĚĞŶƚƐ ƵƐĞ ƚŚĞ ĂŝƌƉŽƌƚ ƚŽ ŐĂŝŶ ĞǆƉĞƌŝĞŶĐĞ ĨůǇŝŶŐ ĨŝǆĞĚ ǁŝŶŐ ĂŝƌĐƌĂĨƚ ĂŶĚ ŚĞůŝĐŽƉƚĞƌƐ͘

ZĂŝů ^ĞƌǀŝĐĞƐ

dŚĞ ŝƚǇ ŽĨ WƌŝŶĞǀŝůůĞ ZĂŝůǁĂǇ ŝƐ Ă ĐƵƐƚŽŵĞƌͲŽƌŝĞŶƚĞĚ ƐŚŽƌƚ ůŝŶĞ ƌĂŝůƌŽĂĚ ǁŚŝĐŚ ĚŝƌĞĐƚůǇ ďĞŶĞĨŝƚƐ ĞŶƚƌĂů KƌĞŐŽŶ ŝŶĚƵƐƚƌŝĞƐ ĂŶĚ ŽĨĨĞƌƐ ĐŽŶŶĞĐƚŝŽŶƐ ǁŝƚŚ ďŽƚŚ ƚŚĞ ƵƌůŝŶŐƚŽŶ EŽƌƚŚĞƌŶͲ^ĂŶƚĂ &Ğ ĂŶĚ hŶŝŽŶ WĂĐŝĨŝĐ ƌĂŝůƌŽĂĚƐ Ăƚ WƌŝŶĞǀŝůůĞ :ƵŶĐƚŝŽŶ ŝŶ ZĞĚŵŽŶĚ͕ KƌĞŐŽŶ͘ ďƵůŬ ƚƌĂŶƐͲůŽĂĚ ĨĂĐŝůŝƚǇ͕ ůŽĐĂƚĞĚ ŽŶ ϭϭ ĂĐƌĞƐ ĂĚũĂĐĞŶƚ ƚŽ ƚŚĞ ƌĂŝůǁĂǇ ŶĞĂƌ ZĞĚŵŽŶĚ͕ ŝƐ ĐĂƉĂďůĞ ŽĨ ƚƌĂŶƐĨĞƌƌŝŶŐ ǀĂƌŝͲ ŽƵƐ ƉƌŽĚƵĐƚƐ ďĞƚǁĞĞŶ ƌĂŝů ĂŶĚ ŚŝŐŚǁĂǇ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ŵŽĚĞƐ͘ dŚĞ ĨĂĐŝůŝƚǇ ŝƐ ĂďůĞ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ĂŐŐƌĞŐĂƚĞƐ͕ ƐĂŶĚ͕ ĐĞŵĞŶƚ͕ ůŝƋƵŝĚƐ͕ ŐƌĂŝŶ͕ ĂŶĚ Ă ǀĂƌŝĞƚǇ ŽĨ ŽƚŚĞƌ ďƵůŬ ĐŽŵŵŽĚŝƚŝĞƐ͘ &ŽƵƌ ǁĂƌĞŚŽƵƐĞ ďƵŝůĚŝŶŐƐ Ăƚ ƚŚĞ ZĂŝůǁĂǇ͛Ɛ &ƌĞŝŐŚƚ ĞƉŽƚ͕ ƌĂŶŐŝŶŐ ŝŶ ƐŝǌĞ ĨƌŽŵ ϮϬ͕ϬϬϬ ƚŽ ϲϰ͕ϬϬϬ ^&͕ ĂƌĞ ĂǀĂŝůĂďůĞ ĨŽƌ ƉƌŽĚƵĐƚ ƐƚŽƌͲ ĂŐĞ ĂŶĚ ũƵƐƚͲŝŶͲƚŝŵĞ ĚĞůŝǀĞƌǇ ƐĞƌǀŝĐĞ͘ >ĂƌŐĞƌ ǁĂƌĞŚŽƵƐĞƐ ĂƌĞ ƌĂŝů ƐĞƌǀĞĚ͕ ƐĞĐƵƌĞ ĂŶĚ ƐƉƌŝŶŬůĞƌĞĚ͕ ĂŶĚ ĂƌĞ ƐĞƚ ƵƉ ǁŝƚŚ ďŽǆĐĂƌ ĚŽĐŬƐ ĨŽƌ ĨůĂƚĐĂƌ Žƌ ŐŽŶĚŽůĂ ƵƐĞ͘ KŶĞ ŶĞǁ ǁĂƌĞŚŽƵƐĞ ƉƌŽǀŝĚĞƐ ŝŶƐŝĚĞ ƌĂŝůĐĂƌ ůŽĂĚŝŶŐ ĂŶĚ ƵŶůŽĂĚŝŶŐ ǁŝƚŚ ĂŶ ŽǀĞƌͲƚŚĞͲƚƌĂĐŬ ŚŝŐŚ ĐĂƉĂĐŝƚǇ ďƌŝĚŐĞ ĐƌĂŶĞ͘ ŽƚŚ ŶĞǁ ǁĂƌĞŚŽƵƐĞƐ ĂƌĞ ĚĞƐŝŐŶĞĚ ĨŽƌ ĚƌŝǀĞͲƚŚƌƵ ƐĞƌǀŝĐĞ ĂŶĚ ŽĨĨĞƌ ĐŽŶǀĞŶƚŝŽŶĂů ƚƌƵĐŬ ĚŽĐŬƐ ƚŽ ĂĐĐŽŵŵŽĚĂƚĞ ĚƌǇ ǀĂŶƐ͘ ĚĚŝƚŝŽŶĂů ůĂŶĚ ŝƐ ĂǀĂŝůĂďůĞ ĨŽƌ ůĞĂƐĞ ƚŽ ĐŽŵƉĂŶŝĞƐ ŶĞĞĚŝŶŐ ĂĐĐĞƐƐ ƚŽ ƌĂŝů ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ͘

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϭϯ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

dKWK'Z W,z Θ >/D d

ƌŽŽŬ ŽƵŶƚǇ ĞŶũŽǇƐ ƚŚĞ ĚƌǇ ĐůŝŵĂƚĞ ŽĨ ƚŚĞ ŚŝŐŚ ĚĞƐĞƌƚ͘ ^ƵŶŶǇ ĚĂǇƐ͕ ůŽǁ ŚƵŵŝĚŝƚǇ ĂŶĚ ĐŽŽů ŶŝŐŚƚƐ ƚǇƉŝĨǇ ƚŚĞ ƐĞŵŝͲĂƌŝĚ ĐůŝŵĂƚĞ ŝŶ ƚŚĞ ŚŝŐŚ ĚĞƐĞƌƚ͘ dĞŵƉĞƌĂƚƵƌĞƐ ĐĂŶ ǀĂƌǇ ϯϬ ƚŽ ϰϬ ĚĞŐƌĞĞƐ ŽǀĞƌ ƚŚĞ ĐŽƵƌƐĞ ŽĨ Ă ĚĂǇ͘ WƌŝŶĞǀŝůůĞ ŝƐ Ăƚ Ϯ͕ϴϲϴ͛ ďƵƚ ĞůĞǀĂͲ ƚŝŽŶƐ ƌĂŶŐĞ ƵƉ ƚŽ ϲ͕ϵϮϲ͛ Ăƚ >ŽŽŬŽƵƚ DŽƵŶƚĂŝŶ ŝŶ ƚŚĞ KĐŚŽĐŽƐ͘ >ŝŬĞ Ăůů ŽĨ KƌĞŐŽŶ ĞĂƐƚ ŽĨ ƚŚĞ ĂƐĐĂĚĞƐ͕ ƌŽŽŬ ŽƵŶƚǇΖƐ ǁĞĂƚŚĞƌ ŝƐ ĐŚĂƌĂĐƚĞƌͲ ŝǌĞĚ ŐĞŶĞƌĂůůǇ ďǇ ďƌŝŐŚƚ ƐƵŶƐŚŝŶĞ͕ ŚŽƚ ĚĂǇƐ ĂŶĚ ĐŽŽů ŶŝŐŚƚƐ ŝŶ ƚŚĞ ƐƵŵŵĞƌ͕ ĂŶĚ ƐƵŶŶǇ ĚĂǇƐ ĂŶĚ ĐŽŽů ƚŽ ĐŽůĚ ƚĞŵƉĞƌĂƚƵƌĞƐ ŝŶ ƚŚĞ ǁŝŶƚĞƌ͘ ^ƵŵŵĞƌ ƚĞŵͲ ƉĞƌĂƚƵƌĞƐ ĂƌĞ ƚǇƉŝĐĂůůǇ ŝŶ ƚŚĞ ŵŝĚͲϴϬƐ ;&ĂŚƌĞŶŚĞŝƚͿ ǁŝƚŚ ůŽǁƐ ŝŶ ƚŚĞ ϰϬƐ͘ tŝŶƚĞƌ ƚĞŵƉĞƌĂƚƵƌĞƐ ƌĂŶŐĞ ĨƌŽŵ ŚŝŐŚƐ ŝŶ ƚŚĞ ϰϬƐ ƚŽ ůŽǁƐ ŝŶ ƚŚĞ ϮϬƐ͘

ǀĞƌĂŐĞ ,ŝŐŚ ;Σ&Ϳ ǀĞƌĂŐĞ >Žǁ ;Σ&Ϳ ǀĞƌĂŐĞ WƌĞĐŝƉŝƚĂƚŝŽŶ ;ŝŶĐŚĞƐͿ й ŚĂŶĐĞ ŽĨ ^ƵŶƐŚŝŶĞ ^ŽƵƌĐĞ͗ ,ŽŵĞĨĂĐƚƐ͘ĐŽŵ

:ĂŶ ϰϮΣ ϮϭΣ ϭ͘ϭ ϰϭ͘ϵ

tĞĂƚŚĞƌ WƌŽĨŝůĞ ĨŽƌ WƌŝŶĞǀŝůůĞ͕ KƌĞŐŽŶ

&Ğď ϰϴΣ ϮϰΣ ϭ͘Ϭ ϰϭ͘ϰ

DĂƌ ϱϱΣ ϮϱΣ ϭ͘Ϭ ϰϭ͘ϵ

Ɖƌ ϲϭΣ ϮϴΣ Ϭ͘ϴ ϱϬ͘Ϭ

DĂǇ ϲϵΣ ϯϰΣ ϭ͘ϭ ϲϭ͘ϯ

:ƵŶ ϳϳΣ ϰϬΣ Ϭ͘ϴ ϳϬ͘Ϭ

:Ƶů ϴϲΣ ϰϯΣ Ϭ͘ϲ ϴϯ͘ϵ

ƵŐ ϴϲΣ ϰϮΣ Ϭ͘ϱ ϵϬ͘ϯ

^ĞƉ ϳϴΣ ϯϱΣ Ϭ͘ϰ ϴϬ͘Ϭ

KĐƚ ϲϲΣ ϮϵΣ Ϭ͘ϴ ϲϭ͘ϯ

EŽǀ ϰϵΣ ϮϱΣ ϭ͘ϯ ϰϯ͘ϯ

ĞĐ ϰϵΣ ϮϭΣ ϭ͘Ϯ ϰϬ͘Ϭ

W Z<^ Θ Z Z d/KE

/Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ ϭϬ ƉĂƌŬƐ ĂŶĚ ĞŝŐŚƚ ďĂůů ĨŝĞůĚƐ ĐŽǀĞƌŝŶŐ ŽǀĞƌ ϭϬϬ ĂĐƌĞƐ ŽĨ ŽƉĞŶ ƐƉĂĐĞ͕ ƌŽŽŬ ŽƵŶƚǇ WĂƌŬƐ ĂŶĚ ZĞĐƌĞĂƚŝŽŶ ŝƐƚƌŝĐƚ ĂůƐŽ ĐŽŽƌĚŝŶĂƚĞƐ ĚŽǌĞŶƐ ŽĨ ƌĞĐƌĞĂƚŝŽŶ ƉƌŽŐƌĂŵƐ ĂŶĚ ƐƉĞĐŝĂů ĞǀĞŶƚƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ǇĞĂƌ͘ dŚĞ ĚŝƐƚƌŝĐƚ ŽƉͲ ĞƌĂƚĞƐ ĂŶĚ ŵĂŝŶƚĂŝŶƐ Ă ƐĐĞŶŝĐ Ϯ͘ϱͲŵŝůĞ ǁĂůŬŝŶŐ ƉĂƚŚ ƚŚĂƚ ƌƵŶƐ ƚŚƌŽƵŐŚ ƚŚĞ ĐĞŶƚĞƌ ŽĨ ƚŽǁŶ ĂŶĚ KĐŚŽĐŽ ƌĞĞŬ WĂƌŬ͘ KƚŚĞƌ ĂŵĞŶŝƚŝĞƐ ŝŶĐůƵĚĞ Ă ƐǁŝŵŵŝŶŐ ƉŽŽů͕ ƐŬĂƚŝŶŐ ƌŝŶŬ͕ ƐŬĂƚĞ ƉĂƌŬ͕ Zs ƉĂƌŬ͕ ĐĂŵƉŐƌŽƵŶĚ͕ Ă ĐŽŵŵƵŶŝƚǇ ŐĂƌĚĞŶ͕ ĂŶĚ ƚǁŽ ĚŽŐ ƉĂƌŬƐ͘ sŝƐŝƚ ǁǁǁ͘ĐĐƉƌĚ͘ŽƌŐ Žƌ ĐĂůů ϱϰϭͲϰϰϳͲϭϮϬϵ͘ WƌŝŶĞǀŝůůĞ ZĞƐĞƌǀŽŝƌ ^ƚĂƚĞ WĂƌŬ͕ Ă dŽƉ ϭϬ KƌĞŐŽŶ ĂƚƚƌĂĐƚŝŽŶ ĨŽƌ ǁĂƚĞƌ ƌĞĐƌĞĂƚŝŽŶ͕ ǁĞůĐŽŵĞƐ ǀŝƐŝƚŽƌƐ ǁŚŽ ǁĂŶƚ ƚŽ ďŽĂƚ͕ Ɛǁŝŵ͕ ĨŝƐŚ Žƌ ũƵƐƚ ƉŝĐŶŝĐ Žƌ ĐĂŵƉ Ăƚ ƚŚĞ ZĞƐĞƌǀŽŝƌ͘ KĐŚŽĐŽ ZĞƐĞƌǀŽŝƌ ĂůƐŽ ŽĨĨĞƌƐ ĐĂŵƉŝŶŐ ĂŶĚ ĨŝƐŚŝŶŐ Ɛŝǆ ŵŝůĞƐ ŽƵƚ ŽĨ WƌŝŶĞǀŝůůĞ͘ :ƵƐƚ ŵŝŶƵƚĞƐ ĨƌŽŵ WƌŝŶĞǀŝůůĞ͕ ƚŚĞ >ŽǁĞƌ ƌŽŽŬĞĚ ZŝǀĞƌ ŚĂƐ ďĞĞŶ ĚĞƐŝŐŶĂƚĞĚ ĂƐ ŽŶĞ ŽĨ ƚŚĞ >DΖƐ EĂƚŝŽŶĂů tŝůĚ ĂŶĚ ^ĐĞŶŝĐ ZŝǀĞƌƐ͘ dŚĞ ƌŽŽŬĞĚ ZŝǀĞƌ ZŽƵŶĚƵƉ ZŽĚĞŽ͕ ŽŶĞ ŽĨ ƚŚĞ ƚŽƉ ϭϬϬ WZ ƌŽĚĞŽ ĞǀĞŶƚƐ ŝŶ ƚŚĞ ŶĂƚŝŽŶ͕ ŝƐ ŚĞůĚ ĞĂĐŚ :ƵŶĞ͘ DŽĚĞƌĂƚĞ ǁĞĂƚŚĞƌ ŝŶ ƌŽŽŬ ŽƵŶƚǇ ŵĂŬĞƐ ŐŽůĨ ǀŝĂďůĞ ŶĞĂƌůǇ ǇĞĂƌ ƌŽƵŶĚ͘ dŚĞƌĞ ĂƌĞ ƚŚƌĞĞ ŐŽůĨ ĐŽƵƌƐĞƐ ŝŶ ƚŚĞ ŽƵŶƚǇ ĂŶĚ ĂŶͲ ŽƚŚĞƌ Ϯϯ ǁŝƚŚŝŶ ƚŚĞ ŐƌĞĂƚĞƌ ĞŶƚƌĂů KƌĞŐŽŶ ĂƌĞĂ͘ DĞĂĚŽǁ >ĂŬĞƐ ŝƐ Ă ƉŽƉƵůĂƌ ƉƵďůŝĐ ĐŽƵƌƐĞ ŝŶ WƌŝŶĞǀŝůůĞ͕ ƌĂƐĂĚĂ ZĂŶĐŚ ďŽĂƐƚƐ Ă ƉƌŝǀĂƚĞ W' ĚĞƐŝŐŶĞĚ ĐŽƵƌƐĞ͕ ĂŶĚ WƌŝŶĞǀŝůůĞ 'ŽůĨ Θ ŽƵŶƚƌǇ ůƵď͕ ůŽĐĂƚĞĚ ĞĂƐƚ ŽĨ ƚŽǁŶ͕ ŝƐ ĂůƐŽ ƉƌŝǀĂƚĞ͘ ƌĂƐĂĚĂ ZĂŶĐŚ ŝƐ ƌŽŽŬ ŽƵŶƚǇ͛Ɛ ƉƌĞŵŝĞƌ ĚĞƐƚŝŶĂƚŝŽŶ ƌĞƐŽƌƚ͘ tŝƚŚ Ă ƉĂŶŽƌĂŵŝĐ ǀŝĞǁ ŽĨ ƚŚĞ ĂƐĐĂĚĞ DŽƵŶƚĂŝŶƐ͕ ƚŚĞ ϭ͕ϴϬϬͲĂĐƌĞ ĚĞǀĞůŽƉŵĞŶƚ ĨĞĂƚƵƌĞƐ ŚŽŵĞ ƐŝƚĞƐ͕ ůŽĚŐŝŶŐ͕ ĂŶ ĞǀĞŶƚƐ ďƵŝůĚŝŶŐ͕ Ă ƌĞĐƌĞĂƚŝŽŶ ĨĂĐŝůŝƚǇ ǁŝƚŚ ĂŶ ŽƵƚĚŽŽƌ ƉŽŽů͕ ĂŶĚ ĂŶ ĞƋƵĞƐƚƌŝĂŶ ĐĞŶƚĞƌ͘

h^/E ^^ Z ^KhZ ^

ƵƐŝŶĞƐƐ ZĞƐŽƵƌĐĞƐ ŝŶ ƌŽŽŬ ŽƵŶƚǇ

ŝƚǇ ŽĨ WƌŝŶĞǀŝůůĞ ǁǁǁ͘ĐŝƚǇŽĨƉƌŝŶĞǀŝůůĞ͘ĐŽŵ ϱϰϭͲϰϰϳͲϱϲϮϳ ϯϴϳ E ϯƌĚ ^ƚƌĞĞƚ͕ WƌŝŶĞǀŝůůĞ͕ KZ ϵϳϳϱϰ

KƌĞŐŽŶ ŵƉůŽǇŵĞŶƚ ĞƉĂƌƚŵĞŶƚ ;K Ϳ ǁǁǁ͘ĞŵƉůŽǇŵĞŶƚ͘ŽƌĞŐŽŶ͘ŐŽǀ ϱϰϭͲϰϰϳͲϴϬϳϲ ϮϯϮϭ E ϯƌĚ ^ƚƌĞĞƚ͕ WƌŝŶĞǀŝůůĞ͕ KZ ϵϳϳϱϰ

WƌŝŶĞǀŝůůĞͬ ƌŽŽŬ ŽƵŶƚǇ ŚĂŵďĞƌ ŽĨ ŽŵŵĞƌĐĞ ǁǁǁ͘ǀŝƐŝƚƉƌŝŶĞǀŝůůĞ͘ĐŽŵ ϱϰϭͲϰϰϳͲϲϯϬϰ ϭϬϮ Et ϮŶĚ ^ƚƌĞĞƚ͕ WƌŝŶĞǀŝůůĞ͕ KZ ϵϳϳϱϰ

ƌŽŽŬ ŽƵŶƚǇ ǁǁǁ͘ĐŽ͘ĐƌŽŽŬ͘Žƌ͘ƵƐ ϱϰϭͲϰϰϳͲϲϱϱϱ ϯϬϬ E ϯƌĚ ^ƚƌĞĞƚ͕ WƌŝŶĞǀŝůůĞ͕ KZ ϵϳϳϱϰ

tŽƌŬ ^ŽƵƌĐĞ KƌĞŐŽŶ ǁǁǁ͘ǁŽƌŬƐŽƵƌĐĞŽƌĞŐŽŶ͘ŽƌŐ ϱϰϭͲϰϰϳͲϯϭϭϵ ϮϯϮϭ E ϯƌĚ ^ƚƌĞĞƚ͕ WƌŝŶĞǀŝůůĞ͕ KZ ϵϳϳϱϰ

ĞŶƚƌĂů KƌĞŐŽŶ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů ŽƵŶĐŝů ; K/ Ϳ ǁǁǁ͘ĐŽŝĐ͘ŽƌŐ ϱϰϭͲϱϰϴͲϴϭϲϯ Ϯϯϲϯ ^t 'ůĂĐŝĞƌ WůĂĐĞ͕ ZĞĚŵŽŶĚ͕ KZ ϵϳϳϱϲ

DŝĚ KƌĞŐŽŶ WĞƌƐŽŶŶĞů ǁǁǁ͘ŵŝĚŽƌĞŐŽŶƉĞƌƐŽŶŶĞů͘ĐŽŵ ϱϰϭͲϰϰϳͲϭϮϵϵ ϭϴϳ Et ^ĞĐŽŶĚ ^ƚƌĞĞƚ͕ WƌŝŶĞǀŝůůĞ͕ KZ ϵϳϳϱϰ

^ŵĂůů ƵƐŝŶĞƐƐ ĞǀĞůŽƉŵĞŶƚ ĞŶƚĞƌ ;^ Ϳ ǁǁǁ͘ďŝǌĐĞŶƚĞƌ͘ŽƌŐ ϱϰϭͲϯϴϯͲϳϮϵϬ ϮϲϬϬ Et ŽůůĞŐĞ tĂǇ͕ ĞŶĚ͕ KZ ϵϳϳϬϭ

ĞŶƚƌĂů KƌĞŐŽŶŝĂŶ ǁǁǁ͘ĐĞŶƚƌĂůŽƌĞŐŽŶŝĂŶ͘ĐŽŵ ϱϰϭͲϰϰϳͲϲϮϬϱ ϱϱϴ E͘ DĂŝŶ ^ƚƌĞĞƚ͕ WƌŝŶĞǀŝůůĞ͕ KZ ϵϳϳϱϰ

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϭϰ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

EdZ > KZ 'KE͛^ EdZ WZ E hZ/ > > E ^ W

Ŷ ŝŶĐƌĞĂƐŝŶŐ ůĞǀĞů ŽĨ ƐƚĂƌƚƵƉ ĂĐƚŝǀŝƚǇ ŝƐ ďĞŝŶŐ ƐĞĞŶ ĂĐƌŽƐƐ ĞŶƚƌĂů KƌĞŐŽŶ͘ EƵŵĞƌŽƵƐ ŝŶĚƵƐƚƌǇ ĐůƵƐƚĞƌƐ ĂƌĞ ĐŽĂůĞƐĐŝŶŐ ŝŶ ƐƵĐŚ ĂƌĞĂƐ ĂƐ ŚŝŐŚ ƚĞĐŚŶŽůŽŐǇ͕ ďŝŽƐĐŝĞŶĐĞ͕ ŽƵƚĚŽŽƌ ƌĞĐƌĞĂƚŝŽŶ ĂŶĚ ĐŽŶƐƵŵĞƌ ŐŽŽĚƐ͕ ĨŽŽĚ ƉƌŽĚƵĐƚƐ͕ ĂŶĚ ďƌĞǁŝŶŐ Θ ĚŝƐƚŝůůŝŶŐ͘ dŚŝƐ ĂĐƚŝǀŝƚǇ ŝƐ ďĞŝŶŐ ĚƌŝǀĞŶ ďǇ ďŽƚŚ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ƌĞůŽĐĂƚŝŶŐ ƚŽ ƚŚĞ ƌĞŐŝŽŶ͕ ĂŶĚ ůŽĐĂů ĞŶƚƌĞƉƌĞŶĞƵƌƐ ĞŵďĂƌŬŝŶŐ ŽŶ ƚŚĞŝƌ ŽǁŶ ĞŶͲ ƚĞƌƉƌŝƐĞƐ͘ dŚĞ ƌĞŐŝŽŶ ŝƐ ůĂƌŐĞ ĞŶŽƵŐŚ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĂĐĐĞƐƐ ƚŽ ĐĂƉŝƚĂů ƚŚĂƚ ŚĞůƉ ŶĞǁ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ŐĞƚ ƐƚĂƌƚĞĚ͕ ǁŚŝůĞ Ɛƚŝůů ďĞŝŶŐ ƐŵĂůů ĞŶŽƵŐŚ ƚŚĂƚ ƚŚŽƐĞ ƌĞƐŽƵƌĐĞƐ ĂƌĞ ŝŶƚĞƌĐŽŶŶĞĐƚĞĚ ĞŶŽƵŐŚ ƚŽ ƐƵƉƉŽƌƚ ďƵƐŝŶĞƐƐĞƐ ĂƐ ƚŚĞǇ ŐƌŽǁ͘ hŶŝƋƵĞ ƚŽ ĞŶƚƌĂů KƌĞŐŽŶ ĂƌĞ ƚŚĞ ŶƵŵĞƌŽƵƐ ĐŽŵŵƵŶŝƚǇ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ĂǀĂŝůĂďůĞ͘ ĨĞǁ ŽĨ ƚŚĞƐĞ ŝŶĐůƵĚĞ ƚŚŽƐĞ ŵĂŶĂŐĞĚ ďǇ K ĂƌĞ ĞŶƚƌĂů KƌĞŐŽŶ WƵďdĂůŬ͕ ^ƚĂďůĞ ŽĨ ǆƉĞƌƚƐ͕ ĂŶĚ ƚŚĞ ĞŶĚ sĞŶƚƵƌĞ ŽŶĨĞƌĞŶĐĞ͘ dŚĞ ^ƚĂďůĞ ŽĨ ǆƉĞƌƚƐ ;^K Ϳ ŝƐ Ă ƐĞĂƌĐŚĂďůĞ ĚĂƚĂďĂƐĞ ŽĨ ŽǀĞƌ ϭϮϬ ĞǆƉĞƌƚƐ ƚŚĂƚ ƐƉĂŶ ŵƵůƚŝƉůĞ ŝŶĚƵƐƚƌŝĞƐ ĂŶĚ ĚŝƐĐŝƉůŝŶĞƐ͘ dŚĞƐĞ ĞǆƉĞƌƚƐ ŚĂǀĞ ĂŐƌĞĞĚ ƚŽ ĚĞĚŝĐĂƚĞ Ă ĐĞƌƚĂŝŶ ŶƵŵďĞƌ ŽĨ ŚŽƵƌƐ ƚŽ ŚĞůƉŝŶŐ ĞŶƚƌĞƉƌĞŶĞƵƌƐ Ĩŝůů ƚŚĞŝƌ ƐŬŝůůƐ ŐĂƉƐ ĂŶĚ ŵĞŶƚŽƌ ǇŽƵŶŐ ůĞĂĚĞƌƐ͘ dŚĞ ^K ŚĞůƉƐ ƚŽ Ĩŝůů ŝŶ ƚŚĞƐĞ ŵŝƐƐŝŶŐ ƉŝĞĐĞƐ ĨŽƌ ŶĞǁ ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ŝŶĐƌĞĂƐĞ ƚŚĞŝƌ ƉƌŽďĂďŝůŝƚǇ ŽĨ ƐƵĐĐĞƐƐ͘ ĞŶƚƌĂů KƌĞŐŽŶ WƵďdĂůŬ ŝƐ Ă ŵŽŶƚŚůǇ ŚĂƉƉǇ ŚŽƵƌ ŚĞůĚ Ăƚ DĐDĞŶĂŵŝŶƐ ŝŶ ĚŽǁŶƚŽǁŶ ĞŶĚ͘ dŚĞƐĞ ĞǀĞŶƚƐ ĂƌĞ Ă ƐŚŽǁĐĂƐĞ ĨŽƌ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ƚŽ ƉŝƚĐŚ ƚŚĞŝƌ ďƵƐŝŶĞƐƐ ŝĚĞĂƐ͕ ĂŶĚ ĨŽƌ ƉƌĞǀŝŽƵƐůǇ ƐŚŽǁĐĂƐĞĚ ďƵƐŝŶĞƐƐĞƐ ƚŽ ƉƌŽǀŝĚĞ ĂŶ ƵƉĚĂƚĞ ŽŶ ƚŚĞŝƌ ƉƌŽŐƌĞƐƐ͘ <ĞǇŶŽƚĞ ƐƉĞĂŬͲ ĞƌƐ ĂƌĞ ďƌŽƵŐŚƚ ŝŶ ƚŽ ĂĚĚ ĂŶ ĞĚƵĐĂƚŝŽŶĂů ĐŽŵƉŽŶĞŶƚ ƚŽ ƚŚĞ ĞǀĞŶƚ͘ ƐƵĐĐĞƐƐĨƵů ƉŝƚĐŚ ŝƐ ĂŶ ŝŶƚĞŐƌĂů ĐŽŵƉŽŶĞŶƚ ŽĨ ƐĞĐƵƌŝŶŐ ĨƵŶĚŝŶŐ͕ ĂŶĚ WƵďdĂůŬ ŽĨĨĞƌƐ Ă ƉůĂƚĨŽƌŵ ĨŽƌ ĞŵĞƌŐŝŶŐ ďƵƐŝͲ ŶĞƐƐĞƐ ƚŽ ƉƌĂĐƚŝĐĞ ĂŶĚ ƉĞƌĨĞĐƚ ƚŚĞ ƉŝƚĐŚ ǁŝƚŚ ĐŽĂĐŚŝŶŐ ƐĞƐƐŝŽŶƐ ĐŽŶĚƵĐƚĞĚ ďǇ K ƉƌŝŽƌ ƚŽ ƚŚĞ ĞǀĞŶƚ͘ dŚĞ ĞŶĚ sĞŶƚƵƌĞ ŽŶĨĞƌĞŶĐĞ ; s Ϳ ŝƐ ƚŚĞ ůĂƌŐĞƐƚ ĂŶŐĞů ĐŽŶĨĞƌĞŶĐĞ ŝŶ ƚŚĞ tĞƐƚ ĂŶĚ ŚĂƐ ďĞͲ ƚŚ ĐŽŵĞ Ă ŵĂƌƋƵĞĞ ĞǀĞŶƚ ĨŽƌ ƚŚĞ ĞŶƚƌĞƉƌĞŶĞƵƌŝĂů ĐŽŵŵƵŶŝƚǇ͘ EŽǁ ŝŶ ŝƚƐ ϭϰ ǇĞĂƌ͕ ƚŚŝƐ ĂŶŶƵĂů ĞǀĞŶƚ ƚĂŬĞƐ ƉůĂĐĞ ĞĂĐŚ KĐƚŽďĞƌ͘ ϮϬϭϲ ǁĂƐ Ă ƉŝǀŽƚĂů ǇĞĂƌ ĨŽƌ ƚŚĞ ĐŽŶĨĞƌĞŶĐĞ͕ ǁŝƚŚ ŶĞĂƌůǇ ΨϰD ŝŶ ĨƵŶĚŝŶŐ ŝŶǀĞƐƚĞĚ ŝŶ ƚĞŶ ĐŽŵƉĂŶŝĞƐ͕ ŽǀĞƌ ϲϬϬ ĂƚƚĞŶĚĞĞƐ ŝŶĐůƵĚŝŶŐ ŝŶǀĞƐƚŽƌƐ͕ ĞŶƚƌĞƉƌĞŶĞƵƌƐ͕ ƐĞƌǀŝĐĞ ƉƌŽĨĞƐƐŝŽŶĂůƐ͕ ƐƚƵĚĞŶƚƐ͕ ĂŶĚ ŵŽƌĞ͘

Khd K

ĞŶƚƌĂů KƌĞŐŽŶ ƵƐŝŶĞƐƐ ĞŐŝŶƐ ǁŝƚŚ K &ŽƵŶĚĞĚ ŝŶ ϭϵϴϭ͕ K ŝƐ Ă ŶŽŶͲƉƌŽĨŝƚ ĐŽƌƉŽƌĂƚŝŽŶ ƐƵƉƉŽƌƚĞĚ ďǇ ƉƌŝǀĂƚĞ ĂŶĚ ƉƵďůŝĐ ŵĞŵďĞƌƐ ĂŶĚ ƐƚĂŬĞŚŽůĚĞƌƐ͘ KƵƌ ŵŝƐƐŝŽŶ ŝƐ ƚŽ ĐƌĞĂƚĞ Ă ĚŝǀĞƌƐŝĨŝĞĚ ůŽĐĂů ĞĐŽŶŽŵǇ ĂŶĚ Ă ƐƚƌŽŶŐ ďĂƐĞ ŽĨ ŵŝĚĚůĞͲĐůĂƐƐ ũŽďƐ ŝŶ ĞŶƚƌĂů KƌĞŐŽŶ͘ tĞ ŐƵŝĚĞ ĞŵƉůŽǇĞƌƐ ŽƵƚƐŝĚĞ ƚŚĞ ƌĞͲ ŐŝŽŶ ƚŚƌŽƵŐŚ ƚŚĞ ƌĞůŽĐĂƚŝŽŶ ƉƌŽĐĞƐƐ ĂƐ Ă ƌĞƐŽƵƌĐĞ ĨŽƌ ƌĞŐŝŽŶĂů ĚĂƚĂ͕ ŝŶĐĞŶƚŝǀĞƐ͕ ƚĂůĞŶƚ͕ ƐŝƚĞ ƐĞůĞĐƚŝŽŶ͕ ĂŶĚ ŵŽƌĞ͘ tĞ ŵĞŶƚŽƌ ĂŶĚ ĂĚǀŝƐĞ ƐĐĂůĂďůĞ ǇŽƵŶŐ ĐŽŵƉĂŶŝĞƐ ĨƌŽŵ ĐŽŶĐĞƉƚ ƚŽ Ğǆŝƚ ŽŶ ŝƐƐƵĞƐ ƐƵĐŚ ĂƐ ĂĐĐĞƐƐ ƚŽ ĐĂƉŝƚĂů͕ ĐƌŝƚŝĐĂů ĞǆƉĞƌƚŝƐĞ͕ ĂŶĚ ƐƚƌĂƚĞŐǇ͘ tĞ ŚĞůƉ ůŽĐĂů ƚƌĂĚĞĚͲƐĞĐƚŽƌ ĐŽŵƉĂŶŝĞƐ ĞǆƉĂŶĚ ďǇ ĨŝŶĚŝŶŐ ƐƵƉƉůŝĞƌƐ͕ ǁŽƌŬĨŽƌĐĞ ƐŽƵƌĐŝŶŐ͕ ƉĞƌŵŝƚƚŝŶŐ͕ ĂŶĚ ŝŶĐĞŶƚŝǀĞƐ͘

/Ŷ ĂĚĚŝƚŝŽŶ͕ K ĂůƐŽ ǁŽƌŬƐ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ ďƵƐŝŶĞƐƐ ĐůŝŵĂƚĞ ďǇ ŝŶĨůƵĞŶĐŝŶŐ ƐƚĂƚĞ ůĞŐŝƐůĂƚŝŽŶ ĂŶĚ ůŽĐĂů ƉŽůŝĐǇ ŵĂŬŝŶŐ͕ ŝŵͲ ƉƌŽǀŝŶŐ ŽƵƌ ƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĂŶĚ ŝŶĨŽƌŵĂƚŝŽŶ ůŝŶŬƐ ƚŽ ƚŚĞ ƌĞƐƚ ŽĨ ƚŚĞ ǁŽƌůĚ ;Ăŝƌ ƐĞƌǀŝĐĞ͕ ƚĞůĞĐŽŵͿ͕ ĂŶĚ ĐĂƚĂůǇǌŝŶŐ ŽŶ ŽƚŚĞƌ ĐƌŝƚŝĐĂů ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ Žƌ ĐŽŵŵƵŶŝƚǇ ĚĞǀĞůŽƉŵĞŶƚ ŶĞĞĚĞĚ ƚŽ ďĞ ƉƌĞƉĂƌĞĚ ĨŽƌ ƐƵĐĐĞƐƐĨƵů ďƵƐŝŶĞƐƐ ĚĞǀĞůŽƉŵĞŶƚ͘

^WKE^KZ^ K& WZ/E s/>> ͬ ZKK< KhEdz KEKD/ s >KWD Ed ĞƐƚ tĞƐƚĞƌŶ ŝƚǇ ŽĨ WƌŝŶĞǀŝůůĞ ƌĞƐƚǀŝĞǁ ĂďůĞ ƌŽŽŬ ŽƵŶƚǇ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ƌŽŽŬ ŽƵŶƚǇ ŚĂŵďĞƌ ŽĨ ŽŵŵĞƌĐĞ &ĂĐĞďŽŽŬ

&ŝƌƐƚ /ŶƚĞƌƐƚĂƚĞ ĂŶŬ DŝĚ KƌĞŐŽŶ WĞƌƐŽŶŶĞů DŝŬĞ DŽŚĂŶ͕ W KĐŚŽĐŽ >ƵŵďĞƌ E / ĂƐĐĂĚĞ WĂĐŝĨŝĐ WŽǁĞƌ

WƌŝŶĞǀŝůůĞ ŝƐƉŽƐĂů WƌŝŶĞǀŝůůĞ /ŶƐƵƌĂŶĐĞ ZŽďďĞƌƐŽŶ &ŽƌĚ ^ĞƉƚŝĐ WƌŽƐ ^ƚ͘ ŚĂƌůĞƐ

&KZ DKZ /E&KZD d/KE͕ W> ^ KEd d͗

ĂƌŽůŝŶĞ ƌǀŝŶ͕ ŝƌĞĐƚŽƌ WƌŝŶĞǀŝůůĞͬ ƌŽŽŬ ŽƵŶƚǇ ĐŽŶŽŵŝĐ ĞǀĞůŽƉŵĞŶƚ ϱϭϬ ^ >ǇŶŶ ůǀĚ͕͘ WƌŝŶĞǀŝůůĞ͕ KZ ϵϳϳϱϰ WŚŽŶĞ͗ ϱϰϭͲϮϯϯͲϮϬϭϱ ͮ &Ăǆ͗ ϱϰϭͲϮϯϯͲϮϬϭϱ ĂƌŽůŝŶĞΛĞĚĐŽŝŶĨŽ͘ĐŽŵ ͮ ǁǁǁ͘ĞĚĐŽŝŶĨŽ͘ĐŽŵ

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

hƉĚĂƚĞĚ ϭϬͬϯϭͬϮϬϭϳ

WĂŐĞ ϭϱ

ƌŽŽŬ ŽƵŶƚǇ WƌŽĨŝůĞ

ŽƉǇƌŝŐŚƚ ϮϬϭϱ K

Hiking Biking

NW Forest Pass Required

SP$

State Parks Pass Required

&HQWUDO 2UHJRQ *ROI &RXUVHV &HQWUDO 2UHJRQ *ROI &RXUVHV

$ZEUH\ *OHQ *ROI &OXE :LGJL &UHHN *ROI &OXE 7HWKHURZ *ROI &OXE %HQG *ROI &RXQWU\ &OXE 5LYHU V (GJH *ROI &RXUVH 1LFNODXV &RXUVH DW 3URQJKRUQ )D]LR &RXUVH DW 3URQJKRUQ 2OG %DFN 1LQH DW 0RXQWDLQ +LJK /RVW 7UDFNV *ROI &OXE *OD]H 0HDGRZ DW %ODFN %XWWH 5DQFK %LJ 0HDGRZ DW %ODFN %XWWH 5DQFK &URRNHG 5LYHU 5DQFK *ROI &RXUVH 4XDLO 5XQ *ROI &RXUVH %UDVDGD &DQ\RQV *ROI &RXUVH 0HDGRZ /DNHV *ROI &RXUVH -XQLSHU *ROI &OXE *UHHQV DW 5HGPRQG &KDOOHQJH &RXUVH DW (DJOH &UHVW 5HVRUW 5HVRUW &RXUVH DW (DJOH &UHVW 5HVRUW 5LGJH &RXUVH DW (DJOH &UHVW 5HVRUW $VSHQ /DNHV *ROI &RXUVH 0HDGRZV DW 6XQULYHU 5HVRUW :RRGODQGV DW 6XQULYHU 5HVRUW &URVVZDWHU &DOGHUD /LQNV DW 6XQULYHU 5HVRUW

%HQG %HQG %HQG %HQG %HQG %HQG %HQG %HQG %HQG %ODFN %XWWH 5DQFK %ODFN %XWWH 5DQFK &URRNHG 5LYHU 5DQFK /D 3LQH 3RZHOO %XWWH 3ULQHYLOOH 5HGPRQG 5HGPRQG 5HGPRQG 5HGPRQG 5HGPRQG 6LVWHUV 6XQULYHU 6XQULYHU 6XQULYHU 6XQULYHU

IMPORTANT NUMBERS CABLE COMPANY Bend Broadband – New Service ....................................................... 541-948-4988 Bend Broadband – Other Business .................................................. 541-382-5551 CHAMBER OF COMMERCE Bend ................................................................................................. 541-382-3221 CITY SERVICES Development Services/Building Division ......................................... 541-388-5528 Current Planning/Zoning .................................................................. 541-388-5580 Police (non-emergency) ................................................................... 541-388-0170

CENTRAL OREGON OFFICES Bend, Downtown 15 Oregon Ave Bend, OR 97703 541-389-7711

Bend, South

COUNTY SERVICES Human Services................................................................................ 541-388-6601 Library .............................................................................................. 541-388-6677 Sheriff (non-emergency) .................................................................. 541-388-0170

345 SE 3rd St Bend, OR 97702 541-389-9176

MEDIA The Bulletin ...................................................................................... 541-382-1811 Cascade Business News ................................................................... 541-388-5665 The Source Weekly .......................................................................... 541-383-0800 Picture Your Home ........................................................................... 541-385-5808 Homes & Land .................................................................................. 541-383-2834

Bend, Old Mill 354 SW Upper Terrace Dr, Ste. 104

MEDICAL St. Charles Medical Center ............................................................... 541-382-4321 Bend Memorial Clinic ....................................................................... 541-382-2811 SCHOOLS Bend-La Pine School District ............................................................ 541-383-6004 Sunriver Prep School ........................................................................ 541-318-9020 RECREATION Bend Park & Recreation District ...................................................... 541-389-7275 RECYCLING Bend Recycle Team .......................................................................... 541-388-3638 REFUSE Bend Garbage & Recycling ............................................................... 541-382-2263 Cascade Disposal .............................................................................. 541-382-6660 Knott Landfill .................................................................................... 541-383-4388 TAXES City Tax Info ..................................................................................... 541-388-5581 County Tax Info ................................................................................ 541-388-6540 State Tax Info ................................................................................... 503-378-4988 Federal Tax Info ............................................................................... 800-829-1040 UTILITIES Pacific Power .................................................................................... 888-221-7070 Central Electric Co-op ...................................................................... 541-389-1980 Cascade Natural Gas ........................................................................ 888-522-1130 Midstate Electric .............................................................................. 541-536-2126 WATER & SEWER City of Bend ...................................................................................... 541-388-5515 Avion Water Company ..................................................................... 541-382-5342 Watermaster .................................................................................... 541-388-6669

Bend, OR 97702 541-749-4040

La Pine 16455 William Foss Rd, Ste. 200 Bend, OR 97739 541-876-1107

Madras 739 SW 4th St Madras, OR 97741 541-475-4885

Prineville 150 NE Ct Prineville, OR 97754 541-447-5181

Redmond 735 SW 6th St Redmond, OR 97756 541-923-1749

Sunriver 57100 Beaver Dr, Bldg. 5, Ste. 130 Sunriver, OR 97707 541-593-1613